July 31, 2009

Consolidated Financial Results for the First Quarter of Fiscal Year 2010 ending March 31, 2010Page:

01 - 20 : Consolidated Financial Results for the First Quarter of Fiscal Year 2010 ending March 31, 201003 - 50 : 1. Qualitative Information
2. Quarterly Consolidated Financial Statements(1) Consolidated Statements of Income (For the three months ended June 30, 2009 and 2008)(2) Consolidated Statements of Comprehensive Income (For the three months ended June 30, 2009 and 2008)08 - 10 : (3) Consolidated Balance Sheets (as of June 30 and March 31, 2009)11 - 12 : (4) Consolidated Statements of Cash Flows (For the three months ended June 30, 2009 and 2008)13 - 14 : (5) Segment Information
15: (6) Assumption for Going Concern(7) Information Concerning Dividend Payment(8) Significant Changes in Stockholders' Equity(9) New Accounting Pronouncements

06 - 70 :16 - 18 : 3. Performance of Group Companies
19: 4. Quarterly Information on Consolidated Operating Results

ITOCHU Corporation

- Unaudited July 31, 2009

Consolidated Financial Results for the First Quarter of Fiscal Year 2010 ending March 31, 2010
[Prepared in conformity with accounting principles generally accepted in the United States of America]
Company name:

ITOCHU Corporation
8001

Stock exchange code:
President and Chief Executive Officer:
General Manager of Corporate Communications Division:
The date of payout of dividend:

URL: http://www.itochu.co.jp/main/ir/index_e.html
Eizo Kobayashi
Isamu Nakayama－

TEL: 81 - 3 - 3497 - 7291

1. Consolidated operating results for the first quarter of fiscal year 2010 (from April 1, 2009 to June 30, 2009)（%: Changes from the same period of the previous fiscal year)(1) Consolidated operating results (Summary)
Total trading transactions
For the first quarter ofIncome before income taxes andequity in earnings ofassociated companies

Trading income (＊)

Net income attributable to
ITOCHUmillions of yen％

millions of yen％

millions of yen％

millions of yen％

2,192,537
3,064,426(28.5)
11.2

13,08568,091(80.8)
11.3

28,35075,896(62.6)
3.6

20,43262,474(67.3)(27.0)

Fiscal year 2010
Fiscal year 2009

Net income attributable to Net income attributable to
ITOCHU per share
ITOCHU per share(basic)(diluted)yen

For the first quarter of

yen

12.93
39.52

Fiscal year 2010
Fiscal year 2009

12.85
39.21

(2) Consolidated financial position
Total assets
millions of yen

Stockholders' equity per share％

millions of yen

5,380,798
5,192,092

June 30, 2009
March 31, 2009

Ratio of stockholders' equity
to total assets

Stockholders' equity

yen

17.6
16.4

945,637
849,411598.32537.43

2. Dividend distribution
Dividend distribution per share(Record date)

End ofsecondquarter

End offirst quarteryen

End ofthird quarteryen

Year-endyen

Annualyen

yen

Fiscal year 2009

-

10.50

-

8.00

18.50

Fiscal year 2010

-

-

-

-

-

7.50
(Planned)-

7.50(Planned)

15.00(Planned)

Fiscal year 2010
(Planned)(Note) No changes from the plan of dividend distribution previously announced on April 30, 2009

3. Outlook of consolidated operating results for fiscal year 2010 (from April 1, 2009 to March 31, 2010)
Total trading transactions％

Income before income taxes andequity in earnings ofassociated companies

Trading income％

millions of yen％

Fiscal year 2010
10,500,000 (13.0)
185,000 (32.9)(Note) No changes from the outlook previously announced on April 30, 2009

175,000(16.0)

millions of yen

millions of yen（%: Changes from the previous fiscal year)
Net income attributable to
Net income attributable to
ITOCHU per share
ITOCHU(basic)millions of yen
yen％

130,000(21.4)(*) "Trading income" = "Gross trading profit" + "Selling, general and administrative expenses" + "Provision for doubtful receivables"

− 1−

82.25

4. Other information(1) Changes of classification of specified subsidiaries(*) accompanied by changes in the consolidation scope during the period:
N/A(*) Specified subsidiaries: Major subsidiaries selected according to the Japanese Cabinet Office Ordinance(2) Adoption of simplified or specific accounting methods for quarterly financial reporting:N/A(3) Changes of accounting policies or presentation ways in the consolidated financial statements(a) Changes due to amendment of accounting standards:
Please refer to "New Accounting Pronouncements " on (9), page 15.
N/A(b) Other changes:(4) Number of common shares issued(a) Number of common shares outstanding: 1st quarter of FY 2010 1,584,889,504（including the number of treasury stock）
1st quarter of FY 2010
4,406,798(b) Number of treasury stock:(c) Average number of common
1st quarter of FY 2010 1,580,497,078
shares outstanding:Fiscal Year 2009

1,584,889,504

Fiscal Year 2009

4,374,899

1st quarter of FY 2009

1,580,680,767[Note]
1. This document is an English translation of a statement written initially in Japanese. The Japanese original should be considered
the primary version.
2. The financial statements contain 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 expectations, estimates, forecasts and projections are subject to a numberof 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 forwardlooking 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.
3. "Total trading transactions" and "Trading income" are presented in accordance with Japanese accounting practice.
-"Total trading transactions" in the consolidated statements of income consists 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 receivables"
4. The consolidated financial statements are expressed in yen and, solely for the convenience of the reader, have been translated into
11U.S. dollars at the rate of 96.01 yen = 1 U.S. dollar, the exchange rate prevailing on June 30, 2009. The translation should not
11be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at the above or any other rate.
5. From this first quarter SFAS160 has been applied. For details, please refer to "New Accounting Pronouncements " on (9), page 15.
6. As announced dated January 28, 2009 in “(Revision) Announcement Regarding Revisions to Financial Statements of Past Fiscal Years”,
the consolidated financial statements for the same period of the previous fiscal years have been restated.
In addition, "Total trading transactions", which is in accordance with Japanese accounting practice, for the same period of the previous fiscal
years has reflected the figures restatement in an overseas subsidiary operating international trade of crude oil and petroleum products.
7. "ITOCHU" in items of A/C on the consolidated financial statements represents ITOCHU Corporation.

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[Qualitative Information & Consolidated Financial Statements]
1. Qualitative Information on Consolidated Operating Results[For the three months ended June 30, 2009 (from April 1, 2009 to June 30, 2009]
Revenue for the three months ended June 30, 2009 increased by 5.3% or 38.4 billion yen to 767.2 billion yen (7,991
million U.S. dollars) compared with the same period of the previous fiscal year, mainly due to an acquisition of ITOCHUENEX CO., LTD. last October, despite the price falls in metal resources and energies and sales volume decrease of iron ore
in Energy, Metals & Minerals; though there was some decrease in Machinery due to poor global market in automobiles anddemand shrink in construction machinery; in Chemicals, Forest Products & General Merchandise due to continuous
chemical price falls since last autumn and housing market slowdown in Japan and the U.S.; in Food due to price falls infood materials such as feed grains, oilseeds, oils and fats; and in Finance, Realty, Insurance & Logistics Services due to theabsence of a large-scale condominium sale in the same period of previous fiscal year.
Total trading transactions in accordance with Japanese accounting practice decreased by 28.5% or 871.9 billion yen to2,192.5 billion yen (22,837 million U.S. dollars) compared with the same period of the previous fiscal year (Refer to “Note1” on page 5), mainly due to decrease in Machinery; Chemicals, Forest Products & General Merchandise; Food; andFinance, Realty, Insurance & Logistics Services for the above mentioned reasons, in addition to decrease in Energy, Metals& Minerals due to price falls in metal resources and energies, and sales volume decrease of iron ore, crude oil andpetroleum products despite increase due to the acquisition of ITOCHU ENEX CO., LTD..
Gross trading profit decreased by 16.7% or 41.3 billion yen to 206.3 billion yen (2,149 million U.S. dollars) comparedwith the same period of the previous fiscal year (Refer to “Note 1” on page 5), mainly due to poor transactions ofautomobiles and construction machinery in Machinery; price falls in metal resources and energies, sales volume decreasesof iron ore and crude oil from the oil fields owned despite some increase from the acquisition of ITOCHU ENEX CO., LTD.
in Energy, Metals & Minerals; chemical price falls since last autumn and housing market slowdown in Japan and the U.S. in
Chemicals, Forest Products & General Merchandise; and due to the absence of a large-scale condominium sale in the same
period of previous fiscal year in Finance, Realty, Insurance & Logistics Services; though there was some increase in Food
due to increased sales volume in food distribution business and improved profitability in fresh food materials.
Selling, general and administrative expenses increased by 5.8% or 10.4 billion yen to 189.4 billion yen (1,973 million
U.S. dollars) compared with the same period of the previous fiscal year, mainly due to increase in pension cost resulting
from worsened pension asset management in addition to increase brought by the acquisition of ITOCHU ENEX CO., LTD.
Provision for doubtful receivables increased by 3.2 billion yen to 3.9 billion yen (40 million U.S. dollars) comparedwith the same period of the previous fiscal year, due to increase in allowance for doubtful receivables.
Net interest expenses improved by 11.1% or 0.8 billion yen to expenses of 6.5 billion yen (68 million U.S. dollars)compared with the same period of the previous fiscal year mainly due to lower interest rates in U.S., and Dividends
received decreased by 42.7% or 4.4 billion yen to 5.9 billion yen (62 million U.S. dollars) compared with the same periodof the previous fiscal year, mainly due to decrease in dividends from LNG-related investments. Therefore, Net financial
income (expenses), or total of Net interest expenses and Dividends received, worsened by 3.6 billion yen to expenses of 0.6
billion yen (6 million U.S. dollars).
Concerning the other profits and losses, compared with the same period of the previous fiscal year, Gain on
investments-net decreased by 3.1 billion yen to a gain of 2.8 billion yen (29 million U.S. dollars), due to theremeasurement loss for pre-existing current interests resulting from obtaining control of C. I. Kasei Co., Ltd. andi-LOGISTICS CORP. in this first quarter (Refer to “Note 2” on page 5) as well as decrease in gain on sales of investments,
in spite of decrease in impairment loss. Gain on property and equipment-net improved by 1.2 billion yen to 2.3 billion
yen (24 million U.S. dollars), due to a gain on sales of properties in a subsidiary. Other-net improved by 13.0 billion yen toa gain of 10.8 billion yen (112 million U.S. dollars), due to gain on bargain purchase in the acquisitions of C. I. Kasei Co.,
Ltd. and i-LOGISTICS CORP. in this first quarter (Refer to “Note 2” on page 5) in addition to decrease in hedging cost for
dividends from LNG-related investments.
As a result, Income before income taxes and equity in earnings of associated companies decreased by 62.6% or 47.5
billion yen to 28.4 billion yen (295 million U.S. dollars) compared with the same period of the previous fiscal year.
Income taxes decreased by 49.3% or 15.4 billion yen to 15.9 billion yen (165 million U.S. dollars) compared with thesame period of the previous fiscal year.
Equity in earnings of associated companies decreased by 50.4% or 9.5 billion yen to 9.4 billion yen (98 million U.S.
dollars) compared with the same period of the previous fiscal year, due to earnings decrease in steel product, metal
resources, and pulp related associated companies, though there was some profit related to a merger of Century Tokyo− 3−

