Kyoritsu Maintenance Co., Ltd.

(Securities Code: 9616)

Summary of Consolidated Financial Results for the
Fiscal Year Ended March 31, 2022
［JGAAP］
May 20221

Summary of Consolidated Financial Results for the Fiscal Year Ended
March 31, 2022 [based on Japanese GAAP]May 13, 2022
Listed exchange: Tokyo

Name of listed company
Kyoritsu Maintenance Co., Ltd.
Code
9616
URL https://www.kyoritsugroup.co.jp/
Representative(Title)President(Name) Koji Nakamura
Contact(Title)Managing Director(Name) Manabu Takaku
Scheduled date for ordinary general meeting of shareholders:June 28, 2022
Scheduled filing date of Quarterly Report:
June 28, 2022
Scheduled date of start of dividend payment:
June 29, 2022
Supplementary materials for the quarterly financial results: Yes
Investor conference for the quarterly financial results: Yes (For Institutional Investors)

Tel +81-3-5295-7778(Rounded down to the nearest million yen)

1.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 to March 31, 2022)(1) Consolidated Operating Results(Percentage figures represent year-over-year changes)

Net sales

Operating profit

Profit (loss)
attributable to ownersof parent

Ordinary profit

Million yen%

Million yen%

Million yen%

Million yen%

Year ended March 31, 2022

173,701

43.2

1,431

－

1,814

－

539

－

Year ended March 31, 2021

121,281-28.6-9,057－-9,116－-12,164－(Note) Comprehensive income:Year ended March 31, 2022: 791 million yen (–%)
Year ended March 31, 2022: -11,887 million yen (–%)

Diluted net income
per share

Profit per share

Ordinary profit tototal assets

Return on equity

Operating profit to
net sales

Yen

Yen

%

%

%

Year ended March 31, 2022

13.83

–

0.8

0.8

0.8

Year ended March 31, 2021

-311.98

–

–

–

–

Year ended March 31, 2022: – million yen (–%)
Year ended March 31, 2021: – million yen (–%)
(Note) Diluted net income per share is not shown as the Company reported net loss and had no residual shares for previous fiscal year, and has noresidual shares for current fiscal year under review.
(Reference) Gain/loss on equity-method investments(2) Consolidated Financial Position
Total assets

Equity ratio

Net assets per share

Million yen%

Yen

241,723
239,032

70,58670,78429.2
29.6

1,810.40
1,815.45

As of March 31, 2022
As of March 31, 2021
(Reference) Shareholders’ Equity:

Total net assets

Million yen

As of March 31, 2022: 70,586 million yen As of March 31, 2021: 70,784 million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Million yen

Million yen

Million yen

Million yen

25,721-17,835-16,731-10,006

4,130
34,23937,56524,212

Year ended March 31, 2022
Year ended March 31, 2021

2. Dividend Payments
First(Record date)quarter
Yen

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(Forecast)

Dividend per share
SecondThird
Year-endquarterquarter
Yen

Yen

AnnualTotal dividend
amount(annual)Dividend
payout ratio(consolidated)

Dividend to net
assets(consolidated)

Yen

Yen

Million yen

%

%

–
–

10.00
10.00

–
–

10.00
10.00

20.00
20.00

779
779

–
144.6

1.0
1.1

–

10.00

–

10.00

20.00

78.0

2. Forecasted Consolidated Results for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)(Percentage figures represent year-over-year changes)

Net sales
Full Year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Profit per
share

Million yen%

Million yen%

Million yen%

Million yen%

Yen

174,000

0.2

3,000

109.6

2,200

21.3

1,000

85.5

25.65

2

Notes(1) Changes in major subsidiaries during the period under review (changes in specific subsidiaries accompanied by changes in thescope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatements(i) Changes in accounting policies due to revision of accounting standards, etc.:

Yes(ii) Changes in accounting policies other than those under (i) above:(iii) Changes in accounting estimates:

None
None

(iv) Retrospective restatements:

None(3) Number of issued shares (common stock)(i) Number of issued shares at the end of
the period (including treasury shares)(ii) Number of treasury shares at the endof the period(iii) Average number of shares
during the period

Year ended
March 31, 2022

39,219,818 Year ended
shares March 31, 2021

39,219,818
sharesYear ended
March 31, 2022

230,499 Year ended
shares March 31, 2021

229,475
sharesYear ended
March 31, 2022

38,989,870 Year ended
shares March 31, 2021

38,990,301
shares(Reference) Summary of Non-Consolidated Financial Results
Results of the Non-Consolidated Fiscal Year Ended March 31, 2022 (From April 1, 2021 to March 31, 2022)(1) Non-Consolidated Results of Operations(Figures in percentages denote the year-on-year change.)
Net sales
Operating profit
Ordinary profit
ProfitYear ended March 31, 2022
Year ended March 31, 2021

Million yen%

Million yen%

Million yen%

Million yen%

140,947
102,698

37.2
-29.4

-4,488-10,105––-3,836-9,635––-3,958-13,038––

Profit per share

Diluted net
income per share

Yen

Year ended March 31, 2022
Year ended March 31, 2021

-101.53-334.41

Yen––(Note) Diluted net income per share is not shown as Kyoritsu Maintenance reported net loss and had no residual shares(2) Non-Consolidated Financial Position
Total assets
As of March 31, 2022
As of March 31, 2021
(Reference) Shareholders' equity:

Total net assets

Shareholders'equity ratio

Net assets per share

Million yen

Million yen%

Yen

224,161
219,555

62,142
66,63427.7
30.3

1,593.83
1,709.00

As of March 31, 2022: 62,142 million yen As of March 31, 2021:66,634 million yen*Summaries of financial results are not subject to auditing by a certified public accountant or auditing firm.
*Explanation of the appropriate use of earnings forecasts and other special notes(Note concerning forward-looking statements)
The forward-looking statements, including earnings forecasts and other future projections contained in this document are basedon information available to the Company at the time of preparation and on certain assumptions deemed reasonable by theCompany. As such, they do not constitute an assurance that the Company promises to achieve these projected results. Actual
business results may differ materially from the forecasts due to various factors.
Please see “(4) Future outlook” under “1. Overview of Operating Results, etc.” on page “9” for the assumptions used for theforecast of financial results and notes concerning the use of the forecast of financial results.
(How to obtain supplementary materials of financial results)
The Company will post supplementary materials and video clip of financial results briefing on the Company website.

