Marubeni 1212 a4yoko_eng

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Marubeni 1212 a4yoko_eng

  1. 1. Outline of Consolidated Financial Results for the 3rd Quarter of FY2013/3 February 1, 2013 Marubeni Corporation (TSE Code: 8002)This document is an English translation of a statement written initially in Japanese. The original in Japanese should be considered the primary version.
  2. 2. Agenda page page ◇Operating Segment Information◇ 1. FY2013/3 1Q-3Q Financial Highlights ・・・ 1 2. Net Income ・・・ 2 I. (1) Net Income by Operating Segment ・・・ 11 3. Adjusted Operating Profit and Core Earnings ・・・ 3 (2) Total Assets by Operating Segment ・・・ 12 4. Earnings Structure and Business Portfolio ・・・ 4 II. Segmental Information ・・・ 13 5. Balance Sheets ・・・ 5 6. Equity and Net D/E Ratio ・・・ 6 7. Cash Flows ・・・ 7 8. New Investments ・・・ 8 9. Equity and Risk Assets ・・・ 9 ◇References ◇10. Company Ratings ・・・10 Consolidated Net Profit/Loss of Major Group Companies ・・・ 14 ~ 17* “Net income attributable to Marubeni Corp.” is hereinafter described as “Net income”.DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTSTHIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS ABOUT THE PERFORMANCE OF MARUBENI AND ITS GROUP COMPANIES, BASED ON MANAGEMENTS ASSUMPTIONS INLIGHT OF CURRENT INFORMATION. THE FOLLOWING FACTORS MAY THEREFORE INFLUENCE ACTUAL RESULTS.THESE FACTORS INCLUDE CONSUMER TRENDS IN JAPAN AND IN MAJOR GLOBAL MARKETS, PRIVATE CAPITAL EXPENDITURES, CURRENCY FLUCTUATIONS, NOTABLY AGAINST THEU.S. DOLLAR, MATERIALS PRICES, AND POLITICAL TURMOIL IN CERTAIN COUNTRIES AND REGIONS.
  3. 3. 1. FY2013/3 1Q-3Q Financial Highlights(billions of yen) FY2007/3 FY2008/3 FY2009/3 FY2010/3 FY2011/3 FY2012/3 FY2013/3 (variance from Progress in 1Q-3Q actual yearly actual 1Q-3Q actual FY2012/3 1Q-3Q) Yearly Pros. percentageTotal volume of trading transactions 9,554.9 10,631.6 10,462.1 7,965.1 9,020.5 7,652.8 10,584.4 7,697.8 ( +45.0 ) 10,600.0 73%Gross trading profit 531.2 596.9 644.8 491.7 522.2 404.1 541.5 388.4 ( -15.7 ) 570.0 68%SGA expenses -365.3 -393.4 -408.9 -366.9 -371.0 -276.6 -383.0 -291.4 ( -14.9 ) -410.0 -Provision for doubtful accounts -0.9 -3.4 -1.8 -5.8 -5.4 -1.5 -1.2 -1.3 ( +0.2 ) -5.0 -Operating profit 165.0 200.2 234.1 118.9 145.8 126.0 157.3 95.6 ( -30.3 ) 155.0 62%Interest expense-net -32.7 -43.3 -40.6 -22.8 -18.1 -12.9 -17.8 -12.1 ( +0.8 ) -25.0 -Dividends received 20.7 23.6 27.7 23.6 19.2 18.9 27.4 17.8 ( -1.1 ) 25.0 -Others -4.1 -20.0 -42.3 17.9 -11.1 21.2 12.6 33.5 ( +12.3 ) 20.0 -Equity in earnings 44.9 55.7 22.0 28.9 71.5 61.6 81.5 69.9 ( +8.3 ) 100.0 -Income (losses) before income taxes 193.8 216.2 200.9 166.4 207.2 214.8 261.0 204.7 ( -10.1 ) 275.0 74%Provision (benefit) for income taxes -68.2 -60.5 -80.9 -65.8 -64.5 -66.9 -83.9 -49.9 ( +17.0 ) -70.0 -Net income (*) 125.6 155.7 120.0 100.6 142.7 147.9 177.0 154.8 ( +6.9 ) 205.0 75%Less net income(loss) attributable to -6.3 -8.4 -8.8 -5.3 -6.1 -6.6 -4.9 -2.3 ( +4.3 ) -5.0 -noncontrolling interests (*)Net income(loss) attributable to 119.3 147.2 111.2 95.3 136.5 141.3 172.1 152.5 ( +11.2 ) 200.0 76%Marubeni Corp. (*) (note*) As for the figures for FY2007/3to FY2009/3, “Net income” shows “Income before minority interest”, “Less net income (loss) attributable to noncontrolling interests” shows “Minority interest”, and “Net income (loss) attributable to Marubeni Corp.” shows “Net income”. 1
