Consolidated Financial Results for the Year Ended March 31, 2023 [IFRS]Tokyo, May 2, 2023 - Mitsui & Co., Ltd. announced its consolidated financial results for the year ended March 31, 2023, based on
International Financial Reporting Standards (“IFRS”).
Mitsui & Co., Ltd. and subsidiaries(Website : https://www.mitsui.com/jp/en/)President and Chief Executive Officer : Kenichi Hori
Investor Relations Contacts : Hideaki Konishi, Investor Relations Division TEL 81-3-3285-1111
1. Consolidated financial results(1) Consolidated operating results information for the year ended March 31, 2023
(from April 1, 2022 to March 31, 2023)
Years ended March 31,
2023

2022

%

%

Revenue

Millions of Yen 14,306,402

21.7 11,757,559

46.8

Profit before Income Taxes

Millions of Yen

1,395,295

19.8

1,164,480

158.7

Profit for the Year

Millions of Yen

1,154,627

23.1

937,670

167.6

Profit for the Year Attributable to Owners of the Parent

Millions of Yen

1,130,630

23.6

914,722

172.7

Comprehensive Income for the Year

Millions of Yen

1,250,890(11.3)

1,410,988

41.7

Earnings per Share Attributable to Owners of the Parent, Basic

Yen

721.82561.61

Earnings per Share Attributable to Owners of the Parent, Diluted

Yen

721.41561.38

Profit Ratio to Equity Attributable to Owners of the Parent

%

18.9

18.0

Profit before Income Taxes to Total Assets

%

9.2

8.5

Note:
1. Percentage figures for Revenue, Profit before Income Taxes, Profit for the Year, Profit for the Year Attributable to Owners of the
Parent, and Comprehensive Income for the Year represent changes from the previous year.
2. Share of profit (loss) of investments accounted for using the equity method for the years ended March 31, 2023 and 2022 were¥555,526 million and ¥431,263 million, respectively.
(2) Consolidated financial position information
March 31, 2023

March 31, 2022

Total Assets

Millions of Yen

15,380,916

14,923,290

Total Equity

Millions of Yen

6,565,148

5,795,416

Total Equity Attributable to Owners of the Parent

Millions of Yen

6,367,750

5,605,205

Equity Attributable to Owners of the Parent Ratio

%

41.4

37.6

Equity per Share Attributable to Owners of the ParentYen

4,177.49

3,501.21

(3) Consolidated cash flow information
Years ended March 31,
2023

2022

Operating Activities

Millions of Yen

1,047,537

806,896

Investing Activities

Millions of Yen(178,341)(181,191)

Financing Activities

Millions of Yen(634,685)(614,325)

Cash and Cash Equivalents at the End of Year

Millions of Yen

1,390,130

1,127,868

2. Dividend information
Years ended March 31,
2023

Year ending March
31, 2024 (Forecast)

2022

Interim dividend per share

Yen

65

45

75

Year-end dividend per share

Yen

75

60

75

Annual dividend per share

Yen

140

105

150

Annual dividend (total)

Millions of Yen

216,879

169,586

19.4

18.7

Consolidated dividend payout ratio

%

25.7

Consolidated dividend on equity attributable
%
3.6
3.4
to owners of the parent
Note:
For the dividend policy, please refer to p.25 “(3) Profit Distribution Policy.”
The amount of dividend for the shares related to the share-based compensation plan for employees included in the Annual dividend forthe years ended March 31, 2023 and 2022 were ¥529 million and ¥405 million, respectively.
3. Forecast of consolidated operating results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Year ending
March 31, 2024
Profit Attributable to Owners of the Parent
Earnings per Share Attributable to Owners of the Parent, Basic

Millions of Yen

880,000

Yen

582.794. Others(1) Increase/decrease of important subsidiaries during the Year : None
(2) Changes in accounting policies and accounting estimate :(ⅰ) Changes in accounting policies required by IFRS(ⅱ) Other changes

None
None

(ⅲ) Changes in accounting estimates

Yes

Note :For further details, please refer to p.33 “5. Consolidated Financial Statements (7) Changes in Accounting Estimates.”(3) Number of shares :March 31, 2023
Number of shares of common stock issued, including treasury stock
Number of shares of treasury stock

1,544,660,544

1,642,355,644

20,361,049

41,423,291

Year ended
March 31, 2023
Average number of shares of common stock outstanding

March 31, 2022

Year ended
March 31, 2022

1,566,366,553

1,628,744,153

This earnings report is not subject to audit.
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 key assumptions on which the statements concerning future performance are based, please refer to (2)“Forecasts for the YearEnding March 31, 2024” on p.22. For cautionary notes with respect to forward-looking statements, please refer to the “Notice” section
on p.26.
Supplementary materials and IR meetings on financial results:
Supplementary materials on financial results can be found on our website. We will hold IR meetings for analysts and institutional
investors on financial results on May 2, 2023, and on the new Medium-term Management Plan on May 9, 2023.
Contents of the meeting (English and Japanese) will be posted on our website immediately after the meeting.

Table of Contents
1. Qualitative Information(1) Operating Environment………………………………………………………………………………………
(2) Results of Operations………………………………………………………………………………………...

2
3(3) Financial Condition and Cash Flows………………………………………………………………………...

15

2. Management Policies(1) New Medium-term Management Plan………………………………………………………………............. 22(2) Forecasts for the Year Ending March 31, 2024……………………………………………………………... 22(3) Profit Distribution Policy…………………………………………………………………………….……… 25
3. Basic Approach on Adoption of Accounting Standards……………………………………………………… 25
4. Other Information…………………………………………………………………………………………...... 26
5. Consolidated Financial Statements(1) Consolidated Statements of Financial Position……………………………………………………………… 27(2) Consolidated Statements of Income and Comprehensive Income…………………………………………... 29(3) Consolidated Statements of Changes in Equity……………………………………………………………... 31(4) Consolidated Statements of Cash Flows…………………………………………………………………...... 32(5) Assumption for Going Concern……………………………………………………………………………... 33(6) Basis of Consolidated Financial Statements………………………………………………………………… 33(7) Changes in Accounting Estimates…………………………………….………………….…………………. 33(8) Notes to Consolidated Financial Statements………………………………………………………......…...... 34- 1 -1. Qualitative Information
As of the date of disclosure of this earnings report, the audit procedures for consolidated financial statements havenot been completed.
As used in this report, “Mitsui” and the “Company” refer to Mitsui & Co., Ltd. (Mitsui Bussan Kabushiki Kaisha),and “we,” “us,” “our,” “Mitsui & Co. group” and the “companies” are used to indicate Mitsui & Co., Ltd. and its
subsidiaries, unless otherwise indicated.

(1) Operating Environment
In the year ended March 31, 2023, the global economy slowed compared to the previous year due to rising inflation
and rapid monetary tightening, mainly in the US, Europe and other developed countries, the ripple effects from theRussia-Ukraine situation, and the impact of turmoil in the Chinese economy stemming from the zero-COVID
policy in China. In addition, new risk factors emerged at the end of the fiscal year, such as the collapse of regional
financial institutions in the US.

In the US, although consumer spending generally continued to recover backed by a strong employment situationand other factors despite continued high inflation, the rapid monetary tightening led to a decline in housing
investment and sluggish growth in capital investment, resulting in a slowdown in the economy. Looking ahead, theeconomy is expected to slow further due to monetary tightening and the impact from the collapse of regional
financial institutions. In Europe, the economy weakened due to supply constraints in energy, caused by the RussiaUkraine situation, as well as due to a rise in prices and other factors. Looking ahead, the economy is expected tostall due to continued high inflation and monetary tightening. In Japan, service consumption and inbound demandbegan to recover amid the ongoing normalization of economic activity, but the pickup was slow due to refrained
goods consumption and sluggish exports in the face of rising prices. Looking ahead, the economy is expected tomaintain a moderate recovery trend, partly due to the trend of wage hikes exceeding the previous year’s increase
and policy support. In China, the economy slowed further last year due to the impact of the zero-COVID policy andthe deterioration of the real estate market, but with the lifting of the zero-COVID policy at the end of last year,
domestic demand, including consumption of services, showed signs of picking up. Looking ahead, the economy isexpected to pick up gradually, partly due to policy support such as lowering of the reserve ratio. In Brazil, theeconomy is expected to slow down due to the monetary tightening done up until last year and other factors. In
Russia, economic activity is expected to remain stagnant due to economic sanctions imposed by the international
community.
Looking ahead, although there are expectations for a recovery in China, the global economy is expected to remain
in a slowdown phase overall due to high inflation and continued monetary tightening in the US, Europe, and otherdeveloped countries, as well as concerns about the financial system, while the effects of the situation in Russia andUkraine are expected to linger.