3

Table of contents for attatched materials
1. Overview of Operating Results, etc. ...................................................................................................................................................... 5(1) Overview of operating results .......................................................................................................................................................... 5(2) Overview of financial position ......................................................................................................................................................... 7(3) Cash flow position ........................................................................................................................................................................... 8(4) Future outlook.................................................................................................................................................................................. 9
2. Basic Policy on Selection of Accounting Standards ............................................................................................................................ 10
3. Consolidated Financial Statements and Major Notes .......................................................................................................................... 11(1) Consolidated balance sheets .......................................................................................................................................................... 11(2) Consolidated income statement and consolidated statement of comprehensive income ................................................................ 13
Consolidated income statement ....................................................................................................................................................... 13
Consolidated statement of comprehensive income .......................................................................................................................... 15(3) Consolidated statement of changes in equity ................................................................................................................................. 16(4) Consolidated statement of cash flows ............................................................................................................................................ 18(5) Notes on consolidated financial statement ..................................................................................................................................... 20
Notes on the going concern assumption .......................................................................................................................................... 20
Change in accounting policies .................................................................................................................................................... - 20 Additional information ............................................................................................................................................................... - 20 Segment Information etc. ................................................................................................................................................................ 21
Per-share information ...................................................................................................................................................................... 27
Significant subsequent event ...................................................................................................................................................... - 27 4. Other.................................................................................................................................................................................................... 28

4

1. Overview of Operating Results, etc.
(1) Overview of operating results1). Overview of general financial position(Consolidated Financial Results)(in million yen)

Fiscal Year ended March 31,

Fiscal Year ended March 31,

Change

2021

2022

(%)

Net sales

121,281

173,701

43.2

Operating profit-9,057

1,431-

Ordinary profit-9,116

1,814--12,164

539-

Net income attributable toowners of parent

During the fiscal year under review, the Japanese economy showed signs of gradual recovery in economic activities amid theprolonged impact of the spread of COVID-19, but the timing of its end was still unclear, and the outlook remained uncertain due tothe new situation in Ukraine.
Under these circumstances, the Group continued to take extensive measures to prevent the spread of infection (such as temperaturechecks, disinfection, photocatalysis, and non-contact measures) at all Group offices so that customers can use the facilities safely. In
addition, as the financial support for dormitory students, the Group has implemented the "Program to Support School Attendance(interest-free loans for dormitory fees), " etc. In addition, the Company endeavored to improve the financial soundness through thereal-estate sale and leaseback and utilizing support programs such as Employment Adjustment Subsidy etc., while also
strengthening sales by offering new services such as "WORK PLACE DORMY (offices and hotels where people can stay andreside)," which responds to new ways of working, and a comprehensive membership program "Kyoritsu General Corporate
Membership Program: Shiki Club," which is designed to be used for expanding welfare services.
As a result, the Company's operating results for the current fiscal year under review show net sales of 173,701 million yen (up43.2% YoY). As for profits, the Dormitory Business secured stable profits despite a decrease in profit , and profits from the realestate sale and leaseback also contributed to operating profit of 1,431 million yen (vs. loss of 9,057 million yen in the previousyear), ordinary profit of 1,814 million yen (vs. loss of 9,116 million yen in the previous year), and net income attributable to ownersof the parent of 539 million yen (vs. loss of 12,164 million yen in the previous year). The Company recovered profitability despite
under mobility restrictions for most of the fiscal year.
Pertaining to the gaps between the forecast announced on November 9, 2021 and the actual results for the fiscal year ended March
31, 2022, kindly refer to the "Notice Concerning Differences between the Consolidated Earnings Forecast for the Fiscal Year Ended
March 31, 2022 and the Actual Figures" released today (May 13, 2022).

52) Overview of financial position by major business segment<Dormitory Business (student dormitories, employee dormitories, dormitory and contracted dormitories)(in million yen)

Fiscal Year ended March 31,

Fiscal Year ended March 31,

Change

2021

2022

(%)

Net sales

46,48947,246

1.6

Operating profit

4,903

4,554

-7.1

In the Dormitory Business, the overall initial occupancy rate started at 92.1% (1.6 points decrease YoY) mainly due to thepostponement of foreign students' arrival in Japan, and cancellation of corporate training programs for new employees. Under thesecircumstances, in addition to continuous provision of "a Program to Support School Attendance (interest-free loan for dormitoryfees)" as a financial support for dormitory students under COVID-19, the Company started dormitory life support application,"Domico," on a trial-basis from December 2021 to improve customer convenience, furthermore, the Company has been working on
the SDGs by food-loss reduction and paperless-digitization promotion of various processes.
As a result of the above, the overall net sales of the Dormitory Business reported 47,246 million yen (1.6% increase YoY), partly
due to the contribution of newly opened facilities (12 facilities with 1,204 rooms). Net sales of Student dormitories were 25,306
million yen (7.0% increase YoY), Employee dormitories were 13,109 million yen (5.9% decrease YoY), Domeal (studio-type
dormitories) were 4,756 million yen (1.6% decrease YoY), Subcontracted dormitories (management and operation of dormitories
owned by companies and schools on consignment) were 4,074 million yen (unchanged YoY). On the other hand, operating profit
showed 4,554 million yen (7.1% decrease YoY) mainly due to the impact of lower occupancy rates.
As of March-end 2022, the number of facilities totaled 512 locations (increased by 5 YoY, excluding the subcontracted dormitories),with a capacity of 42,551 people (624 increase YoY), the number of residents were 39,490 (1,584 increase YoY).
< Hotel Business (Dormy Inn, resorts) >(in million yen)

