This document is an English translation of quarterly financial results report released on January 28, 2016 and written initiallyin Japanese.
The Japanese original should be considered as the primary version.

January 28, 2016

Consolidated Financial Results for the First Nine Months of
the Fiscal Year Ending March 31, 2016
<under IFRSs>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Itochu Enex Co., Ltd.
Tokyo Stock Exchange, 1st Section
8133
http://www.itcenex.com/english/
Kenji Okada, President
Keisuke Hioki, General Manager, Finance and Accounting Department
Tel: +81-3-6327-8010

Scheduled date to file quarterly securities report:
Scheduled date to commence dividend payments:
Preparation of supplementary results briefing material on quarterly financial results:
Holding of quarterly financial results presentation meeting:February 10, 2016
–
None
None

(Millions of yen with fractional amounts rounded, unless otherwise noted)

1. Consolidated financial results for the first nine months of the fiscal year ending March 31, 2016
(from April 1, 2015 to December 31, 2015)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Nine months ended

Total tradingtransactions

Profit fromoperatingactivities

Millions%of yen829,925 (22.1)

Millionsof yen11,520

(2.2)

9,638

December 31, 2015
December 31, 2014 1,064,849

Basic earnings per
share attributable
to Itochu Enex’s
shareholders
Nine months ended
December 31, 2015
December 31, 2014

Profit before tax

19.5

Millionsof yen10,773

16.5

8,795

%

Comprehensive
income24.2

Millionsof yen
6,498

15.9

(8.7)

5,607

(13.0)

22.5

Millionsof yen6,726

25.9

Millionsof yen5,791(12.2)

5,342

(8.1)

4,664

%

%

%

%

Diluted earnings
per share
attributable to
Itochu Enex’s
shareholders

Yen

51.26
41.28

Net profit

Net profit
attributable to
Itochu Enex’s
shareholders

Yen

–
–

Note: ―Total trading transactions‖ are presented in accordance with the Japanese accounting practices and represent the total
amounts of transactions that the Company and its subsidiaries conducted as a party in contracts and for which they
acted as an agent.

(2) Consolidated financial position
Total assets

As ofDecember 31, 2015
March 31, 2015

Total shareholders’equityTotal equity

Ratio of shareholders’equity to total assets

Millions of yen

Millions of yen

Millions of yen

325,237
329,059

116,733
112,947

100,393
97,432

%

30.9
29.6

2. Cash dividends
Annual cash dividends per share
Second quarterend

First quarter-end
Yen

Fiscal year ended
March 31, 2015
Fiscal year ending
March 31, 2016

Third quarter-end

Yen

–

11.00

–

12.00

Fiscal year-end

Yen

Fiscal year ending
March 31, 2016
(Forecast)

Total

Yen

Yen

–

11.00

22.00

–

12.00

24.00

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

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2016
(from April 1, 2015 to March 31, 2016)

Total tradingtransactions
Millions of yen

Fiscal year ending
March 31, 2016

1,350,000

Profit from operating
activities% Millions of yen(1.7)

16,800(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

28.2

15,200% Millions of yen

25.1

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

8,200

%

49.0

Yen

72.57

* 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 December 31, 2015

116,881,106 shares

As of March 31, 2015

116,881,106 sharesb. Number of treasury stock at end of period
As of December 31, 2015

3,891,769 shares

As of March 31, 2015

3,891,149 sharesc. Average number of outstanding shares during period (cumulative from the beginning of the fiscal year)
For the nine months ended December 31, 2015