Leasing Corporation in this first quarter (Refer to “Note 2” on page 5), therefore Net income decreased by 65.6% or 41.6
billion yen to 21.9 billion yen (228 million U.S. dollars) compared with the same period of the previous fiscal year.
As a result, Net income attributable to ITOCHU, calculated by Net income minus Net income attributable to thenoncontrolling interest, (1.4 billion yen), and which is equivalent to Net income up to the previous fiscal year, decreased
67.3% or 42.0 billion yen to 20.4 billion yen (213 billion U.S. dollars) compared with the same period of the previous
fiscal year.
2. Qualitative Information on Consolidated Financial Position(1) Consolidated Financial Position
Total assets as of June 30, 2009, increased by 3.6% or 188.7 billion yen compared with March 31, 2009, to 5,380.8
billion yen (56,044 million U.S. dollars), due to increase in Trade receivables, Inventories, and Net property andequipment resulting from an acquisition of C. I. Kasei Co., Ltd. in Chemicals, Forest Products & General Merchandise as
well as, in Food, a new investment in an enterprise group operating food/distribution business in China and Taiwan.
Interest-bearing debt increased by 0.9% or 20.8 billion yen compared with March 31, 2009, to 2,410.1 billion yen(25,103 million U.S. dollars), and Net interest-bearing debt (interest-bearing debt after deducting Cash and cash
equivalents and Time deposits) increased by 2.5% or 44.0 billion compared with March 31, 2009, to 1,800.8 billion yen(18,756 million U.S. dollars).
ITOCHU stockholders’ equity, which corresponds to Total equity before applying “Statement of Financial AccountingStandards” No.160, increased by 11.3% or 96.2 billion yen compared with March 31, 2009, to 945.6 billion yen (9,849
million U.S. dollars), due to decrease from dividend payment, accumulation of Net income attributable to ITOCHU,
increase in Foreign currency translation adjustments through yen’s depreciation, and increase in Unrealized holding gains
on securities resulting from recovery of stock market. As a result, Ratio of stockholders’ equity to total assets rose by 1.2
points compared with March 31, 2009, to 17.6%.
NET DER (Net Debt-to-Stockholders’ Equity Ratio) improved by 0.2 points compared with March 31, 2009, to 1.9
times.
Total equity, or total of ITOCHU stockholders’ equity and Noncontrolling interest, which means the total equity of theentire Group, increased by 9.6% or 99.6 billion yen compared with March 31, 2009, to 1,137.0 billion yen (11,842 million
U.S. dollars).
(2) Consolidated Cash Flows Information
Cash flows from operating activities for this first quarter recorded net cash-inflow of 76.7 billion yen (799 million U.S.
dollars) mainly due to progress in collection of Trade receivables in the consumer and retail-related sector and in ICT,
Aerospace & Electronics.
Cash flows from investing activities recorded net cash-outflow of 74.5 billion yen (776 million U.S. dollars) mainly due
to a new investment in an enterprise group operating food/distribution business in China and Taiwan, and additional
investments related to acquisitions of C. I. Kasei Co., Ltd. and i-LOGISTICS CORP.
Cash flows from financing activities recorded net cash-outflow (net repayment) of 35.1 billion yen (365 million U.S.
dollars) due to dividends payment and repayments of a part of debt by the parent company. Consequently, Cash and cash
equivalents as of June 30, 2009, decreased by 23.8 billion yen to 605.0 billion yen (6,301 million U.S. dollars) comparedwith March 31, 2009.

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(Note 1) The table below shows the effects on Consolidated Statements of Income in this first quarter due to acquisitions of
SANKEI CO., LTD., ITOCHU ENEX CO., LTD., C. I. Kasei Co., Ltd., and i-LOGISTICS CORP. in this firstquarter and in the previous fiscal year. Note that the profit resulting from obtaining control of C. I. Kasei Co., Ltd.
and i-LOGISTICS CORP. are not included but separately listed in “Note 2”.
(billion yen)
Items in Consolidated Statements of
SANKEI
ITOCHU
C. I. Kasei
i-LOGISTICS
Total
IncomeENEX
Acquired in:
October, 2008 October, 2008
April, 2009
April, 2009
Total trading transactions
12.0
228.1
16.2
9.1
265.4
Gross trading profit
2.7
14.6
2.9
0.6
20.8

(Note 2)The gains/losses resulting from obtaining control of C. I. Kasei Co., Ltd. and i-LOGISTICS CORP., and the profit
related to a merger of Century Tokyo Leasing Corporation are as follows.
(billion yen)
Items in Consolidated Statements of
C. I. Kasei
i-LOGISTICS
Century Tokyo
Total
IncomeLeasingGain on investments-net
(1.6)
(1.9)
(3.5)
Other-net
4.1
5.0
9.1
Income taxes
(1.1)
(1.3)
0.1
(2.2)
Equity in earnings of associated companies
0.8
0.8
Net income attributable to ITOCHU

1.5

1.8

0.9

4.3

(Note 3) The table below shows the effects on Consolidated Balance Sheets in this first quarter due to acquisitions of C. I.
Kasei Co., Ltd., and i-LOGISTICS CORP. in this first quarter.
(billion yen)
Items in Consolidated Balance Sheets
C. I. Kasei
i-LOGISTICS
Total
Total assets
81.2
25.7
106.9
(Trade receivables)
22.2
4.4
26.5
(Inventories)
11.8
11.8
(Net property and equipment)
31.8
11.9
43.7
Interest-bearing debt
33.6
0.6
34.2
Net interest-bearing debt
30.9
(2.2)
28.7
(Note) Both SANKEI CO., LTD. and ITOCHU ENEX CO., LTD. were consolidated as subsidiaries in the third quarter ofthe previous fiscal year and almost all of the effects have been reflected on Consolidated Balance Sheets as of March
31, 2009, therefore, no substantial effect is recognized.

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3. Quarterly Consolidated Financial Statements-Unaudited-

Consolidated Financial Statements have been prepared in conformity with accounting principles generally acceptedin the United States of America.
(1) Consolidated Statements of Income [Condensed]
ITOCHU Corporation and Subsidiaries
For the three months ended June 30, 2009 and 2008
Millions of
U.S. dollars

Millions of Yen
Apr.-Jun.2009

Revenue:
Sales revenue…………………………………………………………
Trading margins and commissions on trading transactions…………

Apr.-Jun.2008

Apr.-Jun.2009¥ 640,716
126,523¥ 587,504
141,357$ 6,673
1,318

Total revenue…………………………………………………………
Cost of sales…………………………………………………………
Gross trading profit …………………………………………………

767,239(560,906)
206,333

728,861(481,180)
247,681

7,991(5,842)
2,149

Selling, general and administrative expenses…………………………
Provision for doubtful receivables……………………………………
Interest income…………………………………………………………
Interest expense………………………………………………………
Dividends received……………………………………………………
Gain on investments-net………………………………………………
Gain on property and equipment-net…………………………………
Other-net………………………………………………………………

(189,361)(3,887)2,515(9,037)
5,943
2,756
2,313
10,775(178,933)
(657)
4,436
(11,776)
10,3765,880
1,116(2,227)(1,973)
(40)
26
(94)
62
29
24
112

Total other-expenses…………………………………………………

(177,983)(171,785)(1,854)

Income before income taxes andequity in earnings of associated companies………………………

28,35075,896295

Income taxes……………………………………………………………

(15,864)(31,306)(165)

Income before equity inearnings of associated companies…………………………………

12,48644,590130

Equity in earnings of associated companies……………………………

9,390

18,93098

Net income……………………………………………………………
Less : Net income attributable to the noncontrolling interest…………
Net income attributable to ITOCHU ………………………………

21,876(1,444)¥ 20,432

63,520(1,046)¥ 62,474

228
(15)
$ 213

Total trading transactions :Apr.-Jun.2009 : 2,192,537 million yen ( 22,837 million U.S.dollars )Apr.-Jun.2008 : 3,064,426 million yen

Note :
1."Total trading transactions" is presented 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.
2. From this first quarter, SFAS160 has been applied. For details, please refer to "New Accounting Pronouncements" on (9), page 15. Complying
with the requirement of SFAS160, some of the figures of "Consolidated Statements of Income (Apr.-Jun.2008)" are retroactively adjusted.

(2) Consolidated Statements of Comprehensive Income [Condensed]
ITOCHU Corporation and Subsidiaries
For the three months ended June 30, 2009 and 2008
Millions of
U.S. dollars

Millions of Yen
Apr.-Jun.2009

Comprehensive income :Net income……………………………………………………

Apr.-Jun.2008

Apr.-Jun.2009¥ 21,876¥ 63,520$ 228

Foreign currency translation adjustments during the period…
Pension liability adjustments…………………………………
Unrealized holding gains on securities during the period……
Unrealized holding gains
on derivative instruments during the period………………
Total other comprehensive income (loss) (net of tax)………

63,897655
25,546(32,894)(371)
13,550

666
7
266

239
90,337

4,549(15,166)

2
941

Comprehensive income………………………………………

112,213

48,354

1,169(3,260)¥ 108,953(350)¥ 48,004(34)$ 1,135

Other comprehensive income (loss) (net of tax):

Comprehensive income attributable tothe noncontrolling interest…………………………………
Comprehensive income attributable to ITOCHU………………
Note :

From this first quarter, SFAS160 has been applied. For details, please refer to "New Accounting Pronouncements" on (9), page 15. Complying withthe requirement of SFAS160, some of the figures of "Consolidated Statements of Comprehensive Income (Apr.-Jun.2008)" are retroactively adjusted.

