Make The World
More Sustainable

August 13, 2021
FY21/6 Earnings

Ichigo Green Infrastructure Investment Corporation (“Ichigo Green,” Tokyo Stock Exchange, 9282)
Representative: Mami Nagasaki, Executive Director
www.ichigo-green.co.jp/en
Ichigo Investment Advisors Co., Ltd. (Asset Management Company)
Representative: Hiroshi Iwai, President
Inquiries: Takao Nitta, Head of Ichigo Green
Telephone: +81-3-3502-4854
Submission of Financial Report (Yuka Shoken Hokokusho): September 28, 2021 (expected)
Dividend Payment: September 21, 2021 (expected)
Supplemental Material to Financial and Business Results: Yes (Corporate Presentation)
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY21/6 Financial Results (July 1, 2020 to June 30, 2021)(1) Earnings(JPY million; year-on-year change)

FY21/6
FY20/6

Operating
Revenue
1,074
1,089

Operating
Profit
-1.4%
257
-2.6%
257

FY21/6
FY20/6Net Income per Share
(JPY)
1,726
1,611

ChangeRecurring
Profit
+0.2%
179
-8.8%
167

ChangeReturn on Equity
4.0%
3.6%

Change+7.1%-4.1%

Recurring Profit toTotal Assets
1.7%
1.5%

Net
Income177
165

Change+7.1%-4.1%

Recurring Profit toOperating Revenue
16.7%
15.4%

Note:
Funds from Operations (FFO) per Share
FY21/6 FFO per Share
FY20/6 FFO per ShareJPY 8,039
JPY 8,001

FFO per Share is calculated per the following:
FFO per Share = (Net Income + Depreciation + Amortization of Expenses Related to theEstablishment of Ichigo Green + Amortization of Share Issuance Expenses + Amortization of Startup Expenses + Loss on Disposal of Fixed Assets + Liability for Asset Retirement Obligation ±Losses/Gains on Sales ± Extraordinary Losses/Profits) / Total Shares Outstanding

(2) Dividends

FY21/6
FY20/6

Total
Dividend per
Dividends
Share(excluding(excluding
DEE)
DEE)
(JPY
(JPY)
million)
1,727
177
1,612
165

Total
DEE
Dividends in Dividend
Total
Payoutper Share Excess ofper Share Dividends
Ratio
(JPY)
Earnings(JPY)(JPY million)(JPY million)
2,195
2,190

226
225

3,922
3,802

403
391

100%
100%

DOE

4.0%
3.6%

DEE = Dividend in Excess of Earnings. The DEE is paid from Ichigo Green’s solar power production
revenue (which Ichigo Green receives in cash) that are not treated as income under Japanese tax rules,
because they are offset by non-cash depreciation expenses.
DOE = Dividend on Equity
Notes:
1. It is Ichigo Green’s general policy to pay a cash Dividend in Excess of Earnings equivalent to c.
40% of annual depreciation expenses, subject to the dividend not adversely affecting Ichigo Green’s
financial standing. Accordingly, Ichigo Green will pay a FY21/6 Dividend in Excess of Earnings
equivalent to 35.5% of depreciation expenses.
2. A Dividend in Excess of Earnings is treated as a “return of capital” under Japanese tax rules.
3. Dividend in Excess of Earnings amounts to a 5.2% and 5.5% return of capital (from Ichigo Green
to its shareholders) in FY20/6 and FY21/6, respectively, as calculated pursuant to Article 23,
Clause 1, Item 5 of the Order for Enforcement of the Corporation Tax Act.

2

(3) Assets and Equity
Total Assets(JPY million)
10,271
10,925

FY21/6
FY20/6

Net Assets(JPY million)
4,326
4,540

Shareholder Equity
Ratio
42.1%
41.6%

Cash Flows from
Investments(JPY million)

Cash Flows from
Financing(JPY million)

Net Assets per Share(JPY)
42,01844,094(4) Cash Flows
Cash Flows fromOperations(JPY million)
846
802

FY21/6
FY20/6-2-11

Cash and Cash
Equivalents
at End of the Period(JPY million)
1,019
1,000

-825
-821

2. FY22/6 Forecast (July 1, 2021 to June 30, 2022)(JPY million; year-on-year change)
Operating
Revenue526
FY22/6 H1
1,072
FY22/6

Change-0.1%-0.2%

Operating
Profit94
249

Dividend per Share(excluding DEE)
(JPY)
FY22/6 H1
FY22/6

Change-5.3%-3.1%

Recurring
Profit
59
183

+0.3%
+2.5%

DEE per Share
(JPY)

–
1,750

Net
Income59
182

Change

+0.3%
+2.5%

Dividend per Share
(JPY)
–
2,195

–
3,945

DEE = Dividend in Excess of Earnings
Forecast FY22/6 Net Income per Share is JPY 1,770.
3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective
Restatements(i) Changes Accompanying Amendments to Accounting Standards(ii) Changes Not Listed in (i)(iii) Changes in Accounting Estimates(iv) Retrospective Restatements

