[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.

FY24/2 Earnings
April 15, 2024
Ichigo Inc. (Tokyo Stock Exchange Prime, 2337)
Representative: Takuma Hasegawa, President
Inquiries:
Takanori Sakamatsu, Executive Managing Director
Telephone: +81-3-4485-5221
www.ichigo.gr.jp/en
Annual Shareholders Meeting: May 26, 2024 (expected)
Submission of the Financial Report (Yuka Shoken Hokokusho): May 27, 2024 (expected)
Dividend Payment: May 27, 2024 (expected)
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY24/2 Consolidated Financial Results (March 1, 2023 to February 29, 2024)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY24/282,747 +21.5%

FY23/2

68,093 +19.6%(YOY = year-on-year % change)
All-InOperating Profit
Operating Profit(JPY million) YOY(JPY million) YOY
12,960 +3.7%
21,194 +25.4%
12,492 +24.7%

16,908 +27.4%

Note: Comprehensive Income

FY24/2: JPY 10,889 million (+6.4% YOY)
FY23/2: JPY 10,232 million (+51.6% YOY)
All-In Operating Profit = Operating Profit + Gains on Sale of Sustainable Real Estate Assets
Recorded as Extraordinary Gains
All-InNet Income
Cash Net Income
Recurring Profit(JPY million) YOY (JPY million) YOY(JPY million) YOY-4.2%
18,626 +22.0%
12,108 +28.7%
17,878 +16.6%

Recurring Profit(JPY million) YOY
FY24/2

10,391

FY23/2

10,848+45.2%

15,264+42.4%

9,409+45.4%

15,327

All-In Recurring Profit = Recurring Profit + Gains on Sale of Sustainable Real Estate Assets
Recorded as Extraordinary Gains

FY24/2Net Income
per Share (EPS)(Basic, JPY)
26.89 +31.5%

FY23/220.45+48.0%Net Income
per Share (EPS)(Diluted, JPY)
–
–
–

–

Cash Net Income
per Share (EPS)(JPY) YOY
39.70 +19.2%
33.30+19.8%Cash Net Income = Net Income + Depreciation + Amortization +/- Valuation Losses (Gains)1+17.7%

FY24/2

11.7%

17.2%

Return on Assets(ROA)(Recurring Profit)
2.9%

FY23/2

9.2%

15.0%

3.2%

18.3%

Net Assets(JPY million)
116,281

Shareholders’Equity Ratio
28.5%

Net Assets per
Share (JPY)
237.57

114,39330.4%

227.24Return on Equity(ROE)

Cash ROE

Operating Profit
Margin (OPM)
15.7%

Cash Return on Equity = Cash Net Income/ Shareholders’ Equity(2) Consolidated Financial Condition
Total Assets(JPY million)
FY24/2367,015
FY23/2

338,619

Note: Shareholders’ Equity FY24/2: JPY 104,628 million FY23/2: JPY 103,026 million(3) Consolidated Cash Flows
Cash and Cash
Equivalents
at Period-End(JPY million)

Cash Flows fromOperations(JPY million)

Cash Flows from
Investments(JPY million)

FY24/2-8,577-2,524

17,791

46,101

FY23/2254

2,635-6,58240,313

Cash Flows from
Financing(JPY million)

Note: Economic Operating Cash Flow (Cash Flows from Operations, excluding net change in Real
Estate and Power Plants for Sale, plus post-tax gains on sales of Sustainable Real Estate assets
recorded as extraordinary gains)
FY24/2: JPY 25,317 million FY23/2: JPY 14,378 million
From FY24/2 Q1, gains on sales of Sustainable Real Estate assets recorded as extraordinary
gains are included under Economic Operating Cash Flow. The FY23/2 figure reflects thischange.
2. Dividends

FY23/2
FY24/2
FY25/2(Forecast)

