Consolidated Financial Results for the 4th Quarter of FYE 2024 (IFRS)

Net profit attributable
to ITOCHU
801.8billion yen ( increased by 0.2 %
compared to the previous fiscal year )
Equity in earnings
of associates
and joint ventures
316.3billion yen ( decreased by 1.4 %
compared to the previous fiscal year )

 

Net profit attributable to ITOCHU

801.8billion yen ( increased by 0.2 % compared to the previous fiscal year )

Net profit attributable to ITOCHU  Increased by 0.2%, or 1.3 billion yen, compared to the previous fiscal year to 801.8 billion yen (5,295 million U.S. dollars).

Equity in earnings of associates and joint ventures

316.3billion yen ( decreased by 1.4 % compared to the previous fiscal year )

 

Equity in earnings of associates and joint ventures  Decreased by 1.4%, or 4.3 billion yen, compared to the previous fiscal year to 316.3 billion yen (2,089million U.S. dollars).


  • General Products & Realty Company:Decreased by 35.7 billion yen compared to the previous fiscal year to 2.8 billion yen (18 million U.S. dollars),due to lower earnings in IFL (European pulp-related company) resulting from lower pulp prices and lower sales volume, and the absence of favorable performance in overseas real estate business in the previous fiscal year.
  • Others, Adjustments & Eliminations: Decreased by 17.7 billion yen compared to the previous fiscal year to 98.6 billion yen (651 million U.S. dollars), due to lower earnings in CITIC Limited resulting from the increase in interest expense with higher U.S. dollar interest rates and the absence of revaluation gain on securities business in the previous fiscal year, partially offset by the stable performance in comprehensive financial services segment.
  • Machinery Company:Increased by 43.1 billion yen compared to the previous fiscal year to 87.8 billion yen (580 million U.S. dollars), due to higher earnings in North American electric-power-related business, the start of equity pick-up of Hitachi Construction Machinery from the third quarter of the previous fiscal year, and the absence of the losses on aircraft leased to Russian airlines in a leasing-related company in the previous fiscal year.

Net profit attributable to ITOCHU by Segment Summary of changes from the previous fiscal year

  • *As of October 1, 2022, ITOCHU dissolved the mutual-holdings for certain group companies held by The 8th Company as minority and the other Division Company as majority, and shares of such group companies are only held by the other Division Company. Accordingly, all quarterly results for FYE 2023 are reclassified in the same manner.

Textile Company

27.0 billion yen (increased by 1.5 billion yen compared to the previous fiscal year)

Increased due to the stable performance in apparel-related companies resulting from the recovery of retail market because of the alleviation of the impact of COVID-19, partially offset by the absence of extraordinary gains in the previous fiscal year.

Machinery Company

131.6 billion yen (increased by 24.2 billion yen compared to the previous fiscal year)

Increased due to the favorable sales in automobile-related transactions/companies, higher earnings in North American electric-power-related business, and the start of equity pick-up of Hitachi Construction Machinery from the 3rd quarter of the previous fiscal year.

Metals & Minerals Company

226.1 billion yen (decreased by 21.3 billion yen compared to the previous fiscal year)

Decreased due to lower coal prices and lower earnings in Marubeni-Itochu Steel resulting from the absence of favorable performance in North American steel pipe business in the previous fiscal year, partially offset by higher earnings in iron ore companies.

Energy & Chemicals Company

91.7 billion yen (decreased by 24.1 billion yen compared to the previous fiscal year)

Decreased due to the absence of favorable performance in energy trading transactions in the previous fiscal year, partially offset by the revaluation gain on a lithium-ion batteries company.

Food Company

66.3 billion yen (increased by 46.1 billion yen compared to the previous fiscal year)

Increased due to the improvement in logistics cost in Dole, expansion of transactions resulting from the recovery of consumer activity and higher sales prices in food-distribution-related companies, higher transaction volume in provisions-related transactions, the improvement in earnings of North American meat-products-related company, and the absence of extraordinary gains and losses in the previous fiscal year.

