presentation material (pdf:2.6mb)

May 9, 2014Mitsubishi Corporation

Results for the Year Ended March 2014

May 9, 2014

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 assumptionsthat, 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.

• The Global Environmental & Infrastructure Business shows the earnings connected with infrastructure-related businesses of the Global Environmental & Infrastructure Business Group that were previously included in “Adjustments and Eliminations.”

• Past figures for each segment have been restated on the basis of the new organization structure following an internal corporate reorganization in April 2013.

• Consolidated net income estimate for year ended March 2014 (IFRS) is an estimated restatement of the result for the year ended March 2014 (US GAAP) in terms of International Financial Reporting Standards (IFRS). It takes into account the estimated financial impact of adopting IFRS and the difference between US GAAP and IFRS that can be recognized in certain line items. Consequently, the consolidated financial statements for Mitsubishi Corporation herein may differ materially from the statements based on International Financial Reporting Standards the Company will disclose in its Annual Securities Report, at a later date.


360.0 billion yen

Year ended Mar. 2014 (results)

444.8 billion yenYear ended Mar.

2013 (results)

170.1

194.3

171.6

259.0

47%

40%

60%

53%

Energy Business and Metals*

Industrial Finance, Logistics & Development, Machinery, Chemicals and Living Essentials

Adjustments and Elimination

Year ended Mar. 2014 (revised forecast)420.0 billion yen

Surpassed the revised forecast to achieve 444.8 billion yen in consolidated net income Net income from non-resource fields was a record 259.0 billion yen, significantly higher than

net income from resource fields

1. Consolidated Net Income for the Year Ended March 2014

*Steel products operations in Metals are counted in non-resource fields

Consolidated net income for year ended March 2014: 444.8 billion yen

1


*Profit and loss on sales is not included in the amount of “Asset sales.”

Execute new investments centered on the non-resource fields that will pave the way for further growth going forward

Steadily execute asset replacement to enhance the asset portfolio

2. Investment Plan and Asset Replacement

Total

Depreciation

Total

Actual (Cumulative Total)Main Investment and Divestment Areas

1Q 2Q 3Q 4Q

LNG and shale gas-relatedCoking coal/thermal coal business in Australia

Non-resource 117 143 88 470Aircraft leasingShipping businessOffshore transmission businessBrazilian grain company (Subsidiary)

68Resource 93 77 92 330

PortfolioReshaping

Asset sales* 140 110 80 510Marketable securities available for saleSales of assets in automobile financing companyAircraft leasingReal estateShipping business

40

NewInvestment

210 220 180 800

180

170

(30)

160 120 680

120Net Investment 30 60 60

122

190

180

40

220

50 40

（Billion yen)

2


Maintain financial soundness by limiting net investment to within the scope of consolidated net income

Free cash flow was a positive 75.4 billion yen in the year ended March 2014.

3. Financial Policies

2,600 billion yen

1,000 billion yen

1,600 billion yen

Midterm Corporate Strategy 2012 (Cumulative 3-year results)

New Strategic Direction (Cumulative 3-year forecasts)

Gross investment (A)

Depreciation, amortization and asset replacement (B)

Net investment (A-B)

1,300 billion yen

1.0 (as of March 31, 2013)

1,100 billion yen or more

Around 1.0

2,000-2,500 billion yen

1,500 billion yen

500-1,000 billion yen

Consolidated net income

NET DER

800 billion yen

700 billion yen

100 billion yen

(Year ended March 2014 results)

400 billion yen

0.9

≪Free cash flow≫ ≪-800 billion yen≫ ≪+75.4 billion yen≫

3


Year ending March 2015 forecast (IFRS)

Consolidated net income plan for year ending March 2015: 400 billion yen

Approx. 360 billion yen

Year ended March 2014 estimate (IFRS)

Consolidated net income forecast to increase from 360 billion yen (IFRS estimate) in year ended March 2014 to 400 billion yen in year ending March 2015

4. Forecasts for Year Ending March 2015

400 billion yen

167

224

43%

57%

Energy Business and Metals*

Industrial Finance, Logistics & Development, Machinery, Chemicals and Living Essentials

Adjustments and Elimination

*Steel products operations in Metals are counted in non-resource fields

9

4


5. Dividend Policy

Dividend in the year ended March 2014 was a record 68 yen per share The dividend forecast for the year ending March 2015 is 60 yen per share. Along with a 10 yen

per share dividend commemorating the 60th anniversary of Mitsubishi Corporation’s historic re-merger, the Company is scheduled to pay a total dividend of 70 yen per share.

Dividend per share

Year ending March 2015 dividend forecast

400 billion yenConsolidated net income

Dividend in year ended March 2014

444.8 billion yen

Variable dividend

Base dividend50 yen

10 yen

10 yen

60th anniversary commemorative

dividend

70 yen

Variable dividend

Base dividend50 yen

18 yen

68 yen

5


Overview of Results for the Year Ended March 2014

6


9.2 17.567.5 68.322.6 32.855.6

87.125.0

31.114.4

22.2

2013.3 2014.3

Global Environmental &Infrastructure Business

Industrial Finance, Logistics& DevelopmentMachinery

Chemicals

Living Essentials

Metals—Non‐resource

27.7 23.7

142.4 147.9

2013.3 2014.3

Energy Business

Metals—Resource

Year-over-Year Segment Net Income by Resource and Non-resource Field

[Resource]

[Non-resource]

■ Energy Business (+4％)The increased earnings reflect gains on the sale of shares and higher dividend income from overseas resource-related business investees, despite higher exploration costs.

