Mitsubishi Corporation

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ANNUAL REPORT 2011

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DISCOVERING OUR POTENTIAL
Performance

FINANCIAL HIGHLIGHTS

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Figures from the year ended March 2006 through the year ended March 2010 have been retrospectively adjusted to reflect a change in year-end at certain consolidated subsidiaries.
However,
1) No retrospective adjustments have been made to figures in the year ended March 2009 or prior years for gross interest-bearing liabilities, net interest-bearing liabilities, net debt-to-equity ratio or ROIC.
2) No retrospective adjustments have been made to figures for the year ended March 2008 or prior years for cash flows.

  millions of yen millions of
U.S. Dollars
2001.3 2002.3 2003.3 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2011.3
Performance Measure:
Operating transactions*1
¥13,995,298 ¥13,230,675 ¥13,604,304 ¥15,177,367 ¥17,122,034 ¥19,085,562 ¥20,526,402 ¥23,105,053 ¥22,393,595 ¥17,102,782 ¥19,233,443 $231,728
Results of Operations:
Revenues
3,020,626 3,142,597 3,313,554 3,475,848 4,133,338 4,813,468 5,068,199 6,050,654 6,156,365 4,540,793 5,206,873 62,733
Gross profit 603,716 643,922 723,615 766,080 878,707 1,054,371 1,144,982 1,172,665 1,465,027 1,016,597 1,149,902 13,854
Operating income 68,391 68,189 100,550 130,069 185,192 351,040 409,563 354,931 590,502 182,253 316,141 3,809
Equity in earnings of Affiliated companies 17,010 9,293 44,878 57,037 99,624 124,867 152,211 154,993 156,776 113,363 161,455 1,946
Net income attributable to Mitsubishi Corporation 92,605 60,702 62,969 117,556 186,641 356,444 419,109 470,860 369,543 274,846 463,188 5,581
Core earnings*2 130,516 134,813 183,081 212,977 336,905 548,453 685,582 628,419 857,337 379,384 604,829 7,287
Financial Position at Year-End:
Total assets
8,069,384 8,148,902 8,113,317 8,397,868 9,048,561 10,283,887 11,399,928 11,695,007 10,871,554 10,856,850 11,347,442 136,716
Working capital*3 289,386 694,282 682,715 828,971 1,017,681 1,243,841 1,335,452 1,429,764 1,613,776 1,780,008 2,012,098 24,242
Gross interest-bearing liabilities*4 4,194,873 4,239,764 3,938,720 4,017,130 4,040,199 3,766,343 3,829,060 4,183,592 4,879,397 4,154,692 4,257,563 51,296
Long-term debt, less current maturities 2,798,152 3,238,871 3,119,391 3,033,276 2,975,701 2,877,050 2,863,558 3,096,818 3,467,766 3,246,029 3,188,749 38,418
Net interest-bearing liabilities*5 3,823,221 3,813,947 3,531,372 3,521,951 3,423,498 3,130,046 3,081,050 3,443,861 3,567,633 2,968,151 2,947,308 35,510
Total Mitsubishi Corporation shareholders' equity 971,551 1,032,499 942,067 1,224,256 1,493,175 2,347,451 2,917,764 2,872,253 2,382,930 2,962,521 3,284,387 39,571
Cash Flows:
Cash flows from operating activities
(43,146) 162,500 270,281 247,710 145,700 384,278 448,573 327,712 558,226 761,573 331,204 3,990
Cash flows from investing activities 113,169 38,057 (24,388) (70,329) 6,597 (91,851) (303,251) (353,480) (693,550) (138,502) (262,601) (3,164)
Cash flows from financing activities (224,579) (130,469) (282,681) (56,203) (60,414) (239,415) (108,363) 69,700 650,608 (755,347) 76,749 925
Net cash flows (154,556) 70,088 (36,788) 121,178 91,883 53,012 36,959 43,932 515,284 (132,276) 145,352 1,751
  1. Notes: The U.S. dollar amounts represent translations, for convenience, of yen amounts at the rate of ¥83=$1.
  2. *1 Operating transactions is a voluntary disclosure commonly made by Japanese trading companies, and is not meant to represent sales or revenues in accordance with U.S. GAAP. See Note 1 to consolidated financial statements, financial section."
  3. *2 Core earnings = Operating income (before the deduction of provision for doubtful receivables) + Interest expense (net of interest income) + Dividend income + Equity in earnings of affiliated companies"
