FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2003
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 7, 2003
Commission File Number 09929
MITSUI & CO., LTD.
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(Translation of registrant's name into English)
2-1, OHTEMACHI 1-CHOME CHIYODA-KU, TOKYO 100-0004 JAPAN
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- _______
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: August 7, 2003
MITSUI & CO., LTD.
By: /s/ Tasuku Kondo
-----------------------
Name: Tasuku Kondo
Title: Executive Director
Senior Executive Managing Officer
Chief Financial Officer
CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2003
(Accounting Principles Generally Accepted in the United States of America)
(Unaudited)
Mitsui & Co., Ltd. and Subsidiaries
(Web Site : http://www.mitsui.co.jp)
President and Chief Executive Officer, Shoei Utsuda
Investor Relations Contacts: Yuji Takagi, General Manager, Corporate
Communications Division TEL (03) 3285-7533
FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER ENDED JUNE 30, 2003
(from April 1, 2003 to June 30, 2003)
(Millions of yen) (Reference)
Forecast for the fiscal
year ending March 31,
Three-month period Three-month period 2004
ended June 30, 2003 ended June 30, 2002 Increase/(Decrease) (based on the previous
release on May 9, 2003)
------------------ ------------------- ------------------- ------------------------
Total Trading Transactions ...... 2,828,451 2,916,009 (87,558) 12,200,000
Revenue -- Gross Trading Profit .. 141,717 132,656 9,061 595,000
Income from Continuing Operations
before Income Taxes, Minority
Interests and Equity in Earnings 29,448 22,459 6,989 90,000
Net Income ...................... 19,076 18,371 705 65,000
June 30, 2003 March 31, 2003 Increase/(Decrease)
------------- -------------- -------------------
Total Assets ............. 6,511,580 6,540,520 (28,940)
Shareholders' Equity ..... 907,267 862,147 45,120
Shareholders' Equity Ratio 13.9% 13.2% 0.7pt
Net Interest-bearing Debt
(after deduction of cash
and cash equivalents) .... 2,583,296 2,653,868 (70,572)
Debt to Equity Ratio (net) 2.85 3.08 (0.23pt)
Current Ratio ............ 128.0% 126.7% 1.3pt
Notes: 1. Total Trading Transactions represent gross transaction volume for
Revenue -- Gross Trading Profit reported in the Statements of
Consolidated Income, and is a financial measure commonly used by
similar Japanese trading companies. It is a voluntary disclosure as
permitted by the Emerging Issues Task Force, Issue No.99-19, "Reporting
Revenue Gross as a Principal versus Net as an Agent."
2. Effective April 1, 2002, Mitsui & Co., Ltd. and subsidiaries (the
"companies") adopted Statement of Financial Accounting Standards
("SFAS") No.144, "Accounting for the Impairment or Disposal of
Long-Lived Assets." The above-mentioned figures for the three-month
period ended June 30, 2002 have been reclassified to reflect business
to be discontinued during the fiscal year ended March 31, 2003.
3. Effective April 1, 2003, the companies adopted SFAS No.143,
"Accounting for Asset Retirement Obligations," and the cumulative
effect adjustment upon the adoption is separately presented on a
net-of-tax basis in the Statements of Consolidated Income.
A CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS:
This report contains statements (including figures) regarding Mitsui & Co., Ltd.
("Mitsui")'s views of future developments that are forward-looking in nature and
are not simply reiterations of historical facts. These statements are presented
to inform stakeholders of the views of Mitsui's management but should not be
relied on solely in making investment and other decisions. You should be aware
that a number of important risk factors could lead to outcomes that differ
materially from those presented in such forward-looking statements. These
include, but are not limited to, (i) change in economic conditions that may lead
to unforeseen developments in markets for products handled by Mitsui, (ii)
fluctuations in currency exchange rates that may cause unexpected deterioration
in the value of transactions, (iii) adverse political developments that may
create unavoidable delays or postponement of transactions and projects, (iv)
changes in laws, regulations, or policies in any of the countries where Mitsui
conducts its operations that may affect Mitsui's ability to fulfill its
commitments, and (v) significant changes in the competitive environment. In the
course of its operations, Mitsui adopts measures to control these and other
types of risks, but this does not constitute a guarantee that such measures will
be effective.
