[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.

FY23/2 Earnings
April 19, 2023
Ichigo Inc. (Tokyo Stock Exchange Prime, 2337)
Representative: Takuma Hasegawa, President
Inquiries:
Takanori Sakamatsu, Senior Statutory Executive Officer
Telephone: +81-3-3502-4818
www.ichigo.gr.jp/en
Annual Shareholders Meeting: May 28, 2023 (expected)
Submission of the Financial Report (Yuka Shoken Hokokusho): May 29, 2023 (expected)
Dividend Payment: May 29, 2023 (expected)
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY23/2 Consolidated Financial Results (March 1, 2022 to February 28, 2023)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY23/2

68,093 +19.6%

FY22/256,934-7.2%(YOY = year-on-year % change)
All-InOperating Profit
Recurring Profit
Operating Profit(JPY million) YOY(JPY million) YOY(JPY million) YOY
12,492 +24.7%
16,908 +27.4%
10,848 +45.2%
10,018+3.6%

13,266 +27.7%

Note: Comprehensive Income

7,471

FY23/2: JPY 10,232 million (+51.6% YOY)
FY22/2: JPY 6,750 million (+35.0% YOY)
All-In Operating Profit = Operating Profit + Gains on Sale of Sustainable Real Estate Assets
Recorded as Extraordinary Gains

FY23/2

9,409+45.4%Net Income
per Share(Basic, JPY)
20.45 +48.0%

FY22/26,473+28.8%

13.81

Net Income(JPY million) YOY+31.8%

FY23/2

9.2%

Return on
Assets(Recurring Profit)
3.2%

FY22/26.5%

2.2%

Return on Equity

1

Net Income
per Share(Diluted, JPY)
–
–
–

–

Operating Profit
Margin
18.3%
17.6%

+4.1%

(2) Consolidated Financial Condition
Total Assets(JPY million)
FY23/2
338,619
FY22/2

Net Assets(JPY million)
114,393

Shareholders’Equity Ratio
30.4%

Net Assets per
Share (JPY)227.24112,19129.8%

215.46

337,887

Note: Shareholders’ Equity FY23/2: JPY 103,026 million FY22/2: JPY 100,815 million(3) Consolidated Cash Flows
Cash Flows from
Financing(JPY million)

Cash and Cash
Equivalents
at Period-End(JPY million)

Cash Flows fromOperations(JPY million)

Cash Flows from
Investments(JPY million)

FY23/2254

2,635-6,58240,313

FY22/2

7,939

6,502

-15,360

46,214

Note: Economic Operating Cash Flow (Cash Flows from Operations excluding net change in Real Estate
and Power Plants for Sale)
FY23/2: JPY 9,962 million FY22/2: JPY 12,397 million
2. Dividends

FY22/2
FY23/2
FY24/2(Forecast)

Dividend per Share (JPY)
Total
Dividend
First Second Third Fourth
Quarter Quarter Quarter Quarter Total (JPY million)
–
–
–
7
7
3,275
–
–
–
8
8
3,627
–

–

–

8

8

Payout Ratio
50.7%
39.1%

Dividend on
Equity
(DOE)
3.3%
3.6%

36.3%

3. FY23/2 Full-Year Consolidated Earnings Forecast (March 1, 2022 to February 28, 2023)(YOY = year-on-year % change)
All-InOperating Profit
Recurring Profit
Net Income
Net Income per
Operating Profit(JPY million)(JPY million)(JPY million)
Share (JPY)(JPY million)
YOY
YOY
YOY
YOY
YOY
FY24/29,500 -24.0% 18,000
6.5% 6,000 -44.7% 10,000 +6.3% 22.06 +7.9%2

