Itochu : FYE2024 1st Half Business Results Summary (Appendix)

Appendix

Supplementary Information on

FYE 2024 1st Half Business Results Summary

1. 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.

13

Textile

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast	Progress

Gross trading profit	53.4	61.1	+	7.7	Remained consistent due to the stable
Equity in earnings of associates and	2.8	2.9	+	0.0
performance in apparel-related companies
joint ventures
				resulting from the recovery of retail market
Net profit attributable to ITOCHU	11.6	11.5		(0.1)
					because of the alleviation of the impact of
Core profit	11.6	11.5		(0.1)	COVID-19, offset by the lower earnings resulting
	Mar. 2023	Sep. 2023	Increase/	from the withdrawal of overseas company.
	Results	Results	Decrease
Total assets	457.7	496.0	+	38.4

141.0

33.0

43%

35%

Net profit attributable to ITOCHU

33.0

30

25.5

5.921.5

20

			8.0
10
		7.5							6.9
0			4.1							4.6
		FYE 2023				FYE 2024
Q1	Q2	Q3			Q4	Q3-4 Forecast

Profits/Losses from Major Group Companies

		Owner	FYE 2023	FYE 2024	FYE 2023	FYE 2024
		-ship	Q1-2	Q1-2	Results	Forecast
		Results	Results
JOI'X CORPORATION		100.0%	(0.1)	0.0	1.1	1.4
LEILIAN CO., LTD.		100.0%	0.0	0.1	0.7	1.0
DESCENTE LTD.		43.8%	2.0	Nov. 7	4.1	4.8 (*1)
DOME CORPORATION		69.7%	0.4	0.4	0.5	0.8
EDWIN CO., LTD.		100.0%	0.3	0.2	0.6	0.7
Sankei Co., Ltd.		100.0%	0.6	0.9	1.1	1.2
ITOCHU Textile Prominent (ASIA) Ltd.	(Hong Kong)	100.0%	1.4	0.5	2.2	2.0
[IPA]
ITOCHU TEXTILE (CHINA) CO., LTD.	(China)	100.0%	1.1	1.3	2.1	2.0
[ITS]
Note: The date above is the financial announcement date of each company.

(*1) The figures are the company's forecast announced as of Nov. 1, excluding IFRS adjustment, multiplied by ITOCHU's ownership percentage.

14

Machinery

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast	Progress

	Gross trading profit	109.7	114.3	+	4.7
	Plant Project, Marine & Aerospace	26.2	24.7		(1.5)
	Automobile, Construction Machinery &	83.5	89.7	+	6.2
	Industrial Machinery
	Equity in earnings of associates and	19.8	42.8	+	23.0
	joint ventures
	Net profit attributable to ITOCHU	71.7	60.6		(11.1)
	Plant Project, Marine & Aerospace	43.7	20.1		(23.6)
	Automobile, Construction Machinery &	28.0	40.5	+	12.5
	Industrial Machinery
	Core profit	52.7	60.6	+	7.9
		Mar. 2023	Sep. 2023	Increase/
		Results	Results	Decrease
	Total assets	1,664.6	1,793.0	+ 128.4
	Plant Project, Marine & Aerospace	690.6	752.3	+	61.7
	Automobile, Construction Machinery &	974.1	1,040.7	+	66.7
	Industrial Machinery

Decreased due to the absence of extraordinary gains and losses in the same period of the previous fiscal year, partially offset by the favorable sales in automobile-related transactions/companies and the start of equity pick-up of Hitachi Construction Machinery from

the 3rd quarter of the previous fiscal year.

