[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 Earnings
April 19, 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
Annual Shareholders Meeting: May 23, 2021 (expected)
Submission of the Financial Report (Yuka Shoken Hokokusho): May 24, 2021 (expected)
Dividend Payment: May 24, 2021 (expected)
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY21/2 Consolidated Financial Results (March 1, 2020 to February 28, 2021)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY21/2
61,368 -29.8%
FY20/287,360Operating Profit(JPY million) YOY
9,668 -65.1%+4.6%

Note: Comprehensive Income

27,721+5.5%

24,395

+5.7%

8,201

-46.7%

FY21/2: JPY 5,000 million (-43.9% YOY)
FY20/2: JPY 8,921 million (-42.6% YOY)

FY21/2Net Income
per Share(Basic, JPY)
10.48 -38.0%

Net Income
per Share(Diluted, JPY)––

FY20/2

16.89 -45.8%

16.88 -45.7%(2) Consolidated Financial Condition
Total Assets(JPY million)
FY21/2
347,076
FY20/2(YOY = year-on-year % change)
Recurring Profit
Net Income(JPY million) YOY (JPY million) YOY
7,179 -70.6%
5,027 -38.7%

333,726

Return on
Operating Profit
AssetsMargin(Recurring Profit)
5.0%
2.1%
15.8%

Return on
Equity

8.2%

7.5%

31.7%

Net Assets(JPY million)
110,255

Shareholder
Equity Ratio
28.5%

Net Assets per
Share (JPY)209.81

101,60730.1%

208.49Note: Shareholders’ Equity FY21/2: JPY 99,050 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

15,463-15,630

10,16750,590FY20/2

11,892-10,263

9,537

40,826

Note: Economic Operating Cash Flow (Cash Flows from Operations excluding net change in Real Estate
and Power Plants for Sale)
FY21/2: JPY 10,383 million FY20/2: JPY 29,492 million
2. Dividends
Dividend per Share (JPY)First Second Third Fourth
Quarter Quarter Quarter Quarter Total
FY20/2

–

–

–

7

Total
Dividend(JPY million)
7
3,372

FY21/2
FY22/2(Forecast)

–

–

–

7

7

–

–

–

7

7

3,304

Payout Ratio
41.5%

Dividend on
Equity
(DOE)
3.4%

66.8%
40.9%~
65.5%

3.3%

3. FY22/2 Full-Year Consolidated Earnings Forecast (March 1, 2021 to February 28, 2022)(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
FY22/29,100~
12,000-5.9%~+24.1%

6,000~
8,900-16.4%~ 5,000~+24.0% 8,000-0.5%~ 10.69~+59.1% 17.10

Note: Given Covid uncertainty, Ichigo is reporting its FY22/2 earnings forecast as a range.
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+2.0%~+63.2%

(3) Number of outstanding common shares(i) Number of outstanding shares (including treasury shares) at period-end
FY21/2:505,381,018
FY20/2:505,368,918(ii) Number of treasury shares at period-end
FY21/2:33,283,200
FY20/2:
23,637,400(iii) Average number of outstanding shares (excluding treasury shares) during the period
FY21/2:
FY20/2:479,894,618
485,698,401

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

Consolidated Balance Sheet (FY21/2)
FY20/2(Feb 29, 2020)(JPY million)
FY21/2(Feb 28, 2021)

AssetsCurrent Assets
Cash and deposits
Trade notes and accounts receivable
Operational loan investments
Operational securities investments
Real estate for sale
Other
Less: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings and structures
Depreciation
Buildings and structures (net)
Solar 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

4

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

50,832
1,382
1,324
590
64,1092,698-167
120,771

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

68,277-7,60360,67328,893-4,702
24,191
122,592
3,910
1,405
2,745
-1,126
1,619

206,198

214,392

1,090
687
705

968
1,272
1,797

2,482

4,038

4,321
510
568

5,147
10
605

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

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

5(JPY million)
FY21/2(Feb 28, 2021)
2,202
-91
7,874
226,305
347,076

(JPY million)
FY21/2(Feb 28, 2021)

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(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 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

