Consolidated Financial Results for the Nine-Month Period Ended December 31, 2021 [IFRS]Tokyo, February 3, 2022 - Mitsui & Co., Ltd. announced its consolidated financial results for the nine-month period ended December
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 nine-month period ended December 31, 2021
(from April 1, 2021 to December 31, 2021)
Nine-month period ended December 31,
2021

2020
%

%

Revenue

Millions of yen

8,589,429

49.6

5,740,568(11.1)

Profit before income taxes

Millions of yen

832,204

205.3

272,613(42.2)

Profit for the period

Millions of yen

650,436210.4

209,556(41.5)

Profit for the period attributable to owners of the parent

Millions of yen

633,256

218.3

198,937(40.6)

Comprehensive income for the period

Millions of yen

711,26338.1

515,179

115.4

Earnings per share attributable to owners of the parent, basic

Yen

387.17118.01

Earnings per share attributable to owners of the parent, diluted

Yen

387.00117.95Note:
1. Percentage figures for Revenue, Profit before income taxes, Profit for the period, Profit for the period attributable to owners of theparent, and Comprehensive income for the period represent changes from the previous year.
2. As described in the Note in Condensed Consolidated Statements of Income, we have reconsidered the presentation of revenue fromcertain transactions, and have restated revenues for the nine month period ended December 31, 2020.
(2) Consolidated financial position information
December 31, 2021

March 31, 2021

Total assets

Millions of yen

13,787,535

12,515,845

Total equity

Millions of yen

5,245,378

4,822,887

Total equity attributable to owners of the parent

Millions of yen

4,985,248

4,570,420

Equity attributable to owners of the parent ratio

%

36.2

36.5

2. Dividend information
Year ended March 31,
2022

Year ending March
31, 2022 (Forecast)

2021

Interim dividend per share

Yen

Year-end dividend per share

Yen

45

60

Annual dividend per share

Yen

85

105

Note :
Change from the latest released dividend forecast: Yes

45

40

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

840,000

Yen

515.76Note :
Change from the latest released earnings forecast: Yes
4. 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

None(ii) Other changesNone(iii) Changes in accounting estimates

Yes

Note :For further details please refer to page 25 "4. Condensed Consolidated Financial Statements (6) Changes in Accounting Estimates".
(3) Number of shares :December 31, 2021
Number of shares of common stock issued, including treasury stock
Number of shares of treasury stock

March 31, 2021

1,642,355,644

1,717,104,808

25,877,232

48,628,466

Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2020
Average number of shares of common stock outstanding

1,635,614,343

1,685,732,426

This quarterly earnings report is not subject to quarterly review.
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 cautionary notes with respect to forward-looking statements, please refer to the "Notice" section on page 19.
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 February 3, 2022.
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) Forecasts for the Year Ending March 31, 2022………..……………………………………...……………. 15(2) Profit Distribution Policy………………………………………………………………………………….... 18
3. Other Information……………………………………………………………………………………………. 19
4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position........................................................…................ 20(2) Condensed Consolidated Statements of Income and Comprehensive Income...............................…............ 22(3) Condensed Consolidated Statements of Changes in Equity...............................................................…........ 23(4) Condensed Consolidated Statements of Cash Flows..............................................................................….... 24(5) Assumption for Going Concern..................................................................................................................… 25(6) Changes Changes in Accounting Estimates.................................................................................................... 25(7) Segment Information.................................................................................................….................................. 26(8) The Fire Incident of Intercontinental Terminals Company LLC.................................................................... 27(9) Taxation on Capital Gain in India.................................................................................................................. 27(10)Impact of the Security Situation in Northern Mozambique on LNG Project.................................................. 27- 1 -1. Qualitative Information
As of the date of disclosure of this quarterly earnings report, the review procedures for quarterly financial statementsin accordance with the Financial Instruments and Exchange Act are in progress.
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 nine-month period ended December 31, 2021, the global economy continued to rebound overall although thepace of the economic recovery slowed due to the rapid spread of the Omicron variant of COVID-19, as well as dueto the prolonged supply constraints.

In the U.S., despite the slowdown in the pace of growth due to the prolonged supply constraints and other factors,
the recovery has continued for the most part as higher savings from economic stimulus payments have propped up
consumer spending. The economic recovery is expected to continue since supply constraints are gradually easing
and the impact of the COVID-19 pandemic appears to be subsiding although there are some areas of concern, suchas high inflation covering a wide range of goods and an acceleration of monetary tightening. In Europe, the pace ofeconomic recovery has slowed as a result of the rapid increase in infections from the Omicron variant, supply
constraints and the surge in energy prices. However, going forward the economy is expected to return to a path ofrecovery as these factors gradually dissipate. In Japan, consumption has been recovering following the lifting of thestate of emergency and production, mainly for automobiles, has picked up as parts shortages have eased. Although
it appears that the economy will continue to pick up against the backdrop of the recovery in consumption andproduction and other factors, there are concerns that the rapid spread of the Omicron variant will put downward
pressure on the economy. In China, the economic recovery has slowed down for reasons such as weakening
consumption resulting from environmental regulations, power shortages, the slowdown in manufacturing activities
against the backdrop of the zero-COVID policy, government measures to control real estate investment and otherfactors. However, the economy is expected to pick up again mainly due to increased infrastructure investment andmonetary easing. In Russia and Brazil, the growth in exports has become sluggish, and there are concerns that rising
inflation and increases in policy interest rates could hamper economic recovery.
Going forward, although there are some areas of concern, such as a resurgence in the number of infections andmonetary tightening in the U.S., it is expected that the global economy will continue to recover due to a gradualeasing of supply constraints, as well as due to an increase in consumption, supported by household savings that grewin major countries during the COVID-19 pandemic.

- 2 -(2) Results of Operations

1) Analysis of Consolidated Income Statements(Billions of Yen)

Current Period

Previous Period

Revenue

8,589.4

5,740.6+2,848.8

Gross Profit

789.8

568.2

+221.6

Selling, General and Administrative Expenses(423.7)(451.8)

+28.1

(5.7)

7.0

(12.7)(14.3)(40.1)

+25.8

11.6

1.2

+10.4

Other Income (Expense)—Net

24.8

(4.3)

+29.1

Interest Income

14.7

16.6

(1.9)

Dividend Income

152.0

61.9

+90.1

Interest Expense(35.9)(41.0)+5.1

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

318.9

155.0

+163.9

Income Taxes(181.8)(63.1)(118.7)

Profit for the Period

650.4

209.6

+440.8

Profit for the Period Attributable to Owners of the Parent

633.3

198.9

+434.4Gain (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)Change* May not match with the total of items due to rounding off. The same shall apply hereafter.
Revenue

Revenue for the nine-month period ended December 31, 2021 ("current period") was ¥8,589.4 billion, an increase of¥2,848.8 billion from ¥5,740.6 billion for the corresponding nine-month period of the previous year ("previous
period").
* The figure for the previous period has been restated to conform to the presentation for the current period. This
restatement has no impact on gross profit, profit for the period attributable to owners of the parent, or total equity
attributable to owners of the parent. For further details, please refer to "4. Condensed Consolidated Financial
Statements (2) Condensed Consolidated Statements of Income and Comprehensive Income".
Gross Profit
Mainly the Mineral & Metal Resources Segment, the Chemicals Segment, the Machinery & Infrastructure Segment

and the Lifestyle Segment recorded an increase, while the Innovation & Corporate Development Segment and theEnergy Segment recorded a decrease.

