News Column

1st Quarter Results

August 6, 2014

LONDON--(BUSINESS WIRE)--



This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note Programme.

Consolidated Financial Results for the Three-Month Period Ended June 30, 2014 [IFRS]

               
                             
Tokyo, August 6, 2014 - Mitsui & Co., Ltd. announced its consolidated financial results for the three-month period ended June 30, 2014, based on International Financial Reporting Standards ("IFRS").
 
 
Mitsui & Co., Ltd. and subsidiaries

(Web Site : http://www.mitsui.com/jp/en/)

 
President and Chief Executive Officer : Masami Iijima
Investor Relations Contacts : Michihiro Nose, General Manager, Investor Relations Division TEL 81-3-3285-7533
 
1. Consolidated financial results (Unreviewed)
(1) Consolidated operating results information for the three-month period ended June 30, 2014
(from April 1, 2014 to June 30, 2014)
                                                                                           
Three-month period ended June 30,
                       
2014     2013    
                                            %           %  
Revenue                       Millions of yen 1,370,526       ? 2.6   1,407,293       -  
Profit before income taxes               Millions of yen 173,134       ? 9.7   191,712       -  
Profit for the period                   Millions of yen 133,530       ? 4.1   139,264       -  
Profit for the period attributable to owners of the parent Millions of yen 127,806       ? 3.9   132,968       -  
Comprehensive income for the period         Millions of yen 129,254       ? 1.8   131,685       -  
Earnings per share attributable to owners of the parent, basic Yen       71.30       72.85      
Earnings per share attributable to owners of the parent, diluted   Yen               71.30                       -                    
Notes:

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. Diluted earnings per share attributable to owners of the parent for the three-month period ended June 30, 2013 is not disclosed as there are no dilutive potential shares.

 

 
(2) Consolidated financial position information
                                                                                   
June 30, 2014March 31, 2014
                                                       
Total assets                       Millions of yen 11,582,231   11,491,319  
Total equity                       Millions of yen 4,164,731   4,100,304  
Total equity attributable to owners of the parent     Millions of yen 3,878,556   3,815,767  
Equity attributable to owners of the parent ratio       %               33.5       33.2    
 
2. Dividend information
                                                                                     
Year ended March 31,         Year ending March 31, 2015 (Forecast)
                                    2015       2014        
Interim dividend per share               Yen                 25       32
Year-end dividend per share               Yen                 34       32
Annual dividend per share                 Yen                                   59             64
                                         
3. Forecast of consolidated operating results for the year ending March 31, 2015 (from April 1, 2014 to March 31, 2015)
                                                                         
Year ending

March 31, 2015

                                                     
Profit attributable to owners of the parent                       Millions of yen 380,000
Earnings per share attributable to owners of the parent, basic             Yen     211.99
Note :
We maintain our forecast profit attributable to owners of the parent for the year ending March 31, 2015 of ¥380.0 billion announced
together with the results of fiscal year ended March 2014. No updates have been made to this forecast.
 
4. Others
(1) Increase/decrease of important subsidiaries during the period : None
 

(2) Number of shares:

                                                                         
                                  June 30, 2014     March 31, 2014
                                                     
Number of shares of common stock issued, including treasury stock 1,796,514,127     1,829,153,527
Number of shares of treasury stock                 4,004,166           36,641,439
                                                     
                                  Three-month period ended June 30, 2014 Three-month period ended June 30, 2013
                                                     
Average number of shares of common stock outstanding       1,792,511,039           1,825,124,974
 
 
Disclosure Regarding Quarterly Review Procedures:
As of the date of disclosure of this quarterly earnings report, a review of the quarterly financial statements is being carried out in accordance
with the Financial Instruments and Exchange Act.
 
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 p.16.
 
Supplementary materials and IR meeting 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 6, 2014.
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………………………………………………………………………………………2

(3) Financial Condition and Cash Flows……………………………………………………………………10

(4) Information Concerning Profit Forecast for the Year Ending March 31, 2015…………………………14

2. Other Information…………………………………………………………………………………………14

3. Condensed Consolidated Financial Statements

(1) Condensed Consolidated Statements of Financial Position........................................................................15

(2) Condensed Consolidated Statements of Income and Comprehensive Income...........................................17

(3) Condensed Consolidated Statements of Changes in Equity.......................................................................18

(4) Condensed Consolidated Statements of Cash Flows..................................................................................19

(5) Assumption for Going Concern..................................................................................................................19

(6) Segment Information...................................................................................................................................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.

(1) Operating Environment

The following is an overview of the operating environment for the three-month period ended June 30, 2014, and afterwards.

On the whole, advanced nations experienced economic recovery and disinflation while emerging nations experienced economic slowdown and high inflation, with gaps between the two becoming notable in terms of the economy and prices.

Although the U.S. economy suffered a greater-than-expected fall in GDP from January to March due to a severe cold snap, economic fundamentals remained strong as evidenced by steady employment growth, an upturn in the housing market, the wealth effect generated by higher stock prices, and robust corporate earnings. These effects are expected to gradually accelerate U.S. economic growth throughout the second half of the year.

In the Japanese economy, the increased demand prior to the consumption tax hike in April 2014 exceeded previous forecast and there has been consequent downturn in demand from April. Even so, the resultant economic slowdown is forecast to be only temporary mainly due to strong employment and income environment, yen depreciation, and higher stock prices.

In Europe, although the economy has finally bottomed out, economic growth is expected to remain low for the time being reflecting a continuation in the harsh employment situation, heightened deflation concerns due to a substantial gap between supply and demand, and a slump in domestic demand.

In China, government policies that take into account both avoiding economic downturn through fiscal measures and structural reforms are continuing. Although an economic upturn seems unlikely, China is forecast to maintain a certain degree of economic growth in the future.

Looking at other emerging nations, currencies and stock prices strengthened due to eased concerns about a dramatic outflow of funds following the start of scaling back by the U.S. of its third round of quantitative easing (QE3), but slowness in improvement of economic fundamentals such as current account deficits, fiscal deficits and inflation remains a cause for concern.

Turning to current conditions in commodities markets, prices softened due to persistent concerns about a fall in the economic growth rate of China. The spot reference price for iron ore CFR North China (Fe 62%) temporarily fell below the US$90-per-ton level in June. Although the Dubai Crude spot price rose at some points due to heightened geopolitical risks such as problems in Iraq, the price remained stable around US$105 per barrel.

The global economy faces risk factors including slower economic growth in China, heightened geopolitical risks, and the outflow of funds from emerging countries affected by U.S. monetary policy. Nevertheless, we believe that economic growth in the U.S. and other advanced nations will contribute to pull the global economy out of the standstill it experienced in the first half of the year, and the recovery will gradually gain momentum.

