[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 H1 Earnings
October 13, 2022
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
Submission of the Financial Report (Shihanki Hokokusho): October 14, 2022 (expected)
Dividend Payment: N/A
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY23/2 H1 Consolidated Financial Results (March 1, 2022 to August 31, 2022)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY23/2 H125,475+9.3%

FY22/2 H1

23,303-27.2%(YOY = year-on-year % change)
All-InOperating Profit
Recurring Profit
Operating Profit(JPY million) YOY(JPY million) YOY(JPY million) YOY
5,082 +19.8%
6,177 +45.6%
4,166 +56.3%
4,243-22.2%

4,243-22.2%

2,666-37.3%

Note: Comprehensive Income

FY23/2 H1: JPY 3,847 million (+103.1% YOY)
FY22/2 H1: JPY 1,894 million (-23.4% YOY)
All-In Operating Profit = Operating Profit + Gains on Sale of Sustainable Real Estate Assets
Recorded as Extraordinary Gains

FY23/2 H1

3,429+98.1%Net Income
per Share(Basic, JPY)
7.38 +100.1%

FY22/2 H1

1,731-37.7%

3.69

Net Income(JPY million) YOY(2) Consolidated Financial Condition
Total Assets(JPY million)
341,410
FY23/2 H1
FY22/2337,887-36.1%Net Income
per Share(Diluted, JPY)
–
–
–

–

Net Assets(JPY million)
111,117

Shareholders’Equity Ratio
29.2%

Net Assets per
Share (JPY)215.49112,19129.8%

215.46

Note: Shareholders’ Equity FY23/2 H1: JPY 99,613 million FY22/2: JPY 100,815 million1(3) Consolidated Cash Flows
Cash and Cash
Equivalents
at Period-End(JPY million)

Cash Flows fromOperations(JPY million)

Cash Flows from
Investments(JPY million)

Cash Flows from
Financing(JPY million)

FY23/2 H1-3,243-2,9903,423

41,555

FY22/2 H1-6-2,780-1,17845,138

Note: Economic Operating Cash Flow (Cash Flows from Operations excluding net change in Real Estate
and Power Plants for Sale)
FY23/2 H1: JPY 4,163 million FY22/2 H1: JPY 3,784 million
2. Dividends

FY22/2
FY23/2(Forecast)

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

–

–

7

7

Payout Ratio
50.7%
38.1%~
49.9%

Dividend on
Equity(DOE)
3.3%

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
Operating Profit
Net Income per(JPY million)(JPY million)(JPY million)(JPY million)
Share (JPY) YOY
YOY
YOY
YOY
YOY
FY23/29,700~
10,600-3.2%~ 12,700~ -4.3%~+5.8% 15,600 +17.6%

6,700~ -10.3%~ 6,500~ +0.4%~ 14.04~ +1.7%~
7,600+1.7% 8,500 +31.3% 18.36+33.0%

Note: Ichigo is reporting its FY23/2 earnings forecast as a range.
4. Other(1) Changes in significant consolidated subsidiary(material changes in scope of consolidation):No(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:None2

(3) Number of outstanding common shares(i) Number of outstanding shares (including treasury shares) at period-end
FY23/2 H1:
505,381,018
FY22/2:505,381,018(ii) Number of treasury shares at period-end
FY23/2 H1:43,110,300
FY22/2:
37,466,500(iii) Average number of outstanding shares (excluding treasury shares) during the period
FY23/2 H1:
FY22/2 H1:464,961,147
469,561,721

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 H1)
FY22/2(Feb 28, 2022)(JPY million)
FY23/2 H1(August 31, 2022)

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

41,780
1,659
1,324
1,264
75,911
2,672-49

122,798

124,563

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

66,507-11,687
54,82034,735-7,21827,516
119,078

435

610

2,095

2,144

2,884
-1,6181,265

2,995-1,801
1,193

204,038

205,363

1,580
1,365
605

1,492
1,365
469

3,551

3,327

3,463
270
883

3,919
255
794

OtherLess: allowance for doubtful accounts

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

(JPY million)
FY23/2 H1(August 31, 2022)
3,203
-16

Total Investments and Other Assets
Total Fixed Assets
Total Assets

7,498
215,089
337,887

8,155
216,846
341,4105

(JPY million)
FY23/2 H1(August 31, 2022)

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

2,887
290
9,156

1,375

4,237

1,888
39
5,012

903
166
3,016

20,861

20,6585,603
150,389
39,489
1,795
6,749
805

5,450
156,268
38,839
1,640
6,788
645

204,833
225,695

209,633
230,292

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

26,888
11,26876,466-15,091

101,043

99,531

25

278

-254

-196

-228

81

961
10,415
112,191
337,887983
10,520111,117
341,410

Consolidated Income Statement (FY23/2 H1)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
Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Other
Total Extraordinary Losses
Pre-Tax Income
Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income

