Consolidated Financial Results for the Nine-Month Period Ended December 31, 2022 [IFRS]Tokyo, February 3, 2023 - Mitsui & Co., Ltd. announced its consolidated financial results for the nine-month period ended December
31, 2022, based on International Financial Reporting Standards ("IFRS").
Mitsui & Co., Ltd. and subsidiaries( Web Site : https://www.mitsui.com/jp/en/ )President and Chief Executive Officer : Kenichi Hori
Investor Relations Contacts : Maroshi Tokoyoda, Investor Relations Division TEL 81-3-3285-1111
1. Consolidated financial results(1) Consolidated operating results information for the nine-month period ended December 31, 2022
(from April 1, 2022 to December 31, 2022)
Nine-month period ended December 31,
2022

2021
%

%

Revenue

Millions of Yen

11,036,515

28.5

8,589,429

49.6

Profit before Income Taxes

Millions of Yen

1,064,819

28.0

832,204

205.3

Profit for the Period

Millions of Yen

862,34832.6

650,436

210.4

Profit for the Period Attributable to Owners of the Parent

Millions of Yen

840,78732.8

633,256

218.3

Comprehensive Income for the Period

Millions of Yen

929,38930.7

711,263

38.1

Earnings per Share Attributable to Owners of the Parent, Basic

Yen

533.17387.17

Earnings per Share Attributable to Owners of the Parent, Diluted

Yen

532.99387.00

Note:
Percentage figures for Revenue, Profit before Income Taxes, Profit for the Period, Profit for the Period Attributable to Owners of the
Parent, and Comprehensive Income for the Period represent changes from the previous year.
(2) Consolidated financial position information
December 31, 2022

March 31, 2022

Total Assets

Millions of Yen

15,568,985

14,923,290

Total Equity

Millions of Yen

6,326,961

5,795,416

Total Equity Attributable to Owners of the Parent

Millions of Yen

6,120,427

5,605,205

Equity Attributable to Owners of the Parent Ratio

%

39.3

37.6

2. Dividend information
Year ended March 31,
2023

Year ending March
31, 2023 (Forecast)

2022

Interim dividend per share

Yen

Year-end dividend per share

Yen

60

70

Annual dividend per share

Yen

105

135

Note :
Change from the latest released dividend forecast: Yes

65

45

3. Forecast of consolidated operating results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Year ending
March 31, 2023
Profit Attributable to Owners of the Parent
Earnings per Share Attributable to Owners of the Parent, Basic

Millions of Yen

1,080,000

Yen

689.24Note :
Change from the latest released earnings forecast: Yes
4. Others(1) Increase/decrease of important subsidiaries during the period : None
(2) Changes in accounting policies and accounting estimate :(i) Changes in accounting policies required by IFRS

None(ii) Other changesNone(iii) Changes in accounting estimates

Yes

Note :For further details please refer to page 28 "4. Condensed Consolidated Financial Statements (6) Changes in Accounting Estimates".
(3) Number of shares :December 31, 2022
Number of shares of common stock issued, including treasury stock
Number of shares of treasury stock

March 31, 2022

1,592,466,644

1,642,355,644

49,532,351

41,423,291

Nine-month period ended Nine-month period ended
December 31, 2022
December 31, 2021
Average number of shares of common stock outstanding

1,576,960,820

1,635,614,343

This quarterly earnings report is not subject to quarterly review.
A Cautionary Note on Forward-Looking Statements:
This report contains forward-looking statements including those concerning future performance of Mitsui & Co., Ltd. ("Mitsui"), andthose statements are based on Mitsui’s current assumptions, expectations and beliefs in light of the information currently possessed byit. Various factors may cause Mitsui’s actual results to be materially different from any future performance expressed or implied bythese forward-looking statements.
Therefore, these statements do not constitute a guarantee by Mitsui that such future performance will be realized.
For cautionary notes with respect to forward-looking statements, please refer to the "Notice" section on page 22.
Supplementary materials and IR meetings on financial results:
Supplementary materials on financial results can be found on our web site.
We will hold an IR meeting on financial results for analysts and institutional investors on February 3, 2023.
Contents of the meeting (English and Japanese) will be posted on our web site immediately after the meeting.

Table of Contents
1. Qualitative Information(1) Operating Environment……………………………………………………………………...………….…... 2(2) Results of Operations……………………………………………………………………………………….. 3(3) Financial Condition and Cash Flows……………………………………………………………………….. 12
2. Management Policies(1) Forecasts for the Year Ending March 31, 2023......................…………………………………………….... 18(2) Profit Distribution Policy............................................................................................................................... 21
3. Other Information……………………………………………………………………………………………. 22
4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position........................................................…................ 23(2) Condensed Consolidated Statements of Income and Comprehensive Income...............................…............ 25(3) Condensed Consolidated Statements of Changes in Equity...............................................................…........ 26(4) Condensed Consolidated Statements of Cash Flows..............................................................................….... 27(5) Assumption for Going Concern..................................................................................................................… 28(6) Changes in Accounting Estimates.................................................................................................................. 28(7) Segment Information.................................................................................................….................................. 29(8) The Fire Incident of Intercontinental Terminals Company............................................................................ 30(9) Impact of the Security Situation in Northern Mozambique on LNG Project.................................................. 30(10) Impact of the Russia-Ukraine Situation on the Russian LNG Business........................................................ 30- 1 -1. Qualitative Information
As of the date of disclosure of this quarterly earnings report, the review procedures for quarterly financial
statements in accordance with the Financial Instruments and Exchange Act are in progress.
As used in this report, "Mitsui" and the "Company" refer to Mitsui & Co., Ltd. (Mitsui Bussan Kabushiki Kaisha),and "we", "us", "our" and the "companies" are used to indicate Mitsui & Co., Ltd. and its subsidiaries, unlessotherwise indicated.

(1) Operating Environment
In the nine-month period ended December 31, 2022, the sense of a slowdown in the global economy strengthened
due to rising inflation and rapid monetary tightening, mainly in the US, Europe and other developed countries, aswell as the Russia-Ukraine situation and the impact of the zero-COVID policy in China.

In the US, although consumer spending generally continued to recover backed by a strong employment situationand other factors despite continued high inflation, the rapid monetary tightening led to a decline in housing
investment and sluggish growth in capital investment, resulting in a gradual slowdown in the economy. Looking
ahead, the economy is expected to slow further due to continued monetary tightening. In Europe, the economy
deteriorated due to supply constraints, such as those in energy, caused by the Russia-Ukraine situation, as well as
due to a further rise in prices. Looking ahead, there are concerns about the risk of the economy falling into a
recession due to prolonged energy supply constraints, continued high inflation, and monetary tightening. In Japan,
the economy continued to pick up, with consumer spending on a recovery trend amid the ongoing normalization of
economic activity, as well as a recovery in inbound demand due to the easing of border controls. Looking ahead,
the gradual recovery is expected to continue through the added effect of the economic measures implemented at theend of 2022. In China, the economy slowed further due to the impact of the zero-COVID policy and thedeterioration of the real estate market, and the confusion caused by the sharp increase in the number of infected
people due to the change of the zero-COVID policy at the end of 2022 put further downward pressure on theeconomy. Even after the turmoil subsides, a full-fledged economic recovery is expected to be delayed mainly due tosluggish exports caused by the slowdown in the global economy. In Brazil, the economy is expected to slow down
due to monetary tightening and other factors. In Russia, economic activity is expected to remain stagnant due toeconomic sanctions imposed by the international community.
Looking ahead, the global economy is expected to slow further due to continued high inflation in the US, Europe,and other developed countries, the impact of further monetary tightening, uncertainty over the Chinese economy,
the Russia-Ukraine situation, and prolonged supply constraints in energy and other areas.