112,989,631 shares

For the nine months ended December 31, 2014

112,990,718 shares* Indication regarding execution of quarterly review proceduresThis quarterly financial results report is out of the scope of the quarterly review procedures that are
required by the Financial Instruments and Exchange Act. At the time of disclosure of this quarterly
financial results report, the quarterly review procedures for the condensed quarterly financial statements
pursuant to the Financial Instruments and Exchange Act are in progress.
* Proper use of earnings forecasts, and other special notes
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 5 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 Nine Months ................................................. 2(1) Explanation of Operating Results ....................................................................................................... 2(2) Explanation of Financial Position ....................................................................................................... 5(3) Explanation of Consolidated Earnings Forecasts and Other Forward-Looking Statements......... 5
2. Matters Regarding Summary Information (Notes) ................................................................................. 5(1) Changes in Significant Subsidiaries During the Period .................................................................... 5(2) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatement of Prior
Period Financial Statements ................................................................................................................ 5
3. Condensed Quarterly Consolidated Financial Statements ...................................................................... 6(1) Condensed Quarterly Consolidated Statement of Financial Position .............................................. 6(2) Condensed Quarterly Consolidated Statement of Comprehensive Income..................................... 8(3) Condensed Quarterly Consolidated Statement of Changes in Equity ........................................... 10(4) Condensed Quarterly Consolidated Statement of Cash Flows ....................................................... 11(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern .................................... 12(6) Segment Information .......................................................................................................................... 12-1-

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

1.

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

Results of operations
Despite signs of weakness in some areas, thanks to improvements in employment and income
underpinned by the effects of government economic policies and ongoing monetary easing by the Bankof Japan, the Japanese economy maintained its moderate trend of recovery during the nine months
ended December 31, 2015. However, due to the impact of efforts to move toward monetary policy
normalization in the U.S. and slowing economies in China and other emerging countries, future global
economic prospects remain uncertain.
In the petroleum products distribution industry, the price of crude oil declined sharply during theprevious fiscal year. Although these prices rebounded to a rising trend, a decision by the Organizationof the Petroleum Exporting Countries (OPEC) not to cut production and other factors caused thepetroleum products market to slump once again. Domestic demand for petroleum products continues todecline. Due to unseasonably warm winter weather and other factors, sales volume fell from thecorresponding period of the previous year, despite increased consumer willingness to buy after the
consumption tax increase in the previous fiscal year and effects of the decline in fuel oil prices.
With regard to the power market, due to the impacts of falling costs of raw materials such as LNG
resulting from the decline in crude oil prices and the restarting of a nuclear power plant, the spot
average price was below that of the corresponding period of the previous year.
In this operating environment, the Itochu Enex Group formulated its two-year medium-term businessplan ―Moving 2016 —Sowing seeds for tomorrow—‖ starting this year and has been advancing its
business based on following three basic policies:<i>

Improvement of profitability<ii> Sowing seeds for long-term growth strategy<iii> Reinforcement of organizational strength and fundamental strength
As a part of efforts to advance these measures, we integrated the container pressure resistanceinspection business for LP gas and gas for industrial use in April of last year and launched J-Cylinder
Services Co., Ltd. By enhancing functions and increasing efficiency, we plan to complete containerpressure resistance inspections on 350,000 units a year, with the goal of achieving the No. 1 share in
the Kanto area.
In the asphalt business, in November of last year, we completed construction on our 12th asphalt
terminal in Japan in the city of Mihara, Hiroshima Prefecture. We will use this terminal, one of thelargest specialized asphalt facilities in Western Japan, to enhance sales in the Chugoku and Shikoku
areas.
By the end of December last year, in preparation for the full-scale liberalization of the electricity retailmarket, the following companies had completed registration as electric power retailers: the Company,
Oji-Itochu Enex Power Retailing Co., Ltd., Itochu Enex Home-Life Kanto Co., Ltd., and ECORE Co.,
Ltd. We plan to contribute to electricity supply in Japan through joint efforts involving our sales
network and business segments and Group member companies, centered on the Power & Utility
Division.
As a result of the above activities and the impact of declining crude oil prices, revenue during the ninemonths ended December 31, 2015, fell by 23.4% year on year to ¥555,791 million. Gross profit was¥65,334 million (up 6.7% year on year); profit from operating activities was ¥11,520 million (up 19.5%
year on year); profit before tax was ¥10,773 million (up 22.5% year on year); and net profit attributable
to Itochu Enex’s shareholders was ¥5,791 million (up 24.2% year on year).

