Mitsubishi Corp. MBC Results for Six Months Ended Sept. 2012

  Mitsubishi Corp. (MBC) - Results for Six Months Ended Sept. 2012

RNS Number : 1855Q
Mitsubishi Corporation
02 November 2012




        FINANCIAL RESULTS FOR        
 THE SIX MONTHS ENDED SEPTEMBER 2012 
          Based on US GAAP           

                                      





                            Mitsubishi Corporation

             2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086

                        http://www.mitsubishicorp.com/

                                                              November 2, 2012

                                                        Mitsubishi Corporation

                                      

                   Mitsubishi Corporation and subsidiaries

                             FINANCIAL HIGHLIGHTS

                 for the six months ended September 30, 2012

                      (Based on US GAAP) (Consolidated)



1. Consolidated operating results for the six months ended September 30, 2012

(1) Operating transactions and income

                                                (Figures less than one million
                                                              yen are rounded)
                                                                 Net income
                Operating                       Income before  attributable to
              transactions    Operating income  income taxes
                                                                 Mitsubishi
                                                                 Corporation
For the six Millions of        Millions        Millions        Millions
months              Yen     %    of Yen      %   of Yen      %   of Yen      %
ended
September     9,650,606 (3.6)    55,658 (67.0)  151,466 (41.4)  190,418 (22.8)
30, 2012
September    10,009,074   4.5   168,606 (15.4)  258,437 (17.7)  246,615  (8.3)
30, 2011

Comprehensive income for the six months ended September 30, 2012 and 2011 were
\31,414million (-%) and \-30,379million (-%) respectively.



                      Net income attributable to    Net income attributable to
                        Mitsubishi Corporation        Mitsubishi Corporation

                              per share             per share (diluted basis)
For the six months                              Yen                        Yen
ended
September 30, 2012               115.66                     115.42
September 30, 2011               149.92                     149.57



(2) Assets and shareholders' equity

                                          Mitsubishi     Ratio of Mitsubishi
                                          Corporation        Corporation
              Total assets Total equity                  shareholders' equity
                                         shareholders'     to total assets
                                            equity
As of          Millions of  Millions of Millions of Yen                      %
                       Yen          Yen
September 30,   12,588,602    3,804,227       3,485,076                   27.7
2012
March 31,       12,588,320    3,826,777       3,507,818                   27.9
2012

The six months ended September 30, 2011 and the year ended March 31, 2012 have
been retrospectively adjusted, as described  in " 2) Retrospective  Adjustment 
of the Previous Fiscal Year's  Consolidated Financial Statements" under "  (6) 
Basis  for   Preparation  of   Consolidated  Financial   Statements"  of   the 
consolidated financial statements.



2. Dividends

                                    Cash dividend per share (Yen)
(Record date)                    1Q end 2Q end 3Q end Year-end Annual
          Fiscal Year
                                   -     32.00   -       33.00  65.00
      ended March 31, 2012
          Fiscal Year
                                   -     25.00
     ending March 31, 2013
          Fiscal Year
                                                 -       25.00  50.00
ending March 31, 2013 (Forecast)

NOTE: Change from the latest released dividend forecasts: No



3. Outlook for the fiscal year ending March 31, 2013 (April 1, 2012 to March
31, 2013)

                                                                        Forecast of
                                                          Net income     Net income
          Operating        Operating     Income before  attributable to attributable
         transactions       income       income taxes                        to
                                                          Mitsubishi     Mitsubishi
                                                          Corporation   Corporation
                                                                         per share
For
the      Millions     % Millions      % Millions      % Millions      %          Yen
year       of Yen         of Yen          of Yen          of Yen
ending
March
31,    20,000,000 (0.6)  140,000 (48.4)  280,000 (38.4)  330,000 (27.0)       200.41
2013

NOTE: Change from the latest released earnings forecasts: No

NOTE: Increase-decrease rate from April 1, 2012 to March 31, 2013 has been
retrospectively adjusted, reflecting change of accounting cost method
investment to equity method investment.



4. Notes

(1) Changes in significant subsidiaries during the period: Yes

New companies: 1 (Mitsubishi Corporation (Americas))

Excluded companies: 0

(2) Application of simplified accounting treatment and special accounting
treatment: Yes

NOTE: Fore more details, please see "5. Notes (2) Application of Simplified
Accounting Treatment and Special Accounting Treatment in Preparing Quarterly
Consolidated Financial Statements."

(3) Changes in accounting principles, procedures and presentation methods

-1- Changes due to accounting standards revisions: None

-2- Changes other than -1- : None

(4) Number of shares issued (Common stock)

-1- Number of shares issued at year-end (including treasury shares)

 September 30, 2012 1,653,505,751
 March 31, 2012     1,653,505,751

-2- Number of treasury shares at year-end

 September 30, 2012 6,883,545
 March 31, 2012     7,332,832

-3- Average number of shares during each of the following fiscal years

The three months ended September 30, 2012   1,646,331,697

The three months ended September 30, 2011   1,644,938,187



Disclosure Regarding Quarterly Review Procedures

As of the date of disclosure of this quarterly earnings release, a review of
the quarterly financial statements is being carried out in accordance with the
Financial Instruments and Exchange Act.