General Products & Realty Company

66.2 billion yen (decreased by 28.9 billion yen compared to the previous fiscal year)

Decreased due to the lower earnings in IFL (European pulp-related company) resulting from lower pulp prices and lower sales volume, and the absence of favorable performance in overseas real estate business in the previous fiscal year, partially offset by the stable performance in domestic real estate transactions and the increased ownership percentage in DAIKEN.

ICT & Financial Business Company

67.8 billion yen (increased by 3.2 billion yen compared to the previous fiscal year)

Increased due to the stable transactions in ITOCHU Techno-Solutions, higher agency commissions in HOKEN NO MADOGUCHI GROUP, and the improvement of remeasurement gains (losses) for fund held investments, partially offset by the impairment loss on Orient Corporation.

The 8th Company

35.8 billion yen (increased by 19.2 billion yen compared to the previous fiscal year)

Increased due to the increase in daily sales along with higher number of customers and spend per customer resulting from enhancement of product appeal and sales promotion, in addition to the improvement in performance of group companies and impairment losses on stores, and the extraordinary gain on the sale of a domestic company, partially offset by the increase in various costs caused by changes in external environment and execution of digital measures to strengthen business foundations in FamilyMart.

Others, Adjustments & Eliminations

89.4 billion yen (decreased by 18.7 billion yen compared to the previous fiscal year)

Decreased due to lower earnings in CITIC Limited resulting from the absence of revaluation gain on securities business in the previous fiscal year, partially offset by the stable performance in comprehensive financial services segment, and the increase in interest expense with higher U.S. dollar interest rates.

Financial Position as of March 31, 2024

Total assets 14,489.7billion yen ( increased by 10.5 %
compared with March 31, 2023 )
Total shareholders' equity 5,427.0billion yen ( increased by 12.5 %
compared with March 31, 2023 )
Net interest-bearing debt 2,741.6billion yen ( increased by 14.7 %
compared with March 31, 2023 )
NET DER 0.51times ( increased by 0.01 pt
compared with March 31, 2023 )

Total assets

14,489.7billion yen ( increased by 10.5 % compared with March 31, 2023 )

Total assets Increased by 10.5%, or 1,374.3 billion yen, compared to March 31, 2023 to 14,489.7 billion yen (95,698 million U.S. dollars), due to the increase in investments accounted for by the equity method, the increase in trade receivables resulting from the increase of trading transactions, the conversion of DAIKEN into a consolidated subsidiary, and the depreciation of the yen.

Total shareholders' equity / Net interest-bearing debt / NET DER

Total shareholders' equity

5,427.0billion yen ( increased by 12.5 % compared with March 31, 2023 )

Total shareholders’ equity Increased by 12.5%, or 603.7 billion yen, compared to March 31, 2023 to 5,427.0 billion yen (35,843 million U.S. dollars), due to net profit attributable to ITOCHU during this fiscal year and the depreciation of the yen, partially offset by the decrease of capital surplus resulting from the additional investment in shares in ITOCHU Techno-Solutions and dividend payments and share buybacks.
Net interest-bearing debt

2,741.6billion yen ( increased by 14.7 % compared with March 31, 2023 )

Net interest-bearing debt (interest-bearing debt after deducting cash and cash equivalents and time deposits) Increased by 14.7%, or 350.4 billion yen, compared to March 31, 2023 to 2,741.6 billion yen (18,107 million U.S. dollars), due to the additional investment in shares in ITOCHU Techno-Solutions, dividend payments and share buybacks, and the depreciation of the yen, partially offset by the stable performance in operating revenues.Interest-bearing debt increased by 11.7%, or 351.0 billion yen, compared to March 31, 2023 to 3,357.6 billion yen (22,176 million U.S. dollars).
NET DER

0.51times ( increased by by 0.01 pt compared with March 31, 2023 )

Ratio of shareholders’ equity to total assets and NET DER (Net debt-to-shareholders’ equity ratio)
NET DER (net debt-to-shareholders’ equity ratio) slightly increased compared to March 31, 2023 to 0.51 times.
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