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Transcript of Mitsubishicorp 20120510e c
© 2012 Mitsubishi Corporation
プレゼンテーションタイトル
May 10, 2012 Mitsubishi Corporation
Results for the Year Ended March 2012
Results for the Results for the YearYear Ended Ended MarchMarch 20120122
Forward-Looking StatementsThis release contains forward-looking statements about Mitsubishi Corporation’s future plans, strategies, beliefs and performance that are not historical facts. Such statements are based on the company’s assumptions and beliefs in light of competitive, financial and economic data currently available and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to world economic conditions, exchange rates and commodity prices. Accordingly, Mitsubishi Corporation wishes to caution readers that actual results may differ materially from those projected in this release and that Mitsubishi Corporation bears no responsibility for any negative impact caused by the use of this release.
2
464.5 Billion Yen
Year ended March 2012
(result)
453.8 Billion Yen
Year ended March 2011
(result)
Consolidated Net IncomeConsolidated Net Income
325.5
148.4
-9.4
292.7
163.1
Highlights of Year Ended March 201Highlights of Year Ended March 2012 2 ①①
Financial ResultFinancial Resultss
-2.0
69%64%
36%31%
Energy, Metals
Industrial Finance, Machinery,Chemicals, Living Essentials
Adjustments and Eliminations
・
Achieved 453.8 billion yen, higher than the 450.0 billion yen full-year forecast.
・
Resource-related 292.7 billion yen(64%)/Non-resource-related 163.1 billion yen(36%)
320.0
141.0
-11.0
69%
31%
Full-Year Forecast for Year ended
March 2012
450.0 Billion Yen
3
Unit: Billion Yen
Highlights of Year Ended March 201Highlights of Year Ended March 20122 ②②
InvestmentInvestment
Regions/DomainsRegions/Domains Capital AllocationCapital Allocation(three years)(three years)
Year ended Year ended March 2011March 2011
Year ended March 2012Year ended March 2012 CumuCumu-- lativelativeTotalTotal
Strategic Regions
China, India, Brazil
100.0~200.0
― (17.0) (17.0)
Strategic Domains
Infrastructure, Global
Environmental Business
Approx. 300.0
42.0 ・
North American IPP Business・
Lithium Energy Japan・
Desalinated water business in Chile
46.0 88.0
Mineral Resources1,000.0
~
1,200.0
165.0 ・
Shale gas, Donggi-Senoro LNG・
Coking coal/thermal coal business in Australia・
Acquisition of additional shares in Australia’s Coal & Allied・
Copper projects (AAS in Chile, Quellaveco in Peru) ・
Western Australian iron ore business, etc.
930.0 1,095.0
Oil and Gas Resources
Industrial Finance, Steel Products,
Carbon Materials, Ships,
Motor Vehicles, Chemicals,
Retail, Foods, etc.
600.0~800.0
163.0 ・
Aircraft leasing・
Condominium development project in China・
Nikken Corporation・
Ship owning and chartering business・
Acquisition of Chuo Kagaku・
Development of a rock phosphate mine in Peru・
UK based foods production business purchase・
Meat business in China・
Salmon farming business in Chile・
Grain business in Brazil, etc.
360.0 523.0
Total(Gross) 2,000~2,500 370.0 1,340 1,710
Investments related to Strategic Regions are included below.
4
The The Midterm Corporate Strategy 2012Midterm Corporate Strategy 2012
Initiatives to SolidifyInitiatives to Solidify MCMC’’ss Diversified Diversified Business PortfolioBusiness Portfolio
Initiatives to Leverage Initiatives to Leverage MCMC’’ss Diversified Diversified Business PortfolioBusiness Portfolio
Strategic Domains: infrastructure and Strategic Domains: infrastructure and global environmental businessglobal environmental business
Strategic Regions: China, India, Brazil Strategic Regions: China, India, Brazil
500 billion yen net income for 500 billion yen net income for the year ending March 2013the year ending March 2013 ROEROE: : 1212~~1515%%
Net DERNet DER: : 1.01.0~~1.51.5 timestimes Payout ratio: Payout ratio: 2020~~2525%%
Total of 2.0Total of 2.0--2.5 trillion 2.5 trillion yen over three years yen over three years of Strategyof Strategy
Financial TargetsFinancial Targets
Strategic InitiativesStrategic Initiatives
Sustainable Sustainable Economic ValueEconomic Value
Sustainable Sustainable Societal ValueSocietal Value
Sustainable Sustainable Environmental ValueEnvironmental Value
Create Sustainable Corporate ValueCreate Sustainable Corporate Value
InvestmentInvestment
5
464.5 billion yen500.0 billion yen
Consolidated net income (forecast): Consolidated net income (forecast): 500.0 Billion Yen500.0 Billion YenAiming to achieve our original plan target, the culmination of
Midterm Corporate Strategy 2012
FullFull--Year Forecasts for the Year Ending March 201Year Forecasts for the Year Ending March 20133
453.8 billion yen
325.5
145.6
-6.6
292.7
157.7
3.4
69% 65%
35%31%
315.0
188.0
-3.0
63%
37%
Consolidated Net IncomeConsolidated Net Income
Year ended March 2011
(result)
Year ended March 2012
(result)
Year ending March 2013(forecast)
Energy, Metals
Adjustments and Eliminations
Industrial Finance, Machinery,Chemicals, Living Essentials
*Consolidated net income for the years ended March 2011 and 2012 has been restated according to the reorganization that took place in April 2012.
6
20% 23% 23%Consolidated Dividend Payout Ratio
Consolidated Dividend Payout Ratio
Dividend Per ShareDividend Per Share
65円
56円 52円38円
23%
7070円円(reference)
2233%%
471.3471.3 464.5464.5500.0500.0
371.0371.0275.8275.8
Net ProfitNet Profit(Billion Yen)(Billion Yen)
Dividend PolicyDividend Policy
24%
453.8453.8
65円
Maintain a dividend payout ratio in the range of 20-25% taking into consideration the business environment and the expectations of shareholders for a stable dividend
20~25%
Year ending March 2013
Year ended March 2011
MIDTERM CORPORATE STRATEGY 2012MIDTERM CORPORATE STRATEGY 2012
Year ending March 2013(forecast)
Year ended March 2008
Year ended March 2010
Year ended March 2009
Year ended March 2011
Year ended March 2012
7
Overview of Year Ended March 2012 Results and Forecasts for the Year Ending March 2013
8
Gross Profit by Operating Segment
9.7 21.8
456.8 463.0
84.2 86.6
182.0 178.9
326.3 267.6
43.861.8
48.247.1
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
Year ended March 2011 Year ended March 2012
Industrial Finance,Logistics &DevelopmentEnergy Business
Metals
Machinery
Chemicals
Living Essentials
Adjustments andEliminations
(Billion yen) Year ended March 2011 Year ended March 2012 Increase ordecrease
Percentagechange
Operating transactions 19,233.4 20,126.3 892.9 5%
Gross profit 1,149.9 1,127.9 (22.0) - 2%
Operating income 316.1 271.1 (45.0) - 14%
Net income 464.5 453.8 (10.7) - 2%
Core earnings 606.1 580.5 (25.6) - 4%
(Billion yen)
0.0
30.0
60.0
90.0
120.0
150.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2009 2010 2011
Quarterly Net Income of the Past Three YearsQuarterly Net Income of the Past Three Years
Net income(Billion yen)
Core earnings = Operating income (before the deduction of provision for doubtful receivables) + Interest expense-net + Dividend income + Equity in earnings of affiliated companies
(Billion yen) 1Q 2Q 3Q 4Q Total
Resource 88.5 87.5 68.6 48.1 292.7
Non-resource 37.0 36.8 46.3 43.0 163.1
Resource and Non-resource Net Income (Year ended March 2012)
(Note) Resource segments: Energy Business, MetalsNon-resource segments: Industrial Finance, Logistics & Development, Machinery, Chemicals and Living Essentials
・Net income in this presentation shows the amount of net income attributable to Mitsubishi Corporation, excluding noncontrolling interests. Total shareholders' equity shows the amount of total equity attributable to Mitsubishi Corporation, excluding noncontrolling interests.
・Past figures have been retrospectively adjusted in accordance with US GAAP to reflect new equity-method affiliates resulting from the purchase of additional shares.
Major Year-on-Year P/L Statement Changes (Year Ended March 2012)
9
(9 .4) (2 .0)
46.3 56.6
29.137.1
61.454.5
231.5
172.1
94.0
120.6
14.9
11.6
(50.0)
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Industrial Finance,
Logistics &
Development
Energy Business
Metals
Machinery
Chemicals
Living Essentials
Adjustments and
Eliminations
(Billion yen)
○ Industrial Finance, Logistics & Development (+28%)
Increase due to improved earnings in the lease-related and real estate finance businesses. ○ Energy Business (+28%)
Despite the absence of gains recognized on the sale of shares in the previous fiscal year, the Energy Business Group recorded higher earnings due to increased equity-method earnings from overseas resource-related companies in line with higher crude oil prices, along with increased dividend income from overseas resource-related business investees. ○ Metals (-26%)
The decrease reflects mainly the absence of gains on a share transfer at a Chilean iron ore-related subsidiary recorded in the previous fiscal year, lower dividend income from copper mines, and lower sales volume at an Australian resource-related subsidiary (coking coal). ○ Machinery (-11%)Despite higher transactions mainly in the construction machinery business, segment net income declined mainly due to lower sales in overseas automobile operations because of the impact of the Thai floods and foreign exchange effects, a loss stemming from the withdrawal from a business, and the absence of gains recognized on the sales of shares in the previous fiscal year. ○ Chemicals (+27%)Increased mainly due to higher equity-method earnings from strong transactions, primarily at a petrochemical business-related company, and bargain purchase gains from the acquisition of a plastic business subsidiary and increased earnings on transactions. ○ Living Essentials (+22%)Despite recording a write-down of shares (The Nisshin OilliO Group, Ltd.) and lower equity-method earnings at general merchandise-related businesses, segment net income rose on account of an absence of the recording of tax expenses related to the adoption of the consolidated tax filing system in the previous fiscal year, higher earnings on transactions at food-related subsidiaries, and gains on share sales.
○ Industrial Finance, Logistics & Development (+28%)
Increase due to improved earnings in the lease-related and real estate finance businesses.○ Energy Business (+28%)
Despite the absence of gains recognized on the sale of shares in the previous fiscal year, the Energy Business Group recorded higher earnings due to increased equity-method earnings from overseas resource-related companies in line with higher crude oil prices, along with increased dividend income from overseas resource-related business investees. ○ Metals (-26%)
The decrease reflects mainly the absence of gains on a share transfer at a Chilean iron ore-related subsidiary recorded in the previous fiscal year, lower dividend income from copper mines, and lower sales volume at an Australian resource-related subsidiary (coking coal). ○ Machinery (-11%)Despite higher transactions mainly in the construction machinery business, segment net income declined mainly due to lower sales in overseas automobile operations because of the impact of the Thai floods and foreign exchange effects, a loss stemming from the withdrawal from a business, and the absence of gains recognized on the sales of shares in the previous fiscal year. ○ Chemicals (+27%)Increased mainly due to higher equity-method earnings from strong transactions, primarily at a petrochemical business-related company, and bargain purchase gains from the acquisition of a plastic business subsidiary and increased earnings on transactions. ○ Living Essentials (+22%)Despite recording a write-down of shares (The Nisshin OilliO Group, Ltd.) and lower equity-method earnings at general merchandise-related businesses, segment net income rose on account of an absence of the recording of tax expenses related to the adoption of the consolidated tax filing system in the previous fiscal year, higher earnings on transactions at food-related subsidiaries, and gains on share sales.
