MITSUI MATSUSHIMA CO. LTD.
Presentation for Business Results Ended
March 2013
May 2013
Contents
• FY2012 Financial Results
P. 3
• FY2013 Consolidated Earnings Forecast
P. 10
• Growth Strategy
P. 14
• Appendix
P. 17
2
FY2012 Financial Results
3
Consolidated Income Statement





Net sales:
In the Fuel Business (Coal sales and production), sales declined due to falling coal prices and a drop in
sales volume.
Operating profit:
In the Fuel Business (coal production), operating profit decreased due to the above drop in sales and an
increase in operating costs at the Liddell Coal Mine.
Non-operating profit: Posted exchange rate gains of ¥93 million (drop of ¥213 million from the previous corresponding period),
interest received of ¥268 million (up ¥55 million) and equity method investment returns (GDM) of ¥23
million.
Extraordinary profit: Posted subsidies received of ¥134 million. (A gain of ¥2,116 million on the sales of investment securities
was posted in the previous fiscal year.)
Extraordinary loss:
Posted investment securities valuation losses of ¥423 million, impairment loss on fixed assets of ¥344
million and fixed asset advanced depreciation deductions of ¥124 million.
(Million yen)
Net sales
FY 2011
FY 2012
Yr/Yr Change
98,063
84,009
(14,053)
6,290
3,820
(2,470)
Non-operating profit
571
510
(61)
Non-operating expenses
284
221
(63)
6,577
4,108
(2,468)
Extraordinary profit
2,756
174
(2,581)
Extraordinary loss
1,775
1,205
(569)
7,559
3,078
(4,480)
2,772
1,279
(1,492)
(93)
99
192
4,880
1,699
(3,180)
Operating profit
Ordinary profit
Net profit before income taxes
Income taxes-current
Corporate taxes-deferred
Net profit
4
Consolidated Segment Information




Fuel Business (Coal sales and production): See “Breakdown of Fuel Business (Coal sales and production)” on the next slide.
Contract Service Business:
Started to record performance of M&M Service Co., Ltd., wholly acquired
subsidiary in July 2012, from second quarter.
Building Material Business:
Consolidate handled products and streamline personnel.
Recycling and Ferroalloy Business:
Downsized due to suspension of Ferroalloy Business.
[Net sales]
Business
(Million yen)
[Operating profit]
FY 2011
FY 2012
Yr/Yr
Change
Business
(Million yen)
Fuel (Coal sales)
82,430
66,529
(15,900)
Fuel (Coal production)
19,163
16,093
(3,070)

4,562
4,562
3,112
3,064
(48)
Real estate
545
585
40
Recycling and
ferroalloy
550
262
(288)
Recycling and
ferroalloy
2,833
2,439
(393)
Others
(10,573)
(9,528)
1,044
98,063
84,009
(14,053)
Contract service
Construction material
Others
Adjustment
Total
FY 2011
Fuel (Coal sales)
Fuel (Coal production)
Contract service
Construction material
Real estate
Adjustment
Total
FY 2012
Yr/Yr
Change
98
(38)
(136)
6,881
4,248
(2,632)

32
32
(123)
(189)
(66)
33
(15)
(49)
(594)
(187)
406
(22)
(35)
(13)
17
5
(12)
6,290
3,820
(2,470)
* Contract Service Business includes 100 million yen recorded as amortization for business closures.
* Consolidated results include Nagata Engineering Co., Ltd. (Building Material Business segment) from FY2012 1Q.
* MM Energy Co., Ltd. and SPC Tsuyazaki Solar Power Station No. 1 is consolidated as subsidiaries (Others) from FY2012 2Q.
* MMI Indonesia Investment and MMI Doyles Creek were included as consolidated companies (Fuel: Coal production) from FY2012 3Q.
* "Others” includes the Coal Mining Technique Transfer Business, Supermarket , Stevedore and warehouse business and Solar Power Generation Business.
* Net sales represent sales before the elimination of inter-segment transactions.
5
Breakdown of Fuel Business
(Coal Sales and Production)

Coal Sales:
Net sales declined due to a drop in coal prices and lower sales volume than planned.
Operating profit fell due to lower sales volume and a drop in sales commissions for certain brands.

