Financial Results
Q1 FYE 3/2021
Summary of Consolidated Financial Results
For the Three-Month Period Ended June 30, 2020
(IFRS basis)
(April 1, 2020 - June 30, 2020)
*This document is an English translation of materials originally prepared in Japanese.
The Japanese original shall be considered the primary version.
TSE Code: 8002
August 4, 2020
Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2020 (IFRS basis)
Company name: Marubeni Corporation | (URL https://www.marubeni.com/en/) | Code number: 8002 | ||||||||||||
Listed: Tokyo, Nagoya | ||||||||||||||
Representative: | KAKINOKI Masumi | President and CEO, Member of the Board | ||||||||||||
Inquiries: | TACHIBANA Masato General Manager, Media Relations Sec., Corporate Communications Dept. | TEL (03) 3282 - 4803 | ||||||||||||
Expected date of quarterly financial statement report : | August 7, 2020 | |||||||||||||
Expected date of the beginning of delivery of dividends : | - | |||||||||||||
Supplementary explanations of quarterly business results: | Prepared | |||||||||||||
IR meeting on financial results: | To be held (for institutional investors and analysts) | |||||||||||||
1. Consolidated financial results for the three-month period ended June 30, 2020 (April 1, 2020 - June 30, 2020) | (Remarks) | |||||||||||||
Figures are rounded to the nearest million. | ||||||||||||||
(1) Consolidated business results | %: change from the previous fiscal year | |||||||||||||
Profit attributable to | Comprehensive | |||||||||||||
Revenue | Operating profit | Profit before tax | Profit for the period | income | ||||||||||
owners of the parent | ||||||||||||||
for the period | ||||||||||||||
Three months ended June 30, | (millions of yen) | (%) (millions of yen) | (%) (millions of yen) | (%) (millions of yen) | (%) (millions of yen) | (%) (millions of yen) | (%) | |||||||
2020 | 1,587,556 | (16.8) | 51,946 | (6.2) | 74,696 | (9.5) | 60,198 | (11.1) | 58,132 | (10.8) | 68,326 | - | ||
2019 | 1,907,646 | (12.1) | 55,378 | (6.9) | 82,540 | (25.7) | 67,735 | (23.9) | 65,166 | (24.9) | (30,538) | - | ||
Earnings per share | Earnings per share | |||||||||||||
(basic) | (diluted) | |||||||||||||
Three months ended June 30, | (yen) | (yen) | ||||||||||||
2020 | 32.92 | 32.89 | ||||||||||||
2019 | 36.98 | 36.94 |
(Note) 1. "Operating profit" are presented in accordance with Japanese accounting practice for investors' convenience and are not required by IFRS. "Operating profit" is the sum of "Gross trading profit" and "Selling, general and administrative expenses" including "Provision for doubtful accounts".
2. "Basic and diluted earnings per share attributable to owners of the parent" are based on "Profit attributable to owners of the parent" excluding the amount not attributable to ordinary shareholders.
- Consolidated financial position
Total assets | Total equity | Equity attributable to | Equity attributable to | |||||
owners of the parent | owners of the parent ratio | |||||||
(millions of yen) | (millions of yen) | (millions of yen) | (%) | |||||
June 30, 2020 | 6,171,652 | 1,638,439 | 1,551,953 | 25.1 | ||||
March 31, 2020 | 6,320,037 | 1,604,600 | 1,515,475 | 24.0 | ||||
2. Dividends information | ||||||||
Yearly dividends per share | ||||||||
1st Quarter-end 2nd Quarter-end 3rd Quarter-end 4th Quarter-end | Annual | |||||||
(yen) | (yen) | (yen) | (yen) | (yen) | ||||
FYE 3/2020 | - | 17.50 | - | 17.50 | 35.00 | |||
FYE 3/2021 | - | |||||||
FYE 3/2021 (forecast) | 7.50 | - | 7.50 | 15.00 | ||||
(Note) | Changes from the latest announced forecasts: None | |||||||
(Remarks) | ||||||||
3 Consolidated earnings forecast for FYE 3/2021 (April 1, 2020 - March 31, 2021) | %: change from the previous fiscal year | |||||||
Profit attributable to owners of the parent | Earnings per share | |||||||
attributable to owners of the parent (basic) | ||||||||
(millions of yen) | (%) | (yen) | ||||||
Yearly | 100,000 | - | 55.33 | |||||
(Note) | *1 Changes from the latest announced forecasts: None |
*2 The assumptions in the forecasts of consolidated earnings, including the further spread of COVID-19 and when the pandemic might end, have not changed from those announced on May 7, 2020. For details, please refer to P.13 "1. Qualitative Information on Consolidated Financial Results for the Three-month Period under Review, (3) Qualitative Information on Future Outlook Including Forecasts of Consolidated Financial Results" on the attached materials.
"3 Earnings per share attributable to owners of the parent (basic)" is based on "Profit attributable to owners of the parent" excluding the amount not attributable to ordinary shareholders.
*Notes | ||
(1) Changes in principal subsidiaries during the period | : None | |
(2 Changes in accounting principles and accounting estimates | ||
Changes in accounting principles required by IFRS | : None | |
Changes other than | : None | |
Changes in accounting estimate | : None | |
(3) Number of issued shares (Common shares) | ||
Number of issued shares at the end of the term | June 30, 2020 | 1,737,940,900 |
(Treasury stock is included) | March 31, 2020 | 1,737,940,900 |
Number of treasury stock at the end of the term | June 30, 2020 | 1,787,919 |
March 31, 2020 | 2,214,582 | |
Average number of outstanding shares during the term | Three months ended June 30, 2020 | 1,735,939,650 |
Three months ended June 30, 2019 | 1,735,351,574 |
The Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2020 (IFRS basis) is not subject to quarterly review.
Descriptions relating to the proper use of financial forecasts and other special notes (Notes to the description about future, other)
The descriptions about future such as the above forecasts are based upon available information and assumptions, as of the time of the announcement date, about uncertain factors which would influence future businesses. Actual results might be influenced materially by various factors in the future.
(How to access supplementary explanations on business results and the details of briefing on business results)
Supplementary explanations on business results will be made available on the Company's website on Tuesday, August 4, 2020.
The Company is scheduled to hold an IR meeting on financial results for institutional investors and analysts on Tuesday, August 4, 2020, and to post the audio file of the meeting together with the materials used at the briefing on the Company's website at the earliest possible time.
