This document is an English translation of quarterly financial results report released on July 30, 2021 and written initially inJapanese.
The Japanese original should be considered as the primary version.

July 30, 2021

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

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

Scheduled date to file quarterly securities report: August 11, 2021
Scheduled date to commence dividend payments: –Preparation of supplementary results briefing material on quarterly financial results: Yes
Holding of quarterly financial results presentation meeting: None
(Millions of yen with fractional amounts rounded, unless otherwise noted)

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

RevenueThree months ended
June 30, 2021
June 30, 2020

Millionsof yenMillionsof yenNet profit

Millionsof yenMillionsof yenMillionsof yen%206,962

39.7

4,325

(2.7)

4,694 (10.6)

3,307 (12.8)

2,666 (25.5)

2,971 (28.1)

148,181(32.7)

4,447

3.1

5,252

3,790

3,578

4,135

Diluted earnings
per share
attributable to
Itochu Enex’s
shareholders

Yen

23.62
31.70

Yen

–
–

%

9.7

Millionsof yenComprehensive
income%Basic earnings per
share attributable
to Itochu Enex’s
shareholders
Three months ended
June 30, 2021
June 30, 2020

Profit before tax

Net profit
attributable to
Itochu Enex’s
shareholders
%

17.2

%

32.4

%

37.4

(2) Consolidated financial position
Total assets

As ofJune 30, 2021
March 31, 2021

Total shareholders’equityTotal equity

Millions of yen

Millions of yen

390,227
408,327

Ratio of shareholders’equity to total assets

Millions of yen

160,538
161,399%

135,378
136,23334.7
33.4

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

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022–

Fiscal year-end

Total

Yen

Yen

22.00

–

28.00

50.00

23.00

–

23.00

46.00

–

Fiscal year ending
March 31, 2022
(Forecast)

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

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

Profit from operating
activities

Revenue

Millions of yen

Six months ending
September 30, 2021
Fiscal year ending
March 31, 2022

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

%

Yen

–

–

–

–

–

–

–

–

–

800,000

8.2

20,5006.0

21,2005.8

12,5002.7

110.74

Note: Revisions to the consolidated earnings forecasts most recently announced: None
The Company’s performance is evaluated on a fiscal year basis. Accordingly, consolidated earnings forecasts for the
first six months of fiscal year are not prepared.

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

None
None
None

(3) Number of issued shares (common stock)a. Total number of issued shares at end of period (including treasury stock)
As of June 30, 2021

116,881,106 shares

As of March 31, 2021

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

4,000,463 shares

As of March 31, 2021

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

112,880,697 shares

For the three months ended June 30, 2020

112,880,522 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 Three Months ............................................... 2(1) Explanation of Operating Results ....................................................................................................... 2(2) Explanation of Financial Position ....................................................................................................... 7
2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto .................. 9(1) Condensed Quarterly Consolidated Statement of Financial Position .............................................. 9(2) Condensed Quarterly Consolidated Statement of Comprehensive Income .................................. 11(3) Condensed Quarterly Consolidated Statement of Changes in Equity ........................................... 13(4) Condensed Quarterly Consolidated Statement of Cash Flows ....................................................... 14(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern .................................... 16(6) Segment Information .......................................................................................................................... 16

-1-

1.

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

Results of operations
During the first three months ended June 30, 2021, the Japanese economy continued to face asituation of stagnation in economic activities, as in the first quarter of the previous fiscal year, due to a
decline in consumer spending caused by voluntary stay-at-home directives due to the spread of thenovel coronavirus disease (COVID-19) and requests by local authorities to refrain from businessactivities. As of July 2021, there has been little movement towards recovery of economic activity, andthe future outlook remains extremely uncertain due to factors such as another increase in the numberof people infected with COVID-19.
In response, the Group has established the “emergency headquarters for tackling the coronavirus
pandemic,” headed by the President, to carry out appropriate company-wide management by deciding
on and executing company-wide policies and necessary measures, and by continuously collecting andspreading information internally and externally. In addition, with “employee safety” and “infection
prevention” as the Company’s top priorities, we are working to reduce the risk of infection throughtelecommuting, working at staggered hours and thorough disinfection of business sites, as well as toincrease operational efficiency by improving the communication network environment necessary forthe execution of business.
In terms of business, we are promoting our business in accordance with our two-year medium-termbusiness plan “SHIFT! 2022” which was newly formulated in April 2021.