■ Metals—Resource (-14%)The lower earnings reflect lower equity-method earnings and dividend income from resource-related investees, despite higher earnings posted at an Australian resource-related subsidiary (coking coal).

■ Global Environmental & Infrastructure Business (+54%)The higher earnings mainly reflect a one-time gain associated with price revisions in offshore power transmission operations.

■ Industrial Finance, Logistics & Development (+24%)The higher earnings mainly reflect increased earnings in the fund investment and aircraft leasing-related businesses.

■ Machinery (+57%)Earnings rose due mainly to an absence of impairment losses recorded on company-owned vessels in the previous fiscal year, strong performances in Asian automobile-related operations, the yen’s depreciation and gains on the sale of assets.

■ Chemicals (+45%)Earnings increased mainly due to gains on the sale of shares and higher earnings on transactions at a petrochemical business-related company.

■ Living Essentials (+1%)Earnings increased mainly due to strong performances in food-related businesses, despite equity-method earnings falling as a result of divestment of affiliated investees.

■ Metals—Non-resource (+90%)The higher earnings reflected gains on the sale of shares and the absence of share write-downs recorded in the previous fiscal year.

＋5.5

-4.0

+7.8

+31.5

+10.2

+0.8

（Billion yen）

（Billion yen）

+6.1

*Earnings related to steel products operations in Metals are counted in Non-resource fields.

+64.7

+1.5

+8.3

170.1（47%） 171.6（40%）

194.3（53%） 259.0（60%）

7


761.6

331.2

550.7

403.3

258.1

(138.5)(262.6)

(1,100.9)

(752.5)

(182.7)

623.1

68.6

(550.2)

(349.2)

75.4

Operating cash flows Investing cash flows Free cash flows

Cash Flows

(Billion yen)

○ Operating Cash Flows : 258.1 billion yen

Operating cash flows provided net cash mainly due to cash flows from operating transactions at subsidiaries and dividend income from investees, mainly resource-related businesses, despite an increase in cash requirements due to changes in assets and liabilities associated with operating activities.

○ Investing Cash Flows: -182.7 billion yenInvesting activities used net cash mainly due to capital expenditures by metals resource-related subsidiaries and investments in energy resource businesses and offshore power transmission operations, despite cash provided by the sale of shares and real estate.

[Cash Flows for the Year Ended March 2014]

Year ended Mar. 2010




Year ended Mar. 2014 8


Shareholders’ Equity and Interest-Bearing Liabilities

2,947.3

3,647.4

4,335.84,522.2

3,233.3

3,507.8

4,179.7

4,774.2

0.91.0 1.0

0.9

0.0

1.0

2.0

Mar. 31, 2011 Mar. 31, 2012 Mar. 31, 2013 Mar. 31, 2014

Interest-bearing liabilities (net) Total shareholders' equityDebt-to-equity ratio (net) (Billion yen)

1. Consolidated net income(+444.8 billion yen)

2. Improvement in foreign currency translation adjustments(+283.1 billion yen)

3. Payment of dividends (-98.9 billion yen)

4. Deterioration in net unrealized losses on derivatives(-61.2 billion yen)

[Main Reasons for Change in Total Shareholders’ Equity]（+594.5 billion yen compared to March 31, 2013）

[Effect of Currency on Foreign CurrencyTranslation Adjustments]

CurrencyEffect of foreign currency

on foreign currencytranslation adjustments(Estimate, billion yen)

Mar. 31,2013

rate (Yen)

Mar. 31,2014

rate (Yen)

US$ 185 94.05 102.92AUS$ (20) 97.93 95.19Euro 25 120.73 141.65

British Pound 30 143.16 171.31CAN$ 15 92.58 93.17

9


+440

444.8

360

-70

-20

FVTOCIadjustment Other

(Approx. -85)

Year ended March 2014 results(US GAAP)

Year ended March 2014 estimates

(IFRS)

Restatement of Year Ended March 2014 Results According to International Financial Reporting Standards (IFRS)

4,774.2

5,070Approx. +300

Con

solid

ated

net

inco

me

Shar

ehol

ders

’ equ

ity

(Billion yen)

Write-downadjustment

-110

FVTOCIadjustment

Write-downadjustment

-35

Other

+5

10


167

224Approx.

