ITOCHU ENEX CO., LTD.
(TSE First Section, 8133)

FY2020 Financial Resultsfor First Three Months
July 31, 2020

Copyright©2020 ITOCHU ENEX CO.,LTD. All rights reserved.
Copyright©2020
ITOCHUENEX CO.,LTD.
All rights
reserved.
Copyright©2020
ITOCHUENEX CO.,LTD.
All rights
reserved.

Note
We pay close attention to the content of the material, but the Company and information providers will not be liable
for any damage caused by errors in the information posted or damage suffered based on the information posted inthis material.
The current plans and strategies of the Company posted in this material are forecasts prepared by the Company
based on information currently available, and these future forecasts include risks and uncertainties. Accordingly, theactual results may differ materially from the forecasts posted. Please note that the Company does not guarantee
the certainty of these forecasts.
・Unless otherwise noted, all the numerical values in this material are based on the International Financial ReportingStandards (IFRS).
・In this material, the notation has been replaced as follows.
“Profit from operating activities”  “Operating profit”“Net profit attributable to Itochu Enex’s shareholders” “Net profit”

Copyright©2020 ITOCHU ENEX CO.,LTD. All rights reserved.
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1

Results Highlights

Overview of Consolidated Financial Results for First Three Months of FY2020
 Quarterly net profits increased 0.9 billion yen to 3.6 billion yen, 32.4% year on year.
Profit increased because the sales volume of LP gas for household use and electricity remained steadydue to demand driven by people consuming differently as they refrain from leaving home because of the
COVID-19 coronavirus pandemic and a reduction in operating expenses because of operations which
understood changing crude oil prices in the exports/imports of oil products.
 The ratio of SG&A expenses to gross profit came to 78.0%, a 1.7% decrease year on year, suggestingthat expenses were properly controlled as in the previous year.

Net sales

148.2 billion yen 32.7

Grossprofit20.4 billion yen 1.5(-% year on year)(-% year on year)

Operatingprofit4.4 billion yen

Net profit

3.6 billion yen 32.4(+3.1% year on year)(+% year on year)

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2

The impact of the COVID-19 coronavirus pandemic

Its impact on sales of cars is big, but overall the impact isminor at the present time.
Impact on business performance
Oil Demand for gasoline declined due to remote working and the stay-at-home advisories, making sales volume fall.

 Demands for LP gas for business, industrial use, automobile use and gas for industrial use decreased due to the
LP gas
impact of the declining operating rate of factories, etc.
 LP gas for household use increased due to demand driven by those refraining from going out.

Sales volume of high-voltage power decreased due to a declining operating rates of stores/factories, etc. whichPower
are power supply destinations.
 Sales volume of low-voltage power increased due to demand driven by those refraining from going out.
Sales ofcars

 The number of customers visiting dealers decreased due to shortened business hours at dealers associatedwith measures addressing the COVID-19 pandemic..
Sales volume significantly decreased. The number of vehicles sold from April to June was down 24% year on year.

Sales volume
 Gasoline

558,000 KL

 LP gas(-22.1% year on year) Diesel oil

737,000 KL(-5.2% year on year)

111,000 tons(-12.0% year on year)

 Industrial gas(million m3 & thousand tons)

16,000 tons(-16.2% year on year) Electricity
Retail (GWh) New cars

509 GWh(-11.8% year on year)

5,000 units(-23.6% year on year)

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3

Measures to address the Coronavirus Pandemic

Enhancement/Reinforcement of teleworking environment,
Facilitation of working from home
BCP initiatives
 Establish emergency headquarters for tackling the coronavirus pandemic, which is chaired by the president.
 Improved the teleworking environment (enhanced the video conferencing system, conference call system, and network).
 Teleworking, staggered working hours, and desk allocation for avoiding closed spaces, crowded places, and closecontact settings Promotion of hand-washing, disinfection, gargling, ventilation, and environmental disinfection
 Refraining from/postponing conferences, gatherings, training sessions, and the similar events for which many people
gather Refraining from domestic and overseas business trips
 Refraining from dining with others

Financial standing• Sufficient liquidity on hand has been secured.
• Net DER: -0.10 (virtually no debt)• Sufficient account overdraft facilities and commercial paper
issuance facilities have been secured.
• Rating has been maintained.
Long-term issue rating: A+/Short-term issuer rating: J-1(Japan Credit Rating Agency, Ltd.)* Based on evaluation in July 2020

End of March
2020
Results

End of June
2020
Results

Cash and cash equivalents

192

469

+277

Other current financial assets

281

181

-100

Changes

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4

Contents

 Overview of Consolidated Financial Resultsfor First Three Months of FY2020(1) Overview of the Entire Company(2) Overview by Segment

