IR Supplementary Information
May 2, 2024
Marubeni Corporation
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
1. | Operating Results | ・ | ・ | ・ | 1 | |
2. | Net Profit and Adjusted Net Profit by Segment | ・ | ・ | ・ | 2 | |
3. | One-time Items by Segment | ・ | ・ | ・ | 3 | |
4. | Cash Flows and Financial Position | ・ | ・ | ・ | 4 | |
Reference 1. Net Profit of Major Group Companies | ・ | ・ | ・ 5-8 | |||
Reference 2. | Segment Information | ・ ・ ・ 9-11 | ||||
Reference 3. | Natural Resource Investments: Major Projects | ・ | ・ | ・ | 12 | |
Reference 4. | Outstanding Balance of Country Exposure | ・ | ・ | ・ | 13 | |
Reference 5. | Aircraft Leasing Business in the U.S. | ・ | ・ | ・ | 14 | |
(TSE Code 8002)
Disclaimer Regarding Forward Looking Statements and Original Language
This material contains forward-looking statements about the future performance, events or management plans of Marubeni Corporation and its Group companies (the Company) based on the available information, certain assumptions and expectations at the point of disclosure, of which many are beyond the Company's control. These are subject to a number of risks, uncertainties and factors, including, but not limited to, economic and financial conditions, factors that may affect the level of demand and financial performance of the major industries and customers we serve, interest rates and currency fluctuations, availability and cost of funding, fluctuations in commodity and materials prices, political turmoil in certain countries and regions, litigation claims, changes in laws, regulations and tax rules, and other factors. Actual results, performances and achievements may differ materially from those described explicitly or implicitly in the relevant forward-looking statements.
The Company has no responsibility for any possible damages arising from the use of information on this material, nor does the Company have any obligation to update these statements, information, future events or otherwise.
This material is an English language translation of the materials originally written in Japanese. In case of discrepancies, the Japanese version is authoritative and universally valid.
1. Operating Results
Items
Revenue
Gross trading profit
Selling, general and administrative expenses
Provision for doubtful accounts
Operating profit (*1)
Interest expense, net of interest income
Dividend income
Non-operatingother-net (*2)
Share of profits of associates and joint ventures
Profit before tax
Corporate income tax
Profit for the year
Profit attributable to owners of the parent (Net profit) (*3)
Profit attributable to non-controlling interests
FYE 3/2023 | FYE 3/2024 | Change | |
Results | Results | Change in | |
percentage | |||
9,190.5 | 7,250.5 | -1,940.0 | -21% |
1,051.3 | 1,065.8 | +14.5 | 1% |
(704.5) | (781.2) | -76.7 | 11% |
(6.0) | (8.3) | -2.3 | 39% |
340.8 | 276.3 | -64.5 | -19% |
(31.7) | (40.8) | -9.1 | 29% |
10.4 | 18.0 | +7.7 | 74% |
45.5 | 2.2 | -43.3 | -95% |
286.8 | 311.4 | +24.6 | 9% |
651.7 | 567.1 | -84.6 | -13% |
(98.9) | (84.6) | +14.3 | -14% |
552.8 | 482.5 | -70.3 | -13% |
543.0 | 471.4 | -71.6 | -13% |
9.8 | 11.1 | +1.3 | 13% |
(Unit: billions of yen) | |
FYE 3/2025 | |
Forecasts | Year on year |
1,140.0 | +74.2 |
(820.0) | -38.8 |
(10.0) | -1.7 |
310.0 | +33.7 |
(50.0) | -9.2 |
5.0 | -13.0 |
35.0 | +32.8 |
300.0 | -11.4 |
600.0 | +32.9 |
(110.0) | -25.4 |
490.0 | +7.5 |
480.0 | +8.6 |
10.0 | -1.1 |
<Gross trading profit> | |||||||
・ Agri Business | +27.6 | ( | 231.4 | → | 259.0 ) | Improvement in the fertilizer wholesale business in the U.S. | |
・ Construction, Industrial Machinery & Mobility | +18.8 | ( | 106.2 | → | 125.0 ) | Increases in profits from the increased sales volume and others in the automotive-related business and the construction machinery business | |
・ Metals & Mineral Resources | -28.8 ( | 89.3 | → | 60.5 ) | Decrease in profit from the Australian coking coal business caused by decline in market prices | ||
<Non-operatingother-net> | |||||||
・ Gains (losses) on investment securities | -54.0 ( | 57.5 | → | 3.5 ) | Absence of gains on the sale of Gavilon's grain business recognized in the previous fiscal year | ||
<Share of profits of associates and joint ventures> | |||||||
・ Forest Products | +13.9 | ( | -11.3 | → | 2.6 ) | Absence of impairment loss on investment in the domestic paper manufacturing and sales business recognized in the previous fiscal year | |