Table of Contents of Attached Materials
1. | Qualitative Information on Consolidated Financial Results for the | 2 |
Three-month Period under Review | ||
(1) | Qualitative Information on Consolidated Business Results | 2 |
(2) | Qualitative Information on Consolidated Financial Conditions | 12 |
(3) | Qualitative Information on Future Outlook Including | 13 |
Forecasts of Consolidated Financial Results | ||
2. | Consolidated Financial Statements and Notes | 14 |
(1) | Consolidated Statements of Financial Position | 14 |
(2) | Consolidated Statements of Comprehensive Income | 16 |
(3) | Consolidated Statements of Changes in Equity | 17 |
(4) | Consolidated Statements of Cash Flows | 19 |
(5) | Notes Related to Going Concern Assumptions | 20 |
(6) | Segment Information | 20 |
1
Marubeni Corporation
Consolidated Financial Results
1. Qualitative Information on Consolidated Financial Results for the Three-month Period under Review
- Qualitative Information on Consolidated Business Results
In the three-month period ended June 30, 2020, lockdowns and other measures were adopted around the world in an attempt to prevent the spread of the COVID-19 pandemic. As a result, economic activities in many countries were significantly restricted and the global economy rapidly contracted. In response to this economic downturn-said to be the worst of the post-warera-governments and central banks employed all manner of policy measures, including fiscal stimulus on an unprecedented scale, to prop up household finances, corporations, and financial markets. The progression of the pandemic in different countries has been mixed; some countries have managed to curb the spread of infections, other countries have seen a second wave after easing initial restrictions, while elsewhere the spread of infection continues unabated. Accordingly, the timing and speed at which economic activity is being resumed has varied.
The swift and large-scale rollout of fiscal and monetary policies meant the financial markets avoided turmoil and share prices even staged a rally in some cases, in stark contrast to the sharp downturn in the real economy.
As for primary commodity prices, the price of crude oil saw a temporary heavy decline in April but then gradually recovered thereafter on production cuts and expectations for the resumption of economic activity. Prices for copper and other major primary commodities increased on the whole in response to a relatively solid recovery in the Chinese economy and concerns about decreased supply owing to the spread of COVID-19 in countries of origin.
Under the aforementioned business environment, consolidated operating results for the three-month period ended June 30, 2020 are as follows.
(millions of yen) | |||
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 1,907,646 | 1,587,556 | (320,090) |
Gross trading profit | 192,254 | 178,773 | (13,481) |
Operating profit | 55,378 | 51,946 | (3,432) |
Share of profits (losses) of associates and joint ventures | 38,787 | 24,540 | (14,247) |
Profit attributable to owners of the parent | 65,166 | 58,132 | (7,034) |
2
Marubeni Corporation
Consolidated Financial Results
(Note 1) Figures are rounded to the nearest million yen unless otherwise stated.
(Note 2) "Operating profit" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS. "Operating profit" is the sum of "Gross trading profit" and "Selling, general and administrative expenses" including "Provision for doubtful accounts".
Revenue
Revenue was down 320.1 billion yen (16.8%) year on year to 1,587.6 billion yen. By operating segment, revenue decreased mainly in Food and Agri Business.
Gross trading profit
Gross trading profit decreased 13.5 billion yen (7.0%) from the year-earlier period to 178.8 billion yen. Main increases/decreases by operating segment are the following. -Construction, Industrial Machinery & Mobility: Decrease by 6.0 billion yen
Profit decrease in the construction machinery, industrial equipment, and automobile related businesses
-Metals & Mineral Resources: Decrease by 4.9 billion yen
Profit decrease in the Australian coal business due to the fall in coal prices -Aerospace & Ship: Decrease by 3.0 billion yen
Sluggish sales in aircraft parts and engines and a decrease in revenue from the vessel operations
-Food: Increase by 6.3 billion yen
Profit increase in the beef processing and sales business
Operating profit
Operating profit decreased 3.4 billion yen (6.2%) from the year-earlier period to 51.9 billion yen due to a decrease in gross trading profit despite a decrease in expenses.
Share of profits of associates and joint ventures
Share of profits of associates and joint ventures decreased 14.2 billion yen (36.7%) from the year-earlier period to 24.5 billion yen. Main increases/decreases by operating segment are the following.
-Metals & Mineral Resources: Decrease by 7.8 billion yen
Profit decrease in the Australian coal business, the Chilean copper mining business and the steel products business
-Finance & Leasing Business: Decrease by 2.6 billion yen Decrease in the aircraft leasing business in U.S.
-Infrastructure Project: Decrease by 2.2 billion yen
Profit decrease in the oil and gas E&P related business in U.S. and such
3
Marubeni Corporation
Consolidated Financial Results
Profit attributable to owners of the parent
Profit attributable to owners of the parent for the three-month period ended June 30, 2020 (also referred to as net profit for the period under review) decreased 7.0 billion yen (10.8%) year on year to 58.1 billion yen due to the decrease in operating profit and share of profits of associates and joint ventures, despite the non-recurrence of an impairment loss recognized in the year-earlier period on the oil and gas E&P in the U.S. Gulf of Mexico.
As a result, the Company achieved 58.1% of 100.0 billion yen, the yearly net-profit forecast for the fiscal year ending March 31, 2021.
4
Marubeni Corporation
Consolidated Financial Results
Results for each operating segment for the three-month period ended June 30, 2020 are as follows.
Lifestyle
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 35,666 | 26,431 | (9,235) |
Gross trading profit | 4,904 | 3,763 | (1,141) |
Operating profit (loss) | 335 | (326) | (661) |
Share of profits (losses) of associates and joint ventures | 161 | (154) | (315) |
Profit (loss) attributable to owners of the parent | 330 | (274) | (604) |
Gross trading profit decreased 1.1 billion yen (23.3%) year on year to 3.8 billion yen and operating profit/loss deteriorated by 0.7 billion yen ( - %) year on year to negative 0.3 billion yen, in response to reduced sales of apparel and such due to COVID-19. Share of profits / losses of associates and joint ventures decreased 0.3 billion yen ( - %) year on year to negative 0.2 billion yen as a result of reduced profit from planning, production and sales business of apparel and such. Net profit/loss was down 0.6 billion yen ( - %) year on year to negative 0.3 billion yen.
