[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.

FY21/2 Q3 Earnings
January 13, 2021
Ichigo Inc. (Tokyo Stock Exchange First Section, 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): January 14, 2021 (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. FY21/2 Q3 Consolidated Financial Results (March 1, 2020 to November 30, 2020)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY21/2 Q355,188 -29.4%
FY20/2 Q378,153+34.1%

Note: Comprehensive Income

Operating Profit(JPY million) YOY
8,551 -65.8%
25,032+21.8%

22,665+24.1%

15,141+24.3%

FY21/2 Q3: JPY 4,017 million (-75.0% YOY)
FY20/2 Q3: JPY 16,072 million (+29.7% YOY)

FY21/2 Q3Net Income
per Share(Basic, JPY)
8.86 -71.5%

Net Income
per Share(Diluted, JPY)––

FY20/2 Q3

31.09

31.08

+26.4%(2) Consolidated Financial Condition
Total Assets(JPY million)
FY21/2 Q3
338,593
FY20/2(YOY = year-on-year % change)
Recurring Profit
Net Income(JPY million) YOY (JPY million) YOY
6,535 -71.2%
4,265 -71.8%

333,726+26.5%Net Assets(JPY million)
100,789

Shareholder
Equity Ratio
29.4%

Net Assets per
Share (JPY)208.75

101,60730.1%

208.49Note: Shareholders’ Equity FY21/2 Q3: JPY 99,578 million FY20/2: JPY 100,434 million1(3) Consolidated Cash Flows
Cash Flows fromOperations(JPY million)

Cash Flows from
Investments(JPY million)

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

Cash Flows from
Financing(JPY million)

FY21/2 Q3

21,239-15,075

3,063

49,815

FY20/2 Q3

10,970-9,015

8,598

40,213

Note: Economic Operating Cash Flow (Cash Flows from Operations excluding net change in Real Estate
and Power Plants for Sale)
FY21/2 Q3: JPY 7,695 million FY20/2 Q3: JPY 20,979 million
2. Dividends
Dividend per Share (JPY)First Second Third Fourth
Quarter Quarter Quarter Quarter Total
FY20/2
FY21/2(Forecast)

–

–

–

7

Total
Dividend(JPY million)
7
3,372

–

7

7

Payout Ratio
41.5%

Dividend on
Equity
(DOE)
3.4%

67.2%

3. FY21/2 Full-Year Consolidated Earnings Forecast (March 1, 2020 to February 28, 2021)(YOY = year-on-year % change)
Operating Profit
Recurring Profit
Net Income
Net Income per(JPY million) YOY (JPY million) YOY (JPY million) YOY Share (JPY) YOY
FY21/29,500-65.7%

6,800-72.1%

5,000-39.0%

10.41

Note: Ichigo revised its FY21/2 earnings today. For details, please refer to “FY21/2 Full-Year
Earnings Forecast Revision” on page 4.
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:None(ii) Changes in accounting principles other than the above:None(iii) Changes in accounting estimates:None(iv) Revisions of previous financial statements:
None2-38.3%

(3) Number of outstanding common shares(i) Number of outstanding shares (including treasury shares) at period-end
FY21/2 Q3:
505,371,918
FY20/2:505,368,918(ii) Number of treasury shares at period-end
FY21/2 Q3:
28,349,900
FY20/2:
23,637,400(iii) Average number of outstanding shares (excluding treasury shares) during the period
FY21/2 Q3:
FY20/2 Q3:

481,295,872
487,034,981

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.
Note: The Sustainable Real Estate segment was formerly called Value-Add. In keeping with its Ichigo
2030 vision, Ichigo changed the segment name to Sustainable Real Estate in 2019 in order to put full
focus on Ichigo’s commitment to preserving and improving real estate as a sustainable infrastructurecompany.
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

5. FY21/2 Full-Year Earnings Forecast Revision
With Covid cases rapidly growing again in Japan and across the globe, Ichigo is revising its earnings
forecast to reflect continuing significant Covid impacts on transaction activity in the Japanese real estatemarket (other than residential assets, which remain active), with a re-emergence in transaction volumes
now expected from next fiscal year onward.
Ichigo is maintaining its robust financial position and cash flow generation to respond to the volatile
operating environment, while continuing to evolve its business model to grow long-term value for Ichigo
shareholders and all stakeholders.