and others | |||||||
・ Power | +8.5 | ( | 40.7 | → | 49.2 ) | Increases in profits from the overseas power generation businesses and others | |
・ Metals & Mineral Resources | -16.4 ( | 155.0 | → | 138.7 ) | Decrease in profit from the Australian coking coal business caused by decline in market prices and others | ||
<Net profit> | Consolidated | -71.6( | 543.0 | → | 471.4 ) | Net profit for FYE 3/2024 amounted to 471.4 billion yen, with 71.6 billion yen (13%) year-on-year decrease | |
Non-resources | -55.8 ( | 344.3 | → | 288.5 ) | The forecast for FYE 3/2025 is 480.0 billion yen | ||
Resources | -27.9 ( | 190.8 | → | 162.9 ) | |||
Other | +12.1 | ( | 7.9 | → | 20.0 ) |
*1 | "Operating profit" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS. | |
*2 | "Non-operatingother-net" is the sum of "Gains (losses) in investment securities", "Gains (losses) on property, plant and equipment", "Other income" and "Other expenses." | |
*3 | "Profit attributable to owners of the parent" is shown as "Net profit" in this material. | 1 |
2. Net Profit and Adjusted Net Profit by Segment
(Unit: billions of yen)
Operating Segment (*1)
Lifestyle
IT Solutions
Food I
Food II
Agri Business
Forest Products
Chemicals
Metals & Mineral Resources
Energy
Power
Infrastructure Project
Aerospace & Ship
Finance, Leasing
& Real Estate Business
Construction, Industrial Machinery & Mobility
Next Generation Business Development
Next Generation Corporate Development
Other
Consolidated
Non-resources (*2)
Resources (*2)
Other (*2)
Net profit | |||
FYE | FYE | Change | Main reasons for increase/decrease |
3/2023 | 3/2024 | ||
6.8 | 9.9 | +3.1 | Increase in profit from the trading of apparel and other products |
Absence of the one-time loss related to the planning, manufacturing, and sales of apparel and other products recognized in | |||
the previous fiscal year | |||
9.5 | 7.8 | -1.8 | Increased expenses concerning the establishment of an intermediate holding company of an IT-related business and others |
11.6 | 17.0 | +5.4 | Increases in profits from the instant coffee manufacturing and sales business, the instant noodles production and sales |
business, and the domestic confectionary wholesale business | |||
76.9 | 18.0 | -58.9 | Decrease in profit of the beef processing and sales business and others |
Absence of gains on sale of Gavilon's grain business recognized in the previous fiscal year | |||
42.7 | 41.5 | -1.2 | Decreases in profits of Helena against the backdrop of lower prices of agri-inputs including agrichemical and others |
Improvement in the fertilizer wholesale business in the U.S. | |||
Lower profit of the MUSI pulp business resulting from the deteriorated pulp market prices and others | |||
(9.4) | (14.2) | -4.8 | Impairment loss on fixed assets in the business of containerboard manufacturing and distribution and sales of packaging |
goods in Vietnam | |||
Absence of an impairment loss on investment in the domestic paper manufacturing and sales business recognized in the | |||
previous fiscal year | |||
14.3 | 7.0 | -7.2 | Decreases in profits from petrochemicals and inorganic chemicals trading |
Impairment loss on goodwill in the feed additives sales business and others | |||
199.4 | 163.5 | -35.9 | Decrease in profit of the Australian coking coal business caused by decline in market prices, and others |
38.7 | 39.2 | +0.6 | Decrease in profit from oil and gas E&P caused by lower oil and gas prices and others |
Absence of an impairment loss on oil and gas E&P recognized in the previous fiscal year and others | |||
40.0 | 47.3 | +7.3 | Increases in profits from the overseas power generation businesses and others |
8.8 | 16.9 | +8.1 | One-time gains related to an overseas infrastructure project and others |
28.2 | 26.4 | -1.8 | Decline in profit in the ship owning and operating business following the weaker ship market conditions |
Profit increase in the aviation-related business due to a recovery in demand | |||
Increase in profits of the domestic real estate business | |||
43.7 | 43.9 | +0.1 | Decrease in profit of the U.S. used car retail financing business |
Received cash settlement proceeds in respect of aircraft leases to Russian airlines in the U.S. aircraft leasing business and | |||
others | |||
23.8 | 27.1 | +3.3 | Increase in profit of the construction machinery business |
