May 19，2022
MORI TRUST CO., LTD.
TEL: +81-3-5511-2255 FAX: +81-3-5511-2259

Financial Report for the Fiscal Year Ended March 2022
Mori Trust Group recently announced its consolidated business performance for theyear ended March 31, 2022 (FY 2022).
The Group consists of 33 consolidated companies, including Mori Trust Co., Ltd., Mori
Trust Building Management Co., Ltd., and Mori Trust Hotels & Resorts Co., Ltd., andthree equity-method affiliates.
[Mori Trust Group Consolidated Financial Report](April 1, 2021 – March 31, 2022)○ In the fiscal year ended March 2022, operating revenue was 258.8 billion yen (up2.9% compared to the previous term), and operating income was 62.8 billion yen (up7.9% compared to the previous term). Despite a decline in rental income due to thesale of an office building in San Jose in the United States and the closing ofoperations of the Akasaka Mitsuke MT Building, both operating revenue andoperating income increased due to a recovery in demand for domestic travel, and ahigher occupancy rate in the hotel-related business compared to the fiscal year
ended March 2021, as well as the full-year operation of three hotels that opened in2020 and favorable trends in the real estate sales business, mainly condominium
sales.
○ Income increased, with ordinary income at 69.3 billion yen (up 15.8% compared tothe previous term), and net income attributable to owners of the parent at 40.3
billion yen (up 13.6% compared to the previous term).
○ For the fiscal year ending March 2023, we expect operating revenue of 261.0 billion
yen (up 0.8% compared to the previous term), operating income of 60.0 billion yen(down 4.5% compared to the previous term), and net income attributable to ownersof the parent of 41.0 billion yen (up 1.7% compared to the previous term).

1(Figures in millions of yen; figures less than one million yen are rounded down.)

FY 2021

FY 2022

FY 2023(Projection)

Operating revenue

251,450

258,832

261,000

Operating income

58,221

62,82760,000Ordinary income

59,894

69,34758,00035,49340,33441,000Rental related business

82,93781,60880,000Hotel related business

22,43429,40536,000Real estate sales business

124,969

126,308

130,000

Other business (contract work, etc.)

21,11021,51015,000Total assets

1,151,415

1,163,642―

Net assets

479,603

513,698―

Net income attributable to parent
company’s shareholders.

Operating revenue breakdown

Total assets and net assets

2

Highlights of FY 2022 Business Performance〇In leasing-related business, we recorded operating revenue of 81.6 billion yen, down 1.6%
compared to the previous term due to the sale of office buildings in San Jose in the UnitedStates and a decline in rental income due to the closing of operations of the Akasaka
Mitsuke MT Building, despite an improvement in the full-year occupancy rate of
Kamiyacho Trust Tower, which was completed in March 2020.
〇In hotel-related business, operating revenue increased 31.1% compared to the previous
term to 29.4 billion yen, reflecting a recovery in occupancy rates at existing hotels despite
the impact of the spread of COVID-19 infections, as well as full-year contributions fromthe three hotels that opened in 2020: Hilton Okinawa Sesoko Resort, JW Marriott HotelNara, and The Tokyo EDITION, Toranomon.
〇Real estate sales business recorded operating revenue of 126.3 billion yen, up 1.1%
compared to the previous term, due to the strong sales of office buildings andcondominiums. Additionally, other business recorded operating revenue of 21.5 billion yen,up 1.9% compared to the previous term.
As a result of the above, operating revenue finished at 258.8 billion yen, operating income
at 62.8 billion yen, and net income attributable to owners of the parent at 40.3 billion yen.
In addition, we achieved the numerical targets established for the final fiscal year of“Advance 2027,” our medium to long-term vision, of operating revenue of 230.0 billion yen
and operating income of 55.0 billion yen. This is the third consecutive year of achieving thenumerical targets continuing from the fiscal year ended March 2020 and the fiscal year
ended March 2021.

