Results for the Year Ended March 2014

Transcription

1 Results for the Year Ended March 2014 May 9, 2014

2 (Forward-Looking Statements) This presentation contains forward-looking statements about s future plans, strategies, beliefs and performance that are not historical facts. Such statements are based on the company s assumptions and beliefs in light of competitive, financial and economic data currently available and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to world economic conditions, exchange rates and commodity prices. Accordingly, wishes to caution readers that actual results may differ materially from those projected in this presentation and that bears no responsibility for any negative impact caused by the use of this presentation. (Notes Regarding this Presentation Material) Consolidated net income in this presentation shows the amount of consolidated net income attributable to, excluding noncontrolling interests. Total shareholders equity shows the amount of total equity attributable to Mitsubishi Corporation, excluding noncontrolling interests. The Global Environmental & Infrastructure Business shows the earnings connected with infrastructure-related businesses of the Global Environmental & Infrastructure Business Group that were previously included in Adjustments and Eliminations. Past figures for each segment have been restated on the basis of the new organization structure following an internal corporate reorganization in April Consolidated net income estimate for year ended March 2014 (IFRS) is an estimated restatement of the result for the year ended March 2014 (US GAAP) in terms of International Financial Reporting Standards (IFRS). It takes into account the estimated financial impact of adopting IFRS and the difference between US GAAP and IFRS that can be recognized in certain line items. Consequently, the consolidated financial statements for herein may differ materially from the statements based on International Financial Reporting Standards the Company will disclose in its Annual Securities Report, at a later date.

3 1. Consolidated Net Income for the Year Ended March 2014 May 9, 2014 Surpassed the revised forecast to achieve billion yen in consolidated net income Net income from non-resource fields was a record billion yen, significantly higher than net income from resource fields Mar (results) billion yen Mar (revised forecast) billion yen Mar (results) billion yen Energy Business and Metals* Industrial Finance, Logistics & Development, Machinery, Chemicals and Living Essentials Adjustments and Elimination *Steel products operations in Metals are counted in nonresource fields % % % % Consolidated net income for year ended March 2014: billion yen 1

4 2. Investment Plan and Asset Replacement May 9, 2014 Execute new investments centered on the non-resource fields that will pave the way for further growth going forward Steadily execute asset replacement to enhance the asset portfolio Actual (Cumulative Total) 1Q 2Q 3Q 4Q (Billion yen) Main Investment and Divestment Areas Resource LNG and shale gas-related Coking coal/thermal coal business in Australia New Investment Non-resource Aircraft leasing Shipping business Offshore transmission business Brazilian grain company (Subsidiary) Total Portfolio Reshaping Asset sales* Depreciation Total Marketable securities available for sale Sales of assets in automobile financing company Aircraft leasing Real estate Shipping business Net Investment (30) 120 *Profit and loss on sales is not included in the amount of Asset sales. 2

5 3. Financial Policies Maintain financial soundness by limiting net investment to within the scope of consolidated net income Free cash flow was a positive 75.4 billion yen in the year ended March Midterm Corporate Strategy 2012 (Cumulative 3-year results) New Strategic Direction (Cumulative 3-year forecasts) Gross investment (A) 2,600 billion yen ( 2014 results) 2,000-2,500 billion yen 800 billion yen Depreciation, amortization and asset replacement (B) 1,000 billion yen 1,500 billion yen 700 billion yen Net investment (A-B) 1,600 billion yen 500-1,000 billion yen 100 billion yen Consolidated net income 1,300 billion yen 1,100 billion yen or more 400 billion yen NET DER 1.0 (as of March 31, 2013) Around Free cash flow -800 billion yen billion yen 3

6 4. Forecasts for Year Ending March 2015 May 9, 2014 Consolidated net income forecast to increase from 360 billion yen (IFRS estimate) in year ended March 2014 to 400 billion yen in year ending March estimate (IFRS) Approx. 360 billion yen Year ending March 2015 forecast (IFRS) 400 billion yen Energy Business and Metals* Industrial Finance, Logistics & Development, Machinery, Chemicals and Living Essentials Adjustments and Elimination *Steel products operations in Metals are counted in nonresource fields % % 9 Consolidated net income plan for year ending March 2015: 400 billion yen 4