234.0

58.0

176.0

115.0

44.5

70.5

49%

43%

51%

53%

45%

57%

Net profit attributable to ITOCHU

120	107.4	115.0
	10.0
90	25.7	54.4

60

52.928.9

30

		18.8					31.7
0
		FYE 2023	FYE 2024
Q1	Q2	Q3		Q4	Q3-4 Forecast

Profits/Losses from Major Group Companies Owner	FYE 2023	FYE 2024	FYE 2023	FYE 2024
			-ship	Q1-2	Q1-2	Results	Forecast
			Results	Results
	Tokyo Century Corporation		30.0%	2.4	Nov. 10	4.1	21.0	(*1)
	North American electric-power-related business		ー	3.9	4.4	6.7	14.1
	(I-Power Investment Inc. etc.)(*2)
	I-ENVIRONMENT INVESTMENTS LIMITED [IEI]	(U.K.)	100.0%	2.3	1.4	3.6	3.7
	ITOCHU Plantech Inc.		100.0%	0.7	0.7	1.9	1.4
	IMECS Co., Ltd.		100.0%	1.8	3.9	3.3	4.2
	JAMCO Corporation		33.4%	0.2	Nov. 8	0.7	0.8	(*1)
	JAPAN AEROSPACE CORPORATION		100.0%	0.5	0.9	1.7	2.0
	YANASE & CO., LTD.		82.8%	5.8	5.8	12.7	11.8
	Auto Investment Inc. [AII]	(U.S.A.)	100.0%	1.6	1.4	3.0	2.5
	Citrus Investment LLC (*3)		100.0%	－	5.8	3.6	10.0
	ITOCHU MACHINE-TECHNOS CORPORATION		100.0%	0.1	0.2	1.4	1.5
	North American construction-machinery-related business	ー	2.8	3.7	6.4	5.9
	(MULTIQUIP INC. etc.)(*4)
	Note: The dates above are the financial announcement date of each company.
	(*1) The figures are the company's forecast announced as of Nov. 1, excluding IFRS adjustment, multiplied by ITOCHU's ownership percentage.
	(*2) The figures are the sum of results/forecasts of the group companies engaged in the North American electric power business
	and related service business.
	(*3) From FYE 2023 Q3, the figures include net profit from Hitachi Construction Machinery, which is the affiliate of the company.
	The figures do not include the interest income, etc. resulting from ITOCHU's loan to the partner.

(*4) The figures are the sum of results/forecasts of the group companies engaged in the North American construction-machinery-related business.

15

Metals & Minerals

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast	Progress

Gross trading profit	127.4	92.1	(35.3)
Equity in earnings of associates and	31.7	28.8	(2.9)
joint ventures
Net profit attributable to ITOCHU	135.2	102.7	(32.5)
Core profit	135.2	102.2	(33.0)
	Mar. 2023	Sep. 2023	Increase/
	Results	Results	Decrease
Total assets	1,274.8	1,391.8	+ 117.0

Decreased due to lower coal and iron ore prices, etc.

185.0

237.0

50%

43%

Net profit attributable to ITOCHU

250	247.4	237.0
	49.0
200
150	63.2	134.3
100	59.5
		46.5

50			75.6
			56.2
0

	FYE 2023		FYE 2024
Q1	Q2	Q3		Q4	Q3-4 Forecast

	Profits/Losses from Major Group Companies	FYE 2023	FYE 2024
			Owner	FYE 2023	FYE 2024
			-ship	Q1-2	Q1-2	Results	Forecast
			Results	Results
	ITOCHU Minerals & Energy of	(Australia)	100.0%	98.4	69.5	176.3	167.1
	Australia Pty Ltd [IMEA]
	Iron ore	N.A.	73.7	64.9	136.3	－ (*1)
		Coal	N.A.	24.7	4.6	40.0	－ (*1)
	JAPÃO BRASIL MINÉRIO DE	(Brazil)	77.3%	4.7	4.8	8.9	－ (*1)
	FERRO PARTICIPAÇÕES LTDA. [JBMF]
	Marubeni-Itochu Steel Inc.		50.0%	25.1	22.4	47.8	－ (*1)
	ITOCHU Metals Corporation		100.0%	1.7	1.3	3.0	3.0

(*1) Due to the relationships with investees and partners, "FYE 2024 Forecast" is not presented.

ITOCHU's Ownership (Sales Results)	FYE 2023	FYE 2024
			FYE 2023	FYE 2024
			Q1-2	Q1-2
			Results	Forecast
			Results	Results
	Iron ore（million tons）	11.7	13.0	23.7	25.9
		IMEA	10.7	11.5	21.5	23.5
			*	*	*
		JBMF(CSN Mineração S.A.)	1.0	1.5	2.2	2.4

