Consolidated Financial Results for the Three-Month Period Ended June 30, 2022 [IFRS]Tokyo, August 2, 2022 - Mitsui & Co., Ltd. announced its consolidated financial results for the three-month period ended June 30,
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 three-month period ended June 30, 2022
(from April 1, 2022 to June 30, 2022)
Three-month period ended June 30,
2022

2021
%

%

Revenue

Millions of Yen

3,720,531

40.0

2,658,034

44.0

Profit before income taxes

Millions of Yen

347,957

35.8

256,191

151.2

Profit for the period

Millions of Yen

288,35944.2

200,005

200.0

Profit for the period attributable to owners of the parent

Millions of Yen

275,000

43.8

191,264205.7

Comprehensive income for the period

Millions of Yen

334,175(16.3)

399,150

131.7

Earnings per share attributable to owners of the parent, basic

Yen

172.44115.74

Earnings per share attributable to owners of the parent, dilutedYen

172.37115.68Note:
Percentage figures for Revenue, Profit before income taxes, Profit for the period, Profit for the period attributable to owners of theparent, and Comprehensive income for the period represent changes from the previous year.
(2) Consolidated financial position information
June 30, 2022

March 31, 2022

Total assets

Millions of Yen

15,786,648

14,923,290

Total equity

Millions of Yen

5,980,679

5,795,416

Total equity attributable to owners of the parent

Millions of Yen

5,770,927

5,605,205

Equity attributable to owners of the parent ratio

%

36.6

37.6

2. Dividend information
Year ended March 31,
2023

Year ending March
31, 2023 (Forecast)

2022

Interim dividend per share

Yen

45

60

Year-end dividend per share

Yen

60

60

Annual dividend per share

Yen

105

120

Note :
Change from the latest released dividend forecast: None

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

Millions of Yen

800,000

Yen

503.79Earnings per share attributable to owners of the parent, basic
Note :
Change from the latest released earnings forecast: None
4. Others(1) Increase/decrease of important subsidiaries during the period : None
(2) Changes in accounting policies and accounting estimates :(i) Changes in accounting policies required by IFRS
None(ii) Other changesNone(iii) Changes in accounting estimatesYes(3) Number of shares :June 30, 2022
Number of shares of common stock issued, including treasury stock
Number of shares of treasury stock

March 31, 2022

1,642,355,644

1,642,355,644

57,430,159

41,423,291

Three-month period ended Three-month period ended
June 30, 2022
June 30, 2021
Average number of shares of common stock outstanding

1,594,775,363

1,652,601,680

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 11.
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 August 2, 2022.
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……………………………………………………………………… 8(4) Information Concerning Profit Forecast for the Year Ending March 31, 2023…………………………… 11
2. Other Information……………………………………………………………………………………………. 11
3. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position........................................................….............. 12(2) Condensed Consolidated Statements of Income and Comprehensive Income...............................….......... 14(3) Condensed Consolidated Statements of Changes in Equity...............................................................…...... 15(4) Condensed Consolidated Statements of Cash Flows..............................................................................….. 16(5) Assumption for Going Concern.................................................................................................................... 17(6) Changes in Accounting Estimates................................................................................................................ 17(7) Segment Information.................................................................................................…............................... 17(8) The Fire Incident of Intercontinental Terminals Company LLC.................................................................. 18(9) Impact of the Security Situation in Northern Mozambique on LNG Project............................................... 18(10) Impact of the Russia-Ukraine Situation on the Russian LNG Business....................................................... 18- 1 -1. Qualitative Information
As of the date of disclosure of this quarterly earnings report, the review procedures for quarterly financial statementsin 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, unless otherwise indicated.

(1) Operating Environment
In the three-month period ended June 30, 2022, the global economy continued to rebound overall as theemployment situation in the U.S., European countries and other developed countries continued to improve despite
new supply restraints caused by the Russia-Ukraine situation and the impact of the zero-COVID policy in China,
and rising inflation.

In the U.S., although the employment situation improved and consumer spending continued to recover, themomentum of the economic recovery weakened due to the effects of remaining supply constraints together withrising inflation and monetary tightening. Looking ahead, the recovery is expected to slow further under the impact
of continuing high inflation and monetary tightening. In Europe, although the employment situation has continued to
improve, the pace of economic recovery has slowed overall against the backdrop of deterioration of supply
constraints, such as those on energy, due to the Russia-Ukraine situation, and further rising of prices. Looking
forward, a gradual rebound is expected to continue. In Japan, despite the impact of rising prices and supply
constraints, such as lockdowns in China, the economy rebounded due to the recovery in consumer spending backed
by the normalization of economic activities. Looking forward, the economic recovery is expected to continue mainly
for consumer spending and other domestic demand, despite further rising of prices, continuing supply constraints
such as those on energy, fluctuations in financial and capital markets, and other remaining uncertain factors. In
China, a significant drop in production and consumption activities due to the zero-COVID policy could not be
avoided. Looking ahead, it is expected that economic activities will recover accompanying the easing of restrictions
on activities and that government measures to boost the economy, centered on infrastructure investment, will
support an economic recovery. In Brazil, rising inflation and increases in policy interest rates continue to hamper
economic recovery. In Russia, the slowdown in economic activities due to economic sanctions imposed by theinternational community is expected to continue.
Going forward, while there are some areas of concern, such as a further worsening of the Russia-Ukraine situation,
protraction of supply constraints, rising inflation and further monetary tightening, it is expected that the global
economy will continue to rebound gradually overall as consumer spending continues to be resilient supported
mainly by the recovery in economic activities accompanying the easing of restrictions on activities.

