This document is an English translation of quarterly financial results report released on October 30, 2020 and written initiallyin Japanese.
The Japanese original should be considered as the primary version.

October 30, 2020

Consolidated Financial Results for the First Six Months of
the Fiscal Year Ending March 31, 2021
<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, General Manager, Finance & General Accounting Department
Tel: +81-3-4233-8008

Scheduled date to file quarterly securities report: November 11, 2020
Scheduled date to commence dividend payments: December 4, 2020
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, 2021
(from April 1, 2020 to September 30, 2020)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit fromoperatingactivities

RevenueSix months ended
September 30, 2020
September 30, 2019

Comprehensive
income%Millionsof yen%Millionsof yenNet profit

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen319,536(27.2)

10,163

6.7

10,472

8.2

7,283

12.6

6,234

20.2

7,547

20.0

439,099

(7.6)

9,527

7.2

9,681

3.1

6,468

(1.4)

5,184

(4.8)

6,292

(11.1)

Basic earnings per
share attributable
to Itochu Enex’s
shareholders
Six months ended
September 30, 2020
September 30, 2019

Profit before tax

Net profit
attributable to
Itochu Enex’s
shareholders

Yen

55.22
45.93

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

–
–

%

(2) Consolidated financial position
Total assets

As of
September 30, 2020
March 31, 2020

Total shareholders’equityTotal equity

Millions of yen

Millions of yen

376,704
387,657

Ratio of shareholders’equity to total assets

Millions of yen

156,207
151,884%

132,232
128,33335.1
33.1

2. Cash dividends
Annual cash dividends per share
Second quarterend

First quarter-end
Fiscal year ended
March 31, 2020
Fiscal year ending
March 31, 2021

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

–

21.00

–

23.00

44.00

–

22.00
–

22.00

44.00

Fiscal year ending
March 31, 2021
(Forecast)

Note: Revisions to the forecasts of cash dividends most recently announced: None

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

Profit from operating
activities

Revenue

Millions of yen

Fiscal year ending
March 31, 2021

710,000% Millions of yen(20.9)

16,000(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(16.9)

16,700% Millions of yen(16.4)

Note: Revisions to the consolidated earnings forecasts most recently announced: None

11,000

%

(8.8)

Yen

97.45

* 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, 2020

116,881,106 shares

As of March 31, 2020

116,881,106 sharesb. Number of treasury stock at end of period
As of September 30, 2020

4,000,059 shares

As of March 31, 2020

4,000,584 sharesc. Average number of outstanding shares during period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2020

112,880,657 shares

For the six months ended September 30, 2019112,879,351 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.
Please refer to “1. Qualitative Information Regarding Results for the First Six Months, (3) Explanation ofConsolidated Earnings Forecasts and Other Forward-Looking Statements” on page 7 of the attachedmaterials for the suppositions that form the assumptions for earnings forecasts and cautions concerning theuse thereof.

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 ....................................................................................................... 6(3) Explanation of Consolidated Earnings Forecasts and Other Forward-Looking Statements ........ 7
2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto .................. 8(1) Condensed Quarterly Consolidated Statement of Financial Position .............................................. 8(2) Condensed Quarterly Consolidated Statement of Comprehensive Income .................................. 10(3) Condensed Quarterly Consolidated Statement of Changes in Equity ........................................... 12(4) Condensed Quarterly Consolidated Statement of Cash Flows ....................................................... 13(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern .................................... 15(6) Segment Information .......................................................................................................................... 15

-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, 2020, environment in the Japanese economy has
been extremely difficult, with a sharp drop in consumer spending due to voluntary stay-at-homedirectives, as well as requests by local authorities to refrain from business activities, following thedeclaration of a state of emergency to prevent the spread of the novel coronavirus disease (COVID19), resulting in a significant slowdown in economic activity. Even after the declaration of a state of
emergency was lifted, there has been little movement towards recovery, and the future outlook
remains extremely uncertain due to factors such as another increase in the number of people infectedwith COVID-19.
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 andexecuting 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 “Moving 2020 Horizons” announced in April 2019.
Overview of medium-term business plan
1. Name of the plan:

Moving 2020 Horizons

2. Period:

Two years (FY2019 to FY2020)

3. Basic policy:

Promotion of Growth Strategies(1) Maintaining and deepening the revenue base: Create Group synergy andfurther cultivate customer base.
(2) Making inroads overseas and in peripheral fields: Proactively invest inoverseas businesses and promote M&A of peripheral businesses.
(3) Creating new businesses: Promote environmental businesses and so on.
Evolution of the Organizational Base
(1) Strengthening Group management: Advance consolidated management
and construct effective governance management structures.
(2) Human resource strategies for growth: Promote diversity and nurture
global human resources.
(3) Promoting innovation: Pursue more efficient operations in existing
business and promote digital solutions.

4. Quantitative plan (FY2020)*1:(1) Net profit attributable to Itochu Enex’s shareholders: ¥11.0 billion(2) Dividend payout ratio: 40% or above(3) Real operating cash flow*2: ¥20.0 billion or above(4) Planned investment (2-year total): ¥43.0 billion*1 The aforementioned quantitative plan has been reviewed on May 15, 2020 to take into account the
impact of COVID-19.
*2 Real operating cash flow excludes working capital, etc. from cash flows from operating activities.
-2-

The operating results for the six months ended September 30, 2020 are as follows.
(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2019

Revenue319,536

439,099(119,563)

Profit from operating activities

10,163

9,527

636

Net profit attributable to Itochu Enex’s shareholders

6,234

5,184

1,050

ChangeRevenue was ¥319,536 million (down 27.2% year on year). This was mainly due to the impact
resulting from declining sales prices caused by a fall in the crude oil prices and the decrease in sales
volumes of petroleum products.
Profit from operating activities was ¥10,163 million (up 6.7% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥6,234 million (up 20.2% year on year). This was mainly due to solid
sales volumes of LP gas and electricity for households due to demand from staying at home despite
the decrease in sales volumes in all segments as an impact of COVID-19, operations in response tofluctuations in crude oil price in the import/export business of petroleum products, as well as due toreduction of operating expenses, etc.
2)

Results of operations by segment
Results of operations by segment are as follows. Following the reorganization of the Group carriedout on April 1, 2020, the reportable segments have changed. As a result of the reorganization of theGroup, the import/export business of petroleum products and the terminal tank business which werepart of the “Car-Life Division” have been reclassified as the “Industrial Business Division.”
For that reason, the year-on-year comparisons have been recalculated based on the reportablesegments as they exist after the reorganization.
Home-Life Division(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 201930,21036,616(6,406)

Profit from operating activities

39

618

(579)

Net profit attributable to Itochu Enex’s shareholders

15

224

(209)

Revenue

ChangeIn the Home-Life Division during the six months ended September 30, 2020, the number of customers
under direct LP gas supply contracts decreased by 2,000 to approximately 549,000, compared with theend of the previous fiscal year due to business rights being sold, despite the impact of COVID-19 being
insignificant. Sales volumes of LP gas for households increased as a result of demand from staying at
home caused by voluntary stay-at-home directives, but demand for automotive gas for commercial,industrial and taxi use decreased year on year despite being on a recovery trend.
Regarding sales of electricity for households, the number of supply contracts increased by around 7,000
for a total of approximately 100,000, compared with the end of the previous fiscal year.
Regarding the industrial business division, sales volumes declined year on year due to a decrease indemand of carbonic acid gas for use in beverages, primarily for restaurants, and the impact of reduced
utilization rates of the customer plants to which we are supplying.
As a result of these activities, the operating results for the six months ended September 30, 2020 are as
follows.