3

Change

None
None
None
None

(2) Number of Shares Issued and Outstanding(i) The number of shares outstanding was 102,966 shares at the end of FY20/6 and FY21/6.
(ii) There were no treasury shares at the end of FY20/6 and FY21/6.
Reference: Earnings and Dividend Forecast (FY23/6 through FY26/6)

FY23/6
FY24/6
FY25/6
FY26/6

Operating
Revenue

Operating
ProfitRecurring
ProfitNet
Income

1,065
1,059
1,052
1,046

260
253
251
230

198
194
196
179

197
193
195
178

Dividendper Share(excluding
DEE)
(JPY)
1,895
1,860
1,875
1,715

(JPY million)
DEE
per Share(JPY)

Dividendper Share
(JPY)

2,200
2,205
2,010
1,825

4,095
4,065
3,885
3,540

DEE = Dividend in Excess of Earnings
Note:
Ichigo Green has a one-year fiscal period running from July to June. Because there is no regulatory
framework in Japan for Investment Corporations to pay dividends except at fiscal period-end, Ichigo
Green therefore pays its dividend once a year. The annual dividend results both in lower
administrative costs and a dividend that is not impacted by seasonal changes in solar power
generation (as a semi-annual dividend would be).

Completion Status of Auditing ProceduresThis document is not subject to the auditing requirements set forth in the Financial Instruments
and Exchange Law of Japan. The auditing procedures in accordance with those requirements havethus not been completed as of the date of the publication of this document.
Appropriate Use of Earnings Forecasts and Other Matters of Special Note
The forecasts presented above are current figures based on certain preconditions. Accordingly, theactual operating results may vary due to changes in circumstances, and these forecasts should not
be construed as a guarantee of such results.
For details on the preconditions of the FY22/6 earnings forecast, please refer to the “Preconditions
for the FY22/6 H1 and FY22/6 Earnings Forecast” on pages 6 and 7. For details of thepreconditions of the FY23/6 through FY26/6 Full-Year earnings forecast, please refer to theNovember 28, 2017 release “Stock Split.”
This English version is a translation of the original Japanese report and is provided solely for
informational purposes. Should there be any discrepancies between this translation and theJapanese original, the latter shall prevail.

4

FY22/6 Earnings Forecast
FY22/6 H1 (July 1, 2021 to December 31, 2021)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per Share (excluding DEE)
DEE per ShareDividend per Share (including DEE)

JPY 526 million
JPY 94 million
JPY 59 million
JPY 59 million–––

DEE = Dividend in Excess of Earnings
FY22/6 (July 1, 2021 to June 30, 2022)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per Share (excluding DEE)
DEE per ShareDividend per Share (including DEE)

JPY 1,072 million
JPY 249 million
JPY 183 million
JPY 182 million
JPY 1,750
JPY 2,195
JPY 3,945

DEE = Dividend in Excess of Earnings
For details on the forecast preconditions, please refer to the “Preconditions for the FY22/6 Earnings
Forecast” on pages 6 and 7.

5

Preconditions for the FY22/6 H1 and FY22/6 Full-Year Earnings Forecast
Preconditions
PeriodFY22/6 H1: July 1, 2021 – December 31, 2021 (184 days)
FY22/6 Full-Year: July 1, 2021 – June 30, 2022 (365 days)

Number of
Shares• 102,966 shares issued and outstanding as of today, with no additional new shareissuance through FY22/6

Number ofPower Plants• 15 power plants

Operating
Revenue• Power production revenue is based on the annual P50 power production forecast ofoperating power plants.
• Specifically, power production revenue is calculated by adding base revenue(electricity sales revenue based on the annual P85 production forecast minus forecast
operating expenses) to actual power generation revenue (electricity sales revenue
based on actual power generation minus base revenue, forecast operating expenses,
and actual additional operating expenses), and assumes that no EPCO purchaser of
Ichigo Green’s power production will seek to suspend purchases withoutcompensation to Ichigo Green.
• Forecast power generation is a third-party, 50% probability mean annual production
forecast (P50 forecast) that serves as the base forecast for each solar power plant’s
operating plan. The P85 annual production is a third-party, 85% probability meanannual production forecast. P85-based electricity sales revenue is the assumed
electricity sales revenue calculated by multiplying the annual P85 production forecastby the FIT (Feed-In Tariff) for each plant.
• Forecast operating expenses are the total of renewable energy plant operation andmaintenance expenses (including fees paid to maintenance service providers andrepair costs), operator fees, rent paid, insurance premiums, management costs(including administration and tax fees), property, city planning, and consumption
taxes, and other expenses related to the power generation business, renewable energy
plants, and site leases.
• Maintenance expenses are as estimated by Ichigo Investment Advisors, the asset
management company of Ichigo Green, based on third party reports. However, actual
expenses for the period could differ significantly from these forecast amounts forreasons including the variability of maintenance and repair expenses, one-time costs
due to unexpected maintenance needs, etc.
• Actual production is calculated by multiplying the annual P50 production forecast by
the FIT for each plant. The annual P50 production is a third-party, 50% probability
mean annual production forecast that serves as the base forecast for each solar power
plant’s operating plan.
• Operating Revenue is based on the power production revenue of the power plants, anddoes not assume the sale of any power plants.
• Operating Revenue assumes that Ichigo Green fully receives its contractual power
production revenue.

