This document is an English translation of financial results report released on April 28, 2023
and written initially in Japanese.
The Japanese original should be considered as the primary version.

April 28, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
<under IFRSs>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Itochu Enex Co., Ltd.
Tokyo Stock Exchange8133
https://www.itcenex.com/english/
Tomofumi Yoshida, Representative Director, President and Chief Executive Officer
Shinichiro Inoue, Executive Officer, Chief Compliance Officer, Assistant to Chief
Financial Officer, Deputy Chief Operating Officer, Corporate Administration Division Ⅰ
and General Manager, Finance & General Accounting Department
Tel: +81-3-4233-8008

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
Preparation of supplementary results briefing material on financial results:
Holding of financial results presentation meeting:June 14, 2023
June 15, 2023
June 14, 2023
Yes
Yes (for institutional
investors and analysts)(Millions of yen with fractional amounts rounded, unless otherwise noted)

1. Consolidated financial results for the fiscal year ended March 31, 2023
(from April 1, 2022 to March 31, 2023)(Percentages indicate year-on-year changes.)(1) Consolidated operating results
Profit fromoperatingactivities

Revenue

Fiscal year ended
March 31, 2023
March 31, 2022

Millionsof yen%Millionsof yenProfit before tax%

Millionsof yenNet profit

Net profit
attributable to
Itochu Enex’s
shareholders

Comprehensive
income%Millionsof yen%Millionsof yen%Millionsof yen%1,012,018

8.1

21,3682.1

23,036

3.6

15,981

2.7

13,832

4.8

16,326

0.8

936,306

26.7

20,9298.2

22,241

11.0

15,566

8.4

13,1948.4

16,192

6.6

Basic earnings per
share attributable
to Itochu Enex’s
shareholders

Diluted earnings
per share
attributable to
Itochu Enex’s
shareholders

Return on equity
obtained as the net
profit attributable
to Itochu Enex’s
shareholders tototal shareholders’equity%Yen
Yen
Fiscal year ended
March 31, 2023
122.54–
9.3
March 31, 2022
116.89–
9.4
Reference: Share of profit (loss) of investments accounted for using equity method¥2,398 million
For the fiscal year ended March 31, 2023:
For the fiscal year ended March 31, 2022:¥2,409 million

Ratio of profit
before tax to total
assetsRatio of profit
from operating
activities torevenue

%

%

5.2
5.2

2.1
2.2

(2) Consolidated financial position
Total assets
As ofMarch 31, 2023
March 31, 2022

Ratio ofshareholders’equity to total
assetsTotal shareholders’equityTotal equity

Millions of yen

Millions of yen

Millions of yen

433,024
447,017

180,328
171,198

152,961
144,297

Shareholders’equity per share
%

Yen

35.3
32.3

1,355.37
1,278.32(3) Consolidated cash flows
Net cash flows from(used in) operating
activities
Fiscal year ended
March 31, 2023
March 31, 2022

Net cash flows from(used in) investing
activities

Net cash flows from(used in) financing
activities

Cash and cash
equivalents at end of
the period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

34,79939,955(3,190)(19,113)(37,747)(17,625)

32,01338,145

2. Cash dividends
Annual cash dividends per shareFirst
quarterend
Fiscal year ended
March 31, 2022
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)

Ratio of total
amount ofDividend
dividends topayout ratio
total(Consolidated) shareholders’equity(Consolidated)

Total cash
dividends(Total)Secondquarterend

Third
quarterend

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

23.00
24.00

–
–

25.00
26.00

48.00
50.00

5,423
5,649

41.1
40.8

3.9
3.8

–

26.00

–

26.00

52.00

Fiscalyear-end

Total

43.5

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)

Profit from operating
activities

Revenue

Millions of yen

Fiscal year ending
March 31, 2024

1,200,000% Millions of yen

18.6

20,900(Percentages indicate year-on-year changes.)
Basic earnings
Net profit
per share
Profit before tax attributable to Itochu attributable toEnex’s shareholders Itochu Enex’s
shareholders% Millions of yen(2.2)

22,300% Millions of yen(3.2)

13,500

%

Yen

(2.4)

119.62

Note: The Company’s performance is evaluated on a fiscal year basis. Accordingly, consolidated earnings forecasts for the
first six months of fiscal year are not prepared.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Changes in accounting policies and changes in accounting estimatesa. Changes in accounting policies required by IFRSs:
b. Changes in accounting policies other than the above:c. Changes in accounting estimates:

None
None
None

(3) Number of issued shares (common stock)a. Total number of issued shares at end of period (including treasury stock)
As of March 31, 2023

116,881,106 shares

As of March 31, 2022

116,881,106 sharesb. Number of treasury stock at end of period
As of March 31, 2023

4,025,827 shares

As of March 31, 2022

4,000,969 sharesc. Average number of outstanding shares during period
Fiscal year ended March 31, 2023

