This document is an English translation of quarterly financial results report released on October 29, 2021 and written
initially in Japanese.
The Japanese original should be considered as the primary version.

October 29, 2021

Consolidated Financial Results for the First Six Months of
the Fiscal Year Ending March 31, 2022
<under IFRSs>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Itochu Enex Co., Ltd.
Tokyo Stock Exchange, 1st Section
8133
https://www.itcenex.com/english/
Kenji Okada, Representative Director, President and CEO
Shinichiro Inoue, Executive Officer, Assistant to Chief Financial Officer and General
Manager, Finance & General Accounting Department
Tel: +81-3-4233-8008

Scheduled date to file quarterly securities report: November 12, 2021
Scheduled date to commence dividend payments: December 6, 2021
Preparation of supplementary results briefing material on quarterly financial results: Yes
Holding of quarterly financial results presentation meeting: Yes (for institutional investors and analysts)(Millions of yen with fractional amounts rounded, unless otherwise noted)

1. Consolidated financial results for the first six months of the fiscal year ending March 31, 2022
(from April 1, 2021 to September 30, 2021)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit fromoperatingactivities

RevenueSix months ended
September 30, 2021
September 30, 2020

Millionsof yen%Millionsof yen%Millionsof yen%Net profit

Millionsof yen%Comprehensive
incomeMillionsof yen%Millionsof yen%398,130

24.6

9,139

(10.1)

9,822

(6.2)

6,882

(5.5)

5,527

(11.3)

6,698(11.3)

319,536(27.2)

10,163

6.7

10,472

8.2

7,283

12.6

6,234

20.2

7,547

20.0

Basic earnings per
share attributable
to Itochu Enex’s
shareholders
Six months ended
September 30, 2021
September 30, 2020

Profit before tax

Net profit
attributable to
Itochu Enex’s
shareholders

Yen

48.96
55.22

Diluted earnings
per share
attributable to
Itochu Enex’s
shareholders
Yen

–
–

(2) Consolidated financial position
Total assets

As of
September 30, 2021
March 31, 2021

Total shareholders’equityTotal equity

Millions of yen

Millions of yen

391,169
408,327

Ratio of shareholders’equity to total assets

Millions of yen

164,265
161,399%

138,390
136,23335.4
33.4

2. Cash dividends
Annual cash dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

–

22.00

–

28.00

50.00

–

23.00
–

23.00

46.00

Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
Fiscal year ending
March 31, 2022
(Forecast)Fiscal year-end

Total

Note: Revisions to the forecasts of cash dividends most recently announced: None
Breakdown of year-end dividend for the fiscal year ended March 31, 2021: Ordinary dividend of ¥22.00, andanniversary commemorative dividend of ¥6.00

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2022
(from April 1, 2021 to March 31, 2022)

Profit from operating
activities

Revenue

Millions of yen

Fiscal year ending
March 31, 2022

800,000(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% Millions of yen% Millions of yen

%

8.2

6.0

5.8

2.7

20,50021,200Note: Revisions to the consolidated earnings forecasts most recently announced: None

12,500Yen

110.74

* 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 September 30, 2021

116,881,106 shares

As of March 31, 2021

116,881,106 sharesb. Number of treasury stock at end of period
As of September 30, 2021

4,000,599 shares

As of March 31, 2021

4,000,323 sharesc. Average number of outstanding shares during period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2021

112,880,640 shares

For the six months ended September 30, 2020

112,880,657 shares* Quarterly financial results reports are exempt from quarterly review 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.

Contents of Attached Materials
1. Qualitative Information Regarding Results for the First Six Months.................................................... 2(1) Explanation of Operating Results ....................................................................................................... 2(2) Explanation of Financial Position ....................................................................................................... 7
2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto .................. 9(1) Condensed Quarterly Consolidated Statement of Financial Position .............................................. 9(2) Condensed Quarterly Consolidated Statement of Comprehensive Income .................................. 11(3) Condensed Quarterly Consolidated Statement of Changes in Equity ........................................... 13(4) Condensed Quarterly Consolidated Statement of Cash Flows ....................................................... 14(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern .................................... 16(6) Segment Information .......................................................................................................................... 16

-1-

1.

