May 12, 2016 Mitsubishi Corporation
Results for the Year Ended March 2016 and Forecasts for the Year Ending March 2017
May 12, 2016
Mitsubishi Corporation May 12, 2016 Mitsubishi Corporation
(Forward-Looking Statements) • This presentation 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 presentation and that Mitsubishi Corporation bears no responsibility for any negative impact caused by the use of this presentation.
(Notes Regarding this Presentation Material) • Consolidated net income in this presentation shows the amount of consolidated net income attributable to Mitsubishi Corporation, excluding noncontrolling interests. Total shareholders’ equity shows the amount of total equity attributable to Mitsubishi Corporation, excluding noncontrolling interests.
1 May 12, 2016 Mitsubishi Corporation
Results for the Year Ended March 2016
Year ended Year ended Year ended March 2015 March 2016 Changes March 2016 Changes (Billion yen) result result Forecast *2
Consolidated Net Income (Loss) 400.6 (149.4) (550.0) (150.0) +0.6
Resource*1 76.5 (380.2) (456.7) (406.3) +26.1
Non-resource 323.4 248.7 (74.7) 243.0 +5.7 *1 ： Refer to page 4 *2 ： Released on March 24, 2016 Results for the year ended March 2016 Cash flows for the year ended March 2016
Total major losses of 426.0 billion yen. Free cash flows were an in-flow of 196.2 billion yen, as the build-up of operating cash flows exceeded investing The resource field recorded lower earnings year over year cash flows, mainly on the acquisition of a stake in due to impairment losses of 385.0 billion yen, Olam International. in addition to decreased equity earnings caused by lower market prices. The non-resource field recorded lower earnings year over year due to the absence of a gain on reversal of impairment losses （ ） which was recognized in the prior year. Billion yen 700.1 400.6 （Billion yen） 76.5 431.2 (149.4) Investing cash flows 323.4 248.7 Underlying Operating operating *3 cash flows 0.7 (17.9) cash flows Resource (503.9) ＜Free cash flows＞ 196.2 Non-resource (380.2)
Others Year ended Year ended Year ended March 2016 March 2015 March 2016 *3 ： Refer to page 6 2 May 12, 2016 Mitsubishi Corporation
Forecasts for the Year Ending March 2017
Year ended Year ending (Billion yen) March 2016 March 2017 Changes result forecast
Consolidated (149.4) 250.0 +399.4 Net Income (Loss)
Resource (380.2) 10.0 +390.2 Non-resource 248.7 242.0 (6.7)
Annual Dividend 50 yen 60 yen +10 yen per Share
Forecast for the year ending March Cash Flow Management Policy Shareholder Return
2017 We will set a higher priority on cash flow For the year ending March 2017, we plan The business environment is expected to remain and controlling the level of a dividend of 60 yen, taking the current business challenging in the resource field. interest-bearing liabilities. situation into account.
Stable profit is expected in the In the upcoming three years, We will adopt a progressive dividend non-resource field. we will conduct investment and policy, led by continuous profit growth. shareholder return within the amount （Billion yen） of generated cash. (149.4) (250.0)
242.0 Operating ＋β yen 248.7 cash flows ＋α yen (excluding 10.0 (17.9) working Investing (2.0) capital) cash flows ＞ (Out-flow) Year ending March 2017 (380.2) forecast 60 60 60 Investing 50 yen yen yen cash flows yen Resource (In-flow) Shareholder return Non-resource Year ended 3 year 3 year Others FY2015 FY2016 FY2017 FY2018 March 2016 total total 3 May 12, 2016 Mitsubishi Corporation
Year-over-Year Segment Net Income (Loss) by Resource and Non-resource Field
Note: Resource is defined as earnings related to natural gas and E&P in the Energy Business, and mineral resource in Metals. [Resource] ■ Energy Business - Resource （Billion yen） Decrease of dividends from investments caused by lower market prices 76.5 (456.7) (380.2) as well as impairment losses of assets ▲ ■ Metals - Resource 77.8 (99.2) Impairment losses of assets (1.3) (21.4) Year ended (357.5) ■ Global Environmental & Infrastructure Business +59% March 2015 (358.8) Reversal of provision for losses on guarantee obligations for the North Sea oil project
Year ended ■ Industrial Finance, Logistics & Development March 2016 ー [Non-resource] （Billion yen） ■ Machinery -32% 323.4(74.7) 248.7 Slowdown of the motor vehicle business in Asia and the deteriorating shipping market
20.4 ■ Chemicals 40.1 ＋12.1 ー +0.2 32.5 91.3 40.3 (29.1) ■ Living Essentials -39% 31.4 62.2 (0.9) Absence of a gain on reversal of impairment losses recognized in the prior fiscal year 30.5 120.5 (47.0) 73.5 ■ Energy Business – Non-resource +158％ 4.5 +7.1 11.6 Rebound from a decrease in earnings in the LPG business 15.2 (17.1) (1.9) recognized in the prior fiscal year Year ended Year ended March 2015 March 2016 ■ Metals – Non-resource Decreased earnings in the steel business and mineral resource trading 4 May 12, 2016 Mitsubishi Corporation
Major Losses in the Year Ended March 2016
Amount of Reason for major losses, etc. (Billion yen) major loss
Resource (Metals)
Chile - Copper (AAS) (271.0) Revision of copper price assumptions
Australia - Iron ore (29.0) Decline in iron ore prices
South Africa - Ferrochrome (17.0) Decline in ferrochrome prices Sub-total (317.0)
Resource (Energy business)
Australia - Browse LNG (40.0) Postponement of development plan
E&P Business
Asia (8.0) Revision of oil & gas price assumptions Papua New Guinea (8.0) Delay of development plan
North Sea (decommissioning costs) (4.0) Revision of decommissioning costs
North America (4.0) Revision of oil & gas price assumptions
Shale gas (4.0) Revaluation of idle assets Sub-total (68.0)
Non-resource (41.0) Ship business, overseas power generation business etc.
