Presentation of Financial Results
for the Third Quarter Ended
December 2023
Mitsui Matsushima Holdings Co., Ltd.

1

Contents

P3

3Q FY2023 Financial Results

P8

FY2023 Consolidated Earnings Forecast
and Dividend Forecast (Revised)

P14

Latest Topics

P17

Reference Materials

2

3Q FY2023 Financial Results3Consolidated Income Statement
Income statement⚫

Net sales increased as a result of the conversion of MOS into a subsidiary⚫

Profit decreased due to a fall in coal prices(Million yen)
FY2022
3Q

FY20233Q

Y-o-ychangeMain factors behind changes

56,08657,207+1,121・ Conversion of MOS into a subsidiary (Consumer Goods
Business)

24,488(25,061)

21,170（21,812）-3,317(-3,249)

・ Fall in coal prices (Coal Production Business)

Ordinary profit

25,83522,237-3,597

Net profit attributable to ownersof parent

18,037

15,532-2,504

Net sales

Operating profit(before amortization of goodwill)** Operating profit before amortization of goodwill is operating profit excluding the amortization of goodwill that arises from business acquisitions.

4Consolidated Segment Information⚫

The Consumer Goods and Services Business segment comprises the Consumer Goods Business and the Industrial Products Business.
✓ MOS Co., Ltd. (Consumer Goods Business) was consolidated (1Q FY2023)⚫

The Energy Business segment comprises the Coal Production Business (Note), the Coal Sales Business, and the Renewable Energy
Business.
(Note) The fiscal year end of the Coal Production Business is December 31, and the financial figures for January to September
are used.

Net sales
Business

FY2022
3Q

FY2023
3Q

Business

FY2022
3Q

FY20233Q

Y-o-ychange+5,716

2,262(2,835)2,867(3,508)+604(+672)

29,545-4,454

Energy23,014

19,600-3,414

1,152

1,029

-122

Other

131

142

+10

-89

-107

-18

-920

-1,439-518

24,488(25,061)

21,170(21,812)-3,317(-3,249)

21,023

26,740

Energy33,999

Other

Total

Y-o-y
changeConsumer Goods andServices(before amortization of
goodwill)

Consumer Goods andServices

Adjustments(Million yen)Segment profit

56,08657,207+1,121

Adjustments

Total(before amortizationof goodwill)* “Other” represents business segments not included in reporting segments and includes the Real Estate Business, the Stevedore and Warehouse Business, etc.
* Adjustments in segment profit include companywide expenses not allocated to each reporting segment.

5

Breakdown of the Energy Business Division⚫

Coal Production BusinessNet sales and segment profit: Both net sales and profit decreased due to a fall in coal prices.

Net sales

Segment profit
FY2022
3Q

Business
Coal Production
Business
Sales volume
Coal Sales Business
Sales volume

Renewable
Energy Business
Total

Y-o-y
changeFY2023
3Q
29,181810,000
tons-4,375-20,000 tons

174
2,260,000
tons

123
1,720,000
tons-50-540,000 tons

268

240

-28

33,99929,545-4,454

Major indicators
Coal Production
Business(Jan.–Sep.
results)

FY2022
3Q

Business

33,556
830,000
tons(Million yen)

Coal Production
BusinessY-o-ychangeFY2023
3Q

22,76819,410-3,357

Coal Sales Business

102

66

-35

Renewable
Energy Business

144

122

-21

23,014

19,600-3,414Total

FY2022 3Q

FY2023 3Q

ChangeSales volume: Thermal coal

700,000 tons

690,000 tons

-10,000 tons

Sales volume: Semi-soft coking coal

140,000 tons

120,000 tons

-20,000 tons

Average coal price: Thermal coal

US$ 316.2

US$ 270.9-US$ 45.3

Average coal price: Semi-soft coking coal

US$ 279.3

US$ 205.6-US$ 73.7

Exchange rate: A$/US$ (average rate)

US$ 0.70

US$ 0.67

Weaker A$ against US$: -0.03

Exchange rate: A$/¥ (average rate)

90.5 yen

92.4 yen

Yen depreciation: +1.9 yen

6Consolidated Balance Sheet
Balance sheet

March 31, 2023

AmountRatio(％)(Million yen)

