丸紅（8002） – Summary of Consolidated Financial Results For the Nine-Month Period Ended December 31, 2021 (IFRS basis)

Financial Results Q3 FYE 3/2022 SSuummmmaarryy ooff CCoonnssoolliiddaatteedd FFiinnaanncciiaall RReessuullttss FFoorr tthhee NNiinnee–MMoonntthh PPeerriioodd EEnnddeedd DDeecceemmbbeerr 3311,, 22002211 ((IIFFRRSS bbaassiiss)) (April 1, 2021 – December 31, 2021) *This document is an English translation of materials originally prepared in Japanese.The Japanese original shall be considered the primary version. （TSE Code: 8002） Summary of Consolidated Financial Statements for the Nine-Month Period Ended December 31, 2021 (IFRS basis)February 3, 2022(URL https://www.marubeni.com/en/)Code number: 8002KAKINOKI Masumi President and CEO, Member of the BoardFURUYA Hirofumi General Manager, Media Relations Sec., Corporate Communications Dept.TEL (03) 3282 – 2112Company name: Marubeni CorporationListed: TokyoRepresentative: Inquiries:Expected date of quarterly financial statement report : Expected date of the beginning of delivery of dividends :Supplementary explanations of quarterly business results: IR meeting on financial results:February 10, 2022-PreparedTo be held (for institutional investors and analysts)1. Consolidated financial results for the nine-month period ended December 31, 2021 (April 1, 2021 – December 31, 2021)(1) Consolidated business results RevenueOperating profitProfit before taxProfit for the period(Remarks)Figures are rounded to the nearest million.%: change from the previous fiscal yearProfit attributable toowners of the parentComprehensiveincomefor the periodNine months ended December 31,20212020(millions of yen)6,218,3114,604,397(%) (millions of yen)204,451109,98735.1(12.1)(%) (millions of yen)402,520203,40185.90.0(%)97.9-(millions of yen)336,454168,020(%) (millions of yen)327,438161,969100.2-(%) (millions of yen)378,331163,985102.2-(%)130.7-Earnings per share(basic)Earnings per share(diluted)Nine months ended December 31,20212020(yen)187.1991.58(yen)186.8791.47(Note) 1. “Operating profit” are presented in accordance with Japanese accounting practice for investors’ convenience and are not required by IFRS. “Operating profit” is the sum of “Gross trading profit” and “Selling, general and administrative expenses” including “Provision for doubtful accounts”. 2. “Basic and diluted earnings per share attributable to owners of the parent” are based on “Profit attributable to owners of the parent” excluding the amount not attributable to ordinary shareholders. 3. Due to earlier application of Amendments to IAS 12 Income Taxes (issued in May 2021), results for the nine-month ended December 31, 2020, have been re-presented retrospectively. Percentages of change from the previous fiscal year for the nine-month ended December 31, 2020 are not presented.(2) Consolidated financial positionTotal assetsTotal equityEquity attributable toowners of the parentEquity attributable toowners of the parent ratioEquity per share attributableto owners of the parentDecember 31, 2021March 31, 2021(millions of yen)7,368,4346,935,749(millions of yen)2,089,0731,907,507(millions of yen)1,996,6321,814,793(%)27.126.2(yen)1,064.61903.86(Note) Due to earlier application of Amendments to IAS 12 Income Taxes (issued in May 2021), figures as of Mar-31-2021, have been re-presented retrospectively.2. Dividends informationAnual dividends per share1st Quarter-end 2nd Quarter-end 3rd Quarter-end 4th Quarter-endAnnualFYE 3/2021FYE 3/2022 FYE 3/2022 (forecast)(yen)–(yen)11.0025.50(yen)–(yen)22.00(yen)33.0032.5058.00(Note) Changes from the latest announced forecasts: Yes3．Consolidated earnings forecast for FYE 3/2022 (April 1, 2021 – March 31, 2022)Profit attributable to owners of the parent(Remarks)%: change from the previous fiscal yearEarnings per shareattributable to owners of the parent (basic)FYE 3/2022(millions of yen)400,000(%)79.2(yen)228.62(Note) 1. Changes from the latest announced forecasts: Yes 2. For the details of the forecasts of consolidated earnings, please refer to P.15 “1. Qualitative Information on Consolidated Financial Results for the Nine-month Period under Review, (3) Qualitative Information on Future Outlook Including Forecasts of Consolidated Financial Results” on the attached materials. 3. Earnings per share attributable to owners of the parent (basic)” is based on “Profit attributable to owners of the parent” excluding the amount not attributable to ordinary shareholders. 4. Due to earlier application of Amendments to IAS 12 Income Taxes (issued in May 2021), percentage of change from the previous fiscal year is calculated based on the figures that have been altered retrospectively.*Notes(1) Changes in principal subsidiaries during the period: None(2） Changes in accounting principles and accounting estimates ①Changes in accounting principles required by IFRS ②Changes other than ① ③Changes in accounting estimate (Note) Please refer to P.24 “2. Consolidated Financial Statements and Notes, (6) Changes in Accounting Principles” for details.: None: Yes: None(3) Number of issued shares (Common shares) ①Number of issued shares at the end of the term (Treasury stock is included) ②Number of treasury stock at the end of the term ③Average number of outstanding shares during the term December 31, 2021March 31, 2021December 31, 2021March 31, 2021Nine months ended December 31, 2021Nine months ended December 31, 20201,738,475,4971,737,940,9001,174,8471,505,2991,736,620,6861,736,203,100※The Summary of Consolidated Financial Statements for the Nine-Month Period is not subject to quarterly review by certified accountants or audit firms.※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 materially 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 Thursday, February 3, 2022. The Company is scheduled to hold an IR meeting on financial results for institutional investors and analysts on Thursday, February 3, 2022, and to post the transcript of the meeting together with the materials used at the briefing on the Company’s website at the earliest possible time. 【Table of Contents of Attached Materials】 1. Qualitative Information on Consolidated Financial Results for theNine-month Period under Review(1) Qualitative Information on Consolidated Business Results(2) Qualitative Information on Cash Flows and Consolidated Financial Position (3) Qualitative Information on Future Outlook Including Forecasts of Consolidated Financial Results2. Consolidated Financial Statements and Notes(1) Consolidated Statements of Financial Position(2) Consolidated Statements of Comprehensive Income(3) Consolidated Statements of Changes in Equity(4) Consolidated Statements of Cash Flows(5) Notes Related to Going Concern Assumptions(6) Changes in Accounting Principles(7) Segment Information(8) Material Subsequent Events2 2 141518 18 20 21 23 24 24 27 28 1Marubeni Corporation Consolidated Financial Results 1. Qualitative Information on Consolidated Financial Results for the Nine-month Period under Review From the second quarter of the fiscal year ending March 31, 2022, the Marubeni Group moved to adopt earlier application of the amendments to International Accounting Standard 12 “Income Taxes” (hereinafter “IAS 12 “Income Taxes””). Year-on-year comparisons and analyses are based on figures to which the same accounting standard was retrospectively applied. The details of the changes in accounting principles are stated in the section “(6) Changes in Accounting Principles” in “2. Consolidated Financial Statements and Notes”. (1) Qualitative Information on Consolidated Business Results The following is an overview of the economic environment for the nine-month period ended December 31, 2021. The world’s two great economic powers—the U.S. and China—continued to demonstrate relatively strong economic growth, but consumer spending was limited in the U.S. owing mainly to the impact of COVID-19, while in China, there were phases during which business activity was weighed down by strict infection prevention measures and electric power shortages. The economic recovery in Europe continued, even though signs of a slowdown grew somewhat stronger towards the end of the year primarily because restrictions on activities were enforced in some countries to counteract the spread of infections. Meanwhile, in Japan and the emerging market economies of Asia, where there were noticeable delays in initial economic recovery, business activity gained momentum once restrictions were eased and/or lifted. All up, economic conditions differed from country to country owing chiefly to differences in the restrictions on activities that were enforced, but the global economy as a whole continued to demonstrate modest growth. As for primary commodity prices, WTI crude oil remained generally high, climbing to its highest level since 2014 in July and then again in October. Copper and iron ore prices hit record highs in the first half before the latter plummeted in response to the announcement of iron and steel production cuts by the government of China, the world’s largest importer of copper and iron ore. The price of copper also weakened somewhat on concerns about a Chinese economic downturn, but remained high on the back of tight market conditions owing to low inventory levels. A notable trend during the period was price increases in many countries resulting from 2Marubeni Corporation Consolidated Financial Results supply constraints on raw materials and intermediate goods, as well as skyrocketing primary commodity prices. The Federal Reserve started scaling back its quantitative easing program in November, while policy interest rate hikes and other monetary tightening moves became more widespread in emerging market economies. Under the aforementioned business environment, consolidated operating results for the nine-month period ended December 31, 2021, are as follows. RevenueGross trading profit Selling, general and administrative expenses Provision for doubtful accountsOperating profit Interest expense – net of interest income Dividend income Other non-operating income Gains on investment securities Gains (losses) on property, plant and equipment Other – net Share of profits of associates and joint venturesProfit for the period before tax Provision for income taxProfit for the period attributable to owners of the parent Non-controlling interestsNine-month period ended December 31,20202021(Millions of yen) Variance6,218,3111,613,9144,604,397498,524(385,188)(3,349)109,987(9,738)9,569(815)1,133(112)(1,836)94,398203,401(35,381)168,020161,9696,051646,766(441,313)(1,002)204,451(7,639)16,1502,6879,310985(7,608)186,871402,520(66,066)336,454327,4389,016148,242(56,125)2,34794,4642,0996,5813,5028,1771,097(5,772)92,473199,119(30,685)168,434165,4692,965 (Note 1) Figures are rounded to the nearest million yen unless otherwise stated. (Note 2) “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” and “Selling, general and administrative expenses” including “Provision for doubtful accounts” stated in Consolidated Statements of Comprehensive Income. (Note 3) “Other non-operating income” is the sum of “Gains on investment securities”, “Gains (losses) on property, plant and equipment” and “Other – net” stated in Consolidated Statements of Comprehensive Income. 3Marubeni Corporation Consolidated Financial Results Revenue Revenue was up 1,613.9 billion yen (35.1%) from the year-earlier period to 6,218.3 billion yen. Mainly increased in Agri Business and Energy segments. Gross trading profit Gross trading profit increased 148.2 billion yen (29.7%) from the year-earlier period to 646.8 billion yen. Main increases and decreases by operating segment are the following. -Agri Business: Increase of 65.9 billion yen Profit increase in Gavilon’s fertilizer business and Helena against the backdrop of strong demand for agri-input products and higher commodity prices -Metals & Mineral Resources: Increase of 31.3 billion yen Profit increase in the Australian coking coal business and the Australian and Canadian aluminum businesses in accordance with higher commodity prices -Energy: Increase of 20.7 billion yen Profit increase in the oil and gas E&P due mainly to higher crude oil and gas prices, etc. -Power Business: Decrease of 32.8 billion yen Provision for additional costs due to delay in construction and others in the EPC project in Taiwan Selling, general and administrative expenses Selling, general and administrative expenses increased 56.1 billion yen (14.6%) from the year-earlier period to 441.3 billion yen, due to an increase in personnel expenses following the improved earnings, Tokyo head office relocation costs, and a rebound from the voluntary restraint due to COVID-19. Provision for doubtful accounts period to 1.0 billion yen. Provision for doubtful accounts decreased 2.3 billion yen (70.1%) from the year-earlier As a result, operating profit for the nine-month period under review increased 94.5 billion yen year on year (85.9%) to 204.5 billion yen. Interest expense – net of interest income Interest expense – net of interest income decreased 2.1 billion yen (21.6%) year on year to 7.6 billion yen. 4Marubeni Corporation Consolidated Financial Results Dividend income Dividend income increased 6.6 billion yen (68.8%) year on year to 16.2 billion yen. Non-operating other-net Non-operating other – net improved 3.5 billion yen ( -%) year on year to 2.7 billion yen. Share of profits of associates and joint ventures Share of profits of associates and joint ventures increased 92.5 billion yen (98.0%) from the year-earlier period to 186.9 billion yen. Main increase by operating segment is the following. -Metals & Mineral Resources: Increase of 77.9 billion yen Profit increase in the Chilean copper business, the Australian iron ore business, and the Australian coking coal business due to higher commodity prices, and profit increase in steel products business As a result, profit before tax for the nine-month period under review increased 199.1 billion yen (97.9%) compared to the year-earlier period to 402.5 billion yen. Provision for income tax Provision for income tax increased 30.7 billion yen (86.7%) to 66.1 billion yen. As a result, profit for the period increased 168.4 billion yen (100.2%) from the year-earlier period to 336.5 billion yen, and profit attributable to owners of the parent (net profit) for the nine-month period ended December 