4. Other(1) Changes in significant consolidated subsidiaries(material changes in scope of consolidation):

None(2) Changes in accounting standards/principles, changes in accounting estimates, and revisions toprevious financial statements(i) Changes in accounting standards/principles:Yes(ii) Changes in accounting principles other than the above:None(iii) Changes in accounting estimates:None(iv) Revisions of previous financial statements:
None(3) Number of outstanding common shares(i) Number of outstanding shares (including treasury shares) at period-end
FY23/2:505,381,018
FY22/2:505,381,018(ii) Number of treasury shares at period-end
FY23/2:
51,992,200
FY22/2:
37,466,500(iii) Average number of outstanding shares (excluding treasury shares) during the period
FY23/2:
FY22/2:

460,220,730
468,744,889

Segment Information
Asset Management (AM) generates fee income via the management of Ichigo Office (8975), Ichigo
Hotel (3463), Ichigo Green (9282), and private real estate funds.
Sustainable Real Estate (SRE) preserves and improves real estate. Ichigo receives rental income during
the period in which it carries out its value-add, along with earning gains on sales that reflect the realestate’s higher value after the value-add is complete.
Clean Energy (CE) is utility-scale solar and wind power production that supplies clean energy andbrings productive use to idle land.
Note on Appropriate Use of Forecasts
Forward-looking statements contained in these materials are based on judgments regarding informationthat was available to Ichigo as of the announcement date. However, these statements involve risk anduncertainties, and actual earnings may differ significantly from the indicated forecasts.

3

Consolidated Balance Sheet (FY23/2)
FY22/2(Feb 28, 2022)(JPY million)
FY23/2(Feb 28, 2023)

AssetsCurrent Assets
Cash and deposits
Trade notes and accounts receivable
Operational loan investments
Operational securities investments
Real estate for sale
Other
Less: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings and structures
Depreciation
Buildings and structures (net)
Solar and wind power plants
Depreciation
Solar and wind power plants (net)Land
Buildings and structures underconstruction
Solar and wind power plants underconstruction
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

446,458
1,819
1,324
2,547
68,6662,613-633

40,536
3,866
1,324
47
79,151
3,197-66

122,798

128,057

66,501-10,292
56,20834,298-6,34527,953116,079

66,790-12,751
54,03934,956-8,094
26,862
114,431

435

679

2,095

2,250

2,884
-1,6181,265

3,040-1,9801,060

204,038

199,323

1,580
1,365
605

717
1,397
283

3,551

2,398

3,463
270
883

4,455
240
341

OtherLess: allowance for doubtful accounts

FY22/2(Feb 28, 2022)
3,013
-131

(JPY million)
FY23/2(Feb 28, 2023)
3,937
-133

Total Investments and Other Assets
Total Fixed Assets
Total Assets

7,498
215,089
337,887

8,840
210,562
338,6195

(JPY million)
FY23/2(Feb 28, 2023)

FY22/2(Feb 28, 2022)
Liabilities
Current Liabilities
Short-term 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
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long-Term Liabilities
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
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury shares
Total Shareholders’ Equity
Accumulated Other Comprehensive
IncomeValuation gains (losses) on othersecurities
Deferred gains (losses) on long-term
interest rate hedges
Total Accumulated Other
Comprehensive Income
Stock Options
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

6

2,382
274
9,888

962
364
8,539

1,375

4,218

1,888
39
5,012

949
112
4,053

20,861

19,2005,603
150,389
39,489
1,795
6,749
805

5,239
152,624
38,012
1,589
7,163
396

204,833
225,695

205,026
224,226

26,888
11,26876,310-13,423

26,888
11,26682,438-17,914101,043

102,678

25

296

-254

51

-228

347

961
10,415
112,191
337,887814
10,552
114,393338,619

Consolidated Income Statement (FY23/2)

Revenue
Cost of Goods Sold
(Depreciation)
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Foreign exchange gains
Mark-to-market gains on long-term interest
rate hedges
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Mark-to-market losses on long-term interest
rate hedges
Debt financing-related fees
Other
Total Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Gains on sale of fixed assets
Gains on sale of securities investments
Other
Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Valuation losses on securities investments
Allowance for doubtful accounts
Impairment loss
Other
Total Extraordinary Losses
Pre-Tax Income
Income Taxes – Current
Income Taxes – Deferred