Forward-looking Statements

Earnings forecasts and other forward-looking statements in this release are
based on data currently available to management and certain assumptions that
management believes are reasonable.The achievement of said forecasts cannot be
promised. Actual results may therefore differ materially from these statements
for various reasons. For cautionary notes concerning assumptions for earnings
forecasts and use of earnings forecasts, please refer to "3.Qualitative
Information Concerning Consolidated Forecasts for the Year Ending March 2013."

Contents



1. Qualitative Information Concerning Consolidated Operating
Results··························· 2

(1) Summary of Results for the Six Months Ended September 2012
································· 2

(2) Segment Information
·················································································
3

2. Qualitative Information Concerning Consolidated Financial Position
·························· 6

(1) Changes in Assets, Liabilities and Equity
···························································· 6

(2) Cash Flows
····························································································
7

3. Qualitative Information Concerning Consolidated Forecasts for the Year

Ending March 2013
·······················································································
8

(1) Reasons for Revisions
·················································································
8

(2) Revisions to Full-Year Consolidated Earnings Forecasts for the Year

Ending March
2013······················································································
9

4. Business Risks*
···························································································
9

(1) Risks of Changes in Global Macroeconomic Climate
··············································· 10

(6) Risks Related to Specific Investments
······························································· 11

5. Notes
·······································································································
12

(1) Significant Changes in Subsidiaries During the Period
············································· 12

(2) Application of Simplified Accounting Treatment and Special Accounting
Treatment in

Preparing Quarterly Consolidated Financial
Statements············································· 12

6. Consolidated Financial Statements (US GAAP)
····················································· 13

(1) Consolidated Balance Sheets (US GAAP)
···························································· 13

(2) Consolidated Statements of Income (US GAAP)
···················································· 15

(3) Consolidated Statements of Comprehensive (Loss) Income (US GAAP)
························· 16

(4) Consolidated Statements of Cash Flows (US GAAP)
··············································· 17

(5) Notes Concerning Going Concern Assumption
······················································ 18

(6) Basis for Preparation of Consolidated Financial Statements
········································ 18

(7) Operating Segment Information
······································································· 19

(8) Notes Concerning Major Changes in Shareholders' Equity
·········································· 19



* The numbered items under Business Risks correspond to the numbered items  in 
"4. Business  Risks" of  "Operating  Results and  Financial Position"  in  the 
financial results for the year ended March 2012.



※ Mitsubishi Corporation will hold an earnings conference for the six  months 
ended September  2012 on  November 7,  2012 (Wednesday)  from 16:00  to  17:30 
(Japan  Time),  inviting  institutional  investors  to  join.  The  conference 
material  can  be  accessed   live  in  Japanese   from  the  following   URL: 
http://www.mitsubishicorp.com/jp/ja/ir/index.html



(English interpretation of the conference call will be posted in the  Investor 
Relations section of our web site as soon as it becomes available.)

1. Qualitative Information Concerning Consolidated Operating Results

(Consolidated net  income, as  used hereinafter,  refers to  Consolidated  net 
income attributable to Mitsubishi Corporation.)

(1) Summary of Results for the Six Months Ended September 2012

In the  first  six  months  of  the  year  ending  March  2013,  the  economic 
environment saw the U.S. continue to experience a modest recovery. In  Europe, 
however, the deepening impact  of the debt  crisis stymied economic  activity. 
Emerging nations saw growth slow due to the anemic European market. In  Japan, 
whilst  consumer  spending  picked  up  temporarily,  supported  in  part   by 
government subsidies on environmentally friendly vehicles, the economy  marked 
time as the global economy slowed.



Against this backdrop, consolidated operating  transactions for the first  six 
months of the year ending March 2013  declined 358.5 billion yen, or 4%,  year 
over year to 9,650.6 billion yen. This decrease in operating transactions  was 
mainly due to  lower sales  prices and lower  sales volume  because of  strike 
action at an Australian resource-related (coking coal) subsidiary.



Gross profit declined 100.2 billion yen, or 17%, to 488.5 billion yen for  the 
same reason that operating transactions decreased.



Selling, general and  administrative expenses increased  14.0 billion yen,  or 
3%, to 432.0 billion yen, due mainly to higher expenses in line with  business 
expansion.



In other P/L items, although other income-net decreased due to factors such as
deterioration in  foreign  exchange gains  and  losses, net  financial  income 
improved because  of higher  dividend  income from  resource-related  business 
investees.



As a result, income before income  taxes and equity in earnings of  Affiliated 
companies declined 106.9 billion yen, or 41%, to 151.5 billion yen.



Net equity in earnings  of Affiliated companies declined  2.8 billion yen,  or 
3%, to 95.4 billion yen.



