Consolidated Financial Results for the Six-Month Period Ended September 30, 2021 [IFRS]Tokyo, November 2, 2021 - Mitsui & Co., Ltd. announced its consolidated financial results for the six-month period ended September
30, 2021, 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 : Masaya Inamuro, Investor Relations Division TEL 81-3-3285-1111
1. Consolidated financial results(1) Consolidated operating results information for the six-month period ended September 30, 2021
(from April 1, 2021 to September 30, 2021)
Six-month period ended September 30,
2021

2020
%

%

Revenue

Millions of yen

5,416,199

46.2

3,705,074(14.1)

Profit before income taxes

Millions of yen

540,654192.7

184,693(42.1)

Profit for the period

Millions of yen

417,510256.0

117,263(53.3)

Profit for the period attributable to owners of the parent

Millions of yen

404,630267.8

110,024(53.0)

Comprehensive income for the period

Millions of yen

361,74649.1

242,662

1,917.0

Earnings per share attributable to owners of the parent, basic

Yen

246.22

65.16

Earnings per share attributable to owners of the parent, diluted

Yen

246.11

65.13

Note:
1. 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. As described in the Note in Condensed Consolidated Statements of Income, we have reconsidered the presentation of revenue fromcertain transactions, and have restated revenues for the six month period ended September 30, 2020.
(2) Consolidated financial position information
September 30, 2021

March 31, 2021

Total assets

Millions of yen

12,954,071

12,515,845

Total equity

Millions of yen

4,991,390

4,822,887

Total equity attributable to owners of the parent

Millions of yen

4,738,572

4,570,420

Equity attributable to owners of the parent ratio

%

36.6

36.5

2. Dividend information
Year ended March 31,
2022

Year ending March
31, 2022 (Forecast)

2021

Interim dividend per share

Yen

Year-end dividend per share

Yen

45

50

Annual dividend per share

Yen

85

95

Note :
Change from the latest released dividend forecast: Yes

45

40

3. Forecast of consolidated operating results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Year ending
March 31, 2022
Profit attributable to owners of the parent
Earnings per share attributable to owners of the parent, basic

Millions of yen

720,000

Yen

441.26Note :
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 23 "4. Condensed Consolidated Financial Statements (6) Changes in Accounting Estimates".
(3) Number of shares :September 30, 2021
Number of shares of common stock issued, including treasury stock

March 31, 2021

1,642,355,644

1,717,104,808

17,427,794

48,628,466

Six-month period ended
September 30, 2021

Six-month period ended
September 30, 2020

1,643,369,348

1,688,466,849

Number of shares of treasury stock

Average number of shares of common stock outstanding
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 17.
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 November 4, 2021.
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............................................................................................................. 9
2. Management Policies(1) Result and Forecast for Investment and Loan Plan....................................................................................... 13(2) Forecasts for the Year Ending March 31, 2022............................................................................................. 13(3) Profit Distribution Policy.............................................................................................................................. 16
3. Other Information............................................................................................................................................. 17
4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position........................................................................... 18(2) Condensed Consolidated Statements of Income and Comprehensive Income.............................................. 20(3) Condensed Consolidated Statements of Changes in Equity........................................................................... 21(4) Condensed Consolidated Statements of Cash Flows..................................................................................... 22
(5)
(6)
(7)
(8)

Assumption for Going Concern..................................................................................................................... 23
Changes in Accounting Policies and Changes in Accounting Estimates....................................................... 23
Segment Information...................................................................................................................................... 24
The Fire Incident of Intercontinental Terminals Company LLC................................................................... 25(9) Taxation on Capital Gain in India.................................................................................................................. 25(10) Impact of the Security Situation in Northern Mozambique on LNG Project................................................. 25- 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 six-month period ended September 30, 2021, the global economy continued to rebound overall although thepace of the economic recovery slowed in the U.S., China, and other countries due to the spread of the Delta variantof COVID-19, as well as due to difficulties in procuring parts such as semiconductors and automotive components.

In the U.S., the recovery has continued for the most part despite the slowing momentum of the recovery inconsumption and domestic demand due to the spread of the Delta variant and bottlenecks in supply chains. Although
there are some areas of concern, such as rising inflation, the economy is expected to be boosted as consumption,
which had been restrained, recovers together with the falling number of infections and as problems are resolved insupply chains. In Europe, consumer spending, mainly for consumption of services, has shown signs of recovery
accompanying the normalization of economic activities. Looking ahead, the economic recovery is expected tostrengthen, partly due to support by allocations from the European Recovery Fund. In Japan, there was a downturnin exports due to the drop in automobile production caused by disruptions in the supply of components fromSoutheast Asia, and consumption weakened mainly due to the rapid spread of the Delta variant. However, capital
investment has been steady, consumer spending is expected to recover with the resumption of economic activities in
the future, and the economy is expected to rebound. In China, although the economic recovery has slowed down
mainly due to weakening in the recovery of consumer spending caused by the strengthening of restrictions on
activities and government measures to control real estate investment, it is expected to pick up again due to the easingof restrictions on activities and other factors. In Russia and Brazil, exports are expected to continue increasing
against the backdrop of rising prices for resources, energy, and food.
Going forward, it is expected that the pace of growth in the U.S. and China will regain its momentum and lead theglobal economic recovery, and that the stronger recovery trend will also be seen in Europe and Japan.