Total (426.0) 5 May 12, 2016 Mitsubishi Corporation
Cash Flows
Year ended Year ended [Breakdown of Investing cash flows] （Billion yen） March 2015 March 2016
Operating cash flows Year Year ended ended Main investment/divestiture areas in year March March ended March 2016 Underlying 2015 2016 operating cash flows*1 LNG business Resource (220.0) (280.0) 798.3 Coal business in Australia 700.1 Agricultural production-related business 601.1 New Non- Infrastructure business Investment resource (540.0) (610.0) 431.2 Fund-related business
Investing Total (760.0) (890.0) cash flows
(154.9) Collection of loans receivable Sales and Collection 580.0 370.0 Aircraft leasing business Ship business
(503.9) Others *2 25.1 16.1
Investing cash flows (154.9) (503.9) ＜Free cash flows＞ 643.4 196.2
*1 Underlying operating cash flows *2 Others include activities in the corporate departments, etc. Operating cash flows excluding changes in assets and liabilities. ( = Net income (including non-controlling interests) + DD&A – Profits and losses related to investing activities – equity in earnings of affiliated companies not recovered through dividends – allowance for bad debt etc. – deferred tax) 6 May 12, 2016 Mitsubishi Corporation
Equity and Interest-Bearing Liabilities
Interest-bearing liabilities (net) Total shareholders' equity
0 （Billion yen） 2.0 5,570.5
5,067.7 0 [Main Factors of the Changes in Equity] ( 978.0 billion yen decrease against March 31, 2015) 4,517.1 4,601.1 4,592.5 4,420.1 4,467.7 4,315.5
○ 0 Consolidated net income (loss) (149.4) ○ Exchange differences on translating foreign operations (288.4) ○ Other investments designated as 0 1.0 1.0 0.9 FVTOCI, etc. 0.9 (352.0) 0.8 ○ Purchase and cancellation of treasury stock (100.0) 0 ○ Payments of dividends (88.2)
0
0 0.0 Mar. 31, 2013 Mar. 31, 2014 Mar. 31, 2015 Mar. 31, 2016 7 May 12, 2016 Mitsubishi Corporation
Segment Forecasts for Year Ending March 2017
Note: Resource is defined as earnings related to natural gas and E&P in the Energy Business, and mineral resource in Metals. [Resource] （Billion yen） ■ Energy Business - Resource (380.2) +390.2 10.0 Rebound due to absence of impairment losses ▲ 20.0 ■ Metals - Resource +41.4 Rebound due to absence of impairment losses (21.4) (10.0) Year ending ■ Global Environmental & Infrastructure Business -23% March 2017 Absence of reversal of provision for losses on guarantee obligations for the North Sea oil project +348.8 (358.8) ■ Industrial Finance, Logistics & Development -18% Year ended Decrease in gains from sale of aircraft and real estate March 2016
[Non-resource] （Billion yen） ■ Machinery +5% Absence of one-off losses, despite the slowdown of the motor vehicle business in Asia 248.7(6.7) 242.0 ■ Chemicals -18% Decrease of earnings in the petrochemical-related business 32.5 (7.5) 25.0 40.3 (7.3) 33.0 ■ Living Essentials +1％ Increase of earnings from salmon farming business, 62.2 65.0 +2.8 despite the absence of one-off gains 30.5 (5.5) 25.0 ■ Energy Business – Non-resource +0.5 74.0 73.5 ー 11.6 (1.6) 10.0 10.0 (1.9) +11.9 ■ Metals – Non-resource Year ended Year ending Increase of earnings from mineral resource trading March 2016 March 2017 8 May 12, 2016 Mitsubishi Corporation
(Reference) Market Conditions
[Foreign Exchange, Commodity Prices and Interest Rates]
Forecast for the Year ended March year ending Changes Consolidated Net Income Sensitivities 2016 March 2017
Foreign Depreciation/appreciation of 1 yen per US$1 has a 1.5 billion yen Exchange 120.1 110.0 (10.1) positive/negative impact on a full-year basis. (YEN/US$)
A US$1 rise/decline per barrel increases/reduces full-year earnings by 2.0 billion yen. Crude Oil Price Current crude oil prices affect consolidated operating performance after 3 to 9 months, due to various formulas for selling prices and differences in (Dubai) 45.5 37 (8.5) the fiscal year-ends of consolidated companies. In addition to crude oil (US$/BBL) prices, other factors could also affect crude oil-related earnings, such as dividend policy, foreign currency movements, and production/sales volume.
A US$100 rise/decline per MT increases/reduces full-year earnings by 0.9 billion yen (A US¢10 rise/decline per lb increases/reduces full-year Copper earnings by 1.9 billion yen). 5,215 4,630 (585) Besides copper price fluctuations, other variables affect earnings from (US$/MT) copper mines, such as the grade of mined ore, the status of production [￠/ｌb] [ 237 ] [ 210 ] [ (27) ] operations, and reinvestment plans (capital expenditure) . Therefore, the impact on earnings cannot be determined by the copper price alone.
YEN Interest TIBOR 0.16 0.20 +0.04 (%) The effect of rising interest rates is mostly offset by an increase in operating and investments profits. However, a rapid rise in interest rates could cause a temporary negative effect. US$ Interest LIBOR 0.41 1.00 +0.59 （％） 9 May 12, 2016 Mitsubishi Corporation
Appendix
●Operating Segment Information … P.11～17 ●New Investments and Portfolio Reshaping by Segment… P.18 ●One‐off Gains/Losses … P.19 ●Main Investment Balances in the Resource Field … P.20 ●Resources (Other) … P.21～30 ●Non‐resources (Other) … P.31～36
10 May 12, 2016 Mitsubishi Corporation
Global Environmental and Infrastructure Business (Infrastructure-related Business) Segment
(Billion yen) Consolidated net income Year ending 第1Q1四半期 第2Q2四半期 第3Q3四半期 第4Q4四半期 通期March 45045 32.5 35035
▲ 150-15 Year2013 ended年度 Year2014 ended年度 2015Year ended年度 Year2016 ending年度
Gross profit 31.6 36.1 －
Equity in earnings of 28.9 29.5 － affiliated companies
