Marubeni : Summary of Consolidated Financial Results For the Nine-Month Period Ended December 31, 2021 (IFRS basis)

Financial Results

Q3 FYE 3/2022

Summary of Consolidated Financial Results

For the Nine-Month Period Ended December 31, 2021

(IFRS basis)

(April 1, 2021 - December 31, 2021)

*This document is an English translation of materials originally prepared in Japanese.

The Japanese original shall be considered the primary version.

（TSE Code: 8002）

February 3, 2022

Summary of Consolidated Financial Statements for the Nine-MonthPeriod Ended December 31, 2021 (IFRS basis)

Company name: Marubeni Corporation			(URL https://www.marubeni.com/en/)					Code number: 8002
Listed: Tokyo
Representative:	KAKINOKI Masumi President and CEO, Member of the Board
Inquiries:	FURUYA Hirofumi	General Manager, Media Relations Sec., Corporate Communications Dept.		TEL (03) 3282 - 2112
Expected date of quarterly financial statement report :			February 10, 2022
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 nine-month period ended December 31, 2021 (April 1, 2021 - December 31, 2021)		(Remarks)
(1) Consolidated business results												Figures are rounded to the nearest million.
											%: 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
Nine months ended December 31,	(millions of yen)	(%)	(millions of yen)	(%)	(millions of yen)	(%)	(millions of yen)	(%)	(millions of yen)	(%)	(millions of yen)	(%)
2021		6,218,311	35.1		204,451	85.9		402,520	97.9	336,454	100.2	327,438	102.2	378,331	130.7
2020		4,604,397	(12.1)		109,987	0.0		203,401	-	168,020	-	161,969	-	163,985	-
		Earnings per share		Earnings per share
		(basic)			(diluted)
Nine months ended December 31,			(yen)				(yen)
2021			187.19				186.87
2020			91.58				91.47

(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".

1. 1. "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.
   2. Due to earlier application of Amendments to IAS 12 Income Taxes (issued in May 2021), results for the nine-month ended December 31, 2020, have been re-presented retrospectively. Percentages of change from the previous fiscal year for the nine-month ended December 31, 2020 are not presented.
2. Consolidated financial position

	Total assets	Total equity	Equity attributable to	Equity attributable to	Equity per share attributable
	owners of the parent	owners of the parent ratio	to owners of the parent
December 31, 2021	(millions of yen)	(millions of yen)	(millions of yen)	(%)	(yen)
7,368,434	2,089,073	1,996,632	27.1	1,064.61
March 31, 2021	6,935,749	1,907,507	1,814,793	26.2	903.86

(Note) Due to earlier application of Amendments to IAS 12 Income Taxes (issued in May 2021), figures as of Mar-31-2021, have been re-presented retrospectively.

2. Dividends information

		Anual dividends per share
	1st Quarter-end	2nd Quarter-end	3rd Quarter-end	4th Quarter-end	Annual
FYE 3/2021	(yen)	(yen)	(yen)	(yen)	(yen)
-	11.00	-	22.00	33.00
FYE 3/2022	-	25.50	-
FYE 3/2022 (forecast)				32.50	58.00

(Note) Changes from the latest announced forecasts: Yes

3．Consolidated earnings forecast for FYE 3/2022 (April 1, 2021 - March 31, 2022)		(Remarks)
				%: 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)
FYE 3/2022	400,000		79.2	228.62

(Note) 1. Changes from the latest announced forecasts: Yes

1. For the details of the forecasts of consolidated earnings, please refer to P.15 "1. Qualitative Information on Consolidated Financial Results for the
   Nine-month Period under Review, (3) Qualitative Information on Future Outlook Including Forecasts of Consolidated Financial Results" on the attached materials.
2. 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.
3. Due to earlier application of Amendments to IAS 12 Income Taxes (issued in May 2021), percentage of change from the previous fiscal year is calculated based on the figures that have been altered retrospectively.

*Notes

(1) Changes in principal subsidiaries during the period	: None
(2） Changes in accounting principles and accounting estimates
① Changes in accounting principles required by IFRS	: None
②Changes other than ①	: Yes
③Changes in accounting estimate	: None
(Note) Please refer to P.24 "2. Consolidated Financial Statements and Notes, (6) Changes in Accounting Principles" for details.
(3) Number of issued shares (Common shares)	December 31, 2021	1,738,475,497
① Number of issued shares at the end of the term
(Treasury stock is included)	March 31, 2021	1,737,940,900
②Number of treasury stock at the end of the term	December 31, 2021	1,174,847
	March 31, 2021	1,505,299
③Average number of outstanding shares during the term	Nine months ended December 31, 2021	1,736,620,686
	Nine months ended December 31, 2020	1,736,203,100

※The Summary of Consolidated Financial Statements for the Nine-Month Period is not subject to quarterly review by certified accountants or audit firms.

※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 Thursday, February 3, 2022.

The Company is scheduled to hold an IR meeting on financial results for institutional investors and analysts on Thursday, February 3, 2022, and to post the transcript 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
	Nine-month Period under Review
(1)	Qualitative Information on Consolidated Business Results	2
(2)	Qualitative Information on Cash Flows and Consolidated Financial Position	14
(3)	Qualitative Information on Future Outlook Including	15
	Forecasts of Consolidated Financial Results
2.	Consolidated Financial Statements and Notes	18
(1)	Consolidated Statements of Financial Position	18
(2)	Consolidated Statements of Comprehensive Income	20
(3)	Consolidated Statements of Changes in Equity	21
(4)	Consolidated Statements of Cash Flows	23
(5)	Notes Related to Going Concern Assumptions	24
(6)	Changes in Accounting Principles	24
(7)	Segment Information	27
(8)	Material Subsequent Events	28

1

Marubeni Corporation

Consolidated Financial Results

1. Qualitative Information on Consolidated Financial Results for the Nine-month Period under Review

From the second quarter of the fiscal year ending March 31, 2022, the Marubeni Group moved to adopt earlier application of the amendments to International Accounting Standard 12 "Income Taxes" (hereinafter "IAS 12 "Income Taxes""). Year-on-year comparisons and analyses are based on figures to which the same accounting standard was retrospectively applied. The details of the changes in accounting principles are stated in the section "(6) Changes in Accounting Principles" in "2. Consolidated Financial Statements and Notes".

(1)Qualitative Information on Consolidated Business Results

The following is an overview of the economic environment for the nine-month period ended December 31, 2021.

The world's two great economic powers-the U.S. and China-continued to demonstrate relatively strong economic growth, but consumer spending was limited in the U.S. owing mainly to the impact of COVID-19, while in China, there were phases during which business activity was weighed down by strict infection prevention measures and electric power shortages. The economic recovery in Europe continued, even though signs of a slowdown grew somewhat stronger towards the end of the year primarily because restrictions on activities were enforced in some countries to counteract the spread of infections. Meanwhile, in Japan and the emerging market economies of Asia, where there were noticeable delays in initial economic recovery, business activity gained momentum once restrictions were eased and/or lifted. All up, economic conditions differed from country to country owing chiefly to differences in the restrictions on activities that were enforced, but the global economy as a whole continued to demonstrate modest growth.

As for primary commodity prices, WTI crude oil remained generally high, climbing to its highest level since 2014 in July and then again in October. Copper and iron ore prices hit record highs in the first half before the latter plummeted in response to the announcement of iron and steel production cuts by the government of China, the world's largest importer of copper and iron ore. The price of copper also weakened somewhat on concerns about a Chinese economic downturn, but remained high on the back of tight market conditions owing to low inventory levels.

A notable trend during the period was price increases in many countries resulting from

2