Mitsui(MITSY)

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Mitsui(MITSY) - 2022 Q1 - Earnings Call Transcript
2021-08-07 19:31
Mitsui & Co., Ltd. (OTCPK:MITSY) Q1 2022 Results Conference Call August 3, 2021 3:45 AM ET Â Company Participants Takakazu Uchida - Chief Financial Officer Tetsuya Shigeta - Global Controller Takakazu Uchida Good afternoon. I'm Takakazu Uchida, CFO. Thank you for joining us today. I will begin by giving a summary of the first quarter operating results and yearly forecast. I will then hand over to our Global Controller, Tetsuya Shigeta, for details of our operating results. The global economy continued to re ...
Mitsui(MITSY) - 2021 Q1 - Earnings Call Presentation
2021-08-04 15:24
| --- | --- | |-------|---------------------------| | | | | | ~Transform and Grow~ | | st | Quarter Financial Results | | | FY Ending March 2022 | MITSUI & CO. August 3, 2021 Mitsui & Co., Ltd. This material contains statements (including figures) regarding Mitsui & Co., Ltd. ("Mitsui")'s corporate strategies, objectives, and views of future developments that are forward-looking in nature and are not simply reiterations of historical facts. These statements are presented to inform stakeholders of the views ...
Mitsui(MITSY) - 2021 Q3 - Earnings Call Transcript
2021-02-04 06:09
Financial Data and Key Metrics Changes - Core operating cash flow for the third quarter increased by JPY 21.2 billion year-on-year to JPY 493.4 billion, recovering to pre-COVID-19 levels [3][14] - Profit for the period decreased by JPY 136.2 billion year-on-year to JPY 188.9 billion, reaching the yearly forecast announced in October [3][4] - The yearly core operating cash flow forecast was upwardly revised by JPY 120 billion to JPY 600 billion, and yearly profit forecast was revised upward by JPY 90 billion to JPY 270 billion [4][14] Business Line Data and Key Metrics Changes - In Mineral & Metal Resources, core operating cash flow increased by JPY 35 billion to JPY 205.2 billion, driven by higher iron ore prices [15] - Energy segment saw a core operating cash flow decrease of JPY 81.4 billion to JPY 102.7 billion due to declining oil and gas prices [16] - Machinery & Infrastructure reported a core operating cash flow increase of JPY 4.6 billion to JPY 64.5 billion, benefiting from recovery in automotive and construction sectors [16] - Chemicals achieved a core operating cash flow of JPY 48.5 billion, a year-on-year increase of JPY 21.2 billion, supported by strong trading performance [16] Market Data and Key Metrics Changes - The global economy is on a recovery track, led by China, although concerns remain regarding the renewed spread of COVID-19 [4][10] - The iron ore market remained strong, contributing significantly to the company's recovery [6][14] Company Strategy and Development Direction - The company is focused on executing its Medium-term Management Plan 2023, "Transform and Grow," to build a mid- to long-term competitive advantage [5][10] - There is an ongoing restructuring and reorganization in the Machinery & Infrastructure area to enhance competitiveness [7][10] - The company is shifting its strategy in Exploration & Production (E&P) to prioritize quality over quantity in asset management [13][62] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery of operating results, despite concerns about regional disparities and the potential for a double-dip recession [4][10] - The company aims to improve profits across all business areas by leveraging its capabilities as a sogo shosha [10][12] - Management acknowledged the need for ongoing damage control in sectors significantly impacted by the pandemic [10][12] Other Important Information - The annual dividend forecast remains unchanged at JPY 80 per share [4][14] - The company is actively pursuing new business opportunities while reconfiguring its portfolio to strengthen competitiveness [10][12] Q&A Session Summary Question: Cash upside status and shareholder returns - The company noted a significant recovery in core operating cash flow, with potential for additional shareholder returns being considered based on fourth-quarter performance [27][30] Question: Portfolio review and negative factors - Management indicated that the portfolio review has not fully reflected COVID-19 impacts, with ongoing negotiations and damage control in various sectors [32][33] Question: Continuity of business in steel products and Lifestyle segments - Management highlighted strong performance in Chemicals and a recovery in Iron & Steel Products due to increased demand, while acknowledging ongoing challenges [36][39] Question: Shareholder returns policy - The company confirmed its policy of allocating approximately one-third of core operating cash flow to shareholder returns, with no major changes anticipated [37][42] Question: Upward revision factors and credit rating concerns - Management explained that upward revisions were influenced by strong iron ore prices and restructuring efforts, while also addressing concerns regarding credit ratings [46][52]
Mitsui(MITSY) - 2021 Q3 - Earnings Call Presentation
2021-02-03 13:47
| --- | --- | |-------|----------------------| | | | | | FY Ending March 2021 | MITSUI & CO. February 3, 2021 Mitsui & Co., Ltd. This material contains statements (including figures) regarding Mitsui & Co., Ltd. ("Mitsui")'s corporate strategies, objectives, and views of future developments that are forward-looking in nature and are not simply reiterations of historical facts. These statements are presented to inform stakeholders of the views of Mitsui's management but should not be relied on solely in maki ...