Dividend per Share (JPY)
Total
Dividends
First Second Third Fourth
Quarter Quarter Quarter Quarter Total (JPY million)
–
–
–
8
8
3,627
–
–
–
9
9
3,963
–

–

–

10

10

2

Payout Ratio
39.1%
33.5%
31.2%

Dividend on
Equity
(DOE)
3.6%
3.9%

3. FY25/2 Full-Year Consolidated Earnings Forecast (March 1, 2024 to February 28, 2025)(YOY = year-on-year % change)
All-InAll-InOperating Profit
Recurring Profit
Operating Profit
Recurring Profit(JPY million)(JPY million)(JPY million)(JPY million)
YOY
YOY
YOY
YOY
FY25/2
16,000 +23.5% 24,000 +13.2% 12,000 +15.5% 20,000 +7.4%

FY25/2Net Income
Cash Net Income(JPY million)(JPY million)
YOY
YOY
14,000 +15.6% 18,500+3.5%

Net Income
Cash Net Income
per Shareper Share(JPY) YOY
(JPY) YOY
32.10 +19.4% 42.42
+6.8%

3

4. Other(1) Changes in significant consolidated subsidiaries(material changes in scope of consolidation): Yes
Subsidiary removed from consolidation: GK Shinsaibashi Jisho Tokumei Kumiai(2) Changes in accounting standards/principles, changes in accounting estimates, and revisions toprevious financial statements(i) Changes in accounting standards/principles:Yes(ii) Changes in accounting principles other than the above:None(iii) Changes in accounting estimates:None(iv) Revisions of previous financial statements:
None(3) Number of common shares outstanding(i) Number of shares outstanding (including treasury shares) at period-end
FY24/2:505,402,018
FY23/2:505,381,018(ii) Number of treasury shares at period-end
FY24/2:64,982,000
FY23/2:
51,992,200(iii) Average number of shares outstanding (excluding treasury shares) during the period
FY24/2:
FY23/2:

450,300,037
460,220,730

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.

4Consolidated Balance Sheet (FY24/2)
FY23/2(Feb 28, 2023)(JPY million)
FY24/2(Feb 29, 2024)

AssetsCurrent Assets
Cash and deposits
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

540,536
3,866
1,324
47
79,151
3,197-66
128,057

46,917
2,448
1,324
14
103,7213,720-401
157,746

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

58,641-13,072
45,56839,099-9,86529,234105,368

679

3,978

2,250

134

3,040
-1,9801,060
199,323

2,625-1,678947
185,232

717
1,397
283
2,398

989
1,332
176
2,498

4,455
240
341

17,086838
682

FY23/2(Feb 28, 2023)
3,937
-133
8,840
210,562
338,619

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

6(JPY million)
FY24/2(Feb 29, 2024)
3,766
-835
21,537
209,269
367,015

(JPY million)
FY24/2(Feb 29, 2024)

FY23/2(Feb 28, 2023)
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

7

962
364
8,539

16,726
3,162
20,878

4,218

6,413

949
112
4,053
19,200

4,039
136
4,805
56,162

5,239
152,624
38,012
1,589
7,163
396
205,026
224,226

4,306
146,043
35,265
1,323
7,229
404
194,572
250,734

26,888
11,26682,438-17,914102,678

26,892
10,31390,967-22,446
105,727296-1,143

51

44

347

-1,099814
10,552
114,393338,619879
10,772
116,281
367,015

Consolidated Income Statement (FY24/2)

Revenue
Cost of Goods Sold
(Depreciation)
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Foreign exchange gains
Mark-to-market gains on long-term interest
rate hedges
Insurance Income
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Mark-to-market losses on long-term interest
rate hedges
Debt financing-related fees
Other
Total Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Gains on sale of fixed assets
Gains on sale of securities investments
Gains on sale of shares in affiliates
Redevelopment up-front rental compensation
Other
Total Extraordinary Gains
Extraordinary Loss
Loss on sale of fixed assets
Loss on disposal of fixed assets
Valuation losses on securities investments
Allowance for doubtful accounts
Impairment loss
Other
Total Extraordinary Loss8

