ITOCHU ENEX CO., LTD.
(TSE First Section, 8133)

Financial Results(FY2020)
May 14, 2021

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ITOCHUENEX CO.,LTD.
All rights
reserved.
Copyright©2020
ITOCHUENEX CO.,LTD.
All rights
reserved.

Note
We pay close attention to the content of the material, but the Company and information providers will not be liable
for any damage caused by errors in the information posted or damage suffered based on the information posted inthis material.
The current plans and strategies of the Company posted in this material are forecasts prepared by the Company
based on information currently available, and these future forecasts include risks and uncertainties. Accordingly, theactual results may differ materially from the forecasts posted. Please note that the Company does not guarantee
the certainty of these forecasts.
・Unless otherwise noted, all the numerical values in this material are based on the International Financial ReportingStandards (IFRS).
・In this material, the notation has been replaced as follows.
“Profit from operating activities”  “Operating profit”“Net profit attributable to Itochu Enex’s shareholders” “Net profit”

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Results Highlights
Overview of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021
 Net profits increased 0.1 billion yen to 12.2 billion yen, up 0.9% year on year, marking a record high for the sixth
consecutive year.
 The ratio of SG&A expenses to gross profit came to 77.2%, a 2.4% decrease year on year, suggesting that expenses
were effectively controlled as in the previous year.
 The annual dividend is expected be 50 yen per share, including 6.00 yen per share commemorating the 60th
anniversary of the Company’s founding.

739.1 billion yen 17.6
Grossprofit86.9 billion yen 0.5

Net sales(-% year on year)(+% year on year)

Operatingprofit19.3 billion yen 0.5
Net profit
12.2 billion yen 0.9(+% year on year)(+% year on year)

Plan

Results

Difference from revised plan

Net profit¥11.0 billion¥12.2 billion+¥1.2 billion

Consolidated dividend payout ratio

40% or more

46.4%

6.4%

Investment(2-year total)¥43.0 billion¥41.0 billion-¥2.0 billion

9.0%

9.2%

+0.2%

ROE

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Contents
１．Overview of Consolidated Financial Results for the Fiscal
Year Ended March 31, 2021
(1) Overview of the Entire Company(2) Overview by Segment

 Appendix
２．Medium-Term Business Plan
・Moving 2020 Horizon Performance Report
・New Medium-Term Business Plan, SHIFT! 2022
・Information of SHIFT! 2022, by Segment
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１．Overview of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2021
(1) Overview of the Entire Company

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Summary of Financial Results for FY2020

Net profit marked a record highfor the sixth consecutive year.
(100 million yen)

FY2019Results

FY2020Results

FY2020Plan

Changes

8,974
864

7,391
869

-1,584+5

Selling, general andadministrative expenses

-689

-671

+17

Operating profit

193

193

+1

18

17

-0

121

122

+1

79.7%

77.2%

-2.4pt44

50+6

Net sales
Gross profit

Share of profit (loss) ofinvestments accounted for using
the equity method
Net profit
Ratio of SG&A expenses to grossprofitDividends (yen/share) Net profit increased 100 million yen year on year, marking a record high.
Export-import operations in view of the fluctuations in crude oil prices and the reductionof operating expenses resulted in profit growth.

Achievement rate

7,100

104%

160

121%

110

111%

[Reference]

Quarterly results (net profit)

41
27 25

36
28

27

33

26

 The ratio of SG&A expenses to gross profit came to 77.2%, a 2.4% decrease year
on year, suggesting that expenses were effectively controlled as in the previous year.
 The annual dividend is expected be 50 yen per share, including 6.00 yen per sharecommemorating the 60th anniversary of the Company’s founding.

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2019FY2020
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The Impact of the COVID-19 Coronavirus Pandemic
Impact on business performance
Oil Demand for gasoline declined due to remote working and the stay-at-home advisories, making sales volume fall.

LP gas Sales volume of LP gas (for business, industrial and automobile use) and industrial gas decreased due to a decline in operation
rates at stores, factories, etc.
 LP gas for household use increased due to demand driven by those refraining from going out.

Power

 The sales volume of high-voltage power decreased due to the declining operating ratio of stores, factories and others.
 Sales volume of low-voltage power increased due to demand driven by those refraining from going out.

Sales ofcars

 The number of customers visiting dealers decreased due to the shortened business hours of dealers. This led to a fall in sales
volumes. The number of new cars sold decreased 24% year on year in the April to June period, recovered to the year-ago level andremained strong from July onwards.

Sales volume (company-wide) Gasoline

2,386,000 KL

 LP gas(-13.8% year on year) Diesel oil

3,164,000 KL(-3.8% year on year)

500,000 tons

 Electricity(-7.9% year on year)

 Industrial gas

65,000 tons(-14.0% year on year)(including agency quantity)

2,221 GWh(-7.0% year on year) New cars

26,000 units(-2.6% year on year)

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Net Profit by Segment

Profits from Industrial Business increased sharply.
It was a profit driver.
(100 million yen)

130

FY2019Results

FY2020Results

121

122

120
110

21

17

100

Major factors for increase/decrease▋Home-Life (YoY: -¥400 million, Percent of the plan achieved: 66%)
The number of customers under direct contract rose slightly to around 552,000, despite a sell-off of business rights.
The overall sales volume of LP gas was lower than in the same period a year earlier despite the rise in sales forhousehold use due to demand driven by those refraining from going out and the upward trend of demand forbusiness and industrial use. Profits decreased due to a decline in the sales volume of LP gas and industrial gas anda surge in prices for the electric power market.

