(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

Financial Highlights: The Second Quarter Ended September 30, 2022
1. Consolidated Financial Highlights ( from April 1, 2022 to September 30, 2022 )(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Operating Results(¥Million)
Q2/FY2022

Q2/FY2021

Revenues

821,337

597,087

Operating profit

56,087

20,392

Ordinary profit

599,795

271,843

Profit attributable to owners of parent

601,523

274,848(¥)

Net income per share

1,666.39

764.98

Diluted net income per share

1,659.94

761.85* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.
Accordingly, net income per share and diluted net income per share is calculated on the assumption that the stock split was
conducted at the beginning of the previous fiscal year ended March 31, 2022.

(2) Financial Position(¥Million)
Q2/FY2022

FY2021

Total assets

3,588,441

2,686,701

Total net assets

1,879,559

1,334,866

51.8%

47.4%

Shareholders' equity / Total assets

2. Dividends（¥）
Dividend per share
Q1

Q2

Q3

Year -end

Total

FY2021―300.00―900.001,200.00

FY2022―300.00―――

FY2022 (Forecast)

―

―

―

250.00550.00* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.
Accordingly, the dividends per share for the fiscal year ended March 31, 2022 represent the actual amount of dividends
before the stock split.

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October 31, 2022

3. Forecast for the Fiscal Year Ending March 31, 2023(¥Million)
FY2022
Revenues

1,600,000

Operating profit

86,000Ordinary profit

800,000

Profit attributable to owners of parent

790,000(¥)

Net income per share

2,187.69

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(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

4. Business Performance(1) Analysis of Operating Results(¥ Billion)
Six months

Year-on-year comparison /Variance

From April 1, 2021 toSeptember 30, 2021

From April 1, 2022 toSeptember 30, 2022

Revenue

597.0

821.3

224.2

/

37.6%

Operating profit

20.3

56.0

35.6

/

175.0%

Ordinary profit

271.8

599.7

327.9

/

120.6%

274.8

601.5

326.6

/

118.9%

Exchange rate

¥109.41/US$¥130.98/US$¥21.57/US$

Bunker price*

US$514/MT

US$859/MT

US$345/MT

Profit attributable to owners ofparent*Average price for all the major fuel grades

We recorded revenue of ¥ 821.3 billion, an operating profit of ¥56.0 billion, an ordinary profit of ¥599.7
billion and profit attributable to owners of parent of ¥601.5 billion. We recorded ¥519.1 billion of equity in net
earnings of affiliated companies in non-operating income, mainly due to a significant increase in earnings at
OCEAN NETWORK EXPRESS PTE. LTD. (ONE), an equity method affiliate. The amount of equity in net
earnings of affiliated companies we recorded which was attributable to ONE was ¥494.6 billion.
The following is a summary of business conditions including revenue and ordinary profit/loss per businesssegment.
Upper: Segment Revenue, Lower: Segment Ordinary Profit(¥ Billion)
Six months

Year-on-year comparison /Variance

From April 1, 2021
to September 30, 2021

From April 1, 2022
to September 30, 2022

168.7

235.5

66.8

/

39.6%

14.3

34.5

20.2

/

141.1%

142.6

189.1

46.4

/

32.6%

10.9

22.1

11.2

/

103.2%

238.2

340.2

101.9

/

42.8%

241.3

537.7

296.4

/

122.9%

28.8

26.5

(2.2)

/

(7.9%)

233.5

494.7

261.2

/

111.9%

19.3

19.7

0.3

/

1.9%

6.0

4.7

(1.2)

/

(20.6%)

20.7

28.1

7.4

/

36.0%

(1.6)

(0.2)

1.4

/

－%

7.3

8.5

1.1

/

15.4%

1.8

0.1

(1.7)

/

(92.0%)

Dry Bulk Business
Energy Business
Product Transport BusinessContainerships
Real Property Business
Associated Businesses
OthersNote: Revenue shows sales to external customers