December 31, 2023

AmountRatio(％)

changeMajor factors behind changes

Current assets

63,237

66.6

69,855

67.4+6,617

Trade receivable: +1,620; Inventories: +4,906

Fixed asset

31,78833.5

33,85732.7+2,069Property, plant and equipment: +2,097

95,025

100.0

103,712100.0+8,687

Current liabilities

26,33027.7

23,88723.0-2,442

Fixed liabilities

12,093

12.7

11,46611.1-626

38,42340.4

35,35434.1-3,069Total assets

Total liabilities

Total net assets

56,602

59.6

68,35865.9+11,756

Total liabilities andnet assets

95,025

100.0

103,712100.0+8,687

Short-term borrowings payable: -2,980
Long-term borrowings: -910

Net profit attributable to owners of parent: +15,532
FY2022: Year-end dividend (240 yen per share) -3,135
FY2023: Interim dividend (40 yen per share) -503
Capital surplus (acquisition of additional shares of
MOS): -1,678
Acquisition of own shares: -2,168

Other indicators
March 31, 2023

December 31, 2023

changeCash and deposits (including longterm deposits)

39,501

38,773-728

Debt

12,6608,770-3,89026,84030,002+3,162

Shareholders’ equity ratio (%)

58.7

63.0

+4.3

Debt/equity ratio (times)

0.25

0.16

-0.09

Net cash and deposits

7

FY2023 Consolidated
Earnings Forecast andDividend Forecast (Revised)8

Revised FY2023 Consolidated Earnings Forecast⚫

In light of the recent trend of earnings, the Company has revised its previous FY2023 consolidated earnings forecast announced on November 10,
2023 as shown below.

⚫

Net sales and profit at all levels are expected to exceed the previous forecast (disclosed on November 10) mainly due to the conversion ofJapan Chain Holdings, Inc. into a subsidiary and an increase in coal sales volume in the Coal Production Business.

Consolidated earnings forecast(Million yen)

FY2022
Results

FY2023
Revised Forecast

FY2023Re-revised Forecast(Disclosed on November 10,
2023)(Disclosed on February 9,
2024)

Change from
Forecast Disclosed
on November 10

Y-o-ychangeNet sales

80,01570,00077,000+7,000-3,015

Operating profit(Operating profit before
amortization of goodwill)

35,789(36,553)

21,000(21,859)

24,000(24,878)+3,000(+3,019)-11,789(-11,675)

Ordinary profit

35,93322,00025,000+3,000-10,933*1*1

12,00014,000+2,000-8,97780 yen

100 yen+20 yen-220 yen

Net profit attributable toowners of parent

22,977*2

Dividend per share

320 yen*1 The earnings forecast reflects in extraordinary losses an estimated amount of approximately 3 billion yen for additional costs related to the termination of the Liddell Coal Mine. (Refer to P16)
*2 The FY2022 per-share dividend of 320 yen consists of an ordinary dividend for common shares of 80 yen and a commemorative dividend of 240 yen.
*3 The forecast above is based on information available as of the date of this publication. Actual results may vary due to various future factors.
If a revision of the forecast of financial results becomes necessary, the Company will disclose the revised figures promptly.

9

FY2023 Consolidated Segment Earnings Forecast⚫

Consumer Goods and Services Business Division: Both net sales and profit are expected to increase compared to forecasts disclosed on November
10 mainly due to the conversion of Japan Chain Holdings, Inc. into a subsidiary.

⚫

Energy Business Division: Both net sales and profit are expected to increase compared to forecasts disclosed on November 10 mainly due to anincrease in coal sales volume in the Coal Production Business.

Net sales

Business

FY2022
Results(Million yen)Segment profit
FY2023
Revised
Forecast(Disclosedon
November
10)

FY2023Re-revised
Forecast(Disclosed on
February 9)

Changefrom
Forecast
DisclosedonNovember
10

Business

FY2022
Results

FY2023
Revised
Forecast

FY2023Re-revised
Forecast(Disclosed on
November 10)(Disclosed on
February 9)

Changefrom
Forecast
DisclosedonNovember
10

ConsumerGoods andServices

29,50437,00041,000+4,000ConsumerGoods andServices(beforeamortization of
goodwill)

Energy49,06832,00035,000+3,000

Energy33,922

19,20021,500+2,300

Other –
Adjustments

1,443

1,000

1,000

ー

Other –
Adjustments-1,852-2,100-2,100ー+7,000Total(beforeamortizationof goodwill)

35,789(36,553)

21,000(21,859)

24,000(24,878)+3,000(+3,019)

Total

80,01570,00077,0003,718(4,482)

3,900(4,759)4,600(5,478)+700(+719)* “Other” represents business segments not included in reporting segments and includes the Real Estate Business, the Stevedore and Warehouse Business, etc.
* Adjustments in segment profit include companywide expenses not allocated to each reporting segment.
・ FY2022: Expenses increased temporarily mainly due to the payment of special grants from the Company to the employees of subsidiaries and special sponsorship of a ladies professional golf
tournament.
・ FY2023: Expenses have increased temporarily mainly due to special sponsorship of a ladies professional golf tournament, M&A expenses, and advertising expenses.