-3-

Revenue was ¥30,210 million (down 17.5% year on year). This was due mainly to falling sales prices
in relation to a fall in the LP gas import price and the decrease in the sales volume of LP gas andindustrial gas due to sluggish economic activity.
Profit from operating activities was ¥39 million (down 93.7% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥15 million (down 93.3% year on year). This was due mainly to theimpact of inventories in relation to a fall in the LP gas import price and the decrease in the sales volumeof LP gas and industrial gas, despite securing a certain amount of revenue due to the increase indemand for households.
Car-Life Division(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2019

183,863

255,562(71,699)

Profit from operating activities

3,392

4,681

(1,289)Net profit attributable to Itochu Enex’s shareholders

1,918

2,480

(562)

Revenue

ChangeLooking at the Car-Life Division during the six months ended September 30, 2020, in the Car-Life
Stations (CS)*3 business, the number of the CS was 1,691, a decrease of 13 from the end of theprevious fiscal year. Sales volumes of petroleum products decreased year on year due to a decrease insales volumes of gasoline and diesel fuel as a result of voluntary stay-at-home directives due to theimpact of COVID-19 and weak economic activity. On the other hand, the retail market for petroleum
products continued to see robust sales.
In the automotive business, our car dealer business subsidiary OSAKA CAR LIFE GROUP CO., LTD.
experienced year-on-year decline in sales volume due to a decrease in the number of customers due toshortened store business hours caused by COVID-19 in addition to a last minute surge of demand
before the consumption tax hike in the same period of the previous fiscal year.
As a result of these activities, the operating results for the six months ended September 30, 2020 are as
follows.
Revenue was ¥183,863 million (down 28.1% year on year). This was mainly due to the declining sales
prices resulting from a fall in the crude oil prices and the decrease in sales volumes of petroleum
products.
Profit from operating activities was ¥3,392 million (down 27.5% year on year). Net profit attributable
to Itochu Enex’s shareholders was ¥1,918 million (down 22.7% year on year). This was mainly due tothe decrease in the sales volumes of petroleum products, the decline in the number of vehicles sold in
the car dealer business, and decreased service revenue.
*3

Car-Life Stations: Car-Life Stations are service stations offering multiple services provided by the Company.

Industrial Business Division(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2019

Revenue

68,50095,454(26,954)

Profit from operating activities

2,800

1,004

1,796

Net profit attributable to Itochu Enex’s shareholders

2,268

680

1,588

ChangeLooking at the Industrial Business Division, during the six months ended September 30, 2020, in theindustrial fuel sales business and the corporate fleet fuel card business, sales volumes decreased year on-4-year due to reduced utilization rates of the customer plants to which we are supplying and a decrease in
the use of fueling cards for commercial vehicles due to the impact of COVID-19. In the asphalt
business, sales volumes decreased year on year. In the marine fuel sales business, sales volumes roseyear on year due to steady sales for ocean-going vessels. In the petroleum products import/export
business, revenue increased year on year due to successful operations in response to fluctuations incrude oil price.
As a result of these activities, the operating results for the six months ended September 30, 2020 are as
follows.
Revenue was ¥68,500 million (down 28.2% year on year). This was mainly due to the impact resulting
from declining sales prices caused by a fall in the crude oil prices and the decrease in sales volumes ofindustrial petroleum products.
Profit from operating activities was ¥2,800 million (up 178.9% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥2,268 million (up 233.5% year on year). This was mainly due tooperations in response to fluctuations in crude oil price in the import/export business of petroleum
products and due to reduction of operating expenses.
Power & Utility Division(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2019

Revenue

36,96351,467(14,504)

Profit from operating activities

3,409

2,913

496

Net profit attributable to Itochu Enex’s shareholders

1,749

1,659

90

ChangeIn the electric power business of the Power & Utility Business, during the six months ended September
30, 2020, high-voltage power sales volumes decreased year on year due to reduced utilization rates of
the customer stores, plants, etc. to which we are supplying electric power, as well as a decrease in large
scale high-voltage power contracts for business users, caused by the impact of COVID-19.
On the other hand, although low-voltage sales volumes increased year on year due to an increase inhousehold electric power as a result of improved rates of working from home and due to an increase in
the number of low-voltage power contracts, particularly for households, retail electricity sales volumes
decreased year on year in overall.
The heat supply business*4 commenced business in the Kitanakadoriminami area of Yokohama fromFebruary 2020, but demand for heat decreased year on year due to the impact of suspension of businessactivities of tenants to which we are supplying heat, caused by the impact of COVID-19.
As a result of these activities, the operating results for the six months ended September 30, 2020 are as
follows.
Revenue was ¥36,963 million (down 28.2% year on year). This decrease was mainly due to a decreasein sales volumes in the sales and supply/demand management in the electric power business.
Profit from operating activities was ¥3,409 million (up 17.0% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥1,749 million (up 5.4% year on year). This was mainly due to thecompletion of large scale regular repairs last fiscal year in the power generation area, which resulted in
an increase in utilization rates during the fiscal year under review.
*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.