Reasons for Changes by Operating SegmentReasons for Changes by Operating Segment
Year ended March 2011
Results
Year ended March 2012
ResultsIncrease or decrease
Crude oil (Dubai)($/BBL) 84.20 110.11 +25.91
Copper ($/MT) 8,140 8,485 +345
Aluminum ($/MT) 2,257 2,318 +61
453.8 billion yen464.5 billion yen
+26.6
(+28%)
-59.4
(-26%)
-6.9
(-11%)
+8.0
(+27%)
+10.3
(+22%)
+3.3
(+28%)
Resource 325.5 Non-resource 148.4
Year ended March 2011
Resource 292.7Non-resource 163.1
Year ended March 2012
Resource Prices
Year-on-Year Change of Net Income (Loss) by Operating Segment
10
56.6 66.0
37.1 40.049.8 60.0
172.1185.0
120.6
(3.0)3.4
130.014.2
22.0
(50.0)
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
550.0 Industrial Finance,Logistics & DevelopmentEnergy Business
Metals
Machinery
Chemicals
Living Essentials
Adjustments andEliminations
(Billion yen) Year ended March 2012 Year ending March 2013Increase ordecrease
Percentagechange
Operating transactions 20,126.3 21,000.0 873.7 4%
Gross profit 1,127.9 1,250.0 122.1 11%
Operating income 271.1 340.0 68.9 25%
Net income 453.8 500.0 46.2 10%
Core earnings 580.5 675.0 94.5 16%
(Billion yen)
(Note) Earnings forecasts and other forward-looking statements in this release are based on data currently available to management and certain assumptions that management believes are reasonable. Therefore, they do not constitute a guarantee that they will be realized. Actual results may differ materially from these statements for various reasons.
(Note) Figures for the year ended March 2012 have been restated on the basis of the new organization structure following an internal corporate reorganization in April 2012.
Resource 292.7 (65%)
Non-resource 157.7 (35%)
Resource 315.0 (63%)
Non-resource 188.0 (37%)
453.8 billion yen
+7.8
+9.4
+12.9
+10.2
+2.9
+9.4
Year ended March 2012 Year ending March 2013
500.0 billion yen
Consolidated Net Income Forecasts by Operating Segment
Forecasts for the Year Ending March 2013
11
3,647.4
2,968.2
3,850.0
2,947.3
3,509.3
2,926.13,233.3
3,850.0
1.0
0.9
1.0 1.0
0.0
1,000.0
2,000.0
3,000.0
4,000.0
2010/3/31 2011/3/31 2012/3/31 2013/3/31(Forecast)
0.5
1.5
Interest-bearing liabilities (net) Total shareholders' equity
Debt-to-equity ratio (net)
(Billion yen)(X)
1. Net income (453.8 billion yen)
2. Payment of dividends (-116.8 billion yen)
3. Deterioration in foreign currency translation adjustments (-30.7 billion yen)
...Impact of yen’s appreciation
1. Net income (453.8 billion yen)
2. Payment of dividends (-116.8 billion yen)
3. Deterioration in foreign currency translation adjustments (-30.7 billion yen)
...Impact of yen’s appreciation
Main Reasons for Change in Total Shareholders’ Equity(Compared to March 31, 2011)
Main Reasons for Change in Total Shareholders’ Equity(Compared to March 31, 2011)
Currency
Effect of foreigncurrency translation
adjustments(Estimate, bil l ion
yen)
Mar. 31,2012
rate(Yen)
Dec. 31,2011
rate(Yen)
Mar. 31,2011
rate(Yen)
(Ref.) Dec.31, 2010rate(Yen)
US$ 0.0 82.19 77.74 83.15 81.49
AUS$ (5.0) 85.45 79.12 86.08 83.13
Euro (10.0) 109.80 100.71 117.57 107.90
British Pound 0.0 131.34 119.81 133.89 126.48
Thai Baht (5.0) 2.67 2.45 2.75 2.70
Effect of Currency on Foreign Currency Translation Adjustments(Compared to March 31, 2011)
Year ended March 2010
Year ended March 2011
Year ended March 2012
Year ending March 2013 (Forecast)
Shareholders’ Equity and Interest-Bearing Liabilities
12
558.2
761.6
331.2
550.7
(693.6)
(138.5)(262.6)
(1,100.9)
68.6
623.1
(135.4)
(550.2)
(1,300.0)
(1,000.0)
(700.0)
(400.0)
(100.0)
200.0
500.0
800.0
Year ended Mar. 2009 Year ended Mar. 2010 Year ended Mar. 2011 Year ended Mar. 2012
Operating cash flows Investing cash flows Free cash flows
(Billion yen)
○ Operating Cash FlowsDespite an increase in working capital requirements, operating activities provided net cash due to strong cash flows from operating transactions and firm growth in dividend income from resource-related business investees.
○ Investing Cash FlowsInvesting activities used net cash, mainly for executing new investments (gross investments: approx. 1,340.0 billion yen).
[Major New Investments]・Purchase of shares in Anglo American Sur, S.A.
(approx. 420.0 billion yen)・Acquisition of natural gas interests in British Columbia,
Canada (approx. 116.0 billion yen)・
Purchase of additional shares in Coal & Allied Industries Limited
・
Maintaining and expanding Australian coking coal business
○ Operating Cash FlowsDespite an increase in working capital requirements, operating activities provided net cash due to strong cash flows from operating transactions and firm growth in dividend income from resource-related business investees.
○ Investing Cash FlowsInvesting activities used net cash, mainly for executing new investments (gross investments: approx. 1,340.0 billion yen).
[Major New Investments]・Purchase of shares in Anglo American Sur, S.A.
(approx. 420.0 billion yen)・Acquisition of natural gas interests in British Columbia,
Canada (approx. 116.0 billion yen)・
Purchase of additional shares in Coal & Allied Industries Limited
・
Maintaining and expanding Australian coking coal business
Cash Flows for the Year Ended March 2012Cash Flows for the Year Ended March 2012
Cash Flows
13
Write-downs (after-tax) Nikkei Average at Fiscal Term-end
Amount included in forecasts -10.0 billion yen The calculation of write-downs assumes a Nikkei Average ofaround 9,000 yen at the fiscal year-end.
Commodity Prices, Foreign Exchange and Interest Rate Sensitivities
Share Price Sensitivities (Write-downs of Marketable Securities (Available for Sale))
Forward-looking StatementsEarnings forecasts and other forward-looking statements in this release are based on data currently available to management and certain assumptions that management believes are reasonable. Therefore, they do not constitute a guarantee that they will be realized. Actual results may differ materially from these statements for various reasons.
Actual Results forYear endedMarch 2012
(a)
Forecasts forYear endingMarch 2013
(b)
Increase ordecrease
(b)-(a)
Foreign Exchange(YEN/$) 79.1 80.0 0.9
Yen Interest(%)TIBOR 0.34 0.40 0.06
US$ Interest(%)LIBOR 0.39 0.70 0.31
Crude Oil Prices($/BBL)(Dubai) 110.1 120.0 9.9
Copper($/MT) 8,485 8,400 -85
Aluminum($/MT) 2,318 2,200 -118
Net Income Sensitivities
Depreciation (appreciation) of 1 yen per US$1 has a 2.7 billion yen positive (negative)impact for full year.
The effect of rising interest rates is mostly offset by an increase in operating andinvestment profits. However, a rapid rise in interest rates can cause a temporarynegative effect.
US$1 rise (decline) per barrel increases (reduces) full-year earnings by 1.0 billion yen.Besides crude oil price fluctuations, other variables such as the different fiscal years ofconsolidated companies, the timing of the reflection of the crude oil price in sales prices,the dividend policy and sales volumes affect crude oil-related earnings as well. Therefore,the impact on earnings cannot be determined by the crude oil price alone.
US$100 rise (decline) per MT increase (reduces) full-year earnings by 1.3 billion yen.Besides copper price fluctuations, other variables such as the grade of mined ore, thestatus of production operations, and reinvestment plans (capital expenditures) affectearnings from copper mines as well. Therefore, the impact on earnings cannot bedetermined by the copper price alone.
US$100 rise (decline) per MT increases (reduces) full-year earnings by 1.0 billion yen.
Market Prices (Reference)
14
Appendix
15
Industrial Finance, Logistics & Development Segment
Year ended March 2011
Year ended March 2012
(former organization)
Year ended March 2012
(new organization)
Forecast for Year ending March 2013
Gross Income 47.1 48.2 45.4 55.0
Operating Profit 9.2 10.1 - -
Equity in earnings of affiliated companies 8.9 9.2 - -
Consolidated net income 11.6 14.9 14.2 22.0
Segment assets 793.3 868.5 - -
<Full-Year Forecast for the Year Ending March 2013>
The segment is forecasting consolidated net income of 22.0 billion yen, up 7.8 billion yen year on year (based on the restated new organization consolidated net income of 14.2 billion yen).
This increase reflects a projected increase in earnings at aircraft leasing- and logistics-related businesses.
Consolidated net income(Billion yen)
<Overview of Results for the Year Ended March 2012>
The segment recorded a consolidated net income of 14.9 billion yen, up 3.3 billion yen year on year.
This increase was due to improved earnings in the lease-related and real estate finance businesses.
2.6-5.3
5.4 4.1
-36.6
6.814.2
22.0
0.6
1.11.0-3.4
3.42.8-0.4-7.1
2.50.1
-50
-40
-30
-20
-10
0
10
20
30
40
Year endedMarch 2009
Year endedMarch 2010
Year endedMarch 2011
Year endedMarch 2012
1Q 2Q 3Q 4Q Restated Forecast for Year ending March 2013
14.9 14.2-7.6 11.6-41.2
22.0
* Following a reorganization on April 1, 2012, a part of the Logistics Division (Insurance Business Unit) was transferred to the Corporate Staff Section. The figures for the year ended March 2012 have been restated according to this reorganization.
Year endingMarch 2013(forecast)
16
<Overview of Results for the Year Ended March 2012>
The segment recorded a consolidated net income of 120.6 billion yen, up 26.6 billion yen year on year.
Despite the absence of gains on the sale of shares in the previous fiscal year, higher earnings were recorded due to increased equity-method earnings from overseas resource-related companies in line with higher crude oil prices, along with increased dividend income from overseas resource-related business investees.
Crude Oil (Dubai) (US$/BBL)
April-
JuneJuly-
Sept.Oct.-
Dec.Jan.-
March
Year ended March 2008 64.8 70.1 83.2 91.4
Year ended March 2009 116.9 113.4 52.6 44.2
Year ended March 2010 59.1 67.9 75.4 75.8
Year ended March 2011 78.1 73.9 84.3 100.5
Year ended March 2012 110.7 107.1 106.5 116.1
<Full-Year Forecast for the Year Ending March 2013>
The segment is forecasting consolidated net income of 130.0 billion yen, up 9.4 billion yen year on year.
This increase reflects expected higher dividend income and equity in earnings from overseas resource-related business investees due to higher crude oil prices.
Energy Business Segment
Consolidated net income
(Billion yen)
Year ended March 2011
Year ended March 2012
Forecast for Year ending March 2013
Gross Income 43.8 61.8 62.0
Operating Profit 3.7 24.3 -
Equity in earnings of affiliated companies 55.7 71.9 -
Consolidated net income 94.0 120.6 130.0
Segment assets 1,279.6 1,594.1 -
29.5 26.3
16.9 29.535.3
35.7
9.8
17.4
33.80.7
30.3
21.4
130.0
20.5 30.1
11.3
20.8
0
20
40
60
80
100
120
140
Year endedMarch 2009
Year endedMarch 2010
Year endedMarch 2011
Year endedMarch 2012
Year endingMarch 2013(forecast)
1Q 2Q 3Q 4Q Forecast for Year ended March 2013
120.6
71.994.082.8
130.0
17
54.5 85.1
99.3 63.152.2
69.9
27.6
41.5
34.826.8
185.0
27.8 58.429.3
-5.6
41.8
54.2
-50
0
50
100
150
200
250
300
Year endedMarch 2009
Year endedMarch 2010
Year endedMarch 2011
Year endedMarch 2012
Year endingMarch 2013(forecast)
1Q 2Q 3Q 4Q Forecast for Year ending March 2013
<Full-Year Forecast for the Year Ending March 2013>
The segment is forecasting consolidated net income of 185.0 billion yen, up 12.9 billion yen year on year.
This increase reflects an expected increase due mainly to earnings from a copper-related company and increased earnings at a steel products-related subsidiary.