  4. 4. 2. Net Income <FY2013/3 1Q-3Q >  Increased by 11.2 billion yen or 8% compared with FY2012/3 1Q-3Q.(billions of yen)  It is the Company’s record high for 1Q-3Q period. Yearly Pros.  Progress to yearly prospect for FY2013/3 is 76%. 200.0 200 Yearly 1Q-3Q 172.1 147.2 152.5 150 136.5 141.3 150.0 119.3 117.2 111.2 106.9 100 95.6 95.3 Progress 70.5 76% 50 0 FY2007/3 FY2008/3 FY2009/3 FY2010/3 FY2011/3 FY2012/3 FY2013/3 “G”PLAN SG2009 SG-12<Dividends JPY 10.0 JPY 13.0 JPY 10.0 JPY 8.5 JPY 12.0 JPY 20.0 JPY 24.0 –plan- per share > (interim dividend (JPY 3.5) ( JPY 6.0) (JPY 7.0 ) (JPY 3.5) (JPY 5.5) (JPY 10.0) (JPY 12.0) – inclusive) 2
  5. 5. 3. Adjusted Operating Profit and Core Earnings <FY2013/3 1Q-3Q > Adjusted Operating Profit Core Earnings(billions of yen)  Decreased by 30.5 billion yen or 24% compared with FY2012/3 1Q-3Q. ✓ Decreased by 22.6 billion yen or 12% compared with FY2012/3 1Q-3Q.  Progress to yearly prospect for FY2013/3 is 61%. ✓ Progress to yearly prospect for FY2013/3 is 66%. 300 Adjusted Operating Profit Yearly Pros. Core Earnings 260.0 250 239.6 245.0 249.6 235.9 223.7 200 202.1 203.5 Yearly Pros. 160.0 150 165.9 154.4 151.2 158.5 124.8 1Q-3Q 100 actual 1Q-3Q actual 1Q-3Q 195.1 172.5 actual 1Q-3Q 50 127.5 actual 97.0 0 FY2007/3 FY2008/3 FY2009/3 FY2010/3 FY2011/3 FY2012/3 FY2013/3 “G”PLAN SG2009 SG-12 Adjusted Operating Profit = Gross Trading Profit + SGA expenses (excluding restructuring cost in FY2007/3) Core Earnings = Adjusted Operating Profit + Interest expense-net+Dividend income +Equity in earnings of affiliated companies 3
  6. 6. 4. Earnings Structure and Business Portfolio FY2012/3 FY2013/3 <Reference> Unit Assumption 1-3Q 4Q Commodity price Actual (Yearly) Actual Assumption Oil( WTI) USD/Barrel 95 94 96 88 Copper( LME) USD/MT 8,811 8,000 7,964 7,900 【Category】 ①Resources: Energy, Metals & Mineral Resources * ②Machinery: Transportation Machinery, Power Projects & Infrastructure, Plant& Industrial Machinery ③Materials: Forest Products, Chemicals ④Consumer Products : Food, Lifestyle, Finance, Logistics & IT Business, Real Estate Development *(billions of yen) 200 Resources Others Resources Ratio 100.0% (left axis) (left axis) (right axis) 80.0% 150 60.0% 100 66% 55% 40.0% 47% 46% 41% 41% 42% 39% 50 20.0% 0 0.0% FY2007/3 FY2008/3 FY2009/3 FY2010/3 FY2011/3 FY2012/3 FY2013/3 FY2013/3 1-3Q Pros. “G”PLAN SG2009 SG-12 *Iron and Steel Strategies and Coordination Business is continuously counted among Materials area though the business was Incorporated into Metals and Mineral Resources Segment in FY2011/3. *Real Estate Development Business is continuously counted among Consumer Products area though the business was Incorporated into Corporate & Eliminations, etc in FY2012/3. 4
