Summary of Business Results for the Year Ended March 31, 2019 [Japan GAAP] (Consolidated)
Company
Akatsuki Corp.
Stock Code 8737 URL http://www.akatsuki-fg.com/
Representative
Hideaki Shimane, President and Representative Director
Contact
Masahiro Kawanaka, Executive Officer, Head of General Administration Dept.
TEL
June 27, 2019
Expected date of annual shareholders’ meeting:Expected starting date of dividend payment:
June 27, 2019
Expected date of filing of annual securities report
Preparation of supplementary financial document: None
Results briefing: None

May 15, 2019
Listed on the TSE+81-3-6821-0606
June 28, 2019

（Rounded down to million yen）
1. Consolidated business results for the fiscal year ended March 2019(April 1, 2018 through March 31, 2019)(1)Consolidated results of operations
Operating revenues
Million yen
Year ended Mar. 201935,737
Year ended Mar. 2018
22,650(Note) Comprehensive income:Year ended Mar. 2019Year ended Mar. 2018(% change from the previous corresponding period)
Net income
Operating income
Ordinary income
attributable to ownersof parent％ Million yen％ Million yen％ Million yen
％
13.4
1,806
11.7
1,355
△24.1
1,031
△39.9
152.5
1,616
－
1,786
323.6
1,715
617.5

Net operating
revenues％ Million yen
57.8
10,016425.3
8,834

928 Million yen （△31.1％）
1,347 Million yen （19.9％）

Net income per share

Diluted net income per share

Yen
Year ended Mar. 201939.84
Year ended Mar. 2018
93.01
(Reference) Investment earnings/los on equity-method:Year ended Mar. 2019Year ended Mar. 2018-

Ratio of ordinary
income to total assets
％
％
8.9
2.5
18.4
4.4

Returｎ on equity

Yen
38.06
84.31

Ratioof operating
income to net sales
％
5.1
7.1

Million yen
Million yen（2）Consolidated financial position
Total assets

Shareholders’ equity
ratio
Million yen％
12,40022.6
12,467
20.2

Net assets

Million yen
54,54453,498

As of Mar. 2019
As of Mar. 2018
(Reference) Shareholders’ equity:
As of Mar. 2019
As of Mar. 2018

Net assets per
share
Yen
409.32500.13

12,320 Million yen
10,782 Million yen（3）Consolidated results of cash flows
Cash flows fromoperating activities
Million yen
As of Mar. 2019
2,782
As of Mar. 2018
△ 5,133

Cash flows frominvesting activities
Million yen△ 732△ 3,134

Cash flows from
Cash and cash equivalents
financing activities
at the end of period
ratio
Million yen
Million yen
2,282
10,9298,314
6,567

2. Dividends
Annual dividend
End of 1Q End of 2Q End of 3Q
Yen

Yen

Year-end

Total

Year ended Mar. 2018

－

Yen
10.00

Year ending Mar. 2019Year ending Mar. 2020
(forecast)

－

10.00

－

8.00

18.00

－

9.00

－

9.00

18.00

Total dividend(Total)Rate of total dividend
to net assets(Consolidated)
％
％
21.5
3.9

Dividend payout ratio(Consolidated)

－

Yen
10.00

Yen
20.00

Million yen
429
558

45.2
48.0

3. Forecast of consolidated business results for the fiscal year ending March 2020(April 1, 2019 through March 31, 2020)(% change from the previous corresponding period)
Net income
Operating revenues
Operating income
Ordinary income
attributable to ownersof parent
Million yen
Year ending Mar. 2020

36,000％ Million yen
0.7

2,200

％ Million yen
21.8

1,700

－1－

％ Million yen
25.4

1,200

％
16.4

4.0

※ Notes（1）Changes in significant subsidiaries during the period (changes in specified subsidiaries accompanying changes in the scope of consolidation):（2）Changes in accounting policies, accounting estimates and restatement① Changes in accounting policies associated with revision of accounting standards:② Changes in accounting policies other than ①:③ Changes in accounting estimates:④ Restatement:

None

Yes
None
Yes
None

（3）Shares outstanding (common stock)① Number of shares outstanding at the end of period (treasury stock included)
As of March 2019
As of March 2018
② Treasury stock at the end of period
As of March 2019
As of March 2018
③ Average number of stock during period (quarterly cumulative period)
Year ended March 2019Year ended March 201832,274,144 shares
22,973,937 shares
2,174,141 shares
1,413,716 shares
25,878,492 shares
18,447,274 shares(Note) The number of treasury stock which is deducted for calculating the number of treasury stock during period and the average number ofshares during the period includes the shares of the Company owned by the ESOP Trust Account and the BBT Trust Account.
※ Financial summary is not subject to auditing procedures by certified public accountants or auditing firms.
※ Explanation regarding appropriate use of business forecasts and other special instructions
Forecasts regarding future performance in this material are based on information currently available to the company and certain assumptions that thecompany deems to be reasonable at the time this report was prepared. Actual results may differ significantly from the forecasts due to various factors.
This document is an English translation of a Japanese announcement made on the date above. Although the we intended to faithfully translate the Japanese
document into English, the accuracy and correctness of this English translation is not guaranteed and thus you are encouraged to refer to the original
Japanese document.

－2－

1. Summary of Business Results(1) Summary of Business Results
In the securities and related business environment, the US-China trade friction
intensified in October has caused stock prices to fall worldwide. Concerning Akatsuki
Securities, the brokerage commission revenues of the domestic shares have decreased
from the previous year. In spite of the expansion of trading revenues from the saleof structured bonds, both operating revenue and segment profit of the current
consolidated fiscal year have decreased.
However, as a result of our focus on the expansion of the brokerage business throughthe independent financial advisor(“IFA”), the number of contracted IFA companies
increased from 45 to 53 and the customer assets of them increased by 70% from theprevious year. And we enhanced the operational resources with an aim to strengthen
the financial services, such as the underwritings of initial public offering (IPO)and M&A advisory.

Also, to respond to various asset management needs, we havelaunched new financial services using AI and Fin Tech.
(Operating revenue and segment profit of the securities-related business)(million yen, except Rate of change)
Year ended Mar. 2018Year ended Mar. 2019

Accounting period

Accounting period

3,915

3,559

△9.1%

606

1

△99.8%

Operating revenue
Segment profit

Rate of change

The group operates its real estate business segment through Total Estate Group andEW Asset Management Co.
Total Estate Group has expanded its revenue due to the increase in the number of unitsof renovated condominium sold, which is the main focus of Total Estate. In sourcing
the existing condominium, we have increased the purchase of units under lease as wellas the vacant ones. Nevertheless, the total number of units purchased decreased
compared to the previous year because of intensified competition etc.
Concurrently, we strengthened our financials by capital increase from Akatsuki Corp.,
and promoted various in-house controls, such as tightening of purchase closing－3－

criteria, strengthening inventory management, renewal of personnel and compensation
scheme to improve the productivities of our sales force, and enhancement of ourcorporate governance system as a group company of listed companies.
Concerning EW Asset Management, a gain on sale was generated since “Satsuki HealthCare Fund No. 1”, managed by this company, has completed the sale of two of its
senior’s facilities. Because of this sale, EW Asset Management has increased its
contribution to the group’s consolidated revenue and profit.

Operationally, we also

aim to accelerate the acquisition of new properties and sale of our existing
properties.

(Operating revenue and segment profit of the real estate related business)(million yen, except Rate of change)
Year ended Mar. 2018Year ended Mar. 2019

Rate of

Accounting period

Accounting periodchangeOperating revenue

18,94532,46871.4%

Segment profit

2,013

2,939

46.0%

Based on these results, the Company’s consolidated operating results in the current
fiscal year are shown below.
(million yen, except Rate of change)
Year ended Mar. 2018Year ended Mar. 2019

Accounting period

Accounting period

Rate of change

Operating revenue

22,65035,737

57.8%

Operating income

1,616

1,806

11.7%

Ordinary income

1,786

1,355

△24.1%

1,715

1,031

△39.9%Net income attributableto owners of parent

Total Estate, Inc.’s business results significantly affect the consolidated businessperformance of our group, therefore, we disclose supplementary information below.