(5.1) | 0.3 | +5.5 | Increase in profit from the healthcare turnkey solutions provider business in the Middle East |
Absence of the bad debt expense posted in the previous fiscal year and others | |||
(2.0) | (3.1) | -1.1 | Increase in expenses associated with the establishment of subsidiaries and others |
15.1 | 22.7 | +7.7 | Improvement in tax expense |
543.0 | 471.4 | -71.6 | |
344.3 | 288.5 | -55.8 | |
190.8 | 162.9 | -27.9 | |
7.9 | 20.0 | +12.1 | |
Adjusted net profit (*3)
FYE | FYE | Change |
3/2023 | 3/2024 | |
9.0 | 10.0 | +1.0 |
10.0 | 8.0 | -2.0 |
12.0 | 17.0 | +5.0 |
25.0 | 19.0 | -6.0 |
39.0 | 37.0 | -2.0 |
5.0 | 5.0 | 0.0 |
14.0 | 8.0 | -6.0 |
201.0 | 155.0 | -46.0 |
46.0 | 36.0 | -10.0 |
54.0 | 60.0 | +6.0 |
9.0 | 9.0 | 0.0 |
31.0 | 30.0 | -1.0 |
40.0 | 39.0 | -1.0 |
23.0 | 27.0 | +4.0 |
(1.0) | (2.0) | -1.0 |
(2.0) | (3.0) | -1.0 |
9.0 | 12.0 | +3.0 |
526.0 | 467.0 | -59.0 |
321.0 | 307.0 | -14.0 |
199.0 | 152.0 | -47.0 |
6.0 | 8.0 | +2.0 |
Net profit | ||||
Operating Segment (*4) | FYE | FYE | ||
3/2025 | Change | |||
3/2024 | ||||
Forecasts | ||||
Lifestyle | 9.9 | 11.0 | +1.1 | |
Forest Products | (14.2) | 9.0 | +23.2 | |
IT Solutions | 7.8 | 8.0 | +0.2 | |
Food I | 17.0 | 17.0 | +0.0 | |
Food II | 18.0 | 22.0 | +4.0 | |
Agri Business | 41.5 | 44.0 | +2.5 | |
Chemicals | 7.0 | 13.0 | +6.0 | |
Metals & Mineral Resources | 163.5 | 149.0 | -14.5 | |
Energy | 39.2 | 75.0 | +35.8 | |
Power | 47.3 | 43.0 | -4.3 | |
Infrastructure Project | 16.9 | 11.0 | -5.9 | |
Aerospace & Ship | 26.4 | 27.0 | +0.6 | |
Finance, Leasing | 43.9 | 53.0 | +9.1 | |
& Real Estate Business | ||||
Construction, Industrial | 27.1 | 32.0 | +4.9 | |
Machinery & Mobility | ||||
Next Generation | 0.3 | 1.0 | +0.7 | |
Business Development | ||||
Next Generation | (3.1) | (3.0) | +0.1 | |
Corporate Development | ||||
Other | 22.7 | (32.0) | -54.7 | |
Consolidated | 471.4 | 480.0 | +8.6 | |
Non-resources (*2) | 288.5 | 325.0 | +36.5 | |
Resources (*2) | 162.9 | 189.0 | +26.1 | |
Other (*2) | 20.0 | (34.0) | -54.0 | |
Adjusted net profit (*3) | ||
FYE | FYE | |
3/2025 | Change | |
3/2024 | ||
Forecasts | ||
10.0 | 11.0 | +1.0 |
5.0 | 10.0 | +5.0 |
8.0 | 8.0 | 0.0 |
17.0 | 17.0 | 0.0 |
19.0 | 22.0 | +3.0 |
37.0 | 43.0 | +6.0 |
8.0 | 13.0 | +5.0 |
155.0 | 149.0 | -6.0 |
36.0 | 33.0 | -3.0 |
60.0 | 39.0 | -21.0 |
9.0 | 11.0 | +2.0 |
30.0 | 32.0 | +2.0 |
39.0 | 48.0 | +9.0 |
27.0 | 32.0 | +5.0 |
(2.0) | 0.0 | +2.0 |
(3.0) | (3.0) | 0.0 |
12.0 | (5.0) | -17.0 |
467.0 | 460.0 | -7.0 |
307.0 | 321.0 | +14.0 |
152.0 | 147.0 | -5.0 |
8.0 | (8.0) | -16.0 |
*1 Effective from the FYE 3/2024, "ICT Business & Logistics" has been renamed "IT Solutions." Also, parts of "Lifestyle" have been incorporated into "Finance, Leasing & Real Estate Business" and "Next Generation Business Development", parts of "ICT Business & Logistics" into "Next Generation Business Development", parts of "Energy" into "Power", parts of "Next Generation Business Development" into "Chemicals", and parts of "Other" into "IT Solutions" respectively. In conjunction with these organizational changes, operating segment information for the FYE 3/2023 has been reclassified.
Additionally, for "New Energy Business Development Dept." which was newly established in the FYE 3/2024, incorporating parts of "Energy", "Power" and "Infrastructure Project", the profit/loss and others are allocated to "Energy", "Power" and "Infrastructure Project." In conjunction with these organizational changes, operating segment information for the FYE 3/2023 has been reclassified.
*2 Business fields | Resources: Total of "Energy" and "Metals & Mineral Resources" excluding "Steel Products Dept." |
Other: Total of "Next Generation Business Development", "Next Generation Corporate Development" and "Other" segments | |
Non-resources: Other than the above |
*3 Adjusted net profit: net profit excluding one-time items, shown in an approximate figure. The figures of "Consolidated" and the sum of each segment total may not accord due to rounding errors. For one-time items, please refer to the next page.
*4 Effective from the FYE 3/2025, parts of "IT Solutions" have been incorporated into "Infrastructure Project." In conjunction with this organizational change, operating segment information for the FYE 3/2024 has been reclassified in the comparison for the FYE 3/2024 - FYE 3/2025 (forecasts).