(*) incl. iron ore business in Canada

16

Energy & Chemicals

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast	Progress

	Gross trading profit	152.8	133.2		(19.6)	Increased due to the revaluation gain on a
	Energy	79.9	58.6		(21.3)	lithium-ion batteries company, partially offset by
	Chemicals	65.0	65.6	+	0.6	the absence of favorable performance in energy
	Power & Environmental Solution	7.9	9.0	+	1.1	trading transactions and chemical-related
	Equity in earnings of associates and	5.6	2.6		(2.9)	transactions in the same period of the previous
	joint ventures		fiscal year.
	Net profit attributable to ITOCHU	50.0	53.8	+	3.8
	Energy	25.3	12.7		(12.5)
	Chemicals	19.6	16.1		(3.5)
	Power & Environmental Solution	5.1	25.0	+	19.8
	Core profit	50.0	34.8		(15.2)
		Mar. 2023	Sep. 2023	Increase/
		Results	Results	Decrease
	Total assets	1,552.6	1,768.9	+ 216.3
	Energy	816.7	955.6	+ 138.9
	Chemicals	628.7	667.7	+	39.0
	Power & Environmental Solution	107.2	145.6	+	38.4

280.0

121.0

140.0

19.0

88.0

28.0

35.0

25.0

48%

48%

47%

47%

61%

45%

46%

100%

Net profit attributable to ITOCHU

120	115.8
		34.4		88.0
90
		31.3		34.2
60
		27.3		16.4
30
		22.7		37.5
0
	FYE 2023	FYE 2024
Q1	Q2	Q3	Q4	Q3-4 Forecast

	Profits/Losses from Major Group Companies Owner	FYE 2023	FYE 2024	FYE 2023	FYE 2024
			-ship	Q1-2	Q1-2	Results	Forecast
			Results	Results
	ITOCHU Oil Exploration	(Cayman Islands)	100.0%	5.4	5.5	7.1	6.4
	(Azerbaijan) Inc. [CIECO Azer]
	ITOCHU PETROLEUM CO.,	(Singapore)	100.0%	1.6	0.3	1.7	1.6
	(SINGAPORE) PTE. LTD. [IPC SPR]
	ITOCHU ENEX CO., LTD.		54.0%	3.8	4.8	7.5	7.3 (*1)
	Japan South Sakha Oil Co., Ltd.		25.0%	1.5	1.9	2.7	－ (*2)
	Dividends from LNG Projects		N.A.	0.7	0.6	10.2	8.0
	ITOCHU CHEMICAL FRONTIER Corporation		100.0%	3.8	4.1	7.6	7.4
	ITOCHU PLASTICS INC.		100.0%	2.9	2.8	5.3	5.4
	C.I. TAKIRON Corporation		55.7%	0.9	0.7	1.4	－ (*3)

(*1) The figures are the company's forecast announced as of Nov. 1, excluding IFRS adjustment, multiplied by ITOCHU's ownership percentage.

(*2) Due to the relationships with investees and partners, "FYE 2024 Forecast" is not presented.

(*3) Please refer to the company's forecast announced on Nov. 2.

ITOCHU's Ownership (Sales Results)	FYE 2023	FYE 2024
		Results	Forecast
	Oil & Gas（1,000BBL/day*）	26	23

(*) Natural Gas converted to crude oil is equivalent to 6,000cf =1BBL

17

Food

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast	Progress

Gross trading profit	170.5	186.8	+	16.2
Equity in earnings of associates and	3.1	11.6	+	8.5
joint ventures
Net profit attributable to ITOCHU	31.4	39.1	+	7.7
Core profit	27.9	36.1	+	8.2
	Mar. 2023	Sep. 2023	Increase/
	Results	Results	Decrease
Total assets	2,146.8	2,425.0	+ 278.2

Increased due to the 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, and the stable performance in a North American grain-related company, partially offset by the loss from the withdrawal of a North American meat-products- related company.

367.0

61.0

51%

64%

Net profit attributable to ITOCHU

60				61.0
	20.2		21.9
40
9.1
	12.7			18.3
20
	18.7			20.8
0
	(20.3)
(20)
	FYE 2023	FYE 2024
Q1	Q2	Q3	Q4	Q3-4 Forecast

Profits/Losses from Major Group Companies

	Owner	FYE 2023	FYE 2024	FYE 2023	FYE 2024
	-ship	Q1-2	Q1-2	Results	Forecast
	Results	Results
Dole International Holdings, Inc.	100.0%	0.7	1.1	(36.4)	2.5
NIPPON ACCESS, INC.	100.0%	9.6	13.0	17.5	18.0
FUJI OIL HOLDINGS INC.	43.9%	1.7	Nov. 7	3.1	7.0	(*1)
WELLNEO SUGAR Co., Ltd.	37.8%	－	Nov. 8	0.0	1.9	(*1)
ITOCHU FEED MILLS CO., LTD.	100.0%	0.6	1.0	0.9	1.5
Prima Meat Packers, Ltd.	47.9%	1.5	1.6	1.4	3.6	(*1)
ITOCHU-SHOKUHIN Co., Ltd.	52.2%	1.4	1.8	3.3	2.9	(*1)
HYLIFE GROUP HOLDINGS LTD.	(Canada) 49.9%	(4.1)	(5.0)	(13.1)	－ (*2)

Note: The dates above are the financial announcement date of each company.