－4－

(Supplementary information)
Concerning the condominium resale business in Total Estate, Inc.,① Type A: Buy existing vacant condominiums, renovate and sell
② Type B: Buy existing occupied condominium to enjoy rental income during the leaseterm and after the tenant moves out, renovate and sell(a) Business results of Total Estate, Inc.
(million yen, except Rate of change)
Year ended Mar. 2018

Sales
Ordinary
incomeNet
incomeYear ended Mar. 2019

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

(Apr.-J(Jul.-S(Oct.-D(Jan.-M(Apr.-J(Jul.-S(Oct.-D(Jan.-M

un.)

ep)

ec)

ar)

un.)

ep)

ec)

ar)

6,118

5,270

5,208

5,777

6,797

7,282

7,545

286

285

184

334

385

610

465

192

383

115

336

261

421

32

(＊)
(＊)
(＊)

(＊) Total Estate, Inc. became our group company in July 2017, therefore we do notdisclose results for the 1Q of the fiscal year ended March 2018, since it is notmeaningful to compare the financials because of the changes in accounting policy,
etc.

－5－

(b) Number of units purchased(units)Year ended Mar. 2018Year ended Mar. 2019

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

(Apr.-J(Jul.-S(Oct.-D(Jan.-M(Apr.-J(Jul.-S(Oct.-D(Jan.-M

un.)

ep)

ec)

ar)

un.)

ep)

ec)

ar)

Type A

156

Type B

161

29

Total

161

52

185

166

105

213

175

159

147

130

(+3)

(△14)

(△45)

46

50

54

90

(+17)

(△2)

(△51)

(+39)

205

197

193

220

(+20)

(△16)

(△78)

(△6)

51

171

226

(c) Number of units sold(units)Year ended Mar. 2018

Sales

Year ended Mar. 2019

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

(Apr.-(Jul.-S(Oct.-D(Jan.-M(Apr.-Ju(Jul.-S(Oct.-D(Jan.-M

Jun.)

ep)

ec)

ar)

n.)

ep)

ec)

ar)

114

170

137

162

170

176

216

(+48)

(-)

(+39)

(+69)

147

units

(d) Inventories(units)Year ended Mar. 2018Year ended Mar. 2019

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

(Apr.-(Jul.-S(Oct.-D(Jan.-M(Apr.-Ju(Jul.-S(Oct.-D(Jan.-M

Jun.)

ep)

ec)

ar)

n.)

ep)

ec)

ar)

Type A

356

353

386

421

426

418

398

※ 335

Type B

187

233

334

378

416

451

488

555

Total

543

586

720

799

842

869

886

890

※ Decreased the number of inventory units by shortening the turnover period－6－(2) Overview of the state of our properties in the current period①

status of assets

Total asset at the end of this fiscal year was 54,544million yen (an increase of
1,046million yen compared to the previous fiscal year). This was primarily
attributable to an increase of 4,839million yen in cash and deposit and an increaseof 4,196million yen for properties for sale. On the other hand, a decrease of
2,037million yen for credit for the margin trade and 4,637million yen for tangible
fixed assets were recorded. The transfer amount from tangible fixed assets toproperties for sale was 4,937million yen.
②

status of debts

Total debt at the end of this fiscal year was 42,144million yen (an increase of
1,113million yen compared to the previous fiscal year). This is main due to (1) anincrease of the bonds of 3,000milion yen and the long-term borrowings of 3,062million
yen and (2) a decrease of the debt for the margin transaction of 1,148million yen
and the short-term borrowings of 2,475million yen.
③

status of total equity (including the one attributable to the non-controllinginterests)

Total equity at the end of this fiscal year was 12,400million yen (a decrease of
67milliom yen compared to the previous fiscal year). This is primarily due to (1)an increase of the capital of 932milion yen, capital surplus of 365million yen, andearned surplus of 500million yen and (2) a decrease of 1,604million yen for the
non-controlling interests.
(3) Overview of cash flow for this term
Cash and cash equivalents at the end of this fiscal year were 10,929million yen, an
increase of 4,362million yen compared to previous fiscal year.
Cash flow from the operating activities was 2,782million yen (3,134million yen expensein the previous year:). The main source of fund was the net income before the tax
adjustment recorded at 1,536million yen, and the main use of fund was the change ofadvance payment and deposit recorded at △668million yen.
Cash flow from the investment activities was 732million yen (3,134million in theprevious year). The main source of fund was the sale of tangible fixed assets recorded
at 649million yen. The main use of the fund was acquiring tangible fixed assets of
809million yen and making term deposit of 856million yen.