Operating Profit

Recurring Profit

Net Income(JPY million)
Net Income per
Share
(JPY)

Minimum Maximum Minimum Maximum Minimum Maximum Minimum Maximum

Previous Forecast (A)Revised Forecast (B)7,400

12,900

5,000

9,500

10,400

6,800

3,500

8,000

5,000

7.26

16.60

10.41

Change (B) – (A)+2,100-3,400+1,800-3,600+1,500-3,000

+3.15

-6.19

% Change+28.4%-26.4%+36.0%-34.6%+42.9%-37.5%+43.4%-37.3%

Reference:
FY20/2 Actual

27,721

24,395

8,201

16.89

Note: The revised EPS forecast is based on 480,242,517 shares outstanding, and while it reflects the
expected exercise of employee stock options during the current FY21/2 fiscal year, it does not reflect
today’s share buyback.
There is no change to the FY21/2 Dividend forecast.

4

Consolidated Balance Sheet (FY21/2 Q3)(JPY million)
FY20/2(Feb 29, 2020)

FY21/2 Q3(Nov 30, 2020)

AssetsCurrent Assets
Cash and cash equivalents
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 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

5

41,067
2,308
1,324
902
68,2903,721-6
117,608

50,059
1,508
1,324
608
54,7202,383-25
110,579

60,131-5,08055,05026,713-3,28723,425
122,114
2,432
2,058
1,844
-727
1,116

67,774-7,086
60,68828,522-4,342
24,180125,021
3,355
1,360
2,527
-1,0001,527

206,198

216,135

1,090
687
705

995
1,269
1,934

2,482

4,199

4,321
510
568

4,950
10
598

(JPY million)

Other
Less: allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets

6

FY20/2(Feb 29, 2020)
2,128
-91
7,436
216,118
333,726

FY21/2 Q3(Nov 30, 2020)
2,211
-91
7,679
228,013338,593

(JPY million)
FY20/2(Feb 29, 2020)
Liabilities
Current Liabilities
Short-term loans
Bonds (due within one year)
Long-term loans (due within one year)
Long-term non-recourse loans (duewithin 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 gain (loss) on othersecurities
Deferred gain (loss) on long-term
interest rate hedges
Total Accumulated Other
Comprehensive Income
Stock Options
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

7

FY21/2 Q3(Nov 30, 2020)

3,086
274
12,277

5,472
274
6,671

1,178

1,350

2,416
33
5,013

452
407
4,914

24,28019,543

6,082
151,483
39,156
1,890
8,118
1,107

5,974
160,035
41,624
1,853
7,836
934

207,838
232,119

218,260
237,803

26,885
11,272
71,505-8,988100,674

26,886
11,272
72,398-10,488
100,068

158

-86

-397

-403

-239

-490

988
184
101,607
333,726

1,028
182
100,789
338,593

Consolidated Income Statement (FY21/2 Q3)
FY20/2 Q3(Mar 1, 2019 to
Nov 30, 2019)78,15347,82330,3305,298
25,032(JPY million)
FY21/2 Q3(Mar 1, 2020 to
Nov 30, 2020)
55,18841,915
13,273
4,721
8,551

4
74

12
75

53

158

29

43

162

290

1,734
39

1,752
28

55

55

522
176

268
200

Total Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Gains on sale of securities investments
Gains on sale of subsidiary shares
Other

2,529
22,665

2,306
6,535

11
169
35

–
–
–

Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Valuation loss on securities investments
Other

215

–

27
–
–

–
114
1

Total Extraordinary Losses
Pre-Tax Income
Income Taxes
Pre-Minority Interest Net Income
Income Attributable to Minority Interests

27
22,853
6,775
16,077936
15,141

116
6,418
2,149
4,269
3
4,265

Revenue
Cost of Goods Sold
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Mark-to-market gain on long-term interest
rate hedges
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Foreign currency valuation losses
Mark-to-market loss on long-term interest
rate hedges
Debt financing-related fees
Other