Metals Segment
(Billion yen)
<Overview of Results for the Year Ended March 2012> The segment reported consolidated net income of 172.1 billion yen, down 59.4 billion yen year on year. This reflects mainly the absence of gains on a share transfer ata Chilean iron ore-related subsidiary recorded in the previous fiscal year, lower dividends from copper mines and lower sales volume at an Australian resource-related subsidiary (coking coal). Data from Main Consolidated Subsidiaries: [changes between year ended March 2011 and year ended March 2012; billion yen]
Steel Products ・Metal One Corporation (2.4) [11.2 → 8.8]Coal ・MDP (17.9) [137.2 → 119.3]Iron Ore ・M.C. Inversiones (CMP) (28.8) [41.7 → 12.9] Copper ・JECO Corporation / JECO 2 (Escondida copper mine)
(13.4) [18.8 →
5.4]・MC Copper Holdings B.V. (Los Pelambres copper mine)
(0.4) [5.6 →
5.2] ・Dividend from Antamina (non-consolidated) (after tax)
(3.3) [7.7 →
4.4] Aluminum ・Mozal +2.0 [0.1 → 2.1]
Year ended March 2011
Year ended March 2012
Forecast for Year ending March 2013
Gross Income 326.3 267.6 327.0
Operating Profit 185.0 124.5 -
Equity in earnings of affiliated companies 41.9 36.4 -
Consolidated net income 231.5 172.1 185.0
Segment assets 3,030.3 3,571.2 -
Consolidated net income
172.1
138.9
231.5218.1
(*) In line with the equity method consolidation of Coal & Allied, only full fiscal years have been restated from the year ended March 2010 and prior (the impact of the restatement is included in the fourth quarter figure), and from the year ended March 2011 onwards each quarter has been restated.
185.0
18
<Full-Year Forecast for the Year Ending March 2013>
The segment is forecasting consolidated net income of 60.0 billion yen, up 10.2 billion yen year on year (based on the restated new organization consolidated net income of 49.8 billion yen).
This increase reflects an expected higher equity in earnings from overseas automobile-related operations, particularly in Asia.
Machinery Segment
(Billion yen)
Year ended March 2011
Year ended March 2012
(former organization)
Year ended March 2012
(new organization)
Forecast for Year ending March 2013
Gross Income 182.0 178.9 161.9 174.0
Operating Profit 66.4 60.4 - -
Equity in earnings of affiliated companies 18.4 22.6 - -
Consolidated net income 61.4 54.5 49.8 60.0
Segment assets 1,848.9 1,932.9 - -
<Overview of Results for the Year Ended March 2012>
The segment recorded consolidated net income of 54.5 billion yen, down 6.9 billion yen year on year.
Despite higher transactions mainly in the construction machinerybusiness, this earnings decrease was mainly due to lower sales in overseas automobile operations because of the impact of the Thaifloods and foreign exchange effects, losses related to the withdrawal from a business and the absence of gains on share sales recorded in the previous fiscal year.
Consolidated net income
15.68.4 14.2
9.48.2
10.8 15.28.2
17.2 8.9
17.016.1
49.8
16.4-0.6-4.6 -6.7
60.0
-10
0
10
20
30
40
50
60
70
Year endedMarch 2009
Year endedMarch 2010
Year endedMarch 2011
Year endedMarch 2012
1Q 2Q 3Q 4Q Restated Forecast for Year ending March 2013
54.5
18.1
61.4
19.8
60.0
* Following a reorganization on April 1, 2012, the Power & Electrical Systems Division and part of the Infrastructure Project Division were transferred to the Global Environment and Infrastructure Business Development Group. The figures for the year ended March 2012 have been restated according to this reorganization.
49.8
Year endingMarch 2013(forecast)
19
<Full-Year Forecast for the Year Ending March 2013>
The segment is forecasting consolidated net income of 40.0 billion yen, up 2.9 billion yen year on year.
This increase reflects a projected increase in earnings on petrochemical business-related transactions and the consolidation of a plastics business subsidiary, etc.
Chemicals Segment
(Billion yen)
Year ended March 2011
Year ended March 2012
Forecast for Year ending March 2013
Gross Income 84.2 86.6 106.0
Operating Profit 29.2 29.3 -
Equity in earnings of affiliated companies 14.7 18.0 -
Consolidated net income 29.1 37.1 40.0
Segment assets 708.6 806.2 -
<Overview of Results for the Year Ended March 2012>
The segment recorded consolidated net income of 37.1 billion yen, up 8.0 billion yen year on year.
This increase was mainly due to higher equity-method earnings from strong transactions, primarily at a petrochemical business-related company, bargain purchase gains from the acquisition of a plastics business subsidiary and higher earnings on strong transactions.
Consolidated net income
11.2 7.7
5.85.5
6.4
9.2 6.28.2
13.50.66.7
5.7
40.0
11.5
14.9
4.6
7.7
05
1015202530354045
Year endedMarch 2009
Year endedMarch 2010
Year endedMarch 2011
Year endedMarch 2012
Year endingMarch 2013(forecast)
1Q 2Q 3Q 4Q Forecast for Year ending March 2013
32.4 29.126.8
37.1 40.0
20
*In the year ended March 2011, Mitsubishi Shokuhin (then RYOSHOKU) changed its fiscal year to end in March. In the graph above, the figures for the year ended March 2009 and the year ended March 2010 have been restated for the full year only. (The impact of the restatement is included in the fourth quarter figure.) From the year ended March 2011, the figures have been restated quarterly.
<Full-Year Forecast for the Year Ending March 2013>
The segment is forecasting consolidated net income of 66.0 billion yen, up 9.4 billion yen year on year.
This increase reflects a projected absence of write-downs of shares during the previous fiscal year and an increase in equityin earnings at food-related businesses, etc.
Living Essentials Segment
(Billion yen)
Year ended March 2011
Year ended March 2012
Forecast for Year ending March 2013
Gross Income 456.8 463.0 485.0
Operating Profit 69.4 69.7 -
Equity in earnings of affiliated companies 23.3 25.8 -
Consolidated net income 46.3 56.6 66.0
Segment assets 2,183.9 2,383.6 -
<Overview of Results for the Year Ended March 2012>
The segment recorded consolidated net income of 56.6 billion yen, up 10.3 billion yen year on year.
Despite recording a write-down of shares (The Nisshin OilliOGroup, Ltd.) and lower equity-method earnings at general merchandise-related subsidiaries, segment net income rose on account of an absence of the recording of tax expenses related to the adoption of the consolidated tax filing system in the previous fiscal year, higher earnings on transactions at food-related subsidiaries, and gains on share sales.
Consolidated net income
9.1 9.210.8 12.2 11.812.9 14.0
16.5 19.8 66.0
10.73.115.4
0.814.3
14.38.4
01020304050607080
Year endedMarch 2009
Year endedMarch 2010
Year endedMarch 2011
Year endedMarch 2012
Year endingMarch 2013(forecast)
1Q 2Q 3Q 4Q Forecast for Year ending March 2013
56.646.8 46.3
33.6
66.0
21
37 36 41 4267
45 4048 42
49
99 102
47 39
0
20
40
60
80
100
120
140
160
Year ended
Dec. 31,2005
Year ended
Dec. 31,2006
Year ended
Dec. 31,2007
Year ended
Dec. 31,2008
Year ended
Dec. 31,2009
Year ended
Dec. 31,2010
Year ended
Dec. 31,2011
Year ended
Dec. 31,2012(Est.)
Natural Gas Crude oil/condensate
MC’s reserves
Energy Resources BusinessesEnergy Resources Businesses
116
8276
90 84
146
Energy Resources
Total 1.13 billion barrels*, **(As of December 31, 2011)
Natural gasNatural gas0.910.91 billion billion
barrelsbarrels
Crude oil Crude oil condensatecondensate0.22 billion 0.22 billion
barrelsbarrels
Price(US$/BBL)
Equity Share of Production(Thousand BBL / Day)
* Oil equivalent. Includes consolidated subsidiaries and equity-method affiliates ** Participating interest equivalent. Includes reserves based on original standards set by MC.
Equity Share of Oil and Gas Production Amount (Yearly Average) *141
22
240
0
100
200
300
400
2011 2020
Equity Share of LNG Production Capacity
0
1
2
3
4
5
6
7
8
Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 (Est.)
Tangguh*
Sakhalin II*
Qalhat (Oman)
Oman
North West Shelf*
Malaysia III*
Malaysia II
Malaysia I
Brunei
その
他
59%
MC
41%
Natural Gas BusinessNatural Gas Business
5.34
7.05
4.97 4.97
7.05 7.05
World’s LNG Imports LNG Imports to Japan and MC’s share
Japan is currently the world’s largest LNG importer, accounting for approximately 30% of the world’s LNG imports. MC handles around 41% of Japan’s LNG imports.
World’s LNG demand forecast is 240 million tons in 2011, which is expected to grow nearly 1.5 times by 2020 (estimated by MC).
Approximately1.5 times
World’s LNG demand forecast(Million Tons / Year)
70.6
(Million Tons)
その
他
70%
日本
30%
(FY2010)
Expected average annual growth rate is about 5.0%
*MC’s share includes imports where MC’s only involvement is trading.
*Owns upstream working interest
(Million Tons / Year)
Others
Others
Japan
7.05
23
Coking Coal Thermal CoalIron Ore Aluminum
MC
30%
MC 6%
Others
94%
Others70%
MC
16%
Others84%
MC
16%
Others 84%
MC19%
Others81%
Copper
128 59 113 2.051.56
Imports to Japan and MC Share (CY2011; million tons)
Global Metal Resources-Related Businesses
*MC’s share includes imports where MC’s only involvement is trading.
24
(*)Project 100% basis
Metal Resources-Related Projects
(**)As Warkworth and Coal & Allied annual production capacity is not public, the 2011 calendar year production is used here.
Product Project Country Annual Production Capacity(*) Main Partner MC share note
BMA Australia Coking Coal, etc., 58 mt BHP Billiton 50.00% For details see pages 25 and 26.Warkworth Australia Thermal Coal, etc., 6 mt(**) Coal & Allied 28.90%Coal&Allied Australia Thermal Coal, etc., 20 mt(**) Rio Tinto 20.00% Completed joint acquisition with Rio Tinto in Dec. 2011. Increased shareholding to 20%.
Clermont Australia Thermal Coal, 12.2 mt Rio Tinto, J-Power 31.40% Production commenced April 2010. Full-scale production scheduled for 2013.Ulan Australia Thermal Coal, 7.2 mt Xstrata 10.00% ・ Expansion work underway. (Production scheduled to commence in 2014)
Jack Hills/Oakajee Port &
RailAustralia 100.00%
・ Commercialization and partner selection process is currently under study.・ At present, expected annual shipping capacity is as follows: - Jack Hills: 20Mt - Oakajee Port & Rail: 45Mt
IOC CanadaPellet 13 mt
Concentrate 4 mtRio Tinto 26.18%
Expansion Plans -Stage 1: 18→22Mtpa (Completion scheduled for end of 2012)Stage 2: 22→23.3Mtpa (Completion scheduled for end of 2012)
CMP Chile Pellet, PF, etc., 12 mt CAP 25.00%Expansion Project(12→18Mtpa)Expansion of Los Colorados Mine and development of Cerro Negro Norte Mine.Production scheduled to commence in 2013.
Mozal Mozambique Aluminum 560 kt BHP Billiton 25.00%
Boyne Smelters Australia Aluminum 560 kt Rio Tinto
Asahan Indonesia Aluminum 225 kt Government of Indonesia 1.475%Albras Brazil Aluminum 450 kt Hydro 2.70%
Escondida Chile Copper more than 1.2 mt BHP Billiton, Rio Tinto 8.25%Los Pelambres Chile Copper 410 kt Luksic Group(AMSA) 5.00% Expansion completed in 2010 to increase production capacity by 30%.
Anglo American Sur Chile Copper 500 kt Anglo American 24.50%Los Bronces: Expansion completed in November 2011 to increase productioncapacity by 243%.
Antamina PeruCopper 370 kt
Zinc 400 ktBHP Billiton, Xstrata, Teck 10.00%
・Expansion work underway to increase production capacity by 40%.・Completion scheduled for 2012.
Quellaveco Peru Copper 225kt Anglo American 18.10% Acquisition of IFC's interest in Feb. 2012.
Gresik Indonesia Copper 300 ktMitsubishi Materials, Freeport
Indonesia9.50%
Pacific Metals Japan Ferro-nickel 40 kt Nippon Steel, Nisshin Steel 8.15%Hernic South Africa Ferro-chromium 420 kt IDC, ELG, FC 50.975%
Weda Bay Indonesia Nickel intermediate product 65 kt Eramet, PT Antam 27.00% Commercialization currently under study, with a decision expected in 2013.Kintyre Australia Cameco 30.00% Preliminary commercialization currently under study.
