This document is an English translation of quarterly financial results report released on October 31, 2023 and written
initially in Japanese.
The Japanese original should be considered as the primary version.

October 31, 2023

Consolidated Financial Results for the First Six Months of
the Fiscal Year Ending March 31, 2024
<under IFRSs>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Itochu Enex Co., Ltd.
Tokyo Stock Exchange8133
https://www.itcenex.com/english/
Tomofumi Yoshida, Representative Director, President and Chief Executive Officer
Shinichiro Inoue, Executive Officer, Chief Compliance Officer, Assistant to Chief
Financial Officer, Deputy Chief Operating Officer, Corporate Administration Division I
and General Manager, Finance & General Accounting Department
Tel: +81-3-4233-8008

Scheduled date to file quarterly securities report: November 13, 2023
Scheduled date to commence dividend payments: December 6, 2023
Preparation of supplementary results briefing material on quarterly financial results: Yes
Holding of quarterly financial results presentation meeting: Yes (for institutional investors and analysts)(Millions of yen with fractional amounts rounded, unless otherwise noted)

1. Consolidated financial results for the first six months of the fiscal year ending March 31, 2024
(from April 1, 2023 to September 30, 2023)(Percentages indicate year-on-year changes.)(1) Consolidated operating results
Profit fromoperatingactivities

RevenueSix months ended
September 30, 2023
September 30, 2022

Millionsof yen455,635
499,522(8.8)

Millionsof yen15,885

25.5

10,830%

Basic earnings per
share attributable
to Itochu Enex’s
shareholders
Six months ended
September 30, 2023
September 30, 2022

Yen

79.01
61.47

Profit before tax

46.7

Millionsof yen15,43018.5

11,771%

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

–
–

Net profit

Net profit
attributable to
Itochu Enex’s
shareholders

Comprehensive
income28.5

Millionsof yen11,230

27.2

25.5

8,830

31.8

31.1

Millionsof yen10,41828.0

Millionsof yen
8,917

19.8

8,139

18.3

6,939

%

%

%

%

(2) Consolidated financial position
Total assets

As of
September 30, 2023
March 31, 2023

Total shareholders’equityTotal equity

Millions of yen

Millions of yen

426,551
433,024

Ratio of shareholders’equity to total assets

Millions of yen

187,839
180,328%

159,783
152,96137.5
35.3

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

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

–

24.00

–

26.00

50.00

–

26.00
–

26.00

52.00

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
Fiscal year ending
March 31, 2024
(Forecast)Fiscal year-end

Total

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

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)

Profit from operating
activities

Revenue

Millions of yen

Fiscal year ending
March 31, 2024

1,200,000% Millions of yen

18.6

20,900(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(2.2)

22,300% Millions of yen(3.2)

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

13,500

%

(2.4)

Yen

119.62

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

None
None
None

(3) Number of issued shares (common stock)a. Total number of issued shares at end of period (including treasury stock)
As of September 30, 2023

116,881,106 shares

As of March 31, 2023

116,881,106 sharesb. Number of treasury stock at end of period
As of September 30, 2023

3,996,873 shares

As of March 31, 2023

4,025,827 sharesc. Average number of outstanding shares during period (cumulative from the beginning of the fiscal year)
For the six months ended September 30, 2023

112,863,483 shares

For the six months ended September 30, 2022

112,884,531 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special notes(Caution regarding forward-looking statements and others)
The forecasts and other forward-looking statements in this report are based on information currently
available to the Company and on certain assumptions deemed to be reasonable by the Company. Actual
business and other results may significantly differ from these forecasts due to various factors.

Contents of Attached Materials
1. Qualitative Information Regarding Results for the First Six Months.................................................... 2(1) Explanation of Operating Results ....................................................................................................... 2(2) Explanation of Financial Position ....................................................................................................... 6
2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto .................. 8(1) Condensed Quarterly Consolidated Statement of Financial Position .............................................. 8(2) Condensed Quarterly Consolidated Statement of Comprehensive Income .................................. 10(3) Condensed Quarterly Consolidated Statement of Changes in Equity ........................................... 12(4) Condensed Quarterly Consolidated Statement of Cash Flows ....................................................... 13(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern .................................... 15(6) Segment Information .......................................................................................................................... 15

-1-

1.