10Breakdown of Earnings Forecast for the Energy Business Division (1)⚫

Coal Production Business: Both net sales and profit are expected to increase compared to forecasts disclosed on
November 10 mainly due to an increase in coal sales volume.

Net sales

Business

Segment profit

FY2022
Results

FY2023
Revised
Forecast

FY2023Re-revised
Forecast(Disclosed on
November 10)(Disclosed on
February 9)

Coal
Production
Business
Sales
volume48,493
1,100,000
tons

31,600870,000
tons

34,600890,000 tons

Coal Sales
Business
Sales
volume244
3,060,000
tons

100
1,760,000
tons

100
1,890,000
tons

Renewable
EnergyBusiness
Total(Million yen)

Business+3,000+20,000
tons

Coal
Production
Business－+130,00
0 tonsCoal Sales
Business

Renewable
EnergyBusiness

330

300

300

－

49,06832,00035,000+3,000Total

FY2022
Results

FY2023
Revised
Forecast

FY2023Re-revised
Forecast(Disclosed on
November 10)(Disclosed on
February 9)

33,607

19,10021,400+2,300

148

0

0

－

166

100

100

－

33,922

19,20021,500+2,30011

Breakdown of Earnings Forecast for the Energy Business Division 
FY2022
Results

Major indicators(Disclosed on February 9)

930,000 tons

710,000 tons

730,000 tons

+20,000 tons

Sales volume (Semi-soft coking coal)

180,000 tons

160,000 tons

160,000 tonsー

US$ 344.0

US$ 258

US$ 260+US$ 2

US$ 263.3

US$ 190

US$ 200+US$ 10

Exchange rate: A$/US$ (average rate)

US$ 0.69

US$ 0.68

US$ 0.67

Weaker A$ against
US$: -0.01

Exchange rate: A$/¥ (average rate)

91.1 yen

91.5 yen

93.3 yen

Yen depreciation: +1.8
yen

(Jan. to Dec. average)* Sales volume isfor Mitsui
Matsushima’s
share (32.5%)(Disclosed on November
10)

Sales volume (Thermal coal)

Average coal price: Thermal coal
Coal Production(Jan.–Dec.
results)

Change from Forecast
Disclosed on
November 10

FY2023Re-revised
Forecast

FY2023
Revised Forecast

Average coal price: Semi-soft coking
coal(Jan. to Dec. average)

Market information
2020(US$/Mt)
Apr. contract

Thermalcoal

Oct. contract

Cokingcoal

Heavy coking
coal
Semi-soft
coking coal

GCI

Foreignexchange

Jan.-Mar.

Apr.-Jun.

2021

Jul.-Sep.

94.75

Oct.-Dec.

Jan.-Mar.

Apr.-Jun.

2022

Jul.-Sep.

Oct.-Dec.
Results109.97

68.75
72.75

Jan.-Mar.

Apr.-Jun.

2023

Jul.-Sep.

Oct.-Dec.

Jan.-Mar.

Apr.-Jun.

375.00N/A

Jul.-Sep.

199.95

N/A

395

67.6

55.3

51.5

67.4

88.7

109.0

167.5

183.9

262.8

376.8

420.8

379.5

247.8

160.7

147.8

147-148

136

110

116

122

117

203

371

395

526

287

279

315

283

240

100-104

95-104

82-86

87-91

91-92

93-94

149

218

275

368

237

230

268

N/A

162.7

US$/A$

US$0.78

US$0.75

US$0.69

US$0.67

Yen/A$

85.0 yen

82.5 yen

91.1 yen

92.4 yen* Effective April 2017, the method of calculating the price of coking coal was changed to a spot-linked method.
* The coal prices in the table above are benchmark prices and index prices, which are used as the basis for transaction prices, and do not represent the Company’s actual transactions.