Coal Production:
Net sales declined due to a drop in coal prices and lower sales volume than planned.
Operating profit declined due to factors such as the above decline in sales and increased operation costs for
maintenance of heavy machinery and coal preparation plant in Liddell Coal Mine.
[Net sales]
[Operating profit]
FY 2011
FY 2012
(Million yen)
Yr/Yr
Change
Coal sales
Sales volume
(million tonnes)
82,430
6.5
66,529
6.02
(15,900)
(0.48)
Coal production
Sales volume
(million tonnes)
19,163
1.66
16,093
1.56
(3,070)
(0.1)
(10,456)
(9,427)
1,028
91,138
73,195
(17,942)
Adjustment
Fuel Business Total
[Major index]
Coal sales
(Apr-Mar)
Coal production
(Jan-Dec)
FY 2011
FY 2012
Yr/Yr
Change
(Million yen)
Coal sales
Coal production
Adjustment
Fuel Business Total
FY 2011 Results
98
(38)
(136)
6,881
4,248
(2,632)



6,979
4,210
(2,769)
FY 2012 Result
¥12,684
¥11,048
¥79.10
¥82.84
Average coal price: Thermal coal
US$122.06
US$118.55
Average coal price: Semi-soft coking coal
US$203.03
US$160.96
Exchange rate US$/A$ (Average rate)
US$1.0201
US$1.0271
¥82.28
¥82.63
Average coal price of import and sales
Exchange rate ¥/US$ (Average rate)
Exchange rate US$/A$
(Settlement: Average rate during period)
6
Consolidated Balance Sheet
Mar 31, 2012
Mar 31, 2013
Change
Amount
Share
Amount
Share
(Million yen)
(%)
(Million yen)
(%)
(Million yen)
Current assets
17,817
38.6
20,311
36.1
2,493
Fixed assets, Deferred assets
28,361
61.4
35,969
63.9
7,608
46,178
100.0
56,280
100.0
10,101
8,384
18.1
12,746
22.7
4,361
10,940
23.7
12,404
22.0
1,464
Total liabilities
19,325
41.8
25,151
44.7
5,825
Total net assets
26,853
58.2
31,129
55.3
4,276
Total assets
Current liabilities
Fixed liabilities
Major changes
Accounts receivable +1,184, Cash
and deposits +824
Tangible fixed assets +3,104,
Intangible fixed assets +3,744
Accounts payable +2,416, Short-term
debt +1,653
Asset retirement liabilities +1,423
Net profit +1,699, Dividend payments
-554,
Currency exchange adjustments
+2,531
Total liabilities and net assets
46,178
100.0
56,280
100.0
10,101
* Amount of assets and liabilities by incorporating M&M Service Co., Ltd. to the consolidated companies (as of the end of March 2013)
- Assets +3,500 million yen, Liabilities +3,100 million yen
7
Consolidated Cash Flows
FY 2011
FY 2012
Change
(Million yen)
Income before income taxes
7,559
3,078
(4,480)
Working capital
(860)
1,272
2,133
(1,615)
95
1,710
5,083
4,446
(637)
(891)
(487)
404
963
4
(958)