  4. *3 Working capital consists of all current assets and liabilities, including cash and short-term debt.
  5. *4 Gross interest-bearing liabilities is defined as short-term debt and long-term debt, including current maturities, less the effect of markdowns on liabilities.
  6. *5 Net interest-bearing liabilities is defined as gross interest-bearing liabilities minus cash and cash equivalents and time deposits.
  • NET INCOME ATTRIBUTABLE TO MITSUBISHI CORPORATION (¥ billion)
  • NET INTEREST-BEARING LIABILITIES/NET DEBT-TO-EQUITY-RATIO (¥ billion, times)
  • TOTAL MITSUBISHI CORPORATION SHAREHOLDERS' EQUITY/RETURN ON AVERAGE SHAREHOLDERS' EQUITY (ROE) (¥ billion, %)
  • CASH FLOWS (¥ billion)
  (¥) (U.S. Dollars)
2001.3 2002.3 2003.3 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2011.3
Financial Measures:
Return on average shareholders' equity (ROE) (%)
9.9 6.1 6.4 10.9 13.7 18.6 15.9 16.3 14.1 10.3 14.8 -
Return on average total assets (ROA)*1 (%) 1.2 0.7 1.8 2.5 5.0 5.5 4.8 3.4 2.7 4.8 -
Net debt-to-equity-ratio (times) 3.9 3.7 3.7 2.9 2.3 1.3 1.1 1.2 1.5 1.0 0.9 -
ROIC (core earnings) (%) 2.7 2.8 4.1 4.5 6.9 10.0 11.4 9.9 14.4 6.4 9.7 -
Dividend on equity ratio (%) 1.2 1.2 1.7 2.1 3.0 2.9 3.2 3.2 2.3 3.4 -
Stock Price Information:
Stock price (annual average) (yen)
864 919 822 965 1,202 2,042 2,371 3,110 2,299 1,969 2,102 25.33
Price Earnings Ratio (PER)*2 (times) 14.63 23.73 20.45 12.86 10.09 9.67 9.56 11.19 10.55 12.16 7.70 -
Price Book-value Ratio (PBR)*3 (times) 1.4 1.4 1.4 1.2 1.3 1.5 1.4 1.8 1.6 1.1 1.1 -
Common Stock:
Number of shares outstanding at year-end (thousands of shares)*4
1,567,172 1,566,553 1,565,647 1,565,557 1,565,749 1,685,767 1,688,303 1,641,203 1,642,904 1,643,532 1,644,074 -
Net income attributable to Mitsubishi Corporation per share:
Basic EPS
59.09 38.74 40.21 75.09 119.21 219.32 248.42 283.82 225.00 167.28 281.80 3.40
Diluted EPS 59.09 38.74 37.69 69.31 110.11 209.39 247.07 282.55 224.51 166.89 281.05 3.39
Mitsubishi Corporation shareholders' equity per share 633.97 682.28 601.71 781.99 953.65 1,392.51 1,728.22 1,750.09 1,450.44 1,802.53 1,997.71 24.07
Cash dividends declared for the year 8.00 8.00 8.00 12.00 18.00 35.00 46.00 56.00 52.00 38.00 65.00 0.78
Payout ratio (%)*5 14 21 20 16 15 16 19 20 23 23 23 -
<ESG Index>(ESG: Environment/Society/Governance)
Environment:
Global Consolidated CO2Emissions ( t-CO2) *6
1,385,892 1,805,930 1,991,207 1,340,963 1,393,277 1,827,778 -
Society:
Number of employees
42,126 44,034 47,370 49,219 51,381 53,738 55,867 60,664 60,095 58,583 58,470 -
Governance:
Outside Director Ratio (%)
22.2 22.2 17.6 16.7 25.0 23.5 22.2 25.0 33.3 33.3 33.3 -
  1. *1 ROA is calculated by dividing income from continuing operations before income taxes and equity in earnings of Affiliated companies by the average of total assets at the beginning and end of the fiscal year.
  2. *2 PER is calculated by dividing market capitalization, as determined by multiplying the average share price during the fiscal year by the number of shares issued at the fiscal year-end, by net income attributable to Mitsubishi Corporation.
  3. *3 PBR is calculated by dividing market capitalization, as determined by multiplying the average share price during the fiscal year by the number of shares issued at the fiscal year-end, by total Mitsubishi Corporation shareholders' equity.
  4. *4 Excluding treasury stock held by the Company.
  5. *5 Payout ratio was calculated based on net income attributable to Mitsubishi Corporation for the fiscal year before reclassification.
  6. *6 MC, and subsidiaries and sub-subsidiaries in which it owned a more than 50% equity interest (As of March 31)
  • TOTAL ASSETS/ROA (¥ billion, %)
  • NET INCOME ATTRIBUTABLE TO MITSUBISHI CORPORATION PER SHARE (DILUTED) (yen)
  • CASH DIVIDENDS DECLARED FOR THE YEAR/PAYOUT RATIO (yen, %)
  • STOCK PRICE (ANNUAL AVERAGE)/PER (yen, times)

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