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  3. Medium-term Management Plan

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Medium-term Management Plan

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The ITOCHU Group’s previous medium-term management plan, “Brand-new Deal 2012” (the two-year plan covering the period from FY2012 to FY2013), sought to implement the basic business principles of “earn, cut, prevent.” The next medium-term management plan, “Brand-new Deal 2014” (the two-year plan covering the period from FY2014 to FY2015), is formulated to maintain these principles and achieve further growth. As well as continuing to develop the basic policies of the previous medium-term management plan, “strengthen our front-line capabilities,” “proactively seek new opportunities,” and “expand our scale of operations,” “Brand-new Deal 2014” raises the three new basic policies outlined “boost profitability,” “pursue balanced growth,” and “maintain financial discipline and lean management."

FY2014-FY2015 Medium-Term Management Plan

FY2014-FY2015 Medium-Term Management Plan

Brand-new Deal 2014 : Basic Policies

Brand-new Deal 2014 : Basic Policies

FY2015 Quantitative Plan

(billion yen)
  FY2014 Result
(U.S. GAAP)
FY2015 Plan
(IFRS)
Gross Trading Profit 1,028.3 1,110.0
Trading Income 279.1 300.0
Equity in Earnings of Associated Companies 85.3 140.0
Net Income Attributable to ITOCHU 310.3 300.0
(billion yen)
  FY2014 Result
(U.S. GAAP)
FY2015 Plan
(IFRS)
Total Assets 7,848.4 8,200
Net Interest-Bearing Debt 2,224.3 2,500
Total ITOCHU Stockholders' Equity 2,147.0 2,300
NET DER 1.04 times 1.10 times
Assumptions FY2015 (FY2014)
Exchange Rate ¥100/$ ¥99.84/$
Interest Rate 0.250% 0.225%

Change in Investment Classification

Change in Investment Classification

Investment Policies

Over two years, the plan calls for investment of ¥800 billion on a net basis, and the maximum amount on a gross basis will be ¥1 trillion.

  • Aim for disciplined growth while maintaining financial soundness.
  • Strictly select profitable projects and facilitate investment exits through more rigorous monitoring.

Ratio of non-resource to resource investment will be 2:1.

  • We will emphasize the expansion of our earnings platform in the non-resource sector, which is one of our strengths and in which comparatively stable profits are expected, and the ratio of non-resource to resource investment will be 2:1.

Goals by Key Sector

Goals by Key Sector

Dividend Policy

Under the second half of the “Brand-new Deal 2014,” for FY2015, the dividend policy will be: a consolidated dividend payout ratio of approximately 20% on Net income attributable to ITOCHU up to 200.0 billion yen, and a consolidated dividend payout ratio of approximately 30% on the portion of Net income attributable to ITOCHU exceeding 200.0 billion yen, with further addition of a fixed amount of 2 yen per share.

Common information from here.