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Mitsubishi Corporation: Financial Results for the Year Ended March 2011 2011.05.24

Tokyo, Japan - May 10, 2011 - Mitsubishi Corporation. Consolidated operating transactions for the year ended March 2011 increased 2,130.7 billion yen, or 12.5%, year on year to 19,233.4 billion yen. Gross profit rose 133.3 billion yen, or 13.1%, to 1,149.9 billion yen due to rising prices for coking coal and other resources, and to strong sales in steel products and automobile-related operations.

Mitsubishi Corporation (MC) has six Business Groups which develop operations in the diverse fields of Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group and Global Environment Business Development Group. Through these organizations and more than 500 subsidiaries and affiliates, MC serves customers around the world in virtually every industry.
Courtesy of Mitsubishi Corporation
 

Tokyo, Japan - May 10, 2011 - Mitsubishi Corporation


General Operating Environment


The major earthquake that struck northeastern Japan in March 2011 not only caused massive human suffering, but also considerable physical damage to social infrastructure, production facilities, homes and other assets.

Mitsubishi Shoji Building, Tokyo, Japan - Reception
Courtesy of Mitsubishi Corporation
 
Production dropped as a result of interruptions to component supply chains, leading to a large downturn in economic activity.

Courtesy of Mitsubishi Corporation
 
The earthquake is expected to have a continuing impact on the Japanese economy going forward
.

Courtesy of Mitsubishi Corporation
 
Before the disaster, Japan’s economy saw a moderate recovery continue through the first half of the year ended March 2011, supported principally by exports to Asia.

Courtesy of Mitsubishi Corporation
 
However, the Japanese economy struggled to grow in the second half, hampered by anemic personal spending following the end of a subsidy system for new vehicle purchases and other factors.

Courtesy of Mitsubishi Corporation
 
Contrastingly, the global economy saw healthy growth as a whole in the past fiscal year.

Courtesy of Mitsubishi Corporation
 
In industrialized nations, while unemployment remained at high levels, moderate economic expansion was driven by pump-priming measures and ongoing quantitative easing.

Courtesy of Mitsubishi Corporation
 
Meanwhile, emerging economies such as China and India enjoyed high rates of growth, underpinned by robust internal demand.

Courtesy of Mitsubishi Corporation
 
That said, some countries tightened monetary policy because of rising inflationary pressures.


Consolidated Results (US GAAP)


Summary of the Year Ended March 2011 Results

Consolidated operating transactions for the year ended March 2011 increased 2,130.7 billion yen, or 12.5%, year on year to 19,233.4 billion yen.

Major Year-on-Year P/L Statement Changes (Year Ended March 2011).
Courtesy of Mitsubishi Corporation
 
In addition to a recovery in demand for steel products, this increase reflected higher oil prices and robust growth in automobile and other machinery-related transactions.

Year-on-Year Change of Net Income (Loss) by Operating Segment.
Courtesy of Mitsubishi Corporation
 
Gross profit rose 133.3 billion yen, or 13.1%, to 1,149.9 billion yen due to rising prices for coking coal and other resources, and to strong sales in steel products and automobile-related operations.

Courtesy of Mitsubishi Corporation
 
Selling, general and administrative expenses declined 4.8 billion yen, or 0.6%, to 824.6 billion yen due to the absence of head office building relocation expenses recorded in the year ended March 2010, and lower pension expenses.

Shareholders’ Equity and Interest-Bearing Liabilities.
Courtesy of Mitsubishi Corporation
 
In other P/L items, there was an improvement in gain on marketable securities and investments-net due primarily to gains on a share transfer at a Chilean iron ore-related subsidiary.

Furthermore, dividend income increased from resource-related business investees.

Courtesy of Mitsubishi Corporation
 
As a result, income before income taxes and equity in earnings of affiliated companies rose 236.4 billion yen, or 79.4%, to 534.3 billion yen.

Courtesy of Mitsubishi Corporation
 
Net equity in earnings of affiliated companies was 161.5 billion yen, 48.1 billion yen, or 42.4%, higher year on year.