6

Operating
Expenses• Per the above, power plant operation and management expenses are deducted frompower production revenue, and therefore are not part of Ichigo Green’s operating
expenses.
• Property and city planning taxes and other operating expenses, excluding depreciation,
are calculated based on historical data and information provided by the previous
power plant owner(s), adjusted for anticipated expense variations.
• Owners of renewable energy plants are generally charged a 1.4% property(depreciable asset tax) tax rate on the assessment value of their plants. The total
amount of property tax is forecast to be JPY 40 million for FY22/6 H1 and JPY 75
million for FY22/6.
• Depreciation (including incidental costs) is calculated based on acquisition price using
the straight-line method and is forecast to be JPY 320 million for FY22/6 H1 and JPY
640 million for FY22/6.

Non-Operating
Expenses• Ichigo Green plans to amortize expenses for the start-up and establishment of Ichigo
Green for 60 months, using the straight-line method. Ichigo Green anticipates such
expenses to be less than JPY 1 million for both FY22/6 H1 and FY22/6.
• Interest expenses and other borrowing-related expenses of JPY 33 million for FY22/6
H1 and JPY 65 million for FY22/6 are anticipated.

Loans• Ichigo Green assumes outstanding debt of JPY 5.622 billion as of the end of FY22/6
H1 and JPY 5.438 billion as of the end of FY22/6.
• Loan-to-Value (LTV) is anticipated to be 58.0% as of the end of FY22/6 H1 and56.5% as of the end of FY22/6.
• LTV is calculated using the following formula:
LTV = Total interest-bearing debt / total assets

Dividend(excluding
DEE)• The dividend forecast assumes that dividends will comply with the dividend policy
stipulated in Ichigo Green’s Articles of Incorporation.
• The dividend is subject to change due to factors such as power plant operator turnover,changes in power production revenue, and unexpected maintenance and repair costs
and other expenses.

DEE(Dividend in
Excess ofEarnings)
per Share• Ichigo Green sets its DEE based on its Articles of Incorporation and dividend policy
set forth in Ichigo Investment Advisors’ internal Operating Guidelines.
• Ichigo Green’s policy is to pay a cash DEE equivalent to c. 40% of annual
depreciation expenses, except when the dividend would adversely affect Ichigo
Green’s financial standing. The policy is based upon a) such dividend not affecting
Ichigo Green’s long-term maintenance policy, taking into consideration planned
capital expenditure for each fiscal year, and b) a certain amount of retained cash isnecessary to cover items such as acquisition of new power plants, maintenance ofexisting power plants, working capital needs, and loan repayments.
• Ichigo Green expects to pay a DEE equivalent to 35.3% of annual depreciation
expense for FY22/6. The Total DEE and DEE per Share is expected to be JPY 226
million and JPY 2,195, respectively.

Other• This forecast assumes that there are no material revisions to laws and regulations, thetax rules, accounting standards, listing rules of the Tokyo Stock Exchange, and rules of
the Investment Trusts Association, Japan, and no material changes in the state of theeconomy and real estate market conditions.

7Financial Statements(1) Balance Sheet(JPY thousand)
FY20/6(as of June 30, 2020)
AssetsCurrent Assets
Cash and deposits
Operating accounts receivable
Prepaid expenses
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Solar power plant equipment
Depreciation
Solar power plant equipment (net)Land
Total Property, Plant, and Equipment
Investments and Other Assets
Tenant leasehold and security deposits
Long-term prepaid expenses
Deferred tax assets
Total Investments and Other Assets
Total Fixed Assets
Deferred Assets
Expenses related to the establishment of
Ichigo Green
Start-up expenses
Total Deferred Assets
Total Assets

8

FY21/6(as of June 30, 2021)