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

ChangeRevenue

3,720.5

2,658.0+1,062.5

Gross Profit

313.4

268.2

+45.2

Selling, General and Administrative Expenses(155.9)(138.6)(17.3)

11.6

(4.7)

+16.3

(0.3)

0.2

(0.5)

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

6.9

1.7

+5.2

Other Income (Expense)—Net

8.3

8.9

(0.6)

Interest Income

7.0

4.7

+2.3

Dividend Income

34.6

33.7

+0.9

Interest Expense(16.4)(14.4)(2.0)

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

138.8

96.4

+42.4

Income Taxes(59.6)(56.2)(3.4)

Profit for the Period

288.4

200.0

+88.4

Profit for the Period Attributable to Owners of the Parent

275.0

191.3

+83.7

Gain (Loss) on Securities and Other
Investments—Net
Other Income(Expenses)

Finance Income(Costs)Impairment Reversal (Loss) of Fixed
Assets—Net* May not match with the total of items due to rounding off. The same shall apply hereafter.
Revenue
Revenue for the three-month period ended June 30, 2022 ("current period") was ¥3,720.5 billion, an increase of¥1,062.5 billion from ¥2,658.0 billion for the corresponding three-month period of the previous year ("previous
period").
Gross Profit

Mainly the Lifestyle Segment, the Chemicals Segment and the Machinery & Infrastructure Segment recorded anincrease.

- 3 -Selling, General and Administrative Expenses
The table provides a breakdown of Selling, General and Administrative Expenses.
Billions of Yen
Current Period

Previous Period

ChangePersonnel ……………………………………. ¥(85.7) ¥(76.8) ¥(8.9)

Welfare ………………………………………

(3.1)

(2.8)

(0.3)

Travel ………………………………………..

(4.9)

(2.2)

(2.7)

Entertainment ………………………………..

(1.3)

(0.5)

(0.8)

Communication ……………………………...

(12.7)(11.9)(0.8)

Rent ………………………………………….

(2.6)

(2.6)

(0.0)

Depreciation …………………………………

(9.6)

(8.2)

(1.4)

Fees and Taxes ………………………………

(4.8)

(3.0)

(1.8)

Loss Allowance ……………………………...

(2.7)

(5.1)

+2.4

Others ………………………………………..

(28.5)(25.5)(3.0)

Total ………………………………………… ¥(155.9) ¥(138.6) ¥(17.3)

Other Income (Expenses)
Gain (Loss) on Securities and Other Investments—Net

For the current period, a gain on sale of securities was recorded in the Innovation & Corporate Development
Segment, while an impairment loss was recorded in the Machinery & Infrastructure Segment.
Gain (Loss) on Disposal or Sales of Fixed Assets—Net
For the current period, a gain on sale of fixed assets was recorded in the Innovation & Corporate Development
Segment.
Other Income (Expense)—Net
Mainly the Lifestyle Segment recorded a valuation gain on an option contract as well as a foreign exchange loss,
whereas the Energy Segment recorded a decrease due to derivative profit and loss.
Finance Income (Costs)
Dividend Income
Mainly the Energy Segment recorded an increase, while Mineral & Metal Resources Segment recorded a decrease.

Share of Profit (Loss) of Investments Accounted for Using the Equity Method
Mainly the Energy Segment, the Machinery & Infrastructure Segment and the Mineral & Metal Resources Segment
recorded an increase.
Income Taxes

Income taxes for the current period were ¥59.6 billion, an increase of ¥3.4 billion from ¥56.2 billion for the previous
period. The effective tax rate for the current period was 17.1%, a decrease of 4.8 points from 21.9% for the previous
period. The effective tax rate decreased due to declining tax burden out of resource-related high rate taxes inconnection with the expiration of concession agreement in the Energy Segment.
Profit for the Period Attributable to Owners of the Parent
As a result, profit for the period attributable to owners of the parent was ¥275.0 billion, an increase of ¥83.7 billion
from the previous period.