Consolidated net income 20.4 32.5 25.0
End of March 2015 End of March 2016
Segment assets 996.2 1,006.8 11 May 12, 2016 Mitsubishi Corporation
Industrial Finance, Logistics & Development Segment
Consolidated net income Year (Billion yen) ending 第1Q四半期 第 四半期 第 四半期 第 四半期 通期 1 2Q2 3Q3 4Q4 March
Year Ended Year Ended Forecast for Year March 2015 March 2016 Ending March 2017 (As of May 10, 2016)
Gross profit 75.7 61.8 －
Equity in earnings of 33.1 17.5 － affiliated companies
Consolidated net income 40.1 40.3 33.0
End of March 2015 End of March 2016 Segment assets 895.8 870.3 12 May 12, 2016 Mitsubishi Corporation
Energy Business Segment
(Billion yen) Consolidated net income Year ending Crude Oil (Dubai) April- July- Oct.- Jan.- 第1Q1四半期 第2Q2四半期 第3Q3四半期 第4Q4四半期 通期March (US$/BBL) June Sept. Dec. March 1,500150 118.6 82.3 Year ended March 2014 100.8 106.3 106.8 104.5 12.1 2.0 Year ended March 2015 106.1 101.5 74.4 51.9 1,000 100 25.7 Year ended March 2016 61.3 49.7 40.7 30.4 74.1 26.5 (9.8) 50050 18.2 30.0 54.3 8.5
▲ 1,000-100 Year2013 ended年度 Year2014 ended年度 Year2015 ended年度 Year2016 ending年度 March 2014 March 2015 March 2016 March（見通し） 2017 (Forecast)
Year Ended Year Ended Forecast for Year The segment is forecasting consolidated net income of 30.0 billion March 2015 March 2016 Ending March 2017 yen, up 39.8 billion yen year over year. (As of May 10, 2016) This mainly reflects the absence of impairment losses on resource- Gross profit 59.2 35.4 － related assets. Equity in earnings of 71.6 (4.0) － affiliated companies
Consolidated net income 82.3 (9.8) 30.0
End of March 2015 End of March 2016
Segment assets 2,253.6 2,036.2 13 May 12, 2016 Mitsubishi Corporation
Metals Segment
Year (Billion yen) Consolidated net income ending 第1Q1四半期 第2Q2四半期 第3Q3四半期 第4Q4四半期 通期March 40040
Year Ended Year Ended Forecast for Year March 2015 March 2016 Ending March 2017
End of March 2015 End of March 2016
Segment assets 4,796.8 3,557.9 14 May 12, 2016 Mitsubishi Corporation
Machinery Segment
(Billion yen) Consolidated net income Year ending 第1Q1四半期 第2Q2四半期 第3Q3四半期 第4Q4四半期 通期March 1,200120
20020 33.7 22.5 26.3 0
Gross profit 197.3 198.0 －
Equity in earnings of 32.2 25.1 － affiliated companies Consolidated net income 91.3 62.2 65.0
End of March 2015 End of March 2016
Segment assets 1,999.1 1,726.9 15 May 12, 2016 Mitsubishi Corporation
Chemicals Segment
Consolidated net income (億円）(Billion yen) Year ending 第1Q1四半期 第2Q2四半期 第3Q3四半期 第4Q4四半期 通期March 40040 35035 31.4 30.5
Gross profit 110.9 112.6 －
Equity in earnings of 18.8 15.4 － affiliated companies
Consolidated net income 31.4 30.5 25.0
End of March 2015 End of March 2016
Segment assets 975.5 870.5 16 May 12, 2016 Mitsubishi Corporation
Living Essentials Segment
Consolidated net income Year (Billion yen) ending 第1Q四半期 第2Q四半期 第3Q四半期 第4Q四半期 通期March 1,400140 1 2 3 4 120.5
Year Ended Year Ended Forecast for Year This mainly reflects the anticipation of improved profits in the March 2015 March 2016 Ending March 2017 salmon farming and other businesses, despite the absence of one- (As of May 10, 2016) off earnings in the year ended March 2016. Gross profit 525.4 505.0 －
Equity in earnings of 20.6 20.2 － affiliated companies Consolidated net income 120.5 73.5 74.0
End of March 2015 End of March 2016
Segment assets 3,144.6 3,169.3 17 May 12, 2016 Mitsubishi Corporation
New Investments and Portfolio Reshaping by Segment
Year ended Mar. 2015 cumulative total Year ended Mar. 2016 cumulative total Main items Net （Billion yen） New investment Asset sale Net
(New) FPSO-related and infrastructure business Global Environmental & 41.0 95.0 53.0 42.0 (Sale) Overseas power generation and Infrastructure Business FPSO-related business
(New) Fund and real estate investment Industrial Finance, (175.0) 133.0 148.0 (15.0) (Sale) Aircraft leasing business, Logistics & Development Fund and real estate investment
(New) LNG businesses Energy Business (5.0) 247.0 24.0 223.0 (Sale) －
(New) Coal business in Australia Metals 103.0 58.0 56.0 2.0 (Investments for maintaining production) (Sale) Steel products business
(New) Shipping business Machinery (1.0) 93.0 36.0 57.0 (Sale) Shipping business
(New) Ammonia and Methanol related business Chemicals 19.0 32.0 7.0 25.0 (Sale) －
(New) OLAM business Living Essentials 194.0 226.0 39.0 187.0 (Sale) Pulp-related business
18 May 12, 2016 Mitsubishi Corporation One-off Gains/Losses
【Main one-off gains】 Main one-off gains
L Reversal of LAWSON, INC. impairment losses 62.0 E Reversal of provision for loss on guarantee obligations/North Sea oil fields 14.0 L Gains on sale of investment securities of a foodservice-related subsidiary 8.0 E Reversal of EGCO impairment losses 9.0 operations N Tax benefits related to withdrawal of subsidiary 6.0 L Gains related to the sale of investment securities 5.0 N Gain on sale of ships 1.0 K Tax benefits etc. related to withdrawal /platinum group metals mining operations 4.0 E FPSO leasing-related ― N Profit related to shale gas equipment 3.0 K Steel products operating subsidiary-related ― K Gains on sale of MetalOne business investment 3.0 C Unrealized gains on investment securities L Unrealized gains on shares ― 2.0 E Partial reversal of provision/offshore power transmission business 1.0 X Gains on sale of fixed assets 1.0 Main one-off losses Main one-off losses