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October 31, 2022

(A) Dry Bulk Business
The weakened sentiment due to the global economic slowdown and improved vessel capacity utilization asa result of the relaxation or removal of COVID-19 quarantine restrictions worldwide have caused the vessel
supply-demand balance to become less tight, negatively impacting the dry bulk market. After peaking in midMay, Capesize bulker rates dropped sharply until the end of August, and although the market tightened
temporarily in September due to typhoons and associated bad weather, the recovery remained limited. For
Panamax bulkers, from April onwards, the continued steady flow of coal and grain shipments sustained themarket despite the impact of the Shanghai lockdown on cargo movements; however, from July, with theworld economy slowing and vessel supply and demand becoming less tight as mentioned earlier, the market
generally remained somewhat weak.
Despite these market conditions, the dry bulk business posted year-on-year improvement in profit, thanks toefforts to reduce market exposure and steady shipments of cargos transported by wood chip carriers, openhatch bulkers and twin-decker multipurpose vessels.
(B) Energy Business<Tankers>
In the very large crude oil carrier (VLCC) market, conditions remained challenging due to the oversupply ofvessels; however, in the last three months of the first half, charter rates improved with a recovery in the volume
of cargo shipped from the Middle East and an increase in transport cargos due to the release from the U.S.
strategic petroleum reserve. In the first three months of the first half, the product tanker market maintained
historically high levels as a result of import restrictions imposed on Russian petroleum products due to Russia's
invasion of Ukraine, triggering a shortage of petroleum products in Europe, mainly diesel, and causing asignificant increase in tonnage miles owing to increased cargo exports from the United States, the Middle East
and Asia. In principle, the product tanker market maintained a firm tone, although there were times whencharter rates declined in certain regions due to a slowdown in shipments caused by rising oil prices andmaintenance at refineries in Europe. In this market environment, by stably performing existing long-term
contracts and endeavoring to reduce costs, the tanker business as a whole posted a year-on-year increase inprofits.
<Offshore>
The FPSO business secured stable profit through existing long-term charter contracts and reported a year-onyear increase in profit partly thanks to the newly commenced project.
<Liquefied gas>
Whilst continuing to generate stable profit through existing long-term charter contracts, the LNG carrierbusiness posted a year-on-year decline in profit partially due to the effect of the expiration of some longterm contracts. The FSRU business posted a year-on-year increase in profit, reflecting the additional
operation brought by the conclusion of a new short-term contract for an existing vessel.
(C) Product Transport Business<Containerships>
ONE, the Company’s equity-method affiliate, saw a sharp fall in spot freight rates from mid-August;nonetheless, the average rate during the period was still considerably higher than the year-ago level. Also
benefiting from long-term contract freight rates that were higher than those a year earlier, the Containerships
business posted substantial year-on-year profit growth.
<Car Carriers>
Transportation volume of completed cars fell due to the global semiconductor shortage, automotive
component shortages attributable to the COVID-19 pandemic and other factors; however,as a result of the optimization of vessel allocation plans and flexible and agile cargo collection activities,
operating efficiency improved and we secured transportation volume mostly unchanged year on year, leading
to higher profit than a year earlier.
<Terminal and Logistics>
Container volumes in the terminal business and air and marine cargo movements in the logistics businessremained at high levels from the start of the fiscal year, resulting in an increase in profit year on year.

4

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

<Ferries and Coastal RoRo Ships>
The number of passengers increased year on year, reflecting the capturing of demand during long holidays.
The cargo transportation business also remained on the recovery path, and although some services had to becancelled due to COVID-19 infections among the crew, the ferries and coastal RoRo ships business overall
achieved improvement in profit year on year.
(D) Real Property Business
The real property business secured stable profit, despite a year-on-year drop in profits associated with thereconstruction of some buildings held by DAIBIRU CORPORATION, the core company in the Group’s real
property business.
(E) Associated Businesses
The cruise ship business achieved improved profitability year on year due to an increase in operations. The
tugboat business posted a year-on-year increase in profit due to a rise in the number of vessels requiring
tugboat services entering/leaving port, though the situation varies depending on each company and port under
this business segment.
(F) Others
Other businesses, which are mainly cost centers, include ship operations, ship management, ship charteringand financing. Ordinary profit in this segment decreased year on year.