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STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
(Millions of Yen)
Comparison with
Three-month Three-month previous period
period ended period ended ---------------------
June 30, 2003 June 30, 2002 Increase/(Decrease)
---------------------
Amount %
------------- -------------- ------ ---
REVENUE -- GROSS TRADING PROFIT 141,717 132,656 9,061 6.8
Total Trading Transactions:
Three-month period ended June 30, 2003
Yen 2,828,451 million
Three-month period ended June 30, 2002
Yen 2,916,009 million
EXPENSES AND OTHER :
Selling, general and administrative 116,268 109,585 6,683
Provision for doubtful receivables 2,564 2,225 339
Interest (income) expense -- net (155) 1,438 (1,593)
Dividend income (7,037) (7,796) 759
Gain on sales of securities -- net (782) (4,225) 3,443
Loss on the write-down of securities 1,634 5,553 (3,919)
(Gain) loss on disposal or sale of property and
equipment -- net (271) 254 (525)
Impairment loss of long-lived assets 52 275 (223)
Other (income) expense -- net (4) 2,888 (2,892)
Total 112,269 110,197 2,072
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INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES, MINORITY INTERESTS AND EQUITY IN EARNINGS 29,448 22,459 6,989 31.1
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INCOME TAXES 13,268 9,463 3,805
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INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY
INTERESTS AND EQUITY IN EARNINGS 16,180 12,996 3,184 24.5
MINORITY INTERESTS IN EARNINGS OF SUBSIDIARIES (2,055) (1,341) (714)
EQUITY IN EARNINGS OF ASSOCIATED COMPANIES -- NET
(AFTER INCOME TAX EFFECT) 7,236 7,921 (685)
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INCOME FROM CONTINUING OPERATIONS 21,361 19,576 1,785 9.1
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LOSS FROM DISCONTINUED OPERATIONS -- NET
(AFTER INCOME TAX EFFECT) - (1,205) 1,205
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CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(AFTER INCOME TAX EFFECT) (2,285) - (2,285)
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NET INCOME 19,076 18,371 705 3.8
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SUMMARY OF CHANGES IN EQUITY FROM NONOWNER
SOURCES (COMPREHENSIVE INCOME (LOSS)):
Net Income 19,076 18,371 705
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Other Comprehensive Income (Loss)
(After Income Tax Effect):
Unrealized holding losses on available-for-sale
securities 19,995 (6,819) 26,814
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Foreign currency translation adjustments and other 12,394 (45,134) 57,528
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Changes in equity from nonowner sources 51,465 (33,582) 85,047 -
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Notes: 1. Effective April 1, 2002, the companies adopted SFAS No.144. The
above-mentioned figures for the three-month period ended June 30, 2002
have been reclassified.
2. Effective April 1, 2003, the companies adopted SFAS No. 143, the
effect of which is reported as "Cumulative Effect of Change in
Accounting Principle (After Income Tax Effect)."
-2-
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, March 31, Increase/
2003 2003 (Decrease)
--------- --------- ----------------
(Millions of Yen)
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ASSETS
CURRENT ASSETS:
Cash and marketable securities 838,585 797,002 41,583
Trade receivables, less allowance for
doubtful receivables 2,188,700 2,231,374 (42,674)
Inventories 462,176 488,672 (26,496)
Other current assets 306,824 314,696 (7,872)
Total current assets 3,796,285 3,831,744 (35,459)
INVESTMENTS AND NON-CURRENT RECEIVABLES:
Investments in and advances to associated
companies and other investments 1,141,324 1,109,574 31,750
Non-current receivables, less allowance for doubtful
receivables, and property leased to others 744,133 775,192 (31,059)
Total investments and other non-curr ent receivables 1,885,457 1,884,766 691
PROPERTY AND EQUIPMENT, LESS ACCUMULATED DEPRECIATION 592,605 570,927 21,678
OTHER ASSETS 237,233 253,083 (15,850)
TOTAL 6,511,580 6,540,520 (28,940)
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings and current maturities of
long-term debt 1,115,339 1,107,944 7,395
Trade payables 1,552,740 1,618,781 (66,041)