(*1) The figures are the company's forecast announced as of Nov. 1, excluding IFRS adjustment, multiplied by ITOCHU's ownership percentage.

(*2) Due to the relationships with investees and partners, "FYE 2024 Forecast" is not presented.

18

General Products & Realty

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast	Progress

	Gross trading profit	115.4	126.9	+	11.5	Decreased due to the absence of favorable
	Forest Products,	86.8	95.7	+	8.9	performance in construction-materials-related
	General Merchandise & Logistics	business and overseas real estate business in
	Construction & Real Estate	28.6	31.2	+	2.7	the same period of the previous fiscal year, lower
	Equity in earnings of associates and	24.4	3.2		(21.2)	earnings in IFL (European pulp-related company)
	joint ventures					resulting from lower pulp prices and lower sales
	Net profit attributable to ITOCHU	63.2	34.0		(29.2)	volume, in addition to the absence of
	Forest Products,	45.9	21.2		(24.7)	extraordinary gain in the same period of the
	General Merchandise & Logistics		previous fiscal year, partially offset by the stable
	Construction & Real Estate	17.3	12.8		(4.5)	performance in domestic real estate
						transactions.
	Core profit	56.2	34.0		(22.2)
		Mar. 2023	Sep. 2023	Increase/
		Results	Results	Decrease
	Total assets	1,223.3	1,281.9	+	58.6
	Forest Products,	752.3	804.5	+	52.2
	General Merchandise & Logistics
	Construction & Real Estate	471.0	477.4	+	6.4

270.0

184.0

86.0

82.0

60.0

22.0

47%

52%

36%

41%

35%

58%

Net profit attributable to ITOCHU

100	95.1
	8.6	82.0
80
23.3
60		48.0

40			36.5
20										16.5
		26.7
									17.5
0
		FYE 2023				FYE 2024
Q1	Q2	Q3			Q4	Q3-4 Forecast

Profits/Losses from Major Group Companies

		Owner	FYE 2023	FYE 2024	FYE 2023	FYE 2024
		-ship	Q1-2	Q1-2	Results	Forecast
		Results	Results
European Tyre Enterprise Limited [ETEL]	(U.K.)	100.0%	3.2	2.5	4.4	7.2
ITOCHU FIBRE LIMITED [IFL]	(U.K.)	100.0%	12.2	(0.7)	21.7	－ (*1)
ITOCHU PULP & PAPER CORPORATION		100.0%	0.9	1.2	2.1	2.0
ITOCHU CERATECH CORPORATION		100.0%	0.5	0.4	0.9	0.8
ITOCHU LOGISTICS CORP.		100.0%	3.6	3.0	6.3	6.0
North American construction-materials-related business (*2)	ー	15.7	12.9	21.7	22.5
ITOCHU KENZAI CORPORATION		100.0%	3.2	2.2	5.3	4.0
DAIKEN CORPORATION (*3)		36.3%	3.5	Nov. 9	4.3	－
ITOCHU Property Development, Ltd.		100.0%	3.0	3.0	3.8	4.6
ITOCHU Urban Community Ltd.		100.0%	0.8	0.7	1.5	1.6

Note: The date above is the financial announcement date of each company.

(*1) Due to the relationships with investees and partners, "FYE 2024 Forecast" is not presented.

(*2) The figures are the sum of results/forecasts of the group companies engaged in the North American construction-materials-related business.

(*3) Tender offer for the company's shares was completed, therefore ITOCHU's ownership percentage was 87.4% as of Oct. 10, 2023. "FYE 2024 Forecast" is not disclosed as ITOCHU's share may rise further during FYE 2024 and the company withdrew its forecast

on Oct. 17.