Overview of medium-term business plan
1. Name of the plan:

SHIFT! 2022

2. Period:

Two years (FY2021 to FY2022)

3. Basic policy:

Bases, Environment and Energy, and Human Resources
Bases‧ Further enhancement of domestic sale network and customer base
‧ Active promotion of B-to-C business utilizing digital transformation‧ Strengthening of overseas business development with a focus on Asia
Environment and Energy‧ Forays into untapped areas with environmental products, electricity andvarious other forms of energy‧ Further expansion of the electric power business from generation toselling, especially with renewable energy‧ Enhancing environmental technical capabilities and expand offerings of
low-carbon and decarbonized products
Human Resources‧ Cultivating multi-talented human resources who will flourish in Japanand overseas‧ Promoting diversity and fostering a diverse range of values-2-4. Quantitative plan (FY2021):
Target Consolidated Results for FY2021(1) Net profit attributable to Itochu Enex’s shareholders: ¥12.5 billion(2) ROE: 9.0% or moreManagement indicators(1) Substantive operating cash flows*1: ¥30.0 billion or more each fiscal
period(2) Consolidated dividend payout ratio: 40% or more
(3) New investment (cumulative total over two fiscal years): ¥60.0 billion(*1) Substantive operating cash flows excludes working capital, etc. from cash flows from operating activities.

The operating results for the three months ended June 30, 2021 are as follows.
(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

148,181

206,962

58,781

Profit from operating activities

4,447

4,325

(122)

Net profit attributable to Itochu Enex’s shareholders

3,578

2,666

(912)

Revenue

ChangeRevenue was ¥206,962 million (up 39.7% year on year). This was mainly due to an increase in selling
prices of domestic petroleum products resulting from higher crude oil prices.
Revenue was ¥4,325 million (down 2.7% year on year). This was mainly due to recovery of sales in
the automobile dealership business, and although there was a reaction to the temporary revenue fromoperations that captured crude oil price fluctuations in the same period of the previous year, theimpact of COVID-19 has been reduced year on year and sales volume is on a recovery track.
Net profit attributable to Itochu Enex’s shareholders was ¥2,666 million (down 25.5% year on year).
This was mainly due to changes in income from consolidated subsidiaries and equity method
affiliates.
2)

Results of operations by segment
Results of operations by segment are as follows.

Home-Life Division(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

15,76618,015

2,249

Profit from operating activities

57

338

281

Net profit attributable to Itochu Enex’s shareholders

173

365

192

Revenue

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

-3-

Regarding sales of electricity for households, the division promoted the expansion of the customer baseby focusing mainly on selling LP gas as a set. As a result, the number of supply contracts was a total of
approximately 112,000 (an increase of approximately 3,000 from the end of the previous fiscal year).
In the industrial gas sales business, although sales volume of nitrogen gas decreased year on year due toa rebound from the special demand in the first quarter of the previous fiscal year, sales volume of othergas types increased year on year due to a recovery in the utilization rates of the customer plants towhich we are supplying other industrial gas.
As a result of these activities, the operating results for the three months ended June 30, 2021 are as
follows.
Revenue was ¥18,015 million (up 14.3% year on year). This was mainly due to an increase in selling
prices resulting from higher LP gas import prices.
Profit from operating activities was ¥338 million (up 493.0% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥365 million (up 111.0% year on year). This was due mainly to theimpact of inventories in relation to an increase in the LP gas import price.

