Hello, everyone. This is Keita Ishii, President and COO. Thank you very much for joining us today despite the bad weather. First of all, I will briefly explain the outline of the financial results for the first half of fiscal 2022, and then Mr. Hachimura, CFO, will explain the details. Now please refer to the slide presentation of the financial results that we disclosed. Please refer to page two for the summary of the financial results for the first half. The consolidated net profit for the first year reached record high of JPY 500.6 billion, the highest ever for the first half of the fiscal year, even approaching the full year high of JPY 501.3 billion for fiscal 2020. The historic first half financial results were excellent.
In the first half of the fiscal year, there were factors such as the historic soaring prices of iron ore and realization of extraordinary gains concentrated during the first half. In addition to the recovery of overseas business following the resumption of economic activities in China, Europe, and the United States, the current situation is the result of steady accumulation of efforts based on the principle, Kasegu, earn, cut, and prevent. We believe that we have achieved very well-balanced earnings growth by steadily increasing core profits in consumer and lifestyle business, basic industries, and natural resources segments. In addition, based on the results of the first half, we have revised our full year forecast for consolidated net profit upwards to JPY 750 billion.
As a company with strength related to the area of domestic consumption, we will secure JPY 750 billion in light of the recovery in domestic consumption due to the lifting of restrictions on activities and will steadily proceed with our business operation aiming for further accumulation profit in the second half. This year, against the backdrop of the recovery of overseas economy overcoming the impact of COVID-19, China, led by China and other countries, unexpected, soaring of resources prices, actual numbers of business result of general trading, business sector, became significantly favorable. In terms of how to make money, however, I think the differences among companies have become more apparent. Our company's basic policy is to build up our business in the non-resource field, which has been our strength.
We place a great importance on strengthening and involving a well-balanced and stable earning base steadily. In the first half of the year, I believe we have been able to make a steady growth and evolve the business that is typical to ITOCHU, which is what we're aiming for. In particular, ICT, a financial business company which our peers do not have, has been working for digitalization of the world as a pioneer and is making inroads into the fields of mobile communications, IT systems, and fintech. The company has the momentum to jump up to the number one company in our non-resource business sector with its annual profit after tax of JPY 100 billion. We aim to make company grow so that it can become a major source of stable earnings for non-resource businesses.
I will explain about the status of Descente, the core operating company of the textile company. We took a strategy to increase our stake through additional purchase, which was rather challenging. The first successful hostile TOB in the Japanese securities markets was realized. It became a historic case that pioneered hostile TOBs that have been carried out in large numbers since the success of TOB. We are undergoing a transformation from Korea-focused profit structure, which had been a management issue, into a balanced profit structure focusing Japan, China, and Korea. For a chronically loss-making Japanese business, Descente brand was renewed, resulting in a launch of many new products that have been well-received by customers. We have improved the brand value and have already achieved profitability.
In addition, in China business, the new Descente China was launched, coordinating a partnership with Anta, a leading global sportswear company in China. Business performance has grown significantly and is now achieving rapid growth beyond the plan. Through those initiatives, we have realized a well-balanced profit structure with these pillars, and a new Descente China has stood at the starting line, aiming for further growth trajectory. Regarding the outlook for net profit, the current fiscal year, Descente have already announced two revisions upwards. As a result of those measures, the share price rose from JPY 2,800 at the TOB price to an all-time high at present. In this way, we are achieving remarkable improvements in the enterprise.
Also, we have announced our new dividend policy for the current midterm management plan in response to various comments we have received from the market regarding shareholders' returns. Please refer to page nine of the material. The dividend per share for the current fiscal year will be JPY 110, an increase of JPY 22 from the previous year. This will be the minimum limit. In addition, the progressive dividends during the medium-term management plan will be clarified again, and the lower limit of JPY 120 per share will be committed for fiscal 2023. The lower limit of JPY 130 will be paid in fiscal 2024 as a step up minimum dividend. Furthermore, we're committed to achieving a dividend payout ratio of 30% in the final year of the midterm management plan.
Regarding shareholder returns, we have been receiving comments from the market whether our payout ratio is behind others. We have been discussing this issue in depth internally. The new dividend policy shows our willingness to sincerely listen to the voices from the market. We clarified the path towards a payout ratio of 30%. There is no change whatsoever in our concept of linking shareholder returns to the enhancement of enterprise value from a midterm to a long-term perspective. Regarding the status of our initiatives of thermal coal interest following the sale of Drummond Coal Mine, a large thermal coal interest, we have recently decided to sell Ravensworth North Coal Mine, another thermal coal interest in Australia. Currently, efforts discussed at COP26 towards a decarbonized society will continue to accelerate going forward.