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

Results of operations
During the six months ended September 30, 2023, the outlook for the Japanese economy such as theheightening of geopolitical risks and the impact of foreign exchange rates was expected to become
even more uncertain going forward, although the high domestic prices of petroleum products,
electricity and other energy have begun to settle.
Under these conditions, at the Itochu Enex Group, we have newly formulated our medium-termbusiness plan “ENEX2030” in April 2023.
Overview of medium-term business plan
1. Name of the plan:

2. Period:

Eight years (FY2023 to FY2030)

3. Overview of the Medium-Term Business Plan, ENEX2030:
1) Desired direction(i)Strengthening onsite capabilities‧ Enhancing the customer base and improving earnings capabilities in existing business‧ Improving Group communication, building comprehensive strength, strengthening onsite capabilities(ii) Accelerating investment‧ Accelerating investment by developing a framework for promoting investment‧ Making new and strategic investment of ¥210.0 billion
2) Management targets(Financial Indicators)(1) Net profit: ¥20.0 billion or more, (2) Substantive operating cash flows(*1): ¥45.0 billion, (3)ROE: 9.0% or more, (4) New / strategic investments (8-year total): ¥210.0 billion(Non-financial Indicators)(1) GHG emissions: 50% reduction or more (comparison with FY2018, Scopes 1 and 2), (2) Ratioof female hires: 30% or above, (3) Percentage of female managers: 10%, (4) Ratio of childcare
leave taken by male employees: 80% or more
4. Overview of the Medium-Term Business Plan, ENEX2030 ’23-’24 (2023-2024)
1) Positioning: Developing a framework for achieving growth strategies by strengthening onsite
capabilities and revenue base, in preparation for realization of the 2030 Vision
2) Main initiatives: (i) Bolstering onsite capabilities (ii) Developing a framework for making
investment (iii) Strengthening organizations and human resources-2-3) Management targets(Financial Indicators)(1) Net profit (FY2023/FY2024): ¥13.5 billion, (2) Substantive operating cash flows: ¥35.0 billion
each fiscal year, (3) ROE (FY2023/FY2024): 8~9%, (4) Total amount of investments: ¥60.0
billion (of which CAPEX, ¥16.0 billion)(Shareholder returns)
Enex will pay progressive dividends with a strong emphasis on a consolidated dividend payout
ratio of 40% or more.
(*1) Substantive operating cash flows excludes working capital, etc. from cash flows from operating activities.

Under the new medium-term business plan described above, we have promoted our business. The
operating results for the six months ended September 30, 2023 are as follows.
(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Revenue

499,522455,635(43,887)

Profit from operating activities

10,83015,885

5,055

Net profit attributable to Itochu Enex’s
shareholders

6,939

8,917

1,978

ChangeRevenue was ¥455,635 million (down 8.8% year on year). This was mainly due to a decrease in
selling prices resulting from lower crude oil and LP gas prices.
Profit from operating activities was ¥15,885 million (up 46.7% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥8,917 million (up 28.5% year on year). This was mainly due tocontributions from the electricity power retail business and car dealer business as well as one-time
profit from the sale of non-current assets due to asset turnover, despite the reactionary effect of theIndustrial Business Division’s strong performance in the same period of the previous fiscal year andthe negative impact on profit margins from changes in unit inventory prices in the Home-Life
Division.
2)

Results of operations by segment
Results of operations by segment are as follows.
Home-Life Division(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

35,08528,373(6,712)

Profit (loss) from operating activities

242

(418)

(660)

Net profit (loss) attributable to Itochu Enex’s
shareholders

583

(653)

(1,236)

Revenue

ChangeLP gas business: The number of customers under direct LP gas supply contracts increased byapproximately 8,000 from the end of the previous fiscal year to approximately 573,000 as a result of-3-

acquiring new customers and sales rights in the LP gas business. LP gas sales volume decreased year
on year mainly due to the impact of higher average temperatures year on year.
The operating results for the six months ended September 30, 2023 are as follows.
Revenue was ¥28,373 million (down 19.1% year on year). This was mainly due to a decrease in selling
prices caused by a drop in LP gas import prices year on year.
Loss from operating activities was ¥418 million (profit of ¥242 million for the same period of theprevious fiscal year). Loss attributable to Itochu Enex’s shareholders was ¥653 million (profit of ¥583
million for the same period of the previous fiscal year). This was mainly due to the negative impact on
profit margins from changes in unit inventory prices resulting from the decline in LP gas import prices.
Car-Life Division(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

