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Financial Section 2019

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Financial Section 2019 For the Year Ended March 31, 2019 Ended March For the Year Financial Section 2019 ITOCHU Corporation Financial Section 2019 Contents 2 Summary (IFRS) 3 Six-year Summary (U.S. GAAP) 4 Management’s Discussion and Analysis of Financial Condition and Results of Operations 22 Consolidated Statement of Financial Position 24 Consolidated Statement of Comprehensive Income 26 Consolidated Statement of Changes in Equity 27 Consolidated Statement of Cash Flows 28 Notes to Consolidated Financial Statements 98 Independent Auditor’s Report 100 Supplementary Explanation 101 Management Internal Control Report (Translation) 102 Independent Auditor’s Report (filed under the Financial Instruments and Exchange Act of Japan) Forward-Looking Statements Data and projections contained in this Annual Report are based on the information available at the time of publication, and various factors may cause actual results to differ materially from those presented in such forward-looking statements. ITOCHU Corporation, therefore, wishes to caution that readers should not practice undue reliance on forward-looking statements, and further, that ITOCHU Corporation has no obligation to update any forward-looking statements as a result of new information, future events or other developments. ITOCHU CORPORATION FINANCIAL SECTION 2019 1 Summary (IFRS) ITOCHU Corporation and its Subsidiaries The Consolidated Financial Statements are prepared in conformity with the International Financial Reporting Standards (IFRSs) from the year ended March 31, 2014. The following indicators are presented in accordance with IFRSs. Millions of U.S. Dollars Millions of Yen (Note 3) Years ended March 31 2019 2018 2017 2016 2015 2014 2019 P/L (For the year): Revenues ¥11,600,485 ¥5,510,059 ¥4,838,464 ¥5,083,536 ¥5,591,435 ¥5,587,526 $104,518 Gross trading profit 1,563,772 1,210,440 1,093,462 1,069,711 1,089,064 1,045,022 14,089 Net profit attributable to ITOCHU 500,523 400,333 352,221 240,376 300,569 245,312 4,510 Comprehensive income attributable to ITOCHU 464,785 390,022 303,063 (144,777) 465,605 391,901 4,188 Per share (Yen and U.S. Dollars): Basic earnings attributable to ITOCHU (Note 1) 324.07 257.94 223.67 152.14 189.13 155.21 2.92 Cash dividends 83.0 70.0 55.0 50.0 46.0 46.0 0.75 Shareholders’ equity (Note 1) 1,930.47 1,722.06 1,532.56 1,388.66 1,539.55 1,293.35 17.39 B/S (At year-end): Total assets ¥10,098,703 ¥8,663,937 ¥8,122,032 ¥8,036,395 ¥8,560,701 ¥7,784,851 $ 90,988 Current interest-bearing debt 650,909 526,867 563,033 426,820 543,660 472,667 5,865 Long-term interest-bearing debt 2,332,928 2,252,606 2,381,620 2,769,345 2,548,504 2,420,713 21,019 Interest-bearing debt 2,983,837 2,779,473 2,944,653 3,196,165 3,092,164 2,893,380 26,884 Net interest-bearing debt 2,406,756 2,320,418 2,330,683 2,555,644 2,380,504 2,231,988 21,685 Total shareholders’ equity 2,936,908 2,669,483 2,401,893 2,193,677 2,433,202 2,044,120 26,461 Cash flows (For the year): Cash flows from operating activities ¥ 476,551 ¥ 388,212 ¥ 389,693 ¥ 419,404 ¥ 403,629 ¥ 428,101 $ 4,294 Cash flows from investing activities 201,149 (256,350) (81,306) (557,260) (276,103) (270,377) 1,812 Cash flows from financing activities (538,318) (296,136) (335,396) 81,770 (97,896) (77,855) (4,850) Cash and cash equivalents at the end of the year 572,030 432,140 605,589 632,871 700,292 653,739 5,154 Ratios: ROA (%) 5.3 4.8 4.4 2.9 3.7 3.3 — ROE (%) 17.9 15.8 15.3 10.4 13.4 13.0 — Ratio of shareholders’ equity to total assets (%) 29.1 30.8 29.6 27.3 28.4 26.3 — Net debt-to-equity ratio (times) 0.82 0.87 0.97 1.17 0.98 1.09 — Interest coverage (times) (Note 2) 8.3 9.3 11.1 10.1 12.7 12.5 — Common stock information (For the year): Stock price (Yen and U.S. Dollars): Opening price ¥ 2,063.0 ¥ 1,577.0 ¥ 1,380.0 ¥ 1,282.0 ¥ 1,222.0 ¥ 1,125.0 $ 18.59 High 2,302.5 2,254.0 1,674.5 1,756.0 1,429.0 1,568.0 20.75 Low 1,740.0 1,478.0 1,135.5 1,170.0 1,118.0 1,033.0 15.68 Closing price 