▋Car-Life (YoY: -¥30 million, Percent of the plan achieved: 145%)

70

The number of filling stations decreased by 17 from the end of the previous fiscal year to 1,687.
The sales volume of oil products decreased year on year. The number of new cars sold, which was lower than the
year-ago level in the first half, recovered to the ordinary level in the second half due to strong sales. Profits remainedat the level of the same period of the previous year overall due to recovery in the number of vehicles sold in the car
dealer business, despite a fall in the sales volume of oil products.

60▋Industrial Business (YoY: +¥1300 million, Percent of the plan achieved: 161%)

90

80

50

41

25

41

39

40
30
20
10
0

35

The sales volume of oil products for industrial use decreased year on year following the slumping operating ratio atfactories.
The asphalt business saw sales volume fell year on year. Meanwhile, in the marine fuel business, sales volume rose
after steady sales to ocean-going vessels. Profit jumped substantially due to export-import operations for oil products
in view of changing crude oil prices and the reduction of operating expenses.

▋Power & Utility (YoY: -¥800 million, Percent of the plan achieved: 76%)

27

Electricity retail sales dropped year on year due to a massive fall in the number of large high-voltage power contracts
for corporate use, offsetting a hike in low-voltage sales volume following growth in the consumption volume forhousehold use due to demand from those refraining from going out and the number of low-voltage power contracts
mainly for household use. Profit decreased, reflecting a slide in earnings concerned with development projects.
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Analysis of Net Profit by Segment█ Home-Life

Major factors
for increase/decrease

Sales of LPG, etc.
-1.4
Impact of the electricity
market, etc.
-6.0

█ Car-Life█ Industrial
Business

Dealer business+2.0

Oil business, etc.

-1.7

Asphalt-4.5
Exports/imports of products+17.7
Marine fuel
+3.3
Fuel cards, etc.
-3.3

█ Power & Utility
Provision of heat

█ Other(100 million yen)

-0.7

Development projects
and others
-7.4

+13.2
+0.2

120.6
-3.9

121.7

-8.1

-0.3

+1.1
FY2019Results

FY2020Results
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Financial Position

Trade receivables/trade payables increased
due to rising crude oil and CP prices
 Total assets: Increased 20.7 billion yen from the end of the previous year due toincreases in trade receivables/trade payables and came to 408.3
billion yen.
 Shareholders’ equity:
Increased 7.9 billion yen from the end of the previous year to 136.2
billion yen, mainly reflecting a rise in net profit.
 Net DER:

(100 million yen)

4,300

0.3

4,083

3,877
3,800

0.2

3,300

Net DER is a negative value due to an increase in cash and deposits.
2,800(100 million yen)

End ofMarch 2020
Results

Total assets

3,877

End ofMarch 2021
Results

4,083

0.1
2,300

0.05

Changes

1,800
0

+207
1,300

Net interest-bearing
debt
Shareholders’ equity
Ratio of shareholders’equity to net assets
Net DER

59
1,283

-174
1,362

-233
+79

33.1%

33.4%

+0.3pt

0.05

-0.13

-0.17

800
300
-200

1,362

1,283
59
End of March 2020

-0.1

-0.13
-174

End of March 2021

Total assets

Net interest-bearing debt

Shareholders’ equity

Net DER-0.2

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Cash Flows

Operating CF increased after changes in working capital
500(100 million yen)

401

365

400

Substantive operating CF

300

193

222

329

267
402

200
242

100

FCF

0
-100

-59
Operating CF

281

120
-134

-185

-200
-300

254

57

-159

-1

-14

-245

-262

Financing CF

Investing CF

FY2017 Results

Cash FlowsFY2018 Results

FY2019 Results

FY2017 Results

FY2018 Results

FY2020 Results

FY2019 Results

FY2020 Results

Cash flows from operating activities

242

254

281

402

Cash flows from investing activities

-185

-134

-14

-1

(Free cash flows)

57

120

267

401

Cash flows from financing activities

-59

-159

-262

-245

222

193

365

329

Substantive cash flows
Substantive operating cash flows (*)(*) Operating CF – Increase/decrease in working capital

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Investment Trends

Capital investments were chiefly made in
carefully selected items partly due to the pandemic
Company-wide

Investment results for FY2020 by segment(100 million yen)

120

400

107

100

Investment results

350
80
300

60

250

40

49
21

20
200

186

0
Home-Life

150

244

223

100

143

134

164

FY2015FY2016FY2017FY2018FY2019FY2020(Full year) (Full year) (Full year) (Full year) (Full year) (Full year)

Car-Life

Industrial
Business

Power &
Utility

Other

Major investment results█ Home-Life

Investment in plant and equipment, acquisition of businessrights, etc.

█ Car-Life

Investment in plant and equipment, etc.

█ Industrial Business

Investment in plant and equipment, etc.

█ Power & Utility

Investment in plant and equipment, development projects, etc.

█ Other

Investment in plant and equipment, etc.