1,000,507
243,197
55,0701,298,774

1,019,227
238,758
49,625
1,307,611

11,541,311-2,235,454
9,305,856
208,820
9,514,677

11,544,559-2,872,623
8,671,936
208,820
8,880,756

10,00088,346
998,356
9,613,033

10,00072,236
10
82,246
8,963,003

12,932595

708
13,64010,925,449

208
804
10,271,419

(JPY thousand)
FY20/6(as of June 30, 2020)
Liabilities
Current Liabilities
Operating accounts payable
Long-term loans (due within one year)
Accounts payable
Accrued expenses
Income taxes payable
Accrued consumption taxes
Other
Total Current Liabilities
Long-Term Liabilities
Long-term loans
Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
Paid-in capital
Deduction from paid-in capital(DEE payment)
Paid-in capital (net)
Surplus
Unappropriated retained earnings
Total Surplus
Total Shareholders’ Equity
Total Net Assets
Total Liabilities and Net Assets

9

FY21/6(as of June 30, 2021)

6,703
434,445
40,215133
675
25,497
2,178
509,849

6,623
437,31239,738124705
20,311
1,984
506,800

5,875,414
5,875,414
6,385,263

5,438,101
5,438,101
5,944,902

4,954,368

4,954,368-580,213-805,708

4,374,154

4,148,659

166,031
166,031
4,540,185
4,540,185
10,925,449

177,857
177,857
4,326,516
4,326,516
10,271,419

(2) Income Statement(JPY thousand)
FY20/6(July 1, 2019 toJune 30, 2020)
Operating Revenue
Solar power plant revenue
Total Operating Revenue
Operating Expenses
Solar power plant expenses
Asset management fee
Custodian fee
Other administrative expenses
Directors’ compensation
Other
Total Operating Expenses
Operating Profit
Non-Operating Income
Interest income
Insurance proceeds
Reversal of distribution payable
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expenses
Borrowing-related expenses
Amortization of expenses related to theestablishment of Ichigo Green
Amortization of share issuance expenses
Other
Total Non-Operating Expenses
Recurring Profit
Pre-Tax Income
Income Taxes – Current
Income Taxes – Deferred
Total Income Taxes
Net Income
Retained Earnings Brought Forward
Unappropriated Retained Earnings

10

FY21/6(July 1, 2020 toJune 30, 2021)

1,089,225
1,089,225

1,074,206
1,074,206

738,80737,867
3,523
5,947
8,400
37,142
831,688
257,537

725,958
37,205
3,523
6,331
8,400
34,806816,225
257,981

9
1,072
–
–
1,081

9
–
781
–
790

51,073
19,10947,63919,10912,336

12,336

8,257
499
91,276167,342
167,342
1,376
1
1,378
165,96367
166,031–499
79,585
179,186
179,186
1,379
–
1,378
177,80750
177,857

(3) Statement of Shareholders’ Equity
FY20/6 (July 1, 2019 to June 30, 2020)(JPY thousand)Shareholders’ Equity
Paid-In Capital

Surplus

Deduction from
Paid-In
Paid-In Capital
Paid-In Capital Capital (net)
Balance as ofJuly 1, 2019
Changes during the
Period4,954,368

DEE-355,232

4,599,135-224,980-224,980

UnappropriatedRetained
Earnings
173,050

Total
Surplus173,050–Dividend–-172,982-172,982

Net Income–

165,963

165,963

Total Changes–-224,980-224,980-7,019-7,019Balance as ofJune 30, 2020

4,954,368-580,213

4,374,154

166,031

166,031

Shareholders’EquityTotal
Balance as ofJuly 1, 2019
Changes during the
PeriodTotal Net
Assets

4,772,185

4,772,185

DEE-224,980-224,980

Dividend-172,982-172,982

Net Income

165,963

165,963

Total Changes-231,999-231,999

Balance as ofJune 30, 2020

4,540,185

4,540,185

DEE = Dividend in Excess of Earnings

11

FY21/6 (July 1, 2020 to June 30, 2021)(JPY thousand)Shareholders’ Equity
Paid-In Capital
Paid-In Capital
Balance as ofJuly 1, 2020
Changes during the
PeriodSurplus

Deduction from
Paid-In
Paid-In Capital Capital (net)4,954,368

DEE-580,213

4,374,154-225,495-225,495

UnappropriatedRetained
Earnings

Total
Surplus166,031

166,031

Dividend–-165,981-165,981

Net Income–

177,807

177,807

Total Changes–-225,495-225,495

11,826

11,826

Balance as ofJune 30, 2021

4,954,368-805,708

4,148,659

177,857

177,857

Shareholders’EquityTotal
Balance as ofJuly 1, 2020
Changes during the
PeriodTotal Net
Assets4,540,185

4,540,185

DEE-225,495-225,495

Dividend-165,981-165,981

Net Income

177,807

177,807

Total Changes-213,669-213,669

Balance as ofJune 30, 2021

4,326,516

4,326,516

DEE = Dividend in Excess of Earnings

12(4) Dividend Statement
FY20/6(July 1, 2019 toJune 30, 2020)
I(JPY)
FY21/6(July 1, 2020 toJune 30, 2021)