2
3. One-time Items by Segment
Segment
Lifestyle
IT Solutions
Food I
Food II
Agri Business
Forest Products
Chemicals
Metals & Mineral Resources
Energy
Power
Infrastructure Project
Aerospace & Ship
Finance, Leasing & Real Estate Business
Construction,
Industrial Machinery & Mobility
Next Generation
Business Development
Next Generation
Corporate Development
Other
Consolidated
(Unit: billions of yen, in approximate figures)
FYE | FYE | FYE 3/2024 | ||||||||
Q1 | Q2 | Q3 | Q4 | 3/2023 | Q1 | Q2 | Q3 | Q4 | 3/2024 | Main Items |
(1.0) | 0.0 | 0.0 | (1.0) | (2.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
0.0 | 0.0 | 0.0 | (1.0) | (1.0) | 0.0 | 0.0 | 0.0 | (1.0) | 0.0 | |
0.0 | 1.0 | 57.0 | (6.0) | 52.0 | 2.0 | 0.0 | 0.0 | (3.0) | (1.0) | |
0.0 | (1.0) | 0.0 | 4.0 | 4.0 | 0.0 | 2.0 | 2.0 | 0.0 | 4.0 | |
0.0 | 0.0 | (8.0) | (7.0) | (15.0) | 0.0 | 0.0 | 0.0 | (19.0) | (19.0) | Impairment loss on fixed asset in the business of containerboard manufacturing and |
distribution and sales of packaging goods in Vietnam (approx. -19.0 billion yen) | ||||||||||
Impairment loss on goodwill in the feed additives sales business (approx. -4.0 billion yen) | ||||||||||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.0 | (4.0) | (1.0) | Revaluation gain and others on the consolidation of manufacturing and sales business of |
spices and seasonings (Euroma) in the Netherlands (approx. 2.0 billion yen) | ||||||||||
0.0 | 0.0 | 0.0 | (2.0) | (2.0) | 6.0 | 0.0 | 0.0 | 2.0 | 9.0 | Special dividend from a general investment (approx. 6.0 billion yen) |
2.0 | (4.0) | 0.0 | (5.0) | (7.0) | (1.0) | 1.0 | 0.0 | 3.0 | 3.0 | |
Additional loss on construction in the EPC project in Taiwan (approx. -12.0 billion yen) | ||||||||||
3.0 | (5.0) | 4.0 | (15.0) | (14.0) | 0.0 | (3.0) | (3.0) | (7.0) | (13.0) | Impairment loss on investment in IPP Projects (approx. -5.0 bn yen) |
Gains related to overseas wholesale and retail power sales business | ||||||||||
(Change in revenue recognition method for certain contracts) (approx. 4.0 billion yen) | ||||||||||
0.0 | 0.0 | 0.0 | (1.0) | 0.0 | 0.0 | 2.0 | 0.0 | 7.0 | 8.0 | Gains related to overseas infrastructure project (approx. 6.0 billion yen) |
0.0 | 0.0 | (2.0) | (1.0) | (3.0) | 0.0 | 0.0 | (3.0) | 0.0 | (3.0) | Impairment loss on LNG carriers owning and operating business (approx. -3.0 billion yen) |
Received cash settlement proceeds in respect of aircraft previously leased to Russian | ||||||||||
2.0 | (1.0) | (1.0) | 3.0 | 3.0 | 0.0 | 1.0 | 3.0 | 1.0 | 5.0 | airlines in the Aircraft leasing business (Aircastle business, USA) |
(approx. 4.0 billion yen) | ||||||||||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
0.0 | (2.0) | 0.0 | (2.0) | (4.0) | 1.0 | 0.0 | 1.0 | 0.0 | 2.0 | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
(2.0) | 1.0 | (9.0) | 17.0 | 6.0 | (2.0) | (2.0) | 2.0 | 12.0 | 10.0 | Improvement in tax expense |
3.0 | (11.0) | 40.0 | (15.0) | 17.0 | 7.0 | 0.0 | 5.0 | (7.0) | 5.0 | |
* Sum of each segment may not accord with the figure for consolidated due to rounding errors. | |
* Sum of each quarter may not accord with the figure for the cumulative total due to rounding errors. | 3 |
4. Cash Flows and Financial Position
(Unit: billions of yen)
Items
Cash flow from operating activities
Core operating cash flow (*1)
Increase/decrease in working capital and others
Cash flow from investing activities
New investments
CAPEX and others (*2)
Divestments
Free cash flow
Free cash flow after shareholder distributions
(excluding increase/decrease in working capital and others)
FYE 3/2023 | FYE 3/2024 | Change |
606.3 | 442.5 | -163.9 |
584.2 | 548.0 | -36.2 |
22.2 | (105.5) | -127.7 |
156.8 | (334.4) | -491.2 |
(130.2) | (273.5) | -143.3 |
(117.5) | (168.1) | -50.6 |
404.5 | 107.2 | -297.3 |
763.1 | 108.0 | -655.1 |
572.8 | 24.9 | -547.9 |
FYE 3/2025
Forecasts
470.0
570.0
(100.0)
(510.0)
(400.0)
(180.0)
70.0
(40.0)
(140.0)
*1 Core operating cash flow: Operating cash flow excluding net increase/decrease in working capital and others.
*2 CAPEX and others: Additional capital expenditure and others in order to maintain and improve values of existing investments and loans.