50
0

5

4

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(Reference) Market Trends

Outlook for crude oil prices continues to be uncertain due tothe impact of the COVID-19 coronavirus pandemic.
Solid line: FY2020

Trends in Dubai crude oil price
70.95

Average price($/bbl)

73.13

69.52

72.49

77.25

61.76
44.00

43.30

40.80

41.50

30.50

59.37

61.97

64.89

43.50

43.39

49.26

64.29

60.85

54.78

54.22

64.41

33.7
2020/52020/6

Trends in propane CP price515

2020/72020/92020/102020/112020/122021/1340

2020/5

Change from theprevious year: -18.9

2021/3

565

525

230

2021/2FY2019($/MT)

430

2020/42020/863.6

44.7 FY2020

20.40
2020/4

Dotted line: FY2019

375

370

365

420

350

360

365

350

375

2020/62020/72020/82020/92020/10

Electricity wholesale transactions market

430

450

430

440

2020/112020/12550(Yen/KWh)

2021/1

605

625

505

430

2021/22021/3

63.07

13.93
8.05
5.24
2020/47.60
4.18

2020/57.89
5.01

2020/6

7.49
4.31

2020/7

10.25

9.07

8.24

7.04

6.31

5.05

2020/82020/92020/107.75
5.56

2020/11

8.22

7.68

7.50
6.86

2020/122021/12021/2

6.24
5.98
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(2) Overview by Segment

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Results by Segment(100 million yen)

FY2019Results

FY2020Results

Changes

Rate of change%

FY2020Plan

Achievement
rate

Company-wide

Net sales
Operating profit
Net profit

8,974
193
121

7,391
193
122

-1,584
+0
+1

-17.6
+0.5
+0.9

7,100
160
110

104%
121%
111%

█ Home-Life

Net sales
Operating profit
Net profit

891
28
21

790
16
17

-101
-12
-4

-11.4
+44.5
+18.3

―
―
26

―
―
66%

█ Car-Life

Net sales
Operating profit
Net profit

5,067
75
41

4,146
76
41

-920
+1
-0

-18.2
+1.7
-0.7

―
―
28

―
―
145%

█ Industrial BusinessNet sales
Operating profit
Net profit

2,105
36
25

1,608
50
39

-497
+14
+13

-23.6
+37.8
+51.8

―
―
24

―
―
161%

█ Power & Utility

Net sales
Operating profit
Net profit

912
58
35

847
52
27

-65
-5
-8

-7.2
-9.3
-23.2

―
―
35

―
―
76%

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█ Home-Life

Profits decreased due to a surge in the purchase price of electricity
despite growth in demand for LP gas for home use.
(100 million yen)
FY2019Results

FY2020Results

Major factors for increase/decrease(Net profit)

Changes

Gross profit

220

204

-15

Selling, general andadministrative expenses

-194

-188

+7

28

16

-12

8

14

+6

21

17

-4

Operating profit
Share of profit (loss) ofinvestments accounted forusing the equity method
Net profit

Quarterly results (net profit)

Profit (loss) ofmajor affiliates

13

10
7

6

5

2
1Q

2Q

3Q

4Q

1Q

The number of customers under direct contract roseslightly to around 552,000, despite a sell-off ofbusiness rights.
The overall sales volume of LP gas was lower thanin the same period a year earlier despite the rise insales for household use due to demand driven by
those refraining from going out and the upward trendof demand for business and industrial use. Profits
decreased due to a decline in the sales volume of LPgas and industrial gas and a surge in prices for theelectric power market.

FY2019Results

FY2020Results

Changes

ITOCHU ENEX HOME-LIFENISHI-NIHON

7

5

-2

ECORE (The Company’s
equity 51%)

7

7

-0

ENEARC (The Company’s
equity 50%)

9

7

-1

Number ofcustomers (1,000)

3Q

-3

-2

FY2019FY2020

4Q

Achievement
rate

26

66%

End ofMarch 2020

End ofMarch 2021

Number of customers
under direct LP gas supply
contracts

551

552

+1

Number of customers forelectricity retail

94

109

+15

Sales volumes
2Q

FY2020Plan

LP gas (thousand tons)
Industrial gas (thousand tons)

FY2019Results

FY2020Results

Changes

Changes

525

487

-7%

76

65

-14%

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█ Car-Life

Profits remained at the year-ago level due to a recovery in the number ofcars sold, despite a decline in the sales volume of oil products(100 million yen)
FY2019Results

FY2020Results

Major factors for increase/decrease(Net profit)

Changes

Gross profit

465

468

+2

Selling, general andadministrative expenses

-392

-392

+0

75

76

+1

1

1

-0

41

41

-0

Operating profit
Share of profit (loss) ofinvestments accounted forusing the equity method
Net profit

Profit (loss) ofmajor affiliates

Quarterly results (net profit)

15
10

13 12

11
5

1Q

2Q 3Q
FY20194Q

ENEX FLEET

10

6

1Q

2Q 3Q
FY2020

Osaka Car Life Group(The Company’s equity 51.95%)

FY2020Plan

The number of filling stations decreased by 17 fromthe end of the previous fiscal year to 1,687.
The sales volume of oil products decreased year on
year. The number of new cars sold, which was lower
than the year-ago level in the first half, recovered tothe ordinary level in the second half due to strong
sales. Profits remained at the level of the same
period of the previous year overall due to recovery in
the number of vehicles sold in the car dealer
business, despite a fall in the sales volume of oil
products.

