Mitsubishi Corporation · TSE:8058
Mitsubishi — Mitsubishi Corp Ord — Q3 2023 Earnings Presentation
41 slides from Mitsubishi's earnings presentation, Feb 6, 2024
Slide 1: Results for the First Nine Months of FY2023
Results for the First Nine Months of FY2023 Presentation Materials February 6, 2024 Mitsubishi Corporation Forward-Looking Statements - This release contains forward-looking statements about Mitsubishi Corporation’s future plans, strategies, beliefs and performance that are not historical facts. Suc
Slide 2: Contents
Contents 1 Progress of Midterm Corporate Strategy 2024 2 Detailed Results for the First Nine Months of FY2023 3 Supplementary Information of Consolidated Financial Statements 4 Supplementary Information by Segment Copyright © 2024 Mitsubishi Corporation 1
Slide 3: Progress of Midterm Corporate Strategy 2024
1 Progress of Midterm Corporate Strategy 2024 Copyright © 2024 Mitsubishi Corporation 2
Slide 4: Summary of Results for the First Nine Months of FY2023
Summary of Results for the First Nine Months of FY2023 (Billions of Yen) Shareholder Released on Additional First Nine Months FY2022 FY2023 Change Total Returns November 2 Returns Consolidated Dividend per Share 955.8 696.6 (259.2) 70 yen - 70 yen Net Income (After stock split) Share Buybacks 100.0
Slide 5: Cash Flow Allocation Under Midterm Corporate Strategy 2024 (First Nine Months of FY2023)
Cash Flow Allocation Under Midterm Corporate Strategy 2024 (First Nine Months of FY2023) Cash Flow (Reference) Cumulative First Nine Months results under Midterm (Three-year plan for Midterm Corporate Strategy 2024) of FY2023 Details Corporate Strategy 2024 to Revised February 6, 2024 date Underlyin
Slide 6: Cash Flow Allocation Under Midterm Corporate Strategy 2024
Cash Flow Allocation Under Midterm Corporate Strategy 2024 ¥0.5 trillion will be used for share buybacks, out of the additional investments and shareholder returns of up to ¥1.0 trillion in the forecast announced in May 2023. The remainder (estimated at ¥0.5 trillion) could also be allocated to
Slide 7: (Reference) Shareholder Returns
(Reference) Shareholder Returns Midterm Corporate Strategy 2021 Midterm Corporate Strategy 2024 (Billions of Yen) 1,000 Dividend Share Buybacks Additional Returns 800 Additional Returns 600 Additional ¥500.0 bn Returns ¥200.0 bn 400 ¥170.0 bn ¥100.0 bn ¥100.0 bn ¥70.0 bn Approx. Approx. ¥259.3 bn ¥2
Slide 8: (Reference) Progress of Quantitative Targets
(Reference) Progress of Quantitative Targets Quantitative Targets of Midterm Corporate Strategy 2024 Net Income/CF Maintain/Improve Capital Efficiency Ensuring Financial Soundness Consolidated net income (FY2024) ¥800.0 Billion Maintain High Single-A Credit Rating Double-Digit ROE Approx. Post-Retur
Slide 9: Detailed Results for the First Nine Months of FY2023
2 Detailed Results for the First Nine Months of FY2023 Copyright © 2024 Mitsubishi Corporation 8
Slide 10: (Details) Year-over-Year Net Income by Segment
(Details) Year-over-Year Net Income by Segment Consolidated Net Income: First 2022年度 nine months 第2四半期 of FY2022: 7,200 955.8 (Billions of Yen) First 2023年度 nine months 第2四半期 of FY2023: 4,661 (▲2,539 696.6 ：前年同期比) [YoY (259.2)] ■ Natural Gas ■ Automotive & Mobility FY22 115.6 FY22 122.7 Gains relate
Slide 11: (Details) Market Conditions
(Details) Market Conditions Foreign Exchange, Commodity Prices and Interest Rates *1 Consolidated Net Income First Nine Months of Forecast for FY2023 Change Sensitivities for FY2023 FY2023 (Released Nov. 2) (Released Nov. 2) *2 Foreign Exchange (JPY/US$) 143.33 140.53 +2.80 ¥5.0 billion (JPY/US$) Cr
Slide 12: Supplementary Information of Consolidated Financial Statements
3 Supplementary Information of Consolidated Financial Statements Note on previous fiscal year figures In accordance with reorganization and changes in accounting policies, etc., implemented the current fiscal year, the figures in the financial statements and indicators for previous fiscal years have
Slide 13: Consolidated Net Income by Segment
Consolidated Net Income by Segment FY2022 FY2023 FY2023 Forecast Change Q1-3 Q1-3 (Released Nov. 2) excl. excl. excl. One-off Total One-off Total One-off Total Total Progress （Billions of Yen） One-off One-off One-off Natural Gas 4.3 111.3 115.6 ー 129.1 129.1 (4.3) 17.8 13.5 170.0 76% Industrial Mate
Slide 14: Major Items by Segment (Current Period)
Major Items by Segment (Current Period) Balance Sheet Items (FY2023 Q3 End) Industrial Industrial Chemicals Mineral Automotive Food Consumer Power Urban Natural Gas Infra- Others Total (Billions of Yen) Materials Solution Resources & Mobility Industry Industry Solution Development structure Total as
