Consolidated Financial Results for the Year Ended March 31, 2021 [IFRS]Tokyo, April 30, 2021 - Mitsui & Co., Ltd. announced its consolidated financial results for the year ended March 31, 2021, based on
International Financial Reporting Standards (“IFRS”).
Mitsui & Co., Ltd. and subsidiaries(Web Site : https://www.mitsui.com/jp/en/)President and Chief Executive Officer : Kenichi Hori
Investor Relations Contacts : Masaya Inamuro, Investor Relations Division TEL 81-3-3285-1111
1. Consolidated financial results(1) Consolidated operating results information for the year ended March 31, 2021
(from April 1, 2020 to March 31, 2021)
Years ended March 31,
2021

2020

%

%

Revenue

Millions of yen

8,010,235(5.6)

8,484,130(5.3)

Profit before income taxes

Millions of yen

450,202(15.7)

534,320(8.6)

Profit for the year

Millions of yen

350,381(14.8)

411,312(4.7)

Profit for the year attributable to owners of the parent

Millions of yen

335,458(14.3)

391,513(5.5)

Comprehensive income for the year

Millions of yen

996,046－(261,856)－

Earnings per share attributable to owners of the parent, basic

Yen

199.28226.13

Earnings per share attributable to owners of the parent, diluted

Yen

199.18225.98

Profit ratio to equity attributable to owners of the parent

%

8.0

9.7

Profit before income taxes to total assets

%

3.7

4.5

Note:
1. Percentage figures for Revenue, Profit before income taxes, Profit for the year, Profit for the year attributable to owners of theparent, and Comprehensive income for the year represent changes from the previous year.
2. Share of profit (loss) of investments accounted for using the equity method for the years ended March 31, 2021 and 2020 were
¥227,910 million and ¥269,232 million, respectively.
3. As described in the Note in Consolidated Statements of Income, the Company has reconsidered the presentation of revenue fromcertain transactions, and has restated revenues for the previous fiscal year.
(2) Consolidated financial position information
March 31, 2021

March 31, 2020

Total assets

Millions of yen

12,515,845

11,806,292

Total equity

Millions of yen

4,822,887

4,060,932

Total equity attributable to owners of the parent

Millions of yen

4,570,420

3,817,677

Equity attributable to owners of the parent ratio

%

36.5

32.3

Equity per share attributable to owners of the parent

Yen2,739.28

2,235.83

(3) Consolidated cash flow information
Years ended March 31,
2021

2020

Operating activities

Millions of yen

772,696526,376

Investing activities

Millions of yen(322,474)(185,230)

Financing activities

Millions of yen(486,963)(204,561)

Cash and cash equivalents at the end of the year

Millions of yen

1,063,150

1,058,733

2. Dividend information
Years ended March 31,
2021

Year ending March
31, 2022 (Forecast)

2020

Interim dividend per share

Yen

40

40

45

Year-end dividend per share

Yen

45

40

45

Annual dividend per share

Yen

85

80

90

Annual dividend (total)

Millions of yen

142,589

137,848

42.7

35.4

Consolidated dividend payout ratio

%

32.4

Consolidated dividend on equity attributable
%
3.4
3.4
to owners of the parent
Note:
The amount of Annual dividend includes ¥331 million of dividend for the shares related to the share-based compensation plan for
employees.
3. Forecast of consolidated operating results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Year ending
March 31, 2022
Profit attributable to owners of the parent
Earnings per share attributable to owners of the parent, basic

Millions of yen

460,000

Yen

277.494. Others(1) Increase/decrease of important subsidiaries during the period : None
(2) Changes in accounting policies and accounting estimate :(ⅰ) Changes in accounting policies required by IFRS(ⅱ) Other changes(ⅲ) Changes in accounting estimates

Yes
None
Yes

Note :For further details please refer to p.28 “5. Consolidated Financial Statements (7) Changes in Accounting Policies and Changes in
Accounting Estimates”.

(3) Number of shares :March 31, 2021
Number of shares of common stock issued, including treasury stock
Number of shares of treasury stock

1,717,104,808

1,742,684,906

48,628,466

35,184,567

Year ended
March 31, 2021
Average number of shares of common stock outstanding

March 31, 2020

Year ended
March 31, 2020

1,683,338,251

1,731,383,943

This earnings report is not subject to audit.
A Cautionary Note on Forward-Looking Statements:
This report contains forward-looking statements including those concerning future performance of Mitsui & Co., Ltd. (“Mitsui”), andthose statements are based on Mitsui’s current assumptions, expectations and beliefs in light of the information currently possessed byit. Various factors may cause Mitsui’s actual results to be materially different from any future performance expressed or implied bythese forward-looking statements.
Therefore, these statements do not constitute a guarantee by Mitsui that such future performance will be realized.
For key assumptions on which the statements concerning future performance are based, please refer to (2)“Forecasts for the YearEnding March 31, 2022” on p.16. For cautionary notes with respect to forward-looking statements, please refer to the “Notice” section
on p.20.
Supplementary materials and IR meetings on financial results:
Supplementary materials on financial results can be found on our web site.
We will hold an IR meeting on financial results for analysts and institutional investors on May 7, 2021.
Contents of the meeting (English and Japanese) will be posted on our web site immediately after the meeting.

Table of Contents
1. Qualitative Information(1) Operating Environment………………………………………………………………………………………

2(2) Results of Operations………………………………………………………………………………………...

3(3) Financial Condition and Cash Flows………………………………………………………………………...

11

2. Management Policies(1) Progress with the Medium-term Management Plan…………………………………………………………

16(2) Forecasts for the Year Ending March 31, 2022……………………………………………………………...

16(3) Profit Distribution Policy…………………………………………………………………………….……… 19
3. Basic Approach on Adoption of Accounting Standards……………………………………………………… 19
4. Other Information……………………………………………………………………………………………..

20

5. Consolidated Financial Statements(1) Consolidated Statements of Financial Position……………………………………………………………… 21(2) Consolidated Statements of Income and Comprehensive Income…………………………………………... 23(3) Consolidated Statements of Changes in Equity……………………………………………………………... 25(4) Consolidated Statements of Cash Flows…………………………………………………………………….. 26(5) Assumption for Going Concern……………………………………………………………………………... 27(6) Basis of Consolidated Financial Statements………………………………………………………………… 27(7) Changes in Accounting Policies and Changes in Accounting Estimates……………………………………. 28(8) Changes in Presentation…………………………………………………………………………………….

30(9) Notes to Consolidated Financial Statements………………………………………………………………… 31- 1 -1. Qualitative Information
As of the date of disclosure of this earnings report, the audit procedures for consolidated financial statements havenot been completed.
As used in this report, "Mitsui" and the "Company" refer to Mitsui & Co., Ltd. (Mitsui Bussan Kabushiki Kaisha),and "we", "us", "our" and the "companies" are used to indicate Mitsui & Co., Ltd. and its subsidiaries, unlessotherwise indicated.
(1) Operating Environment
In the year ended March 31, 2021, the global economy declined rapidly and significantly at the beginning of the
fiscal year due to widespread restraints on economic activities, which included curfew in many countries due to theglobal spread of COVID-19. However, the overall economy subsequently rebounded as economic activities
resumed intermittently depending on the spread of infection, and major economies such as the U.S. provided largescale support for households and businesses and implemented financial measures.
In the U.S., the economic recovery trend is expected to strengthen due to large-scale economic measures by the
new Biden administration and increasing vaccinations. In Europe, there are concerns that the economic recovery
may be delayed as restraints on activities continue due to the resurgence in infections and the slowing pace ofvaccinations in major countries other than the UK. In Japan, despite the recovery in exports, there are concerns
about the resurgence of COVID-19 cases and the impact of reduced automobile production due to a global shortageof semiconductors. As a result, a full-fledged recovery is not expected until after the summer when more
vaccinations are available. In China, in addition to an increase in exports, investment and consumer spending arerecovering and the economic growth rate is expected to exceed the rate prior to the COVID-19 outbreak. In Russia
and Brazil, although exports and consumer spending continue to recover, Brazil remains unable to stop the spreadof infection and there are concerns that this will hinder the economic recovery.
The global economic recovery is expected to be boosted by additional economic measures in major countries aswell as by widespread availability of vaccinations. China, which controlled the spread of infection during the earlystage, is already on a recovery path, and the U.S., which is expanding large-scale financial measures, is expected toreturn to the level before the COVID-19 outbreak in the first half of the year. Then, Japan is expected to return tothe pre-COVID-19 level by the end of the year and Europe by next year.

- 2 -(2) Results of Operations
1) Analysis of Consolidated Income Statements
Current Year

Previous Year(As restated)

Revenue

8,010.2

8,484.1(473.9)Gross Profit

811.5

839.4

(27.9)

Selling, general and administrative expenses(606.4)(584.9)(21.5)

7.9

25.1(17.2)(52.9)(110.8)

+57.9

4.6

9.5

(4.9)

Other Income (Expense)—Net(13.9)

38.5(52.4)

Interest Income

19.9

41.4

(21.5)

Dividend Income

103.7

96.5

+7.2

Interest Expense(51.9)(89.6)

+37.7

227.9

269.2

(41.3)

Income Taxes(99.8)(123.0)+23.2

Profit for the Year

350.4

411.3

(60.9)

Profit for the Year Attributable to Owners of the Parent

335.5

391.5

(56.0)(Billions of Yen)

Gain (Loss) on Securities and Other
Investments—Net
Other Income(Expenses)

Impairment Reversal (Loss) of Fixed Assets—
Net
Gain (Loss) on Disposal or Sales of Fixed
Assets—Net

Finance Income(Costs)Share of Profit (Loss) of Investments Accounted for Using theEquity Method

Change* May not match with the total of items due to rounding off. The same shall apply hereafter.