FY2019Results

FY2020Results

15
6

Changes20
8+6Achievement
rate

28

145%

Changes

Sales volumes

FY2019Results

FY2020Results

Gasoline (thousand KL)

1,874

1,668

-11%

Kerosene (thousand KL)

370

373

-2%

Diesel oil (thousand KL)

2,050

2,010

-3%

New cars (thousand units)

27

26

-3%

Used cars (thousand units)

24

22

-9%

+2

4Q
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█ Industrial BusinessProfit rose substantially thanks to export/import operations
in line with changes in crude oil prices.
(100 million yen)
FY2019Results

FY2020Results

Major factors for increase/decrease(Net profit)

Changes

Gross profit

81

94

+14

Selling, general andadministrative expenses

-47

-41

+6

Operating profit

36

50

+14

1

1

+0

25

39

+13

Share of profit (loss) ofinvestments accounted forusing the equity method
Net profit

The sales volume of oil products for industrial use
decreased year on year following the slumping
operating ratio at factories.
The asphalt business saw sales volume fell year on
year. Meanwhile, in the marine fuel business, sales
volume rose after steady sales to ocean-goingvessels. Profit jumped substantially due to exportimport operations for oil products in view of changing
crude oil prices and the reduction of operating
expenses.

FY2020Plan

Achievement
rate

24

161%

Quarterly results (net profit)
Sales volumes

15
12

10
4

7

5

7

2
1Q

2Q 3Q
FY2019

4Q

1Q

2Q 3Q
FY20204Q

FY2019Results

FY2020Results

Changes

Gasoline (thousand KL)

872

702

-20%

Kerosene (thousand KL)

613

525

-14%

Diesel oil (thousand KL)

1,230

1,146

-7%

Heavy fuel oil (thousand KL)

2,047

2,241

+9%

370

309

-17%

Asphalt (thousand tons)

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█ Power & Utility

Profit decreased, reflecting a slide in earnings concerned with
development projects(100 million yen)
FY2019Results

FY2020Results

99

Gross profit

Major factors for increase/decrease(Net profit)

Changes

103

-50

-50

+1

Operating profit

58

52

-5

8

2

-6

35

27

-8

Net profit

Profit (loss) of majoraffiliates

Quarterly results (net profit)

17

ENEX Electric Power Group11

ENEX LIFE SERVICE

9
8

6

6

4

2
1Q

2Q 3Q
FY2019

4Q

1Q

2Q 3Q
FY2020

4Q

Tokyo Toshi Service
Company(The Company’s equity
66.6%)Oji-Itochu Enex power
retailing Co., Ltd.
(The Company’s equity
60.0%)

Achievement
rate

+4

Selling, general andadministrative expenses

Share of profit (loss) ofinvestments accounted forusing the equity method

FY2020
Plan

Electricity retail sales dropped year on year due to a
massive fall in the number of large high-voltage
power contracts for corporate use, offsetting a hike inlow-voltage sales volume following growth in the
consumption volume for household use due todemand from those refraining from going out and thenumber of low-voltage power contracts mainly forhousehold use. Profit decreased, reflecting a slide inearnings concerned with development projects.

FY2019Results

FY2020Results

10
3
8

Changes

12
4
6

+2
+2
-2

7

-1

76%
Changes

Sales volumes

FY2019Results

FY2020Results

Electricity Retail (GWh)*

2,387

2,221

-7%

Breakdown:
Sales of high voltages*

1,948

1,627

-16%

Sales of low voltages*

439

594

+35%

Steam (thousand tons)

506

527

+4%

1,258

1,254

-0%

Heat quantity (TJ)

835(* Calculated based on preliminary values)

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◇Appendix

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Measures to address the Coronavirus Pandemic

Improve the teleworking environment andencourage teleworking and staggered working hours
BCP initiatives
 Establish emergency headquarters for tackling the coronavirus pandemic, which is chaired by the president.
 Improved the teleworking environment (Enhancement of online meetings and expansion of networks).
 Teleworking, staggered working hours, and desk allocation for avoiding closed spaces, crowded places, and closecontact settings Promotion of hand-washing, disinfection, gargling, ventilation, and environmental disinfection
 Refraining from/postponing conferences, gatherings, training sessions, and the similar events for which many people
gather Refraining from domestic and overseas business trips
 Refraining from dining with others

Financial standing• Sufficient liquidity on hand has been secured.
• Net DER: -0.13 (virtually no debt)• Sufficient account overdraft facilities and commercial paper
issuance facilities have been secured.
• Rating has been maintained.
Long-term issue rating: A+/Short-term issuer rating: J-1(Japan Credit Rating Agency, Ltd.)* Based on evaluation in August 27, 2020a(100 million yen)

End ofMarch 2020
Results

End ofMarch 2021
Results

ChangesCash and cash equivalents

192

348

+156

Other current financial assets

281

179

-102

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Appendix[Reference] Shipments of gasoline and diesel oil in Japan (national statistics)* Created based on statistics from Petroleum Association of Japan

Weekly shipment volume of gasoline

2019

Unit: Thousand kiloliters

2020

1100
1000

909

929

976

895

883

853

900
800

850

700

826

500

First week ofMarch

Third week ofMarchFirst week of
April

Third week of
AprilFirst week ofMay

Third week ofMay

First week ofJune

Weekly shipment volume of diesel oil

Third week of
June

943

974
914

908

773

884

857

First week of
July

Third week of
July

Third week ofAugustFirst week of
September

819

Third week of
September

908

First week ofOctober

807

Third week ofOctober

792

First week ofNovember

774

Third week ofNovemberFirst week ofDecember

957

891

911
846

887
729

First week ofAugust

920

860
849

736

712

673

554

600

887

885

850

801

661

743

866

920

864 853

813

786
887

797

Third week ofDecember

757

First week ofJanuary

826

755

Third week ofJanuaryFirst week ofFebruary

852

Third week ofFebruary

850

First week of
March

781

Third week of
March

743

First week of
April

Unit: Thousand kiloliters

900
728

800
700

639

589

670 657627

529

628 595400
300

648 614

659

557

583

588

483

533

557

694

726
616

522

600
500

649

701

553

541

609

597

644
611

540

597
596

661

629
648

604

695

736

655

631

659

617

647

720

622

627

631

612

589

671
572

442

385
First week ofMarch

Third week ofMarchFirst week of
April

Third week of
AprilFirst week ofMay

Third week ofMay

First week of
June

Third week of
JuneFirst week of
July

Third week of
JulyFirst week ofAugustThird week ofAugustFirst week of
September

Third week of
SeptemberFirst week ofOctoberThird week ofOctoberFirst week ofNovemberThird week ofNovemberFirst week ofDecemberThird week ofDecemberFirst week ofJanuary