(2) Outlook for FY2022(For consolidated full fiscal year 2022)
Previous outlook(As of announcement of
Q1 financial results)
Revenue(¥ Billion)
Current outlook(As of announcement of
Q2 financial results)

Comparison / Variance

1,470.01,600.0

130.0 /

8.8%

Operating profit

70.0

86.0

16.0 /

22.9%

Ordinary profit

710.0

800.0

90.0 /

12.7%

Profit attributable toowners of parent

700.0

790.0

90.0 /

12.9%

Exchange rate

¥125.00/US$¥135.00/US$¥10.00/US$

Bunker price *1

US$560/MT

US$420/MT

US$(140)/MT

Compliant fuel price *2

US$940/MT

US$710/MT

US$(230)/MT(Assumptions for the 2nd half)(Assumptions for the 2nd half)*1 HSFO (High Sulfur Fuel Oil) average price*2 VLSFO (Very Low Sulfur Fuel Oil) average price(A) Dry Bulk Business
The Capesize bulker market is expected to remain firm due to solid shipments of iron ore from Australia andBrazil. However, with supply becoming less tight as COVID-19 quarantine restrictions around the world arerelaxed or removed and vessel capacity utilization improves, the kind of high charter rates seen last fiscal year
are unlikely. On the Panamax bulker market, some degree of growth in coal and grain shipments towards theend of the year is expected to bolster charter rates; however, the impact of the emerging global slowdown on
shipments, especially decreased demand for shipments bound for China, still gives cause for concern and rates
are likely to be weaker. On the other hand, it is also conceivable that, depending on the content of the Chinese
Government’s stimulus package, charters rates for both Capesize and Panamax bulkers could be better than
anticipated. Under such conditions, it is difficult to forecast market trend but since we have been working to
reduce our market exposure for some time, we anticipate improvement in profit year on year.

5

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

(B) Energy BusinessOn the very large crude oil carrier (VLCC), although there are negative factors such as the OPEC+ oil output
cuts for October and the slump in oil demand caused by fears of a global recession, we expect the market toremain strong due to the arrival of the winter demand season, the release of more oil from the U.S. reserve, andmore oil product exports from China. Similarly, on the product tanker market, the global slowdown could
potentially lead to a decrease in shipments; however, with the increase in tonnage miles due to alternative
procurement of oil products from Russia, the Chinese government increasing oil product export quotas forstate-owned oil companies, and demand for diesel also expected to grow due to rising gas prices in Europe andthe U.S., charter rates are expected to remain firm.
The offshore business is expected to continue generating stable profit, with the delivery of another newly
built FPSO vessel expected during FY2022.
In the liquefied gas business, the LNG carrier business will continue to maintain stable profit even thoughprofitability is expected to decrease year on year as a result of the expiry of an existing long-term contract. We
expect the FSRU business to report a higher profit as a result of the acquisition of a short-term additional
contract for an existing vessel and its entry into operation.
(C) Product Transport BusinessIn the containerships business, shipments are expected to remain in a downward trend in the second half,
under the impact of the economic instability caused by rising inflation. Whilst freight rates are also likely tocontinue falling as supply becomes less tight with the easing of port congestion, on a full-year basis we expect
profit to be mostly unchanged year on year.
In the car carrier business, as economic activity returns to normal, the transportation volume of completedcars is also expected to remain firm. We will continue flexible initiatives in line with cargo movements while
monitoring the impact of global inflation and other factors on sales of completed cars.
In the terminal and logistics business, from mid-August, supply has not been as tight as during the supply
chain disruptions and profit is expected to fall mainly due to decreased container volumes.
In the business of ferries and coastal RoRo ships, Japan’s first LNG-fueled ferry Sunflower Kurenai willenter service on the Osaka-Beppu route in next January, capturing travel demand, and we plan to increase
revenue in the logistic business by improving truck loading capacity. Overall, passenger and freighttransportation demand are expected to remain on a recovery path and the ferries and coastal RoRo ships
business is expected to return to profitability.
(D) Real Property Business
The real property business is expected to report a decline in rental income as a result of the reconstruction ofa building owned but will continue to post solid profits due mainly to the rising occupancy rates of overseas
properties.
(E) Associated Businesses
The cruise ship business anticipates a recovery in demand as the restrictions on activity to prevent the spreadof COVID-19 are lifted, and profit and loss is expected to improve.

5. Financial Position
Total assets as of September 30, 2022 increased by ¥ 901.7 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 3,588.4 billion. This was primarily due to the increase in investment securities.
Total liabilities as of September 30, 2022 increased by ¥ 357.0 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 1,708.8 billion. This was primarily due to the increase in short-term bank loans.
Total net assets as of September 30, 2022 increased by ¥ 544.6 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 1,879.5 billion. This was primarily due to the increase in retained earnings.
As a result, shareholders’ equity ratio increased by 4.4% compared to the ratio as of the end of the previous fiscal
year, to 51.8%.