Accordingly, net income  attributable to  Mitsubishi Corporation  for the  six 
months ended  September 2012  declined  56.2 billion  yen,  or 23%,  to  190.4 
billion yen.



(2) Segment Information

1) Industrial Finance, Logistics & Development Group

The  Industrial  Finance,   Logistics  &  Development   Group  is   developing 
shosha-type industrial  finance  businesses. These  include  asset  management 
businesses, buyout  investment  businesses, leasing  businesses,  real  estate 
development and financing businesses, and logistics services.



The segment recorded consolidated net income of 9.3 billion yen, a 5.6 billion
yen increase year over year. The  increase reflects mainly higher earnings  in 
real estate- and lease-related businesses.

2) Energy Business Group

The Energy Business Group  conducts oil and  gas exploration, development  and 
production  (E&P)  business;  investment   in  LNG  (Liquefied  Natural   Gas) 
liquefaction projects;  and sales  of crude  oil, petroleum  products,  carbon 
materials and products, LNG, and LPG (Liquefied Petroleum Gas) and so forth.



The segment  recorded consolidated  net income  of 93.2  billion yen,  a  27.8 
billion yen increase year over year. This increase reflects increased dividend
income from overseas resource-related business investees.



3) Metals Group

The Metals Group trades, develops businesses and invests in a range of fields.
These include steel products such as steel sheets and thick plates, steel  raw 
materials such as coking coal and iron ore, and non-ferrous raw materials  and 
products such as copper and aluminum.



The segment  recorded consolidated  net income  of 13.3  billion yen,  a  97.3 
billion yen decrease year over year. The decrease reflects mainly lower  sales 
prices  and  lower  sales  volume  due  to  strike  action  at  an  Australian 
resource-related subsidiary  (coking coal),  and  lower dividend  income  from 
copper mines.



4) Machinery Group

The Machinery Group handles sales, finance and logistics for machinery  across 
many different sectors,  in which  it also  invests. These  fields range  from 
large-scale plants  for production  of natural  gas, petroleum,  chemicals  or 
steel, to  marine,  automotive  and  other transport  equipment,  as  well  as 
aerospace-related  equipment,   mining  equipment,   construction   machinery, 
industrial equipment and elevating machines.



The segment  recorded consolidated  net  income of  34.5  billion yen,  a  6.7 
billion yen increase year over year. The increase reflects mainly higher sales
in Asian automobile-related operations and the absence of a loss on withdrawal
from a business recorded  in the corresponding period  of the previous  fiscal 
year.



5) Chemicals Group

The Chemicals Group trades  chemical products in a  broad range of fields,  in 
which it also develops  businesses and invests. These  fields extend from  raw 
materials used  in industrial  products such  as ethylene,  methanol and  salt 
produced from crude oil, natural  gas, minerals, plants, marine resources  and 
so forth, to plastics, electronic materials, food ingredients, fertilizer  and 
fine chemicals.



The segment  recorded consolidated  net  income of  13.6  billion yen,  a  4.3 
billion yen decrease  year over  year. The decrease  was mainly  due to  lower 
earnings on transactions  at the Parent  and a petrochemical  business-related 
company.



6) Living Essentials Group

The  Living  Essentials  Group   provides  products  and  services,   develops 
businesses and invests in various  fields closely linked with people's  lives, 
including food products  and food, textiles,  essential supplies,  healthcare, 
distribution and  retail. These  fields  extend from  the procurement  of  raw 
materials to the consumer market.



The segment  recorded consolidated  net  income of  23.3  billion yen,  a  0.8 
billion yen increase year  over year. Although it  recorded lower earnings  on 
transactions  at  food-  and  general  merchandise-related  subsidiaries,  the 
segment saw earnings rise year over year in the absence of a share  write-down 
recorded in the previous fiscal year and other factors.



2. Qualitative Information Concerning Consolidated Financial Position

(1) Changes in Assets, Liabilities and Equity

Total assets at September 30, 2012 were 12,588.6 billion yen, up 0.3 billion
yen from March 31, 2012. Investments in Affiliated companies and property and
equipment increased due to the execution of new investments. On the other
hand, there was a decline in unrealized gains on listed shareholdings because
of a fall in share prices, and a decrease in accounts receivables due mainly
to decreased sales volumes.



Total liabilities were 8,784.4 billion yen, up 22.8 billion yen from March 31,
2012. While long-term debt increased due to the procurement of funds for
making new investments, accounts payables decreased commensurate with accounts
receivables.



Interest-bearing liabilities (net), which are interest-bearing liabilities
(gross) minus cash and cash equivalents and time deposits, increased 232.6
billion yen from March 31, 2012 to 3,880.0 billion yen. The net debt-to-equity
ratio, which is net interest-bearing liabilities divided by total equity, was
1.1.



Total shareholders' equity decreased 22.7 billion yen from March 31, 2012 to
3,485.1 billion yen. The decrease was mainly due to the payment of dividends,
a decrease in unrealized gains on listed shareholdings and a decrease in
foreign currency translation adjustments accompanying the yen's appreciation,
despite an increase in retained earnings because of the consolidated net
income.