Business Performance Projections for FY 2023
〇In leasing-related business, operating revenue is expected to decrease to 80.0 billion yen
mainly due to a decrease in revenue by the replacement of the portfolio through U.S. realestate transactions, and a decrease in the occupancy rate of some existing office buildings.
〇Hotel-related business is expected to achieve a further improvement in the occupancy rateof existing hotels due to a further recovery in tourism demand, mainly from domestic
tourists, including the easing of restrictions on the spread of COVID-19 infections. As aresult, operating revenue is expected to increase for two consecutive years to 36.0 billion
yen.
〇Real estate sales business is expected to generate 130.0 billion yen in operating revenue
mainly due to the continued strong performance of our residential property sales business,
and we expect revenue from office building sales. In addition, other business is expected3

to generate 15.0 billion yen in operating revenue.
As a result of the above, for the fiscal year ending March 2023, we expect operating revenueof 261.0 billion yen, operating income of 60.0 billion yen, and net income attributable toowners of the parent of 41.0 billion yen.
The above forecasts have been calculated to the extent possible at this point in time given
the difficulty in predicting the state of containment of COVID-19 infections and theassociated resumption of economic activities. Please note that actual results may varydepending on the timing of containment of COVID-19 infections.
Projections contained in this document have been made on the basis of information available when it was released.
Due to various unforeseeable factors, actual performance may differ from such projections.

Financial Conditions of Mori Trust Group■ Trends of Capital Stock and Capital Adequacy Ratio
The capital stock and capital adequacy ratio for the fiscal year ended March 2022 were 484.8
billion yen and 41.6% respectively.
600,000

45.0%
40.0%

500,000

35.0%

400,000

30.0%
25.0%

300,000

20.0%

200,000

15.0%
10.0%

100,000

5.0%

0(million)

0.0%
14/3

15/3

16/3

17/3

18/3

Capital Stock

19/3

20/3

Capital Adequacy Ratio

4

21/3

22/3

FY 2022 Key Business Topics■ REAL ESTATETokyo World Gate Akasaska, a project in central Tokyo, is progressing steadily with
development for its opening in 2024. In addition, in January 2022, we opened TOKYOWORLD GATE CoCo Lounge in Tokyo World Gate in Kamiyacho, and are working to realize
a variety of working styles for workers. Last year, we launched our new office vision,
DESTINATION OFFICE. Our goal is to support the realization of offices that attract
workers and help improve the quality of engagement and communication. In addition, we
are investing up to 200.0 billion yen overseas, which is a key strategy set forth in our
medium to long-term vision, Advance 2027, and have newly acquired a property in Northern
Virginia in the United States.
TOKYO WORLD GATE AKASAKA ／ AKASAKA TRUST TOWER
Based on the district concept “Next Destination - Meet up again in the city -,” we arepromoting development with the aim of creating a city that will become a destination fordiverse people to meet again and interact with each other in the future beyond the newnormal.

Site area
Total floor area
Number of floors
Location

approx. 15,750m2
approx. 220,000m2(Including existing buildings)

43 floors above ground
3 floors below ground2-chome, Akasaka, Minato-ku, Tokyo
Offices, hotel, serviced apartments,

Primary use

shop & restaurant, facilities to support
tourism, facilities to promote history
and culture, clinics

TOKYO WORLD GATE CoCo Lounge opened
in Kamiyacho Trust Tower of Tokyo World Gate
TOKYO WORLD GATE CoCo Lounge opened on
January 17, 2022, as a creative lounge equipped witha lounge open to the community, as well as awaterfront terrace and other facilities where people
can work while feeling nature. The Lounge aims tobecome a base for realizing new innovations bybringing together diverse people and enhancing
creativity.
5

Office vision “DESTINATION OFFICE”
Aiming to contribute to improving the quality of engagement and communication, lastyear we formulated our new office vision, DESTINATION OFFICE, in order to increase
the freedom of office planning and support the creation of offices that attract workers.
Website: https://www.mori-trust.co.jp/destinationoffice/Three elements for realizing DESTINATION OFFICE

A place where organizations evolve

A place to foster empathy and unity

A place where you can be yourself

by increasing, propagating, andand promote Co-Creation throughand be fulfilled mentally andamplifying heat from one another.

communication and cultural

physically with comfort andtransmission.

moderate stimulation.