Revenue
Revenue for the year ended March 31, 2021 (“current year”) was ¥8,010.2 billion, a decrease of ¥473.9 billion
from the year ended March 31, 2020 (“previous year”).
* We have presented the "revenue" and corresponding "cost" of certain transactions in gross amounts beginningwith the current fiscal year. Those amounts for the previous fiscal year have also been restated to conform to thepresentation in the current fiscal year. This restatement has no impact on gross profit, profit for the year attributableto owners of the parent, or total equity attributable to owners of the parent. For further details please refer to “5.
Consolidated Financial Statements (2) Consolidated Statements of Income and Comprehensive Income”.
Gross Profit
Mainly the Energy Segment, the Machinery & Infrastructure Segment, the Lifestyle Segment recorded a decrease,
while the Innovation & Corporate Development Segment, Mineral & Metal Resources Segment and the Chemicals
Segment recorded an increase.
Selling, general and administrative expenses
Mainly the Lifestyle Segment and the Machinery & Infrastructure Segment recorded a decline, while a cost
increasing factor was recorded in the Machinery & Infrastructure Segments. On the other hand, the Mineral &Metal Resources Segment recorded increasing factors. The table provides a breakdown of selling, general andadministrative expenses.

- 3 -Billions of Yen
Current Year

Previous Year

ChangePersonnel ……………………………………. ¥(296.9) ¥(298.8) ¥+1.9

Welfare ………………………………………

(9.2)(10.4)+1.2

Travel ………………………………………..

(7.0)(27.5)+20.5

Entertainment ………………………………..

(1.7)

(6.1)

+4.4

Communication ……………………………...

(46.4)(44.1)(2.3)

Rent ………………………………………….

(8.7)

(9.3)

+0.6

Depreciation …………………………………

(36.7)(41.9)+5.2

Fees and Taxes ………………………………

(12.4)(13.3)+0.9

Loss Allowance ……………………………...

(80.6)(31.3)(49.3)

Others ………………………………………..

(106.8)(102.2)(4.6)

Total ………………………………………… ¥(606.4) ¥(584.9) ¥(21.5)

Other Income (Expenses)
Gain (Loss) on Securities and Other Investments—Net
For the current year, a gain on securities was recorded in the Machinery & Infrastructure Segment, while an
impairment loss was recorded in the Mineral & Metal Resources Segment and the Machinery & Infrastructure
Segment.
For the previous year, a gain on securities was recorded in the Machinery & Infrastructure Segment, the Lifestyle
Segment and the Innovation & Corporate Development Segment.
Impairment Reversal (Loss) of Fixed Assets—Net
For the current year, mainly the Energy Segment and the Machinery & Infrastructure Segment recorded an
impairment loss on fixed assets, while the Innovation & Corporate Development Segment recorded an impairment
reversal.
For the previous year, impairment losses on fixed assets were recorded in the Energy Segment, the Lifestyle
Segment and the Machinery & Infrastructure Segment.
Other Income (Expense)—Net
For the current year, the impairment loss on loans in the Mineral & Metal Resources Segment and Machinery &Infrastructure Segment, the foreign exchange related loss in the Mineral & Metal Resources Segment, and the cost
related to asset retirement obligation in the Energy Segment were recorded while insurance proceeds were recordedin the business in North America in the Chemicals Segment.
For the previous year, the Chemicals Segment recorded insurance proceeds in the business in North America, theInnovation & Corporate Development Segment recorded a valuation profit on a derivative in relation to a put
option of an investment, and the Machinery & Infrastructure Segment recorded insurance proceeds. Furthermore, again on the sales of property management business was recorded in the Lifestyle Segment.
Finance Income (Costs)
Dividend Income
Mainly the Mineral & Metal Resources Segment recorded an increase, while the Energy Segment recorded a
decrease.

- 4 -Share of Profit (Loss) of Investments Accounted for Using the Equity Method
Mainly the Energy Segment, the Lifestyle Segment and the Iron & Steel Products Segment recorded a decrease,
while the Mineral & Metal Resources Segment and the Machinery & Infrastructure Segment recorded an increase.
Income Taxes
Income taxes for the current year were ¥99.8 billion, a reduction of ¥23.2 billion from ¥123.0 billion for theprevious year. For the current year, ¥39.0 billion profit was recorded through the deferred tax assets recognitions
due to the reorganization of the U.S. subsidiaries in the Energy Segment.
The effective tax rate for the current year was 22.2%, a decrease of 0.8 points from 23.0% for the previous year.
Although there was an increase in tax effective rate due to an impairment loss not recognizable for deferred tax inthe Mineral & Metal Resources Segment, there was a decrease in tax effective rate due to a deferred tax assets
recognition in the Energy Segment and reversal of deferred tax liabilities on equity accounted investments due todividends from those investees. Considering these items, the tax effective rate was lower than the previous year.
Profit for the Year Attributable to Owners of the Parent
Profit for the year attributable to owners of the parent was ¥335.5 billion, a decrease of ¥56.0 billion from theprevious year. For the impact of COVID-19 pandemic, please refer "3) Impact of COVID-19 pandemic".
2) Operating Results by Operating Segment
A part of next-generation electric power business was transferred from the Machinery & Infrastructure Segment toEnergy Segment effective April 1, 2020. In accordance with the aforementioned changes, the operating segment
information for the previous year has been restated to conform to the current year's presentation.
Iron & Steel Products Segment(Billions of Yen)

Current Year

Previous Year

ChangeProfit for the year attributable to owners of the parent

2.1

4.7

(2.6)

Gross profit

21.2

24.6

(3.4)

Profit (loss) of equity method investments

4.3

13.1

(8.8)

Dividend income

1.4

1.9

(0.5)

Selling, general and administrative expenses(22.0)(27.2)+5.2

Others

(2.8)

(7.7)

+4.9

Profit (loss) of equity method investments decreased mainly due to the following factor:- For the current year, Gestamp companies reported a decrease of ¥9.1 billion mainly due to the lower operatingtime caused by lower automotive production, the impact of foreign exchange fluctuations, and one-time cost
related to the structural transformation.
Mineral & Metal Resources Segment(Billions of Yen)

Current Year

Previous Year

Profit for the year attributable to owners of the parent

179.9

183.3

(3.4)

Gross profit

251.2

226.0

+25.2

Profit (loss) of equity method investments

70.4

59.2

+11.2

Dividend income

59.8

25.2

+34.6

Selling, general and administrative expenses(72.3)(41.6)(30.7)

Others(129.2)(85.5)(43.7)- 5 -Change・ Gross profit increased mainly due to the following factors:- Iron ore mining operations in Australia recorded an increase of ¥54.3 billion mainly due to higher sales prices.
- Coal mining operations in Australia recorded a decrease of ¥30.2 billion mainly due to lower sales prices.
・ Profit (loss) of equity method investments increased mainly due to the following factors:- Iron ore mining operations in Australia recorded an increase of ¥10.8 billion mainly due to higher sales prices.
- Compañía Minera Doña Inés de Collahuasi SCM, a copper mining company in Chile, recorded an increase of¥6.1 billion mainly due to higher sales prices and sales volume.
- Coal mining operations in Australia recorded a decrease of profit mainly due to lower sales prices.
- Following the revisions to our various assumptions, impairment losses of ¥3.8 billion for the current year, and¥5.1 billion for the previous year were recorded for the Nacala Corridor rail & port infrastructure business inMozambique.
・ Dividend income increased mainly due to higher dividends from Vale S.A. and iron ore mining operations inAustralia.
・ Selling, general and administrative expenses increased mainly due to the following factors:- Following the revisions to our various assumptions, impairment losses of ¥35.9 billion for the current year and¥9.8 billion for the previous year for doubtful debts were recorded regarding the Moatize mine business andNacala Corridor rail & port infrastructure business in Mozambique.
- For the current year, an impairment loss of ¥8.3 billion for doubtful debt was recorded, based on the
conclusion of share transfer agreement for the SCM Minera Lumina Copper Chile, the project company for the
Caserones Copper Mine.
・ In addition to the above, the following factors also affected results:- Following the revisions to our various assumptions, impairment losses of ¥19.2 billion for the current year and¥2.8 billion for the previous year were recorded regarding the Moatize mine business and Nacala Corridor rail
& port infrastructure business in Mozambique.
- Coal mining operations in Australia recorded a decrease of ¥6.7 billion due to foreign exchange related losses.
- Iron ore mining operations in Australia recorded a decrease of ¥6.0 billion due to foreign exchange related
losses.
Energy Segment(Billions of Yen)

Current Year

Previous Year

ChangeProfit for the year attributable to owners of the parent

27.2

57.8

(30.6)

Gross profit

62.9

141.1

(78.2)

Profit (loss) of equity method investments

18.8

45.2

(26.4)

Dividend income

25.1

52.7

(27.6)

Selling, general and administrative expenses(47.2)(44.5)(2.7)

Others(32.4)(136.7)+104.3・ Gross profit decreased mainly due to the following factors:- Mitsui Oil Exploration Co., Ltd. recorded a decrease of ¥54.6 billion mainly due to decline in production, andlower oil and gas prices.
- Business division at the Headquarters recorded a decrease mainly due to impact of hurricane in LNG tradingbusiness.
- Mitsui E&P Italia A S.r.l recorded a decrease of ¥8.4 billion mainly due to an increase in cost.
- MEP Texas Holdings LLC recorded a decrease of ¥4.9 billion mainly due to lower oil and gas prices.
- Mitsui E&P USA LLC recorded a decrease of ¥4.3 billion mainly due to lower oil and gas prices.
- AWE recorded an increase of ¥4.8 billion due to decrease of depreciation cost.
- 6 -・ Profit (loss) of equity method investment decreased mainly due to the following factors:- Japan Australia LNG(MIMI) Pty. Ltd recorded a decrease mainly due to lower oil and gas prices.
- Mitsui E&P Mozambique Area 1 Limited recorded a decrease of ¥11.8 billion mainly due to the recognition ofdeferred tax assets in accordance with the Final Investment Decision for the project in the previous year.
- Japan Arctic LNG recorded a decrease of ¥10.1 billion mainly due to valuation loss on changes in oil price,foreign exchange and others.
- Mitsui & Co. LNG Investment USA, Inc. recorded an increase of ¥9.2 billion due to the commencement ofcommercial production in all three trains at the Cameron LNG Project.
・ Dividends from six LNG projects (Sakhalin II, Qatargas 1, Abu Dhabi, Oman, Qatargas 3 and Equatorial Guinea)
were ¥24.3 billion in total, a decrease of ¥25.9 billion from the previous year.
・ In addition to the above, the following factors also affected results:- For the current year, profit of ¥39.0 billion was recorded due to recognition of deferred tax assets inaccordance with transferring and reorganizing the U.S. energy subsidiaries to MBK Energy Holdings USA Inc.
- For the current year, mainly due to lower oil price, Mitsui E&P Italia A S.r.l recorded an impairment loss of¥23.4 billion for its Tempa Rossa project while impairment loss of ¥13.9 billion was recorded for the same
project in the previous year.
- For the current year, Mitsui E&P Australia recorded an impairment loss of ¥17.3 billion mainly for its
Meridian project mainly due to the update of production profile, Toro/Ragnar and Libra exploration projects
due to changes in the future development plan, while impairment loss of ¥31.2 billion was recorded for Greater
Enfield project in the previous year.
- For the current year, Mitsui E&P Australia recorded a cost of ¥7.7 billion due to a revision of asset retirement
obligation.
- For the previous year, MEP Texas Holdings recorded an impairment loss of ¥23.4 billion for its Eagle Ford
shale oil and gas business.
- For the previous year, a subsidiary of Mitsui Oil Exploration Co., Ltd. recorded an impairment loss of ¥4.3
billion for its offshore project in the Gulf of Mexico.
Machinery & Infrastructure Segment(Billions of Yen)