FY23/2(Mar 1, 2022 toFeb 28, 2023)
68,093
48,674
5,135
19,4186,926
12,492(JPY million)
FY24/2(Mar 1, 2023 toFeb 29, 2024)
82,74761,875
4,626
20,872
7,911
12,960

46
38
10

36
361
1

790

109

11
81
979

104
112
725

2,165

2,349

–

330

171
285
2,622
10,848

262
351
3,294
10,391

4,416
–
–
–
205
4,621

4,376
89
3,960
327
224
8,978

–
23
261
127
803
18
1,235

102
45
–
1,087
2
169
1,406

Pre-Tax Income
Income Taxes – Current
Income Taxes – Deferred
Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income

FY23/2(Mar 1, 2022 toFeb 28, 2023)
14,234
4,425
152
4,578
9,656

(JPY million)
FY24/2(Mar 1, 2023 toFeb 29, 2024)
17,962
6,156
-529
5,626
12,335

246

227

9,409

12,108

Consolidated Statement of Comprehensive Income (FY24/2)

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

9

FY23/2(Mar 1, 2022 toFeb 28, 2023)
9,656(JPY million)
FY24/2(Mar 1, 2023 toFeb 29, 2024)
12,335270-1,439

305

-6

576
10,232-1,446
10,889

9,985

10,661

246

227

Consolidated Statement of Changes in Shareholders’ Equity(FY24/2 – Current Period)(JPY million)
Shareholders’ Equity
CapitalReserve

Retained
Earnings

Treasury
Shares

Total
Shareholders’Equity26,888

11,26682,438-17,914102,6784

4

CapitalBalance as of Mar 1, 2023
Changes in the Current Period
Share Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 29, 2024

Balance as of Mar 1, 2023
Changes in the Current Period
Share Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Sale of Treasury Shares
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 29, 2024

-900

-3,627
12,1088-3,627
12,108

48

-852

-56
4
26,892-952
10,313

8,529
90,967-4,771239-4,771
183-4,531-22,446

3,049
105,727

Other Comprehensive Income
Deferred
Valuation Gain (Loss) Total Other Stock Minority Total Net
Gain (Loss) on LongCompre- Options Interests Assets
on OtherTermhensive
Securities Interest Rate Income
Hedges296
51
347
814 10,552 114,393
8-3,627
12,108-852-4,771183-1,439-6-1,44664-1,439-1,143-644-1,446-1,099

64
879

10

220

-1,161220
1,887
10,772 116,281

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

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

26,888

CapitalReserve

Retained
Earnings

Treasury
Shares

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

101,043-3,275
9,409–-3,275
9,409

-6

-6

-2
–
26,888-2
11,266

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

1,634
102,678

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

305

576

-146

270
296

305
51

576
347

-146
814

11

136

566

136
2,201
10,552 114,393

Consolidated Cash Flow Statement (FY24/2)(JPY million)
FY24/2(Mar 1, 2023 toFeb 29, 2024)

FY23/2(Mar 1, 2022 toFeb 28, 2023)
Cash Flows from Operations:Pre-tax income
Depreciation
Amortization of goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest expense
Losses (gains) on sale of shares in affiliates
Losses (gains) on sale of securities
investments
Loss on disposal of fixed assets

14,234
5,339
177
73

17,962
4,859
97
31

134

1,036

-85
2,165

-397
2,349

–

-3,960

–

-89

23

45

-4,416
803
261
-205

-4,2732–-51-2,096

1,469

3,178

1,229

-10,114-25,238

3

1

-6

-615

Decrease (increase) in prepaid expenses

-383

-173

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

-62

-21

-123

216

462

395

Increase (decrease) in accrued expenses

-38

168

Increase (decrease) in advances received

-908

40

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

26

42

413

193

-402

71

-771
7,682

840
-3,769Losses (gains) on sales of fixed assets
Impairment loss
Valuation losses on securities investments
Gain on reversal of stock option
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale
Valuation losses on SPC capital
contributions
Decrease (increase) in advances paid

