Good morning, everyone. I am Ishii, COO of ITOCHU Corporation. Thank you very much for joining us today. Now, we would like to explain FYE 2022 business results summary and FYE 2023 management plan. Please refer to the PowerPoint presentation on the screen. First, page two. This is the summary of financial results for FYE 2022. Consolidated net profit significantly exceeded the previous record high and reached JPY 820.3 billion, about the double of that of last year. Historically good results. After excluding the extraordinary gains and losses, core profit was also up 1.5x from the previous year and reached about JPY 690 billion, greatly renewing the record high number. We exceeded initial forecast in all segments, recording higher core profits.
In five segments, including Machinery, Metals, Minerals, Energy and Chemicals, general products and realty, and ICT and financial business, highest profits were recorded. As resource prices soared to unprecedented level and supply chain disrupted due to the COVID-19, we benefited from expanding trade margins in wide-ranging areas. However, we believe that our results demonstrate that we are steadily strengthening our earnings base in all segments without relying on specific earnings. Please turn to page nine. We have steadily enhanced cash flow and various financial structures and achieved the highest and best results. In the first year of the Brand-new Deal 2023, our results substantially exceeded the targets, a major quantitative achievement. Please turn to page 10. This is a review of qualitative targets. As for the market-oriented measures at FamilyMart and Nippon Access, we introduced automated ordering system utilizing DX or digital transformation and also optimized the delivery routes.
At FamilyMart, new initiatives such as media business in using the large-scale signages and unmanned payment stores were introduced. Also, we newly invested in Under Armour, Hitachi Construction Machinery, and Nishimatsu Construction and others, which could become the core for further growth. We would enhance the collaboration with them to seek synergies to broaden our revenue base. In enhancing contribution to and engagement with SDGs, we exited from two core businesses and significantly reduced GHG emissions. We are working on the commercialization of environmentally friendly plastics and recycled fiber to reduce GHG emission. In April last year, we established ITOCHU SDG Studio to dispatch information about the SDG initiatives. In addition to our own efforts, by supporting the SDG-related initiatives in the society, we would like to contribute to the sustainable society. Next is page 11 and 12.
This shows the overview of FYE 2023 plan. Consolidated net profit target is JPY 700 billion. This is lower than the year before, partly due to the absence of one-time gains on exits based on the asset replacement. As you see on page 12, solid growth of core profit is expected mainly in non-resource areas, which are less susceptible to market conditions. As you see on page 11, in addition to JPY 30 billion buffers, the Russian/Ukraine-related and COVID-19-related impacts are factored in to some extent. As you see on page 14, exchange rate and resource price assumptions we set at the conservative levels, therefore, we believe we are well on track to achieve the targets. Please turn to page 13.
Concerning shareholders' return for this fiscal year, we would increase the dividend by JPY 20 per share from JPY 110 in FYE 2022, increasing the minimum dividend by JPY 10 from JPY 120, which had been announced before, to JPY 130 per share. We will continue the progressive dividend policy in FYE 2024 and set the minimum at JPY 130 plus alpha and achieve 30% payout ratio in FYE 2024. We would actively and continuously execute share buybacks as appropriate in consideration of the cash allocation situation. We will continue to promote the shareholder return, which would exceed the expectation of the market. We expect the current fiscal year to be another year with many variable factors.
In retail sector, where we are strong, consumption is expected to resume as COVID-19 spread abates, and we expect a recovery of the demand of inbound tourists as yen depreciates. Also, we anticipate continued brisk digital investments by companies in response to a new society, and expect further growth from utilization of renewable Energy PPA and power storage. As for the collaboration with the Hitachi Construction Machinery and Nishimatsu Construction, we would expand our business areas, and also there will be a development of the DX businesses working with ICT and financial business company. There will be a proposal of the distributed EMS, including mobility. We will create new and diverse profits unique to ITOCHU. As we grasp the businesses and projects, we can be the core of each company. We will try to foster them.
