Ichigo Preserves and Improves Real Estate[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

FY17/2 Earnings Summary
April 19, 2017
Ichigo Inc. (Tokyo Stock Exchange First Section, 2337)
Representative: Takuma Hasegawa, President
Inquiries:
Go Watanabe, Executive Managing Director
Telephone: +81-3-3502-4818
www.ichigo.gr.jp
Annual Shareholders Meeting: May 28, 2017 (expected)
Submission of the Financial Report (Yuka Shoken Hokokusho): May 29, 2017 (expected)
Dividend Payment: May 29, 2017
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY17/2 Consolidated Financial Results (March 1, 2016 to February 28, 2017)(1) Consolidated Financial Results (Full Year)

FY17/2
FY16/2(YOY = year-on-year % change)

Revenue
Operating Profit
Recurring Profit
Net Income(JPY million) YOY (JPY million) YOY (JPY million) YOY (JPY million) YOY
109,253 +119.8%
21,781+41.3%
19,755+42.2%
14,894 +15.2%
49,699+16.4%

15,417+88.3%

13,889+91.4%

12,925+91.2%

Note: Comprehensive income FY17/2: JPY 14,463 million (+19.0% YOY)
FY16/2: JPY 12,153 million (+56.2% YOY)

FY17/2Net Income
per Share(basic, JPY)
29.66

Net Income
per Share(diluted, JPY)
29.59

FY16/2

25.86

25.75

20.2

7.5

Operating
Profit Margin
(%)
19.9

21.0

6.5

31.0

Return on
Equity (%)

Return on
Assets (%)(2) Consolidated Financial Condition
FY17/2

Total Assets(JPY million)
273,459

Net Assets(JPY million)
83,443Equity Ratio
(%)
29.4

Net Assets per
Share (JPY)159.60FY16/2

251,757

72,16626.8

134.54

Note: Shareholders’ equity FY17/2: JPY 80,339 million

FY16/2: JPY 67,489 million(3) Consolidated Cash Flow
Cash Flow fromOperations(JPY)

Cash Flow from
Investing(JPY)

Cash Flow from
Financing(JPY)

Cash and Cash
Equivalents(JPY)

FY17/2

21,547-11,933

6,377

41,369FY16/2- 44,654-7,052

63,31828,368

Note: Cash Flow from Operations excluding impact of growth in Real Estate for Sale
FY17/2: JPY 28,708 million
FY16/2: JPY 17,025 million

2. Dividends
First
Quarter

SecondQuarter

Third
Quarter

FourthQuarter

Total

FY16/2

–

–

–

3

3

Total
Dividend(JPY
million)
1,504

FY17/2

–

–

–

5

5

2,516

FY18/2(Forecast)

–

–

–

6

6

Dividend per Share (JPY)

11.6

Dividend on
Equity Ratio(consolidated)
(%)
2.4

16.9

3.4

Payout Ratio(consolidated)
(%)

22.2

Changes since the previously announced forecast: None
3. FY18/2 Full-Year Consolidated Forecast (March 1, 2017 to February 28, 2018)

FY18/2

FY18/2(YOY = year-on-year % change)
Recurring Profit(JPY million) YOY

Revenue(JPY million) YOY
75,500-30.9%

Operating Profit(JPY million) YOY
20,600-5.4%

Net Income(JPY million) YOY

Net Income per Share(JPY)

13,500-9.4%

18,300

-7.4%

26.98

Changes since the previously announced forecast: None
Note: Ichigo provides a full-year earnings forecast, but not a half-year forecast, because
Ichigo believes the longer full-year forecast is more consistent with global bestpractice and the focus of Japan’s Corporate Governance Code on growing long-termsustainable corporate value.
4. Other(1) Changes in significant consolidated subsidiaries
New subsidiary:
GK Daiba Jisho Tokumei Kumiai
Subsidiaries removed from consolidation:
GK Motoazabu Holdings Tokumei Kumiai
GK Ikenohata Holdings Tokumei Kumiai(2)

Changes in accounting standards/principles, changes in accounting estimates, andrevisions to previous financial statements(i) Changes in accounting standards/principles:Yes (no earnings impact)(ii) Changes in accounting principles other than the above:None(iii) Changes in accounting estimates:None(iv) Revisions of previous financial statements:None2