7

FY22/2(Mar 1, 2021 toFeb 28, 2022)
56,93440,757
5,278
16,177
6,159
10,018(JPY million)
FY23/2(Mar 1, 2022 toFeb 28, 2023)
68,093
48,674
5,135
19,4186,926
12,492

29
30
38

46
38
10

98

790

164
361

92
979

2,341

2,165

53

–

157
355
2,908
7,471

171
285
2,622
10,848

3,248
15
120
3,383

4,416
–
205
4,621

5
43
493
716
–
1,259
9,595
3,304
-403

23
261
127
803
18
1,235
14,234
4,425
152

Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income

FY22/2(Mar 1, 2021 toFeb 28, 2022)
2,901
6,694

(JPY million)
FY23/2(Mar 1, 2022 toFeb 28, 2023)
4,578
9,656

220

246

6,473

9,409

Consolidated Statement of Comprehensive Income (FY23/2)

Pre-Minority Interest Net Income
Other Comprehensive Income
Valuation gains (losses) on other securities
Deferred gains (losses) on long-term
interest rate hedges
Total Other Comprehensive Income
Comprehensive Income
Comprehensive income attributable tocommon shareholders
Comprehensive income attributable tominority interests

8

FY22/2(Mar 1, 2021 toFeb 28, 2022)
6,694(JPY million)
FY23/2(Mar 1, 2022 toFeb 28, 2023)
9,656

-65

270

121

305

56
6,750

576
10,232

6,529

9,985

220

246

Consolidated Statement of Changes in Shareholders’ Equity(FY23/2 – Current Period)(JPY million)
Shareholders’ Equity
CapitalBalance as of Mar 1, 2022
Changes in the Current Period
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 28, 2023

Balance as of Mar 1, 2022
Changes in the Current Period
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 28, 2023

26,888

CapitalReserve

Retained
Earnings

Treasury
Shares

Total
Shareholders’Equity11,26876,310-13,423

101,043-3,275
9,409-3,275
9,409

-6

-6

-2
–
26,888-2
11,266

6,127
82,438-4,4999-4,4997-4,490-17,914

1,634
102,678

Other Comprehensive Income
Deferred
Valuation Gain (Loss) Total Other Stock Minority Total Net
Gain (Loss) on LongCompre- Options Interests Assets
on OtherTermhensive
Securities Interest Rate Income
Hedges25-254-228
961 10,415 112,191-3,2759,409-6-4,499
7
270

305

576

-146

270
296

305
51

576
347

-146
814

9

136

566

136
2,201
10,552 114,393

Consolidated Statement of Changes in Shareholders’ Equity(FY22/2 – Previous Period)(JPY million)
Shareholders’ Equity

Balance as of Mar 1, 2021
Changes in the Current Period
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 28, 2022

Balance as of Mar 1, 2021
Changes in the Current Period
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 28, 2022

CapitalCapitalReserve

Retained
Earnings

Treasury
Shares

Total
Shareholders’Equity26,888

11,27573,160-11,988

99,335-3,3046,473-3,304
6,473

-18

-18

-6
–
26,888-6
11,2683,150
76,310-1,49964-1,49958-1,435-13,423

1,708
101,043

Other Comprehensive Income
Deferred
Valuation Gain (Loss) Total Other Stock Minority Total Net
Gain (Loss) on Long- Compre- Options Interests Assets
on OtherTermhensive
Securities Interest Rate Income
Hedges90-375-285
1,007 10,197 110,255-3,3046,473-18-1,499
58
-65

121

56

-46

-65
25

121
-254

56
-228

-46
961

10

217

227

217
1,935
10,415 112,191

Consolidated Cash Flow Statement (FY23/2)(JPY million)
FY23/2(Mar 1, 2022 toFeb 28, 2023)

FY22/2(Mar 1, 2021 toFeb 28, 2022)
Cash Flows from Operations:Pre-tax income
Depreciation
Amortization of goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest expense
Losses (gains) on sale of securities
investments
Loss on disposal of fixed assets

