Mitsubishi Corp Ord (MSBHF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'm Nochi, CFO of Omitsu Bishi Corporation. Thank you very much for joining our FY2025 Q1 earnings presentation, despite your very busy schedule. First, I will provide an overview of FY2025 Q1 earnings. Please find page number 3 at the bottom right corner of the earnings presentation material. Underlying operating cash flow for FY25Q1 was 250.4 billion yen, and consolidated net income was 203.1 billion yen. Underlying operating cash flow progressed 28% against the 4-year guidance. While there are variations across segments due to the timing of dividend income, progress was largely in line with 4-year guidance. Consolidated net income showed 29% progress against the four-year guidance. Slightly higher progress was driven by capital recycling gains and one-time items across multiple business units. However, similar to the underlying operating cash flow, progress was largely in line with four-year guidance of 700 billion yen. Next, I would like to explain the key progress made in Enhance, Reshape and Create, which is a value creation mechanism we outlined in our Corporate Strategy 2027. Thus, regarding our efforts to enhance, the LNG Canada project successfully shipped the first cargo as scheduled. Additionally, a wholly owned subsidiary, Thermac, has reached an agreement to acquire the salmon farming business from Greek Seafood. By expanding production in our core Norwegian operations and our Canadian operations, we aim to achieve further growth for SEMAC. Regarding our reshape initiative, a tender offer for the full acquisition of Mitsubishi Shokuhin was completed in July. Regarding our CREATE initiative, we announced today our plan to make Thai Union Group, a major global seafood processing company primarily using tuna and bonito as raw materials, our equity method a...