Net Income8Consolidated Income Statement (FY21/2 Q3 Stand-Alone)
FY20/2 Q3(Sep 1, 2019 to
Nov 30, 2019)
31,96820,262
11,705
1,792
9,913(JPY million)
FY21/2 Q3(Sep 1, 2020 to
Nov 30, 2020)
23,162
18,572
4,589
1,490
3,098

1
35
15

4
17
–

236

–

11

7

300

29

585
–

591
7

–

63

91
61

113
68

Total Non-Operating Expenses
Recurring Profit
Extraordinary Losses
Loss on disposal of fixed assets
Other

738
9,475

845
2,282

–
–

–
–

Total Extraordinary Losses
Pre-Tax Income
Income Taxes
Pre-Minority Interest Net Income
Income Attributable to Minority Interests

–
9,475
2,943
6,531
2
6,528

–
2,282
793
1,489
1
1,487

Revenue
Cost of Goods Sold
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Foreign currency valuation gains
Mark-to-market gain on long-term interest
rate hedges
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Foreign currency valuation losses
Mark-to-market loss on long-term interest
rate hedges
Debt financing-related fees
Other

Net Income

9Consolidated Statement of Comprehensive Income (FY21/2 Q3)(JPY million)
FY20/2 Q3
FY21/2 Q3(Mar 1, 2019 to(Mar 1, 2020 to
Nov 30, 2019)
Nov 30, 2020)
Pre-Minority Interest Net Income
16,077
4,269
Other Comprehensive Income
Valuation gains (losses) on other securities
25-245
Deferred gains (losses) on long-term-30-6interest rate hedges
Total Other Comprehensive Income-4-251
Comprehensive income
16,072
4,017
Comprehensive income attributable to15,136
4,013
common shareholders
Comprehensive income attributable to936
3
minority interests

10Consolidated Statement of Comprehensive Income (FY21/2 Q3 Stand-Alone)(JPY million)
FY20/2 Q3
FY21/2 Q3(Sep 1, 2019 to(Sep 1, 2020 to
Nov 30, 2019)
Nov 30, 2020)
Pre-Minority Interest Net Income
6,531
1,489
Other Comprehensive Income
Valuation gains (losses) on other securities
97
41
Deferred gains (losses) on long-term
13-1
interest rate hedges
Total Other Comprehensive Income
96
54
Comprehensive income
6,627
1,543
Comprehensive income attributable to
6,625
1,542
common shareholders
Comprehensive income attributable to2
1
minority interests

11Consolidated Cash Flow Statement (FY21/2 Q3)(JPY million)
FY21/2 Q3(Mar 1, 2020 to
Nov 30, 2020)

FY20/2 Q3(Mar 1, 2019 to
Nov 30, 2019)
Cash Flows from Operations:Pre-tax income
Depreciation
Share-based compensation expenses
Amortization of goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for
doubtful accounts
Interest and dividend income
Interest expenses
Losses (gains) on sale of subsidiary shares
Losses (gains) on sale of securities
investments
Valuation losses on securities investments
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 deposits received
Increase (decrease) in security deposits
received
Other
Sub-TotalInterest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for) Operations

12

22,853
1,888
187
130
473

6,418
3,432
41
94
374

2

19

-79
1,734
-169

-88
1,752
–

-11

–

–

114

-519

799

3,842

325

-10,046

13,585

–

3

136
-259
9

238
-414
-10

-432

891

-675
83
434

-972
188
167

-99

-280

481

90

19,96579-1,524-7,548–26,77388-1,563-4,142
83

10,97021,239(JPY million)
FY21/2 Q3(Mar 1, 2020 to
Nov 30, 2020)

FY20/2 Q3(Mar 1, 2019 to
Nov 30, 2019)
Cash Flows from Investments:
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from cancellation of time
deposits
Payments for securities investments
Proceeds from sale of securities
investments
Acquisition of property, plant, andequipment
Acquisition of intangible assets
Payments of SPC capital contributions
Redemptions of SPC capital contributions
Payments of security deposits
Redemptions of security deposits
Payments for acquisition and sale ofconsolidated subsidiaries
Disbursements for loans receivable
Payments received for loans receivable
Other
Net Cash from (Used for) Investments

13

-111
2,063

-7
–

2,970

–

-2,332

-547

111

10

-10,306-13,777

-464
-2
–
-34
–

-742
-3
15
–
–

-187

–

-737
–
17

-374
350
2

-9,015-15,075

(JPY million)
FY21/2 Q3(Mar 1, 2020 to
Nov 30, 2020)

