Marubeni Corporation

Transcription

1 Outline of Consolidated Financial Results for FY21 May 6, 211 Marubeni Corporation (TSE Code: 82) This document is an English translation of a statement written initially in Japanese. The original in Japanese should be considered the primary version.

2 Agenda page Operating Segment Information page 1. FY21 Financial Highlights 2. Net Income 3. Adjusted Operating Profit and Core Earnings 4. Earnings Structure and Business Portfolio. Balance Sheets 6. Equity and Net D/E Ratio 7. Equity and Risk Assets 8. Cash Flows 9. New Investments 1. SG-12 Quantitative Targets 11. Number and Net Profits & Losses of Group Firms 12. Company Ratings I. Net Income by Operating Segment Total Assets by Operating Segment II. Segmental Information -(1) <Food> -(2) <Lifestyle> -(3) <Forest Products> -(4) <Chemicals> -() <Energy> -(6) <Metals & Mineral Resources> -(7) <Transportation Machinery> -(8) <Power Projects & Infrastructure> -(9) <Plant & Industrial Machinery> -(1) <Real Estate Development> -(11) <Finance, Logistics & IT Business> -(12) <Overseas Corporate Subsidiaries & Branches > 13 ~ References 27 ~ 3 * Net income attributable to Marubeni Corp. is hereinafter described as Net income. DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS THIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS ABOUT THE PERFORMANCE OF MARUBENI AND ITS GROUP COMPANIES, BASED ON MANAGEMENT'S ASSUMPTIONS IN LIGHT 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 THE U.S. DOLLAR, MATERIALS PRICES, AND POLITICAL TURMOIL IN CERTAIN COUNTRIES AND REGIONS.

3 1. FY21 Financial Highlights FY6 FY7 FY8 FY9 FY1 FY11 Yearly actual (variance) Yearly Pros. Total volume of trading transactions 9,4.9 1, , ,96.1 9,2. ( +1,.4 ) 1,. Gross trading profit ( +3. ) 6. SGA expenses ( -4. ) -38. Provision for doubtful accounts ( +.4 ) -. Operating profit ( ) 17. Interest expense-net ( +4.7 ) -2. Dividends id d received ( ) 2. Others ( -29. ) -1. Equity in earnings ( ) 1. Income (losses) before income taxes ( +4.8 ) 2. Provision (benefit) for income taxes ( +1.3 ) -8. Loss from discontinued operations (after income tax) Net income (*) ( ) 17. Less net income(loss) attributable to noncontrolling interests (*) ( -.8 ) -. Net income(loss) attributable to Marubeni Corp. (*) ( ) 17. (note*) As for the figures for FY26 to FY28, 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 2. Net Income 2 <FY21 > Increased by 41.2 billion yen or 43% compared with FY29. <FY211 Yearly Prospect> Yearly prospect for FY211 is 17. billion yen. to break the highest income record (FY27 : billion yen) bn yen (+43% up) FY26 FY27 FY28 FY29 FY21 FY211 Pros. G PLAN SG29 SG-12 <Dividends JPY 1. JPY 13. JPY 1. JPY 8. JPY 12. -plan- JPY 1. planper share > (interim dividend (JPY 3.) ( JPY 6.) (JPY 7. ) (JPY 3.) (JPY.) (JPY 7. plan-) inclusive) 2

5 Adjusted Operating Profit (AOP) and Core Earnings (CE) Adjusted Operating Profit Core Earnings <FY21 > AOP : 26.4 billion yen or 21% increase compared with FY29. CE : 69.3 billion yen or 4% increase compared with FY29. <FY211 Yearly Prospect> AOP yearly prospect : 17. billion yen CE yearly prospect : 27. billion yen bn yen (+4% up) bn yen (+21% up) FY26 FY27 FY28 FY29 FY21 FY211 Pros. G PLAN SG29 SG-12 Adjusted Operating Profit = Gross Trading Profit + SGA expenses (excluding restructuring cost in FY26) Core Earnings = Adjusted Operating Profit + Interest expense-net+dividend income +Equity in earnings of affiliated companies 3

