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August 7, 2014 Mitsubishi Corporation
Results for the Three Months Ended June 2014 [IFRS]
August 7, 2014
Mitsubishi Corporation August 7, 2014 Mitsubishi Corporation
(Forward-Looking Statements) • This release contains forward-looking statements about Mitsubishi Corporation’s future plans,strategies, beliefs and performance that are not historical facts. Such statements are based on the company’s assumptions and beliefs in light of competitive, financial and economic data currently available and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to world economic conditions, exchange rates and commodity prices. • Accordingly, Mitsubishi Corporation wishes to caution readers that actual results may differ materially from those projected in this release and that Mitsubishi Corporation bears no responsibility for any negative impact caused by the use of this release.
(Notes Regarding this Presentation Material) • Consolidated net income in this presentation shows the amount of net income attributable to owners of the Parent, excluding noncontrolling interests. Equity shows the amount of equity attributable to owners of the Parent, excluding noncontrolling interests, which is a component of total equity.
1 August 7, 2014 Mitsubishi Corporation
Consolidated Operating Results for the Three Months Ended June 2014
Three months ended Three months ended Increase or Forecast for year Achievement rate June 2013 June 2014 decrease ending March 2015
Consolidated net -22.3 billion yen 132.4 billion yen 110.1 billion yen 400.0 billion yen 28 ％ income (-17 ％)
Year-over-year change Full-year forecast
（ ） Consolidated Operating Results Highlights Resource Billion yen 400.0 （Billion yen） for the Three Months Ended June 2014 Non-resource 361.4 Consolidated net income decreased 22.3 billion yen year on year. The resource field posted lower earnings Achieve- year on year, while the non-resource field saw higher ment rate earnings, driven primarily by Industrial Finance, 28％ 132.4 Logistics & Development and Living Essentials. -22.3 110.1 The achievement rate against the full-year forecast of 64.4644 -21.0 43.4434 400 billion yen was 28%, marking a steady start to the 110.1 year. 64.8 648 ＋3.3 68.1 3.2 -1.4 Free cash flows were negative 72.8 billion yen. (Please Three months Three months Year ended Forecast for ended June ended June March 2014 year ending see page 4.) 2013 2014 results March 2015 2 August 7, 2014 Mitsubishi Corporation
Segment Net Income by Resource and Non-resource Field
■ Energy Business（33％ decrease year-over-year） [Resource] （Billion yen） -21.0 The lower earnings mainly reflected a decrease in dividend income from resource- related business investees. 64.4（50%） 43.4（39%） ■ Metals—Resource（31％ decrease year-over-year ） The decreased earnings mainly reflected lower sales prices at an Australian resource-related subsidiary (coking coal). 【Resource Field】 The achievement rate against the full-year forecast of 167 billion was 26% 54.3 -17.9 36.4 ■ Global Environmental & Infrastructure Business （26％ increase year-over-year ） The higher earnings mainly reflected increased equity-method earnings from undersea electricity transmission and North American power generation business companies. 10.1 -3.1 7.0 Three months ended Three months ended ■ Industrial Finance, Logistics & Development（159％ increase year-over-year ） June 2013 June 2014 Earnings rose mainly due to unrealized gains in the fund investment-related business and increased earnings in real estate-related businesses. ■ Machinery（33％ decrease year-over-year ） [Non-resource] （Billion yen） +3.3 Earnings decreased mainly due to lower sales volume in Asian automobile-related operations and the absence of a one-time gain associated with the valuation of asset holdings recorded in the 64.8（50%） 68.1（61%） previous fiscal year.. ■ Chemicals（7％ decrease year-over-year ） 3.9 +1.0 4.9 Earnings were down mainly due to lower earnings on transactions at a petrochemical business- 5.1 +8.1 13.2 related company. ■ Living Essentials（40％ increase year-over-year ） 33.7 22.5 Earnings increased mainly due to higher sales prices in feed and livestock-related businesses. -11.2 ■ Metals—Non-resource（75％ increase year-over-year ） 7.9 The higher earnings in steel products chiefly reflected gains on the sale of asset holdings. 8.5 -0.6 12.0 +4.8 16.8 【Non-resource Field】 The achievement rate against the full-year 1.6 +1.2 2.8 Three months2013年度 ended Three2014年度 months ended forecast of 224 billion was 30% 第1四半期 第1四半期June 2014 June 2013 *Earnings related to steel products operations in Metals are counted in Non-resource field. 3 August 7, 2014 Mitsubishi Corporation
Cash Flows
営業キャッシュ・フローOperating Cash Flows Investing投資キャッシュ・フロー Cash Flows フリーキャッシュ・フローFree Cash Flows （Billion yen）
453.3 381.6 [Cash Flows for the three months ended June 2014]
○Operating Cash Flows (+2.9 billion yen) +81.1 2.9 Operating cash flows provided net cash mainly due to cash flows from operating transactions -72.8 and dividend income, which were largely -75.7 offset by cash outflows primarily to pay income taxes and meet working capital requirements (cash outflow of approx. 100 -337.7 -300.5 billion yen).