Third week ofJanuaryFirst week ofFebruary

Third week ofFebruaryFirst week ofMarch

Third week ofMarchFirst week of
April

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Appendix[Reference] Monthly sales volume of LP gas (March to February, national statistics)
March

April

May

June

July

August2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

ChangesForhouseholdandbusiness
use

750

749

-1%

675

646

-4%

562

513

-9%

449

454

+1%

497

451

-9%

437

412

-6%

For cars

50

41

-19%

49

29

-42%

47

22

-53%

48

31

-36%

50

37

-27%

52

35

-32%

Total

800

790

-1%

724

675

-7%

609

535

-12%

497

485

-2%

547

488

-11%

489

447

-9%

September

OctoberNovember

DecemberJanuary

Unit: Thousand tons

February

Total

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2020

2021

Changes

2020

2021

Changes

FY
2019

FY
2020

ChangesForhouseholdandbusiness
use

438

401

-8%

514

526

+2%

608

616

+1%

804

828

+3%

780

813

+4%

747

736

-1%

7,261

7,145

-2%

For cars

47

35

-26%

47

36

-24%

46

33

-27%

51

37

-27%

45

29

-36%

42

27

-36%

574

392

-32%

Total

485

436

-10%

561

562

+0%

654

649

-1%

855

865

+1%

825

842

+2%

789

763

-3%

7,835

7,537

-4%

* Created based on statistics from Japan LP Gas Association
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Appendix[Reference] Monthly sales of new cars (Standard-sized cars, compact cars and kei (light) cars)(April to March, national statistics)
April

May

June

July

AugustSeptember

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

ChangesStandardsized andcompact
cars

200

145

-28%

213

124

-42%

248

182

-27%

258

207

-20%

202

169

-16%

300

252

-16%

Kei cars

115

75

-35%

115

51

-56%

119

102

-14%

121

123

+2%

115

101

-12%

159

138

-13%

Total

315

220

-30%

315

175

-47%

367

284

-23%

379

330

-13%

317

270

-15%

459

390

-15%

Unit: Thousand tons

OctoberNovember

DecemberJanuary

February

March

Total

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

FY
2019

FY
2020

ChangesStandardsized andcompact
cars

165

221

+35%

206

219

+6%

195

211

+8%

193

208

+8%

233

227

-3%

322

329

+2%

2,735

2,494

-9%

Kei cars

95

118

+24%

110

118

+7%

90

105

+17%

108

116

+7%

129

135

+5%

163

181

+11%

1,439

1,363

-5%

Total

260

339

+30%

316

337

+7%

285

316

+11%

301

324

+8%

362

362

+0%

485

510

+5%

4,174

3,857

-8%

* Compiled based on statistical data issued by the Japan Automobile Dealers Association Japan Light Motor Vehicle and Motorcycle Association
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２．Medium-Term Business Plan

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Moving 2020 Horizon Performance Report
Basic Policy

Establishing Closer Connections / By Leveraging New Tools / Expanding Globally
Evolution of the Organizational Base

Promotion of Growth Strategies

1

Maintaining and deepening
the revenue baseCreating group synergies, further
leveraging the customer base1

Strengthening Groupmanagement

Enhancing consolidated business management
and building an effective governance system

2

Making inroads overseas
and in peripheral fields

Investing proactively in overseas
businesses, M&A activities focused on
peripheral businesses

2

Human resource
strategies for growth

Promoting diversity and cultivating global
human resources

3

Creating new businesses

Promoting environmental businesses

3

Promoting innovation

Seeking to improve the efficiency of existing
businesses and using digital technologies

Quantitative Results

1 The initial plan was revised on May 15, 2020 in consideration of decreased demand due to COVID-19 and other factors.
2 For ROE, the difference from revised plan is the difference between the initial plan and results.

Initial plan

Revised plan1

Results

Difference fromrevised plan

Net profit¥12.5 billion¥11.0 billion¥12.2 billion+¥1.2 billion

Consolidated dividend
payout ratio

40% or more

40% or more

46.4%

6.4%

Investment(2-year total)¥60.0 billion¥43.0 billion¥41.0 billion-¥2.0 billion

9.0% or more

ー

9.2%

+0.2%2ROE

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Moving 2020 Horizon Performance Report
Qualitative Results
Promotion of Growth Strategies

Strengthening organizational
base

Maintaining and deepening therevenue base

Making inroads overseas and inperipheral fields

Creating new businesses

Establishing Closer Connections

Expanding Globally

By Leveraging New Tools

 Starting provision of heat to the newbuilding of the Yokohama City Government
 Starting collaboration with Nissan Motor insales of power
 Starting Smartphone Fueling Rolling out new brand, TERASEL, forelectric power-related businesses Opening a car care business in Vietnam
 Starting a photovoltaic power generation
business in Thailand (established a
representative office and then companies)
 Promoting the energy service provider
business Starting to collaborate in a hydrogen valuechain Focusing efforts on the sales expansion of
Gas to Liquid (GTL) fuel
 Jointly developing ammonia marine fuel
 Initiatives using the Accelerator program(collaboration with businesses in different
industries)

パイプを太く(Photo) New Yokohama City Governmentbuilding
In February 2020, the Company started tosupply cold and hot water and electric power
to the new Yokohama City Governmentbuilding when it was completed.