- 2 -(2) Results of Operations

1) Analysis of Consolidated Income Statements(Billions of Yen)

Current Period Previous Period

ChangeRevenue

5,416.2

3,705.1+1,711.1

Gross profit

527.4

367.8

+159.6

Selling, general and administrative expenses(279.3)(286.8)+7.5(14.6)

9.0(23.6)(12.7)

(5.3)

(7.4)

6.0

(0.2)

+6.2

Other Income (Expense)—Net

15.3

(1.0)

+16.3

Interest Income

9.5

12.3

(2.8)

Dividend Income

107.9

35.1

+72.8

Interest Expense(25.8)(28.4)+2.6

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

207.0

82.0

+125.0

Income Taxes(123.1)(67.4)(55.7)

Profit for the Period

417.5

117.3

+300.2

Profit for the Period Attributable to Owners of the Parent

404.6

110.0

+294.6

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

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

Finance Income(Costs)* May not match with the total of items due to rounding off. The same shall apply hereafter.
Revenue
Revenue for the six-month period ended September 30, 2021 ("current period") was ¥5,416.2 billion, an increase of¥1,711.1 billion from ¥3,705.1 billion for the corresponding six-month period of the previous year ("previous
period").
* The figure for the previous period has been restated to conform to the presentation for the current period. This

restatement has no impact on gross profit, profit for the period attributable to owners of the parent, or total equity
attributable to owners of the parent. For further details, please refer to "4. Condensed Consolidated Financial
Statements (2) Condensed Consolidated Statements of Income and Comprehensive Income".
Gross Profit
Mainly the Mineral & Metal Resources Segment, the Chemicals Segment, and the Machinery & Infrastructure
Segment recorded an increase, while the Energy Segment and the Innovation & Corporate Development Segment
recorded a decrease.
Selling, general and administrative expenses
Mainly the Mineral & Metal Resources Segment recorded a decrease while the Chemicals Segment recorded anincrease. The table provides a breakdown of selling, general and administrative expenses.

- 3 -Personnel …………………………………….
Welfare ………………………………………
Travel ………………………………………..
Entertainment ………………………………..
Communication ……………………………...
Rent ………………………………………….
Depreciation …………………………………
Fees and Taxes ………………………………
Loss Allowance ……………………………...
Others ………………………………………..
Total …………………………………………

Current
Period¥(155.2) ¥
(5.6)
(4.5)
(1.2)
(23.6)(4.7)(16.8)(5.2)(9.4)(53.1)¥(279.3) ¥Billions of Yen
Previous
Period(145.0) ¥
(4.4)
(3.1)
(0.7)
(23.0)(5.1)(18.9)(4.5)(33.1)(49.0)(286.8) ¥Change(10.2)
(1.2)
(1.4)
(0.5)
(0.6)
+0.4
+2.1
(0.7)
+23.7
(4.1)
+7.5

Other Income (Expenses)
Gain (Loss) on Securities and Other Investments—Net
The Machinery & Infrastructure Segment recorded a gain on sale of securities for the previous period, while itrecorded an impairment loss for the current period.

Impairment Reversal (Loss) of Fixed Assets-Net
For the previous period, mainly the Machinery & Infrastructure Segment recorded an impairment loss of fixed
assets.

For the current period, mainly the Energy Segment recorded impairment losses of fixed assets.
Other Income (Expense)—Net

Mainly the Mineral & Metal Resources Segment recorded profits related to foreign exchange, while the Energy
Segment recorded a decrease.
Finance Income (Costs)
Dividend Income

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

Income taxes for the current period were ¥123.1 billion, an increase of ¥55.7 billion from ¥67.4 billion for theprevious period. The effective tax rate for the current period was 22.8%, a decline of 13.7 points from 36.5% for theprevious period. The major factors for the decline were unrecognized tax effect in respect to a part of increase in the"Share of Profit (Loss) of Investments Accounted for Using the Equity Method" for the current period and adecrease in proportion of tax burden out of resource-related high rate taxes 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 ¥404.6 billion, an increase of ¥294.6 billion
from the previous period.

- 4 -2) Operating Results by Operating Segment

The fluctuation analysis for the results by operating segment is below.
The order in which reporting segments are presented has been changed in the segment information from the current
period and this change also applies for the previous period.
Mineral & Metal Resources Segment
Current Period Previous Period(Billions of Yen)
Profit for the period attributable to owners of the parent

Change

271.0

71.3

+199.7Gross profit

210.6

100.6

+110.0

Profit (loss) of equity method investments

67.5

30.2

+37.3

Dividend income

80.7

20.2

+60.5

Selling, general and administrative expenses(15.1)(33.2)+18.1

Others(72.7)(46.5)(26.2)・ Gross profit increased mainly due to the following factors:- Iron ore mining operations in Australia recorded an increase of ¥90.4 billion mainly due to higher sales price.

- Coal mining operations in Australia recorded an increase of ¥16.2 billion mainly due to higher sales price.
・ Profit (loss) of equity method investments increased mainly due to the following factors:- Iron ore mining operations in Australia recorded an increase of ¥14.6 billion mainly due to higher sales price.
- Compañía Minera Doña Inés de Collahuasi SCM, a copper mining company in Chile, recorded an increase of¥10.4 billion mainly due to higher sales price.
- Inversiones Mineras Becrux SpA, which invests in Anglo American Sur S.A., a copper mining company inChile, recorded an increase of ¥6.2 billion mainly due to higher sales price.
- Inner Mongolia Erdos Electric Power & Metallurgical Co., Ltd recorded an increase of ¥3.8 billion mainly due
to the good performance of ferroalloys and chemicals businesses because of strong demand in China.
・ Dividend income increased mainly due to higher dividends from Vale S.A. and iron ore mining operations inAustralia.
・ Selling, general and administrative expenses decreased mainly due to the following factor:- For the previous period, an impairment loss of ¥19.7 billion for doubtful debts was recorded regarding the

Moatize mine business in Mozambique following the revisions to our various assumptions.
・ In addition to the above, the following factors also affected results:- For the current period, a reversal of deferred tax liability of ¥6.2 billion was recorded in relation to thereorganization of Japan Collahuasi Resources B.V., which invests in Compañía Minera Doña Inés deCollahuasi SCM, a copper mining company in Chile.
- For the current period, iron ore mining operations in Australia recorded an increase of ¥4.7 billion due toforeign exchange related gains.
- For the current period, coal mining operations in Australia recorded an increase of ¥3.5 billion due to foreignexchange related gains.

- 5 -Energy Segment
Current Period Previous Period(Billions of Yen)
Profit for the period attributable to owners of the parent

Change

(4.8)

(3.7)

(1.1)

Gross profit

23.9

33.3

(9.4)

Profit (loss) of equity method investments

14.4

11.0

+3.4

Dividend income

16.8

4.3

+12.5

Selling, general and administrative expenses(25.0)(23.5)(1.5)

Others(34.9)(28.8)(6.1)

・ Gross profit decreased mainly due to the following factors:- Business division at the Headquarters recorded a decrease mainly due to less profit related to LNG tradingbusiness.
- Mitsui Oil Exploration Co., Ltd. recorded a decrease of ¥8.6 billion mainly due to decline in production.

