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

January 31, 2022

Consolidated Financial Results for the First Nine 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: February 9, 2022
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 nine months of the fiscal year ending March 31, 2022
(from April 1, 2021 to December 31, 2021)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit fromoperatingactivities

Revenue

Nine months ended
December 31, 2021
December 31, 2020

Millionsof yen%Millionsof yen%656,995

27.4

17,929515,679(23.2)

15,944

Basic earnings per
share attributable
to Itochu Enex’s
shareholders
Nine months ended
December 31, 2021
December 31, 2020

Profit before tax

Yen

100.38
84.38

12.5

Millionsof yen19,0084.8

16,037

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

–
–

Net profit

Net profit
attributable to
Itochu Enex’s
shareholders

Comprehensive
income19.0

Millionsof yen13,24417.1

2.6

11,315

(2.4)

18.5

Millionsof yen13,250

17.7

Millionsof yen11,331

1.2

11,255

2.3

9,525

%

%

%

%

(2) Consolidated financial position
Total assets

As ofDecember 31, 2021
March 31, 2021

Total shareholders’equityTotal equity

Millions of yen

Millions of yen

440,856
408,327

Ratio of shareholders’equity to total assets

Millions of yen

168,212161,399%

141,774
136,23332.2
33.4

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

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

–

22.00

–

28.00

50.00

–

23.00

–
23.00

46.00

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

Fiscal year-end

Fiscal year ending
March 31, 2022
(Forecast)

Total

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

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

Profit from operating
activities

Revenue

Millions of yen

Fiscal year ending
March 31, 2022

900,000% Millions of yen

21.8

20,500(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

%

6.0

5.8

2.7

21,200Note: Revisions to the consolidated earnings forecasts most recently announced: Yes

12,500Yen

110.74

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

None
None
None

(3) Number of issued shares (common stock)a. Total number of issued shares at end of period (including treasury stock)
As of December 31, 2021

116,881,106 shares

As of March 31, 2021

116,881,106 sharesb. Number of treasury stock at end of period
As of December 31, 2021

4,000,795 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 nine months ended December 31, 2021

112,880,577 shares

For the nine months ended December 31, 2020

112,880,722 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 Nine 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 Nine Months(1) Explanation of Operating Results
1)

Results of operations
During the first nine months ended December 31, 2021 (April 1, 2021 to December 31, 2021), theJapanese economy showed some signs of recovery from the effects of the novel coronavirus disease(COVID-19), as voluntary stay-at-home directives and requests by local authorities to refrain frombusiness activities eased compared to the first nine months of the previous fiscal year. However, as ofJanuary 2022, there has been little movement towards stable recovery of economic activity, and thefuture outlook remains extremely uncertain due to factors such as another increase in the number ofpeople infected with COVID-19 variants.
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 nine months ended December 31, 2021 are as follows.
(Millions of yen)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Revenue

515,679

656,995

141,316

Profit from operating activities

15,944

17,9291,985

Net profit attributable to Itochu Enex’s shareholders

9,525

11,331

1,806

ChangeRevenue was ¥656,995 million (up 27.4% 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 ¥17,929 million (up 12.5% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥11,331 million (up 19.0% year on year). This was mainly due to theimpact of inventory valuation factors associated with higher LP gas import prices and valuation gains
from making large-scale solar power plants (mega solar power plants) subsidiaries of the Company,
while there was a reaction to the temporary revenue from operations that captured crude oil pricefluctuations in the same period of the previous fiscal year.
2)

Results of operations by segment
Results of operations by segment are as follows.
Home-Life Division(Millions of yen)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

52,61561,033

8,418

Profit from operating activities

786

1,282

496

Net profit attributable to Itochu Enex’s shareholders

665

1,433

768

Revenue

ChangeIn LP gas business of the Home-Life Division during the nine months ended December 31, 2021, thenumber of customers under direct LP gas supply contracts increased by approximately 5,000 from theend of the previous fiscal year to approximately 557,000 as a result of activities to acquire newcustomers and sales rights in the LP gas business. Although demand for commercial and industrial use,which was affected by COVID-19, is on a recovery trend, overall LP gas sales volume remained at thesame level year on year due to a decrease in wholesale and automotive gas sales volume.
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 117,000 (an increase of approximately 8,000 from the end of the previous fiscal year).