Qualitative Information Regarding Results for the First Six Months(1) Explanation of Operating Results
1)

Results of operations
During the first six months ended September 30, 2021 (April 1, 2021 to September 30, 2021), theJapanese economy continued to face a situation of stagnation in economic activities, as in the first six
months of the previous fiscal year, due to a decline in consumer spending caused by voluntary stay-athome directives due to the spread of the novel coronavirus disease (COVID-19) and requests by local
authorities to refrain from business activities. There has been little movement towards recovery of
economic activity, and the future outlook remains extremely uncertain due to factors such as anotherincrease in the number of people infected with COVID-19.
In response, the Group has established the “emergency headquarters for tackling the coronavirus
pandemic,” headed by the President, to carry out appropriate company-wide management by deciding
on and executing company-wide policies and necessary measures, and by continuously collecting andspreading information internally and externally. In addition, with “employee safety” and “infection
prevention” as the Company’s top priorities, we are working to reduce the risk of infection throughtelecommuting, working at staggered hours and thorough disinfection of business sites, as well as toincrease operational efficiency by improving the communication network environment necessary forthe execution of business.
In terms of business, we are promoting our business in accordance with our two-year medium-termbusiness plan “SHIFT! 2022” which was newly 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 (FY2021):
Target Consolidated Results for FY2021(1) Net profit attributable to Itochu Enex’s shareholders: ¥12.5 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 six months ended September 30, 2021 are as follows.
(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

Revenue319,536

398,130

78,594

Profit from operating activities

10,1639,139(1,024)

Net profit attributable to Itochu Enex’s shareholders

6,234

5,527

(707)

ChangeRevenue was ¥398,130 million (up 24.6% year on year). This was mainly due to an increase in selling
prices of domestic petroleum products resulting from higher crude oil prices.
Profit from operating activities was ¥9,139 million (down 10.1% year on year). Net profit attributable
to Itochu Enex’s shareholders was ¥5,527 million (down 11.3% year on year). This was mainly due tothe fact that the impact of the COVID-19 has been reduced compared to the same period of theprevious year and sales volume is on a recovery track, while there was a reaction to the temporary
revenue from operations that captured crude oil price fluctuations in the same period of the previous
year.
2)

Results of operations by segment
Results of operations by segment are as follows.
Home-Life Division(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

30,21034,686

4,476

Profit from operating activities

39

386

347

Net profit attributable to Itochu Enex’s shareholders

15

556

541

Revenue

ChangeIn LP gas business of the Home-Life Division during the six months ended September 30, 2021, thenumber of customers under direct LP gas supply contracts increased by approximately 1,000 from theend of the previous fiscal year to approximately 553,000 as a result of activities to acquire newcustomers and sales rights in the LP gas business. Although demand for commercial and industrial use,which was affected by COVID-19 in the previous fiscal year, is on a recovery trend, overall LP gas
sales volume remained at the same level year on year due to a decrease in wholesale and automotive
gas sales.

-3-Regarding sales of electricity for households, the division promoted the expansion of the customer baseby focusing mainly on selling LP gas as a set. As a result, the number of supply contracts was a total of
approximately 114,000 (an increase of approximately 5,000 from the end of the previous fiscal year).
In the industrial gas sales business, although sales volume of nitrogen gas decreased year on year due toa rebound from the special demand in the first six months of the previous fiscal year, sales volume ofother gas types increased year on year due to a recovery in the utilization rates of the customer plants towhich we are supplying other industrial gas.
As a result of these activities, the operating results for the six months ended September 30, 2021 are as
follows.
Revenue was ¥34,686 million (up 14.8% year on year). This was mainly due to an increase in selling
prices resulting from higher LP gas import prices.
Profit from operating activities was ¥386 million (up 889.7% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥556 million (net profit attributable to Itochu Enex’s shareholders forthe same period of the previous fiscal year was ¥15 million). This was mainly due to a recovery inindustrial gas-related and overseas businesses in line with the resumption of economic activity and theimpact of inventory valuation factors associated with higher LP gas import prices.
Car-Life Division(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

183,465

236,236

52,771

Profit from operating activities

3,377

3,143

(234)

Net profit attributable to Itochu Enex’s shareholders

1,904

1,566

(338)