Acquisition of real estate in Northern Virginia, U.S.A.
Through our U.S. subsidiary, MORI America LLC,
we acquired two office buildings located in
Northern Virginia in the United States in March2022.
The property is located in an area where further
development is expected in the future, including
the construction of a new railway station, with aconcentration of tech companies and national defense-related companies. As both of the twobuildings are fully occupied, they will be managed as stable real estate assets.
Property Name
Location

2235 Monroe Street

2235 Monroe Street

2235 Monroe Street, Herndon, VA

2245 Monroe Street, Herndon, VA

Site area
Rentable Area
Number of floors
Primary use

approx. 28.49 acres
161,359 sq. ft

162,357 sq. ft
Total: 323,716 sq. ft

6 floors above ground

6 floors above ground

Offices, Parking garage (1,119 spaces)6

■ HOTELS & RESORTS
Apart from having 27 hotel facilities across Japan as of March 2022, the Mori Trust Group’s
hotels & resorts business, which is our core business, is also promoting new hotel plans fortwo hotels in central Tokyo and 13 hotels in regional areas.
Under the “Luxury Destination Network” concept*, we provide comfortable stays to tourists
from Japan and overseas utilizing the attractive tourism resources of various areas of Japan,such as promoting initiatives aimed at increasing inbound demand and increasing
consumption per traveler.

* “Luxury Destination Network” concept: The Mori Trust Group’s business vision of creating a “Luxury Destination
Network” in Japan through the development of luxury hotels in attractive cities and resorts throughout Japan tocontribute to making Japan a leading tourism country.

7

(Reference) The Beach Resort Sesoko, a Hilton Club completed
In May 2021, we completed the constructionof a medium to long-term timeshare resort
facility that we have been developing on
Sesoko Island, Okinawa. The Facility is
operated by Hilton Grand Vacations andopened in October 2021 as The Beach Resort
Sesoko, a Hilton Club.

(Reference) Hotels scheduled to be developed■The Tokyo EDITION, Ginza
Affinity with surrounding global high-brandcustomer segments is high. We aim tocontribute to the sustainable development of
the Ginza area by attracting international
travelers, including trendsetters and thewealthy.
■Nara Yoshikien Project (tentative name)
This project is being promoted in Nara
Prefecture’s
project,

public-private“Yoshikien’s

partnership

Surrounding

Area

Preservation, Management, and Utilization
Project.” In addition to conserving historicbuildings and preserving the environment,
we aim to further enhance the attractivenessof the area by creating relaxing spaces.

■ NEW FIELD
Aiming to create new value by thinking outside the framework of existing businesses, we
are working on businesses in new areas.
In particular, our Group is promoting the workcation business by combining knowhow inthe real estate business and hotels & resorts business to propose a variety of work styles
and to stimulate tourism demand. In addition, we focused on the importance of wellness andlaunched a full-fledged wellness business in 2020. We will continue to promote the proposalof accommodation plans where people can experience wellness and the provision of safe andsecure spaces, thereby contributing to the realization of a wellness society.
Last year, we acquired the business of PRIME CHEF, a business trip chef matching platform
service, marking our first entry into the matching platform business. By working on new
businesses and services that are not bound by location, we will provide comprehensive
support for the realization of a fulfilling lifestyle for each individual.
8Workation+ Cottage KARUIZAWA
In response to the growing need for medium to longterm workcation in secure spaces, such as project
promotion and training in unusual places, we opened
a one-building rental workcation facility in September
2021 that combines residential space with a private
workplace. The first floor is equipped with in-housebranded workplaces with facilities necessary forbusiness and a comfortable environment that
stimulates creativity, and the second floor is equippedwith four living spaces to support the implementationof the medium to long-term workcation.
Location

4339-54 Nagakura, Karuizawa, Kitasaku District, Nagano

Site area

1,097,25 ㎡

Total floor area

200.27m2

Number of floors

2 floors above ground

Building capacity

10 people

Sales of “Pure wellness room”
Recognizing the growing public interest in safe andsecure air environments, since October 2020 we havebeen selling the “Pure wellness room”, which purifies
theindoorenvironment

andmaintains

clear

conditions through seven comprehensive processes.
We are also introducing the system to our grouphotels, and in the fiscal year ended March 2022, thesystem was newly installed in 80 rooms at six
facilities, bringing the total number of rooms installed
to date to 127 rooms at 11 facilities.

