Marubeni Corp Half Yearly Report

  Marubeni Corp - Half Yearly Report

RNS Number : 3365R
Marubeni Corp
16 November 2012








                        Consolidated Financial Results

              For the Six-Month Period Ended September 30, 2012

                     (April 1, 2012 - September 30, 2012)









                                      

                                      

                                      

                                      

                                      

                                      

                                      

                                      

                                      

                                      

                                      

*This document is an English translation of a statement written initially in
                                  Japanese.

      The original in Japanese should be considered the primary version.

                                      

                             Marubeni Corporation

                              (TSE Code: 8002)

                                                                               November 1,
                                                                                      2012
  Summary of Consolidated Financial Results for the Six-Month Period Ended September 30,
                                   2012 (US GAAP basis)
Company Name: Marubeni Corporation      (URL http://www.marubeni.com)       Code Number :
                                                                                      8002
Listed : Tokyo, Osaka, Nagoya
Representative:               ASADA Teruo         President and CEO, Member of the Board
Enquiries:                    IWASHIMA Hirokazu   General Manager, Media    TEL (03) 3282
                                                  Relations Sec.                    - 4803
Expected filing date of quarterly financial      November 14, 2012
statement report :
Expected Date of the beginning of delivery of     December 3, 2012
dividends:
Supplementary explanations of quarterly business  Prepared
results:
Briefing on quarterly business results:           Held (for institutional investors and
                                                  analysts)
1. Consolidated financial results for the Six-Month Period Ended September 30, 2012 (April
1, 2012 - September 30, 2012)
(1) Consolidated                                             (%: changes from the previous
business results                                                              fiscal year)
                                                            Income before     Net income
              Total volume of trading                       income taxes     attributable
                  transactions         Operating profit         and         to Marubeni
                                                           noncontrolling       Corp.
                                                              interests
Six months
   ended    (millionsofyen)       (%) (millions     (%) (millions     (%) (millions  (%)
 September                                of yen)           of yen)           of yen)
    30
   2012             5,080,646     (1.4)    71,564  (25.5)   138,834   (8.9)   105,301  2.2
   2011             5,150,455      15.7    96,121    44.7   152,457    59.6   103,030 50.1
                                             
(Note) Comprehensive income attributable to       Six months ended September 30, 2012:
Marubeni Corp.                                    75,569 million yen (5.3%)
                                                  Six months ended September 30, 2011:
                                                  71,780 million yen (-%)
                                           Diluted net
            Net income attributable to       income
            Marubeni Corp. per share    attributable to                  
                                         Marubeni Corp.
                                            per share
Six months
   ended                         (yen)            (yen)                                
 September
    30
   2012                          60.65                -                                
   2011                          59.34                -                                
(Note)
 1. For Japanese Investors' convenience, Total volume of trading transactions and
Operating profit are shown according to Japanese accounting practice.
  2. Total volume of trading transactions is the sum of those in which Marubeni
Corporation and its consolidated subsidiaries ("the Group") act as principal
 and those which the Group act as agent.
 3. "Operating profit" is the sum of "Gross trading profit", "Selling, general and
administrative expenses" and "Provision for doubtful accounts".
(2) Consolidated financial conditions
                  Total Assets              Equity        Shareholders'   Shareholders'
                                                               equity        Equity Ratio
                     (millions of yen) (millions of yen) (millions of yen)           (%)
 September                   5,379,620          966,719          906,575          16.9
 30, 2012
 March 31,                   5,129,887          915,770          852,172          16.6
   2012
(Note)
  Above mentioned "Shareholder's equity" shows "Marubeni Corp. shareholder's equity"
on the Consolidated Balance Sheet, which is used in the calculation
 of "Shareholders' equity ratio".
2. Dividends information
                              Dividend per share                     
             1st Quarter       2nd       3rd      4th    Annual    
                               Quarter   Quarter  Quarter
                       (yen)     (yen)     (yen)   (yen)     (yen)  
Year ended
 March 31,          -             10.00     -       10.00     20.00  
   2012
Year ending
 March 31,          -             12.00                            
   2013                                                    
Year ending
 March 31,                                -       12.00     24.00  
   2013
  (Plan)
(Note)
 Changes from the latest announces prospects : None

                                      

                                      

                                      

                                      

                                      

                                      

3.Prospects of consolidated financial results for the year ending March 31,
2013 (April 1, 2012-March 31, 2013)
                                    (%: changes from the previous fiscal year)
                                               Income before
            Total volume of                     income taxes     Net income
               trading       Operating profit      and       attributable to
             transactions                      noncontrolling Marubeni Corp.
                                                 interests
         (millions of    (%)  (millions   (%)  (millions (%)  (millions   (%)
                  yen)           of yen)          of yen)        of yen)
  Year
 ending     10,600,000    0.1    155,000 (1.5)    275,000 5.4    200,000  16.2
March 31,
  2013
              Net income
           attributable to           
          Marubeni Corp. per
                 share
                       (yen)                
  Year
 ending               115.19                
March 31,
  2013
(Note)
 Changes from the latest announces prospects : Yes



4.Others
(1) Changes in major consolidated subsidiaries                        : None
(2) Adoption of simplified accounting procedures and specific         : None
accounting procedures for quarterly financial reporting
(3) Changes in accounting principles and procedures, method of
presentation, etc.
 ①Any changes in accordance with the revision in the accounting       : None
principle
 ②Any changes other than ①                                            : None
(4) Number of outstanding shares
 ①Number of outstanding shares at the   September 30, 2012  1,737,940,900
end of the term                          (Common shares)
 (Treasury shares are included) March 31, 2012 (Common 1,737,940,900
                                        shares)
 ②Number of outstanding treasury shares September 30, 2012      1,766,154
at the end of the term                   (Common shares)
                                    March 31, 2012 (Common     1,744,243
                                         shares)
 ③Average number of outstanding shares  Six months ended       1,736,185,413
during the term                          September 30, 2012
                                    Six months ended       1,736,379,665
                                         September 30, 2011



<Indication concerning implementation status of quarterly review procedures>
 These Consolidated Financial Results are not subject to the review
procedure pursuant to the Financial Instruments and Exchange Law.
 At the time of disclosing these Consolidated Financial Results, the review
procedure for financial statements pursuant to
 the Financial Instruments and Exchange Law has not been completed.
<Descriptions relating to the proper use of financial prospects and other
special notes>
 (Notes to the description about future, other)
 The descriptions about future such as the above prospects 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.
 (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, November 1, 2012.
 The Company is scheduled to hold a briefing on business results for
institutional investors and analysts on Tuesday, November 6, 2012,
 and to post the briefing, along with the materials used in the meeting,
on the Company's website immediately after the meeting.