ICT & Real Estate Business
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 47,367 | 83,967 | 36,600 |
Gross trading profit | 26,912 | 28,203 | 1,291 |
Operating profit (loss) | 4,671 | 8,134 | 3,463 |
Share of profits (losses) of associates and joint ventures | 499 | 6 | (493) |
Profit (loss) attributable to owners of the parent | 3,649 | 5,612 | 1,963 |
Gross trading profit increased 1.3 billion yen (4.8%) year on year to 28.2 billion yen due to an increase in domestic real estate sales, which offset a decline in domestic mobile phone
sales business owing to the impact of COVID-19. In addition to the above operating profit increased 3.5 billion yen (74.1%) year on year to 8.1 billion yen because of a decrease in overhead expenses caused by voluntary restraint in response to COVID-19. As a result, net profit increased 2.0 billion yen (53.8%) year on year to 5.6 billion yen.
5
Marubeni Corporation
Consolidated Financial Results
Forest Products
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 70,017 | 56,510 | (13,507) |
Gross trading profit | 9,269 | 6,653 | (2,616) |
Operating profit (loss) | 4,382 | 1,045 | (3,337) |
Share of profits (losses) of associates and joint ventures | (1) | (534) | (533) |
Profit (loss) attributable to owners of the parent | 2,556 | (221) | (2,777) |
Gross trading profit decreased 2.6 billion yen (28.2%) year on year to 6.7 billion yen as a result of a decline in MUSI Pulp Project due to the deterioration of pulp market prices, and decreases in the sales volume of wood-chip and such. In addition to the above, the increased overseas bad debt expense lowered operating profit 3.3 billion yen (76.2%) year on year to 1.0 billion yen. As a result, net profit/loss declined 2.8 billion yen ( - %) year on year to negative 0.2 billion yen.
Food
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 467,683 | 326,592 | (141,091) |
Gross trading profit | 24,647 | 30,996 | 6,349 |
Operating profit (loss) | 7,148 | 14,500 | 7,352 |
Share of profits (losses) of associates and joint ventures | 1,946 | 2,285 | 339 |
Profit (loss) attributable to owners of the parent | 8,508 | 11,250 | 2,742 |
Gross trading profit increased 6.3 billion yen (25.8%) year on year to 31.0 billion yen due to strong performance in the beef processing and sales business. This is because we were able to maintain operations amid tight supply and demand caused by the temporary suspension of production by other major industry members in response to COVID-19. Operating profit increased 7.4 billion yen (102.9%) year on year to 14.5 billion yen. Net profit increased 2.7 billion yen (32.2%) year on year to 11.3 billion yen according to the increased operating profit, despite the non-recurrence of a gain recognized in the year-earlier period on the sale of shares in an associate company in the domestic retailing business.
6
Marubeni Corporation
Consolidated Financial Results
Agri Business
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 859,463 | 794,114 | (65,349) |
Gross trading profit | 58,334 | 57,456 | (878) |
Operating profit (loss) | 22,655 | 21,097 | (1,558) |
Share of profits (losses) of associates and joint ventures | 501 | 441 | (60) |
Profit (loss) attributable to owners of the parent | 15,208 | 15,341 | 133 |
Gross trading profit decreased 0.9 billion yen (1.5%) year on year to 57.5 billion yen because of decreased revenue from the Gavilon's grain business, mainly as a result of weaker demand for ethanol. Operating profit decreased 1.6 billion yen (6.9%) year on year to 21.1 billion yen. Net profit, however, increased 0.1 billion yen (0.9%) year on year to 15.3 billion yen due to an improvement in interest expense-net.
Chemicals
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 106,937 | 87,289 | (19,648) |
Gross trading profit | 7,840 | 10,472 | 2,632 |
Operating profit (loss) | 2,175 | 5,358 | 3,183 |
Share of profits (losses) of associates and joint ventures | 253 | 371 | 118 |
Profit (loss) attributable to owners of the parent | 1,584 | 4,405 | 2,821 |
Gross trading profit increased 2.6 billion yen (33.6%) year on year to 10.5 billion yen, as a result of improved margins in the petrochemical products transactions, and operating profit increased 3.2 billion yen (146.3%) year on year to 5.4 billion yen. Net profit increased 2.8 billion yen (178.1%) year on year to 4.4 billion yen consequently.
7
Marubeni Corporation
Consolidated Financial Results
Energy
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 115,977 | 80,638 | (35,339) |
Gross trading profit | 12,263 | 12,234 | (29) |
Operating profit (loss) | 3,847 | 4,556 | 709 |
Share of profits (losses) of associates and joint ventures | 231 | 41 | (190) |
Profit (loss) attributable to owners of the parent | (5,026) | 4,276 | 9,302 |
Gross trading profit stayed at the same level year on year at 12.2 billion yen with a profit decrease in the oil and gas E&P caused by a fall in oil and gas prices and such, and the improved margins in oil and LNG trading businesses, etc. Operating profit increased 0.7 billion yen (18.4%) year on year to 4.6 billion yen. In addition to the above, because of a non-recurrence of impairment loss recognized in the year-earlier period on the oil and gas E&P in the U.S. Gulf of Mexico, net profit improved by 9.3 billion yen ( - %) to 4.3 billion yen.
Metals & Mineral Resources
(millions of yen)
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 92,387 | 63,723 | (28,664) |
Gross trading profit | 9,315 | 4,458 | (4,857) |
Operating profit (loss) | 4,674 | 150 | (4,524) |
Share of profits (losses) of associates and joint ventures | 14,710 | 6,903 | (7,807) |
Profit (loss) attributable to owners of the parent | 17,611 | 7,024 | (10,587) |
Gross trading profit decreased 4.9 billion yen (52.1%) year on year to 4.5 billion yen, as a result of fall of coal prices in the Australian coal business and such. Operating profit decreased 4.5 billion yen (96.8%) year on year to 0.2 billion yen. Share of profits of associates and joint ventures decreased 7.8 billion yen (53.1%) year on year to 6.9 billion yen as a result of a profit decline in the Australian coal business, the Chilean copper mining business and the steel products business. As a result, net profit decreased 10.6 billion yen (60.1%) year on year to 7.0 billion yen.
8
Marubeni Corporation
Consolidated Financial Results
Power Business
(millions of yen) | |||
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 33,978 | 28,982 | (4,996) |
Gross trading profit | 6,282 | 4,628 | (1,654) |
Operating profit (loss) | (2,140) | (3,655) | (1,515) |
Share of profits (losses) of associates and joint ventures | 8,160 | 7,707 | (453) |
Profit (loss) attributable to owners of the parent | 5,165 | 4,609 | (556) |
Gross trading profit decreased 1.7 billion yen (26.3%) year on year to 4.6 billion yen, as a result of the declined profits in U.K. electricity wholesaling/retailing business and such. Operating loss worsened 1.5 billion yen ( - %) year on year to negative 3.7 billion yen. Although the stable earnings-type businesses such as power generating businesses with long-term PPA, etc., remained solid, share of profits of associates and joint ventures decreased 0.5 billion yen (5.6%) to 7.7 billion yen due to a profit decline in the businesses that are directly affected by market conditions. As a result, net profit decreased 0.6 billion yen (10.8%) to 4.6 billion yen.