31, 2021, increased 165.5 billion yen (102.2%) year on year to 327.4 billion yen. 5Marubeni Corporation Consolidated Financial Results Results for each operating segment for the nine-month period ended December 31, 2021, are as follows. Lifestyle RevenueGross trading profitOperating profitNine-month period ended December 31,20202021(Millions of yen) Variance67,82012,9531,005(102)(22,465)(595)(447)(254)90,28513,5481,452152Share of profits (losses) of associates and joint venturesProfit attributable to owners of the parent Gross trading profit decreased 0.6 billion yen (4.4%) year on year to 13.0 billion yen due to 1,398(437)961decrease in sales of clothing and others. Operating profit decreased 0.4 billion yen (30.8%) year on year to 1.0 billion yen. Share of losses of associates and joint ventures deteriorated 0.3 billion yen ( – %) year on year to 0.1 billion yen. As a result, net profit decreased 0.4 billion yen (31.3%) year on year to 1.0 billion yen. ICT & Real Estate Business RevenueGross trading profitOperating profitShare of profits of associates and joint venturesNine-month period ended December 31,20202021(Millions of yen) Variance256,42683,15519,942605267,56282,06515,0732,15211,136(1,090)(4,869)1,547Profit attributable to owners of the parent(2,820) Gross trading profit decreased 1.1 billion yen (1.3%) year on year to 82.1 billion yen due to lower domestic real estate sales. In addition, as a result of higher overhead expenses 14,66911,849stemming from a rebound in operating activities previously suspended voluntarily in response to the impact of COVID-19 in the domestic mobile phone sales business, operating profit declined 4.9 billion yen (24.4%) year on year to 15.1 billion yen. Share of profits of associates and joint ventures increased 1.5 billion yen (255.7%) year on year to 2.2 billion yen due to higher real estate sales in China. As a result, net profit increased 2.8 billion yen (19.2%) year on year to 11.8 billion yen. 6Marubeni Corporation Consolidated Financial Results Forest Products RevenueGross trading profitOperating profitNine-month period ended December 31,20202021(Millions of yen) Variance174,54318,6932,420(1,699)149,972(24,571)32,20115,5901,06913,50813,1702,768Share of profits (losses) of associates and joint venturesProfit (loss) attributable to owners of the parent Gross trading profit increased 13.5 billion yen (72.3%) year on year to 32.2 billion yen as a (1,640)10,5218,881result of profit increase in MUSI Pulp project due mainly to the improvement in pulp market prices and profit increase in wood-chip business. Operating profit increased 13.2 billion yen (544.2%) year on year to 15.6 billion yen. Share of profits of associates and joint ventures improved 2.8 billion yen ( – %) year on year to 1.1 billion yen, due to the non-recurrence of impairment loss posted on production equipment in the year-earlier period. As a result, net profit (loss) improved 10.5 billion yen ( – %) year on year to positive 8.9 billion yen. Food I RevenueGross trading profitOperating profitShare of profits of associates and joint venturesNine-month period ended December 31,20202021(Millions of yen) Variance472,13736,8327,0674,045550,11238,4286,8773,56477,9751,596(190)(481)Profit attributable to owners of the parent Gross trading profit increased 1.6 billion yen (4.3%) year on year to 38.4 billion yen mainly 12,1233,6988,425owing to profit increase in marine product sales business. However, operating profit decreased 0.2 billion yen (2.7%) year on year to 6.9 billion yen. Share of profits of associates and joint ventures decreased 0.5 billion yen (11.9%) from the year-earlier period to 3.6 billion yen due to profit decrease in domestic retail businesses. Nevertheless, net profit increased 3.7 billion yen (43.9%) year on year to 12.1 billion yen due to the gains from sale of the North American wild salmon business. 7Marubeni Corporation Consolidated Financial Results Food II RevenueGross trading profitOperating profitAgri Business RevenueGross trading profitOperating profitNine-month period ended December 31,20202021(Millions of yen) Variance473,71345,30726,4532,280588,581114,86859,56638,7971,89714,25912,344(383)Share of profits of associates and joint venturesProfit attributable to owners of the parent Gross trading profit increased 14.3 billion yen (31.5%) year on year to 59.6 billion yen due to 12,44118,26730,708the strong performance in the beef processing and sales business, etc. Operating profit increased 12.3 billion yen (46.7%) year on year to 38.8 billion yen. Share of profits of associates and joint ventures decreased 0.4 billion yen (16.8%) year on year to 1.9 billion yen because of the profit decline in Chinese broiler chicken business. Net profit increased 12.4 billion yen (68.1%) year on year to 30.7 billion yen. Nine-month period ended December 31,20202021(Millions of yen) Variance2,065,399140,27431,7113,6732,980,256206,20376,3723,129914,85765,92944,661(544)Share of profits of associates and joint venturesProfit attributable to owners of the parent Gross trading profit increased 65.9 billion yen (47.0%) from the year-earlier period to 206.2 29,87027,07056,940billion yen due to profit increases in Gavilon’s fertilizer business and Helena against the backdrop of strong demand for agri-input products and higher commodity prices. Operating profit increased 44.7 billion yen (140.8%) year on year to 76.4 billion yen. Share of profits of associates and joint ventures decreased 0.5 billion yen (14.8%) from the year-earlier period to 3.1 billion yen. As a result, net profit increased 29.9 billion yen (110.3%) year on year to 56.9 billion yen. 8Marubeni Corporation Consolidated Financial Results Chemicals RevenueGross trading profitOperating profitNine-month period ended December 31,20202021(Millions of yen) Variance283,47329,28613,9271,060412,52330,68414,7771,654129,0501,398850594Share of profits of associates and joint venturesProfit attributable to owners of the parent Gross trading profit increased 1.4 billion yen (4.8%) year on year to 30.7 billion yen despite 12,34412,889545the non-recurrence of the strong olefin trade seen in the previous fiscal year, due to the overall favorable performances in other commodities. Operating profit increased 0.9 billion yen (6.1%) year on year to 14.8 billion yen. Share of profits of associates and joint ventures increased 0.6 billion yen (56.0%) to 1.7 billion yen, due to the profit increase in synthetic rubber manufacturing and sales business. As a result, net profit increased 0.5 billion yen (4.4%) year on year to 12.9 billion yen. Energy RevenueGross trading profitOperating profitShare of profits of associates and joint venturesNine-month period ended December 31,20202021(Millions of yen) Variance274,82430,3216,684521478,342203,51851,00527,5282,45820,68420,8441,937Profit attributable to owners of the parent Gross trading profit increased 20.7 billion yen (68.2%) year on year to 51.0 billion yen, 13,50722,6869,179mainly as a result of the profit increase in the oil and gas E&P due mainly to higher crude oil and gas prices. Operating profit increased 20.8 billion yen (311.8%) year on year to 27.5 billion yen. Share of