[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.

FY22/2 Earnings
April 19, 2022
Ichigo Inc. (Tokyo Stock Exchange Prime, 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 29, 2022 (expected)
Submission of the Financial Report (Yuka Shoken Hokokusho): May 30, 2022 (expected)
Dividend Payment: May 30, 2022 (expected)
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY22/2 Consolidated Financial Results (March 1, 2021 to February 28, 2022)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY22/256,934-7.2%
FY21/2

61,368Operating Profit(JPY million) YOY
10,018+3.6%-29.8%

Note: Comprehensive Income

FY22/2Net Income
per Share(Basic, JPY)
13.81 +31.8%

FY21/2

10.48 -38.0%

9,668-65.1%

7,179-70.6%

5,027-38.7%

FY22/2: JPY 6,750 million (+35.0% YOY)
FY21/2: JPY 5,000 million (-43.9% YOY)
Net Income
per Share(Diluted, JPY)–––

(2) Consolidated Financial Condition
Total Assets(JPY million)
337,887
FY22/2
FY21/2(YOY = year-on-year % change)
Recurring Profit
Net Income(JPY million) YOY (JPY million) YOY
7,471
+4.1%
6,473 +28.8%

347,076

6.5%

Return on
Assets(Recurring Profit)
2.2%

5.0%

2.1%

Return on
Equity–Operating
Profit Margin
17.6%
15.8%

Net Assets(JPY million)
112,191

Shareholders’Equity Ratio
29.8%

Net Assets per
Share (JPY)215.46110,25528.5%

209.81

Note: Shareholders’ Equity FY22/2: JPY 100,815 million FY21/2: JPY 99,050 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)

FY22/2

7,939

6,502

-15,360

46,214

FY21/2

15,463-15,630

10,16750,590Note: Economic Operating Cash Flow (Cash Flows from Operations excluding net change in Real Estate
and Power Plants for Sale)
FY22/2: JPY 12,397 million FY21/2: JPY 10,383 million
2. Dividends
Dividend per Share (JPY)First Second Third Fourth
Quarter Quarter Quarter Quarter Total
FY21/2
FY22/2
FY23/2(Forecast)

–
–

–
–

–
–

7
7

Total
Dividend(JPY million)
7
3,304
7
3,275

–

–

–

7

7

Payout Ratio
66.8%
50.7%
38.1%~
49.9%

Dividend on
Equity
(DOE)
3.3%
3.3%

3. FY23/2 Full-Year Consolidated Earnings Forecast (March 1, 2022 to February 28, 2023)(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
FY23/29,700~
10,600-3.2%~+5.8%

6,700~
7,600-10.3%~ 6,500~+1.7% 8,500+0.4%~ 14.04~+31.3% 18.36

Note: Given Covid uncertainty, Ichigo is reporting its FY23/2 earnings forecast as a range.
4. Other(1) Changes in significant consolidated subsidiary(material changes in scope of consolidation):

Yes

Subsidiary removed from consolidation:

GK Sunrise Tokumei Kumiai(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+1.7%~+33.0%

(3) Number of outstanding common shares(i) Number of outstanding shares (including treasury shares) at period-end
FY22/2:505,381,018
FY21/2:505,381,018(ii) Number of treasury shares at period-end
FY22/2:
37,466,500
FY21/2:33,283,200(iii) Average number of outstanding shares (excluding treasury shares) during the period
FY22/2:
FY21/2:

468,744,889
479,894,618

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.

3

Consolidated Balance Sheet (FY22/2)
FY21/2(Feb 28, 2021)(JPY million)
FY22/2(Feb 28, 2022)

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 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

450,832
1,382
1,324
590
64,1092,698-167
120,771

46,458
1,819
1,324
2,547
68,666
2,613-633
122,798

68,277-7,60360,67328,893-4,702
24,191
122,592

66,501-10,292
56,20834,298-6,34527,953116,079

277

435

5,038

2,095

2,745
-1,1261,619

2,884-1,6181,265

214,392

204,038

968
1,272
1,797

1,580
1,365
605

4,038

3,551

5,147
10
605

3,463
270
883

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

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

5(JPY million)
FY22/2(Feb 28, 2022)
3,013
-131
7,498
215,089
337,887

(JPY million)
FY22/2(Feb 28, 2022)