Infrastructure Project
(millions of yen) | |||
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 4,673 | 4,868 | 195 |
Gross trading profit | 2,582 | 2,537 | (45) |
Operating profit (loss) | (1,066) | (1,044) | 22 |
Share of profits (losses) of associates and joint ventures | 4,356 | 2,163 | (2,193) |
Profit (loss) attributable to owners of the parent | 2,551 | 1,495 | (1,056) |
Gross trading profit and operating loss remained at the same levels year on year at 2.5 billion yen and negative 1.0 billion yen, respectively. Share of profits of associates and joint ventures decreased 2.2 billion yen (50.3%) year on year to 2.2 billion yen as a result of profit decline in oil and gas E&P related business in U.S. and such. Net profit accordingly decreased 1.1 billion yen (41.4%) year on year to 1.5 billion yen.
9
Marubeni Corporation
Consolidated Financial Results
Aerospace & Ship
(millions of yen) | |||
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 18,365 | 12,109 | (6,256) |
Gross trading profit | 5,823 | 2,823 | (3,000) |
Operating profit (loss) | 2,890 | 361 | (2,529) |
Share of profits (losses) of associates and joint ventures | 1,017 | 1,665 | 648 |
Profit (loss) attributable to owners of the parent | 3,111 | 1,521 | (1,590) |
Gross trading profit decreased 3.0 billion yen (51.5%) year on year to 2.8 billion yen, caused from sluggish sales in aircraft parts and engines due to the impact of COVID-19, as well as a decrease in revenue from the vessel operations. Operating profit decreased 2.5 billion yen (87.5%) year on year to 0.4 billion yen. Share of profits of associates and joint ventures increased 0.6 billion yen (63.7%) year on year to 1.7 billion yen as a result of the increased profit in the ship-related business. Consequently, net profit decreased 1.6 billion yen (51.1%) year on year to 1.5 billion yen.
Finance & Leasing Business
(millions of yen) | ||||
Three-month period ended June 30, | Variance | |||
2019 | 2020 | |||
Revenue | 6,429 | 1,121 | (5,308) | |
Gross trading profit | 3,040 | 492 | (2,548) | |
Operating profit (loss) | 385 | (1,366) | (1,751) | |
Share of profits (losses) of associates and joint ventures | 5,449 | 2,815 | (2,634) | |
Profit (loss) attributable to owners of the parent | 5,672 | 1,966 | (3,706) | |
Gross trading profit decreased 2.5 billion yen (83.8%) year on year to 0.5 billion yen, because a consolidated subsidiary in the U.S. refrigerated trailer leasing and rental business was converted into an equity-method associate. Operating profit/loss accordingly decreased
1.8 billion yen ( - %) year on year to negative 1.4 billion yen. Share of profits of associates and joint ventures decreased 2.6 billion yen (48.3%) year on year to 2.8 billion yen, as a result of a decline in profit of the aircraft leasing business in U.S. due to the impact of COVID-19, which offset an profit increase in the used car retail financing business in U.S. Net profit decreased 3.7 billion yen (65.3%) year on year to 2.0 billion yen.
10
Marubeni Corporation
Consolidated Financial Results
Construction, Industrial Machinery & Mobility
(millions of yen) | |||
Three-month period ended June 30, | Variance | ||
2019 | 2020 | ||
Revenue | 79,092 | 54,429 | (24,663) |
Gross trading profit | 21,963 | 15,936 | (6,027) |
Operating profit (loss) | 5,506 | 1,208 | (4,298) |
Share of profits (losses) of associates and joint ventures | 1,457 | 846 | (611) |
Profit (loss) attributable to owners of the parent | 6,329 | 2,071 | (4,258) |
Gross trading profit decreased 6.0 billion yen (27.4%) year on year to 15.9 billion yen, as results of profit decrease in the construction machinery, industrial equipment, and automobile rerated businesses due to the impact of COVID-19. Operating profit decreased
4.3 billion yen (78.1%) year on year to 1.2 billion yen. As a result, net profit decreased 4.3 billion yen (67.3%) year on year to 2.1 billion yen.
Next Generation Business Development
(millions of yen) | ||||
Three-month period ended June 30, | Variance | |||
2019 | 2020 | |||
Revenue | 1,194 | 793 | (401) | |
Gross trading profit | 866 | 470 | (396) | |
Operating profit (loss) | (3) | (543) | (540) | |
Share of profits (losses) of associates and joint ventures | 50 | (14) | (64) | |
Profit (loss) attributable to owners of the parent | (106) | (495) | (389) | |
Gross trading profit decreased 0.4 billion yen (45.7%) to 0.5 billion yen and operating loss worsened 0.5 billion yen ( - %) year on year to negative 0.5 billion yen. As a result, net loss worsened 0.4 billion yen ( - %) year on year to negative 0.5 billion yen.
(Note 1) As of April 2020, the former operating segments of "Plant" and "Construction, Auto & Industrial Machinery" are renamed as "Infrastructure Project" and "Construction, Industrial Machinery & Mobility" respectively, and a part of "Plant" has been incorporated into "Finance & Leasing Business", parts of "Plant" and "Other" have been incorporated into "Next Generation Business Development", a part of "Next Generation Business Development" has been incorporated into "Other". In conjunction with these organizational changes, operating segment information for the year-earlier period has been reclassified.
(Note 2) Inter-segment transactions are generally priced in accordance with the prevailing market prices.
11
Marubeni Corporation
Consolidated Financial Results
(2) Qualitative Information onConsolidated FinancialConditions
① Conditions of Assets, Liabilities and Equity
March 31, | June 30, | (billions of yen) | |
Variance | |||
2020 | 2020 | ||
(148.4) | |||
Total assets | 6,320.0 | 6,171.7 | |
Total equity | 1,604.6 | 1,638.4 | 33.8 |
Net interest-bearing debt | 1,859.1 | 1,852.7 | (6.4) |
Net D/E ratio (times) | 1.16 | 1.13 | -0.03 points |
(Note 1) Figures are rounded to the nearest hundred million yen unless otherwise stated.