- 2 -(2) Results of Operations
1) Analysis of Consolidated Income Statements(Billions of Yen)

Current Period

Previous Period

Revenue

11,036.5

8,589.4+2,447.1

Gross Profit

1,018.2

789.8+228.4

Selling, General and Administrative Expenses(511.7)(423.7)(88.0)

Gain (Loss) on Securities and Other
Investments—Net

54.5

(5.7)

+60.2

Impairment Reversal (Loss) of Fixed
Assets—Net(16.1)(14.3)(1.8)

Gain (Loss) on Disposal or Sales of
Fixed Assets—Net

16.8

11.6

+5.2

Other Income (Expense)—Net

22.8

24.8

(2.0)

Interest Income

32.3

14.7

+17.6

Dividend Income

103.4

152.0

(48.6)

Interest Expense(72.9)(35.9)(37.0)

Share of Profit (Loss) of Investments Accounted for
Using the Equity Method

417.4

318.9

+98.5

Income Taxes(202.5)(181.8)(20.7)

Profit for the Period

862.3

650.4

+211.9Profit for the Period Attributable to Owners of the Parent

840.8

633.3

+207.5

Other Income(Expenses)

Finance Income(Costs)Change* May not match with the total of items due to rounding off. The same shall apply hereafter.
Revenue
Revenue for the nine-month period ended December 31, 2022 (“current period”) was ¥11,036.5 billion, an increaseof ¥2,447.1 billion from ¥8,589.4 billion for the corresponding nine-month period of the previous year (“previous
period”).
Gross Profit

Mainly the Energy Segment, the Machinery & Infrastructure Segment and the Chemicals Segment recorded anincrease, while the Mineral & Metal Resources Segment recorded a decrease.

- 3 -Selling, General and Administrative Expenses
Mainly the Machinery & Infrastructure Segment and the Chemicals Segment recorded an increase in expense. The

table provides a breakdown.
Billions of Yen
Current Period
Personnel …………………………………….

¥(278.7)

Previous Period¥(236.8)Change*¥(41.9)

Welfare ………………………………………

(10.1)

(8.5)

(1.6)

Travel ………………………………………..

(18.6)(7.5)(11.1)

Entertainment ………………………………..

(4.6)

(2.2)

(2.4)

Communication ……………………………...

(40.1)(35.8)(4.3)

Rent ………………………………………….

(8.3)

(6.7)

(1.6)

Depreciation …………………………………

(31.4)(25.9)(5.5)

Fees and Taxes ………………………………

(12.1)

(7.8)

(4.3)

Loss Allowance ……………………………...

(15.0)(11.2)(3.8)

Others ………………………………………..

(92.8)(81.3)(11.5)

Total …………………………………………

¥(511.7)¥(423.7)¥(88.0)*Negative amounts in the “change” column displayed in parentheses represent an increase in expenses.

Other Income (Expenses)
Gain (Loss) on Securities and Other Investments—Net
For the current period, the Mineral & Metal Resources Segment and the Innovation & Corporate Development

Segment recorded gains on sales of securities, while the Machinery & Infrastructure Segment recorded an
impairment loss.
For the previous period, the Lifestyle Segment recorded gains from the sales of shares, while the Machinery &Infrastructure Segment recorded an impairment loss.
Impairment Reversal (Loss) of Fixed Assets—Net
For the current period, mainly the Machinery & Infrastructure Segment recorded an impairment loss of fixed assets.
For the previous period, mainly the Energy Segment recorded an impairment loss of fixed assets.
Gain (Loss) on Disposal or Sales of Fixed Assets—Net
For the current and previous periods, mainly the Innovation & Corporate Development Segment recorded gains onsales of fixed assets.
Other Income (Expense)—Net

For the current period, multiple segments recorded an increase in relation to foreign exchange profits, the Lifestyle
Segment recorded a profit from a valuation gain on an options contract, and the Chemicals Segment recorded
insurance proceeds.
For the previous period, mainly the Chemicals Segment recorded insurance proceeds.
Finance Income (Costs)
Dividend Income
Mainly the Mineral & Metal Resources Segment and the Energy Segment recorded a decrease.
Share of Profit (Loss) of Investments Accounted for Using the Equity Method
Mainly the Energy Segment and the Machinery & Infrastructure Segment recorded an increase.

- 4 -Income Taxes
Income taxes for the current period were ¥202.5 billion, an increase of ¥20.7 billion from ¥181.8 billion for theprevious period.
The effective tax rate for the current period was 19.0%, a decrease of 2.8 points from 21.8% for the previous period.

Income taxes decreased due to the tax effect of a portion of equity method profit - which increased, not being
recognized.
Profit for the Period Attributable to Owners of the Parent
As a result, profit for the period attributable to owners of the parent was ¥840.8 billion, an increase of ¥207.5
billion from the previous period.

- 5 -2) Operating Results by Operating Segment
The fluctuation analysis for the results by operating segment is as follows.

Note, “Others” includes income taxes, but generally, the impact of income taxes are not included in the
explanations in the “description” column relating to each account title.
Mineral & Metal Resources Segment(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Gross Profit

Current Previous
ChangePeriod Period
355.4

282.7

370.9

303.7

Description(15.5)(21.0)● Iron ore mining operations in Australia -64.1(lower prices)● Coal mining operations in Australia +36.3(higher prices)● Coal mining operations in Australia (higher

Profit (Loss) of Equity
Method Investments

103.2

102.7

+0.5

prices)● Inner Mongolia Erdos Electric Power &Metallurgical +5.0 (good performance offerroalloys and chemicals businesses)● Iron ore mining operations in Australia-13.2 (lower prices)1● Oriente Copper Netherlands* -6.7 (lower
prices)2● Japan Collahuasi Resources* -5.6 (lower
prices)Dividend Income
Selling, General and

Administrative Expenses

51.6

88.8

(37.2)(25.6)(22.2)(3.4)● Lower dividend from Vale and iron ore

mining operations in Australia● Gain on sale of Stanmore Mitsui Coal +36.7● Increase due to copper price hedge
Others(56.5)(102.1)+45.6

transactions● Japan Collahuasi Resources -6.2 (absence of adeferred tax liability reversal in the previous
3

period* )*1 An investor in Inversiones Mineras Becrux, which invests in Anglo American Sur, a copper mining company inChile.
*2 An investor in Compañía Minera Doña Inés de Collahuasi, a copper mining company in Chile.
*3 A deferred tax liability reversal related to the restructuring of Japan Collahuasi Resources.

- 6 -Energy Segment(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
190.8

28.3

Description+162.5● Increase in LNG Trading (increase in offtake
volume)● Mitsui E&P USA +33.3 (higher gas prices)● Mitsui E&P Australia +32.0 (higher oil

Gross Profit

194.8

41.2

+153.6

prices)● Mitsui E&P Italia B +10.2 (costimprovements, higher oil prices)● Mitsui E&P Middle East +10.0 (higher oil
prices)● MEP Texas Holdings +9.4 (higher oil and gas
prices)● MOEX North America +5.9 (higher oil
prices)● Decrease in fuel supply related business -4.7
● Increase in Japan Australia LNG (MIMI)

Profit (Loss) of Equity
Method Investments

78.4

24.0

+54.4

(higher oil and gas prices)● Japan Arctic LNG +5.1 (oil price and foreignexchange valuation profit )● Mitsui Oil Exploration +3.1 (changes to leaseaccounting, other factors)
1

Dividend Income
Selling, General and

Administrative Expenses

32.5

46.4

(13.9)(43.2)(36.9)(6.3)● 4 LNG projects* -15.2 (current period +30.8,
previous period +46.0)● Mitsui Oil Exploration -4.2 (recorded
provision)● Mitsui Oil Exploration income tax increase+14.3 (recognition of tax deductible expense inconnection with expiration of a concession
Others(71.7)(46.4)(25.3)

agreement, other factors)● Foreign exchange hedge related profit in fuelsupply business, other factors +5.7
2

● Absence of valuation loss* in Mitsui Oil
Exploration Block M-3 exploration project inprevious period +4.6

*1 Sakhalin II, Abu Dhabi, Oman and Qatargas 3. Includes Qatargas 1 for which interest expired during theprevious year.
*2 For the previous period, Mitsui Oil Exploration recorded an impairment loss of ¥7.3 billion for Block M-3
exploration project and profit of ¥2.7 billion in relation to a reversal of reserve for an overseas investment loss.