－7－

Cash flow from the financial activities was 2,282million yen income (8,314million
yen in the previous year). The main source of fund was the proceeds from the bankborrowings of 25,748million yen, the issue of the bonds of 6,986million yen, and theissue of the common shares of 1,864million yen. The main use of fund was the repaymentof the bank borrowings of 24,625million yen, the redemption of the bonds of
4,000million yen, and investment in the minority interest of the fund(classified as
the financial activities) of 2,166million yen.
(4) Future outlook
We expect the consolidated revenue to reach 36,000million yen for the fiscal year
ending March 2020 (an increase of 0.7% compared to previous year), and the operating
profit to reach 2,200million yen (an increase of 21.8% compared to previous year),and the ordinary income to reach 1,700million yen (an increase of 25.4% compared toprevious year), and thus, net income attributable to parent to be 1,200million yen(an increase of 16.4% compared to previous year).
Effect to the mid-term plan released on Jun. 15, 2018 will be announced, if necessary
after our scrutiny.

－8－Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2018
AssetsCurrent assets
Cash and deposits
Cash segregated as deposits
Trading products
Margin transaction assets
Loans on margin transactions
Cash collateral pledged for
securities borrowing on margintransactions
Guarantee deposits
Real estate for sale
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets－9－

As of March 31, 2019

7,908,050
5,700,000
1,449,274
5,166,609
5,127,261

12,747,964
5,200,000
1,065,002
3,099,351
2,598,320

39,347501,031

330,458
21,044,583
735,600
42,334,578

270,001
25,241,007
1,064,066
48,687,393

4,789,916△843,990
3,945,925
2,512,914
558,086
572,770△379,484
193,286
7,210,213

2,459,042△848,252
1,610,789
831,948－
561,427△431,365
130,0622,572,800

2,230,632
263,017
2,493,649

2,005,589
148,876
2,154,465

483,691
1,182,970△206,689
1,459,972
11,163,834
53,498,412

404,061
906,323△180,435
1,129,949
5,857,216
54,544,609

Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2018
Liabilities
Current liabilities
Trading products
Trade date accrual
Margin transaction liabilities
Borrowings on margin transactions
Cash received for securities lendingon margin transactions
Deposits received
Guarantee deposits received
Short-term bonds payable
Short-term loans payable
Current portion of long-term loans
payableCurrent portion of long-term nonrecourse loans payable
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payableNon-recourse Bond
Long-term loans payableNon-recourse Long-term loans payable
Retirement benefit liability
Exective Share benefit reserve
Other
Total non-current liabilities
Reserves under special laws
Reserve for financial products
transaction liabilities
Total reserves under special laws
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-forsale securities
Foreign currency translation adjustment
Total accumulated other comprehensive
incomeShare acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets－ 10 －

As of March 31, 2019－
970,292
2,052,195
1,977,525

41,582
847,029
903,439
667,082

74,670236,357

5,180,429
470,482
4,000,000
13,670,917

4,504,359
325,7444,000,000
11,195,197

465,632

1,001,609

101,720

60,320421,429
1,631,863
28,964,963

154,919
1,468,264
24,502,465

1,000,000
100,000
6,451,040
3,354,035
219,201
429,832
492,464
12,046,573

4,000,000
99,0009,513,844
2,626,840
227,843
659,365493,729
17,620,623

19,28821,435

19,28841,030,825

21,43542,144,524

4,560,012
2,775,515
4,052,873△674,389
10,714,011

5,492,516
3,141,209
4,553,464△835,092
12,352,098

62,593△37,275

6,227

5,698

68,821△31,577

21,647
1,663,106
12,467,587
53,498,412

21,03458,52912,400,085
54,544,609

Consolidated Statements of Income(Thousands of yen)
Fiscal year ended
March 31, 2018
Operating revenue
Commission received
Net trading income
Financial revenue
Sales on real estate business
OthersTotal operating revenue
Financial expenses
Cost of sales
Cost of sales on real estate businessTotal cost of sales
Net operating revenue
Selling, general and administrative expenses
Trading related expenses
Personnel expenses
Real estate expenses
Office cost
Depreciation
Taxes and dues
Sales commission
Amortization of goodwill
Other
Total selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Gain on sales of investment securities
Foreign exchange gains
Penalty income
Real estate acquisition tax refund
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit－ 11 －