-2-

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

2)

Results of operations by segment
Home-Life Division
In the Home-Life Division, the sales volume of LP gas fell slightly from that of the corresponding
period of the previous fiscal year even though the number of new customer residences increased, due toweather factors including nationwide increases in temperature at the beginning of the fiscal year and an
unseasonably warm winter. Profit increased from the corresponding period of the previous fiscal year
despite inventory effects, because of successful efforts to secure some profits through the gas rateadjustment system.
For appliance sales, through the ―Smart Life‖ campaign targeting Group companies through Decemberof last year, we aggressively promoted sales of ENE-POWEBO S, a residential lithium-ion electricity
storage system. We also sold greater numbers of appliances such as glass-top stoves, Ecojozu highefficiency water heaters, floor heaters, and bathroom dryers. As a result, profits from appliance sales
increased from the corresponding period of the previous fiscal year.
In addition, we are currently making the necessary preparations and enhancements to our sales system
for the full liberalization of the electricity retail market in April of this year. Group companies andoperators are working jointly to launch electricity retail sales at full scale based on our nationwide LP
gas sales network and sales expertise.
In October of last year, we established PT.ITC ENEX INDONESIA, a producer and seller of industrial
gas in Indonesia. This entity is currently preparing for a full-fledged business launch during fiscal 2016that will establish the foundations needed to advance into the gas business overseas.
As a result of these activities, revenue was ¥65,370 million (down 16.1% year on year); profit fromoperating activities was ¥1,367 million (up 17.3% year on year); and net profit attributable to Itochu
Enex’s shareholders was ¥138 million (up 181.9% year on year).

Car-Life Division
In the Car-Life Division, despite the further penetration of fuel-efficient vehicles and the effects ofweather-related factors, including unseasonably warm winter weather, sales volume remained roughly
unchanged from the corresponding period of the previous fiscal year, thanks to increased sales of motor
vehicle fuel driven by sales promotions. Profit exceeded that of the corresponding period of theprevious fiscal year despite difficulties related to slow demand for kerosene and decreased margins due
to worsening market conditions, owing to cost reductions and contribution by the performance of
Nissan Osaka Sales Co., Ltd., which became a subsidiary two years ago.
As part of our retail strategy, we introduced the Rakuten Super Points system at Group companies, apoint service shared with Rakuten, Inc. By doing so, we will promote customer transfers between
member stores to expand the number of customers of the Group as a whole.
In addition, the cumulative total number of members of the Japan Car Wash Federation (JCWF), forwhich Group member Enexauto Co., Ltd. serves as secretariat, rose to more than 1,500 facilities. The
goal is to deliver expertise on car wash services to achieve higher levels of value added and vitalize theindustry to which the Company’s Car-Life Stations*1 belong by sharing examples of successes andholding seminars.
In the automobile-related business, we organized a campaign for referring customers using the CS
network of Nissan Osaka Sales Co., Ltd. and the Company to create synergies.
The number of Car-Life Stations in the Itochu Enex Group as of December 31, 2015, was 2,007,
marking a net decrease of 32 stations from the end of the previous fiscal year. We lost 55 stations
through disaffiliation of unprofitable and decrepit stations while adding 23 newly affiliated stations.
As a result of these activities, revenue was ¥380,386 million (down 17.4% year on year); profit fromoperating activities was ¥2,774 million (up 2.5% year on year); and net profit attributable to Itochu
Enex’s shareholders was ¥1,360 million (up 1.6% year on year).
*1 Car-Life Stations: Car-Life Stations are service stations offering multiple services provided by the Company.