112,874,211 sharesFiscal year ended March 31, 2022

112,880,475 shares* Note on financial results
Ordinary profit and net profit rose year on year due to favorable sales in each business engaged in the saleof petroleum products, as well as effectively grasping market movements and improving the profitability.
* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special notes(Caution regarding forward-looking statements and others)
The forecasts and other forward-looking statements in this report are based on information currently
available to the Company and on certain assumptions deemed to be reasonable by the Company. Actual
business and other results may significantly differ from these forecasts due to various factors.
Please refer to “1. Overview of Operating Results and Others, (1) Overview of Operating Results for the
Fiscal Year Ended March 31, 2023” on page 2 of the attached materials for matters relating to earnings
forecasts.

Contents of Attached Materials
1. Overview of Operating Results and Others .............................................................................................. 2(1) Overview of Operating Results for the Fiscal Year Ended March 31, 2023 .................................... 2(2) Overview of Financial Position for the Fiscal Year Ended March 31, 2023 .................................... 7(3) Profit Distribution Policy and Dividends for the Fiscal Years Ended March 31, 2023 andEnding March 31, 2024 ........................................................................................................................ 9
2. Changes in major affiliates and subsidiaries .......................................................................................... 10
3. Basic Concepts Underlying Selection of Accounting Standards ........................................................... 10
4. Consolidated Financial Statements and Significant Notes Thereto ...................................................... 11(1) Consolidated Statement of Financial Position.................................................................................. 11(2) Consolidated Statement of Comprehensive Income ........................................................................ 13(3) Consolidated Statement of Changes in Equity ................................................................................. 15(4) Consolidated Statement of Cash Flows............................................................................................. 16(5) Notes to Consolidated Financial Statements .................................................................................... 18
Notes on Uncertainties of Entity’s Ability to Continue as Going Concern .................................... 18
Segment Information .......................................................................................................................... 18
Earnings per Share ............................................................................................................................. 21
Significant Events after the Reporting Period ................................................................................. 21

-1-

1.

Overview of Operating Results and Others(1) Overview of Operating Results for the Fiscal Year Ended March 31, 2023
1)

Results of operations
During the fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023), the outlook for theJapanese economy still continued to be uncertain, with geopolitical risks leading to elevated resource
prices, which, together with the impact of factors including exchange rates, led to soaring domestic
prices of petroleum products, electric power and other energy. The impact of the COVID-19 pandemic
also persisted in parts.
Under these conditions, at the Itochu Enex Group, we are promoting our business in accordance with
our two-year medium-term business plan “SHIFT! 2022,” below, which was formulated in April
2021.
Overview of medium-term business plan
1. Name of the plan:

SHIFT! 2022

2. Period:

Two years (FY2021 to FY2022)

3. Basic policy:

Bases, Environment and Energy, and Human Resources
Bases‧ Further enhancement of domestic sale network and customer base
‧ Active promotion of B-to-C business utilizing digital transformation‧ Strengthening of overseas business development with a focus on Asia
Environment and Energy‧ Forays into untapped areas with environmental products, electricity andvarious other forms of energy‧ Further expansion of the electric power business from generation toselling, especially with renewable energy‧ Enhancing environmental technical capabilities and expand offerings of
low-carbon and decarbonized products
Human Resources‧ Cultivating multi-talented human resources who will flourish in Japanand overseas‧ Promoting diversity and fostering a diverse range of values-2-4. Quantitative plan (FY2022):
Target Consolidated Results for FY2022(1) Net profit attributable to Itochu Enex’s shareholders: ¥13.0 billion(2) ROE: 9.0% or moreManagement indicators(1) Substantive operating cash flows(*1): ¥30.0 billion or more each fiscal
period(2) Consolidated dividend payout ratio: 40% or more
(3) New investment (cumulative total over two fiscal years): ¥60.0 billion(*1) Substantive operating cash flows excludes working capital, etc. from cash flows from operating activities.

The operating results for the fiscal year ended March 31, 2023 are as follows.
(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Revenue

936,306

1,012,018

75,712

Profit from operating activities

20,92921,368439

Net profit attributable to Itochu Enex’s shareholders

13,194

13,832638

ChangeRevenue was ¥1,012,018 million (up 8.1% year on year). This was mainly due to an increase in
selling prices of various petroleum products resulting from the price of crude oil remaining at a highlevel for the first half of the fiscal year.
Profit from operating activities was ¥21,368 million (up 2.1% year on year), and net profit attributable
to Itochu Enex’s shareholders was ¥13,832 million (up 4.8% year on year). This was mainly due tofavorable sales in the Industrial Business Division, which absorbed the higher procurement prices
caused by a surge in resource prices in the Power & Utility Division and the reactionary decline after
valuation gains from making large-scale solar power plants (mega solar power plants) subsidiaries of
the Company in the previous fiscal year.
2)

Results of operations by segment
Results of operations by segment are as follows.
Home-Life Division(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Revenue

84,95384,187(766)

Profit from operating activities

2,297

2,042

(255)

Net profit attributable to Itochu Enex’s shareholders

2,458

2,710

252

ChangeLP gas business: The number of customers under direct LP gas supply contracts increased byapproximately 8,000 from the end of the previous fiscal year to approximately 565,000 as a result of
acquiring new customers and sales rights in the LP gas business. LP gas sales volume decreased year
on year due to higher average temperatures year on year for the period of high demand and a morefrugal mindset due to soaring prices.
The operating results for the fiscal year ended March 31, 2023 are as follows.