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

Current Year

Previous Year

Revenue

14,306.4

11,757.6+2,548.8

Gross Profit

1,396.2

1,141.4+254.8Selling, General and Administrative Expenses(702.8)(596.3)(106.5)

59.5

8.7

+50.8

(30.0)(19.1)(10.9)

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

19.4

14.5

+4.9

Other Income (Expense)—Net

9.2

14.9

(5.7)

Interest Income

47.8

20.0

+27.8

Dividend Income

154.9

196.5

(41.6)

Interest Expense(114.6)(47.3)(67.3)

Share of Profit (Loss) of Investments Accounted for Using theEquity Method

555.5

431.3

+124.2

Income Taxes(240.7)(226.8)(13.9)

Profit for the Year

1,154.6

937.7+216.9Profit for the Year Attributable to Owners of the Parent

1,130.6

914.7+215.9Gain (Loss) on Securities and Other
Investments—Net
Other Income(Expenses)

Finance Income(Costs)Impairment Reversal (Loss) of Fixed Assets—
Net

Change* May not match with the total of items due to rounding off. The same shall apply hereafter.
Revenue
Revenue for the year ended March 31, 2023 (“current year”) was ¥14,306.4 billion, an increase of ¥2,548.8 billion

from ¥11,757.6 billion for the year ended March 31, 2022 (“previous year”). The increase was mainly in the Energy
Segment and the Lifestyle Segment.
Gross Profit

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

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

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

¥Previous Year

Change*(384.0) ¥(333.6) ¥(50.4)

Welfare ………………………………………

(13.4)(11.8)(1.6)

Travel ………………………………………..

(25.2)(10.6)(14.6)

Entertainment ………………………………..

(6.4)

(3.2)

(3.2)

Communication ……………………………...

(55.3)(48.6)(6.7)

Rent ………………………………………….

(11.7)

(9.0)

(2.7)

Depreciation …………………………………

(41.2)(35.0)(6.2)

Fees and Taxes ………………………………

(17.3)(12.9)(4.4)

Loss Allowance ……………………………...

(18.9)(20.2)+1.3

Others ………………………………………..

(129.4)(111.4)(18.0)(702.8) ¥(596.3) ¥(106.5)

Total …………………………………………

¥*Negative amounts in the “Change” column displayed in parentheses represent an increase in expenses.

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

For the current year, a gain on securities was recorded mainly in the Mineral & Metal Resources Segment andInnovation & Corporate Development Segment, while an impairment loss was recorded in the Machinery &Infrastructure Segment.
For the previous year, a gain on securities was recorded mainly in the Lifestyle Segment, while an impairment loss
was recorded in the Machinery & Infrastructure Segment.
Impairment Reversal (Loss) of Fixed Assets—Net

For the current year, mainly the Machinery & Infrastructure Segment recorded impairment losses on fixed assets.
For the previous year, mainly the Energy Segment recorded impairment losses on fixed assets.
Gain (Loss) on Disposal or Sales of Fixed Assets—Net

For the current and previous years, mainly the Innovation & Corporate Development Segment recorded gains onsales of fixed assets.
Other Income (Expense)—Net

For the current and previous years, the Energy Segment recorded a provision, while the Lifestyle Segment recorded
a valuation profit of a put option, and the Chemicals Segment recorded insurance proceeds.
Finance Income (Costs)
Dividend Income
Mainly the Mineral & Metal Resources Segment recorded a decrease.

- 4 -Share of Profit (Loss) of Investments Accounted for Using the Equity Method
Mainly the Energy Segment and the Machinery & Infrastructure Segment recorded an increase, while the Mineral& Metal Resources Segment recorded a decrease.
Income Taxes
Income taxes for the current year were ¥240.7 billion, an increase of ¥13.9 billion from ¥226.8 billion for theprevious year.
The effective tax rate for the current year was 17.2%, a decrease of 2.3 points from 19.5% for the previous year.
The effective tax rate decreased due to the tax effect of a portion of equity method profit - which increased, notbeing recognized, and other factors.

Profit for the Year Attributable to Owners of the Parent
As a result, profit for the year attributable to owners of the parent was ¥1,130.6 billion, an increase of ¥215.9 billion
from the previous year.

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

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

Gross Profit

Current Previous
Change
Year
Year
438.8

355.8

497.6

392.5

Description(58.8)(36.7)● Iron ore mining operations in Australia -60.2(lower prices)● Coal mining operations in Australia +20.2(higher prices)● Iron ore mining operations in Australia-12.2 (lower prices)1● Oriente Copper Netherlands* -8.8 (lower
prices)2

Profit (Loss) of Equity
Method Investments

127.6

145.3

(17.7)● Japan Collahuasi Resources* -8.7 (lower
prices)● Inner Mongolia Erdos Electric Power &Metallurgical -3.2 (lower prices in ferroalloys
and chemicals businesses)● Increase in coal mining operations inAustralia (higher prices)

Dividend Income
Selling, General and

Administrative Expenses

74.3

124.3

(50.0)(33.4)(30.2)(3.2)● Lower dividend from Vale and iron ore

mining operations in Australia● Gain on sale of Stanmore SMC +36.7● Increase due to copper price hedge
Others(85.5)(134.3)+48.8

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

year* )

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

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

Current Previous
Change
Year
Year
309.4

114.0

Description+195.4● Increase in LNG Trading● Mitsui E&P USA +41.3 (higher gas prices)● Mitsui E&P Australia +35.1 (higher oil
prices)Gross Profit

316.4

145.4

+171.0● Mitsui E&P Italia B +14.4 (costimprovements)● Mitsui E&P Middle East +10.8 (higher oil
prices)● MEP Texas Holdings +9.6 (higher oil and gas
prices)● MOEX North America +7.2 (higher oil
prices)● Decrease in fuel supply related business -7.7
● Increase in Japan Australia LNG (MIMI)(higher oil and gas prices)● Japan Arctic LNG +10.2 (oil price and foreign
Profit (Loss) of Equity
Method Investments

108.5

32.3

+76.2

exchange valuation profit)● Mitsui & Co. LNG Investment USA+5.2(increase in volume)● Mitsui Oil Exploration +3.1 (changes to leaseaccounting, other factors)● Mitsui E&P Mozambique Area 1 -3.5
(recorded provision on a financial asset)
1

Dividend Income
Selling, General and
Administrative Expenses

58.7

53.6

+5.1

● 4 LNG projects* +3.9 (current year +56.7,
previous year +52.8)● Absence of provision loss in relation to(57.9)(53.1)

(4.8)

- 7 -

valuation allowance of a loan for Japan Arctic
LNG recorded in the previous year +4.5

● Mitsui Oil Exploration -13.6 (recorded
provision)● Mitsui E&P Australia -8.8 (recorded
provision)● Impairment loss in biomass power generation
business -3.3

● Absence of provision loss in relation to
Others(116.3)(64.2)(52.1)

valuation allowance of a guarantee for Arctic
LNG2 project guarantees recorded in previous
year, other factors +12.4● Foreign exchange hedge related profit in fuelsupply business, other factors +6.4
2

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

*1 Sakhalin II, Abu Dhabi, Oman and Qatargas 3. Includes Qatargas 1 for which interest expired during theprevious year.

*2 For the previous year, Mitsui Oil Exploration recorded an impairment loss of ¥7.3 billion for Block M-3
exploration project and profit of ¥2.7 billion in relation to a reversal of reserve for an overseas investment loss.

