Summary of Consolidated Financial Results For the Three-month Period Ended June 30, 2019 (IFRS basis) (April 1, 2019 – June 30, 2019) *This document is an English translation of materials originally prepared in Japanese. The Japanese original shall be considered the primary version. (TSE Code: 8002) Financial Results
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*This document is an English translation of materials originally prepared in Japanese.
The Japanese original shall be considered the primary version.
(TSE Code: 8002)
Financial Results
Company name: Marubeni Corporation (URL https://www.marubeni.com/en/) Code number: 8002Listed: Tokyo, Nagoya
Representative: KAKINOKI Masumi President and CEO, Member of the BoardInquiries: TACHIBANA Masato General Manager, Media Relations Sec., Corporate Communications Dept.Expected filing date of quarterly financial statement report: August 13, 2019 TEL (03) 3282 - 4803Expected date of the beginning of delivery of dividends: -Supplementary explanations of quarterly business results: PreparedIR meeting on financial results: To be held (for institutional investors and analysts)
1. Consolidated financial results for the three-month period ended June 30, 2019 (April 1, 2019 - June 30, 2019) (Remarks)Figures are rounded to the nearest million.
(1) Consolidated business results %: change from the previous fiscal year
Three months ended June 30,20192018
Three months ended June 30,20192018
(Note) 1. "Operating profit" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS."Operating profit" is the sum of "Gross trading profit", "Selling, general and administrative expenses" and "Provision for doubtful accounts".
2. "Basic and diluted earnings per share" are based on "Profit attributable to owners of the parent" excluding the amount not attributable to ordinary shareholders.
(2) Consolidated financial conditions
June 30, 2019March 31, 2019
Year ended March 31, 2019Year ending March 31, 2020Year ending March 31, 2020
(Forecast)(Note) Changes from the latest announced forecasts: None
3.Consolidated earnings forecast for FYE 3/2020 (April 1, 2019 - March 31, 2020)(Remarks)
%: change from the previous fiscal year
Yearly(Note) Changes from the latest announced forecasts: None
* "Earnings per share (basic)" is based on "Profit attributable to owners of the parent" excluding the amount not attributable to ordinary shareholders.
240,000 3.9 135.91(millions of yen) (%) (yen)
Profit attributable to owners of theparent
Earnings per share (basic)
August 2, 2019
Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2019 (IFRS basis)
Revenue Operating profit Profit before tax Profit for the periodProfit attributable toowners of the parent
Comprehensiveincome
for the period(millions of yen) (%) (millions of yen) (%) (millions of yen) (%)(millions of yen) (%) (millions of yen) (%) (millions of yen) (%)
*Note(1) Changes in principal subsidiaries during the period : Yes
Excluded: Gavilon Holdings, LLC(2) Changes in accounting principles and accounting estimates ①Changes in accounting principles required by IFRS : Yes
②Changes other than ① : None
③Changes in accounting estimate : None
(Note) Please refer to p.15 "2. Consolidated Financial Statements and Notes, (6) Changes in Accounting Principles" for details.
(3) Number of issued shares (Common shares) ①Number of issued shares at the end of the term June 30, 2019
(Treasury stock is included) March 31, 2019 ②Number of treasury stock at the end of the term June 30, 2019 March 31, 2019 ③Average number of outstanding shares during the term Three months ended June 30, 2019 Three months ended June 30, 2018
<The Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2019 (IFRS basis) is not subject to quarterly review.>
<Descriptions relating to the proper use of financial forecasts and other special notes> (Notes to the description about future, other) The descriptions about future such as the above forecasts are based upon available information and assumptions, as of the time of the announcement date, about uncertain factors which would influence future businesses. Actual results might be influenced by various factors in the future. (How to access supplementary explanations on business results and the details of briefing on business results) Supplementary explanations on business results will be made available on the Company's website on Friday, August 2, 2019. The Company is scheduled to hold an IR meeting on financial results for institutional investors and analysts on Friday, August 2, 2019, and to post the audio file of the meeting together with the materials used at the briefing on the Company's website at the earliest possible time.