- 3 -Selling, General and Administrative Expenses

Mainly the Mineral & Metal Resources Segment and the Machinery & Infrastructure Segment recorded a decreasein expense, while the Chemicals Segment recorded an increase in expense. The table provides a breakdown.
Billions of Yen
Current Period

Previous Period

ChangePersonnel ……………………………………. ¥(236.8) ¥(218.3) ¥(18.5)

Welfare ………………………………………

(8.5)

(6.8)

(1.7)

Travel ………………………………………..

(7.5)

(5.1)

(2.4)

Entertainment ………………………………..

(2.2)

(1.4)

(0.8)

Communication ……………………………...

(35.8)(34.2)(1.6)

Rent ………………………………………….

(6.7)

(7.7)

+1.0

Depreciation …………………………………

(25.9)(27.7)+1.8

Fees and Taxes ………………………………

(7.8)

(7.1)

(0.7)

Loss Allowance ……………………………...

(11.2)(67.5)+56.3

Others ………………………………………..

(81.3)(76.0)(5.3)

Total ………………………………………… ¥(423.7) ¥(451.8) ¥28.1

Other Income (Expenses)

Gain (Loss) on Securities and Other Investments—Net
For the current period, the Machinery & Infrastructure Segment recorded an impairment while the Lifestyle
Segment recorded a capital gain related profit.
For the previous period, the Machinery & Infrastructure Segment recorded a capital gain profit.
Impairment Reversal (Loss) of Fixed Assets—Net

For the current period, an impairment loss of a fixed asset was recorded mainly in the Energy Segment.
For the previous period, impairment losses of fixed assets were recorded mainly in the Energy Segment and theMachinery & Infrastructure Segment, while an impairment reversal was recorded in the Innovation & Corporate
Development Segment.

Gain (Loss) on Disposal or Sales of Fixed Assets—Net
For the current period, mainly the Innovation & Corporate Development Segment recorded a gain on sale of a
fixed asset.
Other Income (Expense)—Net

For the current period, mainly the Mineral & Metal Resources Segment recorded an increase in relation to foreignexchange profits and losses, and the Chemicals Segment recorded insurance proceeds, while the Energy Segment
recorded a decrease in relation to foreign exchange transactions and derivative transactions.
For the previous period, the Chemicals Segment recorded insurance proceeds in the business in North America,
while the Mineral & Metal Resources Segment and the Machinery & Infrastructure Segment recorded losses related
to loans.
Finance Income (Costs)
Dividend Income
Mainly the Mineral & Metal Resources Segment and the Energy Segment recorded an increase.

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

Mainly the Mineral & Metal Resources Segment, the Machinery & Infrastructure Segment, the Lifestyle Segment,
the Iron & Steel Products Segment, the Energy Segment and the Chemicals Segment recorded an increase.
Income Taxes
Income taxes for the current period were ¥181.8 billion, an increase of ¥118.7 billion from ¥63.1 billion for theprevious period.

The effective tax rate for the current period was 21.8%, a decrease of 1.3 points from 23.1% for the previous period.
Although there was a decrease of tax rate due to the reversal of deferred tax liability through dividend income fromequity method investees, there was an increase of tax rate due to an absence of an impairment loss not recognizablefor deferred tax in the Mineral & Metal Resources Segment for the previous period.

Profit for the Period Attributable to Owners of the Parent
As a result, Profit for the period attributable to owners of the parent was ¥633.3 billion, an increase of ¥434.4 billion
from the previous period.

- 5 -2) Operating Results by Operating Segment

The fluctuation analysis for the results by operating segment is below.
The order in which reporting segments are presented has been changed in the segment information from the current
period and this change also applies for the previous period.
Mineral & Metal Resources Segment(Billions of Yen)

Current Period Previous Period

Profit for the Period Attributable to Owners of the Parent

Change

370.9

76.9

+294.0Gross Profit

303.7

167.5

+136.2

Profit (Loss) of Equity Method Investments

102.7

45.3

+57.4

Dividend Income

88.8

25.8

+63.0

Selling, General and Administrative Expenses(22.2)(64.1)+41.9

Others(102.1)(97.6)(4.5)

・ Gross Profit increased mainly due to the following factors:- Iron ore mining operations in Australia recorded an increase of ¥88.7 billion mainly due to higher sales price.

- Coal mining operations in Australia recorded an increase of ¥42.5 billion mainly due to higher sales price.
・ Profit (Loss) of Equity Method Investments increased mainly due to the following factors:- Iron ore mining operations in Australia recorded an increase of ¥13.7 billion mainly due to higher sales price.
- Compañía Minera Doña Inés de Collahuasi SCM, a copper mining company in Chile, recorded an increase of¥13.1 billion mainly due to higher sales price.
- Inner Mongolia Erdos Electric Power & Metallurgical Co., Ltd recorded an increase of ¥10.5 billion mainly inthe ferroalloys and chemicals businesses because of the higher market prices caused by strong demand andelectricity restriction in China.
- Inversiones Mineras Becrux SpA, which invests in Anglo American Sur S.A., a copper mining company inChile, recorded an increase of ¥8.3 billion mainly due to higher sales price.
- For the previous period, an impairment loss of ¥3.8 billion was recorded for the Nacala Corridor rail & port
infrastructure business in Mozambique following the revisions to our various assumptions.
・ Dividend income increased mainly due to higher dividends from Vale S.A. and iron ore mining operations inAustralia.
・ Selling, General and Administrative Expenses decreased mainly due to the following factors:- For the previous period, an impairment loss of ¥35.9 billion for doubtful debts was recorded regarding the
Moatize mine business and Nacala Corridor rail & port infrastructure business in Mozambique following therevisions to our various assumptions.
- For the previous period, 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:- For the current period, a reversal of deferred tax liability of ¥6.2 billion was recorded in relation to thereorganization of Japan Collahuasi Resources B.V., which invests in Compañía Minera Doña Inés deCollahuasi SCM, a copper mining company in Chile.

- For the current period, a reversal of deferred tax liability for the retained earnings was recorded following thedividend income from Inner Mongolia Erdos Electric Power & Metallurgical Co., Ltd.
- For the current period, iron ore mining operations in Australia recorded an increase of ¥5.8 billion due toforeign exchange related profits and losses.
- For the current period, coal mining operations in Australia recorded an increase of ¥4.6 billion due to foreign- 6 -exchange related profits and losses.

- For the current period, a reversal of deferred tax liability for the retained earnings was recorded at the iron ore
mining operation in Australia.
- For the previous period, impairment losses of ¥19.2 billion were recorded regarding the Moatize mine businessand Nacala Corridor rail & port infrastructure business in Mozambique following the revisions to our various
assumptions.
Energy Segment(Billions of Yen)

Current Period Previous Period

Profit for the Period Attributable to Owners of the Parent

Change

28.3

26.7

+1.6

Gross Profit

41.2

44.7

(3.5)

Profit (Loss) of Equity Method Investments

24.0

15.6

+8.4

Dividend Income

46.4

19.9

+26.5

Selling, General and Administrative Expenses(36.9)(34.6)(2.3)