7 5. Dividend Policy Dividend in the year ended March 2014 was a record 68 yen per share The dividend forecast for the year ending March 2015 is 60 yen per share. Along with a 10 yen per share dividend commemorating the 60th anniversary of s historic re-merger, the Company is scheduled to pay a total dividend of 70 yen per share. Dividend in year ended March 2014 Year ending March 2015 dividend forecast Consolidated net income billion yen 400 billion yen Dividend per share Variable dividend Base dividend 18 yen 50 yen 68 yen 60th anniversary commemorative dividend Variable dividend Base dividend 10 yen 10 yen 50 yen 70 yen 5

8 Overview of Results for the Year Ended March

9 Year-over-Year Segment Net Income by Resource and Non-resource Field [Resource] (47%) 171.6(40%) (Billion yen) Energy Business Metals Resource Energy Business (+4%) The increased earnings reflect gains on the sale of shares and higher dividend income from overseas resource-related business investees, despite higher exploration costs. Metals Resource (-14%) The lower earnings reflect lower equity-method earnings and dividend income from resource-related investees, despite higher earnings posted at an Australian resource-related subsidiary (coking coal) [Non-resource] (53%) 259.0(60%) (Billion yen) Global Environmental & Infrastructure Business Industrial Finance, Logistics & Development Machinery Chemicals Living Essentials Metals Non resource *Earnings related to steel products operations in Metals are counted in Non-resource fields. Global Environmental & Infrastructure Business (+54%) The higher earnings mainly reflect a one-time gain associated with price revisions in offshore power transmission operations. Industrial Finance, Logistics & Development (+24%) The higher earnings mainly reflect increased earnings in the fund investment and aircraft leasing-related businesses. Machinery (+57%) Earnings rose due mainly to an absence of impairment losses recorded on company-owned vessels in the previous fiscal year, strong performances in Asian automobile-related operations, the yen s depreciation and gains on the sale of assets. Chemicals (+45%) Earnings increased mainly due to gains on the sale of shares and higher earnings on transactions at a petrochemical business-related company. Living Essentials (+1%) Earnings increased mainly due to strong performances in food-related businesses, despite equity-method earnings falling as a result of divestment of affiliated investees. Metals Non-resource (+90%) The higher earnings reflected gains on the sale of shares and the absence of share write-downs recorded in the previous fiscal year. 7

10 Cash Flows Operating cash flows Investing cash flows Free cash flows (Billion yen) [Cash Flows for the Year Ended March 2014] Operating Cash Flows : billion yen Operating cash flows provided net cash mainly due to cash flows from operating transactions at subsidiaries and dividend income from investees, mainly resourcerelated businesses, despite an increase in cash requirements due to changes in assets and liabilities associated with operating activities. Investing Cash Flows: billion yen (138.5) (262.6) (550.2) (349.2) (182.7) Investing activities used net cash mainly due to capital expenditures by metals resourcerelated subsidiaries and investments in energy resource businesses and offshore power transmission operations, despite cash provided by the sale of shares and real estate. (752.5) (1,100.9) Mar Mar Mar Mar Mar

11 Shareholders Equity and Interest-Bearing Liabilities Interest-bearing liabilities (net) Total shareholders' equity Debt-to-equity ratio (net) (Billion yen) 4, , , , , , , , [Main Reasons for Change in Total Shareholders Equity] ( billion yen compared to March 31, 2013) Consolidated net income ( billion yen) 2. Improvement in foreign currency translation adjustments ( billion yen) 3. Payment of dividends (-98.9 billion yen) 4. Deterioration in net unrealized losses on derivatives (-61.2 billion yen) [Effect of Currency on Foreign Currency Translation Adjustments] Currency Effect of foreign currency on foreign currency translation adjustments (Estimate, billion yen) Mar. 31, 2013 rate (Yen) Mar. 31, 2014 rate (Yen) Mar. 31, 2011 Mar. 31, 2012 Mar. 31, 2013 Mar. 31, 2014 US$ AUS$ (20) Euro British Pound CAN$

12 Restatement of Year Ended March 2014 Results According to International Financial Reporting Standards (IFRS) Consolidated net income 2014 results (US GAAP) FVTOCI adjustment -70 Write-down adjustment -20 Other estimates (IFRS) (Billion yen) (Approx. -85) Shareholders equity 4, FVTOCI adjustment Write-down adjustment -35 Approx Other 5,070 10