【Table of Contents of Attached Materials】



1. Qualitative  Information  on  Consolidated  Financial  Results  for  the 
Quarter under Review
(1) Qualitative information on consolidated business results                 2
(2) Qualitative information on consolidated financial conditions            16
(3) Qualitative information on forecast of consolidated financial results   17
(4) Basic Policy on Profit Distribution  and Dividends for the fiscal  year 
ending March 31,
2013                                                                        17
2. Other Information
(1) Adoption of  simplified accounting procedures  and specific  accounting 18
procedures
(2)  Changes   in  accounting   principles   and  procedures,   method   of 18
presentation, etc.
3. Quarterly Consolidated Financial Statements
(1) Quarterly Consolidated Balance Sheets                                   19
(2) Quarterly Consolidated Statements of Income                             21
(3) Quarterly Consolidated Statements of Comprehensive Income               22
(4) Quarterly Consolidated Statements of Cash Flows                         23
(5) Occurrence of event or situation  that creates doubt about status as  a 23
going concern
(6) Segment Information                                                     24
(7) Significant changes to shareholders' equity                             25

















1. Qualitative Information on Consolidated Financial Results for the  Quarter 
under Review



(1) Qualitative information on consolidated business results



An overview  of the  economic environment  during the  six-month period  ended 
September 30, 2012 revealed that the global economic recovery lost steam. This
was a result of the economic downturn  in Europe caused by the debt issue  and 
fiscal austerity measures implemented by governments of emerging countries  in 
the past. In the meantime, the commodity market weakened through the middle of
the year  due  to factors  such  as a  slowdown  of the  global  economy,  but 
subsequently rebounded  slightly  on  the  strength  of  receding  risk-averse 
sentiment in the market.

The U.S. economy slowed down as indicated by stagnated production caused by  a 
slowing of the global economy and reaction to the boost in business activities
as a  result  of the  record  warm winter  and  deceleration in  the  pace  of 
improvement in employment conditions.

The European economy  made progress toward  stabilizing financial and  capital 
markets such as moves  toward integration of banking  supervision in the  Euro 
zone and  announcement  of  a  new  government-bond-purchase  program  by  the 
European Central Bank.  In the  meantime, production  activities continued  to 
slacken mainly in  Greece, Spain  and other  countries which  were obliged  to 
implement a tight monetary policy, and  the European economy remained weak  on 
the whole.

In Asia,  the  economy continued  to  expand, supported  by  domestic  demand, 
particularly investment and consumer spending.  However, the pace of  economic 
growth decelerated  due to  the impact  notably  of a  slowing of  the  global 
economy and the fiscal austerity measures implemented by governments of  Asian 
countries in the past.

The Japanese economy was shored up  by demand for reconstruction and  stimulus 
policies such  as  the  eco-car  subsidy program.  However,  the  momentum  of 
recovery weakened as exports remained sluggish due mainly to the slowing  down 
of the global economy.











Under the aforementioned business environment, consolidated financial  results 
and significant factors for the six-month period ended September 30, 2012  are 
as follows:

                                                            (millions of yen)
                               Six months ended   Six months ended  Variance
                               September 30, 2012 September 30, 2011
Total   volume   of    trading          5,080,646          5,150,455 (69,809)
transactions
Gross trading profit                      266,704            281,504 (14,800)
Operating profit                           71,564             96,121 (24,557)
Equity in earnings of                      43,201             43,219     (18)
affiliates
Net income attributable to                105,301            103,030    2,271
Marubeni Corp.
 
Revenues                                2,379,156          2,243,548  135,608



The consolidated total  volume of  trading transactions  during the  six-month 
period ended September  30, 2012  declined 69.8  billion yen  (1.4%) from  the 
year-earlier period  to 5,080.6  billion yen,  due primarily  to decreases  in 
transaction volumes of  Plant &  Industrial Machinery  segment. Gross  trading 
profit fell 14.8 billion yen (5.3%) year-on-year to 266.7 billion yen  chiefly 
because profits decreased in the Power Projects and Infrastructure segment and
Food segment. Operating profit  stood at 71.6 billion  yen, a decline of  24.6 
billion yen (25.5%) year-on-year. Net income attributable to Marubeni for  the 
six-month period ended  September 30,  2012 (hereinafter referred  to as  "net 
income for  the six-month  period  ended September  30, 2012")  increased  2.3 
billion yen (2.2%) from the year-earlier  period to 105.3 billion yen,  mainly 
due to an  increase in gains  on investment securities  and an improvement  in 
foreign exchange gains  (losses). Marubeni  is making  steady progress  toward 
fulfilling the target of consolidated net income of 200.0 billion yen for  the 
fiscal year ending March  31, 2013, which was  established in the  medium-term 
management plan  titled  SG-12, with  52.7%  achieved as  of  the end  of  the 
six-month period ended September 30, 2012.



Meanwhile, "Revenue" as defined  under U.S. GAAP was  2,379.2 billion yen,  an 
increase of 135.6 billion yen (6.0%) from the year-earlier period.



Financial results for each operating  segment and significant factors for  the 
six-month period ended September 30, 2012 are as follows.













Food:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading          1,070,411         1,049,510   20,901
transactions
Gross trading profit                         48,203            54,566  (6,363)
Operating profit                              8,197            17,478  (9,281)
Equity in earnings of affiliates              1,213               908      305
Net income attributable to                    2,707             8,777  (6,070)
Marubeni Corp.



The total volume  of trading  transactions during the  six-month period  ended 
September 30, 2012  increased 20.9  billion yen (2.0%)  from the  year-earlier 
period to 1,070.4 billion yen. This was  mainly due to rises in the volume  of 
grains transactions  and the  sales prices  of grains  handled by  the  parent 
company. Gross trading profit declined 6.4 billion yen (11.7%) year-on-year to
48.2 billion yen primarily because profits fell in the  food-materials-related 
business. Operating profit dropped 9.3 billion yen (53.1%) year-on-year to 8.2
billion yen. Equity  in earnings of  affiliates rose 0.3  billion yen  (33.6%) 
year-on-year to 1.2 billion  yen. Consequently, net  income for the  six-month 
period ended September  30, 2012  declined 6.1  billion yen  (69.2%) from  the 
year-earlier period to 2.7 billion yen.