12

85
-2,051-5,49027
254(JPY million)
FY24/2(Mar 1, 2023 toFeb 29, 2024)397-2,161-3,335291-8,577

Payments into time deposits

-2

-701

Redemptions of time deposits

23

–

-968

-16,567

–

133

–

2,070

-10,516-8,20314,065

18,384-24-114

Payments of SPC capital contributions-6–

Redemptions of SPC capital contributions

97

8

Payments of security deposits
Proceeds from sale of subsidiary shares
resulting in change of consolidation scope

–

-127

–

3,356

Payments of loans receivable

-80

-780

Payments received for loans receivable

30

93

Other

16

-77

2,635

-2,524

FY23/2(Mar 1, 2022 toFeb 28, 2023)
Interest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for) Operations
Cash Flows from Investments:

Payments for securities investments
Proceeds from sale of securities investments
Proceeds from redemption of securities
investments
Acquisition of property, plant, andequipment
Proceeds from sale of property, plant, andequipment
Acquisition of intangible assets

Net Cash from (Used for) Investments

13

(JPY million)
FY24/2(Mar 1, 2023 toFeb 29, 2024)

FY23/2(Mar 1, 2022 toFeb 28, 2023)
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-1,41915,764

–

2,221

-274

-364

41,83464,043-40,385-54,996

Proceeds from long-term non-recourse loans

3,000

4,600

Repayment of long-term non-recourse loans
Proceeds from exercise of stock options-1,633-5,152–

7

Share buyback-4,499-4,771Dividends paid

-3,197-3,553-6-6-6,582

17,791––-3,692

6,689

46,21440,313–366

Change in Cash and Cash Equivalents
Resulting from Exclusion from Consolidation-2,208-1,268Cash and Cash Equivalents at End of Period

40,313

46,101

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 New Entity Consolidation

14

Changes in Accounting Policies
Application of Revenue Recognition Accounting Standard
The “Implementation Guidance on Accounting Standard for Fair Value Measurement”(Accounting Standard Board of Japan (“ASBJ”) Statement No. 31, June 17, 2021; hereinafter
the “Fair Value Measurement Implementation Guidance”) has been applied from the
beginning of FY24/2. In accordance with the transitional treatment provided in Clause 27-2,
Ichigo is applying the new accounting policy stipulated under the Fair Value Measurement
Implementation Guidance on an ongoing basis.
There is no impact from this change on the consolidated financial statements.
Income Statement Restatement
From FY24/2, insurance income previously included under Other Non-Operating Income isseparately stated as Insurance Income, because the materiality of this item increased. As aresult, JPY 11 million of Other Non-Operating Income in FY23/2 is restated as Insurance
Income under Non-Operating Income.
Group Aggregate Tax Treatment
From FY24/2, Ichigo and certain domestic subsidiaries have shifted to group aggregate tax
treatment from consolidated tax treatment. In accordance with this change, the accounting
treatment and disclosure of income taxes and tax effect accounting are based on the “Practical
Solution on the Accounting and Disclosure Under the Group Tax Sharing System” (Practical
Solution No.42, August 12, 2021.

15

Notes to Consolidated Income Statement
1. Writedown of Assets
FY23/2 (March 1, 2022 to February 28, 2023)
Ichigo wrote down the below assets in FY23/2.
(1) Assets and Writedown Amounts
Asset