Fiscal Year ended March 31,

Fiscal Year ended March 31,

Change

2021

2022

(%)

Net sales

46,246

62,772

35.7

Operating profit-13,130-9,451-In the Hotel Business for the current fiscal year under review, the Dormy Inn Business has opened two hotels "Natural Hot Springs
Kaga no Hozen Onyado Nono Kanazawa" and "Natural Hot Springs Geishu no Yu Dormy Inn Hiroshima ANNEX," and the Resorts
Business opened "La Vista Kusatsu Hills."
Despite the declaration of a state of emergency and the intermittent issuance of priority measures to prevent the spread of COVID19, the Dormy Inn business actively worked to capture leisure demand, especially on weekends, and sales promotions such as"NEW LOCAL STAY PLAN (local-only plan)" and the new product such as "WORK PLACE DORMY" and "Kyoritsu General
Corporate Membership Program: Shiki Club" contributed to a significant increase in profits.
As a result, the Hotel Business as a whole has 122 facilities (1 increase YoY ) with 18,675 rooms (321 increase YoY), reported net
sales of 62,772 million yen (35.7% increase YoY), and operating loss of 9,451 million yen (vs. loss of 13,130 million yen in theprevious fiscal year). In the previous fiscal year, the Company temporarily closed a large number of hotels in response to requests
for closures following the declaration of a state of emergency, and posted the loss as extraordinary loss. However, after reclassifying
them to ordinary accounts, it improved by 6,552 million yen compared to the previous fiscal year (operating loss of 16,004 million
yen).

6

<Comprehensive Building Management Business>(in million yen)

Fiscal Year ended March 31,
2021

Fiscal Year ended March 31,
2022

Change(%)

Net sales

16,012

15,108-5.6

Operating profit

624

258

-58.6

The Comprehensive Building Management Business reported net sales of 15,108 million yen (5.6% decrease YoY) and 258 million
yen operating profit (58.6% decrease YoY) mainly due to a decrease in construction projects, despite an increased cleaning services
in line with a rise in the number of hotel rooms in operation.
<Food Service Business (Restaurants/ Contracted Food Service/ Contracted Hotel Restaurants, etc.)>(in million yen)

Fiscal Year ended March 31,

Fiscal Year ended March 31,

Change

2021

2022

(%)

Net sales

5,291

6,827

29.0

Operating profit

-10

-74

-

The Food Service Business reported net sales of 6,827 million yen (29.0% increase YoY) and an operating loss of 74 million yen(vs. loss of 10 million yen in the previous fiscal year) mainly due to the suspension of serving alcoholic beverages, shortened hours,
and temporary closings at restaurants to prevent the spread of infection, despite an increase in the number of hotel restaurant
contracts.
<Development Business>(in million yen)
Fiscal Year ended March 31,

Fiscal Year ended March 31,

Change

2021

2022

(%)

Net sales

12,61040,661

222.5

Operating profit

650

8,608

1,223.9

The Development Business reported net sales of 40,661 million yen (222.5% increase YoY) and an operating profit of 8,608 million
yen (1,223.9.% increase YoY) as a result of the real-estate sale and leaseback and other factors.
<Other Businesses>(in million yen)
Fiscal Year ended March 31,
2021

Fiscal Year ended March 31,
2022

Change(%)

Net sales

15,51015,195-2.0

Operating profit

606

459

-24.2

Other Businesses consist of the Senior Life Business (management and operation of senior residences), the Public Kyoritsu
Partnership (PKP) Business (services provided under contract to local governments), support business for people who live alone, theinsurance agency business, comprehensive human-resource services, the financial business and the administrative outsourcing
business. The reported net sales of these businesses decreased to 15,195 million yen (2.0% decrease YoY) and operating profit
decrease to 459 million yen (24.2% decrease YoY).

(2) Overview of financial position(Assets)
The total assets as of the end of current fiscal year under review were 241,723 million yen, an increase of 2,691 million yen fromthe end of the previous fiscal year. This was mainly due to an increase in cash and deposits.
(Liabilities)
The liabilities as of the end of current fiscal year under review were 171,137 million yen, an increase of 2,889 million yen fromthe end of the previous fiscal year. This was mainly due to increases in short-term borrowings and long-term borrowings.
(Net Assets)
The net assets as of the end of current fiscal year under review were 70,586 million yen, a decrease of 198 million yen from theend of the previous fiscal year. This was mainly due to an decrease of retained earnings.
As a result, the equity ratio became 29.2%, a decrease of 0.4 points from the end of the previous fiscal year.

7(3) Cash flow position
Cash and cash equivalent balance as of the end of current fiscal year under review were 37,565 million yen, an increase of 13,353
million yen from the end of the previous fiscal year.
(Cash Flows from Operating Activities)
Net cash provided by operating activities was 25,721 million yen, increased by 43,556 million yen compared to the previous
fiscal year due to the effect of increase/decrease in inventories.
(Cash Flows from Investment Activities)
Net cash used in investing activities was 16,731 million yen, increased by 6,725 million yen compared to the previous fiscal year
due to the impact of payments for lease and guarantee deposits.
(Cash Flows form Financing Activities)
Net cash provided by financing activities was 4,130 million yen, decreased by 30,108 million yen compared to the previous fiscal
year due to the impact of proceeds from long-term borrowings.
(Reference) Trends in Cash Flow-related Indicators

Equity ratio (%)
Equity ratio on a market value basis(%)
Cash flow to interest-bearing debt
ratio (annual):Interest coverage ratio (times):