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

Current Previous
Change
Year
Year
171.9

120.8

Description+51.1● Construction & industrial machinery
businesses+12.4 (good sales performance)● Inversiones Mitta consolidation +7.7
Gross Profit

199.9

142.9

+57.0

● Bussan Auto Finance +7.7 (increase ininterest income due to an accumulation ofoperating assets)● Position Partners consolidation +5.1
● Hino Mexico +3.7 (good sales performance)● MBK USA Commercial Vehicles +18.9(good performance of truck leasing and rental
business)● Tanker owning company (increase in vessel

Profit (Loss) of Equity
Method Investments

related revenue)● Penske Automotive Group +9.1 (good sales
performance)● FPSO +7.8 (increase due to MV30/31
operations starting)● Canadian automobile company (increase inunit sales, decrease in sales promotion
197.3

146.0

+51.3

expenses)● Gas distribution business +6.4 (steady gas
demand)● VLI -6.5 (impairment loss of fixed assets,
1other factors* -8.6)● IPP -13.1 (impairment loss of Hezhou project2

in China* -6.5, weak performance at
Mainstream’s projects in Chile, weak
performance in Ontario, Canada, impact of steep
rise in electricity and gas prices in Australia,
increase due to a portion of Thai businessbecoming operational)
Dividend Income

4.2

4.1

+0.1

● Position Partners consolidation -5.1
Selling, General and

Administrative Expenses(163.6)(127.7)(35.9)- 9 -● Bussan Auto Finance -3.6 (increase ofprovisions due to an accumulation of operating
assets)● Fixed assets valuation loss in Brazilian*3

Others(65.9)(44.5)(21.4)

passenger railway business -15.1*4● MT Falcon impairment loss current year:-3.1, previous year: -9.7
● Decrease in corporate income tax burden
resulting from the sale of Lucid Group shares*5+7.2*1 VLI recorded a fixed assets impairment loss of ¥6.7 billion and a reversal of deferred tax assets of ¥1.9 billion
due to the reassessment of a recoverable amount of some assets related to a Brazilian freight railway concession.
*2 An equity method loss of ¥6.5 billion was recorded due to the reassessment of a recoverable amount of assets of

Hezhou Power Plant Project.
*3 A fixed assets impairment loss was recorded based on the latest estimation regarding the decrease in revenue andthe increased discount rate for the passenger railway business in Brazil.
*4 For the current year, an impairment loss of ¥3.1 billion was recorded, based on the conclusion of a sale andpurchase agreement for the shares of MT Falcon Holdings. For the previous year, an impairment loss of ¥9.7

billion was recorded, based on the conclusion of a sale and purchase agreement for the shares of MT Falcon
Holdings.
*5 The corporate income tax burden was reduced due to tax expenses being recognized as other comprehensive
income resulting from the sale of financial assets in Lucid Group shares measured at FVTOCI.

- 10 -

Chemicals Segment(Billions of Yen)
Profit for the Year Attributableto Owners of the Parent

Current Previous
Change
Year
Year
70.9

68.9

Description+2.0
1

Gross Profit

Profit (Loss) of Equity
Method Investments
Dividend Income
Selling, General and

Administrative Expenses
Others

209.3

183.0

+26.3

27.4

20.7

+6.7

3.8

3.3

+0.5

(137.4)(112.8)(24.6)(32.2)(25.3)(6.9)● Mitsui AgriScience International* +6.4
(strong crop protection demand)● Increase in fertilizer related trading (higher
prices)● Intercontinental Terminals Company +3.3
(good performance)● MMTX -6.8 (higher raw material prices,
lower sales prices)● MVM Resources +5.1 (higher phosphate ore
prices)1● Mitsui AgriScience International* -4.7 (costs
related to business integration)● Intercontinental Terminals Company*2

incident*1 Due to a merger, the combined total of Mitsui AgriScience International and its affiliate Certis Belchim havebeen used for figures for the previous year.
*2 Insurance proceeds and costs were recorded in Intercontinental Terminals Company both for the current year

and previous year. (Current year: ¥7.3 billion of profit)
Iron & Steel Products Segment(Billions of Yen)
Profit for the Year Attributableto Owners of the Parent

Current Previous
Change
Year
Year
22.5

26.9

Description(4.4)● Mitsui & Co. Steel +4.3 (good trading
Gross Profit

40.7

35.5

+5.2

performance in first half)● Overseas trading subsidiary -3.7 (lower
prices)Profit (Loss) of Equity
Method Investments
Dividend Income
Selling, General and

Administrative Expenses
Others

1

24.7

26.0

(1.3)

3.0

1.7

+1.3

(27.6)(23.6)(4.0)(18.3)(12.7)(5.6)*1 An investment company of Steel Technologies.

- 11 -● NuMit* -4.6 (inventory valuation loss, lower
prices)Lifestyle Segment(Billions of Yen)
Profit for the Year Attributableto Owners of the Parent

Current Previous
Change
Year
Year
54.8

61.5

Description(6.7)● Good performance in grain trading +5.8
● Foreign exchange impact in coffee trading
Gross Profit

153.7

143.0

+10.7

business +4.9
● Foreign exchange impact in MITSUI & CO.

COFFEE TRADING (Brazil) +3.5
● Fair value valuation loss of drug discovery
1

support fund* -6.1
● IHH Healthcare +8.5 (good performance inProfit (Loss) of Equity
Method Investments

50.7

41.1

+9.6

the hospital business and asset recycling, etc.)● WILSEY FOODS +5.5 (good performance at
Ventura Foods, a manufacturer of processed oil
food)2● PHC Holdings deconsolidation* -4.3
Dividend Income
Selling, General and

Administrative Expenses

6.2

5.6

+0.6

(142.0)(130.7)(11.3)● Absence of valuation gain of Mitsui Bussan I-

Fashion recorded in the previous year -10.7● Absence of PHC Holdings securities related
profit recorded in the previous year -8.9
● Foreign exchange hedging loss in coffee
Others(13.8)

2.5(16.3)

trading -4.5
● Decrease in corporate income tax burden

resulting from the sale of financial assets
3

measured at FVTOCI* +12.2● Multigrain related tax refund +5.0
4

● Put option related to JSC R-Pharm*current year +6.5, previous year -6.2

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

- 12 -

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

Current Previous
Change
Year
Year
66.7

57.6

Description+9.1● Mitsui Bussan Commodities +15.3 (goodGross Profit

112.6

97.7

+14.9

Profit (Loss) of Equity
Method Investments

18.9

19.7

(0.8)

Dividend Income

3.8

2.8

+1.0

(82.7)(67.8)(14.9)

Selling, General and

Administrative Expenses

performance of commodity derivative trading)● Absence of sale of shares in Wise in theprevious year -3.5
● Peterson Ventures Partners -4.4 (fall in fairvalue of shares)● Mitsui Bussan Commodities -6.4
● Gain on sale of real estate business in
1

Singapore*● Gain on sale of part of Hibiya Fort Tower
Others

14.1

5.2

+8.9

+5.9
● Gain on sale of investment securities +4.0
2

● Gain on sale of real estate in the US* +3.6
● Absence of gain on sale of land recorded in
the previous year -5.1

*1 A gain on sale of Southernwood Property, an investment vehicle that owns an office building in Singapore.
*2 Fixed asset sale of multiple property sales in the US.

- 13 -

3) Evaluation of assets and liabilities for the Russian LNG business
The Russian LNG business in which we participate, is affected by the Russia-Ukraine situation. Based on

discussions with each partner, we have evaluated its relevant assets and liabilities.
In relation to the investment in the Sakhalin II project, we undertook the ownership of Sakhalin Energy LLC(“SELLC”) on September 2, 2022, which was established based on Russian Presidential Decree (No.416) dated
June 30, 2022, and Resolution of the Government of the Russian Federation dated August 2, 2022 (No.1369),
through MIT SEL Investment, a newly established subsidiary. Consequently, we continue to invest in the Sakhalin
II project and the reorganization does not materially impact the Consolidated Financial Statements. As of March 31,
2023, the situation still remains uncertain as the final LLC members composition is not yet decided, the LLC
members agreement is not signed, etc.
Based on the current situation, the fair value was measured using the income approach by expected present value
technique with the probability-weighted average considering a scenario where the continuous dividend income ispredicted through an investment in SELLC and other scenarios. As a result, the investment balance in Sakhalin II
project as of March 31, 2023 was ¥98.5 billion. Also, in the year ended March 31, 2023, a decrease of ¥126.0
billion in the fair value of the investment was recorded in Other Comprehensive Income. While the decision on the
new LLC member has been acknowledged by Order of the Government of the Russian Federation dated April 11,2023 (No.890), the Company has concluded there is no impact on the above fair value. The fair value may increaseor decrease due to further changes in situation hereafter.
The Company did not recognize any significant profit and loss or Other Comprehensive Income in the current yearwith respect to the Arctic LNG2 project. The balance of the investments, loans and guarantees related to the Arctic
LNG2 project was ¥239.2 billion (¥15.8 billion in investments and loans and ¥223.4 billion in guarantees) as ofMarch 31, 2023. In addition, a provision for loss on guarantees of ¥18.2 billion has been recorded. For further
details, please refer to “5. Consolidated Financial Statements (8) Notes to Consolidated Financial Statements ⑥
Impact of the Russia-Ukraine Situation on the Russian LNG Business”.