1,735,356,035
1,737,940,9002,588,6392,590,013
1,735,351,574
1,737,940,900
1
【Table of Contents of Attached Materials】
1. Qualitative Information on Consolidated Financial Results for the
Three-month Period under Review 2
(1) Qualitative Information on Consolidated Business Results 2
(2) Qualitative Information on Consolidated Financial Conditions 7
(3) Qualitative Information on Forecast of Consolidated Financial Results 8
2. Consolidated Financial Statements and Notes 9
(1) Consolidated Statements of Financial Position 9
(2) Consolidated Statements of Comprehensive Income 11
(3) Consolidated Statements of Changes in Equity 12
1. Qualitative Information on Consolidated Financial Results for
the Three-month Period under Review (1) Qualitative Information on Consolidated Business Results In the three-month period ended June 30, 2019, a slowdown in developed economies and
the Chinese economy was compounded by mounting concerns about the global economic
outlook in response to continued U.S.-China trade tensions and prolongation of Brexit
negotiations between the UK and EU. As a result, central banks across much of the world,
most notably in the U.S., shifted to an easing bias. Crude oil and other commodity price
movements varied among commodities in response to supply-side factors, the U.S.-China
trade tensions, and escalation of geopolitical risk, mainly in the Middle East.
The U.S. economy continued to expand at a moderate pace against a backdrop of a solid
employment environment. However, economic sentiment in both the household and
corporate sectors worsened in the face of an increasingly murky economic outlook clouded
by continued U.S.-China trade tensions, among other factors. With inflationary pressures
well contained, the Federal Reserve shifted its monetary policy to an easing bias in
response.
The European economy’s slowdown generally intensified, mainly in Germany. The ECB
maintained an accommodative monetary policy stance and signaled it is prepared to ease
further amid continued uncertainty stemming from fraught Brexit negotiations and ascendant
populism.
Emerging market economies generally continued to grow, but their growth was dampened
by the U.S.-China trade conflict and other headwinds, resulting in a sharper slowdown in
China and lower growth rates in other emerging market economies also.
In Japan, personal consumption remained in a mild growth trend amid continued
improvement in employment. However, inflationary pressures remained weak and export
growth stalled in response to the global economic slowdown.
Net cash used in investing activities was 29.2 billion yen due to the outflow of a capital
expenditure in overseas businesses despite the inflow from sale of investment securities.
As a result of the above-mentioned activities, free cash flow for the fiscal year under review
was an outflow of 15.7 billion yen.
(Financing activities)
Net cash used in financing activities amounted to an inflow of 36.9 billion yen as results of
procurement of corporate bonds and long-term borrowings.
(3) Qualitative Information on Forecasts of Consolidated Financial Results The earnings forecasts (net profit of 240.0 billion yen) for the fiscal year ending March 31,
2020 are unchanged from the initial projections announced on May 9, 2019.