Courtesy of Mitsubishi Corporation
 
This was the result of strong performances at resource- and automobile-related business investees.

Courtesy of Mitsubishi Corporation
 
Accordingly, net income attributable to Mitsubishi Corporation for the year ended March 2011 climbed 188.3 billion yen, or 68.5%, to 463.2 billion yen.

Courtesy of Mitsubishi Corporation
 
The impact of the major earthquake that struck northeastern Japan on the results for the year ended March 2011 was limited.


1. Industrial Finance, Logistics & Development Group


The Industrial Finance, Logistics & Development Group is developing shosha-type industrial finance businesses.

Courtesy of Mitsubishi Corporation
 
These include asset management businesses, buyout investment businesses, leasing businesses, real estate development businesses, logistics services, and insurance businesses
.

Courtesy of Mitsubishi Corporation
 
The segment recorded net income attributable to Mitsubishi Corporation of 11.6 billion yen, an improvement of 19.2 billion yen year on year.

Courtesy of Mitsubishi Corporation
 
This earnings increase was due to the absence of share write-downs on Japan Airlines Corporation (JAL) and other shares recorded in the previous fiscal year, gains on the sale of overseas real estate, and an improvement in lease-related business earnings.


2. Energy Business Group


The Energy Business Group conducts oil and gas exploration, development and production (E&P) business; investment in LNG (Liquefied Natural Gas) liquefaction projects; and trading of crude oil, petroleum products, carbon materials and products, LNG, and LPG (Liquefied Petroleum Gas) and so forth.

Courtesy of Mitsubishi Corporation
 
The Energy Business Group
recorded consolidated net income attributable to Mitsubishi Corporation of 94.0 billion yen, an increase of 22.1 billion yen year on year.

Courtesy of Mitsubishi Corporation
 
This earnings increase reflected a number of factors.

One was higher gross profit and higher equity in earnings because of higher crude oil and other commodity prices.

Courtesy of Mitsubishi Corporation
 
Another factor was the absence of losses related to fuel derivative transactions for a Japan Airlines Corporation subsidiary recorded in the year ended March 2010.


3. Metals Group


The Metals Group trades, develops businesses and invests in a range of fields.

Courtesy of Mitsubishi Corporation
 
These include steel products such as steel sheets and thick plates, steel raw materials such as coking coal and iron ore, and non-ferrous raw materials and products such as copper and aluminum.

Courtesy of Mitsubishi Corporation
 
The segment recorded net income attributable to Mitsubishi Corporation of 230.1 billion yen, representing an increase of 92.2 billion yen year on year.

Courtesy of Mitsubishi Corporation
 
This earnings increase resulted primarily from gains on a share transfer at a Chilean iron ore-related subsidiary and higher equity-method earnings of related business investees, as well as sales prices at an Australian resource-related subsidiary (coking coal).


4. Machinery Group


The Machinery Group trades machinery in a broad range of fields, in which it also develops businesses and invests.

Courtesy of Mitsubishi Corporation
 
These fields extend from large plants for essential industrial materials, including electricity, gas, petroleum, chemicals and steel, to equipment and machinery for transportation and distribution industries, including ships, trains and automobiles.

Courtesy of Mitsubishi Corporation
 
It is also active in the aerospace and defense industries, and in general industrial equipment and machinery, including construction machinery, machine tools, and agricultural machinery.

Courtesy of Mitsubishi Corporation
 
The segment recorded net income attributable to Mitsubishi Corporation of 61.4 billion yen, an increase of 43.3 billion yen year on year.

Courtesy of Mitsubishi Corporation
 
This earnings increase was due to strong results at overseas automobile-related businesses, notably in Asia, as well as the absence of a write-down of preferred shares of Mitsubishi Motors Corporation recorded in the previous fiscal year, and other factors.


5. Chemicals Group


The Chemicals Group trades chemical products in a broad range of fields, in which it also develops businesses and invests.

Courtesy of Mitsubishi Corporation
 
These fields extend from raw materials used in industrial products such as ethylene, methanol and salt produced from crude oil, natural gas, minerals, plants, marine resources and so forth, to plastics, electronic materials, food ingredients, fertilizer and fine chemicals.