○Investing Cash Flows (-75.7 billion yen) Investing activities used net cash mainly due to capital expenditures by metal resource-related subsidiaries and investments in energy resource businesses, despite cash provided by the sale of -791.0 aircraft and other assets.
Year ended Year ended Three months ended Mar. 2013 Mar. 2014 Jun. 2014
4 August 7, 2014 Mitsubishi Corporation
New Investments and Portfolio Reshaping
Year ended Three months Main investment and Mar. 2014 ended divestment areas in the three months ended June 2014 (Billion yen) Cumulative total June 2014
Coking coal/thermal coal business Resource 330.0 80.0 in Australia LNG and shale gas-related
New Non- Fund investment-related investment resource 470.0 100.0 Shipping business
Total 800.0 180.0
Asset sales* 510.0 70.0 Aircraft leasing business
Portfolio Depreciation ― reshaping 170.0 50.0
Total 680.0 120.0
Net investment 120.0 60.0
* Profit and loss on sales is not included in the amount of “Asset sales.” 5 August 7, 2014 Mitsubishi Corporation
Equity and Interest-Bearing Liabilities
Interest-bearing liabilities (net) Total equity Debt-to-equity ratio (net) （Billion yen） 2.0 5,067.7 5,017.6 [Main Reasons for Change in Equity] 4,774.2 (-50.1 billion yen compared to March 31, 2014) 4,601.1 4,517.1 4,420.1 ○ Net income +110.1 billion yen
3,710.8 3,773.5 ○ Payment of dividends -62.6 billion yen
○ Exchange differences on translating foreign operations -53.7 billion yen
○ Purchase and cancellation of treasury stock 1.0 1.0 1.0 1.0 -58.0 billion yen 0.9 [Effect of Currency on Exchange Differences on Translating Foreign Operations (Estimate) ]
Effect of currency on Mar. 31, Jun. 30, exchange differences 2014 2014 Currency on translating foreign rate rate operations (Yen) (Yen) （Billion yen）
US$ -35 102.92 101.36
Euro -5 141.65 138.31
0.0 Baht -5 3.17 3.12 Mar. 31, 2012 Mar. 31, 2013 Mar. 31, 2014 Jun. 30, 2014 (Year Ended March, 2014) (Three Month Ended June 2014) 6 August 7, 2014 Mitsubishi Corporation
(Reference) Market Conditions
【Foreign Exchange, Interest Rate and Commodity Prices Sensitivities】
Three Forecasts months for year Increase or ended Jun. ending decrease Consolidated Net Income Sensitivities 2013 Mar. 2015 （a） – （b） （a） （b）
Foreign Depreciation (appreciation) of 1 yen per US$1 has a 2.5 billion yen Exchange 102.2 100 2.2 positive (negative) impact on a full-year basis. (yen/US$)
Yen Interest (%) 0.25 -0.04 TIBOR 0.21 The effect of rising interest rates is mostly offset by an increase in operating and investments profits. However, a rapid rise in interest rates can cause a temporary negative effect. US$ Interest (%) 0.40 -0.17 LIBOR 0.23
A US$1 rise (decline) per barrel increases (reduces) full-year earnings by 1.0 billion yen. Besides crude oil price fluctuations, other variables Crude Oil Prices such as the different fiscal years of consolidated companies, the timing (US$/BBL) 106.1 100 6.1 of the reflection of the crude oil price in sales prices, the dividend (Dubai) policy and sales volume affect crude oil-related earnings as well. Therefore, the impact on earnings cannot be determined by the crude oil price alone. A US$100 rise (decline) per MT increases (reduces) full-year earnings by 1.3 billion yen. Besides copper price fluctuations, other variables Copper such as the grade of mined ore, the status of production operations, 7,496 -709 (US$/MT) 6,787 and reinvestment plans (capital expenditure) affect earnings from copper mines as well. Therefore, the impact on earnings cannot be ￠ ｌ [ 308 ] [ 340 ] [ / b] [ -32 ] determined by the copper price alone. 7 August 7, 2014 Mitsubishi Corporation
(Reference) Restatement of Results for the Three Months Ended June 2014 [IFRS]
(Billion yen)
Three Months Three Months Ended June 2013 Ended June 2014 (US GAAP) （IFRS）
＋16.7 +21.8
-14.8 +9.7 132.4
Consolidated net income 115.7
Reversal of gain (loss) on sale of investment for non- Gain (loss) on investment subsidiary/affiliated for non-subsidiary/affiliated Others (adjustments for companies and impairment companies measured at timing differences, etc.) loss on non-subsidiary fair value under IFRS /affiliated companies under US GAAP
8 August 7, 2014 Mitsubishi Corporation
Appendix (IFRS)
9 August 7, 2014 Mitsubishi Corporation Global Environmental and Infrastructure Business (Infrastructure-related Business) Segment
Consolidated net income (Billion yen) 1Q 2～4Q 2～4Q（Forecast） Year ended March 20 18.4 18.0
Effective from April 1, 2014, the part of infrastructure-related business was transferred to the "Global Environment & Infrastructure Business.". With this change, segment assets for the three months ended March The achievement rate against the full-year forecast of 18.0 billion yen 31,2014 have also been reclassified accordingly. was 27%.