Fiscal year ended
March 31, 2019

2,099,999
1,498,716
99,061
18,942,844
9,422
22,650,044
53,322

1,567,758
1,584,893
88,47032,467,735
28,31935,737,177
22,94813,762,270
13,762,270
8,834,452

25,698,075
25,698,075
10,016,153

336,084
3,366,360
372,795
513,167
144,968
475,587
653,027
171,235
1,184,661

575,8783,430,004
394,166
481,918
255,500
495,143
949,138
225,042
1,402,943

7,217,888

8,209,738

1,616,564

1,806,415

204,487
390,512－－26,00849,626670,633

6,886－
30,51345,75430,77051,154
165,079

337,231
95,12239,36928,972500,695
1,786,502

485,539
71,595－58,718615,853
1,355,640

(Thousands of yen)
Fiscal year ended
March 31, 2018
Extraordinary income
Gain on sales of non-current assets
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Provision of reserve for financial
products transaction liabilities
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controllinginterests
Profit attributable to owners of parent－ 12 －

Fiscal year ended
March 31, 2019258,622－258,622

176,568
7,269
183,838

7,272

686

－

2,146

1,130
8,402
2,036,722
494,817△130,815
364,002
1,672,720

57
2,891
1,536,587
343,964
163,575
507,539
1,029,047△43,128△1,9591,715,848

1,031,007

Consolidated Statements of Comprehensive Income(Thousands of yen)
Fiscal year ended
March 31, 2018
ProfitOther comprehensive income
Valuation difference on available-forsale securities
Share of other comprehensive income ofentities accounted for using equity
methodTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable to noncontrolling interests－ 13 －

Fiscal year ended
March 31, 2019

1,672,720

1,029,047△325,075△99,869

△527

△529

△325,602
1,347,117△100,399
928,648

1,390,242

930,608△43,124△1,959

Consolidated Statements of Changes in Net Assets
Previous fiscal year (From April 1, 2017 to March 31, 2018)(Thousands of yen)
Shareholders' equity

Balance at beginning ofcurrent period
Changes of items during
periodIssuance of new shares

Capitalstock

CapitalsurplusRetainedearnings

TreasurysharesTotalshareholde
rs' equity

3,574,577

1,854,670

2,731,889△685,420

7,475,716

985,434

985,434

1,970,868

Dividends of surplus△262,654△262,654

Profit attributable toowners of parent

1,715,848

1,715,848

Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controllinginterests
Decrease in surplus
due to newconsolidation of
consolidated
subsidiaries
Net changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period△64,453△346,775△346,775

357,805

293,352

△135

△135

△132,209△132,209

985,434

920,845

1,320,983

11,0303,238,294

4,560,012

2,775,515

4,052,873△674,389

10,714,01
1

Accumulated other comprehensive income

Balance at beginning ofcurrent period
Changes of items during
periodValuationdifferenc
e onavailable-for-salesecurities

Foreigncurrencytranslationadjustment

Total
accumulated
othercomprehensi
ve incomeShareacquisitio
n rights

Noncontrollinginterests

Total net
assets387,672

6,755

394,428

2,668

1,155,059

9,027,872

Issuance of new shares

1,970,868

Dividends of surplus△262,654

Profit attributable toowners of parent

1,715,848

Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controlling△346,775
293,352△135－ 14 －

interests
Decrease in surplus
due to newconsolidation of
consolidated
subsidiaries
Net changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period△132,209△325,079△527△325,606

18,979508,046

201,419△325,079△527△325,606

18,979508,0463,439,714

62,593

6,227

68,821

21,647

1,663,106

12,467,58
7Current fiscal year (From April 1, 2018 to March 31, 2019)(Thousands of yen)
Shareholders' equity

Balance at beginning ofcurrent period
Changes of items during
periodIssuance of new shares