- 14 -

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

March 31, 2023

March 31, 2022

15,380.9

14,923.3+457.6

Current Assets

5,674.8

5,716.7(41.9)

Non-current Assets

9,706.1

9,206.6+499.5Current Liabilities

3,766.6

3,808.6(42.0)

Non-current Liabilities

5,049.1

5,319.2(270.1)

3,212.7

3,338.9(126.2)

6,367.8

5,605.2+762.60.50

0.60(0.10)

Total Assets

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

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

March 31,2023
5,674.8

March 31,2022
5,716.7

1,390.1

1,127.9

ChangeDescription(41.9)+262.2● Trade receivables -164.5
1

Trade and other receivables(EN* ) Market fluctuation,
decrease in trading volume(111.9)1● Loan receivables +57.4 (MI* )Increase in the current portionof long-term loan receivables
1
1● (IC* , LI* ) Market
fluctuation, decrease in(224.9)derivative assets
1● (EN* ) Market fluctuation,
decrease in trading volume(9.2)

2,191.2

2,303.1

Other financial assets

773.0

997.9

Inventories

940.5

949.7

226.7

183.4

+43.3 ● (MI* ) Increase in trading
volume

153.3

154.7

(1.4)

Advance payments to
suppliers
Other Current assets

1*1 EN: Energy Segment, MI: Machinery & Infrastructure Segment, IC: Innovation & Corporate Development
Segment, LI: Lifestyle Segment- 15 -

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

March 31,2023

March 31,2022

9,706.1

9,206.6

ChangeDescription+499.5● Investments accounted forInvestments accounted forusing the equity method

3,929.6

3,387.4

Other investments

2,134.1

2,347.4

Trade and other receivables

320.0

320.0

Other financial assets

208.0

167.8

Property, plant andequipment

2,300.6

2,190.9- 16 -

using the equity method+555.5● Foreign exchange fluctuations+216.2● Investment in the holding
company of Mainstream
Renewable Power +79.8● Investment in Climate
Friendly● Investment in Ouro Fino
Saúde Animal+542.2● Investment in FPSO (Libra
MV31) +15.7● Investment in New Forests● Investment in Mitsui E&P
Mozambique Area 1 +10.6● Dividends from equity
accounted investees -425.9● Sale of Stanmore SMC -15.1(Sale -29.6, change in period+14.5)● Sale of Southernwood
Property -10.7● Fair value of FVTOCI
financial assets -246.8(including -126.0 from equity
interest in Sakhalin II project)
1● (LI* ) Sale of FVTOCI
financial assets -42.5(213.3) ● Sale of shares in Lucid Group-25.1● Foreign exchange fluctuations+41.0● Investment in a large-scale
renewable energy project in
India
0
1

+40.2 ● (MI* ) Increase in trading
volume● Oil and gas projects +48.8(including foreign exchange
fluctuations +7.6)● MITSUI FOODS new logistics
center +33.4● Intercontinental Terminals+109.7Company +11.0 (including
foreign exchange fluctuations+11.1)● M&T Aviation sale of owned
aircraft -10.9● Sale of ships owned by OMC
Shipping -10.6

● Xingu Agri -22.1 (including

Investment property

282.5

318.6

Intangible assets

277.3

253.0

Deferred tax assets

105.2

100.7

Other non-current assets

148.8

120.8

sale of agricultural land -33.2,
foreign exchange +13.4)(36.1)● MBK Real Estate Holdings-14.4(including sale ofmultiple properties -20.8)● Consolidations (Position
Partners, Lee Soon Seng
Plastics Industries)+24.3● Brazilian passenger railway
business -13.2 (including
impairment -15.1)+4.5● Increase in pension related+28.0
assets (premium contributions)*1 LI: Lifestyle Segment, MI: Machinery & Infrastructure Segment
Liabilities
March 31,2023

March 31,2022

Current Liabilities

3,766.6

3,808.6(42.0)

Short-term debt

432.2

281.8

+150.4Current portion of longterm debt

811.0

410.3

+400.7

Trade and other payables

1,510.4

1,739.1

Other financial liabilities

622.0

1,003.2

Income tax payables

49.3

68.5

Advances from customers

234.9

202.1

Provisions

59.0

48.6

Other current liabilities

47.8

55.0

5,049.1

5,319.2(270.1)

3,797.3

4,185.4(388.1)

223.4

147.0

+76.4 ●Increase in derivative liabilities

37.0

38.0

(1.0)

Provisions

310.5

266.2

Deferred tax liabilities

648.3

654.0

+44.3 ● (EN* ) Increase in asset
retirement obligations(5.7)

Other non-current liabilities

32.6

28.6

+4.0

(Billions of Yen)

Non-current Liabilities
Long-term debt, less thecurrent portion
Other financial liabilities
Retirement benefit
liabilities*1 EN: Energy Segment, CH: Chemicals Segment- 17 -

ChangeDescription(228.7) ● Decrease in trade payables● Decrease in derivative(381.2)
liabilities(19.2)● Corresponding to increase in+32.8
advance payments
1
1● (EN* , CH* ) Increase in+10.4
provisions
(7.2)

1

Equity
March 31,2023

March 31,2022

Common stock

342.6

342.4

+0.2

Capital surplus

381.9

376.5

+5.4

Retained earnings

4,840.5

4,166.0+674.5

869.0

827.4

+41.6

Financial assets measured at
FVTOCI

215.6

465.1

(249.5)

Foreign currency translation
adjustments

638.5

478.6

Cash flow hedges

14.9(116.3)

Treasury stock(66.2)(107.1)

Total Equity Attributable to
Owners of the Parent

6,367.8

5,605.2+762.6

Non-controlling interests

197.4

190.2

+7.2

(Billions of Yen)

Other components of equity

ChangeDescription<breakdown>● Lower share prices, decreasein fair value of Sakhalin II
project● USD +123.7(Mar-23 JPY133.53/USD, up
from Mar-22 JPY122.39/USD)+159.9● AUD -27.9(Mar-23 JPY89.69/AUD, downfrom Mar-22 JPY92.00/AUD)● Commodity price and interest+131.2rate hedge accounting● Cancellation of treasury stock+40.9+310.7● Share repurchase -270.0

2) Cash Flows(Billions of Yen)

Current Year Previous Year

ChangeCash Flows from Operating Activities

1,047.5806.9+240.6

Cash Flows from Investing Activities(178.3)(181.2)+2.9

Free Cash Flow

869.2

625.7

+243.5

Cash Flows from Financing Activities
Effect of Exchange Rate Changes on Cash and Cash
Equivalents
Change in Cash and Cash Equivalents(634.7)(614.3)(20.4)

27.8

53.3(25.5)

262.3

64.7

+197.6- 18 -Cash Flows from Operating Activities(Billions of Yen)

Current Year Previous Year

ChangeCash Flows from Operating Activitiesa1,047.5806.9+240.6

Cash Flows from Change in Working Capitalb(223.5)(407.4)+183.9ca-b+c(65.5)
1,205.5(55.6)
1,158.7

(9.9)
+46.8

Repayments of Lease Liabilities
Core Operating Cash Flow・Cash flows from change in working capital (changes in operating assets and liabilities) was ¥223.5 billion of net
cash outflow. Repayments of lease liabilities was ¥65.5 billion of cash outflow. Core Operating Cash Flow,which equals cash flows from operating activities excluding changes in working capital and repayments of leaseliabilities, amounted to ¥1,205.5 billion.
- Net cash inflow from dividend income, including dividends received from equity accounted investees, for thecurrent year totaled ¥574.2 billion, an increase of ¥19.4 billion from ¥554.8 billion for the previous year.
- Depreciation and amortization for the current year was ¥272.7 billion, a decrease of ¥23.7 billion from ¥296.4
billion for the previous year.
The following table shows Core Operating Cash Flow by operating segment.
(Billions of Yen)