230

[Forecasts by Segment]

Year ended March 2014

estimate (IFRS)

43%

57%-6

＋47

Other

Year ending March 2015

forecast (IFRS)

9

34%

66%

Approx.10 -1

Year ended March 2014 estimate (IFRS)

Year ending March 2015 forecast (IFRS)

Increase or decrease

Approx. 360 billion yen 400 billion yen +40 billion yen(11%)


Forecasts for the Year Ending March 2015 (IFRS)

Resource

Non-resource

Resource

Non-resource

Approx. 120

Approx.360400

120

57

1827

81

31

579

Energy Business

Metals

Global Environmental & Infrastructure Business

Industrial Finance, Logistics & Development

Machinery

Chemicals

Living Essentials

Adjustment and Eliminations

11


[Foreign Exchange, Interest Rate and Commodity Prices Sensitivities]

Year endedMar. 2013

Actual

Year endedMar. 2014

Actual(a)

Forecasts foryear ending

Mar. 2015(b)

Increase anddecrease

(b)-(a)

Foreign Exchange(yen/US$) 82.9 100.2 100 -0.2

Yen Interest(%)TIBOR 0.32 0.23 0.25 0.02

US$ Interest(%)LIBOR 0.37 0.25 0.40 0.15

Crude OilPrices(US$/BBL)

(Dubai)107.1 104.6 100 -4.6

Copper(US$/MT) 7,854 7,104 7,496 392

[ ￠/lb ] [ 356] [ 322] [ 340] [ 18]

Net Income Sensitivities

Depreciation (appreciation) of 1 yen per US$1 has a 2.5 billion yen positive(negative) impact on a full year basis.

The effect of rising interest rates is mostly offset by an increase in operating andinvestment profits. However, a rapid rise in interest rates can cause a temporarynegative effect.

A US$1 rise (decline) per barrel increases (reduces) full-year earnings by 1.0 billionyen. Besides crude oil price fluctuations, other variables such as the different fiscalyears of consolidated companies, the timing of the reflection of the crude oil price insales prices, the dividend policy and sales volume affect crude oil-related earningsas well. Therefore, the impact on earnings cannot be determined by the crude oilprice alone.

A US$100 rise (decline) per MT increases (reduces) full-year earnings by 1.3 billionyen. Besides copper price fluctuations, other variables such as the grade of minedore, the status of production operations, and reinvestment plans (capitalexpenditure) affect earnings from copper mines as well. Therefore, the impact onearnings cannot be determined by the copper price alone.

(Reference) Market Conditions

12


Appendix

13


Global Environmental ＆ Infrastructure Business(Infrastructure-related Business) Segment



Gross profit 18.7 27.2

Operating income (12.8) (11.6)Equity in earnings of Affiliated companies 16.9 19.3

Consolidated net income 14.4 22.2

Segment assets 722.5 845.5

<Overview of Results for the Year Ended March 2014 (US GAAP)>

The segment recorded consolidated net income of 22.2 billion yen, up 7.8 billion yen year over year.

The higher earnings mainly reflect a one-time gain associated with price revisions in offshore transmission operations.

2.8 3.7 2.6

4.2 4.8

14.5

4.2

‐0.2

‐5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Year ended March 2013 Year ended March 2014

1Q 2Q 3Q 4Q

* Infrastructure-related business includes power generation (thermal, new energy), water, transportation infrastructure, engineering and plant projects business.* Following a reorganization on April 1, 2013, the Machinery Group’s Plant & Engineering Business Division was transferred to the Global Environmental & Infrastructure Business Development Group.

Consolidated net income（Billion yen）

14.4

22.2

14


Industrial Finance, Logistics & Development Segment




Operating income 18.6 16.2Equity in earnings of Affiliated companies 16.5 25.9


Segment assets 1,027.2 1,054.4



The higher earnings mainly reflect increased earnings in the fund investment and aircraft leasing-related businesses.

0.5 2.9 2.9 3.2

6.4 8.3 3.9

7.8

12.3

6.6

7.9

7.6

（7.9）

11.1

‐10

‐5

0

5

10

15

20

25

30

35

Year ended March2010





1Q 2Q 3Q 4Q Full Year

*Following a reorganization on April 1, 2012, a part of the Logistics Division (Insurance Business Unit) was transferred to the Corporate Staff Section. The figures for the year ended March 2012 and prior years have been restated according to this reorganization.


14.2

(7.9)

11.1

25.0

31.1

15


Crude Oil (Dubai)

(US＄/BBL)April -June

July -Sept.

Oct.-Dec.

Jan.-March

Year ended March 2009 116.9 113.3 52.6 44.2

Year ended March 2010 59.1 67.9 75.4 75.8

Year ended March 2011 78.1 73.9 84.3 100.5

Year ended March 2012 110.7 107.1 106.5 116.1

Year ended March 2013 106.4 106.3 107.5 108.2

Year ended March 2014 100.8 106.3 106.8 104.5

Energy Business Segment




Operating income 11.2 (2.9)Equity in earnings of Affiliated companies 72.2 65.9



<Overview of Results for the Year Ended March 2014 (US GAAP)>The segment recorded consolidated net income of 147.9 billion yen,

up 5.5 billion yen year over year.

The increased earnings reflect gains on the sale of shares and higher dividend income from overseas resource-related business investees, despite higher exploration costs.

20.5 26.3 30.1

54.342.5

11.3

29.535.3

38.9 55.0

9.8

17.4

33.8

26.7 15.4

30.3

20.8

21.4

22.5 35.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0






1Q 2Q 3Q 4Q


120.6

71.9

94.0

142.4 147.9

16


Metals Segment

<Overview of Results for the Year Ended March 2014 (US GAAP)>The segment recorded consolidated net income of 41.2 billion yen, up 4.3

billion yen year over year.