Lifestyle:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading            192,043           202,706 (10,663)
transactions
Gross trading profit                         15,502            15,138      364
Operating profit                              4,796             4,641      155
Equity in earnings of affiliates                190               191      (1)
Net income attributable to                    2,986             2,467      519
Marubeni Corp.



The total volume of trading transactions declined 10.7 billion yen (5.3%) from
the year-earlier period to 192.0 billion  yen chiefly because sales prices  of 
natural rubber fell at operating companies (Marubeni International Commodities
(Singapore) and UNIMAC Rubber). Gross trading profit increased 0.4 billion yen
(2.4%) year-on-year to 15.5 billion yen, due mainly to increases in the volume
of uniforms handled by the parent company and in the volume of transactions of
tire products at an operating company.  Operating profit rose 0.2 billion  yen 
(3.3%) year-on-year to 4.8  billion yen. Net income  for the six-month  period 
ended September 30,  2012 grew  0.5 billion  yen (21.0%)  year-on-year to  3.0 
billion yen,  due  in  part  to  absence of  the  impairment  loss  on  listed 
securities posted in the year-earlier period.











Forest Products:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading            244,114           264,036 (19,922)
transactions
Gross trading profit                         14,535            17,076  (2,541)
Operating profit                              2,947             5,960  (3,013)
Equity in losses (earnings) of                 (55)             1,525  (1,580)
affiliates
Net income attributable to                      124             4,470  (4,346)
Marubeni Corp.



The total volume  of trading  transactions amounted  to 244.1  billion yen,  a 
decline of 19.9 billion yen (7.5%) from the year-earlier period. This resulted
mainly from decreases in the sales price of pulp and the transaction volume of
wood chips. Gross trading profit fell 2.5 billion yen (14.9%) year-on-year  to 
14.5 billion  yen, due  chiefly to  decreased profits  from  wood-chip-related 
transactions  and  deterioration  in  profit  from  the  Musi  Pulp   Project, 
reflecting a decline in the sales price of pulp and an increase in the cost of
raw materials  and fuels.  Operating profit  dropped 3.0  billion yen  (50.6%) 
year-on-year to 2.9 billion yen. Equity in earnings of affiliates declined 1.6
billion yen  (-%) year-on-year  to  0.1 billion  yen  (loss), due  chiefly  to 
absence of the one-time  profit posted by  an overseas afforestation  business 
operating company  in  the  year-earlier  period  and  a  profit  decrease  at 
Daishowa-Marubeni International Ltd. as a result of the falling sales price of
pulp.  In  addition,   we  posted  impairment   loss  on  listed   securities. 
Consequently, net income  for the  six-month period ended  September 30,  2012 
amounted to 0.1 billion yen,  a decrease of 4.3  billion yen (97.2%) from  the 
year-earlier period.











Chemicals:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading            460,134           502,650 (42,516)
transactions
Gross trading profit                         13,608            14,593    (985)
Operating profit                              3,302             4,374  (1,072)
Equity in earnings of affiliates                994             2,714  (1,720)
Net income attributable to                    4,427             5,117    (690)
Marubeni Corp.



The total  volume  of trading  transactions  stood  at 460.1  billion  yen,  a 
decrease of 42.5 billion yen (8.5%) from the year-earlier period. This was due
chiefly to decreases in  the volume of transactions  for LCD panel  production 
equipment for China and of polysilicon transactions and weak market conditions
for petrochemical products. With the  decrease in transactions, gross  trading 
profit dropped  1.0  billion yen  (6.7%)  year-on-year to  13.6  billion  yen. 
Operating profit declined 1.1 billion yen (24.5%) year-on-year to 3.3  billion 
yen.  Equity  in  earnings  of  affiliates  shrank  1.7  billion  yen  (63.4%) 
year-on-year to 1.0 billion yen, due  primarily to a deterioration in  profits 
at the overseas synthetic rubber manufacturing and sales company. As a result,
net income for the six-month period ended September 30, 2012 fell 0.7  billion 
yen (13.5%) from the year-earlier period to 4.4 billion yen.



During the  six-month period  ended September  30, 2012,  Marubeni  officially 
agreed with Azelis, the largest distributor of functional chemicals in Europe,
to form  a  strategic business  alliance.  We  will jointly  make  efforts  to 
increase transactions in the  Asian market by  leveraging the highly  complete 
distribution function of Azelis.











Energy:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading          1,562,185         1,428,427  133,758
transactions
Gross trading profit                         29,702            35,363  (5,661)
Operating profit                             16,109            22,291  (6,182)
Equity in earnings of affiliates                 32               375    (343)
Net income attributable to                   21,726            25,528  (3,802)
Marubeni Corp.



The total volume of trading transactions  amounted to 1,562.2 billion yen,  an 
increase of 133.8 billion yen (9.4%) from the year-earlier period, due  mainly 
to a growth in import  sales in the LNG  field. Gross trading profit  declined 
5.7 billion  yen  (16.0%) year-on-year  to  29.7 billion  yen  mainly  because 
profits in the oil and gas development field shrank. Operating profit declined
6.2 billion yen  (27.7%) year-on-year to  16.1 billion yen.  With the fall  in 
operating profit, net income for the six-month period ended September 30, 2012
dropped 3.8 billion yen (14.9%) from  the year-earlier period to 21.7  billion 
yen.











Metals & Mineral Resources:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading            390,276           468,717 (78,441)
transactions
Gross trading profit                         10,447            15,150  (4,703)
Operating profit                              3,072             8,004  (4,932)
Equity in earnings of affiliates             18,483            21,564  (3,081)
Net income attributable to                   29,286            23,760    5,526
Marubeni Corp.



The total  volume  of trading  transactions  stood  at 390.3  billion  yen,  a 
decrease of 78.4 billion  yen (16.7%) from the  year-earlier period, due to  a 
fall in prices of steel raw materials and non-ferrous and light metals.  Gross 
trading profit declined 4.7 billion  yen (31.0%) year-on-year to 10.4  billion 
yen, due chiefly to a drop in prices of light metals and steel raw  materials. 
Operating profit shrank 4.9  billion yen (61.6%)  year-on-year to 3.1  billion 
yen. Equity  in  earnings  of  affiliates declined  3.1  billion  yen  (14.3%) 
year-on-year to 18.5  billion yen, reflecting  decreased profits at  affiliate 
companies engaged in coal  operations. In addition, there  was an increase  in 
gains on investment  securities. Consequently,  net income  for the  six-month 
period ended  September  30,  2012  rose 5.5  billion  yen  (23.3%)  from  the 
year-earlier period to 29.3 billion yen.