Current Year

Previous Year

Mineral & Metal Resources

436.7

552.8

(116.1)

Energy

419.6

280.2

+139.4

Machinery & Infrastructure

182.9

144.0

+38.9

Chemicals

89.5

93.8

(4.3)

Iron & Steel Products

18.0

12.4

+5.6

LifestyleInnovation & Corporate
Development
All Other and Adjustments andEliminations

31.1

35.2

(4.1)

46.6

46.6

0

(18.9)(6.3)(12.6)

1,205.5

1,158.7+46.8

Consolidated Total

Change

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

Current Year

Previous Year

Mineral & Metal Resources

58.7

51.3

+7.4

Energy

88.2

138.5

(50.3)

Machinery & Infrastructure

34.8

23.9

+10.9

Chemicals

31.6

24.7

+6.9

Iron & Steel Products

1.5

1.4

+0.1

Lifestyle

23.2

21.8

+1.4

18.8

18.1

+0.7

15.9

16.7

(0.8)

272.7

296.4

(23.7)

Innovation & Corporate
Development
All Other and Adjustments andEliminations
Consolidated Total- 19 -

ChangeCash Flows from Investing Activities(Billions of Yen)

Current Year

Previous Year

Cash flows from investing activities(178.3)(181.2)

Net change in investments inequity accounted investees(103.4)(27.1)

Description of Current Year

● Mainstream Renewable Powerholding company -79.8

Cash outflow(238.6)(92.2)● Climate Friendly● Ouro Fino Saúde Animal● FPSO (Libra MV31) -15.7● New Forests● Mit Power Capitals -11.5● Japan Arctic LNG● Mitsui E&P Mozambique Area 1-10.6

Cash inflow

135.2

65.1

33.9

(43.8)Cash outflow(100.4)(106.1)

Cash inflow

134.3

62.3

(190.0)(156.6)

Net change in other investments

Net change in property, plant andequipment● Stanmore SMC +54.9● Southernwood Property +20.1● MT Falcon Holdings +11.6● Large-scale renewable energy

project in India
1● (LI* ) Sale of FVTOCI financial
assets● Lucid Group +25.1● Oil and gas projects -50.9● Iron ore mining operations in

Cash outflow(228.0)Cash inflow

38.0

Net change in investment property
Cash outflow

Australia -43.7● Coal mining operations in(185.5)Australia -24.7● MyPower -17.0● Intercontinental Terminals
Company -13.0● M&T Aviation sale of owned
28.9
aircraft +10.9

48.4

(4.5)

(12.3)(26.4)● Sale of multiple properties by MBK

Cash inflow

60.7

21.9

Real Estate Holdings +32.6● Sale of Xingu Agri agricultural land

+17.9

● Partial sale of Hibiya Fort Tower

Net change in loan receivables

(4.2)

50.0

Net change in time deposits

37.0

0.8

- 20 -Cash Flows from Financing Activities(Billions of Yen)

Current Year

Previous Year

Cash flows from financing activities(634.7)(614.3)

Net change in short-term debt

168.7

(82.5)Net change in long-term debt

(217.6)(55.0)(Proceeds from long-term debt)

1,041.2

1,206.6(Repayments of long-term debt)(1,258.8)(1,261.6)(65.5)(55.6)(270.2)(174.9)Dividends paid

(198.1)(148.2)

Transactions with non-controllinginterest shareholders(52.0)(98.1)

Repayments of lease liabilities
Purchase and sales of treasury
stock-net- 21 -

Description of Current Year

●Mainly payment of additional
acquisition of shares in Mitsui Oil
Exploration

2. Management Policies(1) New Medium-term Management Plan
Reference is made to our new Medium-term Management Plan “Medium-term Management Plan 2026 ‘Creating
Sustainable Futures’”, announced on our corporate website today.
(2) Forecasts for the Year Ending March 31, 2024
1) Forecasts for the year ending March 31, 2024
[Assumption]

March 2024
Forecast

March 2023
ResultExchange rate (USD/JPY)

130.00136.00

Crude oil (JCC)$79/bbl$103/bbl

Consolidated oil price$88/bbl$93/bblMarch 31,2024
Forecast

March 31,2023
ResultIncrease /(Decrease)

Description

1,170.0

1,396.2(226.2)Lower commodity prices(750.0)(702.8)(47.2)

230.0

58.3

+171.7

Interest Expenses(110.0)(66.8)(43.2)

Dividend Income

160.0

154.9

+5.1

Profit (Loss) of Equity Method
Investments

440.0

555.5

(115.5)

Profit before Income Taxes

1,140.0

1,395.3(255.3)

Income Taxes(240.0)(240.7)+0.7

Non-Controlling Interests(20.0)(24.0)+4.0

Profit for the Year Attributable to
Owners of the Parent

880.0

1,130.6(250.6)

Depreciation and Amortization

270.0

272.7

(2.7)

Core Operating Cash Flow

870.0

1,205.5(335.5)(Billions of Yen)

Gross Profit
Selling, General and
Administrative Expenses
Gain (Loss) on Investments, Fixed
Assets and Other

One-time valuation gain
Asset recycling
Higher interest rates

Lower commodity prices

・For further major assumptions in addition to oil prices and USD/JPY and sensitivities, please refer to “2)Keycommodity prices and other parameters for the year ending March 31, 2024”.

- 22 -

The forecast of Profit for the Year Attributable to Owners of the Parent by operating segment compared to the year
ended March 31, 2023 is as follows:(Billions of Yen)

Year ending
Year ended
March 31, 2024 March 31, 2023

Increase /(Decrease)

Metallurgical coal and iron ore prices

Mineral & Metal
Resources

290.0

438.8

(148.8)Energy

130.0

309.4

(179.4)

240.0

171.9

+68.1

Chemicals

60.0

70.9

(10.9)

Iron & Steel Products

20.0

22.5

(2.5)

Lifestyle

90.0

54.8

+35.2

Innovation & Corporate
Development

60.0

66.7

(6.7)

Others / Adjustments
and Eliminations(10.0)

(4.4)

(5.6)

Consolidated Total

880.0

1,130.6(250.6)

Machinery &Infrastructure

Description

Absence of gain from asset sales in theprevious year
Oil & gas prices
LNG trading
Asset recycling

One-time profit due to equity method
investee becoming a subsidiary

The forecast for Core Operating Cash Flow by operating segment compared to the year ended March 31, 2023 is asfollows:(Billions of Yen)

Year ending
Year ended
March 31, 2024 March 31, 2023

Increase /(Decrease)

Description

Mineral & Metal
Resources

320.0

436.7

(116.7)

Metallurgical coal and iron ore prices
Dividend income

Energy

230.0

419.6

(189.6)

Oil and gas prices
LNG trading

Machinery &Infrastructure

140.0

182.9

(42.9)

Asset recycling

Chemicals

80.0

89.5

(9.5)

Iron & Steel Products

10.0

18.0

(8.0)

Lifestyle

50.0

31.1

+18.9

Innovation & Corporate
Development

40.0

46.6

(6.6)

Others / Adjustments
and Eliminations

0.0(18.9)+18.9

Consolidated Total

870.0

1,205.5(335.5)- 23 -

Recovery in coffee trading business2) Key commodity prices and other parameters for the year ending March 31, 2024
The table below shows assumptions for key commodity prices and foreign exchange rates for the forecast for theyear ending March 31, 2024. 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 owners of the parent
for the Year ending March 31, 2024

March 2024
Assumption

March 2023
Result-79

103¥2.6 bn (US$1/bbl)

88

93¥1.4 bn (US$0.1/mmBtu)

2.99

6.51 (*3)

Crude Oil/JCC
Consolidated Oil Price (*1)
Commodity

Forex (*10)

U.S. Natural Gas (*2)
Iron Ore (*4)

¥2.7 bn (US$1/ton)(*5)

116 (*6)

Metallurgical Coal

¥0.3 bn (US$1/ton)(*5)

352 (*7)

Copper (*8)¥0.7 bn (US$100/ton)

8,600

8,815 (*9)

USD

¥3.9 bn (¥1/USD)

130.00136.00AUD¥2.7 bn (¥1/AUD)