For future economic activities, especially shift to new supply chain in consideration for the economic alliance and national security, the current geopolitical disruptions could bring opportunities for us to enter into new businesses. We will continue to utilize our strength and develop earnings unique to ITOCHU. We hope to have your continued high evaluation for us. That's all. I'd like to hand the microphone to our CFO, Mr. Hachimura.
Thank you. This is Hachimura speaking. I'd like to give you the details of FYE 2022 business results and FYE 2023 management plan. Now, starting with the financial results, turning to page two. Consolidated net profit was JPY 820.3 billion. This is more than two times the results of the previous year. In all eight segments, profits increased. In Machinery, Metals and Minerals, Energy and Chemicals, General Products and Realty, and ICT Financial Business.
In five segments, the record high numbers were achieved. JPY 130 billion, the extraordinary gains and losses were booked. Excluding that, the core profit was JPY 690 billion, which was also a record high. In FYE 2020, we booked JPY 485.5 billion. Ratio of the group companies reporting profit exceeded 90% at 90.9%, so 1/4 of the 274 companies had the highest profit. Less than 60% of them have less than JPY 2 billion of profit. Those well-diversified, the small, medium-sized businesses have supported the management of the company despite the resource price bubble. Going to page three.
Profits increased in all segments, but in terms of the size of contribution, the number one was Metals and Minerals, General Products and Realty, ICT and Financial Business, Energy and Chemicals, Machinery, Food, the eighth, and Textile. I'm not going to go into the details of the comments, but in terms of the equity pickup, as I said, the medium-sized of businesses supported overall management. In terms of the size of the contribution, the highest was Minerals and Energy Australia, which was up by JPY 68.1 billion year on year, recording JPY 158.7 billion. Second was CITIC, JPY 96.4 billion. Next was FamilyMart, JPY 44.7 billion. Marubeni-Itochu Steel, for the first time, the record high number was achieved at JPY 31.3 billion. North American Construction Material, JPY 22.6 billion.
CDC, JPY 20.7 billion. ITOCHU FIBRE LIMITED, this is a pulp business in Europe, JPY 17.8 billion. Nippon Access, JPY 17.1 billion. Mobile phone related, top ten companies account for about 50% of the order contribution. Now, lower than JPY 10 billion , the major improvements were observed at Yanase, JPY 5.1 billion improvement to JPY 9.7 billion. The business in Azerbaijan improved by JPY 7.1 billion- JPY 8.9 billion. Dole recovered from the deficit last year and achieved JPY 8.4 billion. I-Environment, the environment business in Europe, improved JPY 6.9 billion- JPY 7.5 billion. The bottom left shows the distribution between the non-resource and resource.
Non-resource was JPY 610.3 billion, and the resource was JPY 221.6 billion. Record high numbers for both of them. The highest record of the resource business profit was achieved, but the non-resource profit of JPY 610.3 billion is the record high. The percentage of the non-resource was same as last year at 73%. On page four shows the extraordinary gains and losses. JPY 130 billion, which was a record high. In Q4 net JPY 1 billion extraordinary gains were booked. The major ones include Japan Brazil Paper and Pulp, Paidy, Taiwan FamilyMart, ITOCHU Coal Americas Inc. Those have been booked already up to Q3. Page five. You see the asterisks representing record highs. Core operating cash flows have JPY 190 billion.
There was a very strong operating revenue, and this JPY 800 billion level was lower than FYE 2021, JPY 900 billion level. With the active operating activities, the working capital increased. As a result, this looks lower than before. In real terms, this was the record high number. Next page, shareholders' equity for the first time exceeded JPY 4 trillion, reached JPY 4.2 trillion. In terms of the net interest-bearing debt, it was JPY 2.283 trillion. In terms of growth, it was JPY 290 billion. 1/3 of our debt is denominated in foreign currency.