Revenue

ChangeLooking at the Car-Life Division during the six months ended September 30, 2021, in the Car-Life
Stations (CS)*2 business, the number of the CS was 1,672, a decrease of 15 from the end of theprevious fiscal year. Sales volumes of petroleum products were slightly higher year on year, as sales
volume of gasoline and diesel fuel picked up slightly, in line with the resumption of economic
activities, compared to the same period of the previous year, which saw a significant decline, despite
the impact of the spread of COVID-19 and poor weather conditions in the summer.
In the automotive business, our car dealer business subsidiary OSAKA CAR LIFE GROUP CO., LTD.
achieved an increase in sales volume year on year due to the recovery of sales of new models and othervehicles, despite the impact of the spread of COVID-19.
As a result of these activities, the operating results for the six months ended September 30, 2021 are as
follows.
Revenue was ¥236,236 million (up 28.8% year on year). This was mainly due to an increase in sales
prices of domestic petroleum products linked to crude oil prices and an increase in sales volume.
Profit from operating activities was ¥3,143 million (down 6.9% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥1,566 million (down 17.8% year on year). This was mainly due to acontraction in retail margins in the CS business, while there was a recovery in the automobile 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)Six months ended
September 30, 2020

Six months ended
September 30, 2021

Revenue

68,50090,37821,878

Profit from operating activities

2,800

2,158

(642)

Net profit attributable to Itochu Enex’s shareholders

2,268

1,505

(763)

ChangeLooking at the Industrial Business Division, during the six months ended September 30, 2021, theasphalt sales business conducted its sales activities with an awareness of profitability, despite adecrease in sales volume. In the marine fuel sales business, although sales volume for domestic vessels
increased year on year as a result of expanding supply for new routes from existing customers, sales
volume for ocean-going vessels decreased, resulting in a year-on-year decline in volume. In thecorporate fleet fuel card business, sales volume increased year on year as a result of continuous efforts
to acquire new customers. In the AdBlue®*3 sales business, which is being pursued as a business to
reduce environmental impact, we have established a new AdBlue® manufacturing plant in Saitama
Prefecture and have started shipments, and are building a system to expand sales by improving the
supply system to meet increasing demand. As for the GTL fuel*4 sales business, sales volume has been
increasing steadily, as the supply area has been expanded and the product has been adopted atconstruction sites in Japan.
As a result of these activities, the operating results for the six months ended September 30, 2021 are as
follows.
Revenue was ¥90,378 million (up 31.9% year on year). This was mainly due to the increase in unit
sales prices of industrial petroleum products resulting from higher crude oil prices.
Profit from operating activities was ¥2,158 million (down 22.9% year on year). Net profit attributable
to Itochu Enex’s shareholders was ¥1,505 million (down 33.6% year on year). This is mainly due to thefact that, while the asphalt business increased its profit, it was largely affected by the reaction to thetemporary revenue from operations capturing crude oil price fluctuations in the first six months of theprevious fiscal year.
(*3) AdBlue® is a world-standard High-Grade Aqueous Urea used in the decomposition and detoxification of diesel
exhaust. (AdBlue® is a registered trademark of Verband der Automobilindustrie e.V.(VDA).)(*4) Abbreviation for gas to liquids, a clean diesel replacement fuel made from natural gas with low environmental
impact.

Power & Utility Division(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

Revenue

37,361

36,830(531)

Profit from operating activities

3,424

3,101

(323)

Net profit attributable to Itochu Enex’s shareholders

1,763

1,738

(25)

ChangeIn the electric power business of the Power & Utility Division, during the six months ended September
30, 2021, high-voltage power sales volumes*5 increased year on year due to landing a large-scale
project. Low-voltage sales volume increased year on year due to an increase in the number of contracts,
particularly for households, and retail electricity sales volumes increased year on year overall.
In the heat supply business*6, demand for heat decreased year on year due to the significantly lower
average temperature this summer compared to the previous year.

-5-As a result of these activities, the operating results for the six months ended September 30, 2021 are as
follows.
Revenue was ¥36,830 million (down 1.4% year on year). This was mainly due to the impact ofaccounting treatment associated with the change in contract type with Kyushu Electric Power in theelectric power business.
Profit from operating activities was ¥3,101 million (down 9.4% year on year). This was mainly due to adecrease in heat demand this summer and lower capacity utilization due to periodic inspections at
power plants. Net profit attributable to Itochu Enex’s shareholders was ¥1,738 million (down 1.4%
year on year). This was mainly due to a decrease in profit from operating activities, despite an increase
in income from equity-method affiliates and other factors.
(*5) Electricity sales volume includes brokerage volume for both high voltage and low voltage.
(*6) 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.