profits of associates and joint ventures increased 1.9 billion yen (371.8%) from the year-earlier period to 2.5 billion yen. Net profit increased 13.5 billion yen (147.2%) year on year to 22.7 billion yen, despite the losses related to withdrawal from uneconomical fields in oil and gas E&P (US Gulf of Mexico), etc. 9Marubeni Corporation Consolidated Financial Results Metals & Mineral Resources RevenueGross trading profitOperating profit (loss)Share of profits of associates and joint venturesProfit attributable to owners of the parent215,41913,165(278)36,39335,411Nine-month period ended December 31,20202021(Millions of yen) Variance108,46931,28430,40877,90598,445 323,88844,44930,130114,298133,856Gross trading profit increased 31.3 billion yen (237.6%) year on year to 44.4 billion yen because of the profit growth in the Australian coking coal business and the Australian and Canadian aluminum businesses due to rising commodity prices. Operating profit (loss) improved 30.4 billion yen ( – %) year on year to 30.1 billion yen. Share of profits of associates and joint ventures increased 77.9 billion yen (214.1%) year on year to 114.3 billion yen as a result of profit increases in the Chilean copper business, the Australian iron ore business, and the Australian coking coal business due to higher commodity prices, and profit increase in steel products business. As a result, net profit increased 98.4 billion yen (278.0%) year on year to 133.9 billion yen. Power Business RevenueGross trading profit (loss)Operating lossShare of profits of associates and joint venturesNine-month period ended December 31,20202021(Millions of yen) Variance125,29914,182(11,717)20,385168,364(18,658)(46,730)21,63643,065(32,840)(35,013)1,251Profit (loss) attributable to owners of the parent Gross trading profit (loss) deteriorated 32.8 billion yen ( -% ) year on year to negative 18.7 (23,683)(34,300)10,617billion yen, because of provision for additional costs due to delay in construction and others in the EPC project in Taiwan. Operating loss worsened 35.0 billion yen (298.8%) year on year to 46.7 billion yen. Share of profits of associates and joint ventures increased 1.3 billion yen (6.1%) year on year to 21.6 billion yen mainly because of non-recurrence of impairment loss on IPP investment posted in the year-earlier period, notwithstanding one-time loss on the IPP business for the period under review. As a result, net profit (loss) deteriorated 34.3 billion yen ( – %) year on year to negative 23.7 billion yen. 10Marubeni Corporation Consolidated Financial Results Infrastructure Project RevenueGross trading profitOperating lossShare of profits of associates and joint venturesNine-month period ended December 31,20202021(Millions of yen) Variance16,6306,969(3,974)8,07016,7197,780(3,943)8,0138981131(57)Profit attributable to owners of the parent Gross trading profit increased 0.8 billion yen (11.6%) year on year to 7.8 billion yen due to 6,0495,297752profit increase in overseas infrastructure projects. Operating loss stayed at the same level as the year-earlier period at 3.9 billion yen. Share of profits of associates and joint ventures stayed at the same level as the year-earlier period at 8.0 billion yen. As a result, net profit increased 0.8 billion yen (14.2%) from the year-earlier period to 6.0 billion yen. Aerospace & Ship RevenueGross trading profitOperating profitShare of profits of associates and joint ventures42,74110,1472,4662,677Nine-month period ended December 31,20202021(Millions of yen) Variance65,85924,10815,7874,13123,11813,96113,3211,454Profit attributable to owners of the parent Gross trading profit increased 14.0 billion yen (137.6%) year on year to 24.1 billion yen, 15,27118,8943,623because of profit growth in ship-related businesses owing to improvements in ship market conditions. Operating profit increased 13.3 billion yen (540.2%) year on year to 15.8 billion yen. Share of profits of associates and joint ventures likewise increased 1.5 billion yen (54.3%) year on year to 4.1 billion yen, because of profit growth in ship-related businesses owing to improvements in ship market conditions. Consequently, net profit increased 15.3 billion yen (421.5%) year on year to 18.9 billion yen. 11Marubeni Corporation Consolidated Financial Results Finance & Leasing Business RevenueGross trading profitOperating lossShare of profits of associates and joint ventures4,7152,509(3,477)13,790Nine-month period ended December 31,20202021(Millions of yen) Variance7,4294,332(2,669)19,4282,7141,8238085,638Profit attributable to owners of the parent Gross trading profit increased 1.8 billion yen (72.7%) year on year to 4.3 billion yen, and 14,8684,9929,876operating loss improved 0.8 billion yen (23.2%) year on year to 2.7 billion yen. Share of profits of associates and joint ventures increased 5.6 billion yen (40.9%) year on year to 19.4 billion yen, due to profit increase in the used car retail financing business in the USA, etc. Consequently, net profit increased 5.0 billion yen (50.5%) year on year to 14.9 billion yen. Construction, Industrial Machinery & Mobility RevenueGross trading profitOperating profitShare of profits of associates and joint venturesNine-month period ended December 31,20202021(Millions of yen) Variance211,25159,08711,1722,392295,27577,03521,1473,45484,02417,9489,9751,062Profit attributable to owners of the parent Gross trading profit increased 17.9 billion yen (30.4%) year on year to 77.0 billion yen, 10,05210,65620,708mainly as results of increase in number of sales of automobile related businesses and construction machinery businesses and others due to the easing of COVID-19. Operating profit increased 10.0 billion yen (89.3%) year on year to 21.1 billion yen. Share of profits of associates and joint ventures increased 1.1 billion yen (44.4%) year on year to 3.5 billion yen. In addition to the above, due to the one-time gain related to domestic solar power generation business, net profit increased 10.7 billion yen (106.0%) year on year to 20.7 billion yen. 12Marubeni Corporation Consolidated Financial Results Next Generation Business Development RevenueGross trading profitOperating lossShare of profits of associates and joint venturesLoss attributable to owners of the parentNine-month period ended December 31,20202021(Millions of yen) Variance2,1071,311(1,750)87(1,592)2,2871,516(1,631)20(677)180205119(67)915 Gross trading profit increased 0.2 billion yen (15.6%) year on year to 1.5 billion yen, and operating loss improved 0.1 billion yen (6.8%) year on year to 1.6 billion yen. In addition to the above, as a result of valuation gains on fund investment, net loss improved 0.9 billion yen (57.5%) year on year to 0.7 billion yen. (Note 1) From the fiscal year ending March 31, 2022, the former operating segments of “Food” has been divided into “Food I” and “Food II” segments, parts of “Energy” and “Infrastructure Project” have been reorganized, parts of “Infrastructure Project” and “Aerospace & Ship” have been incorporated into “Metals & Mineral Resources”, a part of “Construction, Industrial Machinery & Mobility” has been incorporated into “Finance & Leasing Business”. In conjunction with these organizational changes, operating segment information for the year-earlier period has been reclassified. (Note 2) Inter-segment transactions are priced in accordance with the prevailing market prices. 