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Financial Section of Integrated Report 2020 for the Year Ended March 31, 2020 Financial Section of Integrated Report 2020 of Integrated Report Financial Section

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Financial Section of Integrated Report 2020 for the Year Ended March 31, 2020 Financial Section of Integrated Report 2020 of Integrated Report Financial Section Financial Section of Integrated Report 2020 For the year ended March 31, 2020 Financial Section of Integrated Report 2020 www.mitsubishicorp.com Printed in Japan FINANCIAL SECTION OF INTEGRATED REPORT <FOR THE YEAR ENDED MARCH 2020> CONTENTS Management’s Discussion and Analysis of Financial Condition and Results of Operations . 01 Independent Auditors’ Report . 21 Supplementary Explanation . 24 Management Internal Control Report (Translation) . 25 Independent Auditor’s Report filed under the Financial Instruments and Exchange Act in Japan (Translation) . 27 Consolidated Financial Statements . 32 Consolidated Statement of Financial Position . 32 Consolidated Statement of Income . 34 Consolidated Statement of Comprehensive Income . 35 Consolidated Statement of Changes in Equity . 36 Consolidated Statement of Cash Flows . 37 Notes to Consolidated Financial Statements . 38 Responsibility Statement . 158 Forward-Looking Statements This financial section of Mitsubishi Corporation’s Integrated Report for the year ended March 2020 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 OF INTEGRATED REPORT <FOR THE YEAR ENDED MARCH 2020> Management’s Discussion and Analysis of Financial Condition Management’s Discussion and Analysis of Financial Condition and Results of andOperations Results of Operations 1. Strategic Issues 1) “Midterm Corporate Strategy 2021” “Achieving Growth Through Business Management Model” In November 2018, Mitsubishi Corporation (MC, the company) has conceived its latest management plan, entitled “Midterm Corporate Strategy 2021: Achieving Growth Through Business Management Model.” This plan took effect from fiscal year 2019. The new strategy lays the groundwork for MC’s sustainable growth over the next three years, recognizing how worldwide economic and geopolitical changes are putting pressure on enterprises to evolve their business models. Such changes include competition between the United States and China for dominance and the so-called “Fourth Industrial Revolution” being driven by digital technologies and the emergence of platform businesses. This medium-term management plan comprises strategy in four areas: Business Portfolio, Growth Mechanisms, HR System Reforms, and Financial Targets & Capital Policy. Through this plan, we will achieve growth predicated on simultaneously generating economic, societal, and environmental value via a business management model. ■ Business Portfolio Under Midterm Corporate Strategy 2021, MC will be implementing a framework of portfolio-based decision making to secure a more holistic view of industry and help determine which fields to be more proactive in and where to replace its assets based on changes in the operating environment. To optimize its portfolio, MC will analyze its businesses from a number of unique vantage points. In addition to considering quantitative information, such as the scale of a business and the amount of capital deployed, MC will be examining businesses in terms of region, industry presence and MC’s level of management engagement. ■ Growth Mechanisms MC’s objective is to identify Potential Growth Sources, nurture them into Growth Drivers, and then add more value to them until they evolve into the Company’s next generation of Core Businesses, and to fundamentally review those that have reached stages where it will be impossible for MC to add further value. Those reviews will include the appropriate reallocation of capital. Naturally, MC intends to continue this cycle in the future, but with greater consciousness about maintaining the portfolio’s ideal shape and balance. Some of the more specific measures that MC will be taking are described below. MC has set up a Business Creation Office in its Corporate Strategy & Planning Department and appointed General Managers for Business Creation to all of its Business Groups, which will allow the Company to be even more proactive in identifying Potential Growth Sources and building Growth Drivers. MC has also appointed a Chief Digital Officer (CDO) and set up a Digital Strategy Department under that officer’s charge. To address the rapid digitization of industries, the Company has assigned General Managers for Digital Strategy to each of its Business Groups. ■ HR System Reforms MC will be reforming its HR system to: (1) Ensure that employees gain the right experience to become management professionals earlier in their careers; (2) Be more meritocratic to ensure that the right people are assigned to the right positions; and (3) Utilize management talent more widely and effectively throughout the MC Group. MC’s main objectives in HR are to continuously produce highly skilled management professionals who are capable of excelling in different fields, and to foster reciprocal growth between the Company and its employees. To achieve those objectives, MC will endeavor to swiftly identify the ideal candidate for each position, create a stronger meritocracy, implement share-based compensation and introduce a multilayered evaluation framework. ■ Financial Targets & Capital Policy By continuously growing its Business-Related Segments and becoming more competitive in Market-Related Segments, MC will aim for ¥900 billion in consolidated net income and an even higher double-digit ROE in fiscal 2021. ―1― MITSUBISHI CORPORATION FINANCIAL SECTION OF INTEGRATED REPORT 2020 01 Mitsubishi Corporation FINANCIAL SECTION OF INTEGRATED REPORT <FOR THE YEAR ENDED MARCH 2020> 02 MITSUBISHI CORPORATION FINANCIAL SECTION OF INTEGRATED REPORT 2020 Mitsubishi Corporation FINANCIAL SECTION OF INTEGRATED REPORT <FOR THE YEAR ENDED MARCH 2020> MITSUBISHI CORPORATION FINANCIAL SECTION OF INTEGRATED REPORT 2020 03 Mitsubishi Corporation FINANCIAL SECTION OF INTEGRATED REPORT <FOR THE YEAR ENDED MARCH 2020> For most of the fiscal year, the price of crude oil was around US$50-60/BBL (Dubai spot price), reflecting coordinated production cuts by key oil-producing countries and instability in the Middle East. However, near the end of the fiscal year, the agreement to decrease production fell apart, and demand fell due to the COVID-19 countermeasures, causing the price to fall to below US$30. The chemical product market was sluggish overall, reflecting increased supply from new and expanded plants and the impact of U.S.-China trade frictions. The outlook is expected to remain unclear for some time due to such factors as the decrease in demand caused by the COVID-19 countermeasures and changes in the environment surrounding oil-producing nations. Over the medium to long term, the importance of transitioning to a low-carbon, recycling-based society will continue to grow, and changes to lifestyles related to infectious diseases are expected to bring about structural market changes. While reinforcing our core businesses, we will work to foster new business leveraging our collective capabilities in petroleum and chemicals. (4) Mineral Resources Group In the year ended March 31, 2020, earnings decreased year over year, mainly due to decreased business revenues in the Australian metallurgical coal business and impairment losses in the overseas smelting business, despite one-off gains from the reorganization of the Chilean copper business and rebound from the impairment losses recorded in the Chilean iron ore business in the previous year. Market prices for metallurgical coal, one of the group’s core businesses and a raw material used to produce steel, fell year over year. While metallurgical coal supply was steady, this decrease was mainly due to a temporary increase in the strictness of customs processes in China and a decrease in demand resulting from the slowdown of the Indian economy and reduced production by steel manufacturers in Europe. Prices were also low for copper, another of the Group’s key businesses. This was mainly due to the escalation of U.S.- China tensions arising from trade issues, the deceleration of the Chinese economy and the stagnation of European economies. Due to the COVID-19, demand for mineral resources and related products is down. At the same time, the suspension of operations at certain mines and reductions in production are affecting supply. As such, the balance of supply and demand is expected to remain unclear for some time. However, when the COVID-19 pandemic subsides, both demand and prices are expected to recover, and mine operations are expected to return to normal. Over the medium to long term, demand and markets for mineral resources and non-ferrous
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