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Annual Report 2006 for the Year Ended March 31, 2006 Profile

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Annual Report 2006 for the Year Ended March 31, 2006 Profile Annual Report 2006 For the Year Ended March 31, 2006 Profile The history of ITOCHU Corporation dates back to 1858 when the Company’s founder Chubei Itoh commenced linen trading operations. Since then, the Company has evolved and grown over about 150 years into a business engaged in the domestic trading, import/export, and overseas trading of various products such as textiles, machinery, information and communi- cations-related products, metals, products related to oil and other energy sources, general merchandise, chemicals, and provisions and food. Moreover, ITOCHU has made multifaceted investments in insurance agencies, finance, construction, real estate trading, and warehous- ing as well as operations and businesses incidental or related to those fields. Building on its highly efficient profit structure and solid financial position gained through the advancement of its A&P strategy, ITOCHU started a mid-term management plan “Frontier-2006: A Shift to Aggressive Business and Enhancement of Solid Management” in the fiscal year ended March 2006. The Company is aiming to become a high-profit corporate group earning over ¥100 billion in consolidated net income in a steady and sustainable man- ner by (1) taking on the challenge of expanding earnings, (2) creating new businesses, and (3) enhancing solid management including a further improvement of its financial position. ITOCHU has been working toward these goals utilizing the collective strength of the ITOCHU Group to flexibly respond to drastic changes in the business environment. In terms of the shift to aggressive business, our efforts resulted in another record high profit in the fiscal year ended March 2006 following on from the previous fiscal year. Also in terms of the enhancement of solid management, we achieved a further improvement in the NET DER (debt-to-equity ratio). Given these results, it can be concluded that ITOCHU made a solid step forward in the fiscal year ended March 2006. In the fiscal year ending March 2007, the last year of “Frontier-2006,” ITOCHU will contin- ue and strengthen the basic policy of this mid-term management plan and will aim to build the optimum management system that can support the “aggressive business” and “solid management” in our business operations with the banner being “Acceleration of the shift to aggressive business,” while further advancing the goals we have already achieved earlier than originally planned, expanding earnings, creating new businesses, and improving the financial position. *A&P Strategy: ITOCHU’s strategy for enhancing profitability by intensively allocating management resources to areas that are Attractive to customers and where ITOCHU is Powerful. ITOCHU has advanced the A&P strategy through the implementation of two mid-term management plans: A&P-2002 (the fiscal year ended March 2002 - the fiscal year ended March 2003) and Super A&P-2004 (the fiscal year ended March 2004 - the fiscal year ended March 2005). Forward-looking Statements This Annual Report contains forward-looking statements regarding ITOCHU Corporation’s corporate plans, strategies, forecasts, and other statements that are not historical facts. They are based on current expectations, estimates, forecasts and projections about the industries in which ITOCHU Corporation operates. As the expecta- tions, estimates, forecasts and projections are subject to a number of risks, uncertainties and assumptions, including without limitation, changes in economic conditions; fluctuations in currency exchange rates; changes in the competitive environment; the outcome of pending and future litigation; and the continued availability of financing, financial instruments and financial resources, they 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 place undue reliance on forward-looking statements, and, further that ITOCHU Corporation undertakes no obligation to update any forward-looking statements as a result of new information, future events or other developments. 