(Note 2) Net interest-bearing debt is calculated as cash and cash equivalents and time deposits subtracted from the sum of corporate bonds and current and noncurrent borrowings.
Total assets decreased 148.4 billion yen from the end of the previous fiscal year to 6,171.7 billion yen. Net interest-bearing debt decreased 6.4 billion yen from the end of the previous fiscal year to 1,852.7 billion yen, due to the free cash inflow and such, despite the increased dividend payment. Total equity increased 33.8 billion yen from the end of the previous fiscal year to 1,638.4 billion yen due to an increase in retained earnings and such. Consequently, Net DE ratio stood at 1.13 times.
②Cash Flows
Cash and cash equivalents at the end of the period under review were 664.9 billion yen, an increase of 142.4 billion yen from the end of the previous fiscal year.
(Operating activities)
Net cash provided by operating activities was 118.2 billion yen due to operating revenue, dividend income and improvement in working capital and such.
(Investing activities)
Net cash used in investing activities was 83.6 billion yen as a result of acquisition of shares in an equity method associate and capital expenditure in overseas businesses and such, despite the inflow from sales of investment securities.
As a result of the above-mentioned activities, free cash flow for the fiscal year under review was an inflow of 34.5 billion yen.
12
Marubeni Corporation
Consolidated Financial Results
(Financing activities)
Net cash provided in financing activities amounted to 107.8 billion yen as results of financing through corporatebonds, loans, and such.
- Qualitative Information on Future Outlook Including Forecasts of Consolidated Financial Results
The earnings forecasts (net profit of 100.0 billion yen) for the fiscal year ending March 31, 2021 are unchanged from the initial forecast announced on May 7, 2020.
The assumptions in the forecasts of consolidated earnings, including the further spread of COVID-19 and when the pandemic might end, have not changed from those announced on May 7, 2020. At the end of the second quarter, the Company plans to reassess the impact of COVID-19 and the recovery trend of the global economy in the second half of the fiscal year and beyond.
(Assumptions announced on May 7, 2020)
Forecasts for the fiscal year ending March 31, 2021 and March 31, 2021 are based on the assumption that although the spread of COVID-19 would peak during the first half of the fiscal year ending March 31, 2021 and henceforth gradually end, ample amount of time would be required for the global economy to return to a recovery trend. Specifically, it is assumed that the recovery will be moderate even after the second half of the fiscal year ending March 31, 2021 and the impact of economic stagnation will remain until the fiscal year ending March 31, 2022.
(Notes to the description about future, other)
The descriptions about future such as the above forecasts are based upon available information and assumptions, as of the time of the announcement date, about uncertain factors which would influence future businesses. Actual results might be influenced by various factors in the future.
13
Marubeni Corporation
Consolidated Financial Results
2. Consolidated Financial Statements and Notes
(1) Consolidated Statements of Financial Position
Millions of yen | |||
March 31 | June 30 | ||
2020 | 2020 | Variance | |
Assets | |||
Current assets: | |||
Cash and cash equivalents | 522,523 | 664,942 | 142,419 |
Time deposits | 140 | 246 | 106 |
Investment securities | 67 | 27 | (40) |
Trade and loan receivables | 1,056,938 | 973,667 | (83,271) |
Other current financial assets | 315,861 | 228,030 | (87,831) |
Inventories | 852,927 | 699,501 | (153,426) |
Assets held-for-sale | 19,344 | 5,384 | (13,960) |
Other current assets | 235,255 | 227,965 | (7,290) |
Total current assets | 3,003,055 | 2,799,762 | (203,293) |
Non-current assets: | |||
Investments in associates and joint ventures | 1,601,298 | 1,623,663 | 22,365 |
Other investments | 229,080 | 229,425 | 345 |
Trade and loan receivables | 103,367 | 103,221 | (146) |
Other non-current financial assets | 98,002 | 95,475 | (2,527) |
Property, plant and equipment | 902,423 | 939,136 | 36,713 |
Intangible assets | 288,992 | 286,832 | (2,160) |
Deferred tax assets | 32,555 | 31,391 | (1,164) |
Other non-current assets | 61,265 | 62,747 | 1,482 |
Total non-current assets | 3,316,982 | 3,371,890 | 54,908 |
Total assets | 6,320,037 | 6,171,652 | (148,385) |
14
Marubeni Corporation
Consolidated Financial Results
March 31 | Millions of yen | ||||
June 30 | |||||
Liabilities and Equity | 2020 | 2020 | Variance | ||
Current liabilities: | |||||
Bonds and borrowings | 620,020 | 726,384 | 106,364 | ||
Trade and other payables | 1,085,616 | 868,837 | (216,779) | ||
Other current financial liabilities | 367,971 | 319,929 | (48,042) | ||
Income tax payable | 16,360 | 10,651 | (5,709) | ||
Liabilities directly associated with assets held-for-sale | 417 | 464 | 47 | ||
Other current liabilities | 370,566 | 316,321 | {54,245} | ||
Total current liabilities | 2,460,950 | 2,242,586 | (218,364) | ||
Non-current liabilities: | |||||
Bond and borrowings | 1,761,768 | 1,791,497 | 29,729 | ||
Trade and other payables | 5,245 | 5,264 | 19 | ||
Other non-current financial liabilities | 231,116 | 224,633 | (6,483) | ||
Accrued pension and retirement benefits | 109,143 | 99,369 | (9,774) | ||
Deferred tax liabilities | 63,073 | 83,520 | 20,447 | ||
Other non-current liabilities | 84,142 | 86,344 | 2,202 | ||
Total non-current liabilities | 2,254,487 | 2,290,627 | 36,140 | ||
Total liabilities | 4,715,437 | 4,533,213 | (182,224) | ||
Equity: | |||||
Issued capital | 262,686 | 262,686 | |||
Capital surplus | 143,189 | 143,331 | 142 | ||