Current Year

Previous Year

ChangeProfit for the year attributable to owners of the parent

45.9

89.4

(43.5)

Gross profit

107.7

134.6

(26.9)

Profit (loss) of equity method investments

95.3

88.4

+6.9

Dividend income

3.9

5.1

(1.2)

Selling, general and administrative expenses(132.9)(133.4)+0.5

Others(28.1)(5.3)(22.8)・ Gross profit decreased mainly due to the following factor:- For the current year, the subsidiaries in relation to the railways, construction & industrial machinery, andautomobile business recorded a decrease due to the effect of the COVID-19 pandemic.
・ Profit (loss) of equity method investments increased mainly due to the following factors:- A gain was recorded at an automobile company in Canada due to good sales results.
- A gain was recorded at a construction & mining machinery company in Australia due to good sales results.
- Mitsui & Co. LNG Investment USA, Inc. recorded an increase of ¥4.0 billion due to the commencement ofcommercial production in all three trains at the Cameron LNG Project.

- 7 -- FPSO/FSO leasing companies recorded an increase of ¥3.8 billion due to the absence of refinancing and othercosts in the previous year.
- Offshore supporting vessels business was improved due to the absence of impairment of assets in the previous
year.
- For the current year, a portion of impairment loss of ¥4.7 billion for equity investments was recorded
following current estimates, based on status to date, and the final valuation of termination payments for earlytermination of the franchise agreements in relation to passenger rail business with the Department ofTransport, UK (“The current estimate in the passenger rail franchise business in the UK”).
- Investments in gas distribution companies in Brazil recorded a decrease of ¥4.6 billion because of thedepreciation of the Brazilian Real and tariff reduction as prior year adjustment for the current year, while therefund of service tax payments through arbitrations led to a transient increase in the previous year.
- Following the revisions to our various assumptions, impairment losses of ¥0.9 billion for the current year, and¥1.3 billion for the previous year were recorded for the Nacala Corridor rail & port infrastructure business inMozambique.
・ Selling, general and administrative expenses decreased, while there was the following increase factors:- Following the revisions to our various assumptions, impairment losses of ¥9.0 billion for the current year and¥2.4 billion for the previous year for doubtful debts were recorded regarding the Moatize mine business andNacala Corridor rail & port infrastructure business in Mozambique.
- For the current year, a loss allowance for doubtful debt of ¥4.9 billion was recorded based on the current
estimate in the passenger rail franchise business in the UK.
・ In addition to the above, the following factors also affected results:- For the current year, ¥9.3 billion impairment loss was recorded in the rolling stock leasing business.
- Following the revisions to our various assumptions, impairment losses of ¥4.8 billion for the current year and¥0.7 billion for the previous year were recorded regarding the Moatize mine business and Nacala Corridor rail
& port infrastructure business in Mozambique.
- For the previous year, Mitsui Bussan Aerospace Co., Ltd. reported an other income and expense of ¥4.0
billion mainly due to insurance proceeds.
- For the current year, a provision for loss on guarantee of ¥1.5 billion was recorded based on the current
estimate in the passenger rail franchise business in the UK.
- Gains on sale of the IPP business in North America were recorded both in the current and previous year.
- For the previous year, the overseas railway business recorded an impairment loss of fixed asset.
Chemicals Segment(Billions of Yen)

Current Year

Previous Year

ChangeProfit for the year attributable to owners of the parent

43.5

22.3

+21.2

Gross profit

124.9

116.8

+8.1

Profit (loss) of equity method investments

11.3

11.5

(0.2)

Dividend income

3.0

2.7

+0.3

Selling, general and administrative expenses(95.5)(101.9)+6.4

Others

(0.2)

(6.8)

+6.6

・ Gross profit increased mainly due to the following factor:- An increase of ¥3.1 billion was recorded due to price increase and cost reduction of main products in Novus
International, Inc.
・ In addition to the above, the following factor also affected results:- Insurance proceeds were recorded in the business in North America both for the current and previous year.
- 8 -Lifestyle Segment(Billions of Yen)

Current Year

Previous Year

ChangeProfit for the year attributable to owners of the parent

12.7

32.0

(19.3)

Gross profit

133.8

134.9

(1.1)

Profit (loss) of equity method investments

13.4

35.0

(21.6)

Dividend income

5.6

4.2

+1.4

Selling, general and administrative expenses(129.4)(139.3)+9.9

Others(10.7)

(2.8)

(7.9)

・ Gross profit decreased mainly due to the following factors:- For the current year, subsidiaries, whose businesses are fashion, food and distribution, recorded a decrease ofprofit due to the closure of stores and lower demand for commercial ingredients for the food service industry
caused by the state of emergency and curfew.
- For the current year, reclassification from a consolidated subsidiary for the fashion & textile businesses in Asia
to an equity method investee caused a ¥4.8 billion decrease.
- Drug development in the life science and healthcare fund invested through MBK Pharma Partnering Inc
recorded a ¥3.8 billion gain mainly from the valuation of fair value for the current year due to the progress on
drug development, and a ¥2.4 billion loss mainly due to the suspension of drug development for the previous
year.
- For the current year, United Grain Corporation of Oregon which runs an origination and merchandising ofgrain business in the U.S. West Coast recorded an increase of ¥5.0 billion mainly due to strong wheat andsoybean sales.
- For the current year, PRIFOODS CO., LTD. which runs a production, processing and sales of broilers
recorded an increase of ¥3.2 billion mainly due to an increase in sales volume with stay-at-homes orders.
・ Profit (loss) of equity method investment decreased mainly due to the following factors:- For the current year, equity method investees, whose businesses are food, fashion, and services, recorded a
decrease of profit due to curfew and self-restraint.
- For the current year, IHH Healthcare Berhad recorded a decrease of ¥3.4 billion mainly because of decline inoperation rate due to lower demand for medical tourism and from patients with minor illnesses caused by theeffect of the COVID-19 pandemic, and impairment of goodwill over subsidiary in India.
- For the previous year, International Columbia U.S. LLC divested Columbia Asia Healthcare Pte. Ltd and acapital gain of ¥13.0 billion from this transaction was recorded.
・ Selling, general and administrative expenses decreased mainly due to the following factor:- For the current year, reclassification from a consolidated subsidiary for the fashion & textile businesses in
Asia to an equity method investee caused a ¥4.3 billion decrease.
・ In addition to the above, the following factors also affected results:- For the previous year, there was a ¥12.5 billion decline in tax burden in relation to income taxes recognized asother comprehensive income corresponding to sales of financial assets measured at FVTOCI, including theshare of Recruit Holdings Co., Ltd.
- For the previous year, a capital gain from the sales of Sogo Medical Holdings Co., Ltd. and the reversal ofdeferred tax liability for the retained earnings, totaling ¥8.7 billion, were recorded.
- For the previous year, Mitsui & Co. Foresight recorded a gain on the sales of the property managementbusiness.
- For the previous year, a capital gain from the partial sale of RareJob, Inc. was recorded.

- 9 -- For the previous year, an impairment loss on fixed assets of ¥14.0 billion was recorded due to a decline of thefair value of its farmland and others mainly caused by a depreciation of the Brazilian real against the U.S.
dollar in XINGU AGRI AG conducting a production business of agricultural products in Brazil.
- For the previous year, an impairment loss of fixed assets of ¥6.8 billion was recorded mainly due to a partiallypoor business performance in Accountable Healthcare Holdings Corporation, which conducts healthcare
staffing in the U.S.
Innovation & Corporate Development Segment(Billions of Yen)

Current Year

Previous Year

ChangeProfit for the year attributable to owners of the parent

50.2

14.6

+35.6

Gross profit

107.0

60.1

+46.9

Profit (loss) of equity method investments

13.9

17.0

(3.1)

Dividend income

3.8

3.3

+0.5

Selling, general and administrative expenses(63.7)(64.5)+0.8

Others(10.8)

(1.3)

(9.5)

