Consolidated Financial Results for Fiscal 2018 (Year ended March 31, 2019)
May 16, 2019

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

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

1. Results of Fiscal 2018 (Year ended March 31, 2019)(1) Consolidated financial results (Amounts less than one million yen, except for per share amounts, are omitted.)
Revenue from operations
1,013,229
948,402

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

Millions of yen%

6.8

220,419
205,6377.2

204,257
186,8709.3

130,817
119,731

9.3

Millions of yen

Fiscal 2018
Fiscal 2017

Operating income

2.5

9.3

11.4

15.7

Notes 1: Comprehensive Income
FY 2018 : 106,495 millions of yen (30.9%); FY 2017 : 154,088 millions of yen 15.7%
2: Percentages represent changes compared with the previous year.

Return on average
equityEarnings per share

Fiscal 2018
Fiscal 2017

Ratio of ordinary
profit to averageassetsOperating income
marginYen%%%276.02
252.62

11.3
11.3

4.0
3.7

21.8
21.7

Note: Average number of shares issued and outstanding (consolidated)
FY 2018 : 473,942,220 shares; FY 2017 : 473,956,155 shares(2) Consolidated financial position (Amounts less than one million yen, except for per share amounts, are omitted.)
Total assets
Fiscal 2018
Fiscal 2017

Shareholders' equity

Shareholders' equity ratio

Shareholders' equity
per share

Millions of yen

Millions of yen%Yen

5,127,464
5,167,198

1,208,116
1,114,975

23.6
21.6

2,549.09
2,352.53

Note: Number of shares issued and outstanding (consolidated)
As of March 31, 2019 : 473,940,149 shares; As of March 31, 2018 : 473,947,131 shares

2. Dividend Position
Dividends per share

Fiscal 2018
Fiscal 2017
Forecast for Fiscal 2019

Amount of dividend

Dividend payout ratio

Dividend on equity ratio

InterimYear end

Annual(Annual)(Consolidated)(Consolidated)

Yen

Yen

Yen

Millions of yen%%

14.00
13.00
16.00

16.00
14.00
16.00

30.00
27.00
32.00

14,218
12,796

10.9
10.7
10.8

1.2
1.2

3. Forecast 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

Note: The foregoing estimates are 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(Millions of yen)

Fiscal 2017
Leasing
Sales
Construction
Brokerage
Other and Elimination/Corporate
Total

353,880
311,192
209,355
69,168
4,803
948,402

Fiscal 2018
381,763
331,751
221,693
72,8985,1221,013,229

Increase(Decrease)+27,882+20,559+12,337+3,729+319+64,827

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

Increase(Decrease)+8,236(11,751)+8,306+101+1,877+6,770

Increase(Decrease)+10,564+276+4,298+550(908)+14,781

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

Increase(Decrease)+13,067(115)+1,592(7)(955)+13,580(2) Operating income(Millions of yen)

Fiscal 2017
Leasing
Sales
Construction
Brokerage
Other and Elimination/Corporate
Total

139,368
46,838
16,10821,457(18,135)
205,637

Fiscal 2018
149,932
47,115
20,40722,007(19,044)
220,419

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

Millions of yen
March 31,
2019

AssetsMarch 31,2018

Current assets:Cash, time and notice deposits\172,191\263,209

Notes and accounts receivable―trade21,566

23,772

Real estate for sale

390,025

380,735

Real estate for sale in process

282,594

395,730

Costs on uncompleted construction contracts

5,826

5,014

Other inventories

1,455

1,826

Other current assets

59,42255,893(72)(66)

933,011

1,126,118

859,028804,0542,523,936

2,464,160

139,452

94,397

8,593

7,740

3,531,010

3,370,353

Leasehold rights

55,19353,343

Other intangible assets

1,557

1,408

56,75154,752

Investment securities

478,966

487,693

Guarantee and lease deposits paid to lessors

70,29871,063

Deferred income taxes

14,80914,294

Other investments

51,76952,390Allowance for doubtful accounts
Total current assets
Fixed assets:
Property and equipment
Buildings and structures, netLand
Construction in progress
Other property and equipment, net
Total Property and equipment
Intangible assets