The increased earnings reflect higher earnings posted at an Australian resource-related subsidiary (coking coal) and gains on the sale of shares despite decreases in equity-method earnings and dividend income from resource-related investees.

Year ended March 2013 Year ended March 2014


Operating income (13.3) 57.4Equity in earnings of Affiliated companies 18.5 24.3



Restatements in line with equity-method consolidation:*Coal & Allied: Only full fiscal years have been restated in the year ended March 2010 (the impact of the

restatement is included in the fourth quarter figure), and from the year ended March 2011 onwards each quarter has been restated.

*Anglo American Sur: Each quarter stating with the three months ended March 2012 has been restated.

27.8

85.1 58.4

8.3 16.9

29.3

63.1

52.2

5.0 5.9

27.6

41.5

34.8

8.1 15.9

54.2

41.8

25.2

15.5 2.5

0.0

50.0

100.0

150.0

200.0

250.0






1Q 2Q 3Q 4Q（Billion yen）

170.6

138.9

231.5

36.9


41.2

Data from Main Consolidated Subsidiaries[Changes between year ended March 2013 and year ended March 2014; billion yen]

Steel product ・Metal One Corporation +1.1 [13.1→14.2]

Coal ・MDP +6.4 [(2.4)→4.0]

Iron Ore ・M.C. Inversiones（CMP） +4.7 [4.1→8.8]

・IOC +4.8 [8.0→12.8]

Copper ・JECO Corporation /JECO 2 (Escondida copper mine)

-3.8 [7.2→3.4]

・MC Copper Holdings B.V. (Los Pelambres copper mine)

-2.6 [6.5→3.9]

・Antamina (non-consolidated)Dividend (after tax)

+2.7 [3.7→6.4]

・MC Resource Development （AAS）

+7.2 [(1.5)→5.7]

17








<Overview of Results for the Year Ended March 2014 (US GAAP)>The segment recorded consolidated net income of 87.1 billion yen, up

31.5 billion yen year over year.

The higher earnings mainly reflected an absence of impairment losses recorded on company-owned vessels in the previous fiscal year, strong performances in Asian automobile-related operations, the yen’s depreciation and gains on the sale of assets.

15.2 24.5

16.4

26.1 12.9

16.8

11.1

19.7

8.5

52.0 45.5

0

10

20

30

40

50

60

70

80

90

100






1Q 2Q 3Q 4Q Full Year

*Following a reorganization on April 1, 2013, the Plant & Engineering Business Division was transferred to the Global Environmental & Infrastructure Business Group.

The figures for the year ended March 2013 and prior years have been restated according to this reorganization.


8.5

52.045.5

87.1

55.6

Machinery Segment

18


Chemicals Segment






Segment assets 916.6 1,007.0



Earnings increased mainly due to gains on the sale of shares and higher earnings on transactions at a petrochemical business-related company.

14.9

7.7 11.5

7.2 8.0

4.6

5.5

6.4

6.4

11.6

6.2

8.2

13.5

4.9

8.1

6.7

7.7

5.7

4.1

5.1

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0






1Q 2Q 3Q 4Q


37.1

32.429.1

22.6

32.8

19


Living Essentials Segment





Consolidated net income 67.5 68.3Segment assets 2,613.0 2,691.5

<Overview of Results for the Year Ended March 2014 (US GAAP)>The segment recorded consolidated net income of 68.3 billion yen,

up 0.8 billion yen year over year.

The increase reflects strong performances in food-related businesses, despite equity-method earnings falling as a result of divestment of affiliated investees.

3.1 9.2 10.7 9.3 12.8

15.4 12.2 11.8 14.0

11.9

14.0 16.5

19.8 24.8 23.7

14.3 8.4

14.3

19.4 19.9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0






1Q 2Q 3Q 4Q

* In the year ended March 2011, Mitsubishi Shokuhin (then RYOSHOKU) changed its fiscal year to end in March. The figures for the year ended March 2010 has been restated for thefull year only. (The impact of the restatement is included in the fourth quarter figure.) From the year ended March 2011, the figures have been restated quarterly.


56.6

46.8 46.3

67.5 68.3

20


4Offshore Power Transmission

in EuropeBuilding and operating one of the world’s largest power transmissions (800 km) for offshore wind power in the North Sea and around the U.K.

Global Environmental & Infrastructure Business

1Mega Solar Power Generation

Business in Japan

2Mega Solar Power

Generation Business in ThailandBy means of FIT introduced inJuly 2012, developing 11 mega solar power generation projects (total 155 MW)

Operating a solar photovoltaic project in Lop Buri, Thailand, with a generating capacity of 84 MW of electricity, making it one of the largest such projects in the world.

3Offshore Wind Farm Business

in Europe

Operating one of the world’s largest offshore wind power stations in the North Sea (130 MW)

7Dubai Metro

Fully automated driverless train operating on the world’s longest line (76 km completed September 2011; Guinness World Records)

8New Ulaanbaatar International

Airport in Mongolia

Constructing a new international airport on the outskirts of Ulaanbaatar as the joint venture leader

5Swing Corporation

Established in 2010 by MC, JGC Corporation and EBARA CORPORATION, Swing combines the partners’ respective strengths as a comprehensive water services company. The company was renamed Swing Corporation in 2011.