-5-

(2) Explanation of Financial Position
Assets, liabilities and equity(Millions of yen)
As of September 30,
2020

As of March 31, 2020

Total assets

376,704

387,657(10,953)

Total liabilities

220,497

235,773(15,276)

Total equity

156,207

151,884

4,323

ChangeTotal assets amounted to ¥376,704 million as of September 30, 2020, a decrease of ¥10,953 million fromMarch 31, 2020. This was mainly due to a decrease in trade receivables of ¥16,434 million due to adecrease in sales volume resulting from the impact of COVID-19 and seasonal items, and due to adecrease in sales prices resulting from a fall in the crude oil prices. Total liabilities amounted to ¥220,497
million, a decrease of ¥15,276 million from March 31, 2020. This was mainly due to a decrease in trade
payables of ¥10,953 million due to a decrease in purchase volume resulting from the impact of COVID-19
and seasonal items, and due to a decrease in purchase prices resulting from a fall in the crude oil prices.
Total equity totaled ¥156,207 million, an increase of ¥4,323 million from March 31, 2020, due to factors
including an increase of ¥6,234 million from net profit attributable to Itochu Enex’s shareholders and adecrease of ¥3,274 million by payment of cash dividends.
Cash flows
The Group has set goals in FY2020 of net profit attributable to Itochu Enex’s shareholders of ¥11.0
billion. Using the cash flow generated from our core businesses, we are proactively investing in new
businesses. Going forward, while further evolving group management and creating a balanced asset
portfolio, we will continue to build a system that can create synergies among our 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 0.10
times.
(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2019

Cash flows from operating activities

22,104

7,138

14,966

Cash flows from investing activities

5,850(7,240)13,090[Free cash flows][27,954][(102)][28,056]

Cash flows from financing activities(10,368)

2,765(13,133)

Net increase in cash and cash equivalents

17,5852,663

14,922

(20)

(3)

(17)

36,80921,385

15,424

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 ¥36,809 million as of September 30, 2020, up ¥17,566
million from March 31, 2020.

-6-

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

Six months ended
September 30, 2019

Cash flows from operating activities

22,104

7,138

14,966

Changes in working capital and others

5,084(11,068)

16,152

Real operating cash flow

17,02018,206(1,186)

ChangeOperating activities provided net cash of ¥22,104 million. Major items included profit before tax of¥10,472 million, depreciation and amortization of ¥10,084 million, and a decrease in funds required for
trading of ¥4,500 million. Net cash provided increased ¥14,966 million year on year. Moreover, real
operating cash flow decreased ¥1,186 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 from 2019 to 2020, we are planning investments of ¥17,000 million inmaintaining and deepening our important revenue base that generates cash flow, as well as ¥26,000
million in overseas and peripheral fields and new businesses centered on the Power & Utility Division.
Investing activities provided net cash of ¥5,850 million. Cash used included payment for loans receivableof ¥462 million, payments for purchase of property, plant and equipment and investment property of¥5,440 million, mainly in the Power & Utility Division, and purchase of intangible assets of ¥670 million.
Meanwhile, cash provided included collection of loans receivable of ¥511 million, proceeds from sales ofproperty, plant and equipment and investment property of ¥478 million and decrease in deposits paid of¥11,021 million. Net cash provided increased ¥13,090 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¥10,368 million used as a result of financing activities. This was mainly due to proceeds from short-termbonds (commercial papers) and borrowings of ¥10,000 million for responding to COVID-19, redemptionof short-term bonds (commercial papers) and repayments of borrowings of ¥13,908 million, andrepayments of lease liabilities of ¥5,768 million. Net cash used increased ¥13,133 million year on year.
*The Group Financial System streamlines fund management and procurement costs by sharing funds within the Group.