Fiscal Year ended

Fiscal Year ended

Fiscal Year ended

Fiscal Year ended

Fiscal Year ended

March 31, 2018

March 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

37.6

39.3

38.7

29.6

29.2

103.9

105.7

42.8

59.8

74.5

6.1

4.6

5.7

-7.3

5.3

26.1

45.3

47.2

-39.1

43.4

Equity ratio: Equity capital / total assets
Equity ratio on a market value basis: Market capitalization / total assets
Cash flow to interest-bearing debt ratio: Interest-bearing debt / cash flow
Interest coverage ratio: Cash flow / interest payments(Note)
1. Each indicator is calculated based on the consolidated financial figures.
2.Market capitalization is calculated based on the number of outstanding shares not including treasury shares.
3.Cash flow used to calculate this indicator is operating cash flow.
4.Interest-bearing debts used to calculate this indicator are all debts recorded on the consolidated balance sheet that are subject
to interest payments.
5.Interest payments used to calculate this indicator are the interest expenses paid that are stated on the consolidated statementof cash flows.

8(4) Future outlook(Consolidated Financial Results)(in million yen)

Results for the Fiscal Year ended

Outlook for the Fiscal Year

ChangeMarch 31, 2022

ending March 31, 2023(%)

Net sales

173,701

174,000

0.2

Operating profit

1,431

3,000

109.6

Ordinary profit

1,814

2,200

21.3

539

1,000

85.5

Net income attributable toowners of parent

As for the outlook, COVID-19 global convergence is unpredictable and the situation in Ukraine and other factors are expected tocontinue to make the situation uncertain. On the other hand, positive signs are beginning to emerge, such as openings of various
events, the lifting of mobility restrictions, and reports that the government is considering easing border security measures against
COVID-19 and reopening the country to foreign tourists.
The Dormitory Business reported an initial occupancy rate of 93.5% in April 2022 (1.4 points increase YoY). The Dormitory
Business will continue to focus on capturing domestic demand to fill vacancies caused by the postponement of international
students coming to Japan, and also promote the strengthening of partnerships with major universities. In addition, to meet new
housing needs, the Company will strengthen sales promotion of new products such as "NOMADormy" a monthly plan that offers
fixed-rate access to dormitories nationwide. In addition, the Company is actively addressing the SDGs by introducing "Rentastic!,"
a support service for free rental and transfer of possessions to promote a circular economy that aims to "curb excessive
consumption" and "eliminate waste," as well as reducing food loss and paper waste with "Domico," an application dedicated todormitory life support.
The Hotel Business segment has started April 2022 with no mobility restriction for the first time in three years since 2019, and boththe Dormy Inn Business and the Resorts Business started the year with occupancy rates that were significantly higher than theprevious year. In the Dormy Inn Business, since April 2022, the Company opened "Natural Hot Springs Hana-Nami-No-Yu Onyado
NONO Yodoyabashii" and "Natural Hot Springs Fuji Zakura NO Yu Dormy Inn EXPRESS Fujisan Gotemba." The Company issteadily preparing for future growth, with plans to open five additional facilities by March 2023, and five new facilities in the
Resorts Business. Also, the Company has newly started offering our hotels through "TsugiTsugi ," a subscription-based turnoverresiding service operated by Tokyu Corporation, and "goodroom Hotel Pass," a subscription service operated by goodroom co., ltd.
Furthermore, the Company is actively working on SDGs, such as promoting the reduction of one-way plastic products in amenity
goods.
The Comprehensive Building Management Business will actively enhance its market competitiveness by improving its
technological capability and product values including the expertise for gaining further trust from customers as well as providing
quality building-related services through its new, integrated organizational structure.
The Food Service Business will seek to develop products and services that achieve higher levels of customer satisfaction andimprove its earning structure by implementing a strict control over expenses.
The Development Business will support Kyoritsu Group with its development and expansion plan as well as thoroughly develop
new clients and strengthen its cost management system.
In Other Businesses, the Company positions the Senior Life Business and the Public Kyoritsu Partnership (PKP) Business as
development businesses, and will work to quickly establish their business models and realize further earnings growth in the future.
Based on the above, for the next fiscal year, the Group forecast net sales of 174,000 million yen (0.2% increase YoY), operating
profit of 3,000 million yen (109.6% increase YoY), ordinary profit of 2,200 million yen (21.3% increase YoY), and profit
attributable to owners of parent of 1,000 million yen (85.5% increase YOY). In addition, the forecast includes 3,800 million yen in
expenses for preparation for new openings of 19 facilities in the Dormitory Business (1,921 rooms) and 12 facilities in the HotelBusiness (2,140 rooms), as well as 800 million yen in expenses related to large-scale renovation work aimed at maintaining andimproving customer satisfaction.
The above forecasts are based on information available as of the date of publication of this document, and actual results may differ
from the forecasts due to various factors.

92. Basic Policy on Selection of Accounting Standards
The Group's policy for the time being is to prepare its consolidated financial statements in accordance with Japanese GAAP, taking
into consideration the comparability of consolidated financial statements over time and across companies.
The Group will properly deal with the application of IFRS taking into account domestic and international situations.

