Consolidated Financial Results for the Second Quarter of Fiscal 2019 (April 1, 2019 - September 30, 2019)
Fiscal 2019 (Year ending March 31, 2020)
November 12, 2019

SUMITOMO REALTY & DEVELOPMENT CO., LTD.
Stock Exchange Listings
Securities Code
Location of Head Office
URL

TSE18830
Tokyo, Japan
http://www.sumitomo-rd.co.jp/english/

1. Results for Second Quarter (April 1, 2019 - September 30, 2019)(1) Consolidated financial results (Amounts less than one million yen, except for per share amounts, are omitted.)
Revenue from operations
Six months ended Sep 30, 2019
Six months ended Sep 30, 2018
(Reference) Fiscal 2018579,438
541,043
1,012,198

Operating income%Millions of yen

7.1

137,573
125,248
219,389

Millions of yen――

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

9.8

131,848
118,563203,227

11.2

93,22480,025130,102

16.5

―
―

―
―

―
―

Notes 1: Comprehensive Income
Fiscal 2019, 2nd quarter : 88,837 millions of yen, (3.9%); Fiscal 2018, 2nd quarter : 92,443 millions of yen, (―%)
2: Percentages represent changes compared with the 2nd quarter of the previous year.

Six months ended Sep 30, 2019
Six months ended Sep 30, 2018
(Reference) Fiscal 2018

Earnings per share

Diluted earnings pershareYen

Yen

196.70168.85274.51―――

Note: Average number of shares issued and outstanding (consolidated)
Fiscal 2019, 1H : 473,940,082 shares; Fiscal 2018, 1H : 473,944,104 shares(2) Consolidated financial position (Amounts less than one million yen, except for per share amounts, are omitted.)
Total assets
As of Sep 30, 2019
As of Sep 30, 2018
(Reference) Fiscal 2018

Shareholders' equity

Shareholders' equity ratio

Millions of yen

Millions of yen%

5,151,095
5,120,661
5,130,118

1,283,355
1,195,400
1,202,103

24.9
23.3
23.4

Note: Number of shares issued and outstanding (consolidated)
As of Sep 30, 2019 : 473,939,955 shares; As of Sep 30, 2018 : 473,940,463 shares

2. Dividend Position
Dividends per share

Fiscal 2018
Forecast for Fiscal 2019

InterimYear end

Yen

Yen

Annual
Yen

14.00
16.00

16.00
16.00

30.00
32.00

3. Consolidated Business Forecasts for Fiscal 2019 (Year ending March 31, 2020)

Fiscal 2019

Revenue from operations

Operating income

Ordinary profit

Profit attributable toowners of parent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

1,020,000

234,000

220,000

140,000

Consolidated business forecasts announced on May 16, 2019 have not been revised.
Note: The foregoing estimates were based on information available as of the date this data was released, and actual results may differ from estimates due to various
arising in the future.

4. Results of main segments(1) Revenue from operations

LeasingSales
Construction
Brokerage
Other and Elimination/CorporateTotal(Millions of yen)Six months ended
Sep 30, 2018
186,398
237,208
80,042
34,8272,566
541,043

Six months ended
Sep 30, 2019
193,798
254,894
92,11636,2092,418
579,438

Increase(Decrease)+7,399+17,686+12,074+1,382(148)+38,395

Forecast for
Fiscal 2019
390,000
320,000
230,000
73,0007,000
1,020,000

Achieved
(%)
50
80
4050
57

Six months ended
Sep 30, 2018
77,18644,682
2,898
10,248(9,766)125,248

Six months ended
Sep 30, 201983,674
46,410
6,635
11,122(10,268)
137,573

Increase(Decrease)+6,488+1,728+3,736+874(502)+12,324

Forecast for
Fiscal 2019
163,000
47,00022,00022,000(20,000)
234,000

Achieved(%)
51
9930
5159(2) Operating income

LeasingSales
Construction
Brokerage
Other and Elimination/CorporateTotal(Millions of yen)

Note: Consolidated financial results for the second quarter of fiscal 2018 (April 1, 2018-September 30, 2018) and fiscal 2018 (year ended March 31, 2019) have been adjusted
retroactively, reflecting the adoption of Accounting Standard for Revenue Recognition in Sumitomo Real Estate Sales effective from the beginning of fiscal 2019.