N Impairment losses on gas exploration and development (28.0) K Impairment losses on Chilean copper mine (AAS) (271.0) business in Papua New Guinea N Impairment losses on Browse LNG (Western Australia) (40.0) (29.0) N Impairment losses on shale gas business (23.0) K Impairment losses on Australian iron ore business X Reversal of DTA (18.0) N Impairment losses on North Sea oils fields (16.0) K Impairment losses on South African Ferrochrome business (17.0) E Provision for guarantee obligations for oil fields (13.0) M Impairment losses, provisions etc. on ship business (17.0) (8.0) K Other impairment losses in Metal Business N Impairment losses etc. (8.0) N Loss on disposal of shale gas facilities (7.0) N Impairment losses etc. on gas exploration and development business in (8.0) K Impairment losses on Chilean small copper mine (5.0) Papua New Guinea L Impairment losses on fixed assets in North American (5.0) E Impairment losses etc. on overseas power generation businesses (5.0) pulp business, etc. N Impairment losses on North American E&P business (4.0) E Provision for offshore power transmission business (4.0) N Provision for operation cost etc. related to shutdown of oil production/ (4.0) K Impairment losses on Metal One business investee , etc. (4.0) North Sea oil fields N Impairment losses on idle shale gas assets (4.0) C Impairment losses, etc. (3.0) E Impairment losses on goodwill of a UK subsidiary of Chiyoda Corp. etc. ― (E) Global Environmental & Infrastructure Business (S) Industrial Finance, Logistics & Development (N) Energy Business (K) Metals (M) Machinery (C) Chemicals (L) Living Essentials (X) Corporate 19 May 12, 2016 Mitsubishi Corporation Main Investment Balance Amounts in the Resource Field (Billion yen)
(Billion yen) Investment balance Commodity Project MC investee amounts at Mar. 31, 2016 (**) BMA MDP Metals Group investment balance amounts C&A MDP Cl ermont MDP 1,600 Ulan MDP Ferrous raw Warkworth MDP materials(*) 1,250 Jack Hills/ MDP 1,200 Oakajee Port & Rail IOC IOC CMP MCI(CMP) 800 Ferrous raw materials Escondida JECO and JECO2 Copper Los Pelambres MCCH Copper Anglo American Sur MCRD 500 400 Antamina CMA Quellaveco MCQ Copper Brunei Brunei LNG 0 Ma la ys i a I (Satu) Malaysia LNG Ferrous raw materials Copper Malaysia II (Dua) Malaysia LNG Dua Malaysia III (Tiga) Malaysia LNG Tiga (Billion yen) NWS MIMI Oman Oman LNG Oman Qalhat LNG Qalhat Russia LNG Sakhalin Energy Energy Business Group investment balance Sakhalin II 840 Indonesia amounts MI Berau Tangguh 900 Indonesia Sulawesi LNG 800 Donggi‐Senoro Wheatstone PEW 700 Ca meron Ca meron LNG 600 Browse MIMI Browse 500 LNG LNG Canada Diamond LNG Canada Montney upstream Cutbank Dawson Gas Resources 400 Shale gas Shale gas Cordova upstream Cordova Gas Resources 210 300 E&P K2 MCX(USA) 200 Baudroie Merou Loche east MPDC Gabon 100 Block 3/05, 3/05A Angola Japan Oil Cote d'Ivoire CI‐103 Cote d'Ivoire Japan 0 E&P 110 LNG Shale gas E&P Kangean Energi Mega Pratama Kimberly Diamond Resources(Canning),(Fitzroy) MEDCO Encore Energy Papua New Guinea DIAMOND GAS NIUGINI 他 * Includes coal, iron ore and uranium ** Total amount for investment securities, property and equipment, intangible assets and goodwill 20 May 12, 2016 Mitsubishi Corporation Global Energy Resource- Related Businesses
Equity Share of Production (Thousand BBL / Day) Equity Share of Oil and Gas Production Amount (Yearly Average) * 200 MC’s Reserves Natural Gas Crude oil Condensate 180 Crude oil/condensate 169 171 170 0.25 billion barrels 160 148 146 141 38 38 35 140 39 120 47 39 Natural gas 100 1.48 billion barrels 80 136 60 131 132 99 102 109 40 20 Total 1.73 billion barrels*, ** 0 Year ended Year ended Year ended Year ended Year ended Year ended Year ending (As of December 31, 2015) Dec.2010 31, 2010 Dec. 2011 31 ,2011 Dec. 2012 31 ,2012 Dec. 2013 31, 2013 Dec. 2014 31, 2014 Dec. 2015 31, 2015 Dec. 2016 31, 2016（Est.) * Oil equivalent. Includes consolidated subsidiaries and equity-method affiliates. ** Participating interest equivalent. Includes reserves based on MC’s in-house methodology. 21 May 12, 2016 Mitsubishi Corporation
Natural Gas Business
（Million Tons / Year）
Equity Share of LNG Production Capacity 8 7.79 Donggi Senoro* 7.37 7.37 7.37 7.37 7.37 7.37 7 Tangguh* Sakhalin II* 6 5.34 Qalhat (Oman） 5 Oman 4 North West Shelf* 3 Malaysia III* Malaysia II 2 Brunei 1 0 Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2015 *MC also owns interest in upstream operation.
MC World’s LNG Imports LNG Imports34% to Japan and （Million Tons / Year） World’s LNG Demand Forecast MC’s share 400 Approximately （Million Tons) Expected average annual growth 1.4 times rate is about 5.0％ 300 240 Japan MC 35% 200 Others 85.1 34% Others 66% 100 65% 0 （Year Ended December 2015) 2014 2020 *MC’s share includes imports where MC’s only involvement is trading. Japan is currently the world’s largest LNG importer, accounting for approximately 35% of the world’s LNG imports. MC handles around 34% World’s LNG demand was 240 million tons in 2015, which is expected of Japan’s LNG imports. to grow to nearly 1.4 times by 2020 (MC estimate). 22 May 12, 2016 Mitsubishi Corporation
Involvement in LNG Projects Existing Projects