Transportation Machinery:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading            305,376           340,802 (35,426)
transactions
Gross trading profit                         21,795            20,238    1,557
Operating profit                              3,906             4,033    (127)
Equity in earnings of affiliates              6,970             3,858    3,112
Net income attributable to                    9,177             5,666    3,511
Marubeni Corp.



The total volume of trading transactions stood at 305.4 billion yen, a decline
of 35.4 billion yen (10.4%) from the year-earlier period, due to a decrease in
transaction volume in  the aircraft-related operations.  Gross trading  profit 
grew 1.6 billion yen (7.7%)  year-on-year to 21.8 billion  yen as a result  of 
newly consolidation  of  operations  related  to  construction  machinery  and 
agricultural machinery.  Operating  profit  declined 0.1  billion  yen  (3.1%) 
year-on-year to  3.9  billion yen  due  to a  fall  in profits  in  automotive 
businesses in the Americas. Equity in earnings of affiliates rose 3.1  billion 
yen (80.7%) year-on-year to 7.0 billion yen due to a contribution from the LNG
carrier business and U.S. automotive  retail finance business. In addition  to 
the above, there were gains on  sales of assets. Consequently, net income  for 
the six-month period  ended September 30,  2012 grew 3.5  billion yen  (62.0%) 
from the year-earlier period to 9.2 billion yen.



During the six-month period ended September 30, 2012, Marubeni acquired a  30% 
stake in PT Mega  Central Finance, a major  motorcycle retail finance  company 
under the CT  Group in  Indonesia, to participate  in its  management. The  CT 
Group is  a fast-developing  emerging  conglomerate, engaged  in  wide-ranging 
businesses including finance,  retail, media and  plantation in Indonesia.  We 
are eyeing  the  possibility  of  collaboration with  this  company  in  other 
automotive businesses such  as dealer  operations, in addition  to the  retail 
finance field.









Power Projects and Infrastructure:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading            181,247           193,226 (11,979)
transactions
Gross trading profit                         13,039            20,163  (7,124)
Operating profit                              1,347             5,803  (4,456)
Equity in earnings of affiliates             11,268            11,628    (360)
Net income attributable to                   12,226            12,129       97
Marubeni Corp.



The total volume  of trading  transactions amounted  to 181.2  billion yen,  a 
decrease of 12.0  billion yen (6.2%)  from the year-earlier  period. This  was 
mainly due to the effect of converting a vertically-integrated power  business 
in the Caribbean region into an affiliate, despite increased transactions from
the project at the parent company to construct the New Haripur Combined  Cycle 
Power Plant in Bangladesh, the expansion project for the Chana Combined  Cycle 
Power Plant Block 2  and the Wang  Noi Combined Cycle Power  Plant Block 4  in 
Thailand and the electricity consolidation business in the U.K. Gross  trading 
profit declined 7.1 billion yen (35.3%)  year-on-year to 13.0 billion yen  due 
to the effect of the abovementioned conversion of the Caribbean business  into 
an affiliate. Operating profit  fell 4.5 billion  yen (76.8%) year-on-year  to 
1.3 billion  yen. Equity  in earnings  of affiliates  shrank 0.4  billion  yen 
(3.1%) year-on-year to 11.3 billion yen, due chiefly to decreased profits from
the Lion  Power (2008)  and  power generation  projects  in the  Middle  East, 
despite profit contributions from the  Paiton2 coal-fired thermal power  plant 
project  in  Indonesia  and  conversion  of  the  vertically-integrated  power 
business in  the  Caribbean region  into  an  affiliate. Net  income  for  the 
six-month period  ended September  30,  2012 stood  at  12.2 billion  yen,  an 
increase of 0.1 billion yen (0.8%) from the year-earlier period, mainly due to
easing of the income tax burden.



During the six-month period ended  September 30, 2012, Marubeni made  progress 
in the overseas  power plant  business field, such  as by  completing the  IPP 
project for the  Cirebon coal-fired  power plant in  Indonesia and  repowering 
project for the Lion Power (2008) in Singapore. In the field of overseas power
EPC (Engineering, Procurement and Construction), Marubeni was awarded an order
for a project to overhaul a gas  turbine for an existing combined cycle  power 
plant in Myanmar. Marubeni will further strive to make social contributions in
the field of public  works projects both in  Japan and internationally,  while 
continuing with proactive  business development  to expand  its stable  profit 
base.











Plant & Industrial Machinery:

                                                             (millions of yen)
                               Six-month period ended September 30, Variance
                                       2012              2011
Total   volume    of    trading            121,550           225,541 (103,991)
transactions
Gross trading profit                        11,334            12,198     (864)
Operating loss (profit)                      (333)             1,791   (2,124)
Equity in earnings of                        1,011             1,372     (361)
affiliates
Net income attributable to                   1,771             1,795      (24)
Marubeni Corp.



The total volume  of trading  transactions amounted  to 121.6  billion yen,  a 
decline of 104.0 billion  yen (46.1%) from the  year-earlier period. This  was 
mainly due to decreased transaction volumes for the energy and chemical  plant 
projects in China  and Southeast  Asia and at  Marubeni Tekmatex  Corporation, 
which deals in  textile machinery,  and Marubeni  Techno-Systems Corp.,  which 
handles industrial machinery.  Transaction volumes leveled  off, however,  for 
the textile  factory  rehabilitation project  in  Angola and  the  project  to 
construct the  Tropical Biomass  Cogeneration Plant  in Singapore.  With  the 
decrease in transactions,  gross trading  profit fell 0.9  billion yen  (7.1%) 
year-on-year to 11.3 billion yen, and operating loss deteriorated 2.1  billion 
yen (-%)  year-on-year to  0.3 billion  yen (loss).  Meanwhile, there  was  an 
increase in gains on investment  securities. Consequently, net income for  the 
six-month period ended September 30, 2012 flattened out from the  year-earlier 
period at 1.8 billion yen.