- 7 -Machinery & Infrastructure Segment(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
131.1

92.2

Description+38.9● Construction & industrial machinery

Gross Profit

147.7

103.0

+44.7

businesses+9.1 (increase in unit sales)● Inversiones Mitta consolidation +7.5
● Bussan Auto Finance +6.1 (increase ininterest income due to an accumulation ofoperating assets)● Position Partners consolidation +3.4
● MBK USA Commercial Vehicles +18.0(good performance of truck leasing and rental
business)● Penske Automotive Group +7.8 (good sales
performance)● Tanker owning company (increase in vessel

Profit (Loss) of Equity
Method Investments

151.7

109.1

+42.6

related revenue)● FPSO +5.3 (increase due to MV30/31
operations starting)● Canadian automobile company (increase inunit sales, decrease in sales promotion
expenses)● VLI -5.1 (impairment loss of fixed assets
1-7.0* )
● IPP -4.3 (weak performance at Mainstream’s
projects in Chile, weak performance in Ontario,
Canada, mark-to-market valuation gain of
power derivatives in Australia)
Dividend Income

3.1

3.2

(0.1)
● Bussan Auto Finance -3.6 (increase of

Selling, General and
Administrative Expenses(120.6)(91.2)(29.4)

provisions due to an accumulation of operating
assets)● Position Partners consolidation -3.5
● Fixed asset valuation loss in Brazilian*2

Others(50.8)(31.9)(18.9)

passenger railway business -8.4
*3
● MT Falcon impairment loss current period:-3.1, previous period: -9.7
● Decrease in corporate income tax burden
resulting from the sale of financial assets*4

measured at FVTOCI +5.7
*1 VLI recorded a fixed asset impairment loss of ¥7.0 billion due to reassessment of recoverable amount of someassets related to a Brazilian freight railway concession.

*2 A fixed asset impairment loss was recorded based on the latest estimation regarding the decrease in revenue andthe increased discount rate for the passenger railway business in Brazil.
- 8 -*3 For the current period, an impairment loss of ¥3.1 billion was recorded, based on the conclusion of a sale andpurchase agreement for the shares of MT Falcon Holdings. For the previous period, an impairment loss of ¥9.7

billion was recorded, based on the conclusion of a sale and purchase agreement for the shares of MT Falcon
Holdings.
*4 The corporate income tax burden was reduced due to tax expenses being recognized as other comprehensive
income resulting from the sale of financial assets measured at FVTOCI.
Chemicals Segment(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
54.7

51.6

Description+3.1● Increase in fertilizer related trading (higher
prices)● Novus International +5.6 (higher prices)
1

Gross Profit

160.0

132.0

+28.0

● Mitsui AgriScience International* +4.0
(strong crop protection demand)● Increase in Mitsui Agro Business (higher

prices in fertilizer markets)● MMTX -4.8 (higher raw material prices,
lower sales prices)● Decrease in trading at an overseas office(absence of good performance in previous
period)Profit (Loss) of Equity

21.3

14.2

+7.1

3.2

3.2

0

Selling, General and
Administrative Expenses(103.1)(82.7)(20.4)

Others(26.7)(15.1)(11.6)

Method Investments
Dividend Income● MVM Resources +3.8 (higher phosphate ore
prices)● Intercontinental Terminals Company*2

incident*1 Due to a merger, the combined total of Mitsui AgriScience International and its affiliates Certis Europe andBelchim Crop Protection have been used for figures for the previous period.
*2 Insurance proceeds and costs were recorded in Intercontinental Terminals Company both for the current period
and previous period. (Current period: ¥4.9 billion of profit)- 9 -Iron & Steel Products Segment(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
19.5

21.3

(1.8)

Gross Profit

32.0

25.4

+6.6

Profit (Loss) of Equity
Method Investments

19.4

21.2

(1.8)

Dividend Income

2.5

1.2

+1.3

Selling, General and
Administrative Expenses(20.9)(17.5)(3.4)

Others(13.5)

(9.0)

(4.5)

Description● Mitsui & Co. Steel +5.8 (good trading
performance)
1● NuMit* -4.5 (inventory valuation loss, lower
prices)*1 An investment company of Steel Technologies.
Lifestyle Segment(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
42.3

42.8

Description(0.5)● Foreign exchange impact in coffee trading

Gross Profit

117.8

110.9

+6.9

business +5.8
● Good performance in grain trading +4.2
● Fair value valuation loss of drug discovery
1

support fund* -6.7
Profit (Loss) of Equity
Method Investments

29.9

32.5

(2.6)

Dividend Income

6.0

5.4

+0.6

(106.7)(99.0)(7.7)

Selling, General and

Administrative Expenses

2● PHC Holdings deconsolidation* -4.3

● Fashion business +3.6 (MN Inter-Fashion

becoming an associated company, other factors)● Decrease in corporate income tax burden
resulting from the sale of financial assets
3

measured at FVTOCI* +12.2
4

Others

(4.7)

(7.0)

+2.3

● Put option related to JSC R-Pharm* +5.8
● Multigrain related tax refund +3.2
● Foreign exchange hedging loss in coffee
trading -10.3● Absence of PHC Holdings securities related

profit recorded in the previous period -8.9

*1 Valuation loss of a drug investment from a drug discovery support fund made through MBK Pharma Partnering.
*2 Absence of equity method profit recorded in the previous period following the deconsolidation of PHC
Holdings.
*3 The corporate income tax burden was reduced due to tax expenses being recognized as other comprehensive
income resulting from the sale of financial assets measured at FVTOCI.
*4 A valuation gain was recorded for the foreign exchange translation of a put option in relation to JSC R-Pharm.

- 10 -

Innovation & Corporate Development Segment(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
49.7

42.2

Description+7.5● Mitsui Bussan Commodities +12.3 (goodGross Profit

77.8

72.2

+5.6

performance of commodity derivative trading)● Absence of sale of shares in Wise in theprevious period -3.5

Profit (Loss) of Equity
Method Investments

13.2

15.3

(2.1)

Dividend Income

3.6

2.7

+0.9

(60.9)(51.1)(9.8)

Selling, General and
Administrative Expenses● Peterson Ventures Partners -3.9

(fall in fair value of shares)● Mitsui Bussan Commodities -4.7
● Gain on sale of real estate business in
1

Singapore*● Gain on sale of investment securities +4.0
Others

16.0

3.1

+12.9

● Increase in commodity derivative trading
foreign exchange hedge● Increase from sale of real estate in the US.*
+3.7

2

*1 A gain on sale of Southernwood Property, an investment vehicle that owns an office building in Singapore.
*2 Fixed asset sale of multiple property sales in the US.
3) Evaluation of assets and liabilities for the Russian LNG business
The Russian LNG business in which we participate, is affected by the Russia-Ukraine situation. Based on
discussions with each partner, we have evaluated its relevant assets and liabilities.
In relation to the investment in the Sakhalin II project, in the second quarter of this fiscal year, we undertook theownership of Sakhalin Energy LLC (“SELLC”) on September 2, 2022, which was established based on Russian
Presidential Decree (No.416) dated June 30, 2022 and Resolution of the Government of the Russian Federation
dated August 2, 2022 (No.1369), through MIT SEL Investment, a newly established subsidiary. Consequently, we
continue to invest in Sakhalin II project and it does not impact on the Condensed Consolidated Financial
Statements. As of December 31, 2022, the situation still remains uncertain as the final LLC Members composition
is not yet decided, the LLC Members agreement is not signed, etc.
Based on the current situation, the fair value was measured using the income approach by expected present value
technique with the probability-weighted average considering a scenario where the continuous dividend income ispredicted through an investment in SELLC and other scenarios. As a result, the investment balance in Sakhalin II
project as of December 31, 2022 was ¥93.0 billion. Also, in the nine-month period ended December 31, 2022, adecrease of ¥130.9 billion in the fair value of the investment was recorded in Other Comprehensive Income.
The Company did not recognize any significant profit / loss or other comprehensive income in the current periodwith respect to the Arctic LNG2 project. The balance of the investments, loans and guarantees related to the Arctic
LNG2 project was ¥169.6 billion (¥15.2 billion in investments and loans and ¥154.4 billion in guarantees) as ofDecember 31, 2022. In addition, a provision for loss on guarantees of ¥18.8 billion has been recorded. For further
details, please refer to “4. Condensed Consolidated Financial Statements (10) Impact of the Russia-Ukraine
Situation on the Russian LNG Business”.