-6-

(2) Explanation of Financial Position
Assets, liabilities and equity(Millions of yen)
As of March 31, 2021

As of September 30,
2021

Total assets

408,327

391,169(17,158)

Total liabilities

246,928

226,904(20,024)

Total equity

161,399

164,265

2,866

ChangeTotal assets amounted to ¥391,169 million as of September 30, 2021, a decrease of ¥17,158 million fromMarch 31, 2021. This was mainly due to a decrease in trade receivables of ¥11,569 million resulting froma decrease in sales volume due to seasonal items. Total liabilities amounted to ¥226,904 million, adecrease of ¥20,024 million from March 31, 2021. This was mainly due to a decrease in trade payables of¥11,158 million resulting from a decrease in purchase volume due to seasonal items. Total equity totaled¥164,265 million, an increase of ¥2,866 million from March 31, 2021, due to factors including an increaseof ¥5,527 million from net profit attributable to Itochu Enex’s shareholders and a decrease of ¥3,810
million by payment of cash dividends.
Cash flows
While taking COVID-19 into consideration, the Group will use the cash flow generated from its corebusinesses to expand peripheral businesses, develop new business areas, and aggressively promote
investment in environment-related businesses.
With respect to financing capacity for the time being, we have sufficiently secured account overdraft
facilities and commercial paper issuance facilities, in addition to maintaining ample cash and cash
equivalents. Moreover, we are essentially free of debt amid a situation where we have maintained healthy
levels of debt thus far, which is currently reflected by our net debt-equity ratio (net DER) of negative 0.17
times.
(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

Cash flows from operating activities

22,104

18,113(3,991)

Cash flows from investing activities

5,850(2,641)(8,491)[Free cash flows][27,954][15,472][(12,482)]

Cash flows from financing activities(10,368)(9,506)862

Net increase (decrease) in cash and cash
equivalents

17,585

5,966(11,619)

(20)

(4)

16

36,80940,8033,994

Effect of exchange rate changes on cash and cash
equivalents
Cash and cash equivalents at the end of theperiodChangeCash and cash equivalents (net cash) totaled ¥40,803 million as of September 30, 2021, up ¥5,962 million
from March 31, 2021.

-7-

Cash flows from operating activities(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

Cash flows from operating activities

22,104

18,113(3,991)

Changes in working capital and others

5,084

(136)

(5,220)Real operating cash flow

17,02018,2491,229

ChangeOperating activities provided net cash of ¥18,113 million. Major items included profit before tax of¥9,822 million, depreciation and amortization of ¥10,102 million, and income taxes paid of ¥4,363
million. Net cash provided decreased by ¥3,991 million year on year due to an increase or a decrease inreceivables and payables caused by rising oil prices and other factors. Moreover, real operating cash flow
increased ¥1,229 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.
In the two years of the “SHIFT! 2022” medium-term business plan, we plan to invest a total of ¥60.0
billion, ¥30.0 billion to maintain and strengthen the important revenue base that generates cash, and ¥30.0
billion to invest in growth, such as renewable energy, environment-friendly business, and overseas
business.
Investing activities used net cash of ¥2,641 million. The main factors were as follows: cash used included
the purchase of property, plant and equipment and investment property of ¥5,114 million, purchase ofintangible assets of ¥1,009 million, while cash was provided by proceeds from sales and redemption of
investments of ¥1,649 million, proceeds from sales of subsidiaries of ¥825 million, proceeds from sales ofproperty, plant and equipment and investment property of ¥456 million, and other of ¥743 million. Net
cash used increased ¥8,491 million year on year.
Cash flows from financing activities
The Group aims to streamline Group-wide financing activities to enhance our corporate value. Enhancing
Group-wide financial management through the introduction of our Group Financial System* resulted in¥9,506 million in funds used for financing activities. This was mainly due to repayments of leaseliabilities of ¥5,591 million, dividends paid to Itochu Enex’s shareholders of ¥3,164 million, anddividends paid to non-controlling interests of ¥646 million. Net cash used decreased ¥862 million year on
year.
*The Group Financial System streamlines fund management and procurement costs by sharing funds within the Group.