  7. 7. 5. Balance Sheets Changes Mar. 2013(billions of yen) Mar. 2007 Mar. 2008 Mar. 2009 Mar. 2010 Mar. 2011 Mar. 2012 Dec. 2012 ( from Mar. 2012 ) Prospects Current Assets 2,502.6 2,607.9 2,328.8 2,241.1 2,397.8 2,643.9 2,785.3 (+141.4) - Investments/Fixed Assets 2,370.7 2,599.3 2,378.6 2,345.4 2,281.3 2,486.0 2,740.3 (+254.3) - Total Assets 4,873.3 5,207.2 4,707.3 4,586.6 4,679.1 5,129.9 5,525.6 (+395.7) - Short-term loans (*) 334.9 301.4 473.4 332.8 354.2 334.9 452.6 (+117.7) - Long-term interest bearing debt 1,943.5 2,140.9 2,060.4 1,967.4 1,902.6 2,148.1 2,322.0 (+173.9) - Interest-bearing debt 2,278.4 2,442.3 2,533.8 2,300.1 2,256.8 2,483.0 2,774.6 (+291.6) - (*) including current portion of long-term debt and others Cash and time deposits 435.0 440.3 622.2 593.7 641.2 727.3 749.3 (+22.0) - Net interest-bearing debt 1,843.4 2,002.0 1,911.6 1,706.4 1,615.6 1,755.7 2,025.3 (+269.6) approx. 2,000.0 Equity 820.8 860.6 623.4 799.7 831.7 915.8 1,035.4 (+119.7) approx. 1,100.0 Net D/E ratio 2.25 times 2.33 times 3.07 times 2.13 times 1.94 times 1.92 times 1.96 times (+0.04 points) approx. 1.8 times Equity Ratio 15.3% 15.0% 12.0% 16.2% 16.5% 16.6% 17.7% (+1.1 points) - Current Ratio 133.1% 136.5% 134.2% 139.7% 138.1% 143.8% 145.2% (+1.4 points) - ROA 2.52% 2.92% 2.24% 2.05% 2.95% 3.51% - - - ROE 16.94% 19.31% 16.51% 14.52% 17.98% 21.17% - - - 5
  8. 8. 6. Equity and Net D/E Ratio(billions of yen) (times) Equity (left axis) Net interest-bearing debt (left axis) Net D/E ratio (right axis)2,500 Approx. 5.0 2,002.0 2,025.3 2,000.02,000 1,911.6 1,843.4 1,706.4 1,755.7 4.0 1,615.61,500 3.07times 3.0 2.33times 2.13times 2.25times 1.94times 1.96times Approx.1,000 1.92times 1.8 times 2.0 820.8 860.6 799.7 831.7 915.8 1,035.4 Approx. 500 623.4 1,100.0 1.0 0 0.0 Mar-2007 Mar-2008 Mar-2009 Mar-2010 Mar-2011 Mar-2012 Dec-2012 Mar-2013 Pros. “G”PLAN SG2009 SG-12 6
  9. 9. 7. Cash Flows Net cash provided by investing activities(billions of yen) Net cash provided by operating activities 400 343.6 300 245.4 -35.2 235.3 200 280.6 Free C/F -387.1 152.1 100 210.0 -128.5 81.5 172.6 Free C/F Free C/F Free C/F Free C/F -135.1 -306.9 16.9 0 Free C/F Free C/F -5.1 -273.7 -43.5 -146.2 -100 -71.6 -101.1 -151.3 -200 OperatingCF OperatingCF OperatingCF OperatingCF OperatingCF OperatingCF OperatingCF 1-2Q: -19.7 1-2Q: 70.6 1-2Q: 87.8 1-2Q: 75.4 1-2Q: 62.6 1-2Q: 23.1 1-2Q: 0.9 3-4Q: 171.8 3-4Q: 164.7 3-4Q: 255.8 3-4Q: 205.2 3-4Q: 147.4 3-4Q: 149.5 3Q: -6.1 -300 FY2007/3 FY2008/3 FY2009/3 FY2010/3 FY2011/3 FY2012/3 FY2013/3 1Q-3Q “G”PLAN SG2009 SG-12 7
  10. 10. 8. New Investments  Approx. 170.0 billion yen of new investments and loans for FY2013/3 1Q-3Q actual  Enhance profit bases for both resources and non-resources FY2011/3 FY2012/3 FY2013/3 SG-12 Period Major Projects Yearly Yearly 1-3Q Total FY2013/3 1-3Q ・Antucoya Copper Mine (Chile) Natural Approx. Approx. Approx. Approx. ・Roy Hill Iron Ore Project (Australia) Resources 30.0 billion yen 90.0 billion yen 90.0 billion yen 210.0 billion yen ・Alouette aluminum smelter joint venture (Canada) ・Eagle Ford Shale Oil & Gas (USA) etc. Approx. Approx. Approx. Approx. ・Seajacks offshore wind power installation (UK) Infrastructure 80.0 billion yen 40.0 