(2) Results of Operations

1) Analysis of Consolidated Income Statements

Revenue

Mitsui & Co., Ltd. (“Mitsui”) and its subsidiaries (collectively “we”) recorded total revenue of ¥1,370.5 billion for the three-month period ended June 30, 2014 (“current period”), a decline of ¥36.8 billion from ¥1,407.3 billion for the corresponding three-month period of the previous year (“previous period”).

  • Revenue from sales of products for the current period was ¥1,238.0 billion, a decline of ¥47.5 billion from ¥1,285.5 billion for the previous period, as a result of the following:
  • The Energy Segment reported a decline of ¥98.4 billion. The sale of Mitsui Oil Co., Ltd. resulted in a decline of ¥74.1 billion and petroleum trading operations recorded a decline of ¥65.0 billion due to a decline in trading volume. Meanwhile, oil and gas producing operations recorded an increase of ¥18.2 billion reflecting higher gas prices in the United States and increased production volume. MMGS Inc., a gas distribution subsidiary in the United States, also reported an increase of ¥12.3 billion due to an increase in sales volume.
  • The Iron & Steel Products Segment reported a decline of ¥9.2 billion. Transactions of line pipe to LNG projects had been almost shipped by the end of the previous year and trading volume of other steel products also declined.
  • The Americas Segment reported an increase of ¥55.5 billion due to an increase in trading volume of soybean.
  • Revenue from rendering of services for the current period was ¥100.7 billion, the same amount as the previous period.
  • Other revenue for the current period was ¥31.8 billion, an increase of ¥10.7 billion from ¥21.1 billion for the previous period. The commodity derivatives trading business at Mitsui recorded an increase in other revenue corresponding to a deterioration of ¥9.8 billion in the foreign exchange gains and losses posted in other expenses.

    Gross Profit

    Gross profit for the current period was ¥210.4 billion, a decline of ¥0.9 billion from ¥211.3 billion for the previous period.

  • The Innovation & Corporate Development Segment reported an increase of ¥12.0 billion. The commodity derivatives trading business at Mitsui recorded an increase in gross profit corresponding to a deterioration of ¥9.8 billion in the foreign exchange gains and losses posted in other expense.
  • The Mineral & Metal Resources Segment reported a decline of ¥4.8 billion. Iron ore mining operations in Australia reported a decline of ¥5.2 billion due to lower iron ore prices, which was partially offset by an increase in income from infrastructure usage and an increase in sales volume.
  • The Iron & Steel Products Segment reported a decline of ¥4.3 billion. Transactions of line pipe to LNG projects had been almost shipped by the end of the previous year and trading volume of other steel products also declined.

    Other Income (Expenses)

    Selling, General and Administrative Expenses

    Selling, general and administrative expenses for the current period were ¥139.2 billion, a decline of ¥1.6 billion from ¥140.8 billion for the previous period. The table below provides a breakdown of selling, general and administrative expenses used for our internal review.

    Gain on securities and other investments—net

    Gain on securities and other investments for the current period was ¥1.2 billion, a decline of ¥10.2 billion from ¥11.4 billion for the previous period.

  • There were miscellaneous small transactions for the current period.
  • For the previous period, an ¥8.4 billion gain was recorded due to a reversal of impairment loss on shares in Penske Automotive Group, Inc., reflecting a rise in the share price.

    Impairment Loss of Fixed Assets

    Impairment loss of fixed assets for the current period was ¥0.0 billion, a decline of ¥0.1 billion from ¥0.1 billion for the previous period. There were miscellaneous small transactions in both periods.

    Gain on Disposal or Sales of Fixed Assets—Net

    Gain on disposal or sales of fixed assets for the current period was ¥0.5 billion, an increase of ¥0.4 billion from ¥0.1 billion for the previous period. There were miscellaneous small transactions in both periods.

    Other Expense—Net

    Other expense for the current period was ¥1.6 billion, an increase of ¥1.3 billion from ¥0.3 billion for the previous period.

  • For the current period, exploration expenses totaled ¥4.4 billion, including those recorded at oil and gas producing businesses.
  • For the previous period, exploration expenses totaled ¥6.3 billion, including those recorded at oil and gas producing businesses. Furthermore, the Innovation & Corporate Development Segment recorded foreign exchange gains of ¥8.9 billion in the commodity derivatives trading business at Mitsui, which corresponded to related gross profit in the same segment.

    Finance Income (Costs)

    Interest Income

    Interest income for the current period was ¥8.4 billion, an increase of ¥3.0 billion from ¥5.4 billion for the previous period.

    Dividend Income

    Dividend income for the current period was ¥41.0 billion, a decline of ¥8.8 billion from ¥49.8 billion for the previous period.

  • Dividends from six LNG projects (Sakhalin II, Qatargas 1, Abu Dhabi, Oman, Qatargas 3 and Equatorial Guinea) were ¥29.1 billion in total, a decline of ¥12.4 billion from ¥41.5 billion for the previous period, due to a decline in dividends received from the Sakhalin II project.
  • Dividends from preferred shares in JA Mitsui Leasing Ltd. increased by ¥4.0 billion.

    Interest Expense

    Interest expense for the current period was ¥11.7 billion, a decline of ¥0.5 billion from ¥12.2 billion for the previous period. The following table provides the month-end average of three-month Tibor for the Japanese yen and three-month Libor for the U.S. dollar for the both periods.

        Current Period   Previous Period
    Japanese yen 0.21% 0.23%
    U.S. dollar   0.23%   0.27%


    Share of Profit of Investments Accounted for Using the Equity Method

    Share of profit of investments accounted for using the equity method for the current period was ¥64.3 billion, a decline of ¥2.8 billion from ¥67.1 billion for the previous period.

  • Valepar S.A. reported a decline of ¥4.0 billion, reflecting lower iron ore prices and impairment losses on assets related to an iron ore mine in Guinea and a coal mine in Australia owned.
  • For the previous period, Arch Pharmalabs Limited, a pharmaceutical contract manufacturer in India, posted a ¥4.2 billion impairment loss on fixed assets and other assets.

    Income Taxes

    Income taxes for the current period were ¥39.6 billion, a decline of ¥12.8 billion from ¥52.4 billion for the previous period. Profit before income taxes for the current period was ¥173.1 billion, a decline of ¥18.6 billion from ¥191.7 billion for the previous period. In response, applicable income taxes also declined.

    The effective tax rate for the current period was 22.9%, a decline of 4.5% from 27.4% for the previous period. The major factor for the decline was a decrease in the ratio of income tax effect related to equity accounting against profit before income taxes.

    Profit for the Period

    As a result of the above factors, profit for the period was ¥133.5 billion, a decline of ¥5.8 billion from ¥139.3 billion for the previous period.