-3-Regarding the industrial gas sales business, sales volumes of all gas types increased year on year due toa recovery in the utilization rates of the customer plants to which we are supplying.
As a result of these activities, the operating results for the nine months ended December 31, 2021 are as
follows.
Revenue was ¥61,033 million (up 16.0% 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 ¥1,282 million (up 63.1% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥1,433 million (up 115.5% year on year). This was mainly due to arecovery in the industrial gas-related business in line with the resumption of economic activity and theimpact of inventory valuation factors associated with higher LP gas import prices.
Car-Life Division(Millions of yen)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

295,613375,657

80,044

Profit from operating activities

5,607

5,562

(45)

Net profit attributable to Itochu Enex’s shareholders

3,100

2,837

(263)

Revenue

ChangeLooking at the Car-Life Division during the nine months ended December 31, 2021, in the Car-Life
Stations (CS)*2 business, the number of the CS was 1,650, a decrease of 37 from the end of theprevious fiscal year. Sales volumes of petroleum products were slightly higher year on year, as sales
volume of gasoline and diesel fuel picked up, compared to the same period of the previous fiscal year,
which saw a significant decline, despite the impacts of the spread of COVID-19 as well as poor
weather conditions in the summer and a warm winter.
In the automotive business, our car dealer business subsidiary OSAKA CAR LIFE GROUP CO., LTD.
achieved an increase in sales volume year on year due to the recovery of sales of new models and othervehicles, despite the impact of the spread of COVID-19.
As a result of these activities, the operating results for the nine months ended December 31, 2021 are as
follows.
Revenue was ¥375,657 million (up 27.1% 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 ¥5,562 million (down 0.8% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥2,837 million (down 8.5% year on year). This was mainly due to acontraction in retail margins in the CS business, while there was a recovery in the automobile dealer
business.
(*2) Car-Life Stations: Car-Life Stations are service stations offering multiple services provided by the Company.

-4-Industrial Business Division(Millions of yen)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

111,570

154,776

43,206

Profit from operating activities

3,822

3,283

(539)

Net profit attributable to Itochu Enex’s shareholders

3,006

2,284

(722)

Revenue

ChangeLooking at the Industrial Business Division, during the nine months ended December 31, 2021, theasphalt sales business conducted its sales activities with an awareness of profitability, despite adecrease in sales volume. In the marine fuel sales business, although sales volume for domestic vessels
increased year on year as a result of expanding supply for new routes from existing customers, sales
volume for ocean-going vessels decreased, resulting in a year-on-year decline in volume. In thecorporate fleet fuel card business, sales volume increased year on year as a result of continuous efforts
to acquire new customers. In the AdBlue®*3 sales business, which is being pursued as a business to
reduce environmental impact, although concerns about urea shortages in Japan and overseas havearisen, the Company made efforts to ensure stable supply to existing customers by maximizing the useof the Saitama AdBlue plant, which newly started operation in September. As for the GTL fuel*4 sales
business, sales volume has been increasing steadily, as the supply area has been expanded and the
product has been adopted at construction sites in Japan.
As a result of these activities, the operating results for the nine months ended December 31, 2021 are as
follows.
Revenue was ¥154,776 million (up 38.7% 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 ¥3,283 million (down 14.1% year on year). Net profit attributable
to Itochu Enex’s shareholders was ¥2,284 million (down 24.0% year on year). This is mainly due to thefact that, while the asphalt sales business increased its profit, it was largely affected by the reaction to
the temporary revenue from operations capturing crude oil price fluctuations in the first nine months ofthe 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)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Revenue