19

ICT & Financial Business

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast	Progress

	Gross trading profit	138.9	131.9		(7.0)
	ICT	91.6	81.6		(10.0)
	Financial & Insurance Business	47.3	50.3	+	3.0
	Equity in earnings of associates and	21.7	21.2		(0.5)
	joint ventures
	Net profit attributable to ITOCHU	25.6	37.8	+	12.3
	ICT	17.1	24.8	+	7.7
	Financial & Insurance Business	8.5	13.1	+	4.6
	Core profit	25.6	33.3	+	7.8
		Mar. 2023	Sep. 2023	Increase/
		Results	Results	Decrease
	Total assets	1,308.1	1,369.0	+	60.9
	ICT	749.3	795.6	+	46.3
	Financial & Insurance Business	558.8	573.4	+	14.5

Increased due to the stable transactions in ITOCHU Techno-Solutions, higher agency commissions in HOKEN NO MADOGUCHI GROUP, the improvement of remeasurement gains(losses) for fund held investments, and the extraordinary gains on the sale of overseas companies.

294.0

186.0

108.0

78.0

55.0

23.0

45%

44%

47%

49%

45%

57%

Net profit attributable to ITOCHU

80				78.0
	64.6
60				40.2
	26.0
40
	13.0
				23.5
20	14.9
	10.7			14.4
0
	FYE 2023	FYE 2024
Q1	Q2	Q3	Q4	Q3-4 Forecast

Profits/Losses from Major Group Companies Owner	FYE 2023	FYE 2024	FYE 2023	FYE 2024
				-ship	Q1-2	Q1-2	Results	Forecast
				Results	Results
ITOCHU Techno-Solutions Corporation			85.9%	7.3	11.1	20.9	－ (*1)
BELLSYSTEM24 Holdings, Inc.			40.7%	1.6	1.3	2.8	3.6	(*2)
Mobile-phone-related business (*3)			ー	8.1	7.2	14.8	12.0
ITOCHU Fuji Partners, Inc.			63.0%	1.1	1.3	2.2	2.5	(*4)
A2 Healthcare Corporation			100.0%	0.8	0.8	2.0	2.0
HOKEN NO MADOGUCHI GROUP INC.			92.0%	0.9	2.2	2.8	－ (*5)
POCKET CARD CO., LTD. (*6)			78.2%	2.2	3.2	4.2	4.5
Orient Corporation			16.5%	2.0	1.7	3.0	－ (*7)
Gaitame.Com Co.,Ltd.			40.2%	－	0.8	0.5	－ (*5)
First Response Finance Ltd. [FRF]	(U.K.)		100.0%	1.5	1.2	3.1	2.5
ITOCHU FINANCE (ASIA) LTD. [IFA]	(Hong Kong)		100.0%	2.0	1.6	3.8	2.8
GCT MANAGEMENT (THAILAND) LTD.	(Thai)		100.0%	2.0	2.7	4.1	－ (*5)
(*1)	"FYE 2024 Forecast" is not disclosed as there may be material difference	between the	company's forecast announced as of Nov. 1
	multiplied by ITOCHU's ownership percentage as of Sep. 30 and ITOCHU's forecast because ITOCHU's share may rise further
	during FYE 2024.
(*2)	The figures are the company's forecast announced as of Nov. 1, excluding IFRS adjustment, multiplied by ITOCHU's ownership percentage.
(*3)	The figures are the sum of results/forecasts of the group companies engaged in the mobile-phone-related business.
(*4)	The figures are the forecast announced as of Nov. 1 by SKY Perfect JSAT Holdings Inc., which is the affiliate of the company,
	excluding IFRS adjustment, multiplied by ITOCHU's ownership percentage.
(*5)	Due to the relationships with investees and partners, "FYE 2024 Forecast" is not presented.
(*6)	The figures include net profit through FamilyMart.
(*7)	"FYE 2024 Forecast" is not disclosed as there may be a material difference between the company's forecast multiplied by	20
	ITOCHU's ownership percentage and ITOCHU's forecast after IFRS adjustment, due to differences in accounting principles.

The 8th

FYE 2023

FYE 2024

（Unit : billion yen）

Q1-2

Q1-2

Increase/

Summary of changes

FYE 2024

Results

Results

Decrease

(Net profit attributable to ITOCHU)

Forecast

Progress

Gross trading profit

194.7

216.1

+

21.4

Increased due to the increase in daily sales along

420.0

51%

Equity in earnings of associates and

0.1

1.1

+

1.0

with higher number of customers and spend per

joint ventures

customer resulting from enhancement of product

Net profit attributable to ITOCHU

13.1

24.4

+

11.3

appeal and sales promotion, and the

30.0

81%

Core profit

13.1

24.4

+

11.3

improvement in performance of group companies

and impairment losses on stores, partially offset

by the increase in various costs caused by

Mar. 2023

Sep. 2023

Increase/

changes in external environment and execution

Results

Results

Decrease

of digital measures to strengthen business

Total assets

1,906.7

1,944.9

+

38.2

foundations in FamilyMart.

