This document is an English translation of quarterly financial results report released on October 31, 2022 and written
initially in Japanese.
The Japanese original should be considered as the primary version.

October 31, 2022

Consolidated Financial Results for the First Six Months of
the Fiscal Year Ending 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/
Kenji Okada, Representative Director, President and CEO
Shinichiro Inoue, Executive 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 to file quarterly securities report: November 8, 2022
Scheduled date to commence dividend payments: December 6, 2022
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, 2023
(from April 1, 2022 to September 30, 2022)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit fromoperatingactivities

RevenueSix months ended
September 30, 2022
September 30, 2021

Six months ended
September 30, 2022
September 30, 2021

Millionsof yen%Millionsof yen499,52225.5

398,130

24.6

Profit before tax

Comprehensive
income%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen10,83018.5

11,771

19.8

8,139

18.3

6,939

25.5

8,830

31.8

9,139

(10.1)

9,822

(6.2)

6,882

(5.5)

5,527

(11.3)

6,698(11.3)

Basic earnings per
share attributable
to Itochu Enex’s
shareholders

Diluted earnings
per share
attributable to
Itochu Enex’s
shareholders

Yen

Yen

61.47
48.96

Net profit

Net profit
attributable to
Itochu Enex’s
shareholders––%

(2) Consolidated financial position
Total assets

As of
September 30, 2022
March 31, 2022

Total shareholders’equityTotal equity

Ratio of shareholders’equity to total assets

Millions of yen

Millions of yen

Millions of yen%

430,638
447,017

175,560
171,198

149,119
144,297

34.6
32.3

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

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

–

23.00

–

25.00

48.00

–

24.00
–

24.00

48.00

Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023
Fiscal year ending
March 31, 2023
(Forecast)Fiscal year-end

Total

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

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2023
(from April 1, 2022 to March 31, 2023)

Profit from operating
activities

Revenue

Millions of yen

Fiscal year ending
March 31, 2023

1,000,000% Millions of yen

6.8

19,400(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(7.3)

20,800% Millions of yen(6.5)

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

13,000

%

Yen

(1.5)

115.17

* 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, 2022

116,881,106 shares

As of March 31, 2022

116,881,106 sharesb. Number of treasury stock at end of period
As of September 30, 2022

3,985,387 shares

As of March 31, 2022

4,000,969 sharesc. Average number of outstanding shares during period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2022

112,884,531 shares

For the six months ended September 30, 2021

112,880,640 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 ....................................................................................................... 6
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

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1.

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

Results of operations
During the six months ended September 30, 2022, the outlook for the Japanese economy continued to
be extremely uncertain, with geopolitical risks such as the situation in Ukraine leading to soaring
resource prices, which, together with the impact of factors including a weaker yen, 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

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.

-2-

The operating results for the six months ended September 30, 2022 are as follows.
(Millions of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

398,130

499,522

101,392

Profit from operating activities

9,139

10,830

1,691

Net profit attributable to Itochu Enex’s shareholders

5,527

6,939

1,412

Revenue

ChangeRevenue was ¥499,522 million (up 25.5% 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 ¥10,830 million (up 18.5% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥6,939 million (up 25.5% year on year). This was mainly due to theIndustrial Business Division and Car-Life Division driving revenue, despite the fact that the Power &Utility Division struggled due to surging resource prices. The Industrial Business Division was robust,
including marine fuel sales, environmental businesses, the corporate fleet fuel card business, and otherbusinesses such as asphalt sales, and the Car-Life Division also had a strong performance in the CarLife Stations (CS)(*2) retail business.
(*2) Car-Life Stations: Car-Life Stations are service stations offering multiple services provided by the Company.