(2) Cash Flows

Cash and cash equivalents at September 30, 2012 were 1,195.0 billion yen, down
58.0 billion yen from March 31, 2012.



(Operating activities)

Net cash provided  by operating  activities was  156.5 billion  yen. This  was 
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 activities)

Net cash  used  in  investing  activities was  386.5  billion  yen.  Investing 
activities used net cash mainly  for capital expenditures at  resource-related 
subsidiaries, the acquisition of aircraft and real estate, and investments  in 
Affiliated companies.

As a result, free cash  flow, the sum of  operating and investing cash  flows, 
was negative 230.0 billion yen.



(Financing activities)

Net cash provided  by financing  activities was 185.6  billion yen.  Financing 
activities provided  net cash  due to  fund procurement  for new  investments, 
despite the payment of dividends at the Parent.



3. Qualitative  Information Concerning  Consolidated  Forecasts for  the  Year 
Ending March 2013

Mitsubishi Corporation  has revised  its full-year  projections for  the  year 
ending March 2013, as below and announced in a press release issued on October
19, 2012 titled "Revision of Full-year Consolidated Earnings Forecasts."



(1) Reasons for Revisions

The European debt  crisis has  had a deepening  impact on  the global  economy 
while emerging nations such as China have seen an even slower pace of  growth. 
As a result  of these factors,  prices of certain  commodities such as  coking 
coal have fallen  below the  initially anticipated  range. In  light of  these 
developments  in  the  recent  business  environment,  Mitsubishi  Corporation 
reviewed its full-year  consolidated earnings  forecasts for  the year  ending 
March 2013.  As  a  result, Mitsubishi  Corporation  reflected  the  following 
factors into  its  forecasts:  the impact  of  longer-than-anticipated  strike 
action and the  impact of lower  sales prices  and so forth  at an  Australian 
resource-related (coking coal) subsidiary in the Metals Group, (-150.0 billion
yen  reduction  in  net   income  attributable  to  Mitsubishi   Corporation); 
deterioration in market conditions in  the Chemicals Group (-10.0 billion  yen 
reduction  in  net  income   attributable  to  Mitsubishi  Corporation);   and 
additional risk of write-downs of  marketable securities (available for  sale) 
due to weak  stock prices and  so forth  (-10.0 billion yen  reduction in  net 
income attributable to Mitsubishi Corporation).



(2) Revisions to Full-Year Consolidated Earnings Forecasts for the Year Ending
March 2013



                                        Operating    Income      Net Income
                            Operating    Income      Before    Attributable to
                          Transactions            Income Taxes   Mitsubishi
                                        (million                 Corporation
                          (million yen)   yen)      (million
                                                      yen)      (million yen)
Previous Forecast
(Announced on May 8,         21,000,000   340,000      490,000         500,000
2012) (A)
Revised Forecast
(Announced October 19,       20,000,000   140,000      280,000         330,000
2012) (B)
Difference (B-A)             -1,000,000  -200,000     -210,000        -170,000
Difference (%)                    -4.8%    -58.8%       -42.9%          -34.0%

Note:

Earnings forecasts and  other forward-looking statements  in this release  are 
based on data currently available  to management and certain assumptions  that 
management believes  are  reasonable.  Therefore, they  do  not  constitute  a 
guarantee that they  will be  achieved. Actual results  may differ  materially 
from these statements for various reasons.

4. Business Risks

Major changes to  Business Risks contained  in the financial  results for  the 
year ended  March 2012  during the  six  months ended  September 2012  are  as 
follows:



Forward-looking statements contained  herein are management's  judgment as  of 
September 30, 2012.



The numbered items with titles below  correspond to the numbered items in  "4. 
Business Risks" of "Operating Results and Financial Position" in the financial
results for the year ended March  2012 and the underlined sections  correspond 
to the sections that have been revised.



(1) Risks of Changes in Global Macroeconomic Climate

As we conduct businesses on a global scale, our operating results are impacted
by economic trends in overseas countries as well as those in Japan.



For instance, a decline in prices of  energy and metal resources could have  a 
large impact on  our resource-related  import transactions  and earnings  from 
business investments.  Furthermore,  the  worldwide  economic  slowdown  could 
affect our  entire  export-related business,  including  plants,  construction 
machinery parts, automobiles, steel products, ferrous raw materials,  chemical 
products, and other products.



In Thailand and  Indonesia, we have  various automobile businesses,  including 
automobile assembly  plants, distribution  and sales  companies and  financial 
services companies  jointly  established  with  Japanese  automakers.  Because 
automobile sales volume reflects internal  demand in each of these  countries, 
economic trends in both Thailand and Indonesia may have a significant  bearing 
on earnings from our automobile operations.



In the year ending  March 2013, the economies  of industrialized nations  have 
slowed due  to the  impact of  the implementation  of austerity  measures  and 
turbulence in  the financial  markets as  a  result of  the deepening  of  the 
European debt problems. Meanwhile, in  emerging economies, the rate of  growth 
has slowed  due to  sluggish  export growth  as  well as  structural  problems 
domestically even in major countries such as China.