FY21/2(Feb 28, 2021)
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

6

4,879
274
9,751

2,382
274
9,888

1,358

1,375

573
9
5,527

1,888
39
5,012

22,374

20,861

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

5,603
150,389
39,489
1,795
6,749
805

214,446
236,820

204,833
225,695

26,888
11,27573,160-11,988
99,33526,888
11,26876,310-13,423
101,043

90

25

-375

-254

-285

-228

1,007
10,197110,255
347,076961
10,415
112,191
337,887

Consolidated Income Statement (FY22/2)

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
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
Other
Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Valuation losses on securities investments
Allowance for doubtful accounts
Impairment loss
Other
Total Extraordinary Losses
Pre-Tax Income
Income Taxes – Current
Income Taxes – Deferred
7

FY21/2(Mar 1, 2020 toFeb 28, 2021)
61,36845,776
4,603
15,591
5,923
9,668(JPY million)
FY22/2(Mar 1, 2021 toFeb 28, 2022)
56,93440,757
5,278
16,177
6,159
10,018

17
78
–

29
30
38

243

98

78
417

164
361

2,338
17

2,341
–

29

53

279
241
2,906
7,179

157
355
2,908
7,471

720
–
–
720

3,248
15
120
3,383

–
114
144
27
1
288
7,610
2,622
-58

5
43
493
716
–
1,259
9,595
3,304
-403

Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income

8

FY21/2(Mar 1, 2020 toFeb 28, 2021)
2,564
5,046

(JPY million)
FY22/2(Mar 1, 2021 toFeb 28, 2022)
2,901
6,694

18

220

5,027

6,473

Consolidated Statement of Comprehensive Income (FY22/2)

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

FY21/2(Mar 1, 2020 toFeb 28, 2021)
5,046(JPY million)
FY22/2(Mar 1, 2021 toFeb 28, 2022)
6,694

-67

-65

21

121

-45
5,000

56
6,750

4,981

6,529

18

220

Consolidated Statement of Changes in Shareholders’ Equity(FY22/2 – Current Period)(JPY million)
Shareholders’ Equity

Balance as of Mar 1, 2021
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, 2022

CapitalCapitalReserve

Retained
Earnings

Treasury
Shares

Total
Shareholders’Equity26,888

11,27573,160-11,988

99,335-3,3046,473–-3,304
6,473

-18

-18

-6
–
26,888-6
11,2683,150
76,310-1,49964-1,49958-1,435-13,423

1,708
101,043

Other Comprehensive Income

Balance as of Mar 1, 2021
Changes in the Current
PeriodShare 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, 2022

Deferred Total Other
Valuation Gain
Stock Minority Total Net(Loss) CompreGain (Loss) on LongOptions Interests Assets
on OtherInterest hensive
Securities Term
Rate Hedges Income
90
-375
-285
1,007 10,197 110,255–-3,3046,473-18-1,499
58
-65

121

56

-46

-65
25

121
-254

56
-228

-46
961

10

217

227

217
1,935
10,415 112,191

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

Balance as of Mar 1, 2020
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, 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 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, 2021

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

11

10,013

9,986

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

Consolidated Cash Flow Statement (FY22/2)(JPY million)
FY22/2(Mar 1, 2021 toFeb 28, 2022)

FY21/2(Mar 1, 2020 toFeb 28, 2021)
Cash Flows from Operations:Pre-tax income
Depreciation
Share-based compensation expenses
Amortization of goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest expense
Losses (gains) on sale of securities
investments
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-Total

12

7,610
4,797
21
121
-24

9,595
5,644
73
149
29

161

505

-96
2,338

-60
2,341

–

-15

–
-720
27
114
–

5
-3,248
716
43
-120

925

-437

343

1,279

5,342

-3,873

4

2

61
-408
16

-60
-217
-74

654

-110

-437
94
-57
333

-113
25
795
-260

-323

-1,045

975

-204

-5
21,87035
11,403

FY21/2(Mar 1, 2020 toFeb 28, 2021)
96-2,119-4,46783
15,463

Interest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for) Operations

13(JPY million)
FY22/2(Mar 1, 2021 toFeb 28, 2022)
60-2,174-1,548198
7,939

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

14(JPY million)
FY22/2(Mar 1, 2021 toFeb 28, 2022)