Unappropriated Retained Earnings

166,031,352

177,857,877

Provision to Dividend in Excess of
Earnings (DEE)
Deduction from Paid-In Capital
III Total Dividends including DEE
Dividend per Share including DEE
Dividend
Dividend per ShareTotal DEE
DEE per Share
IV Retained Earnings Carried Forward

225,495,540
391,476,732
3,802
165,981,192
1,612
225,495,540
2,190
50,160226,010,370
403,832,652
3,922
177,822,282
1,727
226,010,370
2,195
35,595II

13

(5) Cash Flow Statement
FY20/6(July 1, 2019 toJune 30, 2020)
Cash Flows from Operations:Pre-tax net income
Depreciation
Amortization of expenses related to theestablishment of Ichigo Green
Amortization of share issuance expenses
Interest income
Interest expense
Decrease (increase) in operating accounts
receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Other
Sub-totalInterest income received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations
Cash Flows from Investments:
Acquisition of property, plant, and equipment
Net Cash from (Used for) Investments
Cash Flows from Financing:
Repayment of long-term loans
Dividends paid
Dividend in Excess of Earnings (DEE) paid
Net Cash from (Used for) Financing
Net Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period

14(JPY thousand)FY21/6(July 1, 2020 toJune 30, 2021)

167,342636,793

179,186
637,168

12,336

12,3368,257-951,073–-947,63916,962

4,438

4,661
16,109-56,562-1,180-574
134855,3459-51,366-1,408
802,580

5,444
16,109-5,185-880-476
86895,8589-47,648-1,348846,871-11,699-11,699-2,448-2,448-423,880-172,855-224,814-821,550-434,445-165,888-225,369-825,702-30,668

18,7201,031,176
1,000,507

1,000,507
1,019,227

Notes to Balance Sheet
Minimum Net Assets Stipulated in the Investment Trust and Investment Corporation Law(JPY thousand)
FY20/6(as of June 30, 2020)

FY21/6(as of June 30, 2021)

50,00050,000Notes to Income Statement
Details of Solar Power Plant Revenue(JPY thousand)
FY20/6(July 1, 2019 toJune 30, 2020)

FY21/6(July 1, 2020 toJune 30, 2021)

A. Revenue
Base Revenue
Additional Revenue (>P85 Forecast)
Total

988,590
100,635
1,089,225

982,074
92,131
1,074,206

B. Expenses
Property and City Planning Taxes
Depreciation Expense
Total

102,013636,793
738,807

88,790637,168
725,958

350,417348,247

FY20/6(July 1, 2019 toJune 30, 2020)
10,000,000

FY21/6(July 1, 2020 toJune 30, 2021)
10,000,000

C. Power Production Income(A) – (B)

Notes to Statement of Shareholders’ Equity

Number of Authorized Shares
Number of Shares Outstanding

102,966

15

102,966

Notes to Cash Flow Statement
Relationship between Cash and Cash Equivalents at End of the Fiscal Period and Items
Shown on the Balance Sheet

Cash and Deposits
Cash and Cash Equivalents

FY20/6(July 1, 2019 toJune 30, 2020)
1,000,507(JPY thousand)FY21/6(July 1, 2020 toJune 30, 2021)
1,019,227

1,000,507

1,019,227

Notes to Derivatives Transactions
1. Non-Hedge Accounting
N/A
2. Hedge Accounting
Previous Period (FY20/6)

Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Total

>1 year(JPY thousand)
Method ofMarket Marking
toValueMarket6,310,931

5,876,412

NoteContract Amount–Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.
Current Period (FY21/6)
Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Total

>1 year(JPY thousand)
Method ofMarket Marking
toValueMarket5,876,412

5,439,025

NoteContract Amount–Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.

16Notes to Solar Power Plant Equipment Book Value, Depreciation, & Appraisal Value
FY20/6(July 1, 2019 toJune 30, 2020)
Book Value
Balance as of
Beginning of Period
Change during the Period
Balance as of
End of Period
Period-End Appraisal Value
1(JPY thousand)FY21/6(July 1, 2020 toJune 30, 2021)

10,140,272

9,514,677-625,594-633,920

9,514,677

8,880,756

10,497,000

10,293,000Book and Appraisal Values are the total of the solar power plants and the underlying land.
Book Value is calculated by deducting the cumulative depreciation from the acquisition price.
3
Change during the Period is primarily depreciation expense for FY20/6 and FY21/6.
4
Appraisal Value is a median calculated pursuant to Ichigo Green’s Articles of Incorporation (Article
35, Clause 2, Item 1) and using land and power plant appraisal values as of June 30, 2020 and June30, 2021 provided by PwC Sustainability LLC.
2

17

Per Share Information(JPY)
FY20/6(July 1, 2019 toJune 30, 2020)

FY21/6(July 1, 2020 toJune 30, 2021)

