Good morning, everyone. I am Ishii, President of ITOCHU Corporation. Let me explain our FYE 2024 business results and the FYE 2025 management plan. On April 3, we only released an overview of the FYE 2025 management plan, so today I will intend to go over this in more detail. First, let's look at FYE 2024 business results summary, released on May 8. Please turn to page 2. This shows the summary of our FYE 2024 business results. Consolidated net profit amounted to JPY 801.8 billion, reaching JPY 800 billion for the third consecutive year.
Based on the solid earnings base, centered on ITOCHU's distinctive strength in non-resource sector, we established a new growth foundation for the future, taking swift and steady measures to address future concerns, in addition to securing profit contributions from strategic investments and improvements in businesses that had been weak. Core Profit rose to JPY 789 billion, setting a record high for the third consecutive year. The Machinery Company, Food Company, ICT and Financial Business Company, and the 8th Company all achieved record highs for Core Profit. Achieving record high Core Profit in the non-resource sectors is one of the evidences that we have been able to further solidify a balanced earnings base, resilient to economic fluctuations.
Core profit has steadily risen every quarter, going from JPY 190 billion in Q1, up to JPY 193.5 billion in Q2, JPY 200 billion in Q3, and JPY 205.5 billion in Q4. These hard numbers reflect how ITOCHU has stably built up its earnings power. Moreover, the results have remained strong for group companies, which is another strength of ITOCHU. In addition to record high profit contributions, the ratio of group companies reporting profits has reached a record high of 92%. Although core operating cash flows declined year-on-year to JPY 823 billion, due in part to interest payments brought about by rising interest rates, this was still the second highest level in our history. Stable performance in operating revenues, especially in the non-resource sector, contributed to this achievement.
Net DER was 0.51 times. This is roughly level with the previous fiscal year, as an increase in shareholders' equity offset the higher interest-bearing debt, mainly attributable to large-scale investments in CTC and DAIKEN. ROE declined to 15.6% year-on-year, but remained at high level due to an increase in shareholders' equity, stemming from yen's depreciation and the steady accumulation of profit. Consolidated net profit per share reached a record high, JPY 553 . Profit on the per share basis, which is of particular interest to shareholders, also steadily increased due to an expansion of shareholder returns through share buybacks, executed actively and continuously on the back of our solid earnings base. Next, please go to page 3. This shows business results by segment.
The Machinery Company achieved a record high profit for the third consecutive year due to the contributions from the overseas automotive business, which expanded sales in response to the solid demand. Hitachi Construction Machinery, which performed strongly, especially in North America, and the North American electric power business, which achieved a significant increase in profit by selling renewable energy, by developing assets. The Food Company saw a significant increase in profit despite an impairment loss on the North American chocolate business of Fuji Oil Holdings. The increase was mainly due to the absence of those previous year's impairment losses, in addition to those improved earning power attributable to thorough hands-on management and expansion in trade with Nippon Access, and a strong performance in provisions trading.
Profit increased in the 8th Company, despite an increase in various operating costs at FamilyMart, due to an increase in the number of customers and the spend per customer, amid the success of various campaigns and introduction of new products, such as Nama Koppe bread, in addition to the recovery in the flow of people. In the ICT and Financial Business Company, the profit increased despite the impairment loss on Orient Corporation.
The increase was attributable in part to a strong performance of privatized CTC in meeting robust digitalization needs, and enhancement in the ability of Hoken no Madoguchi Group to attract customers using such measures as detailed customer follow-ups, and an improvement in the measurement, gains, and losses of fund-held investments, which did not perform well in the previous year. In the Textile Company, profit increased due to the firm performance of the apparel business, arising from the inbound demand and the recovery in the retail market amid a rebound from the COVID-19 pandemic. On the other hand, profit decreased in the Metals and Minerals Company, Energy and Chemical Company, General Products and Realty Company, and in Others, due in part to the effects of the market downturns. Now, jumping ahead a few pages, please go to Cash Flows on page six.