Items
Total assets
Net interest-bearing debt
Equity attributable to owners of the parent
Net DE ratio
March 31, 2023 | March 31, 2024 | Change |
7,953.6 | 8,923.6 | +970.0 |
1,483.1 | 1,902.4 | +419.3 |
2,877.7 | 3,459.7 | +581.9 |
0.52 times | 0.55 times | +0.03 points |
Forecasts for
March 31, 2025
around 2,200.0
around 3,300.0
around 0.6~0.7 times
<Cash Flows>
- Net cash provided by operating activities was 442.5 billion yen due to operating revenue and dividend income despite an increase of working capital and others.
- Net cash used by investing activities was 334.4 billion yen, mainly due to outflow of a capital expenditure in overseas businesses and acquisition of shares of equity method affiliates and others.
- As a result, free cash flow was an inflow of 108.0 billion yen.
<Financial Position>
- Net interest-bearing debt increased by 419.3 billion yen from the end of the previous fiscal year to 1,902.4 billion yen, due to the optional repayment of the perpetual subordinated loan(*3) as well as dividend payments and others.
- Equityand attributable to owners of the parent increased by 581.9 billion yen from the end of the previous fiscal year to 3,459.7 billion yen, due to an increase in retained earnings by net profit accumulation an increase in foreign currency translation adjustments by the Japanese yen depreciation, despite a decrease by the optional repayment of the perpetual subordinated loan(*3).
- As a result, net DE ratio stood at 0.55 times.
*3 The Company made an optional repayment of a total of 150.0 billion yen on August 16, 2023, for the perpetual subordinated loan. Perpetual subordinated loans are classified as equity instruments under IFRS. | |
Therefore, as a result of the above repayment, the equity decreased by 150.0 billion yen. | 4 |
Reference 1. Net Profit of Major Group Companies(Updated on May 15, 2024)
(Unit: billions of yen)
Company name | Consolidated/ | Equity | FYE 3/2023 | FYE 3/2024 | Change | Description of business | |
Equity method | Portion | ||||||
Lifestyle
Marubeni Fashion Link | Consolidated | 100% | 0.9 | 1.7 | +0.8 | Planning, manufacturing and sales of apparel and goods |
Saide Tekstil Sanayi ve Ticaret | Equity method | 45.5% | 0.1 | 0.1 | +0.1 | Planning, manufacturing and sales of apparel and goods |
Marubeni Intex | Consolidated | 100% | 1.4 | 1.4 | +0.0 | Sales of industrial materials, lifestyle materials and lifestyle products |
B-Quik Business | Consolidated | 90.0% | 3.8 | 4.3 | +0.6 | Car maintenance business in the ASEAN |
Conveyor belt distribution business | Consolidated | 100% | 2.3 | 1.8 | -0.4 | Sales and services for conveyor belts, parts and other industrial use rubber products in North America |
IT Solutions
Marubeni I-DIGIO Holdings (*1) | Consolidated | 100% | - | 3.6 | - | Providing IT and digital solutions including information systems, cloud computing, security, networking, |
and data centers | ||||||
Marubeni Information Systems (*1) | Consolidated | 100% | 1.8 | - | - | IT solution provider for full range of IT lifecycle in every industry |
Marubeni IT Solutions (*1) | Consolidated | 80.0% | 1.3 | - | - | Sales planning of information and communication systems, design, and development of software |
MX Mobiling | Consolidated | 100% | 3.6 | 4.1 | +0.4 | Sales of mobile phones and related products |
ARTERIA Networks (*2) | Consolidated | 66.7% | 2.6 | 2.4 | -0.2 | Provision of various network services for businesses and condominiums |
Marubeni Logistics | Consolidated | 100% | 1.5 | 1.3 | -0.3 | International combined transport operation (NVOCC) , 3PL (Third-party Logistics), ocean & air freight |
forwarding, consultancy relating to logistics | ||||||
Food I
Yamaboshiya | Consolidated | 75.6% | 1.3 | 2.4 | +1.1 | Wholesale of confectionary products to mass-retail and convenience stores | |
United Super Markets Holdings Inc. (*3,4) | - | - | 0.2 | 0.0 | -0.2 | Supermarket operations in the Tokyo metropolitan area | |
The Nisshin OilliO Group (*3) | Equity method | 16.0% | 1.8 | 2.4 | +0.6 | Processing and sales of edible oil business | |