273,440

298,388

24,948

Profit from operating activities

4,391

7,013

2,622

Net profit attributable to Itochu Enex’s shareholders

2,365

3,831

1,466

Revenue

Change

Car-Life Stations (CS)(*2) business: The number of CS was 1,590, a decrease of 20 compared with theend of the previous fiscal year. Sales volumes of petroleum products increased year on year as demandfor petroleum products showed a recovery trend due to the easing of the impact of the COVID-19
pandemic.
Automotive business: Our car dealer business subsidiary OSAKA CAR LIFE GROUP CO., LTD.
experienced an increase in overall sales volume year on year due to strong new car sales volume
resulting from a recovery of the semiconductor supply.
The operating results for the six months ended September 30, 2023 are as follows.
Revenue was ¥298,388 million (up 9.1% year on year). This was mainly due to an increase in sales
volumes of petroleum products.
Profit from operating activities was ¥7,013 million (up 59.7% year on year). Net profit attributable to
Itochu Enex’s shareholders was ¥3,831 million (up 62.0% year on year). This was mainly due to strong
sales of new models in the car dealer business as well as one-time profit from the sale of the CS site(¥1,534 million impact on profit from operating activities).
(*2)

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

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

Six months ended
September 30, 2023

136,469

67,583(68,886)

Profit from operating activities

5,011

1,474

(3,537)

Net profit attributable to Itochu Enex’s shareholders

3,456

1,072

(2,384)

Revenue

ChangeMarine fuel sales business: Sales volumes decreased year on year due to a partial reduction intransactions for ocean-going vessels.

-4-

Environmental businesses: Sales volumes of AdBlue®(*3) increased year on year due to steady progressin developing sales channels.
Asphalt sales business: Sales volumes increased year on year due mainly to the acquisition of newcommercial rights.
The operating results for the six months ended September 30, 2023 are as follows.
Revenue was ¥67,583 million (down 50.5% year on year). This was mainly due to decreases in selling
prices and sales volumes resulting from lower crude oil prices.
Profit from operating activities was ¥1,474 million (down 70.6% year on year). Net profit attributable
to Itochu Enex’s shareholders was ¥1,072 million (down 69.0% year on year). This was mainly due tothe rebound of the distribution terminal business and marine fuel sales business, which were strong inthe same period of the previous fiscal year, despite the strong performance of the industrial gas sales
business.
(*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).)Power & Utility Division(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

54,52861,291

6,763

Profit from operating activities

807

7,352

6,545

Net profit attributable to Itochu Enex’s shareholders

323

4,435

4,112

Revenue

ChangeElectricity power retail business: Although sales volume in low-voltage sales increased year on year
due to the acquisition of new contracts, total sales volume decreased year on year(*4) due to a focus on
profitability management in high-voltage sales. The number of customers for electricity retail for theentire Group was 321,000 (down approximately 13,000 year on year).
Heat supply business(*5): Heat sales volume increased year on year due to an increase in air
conditioning use in conjunction with higher average temperatures year on year.
The operating results for the six months ended September 30, 2023 are as follows.
Revenue was ¥61,291 million (up 12.4% year on year). This was mainly due to an increase in selling
prices in response to a rapid rise in resource prices.
Profit from operating activities was ¥7,352 million (profit of ¥807 million for the same period of theprevious fiscal year). Net profit attributable to Itochu Enex’s shareholders was ¥4,435 million (profit of¥323 million for the same period of the previous fiscal year). This was mainly due to a contribution
from the electricity power retail business due to selling price revisions and a one-time profit from thesale of a large-scale solar power plant (mega solar power plant) (¥5,019 million impact on profit fromoperating activities).
(*4) Sales volume of electricity power retail business includes brokerage volume for both high voltage and low voltage.
(*5) Heat supply business: The heat supply business supplies cold and hot water for air conditioning to multiple officebuildings and other buildings from a heat source plant using pipes.