billion yen 30.0 billion yen 150.0 billion yen ・FPSO Vessel chartering business (Brazil) etc. ・ACR Capital Holdings - Re-insurance service (Singapore) ・Japan REIT Advisors (Japan) Environment, Approx. Approx. Approx. Approx. ・Magellan Aviation aircraft component supplier (USA) Essential Living 50.0 billion yen 130.0 billion yen 50.0 billion yen 230.0 billion yen ・Red salmon cannery in Alaska (USA) Commodities ・Welmar Europe marine product wholesaler (Netherlands) and Others ・All-State Belting (USA) ・Oita mega-solar power plant (Japan) etc. Approx. Approx. Approx. Approx. Total 160.0 billion yen 260.0 billion yen 170.0 billion yen 590.0 billion yen 8
  11. 11. 9. Equity and Risk Assets “G”PLAN SG2009 SG-12 (billions of yen) (billions of yen) 350.0 Approx. 1,200 Risk buffer (left axis) 309.9 1,100.0 300.0 1,100 250.0 227.4 1,000 178.3 204.4 1,035.4 200.0 860.6 164.1 900 820.8 152.3 799.7 915.8 150.0 831.7 800 725.5* 100.0 673.7 688.4 700 642.5 708.3 623.4 635.6 627.3 50.0 600 0.0 500 -50.0 400 -100.0 Risk assets -50.3 300 (right axis) -150.0 200 Equity -200.0 (right axis) 100 -250.0 0 December March 2013 March 2007 March 2008 March 2009 March 2010 March 2011 March 2012 2012 Pros.Equity ① 820.8 860.6 623.4 799.7 831.7 915.8 1,035.4 1,100.0 Approx.Risk Assets ② 642.5 708.3 673.7 635.6 627.3 688.4 725.5 * 800.0Risk Buffer (①-②) 178.3 152.3 -50.3 164.1 204.4 227.4 309.9 * Amount as of September 2012. Risk assets are to be announced every six months. 9
  12. 12. 10. Company Ratings Rating Agency FY02/3 FY03/3 FY04/3 FY05/3 FY06/3 FY07/3 FY08/3 FY09/3 FY10/3 FY11/3 FY12/3 FY13/3Moodys Japan Ba2 ↘ Ba3 ↘ B1 B1 B1 ↗ Ba2 Ba2 Ba2 ↗ Baa3 Baa3 Baa3 ↗ Baa2 Baa2 Baa2 Baa2 Baa2 Baa2 Baa2 Baa3 Ba1 Ba2 July 3, 2007 Ba3 B1 Baa3 → Baa2 B2 01/ 4M 01/ 10M 02/4M 02/10M 03/4M 03/ 10M 04/ 4M 04/10M 05/4M 05/10M 06/4M 06/ 10M 07/ 4M 07/10M 08/4M 08/ 10M 09/04M 09/10M 10/ 04M 10/10M 11/04M 11/ 10M 12/ 4M 12/10MStandard & Poors - − B+ ↗ BB- BB- ↗ BB BB ↗ BBB- BBB- BBB- ↗ BBB BBB BBB BBB BBB BBB BBB BBB- BB+ Mar. 28, 2008 BB BB- BBB- → BBB B+ 01/4M 01/10M 02/4M 02/10M 03/4M 03/10M 04/4M 04/10M 05/4M 05/10M 06/4M 06/10M 07/4M 07/10M 08/4M 08/10M 09/04M 09/10M 10/04M 10/10M 11/04M 11/10M 12/4M 12/10MJapan Credit Rating Agency A ↘ A- ↘ BBB+ BBB+ BBB+ BBB+ ↗ A- A- A- ↗ A A A A A A ↗ A+ A+(JCR) A+ Apr.27,2011 A A- BBB+ Aug.23,2006 A → A+ 01/4M 01/10M 02/4M 02/10M 03/4M 03/10M 04/4M 04/10M 05/4M 05/10M 06/4M 06/10M 07/4M 07/10M A- → A 08/4M 08/10M 09/04M 09/10M 10/04M 10/10M 11/04M 11/10M 12/4M 12/10MRating & Investment BBB+ ↘ BBB- BBB- ↘ BB+ BB+ BB+ ↗ BBB- BBB- BBB- ↗ BBB ↗ BBB+ BBB+ ↗ A- A- A- A- A- A-Information Inc. (R&I) A- BBB+ Jun. 9, 2006 BBB BBB- → BBB BBB- Dec. 13,2007 BB+ BBB+ → A- 01/4M 01/10M 02/ 4M 02/10M 03/ 4M 03/10M 04/4M 04/ 10M 05/4M 05/10M 06/4M 06/10M 07/ 4M 07/10M 08/4M 08/ 10M 09/ 04M 09/ 10M 10/04M 10/10M 11/04M 11/10M 12/ 4M 12/ 10M Jan. 29, 2007 BBB → BBB+ 10
  13. 13. ◇ Operating Segment Information ◇(Note) From FY2012/3, former Real Estate Development is included in Corporate and Elimination. In this material, however, figures forReal Estate Development are shown individually.