- Mitsui & Co. Energy Trading Singapore Pte. Ltd. recorded a decrease of ¥7.0 billion mainly due to a swingback effect following the good trading performance in the previous period.
- Mitsui E&P Australia Pty Ltd recorded an increase of ¥6.9 billion mainly due to a higher oil price.
- Mitsui E&P USA LLC recorded an increase of ¥6.7 billion mainly due to a higher gas price.
- MOEX North America LLC recorded an increase of ¥3.6 billion mainly due to a higher oil price.
・ Profit (loss) of equity method investment increased mainly due to the following factor:- Mitsui & Co. LNG Investment USA, Inc. recorded an increase of ¥3.6 billion due to the commencement ofcommercial operation in all three trains at the Cameron LNG Project.
・ Dividends from six LNG projects (Sakhalin II, Abu Dhabi, Qatargas 1, Oman, Qatargas 3 and Equatorial
Guinea) were ¥16.4 billion in total, an increase of ¥12.5 billion from the previous period.
・ In addition to the above, the following factor also affected results.
- For the current period, Mitsui Oil Exploration Co., Ltd. recorded an impairment loss of ¥7.3 billion for Block

M-3 exploration project and profit of ¥2.7 billion in relation to reversal of reserve for overseas investment loss.
- MOEX North America LLC recorded a decrease of ¥4.4 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

52.9

23.4

+29.5

Gross profit

66.9

48.3

+18.6

Profit (loss) of equity method investments

68.0

41.8

+26.2

Dividend income

2.8

2.2

+0.6

Selling, general and administrative expenses(61.3)(61.3)

0.0

Others(23.5)(7.6)(15.9)・ Gross profit increased mainly due to the following factor:- Toyota Chile S.A. recorded an increase of ¥3.4 billion due to steady sales results.
・ Profit (loss) of equity method investments increased mainly due to the following factors:- MBK USA Commercial Vehicles Inc. recorded an increase of ¥13.2 billion due to good performance in thetruck leasing and rental business.
- Penske Automotive Group, Inc. recorded an increase of ¥7.8 billion due to steady sales results.
- For the current period, a loss was recorded at a vessel owning company due to the sluggish tanker market.
・ Selling, general and administrative expenses recorded the following factor:- 6 -- For the previous period, an impairment loss of ¥4.9 billion for doubtful debt was recorded, reflecting therevisions to various assumptions regarding the Moatize mine business in Mozambique.
・ In addition to the above, the following factors also affected results:- For the previous period, a gain on sale of the IPP business in North America was recorded.
- For the current period, an impairment loss of ¥9.7 billion was recorded, based on the conclusion of sale andpurchase agreement for the shares of MT Falcon Holdings S.A.P.I.de C.V.
- For the previous period, ¥4.7 billion impairment loss was recorded in the rolling stock leasing business.
Chemicals Segment
Current Period Previous Period(Billions of Yen)
Profit for the period attributable to owners of the parent

Change

27.6

10.7

+16.9

Gross profit

86.0

58.5

+27.5

Profit (loss) of equity method investments

10.2

2.6

+7.6

Dividend income

1.6

1.3

+0.3

Selling, general and administrative expenses(57.2)(47.7)(9.5)

Others(13.0)

(4.0)

(9.0)

・ Gross profit increased mainly due to the following factors:- European agrochemical company, Belchim Crop Protection NV/SA was consolidated in the current period.
- An increase of ¥3.9 billion was recorded in MMTX, Inc. mainly due to a higher methanol price.
・ Selling, general and administrative expense increased mainly due to the following factor:- European agrochemical company, Belchim Crop Protection NV/SA was consolidated in the current period.
Iron & Steel Products Segment
Current Period Previous Period(Billions of Yen)
Profit for the period attributable to owners of the parent

Change

12.2

(5.8)

+18.0

Gross profit

16.2

9.6

+6.6

Profit (loss) of equity method investments

12.8

(4.5)

+17.3

Dividend income

0.8

0.8

0.0

Selling, general and administrative expenses(12.1)(11.6)(0.5)

Others

(5.5)

(0.1)

(5.4)

・Profit (loss) of equity method investments increased mainly due to the following factors:- Gestamp companies recorded an increase of ¥7.4 billion mainly due to the improvement of operating time by

the recovery of automotive production and cost reduction due to the structural transformation.
- Numit LLC, which invests in Steel Technologies LLC, recorded an increase of ¥5.3 billion mainly due to theimprovement of operating time by the recovery of automotive production in the U.S. and increase in the steel
prices.

- 7 -Lifestyle Segment
Current Period Previous Period(Billions of Yen)
Profit for the period attributable to owners of the parent

Change20.9(11.9)+32.8

Gross profit

69.0

58.7

+10.3

Profit (loss) of equity method investments

22.9

(3.1)

+26.0

Dividend income

2.3

2.5

(0.2)

Selling, general and administrative expenses(65.6)(65.6)

0.0

Others

(7.7)

(4.4)

(3.3)

・ Profit (loss) of equity method investments increased mainly due to the following factors:- IHH Healthcare Berhad recorded an increase of ¥10.3 billion due to the effect of the COVID-19 pandemic forthe previous period and the absence of an impairment loss of goodwill over subsidiary in India, and increased
demand for COVID-19 related services and an operation improvement for the current period.
- WILSEY FOODS INC. recorded an increase of ¥4.1 billion due to the good performance of Ventura Foods
LLC, a U.S. manufacturer of processed oil food, reflecting higher soybean oil price and recovery in demand forfood service.
- For the current period, PHC Holdings Corporation recorded an increase due to good sales performance of
COVID-19 related products and a gain on valuation for convertible bonds.
Innovation & Corporate Development Segment
Current Period Previous Period(Billions of Yen)
Profit for the period attributable to owners of the parent

Change

30.8

24.0

+6.8

Gross profit

53.6

57.5

(3.9)

Profit (loss) of equity method investments

11.1

4.0

+7.1

Dividend income

2.4

3.1

(0.7)

Selling, general and administrative expenses(34.0)(32.1)(1.9)

Others

(2.3)

(8.5)

+6.2

・ Gross profit decreased mainly due to the following factors:- For the previous period, a gain of ¥12.4 billion in the valuation of fair value was recorded at a holding company
as a result of sales of its entire shareholding in OSIsoft LLC.