AREVA Mongol Mongolia Areva (34.00%)・Commercialization currently under study.・Excercising the option to acquire 34% shareholding from AREVA Mongol.
AFMECO Australia Areva (49.00%)Under exploration.(Hold the option to acquire 49% interest if MDP's share of explorationcosts reaches a specified amount.)
JCU CanadaItochuOURD
33.33%・Holds interest in 14 projects.・Commercialization currently under study.
Furuya Metal Japan All types of precious metals Tanaka K.K., Lonmin 20.08%Marathon Canada palladium, platinum etc., Stillwater 25.00% ・Commercialization currently under study.(production scheduled to commence in 2016)
Coal
Aluminum
Copper
Iron Ore
Platinum GroupMetals
Uranium
Nickel, FerroAlloys
9.50% (First & Second Series) 14.25% (Third Series)
25
Goonyella Riverside MineOpen cut: Hard Coking Coal
Broadmeadow MineUnderground: Hard Coking Coal
Daunia MineOpen cut: Hard Coking Coal / PCI (Pulverized Coal Injection)
Caval Ridge MineOpen cut: Hard Coking Coal
Peak Downs MineOpen cut: Hard Coking Coal
Saraji MineOpen cut: Hard Coking Coal
Saraji East MineUnderground: Hard Coking Coal
Norwich Park MineOpen cut: Hard Coking Coal
Gregory Crinum MineOpen cut / Underground: Hard Coking Coal
Blackwater MineUnderground / Open cut: Hard Coking Coal / Weak Coking Coal / Thermal Coal
Overview of MDP Coal Business
・・・Operating Mines・Ports
・・・Mines under Development
・・・Undeveloped
Mines
・・・Expansion Options
BMA Mines (Including Expansion Options)
26
6.4 5.5 7.1 7.74.9
5.8 6.36.5 6.9
5.2
5.6 6.2 4.55.4
4.8
5.9 5.7 4.03.6
4.7
4.9
5.3
5.0
4.2
0
5
10
15
20
25
30
Production Sales Production Sales Production Sales
Apr-Jun Jul-SepOct-Dec Jan-Mar
4.5
0.7 1.3
6.7
0.9
4.3
0.6
5.3
0.71.3
6.0
0.9
4.6
0.7
5.4
0.7
1.4
4.7
0.8
4.2
0.7
1.7
4.6
3.1
0.6
4.1
0.7
1.9
1.11.6
1.41.4
1.50.7
1.31.1
0
4
8
12
16
20
24
Apr-Jun Jul-Sep Oct-Dec Jan-Mar
BMA Annual Production and Sales Volume (50% Basis)(Million tons)
(US$/Ton)
MDP Annual Sales Volume(Million tons)
Total27.7
Total29.0
Benchmark Price Trend of Australian High- Quality Hard Coking Coal to Japan
Source: ・The Australian Bureau of Agricultural and Resource Economics-Bureau of Rural Sciences (ABARE-BRS) “Australian commodities”・Wood Mackenzie Press Release Oct. 19, 2011
Production volumes at BMA declined during the fourth quarter (Jan.-March) compared to the third quarter (Oct.-Dec.) due to the impact of periodic and time-limited strikes and the torrential rainfall in mid-March.
19.8
2.85.1
20.5
3.25.3
6.7
2.7
17.2 Total26.7
AUD/USD
Average Exchange Rate
*The above exchange rates differ from ones actually used by MDP.Source: Bloomberg
Coal Business (Sales, Production, Price and Exchange Rate)
Hard coking coal
Semi soft coking coal
Thermalcoal
Hard coking coal
Semi soft coking coal
Thermalcoal
Hard coking coal
Semi soft coking coal
Thermalcoal
Year ended March 2012Year ended March 2011Year ended March 2010*In line with its equity method consolidation, Coal & Allied’s production volume has been restated from the year ended March 2011 reflecting its January to December fiscal year.
1Q 2Q 3Q 4Q
Year ended March 2009 US$0.9438/A$ US$0.8889/A$ US$0.6734/A$ US$0.6628/A$
Year ended March 2010 US$0.7599/A$ US$0.8339/A$ US$0.9091/A$ US$0.9044/A$
Year ended March 2011 US$0.8834/A$ US$0.9047/A$ US$0.9889/A$ US$1.0058/A$
Year ended March 2012 US$1.0629/A$ US$1.0497/A$ US$1.0122/A$ US$1.0560/A$
Year ended March 2010 Year ended March 2011 Year ended March 2012
23.722.1
19.4
23.8 23.519.7
*Includes equity share of thermal coal sales other than from BMA
0
50
100
150
200
250
300
350
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
27
0.7 0.7 0.7 0.7 0.7 0.8
1.2
0.60.8 0.8
1.0
0.6
1.10.7
1.0
0.7
0.9
0.8
0
1
2
3
4
5
IOC CMP IOC CMP IOC CMP
Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Equity Share of Production(Million tons)
Annual/Quarterly Price(US$/ton)
0.70.8
3.9
2.6
3.5
3.0
Price of Australian iron ore (fine) for Japan
Iron Ore Business
Three Monthsended
Mar. 2012Total 1.5
Year endedDec. 2010Total 6.5
Year endedDec. 2011Total 6.5
0
20
40
60
80
100
120
140
160
180
2008年度 2009年度 2010年度 2011年度 2012年度
0
20
40
60
80
100
120
140
160
180
2008年度 2009年度 2010年度 2011年度 2012年度Year endedMarch 2012
Year ended March 2011
Year ended March 2009
Year ended March 2010
Year ending March 2013
Price of Australian iron ore (fine) for Japan
28
17
7
17
8
21
9
26
7
20
7
16
7
12
8
22
7
18
9
544
55
54
64
0
20
40
60
80
100
Escondida Antamina Los
Pelambres
Escondida Antamina Los
Pelambres
Escondida Antamina Los
Pelambres
Jan-Mar Apr-Jun Jul-Sep Oct-Dec
21
9
5
81
28
19
67
32
20
Copper Business
・The Escondida copper mine is the world’s largest copper mine, producing more than 1 million tons of copper per year.
・Years’ Worth of Mineable Resources:Escondida Mine more than 50 yearsLos Pelambres Mine more than 50 yearsAntamina Mine more than 20 yearsLos Bronces Mine more than 30 yearsEl Soldado Mine 25 years
Equity Share of Production(Thousand tons)
Year endedDec. 2009Total 121
Year endedDec. 2010Total 128
Year endedDec. 2011Total 119
Monthly Average Price(US$/ton)
0
2,000
4,000
6,000
8,000
10,000
12,000
2008 2009 2010 2011 2012
LME Copper Cathode Price
29
33
147
34
14
34
16
35
18
8
35
16
35
14
7
35
16
35
19
35
17
6 7
7
8
78
0
50
100
150
Mozal Boyne Others Mozal Boyne Others Mozal Boyne Others
Jan-Mar Apr-Jun
Jul-Sep Oct-Dec
34
16
7
138
65
30
139
63
28
Year endedDec. 2012Total 57
Year endedDec. 2010Total 233
Monthly Average Price(US$/ton)
Year endedDec. 2011Total 230
Aluminum Business
Equity Share of Production(Thousand tons)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2008 2009 2010 2011 2012
LME Primary Aluminum Ingot Price
30
Global AutomobileGlobal Automobile--Related Business (MMCRelated Business (MMC--Related)Related)As of April 2012
Taiwan (*)
①18.42 Mil Units ②MMC 72K Units(0.4%)
China (*)
Distributor Production
Others
Export
Country・District① Overall Demand ② Vehicle sales of MC’s partner
car maker (share)*from Jan. to Dec. 2011
Assembling / DistributorAutomobile
Finance
MMCE Distributor
① 0.81Mil Units ②MMC 7K Units(0.9%)
MFTBC 150 Units
Spain
Portugal ① 0.22Mil Units ② MMC 4K Units(1.8%)
MFTBC 1K Units(0.5%)
MMP Distributor
UK① 1.90Mil Units ② MMC 16K Units(0.8%)
CCC Distributor
SDS Automobile
Finance
Germany ① 3.17Mil Units②MMC 30K Units(0.9%)
MCEB Automobile
Finance
Russia
ROLF IMPORT Distributor
①1.84Mil Units (Foreign brand)
②MMC 74K Units(4.0%)
Poland ① 0.27Mil Units ② MMC 7K Units
(2.6%)MCP
Distributor
Ukraine①0.22Mil Units ②MMC 8K Units(3.6%)
NIKO Export from Japan
Turkey
TEMSA Export from Japan
① 0.91Mil Units ② MMC 8K Units(0.9%)
South Africa
MBSA Export from Japan
① 0.57Mil Units ②MMC 3K Units(0.9%)
India① 3.29Mil Units ②MMC 3K Units(0.01%)
HML Export from Japan
Malaysia ① 0.60Mil Units ②MMC 12K Units(2.0%)
MMM Distributor
Vietnam ① 0.07Mil Units ② MMC 2K Units(2.5%)
MFTBC 1K Units(0.8%)VSM
Assembling / Distributor
Indonesia ① 0.90Mil Units ②MMC 74K Units(8.3%) MFTBC 60K Units(6.7%)
KTB Distributor
BAS Used car sales and rental cars
MKM Enginge / Press
Components production
BSI IT system
KRM Assembling
DSF Automobile
Finance
SAME(Shenyang)
Engine ProductionMMSCN(Shanghai)
DistributorDAE (Harbin)
Engine ProductionGACCF(Changsha)
Exports from Japan
CMC Production / Distributor
① 0.38Mil Units ② MMC 48K Units(12.6%)
MFTBC 8K Units(2.1%)
Peru ① 0.15Mil Units ②MMC 2K Units(1.6%)
MFTBC 2K Units(1.1%)
MCAP Distributor
Chile ① 0.34Mil Units ② MMC 9K Units(2.7%) MFTBC 608Units(0.2%)
MMCC Distributor Brazil
① 3.43Mil Units ② MMC 56K Units(1.6%)
MMCB Export from Japan
(*) MMC’s sales in China/Taiwan only includes Mitsubishi Brand Cars
31
MC’s Risk ExposureMCMC’’s Risk Exposures Risk Exposure
Full YearEnded
March 2011(1)
Full YearEnded
March 2012(2)
(2) - (1)Year EndedMarch 2012
Target(announced on
February 2, 2012)
Operating transactions 1,828.5 1,807.3 ‐21.1 1,820.0
Operating Income 40.3 63.7 +23.4 50.0
Ordinary Profit 38.9 60.9 +22.0 40.0
Net Profit 15.6 23.9 +8.3 20.0
Sales Volume (Retail) 987 1,001 +14 1,013Note: Sales volume excludes OEM sales.
Summary of MMC’s Results Announcement for the Year
Ended March 2012
Summary of Summary of MMCMMC’’ss Results Results Announcement for the Announcement for the Year Year
Ended Ended MarchMarch 20120122
(Billion yen, thousand units)
(Billion yen)
(Source: MMC Full Year Ended March 2012 Results Announcement)
Mitsubishi Motors Corporation (MMC)Mitsubishi Motors Corporation (MMC)
240190 220 225 240 240 250
0
100
200
300
400
500
31-Mar-09 30-Sep-09 31-Mar-10 30-Sep-10 31-Mar-11 31-Sep-11 31-Mar-12
Unrealized gain on shares
Unrealized loss on shares
Risk exposure to MMCproper
Risk exposure to relatedbusinesses
170
Approx. 410 Approx.
380Approx.
365Approx.
360Approx.
370Approx.
370
190 145 135 130 130 120
Approx. 370
32
MC is jointly developing business with Isuzu centered on Thailand, where MC has been selling vehicles over 50 years. LCVs produced in Thailand are exported and sold throughout the world. MC is also expanding sales of CVs to resource-rich and other nations. Total demand in calendar year 2011 in the Thai auto market was 794K units, 6K units less than the previous year. In 2012, demand is forecast to exceed one million units (a historic high).