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

Mineral & Metal Resources Segment
Current Period Previous Period(Billions of Yen)
Profit for the Period Attributable to Owners of the Parent

Change

119.8

119.0

+0.8

Gross Profit

107.4

106.8

+0.6

Profit (Loss) of Equity Method Investments

42.8

31.8

+11.0

Dividend Income

7.3

21.7

(14.4)

Selling, General and Administrative Expenses

(8.2)

(7.4)

(0.8)

Others(29.5)(33.9)+4.4

・ Gross Profit increased mainly due to the following factors:- Coal mining operations in Australia recorded an increase of ¥28.3 billion mainly due to higher sales price.
- Iron ore mining operations in Australia recorded a decrease of ¥32.5 billion mainly due to lower sales price.
・ Profit (Loss) of Equity Method Investments increased mainly due to the following factors:- Coal mining operations in Australia recorded an increase mainly due to higher sales price.
- Inner Mongolia Erdos Electric Power & Metallurgical Co., Ltd recorded an increase of ¥4.6 billion mainly inthe ferroalloys and chemicals businesses due to higher market prices caused by strong demand in China.
- Compañía Minera Doña Inés de Collahuasi SCM, a copper mining company in Chile, recorded an increase of¥3.4 billion mainly due to higher sales price.
- Iron ore mining operations in Australia recorded a decrease of ¥6.7 billion mainly due to lower sales price.
・ Dividend Income decreased mainly due to lower dividends from Vale S.A.
・ In addition to the above, the following factor also affected results:- For the previous period, a reversal of deferred tax liability of ¥6.2 billion was recorded in relation to thereorganization of Japan Collahuasi Resources B.V., which invested in Compañía Minera Doña Inés deCollahuasi SCM, a copper mining company in Chile.
Energy Segment
Current Period Previous Period(Billions of Yen)
Profit for the Period Attributable to Owners of the Parent

Change

23.7

(1.2)

+24.9

Gross Profit

17.1

18.0

(0.9)

Profit (Loss) of Equity Method Investments

24.8

6.5

+18.3

Dividend Income

16.2

4.1

+12.1

Selling, General and Administrative Expenses(15.5)(12.3)(3.2)

Others(18.9)(17.5)(1.4)

・ Gross Profit decreased mainly due to the following factors:- A business division at the Headquarters recorded a decrease mainly due to valuation loss related to derivativetransactions to hedge LNG trading business, recognized in advance during the current period.
- Mitsui Oil Exploration Co., Ltd. recorded a decrease of ¥4.4 billion mainly due to decline in production.
- Mitsui E&P Australia Holdings Pty. Ltd. recorded an increase of ¥8.0 billion mainly due to higher oil price.

- Mitsui E&P USA LLC recorded an increase of ¥6.3 billion mainly due to higher gas price.
- Mitsui & Co. Energy Trading Singapore Pte. Ltd. recorded an increase of ¥4.5 billion mainly due to goodtrading performance.
- 5 -- Mitsui E&P Italia A S.r.l recorded an increase of ¥3.8 billion mainly due to cost improvement.
- MEP Texas Holdings LLC recorded an increase of ¥3.2 billion mainly due to higher oil and gas prices.
- Mitsui E&P Middle East B.V. recorded an increase of ¥3.1 billion mainly due to higher oil price.
・ Profit (Loss) of Equity Method Investments increased mainly due to the following factor:- Japan Australia LNG (MIMI) Pty. Ltd recorded an increase mainly due to higher oil and gas prices.
・ Dividends from four LNG projects (Sakhalin II, Abu Dhabi, Oman and Qatargas 3) were ¥16.2 billion in total, an
increase of ¥12.1 billion from the previous period(*).
(*) During the previous year, interest expired for Qatargas 1.
・ In addition to the above, the following factors also affected results.
- Mitsui Oil Exploration Co., Ltd. recorded a decrease of ¥6.1 billion in corporate income tax mainly due torecognition of tax-deductible expense in connection with the expiration of concession agreement.
- MOEX North America LLC recorded a decrease of ¥3.1 billion mainly due to derivative related profit and loss.
Machinery & Infrastructure Segment
Current Period Previous Period(Billions of Yen)
Profit for the Period Attributable to Owners of the Parent

Change

38.9

29.2

+9.7

Gross Profit

43.9

32.0

+11.9

Profit (Loss) of Equity Method Investments

42.8

28.7

+14.1

Dividend Income

1.6

1.4

+0.2

Selling, General and Administrative Expenses(35.8)(31.2)(4.6)

Others(13.6)(1.7)(11.9)・ Others include the following factor:- For the current period, an impairment loss of ¥3.1 billion was recorded following the change in term andconditions of the transaction due to revision of the sale and purchase agreement for shares of MT Falcon
Holdings S.A.P.I de C.V.
Chemicals Segment
Current Period Previous Period(Billions of Yen)
Profit for the Period Attributable to Owners of the Parent

Change

23.1

15.9

+7.2

Gross Profit

59.5

44.9

+14.6

Profit (Loss) of Equity Method Investments

7.2

3.9

+3.3

Dividend Income

1.5

1.3

+0.2

Selling, General and Administrative Expenses(32.0)(27.4)(4.6)

Others(13.1)

(6.8)

(6.3)

Iron & Steel Products Segment
Current Period Previous Period(Billions of Yen)
Profit for the Period Attributable to Owners of the Parent

Change

7.0

6.7

+0.3

Gross Profit

9.1

7.9

+1.2

Profit (Loss) of Equity Method Investments

6.6

5.8

+0.8

Dividend Income

1.1

0.5

+0.6

Selling, General and Administrative Expenses

(6.6)

(6.0)

(0.6)

Others

(3.2)

(1.5)

(1.7)

- 6 -

Lifestyle Segment
Current Period Previous Period(Billions of Yen)
Profit for the Period Attributable to Owners of the Parent