13 Forecasts for the Year Ending March 2015 (IFRS) 2014 estimate (IFRS) Year ending March 2015 forecast (IFRS) Increase or decrease Consolidated net income Approx. 360 billion yen 400 billion yen +40 billion yen (11%) Approx [Forecasts by Segment] Resource 34% 66% Approx. 120 Approx Resource 43% Nonresource Nonresource 57% Energy Business Metals Global Environmental & Infrastructure Business Industrial Finance, Logistics & Development Machinery Chemicals Living Essentials Other Approx.10-1 March 2014 estimate (IFRS) 9 Year ending March 2015 forecast (IFRS) 57 9 Adjustment and Eliminations 11

14 (Reference) Market Conditions [Foreign Exchange, Interest Rate and Commodity Prices Sensitivities] Mar Actual Mar Actual (a) Forecasts for year ending Mar (b) Increase and decrease (b)-(a) Net Income Sensitivities Foreign Exchange (yen/us$) Yen Interest(%) TIBOR US$ Interest(%) LIBOR Depreciation (appreciation) of 1 yen per US$1 has a 2.5 billion yen positive (negative) impact on a full year basis. The effect of rising interest rates is mostly offset by an increase in operating and investment profits. However, a rapid rise in interest rates can cause a temporary negative effect. Crude Oil Prices(US$/BBL) (Dubai) Copper (US$/MT) 7,854 7,104 7, [ /lb ] [ 356] [ 322] [ 340] [ 18] A US$1 rise (decline) per barrel increases (reduces) full-year earnings by 1.0 billion yen. Besides crude oil price fluctuations, other variables such as the different fiscal years of consolidated companies, the timing of the reflection of the crude oil price in sales prices, the dividend policy and sales volume affect crude oil-related earnings as well. Therefore, the impact on earnings cannot be determined by the crude oil price alone. A US$100 rise (decline) per MT increases (reduces) full-year earnings by 1.3 billion yen. Besides copper price fluctuations, other variables such as the grade of mined ore, the status of production operations, and reinvestment plans (capital expenditure) affect earnings from copper mines as well. Therefore, the impact on earnings cannot be determined by the copper price alone. 12

15 Appendix 13

16 Global Environmental & Infrastructure Business (Infrastructure-related Business) Segment (Billion yen) 30.0 Consolidated net income 1Q 2Q 3Q 4Q May 9, * Infrastructure-related business includes power generation (thermal, new energy), water, transportation infrastructure, engineering and plant projects business. * Following a reorganization on April 1, 2013, the Machinery Group s Plant & Engineering Business Division was transferred to the Global Environmental & Infrastructure Business Development Group Gross profit Operating income (12.8) (11.6) Equity in earnings of Affiliated companies Consolidated net income Segment assets <Overview of Results for the Year Ended March 2014 (US GAAP)> The segment recorded consolidated net income of 22.2 billion yen, up 7.8 billion yen year over year. The higher earnings mainly reflect a one-time gain associated with price revisions in offshore transmission operations. 14

17 Industrial Finance, Logistics & Development Segment (Billion yen) Consolidated net income 1Q 2Q 3Q 4Q Full Year (7.9) (7.9) *Following a reorganization on April 1, 2012, a part of the Logistics Division (Insurance Business Unit) was transferred to the Corporate Staff Section. The figures for the year ended March 2012 and prior years have been restated according to this reorganization Gross profit Operating income Equity in earnings of Affiliated companies Consolidated net income Segment assets 1, ,054.4 <Overview of Results for the Year Ended March 2014 (US GAAP)> The segment recorded consolidated net income of 31.1 billion yen, up 6.1 billion yen year over year. The higher earnings mainly reflect increased earnings in the fund investment and aircraft leasing-related businesses. 15

18 Energy Business Segment (Billion yen) Q 2Q 3Q 4Q Consolidated net income Crude Oil (Dubai) (US$/BBL) March 2009 March 2010 March 2011 March 2012 March 2013 March 2014 April - June July - Sept. Oct.- Dec. Jan.- March Gross profit Operating income 11.2 (2.9) Equity in earnings of Affiliated companies Consolidated net income Segment assets 1, ,179.9 <Overview of Results for the Year Ended March 2014 (US GAAP)> The segment recorded consolidated net income of billion yen, up 5.5 billion yen year over year. The increased earnings reflect gains on the sale of shares and higher dividend income from overseas resource-related business investees, despite higher exploration costs. 16

