This is Tsuyoshi Hachimura, CFO of ITOCHU Corporation. Thank you very much for joining us. I would like to be brief as much as possible. There are 4 points that I'd like to communicate to you. First is the business results up to Q3. Second, this time we have made upward revisions. I'd like to talk about that. The 3rd is about the shareholder return. We continue to buy back our shares. I'd like to explain the background and futures. Number 4, the other day, there was announcement of the positive watch for upgrades. I'd like to talk about our financial status.
I will be using the PowerPoint presentation material, which is available from our website. Please turn to page 3. This is a summary of financial results. 9-month net profit attributable to ITOCHU was JPY 678.9 billion, up 86% year-on-year.
This was higher than the annual record. In November, we made upward revision, and compared to JPY 750 billion, this was the progress rate of 91%. Especially in Q3, the iron ore price has come down, but stayed at high level. With the high price of the oil and gas, there was a strong resource-related business, but we have a very well-balanced non-resource centric defensive portfolio. The percentage of the resource sector business stays at 25%. In general products and realty, the ICT financial business, and the machinery, and in all other segments, we achieved year-on-year growth and a record high number in Q3. Talking about extraordinary gains and losses, which are shown on page five. Up to Q3, the total amount of 9-month total extraordinary gains and losses was JPY 129 billion.
At the end of the 1st half, I mentioned that there are no major ones in 2nd half. If you look at the Q3 extraordinary gains and losses, as you see at the bottom, this was JPY 7 billion. Major ones, there are 3 points. First is the, again, from the change in ownership ratio of the lithium ion batteries company. This is 24M. This gain is included. Also revaluation gain due to the conversion of mega solar companies into consolidated subsidiaries in ITOCHU ENEX, which was JPY 1.5 billion. Also the gain on sale of fixed assets in ITOCHU Techno-Solutions, JPY 1.5 billion. Total of JPY 7 billion. If you look at 9-month core profit, this was JPY 550 billion, which was the record high number. I'm back on page 3. I would explain this later.
Now, JPY 678.9 billion, based on the revised forecast, this was 83% progress. The JPY 550 billion, that is the core profit, this was about 80% of the revised forecast of JPY 686 billion. The ratio of the group companies reporting profits was 87.1%, close to the record high. A core operating cash flow with the very strong operating revenues was JPY 612 billion, which was a record high. On the next page, we have the segment results. Let's take a look at the percentage of the non-resource business. As you can see, the third bar from the right, this shows the Q1, Q3 results. You see the non-resource percentage is 75%.
Based on our revised forecast, we have reviewed some of the resource-related business, but still the percentage of non-resource is 72%. Based on that, let me talk about the very strong cash flow on page 6. In Metals and Minerals, the IT, machinery and energy & chemicals companies operating revenues showed stable performance, and cash flow from operating activities was JPY 572 billion. The natural resources and commodity prices were high, and through the active operating activities, the receivables and inventories were high, so working capital increased. Excluding that, the core operating cash flow was JPY 612 billion, which was all-time high. Right below there, you see the net investment cash flow, which was JPY 73 billion. This is an exit. If you turn to page 21, it shows the investments. On the right-hand side, we are showing the 9-month results.
In Q3, the major investments include, at the top, investment in Nishimatsu Construction. This is a partnership, and the more than 10% equity or share were obtained. Cash flow out of JPY 14.7 billion. The major ones include in the ICT and financial business, the investment in the SilverSky, which is the information security company, and also ITOCHU ENEX related investment. This is solar power related. The total major new investment in Q3 was JPY 90 billion, including new investment of JPY 44 billion and CapEx of JPY 46 billion. Exit in Q3 was JPY 81 billion. The major ones include the PayPal acquisition of Paidy, and for us it was the exit of JPY 48.9 billion. There was also a sale of data center of CTC. JPY 81 billion exit.
In terms of the net, Q3 investment was a cash out of JPY 9 billion. Up to Q2, we had the major cash in. Nine-month results was JPY 73 billion. Based on that, let's look at the balance sheet on page 7. Under those circumstances, the shareholders' equity was JPY 3,936.7 billion, which is close to JPY 4 trillion. That I believe is the transitional point. Steadily, we are enhancing our financial position, and we are showing good results. As of now, there are some changes in the FRB policies and there are uncertainties. We have to make sure that we have a good debt control. Net interest-bearing debt was reduced about JPY 300 billion from the end of March, which is at about a JPY 2.3 trillion level.