Other
Auto finance
Export/sales
Distributor
Distributor/assembly
Services
Production
Isuzu car sales
Mexico
CV 3.3K Units
IPCImport, assembly and sales
The Philippines
LCV 8.4K UnitsCV 1.4K Units
IMSBImport, assembly and sales
Malaysia
LCV 5.7K UnitsCV 3.3K Units
Thailand (Domestic)
IASDealership
TILAuto finance
TISSole distributor
IMCTProduction company
IEMTDiesel engine production
TIDMolds and pressed parts
production and sales
AUTECBus and truck maintenance,sales and services for GM
vehicles
TISCOServices and parts sales for
Isuzu vehicles
ictusSoftware development,
maintenance andmanagement administration
LCV: 127.8K UnitsCV: 11.8K Units
IMITExport and sales
Export vehicles(Entire cars)
Thailand (Export)
LCV 43.2K Units(*Mainly destined for theMiddle East, Europe and
Latin America)
PTBDriver dispatch
ISDGermany, Austria and Czech
Import and sales
Germany
LCV 0.9K UnitsCV 0.1K Units
IUAImport and sales
Australia
LCV 6.5K Units
Results for Year Ended March 2012
Belgium
LCV 0.7K UnitsCV 0.1K Units
IBXBenelux and Poland
Import and sales
LCV: Light Commercial vehicle CV: Commercial vehicle
IMEXImport, assembly and sales
Global AutomobileGlobal Automobile--Related Business (Related Business (IsuzuIsuzu--Related)Related)
33
Foods Business
Grains, sugar, oils, livestock and marine products, coffee beans, etc.
Flour milling, Oil press, Sugar processing, etc.
General Merchandise Stores(Aeon, etc,)
Foods Supermarkets(Life Corp. etc)
Convenience Stores(Lawson, etc)
Restaurant business(Kentucky Fried Chicken, etc)
Investment
Material Procurement
Material Procurement RetailingRetailing
Processed foods, Processed meat, Beverage, Oil mills, Coffee roasting, etc
Food Distributors(Mitsubishi Shokuhin Co., Ltd, etc)
Trading
Primary processing Primary
processingSecondary processing Secondary processing
Intermediary Distribution
Intermediary Distribution
Investment Investment InvestmentInvestment
Trading Trading Trading
34
2Photovoltaic (PV)Power Generation
Business in PortugalOperating a 46 MW PV plant in Moura, Portugal
with Acciona
9TRILITY Group Pty Ltd
10Energy Conservation
(ESCO)
6Emissions Credit
Business507 units of the i-MiEV to be
provided to Estonian Government under the
Green Investment Scheme
7Lithium Energy Japan
5Thermal Power
Generation BusinessDevelop, own and operate
thermal power plants worldwide (especially in
North America and Southeast Asia)
Manufacturing lithium ion batteries for electric
vehicles (EV) such as the i-MiEV, the first
commercialized EV in the world launched in April 2010
Awarded a long-term PPP scheme to design, build,
finance and operate a new water treatment plant in
Western Australia through a SPC in which TRILITY
will participate.
ESCO business by JFS (Japan Facility Solutions: a J/V with TEPCO, etc.)
since 2000
8Swing Corporation
Invested in Swing, a J/V between MC, Ebara, and JGC, to combine the strength of each company
in the water business
3PV Power
Generation Businessin Thailand
One of the world’s largest PV
plants (73 MW)under construction
in Lop Buri, Thailand
4Wind Power
Generation BusinessIn the USA
Operating a 125 MW and an 80MW wind power station in Idaho, USA
1Concentrating Solar
Power(CSP) GenerationBusiness in SpainOperating 4 large-scale CSP plants with Acciona
(total 200MW)
EmissionsCredit
New Energy, Power Generation, Environmental and Water Business
35
(Consolidated net income: Billion yen)
Price-earnings ratio: Shows the relationship between share price and earnings per share
Price book-value ratio: Shows the relationship between share price and net assets per share
PER
PBR
(Note) * PER and PBR were calculated based on market capitalization,
as determined by multiplying the average share price for the fiscal year by the number of shares issued at period end.
(Share price: Yen)
471.3
371.0
275.8
464.5 453.8
2299
1969
21021840
3110
0
50
100
150
200
250
300
350
400
450
500
Year ended March2008
Year ended March2009
Year ended March2010
Year ended March2011
Year ended March2012
0
5
10
15
20
25Consolidated net income PER PBR Share price (Annual average) (PER, PBR: Times)
11 11
1.8 1.6
12
1.1
Earnings and Share PriceEarnings and Share Price
8
1.1 0.9
7
Based on US GAAP(page)
Supplementary Information to the Consolidated Balance Sheets ****** 2
Supplementary Information to the Consolidated Statements of Income ****** 3
Supplementary Information to the Consolidated Statements of Cash Flows ****** 4
Operating Segment Information (Year Ended March 2012) ****** 5-7
Performance at Consolidated Subsidiaries and Affiliates ****** 8-10
Balance of Risk Money Outstanding in 11 Main Countries ****** 11
Forecasts for Year Ending March 2013 by Operating Segment ****** 12
Number of Employees by Operating Segment and Region ****** 13
Financial Indicators ****** 14
Forward-Looking StatementsThis release contains forward-looking statements about Mitsubishi Corporation’s future plans, strategies, beliefs and performance that arenot historical facts. Such statements are based on the company’s assumptions and beliefs in light of competitive, financial and economicdata currently available and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to worldeconomic conditions, exchange rates and commodity prices. Accordingly, Mitsubishi Corporation wishes to caution readers that actualresults may differ materially from those projected in this release and that Mitsubishi Corporation bears no responsibility for any negativeimpact caused by the use of this release.
Mitsubishi CorporationSupplementary Information to the Financial Results for
the Year Ended March 2012
1
Supplementary Information to the Consolidated Balance Sheets(Billion yen)
[Assets]
Main items 2011/3 2012/3 Increase/decrease
Main points of change
Current assets 5,993.4 6,175.3 181.9
Cash and cash equivalents 1,208.7 1,253.0 44.3 … Increase due to securing funds in advance for new investments, etc.
Trade accounts receivable 2,133.4 2,379.9 246.5 … Reflects higher transaction volumes and sales prices.
Other current assets 326.5 259.0 (67.5) …
Investments and non-current receivables 5,279.4 6,413.2 1,133.8
Investments in and advances to affiliated companies 1,336.3 1,660.4 324.1 … Increase due to new investments, etc.
Other investments 1,431.4 1,854.6 423.2 … Increase due to new investments, etc.
Property and equipment―net 1,735.8 1,970.9 235.1 … Increase due to asset acquisitions such as real estate and aircraft.
[Liabilities]
Main items 2011/3 2012/3 Increase/decrease
Main points of change
Current liabilities 3,981.3 4,466.0 484.7
Short-term debt 656.9 886.4 229.5 …
Accounts payable―trade 1,880.0 2,108.2 228.2 … Reflects higher transaction volumes and sales prices.
Long-term liabilities 3,741.5 4,294.3 552.8
Long-term debt 3,188.7 3,760.1 571.4 … Increase due to the procurement of funds for making new investments, etc.
Other long-term liabilities 312.2 285.1 (27.1) … Reflects decrease in advances from customers on long-term transactions, etc.
[Shareholders' Equity]
Main items 2011/3 2012/3 Increase/decrease
Main points of change
Total shareholders' equity 3,233.3 3,509.3 276.0
Retained earnings 3,139.0 3,346.2 207.2 …
Foreign currency translation adjustments (395.7) (426.4) (30.7) …
Less treasury stock (151.7) (20.6) 131.1 … Reflects treasury stock retirement.
Major indices
2011/3 2012/3 Increase/decrease 2011/3 2012/3 Increase/
decrease
Current ratio 150.5% 138.3% (12.2%) ROE (*2) 15.1% 13.5% (1.6%)Total shareholders' equity ratio (*1) 28.7% 27.9% (0.8%) ROA (*2) 4.8% 3.8% (1.0%)Total assets (Billion yen) 11,272.8 12,588.5 1,315.7 .
Interest-bearing liabilities (*3)
2011/3 2012/3 Increase/decrease
Interest-bearing debt (Gross) 4,257.6 5,016.4 758.8Interest-bearing debt (Net) 2,947.3 3,647.4 700.1Total shareholders' equity (*1) 3,233.3 3,509.3 276.0
Interest-bearing debt to equity ratio (Gross) 1.3 1.4 0.1Interest-bearing debt to equity ratio (Net) 0.9 1.0 0.1
Reflects decrease in derivative assets due to redemptions and changes in market prices, etc.
Increase due to higher working capital and other demand for funds at subsidiaries, etc.
Reflects net income (+453.8 billion yen), and decrease due to payment of dividends (-116.8 billion yen)and decrease due to treasury stock retirement (-128.6 billion yen), etc.
Decrease in euro- and Australian dollar-denominated investments due to the yen’s appreciation, etc.
(*3)…Interest-bearing liabilities do not include the impact of adopting ASC Codification Topic 815, "Derivatives and Hedging."
(*1)…Total shareholders' equity shows the amount of total shareholders' equity attributable to Mitsubishi Corporation, excluding noncontrolling interests.
(*2)…ROE=Calculated with net income attributable to Mitsubishi Corporation as the numerator, ROA=Calculated with income before income taxes as the numerator.
〔U S$〕 20 1 1 /3 ¥8 3.15 → 20 1 2 /3 ¥ 8 2.19 (0.96 yen appreciatio n) 〔A US $〕 20 1 1 /3 ¥8 6.08 → 20 1 2 /3 ¥ 8 5.45 (0.63 yen appreciatio n) 〔Eu ro〕 20 1 1 /3 ¥ 11 7.57 → 20 1 2 /3 ¥1 0 9.80 (7.77 yen appreciatio n)
(Billion yen) 2011/3 2012/3Increase/decrease
Short-term borrow ings 542.0 731.3 189.3CP 114.9 155.1 40.2Current maturities of long-term borrowings and bonds 465.4 435.4 (30.0)Long-term borrow ings 2,328.8 2,703.5 374.7Bonds 806.5 991.1 184.6Interest-bear ing debt (G ross) 4,257.6 5,016.4 758.8
2
① Revenues (358.9 billion yen increase)Year ended March
2011Year ended March
2012Increase ordecrease
4,590.9 4,944.8 353.9
616.0 621.0 5.0
5,206.9 5,565.8 358.9
② Gross profit (22.0 billion yen decrease) (Reference: Operating income (loss)) Year ended March
2011Year ended March
2012Increase ordecrease
Year ended March2011
Year ended March2012
Increase ordecrease
Industrial Finance, Logistics &Development 47.1 48.2 1.1 Industrial Finance, Logistics &
Development 9.2 10.1 0.9
Energy Business 43.8 61.8 18.0 Energy Business 3.7 24.3 20.6Metals 326.3 267.6 (58.7) Metals 185.0 124.5 (60.5)Machinery 182.0 178.9 (3.1) Machinery 66.4 60.4 (6.0)Chemicals 84.2 86.6 2.4 Chemicals 29.2 29.3 0.1Living Essentials 456.8 463.0 6.2 Living Essentials 69.4 69.7 0.3Others 9.7 21.8 12.1 Others (46.8) (47.2) (0.4)Total 1,149.9 1,127.9 (22.0) Total 316.1 271.1 (45.0)
③ SG&A expenses (25.5 billion yen increase) (Breakdown of consolidated SG&A expenses)Year ended March
2011Year ended March
2012Increase ordecrease Item Year ended March
2011Year ended March
2012Increase ordecrease
Parent company (208.6) (214.6) (6.0) (Personnel expenses)Overseas subsidiaries (38.9) (39.2) (0.3) Employee salaries and bonuses (303.3) (303.8) (0.5)Subsidiaries and affiliates (577.2) (596.4) (19.2) Pension and retirement benefits (28.6) (28.2) 0.4Total (824.7) (850.2) (25.5) Fringe benefit costs (38.3) (40.1) (1.8)
Personnel expenses total (370.2) (372.1) (1.9)(Other expenses)Rent (52.0) (49.3) 2.7Depreciation, equipment expenses (47.0) (45.4) 1.6Travel, transportation, entertainment (39.8) (42.4) (2.6)Administration (58.0) (59.9) (1.9)Others (257.7) (281.1) (23.4)Other expenses total (454.5) (478.1) (23.6)Total (824.7) (850.2) (25.5)
④ Dividend income (5.1 billion yen deterioration) (Reference: Net financial income)Year ended March
2011Year ended March
2012Increase ordecrease
Year ended March2011
Year ended March2012
Increase ordecrease
Resource related 97.7 93.4 (4.3) Interest income 33.1 38.6 5.5Production, sales and others 22.9 22.1 (0.8) Interest expense (39.8) (41.8) (2.0)Total 120.6 115.5 (5.1) Net interest expense (6.7) (3.2) 3.5
Dividends 120.6 115.5 (5.1)Net financial income 113.9 112.3 (1.6)
⑤ Gain on marketable securities and investments―net (31.4 billion yen deterioration)Write-down of marketable securities (available for sale) : +4.7(Year ended March 2011: -14.6 → Year ended March 2012: -9.9 )Impairment losses on non-performing assets : -10.2 (Year ended March 2011: -5.6 → Year ended March 2012: -15.8 )Other realized gains and unrealized gains on shares, etc. : -25.9 (Year ended March 2011: +73.6 → Year ended March 2012: +47.7 )
⑥ Gain (loss) on property and equipment―net (4.6 billion yen deterioration)Gains on sale : -0.2 (Year ended March 2011: +8.4 → Year ended March 2012: +8.2 )Retirement and disposal losses : -5.8(Year ended March 2011: -3.7 → Year ended March 2012: -9.5 )Impairment losses : +1.4(Year ended March 2011: -7.2 → Year ended March 2012: -5.8 )
⑦ Other income―net (11.5 billion yen improvement)Improvement in foreign exchange gains and losses, etc.