1 Itochu Corporation Annual Report 2006 Contents 18 22 26 30 6 34 42 38 Financial Highlights 2 Financial Section 67 ITOCHU at a Glance 4 Six-Year Summary 68 To All of ITOCHU’s Stakeholders 6 Management’s Discussion and Analysis of Financial Condition and Results of Operations 69 Mid-Term Management Plan, “Frontier-2006” (Two-Year Plan for the fiscal year ended March 2006 and the fiscal year ending March 2007) 10 Consolidated Balance Sheets 94 Q&A with Mr. Eizo Kobayashi, Consolidated Statements of Operations 96 President and Chief Executive Officer 12 Consolidated Statements of Stockholders’ Equity 97 Review of Operations 17 Consolidated Statements of Cash Flows 98 Textile Company 18 Notes to Consolidated Financial Statements 99 Machinery Company 22 Independent Auditors’ Report 131 CONTENTS Aerospace, Electronics & Multimedia Company 26 Stock Information 132 Energy, Metals & Minerals Company 30 Chemicals, Forest Products & General Merchandise Company 34 Corporate Information 133 Food Company 38 Finance, Realty, Insurance & Logistics Services Company 42 Organization 46 Corporate Governance and Corporate Social Responsibility 47 Corporate Governance 48 Corporate Officers 51 Corporate Social Responsibility (CSR) 54 Other Information 59 Global Network/Bank List 60 Major Subsidiaries and Associated Companies 62 2 Itochu Corporation Annual Report 2006 Financial Highlights ITOCHU Corporation and Subsidiaries Years ended March 31 2006 2005 2004 2003 2002 2006/2005 2006 Increase Millions of Millions of Yen (Decrease) U.S. dollars % For the fiscal year: Revenue ..................................................................... ¥2,218,221 ¥1,991,238 ¥1,738,747 ¥1,681,718 ¥1,688,128 11.4% $18,883 Gross trading profit ............................................... 714,374 630,761 555,895 564,967 578,656 13.3 6,081 Net Financial Expenses* ..................................... (7,816) (6,878) (14,215) (20,579) (21,942) 13.6 (67) Net Interest Expenses* ................................... (26,032) (21,040) (24,743) (30,655) (34,939) 23.7 (222) Dividends Received ........................................... 18,216 14,162 10,528 10,076 12,997 28.6 155 Equity in Earnings of Associated Companies .................................... 51,737 31,764 22,859 18,539 11,362 62.9 441 Net income (loss) ................................................... 145,146 77,792 (31,944) 20,078 30,191 86.6 1,236 At fiscal year-end: Total assets ............................................................. 4,797,013 4,472,345 4,487,282 4,486,405 4,752,319 7.3 40,836 Stockholders’ equity ............................................ 726,816 510,397 422,866 426,220 397,668 42.4 6,187 Net interest-bearing debt* ............................... 1,724,314 1,891,086 1,977,048 2,025,048 2,296,398 (8.8) 14,679 Cash flows: Cash flows from operating activities ............ 185,147 126,624 184,780 168,843 216,503 46.2 1,576 Cash flows from investing activities ............. (79,871) (127,600) (55,300) 5,253 214,008 — (680) Cash flows from financing activities ............. (85,193) (125,342) (79,695) (114,041) (232,047) — (725) Cash and cash equivalents at end of year . 477,707 452,934 579,565 534,156 479,734 5.5 4,067 U.S. dollars Yen Increase (Unless (Unless otherwise specified) (Decrease) otherwise % specified) Per share (Yen and U.S. Dollars): Net income (loss) ................................................. ¥ 91.74 ¥ 49.16 ¥(20.20) ¥ 13.12 ¥ 21.18 86.6% $0.78 Stockholders’ equity ........................................... 459.47 322.54 267.25 269.53 278.99 42.5 3.91 Cash dividends ...................................................... 9.0 7.0 — 5.0 5.0 28.6 0.08 Ratios: Gross trading profit ratio (%) ......................... 6.8 6.6 5.8 5.4 5.1 ROA (%) ................................................................... 3.1 1.7 — 0.4 0.6 ROE (%) ................................................................... 23.5 16.7 — 4.9 8.4 Ratio of stockholders’ equity to total assets (%) ............................................ 15.2 11.4 9.4 9.5 8.4 Net debt-to-equity ratio (NET DER) (times) 2.4 3.7 4.7 4.8 5.8 Increase Millions of Millions of Yen (Decrease) % U.S. dollars (Reference) Total trading transactions ................................ ¥10,473,885 ¥9,576,039 ¥9,516,967 ¥10,446,371 ¥11,395,240 9.4% $89,162 Adjusted profit* ..................................................... 252,038 188,807 100,676 114,454 102,557 33.5 2,146 All figures are for fiscal years, which begin on April 1 of the years preceding and extend through March 31. The Japanese yen amounts for the year ended March 31, 2006, have been translated into United States dollar amounts, solely for the convenience of the reader, at the rate of ¥117.47 = U.S.$1, the official rate of The Bank of Tokyo-Mitsubishi UFJ, Ltd., as of March 31, 2006. Revenue is presented in accordance with “Emerging Issues Task Force (EITF)” No.99-19, “Reporting Revenue Gross as a Principal versus Net as an Agent.” Total trading transactions are presented in accordance with Japanese accounting practice. Total trading transactions consist of sales with respect to transactions in which the companies act as principal and the total amount of transactions in which the companies act as agent. Net income (loss) per share and stockholders’ equity per share are calculated by using the shares that exclude the number of treasury stock from that of common stock issued. *Net financial Expenses=Net
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