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Marubeni Corporation President and CEO, Teruo Asada (Photo: Marubeni Corporation)

COMPANY OF THE WEEK: Marubeni Reported an 11 Percent Rise in Revenue

  (JAPAN, 2/4/2011)

Japan-based trading company, Marubeni Corporation (Public, TYO:8002), has recently published the company's consolidated financial results for the 3Q 2010.

Net income attributable to Marubeni Corporation for the 3rd Quarter of FY2010 amounted to 106.9 billion yen, which is a 36.4 billion yen or 52 percent increase compared with the same period of the previous year.
Marubeni Corporation, Net Income

Core earnings increased by 45.5 billion yen or 40 percent to 159.3 billion yen year-on-year, mainly due to profit increase in adjusted operating profit and equity in earnings.

Equity decreased by 13.2 billion yen to 786.5 billion yen, compared with the end of the previous fiscal year due to decline in stock prices and appreciation of yen, despite an accumulation of net income.

Net interest-bearing debt was 1,762.6 billion yen, increased by 56.2 billion yen compared with the end of the previous fiscal year. Net D/E ratio elevated by 0.11 points to 2.24 times.

Marubeni Corporation, Adjusted Operating Profit and Core Earnings

Main Items
1) Total volume of trading transactions: 6,638.6 billion yen
Total volume of trading transactions increased by 984.0 billion yen compared with the same  period of the previous fiscal year, due to higher commodity prices and a gradual recovery of the  economy. The effect of Japanese yen's appreciation is a decrease by 160.0 billion yen.

By segment, increase was recorded mainly in Energy: +482.9 billion yen, Overseas Corporate Subsidiaries & Branches / +229.7 billion yen, Metals & Mineral Resources / +164.5 billion yen, Food / +115.2 billion yen, Chemicals / +104.8 billion yen, Transportation Machinery / +102.6 billion yen.

Marubeni Corporation, Earnings Structure and Business Portfolio

2) Gross trading profit: 374.1 billion yen
This item increased by 12.6 billion yen compared with the same period of the previous fiscal year.

3) Selling, general, and administrative expenses: -270.9 billion yen
Increased by 1.7 billion yen, mainly in personnel expense.

4) Provision for doubtful accounts: -3.4 billion yen
This item improved by 0.4 billion yen compared with the same period of the previous fiscal year.

5) Interest expense, net of interest income: -13.9 billion yen
This item improved by 3.8 billion yen year-on-year, due to lower USD interest rates and JPY interest rates.

Marubeni Corporation, Equity and Net D/E Ratio

6) Dividends: 14.5 billion yen
This item stayed at the same level as the previous year with 0.6 billion yen increase year-on-year.

7) Gain/loss on investment securities : 3.7 billion yen
In spite of improvement in impairment loss on investment securities, the effect of asset sale in overseas power business booked in the previous fiscal year caused the deterioration of this item by 3.8billion yen, compared with the previous year.
・Gain on sales of investment securities
12.1 billion yen ( - 8.8 billion yen year-on-year)
・Impairment loss on investment securities
-8.4 billion yen ( + 5.0 billion yen year-on-year)

Marubeni Corporation, Net Income by Operating Segment

8) Gain on property and equipment: 3.0 billion yen
Increased by 2.5 billion yen year-on-year, due to a gain on sales of property and equipment.
・Gain on sales of property and equipment 5.8 billion yen ( + 2.2 billion yen year-on year)
・Loss on sales / Impairment loss of property and equipment -2.7 billion yen ( + 0.3 billion yen year-on-year)

9) Other-net: -7.3 billion yen
This item deteriorated by 4.4 billion yen year-on-year, mainly in foreign exchange .

10) Equity in earnings of affiliated companies: 55.5 billion yen
This item improved by 30.1 billion yen year-on-year, due to a profit increase in the copper business in Chile from a strong copper price, also due to a profit increase in steel products business.

Marubeni Corporation Total Assets by Operating Segment
Outline of Yearly Prospect for FY2010 
Prospect for yearly net income attributable to Marubeni Corp. for FY2010 has been changed to 135.0 billion yen from 125.0 billion yen, in accordance with the stable results up to the 3rd Quarter FY2010.

Yearly dividend forecast for FY2010 is projected to be 12.0 yen per share, based on our dividend policy aiming for consolidated payout ratio around 15 percent. It is subject to the achievement of revised yearly net income prospect of 135.0 billion yen. 5.5 yen per share for interim dividend (already paid) is included in 12.0 yen per share. Thus the year-end payment is projected to be 6.5 yen per share.

About Marubeni Corporation

Marubeni Corporation is a Japan-based trading company that has 12 business segments: Food; Life Style; Paper Pulp; Chemical Product; Energy; Metal Material; Transportation Machines; Power and Infrastructure; Plant, Ship and Industrial Equipment; Development and Construction; Finance; Logistics and Information; and Steel.

Marubeni has a history of more than 150 years and its business models and operations as a general trading company are extremely diverse.

At the present time, the company is conducting business throughout the world together with many partners and customers, by making full use of its network of 118 overseas branches and offices in 71 countries. 

There are approximately 30,000 employees working in Marubeni Group, and last year Marubeni was once again selected as a global Fortune 500 company. 

Source: Marubeni Corporation 

Margaret E.L. Stacey
Editor Companies and Products

Information of the company:
Address: 1-4-2 Otemachi Chiyoda-ku,
City: Tokyo
State/ZIP: (100-8088)
Country: Japan
Phone: +81 3-3282-4782
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