・ Gross profit increased mainly due to the following factors:- For the current year, a ¥13.1 billion gain on the sales was recorded at a holding company as a result of sales of
its entire shareholding in OSIsoft LLC.
- For the previous year, ¥6.5 billion loss was recorded due to the valuation of fair value on shares in Hutchison
China MediTech Ltd., while for the current year, ¥5.6 billion gain was recorded due to the valuation and salesof the shares.
- For the current year, an increase of ¥5.1 billion was recorded mainly due to good results of energy trading in
Mitsui Bussan Commodities Ltd.
- For the current year, an increase of ¥5.0 billion was recorded mainly due to good results of precious metal
trading at a business division at the Headquarters.
- For the previous year, MGI Global Fund L.P. recorded ¥1.0 billion loss for the valuation of shares, while forthe current year, it recorded ¥2.8 billion gain for the valuation and sales of shares mainly associated with the
IPO of QD Laser, Inc.
- For the current year, a gain of ¥3.3 billion in the valuation of fair value was recorded associated with the IPOof shares held through G2VP, LLC.
- An increase of ¥2.7 billion was caused from the combined effect of the loss on the valuation and sales of theshares in Mercari, Inc. recognized for the previous year, and the profit on the sales of it's entire shareholding
for the current year.
・ In addition to the above, the following factors also affected results:- For the current year, ¥4.3 billion of reversal of impairment loss on land was recorded.
- For the previous year, a gain on the sales of equity stake in real estate business in Singapore was recorded.
- For the previous year, a valuation profit on the derivative of ¥4.4 billion was recorded in relation to a put
option on an investment.
3) Impact of COVID-19 pandemic
For the current year, the Machinery & Infrastructure Segment, which suffered from lower demand in thepassenger rail franchise business and locomotive leasing business, and the Iron & Steel Products Segment, whichsuffered from lower plant utilization rates, recorded a decrease of profit due to the COVID-19 pandemic andlockdown or travel bans in various regions and countries. Also, the Lifestyle Segment recorded a decrease of- 10 -

profit due to lower demand for commercial ingredients for the food service industry and fashion-related products
amid a continuing trend in many countries to refrain from unnecessary going out, as well as a decline inoccupancy rates in the hospital business due to a decrease in medical tourism and patients with minor illnesses.
Additionally, the Energy Segment recorded a decrease of profit due to lower oil and gas prices caused by lower
demand mainly for transportation fuels.
On the other hand, the Innovation & Corporate Development Segment recorded an increase of profits due to
FVTPL gain in relation to the stock market recovered mainly by economic support measures in each country, in
addition to the steady capture of demands related to stay-at-home orders and IT infrastructure in the digital
security business and in the TV shopping business. Also, the automobile-related business in the Machinery &Infrastructure Segment, recorded an increase of profit as a result of the recovery of demand in the second half ofthe current year, mainly in North America, amid a shift in the means of transportation from public transportation
to private cars.
As mentioned above, there were some factors that contributed to the improvement in our results, but the impactof the decrease in profit due to factors that worsened our results was significant, thus our results were lower thanthe previous year due to the COVID-19 pandemic.

(3) Financial Condition and Cash Flows
1) Financial Condition(Billions of yen)March 31, 2021

March 31, 2020

12,515.8

11,806.3+709.5Current Assets

4,207.5

4,124.4+83.1

Non-current Assets

8,308.4

7,681.9+626.5Current Liabilities

2,701.7

2,701.1+0.6

Non-current Liabilities

4,991.2

5,044.3(53.1)

3,299.8

3,486.7(186.9)4,570.4

3,817.7+752.70.72

0.91(0.19)

Total Assets

Net Interest-bearing Debt
Total Equity Attributable to Owners of the
ParentNet Debt-to-Equity Ratio (times)

ChangeAssetsCurrent Assets:・

Cash and cash equivalents increased by ¥4.5 billion.

・

Trade and other receivables increased by ¥189.5 billion, mainly due to following factors:-

An increase in trade receivable by ¥147.3 billion due to favorable market conditions for the Mineral &Metal Resources Segment, and an increase in trading volume in the Energy Segment, and due to bothfavorable market conditions and the increase in trading volume in the Chemicals Segment; and-An increase of ¥49.8 billion in current portion of long-term receivables of Mineral & Metal Resources
Segment, mainly due to reclassification to current maturities.

・

Other financial assets declined by ¥132.9 billion, mainly due to market volatility and decreases in trading
volume of derivative trading in the Energy Segment and the Innovation & Corporate Development Segment.

・

Inventories increased by ¥61.3 billion, mainly due to favorable market condition and increases in trading
volume in the Mineral & Metal Resources Segment, the Energy Segment and the Lifestyle Segment.

- 11 -

Non-current Assets:・

Investments accounted for using the equity method increased by ¥163.0 billion, mainly due to the following
factors:- An increase of ¥108.7 billion resulting from foreign currency exchange fluctuations;- An increase of ¥36.3 billion due to an investment in Mitsui E&P Mozambique Area 1 Limited, which
participates in the Mozambique LNG Project;- An increase of ¥227.9 billion corresponding to the profit of equity method investments for the current year,
despite a decline of ¥194.8 billion due to dividends from equity accounted investees;-

An increase due to an investment in Japan Arctic LNG B.V., which participates in the Arctic LNG 2 Projectin Russia;- An increase of ¥10.5 billion due to an investment in Caitan S.p.A, which participate in desalination andconveyance projects for BHP Spence copper mine in Chile; and- A decline in equity method investment in Mitsui & Co. Cameron LNG Investment LLC as result of
conversion of equity method investment into shareholder loans by ¥25.9 billion.
・

Other investments increased by ¥471.2 billion, mainly due to the following factor:-

As a result of higher share prices, fair value on financial assets measured at FVTOCI increased by ¥472.8
billion.

・Trade and other receivables declined by ¥116.4 billion, mainly due to the following factors:-

An impairment of ¥66.9 billion for doubtful debt regarding the Moatize mine business and Nacala Corridor
rail & port infrastructure businesses in Mozambique;-A decline of ¥49.8 billion in current portion of long-term receivables of Mineral & Metal Resources
Segment, mainly due to reclassification to current maturities; and-An increase in receivable balance from Mitsui & Co. Cameron LNG Investment LLC as result of
conversion of equity method investment into shareholder loans by ¥25.9 billion.

・Property, plant and equipment increased by ¥53.7 billion, mainly due to the following factors:-

An increase of ¥94.3 billion (including foreign exchange translation profit of ¥77.4 billion) at iron ore
mining operations in Australia;-

An increase of ¥31.5 billion (including foreign exchange translation profit of ¥16.8 billion) at coal mining
operations in Australia; and-A decline of ¥74.3 billion (including foreign exchange translation profit of ¥19.0 billion) at the oil and gas
projects (*), mainly due to impairment losses at Mitsui E&P Italia A S.r.l and Mitsui E&P Australia.
(*) including the U.S. shale gas and oil projects from the current year.

・

Investment property increased by ¥23.0 billion, mainly due to an increase in the Innovation & Corporate

・

Development Segment.
Deferred tax assets increased by ¥53.2 billion, mainly due to following factors:- Recognition of deferred tax assets by ¥39.0 billion in accordance with transferring and reorganizing the U.S.
energy subsidiaries to MBK Energy Holdings USA Inc.; and-Recognition of deferred tax assets related to losses from valuation of fixed assets and impact of exchange
rate at Mitsui E&P Australia were main reasons for increase by ¥19.2 billion.

- 12 -

Liabilities
Current Liabilities:
・Short-term debt increased by ¥3.0 billion. Furthermore, the current portion of long-term debt increased by¥51.0 billion, mainly due to a reclassification to current maturities.

・

Trade and other payables increased by ¥176.8 billion, corresponding to the increase in trade and otherreceivables.

・

Other financial liabilities declined by ¥255.7 billion, mainly due to corresponding decline in other financial
assets and payments on account payable at the integrated development project in the 2, Otemachi 1-ChomeDistrict.

Non-current Liabilities:
・Long-term debt, less the current portion, declined by ¥233.9 billion.

・Provisions increased by ¥33.2 billion mainly due to increase in asset retirement obligations in Mitsui E&P
Australia and Mitsui Coal Holdings.

Total Equity Attributable to Owners of the Parent
・Retained earnings increased by ¥185.5 billion.

・

Other components of equity increased by ¥597.7 billion, mainly due to the following factors:-

Financial assets measured at FVTOCI increased by ¥359.7 billion; and-Foreign currency translation adjustments increased by ¥258.9 billion, mainly reflecting the appreciation of
the Australian dollar, and the U.S. dollar against the Japanese Yen, even though the Brazilian real has
depreciated.

・Treasury stock which is a subtraction item in shareholders' equity increased by ¥24.4 billion, mainly due to theshares buy-back for ¥71.3 billion(including a buy-back for share-based compensation plan for employees of¥6.9 billion), despite cancellation of the stock for ¥46.7 billion.

2) Cash Flows(Billions of yen)

Current Year Previous Year

ChangeCash flows from operating activities

772.7

526.4

+246.3

Cash flows from investing activities(322.5)(185.2)(137.3)

Free cash flow

450.2

341.2

+109.0Cash flows from financing activities(487.0)(204.6)(282.4)

Effect of exchange rate changes on cash and cash
equivalents etc.

41.2

(34.0)+75.2

Change in cash and cash equivalents

4.4

102.6

(98.2)Cash Flows from Operating Activities(Billions of Yen)

Current Year Previous Year

ChangeCash flows from operating activities

a

772.7

526.4

+246.3

Cash flows from change in working capital

b

56.2

(95.5)+151.7

Repayments of lease liabilitiesc(58.4)(60.9)

+2.5

a-b+c

658.1

561.0

+97.1

Core operating cash flow

- 13 -

・

Net cash from an increase or a decrease in working capital, or changes in operating assets and liabilities forthe current year was ¥56.2 billion of net cash inflow. Repayments of lease liabilities for the current year was¥58.4 billion of cash outflow. Core operating cash flow, which equaled cash flows from operating activities
without both cash flows from changes in working capital and repayments of lease liabilities, for the current
year amounted to ¥658.1 billion. From the current year, in order to reflect a regular cash generation output
from operating activities more appropriately, repayments of lease liabilities have been deducted. In
conformity with this change, core operating cash flow for the previous year has been restated.
-

Net cash inflow from dividend income, including dividends received from equity accounted investees, forthe current year totaled ¥307.8 billion, an increase of ¥8.6 billion from ¥299.2 billion for the previous
year; and-

Depreciation and amortization for the current year was ¥273.6 billion, an increase of ¥17.5 billion from
¥256.1 billion for the previous year.

The following table shows core operating cash flow by operating segment.
(Billions of Yen)

Current Year

Previous Year

2.0

2.2

(0.2)

Mineral & Metal Resources

308.1

243.7

+64.4

Energy

123.2

206.5

(83.3)

Machinery & Infrastructure

78.7

86.8

(8.1)

Chemicals

62.5

35.8

+26.7

Lifestyle

19.8

20.5

(0.7)

55.1

3.9

+51.2

8.7

(38.4)

+47.1

658.1

561.0

+97.1

Iron & Steel Products

Innovation & Corporate
Development
All Other and Adjustments andEliminations
Consolidated Total

ChangeCash Flows from Investing Activities
・Net cash outflows that corresponded to investments in equity accounted investees (net of sales of investmentsin equity accounted investees) were ¥56.5 billion, mainly due to the following factors:-

An investment in Mitsui E&P Mozambique Area 1 Limited, which participates in the Mozambique LNG
Project, for ¥36.3 billion;-

An investment in Japan Arctic LNG B.V, which participates in the Arctic LNG 2 Project in Russia;-

An investment in Caitan S.p.A, which participates in desalination and conveyance projects for BHP
Spence copper mine in Chile, for ¥10.5 billion; and・A sale of the IPP business in North America.