パイプを太く(Photo) A car care shop in Vietnam
In December 2020, the Company opened a
car wash and car coating shop in Hai Phong.

パイプを太く(Photo) Hydrogen value chain (image)
In February 2021, the Company agreed on a
strategic collaboration with Air Liquide and
ITOCHU Corporation.

 Promoting diversity
 Enhancing operational efficiency using digitaltechnology and promoting the diversification ofways of working
 Continuing the overseas training system
 Strengthening cross-divisional collaboration

パイプを太く(Photo) Diversification of employees and work
stylesThe Company established a Diversity Promotion
Office in 2019. The Company is actively
developing a remote work system.

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Trends in Profit and Changes in the Business Plan
2009/3MediumTermBusinessPlan

2010/3

2011/3

Core&Synergy2010
To the next stage via theimplementation of reforms

2012/3

2013/3

2014/3

2015/3

Core&Synergy2013
Phase II: Pursuit of a New Stagethrough Reform

2016/3Moving2014“Moving!”2017/3Moving 2016
Sowing seeds for
tomorrow

2018/3

2019/32020/3Moving 2018
Connecting to the future2021/3Moving 2020 Horizon

200

0.12

180

9.7%

10.0%

160
140

7.8%

120

Net profit

7.5%
104

5.7%

80
56
44

40

39

110

116

121

122

0.08
0.06

75

71
54

0.1

9.6%
9.2%

ROE

Quantitative
100
results

60

Record high

9.8%

0.04

55

39
0.02

20
0

0
2009/3

2010/3

2011/3

2012/3

2013/3

2014/3

2015/3

2016/32017/3

2018/3

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New Medium-Term Business Plan, SHIFT! 2022

The theme of the previous Medium-Term Business Plan was Moving.
Under this theme, the Company developed new fields andradically reviewed its previous approaches.
We will keep Moving.
Considering the environmental issues that are rapidly drawing more
attention and the COVID-19 pandemic
we believe that we need to upshift to the next gear and accelerate.
We will SHIFT and accelerate until 2022.
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SHIFT! 2022 Qualitative Plan

Basic Policy

Measures for Implementing Policy
Maintaining and expanding bases

Bases Further enhancement of domestic sale network and customer base (oil, gas, power, cars)
 Active promotion of B-to-C business utilizing digital transformation
 Strengthening of overseas business development with a focus on Asia

Deepening the environment & energy businesses

Environment &energyHumanresources

 Forays into untapped areas (new business domains) with environmental products, electricity and various other forms ofenergy Further expansion of the electric power business from generation to selling, especially with renewable energy
 Enhancing environmental technical capabilities and expand offerings of low-carbon and decarbonized products,
alternatives to oil products

Cultivating next-generation human resources Cultivating multi-talented human resources who will actively work in Japan and overseas, crossing boundaries between
business divisions and product categories
 Further promoting diversity and fostering diverse values
 Developing and enhancing internal training systems
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SHIFT! 2022 Quantitative Plan
Maintaining and expanding bases andinvesting in power, environmental, overseas, and next-generation energy
businesses will make sustainable growth possible.

Net profit
ROE

FY2020

FY2021Results

Target¥12.2 billion¥12.5 billion

9.2%

9.0% or more

We are disclosing targets for only one year, considering the uncertainty of the economic outlook chiefly due to the COVID-19 pandemic.

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SHIFT! 2022 Quantitative Plan

SHIFT! 2022 Management Indicators
Substantive operating cash flows¥30 billion each fiscal period

Consolidated dividend payout ratio

40% or more

New investment (cumulative total
over two fiscal periods)¥60 billion

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Shareholder Returns
Commemorative
dividends

(Yen)

50
50

6

45
40
35

Commemorative
dividends

20
40

20

4

16

16

42

44

44

46

47 or
40%
more

32

15
10

16

16

20

Continue stable payment

Consolidated
dividend payout ratio

40% or more

Providing shareholder returns stably
under the dividend policy of ensuring thedividend payout ratio at 40% or more

30
25

Dividend policy

22

24

In the fiscal year ending March 31,
2021, the Company plans to pay
annual dividends of 50 yen per share(common dividends of 44 yen per share andcommemorative dividends of 6 yen per share).

50
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022
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Image for the Medium- to Long-Term Changes in the Business
Structure The Company, whose mainstay business has been the sale of oil products, will enhance the profitability of its existing
businesses, and at the same time, will actively engage in new business fields, the environmental business, next-generationenergy and the overseas business in anticipation of a carbon-free society as it SHIFTs its business structure to enable
sustainable growth.
Fields the Company will actively engage inMovingSHIFT! 2022

Environment

Overseas

Something
New

Business growth

Next-generation energy

Expandinginvestment ingrowth fields

Businesses that are expected
to grow sustainably
Business related tocars

Business related tohouseholds

Expanding bases

2020
HorizonPower

Digital

Oil

2014

2021

2030

Gas

Maintaining bases

Current core businesses
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SHIFT! 2022 Investment Plan
Investment strategy

Moving 2020 (total investment over two years)

SHIFT! 2022 (total planned investment over two
years)

Growth investment
 Renewable energy
 Environmental business Overseas business (M&A + capital
expenditures) Human resources development, etc.