Other equity instruments | 243,589 | 243,589 | |||
Treasury stock | (1,172) | (932) | 240 | ||
Retained earnings | 866,140 | 899,373 | 33,233 | ||
Other components of equity: | |||||
Gains (losses) on financial assets measured at | 22,718 | 23,278 | 560 | ||
fair value through other comprehensive income | |||||
Foreign currency translation adjustments | 41,247 | 51,736 | 10,489 | ||
Gains (losses) on cash flow hedges | {62,922} | {71,108} | (8,186) | ||
Equity attributable to owners of the parent | 1,515,475 | 1,551,953 | 36,478 | ||
Non-controlling interests | 89,125 | 86,486 | (2,639) | ||
Total equity | 1,604,600 | 1,638,439 | 33,839 | ||
Total liabilities and equity | 6,320,037 | 6,171,652 | (148,385) |
15
Marubeni Corporation
Consolidated Financial Results
(2) Consolidated Statements of Comprehensive Income
Millions of yen | ||||||||
Three-month period ended June 30, | ||||||||
2019 | 2020 | Variance | Ratio(%) | |||||
Revenue: | ||||||||
Sale of goods | 1,860,228 | 1,558,876 | (301,352) | (16.2) | ||||
Commissions on services and trading margins | 47,418 | 28,680 | (18,738) | (39.5) | ||||
Total revenue | 1,907,646 | 1,587,556 | (320,090) | (16.8) | ||||
Cost of goods sold | (1,715,392) | (1,408,783) | 306,609 | (17.9) | ||||
Gross trading profit | 192,254 | 178,773 | (13,481) | (7.0) | ||||
Other income (expenses) : | ||||||||
Selling, general and administrative expenses | (136,052) | (124,806) | 11,246 | (8.3) | ||||
Provision for doubtful accounts | (824) | (2,021) | (1,197) | 145.3 | ||||
Gains (losses) on property, plant and equipment | (11,830) | (96) | (99.2) | |||||
Impairment losses on property, plant and equipment | 11,734 | |||||||
Gains (losses) on sales of property, plant and equipment | 7 | 44 | 37 | 528.6 | ||||
Other- net | 1,206 | (635) | (1,841) | |||||
Total other income (expenses) | (147,493) | (127,514) | 19,979 | (13.5) | ||||
Finance income (expenses): | ||||||||
Interest income | 4,395 | 2,972 | (1,423) | (32.4) | ||||
Interest expense | (13,610) | (7,617) | 5,993 | (44.0) | ||||
Dividend income | 5,390 | 3,698 | (1,692) | (31.4) | ||||
Gains (losses) on investment securities | 2,817 | (156) | (2,973) | |||||
Total finance income (expenses) | (1,008) | (1,103) | (95) | 9.4 | ||||
Share of profits of associates and joint ventures | 38,787 | 24,540 | (14,247) | (36.7) | ||||
Profit for the period before tax | 82,540 | 74,696 | (7,844) | (9.5) | ||||
Provision for income tax | (14,805) | (14,498) | 307 | (2.1) | ||||
Profit for the period | 67,735 | 60,198 | (7,537) | (11.1) | ||||
Profit for the period attributable to: | ||||||||
Owners of the parent | 65,166 | 58,132 | (7,034) | (10.8) | ||||
Non-controlling interests | 2,569 | 2,066 | (503) | (19.6) | ||||
Other comprehensive income: | ||||||||
Items that will not be retransferred to profit and loss for the period | ||||||||
Gains (losses) on financial assets measured at fair value | (24,759) | (1,986) | 22,773 | (92.0) | ||||
through other comprehensive income | ||||||||
Remeasurements of defined benefit pension plan | (520) | 7,215 | 7,735 | |||||
Changes in other comprehensive income of associates and | (345) | 993 | 1,338 | |||||
joint ventures | ||||||||
Items that will be retransferred to profit and loss for the period | ||||||||
Foreign currency translation adjustments | (60,263) | 12,577 | 72,840 | |||||
Gains (losses) on cash flow hedges | (1,857) | 4,712 | 6,569 | |||||
Changes in other comprehensive income of associates and | (10,529) | (15,383) | (4,854) | 46.1 | ||||
joint ventures | ||||||||
Other comprehensive income, net of tax | (98,273) | 8,128 | 106,401 | |||||
Total comprehensive income for the period | (30,538) | 68,326 | 98,864 | |||||
Attributable to: | 66,464 | 99,014 | ||||||
Owners of the parent | (32,550) | |||||||
Non-controlling interests | 2,012 | 1,862 | (150) | (7.5) |
16
Marubeni Corporation
Consolidated Financial Statements
(3) Consolidated Statements of Changes in Equity
The Three-month Period Ended June 30, 2019 (April 1,2019 - June 30, 2019) | (Millions of yen) | ||||||||
Equity attributable to owners of the parent | |||||||||
Other components of equity | |||||||||
Gains (losses) on | |||||||||
Issued capital | Capital surplus | Other equity | Treasury stock | Retained earnings | financial assets | Foreign currency | |||
measured at fair | |||||||||
instruments | |||||||||
translation | |||||||||
value through other | |||||||||
adjustments | |||||||||
comprehensive | |||||||||
income | |||||||||
Balance at beginning of period | 262,686 | 139,898 | 243,589 | (1,384) | 1,163,472 | 71,912 | 131,178 | ||
Cumulative effects of new | (6,674) | ||||||||
accounting policy adopted | |||||||||
Profit for the period | 65,166 | ||||||||
Other comprehensive income | (25,349) | (61,494) | |||||||
Purchases and sales of treasury | 0 | 1 | |||||||
stock | |||||||||
Dividends payment | (29,504) | ||||||||
Equity transactions with non- | 1,622 | 7 | |||||||
controlling interests and others | |||||||||
Transfer to retained earnings | (2,891) | 2,603 | |||||||
Transfer to non-financial assets | |||||||||
and others | |||||||||
Balance at end of period | 262,686 | 141,520 | 243,589 | (1,383) | 1,189,576 | 49,166 | 69,684 | ||
Equity attributable to owners of the parent | |||||||||
Other components of equity | Non-controlling | Total equity | |||||||
Equity attributable to | |||||||||
Remeasurements of | interests | ||||||||
Gains (losses) on | Other components | ||||||||
defined benefit | owners of the parent | ||||||||
cash flow hedges | pension plan | of equity total | |||||||
Balance at beginning of period | (33,610) | 169,480 | 1,977,741 | 93,985 | 2,071,726 | ||||
Cumulative effects of new | (6,674) | (6,674) | |||||||
accounting policy adopted | |||||||||