- 11 -

(3) Financial Condition and Cash Flows
1) Financial Condition(Billions of Yen)

December 31, 2022

Total Assets

March 31, 2022

Change15,569.0

14,923.3+645.7

Current Assets

6,096.6

5,716.7+379.9Non-current Assets

9,472.4

9,206.6+265.8Current Liabilities

4,162.1

3,808.6+353.5

Non-current Liabilities

5,079.9

5,319.2(239.3)3,482.2

3,338.9+143.3

6,120.4

5,605.2+515.20.57

0.60(0.03)

ChangeDescription

Net Interest-bearing Debt
Total Equity Attributable to Owners of the
ParentNet Debt-to-Equity Ratio (times)

AssetsCurrent Assets:(Billions of Yen)
Current Assets
Cash and cash equivalents

December 31,
2022
6,096.6

March 31,2022
5,716.7

1,245.8

1,127.9+379.9+117.91

Trade and other receivables

2,384.5

2,303.1+81.4

Other financial assets

1,012.5

997.9

+14.6

Inventories

1,022.2

949.7

+72.5

Advance payments to
suppliers

276.0

183.4

+92.6

Other Current assets

155.6

154.7

+0.9

● Loan receivables +62.1(MI* )Increase in the current portionof long-term loan receivables
1● (IC* ) Market fluctuation,
increase in trading volume1● (MI* ) Increase in trading
volume1● (CH* ) Higher market prices,increase in trading volume1● (MM* ) Higher market prices,increase in trading volume1

1● (MI* , EN* ) Increase in

trading volume*1 MI: Machinery & Infrastructure Segment, IC: Innovation & Corporate Development Segment, CH: Chemicals
Segment, MM: Mineral & Metal Resources Segment, EN: Energy Segment- 12 -

Non-current Assets:(Billions of Yen)
Non-current Assets

December 31,
2022

March 31,2022

9,472.4

9,206.6

ChangeDescription+265.8● Investments accounted forInvestments accounted forusing the equity method

3,814.4

3,387.4

Other investments

2,098.1

2,347.4

Trade and other receivables

307.9

320.0

Other financial assets

198.9

167.8

Property, plant andequipment

2,239.5

2,190.9

Investment property

309.3

318.6

Intangible assets

282.4

253.0

Deferred tax assets

98.6

100.7

Other non-current assets

123.3

120.8

*1 MI: Machinery & Infrastructure Segment, LI: Lifestyle Segment- 13 -

using the equity method+417.4● Foreign exchange fluctuations+176.3● Investment in the holding
company of Mainstream
Renewable Power +79.8● Investment in Climate
Friendly+427.0● Investment in Ouro Fino
Saúde Animal● Investment in FPSO (Libra
MV31) +15.7● Dividends from equity
accounted investees -350.0● Sale of Stanmore Mitsui Coal
-15.1
● Sale of Southernwood
Property -10.7● Fair value of FVTOCI
financial assets -254.4(including -130.9 from equity
interest in Sakhalin II project)
1
1● (MI* , LI* ) Sale of FVTOCI(249.3)
financial assets -62.0● Foreign exchange fluctuations+37.7● Investment in a large-scale
renewable energy project inIndia
1● (MI* ) Decrease in loan
receivables due to(12.1)
reclassification of current
maturities1+31.1 ● (MI* ) Increase in trading
volume● Intercontinental Terminals
Company +14.8 (including
foreign exchange fluctuations+10.3)+48.6 ● Oil and gas projects +14.5(including foreign exchange
fluctuations +0.4)● Sale of ships owned by OMC
Shipping -10.1(9.3)● Consolidations (Position+29.4
Partners, Lee Soon Seng
Plastics Industries)
(2.1)
+2.5

Liabilities and Equity
December 31,
2022

March 31,2022

Current Liabilities

4,162.1

3,808.6+353.5

Short-term debt

397.9

281.8

+116.1

Current portion of longterm debt

850.0

410.3

+439.7

Trade and other payables

1,765.0

1,739.1+25.9

Other financial liabilities

762.5

1,003.2(240.7)

Income tax payables

52.8

68.5

(15.7)

Advances from customers

237.9

202.1

+35.8

Provisions

38.4

48.6

(10.2) ● (EN*1) Decrease in provisions

Other current liabilities

57.6

55.0

+2.6

5,079.9

5,319.2(239.3)Long-term debt, less thecurrent portion

3,871.7

4,185.4(313.7)

Other financial liabilities

235.0

147.0

+88.0

39.7

38.0

+1.7

Provisions

287.1

266.2

+20.9

Deferred tax liabilities

615.1

654.0

Other non-current liabilities

31.3

28.6

6,120.4

5,605.2+515.2

Common stock

342.6

342.4

+0.2

Capital surplus

380.5

376.5

+4.0

Retained earnings

4,704.6

4,166.0+538.6

853.3

827.4

+25.9

Financial assets measured
at FVTOCI

232.1

465.1

Foreign currencytranslation adjustments

599.5

478.6

Cash flow hedges

21.7(116.3)(160.6)(107.1)

206.5

190.2

in fair value of Sakhalin II
project● USD +114.0(Dec-22 JPY132.70/USD, up
from Mar-22 JPY122.39/USD)+120.9● AUD -28.3(Dec-22 JPY89.57/AUD, downfrom Mar-22 JPY92.00/AUD)● Commodity price and interest+138.0rate hedge accounting● Share repurchase -196.8(53.5) ● Cancellation of treasury stock+143.2+16.3(Billions of Yen)

Non-current Liabilities

Retirement benefit
liabilities

Total Equity Attributable to
Owners of the Parent

Other components of equity

ChangeDescription● Increase in trade payables● Decrease in derivative

liabilities● Corresponding to increase inadvance payments●Increase in derivative liabilities

1● (EN* ) Increase in asset

retirement obligations● Decrease in fair value of(38.9)
Sakhalin II project+2.7<breakdown>

Treasury stock
Non-controlling interests*1 EN: Energy Segment- 14 -(233.0)● Lower share prices, decrease2) Cash Flows(Billions of Yen)

Current Period Previous Period

ChangeCash Flows from Operating Activities

599.9

359.0

+240.9Cash Flows from Investing Activities(126.4)(190.4)+64.0

Free Cash Flow

473.5

168.6

+304.9Cash Flows from Financing Activities(377.7)(397.5)+19.8

Effect of Exchange Rate Changes on Cash and Cash
Equivalents

22.2

6.9

+15.3

Change in Cash and Cash Equivalents

118.0(222.0)+340.0Cash Flows from Operating Activities(Billions of Yen)

Current Period Previous Period

ChangeCash Flows from Operating Activities

a

599.9

359.0

+240.9Cash Flows from Change in Working Capitalb(403.9)(544.7)+140.8

Repayments of Lease Liabilitiesc(42.6)(40.8)

(1.8)

a-b+c

961.2

862.9

+98.3

Core Operating Cash Flow・ Cash flows from change in working capital (changes in operating assets and liabilities) was ¥403.9 billion of net
cash outflow. Repayments of lease liabilities was ¥42.6 billion of net cash outflow. Core Operating Cash Flow,which equals cash flows from operating activities excluding changes in working capital and repayments of leaseliabilities, amounted to ¥961.2 billion.
--

Net cash inflow from dividend income, including dividends received from equity accounted investees, forthe current period totaled ¥460.7 billion, an increase of ¥30.5 billion from ¥430.2 billion for the previous
period.
Depreciation and amortization for the current period was ¥206.3 billion, a decrease of ¥18.7 billion from
¥225.0 billion for the previous period.