-5-

(2) Explanation of Financial Position
Assets, liabilities and equity(Millions of yen)
As of March 31, 2023

As of September 30,
2023

Total assets

433,024

426,551(6,473)

Total liabilities

252,696

238,712(13,984)

Total equity

180,328

187,839

7,511

ChangeTotal assets amounted to ¥426,551 million as of September 30, 2023, a decrease of ¥6,473 million fromMarch 31, 2023. This was mainly due to a decrease in property, plant and equipment of ¥19,908 million
due to the sale of non-current assets, a decrease in cash and cash equivalents of ¥8,222 million resulting
from using the cash proceeds of sales to repay borrowings, etc., and deposits paid to the parent, and anincrease in other current financial assets of ¥23,594 million. Total liabilities amounted to ¥238,712
million, a decrease of ¥13,984 million from March 31, 2023. This was mainly due to a decrease in bonds
and borrowings of ¥11,373 million. Total equity totaled ¥187,839 million, an increase of ¥7,511 million
from March 31, 2023, due to factors including an increase of ¥8,917 million from net profit attributable to
Itochu Enex’s shareholders and a decrease of ¥3,751 million by payment of cash dividends.
Cash flows
The Group maintained an operating structure capable of aggressively promoting investment to expand
peripheral businesses and develop new business areas, using the cash flow generated from its corebusinesses.
With respect to financing capacity for the time being, we have sufficiently secured account overdraft
facilities and commercial paper issuance facilities, in addition to maintaining ample cash and cash
equivalents. Moreover, we have maintained healthy levels of debt thus far, which is currently reflected by
our net debt-equity ratio (net DER) of negative 0.13 times.
(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Cash flows from operating activities

11,852

12,489637

Cash flows from investing activities(5,507)

461

5,968

[Free cash flows][6,345][12,950][6,605]

Cash flows from financing activities(14,813)(21,224)(6,411)

Net decrease in cash and cash equivalents(8,468)(8,274)

194

35

52

17

29,712

23,791(5,921)

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 ¥23,791 million as of September 30, 2023, down ¥8,222
million from March 31, 2023.

-6-

Cash flows from operating activities(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Cash flows from operating activities

11,852

12,489637

Changes in working capital and others(7,046)

(144)

6,902

Substantive operating cash flow(*6)

18,898

12,633(6,265)(*6)

ChangeCash flows from operating activities minus working capital and others (decrease (increase) in trade receivables,
decrease (increase) in inventories, increase (decrease) in trade payables, other – net).

Operating activities provided net cash of ¥12,489 million. Major items included profit before tax of¥15,430 million, depreciation and amortization of ¥10,499 million, gain from tangible assets, intangible
assets and goodwill of ¥6,516 million, and income taxes paid of ¥8,037 million. Cash flows fromoperating activities increased by ¥637 million year on year. Moreover, substantive operating cash flow
decreased by ¥6,265 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.
Investing activities provided net cash of ¥461 million. This was mainly due to proceeds from sales ofproperty, plant and equipment and investment property, mainly a large-scale solar power plant (mega solar
power plant) of ¥26,872 million, payments resulting from an increase in deposits of excess funds paid tothe parent of ¥20,000 million, and payments for purchase of property, plant and equipment and investment
property of ¥5,286 million. Cash flows from investing activities increased by ¥5,968 million year on year.
Cash flows from financing activities
The Group aims to streamline Group-wide financing activities to enhance our corporate value, and isstrengthening financial management through the Group Financial System(*7).
Financial activities used net cash of ¥21,224 million. This was mainly due to repayments of bonds andborrowings of ¥11,220 million, repayments of lease liabilities of ¥5,661 million, and cash dividends paid
to Itochu Enex’s shareholders of ¥2,938 million. Cash flows from financing activities decreased by ¥6,411
million year on year.
(*7)

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

-7-

2.

Condensed Quarterly Consolidated Financial Statements and Significant Notes
Thereto(1) Condensed Quarterly Consolidated Statement of Financial Position
As ofMarch 31, 2023
ASSETS
Current assets
Cash and cash equivalents
Trade receivables
Other current financial assets
Inventories
Income taxes receivable
Trade advances paid
Other current assets
Total current assets
Non-current assets
Investments accounted for by the equity method
Other investments
Non-current financial assets other than investments
Property, plant and equipment
Investment property
Goodwill
Intangible assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets-8-(Millions of yen)
As of
September 30, 2023