− 6−

[Explanation for Consolidated Statements of Income]Revenue(Unit : billion yen)

Apr-Jun 2009 Apr-Jun 2008

Revenue

Gross trading profit

767.2

728.9

38.4

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Gross trading profit

Selling, general andadministrative
expenses

Provision for
doubtful receivables

206.3

247.7

(41.3)

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Total of SG & A
Personnel expenses
Other expenses(Service charge, distribution costs)(Rent, depreciation and amortization)(Travel expenses)(Others)(189.4)(76.5)(112.8)(60.5)(22.8)(5.2)(24.2)(178.9)(69.5)(109.4)(59.5)(19.0)(6.2)(24.8)(10.4)
(7.0)
(3.4)
(1.1)
(3.9)
1.0
0.5

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Provision for doubtful receivables
Net financial income(expenses)

(3.9)

(0.7)

(3.2)

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Net financial income (expenses)

(0.6)

3.0

(3.6)

2.5
(9.0)
(6.5)
5.9

4.4
(11.8)
(7.3)
10.4

(1.9)
2.7
0.8
(4.4)

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)

Interest income
Interest expense
Net interest expenses
Dividends received(Unit : billion yen)

Gain on investments-net

Gain on investments-net

Gain on property andequipment-net

2.8

5.9

(3.1)

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Gain on property and equipment-net

Other-net

2.3

1.1

1.2

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Other-net

Income taxes

10.8

(2.2)

13.0

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Income taxes
Equity in earnings
of associatedcompanies

Increase(Decrease)(15.9)(31.3)

15.4

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

Equity in earnings
of associated companies

9.4

18.9

(9.5)

Reasons for changes
Increase in Energy, Metals & Minerals due to an acquisition of ITOCHU ENEX CO., LTD.,
despite price falls in metal resources and energies,
while decrease in Machinery due to poor market in automobiles; and in Chemicals,
Forest Products & General Merchandise due to chemical price falls

Decrease due to worsened performance in ITOCHU Corporationand existing subsidiaries : -49.4 [Energy, Metals & Minerals -30.1, Machinery -6.5 ]Increase due to newly consolidation of subsidiaries : +21.3 (Note 1)
Decrease due to deconsolidation of subsidiaries : -3.2
Decrease due to exchange rate fluctuations : -10.0
Refer to "(5) Segment Information" on page 13-14
Increase in pension cost : -2.5
Decrease in ITOCHU Corporation and existing subsidiaries : +3.6
Increase due to newly consolidation of subsidiaries : -21.6
Decrease due to deconsolidation of subsidiaries : +3.1
Decrease due to exchange rate fluctuations : +7.0

Increase due to allowance for doubtful receivables

Decrease in dividends received, improvement of net interest expenses
Apr-Jun 2009
Apr-Jun 2008
JPY TIBOR 3M, average (Apr-Jun)
0.841%
0.596%
1.240%USD LIBOR 3M, average (Jan-Mar）
3.289%

Changes(0.245%)(2.049%)Improvement of net interest expenses due to decline in U.S. dollars interest rate
Dividends received from LNG-related investments -4.6 (6.1→ 1.5)

Remeasurement loss for pre-existing interests
resulting from obtaining control -3.5 (- → -3.5) (Note 2)
Impairment loss on investments +4.5 (-7.4 → -2.9)
Net gain on sales of investments -5.5 (14.2 →8.7)
Loss on business disposals and others +1.4 (-1.0 → 0.4)

Net gain on sales of property and equipment +1.3 (0.9 → 2.2)

Gain on bargain purchase +9.1(- →9.1) (Note 2)
Decreased hedging cost for dividends from LNG-related investments(Note 2)

Century Tokyo Leasing Corporation (Note 3)[Some profit related to a merger +0.8 (Note 2) ]Marubeni-Itochu Steel Inc. -4.0 (4.7 → 0.7) / Orient Corporation -2.1 (2.8 → 0.6)
Equity-method associated companies of ITOCHU Minerals & Energyof Australia Pty Ltd -1.4 (1.6 → 0.1)
Japan Brazil Paper and Pulp Resources Development Co., Ltd. -1.3 (1.0 → -0.3）
Refer to "Performance of Group Companies" on page 18(Note 1) Refer to the "Note 1" on page 5(Note 2) Refer to the "Note 2" on page 5(Note 3) Refer to the results announced by each corresponding company, as their announcement dates areon and after ITOCHU's announcement date of First Quarter of Fiscal Year 2010.

Total tradingtransactions(Unit : billion yen)

Total trading transactions
Gross trading profit ratio

Apr-Jun 2009 Apr-Jun 2008
(Note 1)

2,192.5
9.4%

Increase(Decrease)

3,064.4
8.1%(871.9)1.3%

Refer to "(5) Segment Information" on page 13-14
Effect of exchange rate fluctuations: Approximately -80.0(Note 1) Refer to the "Note 1" on page 5

Adjusted profit(Unit : billion yen)

Adjusted profit

Apr-Jun 2009 Apr-Jun 2008

25.8

Increase(Decrease)

90.7(64.9)

Adjusted profit (-64.9)= Gross trading profit （-41.3）+ SG&A expenses （-10.4）+ Net financial income (-3.6)+ Equity in earnings of associated companies （-9.5）
The amount ( ) represents changes from the same period of the previous fiscal year

[Average exchange rate Yen/USD][For March closing companies]111[For December closing companies] 1111

Apr-Jun 2009 Apr-Jun 2008
97.51
102.19Apr-Jun 2008 Apr-Jun 2007
102.19119.21

Jun-Mar 2009 Jun-Mar 2008
90.93
109.18
Jun-Mar 2008 Jun-Mar 2007
109.18119.78Changes(4.68)
Changes(17.02)− 7−

Changes(18.25)
Changes(10.60)[Average exchange rate Yen/AUD][For March closing companies]111
Apr-Jun 2009 Apr-Jun 2008
69.97
95.64
Apr-Jun 2008 Apr-Jun 2007
95.64
97.39

Changes(25.67)
Changes(1.75)

-Unaudited-(3) Consolidated Balance Sheets (Assets) [Condensed]
ITOCHU Corporation and Subsidiaries
As of June 30, 2009 and March 31, 2009

Millions of Yen

AssetsCurrent assets:
Cash and cash equivalents…………………………………
Time deposits………………………………………………
Short-term investments………………………………………
Trade receivables:
Notes………………………………………………………
Accounts…………………………………………………
Allowance for doubtful receivables………………………
Net trade receivables……………………………………
Due from associated companies……………………………
Inventories……………………………………………………
Advances to suppliers………………………………………
Prepaid expenses……………………………………………
Deferred tax assets……………………………………………
Other current assets…………………………………………
Total current assets………………………………………

Jun. 2009

Mar. 2009¥¥

628,820
3,738
9,214

$ 6,301
46
85

153,108
1,111,614(16,985)
1,247,737
105,430
558,299
101,628
37,37842,723
239,6632,950,355

161,533
1,135,031(13,869)
1,282,695
106,934
509,503
91,871
29,81740,556
235,0462,938,194

1,595
11,578(177)
12,996
1,098
5,815
1,059
389
445
2,496
30,730Investments and non-current receivables:
Investments in and advances to associated companies………
Other investments……………………………………………
Other non-current receivables………………………………
Allowance for doubtful receivables…………………………
Total investments and net non-current receivables………

857,660
450,510148,063(60,560)
1,395,673

754,062
426,054
155,427(60,704)
1,274,839

8,933
4,693
1,542
(631)
14,537

Property and equipment, at cost:
Land…………………………………………………………
Buildings……………………………………………………
Machinery and equipment……………………………………
Furniture and fixtures………………………………………
Mineral rights………………………………………………
Construction in progress……………………………………
Total property and equipment, at cost……………………
Less accumulated depreciation………………………………
Net property and equipment………………………………

163,293373,510394,283
78,005
68,152
22,546
1,099,789
470,735
629,054

145,881336,630
328,940
69,90760,245
16,846
958,449
397,675
560,774

1,701
3,890
4,107
812
710
235
11,455
4,903
6,552

Prepaid pension cost…………………………………………
Deferred tax assets, non-current……………………………
Other assets…………………………………………………

1,114
121,631282,971

1,079
136,389
280,817

11
1,267
2,947

5,192,092$ 56,044

Total…………………………………………………

¥

604,996
4,373
8,128

Millions of
U.S. dollars
Jun. 2009

5,380,798¥

Note:
From this first quarter SFAS160 has been applied. For details, please refer to "New Accounting Pronouncements" on (9), page 15.
Complying with the requirement of SFAS160, some of the figures of "Consolidated Statements of Consolidated Balance Sheets(Mar.2009)" are retroactively adjusted.

− 8−

-Unaudited-(3) Consolidated Balance Sheets (Liabilities and Stockholders' Equity) [Condensed]
ITOCHU Corporation and Subsidiaries
As of June 30, 2009 and March 31, 2009

Millions of Yen

Liabilities and Equity

Jun. 2009

Mar. 2009¥¥

Current liabilities:
Short-term debt …………………………………………………………
Current maturities of long-term debt……………………………………
Trade payables:
Notes and acceptances………………………………………………
Accounts………………………………………………………………
Total trade payables………………………………………………
Due to associated companies……………………………………………
Accrued expenses………………………………………………………
Income taxes payable……………………………………………………
Advances from customers………………………………………………
Deferred tax liabilities…………………………………………………
Other current liabilities…………………………………………………
Total current liabilities ……………………………………………

452,779
93,411Millions of
U.S. dollars
Jun. 2009

538,161
90,631

$

4,716
973

125,301
955,759
1,081,060
16,977
114,415
36,124103,495
984
221,150
2,120,395

134,591
907,149
1,041,740
16,618125,062
45,472
96,769983
192,681
2,148,117

1,305
9,955
11,260
177
1,192
376
1,078
10
2,303
22,085Long-term debt, excluding current maturities…………………………

2,038,597

1,934,421

21,233

Accrued retirement and severance benefits……………………………

59,682

54,697

622

Deferred tax liabilities, non-current……………………………………

25,12417,502262

Total liabilities ……………………………………………………

4,243,798

4,154,737

44,202

202,241
137,137

202,241
137,171

2,106
1,428

Equity:Common stock:
Authorized: 3,000,000,000 shares;
issued:1,584,889,504 shares………………………………………………
Capital surplus……………………………………………………………
Retained earnings:
Legal reserve……………………………………………………………
Other retained earnings ………………………………………………
Total retained earnings……………………………………………
Accumulated other comprehensive income (loss) :Foreign currency translation adjustments………………………………
Pension liability adjustments…………………………………………
Unrealized holding gains on securities…………………………………
Unrealized holding losses on derivative instruments…………………
Treasury stock, at cost……………………………………………………
Total ITOCHU stockholders' equity………………………………

14,741
789,917804,658

13,183
783,699
796,882

154
8,227
8,381

(122,216)(105,240)
38,066(6,280)(2,729)945,637(185,363)(106,013)
13,686(6,482)(2,711)
849,411(1,273)(1,096)
396
(65)
(28)
9,849

Noncontrolling interest…………………………………………………

191,363

187,944

1,993

1,137,000

1,037,355

11,842

Total equity……………………………………………………
Total………………………………………………………………

− 9−

¥

5,380,798¥

5,192,092$

56,044

[Explanation for Consolidated Balance Sheets]
Assets(Unit: billion yen)Jun 2009

Mar 2009

Increase(Decrease)

Reasons for changes:

Cash and cash equivalents, Time deposits

…

609.4

632.6

(23.2)Net trade receivables…

1,247.7

1,282.7(35.0) …

Inventories
Investments in and advances
to associated companies
Other investments

…

558.3

509.5

…

857.7

754.1

103.6 … Increase in Food

…

450.5

426.1

24.5 … Effect of stock market prices' recovery compared with March 31, 2009

Net property and equipment

…

629.1

560.8

68.3 … Increase due to acquisitions of C. I. Kasei Co., Ltd. and i-LOGISTICS CORP. (Note)

Deferred tax assets, non-current

…

121.6

136.4

(14.8) … Decrease due to improvement of unrealized holding gains on investments

Total assets…

5,380.8

5,192.1

Liabilities

Decrease in Textile; Machinery; and ICT, Aerospace & Electronics; and increase in Chemicals,
Forest Products & General Merchandise; and Food
Increase in ICT, Aerospace & Electronics; and Chemicals, Forest Products & General
48.8 …
Merchandise

188.7

Total assets as of June 30, 2009, increased by 3.6% or 188.7 billion yen compared with
March 31, 2009, to 5,380.8 billion yen (56,044 million U.S. dollars), due to increase in Trade
receivables, Inventories, and Net property and equipment resulting from an acquisition of
C. I. Kasei Co., Ltd., in Chemicals, Forest Products & General Merchandise as well as, in Food,a new investment in an enterprise group operating food/distribution business in China andTaiwan.
(Note) Refer to the "Note 3" on page 5(Unit: billion yen)Jun 2009