-8-

2.

Condensed Quarterly Consolidated Financial Statements and Significant Notes
Thereto(1) Condensed Quarterly Consolidated Statement of Financial Position
As ofMarch 31, 2021
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-9-(Millions of yen)
As of
September 30, 2021

34,841
99,764
17,90025,495
3,055
100
2,710

40,80388,195
14,23525,357
636
146
1,758

183,865

171,130

29,437
4,246
10,330136,291
12,797521
19,6889,728
1,424

28,751
4,035
9,676
133,551
12,826521
19,671
9,045
1,963

224,462220,039

408,327

391,169As ofMarch 31, 2021
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 of
September 30, 2021

3,041
102,768
10,2855,614
3,874
11,006
14,353

13,17391,610
9,776
4,979
2,596
9,956
10,244150,941

142,334

14,41850,49914,425
9,925
1,001
5,465
254

4,241
48,411
14,465
10,763
1,128
5,302
260

Total non-current liabilities

95,987

84,570Total 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

246,928

226,904

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

19,87818,974
99,829(576)(1,871)

19,87818,951
102,231(799)(1,871)

Total shareholders’ equity

136,233

138,390

25,16525,875

161,399

164,265

408,327

391,169

Non-controlling interests
Total equity
Total liabilities and equity- 10 -

(2) Condensed Quarterly Consolidated Statement of Comprehensive Income
Six months ended
September 30, 2020

(Millions of yen)Six months ended
September 30, 2021

Revenue
Cost of sales

319,536(277,415)

398,130(356,470)

Gross profit

42,121

41,660

Other income and expense
Selling, general and administrative expenses
Loss from tangible assets, intangible assets and goodwill
Other – net(31,947)(83)
72(32,842)(99)
420(31,958)(32,521)

10,163

9,139

Financial income and costs
Interest income
Dividends received
Interest expense
Other financial income and costs – net

25
465
(549)
(76)

16
86
(465)
(3)

Total financial income and costs

(135)

(366)

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- 11 -

444

1,049

10,472

9,822(3,189)(2,940)

7,283

6,882

6,234
1,049

5,527
1,355

7,283

6,882

Six months ended
September 30, 2020
Other comprehensive income, net of tax effectItems that will not be reclassified to profit or loss
FVTOCI financial assets
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)Six months ended
September 30, 2021

155

45

11

38

(3)
22

(2)
13

79

(278)

264

(184)

Comprehensive income

7,547

6,698

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

6,498
1,049

5,343
1,355

7,547

6,698

Total other comprehensive income, net of tax effect

Total

(Yen)
Earnings per share attributable to Itochu Enex’s shareholders
Basic
Diluted- 12 -

55.22
–

48.96
–

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Six months ended September 30, 2020
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2020

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equityNoncontrollinginterests

Total equity

19,87818,934

92,761(1,370)(1,870)128,333

23,551

151,884

6,234

1,049

7,283

264

264

0

264

264

6,498

1,049

7,547

(2,599)(675)(3,274)–50

50

Net profit

6,234

Other comprehensive
incomeComprehensive income

6,234Transactions with owners
Cash dividends(2,599)Changes due to additional
acquisitions and sales ofinterests in subsidiaries
Purchase and disposal oftreasury stock(1)

Share-based payments
Balance at September 30,
2020

19,87818,93396,397(1,105)

(0)

(0)

(0)

1

–

–

(1,870)132,232

23,975

156,207

Six months ended September 30, 2021
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2021

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equityNoncontrollinginterests

Total equity

19,87818,974

99,829(576)(1,871)

136,233

25,165

161,399

5,527

1,355

6,882

(184)

(184)

(0)

(184)

(184)

5,343

1,355

6,698

(3,164)(646)(3,810)Net profit

5,527

Other comprehensive
incomeComprehensive income

5,527Transactions with owners
Cash dividends(3,164)

Changes due to additional
acquisitions and sales ofinterests in subsidiaries(23)

Transfer from othercomponents of equity toretained earnings

39

19,87818,951

102,231- 13 -

(23)

–

–

(0)

(0)

(0)

(1,871)

138,390(39)

Purchase and disposal oftreasury stock
Balance at September 30,
2021

(23)