Marubeni received orders by the  end of the fiscal  year ended March 31,  2012 
for projects including  the textile factory  rehabilitation project in  Angola 
and pulp manufacturing facilities project in Southeast Asia. We have  smoothly 
entered into  contracts  for  these  projects and  they  have  contributed  to 
earnings for the six-month period ended September 30, 2012. Marubeni was  also 
awarded a project  for rock  wool manufacturing  equipment for  a major  steel 
plant in China during the six-month  period ended September 30, 2012. We  will 
execute projects for  which we  have already  received orders  and manage  and 
operate business projects steadily. In addition, we will focus our efforts  on 
taking orders  for new  plant projects,  participating in  new businesses  and 
accumulating excellent assets.











Finance, Logistics & IT Business:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                       2012               2011
Total    volume    of    trading            99,539             88,213   11,326
transactions
Gross trading profit                        21,770             20,113    1,657
Operating profit                             2,224              1,409      815
Equity in earnings (losses) of               2,444            (1,224)    3,668
affiliates
Net income attributable to                   5,025              2,267    2,758
Marubeni Corp.



The total volume  of trading  transactions amounted  to 99.5  billion yen,  an 
increase of 11.3 billion yen (12.8%) from the year-earlier period, due chiefly
to robust smartphone sales at Marubeni Telecom Co., Ltd. Gross trading  profit 
grew 1.7 billion yen  (8.2%) year-on-year to 21.8  billion yen mainly  because 
profits increased  smoothly at  existing operating  companies and  performance 
fees from  investment funds  increased in  the finance  operations.  Operating 
profit rose 0.8 billion yen (57.8%) year-on-year to 2.2 billion yen. Equity in
earnings of  affiliates improved  3.7  billion yen  (-%) year-on-year  to  2.4 
billion yen  mainly  because  profits  increased  as  the  newly  consolidated 
subsidiary  was  included   in  the   scope  of   equity  method   affiliates. 
Consequently, net income  for the  six-month period ended  September 30,  2012 
grew 2.8 billion yen (121.7%) from the year-earlier period to 5.0 billion yen.



In the insurance business field, Marubeni took a stake in ACR Capital Holdings
Pte. Ltd., a  reinsurance group  in Singapore,  and its  earnings were  robust 
during the six-month period ended September 30, 2012. In the finance  business 
field, iSigma  Capital Corporation,  a  consolidated subsidiary  of  Marubeni, 
transferred  all  shares  in  Gold-Pak   Co.,  Ltd.,  one  of  the   portfolio 
constituents of iSigma Business Support Fund I, to Air Water, Inc.











Overseas Corporate Subsidiaries and Branches:

                                                             (millions of yen)
                                Six-month period ended September 30, Variance
                                        2012              2011
Total    volume    of    trading          1,085,248         1,002,834   82,414
transactions
Gross trading profit                         60,338            53,924    6,414
Operating profit                             20,922            16,848    4,074
Equity in earnings of affiliates                494               294      200
Net income attributable to                   12,073             9,921    2,152
Marubeni Corp.



The total volume of trading transactions  amounted to 1,085.2 billion yen,  an 
increase of 82.4  billion yen (8.2%)  from the year-earlier  period. This  was 
mainly due to increased transactions of grain and transportation machinery  at 
Marubeni America Corporation,  increased transactions at  Helena Chemical,  an 
agricultural chemicals and  fertilizer products sales  subsidiary of  Marubeni 
America Corporation, an increase  in transactions of transportation  machinery 
in Marubeni Australia Ltd. and an increase in the transaction volume of  crude 
oil at Marubeni India Private Ltd.  Gross trading profit grew 6.4 billion  yen 
(11.9%) year-on-year  to 60.3  billion yen,  resulting mainly  from  increased 
profits at Helena Chemical and  Marubeni Australia Ltd. Operating profit  rose 
4.1 billion yen (24.2%)  year-on-year to 20.9  billion yen. Consequently,  net 
income for the six-month period ended September 30, 2012 increased 2.2 billion
yen (21.7%) from the year-earlier period to 12.1 billion yen.











(Note)

1. For Japanese investors' convenience,  Total volume of trading  transactions 
and Operating  profit are  shown according  to Japanese  accounting  practice. 
Operating profit is the sum of  "Gross trading profit," "Selling, general  and 
administrative expenses," and "Provision for doubtful accounts" .



2. Inter-segment  transactions are  generally priced  in accordance  with  the 
prevailing market prices.













(2) Qualitative information on consolidated financial conditions

①Conditions of Assets, Liabilities and Equity

                                         (billions of yen)
                          September 30 March 31
                                                 Variance
                              2012       2012
Total assets                   5,379.6  5,129.9       249.7
Equity                           966.7    915.8        50.9
Interest-bearing debt          2,721.2  2,483.0       238.2
Net interest-bearing debt      1,944.1  1,755.7       188.4
Net D/E ratio (times)             2.01     1.92 0.09 point

Net  interest-bearing  debt  is  calculated  as  cash  and  cash   equivalents 
subtracted from interest-bearing debt (sum of long-term and short-term debts).



Total assets increased 249.7 billion yen  from the end of the previous  fiscal 
year to 5,739.6  billion yen mainly  due to increases  in new investments  and 
property, plant and  equipment. Net interest-bearing  debt rose 188.4  billion 
yen from the end of  the previous fiscal year  to 1,944.1 billion yen.  Equity 
increased 50.9 billion yen from the end  of the previous fiscal year to  966.7 
billion yen,  reflecting our  accumulation of  profit, despite  a decrease  in 
accumulated other comprehensive income (loss) as a result of deterioration  in 
unrealized gains (losses) on investment securities. Consequently, the net  D/E 
ratio was 2.01 times.





②Cash Flows

Cash and cash equivalents as of September 30, 2012 were 758.2 billion yen,  an 
increase of 80.9 billion yen from the end of the previous fiscal year.



(Operating activities)

Net cash provided by  operating activities was 0.9  billion yen due to  robust 
operating revenue mainly at  overseas resource-related subsidiaries,  although 
there was an increase in working capital.



(Investing activities)

Net cash used in  investing activities was 136.5  billion yen, due chiefly  to 
execution of new investments in  overseas resource-related projects and  power 
generation  projects,  despite   proceeds  from  sales   of  domestic   listed 
securities.





As a result of the above-mentioned activities, free cash flow (sum of net cash
used in operating activities  and net cash used  in investing activities)  for 
the period was negative 135.5 billion yen.



(Financing activities)

Net cash from financing activities amounted  to 214.7 billion yen as a  result 
of borrowings and issuance of corporate  bonds to meet demand for  procurement 
for new investments.