Mar 2009

Increase(Decrease)39.3 …

Increase in Energy, Metals & Minerals; Chemicals, Forest Products & General Merchandise;and Food

Total trade payables…

1,081.1

1,041.7

Other current liabilities

…

221.2

192.7

28.5 … Increase in deferred income, deposit received, and other current liabilities

…

452.8

538.2

(85.4) …

…

84.8

81.9

2.9

…
…

8.6
546.2

8.7
628.8

(0.1)
(82.6)

Long-term debt…

1,690.0

1,610.4

79.6 …

Debentures
Long-term total
Total interest-bearing debt
Cash and cash equivalents, Time deposits
Net interest-bearing debt

…
…
…
…
…

174.0
1,863.9
2,410.1
609.4
1,800.8

150.2
1,760.5
2,389.3
632.6
1,756.8

23.8
103.4
20.8
(23.2)
44.0

Net debt-to-stockholders' equity ratio [times] …

1.9

2.1

[Interest-bearing debt]
Short-term debt
Current maturities of long-term
debt excluding debentures
Current maturities of debentures
Short-term total

Equity0.2 improved

Decrease due to the shift from short-term to long-term in interest-bearing debt, despite increase
due to an acquisition of C. I. Kasei Co., Ltd. (Note)

Increase due to acquisitions of C. I. Kasei Co., Ltd. (Note) , and shift from short-term to longterm in interest-bearing debt
Interest-bearing debt increased by 0.9% or 20.8 billion yen compared with March 31, 2009,
to 2,410.1 billion yen (25,103 million U.S. dollars), and Net interest-bearing debt (interestbearing debt after deducting Cash and cash equivalents and Time deposits) increased by 2.5%
or 44.0 billion yen compared with March 31, 2009, to 1,800.8 billion yen (18,756 million U.S.
dollars).
NET DER (Net Debt-to-Stockholders’ Equity Ratio) improved by 0.2 points compared with
March 31, 2009, to 1.9 times.
(Note) Refer to the "Note 3" on page 5(Unit: billion yen)Jun 2009

Mar 2009

Increase(Decrease)

Legal reserve

…
…
…
…

202.2
137.1
804.7
14.7

202.2
137.2
796.9
13.2

(0.0)
7.8
1.6

Other retained earnings

…

789.9

783.7

6.2 …

…

(195.7)(284.2)

88.5

…
…
…

(122.2)(105.2)38.1(185.4)(106.0)13.7

63.1 … Effect of yen's depreciation compared with March 31, 2009
0.8
24.4 … Effect of stock market prices' recovery compared with March 31, 2009

…

(6.3)

(6.5)

0.2

Treasury stock, at cost
Total ITOCHU stockholders' equity

…
…

(2.7)
945.6

(2.7)
849.4

(0.0)
96.2

Ratio of stockholders' equity to total assets

…

17.6%

16.4%

1.2%

Noncontrolling interest

…

191.4

187.9

3.4

Total equity…

1,137.0

1,037.4

99.6

Common stock
Capital surplus
Retained earnings:

Accumulated othercomprehensive income (loss):
Foreign currency translation adjustments
Pension liability adjustments
Unrealized holding gains on securities
Unrealized holding losses on derivative
instruments[Current exchange rate Yen/USD][For March closing companies]
Mar 2009
ChangesJun 2009
96.01
98.23
(2.22)
Mar 2008
ChangesJun 2008
106.42100.19
6.23[The Nikkei Stock Average index]
Jun 2009
Mar 2009
Changes
9,958
8,109
1,849

− 10 −Net income attributable to ITOCHU +20.4, Dividend payment, -12.7,
Transfer to legal reserve -1.7

ITOCHU stockholders’ equity, which corresponds to Total equity before applying “Statementof Financial Accounting Standards” No.160, increased by 11.3% or 96.2 billion yen comparedwith March 31, 2009, to 945.6 billion yen (9,849 million U.S. dollars), due to decrease from
dividend payment, accumulation of Net income attributable to ITOCHU, increase in Foreign
currency translation adjustments through yen’s depreciation, and increase in Unrealized holding
gains on securities resulting from recovery of stock market.
As a result, Ratio of stockholders’ equity to total assets rose by 1.2 points compared with
March 31, 2009, to 17.6%.
Total equity, or total of ITOCHU stockholders’ equity and Noncontrolling interest, whichmeans the total equity of the entire Group, increased by 9.6% or 99.6 billion yen compared with
March 31, 2009, to 1,137.0 billion yen (11,842 million U.S. dollars).

[For December closing companies]
Mar 2009 Dec 2008 Changes
98.23
91.03
7.20
Mar 2008 Dec 2007 Changes
100.19114.15(13.96)[Current exchange rate Yen/AUD][For March closing companies]
Jun 2009
Mar 2009
Changes
77.85
67.01
10.84
Jun 2008
Mar 2008
Changes102.3891.74
10.64

(4) Consolidated Statements of Cash Flows [Condensed]
ITOCHU Corporation and Subsidiaries
For the three months ended June 30, 2009 and 2008

Millions of Yen

Millions of
U.S. dollars
Apr.-Jun.2009

Apr.-Jun.2009

Apr.-Jun.2008¥ 21,876¥ 63,520

16,9803,887(2,756)(2,313)

16,529657(5,880)(1,116)

177
40
(29)
(24)

(249)
5,277
34,01476,716(7,318)1,488
2,119
69,999

(2)
55
354
799

(14,493)(16,379)(151)(50,728)(13,041)
4,362
(652)
60
(74,492)(7,004)(17,036)
462
1,418
112
(38,427)

(528)
(136)
45
(7)
1
(776)

Net proceeds (repayments) of long-term debt …………………………………
Net decrease in short-term debt …………………………………………………
Other ……………………………………………………………………………
Net cash used in financing activities ……………………………………

92,104(110,347)(16,861)(35,104)(41,521)(7,390)(18,005)(66,916)

959(1,149)
(175)
(365)

Effect of exchange rate changes on cash and cash equivalents ………………
Net decrease in cash and cash equivalents ……………………………………
Cash and cash equivalents at beginning of year ………………………………
Cash and cash equivalents at end of year ………………………………………

9,056(23,824)
628,820¥ 604,996(8,071)(43,415)446,311¥ 402,896

94
(248)
6,549
$ 6,301

Cash flows from operating activities :Net income ……………………………………………………………………
Adjustments to reconcile net income to net cash
provided by operating activities :Depreciation and amortization ………………………………………………
Provision for doubtful receivables ……………………………………………
Gain on investments-net ………………………………………………………
Gain on property and equipment-net…………………………………………
Equity in earnings of associated companies,
less dividends received ……………………………………………………
Deferred income taxes ………………………………………………………
Changes in assets and liabilities, other-net ……………………………………
Net cash provided by operating activities ………………………………

$228

Cash flows from investing activities :Net purchases of property, equipment and other assets …………………………
Net increase in investments in and advances
to associated companies ………………………………………………………
Net purchases of other investments ……………………………………………
Net collections of other non-current loan receivables …………………………
Net (increase) decrease in time deposits…………………………………………
Net decrease in marketable securities……………………………………………
Net cash used in investing activities ……………………………………
Cash flows from financing activities :Note:
From this first quarter SFAS160 has been applied. For details, please refer to "New Accounting Pronouncements " on (9), page 15.

− 11 −

[Explanation for Consolidated Statements of Cash Flows]
Note :
Explanation for indication

Cash-inflow : " + "Cash-outflow : " - ""Decrease in assets" or "Increase in liabilities" : Cash-inflow"Increase in assets" or "Decrease in liabilities" : Cash-outflow

Cash flows from operating
activities(Unit: billion yen)

Apr-Jun 2009

Apr-Jun 2008

Increase(Decrease)

Net income

21.9

63.5

(41.6)

Non-cash charges of P/L

20.8 a

4.4 b

16.5

a : Depreciation and amortization +17.0, Deferred income taxes +5.3
Provision for doubtful receivables +3.9, Gain on investments-net -2.8
Gain on property and equipment-net -2.3
b : Depreciation and amortization +16.5
Equity in earnings of associated companies, less dividends received -7.3
Gain on investments-net -5.9

Changes in assets and liabilities,
other-net

34.0 a

2.1 b

31.9

a : Trade receivables / payables +87.0, Inventories -27.9
Other -25.1
b : Trade receivables / payables +49.1, Inventories -41.0
Due from/to associated companies +3.3, Other -9.3

76.7

70.0

6.7

Net cash provided byoperating activities

Major items

Cash flows from investing
activities(Unit: billion yen)

Net purchases of property,
equipment and other assets

Apr-Jun 2009

Net increase in investments inand advances to associatedcompanies

Apr-Jun 2009

Net purchases of otherinvestments

Apr-Jun 2009

Net collections ofother non-current loan
receivables

Apr-Jun 2009

Net (increase) decrease intime deposits
Net decrease in marketablesecurities
Net cash used in investing
activities(14.5) a(50.7) a(13.0) a

Apr-Jun 2008

(16.4) b

Apr-Jun 2008

(7.0) bApr-Jun 2008

(17.0) b

Increase（Decrease)

1.9

Increase(Decrease)(43.7)

a : Net increase in investments in food business -39.4
Investment in LPG-related business -3.1
b : Net increase advances to associated companies in Machinery -6.2

Increase（Decrease)

4.0

Apr-Jun 2008

Increase(Decrease)

0.5

3.9

Apr-Jun 2009

Apr-Jun 2008

Increase(Decrease)

(0.7)

1.4

(2.1)

Apr-Jun 2009

Apr-Jun 2008

Increase(Decrease)

0.1

0.1

(0.1)

(74.5)(38.4)(36.1)

4.4 a

a : Purchases by natural resources development related subsidiaries -4.9
and by ITOCHU Corporation -2.9
b : Purchases by natural resources development related subsidiaries -7.4,
airline-related subsidiaries -5.4

a : Net purchases (by TOB) net of cash acquired in acquisitions of
C. I. Kasei Co., Ltd. and i-LOGISTICS CORP. -9.0
Investment in energy-development sector -4.4
b : Net of investment in Machinery and energy-development sector, andsales of stocks by ITOCHU Corporation -11.3

a : Net collections of loan receivables by ITOCHU Corporation +3.0

Cash flows from financing
activities(Unit: billion yen)
(Note)
Changes in current maturities of long-term debt are included in "Net proceeds of long-term debt" on the statements of cash flows.

Net proceeds (repayments) of
long-term debt

Apr-Jun 2009

Net decrease in short-term debt

Apr-Jun 200992.1 a(110.3) a

Other

Net cash used in financing
activities

Apr-Jun 2009

Apr-Jun 2008(41.5) b
Apr-Jun 2008

(7.4) bApr-Jun 2008

Increase(Decrease)133.6

a : Net proceeds by ITOCHU Corporation +110.4
b : Net repayments by ITOCHU Corporation -25.0

Increase(Decrease)(103.0)a : Net decrease by ITOCHU Corporation -126.0
b : Net decrease by ITOCHU Corporation -39.5
Net increase by overseas trading subsidiaries +34.9

Increase(Decrease)(16.9) a(18.0) b

1.1(35.1)(66.9)

31.8− 12 −

a : Dividends paid -12.7, dividends paid to noncontrolling stockholders -3.8
b : Dividends paid -15.0, dividends paid to noncontrolling stockholders -3.7

-Unaudited(5) Segment Information
ITOCHU Corporation and Subsidiaries
For the three months ended June 30, 2009 and 2008
ITOCHU Corporation and its subsidiaries are engaged in awide range of business activities such as worldwide trading
operations in various commodities, financing for customers andsuppliers, organizing and coordinating industrial projects, andinvesting in resource development, advanced technology,
information and multimedia.