 Appendix
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5

Overview of Consolidated Financial Resultsfor First Three Months of FY2020(1) Overview of the Entire Company

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6

Summary of Financial Results for 1Q/FY2020

Profit substantially increased due to demand driven by those refraining
from leaving home, export-import operations of oil products, and areduction in expenses.
(100 million yen)

FY20191Q Results

FY2020
1Q Results

FY2020Plan

Changes

Net sales

2,202

1,482

Gross profit

207

204

-

3

Selling, general and administrative
expenses

-165

-159

+

6

43

44

+

1

7

6

-

1

27

36

+

9

79.7%

78.0%

Operating profit
Share of profit (loss) of investments
accounted for using the equity method
Net profit
Ratio of SG&A expenses to grossprofitDividends (yen/share)

―

―

- 720

Achievement rate

7,100

21%

160

28%

110

33%

-1.7%
―

44

―

 Quarterly net profits increased 0.9 billion yen, 32.4% year on year.
Profit increased because the sales volume of LP gas for household use and electricity remained steady due to demand driven by people
consuming differently as they refrain from leaving home because of the COVID-19 coronavirus pandemic and a reduction in operating
expenses because of operations which understood changing crude oil prices in the exports/imports of oil products.
 The ratio of SG&A expenses to gross profit came to 78.0%, a 1.7% decrease year on year, suggesting that expenses were properly
controlled as in the previous year.
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7

Net Profit by Segment

Profits from Industrial Business increased sharply.
It was a profit driver.
(100 million yen)

FY20191Q Results

FY2020
1Q Results

Major factors for increase/decrease▋Home-Life (YoY: -¥300 million, Percent of the plan achieved: 7%)

40

36

35

2

30

27

25

5

20

6

▋Car-Life (YoY: -¥-400 million, Percent of the plan achieved: 22%)
The Sales volume of oil products fell short of its level in the previous year. In addition, the number of new cars sold
substantially fell year on year due to shortened business hours at dealers associated with measures to address the
COVID-19 pandemic.
Profit decreased due to a decline in the sales volume of oil products and decreases in the number of cars sold and service
revenue in the car dealer business.

15▋Industrial Business (YoY: +¥1300 million, Percent of the plan achieved: 63%)
For oil products for industrial use and fuel cards for cars, sales volume declined year on year due to a declining operating
rate at factories and a decrease in the use of cards for company vehicles. Meanwhile, the sales volumes of asphalt andmarine fuel rose.
Profit substantially rose thanks to operations which understood changing crude oil prices in the exports/imports of oil
products, and a reduction in operating expenses.

10
15
10

2

5

9

0

1

The number of customers under direct contracts slightly decreased to 550,000. For LP gas sales volume, LP gas forhousehold use increased due to demand driven by those refraining from going out. However, demand for gas for business,
industrial and automobile use declined due to declining operating rates at factories. Overall, it fell year on year.
Profit decreased reflecting the effect of inventories due to a fall in import prices of LP gas and decreases in sales volumesof LP gas and industrial gas.

11
1

▋Power & Utility (YoY: +¥200 million, Percent of the plan achieved: 32%)
Electricity retail sales increased because the consumption volume of power for household use rose due to demand fromthose refraining from leaving home. Moreover, low-voltage power sales volume increased due to a rise in the number of
low-voltage power contracts, mainly for household use. However, sales volume fell year on year reflecting a big fall in large
high-voltage power contracts for corporate use.
Profit rose due to the completion of large, regular repair work conducted in the last fiscal year in the power generation area
and a rising operation rate in the current fiscal year.
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8

Analysis of Net Profit by Segment▋Home-Life

Major factors
for increase/decrease

Effect of inventories-1.7
Profit (losses) of investments
accounted for using theequity method-1.1
Industrial gas, etc.
-0.5▋Car-Life
Dealer business
Oil business, etc.

▋Industrial
Business-2.9-1.2

Asphalt-2.6
Exports/imports of products+8.8
Fuel cards+2.8
Marine fuel, etc.
+4.5

▋Power & Utility
Provision of heat
Electricity sales+2.2▋Other(100 million yen)

+0.7
+1.5

+0.5

35.8

+13.5

27.0

-3.3
-4.1

+8.8
FY20191Q Results

FY2020
1Q Results
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9

Financial Position

Trade receivables/trade payables decreased due to theimpact of handling volume, falling unit prices, etc.
 Total assets: Decreased 6 billion yen from the end of the previous year due
to decreases in trade receivables/trade payables and came to381.7 billion yen.