¥16.8 billion¥30.0 billion

Bases (strengthening)¥3.8 billion¥10.0 billion

 Renovation of LP gas and CS (Car-Life
Station) facilities
 Renovation of power generation andheat supply facilities Car dealers
 Systems, IT investment¥20.3 billion¥20.0 billion

Total investment¥41.0 billion¥60.0 billion

 Digital IT
 M&A

Bases (maintaining)

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Business Strategy (1)Expanding into Peripheral Businesses and New Business Fields• Expand into peripheral businesses and actively invest in new business fields, centered on Car-Life: Cars and Home-Life: Households.
• Provide services to every industry, leveraging power, digital and environmental products, which are the foundation the Group has developed formany years in the LP gas, oil and car businesses.

Bases
Expanding businesses related to
Car-Life: Cars

Expanding businesses related toPower, digital andHome-Life: Households
environmental products
Photovoltaic power,
storage batteries

Hydrogen, EV

LPG customer base sales
network

Car sharing, carleasing

ZEH
Renovation

Regional
service

Power, gas

Oil, car dealer customer
base sales network

Mobility service

SomethingNew

Surveillance,
security

SomethingNew

Access to every industry

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Business Strategy (2)Investing in Environmental Businesses• Provide the best energy for the environment and society and actively invest in environmental businesses.
Existing
business

The ENEX Group network

Business being
considered

RE100 Electric
Power

General energy
serviceHydrogen, power
multiple stations

Photovoltaic
power generation
Onshorewind power

Oil CS
Regional heat
supplyDisastercenters

Biofuels

AdBlueGTL

Car sharing,
car leasing
Environmentallyfriendly concrete

LP gasCarbonrecycling
FCV

Recycling ofwaste materials andwaste plastics

Storagebatteries

Offshorewind powerEV

Ammoniafuel
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Sustainability Initiatives
To promote sustainability initiatives within the Group, In April 2021, the Carbon Neutral Strategy Division and the Sustainability Office were
established.
 In May 2021, the Sustainability Committee was established as an advisory body for theManagement Advisory Conference.

* The Company will more actively discusssustainability policy and promote ESG disclosure.

Major roles of the new committees, divisions, etc.

Committee,
division, etc.

Major role

Sustainability
Committee* Discussing and monitoring policies,
challenges, measures, etc. related tosustainability from a long-term perspective* Executing or driving sustainability
management strategies

Sustainability
Office* Assessing opportunities and risks related tosustainability* Setting indicators and targets related tosustainability* Strategic disclosure, engagement, in-house
education

Carbon Neutral
Strategy Division* Climate change measures* Creating business opportunities that lead tothe reduction of CO2 emissions

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Segment Information

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▋Home-Life
RENEWING
50

Net profit plan and results

Management policy for FY2021

40
30

30
21

20

26

25
17

RENEWING

Major initiatives for FY2020

 LP gas businessJapan Pursuing CX*
Achieve CX, gathering, accumulating and using data at multilayered touch points.
 Sophistication of the power business
Gaining customers through face-to-face selling and digital technology (multiple approaches
to customers)
 Maximizing the value of Group management
Expedite management decision making and increase synergies between Group companies.

 Maintaining and deepening the customer base The segment was affected by COVID-19. The Company promoted bundled salesof LPG and power.
Number of customers with direct LP gas supply contracts: 552,000 (up 1,000
year on year); number of retail electricity customers: 109,000 (up 15,000 year onyear) Use of customer base
Virtual showrooms began. Enhanced the site and services for members (e-Koto
Club)

Overseas Developing accumulated knowledge and technology
Develop business and management expertise in the domestic LP gas business in SoutheastAsia.
 Building an LP gas portfolio
Optimum allocation of management resources according to the growth stage of eachcountry’s LP gas market* CX: Customer experience (value of the customer experience) Creating new businesses
 Started high-pressure gas container storage.
Engaged in the container cycle to build a supply chain and retain customers.

 Industrial gas business Strengthening competition
Achieve the growth scenario through vertical development and development in each area,
or by narrowing the focus.
 Developing peripheral businesses
Develop derivative businesses combining the expansion of the container business,
peripheral products, and customer relationships.

100FY2019Plan Results

FY2020Plan Results

FY2021Plan

 Making inroads overseas and in peripheral fields
 Promoted the development of the LP gas business in Asia.
 Supplied LP gas for emergency power generators at SoftBank unmanned
communications base stations.

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▋Car-Life
Expanding Customer Bases – Be Aggressive II –Strengthening the trunk of the body to be aggressive
Net profit plan and results

50
40

38

41

41

38

Expanding Customer Bases – Be Aggressive II –28

30

Management policy for FY2021

Strengthening the trunk of the body to be aggressive

20
10

0
FY2019Plan Results

FY2020Plan Results

FY2021Plan

Major initiatives for FY2020
 Reform core businesses.
 Seven CSs were added to the affiliated network. The number of stations in theaffiliated network is 1,687 (as of March 31, 2021).
 Carlife Stadium car lease outlets: 185 (as of March 31, 2021, up 117 from the end of
the previous fiscal year)
 Improve productivity through business efficiency improvement.
 Smartphone Fueling: Introduced at 106 CSs (as of March 31, 2021).
 Used IT tools actively to promote sales (virtual and real).
 Online kick-off meetings held (at all seven branches).