  14. 14. I.(1) Net Income by Operating Segment (Reference) Major Indexes (billions FY2012/3 FY2013/3 Variance FY 2013/3 Sensitivity 1-3Q Actual ② 1-3Q Actual ④ 4Q Assum ption (to Net Income on yearly of yen) Actual ① (Jan.- Sep.) Assumption(Yearly) ③ (Jan.- Sep.) (Oct.- Dec.) ③-① ④-② basis) FY2012/3 1Q-3Q Actual 52.5 Exchange Rate (JPY/USD) 79.8 80.7 80.0 79.4 81.0 +0.2 -1.3 Approx. JPY ±1.3 billion /[JPY1/USD] 49.3 50 FY2012/3 Yearly Actual WTI Oil (USD/Barrel) 95 95 94 96 88 -1 +1 Approx. JPY±0.3 billion /[USD1/Barrel] LME Copper Approx. JPY±0.6 billion FY2013/3 1Q-3Q Actual (USD/MT) 8,811 9,254 8,000 7,964 7,900 -811 -1,290 /[USD100/MT] FY2013/3 Revised 40.9 Yearly Prospect as of 11/1/2012 39.8 40 37.0 34.3 33.4 31.0 30 24.0 21.4 21.5 20.3 20 19.0 18.6 14.9 14.0 18.5 16.1 13.5 14.3 13.7 12.4 10.9 10.0 10.0 10 7.5 7.5 8.5 6.1 4.9 6.0 5.7 6.1 4.5 5.3 3.9 4.2 4.2 6.9 3.5 3.5 2.0 2.4 2.6 0.0 0 -0.1 -3.5 -7.0 -10Revised 9.5 9.5 0.0 7.5 37.0 52.5 20.5 25.0 10.0 10.0 21.5 4.0prospects【Revisions (-4.0) (+2.0) (-) (-1.0) (-) (-) (+1.5) (+1.0) (-) (-) (-) (+0.5) -20announcedon 2/1/’13】 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3 12/3 13/3(Difference from Business Logistics & IT Finance, Food Lifestyle Forest Products Chemicals Energy Resources Mineral Metals & Machinery Transportation & Infrastructure Power Projects Machinery Industrial Plant & Subsidiaries Corporate Overseas Development Real Estatethe revisedprospectsannounced on11/1/’12) Note ) ・・・・ From FY2012/3, Real Estate Development is included in Corporate and Elimination. 11
  15. 15. I.(2) Total Assets by Operating Segment(billions of yen)800 767.1 March 31, 2012 710.5 717.2 716.5 December 31, 2012700 688.8600 580.0 570.8 555.9 535.4 509.9500 416.7400 343.6 357.2 354.1 361.1 327.8300 270.1 280.5 240.2 210.7 182.2200 185.8 146.4 144.7100 0 Business Logistics & IT Finance, Food Lifestyle Forest Products Chemicals Energy Resources Mineral Metals & Machinery Transportation & Infrastructure Power Projects Machinery Industrial Plant & Subsidiaries Corporate Overseas Development Real Estate Note ・・・・ From FY2012/3, Real Estate Development is included in Corporate and Elimination. 12
  16. 16. II. Segmental Information(billions of yen)Food Lifestyle Forest Products FY2012/3 FY2013/3 FY2012/3 FY2013/3 FY2012/3 FY2013/3 Variance Progress Variance Progress Variance Progress 1-3Q a ctual Yearly actual 1-3Q a ctual Yearly Pros. 1-3Q actua l Yearly actual 1-3Q actua l Yea rly Pros. 1-3Q actual Yearly actual 1-3Q actual Yearly Pros. ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③Gross Trading Profit 81.3 100.0 74.7 -6.6 Gross Tra ding Profit 23.3 31.8 23.4 +0.1 Gross Trading Profit 23.4 29.7 20.8 -2.6Adjusted Operating Profit 24.7 23.1 13.7 -11.0 Adjusted Operating Profit 7.8 10.7 7.6 -0.3 Adjusted Operating Profit 6.6 7.2 4.1 -2.6Equity in earnings (losses) of Equity in earnings (losses) of Equity in earnings (losses) ofaffiliated companies 1.2 2.1 0.0 -1.2 affiliated companies 0.4 0.3 0.3 -0.1 affiliated companies 0.9 -0.5 -0.0 -0.9Core Earnings 23.6 21.7 10.9 -12.8 Core Earnings 7.9 10.6 7.6 -0.3 Core Earnings 6.1 4.8 2.6 -3.5Net Income 14.9 14.0 3.9 9.5 -11.0 41% Net Income 4.2 6.1 4.9 9.5 +0.7 52% Net Income 4.2 2.0 -0.1 0.0 -4.3 -Chemicals Energy Metals & Mineral Resources FY2012/3 FY2013/3 FY2012/3 FY2013/3 FY2012/3 FY2013/3 Variance Progress Variance Progress Variance Progress 1-3Q a ctual Yearly actual 1-3Q a ctual Yearly Pros. 1-3Q actua l Yearly actual 1-3Q actua l Yea rly Pros. 1-3Q actual Yearly actual 1-3Q actual Yearly Pros. ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③Gross Trading Profit 19.4 26.5 20.3 +0.9 Gross Tra ding Profit 46.2 58.8 41.9 -4.3 Gross Trading Profit 22.8 31.6 14.9 -8.0Adjusted Operating Profit 4.1 5.9 4.6 +0.5 Adjusted Operating Profit 26.4 32.1 21.7 -4.6 Adjusted Operating Profit 12.0 16.9 3.6 -8.4Equity in earnings (losses) of Equity in earnings (losses) of Equity in earnings (losses) ofaffiliated companies 4.0 4.0 1.4 -2.6 affiliated companies 0.2 0.8 0.6 +0.3 affiliated companies 29.7 43.7 29.4 -0.4Core Earnings 7.8 9.4 6.2 -1.6 Core Earnings 38.5 51.4 33.4 -5.1 Core Earnings 39.8 58.0 30.7 -9.1Net Income 6.0 7.5 5.7 7.5 -0.3 76% Net Income 34.3 40.9 31.0 37.0 -3.3 84% Net Income 33.4 49.3 39.8 52.5 +6.5 76%Transportation Machinery Power Projects & Infrastructure Plant & Industrial Machinery FY2012/3 FY2013/3 FY2012/3 FY2013/3 FY2012/3 FY2013/3 Variance Progress Variance Progress Variance Progress 1-3Q a ctual Yearly actual 1-3Q a ctual Yearly Pros. 1-3Q actua l Yearly actual 1-3Q actua l Yea rly Pros. 1-3Q actual Yearly actual 1-3Q actual Yearly Pros. ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③Gross Trading Profit 32.0 43.1 35.2 +3.1 Gross Tra ding Profit 27.8 37.7 17.1 -10.7 Gross Trading Profit 17.1 28.2 18.7 +1.6Adjusted Operating Profit 7.4 10.0 7.8 +0.4 Adjusted Operating Profit 8.8 10.4 -0.7 -9.5 Adjusted Operating Profit 1.1 5.8 0.9 -0.2Equity in earnings (losses) of Equity in earnings (losses) of Equity in earnings (losses) ofaffiliated companies 6.2 8.3 10.2 +4.0 affiliated companies 16.7 20.9 21.4 +4.7 affiliated companies 2.1 2.8 1.8 -0.3Core Earnings 12.5 16.7 15.2 +2.7 Core Earnings 20.1 24.2 16.1 -4.1 Core Earnings 3.6 9.2 3.1 -0.4Net Income 10.9 14.3 18.5 20.5 +7.6 90% Net Income 18.6 21.4 20.3 25.0 +1.7 81% Net Income 2.4 6.1 4.5 10.0 +2.2 45%Finance, Logistics & IT Business Overseas Corporate Subsidiaries & Branches <for reference>Real Estate Development FY2012/3 FY2013/3 FY2012/3 FY2013/3 FY2012/3 FY2013/3 Variance Progress Variance Progress Variance Progress 1-3Q a ctual Yearly actual 1-3Q a ctual Yearly Pros. 1-3Q actua l Yearly actual 1-3Q actua l Yea rly Pros. 1-3Q actual Yearly actual 1-3Q actual Yearly Pros. ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③ ① ② ③ ②-① ②/③Gross Trading Profit 30.7 42.5 32.1 +1.4 Gross Tra ding Profit 74.6 105.0 81.4 +6.8 Net Income -3.5 -7.0 3.5 4.0 +7.0 89%Adjusted Operating Profit 2.5 4.1 3.1 +0.6 Adjusted Operating Profit 20.6 27.0 24.3 +3.7Equity in earnings (losses) of Equity in earnings (losses) ofaffiliated companies -0.8 -0.3 3.6 +4.4 affiliated companies 0.5 0.8 0.7 +0.1Core Earnings 1.0 2.6 5.8 +4.7 Core Earnings 21.6 28.2 25.6 +4.0Net Income 2.6 5.3 6.9 10.0 +4.3 69% Net Income 12.4 16.1 13.7 21.5 +1.2 64% Note) From FY2012/3, Real Estate Development is included in Corporate and Elimination. 13
  17. 17. ◇ References◇
  18. 18. Reference Consolidated Net Profit/Loss of Major Group Companies -1 (unit : billions of yen) FY2012/3 FY2013/3 Operating Subsidiary/ Equity Company name Affiliate portion 1Q-3Q 1Q-3Q Variance Description of business Segment actual actual Food Columbia Grain Subsidiary 100.0% 5.5 1.9 -3.6 Grain trading in U.S. and export markets Food Marubeni Nisshin Feed Co., Ltd. Subsidiary 60.0% 0.8 0.8 -0.0 Manufacture of compound feed Food Pacific Grain Terminal Ltd. Subsidiary 78.4% 1.3 0.7 -0.5 Grain warehousing, stevedoring and transportation Food Marubeni Chikusan Corporation Subsidiary 100.0% 0.9 0.0 -0.9 Marketing of livestock, meats and processed products Food Yamaboshiya Co., Ltd. Subsidiary 77.6% 1.2 1.0 -0.2 Wholesale of confectionary Food The Nisshin OilliO Group, Ltd. (*1) Affiliate 15.6% Seed crushing and sales of edible oils, fine chemicals and healthy food products