-3-

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

Power & Utility Division
Within the Power & Utility Division, in the power generation area of the electricity and steam supply
business*2, we worked to enhance Itochu Enex’s own power sources through the new construction or
addition of wind power generation facilities in Tainai City, Niigata Prefecture (October 2014) and coal
thermal power generation facilities in Hofu City, Yamaguchi Prefecture (March 2015). As a result, total
power generation exceeded that of the corresponding period of the previous fiscal year.
In the sales area of the electricity and steam supply business, we added Oji-Itochu Enex Power
Retailing Co., Ltd. to the power retailing system operated by the Company. Oji-Itochu Enex Power
Retailing began selling electricity this fiscal year. Sales volume of electricity rose considerably fromthe corresponding period of the previous fiscal year. Profit in the electricity and steam supply businessexceeded that of the corresponding period of the previous fiscal year thanks to increased electricity
sales volume and lower costs attributable to falling unit prices of electricity procured from thewholesale power market.
In the heat supply business*3, although demand for heat fluctuated with the seasons due to temperaturefactors in the Kanto region, sales volume remained unchanged from the corresponding period of theprevious fiscal year. Due to efforts to reduce the cost of raw materials, centering on fuel, and otherexpenses, profit exceeded that of the corresponding period of the previous fiscal year.
Within this Division, we are strengthening coordination among divisions and preparing a sales system
for the full liberalization of the electricity retail market this April. We will introduce and advance thesale of electricity companywide by combining electricity with existing petroleum products and LP gas.
As a result of these activities, revenue was ¥30,483 million (up 19.9% year on year); profit fromoperating activities was ¥3,743 million (up 20.1% year on year); and net profit attributable to Itochu
Enex’s shareholders was ¥1,891 million (up 18.6% year on year).
*2 Electricity and steam supply business: The electricity and steam supply business supplies electricity and steam
generated at the time of power generation.
*3 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.

Energy Trade Division
In the Energy Trade Division, due to factors including the decline of crude oil prices and decreased
demand for kerosene due to unseasonably warm winter weather, sales conditions became harsh.
Nonetheless, thanks to the steady buildup of new transactions, profit exceeded that of thecorresponding period of the previous fiscal year.
Specific priority initiatives to optimize and refine the distribution functions in this division included
expanding the network of supply bases nationwide in the AdBlue*4 sales business to 20 facilities,
covering all of Japan from Hokkaido in the north to Okinawa in the south, as well as expanding thenumber of asphalt terminals nationwide in the asphalt sales business to 12. Through these activities, wehave expanded the supply system and improved its stability in each business.
We are also making progress on preparations to develop new businesses in the reuse of waste oil fromships and reuse of fly ash discharged from coal thermal power plants. We will continue to aggressively
tackle opportunities in various new businesses, including participation in a project to commercialize bio
jet fuel in Japan in December of last year.
In sales of industrial fuels and materials, businesses in which this Division has already been active, weare proposing solutions that would combine various energies, such as electricity and LNG.
We will continue to flexibly adapt our businesses to a changing environment and respond todiversifying customer needs, both in Japan and worldwide, while continuing to optimize and refine our
distribution functions.
As a result of these activities, revenue was ¥79,552 million (down 50.7% year on year); profit fromoperating activities was ¥2,853 million (up 54.5% year on year); and net profit attributable to Itochu
Enex’s shareholders was ¥1,887 million (up 63.4% year on year).
*4 AdBlue is a high-grade urea solution used in SCR systems, which detoxifies nitrogen compounds (NOx) containedin exhaust gases of diesel vehicles.

-4-

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

(2) Explanation of Financial Position
Assets, liabilities and equity
Total assets amounted to ¥325,237 million as of December 31, 2015, a decrease of ¥3,822 million fromMarch 31, 2015, mainly due to a decrease in trade notes and accounts receivable. Total liabilities
amounted to ¥208,504 million, a decrease of ¥7,608 million from March 31, 2015, mainly due to adecrease in trade notes and accounts payable. Total equity totaled ¥116,733 million, an increase of ¥3,786
million from March 31, 2015, due to factors including increased retained earnings.

Cash flows
Cash and cash equivalents (net cash) totaled ¥19,039 million as of December 31, 2015, up ¥2,855 million
from March 31, 2015.

Cash flows from operating activities
Operating activities earned net cash of ¥18,398 million. Major items included profit before tax of ¥10,773
million, depreciation and amortization of ¥9,215 million, revenues as funds required for trading of ¥3,204
million, and income tax payments of ¥3,898 million.

Cash flows from investing activities
Investing activities used net cash of ¥14,713 million. Major items included purchase of investments of¥5,143 million, payments for purchase of property, plant and equipment and investment property of¥8,866 million, and ¥1,690 million paid to acquire subsidiaries.