6 4. Earnings Structure and Business Portfolio Category 1Resources: Energy, Metals & Mineral Resources * 2Machinery: Transportation Machinery, Power Projects & Infrastructure, Plant& Industrial Machinery 3Materials: Forest Products, Chemicals * 4Consumer Products : Food, Lifestyle, Real Estate Development, Finance, Logistics & IT Business <Reference> Commodity price Unit FY29 FY21 FY211 Actual Actual Assumption Oil* USD/Barrel Copper USD/MT,164 7,39 8,8 (LME) *FY9/1: North Sea Brent, FY11: WTI Corporate & Eliminations, etc. Consumer Products 27% 4% Overseas 11% Materials 14% Resources 23% Total Assets JPY 4,679.1bil Machinery 2% Corporate & Eliminations, etc. Overseas 9% -2% Consumer Products 1% Materials 14% Net Income JPY 136. bil Machinery 23% Resources 41% 2 Resources Others Resources Ratio 1.% 1 8.% 1 47% 41% 66% % 41% 43% 6.% 4.% 2.% FY26 FY27 FY28 FY29 FY21 FY211 Pros. G PLAN SG29 SG-12.% Iron & Steel Strategies and Coordination Unit is continuously counted among Materials area though the unit was incorporated into Metals & Mineral Resources Segment in 21, 4

7 . Balance Sheets Mar. 27 Mar. 28 Mar. 29 Mar. 21 Mar. 211 Changes (from Mar. 21) Mar. 212 Prospects Current Assets 2,2.6 2,67.9 2, , ,397.8 (+16.7) - Investments/Fixed Assets 2,37.7 2,99.3 2, ,34.4 2,281.3 (-64.1) - Total Assets 4,873.3,27.2 4,77.3 4,86.6 4,679.1 (+92.) - Short-term loans (*) (+21.) - Long-term interest bearing debt 1,943. 2,14.9 2,6.4 1, ,92.6 (-64.8) - Interest-bearing debt 2, , ,33.8 2,3.1 2,26.8 (-43.3) - (*) including current portion of long-term debt Cash and time deposits (+47.4) Net interest-bearing debt 1, ,2. 1, ,76.4 1,61.6 (-9.8) approx. 1,9. Equity (+32.) approx. 1,. Net D/E ratio (times) 2.2 times 2.33 times 3.7 times 2.13 times 1.94 times (-.19 points) approx. 1.9 times Equity Ratio (%) 1.3% 1.% 12.% 16.2% 16.% (+.3 points) - Current Ratio (%) 133.1% 136.% 134.2% 139.7% 138.1% (-1.6 points) - ROA (%) 2.2% 2.92% 2.24% 2.% 2.9% (+.9 points) - ROE (%) 16.94% 19.31% 16.1% 14.2% 17.98% (+3.46 points) -

8 6. Equity and Net D/E Ratio 2, Equity (left axis) Net interest-bearing debt (left axis) Net DE ratio (right axis) (times) 2, 1, 1, 2,2. 1, times2times 2.33times , times , , times 1.94times Approx. 1,. Approx. 1,9. Approx. 1.9times Approx. 1.8 times Mar-27 Mar-28 Mar-29 Mar-21 Mar-211 Mar-212 Pros. G PLAN SG29 SG-12 SG-12 Target. 6

9 7. Equity and Risk Assets 3. G PLAN SG29 SG-12 1, Risk buffer (left axis) Approx. 1,. 1,1 1, Risk assets (right axis) Equity (right axis) March 27 March 28 March 29 March 21 March 211 March 212 Pros. Equity Approx. 1,. Risk Assets Risk Buffer (1-2)

10 8. Cash Flows 4 Net cash provided by investing activities Net cash provided by operating activities Fre ee C/F Free C/F Fr ree C/F Free C/F Free C/F -2 FY26 FY27 FY28 FY29 FY21 G PLAN SG29 SG-12 8

11 9. New Investments New Investment (Gross) Strategic Divestiture of Assets New Investment (Net) FY21 actual results Approx. 16. billion yen Approx. 7. billion yen Approx. 9. billion yen Priority Business Fields FY21 actual Major Projects Natural Resources Metals and Mineral Resources Energy Resources, etc. Approx. 3. billion yen Oil and Gas Concession (Gulf of Mexico, USA) (Copper mining right (Mirador, Chile)), etc. Infrastructure Overseas I(W)PP Projects Water-related Projects Industrial and Social Infrastructure Projects, etc. Approx. 8. billion yen Hsin Tao Power (Taiwan) Aguas Nuevas water and sewage utility (Chile) LNG Vessels Power transmission project (USA), etc. Environment, Essential Living Commodities, and Others Forestation Projects Clean Energy Projects Emission Credits Grain, Agriculture-related Materials (fertilizer, agrochemicals, etc.) Trade/Distribution (food products, pulp and paper, lifestyle products, motor vehicles, etc.), etc. Approx.. billion yen Tokachi Grain Terminal Acecook Vietnam GS Paper & Packaging (Malaysia) Raleigh Wind Energy Center Project (Canada) Aircraft Operating Lease Business, etc. Total Approx. 16. billion yen Approx. 3. billion yen of new investments have been approved including above. (FY21 actual : Approx. 16. billion yen) New investment plan on SG-12 is proceeding as expected. 9

