Message from the Chairman & CEO

We will continue to adhere to the ethos of our founder. Specifically, we will be a visionary leader, we will act with integrity, we will value diversity, and we will all continue to take on challenges with passion.

On May 8, 2020, we announced our fiscal 2020 business results as well as the FY2021 Management Plan.

Despite a harsh business environment, fiscal 2020 was our best year yet, with record highs in all areas. In fiscal 2020, net profit attributable to ITOCHU reached ¥501.3 billion, a record high for a fourth consecutive year.

As for our financials, core operating cash flows reached an all-time high of ¥602.0 billion, NET DER was a record best of 0.75 times, and ROE was 17%, enabling us to further instill high-efficiency management. This was the successful result of the Group coming together to put into practice our “earn, cut, prevent” principles and steadfastly carrying out commitment-based management.

With the results of fiscal 2020, we have achieved the goals of the medium-term management plan Brand-new Deal 2020, which began in fiscal 2019, ahead of schedule. In fiscal 2021, in light of the challenging environment caused by the novel coronavirus, we have formulated a single-year management plan to steady our footing.

We strive for proactive market disclosure that accounts for currently foreseeable risks. The quantitative plan for fiscal 2021 aims to achieve consolidated net profit of ¥400.0 billion, which includes a buffer of ¥50.0 billion. Going forward, we will revise the operating results forecast accordingly as the outlook becomes clearer. Please refer to this page for an overview of the fiscal 2020 results and the FY2021 Management Plan.

Confronting the harsh business environment of a global recession, we will not make decisions based solely on conventional policies. Instead, we will go back to our roots and move forward with a lean management approach, making management strict and small. By carefully implementing our “prevent” principle, we intend to prevent unforeseen losses. With our “cut” principle, we intend to not only reduce business expenses, but also to redouble our corporate efforts, continually searching for more effective ways to deploy capital.

Finally, as for returns to shareholders, we plan to pay out a dividend of ¥88 per share, our highest level ever. We will continue aiming to enhance the dividend payout ratio and ensure stable dividends that are not unduly swayed by operating results. We look forward to your continued support and guidance.


Masahiro Okafuji
Chairman & CEO
May 8, 2020