Cash flows from financing activities
Financing activities used net cash of ¥912 million. Major items included proceeds from an increase ininterest-bearing debt of ¥7,038 million, redemption of bonds of ¥5,240 million, and expenses as paymentof cash dividends of ¥2,709 million.

(3) Explanation of Consolidated Earnings Forecasts and Other Forward-Looking Statements
Although operating performance could be affected by various factors, including crude oil prices, market
conditions, changes in the weather, and the Japanese government’s energy policy, we have not revised ourfull-year consolidated earnings forecasts announced on April 30, 2015.

2.

Matters Regarding Summary Information (Notes)(1) Changes in Significant Subsidiaries During the Period
No items to report.

(2) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatement of Prior
Period Financial Statements
Accounting policies that Itochu Enex Group has applied in the condensed quarterly consolidated financial
statements are the same policies that were applied in the consolidated financial statements for the previous
fiscal year.

-5-Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

3.

Condensed Quarterly Consolidated Financial Statements(1) Condensed Quarterly Consolidated Statement of Financial Position
As ofMarch 31, 2015
ASSETS
Current assets
Cash and cash equivalents
Trade receivables
Other current financial assets
Inventories
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-6-(Millions of yen)
As ofDecember 31, 2015

16,18498,44911,431
27,794
2,332
1,518

19,03991,372
16,19022,3224,492
2,564

157,708

155,979

10,551
8,924
9,987
88,836
14,369108
23,474
13,448
1,653

9,647
9,119
9,877
88,444
13,998629
24,45011,693
1,401

171,351

169,258

329,059

325,237

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

As ofMarch 31, 2015
LIABILITIES AND EQUITYCurrent liabilities
Short-term bonds and borrowings
Trade payables
Other current financial liabilities
Income taxes payable
Advances from customers
Other current liabilities
Total current liabilities
Non-current liabilities
Non-current bonds and borrowings
Other non-current financial liabilities
Non-current liabilities for employee benefits
Deferred tax liabilities
Provisions
Other non-current liabilities(Millions of yen)
As ofDecember 31, 2015

14,208104,564
9,784
2,489
7,078
11,32012,35496,699
7,055
1,840
7,100
8,945

149,443

133,993

26,74622,283
9,350
2,747
4,961
582

32,791
24,094
9,538
2,568
4,925
595

Total non-current liabilities

66,66974,511

Total liabilities

216,112208,504

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

19,87818,74362,223(1,661)(1,751)

19,87818,74065,324(1,797)(1,752)

Total shareholders’ equity

97,432

100,393

Non-controlling interests
Total equity
Total liabilities and equity-7-

15,515

16,340112,947

116,733

329,059

325,237

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

(2) Condensed Quarterly Consolidated Statement of Comprehensive Income
Nine months ended
December 31, 2014

(Millions of yen)
Nine months ended
December 31, 2015

Revenue
Cost of sales

725,237(663,994)

555,791(490,457)

Gross profit

61,24365,334

Other expense
Selling, general and administrative expenses
Loss from tangible assets, intangible assets and goodwill
Other – net(51,268)(595)
258(54,063)(184)
433

Total other expense(51,605)(53,814)

Profit from operating activities

9,638

11,520Financial income (loss)
Interest income
Dividends received
Interest expense
Other financial income and costs – net

40
233
(628)
9

42
240
(730)
0

(346)

(448)

Share of loss of investments accounted for by the equity method

(490)

(299)

Profit from sales of investments in subsidiaries and associates

(7)

–

8,795

10,773(3,453)(4,047)

5,342

6,726

4,664
678

5,791
935

Total financial income

Profit before tax
Income tax expense
Net profit
Net profit attributable to Itochu Enex’s shareholders
Net profit attributable to non-controlling interests-8-