19 (Billion yen) Metals Segment 1Q 2Q 3Q 4Q Consolidated net income Restatements in line with equity-method consolidation: *Coal & Allied: Only full fiscal years have been restated in the year ended March 2010 (the impact of the restatement is included in the fourth quarter figure), and from the year ended March 2011 onwards each quarter has been restated. *Anglo American Sur: Each quarter stating with the three months ended March 2012 has been restated Data from Main Consolidated Subsidiaries [Changes between year ended March 2013 and year ended March 2014; billion yen] Steel product Metal One Corporation +1.1 [ ] Coal MDP +6.4 [(2.4) 4.0] Iron Ore M.C. Inversiones(CMP) +4.7 [ ] IOC +4.8 [ ] Copper JECO Corporation /JECO 2 (Escondida copper mine) MC Copper Holdings B.V. (Los Pelambres copper mine) Antamina (non-consolidated) Dividend (after tax) MC Resource Development (AAS) -3.8 [ ] -2.6 [ ] +2.7 [ ] +7.2 [(1.5) 5.7] Gross profit Operating income (13.3) 57.4 Equity in earnings of Affiliated companies Consolidated net income Segment assets 4, ,341.6 <Overview of Results for the Year Ended March 2014 (US GAAP)> The segment recorded consolidated net income of 41.2 billion yen, up 4.3 billion yen year over year. The increased earnings reflect higher earnings posted at an Australian resource-related subsidiary (coking coal) and gains on the sale of shares despite decreases in equity-method earnings and dividend income from resource-related investees. 17

20 Machinery Segment (Billion yen) Consolidated net income 1Q 2Q 3Q 4Q Full Year *Following a reorganization on April 1, 2013, the Plant & Engineering Business Division was transferred to the Global Environmental & Infrastructure Business Group. The figures for the year ended March 2013 and prior years have been restated according to this reorganization March 2013 March 2014 Gross profit Operating income Equity in earnings of Affiliated companies Consolidated net income Segment assets 1, ,901.7 <Overview of Results for the Year Ended March 2014 (US GAAP)> The segment recorded consolidated net income of 87.1 billion yen, up 31.5 billion yen year over year. The higher earnings mainly reflected an absence of impairment losses recorded on company-owned vessels in the previous fiscal year, strong performances in Asian automobile-related operations, the yen s depreciation and gains on the sale of assets. 18

21 Chemicals Segment (Billion yen) Consolidated net income Q 2Q 3Q 4Q Gross profit Operating income Equity in earnings of Affiliated companies Consolidated net income Segment assets ,007.0 <Overview of Results for the Year Ended March 2014 (US GAAP)> The segment recorded consolidated net income of 32.8 billion yen, up 10.2 billion yen year over year. Earnings increased mainly due to gains on the sale of shares and higher earnings on transactions at a petrochemical business-related company. 19

22 Living Essentials Segment (Billion yen) Consolidated net income 1Q 2Q 3Q 4Q * In the year ended March 2011, Mitsubishi Shokuhin (then RYOSHOKU) changed its fiscal year to end in March. The figures for the year ended March 2010 has been restated for the full year only. (The impact of the restatement is included in the fourth quarter figure.) From the year ended March 2011, the figures have been restated quarterly Gross profit Operating income Equity in earnings of Affiliated companies Consolidated net income Segment assets 2, ,691.5 <Overview of Results for the Year Ended March 2014 (US GAAP)> The segment recorded consolidated net income of 68.3 billion yen, up 0.8 billion yen year over year. The increase reflects strong performances in food-related businesses, despite equity-method earnings falling as a result of divestment of affiliated investees. 20

23 Global Environmental & Infrastructure Business 1 Mega Solar Power Generation Business in Japan By means of FIT introduced in July 2012, developing 11 mega solar power generation projects (total 155 MW) 2 Mega Solar Power Generation Business in Thailand Operating a solar photovoltaic project in Lop Buri, Thailand, with a generating capacity of 84 MW of electricity, making it one of the largest such projects in the world. 3 Offshore Wind Farm Business in Europe Operating one of the world s largest offshore wind power stations in the North Sea (130 MW) 4 Offshore Power Transmission in Europe Building and operating one of the world s largest power transmissions (800 km) for offshore wind power in the North Sea and around the U.K. 5 Swing Corporation Established in 2010 by MC, JGC Corporation and EBARA CORPORATION, Swing combines the partners respective strengths as a comprehensive water services company. The company was renamed Swing Corporation in TRILITY Group A comprehensive water services provider in Australia. TRILITY is developing EPC services, O&M services, asset management and business operations in the water and wastewater treatment, industrial and resource fields. 7 Dubai Metro Fully automated driverless train operating on the world s longest line (76 km completed September 2011; Guinness World Records) 8 New Ulaanbaatar International Airport in Mongolia Constructing a new international airport on the outskirts of Ulaanbaatar as the joint venture leader 21