6

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October 31, 2022

6. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Consolidated Balance Sheets(¥Million)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Trade receivables
Contract assets
Marketable securities
Inventories
Deferred and prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Vessels
Buildings and structures
Equipment and others
Furniture and fixtures
Land
Construction in progress
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Net defined benefit assets
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

7

As of September 30, 2022

99,878109,891
15,6011,000
46,085
21,54558,748(1,298)351,452

106,043
151,196
8,587
500
58,84429,252
96,238(1,496)449,165

632,105
127,954
25,2905,529
254,594
59,9885,688
1,111,152
36,624

664,711
126,997
27,5395,761
254,481
124,661
8,205
1,212,358
35,930978,848
110,104
8,562
18,9571,217
93,343(23,562)
1,187,472
2,335,249
2,686,701

1,542,309
130,250
9,189
19,006
1,334
216,400(27,505)
1,890,986
3,139,275
3,588,441

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022(¥Million)
As of March 31, 2022
Liabilities
Current liabilities
Trade payables
Short-term bonds
Short-term bank loans
Commercial papers
Accrued income taxes
Advances received
Contract liabilities
Provision for bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Long-term bank loans
Lease liabilities
Deferred tax liabilities
Net defined benefit liabilities
Provision for directors' and corporate auditors'
retirement benefits
Provision for periodic drydocking
Other fixed liabilities
Total fixed liabilities
Total liabilities
Net assets
Owners' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total owners' equity
Accumulated other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net oftax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net oftax
Total accumulated other comprehensive income
Share option
Non-controlling interests
Total net assets
Total liabilities and net assets

8

As of September 30, 2022

96,03423,700
192,170
8,000
8,624
2,188
23,1259,433
50,726
414,002123,563
25,000380,418
71,50012,9282,484
27,248
8,791
78,858730,793

189,500
575,101
10,80374,516
9,355

174,500
541,041
11,16480,072
9,543

1,485

978

15,836
61,233
937,832
1,351,835

18,072
142,714
978,088
1,708,882

65,40023,0901,091,250(2,267)
1,177,474

65,589
－1,485,436(1,565)
1,549,461

34,01026,10927,161

77,86029,232

199,625

6,691

6,182

97,095781
59,514
1,334,866
2,686,701

309,777
701
19,6181,879,559
3,588,441

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

(2) Consolidated Statements of Income(¥Million)
FY2021(Apr. 1, 2021 - Sep. 30, 2021)

FY2022(Apr. 1, 2022 - Sep. 30, 2022)

597,087532,668
64,41844,025
20,392

821,337
698,645
122,691
66,60456,087

3,223
4,208
243,638
8,797
874
260,742

5,811
4,269
519,166
17,463
5,379
552,089

5,986
3,305
9,292
271,843

7,019
1,362
8,381
599,795

4,067
6,998
11,0659,566
13,73623,303

699
2,135
2,834

28
2,633
2,662

280,073

620,436

1,998
278,075
3,227
274,848

16,790603,645
2,122
601,523

Shipping and other revenues
Shipping and other expenses
Gross operating income
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Equity in earnings of affiliated companies
Foreign exchange gains
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of fixed assets
OthersTotal extraordinary income
Extraordinary losses
Loss on sale of fixed assets
OthersTotal extraordinary losses
Income before income taxes and non-controllinginterests
Income taxes
Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

9

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

(3) Consolidated Statements of Comprehensive Income(¥Million)
FY2021(Apr. 1, 2021 - Sep. 30, 2021)

FY2022(Apr. 1, 2022 - Sep. 30, 2022)

278,075

603,645

1,045(7,869)2,739
14,866(2,216)23,76737,547(509)

19,426

162,852

35,862
313,937

215,789
819,434

308,517814,205

5,419

5,229

Net income
Other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net of tax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

10(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

(4) Consolidated Statements of Cash flows(¥Million)
FY2021(Apr. 1, 2021 - Sep. 30, 2021)

FY2022(Apr. 1, 2022 - Sep. 30, 2022)