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, 2021

Six months ended
September 30, 2022

34,68639,9005,214Profit from operating activities

386

493

107

Net profit attributable to Itochu Enex’s shareholders

556

779

223

Revenue

ChangeLP gas business: The number of customers under direct LP gas supply contracts increased byapproximately 7,000 from the end of the previous fiscal year to approximately 563,000 as a result ofactivities to acquire new customers and sales rights in the LP gas business. Although demand forcommercial use and automotive gas, which was affected by COVID-19, is on a recovery trend, overall
LP gas sales volume decreased slightly year on year due to a decrease in demand for households, which
had seen demand from staying at home, associated with the relaxation of restrictions on movement.
Sales of electricity for households: The division promoted the expansion of the customer base by
focusing mainly on selling LP gas as a set. As a result, the number of supply contracts was a total of
approximately 119,000 (an increase of approximately 1,000 from the end of the previous fiscal year).
Industrial gas sales business: Sales volumes increased year on year as a result of factors including arebound in demand from restaurants after a slump in the previous year associated with shortened
operating hours due to COVID-19, a recovery in the utilization rates of the customer plants to which
we are supplying, and an increase in new customers.
The operating results for the six months ended September 30, 2022 are as follows.
Revenue was ¥39,900 million (up 15.0% year on year). This was mainly due to an increase in selling
prices associated with higher LP gas prices.

-3-

Profit from operating activities was ¥493 million (up 27.7% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥779 million (up 40.1% year on year). This was mainly due to theacquisition of new customers, the impact of inventory, and contribution from affiliates accounted forusing equity method.
Car-Life Division(Millions of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

245,757

268,150

22,393

Profit from operating activities

3,179

4,381

1,202

Net profit attributable to Itochu Enex’s shareholders

1,571

2,358

787

Revenue

Change

Car-Life Stations (CS) business: The number of CS was 1,630, six less that at the end of the previous
fiscal year. Sales volumes of petroleum products remained at the same level year on year, with a
gradual amelioration in 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 six months ended September 30, 2022 are as follows.
Revenue was ¥268,150 million (up 9.1% year on year). This was mainly due to an increase in selling
prices of domestic petroleum products linked to higher crude oil prices.
Profit from operating activities was ¥4,381 million (up 37.8% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥2,358 million (up 50.1% year on year). This was mainly due to astrong performance in the CS retail business and the contribution of an increase in the earnings ratio per
vehicle in the car dealer business.
Industrial Business Division(Millions of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

Revenue

80,857

136,944

56,087

Profit from operating activities

2,122

4,770

2,648

Net profit attributable to Itochu Enex’s shareholders

1,500

3,267

1,767

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.
Other: The revenue base expanded due to the choice of appropriate sales prices based on the demandenvironment for each type of product, the adjustment of procurement and inventory management
operations, and the expansion of business with existing customers in each business.
The operating results for the six months ended September 30, 2022 are as follows.

-4-

Revenue was ¥136,944 million (up 69.4% year on year). This was mainly due to the increase in unit
sales prices of various petroleum products resulting from higher crude oil prices, as well as an increasein sales volumes.
Profit from operating activities was ¥4,770 million (up 124.8% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥3,267 million (up 117.8% year on year). This was mainly due torobust sales in the marine fuel sales business, environmental businesses, the corporate fleet fuel cardbusiness, and other businesses such as asphalt sales, as well as operations appropriately responding to
the market environment.
Power & Utility Division(Millions of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

Revenue

36,83054,528

17,698

Profit from operating activities

3,101

807

(2,294)

Net profit attributable to Itochu Enex’s shareholders

1,738

323

(1,415)

ChangeElectricity power retail business: The low-voltage sales volume(*3) increased year on year due to theacquisition of new contracts for both households and corporate sales. However, the high-voltage sales
volume declined due to a focus on profitability management. As a result, total sales volume decreased
year on year.
Heat supply business(*4): Heat sales volume increased year on year due to an increase in air
conditioning use in conjunction with higher average temperatures year on year.
The operating results for the six months ended September 30, 2022 are as follows.
Revenue was ¥54,528 million (up 48.1% 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 ¥807 million (down 74.0% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥323 million (down 81.4% year on year). This was mainly due to acontraction of electricity retail margins caused by higher procurement prices resulting from surging
resource prices.
(*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.