-3-

Revenue was ¥84,187 million (down 0.9% year on year) and profit from operating activities was¥2,042 million (down 11.1% year on year). This was mainly due to a decrease in LP gas sales volume.
Net profit attributable to Itochu Enex’s shareholders was ¥2,710 million (up 10.3% year on year). Thiswas mainly due to an increase in income of equity method affiliates.
Car-Life Division(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

538,410563,647

25,237

Profit from operating activities

8,027

8,950

923

Net profit attributable to Itochu Enex’s shareholders

4,219

4,472

253

Revenue

Change

Car-Life Stations (CS)(*2) business: The number of CS was 1,610, a decrease of 26 compared with theend of the previous fiscal year. Sales volumes of petroleum products increased slightly year on year,with a gradual contraction of the impact of COVID-19.
Automotive business: Our car dealer business subsidiary OSAKA CAR LIFE GROUP CO., LTD.
experienced a decrease in sales volume year on year due to a decrease in production volume because of
semi-conductor shortages, despite favorable orders of new models.
The operating results for the fiscal year ended March 31, 2023 are as follows.
Revenue was ¥563,647 million (up 4.7% year on year). This was mainly due to an increase in selling
prices of various petroleum products resulting from the price of crude oil remaining at a high level forthe first half of the fiscal year.
Profit from operating activities was ¥8,950 million (up 11.5% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥4,472 million (up 6.0% year on year). This was mainly due to a strong
performance in the CS retail business and the contribution of an increase in gross profit per vehicle inthe car dealer business.
(*2) Car-Life Stations: Car-Life Stations are service stations offering multiple services provided by the Company.

-4-Industrial Business Division(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

211,795

244,454

32,659Profit from operating activities

4,642

8,526

3,884

Net profit attributable to Itochu Enex’s shareholders

3,303

5,880

2,577

Revenue

ChangeMarine fuel sales business: Sales volumes increased year on year due to steady sales of fuel oil for
ocean-going vessels.
Corporate fleet fuel card business: Sales volumes increased year on year due to progress in new
customer development.
The operating results for the fiscal year ended March 31, 2023 are as follows.
Revenue was ¥244,454 million (up 15.4% year on year). This was mainly due to an increase in selling
prices of various petroleum products resulting from the price of crude oil remaining at a high level forthe first half of the fiscal year, as well as an increase in sales volumes.
Profit from operating activities was ¥8,526 million (up 83.7% year on year), and net profit attributable
to Itochu Enex’s shareholders was ¥5,880 million (up 78.0% year on year). This was mainly due tofavorable sales in the marine fuel sales business, industrial gas sales business, environmental
businesses, the corporate fleet fuel card business, and other businesses, as well as the distribution
terminal business leveraging the terminal functions, and the overall division effectively grasping
market movements and improving the profitability.
Power & Utility Division(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

101,148

119,730

18,582

Profit from operating activities

6,180

2,162

(4,018)Net profit attributable to Itochu Enex’s shareholders

3,483

1,026

(2,457)

Revenue

ChangeElectricity power retail business: The low-voltage sales volume(*3) increased year on year due to theacquisition of new contracts. However, the high-voltage sales volume declined due to a focus on
profitability management. As a result, total sales volume decreased year on year. The number ofcustomers for electricity retail for the entire Group was 334,000 (up approximately 54,000 year onyear).
Heat supply business(*4): Heat sales volume increased year on year due to an increase in air
conditioning use in conjunction with higher average summer temperatures year on year.
The operating results for the fiscal year ended March 31, 2023 are as follows.
Revenue was ¥119,730 million (up 18.4% year on year). This was mainly due to an increase in selling
prices in response to a rapid rise in wholesale electricity market prices.
Profit from operating activities was ¥2,162 million (down 65.0% year on year). Net profit attributable
to Itochu Enex’s shareholders was ¥1,026 million (down 70.5% year on year). This was mainly due to acontraction in electricity retail margins due to higher procurement prices caused by surging resource
prices, as well as a reactionary decline after valuation gains from making large-scale solar power plants(mega solar power plants) subsidiaries of the Company in the previous fiscal year.