We need to prepare ourselves for the future changes and fluctuations of the economies. As a result, net DER was the lowest level, which was 0.59x . It does not mean that we are avoiding the leverage, but rather we are making the active investments, but we are handling those investments with cash. DER has come to the low level. The ratio of the shareholders' equity to total assets was 33.5%, which is close to the end of September. If I may talk about the credit rating on page 9. As we improve our financial strength, I have been talking about 3 major balances. First is to invest for the growth, second is to return for the shareholders, and also to control debt. Steadily, we have been implementing those measures in 2017, 2018.
We have come close to the top rating. After 4 years, Moody's announced the positive watch for us. The time period for the positive watch will probably take about a year, but they evaluated our fiscal or financial discipline, and also the ability to generate cash, and also well-distributed balanced portfolio, which is not dependent on the resources. If it's upgraded from A3 positive, this would be the highest rating among trading companies. Next, what I would like to explain is the status of each segment. Going back to page 4. Now, in terms of the contribution, the biggest contribution came from metals and minerals, JPY 180.2 billion. As you know, this was due to the higher iron ore prices and also coal prices, although smaller in volume. It was very strong in EMEA and others.
Marubeni-Itochu Steel showed the strong sales of sheet metal in North America, so they're having the record high numbers. The second major contribution comes from general products and realty, JPY 91.9 billion. There was a gain on sale of Japan Brazil Paper and Pulp. The American, North American construction material business had been strong, and there was a tailwind of pulp price. In Europe, in U.K., tire wholesale and retail business, ETEL, was also strong. That led to JPY 91.9 billion. Very good performance. The third is ICT and financial business, JPY 88.6 billion. The listed company, the CTC, and also one of the characteristic of this business is the fund operation, and there was a revaluation, and also the mobile phone business was strong. Another major point is the machinery, JPY 65.9 billion.
As a machinery business, this is the record-high number. The trend remains the same. Yanase is showing a very strong performance. Automobile-related business also shows strength. Ship-related companies was also strong. In North America, the electricity price went up, and IPP-related business therefore was strong. Some concerns are for aircraft business and aircraft leasing business. Number 5 is energy and chemicals, JPY 64.7 billion. Reflecting the high oil and LNG prices, those have been our tailwind, and trading transactions have been strong. In addition, in chemicals, one of the subsidiaries, the CIPS, the trading business of the chemicals have been solid. The trading business in the United States was strong. In retail, unfortunately, Sanipak, they are struggling because they cannot really reflect the cost to their selling prices.
Number six is the 8th company, mainly FamilyMart, JPY 55.8 billion. In Q3, the daily business improved and the unit price per customer also increased. Steadily, we are seeing the improvement of attractiveness of the products and the stores of FamilyMart. They are recording good performance. We have not yet reached the pre-COVID-19 level, so we are behind, but we are making good progress. As for the 7th, that is food, JPY 44.8 billion. We are making steady improvement in profit. The trading is good. North American grain-related companies are showing strength. Dole business up to Q3 was strong. While at the same time, the pork prices have been high, and also the feed prices are up. The market condition in China has deteriorated somewhat. Prima Meat Packers and also HyLife in Canada are struggling slightly.
Next is Textile, JPY 16.6 billion. The Textile was most affected by COVID-19, but we are making the steady recovery from it. Regal, EDWIN, those brands, the major ones, have turned positive year-on-year. Toward the target of JPY 23 billion, we are making steady improvements. Now, CITIC and others and adjustments, CITIC is showing the stable and good earnings up to Q2, and equity pickup has increased. Also, CP, pork and feed, as I mentioned, the pork prices have been lower in Vietnam and China, and also the chicken prices in China. Due to this, they are struggling somewhat. That's about segment. Based on that, I'd like to talk about the upward revision that we made. Let me explain the background.
In November, we announced the first half results, and we made an upward revision to JPY 750 billion, up JPY 200 billion. I mentioned that we reviewed all segments, and based on the conservative assumptions that is not dependent on the resources, we made a revision. At that time, we had a buffer of JPY 30 billion, which was allocated to each segment. The high, extremely high, natural resource prices will not last forever. There will be adjustment in terms of the supply and demand. We looked at the forecast, and the natural resource prices have gone up in Q3. Iron ore price has come down somewhat, but then went up again. In Q4, as we mentioned that there will be no major items of the extraordinary gains and losses.