6TRILITY Group

A comprehensive water services provider in Australia. TRILITY is developing EPC services, O&M services, asset management and business operations in the water and wastewater treatment, industrial and resource fields.

21


4267

99 102 10913142

49

47 39 3938

020406080

100120140160180200

Year endedDec. 31, 2014(Est.)

MC’s Reserves

Global Energy Resource- Related Businesses

Total 1.64 billion barrels*, **(As of December 31, 2013)

* Oil equivalent. Includes consolidated subsidiaries and equity-method affiliates.** Participating interest equivalent. Includes reserves based on MC’s in-house methodology.

Equity Share of Oil and Gas Production Amount (Yearly Average) *Equity Share of Production(Thousand BBL / Day)

84

116

146 141

Year ended Year endedDec. 31, 2008

Year endedDec. 31, 2009

Year endedDec. 31, 2010

Year endedDec. 31 ,2011

Year endingDec. 31, 2013

Natural Gas Crude oil/condensate 169

Dec. 31 ,2012

148

Natural gas1.41 billion barrels

Crude oil Condensate0.23 billion barrels

22


Japan37%

Others63%

240

0

100

200

300

400

2013 2020

0

1

2

3

4

5

6

7

8

Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 (Est.)

Equity Share of LNG Production CapacityTangguh*

Sakhalin II*

Qalhat (Oman）

Oman

North West Shelf*

Malaysia III*

Malaysia II

Brunei

Natural Gas Business

5.34

7.057.05 7.05

World’s LNG Imports LNG Imports to Japan and MC’s share

Japan is currently the world’s largest LNG importer, accounting for approximately 37% of the world’s LNG imports. MC handles around 36% of Japan’s LNG imports.

World’s LNG demand was 240 million tons in 2013, which is expected to grow nearly 1.4 times by 2020 (MC estimate).

Approximately1.4 times

World’s LNG Demand Forecast（Million Tons / Year）

87.7

（Million Tons)

（Year Ended March 2014)

Expected average annual growth rate is about 5.0％

*MC’s share includes imports where MC’s only involvement is trading.

*Owns upstream working interest

（Million Tons / Year）

7.05 7.05

64%36%

MCOthers

7.05

23


Global Metal Resource-Related Businesses

MC20%

Others80%

Aluminum

MC16%

Others84%

Thermal Coal

MC17%

Others83%

Copper

MC31%

Others69%

Coking CoalMC5%

Others95%

Iron Ore

136 59 127 1.61.5

Imports to Japan and MC Share （CY2013; million tons）

*MC’s share includes imports where MC’s only involvement is trading. 24


(*) MC Share represents the share of voting rights held.

(**) Production at Norwich Park Mine and Gregory Crinium open cut mine indefinitely ceased.

(***) As Warkworth and Coal & Allied annual production capacity is not public, the 2013 calendar year production volume is used here.

Product Project Country Annual Production Capacity (*) Main Partners MC Share*

Notes

BMA Australia Coking Coal, etc., 62.5 mt (**) BHP Billiton 50.00% For details see pages 26 and 27

Warkworth Australia Thermal Coal, etc., 8 mt (***) Coal & Allied 28.90% -Coal&Allied Australia Thermal Coal, etc., 25 mt (***) Rio Tinto 20.00%

Clermont AustraliaThermal Coal, 12.2 mt (At full

production)Rio Tinto, J-Power 31.40%

Ulan Australia Thermal Coal, 7.2 mt Glencore Xstrata 10.00% Expansion w ork underw ay. (Production scheduled to commence in 2014)Jack Hills/

Oakajee Port & RailAustralia 100%

IOC CanadaPellet 12.5 mt

Concentrate 8 mtRio Tinto 26.18%

Expansion Plans -Stage 1: 18→22MtpaStage 2: 22→23.3Mtpa (Partial production began in 2013）

CMP Chile Pellet, PF, etc., 14 mt CAP 25.00%Expansion Project (12→18Mtpa)Expansion of Los Colorados Mine (+2Mtpa) and development of Cerro Negro Norte Mine(+4Mtpa).

Mozal (Refinery) Mozambique Aluminum 560 kt BHP Billiton 25.00%

9.50% (First & Second Series)

14.25% (Third Series)Albras (Refinery) Brazil Aluminum 450 kt Hydro 2.70%

Escondida Chile Copper more than 1,200 kt BHP Billiton, Rio Tinto 8.25%・Currently building a new concentrator and expanding leaching pad・Plans to raise copper production to more than 1.3 million MT in the year ending March 2016through this expansion.

Los Pelambres Chile Copper 410 kt Luksic Group (AMSA) 5.00%Prioritize the maximum usage of existing infrastructure for the expansion project. How ever,continue the study for the possibility of a large scale expansion in order to exploit the richresource as much as possible.

Anglo American Sur Chile Copper 500 kt Anglo American 20.4% Sold 4.1% in August 2012 and changed equity-method percentage.

Antamina PeruCopper 450 kt

Zinc 400 ktBHP Billiton,

Glencore Xstrata, Teck10.00% Expansion plan completed in 2012.