Total intangible assets
Investment and other assets

Allowance for doubtful accounts(9,152)(9,468)

Total investment and other assets

606,691

615,974

Total fixed assets

4,194,453

4,041,080

Total assets\5,127,464\5,167,198

Millions of yen
March 31,2019

Liabilities and Net Assets

March 31,2018

Current liabilities:
Notes and accounts payable―trade\54,939\28,750

Short-term debt

25,643

61,416Long-term debt due within one year

129,618

215,751

Long-term non-recourse loans due within one year

100,298

44,510

Corporate bonds due within one year

40,00060,000Non-recourse bonds due within one year

2,000

4,900

Accrued income taxes

29,26034,198Deposits received

61,581

60,381

Accrued bonuses

5,572

5,283

128,458

153,388

577,372

668,579

Corporate bonds

270,000

310,000

Non-recourse bonds

37,10034,2002,474,327

2,415,645

263,800

327,089

4064

6,018

5,965

Guarantee and lease deposits received

228,958

207,823

Long-term deposits received

49,80759,390

Other long-term liabilities

11,924

23,465

Total long-term liabilities

3,341,975

3,383,644

Total liabilities

3,919,348

4,052,223

Capital122,805

122,805

Capital surplus

104,153

104,153

Retained earnings

882,815765,325

Treasury stock(4,469)(4,443)

1,105,304

987,841

109,209131,115

Net deferred losses on hedges(3,971)(2,048)Foreign currency translation adjustments(2,352)(2,092)Remeasurements of defined benefit plans

(73)

159

Total accumulated other comprehensive income

102,811

127,133

Total net assets

1,208,116

1,114,975

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\5,127,464\5,167,198

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

Millions of yen
Fiscal year ended March 31,
2019

Revenue from operations\20181,013,229\948,402

Cost of revenue from operations

711,052

664,015Gross profit

302,177

284,386

Selling, general and administrative expenses

81,75878,749Operating income

220,419

205,637

Interest and dividend income

10,066

8,484

Other non-operating income

630

1,073

10,697

9,557Interest expense

20,184

20,351Other non-operating expenses

6,675

7,972

26,85928,323204,257

186,870

Gain on sale of property and equipment

7537

Gain on sale of investment securities

111,009-6686

1,113

Loss on impairment of fixed assets

8,575

10,634

Loss on sale of property and equipment

3,723

217

Loss on disposal of property and equipment

1,280

600

Loss on devaluation of investment securities

1,104--4770

40

14,755

11,540

Income before income taxes

189,588

176,444

Income taxes

58,771

55,918

Profit130,817

120,525

Non-operating income

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income

Other extraordinary income
Total extraordinary income
Extraordinary loss

Loss on sale of investment securities
Other extraordinary losses
Total extraordinary lossesProfit attributable to non-controlling interests
Profit attributable to owners of parent\130,817

794\119,731

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

Millions of yen
Fiscal year ended March 31,
2019Profit\2018

130,817\120,525

Other comprehensive income (loss)
Net unrealized holding gains (losses) on securities(21,905)

33,934

Net deferred gains (losses) on hedges(1,922)

538

Foreign currency translation adjustments(259)(1,098)Remeasurements of defined benefit plans(233)

188Total other comprehensive income (loss)
Comprehensive income(24,321)33,563

106,495

154,088

Comprehensive income attributable to:
Owners of the parent

106,495

Non-controlling interests

153,493-595

Fair Value of Investment and Rental Properties
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

Millions of yen

As of March 31, 2019
Carrying
amountInvestment and rental Properties\3,515,337

As of March 31, 2018
Carrying
Fair value
amountFair value\6,218,600\3,350,275\5,678,415