Mitsui(MITSY) - 2021 Q1 - Earnings Call Transcript
2020-08-02 17:25
Financial Data and Key Metrics Changes - Core operating cash flow decreased by JPY 31.6 billion year-on-year to JPY 110.8 billion, representing progress to full year target of 28% [4] - Profit for the period decreased by JPY 62.4 billion year-on-year to JPY 62.6 billion, representing progress to full year target of 35% [4][30] - Net interest-bearing debt increased by JPY 48.2 billion to JPY 3.5 trillion, while shareholders' equity increased by JPY 53 billion to JPY 3.9 trillion, resulting in a net debt-to-equity ratio unchanged at 0.91 times [14] Business Line Data and Key Metrics Changes - In Resources and Energy, core operating cash flow was JPY 78.3 billion with profit of JPY 35.7 billion, supported by high iron ore prices and strong oil and LNG trading [9] - Machinery and Infrastructure saw core operating cash flow decrease to JPY 12.9 billion, mainly due to a decrease in dividends from equity method affiliates [28] - Chemicals achieved a core operating cash flow of JPY 15.7 billion, a year-on-year increase of JPY 9.2 billion, mainly due to a one-time factor at an overseas affiliate [28] - Lifestyle segment's core operating cash flow decreased to JPY 3.6 billion, a year-on-year decrease of JPY 3.8 billion, due to a decline in dining out and retail demand [29] Market Data and Key Metrics Changes - The global economy is recovering at different rates, with China resuming economic activity ahead of other countries, while the U.S. and Japan began reopening in May and June [7] - The price of iron ore remains high, while coal prices have fallen significantly [18] - The automotive industry is experiencing a decline in demand, impacting materials business, particularly chemicals and iron and steel products [19] Company Strategy and Development Direction - The company is focusing on surfacing the profitability of core businesses and pursuing new business opportunities, particularly in energy solutions and healthcare [8][15] - There is an emphasis on digital transformation (DX) to develop new business models and leverage consumer shifts [17] - The company is restructuring existing businesses and integrating subsidiaries to enhance operational efficiency [10][64] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the future due to ongoing COVID-19 impacts, with expectations that the true impact will be reflected from the second quarter onward [6][22] - The company is closely monitoring the economic environment and managing risks associated with potential second waves of infections [7][23] - Despite a solid start relative to the plan, management acknowledges the need for thorough reviews of business plans in light of the pandemic [21] Other Important Information - The company has initiated discussions on merging two ICT-related subsidiaries and is restructuring its chemicals business [11] - The company is actively pursuing investments in smart energy services and healthcare nutrition, particularly in Asia [16] Q&A Session Summary Question: Impact of COVID-19 on business results - Management indicated that the COVID-19 impact for the first quarter was a negative JPY 16 billion, with expectations of further impacts in the second quarter due to delayed reporting from affiliated companies [38][41] Question: Risks associated with oil price forecasts - Management acknowledged that while iron ore prices are favorable, there are concerns about oil price forecasts and potential credit risks that may arise [39][46] Question: Special factors affecting energy segment profits - Management confirmed that the energy segment experienced a JPY 3.3 billion loss in the first quarter due to necessary provisions, indicating special factors at play [60] Question: Status of LNG dividends and Machinery & Infrastructure - Management noted that LNG dividends have decreased due to oil price drops, and that seasonal factors affected the Machinery & Infrastructure segment [67][68] Question: Discussions with credit rating agencies - Management stated that there have been discussions with credit rating agencies, and while there is some downward pressure, they believe they can manage risks effectively [72] Question: Recovery in iron ore businesses - Management reported that iron ore production in Australia remains strong, and while there are impacts in Brazil, the overall volume is not negatively affected [73][76]
Mitsui(MITSY) - 2020 Q1 - Earnings Call Presentation
2020-07-31 12:04
Medium-term Management Plan 2023 ―― Transform and Grow ―― 1st Quarter Financial Results FY Ending March 2021 MITSUI & CO. July 31, 2020 Mitsui & Co., Ltd. A Cautionary Note on Forward-Looking Statements: This material contains statements (including figures) regarding Mitsui & Co., Ltd. ("Mitsui")'s corporate strategies, objectives, and views of future developments that are forward-looking in nature and are not simply reiterations of historical facts. These statements are presented to inform stakeholders of ...
Mitsui(MITSY) - 2020 Q3 - Earnings Call Presentation
2020-02-04 18:45
| --- | --- | |-------|---------------------------| | | | | | Quarter Financial Results | | | FY Ending March 2020 | MITSUI & CO. A Cautionary Note on Forward-Looking Statements: This material contains statements (including figures) regarding Mitsui & Co., Ltd. ("Mitsui")'s corporate strategies, objectives, and views of future developments that are forward-looking in nature and are not simply reiterations of historical facts. These statements are presented to inform stakeholders of the views of Mitsui's man ...