Business acquisition of PRIME CHEF, a business trip chef
In August 2021, we acquired the business of PRIME CHEF, a business trip chef matching
platform, from OPT Incubate Inc. This business, which boasts top-class recognition in thetraveling cooking business connects traveling chefs who work for individuals or stores withhouseholds to provide a special dining experience for the coming era. By entering thematching platform business through this business, we will explore new ways of doing
business and services that are not bound by location.

9

■ SUSTAINABILITY
Last year, our Group formulated the Mori Trust Group Sustainability Vision to further
accelerate our efforts to realize a sustainable society. Under the slogan “From Urban
Planning to Future Planning,” seven key themes for the promotion of sustainability havebeen established, and an action plan has been set forth to realize the coexistence of economy,
environment, and society.
SloganFrom Urban Planning to Future Planning
Under our corporate slogan “Create the Future,” we aim to create an exciting future.
Just as our mission once changed from building planning to urban planning,
creating a new society will change us along with society.
7 Priority Theme

Action Plan

Safe and Secure- Creating a place where sustainable activities can be carried out by realizing regional
disaster prevention and BCP- Providing peace of mind to meet the needs of the times, such as measures against
infectious diseases using new technologies- Promoting the developmental growth of local communities and society together
with various interested parties

Environment- Urban planning through conservation of landscapes and ecosystems and utilization ofenvironmentally friendly resources- Use and diffusion of renewable energy and expansion of stable supply- Appropriate cooperation with various stakeholders

Work / Lifestyle

Related SDGs

- Providing facilities and services to improve work-life balance- Creating a diversity of lifestyles through new businesses- Practicing new ways of working, and proposing and giving back to society

Innovation- Developing industries through investments and partnerships- Optimizing the supply chain through the use of digital data and advanced technologies- Establishing a group structure to promote free proposals and their realization

Wellness- Providing a place to contribute to the sustainable health promotion of people- Creating food and stay opportunities that satisfy both mind and body
- Realizing health management throughout society

Diversity- Promoting international exchange and multilingual support- Establishing a management foundation that enables diverse human resources to play
an active role

Compliance
Governance- Continual improvement of governance that contributes to economic revitalization- Strengthening risk management that contributes to sustainable corporate activities

Concluded a business alliance agreement with Looop Inc.
In order to expand our renewable energy business by acquiring solar power plants, weconcluded a business alliance agreement in January 2022 with Looop Inc., which handles
everything from development to operation and sales of renewable energy in an integrated
manner. In cooperation with Looop Inc., we will promote the acquisition of solar power
plants and improve power generation through the repair and replacement of solar panelsand other equipment, thereby contributing to “Use and diffusion of renewable energy andexpansion of stable supply,” which is one of the missions of the Mori Trust Group
Sustainability Vision.

10Mori Trust Group: Total Floor Area Leased or Managed■Number of rental / managed facilities (as of March 31, 2022)○ Buildings, housing, and commercial facilities: 65 buildings○ Hotel & Resort facilities: 30 facilities (Number of rooms: Approx. 4,500)

Mori Trust Group: Summary of Consolidated Companies
MORI TRUST CO., LTD.

MORI TRUST RESIDENTIAL SERVICE CO., LTD.

Location
ChairmanPresident
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Akira Mori
Miwako Date
June 10,1970
30 billion yen
Real estate development, hotel management andinvestment business

Kitashinagawa, Shinagawa-ku, Tokyo
Mitsuya Toyoda
March 1, 1978
90 million yen
Sale and rental of condominium apartment properties

MORI TRUST BUILDING MANAGEMENT CO., LTD.

MORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Kazunobu Kuwata
April 1, 2002
100 million yen
Comprehensive building services for building management, interior
design management & renovation, and planning & consulting.

