This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note Programme.
March 31, 2016
Mitsui & Co., Ltd.
Deconsolidation of Mitsui & Co. LNG Investment Limited
Mitsui & Co., Ltd. ("Mitsui"; head office: Tokyo; President and CEO: Tatsuo Yasunaga) announced that its wholly owned subsidiary, Mitsui & Co. LNG Investment Limited (“MITLI”), has transferred its holdings in LNG projects to Mitsui, and that Mitsui plans to liquidate this subsidiary.
1. Reason for the deconsolidation
The status of MITLI has changed from a consolidated subsidiary to an unconsolidated subsidiary as a result of reduction in paid-in capital after investments held by MITLI have been transferred to Mitsui, and Mitsui’s plan to liquidate MITLI. MITLI was established for the purpose of managing its investments in an integrated manner, but recent business environment has led to the aforementioned transfer of investments and the planned liquidation as part of Mitsui’s cost-cutting and streamlining measures.
Capital reduction: March 30th, 2016, London time
Liquidation: plan to complete by approximately six months after the reduction of capital
3. Impact on Mitsui’s consolidated financial statements
As a result of the deconsolidation, a profit of about ¥34 billion from gains on securities and other investments is expected to be recorded in Mitsui’s full year consolidated financial results for the fiscal year ending March 2016. This profit is included in the latest consolidated financial result forecast announced by Mitsui on March 23rd, 2016.
For further information, please contact:
Mitsui & Co., Ltd.
Investor Relations Division Tel: +81-3-3285-7910
Corporate Communications Division Tel: +81-3-3285-7540
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements. This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.
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