(3) Number of outstanding common shares(i) Number of outstanding shares including treasury shares
FY17/2:
FY16/2:503,712,300
502,523,100(ii) Number of treasury shares
FY17/2:
FY16/2:

329,600
884,200(iii) Average number of outstanding shares
FY17/2:
FY16/2:502,257,080
499,799,233

Note on Appropriate Use of Forecasts
Forward-looking statements contained in these materials are based on judgments regarding
information that was available to Ichigo as of the announcement date. However, thesestatements involve risk and uncertainties, and actual earnings may differ significantly fromthe indicated forecasts.
5. Segment Information
Asset Management generates fee income via the management of Ichigo Office REIT (8975),
Ichigo Hotel REIT (3463), Ichigo Green Infrastructure Investment Corporation (“Ichigo
Green,” 9282), and providing real estate services related to real estate acquisition, operation(property management/building maintenance), and disposition.
Value-Add preserves and improves real estate. Ichigo receives rental income during the period
it is carrying out its value-add, along with earning profits on sale that reflect the real estate’s
higher value after the value-add is complete.
Clean Energy is utility-scale solar power production that supplies clean energy and brings
productive use to idle land.
Other is primarily legacy securities investments that are not related to the above threesegments.

3

Power Up 2019 Mid-Term Business Plan
Ichigo is working to drive continued earnings growth and value creation for Ichigo’s
shareholders, and has established the following key performance indicators (KPIs) and key
initiatives in its Power Up 2019 mid-term business plan.
Power Up 2019 Key Performance Indicators (KPIs)(1) ROE > 15%(2) +62% Operating Profit and +12% EPS growth versus FY16/2 (As of FY17/2, Ichigo
consumed its tax loss carry-forwards and its tax rate has thus normalized.)(3) Ranking within the JPX-Nikkei Index 400’s top 200 companies by August 2019
Note: While the JPX-Nikkei 400 does not provide an official ranking of its 400
constituents, it can be calculated based upon the JPX-Nikkei 400’s
publically-available quantitative ranking formula, which rank orders thejoint set of the 1,200 highest market capitalization and 1,200 highest
value-traded Japanese companies by:(a) 3-year average ROE (40% weighting)(b) 3-year cumulative operating profit (40% weighting)(c) Market capitalization (20% weighting)(4)

Adoption of Progressive Dividend Policy and DOE Policy

Ichigo has adopted a progressive dividend policy. Under a progressive dividend policy, theprevious year’s dividend becomes the floor for the current year’s dividend. The dividend will
be raised (or kept flat) but not cut, providing shareholders downside dividend protection.
In addition to this progressive dividend policy, Ichigo has set a minimum DOE (dividend on
equity) payout ratio of >3 %. In contrast to a “dividend payout ratio policy,” which calculates
dividends based upon annual earnings which can be highly volatile, a DOE policy paying
dividends based upon more stable shareholder equity is by its very nature more stable.
Ichigo believes that the combination of a progressive dividend and a DOE-based payout
policy will significantly increase the security, certainty, and visibility of its dividend to thebenefit of Ichigo’s shareholders.
Power Up 2019 Key Initiatives(1) Core Business Growth̶ List Ichigo’s solar assets on the TSE’s new Infrastructure Market
̶ Support the on-going growth of Ichigo Office REIT (8975), Ichigo Hotel REIT
(3463), and Ichigo Green (9282)
̶ Expand the architecture and structural engineering team to deliver real estatethat is high-function, safe, secure, and environmentally friendly
̶ Spin out a dedicated leasing team to drive tenant acquisition and rental income(2) New Business Creation
̶ Extend Ichigo’s REIT-focused asset management business into the muchlarger physical real estate market
̶ Grow Ichigo’s hotel business synergistically with Ichigo Hotel REIT
̶ Launch one or more REtech businesses, fusing Ichigo’s Real Estate and IT
capabilities4(3) Finance as a Strategic Weapon̶ Grow both financial stability and earnings
̶ Decollateralize loans, lengthen loan maturities, lower debt costs, get credit
ratings, and issue bonds to diversify funding profile(4) High Capital Efficiency and Organic Growth̶ ROE >15%
(5) Best Place to Work̶ Support employee health and wellness
̶ Goal: Japan’s number one company in providing opportunities for employees(6) Global Best Practice Governance and Compliance5Consolidated Balance Sheet (FY17/2)(JPY million)
FY16/2(Feb 29, 2016)