12 1. Quantitative Targets SG-12 target FY21 actual results status Consolidated Net Income FY21:12. billion yen 136. billion yen achieved Net D/E Ratio Approx. 1.8x 1.94x on target Risk Assets Less than Equity billion yen (Equity:831.7 billion yen) on target ROE Over 1% stably 18.% on target (billons of yen) Consolidated Net Income % 19.3% 16.% % ROE % 2% 2% 1% 1% % Equity Risk Assets Net D/E Ratio 1, times times times times 1.94times Risk Buffer billion yen % FY26 FY27 FY28 FY29 FY21 Mar. 27 Mar. 28 Mar. 29 Mar. 21 Mar. 211 G PLAN SG29 SG 12 G PLAN SG29 SG 12 1

13 11. Number and Net Profits & Losses of Group Firms Net income/loss Mar. 27 Mar. 28 Mar. 29 Mar. 21 Mar. 211 Surplus amount Deficit amount Net profit Percentage of profitable companies 79.6% 8.6% % % % Percentage of profitable companies (%) 9.% 8.% 7.% 6.%.% 4.% 3.% Number of profit-making firms % 1.%.% Number of loss-making firms Total number of consolidated group firms Percentage of profitable companies 79.6% 8.6% 74.3% 72.9% 77.6% 11

14 12. Company Credit Ratings July 3, 27 Baa3 Baa2 Mar. 28, 28 BBB- BBB Aug.23,26 A- A Apr.27,211 A A+ Jan. 29, 27 BBB BBB+ Dec. 13,27 BBB+ A- Jun. 9, 26 BBB- BBB 12

15 Operating Segment Information (Note) From FY211, former Real Estate Development is included in Corporate and Elimination.

16 I.(1) Net Income by Operating Segment 6 9. (Reference) Major Indexes 4 Left :FY29 Yearly actual Center :FY21 Yearly actual Right :FY211 Yearly Prospect (as of May 6, 211) Exchange Rate (JPY/USD) Oil* (USD/Barrel) LME Copper (USD/MT) FY29 Actual *FY9/1: North Sea Brent, FY11: WTI FY21 Actual FY211 Assumption ,164 7,39 8,8 FY 211 Sensitivity (to Net Income on yearly basis) Approx. JPY ±1.1 billion /[JPY1/USD] Approx. JPY±.4 billion /[USD1/Barrel] Approx. JPY±.6 billion /[USD1/MT] Food Lifestyle Forest Products Chemicals Energy Metals & Mineral Resources Transportation Machinery Power Projects & Infrastructure Plant & Industrial Machinery Real Estate Development Finance, Logistics & IT Business Overseas Corporate Subsidiaries Note ) From FY211, Real Estate Development is to be included in Corporate and Elimination. 13

17 March 31, 21 March 31, I.(2) Total Assets by Operating Segment Overseas Corporate Subsidiaries Finance, Logistics & IT Business Real Estate Development Plant & Industrial Machinery Power Projects & Infrastructure Transportation Machinery Metals & Mineral Resources Energy Chemicals Forest Products Lifestyle Food

18 II. Segmental Information (1) <Food> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Gross Trading Profit ( +4.6 ) - Adjusted Operating Profit ( +.2 ) - Equity in earnings (losses) of affiliated companies ( ) Core Earnings ( ) - Net Income ( ) 19. Total Assets ( +.2 ) - Segment Core Earnings FY8 FY9 FY1 (Note) Segment Net Income Outline of FY21 Results (changes from FY29 ) Increase of gross trading profit by grain trading and improvement of equity in earnings of affiliated companies caused by the absence of an impairment loss on a retail group company posted in the previous fiscal year, both of them increased net income for the period FY8 FY9 FY1 FY11 Pros. (Note) Yearly prospect for segment core earnings is not disclosed. 1