Net profit attributable to ITOCHU

Profits/Losses from Major Group Companies

Owner

FYE 2023

FYE 2024

FYE 2023

FYE 2024

Q1-2

Q1-2

-ship

Results

Forecast

Results

Results

30.0

30

FamilyMart Co., Ltd.

(*1)

94.7%

16.8

27.3

23.7

36.0

25

5.6

(*1) The figures include net profit from POCKET CARD.

20

16.6

Major Indicators of FamilyMart Co., Ltd.

FYE 2023

FYE 2024

FYE 2023

FYE 2024

Q1-2

Q1-2

Results

Forecast

6.8

13.8

Results

Results

15

Daily sales of all stores (Unit：thousand yen)

526

554

534

－

(*3)

10

8.7

Growth rate of daily sales at existing stores

(*2)

104.1%

106.0%

104.3%

103.1%

5

10.6

Growth rate of number of customers

102.7%

103.3%

102.7%

－

(*3)

4.3

0

(3.3)

Growth rate of spend per customer

101.3%

102.7%

101.5%

－

(*3)

(5)

Daily sales of new stores (Unit：thousand yen)

470

552

494

－

(*3)

FYE 2023

FYE 2024

(*2) The growth rate of daily sales at existing stores excludes the impact of services (pre-paid cards and tickets).

Q1

Q2

Q3

Q4

Q3-4 Forecast

"FYE 2024 Forecast" is the figure disclosed by the company on Apr. 12, 2023.

(*3) "FYE 2024 Forecast" is not presented as the company does not disclose its forecast.

21

Others, Adjustments & Eliminations

FYE 2023	FYE 2024			（Unit : billion yen）
Q1-2	Q1-2	Increase/	Summary of changes	FYE 2024
Results	Results	Decrease	(Net profit attributable to ITOCHU)	Forecast

Gross trading profit	21.7	5.2	(16.4)
Equity in earnings of associates and	76.5	48.0	(28.5)
joint ventures
Net profit attributable to ITOCHU	81.3	48.9	(32.3)
Core profit	57.8	46.4	(11.3)
	Mar. 2023	Sep. 2023	Increase/
	Results	Results	Decrease
Total assets	1,580.8	1,699.2	+ 118.4

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

9.0

76.0

Net profit attributable to ITOCHU

120 108.1

	8.0
90	18.9	76.0

60			32.3						27.1
30									28.9
		49.0
									20.1
0
			FYE 2023			FYE 2024
Q1	Q2	Q3		Q4	Q3-4 Forecast

	Profits/Losses from Major Group Companies		FYE 2023	FYE 2024
			Owner	FYE 2023	FYE 2024
			-ship	Q1-2	Q1-2	Results	Forecast
			Results	Results
	Orchid Alliance Holdings Limited(*1)	(Virgin Islands)	100.0%	79.6	52.0	117.2	105.6
	C.P. Pokphand Co. Ltd.	(Bermuda)	23.8%	(4.2)	(7.0)	(4.3) (*2)	－ (*3)
	Chia Tai Enterprises International Limited	(Bermuda)	23.8%	(0.1)	0.1	(2.4) (*2)	－ (*4)
	[CTEI]
(*1) The figures include related tax effects, etc.
(*2) The figures include the impairment loss on the investment accounted for by the equity method.
(*3) Due to the relationships with investees and partners, "FYE 2024 Forecast" is not presented.
(*4) "FYE 2024 Forecast" is not presented as the company does not disclose its forecast.
	(Reference) Overseas Trading Subsidiaries (*)	Owner	FYE 2023	FYE 2024
			Q1-2	Q1-2
			-ship
			Results	Results
	ITOCHU International Inc.	(U.S.A.)	100.0%	43.1	17.7
	ITOCHU Europe PLC	(U.K.)	100.0%	7.1	1.7
	ITOCHU (CHINA) HOLDING CO., LTD.	(China)	100.0%	3.2	3.3
	ITOCHU Hong Kong Ltd.	(Hong Kong)	100.0%	3.9	2.9
	ITOCHU Singapore Pte Ltd	(Singapore)	100.0%	4.9	2.8
							22
(*) Net profits of each overseas trading subsidiary included in each segment are	presented.