6

3,086
274
12,277

4,879
274
9,751

1,178

1,358

2,416
33
5,013

573
9
5,527

24,28022,374

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

5,878
156,890
40,974
1,868
7,795
1,039

207,838
232,119

214,446
236,820

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

26,888
11,27573,160-11,988
99,335

158

90

-397

-375

-239

-285

988
184
101,607
333,726

1,007
10,197110,255
347,076

Consolidated Income Statement (FY21/2)

Revenue
Cost of Goods Sold
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Mark-to-market gains on long-term interest
rate hedges
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Foreign exchange losses
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 subsidiary shares
Other

FY20/2(Mar 1, 2019 toFeb 29, 2020)
87,36052,851
34,5096,787
27,721(JPY million)
FY21/2(Mar 1, 2020 toFeb 28, 2021)
61,36845,776
15,591
5,923
9,668

8
78

17
78

–

243

63

78

150

417

2,293
–

2,338
17

336

29

538
307

279
241

3,476
24,395

2,906
7,179

–
11
169
35

720
–
–
–

Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Covid writedown of real estate for sale
Covid writedown of securities investments
Allowance for doubtful accounts
Covid writedown of goodwill
Other

215

720

27
7,487
229
–
319
–

–
–
114
144
27
1

Total Extraordinary Losses
Pre-Tax Income

8,065
16,545

288
7,610

7

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

FY20/2(Mar 1, 2019 toFeb 29, 2020)
7,990
-584
7,406
9,139

(JPY million)
FY21/2(Mar 1, 2020 toFeb 28, 2021)
2,622
-58
2,564
5,046

938

18

8,201

5,027

Consolidated Statement of Comprehensive Income (FY21/2)

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

8

FY20/2(Mar 1, 2019 toFeb 29, 2020)
9,139(JPY million)
FY21/2(Mar 1, 2020 toFeb 28, 2021)
5,046

-228

-67

10

21

-217
8,921

-45
5,000

7,983

4,981

938

18

Consolidated Statement of Changes in Shareholders’ Equity(FY21/2 – Current Period)(JPY million)
Shareholders’ Equity

Balance as of Mar 1, 2020
Changes in the Current Period
Share Issuance1
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 28, 2021

CapitalCapitalReserve

Retained
Earnings

Treasury
Shares

Total
Shareholders’Equity26,885

11,272

71,505-8,988100,6742

2

5-3,372
5,027-3,3725,027–

226,8882
11,275

1,655
73,160-2,999-2,999-2,999-11,988-1,33899,335

Other Comprehensive Income

Balance as of Mar 1, 2020
Changes in the Current
PeriodShare Issuance1
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 28, 2021
1

Deferred Total Other
Valuation Gain
Stock Minority Total Net(Loss) CompreGain (Loss) on LongOptions Interests Assets
on OtherInterest hensive
Securities Term
Rate Hedges Income
158988
184 101,607
-397
-239
5
-3,372
5,027–-2,999
-67

21

-45

19

-67
90

21
-375

-45
-285

19
1,007

Shares sold to Ichigo employees upon exercise of employee stock options.

9

10,013

9,986

10,013
8,648
10,197 110,255

(FY20/2 – Previous Period)(JPY million)
Shareholders’ Equity

Balance as of Mar 1, 2019
Changes in the Current Period
Share Issuance1
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 29, 2020

CapitalCapitalReserve

Retained
Earnings

Treasury
Shares

Total
Shareholders’Equity26,820

11,207

66,730-5,98898,76964

64-3,4198,201

129-3,419
8,201

-7

-7

–

64
26,88564
11,272

4,774
71,505-2,999-2,999-2,999-8,988

1,904
100,674

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
HedgesBalance as of Mar 1, 2019
Changes in the Current
PeriodShare Issuance1
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Share Buyback
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of Feb 29, 2020
1

-408

386

-21

827

3,283 102,859
129-3,4198,201-7-2,999

-228

10

-217

160

-3,098

-228
158

10
-397

-217
-239

160
988

-3,098-1,251
184 101,607

Shares sold to Ichigo employees upon exercise of employee stock options.