2,002.5 2,066.5 1,580.0 1,386.0 1,301.5 1,206.0 18.04 Market capitalization (Yen and U.S. Dollars in billions) 3,046 3,203 2,476 2,189 2,057 1,906 27.45 Trading volume (yearly, million shares) 1,155 1,240 1,604 1,886 1,782 1,782 — Number of shares of common stock issued (at year-end, 1,000 shares) 1,584,889 1,662,889 1,662,889 1,662,889 1,662,889 1,584,889 — Exchange rates into U.S. currency (Federal Reserve Bank of New York): At year-end ¥ 110.68 ¥ 106.20 ¥ 111.41 ¥ 112.42 ¥ 119.96 ¥ 102.98 — Average for the year 110.88 110.80 108.25 120.04 109.75 100.46 — Range: Low 114.19 114.25 118.32 125.58 121.50 105.25 — High 105.99 104.83 100.07 111.30 101.26 92.26 — Number of employees (At year-end, consolidated) 119,796 102,086 95,944 105,800 110,487 104,310 — Notes: 1. Basic earnings attributable to ITOCHU and Shareholders’ equity per share are calculated by using the number of shares outstanding for each year. 2. Interest coverage = (Gross trading profit + Selling, general and administrative expenses + Provision for doubtful accounts + Interest income + Dividends received) / Interest expense 3. Figures in yen for the year ended March 31, 2019, (Fiscal Year 2019 or the fiscal year), have been translated into U.S. dollars solely for the convenience of the reader at the rate of ¥110.99 = US$1, the exchange rate prevailing on March 31, 2019. 2 ITOCHU CORPORATION FINANCIAL SECTION 2019 Six-year Summary (U.S. GAAP) ITOCHU Corporation and its Subsidiaries Millions of Yen Years ended March 31 2014 2013 2012 2011 2010 2009 P/L (For the year): Revenue ¥5,530,895 ¥4,579,763 ¥4,197,525 ¥3,581,795 ¥3,418,220 ¥3,419,061 Gross trading profit 1,028,273 915,879 956,920 906,587 860,187 1,060,521 Net income attributable to ITOCHU 310,267 280,297 300,505 161,114 128,905 165,390 Comprehensive income (loss) attributable to ITOCHU 446,214 475,819 249,983 106,041 270,570 (92,334) Per share (Yen): Basic net income attributable to ITOCHU (Note 1) 196.31 177.35 190.13 101.93 81.56 104.64 Cash dividends 46.0 40.0 44.0 18.0 15.0 18.5 Stockholders’ equity (Note 1) 1,358.42 1,117.01 862.88 731.57 695.75 537.43 B/S (At year-end): Total assets ¥7,848,440 ¥7,117,446 ¥6,507,273 ¥5,676,709 ¥5,478,873 ¥5,192,092 Current interest-bearing debt 464,992 482,544 450,968 288,973 289,963 628,792 Long-term interest-bearing debt 2,420,272 2,279,915 2,082,592 1,979,967 1,919,588 1,760,530 Interest-bearing debt 2,885,264 2,762,459 2,533,560 2,268,940 2,209,551 2,389,322 Net interest-bearing debt 2,224,279 2,185,623 2,014,898 1,630,764 1,721,464 1,756,764 Long-term debt, excluding current maturities (including long-term interest-bearing debt) 2,628,937 2,447,868 2,259,717 2,160,772 2,108,081 1,934,421 Stockholders’ equity 2,146,963 1,765,435 1,363,797 1,156,270 1,099,639 849,411 Cash flows (For the year): Cash flows from operating activities ¥ 418,396 ¥ 245,661 ¥ 212,830 ¥ 335,361 ¥ 293,597 ¥ 276,854 Cash flows from investing activities (266,692) (199,990) (416,315) (230,866) (195,698) (326,033) Cash flows from financing activities (71,707) (11,323) 84,704 53,202 (256,568) 258,322 Cash and cash equivalents at the end of the year 653,332 569,716 513,489 633,756 480,564 628,820 Ratios: ROA (%) 4.1 4.1 4.9 2.9 2.4 3.2 ROE (%) 15.9 17.9 23.8 14.3 13.2 18.1 Ratio of stockholders’ equity to total assets (%) 27.4 24.8 21.0 20.4 20.1 16.4 Net debt-to-equity ratio (times) 1.0 1.2 1.5 1.4 1.6 2.1 Interest coverage (times) (Note 2) 13.1 12.4 13.5 10.7 5.3 7.2 Common stock information (For the year): Stock price (Yen): Opening price ¥ 1,125.0 ¥ 925.0 ¥ 870.0 ¥ 829.0 ¥ 487.0 ¥ 994.0 High 1,568.0 1,241.0 966.0 930.0 821.0 1,337.0 Low 1,033.0 755.0 676.0 659.0 486.0 380.0 Closing price 1,206.0 1,131.0 903.0 871.0 819.0 478.0 Market capitalization (Yen in billions) 1,906 1,788 1,427 1,377 1,294 756 Trading volume (yearly, million shares) 1,782.0 1,783.0 1,882.0 2,287.0 2,616.0 2,913.0 Number of shares of common stock issued (at year-end, 1,000 shares) 1,584,889 1,584,889 1,584,889 1,584,889 1,584,889 1,584,889 Exchange rates into U.S.
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