Quellaveco Peru (Copper 281 kt) Anglo American 18.10% Acquisition of IFC's interest in Feb. 2012.

Gresik (Refinery) Indonesia Copper 300 kt Freeport Indonesia,Mitsubishi Materials

9.50%

Pacific Metals (Refinery) Japan Ferro-nickel 40 ktNippon Steel,Nisshin Steel

8.15%

Hernic South Africa Ferro-chromium 420 kt IDC, ELG, IFC 50.975%

Weda Bay Indonesia (Nickel intermediate product 65 kt) Eramet, PT Antam 27.00% Feasibilty study in progress.

Kintyre Australia Cameco 30.00% Feasibilty study in progress.

AREVA Mongol Mongolia Areva 34.00%・Feasibility study in progress.・Aquired 34% shareholding from AREVA Mongol in November 2013.

AREVA Resources Australia Australia Areva (49.00%) Under exploration.(Hold the option to acquire 49% interest if MDP's share of exploration costsreaches a specif ied amount.)

JCU CanadaItochuOURD

33.33%・Holds interest in 15 projects.・Under exploration. Feasibility currently under study.

Furuya Metal(Precious metal processor)

Japan All types of precious metals products Tanaka K.K., Lonmin 20.30%

Marathon CanadaPGM concentrate 200 k oz

(Incl. 17 kt of copper)Stillwater 25.00% Feasibility study in progress.

Coal

Aluminum

Copper

Iron Ore

Boyne Smelters (Refinery) Australia Aluminum 560 kt Rio Tinto

Platinum GroupMetals

Uranium

Nickel, FerroAlloys

Metal Resource-Related Projects (*) Project 100% basis

25


Goonyella Riverside MineOpen cut: Hard Coking Coal

Broadmeadow MineUnderground: Hard Coking Coal

Daunia MineOpen cut: Hard Coking Coal / PCI (Pulverized Coal Injection)

Caval Ridge MineOpen cut: Hard Coking Coal

Peak Downs MineOpen cut: Hard Coking Coal

Saraji MineOpen cut: Hard Coking Coal

Saraji East Mine Underground: Hard Coking Coal

Norwich Park Mine（Production indefinitely ceased）Open cut: Hard Coking Coal

Gregory Crinum Mine (Open cut production indefinitely ceased)

Open cut / Underground: Hard Coking Coal

Blackwater MineOpen cut: Hard Coking Coal / Weak Coking Coal / Thermal Coal

Overview of MDP Coal Business

BMA Mines (Including Expansion Options)

・・・Operating Mines・Ports

・・・Mines under Development

・・・Undeveloped Mines

・・・Temporary shutdown Mines

・・・Expansion Options

26


4.30.6 1.6

3.50.6 1.9

5.8

1.42.4

4.6

0.71.4

3.6

0.9

2.1

5.5

1.2

3.1

4.2

0.7

1.7

5.0

1.1

2.6

6.0

1.3

3.2

4.1

0.7

1.9

4.4

0.9

2.3

6.6

1.3

2.5

0

4

8

12

16

20

24

28Apr-Jun Jul-Sep Oct-Dec Jan-Mar

Total40.2 (US$/Ton)

MDP Annual Sales Volume(*) (**) (***)

Benchmark Price Trend of Australian High-Quality Hard Coking Coal to Japan

AUD／USD Average Exchange Rate

*The above exchange rates differ from those actually used by MDP.Source: Bloomberg

Coal Business （Sales, Production, Price and Exchange Rate）

(**)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.

1Q 2Q 3Q 4Q

Year ended March 2011 U$0.8834/A$ U$0.9047/A$ U$0.9889/A$ U$1.0058/A$



Year ending March 2014 U$0.9907/A$ U$0.9158/A$ U$0.9277/A$ U$0.8962/A$

(*)Includes equity share of thermal coal sales other than from BMA

Source: ・The Australian Bureau of Agricultural and Resource Economics-Bureau of Rural Sciences (ABARE-BRS) “Australian commodities”

・Wood Mackenzie Press Release・Various news media

Despite a partial impact of the rainy season, production volumes at BMA during the forth quarter (Jan-Mar) remained steady from the third quarter (Oct-Dec.) due to the outcome of the improvement of productivity.

(***)Sometimes the quarterly figures do not exactly add up to the total annual figures due to rounding.

Year ended March 2012 Year ending March 2014Year ended March 2013

(Million tons)

Hard coking coal

Semi soft coking coal

Thermalcoal

Hard coking coal


Thermalcoal

Hard coking coal


Thermalcoal

Total29.0

16.6

3.4

9.0

6.7

2.7

17.2

Total26.7

23.8

5.2

11.2

4.9 4.9 4.1 3.9 6.7 6.8

5.3 5.2 5.2 4.2

6.7 6.55.0 4.8 5.4 6.0

7.5 7.34.2 4.7 5.3 5.1

7.5 7.6

0

5

10

15

20

25

30

35

Production Sales Production Sales Production Sales

Apr-Jun Jul-Sep Oct-Dec Jan-Mar

BMA Annual Production and Sales Volume (50% Basis) (***)(Million tons)