The following table shows Core Operating Cash Flow by operating segment.
Current Period Previous Period(Billions of Yen)

ChangeMineral & Metal Resources

355.5

433.0

(77.5)

Energy

275.9

152.9

+123.0Machinery & Infrastructure

158.7

113.2

+45.5

Chemicals

72.5

71.9

+0.6

Iron & Steel Products

15.4

9.2

+6.2

Lifestyle

31.2

33.5

(2.3)

Innovation & Corporate Development

34.4

35.1

(0.7)

All Other and Adjustments and Eliminations

17.6

14.1

+3.5

Consolidated Total

961.2

862.9

+98.3

- 15 -

The following table shows Depreciation and amortization by operating segment.
Current Period Previous Period(Billions of Yen)

ChangeMineral & Metal Resources

42.3

40.1

+2.2

Energy

70.0

107.1

(37.1)

Machinery & Infrastructure

26.1

16.6

+9.5

Chemicals

23.6

18.4

+5.2

Iron & Steel Products

1.1

1.0

+0.1

Lifestyle

16.7

16.6

+0.1

Innovation & Corporate Development

14.0

13.2

+0.8

All Other and Adjustments and Eliminations

12.5

12.0

+0.5

Consolidated Total

206.3

225.0

(18.7)Cash Flows from Investing Activities(Billions of Yen)

Current Period

Previous Period

Cash flows from investing activities(126.4)(190.4)

Net change in investments toequity accounted investees(79.1)(29.8)

Description of Current Period● Mainstream Renewable Powerholding company -79.8

Cash outflow(200.1)(74.8)● Climate Friendly● Ouro Fino Saúde Animal● FPSO (Libra MV31) -15.7● Power generation business(excluding Mainstream) -12.0

Cash inflow
Net change in other investments
Cash outflow
Cash inflow
Net change in property, plant, andequipment

121.0

45.0

28.6

(39.7)(74.7)(90.8)

103.3

51.1

(143.2)(117.9)● Stanmore Mitsui Coal +54.9● Southernwood Property +20.1● MT Falcon Holdings +11.6● Large-scale renewable energy

project in India
1

1● (MI* , LI* ) Sale of FVTOCI

financial assets● Oil and gas projects -34.7● Iron ore mining operations in

Cash outflow(175.6)(141.5)

Cash inflow

32.4

23.6

31.3

(6.5)

Cash outflow(5.2)(24.3)Cash inflow

36.5

17.8

Net change in loan receivables

(1.2)

55.3

Net change in time deposits

37.2(51.8)Net change in investment property*1 MI: Machinery & Infrastructure Segment, LI: Lifestyle Segment- 16 -

Australia -34.7● Coal mining operations inAustralia -20.8● Power generation business -13.6● Sale of multiple properties by MBK

Real Estate Holdings +32.6

Cash Flows from Financing Activities(Billions of Yen)

Current Period

Previous Period

Cash flows from financing activities(377.7)(397.5)

Net change in short-term debt

101.5

(32.8)Net change in long-term debt

(0.6)

(23.0)(Proceeds from long-term debt)

861.0

825.6

(Repayments of long-term debt)(861.6)(848.6)(42.6)(40.8)(197.1)(129.0)

Dividends paid

(198.1)(148.2)

Transactions with non-controllinginterest shareholders(40.8)(23.7)

Repayments of lease liabilities
Purchase and sales of treasury
stock-net

Description of Current Period●Mainly payment of additional- 17 -

acquisition of shares in Mitsui Oil
Exploration

2. Management Policies(1) Forecasts for the Year Ending March 31, 2023

1) Revised forecasts for the year ending March 31, 2023
<Assumption>

1-3Q(Actual)4Q(Forecast)Mar-23
Revised
Forecast

Mar-23
Previous
Forecast

Exchange rate (USD/JPY)

136.85130.00135.14137.65Crude oil (JCC)
Consolidated oil price$108/bbl$93/bbl$78/bbl$92/bbl$101/bbl$92/bbl$97/bbl$89/bbl(Billions of Yen)

Gross Profit

March 31, 2023 March 31, 2023
Revised forecast Previous forecast(February 2023) (November 2022)

ChangeDescription

1,340.0

1,300.0+40.0(700.0)(680.0)(20.0)

100.0

80.0

+20.0

Interest Expenses(70.0)(80.0)+10.0

Dividend Income

160.0

140.0

+20.0

Profit (Loss) of Equity Method
Investments

530.0

510.0

+20.0

Profit before Income Taxes

1,360.0

1,270.0+90.0

Income Taxes(250.0)(260.0)+10.0

Non-controlling Interests(30.0)(30.0)-

Profit for the Year Attributable to
Owners of the Parent

1,080.0980.0+100.0Depreciation and Amortization

280.0

270.0

+10.0

1,200.0

1,130.0+70.0

Selling, General and Administrative
ExpensesGain on Investments, Fixed Assets
and Other

Core Operating Cash Flow

EnergyRate of change: +10.2%

Rate of change: +6.2%

・ For further major assumptions in addition to oil prices and USD/JPY, please refer to "2) Key commodity prices and otherparameters for the year ending March 31, 2023".

- 18 -

The revised forecast for Profit for the Year Attributable to Owners of the Parent by operating segment compared tothe previous forecast is as follows:
March 31, 2023
Revised forecast(February 2023)

March 31, 2023
Previous forecast(November 2022)

Mineral & Metal Resources

415.0

400.0

+ 15.0Commodity prices

Energy

310.0

230.0

+ 80.0

LNG trading

Machinery & Infrastructure

175.0

175.0

-

Chemicals

70.0

70.0

-

Iron & Steel Products

20.0

20.0

-

Lifestyle

50.0

50.0

-

Innovation & Corporate
Development

60.0

55.0

+ 5.0

All Other and Adjustments
and Eliminations(20.0)(20.0)-

1,080.0980.0+ 100.0(Billions of Yen)

Consolidated Total

ChangeDescription

The revised forecast for Core Operating Cash Flow by operating segment compared to the previous forecast is asfollows:
March 31, 2023
Revised forecast(February 2023)

March 31, 2023
Previous forecast(November 2022)

Mineral & Metal Resources

410.0

410.0

-

Energy

420.0

360.0

+60.0

Machinery & Infrastructure

185.0

180.0

+ 5.0

Chemicals

95.0

95.0

-

Iron & Steel Products

15.0

15.0

-

Lifestyle

25.0

25.0

-

Innovation & Corporate
Development

40.0

35.0

+5.0

All Other and Adjustments
and Eliminations

10.0

10.0

-

1,200.0

1,130.0+ 70.0(Billions of Yen)

Consolidated Total- 19 -

ChangeDescription

LNG trading2) Key commodity prices and other parameters for the year ending March 31, 2023
The table below shows assumptions for key commodity prices and foreign exchange rates for the forecast for theyear ending March 31, 2023. The effects of movements on each commodity price and foreign exchange rate on
Profit for the Year Attributable to Owners of the Parent are included in the table.
Impact on Profit for the Year Attributable to Ownersof the Parent for the Year ending March 31, 2023
(Announced in May 2022)

Crude Oil/JCC
Consolidated OilPrice(*1)

Commodity

1-3Q

4Q

(Result)(Assumption)

Revised
Forecast(Announced
in Feb 2023)

-

97

108

78

101

¥2.2 bn (US$1/bbl)

89

93

92

92

6.62

6.65(*3)

6.11

6.52

114(*6)

(*5)

(*5)

364(*7)(*5)

U.S. Natural¥1.0 bn (USGas(*2)$0.1/mmBtu)

Iron Ore(*4)¥2.2 bn (US$1/ton)(*5)

Coking¥0.5 bn (US$1/ton)(*5)

Thermal¥0.1 bn (US$1/ton)(*5)

374(*7)

(*5)

(*5)

¥0.7 bn (US$100/ton)

8,638

9,085(*9)

8,006

8,815

USD

¥4.6 bn (¥1/USD)

137.65136.85130.00135.14AUD¥2.5 bn (¥1/AUD)

93.26

93.16

93.00

93.12

BRL

¥0.3 bn (¥1/BRL)

25.76

26.50

25.00

26.13

Coal

Copper(*8)

Forex (*10)

March 31, 2023

Previous
Forecast(Announced
in Nov 2022)

→

(*5)