19 II. Segmental Information (2) <Lifestyle> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +.3 ) - 1 Adjusted Operating Profit ( +.7 ) - Equity in earnings (losses) of affiliated companies ( +.2 ) - Core Earnings ( +1. ) Net Income 3.6. ( +1.4 ) 6. Total Assets ( -1.8 ) - FY8 FY9 FY1 (Note) Outline of FY21 Results (changes from FY29 ) Gross trading profit for the period increased mainly in rubber materials, tyre products and footwear businesses. Expenses and gain on investment securities improved. Consequently, net income for the segment increased year-on-year. Segment Net Income FY8 FY9 FY1 FY11 Pros. (Note) Yearly prospect for segment core earnings is not disclosed. 16

20 II. Segmental Information (3) <Forest Products> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +6.6 ) Adjusted Operating Profit ( +7.7 ) - Equity in earnings (losses) of affiliated companies.3 3. ( +2.6 ) Core Earnings ( +11. ) - 1 Net Income ( +6.6 ) 9. Total Assets ( +.9 ) FY8 FY9 FY1 (Note) Segment Net Income Outline of FY21 Results (changes from FY29 ) Net income improved in accordance with the increase of gross 1 trading profit and equity in earnings of affiliated companies, due to strong pulp market price FY8 FY9 FY1 FY11 Pros. (Note) Yearly prospect for segment core earnings is not disclosed. 17

21 II. Segmental Information (4) <Chemicals> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +1.6 ) - 1 Adjusted Operating Profit 3.9. ( +1.1 ) - Equity in earnings (losses) of affiliated companies ( -.1 ) Core Earnings ( +1.1 ) Net Income ( -.3 ) 7. Total Assets ( ) - FY8 FY9 FY1 (Note) Segment Net Income Outline of FY21 Results (changes from FY29 ) Although gross trading profit increased in petrochemical business, 1 the absence of gain on sale of investment securities booked in the previous fiscal year caused a net income decrease for the period FY8 FY9 FY1 FY11 Pros. (Note) Yearly prospect for segment core earnings is not disclosed. 18

22 II. Segmental Information () <Energy> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +4.1 ) Adjusted Operating Profit ( +3.7 ) - Equity in earnings (losses) of affiliated companies.7.6 ( -.2 ) Core Earnings ( +1.1 ) - Net Income ( -9.4 ) 24. Total Assets ( ) FY8 FY9 FY1 (Note) Outline of FY21 Results (changes from FY29) Gross trading profit for the period increased in oil and gas development business. However, the absence of a refund booked in the previous fiscal year on the royalty paid in the past pushed down the net income for the period. <Oil price (actual for January to December 21)> North Sea Brent US$ 8/BBL (US$ 63/BBL for the year-earlier period) <Annual production FY21 actual> Oil & Gas : approx. 36K barrel /day (excl. Sakhalin I) Segment Net Income FY8 FY9 FY1 FY11 Pros. (Note) Yearly prospect for segment core earnings is not disclosed. 19

23 II. Segmental Information (6) <Metals & Mineral Resources> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +7.2 ) - 6 Adjusted Operating Profit ( +6. ) - Equity in earnings (losses) of affiliated companies ( ) Core Earnings ( +2. ) - 3 Net Income ( ) 9. Total Assets ( +4.6 ) (Note 1) FY8 FY9 FY1 (Note 2) Segment Net Income Outline of FY21 Results (changes from FY29 ) Gross trading profit for the period increased due to a rise in prices of steel raw materials, nonferrous metals and light metals. In addition, equity in earnings of affiliated companies increased, thus the net income increased. <Copper price (actual for January to December 21)> LME: US$ 7,39 /ton (US$,164 /ton for the year-earlier period) <Annual production FY21 actual> Coal : approx..1 million tons Copper : approx. 64K tons (Note 1) FY8 FY9 FY1 FY11 Pros. (Note 1) As of April 1, 21, this operating segment has been reorganized and the figures for FY29 are altered to apply to the new divisional organization for reference purpose. (Note 2) Yearly prospect for segment core earnings is not disclosed. 2