Others(46.4)(18.9)(27.5)・ Gross Profit decreased mainly due to the following factors:- Business division at the Headquarters recorded a decrease mainly due to valuation loss related to derivativetransactions to hedge LNG trading business, recognized in advance during the current period.
- Mitsui Oil Exploration Co., Ltd. recorded a decrease of ¥12.3 billion mainly due to decline in production, in
spite of higher oil and gas prices.
- Mitsui & Co. Energy Trading Singapore Pte. Ltd. recorded a decrease of ¥3.8 billion mainly due to a swingback effect following the good trading performance in the previous period.
- Mitsui E&P USA LLC recorded an increase of ¥11.8 billion mainly due to a higher gas price.
- Mitsui E&P Australia Pty Ltd recorded an increase of ¥10.8 billion mainly due to a higher oil price.
- MOEX North America LLC recorded an increase of ¥4.3 billion mainly due to a higher oil price.
- MEP Texas Holdings LLC recorded an increase of ¥3.6 billion mainly due to higher oil and gas prices.
- Mittwell Energy Resources Pty Ltd recorded an increase of ¥3.5 billion due to the increase in sales volume.
・ Profit (Loss) of Equity Method Investment increased mainly due to the following factors:- Mitsui & Co. LNG Investment USA, Inc. recorded an increase of ¥4.2 billion due to the commencement ofcommercial operation in all three trains at the Cameron LNG Project.
- Japan Australia LNG (MIMI) Pty. Ltd recorded an increase mainly due to a higher oil and gas prices.
・ Dividends from six LNG projects (Sakhalin II, Abu Dhabi, Qatargas 1, Oman, Qatargas 3 and Equatorial
Guinea(*)) were ¥46.0 billion in total, an increase of ¥26.5 billion from the previous period.
(*) Equatorial Guinea was sold during the 3rd quarter of current period.
・ In addition to the above, the following factors also affected results.
- For the previous period, MBK Energy Holdings USA recorded a profit of ¥39.0 billion due to a recognition ofdeferred tax assets in accordance with reorganization.
- For the current period, Mitsui Oil Exploration Co., Ltd. recorded an impairment loss of ¥7.3 billion for Block
M-3 exploration project and profit of ¥2.7 billion in relation to a reversal of reserve for overseas investmentloss.
- MOEX North America LLC recorded a decrease of ¥4.4 billion mainly due to derivative related profit and loss.
- Business division at the Headquarters recorded a foreign exchange related loss of hedging purpose in LNG
trading business.
- For the previous period, mainly due to lower oil price, Mitsui E&P Italia A S.r.l recorded an impairment loss of¥32.1 billion for its Tempa Rossa project.
- 7 -Machinery & Infrastructure Segment(Billions of Yen)

Current Period Previous Period

Profit for the Period Attributable to Owners of the Parent

Change

92.2

35.2

+57.0

Gross Profit

103.0

75.8

+27.2

Profit (Loss) of Equity Method Investments

109.1

73.3

+35.8

3.2

2.7

+0.5

Selling, General and Administrative Expenses(91.2)(94.2)+3.0

Others(31.9)(22.4)(9.5)

Dividend Income

・ Gross Profit increased mainly due to the following factors:- PT. Bussan Auto Finance recorded an increase of ¥5.1 billion mainly due to interest income following

accumulation of operating assets based on the recovery of markets and improvement of credit expenses.
- Toyota Chile S.A. recorded an increase of ¥4.8 billion due to steady sales results and high profit margins basedon tight vehicle supply.
・ Profit (Loss) of Equity Method Investments increased mainly due to the following factors:- MBK USA Commercial Vehicles Inc. recorded an increase of ¥20.3 billion due to good performance in thetruck leasing and rental business.
- Penske Automotive Group, Inc. recorded an increase of ¥10.5 billion due to steady sales results.
- Investments in gas distribution companies in Brazil recorded an increase of ¥5.7 billion due to the refund ofservice tax payments through litigation and steady demand for gas.
- Investments in drillship business recorded an increase of ¥3.1 billion due to the absence of impairment loss inthe previous period.
- For the previous period, an impairment loss of ¥0.9 billion was recorded for the Nacala Corridor rail & port

infrastructure business in Mozambique following the revisions to our various assumptions.
- Investments in IPP businesses recorded a decrease of ¥10.8 billion mainly due to reversal of deferred tax assets
and mark-to-market valuation loss of power derivatives in Australia and decrease in revenue due to equipment
failure and change in revenue recognition method in Oman.
- For the current period, a loss was recorded at a vessel owning company due to the sluggish tanker market.
・ Selling, General and Administrative Expenses decreased mainly due to the following factor:- For the previous period, an impairment loss of ¥9.0 billion for doubtful debt was recorded, reflecting therevisions to various assumptions regarding the Moatize mine business and Nacala Corridor rail & port
infrastructure business Mozambique.
・ In addition to the above, the following factors also affected results:- For the previous period, a gain on sale of the IPP business in North America was recorded.
- For the current period, an impairment loss of ¥9.7 billion was recorded, based on the conclusion of sale andpurchase agreement for the shares of MT Falcon Holdings S.A.P.I.de C.V.
- For the previous period, ¥9.1 billion impairment loss was recorded in the rolling stock leasing business.
- For the previous period, following the revisions to our various assumptions, impairment losses of ¥4.8 billion
were recorded regarding the Moatize mine business and Nacala Corridor rail & port infrastructure business inMozambique.

- 8 -Chemicals Segment(Billions of Yen)

Current Period Previous Period

Profit for the Period Attributable to Owners of the Parent

Change

51.6

32.4

+19.2

Gross Profit

132.0

92.2

+39.8

Profit (Loss) of Equity Method Investments

14.2

7.3

+6.9

Dividend Income

3.2

2.2

+1.0

Selling, General and Administrative Expenses(82.7)(70.1)(12.6)

Others(15.1)

0.8(15.9)・ Gross Profit increased mainly due to the following factors:- European agrochemical company, Belchim Crop Protection NV/SA recorded an increase due to consolidationof the company in the current period.
- An increase of ¥4.6 billion was recorded in MMTX, Inc. mainly due to higher methanol price.

- Chemicals trading business at the overseas branch recorded an increase mainly due to good product price andincrease in handling volume.
・ Profit (Loss) of Equity Method Investments increased mainly due to the following factor:- Japan-Arabia Methanol Company Ltd. recorded an increase of ¥3.6 billion mainly due to higher methanol price.
・ Selling, General and Administrative Expense increased mainly due to the following factor:- European agrochemical company, Belchim Crop Protection NV/SA recorded an expense increase due toconsolidation of the company in the current period.
・In addition to above, the following factor also affected results:- For the current and previous period, insurance proceeds were recorded in the business in North America.
Iron & Steel Products Segment(Billions of Yen)

Current Period Previous Period

Profit for the Period Attributable to Owners of the Parent

Change

21.3

(2.8)

+24.1

Gross Profit

25.4

14.8

+10.6

Profit (Loss) of Equity Method Investments

21.2

(0.3)

+21.5

Dividend Income

1.2

1.1

+0.1

Selling, General and Administrative Expenses(17.5)(16.8)(0.7)

Others

(9.0)

(1.6)

(7.4)

・Profit (Loss) of Equity Method Investments increased mainly due to the following factors:- Numit LLC, which invests in Steel Technologies LLC, recorded an increase of ¥8.2 billion mainly due to theimprovement of operating time by the recovery of automotive production in the U.S. and increase in steel
prices.
- Gestamp companies recorded an increase of ¥6.9 billion mainly due to the improvement of operating time by
the recovery of automotive production and cost reduction due to structural transformation.