Courtesy of Mitsubishi Corporation
 
The segment recorded net income attributable to Mitsubishi Corporation of 29.1 billion yen, which was 3.3 billion yen lower year on year.

The decrease reflects the absence of a gain on reversal of deferred tax liabilities of a petrochemical business-related company recorded in the previous fiscal year, offset in part by higher earnings due to strong transactions at a petrochemical business-related company.


6. Living Essentials Group


The Living Essentials Group provides products and services, develops businesses and invests in various fields closely linked with people’s lives, including foods, clothing, paper, packaging materials, cement, construction materials, medical equipment and nursing care.

Courtesy of Mitsubishi Corporation
 
These fields extend from the procurement of raw materials to the consumer market
.

The segment recorded net income attributable to Mitsubishi Corporation of 46.3 billion yen, a decrease of 0.5 billion yen year on year.

Courtesy of Mitsubishi Corporation
 
This mostly flat result reflected higher earnings on transactions and equity-method earnings at general merchandise-related businesses, as well as an increase in equity-method earnings at food-related subsidiaries, which were negated by tax expenses related to the adoption of the consolidated tax filing system and other factors.


Forecasts for the Year Ending March 2012


We are forecasting consolidated operating transactions of 20,500.0 billion yen, 1,266.6 billion yen up on the year ended March 2011, due to higher transaction volumes and a recovery in commodities markets.

Courtesy of Mitsubishi Corporation
 
Gross profit is forecast to increase 130.1 billion yen to 1,280.0 billion yen due to higher coking coal prices and other factors.

Combined with the fact that selling, general and administrative expenses are projected to slightly increase from the year ended March 2011, operating income is forecast to increase 73.9 billion yen to 390.0 billion yen.

Forecasts for the Year Ending March 2012.
Courtesy of Mitsubishi Corporation
 
In other items, Mitsubishi Corporation is forecasting a decrease due to the absence of gains on marketable securities and investments recorded in the previous fiscal year.

As a result, consolidated net income attributable to Mitsubishi Corporation is projected at 450.0 billion yen, a decrease of 13.2 billion yen year on year. 


Source:
FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 2011
Based on US GAAP


http://www.mitsubishicorp.com/  


About Mitsubishi Corporation


Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide.

 
 
Together with its over 500 group companies, MC employs a multinational workforce of approximately 60,000 people.

MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.

MC seeks to contribute to the enrichment of society through business firmly rooted in principles of fairness and integrity.

Mitsubishi Shoji Building, Tokyo, Japan.
Courtesy of Mitsubishi Corporation
 
Although our activities encompass everything from trading to business investment, the essence of what we do at MC can best be described as focusing on the needs and seeds of customers and society, conceiving business models, and reliably providing functions and services to propel these businesses forward.

For example, in trade, a historical mainstay of MC's operations, we are able to steadily provide high value-added services by utilizing our frontline businesses to gather information while linking together functions such as logistics, financing, and marketing.

When MC invests in a business, we share risk with our partners and add value to the business by leveraging MC's organizational strength and global networks to procure necessary business resources.

In addition, we provide optimal solutions for all stages of business - from development, procurement and production, to logistics and sales.
Supporting the realization of these solutions, linking businesses and coordinating customer affiliations are all important MC functions.

Furthermore, MC also anticipates trends in the market and society and takes initiative to develop new business.

At MC, we constantly work to reinvent ourselves and have sought out cutting-edge functions required by businesses.

For this purpose, our strong financial resources and risk management capabilities are of course invaluable, but we believe the foresight, initiative and ingenuity of our human resources represent our greatest assets.

Through consistent and dedicated efforts, MC is committed to further strengthening the high level of trust earned from our customers over the years.

Mitsubishi Corporation
2-3-1 Marunouchi, Chiyoda-ku,
Tokyo, JAPAN 100-8086
Phone: +81-3-3210-2121

http://www.mitsubishicorp.com/  



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