-7
–
-547
10
-16,447

-7
30
-606
569
-5,7982,850

12,757-1,468
-3
15
–
-374
351
-7
-15,630

-195
-4
–
-16
-290
33
32
6,502

(JPY million)
FY22/2(Mar 1, 2021 toFeb 28, 2022)

FY21/2(Mar 1, 2020 toFeb 28, 2021)
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
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
PeriodCash and Cash Equivalents Resulting from
Exclusion from Consolidation
Cash and Cash Equivalents at End of Period

15

1,793
70

-2,497
–

-274

-274

51,877-48,996
3,300-1,301

26,552-32,940–-1,467

4–-2,99910,000-3,298-5
10,167-1,499–-3,230-2-15,360––

10,000-918

40,82650,590-237-3,45750,59046,214

Additional Notes
1. Restatement of Items in Consolidated Balance Sheet
From FY22/2, those items previously treated as “Solar power plants” and “Solar power plants
under construction” under Fixed Assets are restated as “Solar and wind power plants” and“Solar and wind power plants under construction” to reflect the start of operations at Ichigo’s
first wind power plant, the Ichigo Yonezawa Itaya ECO Power Plant.
As a result of the restatement, JPY 3,632 million of “Buildings and structures underconstruction” decreased, while JPY 3,632 million of “Solar and wind power plants underconstruction” increased in the FY21/2 Consolidated Balance Sheet.
2. Disclosure of Depreciation in Consolidated Income Statement
Ichigo focuses on maximizing long-term cash flows to shareholders. Because Depreciation isa non-cash expense that does not impact cash flows, from FY22/2 Ichigo is disclosing
Depreciation as a separate line item under Cost of Goods Sold to give investors more clarity
on Ichigo’s cash generation.
3. Reclassification of Fixed Assets
In FY22/2 Ichigo reclassified to Real Estate for Sale the following Fixed Assets that are
expected to be sold in the short-term.
(JPY million)
FY22/2(Feb 28, 2022)
56
Buildings and structures
Depreciation-15
Buildings and structures (net)
40
Land
641
Total
681

16

Notes to Consolidated Income Statement
1. Writedown of Intangible Asset
FY21/2 (March 1, 2020 to February 28, 2021)
N/A
FY22/2 (March 1, 2021 to February 28, 2022)
Ichigo wrote down the below asset in FY22/2.
(1) Asset and Writedown Amount
Asset

Type

Location

Impairment Loss

Operating Asset

Intangible Asset

Chiyoda-ku, Tokyo

JPY 716 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.

17

Revenue, P&L, and Assets by Segment (Current FY22/2)(Mar 1, 2021 to Feb 28, 2022)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

2,369

49,202

5,362

56,934–56,934

Inter-Segment
Activities or
Reclassifications

528

1

–

530

-530

–

2,898
1,839

49,203
6,069

5,362
2,134

57,465
10,043-530-2556,934
10,018

1,622

2,942

2,134

6,699

–

–

216

3,127

–

3,343

–

–

1,796

269,118

35,849 306,765

31,121

337,887

–

3,932

1,652

5,584

60

5,644

Impairment

–

716

–

716

–

716

Increase in
Property, Plant,
and Equipment
and Intangible
Assets

–

2,750

2,381

5,132

22

5,155

Total
Segment P&L1
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

1
2

Segment P&L is on an Operating Profit basis.
The Adjustment to Segment P&L (-JPY 25 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 31,121 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 22 million) reflects
corporate assets that were not allocated to the segments.
18

Revenue, P&L, and Assets by Segment (Previous FY21/2)(Mar 1, 2020 to Feb 30, 2021)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

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
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
Impairment
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 allocatedto the segments. The Adjustment to Depreciation (JPY 47 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 158 million) reflects corporate assets that were
not allocated to the segments.