13 Marubeni Corporation Consolidated Financial Results (2) Qualitative Information on Cash Flows and Consolidated Financial Position ① Cash Flows Cash and cash equivalents at the end of the nine-month period under review were 593.1 billion yen, a decrease of 152.8 billion yen from the end of the previous fiscal year. (Operating activities) (Investing activities) securities. Net cash provided by operating activities was 248.9 billion yen due to operating revenue and dividend income, despite the increases in working capital and others. Net cash used in investing activities was 62.8 billion yen due mainly to the outflow of a capital expenditure in overseas businesses, despite the inflow from sales of investment As a result of the above-mentioned activities, free cash flow for the nine-month period under review was an inflow of 186.1 billion yen. (Financing activities) Net cash used in financing activities amounted to 345.3 billion yen as results of repayment of corporate bonds and borrowings, an optional repayment of the perpetual subordinated loan(*), and dividend payment. ② Assets, Liabilities and Equity Total assetsNet interest-bearing debtTotal equityNet D/E ratio (times)March 31,2021December 31,20216,935.71,687.91,907.50.887,368.41,752.22,089.10.84(Billions of yen) Variance432.764.3181.6-0.04 points (Note 1) Figures are rounded to the nearest hundred million yen unless otherwise stated. (Note 2) Net interest-bearing debt is calculated as cash and cash equivalents and time deposits subtracted from the sum of corporate bonds and current and noncurrent borrowings. Total assets at the end of the nine-month period under review increased 432.7 billion yen 14Marubeni Corporation Consolidated Financial Results from the end of the previous fiscal year to 7,368.4 billion yen. Net interest-bearing debt increased 64.3 billion yen from the end of the previous fiscal year to 1,752.2 billion yen, mainly due to the optional repayment of the perpetual subordinated loan(*) and dividend payment despite the increased free cash inflow. Total equity increased 181.6 billion yen from the end of the previous fiscal year to 2,089.1 billion yen, mainly as a result of increases in retained earnings by net profit accumulation and foreign currency translation adjustments due to Japanese yen depreciation, despite a decrease by the optional repayment of the perpetual subordinated loan(*). Consequently, Net DE ratio stood at 0.84 times. (Note *) The Company made an optional repayment of a total of 100.0 billion yen on August 16, 2021, for the perpetual subordinated loan (total amount: 250.0 billion yen) which the Company financed on August 16, 2016. To fund the optional repayment, the Company issued corporate hybrid bonds with a 75.0 billion yen total value (subordinated debt) on March 4, 2021, and withdrew 25.0 billion yen in total on August 16, 2021, from the hybrid loan facility (a subordinated commitment loan) with a total aggregate principal amount of 25.0 billion yen. Perpetual subordinated loans are classified as equity instruments under IFRS. Therefore, as a result of the above repayment, total equity decreased 100.0 billion yen. (3) Qualitative Information on Future Outlook Including Forecasts of Consolidated Financial Results The net profit for the nine-month period ended December 31, 2021, amounted to 327.4 billion yen, with the progress to the full-year forecasts announced on November 2, 2021 (net profit of 350.0 billion yen) at 94%. This is mainly due to the substantial earnings increase in Metals & Mineral Resources and Energy which resulted from the steady resource prices, in Agri Business which benefited from strong demand for agri-input products and higher commodity prices, also in Food II where the beef processing and sales business was robust. In response to the above, the forecasts for fiscal year ending March 31, 2022, have been revised as follows: Forecast announced on November 2, 2021 (A) Revised forecast (B) Variance (B-A) Variance in percentage (%) Profit attributable to owners of the parent for FYE 3/2022 – Net profit (billions of yen) 350.0 400.0 50.0 14.3% Earnings per share attributable to owners of the parent (basic) for FYE 3/2022 (yen) 199.82 228.62 28.80 14.4% 15Marubeni Corporation Consolidated Financial Results The Company’s revised forecasts for the full-year net profit by segment and assumptions of major financial indicators for the fiscal year ending March 31, 2022, are as follows: (Billions of yen)Forecast announced on Nov. 2, 2021 (A)Revised forecast(B)Variance(B－A)LifestyleICT & Real Estate BusinessForest ProductsFood IFood IIAgri BusinessChemicalsEnergyMetals & Mineral ResourcesPower BusinessInfrastructure ProjectAerospace & ShipFinance & Leasing BusinessConstruction, Industrial Machinery & MobilityNext GenerationBusiness Development OtherConsolidated3.017.07.013.028.043.015.025.0156.03.06.022.017.023.0(1.0)(27.0)350.03.017.08.013.035.065.016.034.0179.0(21.0)7.024.018.026.0(1.0)(23.0)400.0 Initial Assumption (Nov-2-2021) (A) Revised Assumption Q1-Q3 FYE 3/2022 Actual Q4 FYE 3/2022 Assumption (Feb-3-2022) (B) Change (B-A) Oil WTI: USD/Barrel 67 71 80 73 Copper LME: USD/MT 9,200 9,533 9,800 9,600 400 JPY TIBOR 3M: % USD LIBOR 3M: % Foreign exchange rate (full-year average): USD/JPY 0.1 0.2 0.06 0.15 109 111.10 0.1 0.2 112 0.1 0.2 111 —1.07.022.01.09.023.0(24.0)1.02.01.03.0-4.050.0 6 – – 2 16Marubeni Corporation Consolidated Financial Results As for the dividend, the Company adopts the basic policy to maintain targeted dividend payout ratio of ‘25% or more’ of consolidated net profit reflecting the principle of linking dividends to the Company’s business results for each fiscal year and to announce the minimum dividend for each fiscal year at the beginning of the fiscal year. According to the revised consolidated net profit forecast as the above, the forecast for annual dividend per share for the fiscal year ending March 31, 2022, has been revised to 58.00 yen from 51.00 yen in the previous forecast (announced on November 2, 2021). As a result, the year-end dividend forecast per share have been revised to 32.50 yen from the previous forecast (announced on November 2, 2021) of 25.50 yen. (The interim dividend has already been paid at 25.50 yen per share.) The revised annual dividend forecast of 58.00 yen per share is set as the minimum for the fiscal year ending March 31, 2022. To implement a flexible capital policy to enhance shareholders return and to improve capital efficiency, the Company has decided to repurchase shares of its common stock up to 30 billion yen or 35 million shares during the period from February 4 to April 28, 2022, through purchasing on the Tokyo Stock Exchange. All shares repurchased excluding those to be delivered upon exercises of stock options (two million shares) are to be cancelled on May 20, 2022. For the details, please refer to the Company release titled as “Notice Regarding Share Repurchases and Cancellation of Treasury Stock” announced today. Please refer to “GC2024 Medium-term Management Strategy (FYE 3/2023-FYE 3/2025)” released today. (Disclaimer Regarding Forward Looking Statements) 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. 