Net cash inflows that corresponded to other investments (net of sales and maturities of other investments)
were ¥9.5 billion, mainly due to the following factors:

・-A sale of investment in San-ei Sucrochemical Co., Ltd., for ¥13.5 billion; and-Investments in power generating businesses for ¥10.9 billion.

Net cash inflows that corresponded to increase in loan receivable (net of collections of loan receivable) were
¥14.2 billion, despite of execution of loan to Japan Arctic LNG B.V.

・

Net cash outflows that corresponded to purchases of property, plant, and equipment (net of sales of thoseassets) were ¥206.4 billion, mainly due to the following factors:-

An expenditure for iron ore mining operations in Australia for ¥39.3 billion;-

An expenditure for the oil and gas projects for ¥37.0 billion;- 14 -

-An expenditure for the integrated development project in the 2, Otemachi 1-Chome District for ¥36.9
billion;・-An expenditure for coal mining operations in Australia for ¥19.6 billion; and-An expenditure for power generating businesses for ¥18.2 billion.

Net cash outflows that corresponded to purchases of investment property (net of sales of those assets) were¥53.1 billion, mainly due to an expenditure for the integrated development project in the 2, Otemachi 1Chome District for ¥37.8 billion.

Cash Flows from Financing Activities
・Net cash outflows from net change in short-term debt were ¥26.5 billion, net cash outflows from net change
in long-term debt were ¥177.0 billion, and cash outflow from repayments of lease liabilities were ¥58.4
billion.

・

The cash outflow from the purchases of treasury stock was ¥71.3 billion (including a buy-back for sharebased compensation plan for employees of ¥6.9 billion).

・The cash outflow from payments of cash dividends was ¥135.5 billion.

・The cash outflow from transactions with non-controlling interest shareholders was ¥18.2 billion, mainly due
to an additional acquisition of a stake in Collahuasi copper mine in Chile.

- 15 -

2. Management Policies(1) Progress with the Medium-term Management Plan
Reference is made to our Presentation Material of Financial Results for the year ended March 31, 2021 "Review ofMedium-term Management Plan 2023 and plan for FY Ending March 2022" on our web site. Reference is also
made to "Medium-term Management Plan 2023 Transform and Grow" released on May 1, 2020.

(2) Forecasts for the Year Ending March 31, 2022
1) Forecasts for the year ending March 31, 2022
[Assumption]

Forecast

ResultExchange rate (JPY/USD)

105.00105.94Crude oil (JCC)$61/bbl$43/bblConsolidated oil price$59/bbl$46/bblMarch 31,2022
Forecast

March 31,
2021
ResultChange

820.0

811.5

+8.5

(590.0)(606.4)+16.4

Reversal effects of impairment losses

0(54.4)+54.4

Reversal effects of impairment losses

Interest expenses(30.0)(32.1)+2.1

Dividend income

120.0

103.7

+16.3

(Billions of yen)

Gross profit
Selling, general and administrative
expensesGain (loss) on investments, fixed
assets and otherProfit (loss) of equity method

Mineral & Metal Resources Segment
Energy Segment
Machinery & Infrastructure Segment

280.0

227.9

+52.1

Profit before income taxes

600.0

450.2

+149.8

Income taxes(130.0)(99.8)(30.2)

Non-controlling interests(10.0)(14.9)+4.9

Profit for the year attributable toowners of the parent

460.0

335.5

+124.5

Depreciation and amortization

300.0

273.6

+26.4

Core operating cash flow

680.0

658.1

+21.9

investments

Description

Lifestyle Segment
Iron & Steel Products Segment

・ The forecast for the fiscal year ending March 31, 2022 is based on the assumption that the global economy willhead for recovery, although there are disparities among countries and regions. Business performance is expected
to rebound due to absence of the impairment losses recorded in the year ended March 31, 2021 in the Mineral &Metal Resources Segment, the Machinery & Infrastructure Segment and the Energy Segment. In addition, it isalso expected that there will be a recovery in the Iron & Steel Products Segment and the Lifestyle Segment,
which experienced a decline in demand and capacity utilization due to the COVID-19 pandemic.
・ We assume foreign exchange rates for the year ending March 31, 2022 will be ¥105/US$, ¥80/AU$ and¥19/BRL, while average foreign exchange rates for the year ended March 31, 2021 were ¥105.94/US$,¥76.71/AU$ and ¥19.46/BRL. Also, we assume the annual average consolidated oil price applicable to ourfinancial results for the year ending March 31, 2022 will be US$59/barrel, up US$13/barrel from the previous- 16 -

year, based on the assumption that the crude oil price (JCC) will average US$61/barrel throughout the year
ending March 31, 2022.
The forecast for profit for the year attributable to owners of the parent by operating segment compared to theprevious year is as follows:(Billions of yen)
Iron & Steel Products

Year ending
Year ended
March 31, 2022 March 31, 2021

ChangeDescription

10.0

2.1

+7.9

Reversal effects of COVID-19 impact

260.0

179.9

+80.1

Reversal effects of impairment losses

Energy

50.0

27.2

+22.8

Machinery &Infrastructure

80.0

45.9

+34.1

Chemicals

40.0

43.5

(3.5)

Lifestyle

20.0

12.7

+7.3

Reversal effects of COVID-19 impact

Innovation & Corporate
Development

30.0

50.2

(20.2)

Reversal effects of FVTPL profit

Others / Adjustments
and Eliminations(30.0)(26.0)(4.0)

Consolidated Total

460.0

335.5

+124.5Mineral & Metal
Resources

Higher oil and gas price
Reversal effects of impairment losses
Reversal effects of COVID-19 impact

The forecast for core operating cash flow by operating segment compared to the previous year is as follows:(Billions of yen)
Iron & Steel Products

Year ending
Year ended
March 31, 2022 March 31, 2021

ChangeDescription

5.0

2.0

+3.0

Mineral & Metal
Resources

290.0

308.1

(18.1)

AUD appreciation, tax payment

Energy

170.0

123.2

+46.8

Higher oil and gas price

Machinery &Infrastructure

100.0

78.7

+21.3

Reversal effects of COVID-19 impact

Chemicals

55.0

62.5

(7.5)

Lifestyle

30.0

19.8

+10.2

Reversal effects of COVID-19 impact

30.0

55.1

(25.1)

Reversal effects of FVTPL profit

Others / Adjustments
and Eliminations

0.0

8.7

(8.7)

Consolidated Total

680.0

658.1

+21.9

Innovation & Corporate
Development- 17 -

2) Key commodity prices and other parameters for the year ending March 31, 2022
The table below shows assumptions for key commodity prices and foreign exchange rates for the forecast for theyear ending March 31, 2022. The effects of movements on each commodity price and foreign exchange rates on
profit for the year attributable to owners of the parent are included in the table.
Impact on profit for the year attributable to owners of the parent
for the year ending March 31, 2022

Commodity

Forex (*10)

Crude Oil/JCC
Consolidated Oil Price (*1)
U.S. Natural Gas (*2)
Iron Ore (*4)
CokingCoal
ThermalCopper (*8)
USD
AUD
BRL

March 2022
Assumption

March 2021
Result

61
59
2.74
(*5)
(*5)
(*5)
7,650
105.00
80.00
19.00

43
46
2.13 (*3)
128 (*6)
119 (*7)
69 (*7)
6,169 (*9)
105.9476.71
19.46¥2.5bn (US$1/bbl)¥1.1bn (US$0.1/mmBtu)¥2.2bn (US$1/ton)¥0.4bn (US$1/ton)¥0.1bn (US$1/ton)¥0.7bn (US$100/ton)¥2.6bn (¥1/USD)¥2.4bn (¥1/AUD)¥0.2bn (¥1/BRL)←(*1) As the crude oil price affects our consolidated results with a 0-6 month time lag, the effect of crude oil prices
on consolidated results is estimated as the Consolidated Oil Price, which reflects this lag. For the year ending
March 2022, we have assumed that there is a 4-6 month lag for approx. 35%, a 1-3 month lag for approx.
60%, and no lag for approx. 5%. The above sensitivities show annual impact of changes in consolidated oil
price.
(*2) As Mitsui has very limited exposure to U.S. natural gas sold at Henry Hub (HH), the above sensitivities show
annual impact of changes in the weighted average sale price.
(*3) U.S. gas figures for the year ended March 2021 are the Henry Hub Natural Gas Futures average daily prompt
month closing prices traded on NYMEX during January to December 2020.
(*4) The effect of dividend income from Vale S.A. has not been included.
(*5) Iron ore and coal price assumptions are not disclosed.
(*6) Iron ore results figures for the year ended March 2021 are the daily average (reference price) spot indicatedprice (Fe 62% CFR North China) recorded in several industry trade magazines from April 2020 to March
2021.
(*7) Coal results figures for the year ended March 2021 are the quarterly average prices of representative coal
brands in Japan (US$/MT).
(*8) As the copper price affects our consolidated results with a 3-month time lag, the above sensitivities show theannual impact of US$100/ton change in averages of the LME monthly average cash settlement prices for theperiod March to December 2021.
(*9) Copper results figures for the year ended March 2021 are the averages of the LME monthly average cash
settlement prices for the period January to December 2020.
(*10) Impact of currency fluctuations on reported profit for the year of overseas subsidiaries and equity accounted
investees denominated in their respective functional currencies and the impact of dividend received frommajor foreign investees. Depreciation of the yen has the effect of increasing profit for the year through theconversion of profit (denominated in functional currencies) into yen. In the overseas subsidiaries and equity
accounted investees where the sales contract is in USD, the impact of currency fluctuations between the USD
and the functional currencies (AUD and BRL) and the impact of currency hedging are not included.

- 18 -

(3) Profit Distribution Policy
Our profit distribution policy is as follows:・In order to increase corporate value and maximize shareholder value, we seek to maintain an optimal balance
between (a) meeting investment demand in our core and growth areas through re-investments of our retained
earnings, and (b) directly providing returns to shareholders by paying out cash dividends.

・In addition to the above, share buy-backs aimed at improving capital efficiency should be decided in a promptand flexible manner as needed concerning buy-back timing and amount by taking into consideration thebusiness environment such as, future investment activity trends, free cash flow and interest-bearing debt levels,and return on equity.