(6) Risks Related to Specific Investments

(Acquisition of Interest in Chilean Copper Asset)



On November  10, 2011,  Mitsubishi Corporation  completed the  acquisition  of 
24.5% of Anglo  American Sur,  S.A. (AAS) for  US$5.39 billion  (approximately 
420.0 billion yen).AAS is a Chilean copper mining and smelting company  wholly 
owned by Anglo American  plc (AAC).The acquisition was  the result of a  sales 
process initiated by AAC. AAS holds  a significant portfolio of copper  assets 
in Chile, including  the Los Bronces  mine, the El  Soldado mine, the  Chagres 
smelter and large-scale  prospective exploration properties.  The Los  Bronces 
expansion project was  completed in November  2011, and in  2012 when the  Los 
Bronces mine is  at full  production, AAS will  produce approximately  440,000 
tonnes of copper per annum.

On August 23,  2012, Mitsubishi  Corporation agreed  to transfer  4.1% of  its 
24.5% shareholding in AAS to AAC for the sum of US$895 million. As a result of
this deal, Mitsubishi Corporation's risk exposure to this project at September
30, 2012 was approximately 350.0 billion yen.



AAC sold  a 29.5%  shareholding in  AAS  to a  joint venture  between  Chile's 
state-run copper producer Corporación Nacional del Cobre de Chile and Mitsui &
Co., Ltd., comprising this  4.1% share from  Mitsubishi Corporation and  25.4% 
owned by AAC.  Following completion  of these  transactions, AAC  has a  50.1% 
shareholding  in  AAS,   the  aforementioned   joint  venture   has  a   29.5% 
shareholding, and  Mitsubishi Corporation  has a  20.4% shareholding,  thereby 
forming a strong 4-company partnership.



Mitsubishi Corporation has designated  the expansion of high-quality  resource 
investments and  the  expansion of  its  resource portfolio  with  sustainable 
growth as an important area. Mitsubishi Corporation will continue to grow  its 
business in this area.



5. Notes

(1) Significant Changes in Subsidiaries During the Period

Mitsubishi Corporation (Americas) became a consolidated subsidiary from  April 
1, 2012.



(2) Application  of Simplified  Accounting  Treatment and  Special  Accounting 
Treatment in Preparing Quarterly Consolidated Financial Statements

Consolidated income  taxes are  calculated based  on the  estimated tax  rate, 
taking into account tax effects, for the fiscal year relating to the quarterly
period under review.



6.Consolidated Financial Statements

                   Mitsubishi Corporation and subsidiaries

                  (1) CONSOLIDATED BALANCE SHEETS (US GAAP)

                    March 31, 2012 and September 30, 2012



                                                    Millions of Yen
                 ASSETS                    March 31   September 30 Increase or

                                             2012         2012     [-]decrease
Current assets:
Cash and cash equivalents                   1,252,951    1,194,992     -57,959
Time deposits                                 116,024      127,284      11,260
Short-term investments                         19,327       18,150      -1,177
Notes receivables                             363,130      329,515     -33,615
Accounts receivables                        2,379,899    2,267,515    -112,384
Loans and other receivables                   389,678      369,009     -20,669
Receivables from Affiliated companies         250,469      221,612     -28,857
Inventories                                   965,057    1,012,063      47,006
Advance payments to suppliers                 157,817      168,630      10,813
Deferred income taxes                          45,780       50,564       4,784
Other current assets                          258,953      298,688      39,735
Allowance for doubtful receivables           (23,809)     (24,261)        -452
Total current assets                        6,175,276    6,033,761    -141,515
Investments and noncurrent receivables:
Investments in and advances to Affiliated   2,097,976    2,200,834     102,858
companies
Joint investments in real estates              62,290       60,634      -1,656
Other investments                           1,414,584    1,280,736    -133,848
Noncurrent notes, loans and accounts          549,712      566,856      17,144
receivable-trade
Allowance for doubtful receivables           (30,508)     (28,094)       2,414
Total investments and noncurrent            4,094,054    4,080,966     -13,088
receivables
Property and equipment:
Property and equipment                      3,265,380    3,411,578     146,198
Less accumulated depreciation             (1,294,466)  (1,310,360)     -15,894
Property and equipment - net                1,970,914    2,101,218     130,304
Other assets                                  348,076      372,657      24,581
                  Total                    12,588,320   12,588,602         282



6.Consolidated Financial Statements

                   Mitsubishi Corporation and subsidiaries

                  (1) CONSOLIDATED BALANCE SHEETS (US GAAP)

                    March 31, 2012 and September 30, 2012



                                                     Millions of Yen
          LIABILITIES AND EQUITY            March 31  September 30 Increase or