(2,474)
(2,474)
(2,563)
257
2,821
(2,492)
(2,699)
(207)
(5,114)
(1,326)
3,787
(550)
(551)
(1)
(21)
(43)
(22)
(5,685)
(1,921)
3,764
127
800
673
Change in cash and cash
equivalents
(2,967)
625
3,592
Cash and cash equivalents,
beginning of period
11,524
8,557
(2,967)
8,557
9,182
625
Others
Cash flows from operating activities
Changes in fixed assets
Changes in investment securities
Acquisition of consolidated
subsidiary
Others
Cash flows from investment
activities
Changes in debt and bonds
Dividend payments
Others
Cash flows from financial activities
Effect of exchange rate change on
cash and cash equivalents
Cash and cash equivalents, end of
period
Main Factors
(FY 2012 )
• Increased due to increase in short-term
loans
• Declined on purchase of machinery and
equipment at Mitsui Matsushima Australia
• Declined due to MMI Indonesia, M&M
Service and Nagata Engineering stock
acquisitions
• Increased due to reversal of fixed-term
deposits (over 3 months)
• Declined due to repayment of long-term
debt
8
Major Financial Indicators
-Consolidated; actual performance for the past 5 years
FY 2008
FY 2009
FY 2010
FY 2011
FY 2012
Net sales
(million yen)
107,691
61,014
87,658
98,063
84,009
Operating profit
(million yen)
6,441
4,803
3,102
6,290
3,820
Ordinary profit
(million yen)
4,251
5,250
2,553
6,577
4,108
Net profit
(million yen)
(1,251)
3,463
4,480
4,880
1,699
Earnings per share (EPS)
(yen)
(11.89)
29.99
32.31
35.20
12.26
Total net assets
(million yen)
9,040
20,203
24,251
26,853
31,129
Shareholders’ equity ratio
(%)
19.7
41.2
49.5
58.2
55.3
24,952
19,908
15,698
10,583
11,839
2.76
0.99
0.65
0.39
0.38
85.97
145.71
174.91
193.68
224.52
8.57
11.08
5.21
13.82
8.02
105,178
138,677
138,677
138,677
138,677
3.00
4.00
4.00
4.00
* 5.00
Balance of liabilities with
interest (incl. bonds)
Debt/equity ratio
(million yen)
(times)
Book value per share (BPS) (yen)
Return on assets (ROA)
(%)
Total number of shares
outstanding
(thousand)
Dividend per share
(yen)
* The above figures are based on the annual securities report.
* Includes 1 yen
commemorative
dividend
9
FY2013 Consolidated Earnings Forecast
10
FY 2013 Consolidated Earnings Forecast

Net sales
Despite the decline of coal price, Net sales is forecasted to increase due to rise of coal sales volume and increased revenue by the
Yen's depreciation in A$/¥ in Fuel Business, adding to record of full year performance in Contract Service Business.

Operating profit, Ordinary profit, Net profit
Forecast a decline in profit in Fuel Business (coal production) due to declining coal prices.
FY 2013 Forecast
FY 2012 Results
Change
Term
1st half
2nd half
Term
840
400
470
870
30
Operating profit
38
2
7
9
(29)
Ordinary profit
41
3
7
10
(31)
Net profit
17
1
5
6
(11)
(100 million yen)
Net sales
* The forecasts above were created based on information available as of the date of this publication. Actual results may vary due to various factors
occurring in the future.
11
Consolidated Earnings Forecast by Segment

Fuel Business (Coal sales and production)
Income is forecasted to decrease due to decline of coal sales price, though net sales will increase by the rise of coal sales
volume and depreciation in A$/¥.

Contract Service Business
Net sales will increase due to full year record of performance.
[Net sales]
Business
(100 million yen)
[Operating profit]
FY 2012
Result
FY 2013
Forecast
Business
(100 million yen)
Yr/Yr
Change
Fuel (Coal sales)
Fuel (Coal sales)
665
673
8
Fuel (Coal production)
161
175
14
Fuel (Coal production)
Contract service
46
62
16
Contract service
Construction material
31
32
1
Construction material
Real estate
6
6
0
Real estate
Recycling and
ferroalloy
3
2
(1)
24
25
1
(95)
(105)
(10)
840
870
30
Others
Adjustment
Total
Recycling and
ferroalloy
Others
Adjustment
Total
FY 2012
Result
FY 2013
Forecast
Yr/Yr
Change
0
0
0
42
7
(35)
0
1
1
(2)
0
2
0
0
0
(2)
0
2
0
1
1
0