Car-Life Division(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

81,682

115,181

33,499Profit from operating activities

908

1,494

586

Net profit attributable to Itochu Enex’s shareholders

633

730

97

Revenue

ChangeLooking at the Car-Life Division during the three months ended June 30, 2021, in the Car-Life Stations(CS)*2 business, the number of the CS was 1,673, a decrease of 14 from the end of the previous fiscal
year. Sales volumes of petroleum products were up year on year as sales volume of gasoline and diesel
fuel picked up slightly compared to the same period of the previous year, which saw a significant
decline, despite the fact that impact of the spread of COVID-19 still remains.
In the automotive business, our car dealer business subsidiary OSAKA CAR LIFE GROUP CO., LTD.
achieved an increase in overall sales volume year on year due to the recovery of sales of new models
and other vehicles.
As a result of these activities, the operating results for the three months ended June 30, 2021 are as
follows.
Revenue was ¥115,181 million (up 41.0% year on year). This was mainly due to an increase in sales
prices of domestic petroleum products linked to crude oil prices and an increase in sales volume.
Profit from operating activities was ¥1,494 million (up 64.5% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥730 million (up 15.3% year on year). This was mainly due to thecontribution of revenue in the automotive business.
(*2) Car-Life Stations: Car-Life Stations are service stations offering multiple services provided by the Company.

-4-Industrial Business Division(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

Revenue

32,26255,86323,601

Profit from operating activities

1,730

797

(933)

Net profit attributable to Itochu Enex’s shareholders

1,539

569

(970)

ChangeLooking at the Industrial Business Division, during the three months ended June 30, 2021, the asphalt
sales business conducted its sales activities with an awareness of profitability, despite a decrease insales volume. In the marine fuel sales business, although sales volume for domestic vessels increased
year on year as a result of winning supply for new routes from existing customers, sales volume forocean-going vessels decreased, resulting in a year-on-year decline. In the corporate fleet fuel cardbusiness, sales volume increased year on year due to the success of new customer development in theprevious consolidated fiscal year. As for sales of AdBlue®*3 and GTL fuel*4, which we are working on
as part of our environmental impact reduction business, we have established a supply system and aresteadily developing sales channels. With regard to next-generation fuels, we established a council forthe early social implementation of marine ammonia fuel, and started a sales demonstration forrenewable diesel for land transportation.
As a result of these activities, the operating results for the three months ended June 30, 2021 are as
follows.
Revenue was ¥55,863 million (up 73.2% year on year). This was mainly due to the increase in unit
sales prices of industrial petroleum products resulting from higher crude oil prices.
Profit from operating activities was ¥797 million (down 53.9% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥569 million (down 63.0% year on year). This was mainly due to suchfactors as the reaction to the temporary revenue from operations capturing crude oil price fluctuationsin the first quarter of the previous fiscal year.
(*3) AdBlue® is a world-standard High-Grade Aqueous Urea used in the decomposition and detoxification of diesel
exhaust. (AdBlue® is a registered trademark of Verband der Automobilindustrie e.V.(VDA).)(*4) Abbreviation for gas to liquids, a clean diesel replacement fuel made from natural gas with low environmental
impact.

Power & Utility Division(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

Revenue

18,471

17,903(568)

Profit from operating activities

1,474

1,580

106

Net profit attributable to Itochu Enex’s shareholders

1,111

961

(150)

ChangeIn the electric power business of the Power & Utility Division, during the three months ended June 30,
2021, high-voltage power sales volumes*5 increased year on year due to an increase in the number ofcontracts for business users. Low-voltage sales volume also increased year on year due to an increase in
the number of contracts, particularly for households.
In the heat supply business*6, heat demand was almost the same volume year on year due to the impactof the declaration of a state of emergency caused by the spread of COVID-19, as was the case last year,
which resulted in tenants to which we are supplying heat shortening their business hours and working
from home.