Capitalstock

CapitalsurplusRetainedearnings

Treasuryshares4,560,012

2,775,515

4,052,873△674,389

932,504

932,504

Total
shareholde
rs' equity
10,714,01
1

1,865,008

Dividends of surplus△530,416△530,416

Profit attributable toowners of parent

1,031,007

1,031,007

Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period△2,627△204,435△204,435

43,732

41,105△564,182△564,182

932,504

365,694

500,591△160,702

1,638,087

5,492,516

3,141,209

4,553,464△835,092

12,352,09
8

Accumulated other comprehensive income

Balance at beginning ofcurrent period
Changes of items during
periodValuationdifferenc
e onavailable-for-salesecurities

Foreigncurrencytranslationadjustment

Total
accumulated
othercomprehensi
ve incomeShareacquisitio
n rights

Noncontrollinginterests

Total net
assets62,593

6,227

68,821

21,647

1,663,106

12,467,58
7Issuance of new shares

1,865,008

Dividends of surplus△530,416－ 15 －

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

1,031,007△204,435
41,105△564,182△99,869△529△100,399△612△
1,604,577△
1,705,588△99,869△529△100,399△612△
1,604,577△67,501△37,275

5,698△31,577

21,03458,52912,400,08
5－ 16 －

Consolidated Statements of Cash Flows(Thousands of yen)
Fiscal year ended
March 31, 2018
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for
doubtful accounts
Increase (decrease) in provision forbonuses
Increase or decrease the amount ofofficers stock benefit allowance
Increase (decrease) in retirement benefit
liability
Loss (gain) on sales of investment
securities
Loss (gain) on sales of non-current
assetsInterest and dividend income
Interest expenses
Decrease (increase) in guarantee deposits
Decrease (increase) in cash segregated as
deposits
Decrease (increase) in trading products assets (liabilities)
Decrease (increase) in real estate forsale
Decrease (increase) in trade date accrual
Decrease/increase in assets/liabilities
for margin transaction
Decrease/increase in advancepaid/deposits received
Increase (decrease) in guarantee deposits
received
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating
activities－ 17 －

Fiscal year ended
March 31, 2019

2,036,722
313,648
171,235

1,536,587
431,819
225,042△24,916△26,254

66,766△23,818

243,535

229,532

19,147

8,641△390,512

5,345△258,622△176,568△210,754
337,231△70,873△8,889485,539
60,456△200,000

500,000△486,379

425,854△5,599,723

421,251

190,983△123,262△1,580,124

918,501

294,402△668,883△121,673△144,737

209,054△5,060,851
204,050△287,473
5,903△120,154
3,956,004
20,868△479,495△715,357△5,138,370

2,782,020

(Thousands of yen)
Fiscal year ended
March 31, 2018
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plantand equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment
securities
Proceeds from redemption of investment
securities
Proceeds from withdrawal of investments
in silent partnership
Purchase of shares of subsidiaries
resulting in change in scope of
consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Proceeds from loans payable
Repayments of loans payable
Proceeds from long-term non recourse
loans payable
Repayment of long-term non recourse loans
payableProceeds from issuance of bonds
Redemption of bonds
Proceeds from issuance of common shares
Proceeds from share issuance to noncontrolling shareholders
Cash dividends paid
Purchase of treasury shares
Proceeds from disposal of treasury shares
Payments from changes in ownershipinterests in subsidiaries that do not
result in change in scope of
consolidation
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period－ 18 －

Fiscal year ended
March 31, 2019

△410,000
405,000△1,685,685△856,551
380,153△809,014

1,137,197

649,716△121,539△2,095,181△32,998△154,564

2,506,795

71,885－20,0005,000－△4,644,240△3,744△13,000
1,854,007△72,784△43,533
45,736477△3,134,431△732,439

24,573,404△20,116,429

25,748,274△24,625,212

880,000

750,000△61,545△1,518,595

4,991,127△4,000,000
1,968,323

6,986,700△4,000,000
1,864,194

606,600－△262,654△346,775
295,750△530,416△204,435－△209,413△2,166,800△3,706△21,480

8,314,679

2,282,229△45,869

30,513△3,992

4,362,324

6,571,534

6,567,542

6,567,542

10,929,866