Operating cash flows amounted to a record high, JPY 978.1 billion, due to dividends received from equity method investments in Machinery Company, Metals and Minerals Company, in addition to the stable performance in operating revenues in the 8th Company, General Products and Realty Company, and Food Company. Core operating cash flows totals JPY 823 billion, including an increase in taxes paid and interest expenses due to the rising interest rates. Net investment cash flows came to a net outflow of JPY 614 billion, due in part to conducting such large-scale investments as the public tender offer for CTC and Daiken. Core free cash flows were positive at JPY 209 billion. Next, please turn to page 7 for financial position.
Due to the stable accumulation of profit and yen depreciation, shareholders' equity reached a record high of JPY 5.4 trillion, and net DER was 0.51 times, roughly on par with the previous year-end. Although the interest-bearing debt increased, due in part to the additional acquisitions of CTC and Daiken, the increase in shareholders' equity surpassed it, and we continue to firmly maintain a robust financial foundation. Now, I'd like to move on to the FYE 2025 management plan. We will skip over the Brand New Deal 2023 general review on pages 10 and 11, since this is the same as the previous briefings and the disclosures to date. So please go to page 12. Regarding the profit plan, shareholder returns, and growth investments at the top of the page, there is no change from the announcement on April the 3rd.
Today, I will go over the bottom part of the page about the consolidated net profit and core profit. The consolidated net profit plan for FYE 2025 is JPY 880 billion and includes a buffer of JPY 40 billion and extraordinary gains of JPY 60 billion. Accordingly, the earnings base for FYE 2025, excluding the buffer, is expected to be JPY 920 billion. Although FYE 2024 core profit was a record high of JPY 789 billion, under the FYE 2025 plan, we expect to build up core profit by less than 10% after making predetermined adjustments for assumptions of foreign exchange rates, interest rates, resource prices, and other factors.
Specifically, we forecast an accumulation in profit due in part to normal organic growth, improvements in business that have already been implemented, measures for turnaround, such as the businesses in Food Company, and increases in profits from investments that have already been conducted. We expect to set a new record high in core profit in FYE 2025, up around JPY 71 billion to JPY 860 billion. We have a track record of achieving a compound annual great growth rate of 10% for the 14 years from FYE 2011 to FYE 2024, and 7% for the last two years of the previous medium-term management plan, and we believe that the increase of the core profit in the plan is also at the sufficiently achievable level.
In addition, the extraordinary gains of JPY 60 billion include highly achievable projects in Textile Company, Energy and Chemical Company, General Products and Realty Company, and the Other segment, and we expect the total earnings base to reach JPY 920 billion. Now, please turn to page 13. The upper part of the page is the profit plan by segment. Details for each segment are listed from page 16, so please refer to them when appropriate. In the Textile Company, inbound demand was strong due to good deals enabled by yen depreciation, and performance was especially strong among the retail stores for medium to high-end brands.... In addition, the performance of manufacturing-related businesses, especially sports-related ones, remained strong by capturing demand spurred by a recovery in retail market conditions.
In FYE 2025, we expect an increase in profit due to extraordinary gains following the replacement of some assets, in addition to an increase in core profit due to an expansion in the lineup of brand products and the launch of new products in apparel-related businesses, especially in the sports field, such as Converse and Under Armour, which had been the focus of the division company. In the Machinery Company, we believe we can handle the return to normal in the North American electric power business and automotive business, which were especially strong in the previous fiscal year. In addition to the continued strong performance for the construction machinery, especially in North America, performance is expected to remain strong for leases, aircraft, shipping vessels, and other businesses, while maintaining a high level of profit on par with FYE 2024, which set the record high.
We are currently preparing for the next growth investment projects, aiming to expand the foundation of our business. In Metals and Minerals company, there will be contributions from higher revenue in iron ore and coking coal, where we conducted new investments in North America, in addition to cost improvements and higher volume in iron ore and coal business in EMEA, which is building a solid earnings base. In addition, we will continue to take steps to enhance the earnings power through new growth investments in the metal and mineral resource sector. In the Energy and Chemicals company, the Power and Environmental Solution division will continue to increase the Core Profit by continually taking measures to steadily expand business fields, such as measures to enhance medium to large-scale energy storage system, while maintaining the stable revenue from the electric power transactions and decentralized energy management.