Recently, due to the higher interest rate affecting the dollar level and in consideration for the future funding, we have appropriately controlled the debt level. As for the ratio of the shareholders' equity to total assets, it was 34.6% and net DER, 0.54x . We have been promoting the improvement of the financial structure. ROE was better than what we promised. With the high return, it was higher than 21% at 21.8%. What we are aiming for is, as you can see in the FYE 2024 targets, the net DER of 0.7x-0.8x and ROE of 13%-16%, which are much better than the competitors. In consideration for those numbers, our numbers were very strong.
Now, on page 25, we talk about the investments. The total major investments were JPY 297 billion. In FY 2017, we had JPY 215 billion, so this was another low level. In FYE 2016, we had major investments and also in FYE 2021. We have been promoting the asset replacement. We plan to exit the Japan Brazil Paper and Pulp and Taiwan FamilyMart in FY 2021, but it was delayed to FYE 2022. That was a cash-in. The Hitachi Construction Machinery and Gaitame.com, the cash out, is now deferred to the following year. As a result, the cash in was JPY 47 billion, as you see at the bottom.
There are a lot of interest in our exposure to Russia. We have one additional page of information. In Sakhalin, we have the business there, and we have a review at a fair value. In comparison to the end of March, there was a decrease of JPY 14.8 billion. This is based on other comprehensive income or OCI. The major business in Russia is Sakhalin-1 and Japan South Sakhalin Oil business, and also Suzuki Motor Rus. This is a Suzuki business in Russia. In Ukraine, we have Mazda Suzuki, the car import and sales business. Those are the exposures that we have. In Q4, the Russian invasion into Ukraine started, and we have been reviewing the fair value evaluation, and we have been accelerating collection of receivables.
As for the investment into Sakhalin, we regularly review our fair value evaluation. The question of Russian sovereign credit rating, we have changed this to speculative. By changing that rating, we have increased the country risk premium. As a result, net present value was lowered. This was the major reason. As for the factors, we look at the foreign exchange, oil prices, and dividend and so forth. The biggest impact that came from the lower credit rating. About a JPY 30 billion loss before tax in OCI was booked in Q4. The decrease of earnings in subsidiaries and associates and potential extraordinary losses have been factored into the FYE 2023 plan based on the conservative assumptions. As for Ukraine, it's JPY 2.6 billion, unchanged. Now, let me talk about our plan for FYE 2023.
Page eleven. Consolidated net profit of JPY 700 billion include the buffer of JPY 30 billion and also JPY 20 billion extraordinary gains. This is 15% lower year-on-year. If you turn to the next page, based on the core profit, we have a breakdown here. Last year, there was extraordinary gains and losses of JPY 130 billion, which was the record high. As a result, the core profit was JPY 690 billion. JPY 20 billion higher or 3% higher, JPY 710 billion is our conservative plan for FYE 2023. Here we have the separation into the non-resource and resource. It is said that high resource prices are going to stay at the high level.
This resource business is not going to be the driver, but rather the non-resource businesses will drive our core profit, especially in the non-resource, the food, ICT, and construction, and the financial business area. Those defensive sectors, we expect a strong growth from those businesses. Going to page 35. Now, our management plan, we are in the second year of the Brand-new Deal 2023. We have been trying to increase the profit level by JPY 100 billion. This Brand-new Deal 2023, we had the tailwind due to the unexpected high resource prices. Our after-tax profit increased as a result. Our aim is to try to maintain the profit at or above JPY 600 billion in a stable manner.
Last year we achieved JPY 690 billion, and we are targeting JPY 710 billion. Toward FYE 2024, we would like to make sure that we can maintain about JPY 600 billion, and at the same time improve the shareholder return. Now going back again to page 11. If you look at each segment, this is based on the after-tax profit. The changes are shown by segment. If I may comment briefly, in textile this is positive. This is because of the recovery in major businesses. In sports area, there is a collaboration with Reebok, Under Armour, and Descente is doing well. Sports-related businesses are expanding, and also e-commerce is being utilized to expand our profit. Steadily, we would see and expect a recovery.