                                              2012        2012     [-]decrease
Current liabilities:
Short-term debt                               886,431      873,430     -13,001
Current maturities of long-term debt          435,221      533,740      98,519
Notes and acceptances payables                206,049      219,504      13,455
Accounts payables                           2,108,171    2,014,164     -94,007
Payables to Affiliates companies              186,094      179,961      -6,133
Advances from customers                       160,795      169,695       8,900
Accrued income taxes                           32,360       35,798       3,438
Other accrued expenses                        118,877       97,661     -21,216
Other current liabilities                     331,968      300,790     -31,178
Total current liabilities                   4,465,966    4,424,743     -41,223
Long-term liabilities:
Long-term debt                              3,760,101    3,874,960     114,859
Accrued pension and severance liabilities      51,345       51,856         511
Deferred income taxes                         199,051      152,748     -46,303
Other noncurrent liabilities                  285,080      280,068      -5,012
Total noncurrent liabilities                4,295,577    4,359,632      64,055
Total liabilities                           8,761,543    8,784,375      22,832
Mitsubishi Corporation shareholders'
equity:
Common stock                                  204,447      204,447           0
Additional paid-in capital                    262,039      262,059          20
Retained earnings:
Appropriated for legal reserve                 44,133       44,854         721
Unappropriated                              3,300,588    3,435,047     134,459
Accumulated other comprehensive income:
Net unrealized gains on securities            230,362      156,859     -73,503
available-for-sale
Net unrealized losses on derivatives          (8,433)      (9,380)        -947
Defined benefit pension plans                (78,303)     (74,807)       3,496
Foreign currency translation adjustments    (426,450)    (514,500)     -88,050
Less treasury stock                          (20,565)     (19,503)       1,062
Total Mitsubishi Corporation shareholders'  3,507,818    3,485,076     -22,742
equity
Noncontrolling interest                       318,959      319,151         192
Total equity                                3,826,777    3,804,227     -22,550
                  Total                    12,588,320   12,588,602         282



As written in Note 2) of "(6) Basis for Preparation of Consolidated  Financial 
Statements," the figures at March 31, 2012 have been retrospectively adjusted.

                   Mitsubishi Corporation and subsidiaries

               (2) CONSOLIDATED STATEMENTS OF INCOME (US GAAP)

             for the six months ended September 30, 2011 and 2012



                                               Millions of Yen
                                 Six months    Six months
                                                            Increase or      
                                    ended         ended
                                                            [-] decrease     %
                                September 30, September 30,
                                    2011          2012
Revenues:
Revenues from trading,
manufacturing and other             2,367,758     2,503,573      135,815     /
activities
Trading margins and commissions       308,287       293,838      -14,449     /
on trading transactions
Total revenues                      2,676,045     2,797,411      121,366     /
Cost of revenues from trading,
manufacturing and other           (2,087,347)   (2,308,929)     -221,582     /
activities
Gross profit                          588,698       488,482     -100,216 -17.0
Other income and expenses:
Selling, general and                (418,012)     (431,978)      -13,966     /
administrative
Provision for doubtful                (2,080)         (846)        1,234     /
receivables
Interest expense - net                (1,328)       (3,827)       -2,499     /
Dividend income                        60,750        81,225       20,475     /
Loss on marketable securities         (6,700)       (7,666)         -966     /
and investments - net
Loss on property and equipment        (1,333)         (704)          629     /
- net
Other income - net                     38,442        26,780      -11,662     /
Total                               (330,261)     (337,016)       -6,755     /
Income before income taxes and
equity in earnings of                 258,437       151,466     -106,971 -41.4
Affiliated companies and other
Income taxes                         (95,302)      (45,988)       49,314     /
Income before equity in
earnings of Affiliated                163,135       105,478      -57,657     /
companies and other
Equity in earnings of                  98,197        95,440       -2,757     /
Affiliated companies and other
Net income                            261,332       200,918      -60,414 -23.1
Less net income attributable to      (14,717)      (10,500)        4,217     /
the noncontrolling interest
Net income attributable to            246,615       190,418      -56,197 -22.8
Mitsubishi Corporation



NOTE:

1. The companies display revenues and cost of revenues in accordance with ASC
Paragraph 605-45 [Revenue Recognition - Principal Agent Considerations].

Operating transactions and operating income, as presented below, are voluntary
disclosures solely for the convenience of investors in Japan.

The figures are as follows:

                                                                             
                                          Six months ended
                        Six months ended                    Increase or      
                                            September 30,
                       September 30, 2011       2012        [-] decrease     

                                                                             %
Operating transactions         10,009,074         9,650,606     -358,468  -3.6
Operating income                  168,606            55,658     -112,948 -67.0



Operating transactions represent the gross transaction volume or the aggregate
nominal value of the sales contracts in which the companies act as principal
and transactions in which the companies serve as agent.

Operating income reflects the companies' (a) gross profit, (b) selling,
general and administrative expenses, and (c) provision for doubtful
receivables.

Operating transactions and operating income, as presented above, are non-US
GAAP measures commonly used by similar Japanese trading companies and should
not be construed as equivalent to, or a substitute or proxy for, revenues, or
as an indicator of our operating performance, liquidity or cash flows
generated by operating, investing or financing activities.