FY17/2(Feb 28, 2017)

AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational loan investments
Operational securities investments
Real estate for sale
Deferred tax assets
Other
Less: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings and structures
Depreciation
Buildings and structures (net)
Solar power plant equipment
Depreciation
Solar power plant equipment (net)Land
Buildings under construction
Solar power plants under construction
Other
Depreciation
Other (net)Total Property, Plant, and Equipment
Intangible Assets
Goodwill
Leasehold rights
Other
Total Intangible Assets
Investments and Other Assets
Securities investments
Long-term loans receivable
Deferred tax assets
Other
Less: allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets

6

28,779
691
1,324
1,784
172,833
1,766
3,966
-458
210,687

47,678
913
1,324
1,433
167,805
516
3,125
-453
222,3446,496‐2,666
3,830
12,981‐724
12,256
12,192
－
3,172
402
‐309
92
31,546

10,173‐2,797
7,375
7,822
‐575
7,246
18,627912,308416‐331
85
45,654

1,942
392
38
2,373

1,864
62
29
1,956

5,486
12
39
1,736
-124
7,149
41,069251,757

1,426
10
339
1,820
‐92
3,504
51,115
273,459

(JPY million)
FY16/2(Feb 29, 2016)

FY17/2(Feb 28, 2017)

Liabilities
Current Liabilities
Trade notes and accounts payable
Short-term loans
Short-term non-recourse loans
Bonds (due within one year)
Long-term loans (due within one year)
Long-term non-recourse loans (due within
one year)
Income taxes payable
Deferred tax liabilities
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long-Term Liabilities
Bonds
Non-recourse bonds
Long-term loans
Long-term non-recourse loans
Deferred tax liabilities
Long-term security deposits received
Other long-term liabilities
Total Long-Term Liabilities
Total Liabilities

80
2,188
79
－
8,161

110
805
611
112
5,209

2,975

6,825

631
53
13
3,979
18,161

1,655
62
36
4,119
19,548－100
94,40956,193
1,543
8,707
475
161,430
179,591

632
100
91,60468,319
1,147
8,038
624
170,467
190,015

26,575
10,96829,454-41
66,956

26,65011,05642,840-15
80,532

761

117

-251

-365

23

55

533

-192

319
4,357
72,166
251,757

491
2,612
83,443
273,459

Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury shares
Total Shareholders’ Equity
Accumulated Other Comprehensive
IncomeValuation gain (loss) on other securities
Deferred gain (loss) on long-term interest rate
hedgesForeign currency translation adjustment
Total Accumulated Other Comprehensive
IncomeStock Options
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

7

Consolidated Income Statement (FY17/2)(JPY million)
FY16/2

FY17/2(Mar 1, 2015
to Feb 29, 2016)(Mar 1, 2016
to Feb 28, 2017)

Revenue
Cost of Goods Sold
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Amortization of negative goodwill
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Valuation loss on derivatives
Debt financing-related fees
Other
Total Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Gain on sale of securities investments
Total Extraordinary Gains
Extraordinary Losses
Valuation loss on securities investments
Allowance for doubtful accounts
Office move expenses
Impairment loss
Earthquake-related damages
Other
Total Extraordinary Losses
Pre-Tax Net Income
Income Taxes – Current
Income Taxes – Deferred
Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests

49,69929,835
19,863
4,446
15,417109,253
82,44626,806
5,025
21,781

2
79
90
43
215

－
85
－
32
118

1,277
－
86
379
1,743
13,889

1,303
38
585
216
2,144
19,755

223
223

2,466
2,466

49
31
9
－
－
－
89
14,022
1,330
-369
960
13,062

－
－
31
1,090
244
224
1,590
20,630
4,863
573
5,436
15,194136

299

Net Income

12,925

14,8948

Consolidated Statement of Comprehensive Income (FY17/2)(JPY million)

Net Income
Other Comprehensive Income
Valuation gain (loss) on other securities
Deferred gain (loss) on long-term interest rate
hedgesForeign currency translation adjustment
Total Other Comprehensive Income
Comprehensive Income
Comprehensive income attributable toshareholders
Comprehensive income attributable to minority
interests