    Profit for the Period Attributable to Owners of the Parent

    Profit for the period attributable to owners of the parent was ¥127.8 billion, a decline of ¥5.2 billion from ¥133.0 billion for the previous period.

    2) EBITDA

    We use EBITDA as a measure of underlying earning power from the current period.

    EBITDA is the total of “gross profit,” “selling, general and administrative expenses,” “dividend income” and “share of profit of investments accounted for using the equity method” from the consolidated states of income and “depreciation and amortization” from the consolidated statements of cash flows.

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA (a+b+c+d+e) (*1) 244.2 240.1 +4.1
        Gross profit   a 210.4 211.3 (0.9)
    Selling, general and administrative expenses b (139.2) (140.8) +1.6
    Dividend Income c 41.0 49.8 (8.8)
    Profit of equity method investments (*2) d 64.3 67.1 (2.8)
        Depreciation and amortization   e   67.7   52.7   +15.0


    *1 M ay not match with the total of items due to rounding off. The same shall apply hereafter.

    *2 “Profit of equity method investments” means “share of profit of investments accounted for using the equity method” in the consolidated statements of income. The same shall apply hereafter.

    3) Operating Results by Operating Segment

    Iron & Steel Products Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 2.1 7.3 (5.2)
      Gross profit 10.1 14.4 (4.3)
    Selling, general and administrative expenses (9.6) (9.4) (0.2)
    Dividend Income 0.8 0.5 +0.3
    Profit of equity method investments 0.5 1.4 (0.9)
      Depreciation and amortization 0.3 0.3 0.0
    Profit for the period attributable to owners of the parent   1.0   3.0   (2.0)


    EBITDA declined by ¥5.2 billion, mainly due to the following factors:

    Gross profit declined by ¥4.3 billion. Transactions of line pipe to LNG projects had been almost shipped by the end of the previous year and trading volume of other steel products also declined.

    Profit of equity method investments declined by ¥0.9 billion.

    Profit for the period attributable to owners of the parent declined by ¥2.0 billion. In addition to the above-mentioned factors, foreign exchange losses corresponding to transactions of line pipe declined by ¥1.9 billion.

    Mineral & Metal Resources Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 71.3 76.1 (4.8)
      Gross profit 45.0 49.8 (4.8)
    Selling, general and administrative expenses (10.0) (10.4) +0.4
    Dividend Income 0.5 0.3 +0.2
    Profit of equity method investments 21.9 26.6 (4.7)
      Depreciation and amortization 13.8 10.0 +3.8
    Profit for the period attributable to owners of the parent   38.7   39.6   (0.9)


    EBITDA declined by ¥4.8 billion, mainly due to the following factors:

    Gross profit declined by ¥4.8 billion reflecting an impact from lower iron ore prices on iron ore mining operations in Australia.

    As for iron ore pricing, the majority of contract prices applied to products sold during the current period were based on pricing that more closely reflects current spot reference prices, the same pricing as applied in the previous year, such as a daily average of spot reference prices for the current quarter of shipments and a daily average of spot reference prices for the shipment month.

    Mitsui Iron Ore Development Pty. Ltd. reported a decline of ¥5.1 billion in gross profit, reflecting lower iron ore prices, which was partially offset by an increase in income from infrastructure usage and an increase in sales volume owing to increased capacity.

    Profit of equity method investments declined by ¥4.7 billion. Valepar S.A. posted ¥8.4 billion of profit, a decline of ¥4.0 billion from ¥12.4 billion for the previous period, reflecting lower iron ore prices and impairment losses on assets related to an iron ore mine in Guinea and a coal mine in Australia.

    Depreciation and amortization increased by ¥3.8 billion. Iron ore mining operations in Australia reported an increase of ¥3.6 billion.

    Profit for the period attributable to owners of the parent declined by ¥0.9 billion.

    Machinery & Infrastructure Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 16.5 14.0 2.5
        Gross profit 27.4 27.7 (0.3)
    Selling, general and administrative expenses (31.9) (31.2) (0.7)
    Dividend Income 1.3 1.2 +0.1
    Profit of equity method investments 15.0 11.9 +3.1
      Depreciation and amortization 4.7 4.4 +0.3
    Profit for the period attributable to owners of the parent   11.6   9.8   +1.8


    EBITDA increased by ¥2.5 billion, mainly due to the following factors:

    Gross profit declined by ¥0.3 billion.

  • The Infrastructure Projects Business Unit reported the same amount as the previous period.
  • The Integrated Transportation Systems Business Unit reported a decline of ¥0.3 billion.

    Profit of equity method investments increased by ¥3.1 billion.

  • The Infrastructure Projects Business Unit reported a decline of ¥0.1 billion. IPP businesses posted profit of ¥6.3 billion in total, a decline of ¥1.6 billion from ¥7.9 billion for the previous period. A decline of ¥3.0 billion was caused by the one-time negative factor related to deferred tax recorded in the current period. Meanwhile, mark-to-market valuation gains and losses, such as those on long-term power derivative contracts and long-term fuel purchase contracts, improved by ¥1.8 billion to a gain of ¥2.1 billion from ¥0.3 billion for the previous period.
  • The Integrated Transportation Systems Business Unit reported an increase of ¥3.2 billion. Automotive-related business in North America achieved a solid performance.

    Profit for the period attributable to owners of the parent increased by ¥1.8 billion. In addition to the above-mentioned factors, in the previous period, this segment recorded a ¥6.7 billion gain due to a reversal of impairment loss on shares in Penske Automotive Group, Inc., reflecting a rise in the share price.

    Chemicals Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 6.1 7.9 (1.8)
        Gross profit 18.5 20.3 (1.8)
    Selling, general and administrative expenses (16.7) (16.7) 0.0
    Dividend Income 0.5 0.7 (0.2)
    Profit of equity method investments 1.5 1.5 0.0
      Depreciation and amortization 2.3 2.1 +0.2
    Profit for the period attributable to owners of the parent   2.6   3.9   (1.3)


    EBITDA declined by ¥1.8 billion, mainly due to the following factors:

    Gross profit declined by ¥1.8 billion.

  • The Basic Chemicals Business Unit reported an increase of ¥0.1 billion.
  • The Performance Chemicals Business Unit reported a decline of ¥1.9 billion. P.T. Kaltim Pasifik Amoniak, an ammonia producer in Indonesia, reported a decline of ¥3.1 billion due to a shutdown at the end of previous year as a result of an asset transfer under the build-operate-transfer (BOT) contract.

    Profit of equity method investments was the same amount as the previous period.

    Profit for the period attributable to owners of the parent declined by ¥1.3 billion.