- For the previous period, ¥6.0 billion gain was recorded due to the valuation of fair value on shares in Hutchison
China MediTech Ltd., while for the current period, ¥1.1 billion profit was recorded as a result of sales of theentire shareholding thereof.
- For the current period, a gain of ¥4.0 billion in the valuation of fair value was recorded following the public
listing of Kaltura, Inc.
- For the current period, a gain of ¥3.0 billion in the valuation of fair value was recorded following the public
listing of Spire Inc.

- 8 -(3) Financial Condition and Cash Flows

1) Financial Condition(Billions of Yen)

September 30, 2021

March 31, 2021

12,954.1

12,515.8+438.3Current Assets

4,588.6

4,207.5+381.1

Non-current Assets

8,365.5

8,308.4+57.1

Current Liabilities

3,096.5

2,701.7+394.8Non-current Liabilities

4,866.1

4,991.2(125.1)

3,364.2

3,299.8+64.4

4,738.6

4,570.4+168.20.71

0.72(0.01)

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 declined by ¥202.9 billion.
・ Trade and other receivables increased by ¥70.2 billion, mainly due to the following factors:- An increase in trade receivables by ¥119.2 billion, mainly due to higher market price and increase in trading
volume in the Chemicals Segment and the Energy Segment, as well as consolidation of European
agrochemical company, Belchim Crop Protection NV/SA in the Chemicals Segment; and-A decrease in the current portion of long-term receivables by ¥51.5 billion, mainly due to loan collection of¥57.6 billion in the copper business.

・ Other financial assets increased by ¥358.8 billion, mainly due to market fluctuation and increase in volume ofderivative trading in the Innovation & Corporate Development Segment, and higher market price for products in

the Lifestyle Segment.
・ Inventories increased by ¥126.6 billion, mainly due to higher market price and increase in trading volume in theLifestyle Segment and the Energy Segment, and consolidation of European agrochemical company, Belchim
Crop Protection NV/SA in the Chemicals Segment.
・ Advance payments to suppliers increased by ¥24.8 billion, mainly due to increase in trading volume in the
Machinery & Infrastructure Segment.
Non-current Assets:
・ Investments accounted for using the equity method increased by ¥79.9 billion, mainly due to the following
factors:- An increase of ¥207.0 billion corresponding to the profit of equity method investments for the current period,
despite a decline of ¥166.8 billion due to dividends from equity accounted investees;-

An increase of ¥20.0 billion resulting from foreign currency exchange fluctuations; andAn increase of ¥16.5 billion due to an investment in Mitsui E&P Mozambique Area 1 Limited, which
participates in the Mozambique LNG Project.
・ Other investments increased by ¥51.9 billion, mainly due to the following factors:-

As a result of subscription to convertible bonds of PT CT Corpora, the holding company for CT Corp, for¥67.0 billion; and

- 9 -

-

Fair value on financial assets measured at FVTPL increased by ¥20.5 billion, while fair value on financial

assets measured at FVTOCI decreased by ¥39.7 billion.
・ Property, plant and equipment decreased by ¥107.8 billion, mainly due to the following factors:- A decline of ¥55.4 billion (including foreign exchange translation profit of ¥2.4 billion) at the oil and gas-

projects;
A decline of ¥27.7 billion due to reclassification of agricultural land owned by XINGU AGRI AG to

Investment property, upon conclusion of lease contracts;
A decline of ¥14.0 billion due to sale of the contract manufacturing businesses of MicroBiopharm Japan Co.,
Ltd.; and-An increase by ¥16.8 billion mainly due to establishment of a logistics center by MITSUI FOODS CO.,LTD.
・ Investment property increased by ¥43.0 billion, mainly due to the following factors:- An increase by ¥27.7 billion due to reclassification of agricultural land owned by XINGU AGRI AG from
Property, plant and equipment, upon conclusion of lease contracts; and-An increase by ¥11.3 billion due to completion of construction at Hibiya Fort Tower, redeveloped by Mitsui& Co. Real Estate Ltd.
・ Intangible assets increased by ¥23.5 billion, mainly due to consolidation of European agrochemical company,
Belchim Crop Protection NV/SA.
Liabilities
Current Liabilities:
・ Short-term debt increased by ¥24.4 billion mainly due to funding requirement corresponding to higher market
price for products in the Lifestyle Segment and consolidation of European agrochemical company, Belchim

Crop Protection NV/SA.
・ Trade and other payables increased by ¥84.0 billion, corresponding to the increase in trade and other receivables.
・ Other financial liabilities increased by ¥227.5 billion, corresponding to the increase in volume of derivative

trading in other financial assets.
・ Advances from customers increased by ¥18.7 billion, corresponding to the increase in advance payments to
suppliers.
Non-current Liabilities:
・ Long-term debt, less the current portion, declined by ¥119.0 billion.
Total Equity Attributable to Owners of the Parent
・ Retained earnings increased by ¥172.8 billion.
・ Other components of equity decreased by ¥55.9 billion, mainly due to the following factors:-

Financial assets measured at FVTOCI decreased by ¥15.7 billion; andForeign currency translation adjustments decreased by ¥10.6 billion, mainly reflecting the depreciation in theAustralian dollar against Japanese yen, while the U.S. dollar and the Brazilian real have appreciated.
・ Treasury stock which is a subtraction item in shareholders' equity decreased by ¥49.9 billion, mainly due to theshares buy-back for ¥107.3 billion, despite cancellation of the stock for ¥156.7 billion.