10-3,156

Consolidated Cash Flow Statement (FY21/2)(JPY million)
FY21/2(Mar 1, 2020 toFeb 28, 2021)

FY20/2(Mar 1, 2019 toFeb 29, 2020)
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
Losses (gains) on sales of fixed assets
Covid writedown of goodwill
Covid writedown of operational securities
investments
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale
Covid writedown of 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-Total

16,545
2,630
194
174
2

7,610
4,797
21
121
-24

4

161

-86
2,293
-169

-96
2,338
–

-11

–

–
319

-720
27

229

114

-903

925

11,682

343-17,447
7,487

5,342
–

7

4

16
-290
29

61
-408
16

-844

654

201
-36
-285
413

-437
94
-57
333

-169

-323

308

975

1,005

-4
21,87023,30411

Interest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded86-2,068-9,430–(JPY million)
FY21/2(Mar 1, 2020 toFeb 28, 2021)
96-2,119-4,46783

Net Cash from (Used for) Operations

11,892

15,463

FY20/2(Mar 1, 2019 toFeb 29, 2020)

12

(JPY million)
FY21/2(Mar 1, 2020 toFeb 28, 2021)

FY20/2(Mar 1, 2019 toFeb 29, 2020)
Cash Flows from Investments:
Payments into time deposits
Redemptions of time deposits
Proceeds from cancellation of time
deposits
Payments for securities investments
Proceeds from sale of securities investments
Acquisition of property, plant, andequipment
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
Redemptions of security deposits
Acquisition of consolidated subsidiary
Payments of loans receivable
Payments received for loans receivable
Other
Net Cash from (Used for) Investments

13

-113
2,063

-7
–

2,970

–

-2,361
111

-547
10

-11,244-16,447

–

2,850

-562
-2
–
-34
–
-187
-910
–
8

-1,468
-3
15
–
–
–
-374
351
-7

-10,263-15,630

(JPY million)
FY21/2(Mar 1, 2020 toFeb 28, 2021)

FY20/2(Mar 1, 2019 toFeb 29, 2020)
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
Proceeds from minority interests
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 Beginning of
PeriodCash and Cash Equivalents Resulting from
Exclusion from Consolidation
Cash and Cash Equivalents at End of
Period

14

426
5,828

1,793
70

-193

-274

49,957-26,475

51,877-48,996

5,300

3,300

-17,701-1,30195

4-2,999–-1,276-3,416-8
9,537-2,99910,000–-3,298-5
10,167––

11,167

10,00045,02940,826-15,369-237

40,82650,590Additional Notes
1. Restatement of Increase (Decrease) in Accrued Consumption Taxes from Other inConsolidated Cash Flow Statement
From FY21/2, changes in accrued consumption taxes are separately stated as Increase(Decrease) in Accrued Consumption Taxes, because the materiality in value of this item has
increased. To facilitate comparison with FY21/2, FY20/2 data on p.13 have been restated toreflect this change.
As a result, JPY 308 million of Other in Cash Flow from Operations for FY20/2 is restated as
Increase (Decrease) in Accrued Consumption Taxes.
2. Covid Impact on Operating Conditions and Accounting Estimates
Valuations of Real Estate for Sale and Fixed Assets are calculated based on available
information at the time of the compilation of these financial statements. Ichigo has been
impacted by the ongoing Covid pandemic, and a significant recovery in its business is notexpected during FY22/2. Due to continuing Covid uncertainties, these earnings forecasts are
subject to change.
3. Reclassification of Fixed Assets
In FY21/2 Ichigo reclassified to Real Estate for Sale the following Fixed Assets that are
expected to be sold in the short-term.

Buildings and structures
Depreciation
Buildings and structures (net)
Other
Depreciation
Other (net)
Land
Total

15

(JPY million)
FY21/2(Feb 28, 2021)
411
-208
202
8
-8
–
960
1,163

Notes to Consolidated Income Statement
1. Covid Writedown of Real Estate for Sale
FY20/2 (March 1, 2019 to February 29, 2020)
The Covid global pandemic dramatically lowered hotel demand and put pressure on realestate tenants across-the-board. Given these market conditions, Ichigo conducted a holistic
review of the current market values of all of its Real Estate for Sale, and wrote down assets(primarily hotel and retail) that were significantly impacted by Covid. As a result, in FY20/2
Ichigo recorded a JPY 7.49 billion writedown of Real Estate for Sale.
FY21/2 (March 1, 2020 to February 28, 2021)
N/A
2. Writedown of Goodwill
FY20/2 (March 1, 2019 to February 29, 2020)
Ichigo did a writedown of the below asset in FY 20/2.
(1) Asset and Writedown Amount
Asset