103. Consolidated Financial Statements and Major Notes(1) Consolidated balance sheets(in million yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes, accounts receivable - trade and contract
assetsReal estate for sale
Real estate for sale in process
Costs on uncompleted construction contracts
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Guarantee deposits
Lease deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance costs
Other
Total deferred assets
Total assets

11

As of March 31, 2022

24,588
9,702

37,942--

11,856

15,959
1,670
513
9,562
-52
61,944

7,681
7,719
61
7,769
-76
72,95389,488-36,079
53,40845,827
11,27816,463-12,070
4,393
114,907
4,235

85,313-38,276
47,03739,35913,173
16,984-13,335
3,648
103,218
3,384

4,499
1,388
16,48916,912
7,029
11,144-119
57,344
176,487

3,151
1,709
18,826
19,033
6,928
12,133-122
61,660168,264600
600
239,032502
2505
241,723(in million yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of bonds payable
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
Provision for warranties for completed construction
Other
Total current liabilities
Non-current liabilities
Bonds payable
Convertible bonds with share acquisition rights
Long-term loans payable
Long-term guarantee deposited
Deferred tax liabilities
Net defined benefit liability
Provision for directors' retirement benefits
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net Assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred hedge gain (loss)
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

12

As of March 31, 2022

4,667
12,702
5,280
1,764
714
37
3
24,677
49,8486,202
14,820
5,080
1,035
979
76
5
21,23449,43328,54030,14253,003
3,367
350
1,045
252
699
997
118,398
168,247

23,46030,112
61,961
2,992
7
1,013
254
610
1,291
121,703
171,137

7,964
12,821
50,831-357
71,2597,964
12,821
50,383-361
70,807

55
-555
24
-474
70,784
239,032

82
225
-583
53
-221
70,586
241,723

(2) Consolidated income statement and consolidated statement of comprehensive income
Consolidated income statement(in million yen)
Year Ended March 31, 2021
Year Ended March 31, 2022
(April 1, 2020 - March 31, 2021) (April 1, 2021 - March 31, 2022)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries, allowances and bonuses
Employee benefits expenses
Provision for bonuses
Provision for directors' bonuses
Retirement benefit expenses
Provision for directors' retirement benefits
Sales promotion expenses
Fees payable
Provision for allowance for doubtful accounts
Business consignment expenses
Rent expenses
Depreciation and amortization
Other
Total selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Subsidy income
Income from cancelled security deposits
Compensation income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Expenses for measures for COVID-19
Settlement money
Other
Total non-operating expenses
Ordinary income (loss)

13

121,281111,293
9,987

173,701
151,659
22,042

5,162
1,029
140
35
149
1
1,822
4,917
7
1,829
1,338
345
2,264
19,044-9,057

5,309
991
293
77
136
1
1,916
6,839
32
1,813
751
413
2,035
20,610
1,431

83
99
777
129
937
262
2,290

108
86
600
105
465
342
1,708

455
502
29
1,362
2,349
-9,116

603
195
147
378
1,326
1,814

(in million yen)
Year Ended March 31, 2021
Year Ended March 31, 2022
(April 1, 2020 - March 31, 2021) (April 1, 2021 - March 31, 2022)
Extraordinary income
Gain on sale of shares of subsidiaries and associates
Subsidy income
Total extraordinary income
Extraordinary losses
Impairment loss
Loss on disaster
Loss on store closings
Loss on temporary closing, etc.
Other
Total extraordinary losses
Net income (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income (loss)
Net income (loss) attributable to owners of parent

14

153
153

196
196

442
2,531
2,886
45
5,907
-14,870
1,012-3,718-2,705-12,164-12,164

51
65
453
40
611
1,399
1,233
-372
860
539
539

Consolidated statement of comprehensive income(in million yen)
Year Ended March 31, 2021
Year Ended March 31, 2022
(April 1, 2020 - March 31, 2021) (April 1, 2021 - March 31, 2022)
Net income (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred hedge gain (loss)
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners ofparent15-12,164

539

173
42
61
277
-11,887

26
225
-28
29
252
791

-11,887791

(3) Consolidated statement of changes in equity
Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)(in million yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

7,961

12,817

3

3

Total shareholders'equityTreasury shares

64,281-355

84,706

Changes during period
Issuance of new shares(Exercise of share acquisitionrights)6

Dividends from surplus-1,286-1,286

Net income (loss) attributableto owners of parent-12,164-12,164

Change in scope of
consolidation
Share buybacks
Disposal of treasury stock

0

-2

-2

0

0

Net changes of items other thanshareholders' equity
Total changes during period
Balance at end of period

33-13,450-2-13,447

7,964

12,821

50,831-357

71,259

Accumulated other comprehensive income
Valuation
Foreign currency
difference on
Deferred hedge gaintranslation
available-for-sale(loss)
adjustment
securities
Balance at beginning of period

-117

-

-597

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income-36-751

Total net assets

83,954

Changes during period
Issuance of new shares(Exercise of share acquisitionrights)6

Dividends from surplus-1,286

Net income (loss) attributableto owners of parent-12,164

Change in scope of
consolidation
Share buybacks-2

Disposal of treasury stock0

Net changes of items other thanshareholders' equity

173

42

61

277

277

Total changes during period

173

42

61

277

-13,169

Balance at end of period

55

-555

24

-474

70,784-16

Year ended March 31, 2022 (From April 1, 2021 to March 31, 2022)(in million yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

7,964

Retained earnings

12,821

Total shareholders'equityTreasury shares

50,831-357

71,259Changes during period
Issuance of new shares(Exercise of share acquisitionrights)Dividends from surplus

-779

-779

Net income attributable toowners of parent

539

539

Change in scope of
consolidation

-206

-206

Share buybacks

-4

-4

-447

-4

-451

50,383-361

70,807

Disposal of treasury stock
Net changes of items other thanshareholders' equity
Total changes during period
Balance at end of period

7,964

12,821

Accumulated other comprehensive income
Valuation
Foreign currency
difference on
Deferred hedge gaintranslation
available-for-sale(loss)
adjustment
securities
Balance at beginning of period

55

-

-555

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income24-474

Total net assets

70,784

Changes during period
Issuance of new shares(Exercise of share acquisitionrights)Dividends from surplus-779

