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Raising the Raising Power Of Financial Section of Integrated Report 2017 For the year ended March 31, 2017 Financial Section of Integrated Report 2017 Financial RAISING THE POWER OF MC ANNUAL FINANCIAL REPORT <FOR THE YEAR ENDED MARCH 2017> CONTENTS Management’s Discussion and Analysis of Financial Condition and Results of Operations ��������������������������������������������������������������������������������������������������������� 01 Independent Auditors’ Report ����������������������������������������������������������������������������������������������������� 20 Supplementary Explanation ��������������������������������������������������������������������������������������������������������� 22 Management Internal Control Report (Translation) ��������������������������������������������������������������������� 23 Independent Auditor’s Report filed under the Financial Instruments and Exchange Act in Japan (Translation) . 25 Consolidated Financial Statements . 29 Consolidated Statement of Financial Position . 29 Consolidated Statement of Income . 31 Consolidated Statement of Comprehensive Income . 32 Consolidated Statement of Changes in Equity . 33 Consolidated Statement of Cash Flows ��������������������������������������������������������������������������������������� 34 Notes to Consolidated Financial Statements . 35 Responsibility Statement ����������������������������������������������������������������������������������������������������������� 138 Forward-Looking Statements This financial section of Mitsubishi Corporation's Integrated Report for the year ended March 2017 contains forward-looking statements about Mitsubishi Corporation's future plans, strategies, beliefs and performance that are not historical facts. They are based on current expectations, estimates, forecasts and projections about the industries in which Mitsubishi Corporation operates and beliefs and assumptions made by management. As the expectations, estimates, forecasts and projections are subject to a number of risks, uncertainties and assumptions, they may cause actual results to differ materially from those projected. Mitsubishi Corporation, therefore, wishes to caution readers not to place undue reliance on forward-looking statements. Furthermore, the company undertakes no obligation to update any forward-looking statements as a result of new information, future events or other developments. Risks, uncertainties and assumptions mentioned above include, but are not limited to, commodity prices; exchange rates and economic conditions; the outcome of pending and future litigation; and the continued availability of financing, financial instruments and financial resources. Mitsubishi Corporation FINANCIAL SECTION <FOR THE YEAR ENDED MARCH 2017> Management’s Discussion and Analysis of Financial Condition andManagement’s Results of Discussion Operations and Analysis of Financial Condition and Results of Operations 1. Results of Operations Operating Results In the year ended March 2017, the U.S. economy continued to experience solid growth, driven by consumer spending. Certain emerging countries also staged a gradual economic recovery, helped in part by a rebound in resource prices. Moreover, international financial markets showed signs of strength, based on expectations for the new U.S. administration to implement pro-growth economic policies, although the general policies of the new administration still remain unclear. The Japanese economy continued to experience a gradual pace of growth, led by external demand. Under such circumstances, revenues were ¥6,425.8 billion, a decrease of ¥499.8 billion, or 7% year over year, due in part to lower sales volumes in line with lower market prices and the impact of exchange rates. Gross profit was ¥1,328.6 billion, an increase of ¥229.7 billion, or 21% year over year, mainly due to reduced production costs in the Australian coal business and the significant contribution of higher market prices, despite changes in consolidation of certain consolidated subsidiaries. Selling, general and administrative expenses improved by ¥83.4 billion, or 8% year over year, to ¥932.6 billion, due to changes in consolidation of certain consolidated subsidiaries and the impact of exchange rates. Gains on investments increased ¥37.0 billion, or 80% year over year, to ¥83.3 billion, mainly due to one-off gains associated with the management integration of related companies and a rebound from impairment losses recognized in the previous fiscal year. Share of profit (loss) of investments accounted for using the equity method increased by ¥292.9 billion year over year, to ¥117.5 billion, mainly due to a rebound from impairment losses on resource-related assets recorded in the previous fiscal year. As a result, profit for the year