FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
CONSOLIDATED FINANCIAL RESULTS FOR THE
THIRD QUARTER ENDED DECEMBER 31, 2002
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 31, 2002
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Commission File Number
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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
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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
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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: February 6, 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 THIRD QUARTER ENDED DECEMBER 31, 2002
(Accounting Principles Generally Accepted in the United States of America
(Unaudited)
Mitsui & Co., Ltd. and Subsidiaries
(Web Site: http://www.mitsui.co.ip)
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 Third Quarter Ended December 31, 2002
(from April 1, 2002 to December 31, 2002)
(Reference)
(millions) (millions
of yen) of yen)
----------------------------------------------------------------------------------------------------------- -------------------
Forecast for the
Third-month Nine-month Nine-month fiscal year ending
period period period March 31, 2003
ended ended ended (based on the
December 31, December 31, December 31, Increase/ previous release on
2002 2002 2001 (Decrease) November 13, 2002)
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Total Trading Transactions 3,373,345 9,613,766 9,396,575 217,191 13,000,000
----------------------------------------------------------------------------------------------------------- -------------------
Revenue-Gross Trading Profit 142,080 416,678 405,787 10,891
Income from Continuing
Operations before Income Taxes,
Minority Interests and Equity in
Earnings 6,149 36,824 55,458 (18,634)
Net Income 12,001 36,790 38,603 (1,813) 65,000
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December 31, March 31, Increase/
2002 2002 (Decrease)
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Total Assets 6,457,968 6,668,366 (210,398)
Shareholders' Equity 864,578 914,970 (50,392)
Shareholders' Equity Ratio 13.4% 13.7% (0.3pt)
Net Interest-bearing Debt
(after deduction of cash
and cash equivalents) 2,610,800 2,696,035 (85,235)
Debt to Equity Ratio (net) 3.02 2.95 0.07pt
Current Ratio 130.3% 126.7% 3.6pt
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Notes:
1. Effective April 1, 2002, Mitsui & Co., Ltd. and subsidiaries (the
"companies") adopted SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets." The above-mentioned figures for the nine-month period ended
December 31, 2001 have been reclassified to conform to the current period
presentation of the statement of consolidated income.
2. 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
and disclosed on the basis of prevailing accounting practice in Japan.
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 for 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.
- 1 -
STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
(Millions of Yen)
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NINE-MONTH PERIOD ENDED COMPARISON WITH
DECEMBER 31, 2002 PREVIOUS PERIOD
----------------------------------------- NINE-MONTH ------------------------
SIX-MONTH THREE-MONTH PERIOD ENDED
PERIOD ENDED PERIOD ENDED DECEMBER 31, Increase/ Proportion
SEPTEMBER 30, DECEMBER 31, 2001 (Decrease) (%)
2002 2002
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TOTAL TRADING TRANSACTIONS 6,240,421 3,373,345 9,613,766 9,396,575 217,191 2.3
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REVENUE -- GROSS TRADING PROFIT 274,598 142,080 416,678 405,787 10,891 2.7
(Revenue -- Gross Trading Profit Ratio) (%) (4.40) (4.21) (4.33) (4.32)
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EXPENSES AND OTHER:
Selling, general and administrative 221,107 109,252 330,359 331,750 (1,391)
Provision for doubtful receivables 6,263 4,589 10,852 9,830 1,022
Interest expense, net of interest income 3,338 1,048 4,386 11,213 (6,827)
Dividend income (10,161) (2,125) (12,286) (14,366) 2,080
Gain on sales of securities -- net (8,816) (5,182) (13,998) (25,703) 11,705