- 9 -Lifestyle Segment(Billions of Yen)

Current Period Previous Period

Profit for the Period Attributable to Owners of the Parent

Change

42.8

(0.4)

+43.2

Gross Profit

110.9

95.0

+15.9

Profit (Loss) of Equity Method Investments

32.5

4.6

+27.9

Dividend Income

5.4

5.4

0

Selling, General and Administrative Expenses(99.0)(97.1)(1.9)

Others

(7.0)

(8.3)

+1.3

・ Gross Profit increased mainly due to the following factors:- UHS PARTNERS, INC. recorded an increase of ¥3.8 billion due to good performance in the healthcare staffing
business.
- An increase of ¥3.6 billion was recorded mainly due to good performance in grain trading at a business divisionat the Headquarters.
- XINGU AGRI AG, an agricultural production business in Brazil, recorded an increase of ¥3.4 billion mainly
due to an increase in soybean and cotton harvests and higher prices.
・ Profit (Loss) of Equity Method Investments increased mainly due to the following factors:- IHH Healthcare Berhad recorded an increase of ¥12.6 billion due to the effect of the COVID-19 pandemic forthe previous period as well as the absence of an impairment loss of goodwill over a subsidiary in India, andincreased demand for COVID-19 related services and an operation improvement for the current period.
- Mit-Salmon Chile SpA recorded an increase of ¥4.1 billion due to recovery of the sales price and increase insales volume in the salmon farming, processing and sales business in Chile.
- WILSEY FOODS INC. recorded an increase of ¥3.1 billion due to the good performance of Ventura Foods
LLC, a U.S. manufacturer of processed oil food, reflecting higher soybean oil price and recovery in demand forfood service.
・ In addition to the above, the following factor also affected results:- For the current period, a gain of ¥8.9 billion was recorded as a total amount of the gain on partial sales of theshares in PHC Holdings Corporation and a valuation gain due to the deconsolidation of PHC Holdings
Corporation from Mitsui’s equity accounted investee.
Innovation & Corporate Development Segment(Billions of Yen)

Current Period Previous Period

Profit for the Period Attributable to Owners of the Parent

Change

42.2

37.4

+4.8

Gross Profit

72.2

76.2

(4.0)

Profit (Loss) of Equity Method Investments

15.3

8.9

+6.4

Dividend Income

2.7

3.7

(1.0)

(51.1)(47.3)

(3.8)

3.1

(4.1)

+7.2

Selling, General and Administrative Expenses
Others・ Gross Profit decreased mainly due to the following factors:- For the previous period, a gain of ¥12.6 billion in the valuation of fair value was recorded at a holding company
as a result of sales of its entire shareholding in OSIsoft LLC.

- For the previous period, ¥5.6 billion gain was recorded due to the valuation of fair value on shares in Hutchison
China MediTech Ltd., while for the current period, ¥1.1 billion profit was recorded as a result of sales of theentire shareholding thereof.
- 10 -

- Business division at the Headquarters recorded an increase of ¥3.3 billion mainly due to an increase ofoccupancy rates of integrated development project in the 2, Otemachi 1-Chome District.
・In addition to the above, the following factors also affected results:- For the current period, MBK Real Estate LLC recorded a gain on sale of a multi-family housing property.
- For the previous period, ¥4.3 billion gain of an impairment reversal on land was recorded.

(3) Financial Condition and Cash Flows

1) Financial Condition(Billions of Yen)

December 31, 2021

Total Assets

March 31, 2021

Change13,787.5

12,515.8+1,271.7

Current Assets

5,260.6

4,207.5+1,053.1

Non-current Assets

8,526.9

8,308.4+218.5Current Liabilities

3,434.0

2,701.7+732.3

Non-current Liabilities

5,108.2

4,991.2+117.03,524.2

3,299.8+224.4

4,985.2

4,570.4+414.80.71

0.72(0.01)Net Interest-bearing Debt
Total Equity Attributable to Owners of the
ParentNet Debt-to-Equity Ratio (times)

AssetsCurrent Assets:
・ Cash and cash equivalents declined by ¥222.0 billion.
・ Trade and other receivables increased by ¥495.5 billion, mainly due to the following factors:- An increase in trade receivables by ¥225.3 billion, mainly due to higher market price and increase in trading
volume in Mitsui & Co., Energy Trading Singapore Pte. Ltd., and the business division at the Headquarters
in the Energy Segment;-

An increase in trade receivables by ¥103.3 billion, mainly due to higher market price and increase in trading
volume in Chemicals Segment; and-A decrease in the current portion of long-term receivables by ¥46.3 billion, mainly due to loan collection of¥57.6 billion in the copper business.
・ Other financial assets increased by ¥456.3 billion, mainly due to the following factors:--

An increase by ¥262.5 billion, mainly due to market fluctuation and increase in trading volume in Mitsui
Bussan Commodities Ltd. and the business division at the Headquarters in the Innovation & Corporate
Development Segment; andAn increase by ¥83.7 billion due to higher market price for products in the business division at the

Headquarters in the Lifestyle Segment.
・ Inventories increased by ¥271.7 billion, mainly due to higher market price and increase in trading volume in theLifestyle Segment, increase in trading volume in the Innovation & Corporate Development Segment, andconsolidation of Belchim Crop Protection NV/SA, a European agrochemical company, in the Chemicals
Segment.
・ Advance payments to suppliers increased by ¥35.1 billion, mainly due to an increase in trading volume in the
Machinery & Infrastructure Segment.

- 11 -

Non-current Assets:
・ Investments accounted for using the equity method increased by ¥97.0 billion, mainly due to the following
factors:- An increase of ¥87.5 billion resulting from foreign currency exchange fluctuations;-

An increase of ¥318.9 billion corresponding to the profit of equity method investments for the current period,
despite a decline of ¥271.8 billion due to dividends from equity accounted investees;-

An increase of ¥26.4 billion due to an investment in Mitsui E&P Mozambique Area 1 Limited, which
participates in the Mozambique LNG Project;
An increase due to a fair value valuation of shares in the Arctic LNG 2 Project in Russia through Japan-

Arctic LNG B.V.; and- A decline of ¥71.9 billion due to partial shares sale of PHC Holdings Corporation and reclassification to
Other investments.
・ Other investments increased by ¥118.9 billion, mainly due to the following factors:- An increase of ¥71.1 billion due to reclassification of PHC Holdings Corporation from Investments

accounted for using the equity method, as result of partial shares sale;- As a result of subscription to convertible bonds of PT CT Corpora, the holding company for CT Corp, for¥67.0 billion; and- Fair value on financial assets measured at FVTPL increased by ¥20.8 billion, while fair value on financial
assets measured at FVTOCI decreased by ¥54.6 billion.
・ Property, plant and equipment decreased by ¥62.4 billion, mainly due to the following factors:- A decline of ¥68.5 billion (including foreign exchange translation profit of ¥12.6 billion) at the oil and gas
projects;- A decline of ¥28.8 billion due to reclassification of agricultural land owned by XINGU AGRI AG to
Investment property, upon conclusion of lease contracts;-

A decline of ¥14.0 billion due to sale of the contract manufacturing businesses of MicroBiopharm Japan Co.,
Ltd.;

-

An increase by ¥24.6 billion due to consolidation of Inversiones Mitta SpA, which is parent company of the
fleet management operating company in Chile; and- An increase by ¥180 billion mainly due to establishment of a logistics center by MITSUI FOODS CO., LTD.
・ Investment property increased by ¥42.2 billion, mainly due to the following factors:-

An increase by ¥28.8 billion due to reclassification of agricultural land owned by XINGU AGRI AG from
Property, plant and equipment, upon conclusion of lease contracts; and-An increase by ¥11.3 billion due to completion of construction at Hibiya Fort Tower, redeveloped by Mitsui& Co. Real Estate Ltd.
・ Intangible assets increased by ¥39.7 billion, mainly due to consolidation of Belchim Crop Protection NV/SA, aEuropean agrochemical company and Inversiones Mitta SpA, which is parent company of the fleet management
operating company in Chile.
Liabilities
Current Liabilities:
・ Short-term debt increased by ¥11.5 billion mainly due to consolidation of Belchim Crop Protection NV/SA, aEuropean agrochemical company.
・ Trade and other payables increased by ¥398.3 billion, corresponding to the increase in trade and otherreceivables, mainly due to the following factor:-