(3) Qualitative information on forecast of consolidated financial results

Net income attributable to Marubeni  for the six-month period ended  September 
30, 2012 amounted  to 105.3 billion  yen. This indicates  that we made  steady 
progress toward achieving the earnings projections for consolidated net income
(200.0 billion yen),  announced at  the beginning  of the  fiscal year  ending 
March 31, 2013, with 52.7% achieved.

As for earnings forecasts for the fiscal  year ending March 31, 2013, we  have 
estimated the total volume of trading transactions to be 10,600.0 billion yen,
an increase of 100.0 billion yen  from the projections which were released  at 
the beginning of the fiscal year. However, we have estimated operating  profit 
to fall below the projections announced at the beginning of the fiscal year by
15.0 billion yen to  155.0 billion yen  mainly due to  a deterioration in  the 
commodity market  conditions. Income  before income  taxes and  noncontrolling 
interests are forecast to be 275.0 billion yen, a decline of 10.0 billion  yen 
from the initial projections, as a result of a decrease in equity in  earnings 
of affiliates, although we expect an increase in other-net income centering on
gain/loss  on  investment  securities.  However,  we  left  the  forecasts  of 
consolidated net income for  the fiscal year ending  March 31, 2013  unchanged 
from the initial projections at 200.0 billion  yen as we foresee an easing  of 
the income tax burden.





(4) Basic Policy  on Profit  Distribution and  Dividends for  the fiscal  year 
ending March 31, 2013



Marubeni recognizes  that  its  important corporate  responsibilities  lie  in 
paying stable dividends to shareholders in a consistent manner, and maximizing
corporate value and competitiveness by  building up and effectively  utilizing 
internal reserves.

Marubeni has been applying a basic policy to determine dividends aiming for  a 
consolidated payout ratio of  20% or more, based  on the principle of  linking 
dividends to the Company's business results for each term, in consideration of
maintaining a stable profit distribution to our shareholders.

In accordance with the above-mentioned basic policy (consolidated payout ratio
20% or more),  we expect the  annual dividend  per share for  the fiscal  year 
ending March 31, 2013 to be 24.00  yen per share (interim dividend: 12.00  yen 
(already resolved)), because net income for the period is forecast to be 200.0
billion yen.





<Notes to the description about future, other >

The description about future, such as prospects of financial results, is based
upon available information  and assumption,  at the  announcement date,  about 
uncertain factors which would influence upon future businesses. Actual results
might be influenced by various factors in the future.







2.Other Information



(1) Adoption of simplified accounting procedures and specific accounting
procedures

 : None



(2) Changes in accounting principles and procedures, method of presentation,
etc.

 : None









3. Quarterly Consolidated Financial Statements

(1) Quarterly Consolidated Balance Sheets <Unaudited>

                                                     Millions of yen
                                              September 30 March 31
                                                  2012       2012     Variance
Assets
Current assets:
 Cash and cash equivalents                         758,228   677,312    80,916
 Time deposits                                      18,854    49,968  (31,114)
 Investment securities                                  79     2,438   (2,359)
 Notes and accounts receivable
          Notes receivable                          61,058    61,122      (64)
          Accounts receivable                    1,005,724 1,009,361   (3,637)
          Due from affiliated companies             56,674    49,687     6,987
          Allowance for doubtful accounts          (7,586)   (7,337)     (249)
 Inventories                                       453,732   443,186    10,546
 Advance payments to suppliers                     113,386   151,230  (37,844)
 Deferred income taxes                              21,280    21,642     (362)
 Prepaid expenses and other current assets         274,117   185,284    88,833
 Total current assets                   2,755,546 2,643,893   111,653
Investments and long-term receivables:
 Affiliated companies                            1,081,691   978,871   102,820
 Securities and other investments                  294,217   330,325  (36,108)
 Notes, loans and accounts receivable - trade      116,353   106,958     9,395
 Allowance for doubtful accounts                  (26,251)  (27,877)     1,626
 Property leased to others, at cost, less
 accumulated depreciation of
 50,393 million yen as of September 30, 2012
 and 47,614 million yen as of March 31, 2012.      230,207   218,008    12,199
 Total investments and long-term
receivables                                      1,696,217 1,606,285    89,932
Property, plant and equipment
 Property, plant and equipment, at cost          1,273,820 1,206,460    67,360
 Accumulated depreciation                        (586,742) (557,927)  (28,815)
 Net property, plant and equipment        687,078   648,533    38,545
Prepaid pension cost                                    65        96      (31)
Deferred income taxes                               44,380    39,377     5,003
Goodwill and Intangible assets                     145,758   132,696    13,062
Other assets                                        50,576    59,007   (8,431)
 Total assets                           5,379,620 5,129,887   249,733















                                                     Millions of yen
                                              September 30 March 31
                                                  2012       2012     Variance
Liabilities and Equity
Current liabilities:
  Short-term loans                                 148,822   126,459    22,363
  Current portion of long-term debt                268,739   208,429    60,310
  Notes and accounts payable-trade
    Notes and acceptances payable                  135,437   156,644  (21,207)
    Accounts payable                               857,793   869,324  (11,531)
    Due to affiliated companies                     32,235    34,778   (2,543)
  Advance payments received from customers          81,493   119,662  (38,169)
  Accrued income taxes                              17,460    20,715   (3,255)
  Deferred income taxes                              4,148     1,514     2,634
  Accrued expenses and other current
  liabilities                                      320,594   301,426    19,168
 Total current liabilities              1,866,721 1,838,951    27,770
Long-term debt, less current portion             2,433,287 2,268,552   164,735
Employees' retirement benefits                      58,893    60,887   (1,994)
Deferred income taxes                               54,000    45,727     8,273
Commitments and contingent liabilities
Equity:
Marubeni Corp. shareholders' equity
  Paid-in capital                                  262,686   262,686         -
  Capital surplus                                  154,447   158,237   (3,790)
  Retained earnings                                944,223   856,286    87,937
  Accumulated other comprehensive income
  (loss)
    Unrealized losses (gains) on investment
    securities                                     (1,060)    19,510  (20,570)
    Currency translation adjustments             (312,191) (307,642)   (4,549)
    Unrealized losses on derivatives              (77,340)  (71,286)   (6,054)
    Pension liability adjustment                  (63,401)  (64,842)     1,441
  Treasury stock, at cost                            (789)     (777)      (12)
 Total Marubeni Corp. shareholder's
equity                                             906,575   852,172    54,403
Noncontrolling interests                            60,144    63,598   (3,454)
 Total equity                             966,719   915,770    50,949
Total liabilities and equity                     5,379,620 5,129,887   249,733
(Note) These financial statements are based
on US GAAP.