Other current liabilities 297,816 298,605 (789)
Total current liabilities 2,965,895 3,025,330 (59,435)
LONG-TERM DEBT, LESS CURRENT MATURITIES 2,479,234 2,500,470 (21,236)
OTHER LIABILITIES 87,422 84,607 2,815
MINORITY INTERESTS 71,762 67,966 3,796
SHAREHOLDERS' EQUITY:
Common stock 192,487 192,487 -
Capital surplus 287,756 287,756 -
Retained earnings:
Appropriated for legal reserve 36,485 36,382 103
Unappropriated 506,684 494,038 12,646
Accumulated other comprehensive income (loss):
Unrealized holding gains and losses on available-
for-sale securities 23,400 3,405 19,995
Foreign currency translation adjustments and other (138,149) (150,543) 12,394
Total accumulated other comprehensive loss (114,749) (147,138) 32,389
Treasury stock, at cost (1,396) (1,378) (18)
Total shareholders' equity 907,267 862,147 45,120
TOTAL 6,511,580 6,540,520 (28,940)
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OPERATING SEGMENT INFORMATION
(Unaudited)
Three-month period ended June 30, 2003 (from April 1, 2003 to June 30, 2003)
Metal Machinery,
Products Electronics & Products Branches Consumer Domestic
& Minerals Information Chemical Energy & Services and Offices
---------- ------------- --------- ---------- ------------ ------------
(Millions of Yen)
Total Trading Transactions .. 490,619 549,175 388,562 321,715 528,420 401,041
Revenue -- Gross Trading Profit 18,835 28,952 19,054 13,550 24,977 9,304
Operating Income (Loss) ..... 7,489 2,497 6,602 5,777 3,316 1,440
------- --------- ------- ------- ------- -------
Net Income (Loss) ........... 5,085 4,162 3,163 5,983 1,803 3,655
======= ========= ======= ======= ======= =======
Total Assets at June 30, 2003 917,779 1,224,276 503,875 523,115 809,009 465,420
======= ========= ======= ======= ======= =======
Other
Overseas Corporate and Consolidated
Americas Europe Areas Eliminations Total
-------- ------ -------- -------------- -------------
Total Trading Transactions .. 316,262 160,082 340,119 (667,544) 2,828,451
Revenue -- Gross Trading Profit 10,511 4,640 5,592 6,302 141,717
Operating Income (Loss) ..... 2,113 605 (216) (6,738) 22,885
------- ------- ------- --------- ---------
Net Income (Loss) ........... 1,559 584 2,078 (8,996) 19,076
======= ======= ======= ========= =========
Total Assets at June 30, 2003 405,020 245,692 206,769 1,210,625 6,511,580
======= ======= ======= ========= =========
Three-month period ended June 30, 2002 (from April 1, 2002 to June 30, 2002)
Metal Machinery, Consumer Domestic
Products Electronics & Products Branches
& Minerals Information Chemical Energy & Services and Offices
---------- ------------- -------- ------- ---------- -----------
(Millions of Yen)
Total Trading Transactions .. 448,101 454,657 343,150 626,801 512,157 402,338
Revenue -- Gross Trading Profit 16,734 22,806 14,099 13,643 23,681 10,195
Operating Income (Loss) ..... 5,842 (2,475) 3,168 6,761 3,441 1,150
------- --------- ------- ------- ------- -------
Net Income (Loss) ........... 4,194 594 1,872 8,628 2,804 2,432
======= ========= ======= ======= ======= =======
Total Assets at June 30, 2002 888,119 1,296,412 498,866 431,699 839,444 516,183
======= ========= ======= ======= ======= =======
Other
Overseas Corporate and Consolidated
Americas Europe Areas Eliminations Total
-------- ------ -------- -------------- -------------
Total Trading Transactions .. 293,101 141,439 342,612 (648,347) 2,916,009
Revenue -- Gross Trading Profit 12,257 5,543 5,693 8,005 132,656
Operating Income (Loss) ..... 3,592 1,199 (478) (1,354) 20,846
------- ------- ------- ---------- ---------
Net Income (Loss) ........... 2,327 731 1,154 (6,365) 18,371
======= ======= ======= ========= =========
Total Assets at June 30, 2002 383,689 231,888 231,961 1,097,611 6,415,872
======= ======= ======= ========= =========
Notes: 1. Effective April 1, 2002, the companies adopted SFAS No. 144. The
above-mentioned figures for the three-month period ended June 30, 2002
have been reclassified. The reclassifications to "Loss from
Discontinued Operations-Net (After Income Tax Effect)" are included in
"Corporate and Eliminations."
2. Operating Income (Loss) reflects the companies' a) Revenue -- Gross
Trading Profit, b) Selling, general and administrative expenses, and c)
Provision for doubtful receivables.
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