- 10 -

2) Cash Flows(Billions of Yen)

Current Period Previous Period

ChangeCash flows from operating activities

307.2

380.8

(73.6)Cash flows from investing activities(148.8)(224.2)+75.4

Free cash flow

158.4

156.6

+1.8

Cash flows from financing activities(350.6)(132.3)(218.3)(10.7)

16.2(26.9)(202.9)40.5(243.4)

Effect of exchange rate changes on cash and cash

equivalents etc.
Change in cash and cash equivalents
Cash Flows from Operating Activities(Billions of Yen)

Current Period Previous Period

ChangeCash flows from operating activities

a

307.2

380.8

(73.6)Cash flows from change in working capitalb(247.6)75.9(323.5)

Repayments of lease liabilitiesc(27.9)(30.8)

+2.9

a-b+c

526.9

274.1

+252.8Core 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 ¥247.6 billion of net cash outflow. Repayments of lease liabilities for the current period was¥27.9 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 ¥526.9 billion.
- Net cash inflow from dividend income, including dividends received from equity accounted investees, for the-current period totaled ¥238.4 billion, an increase of ¥124.0 billion from ¥114.4 billion for the previous
period; andDepreciation and amortization for the current period was ¥146.9 billion, an increase of ¥13.8 billion from¥133.1 billion for the previous period.

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

ChangeMineral & Metal Resources

240.6

97.2

+143.4

Energy

87.1

60.2

+26.9

Machinery & Infrastructure

77.1

26.3

+50.8

Chemicals

43.5

22.7

+20.8

Iron & Steel Products

5.4

(0.5)

+5.9

Lifestyle

22.1

1.3

+20.8

Innovation & Corporate Development

26.6

30.9

(4.3)

All Other and Adjustments and Eliminations

24.5

36.0

(11.5)

Consolidated Total

526.9

274.1

+252.8- 11 -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 ¥19.7 billion, mainly due to the following factor:- An investment in Mitsui E&P Mozambique Area 1 Limited, which participates in the Mozambique LNG

Project, for ¥16.5 billion.
・ Net cash outflows that corresponded to other investments (net of sales and maturities of other investments) were¥47.0 billion, mainly due to the following factors:- A subscription to convertible bonds of PT CT Corpora, the holding company for CT Corp, for ¥67.0 billion(net amount of ¥100.0 billion for subscription to convertible bonds and ¥33.0 billion from redemption of
corporate bonds); and- A sale of the contract manufacturing businesses of MicroBiopharm Japan Co., Ltd.
・ Net cash inflows that corresponded to an increase in loan receivables (net of collections of loan receivables)
were ¥61.0 billion, mainly due to loan collection of ¥57.6 billion in the copper business.
・ Net cash outflows that corresponded to purchases of property, plant, and equipment (net of sales of those assets)

were ¥75.0 billion, mainly due to the following factors:- An expenditure for iron ore mining operations in Australia for ¥21.9 billion;- An expenditure for the oil and gas projects for ¥18.3 billion; and- An expenditure for coal mining operations in Australia for ¥10.0 billion.
・ Net cash outflows that corresponded to purchases of investment property (net of sales of those assets) were
¥17.6 billion, mainly due to the following factor:- An expenditure for construction at Hibiya Fort Tower, redeveloped by Mitsui & Co. Real Estate Ltd., for¥12.6 billion.
Cash Flows from Financing Activities
・ Net cash outflow from net change in short-term debt was ¥5.4 billion, net cash outflows from net change inlong-term debt was ¥121.8 billion, and cash outflow from repayments of lease liabilities was ¥27.9 billion.
・ The cash outflow from the purchases of treasury stock was ¥107.3 billion.
・ The cash outflow from payments of cash dividends was ¥75.1 billion.

- 12 -

2. Management Policies(1) Result and Forecast for Investment and Loan Plan(*)

For the current period, approximately ¥235.0 billion in loans and investments were allocated, mainly for thesubscription to convertible bonds issued by the holding company for CT Corp, oil & gas projects, LNG projects
under development and iron ore & coal mining operations in Australia. On the other hand, approximately ¥135.0
billion was collected mainly through loan collection in the copper business and a sale of the contract manufacturingbusinesses of MicroBiopharm Japan Co., Ltd.
We will continue to evolve the financial strategy and portfolio management within cash flow allocation framework,
which is flagged as one of the corporate strategies in the Medium-term Management Plan 2023 by maintaining strict
investment discipline and pursuing flexible and strategic capital allocation.
(*) Excludes changes in time deposits.
(2) Forecasts for the Year Ending March 31, 2022
1) Revised forecasts for the year ending March 31, 2022
<Assumption>

1st Half(Actual)2nd Half(Forecast)

Revised
Forecast(November 2021)

Original
Forecast(April 2021)

Exchange rate (JPY/USD)

110.10109.00109.55105.00

Crude oil (JCC)
Consolidated oil price$70/bbl$61/bbl$72/bbl$71/bbl$71/bbl$66/bbl$61/bbl$59/bblMarch 31, 2022
Revised forecast(November 2021)

March 31, 2022
Original forecast(August 2021)

Change

980.0

980.0

-

(590.0)(590.0)

-

10.0

0.0

+10.0

Interest expenses(30.0)(30.0)-

Dividend income

180.0

160.0

+20.0

380.0

310.0

+70.0

Profit before income taxes

930.0

830.0

+100.0

Income taxes(190.0)(170.0)(20.0)

Non-controlling Interests(20.0)(20.0)-

Profit for the year attributable toowners of the parent

720.0

640.0

+80.0

Depreciation and amortization

300.0

300.0

-

Core Operating Cash Flow

920.0

900.0

+20.0

Gross profit
Selling, general and administrative
expensesGain on investments, fixed assets
and other

Profit (loss) of equity method
investments

Description

Lifestyle

Energy, Miscellaneous
Machinery & Infrastructure, Iron &- 13 -

Steel Products, Mineral & Metal
Resources, Chemicals, LifestyleRate of change: +12.5%

・Due to the continuation of global demand recovery following the rebound of the global economy from COVID-19 pandemic
situation, the Machinery & Infrastructure Segment has been revised by ¥20.0 billion and the Energy Segment, the Chemicals
Segment and the Iron & Steel Products Segment have been revised up by ¥10.0 billion each for the profit for the year attributable toowners of the parent. In addition to that, the Lifestyle Segment has been revised up by ¥20.0 billion due to the demand recovery andthe profit of ¥6.9 billion by partial sale of PHC Holdings corporation, also the Innovation & Corporate Development Segment has
been revised up by ¥10.0 billion due to mainly the public listing of FVTPL securities.