ITOCHU Corporation has introduced a division company system,
and information on operating segments is prepared and presented
according to this system.
This system is regularly used for decisions in operations, including
resource allocations, and evaluations by the management.
As of April 1st, 2009, Aerospace, Electronics & Multimedia Company
has been renamed to "ICT, Aerospace & Electronics Company".

Information concerning operations in different operating segments for the three months ended June 30, 2009 and 2008 is as follows:
For the three months ended June 30, 2009 (April 1, 2009 -June 30, 2009)
Millions of Yen

TextileICT,
Aerospace ＆Electronics

Machinery

Total trading transactions:Unaffiliated customers
and associated companies ……………… ¥Transfers between operating segments …
Total trading transactions ……………

109,638¥

166,486¥

130,378

Energy,Metals &Minerals¥

557,642

Chemicals,
ForestProducts& General
Merchandise¥

396,171Food¥

768,410

Finance,
Realty,Insurance& Logistics
Services

Other,
Adjustments&
Eliminations

Consolidated a¥¥¥ 2,192,537

29,01534,797

152

963

925

71

4,710

112

1,172

(8,105)-

109,790

167,449

131,303557,713400,881768,52230,187

26,692

2,192,537

Gross trading profit ………………………

20,394

11,464

28,67625,14823,56582,480

7,871

6,735

206,333

Net income attributable to ITOCHU………
[Equity in earnings (losses)of associated companies]…………………

840

(391)

(550)

5,587

2,199

12,975

2,007(2,235)20,432[940][1,684][177][1,908][(128)][3,940]

[827]

[42]

[9,390]Identifiable assets at June 30, 2009………

340,827

606,904

513,669

1,088,696

684,987

1,154,556

376,789

614,370

5,380,798

For the three months ended June 30, 2008 (April 1, 2008 -June 30, 2008)
Millions of Yen

TextileMachinery

Total trading transactions:Unaffiliated customers
and associated companies ……………… ¥Transfers between operating segments …
Total trading transactions ……………

131,452¥

333,003

ICT,
Aerospace ＆Electronics¥

128,837¥

Energy,Metals &Minerals

Chemicals,
ForestProducts& General
Merchandise

1,041,403¥

542,271

Food¥

798,800

Finance,
Realty,Insurance& Logistics
Services

Other,
Adjustments&
Eliminations

Consolidated a¥¥¥ 3,064,426

45,05243,608

142

298

1,185

93

4,777

116

1

(6,612)-

131,594

333,301130,022

1,041,496

547,048

798,91645,05336,996

3,064,426

Gross trading profit ………………………

21,791

20,38728,22943,212

29,74780,601

12,69011,024

247,681Net income attributable to ITOCHU………
[Equity in earnings (losses)of associated companies]…………………

9,844

840

881

32,300

5,222

5,654

2,286

5,447

62,474[2,157]

[544]

[97]

[7,162][1,585][3,865][3,417][103][18,930]

Identifiable assets at June 30, 2008………

339,679

726,422506,396

1,060,428

750,487

1,115,500

405,055

420,648

5,324,615

Identifiable assets at March 31, 2009……

360,431639,939

490,159

1,016,596

611,375

1,054,127

381,800

637,665

5,192,092

For the three months ended June 30, 2009 (April 1, 2009 -June 30, 2009)

TextileMachinery

ICT,
Aerospace ＆Electronics

Energy,Metals &Minerals

Chemicals,
ForestProducts& General
Merchandise

Food

Millions of
U.S.dollars

Finance,
Realty,Insurance& Logistics
Services

Other,
Adjustments&
Eliminations

Consolidated a

$

$

$

Total trading transactions:Unaffiliated customers
and associated companies ……………… $Transfers between operating segments …
Total trading transactions ……………

2
1,144

10
1,744

10
1,368

1
5,809

49
4,175

1
8,005

12
314

(85)
278

22,837Gross trading profit ………………………

212

119

299

262

246

859

82

70

2,149

Net income attributable to ITOCHU………
[Equity in earnings (losses)of associated companies]…………………

9

(4)

(6)

58

23

135

21

(23)

213

[10]

[17]

[2]

[20]

[(1)]

[41]

[9]

[0]

[98]

Identifiable assets at June 30, 2009………

3,550

6,321

5,350

11,3397,135

12,025

3,925

6,399

56,044

1,142

$

1,734

$

1,358

$

5,808

$

4,126

$

8,004

302

363

22,837-Note :
1. "Equity in earnings (losses) of associated companies" is included in Net income attributable to ITOCHU.
2. "Total trading transactions" is 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 thecompanies act as agent.
3. From this first quarter, SFAS160 has been applied. For detail, please refer to "New Accounting Pronouncements " on (9), page 15.

− 13 −

[Explanation for Operating Segment Information]

Tradingtransactions
for unaffiliatedcustomers andassociatedcompanies(Unit : billion yen)

Apr-Jun 2009 Apr-Jun 2008
…

109.6

131.5

(21.8) …

Machinery

…

166.5

333.0

(166.5) … Decrease due to poor transactions in automobile and construction machinery businesses

ICT, Aerospace& Electronics

…

130.4

128.8

Energy, Metals & Minerals …

557.6

1,041.4(483.8) …

Decrease due to price falls in metal resources and energies as well as decrease in sales volume of iron ore despite
increase from an acquisition of ITOCHU ENEX CO., LTD. (Note)

Chemicals, Forest Products…
& General Merchandise

396.2

542.3

(146.1) …

Decrease due to price falls in chemicals since last autumn and the slowdown in housing market in Japan and the U.S.
despite increase from an acquisition of C. I. Kasei Co., Ltd. (Note)

Food

…

768.4

798.8

(30.4) …

Decrease due to price falls in food resources such as feed grains, oils and fats despite increased sales volume in food
distribution business

Finance, Realty, Insurance& Logistics Services

…

29.0

45.1

(16.0) …

Decrease due to the absence of a large-scale condominium sale in the same period of the previous fiscal year despite
increase from an acquisition of i-LOGISTICS CORP. (Note)

Other, Adjustments& Eliminations

…

34.8

43.6

(8.8) … Decrease due to low performance in equipment material business in North America

2,192.5

3,064.4(871.9)Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)(Unit : billion yen)

(Note) Refer to the Note 1, Note2 and Note3 on page 5

Reasons for changes
Decrease due to market slowdown in textile materials, fabrics and apparels despite the increase from an acquisitionof SANKEI CO., LTD. (Note)

…

20.4

21.8

(1.4) …

Machinery

…

11.5

20.4

(8.9) … Decrease due to poor transactions in automobile and construction machinery businesses

ICT, Aerospace& Electronics

…

28.7

28.2

0.4 … Slightly increase due to expansion of domestic mobile phone business

Energy, Metals & Minerals …

25.1

43.2

(18.1) …

Decrease due to price falls in metal resources and energies as well as decrease in sales volume of iron ore and sales
volume from the oil fields owned despite increase from an acquisition of ITOCHU ENEX CO., LTD. (Note)

Chemicals, Forest Products…
& General Merchandise

23.6

29.7

(6.2) …

Decrease due to price falls in chemicals since last autumn, the slowdown in housing market in Japan and the U.S.,
and deconsolidation of a subsidiary in the U.S. despite increase from an acquisition of C. I. Kasei Co., Ltd. (Note)

Food

…

82.5

80.6

1.9 …

Increase due to increased sales volume in food distribution business and improved profitability in fresh foodmaterials

…

7.9

12.7

(4.8) … Decrease due to decreased condominium sales

…

Total

(Unit : billion yen)

6.7

11.0

(4.3) … Decrease due to low performance in equipment material business in North America as well as yen's appreciation

206.3

247.7

(41.3)

Apr-Jun 2009 Apr-Jun 2008

Increase(Decrease)

Reasons for changes
Significant decrease due to the absence of gains on sales of investments in the same period of the previous fiscal
year in addition to decreased gross trading profit

Textile

…

0.8

9.8

(9.0) …

Machinery

…

(0.4)

0.8

Decrease due to low performance in automobile and construction machinery despite increased equity in earnings of(1.2) … some profit related to a merger of associated companies (Note) and the absence of impairment loss on investments inthe same period of previous fiscal year

ICT, Aerospace& Electronics

…

(0.6)

0.9

(1.4) … Decrease due to decreased gains on sales of investments

Energy, Metals & Minerals …

5.6

32.3

(26.7) …

Significant decrease due to decreased dividends received from LNG-related investments resulting from oil price falland decreased equity in earnings of associated companies in addition to decreased gross trading profit

Chemicals, Forest Products…
& General Merchandise

2.2

5.2

(3.0) …

Decrease due to decreased gross trading profit and worsened equity in earnings(losses) of associated companies
despite profit from obtaining control of C. I. Kasei Co., Ltd. (Note)

Food

…

13.0

5.7

7.3 … Significant increase due to gain on sale of an investment in addition to increase in gross trading profit

Finance, Realty, Insurance& Logistics Services

…

2.0

2.3

(0.3) … Decrease due to worsened gross trading profit despite profit from obtaining control of i-LOGISTICS CORP. (Note)

Other, Adjustments& Eliminations

…

(2.2)

5.4

(7.7) … Decrease due to yen's appreciation, worsened gross trading profit, and increase in pension cost

20.4

62.5

(42.0)

Jun. 2009

Mar. 2009

Increase(Decrease)

Total

Identifiable
assets

1.5 … Almost at the same level

TextileFinance, Realty, Insurance& Logistics Services
Other, Adjustments& Eliminations

Net income
attributable to
ITOCHU

Reasons for changes
Decrease due to market slowdown in textile materials, fabrics and apparels despite the increase from an acquisitionof SANKEI CO., LTD. (Note)

Textile

Total

Gross
trading profit

Increase(Decrease)(Unit : billion yen)

Reasons for changes

Textile

…

340.8

360.4

(19.6) … Decrease in trade receivables due to seasonal factors

Machinery

…

606.9

639.9

(33.0) … Mainly decrease in trade receivables

ICT, Aerospace& Electronics

…

513.7

490.2

23.5 … Increase in industrial machinery related assets

Energy, Metals & Minerals …

1,088.7

1,016.6

Chemicals, Forest Products…
& General Merchandise

685.0

611.4

72.1 … Increase due to appreciation of Australian dollar compared with March 31, 200973.6 … Increase due to an acquisition of C. I. Kasei Co., Ltd. (Note)

Food

…

1,154.6

1,054.1

100.4 …

Increase due to an investment in a newly equity-method associated company, and due to increased trade receivables
and inventories by seasonal factors

Finance, Realty, Insurance& Logistics Services

…

376.8

381.8

(5.0) …

Decrease due to decreased deferred tax assets from deconsolidation despite an acquisition of i-LOGISTICS CORP.
(Note)