Change

26.5

13.9

+12.6

Gross Profit

52.7

34.6

+18.1

Profit (Loss) of Equity Method Investments

9.8

13.9

(4.1)

Dividend Income

3.1

2.2

+0.9

Selling, General and Administrative Expenses(35.5)(32.1)(3.4)

Others

(3.6)

(4.7)

+1.1

・ Gross Profit increased mainly due to the following factors:- An increase of ¥11.7 billion was recorded mainly due to inventory valuation gains in coffee trading business ata business division in the Headquarters.
- An increase of ¥3.1 billion was recorded mainly due to good performance in grain trading at a businessdivision in the Headquarters.
・In addition to the above, the following factors also affected results:- For the current period, a valuation gain of ¥13.2 billion was recorded for a foreign exchange translation of aput option in relation to investment to JSC R-Pharm.
- For the current period, foreign exchange related loss of ¥11.8 billion for hedging purposes was recorded incoffee trading business at a business division in the Headquarters.
Innovation & Corporate Development Segment
Current Period Previous Period(Billions of Yen)
Profit for the Period Attributable to Owners of the Parent

Change

20.4

10.4

+10.0

Gross Profit

19.9

23.8

(3.9)

Profit (Loss) of Equity Method Investments

4.7

5.8

(1.1)

Dividend Income

3.2

2.0

+1.2

Selling, General and Administrative Expenses(19.3)(17.2)(2.1)

Others

11.9

(4.0)

+15.9

・ Gross Profit decreased mainly due to the following factors:- A business division at the Headquarters recorded a decrease due to fluctuation of commodity prices.

- An absence of ¥3.9 billion valuation profit recorded following the public listing of Proterra Inc. for theprevious period.
・ In addition to the above, the following factors also affected results:- A business division at the Headquarters recorded a foreign exchange related profit increase due to fluctuationof foreign exchange rate.
- For the current period, a gain was recorded for the sale of Southernwood Property Pte. which is an investment
vehicle that holds an office building in Singapore.
- For the current period, a gain of ¥7.0 billion was recorded for the sale of a property in the U.S.
3) Evaluation of assets and liabilities for the Russian LNG business
For the current period, the Company assessed Sakhalin II project in which it participates through its subsidiary
Mitsui Sakhalin Holdings B.V. in light of the Russian Presidential Decree (No. 416) dated June 30, 2022 in addition
to a reassessment of its discount rate based on the rating of the Russian Federation.
The revaluation was conducted applying the expected present value technique with the probability-weighted average
considering a scenario where the continuous dividend income is predicted through an investment in a newly- 7 -established company, which is expected at this stage, and other scenarios. As a result, a decrease of ¥136.6 billion in
the fair value of the investment was recorded in Other Comprehensive Income. Following this recognition, theinvestment balance in Sakhalin II project at the end of the current period was ¥90.2 billion.
The Company did not recognize any significant profit / loss or other comprehensive income in the current periodwith respect to the Arctic LNG2 project in which it participates through Japan Arctic LNG B.V. as an equitymethod investee. The balance of the investments, loans and guarantees related to the Arctic LNG2 project was¥201.1 billion (¥15.4 billion in loans, investments and ¥185.7 billion in guarantees) at the end of the current period.
In addition, a provision for loss on guarantees of ¥19.5 billion has been recorded. For further details, please refer to"3. Condensed Consolidated Financial Statements (10) Impact of the Russia-Ukraine Situation on the Russian LNG
Business".
(3) Financial Condition and Cash Flows

1) Financial Condition(Billions of Yen)

June 30, 2022

March 31, 2022

15,786.6

14,923.3+863.3Current Assets

6,238.1

5,716.7+521.4Non-current Assets

9,548.5

9,206.6+341.9Current Liabilities

4,615.2

3,808.6+806.6

Non-current Liabilities

5,190.8

5,319.2(128.4)

3,572.3

3,338.9+233.45,770.9

5,605.2+165.7

0.62

0.60

+0.02

Total Assets

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

ChangeAssetsCurrent Assets:
・ Cash and cash equivalents increased by ¥91.3 billion.
・ Trade and other receivables increased by ¥187.5 billion, mainly due to the following factors:- An increase in trade receivables by ¥130.3 billion, mainly due to higher market prices and increases in-

trading volume in the Lifestyle Segment and the Chemicals Segment; andAn increase in the current portion of long-term receivables by ¥50.4 billion, mainly due to reclassification to
current maturities and foreign exchange fluctuations in the Machinery & Infrastructure Segment.