As for Chemicals Division, we expect a recovery in overseas business, which struggled in the previous fiscal year, in addition to the strong performance of the mainstay in domestic businesses, including ITOCHU Chemical Frontier. As for Energy Division, we will strive to improve profitability for energy trading, including crude oil and LPG, and realize the extraordinary gains and expand earning power by conducting new investments. In the Food Company, we are steadily carrying out a turnaround in Dole and Hy Life. Hy Life has established a prospect for performance recovery due to the stabilization of the feed prices, and signs emerged of a rally in pork prices, especially in the United States. Dole is focusing greater attention on expanding sales, leveraging brand value by enhancing marketing, conducting sales campaigns, and improving productivity for bananas and pineapples at groves through the transfer of most management to Manila.
The domestic wholesale business of Nippon Access and ITOCHU Shokuhin aim to achieve even more growth by working hard to improve the logistics efficiency and seize the opportunities to recapture demand that are presented by the recovery in the flow of people, including inbound demand. In addition, we expect the profit to increase in part by improving earning power through the structural reform of Fuji Oil Holdings' North American chocolate business, which recorded an extraordinary loss in FYE 2024. In the General Products and realty company, we expect an increase in profit due to the extraordinary gains following asset replacement, in addition to improvement in the profitability in the European pulp production business as the pulp market bottoms out.
Enhancement in earning power due to the synergy with North American construction materials business and through the implementation of the cut principle at Daiken, which became a subsidiary in FYE 2024, and acceleration in a civil engineering-related synergy with Nishimatsu Construction and Oriental Shiraishi. We will continue implementing acquisition strategies in the same industry in existing businesses and conducting new investments, which will contribute to an expansion in the business fields, as exemplified by WECARS project. In the ICT and financial business company, we expect an increase in profit due to the absence of the extraordinary losses in the previous fiscal year. In addition, we expect the growth of the privatized CTC.
We will also promote the digital value chain strategies, such as an alliance with Boston Consulting Group, and acceleration of the business model transformation involving Bell System 24, enhanced earning power through measures to attract customers at high-profile Hoken no Madoguchi Group, and strengthen the healthcare field. In the 8th company, we will strengthen our earning power by continuing to evolve the convenience stores, in addition to enhancing productivity using digital technology, strengthening the FamilyMart's product lineup and sales campaigns, despite the effect of the persistently high raw material and energy costs and absence of FYE 2024 extraordinary gains. Various new businesses have become profitable, such as media business, which uses signage installed at 10,000 stores, and the advertising business, which promotes the collaboration with PPIH. As a leader in the retail media business, we will expand our operation.
We'll maintain a high level of profit by enhancing earning power through the creation of new businesses in the 8th company. In others, we expect an increase due to the extraordinary gains and improvement in CPP's pork business and CITIC's solid performance, despite including a buffer of JPY 40 billion for convenience. Cash allocations are detailed on the bottom of page 13. We forecast the FY2025 core operating cash flow to be JPY 900 billion, while shareholder returns of JPY 440 billion account for 50% of the JPY 880 billion consolidated net profit. We will combine the remaining JPY 460 billion with the surplus of the previous medium-term management plan to conduct the growth investments with an upper limit of JPY 1 trillion. Please go to page 14. This shows the details of assumptions of the FY2025 plan.
The average rate for the US dollar during the fiscal year was 140 yen as of April 3, but was revised to 145 yen based on the current circumstances. However, we'd increase the buffer without changing the consolidated net profit plan of JPY 880 billion. This is all the business results for FY2024 and FY2025 plan. The FY2025 plan is the first single-year management plan under the new management policy, the Brand New Deal. While maintaining an awareness of no growth without investments and profit opportunities are shifting downstream, as stated in the management policy, the entire company will come together to grow earnings and corporate value as we steadily achieve the FY2025 plan. Thank you for your attention.