An increase in trade and other payables by ¥182.0 billion, mainly due to higher market price and increase in
trading volume in Mitsui & Co., Energy Trading Singapore Pte. Ltd, and the business division at the- 12 -

Headquarters in the Energy Segment.
・ Other financial liabilities increased by ¥268.4 billion, mainly due to the following factor:- An increase by ¥185.5 billion, mainly due to market fluctuation and increase in trading volume in Mitsui
Bussan Commodities Ltd and the business division at the Headquarters in the Innovation & Corporate

Development Segment.
・ Advances from customers increased by ¥61.0 billion, mainly due to corresponding increase in advancepayments to suppliers.
Non-current Liabilities:
・ Long-term debt, less the current portion, increased by ¥97.2 billion.
・ Deferred tax liabilities increased by ¥28.2 billion, mainly due to corresponding increase in the profit of equity
method investments under the Machinery & Infrastructure Segment.
Total Equity Attributable to Owners of the Parent
・ Retained earnings increased by ¥318.4 billion.
・ Other components of equity increased by ¥66.7 billion, mainly due to the following factors:- Foreign currency translation adjustments increased by ¥82.6 billion, mainly reflecting the appreciation in the
U.S. dollar against Japanese yen, while the Australian dollar has depreciated; and- Financial assets measured at FVTOCI decreased by ¥10.6 billion.
・ Treasury stock which is a subtraction item in shareholders' equity decreased by ¥28.2 billion, mainly due to theshares buy-back for ¥129.0 billion, despite cancellation of the stock for ¥156.7 billion.
2) Cash Flows(Billions of Yen)

Current Period Previous Period

ChangeCash flows from operating activities

359.0

502.5

(143.5)

Cash flows from investing activities(190.4)(308.5)+118.1

Free cash flow

168.6

194.0

(25.4)Cash flows from financing activities(397.5)(282.3)(115.2)

6.9

8.1

(1.2)

(222.0)(80.2)(141.8)

Effect of exchange rate changes on cash and cash
equivalents
Change in cash and cash equivalents
Cash Flows from Operating Activities(Billions of Yen)

Current Period Previous Period

ChangeCash flows from operating activities

a

359.0

502.5

(143.5)

Cash flows from change in working capitalb(544.7)(35.6)(509.1)

Repayments of lease liabilitiesc(40.8)(44.7)

+3.9

a-b+c

862.9

493.4

+369.5

Core Operating Cash Flow・ Net cash from an increase or a decrease in working capital, or changes in operating assets and liabilities for thecurrent period was ¥544.7 billion of net cash outflow. Repayments of lease liabilities for the current period was¥40.8 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
period amounted to ¥862.9 billion.
-

Net cash inflow from dividend income, including dividends received from equity accounted investees, for thecurrent period totaled ¥430.2 billion, an increase of ¥198.7 billion from ¥231.5 billion for the previous- 13 -

period; and-Depreciation and amortization for the current period was ¥225.0 billion, an increase of ¥24.8 billion from¥200.2 billion for the previous period.

The following table shows Core Operating Cash Flow by operating segment.
Current Period Previous Period(Billions of Yen)

ChangeMineral & Metal Resources

433.0

205.2

+227.8Energy

152.9

102.7

+50.2

Machinery & Infrastructure

113.2

64.5

+48.7

Chemicals

71.9

48.5

+23.4

Iron & Steel Products

9.2

2.1

+7.1

Lifestyle

33.5

11.3

+22.2

Innovation & Corporate Development

35.1

40.1

(5.0)

All Other and Adjustments and Eliminations

14.1

19.0

(4.9)

Consolidated Total

862.9

493.4

+369.5

Cash Flows from Investing Activities
・ Net cash outflows that corresponded to investments in equity accounted investees (net of sales of investments inequity accounted investees) were ¥29.8 billion, mainly due to the following factor:- An investment in Mitsui E&P Mozambique Area 1 Limited, which participates in the Mozambique LNG
Project, for ¥26.4 billion.
・ Net cash outflows that corresponded to other investments (net of sales and maturities of other investments) were
¥39.7 billion, mainly due to the following factors:- A subscription to convertible bonds of PT CT Corpora, the holding company for CT Corp, for ¥67.0 billion(net amount of ¥100.0 billion for subscription to convertible bonds and ¥33.0 billion from redemption of
corporate bonds); and-A sale of the contract manufacturing businesses of MicroBiopharm Japan Co., Ltd.

・ Net cash inflows that corresponded to an increase in loan receivables (net of collections of loan receivables)
were ¥55.3 billion, mainly due to loan collection of ¥57.6 billion in the copper business.
・ Net cash outflows that corresponded to purchases of property, plant, and equipment (net of sales of those assets)
were ¥117.9 billion, mainly due to the following factors:- An expenditure for iron ore mining operations in Australia for ¥32.5 billion;- An expenditure for the oil and gas projects for ¥26.4 billion; and- An expenditure for coal mining operations in Australia for ¥18.6 billion.
・ Net cash outflows that corresponded to purchases of investment property (net of sales of those assets) were ¥6.5
billion, mainly due to the following factors:- An expenditure for construction at Hibiya Fort Tower, redeveloped by Mitsui & Co. Real Estate Ltd., for-¥13.0 billion; andA sale of a multi-family housing property in the USA by MBK Real Estate LLC for ¥17.8 billion.

Cash Flows from Financing Activities
・ Net cash outflow from net change in short-term debt was ¥32.8 billion, net cash outflows from net change inlong-term debt was ¥23.0 billion, and cash outflow from repayments of lease liabilities was ¥40.8 billion.
・ The cash outflow from the purchases of treasury stock was ¥129.0 billion.
・ The cash outflow from payments of cash dividends was ¥148.2 billion.
- 14 -

2. Management Policies(1) Forecasts for the Year Ending March 31, 2022
1) Revised forecasts for the year ending March 31, 2022
<Assumption>

1-3Q(Actual)4Q(Forecast)Mar-22
Revised
Forecast

Mar-22Previous
Forecast

Exchange rate (USD/JPY)

111.45114.00112.09109.55Crude oil (JCC)$74/bbl$72/bbl$73/bbl$71/bblConsolidated oil price$65/bbl$77/bbl$68/bbl$66/bbl(Billions of Yen)

March 31, 2022 March 31, 2022
Revised forecast Previous forecast
Gross Profit

ChangeDescription

1,060.0

980.0

+80.0

(580.0)(590.0)

+10.0

30.0

10.0

+20.0

Interest Expenses(30.0)(30.0)-

Dividend Income

190.0

180.0

+10.0

Profit (Loss) of Equity Method
Investments

410.0

380.0

+30.0

Profit before income taxes

1,080.0930.0+150.0

Income taxes(220.0)(190.0)(30.0)

Non-controlling Interests(20.0)(20.0)-

Profit for the year attributable toowners of the parent

840.0

720.0

+120.0Depreciation and Amortization

300.0

300.0

-

1,090.0920.0+170.0

Selling, General and Administrative
ExpensesGain on Investments, Fixed Assets
and Other

Core Operating Cash Flow

Energy,Mineral & Metal Resources

Lifestyle and others

Mineral & Metal Resources,
Machinery & Infrastructure

Rate of change: +16.7%

・ For further major assumptions in addition to oil prices and USD/JPY, please refer to "2) Key commodity prices and other parameters
for the year ending March 31, 2022".