Type

Location

Impairment Loss

Other

Goodwill

Chuo-ku, Fukuoka

JPY 210 million(2) Writedown Rationale
Ichigo impairs the values of assets to their respective recoverable amount based on the current
business environment. An equivalent amount was recorded as a loss under Extraordinary
Losses.
Note that Ichigo calculates the recoverable amount based on value-in-use. For assets that are
not expected to generate future cash flows, the recoverable amount is set to zero.
FY21/2 (March 1, 2020 to February 28, 2021)
N/A

16

Revenue, P&L, and Assets by Segment (Current FY21/2)(Mar 1, 2020 to Feb 28, 2021)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment
Financial
Statements
2

Revenue
Revenue from
External
Customers

1,935

54,7784,654

61,368–61,368Inter-Segment
Activities or
Reclassifications

545

1

–

546

-546

–

2,480
1,403

54,780
6,528

4,654
1,834

61,914
9,767

-546
-99

61,368
9,668

1,326

3,482

1,834

6,643

–

–

77

3,046

–

3,123

–

–

1,516

275,857

35,345 312,718

34,358347,076

–
–

3,324
27

1,425
–

4,750
27

47
–

4,797
27

–

13,568

4,375

17,944

158

18,102

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
Impairment Loss
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 99 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 34,358 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 47 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 158 million) reflects
corporate assets that were not allocated to the segments.
17

Revenue, P&L, and Assets by Segment (Previous FY20/2)(Mar 1, 2019 to Feb 29, 2020)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

3,048

80,516

3,796

87,360–87,360Inter-Segment
Activities or
Reclassifications

901

1

–

902

-902

–

3,949
2,526

80,517
23,971

3,796
1,272

88,263
27,771-902-49

87,36027,721

1,731

9,484

1,272

12,487––795

14,487–

15,283

–

–

2,519

273,455

31,627 307,602

26,124

333,726

–
–

1,479
319

1,120
－

2,599
319

31
－

2,630
319

–

7,716

4,272

11,98845

12,034

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
Impairment Loss
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 49 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment Assets(JPY 26,124 million) reflects corporate assets, such as cash and deposits, that were not allocatedto the segments. The Adjustment to Depreciation (JPY 31 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 45 million) reflects corporate assets that were
not allocated to the segments.

18

Goodwill and Amortization by Segment (Current FY21/2)(Mar 1, 2020 to Feb 28, 2021)
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

36

15

121

–

121

701

79

187

968

–

968

Goodwill and Amortization by Segment (Previous FY20/2)(Mar 1, 2019 to Feb 29, 2020)
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

88

15

174

–

174

771

115

203

1,090

–

1,090

19

Per Share Information(JPY)

FY20/2(March 1, 2019 to February 29, 2020)
Net Assets per ShareNet Income per Share
Diluted Net Income per Share

FY21/2(March 1, 2020 to February 28, 2021)

208.4916.89
16.88

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

209.81
10.48
10.48

Calculation of Net Income per Share and Diluted Net Income per Share is as follows:
FY20/2(March 1, 2019 toFebruary 29, 2020)
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)
Average Number of Shares
Outstanding (thousand)Increase in Shares Outstanding
during Period (thousand)(of which are related to exerciseof employee stock options)(thousand)

Details of Potentially Dilutive Shares
Outstanding

FY21/2(March 1, 2020 toFebruary 28, 2021)

8,201

5,027

–

–

8,201

5,027

485,698

479,894

107

–

(107)

–

Jan 13, 2016 Employee
Stock Options Outstanding:
1,240,200 shares

Jan 13, 2015 Employee
Stock Options Outstanding:
1,180,700 shares

Jan 13, 2017 Employee
Stock Options Outstanding:
1,743,700 shares

Jan 13, 2016 Employee
Stock Options Outstanding:
1,133,700 shares

Jan 12, 2018 Employee
Stock Options Outstanding:
1,692,800 shares

Jan 13, 2017 Employee
Stock Options Outstanding:
1,612,600 shares

Jan 11, 2019 Employee
Stock Options Outstanding:
1,781,600 shares

Jan 12, 2018 Employee
Stock Options Outstanding:
1,563,800 shares
Jan 11, 2019 Employee
Stock Options Outstanding:
1,644,500 sharesOct 14, 2020 Employee
Stock Options Outstanding:
1,988,000 shares20