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Super A&P-2004 Annual Report 2003 For The Year Ended March 31, 2003 Super A&P-2004 Ready for the Leap ITOCHU Corporation Corporate Profile Since its foundation in 1858, ITOCHU Corporation has expanded the scope of its business from the import, export, and wholesale of textiles and to a wide range of businesses from natural resource development to consumer goods, and including investment and project planning. Recently, in response to rapid changes in the eco- nomic and business environment, ITOCHU has also undertaken fundamental reforms to its profit and financial structure. From April 2001 to March 2003, we implemented the A&P-2002 Mid-term Plan, under which we aggressively promoted the “selection and concentration” of busi- nesses and improved our financial structure based on our A&P (Attractive and Powerful) strategy. Following the progress made under A&P-2002, we started Super A&P-2004, a new mid-term plan for the period from April 2003 to March 2005, which aims for a big leap in profitability. The basic policy of the new plan is to continue strengthening our profit- driving A&P segments. With this in mind, we will focus on the “consumer and retail related” sector including textiles and food where ITOCHU has a strong market pres- ence, as well as the China business, information and media, solutions, and natural resources. Furthermore, to drive growth in the future, we intend to develop new busi- nesses relating to innovative technologies in fields such as biotechnology and nan- otechnology. Contents Two-Year Financial Highlights ............................................................................................................. 001 Dear Stockholders and Customers ...................................................................................................... 002 Final Review of the Mid-term Plan, A&P-2002 .................................................................................... 007 New Mid-term Plan, Super A&P-2004 ................................................................................................. 009 Special Feature: Roles of ITOCHU Corporation .......................................................................................................... 012 ITOCHU’s China Strategy ................................................................................................................. 013 Commercialization of Innovative Technologies ................................................................................ 014 New Management Benchmark ......................................................................................................... 016 Retirement Pension Plan Reform ...................................................................................................... 017 Division Companies at a Glance .......................................................................................................... 018 Division Companies ............................................................................................................................. 020 Overseas Operations ........................................................................................................................... 034 Headquarters ....................................................................................................................................... 036 Corporate Governance ........................................................................................................................ 038 Environmental Conservation Activities and Social Contribution ......................................................... 040 Major Subsidiaries and Associated Companies .................................................................................. 042 Global Network/Bank List .................................................................................................................... 046 Corporate Officers ............................................................................................................................... 048 Organization ......................................................................................................................................... 050 Financial Section .................................................................................................................................. 051 Stock Information ................................................................................................................................ 102 Corporate Information .......................................................................................................................... 103 ※Forward Looking Statements (P103) 1 | ITOCHU Corporation. Two-Year Financial Highlights ITOCHU Corporation and Subsidiaries Years ended March 31 In/Decrease Millions of Millions of Yen % U.S. dollars 20032002 2003/2002 2003 For the year: Total trading transactions .............................................................................. ¥10,461,620 11,400,471 (8.2)% $87,035 Gross trading profit ........................................................................................ 566,037 578,867 (2.2) 4,709 Gross trading profit ratio (%) .......................................................................... 5.41 5.08 Selling, general and administrative expenses ................................................. (448,473) (465,519) (3.7) (3,731) Provision for doubtful accounts ..................................................................... (16,845) (16,831) 0.1 (140) Trading income* ............................................................................................ 100,719 96,517 4.4 838 Net income .................................................................................................... 20,078 30,191 (33.5) 167 At year-end: Total assets ................................................................................................... 4,486,405 4,752,319 (5.6) 37,325 Stockholders’ equity ...................................................................................... 426,220 397,668 7.2 3,546 Net interest-bearing debts** ........................................................................... 2,025,048 2,296,398 (11.8) 16,847 Per ten shares (Yen, U.S. dollars): Net income .................................................................................................... 131 212 (38.2) 1.09 Cash dividends .............................................................................................. 50 50 0.0 0.42 Ratio: Asset turnover (Times) ................................................................................... 2.3 2.3 ROA(%) ......................................................................................................... 0.4 0.6 ROE (%) ........................................................................................................ 4.9 8.4 Ratio of stockholders’ equity to total assets (%) ............................................. 9.5 8.4 Net debt-to-equity ratio (Times) ..................................................................... 4.8 5.8 Interest coverage (Times) ............................................................................... 2.7 2.1 The Japanese yen amounts for the year ended March 31, 2003, have been translated into United States dollar amounts, solely for the convenience of the reader, at the rate of ¥120.20 = U.S.$1, the official rate of The Bank of Tokyo-Mitsubishi, Ltd., as of March 31, 2003. All figures are for fiscal years, which begin on April 1 of the years preceding and extend through March 31. Total trading transactions and trading income are represented in accordance with Japanese accounting practice. Total trading transactions in the consolidated statements of income 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. * Trading income = Gross trading profit + Selling, general and administrative expenses + Provision for doubtful accounts Throughout this report, except for the Financial Section, all trading income asterisked refers to that defined by this calculation formula. **Net interest-bearing debts = Interest-bearing debts - Cash, cash equivalents and time deposits Gross Trading Profit Trading Income* Billions of Yen Billions of Yen 800 120 100 600 80 400 60 40 200 20 0 0 ‘99 ‘00 ‘01 ‘02 ‘03 ‘99 ‘00 ‘01 ‘02 ‘03 Net Income (Loss) Total Assets and Net Interest-Bearing Debts Billions of Yen Billions of Yen Total Assets Net Interest-Bearing Debts 100 8,000 50 6,000 0 4,000 -50 2,000 -100 0 ‘99 ‘00 ‘01 ‘02 ‘03 ‘99 ‘00 ‘01 ‘02 ‘03 ITOCHU Corporation | 1. Dear Stockholders and Customers Consolidated Results for the Year Ended March billion, or 8.2%, compared to the previous fiscal 2003 —Trading income* again surpasses ¥100 year. The Aerospace, Electronics & Multimedia billion, adjusted profit hits record high Company witnessed a drop off in sales due to the The Japanese economy in fiscal year 2003 ended slump in the domestic IT industry. Sales of the Plant, March 31, 2003 showed some signs of a turn- Automobile & Industrial Machinery Company; the around in the first half, but in the second half experi- Energy, Metals & Minerals Company; and the enced a downturn. Reflecting deepening deflation, Construction & Realty Division also decreased year- nominal domestic GDP declined 0.7% over the pre- on-year due to stagnant markets and our efforts to vious term, the second straight year of negative reduce less profitable transactions.
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