- 15 -

The revised forecast for Profit for the Year Attributable to Owners of the Parent by operating segment compared tothe original forecast is as follows:Year ending
March 31, 2022
Revised Forecast

Year ending
March 31, 2022
Previous Forecast

Mineral & Metal Resources

450.0

420.0

+ 30.0Higher cocking coal price,
ferroalloys business in China

Energy

110.0

80.0

+ 30.0Higher oil and gas prices,
LNG trading business

Machinery & Infrastructure

120.0

100.0

+ 20.0Automotive business

Chemicals

64.0

50.0

+ 14.0

Trading business

Iron & Steel Products

28.0

20.0

+ 8.0

Steady steel prices

Lifestyle

53.0

40.0

+ 13.0

One time profit through business restructuring

Innovation & Corporate
Development

51.0

40.0

+ 11.0

Trading business

All Other and Adjustments
and Eliminations(36.0)(30.0)(6.0)

Consolidated Total

840.0

720.0

+ 120.0(Billions of Yen)

ChangeDescription

The revised forecast for Core Operating Cash Flow by operating segment compared to the original forecast is asfollows:
Year ending
March 31, 2022
Revised Forecast

Year ending
March 31, 2022
Previous Forecast

Mineral & Metal Resources

500.0

440.0

+ 60.0Higher cocking coal price,
ferroalloys business in China

Energy

260.0

200.0

+60.0

Higher oil and gas prices,
LNG trading business

Machinery & Infrastructure

140.0

120.0

+ 20.0Automotive business

Chemicals

90.0

80.0

+ 10.0

Trading business

Iron & Steel Products

15.0

10.0

+ 5.0

Lifestyle

33.0

30.0

+ 3.0

Innovation & Corporate
Development

41.0

40.0

+1.0

All Other and Adjustments
and Eliminations

11.0

0

+ 11.01,090.0920.0+ 170.0(Billions of Yen)

Consolidated Total- 16 -

ChangeDescription

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 Ownersof the Parent for the Year ending March 31, 2022
(Announced in April 2021)

Crude Oil/JCC
Consolidated OilPrice(*1)

Commodity

March 31, 2022
1-3Q

4Q

(Result)(Assumption)

Revised
Forecast(Announced
in Feb 2022)

-

71

74

72

73

¥2.5 bn (US$1/bbl)

66

65

77

68

3.76

3.34(*3)

4.85

3.72

U.S. Natural¥1.1 bn (USGas(*2)$0.1/mmBtu)

Iron Ore(*4)¥2.2 bn (US$1/ton)(*5)

157(*6)

(*5)

(*5)

Coking¥0.4 bn (US$1/ton)(*5) →

231(*7)(*5) →(*5)

Thermal¥0.1 bn (US$1/ton)(*5)

110(*7)

(*5)

(*5)

¥0.7 bn (US$100/ton)

9,140

9,187(*9)

9,698

9,315

USD

¥2.6 bn (¥1/USD)

109.55111.45114.00112.09AUD¥2.4 bn (¥1/AUD)

80.67

82.69

83.00

82.77

BRL

¥0.2 bn (¥1/BRL)

20.59

20.86

20.00

20.65

Coal

Copper(*8)

Forex (*10)

Previous
Forecast(Announced
in Nov 2021)(*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 time lag. For the year ending
March 31, 2022, we have assumed that there is a 4-6 month time lag for approx. 35%, a 1-3 month time lag for
approx. 60%, and no time lag for approx. 5%. The above sensitivities show the annual impact of changes in the
consolidated oil price.
(*2) As Mitsui has very limited exposure to U.S. natural gas sold at Henry Hub (HH), the above sensitivities show
the annual impact of changes in the weighted average sale price.
(*3) U.S. gas figures for the year ending March 31,2022 1-3Q (Result) are the Henry Hub Natural Gas Futures
average daily prompt month closing prices traded on NYMEX during January to September 2021.
(*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 ending March 31, 2022 1-3Q (Result) are the daily average (reference price)
spot indicated price (Fe 62% CFR North China) recorded in several industry trade magazines from April to
December 2021.
(*7) Coal results figures for the year ending March 31, 2022 1-3Q (Result) are the quarterly average prices ofrepresentative 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 from March to December 2021.
(*9) Copper results figures for the year ending March 31, 2022 1-3Q (Result) are the averages of the LME monthly
average cash settlement prices for the period from January to September 2021.
(*10) The above sensitivities show the 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- 17 -

impact of dividends received from major foreign investees. Depreciation of the yen has the effect of increasing

profit for the year through the conversion of profit (denominated in functional currencies) into yen. In theoverseas subsidiaries and equity accounted investees where the sales contract is in USD, the impact of
currency fluctuations between USD and the functional currencies (AUD and BRL) and the impact of currency
hedging are not included.

(2) 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 period, we had repurchased our own stock for ¥24.6 billion from April 1 to April 26, 2021 following
the announcements "Notification of Stock Repurchase" on February 24, 2021, ¥50.0 billion following theannouncements "Notification of Stock Repurchase" on April 30, 2021 and ¥50.0 billion following theannouncements "Notification of Stock Repurchase" on August 3, 2021. Additionally, we repurchased our own stockfor ¥20.1 billion from December 17, 2021 to January 31, 2022 based on the announcements "Notification of Stock
Repurchase" on December 16, 2021, which announced an additional buy-back program capped at either ¥50.0
billion or 30 million shares.
We will continue to flexibly and strategically allocate funds for investment in growth and additional shareholder
returns (additional dividends and share buy-backs) according to the business performance during the Medium-termManagement Plan period.
The annual dividend for the year ending March 31, 2022 is planned to be ¥105 per share (an increase of ¥20 fromthe previous year, including the interim dividend of ¥45 per share), an upward revision of ¥10 from the original
forecast announced on November 2, 2021, taking into consideration the Core Operating Cash Flow and Profit for
the Year Attributable to Owners of the Parent in the revised forecasts announced today, as well as the stability andcontinuity of dividend payments.

- 18 -

3. Other Information
Notice:This flash report contains forward-looking statements about Mitsui and its consolidated subsidiaries. These forwardlooking 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) business investment risks, (2)country risks, (3) risks regarding climate changes, (4) commodity market risks, (5) foreign currency risks, (6) stock
price risks of listed stock Mitsui and its subsidiaries hold, (7) credit risks, (8) risks regarding fund procurement, (9)operational risks, (10) risks regarding employee’s compliance with laws, regulations, and internal policies, (11) risks
regarding information systems and information securities, (12) risks relating to natural disasters, terrorism, violent
groups and infectious diseases. 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.