(100 million yen)

3,900

 Shareholders’ equity:
Increased 1.3 billion yen from the end of the previous year to 129.7
billion yen, mainly reflecting a rise in net profit
 Net DER:

Net DER is a negative value due to an increase in cash anddeposits.
(100 million yen)

End ofMarch 2020
Results

Total assets
Net interest-bearing debt

End ofJune 2020
Results

3,400
0.2
2,900
2,400

Changes

3,817

-60

1,400

59

-127

-186

900

1,283

1,297

+13

Ratio of shareholders’equity to net assets

33.1%

34.0%

+0.9pt

-0.10

0.1

1,900

3,877

0.05

0.3

3,817

0.05

Shareholders’ equity

Net DER

3,877

-0.14

0

-0.10
1,297

1,283

-0.1

400

59
-100

End of March 2020-127
End of June 2020

Total assets

Net interest-bearing debt

Shareholders’ equity

Net DER-0.2

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10Cash Flows

Both operating CF and substantive CF increased year on year.
250(100 million yen)

248

210
170
130

FCF

90

Substantive operating CF

50

47

31

16

61

-19

-30

-35

-54

Operating CF
Investing CF-19

FY2017
1Q Results

Cash Flows

45

29

-2
-62

Financing CF

85
75

18

10
-70

32

163

FY2018
1Q Results

-41

-43
FY20191Q Results

FY2017
1Q Results

FY2018
1Q Results

FY2020
1Q Results

FY20191Q Results

FY2020
1Q Results

Cash flows from operating activities

-19

31

-41

163

Cash flows from investing activities

-35

16

- 2

85

(Free cash flows)

-54

47

-43

248

Cash flows from financing activities

-19

-62

45

29

18

32

61

75

Substantive cash flows
Substantive operating cash flows (*)(*) Operating CF – Increase/decrease in working capital

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11

(Reference) Market Trends

Outlook for crude oil prices continues to be uncertain due tothe impact of the COVID-19 coronavirus pandemic.
Trends in Dubai crude oil price
73.13
63.25

72.49

59.11

Solid line: Recent value($/bbl)

77.25

61.12

79.39

59.37

66.41

64.89

61.97

57.32

64.29

64.58

66.93

Dotted line: Year-ago value

70.95

69.52
61.76

59.08

54.22
30.5

33.70

40.8

20.4
2019/7

2019/8

Trends in propane CP price555
375

2019/7580

2019/9600

370

2019/8

2019/12

655
540

350

2019/92020/1

2020/2

2020/32020/42020/52020/6

445

565

430

420

440

2019/10

2019/112019/12

9.99

9.92

430

2020/1

505

490

440

430

2020/2

515

230

525
430
350
340

2020/32020/42020/5

7.70

8.05

7.60

5.98

5.24

2020/32020/42020/6(Yen/KWh)

12.24
9.69
10.25

7.49
2019/7

2019/11($/MT)

Electricity wholesale transactions market
12.54

2019/10

2019/89.07

2019/99.81
8.24

2019/10

7.75
2019/118.22

2019/129.95
7.68
2020/1

8.93
6.86
2020/2

4.18
2020/57.89
5.01
2020/6

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12

Overview of Consolidated Financial Resultsfor First Three Months of FY2020(2) Overview by Segment

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13

Results by Segment(100 million yen)

FY20191Q Results

FY2020
1Q Results

Changes

Rate of change%

FY2020Plan

Achievement rate

Company-wide

Net sales
Operating profit
Net profit

2,202
43
27

1,482
44
36

-720
+1
+9

-32.7
+3.1
+32.4

7,100
160
110

21%
28%
33%

▋Home-Life

Net sales
Operating profit
Net profit

198
6
5

158
1
2

-41
-5
-3

-20.1
-89.7
-65.5

―
―
26

―
―
7%

▋Car-Life

Net sales
Operating profit
Net profit

1,261
19
10

819
9
6

-442
-10
-4

-35.0
-52.8
-39.2

―
―
28

―
―
22%

▋Industrial BusinessNet sales
Operating profit
Net profit

500
3
2

323
17
15

-178
+15
+13

-35.5
+575.8+705.8

―
―
24

―
―
63%

▋Power & Utility

Net sales
Operating profit
Net profit

243
14
9

183
15
11

-60
+1
+2

-24.8
+8.9
+24.1

―
―
35

―
―
32%

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14

▋Home-Life

Profit decreased reflecting the effect of inventories due to declining LP gas
import prices, a decrease in sales the volumes of LP gas and industrial gas.
(100 million yen)
FY20191Q Results