12Revised FY2023 Dividend Forecast
Revised dividend forecast⚫

The initial FY2023 (annual) dividend forecast of 80 yen per share was revised upward 20 yen to 100 yen.
(An ordinary dividend per share of 100 yen; interim: 40 yen, year-end: 60 yen)⚫

The Company has not cut dividends for the past 17 years (ordinary dividend).

Dividend trend

350円

Commemorative
dividend

300円

Ordinary
dividend

250円

Commemora
tive dividend
10 yen
40.8%

150円

50円

Acquisitionof own 80%
shares3 billion
Commemo yen
60%
rativedividend
240 yenPayout ratio

200円

100円

100%

94.8%

No dividend
cut for 17 years(Ordinary dividend)

36.2%

36.7%

40.5%

40%

34.4%

100 yen

29.1% 28.4%
80 yen 80 yen
40 yen23.8%
50 yen 50yen 50 yen
40 yen 40 yen 40 yen
40 yen 40 yen 40 yen 40 yen 40 yen
30 yen 30 yen
19.3%
13.3% 12.4% 11.4%
13.3%
20 yen
18.1%

20%

9.0%

0円

0%
FY2006

FY2007

FY2008 FY2009 FY2010

FY2011FY2012 FY2013 FY2014

FY2015FY2016 FY2017 FY2018

FY2019FY2020 FY2021 FY2022

FY2023(forecast)* Since a 10-to-1 share consolidation was conducted effective October 1, 2016, the dividend per share was calculated based on the assumption that the shareconsolidation was conducted.
* The payout ratio was not calculated for FY2008 and FY2020 due to negative net profit.
* In addition to paying the ordinary dividend, the Company is acquiring its own shares (subject to an upper limit of 3 billion yen) with a view to achieving a total shareholder
return ratio of around 30% for FY2023.

13

Latest Topics

14

Acquisition of Equity Interest in Saunders & Associates, LLC by Sansei
Denshi Co., Ltd.
⚫

Sansei Densei Co., Ltd., a Mitsui Matsushima Group company, acquired a 50.1% equity interest in Saunders &Associates, LLC through Sansei America, Inc., a newly established company in the U.S. (the seller holds a put option for
the remaining stake)

Outline⚫
⚫
⚫
⚫

Acquired 50.1% equity interest on January 31, 2024
Established in 1973. A unique company that mainly engages in the manufacture and sale of measurement devices for quartz crystal devices
Saunders & Associates, LLC’s measurement devices are used in manufacturing processes for quartz crystal devices, and are essential for the
manufacture of quartz crystal devices, including forming part of the standard specification for acceptance inspections within the industry
The strengths of its network analyzers (measurement devices for crystal oscillators) are their high precision, ease of use, and the fact that they
are offered in a package with peripheral software and jigs. They are used by quartz crystal devices manufacturers not just in Japan, butaround the world, including China, Taiwan, and the U.S. and Europe.

Mainstay products Network analyzers
Devices that measure the frequency characteristics of crystal
oscillators, etc.

 Temperature test systems
Devices that connect to network analyzers andmeasure changes in characteristics based on
fluctuations in the temperature of crystal oscillators,
etc.

15

Toward Termination of Liddell Coal Mine in Australia

Status of Liddell Coal Mine in Australia⚫

Operational structure: Joint venture between local unit Mitsui Matsushima Australia Pty. Ltd.
(32.5%) and Glencore (67.5%)⚫

All raw coal mining and production in mining areas currently approved by the state
government were discontinued in July 2023. The application for environmental permits to extend
the mining area to adjacent areas was rejected by the local authority in October 2022.

⚫

The Company plans to discontinue also the Coal Sales Business in FY2023.

⚫

Toward the termination of the coal mine, sales (for 100% of interest) are expected to decline toabout 2,700,000 tons in FY2023, compared to about 3,300,000 tons in FY2022.

⚫

In response to the indication from the Liddell Joint Venture of additional costs related to thetermination of the Liddell Coal Mine, the Company has reflected an estimated amount ofapproximately 3 billion yen for such costs in the consolidated earnings forecast.