9

FY16/2

FY17/2(Mar 1, 2015
to Feb 29, 2016)(Mar 1, 2016
to Feb 28, 2017)13,062

15,194

-667

‐644

-214

‐113

-26
-908
12,15327‐730
14,463

12,258

14,169-104294

Consolidated Statement of Changes in Shareholders’ Equity(FY17/2 – Current Period)(JPY million)
Shareholders’ Equity
CapitalReserve

CapitalBalance as of March 1, 2016
Changes in the Current Fiscal Year
Share Issuance
Dividend Payment
Net Income
Change in Consolidated Subsidiaries
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of February 28, 2017

Balance as of March 1, 2016
Changes in the Current Fiscal Year
Share Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of February 28, 2017
1

Retained
Earnings

26,575

10,968

74

74

‐41

Total
Shareholders’Equity66,95626

149‐1,504
14,894
‐3
39

26
‐15

13,57580,532

Minority
Interests

Total Net
AssetsTreasury
Shares29,454‐1,504
14,894‐3
13

74
26,65088
11,056

13,38642,840

Other Comprehensive Income
Deferred Gain
Foreign
Valuation(Loss) on
Total Other
Currency
Gain (Loss)
Long-Term
Comprehensive
Translation
on OtherInterest Rate
IncomeAdjustment
Securities
Hedges1
761
23
533
‐251

Stock
Options

319

4,357

72,166149‐1,504
14,894
‐3
39

‐643

‐113

32

‐725

172

‐1,745‐2,298

‐643
117

‐113
‐365

32
55

‐725
‐192

172
491

‐1,745
2,612

11,277
83,443

By executing interest rate swaps that convert Ichigo’s floating rate loans into fixed rate loans, Ichigo hassignificantly reduced its interest rate risk should Japanese interest rates rise. Unrealized gains or losses onthese hedges are recorded in Deferred Gain (Loss) on Long-Term Interest Rate Hedges.

10

(FY16/2 – Previous Period)(JPY million)
Shareholders’ Equity
CapitalReserve

CapitalBalance as of March 1, 2015
Changes in the Current Fiscal Year
Share Issuance
Dividend Payment
Net Income
Change in Consolidated Subsidiaries
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of February 29, 2016

Retained
Earnings

26,49910,87375

75

17,201

1-78

54,496

36

151
‐648
12,925
‐23
56

36
-41

12,46066,956-648
12,925-23
19

75
26,57594
10,96812,252
29,454

Other Comprehensive Income
Deferred Gain
Foreign
Valuation
Total Other(Loss) on
Currency
Gain (Loss)
Comprehensive
Long-Term
Translation
on Other
IncomeInterest Rate
Adjustment
Securities
Hedges1
Balance as of March 1, 2015
Changes in the Current Fiscal
Year
Share Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of February 29, 2016

Total
Shareholders’EquityTreasury
Shares

1,208

‐36

6

1,177

Stock
Options

198

Minority
Interests

2,505

Total Net
Assets58,377151‐648
12,925
‐23
56
‐446

‐214

16

‐644

120

1,852

1,328

‐446
761

‐214
‐251

16
23

‐644
533

120
319

1,852
4,357

13,78872,166

By executing interest rate swaps that convert Ichigo’s floating rate loans into fixed rate loans, Ichigo hassignificantly reduced its interest rate risk should Japanese interest rates rise. Valuation gains or losses on thesehedges are recorded in Deferred Gain (Loss) on Long-Term Interest Rate Hedges.

11

Consolidated Cash Flow Statement (FY17/2)(JPY million)

Cash Flows from Operating Activities:
Pre-tax net income
Depreciation
Share-based compensation expenses
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest expense
Loss (gain) on sale of securities investments
Impairment loss
Valuation loss on securities investments
Decrease (increase) in trading notes and receivables
Decrease (increase) in operational loan receivables
Decrease (increase) in operational securities
investments
Valuation loss on operational securities investments
Decrease (increase) in real estate for sale
Decrease (increase) in solar power plants for sale
Valuation loss on SPC capital contributions
Decrease (increase) in advances paid
Decrease (increase) in prepaid expenses
Decrease (increase) in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in security deposits received
Other
Sub-totalInterest and dividend income received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for) Operating Activities