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

Nine months ended
December 31, 2014
Other comprehensive income (net of tax effect)
Items that will not be transferred to profit or loss
FVTOCI financial assets
Other comprehensive income in associates accounted for by theequity method
Items that may be transferred to profit or loss
Exchange differences on translating foreign operations
Cash flow hedges
Other comprehensive income in associates accounted for by theequity method
Total other comprehensive income (net of tax effect)
Comprehensive income
Comprehensive income attributable to Itochu Enex’s shareholders
Comprehensive income attributable to non-controlling interests(Millions of yen)
Nine months ended
December 31, 2015

502

178

0

(0)

27
(394)
130

(4)
133
(535)

265

(228)

5,607

6,498

4,929
678

5,563
935

(Yen)
Earnings per share attributable to Itochu Enex’s shareholders
Basic
Diluted41.28–

Total trading transactions(Note)

1,064,849

51.26–(Millions of yen)
829,925

Total trading transactions are presented in accordance with the Japanese accounting practices and represent the total
amounts of transactions that the Company and its subsidiaries conducted as a party in contracts and for which they
acted as an agent. This item is voluntarily disclosed by the Company for investors’ convenience and is not required tobe disclosed under International Financial Reporting Standards (―IFRSs‖).

-9-

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Nine months ended
December 31, 2014

(Millions of yen)
Nine months ended
December 31, 2015

EquityCommon stock
Balance at the beginning of the period

19,87819,878

Balance at the end of the period

19,87819,87818,737–

18,743(3)

18,737

18,74059,3774,664
2(2,599)62,223
5,791(91)(2,599)61,44565,324(2,098)(1,661)

265

(228)

Capital surplus
Balance at the beginning of the period
Acquisition of subsidiary shares from non-controlling interests
Balance at the end of the period
Retained earnings
Balance at the beginning of the period
Net profit attributable to Itochu Enex’s shareholders
Transfer from other components of equity
Cash dividends
Balance at the end of the period
Other components of equity
Balance at the beginning of the period
Other comprehensive income attributable to Itochu Enex’s
shareholders
Transfer to retained earnings
Balance at the end of the period
Treasury stock
Balance at the beginning of the period
Purchase and disposal of treasury stock
Balance at the end of the period
Total shareholders’ equity
Non-controlling interests
Balance at the beginning of the period
Net profit attributable to non-controlling interests
Other comprehensive income attributable to non-controllinginterests
Cash dividends to non-controlling interests
Changes due to additional acquisition and sale of interests in
subsidiaries
Balance at the end of the period
Total equity- 10 -(2)91(1,835)(1,797)(1,750)(1)(1,751)(1)(1,751)(1,752)96,474

100,393

9,419
678

15,515
935

(0)

0

(215)

(110)

5,550

–

15,431

16,340111,905

116,733

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

(4) Condensed Quarterly Consolidated Statement of Cash Flows
Nine months ended
December 31, 2014

(Millions of yen)
Nine months ended
December 31, 2015

Cash flows from operating activities
Profit before tax
Depreciation and amortization
Loss from tangible assets, intangible assets and goodwill
Financial income
Share of loss of investments accounted for by the equity method
Loss from sales of investments in subsidiaries and associates
Decrease in trade receivables
Decrease in inventories
Net decrease in trade payables
Other – net
Interest and dividends received
Interest expense
Income taxes paid

8,795
7,885
595
346
490
7
10,852
4,391(5,935)(1,615)493(508)(6,335)

10,773
9,215
184
448
299
–
5,754
5,497
(8,047)(1,631)417(613)(3,898)Net cash flows provided by operating activities

19,461

18,398(1,400)

(4)

2

12

(313)
932
(2,202)(2,384)
2,611(5,143)
1,277(1,690)(180)
218(8,940)(8,866)664

732(1,492)
82
688

(985)
49
(133)

Net cash flows used in investing activities(11,752)(14,713)

Cash flows from financing activities
Proceeds from bonds and borrowings
Repayments of bonds and borrowings
Net increase (decrease) in short-term borrowings
Cash dividends
Cash dividends paid to non-controlling interests
Other – net

2,580(3,184)
3,579(2,599)
(215)
0

8,315
(8,246)
1,729(2,599)
(110)
(1)

161

(912)