FY2020
1Q Results

Major factors for increase/decrease（Net profit）

Changes

Gross profit

53

46

-6

Selling, general andadministrative expenses

-48

-46

+2

Operating profit

6

1

-5

Share of profit (loss) ofinvestments accounted forusing the equity method

3

2

-1

Net profit

5

2

-3

13

Quarterly results

Profit (loss) ofmajor affiliates

6

5

2

The number of customers under direct contracts
slightly decreased to 550,000. For LP gas sales
volume, LP gas for household use increased due todemand driven by those refraining from going out.
However, demand for gas for business, industrial andautomobile use declined due to declining operating
rates at factories. Overall, it fell year on year.
Profit decreased reflecting the effect of inventories due
to a fall in import prices of LP gas and decreases insales volumes of LP gas and industrial gas.

FY20191Q Results

FY2020
1Q Results

Changes

ITOCHU ENEX HOME-LIFENISHI-NIHON

2

2

-0

ECORE (The Company’s
equity 51%)

2

1

-1

ENEARC (The Company’s
equity 50%)

3

2

-1

Number ofcustomers (1,000)

2Q

3Q

4Q

FY20197%

Number of customers
under direct LP gas supply
contracts

551

550

-1

Number of customers forelectricity retail

93

96

+3

FY20191Q Results

FY2020
1Q Results

Changes

120

108

-10%

19

16

-16%

LP gas (thousand tons)

FY202026

End of June
2020

1Q

-3

Achievementrate

End ofMarch 2020

Sales volumes
1Q

FY2020Plan

Industrial gas(million m3 & thousand tons)

Changes

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15

▋Car-Life

Profit decreased because the COVID-19 coronavirus pandemic strongly
impacted the car dealer business and the number of vehicles sold declined.
(100 million yen)
FY20191Q Results

FY2020
1Q Results

Major factors for increase/decrease（Net profit）

Changes

Gross profit

113

104

-9

Selling, general andadministrative expenses

-95

-94

+1

Operating profit

19

9

-10

Share of profit (loss) ofinvestments accounted forusing the equity method

0

0

-0

Net profit

10

6

-4

Profit (loss) ofmajor affiliates

Quarterly results

15
10

11

5

1Q

2Q
3Q
FY20194Q

6FY2020Plan

Achievement
rate

The Sales volume of oil products fell short of its level inthe previous year. In addition, the number of new cars
sold substantially fell year on year due to shortened
business hours at dealers associated with measures toaddress the COVID-19 pandemic.
Profit decreased due to a decline in the sales volume
of oil products and decreases in the number of cars
sold and service revenue in the car dealer business.

FY20191Q Results

FY2020
1Q Results

Changes

ENEX FLEET

3

6

+3

Osaka Car Life Group(The Company’s equity 51.95%)

2

-1

-3

28

22%

FY20191Q Results

FY2020
1Q Results

Changes

Gasoline (thousand KL)

469

377

-20%

Kerosene (thousand KL)

54

57

+6%

Diesel oil (thousand KL)

495

470

-5%

New cars (thousand units)

6

5

-24%

Used cars (thousand units)

6

5

-20%

Sales volumes

1Q
FY2020
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16

▋Industrial BusinessProfit increased substantially due to export/import operations for oil
products and a reduction in expenses.
(100 million yen)

FY20191Q Results

FY2020
1Q Results

Major factors for increase/decrease（Net profit）

Changes

Gross profit

14

27

+13

Selling, general andadministrative expenses

-12

-10

+2

Operating profit

3

17

+15

Share of profit (loss) ofinvestments accounted forusing the equity method

0

0

-0

Net profit

2

15

+13

Quarterly results

15

FY20191Q Results

FY2020
1Q Results

Gasoline (thousand KL)

241

176

-27%

Kerosene (thousand KL)

142

75

-47%

Diesel oil (thousand KL)

280

266

-5%

Heavy fuel oil (thousand KL)

484

539

+11%

70

72

+2%

Sales volumes

12

5
2

4

Asphalt (thousand tons)

1Q

2Q
3Q
FY20194Q

For oil products for industrial use and fuel cards forcars, sales volume declined year on year due to a
declining operating rate at factories and a decrease in
the use of cards for company vehicles. Meanwhile, thesales volumes of asphalt and marine fuel rose.
Profit substantially rose thanks to operations which
understood changing crude oil prices in theexports/imports of oil products, and a reduction in
operating expenses.