280,073

620,436

42,796(243,638)(9,167)(7,432)
5,986

47,715(519,166)(1,472)(10,080)
7,019(3,260)(9,008)(8,059)(11,884)(13,137)(3,663)
7,444
14,66150,71918,321(6,246)(2,497)60,296(8,225)(33,449)
7,375(11,761)
22,252(40,444)
71,189121,051(6,731)(13,910)
171,599(3,853)(13,232)

7,536

16,445(36,232)
31,444(386)
510(2,603)(3,583)(78,487)
29,711(2,286)2,890(12,081)(57,041)

Cash flows from operating activities
Income before income taxes and non-controllinginterests
Depreciation and amortization
Equity in losses (earnings) of affiliated companies
Various provisions (reversals)Interest and dividend income
Interest expense
Loss (gain) on sale and retirement of non-current
assetsForeign exchange loss (gain), net
Decrease (Increase) in trade receivables
Decrease (Increase) in contract assets
Decrease (Increase) in inventories
Increase (Decrease) in trade payables
Others, net
Sub totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Purchase of non-current assets
Proceeds from sale of non-current assets
Disbursements for long-term loans receivables
Collection of long-term loans receivables
Others, net
Net cash provided by (used in) investing activities

11(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022(¥Million)
FY2021(Apr. 1, 2021 - Sep. 30, 2021)

FY2022(Apr. 1, 2022 - Sep. 30, 2022)(10,610)25,00041,927(54,204)
50,000(17,800)

187,60363,50035,567(115,067)－(13,700)－(166,094)(16,094)
(742)
(200)
17,273(107,947)(2,327)(579)(119,046)

2,484

10,641

76,47083,436
159,907

6,153
97,135103,288

Cash flows from financing activities
Net increase (decrease) in short-term bank loans
Net increase (decrease) in commercial paper
Proceeds from long-term bank loans
Repayments of long-term bank loans
Proceeds from issuance of bonds
Redemption of bonds
Purchase of shares of subsidiaries not resulting
in change in scope of consolidation
Cash dividends paid by the company
Cash dividends paid to non-controlling interests
Others, net
Net cash provided by (used in) financing activities
Effect of foreign exchange rate changes on cash andcash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of quarter

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October 31, 2022

[NOTE](Notes in the Event of Significant Changes in Shareholders’ Capital)
Since the balance of capital surplus turned negative at the end of the second Quarter of the fiscal year due toadditional purchase of the shares of consolidated subsidiaries, capital surplus was reduced to nil whereby thenegative balance was deducted from retained earnings in accordance with “Accounting Standard for Consolidated
Financial Statements” (ASBJ Statement No.22, September 13, 2013.).
(Changes in Accounting Standards)(Adoption of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has adopted “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021.) from the beginning of the first Quarter of the fiscal year ending March 31,
2023, and in accordance with the transitional treatment prescribed in Paragraph 27-2 of “Implementation Guidanceon Accounting Standard for Fair Value Measurement”, the new accounting policy prescribed by “Implementation
Guidance on Accounting Standard for Fair Value Measurement” will be adopted prospectively. There is no impact
on the quarterly consolidated financial statements.
(Adoption of ASC 842, Lease Accounting)Some of consolidated foreign subsidiaries of the Company adopting Generally Accepted Accounting Principles
in the U.S. have adopted ASC 842, Lease Accounting, effective from the beginning of the first Quarter of the fiscal
year ending March 31, 2023. In accordance with the adoption of the standard, the Company decided to record leasingtransactions of the lessee of the subsidiaries, for all leases in principle, in assets and liabilities on the quarterly
Balance Sheet. In the adoption of the standard, the subsidiaries have adopted a method that recognizes the
cumulative effect on the date of initial application, which is permitted as a transitional treatment.
As a result, “Other investments and other assets” in investments and other assets increased by ¥ 82,761 million,“Other current liabilities” in current liabilities increased by ¥ 6,987 million, and “Other fixed liabilities” in fixedliabilities increased by ¥ 75,774 million at the beginning of the fiscal year. There is no impact on the quarterly
consolidated statements of income in the second Quarter of the fiscal year ending March 31, 2023.
(Changes in Method of Evaluating Inventories)
The MOL Group has mainly adopted the cost method based on the moving average method for evaluating raw
materials and supplies included in inventories. However, the Company and some of its consolidated subsidiaries
changed to the cost method based on first-in first-out method effective from the first Quarter of the fiscal year ending
March 31, 2023.
This change in the evaluation method resulted from our judgment that by taking the opportunity to change thecore system, the Company can more appropriately evaluate inventories and calculate periodic profit or loss withinventory valuation by using the first-in first-out method.
However, because it is impossible in practice to calculate inventories by the first-in first-out method due to thedifference in the recording method of inventory recipient and payment data for past fiscal years from the new coresystem and difficult to calculate the cumulative effect in case it is adopted retrospectively, the Company has adopted
the cost method based on the first-in first-out method effective from the beginning of the fiscal year to the future,recognizing book value at the end of the previous consolidated fiscal year as the beginning balance of the first
Quarter of the fiscal year.
As a result, inventories for the second Quarter of the fiscal year decreased by ¥ 1,387 million, and shipping andother expenses for the second Quarter of the fiscal year increased by the same amount. Consequently, operating
profit, ordinary profit, and income before income taxes and non-controlling interests for the second Quarter of the
fiscal year each decreased by the same amount. In the consolidated statements of cash flows for the second Quarterof the fiscal year, income before income taxes and non-controlling interests decreased by ¥ 1,387 million anddecrease (increase) in inventories increased ¥ 1,387 million.