-5-As a result of these activities, the operating results for the three months ended June 30, 2021 are as
follows.
Revenue was ¥17,903 million (down 3.1% year on year). This was mainly due to the impact ofaccounting treatment associated with the change in contract type with Kyushu Electric Power in theelectric power business.
Profit from operating activities was ¥1,580 million (up 7.2% year on year). This was mainly due to an
improvement in wholesale margins in the sales of electricity. Net profit attributable to Itochu Enex’s
shareholders was ¥961 million (down 13.5% year on year). This was mainly due to a decrease inincome from equity method affiliates.
(*5) Electricity sales volume includes brokerage volume for both high voltage and low voltage.
(*6) Heat supply business: The heat supply business supplies cold and hot water for air conditioning to multiple officebuildings and other buildings from a heat source plant using pipes.

-6-

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

As of June 30, 2021

ChangeTotal assets

408,327

390,227(18,100)

Total liabilities

246,928

229,689(17,239)

Total equity

161,399

160,538(861)

Total assets amounted to ¥390,227 million as of June 30, 2021, a decrease of ¥18,100 million from March
31, 2021. This was mainly due to a decrease in trade receivables of ¥12,388 million due to seasonal items.
Total liabilities amounted to ¥229,689 million, a decrease of ¥17,239 million from March 31, 2021. Thiswas mainly due to a decrease in trade payables of ¥12,267 million due to seasonal items. Total equity
totaled ¥160,538 million, a decrease of ¥861 million from March 31, 2021, due to factors including an
increase of ¥2,666 million from net profit attributable to Itochu Enex’s shareholders and a decrease of¥3,810 million by payment of cash dividends.

Cash flows
While taking COVID-19 into consideration, the Group will use the cash flow generated from its corebusinesses to expand peripheral businesses, develop new business areas, and aggressively promote
investment in environment-related businesses.
With respect to financing capacity for the time being, we have sufficiently secured account overdraft
facilities and commercial paper issuance facilities, in addition to maintaining ample cash and cash
equivalents. Moreover, we are essentially free of debt amid a situation where we have maintained healthy
levels of debt thus far, which is currently reflected by our net debt-equity ratio (net DER) of negative 0.10
times.
(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

Cash flows from operating activities

16,317

5,925(10,392)

Cash flows from investing activities

8,452(2,706)(11,158)[24,769][3,219][(21,550)]

Cash flows from financing activities

2,928(4,379)(7,307)

Net increase (decrease) in cash and cash
equivalents

27,697(1,160)(28,857)

(8)

2

10

46,932

33,683(13,249)[Free cash flows]

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 ¥33,683 million as of June 30, 2021, down ¥1,158 million
from March 31, 2021.

-7-

Cash flows from operating activities(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

Cash flows from operating activities

16,317

5,925(10,392)

Changes in working capital and others

8,818

161

(8,657)*Real operating cash flow

7,499

5,764

(1,735)

Change*Excludes working capital, etc. from cash flows from operating activities.

Operating activities provided net cash of ¥5,925 million. Major items included profit before tax of ¥4,694
million, depreciation and amortization of ¥5,097 million, and income taxes paid of ¥4,186 million. Net
cash provided decreased by ¥10,392 million year on year due to an increase in receivables caused byrising oil prices. Moreover, real operating cash flow decreased ¥1,735 million year on year.
Cash flows from investing activities
The Group has always made investments with an awareness of capital efficiency based on our investment
strategy.
In the two years of the “SHIFT! 2022” medium-term business plan, we plan to invest a total of ¥60.0
billion, ¥30.0 billion to maintain and strengthen the important revenue base that generates cash, and ¥30.0
billion to invest in growth, such as renewable energy, environment-friendly business, and overseas
business.
Investing activities used net cash of ¥2,706 million. The main factors were as follows: cash used included
the purchase of property, plant and equipment and investment property of ¥2,668 million, purchase ofintangible assets of ¥543 million, while cash was provided by proceeds from sales and redemption of
investments (including investments accounted for by the equity method) of ¥436 million and proceedsfrom sales of property, plant and equipment and investment property of ¥273 million. Net cash used
increased ¥11,158 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¥4,379 million in funds used for financing activities. This was mainly due to repayments of leaseliabilities of ¥2,798 million, proceeds from short-term borrowings of ¥2,398 million, and cash dividends
paid to Itochu Enex’s shareholders of ¥3,164 million. Net cash used increased ¥7,307 million year on
year.
*The Group Financial System streamlines fund management and procurement costs by sharing funds within the Group.