(3) Explanation of Consolidated Earnings Forecasts and Other Forward-Looking Statements
The Company’s full-year consolidated earnings forecasts have not been revised from the May 15, 2020
announcement as the impact of COVID-19 remains uncertain beyond the nine months ending December
31, 2020.

-7-

2.

Condensed Quarterly Consolidated Financial Statements and Significant Notes
Thereto(1) Condensed Quarterly Consolidated Statement of Financial Position
As ofMarch 31, 2020
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-8-(Millions of yen)
As of
September 30, 2020

19,24386,911
28,09524,263
98
128
2,502

36,80970,477
17,152
25,296
462
159
2,393

161,240

152,748

31,583
3,860
11,942
132,870
13,147521
20,005
10,3742,115

30,812
4,018
11,356
133,333
13,197521
19,675
9,069
1,975

226,417

223,956

387,657

376,704

As ofMarch 31, 2020
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, 2020

7,024
83,936
9,591
6,216
4,172
9,437
12,848

6,320
72,983
9,826
5,700
2,936
10,114
11,108133,224

118,987

18,15652,713
14,225
10,335
1,721
5,255
144

17,45552,666
14,128
10,528
1,114
5,338
281

Total non-current liabilities

102,549

101,510

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

235,773

220,497

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

19,87818,934
92,761(1,370)(1,870)19,87818,93396,397(1,105)(1,870)Total shareholders’ equity

128,333

132,232

23,551

23,975

151,884

156,207387,657

376,704

Non-controlling interests
Total equity
Total liabilities and equity-9-(2) Condensed Quarterly Consolidated Statement of Comprehensive Income
Six months ended
September 30, 2019

(Millions of yen)Six months ended
September 30, 2020

Revenue
Cost of sales

439,099(396,818)

319,536(277,415)

Gross profit

42,281

42,121Other income and expense
Selling, general and administrative expenses
Profit (loss) from tangible assets, intangible assets and goodwill
Other – net(33,044)69
221(31,947)(83)
72(32,754)(31,958)

Profit from operating activities

Total other income and expense

9,527

10,163Financial income and costs
Interest income
Dividends received
Interest expense
Other financial income and costs – net

28
64
(574)
(27)

25
465
(549)
(76)

Total financial income and costs

(509)

(135)

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- 10 -

663

444

9,681

10,472(3,213)(3,189)

6,468

7,283

5,184
1,284

6,234
1,049

6,468

7,283

Six months ended
September 30, 2019
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, 2020

54

155

23

11

(2)
15

(3)
22

(266)

79

(176)

264

Comprehensive income

6,292

7,547

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

5,008
1,284

6,498
1,049

6,292

7,547

Total other comprehensive income, net of tax effect

Total

(Yen)
Earnings per share attributable to Itochu Enex’s shareholders
Basic
DilutedTotal trading transactions(Note)

45.93
–

55.22
–

548,143(Millions of yen)
395,248

Total trading transactions are presented in accordance with the Japanese accounting practices. This item is voluntarily
disclosed by the Company for investors’ convenience and is not required to be disclosed under International Financial
Reporting Standards (“IFRSs”).

- 11 -

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Six months ended September 30, 2019
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2019

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equityNoncontrollinginterests

Total equity

19,87818,922

86,769(1,406)(1,873)

122,290

22,276

144,566(1,146)(389)(1,535)

121,144

21,887143,031

5,184

1,284

6,468

(176)

(176)

(0)

(176)

(176)

5,008

1,284

6,292

(2,486)(419)(2,905)

–

(30)

(30)

Cumulative effect ofaccounting change
Restated balance(1,146)
19,87818,922

Net profit

85,623(1,406)(1,873)

5,184

Other comprehensive
income5,184

Comprehensive income
Transactions with owners
Cash dividends(2,486)

Changes due to additional
acquisitions and sales ofinterests in subsidiaries
Purchase and disposal oftreasury stock(3)

Share-based payments
Balance at September 30,
201919,87818,91988,321(1,582)

(0)

(0)