17Marubeni CorporationConsolidated Financial Results2. Consolidated Financial Statements and Notes(1) Consolidated Statements of Financial PositionAssetsCurrent assets:Cash and cash equivalentsTime depositsInvestment securitiesTrade and loan receivablesOther current financial assetsInventoriesAssets held-for-saleOther current assets Total current assetsNon-current assets:Investments in associates and joint venturesOther investmentsTrade and loan receivablesOther non-current financial assetsProperty, plant and equipmentIntangible assetsDeferred tax assetsOther non-current assets Total non-current assetsMarch 312021December 312021Variance (Millions of yen)745,85811361,057,245341,928988,00424,865223,5733,381,5921,730,736256,62194,80389,2051,001,853296,91022,17061,8593,554,157593,06081391,155,602486,8401,179,70067,276274,7673,758,0671,853,569253,24589,200146,127911,733282,72911,93961,8253,610,367(152,798)700398,357144,912191,69642,41151,194376,475122,833(3,376)(5,603)56,922(90,120)(14,181)(10,231)(34)56,210432,685Total assets6,935,7497,368,43418Marubeni CorporationConsolidated Financial Results (Millions of yen)March 312021December 312021VarianceLiabilities and EquityCurrent liabilities:Bonds and borrowingsTrade and other payablesOther current financial liabilitiesIncome tax payableLiabilities directly associated with assets held-for-saleOther current liabilities Total current liabilitiesNon-current liabilities:Bond and borrowingsTrade and other payablesOther non-current financial liabilitiesAccrued pension and retirement benefitsDeferred tax liabilitiesOther non-current liabilities Total non-current liabilities Total liabilitiesEquity:623,5011,187,719465,24414,9982,854398,0362,692,3521,810,3553,215264,75270,39495,49891,6762,335,8905,028,242580,3881,272,744662,08524,36337,507439,8083,016,8951,765,6881,616293,60962,57490,49448,4852,262,4665,279,361Issued capitalCapital surplusOther equity instrumentsTreasury stockRetained earningsOther components of equity: Gains (losses) on financial assets measured at fair value through other comprehensive income Foreign currency translation adjustments Gains (losses) on cash flow hedges Equity attributable to owners of the parent262,686143,667243,589(772)1,067,377262,947143,574145,657(587)1,279,18443,864123,789(69,407)1,814,79373,969178,318(86,430)1,996,632(43,113)85,025196,8419,36534,65341,772324,543(44,667)(1,599)28,857(7,820)(5,004)(43,191)(73,424)251,119261(93)(97,932)185211,80730,10554,529(17,023)181,839Non-controlling interests Total equityTotal liabilities and equity92,71492,441(273)1,907,5072,089,073181,5666,935,7497,368,434432,68519Marubeni CorporationConsolidated Financial Results(2) Consolidated Statements of Comprehensive IncomeRevenue:Sale of goodsCommissions on services and trading marginsTotal revenueCost of goods soldGross trading profitOther income (expenses) :Selling, general and administrative expensesProvision for doubtful accountsGains (losses) on property, plant and equipmentImpairment losses on property, plant and equipmentGains on sales of property, plant and equipmentOther – netTotal other income (expenses)Finance income (expenses):Interest incomeInterest expenseDividend incomeGains on investment securitiesTotal finance income (expenses)Provision for income taxProfit for the periodProfit for the period attributable to:Owners of the parentNon-controlling interestsOther comprehensive income:Share of profits of associates and joint venturesProfit for the period before taxItems that will not be retransferred to profit and loss for the period　　Gains (losses) on financial assets measured at fair valuethrough other comprehensive incomeRemeasurements of defined benefit pension planChanges in other comprehensive income of associates andjoint ventures　　Items that will be retransferred to profit and loss for the periodNine-month period ended December 31,20202021VarianceRatio (%)(Millions of yen)4,524,38480,0134,604,397(4,105,873)498,5246,128,45489,8576,218,311(5,571,545)646,7661,604,0709,8441,613,914(1,465,672)148,242(385,188)(3,349)(441,313)(1,002)(1,672)1,560(1,836)(390,485)(1,076)2,061(7,608)(448,938)7,882(17,620)9,5691,13396494,398203,401(35,381)168,0207,760(15,399)16,1509,31017,821186,871402,520(66,066)336,454(56,125)2,347596501(5,772)(58,453)(122)2,2216,5818,17716,85792,473199,119(30,685)168,434161,969327,4386,0519,016165,4692,965102.249.09,638(2,141)(11,779)12,3414,428(7,913)(64.1)4,542(2,998)(7,540)35.512.335.135.729.714.6(70.1)(35.6)32.1314.415.0(1.5)(12.6)68.8721.7－98.097.986.7100.2－－－－401.0－130.7　　Foreign currency translation adjustments　　Gains (losses) on cash flow hedges　　Changes in other comprehensive income of associates andjoint venturesOther comprehensive income, net of taxTotal comprehensive income for the period(9,531)(4,254)48,574(21,313)(16,771)15,327(4,035)163,98541,877378,33158,105(17,059)32,09845,912214,346Attributable to:Owners of the parentNon-controlling interests158,4485,537368,9039,428210,4553,891132.870.320Marubeni CorporationConsolidated Financial Results(3) Consolidated Statements of Changes in Equity◆ The Nine-month Period Ended December 31, 2020 (April 1,2020 – December 31, 2020)(Millions of yen)Equity attributable to owners of the parentIssued capitalCapital surplusTreasury stockRetained earningsOther equityinstrumentsBalance at beginning of period262,686143,189243,589(1,172)866,14022,71841,247Other components of equityGains (losses) onfinancial assetsmeasured at fairvalue through othercomprehensiveincomeForeign currencytranslationadjustments14,119(12,394)376(2,175)161,969(49,481)(68)(1,972)15,419(3,270)34167Balance at end of period262,686143,390243,589(796)989,83233,56728,853Equity attributable to owners of the parentOther components of equityGains (losses) oncash flow hedgesRemeasurements ofdefined benefitpension planOther componentsof equity totalEquity attributable toowners of the parentNon-controllinginterestsTotal equityBalance at beginning of period(62,922)－1,0431,515,47589,1251,604,600Other comprehensive income(17,395)12,149(3,521)(3,521)(514)(4,035)(2,175)(2,175)161,9696,051168,020410410(49,481)(6,152)(55,633)991,4471,546Transfer to retained earnings(12,149)(15,419)Transfer to non-financial assetsand othersBalance at end of period1,030(79,287)(1,972)－1,0301,030(1,972)－1,030－(16,867)1,621,83489,9571,711,791Cumulative effects of newaccounting policy adoptedProfit for the periodOther comprehensive incomePurchases and sales of treasurystockDividends paymentEquity transactions with non-controlling interests and othersDistribution to owners of otherequity instrumentsTransfer to retained earningsTransfer to non-financial assetsand othersCumulative effects of newaccounting policy adoptedProfit for the periodPurchases and sales of treasurystockDividends paymentEquity transactions with non-controlling interests and othersDistribution to owners of otherequity instruments21Marubeni CorporationConsolidated Financial Results◆ The Nine-month Period Ended December 31, 2021 (April 1,2021 – December 