9,595
5,644
149
29

14,234
5,339
177
73

505

134

-60
2,341

-85
2,165

-15

–

5

23

-3,248716
43-120-4,416
803
261
-205

-437

-2,096

1,279

3,178

-3,873-10,114

2

3

-60

-6

Decrease (increase) in prepaid expenses

-217

-383

Decrease (increase) in accounts receivable
Decrease (increase) in consumption taxes
receivable
Increase (decrease) in accounts payable

-74

-62

-110

-123

-113

462

Increase (decrease) in accrued expenses

25

-38

Increase (decrease) in advances received

795

-908

Increase (decrease) in deposits received
Increase (decrease) in security deposits
received
Increase (decrease) in accrued consumption
taxes
Other
Sub-Total

-260

26

-1,045

413

-204

-402

109
11,403-771
7,682

Losses (gains) on sales of fixed assets
Impairment loss
Valuation losses on securities investments
Gain on reversal of stock option
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale
Valuation losses on SPC capital
contributions
Decrease (increase) in advances paid

11

60
-2,174-1,548198
7,939(JPY million)
FY23/2(Mar 1, 2022 toFeb 28, 2023)
85-2,051-5,490
27
254

Payments into time deposits-7-2

Redemptions of time deposits

30

23

Payments for securities investments

-606

-968

Proceeds from sale of securities investments

569–

Acquisition of property, plant, and equipment
Proceeds from sale of property, plant, andequipment
Acquisition of intangible assets-5,798-10,516

12,757

14,065-195-24

Payments of SPC capital contributions-4-6

Redemptions of SPC capital contributions–

97

Payments of security deposits-16–

Payments of loans receivable

-290

-80

Payments received for loans receivable

33

30

Other

32

16

6,502

2,635

FY22/2(Mar 1, 2021 toFeb 28, 2022)
Interest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for) Operations
Cash Flows from Investments:

Net Cash from (Used for) Investments

12

(JPY million)
FY23/2(Mar 1, 2022 toFeb 28, 2023)

FY22/2(Mar 1, 2021 toFeb 28, 2022)
Cash Flows from Financing:
Net increase (decrease) in short-term loans
Repayment of maturing bond principal tobondholders
Proceeds from long-term loans-2,497-1,419-274-274

26,552

41,834-32,940-40,385

Proceeds from long-term non-recourse loans

–

3,000

Repayment of long-term non-recourse loans
Share buyback-1,467-1,633-1,499-4,499Dividends paid

-3,230-3,197-2-6

Net Cash from (Used for) Financing
Effect of Exchange Rate Change on Cash andCash Equivalents
Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents at Beginning of
PeriodChange in Cash and Cash Equivalents
Resulting from Exclusion from Consolidation-15,360-6,582––-918-3,69250,59046,214-3,457-2,208Cash and Cash Equivalents at End of Period

46,21440,313

Repayment of long-term loans

Dividends paid to minority interests

13Changes in Accounting Policies
1. Application of Revenue Recognition Accounting Standard
The “Accounting Standard for Revenue Recognition” (Accounting Standard Board of Japan(“ASBJ”) Statement No. 29, March 31, 2020; hereinafter the “Revenue Recognition
Accounting Standard”) has been applied from the beginning of FY23/2. Under thisaccounting standard, revenue is recognized in an amount expected to be received in exchange
for goods or services when control of promised goods or services is transferred to a customer.
Ichigo applies the transitional treatment provided in the notes to Clause 84, and there is no
impact from this change on retained earnings as of the beginning of FY23/2.
Accordingly, the impact from the change in Revenue Recognition Accounting Standard on
FY23/2 earnings is minimal.
2. Application of Accounting Standard for Fair Value Measurement
The “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4,
2019; hereinafter the “Fair Value Measurement Accounting Standard”) has been applied fromthe beginning of FY23/2. In accordance with the transitional treatment provided for in Clause
19 of the “Accounting Standard for Fair Value Measurement” and Clause 44–2 of the“Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), theFair Value Measurement Accounting Standard will henceforth be applied on an ongoing basis.
Financial instruments such as corporate bonds and other bonds that are recognized as being
difficult to obtain a market value for were previously recorded on the balance sheet based on
acquisition price. Under the Fair Value Measurement Accounting Standard, these financial
instruments will be recorded on the balance sheet using a market value derived fromunobservable inputs based on best available information.