With these new values, I believe the general trading companies must not be bound by immediate profits, but must promote Sampo-yoshi initiatives good for sellers, buyers, and the society, and contribute to the international community and aim for sustainable business and management. I would like to conclude my remarks by stating our strength in non-resources, and our core profits are growing beyond our target. Your expectations will never be betrayed. Thank you for your continued support. Next, Hachimura, CFO, will explain the details.
This is Hachimura, CFO. Thank you for joining us despite the bad weather. I will explain the financial results, the first half results, annual forecast, which was revised upwards, and the revised policy on shareholder returns that Mr. Ishii just explained. Please refer to the overall summary on the second page of the financial summary.
The net profit attributable to ITOCHU, JPY 500.6 billion in the first half, is comparable to JPY 501.3 billion full year, all-time high in fiscal 2020. Also against 2020, pre-COVID-19, the profit grew by 70%. A very favorable result was obtained. The industry as a whole was favorable as well. Here I would like to say that for all the segments, even compared with pre-COVID-19 and after the impact, segments were able to enjoy a better profit. Also non-resources related business accounted for 74% in the first half. We were benefited by the tailwind of soaring resource prices, but non-resources related business was able to attain favorable level of, profit at around 70%, which is record high.
Also, the extraordinary gain was JPY 122 billion, which was all-time high. The core profit without extraordinary gain amounted to JPY 378.5 billion. Resource-related business was favorable, and there was extraordinary gain, but all the segments were able to overcome the effect of pandemic and were able to post profit, especially in metals and minerals, general products and realty, ICT and financial business. Machinery posted highest profit. There are many asterisks here. One asterisk means that compared with any half year, first or second, the figure was a record high. Two asterisks means that as the first half of the year, the figure was the highest. Moving on to page 21, the replacement of assets will be referred to.
As you see here, on a gross basis, JPY 155 billion of major investment was made, while exits were JPY 237 billion. The net investment amount or the recovery was JPY 82 billion. Recovery is in advance, and there's no change in our policy that we are making active investment, and we have surplus fund so that we will be able to make investment. Large investments are concentrated in the second half. On page six and seven, cash flow and the balance sheet. Because of the favorable operating activities, net cash inflow was JPY 400 billion. Because of the inflow of the cash through recovery, we have surplus cash in hand. As a result, net interest-bearing debt has declined by JPY 300 billion from the end of last fiscal year.
Also, because of the high level of profit, the total shareholders' equity has increased by JPY 450 billion, as is shown by the asterisks. Compared with the Zaibatsu group companies, our ratio of shareholders' equity to total asset was said to be inefficient. We have the target of achieving JPY 4 trillion and 30% ratio of shareholders' equity, but we are moving steady towards that objectives. About our net DER on mid to long-term basis, our target was 0.7-0.8 time , and net DER now is at 0.61 times the best possible level. On mid and long-term basis, ROE was targeted at 13%-16%. After-tax profit was extremely favorable. It is likely that in fiscal year-end, ROE may be quite high. Page three gives detailed descriptions of all the segments. I'm not going into details.
The largest contribution was made by the Metals & Minerals, supported by high resource prices and soaring prices of iron ore in the business in North America. The second was General Products & Realty. There was a gain on sale of Japan Brazil Paper and Pulp Resources Development. Building material business in North America was extremely strong. The European Tyre-related company, ETEL, was positive, and also pulp business in Europe as well. The third is ICT & Financial Business, including CTC, digital transformation covering wide area, and also expansion in the services of 5G. This is a company which is approved to conduct fund management. They were able to produce good result. PayPal's large-scale acquisition was made, so there was a gain on sale of Paidy reflected on PL. The fourth is the eighth company.
FamilyMart is commemorating 40th anniversary, and they're now shifting their direction. The daily sales of FamilyMart is recovering, and partial gain on sale of Taiwan FamilyMart is included in JPY 50.5 billion. The fifth is the machinery business, JPY 45.5 billion, record high. Sales in Yanase has been extremely strong in dealer sector, and exports from Japan was quite positive, and shipping business was quite strong. The sixth is food. Although the contribution may not be significant, the grain business in North America, elevator business, were quite strong, and also wholesale business in Japan has returned. NIPPON ACCESS is a wholesale business having transaction with GMS, convenience stores and drugstores. Their business transactions has returned. Dole is making a recovery from last year. In the first half of the year, they're showing positive figure.