38
9
(29)
* “Others” includes the Coal Mining Technique Transfer Business, Supermarket, Stevedore and Warehouse Business and Solar Power Generation Business.
* Net sales represent sales before the elimination of inter-segment transactions.
12
Breakdown of Fuel Business
(Coal Sales and Production)
[Net sales]
[Operating profit]
(100 million yen)
FY 2012
Result
FY 2013
Forecast
Yr/Yr
Change
(100 million yen)
Coal sales
Sales volume
(million tonnes)
665
6.02
673
6.38
8
0.36
Coal sales
Coal production
Sales volume
(million tonnes)
161
1.56
175
1.79
14
0.23
(94)
(105)
(11)
731
743
12
Adjustment
Fuel Business Total
[Major index]
Coal sales
(Apr-Mar)
Coal production
(Jan-Dec)
FY 2012
Result
FY 2013
Forecast
0
0
0
Coal production
42
7
(35)
Adjustment



42
7
(35)
Fuel Business Total
FY 2012 Result
FY 2013 Forecast
¥11,048
¥10,500
¥82.84
¥97.00
Average coal price: Thermal coal
US$118.55
US$97.00
Average coal price: Semi-soft coking coal
US$160.96
US$117.00
Exchange rate US$/A$ (Average rate)
US$1.0271
US$1.0300
¥82.63
¥100.00
Average coal price of import and sales
Exchange rate ¥/US$ (Average rate)
Exchange rate ¥/A$
(Settlement: Average rate during period)
Yr/Yr
Change
Impact of foreign
exchange
rates on net profit
US$/A$
Approx. ¥90 million
profit gain per A$0.01
decline
A$/¥
Approx. ¥10 million
profit gain
per ¥1 decline
13
Growth Strategy
14
Growth Strategy
 Increase profitability by securing mining rights
for new coal mines
Realize projects of developing new coal mine making full use of our
three strengths: Technical skills in Mining, Planning and proposing
capabilities and Sales ability to leading customers
 Stabilize and diversify profitability by developing
new business
Develop new businesses in non-coal fields
15
Growth Strategy Topics in FY2012
Strengthen revenue sources in Fuel Business
May 2012:
July 2012:
May 2012:
Basic agreement for gradual acquisition of Doyles
Creek Coal Mine (Australia NuCoal Resources Ltd)
interests
Stock acquisition of PT Gerbang Daya Mandiri
(Indonesia GDM Coal Mine) stock acquisition
Acquisition of Nagata Engineering Co., Ltd.
Developing unique engineering business as the only company in Japan
with coal preparation technology
Increase handling
coal interests
For comprehensive
coal business
development
Enhance revenue base through new businesses
Jul 2012:
Acquisition of M&M Service, Co., Ltd.
Contract Service business for lodging and recreational facilities held by
private companies and local governments.
Diversify Group’s
revenue sources
August 2012: Started solar power generation business, founding
MM Energy Co., Ltd.
• Renewable energy business utilizing company’s idle lands.
• From March 2013 - Tsuyazaki Solar Power Station No. 1 began
generating 2MW
• Tsuyazaki Solar Power Station No. 2 is under construction.
Planned to begin generating 2MW from September 2013
Mega-Solar Tsuyazaki Solar Power Station No. 1
Tsuyazaki, Fukutsu, Fukuoka, Japan
16
Appendix
17
Development of Overseas Resources and
Energy Businesses
As of April 24, 2013
 Walter Energy Inc.
(shares owned/exclusive marketing rights in Japan)
Jan-Dec 2012
Brule Coal Mine
Production volume: 1.83 Mt
Wolverine Coal Mine
Production volume: 1.82 Mt
Willow Creek Coal Mine
Production volume: 870,000 t
 Xstrata Coal Canada Resources Ltd.
(exclusive marketing rights in Japan)
Rossin Coal Mine
Coking coal/PCI (development planned) Resources: 240 Mt
Canada
China
■Shenhua Group and Jincheng Group
Collaborating with Shenhua Group and Jincheng
Group on sales of coal products for Japanese market.
Indonesia
 PT. Anugerah Bara Kaltim
ABK Coal Mine (exclusive marketing rights in Japan)
Thermal coal; production volume: 6.6 Mt (CY12)
 PT Gerbang Daya Mandiri
(30% capital investment/ Exclusive marketing rights in
Japan )
US
 Cline Mining Corp. (exclusive marketing rights in Japan)
New Elk Coal Mine Coking coal (under development)
Reserves: 618.9 Mt
Australia
GDM Coal Mine
Thermal coal; production volume: 400,000 t (CY12) [opencut mining]
(Underground mining: 1Mt/year planned
production)
 Liddell Joint Venture
(32.5% ownership/exclusive marketing rights in Japan)
 Tiger Energy Trading Pte. Ltd.
(Exclusive marketing rights to certain customers in Japan)
Production capacity: 7.5 Mt (CY12)
JMB Coal Mine
Thermal coal; production volume: 8.1 Mt (CY12)
Sebuku Coal Mine
Thermal coal; production volume: 3.3 Mt (CY12)
Liddell Coal Mine Coking coal: 25%; Thermal coal 75%
New Proposals: Doyles Creek Coal development proposal (planned
annual production: 5Mt)
Square Exploration (exploration activities)
18
Coal Business Organizational Chart
As of December 31, 2012
Capital investment (ratio)
Consolidated subsidiary
Return of profits
Capital investment
ratio less than 20%
Flow of coal sales
Customers
Mitsui Matsushima Co., Ltd.
Walter Energy Inc. (US)
• Brule Coal Mine (Canada)
• Wolverine Coal Mine (Canada)
• Willow Creek Coal Mine (Canada)
Tiger Energy Trading Pte. Ltd.
(Singapore)
• JMB Coal Mine (Indonesia)
• Sebuku Coal Mine (Indonesia)
PT. Anugerah Bara Kaltim (Indonesia)
• ABK Coal Mine (Indonesia)
Cline Mining Corp. (Canada)
• New Elk Coal Mine (US)
* Initial production stages
Dividend
100%
MITSUI MATSUSHIMA INTERNATIONAL PTY.LTD.
(MMI)
Dividend
100%
MMI Indonesia
Investments Pty Ltd
Profit/Dividend
Hold equity
30%
PT Gerbang Daya Mandiri
(Indonesia)
• GDM Coal Mine operations
* Equity method applied
Dividend
100%
MITSUI MATSUSHIMA
AUSTRALIA PTY. LTD.
Profit
Interest
32.5%
Liddell Joint Venture
(Australia)
• Liddell Coal Mine operation
19
Liddell Coal Mine in Australia 1