attributable to owners of the Parent for the year grew ¥589.7 billion year over year, to ¥440.3 billion. ―1― MITSUBISHI CORPORATION INTEGRATED REPORT 2017 01 Mitsubishi Corporation FINANCIAL SECTION <FOR THE YEAR ENDED MARCH 2017> Year Ended March 2017 vs. Year Ended March 2016 1) Total Revenues Revenues in the year ended March 2017 were ¥6,425.8 billion, a decrease of ¥499.8 billion, or 7%, year over year. Revenues from the sale of goods decreased ¥391.7 billion, or 7%, to ¥5,558.4 billion. Revenues from the rendering of services and others decreased ¥108.1 billion, or 11%, to ¥867.4 billion. The main reasons for changes (by segment) were as follows: ・ The Living Essentials Group revenues decreased by ¥358.6 billion, or 14%, to ¥2,204.2 billion, mainly due to the management integration of related companies in the meat business and the impact of exchange rates. ・ The Metals Group revenues increased by ¥235.7 billion, or 34%, to ¥936.6 billion, mainly due to the impact of higher market prices in the Australian coal business. ・ The Energy Business Group revenues decreased by ¥179.2 billion, or 13%, to ¥1,189.3 billion, mainly due to the lower sales volumes and the impact of exchange rates. 2) Gross Profit Gross profit was ¥1,328.6 billion, an increase of ¥229.7 billion, or 21% year over year, mainly due to reduced production costs in the Australian coal business and the significant contribution of higher market prices, despite changes in consolidation of certain consolidated subsidiaries. 3) Selling, General and Administrative Expenses Selling, general and administrative expenses improved ¥83.4 billion, or 8% year over year, to ¥932.6 billion, due to changes in consolidation of certain consolidated subsidiaries and the impact of exchange rates. 4) Gains on investments Gains on investments were ¥83.3 billion, an increase of ¥37.0 billion, or 80%, year over year, mainly due to one-off gains associated with the management integration of related companies and a rebound from impairment losses recognized in the previous fiscal year. 5) Gains on disposal of property, plant and equipment Gains on disposal of property, plant and equipment were ¥14.4 billion, a decrease of ¥7.0 billion, or 33%, year over year. 6) Impairment losses on property, plant and equipment and others The Company recorded impairment losses on property, plant and equipment and others of ¥103.2 billion, mostly the same as in the previous fiscal year. 7) Other income (expense)—net The Company recorded net other income of ¥10.6 billion, an improvement of ¥48.4 billion from net other expense in the previous fiscal year, mainly due to the impact of exchange rates. 8) Finance income Finance income increased by ¥9.3 billion, or 8%, year over year to ¥132.4 billion, mainly due to higher dividend income from resource-related investees. 9) Finance costs The Company recorded finance costs of ¥49.5 billion, mostly the same as in the previous fiscal year. 10) Share of profit (loss) of investments accounted for using the equity method Share of profit (loss) of investments accounted for using the equity method increased by ¥292.9 billion year over year, to ¥117.5 billion, mainly due to a rebound from impairment losses on resource-related assets recorded in the previous fiscal year. 11) Profit (loss) before tax Profit (loss) before tax increased by ¥694.2 billion year over year to ¥601.4 billion, for the above reasons. 12) Income taxes Income taxes increased by ¥81.6 billion, or 205%, year over year to ¥121.4 billion, in line with the increase in profit before tax. ―2― 02 MITSUBISHI CORPORATION INTEGRATED REPORT 2017 Mitsubishi Corporation FINANCIAL SECTION <FOR THE YEAR ENDED MARCH 2017> 13) Profit (loss) for the year attributable to non-controlling interest Profit (loss) for the year attributable to non-controlling interest was ¥39.8 billion, up ¥23.1 billion, or 138%, year over year. 14) Profit (loss) for the year attributable to owners of the Parent As a result of the above, profit (loss) for the year attributable to owners of the Parent increased by ¥589.7 billion year over year to ¥440.3 billion. 2. Year Ended March 2017 Segment Information Operating Segments (Profit for the year, as used hereinafter, refers to “Profit for the year attributable to owners of the Parent”) 1) Global Environmental & Infrastructure Business Group The Global Environmental & Infrastructure Business Group conducts environmental and infrastructure projects, related trading operations and other activities in power generation, water, transportation and other fields that serve as a foundation for industry. In the year ended March 2017, segment revenues increased by ¥10.3 billion, or 18%, to ¥69.1 billion. Gross profit increased by ¥0.2 billion, or 1%, to ¥38.0 billion. Share of profit (loss) of investments
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