Three Months Ended Three Months Ended Forecast for Year June 2013 June 2014 Ending March 2015 Gross profit 6.6 6.5 －
Equity in earnings of 3.1 7.0 － Affiliated companies
Consolidated net income 3.9 4.9 18.0
Year Ended Three Months Ended March,2014 June 2014 Segment assets 865.7 872.7 10 August 7, 2014 Mitsubishi Corporation
Industrial Finance, Logistics & Development Segment
Consolidated net Income (Billion yen) 1Q 2～4Q 2～4Q（Forecast） Year ended March 35 29.7
Consolidated net income 5.1 13.2 27.0
Year Ended Three Months Ended March,2014 June 2014 Segment assets 1,031.4 985.8 11 August 7, 2014 Mitsubishi Corporation
Energy Business Segment
Consolidated net Income Crude Oil (Dubai) April- July- Oct.- Jan.- (Billion yen) (US＄/BBL) June Sept. Dec. March 1Q 2～4Q 2～4Q（Forecast） Year ended March Year ended March 2010 59.1 67.9 75.4 75.8 140 127.3 Year ended March 2011 78.1 73.9 84.3 100.5 118.6 120.0 120 Year ended March 2012 110.7 107.1 106.5 116.1
Year ended March 2013 106.4 106.3 107.5 108.2 100 Year ending March 2014 100.8 106.3 106.8 104.5 64.3 80 83.6 Year ending March 2015 106.1
60 127.3
Three Months Ended Three Months Ended Forecast for Year
Segment assets 2,464.0 2,459.8 12 August 7, 2014 Mitsubishi Corporation
Metals Segment
Consolidated net income
50 Data of Principal Consolidated Subsidaries 40 [Changes between three months ended June 2013 and three months ended June 2014; billion yen] 28.3 47.2 30 Steel Products ・Metal One Corporation +0.8 [3.0 → 3.8] 20 Coal ・MDP -11.2 [7.5→ (3.7)] 8.0 Iron Ore ・M.C. Inversiones (CMP) -0.5 [1.3 → 0.8] 28.3 ・Iron Ore Company of Canada (IOC) +0.6 [1.5 → 2.1] 10 11.7 Copper ・JECO Corporation / JECO 2 (Escondida copper mine) -2.6 [3.0 → 0.4] 8.0 9.8 0 ・MC Copper Holdings B.V. (Los Pelambres copper mine) +1.0 [0.1 → 1.1] Year ended Year ended Year ending ・ March 2013 March 2014 March 2015 Antamina (non-consolidated) Dividend (after tax) +2.0 [0.6 → 2.6] ・MC Resource Development (AAS) -0.4 [1.4 → 1.0]
Three Months Ended Three Months Ended Forecast for Year June 2013 June 2014 Ending March 2015
Consolidated net income 11.7 9.8 57.0 This reflect a delay in the recovery of the market trend.
Year Ended Three Months Ended March,2014 June 2014
Segment assets 4,703.9 4,747.5 13 August 7, 2014 Mitsubishi Corporation
Machinery Segment
Consolidated net income
(Billion yen) 1Q 2～4Q 2～4Q（Forecast） Year ended March 120
The achievement rate against the full-year forecast of 81.0 billion yen was 28%.
Three Months Ended Three Months Ended Forecast for Year June 2013 June 2014 Ending March 2015 Gross Income 49.1 45.6 －
Equity in earnings of 8.5 8.0 － Affiliated companies Consolidated net income 33.7 22.5 81.0
Year Ended Three Months Ended March,2014 June 2014 Segment assets 1,891.2 1,869.7 14 August 7, 2014 Mitsubishi Corporation
Chemicals Segment
Consolidated net income (Billion yen) ～ ～ （ ） 35 1Q 2 4Q 2 4Q Forecast Year ended March 31.0
15 13.2 25.6 10
5 8.5 7.9 0 Year ended Year ended Year ending
The achievement rate against the full-year forecast of 31.0 billion yen was 25%.
Three Months Ended Three Months Ended Forecast for Year June 2013 June 2014 Ending March 2015 Gross profit 23.3 27.8 －
Equity in earnings of 6.0 4.6 － Affiliated companies Consolidated net income 8.5 7.9 31.0
Year Ended Three Months Ended March,2014 June 2014
Segment assets 1,008.4 978.0 15 August 7, 2014 Mitsubishi Corporation
Living Essentials Segment
Consolidated net income (Billion yen) 1Q 2～4Q 2～4Q（Forecast） Year ended March 70 59.2
20 39.0
10 16.8 12.0 0 Year ended Year ended Year ending
The achievement rate against the full-year forecast of 57.0 billion yen was 29%.