Slide 15: Major Items by Segment (Previous Period)
Major Items by Segment (Previous Period) Balance Sheet Items (FY2022 End) Industrial Industrial Chemicals Mineral Automotive Food Consumer Power Urban Natural Gas Infra- Others Total (Billions of Yen) Materials Solution Resources & Mobility Industry Industry Solution Development structure Total asse
Slide 16: Supplementary Information
Supplementary Information Major Indices Exchange Rates FY2022 FY2023 Change FY2022 FY2023 End Q3 End Indices JPY/US$ *1 *5 Investment leverage ratio 27.3% 25.8% (1.5%) Term End 133.53 141.83 *2 *6 Shareholders' equity ratio 36.4% 37.6% 1.2% Average 135.50 143.33 *2 Equity per share /BPS (Yen) 1,882
Slide 17: Supplementary Information of Consolidated Balance Sheet
Supplementary Information of Consolidated Balance Sheet Consolidated Balance Sheet FY2022 FY2023 Change Remarks (Billions of Yen) End Q3 End Total assets 22,147.5 23,227.0 1,079.5 Current assets 9,109.3 9,553.4 444.1 Increased fund procurement, operating income and Cash and cash equivalents 1,557.0
Slide 18: Supplementary Information of Consolidated Income Statement / Performances of Subsidiaries and Affiliates
Supplementary Information of Consolidated Income Statement / Performances of Subsidiaries and Affiliates Consolidated Income Statement Subsidiaries and Affiliates FY2022 FY2023 FY2022 FY2023 Change Change (Billions of Yen) Q1-3 Q1-3 End Q3 End Gross profit 1,916.2 1,779.6 (136.6) Composition of Subs
Slide 19: Supplementary Information of Cash Flow Statement
Supplementary Information of Cash Flow Statement Consolidated Cash Flow Statement FY2022 FY2023 Change Remarks (Billions of Yen) Q1-3 Q1-3 Decrease in cash flows from operating transactions and Cash flows from operating activities 1,425.0 1,005.1 (419.9) increase in requirements for working capital,
Slide 20: Supplementary Information by Segment (Financials)
4 Supplementary Information by Segment (Financials) Notes for Equity in Earnings of Subsidiaries and Affiliates • Material subsequent events are included when subsidiaries and affiliates have different reporting periods from Parent‘s (April to March). • "Equity Holding“ percentage shows the rate att
Slide 21: Natural Gas Group
Natural Gas Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off 4.3 － (4.3) Trading losses recorded in the previous year and trading 200 170.6 170.0 Excl. One-off 111.3 129.1 17.8 earnings in the LNG sales business, despite
Slide 22: Industrial Materials Group
Industrial Materials Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off 1.4 (3.2) (4.6) 80 Excl. One-off 50.4 48.9 (1.5) Decreased earnings in the Steel business. 62.0 57.0 60 10.2 Total 51.8 45.7 (6.1) 11.3 14.5 40 11.3 F
Slide 23: Chemicals Solution Group
Chemicals Solution Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off 1.9 (7.4) (9.3) Impairment losses and deduction of deferred tax liabilities 40 Excl. One-off 21.9 13.2 (8.7) recorded in the previous year in the Chemic
Slide 24: Mineral Resources Group
Mineral Resources Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off 4.7 11.7 7.0 Decreased earnings due to lower Australian metallurgical coal 500 439.3 Excl. One-off 380.4 205.2 (175.2) prices. 54.2 400 Total 385.1 216.9
Slide 25: Industrial Infrastructure Group
Industrial Infrastructure Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off － － － Increased earnings in the Industrial machinery business and 40 Excl. One-off 25.5 31.1 5.6 31.9 33.0 the Commercial vessels business. 1.9 3
Slide 26: Automotive & Mobility Group
Automotive ＆ Mobility Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off (3.5) 19.5 23.0 Gains related to sales of overseas business, despite 150 131.6 128.0 Excl. One-off 126.2 104.4 (21.8) decreased earnings in the ASEAN
Slide 27: Food Industry Group
Food Industry Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off 2.6 (2.3) (4.9) Impairment losses related to the Overseas food business and 100 64.0 Excl. One-off 65.9 45.0 (20.9) decreased earnings in the Salmon farming
Slide 28: Consumer Industry Group
Consumer Industry Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off (4.3) － 4.3 Increased earnings in the Convenience store business and 50 Excl. One-off 25.5 38.0 12.5 impairment losses on investment in overseas business
Slide 29: Power Solution Group
Power Solution Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off (5.1) (8.4) (3.3) Losses on valuation of electricity and gas procurement contracts in the U.K. retail business in the previous year and 150 Excl. One-off 3.