13

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October 31, 2022

(5) Segment Information
Business segment information:(￥Million)

Reportable Segment
Product Transport Business

Q2/ FY2021(Apr. 1 - Sep. 30, 2021)

Dry Bulk
Business

EnergyBusiness

168,707

142,620

Car Carriers,
Terminal andContainer Logistics,
Ferries andships
Coastal RoRo
ships

Real
Property
Business

AssociatedBusinesses

Sub Total

19,385

20,736

589,708

Adjustment*2

Consolidated*4597,087－

597,087

Others
*1

Total

7,379

Revenues
1.Revenues fromexternal customers
2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

28,825

209,431

117

4,268

142

1,890

1,581

10,95018,951

4,302

23,253(23,253)－

168,825
14,329146,888
10,90428,968233,538

211,322
7,783

20,967
6,014

31,686(1,646)608,659
270,923

11,681
1,875

620,340
272,799(23,253)(956)

597,087
271,843(￥Million)

Reportable Segment
Product Transport Business

Q2/ FY2022(Apr. 1 - Sep. 30, 2022)

Dry Bulk
Business

EnergyBusiness

Containerships

Car Carriers,
Terminal andLogistics,
Ferries andCoastal RoRo
ships

Real
Property
Business

AssociatedBusinesses

Sub Total

235,559

189,109

26,559313,641

19,75528,199812,825

Adjustment*3

Consolidated*4821,337－

821,337

Others
*1

Total

8,511

Revenues
1.Revenues fromexternal customers
2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

99

6,996

135

1,808

1,487

11,69822,224

7,090

29,315(29,315)－

235,658
34,552

196,105
22,156

26,694
494,768

315,450
43,026

21,242
4,775

39,898(217)