85.00

92.67

(*1) As the crude oil price affects our consolidated results with a time lag, the effect of the crude oil prices on
consolidated results is estimated as the Consolidated Oil Price, which reflects this lag. For the year ending
March 2024, we have assumed that there is a 4-6 month lag for approx. 35%, a 1-3 month lag for approx. 30%,
over one year of a lag for approx. 30%, and no lag for approx. 5%. The above sensitivities show annual impact
of changes in the consolidated oil price.
(*2) As Mitsui has very limited exposure to US. natural gas sold at Henry Hub (HH), the above sensitivities show
annual impact of changes in the weighted average sale price.
(*3) US. gas figures for the year ended March 2023 are the Henry Hub Natural Gas Futures average daily promptmonth closing prices traded on NYMEX during January to December 2022.
(*4) The effect of dividend income from Vale has not been included.
(*5) Iron ore and metallurgical coal price assumptions are not disclosed.
(*6) Iron ore results figures for the year ended March 2023 are the daily average (reference price) spot indicatedprice (Fe 62% CFR North China) recorded in several industry trade magazines from April 2022 to March
2023.
(*7) Metallurgical coal results figures for the year ended March 2023 are the quarterly average prices ofrepresentative metallurgical 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 March to December 2023.
(*9) Copper results figures for the year ended March 2023 are the averages of the LME monthly average cash
settlement prices for the period January to December 2022.
(*10) Impact of currency fluctuations on reported profit for the year of overseas subsidiaries and equity accounted
investees denominated in their respective functional currencies and the impact of dividend received frommajor foreign investees. Depreciation of the yen has the effect of increasing profit for the year through theconversion of profit (denominated in functional currencies) into yen. In the overseas subsidiaries and equity
accounted investees where the sales contract is in USD, the impact of currency fluctuations between the USD
and the functional currencies (AUD) and the impact of currency hedging are not included.

- 24 -

(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 meeting demand for capital in our core and growth areas through reinvestment of our retained earnings,

and – based on the level of stable cash generation – directly provide returns to shareholders by paying out cash
dividends.
・In addition to the above, regarding share repurchases which are done to improve capital efficiency amongst otherthings, the amount and timing will be decided upon in a prompt and flexible manner taking into consideration thebusiness environment. Such considerations include balance between share repurchases and growth investments,
cash flow level after accounting for shareholder returns, interest-bearing debt levels, and return on equity.
Share repurchases for the year ended March 31, 2023, were ¥270 billion in total. For details, please refer to thereleases on our website “Notification of Progress and End of Stock Repurchase” dated September 26, 2022, and“Notification of Progress on Share Repurchase” dated April 3, 2023.
The full-year dividend for the year ended March 31, 2023, is planned to be ¥140 per share (an increase of ¥35 fromthe previous year, including the interim dividend of ¥65 per share). Taking into consideration Core Operating Cash
Flow and Profit for the Year Attributable to Owners of the Parent announced today, as well as the stability andcontinuity of dividend payments, the full-year dividend for the year ending March 31, 2024 is planned to be ¥150
per share (an increase of ¥10 from the previous year, including the interim dividend of ¥75). Furthermore, during
the new Mid-term Management Plan, we will set a minimum dividend of ¥150 per share (an increase of ¥10 fromthe previous year, including the interim dividend of ¥75), and will introduce a progressive dividend that will havethe dividend level maintained or increased.
We have set a shareholder returns policy (dividends and share repurchases) of around 37% of Core Operating Cash
Flow on a three-year cumulative basis for the new Medium-term Management Plan.

3. Basic Approach on Adoption of Accounting Standards
International Financial Reporting Standards was adopted on our annual securities report under the Financial
Instruments and Exchange Act for the year ended March 31, 2014 for the purpose of improving international
comparability of financial information as well as enhancement and efficiency of our financial reporting.

- 25 -

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

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

- 26 -

5. Consolidated Financial Statements(1) Consolidated Statements of Financial Position(Millions of Yen)
AssetsMarch 31, 2023

March 31, 2022¥¥

Current Assets:
Cash and cash equivalents
Trade and other receivables

1,390,130

1,127,868

2,191,181

2,303,140

Other financial assets

772,984

997,862

Inventories

940,543

949,663

Advance payments to suppliers

226,692

183,370

Other current assets

153,303

154,780

5,674,833

5,716,683

Investments accounted for using the equity method

3,929,636

3,387,371

Other investments

2,134,103

2,347,414

Trade and other receivables

320,040

319,977

Other financial assets

208,021

167,845

2,300,607

2,190,902

Investment property

282,497

318,570

Intangible assets

277,316

253,039

Deferred tax assets

105,197

100,743

Other non-current assets

148,666

120,746

9,706,083

9,206,607

Total current assets
Non-current Assets:

Property, plant and equipment

Total non-current assets
Total

¥

- 27 -

15,380,916¥

14,923,290

(Millions of Yen)
Liabilities and Equity
March 31, 2023

March 31, 2022¥¥

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

432,233

281,831810,999

410,257

Trade and other payables

1,510,391

1,739,149

Other financial liabilities

621,979

1,003,156

Income tax payables

49,33568,456

Advances from customers

234,946

202,074

Provisions

58,952

48,589Other current liabilities

47,802

55,114

3,766,637

3,808,626

3,797,328

4,185,375

Other financial liabilities

223,381

147,031Retirement benefit liabilities

36,99838,045

Provisions

310,513

266,161

Deferred tax liabilities

648,263

653,979

Other non-current liabilities

32,64828,657

Total non-current liabilities

5,049,131

5,319,248

Total liabilities

8,815,768

9,127,874

Common stock

342,560

342,384

Capital surplus

381,869

376,516

Retained earnings

4,840,510

4,165,962

Other components of equity

868,963

827,441

Treasury stock(66,152)(107,098)

6,367,750

5,605,205

197,398

190,2116,565,148

5,795,416

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

Equity:Total equity attributable to owners of the parent
Non-controlling interests
Total equity
Total

¥

- 28 -

15,380,916¥

14,923,290

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

Revenue:Year ended
March 31, 2023

Year ended
March 31, 2022

¥

¥

Cost:

14,306,402

11,757,559(12,910,174)(10,616,188)

1,396,228

1,141,371(702,809)(596,311)

Gain (loss) on securities and other investments-net

59,524

8,705

Impairment reversal (loss) of fixed assets-net(29,975)(19,117)

Gain (loss) on disposal or sales of fixed assets-net

19,436

14,480

Other income (expense)-net

9,248

14,909(644,576)(577,334)

Interest income

47,757

19,999Dividend income

154,942

196,505

Interest expense(114,582)(47,324)

88,117

169,180

555,526

431,263

Profit before Income Taxes

1,395,295

1,164,480

Income Taxes(240,668)(226,810)

Gross Profit
Other Income (Expenses):
Selling, general and administrative expenses

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

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

Profit for the Year¥

1,154,627¥

937,670¥

1,130,630¥

914,722

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

23,997- 29 -

22,948

Consolidated Statements of Comprehensive Income(Millions of Yen)
Year ended
Year ended
March 31, 2023 March 31, 2022
Profit for the Year¥ 1,154,627¥

937,670

Other Comprehensive Income:Items that will not be reclassified to profit or loss:
Financial assets measured at FVTOCI(238,455)

163,811

9,343

18,946

Share of other comprehensive income of investments accounted for using the equity
method(12,811)(19,631)

Income tax relating to items not reclassified

45,527(55,126)

Foreign currency translation adjustments(22,865)

103,754

Cash flow hedges

56,921(69,905)

Share of other comprehensive income of investments accounted for using the equity
method276,047

338,093

Income tax relating to items that may be reclassified(17,444)(6,624)96,263473,318¥ 1,250,890¥ 1,410,988¥ 1,224,588¥ 1,370,647

26,30240,341Remeasurements of defined benefit pension plans

Items that may be reclassified subsequently to profit or loss:

Total other comprehensive income
Comprehensive Income for the Year
Comprehensive Income for the Year Attributable to:
Owners of the parent
Non-controlling interests- 30 -

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

¥ 342,080

CapitalSurplusRetained
Earnings

Other
Treasury
Components
Stockof Equity¥ 396,238 ¥ 3,547,789 ¥Profit for the year