⑧ Corporate taxes (29.5 billion yen decrease)Decrease in income taxes in line with lower income before income taxes, etc.
⑨ Equity in earnings of affiliated companies―net (23.5 billion yen increase)Reflects higher earnings of overseas resource-related business investees, etc.
Supplementary Information to the Consolidated Statements of Income
・・・Absence of a gain on a share transfer at a Chilean ironore business (-36.6 billion yen; post-tax 21.6 billion yen)
・・・Includes investment write-downs on listed affiliatedcompanies.
Revenues from trading, manufacturingand other activitiesTrading margins and commissions ontrading transactions
Total
3
Supplementary Information to the Consolidated Statements of Cash Flows
Ⅰ. Cash Flows From Operating Activities
[Year ended March 2012 Result] Net cash provided by operating activities: 550.7 billion yen
[Comparison with year ended March 2011] Increased 219.5 billion yen
(*) Breakdown of depreciation and amortization (Billion yen)Year ended March 31,
2011Year ended March 31,
2012Tangible fixed assets 123.2 125.2Intangible fixed assets 20.6 20.2 Total 143.8 145.4
II. Cash Flows From Investing Activities
[Year ended March 2012 Result] Net cash used in investing activities: 1,100.9 billion yen
[Comparison with year ended March 2011] Increased 838.3 billion yen
Ⅲ. Cash Flows From Financing Activities
[Year ended March 2012 Result] Net cash provided by financing activities: 599.1 billion yen
[Comparison with year ended March 2011] Increased 522.3 billion yen
Note: Reconciliation With the Balance SheetMovements in cash flows are generally consistent with changes on the balance sheet. However, due to new consolidations and exclusions as well as eliminatingthe effect of mark-to-market valuations and foreign exchange rate fluctuations, some cash flow movements may be inconsistent with balance sheet changes.
Net cash provided by financing activities was 599.1 billion yen, despite the payment of dividends at the Parent. Cash was mainlyprovided by fund procurement for new investments.
There was a 522.3 billion yen year-on-year increase in net cash provided by financing activities. Cash was mainly provided byfund procurement for new investments.
Net cash provided by operating activities was 550.7 billion yen, despite an increase in working capital requirements. Operatingactivities provided net cash due to strong cash flows from operating transactions primarily at resource-related subsidiaries andfirm growth in dividend income from investees, mainly resource-related business investees.
Investing activities used net cash of 1,100.9 billion yen, with the main outflows being investments in Chilean and Peruviancopper asset rights holding companies, the acquisition of natural gas interests in Canada, and the acquisition of interests andcapital expenditures at an Australian resource-related subsidiary.
Net cash provided by operating activities increased 219.5 billion yen year on year, as a result mainly of an improvement inworking capital requirements.
There was an increase of 838.3 billion yen in net cash used by investing activities. This was due to investments in Chilean andPeruvian copper asset rights holding companies, the acquisition of natural gas interests in Canada, and the acquisition of interestsand capital expenditures at an Australian resource-related subsidiary.
4
Operating Segment Information (Year Ended March 2012)
[Gross Profit]
(Billion yen)
Year ended Mar.2011
Year ended Mar.2012
Increase/decrease Main points of change
Industrial Finance, Logistics &Development 47.1 48.2 1.1 Increase mainly because of improved earnings in logistics- and insurance-related businesses.
Energy Business 43.8 61.8 18.0 Increase due to higher earnings on transactions because of higher crude oil prices and sales volumes.
Metals 326.3 267.6 (58.7)Decrease due to lower sales volumes at an Australian resource-related subsidiary (coking coal), lower transactions volumes ata steel products-related subsidiary, and lower sales prices at a ferrochrome production and sales subsidiary.
Machinery 182.0 178.9 (3.1)Decrease due to lower sales in overseas automobile operations, reflecting the impact of the floods in Thailand, and foreigncurrency fluctuations, despite higher earnings in the construction machinery and other businesses.
Chemicals 84.2 86.6 2.4 Reflects higher earnings on transactions due to the acquisition of a plastics business company, which was made a subsidiary.
Living Essentials 456.8 463.0 6.2 Reflects higher earnings on transactions at food-related subsidiaries.
Total 1,140.2 1,106.1 (34.1)
Adjustments and Eliminations 9.7 21.8 12.1
Consolidated 1,149.9 1,127.9 (22.0)
[Equity in earnings of affiliated companies]
(Billion yen)
Year ended Mar.2011
Year ended Mar.2012
Increase/decrease Main points of change
Industrial Finance, Logistics &Development 8.9 9.2 0.3
Equity in earnings of affiliated companies was largely unchanged year on year as improved lease-related business earningswere offset by the absence of gains on the sale of overseas real estate recorded in the previous fiscal year.
Energy Business 55.7 71.9 16.2 Reflects increase in equity in earnings of overseas resource-related companies due to higher crude oil prices.
Metals 41.9 36.4 (5.5) Reflects decrease in equity in earnings of a resource-related business investee.
Machinery 18.4 22.6 4.2Reflects higher equity in earnings at overseas automobile-related operations, as well as special factors related to a businesswithdrawal.
Chemicals 14.7 18.0 3.3Reflects higher equity in earnings due to strong transactions at a petrochemicals business-related company and certain otherentities.
Living Essentials 23.3 25.8 2.5Reflects mainly higher equity in earnings at food-related companies, despite natural disaster-related losses at affiliatedcompanies in Japan.
Total 162.9 183.9 21.0
Adjustments and Eliminations 4.1 6.6 2.5
Consolidated 167.0 190.5 23.5
Foreign exchange: Exchange rate for U.S. currency: Average for year ended Mar. 2011: 85.73 yen → Average for year ended Mar. 2012: 79.06 yen (6.67 yen (7.78%) appreciation)
Crude oil: Average for year ended Mar. 2011: US$84.20/BBL → Average for year ended Mar. 2012: US$110.11/BBL (US$25.91/BBL (30.77%) up)
5
[Net income (loss)]
(Billion yen)
Year ended Mar.2011
Year ended Mar.2012
Increase/decrease Main points of change
Industrial Finance, Logistics &Development 11.6 14.9 3.3 Increase due to improved earnings in the lease-related and real estate finance businesses.
Energy Business 94.0 120.6 26.6Despite the absence of gains recognized on the sale of shares in the previous fiscal year, the Energy Business Group recordedhigher earnings due to increased equity-method earnings from overseas resource-related companies in line with higher crudeoil prices, along with increased dividend income from overseas resource-related business investees.
Metals 231.5 172.1 (59.4)The decrease reflects mainly the absence of gains on a share transfer at a Chilean iron ore-related subsidiary recorded in theprevious fiscal year, lower dividend income from copper mines, and lower sales volume at an Australian resource-relatedsubsidiary (coking coal).
Machinery 61.4 54.5 (6.9)
Despite higher transactions mainly in the construction machinery business, segment net income declined mainly due to lowersales in overseas automobile operations because of the impact of the Thai floods and foreign exchange effects, a lossstemming from the withdrawal from a business, and the absence of gains recognized on the sales of shares in the previousfiscal year.
Chemicals 29.1 37.1 8.0Increased mainly due to higher equity-method earnings from strong transactions, primarily at a petrochemical business-relatedcompany, and bargain purchase gains from the acquisition of a plastics business subsidiary and earnings on transactions.
Living Essentials 46.3 56.6 10.3
Despite recording a write-down of shares (The Nisshin OilliO Group, Ltd.) and lower equity-method earnings at generalmerchandise-related subsidiaries, segment net income rose on account of an absence of the recording of tax expenses relatedto the adoption of the consolidated tax filing system in the previous fiscal year, higher earnings on transactions at food-relatedsubsidiaries, and gains on share sales.
Total 473.9 455.8 (18.1)
Adjustments and Eliminations (9.4) (2.0) 7.4
Consolidated 464.5 453.8 (10.7)
6
Operating Segment Information (Year Ended March 2012)
Geographic Segment Information
Foreign exchange: Exchange rate for U.S. currency: Average for year ended Mar. 2011: 85.73 yen → Average for year ended Mar. 2012: 79.06 yen (6.67 yen (7.78%) appreciation) Crude oil: Average for year ended Mar. 2011: US$84.20/BBL → Average for year ended Mar. 2012: US$110.11/BBL (US$25.91/BBL (30.77%) up)
【Operating Transactions】
(Billion yen)Year endedMar. 2011
Year endedMar. 2012
Increase/decrease Main points of change
Japan 15,667.2 16,400.4 733.2 Reflects higher crude oil prices and sales volumes at the Parent company, etc.
U.S.A. 886.3 951.3 65.0 Increase due to higher crude oil, grain and other commodity prices, etc
Thailand 634.6 541.9 (92.7) Reflects lower sales in automobile-related operations due to the floods, etc.
Others 2,045.3 2,232.7 187.4 Reflects higher transactions at a petroleum products sales business.
Total 19,233.4 20,126.3 892.9
【Gross Profit】
(Billion yen)Year endedMar. 2011
Year endedMar. 2012
Increase/decrease Main points of change
Japan 735.1 767.4 32.3 Reflects higher commodity prices and sales volumes at the Parent company, etc.
Australia 175.8 127.4 (48.4) Reflects lower sales volumes at a resource-related subsidiary (coking coal), etc.
U.K. 42.8 47.6 4.8 Reflects higher earnings on transactions at food-related subsidiaries, etc.
Others 196.2 185.5 (10.7) Reflects lower sales in automobile-related operations due to the flooding in Thailand, etc.
Total 1,149.9 1,127.9 (22.0)
【Long-term Assets】
(Billion yen)As of March
31, 2011As of March
31, 2012Increase/decrease Main points of change
Japan 703.3 674.2 (29.1) Decrease due to the sale of property and equipment for leasing operations, etc.
Australia 494.7 648.5 153.8 Increase due to capital expenditures at a resource-related subsidiary (coking coal), etc.
Canada 75.5 85.5 10.0 Increase due to investment in shale gas development project, etc.
U.S.A. 80.4 83.1 2.7 Increase due to capital expenditures at power business-related subsidiary, etc.
Others 312.5 389.6 77.1 Increase due to acquisition of aircraft at an aircraft leasing business-related subsidiary, etc.
Total 1,666.4 1,880.9 214.5
7
Performance at Consolidated Subsidiaries and Affiliates
Number of Consolidated Subsidiaries and Affiliates
(No. of companies)
Profit/Loss of Consolidated Subsidiaries and Affiliates (based on MC's equity earnings)
(Billion yen)
8.6
*The Parent has retrospectively adjusted the profit/loss information for the year ended March 2011, since a company newly became an affiliate due to additionalshare purchase.