-5-(*3) Sales volume of electricity power retail business includes brokerage volume for both high voltage and low voltage.
(*4) Heat supply business: The heat supply business supplies cold and hot water for air conditioning to multiple officebuildings and other buildings from a heat source plant using pipes.

3)

Forecasts of consolidated financial results for the fiscal year ending March 31, 2024
In the forecast of consolidated financial results for the fiscal year ending March 31, 2024, we project¥1,200,000 million in revenue, up 18.6% year on year, ¥20,900 million in profit from operating
activities, down 2.2% year on year, ¥22,300 million in profit before tax, down 3.2% year on year, and¥13,500 million in net profit attributable to Itochu Enex’s shareholders, down 2.4% year on year.
Basic earnings per share attributable to Itochu Enex’s shareholders are projected at ¥119.62.

-6-

(2) Overview of Financial Position for the Fiscal Year Ended March 31, 2023
1)

Analysis of assets, liabilities, equity and cash flows

Assets, liabilities and equity(Millions of yen)
As of March 31, 2022

As of March 31, 2023

ChangeTotal assets

447,017

433,024(13,993)

Total liabilities

275,819

252,696(23,123)

Total equity

171,198

180,328

9,130

Total assets amounted to ¥433,024 million as of March 31, 2023, a decrease of ¥13,993 million fromMarch 31, 2022. This was mainly due to a decrease in cash and cash equivalents of ¥6,132 million
resulting from redemption of bonds and repayments of borrowings, etc., in addition to a decrease inproperty, plant and equipment of ¥10,572 million. Total liabilities amounted to ¥252,696 million, adecrease of ¥23,123 million from March 31, 2022. This was mainly due to a decrease in short-term bonds
and borrowings of ¥16,065 million and a decrease in trade payables of ¥5,409 million resulting from adecline in purchase price due to drop in crude oil price from the second quarter onward. Total equity
totaled ¥180,328 million, an increase of ¥9,130 million from March 31, 2022, due to factors including an
increase of ¥13,832 million from net profit attributable to Itochu Enex’s shareholders and a decrease of¥7,196 million by payment of cash dividends.
We consequently ended the fiscal year with a ratio of shareholders’ equity to total assets of 35.3%.
Cash flows
The Group again achieved a substantive operating cash flow of more than ¥30,000 million for the fiscal
year, and it maintained an operating structure capable of aggressively promoting investment to expand
peripheral businesses and develop new business areas.
Moreover, with respect to financing capacity for the time being, we have sufficiently secured accountoverdraft facilities and commercial paper issuance facilities, in addition to maintaining ample cash andcash equivalents. As a result, we have maintained healthy levels of debt thus far, which is currently
reflected by our net debt-equity ratio (net DER) of negative 0.12 times.
(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Cash flows from operating activities

39,95534,799(5,156)

Cash flows from investing activities(19,113)(3,190)15,923[Free cash flows][20,842][31,609][10,767]

Cash flows from financing activities(17,625)(37,747)(20,122)3,217(6,138)(9,355)

87

6

(81)

38,14532,013(6,132)

Net increase (decrease) in cash and cash
equivalents
Effect of exchange rate changes on cash and cash
equivalents
Cash and cash equivalents at the end of theperiod-7-

ChangeCash and cash equivalents (net cash) totaled ¥32,013 million as of March 31, 2023, down ¥6,132 million
from March 31, 2022.
Cash flows from operating activities(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

ChangeCash flows from operating activities

39,95534,799(5,156)

Changes in working capital and others

6,109(2,457)(8,566)

Substantive operating cash flow(*5)

33,84637,256

3,410(*5) Cash flows from operating activities minus working capital and others (decrease (increase) in trade receivables,
decrease (increase) in inventories, increase (decrease) in trade payables, other – net).

Operating activities provided net cash of ¥34,799 million. Major items included profit before tax of¥23,036 million, depreciation and amortization of ¥21,873 million, payments associated with changes inworking capital and others of ¥2,457 million, and income taxes paid of ¥6,519 million. Cash flows fromoperating activities decreased by ¥5,156 million year on year. However, substantive operating cash flow
increased ¥3,410 million year on year.
Cash flows from investing activities
The Group has always made investments with an awareness of capital efficiency based on our investment
strategy.
Investing activities used net cash of ¥3,190 million. This was mainly due to payments for purchase ofproperty, plant and equipment and investment property of ¥12,190 million, proceeds from sales ofproperty, plant and equipment and investment property of ¥10,777 million and purchase of intangible
assets of ¥2,799 million. Cash flows from investing activities increased by ¥15,923 million year on year.
Cash flows from financing activities
The Group aims to streamline Group-wide financing activities to enhance our corporate value, and isstrengthening financial management through the Group Financial System(*6).
Financial activities used net cash of ¥37,747 million. This was mainly due to repayments of bonds andborrowings of ¥18,796 million, repayments of lease liabilities of ¥11,346 million, and cash dividends paid
to Itochu Enex’s shareholders of ¥5,536 million. Cash flows from financing activities decreased by¥20,122 million year on year.
(*6) The Group Financial System streamlines fund management and procurement costs by sharing funds within the Group.