Loss on the write-down of securities 10,930 20,559 31,489 40,204 (8,715)
Loss on disposal or sale of property and
equipment -- net 984 243 1,227 1,775 (548)
Impairment loss of long-lived assets 16,480 4,116 20,596 264 20,332
Other expense -- net 3,798 3,431 7,229 (4,638) 11,867
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Total 243,923 135,931 379,854 350,329 29,525
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INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES, MINORITY INTERESTS AND EQUITY
IN EARNINGS 30,675 6,149 36,824 55,458 (18,634) (33.6)
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INCOME TAXES 13,981 3,886 17,867 29,530 (11,663)
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INCOME FROM CONTINUING OPERATIONS BEFORE
MINORITY INTERESTS AND EQUITY IN EARNINGS 16,694 2,263 18,957 25,928 (6,971) (26.9)
MINORITY INTERESTS IN EARNINGS OF SUBSIDIARIES (2,250) (982) (3,232) (169) (3,063)
EQUITY IN EARNINGS OF ASSOCIATED COMPANIES --
NET (AFTER INCOME TAX EFFECT) 11,193 9,176 20,369 14,105 6,264
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INCOME FROM CONTINUING OPERATIONS 25,637 10,457 36,094 39,864 (3,770) (9.5)
------------------------------------------------------------------------------------------------------------------------------------
LOSS FROM DISCONTINUED OPERATIONS -- NET
(AFTER INCOME TAX EFFECT) (848) 1,544 696 (1,261) 1,957
------------------------------------------------------------------------------------------------------------------------------------
NET INCOME 24,789 12,001 36,790 38,603 (1,813) (4.7)
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SUMMARY OF CHARGES IN EQUITY FROM NONOWNER
SOURCES (COMPREHENSIVE INCOME (LOSS)):
Net income 24,789 12,001 36,790 38,603 (1,813)
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Other comprehensive income (loss)
(after income tax effect):
Unrealized holding losses on
available-for-sale securities (17,951) (18,149) (36,100) (42,697) 6,597
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Foreign currency translation and
other adjustments (35,535) (1,819) (37,354) 12,644 (49,998)
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Charges in equity from nonowner sources (28,697) (7,967) (36,664) 8,550 (45,214) --
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NOTES: Effective April 1, 2002, the companies adopted SFAS No. 144. The
above-mentioned figures for the six-month period ended September 30,
2002 and nine-month period ended December 31, 2001 have been
reclassified to conform to the current period presentation of the
Statements of Consolidated Income.
- 2 -
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(millions of yen)
December 31, March 31, Increase/
2002 2002 (Decrease)
------------ ---------- ----------
ASSETS
CURRENT ASSETS:
Cash and marketable securities 745,863 788,862 (42,999)
Trade receivables, less allowance for doubtful receivables 2,242,182 2,224,661 17,521
Inventories 473,281 485,147 (11,866)
Other current assets 389,981 285,087 104,894
----------- ---------- ----------
Total current assets 3,851,307 3,783,757 67,550
----------- ---------- ----------
Investments and Non-current Receivables:
Investments in and advances to associated companies and
other investments 1,167,695 1,264,780 (97,085)
Non-current trade receivables, less allowance for
doubtful receivables, and property leased to others 639,325 843,306 (203,981)
----------- ---------- ----------
Total investments and other non-current receivables 1,807,020 2,108,086 (301,066)
----------- ---------- ----------
PROPERTY AND EQUIPMENT, LESS ACCUMULATED DEPRECIATION 607,846 615,125 (7,279)
----------- ---------- ----------
OTHER ASSETS 191,795 161,398 30,397
----------- ---------- ----------
TOTAL 6,457,968 6,668,366 (210,398)
=========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings and current maturities of
long-term debt 991,669 1,022,200 (30,531)
Trade payables 1,634,425 1,655,567 (21,142)
Other current liabilities 330,625 308,909 21,716
----------- ---------- ----------
Total current liabilities 2,956,719 2,986,676 (29,957)
----------- ---------- ----------