・ Other financial assets increased by ¥144.3 billion, mainly due to market fluctuation and increases in trading
volume in the Innovation & Corporate Development Segment, increases in trading volume in the Machinery &Infrastructure Segment, and higher market prices in the Lifestyle Segment.
・ Inventories increased by ¥26.2 billion, mainly due to higher market prices and increases in trading volume in theChemicals Segment.
・ Advance payments to suppliers increased by ¥47.7 billion, mainly due to increases in trading volume in the

Machinery & Infrastructure Segment.
Non-current Assets:
・ Investments accounted for using the equity method increased by ¥375.9 billion, mainly due to the following
factors:- An increase of ¥266.2 billion resulting from foreign exchange rate fluctuations;- An increase of ¥79.8 billion due to an investment in the holding company of Mainstream Renewable Power-

Limited;An increase due to an investment in Climate Friendly Pty Ltd;
- 8 -

-

An increase of ¥138.8 billion corresponding to the profit of equity method investments for the current period,

despite a decline of ¥157.8 billion due to dividends from equity accounted investees; and- A decrease of ¥10.7 billion due to a sale of Southernwood Property Pte.
・ Other investments decreased by ¥238.3 billion, mainly due to the following factors:-

Fair value on financial assets measured at FVTOCI decreased by ¥319.4 billion (including decrease of¥136.6 billion of the equity interest in Sakhalin II project held through Mitsui Sakhalin Holdings B.V.) ;- An increase of ¥57.5 billion resulting from foreign exchange rate fluctuations ; and- An increase in relation to an investment in a large-scale renewable energy project in India.
・ Other financial assets increased by ¥47.7 billion, mainly due to increases in trading volume in the Machinery &Infrastructure Segment and valuation of a put option in relation to investment to JSC R-Pharm.
・ Property, plant and equipment increased by ¥118.7 billion, mainly due to the following factors:- An increase of ¥41.8 billion (including foreign exchange translation profit of ¥53.7 billion) at the oil and gas
projects;- An increase of ¥16.8 billion (including foreign exchange translation profit of ¥14.4 billion) at
Intercontinental Terminals Company, LLC.; and- An increase of ¥12.8 billion (including foreign exchange translation profit of ¥8.7 billion) at iron ore mining
operations in Australia.
・ Intangible assets increased by ¥28.7 billion, mainly due to consolidation of Position Partners Pty Ltd.
Liabilities
Current Liabilities:
・ Short-term debt increased by ¥23.7 billion, mainly due to an increase of short-term borrowings of Mitsui & Co.
Energy Trading Singapore Pte. Ltd.
・ Current portion of long-term debt increased by ¥434.2billion, mainly due to reclassification to current maturities.
・ Trade and other payables increased by ¥122.1 billion, corresponding to the increase in trade and otherreceivables.
・ Other financial liabilities increased by ¥162.0 billion, corresponding to the increase in other financial assets.
・ Advances from customers increased by ¥23.0 billion, corresponding to the increase in advance payments to
suppliers.
・ Provisions increased by ¥28.7 billion, mainly due to an increase in the Energy Segment.
Non-current Liabilities:
・ Long-term debt, less current portion, decreased by ¥138.2 billion.
・ Other financial liabilities increased by ¥55.6 billion mainly due to a corresponding increase in other financial
assets.
・ Deferred tax liabilities decreased by ¥59.9 billion, mainly due to a corresponding decrease in financial assets

measured at FVTOCI.
Total Equity Attributable to Owners of the Parent
・ Retained earnings increased by ¥181.9 billion.
・ Other components of equity increased by ¥34.5 billion, mainly due to the following factors:-

Foreign currency translation adjustments increased by ¥277.2 billion, mainly reflecting the appreciation in
the U.S. dollar and Australian dollar against Japanese yen; and- Financial assets measured at FVTOCI decreased by ¥226.1 billion・ Treasury stock which is a subtraction item in shareholders' equity increased by ¥51.0 billion due to the sharesbuy-back.

- 9 -2) Cash Flows
Current Period Previous Period(Billions of Yen)

ChangeCash flows from operating activities

280.9

179.3

+101.6

Cash flows from investing activities(111.6)(92.5)(19.1)

Free cash flow

169.3

86.8

+82.5

Cash flows from financing activities(129.8)(172.3)

+42.5

51.8

(2.1)

+53.9

91.3

(87.6)+178.9Effect of exchange rate changes on cash and cash

equivalents etc.
Change in cash and cash equivalents
Cash Flows from Operating Activities

Current Period Previous Period(Billions of Yen)

ChangeCash flows from operating activities

a

280.9

179.3

+101.6

Cash flows from change in working capitalb(33.0)(103.9)+70.9

Repayments of lease liabilitiesc(13.5)(13.3)

(0.2)

a-b+c

300.4

269.9

+30.5

Core Operating Cash Flow・ Net cash from an increase or a decrease in working capital, or changes in operating assets and liabilities for thecurrent period was ¥33.0 billion of net cash outflow. Repayments of lease liabilities for the current period was¥13.5 billion of cash outflow. Core Operating Cash Flow, which equaled cash flows from operating activities
without both cash flows from changes in working capital and repayments of lease liabilities, for the current
period amounted to ¥300.4 billion.