Beginning of Annual Production MC’s Business Project Production Capacity (Million Ton) Buyer Seller Shareholding Participa- Contribution tion * Total MC’s share TEPCO Fuel&Power Inc., Tokyo Gas, Brunei Gov. (50%), Shell(25%), MC Brunei 1972 7.2 1.8 25% Brunei LNG 1970 A B C D Osaka Gas, Korea Gas , etc. (25％) Malaysia I TEPCO Fuel&Power Inc., Tokyo Gas, Malaysia Petronas (90%), Sarawak Gov. (5%), MC 1983 8.4 0.42 5% 1978 A B C D (Satu) Saibu Gas LNG (5%) Tohoku Elec., Tokyo Gas, Shizuoka Gas, Malaysia II Malaysia Petronas (80%), Sarawak Gov. (10%), 1995 9.6 0.96 10% Sendai City Gas Authority, JX Nippon Oil 1992 (Dua) LNG Dua MC (10%) A B C D & Energy Corp., Korea Gas, CPC Tohoku Elec., Tokyo Gas, Osaka Gas, Petronas (60%), Sarawak Gov. (10%), Malaysia III Malaysia 2003 7.7 0.31 4% Toho Gas, JAPEX, Korea Gas, Shanghai Shell (15%), JX Nippon Oil & Energy 2000 A B C D (Tiga) LNG Tiga LNG Corp. (10%), MC (4%), JAPEX (1%) Tohoko Elec., TEPCO Fuel&Power Inc., North West Shell, BP, BHP Billiton, Chevron, Shelf Tokyo Gas, Shizuoka Gas, Chubu Elec., 1989 16.3 1.36 8.33% Toho Gas, Kansai Elec., Osaka Gas, NWS JV Woodside, MIMI [MC/Mitsui & Co.=50:50], 1985 A B C D (Existing/ Chugoku Elec., Kyushu Elec., Korea 1/6 respectively Expansion) Gas, Guandong Dapeng LNG Oman Gov. (51%), Shell (30%), Total Oman 2000 7.1 0.197 2.77% Osaka Gas, Korea Gas, Itochu Corp. Oman LNG 1993 A B C D (5.54%), MC (2.77%) etc. Oman Gov. (47%), Oman LNG (37%), Osaka Gas, Mitsubishi Corp., Union Qalhat 2005 3.3 0.133 4% Qalhat LNG Union Fenosa Gas (7%), Osaka Gas 2006 A B C D Fenosa Gas (Spain) (3%), MC (3%) etc. Oil: 2008 TEPCO Fuel&Power Inc., Tokyo Gas, 1994* Russia (year-round Kyushu Elec., Toho Gas, Hiroshima Gas, Sakhalin Gazprom (50%+1share), Shell (27.5%- 9.6 0.96 10% (*PSA A B C D Sakhalin II production), Tohoku Elec., Saibu Gas, Chubu Elec., Energy 1share), Mitsui & Co. (12.5%), MC (10%) conclusion) LNG: 2009 Osaka Gas, Korea Gas, Shell, Gazprom Tohoku Elec., Kansai Elec., SK E&S, BP (37.2%), MI Berau [MC/INPEX=56:44] Indonesia 2009 7.6 0.75 9.92% POSCO, Fujian LNG, Sempra Energy, Tangguh JV (16.3%), CNOOC (13.9%), Nippon Oil 2001 A B C D Tangguh etc. Exploration Berau (12.2%) etc. Sulawesi LNG Development Limited Indonesia PT. Donggi- Chubu Elec., Korea Gas, Kyushu Elec., [MC/Korea Gas=75:25](59.9%), Donggi - 2015 2.0 0.9 44.9% Senoro 2007 A B C D etc. PT Pertamina Hulu Energi(29%), Senoro LNG PT Medco LNG Indonesia(11.1%) Projects Under Construction Wheatstone TEPCO Fuel&Power Inc., Chubu Elec., Chevron (64.136%), KUFPEC (13.4%), Sellers Wheatstone Mid 2017 8.9 0.28 3.17% Tohoku Elec., Kyushu Elec., etc. Woodside (13%), Kyushu Elec. (1.464%), 2012 (Equity A B C D PEW (8%; of which MC holds 39.7%) (incl. Equity Lifting) Lifting) Sempra Energy (50.2%), Japan LNG Mitsubishi Corporation, Mitsui & Co., Cameron Investment (16.6%, of which MC holds Cameron 2018 12.0 4.0 33.3% 2013 ENGIE (Toller) LNG 70%), Mitsui & Co. (16.6%), ENGIE A B C D (16.6%) * Business Contribution: A : Investment in exploration & development (upstream), BB : Investment in liquefaction plant, C : Marketing and/or import agent, DD : Shipping 23 May 12, 2016 Mitsubishi Corporation Global Metal Resource-Related Businesses
Imports to Japan and MC Share （CY2015; million tons） Iron Ore Coking Coal Copper Thermal Coal Aluminum MC 4% MC MC MC 12% 16% 17% MC 31%
131 53 1.4 132 1.0
Others Others Others Others Others 84% 96% 69% 88% 83% *MC’s share includes imports where MC’s only involvement is trading. 24 May 12, 2016 Mitsubishi Corporation
Metal Resource-Related Projects
Product Project Country Annual Production Capacity (*1) Main Partners MC Share Notes BMA Australia Coking Coa l , etc., 66 mt (*2) BHP Billiton 50.00% For details see pages 24 and 25
Warkworth Australia Thermal Coa l , etc., 8 mt (*3) Rio Tinto 28.90%
In February 2016, the structure change of Coal & Allied was completed and Rio Tinto held 100% ownership of Coal & Allied. MC, Hunter Valley Australia Thermal Coa l , etc., 13mt (*3) Rio Tinto 32.40% through its subsidiary MDP, moved from holding a 20% stake in Coal & Allied to holding a direct 32.4% stake in the Hunter Valley Coa l Operations Operations mine.
Thermal Coa l , 12.2 mt (At full Mai n partner changed due to divestment of shares by Rio Tinto to GS Coa l (Glencore 50%/Sumitomo Clermont Australia GS Coa l , J‐Power 31.40% production) Corpora ti on 50%) in May 2014. Ulan Australia Thermal Coa l , 13.9 mt(*4) Glencore 10.00% Expansion work was completed during the quarter of April‐June, 2014. Jack Hills/ Australia 100% Oakajee Port & Rail Pellet 12.5 mt Iron Ore IOC Canada Rio Tinto 26.18% Phase 2 of the Expansion Project was completed in May 2014(22 → 23.3Mtpa). Concentra te 9.25 mt
CMP Chile Pellet, PF, etc., 18 mt CAP 25.00% Cerro Negro Norte Mine (production capacity 4Mtpa) started production in May 2014.
Mozal (Smelter) Mozambique Aluminum 560 kt South 32 25.00% Main Partner changed from BHP Billiton to South 32 due to BHP Billiton's demerger in May 2015. 9.50% (First & Second Series) Aluminum Boyne Smelters (Smelter) Australia Aluminum 560 kt Rio Tinto 14.25% (Third Series) Albras (Smelter) Brazil Aluminum 450 kt Hydro 2.70% A new concentrator achieved meｃｈaｎical completion with ramp‐up in progress. A water desalination facility Escondida Chile Copper more than 1,200 kt BHP Billiton, Rio Tinto 8.25% is under construction. A project to expand leaching pads was completed as planned in March 2016 quarter. Los Pelambres Chile Copper 410 kt Luksic Group (AMSA) 5.00% Anglo American Sur Chile Copper 500 kt Anglo American 20.4% Copper 450 kt BHP Billiton, Antamina Peru 10.00% Copper Zinc 400 kt Glencore, Teck Quellaveco Peru Anglo American 18.10% Feasibility study in progress. (Annual Production :Copper 220kt) PT Freeport Indonesia, Mitsubishi Materials , Gresik (Refinery) Indonesia Copper 300 kt 9.50% JX Nippon Mining & Metals Nippon Steel & Sumikin Pacific Metal s Stainless Steel Nickel, Japan Ferro‐nickel 40 kt 8.15% (Smelter) Corpora ti on, Ferro Alloys Nisshin Steel Hernic South Africa Ferro‐chromium 420 kt IDC, ELG, IFC 50.10%
Kintyre Australia Cameco 30.00% Evaluating the project economic.