31, 2021)(Millions of yen)Equity attributable to owners of the parentIssued capitalCapital surplusTreasury stockRetained earningsOther equityinstrumentsBalance at beginning of period262,686143,667243,589(772)1,067,37743,864123,789Other components of equityGains (losses) onfinancial assetsmeasured at fairvalue through othercomprehensiveincomeForeign currencytranslationadjustments(5,574)54,529Profit for the periodOther comprehensive incomeShare-based paymenttransactions261Purchases and sales of treasurystockDividends paymentEquity transactions with non-controlling interests and othersDistribution to owners of otherequity instrumentsRedemption of other equityinstrumentsTransfer to retained earningsTransfer to non-financial assetsand others173331,769(2,068)(97,932)(31,301)35,679Balance at end of period262,947143,574145,657(587)1,279,18473,969178,318Equity attributable to owners of the parentOther components of equityGains (losses) oncash flow hedgesRemeasurements ofdefined benefitpension planOther componentsof equity totalEquity attributable toowners of the parentNon-controllinginterestsTotal equityBalance at beginning of period(69,407)－98,2461,814,79392,7141,907,507Other comprehensive income(11,868)4,37841,46541,465327,438(82,511)90(1,909)9,016412185327,438434218(1,909)(100,000)(82,511)(6,845)(89,356)1,859(2,856)(997)336,45441,877434218(1,909)(100,000)－(5,155)Profit for the periodShare-based paymenttransactionsPurchases and sales of treasurystockDividends paymentEquity transactions with non-controlling interests and othersDistribution to owners of otherequity instrumentsRedemption of other equityinstrumentsTransfer to retained earningsTransfer to non-financial assetsand othersBalance at end of period－165,8571,996,63292,4412,089,073(4,378)31,301－(5,155)(5,155)(5,155)(86,430)22Marubeni CorporationConsolidated Financial Results(4) Consolidated Statements of Cash FlowsOperating activitiesProfit for the periodAdjustments to reconcile profit for the period to net cash provided by (used in)operating activities:Depreciation and amortisationGains (losses) on property, plant and equipmentFinance expenses (income)Share of profits of associates and joint venturesIncome taxesChanges in notes and trade accounts receivableChanges in inventoriesChanges in notes and trade accounts payableOther-netInterest receivedInterest paidDividends receivedIncome taxes paidInvesting activitiesNet decrease (increase) in time depositsProceeds from sale of property, plant and equipmentProceeds from sale of investment propertyCollection of loans receivableProceeds from sale of subsidiaries, net of cash and cash equivalents disposed ofProceeds from sale of investments in associates and joint ventures, and other investmentsPurchase of property, plant and equipmentPurchase of investment propertyLoans provided to customersAcquisition of subsidiaries, net of cash and cash equivalents acquiredPurchase of investments in associates and joint ventures, and other investmentsFinancing activitiesNet increase (decrease) in short-term borrowingsProceeds from long-term bonds and borrowingsRepayments of long-term bonds and borrowingsDividends paid to owners of the parentNet cash outflows on purchases and sales of treasury stockCapital contribution from non-controlling interestsAcquisition of equity portion of subsidiary from non-controlling interestsDistribution to owners of other equity instrumentsRedemption of other equity instrumentsOtherNine-month period ended December 31,20202021 (Millions of yen)Variance168,020336,454168,434105,548107,073(94,398)(186,871)(314)(165,344)112(964)35,38188,879(51,729)(134,435)7,406(18,865)88,647(23,124)264,337－8,759(478)56,868(94,978)(90)(26,131)(18,787)(51,749)(985)(17,821)66,066(49,504)58,047(5,256)6,481(14,972)158,681(43,138)(741)8,246231,30813,48745,411(72,434)(340)(42,572)(4,076)(41,091)1,525(1,097)(16,857)(92,473)30,685(138,383)(165,030)109,776129,179(925)3,89370,034(20,014)(767)3,909222,54913,965(11,457)22,544(250)(16,441)14,71110,658216,402217,261(304,205)(49,481)(5)667(380)(1,972)－(6,168)30,515253,022(434,523)(82,511)(6)907(3,960)(1,909)(100,000)(6,846)(185,887)35,761(130,318)(33,030)(1)240(3,580)63(100,000)(678)Net cash provided by/used in operating activities170,164248,91178,747Net cash provided by/used in investing activities(122,223)(62,800)59,423Net cash provided by/used in financing activities72,119(345,311)(417,430)Effect of exchange rate changes on cash and cash equivalentsNet increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of periodIncrease (decrease) in cash and cash equivalents resulting from transfer to assets held for saleCash and cash equivalents at end of period(3,281)116,779522,523(595)638,7078,142(151,058)745,858(1,740)593,06011,423(267,837)223,335(1,145)(45,647)23Marubeni Corporation Consolidated Financial Results (5) Notes Related to Going Concern Assumptions None (6) Changes in Accounting Principles Except for the changes disclosed below, significant accounting policies applied to the consolidated financial statements herein are identical to the accounting policies applied to consolidated financial statements for the previous fiscal year. Newly Adopted Standards and Interpretive Guidance The Marubeni Group moved to adopt earlier application of the following accounting standards effective from the second quarter of the current fiscal year. Standard and Interpretive Guidance Summary IAS 12 “Income Taxes” (amended in May 2021) Clarification of accounting treatment for deferred taxes relating to assets and liabilities arising from a single transaction The application of IAS 12 “Income Taxes” (amended in May 2021) clarifies the accounting treatment upon initial recognition for transactions that result in taxable temporary differences and deductible temporary differences of the same amount at the time of the transaction. Taxable temporary differences and deductible temporary differences are recognized as deferred tax liabilities and deferred tax assets, respectively, in the Company’s Consolidated Statements of Financial Position. With the application of this standard, the consolidated financial statements for the previous fiscal year have been retrospectively re-presented. As a result, in the Company’s Consolidated Statement of Financial Position at the end of the previous fiscal year, assets decreased 3,209 million yen due to changes in deferred tax assets and investments in associates and joint ventures, liabilities increased 1,053 million yen due to the recognition of deferred tax liabilities, and equity decreased 4,262 million yen due to a change in retained earnings. Also, in the Company’s Consolidated Statement of Comprehensive Income for the nine months period ended December 2020, net income decreased 1,788 million yen due to changes in income taxes. Note, however, that because the cumulative effect of applying the above-mentioned standard was reflected, the balance of retained earnings at the beginning of the previous fiscal year 24Marubeni Corporation Consolidated Financial Results has declined 2,175 million yen in the Consolidated Statement of Changes in Equity. Significant accounting policies relating to the abovementioned standard are as