FY2020Plan

Achievement
rate

24

63%

Changes

1Q
FY2020
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17▋Power & Utility

Profit increased due to a higher operating rate than the previous year
in the power generation area.
(100 million yen)
FY20191Q Results

FY2020
1Q Results

Major factors for increase/decrease（Net profit）

Changes

Gross profit

26

26

-0

Selling, general andadministrative expenses

-12

-12

+0

Operating profit

14

15

+1

Share of profit (loss) ofinvestments accounted forusing the equity method

3

3

-0

Net profit

9

11

+2

Profit (loss) of majoraffiliates

FY20191Q Results

FY2020
1Q Results

Changes

ENEX Electric Power Group

0

5

+4

ENEX LIFE SERVICE

1

1

+0

Tokyo Toshi Service
Company(The Company’s equity
66.6%)

2

3+1

Oji-Itochu Enex power
retailing Co., Ltd.
(The Company’s equity
60.0%)

2

Quarterly results

17

11
9
8
2
1Q

2Q
3Q
FY20194Q

1Q
FY2020

FY2020
Plan

Electricity retail sales increased because the consumption
volume of power for household use rose due to demand
from those refraining from leaving home. Moreover, lowvoltage power sales volume increased due to a rise in thenumber of low-voltage power contracts, mainly for householduse. However, sales volume fell year on year reflecting a big
fall in large high-voltage power contracts for corporate use.
Profit rose due to the completion of large, regular repair work
conducted in the last fiscal year in the power generation area
and a rising operation rate in the current fiscal year.

2+0

Achievement
rate

35

32%

FY20191Q Results

FY2020
1Q Results

Electricity Retail (GWh)*

577

509

-12%

Breakdown:
Sales of high voltages*

486

384

-21%

Sales of low voltages*

92

125

+37%

Steam (thousand tons)

150

125

-16%

Heat quantity (TJ)

256

237

-7%

Sales volumes

Changes（* Calculated based on preliminary values）
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18

Appendix

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19

Appendix[Reference] Shipments of gasoline and diesel oil in Japan (national statistics)* Created based on statistics from Petroleum Association of Japan

Weekly shipment volume of gasoline

2019

2020

Unit: Thousand kiloliters
1000
900
800

976

929

909
850

903

741

700

929

911

941

895

883

801

661

743

540

Third weekof March

742

673

Fourthweek of
March

First weekof April

Secondweek of
April

Third weekof April

Fourthweek of
April

866

866

865

745

801

831

920

883

887

826

850

712

872

885

736

783

554

500
Secondweek of
March

853

751

826

600
First weekof March

808

First weekof MaySecondweek ofMay

Third weekof MayFourthweek of
May

First weekof JuneSecondweek of
June

Third weekof JuneFourthweek of
JuneFirst weekof July

Secondweek of
July

Third weekof July

Weekly shipment volume of diesel oil
Unit: Thousand kiloliters
750
650
550

639

670

666

666

647

657

695

589
627
551

529

594

628

653

649

615

557

573

Third weekof MayFourthweek of
May

648

688
614

622

659

635

588

522
599

595

611
536

450

583

614

606
483

533

559

557

385

350
First weekof March

Secondweek of
March

Third weekof March

Fourthweek of
March

First weekof April

Secondweek of
April

Third weekof April

Fourthweek of
April

First weekof MaySecondweek of
May

First weekof JuneSecondweek of
June

Third weekof JuneFourthweek of
JuneFirst weekof July

Secondweek of
July

Third weekof July

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20

Appendix[Reference] Sales volume of LP gas and new cars (national statistics)
Monthly sales volume of LP gas (propane) (January to May)
January

Unit: Thousand tons

February
2020

March
Changes

2019

2020

April
Changes

2019

May

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

For household
and business use

827

780

-6%

795

747

-6%

750

749

-1%

675

646

-4%

562

513

-9%

For cars

5

5

-8%

5

4

-6%

5

4

-10%

4

3

-30%

4

2

-42%

* Created based on statistics from Japan LP Gas Association

Monthly sales of new cars (standard-sized cars and compact cars) (January to May)
January

February

March

Unit: Thousand units

April

May

June

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

2019

2020

Changes

218

193

-12%

261

233

-11%

357

322

-10%

200

145

-28%

213

124

-42%

248

182

-27%

* Created based on statistics from Japan Automobile Dealers Association

Copyright©2020 ITOCHU ENEX CO.,LTD. All rights reserved.
Copyright©2020 ITOCHU ENEX CO.,LTD. All rights reserved.

21

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Copyright©2020 ITOCHU ENEX CO.,LTD. All rights reserved.
Copyright©2020 ITOCHU ENEX CO.,LTD. All rights reserved.

22