LONG-TERM DEBT, LESS CURRENT MATURITIES 2,507,339 2,619,867 (112,528)
----------- ---------- ----------
OTHER LIABILITIES 129,332 146,853 (17,521)
----------- ---------- ----------
SHAREHOLDERS' EQUITY:
Common stock 192,487 192,487 --
Capital surplus 287,756 287,756 --
Retained earnings:
Appropriated for legal reserve 36,226 35,873 353
Unappropriated 499,846 476,074 23,772
Accumulated other comprehensive income (loss):
Unrealized holding gains and losses on available-
for-sale securities 8,146 44,246 (36,100)
Foreign currency translation and other adjustments (158,518) (121,164) (37,354)
----------- ---------- ----------
Total accumulated other comprehensive loss (150,372) (76,918) (73,454)
----------- ---------- ----------
Treasury stock, at cost (1,365) (302) (1,063)
----------- ---------- ----------
Total shareholders' equity 864,578 914,970 (50,392)
----------- ---------- ----------
TOTAL 6,457,968 6,668,366 (210,398)
=========== ========== ==========
- 3 -
OPERATING SEGMENT INFORMATION
(UNAUDITED)
Three-month period ended December 31, 2002 (from October 1, 2002 to December 31,
2002)
METAL MACHINERY CONSUMER DOMESTIC
PRODUCTS ELECTRONICS & PRODUCTS BRANCHES
& MINERALS INFORMATION CHEMICAL ENERGY & SERVICES AND OFFICES AMERICAS
---------- ------------- -------- ------- ---------- ----------- --------
(Millions of Yen)
Total Trading Transactions:
External customers 395,416 506,953 283,084 867,646 540,536 373,657 192,618
Intersegment 57,277 31,930 82,007 20,273 29,345 60,269 127,190
------- --------- ------- ------- ------- ------- -------
Total 452,693 538,883 365,091 887,919 569,881 433,926 319,808
======= ========= ======= ======= ======= ======= =======
Revenue -- Gross Trading Profit 18,346 25,865 14,982 15,649 30,875 9,372 10,942
------- --------- ------- ------- ------- ------- -------
Operating Income (Loss) 8,103 1,791 3,485 9,023 8,357 1,523 1,625
------- --------- ------- ------- ------- ------- -------
Net Income (Loss) 4,817 5,363 (1,478) 6,946 2,637 (95) 1,002
------- --------- ------- ------- ------- ------- -------
Total Assets at December 31, 2002 902,294 1,256,601 489,187 474,894 866,973 540,583 408,641
======= ========= ======= ======= ======= ======= =======
OTHER
OVERSEAS CORPORATE AND CONSOLIDATED
EUROPE AREAS ELIMINATIONS TOTAL
--------- -------- ------------- ------------
(Millions of Yen)
Total Trading Transactions:
External customers 79,537 117,878 16,020 3,373,345
Intersegment 47,625 166,401 (622,317) --
--------- -------- --------- ---------
Total 127,162 284,279 (606,297) 3,373,345
========= ======== ========= =========
Revenue -- Gross Trading Profit 4,833 5,108 6,108 142,080
--------- -------- --------- ---------
Operating Income (Loss) 386 (974) (5,080) 28,239
--------- -------- --------- ---------
Net Income (Loss) 205 1,346 (8,742) 12,001
--------- -------- --------- ---------
Total Assets at December 31, 2002 219,164 195,141 1,104,490 6,457,968
========= ======== ========= =========
Nine-month period ended December 31, 2002 (from April 1, 2002 to December 31,
2002)
METAL MACHINERY CONSUMER DOMESTIC
PRODUCTS ELECTRONICS & PRODUCTS BRANCHES
& MINERALS INFORMATION CHEMICAL ENERGY & SERVICES AND OFFICES AMERICAS
---------- ------------- --------- --------- ---------- ----------- --------
(Millions of Yen)
Total Trading Transactions:
External customers 1,201,049 1,534,632 806,298 2,128,904 1,561,671 1,112,387 562,912
Intersegment 184,803 121,389 234,898 52,898 92,852 178,211 360,712
--------- --------- --------- --------- --------- --------- -------
Total 1,385,852 1,656,021 1,041,196 2,181,802 1,654,523 1,290,598 923,624
========= ========= ========= ========= ========= ========= =======
Revenue -- Gross Trading Profit 52,804 80,269 42,915 43,013 81,314 30,221 33,284
--------- --------- --------- --------- --------- --------- -------
Operating Income (Loss) 20,554 2,309 9,488 22,832 18,156 3,618 7,187
--------- --------- --------- --------- --------- --------- -------
Net Income (Loss) 12,056 (3,360) (3,068) 20,090 6,859 3,415 3,353
--------- --------- --------- --------- --------- --------- -------
OTHER
OVERSEAS CORPORATE AND CONSOLIDATED
EUROPE AREAS ELIMINATIONS TOTAL