The revised forecast for profit for the year attributable to owners of the parent by operating segment compared to theoriginal forecast is as follows:
March 31, 2022
Revised forecast(November 2021)

March 31, 2022
Original forecast(August 2021)

Mineral & Metal Resources

420.0

420.0

-

Energy

80.0

70.0

+10.0

Higher gas price

Machinery & Infrastructure

100.0

80.0

+20.0

Automobile business, ship business

Chemicals

50.0

40.0

+10.0

Steady chemicals market

Iron & Steel Products

20.0

10.0

+10.0

Steady steel price

Lifestyle

40.0

20.0

+20.0

Food business, PHC partial sale

Innovation & Corporate
Development

40.0

30.0

+10.0

Profits from sales/valuation of FVTPL
securities listing

All Other and Adjustments
and Eliminations(30.0)(30.0)-

Consolidated Total

720.0

640.0

+80.0

(Billions of Yen)

ChangeDescription

The revised forecast for the Core Operating Cash Flow by operating segment compared to the original forecast is asfollows:
March 31, 2022
Revised forecast(November 2021)

March 31, 2022
Original forecast(August 2021)

Mineral & Metal Resources

440.0

480.0

(40.0)

Energy

200.0

200.0

-

Machinery & Infrastructure

120.0

100.0

+20.0

Automobile business

Chemicals

80.0

55.0

+25.0

Steady chemicals market

Iron & Steel Products

10.0

5.0

+5.0

Steady steel price

Lifestyle

30.0

30.0

-

Innovation & Corporate
Development

40.0

30.0

+10.0

All Other and Adjustments
and Eliminations

0

0

-

920.0

900.0

+20.0

(Billions of Yen)

Consolidated Total- 14 -

ChangeDescription
Iron ore businessProfits from sales/valuation of FVTPL
securities listing2) Key commodity prices and other parameters for the year ending March 31, 2022

The table below shows assumptions for key commodity prices and foreign exchange rates of the forecast for theyear ending March 31, 2022. The effects of movements on each commodity price and foreign exchange rates 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, 2022
(Announced in April 2021)

Crude Oil/JCC

st

2 Halfnd(Result)(Assumption)

61

70

72

71

¥2.5 bn (US$1/bbl)

59

61

71

66

U.S. NaturalGas (*2)¥1.1 bn(US$0.1/mmBtu)

2.74

2.85(*3)

4.66

3.76

Iron Ore (*4)

¥2.2 bn (US$1/ton)(*5)

181(*6)(*5)

Coking¥0.4 bn (US$1/ton)(*5)

160(*7)

(*5)

(*5)

Thermal¥0.1 bn (US$1/ton)(*5)

110(*7)

(*5)

(*5)

¥0.7 bn (US$100/ton)

7,650

9,095(*9)

9,186

9,140

USD

¥2.6 bn (¥1/USD)

105.00110.10109.00109.55AUD¥2.4 bn (¥1/AUD)

80.00

82.33

79.00

80.67

BRL

¥0.2 bn (¥1/BRL)

19.00

21.19

20.00

20.60

Price (*1)

Coal

Copper (*8)

Forex (*10)

1 Half

Revised
Forecast(Announced in
November 2021)－

Consolidated Oil

Commodity

March 31, 2022

Original
Forecast(Announced in
April 2021)

→

→

(*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, 2022, 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 31,2022 H1 (Result) are the Henry Hub Natural Gas Futures
average daily prompt month closing prices traded on NYMEX during January to June 2021.
(*4) The effect of dividend income from Vale S.A. 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, 2022 H1 (Result) are the daily average (reference price)
spot indicated price (Fe 62% CFR North China) recorded in several industry trade magazines from April to
September 2021.
(*7) Coal results figures for the year ending March 31, 2022 H1 (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 2021.
(*9) Copper results figures for the year ending March 31, 2022 H1 (Result) are the averages of the LME monthly
average cash settlement prices for the period from January to June 2021.
- 15 -

(*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 theimpact of dividends received from major foreign investees. Depreciation of the yen has the effect of increasing
profit for the year through the conversion of profit (denominated in functional currencies) into yen. In theoverseas 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.
(3) 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 had repurchased our own stock for ¥24.6 billion from April 1 to April 26, 2021 following
the announcements "Notification of Stock Repurchase" on February 24, 2021, ¥50.0 billion following theannouncements "Notification of Stock Repurchase" on April 30, 2021 and ¥50.0 billion following theannouncements "Notification of Stock Repurchase" on August 3, 2021(including buy-backs from October 1, 2021 toOctober 29 2021).
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.
The annual dividend for the year ending March 31, 2022 is planned ¥95 per share (an increase of ¥10 from theprevious year), an upward revision of ¥5 from the original forecast, 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. In this connection, we decided to pay an interim dividendof ¥ 45 per share, which is an increase of ¥5 from the previous period.

- 16 -

3. 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.

- 17 -

4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position(Millions of Yen)
Assets
September 30,
2021

March 31,2021

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

Other current assets

860,231
1,882,248
788,774
741,765
168,497¥

1,063,150
1,811,990
429,986
615,155
143,714147,106

143,477

4,588,621

4,207,472

Investments accounted for using the equity method

3,123,911

3,044,001

Other investments
Trade and other receivables

2,007,475
284,086

1,955,607
305,952

Other financial assets
Property, plant and equipment

147,665
2,067,284

141,848
2,175,072

Investment property

317,754274,847

Intangible assets

212,130

188,555

Deferred tax assets
Other non-current assets

103,670
101,475

112,055
110,436

8,365,450

8,308,373

Total current assets
Non-current Assets:

Total non-current assets
Total

¥

- 18 -

12,954,071¥

12,515,845

(Millions of Yen)
Liabilities and Equity
September 30,
2021

March 31,2021

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

324,859474,684¥

300,485
450,941

Trade and other payables
Other financial liabilities
Income tax payables

1,397,263
598,81755,372

1,313,341
371,298
58,915

Advances from customers
Provisions
Other current liabilities

142,534
47,45255,553

123,806
36,90946,027

3,096,534

2,701,722

3,876,251
113,8123,995,311
116,531Retirement benefit liabilities
Provisions

38,614
252,757

40,253
261,365

Deferred tax liabilities
Other non-current liabilities

559,71125,002550,776
27,000Total non-current liabilities

4,866,147

4,991,236

Total liabilities

7,962,681

7,692,958

342,384

342,080

397,273
3,720,560
317,905

396,238
3,547,789
373,786(39,550)(89,473)4,738,572

4,570,420

Non-controlling interests

252,818

252,467

Total equity

4,991,390

4,822,887

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

Equity:Common stock
Capital surplus
Retained earnings
Other components of equity
Treasury stock
Total equity attributable to owners of the parent

Total

¥

- 19 -

12,954,071¥

12,515,845

(2) Condensed Consolidated Statements of Income and Comprehensive Income
Condensed Consolidated Statements of Income(Millions of Yen)
Six-monthSix-month
period ended
period ended
September 30, 2020
September 30, 2021
(As restated)
Revenue¥Cost5,416,199¥

3,705,074(4,888,776)(3,337,238)

527,423

367,836

Selling, general and administrative expenses(279,267)(286,769)

Gain (loss) on securities and other investments－net(14,616)

8,967

Impairment reversal (loss) of fixed assets－net
Gain (loss) on disposal or sales of fixed assets－net(12,709)
5,974(5,270)(176)

Gross Profit
Other Income (Expenses):

Other income (expense) －net

15,287(966)(285,331)(284,214)Interest income
Dividend income

9,490
107,855

12,33635,127

Interest expense(25,824)(28,378)

91,521

19,085

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

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

207,041

81,986

Profit before Income Taxes

540,654

184,693

Income Taxes(123,144)

Profit for the Period(67,430)¥

417,510¥

117,263¥404,630¥

110,024

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

12,8807,239(Note)
Considering the presentation of revenue in the condensed consolidated statement of income in more detail in accordance with IFRS 15 "Revenue from Contracts
with Customers", we have presented the "revenue" and corresponding "cost" of certain transactions in gross amounts for the six-month period ended September
30, 2021. Those amounts for the six-month period ended September 30, 2020 have also been restated to conform to the presentation for the six-month period
ended September 30, 2021. This restatement has no impact on gross profit, profit for the period attributable to owners of the parent, or total equity attributable toowners of the parent.

Condensed Consolidated Statements of Comprehensive Income(Millions of Yen)
Six-monthSix-month
period ended
period ended
September 30, 2021 September 30, 2020
Profit for the Period¥

417,510¥

117,263

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(35,341)

137,206283
9,018(1,417)(9,461)

10,809(23,909)(31,648)(48,176)
40,297(1,006)

84,3996,678(66,227)(1,870)(55,764)

Comprehensive Income for the Period

125,399¥

361,746¥

242,662¥

348,940¥

229,395

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

12,806- 20 -

13,267

(3) Condensed Consolidated Statements of Changes in Equity(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2020¥

341,776

CapitalSurplus¥402,652¥

Profit for the period

Retained
Earnings

Other
Components ofEquity3,362,297¥¥(65,138)

Comprehensive income for the period
Transaction with owners:

110,024

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¥

110,024

Other comprehensive income for the period

3,817,677¥

243,255

Total
Equity¥7,239

117,263

119,371

119,371

6,028

125,399

119,371229,395

13,267

242,662(68,301)(68,301)(8,872)

(105)

304

(127)

(45,970)
232(46,722)46,722(15)

Transfer to retained earnings

1,455
¥

342,080¥

403,585¥

3,358,626

¥

-

1,357

3

(12)
¥

(64,154)¥(45,970)0

1,357(1,455)(105,991)(8,872)(45,970)01,053

Equity transactions with non-controllinginterest shareholders

4,060,932

110,024(68,301)

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

Balance as at September 30, 2020

(223,910)

TreasuryStock3,934,146(1,833)(1,845)-¥245,817¥

4,179,963(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¥

373,786

TreasuryStock¥(89,473)¥404,630

Other comprehensive income for the period
Comprehensive income for the period

404,630

Noncontrolling
Interests

Total
4,570,420¥

252,467

Total
Equity¥4,822,887

404,630

12,880(55,690)(55,690)(74)

417,510(55,764)(55,690)348,940

12,806

361,746

Transaction with owners:
Dividends paid to the owners of the parent
Dividends paid to non-controlling interest
shareholders(75,083)(75,083)

Acquisition of treasury stock
Sales of treasury stock
Cancellation of treasury stock(175)

Compensation costs related to share-based
payment304(276)(156,722)

193

Transfer to retained earnings

222¥

342,384¥

397,273¥

3,720,560- 21 -¥(107,251)(107,251)452
156,722

1
-

1
-

1,321

1,321

31

224

(222)

-

317,905¥(13,265)(107,251)

1,017

Equity transactions with non-controllinginterest shareholders
Balance as at September 30, 2021

(75,083)(13,265)(39,550)¥

4,738,572

810

1,034
-

¥

252,818¥

4,991,390

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

Six-month period ended Six-month period ended
September 30, 2021
September 30, 2020
Operating Activities:
Profit for the period
Adjustments to reconcile profit for the period to cash flows
from operating activities:¥

417,510¥

117,263

Depreciation and amortization
Change in retirement benefit liabilities
Loss allowance(Gain) loss on securities and other investments-net

146,908
2,741
9,405
14,616

133,082281
33,078(8,967)

Impairment (reversal) loss of fixed assets-net

12,7095,270(Gain) loss on disposal or sales of fixed assets-net
Interest income, dividend income and interest expense
Income taxes(5,974)(109,850)
123,144

176(32,753)
67,430Share of (profit) loss of investments accounted for using the equity method
Valuation (gain) loss related to contingent considerations and others(207,041)
1,664(81,986)(2,258)(94,582)(107,974)

230,646
2,148

53,464(81,534)(98,554)
25,215(27,162)
238,377(75,345)
29,034(33,544)
114,368

Changes in operating assets and liabilities:
Change in trade and other receivables
Change in inventories
Change in trade and other payables
Other-net
Interest received
Interest paid
Dividends received
Income taxes paid