Cash flows from investing activities
Purchase of investments accounted for by the equity method
Proceeds from sales of investments accounted for by the equity
methodPurchase of investments
Proceeds from sales of investments
Acquisition of subsidiaries, net of cash acquired
Payment for loans receivableCollection of loans receivable
Payments for purchase of property, plant and equipment andinvestment property
Proceeds from sales of property, plant and equipment andinvestment property
Purchase of intangible assets
Proceeds from sales of intangible assets
Other – net

Net cash flows used in financing activities
Net increase (decrease) in cash and cash equivalents

7,870

2,773

Cash and cash equivalents at the beginning the period

14,251

16,184–

77

Increase in cash and cash equivalents resulting from merger
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period- 11 -

123

5

22,244

19,039

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern
No items to report.
(6) Segment Information
For the nine months ended December 31, 2014
(Millions of yen)
Reportable segment
Home-Life

Car-Life

Power &
Utility

Energy
Trade

Total

Other

Total

77,942

460,548

25,433

161,222725,14592725,237–

725,237

533

1,122

–

561

2,216

176

2,392

(2,392)–78,475

461,670

25,433

161,783

727,361

268

727,629(2,392)725,237

Gross profit

17,64433,046

4,810

5,650

61,15093

61,243－

61,243

Profit fromoperating activities

1,166

2,707

3,117

1,847

8,837

8

8,845

793

9,638

Profit before tax

782

2,382

3,022

1,798

7,984

9

7,993

802

8,795

Net profit
attributable to
Itochu Enex’s
shareholders

49

1,338

1,595

1,155

4,137

(21)

4,116

548

4,664

Total assets

61,341

146,983

51,39587,927

347,646

147

347,793

18,127

365,920

Total tradingtransactions

81,355

489,745

28,374465,242

1,064,716

133

1,064,849–

1,064,849

Adjustment

Consolidated

Revenue
Revenue fromexternal customers
Intersegment
revenue
Total revenue

Other items(Note)

Intersegment transactions have been conducted at ordinary transaction prices.
The adjustment of ¥548 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥18,127 million to total assets represents corporate assets not allocated to reportable segments.
―Total trading transactions‖ is an item voluntarily disclosed by the Company and represents the amount of net sales inaccordance with Japanese accounting practices.

- 12 -

Itochu Enex Co., Ltd. (8133) Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016

For the nine months ended December 31, 2015
(Millions of yen)
Reportable segment
Home-Life

Car-Life

Power &
Utility

Energy
Trade

Total

Other

Total

65,370380,386

30,48379,552555,7910555,791–

555,791

404

2,729

225

649

4,007

–

4,007

(4,007)–

65,774

383,11530,70880,201

559,7980559,798(4,007)555,791

Gross profit

18,286

34,761

5,862

6,425

65,334065,334–65,334

Profit fromoperating activities

1,367

2,774

3,743

2,853

10,7371

10,738782

11,520

Profit before tax

1,063

2,440

3,602

2,836

9,941

1

9,942

831

10,773

Net profit
attributable to
Itochu Enex’s
shareholders

138

1,360

1,891

1,887

5,276

0

5,276

515

5,791

Total assets

62,012

128,296

53,62961,624

305,561–

305,561

19,676325,237

Total tradingtransactions

68,526408,605

31,181

321,613829,9250829,925–

829,925

Adjustment

Consolidated

Revenue
Revenue fromexternal customers
Intersegment
revenue
Total revenue

Other items(Note)

Intersegment transactions have been conducted at ordinary transaction prices.
The adjustment of ¥515 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥19,676 million to total assets represents corporate assets not allocated to reportable segments.
―Total trading transactions‖ is an item voluntarily disclosed by the Company and represents the amount of net sales inaccordance with Japanese accounting practices.

As of the end of the previous fiscal year (March 31, 2015)(Millions of yen)
Reportable segment

Total assets(Note)

Home-Life

Car-Life

Power &
Utility

Energy
Trade

Total

Other

Total

Adjustment

Consolidated

61,069131,256

55,72066,839314,8842

314,886

14,173

329,059

The adjustment of ¥14,173 million to total assets represents corporate assets not allocated to reportable segments.

- 13 -