Profit for the period | 65,166 | 2,569 | 67,735 | ||||||
Other comprehensive income | (10,585) | (288) | (97,716) | (97,716) | (557) | (98,273) | |||
Purchases and sales of treasury | 1 | 1 | |||||||
stock | |||||||||
Dividends payment | (29,504) | (4,894) | (34,398) | ||||||
Equity transactions with non- | 1,629 | (3,789) | (2,160) | ||||||
controlling interests and others | |||||||||
Transfer to retained earnings | 288 | 2,891 | |||||||
Transfer to non-financial assets | 41 | 41 | 41 | 41 | |||||
and others | |||||||||
Balance at end of period | (44,154) | 74,696 | 1,910,684 | 87,314 | 1,997,998 | ||||
17
Marubeni Corporation
Consolidated Financial Statements
The Three-month Period Ended June 30, 2020 (April 1,2020 - June 30, 2020) | (Millions of yen) | |||||||||
Equity attributable to owners of the parent | ||||||||||
Other components of equity | ||||||||||
Gains (losses) on | ||||||||||
Issued capital | Capital surplus | Other equity | Treasury stock | Retained earnings | financial assets | Foreign currency | ||||
measured at fair | ||||||||||
instruments | ||||||||||
translation | ||||||||||
value through other | ||||||||||
adjustments | ||||||||||
comprehensive | ||||||||||
income | ||||||||||
Balance at beginning of period | 262,686 | 143,189 | 243,589 | (1,172) | 866,140 | 22,718 | 41,247 | |||
Profit for the period | 58,132 | |||||||||
Other comprehensive income | (995) | 10,489 | ||||||||
Purchases and sales of treasury | 28 | 240 | ||||||||
stock | ||||||||||
Dividends payment | (30,378) | |||||||||
Equity transactions with non- | 114 | 9 | ||||||||
controlling interests and others | ||||||||||
Transfer to retained earnings | 5,470 | 1,555 | ||||||||
Transfer to non-financial assets | ||||||||||
and others | ||||||||||
Balance at end of period | 262,686 | 143,331 | 243,589 | (932) | 899,373 | 23,278 | 51,736 | |||
Equity attributable to owners of the parent | ||||||||||
Other components of equity | Non-controlling | Total equity | ||||||||
Equity attributable to | ||||||||||
Remeasurements of | interests | |||||||||
Gains (losses) on | Other components | |||||||||
defined benefit | owners of the parent | |||||||||
cash flow hedges | pension plan | of equity total | ||||||||
Balance at beginning of period | (62,922) | 1,043 | 1,515,475 | 89,125 | 1,604,600 | |||||
Profit for the period | 58,132 | 2,066 | 60,198 | |||||||
Other comprehensive income | (8,187) | 7,025 | 8,332 | 8,332 | (204) | 8,128 | ||||
Purchases and sales of treasury | 268 | 268 | ||||||||
stock | ||||||||||
Dividends payment | (30,378) | (5,139) | (35,517) | |||||||
Equity transactions with non- | 123 | 638 | 761 | |||||||
controlling interests and others | ||||||||||
Transfer to retained earnings | (7,025) | (5,470) | ||||||||
Transfer to non-financial assets | 1 | 1 | 1 | 1 | ||||||
and others | ||||||||||
Balance at end of period | (71,108) | 3,906 | 1,551,953 | 86,486 | 1,638,439 | |||||
18
Marubeni Corporation
Consolidated Financial Statements
(4) Consolidated Statements of Cash Flows
Millions of l:'.en | ||||||||
Three-month period ended June 30, | Variance | |||||||
2019 | 2020 | |||||||
Operating activities | ||||||||
Profit for the period | 67,735 | 60,198 | (7,537) | |||||
Adjustments to reconcile profit for the year to net cash provided by (used in) | ||||||||
operating activ1t1es: | ||||||||
Depreciation and amort1sat1on | 39,743 | 34,484 | (5,259) | |||||
Losses (Gains) on property, plant and equipment | 11,823 | 52 | (11,771) | |||||
Finance expenses (income) | 1,008 | 1,103 | 95 | |||||
Share of profits of associates and joint ventures | (38,787) | (24,540) | 14,247 | |||||
Income taxes | 14,805 | 14,498 | (307) | |||||
Changes in notes accounts receivable | 13,277 | 101,848 | 88,571 | |||||
Changes in inventories | 127,312 | 151,009 | 23,697 | |||||
Changes in notes and trade accounts payable | (145,538) | (214,934) | (69,396) | |||||
Other-net | (77,306) | (11,606) | 65,700 | |||||
Interest received | 3,687 | 2,437 | (1,250) | |||||
Interest paid | (13,956) | (7,868) | 6,088 | |||||
Dividends received | 33,172 | 30,457 | (2,715) | |||||
Income taxes paid | (23,433) | (18,972) | 4,461 | |||||
Net cash provided by/ used in operating activities | 13,542 | 118,166 | 104,624 | |||||
Investing activities | ||||||||
Net decrease (increase) in time deposits | 11 | (107) | (118) | |||||
Proceeds from sale of property, plant and equipment | 1,823 | 607 | (1,216) | |||||
Collection of loans receivable | 3,171 | 1,202 | (1,969) | |||||
Proceeds from sale of subsidiaries, net of cash and cash equivalents disposed of | 112 | (26) | (138) | |||||
Proceeds from sale of investments in associates and joint ventures, and other investments | 18,838 | 18,470 | (368) | |||||
Purchase of property, plant and equipment | (24,960) | (28,777) | (3,817) | |||||
Purchase of investment property | (12) | (1) | 11 | |||||
Loans provided to customers | (7,363) | (24,090) | (16,727) | |||||
Acquisition of subsidiaries, net of cash and cash equivalents acquired | (5,374) | (18,800) | (13,426) | |||||
Purchase of investments in associates and joint ventures, and other investments | (15,450) | (32,123) | (16,673) | |||||
Net cash provided | by/used in investing activities | (29,204) | (83,645) | (54,441) | ||||
Financing activities | ||||||||
Net increase (decrease) in short-term borrowings | 77,155 | 160,324 | 83,169 | |||||
Proceeds from long-term bonds and borrowings | 81,264 | 90,476 | 9,212 | |||||
Repayments of long-term bonds and borrowings | (82,525) | (108,174) | (25,649) | |||||
Dividends paid to owners of the parent | (29,504) | (30,378) | (874) | |||||
Net cash outflows on purchases and sales of | treasury stock | (1) | (1) | ゜ | ||||
Capital contribution from non-controlling interests | 67 | 20 | (47) | |||||