(87,460)(35,553)

Cash flows from operating activities

307,156

380,836

Investing Activities:
Net change in time deposits
Net change in investments in equity accounted investees(50,557)(19,668)(14,560)(31,392)

Net change in other investments(46,965)(891)

Net change in loan receivables
Net change in property, plant and equipment

61,024(74,999)(1,385)(123,575)

Net change in investment property(17,596)(52,413)(148,761)(224,216)

Financing Activities:
Net change in short-term debt

Cash flows from investing activities(5,398)(52,819)

Net change in long-term debt

(121,774)

72,496

Repayments of lease liabilities
Purchases and sales of treasury stock
Dividends paid
Transactions with non-controlling interest shareholders(27,948)(107,251)(75,083)(13,187)(30,832)(45,970)(68,301)(6,890)(350,641)(132,316)

Effect of Exchange Rate Changes on Cash and Cash Equivalents
Change in Cash and Cash Equivalents

Cash flows from financing activities(10,673)(202,919)

16,24240,546

Cash and Cash Equivalents at Beginning of Period

1,063,150

1,058,733

Cash and Cash Equivalents at End of Period¥

860,231¥1,099,279“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.

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(5) Assumption for Going Concern: None
(6) Changes in Accounting Estimates

The significant change in accounting estimates in the Condensed Consolidated Financial Statements is as follows:(Impairment loss related to selling the entire interest in MT Falcon Holdings)
Mitsui & Co., Ltd. recognized an impairment loss of ¥9,749 million in the Machinery & Infrastructure segment,with the conclusion of the sale and purchase agreement to sell its entire interest in MT Falcon Holdings S.A.P.I.de
C.V., an equity accounted investee which owns and operates gas combined-cycle power plants and a gas-pipeline in
Mexico. The impairment loss for the related investment accounted for using the equity method is recorded in “Gain(loss) on securities and other investments – net” in the Condensed Consolidated Statements of Income.

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(7) Segment Information

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

EnergyMachinery &Infrastructure

Chemicals

Iron & Steel
Products

LifestyleInnovation &Corporate
Development

Total

Others /AdjustmentsandEliminations

Consolidated
Total

Revenue

932,786

1,093,723

383,784

1,348,473

283,137

1,261,197

112,080

5,415,180

1,019

5,416,199

Gross Profit

210,598

23,89066,88186,007

16,23569,04053,616526,267

1,156

527,423

Share of Profit (Loss) of Investments
Accounted for Using the Equity
Method67,484

14,391

68,024

10,24012,80822,937

11,091

206,97566

207,041

Profit (Loss) for the Period
Attributable to Owners of the parent

270,992(4,811)

52,891

27,588

12,174

20,86030,778410,472(5,842)404,630

Core Operating Cash Flow
Total Assets at September 30, 2021

240,610

87,11377,09343,517

5,429

22,137

26,639502,538

24,316

526,854

2,513,997

2,657,272

2,338,226

1,466,363

605,1212,240,243

1,456,672

13,277,894(323,823)

12,954,071

Six-month period ended September 30, 2020 (from April 1, 2020 to September 30, 2020) (As restated)(Millions of Yen)
Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

Iron & Steel
Products

LifestyleInnovation &Corporate
Development

Total

Others /AdjustmentsandEliminations

Consolidated
Total

Revenue

629,586355,213414,385

862,633

199,746

1,125,662

113,9123,701,137

3,937

3,705,074

Gross Profit

100,601

33,257

48,29458,5059,576

58,72157,548366,5021,334

367,836

Share of Profit (Loss) of Investments
Accounted for Using the Equity
Method30,237

11,024

41,813

2,554(4,501)(3,112)

3,965

81,980

6

81,986

Profit (Loss) for the Period
Attributable to Owners of the parent

71,261(3,681)

23,386

10,731(5,797)(11,946)

23,958

107,9122,112

110,024

Core Operating Cash Flow

97,22760,24626,33922,657

(484)

1,311

30,880238,176

35,913274,089

2,566,491

2,566,305

2,291,278

1,345,469

566,020

2,009,315

1,191,842

12,536,720(20,875)

12,515,845

Total Assets at March 31, 2021

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, 2021 and September 30, 2021 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 ¥ 7,202,925 million and ¥ 7,066,731
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, 2021 and September 30, 2021
includes elimination of receivables and payables between segments amounting to ¥ 7,223,800 million and¥ 7,390,554 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.
6. The description order of reporting segments has been changed in the segment information from the threemonth period ended June 30, 2021, and this change also applies for the six-month period ended Septemper30, 2020.
7. As described in the Note in the Condensed Consolidated Statements of Income, we have reconsidered thepresentation of revenue from certain transactions, and have restated revenues for the six-month period
ended September 30, 2020, based on the results of the reconsideration.

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(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 six-month period ended September 30, 2021 and 2020,
and the outstanding balance of related provision as of September 30, 2021 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) Taxation on Capital Gain in India

Earlyguard Limited (“EG”), a UK subsidiary of Mitsui & Co., Ltd., received a tax payment notice dated January 21,
2020 which requested payment of 24.0 billion Indian Rupees (¥36.0 billion) from Indian tax authority.
The taxable income of this notice is the capital gain on sales of Finsider International Company Limited (a UKcompany that owned 51% of Sesa Goa, an Indian iron ore company) shares held by EG in April 2007. Although EG
treated the capital gain properly according to the tax laws at that time, the tax payment notice has been issued. On
February 17, 2021, EG commenced arbitration under the UK-India bilateral investment treaty in order to dispute
this tax payment notice, but on August 13, 2021, the Indian government published and enacted “Taxation Laws
(Amendment) Act, 2021” (“Taxation Laws”) which nullifies capital gain taxation on sales of Indian assets
implemented before May 2012 and “Income Tax (31st Amendment) Rules 2021” (“Income Tax Rules”) was
published and enacted on October 1, 2021, which provide the conditions required under the Taxation Laws. EG isplanning to seek nullification of capital gain taxation in accordance with the Taxation Laws and the Income Tax
Rules. 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 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 on April 26, 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 do not expect a significant impact on ourconsolidated financial position, operating results and cash flow at this stage.

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