Year ended March 2012 Year ended March 2013 Year ending March 2014

20.119.4 19.319.7

28.4 28.3

350

300

250

200

150

100

Year EndedMarｃｈ31 2011

Year EndedMarｃｈ31 2012

Year EndedMarch31 2013

Year EndedMarch31 2014

50

0Year Ended

Marｃｈ31 2010

27


Iron Ore Business

Equity Share of Production Annual/Quarterly Price of Australian Iron Ore to Japan（USD/ton）

0.7 0.70.9

0.7 0.8 0.7

0.90.7

1.0

0.7

1.1

0.8

1.0

0.7

1.0

0.8

1.0

0.9

0

1

2

3

4

5

IOC CMP IOC CMP IOC CMP

Year Ended Dec.2012 Year Ended Dec.2013 Year Ended Dec.2014

Jan-Mar Apr-Jun Jul-Sep Oct-Dec

0.8 0.7

3.7

3.0

Year ended Dec. 2013Total 6.9

Year endedDec. 2014(Jan-Mar)Total 1.5

Year endedDec. 2012Total 6.7

（Million tons）

3.9

3.0

Year EndedMarｃｈ 2013


0




180

160

140

120

100

80

60

40

20

28


・The Escondida copper mine is the world’s largest copper mine, producing more than 1 million tons of copper per year.

・Years’ Worth of Mineable Resources:Escondida Mine more than 50 yearsLos Pelambres Mine more than 50 yearsAntamina Mine more than 20 yearsLos Bronces Mine more than 30 yearsEl Soldado Mine 25 years

0

2,000

4,000

6,000

8,000

10,000

12,000

2009 2010 2011 2012 2013 2014

Copper Business

（US$/ton）

Equity Share of Production LME Copper Price (Monthly Average)

21

9 5

26 25

8 5

23 23

105

26

24

11

5

25 25

11

5

24

21

12

6

20 24

13

5

24

23

12

6

2324

13

5

25

0

20

40

60

80

100

120

140


（Thousand tons）

Year endedDec. 2012Total 248

Year ended Dec. 2013Total 259

Year endedDec. 2014(Jan-Mar)Total 64

Antamina Los Anglo AmericanEscondida Pelambres Sur

23

10

20

89

44

21

9498

45

5

96


26


29


0

500

1,000

1,500

2,000

2,500

3,000

2009 2010 2011 2012 2013 2014

（US$/ton）

Aluminum Business

Equity Share of Production LME Aluminum Price (Monthly Average)

34

167

35

167

36

153

35

16

7

34

16

7

35

17

8

35

17

8

35

17

7

35

16

6

0

50

100

150

200

Mozal Boyne Others Mozal Boyne Others Mozal Boyne Others


（Thousand tons）

Year endedDec. 2014(Jan-Mar)Total 54

Year ended Dec. 2013Total 232

Year endedDec. 2012Total 234

36

3

15

139

66

29

139

65

28

30


Global Automobile-Related Business (MMC-Related)

①2.26Mil Units②MMC 15K Units(0.7%)

①0.13Mil Units②MMC 2.0K Units(1.2%)MFTBC 400 Units(0.3%)

MMPDistributor

①0.66 Mil Units②MMC 12K Units（1.9%）

MMMDistributor /Assembling

①0.38 Mil Units②MMC 11K Units(2.9%)


MFTBC 2K Units(0.8%)

①97 K Units②MMC 1.4K Units (1.5%) MFTBC 0.8K Units(0.8%)


①1.23 Mil Units②MMC 91K Units (7.4%)

MFTBC 66K Units(5.4%)

BASUsed car sales and rental cars

MKMEngine / Press Components production

BSIIT system

MMC RusDistributor

Morocco


MCEBAutomobile

Finance

①0.73Mil Units②MMC 4K Units(0.6%)

MFTBC 110 Units

B&MDistributor



CCCDistributor

①2.13Mil Units(Foreign brand）

②MMC 79K Units (3.7%)




Tunisia① 50K Units

② MMC 1K Units（2.0％）

Country・District① Overall Demand ② Vehicle sales of MC’s partner

car maker (share)from Jan. to Dec. 2013

As of March 2014

SpainUK

Russia

China（※）

Portugal Germany


Poland

①0.20 Mil Units②MMC 5 K Units(2.5%)

NIKOExport from Japan

Ukraine

Taiwan（※）

Peru

Chile

BrazilSouth Africa

India

Malaysia

Vietnam

Indonesia

（※）MMC’s sales in China/Taiwan only includes Mitsubishi brand cars.