7

FY22/2 H1(Mar 1, 2021 to
Aug 31, 2021)
23,303
15,934
2,659
7,368
3,125
4,243

(JPY million)
FY23/2 H1(Mar 1, 2022 to
Aug 31, 2022)
25,475
17,176
2,560
8,299
3,216
5,082

10
9
18

23
13
12

27

254

54
121

52
355

1,204

1,083

320

–

35
137
1,698
2,666

91
96
1,271
4,166

3
3

1,094
1,094

1
–
1
2,668
826
1,842

–
–
–
5,261
1,723
3,537

111

107

1,731

3,429

Consolidated Income Statement (FY23/2 Q2 Stand-Alone)

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
Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Other
Total Extraordinary Losses
Pre-Tax Income
Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income

8

FY22/2 Q2(Jun 1, 2021 to
Aug 31, 2021)
10,629
8,003
1,299
2,625
1,541
1,084

(JPY million)
FY23/2 Q2(Jun 1, 2022 to
Aug 31, 2022)
8,836
4,855
1,279
3,981
1,622
2,358

5
4
–

11
4
3

19

67

28
58

25
112

611

549

145

–

10
93
860
282

74
48
672
1,799

3
3

1,094
1,094

1
–
1
284
43
240

–
–
–
2,894
947
1,946

55

51

185

1,895

Consolidated Statement of Comprehensive Income (FY23/2 H1)(JPY million)
FY22/2 H1
FY23/2 H1(Mar 1, 2021 to(Mar 1, 2022 to
Aug 31, 2021)
Aug 31, 2022)
Pre-Minority Interest Net Income
1,842
3,537
Other Comprehensive Income
Valuation gains (losses) on other securities
48
253
Deferred gains (losses) on long-term
3
57
interest rate hedges
Total Other Comprehensive Income
51
310
Comprehensive Income
1,894
3,847
Comprehensive income attributable to
1,783
3,740
common shareholders
Comprehensive income attributable to111
107
minority interests

9Consolidated Statement of Comprehensive Income (FY23/2 Q2 Stand-Alone)(JPY million)
FY22/2 Q2
FY23/2 Q2(Jun 1, 2021 to(Jun 1, 2022 to
Aug 31, 2021)
Aug 31, 2022)
Pre-Minority Interest Net Income
240
1,946
Other Comprehensive Income
Valuation gains (losses) on other securities-6-7
Deferred gains (losses) on long-term-12-6interest rate hedges
Total Other Comprehensive Income-18-13
Comprehensive Income
222
1,933
Comprehensive income attributable to
166
1,881
common shareholders
Comprehensive income attributable to55
51
minority interests

10Consolidated Cash Flow Statement (FY23/2 H1)(JPY million)
FY23/2 H1(Mar 1, 2022 to
Aug 31, 2022)

FY22/2 H1(Mar 1, 2021 to
Aug 31, 2021)
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
Loss on disposal of fixed assets

2,668
2,816
98
148

5,261
2,650
88
127

–

–

-20
1,204

-36
1,083

1

–

-3

-1,094

-200

160

-11

1,913

-3,764-7,245Decrease (increase) in advances paid

76

-201

Decrease (increase) in prepaid expenses

-40

-174

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

134

-58

23

591

-630

-548

Increase (decrease) in accrued expenses

2-37

Increase (decrease) in advances received

-90

-984

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
Income taxes refunded
Net Cash from (Used for) Operations

-242

34

-719

38

-666

-638

786
1,570
20
-1,104
-658
166
-6

-58
872
36
-1,023-3,15627-3,243

Gains on sale of fixed assets
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale11

(JPY million)
FY23/2 H1(Mar 1, 2022 to
Aug 31, 2022)

FY22/2 H1(Mar 1, 2021 to
Aug 31, 2021)
Cash Flows from Investments:
Payments into time deposits-4-1

Redemptions of time deposits

–

20

-228

-256

Proceeds from sale of securities investments

2–

Acquisition of property, plant, and equipment
Proceeds from sale of property, plant, andequipment
Acquisition of intangible assets-2,188-4,501

4

1,800

-73

-13

Payments of SPC capital contributions-3-6

Payments of security deposits-16–

Payments of loans receivable

-290

-52

Payments received for loans receivable

17

15

Other

–

5

-2,780-2,990

Payments for securities investments

Net Cash from (Used for) Investments

12

(JPY million)
FY23/2 H1(Mar 1, 2022 to
Aug 31, 2022)

FY22/2 H1(Mar 1, 2021 to
Aug 31, 2021)
Cash Flows from Financing:
Net increase (decrease) in short-term loans
Repayment of maturing bond principal tobondholders
Proceeds from long-term loans