Type

Location

Impairment Loss

Other

Goodwill
Plant Under
Construction

Chiyoda-ku, Tokyo
Isumi County,
Chiba

JPY 712 million

Clean Energy Plant

JPY 91 million(2) Writedown Rationale
Ichigo is impairing the values of goodwill and plant under construction to their respective
recoverable amounts based on the current business environment for goodwill and due to thecancellation of plant construction for the clean energy plant. The equivalent amounts wererecorded as losses under Extraordinary Losses.
When applying impairment accounting, Ichigo classifies assets into discrete groups using theminimum asset unit that generates independent cash flow. For goodwill, the groupingclassification is applied individually. For plants under construction, the grouping classification
uses each plant as the minimum asset unit.
Ichigo calculates the recoverable amount of goodwill based on value-in-use. In this case, therecoverable amount is set to zero, because there is no possibility of conversion or sale. For theplant under construction, the recoverable amount is based on net sale price.
FY24/2 (March 1, 2023 to February 29, 2024)
None

16

Revenue, P&L, and Assets by Segment (Current FY24/2)(Mar 1, 2023 to Feb 29, 2024)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

AmountRecordedin
Adjustment2
Financial
Statements

Total

Revenue
Revenue from
External
Customers

2,484

74,327

5,935

82,747–82,747

Inter-Segment
Activities or
Reclassifications

423

62

–

485

-485

–

2,907
1,496

74,389
9,507

5,935
1,946

83,233
12,951-485
982,747
12,960

–

8,234

–

8,234

–

8,234

1,496

17,742

1,946

21,185921,194

1,372

7,089

1,946

10,409––123

10,652–

10,776

–

–

1,516

281,430

36,168 319,115

47,899367,015

–

2,997

1,776

4,773

62

4,836

Impairment

–

–

2

2

–

2

Increase in
Property, Plant,
and Equipment
and Intangible
Assets

8

5,791

2,326

8,126

467

8,594

Total
Operating Profit1
Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains
Segment P&L(All-In Operating
Profit) 1
Segment P&L
Details
Stock Earnings(Rental Income,Base AM Fees,
FIT Solar Power
Earnings, etc.)
Flow Earnings(Gains on
Sustainable Real
Estate Sales,
Gains on Solar
Power Plant
Sales, Spot AM
Fees, etc.)
Segment Assets
Other
Depreciation17

1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains
2
The Adjustment to Segment P&L (JPY 9 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 47,899 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 62 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 467 million) reflects
corporate assets that were not allocated to the segments.

18

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

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

3,755

58,637

5,699

68,093–68,093

Inter-Segment
Activities or
Reclassifications

485

1

–

487

-487

–

4,241
3,026

58,639
7,477

5,699
2,016

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

–

4,416

–

4,416

–

4,416

3,026

11,893

2,016

16,936-27

16,908

1,780

3,664

2,016

7,460

–

–

1,246

8,229

–

9,475

–

–

3,249

271,699

36,344 311,293

27,326338,619

–

3,507

1,754

5,262

60

5,322

Impairment

–

712

91

803

–

803

Increase in
Property, Plant,
and Equipment
and Intangible
Assets

–

9,549

905

10,45568

10,523

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

19

1

Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains
2
The Adjustment to Segment P&L (-JPY 27 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 27,326 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 60 million) reflects
depreciation of corporate assets that were not allocated to the segments. The Adjustment toIncrease in Property, Plant, and Equipment and Intangible Assets (JPY 68 million) reflects
corporate assets that were not allocated to the segments.

20

Goodwill and Amortization by Segment (Current FY24/2)(Mar 1, 2023 to Feb 29, 2024)
Goodwill(JPY million)
Segment
Asset
Sustainable
Management Real Estate Clean Energy
Amortization
during the period
Outstandingbalance as ofperiod-end

AmountRecorded in
Adjustment Consolidated
Financial
Statements

Total

70

11

15

97

–

97

490

357

141

989

–

989

Goodwill and Amortization by Segment (Previous FY23/2)(Mar 1, 2022 to Feb 28, 2023)
Goodwill(JPY million)
Segment
Asset
Sustainable
Management Real Estate Clean Energy
Amortization
during the period
Outstandingbalance as ofperiod-end