(0)

3

–

–

(1,870)123,666

22,722

146,388

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- 12 -(1,105)

(0)

(0)

(0)

1

–

–

(1,870)132,232

23,975

156,207(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2019
Cash flows from operating activities
Profit before tax
Depreciation and amortization
Loss (profit) 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
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 acquisition of subsidiaries
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
Net cash flows provided by (used in) investing activities- 13 -

Six months ended
September 30, 2020

9,681
9,630
(69)
509
(663)
17,7794,666(29,299)(4,214)
634
17
(572)
(3,494)
2,533

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

7,138

22,104(2,815)

(170)

64

299

(5,566)
–
(359)
515

–
11
(462)
511

(5,082)(5,440)

536

478

(633)
5
5,500
595

(670)
197
11,02175(7,240)5,850

(Millions of yen)Six months ended
September 30, 2019
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
Payments for additional acquisitions of interests in subsidiaries
from non-controlling interests
Cash dividends paid to Itochu Enex’s shareholders
Cash dividends paid to non-controlling interests
Purchase of treasury stock

Six months ended
September 30, 2020–
(6,133)(5,238)17,071–

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

(30)

–

(2,486)(419)(0)(2,599)(675)(0)

Net cash flows provided by (used in) financing activities

2,765(10,368)

Net increase in cash and cash equivalents

2,663

17,585

Cash and cash equivalents at the beginning of the period

18,725

19,243(3)(20)

21,38536,809Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period- 14 -

(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, 2019
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

36,616

255,562

95,45451,467

Intersegment revenue

74

4,647

2,268

Total revenue

36,690260,209

9,864

Profit from operating
activities

Adjustment

Consolidated

439,099–

439,099

1,526

8,515

(8,515)–97,722

52,993447,614(8,515)439,099

23,708

3,193

5,516

42,281–42,281

618

4,681

1,004

2,913

9,216

311

9,527

Profit before tax

695

4,507

992

3,254

9,448

233

9,681

Net profit attributable to
Itochu Enex’s shareholders

224

2,480

680

1,659

5,043

141

5,184

Total assets

61,965

155,649

51,397

107,979

376,990

32,589409,579

Total trading transactions

40,344274,350

180,506

52,943548,143–

548,143

Revenue

Gross profit

Other items(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥141 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥32,589 million to total assets represents corporate assets not allocated to reportable segments.
Total trading transactions are unaudited items voluntarily disclosed by the Company and represent the amount ofsales in accordance with Japanese accounting practices.

- 15 -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

30,210183,863

68,50036,963

Intersegment revenue

2

2,275

2,604

Total revenue

30,212

186,138

Adjustment

Consolidated

319,536–

319,536

1,726

6,607

(6,607)–

71,10438,689326,143(6,607)

319,536

Revenue

Gross profit

9,161

22,425

4,794

5,741

42,121–

42,121

Profit from operating
activities

39

3,392

2,800

3,409

9,640

523

10,163

Profit before tax

244

3,179

3,258

3,344

10,025447

10,472

Net profit attributable to
Itochu Enex’s shareholders

15

1,918

2,268

1,749

5,950

284

6,234

Total assets

61,487

143,444

45,456

93,374

343,761

32,943376,704

Total trading transactions

32,982

203,568

115,356

43,342395,248–395,248

Other items(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.
Total trading transactions are unaudited items voluntarily disclosed by the Company and represent the amount ofsales in accordance with Japanese accounting practices.

As of March 31, 2020
(Millions of yen)
Reportable segment

Total assets(Note)

Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Adjustment

Consolidated

67,240148,253

49,27791,921

356,691

30,966387,657

The adjustment of ¥30,966 million to total assets represents corporate assets not allocated to reportable segments.

Change in reportable segments
During the first quarter ended June 30, 2020, the import/export business of petroleum products and theterminal tank business which were part of the “Car-Life Division” have been reclassified as the “Industrial
Business Division.”
Due to the change in segments, segment information for the first six months of the previous fiscal year andas of the end of the previous fiscal year (March 31, 2020) has been adjusted based on the classification ofreportable segments after the change.

- 16 -