55,881

65,529

9,648

Profit from operating activities

5,005

7,402

2,397

Net profit attributable to Itochu Enex’s shareholders

2,322

4,593

2,271

ChangeIn the electric power business of the Power & Utility Division, during the nine months ended
December 31, 2021, high-voltage power sales volumes*5 increased year on year due to landing a largescale project. Low-voltage sales volume increased year on year due to an increase in the number ofcontracts, particularly for households, and retail electricity sales volumes increased year on year
overall.
In the heat supply business*6, demand for heat decreased year on year due to the significantly lower
average temperature this summer compared to the previous year.

-5-As a result of these activities, the operating results for the nine months ended December 31, 2021 are as
follows.
Revenue was ¥65,529 million (up 17.3% year on year). This was mainly due to the effect of an increasein market wholesale volume in the electric power business.
Profit from operating activities was ¥7,402 million (up 47.9% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥4,593 million (up 97.8% year on year). This was mainly due to thecontribution of valuation gains, etc. from making large-scale solar power plants (mega solar power
plants) subsidiaries of the Company (impact of ¥2,935 million on net profit attributable to Itochu
Enex’s shareholders), while the electricity retail margins decreased due to higher procurement prices
caused by surging resource prices.
(*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 ofMarch 31, 2021

As ofDecember 31, 2021

Total assets

408,327

440,856

32,529Total liabilities

246,928

272,644

25,716

Total equity

161,399

168,212

6,813

ChangeTotal assets amounted to ¥440,856 million as of December 31, 2021, an increase of ¥32,529 million fromMarch 31, 2021. This was mainly due to an increase in property, plant and equipment of ¥25,483 million
due to the acquisition of subsidiaries. Total liabilities amounted to ¥272,644 million, an increase of¥25,716 million from March 31, 2021. This was mainly due to an increase in trade payables of ¥19,192
million due to an increase in purchase prices resulting from a rise in the crude oil prices and an increase inbonds and borrowings of ¥16,097 million due to the acquisition of subsidiaries. Total equity totaled¥168,212 million, an increase of ¥6,813 million from March 31, 2021, due to factors including an increaseof ¥11,331 million from net profit attributable to Itochu Enex’s shareholders and a decrease of ¥6,408
million by payment of cash dividends.
Cash flows
While taking COVID-19 into consideration, the Group will expand peripheral businesses, develop new
business areas, and aggressively promote investment in environment-related businesses, using the cash
flow generated 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 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 0.01
times.
(Millions of yen)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Cash flows from operating activities

33,54529,372(4,173)

Cash flows from investing activities

3,826(15,177)(19,003)[Free cash flows][37,371][14,195][(23,176)]

Cash flows from financing activities(15,646)(13,920)

1,726

Net increase (decrease) in cash and cash
equivalents

21,726275(21,451)

(37)

8

45

40,93235,124(5,808)

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 ¥35,124 million as of December 31, 2021, up ¥283 million
from March 31, 2021.

-7-

Cash flows from operating activities(Millions of yen)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Cash flows from operating activities

33,54529,372(4,173)

Changes in working capital and others

10,334

4,365(5,969)Substantive operating cash flow

23,211

25,007

1,796

ChangeOperating activities provided net cash of ¥29,372 million. Major items included profit before tax of¥19,008 million, depreciation and amortization of ¥15,224 million, and income taxes paid of ¥7,175
million. Net cash provided decreased ¥4,173 million year on year. Moreover, substantive operating cash
flow increased ¥1,796 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 ¥15,177 million. This was mainly due to payments for acquisition of
additional shares in silent partnerships with the aim of operating large-scale solar power plants (megasolar power plants) of ¥8,397 million, and payments for purchase of property, plant and equipment andinvestment property of ¥8,899 million. Net cash used increased ¥19,003 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¥13,920 million in funds used for financing activities. This was mainly due to repayments of leaseliabilities of ¥8,364 million and cash dividends paid to Itochu Enex’s shareholders of ¥5,762 million. Net
cash used decreased ¥1,726 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 ofDecember 31, 2021