Three Months Ended Three Months Ended Forecast for Year June 2013 June 2014 Ending March 2015
Gross profit 110.6 120.5 －
Equity in earnings of 4.7 3.9 － Affiliated companies Consolidated net income 12.0 16.8 57.0
Year Ended Three Months Ended March,2014 June 2014 Segment assets 2,662.1 2,680.3 16 Global Environmental and Infrastructure Business Activities －New Energy & Power Generation－
1 2 3 4 Power Plant Supply Power Business in the U.S. Power Business in Asia Power Business in Europe in Japan and Overseas Diamond Generating Corpo- Diamond Generating Asia in Diamond Generating Europe in ration in Los Angeles devel- Thermal, nuclear, hydro and Hong Kong develops and London develops and owns ops and owns gas-fired power geo-thermal power plants owns thermal, solar and wind farms (onshore and off- stations and wind farms. supplied with after-sales geothermal power stations. shore) and solar power services. stations.
Gas combined-cycle power station Wind farm in Idaho, the U.S. Coal-fired power station in Taiwan Solar thermal power station in Spain
5 6 Offshore Transmission On-site Power Generation We operate an on-site (inside- We engage in offshore trans- the-fence) power generation mission business in U.K. and business for customers in Germany to assist offshore Japan to provide power and wind farms. steam on a long-term contract.
Offshore substation in the U.K. Gas turbine power station near Nagoya 17 Global Environmental and Infrastructure Business Activities －Infrastructure Business－
7 8 9 10 Dubai Metro New Ulaanbaatar Swing Corporation TRILITY Group A water utility service provider A water utility service provider to Fully automated driverless International Airport established by MC, Ebara and the municipal, industrial and trains operating on the Constructing the New JGC has extensive experience in resource sectors in Australia with world’s longest line (76km Ulaanbaatar International operation and maintenance of its experience covering the full completed in September Airport in Mongolia as the more than 450 facilities across range of project disciplines 2011; Guinness Record). JV leader. Japan. including; EPC, O&M, asset management, and utility services.
Water Purification Plant in Japan Desalination Plant in Adelaide
1111 1212 13 FPSOFPSO Business Business ChiyodaChiyoda CorporationCorporation Plant Supply／ ((FFloatingloating P Production,roduction, AnAn engineering engineering contractor,contractor, mainly mainly Compressor Trading SStoragetorage and and O Offloadingffloading system) system) toto the the hydrocarbon hydrocarbon andand chemicalchemical Providing turnkey service, UnderUnder thethe partnership partnership withwith SBM SBM industries,industries, of of which which 33.4%33.4% equity equity investment and finance for energy Offshore,Offshore, operating operating aa floating floating isis held held byby MC MC as as the the largest largest & chemical/cement & steel plants, vesselvessel used used for for the the production production shareholder.shareholder. and trading of compressor. andand storage storage of of oil oil and and gas. gas.
Steel Plant ／ LNG Plant ／ Compressor CourtesyCourtesy of of SBM SBM Offshore Offshore N.V. N.V. (Left top) (Right) (Left bottom) 18 August 7, 2014 Mitsubishi Corporation Global Energy Resource- Related Businesses
Equity Share of Production Equity Share of Oil and Gas Production Amount (Yearly Average) * (Thousand BBL / Day) MC’s Reserves 200 Crude oil Condensate 180 Natural Gas Crude oil/condensate 169 0.23 billion barrels 160 146 141 148 38 140 39 120 116 47 39 100 Natural gas 84 49 80 1.41 billion barrels 60 42 131 99 102 109 40 67 20 42 0 Year ended Year ended Year ended Year ended Year ended Year ended Year ending Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31 ,2011 Dec. 31 ,2012 Dec. 31, 2013 Dec. 31, 2014(Est.) Total 1.64 billion barrels*, ** * Oil equivalent. Includes consolidated subsidiaries and equity-method affiliates. (As of December 31, 2013) ** Participating interest equivalent. Includes reserves based on MC’s in-house methodology. 19 August 7, 2014 Mitsubishi Corporation Natural Gas Business
（Million Tons / Year） Equity Share of LNG Production Capacity 8 Tangguh* 7 7.05 7.05 7.05 7.05 7.05 7.05 Sakhalin II* 6 Qalhat (Oman） 5 5.34 Oman 4 North West Shelf* 3 Malaysia III* 2 Malaysia II 1 Brunei 0 Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 (Est.)