Other, Adjustments& Eliminations

…

614.4

637.7

(23.3) … Mainly decrease in cash and cash equivalents

5,380.8

5,192.1

Total

188.7

− 14 −

(6) Assumption for Going Concern

N/A(7)Information Concerning Dividend Payment(dividend payment in this quarter)(Resolution)

Stock type

General meeting of stockholders
on June 24, 2009

Common stock

Total dividend
amountmillions of yen
12,654(8) Significant Changes in Stockholders' Equity

Dividend
per share

Record date

Effective date

Dividend resource

March 31, 2009

June 25, 2009

Retained earnings

yen
8.00

N/A

(9)New Accounting Pronouncements"Business Combinations" (SFAS141(R)) and "Noncontrolling Interests in Consolidated Financial Statements" (SFAS160)
ITOCHU Corporation and its subsidiaries adopt SFAS141(R) and SFAS160 from the quarterly period ended June 30, 2009.
Before the issuance of SFAS141(R) and SFAS160, it had been generally accepted that consolidated financial statements should present the substantial
financial position and result of operations of parent company. However, SFAS141(R) and SFAS160 adopted the other different concept, the view of which isthat consolidated financial statements should reflect the financial position and result of operations of the consolidation group, or organically combined bodyconsisted of parent company and its subsidiaries, with recognition that the consolidated group is an economic entity separate from the parent company.
a. Changes of accounting treatments
1) Changes of accounting treatments of a business combination (SFAS141(R))
Following the above mentioned new concept, SFAS141(R) changes the accounting treatments of a business combination. ITOCHU Corporation and its
subsidiaries apply SFAS141(R) for business combination transactions occurred in and after the quarterly period ended June 30, 2009, therefore changes
the accounting treatments into measuring noncontrolling interests at the fair value as of the business combination date as well as assets and liabilities ofacquiree, and recognition of goodwill attributable to noncontrolling interests in addition to that attributable to stockholders of ITOCHU Corporation.
Further, for every business combination transaction occurred in and after the quarterly period ended June 30, 2009, pre-existing interests which had been
held by the acquirer are remeasured at the fair value as of the business combination date, and difference between fair value and carrying amount of
pre-existing interests are recognized as gain or loss, Gain on investments-net.
2) Changes of accounting treatments of changes in a parent’s ownership interest in a subsidiary under retaining control in the subsidiary (SFAS160)
ITOCHU Corporation and its subsidiaries apply SFAS160 for every change in their ownership interests in their subsidiaries under retaining control in themoccurred in and after the quarterly period ended June 30, 2009, therefore revise the accounting treatments into those as capital transactions without
recognizing any gain nor loss, based on a standpoint that such transactions are just reclassification of ownership between ITOCHU Corporation’s
stockholders and noncontrolling stockholders, both of which are equity holders of the consolidation group.
3) Changes of accounting treatments in a deconsolidation (SFAS160)
In accordance with new concept mentioned above, SFAS160 revises accounting treatments of a deconsolidation. ITOCHU Corporation and its subsidiaries
apply SFAS160 for every deconsolidation occurred in and after the quarterly period ended June 30, 2009, therefore changes the accounting treatments into
not only recognizing gain or loss on disposal for disposed interests as before but also remeasuring remaining interests at the fair value as of the date ofdeconsolidation with recognition gain or loss for difference between the fair value and the carrying amount of the remaining interests.
b. Revision of presentation of consolidated financial statements (SFAS160)
SFAS160 revises presentation formats for consolidated financial statements and requires to present a reporting entity’s financial position and result of
operations including comparative financial statements for the same period of last fiscal year or the end of last fiscal year as follows:
1) Consolidated Statements of Income
Following the above mentioned new concept, SFAS160 adjusts the definition of "Net income" as net income for the consolidation group itself, which
includes net income attributable to noncontrolling interest as well as parent company. Therefore, the quarterly consolidated statements of income format
has been revised in presenting first "Net income" under the new concept, deducting "Net income attributable to noncontrolling interest" (the previous"Minority interests") and displaying the remaining amount as "Net income attributable to ITOCHU" (the previous "Net income").
2) Consolidated Balance Sheets
Following the new concept mentioned above, SFAS160 is issued with a basic policy that Equity in consolidated balance sheets should be presented thatfor the consolidation group itself, that is, equity in subsidiaries contributed from, or to be distributed to noncontrolling interests as well as held by parent
company. Therefore, regarding the quarterly consolidated balance sheets format, the previous "Minority interests" has been renamed as "Noncontrollinginterest" and presented as a component of Equity. (The definition of "stockholders’ equity" is unchanged even after adoption of SFAS160. That is,"Common stock", "Capital surplus", "Retained earnings", "Accumulated other comprehensive income (loss)" and "Treasury stock, at cost" displayed ascomponents of "Total ITOCHU's stockholders' equity" present respective amount attributable to the stockholders of ITOCHU Corporation, while in"Noncontrolling interest" total of subsidiaries’ equity amount attributable to noncontrolling interests is presented without disaggregating into eachcomponent.
3) Consolidated Statements of Comprehensive Income
According to the new concept, just as well as Net income in consolidated statements of income, "Comprehensive income" in consolidated statements ofcomprehensive income should be presented that for the consolidation group itself. Therefore, regarding the revised quarterly consolidated statements ofcomprehensive income format, "Comprehensive income" shows the entire increase or decrease of each comprehensive income component and thencomprehensive income amount attributable to noncontrolling interests is deducted in "Comprehensive income attributable to noncontrolling interest" andthe remaining amount is presented in "Comprehensive income attributable to ITOCHU".
4) Consolidated Statements of Cash Flows
Consolidated statements of cash flows are considered to display cash flow position as consolidation group itself even previously, however in accordancewith the previous manner, "Net income" before adoption of SFAS160 (that is "Net income attributable to ITOCHU" after adoption of SFAS160) was to bepresented in presentation of Cash flows from operating activities, and accordingly reverse of "Minority interests" was to be included in "Adjustments toreconcile net income". After adoption of SFAS160, the first line in presentation of Cash flows from operating activities should be "Net income" defined in
SFAS160, and accordingly it is no longer necessary to reverse Minority interests (or "Net income attributable to noncontrolling interest").
Such transactions occurred in and after the quarterly period ended June 30, 2009, are classified as Cash flows from financing activities, which werepreviously included in Cash flows from investing activities.

− 15 −

3. Performance of Group Companies
For the three months ended June 30, 2009 and 2008

Components of Consolidated Net Income attributable to ITOCHU【For the three months ended June 30】(Unit: billion yen)
Parent company
Group companies excluding
overseas trading subsidiaries
Overseas trading subsidiaries
Subtotal
Consolidation adjustments
Consolidated net income
attributable to ITOCHU
Earnings from overseas businesses (*)
Share of earnings from overseas businesses

2009
Apr-Jun21.1

2008
Apr-Jun45.1

Increase(Decrease)(24.0)

18.4

52.8(34.5)

1.3
40.8(20.4)

4.0
102.0(39.5)(2.7)(61.2)
19.1

20.4

62.5

(42.0)

9.8

35.3
57%

(25.5)

48%(*) "Earnings from overseas businesses" is the total of net income of overseas trading subsidiaries and overseas group companies, plus net income of overseas branch of parent company
and domestic group companies substantially operating in overseas.

Number of Group Companies
June 30, 2009
March 31, 2009
Net
Changes within Group
Domestic Overseas
Total
Domestic Overseas
Total
Increase
Decreasechanges
Subsidiaries
107
157
264
106
157
263
1
(2)
2
0
1
Equity-method associated companies
71
87
158
70
87
157
6
(3)
(2)
0
1
Total
178
244
422
176
244
420
7
(5)
2
(Note) From this quarter, the criteria to count group companies is changed so that the number of companies directly invested by ITOCHU or its overseas trading subsidiaries
are shown above.
Besides, the following shows the number of companies by the above mentioned method in the same period of the previous fiscal year and in the past two fiscal years end.
June 30, 2008 Subsidiaries:259, Equity-method associated companies:158, Total:417
March 31, 2008 Subsidiaries:261, Equity-method associated companies:163, Total:424
March 31, 2007 Subsidiaries:279, Equity-method associated companies:155, Total:434

Profits/Losses of Group Companies Reporting Profits/Losses(Unit: billion yen)

Profits
29.3

Group companies excluding
overseas trading subsidiaries
Overseas trading subsidiaries
Total

Apr - Jun 2009
Losses(10.9)

1.9
31.3

(0.6)
(11.5)

Total
18.4

Profits
58.8

1.3
19.7

4.4
63.2

Apr - Jun 2008
Losses
(5.9)
(0.4)
(6.3)

Total
52.8
4.0
56.9

Increase (Decrease)
Profits
LossesTotal(29.4)(5.0)(34.5)(2.5)(31.9)

(0.2)
(5.2)

(2.7)
(37.2)

Number/Share of Group Companies Reporting Profits

Subsidiaries

Equity-method associatedcompanies

Total

Domestic
Overseas
Total
Share (%)
Domestic
Overseas
Total
Share (%)
Domestic
Overseas
Total
Share (%)

Apr - Jun 2009
Profits
Losses
63
44
98
59
161
103
61.0%
39.0%
50
21
55
32
105
53
66.5%
33.5%
113
65
153
91
266
156
63.0%
37.0%

Total
107
157
264
100.0%
71
87
158
100.0%
178244
422
100.0%

Apr - Jun 2008
Profits
Losses
81
26
101
51
182
77
70.3%
29.7%
46
24
56
32
102
56
64.6%
35.4%
127
50
157
83
284
133
68.1%
31.9%

Total
107
152
259
100.0%
7088
158
100.0%
177
240
417
100.0%

Increase (Decrease)
Profits
Losses
Total
(18)
18
0
(3)
8
5
(21)
26
5
(9.3%)
9.3%
4
(3)
1
(1)
0
(1)
3
(3)
0
1.9%
(1.9%)
(14)
15
1
(4)
8
4
(18)
23
5
(5.1%)
5.1%

Total
4.6
5.8
10.3
6.1
3.3
9.4
10.7
9.0
19.7

Profits
10.0
32.4
42.3
16.1
4.8
20.9
26.1
37.1
63.2

Apr - Jun 2008
Losses
(1.7)
(2.7)
(4.4)
(0.7)
(1.2)
(1.9)
(2.5)
(3.9)
(6.3)

Total
8.2
29.7
37.9
15.4
3.6
18.9
23.6
33.3
56.9

Increase (Decrease)
Profits
Losses
Total
(1.1)
(2.6)
(3.7)
(22.0)(1.9)(23.9)(23.1)(4.6)(27.6)
(8.1)
(1.1)
(9.3)
(0.7)
0.5
(0.3)
(8.9)
(0.7)
(9.5)
(9.2)
(3.7)
(12.9)(22.7)(1.5)(24.2)(31.9)(5.2)(37.2)

Profits/Losses of Group Companies Reporting Profits/Losses(Unit: billion yen)

Subsidiaries
Equity-method associatedcompanies
Total

Domestic
Overseas (**)
Total
Domestic
Overseas
Total
Domestic
Overseas
Total

Profits
8.9
10.4
19.3
8.0
4.0
12.0
16.9
14.4
31.3

Apr - Jun 2009
Losses
(4.3)
(4.6)
(8.9)
(1.9)
(0.7)
(2.6)
(6.2)
(5.3)
(11.5)(**)Results of “Overseas trading subsidiaries” which are included in the above “Overseas” are as follows;
Apr - Jun 2009
Apr - Jun 2008
Increase (Decrease)
Profits
Losses
Total
Profits
Losses
Total
Profits
Losses
Total
Overseas trading subsidiaries
1.9
(0.6)
1.3
4.4
(0.4)
4.0
(2.5)
(0.2)
(2.7)

Major New Group Companies
Business Field
TextileTextileName
MARUKO CO., LTD.
T.KAWABE & CO., LTD.