Slide 30: Urban Development Group
Urban Development Group (Billions of Yen) FY2022 FY2023 Q1-3 Q1-3 Change Remarks Results Results Q1 Q2 Q3 Q4 Q4 (based on Nov. 2 forecast) One-off 81.2 3.4 (77.8) Gains on sale of a real estate management company 150 123.3 Excl. One-off 35.1 23.5 (11.6) recorded in the previous year and decreased ea
Slide 31: Supplementary Information by Segment (Operational Data)
4 Supplementary Information by Segment (Operational Data) Copyright © 2024 Mitsubishi Corporation 30
Slide 32: Global Energy Resources Business Natural Gas Group
Global Energy Resources Business Natural Gas Group Mitsubishi Corporation’s Growth Outlook of Reserves of Oil and Gas *1 LNG Equity Production Capacity *2 Unit: MTPA (Million Tons Per Annum) （As of Dec 31, 2022） 0.208 1.613 1.405 billion barrels Natural Gas *1 Oil equivalent, including non-consolida
Slide 33: Involvement in LNG Projects
Involvement in LNG Projects Natural Gas Group *1 Business Segment: Existing Projects in Production A Investment in exploration & development (upstream), BB Investment in liquefaction plant, C C Marketing and/or import agent, :D Shipping Beginning Annual Production MC’s Business Project of Capacity (
Slide 34: Global Mineral Resources Business
Global Mineral Resources Business Mineral Resources Group Product Project Country Annual Production Capacity *1 Main Partners MC's Share Metallurgical BMA Australia Metallurgical Coal, etc., 57 mil. mt *2 BHP 50.00% Coal Escondida Chile Copper 1,200 kt BHP, Rio Tinto 8.25% Los Pelambres Chile Copper
Slide 35: Metallurgical Coal Business
Metallurgical Coal Business Mineral Resources Group BMA Annual Production and Sales Volume (50% Basis) （mil. mt） Apr-Jun Jul-Sep Oct-Dec Jan-Mar • BMA production in Oct-Dec 2023 decreased by 18% to 5.7 mil. 40.0 mt on a year on year basis. 30.2 29.5 • The decrease was mainly due to an increase in pl
Slide 36: Copper Business: Quellaveco
Copper Business Mineral Resources Group Equity Share Production Volume （kt） Jan-Mar Apr-Jun Jul-Sep Oct-Dec (Due to rounding, the quarterly figures do not necessarily add up to the total annual figures.) CY2020 CY2021 CY2022 CY2023 Total 227 Total 218 Total 248 Total 325 127 * Quellaveco commissione
Slide 37: Global Automobile Business (MMC・MFTBC-Related)
自動車事業本部の世界展開図 Global Automobile Business (MMC・MFTBC-Related) Automotive & Mobility Group GMMC / (As of December 31, 2023) MCBR MMCR GMMSC（Changsha） Automobile Production/Distribution Finance Distribution Country/Region HLL SAME ① Overall Demand Russia （Shanghai） (Shenyang) ② Vehicle sales of MC’s pa
Slide 38: Global Automobile Business (Isuzu-Related)
Global Automobile Business (Isuzu-Related) Automotive ＆ Mobility Group LCV: Light Commercial Vehicle CV: Commercial Vehicle (As of December 31, 2023) Isuzu vehicle sales IPC IMEX ① Overall Demand Production/ ② CV and LCV sales of MC’s Production/ partner car maker (share) IMI Distribution Distribu
Slide 39: Salmon Farming Business
Salmon Farming Business Food Industry Group Cermaq Norway Cermaq 82,300 Canada 10,600 Europe 1,224,900 Russia North 78,300 America Japan 711,000 248,000 Other South Asia America 364,900 197,100 Consumption Cermaq Sales Volume Cermaq (Market Size) （by region） Chile Year: CY2022 Year: FY2022 92,700 Sc
Slide 40: Electric Power Business
Electric Power Electric Business Power Business Power Power Solution Solution GroupGroup Eneco (Netherlands) An integrated energy company Americas mainly active in the Netherlands, Belgium and Germany Japan Diamond Generating Mitsubishi Corporation Energy Solutions (MCES） Corporation (DGC USA) 3,120
Slide 41: Urban Development & Real Estate Business
Urban Development & Real Estate Business Urban Development Group Development Multifamily, Student Housing, North Industrial Properties, America Medical Offices, Senior Living Asset Management Real Estate Equity/Debt Fund Europe Asset Management Vietnam Real Estate Debt Fund Development Large-Scale U