835,049
599,062

15,602150

850,652599,213(29,315)582

821,337
599,795* 1. "Others" primarily consists of business segments that are not included in reportable segments, such as the ship operations
business, the ship management business, the ship chartering business and the financing business.
* 2. Adjustment in Segment profit (loss) of ¥ -956 million include the following:¥ -3,992 million of corporate profit which is not allocated to segments, ¥ 2,825 million of adjustment for
management accounting and ¥ 211 million of inter-segment transaction elimination.
* 3. Adjustment in Segment profit (loss) of ¥ 582 million include the following:¥ -4,692 million of corporate profit which is not allocated to segments, ¥ 2,401 million of adjustment for
management accounting and ¥ 2,873 million of inter-segment transaction elimination.
* 4. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.
* 5. Notes to changes in reportable segments etc:(i)“Terminal and Logistics Business,” which was conventionally presented in “Containerships Business,”has been included in the conventional “Car Carriers, Ferries and Coastal RoRo Ships Businesses,”in order to clearly disclose the information related to “Containerships Business,”which has a big impact on the MOL Group’s operating results.
As a result, the name of the conventional segment “Car Carriers, Ferries and Coastal RoRo Ships Businesses,”
was changed to the “Car Carriers, Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses.”(ii)“Real Property Business,” which was conventionally presented in “Associated Businesses,” has been disclosed independently as a reportable segment,
because the significance of “Real Property Business” increased as DAIBIRU CORPORATION became a wholly owned subsidiary of the Company.
(iii) The name of “Energy and Offshore Business” has been changed to “Energy Business.” This change has no impact on segment information.
In addition, Revenues and Segment profit (loss) during the second Quarter of the previous fiscal year are reclassified or adjusted
to conform to the presentation for the fiscal year.
* 6. As stated in (Changes in Method of Evaluating Inventories), the MOL Group has mainly adopted
the cost method based on the moving average method for evaluating raw materials and supplies included in inventories.
However, the Company and some of its consolidated subsidiaries changed to the cost method
based on the first-in first-out method effective from the first Quarter of the fiscal year ending March 31, 2023.
Since it is impossible in practice to calculate the cumulative effect in case it is adopted retrospectively,
the Company has adopted the cost method based on the first-in first-out method effective from the beginning of the fiscal year to the future,recognizing book value at the end of the previous consolidated fiscal year as the beginning balance of the first Quarter of the fiscal year.
Due to the change, compared with the previous method, Segment profit (loss) for the second Quarter under review decreased¥ 1,011 million in the Dry Bulk Business, ¥ 129 million in the Energy Business, ¥ 0 million in the Containerships Business,¥ 243 million in the Car Carriers, Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses, and ¥ 2 million in Others.
There is no impact on Segment profit (loss) in the Real Property Business and the Associated Businesses.

14

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

* 7. We have changed the allocation of general and administrative expenses to company-wide profit and loss
to appropriately reflect expenses in each segment. This new method of allocating general and administrative expenses has been usedfrom the first Quarter of the fiscal year ending March 31, 2023.
In comparison with the results based on the previous method, Segment profit (loss) for the second Quarter under review decreased¥ 1,392 million in the Dry Bulk Business, increased ¥ 73 million in the Energy Business, ¥ 1,497 million in the Containerships Business,¥ 616 million in the Car Carriers, Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses,
decreased ¥ 485 million in the Real Property Business, ¥ 555 million in the Associated Businesses, and increased ¥ 16 million in Others,¥ 230 million in Adjustment in Segment profit (loss).

(Material Subsequent Events)
Please refer to the timely disclosure “Notice of Change to Consolidated Subsidiary Company (Share Transfer) and Recording ofExtraordinary Profit and Loss” dated October 31, 2022.

[REFERENCE PURPOSE ONLY]
Please note that this document has been translated from the Japanese original for reference purposes only and the financial statements
contained is unaudited.
In case of any discrepancy or inconsistency between this document and the Japanese original, the latter shall prevail.

15

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

[ Supplement ]1. Review of Quarterly Results<FY2022>
Q1
Apr-Jun, 2022

Q2
Jul-Sep, 2022

Q3
Oct-Dec, 2022

Q4
Jan-Mar, 2023

374,783

446,554

Operating profit (loss)

23,59732,490Ordinary profit (loss)

284,191

315,604

Income (Loss) before income taxes

288,824

331,612

Profit (Loss) attributable to owners of parent

285,779

315,744

Net income (loss)* per share[￥]

791.96874.46[￥ Millions]

3,134,568

3,588,441

1,465,448

1,879,559

Q1
Apr-Jun, 2021

Q2
Jul-Sep, 2021

Q3
Oct-Dec, 2021

Q4
Jan-Mar, 2022

288,874

308,213331,413

340,810

Operating profit (loss)

8,042

12,35022,02012,593

Ordinary profit (loss)

104,268

167,575

215,848

234,088

Income (Loss) before income taxes

106,423

173,650

219,919

233,001

Profit (Loss) attributable to owners of parent

104,147

170,701

212,339

221,632

Net income (loss)* per share[￥]

290.07474.79589.73614.82[￥ Millions]

2,217,926

2,415,856

2,556,362

2,686,701

827,605

997,357

1,185,367

1,334,866

Revenues

Total Assets[￥ Millions]

Total Net Assets*Profit (Loss) attributable to owners of parent<FY2021>

Revenues

Total Assets[￥ Millions]

Total Net Assets*Profit (Loss) attributable to owners of parent

Note: The Company split its common stock on the basis of three (3) shares per share effective April 1, 2022.
Accordingly, net income per share is calculated on the assumption that the split of shares was conducted at the
beginning of the previous fiscal year ended March 31, 2022.

