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Why Are We Succeeding aueiCorporation Marubeni Why are we succeeding Financial Highlights Marubeni Corporation Years ended March 31 Thousands of U.S. Dollars Millions of Yen (Note) 2003 2002 2001 2003 For the year: Total volume of trading transactions ¥8,793,303 ¥8,972,245 ¥9,436,863 $73,277,525 Gross trading profit 424,643 436,804 479,754 3,538,692 Net income (loss) 30,312 (116,418) 15,036 252,600 At year-end: Total assets 4,321,482 4,805,669 5,320,604 36,012,350 Net interest-bearing debt 2,264,117 2,712,906 3,089,839 18,867,642 Total shareholders’ equity 260,051 263,895 342,297 2,167,092 Amounts per 100 shares (¥/US$): Basic earnings (loss) 2,030 (7,792) 1,006 16.92 Diluted earnings (loss) 1,896 (7,792) 940 15.80 Cash dividends 300 ––2.50 Ratios: Return on assets (%) 0.7 – 0.3 Return on equity (%) 11.6 – 4.5 Net D/E ratio (times) 8.7 10.3 9.0 Note: U.S. dollar amounts above and elsewhere in this report are converted from yen, for convenience only, at the prevailing rate of ¥120 to US$1 as of March 31, 2003. Contents 02_ To Our Stakeholders/ 04_Interview with the President and CEO/ 12_Corporate Governance/14_At a Glance 16_ Strategy by Business Segment 16_Agri-Marine Products/ 18_Textile/ 20_Forest Products & General Merchandise 22_Chemicals/ 24_Energy/ 26_Metals & Mineral Resources/ 28_Transportation & Industrial Machinery 30_Utility & Infrastructure/ 32_Plant & Ship/ 34_Development & Construction/ 36_Finance & Logistics Business/ 38_Telecom & Information/ 40_Business Incubation Department 42_Risk Management/ 43_Compliance/ 44_Our Commitment to Sustainable Growth 45_Corporate Citizenship/ 46_Directors, Corporate Auditors and Corporate Vice Presidents 47_ Financial Section/ 84_International Network/ 86_Major Subsidiaries and Affiliates 92_Organization/ 93_Management Policies at Marubeni/ Corporate Data Disclaimer Regarding Forward-Looking Statements This annual report contains forward-looking statements about the performance and management plans of Marubeni and its Group companies, based on management’s assumptions in light of current information. The following factors may therefore influence actual results. These factors include consumer trends in Japan and in major global markets, private capital expenditures, currency fluctuations, notably against the U.S. dollar, materials prices, and political turmoil in certain countries and regions. Because we have innovative strategies, powerful businesses and new solutions ! In November 2001, Marubeni enacted its @ction 21 “A” PLAN Year ended March 2003 Net income ¥30.3 billion for the sweeping elimination of non-performing assets. Backed by this plan, Marubeni achieved a sharp turnaround in performance for the fiscal year ended March 2003, with net income of ¥30.3 billion. There is no question that 30.3 Marubeni’s ability to generate profits is improving. ? Without resting on its laurels, Marubeni will take its selectivity next and focus drive a step further to attain another spectacular What is leap forward in performance. -116.4 Year ended March 2002 Net loss ¥116.4 billion For the fiscal year ended March 31, 2003 fiscal the year ended March 31, For A n n ual R epo r t 2 0 0 3 Marubeni Corporation 2003 1 Implementing the best management practices ! To Our Stakeholders Over the last year or so, Marubeni has single-mindedly focused on realizing a dramatic improvement in our earnings structure. In this regard, we have exited from unprofitable businesses, chipped away at interest-bearing debt, cut expenses, and improved the profitability of divisions and subsidiaries—all in accordance with the stated objectives of our “A” PLAN. The result of these actions is that we were able to stage a V-shaped recovery in performance, rebounding from a net loss of ¥116.4 billion in the previous year to a record high of ¥30.3 billion in net income for the year under review. However, the achievement of the “A” PLAN is not our ultimate goal. On April 1, 2003, former President and CEO Tohru Tsuji was appointed Chairman, and Nobuo Katsumata, formerly a Corporate Executive Vice President, took the helm as President and CEO. Chairman Tsuji will lend his invaluable support to Marubeni’s new management team headed by President Katsumata to help the company take another dramatic leap forward. Our new keyword is “From recovery to a leap forward.” In April 2003, we launched a new medium-term management plan called the “V” PLAN (Vitalize Marubeni). Under this plan, we are determined to realize our goal of forging Marubeni into a resilient corporate group possessing the top operational units and business portfolio in the industry. The management and employees of Marubeni are joined in a concerted effort to improve the company’s corporate value and enhance its reputation in the eyes of its stakeholders. To all of our stakeholders, I ask for your continued support and encouragement as we endeavor to reach these goals. 