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

FY19/2 Q3 Earnings
January 11, 2019
Ichigo Inc. (Tokyo Stock Exchange First Section, 2337)
Representative: Takuma Hasegawa, President
Inquiries:
Go Watanabe, Executive Managing Director
Telephone: +81-3-3502-4818
www.ichigo.gr.jp/en
Submission of the Financial Report (Shihanki Hokokusho): January 15, 2019 (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. FY19/2 Q3 Consolidated Financial Results (March 1, 2018 to November 30, 2018)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY19/2 Q358,282 +30.2%
FY18/2 Q344,755-52.3%

Note: Comprehensive Income

Operating Profit(JPY million) YOY
20,553 +24.3%
16,541-7.7%

FY19/2 Q3Net Income
per Share(Diluted, JPY)
24.56
+12.1%

FY18/2 Q3

21.92

21.90

-14.3%(2) Consolidated Financial Condition
Total Assets(JPY million)
FY19/2 Q3
324,193
296,512

Note: Shareholders’ Equity

14,461-5.9%

10,945-14.7%

FY19/2 Q3: JPY 12,393 million (+12.0% YOY)
FY18/2 Q3: JPY 11,069 million (-9.9% YOY)

Net Income
per Share(Basic, JPY)
24.59
+12.2%

FY18/2(YOY = year-on-year % change)
Recurring Profit
Net Income(JPY million) YOY (JPY million) YOY
18,264 +26.3%
12,183 +11.3%-14.1%Net Assets(JPY million)
99,67092,725

FY19/2 Q3: JPY 95,698 million

29.5%

Net Assets per
Share (JPY)195.8430.1%

180.20Equity Ratio

FY18/2: JPY 89,336 million

(3) Consolidated Cash Flows
Cash Flows fromOperations(JPY million)
FY19/2 Q3

3,469

Cash Flows from
Investments(JPY million)-12,142

FY18/2 Q3

8,015-3,342

Cash Flows from
Financing(JPY million)
14,026

Cash and Cash
Equivalents(JPY million)
39,874647

45,858

Note: Cash Flows from Operations excluding impact of growth in Real Estate for Sale
FY19/2 Q3: JPY 21,109 million FY18/2 Q3: JPY19,434 million
2. Dividends
Dividend per Share (JPY)First Second Third Fourth Total
Quarter Quarter Quarter Quarter
FY18/2
FY19/2(Forecast)

–

–

–

6

Total
Dividend on
Payout Ratio
Dividend
Equity Ratio(Consolidated)(JPY million)(Consolidated)
6
2,974
21.3%
3.5%

–

–

–

7

7

23.3%

Revisions to the previously announced forecast: None
3. FY19/2 Full-Year Consolidated Earnings Forecast (March 1, 2018 to February 28, 2019)(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)FY19/225,000 +19.9%
22,000 +14.7%
15,000
+7.0%
30.10
+7.0%
Revisions to the previously announced forecast: None
Note: Ichigo provides a full-year earnings forecast, but not a half-year forecast, because Ichigo
believes the longer full-year forecast is more consistent with global best practice and thefocus of Japan’s Corporate Governance Code on growing long-term sustainable corporate
value. In addition, Ichigo is focused on growing earnings (not revenue), with a particularfocus on growing long-term EPS, so from this year Ichigo is not issuing a Revenue forecast.
4. Other(1) Changes in significant consolidated subsidiaries(material changes in scope of consolidation):Yes

New subsidiaries (1):Subsidiaries removed from consolidation:

Hakata GK Tokumei Kumiai
None(2) Special accounting treatments applied toconsolidated financial statements:

Yes(3) 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

(4) Number of outstanding common shares(i) Number of outstanding shares including treasury shares
FY19/2 Q3:504,849,800
FY18/2:504,484,200(ii) Number of treasury shares
FY19/2 Q3:
16,186,500
FY18/2:8,706,500(iii) Average number of outstanding shares
FY19/2 Q3:
FY18/2 Q3:

495,435,833
499,399,433

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.
Segment Information
Asset Management generates fee income via the management of Ichigo Office (8975), Ichigo Hotel(3463), Ichigo Green (9282), and providing real estate services related to real estate acquisition,
operations, and disposition.
Value-Add preserves and improves real estate. Ichigo receives rental income during the period it carries
out its value-add, along with earning gains on sale that reflect the real estate’s higher value after thevalue-add is complete.
Clean Energy is utility-scale solar power production that supplies clean energy and brings productive
use to idle land.
Note: From FY19/2, the Other segment has been eliminated and its remaining items allocated to othersegments or treated as adjustments, because Ichigo finished selling off the legacy overseas
private equity assets that had been the material constituents of Other in FY18/2. To facilitatecomparison to FY19/2, the FY18/2 data on pp. 17 & 19 have thus been restated with the Other
segment eliminated.
Change in Accounting Treatment of Non-Recourse Loan Expenses from Cost of Goods Sold toNon-Operating Expenses
From FY19/2, non-recourse loan interest expenses (and related costs) are treated as Non-Operating
Expenses instead of as Cost of Goods Sold. Treating them as the equivalent of corporate loaninterest expenses (i.e., Non-Operating Expenses) will unify and simplify their accounting treatment.
To facilitate comparison to FY19/2, the FY18/2 data on pp. 1 & 7-15 have thus been restated toreflect this change in accounting treatment. Cost of Goods Sold thus decreases by JPY 825 million
and Gross Profit and Operating Profit each increase by JPY 825 million. Within Non-Operating
Expenses, Interest Expense, Debt-Financing Related Fees, Mark-to-Market Loss on Long-Term
Interest Rate Hedges, and Other increase by JPY 749 million, JPY 46 million, JPY 27 million, and
JPY 2 million, respectively. Within Cash Flows from Operations, Interest Expense, Decrease(Increase) in Prepaid Expenses, Increase (Decrease) in Accrued Expenses, Other, and Interest
Expense Paid increase by JPY 749 million, JPY 147 million, JPY 219 million, JPY 46 million, and
JPY 867 million, respectively.

3

Consolidated Balance Sheet (FY19/2 Q3)
FY18/2(Feb 28, 2018)(JPY million)
FY19/2 Q3(Nov 30, 2018)

AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational loan investments
Operational securities investments
Real estate for sale
Deferred tax assets
Other
Less: allowance for doubtful accounts

45,510
1,097
1,324
2
180,789
342
2,643
-28

45,067
1,440
1,324
5,166
192,786
344
1,674
-2

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)

231,681247,802

14,273-3,673
10,60020,895-1,122
19,773
26,993
97
969
483
-359
124

16,698-4,061
12,636
20,919-1,906
19,01334,340
800
2,497
552
-388
163

Total Property, Plant, and Equipment
Intangible Assets
Goodwill
Leasehold rights
Other

58,55869,452

1,600
135
233

1,459
316
286

Total Intangible Assets
Investments and Other Assets
Securities investments
Long-term loans receivable
Deferred tax assets

1,968

2,062

2,184
10
68

2,332
10
145

4

OtherLess: allowance for doubtful accounts

FY18/2(Feb 28, 2018)
2,132
-91

(JPY million)
FY19/2 Q3(Nov 30, 2018)
2,479
-91

Total Investments and Other Assets
Total Fixed Assets
Total Assets

4,303
64,831
296,512

4,876
76,391
324,1935

(JPY million)
FY19/2 Q3(Nov 30, 2018)

FY18/2(Feb 28, 2018)
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
Deferred tax liabilities
Accrued bonuses
Other current liabilities

1,042
112

6,096
112

4,449

7,938

3,921

1,687

1,609
494
34
4,652

3,353
482
495
3,916

16,31624,082

520
112,366
63,5881,744

534
135,348
54,043
1,734

8,492

8,038

758

742

Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury shares

187,470
203,787

200,440
224,523

26,723
11,11354,324-2,99526,806
11,19163,540-5,838

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

89,16595,700

543

352

-372

-354

171

-1

666
2,722
92,725296,512776
3,195
99,670324,193

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

6Consolidated Income Statement (FY19/2 Q3)
FY18/2 Q3(Mar 1, 2017
to Nov 30, 2017)
44,755
24,597
20,1583,617
16,541(JPY million)
FY19/2 Q3(Mar 1, 2018
to Nov 30, 2018)58,28233,332
24,950
4,396
20,553

3
52
–

2
62
49

1

5

104

31

160

151

1,674

1,742

262

220

205
97

295
183

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

2,240
14,461

2,441
18,264

–
1,221
41

2
–
–

Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Impairment loss

1,263

2

11
327

–
–

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

338
15,385
4,381
11,003–
18,266
5,700
12,56657

383

10,945

12,183

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

7

Consolidated Income Statement (FY19/2 Q3 Stand-Alone)
FY18/2 Q3(Sep 1, 2017
to Nov 30, 2017)
11,369
6,810
4,558
1,254
3,304