Toranomon, Minato-ku, Tokyo
Michio Yamamoto
February 28, 2000
400 million yen
Operation of real estate investment trusts

MORI TRUST HOTELS & RESORTS CO., LTD.

GOURAKANSUIROU CO.,LTD.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Kitashinagawa, Shinagawa-ku, Tokyo
Miwako Date
February 7, 1973
100 million yen
Operation of hotel chains & golf courses, Management of
tourism information center, Meeting room lease, Innovative R&D

Hakone-Machi Gora, Ashigarashimo-gun, Kanagawa
Shigeru Sakai
April 15, 1949
10 million yen
operation of Gora-Kansuirou

MAMPEI HOTEL CO., LTD.

MORI America LLC

Location
ChairmanPresident
Established
CapitalBusiness sectors

Location
Established
Business sectors

Toranomon, Minato-ku, Tokyo
Miwako Date
Mamoru Fukuda
1894
100 million yen
operation of the Mampei HotelCounty of New Castle, Delaware 19808 U.S.A.
November 7, 2016
Real estate business in the United States

MT&Hilton Hotel Co., Ltd.

MORI America Management LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Toranomon, Minato-ku, Tokyo
Eiji Funayama
October 22, 2004
20 million yen
Management of the Conrad Tokyo, Hilton Odawara Resort & Spa
and Hilton Okinawa Sesoko Resort

MT&M Hotel Management Co., Ltd.
Location
President
Established
CapitalBusiness sectors

County of New Castle, Delaware 19808 U.S.A.
December 16, 2016
Real estate management service in the United States

MT BACK BAY ONE LLC

Toranomon, Minato-ku, Tokyo
Location
Eiji Funayama
EstablishedMay 13, 2019
Business sectors
20 million yen
Management of JW Marriott Hotel NARA,The Tokyo EDITION, Ginza and The Tokyo EDITION, Toranomon

County of New Castle, Delaware 19808 U.S.A.
November 4, 2016
Ownership of 10 St. James Avenue and 75 Arlington Street in
BostonSun Marina Operations Co., Ltd.

MT Silicon Valley One LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Onna-son，Kunigami-gun，Okinawa
Shigeru Sakai
April 1, 1987
100 million yen
Operation of the Sheraton Okinawa Sun Marina Resort

County of New Castle, Delaware 19808 U.S.A.
January 15, 2019
Ownership of real estate

FORETSEINE CO., LTD.

MT D.C. One LLC

Location
President
Established

Location
Established
Business sectors

CapitalBusiness sectors

Kitashinagawa, Shinagawa-ku, Tokyo
Shin Takahashi
March 31, 2011
(date of foundation since incorporation-type company split)
100 million yen
Planning and development of urban type condominium forsales and rental management

11

County of New Castle, Delaware 19808 U.S.A.
January 19, 2022
Ownership of 2235&2245 Monroe Street in Northern Virginia

AZMAX CORP.
Location
President
Established
CapitalBusiness sectors

DIGIMATION CORPORATION
Location
President
Established
CapitalBusiness sectors

Nihonbashi, Chuo-ku, Tokyo
Masayoshi Takahashi
August 11, 1947
499 million yen
Manufacturing and selling cold drawn special steel shapes

Fukushima, Fukushima-ku, Osaka-shi
Yuichi Amatani
May 8, 2018
10 million yen
Web marketing consulting, Web advertising optimization,
Web contents optimization etc.

Shiroyama Heating & Cooling Supply Co., Ltd.

E CLEANUP CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Takashi Akiba
November 6, 1989
300 million yen
District heating and cooling services for Shiroyama Garden,
Tokyo World Gate and the adjacent areas

Oyodominami，kita-ku，Osaka-shi
Masaaki Fujino
November 1, 201910 million yen
House cleaning business and cleaning business for buildings,
condominiums, hotels, etc.