(799)

25,875

164,265

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

Cash flows from operating activities
Profit before tax
Depreciation and amortization
Loss from tangible assets, intangible assets and goodwill
Financial income and costs
Share of profit of investments accounted for by the equity method
Decrease in trade receivables
Decrease (increase) in inventories
Decrease in trade payables
Other – net
Dividends received
Interest received
Interest expense
Income taxes paid
Income taxes refund

10,472
10,08483
135(444)
16,485(1,032)(10,953)
584
1,599
24
(532)
(4,499)98

9,822
10,10299366(1,049)11,615120(10,987)
(884)
656
16
(455)
(4,363)
3,055

Net cash flows provided by operating activities

22,104

18,113

(170)

(266)

299

1,649

11
–
(462)
511

–
825
(255)
313

(5,440)(5,114)

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)
Proceeds from acquisition of subsidiaries
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
Decrease in deposits paid – net
Other – net

478

456

(670)
197
11,02175(1,009)17–743

Net cash flows provided by (used in) investing activities

5,850(2,641)- 14 -

(Millions of yen)Six months ended
September 30, 2020
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
Capital contribution from non-controlling interests
Cash dividends paid to Itochu Enex’s shareholders
Cash dividends paid to non-controlling interests
Purchase of treasury stock
Net cash flows used in financing activities

Six months ended
September 30, 2021

10,000(13,908)(5,768)2,532
50(2,599)
(675)
(0)

50
(517)
(5,591)362–(3,164)(646)(0)(10,368)(9,506)

Net increase in cash and cash equivalents

17,585

5,966

Cash and cash equivalents at the beginning of the period

19,243

34,841(20)(4)

36,80940,803

Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period- 15 -

(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern
No items to report.
(6) Segment Information
Six months ended September 30, 2020
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

30,210183,465

68,50037,361

Intersegment revenue

2

2,275

2,604

Total revenue

30,212

185,740

9,161

Profit from operating
activities

Adjustment

Consolidated

319,536–

319,536

1,925

6,806

(6,806)–

71,10439,286326,342(6,806)

319,536

22,290

4,794

5,876

42,121–

42,121

39

3,377

2,800

3,424

9,640

523

10,163

Profit before tax

244

3,161

3,258

3,362

10,025447

10,472

Net profit attributable to
Itochu Enex’s shareholders

15

1,904

2,268

1,763

5,950

284

6,234

61,487143,278

45,45693,540343,761

32,943376,704

Revenue

Gross profit

Other items
Total assets(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥284 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥32,943 million to total assets represents corporate assets not allocated to reportable segments.

- 16 -Six months ended September 30, 2021
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

34,686236,236

90,37836,830Intersegment revenue

33

3,107

2,538

Total revenue

34,719239,343

9,610

Adjustment

Consolidated

398,130–

398,130

1,644

7,322

(7,322)–

92,91638,474405,452(7,322)

398,130

22,067

4,563

5,420

41,660–41,660

386

3,143

2,158

3,101

8,788

351

9,139

1,059

2,994

2,175

3,321

9,549

273

9,822

556

1,566

1,505

1,738

5,365

162

5,527

67,103

144,448

57,221

84,778353,550

37,619391,169

Revenue

Gross profit
Profit from operating
activities
Profit before tax
Net profit attributable to
Itochu Enex’s shareholders
Other items
Total assets(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥162 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥37,619 million to total assets represents corporate assets not allocated to reportable segments.

As of March 31, 2021
(Millions of yen)
Reportable segment

Total assets(Note)

Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Adjustment

Consolidated

72,235150,123

56,28894,979373,625

34,702

408,327

The adjustment of ¥34,702 million to total assets represents corporate assets not allocated to reportable segments.

Change in reportable segments
In conjunction with the absorption-type merger of ENEXAUTO CO., LTD., which was a subsidiary of theCompany, by ENEX LIFE SERVICE Co., Ltd., a subsidiary of the Company in the fourth quarter of theprevious fiscal year, the Group reviewed the management classification and changed the method to include
the business of ENEXAUTO CO., LTD., which was previously included in the Car-Life Division, in thePower & Utility Division.
Due to the change in segments, segment information for the first six months of the previous fiscal year has
been adjusted based on the classification of reportable segments after the change.

- 17 -