    Energy Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 119.5 121.1 (1.6)
        Gross profit 52.9 50.2 +2.7
    Selling, general and administrative expenses (13.7) (15.0) +1.3
    Dividend Income 30.0 42.7 (12.7)
    Profit of equity method investments 13.7 16.6 (2.9)
      Depreciation and amortization 36.6 26.7 +9.9
    Profit for the period attributable to owners of the parent   56.7   64.7   (8.0)


    EBITDA declined by ¥1.6 billion yen, mainly due to the following factors:

    The weighted average crude oil prices applied to our operating results for the current period and the previous period were estimated to be US$111 and US$112 per barrel, respectively.

    Gross profit increased by ¥2.7 billion, primarily due to the following factors:

  • Mitsui E&P USA LLC reported an improvement of ¥6.0 billion, reflecting higher gas prices in the United States.
  • Mitsui E&P Australia Pty Limited reported an improvement of ¥5.2 billion due to a reversal of declined production during the previous period associated with refurbishment of its oil production facility.
  • A decline of ¥3.1 billion was recorded from LNG transactions.

    Dividend income decreased by ¥12.7 billion due to a decline in dividends received from the Sakhalin II project. Dividends from six LNG projects (Sakhalin II, Qatargas 1, Abu Dhabi, Oman, Qatargas 3 and Equatorial Guinea) were ¥29.1 billion in total, a decline of ¥12.4 billion from ¥41.5 billion for the previous period.

    Profit of equity method investments declined by ¥2.9 billion.

    Depreciation and amortization increased by ¥9.9 billion. Oil and gas producing operations recorded an increase of ¥10.3 billion.

    Profit for the period attributable to owners of the parent declined by ¥8.0 billion. In addition to the above, exploration expenses of ¥4.0 billion in total and ¥6.0 billion in total were recorded for the current period and the previous period, respectively.

    Lifestyle Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 2.8 3.4 (0.6)
        Gross profit 26.3 27.9 (1.6)
    Selling, general and administrative expenses (35.3) (31.5) (3.8)
    Dividend Income 2.5 2.5 0.0
    Profit of equity method investments 6.2 1.8 +4.4
      Depreciation and amortization 3.1 2.7 +0.4
    Profit for the period attributable to owners of the parent   0.2   (1.1)   +1.3


    EBITDA declined by ¥0.6 billion, mainly due to the following factors:

    Gross profit declined by ¥1.6 billion.

  • The Food Resources Business Unit reported a decline of ¥0.4 billion.
  • The Food Products & Services Business Unit recorded a decline of ¥0.8 billion
  • The Consumer Service Business Unit reported a decline of ¥0.4 billion.

    Selling, general and administrative expenses increased by ¥3.8 billion due to increases in Multigrain Trading AG and new subsidiaries.

    Profit of equity method investments increased by ¥4.4 billion.

  • The Food Resources Business Unit reported the same amount as the previous period.
  • The Food Products & Services Business Unit reported a decline of ¥0.1 billion.
  • The Consumer Service Business Unit reported an increase of ¥4.6 billion. Arch Pharmalabs Limited, a pharmaceutical contract manufacturer in India, posted a ¥4.2 billion impairment loss on fixed assets and other assets for the previous period.

    Profit for the period attributable to owners of the parent increased by ¥1.3 billion.

    Innovation & Corporate Development Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 0.9 (11.9) +12.8
        Gross profit 9.5 (2.5) +12.0
    Selling, general and administrative expenses (15.4) (15.5) +0.1
    Dividend Income 4.3 0.5 +3.8
    Profit of equity method investments 1.2 4.2 (3.0)
      Depreciation and amortization 1.3 1.3 0.0
    Loss for the period attributable to owners of the parent   (0.9)   (1.7)   +0.8


    EBITDA increased by ¥12.8 billion, mainly due to the following factors:

    Gross profit increased by ¥12.0 billion. There was an increase in gross profit corresponding to a ¥9.8 billion deterioration of foreign exchange gains and losses related to the commodity derivatives trading business at Mitsui posted in other expense for the current period and for the previous period.

    Dividend income increased by ¥3.8 billion. Dividends from preferred shares in JA Mitsui Leasing Ltd. increased by ¥4.0 billion.

    Profit of equity method investments declined by ¥3.0 billion due to a decline in profit of JA Mitsui Leasing Ltd.

    Loss for the period attributable to owners of the parent improved by ¥0.8 billion. In addition to the above-mentioned factors, for the current period and for the previous period, foreign exchange losses of ¥0.9 billion and gains of ¥8.9 billion, respectively, were posted in other expense in relation to the commodity derivatives trading business at Mitsui.

    Americas Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 7.5 7.8 (0.3)
        Gross profit 18.4 19.4 (1.0)
    Selling, general and administrative expenses (15.2) (15.3) + 0.1
    Dividend Income 0.0 0.0 0.0
    Profit of equity method investments 2.3 1.7 +0.6
      Depreciation and amortization 2.1 1.9 +0.2
    Profit for the period attributable to owners of the parent   5.8   5.0   +0.8


    EBITDA declined by ¥0.3 billion, mainly due to the following factors:

    Gross profit declined by ¥1.0 billion.

    Profit of equity method investments increased by ¥0.6 billion.

    Profit for the period attributable to owners of the parent increased by ¥0.8 billion.

    Europe, the Middle East and Africa Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA (0.2) (0.3) +0.1
        Gross profit 4.3 4.3 0.0
    Selling, general and administrative expenses (5.0) (4.9) (0.1)
    Dividend Income 0.0 0.0 0.0
    Profit of equity method investments 0.4 0.1 +0.3
      Depreciation and amortization 0.1 0.2 (0.1)
    Profit for the period attributable to owners of the parent   1.1   0.4   +0.7


    EBITDA increased by ¥0.1 billion, mainly due to the following factors:

    Gross profit was the same as the previous period.

    Profit of equity method investments increased by ¥0.3 billion.

    Profit for the period attributable to owners of the parent increased by ¥0.7 billion.

    Asia Pacific Segment

    (Billions of Yen)   Current Period   Previous Period   Change
    EBITDA 0.5 0.7 (0.2)
        Gross profit 2.9 3.5 (0.6)
    Selling, general and administrative expenses (4.6) (4.5) (0.1)
    Dividend Income 0.4 0.6 (0.2)
    Profit of equity method investments 1.7 1.0 +0.7
      Depreciation and amortization 0.2 0.1 +0.1
    Profit for the period attributable to owners of the parent   10.3   10.7   (0.4)


    EBITDA declined by ¥0.2 billion, mainly due to the following factors:

    Gross profit declined by ¥0.6 billion.

    Profit of equity method investments increased by ¥0.7 billion.

    Profit for the period attributable to owners of the parent declined by ¥0.4 billion. In addition to the above, this segment recorded profit from the segment’s minority interest in iron ore mining and coal mining operations in Australia.

    (3) Financial Condition and Cash Flows

    1) Financial Condition

    Total assets as of June 30, 2014 were ¥11,582.2 billion, an increase of ¥90.9 billion from ¥11,491.3 billion as of March 31, 2014.