14

Notes to Consolidated Income Statement
1. Writedown of Intangible Asset
FY22/2 (March 1, 2021 to February 28, 2022)
Ichigo wrote down the below asset in FY22/2.
(1) Asset and Writedown Amount
Asset

Type

Location

Impairment Loss

Operating Asset

Intangible Asset

Chiyoda-ku, Tokyo

JPY 716 million(2) Writedown Rationale
Ichigo impaired the asset to its recoverable amount based on the current businessenvironment. An equivalent amount was recorded as a loss under Extraordinary Losses.
When applying impairment accounting, Ichigo classifies assets into discrete groups using theminimum asset unit that generate independent cash flow. This asset grouping method wasapplied in this intangible asset impairment.
Ichigo calculates the recoverable amount based on value-in-use. For assets that are notexpected to generate future cash flows, the recoverable amount is set to zero.
FY23/2 (March 1, 2022 to February 28, 2023)
Ichigo wrote down the below assets in FY23/2.
(1) Assets and Writedown Amounts
Asset

Type

Location

Impairment Loss

Other

Goodwill
Plant Under
Construction

Chiyoda-ku, Tokyo
Isumi County,
Chiba

JPY 712 million

Clean Energy Plant

JPY 91 million(2) Writedown Rationale
Ichigo impaired the goodwill and the plant under construction to their respective recoverable
amounts based on the current business environment and the cancellation of plant construction.
The equivalent amounts were recorded as losses under Extraordinary Losses.
When applying impairment accounting, Ichigo classifies assets into discrete groups using theminimum asset unit that generate independent cash flow. For goodwill, the grouping method
is applied individually. For plants under construction, the grouping method uses each plant as
the minimum asset unit.
Ichigo calculates the recoverable amount of goodwill based on value-in-use, and therecoverable amount is set to zero because there is no possibility of conversion or sale. For theplant under construction, the recoverable amount is based on net sale price.

15

Revenue, P&L, and Assets by Segment (Current FY23/2)(Mar 1, 2022 to Feb 28, 2023)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

3,755

58,637

5,699

68,093–68,093

Inter-Segment
Activities or
Reclassifications

485

1

–

487

-487

–

4,241
3,026

58,639
7,477

5,699
2,016

68,58012,520-487-2768,093
12,492

–

4,416

–

4,416

–

4,416

3,026

11,893

2,016

16,936-27

16,908

1,780

3,664

2,016

7,460

–

–

1,246

8,229

–

9,475

–

–

3,249

271,699

36,344 311,293

27,326338,619

–

3,507

1,754

5,262

60

5,322

Impairment

–

712

91

803

–

803

Increase in
Property, Plant,
and Equipment
and Intangible
Assets

–

9,549

905

10,45568

10,523

Total
Operating Profit1
Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains
Segment P&L(All-In Operating
Profit) 1
Segment P&L
Details
Stock Earnings(Rental Income,Base AM Fees,
FIT Solar Power
Earnings, etc.)
Flow Earnings(Gains on
Sustainable Real
Estate Sales,
Gains on Solar
Power Plant
Sales, Spot AM
Fees, etc.)
Segment Assets
Other
Depreciation

16

1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains
2
The Adjustment to Segment P&L (-JPY 27 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 27,326 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 60 million) reflects
depreciation of corporate assets that were not allocated to the segments. The Adjustment toIncrease in Property, Plant, and Equipment and Intangible Assets (JPY 68 million) reflects
corporate assets that were not allocated to the segments.
3 From FY23/2, Ichigo changed its reporting of Segment P&L from Operating Profit to All-In
Operating Profit. The impact of this change for Sustainable Real Estate is JPY +4,416
million in FY23/2 and JPY +3,248 million in FY22/2.