Net Assets per Share

44,09442,018Net Income per Share

1,611

1,726

Details for Calculation of Net Income per Share
FY20/6(July 1, 2019 toJune 30, 2020)
Net Income (JPY thousand)
Net Income not attributable to commonshareholders (JPY thousand)
Net Income attributable to commonshareholders (JPY thousand)Average number of shares in the fiscal
periodFY21/6(July 1, 2020 toJune 30, 2021)

165,963

177,807––

165,963

177,807

102,966

102,966

New Share IssuanceTotal Number of
SharesIssuedOutstanding

Issue Amount1(JPY million)
Increase
Total

Date

MethodJune 24, 2016

Private Offering2

3,000

3,000

300

300

November 30, 2016

Initial Public Offering3

47,18050,180

4,529

4,829

Third-Party Allotment toDecember 26, 2016 Underwriter(Greenshoe)4
DEE Payment
September 21, 2017
(Return of Capital)5

1,303

51,483

125

4,954

–

51,483

-130

4,823

51,483102,966

–

4,823

–

102,966

-224

4,599

–

102,966

-224

4,374

–

102,966

-225

4,148

January 1, 2018

Stock Split6

September 20, 2018

DEE Payment(Return of Capital)7
DEE Payment(Return of Capital)8
DEE Payment(Return of Capital)9September 19, 2019
September 18, 2020

DEE = Dividend in Excess of Earnings
1
2

The DEE payment has been subtracted from Issue Amount, because it is treated as a return of capital.
3,000 shares were issued for the establishment of Ichigo Green at a share price of JPY 100,000.

18

3

New shares were issued for an initial public offering on the Tokyo Stock Exchange at a share priceof JPY 100,000 (subscription price of JPY 96,000) to procure funds for asset acquisitions.
4
New shares were issued at a subscription price of JPY 96,000 via third-party allotment as part ofthe initial public offering to the underwriter (Greenshoe).
5
Ichigo Green resolved at its August 9, 2017 board meeting that it will pay a DEE of JPY 2,540 per
share for FY17/6. The DEE is paid from Ichigo Green’s solar power production revenue, which
Ichigo Green receives in cash. (This revenue is not treated as income under Japanese tax rules,
because it is offset by non-cash depreciation expenses.) The Dividend & DEE payment date was
September 21, 2017.
6
Ichigo Green executed a two-for-one stock split on January 1, 2018 (record date: December 31, 2017).
7
Ichigo Green resolved at its August 10, 2018 board meeting that it will pay a DEE of JPY 2,180 per
share for FY18/6. The DEE is paid from Ichigo Green’s solar power production revenue, which
Ichigo Green receives in cash. (This revenue is not treated as income under Japanese tax rules,
because it is offset by non-cash depreciation expenses.) The Dividend & DEE payment date was
September 20, 2018.
8
Ichigo Green resolved at its August 9, 2019 board meeting that it will pay a DEE of JPY 2,185 pershare for FY19/6. The DEE is paid from Ichigo Green’s solar power production revenue, which
Ichigo Green receives in cash. (This revenue is not treated as income under Japanese tax rules,
because it is offset by non-cash depreciation expenses.) The Dividend & DEE payment date was
September 19, 2019.
9
Ichigo Green resolved at its August 11, 2020 board meeting that it will pay a DEE of JPY 2,190 per
share for FY20/6. The DEE is paid from Ichigo Green’s solar power production revenue, which
Ichigo Green receives in cash. (This revenue is not treated as income under Japanese tax rules,
because it is offset by non-cash depreciation expenses.) The Dividend & DEE payment date was
September 18, 2020.

19

Solar Power Plant Information
Portfolio Composition

Asset Type

RegionFY21/6(as of June 30, 2021)
Book Value% of Total(JPY million)

Hokkaido

2,643

25.7

Kanto

364

3.6

Chubu

405

4.0

Chugoku

1,207

11.8

Shikoku

1,252

12.2

Kyushu400

3.9

Okinawa

2,606

25.4

Sub-total

8,880

86.5

Deposits & Other Assets

1,390

13.5

Total Assets

10,271

100

Solar Power Plant

RegionHokkaido
Kanto
Chubu
Chugoku
Shikoku
KyushuOkinawa

Prefectures
Hokkaido
Ibaraki, Tochigi, Gunma, Saitama, Chiba, Tokyo, Kanagawa
Niigata, Toyama, Ishikawa, Fukui, Yamanashi, Nagano, Gifu, Shizuoka, Aichi
Tottori, Shimane, Okayama, Hiroshima, Yamaguchi
Tokushima, Kagawa, Ehime, Kochi
Fukuoka, Saga, Nagasaki, Kumamoto, Oita, Miyazaki, Kagoshima
Okinawa

20

Solar Power Plant Details(as of June 30, 2021)
No.