    Total current assets as of June 30, 2014 were ¥4,496.3 billion, an increase of ¥30.9 billion from ¥4,465.4 billion as of March 31, 2014. Inventories increased by ¥51.3 billion, mainly due to a seasonal increase at Multigrain Trading AG. As of June 30, 2014, assets of ¥122.1 billion and liabilities of ¥61.8 billion were transferred to the assets held for sale and liabilities directly associated with assets held for sale accounts, respectively, due to the planned merger of domestic construction steel and metal scrap businesses of Mitsui & Co., Steel Ltd. with Metal One Structural Steel & Resource Corporation.

    Total current liabilities as of June 30, 2014 were ¥2,945.5 billion, a decline of ¥39.2 billion from ¥2,984.7 billion as of March 31, 2014. Current portion of long-term debt declined by ¥51.7 billion due to repayment, while short-term debt increased by ¥31.7 billion.

    As a result, working capital, or current assets less current liabilities, as of June 30, 2014, totaled ¥1,550.8 billion, an increase of ¥70.1 billion from ¥1,480.7 billion as of March 31, 2014.

    Total non-current assets as of June 30, 2014 totaled ¥7,085.9 billion, an increase of ¥60.0 billion from ¥7,025.9 billion as of March 31, 2014, mainly due to the following factors:

  • Investments accounted for using the equity method as of June 30, 2014 was ¥2,520.2 billion, an increase of ¥71.4 billion from ¥2,448.8 billion as of March 31, 2014. A major factor was an increase of ¥70.1 billion due to an acquisition of a 20% stake in VLI S.A., which is engaged in integrated freight transportation in Brazil.

    Furthermore, factors that do not involve cash flow included a decline of ¥19.3 billion resulting from foreign currency exchange fluctuations despite a net increase of ¥4.6 billion corresponding to the profit of equity method (net of ¥59.7 billion in dividends received from equity accounted companies).

  • Other investments as of June 30, 2014 were ¥1,558.1 billion, an increase of ¥3.4 billion from ¥1,554.7 billion as of March 31, 2014, mainly due to the following factors:

    - A ¥25.1 billion net increase due to valuation on financial assets measured at FVTOCI; and

    - A ¥10.8 billion net decline due to foreign currency exchange fluctuations.

  • Property, plant and equipment as of June 30, 2014 totaled ¥2,023.8 billion, an increase of ¥16.3 billion from ¥2,007.5 billion as of March 31, 2014, mainly due to an increase of ¥9.9 billion (including a foreign exchange translation gain of ¥1.3 billion) at iron ore mining operations in Australia.

    Total non-current liabilities as of June 30, 2014 totaled ¥4,472.0 billion, an increase of ¥65.6 billion from ¥4,406.4 billion as of March 31, 2014. Long-term debt, less current portion as of June 30, 2014 was ¥3,550.2 billion, an increase of ¥81.9 billion from ¥3,468.3 billion as of March 31, 2014, mainly due to an increase in long-term borrowings at the Marcellus and Eagle Ford shale gas and oil producing operations in the United States.

    Total equity attributable to owners of the parent as of June 30, 2014 was ¥3,878.6 billion, an increase of ¥62.8 billion from ¥3,815.8 billion as of March 31, 2014. Major components included:

  • Treasury stock declined by ¥50.1 billion, due to a cancellation;
  • Retained earnings increased by ¥15.4 billion which was partially offset by a payment of dividend and a cancellation of treasury stock; and
  • Other components of equity as of June 30, 2014 declined by ¥2.7 billion to ¥763.9 billion from ¥766.6 billion as of March 31, 2014, mainly due to the following factors:

    - Foreign currency translation adjustments declined by ¥12.9 billion, reflecting the depreciation of the U.S. dollar against the Japanese yen; and

    - Financial assets measured at FVTOCI increased by ¥14.8 billion reflecting the higher stock prices.

    Net interest-bearing debt, or interest-bearing debt less cash and cash equivalents and time deposits as of June 30, 2014 was ¥3,230.7 billion, an increase of ¥51.9 billion from ¥3,178.8 billion as of March 31, 2014. The net debt-to-equity ratio (DER) as of June 30, 2014 was 0.83 times, the same level as March 31, 2014.

    2) Cash Flows

    Cash Flows from Operating Activities

    (Billions of Yen)   Current Period   Previous Period   Change
    Cash flows from operating activities   a 130.1 82.8 +47.3
    Cash flows from change in working capital b (71.1) (103.8) +32.7
    Core operating cash flow a-b 201.2 186.6 +14.6


    Net cash provided by operating activities for the current period was ¥130.1 billion, an increase of ¥47.3 billion from ¥82.8 billion for the previous period.

    Net cash outflow from an increase in working capital, or changes in operating assets and liabilities for the current period was ¥71.1 billion, a decline of ¥32.7 billion from ¥103.8 billion for the previous period.

    Core operating cash flow, cash flows from operating activities without the net cash outflow from an increase in working capital, for the current period amounted ¥201.2 billion, an increase of ¥14.6 billion from ¥186.6 billion for the previous period.

  • Depreciation and amortization for the current period was ¥67.7 billion, an increase of ¥15.0 billion from ¥52.7 billion for the previous period.
  • Net cash inflow from dividend income, including dividends received from equity accounted investees, for the current period totaled ¥98.2 billion, a decline of ¥2.2 billion from ¥100.4 billion for the previous period.

    The following table shows core operating cash flow by operating segment.

    (Billions of Yen)   Current Period   Previous Period   Change
    Iron & Steel Products 1.9 3.0 (1.1)
    Mineral & Metal Resources 51.4 46.2 +5.2
    Machinery & Infrastructure 14.4 8.2 +6.2
    Chemicals 7.1 10.8 (3.7)
    Energy 97.9 100.1 (2.2)
    Lifestyle (0.1) 3.6 (3.7)
    Innovation & Corporate Development 2.5 (0.5) +3.0
    Americas 7.3 4.2 +3.1
    Europe, the Middle East and Africa 0.2 (3.0) +3.2
    Asia Pacific 2.3 1.2 +1.1
    All Other and Adjustments and Eliminations 16.3 12.8 +3.5
    Consolidated Total   201.2   186.6   +14.6


    Cash Flows from Investing Activities

    Net cash used in investing activities for the current period was ¥151.4 billion, a decline of ¥21.1 billion from ¥172.5 billion for the previous period. The net cash used in investing activities consisted of:

  • Net cash outflows that corresponded to investments in and advances to equity accounted investees (net of sales of investments and collection of advances) were ¥64.3 billion. The major cash outflow was an acquisition of a 20% stake in VLI S.A. for ¥70.1 billion. The major cash inflow was redemption of preferred shares in Valepar S.A. for ¥10.0 billion.
  • Net cash outflows that corresponded to other investments (net of sales and maturities of other investments) were ¥5.4 billion.
  • Net cash inflows that corresponded to long-term loan receivables (net of collection) were ¥12.7 billion.
  • Net outflows that corresponded to purchases of property, plant, equipment and investment property (net of sales of those assets) were ¥79.4 billion. Major expenditures included:
  • Oil and gas projects other than the U.S. shale gas and oil projects for a total of ¥30.8 billion;
  • Iron ore mining projects in Australia for ¥20.9 billion; and
  • Marcellus and Eagle Ford shale gas and oil projects in the United States for ¥16.7 billion.