- 19 -

4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position(Millions of Yen)
Assets
December 31,
2021

March 31,2021

Current Assets:
Cash and cash equivalents
Trade and other receivables
Other financial assets
Inventories
Advance payments to suppliers¥

Other current assets

841,1392,307,545
886,254886,869
178,799¥

1,063,150
1,811,990
429,986
615,155
143,714160,001

143,477

5,260,607

4,207,472

Investments accounted for using the equity method

3,140,974

3,044,001

Other investments
Trade and other receivables

2,074,461
295,965

1,955,607
305,952

Other financial assets
Property, plant and equipment

151,493
2,112,655

141,848
2,175,072

Investment property

317,024

274,847

Intangible assets

228,257

188,555

Deferred tax assets
Other non-current assets

103,522
102,577

112,055
110,4368,526,928

8,308,373

Total current assets
Non-current Assets:

Total non-current assets
Total

¥

- 20 -

13,787,535¥

12,515,845

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

March 31,2021

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

312,041
420,107¥

300,485
450,941

Trade and other payables
Other financial liabilities
Income tax payables

1,711,633
639,747
61,335

1,313,341
371,298
58,915

Advances from customers
Provisions
Other current liabilities

184,792
28,184
76,160123,806
36,90946,0273,433,999

2,701,722

4,092,495
113,6213,995,311
116,531Retirement benefit liabilities
Provisions

38,461
258,104

40,253
261,365

Deferred tax liabilities
Other non-current liabilities

578,966
26,511

550,776
27,000Total non-current liabilities

5,108,158

4,991,236

Total liabilities

8,542,157

7,692,958

342,384

342,080

397,423
3,866,219
440,477

396,238
3,547,789
373,786(61,255)(89,473)

4,985,248

4,570,420

Non-controlling interests

260,130

252,467

Total equity

5,245,378

4,822,887

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

Equity:Common stock
Capital surplus
Retained earnings
Other components of equity
Treasury stock
Total equity attributable to owners of the parent

Total

¥

- 21 -

13,787,535¥

12,515,845

(2) Condensed Consolidated Statements of Income and Comprehensive Income
Condensed Consolidated Statements of Income(Millions of Yen)
Nine-monthNine-month
period ended
period ended
December 31, 2020
December 31, 2021
(As restated)
Revenue¥

Cost
Gross Profit

8,589,429¥

5,740,568(7,799,646)(5,172,368)

789,783

568,200(423,736)(451,819)

Other Income (Expenses):
Selling, general and administrative expenses
Gain (loss) on securities and other investments－net(5,696)

7,024

Impairment reversal (loss) of fixed assets－net
Gain (loss) on disposal or sales of fixed assets－net(14,285)
11,565(40,133)
1,228

Other income (expense) －net
Total other income (expenses)

24,838(4,312)(407,314)(488,012)

14,709151,957

16,554
61,865(35,878)(40,996)

Finance Income (Costs):
Interest income
Dividend income
Interest expense
Total finance income (costs)

130,788

37,423318,947

155,002

Profit before Income Taxes

832,204

272,613

Income Taxes(181,768)

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

Profit for the Period(63,057)¥

650,436¥

209,556¥

633,256¥

198,937

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

17,18010,619(Note)

Considering the presentation of revenue in the Condensed Consolidated Statement of Income in more detail in accordance with IFRS 15 "Revenue from Contracts
with Customers", we have presented the "revenue" and corresponding "cost" of certain transactions in gross amounts for the nine-month period ended December
31, 2021. Those amounts for the nine-month period ended December 31, 2020 have also been restated to conform to the presentation for the nine-month period
ended December 31, 2021. This restatement has no impact on gross profit, profit for the period attributable to owners of the parent, or total equity attributable toowners of the parent.

Condensed Consolidated Statements of Comprehensive Income(Millions of Yen)
Nine-monthNine-month
period ended
period ended
December 31, 2021 December 31, 2020
Profit for the Period¥

650,436¥

209,556

Other Comprehensive Income:Items that will not be reclassified to profit or loss:
Financial assets measured at FVTOCI(49,453)

325,873

Remeasurements of defined benefit plans
Share of other comprehensive income of investments accounted for using the equity method

752
14,026(1,953)(11,256)

14,993(67,477)(4,727)(27,447)
115,682

124,798
8,208(63,846)

Income 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 method
Income tax relating to items that may be reclassified
Total other comprehensive income
Comprehensive Income for the Period(2,999)(8,724)60,827

305,623¥

711,263¥515,179¥

690,339
20,924¥497,987
17,192Comprehensive Income for the Period Attributable to:
Owners of the parent
Non-controlling interests- 22 -

(3) Condensed Consolidated Statements of Changes in Equity(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2020¥

341,776

CapitalSurplus¥402,652¥

Profit for the period

Retained
Earnings

Other
Components ofEquity3,362,297¥¥(65,138)

Comprehensive income for the period
Transaction with owners:

198,937

Dividends paid to the owners of the parent
Dividends paid to non-controlling interest
shareholders
Acquisition of treasury stock
Sales of treasury stock

Noncontrolling
Interests

Total¥

198,937

Other comprehensive income for the period

3,817,677¥

243,255

Total
Equity¥10,619209,556

299,050

299,050

6,573

305,623

299,050

497,987

17,192515,179(135,476)(135,476)(10,788)

(112)

304

(134)

(45,974)
246(46,722)46,722(37)

interest shareholders
Transfer to retained earnings(3,234)¥

342,080¥

403,915¥

3,375,668

¥

-

1,716

3

(34)
¥

(64,144)¥(45,974)
0

1,716

3,234
78,377(10,788)(45,974)01,412

Equity transactions with non-controlling

4,060,932

198,937(135,476)

Cancellation of treasury stock
Compensation costs related to share-based
payment

Balance as at December 31, 2020

(223,910)

TreasuryStock4,135,896(4,738)(4,772)-¥244,921¥

4,380,817(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2021¥

342,080

CapitalSurplus¥396,238¥

Profit for the period
Other comprehensive income for the period

Retained
Earnings

Other
Components ofEquity3,547,789¥

373,786

TreasuryStock¥(89,473)¥

633,256

Comprehensive income for the period
Transaction with owners:

633,256

Dividends paid to the owners of the parent

Noncontrolling
Interests

Total
4,570,420¥¥

57,083

17,1803,744

650,436
60,82757,083690,339

20,924

711,263(148,206)(148,206)(148,206)(23,236)

Acquisition of treasury stock
Sales of treasury stock(197)

Cancellation of treasury stock
Compensation costs related to share-based
payment
Equity transactions with non-controllinginterest shareholders

304

(276)

(128,978)474(156,722)

156,722(67)(9,622)¥

342,384¥

397,423¥

3,866,219- 23 -

¥

-

1,753

(14)

(81)
¥

(61,255)¥(128,978)
1

1,753

9,622
440,477(23,236)(128,978)1

1,449

Transfer to retained earnings

4,822,887

633,256
57,083

Dividends paid to non-controlling interest
shareholders

Balance as at December 31, 2021

252,467

Total
Equity4,985,248

9,975

9,894
-

¥

260,130¥

5,245,378

(4) Condensed Consolidated Statements of Cash Flows(Millions of Yen)

Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2020
Operating Activities:
Profit for the period¥

650,436¥

209,556

Adjustments to reconcile profit for the period to cash flows
from operating activities:
Depreciation and amortization
Change in retirement benefit liabilities

225,043
4,990

200,230
1,146

Loss allowance

11,186

67,533(Gain) loss on securities and other investments-net

5,696(7,024)(Gain) loss on loans measured at FVTPL
Impairment (reversal) loss of fixed assets-net(Gain) loss on disposal or sales of fixed assets-net

14,285(11,565)

21,657
40,133(1,228)Interest income, dividend income and interest expense
Income taxes
Share of (profit) loss of investments accounted for using the equity method(154,289)
181,768(318,947)(57,380)
63,057(155,002)

1,446(3,195)

Valuation (gain) loss related to contingent considerations and others
Changes in operating assets and liabilities:
Change in trade and other receivables(480,759)

12,273(247,964)
353,654(44,389)
48,111Other-net
Interest received(169,608)
38,670(51,660)
41,727

Interest paid
Dividends received
Income taxes paid

(36,615)
430,166(138,570)(46,881)
231,486(67,700)