-8-

2)

Cash flow indicators
Fiscal year ended March 31,
Ratio of shareholders’ equity to total assets (%)
Ratio of shareholders’ equity to total assets at market
value (%)
Ratio of cash flow to interest-bearing debt (years)
Interest-coverage ratio (times)

2021
33.4

2022
32.3

2023
35.3

30.2

25.9

29.4

0.4
37.6

0.8
40.2

0.4
38.8

Ratio of shareholders’ equity to total assets: Total shareholders’ equity / Total assets
Ratio of shareholders’ equity to total assets at market value: Market capitalization / Total assets
Ratio of cash flow to interest-bearing debt: Interest-bearing debt / Cash flow
Interest-coverage ratio: Cash flow / Interest expense(Note 1.) All of the above ratios were calculated using consolidated financial statement data.
(Note 2.) Market capitalization was calculated by multiplying the fiscal-year-end closing share price by
the number of shares outstanding at fiscal year-end (net of treasury stock).
(Note 3.) “Cash flow” is “Cash provided by (used in) operating activities” on the Consolidated Statementof Cash Flows.
(Note 4.) Interest-bearing debt is all debt, of the debt carried on the Consolidated Statement of Financial
Position, on which interest is payable.
(3) Profit Distribution Policy and Dividends for the Fiscal Years Ended March 31, 2023 and Ending
March 31, 2024
While maintaining sustained business growth, we place a strong emphasis on maintaining a consolidated
dividend payout ratio of at least 40% as shareholder returns in accordance with our policy of paying stabledividends on an ongoing basis while maintaining sustained business growth, and we are implementing
progressive dividends during the term of the medium-term business plan (two years of FY2023-FY2024).
Progressive dividends refers to our policy of not decreasing dividend payment by setting a minimum of¥50 annual dividends per share and either maintaining or increasing that amount for the annual dividends
per share for the next fiscal year.
For the fiscal year ended March 31, 2023, we plan to pay a year-end dividend of ¥26 per share. For the
fiscal year ending March 31, 2024, we plan to pay annual dividends of ¥52 per share (including an interim
dividend of ¥26 per share).
With respect to internally retained funds, our basic policy is to use such funds to invest in our business tostrengthen our operating foundation and further increase earnings.

-9-

2.

Changes in major affiliates and subsidiaries
Car-Life Division
In April 2022, there was an absorption-type merger of KOKURA ENTERPRISE ENERGY CO., LTD.
and ENEX PETROLEUM SALES NISHI-NIHON CO., LTD., which were subsidiaries of the Company,
by ENEX FLEET CO., LTD., also a subsidiary of the Company.
Power & Utility Division
The Company established Saiene Dengen Kaihatsu CO., LTD. in August 2022, and made it a new
subsidiary.

3.

Basic Concepts Underlying Selection of Accounting Standards
The Itochu Enex Group has adopted IFRS (International Financial Reporting Standards) from the fiscal
year ended March 31, 2014, in order to improve international comparability and the convenience offinancial information in capital markets.

- 10 -

4.

Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated Statement of Financial Position
As ofMarch 31, 2022
ASSETS
Current assets
Cash and cash equivalents
Trade receivables
Other current financial assets
Inventories
Income taxes receivable
Trade advances paid
Other current assets
Total current assets
Non-current assets
Investments accounted for by the equity method
Other investments
Non-current financial assets other than investments
Property, plant and equipment
Investment property
Goodwill
Intangible assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets- 11 -(Millions of yen)
As ofMarch 31, 2023

38,145
118,911
14,95722,161
118
150
2,704

32,013
115,920
14,251
26,176
100
907
1,774

197,146

191,141

28,042
3,396
13,883
160,492
12,979521
19,2328,412
2,914

31,762
3,442
11,508
149,920
12,732521
20,2379,354
2,407

249,871

241,883

447,017

433,024

As ofMarch 31, 2022
LIABILITIES AND EQUITYCurrent liabilities
Short-term bonds and borrowings
Trade payables
Lease liabilities
Other current financial liabilities
Income taxes payable
Advances from customers
Other current liabilities(Millions of yen)
As ofMarch 31, 2023

23,091
120,227
9,468
7,527
3,054
10,78011,1907,026
114,818
10,415
5,134
4,748
11,031
12,951

185,337

166,123

9,838
48,16014,691
10,480
1,038
6,006
269

7,101
47,263
15,454
10,344
759
5,515
137

Total non-current liabilities

90,482

86,573

Total liabilities

Total current liabilities
Non-current liabilities
Non-current bonds and borrowings
Lease liabilities
Other non-current financial liabilities
Non-current liabilities for employee benefits
Deferred tax liabilities
Provisions
Other non-current liabilities