follows. IAS 12 “Income Taxes” Current tax Income tax payable (or recoverable) at the end of the reporting period shall be calculated as the amount expected to be paid to, or returned from, the tax authorities. The statutory tax rate or effective statutory tax rate at the end of the reporting period is used to calculate the amount of tax. Current tax related to items that are recognized in other comprehensive income shall be recognized under other comprehensive income. Current tax related to items that are recognized directly in equity shall be recognized directly under equity. The Company and its consolidated subsidiaries shall recognize the impact of tax positions in financial statements when it is most likely that, based on technical interpretation, the tax positions will be sustained upon examination by the tax authorities. Income tax receivable and income tax payable shall be offset if the Company has a legally enforceable right to set-off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax The Company and its consolidated subsidiaries shall recognize deferred tax assets and liabilities based on the differences between the carrying amounts and the tax bases of assets and liabilities in the Consolidated Statement of Financial Position. The tax rate and tax laws that apply to the fiscal year in which the differences are settled shall be used to calculate Deferred tax liabilities shall be recognized for taxable temporary differences, except for the deferred tax assets and liabilities. following: ・Initial recognition of goodwill ・Initial recognition of assets or liabilities in a transaction which is not a business combination, and, at the time of the transaction, affects neither accounting profit nor taxable income and also does not result in taxable temporary differences and deductible temporary differences of the same amount at the time of the transaction ・Taxable temporary differences associated with investments in subsidiaries and affiliated companies or equity stakes in joint ventures when the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference 25Marubeni Corporation Consolidated Financial Results will not reverse in the foreseeable future A deferred tax asset shall be recognized for deductible temporary differences, tax losses carried forward, and unused tax credits to the extent that it is probable that taxable income will be available against which the deductible temporary difference can be utilized, unless the deferred tax asset arises from the initial recognition of assets or liabilities in a transaction that is not a business combination, and, at the time of transaction, affects neither accounting profit nor taxable income and also does not result in taxable temporary differences and deductible temporary differences of the same amount at the time of the transaction. Deductible temporary differences associated with investments in subsidiaries and affiliated companies or equity stakes in joint ventures shall be recognized as deferred tax assets only if it is probable that the temporary difference will reverse in the foreseeable future and taxable income will be available against which the temporary difference can be utilized. The carrying amount of deferred tax assets shall be reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow the benefit of part or all of the deferred tax assets to be utilized. Unrecognized deferred tax assets shall also be reviewed at the end of each reporting period and recognized to the extent that it is probable that the deferred tax assets will be collectible from future taxable income. non-current liabilities. Deferred tax assets and deferred tax liabilities shall be presented as non-current assets or Deferred tax related to items that are recognized under other comprehensive income shall be recognized under other comprehensive income. Deferred tax related to items that are recognized directly in equity shall be recognized directly in equity. Deferred tax assets and deferred tax liabilities shall be offset only if the Company has a legally enforceable right to set-off income tax receivable against income tax payable and either of the following criteria ・The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity ・The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on different taxable entities which intend either to settle income tax receivable and income tax payable on a net basis, or to realize the assets and settle the liabilities simultaneously. is met: 26Marubeni CorporationConsolidated Financial Results(7) Segment Information ◆ The Nine-Month Period Ended December 31, 2020 (April 1,2020 – December 31, 2020)LifestyleFood IFood IIChemicalsEnergyICT & RealEstateBusinessForestProducts(Millions of yen)Metals &MineralResourcesRevenueGross trading profit (loss)Operating profit (loss)Share of profits (losses) of associates and joint venturesProfit (loss) attributable to owners of the parentSegment assets (as of March 31, 2021)90,28513,5481,4521521,39894,159256,42683,15519,94260514,669449,829174,54318,6932,420(1,699)(1,640)285,931472,13736,8327,0674,0458,425379,010473,71345,30726,4532,28018,267313,012283,47329,28613,9271,06012,344283,728274,82430,3216,6845219,179546,622215,41913,165(278)36,39335,411871,790PowerBusinessInfrastructureProjectAerospace &ShipFinance &LeasingBusinessConstruction,IndustrialMachinary &MobilityNextGenerationBusinessDevelopmentOtherConsolidatedRevenueGross trading profit (loss)Operating profit (loss)Share of profits (losses) of associates and joint venturesProfit (loss) attributable to owners of the parentSegment assets (as of March 31, 2021)125,29914,182(11,717)20,38510,617741,16216,6306,969(3,974)8,0705,297227,78042,74110,1472,4662,6773,623265,6514,7152,509(3,477)13,7909,876341,219211,25159,08711,1722,39210,052353,7822,1071,311(1,750)87(1,592)16,598(104,565)(6,262)7,889(33)(1,027)362,6074,604,397498,524109,98794,398161,9696,935,749◆ The Nine-Month Period Ended December 31, 2021 (April 1,2021 – December 31, 2021)LifestyleFood IFood IIChemicalsEnergyICT & RealEstateBusinessForestProducts(Millions of yen)Metals &MineralResourcesRevenueGross trading profit (loss)Operating profit (loss)Share of profits (losses) of associates and joint venturesProfit (loss) attributable to owners of the parentSegment assets (as of December 31, 2021)67,82012,9531,005(102)96194,885267,56282,06515,0732,15211,849440,778149,97232,20115,5901,0698,881303,578550,11238,4286,8773,56412,123428,725588,58159,56638,7971,89730,708340,916412,52330,68414,7771,65412,889312,542478,34251,00527,5282,45822,686681,783323,88844,44930,130114,298133,856953,345AgriBusiness2,065,399140,27431,7113,67327,0701,402,869AgriBusiness2,980,256206,20376,3723,12956,9401,549,868PowerBusinessInfrastructureProjectAerospace &ShipFinance &LeasingBusinessConstruction,IndustrialMachinary &MobilityNextGenerationBusinessDevelopmentOtherConsolidatedRevenueGross trading profit (loss)Operating profit (loss)Share of profits (losses) of associates and joint venturesProfit (loss) attributable to owners of the parentSegment assets (as of December 31, 2021)168,364(18,658)(46,730)21,636(23,683)949,30216,7197,780(3,943)8,0136,049227,85665,85924,10815,7874,13118,894277,9977,4294,33