Consolidated Balance Sheets
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

Millions of yen
September 30,
2019

AssetsMarch 31,2019

Current assets:Cash, time and notice deposits\180,259\172,191

Notes and accounts receivable―trade

16,50821,566

Real estate for sale282,612390,025

Real estate for sale in process

290,389

282,594

Costs on uncompleted construction contracts

12,902

5,826

Other inventories

1,302

1,455

Other current assets

49,39559,422(78)(72)

833,291

933,011895,533

859,028

2,553,107

2,523,936

178,838139,452

8,556

8,593

3,636,035

3,531,010

Leasehold rights

55,33555,193

Other intangible assets

1,664

1,557

57,00056,751

Investment securities

502,525

478,966

Guarantee and lease deposits paid to lessors

70,43070,298Deferred income taxes

14,651

17,463

Other investments

39,24551,769Allowance for doubtful accounts
Total current assets
Fixed assets:
Property and equipment
Buildings and structures, net
LandConstruction in progress
Other property and equipment, net
Total Property and equipment
Intangible assets

Total intangible assets
Investment and other assets

Allowance for doubtful accounts(2,084)(9,152)

Total investment and other assets

624,768

609,345

Total fixed assets

4,317,804

4,197,107

Total assets\5,151,095\5,130,118

Millions of yen
September 30,
2019

Liabilities and Net Assets

March 31,2019

Current liabilities:
Notes and accounts payable―trade\23,865\54,937

Short-term debt

25,17825,643Long-term debt due within one year

119,241

129,618

Long-term non-recourse loans due within one year

30,423

100,298

Corporate bonds due within one year

30,00040,000Non-recourse bonds due within one year

3,000

2,000

Accrued income taxes

39,631

29,260

Deposits received

45,962

61,581

Accrued bonuses

4,427

5,572

144,892

137,127

466,621586,039

Corporate bonds

270,000

270,000

Non-recourse bonds

36,10037,1002,464,924

2,474,327

330,471

263,800

4240

6,007

6,018

Guarantee and lease deposits received

236,238

228,958

Long-term deposits received

46,01249,807

Other long-term liabilities

11,322

11,924

Total long-term liabilities

3,401,118

3,341,975

Total liabilities

3,867,7393,928,015

Capital122,805

122,805

Capital surplus

104,153

104,153

Retained earnings

962,443876,802

Treasury stock(4,471)(4,469)1,184,930

1,099,291

106,383

109,209

Net deferred losses on hedges(4,746)(3,971)

Foreign currency translation adjustments(3,161)(2,352)Remeasurements of defined benefit plans

(50)

(73)

Total accumulated other comprehensive income

98,425

102,811

Total net assets

1,283,355

1,202,103

Other current liabilities
Total current liabilities
Long-term liabilities:

Long-term debt
Long-term non-recourse loans
Allowance for retirement benefits for directors
Net defined benefit liability

Net assets:
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income (loss)
Net unrealized holding gains on securities

Total liabilities and net assets\5,151,095\5,130,118

Consolidated Statements of Income
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

Millions of yen
Fiscal year ended September 30,
2019

Revenue from operations\2018579,438\541,043

Cost of revenue from operations

397,476

374,759

Gross profit

181,962

166,283

Selling, general and administrative expenses

44,38841,034

Operating income

137,573

125,248

Interest and dividend income

6,566

5,634

Other non-operating income

124

407

6,691

6,042

Interest expense

9,692

10,300

Other non-operating expenses

2,723

2,427

12,416

12,728131,848

118,563

Gain on sale of property and equipment

01

Gain on sale of investment securities

-0

4,824

-

4,824

1923

938

00801

-

635

1,732

974

Income before income taxes

134,941

117,590

Income taxes

41,71737,564

Profit93,22480,025--Non-operating income

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income

Reversal of allowance for doubtful accounts
Total extraordinary income
Extraordinary loss
Loss on disposal of property and equipment
Loss on sale of property and equipment
Loss on devaluation of investment securities
Other extraordinary losses
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent\93,224\80,025

Consolidated Statements of Comprehensive Income
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

Millions of yen
Fiscal year ended September 30,2019Profit\201893,224\80,025

Other comprehensive income (loss)
Net unrealized holding gains (losses) on securities(2,826)

12,187

Net deferred gains (losses) on hedges

(774)

704

Foreign currency translation adjustments

(808)

(395)

Remeasurements of defined benefit plans

23(79)(4,386)

12,41888,83792,44388,83792,443--

Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to:Owners of the parent
Non-controlling interests

Note: Consolidated financial results for the second quarter of fiscal 2018 (April 1, 2018-September 30, 2018) and fiscal 2018 (year ended March31, 2019) have been adjusted retroactively, reflecting the adoption of Accounting Standard for Revenue Recognition in Sumitomo Real Estate
Sales effective from the beginning of fiscal 2019.