16

Reference Materials

17Outline of the Consumer Goods and Services Business
Investment policy

In anticipation of a decarbonized society, we have restructured the business portfolio through active M&A basedon the following investment policy:

Stable revenues

Niche market

Easy to understandConsumer Goods BusinessNippon Straw

・ Joined in February 2014
・ Manufacture and sales ofstraws・ Approx. 70% share of theJapanese telescopic straw
marketHanabishi

・ Joined in October 2015
・ Sales of custom -madesuits
・ A pioneer in custom -madesuits, highly praised bycustomers

Meiko Shokai

・ Joined in April 2019・ Manufacture and sales ofshredders・ No. 1 market share in theJapanese office shredder
marketSystech Kyowa
KMT・ Joined in April 2020
・ Planning and sales of pet food・ Brand strength in the healthy
premium pet food market

・ Joined in February 2021
・ Manufacture and sales of
housing-related materials
・ Integrated production within thegroup, interior door-relatedmaterials with high market
sharesMOS・ Joined in February 2023
・ Processing and sales ofthermosensitive cash
register paper rolls
・ No. 1 market share in theindustry

Industrial Products Business
CST

Sansei Denshi

・ Joined in February 2017
・ Manufacture and sales of mask
blanks・ Japan’s first specialized
manufacturer of mask blanks
with a blue-chip customer base・ Joined in April 2020
・ Manufacture and sales of crystal
device manufacturing equipment
・ The only manufacturer in Japan
capable of building in-line systems
that handle processes fromassembly to inspection

Plus One TechnoJapan Chain Holdings

・ Joined in August 2023
・ Manufacture and sale ofmeasuring equipment
・ No. 1 market share in pipefeeder type automatic
measuring equipment

・ Joined in December 2023
・ Manufacture and sales of industrial roller
chains and conveyer chains
・ Strong presence in industrial chain markets inJapan and the U.S.

Nippon Katan

・ Joined in May
2022
・ Manufacture andsales ofmounting
hardware forpower lines
・ A specialized
manufacturer
that boasts a
leading market
share in Japan* Businesses within the Consumer Goods and Services Business Division have been grouped into the two segments shown above, starting from thefinancial reporting for the first quarter of FY2023.

18

Trend in the Coal Market(US$/Mt)

Trend in the Global Coal Index, Australia Newcastle Port Load, Standard-Quality Thermal Coal

500.00450.00400.00350.00300.00250.00200.00150.00100.0050.00
0.00
2004/1/31

2006/1/31

2008/1/31

2010/1/31

2012/1/31

2014/1/31

2016/1/31

2018/1/31

2020/1/31

2022/1/31

2024/1/31

19

HANABISHI Notice of Thank-you Gifts Sent to People Paying Hometown Taxes (Furusato Nozei)×
Hanabishi, a tailoring company founded in 1935, provides custom-made suittailoring tickets as thank-you gifts to people paying hometown taxes to Yomogitamura, Aomori Prefecture, the location of Hanabishi’s manufacturing base.
Please visit the Satofull, Rakuten Furusato Tax Payment, or Hanabishi website for how toapply and other information
https://www.satofull.jp/products/detail.php?product_id=1357994

The tailoring tickets will be for bothmen’s and women’s suits. The tickets
can be used for the tailoring of suits,
jackets, and pants.

https://item.rakuten.co.jp/f023043-yomogita/1357994/
https://www.hanabishi-housei.co.jp/furusato/

Tailoring tickets
for a contributionof 100,000 yen
Equivalent
to 30,000 yen

Can also be usedin conjunction
with shareholder
perks

Can be used at
18 stores locatednationwide

The RKB×Mitsui Matsushima Ladies tournament
winner Chisato Iwai (in tournament winner jacket* Valid for two years after sending
made by HANABISHI)

20

×Omuta City

Notice of Thank-you Gifts Sent to People
Paying Hometown Taxes (Furusato Nozei)

As thank-you gifts sent to people paying hometown taxes to Omuta City, Fukuoka
Prefecture, we offer Mitsui Minato Club meal tickets and wedding

ceremony and banquet complementary tickets.

Please enjoy superb French cuisine produced by Grand Chef Sakai of French cuisine at
the guest house of Mitsui, boasting a heritage of over 100 years.
* Applications are accepted through Furusato Choice, Rakuten Furusato Nozei,

Furunavi, etc.
For more information, search for 三井港倶楽部 ふるさと納税
Executive Chef Hatae of Mitsui Minato Club andGrand Chef Sakai of French cuisine

21

These materials contain forward-looking statements that are in no way guarantees of future performance.
Future performance is affected by risks and uncertainties. Future performance may vary due to changing
assumptions and conditions in the business environment. These materials should not be relied on as thesole source of information, and should be used with discretion. Mitsui Matsushima Holdings Co., Ltd. is in
no way responsible for any damage caused as a result of relying on or using these materials.

22