Operation:
JORC Resource:
JV between Mitsui Matsushima Australia Pty Ltd.(32.5%) and Xstrata PLC (67.5%)
660 million tonnes
Measured: 104 Mt; Indicated: 213 Mt; Inferred: 344 Mt
Open-cut: 410 Mt (reserves: 65 Mt); Underground 250 Mt)
Productivity:
12,255 tonnes (cleaned coal)/person/year (2012 actual)
(Entire NSW, Australia productivity: 7,160 tonnes/person/year (Total of open cut and
underground, 2011-2012))
Production Capacity: 7.50 million tonnes/year (Maximum capacity for the coal preparation plant)
Australia
Liddell Coal Mine
Northern
Territory
Port
Queensland
Western
Australia
South
Australia
Good location: About
107 km to the port
World’s largest coal port
New South
Wales
Newcastle
Victoria
Sydney
Canberra
Mitsui Matsushima International Pty. Ltd.
Mitsui Matsushima Australia Pty. Ltd.
20
Liddell Coal Mine in Australia 2
Liddell Coal Mine production (raw coal): Results and plan
As of Dec. 31, 2012
(Ten thousand
tonnes)
Owner operation
started
507
682
687
712
556
Liddell (total)
Mitsui Matsushima
portion
Mining site,
Liddell Coal Mine
21
Coal Import and Sales Trends (By type of coal)
Sales by type of coal
Billion yen
Thermal coal
100
82.4
80
74.1
66.5
Coking coal
67.1
(planned)
60
40
20
0
FY 2010
FY 2011
FY 2012
FY 2013
Sales volume by type of coal
Ten thousand tonnes
800
675
Thermal coal
650
602
650
(planned)
600
Coking coal
400
200
0
FY 2010
FY 2011
FY 2012
FY 2013
22
Coal Imports and Sales by Customer Industry
Coal sales by customer industry
General
Industry
Cement 6%
General
Industry
Cement 6%
3%
General
Industry
Cement 7%
3%
3%
Electricity
18%
Electricity
20%
General
Industry
10%
Cement
3%
Electricity
20%
Electricity
22%
Iron and
Steel
73%
FY 2010 (¥74.1 billion)
FY 2011 (¥82.4 billion)
Iron and
Steel
65%
Iron and
Steel
70%
Iron and
Steel
71%
FY 2012 (¥66.5 billion)
FY 2013 (¥67.1 billion)
Planned
Coal sales volume by customer industry
General
Industry
10%
Cement
5%
General
Industry
Cement 8%
4%
Electricity
25%
Iron and
Steel
61%
Electricity
24%
FY 2010 (6.75 Mt)
General
Industry
8%
Cement
4%
Electricity
24%
Iron and
Steel
63%
FY 2011 (6.50 Mt)
General
Industry
11%
Cement
3%
Electricity
23%
Iron and
Steel
64%
FY 2012 (6.02 Mt)
Iron and
Steel
63%
FY 2013 (6.50 Mt)
Planned
23
Impact of Exchange Rate