24 Global Energy Resource- Related Businesses Equity Share of Production (Thousand BBL / Day) Natural Gas Dec. 31, 2008 Equity Share of Oil and Gas Production Amount (Yearly Average) * Crude oil/condensate Dec. 31, Dec. 31, 2010 Dec. 31,2011 * Oil equivalent. Includes consolidated subsidiaries and equity-method affiliates. ** Participating interest equivalent. Includes reserves based on MC s in-house methodology. 148 Dec. 31, Dec. 31, 2013 Year ending Dec. 31, 2014(Est.) MC s Reserves Crude oil Condensate 0.23 billion barrels Natural gas 1.41 billion barrels Total 1.64 billion barrels*, ** (As of December 31, 2013) 22

25 Natural Gas Business (Million Tons / Year) Equity Share of LNG Production Capacity Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 (Est.) Tangguh* Sakhalin II* Qalhat (Oman) Oman North West Shelf* Malaysia III* Malaysia II Brunei *Owns upstream working interest Others 63% World s LNG Imports Japan 37% LNG Imports to Japan and MC s share Others 64% 87.7 (Million Tons) MC 36% (Million Tons / Year) World s LNG Demand Forecast Expected average annual growth rate is about 5.0% 240 Approximately 1.4 times (Year Ended March 2014) *MC s share includes imports where MC s only involvement is trading. Japan is currently the world s largest LNG importer, accounting for approximately 37% of the world s LNG imports. MC handles around 36% of Japan s LNG imports World s LNG demand was 240 million tons in 2013, which is expected to grow nearly 1.4 times by 2020 (MC estimate). 23

26 Global Metal Resource-Related Businesses Imports to Japan and MC Share (CY2013; million tons) Iron Ore MC 5% Coking Coal MC 31% Copper MC 17% Thermal Coal MC 16% Aluminum MC 20% Others 95% Others 69% Others 83% Others 84% Others 80% *MC s share includes imports where MC s only involvement is trading. 24

27 Metal Resource-Related Projects May 9, 2014 Product Project Country Annual Production Capacity (*) Main Partners MC Share * Note s BMA Australia Coking Coal, etc., 62.5 mt (**) BHP Billiton 50.00% For details see pages 26 and 27 Warkworth Australia Thermal Coal, etc., 8 mt (***) Coal & Allied 28.90% - Coal&Allied Australia Thermal Coal, etc., 25 mt (***) Rio Tinto 20.00% Coal Thermal Coal, 12.2 mt (At full Clermont Australia Rio Tinto, J-Power 31.40% production) Ulan Australia Thermal Coal, 7.2 mt Glencore Xstrata 10.00% Expansion w ork underw ay. (Production scheduled to commence in 2014) Jack Hills/ Oakajee Port & Rail Aus tralia 100% Expansion Plans - Iron Ore IOC Canada Pellet 12.5 mt Rio Tinto 26.18% Stage 1: 18 22Mtpa Concentrate 8 mt Stage 2: Mtpa (Partial production began in 2013) Expansion Project (12 18Mtpa) CMP Chile Pellet, PF, etc., 14 mt CAP 25.00% Expansion of Los Colorados Mine (+2Mtpa) and development of Cerro Negro Norte Mine (+4Mtpa). Alum inum Mozal (Refinery) Boyne Smelters (Refinery) Mozambique Australia Aluminum 560 kt Aluminum 560 kt BHP Billiton Rio Tinto 25.00% 9.50% (First & Second Series) 14.25% (Third Series) Albras (Refinery) Brazil Aluminum 450 kt Hydro 2.70% Escondida Chile Copper more than 1,200 kt BHP Billiton, Rio Tinto 8.25% (*) Project 100% basis Currently building a new concentrator and expanding leaching pad Plans to raise copper production to more than 1.3 million MT in the year ending March 2016 through this expansion. Los Pelambres Chile Copper 410 kt Luksic Group (AMSA) 5.00% Prioritize the maximum usage of existing infrastructure for the expansion project. How ever, continue the study for the possibility of a large scale expansion in order to exploit the rich resource as much as possible. Copper Anglo American Sur Chile Copper 500 kt Anglo American 20.4% Sold 4.1% in August 2012 and changed equity-method percentage. Nickel, Ferro Alloys Uranium Antamina Peru Copper 450 kt Zinc 400 kt BHP Billiton, Glencore Xstrata, Teck 10.00% Expansion plan completed in Quellaveco Peru (Copper 281 kt) Anglo American 18.10% Acquisition of IFC's interest in Feb Gresik (Refinery) Indonesia Copper 300 kt Freeport Indonesia, Mitsubishi Materials Pacific Metals (Refinery) Japan Ferro-nickel 40 kt Nippon Steel, Nisshin Steel 8.15% Hernic South Africa Ferro-chromium 420 kt IDC, ELG, IFC % Weda Bay Indonesia (Nickel intermediate product 65 kt) Eramet, PT Antam 27.00% Feasibilty study in progress. Kintyre Australia Cameco 30.00% Feasibilty study in progress. AREVA Mongol Mongolia Areva 34.00% Feasibility study in progress. Aquired 34% shareholding from AREVA Mongol in November AREVA Resources Australia Australia Areva (49.00%) JCU Canada Itochu OURD 9.50% 33.33% Under exploration.(hold the option to acquire 49% interest if MDP's share of exploration costs reaches a specified amount.) Holds interest in 15 projects. Under exploration. Feasibility currently under study. Platinum Group Metals Furuya Metal (Precious metal processor) Marathon Japan All types of precious metals products Tanaka K.K., Lonmin 20.30% Canada PGM concentrate 200 k oz (Incl. 17 kt of copper) Stillwater 25.00% Feasibility study in progress. (*) MC Share represents the share of voting rights held. (**) Production at Norwich Park Mine and Gregory Crinium open cut mine indefinitely ceased. (***) As Warkworth and Coal & Allied annual production capacity is not public, the 2013 calendar year production volume is used here. 25