*Owns upstream working interest
World’s LNG Demand Forecast World’s LNG Imports LNG Imports to Japan and （Million Tons / Year） MC’s share 400 Expected average annual growth Approximately （Million Tons) rate is about 5.0％ 1.4 times 300 Japan 240 37% MC 200 Others Others 87.7 36% 63% 64% 100
（Year Ended March 2014) 0 *MC’s share includes imports where MC’s only involvement is trading. 2013 2020 Japan is currently the world’s largest LNG importer, accounting for approximately 37% of the world’s LNG imports. MC handles around 36% World’s LNG demand was 240 million tons in 2013, which is expected of Japan’s LNG imports. to grow nearly 1.4 times by 2020 (MC estimate). 20 August 7, 2014 Mitsubishi Corporation Global Metal Resource-Related Businesses
Imports to Japan and MC Share （CY2013; million tons）
Iron Ore Coking Coal Copper Thermal Coal Aluminum MC 5% MC MC MC 16% MC 17% 20% 31% 136 59 1.5 127 1.6
Others Others Others Others Others 95% 69% 83% 84% 80% *MC’s share includes imports where MC’s only involvement is trading. 21 August 7, 2014 Mitsubishi Corporation Metal Resource-Related Projects
Product Project Country Annual Production Capacity (*) Main Partners MC Share Note s BMA Australia Coking Coal, etc., 62.5 mt (**) BHP Billiton 50.00% For details see pages 23 and 24 Warkworth Australia Thermal Coal, etc., 8 mt (***) Coal & Allied 28.90% Left share shows direct percentage of MC shares in MDP. Coal&Allied Australia Thermal Coal, etc., 25 mt (***) Rio Tinto 20.00% Coal Thermal Coal, 12.2 mt (At full Main partner changed due to divestment of shares by Rio Tinto to GS Coal Clermont Australia GS Coal, J-Power 31.40% production) (Glencore 50%/Sumitomo Corporation 50%) in May 2014. Expansion work completed during the April-June, 2014. Ulan Australia Thermal Coal, 7.2 mt Glencore 10.00% Production Capacity on the left shows the amount before expansion. Jack Hills/ Aus tralia 100% Oakajee Port & Rail Pellet 12.5 mt IOC Canada Rio Tinto 26.18% Expansion plan at stage 2 has been completed in May 2014 (22→23.3Mtpa) Iron Ore Concentrate 8 mt Development of Cerro Negro Norte Mine (+4Mtpa) in progress. Scheduled to be CMP Chile Pellet, PF, etc., 14 mt CAP 25.00% completed during year ending March 2015.
Mozal (Refinery) Mozambique Aluminum 560 kt BHP Billiton 25.00% 9.50% (First & Second Series) Alum inum Boyne Smelters (Refinery) Australia Aluminum 560 kt Rio Tinto 14.25% (Third Series) Albras (Refinery) Brazil Aluminum 450 kt Hydro 2.70% ・Currently building a new concentrator and expanding leaching pad Escondida Chile Copper more than 1,200 kt BHP Billiton, Rio Tinto 8.25% ・Plans to raise copper production to more than 1.3 million MT in the year ending March 2016 through this expansion.
Los Pelambres Chile Copper 410 kt Luksic Group (AMSA) 5.00%
Copper Anglo American Sur Chile Copper 500 kt Anglo American 20.4%
Copper 450 kt BHP Billiton, Antam ina Peru 10.00% Zinc 400 kt Glencore, Teck Quellaveco Peru (Copper 281 kt) Anglo American 18.10% Feasibility study in progress. Freeport Indonesia, Gresik (Refinery) Indonesia Copper 300 kt 9.50% Mitsubishi Materials Nippon Steel, Pacific Metals (Refinery) Japan Ferro-nickel 40 kt 8.15% Nisshin Steel Nickel, Ferro Alloys Hernic South Africa Ferro-chromium 420 kt IDC, ELG, IFC 50.975% Weda Bay Indonesia (Nickel intermediate product 65 kt) Eramet, PT Antam 27.00% Feasibility study in progress.
Kintyre Australia Cameco 30.00% Feasibility study in progress. Feasibility study in progress. AREVA Mongol Mongolia Areva 34.00% Aquired 34% shareholding from AREVA Mongol in November 2013. Uranium Under exploration.(Hold the option to acquire 49% interest if MDP's share of exploration AREVA Resources Australia Australia Areva (49.00%) costs reaches a specified amount.) Itochu ・Holds interest in 15 projects. JCU Canada 33.33% OURD (Under exploration ～ ｆeasibility study in progress.