Uranium AREVA Mongol Mongolia Areva 34.00% Exploration and assessment of project economics in progress. Itochu Holds interest in 14 projects in Ca na da . JCU Canada 33.33% OURD Exploration and ｆeasibility study in progress. Platinum Group Furuya Metal All types of precious metals Japan Tanaka K.K., Lonmin 20.24% Left shows percentage of voti ng rights Metals (Precious metal processor) products (*1) Production capacity shows 100% vol ume of the project. (*2) Norwich Park Mine and Gregory Crinium Mine are under care & maintenance. (*3) As Warkworth and Hunter Valley Operaions annual production capacity is not public, the 2015 calendar yea r production vol ume is used here. (*4) Including Ulan West. (*4) Including Ulan West. 25 May 12, 2016 Mitsubishi Corporation
Overview of MDP Coal Business
※As of the end of March, 2016 BMA Mines (Including Expansion Options) Goonyella Riverside Mine Open cut: Hard Coking Coal Broadmeadow Mine Underground: Hard Coking Coal Daunia Mine Open cut: Semi 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
Saraji East Mine (Undeveloped) Underground: Hard Coking Coal
Norwich Park Mine（Under Care & Maintenance） Open cut: Hard Coking Coal
Gregory Crinum Mine （Under Care & Maintenance） Open cut (Gregory) / Underground (Crinum): Hard Coking Coal
Blackwater Mine Open cut: Semi Hard Coking Coal / Semi Soft Coking Coal / Thermal Coal
26 May 12, 2016 Mitsubishi Corporation
Coal Business （Sales, Production, Price and Exchange Rate）
(Million tons) MDP Annual Sales Volume (*) (**) (***) BMA’s production volume during Jan-Mar. 2016 decreased compared to the Apr-Jun Jul-Sep Oct-Dec Jan-Mar previous quarter due to the rainy season despite of productivity improvements at the coal mine. 30 27.7 27.6 Total 25 23.8 Total Total Benchmark Price Trend of Australian 6.7 6.9 46.2 40.2 44.9 High-Quality Hard Coking Coal to Japan 6.6 20 (US$/Ton) 7.8 7.1 350.00 15 6.0 12.0 12.8 11.2 300.00 2.4 10 2.5 6.6 3.0 6.6 5.5 5.8 4.3 (****) 250.00 5.2 3.2 5.2 3.0 5 1.3 1.1 2.8 1.3 3.0 3.1 1.4 5.8 1.3 6.6 1.5 7.0 1.2 1.7 200.00 2.4 1.4 3.2 3.1 0 1.4 1.2 1.3 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 150.00
Year ended March 2014 Year ended March 2015 Year ended March 2016 100.00 (*) 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 from the year ended March 2011 reflecting its January to December fiscal year. 50.00 (***) Due to rounding, the quarterly figures do not necessarily add up to the total annual figures. Year Ended Year Ended Year Ended Year Ended Year Ended March31 2013 March31 2014 (****） Expansion of consolidation period due to C&A restructuring． March31 2012 March31 2015 March31 2016 Source: ・Platts, a division of McGraw Hill Financial, Inc., BMA Annual Production and Sales Volume (50% Basis) (***) ・Argus Media Limited (Million tons) 40 Apr-Jun Jul-Sep Oct-Dec Jan-Mar 35 32.4 32.4 33.2 33.0 AUS/USD Average Exchange Rate 28.4 30 28.3 7.9 7.6 7.8 8.1 1Q 2Q 3Q 4Q 25 7.5 7.6 Year ended March 2013 U$1.0063/A$ U$1.0381/A$ U$1.0391/A$ U$1.0386/A$ 20 9.0 9.2 8.2 8.4 7.5 7.3 Year ended March 2014 U$0.9907/A$ U$0.9158/A$ U$0.9277/A$ U$0.8962/A$ 15 8.1 8.2 7.8 8.1 Year ended March 2015 U$0.9329/A$ U$0.9295/A$ U$0.9049/A$ U$0.8754/A$ 10 6.7 6.5 Year ending March 2016 U$0.7775/A$ U$0.7518/A$ U$0.7410/A$ U$0.7360/A$ 5 9.0 6.7 6.8 7.6 7.7 8.5 Source: Mitsubishi UFJ Research and Consulting 0 *The above exchange rates are cumulative average rates from 1Q up to each quarter Production Sales Production Sales Production Sales *The above exchange rates differ from those actually used by MDP. Year ending March 2014 Year ended March 2015 Year ended March 2016 27 May 12, 2016 Mitsubishi Corporation
Iron Ore Business
Equity Shared Annual/Quarterly Price of Australian Iron Ore to Japan (IOC Production and CMP Sales) (*) (**)
（Million tons） （USD/ton） 5 Jan-Mar Apr-Jun Jul-Sep Oct-Dec 4.6
170.00
4 3.9 1.3 3.6 120.00 1.0 3.2
3 1.2 70.00 1.1 1.2 1.0
2 0.8 20.00 0.7 Year Ended Year Ended Year Ended Year Ended Year Ended March31 2012 March31 2013 March31 2014 March31 2015 March31 2016 1.2 1.1 1.1 0.9 Source: FOB WA netback based on Platts IODEX 1 0.7
0.9 1.1 0.8 0.6 0.7
0 IOC CMP IOC CMP IOC CMP Production2014 Sales年 Production 2015 Sales年 Production2016年 Sales Year ended Dec. 2014 Year ended Dec. 2015 Year ending Dec. 2016
(*) Above graph of “Equity Share of IOC Production and CMP Sales ” is based on calendar year (Jan - Dec). (**) Due to rounding, the quarterly figures do not necessarily add up to the total annual figures. 28 May 12, 2016 Mitsubishi Corporation
Copper Business
Equity Share of Production (*) (**) LME Copper Price (Monthly Average)
（Thousand tons） （US$/ton） 140 10,000 Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Year ended Year ended Year ending 9,000 120 Dec. 2014 Dec. 2015 Dec. 2016 Total 237 Total 239 Jan.-Mar. Total 55 8,000
100 95 93 89 90 7,000 23 18 80 19 25 6,000
19 60 22 21 5,000 22
4,000 40 28 37 27 33 23 11 22 8 3,000 20 19 21 19 2013 2014 2015 2016 20 8 10 5 5 9 5 26 28 11 23 8 5 21 21 19 ・The Escondida copper mine is the world’s largest copper mine, 5 5 11 4 producing more than 1 million tons of copper per year. 8 5 8 0 4 4 1 2 3 4 5Escondida 6 Antamina 7 Los Pelambres 8 Anglo American 9 Sur 1011121314 Escondida Antamina Los Pelambres Anglo American Sur Escondida Antamina Los Pelambres Anglo American Sur ・Years’ Worth of Mineable Resources: Escondida Mine more than 50 years (*) Above graph of “Equity Share of Production” is based on calendar year (Jan - Dec). Los Pelambres Mine more than 50 years (**) Due to rounding, the quarterly figures do not necessarily add up to the total annual figures. Antamina Mine approx. 15 years or more Los Bronces Mine more than 30 years El Soldado Mine approx. 15 years 29 May 12, 2016 Mitsubishi Corporation
Aluminum Business
Equity Share of Production (*) (**) LME Aluminium Price (Monthly Average)
（Thousand tons） （US$/ton） 200 2100 Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Year ended Year ended Year ending Dec. 2014 Dec. 2015 Dec. 2016 2000 Total 230 Total 227 Jan.-Mar. Total 57
150 1900 141 139
1800 35 36
1700 100
36 35 1600
66 67 1500 18 17 34 50 35 17 17 35 1400 2013 2014 2015 2016 23 17 21 16 17 36 6 35 5 35 5 5 5 15 6 17 5 17 0 5 5 5 Mozal Boyne Others Mozal Boyne Others Mozal Boyne Others
(*) Above graph of “Equity Share of Production” is based on calendar year (Jan - Dec). (**) Due to rounding, the quarterly figures do not necessarily add up to the total annual figures. 30 May 12, 2016 Mitsubishi Corporation Global Environmental & Infrastructure Business Group (New Energy & Power Generation Division)
The worldwide development of power generation business, using thermal power and renewable energy, transmission business in Europe, and global trading of power generation and transmission facilities.