Cia. Iguacu de Cafe Soluvel | Consolidated | 100% | (0.2) | 1.6 | +1.8 | Manufacturing and sales of instant coffee in Brazil | |
Marubeni Foods | Consolidated | 100% | 0.7 | 1.1 | +0.4 | Import, export and sales of food products | |
Benirei | Consolidated | 100% | 1.3 | 0.8 | -0.5 | Wholesale of seafood products and warehousing | |
*1 | Following the establishment of Marubeni I-DIGIO Holdings in April 2023, the results of Marubeni Information Systems and Marubeni IT Solutions are included in the results of Marubeni I-DIGIO Holdings for the FYE 3/2024. | ||||||
*2 Additional equity interests acquisition (50.1% → 66.7%) completed in August 2023. This company's profit on 66.7% equity basis is included in the consolidated profit from the Q2 of FYE 3/2024 results. | |||||||
*3 | Stated figures which are multiplications of disclosed figures of this company and our equity portion, are shown for reference. Adjustments of accounting standard variances have been applied to our IFRS consolidated statements. | ||||||
*4 | Shares transfer has been completed on December 29, 2023. |
5
(Unit: billions of yen)
Company name | Consolidated/ | Equity | FYE 3/2023 | FYE 3/2024 | Change | Description of business | |
Equity method | Portion | ||||||
Food II
Creekstone Farms Premium Beef | Consolidated | 100% | 12.5 | 4.6 | -7.9 | Production, processing and sales of beef, etc. in USA |
Wellfam Foods | Consolidated | 100% | 3.6 | 3.3 | -0.3 | Marketing of livestock, meats and processed products |
Rangers Valley Cattle Station | Consolidated | 100% | 0.2 | (2.0) | -2.3 | Cattle raising and beef sales business in Australia |
S FOODS (*1) | Equity method | 15.3% | 1.6 | 1.4 | -0.2 | Wholesale, retail and restaurant business of meats |
Gavilon Grain Business (*2,3) | Consolidated | 100% | 4.2 | - | -4.2 | Origination, storage, exporting and domestic sales of grain produced in North America |
Columbia Grain International | Consolidated | 100% | (1.8) | 0.9 | +2.7 | Origination, storage, exporting and domestic sales of grain produced in North America |
Marubeni Nisshin Feed | Consolidated | 60.0% | (1.4) | 1.9 | +3.3 | Manufacture and sales of livestock feed |
Pacific Grain Terminal | Consolidated | 78.4% | 0.9 | 0.8 | -0.1 | Warehousing, stevedoring and transportation operations |
Agri Business
Helena Agri-Enterprises | Consolidated | 100% | 47.0 | 39.4 | -7.7 | Sales of agricultural materials and provision of various services in USA |
Adubos Real | Consolidated | 80.0% | 2.7 | 2.3 | -0.3 | Sales of agricultural materials and provision of various services in Brazil |
MacroSource (*3) | Consolidated | 100% | (6.3) | 3.2 | +9.5 | Wholesale of fertilizer in USA, etc. |
Forest Products
MUSI Pulp Project | Consolidated | TEL 85.1% | 9.0 | 0.3 | -8.6 | Forestry (Afforestation of hardwood), production and sales of pulp in Indonesia |
MHP 100% | ||||||
WA Plantation Resources | Consolidated | 100% | 1.8 | 1.3 | -0.5 | Wood chip production and plantation in Australia |
Kraft of Asia Paperboard & Packaging | Consolidated | 100% | (14.3) | (22.7) | -8.5 | Manufacture and sales of containerboard and sales of packaging goods in Vietnam |
Koa Kogyo | Consolidated | 80.0% | 1.2 | 3.4 | +2.2 | Manufacture and sales of corrugating medium and linerboard |
Fukuyama Paper | Consolidated | 55.0% | 1.0 | 1.8 | +0.8 | Manufacture and sales of corrugating medium and core board |
Marubeni Forest LinX | Consolidated | 100% | 1.4 | 2.1 | +0.7 | Wholesale of forest products including all types of paper |
Santher-FÁBRICA DE PAPEL SANTA THEREZINHA | Equity method | 49.0% | (0.2) | 1.9 | +2.1 | Manufacture and sales of hygiene products in Brazil |
*1 Stated figures which are multiplications of disclosed figures of this company and our equity portion, are shown for reference. Adjustments of accounting standard variances have been applied to our IFRS consolidated statements. *2 Gavilon shares transfer has been completed on October 3, 2022.
*3 One-time items regarding the reorganization of Gavilon group are excluded from the FYE 3/2023 results.