Comprehensive income for the year

914,722

Total

373,786 ¥ (89,473) ¥ 4,570,420 ¥ 252,467 ¥ 4,822,887

914,722

Other comprehensive income for the year

Noncontrolling Total Equity
Interests

914,722

22,948

937,670

455,925455,925

17,393473,318455,925

1,370,647

40,341

1,410,988

Transaction with owners:
Dividends paid to the owners of the parent(148,206)(148,206)

Dividends paid to non-controlling interest(26,260)

shareholders
Acquisition of treasury stock
Sales of treasury stock(234)

Cancellation of treasury stock
Compensation costs related to share-based
payment
Equity transactions with non-controlling304(174,918)(174,918)

(336)

571

1

1

(156,722)

156,722

-

-

2,186

2,186

1,882

Transfer to retained earnings

8,715¥ 342,384 ¥ 376,516 ¥ 4,165,962 ¥Profit for the year

6,445

(14,925)(8,715)-

Other comprehensive income for the year
1,130,630(76,337)(91,262)-

827,441 ¥ (107,098) ¥ 5,605,205 ¥ 190,211 ¥ 5,795,416

1,130,630

Comprehensive income for the year

(26,260)(174,918)(21,370)

interest shareholders

Balance as at March 31, 2022

(148,206)

1,130,630

23,997

1,154,627

93,95893,9582,305

96,263

93,9581,224,588

26,302

1,250,890

Transaction with owners:
Dividends paid to the owners of the parent(198,082)(198,082)

Dividends paid to non-controlling interest(22,380)shareholders
Acquisition of treasury stock
Sales of treasury stock(252)

Cancellation of treasury stock
Compensation costs related to share-based
payment
Equity transactions with non-controllinginterest shareholders
Transfer to retained earnings
Balance as at March 31, 2023

(198,082)

176(22,380)(270,257)(270,257)(270,257)

(284)

537

1

1

(310,666)

310,666

-

-

4,082

4,082

3,906
1,699
52,950¥ 342,560 ¥ 381,869 ¥ 4,840,510 ¥- 31 -

514

2,213(52,950)

-

3,265

5,478
-

868,963 ¥ (66,152) ¥ 6,367,750 ¥ 197,398 ¥ 6,565,148

(4) Consolidated Statements of Cash Flows(Millions of Yen)
Year ended
March 31, 2023

Year ended
March 31, 2022

Operating Activities:
Profit for the year¥

1,154,627¥

937,670

Adjustments to reconcile profit for the year to cash flows
from operating activities:
Depreciation and amortization

272,689

296,396

Change in retirement benefit liabilities(11,708)

6,689

Loss allowance

18,857

20,238(Gain) loss on securities and other investments-net(59,524)(8,705)

Impairment (reversal) loss of fixed assets-net

29,975

19,117(Gain) loss on disposal or sales of fixed assets-net(19,436)(14,480)

Interest income, dividend income and interest expense(123,867)(199,875)

Income taxes

240,668

226,810

Share of (profit) loss of investments accounted for using the equity method(555,526)(431,263)(2,137)(4,624)

Change in trade and other receivables

216,139(416,102)

Change in inventories

53,699(291,352)

Change in trade and other payables(295,922)

369,080

Other-net(197,336)(69,024)

Interest received

84,25050,824

Interest paid

(96,668)(49,278)

Valuation (gain) loss related to contingent considerations and others
Changes in operating assets and liabilities:

Dividends received

574,208554,764

Income taxes paid

(235,451)(189,989)

1,047,537

806,896

Cash flows from operating activities
Investing Activities:
Net change in time deposits
Net change in investments in equity accounted investees
Net change in other investments
Net change in loan receivables

37,048794(103,428)(27,067)

33,866(43,761)(4,186)50,005(190,043)(156,636)

48,402(4,526)(178,341)(181,191)

Net change in short-term debt

168,678(82,522)Net change in long-term debt

(217,647)(54,976)

Repayments of lease liabilities(65,454)(55,630)

Purchases and sales of treasury stock(270,246)(174,915)

Dividends paid

(198,082)(148,206)

Transactions with non-controlling interest shareholders(51,934)(98,076)(634,685)(614,325)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

27,75153,338Change in Cash and Cash Equivalents

262,262

64,718

1,127,868

1,063,150

Net change in property, plant and equipment
Net change in investment property
Cash flows from investing activities
Financing Activities:

Cash flows from financing activities

Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year¥- 32 -

1,390,130¥

1,127,868

“Interest income, dividend income and interest expense”, “Interest received”, “Interest paid” and “Dividends received” of Consolidated
Statements of Cash Flows include not only interest income, dividend income and interest expense that are included in “Finance Income(Costs)” of 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.

(5) Assumption for Going Concern: None

(6) Basis of Consolidated Financial Statements

Scope of subsidiaries and equity accounted investees① Subsidiaries
1) Overseas
2) Japan210
87② Equity accounted investees (associated companies and joint ventures)
1) Overseas
2) Japan171
45

A total of 477 subsidiaries and equity accounted investees are excluded from the above. These include companies
which are sub-consolidated or accounted for under the equity method by subsidiaries other than trading
subsidiaries.

(7) Changes in Accounting Estimates

The significant changes in accounting estimates in the Consolidated Financial Statements for the year ended
March 31, 2023 are as follows.
Decrease of the fair value related to Russian LNG businessChanges in accounting estimates related to the Russian LNG business are described in (8) Note to Consolidated
Financial Statements ⑥ Impact of the Russia-Ukraine situation on the Russian LNG business.
Impairment loss for the passenger railway business in Brazil
An impairment loss of ¥15,080 million in the Machinery & Infrastructure Segment engaged in the passenger
railway business in Brazil was recorded in “Impairment reversal (loss) of fixed assets – net” in the Consolidated
Statements of Income by reducing the carrying amount of intangible assets to the recoverable amount of ¥41,264
million. The impairment loss was mainly related to a decrease in revenue and an increase in the discount rate. The
recoverable amount above represented the value in use. The discount rate used to calculate the value in use isdeemed to reflect the market average profit margin and the risks inherent to the cash-generating unit.

- 33 -

(8) Notes to Consolidated Financial Statements① Segment Information

Year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Millions of Yen)
Others/Adjustments Consolidated
and
Total
Eliminations

Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

Iron & Steel
Products

LifestyleInnovation &Corporate
Development

Total

Revenue

2,220,316

3,517,077

1,115,192

3,160,663

726,180

3,306,954

259,489

14,305,871

531

14,306,402

Gross Profit

355,820

316,446

199,900

209,298

40,699

153,736

112,591

1,388,490

7,738

1,396,228

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

127,550

108,476

197,31327,36824,73550,712

18,931

555,085441

555,526

Profit for the Year Attributable to Owners of
the Parent

438,785

309,382

171,908

70,94522,48454,84966,677

1,135,030(4,400)1,130,630

Core Operating Cash Flow

436,661

419,583

182,901

89,531

17,99531,09946,5881,224,358(18,855)

1,205,503

3,062,836

3,009,472

3,216,794

1,773,664

776,5312,504,078

1,642,459

15,985,834(604,918)

15,380,916

Total

Total Assets at March 31, 2023

Year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Millions of Yen)
Others/Adjustments Consolidated
and
Total
Eliminations

Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

Iron & Steel
Products

LifestyleInnovation &Corporate
Development

Revenue

1,900,653

2,597,392

856,6032,861,701

615,076

2,700,478

223,665

11,755,568

1,991

11,757,559

Gross Profit

392,469

145,414142,931

182,984

35,492

142,965

97,743

1,139,998

1,373

1,141,371

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

145,31232,347

146,029

20,71426,02041,087

19,745431,2549431,263497,579

114,017

120,808

68,941

26,88961,49857,591

947,323(32,601)

914,722552,789

280,178

143,974

93,764

12,41635,161

46,591

1,164,873(6,209)1,158,664

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

Profit for the Year 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 March 31, 2023 includes cash, cash equivalents
and time 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 ¥8,215,000 million,
respectively.
2. Transfers between reportable segments are made at cost plus a markup.
3. Profit for the Year Attributable to Owners of the parent of “Others / Adjustments and Eliminations”
includes income and expense items that are not allocated to specific reportable segments, andeliminations of intersegment transactions.
4. Total assets of “Others / Adjustments and Eliminations” at March 31, 2022 and March 31, 2023 includes
elimination of receivables and payables between segments amounting to ¥8,091,315 million and¥8,819,918 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 Consolidated Statements ofCash Flows.