24 II. Segmental Information (7) <Transportation Machinery> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +.2 ) - 2 Adjusted Operating Profit ( +4.8 ) - Equity in earnings (losses) of affiliated companies ( +1. ) Core Earnings ( +6.7 ) - Net Income ( +6.9 ) Total Assets ( +4.3 ) - (Note 1) FY8 FY9 FY1 (Note 2) Segment Net Income Outline of FY21 Results (changes from FY29 ) Gross trading profit which was increased due to a recovery of 2 market situation in automobile, construction machinery and ship, along with the absence of impairment loss on investment securities booked in the previous year, pushed up the net income (Note 1) FY8 FY9 FY1 FY11 Pros. (Note 1) As of April 1, 21, this operating segment has been reorganized and the figures for FY29 are altered to apply to the new divisional organization for reference purpose. (Note 2) Yearly prospect for segment core earnings is not disclosed. 21

25 II. Segmental Information (8) <Power Projects & Infrastructure> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +.7 ) Adjusted Operating Profit ( -.1 ) - 2 Equity in earnings (losses) of affiliated companies ( +7.9 ) - Core Earnings ( +7.8 ) - Net Income ( -1.3 ) Total Assets ( +29. ) - (Note 1) FY8 FY9 FY1 (Note 2) Segment Net Income Outline of FY21 Results (changes from FY29 ) Gross trading profit increased due to overseas power plant building 2 project. However, gain on sales of overseas IPP business was posted in the previous fiscal year, which caused a decrease in net income for this period (Note 1) FY8 FY9 FY1 FY11 Pros. (Note 1) As of April 1, 21, this operating segment has been reorganized and the figures for FY29 are altered to apply to the new divisional organization for reference purpose. (Note 2) Yearly prospect for segment core earnings is not disclosed. 22

26 II. Segmental Information (9) <Plant & Industrial Machinery> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +6.3 ) - 1 Adjusted Operating Profit ( +. ) - Equity in earnings (losses) of affiliated companies ( +.6 ) Core Earnings ( +4.7 ) - Net Income ( +2.4 ) 6. Total Assets ( ) - (Note 1) 1.7 (Note 2) FY8 FY9 FY1 Segment Net Income Outline of FY21 Results (changes from FY29 ) Gross trading profit increased in textile plant, textile machinery and 1 industrial machinery businesses. which caused the net income increase for the period (Note 1).8 FY8 FY9 FY1 FY11 Pros. (Note 1) As of April 1, 21, this operating segment has been reorganized and the figures for FY29 are altered to apply to the new divisional organization for reference purpose. (Note 2) Yearly prospect for segment core earnings is not disclosed. 23

27 II. Segmental Information (1) <Real Estate Development> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( -6.7 ) - 1 Adjusted Operating Profit. 1.4 ( -3.6 ) - Equity in earnings (losses) of affiliated companies ( +.2 ) - Core Earnings ( -2.1 ) - Net Income ( -.8 ) -1. Total Assets ( -.4 ) (Note) (Note) From FY211, former Real Estate Development is included in Corporate and Elimination. - FY8 FY9 FY1 Segment Net Income Outline of FY21 Results (changes from FY29 ) Both gross trading profit and net income decreased due to a 1 shrinkage of transactions in domestic and overseas condominium sales FY8 FY9 FY1 FY11 Pros. (Note) Yearly prospect for segment core earnings is not disclosed. 24

28 II. Segmental Information (11) <Finance, Logistics & IT Business> FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( -3.3 ) - 1 Adjusted Operating Profit ( -.6 ) - Equity in earnings (losses) of affiliated companies ( -.4 ) - Core Earnings ( -1. ) - Net Income ( +.1 ) 4. Total Assets ( ) - (Note 1) (Note 2) - FY8 FY9 FY1 Segment Net Income Outline of FY21 Results (changes from FY29 ) Profit decline in an overseas IT-related business pushed down the 1 gross trading profit for the period. However, the net income for the period was at the same level as the previous fiscal year, due to 1 expense cutting (Note 1) FY8 FY9 FY1 FY11 Pros. (Note 1) As of April 1, 21, this operating segment has been reorganized and the figures for FY29 are altered to apply to the new divisional organization for reference purpose. (Note 2) Yearly prospect for segment core earnings is not disclosed. 2