Net income attributable toowners of parent

539

Change in scope of
consolidation-206

Share buybacks-4

Disposal of treasury stock
Net changes of items other thanshareholders' equity

26

225

-28

29

252

252

Total changes during period

26

225

-28

29

252

-198

Balance at end of period

82

225

-583

53

-221

70,58617

(4) Consolidated statement of cash flows(in million yen)
Year Ended March 31, 2021
Year Ended March 31, 2022
(April 1, 2020 - March 31, 2021) (April 1, 2021 - March 31, 2022)
Cash flows from operating activities
Net income (loss) before taxes
Depreciation and amortization
Amortization of long-term prepaid expenses
Amortization of guarantee deposits
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Subsidy income
Proceeds from cancelled security deposits
Compensation income
Expenses for measures for COVID-19
Loss on temporary closing, etc.
Loss on store closings
Settlement money
Loss on disaster
Loss (gain) on sale of affiliated company shares
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in accounts receivable - other
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Increase (decrease) in accrued expenses
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in deposits received
Increase (decrease) in guarantee deposits received
Other
SubtotalInterest and dividends received
Interest expenses paid
Income taxes refund
Income taxes paid
Proceeds from subsidy income
Compensation income received
Expenses for measures for COVID-19
Loss on temporary closing, etc.
Loss on store closings
Settlement money paid
Net cash provided by (used in) operating activities

18-14,870
4,962
445
304
-1,389
-182
455
-931
-129
-937
502
2,886
2,531
29
-

1,399
6,070
470
322
264
-195
603
-600
-105
-465
195
453
147
65
-196

1,356

-2,140-28-6,0592,048
17,100-5,457

1,526

240
1,516
7
608
-114
490
-13,763103-455
0-1,223931
937-502-2,521-1,312-29-17,835-191-2,273
4,633
-629
-299
-425
27,78090-592
2-1,956
600
465
-195
-325
-147
25,721(in million yen)
Year Ended March 31, 2021
Year Ended March 31, 2022
(April 1, 2020 - March 31, 2021) (April 1, 2021 - March 31, 2022)
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of long-term prepaid expenses
Payments of loan receivableCollection of loans receivable
Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee
deposits
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of convertible bonds
Share buybacks
Cash dividend paid
Other
Net cash provided by (used in) financing activities s
Effect of exchange rate changes on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at beginning of
periodIncrease in cash and cash equivalents resulting frommergerIncrease (decrease) in cash and cash equivalents resulting
from change of consolidation
Balance of cash and cash equivalents at end of period

19

-776
1,243
-7,099
12
-533
-607
-763
912
-1,503

1,056-10,594
6
-352
-133
-530
167
-5,869116

480-1,01824-14-10,006-991
30
0-16,731950
34,900-4,101
30,043-25,268-2-1,285-996
34,2392,400
12,480-4,643-5,280
-4
-781
-40
4,130

22

-1

6,419

13,118

17,792

24,212

-

-

-

234

24,212

37,565(5) Notes on consolidated financial statement
Notes on the going concern assumption
Not applicable
Change in accounting policies
Application of Accounting Standard for Revenue Recognition, etc.
The Company decided to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No.29, March 31, 2020) andother standards from the beginning of current fiscal year to recognize revenues in the amount expected to be received in exchange
for promised goods or services when the control over the goods or services is transferred to customers.
As a result, the Company reports the sales from hotels' courier services on a net basis which is the fees received from customers lessthe fees paid to carriers. It used to be reported at the total amount. The same applies to sales from the consignment sale oftransportation tickets and retail goods. It used to report the total amount, but now it reports the net amount, which is the fees received
from customers less the fees paid to the contractors.
The Company follows the transitional treatment under Paragraph 84 of the Accounting Standard for Revenue Recognition in relation
to the application of the accounting standard and others. The Company adjusted the retained earnings at the beginning of current
fiscal year by adding or deducting the amount of cumulative effects resulting from the retrospective application of the new
accounting policies before the beginning of current fiscal year, and applied the new accounting policies from the beginning ofcurrent fiscal year.
As a result, the net sales and cost of sales for current fiscal year have decreased by 611 million yen and 611 million yen, respectively,
compared to net sales and cost of sales calculated using the previous accounting standards. However the impact on the operating loss
is minor. This has no impact on the amount of the retained earnings at the beginning of current fiscal year.
Due to the application of the Accounting Standard for Revenue Recognition and others, the Company has changed the presentationof "notes and accounts receivable" under the "current assets" in the previous fiscal year to the "notes and accounts receivable, andcontract assets" for current fiscal year on the balance sheet. However, the Company has not reclassified the item using the newpresentation method for the previous fiscal year in accordance with the transitional treatment under Paragraph 89-2 of the
Accounting Standard for Revenue Recognition.
Application of Accounting Standards for Fair Value Measurement, etc.
The Company decided to apply the "Accounting Standards for Fair Value Measurement" (ASBJ Statement No.30, July 4, 2019) etc.
from the beginning of the fiscal year under review. Accordingly, it prospectively adopts accounting policies prescribed in the Fair
Value Measurement Accounting Standard and the like in accordance with the provisional treatment stipulated in Paragraph 19 of the
Fair Value Measurement Accounting Standard and Paragraph 44-2 of the Accounting Standard for Financial Instruments (ASBJ
Statement No. 10, July 4, 2019). This has no impact on the consolidated financial statements.
Additional information
Application of consolidated taxation system
The Company and its domestic consolidated subsidiaries have applied the consolidated tax return filing system since current fiscal
year.
Application of tax effect accounting concerning the shift from consolidated taxation system to group tax sharing system
With respect to items subject to the review of the Non-Consolidated Taxation System conducted to coincide with transition from theConsolidated Taxation System to the Group Tax Sharing System, which was created under the Act for Partial Revision of the
Income Tax Act, etc. (Act No. 8 of 2020), the Company and some of its domestic consolidated subsidiaries have not applied theprovisions of Paragraph 44 of the Implementation Guidance on Tax Effect Accounting (ASBJ Guidance No. 28 issued on February
16, 2018) in accordance with the treatment set out in Paragraph 3 of Practical Solution on the Treatment of Tax Effect Accounting
for the Transition from the Consolidated Taxation System to the Group Tax Sharing System (ASBJ PITF No.39, March 31, 2020).
Accordingly, the Company reports the deferred tax assets and deferred tax liabilities based on tax laws before amendment.