Next is energy and chemicals. Based upon the increase in crude oil price, it seems to be rather conservative, and there was a temporary loss from a fair value of futures transactions. Supported by the increase in crude oil prices, as our vision is positive, and also dividend is increasing, and a chemical transaction is quite strong. As for textiles, finally, we're able to hit the bottom. Cutting the cost is showing effectiveness, and as was mentioned by Mr. Ishii, shown by Descente business, the textile business is making a recovery. The apparel business is still impacted by COVID-19, but still on the way towards recovery. Annual forecast, page four. Details are mentioned from page 12 to page 20. Roughly speaking, all the segments and companies were examined after the first quarter of initial closing.
As a result, for textiles and food, we have not changed our forecast for profit, but we have revised the figures upwards by JPY 200 billion in total for other segments. We have set the target at JPY 750 billion. The first is Metals & Minerals, supported by soaring iron ore. In ICT financial business, JPY 30 billion. General Products & Realty, JPY 27 billion. Machinery, JPY 12 billion. The eighth company JPY 18 billion, and others, JPY 31 billion. This included JPY 30 billion of buffers. Actually, this JPY 30 billion was reallocated among all the segments. In the revised forecast, JPY 81 billion, and does not include the buffer of CITIC and CPP business performance, JPY 31 billion is included.
In the annual forecast, a non-resource business is scheduled to account for 74%, and this is the same as the first half. For the resource prices, demand supply situation may be improved. Our concept is to have conservative view towards the second half. Our concept is to let the favorable business continue with Metals & Minerals. The assumption for the revision to JPY 750 billion are that a yen getting weaker by JPY 5 from JPY 105 to JPY 110 . For U.S. dollar interest rate, this is 3 Month LIBOR , increased by 0.2% from 0.3% to 0.5%. Brent oil price to be $75.
For iron ore, we cannot disclose the details because of the agreement with the partners, but we're looking at lower prices than the current price. For extraordinary gain and loss in the first half, please come back to page two. In the middle, it says JPY 122 billion in the first half. In the second half, we're looking at a JPY 2 billion yen increase to JPY 124 billion for the full year. In the second half of the year, each company has major investment projects in the pipeline. This week, we have three meetings of investment and consultative committees. We have so many things to discuss. We will be making a decision on each case. We are not going to relax our policy and expand the views towards possible investment.
The balance between the first half and the second half, in the second half of the year, it seems that the figure is lower by JPY 250 billion. In the first half of the year, extraordinary gain of JPY 120 billion was there. Excluding the buffer, this is conservative by JPY 100 billion. The resource price may decline, and we are having a conservative view towards the business activities of each company. Therefore, we are rather conservative in terms of the figures for the second half. Lastly, I would like to refer to dividend policy once again. As Mr. Ishii mentioned, FY 2022, our plan was to have JPY 94 per share and JPY 16 increase to JPY 110. In 2024, we will make a commitment that our payout ratio will be 30%.
We made commitment to increase its dividend for nine consecutive years. At the time of Brand-new Deal announcement in 2017, we have shown you our dividend policy, and we would like to make a return to the shareholders by raising the dividend. Since then, we have been accumulating dialogue with shareholders, stakeholders, and others. Relatively speaking, we receive a comment that our payout ratio may be lower. Also, towards our growth projection, we receive a comment from the market that it is not quite clear, and we may not have confidence in making that growth. Based upon this economic environment and COVID-19 impact, it is rather difficult to make a commitment to the bottom line. The management is making a commitment to make a step up dividend.
In order to make sure that we will have the stage of JPY 600 billion, we are making every effort. However, the market has a view that it is not enough in convincing them. In order for the market to understand our level of commitment, we will raise the minimum limit of the dividend from JPY 110 to JPY 120 and JPY 130. It is going to be JPY 650 billion, I suppose, dividend is JPY 130 per share. More than your calculation on our part with regards to our future growth, we're confident enough.
Even there is a distraction from our plan, at least over the next three years, we will make a shareholders return, and we will make every commitment that this step up dividend payment will be implemented. With regards to our financial policy, I've been stating that three balances would be very important. Investment for growth, shareholders returns, and debt control. There's no change in the major concept. Free cash flow should be positive after deducting shareholders returns. Through growth every year, EPS will grow. Suppose this year we achieve JPY 750 billion, EPS will be as low as JPY 500. In 3-year span, it was JPY 200 in the midterm plan one before last and next JPY 300. With stable increase, we believe that we'll be able to attain JPY 600 billion.
Our concept is to show the market that we are attaining steady growth. That is the basis of our financial policy.