Country
Japan
Japan

Food

TING HSIN (CAYMAN ISLANDS) HOLDING CORP.

Cayman− 16 −

SharesCategories
Manufacturing and sales of women's underwear
Manufacturing and sales of handkerchiefs
Holding company of food manufacture and sales,( 20.0 %)restaurants, and retail businesses( 26.5 %)( 25.3 %)Performance of Group Companies (Impact of Net Income attributable to ITOCHU)
For the three months ended June 30, 2009 and 2008

Major Group Companies(Unit: billion yen)

Name

SharesJOI'X CORPORATION
TextileSANKEI COMPANY LIMITED
Prominent Apparel Ltd.

(*4) (Hong Kong)

Categories

100.0% Consolidation

2009
Apr-Jun(0.2)

2008
Apr-Jun0.1 Manufacture, retail and sale of men's apparel

90.5% Consolidation(0.3)- Sale of garment accessories

100.0% Consolidation

0.0

0.1 Production control and wholesale of textile and apparel
0.1 Production control and wholesale of textile materials, fabrics and apparel100.0% Consolidation

0.1

ITOCHU CONSTRUCTION MACHINERY CO., LTD.

100.0% Consolidation(0.1)

0.1 Sale and rental of construction machinery

MCL Group Limited(*6) (U.K.)

100.0% Consolidation(0.1)(0.2) Warehousing, retail and financing of motor vehicles

ITOCHU Automobile America Inc.

(U.S.A.)

100.0% Consolidation(0.2)(0.1) Retail, distribution, and trade of motor vehicles

Century Tokyo Leasing Corporation

(*7)

19.0%

(*2)

0.4 Lease, installment sale, business lease and other

(*2)

0.1

ITOCHU TEXTILE (CHINA) CO., Ltd.

Machinery

MethodofConsolidation

Net Income attributable
to ITOCHU (*1)(*5) (China)

Equity52.6% Consolidation

ITOCHU Techno-Solutions Corporation

Sale and maintenance of computer network systems, customized development ofsoftware, data center service, and support

Excite Japan Co., Ltd.

58.8% Consolidation(*2)(0.1) Providing services of Internet information

ICT,
ITC NETWORKS CORPORATION
Aerospace& Electronics
NANO Media Inc.
(*3)

60.7% Consolidation

0.4

0.3 Sale of mobile phone units, mobile phones related solution business

Energy,Metals& Minerals

51.3% Consolidation(*2)

0.0 Content publishing, mobile site operation and application development

SPACE SHOWER NETWORKS INC.

50.8% Consolidation

0.0

0.0 Music channel on cable/satellite television

ITOCHU Sanki Corporation

100.0% Consolidation

0.0

0.0 Import/Export and domestic sale of industrial machinery

JAMCO Corporation

33.3%

Equity(*2)(0.1) Maintenance of aircraft and manufacture of aircraft interior

SUNCALL CORPORATION

25.6%

Equity0.0

0.1

ITOCHU Metals Corporation

100.0% Consolidation

0.1

ITOCHU Petroleum Japan Ltd.

100.0% Consolidation

0.5

ITOCHU ENEX CO., LTD.
ITOCHU Minerals & Energy ofAustralia Pty Ltd
ITOCHU Oil Exploration (Azerbaijan) Inc.

52.3% Consolidation(*2)

0.6 Wholesale of petroleum products and high-pressure gas(*8) (Australia)

100.0% Consolidation

6.6

15.2

(Cayman)Investment in projects of iron ore, coal and bauxite mining, manufacture ofalumina and oil exploration

100.0% Consolidation

0.5

12.4 Exploration and production of crude oil and gas

50.0%

0.7

4.7 Import/Export and wholesale of steel products

ITOCHU Kenzai Corp.

86.9% Consolidation(0.3)

0.0 Wholesale of wood products and building materials

ITOCHU Pulp & Paper Corp.

100.0% Consolidation

0.1

0.1 Wholesale of paper, paperboards and various paper materials

Equity99.8% Consolidation

0.4

0.4 Wholesale of fine chemicals and related raw materials

100.0% Consolidation

0.4

0.6 Wholesale of plastics and related products

93.2% Consolidation

1.0

0.2 Manufacture and sale of plastic products

DAIKEN CORPORATION

20.5%

Equity(0.2)

0.0 Manufacture and sale of building materials

TAKIRON Co., Ltd.

27.1%

Equity(*2)

0.0 Manufacture, processing and sale of plastic products

ITOCHU SHOKUHIN Co., Ltd.

50.8% Consolidation(*2)

0.0 Wholesale of foods and liquor

NIPPON ACCESS, INC.

69.8% Consolidation(*2)

0.6 Wholesale and distribution of foods

Yoshinoya Holdings Co., Ltd.

21.0%

Equity0.0

0.0 Wide-ranging operation of food service businessJapan Foods Co., Ltd.

34.8%

Equity0.1

0.1 Production on consignment and sale of soft drinks

Fuji Oil Co., Ltd.

25.6%

Equity(*2)

0.5 Integrated manufacturer of cooking oil and soybean protein

FamilyMart Co., Ltd.

31.3%

Equity1.2

1.5 Operation of a convenience store chain

Prima Meat Packers, Ltd.

39.8%

Equity(*2)

0.5 Production and sale of meat, ham, sausage and processed foods

ITOCHU Finance Corporation

99.1% Consolidation(0.1)

0.2 Loan and other finance-related business

59.2% Consolidation

0.1

0.1 Headquarters of real estate franchise system(*9)

Finance,
CENTURY 21 REAL ESTATE OF JAPAN LTD.
Realty,Insurance FX PRIME Corporation& Logistics i-LOGISTICS CORP.
Services

55.0% Consolidation

0.0

0.3 Foreign exchange margin trade(*9)

94.9% Consolidation

1.8

0.0 Comprehensive logistics services

(*10)

32.5%

Equity0.4

1.6 Consumer credit

eGuarantee, Inc.

31.7%

Equity0.0

0.0 B to B credit guarantee service

Century Medical, Inc.

100.0% Consolidation

0.1

0.1 Import and wholesale of medical equipment and materials(*11) (U.S.A.)

100.0% Consolidation(0.3)

0.9 U.S. trading subsidiary(*6) (U.K.)

100.0% Consolidation(0.2)(0.3) Europe trading subsidiary(*4) (Hong Kong)

100.0% Consolidation

0.4

0.6 Hong Kong trading subsidiary(*5) (China)

100.0% Consolidation

0.3

0.9 China trading subsidiary(*8) (Australia)

100.0% Consolidation

0.2

0.7 Australia trading subsidiary

Orient Corporation

Other

1.8 Investment in companies of trade of crude oil and petroleum products

Marubeni-Itochu Steel Inc.

Chemicals,
Forest
ITOCHU CHEMICAL FRONTIER Corporation
Products
ITOCHU PLASTICS INC.
& General
Merchandise C. I. Kasei Co., Ltd.

Food

Manufacturing and sale of optical communication devices,
electronic devices and assembly
Import/Export and wholesale of non-ferrous/light metals and recycle business0.4
mainly in metal products

ITOCHU International Inc.
ITOCHU Europe PLC.

Overseas
trading
ITOCHU Hong Kong Ltd.
subsidiaries

ITOCHU (China) Holding Co., Ltd.
ITOCHU Australia Ltd.

(*1) Net income attributable to ITOCHU is the figure after adjusting to U.S. GAAP, which may be different from the figures each company announcement.
(*2) Refer to the results announced by each corresponding company, as their announcement dates are on and after ITOCHU's announcement date of the first quarter of Fiscal Year 2010.
(*3) As of April 1, 2009, Aerospace, Electronics & Multimedia Company was renamed to ICT, Aerospace & Electronics Company.
(*4) The above figure of ITOCHU Hong Kong Ltd. includes 40.0% of that of Prominent Apparel Ltd. and 30.0% of that of ITOCHU Finance (Asia) LTD.
(*5) The above figure of ITOCHU (China) Holding Co., Ltd. includes 40.0% of that of ITOCHU TEXTILE (CHINA) CO., Ltd.
(*6) The above figure of ITOCHU Europe PLC. includes 8.6% of that of MCL Group Limited and 20.0% of that of IPC EUROPE LTD.
(*7) As of April 1, 2009, Century Leasing System, Inc. and Tokyo Leasing Co., Ltd. were merged to be newly named as Century Tokyo Leasing Corporation.
(*8) The above figure of ITOCHU Australia Ltd. includes 3.7% of that of ITOCHU Minerals & Energy of Australia Pty Ltd.
(*9) C. I. Kasei Co., Ltd. and i-LOGISTICS CORP. have been acquired in this quarter. The above figures of these two companies include the profit (See Note 2, page 5) resulting
from the obtaining control.
(*10) The above figure of Orient Corporation includes the related tax effect.
(*11) The above figure of ITOCHU International Inc. includes 80.0% of that of PrimeSource Building Products, Inc.

− 17 −

Performance of Group Companies (Impact of Net Income attributable to ITOCHU)
For the three months ended June 30, 2009 and 2008
Major Group Companies Reporting Profits(Unit: billion yen)Name

Segment(*13)

SharesNet Income attributable to
ITOCHU (*1)

2009
Apr-JunReasons for Changes

Increase
2008
Apr-Jun (Decrease)[Domestic subsidiaries]
i-LOGISTICS CORP.

(*9)

Fin

94.9%

1.8

0.0

1.8 Increase due to profit (See Note2 in page 5) resulting from obtaining control in this quarter

C. I. Kasei Co., Ltd.

(*9)

Che

93.2%

1.0

0.2

0.8 Increase due to profit (See Note2 in page 5) resulting from obtaining control in this quarter

ITOCHU Petroleum Japan Ltd.

Ene

100.0%

0.5

1.8(1.3) Decrease due to decreased profit from crude oil trade along with poor market prices

ITOCHU Oil Exploration Co., Ltd.

Ene

98.3%

0.4

0.1

0.3 Increase due to increase in dividends received from SODECO

ITOCHU PLASTICS INC.

Che

100.0%

0.4

0.6(0.2) Decrease due to decrease demand for materials of cars, electronics, and semiconductors

ITOCHU CHEMICAL FRONTIER Corporation

Che

99.8%

0.4

0.4

(0.1) Decrease due to poor material demand of polymer and acrylic as well as declined market prices

ITC NETWORKS CORPORATION

Ict

60.7%

0.4

0.3

0.1 Increase due to sales volume increase arising from business expansion(*8) (Australia)

Ene

100.0%

6.6

15.2(8.7) Decrease due to reduction of sales volume in iron ore and price falls in metal resources(*12) (Singapore)Ove

100.0%

0.5

0.5

0.0 Almost the same level due to steady performance in chemicals in Asia(*11) (U.S.A.)

Che

100.0%

0.5

1.4

(0.8)

ITOCHU Oil Exploration (Azerbaijan) Inc.