ESLEAD CORPORATION (Code：8877)

NANTO BUILDING SERVICE CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Sugio Aramaki
May 8, 1992
1,983 million yen
Sale of condominiums, Real estate replacement business,
Real estate rental business, etc

Shibatsuji-cho, Nara-shi
Masaaki Fujino
May 29, 1970
10 million yen
Building maintenance and real estate services

ESLEAD CHINTAI CORPORATIONESLEAD HOTEL MANAGEMENT CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Tsuneyuki Matsushita
May 20, 1996
10 million yen
Rental Management Businesses

Oyodominami, Kita-ku, Osaka-shi
Ryosuke Kamine
January 29, 20194 million yen

Management, operation and consulting services for
Ryokan, hotel and budget hotel etc.

SOUDEN CORPORATIONESLEAD ASSET MANAGEMENT CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Hiroshi Kurokawa
May 17, 2006
90 million yen
Electric power management business

Fukushima，Fukushima-ku，Osakashi
Kiyofumi Shirouzu
March 12, 2021
10 million yen
Asset Management etc.

E・L CONSTRUCTION CORPORATIONMT GENEX CORPORATION (Code：9820)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Wataru Suzuki
June 14, 2006
100 million yen
General Contract and Renovation Businesses

Azabudai, Minato-ku, Tokyo
Hitoshi Suzuki
October 1945
Approx. 1.072 billion yen
Facelift of building and housing, andparking operation management, etc.

ESLEAD JYUTAKU RYUTU CO. LTD

MORI TRUST INSURANCE SERVICE CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Hiroyuki Harima
May 8, 2007
10 million yen
Real Estate Transaction,Asset Management

Roppongi, Minato-ku, Tokyo
Hitoshi Suzuki
January 25, 2016
10 million yen
Nonlife insurance agent and life insurance solicitor

and Real Estate Rental Businesses
ESLEAD HOUSE CORPORATIONCHIYODA ME SERVICE CORPORATION

Location

Location

Ogimachi, Takamatsu-shi, Kagawa-ken

President

Oyodominami，Kita-ku，Osaka-shi
Mutsuo Nishida

President

Hideki Yamada

Established

June 20, 2016

EstablishedMay 29, 1976

CapitalBusiness sectors

10 million yen
Sale of detached houses

CapitalBusiness sectors

30 million yen
Maintenance and preservation of electrical equipment systems

ESLEAD TATEMONOKANRI CORPORATION
Location
President
Established
Capital

Oyodominami, Kita-ku, Osakashi
Masaaki Fujino
November 22, 2018
10 million yen

Business sectors

Real Estate Management Business etc.
(as of March 31, 2022)

Mori Trust Group: Summary of Equity - Method
MORI TRUST Sogo Reit, Inc. (Code：8961)

Aichi Road Concession Co.,Ltd.

Location
Established
Business sectors

Location
Established
Business sectors

Toranomon, Minato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate

Hikozucho, Handa-shi, Aichi
August 3, 2016
Road maintenance and management in the Aichi prefecture district
and surrounding regions and associated road improvement works

MORI TRUST Hotel Reit, Inc.
Location
Established
Business sectors

Toranomon, Minato-ku, Tokyo
January 15, 2016
Investment in real estate and asset-backed
securities investing primarily in real estate(as of March 31, 2022)12

Consolidated Balance Sheets (as of March 31, 2022 and 2021)
MORI TRUST CO., LTD. and its consolidated subsidiaries
2022
AssetsⅠ. Current assets
1 Cash and deposits
2 Notes and accounts receivable-trade
3 Short-term investment securities
4 Real estate for sale
5 Real estate for sale in process
6 Real estate for development
7 Other inventories
8 Other
Allowance for doubtful accounts
Total current assets
Ⅱ. Noncurrent assets
1 Property, plant and equipment（1) Buildings and structures, net（2) Machinery, equipment and vehicles, net（3) Tools, furniture and fixtures, net（4) Land（5) Construction in progress（6) Other, net
Total property, plant and equipment
2 Intangible assets（1) Leasehold right（2) Goodwill（3) Other
Total intangible assets
3 Investments and other assets（1) Investment securities（2) Long-term loans receivable（3) Deferred tax assets（4) Net Defined Benefit Asset（5) Guarantee deposits（6) Other
Allowance for doubtful accounts
Total Investments and other assets
Total noncurrent assets
Total assets
Note: Figures less than one million yen are rounded down.