10.9
145.6363.9 (25.4)
320.4389.2 360.4(12.3)
118.0
98.7
438.4
5.2
16.8(45.7)(40.0)
(50.9)11.1
5.946.942.1 (1.1) 41.0
338.5
87.8100.1
292.8(28.8)
2615
-0.9
242 79 321381278 16
6
25
375
Increase / decrease
Profit
21 469
25
Total
135
Year ended Mar. 2012
Affiliates 163 50 213
219
Total 270 105
Year ended Mar. 2011Profit Loss TotalProfit Loss Total
122 13
Total 187 32
123 23 146Affiliates 65 19 8467 14 81
190 37 227
OverseasSubsidiaries
Affiliates
DomesticSubsidiaries
172 74 246155 49 20498 31 12987 30 117
Domestic/Overseas TotalSubsidiaries 294 8772 350
116 548Total 457
8.62.06.66.15.60.52.5
154 44 198
-3.66.1
Loss
432 137 594
Year ended Mar. 2012Year ended Mar. 2011TotalProfit Loss Total Profit Loss
(2.8)Affiliates 51.6 (4.7)
OverseasSubsidiaries
Total
71.174.8 (8.9) 65.9Domestic
Subsidiaries 73.9
Affiliates 105.4 (6.7)
116.9 (10.0) 106.9Total 125.5 (7.5)
343.1 (22.7)
221.7289.1 (16.5) 272.6 237.7 (16.0)
Domestic/Overseas TotalSubsidiaries 311.6 (18.8)
Affiliates 157.0Total 468.6 (30.2)
(11.4)128.8506.1 (38.8) 467.3142.2 (13.4)
-37.514.8
-52.3
Increase / decrease
Profit Loss Total
-113
-8
-105
(28.9)
4212543115
-5
1
-1-2-3
-46.15.3
-51.4
171128
9.5
8
* "Shareholding" represents the share of voting rights held.
< Industrial Finance, Logistics & Development Group > (Billion yen)
Overseas Subsidiary Bow Bells House Investment L-1(U.K.) Financial investment company 100.00 2.5 0.0 -2.5 0.1
Domestic Subsidiary MC Aviation Partners Inc. Aircraft leasing and management sevices 100.00 1.6 1.4 -0.2 3.1
Domestic Subsidiary Mitsubishi Corporation LT, Inc. Warehousing and total logistics services 100.00 1.8 1.7 -0.1 1.8
Domestic Affiliate(listed) Mitsubishi UFJ Lease & Finance Company Ltd. Leasing, installment sales, other financing 20.00 5.3 5.8 0.5 5.9
< Energy Business Group >
Domestic Affiliate Astomos Energy Corporation Import, trading, domestic distribution and sales of LPG 49.00 1.5 4.0 2.5 1.9
Overseas Affiliate Brunei LNG Sendirian Berhad(Brunei) Manufacturing and sales of LNG 25.00 - - - -
Overseas Subsidiary Diamond Gas Holdings Sdn. Bhd.(Malaysia) Stockholding company for GTL(Gas to liquid) project inMalaysia 100.00 - - - -
Overseas Subsidiary Diamond Gas Netherlands B.V.(The Netherlands) Stockholding company for Malaysia Ⅲ project 80.00 - - - -
Overseas Subsidiary Diamond Gas Resources Pty, Ltd.(Australia) Sales agent of JALP crude oil and condensate 100.00 1.2 0.5 -0.7 0.6
Overseas Subsidiary Diamond Gas Sakhalin B.V.(The Netherlands) Stockholding company for Sakhalin Ⅱ project in Russia 100.00 - - - -
Overseas Subsidiary Diamond Tanker Pte. Ltd.(Singapore) Marine transportation, etc. 100.00 -1.0 -0.1 0.9 0.2
Overseas Affiliate ENCORE ENERGY PTE. LTD.(Singapore) Stockholding company for P.T.Medco Energi Internasional(Indonesia) 39.40 -3.4 0.8 4.2 -
Overseas Affiliate Energi Mega Pratama Inc.(Indonesia) Exploration, development, and production of oil and natural gasin Indonesia 25.00 -1.2 -1.7 -0.5 -1.0
Overseas Affiliate Japan Australia LNG(MIMI) Pty. Ltd.(Australia) Development and sales of resources (LNG, LPG, condensate andcrude oil) 50.00 - - - -
Overseas Subsidiary MCX Exploration (USA) Ltd. (U.S.A.) Exploration, development and production of oil and natural gas 100.00 -2.7 0.9 3.6 1.0
Domestic Subsidiary Mitsubishi Shoji Sekiyu Co., Ltd. Marketing and sales of petroleum products 100.00 5.6 3.3 -2.3 1.8
< Metals Group >
Overseas Affiliate Iron Ore Company of Canada (Canada) Iron ore production and sales 26.18 18.8 17.3 -1.5 -
Overseas Affiliate JECO 2 LTD. (U.K.) Investment company for Minera Escondida Ltda. copper mines inChile 50.00 3.1 0.8 -2.3 -
Domestic Subsidiary JECO Corporation Investment company for Minera Escondida Ltda. copper mines inChile 70.00 15.7 4.6 -11.1 -
Overseas Subsidiary M.C. Inversiones Limitada (Chile) Investment company for iron ore mine in Chile 100.00 41.7 12.9 -28.8 -
Overseas Subsidiary MC Copper Holdings B.V. (The Netherlands) Investment company for Los Pelambres copper mine in Chile 100.00 5.6 5.2 -0.4 -
Domestic Subsidiary Metal One Corporation Steel products operations 60.00 11.2 8.8 -2.4 -
Domestic Subsidiary Mitsubishi Corporation Unimetals Ltd. Metal trading company 100.00 2.0 2.8 0.8 -
Overseas Subsidiary Mitsubishi Development Pty Ltd (Australia) Investment, production and sales of coal and other metalsresources 100.00 137.2 119.3 -17.9 -
Overseas Affiliate Strand Minerals (Indonesia) Pte. Ltd. (Singapore) Investment company for nickel mine in Indonesia 30.00 -1.7 -1.6 0.1 -
Overseas Subsidiary Triland Metals Limited. (U.K.) Commodity broker and market maker on the London MetalExchange (LME) 100.00 1.3 0.8 -0.5 -
< Machinery Group >
Domestic Affiliate(listed) Chiyoda Corporation Plant engineering business 33.74 - - - -
Overseas Subsidiary Diamond Camellia S.A.(Panama) Ship owning and chartering 100.00 - - - -
Overseas Affiliate FF Sheffe B.V. (The Netherlands) Holding company of automobiles 40.00 - - - -
Overseas Affiliate Isuzu Motors Co., (Thailand) Ltd. (Thailand) Manufacturing of automobiles 27.50 3.2 2.6 -0.6 3.2
Overseas Affiliate Isuzu Motors International Operations (Thailand) Co., Ltd.(Thailand) Distribution of automobiles 49.00 4.7 1.5 -3.2 0.4
Overseas Subsidiary MCE Bank GmbH(Germany) Automobile finance 100.00 1.2 2.3 1.1 2.0
Domestic Subsidiary Mitsubishi Corporation Machinery, Inc. Export, import and domestic trading of machine parts 100.00 1.0 1.2 0.2 0.7
Domestic Subsidiary Mitsubishi Corporation Power Systems, Inc.Supply, installation work, maintenance, inspection of powergenerating systems and related equipment, in-plant transportationservices
100.00 1.2 1.1 -0.1 0.5
Overseas Subsidiary Mitsubishi Motors Malaysia Sdn. Bhd.(Malaysia) Distribution of automobiles 52.00 - - - -
Domestic Subsidiary MSK FARM MACHINERY CORPORATION Sales and service of agricultural machinery and facilities 100.00 1.5 0.5 -1.0 0.6
Shareholding(%)
Equity in earningsIncrease
or decrease
Year EndingMarch 2013
Outlook
YearEnded
Mar. 2011
YearEnded
Mar. 2012
Domestic/Overseas
Subsidiary/Affiliate Company Name (Country) Main Business
Shareholding(%)
Equity in earningsIncrease
or decrease
Year EndingMarch 2013
Outlook
YearEnded
Mar. 2011
YearEnded
Mar. 2012
Domestic/Overseas
Subsidiary/Affiliate Company Name (Country) Main Business
Increaseor decrease
Year EndingMarch 2013
Outlook
YearEnded
Mar. 2011
YearEnded
Mar. 2012
YearEnded
Mar. 2012
Company Name (Country)
Domestic/Overseas
Subsidiary/Affiliate Company Name (Country) Main Business Shareholding
(%)
Equity in earnings
Year EndingMarch 2013
Outlook
Performance at Principal Subsidiaries and Affiliates
* Hyphens appear in the equity in earnings columns for subsidiaries and affiliates that do not disclose earnings due to reasons such as, but not limited to, nondisclosure agreements withpartners or being a listed company that has not yet announced earnings.
Domestic/Overseas
Subsidiary/Affiliate Main Business Shareholding
(%)
Equity in earningsIncrease
or decreaseYear
EndedMar. 2011
9
Domestic Subsidiary Nikken Corporation Rental and sales of construction machinery and other equipment 96.83 1.5 3.6 2.1 2.6
Overseas Subsidiary P.T. Dipo Star Finance (Indonesia) Automobile finance 95.00 - - - -
Overseas Affiliate P.T. Krama Yudha Tiga Berlian Motors (Indonesia) Distribution of automobiles 40.00 6.4 4.8 -1.6 3.2
Overseas Subsidiary The Colt Car Company Ltd.(U.K.) Distribution of automobiles 100.00 - - - -
Overseas Subsidiary Tri Petch Isuzu Leasing Co, Ltd. (Thailand) Automobile finance 93.50 1.8 1.3 -0.5 1.7
Overseas Subsidiary Tri Petch Isuzu Sales Co, Ltd. (Thailand) Distribution of automobiles 88.73 14.3 13.3 -1.0 14.2
Note:
< Chemicals Group >
Domestic Subsidiary Kohjin Co., Ltd. Manufacturing of plastic films, biochemicals and fine chemicals 100.00 2.1 1.2 -0.9 0.8
Overseas Affiliate Metanol de Oriente, METOR, S.A. (Venezuela) Manufacturing and marketing of methanol 25.00 1.2 1.9 0.7 1.9
Domestic Subsidiary Mitsubishi Shoji Plastics Corp. Marketing of synthetic raw materials and plastics 100.00 1.3 1.4 0.1 1.6
Domestic Affiliate SPDC Ltd. Investment and petroleum and petrochemicals-related businesses 30.39 9.9 13.2 3.3 -
< Living Essentials Group >
Overseas Subsidiary AGREX Inc.(U.S.A.) Storage and marketing of grain 100.00 2.1 0.8 -1.3 -
Overseas Subsidiary Alpac Forest Products Inc. (Canada) Manufacturing and sales of wood pulp 70.00 3.2 1.3 -1.9 -
Overseas Subsidiary California Oils Corporation(U.S.A.) Manufacturing and sales of processed vegetable oils and fats 100.00 0.9 0.8 -0.1 -
Domestic Subsidiary Dai-Nippon Meiji Sugar Co., Ltd. Manufacturing and wholesale of sugar products 100.00 1.4 1.3 -0.1 -
Domestic Affiliate(listed) Hokuetsu Kishu Paper, Co., Ltd. Manufacturing, processing, and sales of paper and pulp 25.35 1.9 - - -
Overseas Subsidiary Indiana Packers Corporation (U.S.A.) Processing and sales of pork 80.00 2.8 2.0 -0.8 -
Domestic Subsidiary(listed) Kentucky Fried Chicken Japan Ltd. Fast-food restaurant chain and home-delivery pizza stores 65.95 1.2 0.7 -0.5 -
Domestic Affiliate(listed) LAWSON, INC. Franchise chain of LAWSON convenience stores 32.50 8.2 8.0 -0.2 -
Domestic Subsidiary Loyalty Marketing, Inc. Managing the operations of Multi-Partner Loyalty Program"Ponta" 90.00 -1.6 -1.4 0.2 -
Domestic Subsidiary Mitsubishi Shoji Packaging CorporationSales and marketing of packaging materials, paper, paperboardand corrugated containerboard, as well as export of paper andpaperboard
92.15 1.6 1.5 -0.1 -
Domestic Subsidiary(listed) Mitsubishi Shokuhin Co.,Ltd Wholesale of food products 61.62 2.9 7.3 4.4 -
Domestic Subsidiary Nosan Corporation Manufacturing and marketing of livestock feed 100.00 -3.3 1.1 4.4 -
Overseas Subsidiary Princes Limited (U.K.) Manufacturing of food products and soft drinks 100.00 3.7 3.9 0.2 -
Domestic Affiliate(listed) T-Gaia Corporation Handling of subscriber contracts for various communication
services, sales of handsets and equipment 27.70 1.7 - - -
Note:
< Global Environment Business Development Group >
Overseas Subsidiary Diamond Generating Asia, Limited (Hong Kong) Independent Power Producer 100.0 4.0 3.5 -0.5 2.5
Overseas Subsidiary Diamond Generating Corporation (U.S.A.) Independent Power Producer 100.0 1.1 1.8 0.7 1.1
Isuzu Operations (Thailand) Co., Ltd. was renamed Isuzu Motors International Operations (Thailand) Co., Ltd. on July 1, 2011.