Overview Project examples
EMEA Power Business Development Dept. Geothermal power plant in Indonesia • Operation of thermal and renewable energy power generation business (Power generation business (Asia and Oceania)) in Europe and the Middle East, and power transmission business in Diamond Generating Asia, Limited (DGA), MC’s Europe. regional hub in Hong Kong, has a 20% ownership Americas Power Business Dept. in Star Energy Geothermal Pte Ltd., which owns a 230 MW geothermal power plant—one of the • Operation of thermal and renewable energy power generation world largest of its kind. businesses in America.
Asia & Oceania Power Business Dept. Wind farms in US • Operation of thermal and renewable energy power generation (Power generation business (Americas)) businesses in Asia and Oceania region. Diamond Generating Corporation (DGC), MC’s regional hub in Los Angeles, operates Power Systems Debt. A wind farms (two projects) with a combined 210 • Power plant EPC* trading business ,the electricity retailing business MW capacity in Idaho, US. and the operation of dispersed power system business in Japan Power Systems Dept. B • Operation of thermal and renewable energy power generation Offshore power transmission business in Europe business in Japan. (Power transmission business) Diamond Transmission Corporation(DTC), Power Systems International Dept. MC’s hub of transmission business in • Power plant EPC* trading business overseas London, is currently building and operating one of the world’s largest power transmission systems for offshore wind *EPC = Engineering, Procurement & Construction power generation with a gross transmission length of 900 km in the North Sea and U.K. coastal waters. 31 May 12, 2016 Mitsubishi Corporation
Global Environmental & Infrastructure Business Group (Infrastructure Business Division)
Engaged in the fields of social infrastructure and industrial infrastructure in Japan and overseas
Overview Project examples
Water Business Dept. Metito Holdings Limited • Provide total solution for utilities / water related infrastructure (Water Business) in global market. A Dubai-based solution provider for full Transportation Infrastructure Business Dept. water management solutions covering construction, operation and management of • Development, EPC*, investment and operations of airports, ports the water projects. and railway infrastructure worldwide.
Engineering Business Dept. Mongolia • Investment in Chiyoda Corporation as the largest New Ulaanbaatar International Airport shareholder (Transportation Infrastructure Business) • Engaged in the FPSO operation business • Investment in energy infrastructure Constructing the New Ulaanbaatar International Airport in Mongolia as a joint venture leader. Plant Projects Dept.
• EPC* and investment business in the chemicals, steelmaking, fertilizer, and cement plant fields, along with trading in compressors FPSO* business (Engineering Business) Under the partnership with SBM Offshore N.V., operating floating vessel used for the *EPC = Engineering, Procurement & Construction production and storage of oil and gas.
※Floating Production, Storage and Offloading System: Cidade de Ilhabela 32 May 12, 2016 Mitsubishi Corporation Global Automobile-Related Business (MMC-Related)
Results for the Twelve Months Russia Ended Mar. 2016 UK ①1.15Mil Units(Foreign brand） Spain ①2.71Mil Units ②MMC 31K Units (2.7%) ②MMC 31K Units(1.1%) Country・District ①1.06Mil Units CCC MMC Rus ① Overall Demand ②MMC 9.8K Units(0.9%) Distributor China（※1） Distributor ①24.93 Mil Unit ② Vehicle sales of MC’s partner ②MMC 74 K Unit(0.3%) B&M SDS MCFR car maker (share) Automobile Automobile Distributor from Apr. 2015 to Mar. 2016 Finance Finance MMSCN(Shanghai) SAME(Shenyang) Engine Production MCBR Distributor Germany Automobile Distributor Production Portugal GMMC(Changsha) ①3.24Mil Units Finance DAE(Harbin) Production Assembling / ①207K Units ②MMC 37K Units(1.1%) Engine Production Export ②MMC 2.7K Units(1.3%) MCEB Poland /Distributor Distributor MFTBC 0.5K Units(0.2%) Automobile Automobile Finance ①370K Units Finance Others MBP ②MMC 5.2K Units (1.4%) Distributor MCP Distributor
Ukraine ①46K Units ②MMC 0.8K Units(1.7%) NIKO Export from Japan Taiwan（※1） ①0.40 Mil Units Myanmar ②MMC 23K Units (5.7%) ①N/A CMC ②MMC 0.1K Units(N/A) Production Peru MMCM Tunisia /Distributor ①168K Units Distributor ①54K Units ②MMC 3.3K Units(2.0%) ②MMC 1.0K Units（1.8％) MFTBC 1.3K Units(0.8%) MCAP Morocco LM/SAM Distributor ①137K Units Export from Japan Indonesia ②MMC 1.7K Units(1.2%) ①1.04 Mil Units DM ②MMC 76K Units (7.3%) MFTBC 36K Units (3.5%)(※2) Export from Japan Malaysia KTB DSF Chile ①0.63 Mil Units Automobile Finance Distributor ①287K Units ②MMC 10K Units（1.6%） South Africa BAS ②MMC 14K Units(4.9%) MMM KRM Used car sales ①0.58 Mil Units India Assembling and rental cars MMCC Distributor / Brazil ②MMC 3.2K Units(0.6%) Distributor ①3.47 Mil Units Assembling ①2.29Mil Units BTL ②MMC 1.6K Units(0.05%) MKM ②MMC 35K Units(1.5%) Engine / Press BSI Export from Japan components IT system HMFCL production HPE Vietnam Export from Japan Export from Japan ①0.3 Mil Units MMKI ②MMC 4.6K Units (1.7%) Production(MMC)
VSM Assembling / Distributor （※1）MMC’s sales figures in China/Taiwan only include Mitsubishi brand cars. (※2)Commercial Vehicle Segment Share: 46.8% 33 May 12, 2016 Mitsubishi Corporation Global Automobile-Related Business (Isuzu-Related)
Results for LCV: Light Commercial Vehicle CV: Commercial Vehicle Fiscal Year 2015
Germany Distributor Production