AmountRecorded in
Adjustment Consolidated
Financial
Statements

Total

70

91

15

177

–

177

560

–

156

717

–

717

21

Per Share Information(JPY)

FY23/2(March 1, 2022 to February 28, 2023)
Net Assets per ShareNet Income per Share
Diluted Net Income per ShareFY24/2(March 1, 2023 to February 29, 2024)

227.24
20.45–

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

22

237.5726.89–

Calculation of Net Income per Share and Diluted Net Income per Share is as follows:
FY23/2(March 1, 2022 toFebruary 28, 2023)
Net Income per ShareNet Income Attributable to
Shareholders (JPY million)
Amount Not Attributable to
Common Shareholders
Net Income Attributable to
Shareholders in Regards toCommon Shares (JPY million)

FY24/2(March 1, 2023 to
February 29, 2024)

9,409

12,108

–

–

9,409

12,108460,220450,300

Increase in Shares Outstanding
during Period (thousand)––(of which are related to exerciseof employee stock options)(thousand)––Jan 13, 2017 Employee
Stock Options Outstanding:
1,498,500 shares

Jan 13, 2017 Employee
Stock Options Outstanding:
1,377,700 shares

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

Jan 12, 2018 Employee
Stock Options Outstanding:
1,344,3000 shares

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

Jan 11, 2019 Employee
Stock Options Outstanding:
1,390,200 sharesOct 14, 2020 Employee
Stock Options Outstanding:
1,816,700 sharesOct 14, 2020 Employee
Stock Options Outstanding:
1,722,500 shares

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

Apr 19, 2021 Employee
Stock Options Outstanding:
1,782,000 shares

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

Aug 19, 2022 Employee
Stock Options Outstanding:
1,933,800 shares

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

Details of Potentially Dilutive Shares
Outstanding

Apr 19, 2023 Employee
Stock Options Outstanding:
2,474,000 shares

23

Consolidated Income Statement (FY24/2 Q4 Stand-Alone)(JPY million)
FY24/2 Q4(Dec 1, 2023 toFeb 29, 2024)

FY23/2 Q4(Dec 1, 2022 toFeb 28, 2023)
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
Losses (gains) on sales of fixed assets
Impairment loss
Valuation losses on securities investments
Gain on reversal of stock option
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale
Valuation losses on SPC capital
contributions
Decrease (increase) in advances paid
Decrease (increase) in prepaid expenses
Decrease (increase) in accounts receivable
Decrease (increase) in consumption taxes
receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in deposits received
Increase (decrease) in security deposits
received
Increase (decrease) in accrued consumption
taxes
Other
Sub-TotalInterest and dividends received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations

24

1,817
1,336
44
-214

3,754
1,197
32
-320

133

679

-14
536
23
–
803
261
-205

-239
611
45
102
2
–
-2

-1,935468

22

3-6,646-3,864

3

1

28
-194
-28

48
16
-169

-354

-538

1,008
4
61
-36

1,077
113
26
-37

189

337

158

-320

-192
-3,39014-550-860-4,786

195
3,222
239
-623
-381
2,457

(JPY million)
FY24/2 Q4(Dec 1, 2023 toFeb 29, 2024)

FY23/2 Q4(Dec 1, 2022 toFeb 28, 2023)
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 SPC capital contributions
Redemptions of SPC capital contributions
Payments of security deposits
Payments of loans receivable
Payments received for loans receivable
Other
Net Cash from (Used for) Investments
Cash Flows from Financing:
Net increase (decrease) in short-term loans
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 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 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

25

–
-711
–
-2,357-700-3,834
7-1,344

–

1,274

-2
–
97
–
-5
7
6
-2,965

-17
–
8
–
-696
7
161
-5,133-962–

12,100
60

-96

-100

8,946
-5,598
-723
–
–
–
-1
1,563

17,571-28,090-671
7-2,468–-1-1,594––-6,189-4,27046,75150,371-248–

40,313

46,101