Mitsui E&S : Consolidated Financial Results for 1st Quarter of Fiscal Year Ended March 31, 2024

Consolidated Financial Results

for 1st Quarter of Fiscal Year Ended March 31, 2024

August 10, 2023

Note: This document has been translated from Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Highlights

• Net Sales and Operating Income increased QoQ.

1st Quarter of FYE Mar. 2024 Results

 New Orders	92.8 Billion yen	（ QoQ	）
 Net Sales	61.6 Billion yen	（ QoQ	）
 Operating Income	1.7 Billion yen	（ QoQ	）

FYE Mar. 2024

Forecast

◆ New Orders	320 Billion yen (compared to May 15, 2023	)
◆ Net Sales	280 Billion yen (compared to May 15, 2023	)
◆ Operating Income	10 Billion yen (compared to May 15, 2023	)

Topic

• Fuel conversion to hydrogen for Container Cranes

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Summary of Results

• Turnaround in earnings to get out of the deficit into the steady surplus.

			(JPY: Billion)
	FYE Mar. 2023	FYE Mar. 2024	Var.
	1Q	1Q
New Orders	106.6	92.8	(13.8)
Net Sales	50.6	61.6	+11.0
Operating Income (Loss)	(6.7)	1.7	+8.4
margin	(13.3%)	2.8%	-
Ordinary Income (Loss)	(4.2)	0.6	+4.8
margin	(8.4%)	0.9%	-
Profit attributable	(1.9)	1.5	+3.4
to owners of parent

＜Average FX＞

USD/JPY

129.97 Yen

138.54 Yen

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（JPY: Billion）

Summary of Segment Results

• New Orders in the Marine Propulsion Systems Segment remained firm, although they were lower QoQ. This is because the new orders in the same period of FYE Mar. 2023 were exceptionally higher due to the order delay from the original schedule in FYE Mar. 2022.
• In the Logistics Systems Segment, New Orders increased due to steady demands in the Southeast Asia.
• Profitability improved due to the better business environment for Marine Diesel Engines and

Container Cranes.

		New Orders			Net Sales			Operating
					Income (Loss)
	FYE Mar.		FYE Mar.	Var.	FYE Mar.	FYE Mar.	Var.	FYE Mar.	FYE Mar.		Var.
	2023		2024	2023	2024	2023	2024
	1Q		1Q		1Q	1Q		1Q	1Q
New Business	8.2		12.4	+4.2	6.1	8.2	+2.0	0.4	0.4		(0.1)
Development
Marine	65.7		46.0	(19.6)	21.2	29.5	+8.3	(0.3)	1.8		+2.1
Propulsion
Systems
Logistics	8.2		20.4	+12.2	8.5	7.4	(1.0)	(1.0)	(0.5)		+0.5
Systems
Peripheral	18.5		13.9	(4.6)	9.5	14.8	+5.3	(0.4)	0.5		+1.0
Business
Others	6.0		0.1	(5.9)	5.3	1.7	(3.7)	(5.4)	(0.5)		+4.9
Total	106.6		92.8	(13.8)	50.6	61.6	+11.0	(6.7)	1.7		+8.4

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Summary of FYE Mar. 2024 Forecast

• FYE Mar. 2024 Forecast remains unchanged from initial plan.

	（JPY: Billion）
	Previous Forecast
	（May 15,2023）
New Orders	320.0
Net Sales	280.0
Operating Income	10.0
Ordinary Income	4.0
Profit attributable	3.0
to owners of parent
Free CF	(*1) (43.0)
Debt with interest	171.0

（JPY: Billion）

Previous Forecast	New Orders	Net Sales	Operating
by Segment
Income
（May 15,2023）
New Business	40.0	30.0	3.0
Development
Marine Propulsion	160.0	130.0	4.0
Systems
Logistics Systems	50.0	50.0	1.0
Peripheral	70.0	60.0	2.0
Business
Others	0	10.0	0
Total	320.0	280.0	10.0

(*1) Due to a temporary cash-out for project in Indonesia.

• Exchange rate assumption: USD/JPY:135
• The US$/JPY exchange rate fluctuation has almost no impact on Operating Income.

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