2. As written in Note 2) of " (6) Basis for Preparation of Consolidated
Financial Statements," the figures for the six months ended September 30, 2011
have been retrospectively adjusted.





                   Mitsubishi Corporation and subsidiaries

     (3) CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (US GAAP)

             for the six months ended September 30, 2011 and 2012



                                                   Millions of Yen
                                         Six months ended   Six months ended

                                        September 30, 2011 September 30, 2012
Comprehensive (loss) income
Net income                                         261,332            200,918
Other comprehensive (loss) income, net
of tax:
Net unrealized losses on securities               (87,318)           (76,657)
available for sale
Net unrealized losses on derivatives              (41,838)            (1,050)
Defined benefit pension plans                        3,281              3,333
Foreign currency translation                     (159,147)           (91,423)
adjustments
Total other comprehensive loss, net of           (285,022)          (165,797)
tax
Comprehensive (loss) income                       (23,690)             35,121
Comprehensive income attributable to               (6,689)            (3,707)
the noncontrolling interest
Comprehensive (loss) income                       (30,379)             31,414
attributable to Mitsubishi Corporation

NOTE: As written in Note  2) of " (6)  Basis for Preparation of  Consolidated 
Financial Statements," the figures for the six months ended September 30, 2011
have been retrospectively adjusted.



                   Mitsubishi Corporation and subsidiaries

             (4) CONSOLIDATED STATEMENTS OF CASH FLOWS (US GAAP)

             for the six months ended September 30, 2011 and 2012



                                                Millions of Yen
                                         Six months ended   Six months ended

                                        September 30, 2011 September 30, 2012
Operating activities:
Net income                                    261,332            200,918
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization                  70,736             74,368
Provision for doubtful receivables              2,080                846
Loss on marketable securities and               6,700              7,666
investments - net
Loss on property and equipment - net            1,333                704
Equity in earnings of Affiliated
companies and other, less dividends          (63,310)           (49,687)
received
Changes in operating assets and
liabilities:
Short-term investments - trading                (555)                394
securities
Notes and accounts receivable - trade        (15,462)            121,900
Inventories                                 (108,761)           (41,290)
Notes, acceptances and accounts                48,609           (50,516)
payable - trade
Other - net                                    56,389          (108,782)
Net   cash   provided   by   operating        259,091            156,521
activities
Investing activities:
Expenditures for property and               (179,484)          (268,589)
equipment and other assets
Proceeds from sales of property and             8,342              8,734
equipment and other assets
Investments in and advances to              (122,744)          (223,514)
Affiliated companies
Proceeds from sales of investments in
and collection of advances to                  58,184             89,984
Affiliated companies
Purchases of available-for-sale             (135,088)           (44,837)
securities and other investments
Proceeds from sales and maturities of
available-for-sale securities and              99,445             55,611
other investments
Increase in loans receivable                (137,506)           (75,727)
Collection of loans receivable                 81,293             83,761
Net increase in time deposits                (28,931)           (11,888)
Net cash used in investing activities       (356,489)          (386,465)





                                                Millions of Yen
                                         Six months ended   Six months ended

                                        September 30, 2011 September 30, 2012
Financing activities:
Net decrease in short-term debt              (21,085)           (12,866)
Proceeds from long-term debt - net  of        359,054            607,595
issuance cost
Repayment of long-term debt                 (183,292)          (343,166)
Payment of dividends                         (64,129)           (54,333)
Payment   of    dividends    to    the       (15,823)           (11,702)
noncontrolling interest
Payment     for     acquisition     of 
subsidiary's   interests   from    the          (181)               (36)
noncontrolling interest
Proceeds from sales of subsidiary's
interests to the noncontrolling                 2,928                125
interest
Other - net                                       595                 29
Net   cash   provided   by   financing         78,067            185,646
activities
Effect of exchange rate changes on           (28,200)           (13,661)
cash and cash equivalents
Net decrease in cash and cash                (47,531)           (57,959)
equivalents
Cash and cash equivalents, beginning        1,208,742          1,252,951
of period
Cash and cash equivalents, end of           1,161,211          1,194,992
period

As written in Note 2) of " (6) Basis for Preparation of Consolidated Financial
Statements," the figures for the six months ended September 30, 2011 have been
retrospectively adjusted



(5) Notes Concerning Going Concern Assumption

None



(6) Basis for Preparation of Consolidated Financial Statements

1) Basic Accounting Policies

The accompanying consolidated financial statements of Mitsubishi Corporation
and its subsidiaries have been prepared in accordance with accounting
principles generally accepted in the United States of America (U.S. GAAP).