32,013
115,920
14,251
26,176
100
907
1,774

23,791
109,277
37,84530,367
188
81
1,974

191,141

203,523

31,762
3,442
11,508
149,920
12,732521
20,2379,354
2,407

32,221
3,735
8,456
130,012
13,194521
21,371
12,071
1,447

241,883

223,028

433,024

426,551

As ofMarch 31, 2023
LIABILITIES AND EQUITYCurrent liabilities
Short-term bonds and borrowings
Trade payables
Lease liabilities
Other current financial liabilities
Income taxes payable
Advances from customers
Other current liabilities(Millions of yen)
As of
September 30, 2023

7,026
114,818
10,415
5,134
4,748
11,031
12,951

1,754
115,195
9,313
5,296
4,710
11,888
10,317

166,123

158,473

7,101
47,263
15,454
10,344
759
5,515
137

1,000
47,92615,083
10,484
815
4,790
141

Total non-current liabilities

86,57380,239Total 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

252,696

238,712EquityCommon stock
Capital surplus
Retained earnings
Other components of equity
Treasury stock

19,87819,014
115,899
66(1,896)

19,87819,015
121,810945(1,865)

Total shareholders’ equity

152,961

159,783

27,36728,056

180,328

187,839

433,024

426,551

Non-controlling interests
Total equity
Total liabilities and equity-9-(2) Condensed Quarterly Consolidated Statement of Comprehensive Income
Six months ended
September 30, 2022

(Millions of yen)Six months ended
September 30, 2023

Revenue
Cost of sales

499,522(455,538)

455,635(412,697)

Gross profit

43,98442,938Other income and expense
Selling, general and administrative expenses
Gain (loss) from tangible assets, intangible assets and goodwill
Other – net(33,312)(145)
303(33,918)
6,516
349(33,154)(27,053)

10,83015,885

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

17
49
(409)
15

42
90
(364)
(380)

Total financial income and costs

(328)

(612)

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- 10 -

1,269

157

11,771

15,430(3,632)(5,012)

8,139

10,418

6,939
1,200

8,917
1,501

8,139

10,418

Six months ended
September 30, 2022
Other comprehensive income, net of tax effectItems that will not be reclassified to profit or loss
FVTOCI financial assets
Other comprehensive income (loss) of investments accounted forby the equity method
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations
Cash flow hedges
Other comprehensive income of investments accounted for by theequity method(Millions of yen)Six months ended
September 30, 2023

(17)

369

(42)

155

28
–

21
200

722

67

691

812

Comprehensive income

8,830

11,230Comprehensive income attributable to:Comprehensive income attributable to Itochu Enex’s shareholders
Comprehensive income attributable to non-controlling interests

7,630
1,200

9,728
1,502

8,830

11,230Total other comprehensive income, net of tax effect

Total

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

61.47
–

79.01
–

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Six months ended September 30, 2022
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2022

Noncontrollinginterests

Total equity

144,297

26,901

171,198

6,939

1,200

8,139

691

691

0

691

691

7,630

1,200

8,830

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

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

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

Net profit

6,939

Other comprehensive
incomeComprehensive income

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

Transfer from othercomponents of equity toretained earnings

6(6)

Purchase and disposal oftreasury stock(1)

Share-based payments
Balance at September 30,
2022

19,87818,989111,736

370

–

–

(0)

(0)

(0)

17

16

16

(1,854)

149,119

26,441

175,560

Six months ended September 30, 2023
(Millions of yen)
Shareholders’ equity

Balance at April 1, 2023

Noncontrollinginterests

Total equity

152,961

27,367

180,328

8,917

1,501

10,418

811

811

1

812

811

9,728

1,502

11,230(2,938)(813)(3,751)

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasury
stock

Total
shareholders’equity19,87819,014

115,899

66(1,896)

Net profit

8,917

Other comprehensive
incomeComprehensive income

8,917Transactions with owners
Cash dividends(2,938)Transfer from othercomponents of equity toretained earnings

(68)

68

Purchase and disposal oftreasury stock1

Share-based payments
Balance at September 30,
2023

19,87819,015

121,810- 12 -

945

–

–

(0)

(0)

(0)

31

32

32

(1,865)

159,783

28,056

187,839

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Cash flows from operating activities
Profit before tax
Depreciation and amortization
Loss (gain) 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
Increase in inventories
Increase (decrease) in trade payables
Other – net
Dividends received
Interest received
Interest expense
Income taxes paid
Income taxes refund