FY20/2 Q3(Mar 1, 2019 to
Nov 30, 2019)
Cash Flows from Financing:
Net increase (decrease) in short-term loans
Proceeds from bond issuance
Repayment of maturing bond principal tobondholders
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
Share buyback
Payments to minority interests
Dividends paid
Dividends paid to minority interests
Net Cash from (Used for) Financing
Effect of Exchange Rate Change on Cashand Cash Equivalents
Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents at Beginningof Period
Cash and Cash Equivalents Resulting
from Exclusion from Consolidation
Cash and Cash Equivalents at End of
Period

14

969
5,828

2,386
70

-96

-177

44,898-23,445

48,777-45,829

5,300

3,300

-17,188

-659

31

1

-2,999-1,276-3,415-5
8,598-1,499–-3,298
-5
3,063

–

–

10,5539,226

45,02940,826-15,369-237

40,21349,815

Consolidated Cash Flow Statement (FY21/2 Q3 Stand-Alone)(JPY million)
FY21/2 Q3(Sep 1, 2020 to
Nov 30, 2020)

FY20/2 Q3(Sep 1, 2019 to
Nov 30, 2019)
Cash Flows from Operations:Pre-tax income
Depreciation
Share-based compensation expenses
Amortization of goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for
doubtful accounts
Interest and dividend income
Interest expense
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 deposits received
Increase (decrease) in security deposits
received
Other
Sub-TotalInterest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for) Operations

15

9,475
647
63
42
225

2,282
1,238
5
27
189

1

2

-36
585

-21
591

-341

-142

205

9

9,262
241
-24
-87

7,657
65
22
-11

412

97

89
28
-198

-97
150
44

-63

-118

229
20,75836-495-2,159–661
12,65621-509-1,522–

18,13910,645

(JPY million)
FY21/2 Q3(Sep 1, 2020 to
Nov 30, 2020)

FY20/2 Q3(Sep 1, 2019 to
Nov 30, 2019)
Cash Flows from Investments:
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from cancellation of time
deposits
Payments for securities investments
Proceeds from sale of securities
investments
Acquisition of property, plant, andequipment
Acquisition of intangible assets
Payments of SPC capital contributions
Payments of security deposits
Redemptions of security deposits
Disbursements for loans receivable
Payments received for loans receivable
Other
Net Cash from (Used for) Investments

16

-2
–

-3
–

2,970

–

-500

-500

–

10

-2,355-1,304

-148
–
-13
–
-645
–
4
-691

-25
–
–
–
-6
350
14
-1,466

(JPY million)
FY21/2 Q3(Sep 1, 2020 to
Nov 30, 2020)

FY20/2 Q3(Sep 1, 2019 to
Nov 30, 2019)
Cash Flows from Financing:
Net increase (decrease) in short-term loans
Proceeds from bond issuance
Repayment of maturing bond principal tobondholders
Proceeds from long-term loans
Repayment of long-term loans
Repayment of long term non-recourse
loans
Proceeds from employee exercise of stock
options
Share buyback
Dividends paid
Dividends paid to minority interests
Net Cash from (Used for) Financing
Effect of Exchange Rate Change on Cashand Cash Equivalents
Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents at Beginning of
PeriodCash and Cash Equivalents Resulting from
Exclusion from Consolidation
Cash and Cash Equivalents at End of
Period

17

-871
2,969

-241
–

-40

-40

4,650
-5,582

7,793-11,100-8,919

-112

28

–

-2,232–-4-10,004-1,499–-2-5,203

–

–

7,443

3,975

37,20845,840-4,438–40,21349,815

Revenue, P&L, and Assets by Segment (Current FY21/2 Q3)(Mar 1, 2020 to Nov 30, 2020)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

1,445

49,9983,744

55,188–55,188Inter-Segment
Activities or
Reclassifications

410

1

–

411

-411

–

1,856
944

49,999
6,069

3,744
1,621

55,600
8,634

-411
-82

55,188
8,551

883

2,851

1,621

5,355

–

–

60

3,218

–

3,278

–

–

1,575

268,446

34,023 304,045

34,548338,593

–

2,337

1,059

3,397

35

3,432

–

12,334

2,693

15,038145

15,183

Total
Segment P&L1
Segment P&L
Details1
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
Increase in
Property, Plant,
and Equipment
and Intangible
Assets12

Segment P&L is on an Operating Profit basis.
The Adjustment to Segment P&L (-JPY 82 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 34,548 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 35 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 145 million) reflects
corporate assets that were not allocated to the segments.