20

Segment Information etc.
[Segment Information]
1. Summary of Reportable Segments
The Group's reportable segments are structural units of the Group, for which disaggregated financial information is available, thatare subject to periodic review by the Board of Directors to make decisions on allocation of management resources and evaluatebusiness performance.
The Group establishes business units for individual services (or subsidiaries for some services) within the Group. Each business unit
or subsidiary formulates strategies for its services and engages in business activities.
Accordingly, the Group consists of service-specific segments based on these business units and subsidiaries. The Group's fivereportable segments are the Dormitory Business, the Hotel Business, the Comprehensive Building Management Business, the Food
Service Business, and the Development Business.
Each reporting segment is summarized below.
Dormitory Business:

Operation and management of student dormitories, employee dormitories,
Domeal, and subcontracted dormitories

Hotel Business:

The Dormy Inn (limited-service hotel) and resorts (resort hotel)
businesses

Comprehensive Building Management Business:

The office-building management and residential-building managementbusinesses

Food Service Business:

The businesses dealing with restaurants, contracted food service, andhotel restaurants and other facilities operated under contract

Development Business:

The construction, planning, design, and brokerage businesses, thecondominium business, the real-estate sale and leaseback business, andother development-related businesses, other development-related
businesses

2. Calculation methods for net sales, profits or losses, assets, and other amounts for each reporting segment
The accounting method for the reported business segments is the same as that described in "Significant Matters that Form the Basisfor Preparing Consolidated Financial Statements."
Profit of the reportable segments is based on operating income.
Intersegment sales and transfers are based on market prices.

21

3. Information on net sales, profits or losses, assets and other items by reporting segment
Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)(in million yen)Segment Information
Dormitory

Hotel

Comprehensive
Building
Management

FoodService

Other
Developme
nt

Total

Total

Note 1

Adjustment
Note 2

Amountrecorded on
consolidated
consolidated
financialstatements
Note 3

Net sales
Net sales to externalcustomers

46,19046,159

7,166

657

6,082

106,256

15,024

121,281－

121,281Intersegmental sales
or transfers

298

86

8,846

4,634

6,527

20,393486

20,879-20,879－

Total

46,48946,246

16,012

5,291

12,610126,650

15,510142,160-20,879

121,281

Segment profit or loss

4,903

-13,130

624

-10

650

-6,961606-6,355-2,701-9,057

Segment assets

54,074

105,849

11,3491,893

28,530201,698

12,344

214,042

24,989239,032

Depreciation andamortization

1,355

3,353

78

58

42

4,888

131

5,020

-58

4,962

Impairment loss

41

364

－

37

－

442

－

442

－

442

Increase in tangible
fixed assets andintangible fixed
assets

1,967

10,43126

3

3

12,43275

12,507-66

12,440

Other items

Notes: 1. The Other Business segment consists of the following businesses which are not included in the other reportablesegments: the Senior Life Business (management and operation of senior residences), the Public Kyoritsu Partnership(PKP) Business (services provided under contract to local governments), support business for people who live alone, theinsurance agency business, comprehensive human-resource services, the financial business, the administrative
outsourcing business, and other related businesses.
2. Details of adjustments are described below.
(in million yen)Segment profits
Elimination of intersegment transactions-213

Corporate expenses-2,488

Total-2,701* Corporate expenses mainly consist of expenses related to the Accounting Department and other administrative
departments of the head office.
(in million yen)Segment assets
Elimination of intersegment transactions-13,857

Corporate assets *38,846

Total

24,989* Corporate assets refer to cash and deposits, investment securities, assets related to administrative sections, anddeferred tax assets retained by the head office.
3. Segment profit or loss is adjusted against operating loss on the consolidated financial statements.

22

Year ended March 31, 2022 (From April 1, 2021 to March 31, 2022)(in million yen)Segment Information
Dormitory

Hotel

Comprehensive
Building
Management

FoodService

Other
Developme
nt

Total

Adjustment

Total

Note 1

Note 2

Amountrecorded on
consolidated
financialstatements
Note 3

Net sales
Net sales to externalcustomers

46,92462,6607,487

789

41,126

158,988

14,713

173,701－

173,701

Intersegmental sales
or transfers

322

111

7,621

6,038

-464

13,628481

14,109-14,109－

Total

47,246

62,772

15,108

6,827

40,661

172,616

15,195

187,811-14,109173,701

Segment profit or loss

4,554

-9,451

258

-74

8,608

3,894

459

4,354

-2,922

1,431

Segment assets

55,778100,361

18,811

2,245

22,024

199,222

15,991

215,21326,471

241,723

Depreciation andamortization

1,410

4,387

70

71

42

5,981

130

6,112

-41

6,070

Impairment loss

49

－

－

2

－

51

－

51

－

51

Increase in tangible
fixed assets andintangible fixed
assets

2,373

6,985

39

130

－

9,528

55

9,584

-64

9,519

Other items

Notes: 1. The Other Business segment consists of the following businesses which are not included in the other reportablesegments: the Senior Life Business (management and operation of senior residences), the Public Kyoritsu Partnership(PKP) Business (services provided under contract to local governments), support business for people who live alone, theinsurance agency business, comprehensive human-resource services, the financial business, the administrative
outsourcing business, and other related businesses.
2. Details of adjustments are described below.
(in million yen)Segment profits
Elimination of intersegment transactions

18

Corporate expenses-2,941

Total-2,922* Corporate expenses mainly consist of expenses related to the Accounting Department and other administrative
departments of the head office.
(in million yen)Segment assets
Elimination of intersegment transactions-18,535

Corporate assets *45,006

Total

26,471* Corporate assets refer to cash and deposits, investment securities, assets related to administrative sections, anddeferred tax assets retained by the head office.
3. Segment profit or loss is adjusted against operating loss on the consolidated financial statements.