 Fundamentally enhancing business efficiency
 Efficient sales using IT and digital tools
 Enhance efficiency by increasing CSs that provide Smartphone Fueling.
 Expand payment tools.
 Shifting management resources Promote decarbonization and carbon neutrality using existing facilities.
 Review next-generation businesses at CSs.
 Appropriate investment to expand the FLEET business Preparations for the future Expand TERASEL Denki (strengthen the network that connects CSs andhouseholds).
 Cultivate overseas business (ENEXFLEET VIETNAM).
 Develop services using Nissan Osaka’s customer base (photovoltaic power,
storage batteries, EV, sale of power for household use) Preparations for the future Overseas: Established ENEXFLEET VIETNAM CO., LTD., which started car washing
service (December 2020).
 Disaster response: 469 CSs as bases for residents (as of December 31, 2020)

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▋Industrial Business
Combining Professional Expertise andEnvironmental Technology for a Carbon-Free Society
Net profit plan and results

50

30
20

Management policy for FY2021

39

40

19

25

24

26

10
0
FY2019Plan Results

FY2020Plan Results

FY2021Plan

Major initiatives for FY2020
 Promotion of environmental products
 Promoting GTL fuel• GTL fuel was adopted as a fuel for emergency power generation, and its use in public
works was recommended (Yokohama government)• The Company started to use GTL fuel as fuel for boilers (at the Company’s asphalt
terminals)
 Developing a system to expand sales of AdBlue
Established new SPs (Koriyama, Oita). Expended sales of urea solution for ships (AUS40).
 Energy service: Supply started in Hokkaido.
 Recycled beads (recycled products derived from coal ash and biomass ash) were used
for parking lots of the largest convenience store chain.
 Preparations for carbon-free society Development of next-generation fuels for ships• Started joint research for building a supply network for ammonia marine fuels.
• Concluded an MOU on a hydrogen value chain with Air Liquide Japan and ITOCHU
Corporation.

Combining Professional Expertise andEnvironmental Technology fora Carbon-Free Society
 Changing the structure of existing business and enhancing profitability
 Pursue added value in logistics (ships, bases, delivery).
 Enhance problem-solving products and services from the customers’ perspective.
 Use the knowledge of diverse professionals.
 Expand products that reduce the environmental impact.
• GTL fuel: Expand sales areas (Kyushu and Hokkaido).
• Renewable diesel: Build supply networks and create customers.
• AdBlue: Rationalize logistics (supply system and digital technology).
• Urea solution and caustic soda for ships: Build supply networks according to
demand.
 Creating new businesses (environment, technology, co-creation)
 Growth fields: next-generation energy, environment, infrastructure and regional
development.
• Introduce next-generation technology and accumulate knowledge throughcooperation with government, industry and academia.
• Create businesses that contribute to the achievement of a carbon-free society
through co-creation with companies in different industries (visualizing CO2
emissions, etc.).

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▋Power & Utility
Power to Connect Customers,
Environmental Business for the Future
Net profit plan and results

50
40

33

35

39

35
27

30

Power to Connect Customers,
Environmental Business for the Future20
100
FY2019Plan Results

FY2020Plan Results

Management policy for FY2021

FY2021Plan

Major initiatives for FY2020
 Sales Kyushu Electric Power: Began to work as an agency in the field of high voltage power.
 Reliance Energy Okinawa: Started the ES business* at four locations.
 Established the TERASEL Denki brand and started online sales (October).
* Comprehensive energy supply-related service for energy conservation and cost reduction
 Renewable energy-related businesses
 Established ITC ENEX (Thailand) in Thailand. The company engages in photovoltaic
facilities rental.
 Enex Infrastructure Investment Corporation increased capital through public offering.
(incorporation of the large Matsuzaka Solar Power Plant (98 MW)) Established TERASEL Solar Section.
(expanding sales in the leasing of photovoltaic power generation facilities for selfconsumption in Japan) Power to connect customers: 500,000 customers using digital technology
 Start the entire system and start full-scale digital transformation. Promote thedevelopment of TERASEL Denki.
 Supply electricity to the customer bases developed by HL, CL and IB divisions.
 Establish an integrated risk management system to address electricity transactionrisk.
 Environmental business for the future: Partner of the earth and life Start TERASEL Solar PRO Service.
(B2B photovoltaic facilities rental for self-consumption and excess electricity
purchasing) Develop TERASEL Solar PLUS.
(B2B and B2C photovoltaic facilities rental and storage battery) Renewable energy and thermal storage ES business* in Japan and overseas
Prepare for service using the essences of financial functions and the heat supply
business.
 Start B2C 100% renewable energy electricity services. Develop B2B services inearnest.
 Launch EV car sharing (power and mobility) before the end of the fiscal year.
 Start the solar sharing business (photovoltaic power generation and agricultural
production.
 Invest in small and medium-sized photovoltaic power generation funds.
Copyright©2020 ITOCHU ENEX CO.,LTD. All rights
42reserved.
Copyright©2021 ITOCHU ENEX CO.,LTD. All rights reserved.

Contact
Investor Relations Office
Staff：Imaizumi or Nakamura[E-MAIL] enex_irpr@itcenex.com[TEL] +81-3-4233-8025 [FAX] + 81-3-4533-0103

Copyright©2020 ITOCHU ENEX CO.,LTD. All rights
43reserved.
Copyright©2021 ITOCHU ENEX CO.,LTD. All rights reserved.