Solar Power Plant

Location

Total Area
(m2)

FIT
(JPY)

Certification
Date

FIT Period

E-01

Ichigo Kiryu Okuzawa

Gunma

27,588.00

40

Feb 14, 2013

Sep 29, 2033

E-02

Ichigo Motomombetsu

Hokkaido

48,946.89

40

Jul 4, 2012

Feb 2, 2034

E-03

Ichigo MuroranHatchodaira

Hokkaido

35,801.00

40

Feb 15, 2013

Mar 2, 2034

E-04

Ichigo Engaru
Kiyokawa

Hokkaido

27,164.16

40

Mar 4, 2013

Mar 3, 2034

E-05

Ichigo Iyo
Nakayamacho Izubuchi

Shikoku

26,260.77

40

Jul 11, 2012

Apr 1, 2034

E-06

Ichigo Nakashibetsu
Midorigaoka

Hokkaido

54,870.00

40

Feb 19, 2013

Nov 3, 2034

E-07

Ichigo Abira Toasa

Hokkaido

29,730.72

40

Jul 4, 2012

Dec 1, 2034

E-08

Ichigo Toyokoro

Hokkaido

29,004.00

40

Feb 22, 2013

Dec 3, 2034

E-09

Ichigo Nago Futami

Okinawa 146,217.00

40

Mar 15, 2013

Feb 1, 2035

E-10

Ichigo Engaru
Higashimachi

Hokkaido

46,329.00

40

Feb 15, 2013

Feb 2, 2035

E-11

Ichigo Takamatsu
Kokubunjicho Nii

Shikoku

79,340.00

36

Feb 20, 2014

Jun 1, 2035

E-12

Ichigo Miyakonojo
Yasuhisacho

Kyushu94,165.00

36

Feb 14, 2014

Jul 7, 2035

E-13

Ichigo Toyokawa
Mitocho Sawakihama

Chubu

19,393.00

32

Feb 13, 2015

Sep 15, 2035

E-14

Ichigo Yamaguchi
Aionishi

Chugoku

19,815.38

40

Mar 12, 2013

Dec 6, 2035

E-15

Ichigo Yamaguchi
SayamaChugoku

43,621.00

36

Mar 17, 2014

Apr 5, 2036

21

Acquisition Price, Appraisal Value, and Book Value of Solar Power Plants

No.

Solar Power Plant

Solar Energy
Producer(as of June 30, 2021)
Appraisal
Value
Breakdown
Acquisition Appraisal
Book
(JPY
Value
Power
Price
Value
million)Purchaser
(JPY
(JPY
(JPY
Top:
million)million) Powermillion)
Plant
Bottom:Real Estate

Ichigo Kiryu
E-01
Okuzawa

Ichigo ECO Kiryu
Okuzawa Power
Plant GKTEPCO
EnergyPartner

IchigoE-02
Motomombetsu

Ichigo ECO
Motomombetsu
Power Plant GK

Hokkaido
Electric

Ichigo Muroran
E-03
Hatchodaira

Ichigo ECO
MuroranHatchodaira Power
Plant GK

Hokkaido
Electric

Ichigo Engaru
E-04
Kiyokawa

Ichigo Engaru
Kiyokawa ECOPower Plant GK

Hokkaido
Electric

Ichigo Iyo
E-05 Nakayamacho
Izubuchi

Ichigo ECO Iyo
Nakayamacho
Izubuchi Power
Plant GK

ShikokuElectric

IchigoE-06 Nakashibetsu
Midorigaoka

IchigoNakashibetsu
Midorigaoka ECOPower Plant GK

Hokkaido
Electric

Ichigo Abira
E-07
Toasa

Ichigo Abira Toasa
ECO Power Plant
GK

Hokkaido
Electric

E-08 Ichigo Toyokoro

Ichigo Toyokoro
ECO Power Plant
GK

Hokkaido
Electric

22

489

495

467

398

471

770

441

434

426

364

–

–

435

373

–

–

412

353

–

–

342

301

–

–

419

356

–

–

675

587

–

–

390

338

–

–

386

332

–

–

426

435

412

342

419

675

390

386

No.

Solar Power Plant

E-09

Ichigo Nago
FutamiSolar Energy
Producer

Appraisal
Value
Breakdown
Acquisition Appraisal
(JPY
Power
Price
Value
million)Purchaser
(JPY
(JPY
Top:
million)million) Power
Plant
Bottom:Real Estate

Ichigo ECO Nago
Futami Power
Plant GK

Okinawa
Electric

Ichigo Engaru
Higashimachi
ECO Power Plant
GK

Hokkaido
Electric

Ichigo Takamatsu
E-11
Kokubunjicho Nii

Ichigo ECO Energy

ShikokuElectric

IchigoE-12 Miyakonojo
Yasuhisacho

Ichigo Miyakonojo
Yasuhisacho ECOPower Plant GK

KyushuElectric

Ichigo Toyokawa
E-13 Mitocho
Sawakihama

Ichigo Toyokawa
Mitocho
Sawakihama ECOPower Plant GK

Chubu
ElectricPower
MiraizIchigo Yamaguchi
Ichigo Yamaguchi
E-14
Aionishi ECO
AionishiPower Plant GK