23

4. Information on changes in reportable segments, etc.
Application of Accounting Standard for Revenue Recognition, etc.
As stated in "Changes in accounting policies", the Company has applied the Accounting Standard for Revenue
Recognition and other standards from the beginning of the current fiscal year, and changed the accounting method
related to revenue recognition. Accordingly, the Company has also changed the calculation method for businesssegment profits and losses.
Due to these changes, net sales and cost of sales of the Hotel Business for the current fiscal year have decreased by
305 million yen and 305 million yen, respectively, and net sales and cost of sales of the Other Business decreased by
305 million yen and 305 million yen, respectively, compared to the net sales and cost of sales calculated using theprevious accounting method. However, the impact on the segment loss is minor.

[Relevant Information]
Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)
1. Information by product and service(in million yen)Student

Employeedormitories

dormitories

23,55813,765

Dormy Inn

Resorts

Officebuilding
custodial
services

25,23320,9263,885

Subcontracte
Domeald dormitories

Residentialbuilding
Food Service Development
custodial
services

Other

Total

15,024

121,281Net sales toexternal

4,809

4,058

3,281

657

6,082

customers

2. Information by region(1) Net sales
This item is omitted because the net sales to external customers in Japan account for more than 90% of the net sales
on the consolidated income statement.
(2) Tangible fixed assets
This item is omitted because the amount of the tangible fixed assets located in Japan accounts for more than 90% of
the amount of the tangible fixed assets on the consolidated balance sheet.
3. Information by major customer
This item is omitted because no single customer accounts for 10% or more of the net sales on the consolidated income
statement.
Year ended March 31, 2022 (From April 1, 2021 to March 31, 2022)
1. Information by product and service(in million yen)Student

Employeedormitories

dormitories

25,193

12,938

Dormy Inn

Resorts

Officebuilding
custodial
services

35,24927,411

4,017

Subcontracte
Domeald dormitories

Residentialbuilding
Food Service Development
custodial
services

Other

Total

14,713

173,701

Net sales toexternal

4,732

4,059

3,469

789

41,126customers

2. Information by region(1) Net sales
This item is omitted because the net sales to external customers in Japan account for more than 90% of the net sales
on the consolidated income statement.
(2) Tangible fixed assets
This item is omitted because the amount of the tangible fixed assets located in Japan accounts for more than 90% of
the amount of the tangible fixed assets on the consolidated balance sheet.

24

3. Information by major customer
This item is omitted because no single customer accounts for 10% or more of the net sales on the consolidated income
statement.

25

[Information on impairment loss on non-current assets by reporting segment]
Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)
This item is omitted because the same information is disclosed in the Segment Information.
Year ended March 31, 2022 (From April 1, 2021 to March 31, 2022)
This item is omitted because the same information is disclosed in the Segment Information.

[Information on the amortization of goodwill and the unamortized balance by reporting segment]
Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)
Not applicableYear ended March 31, 2022 (From April 1, 2021 to March 31, 2022)
Not applicable[Information on gain from negative goodwill by reporting segment]
Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)
Not applicableYear ended March 31, 2022 (From April 1, 2021 to March 31, 2022)
Not applicable26Per-share information
Year ended March 31, 2021
(From April 1, 2020 to March 31, 2021)

Year ended March 31, 2022
(From April 1, 2021 to March 31, 2022)

Net assets per share (yen)1,815.45

1,810.40

Net income (loss) per share-311.98

13.83

－

－

Diluted net income per share (yen)(Note) 1. For previous fiscal year, diluted net income per share is not shown due to the recording of net loss per share and theabsence of potential shares with dilutive effects. For the current fiscal year under review, diluted net income per share isnot shown due to the absence of potential shares with dilutive effects.
2. The bases for the calculation of net income per share or net loss per share are described below.
Year ended March 31, 2021
(April 1, 2020 - March 31,
2021)

Year ended March 31, 2022
(April 1, 2021 - March 31,
2022)

Net income (loss) per share
Net income (loss) attributable to owners of parent(in million yen)Amount not attributable to common shareholders(in million yen)
Net income (loss) attributable to owners of parent related tocommon shares (in million yen)
Average number of common shares during the period (shares)

Summary of potential shares not included in the calculation ofdiluted net income per share due to the absence of dilutive effects-12,164539－－-12,164

539

38,990,301

38,989,870

Euro-yen denominatedEuro-yen denominatedconvertible bonds that will
mature in 2026 based on aconvertible bonds that will
mature in 2026 based on a

resolution (of the Board of
Directors) dated January 13,

resolution (of the Board of
Directors) dated January 13,2021 (3,000 units of shareoption)2021 (3,000 units of shareoption)Significant subsequent event
Introduction of restricted stock units
The Company reviewed its executive compensation plan and resolved to introduce restricted stock units (the "Plan") at the Board of
Directors meeting on May 13, 2022. It decided to refer the Plan to the 43rd ordinary general shareholders' meeting scheduled for June
28, 2022. For details, please see "Notice on introduction of restricted stock units" published today (May 13, 2022).

27

4. Other(Status of production, order and sale)
Segment sales performances for current fiscal year are shown below:
Segment

Amount (in million yen)

Dormitory

Year-on-year comparison (%)

47,246

1.6

Student dormitories

25,306

7.0

Employee dormitories

13,109-5.9Domeal

4,756

-1.6

Subcontracted dormitories

4,074

0.0

62,772

35.7

Dormy Inn Business

35,294

39.7

Resorts Business

27,47831.0

Comprehensive Building Management

15,108-5.6

Office Building Custodial Services
Business

4,215

1.8

Residential Building Custodial
Services Business

10,892-8.2

Food Service

6,827

29.0

Development

40,661

222.5

172,616

36.3

Other

15,195-2.0

Adjustment-14,109－173,701

43.2

Hotel

Total of Reportable Segments

Total(Note) Amount does not include consumption taxes.

28