275,819

252,696

EquityCommon stock
Capital surplus
Retained earnings
Other components of equity
Treasury stock

19,87818,990107,617(315)(1,871)

19,87819,014
115,899
66(1,896)

Total shareholders’ equity

144,297

152,961

26,901

27,367

171,198

180,328447,017

433,024

Non-controlling interests
Total equity
Total liabilities and equity- 12 -

(2) Consolidated Statement of Comprehensive Income
Fiscal year ended
March 31, 2022

(Millions of yen)
Fiscal year ended
March 31, 2023

Revenue
Cost of sales

936,306(852,715)

1,012,018(922,462)

Gross profit

83,59189,556

Other income and expense
Selling, general and administrative expenses
Loss from tangible assets, intangible assets and goodwill
Other – net(68,065)
(615)
6,018

(68,889)
(594)
1,295

(62,662)(68,188)

20,92921,368Financial income and costs
Interest income
Dividends received
Interest expense
Other financial income and costs – net

31
119
(994)
(253)

50
76
(897)
41

Total financial income and costs(1,097)(730)

Total other income and expense
Profit from operating activities

Share of profit of investments accounted for by the equity method
Profit before tax
Income tax expense
Net profit
Net profit attributable to:
Net profit attributable to Itochu Enex’s shareholders
Net profit attributable to non-controlling interests
Total- 13 -

2,409

2,398

22,241

23,036(6,675)(7,055)

15,566

15,981

13,194
2,372

13,832
2,149

15,566

15,981Fiscal year ended
March 31, 2022
Other comprehensive income, net of tax effectItems that will not be reclassified to profit or loss
FVTOCI financial assets
Remeasurement of net defined benefit liability
Other comprehensive income of investments accounted for by theequity method
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations
Cash flow hedges
Other comprehensive income of investments accounted for by theequity method(Millions of yen)
Fiscal year ended
March 31, 2023

53
40

(48)
(25)

59

37

16
229

15
(200)

229

566

626

345

Comprehensive income

16,192

16,326Comprehensive income attributable to:Comprehensive income attributable to Itochu Enex’s shareholders
Comprehensive income attributable to non-controlling interests

13,8102,382

14,2002,126

16,192

16,326

Total other comprehensive income, net of tax effect

Total

(Yen)
Earnings per share attributable to Itochu Enex’s shareholders
Basic
Diluted- 14 -

116.89–122.54–

(3) Consolidated Statement of Changes in Equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders’ equity
Commonstock
Balance at April 1, 2021

19,878

Capitalsurplus18,974

Net profit

Noncontrollinginterests

Total equity

136,233

25,165

161,399

13,194

2,372

15,566

616

616

10

626

616

13,8102,382

16,192(5,762)(646)(6,408)

(23)

–

(23)

Retainedearnings

Other
components ofequityTreasury
stock

Total
shareholders’ equity

99,829(576)(1,871)

13,194

Other comprehensive
incomeComprehensive income

13,194

Transactions with owners
Cash dividends(5,762)

Changes due to additional
acquisitions and sales ofinterests in subsidiaries
Transfer from othercomponents of equity toretained earnings
Purchase and disposal oftreasury stock

(23)

356

(1)

Share-based payments
Balance at March 31, 2022

(356)

39
19,87818,990107,617

(315)

–

–

(1)

(1)

–

39

(1,871)

144,297

39
26,901

171,198

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Commonstock
Balance at April 1, 2022

19,878

Capitalsurplus18,990Net profit

Noncontrollinginterests

Total equity

144,297

26,901

171,198

13,832

2,149

15,981

368

368

(23)

345

368

14,2002,126

16,326(5,536)(1,660)(7,196)

Retainedearnings

Other
components ofequityTreasury
stock

Total
shareholders’ equity

107,617(315)(1,871)

13,832Other comprehensive
income13,832Comprehensive income
Transactions with owners
Cash dividends(5,536)

Transfer from othercomponents of equity toretained earnings
Purchase and disposal oftreasury stock

(14)

(42)

Share-based payments
Balance at March 31, 2023

1424
19,87819,014

115,899- 15 -

66

–

–

(42)

(42)

17

41

(1,896)