→

(*1) As the crude oil price affects our consolidated results with a 0-6 month time lag, the effect of crude oil prices
on consolidated results is estimated as the consolidated oil price, which reflects this time lag. For the year
ending March 31, 2023, we have assumed that there is a 4-6 month time lag for approx. 35%, a 1-3 month time
lag for approx. 60%, and no time lag for approx. 5%. The above sensitivities show the annual impact ofchanges in the consolidated oil price.
(*2) As Mitsui has very limited exposure to U.S. natural gas sold at Henry Hub (HH), the above sensitivities show
the annual impact of changes in the weighted average sale price.
(*3) U.S. gas figures for the year ending March 31, 2023 1-3Q (Result) are the Henry Hub Natural Gas Futures
average daily prompt month closing prices traded on NYMEX during January to September 2022.
(*4) The effect of dividend income from Vale has not been included.
(*5) Iron ore and coal price assumptions are not disclosed.
(*6) Iron ore results figures for the year ending March 31, 2023 1-3Q (Result) are the daily average (reference
price) spot indicated price (Fe 62% CFR North China) recorded in several industry trade magazines from April
to December 2022.
(*7) Coal results figures for the year ending March 31, 2023 1-3Q (Result) are the quarterly average prices ofrepresentative coal brands in Japan (US$/MT).
(*8) As the copper price affects our consolidated results with a 3-month time lag, the above sensitivities show theannual impact of US$100/ton change in averages of the LME monthly average cash settlement prices for theperiod from March to December 2022.
(*9) Copper results figures for the year ending March 31, 2023 1-3Q (Result) are the averages of the LME monthly
average cash settlement prices for the period from January to September 2022.
(*10) The above sensitivities show the impact of currency fluctuations on reported profit for the year of overseas
subsidiaries and equity accounted investees denominated in their respective functional currencies and the- 20 -

impact of dividends received from major foreign investees. Depreciation of the yen has the effect ofincreasing profit for the year through the conversion of profit (denominated in functional currencies) into yen.

In the overseas subsidiaries and equity accounted investees where the sales contract is in USD, the impact of
currency fluctuations between USD and the functional currencies (AUD and BRL) and the impact of currency
hedging are not included.

(2) Profit Distribution Policy
Our profit distribution policy is as follows:・ In order to increase corporate value and maximize shareholder value, we seek to maintain an optimal balance
between (a) meeting investment demand in our core and growth areas through re-investments of our retained
earnings, and (b) directly providing returns to shareholders by paying out cash dividends.
・ In addition to the above, share buy-backs aimed at improving capital efficiency should be decided in a promptand flexible manner as needed concerning buy-back timing and amount by taking into consideration thebusiness environment such as, future investment activity trends, free cash flow and interest-bearing debt levels,and return on equity.
For the current period, we repurchased ¥100.0 billion of our own stock between May 6 and September 22, 2022
following the announcement "Notification of Stock Repurchase" on May 2, 2022. Additionally, on November 1,
2022 we announced a new repurchase program, targeting the addition of a maximum of ¥140.0 billion of shares or a
maximum of 60 million shares to be repurchased between November 2, 2022 and February 28, 2023. Between
November 2, 2022 and January 31, 2023, we repurchased ¥119.5 billion of our own stock.
Today, we announced the following changes to the repurchase program announced November 1, 2022, regarding
the repurchase amount and the number of shares to be repurchased.
・ Maximum repurchase amount changed from ¥140.0 billion to ¥240.0 billion.
・・Maximum number of shares repurchased changed from 60 million shares to 80 million shares.
Repurchase period limit to be extended from February 28, 2023 to July 31, 2023.

Furthermore, regarding the cancelation of treasury stock, we announced the following.
・ In addition to all shares repurchased between November 2, 2022 and February 28, 2023, a further 10 million
shares will also be cancelled on March 13, 2023.
・All shares repurchased between March 1, 2023 and July 31, 2023 will be cancelled on August 31, 2023.

For details, please refer to the “Notification of Partial Amendments to ‘Notification of Stock Repurchase andCancellation of Treasury Stock’” on our website.
We will continue to flexibly and strategically allocate funds for investment in growth and additional shareholder
returns (additional dividends and share buy-backs) according to the business performance during the Medium-termManagement Plan period.
Taking into consideration the Core Operating Cash Flow and Profit for the Year Attributable to Owners of the
Parent in the revised forecasts announced today, as well as the stability and continuity of dividend payments, theyear-end dividend for the year ending March 31, 2023 is planned to be ¥135 per share, an upward revision of ¥5from the forecast announced on November 1, 2022 (an increase of ¥30 from the previous year, including the interim
dividend of ¥65).

- 21 -

3. Other Information
Notice:This flash report contains forward-looking statements about Mitsui and its consolidated subsidiaries. These
forward-looking statements are based on Mitsui’s current assumptions, expectations and beliefs in light of theinformation currently possessed by it and involve known and unknown risks, uncertainties and other factors. Suchrisks, uncertainties and other factors may cause Mitsui’s actual consolidated financial position, consolidated
operating results or consolidated cash flows to be materially different from any future consolidated financial

position, consolidated operating results or consolidated cash flows expressed or implied by these forward-looking
statements.
These important risks, uncertainties and other factors include, among others, (1) business investment risks, (2)country risks, (3) risks regarding climate changes, (4) commodity market risks, (5) foreign currency risks, (6) stock
price risks of listed stock Mitsui and its subsidiaries hold, (7) credit risks, (8) risks regarding fund procurement, (9)operational risks, (10) risks regarding employee’s compliance with laws, regulations, and internal policies, (11)risks regarding information systems and information securities, (12) risks relating to natural disasters, terrorism,
violent groups and infectious diseases. For further information on the above, please refer to Mitsui’s Annual
Securities Report.
Forward-looking statements may be included in Mitsui’s Annual Securities Report and Quarterly Securities Reports
or in its other disclosure documents, press releases or website disclosures. Mitsui undertakes no obligation to
publicly update or revise any forward-looking statements.

- 22 -

4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position(Millions of Yen)
Assets
December 31,
2022

March 31,2022

Current Assets:
Cash and cash equivalents
Trade and other receivables
Other financial assets
Inventories
Advance payments to suppliers¥

Other current assets

1,245,818
2,384,499
1,012,525
1,022,195
276,024¥

1,127,868
2,303,140
997,862
949,663
183,370

155,496

154,780

6,096,557

5,716,683

3,814,401

3,387,371

Other investments
Trade and other receivables

2,098,109
307,861

2,347,414
319,977

Other financial assets
Property, plant and equipment
Investment property

198,851
2,239,491
309,277

167,845
2,190,902
318,570

Intangible assets

282,390

253,039

Deferred tax assets
Other non-current assets

98,645
123,403

100,743
120,746

9,472,428

9,206,607

Total current assets
Non-current Assets:
Investments accounted for using the equity method

Total non-current assets
Total

¥

- 23 -

15,568,985¥

14,923,290

(Millions of Yen)
Liabilities and Equity
December 31,
2022

March 31,2022

Current Liabilities:
Short-term debt
Current portion of long-term debt¥

397,858
850,010¥

281,831410,257

Trade and other payables
Other financial liabilities
Income tax payables

1,764,961
762,529
52,8301,739,149
1,003,156
68,456

Advances from customers
Provisions

237,882
38,437

202,074
48,589Other current liabilities

57,595

55,114

4,162,102

3,808,626

3,871,689
234,993

4,185,375
147,031Retirement benefit liabilities
Provisions

39,658287,144

38,045
266,161

Deferred tax liabilities
Other non-current liabilities

615,075
31,363653,979
28,657

Total non-current liabilities

5,079,922

5,319,248

Total liabilities

9,242,024

9,127,874

342,560

342,384

Capital surplus
Retained earnings
Other components of equity

380,5214,704,641
853,313376,516
4,165,962
827,441

Treasury stock(160,608)(107,098)

6,120,427

5,605,205

Non-controlling interests

206,534

190,211

Total equity

6,326,961

5,795,416

Total current liabilities
Non-current Liabilities:
Long-term debt, less current portion
Other financial liabilities

Equity:Common stock

Total equity attributable to owners of the parent

Total

¥

- 24 -

15,568,985¥

14,923,290

(2) Condensed Consolidated Statements of Income and Comprehensive Income
Condensed Consolidated Statements of Income(Millions of Yen)
Nine-monthNine-month
period ended
period ended
December 31, 2022 December 31, 2021
Revenue¥

Cost
Gross Profit

11,036,515¥

8,589,429(10,018,266)(7,799,646)

1,018,249

789,783(511,716)(423,736)