    The major cash inflows included the sale of an ammonia plant by P.T. Kaltim Pasifik Amoniak for ¥9.9 billion.

    Free cash flow, or the sum of net cash provided by operating activities and net cash used in investing activities, for the current period was a net outflow of ¥21.3 billion.

    Cash Flows from Financing Activities

    For the current period, net cash provided by financing activities was ¥20.8 billion, an increase of ¥6.5 billion from ¥14.3 billion for the previous period. The net cash inflow from the borrowing of long-term debt was ¥51.7 billion and short-term debt was ¥36.2 billion. Meanwhile, the cash outflow from payments of cash dividends were ¥61.0 billion.

    In addition to the changes discussed above, there was a decline in cash and cash equivalents of ¥5.1 billion due to foreign exchange translation and a decline of ¥0.4 billion due to the reclassification to assets held for sale; as a result, cash and cash equivalents as of June 30, 2014 totaled ¥1,221.3 billion, a decline of ¥4.2 billion from ¥1,226.3 billion as of March 31, 2014.

    (4) Information Concerning Profit Forecast for the Year Ending March 31, 2015

    We maintain our profit forecast for the year ending March 31, 2015 attributable to owners of the parent of ¥380.0 billion announced together with the results of the year ended March 31, 2014. No updates have been made to this forecast.

    2. 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 risks, uncertainties and other factors include, among others, (1) economic downturns worldwide or at specific regions, (2) fluctuations in commodity prices, (3) fluctuations in exchange rates, (4) credit risks from clients with which Mitsui and its consolidated subsidiaries have business transactions or financial dealings and/or from various projects, (5) declines in the values of non-current assets, (6) changes in the financing environment, (7) declines in market value of equity and/or debt securities, (8) changes in the assessment for recoverability of deferred tax assets, (9) inability to successfully restructure or eliminate subsidiaries or associated companies as planned, (10) unsuccessful joint ventures and strategic investments, (11) risks of resource related businesses not developing in line with assumed costs and schedules and uncertainty in reserves and performance of third party operators, (12) loss of opportunities to enter new business areas due to limitations on business resources, (13) environmental laws and regulations, (14) changes in laws and regulations or unilateral changes in contractual terms by governmental entities, (15) employee misconduct, (16) failure to maintain adequate internal control over financial reporting, and (17) climate change and natural disaster. 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.

                           
    3. Condensed Consolidated Financial Statements
    (1) Condensed Consolidated Statements of Financial Position
                                            (Millions of Yen)
    Assets                                  
                            March 31,

    2014

      June 30,

    2014

     
     
    Current Assets:
    Cash and cash equivalents ¥ 1,226,317 ¥ 1,221,257
    Trade and other receivables 2,040,855 1,922,816
    Other financial assets 271,288 240,027
    Inventories 625,328 676,618
    Advance payments to suppliers 183,576 174,777
    Assets held for sale - 122,143
        Other current assets               118,049     138,695  
          Total current assets               4,465,413           4,496,333    
    Non-current Assets:
    Investments accounted for using the equity method 2,448,848 2,520,162
    Other investments 1,554,673 1,558,135
    Trade and other receivables 470,880 440,076
    Other financial assets 116,298 114,170
    Property, plant and equipment 2,007,452 2,023,823
    Investment property 139,334 144,255
    Intangible assets 144,153 141,067
    Deferred tax assets 74,419 74,084
        Other non-current assets               69,849     70,126  
          Total non-current assets             7,025,906     7,085,898  
          Total                     ¥ 11,491,319           ¥ 11,582,231    
                           
                                    (Millions of Yen)
    Liabilities and Equity                            
                            March 31,

    2014

      June 30,

    2014

     
     
     
    Current Liabilities:
    Short-term debt ¥ 436,869 ¥ 468,616
    Current portion of long-term debt 505,946 454,221
    Trade and other payables 1,473,834 1,387,449
    Other financial liabilities 301,047 293,701
    Income tax payables 42,857 42,603
    Advances from customers 165,124 172,659
    Provisions 17,491 23,976
    Liabilities directly associated with assets held for sale - 61,815
        Other current liabilities               41,486     40,487  
          Total current liabilities             2,984,654     2,945,527  
    Non-current Liabilities:
    Long-term debt, less current portion 3,468,301 3,550,163
    Other financial liabilities 95,541 92,807
    Retirement benefit liabilities 69,558 68,858
    Provisions 174,855 176,938
    Deferred tax liabilities 567,281 564,603
        Other non-current liabilities             30,825     18,604  
          Total non-current liabilities           4,406,361     4,471,973  
          Total liabilities               7,391,015     7,417,500  
    Equity:
    Common stock 341,482 341,482
    Capital surplus 418,004 415,023
    Retained earnings 2,345,790 2,364,066
    Other components of equity 766,631 763,937
        Treasury stock                 -56,140     -5,952  
          Total equity attributable to owners of the parent   3,815,767     3,878,556  
        Non-controlling interests             284,537     286,175  
          Total equity               4,100,304     4,164,731  
          Total                   ¥ 11,491,319           ¥ 11,582,231    
    (2) Condensed Consolidated Statements of Income and Comprehensive Income              
             
    Condensed Consolidated Statements of Income
                                        (Millions of Yen)
    Three-month period ended

    June 30,

    2013

    Three-month period ended

    June 30,

    2014

     
                           
    Revenue:
    Sale of products ¥ 1,285,483 ¥ 1,237,992
    Rendering of services 100,668 100,715
    Other revenue 21,142 31,819
    Total revenue 1,407,293 1,370,526
    Cost:
    Cost of products sold -1,142,202 -1,100,672
    Cost of services rendered -38,538 -44,531
    Cost of other revenue -15,224 -14,934
    Total cost -1,195,964 -1,160,137
    Gross Profit 211,329 210,389
    Other Income (Expenses):
    Selling, general and administrative expenses -140,781 -139,248
    Gain (loss) on securities and other investments—net 11,407 1,157
    Impairment loss of fixed assets -78 -11
    Gain (loss) on disposal or sales of fixed assets—net 54 475
    Other income (expense)—net -291 -1,588
    Total other income (expenses) -129,689 -139,215
    Finance Income (Costs):Loss on write-down of securities
    Interest income 5,380 8,357
    Dividend income 49,774 40,989
    Interest expense -12,191 -11,706
    Total finance income (costs) 42,963 37,640
    Share of Profit of Investments Accounted for Using the Equity Method 67,109 64,320
    Profit before Income Taxes 191,712 173,134
    Income Taxes -52,448 -39,604
    Profit for the Period ¥ 139,264 ¥ 133,530
     