12

FY16/2

FY17/2(Mar 1, 2015
to Feb 29, 2016)(Mar 1, 2016
to Feb 28, 2017)14,022
792
174
139
-90
-3

20,630
778
223
141
－
23

3

-3

-81
1,277
-223
－
49
-172
1,006

-85
1,303
-2,466
1,090
－
-367
－

1,239

2,727

19
-63,070
－
11
-990
-492
-1,140
535
42
317
2,380
927
-43,324
81‐1,226‐990
804－-6,303
7,251
16
-190
138
-193
204
92
-49
-667
1,166
25,46085-1,146-4,005
1,153‐44,654

21,547

(JPY million)

Cash Flows from Investing Activities:
Payments into time deposits
Redemptions of time deposits
Payments for securities investments
Proceeds from sale of securities investments
Proceeds from redemptions of investments
Acquisition of property, plant, and equipment
Acquisition of intangible assets
Payments of SPC capital contributions
Redemptions of SPC capital contributions
Payments of security deposits
Redemptions of security deposits
Acquisitions of subsidiary shares resulting in change ofconsolidation scope
Other

FY16/2

FY17/2(Mar 1, 2015
to Feb 29, 2016)(Mar 1, 2016
to Feb 28, 2017)

－
－
‐671
296
3
‐6,628
‐21
‐9
6
‐37
9

-6,100
201
-300
6,136
－
-11,719
-1
-63
－
-5
10

－

-93

－

1

‐7,052-11,933

Cash Flows from Financing Activities:
Net increase (decrease) in short-term loans
Net increase (decrease) in short-term non-recourse loans
Proceeds from bond issuance
Redemptions of corporate bonds
Proceeds from long-term loans
Repayment of long-term loans
Proceeds from long-term non-recourse loans
Repayment of long-term non-recourse loans
Proceeds from employee exercise of stock options
Payments received from minority interests
Payments to minority interests
Dividends paid
Dividends paid to minority interests

771
31
－
－
64,866‐19,192
18,150‐2,772
153
2,000
－
‐646
‐43

-1,383532
785-56
55,674-61,22130,850-15,400
137－-2,000-1,501-39

Net Cash from (Used for) Financing Activities

63,318

6,377

-5

-2

Increase (Decrease) in Cash and Cash Equivalents

11,604

15,988Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents Resulting from Exclusionfrom Consolidation

18,97228,368-2,208-2,988Cash and Cash Equivalents at End of Period

28,36841,369Net Cash from (Used for) Investing Activities

Effect of Exchange Rate Changes
on Cash and Cash Equivalents

13

Revenue, P&L, and Assets by Segment (Current FY17/2)(March 1, 2016 to February 28, 2017)(JPY million)

Adjustment1

AmountRecorded in
Consolidated
Financial
Statements2

Segment

Revenue
Revenue from
External Customers
Inter-Segment
Activities or
Reclassifications
Total
Segment Profits or Losses
Segment Assets
Other
Depreciation
Impairment Loss
Increase in Property,
Plant, and Equipment
and Intangible Assets

AssetManagement

Value-Add

Clean
Energy4,747

92,13812,352

14

109,253－

109,253

1,422

4

－

－

1,427

-1,427

－

6,170
2,326
2,821

92,143
16,213
213,245

12,352
3,301
22,208

14
-165
1,906

110,680
21,676240,182-1,427104
33,277109,253
21,781
273,459

6
－

241
1,090

505
－

－
－

753
1,090

24
－

778
1,090

3

58

11,499－11,561

41

11,603

Other

Total

The Adjustment to Segment Profits or Losses (JPY 104 million) reflects transaction eliminations and corporate
expenses that were not allocated to the segments. The Adjustment to Segment Assets (JPY 33,615 million)
reflects corporate assets, such as cash and reserves, that were not allocated to the segments. The Adjustment toDepreciation (JPY 24 million) reflects depreciation of corporate assets that were not allocated to the segments.
The Adjustment to Increase in Property, Plant, and Equipment and Intangible Assets (JPY 41 million) reflects
corporate assets that were not allocated to the segments.
2
Segment Profits or Losses are calculated for each segment from consolidated operating profit.
114