- 34 -

② Earnings per Share

The following is a reconciliation of basic earnings per share attributable to owners of the parent to diluted earnings
per share attributable to owners of the parent for the years ended March 31, 2023 and 2022:
Year ended March 31, 2023(from April 1, 2022 to March 31, 2023)
Profit(numerator)

Shares(denominator)

Per share amountMillions of Yen

In Thousands

Yen

Basic Earnings per Share Attributable to Owners of the
Parent:Profit for the Year Attributable to Owners of the Parent

1,130,630

1,566,367

Dilutive securities of associated companies

(10)

－

Share-based remuneration－

877

1,130,620

1,567,244

721.82

Effect of Dilutive Securities:
Adjustments of effect of:

Diluted Earnings per Share Attributable to Owners of
the Parent:
Profit for the Year Attributable to Owners of the Parent after
effect of dilutive securities

721.41

Year ended March 31, 2022(from April 1, 2021 to March 31, 2022)
Profit(numerator)

Shares(denominator)

Per share amountMillions of Yen

In Thousands

Yen

Basic Earnings per Share Attributable to Owners of the
Parent:Profit for the Year Attributable to Owners of the Parent

914,722

1,628,744

Dilutive securities of associated companies(1)－

Stock options－

667

914,721

1,629,411

561.61

Effect of Dilutive Securities:
Adjustments of effect of:

Diluted Earnings per Share Attributable to Owners of
the Parent:
Profit for the Year Attributable to Owners of the Parent after
effect of dilutive securities- 35 -

561.38

③ Subsequent Events

Acquisition of Additional Shares in Aim Services Co., Ltd.
On April 6, 2023 (the acquisition date), the Company acquired an additional 50% equity share (equivalent to 277
stocks) of AIM SERVICES CO., LTD. ("Aim"), which is a major food contracting service company in Japan under
the Lifestyle Segment, from Aramark, a U.S. based company. The Company already held 50% share and acquired
remaining balance of 50% shares while aiming to accelerate Aim's growth by leveraging its comprehensive
strengths. The acquisition price was USD 535 million (¥68,790 million), which was paid in cash and cash
equivalents on hand. After the acquisition, Aim became a wholly owned subsidiary of the Company.
Pursuant to the acquisition, Aim is reclassified from an equity-method investee to a wholly-owned subsidiary of theCompany and the revaluation gain on the previously held equity interest of 50% shares is expected to be ¥43,449
million under “Gain on securities and other investments” in the Consolidated Statements of Income for the firstquarter of the year ending March 31, 2024.
Additionally, the Company has begun the process of allocating purchase price to the assets acquired and liabilities
assumed. However, this process is not completed and such allocation is yet to be finalized.
Issuance of New Shares as Post-Delivery Restricted-Stock-Based Remuneration
On April 6, 2023, the Board of Directors of the Company resolved to issue new shares as post-delivery restrictedstock-based remuneration under the remuneration system of tenure-linked restricted stock unit, and the payment of
new shares was completed on April 28, 2023. The details are as follows.

(1) Class and number of shares issued : Common stock of the Company, 129,424 shares(2) Issue price: 3,906 yen per share(3) Total value of issue: 505,530,144 yen(4) Pay-in date
: April 28, 2023
(5) Categories and numbers of persons eligible for allocations, numbers of shares allocated :Managing Officers
7 persons, 113,759 shares(including retired Managing Officers 6 persons, 98,559 shares)
Directors
1 person, 15,665 shares④ The Fire Incident of Intercontinental Terminals Company

On March 17, 2019 (US time) a fire began at the Deer Park tank terminal of Intercontinental Terminals Company(“ITC”), a wholly owned U.S. subsidiary of Mitsui. The Deer Park tank terminal is located in the outskirts of
Houston, Texas. The fire partially damaged tanks owned by ITC. ITC has resumed its operation after discussions
with related authorities. Harris County Fire Marshal's Office released its final report with respect to the fire incident
on December 6, 2019 (US time) and the report classified the fire as accidental, while not specifying the cause of thefire. The cause of the fire is still under investigation by other relevant authorities.
The profit and loss related to this incident recognized in the year ended March 31, 2022 and 2023, and theoutstanding balance of related provision as of March 31, 2023 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.

- 36 -

⑤ Impact of the Security Situation in Northern Mozambique on LNG Project

The Company participates in the Mozambique LNG Project through Mitsui E&P Mozambique Area 1, its joint
venture in the Energy Segment. In April 2021, all project personnel evacuated the project site due to thedeteriorating security situation in northern Mozambique where the project site is located, and April 26, 2021, theproject operator, TotalEnergies of France, announced that it had declared force majeure under the Joint Operating
Agreement.
Progress has been seen in the restoration of order, stability and security in the region, and project partners areworking with the government and relevant stakeholders for an early restart of the construction, while the exact
restart date is still being reviewed.
The Company does not expect a significant impact on our consolidated financial position, operating results andcash flow at this stage.
⑥ Impact of the Russia-Ukraine Situation on the Russian LNG business

The Russian LNG business in which the Company, its subsidiary, and the equity accounted investee in the Energy
Segment have invested, financed and guaranteed, is affected by the Russia-Ukraine situation that has been ongoingsince February 2022 and the resulting sanctions against Russia, etc. Based on discussions with each partner, theCompany has evaluated its relevant assets and liabilities.
In relation to the investment in Sakhalin II project that was held by Mitsui Sakhalin Holdings, a subsidiary of theCompany, all the rights and obligations of Sakhalin Energy Investment Company, an original operator of the
project, have been transferred to Sakhalin Energy LLC (“SELLC”) established based on Russian Presidential
Decree (No.416) dated June 30, 2022 and Resolution of the Government of the Russian Federation dated August 2,
2022 (No.1369). Accordingly, we submitted to the Government of the Russian Federation the notice of consent totake the ownership of SELLC. The notice of consent was approved and MIT SEL Investment, a newly establishedsubsidiary of the Company, undertook ownership on September 2, 2022. Consequently, we continue to invest in the
Sakhalin II project before and after the aforementioned reorganization and it does not materially impact on theConsolidated Financial Statements.
On the other hand, the situation as of March 31, 2023 still remains uncertain as the final LLC members composition
is not yet decided and the relevant LLC members agreement is not signed, etc. Under this situation, the fair value of
our investment in the Sakhalin II project was measured using the income approach by expected present value
technique and the probability-weighted average considering a scenario where the continuous dividend income isexpected from SELLC and other scenarios. As a result, the fair value decreased by ¥125,970 million from thebalance as of March 31, 2022, and the valuation difference is recorded in “Financial assets measured at FVTOCI”
in the Consolidated Statements of Comprehensive Income. The outstanding balances of “Other investments” in theConsolidated Statements of Financial Position related to this project as of March 31, 2023 and 2022 were ¥98,505
million and ¥208,154 million, respectively. While the decision on the new LLC member has been acknowledged by
Order of the Government of the Russian Federation dated April 11, 2023 (No.890), the Company has concluded
there is no impact on the above fair value. The fair value may increase or decrease due to further changes insituation hereafter.
In addition, the carrying amount of the investments in Japan Arctic LNG, an equity accounted investee that invests
in and finances the Arctic LNG 2 project, and the assets value held by Japan Arctic LNG were revaluated during thecurrent period based on the rating of the Russian Federation, however the profit and loss and comprehensive
income recognized in the current period were immaterial. The outstanding balances of the investments and loans (*)
as of March 31, 2023 and 2022 were ¥15,759 million and ¥14,374 million, respectively. The balance of financial
guarantees as contingent liabilities were ¥223,415 million and ¥182,160 million, respectively, and the provision forloss on guarantees included in "Other financial liabilities" were ¥18,213 million and ¥18,097 million, respectively.
These estimates may be affected by uncertain future developments in Russia and Ukraine, and any further changes
in the credit rating of the Russian Federation. Also, any changes in the Company’s policies regarding its Russian
LNG business may have a significant impact on the amounts of related investments, loans and financial guarantees
in the Consolidated Financial Statements for the next fiscal year.
(*) Investments and loans are the sum of “Investments accounted for using the equity method”, and loans (net ofloss allowance) included in “Trade and other receivables” in the Consolidated Statements of Financial Position.

- 37 -