Other Income (Expenses):
Selling, general and administrative expenses
Gain (loss) on securities and other investments－net

54,454(5,696)

Impairment reversal (loss) of fixed assets－net
Gain (loss) on disposal or sales of fixed assets－net(16,090)
16,849(14,285)
11,565

Other income (expense) －net

22,82924,838(433,674)(407,314)

Interest income
Dividend income

32,336
103,394

14,709151,957

Interest expense(72,930)(35,878)

62,800130,788

417,444

318,947

Total other income (expenses)
Finance Income (Costs):

Total finance income (costs)
Share of Profit (Loss) of Investments Accounted for Using the Equity Method
Profit before Income Taxes

1,064,819

832,204

Income Taxes(202,471)(181,768)

Profit for the Period¥

862,348¥

650,436¥

840,787¥

633,256

Profit for the Period Attributable to:
Owners of the parent
Non-controlling interests

21,561

17,180Condensed Consolidated Statements of Comprehensive Income(Millions of Yen)
Nine-monthNine-month
period ended
period ended
December 31, 2022 December 31, 2021
Profit for the Period¥

862,348¥

650,436

Other Comprehensive Income:Items that will not be reclassified to profit or loss:
Financial assets measured at FVTOCI
Remeasurements of defined benefit plans
Share of other comprehensive income of investments accounted for using the equity method
Income tax relating to items not reclassified
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments
Cash flow hedges
Share of other comprehensive income of investments accounted for using the equity method
Income tax relating to items that may be reclassified
Total other comprehensive income(252,116)(777)(10,288)
69,509(49,453)752
14,02614,993(33,824)
65,733(4,727)(27,447)

247,380(18,576)

115,682(2,999)67,041

Comprehensive Income for the Period

60,827¥929,389¥

711,263¥

905,480
23,909¥690,339
20,924Comprehensive Income for the Period Attributable to:
Owners of the parent
Non-controlling interests- 25 -

(3) Condensed Consolidated Statements of Changes in Equity(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2021¥

342,080

CapitalSurplus¥396,238¥

Retained
Earnings

Other
Components ofEquity3,547,789¥

Profit for the period
Other comprehensive income for the period

633,256

Comprehensive income for the period
Transaction with owners:
Dividends paid to the owners of the parent

633,256

373,786

Treasury
Stock
¥

¥

4,570,420¥

252,467

Total
Equity¥57,083

17,1803,744

650,436
60,82757,083690,339

20,924

711,263(148,206)(148,206)(148,206)(23,236)

Sales of treasury stock(197)

Cancellation of treasury stock
Compensation costs related to share-based
payment

304(128,978)(128,978)

(276)

474

1

1

(156,722)

156,722

-

-

1,753

1,753

(67)

Transfer to retained earnings(9,622)¥

342,384¥

397,423¥(23,236)(128,978)1,449

Equity transactions with non-controllinginterest shareholders

4,822,887

633,256
57,083

Dividends paid to non-controlling interest
shareholders
Acquisition of treasury stock

Balance as at December 31, 2021

(89,473)

Noncontrolling
Interests

Total

3,866,219

¥

(14)

(81)

9,622

-

440,477¥(61,255)¥

4,985,248

9,975

9,894
-

¥

260,130¥

5,245,378(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2022¥

342,384

CapitalSurplus¥376,516¥

Profit for the period
Other comprehensive income for the period

Retained
Earnings

Other
Components ofEquity4,165,962¥

827,441

TreasuryStock¥(107,098)¥

840,787

Comprehensive income for the period
Transaction with owners:

840,787

Dividends paid to the owners of the parent

Noncontrolling
Interests

Total
5,605,205¥¥

64,693

21,561
2,348

862,348
67,04164,693

905,480

23,909929,389(198,082)(198,082)(198,082)(17,564)

Acquisition of treasury stock
Sales of treasury stock(201)

Cancellation of treasury stock
Compensation costs related to share-based

176

payment
Equity transactions with non-controllinginterest shareholders(186)(197,072)
388(143,174)

143,174

513

Transfer to retained earnings

39,334¥

342,560¥

380,521¥4,704,641- 26 -

853,313(197,072)
1

-

-

2,722

2,722

2,173

(39,334)¥(17,564)(197,072)
1

2,546
1,660

5,795,416

840,787
64,693

Dividends paid to non-controlling interest
shareholders

Balance as at December 31, 2022

190,211

Total
Equity9,97812,151¥(160,608)¥

6,120,427¥

206,534¥

6,326,961

(4) Condensed Consolidated Statements of Cash Flows(Millions of Yen)

Nine-month period ended Nine-month period ended
December 31, 2022
December 31, 2021
Operating Activities:
Profit for the period¥

862,348¥

650,436

Adjustments to reconcile profit for the period to cash flows
from operating activities:
Depreciation and amortization
Change in retirement benefit liabilities
Loss allowance

206,3283,286
15,028225,043
4,990
11,186(Gain) loss on securities and other investments-net
Impairment (reversal) loss of fixed assets-net(Gain) loss on disposal or sales of fixed assets-net(54,454)
16,090(16,849)

5,696
14,285(11,565)Interest income, dividend income and interest expense
Income taxes
Share of (profit) loss of investments accounted for using the equity method
Valuation (gain) loss related to contingent considerations and others
Changes in operating assets and liabilities:(89,392)
202,471(417,444)(2,908)(154,289)
181,768(318,947)
1,446

Change in trade and other receivables
Change in inventories

22,686(36,215)(480,759)(247,964)

Change in trade and other payables
Other-net(37,057)(353,370)

353,654(169,608)

Interest received
Interest paid

58,157(59,177)

38,670(36,615)

Dividends received
Income taxes paid

460,735(180,367)

430,166(138,570)

599,896

359,023

37,087(51,742)

Net change in investments in equity accounted investees
Net change in other investments
Net change in loan receivables(79,109)
28,636(1,183)(29,778)(39,715)
55,291

Net change in property, plant and equipment
Net change in investment property(143,164)
31,331(117,944)(6,501)

Cash flows from investing activities(126,402)(190,389)

101,545(593)(42,644)(32,783)(23,028)(40,802)

Purchases and sales of treasury stock(197,068)(128,976)

Dividends paid
Transactions with non-controlling interest shareholders(198,082)(40,813)(148,206)(23,742)(377,655)(397,537)

22,111

6,892

117,950
1,127,868(222,011)
1,063,150

Cash flows from operating activities
Investing Activities:
Net change in time deposits

Financing Activities:
Net change in short-term debt
Net change in long-term debt
Repayments of lease liabilities

Cash flows from financing activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Change in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period¥

1,245,818¥

841,139“Interest income, dividend income and interest expense”, “Interest received”, “Interest paid” and “Dividends received” of Condensed
Consolidated Statements of Cash Flows include not only interest income, dividend income and interest expense that are included in“Finance Income (Costs)” of Condensed Consolidated Statements of Income, but also interest income, dividend income, interest
expense that are included in Revenue and Cost respectively and cash flows related with them.

- 27 -

(5) Assumption for Going Concern: None
(6) Changes in Accounting Estimates
The significant changes in accounting estimates in the Condensed Consolidated Financial Statements are as
follows:(Decrease of the fair value related to Russian LNG business)
Changes in accounting estimates related to the Russian LNG business are described in (10) Impact of the RussiaUkraine situation on the Russian LNG business.
(Impairment loss for the passenger railway business in Brazil)
An impairment loss of ¥8,411 million in the Machinery & Infrastructure Segment engaged in the passenger railway
business in Brazil was recorded in “Impairment reversal (loss) of fixed assets – net” in the Condensed Consolidated
Statements of Income by reducing the carrying amount of intangible assets to the recoverable amount of ¥48,808
million. The impairment loss was mainly related to a decrease in revenue and an increase in the discount rate. The
recoverable amount above represented the value in use. The discount rate used to calculate the value in use isdeemed to reflect the market average profit margin and the risks inherent to the cash-generating unit.