-

Net cash inflow from dividend income, including dividends received from equity accounted investees, for thecurrent period totaled ¥149.0 billion, an increase of ¥30.5 billion from ¥118.5 billion for the previous period;
and-Depreciation and amortization for the current period was ¥66.0 billion, a decrease of ¥7.9 billion from ¥73.9
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

142.2

127.4

+14.8

Energy

52.4

47.2

+5.2

Machinery & Infrastructure

35.6

38.0

(2.4)

Chemicals

32.0

24.5

+7.5

Iron & Steel Products

2.9

3.8

(0.9)

Lifestyle

22.3

16.6

+5.7

Innovation & Corporate Development

11.9

12.1

(0.2)

All Other and Adjustments and Eliminations

1.1

0.3

+0.8

300.4

269.9

+30.5

Consolidated Total

Cash Flows from Investing Activities
・ Net cash outflows that corresponded to investments in equity accounted investees (net of sales of investments inequity accounted investees) were ¥94.3 billion, mainly due to the following factors:- An investment in the holding company of Mainstream Renewable Power Limited, for ¥79.8 billion;- 10 -

-An investment in Climate Friendly Pty Ltd; and- A sale of Southernwood Property Pte, for ¥20.1 billion.
・ Net cash outflows that corresponded to other investments (net of sales and maturities of other investments) were¥17.5 billion, mainly due to the following factor:- A cash outflow in relation to an investment in a large-scale renewable energy project in India.
・ Net cash outflows that corresponded to purchases of property, plant, and equipment (net of sales of those assets)
were ¥53.9 billion, mainly due to the following factor:- An expenditure for iron ore mining operations in Australia for ¥14.3 billion.
・ Net cash inflows that corresponded to sales of investment property (net of purchases of those assets) were ¥21.5
billion, mainly due to the following factor:- A sale of a property by MBK Real Estate LLC in the U.S. for ¥22.4 billion.
Cash Flows from Financing Activities
・ Net cash outflow from net change in short-term debt was ¥1.1 billion, net cash inflow from net change in long-term debt was ¥61.6 billion, and cash outflow from repayments of lease liabilities was ¥13.5 billion.
・ The cash outflow from the purchases of treasury stock was ¥51.0 billion.
・ The cash outflow from payments of cash dividends was ¥96.1 billion.
・ The cash outflow from transactions with non-controlling interest shareholders was ¥29.7 billion, mainly due topayments in relation to shares of Mitsui Oil Exploration Co., Ltd., acquired in the previous fiscal year.
(4) Information Concerning Profit Forecast for the Year Ending March 31, 2023
We announced our profit forecast attributable to owners of the parent of ¥800.0 billion and Core Operating Cash
Flow forecast of ¥950.0 billion for the year ending March 31, 2023, on May 2, 2022 in Consolidated
Financial Results for the Year Ended March 31, 2022. No updates have been made to these forecasts.

2. Other Information
Notice:This flash report contains forward-looking statements about Mitsui and its consolidated subsidiaries. These forwardlooking statements are based on Mitsui’s current assumptions, expectations and beliefs in light of the information
currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks,
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.

- 11 -

3. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position(Millions of Yen)
AssetsJune 30,2022

March 31,2022

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

Other current assets

1,219,135
2,490,550
1,142,227
975,902
231,116¥

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

179,187

154,780

6,238,117

5,716,683

Investments accounted for using the equity method

3,763,256

3,387,371

Other investments
Trade and other receivables

2,109,091
316,891

2,347,414
319,977

Other financial assets
Property, plant and equipment

215,5022,309,564

167,845
2,190,902

Investment property

318,352

318,570

Intangible assets

281,708

253,039

Deferred tax assets
Other non-current assets

112,511
121,656

100,743
120,7469,548,531

9,206,607

Total current assets
Non-current Assets:

Total non-current assets
Total

¥

- 12 -

15,786,648¥

14,923,290

(Millions of Yen)
Liabilities and Equity
June 30,2022

March 31,2022

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

305,516
844,491¥

281,831410,257

Trade and other payables
Other financial liabilities
Income tax payables

1,861,236
1,165,248
68,187

1,739,149
1,003,156
68,456

Advances from customers
Provisions
Other current liabilities

225,148
77,271
68,106

202,074
48,58955,1144,615,203

3,808,626

4,047,211
202,577

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

39,730278,129

38,045
266,161

Deferred tax liabilities
Other non-current liabilities

594,074
29,045653,979
28,657

Total non-current liabilities

5,190,766

5,319,248

Total liabilities

9,805,969

9,127,874

342,384

342,384

Capital surplus
Retained earnings
Other components of equity

376,872
4,347,862
861,882

376,516
4,165,962
827,441

Treasury stock(158,073)(107,098)

5,770,927

5,605,205

Non-controlling interests

209,752

190,211

Total equity

5,980,679

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

¥

- 13 -

15,786,648¥

14,923,290

(2) Condensed Consolidated Statements of Income and Comprehensive Income
Condensed Consolidated Statements of Income(Millions of Yen)

RevenueThree-month
period ended
June 30, 2022

Three-month
period ended
June 30, 2021

¥

¥

Cost
Gross Profit

3,720,531

2,658,034(3,407,101)(2,389,797)

313,430

268,237(155,949)(138,599)

11,559(271)
6,929(4,669)213
1,680

Other Income (Expenses):
Selling, general and administrative expenses
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
Other income (expense) －net

8,285

8,924

(129,447)(132,451)

Finance Income (Costs):
Interest income
Dividend income

6,963
34,575

4,658
33,692

Interest expense(16,401)(14,390)