28 Overview of MDP Coal Business BMA Mines (Including Expansion Options) Goonyella Riverside Mine Open cut: Hard Coking Coal Broadmeadow Mine Underground: Hard Coking Coal Daunia Mine Open cut: Hard Coking Coal / PCI (Pulverized Coal Injection) Caval Ridge Mine Open cut: Hard Coking Coal Peak Downs Mine Open cut: Hard Coking Coal Operating Mines Ports Mines under Development Undeveloped Mines Temporary shutdown Mines Expansion Options Saraji Mine Open cut: Hard Coking Coal Saraji East Mine Underground: Hard Coking Coal Norwich Park Mine(Production indefinitely ceased) Open cut: Hard Coking Coal Gregory Crinum Mine (Open cut production indefinitely ceased) Open cut / Underground: Hard Coking Coal Blackwater Mine Open cut: Hard Coking Coal / Weak Coking Coal / Thermal Coal 26

29 Coal Business (Sales, Production, Price and Exchange Rate) (Million tons) MDP Annual Sales Volume(*) (**) (***) Apr-Jun Jul-Sep Oct-Dec Jan-Mar Total Total Hard coking Semi soft Thermal Hard coking Semi soft Thermal Hard coking Semi soft Thermal coal coking coal coal coal coking coal coal coal coking coal coal Year ending March Total 40.2 (*)Includes equity share of thermal coal sales other than from BMA (**)In line with its equity method consolidation, Coal & Allied s production volume has been restated from the year ended March 2011 reflecting its January to December fiscal year. (***)Sometimes the quarterly figures do not exactly add up to the total annual figures due to rounding. BMA Annual Production and Sales Volume (50% Basis) (***) (Million tons) Apr-Jun Jul-Sep Oct-Dec Jan-Mar Production Sales Production Sales Production Sales Year ending March 2014 Despite a partial impact of the rainy season, production volumes at BMA during the forth quarter (Jan-Mar) remained steady from the third quarter (Oct-Dec.) due to the outcome of the improvement of productivity. Benchmark Price Trend of Australian High- Quality Hard Coking Coal to Japan (US$/Ton) Year Ended March Source: The Australian Bureau of Agricultural and Resource Economics- Bureau of Rural Sciences (ABARE-BRS) Australian commodities Wood Mackenzie Press Release Various news media Source: Bloomberg Year Ended March Year Ended March Year Ended March AUD/USD Average Exchange Rate 1Q 2Q 3Q 4Q 2011 U$0.8834/A$ U$0.9047/A$ U$0.9889/A$ U$1.0058/A$ 2012 U$1.0629/A$ U$1.0497/A$ U$1.0122/A$ U$1.0560/A$ 2013 U$1.0063/A$ U$1.0381/A$ U$1.0391/A$ U$1.0386/A$ Year ending March 2014 U$0.9907/A$ U$0.9158/A$ U$0.9277/A$ U$0.8962/A$ *The above exchange rates differ from those actually used by MDP. Year Ended March