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

35,124
115,943
15,28423,097
1,234
121
2,429

183,865

193,232

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

26,734
3,532
12,355
161,774
13,053521
19,407
7,299
2,949

224,462

247,624

408,327

440,856

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 ofDecember 31, 2021

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

20,284
121,960
9,156
7,033
1,354
8,748
8,529

150,941

177,064

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

13,27248,803
14,87010,788
1,414
6,177
256

Total non-current liabilities

95,987

95,580Total 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

272,644

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

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

19,87818,951
105,710(894)(1,871)

Total shareholders’ equity

136,233

141,774

25,16526,438161,399

168,212408,327

440,856

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

(2) Condensed Quarterly Consolidated Statement of Comprehensive Income
Nine months ended
December 31, 2020

(Millions of yen)
Nine months ended
December 31, 2021

Revenue
Cost of sales

515,679(451,276)

656,995(593,819)

Gross profit

64,40363,176

Other income and expense
Selling, general and administrative expenses
Loss from tangible assets, intangible assets and goodwill
Other – net(48,929)(187)
657(49,825)
(92)
4,670

(48,459)(45,247)

15,944

17,929Financial income and costs
Interest income
Dividends received
Interest expense
Other financial income and costs – net

34
502
(798)
(484)

24
94
(648)
(3)

Total financial income and costs

(746)

(533)

Total other income and expense
Profit from operating activities

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

839

1,612

16,03719,008(4,782)(5,758)

11,255

13,250

9,525
1,730

11,331
1,919

11,255

13,250Nine months ended
December 31, 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)
Nine months ended
December 31, 2021

(9)

20

29

23

(72)
28

7
17

84

(73)

60

(6)

Comprehensive income

11,315

13,244Comprehensive income attributable to:Comprehensive income attributable to Itochu Enex’s shareholders
Comprehensive income attributable to non-controlling interests

9,585
1,730

11,326
1,918

11,315

13,244

Total other comprehensive income, net of tax effect

Total

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

84.38–

100.38–

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

9,525

1,730

11,255

60

60

(0)

60

60

9,585

1,730

11,315(5,084)(675)(5,759)–50

50

Net profit

9,525

Other comprehensive
incomeComprehensive income

9,525Transactions with owners
Cash dividends(5,084)

Changes due to additional
acquisitions and sales ofinterests in subsidiaries
Purchase and disposal oftreasury stock(1)

Share-based payments
Balance at December 31,
2020

19,87818,933

97,202(1,310)

(0)

(0)

(0)

1

–

–

(1,870)132,833

24,656

157,488

Nine months ended December 31, 2021
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2021

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equityNoncontrollinginterests

Total equity

19,87818,974

99,829(576)(1,871)

136,233

25,165

161,399

11,331

1,919

13,250

(5)

(5)

(1)

(6)

(5)

11,326

1,918

13,244(5,762)(646)(6,408)Net profit

11,331Other comprehensive
incomeComprehensive income

11,331

Transactions with owners
Cash dividends(5,762)

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

Transfer from othercomponents of equity toretained earnings

312

19,87818,951

105,710- 13 -

(23)

–

–

(0)

(0)

(0)

(1,871)

141,774(312)

Purchase and disposal oftreasury stock
Balance at December 31,
2021

(23)

(894)

26,438168,212(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)
Nine months ended
December 31, 2020
Cash flows from operating activities
Profit before tax
Depreciation and amortization
Loss from tangible assets, intangible assets and goodwill
Gain on remeasurement resulting from companies becoming
subsidiaries
Financial income and costs
Share of profit of investments accounted for by the equity method
Increase in trade receivables
Decrease (increase) in inventories
Increase in trade payables
Other – net
Dividends received
Interest received
Interest expense
Income taxes paid
Income taxes refund
Net cash flows provided by operating activities