(2) Quarterly Consolidated Statements of Income <Unaudited>

                                              Millions of yen
                                 Six-month period ended

                                      September 30,
                                                                     Ratio
                                     2012        2011      Variance  (%)
Revenues:
  Revenues from trading and
  other activities                  2,301,689  2,162,120     139,569    6.5
  Commissions on services
  and trading margins                  77,467     81,428     (3,961)  (4.9)
  Total                             2,379,156  2,243,548     135,608    6.0
  Total volume of trading
  transactions
  Six-month period ended September 30,2012 :
  5,080,646 million yen
  Six-month period ended September 30,2011 :
  5,150,455 million yen
  Cost of revenues from trading
  and other activities              2,112,452  1,962,044     150,408    7.7
  Gross trading profit                266,704    281,504    (14,800)  (5.3)
Expenses and other:
  Selling, general and
  administrative expenses           (194,057)  (184,385)     (9,672)    5.2
  Provision for doubtful
  accounts                            (1,083)      (998)        (85)    8.5
  Interest income                       7,757      5,587       2,170   38.8
  Interest expense                   (16,504)   (14,827)     (1,677)   11.3
  Dividend income                      12,265     13,288     (1,023)  (7.7)
  Impairment loss on
  investment securities               (9,120)    (3,432)     (5,688)  165.7
  Gain on sales of
  investment securities                18,943      9,550       9,393   98.4
  Loss on property and
  equipment                               770        650         120   18.5
  Equity in earnings of
  affiliated companies-net             43,201     43,219        (18)  (0.0)
  Other - net                           9,958      2,301       7,657  332.8
  Total                             (127,870)  (129,047)       1,177  (0.9)
Income before income taxes
and noncontrolling
interests                             138,834    152,457    (13,623)  (8.9)
Provision for income taxes             32,310     46,140    (13,830) (30.0)
Net income                            106,524    106,317         207    0.2
Less net income
attributable to
noncontrolling interests              (1,223)    (3,287)       2,064 (62.8)
Net income attributable to
Marubeni Corp.                       105,301    103,030      2,271    2.2  
  (Note) These financial statements are based
  on US GAAP.
   For Japanese Investors' convenience, Total volume of trading
  transactions is shown according to Japanese accounting practice.





(3) Quarterly Consolidated Statements of Comprehensive Income <Unaudited>

                                                Millions of yen
                                  Six-month period ended
                                      September 30,
                                     2012        2011       Variance Ratio (%)
Comprehensive Income
    Net income before
   noncontrolling interests          106,524    106,317         207       0.2
    Unrealized losses on
    investment securities            (20,565)   (12,530)     (8,035)      64.1
    Currency translation
    adjustment                        (4,355)   (11,654)       7,299    (62.6)
    Unrealized losses on
    derivatives                       (5,284)    (8,689)       3,405    (39.2)
    Pension liability
    adjustment                          1,470      1,775       (305)    (17.2)
Comprehensive income                   77,790     75,219       2,571       3.4
Less comprehensive income
attributable to
noncontrolling interests              (2,221)    (3,439)       1,218    (35.4)
Comprehensive income
attributable to Marubeni
Corp.                                 75,569     71,780      3,789       5.3
    (Note) These financial statements are based on US GAAP.





(4) Quarterly Consolidated Statements of Cash Flows <Unaudited>

                                                       Millions of yen
                                           Six-month period ended
                                                  September 30,      Variance
                                                2012        2011        
                                                                
Operating activities                                                
  Net income before noncontrolling               106,524    106,317      207
   interests
   Adjustments to reconcile net income to
  net cash provided by operating                                   
   activities:
       Depreciation and amortization              37,950     36,158    1,792
       Provision for doubtful accounts             1,083        998       85
        Equity in earnings/losses of
       affiliated companies, less                (2,444)   (14,555)   12,111
        dividends received
       Gain/loss on investment securities        (9,823)    (6,118)  (3,705)
       Gain/loss on property, plant and            (770)      (650)    (120)
        equipment
       Deferred income taxes                       5,726     13,636  (7,910)
  Changes in operating assets and                                  
   liabilities:
       Notes and accounts receivable            (19,661)   (71,756)   52,095
       Inventories                               (9,301)   (50,774)   41,473
       Notes, acceptances and accounts          (30,589)     67,223 (97,812)
        payable
  Other                                         (77,761)   (57,352) (20,409)
                                                                   
                  Net cash used (provided)           934     23,127 (22,193)
                    by operating activities
                                                                   
Investing activities                                                
  Net increase/decrease in time deposits          29,940      1,354   28,586
   Proceeds from sales and redemptions/
  expenditure for purchase of securities        (90,436)   (48,445) (41,991)
   and other investments
  Proceeds from sales/ expenditure for          (63,984)   (62,558)  (1,426)
   purchases of property and equipment
  Collection of loans receivable and loans      (11,989)   (10,855)  (1,134)
   made to customers
                                                                   
                Net cash used by investing     (136,469)  (120,504) (15,965)
                                 activities
                                                                   
Financing activities                                                
  Net increase/decrease in short-term             20,064     18,336    1,728
   loans
  Proceeds from/ repayment of long-term          219,483     72,326  147,157
   debt
  Cash dividend - common and preferred          (17,364)   (11,288)  (6,076)
   stocks
  Proceeds from sales/ purchase of                  (12)       (10)      (2)
   treasury stock, net
  Other                                          (7,492)    (3,186)  (4,306)
                                                                   
                      Net cash provided by       214,679     76,178  138,501
                       financing activities
                                                                   
Effect of exchange rate changes on cash and         1,772    (3,144)    4,916
cash equivalents
Net increase/decrease in cash and cash             80,916   (24,343)  105,259
equivalents
Cash and cash equivalents at beginning of         677,312    616,003   61,309
period
Cash and cash equivalents at end of period        758,228    591,660  166,568
   (Note) These financial statements are based on US GAAP.
(5) Occurrence of event or situation that creates doubt about status as a
going concern
        : None





(6) Segment Information

<Operating Segments> (Unaudited)