Acquisition of equity portion of subs1d1ary from non-controlling interests | (5,062) | (242) | 4,820 | |||||
Other | (4,507) | (4,238) | 269 | |||||
Net cash provided by/used in financing activities | 36,887 | 107,787 | 70,900 | |||||
Effect of exchange rate changes on cash and cash equivalents | (5,395) | 111 | 5,506 | |||||
Net increase (decrease) in cash and cash equivalents | 15,830 | 142,419 | 126,589 | |||||
Cash and cash equivalents at beginning of period | 509,288 | 522,523 | 13,235 | |||||
Cash and cash equivalents at end of period | 525,118 | 664,942 | 139,824 |
19
Marubeni Corporation
Consolidated Financial Results
(5) Notes Related to Going Concern Assumptions
None
(6) Segment Information
The Three-Month Period End ed June 30, 2019 (April 1,2019 - June 30, 2019)
Millions of yen | |||||||||
ICT & Real | Forest | Agri | Metals & | ||||||
Lifestyle | Estate | Food | Chemicals | Energy | Mineral | ||||
Products | Business | ||||||||
Business | Resources | ||||||||
Revenue | |||||||||
35,666 | 47,367 | 70,017 | 467,683 | 859,463 | 106,937 | 115,977 | 92,387 | ||
Gross trading profit (loss) | 4,904 | 26,912 | 9,269 | 24,647 | 58,334 | 7,840 | 12,263 | 9,315 | |
Operating profit (loss) | 335 | 4,671 | 4,382 | 7,148 | 22,655 | 2,175 | 3,847 | 4,674 | |
Share of profits (losses) of associates and joint ventures | 161 | 499 | (1) | 1,946 | 501 | 253 | 231 | 14,710 | |
Profit (loss) attributable to owners of the parent | 330 | 3,649 | 2,556 | 8,508 | 15,208 | 1,584 | (5,026) | 17,611 | |
Segment assets | as of March 31, 2020) | 102,770 | 483,014 | 266,786 | 679,664 | 1,164,784 | 267,098 | 572,001 | 758,594 |
Finance & | Construction, | Next | |||||||
Power | Infrastructure | Aerospace & | Industrial | Generation | |||||
Leasing | Other | Consolidated | |||||||
Business | Project | Ship | Machinary & | Business | |||||
Business | |||||||||
Mobility | Development | ||||||||
Revenue | 33,978 | 4,673 | 18,365 | 6,429 | 79,092 | 1,194 | (31,582) | 1,907,646 | |
Gross trading profit (loss) | 6,282 | 2,582 | 5,823 | 3,040 | 21,963 | 866 | (1,786) | 192,254 | |
Operating profit (loss) | (2,140) | (1,066) | 2,890 | 385 | 5,506 | (3) | (81) | 55,378 | |
Share of profits (losses) of associates and joint ventures | 8,160 | 4,356 | 1,017 | 5,449 | 1,457 | 50 | (2) | 38,787 | |
Profit (loss) attributable to owners of the parent | 5,165 | 2,551 | 3,111 | 5,672 | 6,329 | (106) | (1,976) | 65,166 | |
Segment assets | as of March 31, 2020) | 704,279 | 236,751 | 274,961 | 307,267 | 359,864 | 13,906 | 128,298 | 6,320,037 |
The Three-Month Period Ended June 30, 2020 (April 1,2020 - June 30, 2020)
Millions of yen | |||||||||
ICT & Real | Forest | Agri | Metals & | ||||||
Lifestyle | Estate | Food | Chemicals | Energy | Mineral | ||||
Products | Business | ||||||||
Business | Resources | ||||||||
Revenue | 26,431 | 83,967 | 56,510 | 326,592 | 794,114 | 87,289 | 80,638 | 63,723 | |
Gross trading profit (loss) | 3,763 | 28,203 | 6,653 | 30,996 | 57,456 | 10,472 | 12,234 | 4,458 | |
Operating profit (loss) | (326) | 8,134 | 1,045 | 14,500 | 21,097 | 5,358 | 4,556 | 150 | |
Share of profits (losses) of associates and joint ventures | (154) | 6 | (534) | 2,285 | 441 | 371 | 41 | 6,903 | |
Profit (loss) attributable to owners of the parent | (274) | 5,612 | (221) | 11,250 | 15,341 | 4,405 | 4,276 | 7,024 | |
Segment assets | as of June 30, 2020) | 100,417 | 455,442 | 284,544 | 643,653 | 1,031,766 | 272,884 | 486,006 | 761,557 |
Finance & | Construction, | Next | |||||||
Power | Infrastructure | Aerospace & | Industrial | Generation | |||||
Leasing | Other | Consolidated | |||||||
Business | Project | Ship | Machinary & | Business | |||||
Business | |||||||||
Mobility | Development | ||||||||
Revenue | 28,982 | 4,868 | 12,109 | 1,121 | 54,429 | 793 | (34,010) | 1,587,556 | |
Gross trading profit (loss) | 4,628 | 2,537 | 2,823 | 492 | 15,936 | 470 | (2,348) | 178,773 | |
Operating profit (loss) | (3,655) | (1,044) | 361 | (1,366) | 1,208 | (543) | 2,471 | 51,946 | |
Share of profits (losses) of associates and joint ventures | 7,707 | 2,163 | 1,665 | 2,815 | 846 | (14) | (1) | 24,540 | |
Profit (loss) attributable to owners of the parent | 4,609 | 1,495 | 1,521 | 1,966 | 2,071 | (495) | (448) | 58,132 | |
Segment assets | as of June 30, 2020) | 692,582 | 233,931 | 268,284 | 312,262 | 340,376 | 14,957 | 272,991 | 6,171,652 |
(Note 1) From the FYE 3/2021, the former operating segments of "Plant" and "Construction, Auto & Industrial Machinery" are renamed as "Infrastructure Project" and "Construction, Industrial Machinery
- Mobility" respectively, and a part of "Plant" has been incorporated into "Finance & Leasing Business", parts of "Plant" and "Other" have been incorporated into "Next Generation Business Development", a part of "Next Generation Business Development" has been incorporated into "Other".
(Note 2) In conjunction with these revisions, operating segment information for the year-earlier period and March 31, 2020 has been reclassified.
(Note 3) "Operating profit (loss)" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS. "Operating profit (loss)" is the sum of "Gross trading profit" and
"Selling, general and administrative expenses" including "Provision for doubtful accounts". (Note 4) Inter-segment transactions are generally priced in accordance with the prevailing market prices.
(Note 5) "Other" includes headquarters expenses that are not allocated to the operating segments and inter segment elimination,
cash and cash equivalents related to finanicng held for general corporate purposes that are not allocated to the operating segments.
20
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Marubeni Corporation published this content on 04 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2020 02:06:07 UTC