-8-

2.

Condensed Quarterly Consolidated Financial Statements and Significant Notes
Thereto(1) Condensed Quarterly Consolidated Statement of Financial Position
As ofMarch 31, 2021
ASSETS
Current assets
Cash and cash equivalents
Trade receivables
Other current financial assets
Inventories
Income taxes receivable
Trade advances paid
Other current assets
Total current assets
Non-current assets
Investments accounted for by the equity method
Other investments
Non-current financial assets other than investments
Property, plant and equipment
Investment property
Goodwill
Intangible assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets-9-(Millions of yen)
As ofJune 30, 2021

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

33,68387,376
15,23623,963
3,806
99
3,783

183,865

167,946

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

28,125
3,817
10,462
135,438
12,739521
19,834
9,312
2,033

224,462

222,281408,327

390,227

As ofMarch 31, 2021
LIABILITIES AND EQUITYCurrent liabilities
Short-term bonds and borrowings
Trade payables
Lease liabilities
Other current financial liabilities
Income taxes payable
Advances from customers
Other current liabilities(Millions of yen)
As ofJune 30, 2021

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

15,31190,501
9,904
6,918
1,331
8,501
10,889150,941

143,355

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

4,422
50,086
14,433
10,682
1,147
5,306
258

Total non-current liabilities

95,987

86,334

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

246,928

229,689

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

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

19,87818,951
99,370(950)(1,871)

Total shareholders’ equity

136,233

135,378

25,16525,160161,399

160,538

408,327

390,227

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

(2) Condensed Quarterly Consolidated Statement of Comprehensive Income
Three months ended
June 30, 2020

(Millions of yen)Three months ended
June 30, 2021

Revenue
Cost of sales

148,181(127,824)

206,962(186,120)

Gross profit

20,357

20,842Other income and expense
Selling, general and administrative expenses
Loss from tangible assets, intangible assets and goodwill
Other – net(15,870)(27)(13)(16,636)(50)
169(15,910)(16,517)

Profit from operating activities

Total other income and expense

4,447

4,325

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

11
464
(274)
10

8
82
(221)
3

Total financial income and costs

211

(128)

Share of profit of investments accounted for by the equity method
Profit before tax
Income tax expense
Net profit
Net profit attributable to:
Net profit attributable to Itochu Enex’s shareholders
Net profit attributable to non-controlling interests
Total- 11 -

594

497

5,252

4,694

(1,462)(1,387)

3,790

3,307

3,578
212

2,666
641

3,790

3,307

Three months ended
June 30, 2020
Other comprehensive income, net of tax effectItems that will not be reclassified to profit or loss
FVTOCI financial assets
Other comprehensive income of investments accounted for by theequity method
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations
Cash flow hedges
Other comprehensive income of investments accounted for by theequity method(Millions of yen)Three months ended
June 30, 2021

125

2

9

8

8
10

(2)
(15)

193

(329)

345

(336)

Comprehensive income

4,135

2,971

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

3,923
212

2,330
641

4,135

2,971

Total other comprehensive income, net of tax effect

Total

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

31.70
–

23.62
–

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Three months ended June 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

3,578

212

3,790

345

345

0

345

345

3,923

212

4,135

Net profit

3,578

Other comprehensive
incomeComprehensive income

3,578Transactions with owners
Cash dividends
Balance at June 30, 2020

(2,599)19,87818,934

93,740(1,025)(1,870)(2,599)(675)(3,274)

129,657

23,088

152,745

Three months ended June 30, 2021
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2021