(JPY million)
FY19/2 Q3(Sep 1, 2018
to Nov 30, 2018)32,19819,702
12,495
1,524
10,971

–
25
–

–
34
26

76

–

74

3

Total Non-Operating Income
Non-Operating Expenses
Interest expense
Mark-to-market loss on long-term
interest rate hedges
Debt financing-related fees
Other

176

64

563

602

–

241

9
9

52
168

Total Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Other

582
2,898

1,066
9,970

41
41

–
–

327

–

327
2,613
519
2,093

–
9,970
3,059
6,911

21

336

2,071

6,574

Revenue
Cost of Goods Sold
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Valuation gain on foreign currency
Mark-to-market gain on long-term
interest rate hedges
Other

Total Extraordinary Gains
Extraordinary Losses
Impairment loss
Total Extraordinary Losses
Pre-Tax Net Income
Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income8Consolidated Statement of Comprehensive Income (FY19/2 Q3)Pre-Minority Interest Net Income
Other Comprehensive Income
Valuation gain(loss) on other securities
Deferred gain(loss) on long-term
interest rate hedges
Foreign currency translation
adjustment
Total Other Comprehensive Income
Comprehensive Income
Comprehensive income attributable toshareholders
Comprehensive income attributable tominority interests

9

FY18/2 Q3(Mar 1, 2017
to Nov 30, 2017)
11,003(JPY million)
FY19/2 Q3(Mar 1, 2018
to Nov 30, 2018)
12,566

133

-191

-22

17

-45

–

65
11,069-173
12,393

11,02312,01046383

Consolidated Statement of Comprehensive Income (FY19/2 Q3 Stand-Alone)

Pre-Minority Interest Net Income
Other Comprehensive Income
Valuation gain(loss) on other securities
Deferred gain(loss) on long-term
interest rate hedges
Total Other Comprehensive Income
Comprehensive Income
Comprehensive income attributable toshareholders
Comprehensive income attributable tominority interests10

FY18/2 Q3(Sep 1, 2017
to Nov 30, 2017)
2,093(JPY million)
FY19/2 Q3(Sep 1, 2018
to Nov 30, 2018)
6,911

180

-84

-5

10

174
2,268

-73
6,837

2,246

6,501

21

336

Consolidated Cash Flow Statement (FY19/2 Q3)(JPY million)
FY19/2 Q3(Mar 1, 2018
to Nov 30, 2018)

FY18/2 Q3(Mar 1, 2017
to Nov 30, 2017)
Cash Flows from Operations:
Pre-Tax Net 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
Loss (gain) on sale of securities
investments
Loss (gain) on sale of shares inaffiliates
Impairment loss
Decrease (increase) in trading notes
and receivables
Decrease (increase) in operational
securities investments
Decrease (increase) in real estate forsale
Decrease (increase) in power plant forsale
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
payableIncrease (decrease) in accrued
expenses
Increase (decrease) in deposits
received
Increase (decrease) in in security
deposits received
Other
Sub-TotalInterest and dividend income received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for)
Operations
11

15,385
668
168
76
290

18,266
1,217
155
140
461

-353

-25

-55
1,674

-65
1,742

–

-2

-1,221

–

327

–

-768

-343

1,598

-437

-6,834-11,997

996

–

831

-50

-172

-304

18

-228

-115

1,024

-385

-1,265

-7

56

-209

178

-167

-518

1,448

442

13,19555-1,668-3,58114

8,444
65-1,545-3,530
35

8,015

3,469

(JPY million)
FY19/2 Q3(Mar 1, 2018
to Nov 30, 2018)

FY18/2 Q3(Mar 1, 2017
to Nov 30, 2017)
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, andequipment
Acquisition of intangible assets
Payments of SPC capital contributions
Redemptions of SPC capital
contributions
Payments of security deposits
Redemptions of security deposits
Acquisition of subsidiary shares
resulting in change of consolidation
scope
Sale of subsidiary shares resulting inchange of consolidation scope
Other
Net Cash from (Used for)Investments
Cash Flows from Financing:
Net increase (decrease) in short-term
loans
Net increase (decrease) in short-term
non-recourse loans
Proceeds from issuance of bonds
Repayment of maturing bond principal
to bondholders
Redemption of non-recourse bonds
Proceeds from long-term loans
Repayment of long-term loans
Proceeds from long-term non-recourse
loans
Repayment of long-term non-recourse
loans
Proceeds from employee exercise ofstock options
Share buyback
Proceeds from share issuance to noncontrolling shareholders
Dividends paid
Net Cash from (Used for) Financing