29 II. Segmental Information (12) <Overseas Corporate Subsidiaries & Branches > FY29 FY21 FY211 Yearly Yearly Variance Yearly Pros. Segment Core Earnings Gross Trading Profit ( +6.2 ) - Adjusted Operating Profit ( +3. ) Equity in earnings (losses) of affiliated companies..7 ( +.2 ) Core Earnings ( +3.9 ) - 1 Net Income ( +3.9 ) 12. Total Assets ( +43. ) - 1 FY8 FY9 FY1 (Note) Segment Net Income Outline of FY21 Results (changes from FY29 ) Gross trading profit was pushed up by profit increase in Marubeni 3 America and Marubeni ASEAN, which caused a increase of net income FY8 FY9 FY1 FY11 Pros. (Note) Yearly prospect for segment core earnings is not disclosed. 26

30 References

31 Reference Consolidated Net Profit/Loss of Major Group Companies -1 (unit : billions of yen) Operating Segment Company name Subsidiary/ Affiliate Equity portion FY29 actual FY21 actual Variance Description of business Food Columbia Grain (*1) Subsidiary 1.% Grain trading in U.S. and export markets Food Marubeni Nisshin Feed Co., Ltd. Subsidiary 6.% Manufacture of compound feed Food Pacific Grain Terminal Ltd. Subsidiary 78.4% Grain warehousing, stevedoring and transportation Food Marubeni Chikusan Corporation Subsidiary 1.% Marketing of livestock, meats and processed products Food Yamaboshiya Co., Ltd. Subsidiary 77.6% Wholesale of confectionary Food The Nisshin OilliO Group, Ltd. (*2) Affiliate 1.1% Seed crushing and sales of edible oils, fine chemicals and healthy food products Food The Daiei, Inc. (*2) Affiliate 29.3% Supermarket chain Food Tobu Store Co., Ltd. (*2) Affiliate 3.% Supermarket chain Food The Maruetsu, Inc. (*2) Affiliate 29.7% Supermarket chain Lifestyle Marubeni Fashion Link, Ltd. Subsidiary 1.% Wholesale of fabrics, textile products, and fashion accessories Lifestyle Marubeni Intex Co., Ltd Subsidiary 1.% Wholesale of industrial and home interior-use ready-made textile goods and materials. (*1) Columbia Grain International (1% held by Marubeni Corporation), which is engaged in export and domestic sales of grains produced in North America, was consolidated into Columbia Grain (1% held by Marubeni Corporation), which owns and leases grain elevators, effective December 31, 21, with Columbia Grain as the surviving company. The figure for FY29 is altered accordingly. (*2) Listed company : We are not able to mention the financial results of these listed companies. 27

32 Reference Consolidated Net Profit/Loss of Major Group Companies -2 (unit : billions of yen) Operating Segment Company name Subsidiary/ Affiliate Equity portion FY29 actual FY21 actual Variance Description of business Forest Products Marubeni Pulp & Paper Sales Co., Ltd. Subsidiary 1.% Wholesale of all types of paper Forest Products Koa Kogyo Co., Ltd. Subsidiary 8.% Manufacture of corrugating medium and printing paper Forest Products Marubeni Building Materials Co., Ltd. Subsidiary 1.% Wholesale of wood products and construction materials Forest Products Fukuyama Paper Co., Ltd. Subsidiary.% Manufacture of corrugating medium and paper tube materials Forest Products MUSI Pulp Project Subsidiary TEL 8.1% MHP 6.% Afforestation, production and sales of pulp in Indonesia Forest Products Marusumi Paper Co., Ltd. Affiliate 32.2% Manufacture and sales of printing paper and pulp Forest Products WA Plantation Resources Affiliate.% Wood chip pproduction and plantation in Australia Forest Products Daishowa-Marubeni International Affiliate.% Manufacture and sales of pulp in Canada Chemicals Marubeni Plax Corporation Subsidiary 1.% Sales and foreign trade of plastic products and resin Chemicals Marubeni Chemix Corporation Subsidiary 1.% Sales and foreign trade of organic chemicals and specialty chemicals Chemicals Agrovista Subsidiary 1.% Holding company of agrochemicals distributors in UK and the Netherlands Chemicals SHEN HUA CHEMICAL Affiliate 22.6% Manufacture and sale of SBR Energy Total of energy concession business Subsidiary 1.% Oil and gas development and production Energy MIECO Subsidiary 1.% Petroleum trading primarily in North America and the Pacific Rim Energy ENEOS GLOBE Affiliate 2.% Sale of LPG, operation of LPG filling stations Energy SHENZHEN SINO-BENNY Affiliate 3.% Import and sales of LPG in China 28