(Cayman)Ene

100.0%

0.5

12.4(12.0) Decrease due to reduction of sales volume and lower oil price

IPC EUROPE LTD.

(*6) (U.K.)

Ene

100.0%

0.5

0.0

0.5 Increase due to good trade related businesses

ITOCHU Finance (Asia) LTD.

（*4) (Hong Kong)

Fin

100.0%

0.4

0.0

0.3 Increase due to distribution from liquidation of a fund for China bloc

ITOCHU Hong Kong Ltd.

（*4) (Hong Kong)

Ove

100.0%

0.4

0.6(0.2) Decrease due to reduced profit from textile related business

ITOCHU Plastics Pte., Ltd.

(*12) (Singapore)Che

100.0%

0.4

0.2

0.2 Increase due to strong demand for general-purpose plastic in China.

（*5) (China)Ove

100.0%

0.3

0.9

(0.6)

（*8) (Australia)

Ove

100.0%

0.2

0.7

FamilyMart Co., Ltd.

Fod

31.3%

1.2

1.5

(0.2)

Marubeni-Itochu Steel Inc.

Ene

50.0%

0.7

4.7

(4.0) Decrease due to reduced demand for steel products in and out of Japan

Fin

32.5%

0.4

1.6

(1.3)

Ene

35.0%

0.3

0.1

0.2 Increase due to improved exchange gain/loss on foreign currency

Fod

20.0%

0.5

-

0.5 Equity pick-up has been started from this quarter[Overseas subsidiaries]
ITOCHU Minerals & Energy of Australia Pty Ltd
ITOCHU Singapore Pte, Ltd.
PrimeSource Building Products, Inc.

ITOCHU (China) Holding Co., Ltd.
ITOCHU Australia Ltd.

Decreased sales and gross trading profit due to the slowdown in housing market in North
America

Decrease due to poor transactions in chemicals related to cars and electronics, and in non-ferrous
materials
Decrease due to reduced profit from ITOCHU Minerals & Energy of Australia Pty Ltd (See(0.4)
above)[Domestic equity-method associated companies]

Orient Corporation(*10)

Japan Ohanet Oil and Gas Co., Ltd.

Decrease due to impairment loss of stores despite the steady growth in daily sales and number ofcustomers

Decrease due to decreased gain on sales of investment in the same period of the previous fiscal
year in addition to profit decrease resulting from reduced loan balance[Overseas equity-method associated companies]
TING HSIN (CAYMAN ISLANDS) HOLDING CORP.

(Cayman)

Major Group Companies Reporting Losses(Unit: billion yen)
Net Income attributable to
ITOCHU (*1)

NameReasons for Changes

Segment(*13)

Shares

Fin

99.9%

(0.8)

SANKEI COMPANY LIMITED

Tex

90.5%

(0.3)

-

ITOCHU Kenzai Corp.

Che

86.9%

(0.3)

0.0

(0.3) Decrease due to poor domestic housing market

2009
Apr-Jun2008
Increase
Apr-Jun (Decrease)[Domestic subsidiaries]
ITOCHU Property Development, Ltd.

1.9

Decrease due to the absence of a large-scale condominium sale recorded in the same period of
the previous fiscal year
Loss from poor market prices in apparels, and from temporary expense associated with moving(0.3)
of the headquarters(2.6)[Overseas subsidiaries]
ITC Nuclear Fuel Service (Cayman) Ltd.

(Cayman)Ene

100.0%

(1.2)

(0.3)

(0.8) Decrease due to worsened sales profit resulting from declining uranium market prices

ITOCHU Petroleum Co., (Hong Kong) Ltd.

(Hong Kong)

Ene

100.0%

(0.8)

(0.1)

(0.7) Decrease due to worsened sales profit resulting from declining uranium market prices

ITOCHU International Inc.

(*11) (U.S.A.)

Ove

100.0%

(0.3)

0.9

(1.2)

(U.S.A.)

Ene

100.0%

(0.3)

(0.0)

(0.2) Worsened due to low prices in oil and gas（*6) (U.K.)

Ove

100.0%

(0.2)

(0.3)

0.0 Almost at the same level due to low performance in machinery and chemicals(U.S.A.)Mac

100.0%

(0.2)

(0.1)

(0.1) Worsened due to poor car sales resulting from recession in the U.S.

Che

25.9%

(0.3)

1.0

(1.3) Decrease due to price fall in pulp

CIECO Energy (US) Limited
ITOCHU Europe PLC.
ITOCHU Automobile America Inc.

Decrease due to low performance in housing materials, construction machinery, and equipment
material businesses[Domestic equity-method associated companies]
Japan Brazil Paper and Pulp Resources Development Co., Ltd(*12) The above figure of ITOCHU Singapore Pte, Ltd. includes 30.0% of that of ITOCHU Plastics Pte., Ltd.
(*13) Tex : Textile, Mac : Machinery, Ict : ICT, Aerospace& Electronics, Ene : Energy, Metals & Minerals, Che : Chemicals, Forest Products & General Merchandise, Fod : Food,
Fin : Finance, Realty, Insurance & Logistics Services, Ove : Overseas trading subsidiaries
Note : Please refer to the below of page 17 for detail of (*1)-(*11)− 18 −

4. Quarterly Information on Consolidated Operating Results
Consolidated Statements of Income

Revenue(Unit: billion yen)

Fiscal Year 2009 ended March 31, 2009
1Q
2Q
3Q
4Q
Total
728.9
767.9
1,033.2
889.2
3,419.1

Fiscal Year 2010 ending March 31, 2010
1Q
2Q
3Q
4Q
Total
767.2
767.2

Gross trading profit

247.7

294.4

282.5

236.0

1,060.5

206.3

206.3

Selling, general and administrative expenses(178.9)(186.5)(204.7)(198.0)(768.1)(189.4)(189.4)

Provision for doubtful receivables(0.7)(11.7)

(0.1)

(4.2)

(16.7)

(3.9)

(3.9)

Interest income

4.4

3.9

4.2

3.6

16.3

2.5

2.5

Interest expense(11.8)(11.1)(11.8)(11.0)(45.7)

(9.0)

(9.0)

Dividends received

10.4

7.5

9.3

7.9

35.0

5.9

5.9

Gain (loss) on investments-net

5.9

(0.9)

(18.6)(9.5)(23.1)

2.8

2.8

Gain (loss) on property and equipment-net

1.1

(1.9)

(34.3)(10.3)(45.4)

2.3

2.3

Other-net
Income before income taxes andequity in earnings of associated companies

(2.2)

(0.3)

(7.1)

5.1

(4.5)

10.8

10.8

75.9

93.4

19.4

19.6

208.3

28.4

28.4

(31.3)(30.2)

(8.8)

(2.5)

(72.8)(15.9)(15.9)

44.6

63.2

10.6

17.1

135.5

12.5

12.5

Equity in earnings (losses) of
associated companies

18.9

16.0

15.7

(9.4)

41.3

9.4

9.4

Net income

63.5

79.2

26.3

7.8

176.8

21.9

21.9

Net income attributable tothe noncontrolling interest

(1.0)

(2.6)

(2.8)

(5.1)

(11.4)

(1.4)

(1.4)

Net income attributable to ITOCHU

62.5

76.7

23.6

2.7

165.4

20.4

20.4

Income taxes
Income before equity in earnings (losses) of
associated companies

Segment Information(Unit: billion yen)

Fiscal Year 2009 ended March 31, 2009
1Q

2Q

3Q

4Q

Fiscal Year 2010 ending March 31, 2010
Total

1Q

2Q

3Q

4Q

Total

TextileGross trading profit
Net income attributable to ITOCHU
Machinery
Gross trading profit
Net income attributable to ITOCHU
ICT, Aerospace & Electronics
Gross trading profit
Net income attributable to ITOCHU
Energy, Metals & Minerals
Gross trading profit
Net income attributable to ITOCHU
Metals & Minerals
Gross trading profit
Net income attributable to ITOCHU
EnergyGross trading profit
Net income attributable to ITOCHU

21.8
9.8

25.1
3.4

27.4
3.1

28.3
6.6

102.6
22.9

20.4
0.8

20.4
0.8

20.4
0.8

24.9
2.8

21.5
(6.7)

5.0
(12.5)

71.9(15.5)

11.5
(0.4)

11.5
(0.4)

28.2
0.9

32.8
1.0

33.0
0.7

44.8
5.4

138.9
8.0

28.7
(0.6)

28.7
(0.6)

43.2
32.3

68.2
54.1

72.9
16.3

37.9
12.0

222.3
114.7

25.1
5.6

25.1
5.6

23.4
19.4

53.9
43.6

22.3
17.1

11.1
3.7

110.7
83.8

9.9
5.9

9.9
5.9

19.9
12.9

14.3
10.6

50.6
(0.9)

26.8
8.3

111.6
30.9

15.2
(0.3)

15.2
(0.3)

29.7
5.2

35.2
8.0

26.9
5.0

22.4
0.8

114.3
19.0

23.6
2.2

23.6
2.2

16.3
1.6

20.8
4.3

16.7
5.1

12.2
1.0

66.0
12.0

9.9
(0.6)

9.9
(0.6)

13.5
3.6

14.4
3.7

10.1
(0.1)

10.3
(0.2)

48.3
7.0

13.7
2.8

13.7
2.8

80.6
5.7

89.2
6.8

85.9
6.1

79.9
1.7

335.6
20.2

82.5
13.0

82.5
13.0

Chemicals, Forest Products & General Merchandise

Gross trading profit
Net income attributable to ITOCHU
Forest Products & General Merchandise
Gross trading profit
Net income attributable to ITOCHU
Chemicals
Gross trading profit
Net income attributable to ITOCHU
Food
Gross trading profit
Net income attributable to ITOCHU
Finance, Realty, Insurance & Logistics Services

Gross trading profit
12.7
9.9
10.7
8.8
42.0
7.9
Net income attributable to ITOCHU
2.3
4.3
(2.8)
(5.1)
(1.2)
2.0
Finance, Insurance & Logistics Services
Gross trading profit
5.5
6.2
5.4
5.1
22.3
4.7
Net income attributable to ITOCHU
1.2
2.6
(1.7)
(6.6)
(4.4)
2.5
RealtyGross trading profit
7.2
3.6
5.2
3.8
19.8
3.1
Net income attributable to ITOCHU
1.1
1.7
(1.1)
1.5
3.2
(0.5)
Other, Adjustments & Eliminations
Gross trading profit
11.0
9.0
4.2
8.8
33.0
6.7
Net income attributable to ITOCHU
5.4
(3.7)
1.7
(6.2)
(2.8)
(2.2)
Note:
From this first quarter, SFAS160 has been applied. For detail, please refer to "New Accounting Pronouncements" on (9), page 15.
Complying with the requirement of SFAS160, some of the figures of fiscal year 2009 ended March 31, 2009 (for each quarter) are retroactively adjusted.

− 19 −

7.9
2.0
4.7
2.5
3.1
(0.5)
6.7
(2.2)