Furuya Metal Japan All types of precious metals products Tanaka K.K., Lonmin 20.30% Left shows percentage of voting rights Platinum Group (Precious metal processor) Metals PGM concentrate 200 k oz Marathon Canada Stillwater 25.00% Feasibility study in progress. (Incl. 17 kt of copper) (*) Production capacity shows 100% volume of the project. (**) Production at Norwich Park Mine and Gregory Crinium open cut mine indefinitely ceased. (***) As Warkworth and Coal & Allied annual production capacity is not public, the 2013 calendar year production volume is used here. 22 August 7, 2014 Mitsubishi Corporation Overview of MDP Coal Business
BMA Mines (Including Expansion Options) Goonyella Riverside Mine Open cut: Hard Coking Coal Broadmeadow Mine Underground: Hard Coking Coal Daunia Mine Open cut: Hard Coking Coal / PCI (Pulverized Coal Injection)
Caval Ridge Mine Open cut: Hard Coking Coal
Peak Downs Mine Open cut: Hard Coking Coal
Saraji Mine Open cut: Hard Coking Coal ・・・Operating Mines・Ports ・・・Operating (new) Mines Saraji East Mine ・・・Undeveloped Mines Underground: Hard Coking Coal ・・・Temporary shutdown Mines Norwich Park Mine（Production indefinitely ceased） ・・・Expansion Options Open cut: Hard Coking Coal Gregory Crinum Mine (Open cut production indefinitely ceased) Open cut / Underground: Hard Coking Coal Blackwater Mine Open cut: Hard Coking Coal / Weak Coking Coal / Thermal Coal
23 August 7, 2014 Mitsubishi Corporation Coal Business （Sales, Production, Price and Exchange Rate）
The production volume at BMA in three months ended June 2014 showed a slight increase compared to the previous quarter due to an MDP Annual Sales Volume(*) (**) (***) improvement in productivity. (Million tons) Apr-Jun Jul-Sep Oct-Dec Jan-Mar 28 Benchmark Price Trend of Australian High- Three Months Total 23.8 Total Ended 24 (US$/Ton) Quality Hard Coking Coal to Japan 29.0 40.2 Jun. 2014 Total 11.0 350 20 6.6 16.6 300 16 4.4 6.0 250 12 11.2 9.0 2.5 5.0 200 8 5.5 2.3 3.2 6.6 5.2 3.6 3.4 2.6 150 4 1.3 3.1 3.2 0.9 2.1 5.8 1.3 6.6 3.5 1.1 1.2 1.2 3.2 0.9 1.9 2.4 1.2 100 0 0.6 1.4 Hard coking Semi soft Thermal Hard coking Semi soft Thermal Hard coking Semi soft Thermal coal coking coal coal coal coking coal coal coal coking coal coal Year ended March 2013 Year ending March 2014 Year ended March 2015 50 (*)Includes equity share of thermal coal sales other than from BMA (**)In line with its equity method consolidation, Coal & Allied’s production volume has been restated 0 from the year ended March 2011 reflecting its January to December fiscal year. Year Ended Year Ended Year Ended Year Ended Year Ending (***)The quarterly figures do not exactly add up to the total annual figures due to rounding. Marｃｈ31 2011 Marｃｈ31 2012 March31 2013 March31 2014 March31 2015
BMA Annual Production and Sales Volume (50% Basis) (***) Source: ・The Australian Bureau of Agricultural and Resource Economics- (Million tons) Bureau of Rural Sciences (ABARE-BRS) “Australian commodities” 35 ・Wood Mackenzie Press Release Apr-Jun Jul-Sep Oct-Dec Jan-Mar ・Various news media 30 28.4 28.3 25 7.5 7.6 AUD／USD Average Exchange Rate 20.1 19.3 20 1Q 2Q 3Q 4Q 5.3 5.1 7.5 7.3 15 Year ended March 2012 U$1.0629/A$ U$1.0497/A$ U$1.0122/A$ U$1.0560/A$ 5.4 Year ended March 2013 U$1.0063/A$ U$1.0381/A$ U$1.0391/A$ U$1.0386/A$ 10 6.0 6.7 6.5 7.6 7.7 5.2 Year ending March 2014 U$0.9907/A$ U$0.9158/A$ U$0.9277/A$ U$0.8962/A$ 5 4.2 6.7 6.8 7.6 7.7 Year ending March 2015 U$0.9329/A$ 4.1 3.9 Source: Bloomberg 0 Production Sales ProductionSales ProductionSales *The above exchange rates differ from those actually used by MDP. Year ended March 2013 Year ending March 2014 Year ended March 2015 24 August 7, 2014 Mitsubishi Corporation
Iron Ore Business
Equity Share of Production Annual/Quarterly Price of Australian Iron Ore to Japan
（USD/ton） （Million tons） Jan-Mar Apr-Jun Jul-Sep Oct-Dec 5 180 Year ended Year ended Year ended Dec. 2014 Dec. 2012 Dec. 2013 (Jan-Jun) Total 6.7 Total 6.9 160 Total 3.4
4 3.9 140 3.7
120 1.0 1.0 3 3.0 3.0 100
0.8 0.9 80 1.0 1.1 2.0 2 60 0.8 0.7 1.5 40 1.0 1.1 0.9 20 1 0.7 0.7 0.7 0
0.9 0.8 Year Ended Year Ended Year Ended Year Ended Year Ending 0.7 0.7 0.7 0.7 Marｃｈ 2011 Marｃｈ 2012 Marｃｈ 2013 Marｃｈ 2014 Marｃｈ 2015 0 IOC CMP IOC CMP IOC CMP
(*) Above graph of “Equity Share of Production ”is based on calendar year (Jan - Dec) (**)The quarterly figures do not exactly add up to the total annual figures due to rounding.