152,961

41
27,367

180,328

(4) Consolidated Statement of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before tax
Depreciation and amortization
Loss from tangible assets, intangible assets and goodwill
Gain from remeasurements relating to the acquisition ofsubsidiaries
Financial income and costs
Share of profit of investments accounted for by the equity method
Increase in trade receivables
Decrease (increase) in inventories
Increase in trade payables
Other – net
Dividends received
Interest received
Interest expense
Income taxes paid
Income taxes refund
Net cash flows provided by operating activities
Cash flows from investing activities
Purchase of investments (including investments accounted for by
the equity method)
Proceeds from sales and redemption of investments (including
investments accounted for by the equity method)
Acquisition of subsidiaries, net of cash acquired
Proceeds from sales of subsidiaries, net of cash acquired
Payment for loans receivableCollection of loans receivable
Payments for purchase of property, plant and equipment andinvestment property
Proceeds from sales of property, plant and equipment andinvestment property
Purchase of intangible assets
Proceeds from sales of intangible assets
Other – net
Net cash flows used in investing activities- 16 -

Fiscal year ended
March 31, 2023

22,241
20,780615

23,036
21,873594(4,211)–

1,097(2,409)(19,145)
3,318
17,119
4,817
695
31
(886)
(7,162)
3,055

730(2,398)2,991(4,015)(5,409)
3,976
678
50
(906)
(6,519)118

39,95534,799(1,023)(1,750)

2,550

523

(8,397)
825
(749)
815

–
–
(817)
944

(10,999)(12,190)

1,089

10,777(1,811)29(1,442)(2,799)19
2,103(19,113)(3,190)(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Cash flows from financing activities
Proceeds from bonds and borrowings
Repayments of bonds and borrowings
Repayments of lease liabilities
Net increase in short-term borrowings
Cash dividends paid to Itochu Enex’s shareholders
Cash dividends paid to non-controlling interests
Purchase of treasury stock

1,050(1,896)(11,359)
989(5,762)
(646)
(1)

1,050
(18,796)(11,346)(1,417)(5,536)(1,660)(42)

Net cash flows used in financing activities(17,625)(37,747)

Net increase (decrease) in cash and cash equivalents

3,217(6,138)Cash and cash equivalents at the beginning of the period

34,841

38,145

Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period- 17 -

876

38,14532,013

(5) Notes to Consolidated Financial Statements
Notes on Uncertainties of Entity’s Ability to Continue as Going Concern
No items to report.
Segment Informationi) Outline of Reportable Segments
The reportable segments of the Group are components of the Group whose separate financial
information is available. These segments are periodically evaluated by the Board of Directors indeciding how to allocate management resources and in assessing performance.
The Group is organized into business divisions, consolidating related businesses. Each businessdivision plans strategies for each category of target customers and markets and develops businessactivities. The Group has four reportable segments that correspond to the business divisions, namely
the “Home-Life Division,” “Car-Life Division,” “Industrial Business Division,” and “Power & Utility
Division.”
The Home-Life Division engages in sales and services involving LP gas, kerosene, town gas,
electricity, household equipment, smart energy equipment, remodeling, and residential lithium-ion
electricity storage systems.
The Car-Life Division engages in sales and services involving gasoline, kerosene, diesel oil, electricity,
automobiles, lifestyle and automotive products.
The Industrial Business Division engages in sales and services involving gasoline, kerosene, diesel oil,fuel oil, LP gas, industrial gas, high-grade urea solution “AdBlue®,” GTL fuel, renewable fuel,corporate fleet refueling cards, asphalt, marine fuel, pressure resistance inspection for gas containers,
and welding materials, as well as recycling of incinerated ash, recovery and recycling of slop, import/
export of petroleum products and terminal tank rental.
The Power & Utility Division is engaged in the sale of electricity (hydropower, photovoltaic power,
coal-fired, natural gas-fired) and steam, as well as in providing district heating services, comprehensive
energy services, electricity/heat supply services, electric power supply/demand management services,
asset management business, and car rental business.
The Company reviewed the management classification in conjunction with an absorption-type mergerof KOKURA ENTERPRISE ENERGY CO., LTD. and ENEX PETROLEUM SALES NISHI-NIHON
CO., LTD., which were subsidiaries of the Company, by ENEX FLEET CO., LTD., also a subsidiary of
the Company in the first quarter of the current fiscal year. The Company also transferred managementof ITOCHU INDUSTRIAL GAS Co., Ltd., which is a subsidiary of the Company, to the Industrial
Business Division in the third quarter of the current fiscal year. In conjunction with these changes, theGroup changed the method to include the business of KOKURA ENTERPRISE ENERGY CO., LTD.,
which was previously included in the Industrial Business Division, in the Car-Life Division, and toinclude the business of ITOCHU INDUSTRIAL GAS Co., Ltd., which was previously included in the
Home-Life Division, in the Industrial Business Division.
Due to the change in segments, segment information for the previous fiscal year has been adjusted
based on the classification of reportable segments after the change.