For the current year, we conducted a buy-back program of ¥71.3 billion yen (including for share-based
compensation plan for employees of ¥6.9 billion). On April 27, 2021, we announced that we completed the buyback program announced on February 24, 2021, and we had purchased ¥24.6 billion yen from April 1 to April 26,
2021. Furthermore, on April 30, 2021, we announced a new buy-back program up to ¥50.0 billion of our own
shares from May 6, 2021 to June 23, 2021. For details, please refer to the "Notification of Stock Repurchase" on
our website.
The annual dividend for the year ended March 31, 2021 will be ¥85 per share (including an interim dividend of ¥40
per share, an increase of ¥5 from the previous year), an upward revision of ¥5 from the previous forecast, taking
into consideration the core operating cash flow and net income (attributable to owners of the parent) in the
consolidated financial results, as well as the stability and continuity of dividend payments.
Under the Medium-term management plan announced on May 1, 2020, the minimum annual dividend per share
was set at ¥80 based on the level of core operating cash flow, which was judged to be stable and sustainable.
Considering the improvement of cash flow generation ability, we decided to upwardly revise the minimum annual
by dividend ¥10 per share, setting the minimum at ¥90 per share.
.
In addition, we will continue to flexibly and strategically allocate funds for investment in growth and additional
shareholder returns (additional dividends and share buybacks) according to the business performance during the
Medium-term business plan period.
For the fiscal year ending March 31, 2022, we plan to pay an annual dividend of ¥90 per share (an increase of ¥5from the previous fiscal year) .

3. Basic Approach on Adoption of Accounting Standards
International Financial Reporting Standards was adopted on our annual securities report under the Financial
Instruments and Exchange Act for the year ended March 31, 2014 for the purpose of improving international
comparability of financial information as well as enhancement and efficiency of our financial reporting.

- 19 -

4. Other Information
Notice:This flash report contains forward-looking statements about Mitsui and its consolidated subsidiaries. These forward-looking statements are based on Mitsui’s current assumptions, expectations and beliefs in light of the information
currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks,
uncertainties and other factors may cause Mitsui’s actual consolidated financial position, consolidated operating
results or consolidated cash flows to be materially different from any future consolidated financial position,
consolidated operating results or consolidated cash flows expressed or implied by these forward-looking
statements.
These important risks, uncertainties and other factors include, among others, (1) risk of COVID-19, (2) business
investment risks, (3) country risks, (4) risks regarding climate changes, (5) commodity market risks, (6) foreign
currency risks, (7) stock price risks of listed stock Mitsui and its subsidiaries hold, (8) credit risks, (9) risks
regarding fund procurement, (10) operational risks, (11) risks regarding employee’s compliance with laws,
regulations, and internal policies, (12) risks regarding information systems and information securities, (13) risks
relating to natural disasters, terrorists and violent groups. For further information on the above, please refer to
Mitsui’s Annual Securities Report.
Forward-looking statements may be included in Mitsui’s Annual Securities Report and Quarterly Securities
Reports or in its other disclosure documents, press releases or website disclosures. Mitsui undertakes no obligation
to publicly update or revise any forward-looking statements.

- 20 -

5. Consolidated Financial Statements(1) Consolidated Statements of Financial Position(Millions of Yen)
AssetsMarch 31, 2021

March 31, 2020¥¥

Current Assets:
Cash and cash equivalents
Trade and other receivables

1,063,150

1,058,733

1,811,990

1,622,501

Other financial assets

429,986

562,899

Inventories

615,155

553,861

Advance payments to suppliers

143,714167,250

Other current assets

143,477

159,175

4,207,472

4,124,419

Investments accounted for using the equity method

3,044,001

2,880,958

Other investments

1,955,607

1,484,422

Trade and other receivables

305,952

422,423

Other financial assets

141,848

186,010

2,175,072

2,121,371

Investment property

274,847

251,838

Intangible assets

188,555

195,289

Deferred tax assets

112,055

58,908Other non-current assets

110,436

80,654

8,308,373

7,681,873

Total current assets
Non-current Assets:

Property, plant and equipment

Total non-current assets
Total

¥

- 21 -

12,515,845¥

11,806,292

(Millions of Yen)
Liabilities and Equity
March 31, 2021

March 31, 2020¥¥

Current Liabilities:
Short-term debt
Current portion of long-term debt

300,485

297,458

450,941

399,904

Trade and other payables

1,313,341

1,136,504

Other financial liabilities

371,298

626,963

Income tax payables

58,915

46,206

Advances from customers

123,806

133,247

Provisions

36,90925,844

Other current liabilities

46,02734,9842,701,722

2,701,110

3,995,311

4,229,218

Other financial liabilities

116,531

105,279

Retirement benefit liabilities

40,25339,956

Provisions

261,365

228,173

Deferred tax liabilities

550,776

412,971

Other non-current liabilities

27,00028,653

Total non-current liabilities

4,991,236

5,044,250

Total liabilities

7,692,958

7,745,360

Common stock

342,080

341,776

Capital surplus

396,238

402,652

Retained earnings

3,547,789

3,362,297

Other components of equity

373,786(223,910)

Treasury stock(89,473)(65,138)

4,570,420

3,817,677

252,467

243,255

4,822,887

4,060,932

Total current liabilities
Non-current Liabilities:
Long-term debt, less current portion

Equity:Total equity attributable to owners of the parent
Non-controlling interests
Total equity
Total

¥

- 22 -

12,515,845¥

11,806,292

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of Yen)

Revenue:Year ended
March 31, 2021

Year ended
March 31, 2020
(As restated)

¥

¥

Cost:

8,010,235

8,484,130(7,198,770)(7,644,707)

811,465

839,423(606,423)(584,885)

7,888

25,060(52,923)(110,809)

4,646

9,510

(13,945)

38,528(660,757)(622,596)Interest income

19,877

41,373

Dividend income

103,655

96,526

Interest expense(51,948)(89,638)

71,584

48,261

Share of Profit (Loss) of Investments Accounted for Using the Equity Method

227,910269,232

Profit before Income Taxes

450,202534,320

Income Taxes(99,821)(123,008)

Gross Profit
Other Income (Expenses):
Selling, general and administrative expenses
Gain (loss) on securities and other investments-net
Impairment reversal (loss) of fixed assets-net
Gain (loss) on disposal or sales of fixed assets-net
Other income (expense)-net
Total other income (expenses)
Finance Income (Costs):

Total finance income (costs)

Profit for the Year¥

350,381¥

411,312¥335,458¥

391,513

Profit for the Year Attributable to:
Owners of the parent
Non-controlling interests

14,923

19,799(Note)
Considering the presentation of revenue in the consolidated statement of income in more detail in accordance with IFRS 15 "Revenue from Contracts with
Customers", the Company has presented the "revenue" and corresponding "cost" of certain transactions in gross amounts beginning with the current fiscal year.
Those amounts for the previous fiscal year have also been restated to conform to the presentation in the current fiscal year. This restatement has no impact ongross profit, profit for the year attributable to owners of the parent, or total equity attributable to owners of the parent.

- 23 -

Consolidated Statements of Comprehensive Income(Millions of Yen)
Year ended
Year ended
March 31, 2021 March 31, 2020
Profit for the Year¥

350,381¥

411,312

Other Comprehensive Income:Items that will not be reclassified to profit or loss:
Financial assets measured at FVTOCI

477,184(376,024)

Remeasurements of defined benefit pension plans

32,514(7,007)

1,671(11,239)(119,092)

79,856

174,725(152,404)(831)(10,070)

86,445(205,343)(6,951)

9,063

645,665(673,168)

Share of other comprehensive income of investments accounted for using the equity
methodIncome tax relating to items not reclassified
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments
Cash flow hedges
Share of other comprehensive income of investments accounted for using the equity
methodIncome tax relating to items that may be reclassified
Total other comprehensive income
Comprehensive Income for the Year¥

996,046¥(261,856)¥

964,652¥(259,448)

Comprehensive Income for the Year Attributable to:
Owners of the parent
Non-controlling interests

31,394- 24 -(2,408)

(3) Consolidated Statements of Changes in Equity(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2019

¥ 341,482

CapitalSurplus463,270 ¥

341,482

387,335

Profit for the year

3,073,349

Comprehensive income for the year

391,513

Total(5,306)463,270(7,576)(5,306)

4,257,860

267,142

4,525,002

391,513

19,799411,312(650,961)(650,961)(22,207)(673,168)(650,961)(259,448)(2,408)(261,856)

391,513

Other comprehensive income for the year

Noncontrolling Total Equity
Interests(7,576) ¥ 4,263,166 ¥ 267,142 ¥ 4,530,308(5,306)

policies

accounting policies

Other
Treasury
Components
Stockof Equity¥ 387,335 ¥ 3,078,655 ¥Cumulative effect of changes in accounting

Balance as at April 1, 2019 after changes in

Retained
Earnings

Transaction with owners:
Dividends paid to the owners of the parent(139,071)(139,071)

Dividends paid to non-controlling interest(14,130)

shareholders
Acquisition of treasury stock
Sales of treasury stock
Compensation costs related to share-based
payment(167)
294

Equity transactions with non-controlling(363)

Transfer to retained earnings

36,869¥ 341,776 ¥ 402,652 ¥ 3,362,297 ¥Profit for the year

(58,092)(58,092)

530

0

0

611

611

650

15,817(36,869)-

Comprehensive income for the year

335,458(7,349)8,468-(223,910) ¥ (65,138) ¥ 3,817,677 ¥ 243,255 ¥ 4,060,932

335,458

Other comprehensive income for the year

(14,130)(58,092)317
15,167

interest shareholders

Balance as at March 31, 2020

(139,071)

335,458

14,923350,381629,194

629,194

16,471645,665

629,194

964,652

31,394

996,046

Transaction with owners:
Dividends paid to the owners of the parent(135,476)(135,476)

Dividends paid to non-controlling interest(13,982)

shareholders
Acquisition of treasury stock
Sales of treasury stock(125)

Cancellation of treasury stock
Compensation costs related to share-based
payment
Equity transactions with non-controllinginterest shareholders
Transfer to retained earnings
Balance as at March 31, 2021

(135,476)

304(13,982)(71,337)(71,337)(71,337)

(154)