(Notes to the description about future, other)
The descriptions about future such as the above forecasts are based upon available
information and assumptions, as of the time of the announcement date, about uncertain
factors which would influence future businesses. Actual results might be influenced by
Depreciation and amortisation 27,221 39,743 12,522
Losses (Gains) on property, plant and equipment (74) 11,823 11,897
Finance expenses (income) (4,251) 1,008 5,259
(37,241) (38,787) (1,546)
Income taxes 22,142 14,805 (7,337)
Changes in notes accounts receivable (94,681) 13,277 107,958
Changes in inventories 84,993 127,312 42,319
Changes in notes and trade accounts payable (99,217) (145,538) (46,321)
(7,642) (77,306) (69,664)
3,280 3,687 407
(9,219) (13,956) (4,737)
34,828 33,172 (1,656)
Income taxes paid (20,310) (23,433) (3,123)
Net cash provided by/ used in operating activities (11,205) 13,542 24,747
Investing activities
Net decrease (increase) in time deposits (15) 11 26
Proceeds from sale of property, plant and equipment 623 1,823 1,200
Proceeds from sale of investment property 108 - (108)
Collection of loans receivable 6,227 3,171 (3,056)
118 112 (6)
35,069 18,838 (16,231)
Purchase of property, plant and equipment (16,815) (24,960) (8,145)
Purchase of investment property (16) (12) 4
Loans provided to customers (13,349) (7,363) 5,986
- (5,374) (5,374)
(7,295) (15,450) (8,155)
Net cash provided by/used in investing activities 4,655 (29,204) (33,859)
Financing activitiesNet increase (decrease) in short-term borrowings (4,816) 77,155 81,971
Proceeds from long-term bonds and borrowings 126,381 81,264 (45,117)
Repayments of long-term bonds and borrowings (181,088) (82,525) 98,563
Dividends paid to owners of the parent (32,107) (29,504) 2,603
Net cash outflows on purchases and sales of treasury stock (3) (1) 2
Capital contribution from non-controlling interests 2 67 65
Acquisition of equity portion of subsidiary from non-controlling interests (7) (5,062) (5,055)
Other (3,305) (4,507) (1,202)
Net cash provided by/used in financing activities (94,943) 36,887 131,830
Effect of exchange rate changes on cash and cash equivalents 3,736 (5,395) (9,131)
Net increase (decrease) in cash and cash equivalents (97,757) 15,830 113,587
Cash and cash equivalents at beginning of period 625,834 509,288 (116,546)
Cash and cash equivalents at end of period 528,077 525,118 (2,959)
Acquisition of subsidiaries, net of cash and cash equivalents acquiredPurchase of investments in associates and joint ventures, and other investments
Millions of yenThree‐month period ended June 30,
Variance
Adjustments to reconcile profit for the year to net cash provided by (used in) operating activities:
Proceeds from sale of subsidiaries, net of cash and cash equivalents disposed ofProceeds from sale of investments in associates and joint ventures, and other investments
From the FYE 3/2020, "Food", "Consumer Products", “Chemical & Forest Products”, “Energy & Metals”, “Power Business & Plant” and“Transportation & Industrial Machinery” have been reclassified into “Lifestyle”, “ICT & Real Estate Business”, “Forest Products”, “Food”, “Agri Business”, “Chemicals”, “Power Business”, “Energy”, “Metals & Mineral Resources”, “Plant”, “Aerospace & Ship”, “Finance & Leasing Business”, “Construction, Auto & Industrial Machinery” and“Next Generation Business Development” divisions. In conjunction with these revisions, operating segment information for the year-earlier period and FYE 3/2019 has been reclassified.
"Operating profit (loss)" is presented in accordance with Japanese accounting practice for investors' convenienceand is not required by IFRS. "Operating profit (loss)" is the sum of "Gross trading profit" and"Selling, general and administrative expenses" including "Provision for doubtful accounts".Inter-segment transactions are generally priced in accordance with the prevailing market prices.
"Other" includes headquarters expenses that are not allocated to the operating segments and inter segment elimination,cash and cash equivalents related to finanicng held for general corporate purposes that are not allocated to the operating segments.
Revenue
Gross trading profit (loss)
Operating profit (loss)
Share of profits (losses) of associates and joint ventures
Profit (loss) attributable to owners of the parent
Segment assets (as of June 30, 2019)
Revenue
Gross trading profit (loss)
Operating profit (loss)
Share of profits (losses) of associates and joint ventures
Profit (loss) attributable to owners of the parent
Segment assets (as of June 30, 2019)
Revenue
Gross trading profit (loss)
Operating profit (loss)Share of profits (losses) of associates and joint ventures
Profit (loss) attributable to owners of the parent
Segment assets (as of March 31, 2019)
Revenue
Gross trading profit (loss)
Operating profit (loss)Share of profits (losses) of associates and joint ventures
Profit (loss) attributable to owners of the parent