17

Revenue, P&L, and Assets by Segment (Previous FY22/2)(Mar 1, 2021 to Feb 28, 2022)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

2,369

49,202

5,362

56,934–56,934

Inter-Segment
Activities or
Reclassifications

528

1

–

530

-530

–

2,898
1,839

49,203
6,069

5,362
2,134

57,465
10,043-530-2556,934
10,018

–

3,248

–

3,248

–

3,248

1,839

9,318

2,134

13,292-25

13,266

1,622

2,942

2,134

6,699

–

–

216

6,375

–

6,592

–

–

1,796

269,118

35,849 306,765

31,121

337,887

–
–

3,932
716

1,652
–

5,584
716

60
–

5,644
716

–

2,750

2,381

5,132

22

5,155

Total
Segment P&L1
Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains
Segment P&L(All-In Operating
Profit) 1
Segment P&L
Details
Stock Earnings(Rental Income,Base AM Fees,
FIT Solar Power
Earnings, etc.)
Flow Earnings(Gains on
Sustainable Real
Estate Sales,
Gains on Solar
Power Plant
Sales, Spot AM
Fees, etc.)
Segment Assets
Other
Depreciation
Impairment
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
18

Real Estate Assets Recorded as Extraordinary Gains
The Adjustment to Segment P&L (-JPY 25 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 31,121 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 60 million) reflects
depreciation of corporate assets that were not allocated to the segments. The Adjustment toIncrease in Property, Plant, and Equipment and Intangible Assets (JPY 22 million) reflects
corporate assets that were not allocated to the segments.
3
From FY23/2, Ichigo adjusted the allocation of general corporate expenses to subsidiaries tomore accurately reflect their use of corporate resources. If the new allocation methodology
is applied to the previous FY22/2, Segment P&L would have been JPY 1,927 million for
Asset Management, JPY 9,361 million for Sustainable Real Estate, and JPY 2,040 million
for Clean Energy.
219Goodwill and Amortization by Segment (Current FY23/2)(Mar 1, 2022 to Feb 28, 2023)
Goodwill(JPY million)
Segment
Asset
Sustainable
Management Real Estate Clean Energy
Amortization
during the period
Outstandingbalance as ofperiod-end

AmountRecorded in
Adjustment Consolidated
Financial
Statements

Total

70

91

15

177

–

177

560

–

156

717

–

717

Goodwill and Amortization by Segment (Previous FY22/2)(Mar 1, 2021 to Feb 28, 2022)
Goodwill(JPY million)
Segment
Asset
Sustainable
Management Real Estate Clean Energy
Amortization
during the period
Outstandingbalance as ofperiod-end

AmountRecorded in
Adjustment Consolidated
Financial
Statements

Total

70

63

15

149

–

149

631

777

172

1,580

–

1,580

20

Per Share Information(JPY)

FY22/2(March 1, 2021 to February 28, 2022)
Net Assets per ShareNet Income per Share
Diluted Net Income per Share

FY23/2(March 1, 2022 to February 28, 2023)

215.46
13.81–

Net Assets per ShareNet Income per Share
Diluted Net Income per Share

227.2420.45–

Calculation of Net Income per Share and Diluted Net Income per Share is as follows:
FY22/2(March 1, 2021 to
February 28, 2022)
Net Income per ShareNet Income Attributable to
Shareholders (JPY million)
Amount Not Attributable to
Common Shareholders
Net Income Attributable to
Shareholders in Regards toCommon Shares (JPY million)

FY23/2(March 1, 2022 toFebruary 28, 2023)

6,473

9,409

－

－

6,473

9,409

468,744460,220

Increase in Shares Outstanding
during Period (thousand)––(of which are related to exerciseof employee stock options)(thousand)––Jan 13, 2016 Employee
Stock Options Outstanding:
1,093,200 shares