33 Reference Consolidated Net Profit/Loss of Major Group Companies -3 (unit : billions of yen) Operating Segment Company name Subsidiary/ Affiliate Equity portion FY29 actual FY21 actual Variance Description of business Metals & Mineral Resources Marubeni Coal Subsidiary 1.% Investment in coal business in Australia Metals & Mineral Resources Marubeni Aluminium Australia Subsidiary 1.% Investment in aluminum business in Australia and sales of aluminum ingots Metals & Mineral Resources Marubeni Metals & Minerals (Canada) Subsidiary 1.% Investment in aluminum business in Canada, sale of aluminum ingots Metals & Mineral Resources Marubeni Los Pelambres Investment Subsidiary 1.% Investment in copper mines in Chile Metals & Mineral Resources Resource Pacific Holdings Affiliate 22.2% Investment in Ravensworth coal mine in Australia Metals & Mineral Resources Marubeni-Itochu Steel Inc. Affiliate.% Manufacture, processing, import, export and sales of steel products Transportation Subsidiary 1.% Investment in aircraft engine development programs and leasing of aircraft Machinery Marubeni Aviation Services Transportation Machinery Marubeni Auto Investment (UK) Subsidiary 1.% Sales and service of vehicles Transportation Machinery Marubeni Komatsu Subsidiary 1.% Import, sale and servicing of construction machinery Transportation Machinery Marubeni Maquinarias Mexico Subsidiary 1.% Import, sale and servicing of construction machinery and other products manufactured by Komatsu Ltd. Power Projects & Infrastructure Axia Power Holdings Subsidiary 1.% Holding company of overseas power assets Power Projects & Infrastructure Axia Taiwan Holdings Subsidiary 1.% Power producer in Taiwan Power Projects & Infrastructure Aguas Decima Subsidiary 1.% Water and wastewater works in Valdivia, Region of Los Rios, Chile Power Projects & Infrastructure TeaM Energy Corporation Affiliate.% Holding company for the Ilijan, Pagbilao and Sual power pland\ts in the Philippines Power Projects & Infrastructure PPN Power Affiliate 26.% IPP in India Power Projects & Infrastructure TAPAL ENERGY Affiliate 4.% Sales of diesel-generated electricity produced in Pakistan Power Projects & Infrastructure Uni-Mar Enerji Affiliate 33.3% IPP in Marmara Ereglisi, Turkey 29

34 Reference Consolidated Net Profit/Loss of Major Group Companies -4 (unit : billions of yen) Operating Segment Company name Subsidiary/ Affiliate Equity portion FY29 actual FY21 actual Variance Description of business Plant & Industrial Machinery Midwest Railcar Corporation Subsidiary 1.% Plant & Industrial Machinery Marubeni Techno-Systems Corp. Subsidiary 1.% Real Estate Development Shanghai House Property Dev. Subsidiary 6.% Real Estate Development Marubeni Community Co., Ltd. Subsidiary 1.% Real Estate Development Marubeni Real Estate Co., Ltd. Subsidiary 1.% Finance, Logistics & IT Business Marubeni Information Systems Co., Ltd. Subsidiary 1.% Carriage car leasing business in the States Sale of machinery relating to media, food, beverage, packing, chemical and environmental equipment Housing development in Shanghai, China Property management of condominiums, office buildings and commercial complexes, etc. Development and leasing of real estate Operation and development of information and communication systems Finance, Logistics &ITBusiness Marubeni Access Solutions Ltd. (*3) Subsidiary 99.96% Internet access service, ASP and idc service provider Finance, Logistics & IT Business Marubeni Telecom Co., Ltd. Subsidiary 1.% Finance, Logistics & IT Business Marubeni Safenet Co., Ltd. Subsidiary 1.% Finance, Logistics & IT Business Marubeni Logistics Corporation Subsidiary 1.% Sales of telecommunications services and equipment, IT solutions and mobile contents Insurance agency Total logistics services Overseas corporate subsidiaries & Overseas b h corporate subsidiaries & b h Marubeni America Subsidiary 1.% Marubeni Europe Subsidiary 1.% Overseas corporate subsidiary in US Overseas corporate subsidiary in Europe (*3) As of December 1, 21, Global Access (Marubeni s equity portion : 99.9%) and Vectant (Marubeni s equity portion : 99.98%) have been merged, and Marubeni Access Solutions has been established. The figure for FY29 is altered accordingly. 3