30 Iron Ore Business Equity Share of Production Annual/Quarterly Price of Australian Iron Ore to Japan 5 4 (Million tons) 3.7 Dec Total 6.7 Jan-Mar Apr-Jun Jul-Sep Oct-Dec 3.9 Dec Total 6.9 Dec (Jan-Mar) Total 1.5 (USD/ton) Year Ended March 2010 Year Ended March 2011 Year Ended March 2012 Year Ended March 2013 Year Ended March IOC CMP IOC CMP IOC CMP Year Ended Dec.2012 Year Ended Dec.2013 Year Ended Dec

31 Copper Business (Thousand tons) 140 Equity Share of Production Jan-Mar Apr-Jun Jul-Sep Oct-Dec (US$/ton) 12,000 LME Copper Price (Monthly Average) 120 Dec Total 248 Dec Total 259 Dec (Jan-Mar) Total 64 10, , ,000 4, , Antamina Los Anglo American Escondida Pelambres Sur Antamina Los Anglo American Escondida Pelambres Sur Antamina Los Anglo American Escondida Pelambres Sur The Escondida copper mine is the world s largest copper mine, producing more than 1 million tons of copper per year. Years Worth of Mineable Resources: Escondida Mine more than 50 years Los Pelambres Mine more than 50 years Antamina Mine more than 20 years Los Bronces Mine more than 30 years El Soldado Mine 25 years 29

32 Aluminum Business Equity Share of Production LME Aluminum Price (Monthly Average) (Thousand tons) 200 Jan-Mar Apr-Jun Jul-Sep Oct-Dec 3,000 (US$/ton) Dec Total 234 Dec Total 232 Dec (Jan-Mar) Total 54 2, , , , Mozal Boyne Others Mozal Boyne Others Mozal Boyne Others

33 Global Automobile-Related Business (MMC-Related) Spain 10.73Mil Units 2MMC 4K Units(0.6%) MFTBC 110 Units B&M Distributor Portugal 10.13Mil Units 2MMC 2.0K Units(1.2%) MFTBC 400 Units(0.3%) MMP Distributor UK 12.26Mil Units 2MMC 15K Units(0.7%) CCC Distributor SDS Automobile Finance Germany Mil Units 2MMC 22K Units(0.7%) MCEB Automobile Finance Russia 12.13Mil Units(Foreign brand) 2MMC 79K Units (3.7%) MMC Rus Distributor MCFR Automobile Finance MCBR Automobile Finance Poland Mil Units 2MMC 4K Units (1.5%) MCP Distributor China( ) Mil Units 2MMC 67K Units (0.3%) MMSCN(Shanghai) Distributor GMMC(Changsha) Production /Distributor SAME(Shenyang) Engine Production DAE(Harbin) Engine Production As of March 2014 Country District 1 Overall Demand 2 Vehicle sales of MC s partner car maker (share) from Jan. to Dec Distributor Assembling / Distributor Automobile Finance Production Export Others Ukraine Mil Units 2MMC 5 K Units(2.5%) NIKO Export from Japan Taiwan( ) Mil Units 2MMC 38K Units(10.3%) Morocco Mil Units 2MMC 2K Units(2.0%) DM/AHVI Export from Japan South Africa Mil Units 2MMC 5K Units(0.8%) BTL Export from Japan Tunisia 1 50K Units 2 MMC 1K Units(2.0%) LM/SAM Export from Japan India Mil Units 2MMC 2K Units(0.06%) HML Export from Japan Malaysia Mil Units 2MMC 12K Units(1.9%) MMM Distributor / Assembling Vietnam 197 K Units 2MMC 1.4K Units (1.5%) MFTBC 0.8K Units(0.8%) CMC Production /Distributor Mil Units 2MMC 91K Units (7.4%) MFTBC 66K Units(5.4%) KTB Distributor KRM Assembling MKM Engine / Press Components production Indonesia DSF Automobile Finance BAS Used car sales and rental cars BSI IT system Peru 10.2 Mil Units 2MMC 3K Units(1.4%) MFTBC 2K Units(0.8%) MCAP Distributor Chile Mil Units 2MMC 11K Units(2.9%) MMCC Distributor Brazil Mil Units 2MMC 58K Units(1.6%) MMCB Export from Japan ( )MMC s sales in China/Taiwan only includes Mitsubishi brand cars. VSM Assembling / Distributor 31