SDSAutomobile

Finance

MCFRAutomobile

Finance

MCBRAutomobile

Finance

Distributor Production

OthersAutomobile

Finance

Export

MCPDistributor

DM/AHVIExport from Japan

BTLExport from Japan

LM/SAMExport from Japan

HMLExport from Japan

MMSCN(Shanghai)Distributor

SAME(Shenyang)Engine Production

DAE(Harbin)Engine Production

VSMAssembling /Distributor

GMMC(Changsha)Production /Distributor

CMCProduction /Distributor

MCAPDistributor

MMCCDistributor

MMCBExport from Japan

KTBDistributor

DSFAutomobile Finance

KRMAssembling

Assembling /Distributor

31


MC’s Risk ExposureMC’s Risk Exposure

Year Ended March 2013

(1)

Year Ended March 2014

(2)(2) - (1)

Year EndingMarch 2015 Target

(announced on April 24, 2014)

Operating transactions 1,815.1 2,093.4 +278.3 2,300.0

Operating Income 67.4 123.4 +56.0 135.0

Ordinary Profit 93.9 129.5 +35.6 138.0

Net Profit 38.0 104.7 +66.7 110.0

Sales Volume (Retail) 987 1,047 +60 (1,182)

Note: Sales volume excludes OEM sales.

(Billion yen, thousand units)

(Source: MMC Year Ended March 2014 Results Announcement)

Mitsubishi Motors Corporation (MMC)Summary of MMC’s Results

Announcement for the Year Ended March 2014

Summary of MMC’s Results Announcement for the Year Ended March 2014

240 240 250 255 250 215 205

0

100

200

300

400

500

31-Mar-11 30-Sep-11 31-Mar-12 30-Sep-12 31-Mar-13 30-Sep-13 31-Mar-14

Unrealized gain on shares

Unrealized loss on shares

Risk exposure to MMC proper

Risk exposure to related businesses

(Billion yen)

Approx. 370

Approx. 370

130 130 120

Approx. 370

105

Approx. 360

130

Approx. 380

Approx. 355

140

Approx. 365

160

32


MC is jointly developing business with Isuzu centered on Thailand, where MC has been selling vehicles over 55 years. LCVs produced in Thailand are exported and sold throughout the world. MC is also expanding sales of CVs to resource-rich and other nations. Total demand in calendar year 2013 in the Thai auto market was 1.33 million units.

Other

Auto finance

Export/sales

Distributor

Distributor/assembly

Services

Production

Isuzu car sales

Mexico

CV 2.6K Units

IPCImport, assembly and sales

The Philippines

LCV 9.1K UnitsCV 2.7K Units

IMSBImport, assembly and sales

Malaysia

LCV 5.7K UnitsCV 6.3K Units

Thailand (Domestic)

IASDealership

TILAuto finance

TISSole distributor

IMCTProduction company

IEMTDiesel engine production

TIDMolds and pressed parts

production and sales

AUTECBus and truck maintenance,sales and services for GM

vehicles

TISCOServices and parts sales for

Isuzu vehicles

TPITSoftware development,

maintenance andmanagement administration

LCV: 166.5K UnitsCV: 19.6K Units

IMITExport and sales

CBU: Entire Cars KD: kits of parts

Export LCVs

Thailand (Export)

CBU 73.7K UnitsKD 62.4 K Units

PTBDriver dispatch

ISDGermany, Austria and Czech

Import and sales

Germany

LCV 1.2K Units

IUAImport and sales

Australia

LCV 10.7K Units

Results for 12 Months Ended March 2014

Belgium

LCV 0.7K Units

IBXBenelux and Poland

Import and sales

LCV: Light Commercial Vehicle CV: Commercial Vehicle

IMEXImport, assembly and sales

Global Automobile-Related Business (Isuzu-Related)

33


ConsumersRetailingDistributionSecondaryProcessing

Primary Processing

Procurement

ConvenienceStore

(Lawson, etc.）

Food, GeneralSupermarket

(Life Corporation, etc.)

Restaurant(Kentucky Fried

Chicken Japan, etc.)

MitsubishiShokuhin

Toyo Reizo

Foodlink

Yonekyu

(Meat：Japan)

(Meat：Japan)

(Marine Products：Japan)

(Food & BeverageWholesaler：

Japan)

OtherManufacturers

OtherAffiliated

Manufacturers

Nihon Nosan Kogyo

（Feed：Japan)

IndianaPackers

(Meat：USA)

California Oils(Oils & Fats：USA)

Dai-Nippon Meiji Sugar

(Sugar：Japan)

Nitto Fuji Flour(Flour：Japan)

Other Retailers

Other Wholesalers

Agrex do Brasil(ex. Ceagro)

(Grain：Brazil)

Riverina(Grain：Australia)

SouthernCross

Seafood(Salmon：Chile)

The Value Chain of Food Business in Living Essentials Group

Ipanema(Coffee：Brazil)

Agrex

(Grain：Americas）

Art Coffee

(Coffee：Japan)

※Main products and related group companies and partners in the business field.

Princes(Canned Food,Beverage：UK)

34


Earnings and Share Price

(Consolidated net income: Billion yen)

Price-earnings ratio: Shows the relationship between share price and earnings per sharePrice book-value ratio: Shows the relationship between share price and net assets per share

PER

PBR

(Note) * PER and PBR were calculated based on market capitalization, as determined by

multiplying the average share price for the fiscal year by the number of shares issued at period end.

(Share price: Yen)

275.8

464.5 452.3

360.0

444.8

196.9

210.2 184.0

162.6189.7

0

5

10

15

20

25

050

100150200250300350400450500

Year endedMarch 2010





Consolidated net income Share price (Annual average) PER PBR

(PER, PBR: times)

7

0.6

12

1.1

8

1.1 0.9

7

0.6

8

35

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