Distributor/assembly Export/sales ISD Germany, Austria and Czech Auto finance Others Import and sales India Philippines Mexico Retail /After service LCV 1.4K Units IMI IPC IMEX Import, assembly and sales Import, assembly and sales Import, assembly and sales Isuzu car sales LCV 20.0K Units LCV(*) CV 4.8K Units CV 3.9K Units Belgium IBX Benelux and Poland Import and sales
LCV 1.1K Units Thailand (Domestic) Malaysia Thailand (Export) TIS TIL IMCT IMSB Sole distributor Auto finance Production company Import and sales IMIT LCV 6.2K Units Australia Export and sales IAS AUTEC TISCO Bus and truck maintenance, Services and parts sales for Dealership sales and services for GM CV 6.2K Units Export LCVs vehicles Isuzu vehicles IUA CBU 103.6K Units Import and sales KD 75.8K Units TPIT TPIS Software development, PTB Auto Insurance maintenance and LCV 22.3K Units CBU: Entire Cars KD: kits of parts management administration Driver dispatch
LCV: 131.5K Units CV: 13.3K Units MC is jointly developing business with Isuzu centered on Thailand, where MC has been selling vehicles for over 55 years. LCVs produced in Thailand are exported and sold throughout the world. MC is also expanding sales of CVs to emerging countries and (*) IMI starts production since April, 2016. other regions. 34 May 12, 2016 Mitsubishi Corporation
Business Investments of Living Essentials Group
Procurement & Processing Manufacturing Wholesale & Distribution Retail Consumers
☆Olam (Singapore ： Food Materials etc.) Yamazaki Indonesia (Indonesia：Bakery） ☆Acasia Foods Co. ,LTD ☆Kaneka Foods Indonesia Munchy Indonesia （Indonesia：Confectionery） （China：Food court business) （Indonesia：Processed oils） Ichi Tan Indonesia （Indonesia：Beverages）☆Nissin Foods ASIA （Singapore：instant noodle） ★AMSCO (Thailand：Tapioca Starch) ☆Kewpie Indonesia（Indonesia：Condiments） ☆Nissin Foods Thailand （Thailand：instant noodle） ★Nitto Fuji International Vietnam (Vietnam：Premix Flour) ☆Kewpie Malaysia（Malaysia：Condiments） ★Bridgestone Sales Thailand （Thailand：Tires) Business ★First Japan Tire Services (Myanmar：Tires ) ★Indiana Packers (USA：Meat) ☆Kewpie Vietnam （Vietnam：Condiments） Developments in ★Riverina ☆Fast Retailing Indonesia （Indonesia：Apparel） Global Consumer ★California Oils (USA：Oils & Fats) ★TH Foods (USA：Rice Crackers） (Australia：Feed) ☆Uniqlo （Thailand） Company （Thailand：Apparel） Markets ☆Lluvia Limited (Myanma：Flour/Coffee) ★Princes （UK：Canned Food & Beverage） ☆Muji Europe Holdings ☆EITI、EIMI(Indonesia：Baby Diapers) （UK：Apparel・Household goods） ☆Muji U.S.A. （USA：Apparel・Household goods） ☆Beijing Huahong/Tianxing puxin (China：Pharmaceuticals & Medical supplies distribution) ☆Sinopharm MC Hospital Service (China: Medical equipment distribution)
★Agrex ★Nosan Corp. (Feed) ☆Itoham Yonekyu(Meat) ☆Lawson (USA, Brazil, Australia, ★Toyo Reizo Singapore, China：Grain)★Nitto Fuji Flour Milling (Flour) ☆Kanro (Confectioneries) (Convenience store) (Marine products） ★Nihon Shokuhin Kako (Starch&Sweetener) ☆d-rights ★Sesaco ★Foodlink (Meat) (USA：Sesame） ★Dai-Nippon Meiji Sugar ★Art Coffee (Coffee） (Content business/ Food etc. (Sugar) ☆Life Corporation Sales promotion） ★TMAC (Thailand：Shrimp) （Food supermarket) ★Southern Cross Seafoods (Chile：Salmon) ★Mitsubishi Shokuhin ☆Loyalty Marketing ★Cermaq Group AS (Norway, Chile, Canada：Salmon) （Wholesale of processed foods, (Loyalty program) frozen and chilled foods etc.） ☆Ipanema （Brazil：Coffee） ★Japan Farm (Meat) ☆KFC Holdings Japan ) （Food restaurant chain & Pizza delivery）
★Mitsubishi Corporation Fashion ☆Transaction （Japan, Indonesia, Cambodia, etc.: Media Networks Apparel goods） ☆Himaraya （Payment solutions） Textiles & ★Life Gear (Shoes) (Sports goods) General ☆Mitsubishi Cement / MCC Development Merchandise (USA：Cement & Concrete) ★Mitsubishi Shoji Construction Materials ★Cape Flattery (Australia：Silica sand） （Cement & Construction materials） ★Mitsubishi Shoji Packaging (Packaging products/systems & Paper products)
★MC Healthcare (Hospital management solutions/Medication & Medical equipment distribution) Healthcare ★Nippon Care Supply（Nursing care equipment rental） ★Subsidiaries Note: Main subsidiaries and affiliates ☆Affiliates 35 May 12, 2016 Food Business of Living Essentials Group Mitsubishi Corporation
Manufacturing of Marine Products Grain, Oilseeds & Meat Products Food Materials, etc. Itoham Yonekyu Toyo Reizo
Fresh Food Meat Manufacturing of Compound Feed Products Japan Farm Salmon & Trout Nosan Corp. Farming Salmon & Trout Manufacturing Manufacturer and Flour Milling Farming Distributor of coffee Cermaq Norway Cermaq Canada ART COFFEE Nitto Fuji Flour Milling Food & Beverage Wholesale and Retail Starch & Sweetener Manufacturing Sugar Grain & Oilseeds Processing of Princes Dai-Nippon Meiji Sugar Nihon Shokuhin Kako Procurement Manufacturing of Vegetable Oils Rice crackers Agrex Inc. California Oils Confectionery Wholesale TH Foods
Kanro Mitsubishi Shokuhin Meat Processing Marketing of Grain & Oilseeds in China Food Supermarket Convenience Store Indiana Packers
Life Corporation Lawson Agrex Beijing Sesame Production &Marketing Condiments Premix Flour Sesaco Kewpie Vietnam Nitto Fuji International Vietnam Coffee Production Flour Milling/Coffee Beverages Condiments Ipanema Lluvia Ichi Tan Indonesia Kewpie Indonesia
Shrimp Farming Instant Noodle Tapioca Starch Bakery Confectionery TMAC Nissin Foods Thailand AMSCO Yamazaki Indonesia Munchy Indonesia Grain & Oilseeds Condiments Production & Procurement Kewpie Malaysia Salmon & Trout Farming Agrex do Brasil Cermaq Chile Marketing of Grain & Agri business Instant Noodle Oilseeds in South East Asia Manufacturing & Marketing Salmon & Trout Olam Nissin Foods ASIA of Compound Feed Agrex Asia Farming Riverina Southern Cross Grain & Oilseeds Seafoods Procurement Agrex Australia 36