12

-3
–
-139

-63
1,010
-466

–

32

-2,503-12,130

-75
-28

-374
–

–

32

-36
–

-15
–

-2,635

–

2,096

–

-16

-168

-3,342-12,142

1,494

5,053

-611

–

–

69

-56

-56

-100
31,418-11,499–
40,153-13,606

2,200

3,500

-16,744-15,47854

122-2,999-2,849–90-2,508647-2,971
14,026

(JPY million)
FY19/2 Q3(Mar 1, 2018
to Nov 30, 2018)

FY18/2 Q3(Mar 1, 2017
to Nov 30, 2017)

Effect of Exchange Rate Change on
Cash and Cash Equivalents
Increase (Decrease) in Cash andCash Equivalents
Cash and Cash Equivalents at
Beginning of Period
Cash and Cash Equivalents
Resulting from Exclusion from
Consolidation
Cash and Cash Equivalents at End
of Period

13

-2

–

5,317

5,352

41,36939,365-828-4,84345,85839,874

Consolidated Cash Flow Statement (FY19/2 Q3 Stand-Alone)(JPY million)
FY19/2 Q3(Sept 1, 2018
to Nov 30, 2018)

FY18/2 Q3(Sept 1, 2017
to Nov 30, 2017)
Cash Flows from Operations:
Pre-Tax Net 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
Impairment loss
Decrease (increase) in trading notes
and receivables
Decrease (increase) in operational
securities investments
Decrease (increase) in real estate forsale
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
payableIncrease (decrease) in accrued
expenses
Increase (decrease) in deposits
received
Increase (decrease) in security deposits
received
Other
Sub-TotalInterest and dividend income received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for)
Operations

14

2,613
309
57
25
142

9,970
422
47
46
212

–

–

-25
563
327

-34
602
–

-606

109

4

-12

-5,196

4,135

-148

19

-42

-206

-2

-171

-891

75

157

-672

-41

28

-170

-209

-31

177

1,008

420

-1,94825-493-1,225–

14,961
34
-504
-722
33

-3,64113,803

(JPY million)
FY19/2 Q3(Sept 1, 2018
to Nov 30, 2018)

FY18/2 Q3(Sept 1, 2017
to Nov 30, 2017)
Cash Flows from Investments:
Payments into time deposits
Redemptions of time deposits
Payments for securities investments
Acquisition of property, plant, andequipment
Acquisition of intangible assets
Payments of SPC capital contributions
Payments of security deposits
Redemptions of security deposits
Acquisition of subsidiary shares
resulting in change of consolidation
scope
Other
Net Cash from (Used for)Investments
Cash Flows from Financing:
Net increase (decrease) in short-term
loans
Proceeds from issuance of bonds
Redemption of non-recourse bonds
Proceeds from long-term loans
Repayment of long-term loans
Repayment of long-term non-recourse
loans
Proceeds from employee exercise ofstock options
Share buyback
Proceeds from share issuance to noncontrolling shareholders
Dividends paid
Net Cash from (Used for) Financing
Effect of Exchange Rate Change on
Cash and Cash Equivalents
Increase (Decrease) in Cash andCash Equivalents
Cash and Cash Equivalents at
Beginning of Period
Cash and Cash Equivalents
Resulting from Exclusion from
Consolidation
Cash and Cash Equivalents at End
of Period

15

-3
–
-110

-5
1,000
-440

-1,386-9,089

-67
-9
-25
–

-15
–
–
–

-1,182––

7-2,786-8,542

406

-889

–
-100
9,154
-3,80669–
15,297-8,941-1,008-4,62846

1-1,499-2,849

–

90

-1
3,191

–
-1,850––-3,236

3,410

49,141

40,487-47-4,02345,85839,874

Revenue, P&L, and Assets by Segment (Current FY19/2 Q3)(Mar 1, 2018 to Nov 30, 2018)(JPY million)
Segment
Amount2 Recorded in
Adjustment
Asset
Clean
Financial
Management Value-Add Energy Total
Statements
Revenue
Revenue from
External
Customers

1,773

53,5082,999

58,282–58,282

Inter-Segment
Activities or
Reclassifications

800

1

–

801

-801

–

2,574
1,571

53,50917,761

2,999
1,253

59,083
20,586-801-32

58,282
20,553

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

1,345

7,477

1,253

10,076––

Flow Earnings(Profits on ValueAdd Real Estate
Sales, Profits on
Solar Power Plant
Sales, Spot AM
Fees, etc.)