Food The Daiei, Inc. (*1) Affiliate 29.3% Supermarket chain Food Tobu Store Co., Ltd. (*1) Affiliate 30.9% Supermarket chain Food The Maruetsu, Inc. (*1) Affiliate 29.7% Supermarket chain Lifestyle Marubeni Fashion Link, Ltd. Subsidiary 100.0% 0.6 0.7 +0.1 Wholesale of fabrics, textile products, and fashion accessories Lifestyle Marubeni Intex Co., Ltd Subsidiary 100.0% 0.6 0.6 +0.0 Wholesale of industrial and home interior-use ready-made textile goods and materials. (*1) Listed company : We are not able to mention the financial results of these listed companies. 14
  19. 19. Reference Consolidated Net Profit/Loss of Major Group Companies -2 (unit : billions of yen) FY2012/3 FY2013/3 Operating Subsidiary/ Equity Company name Affiliate portion 1Q-3Q 1Q-3Q Variance Description of business Segment actual actualForest Products Marubeni Pulp & Paper Sales Co., Ltd. Subsidiary 100.0% 1.9 1.5 -0.4 Wholesale of all types of paperForest Products Koa Kogyo Co., Ltd. Subsidiary 80.0% 0.7 0.5 -0.3 Manufacture of corrugating medium and printing paperForest Products Marubeni Building Materials Co., Ltd. Subsidiary 100.0% 0.4 0.4 -0.0 Wholesale of wood products and construction materialsForest Products Fukuyama Paper Co., Ltd. Subsidiary 55.0% 0.3 0.3 -0.0 Manufacture of corrugating medium and paper tube materials TEL 85.1%Forest Products MUSI Pulp Project Subsidiary MHP 60.0% 0.1 -0.4 -0.4 Afforestation, production and sales of pulp in IndonesiaForest Products Marusumi Paper Co., Ltd. Affiliate 32.2% -0.1 0.5 +0.6 Manufacture and sales of printing paper and pulpForest Products WA Plantation Resources Affiliate 50.0% 0.2 0.1 -0.1 Wood chip production and plantation in AustraliaForest Products Daishowa-Marubeni International Affiliate 50.0% 1.1 -0.2 -1.3 Manufacture and sales of pulp in Canada Chemicals Marubeni Plax Corporation Subsidiary 100.0% 0.3 0.3 -0.1 Sales and foreign trade of plastic products and resin Chemicals Marubeni Chemix Corporation Subsidiary 100.0% 0.3 0.4 +0.1 Sales and foreign trade of organic chemicals and specialty chemicals Chemicals Agrovista Subsidiary 100.0% 0.7 1.0 +0.2 Holding company of agrochemicals distributors in UK and the Netherlands Energy Total of energy concession business Subsidiary 100.0% 14.5 14.1 -0.4 Oil and gas development and production Energy MIECO Subsidiary 100.0% 0.1 0.0 -0.1 Petroleum trading primarily in North America and the Pacific Rim Energy Shenzhen Sino-Benny LPG Affiliate 30.0% 0.0 0.0 +0.0 Import and sales of LPG in China 15
  20. 20. Reference Consolidated Net Profit/Loss of Major Group Companies -3 (unit : billions of yen) FY2012/3 FY2013/3 Operating Subsidiary/ Equity Company name 1Q-3Q 1Q-3Q Variance Description of business Segment Affiliate portion actual actual Metals & Mineral Resources Marubeni Coal Subsidiary 100.0% 14.9 11.6 -3.3 Investment in coal business in Australia Metals & Mineral Resources Marubeni Aluminum Australia Subsidiary 100.0% 0.4 -0.2 -0.6 Investment in aluminum business in Australia and sales of aluminum ingots Metals & Mineral Resources Marubeni Metals & Minerals (Canada) Subsidiary 100.0% 1.7 1.4 -0.4 Investment in aluminum business in Canada, sale of aluminum ingots Metals & Mineral Resources Marubeni Los Pelambres Investment Subsidiary 100.0% 8.6 18.1 +9.5 Investment in copper mines in Chile Metals & Mineral Resources Resource Pacific Holdings Affiliate 22.2% 1.1 0.1 -1.0 Investment in Ravensworth coal mine in Australia Metals & Mineral Resources Marubeni-Itochu Steel Inc. Affiliate 50.0% 9.6 8.4 -1.1 Manufacture, processing, import, export and sales of steel products Transportation Machinery Marubeni Aviation Services