ChugokuElectric

Ichigo Yamaguchi
Sayama ECOPower Plant GK

ChugokuElectric

Ichigo Engaru
E-10
Higashimachi

IchigoE-15 Yamaguchi
Sayama

Total

3,425

464

1,124

517

523

544

925

11,487

23

Book
Value
(JPY
million)

3,170

2,606

–

–

403

357

–

–

868

762

121

133

448

400

–

–

435

405

–

–

431

381

70

75

857

749

–

–

10,101

8,671

191

208

3,170

403

989

448

435

502

857

10,293

1

Appraisal Value is a median calculated pursuant to Ichigo Green’s Articles of Incorporation(Article 35, Clause 2, Item 1) and using land and power plant appraisal values provided by PwC
Sustainability LLC.
2
The top row of the Appraisal Value Breakdown column shows the Plant Appraisal Value, calculated
as the difference between the Appraisal Value described in footnote 1 above and the corresponding
Real Estate Appraisal Value in reports produced by Daiwa Real Estate Appraisal. Values in thebottom row show the Real Estate appraisal value by Daiwa Real Estate Appraisal.
3
The top row of the Book Value column shows the book value of the solar power plant and thebottom row shows that of the underlying land as of June 30, 2021.

24

Earnings by Solar Power Plant(JPY thousand)No.

(1) Revenue
Base Revenue
Additional Revenue(>P85 Forecast)(2) Expenses
Fixed Asset Tax
Depreciable Asset Tax
Other(3) NOI(4) Depreciation Expense(5) Net Income

1,074,206
982,074

49,34243,45847,76343,409E-03
IchigoMuroranHatchodaira
45,63741,641

92,131

5,883

4,354

3,996

4,500

88,7901,005
87,784–985,416
637,168
348,247

3,565
–
3,565
–
45,776
29,795
15,981

3,635
–
3,635
–
44,12829,471
14,656

3,428
–
3,428
–
42,20927,692
14,517

2,924
–
2,924
–
35,65523,61812,036

No.

E-05
Ichigo Iyo
Nakayamacho Izubuchi
45,66642,141

E-06
IchigoNakashibetsu
Midorigaoka
73,81265,405

3,524
3,416
–
3,416
–
42,24927,826
14,422

Solar Power Plant

Solar Power Plant(1) Revenue
Base Revenue
Additional Revenue(>P85 Forecast)(2) Expenses
Fixed Asset Tax
Depreciable Asset Tax
Other(3) NOI(4) Depreciation Expense(5) Net Income

E-01
Total Portfolio Ichigo Kiryu
Okuzawa

E-02
IchigoMotomombetsu

E-04
IchigoEngaruKiyokawa
38,57934,079

E-07

E-08

E-09

Ichigo Abira
Toasa

IchigoToyokoro

Ichigo Nago
Futami44,26637,257

41,104
37,217304,277
304,277

8,407

7,009

3,887

–

5,921
–
5,921
–
67,891
43,711
24,180

3,378
–
3,378
–
40,88825,04815,839

3,331
–
3,331
–
37,77324,652
13,12026,342–
26,342–277,934
190,708
87,22625

(JPY thousand)No.
Solar Power Plant(1) Revenue
Base Revenue
Additional Revenue(>P85 Forecast)(2) Expenses
Fixed Asset Tax
Depreciable Asset Tax
Other(3) NOI(4) Depreciation Expense(5) Net Income

E-10

E-11
IchigoTakamatsu
Ichigo Engaru
Higashimachi KokubunjichoNii
40,273
104,308
38,01789,64744,54844,548

E-13
IchigoToyokawa
Mitocho
Sawakihama
47,102
40,213

IchigoMiyakonojo
Yasuhisacho

E-14
IchigoYamaguchi
Aionishi
51,36444,0272,255

14,661

–

6,889

7,336

3,567
–
3,567
–
36,705
26,12910,576

7,926
409
7,516
–
96,382
54,463
41,919

3,921
–
3,921
–
40,62728,426
12,200

4,165
–
4,165
–
42,93728,477
14,460

4,863
595
4,268
–
46,50026,31820,182

No.

E-15

Solar Power Plant

IchigoYamaguchi
Sayama(1) Revenue
Base Revenue
Additional Revenue(>P85 Forecast)(2) Expenses
Fixed Asset Tax
Depreciable Asset Tax
Other(3) NOI(4) Depreciation Expense(5) Net Income

E-12

96,15676,731
19,424
8,401
–
8,401
–
87,75550,82936,92626