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(Unit: billions of yen)
Company name | Consolidated/ | Equity | FYE 3/2023 | FYE 3/2024 | Change | Description of business | |
Equity method | Portion | ||||||
Chemicals
Marubeni Plax | Consolidated | 100% | 2.2 | 1.5 | -0.7 | Domestic sales and foreign trade of plastic resins and products |
Olympus Holding (Orffa) | Consolidated | 100% | (0.1) | (4.4) | -4.2 | Sales of feed additives |
Marubeni Chemix | Consolidated | 100% | 2.0 | 1.6 | -0.4 | Domestic sales and foreign trade of organic chemicals and functional chemicals |
Metals & Mineral Resources
Roy Hill Iron Ore Project | Equity method | 15.0% | 28.5 | 42.4 | +13.9 | Investment in iron ore business in Australia |
Marubeni Resources Development | Consolidated | 100% | 98.8 | 63.0 | -35.8 | Investment in steelmaking material business in Australia |
Marubeni LP Holding | Consolidated | 100% | 18.5 | 10.1 | -8.4 | Investment in copper business in Chile |
Marubeni Metals & Minerals (Canada) | Consolidated | 100% | 3.7 | 1.3 | -2.4 | Smelting and sales of aluminum ingots in Canada |
Marubeni Aluminium Australia | Consolidated | 100% | 1.9 | (2.7) | -4.6 | Smelting and sales of aluminum ingots in Australia |
Marubeni-Itochu Steel | Equity method | 50.0% | 47.8 | 40.1 | -7.6 | Sales and business management of steel products |
Energy
LNG Projects | - | - | 8.1 | 8.4 | +0.3 | Liquefaction of natural gas overseas |
Oil & Gas E&P | Consolidated | 100% | 8.3 | 12.2 | +3.9 | Total of oil and gas E&P at U.S. Gulf of Mexico, U.S. onshore and offshore India |
ENEOS GLOBE | Equity method | 20.0% | 2.1 | 3.1 | +1.0 | Import and sales of LPG, and sales of new energy-related equipment |
MIECO | Consolidated | 100% | 4.9 | 4.1 | -0.8 | Sales of all types of petroleum products and natural gas |
Power
IPP Projects (*1) | - | - | 42.3 | 55.8 | +13.5 | Overseas and domestic power generation |
SmartestEnergy | Consolidated | 100% | 27.8 | 25.6 | -2.2 | Electricity aggregation and retail business in UK |
*1 Total profits of consolidated subsidiaries and share of associates and joint ventures of our IPP projects. Due to reorganization implemented in the FYE 3/2024, figures for the FYE 3/2023 have been replaced.
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(Unit: billions of yen)
Company name | Consolidated/ | Equity | FYE 3/2023 | FYE 3/2024 | Change | Description of business | |
Equity method | Portion | ||||||
Infrastructure Project
FPSO Projects (*1) | - | - | 5.3 | 5.6 | +0.2 | FPSO project investment and management |
Overseas Water/Wastewater Services and IWP Projects (*2) | - | - | 6.8 | 10.5 | +3.7 | Overseas water/wastewater services and IWP projects |
Aerospace & Ship
Marubeni Aviation Asset Investment (*3) | Consolidated | 100% | 0.5 | 4.2 | +3.7 | Investment in aircraft parts trading business in USA |
Vessel owning and operating business | Consolidated | 100% | 24.5 | 14.3 | -10.1 | Owning and operating of vessels |
Finance, Leasing & Real Estate Business
Nowlake Business | Equity method | 21.7% | 29.6 | 28.9 | -0.7 | Used car retail financing business in USA |
PLM Fleet | Equity method | 50.0% | 3.1 | 2.9 | -0.3 | Leasing and rental of refrigerated trailers in USA |
Marubeni Fuyo Auto Investment (Canada) | Equity method | 50.0% | 2.6 | 1.9 | -0.7 | Investment in commercial vehicle rental and leasing business in Canada |
Marubeni SuMiT Rail Transport | Equity method | 50.0% | 1.5 | 1.9 | +0.4 | Investment in railcar leasing business in USA |
Mizuho Marubeni Leasing | Equity method | 50.0% | 2.0 | 2.8 | +0.8 | General leasing and related businesses |
Aircastle Business | Equity method | 75.0% | (1.0) | 2.6 | +3.6 | Aircraft operating lease business in USA |
Marubeni Real Estate Management | Consolidated | 100% | 1.1 | 1.0 | -0.1 | Leasing and subleasing of real estate, management of office buildings and complex facilities |
Marubeni Safenet | Consolidated | 100% | 0.5 | 0.4 | -0.1 | Insurance agency business |
Construction, Industrial Machinery & Mobility
Construction Machinery Business | - | - | 14.3 | 19.2 | +5.0 | Sales of construction machinery and related services, financing |
Automotive Aftermarket Business | - | - | 3.3 | 4.4 | +1.1 | Automotive aftermarket business in USA |
Marubeni Auto Investment (UK) | Consolidated | 100% | 1.1 | 0.5 | -0.5 | Investment in retail sales business of automobiles in UK |
Marubeni Techno-Systems | Consolidated | 100% | 2.0 | 2.7 | +0.7 | Sales, export and import of industrial machinery |
Marubeni Ele-Next | Consolidated | 100% | 2.1 | 1.0 | -1.1 | Sales of electrical equipment connecting parts and materials |
*1 Total profits of consolidated subsidiaries and share of associates and joint ventures of our FPSO projects.
*2 Total profits of consolidated subsidiaries and share of associates and joint ventures of our overseas water/wastewater services and IWP projects. *3 The company name has been changed from Marubeni Aviation Parts Trading LLC to Marubeni Aviation Asset Investment LLC in December 2023.