25 August 7, 2014 Mitsubishi Corporation
Copper Business
Equity Share of Production LME Copper Price (Monthly Average)
（Thousand tons） （US$/ton） 140 Jan-Mar Apr-Jun Jul-Sep Oct-Dec 12,000
Year ended Year ended Year ended Dec. 2012 Dec. 2013 Dec. 2014 Total 248 Total 259 (Jan-Jun) 10,000 120 Total 126
8,000 100 98 94 96 89 6,000 24 23 25 80 23 4,000
20 24 60 24 21 2,000 50 49 44 45 40 0 12 25 25 13 23 2010 2011 2012 2013 2014 24 27 24
12 13 21 20 20 17 6 5 ・The Escondida copper mine is the world’s largest copper mine, 11 6 26 25 11 5 9 10 26 21 23 23 producing more than 1 million tons of copper per year. 5 5 5 9 8 8 5 5 5 0 ・Years’ Worth of Mineable Resources: Antamina Los Anglo American Antamina Los Anglo American Antamina Los Anglo American Escondida Pelambres Sur Escondida Pelambres Sur Escondida Pelambres Sur Escondida Mine more than 50 years Los Pelambres Mine more than 50 years Antamina Mine Approx. 15 years (*) Above graph of “Equity Share of Production ”is based on calendar year (Jan - Dec) Los Bronces Mine more than 30 years El Soldado Mine more than 20 years 26 August 7, 2014 Mitsubishi Corporation
Aluminum Business
Equity Share of Production LME Aluminum Price (Monthly Average)
（Thousand tons） （US$/ton） Jan-Mar Apr-Jun Jul-Sep Oct-Dec 200 3,000
Year ended Year ended Year ended Dec. 2012 Dec. 2013 Dec. 2014 Total 234 Total 232 (Jan-Jun) 2,500 Total 112
150 2,000 139 139
1,500 35 35
1,000 100
35 35 500 70 66 65
17 16 0 34 50 35 34 2010 2011 2012 2013 2014 17 17 29 28 31 7 16 16 6 16 34 8 35 8 36 11 7 7 16 16 15 6 (*) 7 7 0 5 Mozal Boyne Others Mozal Boyne Others Mozal Boyne Others
(*) Forecasts are also included. (**) Above graph of “Equity Share of Production ”is based on calendar year (Jan - Dec) 27 August 7, 2014 Mitsubishi Corporation
Global Automobile-Related Business (MMC-Related) As of June 2014 Russia UK ①2.13Mil Units(Foreign brand） ①2.26Mil Units Country・District Spain ②MMC 79K Units (3.7%) ②MMC 15K Units(0.7%) ① ①0.73Mil Units Overall Demand CCC MMC Rus ② ②MMC 4K Units(0.6%) Distributor China（※） Vehicle sales of MC’s partner MFTBC 110 Units Distributor ①21.98 Mil Units car maker (share) B&M SDS MCFR ②MMC 67K Units (0.3%) from Jan. to Dec. 2013 Automobile Automobile Distributor Finance Finance MMSCN(Shanghai) SAME(Shenyang) Engine Production Distributor Production MCBR Distributor Germany Automobile Assembling / Portugal ① GMMC(Changsha) 2.95 Mil Units Finance DAE(Harbin) Export ②MMC 22K Units(0.7%) Production Distributor ①0.13Mil Units Engine Production ②MMC 2.0K Units(1.2%) MCEB Poland /Distributor Automobile MFTBC 400 Units(0.3%) Automobile Finance Others Finance ①0.29 Mil Units MMP ②MMC 4K Units (1.5%) Distributor MCP Distributor
Ukraine ①0.20 Mil Units ②MMC 5 K Units(2.5%) NIKO Export from Japan Taiwan（※） ①0.38 Mil Units ②MMC 38K Units(10.3%) CMC Production Peru Tunisia /Distributor ①0.2 Mil Units ① 50K Units ②MMC 3K Units(1.4%) ② MMC 1K Units（2.0％） MFTBC 2K Units(0.8%) MCAP Morocco LM/SAM Indonesia Distributor ①0.14 Mil Units Export from Japan ②MMC 2K Units(2.0%) ①1.23 Mil Units ②MMC 91K Units (7.4%) DM/AHVI MFTBC 66K Units(5.4%) Export from Japan Malaysia Chile ①0.66 Mil Units KTB DSF ①0.38 Mil Units Automobile Finance ②MMC 12K Units（1.9%） Distributor ②MMC 11K Units(2.9%) South Africa MMM MMCC ①0.65 Mil Units India BAS Brazil Distributor / KRM Used car sales Distributor ②MMC 5K Units(0.8%) ①3.24 Mil Units Assembling Assembling and rental cars ①3.58 Mil Units BTL ②MMC 2K Units(0.06%) ②MMC 58K Units(1.6%) MKM Export from Japan HML Engine / Press BSI MMCB Vietnam Components Export from Japan production IT system Export from Japan ①97 K Units ②MMC 1.4K Units (1.5%) MFTBC 0.8K Units(0.8%) VSM （※）MMC’s sales in China/Taiwan only includes Mitsubishi brand cars. Assembling / Distributor 28 Mitsubishi Motors Corporation (MMC)
Summary of MMC’s Results Announcement for the Three (Source: MMC Three Months Ended June 2014 Results Announcement) Months Ended June 2014 Three Months Three Months Year Ending Ended Ended March 2015 Target (Billion yen, thousand units) June 2013 (2) - (1) (announced on April June 2014 24, 2014) (1) (2) Operating transactions 409.4 513.8 +104.4 2,300.0
Operating Income 16.0 31.0 +15.0 135.0 Ordinary Profit 22.3 32.6 +10.3 138.0 Net Profit 16.4 28.2 +11.8 110.0 Sales Volume (Retail) 249 258 +9 (1,182) Note: Sales volume excludes OEM sales.