225

10,284–

10,509

–

–

1,923

267,906

27,733 297,563

26,630324,193

–

413

787

1,200

16

1,217

–

10,081

2,441

12,523-175

12,347

Total
Segment P&L1
Segment P&L
Details1

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 26,630 million) reflects corporate assets, such as cash and cash equivalents, that were notallocated to the segments. The Adjustment to Depreciation (JPY 16 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 175 million) reflects corporate
assets that were not allocated to the segments.

16

Revenue, P&L, and Assets by Segment (Previous FY18/2 Q3)(Mar 1, 2017 to Nov 30, 2017)(JPY million)
Segment
Amount2,3 Recorded in
Adjustment
Asset
Clean
Financial
Management Value-Add Energy Total
Statements
Revenue
Revenue from
External
Customers

1,911

39,8942,843

44,649106

44,755Inter-Segment
Activities or
Reclassifications

771

1

–

772

-772

–

2,682
1,592

39,895
14,2582,843
764

45,421
16,615-666-74

44,755
16,541

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

1,254

6,473

452

8,180

–

–

Flow Earnings(Profits on ValueAdd Real Estate
Sales, Profits on
Solar Power Plant
Sales, Spot AM
Fees, etc.)

338

7,784

312

8,435

–

–

2,014

245,261

24,523 271,799

28,904

300,703

–
–

263
327

386
–

649
327

18
–

668
327

–

7,193

2,394

9,588

79

9,668

Total
Segment P&L1
Segment P&L
Details1

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

Segment P&L is on an Operating Profit basis.
Other segment eliminated and data restated for consistency with FY19/2 per note on page 3.
3
The Adjustment to Segment P&L (-JPY 74 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 28,904 million) reflects corporate assets, such as cash and cash equivalents, thatwere not allocated to the segments. The Adjustment to Depreciation (JPY 18 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 79
million) reflects corporate assets that were not allocated to the segments.
2

17

Revenue, P&L, and Assets by Segment (Current FY19/2 Q3 Stand-Alone)(Sep 1, 2018 to Nov 30, 2018)(JPY million)
Segment
Amount2 Recorded in
Adjustment
Asset
Clean
Financial
Management Value-Add Energy Total
Statements
Revenue
Revenue from
External
Customers

570

30,755872

32,198–32,198Inter-Segment
Activities or
Reclassifications

331

–

–

331

-331

–

Total
Segment P&L1

901
558

30,756
10,141872
284

32,52910,983-331-1232,198
10,971

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

432

2,924

284

3,640

–

–

Flow Earnings(Profits on ValueAdd Real Estate
Sales, Profits on
Solar Power Plant
Sales, Spot AM
Fees, etc.)

126

7,217

–

7, 343

–

–

1,923

267,906

27,733 297,563

26,630324,193

–

153

262

415

6

422

–

8,022

1,461

9,483

-220

9,262

Segment P&L
Details1

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 12 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment Assets(JPY 26,630 million) reflects corporate assets, such as cash and cash equivalents, that were notallocated to the segments. The Adjustment to Depreciation (JPY 6 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 220 million) reflects corporate
assets that were not allocated to the segments.

18

Revenue, P&L, and Assets by Segment (Previous FY18/2 Q3 Stand-Alone)(Sep 1, 2017 to Nov 30, 2017)(JPY million)
Segment
Amount2,3 Recorded in
Adjustment
Asset
Clean
Financial
Management Value-Add Energy Total
Statements
Revenue
Revenue from
External
Customers

681

10,084602

11,368–11,369Inter-Segment
Activities or
Reclassifications

204

–

–

205

-205

–

Total
Segment P&L1

886
592

10,085
2,579

602
167

11,573
3,340

-204
-35

11,3693,304

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

453

1,994

167

2,615

–

–

Flow Earnings(Profits on ValueAdd Real Estate
Sales, Profits on
Solar Power Plant
Sales, Spot AM
Fees, etc.)

139

585

–

724

–

–

2,014

245,261

24,523 271,799

28,904

300,703

–
–

112
327

191
–

303
327

6
–

309
327

–

595

1,105

1,701

–

1,701

Segment P&L
Details1

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

Segment P&L is on an Operating Profit basis.
Other segment eliminated and data restated for consistency with FY19/2 per note on page 3.
3
The Adjustment to Segment P&L (-JPY 35 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 28,904 million) reflects corporate assets, such as cash and cash equivalents, thatwere not allocated to the segments. The Adjustment to Depreciation (JPY 6 million) reflects
depreciation of corporate assets that were not allocated to the segments.
2

19