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

15,43010,499(6,516)
612
(157)
6,664
(4,186)354(2,976)
1,089
42
(329)
(8,037)–

Net cash flows provided by operating activities

11,852

12,489(1,394)(1,923)

441

631

(430)
406

(124)
98

(6,407)(5,286)104

26,872

(930)
2
–
2,701

(2,854)280(20,000)
2,767(5,507)461

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
Increase in deposits paid – net
Other – net
Net cash flows provided by (used in) investing activities- 13 -

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

Six months ended
September 30, 2023

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 stock
Other – net

50(14,936)(5,778)
10,336(2,825)(1,660)(0)–500(11,220)(5,661)(709)(2,938)
(813)
(0)
(383)

Net cash flows used in financing activities(14,813)(21,224)

Net decrease in cash and cash equivalents(8,468)(8,274)

Cash and cash equivalents at the beginning of the period

38,14532,01335

52

29,712

23,791

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

(5) Notes on Uncertainties of Entity’s Ability to Continue as Going Concern
No items to report.
(6) Segment Information
Six months ended September 30, 2022
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

35,085

273,440

136,469

54,528Intersegment revenue

157

3,840

4,908

Total revenue

35,242

277,280

8,306

Adjustment

Consolidated

499,522–499,522

1,390

10,295(10,295)–

141,377

55,918509,817(10,295)

499,522

23,820

8,373

3,485

43,984–43,984

242

4,391

5,011

807

10,451379

10,830

1,046

4,263

4,989

1,110

11,408363

11,771

583

2,365

3,456

323

6,727

212

6,939

63,238

155,501

69,893

118,329

406,961

23,677

430,638

Revenue

Gross profit
Profit from operating
activities
Profit before tax
Net profit attributable to
Itochu Enex’s shareholders
Other items
Total assets(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥212 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥23,677 million to total assets represents corporate assets not allocated to reportable segments.

- 15 -Six months ended September 30, 2023
(Millions of yen)
Reportable segment
Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

Revenue from externalcustomers

28,373298,388

67,583

61,291

Intersegment revenue

278

3,469

2,347

Total revenue

28,651

301,857

Gross profit

7,260

Profit (loss) from operating
activities

Adjustment

Consolidated

455,635–

455,635

208

6,302

(6,302)–

69,93061,499461,937(6,302)455,635

25,517

4,726

5,435

42,938–42,938

(418)

7,013

1,474

7,352

15,421464

15,885

Profit (loss) before tax

(679)

6,916

1,556

7,206

14,999431

15,430Net (loss) profit
attributable to Itochu
Enex’s shareholders

(653)

3,831

1,072

4,435

8,685

232

8,917

59,556

172,500

64,99087,929384,975

41,576

426,551

Revenue

Other items
Total assets(Note)

Intersegment transactions have been decided by reference to the market price.
The adjustment of ¥232 million to net profit attributable to Itochu Enex’s shareholders represents corporate profit(loss) not allocated to reportable segments.
The adjustment of ¥41,576 million to total assets represents corporate assets not allocated to reportable segments.

As of March 31, 2023
(Millions of yen)
Reportable segment

Total assets(Note)

Home-Life
Division

Car-Life
Division

Industrial
Business
Division

Power &
Utility
Division

Total

69,824

163,242

57,633

114,113404,812Adjustment

Consolidated

28,212433,024

The adjustment of ¥28,212 million to total assets represents corporate assets not allocated to reportable segments.

Change in reportable segments
The Company transferred management of ITOCHU INDUSTRIAL GAS Co., Ltd., which was a subsidiaryof the Company, to the Industrial Business Division in the third quarter of the previous fiscal year. In
conjunction with these changes, the Group changed the method to include the business of ITOCHU
INDUSTRIAL GAS Co., Ltd., which was previously included in the Home-Life Division, in the Industrial
Business Division.
Furthermore, in the first quarter of the current fiscal year, due to changes in commercial distribution andother factors, the Company reviewed the method of classifying its reportable segments and changed theclassification of certain petroleum-related transactions that were included in the Industrial Business
Division to the Car-Life Division and the classification of LNG-related transactions that were included in
the Car-Life Division to the Industrial Business Division.
Due to the change in segments, segment information for the first six months of the previous fiscal year andas of the end of the previous fiscal year has been adjusted based on the classification of reportablesegments after the change.

- 16 -