- 18 -

ii) Information on Reportable Segments
Fiscal year ended March 31, 2022
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

84,953

538,410

211,795

101,148936,306–

936,306

Intersegment revenue

529

14,384

12,251

5,055

32,219(32,219)–

Total revenue

Adjustment

Consolidated

Revenue

85,482552,794

224,046

106,203

968,525(32,219)

936,306

Gross profit

19,60847,743

9,166

7,074

83,591–

83,591

Selling, general andadministrative expenses(17,301)(39,737)(5,667)(5,125)(67,830)(235)(68,065)

Loss from tangible assets,intangible assets andgoodwill

(148)

(237)

27

(255)

(613)

(2)

(615)

Other – net

138

258

1,116

4,486

5,998

20

6,018

2,297

8,027

4,642

6,180

21,146(217)

20,929Financial income and costs

5

(440)

22

(535)

(948)

(149)

(1,097)

Share of profit ofinvestments accounted forby the equity method

1,986

76

39

308

2,409

–

2,409

Profit before tax

4,288

7,663

4,703

5,953

22,607(366)

22,241

Net profit attributable to
Itochu Enex’s shareholders

2,458

4,219

3,303

3,483

13,463(269)

13,194(3,572)(7,601)(2,390)(5,725)(19,288)(1,492)(20,780)

(480)

(115)

(46)

(123)

(764)

–

(764)

Total assets

69,776

158,145

70,182

117,272

415,375

31,642447,017

Investments accounted
for by the equity method

20,682

759

725

5,876

28,042–

28,042

Capital expenditures

3,286

3,389

842

5,057

12,574236

12,810

Increase in right-of-use
assets

808

1,433

2,113

614

4,968

84

5,052

Profit from operating
activities

Other items
Depreciation andamortization
Impairment loss

(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of negative ¥269 million to net profit attributable to Itochu Enex’s shareholders represents corporate
profit (loss) not allocated to reportable segments.
The adjustment of ¥31,642 million to total assets represents corporate assets not allocated to reportable segments.

- 19 -

Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

84,187563,647

244,454

119,730

1,012,018–

1,012,018

Intersegment revenue

420

14,103

16,0404,338

34,901(34,901)–

Total revenue

84,607577,750

260,494

124,068

1,046,919(34,901)

1,012,018

Gross profit

18,11749,095

15,256

7,088

89,556–89,556

Selling, general andadministrative expenses(16,208)(40,176)(6,190)(6,021)(68,595)(294)(68,889)

Loss from tangible assets,intangible assets andgoodwill

(87)

(399)

(48)

(22)

(556)

(38)

(594)

Other – net

220

430

(492)

1,117

1,275

20

1,295

2,042

8,950

8,526

2,162

21,680(312)

21,368Financial income and costs

2

(442)

(96)

(174)

(710)

(20)

(730)

Share of profit ofinvestments accounted forby the equity method

2,114

(81)

68

297

2,398

–

2,398

Profit before tax

4,158

8,427

8,498

2,285

23,368(332)

23,036

Net profit attributable to
Itochu Enex’s shareholders

2,710

4,472

5,880

1,026

14,088(256)

13,832(3,513)(7,566)(2,301)(6,946)(20,326)(1,547)(21,873)

(70)

(335)

(10)

(722)

(1,137)–(1,137)

Total assets

69,824

161,446

59,429114,113404,81228,212433,024

Investments accounted
for by the equity method

23,657

1,114

806

6,185

31,762–

31,762

Capital expenditures

2,593

2,339

1,265

6,473

12,6702,319

14,989

Increase in right-of-use
assets

974

7,826

1,407

1,543

11,750676

12,426

Adjustment

Consolidated

Revenue

Profit from operating
activities

Other items
Depreciation andamortization
Impairment loss

(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of negative ¥256 million to net profit attributable to Itochu Enex’s shareholders represents corporate
profit (loss) not allocated to reportable segments.
The adjustment of ¥28,212 million to total assets represents corporate assets not allocated to reportable segments.

- 20 -

iii) Products and Services Information
This information is omitted because the classification of products and services is the same as theclassification of reportable segments.
iv) Geographic Information
This information is omitted because revenue from external customers in Japan accounts for a large
percentage of the revenue recorded in the consolidated statement of comprehensive income for the
fiscal years ended March 31, 2022 and 2023.
v) Major Customers Information
This information is omitted because there is no major external customer from which revenue accounts
for 10% or more of the revenue recorded in the consolidated statement of comprehensive income forthe fiscal years ended March 31, 2022 and 2023.
Earnings per Share
Basic earnings per share for the fiscal years ended March 31, 2022 and 2023, were calculated asfollows:
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Net profit attributable to Itochu Enex’s shareholders(Millions of yen)

13,194

13,832

Weighted-average number of ordinary shares outstanding(Thousands of shares)

112,880

112,874

Basic earnings per share attributable to Itochu Enex’s shareholders(Yen)

116.89122.54(Note)

Diluted earnings per share attributable to Itochu Enex’s shareholders are not presented because there were no
dilutive potential shares.

Significant Events after the Reporting Period
No items to report.

- 21 -