280

1

1

(46,722)46,722

-

-

2,075

2,075

1,771
(8,060)32,386¥ 342,080 ¥ 396,238 ¥ 3,547,789 ¥- 25 -

888(7,172)(32,386)-(8,200)(15,372)-

373,786 ¥ (89,473) ¥ 4,570,420 ¥ 252,467 ¥ 4,822,887

(4) Consolidated Statements of Cash Flows(Millions of Yen)
Year ended
March 31, 2021

Year ended
March 31, 2020

Operating Activities:
Profit for the year¥

350,381¥

411,312Adjustments to reconcile profit for the year to cash flows
from operating activities:
Depreciation and amortization

273,639

256,125

Change in retirement benefit liabilities

1,884(46,793)

Loss allowance

80,64031,170(Gain) loss on securities and other investments—net(7,888)(25,060)(Gain) Loss on loans measured at FVTPL

21,657-

Impairment (reversal) loss of fixed assets—net

52,923110,809(Gain) loss on disposal or sales of fixed assets—net(4,646)(9,510)Interest income, dividend income and interest expense(98,442)(77,624)

Income taxes

99,821

123,008(227,910)(269,232)(6,694)(6,447)

Change in trade and other receivables(40,799)

105,425

Change in inventories(34,116)

38,159Change in trade and other payables

139,474(178,921)

Other—net(8,381)(60,179)

Interest received

52,702

72,699Interest paid

(59,904)(96,624)

Share of (profit) loss of investments accounted for using the equity method
Valuation (gain) loss related to contingent considerations and others
Changes in operating assets and liabilities:

Dividends received

307,838

299,244

Income taxes paid

(119,483)(151,185)

772,696526,376

Net change in time deposits(30,080)

3,823

Net change in investments in equity accounted investees(56,518)

9,101

Net change in other investments

9,462

70,749Net change in loan receivables

14,184746

Net change in property, plant and equipment(206,404)(253,127)

Net change in investment property(53,118)(16,522)(322,474)(185,230)

Net change in short-term debt

(26,527)(27,158)

Net change in long-term debt

(177,035)

88,397

Repayments of lease liabilities(58,380)(60,861)

Purchases and sales of treasury stock(71,337)(58,092)

Dividends paid

(135,476)(139,071)

Transactions with non-controlling interest shareholders(18,208)(7,776)(486,963)(204,561)

41,158(33,959)

4,417

102,626

1,058,733

956,107

Cash flows from operating activities
Investing Activities:

Cash flows from investing activities
Financing Activities:

Cash flows from financing activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Change in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year¥- 26 -

1,063,150¥

1,058,733

“Interest income, dividend income and interest expense”, “Interest received”, “Interest paid” and “Dividends received” ofConsolidated Statements of Cash Flows include not only interest income, dividend income and interest expense that are included in“Finance Income (Costs)” of Consolidated Statements of Income, but also interest income, dividend income, interest expense that areincluded in Revenue and Cost respectively and cash flows related with them.

(5) Assumption for Going Concern: None

(6) Basis of Consolidated Financial Statements
Scope of subsidiaries and equity accounted investees① Subsidiaries
1) Overseas

2032) Japan77② Equity accounted investees (associated companies and joint ventures)
1) Overseas

1862) Japan48

A total of 486 subsidiaries and equity accounted investees are excluded from the above. These include companies
which are sub-consolidated or accounted for under the equity method by subsidiaries other than trading
subsidiaries.

- 27 -

(7) Changes in Accounting Policies and Changes in Accounting Estimates
1) Changes in Accounting Policies
Significant accounting policies applied in the Consolidated Financial Statements for the year ended March 31,
2021 are the same as those applied in the Consolidated Financial Statements of the previous fiscal year except for
the following.
The companies applied the following new standards to the Consolidated Financial Statements from April 1, 2020.
IFRS
IFRS 3

Title
Business Combinations(amended in October 2018)

Summaries
Amendment of definition of a business

Impacts from the application of IFRS 3 "Business Combinations" amended in October 2018 on the Consolidated
Financial Statements are immaterial.
2) Changes in Accounting Estimates
The significant changes in accounting estimates in the Consolidated Financial Statements for the year ended
March 31, 2021 are as follows.
(Impairment losses for the Moatize mine business and Nacala Corridor rail & port infrastructure business inMozambique)Mitsui & Co. Mozambique Coal Finance Limited, Mitsui & Co. Nacala Infrastructure Finance Limited and Mitsui& Co. Nacala Infrastructure Investment B.V., which lends to Mozambique coal business, or lend to and invest in
Mozambique rail & port infrastructure business, recognized full impairment to the carrying amount for bothinvestment and loans of ¥73,599 million as a loss allowance for doubtful debt, a loss on loans measured at FVTPL,
an impairment loss included in share of profit (loss) of investments accounted for using the equity method and an
impairment loss for investments accounted for using the equity method, due to the decrease of our production
assumptions based on the revision of the production plan and the decline in the coal prices which are based on
several third parties’ mid-long term forecasts. In the Consolidated Statements of Income, a loss allowance isrecorded by ¥44,823 million (Mineral & Metal Resources ¥35,858 million, Machinery & Infrastructure ¥8,965
million) in “Selling, general and administrative expenses”, a loss on loans measured at FVTPL is recorded by¥21,657 million (Mineral & Metal Resources ¥17,326 million, Machinery & Infrastructure ¥4,331 million) in“Other income (expense) -net”, an impairment loss included in share of profit (loss) of investments accounted forusing the equity method is recorded by ¥4,727 million (Mineral & Metal Resources ¥3,782 million, Machinery &Infrastructure ¥945 million) in “Share of Profit (Loss) of Investments Accounted for Using the Equity Method”andan impairment loss for investments accounted for using the equity method is recorded by ¥2,392 million (Mineral& Metal Resources ¥1,914 million, Machinery & Infrastructure ¥478 million) in “Gain (loss) on securities andother investments-net”, respectively.
(Loss related to selling the entire interest in Caserones copper mine business)
Mitsui & Co., Ltd. and its subsidiary, Mitsui Bussan Copper Investment & Co., Ltd., in Mineral & Metal
Resources segment which invests and lends to Caserones copper mine business, recognized a loss of ¥7,215
million, with the conclusion and the completion of the basic agreement to sell the entire interest as a part ofreorganization and reconstructing of asset portfolio. In the Consolidated Statements of Income, a loss allowance forthe related lending and others is recorded by ¥8,308 million in “Selling, general and administrative expenses” and aloss for the related investments accounted for using the equity method is recorded by ¥888 million in “Gain (loss)
on securities and other investments - net”, and the profit of the realized foreign currency translation adjustment on- 28 -

disposal of foreign operations and others is recorded by ¥1,981 million in “Gain (loss) on securities and otherinvestments - net”, respectively.
(Impairment loss for the oil development business)
Mitsui E&P Italia A S.r.l., a subsidiary in the Energy Segment engaged in the onshore oil development in the
Basilicata region in Italy, recognized an impairment loss of ¥23,351 million in “Impairment reversal (loss) of fixed
assets - net” in the Consolidated Statements of Income, of which impairment loss of property, plant and equipmentis ¥16,169 million and impairment loss of goodwill is ¥7,182 million, by reducing the carrying amount of the
goodwill and production equipment and others to the recoverable amount of ¥158,206 million. The impairment
loss was mainly related to a decline in the crude oil price. The recoverable amount above represented the value in
use. The discount rate used to calculate the value in use is deemed to reflect the market average profit margin andthe risks inherent to the cash-generating unit.
(Impairment loss for the locomotive leasing business in Europe)
Mitsui Rail Capital Europe B.V., a subsidiary in the Machinery & Infrastructure Segment engaged in thelocomotive leasing business in Europe, recognized an impairment loss of ¥9,300 million in “Impairment reversal(loss) of fixed assets - net” in the Consolidated Statements of Income by reducing the carrying amount of thelocomotives, goodwill and others to the recoverable amount of ¥79,651 million. Out of the impairment loss, theamount of property, plant and equipment is ¥5,138 million, and the amount of goodwill and others is ¥4,162
million. The impairent loss was mainly related to a lower operating ratio of the locomotives.
The recoverable ammount of property, plant and equipment represented the value in use and the fair value lesscosts of disposal, and the recoverable amount of goodwill and others represented the value in use. The discount rateused to calculate the value in use is deemed to reflect the market average profit margin and the risks inherent to the
cash-generating unit. The fair value less costs of disposal is based on the reasonable price considering the recent
sale cases of the asset being valued, and the fair value is classified as level 3.
(Loss related to the passenger rail franchise business in the United Kingdom(“UK”))
The passenger rail franchise business in the UK in the Machinery & Infrastructure Segment, which is invested andfinanced by the Company and its equity method investee, has been in continuous discussions regarding earlytermination of the franchise agreements under effect of the COVID-19 pandemic, and finally has received the final
valuation of termination payments by the UK Department for Transport(“DfT”). The Company recognized a loss tothe carrying amount for investments, loans, future loan contribution obligations of ¥11,013 million as a loss
allowance for doubtful debt, a provision for loss on guarantees, an impairment loss included in share of profit (loss)of investments accounted for using the equity method and additional losses included in share of profit (loss) ofinvestments accounted for using the equity method for future loan contribution obligations, based on the final
valuation of termination payments presented by the DfT and the status of discussions to date. In the Consolidated
Statements of Income, a loss allowance for doubtful debt is recorded by ¥4,902 million in “Selling, general andadministrative expenses”, a provision for loss on guarantees is recorded by ¥1,457 million in “Other income(expenses)-net”, an impairment loss and additional losses included in share of profit (loss) of investments
accounted for using the equity method is recorded by ¥4,654 million in “Share of Profit(Loss) of Investments
Accounted for Using the Equity Method”, respectively.
(Recognition of deferred tax assets in the U.S. energy subsidiaries)
The Company transferred and reorganized investment subsidiaries in U.S. oil and gas project business to MBK
Energy Holdings USA Inc. (“MEH”) on November 30, 2020 for the centralization of management of the oil andgas projects in the U.S. Due to this reorganization, the Company recognized deferred tax assets mainly relating to
tax losses in MEH’s subsidiaries to be realized against future taxable income generated primarily from long-term
service agreements of U.S. LNG project, and gain of ¥39,030 million has been recognized in “Income Taxes” on
the Consolidated Statement of Income for the year ended March 31, 2021.