Total other income (expenses)

Total finance income (costs)

25,13723,960Share of Profit (Loss) of Investments Accounted for Using the Equity Method

138,837

96,445

Profit before Income Taxes

347,957

256,191

Income Taxes(59,598)

Profit for the Period(56,186)¥

288,359¥

200,005¥

275,000
13,359¥191,264
8,741

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

Condensed Consolidated Statements of Comprehensive Income(Millions of Yen)

Profit for the Period

Three-month
period ended
June 30, 2022

Three-month
period ended
June 30, 2021¥¥

288,359

200,005

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(314,730)(19)

225,395
300(613)
92,235

2,156(67,714)

22,963(300)(48,239)
301,282(7,063)(6,834)
51,955(5,813)45,816

199,145

Comprehensive Income for the Period¥

334,175¥

399,150

Comprehensive Income for the Period Attributable to:
Owners of the parent¥

312,406¥

388,605

Non-controlling interests

21,769- 14 -

10,545

(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¥

Profit for the period

Retained
Earnings

Other
Components ofEquity3,547,789¥¥

Comprehensive income for the period
Transaction with owners:

191,264

Dividends paid to the owners of the parent
Dividends paid to non-controlling interest
shareholders
Acquisition of treasury stock
Sales of treasury stock

Noncontrolling
Interests

Total(89,473)¥

191,264

Other comprehensive income for the period

4,570,420¥

252,467

Total
Equity¥8,741

200,005

197,341

197,341

1,804

199,145

197,341

388,605

10,545399,150(75,083)(75,083)(10,962)

(11)

(14)

(74,725)
25(55,423)

55,423141

interest shareholders
Transfer to retained earnings

2,545
¥

342,080¥

396,816¥

3,611,078

¥

-

448

(10)

131
¥

(108,750)¥(74,725)0448(2,545)568,572(10,962)(74,725)0448Equity transactions with non-controlling

4,822,887

191,264(75,083)

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

Balance as at June 30, 2021

373,786

TreasuryStock4,809,796

3,914

4,045
-

¥

255,964¥

5,065,760(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)¥

275,000

Comprehensive income for the period
Transaction with owners:

275,000

Dividends paid to the owners of the parent

Noncontrolling
Interests

Total
5,605,205¥¥

37,406

13,3598,410

288,359
45,81637,406

312,406

21,769334,175(96,058)(96,058)(96,058)(9,468)Acquisition of treasury stock
Sales of treasury stock(35)

Cancellation of treasury stock
Compensation costs related to share-based
payment
Equity transactions with non-controllinginterest shareholders(24)(51,034)
59

-

-

(281)
2,982
¥

342,384¥

376,872¥

4,347,862- 15 -

¥

-

672

17

(264)
¥

(158,073)¥(51,034)
0672(2,982)
861,882(9,468)(51,034)
0

672

Transfer to retained earnings

5,795,416

275,000
37,406

Dividends paid to non-controlling interest
shareholders

Balance as at June 30, 2022

190,211

Total
Equity5,770,927

7,240

6,976
-

¥

209,752¥

5,980,679

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

Three-month period
endedJune 30, 2022
Operating Activities:
Profit for the period¥

288,359

Three-month period
endedJune 30, 2021¥

200,005

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

66,002
1,920

73,885889

Loss allowance

2,720

5,052

(Gain) loss on securities and other investments-net(11,559)

4,669

Impairment (reversal) loss of fixed assets-net(Gain) loss on disposal or sales of fixed assets-net
Interest income, dividend income and interest expense

271(6,929)(34,012)(213)(1,680)(31,382)

Income taxes
Share of (profit) loss of investments accounted for using the equity method
Valuation (gain) loss related to contingent considerations and others

59,598(138,837)(9,340)56,186(96,445)
303

Change in trade and other receivables
Change in inventories(79,335)
26,885(86,278)(84,175)

Change in trade and other payables
Other-net

45,823(26,389)

71,394(4,826)

Interest received
Interest paid

14,550(10,999)

13,145(14,994)

Dividends received
Income taxes paid

148,987(56,778)

118,508(44,736)

Cash flows from operating activities

280,937

179,307

Investing Activities:
Net change in time deposits
Net change in investments in equity accounted investees

34,594(94,342)(35,600)(16,968)

Net change in other investments(17,484)(58,229)

Net change in loan receivables
Net change in property, plant and equipment(1,978)(53,895)

58,285(37,466)

Changes in operating assets and liabilities:

Net change in investment property

21,498(2,545)(111,607)(92,523)(1,117)61,60834,540(32,875)

Repayments of lease liabilities
Purchases and sales of treasury stock(13,532)(51,033)(13,336)(74,725)

Dividends paid

(96,058)(75,083)

Cash flows from investing activities
Financing Activities:
Net change in short-term debt
Net change in long-term debt

Transactions with non-controlling interest shareholders
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¥(29,660)(10,775)(129,792)(172,254)

51,72991,267
1,127,868(2,163)(87,633)
1,063,150

1,219,135¥

975,517“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.