-421

505

-137

-137

14,453

20,771-9,632-15,061

Proceeds from long-term non-recourse loans

–

3,000

Repayment of long-term non-recourse loans

-710

-788

Share buyback-1,499-1,667

Dividends paid

-3,229-3,196-1-2-1,178

3,423

–

–

-3,966-2,81050,59046,214-1,485-1,84845,13841,555

Repayment of long-term loans

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

13Consolidated Cash Flow Statement (FY23/2 Q2 Stand-Alone)(JPY million)
FY23/2 Q2(Jun 1, 2022 to
Aug 31, 2022)

FY22/2 Q2(Jun 1, 2021 to
Aug 31, 2021)
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
Loss on disposal of fixed assets
Gains on sale of fixed assets
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale
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
Income taxes refunded
Net Cash from (Used for) Operations

14

284
1,403
61
-10

2,894
1,316
44
-6

–

–

-9

-16

611

549

1
-3

–
-1,094

532

805

–

22

207
-29
90
8

-7,485
-175
46
-35

-228

280

444
-26
-19
-32

190
-32
-45
-701

-610

13

169

-70

262
3,106
9
-599
-129
166
2,552

125
-3,376
16
-552
-375
26
-4,260(JPY million)
FY23/2 Q2(Jun 1, 2022 to
Aug 31, 2022)

FY22/2 Q2(Jun 1, 2021 to
Aug 31, 2021)
Cash Flows from Investments:
Payments into 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 security deposits
Payments of loans receivable
Payments received for loans receivable
Other
Net Cash from (Used for) Investments

15

-2
-108

–
-226

2

–

-1,280

-330

4

1,800

-1
–
–
8
–
-1,377

-8
–
-20
7
2
1,223

(JPY million)
FY23/2 Q2(Jun 1, 2022 to
Aug 31, 2022)

FY22/2 Q2(Jun 1, 2021 to
Aug 31, 2021)
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
Share buyback
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

16-3,531-1,912

-96

-96

3,366
-4,710
-558
-201
-52
–
-5,785

9,787-2,706
-647
-570
-48
-1
3,803

–

–

-4,610766

51,234

42,637-1,485-1,84845,13841,555

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 Q1. 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 H1 earnings is minimal.
Pursuant to the transitional treatment provided in Paragraph 28-15 of the Accounting Standard
for Quarterly Financial Statements” (ASBJ Statement No. 12, March 31, 2020), details of
earnings from contracts made with clients during the previous period (FY22/2 H1) is notprovided.
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 Q1. In accordance with the transitional treatment provided for in
Paragraph 19 of the “Accounting Standard for Fair Value Measurement” and Paragraph 44–2
of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4,2019), the Fair 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 quarterly balance sheet
based on acquisition price. Under the Fair Value Measurement Accounting Standard, thesefinancial instruments will be recorded on the quarterly balance sheet using a market value
derived from unobservable inputs based on best available information.

17

Revenue, P&L, and Assets by Segment (Current FY23/2 H1)(Mar 1, 2022 to Aug 31, 2022)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

998

21,2703,205

25,475–25,475Inter-Segment
Activities or
Reclassifications

230

–

–

231

-231

–

Total
Operating Profit

1,229
681

21,271
3,041

3,205
1,380

25,706
5,102

-231
-19

25,475
5,082

Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains

–

1,094

–

1,094

–

1,094

681

4,135

1,380

6,197

-19

6,177

Stock Earnings(Rental Income,Base AM Fees,
FIT Solar & Wind
Power Earnings,
etc.)

671

1,294

1,380

3,346

–

–

Flow Earnings(Gains on Sale of
Sustainable Real
Estate, Spot AM
Fees, etc.)

9

2,840

–

2,850

–

–

1,431

277,371

36,837 315,640

25,769341,410

–

1,744

876

2,620

29

2,650

–

4,011

485

4,496

53

4,550

Segment P&L(All-In Operating
Profit) 1
Segment P&L
Details

Segment Assets
Other
Depreciation
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains18

2

The Adjustment to Segment P&L of -JPY 19 million reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 25,769 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 29 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 53 million) reflects
corporate assets that were not allocated to the segments.

19

Revenue, P&L, and Assets by Segment (Previous FY22/2 H1)(Mar 1, 2021 to Aug 31, 2021)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

AmountRecordedin
Adjustment2
Financial
Statements

Total

Revenue
Revenue from
External
Customers

1,041

19,2702,991

23,303–23,303

Inter-Segment
Activities or
Reclassifications

254

–

–

255

-255

–

Total
Operating Profit

1,295
771

19,271
2,074

2,991
1,394

23,559
4,240

-255
3

23,303
4,243

Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains

–

–

–

–

–

–

771

2,074

1,394

4,240

3

4,243

Stock Earnings(Rental Income,Base AM Fees,
FIT Solar & Wind
Power Earnings,
etc.)