Jan 13, 2017 Employee
Stock Options Outstanding:
1,498,500 shares

Jan 13, 2017 Employee
Stock Options Outstanding:
1,554,500 shares

Jan 12, 2018 Employee
Stock Options Outstanding:
1,453,700 shares

Jan 12, 2018 Employee
Stock Options Outstanding:
1,507,700 shares

Jan 11, 2019 Employee
Stock Options Outstanding:
1,502,600 shares

Jan 11, 2019 Employee
Stock Options Outstanding:
1,567,000 sharesOct 14, 2020 Employee
Stock Options Outstanding:
1,816,700 sharesOct 14, 2020 Employee
Stock Options Outstanding:
1,897,900 shares

Apr 19, 2021 Employee
Stock Options Outstanding:
1,855,200 shares

Apr 19, 2021 Employee
Stock Options Outstanding:
1,932,500 shares

Aug 19, 2022 Employee
Stock Options Outstanding:
1,973,900 shares

Average Number of Shares
Outstanding (thousand)Diluted Net Income per Share

Details of Potentially Dilutive Shares
Outstanding

21

Consolidated Cash Flow Statement (FY23/2 Q4 Stand Alone)(JPY million)
FY23/2 Q4(Dec 1, 2022 toFeb 28, 2023)

FY22/2 Q4(Dec 1, 2021 toFeb 28, 2022)
Cash Flows from Operations:Pre-tax income
Depreciation
Amortization of goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest expense
Losses (gains) on sale of securities
investments
Loss on disposal of fixed assets
Losses (gains) on sales of fixed assets
Impairment loss
Valuation losses on securities investments
Gain on reversal of stock option
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale
Valuation losses on SPC capital
contributions
Decrease (increase) in advances paid
Decrease (increase) in prepaid expenses
Decrease (increase) in accounts receivable
Decrease (increase) in consumption taxes
receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in deposits received
Increase (decrease) in security deposits
received
Increase (decrease) in accrued consumption
taxes
Other
Sub-TotalInterest and dividends received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations
22

6,539
1,432
25
-277

1,817
1,336
44
-214

505

133

-15
569

-14
536

-15

－

－

-3,215
716
43
-120

23
－
803
261
-205

138

-1,935181

22

12,743-6,646

1

3

-72
-167
-183

28
-194
-28

36

-354

431
20
630
-102

1,008
4
61
-36

-418

189

466

158

-129
19,76615-584-265
18,932-192-3,39014-550-860-4,786

(JPY million)
FY22/2 Q4(Dec 1, 2022 toFeb 28, 2023)

FY22/2 Q4(Dec 1, 2021 toFeb 28, 2022)
Cash Flows from Investments:
Payments into time deposits
Redemptions of time deposits
Payments for securities investments
Proceeds from sale of securities investments
Acquisition of property, plant, and equipment
Proceeds from sale of property, plant, andequipment
Acquisition of intangible assets
Payments of SPC capital contributions
Redemptions of SPC capital contributions
Payments of security deposits
Payments of loans receivable
Payments received for loans receivable
Other
Net Cash from (Used for) Investments
Cash Flows from Financing:
Net increase (decrease) in short-term loans
Repayment of maturing bond principal tobondholders
Proceeds from long-term loans
Repayment of long-term loans
Repayment of long-term non-recourse loans
Dividends paid
Dividends paid to minority interests
Net Cash from (Used for) Financing
Effect of Exchange Rate Change on Cash andCash Equivalents
Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents at Beginning of
PeriodChange in Cash and Cash Equivalents
Resulting from Exclusion from Consolidation
Cash and Cash Equivalents at End of Period

23

-1
30
-1

-711

－

－

-2,336-2,357

12,013

－

-9

-2

－

－

－

97

－

－

－

7
19
9,720

-5
7
6
-2,965

-912

-962

-96

-96

6,902
-21,698-623––-16,428

8,946-5,598
-723
–
-1
1,563

–

–

12,224-6,18935,96146,751-1,971-248

46,21440,313－－