- 16 -

(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.
(7) Segment Information

Three-month period ended June 30, 2022 (from April 1, 2022 to June 30, 2022)(Millions of Yen)
Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

Iron & Steel
Products

LifestyleInnovation &Corporate
Development

Total

Others /AdjustmentsandEliminations

Consolidated
Total

Revenue

575,656

940,871

228,841869,273

181,940

871,538

52,1653,720,284

247

3,720,531

Gross Profit

107,387

17,11543,85359,474

9,052

52,736

19,902309,519

3,911

313,430

Share of Profit (Loss) of Investments
Accounted for Using the Equity
Method42,84124,80542,845

7,178

6,577

9,776

4,733

138,755

82

138,837

Profit for the Period Attributable to
Owners of the parent

119,806

23,74438,95023,096

6,969

26,543

20,367259,475

15,525275,000

Core Operating Cash Flow

142,154

52,39535,601

32,0002,862

22,294

11,947299,253

1,168

300,421

Total Assets at June 30, 2022

3,141,020

3,053,379

3,120,319

1,841,619

744,306

2,628,093

1,949,054

16,477,790(691,142)

15,786,648

Three-month period ended June 30, 2021 (from April 1, 2021 to June 30, 2021)(Millions of Yen)
Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

Iron & Steel
Products

LifestyleInnovation &Corporate
Development

Total

Others /AdjustmentsandEliminations

Consolidated
Total

Revenue

469,926

558,696

172,241

664,439

139,521

601,781

50,6072,657,211

823

2,658,034

Gross Profit

106,833

17,96731,99344,881

7,944

34,64923,784

268,051186

268,237

31,804

6,463

28,720

3,890

5,822

13,932

5,808

96,4396

96,445

118,975(1,243)29,241

15,865

6,654

13,858

10,401

193,751(2,487)

191,264

127,425

47,24938,03324,542

3,827

16,594

12,074

269,744112

269,856

3,180,197

2,960,412

2,684,478

1,692,949

691,630

2,428,573

1,729,006

15,367,245(443,955)

14,923,290

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

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 June 30, 2022 includes cash, cash equivalents andtime deposits related to financing activities, and assets of the Corporate Staff Unit and certain subsidiaries
related to the above services amounting to ¥ 7,647,360 million and ¥ 8,124,270 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 June 30, 2022 includes
elimination of receivables and payables between segments amounting to ¥ 8,091,315 million and ¥8,815,412 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.

- 17 -

(8) The Fire Incident of Intercontinental Terminals Company LLC
On March 17, 2019 (US time) a fire began at the Deer Park tank terminal of Intercontinental Terminals Company
LLC (“ITC”), a wholly owned U.S. subsidiary of Mitsui & Co., Ltd. The Deer Park tank terminal is located in theoutskirts 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 thefire incident on December 6, 2019 (US time) and the report classified the fire as accidental, while not specifying thecause of the fire. The cause of the fire is still under investigation by other relevant authorities.
The profit and loss related to this incident recognized in the three-month period ended June 30, 2022 and 2021, andthe outstanding balance of related provision as of June 30, 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 Limited, 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 April 26, 2021, theproject operator, TotalEnergies SE 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 and 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 beenongoing since February 2022 and the resulting sanctions against Russia, etc. Based on discussions with eachpartner, the Company has evaluated its relevant assets and liabilities.
The fair value of Other investments related to Sakhalin II project held by Mitsui Sakhalin Holdings B.V., asubsidiary of the Company, decreased by ¥136,607 million from the balance at March 31, 2022, and the valuationdifference is recorded in "Financial assets measured at FVTOCI" in the Condensed Consolidated Statements ofComprehensive Income, mainly due to the reassessment of its discount rate based on the rating of the RussianFederation during the current period as well as the Russian Presidential Decree (No.416) dated June 30, 2022. The
fair value was measured using the income approach by expected present value technique and the probabilityweighted average considering a scenario where the continuous dividend income is predicted through an investment
in a newly established company, which is expected at this stage, and other scenarios. Since the detailed informationsuch as a method of implementation of the Russian Presidential Decree remains uncertain at this stage, the fair value
may increase or decrease based on the future situations. The outstanding balances of the Other investments related tothis project at June 30, 2022 and March 31, 2022 were ¥90,199 million and ¥208,154 million, respectively.
In addition, the carrying amount of the investments in Japan Arctic LNG B.V., an equity accounted investee thatinvests in and finances the Arctic LNG 2 project, and the assets value held by Japan Arctic LNG B.V. wererevaluated during the current period based on the rating of the Russian Federation, however the profit / loss andcomprehensive income recognized in the current period were immaterial. The outstanding balances of theinvestments and loans (*) at June 30, 2022 and March 31, 2022 were ¥15,396 million and ¥14,374 million,
respectively. The balance of financial guarantees as contingent liabilities were ¥185,725 million and ¥182,160
million, respectively, and the provision for loss on guarantees included in "Other financial liabilities" were ¥19,539
million and ¥18,097 million, respectively.
These estimates may be affected by uncertain developments in Russia and Ukraine, and any future changes in therating 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 valuation allowance) included in "Trade and other receivables" in the Condensed Consolidated Statements ofFinancial Position.
- 18 -