MC’s Risk Exposure
(Billion yen)
Approx. Approx. Approx. Approx. Approx. Approx. Risk exposure to MMC proper 380 370 390 500 360 355 365 Risk exposure to related businesses 400 130 120 300 105 140 160 165 200 250 255 250 100 215 205 225
0 31-Mar-12 30-Sep-12 31-Mar-13 30-Sep-13 31-Mar-14 30-Jun-14 *
*Risk exposure of Automobile Finance within the related businesses is approximately 100 billion yen. 29 August 7, 2014 Mitsubishi Corporation Global Automobile-Related Business (Isuzu-Related)
Results for the LCV: Light Commercial Vehicle CV: Commercial Vehicle 1st Q of 2014 Germany Distributor Production ISD Distributor/assembly Export/sales Germany, Austria and Czech Import and sales The Philippines Mexico Auto finance Others Retail /After service LCV 0.3K Units IPC IMEX Import, assembly and sales Import, assembly and sales Isuzu car sales
LCV 2.4K Units CV 0.6K Units CV 0.5K Units Belgium IBX Benelux and Poland Import and sales
LCV 0.3K Units
Malaysia Thailand (Export) Thailand (Domestic) IMSB IMIT Import, assembly and sales Export and sales TIS TIL IMCT Australia Sole distributor Auto finance Production company LCV 1.3K Units Export LCVs CV 1.1K Units IUA CBU 15.5K Units Import and sales KD 17.4K Units IAS AUTEC TISCO Bus and truck maintenance, Services and parts sales for Dealership sales and services for GM Isuzu vehicles CBU: Entire Cars KD: kits of parts vehicles LCV 5.0K Units TPIT TPIS Software development, PTB Auto Insurance maintenance and Driver dispatch MC is jointly developing business with Isuzu centered on Thailand, where MC management administration has been selling vehicles over 55 years. LCVs produced in Thailand are LCV: 37.6K Units exported and sold throughout the world. MC is also expanding sales of CVs to CV: 3.0K Units resource-rich and other nations.
30 August 7, 2014 Mitsubishi Corporation
The Value Chain of Food Business in Living Essentials Group
Procurement Primary Secondary Distribution Retailing Consumers Processing Processing
Nihon Nosan Agrex Kogyo Yonekyu Mitsubishi Convenience Store (Grain：Americas） （Feed：Japan) (Meat：Japan) Shokuhin (Lawson, etc.） (Wholesale of Indiana Processed Foods, Agrex do Brasil Packers Frozen and (Meat：USA) Art Coffee Chilled Foods, etc.： (Grain：Brazil) Food, General (Coffee：Japan) Japan) Supermarket
California Oils (Life Corporation, etc.) Agrex Australia (Oils & Fats：USA) Princes Toyo Reizo (Grain：Australia) (Canned Food, (Marine Products： ： Beverage UK) Japan) Southern Dai-Nippon Restaurant Cross Meiji Sugar Seafood (Sugar：Japan) Other Foodlink (KFC Holdings (Salmon：Chile) Affiliated Japan, etc.) Manufacturers (Meat：Japan) Nitto Fuji Flour Ipanema (Flour：Japan) (Coffee：Brazil) Other Other Other Manufacturers Wholesalers Retailers
※Main products and related group companies and partners in the business field. 31 August 7, 2014 Mitsubishi Corporation
Earnings and Share Price
(Consolidated net income: Billion yen) (PER, PBR: times) (Share price: Yen)
Consolidated net income Share price (Annual average) PER PBR
450 25.0 400.0 400 361.4 20.0 350 323.5 300 15.0 250 189.7 197.0 200 162.6 10.0 150 8.7 8.3 8.1 100 5.0 50
0 0.0 0.6 0.6 0.6
Year ended Year ended Year ending March 2013 March 2014 March 2015 (Forecast) PER Price-earnings ratio: Shows the relationship between share price and earnings per share Price book-value ratio: Shows the relationship (Note) PBR between share price and equity. * PER and PBR were calculated based on market capitalization, as determined by *Equity shows the amount of equity attributable to multiplying the average share price for the fiscal year by the number of shares owners of the Parent, excluding noncontrolling issued at period end. interests, which is a component of total equity. 32