- 28 -

(7) Segment Information
Nine-month period ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(Millions of Yen)
Mineral &Metal
Resources

EnergyRevenue

1,687,817

Gross Profit

282,736

Innovation &Corporate
Development

Others /AdjustmentsandEliminations

Consolidated
Total

Machinery &Infrastructure

Chemicals

Iron & Steel
Products

2,786,029

797,878

2,469,107

560,001

2,556,536

178,956

11,036,324

191

11,036,515

194,762

147,736

159,958

32,029117,753

77,791

1,012,765

5,484

1,018,249

103,238

78,377

151,668

21,337

19,407

29,914

13,192

417,133311

417,444355,410

190,776

131,092

54,653

19,52742,25349,740843,451(2,664)

840,787

Lifestyle

Total

Share of Profit (Loss) of
Investments Accounted for Using
the Equity Method
Profit for the Period Attributable to
Owners of the parent
Core Operating Cash Flow
Total Assets at December 31, 2022

355,452

275,920

158,681

72,523

15,43531,22734,386

943,624

17,584

961,208

3,058,179

3,073,133

3,143,841

1,800,187

777,3442,619,986

1,762,115

16,234,785(665,800)

15,568,985

Nine-month period ended December 31, 2021 (from April 1, 2021 to December 31, 2021)(Millions of Yen)
Mineral &Metal
Resources

EnergyRevenue

1,425,948

Gross Profit

303,657

Share of Profit (Loss) of
Investments Accounted for Using
the Equity Method

102,697

Profit for the Period Attributable to
Owners of the parent

370,860

Core Operating Cash Flow

432,959
3,180,197

2,960,412

Total Assets at March 31, 2022

Innovation &Corporate
Development

Others /AdjustmentsandEliminations

Consolidated
Total

Machinery &Infrastructure

Chemicals

Iron & Steel
Products

1,822,154

622,967

2,098,122

444,371

2,013,273

160,992

8,587,827

1,602

8,589,429

41,216103,013

131,990

25,425110,908

72,180788,389

1,394

789,783

24,015

109,101

14,21021,17032,453

15,283318,92918

318,947

28,29092,15751,623

21,25442,80442,205649,193(15,937)

633,256

152,902113,184

71,8589,193

33,54735,140848,783

14,115

862,898

2,684,478

1,692,949

691,630

2,428,573

1,729,006

15,367,245(443,955)

14,923,290

Lifestyle

Total

Notes:1. “Others / Adjustments and Eliminations” includes of the Corporate Staff Unit which provides financing
services and operations services to the companies and affiliated companies. Total assets of “Others /Adjustments and Eliminations” at March 31, 2022 and December 31, 2022 includes cash, cash
equivalents and time deposits related to financing activities, and assets of the Corporate Staff Unit andcertain subsidiaries related to the above services amounting to ¥ 7,647,360 million and ¥ 8,192,819
million, respectively.
2. Transfers between reportable segments are made at cost plus a markup.
3. Profit (Loss) for the Period Attributable to Owners of the parent of “Others /Adjustments andEliminations” includes income and expense items that are not allocated to specific reportable segments,and eliminations of intersegment transactions.
4. Total assets of “Others / Adjustments and Eliminations” at March 31, 2022 and December 31, 2022
includes elimination of receivables and payables between segments amounting to ¥ 8,091,315 million and¥ 8,858,619 million, respectively.
5. Core Operating Cash Flow is calculated by deducting the total of the “Changes in Operating Assets andLiabilities” from the “Cash Flows from Operating Activities”, and further deducting the “Repayments oflease liabilities” in the “Cash Flows from Financing Activities” from it, in the Condensed Consolidated
Statements of Cash Flows.

- 29 -

(8) The Fire Incident of Intercontinental Terminals Company
On March 17, 2019 (US time) a fire began at the Deer Park tank terminal of Intercontinental Terminals Company(“ITC”), a wholly owned U.S. subsidiary of Mitsui. The Deer Park tank terminal is located in the outskirts of
Houston, Texas. The fire partially damaged tanks owned by ITC. ITC has resumed its operation after discussions
with related authorities. Harris County Fire Marshal's Office released its final report with respect to the fire incident
on December 6, 2019 (US time) and the report classified the fire as accidental, while not specifying the cause of thefire. The cause of the fire is still under investigation by other relevant authorities.

The profit and loss related to this incident recognized in the nine-month period ended December 31, 2022 and 2021,
and the outstanding balance of related provision as of December 31, 2022 are immaterial.
There are multiple lawsuits that have been brought against ITC in relation to this incident. These lawsuits are at theearly stages and the ultimate outcome of these lawsuits is not expected to have significant impact on ourconsolidated financial position, operating results and cash flow.

(9) Impact of the Security Situation in Northern Mozambique on LNG Project
The Company participates in the Mozambique LNG Project through Mitsui E&P Mozambique Area 1, its joint
venture in the Energy Segment. In April 2021, all project personnel evacuated the project site due to thedeteriorating security situation in northern Mozambique where the project site is located, and on April 26, 2021, theproject operator, TotalEnergies of France, announced that it had declared force majeure under the Joint Operating
Agreement.
While the prospect of this project is still under examination, the company does not expect a significant impact on
our consolidated financial position, operating results and cash flow at this stage.

(10) Impact of the Russia-Ukraine Situation on the Russian LNG Business

The Russian LNG business in which the Company, its subsidiary, and the equity accounted investee in the Energy
Segment have invested, financed and guaranteed, is affected by the Russia-Ukraine situation that has been ongoingsince February 2022 and the resulting sanctions against Russia, etc. Based on discussions with each partner, theCompany has evaluated its relevant assets and liabilities.
In relation to the investment in Sakhalin II project that was held by Mitsui Sakhalin Holdings, a subsidiary of theCompany, all the rights and obligations of Sakhalin Energy Investment Company, an original operator of the
project, have been transferred to Sakhalin Energy LLC (“SELLC”) established based on Russian Presidential
Decree (No.416) dated June 30, 2022 and Resolution of the Government of the Russian Federation dated August 2,
2022 (No.1369). Accordingly, we submitted to the Government of the Russian Federation the notice of consent totake the ownership of SELLC. The notice of consent was approved and MIT SEL Investment, a newly establishedsubsidiary of the Company, has undertaken the ownership on September 2, 2022. Consequently, we continue toinvest in Sakhalin II project before and after the aforementioned reorganization and it does not impact on theCondensed Consolidated Financial Statements.
On the other hand, the situation still remains uncertain as the final LLC Members composition is not yet decided
and the relevant LLC Members agreement is not signed, etc. Under this situation, the fair value of our investment in
Sakhalin II project was measured using the income approach by expected present value technique and theprobability-weighted average considering a scenario where the continuous dividend income is expected from
SELLC and other scenarios. As a result, the fair value decreased by ¥130,892 million from the balance at March 31,
2022, and the valuation difference is recorded in “Financial assets measured at FVTOCI” in the Condensed
Consolidated Statements of Comprehensive Income. The outstanding balances of “Other investments” in theCondensed Consolidated Statements of Financial Position related to this project at December 31, 2022 and March
31, 2022 were ¥92,998 million and ¥208,154 million, respectively. The fair value may increase or decrease due tochanges in situation hereafter.
In addition, the carrying amount of the investments in Japan Arctic LNG, an equity accounted investee that invests
in and finances the Arctic LNG 2 project, and the assets value held by Japan Arctic LNG were revaluated during thecurrent period based on the rating of the Russian Federation, however the profit / loss and comprehensive income
recognized in the current period were immaterial. The outstanding balances of the investments and loans (*) at- 30 -

December 31, 2022 and March 31, 2022 were ¥15,233 million and ¥14,374 million, respectively. The balance offinancial guarantees as contingent liabilities were ¥154,379 million and ¥182,160 million, respectively, and theprovision for loss on guarantees included in "Other financial liabilities" were ¥18,845 million and ¥18,097 million,
respectively.
These estimates may be affected by uncertain future developments in Russia and Ukraine, and any further changes
in the credit rating of the Russian Federation. Also, any changes in the Company’s policies regarding its Russian
LNG business may have a significant impact on the amounts of related investments, loans and financial guarantees
in the consolidated financial statements for the next quarter period and thereafter.
(*) Investments and loans are the sum of "Investments accounted for using the equity method", and loans (net ofloss allowance) included in "Trade and other receivables" in the Condensed Consolidated Statements of Financial
Position.

- 31 -