-5-

(2) Explanation of Financial Position
Assets, liabilities and equity(Millions of yen)
As of March 31, 2022

As of
September 30, 2022

Total assets

447,017430,638(16,379)

Total liabilities

275,819

255,078(20,741)

Total equity

171,198

175,560

4,362

ChangeTotal assets amounted to ¥430,638 million as of September 30, 2022, a decrease of ¥16,379 million fromMarch 31, 2022. This was mainly due to a decrease in trade receivables of ¥14,134 million resulting froma decrease in sales volume due to seasonal items. Total liabilities amounted to ¥255,078 million, adecrease of ¥20,741 million from March 31, 2022. This was mainly due to a decrease in trade payables of¥13,366 million resulting from a decrease in purchase volume due to seasonal items, as well as a decreasein short-term bonds and borrowings of ¥3,241 million. Total equity totaled ¥175,560 million, an increaseof ¥4,362 million from March 31, 2022, due to factors including an increase of ¥6,939 million from net
profit attributable to Itochu Enex’s shareholders and a decrease of ¥4,485 million by payment of cash
dividends.
Cash flows
The Group will expand peripheral businesses, develop new business areas, and aggressively promote
investment in environment-related businesses, using the cash flow gained from its core 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 have maintained healthy levels of debt thus far, which is currently reflected by
our net debt-equity ratio (net DER) of negative 0.01 times.
(Millions of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

Cash flows from operating activities

18,113

11,852(6,261)

Cash flows from investing activities(2,641)(5,507)(2,866)[Free cash flows][15,472][6,345][(9,127)]

Cash flows from financing activities(9,506)(14,813)(5,307)

Net increase (decrease) in cash and cash equivalents

5,966(8,468)(14,434)

Effect of exchange rate changes on cash and cash
equivalents

(4)

35

39

Cash and cash equivalents at the end of the period

40,80329,712(11,091)

ChangeCash and cash equivalents (net cash) totaled ¥29,712 million as of September 30, 2022, down ¥8,433
million from March 31, 2022.

-6-

Cash flows from operating activities(Millions of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

Cash flows from operating activities

18,113

11,852(6,261)

Changes in working capital and others(136)(7,046)(6,910)18,24918,898649

Substantive operating cash flow(*5)(*5)

ChangeCash 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 ¥11,852 million. Major items included profit before tax of¥11,771 million, depreciation and amortization of ¥11,160 million, payments associated with changes inworking capital and others of ¥7,046 million, and income taxes paid of ¥3,569 million. Cash flows fromoperating activities decreased by ¥6,261 million year on year. However, substantive operating cash flow
increased ¥649 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 ¥5,507 million. Major items included payments for purchase ofproperty, plant and equipment and investment property of ¥6,407 million. Cash flows from investing
activities decreased by ¥2,866 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 ¥14,813 million. This was mainly due to repayments of bonds and borrowings of ¥14,936 million,
repayments of lease liabilities of ¥5,778 million, proceeds from short-term borrowings of ¥10,336 million,
and cash dividends paid to Itochu Enex’s shareholders of ¥2,825 million. Cash flows from financing
activities decreased by ¥5,307 million year on year.
(*6)

The Group Financial System streamlines fund management and procurement costs by sharing funds within theGroup.

-7-

2.

Condensed Quarterly Consolidated Financial Statements and Significant Notes
Thereto(1) Condensed Quarterly 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-8-(Millions of yen)
As of
September 30, 2022

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

29,712
104,777
16,43927,628
148
321
2,934

197,146

181,959

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

30,6893,273
10,882
160,483
12,670521
19,2128,003
2,946

249,871248,679

447,017430,638

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 of
September 30, 2022

23,091
120,227
9,468
7,527
3,054
10,78011,19019,850106,861
9,918
4,043
2,821
11,834
10,074

185,337

165,401

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

8,945
48,01814,85910,593
1,009
6,014
239

Total non-current liabilities

90,482

89,677

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

255,078

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

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

19,87818,989111,736370(1,854)

Total shareholders’ equity

144,297

149,119

26,901

26,441

171,198

175,560

447,017430,638

Non-controlling interests
Total equity
Total liabilities and equity-9-(2) Condensed Quarterly Consolidated Statement of Comprehensive Income
Six months ended
September 30, 2021

(Millions of yen)Six months ended
September 30, 2022

Revenue
Cost of sales

398,130(356,470)

499,522(455,538)

Gross profit

41,66043,984

Other income and expense
Selling, general and administrative expenses
Loss from tangible assets, intangible assets and goodwill
Other – net(32,842)(99)
420(33,312)(145)
303(32,521)(33,154)

Profit from operating activities

Total other income and expense

9,139

10,830Financial income and costs
Interest income
Dividends received
Interest expense
Other financial income and costs – net

16
86
(465)
(3)

17
49
(409)
15

Total financial income and costs

(366)

(328)