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Reference 2. Segment Information
(Unit: billions of yen) | |||||||||||
Segment | Lifestyle | IT Solutions | Food I | ||||||||
FYE 3/2023 | FYE 3/2024 | Change | FYE 3/2023 | FYE 3/2024 | Change | FYE 3/2023 | FYE 3/2024 | Change | |||
Gross Trading Profit | 47.1 | 56.6 | +9.5 | 99.1 | 102.8 | +3.8 | 56.9 | 69.5 | +12.6 | ||
Share of Profits of Associates and Joint Ventures | (0.2) | 0.3 | +0.5 | 0.6 | 0.1 | -0.5 | 4.7 | 7.1 | +2.3 | ||
Net Profit | 6.8 | 9.9 | +3.1 | 9.5 | 7.8 | -1.8 | 11.6 | 17.0 | +5.4 | ||
Adjusted operating profit (*) | 12.4 | 13.4 | +1.0 | 17.7 | 15.4 | -2.3 | 10.1 | 17.6 | +7.4 | ||
Depreciation and Amortisation | 4.7 | 6.1 | +1.4 | 20.7 | 22.7 | +2.1 | 3.4 | 5.3 | +1.9 | ||
Interest Received | 0.1 | 0.7 | +0.6 | 0.2 | 0.2 | +0.0 | 0.7 | 0.9 | +0.2 | ||
Dividends Received | 1.3 | 0.7 | -0.5 | 0.3 | 0.4 | +0.2 | 2.7 | 2.7 | +0.0 | ||
Among the above, cash dividends from equity method investees | 0.7 | 0.1 | -0.6 | 0.1 | 0.2 | +0.1 | 2.0 | 2.0 | +0.0 | ||
Interest paid | (1.0) | (2.2) | -1.2 | (0.6) | (1.2) | -0.6 | (4.4) | (6.4) | -2.1 | ||
Income taxes paid | (3.5) | (3.4) | +0.0 | (6.8) | (6.9) | -0.1 | (3.5) | (4.8) | -1.3 | ||
Core operating cash flow | 14.0 | 15.4 | +1.4 | 31.4 | 30.7 | -0.7 | 9.0 | 15.3 | +6.3 | ||
Mar. 31, 2023 | Mar. 31, 2024 | Change | Mar. 31, 2023 | Mar. 31, 2024 | Change | Mar. 31, 2023 | Mar. 31, 2024 | Change | |||
Segment Assets | 173.9 | 187.5 | +13.7 | 372.1 | 384.7 | +12.5 | 426.0 | 549.4 | +123.4 | ||
Current Assets | 99.7 | 110.6 | +11.0 | 150.7 | 152.1 | +1.5 | 240.4 | 335.5 | +95.1 | ||
Non-current Assets | 74.2 | 76.9 | +2.7 | 221.5 | 232.5 | +11.1 | 185.6 | 213.9 | +28.3 | ||
Segment | Food II | Agri Business | Forest Products | ||||||||
FYE 3/2023 | FYE 3/2024 | Change | FYE 3/2023 | FYE 3/2024 | Change | FYE 3/2023 | FYE 3/2024 | Change | |||
Gross Trading Profit | 93.5 | 78.1 | -15.4 | 231.4 | 259.0 | +27.6 | 50.2 | 43.4 | -6.8 | ||
Share of Profits of Associates and Joint Ventures | 3.6 | 1.2 | -2.4 | 1.2 | 0.8 | -0.5 | (11.3) | 2.6 | +13.9 | ||
Net Profit | 76.9 | 18.0 | -58.9 | 42.7 | 41.5 | -1.2 | (9.4) | (14.2) | -4.8 | ||
Adjusted operating profit (*) | 33.0 | 28.1 | -4.8 | 49.7 | 48.6 | -1.1 | 24.0 | 16.8 | -7.2 | ||
Depreciation and Amortisation | 14.8 | 12.9 | -1.9 | 31.8 | 38.2 | +6.3 | 9.1 | 9.4 | +0.3 | ||
Interest Received | 2.8 | 1.0 | -1.8 | 3.9 | 4.8 | +0.9 | 0.2 | 0.3 | +0.1 | ||
Dividends Received | 1.8 | 5.4 | +3.6 | 0.3 | 0.4 | +0.0 | 1.0 | 0.8 | -0.2 | ||
Among the above, cash dividends from equity method investees | 1.4 | 5.1 | +3.6 | 0.3 | 0.4 | +0.0 | 0.6 | 0.5 | -0.0 | ||
Interest paid | (11.6) | (6.7) | +4.9 | (7.8) | (7.7) | +0.1 | (8.1) | (8.3) | -0.3 | ||
Income taxes paid | (18.1) | (5.2) | +12.8 | (17.5) | (9.6) | +7.9 | (2.7) | (7.4) | -4.7 | ||
Core operating cash flow | 22.8 | 35.5 | +12.8 | 60.4 | 74.6 | +14.1 | 23.5 | 11.6 | -11.9 | ||
Mar. 31, 2023 | Mar. 31, 2024 | Change | Mar. 31, 2023 | Mar. 31, 2024 | Change | Mar. 31, 2023 | Mar. 31, 2024 | Change | |||
Segment Assets | 560.4 | 536.4 | -24.0 | 1,099.3 | 1,222.4 | +123.1 | 323.2 | 338.6 | +15.3 | ||
Current Assets | 317.3 | 298.1 | -19.2 | 841.4 | 901.0 | +59.5 | 134.2 | 148.6 | +14.4 | ||
Non-current Assets | 243.1 | 238.3 | -4.8 | 257.9 | 321.4 | +63.5 | 189.0 | 190.0 | +1.0 | ||
* Adjusted operating profit = Gross trading profit + SGA expenses
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Marubeni Corporation published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 11:12:21 UTC.