As for Machinery, it's -JPY 8 billion, including impact from Russia. We have a conservative outlook here. From this fiscal year, our business with Hitachi Construction Machinery will start. As for others, we believe that we will be able to maintain those businesses at a good level. A flat core profit level is expected for Machinery. For Metals and Minerals, we have a conservative assumption for the resource prices. We expect a minus number here. Last year, the JPY 60 billion profit was achieved at the Marubeni-Itochu Steel that would level off. In Energy and Chemicals, here it says -JPY 4.6 billion. This is almost flat.
The oil prices are increasing, and our transaction volume of the oil is lowering, and there is an impact from Russia. Overheated trading in Chemicals is being normalized. Almost flat is expected for Energy and Chemicals. As for food, steady increase is expected. FYE 2022, in relation to the pork market, the Prima Meat Packers, HyLife, CPP were impacted, negative impact. The prices recovered. The basic businesses are expected to grow. The food core profit is likely to grow. As for general products and realty, there are many small segments, so there is a mixture. The major one is, first of all, pulp market. We have conservative view there. Last year, there was extraordinary gains on sales.
Excluding that, North American construction material business was very strong, and the profit level will normalize for that. But at the same time, the tire business in Europe continues to be strong. That's positive. Construction is also recovering. It's a mixture of it, the positives and negatives, so it's almost flat in terms of core profit. ICT and financial business, there was a contribution of the profit from Paidy last year. Excluding that, core profit in this segment is increasing steadily. Comments for each segment are included here from page 16- 24, but the major operating companies plan to have higher profits, so we have a high expectation. The eighth, there was extraordinary gains and losses in relation to FamilyMart.
The core profit of the FamilyMart will increase by making the stores and products more attractive. Other adjustments and eliminations include CITIC and CPP. Both of them, the profits are expected to grow. They are not the major ones, but higher profits. That's the explanation on each segment. Going to page 14, our assumptions. First, exchange rate. The average is JPY 120 to the dollar. As for the interest rate, LIBOR at 2.5%, high level, and the crude oil Brent, $90 per barrel. The iron ore, we have a more conservative view from the latest numbers. We have conservative assumptions overall.
Of course, as you know, for this fiscal year, the risks, including the interest rate and foreign exchange rate and slowing down economies and geopolitical situations, in each segment, we need to factor in various risks. We have based our forecast on the conservative assumptions. As I said, it includes the buffer of JPY 30 billion. The oil price is higher, and as a result, electricity prices are up, and raw material prices are also up. Whether we can reflect them to the higher sales prices, each operating company have factored them in, and this is the plan based on all of those operating companies' forecast. Now, going to shareholders' return.
What I would like to say here is that, in Brand-new Deal 2023, we will continue the progressive dividend policy, so making sure that we have incremental dividend increase. Based on after-tax profit, we are looking into the dividend. Based on the net profit of JPY 700 billion, we would, of course, increase the dividend payment as promised. Minimum payment we announced originally to JPY 120, but now it's changed to JPY 130 per share. As for last year, we were committed to JPY 110 per share. In addition, there was a share buyback of JPY 60 billion. In terms of the payout ratio, last year it was 27.1%.
Our target is to reach 30% of in FYE 2024. We would like to look at the financial structure and improve our shareholder return and make sure to increase the dividend every year. For this fiscal year, in terms of the payout ratio, it is 27.3%, so that'll be the minimum level. We would also execute the share buybacks in an active manner. If you look at the results so far, since FYE 2017, we have started to buy back our shares. Looking at the cash level situation and also the timing of the dividend payment, we would like to make the overall decisions. As I mentioned, under the investments, there have been some investment items whose cash-out timing was delayed or carried over.
As this is the beginning of the fiscal year, there are some major investment projects planned. We would like to look at the position, the cash position at the end of each term. If you look at the minimum payout ratio, now this year's payout ratio of 27.3% is the minimum level. I think that for FYE 2024, 30%, and if we combine that with the share buyback, we can expect that to be at the lowest minimum level. That concludes my presentation. Thank you for your attention.