Coal sales: Coal sales in Coal Production Business are based on US dollars.
Mitsui Matsushima Australia (“MMA”)- non-consolidated profit and loss: For MMA, our Australian company, coal sales are converted
to Australian dollars, and accounting for profit and losses is proceeded in Australian dollars.
Mitsui Matsushima Group- consolidated profit and loss: Accounting for consolidated profit and loss of the Mitsui Matsushima Group
is proceeded in Japanese yen after conversion of the profit and loss items of MMA.
Coal Sales
MMA
Non-consolidated
P&L
Mitsui Matsushima
Consolidated
P&L
US $
Australian $
Japanese ¥
Net sales
Quantity x Price (US$)
Exchange
Rate
Conversion
US$  A$
Net sales
Net sales
Sales cost
Sales cost
General expenses
General expenses
Operating profit
Non-operating P&L
Ordinary profit
Extraordinary P&L
Corporate tax
Net profit
Exchange
Rate
Conversion
A$  ¥
Operating profit
Non-operating P&L
Ordinary profit
Extraordinary P&L
Corporate tax
Net profit
24
M&M Service Co., Ltd.



Mitsui Matsushima acquired all shares in July 2012
Business details: Management of lodging facilities, as well as consigned management of recreational facilities, training institutes,
and other facilities owned by private companies and local municipalities.
Future developments: Promote consigned management services, including in the Kyushu region, to support stabilization and
diversification of group’s income
Hotel Fuuka in
Yatsugatake
"OYADO-NET" http://www.oyadonet.com/
A website operated by M&M Service that provides
information about recreational facilities and
lodgings owned by major corporations and local
governments.
<Example of facilities>
Keburikawa Resort in
Kyoto
Resort – KUMANO CLUB
in Mie
25
These materials contain forward-looking statements that are in no way guarantees of future performance. Future
performance is affected by risks and uncertainties. Future performance may vary due to changing assumptions
and conditions in the business environment. These materials should not be relied on as the sole source of
information, and should be used with discretion. Mitsui Matsushima Co., Ltd. is in no way responsible for any
damages caused as a result of relying on or using these materials.
IR Inquiries
General Affairs Dept., Business Planning Dept.
TEL +81-92-771-2171
MITSUI MATSUSHIMA CO. LTD.
26