    Profit for the Period Attributable to:
    Owners of the parent ¥ 132,968 ¥ 127,806
    Non-controlling interests 6,296 5,724
                           
     
    Condensed Consolidated Statements of Comprehensive Income
                                        (Millions of Yen)
    Three-month period ended

    June 30,

    2013

    Three-month period ended

    June 30,

    2014

     
                           
    Profit for the Period ¥ 139,264 ¥ 133,530
    Other Comprehensive Income:
    Items that will not be reclassified to profit or loss:
    Financial assets measured at FVTOCI -371 23,564
    Remeasurements of defined benefit pension plans 631 -1,561
    Share of other comprehensive income of investments accounted for using the equity method -464 2,008
    Income tax relating to items not reclassified 3,887 -6,003
    Items that may be reclassified subsequently to profit or loss:
    Foreign currency translation adjustments -28,684 -2,846
    Cash flow hedges -2,554 -2,684
    Share of other comprehensive income of investments accounted for using the equity method 10,944 -18,754
    Income tax relating to items that may be reclassified 9,032 2,000
    Total other comprehensive income -7,579 -4,276
    Comprehensive Income for the Period ¥ 131,685 ¥ 129,254
     
    Comprehensive Income for the Period Attributable to:
    Owners of the parent ¥ 126,407 ¥ 125,804
    Non-controlling interests 5,278 3,450
    Notes:   1.The Statements of Consolidated Income above are not reviewed by the auditors.
    2.The Statements of Consolidated Income above have been adjusted due to the adoption of ASC 810-10-65.
    3."Net Income attributable to Noncontrolling Interests" and "Comprehensive Loss (Income) attributable to
    Noncontrolling Interests" show the amounts deducted to calculate "Net Income attributable to Mitsui & Co.,
    Ltd." and "Comprehensive (Loss) Income attributable to Mitsui & Co., Ltd.", respectively.
    4.Tax effects on investments in associated companies which were formerly included in "Equity in Earnings of
    Associated Companies - Net (After Income Tax Effect)" are included in "Income Taxes" for the three-month
    period ended December 31, 2009. At the same time, "Equity in Earnings of Associated Companies - Net (After
    Income Tax Effect)" are changed to "Equity in Earnings of Associated Companies - Net." Amounts for three-
    month period ended December 31, 2008 have been reclassified to conform to the current period presentation.
    (3) Condensed Consolidated Statements of Changes in Equity          
                                    (Millions of Yen)
        Attributable to owners of the parent       Non-controlling InterestsTotal

    Equity

          Common Stock   Capital Surplus   Retained EarningsOther Components of EquityTreasury StockTotal    
    Balance as at April 1, 2013 ¥ 341,482 ¥ 428,552 ¥2,060,298 ¥ 614,783 ¥ (5,974) ¥3,439,141 ¥ 245,848 ¥ 3,684,989
    Profit for the period 132,968 132,968 6,296 139,264
    Other comprehensive income for the period (6,561) (6,561) (1,018) (7,579)
    Comprehensive income for the period 126,407 5,278 131,685
    Transaction with owners:
    Dividends paid to the owners of the parent

    (per share: ¥21)

    (38,327) (38,327) (38,327)
    Dividends paid to non-controlling interest shareholders (7,302) (7,302)
    Acquisition of treasury stock (4) (4) (4)
    Sales of treasury stock (0) 0 0 0
    Equity transactions with non-controlling interest shareholders (475) 3 (472) 6,189 5,717
    Transfer to retained earnings 6,367 (6,367) - -
    Balance as at June 30, 2013   ¥ 341,482 ¥ 428,077 ¥2,161,306 ¥ 601,858 ¥ (5,978) ¥3,526,745 ¥ 250,013 ¥ 3,776,758
     
                                    (Millions of Yen)
    Attributable to owners of the parent       Non-controlling InterestsTotal

    Equity

          Common StockCapital SurplusRetained EarningsOther Components of EquityTreasury StockTotal    
    Balance as at April 1, 2014 ¥ 341,482 ¥ 418,004 ¥2,345,790 ¥ 766,631 ¥ (56,140) ¥3,815,767 ¥ 284,537 ¥ 4,100,304
    Profit for the period 127,806 127,806 5,724 133,530
    Other comprehensive income for the period (2,002) (2,002) (2,274) (4,276)
    Comprehensive income for the period 125,804 3,450 129,254
    Transaction with owners:
    Dividends paid to the owners of the parent

    (per share: ¥34)

    (60,946) (60,946) (60,946)
    Dividends paid to non-controlling interest shareholders (4,437) (4,437)
    Acquisition of treasury stock (3) (3) (3)
    Sales of treasury stock 0 0 0 0
    Cancellation of treasury stock (50,191) 50,191 - -
    Equity transactions with non-controlling interest shareholders (2,981) 915 (2,066) 2,625 559
    Transfer to retained earnings 1,607 (1,607) - -
    Balance as at June 30, 2014     ¥ 341,482   ¥ 415,023   ¥2,364,066   ¥ 763,937   ¥ (5,952)   ¥3,878,556   ¥ 286,175   ¥ 4,164,731
    (4) Condensed Consolidated Statements of Cash Flows        
           