359,023

502,450

Net change in time deposits
Net change in investments in equity accounted investees
Net change in other investments(51,742)(29,778)(39,715)(40,717)(49,834)(2,026)

Net change in loan receivables
Net change in property, plant and equipment

55,291(117,944)

5,512(172,199)

Change in inventories
Change in trade and other payables

Cash flows from operating activities
Investing Activities:

Net change in investment property(6,501)(49,277)(190,389)(308,541)(32,783)(23,028)(32,895)(10,776)

Repayments of lease liabilities(40,802)(44,718)

Purchases and sales of treasury stock
Dividends paid

(128,976)(148,206)(45,974)(135,476)

Cash flows from investing activities
Financing Activities:
Net change in short-term debt
Net change in long-term debt

Transactions with non-controlling interest shareholders
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 Period(23,742)(12,453)(397,537)(282,292)

6,892(222,011)

8,178(80,205)

1,063,150

Cash and Cash Equivalents at End of Period¥

841,139

1,058,733¥

978,528“Interest income, dividend income and interest expense”, “Interest received”, “Interest paid” and “Dividends received” of Condensed
Consolidated Statements of Cash Flows include not only interest income, dividend income and interest expense that are included in“Finance Income (Costs)” of Condensed Consolidated Statements of Income, but also interest income, dividend income, interest
expense that are included in Revenue and Cost respectively and cash flows related with them.

- 24 -

(5) Assumption for Going Concern: None
(6) Changes in Accounting Estimates

The significant change in accounting estimates in the Condensed Consolidated Financial Statements is as follows:(Impairment loss related to selling the entire interest in MT Falcon Holdings)
Mitsui & Co., Ltd. recognized an impairment loss of ¥9,749 million in the Machinery & Infrastructure segment,with the conclusion of the sale and purchase agreement to sell its entire interest in MT Falcon Holdings S.A.P.I.de
C.V., an equity accounted investee which owns and operates gas combined-cycle power plants and a gas-pipeline in
Mexico. The impairment loss for the related investment accounted for using the equity method is recorded in “Gain(loss) on securities and other investments – net” in the Condensed Consolidated Statements of Income.

- 25 -

(7) Segment Information

Nine-month period ended December 31, 2021 (from April 1, 2021 to December 31, 2021)(Millions of Yen)
Mineral &Metal
Resources

EnergyRevenue

1,425,948

Gross Profit

303,657

Share of Profit (Loss) of Investments
Accounted for Using the Equity
MethodProfit for the Period Attributable to
Owners of the parent
Core Operating Cash Flow
Total Assets at December 31, 2021

Innovation &Corporate
Development

Others /AdjustmentsandEliminations

Consolidated
Total

Machinery &Infrastructure

Chemicals

Iron & Steel
Products

1,822,154

622,967

2,098,122

444,371

2,013,273

160,992

8,587,827

1,602

8,589,429

41,216103,013

131,990

25,425110,908

72,180788,389

1,394

789,783

102,697

24,015

109,101

14,21021,17032,453

15,283318,92918

318,947

370,860

28,29092,15751,623

21,25442,80442,205649,193(15,937)

633,256

LifestyleTotal

432,959

152,902113,184

71,8589,193

33,54735,140848,783

14,115

862,898

2,576,874

2,990,638

2,488,530

1,554,185

657,393

2,466,053

1,551,625

14,285,298(497,763)

13,787,535

Nine-month period ended December 31, 2020 (from April 1, 2020 to December 31, 2020) (As restated)(Millions of Yen)
Mineral &Metal
Resources

EnergyMachinery &Infrastructure

Chemicals

Iron & Steel
Products

LifestyleInnovation &Corporate
Development

Total

Others /AdjustmentsandEliminations

Consolidated
Total

Revenue

1,003,099

549,962591,063

1,368,042

304,866

1,758,060

163,508

5,738,600

1,968

5,740,568

Gross Profit

167,530

44,65875,84392,151

14,77994,96876,231

566,160

2,040

568,200

Share of Profit (Loss) of Investments
Accounted for Using the Equity
Method45,27815,58773,301

7,274

(253)

4,649

8,911

154,747255

155,002

198,937

Profit (Loss) for the Period
Attributable to Owners of the parent

76,937

26,73435,21032,379(2,757)(441)

37,435

205,497(6,560)Core Operating Cash Flow

205,180

102,654

64,534

48,5152,135

11,26240,077474,357

19,040493,397

2,566,491

2,566,305

2,291,278

1,345,469

566,020

2,009,315

1,191,842

12,536,720(20,875)

12,515,845

Total Assets at March 31, 2021

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, 2021 and December 31, 2021 includes cash, cash
equivalents and time deposits related to financing activities, and assets of the Corporate Staff Unit andcertain subsidiaries related to the above services amounting to ¥ 7,202,925 million and ¥ 7,390,070
million, respectively.
2. Transfers between reportable segments are made at cost plus a markup.
3. Profit (Loss) for the Period Attributable to Owners of the parent of “Others /Adjustments andEliminations” includes income and expense items that are not allocated to specific reportable segments,and eliminations of intersegment transactions.
4. Total assets of “Others / Adjustments and Eliminations” at March 31, 2021 and December 31, 2021
includes elimination of receivables and payables between segments amounting to ¥ 7,223,800 million and¥ 7,887,833 million, respectively.
5. Core Operating Cash Flow is calculated by deducting the total of the “Changes in Operating Assets andLiabilities” from the “Cash Flows from Operating Activities”, and further deducting the “Repayments oflease liabilities” in the “Cash Flows from Financing Activities” from it, in the Condensed Consolidated
Statements of Cash Flows.
6. The description order of reporting segments has been changed in the segment information from the threemonth period ended June 30, 2021, and this change also applies for the nine-month period ended
December 31, 2020.
7. As described in the Note in the Condensed Consolidated Statements of Income, we have reconsidered thepresentation of revenue from certain transactions, and have restated revenues for the nine-month period
ended December 31, 2020, based on the results of the reconsideration.

- 26 -

(8) 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 thecause 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 nine-month period ended December 31, 2021 and 2020,
and the outstanding balance of related provision as of December 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.

(9) 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 a payment of 24.0 billion Indian Rupees (¥37.0 billion) from the 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 was issued. On
February 17, 2021, EG commenced arbitration under the UK-India bilateral investment treaty in order to dispute
this tax payment notice, but on August 13, 2021, the Indian government published and enacted “Taxation Laws
(Amendment) Act, 2021” (“Taxation Laws”) which nullifies capital gain taxation on sales of Indian assets
implemented before May 2012 and “Income Tax (31st Amendment) Rules 2021” (“Income Tax Rules”) was
published and enacted on October 1, 2021, which provide the conditions required under the Taxation Laws. EG
conducted necessary procedures in accordance with the Taxation Laws and the Income Tax Rules in pursuit ofnullification of capital gain taxation, and, as a result, on January 17, 2022, the Indian tax authority issued an order tonullify such capital gain taxation against EG.

(10) Impact of the Security Situation in Northern Mozambique on LNG Project
The Company participates in the Mozambique LNG Project through Mitsui E&P Mozambique Area 1 Limited, its
joint venture in the Energy Segment. In April 2021, all project personnel evacuated the project site due to thedeteriorating security situation in northern Mozambique where the project site is located, and on April 26, theproject operator, TotalEnergies SE of France, announced that it had declared force majeure under the Joint
Operating Agreement.
While the prospect of this project is still under examination, the company does not expect a significant impact on
our consolidated financial position, operating results and cash flow at this stage.

- 27 -