------- -------- ------------- ------------
(Millions of Yen)
Total Trading Transactions:
External customers 258,638 410,360 36,915 9,613,766
Intersegment 149,449 555,649 (1,930,861) --
------- ------- ---------- ---------
Total 408,087 966,009 (1,893,946) 9,613,766
======= ======= ========== =========
Revenue -- Gross Trading Profit 16,068 16,713 20,077 416,678
------- ------- ---------- ---------
Operating Income (Loss) 2,695 (2,090) (9,282) 75,467
------- ------- ---------- ---------
Net Income (Loss) 1,576 4,469 (8,600) 36,790
------- ------- ---------- ---------
Nine-month period ended December 31, 2001 (from April 1, 2001 to December 31,
2001)
METAL MACHINERY CONSUMER DOMESTIC
PRODUCTS ELECTRONICS & PRODUCTS BRANCHES
& MINERALS INFORMATION CHEMICAL ENERGY & SERVICES AND OFFICES AMERICAS EUROPE
---------- ------------- -------- --------- ---------- ----------- -------- -------
(Millions of Yen)
Total Trading Transactions:
External customers 1,132,929 1,711,028 761,842 1,795,006 1,464,195 1,234,212 530,281 313,918
Intersegment 216,535 125,219 211,942 68,997 108,605 215,815 383,218 133,784
--------- --------- ------- --------- --------- --------- ------- -------
Total 1,349,464 1,836,247 973,784 1,864,003 1,572,800 1,450,027 913,499 447,702
========= ========= ======= ========= ========= ========= ======= =======
Revenue -- Gross Trading Profit 53,697 81,742 40,081 39,474 76,830 35,787 33,866 14,471
--------- --------- ------- --------- --------- --------- ------- -------
Operating Income (Loss) 16,771 7,421 8,764 15,619 1,546 6,702 8,095 2,827
--------- --------- ------- --------- --------- --------- ------- -------
Net Income (Loss) 9,309 7,156 (564) 23,753 1,302 4,463 4,570 2,112
--------- --------- ------- --------- --------- --------- ------- -------
Total Assets at December 31,
2001 890,858 1,406,604 508,101 418,187 911,011 595,189 370,129 192,721
========= ========= ======= ========= ========= ========= ======= =======
OTHER
OVERSEAS CORPORATE AND CONSOLIDATED
AREAS ELIMINATIONS TOTAL
--------- ------------- ------------
(Millions of Yen)
Total Trading Transactions:
External customers 426,478 26,686 9,396,575
Intersegment 623,954 (2,088,069) --
--------- ---------- ---------
Total 1,050,432 (2,061,383) 9,396,575
========= ========== =========
Revenue -- Gross Trading Profit 15,132 14,707 405,787
--------- ---------- ---------
Operating Income (Loss) (3,737) 199 64,207
--------- ---------- ---------
Net Income (Loss) 3,302 (16,800) 38,603
--------- ---------- ---------
Total Assets at December 31,
2001 223,127 1,069,455 6,585,382
========= ========== =========
Notes: 1. Based on the change in new management organization, including the
introduction of an Operating Group System from April 2002,
"Electronics & Information" is combined with "Machinery," further
"Transportation Logistics", which was included in "Consumer Products &
Services" before, is included in "Corporate and Eliminations" from the
three-month period ended December 31, 2002. The operating segment
information for the nine-month period ended December 31, 2001 has been
restated to conform to the presentation for the nine-month period
ended December 31, 2002. "Electronics & Information" included in
"Machinery, Electronics & Information" for the three-month period and
nine-month period ended December 31, 2002 as follows:
THREE-MONTH PERIOD THREE-MONTH PERIOD
ENDED DEC. 31, 2002 ENDED DEC. 31, 2002
------------------- -------------------
Total Trading Transactions 98,222 312,116
Revenue -- Gross Trading Profit 10,037 31,561
Operating Income (16) 765
Net Income 701 1,366
Total Assets 238,070 --
2. Effective April 1, 2002, the companies adopted SFAS No. 144. The figures
of "Consolidated Total" for the nine-month period ended December 31, 2001
have been reclassified to conform to the current period presentation. The
reclassifications to "Loss from Discontinued Operations - Net (After
Income Tax Effect)" are included in "Corporate and Eliminations."
3. Operating Income (Loss) reflects the companies' a) Revenue -- Gross
Trading Profit, b) Selling, general and administrative expenses, and c)
Provision for doubtful receivables.
-4-