Revenue, P&L, and Assets by Segment (Previous FY16/2)(March 1, 2015 to February 29, 2016) (JPY million)
Segment

Revenue
Revenue from
External Customers
Inter-Segment
Activities or
Reclassifications
Total
Segment Profits or Losses
Segment Assets
Other
Depreciation
Impairment loss
Increase in Property,
Plant, and Equipment
and Intangible Assets

Adjustment1

AmountRecorded in
Consolidated
Financial
Statements2

49,699－49,699－1,337-1,337

－

1,628
323
18,131

59
‐32
6,049

51,036
15,799233,851‐1,337‐382
17,90549,69915,417
251,757

242
－

506
－

－
－

757
－

34
－

792
－

54

5,914

－

5,973

44

6,017

Asset
Management

Value-Add

Clean
Energy5,067

42,944

1,628

58

1,332

4

－

6,400
2,879
2,617

42,948
12,629207,053

8
－
4

Other

Total

The Adjustment to Segment Profits or Losses (JPY -382 million) reflects transaction eliminations and corporate
expenses that were not allocated to the segments. The Adjustment to Segment Assets (JPY 17,905 million)
reflects corporate assets, such as cash and reserves, that were not allocated to the segments. The Adjustment toDepreciation (JPY 34 million) reflects depreciation of corporate assets that were not allocated to the segments.
The Adjustment to Increase in Property, Plant, and Equipment and Intangible Assets (JPY 44 million) reflects
corporate assets that were not allocated to the segments.
2
Segment Profits or Losses are calculated for each segment from consolidated operating profit.
1

15

Goodwill and Amortization by Segment (Current FY17/2)
Goodwill(JPY million)
Segment

Amortization during
the fiscal year
Outstanding balance asof the end of the period

AssetManagement

Value-Add

111

15

14

－

1,519

94

249

－

Clean
EnergyOther

Adjustment

AmountRecorded in
Consolidated
Financial
Statements

141

－

141

1,864

－

1,864

Total

Negative Goodwill
N/A

Goodwill and Amortization by Segment (Previous FY16/2)
Goodwill(JPY million)
Segment

Amortization during
the fiscal year
Outstanding balance asof the end of the period

AssetManagement

Value-Add

Clean
Energy

111

15

12

－

1,631

110

201

－

Other

Adjustment

AmountRecorded in
Consolidated
Financial
Statements

139

－

139

1,942

－

1,942

Total

Negative Goodwill(JPY million)
Segment

Amortization during
the fiscal year
Outstanding balance asof the end of the period

AssetManagement

Value-Add

Clean
Energy

－

90

－

－

－

－

－

－

Other

16

Adjustment

AmountRecorded in
Consolidated
Financial
Statements

90

－

90

－

－

－

Total

Per Share Information(JPY)
FY16/2(March 1, 2015 to February 29, 2016)

FY17/2(March 1, 2016 to February 28, 2017)

Net Assets per Share

134.54

Net Assets per Share

159.60Net Income per Share

25.86

Net Income per Share

29.66

Diluted Net Income per Share

25.75

Diluted Net Income per Share

29.59

Calculation of net income per share and diluted net income per share is as follows:
FY16/2(March 1, 2015 toFebruary 29, 2016)

FY17/2(March 1, 2016 to
February 28, 2017)

Net Income per ShareNet Income Attributable to
Shareholders (JPY million)
Amount Not Attributable to Common
Shareholders
Net Income Attributable to
Shareholders in Regards to Common
Shares (JPY million)
Average Number of Shares
Outstanding
Number of Potentially Dilutive
Shares Outstanding(of which are employee stock
options)

Details of Potentially Dilutive Shares
Outstanding

12,925

14,894－－

12,925

14,894

499,799,232

502,257,080

2,113,783

1,185,685(2,113,783)(1,185,685)

Jan 10, 2014 Employee Stock
Option Issuance
1,005,000 shares

Jan 13, 2016 Employee Stock
Option Issuance
1,460,000 shares

Jan 13, 2015 Employee Stock
Option Issuance
1,859,200 shares

Jan 13, 2017 Employee Stock
Option Issuance
2,000,000 shares

Jan 13, 2016 Employee Stock
Option Issuance
1,500,000 shares17