34 Mitsubishi Motors Corporation (MMC) May 9, 2014 Summary of MMC s Results Announcement for the Year Ended March 2014 (Billion yen, thousand units) Year Ended March 2013 (1) Year Ended March 2014 (2) (Source: MMC Year Ended March 2014 Results Announcement) (2) - (1) Year Ending March 2015 Target (announced on April 24, 2014) Operating transactions 1, , ,300.0 Operating Income Ordinary Profit Net Profit Sales Volume (Retail) 987 1, (1,182) Note: Sales volume excludes OEM sales. MC s Risk Exposure (Billion yen) Approx. 370 Approx. 370 Approx Approx Mar Sep Mar Sep Mar Sep Mar Approx Approx Approx Unrealized gain on shares Unrealized loss on shares Risk exposure to MMC proper Risk exposure to related businesses 32

35 Global Automobile-Related Business (Isuzu-Related) LCV: Light Commercial Vehicle CV: Commercial Vehicle Results for 12 Months Ended March 2014 Germany ISD Germany, Austria and Czech Import and sales The Philippines Mexico Distributor Distributor/assembly Auto finance Production Export/sales Services LCV 1.2K Units IPC Import, assembly and sales IMEX Import, assembly and sales Other Isuzu car sales Belgium LCV 9.1K Units CV 2.7K Units CV 2.6K Units IBX Benelux and Poland Import and sales LCV 0.7K Units Malaysia IMSB Import, assembly and sales LCV 5.7K Units CV 6.3K Units Australia IUA Import and sales LCV 10.7K Units Thailand (Export) IMIT Export and sales Export LCVs CBU 73.7K Units KD 62.4 K Units CBU: Entire Cars KD: kits of parts MC is jointly developing business with Isuzu centered on Thailand, where MC has been selling vehicles over 55 years. LCVs produced in Thailand are exported and sold throughout the world. MC is also expanding sales of CVs to resource-rich and other nations. Total demand in calendar year 2013 in the Thai auto market was 1.33 million units. TIS Sole distributor TISCO Services and parts sales for Isuzu vehicles AUTEC Bus and truck maintenance, sales and services for GM vehicles IAS Dealership Thailand (Domestic) TIL Auto finance TPIT Software development, maintenance and management administration PTB Driver dispatch IMCT Production company IEMT Diesel engine production TID Molds and pressed parts production and sales LCV: 166.5K Units CV: 19.6K Units 33

36 The Value Chain of Food Business in Living Essentials Group Procurement Primary Processing Secondary Processing Distribution Retailing Consumers Agrex (Grain:Americas) Agrex do Brasil (ex. Ceagro) (Grain:Brazil) Riverina (Grain:Australia) Southern Cross Seafood (Salmon:Chile) Ipanema (Coffee:Brazil) Nihon Nosan Kogyo (Feed:Japan) Indiana Packers (Meat:USA) California Oils (Oils & Fats:USA) Dai-Nippon Meiji Sugar (Sugar:Japan) Nitto Fuji Flour (Flour:Japan) Yonekyu (Meat:Japan) Art Coffee (Coffee:Japan) Princes (Canned Food, Beverage:UK) Other Affiliated Manufacturers Other Manufacturers Mitsubishi Shokuhin (Food & Beverage Wholesaler: Japan) Toyo Reizo (Marine Products: Japan) Foodlink (Meat:Japan) Other Wholesalers Convenience Store (Lawson, etc.) Food, General Supermarket (Life Corporation, etc.) Restaurant (Kentucky Fried Chicken Japan, etc.) Other Retailers Main products and related group companies and partners in the business field. 34

37 Earnings and Share Price (Consolidated net income: Billion yen) (Share price: Yen) (PER, PBR: times) Consolidated net income Share price (Annual average) PER PBR March March March March March PER PBR Price-earnings ratio: Shows the relationship between share price and earnings per share Price book-value ratio: Shows the relationship between share price and net assets per share (Note) * PER and PBR were calculated based on market capitalization, as determined by multiplying the average share price for the fiscal year by the number of shares issued at period end. 35