In each segment, we are seeing the strength of the businesses. We try to think about to what extent we would revise the forecast. The resource-related businesses are going so well, and also considering the increasing business performance, we have decided to make JPY 70 billion upward revision. Please turn to page 10. This is the changes from the previous forecast. As I mentioned, we have revisited or reviewed the buffer that we allocated to each segment. The biggest impact is the Metals and Minerals, reflecting the higher natural resource prices. Of course, the iron ore and coal prices are not disclosed, but we have looked at the latest numbers, and we have changed this by JPY 27 billion. Next is the General Products and Realty, up by JPY 15 billion.
The construction material business in Japan and abroad are strong. In Europe, the pulp-related business have been benefiting from the tailwind. There are some other minor ones. JPY 15 billion plus. This company is forecasting JPY 105 billion. Next is the energy and chemicals, up by JPY 13 billion. There are some positives in the electricity and others, but the higher oil and LNG prices are reflected. Concerning this, the assumptions are shown on page 8. The Brent oil price was changed from $75 to $77. That was included here. Next is the machinery, up by JPY 6 billion. In each segment, we saw the strength, and Yanase and North American IPP-related business showed a stable performance. Next is food, up by JPY 4 billion. This reflects the stable performance of the North American grain-related business.
ICT financial business, up by JPY 3 billion. CTC mobile business and fund operation, we have scrutinized those and reached this conclusion of JPY 3 billion . We are keeping the Textile and the 8th Company forecast unchanged. Textile is recovering from the COVID-19, but Descente and and Edwin, those major businesses are doing well, so we have good expectations. We are not yet ready to make the upward revision. First, we need to achieve the JPY 23 billion target. As for the 8th company, we are making the steady progress up to Q3, but with the Omicron variant, Q4 trends, we need to look at them conservatively and carefully. In terms of the seasonality, convenience store, the Q4 is the low season.
We expect some impairment loss toward the end of the term. We are keeping the A3 unchanged. Based on those, as a result of the review of all the segments, we have come to JPY 800 billion, up by JPY 70 billion. Lastly, I'd like to talk about the shareholder return. Dividend increase and also the medium-term shareholder return were already talked about in November, about increasing the 2nd half dividend and also the minimum dividend level, and also the payout ratio of 30% was announced for FYE 2024. On page 23, we have been trying to be proactive. At the end of December, we have closed our books and tried to look at the cash level.
We have not yet observed the cash out from the major investments in Q3, but we recognize that we have a sufficient surplus cash, so we decided to go ahead with the buyback, and we made announcement on the 19th of January. Repurchase of the maximum 20 million shares or JPY 60 billion by the end of March. On the 1st of February, we announced the progress. JPY 11.3 billion and 19% progress rate so far. As you see on this page, we have continuously bought back our shares. We have shown clearly that we continue to actively and continuously execute the share buybacks. Why at this timing?
We announced that we will actively and continuously execute share buybacks in our medium-term business plan, and we also mentioned that we would evaluate the surplus cash at the end of the term and try to allocate that. Based on the current evaluation, we have decided that we would buy back the shares at this time. In FY 2022, we have tried to further enhance the return to the shareholders. We have already announced a dividend increase and the payout ratio commitment. Regardless of the upward revision, by conducting the share buyback, we wanted to improve the overall shareholder return for FY 2022. Thirdly, in October 2018, we announced a medium to long-term shareholder return policy, and 100 million shares and JPY 200 billion were mentioned.
We mentioned that this could probably go beyond the medium-term business plan. There was a non-executed portion of JPY 56.5 billion, which we wanted to move forward. Based on that, we have decided to buy back shares and execute this in Q4. We are unable to do multiple things at one time, so one by one, we would like to see carefully the balance of the cash level. As for the investments, there are some investments, major ones, announced, but we have not yet seen the cash out. In Q4, there is a high possibility of investments. If you turn to page 21, you see the investments, which I believe I explained earlier. For example, on this page, the partnership with Hitachi Construction Machinery and to obtain the 26% equity together with JIP is not included.
There are other major as well as smaller investments planned in the 2nd half. We would like to see and make the evaluation at the end of the fiscal year. Thank you. That concludes my presentation.