- 29 -

(Change in estimate for asset retirement obligations)
Mitsui E&P Australia Pty Ltd, a subsidiary in the Energy Segment, has changed its estimate of the asset retirement
obligations as the decommissioning costs associated with Enfield project based on new information on thedecommissioning costs from the operator.
The increase of ￥7,654 million in asset retirement obligations due to this change in estimate has been recorded in"Other income(expense)-net" in the Consolidated Statements of Income because the depreciation of fixed assets
has been completed.

(8) Changes in Presentation（Consolidated Statements of Cash Flows）“Repayments of lease liabilities”, which was included in “Net change in long-term debt” for the year ended March
31, 2020 is separately presented from the year ended March 31, 2021 in order to indicate the calculation of Core
Operating Cash Flow whose formula has been altered from the year ended March 31, 2021. Consolidated
Statements of Cash Flows for the year ended March 31, 2020 is reclassified to conform to this change inpresentation.
As a result, the amount of ¥27,536 million for the year ended March 31, 2020, which was presented in “Net change
in long-term debt” within “Cash Flows from Financing Activities” in the Consolidated Statements of Cash Flowsfor the year ended March 31, 2020 has been reclassified and presented as ¥88,397 million for “Net change in longterm debt” and as ¥(60,861) million for “Repayments of lease liabilities”.
（Consolidated Statements of Changes in Equity）
Compensation costs related to stock options and share performance-linked restricted stock are integrated in“Compensation costs related to share-based payment” from the year ended March 31, 2021. Compensation costs
related to the share-based compensation plan for employees introduced in the year ended March 31, 2021 is also
included in this account.
As a result, in Consolidated Statements of Changes in Equity for the year ended March 31, 2020, the capitalsurplus of ¥ 23 million for “Compensation costs related to stock options”, the common stock of ¥ 294 million andthe capital surplus of ¥ 294 million for “Compensation costs related to share performance-linked restricted stock”
have been reclassified and presented as the common stock of ¥ 294 million and the capital surplus of ¥ 317 million
for “Compensation costs related to share-based payment”.

- 30 -

(9) Notes to Consolidated Financial Statements① Segment Information
Year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(Millions of Yen)
Others/Adjustments Consolidated
and
Total
Eliminations

Iron & Steel
Products

Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

LifestyleInnovation &Corporate
Development

Total

Revenue

436,579

1,396,902

838,598

792,200

1,933,795

2,373,082

236,120

8,007,276

2,959

8,010,235

Gross Profit

21,184

251,150

62,887

107,729

124,904

133,782

107,001

808,637

2,828

811,465

4,309

70,39018,82095,26811,304

13,445

13,883

227,419491

227,910

2,119

179,917

27,16145,935

43,52012,72450,161

361,537(26,079)

335,458

2,030

308,146

123,156

78,70062,513

19,77655,147649,468

8,670

658,138

566,020

2,566,491

2,566,305

2,291,278

1,345,469

2,009,315

1,191,842

12,536,720(20,875)

12,515,845

Share of Profit (Loss) of Investments
Accounted for Using the Equity Method
Profit for the Year Attributable to Owners of
the Parent
Core Operating Cash Flow
Total Assets at March 31, 2021

Year ended March 31, 2020 (from April 1, 2019 to March 31, 2020) (As restated)(Millions of Yen)
Iron & Steel
Products

Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

Revenue492,291

1,173,163

893,647

1,065,065

Gross Profit

24,554225,966

141,123

13,121

59,152

4,749

Share of Profit (Loss) of Investments
Accounted for Using the Equity Method
Profit for the Year Attributable to Owners of
the Parent
Core Operating Cash Flow
Total Assets at March 31, 2020

Others/Adjustments Consolidated
and
Total
Eliminations

LifestyleInnovation &Corporate
Development

Total

2,171,610

2,495,813

185,9218,477,510

6,620

8,484,130

134,596

116,757

134,924

60,099838,019

1,404

839,423

45,211

88,372

11,54034,996

16,984

269,376(144)

269,232

183,273

57,83589,35622,332

32,034

14,568404,147(12,634)

391,513

2,153

243,716

206,459

86,84135,841

20,494

3,916

599,420(38,389)

561,031539,599

1,921,883

2,566,282

2,360,321

1,217,737

1,907,621

1,198,286

11,711,729

94,563

11,806,292

Notes:1. “Others / Adjustments and Eliminations” includes of the Corporate Staff Unit which provides financing
services and operations services to the companies and affiliated companies. Total assets of “Others /Adjustments and Eliminations” at March 31, 2020 and March 31, 2021 includes cash, cash equivalents
and time deposits related to financing activities, and assets of the Corporate Staff Unit and certain
subsidiaries related to the above services amounting to ¥7,142,647 million and ¥7,202,925 million,
respectively.
2. Transfers between reportable segments are made at cost plus a markup.
3. Profit for the Period Attributable to Owners of the parent of “Others /Adjustments and Eliminations”
includes income and expense items that are not allocated to specific reportable segments, andeliminations of intersegment transactions.
4. Total assets of “Others / Adjustments and Eliminations” at March 31, 2020 and March 31, 2021 includes
elimination of receivables and payables between segments amounting to ¥7,048,084 million and¥7,223,800 million, respectively.
5. Formerly, Core Operating Cash Flow was calculated by eliminating the sum of the “Changes in
Operating Assets and Liabilities” from “Cash Flows from Operating Activities” as presented in theConsolidated Statements of Cash Flows. During the year ended March 31 2021, it is calculated byadditionally deducting the “Repayments of lease liabilities” as presented in the “Cash Flows from
Financing Activities”. In accordance with this change, Core Operating Cash Flow for the year ended
March 31, 2020 has been restated.
6. In order to accelerate our multifaceted, flexible initiatives that combine various kinds of knowledge fromdifferent business domains, a part of business of next-generation electric power was transferred from the“Machinery & Infrastructure” segment to the “Energy” segment, in conjunction with the creation of theEnergy Solutions Business Unit in “Energy” segment, during the year ended March 31 2021. In
accordance with this change, the segment information for the year ended March 31, 2020 has been
restated to conform to the current and previous fiscal year.
7.As described in the Note in Consolidated Statements of Income, the Company has reconsidered thepresentation of revenue from certain transactions, and has presented revenues based on the results of thereconsideration for the current and previous fiscal year.
- 31 -

② Earnings per share
The following is a reconciliation of basic earnings per share attributable to owners of the parent to diluted earnings
per share attributable to owners of the parent for the years ended March 31, 2021 and 2020:
Year ended March 31, 2021(from April 1, 2020 to March 31, 2021)
Profit(numerator)

Shares(denominator)

Per share amountMillions of Yen

In Thousands

Yen

Basic Earnings per Share Attributable to Owners of the
Parent:Profit for the Year Attributable to Owners of the Parent

335,458

1,683,338

Dilutive securities of associated companies(1)－

Stock options－

836

335,457

1,684,174

199.28

Effect of Dilutive Securities:
Adjustments of effect of:

Diluted Earnings per Share Attributable to Owners of
the Parent:
Profit for the Year Attributable to Owners of the Parent after
effect of dilutive securities

199.18Year ended March 31, 2020(from April 1, 2019 to March 31, 2020)
Profit(numerator)

Shares(denominator)

Per share amountMillions of Yen

In Thousands

Yen

Basic Earnings per Share Attributable to Owners of the
Parent:Profit for the Year Attributable to Owners of the Parent

391,513

1,731,384

Dilutive securities of associated companies

(22)

－

Stock options

－

1,046

391,491

1,732,430

226.13

Effect of Dilutive Securities:
Adjustments of effect of:

Diluted Earnings per Share Attributable to Owners of
the Parent:
Profit for the Year Attributable to Owners of the Parent after
effect of dilutive securities- 32 -

225.98

③ Subsequent Events
Stock Repurchase
At the meeting of the Board of Directors held on April 30, 2021, the Company resolved to repurchase its stock inaccordance with Article 156 of the Companies Act of Japan, as applied pursuant to paragraph 3 of Article 165 of
the Companies Act of Japan. Details of the repurchase are as follows.
1. Purpose of stock repurchase
To enhance shareholder return and to improve capital efficiency
2. Details of repurchase(1) Class of share
Common stock of the Company(2) Total number of shares of common stock to be repurchased
Up to 30 million shares（1.8% of the total number of shares outstanding excluding treasury stock）(3) Total amountUp to ¥50,000 million(4) Period
From May 6, 2021 to June 23, 2021
(5) Repurchase method
Auction market on Tokyo Stock Exchange④ The Fire Incident of Intercontinental Terminals Company LLC
On March 17, 2019 (US time) a fire began at the Deer Park tank terminal of Intercontinental Terminals Company
LLC (“ITC”), a wholly owned U.S. subsidiary of Mitsui & Co., Ltd. The Deer Park tank terminal is located in theoutskirts of Houston, Texas. The fire partially damaged tanks owned by ITC. ITC has resumed its operation after
discussions with related authorities. Harris County Fire Marshal's Office released its final report with respect to thefire incident on December 6, 2019 (US time) and the report classified the fire as accidental, while not specifying
the cause of the fire. The cause of the fire is still under investigation by other relevant authorities.
The profit and loss related to this incident recognized in the year ended March 31, 2020 and 2021, and theoutstanding balance of related provision as of March 31, 2021 are immaterial.
There are multiple lawsuits that have been brought against ITC in relation to this incident. These lawsuits are at theearly stages and the ultimate outcome of these lawsuits is not expected to have significant impact on ourconsolidated financial position, operating results and cash flow.
⑤ Taxation on capital gain in India
Earlyguard Limited (“EG”), a UK subsidiary of Mitsui & Co., Ltd., received a tax payment notice dated January
21, 2020 which requested payment of 24.0 billion Indian Rupees (¥36.0 billion) from Indian tax authority.
The taxable income of this notice is the capital gain on sales of Finsider International Company Limited (a UKcompany that owned 51% of Sesa Goa, an Indian iron ore company) shares held by EG in April 2007. Although
EG treated the capital gain properly according to the tax laws at that time, the tax payment notice has been issued.
On February 17, 2021, EG commenced arbitration under the UK-India bilateral investment treaty in order todispute this tax payment notice.
The company does not expect a significant impact on our consolidated financial position, operating results andcash flow at this stage.

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