Sojitz Corp (TSE:2768)

円 3923 -18 (-0.46%) Market Cap: 852.19 Bil Enterprise Value: 1.65 Til PE Ratio: 8.69 PB Ratio: 0.93 GF Score: 77/100

Full Year 2021 Sojitz Corp Earnings Net Conference Transcript

Apr 30, 2021 / NTS GMT

Release Date Price: 円1630 (+6.19%)

Transcript

Masayoshi Fujimoto

Sojitz Corporation - President, CEO & Representative Director

Let us review the financial targets of the Medium-Term Management Plan 2020, which started in April 2018. In MTP 2020, we aimed to achieve in year 3 over JPY 75 billion of profit of the year at 3% or higher ROA and 10% or higher ROE.

Although we had a good start in 2018 with JPY 70.4 billion profit of the year, in 2020, which is the final year of the plan, in addition to being largely impacted by COVID-19, a pandemic, we also front-loaded responses for a part of thermal coal interest and oilfield interest, with an eye on shift towards decarbonization. Thus, we underachieved the target with JPY 27 billion profits of the year, 1.2% ROA and 4.5% ROE. Though single year ROE was below the target, the average in the 3 years of MTP was around 9%, which is above our shareholders' equity cost of 8%. Core cash flow, net DER and shareholder return, did achieve our target even under the COVID calamity, thanks to the disciplined financial management.

Next, allow me to explain about the investments and the contribution

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