◆Six-month period ended September 30, 2012

                                      Millions of yen
                 Food        Lifestyle        Forest      Chemicals   Energy
                                             Products
Total volume
of trading
transactions     1,070,411        192,043        244,114     460,134 1,562,185
Gross
trading
profit              48,203         15,502         14,535      13,608    29,702
Operating
profit
(loss)               8,197          4,796          2,947       3,302    16,109
Equity in
earnings
(losses)             1,213            190           (55)         994        32
Net income
(loss)
attributable
to Marubeni
Corp                 2,707          2,986            124       4,427    21,726
Segment
assets (as
of September
30, 2012)          631,343        147,637        350,223     227,987   706,091
               Metals &                   Power Projects   Plant &   Finance,
                Mineral    Transportation       &        Industrial Logistics
              Resources     Machinery    Infrastructure  Machinery    & IT
                                                                     Business
Total volume
of trading
transactions       390,276        305,376        181,247     121,550    99,539
Gross
trading
profit              10,447         21,795         13,039      11,334    21,770
Operating
profit
(loss)               3,072          3,906          1,347       (333)     2,224
Equity in
earnings
(losses)            18,483          6,970         11,268       1,011     2,444
Net income
(loss)
attributable
to Marubeni
Corp                29,286          9,177         12,226       1,771     5,025
Segment
assets (as
of September
30, 2012)          637,343        386,036        544,820     259,215   187,822
               Overseas     Corporate &
               corporate    Elimination,   Consolidated
             subsidiaries      etc.
              & branches
Total volume
of trading
transactions     1,085,248      (631,477)      5,080,646
Gross
trading
profit              60,338          6,431        266,704
Operating
profit
(loss)              20,922          5,075         71,564
Equity in
earnings
(losses)               494            157         43,201
Net income
(loss)
attributable
to Marubeni
Corp                12,073          3,773        105,301
Segment
assets (as
of September
30, 2012)          572,593        728,510      5,379,620



◆Six-month period ended September 30, 2011

                                      Millions of yen
                 Food        Lifestyle        Forest      Chemicals   Energy
                                             Products
Total volume
of trading
transactions     1,049,510        202,706        264,036     502,650 1,428,427
Gross
trading
profit              54,566         15,138         17,076      14,593    35,363
Operating
profit
(loss)              17,478          4,641          5,960       4,374    22,291
Equity in
earnings
(losses)               908            191          1,525       2,714       375
Net income
(loss)
attributable
to Marubeni
Corp                 8,777          2,467          4,470       5,117    25,528
Segment
assets (as
of March 31,
2012)              688,810        146,404        357,183     210,703   717,212
               Metals &                   Power Projects   Plant &   Finance,
                Mineral    Transportation       &        Industrial Logistics
              Resources     Machinery    Infrastructure  Machinery    & IT
                                                                     Business
Total volume
of trading
transactions       468,717        340,802        193,226     225,541    88,213
Gross
trading
profit              15,150         20,238         20,163      12,198    20,113
Operating
profit
(loss)               8,004          4,033          5,803       1,791     1,409
Equity in
earnings
(losses)            21,564          3,858         11,628       1,372   (1,224)
Net income
(loss)
attributable
to Marubeni
Corp                23,760          5,666         12,129       1,795     2,267
Segment
assets (as
of March 31,
2012)              579,986        361,133        535,419     270,137   182,245
               Overseas     Corporate &
               corporate    Elimination,   Consolidated
             subsidiaries      etc.
              & branches
Total volume
of trading
transactions     1,002,834      (616,207)      5,150,455
Gross
trading
profit              53,924          2,982        281,504
Operating
profit
(loss)              16,848          3,489         96,121
Equity in
earnings
(losses)               294             14         43,219
Net income
(loss)
attributable
to Marubeni
Corp                 9,921          1,133        103,030
Segment
assets (as
of March 31,
2012)              555,857        524,798      5,129,887



◆Variance

                                       Millions of yen
                   Food       Lifestyle        Forest                Energy
                                              Products    Chemicals
Total volume
of trading
transactions         20,901       (10,663)       (19,922)   (42,516)   133,758
Gross trading
profit              (6,363)            364        (2,541)      (985)   (5,661)
Operating
profit (loss)       (9,281)            155        (3,013)    (1,072)   (6,182)
Equity in
earnings
(losses)                305            (1)        (1,580)    (1,720)     (343)
Net income
(loss)
attributable
to Marubeni
Corp                (6,070)            519        (4,346)      (690)   (3,802)
Segment assets     (57,467)          1,233        (6,960)     17,284  (11,121)
                 Metals &                  Power Projects  Plant &   Finance,
                 Mineral    Transportation       &        Industrial Logistics
                Resources     Machinery    Infrastructure Machinery    & IT
                                                                     Business
Total volume
of trading
transactions       (78,441)       (35,426)       (11,979)  (103,991)    11,326
Gross trading
profit              (4,703)          1,557        (7,124)      (864)     1,657
Operating
profit (loss)       (4,932)          (127)        (4,456)    (2,124)       815
Equity in
earnings
(losses)            (3,081)          3,112          (360)      (361)     3,668
Net income
(loss)
attributable
to Marubeni
Corp                  5,526          3,511             97       (24)     2,758
Segment assets       57,357         24,903          9,401   (10,922)     5,577
                 Overseas    Corporate &
                corporate    Elimination,   Consolidated
               subsidiaries      etc.
                & branches
Total volume
of trading
transactions         82,414       (15,270)       (69,809)
Gross trading
profit                6,414          3,449       (14,800)
Operating
profit (loss)         4,074          1,586       (24,557)
Equity in
earnings
(losses)                200            143           (18)
Net income
(loss)
attributable
to Marubeni
Corp                  2,152          2,640          2,271
Segment assets       16,736        203,712        249,733



(Note 1) For Japanese Investors' convenience, "Total volume of trading
         transactions" and "Operating profit (loss)" are shown according to
         Japanese accounting practice.
(Note 2) Inter-segment transactions are generally priced in accordance with
         the prevailing market prices.
(Note 3) Net income (loss) attributable to Marubeni Corp. of Corporate and
         elimination etc. includes headquarters expenses that is not allocated
         to the operating segments, inter segment elimination and income
         (loss) relating to real estate development business. Segment assets
         of Corporate and elimination includes assets for general corporate
         purposes that is not allocated to the operating segments, inter
         segment elimination and assets relating to real estate development
         business. The assets for general corporate purposes consist mainly of
         cash and cash equivalents related to financing, marketable securities
         and fixed assets for general corporate purposes.



(7) Significant changes to shareholders' equity



 None



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

END


IR UNAURUWAAAAA -0- Nov/16/2012 12:25 GMT
 
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