This document is an English translation of a news release on May 15, 2020, made initially in Japanese.
The Japanese original should be considered as the primary version.
Company:Representative:
Stock code:
Contact:

Itochu Enex Co., Ltd.
Kenji Okada, Representative Director, President and CEO8133, Tokyo Stock Exchange, 1st Section
Hiroyuki Kunisada
Manager for Corporate Communications OfficeTel: +81-3-4233-8003

Notice of Forecasts of Consolidated Earnings Forecasts and Dividend Forecast for the FY2020
and Medium-Term Business Plan
Itochu Enex Co., Ltd. (Itochu Enex) hereby announces that a Board of Directors’ meeting held on May
15, 2020 resolved the consolidated earnings forecasts (under IFRS) and the dividend forecast, which were
yet to be determined on April 30, 2020, as described below.
In connection with this announcement, Itochu Enex also hereby gives notice that its board resolved torevise of the Medium-term Business Plan, “Moving 2020 Horizons,” announced on April 26, 2019.

1. Consolidated earnings forecasts(1)Consolidated earnings forecasts for the fiscal year ending March 31, 2021
(from April 1, 2020 to March 31, 2021)
Basic
Profit fromRevenueoperating
activities

Net profit

earnings perProfit before

attributable tosharetax

Itochu Enex’s

attributable toshareholders

Itochu Enex’s
shareholders

million yen

million yen

TBD

TBD

TBD

TBD

710,000

16,00016,70011,00097.45

Change (B – A)

―

―

―

―

Percentage of change

―

―

―

―

897,427

19,257

19,97812,056

Previous forecast (A)Recently revised

million yen

million yen

TBDyenforecast (B)(%)(Forreference)Results forprevious year ended

106.81March 31, 2020(2)Reason for revision (Events leading to announcement）At the time the Itochu Enex Group announced its consolidated financial results for the fiscal year ended
March 31, 2020 (under IFRS) on April 30, 2020, it was yet to be determined given that it was notpossible to reasonably calculate the potential impact of the novel coronavirus disease (COVID-19). Since
then, we have carefully examined the situation once again and can now foresee the potential impact onsome of our businesses. We, therefore, decided to revise our consolidated earnings forecasts, giving
utmost consideration to the current circumstances.
Revenue and profits are expected to fall due to weaker demand for industrial fuel as a result of thestagnation of economic activity and decreased demand for gasoline and falling car sales as people refrainfrom going out and we have, therefore, reflected these factors in our consolidated earnings forecasts.
Even under such conditions, we plan to generate stable revenue and profits because sales for fuel andelectricity to households as well as sales of fuel to the logistics sector are expected to remain firm.
If revision of the plan is necessary due to the fallout from the coronavirus crisis or other future
developments, we will promptly make an announcement.

2. Dividend forecast(1) Details of dividend forecast for the fiscal year ending March 31, 2021
Annual dividend
End of 1Q

End of Q2

End of Q3

Year-end

Total

Previous forecast

yen

yen

yen

yenyen(announced April 30,―

TBD

―

TBD

TBD

22.00

44.00

23.00

44.00

2020)
Recently revised(announced) forecast
Results for current
year

―
―

22.00
―

――

Results for previousyear ended March―

21.00―31, 2020(2) Dividend policy
We aim to pay stable dividends on an ongoing basis and maintain a consolidated dividend payout ratioof at least 40%. In accordance with our policy of paying stable dividends, we plan to pay an annual
dividend for FY2020 of 44 yen, which is the same level as the annual dividend for FY2019, despite theimpact of the COVID-19 coronavirus on some of our businesses as explained above.

3. Revision of Medium-term Business Plan “Moving 2020 Horizons”
In connection with the above consolidated earnings forecast announcement, we decided to revise ourMedium-term Business Plan “Moving 2020 Horizons” covering the two years from FY2019 to FY2020,
announced on April 26, 2019, as described below.

Initial plan (A)Net profit
attributable toItochu Enex’s
shareholders
12.5 billion yen

ROEConsolidated
dividend payout
ratio

Plannedinvestment(2-year total)

9.0% or more

40% or more

60 billion yen

Revised plan (B)11 billion yen―

40% or more

43 billion yen

Change (B – A)

-1.5 billion yen―±0％-17 billion yen