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equity19,87818,974

99,829(576)(1,871)

Net profit

Noncontrollinginterests

Total equity

136,233

25,165

161,399

2,666

641

3,307

(336)

(336)

(0)

(336)

(336)

2,330

641

2,971

(3,164)(646)(3,810)2,666

Other comprehensive
incomeComprehensive income

2,666Transactions with owners
Cash dividends(3,164)

Changes due to additional
acquisitions of interests in
subsidiaries(23)

Transfer from othercomponents of equity toretained earnings

39

19,87818,951

99,370- 13 -

(23)

–

–

(0)

(0)

(0)

(1,871)

135,378(39)

Purchase and disposal oftreasury stock
Balance at June 30, 2021

(23)

(950)

25,160160,538(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

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

5,252
4,907
27
(211)
(594)
22,582450(15,524)
1,310
1,597
10
(228)
(3,261)

4,694
5,097
50
128
(497)
12,412
1,514(12,285)(1,480)652
8(182)(4,186)

Net cash flows provided by operating activities

16,317

5,925

(170)

(119)

299

436

(290)
258

(117)
166

(2,315)(2,668)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)
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

291

273

(380)
113
11,021
(375)

(543)
1
–
(135)

Net cash flows provided by (used in) investing activities

8,452(2,706)- 14 -

(Millions of yen)Three months ended
June 30, 2020
Cash flows from financing activities
Proceeds from bonds and borrowings
Repayments of bonds and borrowings
Repayments of lease liabilities
Net increase (decrease) in short-term borrowings
Cash dividends paid to Itochu Enex’s shareholders
Cash dividends paid to non-controlling interests
Purchase of treasury stockThree months ended
June 30, 2021

10,000(363)(2,837)(598)(2,599)
(675)
–

–
(169)
(2,798)
2,398(3,164)(646)(0)

Net cash flows provided by (used in) financing activities

2,928(4,379)Net increase (decrease) in cash and cash equivalents

27,697(1,160)Cash and cash equivalents at the beginning of the period

19,243

34,841

Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period- 15 -(8)2

46,932

33,683

(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern
No items to report.

(6) Segment Information
Three months ended June 30, 2020
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

15,766

81,68232,262

18,471

Intersegment revenue

1

1,258

1,256

Total revenue

15,767

82,9404,630

Profit from operating
activities

Adjustment

Consolidated

148,181–148,181

933

3,448

(3,448)–33,51819,404

151,629(3,448)148,181

10,329

2,723

2,675

20,357–

20,357

57

908

1,730

1,474

4,169

278

4,447

Profit before tax

278

806

2,179

1,744

5,007

245

5,252

Net profit attributable to
Itochu Enex’s shareholders

173

633

1,539

1,111

3,456

122

3,578

61,749139,076

43,99893,862

338,685

43,016

381,701

Revenue

Gross profit

Other items
Total assets(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥122 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥43,016 million to total assets represents corporate assets not allocated to reportable segments.

- 16 -

Three months ended June 30, 2021
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

18,015

115,181

55,863

17,903

Intersegment revenue

16

1,912

1,317

Total revenue

18,031

117,093

Adjustment

Consolidated

206,962–

206,962

615

3,860

(3,860)–57,18018,518210,822(3,860)206,962

Revenue

5,118

10,951

2,036

2,737

20,842–

20,842

Profit from operating
activities

338

1,494

797

1,580

4,209

116

4,325

Profit before tax

676

1,428

825

1,687

4,616

78

4,694

Net profit attributable to
Itochu Enex’s shareholders

365

730

569

961

2,625

41

2,666

67,116

144,969

55,55788,307355,949

34,278390,227

Gross profit

Other items
Total assets(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥41 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥34,278 million to total assets represents corporate assets not allocated to reportable segments.

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

Total assets(Note)

Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Adjustment

Consolidated

72,235150,123

56,28894,979373,625

34,702

408,327

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

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

- 17 -