13(\ millions)
2021

77,631
17,42518,788198,004
54,932618
2,192
40,383(15)
409,960

59,704
17,726
6,361
208,783
58,389618
2,046
18,514(18)
372,126

182,015
5,915
2,662
488,047
19,852
2,098
700,591

229,618
6,685
3,308
467,327
17,243
2,598
726,782

3,301
415
3,042
6,759

3,378
211
4,747
8,337

28,141
26
997
947
6,328
9,907
(18)
46,330753,681
1,163,642

26,690
34
874
824
6,366
9,398
(18)
44,168779,288
1,151,415

(\ millions)
Liabilities
Ⅰ．Current liabilities
1 Notes and accounts payable-trade
2 Short-term loans payable
3 Current portion of long-term loans payable
4 Accounts payable-other
5 Income taxes payable
6 Accrued expenses
7 Deposits received
8 Provision for bonuses
9 Other
Total current liabilities
Ⅱ．Noncurrent liabilities
1 Long-term loans payable
2 Long-term lease deposited
3 Long-term guarantee deposited
4 Long-term deposits received
5 Deferred tax liabilities
6 Net defined benefit liability
7 Asset Retirement Obligation
8 Other
Total noncurrent liabilities
Total liabilities
Net assets
Ⅰ．Shareholders' equity
1 Capital stock
2 Capital surplus
3 Retained earnings
Total shareholders' equity
Ⅱ．Valuation and translation adjustments
1 Valuation difference on available-for-sale securities
2 Deferred hedge gains and losses
3 Foreign currency translation adjustment
4 Remeasurements of defined benefit plans
Total valuation and translation adjustments
Ⅲ．Non-controlling interests
Total net assets
Total liabilities and net assets
Note: Figures less than one million yen are rounded down.

14

2022

2021

13,37753,656
13,203
11,19012,603
932
1,075
825
9,594
116,459

16,26758,925
12,714
12,02915,893
953
1,344
791
9,456
128,377

410,298
58,523
46,377
400
7,705
2,809
5,080
2,290
533,485649,944403,832
65,39548,643435
15,125
2,416
5,320
2,264
543,434
671,81130,00010,464440,880
481,345

30,00010,028420,697
460,725

2,114
0
1,627
(224)
3,517
28,835
513,698
1,163,642

1,081
(1)
(9,582)
204(8,298)27,176479,603
1,151,415

Consolidated Statements of Income (For the years ended March 31, 2022 and 2021)(\ millions)
Ⅰ．Operating revenue
Ⅱ．Operating cost
Operating gross profit
Ⅲ．Selling, general and administrative expenses
Operating income
Ⅳ．Non-operating income
1 Foreign exchange gain
2 Gain on investments in partnership etc.
3 Subsidies for employment adjustment
4 Subsidy income
5 Other
Total non-operating income
Ⅴ．Non-operating expenses
1 Interest expenses
2 Other
Total non-operating expenses
Ordinary income
Ⅵ．Extraordinary income
1 Gain on sales of noncurrent assets
2 Gain on sales of investment securities
3 Subsidy income
4 Other
Total extraordinary income
Ⅶ．Extraordinary loss
1 Impairment loss
2 Loss on valuation of investment securities
3 Loss from COVID-19 infections
4 Other
Total extraordinary losses
Income before income taxes
and minority interests
Income taxes-current
Income taxes-deferred
Income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to parent company’s shareholders
Note: Figures less than one million yen are rounded down.

15

2022
258,832
177,083
81,74818,921
62,8272021
251,450
174,51576,93518,71458,221

1,442
2,731

-

1,501
1,567

2,788
2,501
9,463

1,748
4,816

2,692
251
2,943
69,347

2,755
388
3,144
59,89412,0094,670-

1016,69021,404
392

499
37
537
-

155
21,953

1,570
1,354
354
3,279

64,085

57,152

28,946(7,874)
21,07143,013
2,679
40,334

22,953(3,401)
19,55137,601
2,107
35,493-