18

Revenue, P&L, and Assets by Segment (Previous FY20/2 Q3)(Mar 1, 2019 to Nov 30, 2019)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

2,109

72,995

3,048

78,153–78,153

Inter-Segment
Activities or
Reclassifications

755

1

–

756

-756

–

2,865
1,696

72,99622,232

3,048
1,131

78,91025,060-756-2878,15325,032

1,241

7,525

1,131

9,898

–

–

454

14,707–

15,161

–

–

2,114

282,146

31,353 315,614

24,430340,045

–

1,047

818

1,865

22

1,888

–

7,039

3,379

10,419170

10,589

Total
Segment P&L1
Segment P&L
Details1
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
Increase in
Property, Plant,
and Equipment
and Intangible
Assets12

Segment P&L is on an Operating Profit basis.
The Adjustment to Segment P&L (-JPY 28 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment Assets(JPY 24,430 million) reflects corporate assets, such as cash and deposits, that were not allocatedto the segments. The Adjustment to Depreciation (JPY 22 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 170 million) reflects corporate assets that were
not allocated to the segments.

19

Revenue, P&L, and Assets by Segment (Current FY21/2 Q3 Stand-Alone)(Sep 1, 2020 to Nov 30, 2020)(JPY million)
Segment
AmountRecordedin
Asset
Sustainable Clean
Adjustment2
Financial
Management Real Estate Energy Total
Statements
(AM)
(SRE)
(CE)
Revenue
Revenue from
External
Customers

497

21,488

1,176

23,162–

23,162

Inter-Segment
Activities or
Reclassifications

127

–

–

127

-127

–

Total
Segment P&L1

624
337

21,489
2,339

1,176
449

23,290
3,126

-127
-27

23,162
3,098

314

1,057

449

1,821

–

–

22

1,282

–

1,305

–

–

1,575

268,446

34,023 304,045

34,548338,593

–

865

358

1,224

14

1,238

–

2,037

409

2,447

123

2,570

Segment P&L
Details1
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
Increase in
Property, Plant,
and Equipment
and Intangible
Assets12

Segment P&L is on an Operating Profit basis.
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 34,548 million) reflects corporate assets, such as cash and cash equivalents, that were notallocated to the segments. The Adjustment to Depreciation (JPY 14 million) reflects depreciationof corporate assets that were not allocated to the segments. The Adjustment to Increase in
Property, Plant, and Equipment and Intangible Assets (JPY 123 million) reflects corporate assetsthat were not allocated to the segments.

20

Revenue, P&L, and Assets by Segment (Previous FY20/2 Q3 Stand-Alone)(Sep 1, 2019 to Nov 30, 2019)(JPY million)
Segment
AmountRecordedin
Asset
Sustainable Clean
Adjustment2
Financial
Management Real Estate Energy Total
Statements
(AM)
(SRE)
(CE)
Revenue
Revenue from
External
Customers

945

30,076945

31,968–31,968Inter-Segment
Activities or
Reclassifications

238

–

–

238

-238

–

1,184
788

30,077
8,859

945
297

32,207
9,945

-238
-32

31,968
9,913

451

2,457

297

3,207

–

–

336

6,401

–

6,738

–

–

2,114

282,146

31,353 315,614

24,430340,045

–

359

278

638

9

647

–

1,294

1,157

2,451

56

2,508

Total
Segment P&L1
Segment P&L
Details1
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
Increase in
Property, Plant,
and Equipment
and Intangible
Assets12

Segment P&L is on an Operating Profit basis.
The Adjustment to Segment P&L (-JPY 32 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 24,430 million) reflects corporate assets, such as cash and cash equivalents, thatwere not allocated to the segments. The Adjustment to Depreciation (JPY 9 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 56 million) reflects
corporate assets that were not allocated to the segments.

21