RYOSHOKU LIMITED was renamed Mitsubishi Shokuhin Co., Ltd. on July 1, 2011 and San-Esu Inc., Food Service Network Co., Ltd. and Meidi-yaCorporation were made its wholly owned subsidiaries.Meidi-ya Corporation was merged with Mitsubishi Shokuhin Co., Ltd. on October 1, 2011.SAN-ESU INC. and Food Service Network Co., Ltd. were merged with Mitsubishi Shokuhin Co., Ltd. on April 1, 2012.
Shareholding(%)
Equity in earningsIncrease
or decrease
Shareholding(%)
Equity in earningsIncrease
or decrease
Shareholding(%)
Year EndingMarch 2013
Outlook
YearEnded
Mar. 2011
YearEnded
Mar. 2012
Domestic/Overseas
Subsidiary/Affiliate Company Name (Country) Main Business
Year EndingMarch 2013
Outlook
YearEnded
Mar. 2011
YearEnded
Mar. 2012
Domestic/Overseas
Subsidiary/Affiliate Company Name (Country) Main Business
Equity in earningsIncrease
or decrease
Year EndingMarch 2013
Outlook
YearEnded
Mar. 2011
YearEnded
Mar. 2012
Domestic/Overseas
Subsidiary/Affiliate Company Name (Country) Main Business
10
Balance of Risk Money Outstanding in 11 Main Countries (As of March 31, 2012)
1. Change in Balance of Risk Money Outstanding (Investments, Loans and Guarantees: Consolidated Basis)
(Billion yen)2012/3/31 2011/9/30 Change 2012/3/31 2011/9/30 Change 2012/3/31 2011/9/30 Change 2012/3/31 2011/9/30 Change 2012/3/31 2011/9/30 Change 2012/3/31 2011/9/30 Change
India 10.6 10.3 0.4 - - 0.0 1.7 1.9 -0.2 12.3 12.1 0.2 - - 0.0 12.3 12.1 0.2
Indonesia 205.7 186.7 18.9 36.1 19.3 16.8 190.8 161.3 29.6 432.6 367.3 65.3 127.3 105.7 21.6 305.4 261.6 43.8
Thailand 60.1 54.1 6.0 32.6 26.1 6.5 27.1 22.8 4.3 119.7 103.0 16.8 - - 0.0 119.7 103.0 16.8
Korea 30.6 27.7 2.8 14.0 13.0 0.9 3.2 1.5 1.7 47.8 42.3 5.5 - - 0.0 47.8 42.3 5.5
China 72.9 71.3 1.5 20.5 19.0 1.5 26.0 23.2 2.8 119.3 113.5 5.8 1.2 1.2 0.0 118.1 112.3 5.9
Hong Kong 23.7 22.1 1.6 - - 0.0 2.4 2.2 0.2 26.1 24.3 1.8 - - 0.0 26.1 24.3 1.8
Philippines 64.2 44.7 19.5 - - 0.0 0.6 0.6 0.0 64.8 45.3 19.5 0.6 0.6 0.0 64.2 44.7 19.5
7 countries total 467.7 417.0 50.7 103.2 77.4 25.7 251.8 213.4 38.4 822.7 707.9 114.8 129.1 107.6 21.5 693.6 600.3 93.3
Russia 70.5 101.1 -30.6 4.0 1.5 2.5 6.1 9.4 -3.4 80.5 112.0 -31.5 1.0 0.3 0.7 79.6 111.8 -32.2
1 country total 70.5 101.1 -30.6 4.0 1.5 2.5 6.1 9.4 -3.4 80.5 112.0 -31.5 1.0 0.3 0.7 79.6 111.8 -32.2
Mexico 8.0 8.2 -0.2 0.2 0.2 0.0 12.9 12.1 0.9 21.1 20.4 0.7 - - 0.0 21.1 20.4 0.7
Brazil 32.8 26.8 5.9 51.6 28.3 23.2 46.4 45.6 0.8 130.7 100.8 29.9 - - 0.0 130.7 100.8 29.9
Chile 595.2 138.9 456.3 - - 0.0 28.0 16.8 11.2 623.2 155.7 467.5 0.1 0.1 0.0 623.2 155.6 467.5
3 countries total 636.0 173.9 462.0 51.7 28.5 23.2 87.4 74.5 12.9 775.1 276.9 498.1 0.1 0.1 0.0 775.0 276.9 498.2
2. Change in Risk Money Outstanding (Trade Receivables, etc.: Non-consolidated Basis; Incl. Regional Subsidiaries)
(Billion yen)
India 43.0 41.9 1.2 2.5 7.7 -5.3 40.5 34.1 6.4
Indonesia 72.4 42.9 29.5 49.9 25.7 24.2 22.5 17.2 5.3
Thailand 20.6 21.5 -0.9 7.7 6.0 1.7 12.9 15.5 -2.6
Korea 43.6 44.4 -0.8 4.9 4.3 0.6 38.7 40.1 -1.4
China 119.6 136.6 -17.0 24.4 22.6 1.8 95.2 113.9 -18.7
Hong Kong 37.2 35.8 1.4 9.1 6.5 2.6 28.1 29.3 -1.2
Philippines 2.5 2.9 -0.4 0.5 0.5 0.0 2.0 2.3 -0.4
7 countries total 338.9 325.9 13.0 99.0 73.3 25.6 239.9 252.5 -12.6
Russia 9.8 0.6 9.2 4.3 0.4 3.8 5.6 0.2 5.4
1 country total 9.8 0.6 9.2 4.3 0.4 3.8 5.6 0.2 5.4
Mexico 15.0 9.7 5.3 3.8 3.6 0.3 11.1 6.1 5.0
Brazil 17.4 8.3 9.1 11.1 4.2 6.9 6.4 4.1 2.2
Chile 6.0 7.9 -1.9 1.6 1.2 0.4 4.4 6.7 -2.3
3 countries total 38.4 25.9 12.5 16.5 8.9 7.6 21.9 17.0 4.9
2011/9/30
Amounts Hedged Net Risk Money
Change
Investments Loans Guarantees Gross Risk MoneyTotal
Gross (Trade Receivables, etc.) Amounts Hedged Net Risk Money2012/3/31 2011/9/30 Change 2012/3/31 2011/9/30 Change 2012/3/31
11
Forecasts for Year Ending March 2013 by Operating Segment
[Gross Profit] (Billion yen)
Year ended Mar.2012 Results
Year ending Mar.2013 Forecasts
Increase/decrease Main points of change
Industrial Finance, Logistics & Development 45.4 55.0 9.6 Projecting an increase in earnings on transactions at aircraft leasing- and real estate-relatedbusinesses.
Energy Business 61.8 62.0 0.2 -
Metals 267.6 327.0 59.4Projecting an increase in earnings at an Australian resource-related subsidiary (coking coal),mainly due to foreign currency factors, and an increase in earnings at a steel products-relatedsubsidiary.
Machinery 161.9 174.0 12.1 Projecting an increase due to higher earnings on transactions in overseas automobile-relatedoperations, particularly in Asia.
Chemicals 86.6 106.0 19.4 Projecting an increase due to growth in petrochemical business-related transactions and theconsolidation of a plastics business company, etc.
Living Essentials 463.0 485.0 22.0 Projection reflects expected increase in earnings on transactions at food-related subsidiaries, etc.
Others 41.6 41.0 (0.6)
Total 1,127.9 1,250.0 122.1
[Net Income (Loss)] (Billion yen)
Year ended Mar.2012 Results
Year ending Mar.2013 Forecasts
Increase/decrease Main points of change
Industrial Finance, Logistics & Development 14.2 22.0 7.8 Projection reflects increase in earnings at aircraft leasing- and logistics-related businesses.
Energy Business 120.6 130.0 9.4 Projection reflects expected higher dividend income and equity in earnings from overseasresource-related business investees due to higher crude oil prices.
Metals 172.1 185.0 12.9 Expected increase due mainly to earnings from a copper-related company and increasedearnings at a steel products-related subsidiary.
Machinery 49.8 60.0 10.2 Projection reflects expected higher equity in earnings from overseas automobile-relatedoperations, particularly in Asia.
Chemicals 37.1 40.0 2.9 Projected increase in earnings on petrochemical business-related transactions and theconsolidation of a plastics business company, etc.
Living Essentials 56.6 66.0 9.4 Projected absence of write-downs of shares during the prior fiscal year and an increase in equityin earnings at food-related businesses, etc.
Others 3.4 (3.0) (6.4)
Total 453.8 500.0 46.2
Basic Assumptions for ForecastsYear ended Mar.
2012 ResultsYear ending Mar.
2013 ForecastsIncrease/decrease
Foreign Exchange (YEN/USD) 79.1 80.0 0.9Crude Oil Price (USD/BBL) 110.1 120.0 9.9Yen Interest (TIBOR) (%) 0.34% 0.40% 0.06%
12
Additional Information on the Parent CompanyNumber of Employees by Operating Segment and Region (Parent Company)
(Number of people)As of Mar. 31, 2011 As of Mar. 31, 2012 Increase/decrease
Japan 5,191 5,207 16Outside of Japan 1,014 1,068 54
Total 6,205 6,275 70*In Japan, employees on leave are included.
As of Mar. 31, 2011 As of Mar. 31, 2012 Increase/decrease
Industrial Finance, Logistics & Development 443 454 11Energy Business 585 599 14Metals 680 699 19Machinery 976 979 3Chemicals 664 670 6Living essentials 1,140 1,139 -1Other 1,717 1,735 18Total 6,205 6,275 70*Internal Audit Dept., Corporate Staff Section, Business Service Group and Global Environment BusinessDevelopment Group are included in Other.
As of Mar. 31, 2011 As of Mar. 31, 2012 Increase/decrease
Japan 5,191 5,207 16North America 182 184 2Central America 17 20 3South America 61 66 5Europe 191 192 1Africa 21 23 2Middle East 49 48 -1Asia 442 484 42Oceania 51 51 0Total 6,205 6,275 70*In Japan, employees on leave are included.
13
Financial Indicators (U.S. GAAP)
(Reference)
Year EndedMarch 2011(cumulative)
Year EndedMarch 2012(cumulative)
ChangeYear EndingMarch 2013(Forecast)
1. Earnings Per Share (yen)
(1) Basic EPS 282.62 275.83 -6.8 303.73
(2) Diluted EPS 281.87 275.22 -6.6 -
2. ROE (%)15.1 13.5 -1.6 13.6
3. ROA (%)4.8 3.8 -1.0 -
(Reference)
March 31,2011
March 31,2012 Change
March 31,2013
(Forecast)
4. Debt-to-equity ratio (times)
(1)Gross 1.3 1.4 0.1 1.3
(2)Net (after subtracting cash and deposits) 0.9 1.0 0.1 1.0
5. Current Ratio (%)150.5 138.3 -12.2 -
6. Ratio of Shareholders' Equity to Total Assets (%)28.7 27.9 -0.8 -
7. Book Value per Share (yen)1,966.66 2,131.81 165.2 -
Year EndedMarch 2011(cumulative)
Year EndedMarch 2012(cumulative)
Change
8. Ratio of Consolidated profit to Parent Company's profit (times)1.8 1.4 -0.4
14