16

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

2. Depreciation and Amortization(￥ Millions)

Six months ended
Sep.30, 2021

Six months ended
Sep.30, 2022

Vessels

31,133

34,614

3,480

62,902Others

11,662

13,1001,438

23,496

Total

42,79647,715

4,918

86,399

Increase / Decrease

FY2021

3. Interest-bearing Debt(￥ Millions)
As of Mar.31, 2022

As of Sep.30, 2022

Increase / Decrease

Bank loans

767,271921,460

154,189

774,983

Bonds

213,200

199,500(13,700)

213,200

Commercial paper

8,000

71,50063,50065,000

Others12,226

12,644418

20,044Total

1,000,697

1,205,104

204,407

1,073,227

4. Fleet Capacity (MOL and consolidated subsidiaries)
Dry bulkers(No. of ships and deadweight ton)
Car carriersContainerships

LNG carriers*1

Tankers

As of Sep.30, 2021

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

Owned

44

4,780

66

8,666

22

1,440

49

875

16

1,290

Chartered270

23,856

78

3,980

20

1,300

44

732

28

3,196

-

1

35

Others

-

-

-

-

-

-

-

As of Sep.30, 2022

314

28,637145

12,681

42

2,739

93

1,607

44

4,486

As of Mar.31, 2022

319

28,800162

13,413

29

2,106

93

1,614

47

4,698

Ferries &Coastal RoRo ships

Passenger ships

Others*2

Total

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

Owned

10

54

1

4

7

47

215

17,156

Chartered

531

Others--No.of ships

1,000MT

-

-

24

74

469

33,168

-

-

1

1

2

36

As of Sep.30, 2022

15

85

1

4

32

121

686

50,360

As of Mar.31, 2022

15

85

1

4

32

121

698

50,842*1 In addition to LNGC, VLEC, LNG bunkering ships, including LPG/Ammonia ships FSRU from FY2022 1st quarter,
which were classified as tankers in the previous fiscal year.
*2 Coastal ships (excluding RoRo ships) and Cable-laying Ships

5. Exchange Rates
Six months ended
Sep.30, 2021

Six months ended
Sep.30, 2022

Average rates¥109.41¥130.98

Term-end rates¥111.92¥144.81

FY2021

Change¥21.57¥32.89[19.7%]JPY Depreciated¥111.52[29.4%]JPY Depreciated¥122.39

Remark: "Average rates" are average of monthly corporate rates in each term, while "term-end rates" are TTM rates on the last day of each term.

<Overseas subsidiaries>
Term-end rates

As of Jun.30, 2021

As of Jun.30, 2022

¥110.58¥136.68¥26.10[23.6%]

6. Average Bunker Prices

Purchase Prices

As of Dec.31, 2021

ChangeSix months ended
Sep.30, 2021

Six months ended
Sep.30, 2022

Increase / Decrease

US$514/MT

US$859/MT

US$345/MT

17

JPY Depreciated¥115.02

(Unaudited translation of "Kessan Tanshin", provided for reference only)

October 31, 2022

7．Market Information(1) Dry Bulker Market (Baltic Dry Index)(Index: January 1985 = 1,000)

Source : Clarkson Research

Average
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1,658 1,500
2,018
2,475 2,965 2,932 3,188 3,720 4,288
4,820 2,780
2,832
2021
2,931
2022
2,065
1,761 1,835
2,464
2,220 2,943 2,389 2,077 1,412 1,487
Remark) The Graph and the table have different fluctuation ranges as the graph reflects daily figures while the table shows monthly averages.
Monthly Average(2) Tanker Market (Daily Earnings) : VLCC AG/Japan trade (US$Charter Rate/day)

Source : Clarkson Research

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Average2021
8,221 1,639 -1,229
4,243 4,131
92 -1,800-26 1,952
6,201 5,259
4,024
2,726
2022
-1,128 -5,587 -6,886
3,493 -7,435 -13,042 6,196 30,887 58,844
7,260
Remark) The Graph and the table have different fluctuation ranges as the graph reflects weekly figures while the table shows monthly averages.
Monthly Average(3) Containership Market (China Containerized Freight Index) (Index: January 1st 1998 = 1,000)

Source : Clarkson Research

Note: CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container exports from Asia.

18