2 Marubeni Corporation 2003 July 2003 Tohru Tsuji Nobuo Katsumata Chairman President and CEO Marubeni Corporation 2003 3 Nobuo Katsumata, President and CEO Interview with the President and CEO What are your impressions of billion, well ahead of our target of ¥2,500 billion. Marubeni’s @ction 21 “A” PLAN that In shareholders’ equity, meanwhile, declining stock prices Q and foreign currency translation regrettably prevented us recently concluded in March 2003 and from reaching our stated objectives in this area. Still, how would you rate the plan overall? the faster-than-expected reduction of net interest-bearing debt meant that we almost achieved our net D/E ratio target, The plan was a roadmap that emerged from with this metric standing at 8.7 times as of March 31, 2003. A two pressing concerns: what steps were I would certainly say that the “A” PLAN scored perfect necessary to ensure Marubeni’s corporate marks in my book. But a company’s future does not start survival and how could we achieve a sharp turnaround? and end with one year’s good performance. We cannot An “A” PLAN Steering Committee was assembled and allow ourselves to be satisfied with achieving a V-shaped given sweeping powers to drive the plan forward, recovery. Essentially, what we have done thus far is place quickening the pace of the decision-making process. Marubeni in a position where it can finally meet upcoming The “A” PLAN called for consolidated net income of challenges head-on, including a persistently harsh economic ¥30.0 billion, net interest-bearing debt of ¥2,500 billion, environment. The real battle starts now. shareholders’ equity of ¥290.0 billion and a net debt-to- The “A” PLAN can certainly be credited with equity (D/E) ratio of 8.6 times by the end of March 2003. reinvigorating both Marubeni’s earnings power and our Specific measures called for Marubeni to withdraw from internal structure. To parlay this success into more gains, unprofitable businesses, lower its interest-bearing debt, cut we initiated in April 2003 our latest three-year management expenses, and improve the profitability of divisions and plan, known as the “V” PLAN. Improving Marubeni’s subsidiaries, with the goal of drastically reforming our financial position and strengthening our earnings base are earnings structure. the central tenets of this new plan. The plan calls for In terms of results, we posted close to an all-time high consolidated net income of ¥50.0 billion, net interest-bearing of ¥30.3 billion in consolidated net income. We consider this debt of ¥2,000 billion, and a net D/E ratio of 4 to 5 times by record performance as ample proof that we have improved its scheduled conclusion in March 2006. our ability to generate earnings. Reductions in net interest- bearing debt also exceeded expectations, falling to ¥2,264.1 4 Marubeni Corporation 2003 Financial Targets Year ended March 2006 Targets Net Interest- bearing Debt ¥2,000 billion “V”PLAN Shareholders’ 1 Equity ¥400-500 billion* Risk Assets ¥580 billion Year ended March 2006 Targets Year ended March 2006 Targets Net Income ¥50 billion Core Earnings*2 ¥140 billion Risk-return*3 8.6 Net D/E Ratio 4.0 -5.0 tim es * 1: Including capital enhancement * 2: Operating Income (excluding Provision for Doubtful Accounts) + Equity in Earnings (loss) + Dividends * 3: Risk-return= Net Income Risk Assets Marubeni Corporation 2003 5 Financial Targets by Business Model “V”PLAN — Net Income ¥30 billion 5 32 ¥50 billion 1 6 43 (7) 60 March 2003 40 (Forecast)* Commodity Trade 20 0 Project Solution Service March 2006 (20) (Billions of yen) Business Incubation Estimated figures at the announcement of * the plan in February 2003. Could you elaborate on how you PATRAC, a proprietary performance indicator based on intend to implement portfolio the capital cost, will be used to evaluate and judge the Q performance of these newly formed units. Whether a unit management, one of the central themes delivers positive or negative PATRAC will ultimately of the “V” PLAN? determine its fate. Optimal use of PATRAC in determining the efficacy of our portfolio units and operating companies One of the most vexing issues Marubeni must will bring greater precision to our efforts toward selection A resolve is how to achieve a steady expansion and concentration of resources. We believe this newfound in earnings while at the same time reducing clarity will translate into desired improvements in the company’s level of risk assets. We believe the key to Marubeni’s earnings, balance sheet and cash flows. doing this lies in also managing our business at a lower Here’s how. We plan to exit from any unit that, for level to divisions as at present. To this end, we reorganized whatever reason, experiences negative PATRAC for three Marubeni’s business segments and subsidiaries into 100 so- straight years.
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