Subsidiary 100.0% 2.3 1.2 -1.1 Investment in aircraft engine development programs and leasing of aircraft Transportation Machinery Marubeni Auto Investment (UK) Subsidiary 100.0% 0.2 0.3 +0.2 Sales and service of vehicles Transportation Marubeni Auto Investment (USA) Machinery (Westlake Service) Subsidiary 100.0% 0.6 1.1 +0.5 Automotive finance service in USA Transportation Machinery Marubeni Komatsu Subsidiary 100.0% 0.3 0.4 +0.1 Import, sale and servicing of construction machinery Transportation Machinery Marubeni Maquinarias Mexico Subsidiary 100.0% 0.0 0.1 +0.1 Import, sale and servicing of construction machinery and other products manufactured by Komatsu Ltd. Power Projects & Infrastructure Axia Power Holdings Subsidiary 100.0% 4.6 7.8 +3.2 Holding company of overseas power assets Power Projects & Infrastructure Aguas Decima Subsidiary 100.0% 0.3 0.3 -0.0 Water and wastewater works in Valdivia, Region of Los Rios, Chile Power Projects & Infrastructure TeaM Energy Corporation Affiliate 50.0% 2.9 3.3 +0.4 Holding company for the Ilijan, Pagbilao and Sual power plants in the Philippines Power Projects & Infrastructure Mesaieed Power Company Affiliate 30.0% 1.4 1.3 -0.1 IPP in Mesaieed, Qatar Power Projects & Infrastructure PPN Power Affiliate 26.0% 0.6 0.2 -0.4 IPP in India Power Projects & Infrastructure TAPAL ENERGY Affiliate 40.0% 0.4 0.3 -0.0 Sales of diesel-generated electricity produced in Pakistan Power Projects & Infrastructure Uni-Mar Enerji Affiliate 33.3% -0.2 0.4 +0.6 IPP in Marmara Ereglisi, Turkey 16
  21. 21. Reference Consolidated Net Profit/Loss of Major Group Companies -4 (unit : billions of yen) FY2012/3 FY2013/3 Operating Subsidiary/ Equity Company name Affiliate portion 1Q-3Q 1Q-3Q Variance Description of business Segment actual actualPlant & Industrial Machinery Midwest Railcar Corporation Subsidiary 100.0% 0.5 1.1 +0.6 Carriage car leasing business in the StatesFinance, Logistics & IT Business Marubeni Information Systems Co., Ltd. Subsidiary 100.0% 0.8 0.6 -0.1 Operation and development of information and communication systemsFinance, Logistics & IT Business Marubeni Access Solutions Inc. Subsidiary 100.0% 0.8 1.3 +0.5 Internet access service, ASP and iDC service providerFinance, Logistics & IT Business Marubeni Telecom Co., Ltd. Subsidiary 100.0% 0.7 0.6 -0.1 Sales of telecommunications services and equipment, IT solutions and mobile contentsFinance, Logistics & IT Business Marubeni Safenet Co., Ltd. Subsidiary 100.0% 0.3 0.4 +0.1 Insurance agencyFinance, Logistics & IT Business Marubeni Logistics Corporation Subsidiary 100.0% 0.3 0.4 +0.1 Total logistics servicesOverseas corporate subsidiaries & branches Marubeni America Subsidiary 100.0% 8.8 10.8 +2.0 Overseas corporate subsidiary in USOverseas corporate subsidiaries & branches Marubeni Europe Subsidiary 100.0% 0.9 0.6 -0.4 Overseas corporate subsidiary in Europe Real Estate Development Shanghai House Property Dev. (*2) Subsidiary 60.0% 0.3 0.1 -0.2 Housing development in Shanghai, China Real Estate Development Marubeni Community Co., Ltd. (*2) Subsidiary 100.0% 0.5 0.6 +0.1 Property management of condominiums, office buildings and commercial complexes, etc. Real Estate Development Marubeni Real Estate Co., Ltd. (*2)(*3) Subsidiary 100.0% 0.7 0.9 +0.1 Development and leasing of real estate (*2) From FY2012/3, Real Estate Development is included in Corporate and Elimination. (*3) Marubeni Real Estate Co., Ltd. merged IMT as of April 1, 2012. (equity portion / Marubeni Corp. 50%, Marubeni Real Estate Co. 50%) The figure for FY2012/3 has been altered accordingly. 17

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