Nine months ended
December 31, 2021

16,037
14,832
187

19,00815,22492–(4,211)746(839)(4,090)(86)
14,148
362
3,097
34
(728)
(10,253)98

533(1,612)(16,178)
2,380
18,852
(689)
670
25
(602)
(7,175)
3,055

33,54529,372(4,501)(1,008)

5,092

2,343

–
11
–
(680)
843

(8,397)
–
825
(495)
536

(7,591)(8,899)Cash flows from investing activities
Purchase of investments (including investments accounted for by
the equity method)
Proceeds from sales and redemption of investments (including
investments accounted for by the equity method)
Acquisition of subsidiaries, net of cash acquired
Proceeds from acquisition of subsidiaries
Proceeds from sales of subsidiaries, net of cash acquired
Payment for loans receivableCollection of loans receivable
Payments for purchase of property, plant and equipment andinvestment property
Proceeds from sales of property, plant and equipment andinvestment property
Purchase of intangible assets
Proceeds from sales of intangible assets
Decrease in deposits paid – net
Other – net

610

668

(1,159)201
11,021(21)(1,305)24–531

Net cash flows provided by (used in) investing activities

3,826(15,177)- 14 -

(Millions of yen)
Nine months ended
December 31, 2020
Cash flows from financing activities
Proceeds from bonds and borrowings
Repayments of bonds and borrowings
Repayments of lease liabilities
Net increase in short-term borrowings
Capital contribution from non-controlling interests
Cash dividends paid to Itochu Enex’s shareholders
Cash dividends paid to non-controlling interests
Purchase of treasury stock
Net cash flows used in financing activities

Nine months ended
December 31, 2021

10,050(14,301)(8,214)2,528
50(5,084)
(675)
(0)

50
(521)
(8,364)
1,323–(5,762)(646)(0)(15,646)(13,920)

Net increase in cash and cash equivalents

21,726

275

Cash and cash equivalents at the beginning of the period

19,243

34,841(37)

840,93235,124

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

(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern
No items to report.
(6) Segment Information
Nine months ended December 31, 2020
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

52,615

295,613

111,570

55,881

Intersegment revenue

4

5,698

4,231

Total revenue

52,619301,311

14,644

Adjustment

Consolidated

515,679–

515,679

3,068

13,001(13,001)–

115,801

58,949528,680(13,001)

515,679

34,422

6,869

8,468

64,403–64,403

786

5,607

3,822

5,005

15,220724

15,944

1,344

5,334

4,295

4,451

15,424613

16,037

665

3,100

3,006

2,322

9,093

432

9,525

66,491

148,527

52,04991,969359,036

40,640399,676

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 ¥432 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥40,640 million to total assets represents corporate assets not allocated to reportable segments.

- 16 -

Nine months ended December 31, 2021
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

61,033375,657

154,776

65,529Intersegment revenue

72

7,392

6,460

Total revenue

61,105

383,049

Gross profit

15,168

Profit from operating
activities

Adjustment

Consolidated

656,995–

656,995

2,654

16,578(16,578)–

161,236

68,183

673,573(16,578)

656,995

34,124

6,991

6,893

63,176–

63,176

1,282

5,562

3,283

7,402

17,529400

17,929Profit before tax

2,512

5,351

3,307

7,555

18,725283

19,008Net profit attributable to
Itochu Enex’s shareholders

1,433

2,837

2,284

4,593

11,147

184

11,331

76,187150,707

66,559117,553

411,006

29,850440,856

Revenue

Other items
Total assets(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥184 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥29,850 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 nine months of the previous fiscal year
has been adjusted based on the classification of reportable segments after the change.

- 17 -