     
                                (Millions of Yen)
              Three-month period ended

    June 30, 2013

    Three-month period ended

    June 30, 2014

    Operating Activities:
    Profit for the Period ¥ 139,264 ¥ 133,530
    Adjustments to reconcile profit for the period to cash flows from operating activities:
    Depreciation and amortization 52,716 67,717
    Change in retirement benefit liabilities 1,144 -2,082
    Provision for doubtful receivables 2,795 2,957
    (Gain)/loss on securities and other investments—net -11,407 -1,157
    Impairment loss of fixed assets 78 11
    (Gain)/loss on disposal or sales of fixed assets—net -54 -475
    Finance (income)/costs – net -41,123 -35,846
    Income taxes 52,448 39,604
    Share of profit of investments accounted for using equity method -67,109 -64,320
    Changes in operating assets and liabilities:
    Change in trade and other receivables 203 2,434
    Change in inventories -48,697 -58,757
    Change in trade and other payables -58,254 -4,272
    Other—net 2,958 -10,457
    Interest received 7,172 9,337
    Interest paid -15,202 -11,993
    Dividends received 100,402 98,157
        Income taxes paid   -34,584   -34,266
          Cash flows from operating activities   82,750   130,122
    Investing Activities:
    Net change in time deposits (Increase) (increase) in trade receivables Decrease (increase) in trade receivables 794 -14,979
    Net change in investments in and advances to equity accounted investees (Increase) (increase) in trade receivables (Increase) in trade receivables -7,092 -64,323
    Net change in other investments (Increase) (increase) in trade receivables (Increase) in trade receivables -84,191 -5,380
    Net change in long-term loan receivables (Increase) (increase) in trade receivables Decrease in trade receivables 4,261 12,682
      Net change in property, plant, equipment and investment property (Increase) (increase) in trade receivables (Increase) in trade receivables   -86,316   -79,376
          Cash flows from investing activities   -172,544   -151,376
    Financing Activities:
    Net change in short-term debt (Increase) (increase) in trade receivables Decrease in trade receivables 109,731 36,202
    Net change in long-term debt (Increase) (increase) in trade receivables (Increase) decrease in trade receivables -55,073 51,668
    Purchases and sales of treasury stock -4 -3
    Dividends paid (Increase) (increase) in trade receivables (Increase) in trade receivables -38,334 -60,955
      Transactions with non-controlling interest shareholders   -1,991   -6,082
          Cash flows from financing activities   14,329   20,830
    Effect of Exchange Rate Changes on Cash and Cash Equivalents -739 -4,210
    Cash and Cash Equivalents Included in Assets Held for Sale   -   -426
    Change in Cash and Cash Equivalents -76,204 -5,060
    Cash and Cash Equivalents at Beginning of Year   1,432,534   1,226,317
    Cash and Cash Equivalents at End of Period       ¥ 1,356,330       ¥ 1,221,257
     
     
    (5) Assumption for Going Concern: None
    (6) Segment Information              
           
    Three-month period ended June 30, 2013 (from April 1, 2013 to June 30, 2013)
                                          (Millions of Yen)
            Iron & Steel Products Mineral & Metal Resources Machinery & Infrastructure Chemicals Energy Lifestyle Innovation & Corporate Development
     
    Revenue 58,311 185,072 93,726 222,786 381,343 220,223 14,476
    Gross Profit (Loss) 14,429 49,751 27,702 20,310 50,165 27,899 -2,467
    Share of Profit of Investments Accounted for Using the Equity Method 1,434 26,598 11,906 1,516 16,560 1,777 4,244
    Profit (Loss) for the Period Attributable to Owners of the parent 3,025 39,609 9,799 3,903 64,655 -1,097 -1,727
    EBITDA   7,265 76,129 13,976 7,918 121,109 3,385 -11,908
    Total Assets at March 31, 2014 567,741 1,970,858 1,872,585 765,751 2,478,158 1,495,387 496,533
                         
            AmericasEurope,

    the Middle East and Africa

    Asia Pacific Total All Other Adjustments

    and Eliminations

    Consolidated Total
     
    Revenue 176,361 28,057 26,462 1,406,817 480 -4 1,407,293
    Gross Profit (Loss) 19,435 4,324 3,464 215,012 254 -3,937 211,329
    Share of Profit of Investments Accounted for Using the Equity Method 1,720 85 1,025 66,865 267 -23 67,109
    Profit (Loss) for the Period Attributable to Owners of the parent 4,970 417 10,700 134,254 3,141 -4,427 132,968
    EBITDA   7,801 -320 738 226,093 1,012 13,042 240,147
    Total Assets at March 31, 2014 568,772 105,907 345,074 10,666,766 5,037,172 -4,212,619 11,491,319
     
     
    Three-month period ended June 30, 2014 (from April 1, 2014 to June 30, 2014)
                                          (Millions of Yen)
            Iron & Steel Products Mineral & Metal Resources Machinery & Infrastructure Chemicals Energy Lifestyle Innovation & Corporate Development
     
    Revenue 44,360 191,839 100,679 218,761 279,242 221,014 27,375
    Gross Profit 10,125 45,046 27,413 18,495 52,927 26,271 9,485
    Share of Profit of Investments Accounted for Using the Equity Method 526 21,919 14,993 1,536 13,730 6,247 1,178
    Profit (Loss) for the Period Attributable to Owners of the parent 1,038 38,655 11,573 2,558 56,672 169 -860
    EBITDA   2,107 71,279 16,515 6,134 119,500 2,799 872
    Total Assets at June 30, 2014 555,246 1,938,510 1,910,185 758,725 2,397,388 1,547,231 485,398
                         
            AmericasEurope,

    the Middle East and Africa

    Asia Pacific Total All Other Adjustments

    and Eliminations

    Consolidated Total
     
    Revenue 232,852 27,449 26,479 1,370,050 476 - 1,370,526
    Gross Profit 18,357 4,343 2,875 215,337 224 -5,172 210,389
    Share of Profit of Investments Accounted for Using the Equity Method 2,269 436 1,684 64,518 - -198 64,320
    Profit (Loss) for the Period Attributable to Owners of the parent 5,757 1,084 10,346 126,992 1,853 -1,039 127,806
    EBITDA   7,525 -158 493 227,066 -302 17,403 244,167
    Total Assets at June 30, 2014   601,357   99,753   350,980   10,644,773   4,956,954   -4,019,496   11,582,231
    Notes:   1. “All Other” principally consisted of the Corporate Staff Unit which provides financing services and operations services to external
    customers and/or to the companies and affiliated companies. Total assets of “All Other” at March 31, 2014 and June 30, 2014 consisted
    primarily of cash and cash equivalents and time deposits related to financing activities, and assets of the Corporate Staff Unit and
    certain subsidiaries related to the above services.
    2. Transfers between repotable segments are made at cost plus a markup.
    3. Profit (Loss) for the Period Attributable to Owners of the parent of “Adjustments and Eliminations” includes income and expense items that are
    not allocated to specific reportable segments, and eliminations of intersegment transactions.
    4. During the three-month period ended June 30, 2014, EBITDA is disclosed by reportable segments as the information of the operating segments

    periodically reviewed by the management. EBITDA is comprised of the companies' (a) gross profit, (b) selling, general and administrative expenses,

    (c) dividend income and (d) share of profit of investments accounted for using the equity method as presented in the Condensed Consolidated Statements

    of Income and (e) depreciation and amortization as presented in the Condensed Consolidated Statements of Cash Flows.



    For diagrams omitted, please see our home page. (https://www.mitsui.com/jp/en/ir/meeting/account/__icsFiles/afieldfile/2014/08/06/en_153_1q_ta_1.pdf)




    Mitsui & Co Ltd

    Source: Mitsui & Co Ltd


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    Source: Business Wire (UK Regulatory)


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