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 -

1,049

1,269

9,822

11,771(2,940)(3,632)

6,882

8,139

5,527
1,355

6,939
1,200

6,882

8,139

Six months ended
September 30, 2021

(Millions of yen)Six months ended
September 30, 2022

45

(17)

38

(42)

(2)
13

28
–

(278)

722

(184)

691

Comprehensive income

6,698

8,830

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

5,343
1,355

7,630
1,200

6,698

8,830

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
Total other comprehensive income, net of tax effect

Total

(Yen)
Earnings per share attributable to Itochu Enex’s shareholders
Basic
Diluted- 11 -

48.96
–

61.47
–

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Six months ended
September 30, 2021
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2021

Noncontrollinginterests

Total equity

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)Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equity19,87818,974

99,829(576)(1,871)

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

(23)

–

–

(0)

(0)

(0)

(1,871)

138,390(39)

Purchase and disposal oftreasury stock
Balance at September 30,
2021

(23)

102,231(799)

25,875

164,265

Six months ended
September 30, 2022
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2022

Noncontrollinginterests

Total equity

144,297

26,901

171,198

6,939

1,200

8,139

691

691

0

691

691

7,630

1,200

8,830

(2,825)(1,660)(4,485)

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equity19,87818,990107,617(315)(1,871)

Net profit

6,939

Other comprehensive
incomeComprehensive income

6,939Transactions with owners
Cash dividends(2,825)

Transfer from othercomponents of equity toretained earnings

6(6)

Purchase and disposal oftreasury stock(1)

Share-based payments
Balance at September 30,
2022

19,87818,989111,736- 12 -

370

–

–

(0)

(0)

(0)

17

16

16

(1,854)

149,119

26,441

175,560

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

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

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

11,771
11,160145
328(1,269)14,134(5,467)(13,366)(2,347)
644
17
(447)
(3,569)118

Net cash flows provided by operating activities

18,113

11,852(266)(1,394)

1,649

441

825
(255)
313

–
(430)
406

(5,114)(6,407)

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 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

456

104

(1,009)
17
743

(930)
2
2,701

Net cash flows used in investing activities(2,641)(5,507)- 13 -

(Millions of yen)Six months ended
September 30, 2021
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
Net cash flows used in financing activities

Six months ended
September 30, 2022

50
(517)
(5,591)362(3,164)
(646)
(0)

50
(14,936)(5,778)
10,336(2,825)(1,660)(0)(9,506)(14,813)

Net increase (decrease) in cash and cash equivalents

5,966(8,468)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- 14 -(4)35

40,80329,712

(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, 2021
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

34,686

245,757

80,857

36,830Intersegment revenue

33

3,065

3,835

Total revenue

34,719248,822

9,610

Adjustment

Consolidated

398,130–

398,130

1,644

8,577

(8,577)–

84,69238,474

406,707(8,577)398,130

22,556

4,074

5,420

41,660–41,660

386

3,179

2,122

3,101

8,788

351

9,139

1,059

3,011

2,158

3,321

9,549

273

9,822

556

1,571

1,500

1,738

5,365

162

5,527

67,103150,873

50,796

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.

- 15 -Six months ended September 30, 2022
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

39,900268,150

136,944

54,528Intersegment revenue

39

3,840

5,700

Total revenue

39,939271,990

9,474

Adjustment

Consolidated

499,522–499,522

1,390

10,969(10,969)–

142,644

55,918510,491(10,969)

499,522

23,818

7,207

3,485

43,984–43,984

493

4,381

4,770

807

10,451379

10,830

1,331

4,253

4,714

1,110

11,408363

11,771

779

2,358

3,267

323

6,727

212

6,939

71,111

154,587

62,934

118,329

406,961

23,677

430,638

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 ¥212 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥23,677 million to total assets represents corporate assets not allocated to reportable segments.

As of March 31, 2022
(Millions of yen)
Reportable segment

Total assets(Note)

Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

77,719158,145

62,239117,272

415,375

Adjustment

Consolidated

31,642447,017

The adjustment of ¥31,642 million to total assets represents corporate assets not allocated to reportable segments.

Change in reportable segments
In conjunction with the 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 in the first quarter of the current fiscal year,
the Group reviewed the management classification and 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.
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 has been adjusted based on the classification of reportablesegments after the change.

- 16 -