The significant differences between U.S. and Japanese accounting standards
applicable to the companies relate to the following:

a) Valuation of investments

b) Deferral of gain on sales of properties for tax purposes (Not permitted
under U.S. GAAP)

c) Derivative instruments and hedge accounting

d) Pension and retirement benefit accounting (Underfunded obligations and
overfunded obligations are recognized as assets, liabilities and accumulated
other comprehensive income(loss) under U.S. GAAP)

e) Accounting for business combinations and goodwill and other intangible
assets



2)  Retrospective  Adjustment  of  the  Previous  Fiscal  Year's  Consolidated 
Financial Statements

The company has retrospectively adjusted the consolidated statements of income
and comprehensive income, consolidated statements of cash flows, operating
segment information for the six months ended September 30, 2011, since the
Company acquired additional investments in cost method investees, and
accounted for the company's ownership interest in investees under the equity
method.

In addition, the Company has retrospectively adjusted the consolidated balance
sheet at March 31, 2012, since the Company was able to exert significant
influence over the operating and financial decisions by concluding the
shareholder's agreement, and accounted for the company's ownership interest in
investees under the equity method.

(7) Operating Segment Information (US GAAP)



Six months ended September 30, 2011

                                                              Millions of Yen
                Industrial                                                                         Adjustments
                 Finance,    Energy                                   Living
                Logistics & Business   Metals   Machinery Chemicals Essentials   Total     Other       and      Consolidated
                Development
                                                                                                   Eliminations
Gross profitt        21,452    33,569   162,481    80,238    42,849    228,650   569,239    20,546      (1,087)      588,698
・・・・・・・・・・
Equity in
earnings of

affiliated            3,374    36,424    17,852    15,077    10,423     11,624    94,774     4,035        (612)       98,197
companies and
other
・・・・・・・・・・・・・・・
Net income
(loss)

attributable to       3,686    65,386   110,623    27,781    17,911     22,516   247,903   (2,463)        1,175      246,615

Mitsubishi
Corporation・・
Segment assets      805,399 1,334,536 2,826,745 1,495,464   720,080  2,238,389 9,420,613 2,619,834    (811,718)   11,228,729
・・・・・・・
Operating            88,721 2,211,374 2,229,062 1,111,303 1,135,240  2,718,124 9,493,824   566,723     (51,473)   10,009,074
transactions ・・



Six months ended September 30, 2012

                                                               Millions of Yen
                Industrial                                                                          Adjustments
                 Finance,    Energy                                 Living
                Logistics & Business   Metals   Machinery Chemicals Essentials   Total      Other       and      Consolidated
                Development
                                                                                                    Eliminations
Gross profit         26,450    23,322    65,529    87,710    46,379    220,428    469,818    19,465        (801)      488,482
・・・・・・・・・・
Equity in
earnings of

affiliated            7,474    37,917    16,251    10,884     6,857     11,713     91,096     4,565        (221)       95,440
companies and
other
・・・・・・・・・・・・・・・
Net income
attributable to       9,300    93,228    13,295    34,479    13,635     23,332    187,269     2,382          767      190,418
Mitsubishi
Corporation・・
Segment assets      954,330 1,708,857 3,463,073 1,623,509   759,354  2,414,041 10,923,164 2,723,462  (1,058,024)   12,588,602
・・・・・・・
Operating           100,613 2,343,114 1,999,797 1,139,917 1,111,910  2,662,307  9,357,658   340,037     (47,089)    9,650,606
transactions ・・



NOTE:

(1) Operating transactions, as presented above, are voluntary disclosures
solely for the convenience of investors in Japan. Operating transactions
represent the gross transaction volume or the aggregate nominal value of the
sales contracts in which the companies act as principal and transactions in
which the companies serve as agent. Operating transactions exclude the
contract value of transactions in which the companies' role is limited to that
of a broker.

(2) "Other" represents corporate departments which primarily provide services
and operational support to the Company and Affiliated companies.

This column also includes certain revenues and expenses from business
activities related to financing and human resource services that are not
allocated to reportable operating segments.

Unallocated corporate assets categorized in "Other" consist primarily of cash,
time deposits and securities for financial and investment activities.

(3) "Adjustments and Eliminations" include certain income and expense items
that are not allocated to reportable operating segments and intersegment
eliminations.

(4) The six months ended September 30, 2011 have been retrospectively adjusted
as described in 2) under "(6) Basis for Preparation of Consolidated Financial
Statements."

(5) Effective April 1, 2012, the Company transferred parts of the business of
the "Industrial Finance, Logistics & Development" and "Machinery" to "Other."

The consolidated financial position and the results of operations of related
reportable operating segments for the six months ended September 30, 2011 have
also been reclassified accordingly.



(8) Notes Concerning Major Changes in Shareholders' Equity

None

















                                                              November 2, 2012

                                      

                                      

                           Responsibility Statement

                                      

                                      



Ryoichi Ueda, Member of the Board,  Senior Executive Vice President and  Chief 
Financial Officer, confirms  that the  condensed set  of financial  statements 
have been prepared in accordance with accounting principles generally accepted
in the United States of  America and that, to the  best of his knowledge,  the 
interim management  report  was  prepared  fairly  in  all  material  respects 
including the information required by DTR 4.2.7 and DTR 4.2.8.







                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


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