761

1,010

1,394

3,165

–

–

Flow Earnings(Gains on Sale of
Sustainable Real
Estate, Spot AM
Fees, etc.)

9

1,064

–

1,074

–

–

1,562

278,21236,029 315,804

30,007345,811

–

1,962

824

2,787

29

2,816

–

582

1,218

1,801

15

1,816

Segment P&L(All-In Operating
Profit) 1, 3Segment P&L(All-In) Details

Segment Assets
Other
Depreciation
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains
20

2

The Adjustment to Segment P&L of JPY 3 million reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment Assets(JPY 30,007 million) reflects corporate assets, such as cash and deposits, that were not allocatedto the segments. The Adjustment to Depreciation (JPY 29 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 15 million) reflects corporate assets that were
not allocated to the segments.
3
From FY23/2 Q1, Ichigo has adjusted the allocation of general corporate expenses tosubsidiaries to more accurately reflect their use of corporate resources. If the new allocation
methodology is applied to the previous FY22/2 H1 period, Segment P&L would have been
JPY 814 million for Asset Management, JPY 2,099 million for Sustainable Real Estate, and
JPY 1,345 million for Clean Energy.

21Revenue, P&L, and Assets by Segment (Current FY23/2 Q2 Stand-Alone)(Jun 1, 2022 to Aug 31, 2022)(JPY million)
Segment
AmountRecordedin
Asset
Sustainable Clean
Adjustment2
Financial
Management Real Estate Energy Total
Statements
(AM)
(SRE)
(CE)
Revenue
Revenue from
External
Customers

527

6,678

1,630

8,836

–

8,836

Inter-Segment
Activities or
Reclassifications

124

–

–

124

-124

–

Total
Operating Profit

651
358

6,679
1,289

1,630
720

8,961
2,369

-124
-10

8,836
2,358

Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains

–

1,094

–

1,094

–

1,094

358

2,384

720

3,464

-10

3,453

Stock Earnings(Rental Income,Base AM Fees,
FIT Solar & Wind
Power Earnings,
etc.)

348

790

720

1,859

–

–

Flow Earnings(Gains on Sale of
Sustainable Real
Estate, Spot AM
Fees, etc.)

9

1,594

–

1,604

–

–

1,431

277,371

36,837 315,640

25,769341,410

–

862

438

1,300

15

1,316

–

260

123

384

49

434

Segment P&L(All-In Operating
Profit) 1
Segment P&L
Details

Segment Assets
Other
Depreciation
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains
22

2

The Adjustment to Segment P&L of -JPY 10 million reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 25,769 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 15 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 49 million) reflects
corporate assets that were not allocated to the segments.

23

Revenue, P&L, and Assets by Segment (Previous FY22/2 Q2 Stand-Alone)(Jun 1, 2021 to Aug 31, 2021)(JPY million)
Segment
AmountRecordedin
Asset
Sustainable Clean
Adjustment2
Financial
Management Real Estate Energy Total
Statements
(AM)
(SRE)
(CE)
Revenue
Revenue from
External
Customers

537

8,639

1,452

10,629–10,629Inter-Segment
Activities or
Reclassifications

134

–

–

134

-134

–

Total
Operating Profit

671
417

8,639
13

1,452
650

10,764
1,081

-134
2

10,6291,084

Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains

–

–

–

–

–

–

417

13

650

1,081

2

1,084

Stock Earnings(Rental Income,Base AM Fees,
FIT Solar & Wind
Power Earnings,
etc.)

407

11

650

1,069

–

–

Flow Earnings(Gains on Sale of
Sustainable Real
Estate, Spot AM
Fees, etc.)

9

2

–

11

–

–

1,562

278,21236,029 315,804

30,007345,811

–

975

412

1,388

14

1,403

–

388

862

1,251

12

1,263

Segment P&L(All-In Operating
Profit) 1, 3Segment P&L(All-In) Details

Segment Assets
Other
Depreciation
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains24

2

The Adjustment to Segment P&L of JPY 2 million reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment Assets(JPY 30,007 million) reflects corporate assets, such as cash and deposits, that were not allocatedto the segments. The Adjustment to Depreciation (JPY 14 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 12 million) reflects corporate assets that were
not allocated to the segments.
3
From FY23/2 Q1, Ichigo has adjusted the allocation of general corporate expenses tosubsidiaries to more accurately reflect their use of corporate resources. If the new allocation
methodology is applied to the previous FY22/2 Q2 period, Segment P&L would have been
JPY 439 million for Asset Management, JPY 23 million for Sustainable Real Estate, andJPY 628 million for Clean Energy.

25