19

Goodwill and Amortization by Segment (Current FY22/2)(Mar 1, 2021 to Feb 28, 2022)
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

63

15

149

–

149

631

777

172

1,580

–

1,580

Goodwill and Amortization by Segment (Previous 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

20

Per Share Information(JPY)

FY21/2(March 1, 2020 to February 28, 2021)
Net Assets per ShareNet Income per Share
Diluted Net Income per Share

FY22/2(March 1, 2021 to February 28, 2022)

209.81
10.48–

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

215.46
13.81–

Calculation of Net Income per Share and Diluted Net Income per Share is as follows:
FY21/2(March 1, 2020 toFebruary 28, 2021)
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)

FY22/2(March 1, 2021 to
February 28, 2022)

5,027

6,473

–

－

5,027

6,473

479,894

468,744

Increase in Shares Outstanding
during Period (thousand)––(of which are related to exerciseof employee stock options)(thousand)––Jan 13, 2015 Employee
Stock Options Outstanding:
1,180,700 shares

Jan 13, 2016 Employee
Stock Options Outstanding:
1,093,200 shares

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

Jan 13, 2017 Employee
Stock Options Outstanding:
1,554,500 shares

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

Jan 12, 2018 Employee
Stock Options Outstanding:
1,507,700 shares

Jan 12, 2018 Employee
Stock Options Outstanding:
1,563,800 shares

Jan 11, 2019 Employee
Stock Options Outstanding:
1,567,000 shares

Jan 11, 2019 Employee
Stock Options Outstanding:
1,644,500 sharesOct 14, 2020 Employee
Stock Options Outstanding:
1,897,900 sharesOct 14, 2020 Employee
Stock Options Outstanding:
1,988,000 shares

Apr 19, 2021 Employee
Stock Options Outstanding:
1,932,500 shares

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

Details of Potentially Dilutive Shares
Outstanding

21

Consolidated Cash Flow Statement (FY22/2 Q4 Stand Alone)(JPY million)
FY22/2 Q4(Dec 1, 2021 toFeb 28, 2022)

FY21/2 Q4(Dec 1, 2020 toFeb 28, 2021)
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 securities
investments
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-Total

1,192
1,364
27
-398

6,539
1,432
25
-277

141

505

-8
585

-15
569

－

-15

－

－

-720
27
－

-3,215
716
43
-120

126

138

17

181

-8,243

12,743

－

1

-176
6
27

-72
-167
-183

-237

36

535
-94
-22
165

431
20
630
-102

-43

-418

183

466

640
-4,902-129
19,766－22

FY21/2 Q4(Dec 1, 2020 toFeb 28, 2021)
8
-555
-325
-5,775Interest and dividends received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations

23(JPY million)
FY22/2 Q4(Dec 1, 2021 toFeb 28, 2022)
15
-584
-265
18,932

(JPY million)
FY22/2 Q4(Dec 1, 2021 toFeb 28, 2022)

FY21/2 Q4(Dec 1, 2020 toFeb 28, 2021)
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, and equipment
Proceeds from sale of property, plant, andequipment
Acquisition of intangible assets
Payments of security deposits
Payments received for loans receivable
Other

－

-1
30
-1

－

－

-2,670-2,3362,850

12,013

-725

-9

－

－

1
-10
-555

7
19
9,720

－
－

Net Cash from (Used for) Investments

24

(JPY million)
FY22/2 Q4(Dec 1, 2021 toFeb 28, 2022)

FY21/2 Q4(Dec 1, 2020 toFeb 28, 2021)
Cash Flows from Financing:
Net increase (decrease) in short-term loans
Repayment of maturing bond principal tobondholders
Proceeds from long-term loans
Repayment of long-term loans
Repayment of long-term non-recourse loans
Proceeds from employee exercise of stock
options
Share buyback
Proceeds from minority interests
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
PeriodCash and Cash Equivalents Resulting from
Exclusion from Consolidation
Cash and Cash Equivalents at End of Period

25

-593

-912

-96

-96

3,100
-3,166-641

6,902-21,698-623

3－-1,49910,000

－

－

－

－

－

7,104

-16,428－－774

12,224

49,81535,961－-1,971

50,59046,214－