[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 H1 Earnings
October 14, 2020
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
Submission of the Financial Report (Shihanki Hokokusho): October 15, 2020 (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. FY21/2 H1 Consolidated Financial Results (March 1, 2020 to August 31, 2020)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY21/2 H1
32,026 -30.7%
FY20/2 H146,185+77.1%

Note: Comprehensive Income

Operating Profit(JPY million) YOY
5,452 -63.9%
15,118+57.8%

13,189+59.0%

8,612+53.6%

FY21/2 H1: JPY 2,473 million (-73.8% YOY)
FY20/2 H1: JPY 9,445 million (+70.0% YOY)

FY21/2 H1Net Income
per Share(Basic, JPY)
5.77 -67.3%

Net Income
per Share(Diluted, JPY)––

FY20/2 H1

17.64

17.64

+56.0%(2) Consolidated Financial Condition
Total Assets(JPY million)
FY21/2 H1
341,664
FY20/2(YOY = year-on-year % change)
Recurring Profit
Net Income(JPY million) YOY (JPY million) YOY
4,252 -67.8%
2,778 -67.7%

333,726+56.2%Net Assets(JPY million)
100,742

Shareholder
Equity Ratio
29.1%

Net Assets per
Share (JPY)206.62

101,60730.1%

208.49Note: Shareholders’ Equity FY21/2 H1: JPY 99,536 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 H1

10,593-13,608

8,266

45,840FY20/2 H1-7,169-8,32318,602

37,208

Note: Economic Operating Cash Flow (Cash Flows from Operations excluding net change in Real Estate
and Power Plants for Sale)
FY21/2 H1: JPY 4,654 million FY20/2 H1: JPY 12,279 million
2. Dividends
Dividend per Share (JPY)First Second Third Fourth
Quarter Quarter Quarter Quarter Total
FY20/2
FY21/2(Forecast)

–

–

–

7

Total
Dividend(JPY million)
7
3,372

–

7

7

Payout Ratio
41.5%
42.2%
~ 96.4%

Dividend on
Equity(DOE)
3.4%

3. FY21/2 Full-Year Consolidated Earnings Forecast (March 1, 2020 to February 28, 2021)(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)FY21/27,400-53.5%
5,000~ 12,900 ~ -73.3% ~ 10,400-57.4%
3,500-2.5%~ -79.5% ~ 8,000 ~ -57.3%

7.26
-1.7%
~ 16.6 ~ -57.0%

Note: Given Covid uncertainty, Ichigo is forecasting its FY21/2 earnings as a range. For details,
please see “FY21/2 Full-Year Earnings Forecast (March 1, 2020 – February 28, 2021)” on
page 4.
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

(3) Number of outstanding common shares(i) Number of outstanding shares (including treasury shares) at period-end
FY21/2 H1:
505,371,918
FY20/2:505,368,918(ii) Number of treasury shares at period-end
FY21/2 H1:
23,637,400
FY20/2:
23,637,400(iii) Average number of outstanding shares (excluding treasury shares) during the period
FY21/2 H1:
FY20/2 H1:481,734,388
488,234,390

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

5. FY21/2 Full-Year Earnings Forecast (March 1, 2020 – February 28, 2021)
Ichigo revised up its FY21/2 full-year forecast and announced its FY21/2 dividend forecast in theJuly 14, 2020 release “FY21/2 Full-Year Earnings Forecast Revision.”
Ichigo provides a full-year earnings forecast, but not a half-year forecast, because we believe thelonger full-year forecast is more consistent with global best practice and the focus of Japan’s
Corporate Governance Code on growing long-term sustainable corporate value.
Ichigo is focused on earnings growth (not revenue growth), with a particular focus on growing longterm EPS, so does not issue a Revenue forecast.
Reflecting Covid uncertainties, Ichigo is forecasting its FY21/2 earnings as a range.
In line with its Progressive Dividend Policy, Ichigo is forecasting its FY21/2 Dividend to be JPY 7(unchanged from FY20/2).
While Covid is impacting hotel and retail asset rental income, Ichigo does not expect it to affect thecarrying value of its Sustainable Real Estate assets.
(JPY million)
EPS
(JPY)

Operating
ProfitRecurring
ProfitNet Income

Initial Forecast (A)6,200~12,900

3,400~10,400

2,000~8,000

4.15~16.60

Revised Forecast (B)7,400~12,900

5,000~10,400

3,500~8,000

7.26~16.60

Change (B) – (A)% Change+1,200+19.4%+1,600+47.1%+1,500+75.0%+3.11+74.9%

Reference:
FY20/2 Actual

27,721

24,395

8,201

16.89

4

Consolidated Balance Sheet (FY21/2 H1)(JPY million)
FY20/2(Feb 29, 2020)

FY21/2 H1(Aug 31, 2020)

AssetsCurrent Assets
Cash and cash equivalents
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

5

41,067
2,308
1,324
902
68,2903,721-6
117,60846,083
1,366
1,324
617
62,3573,625-23
115,352

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

67,351-6,35960,992
28,100-3,98624,114125,012
2,927
1,442
2,325
-877
1,447

206,198

215,936

1,090
687
705

1,022
1,269
842

2,482

3,134

4,321
510
568

4,423
10
616

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

6(JPY million)
FY21/2 H1(Aug 31, 2020)
2,282
-91
7,240
226,311
341,664

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 (duewithin 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(JPY million)
FY21/2 H1(Aug 31, 2020)

3,086
274
12,277

5,713
274
6,547

1,178

1,350

2,416
33
5,013

1,038
217
3,836

24,28018,978

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

6,015
163,466
41,737
1,853
7,955
914

207,838
232,119

221,942240,921

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

26,886
11,272
70,911-8,988100,081

158

-128

-397

-416

-239

-545

988
184
101,607
333,726

1,023
183
100,742
341,664

Consolidated Income Statement (FY21/2 H1)
FY20/2 H1(Mar 1, 2019 toAug 31, 2019)46,18527,56018,624
3,505
15,118(JPY million）
FY21/2 H1(Mar 1, 2020 toAug 31, 2020)
32,02623,342
8,683
3,231
5,452

2
39

8
58

–

186

17

35

60

288

1,149
55

1,161
20

237

20

431
115

155
132

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

1,989
13,189

1,489
4,252

11
169
35

–
–
–

Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Valuation losses on securities investments
Other

215

–

27
–
–

–
114
1

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

27
13,378
3,831
9,546
933
8,612

116
4,136
1,355
2,780
1
2,778

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

Net Income8Consolidated Income Statement (FY21/2 Q2 Stand-Alone)
FY20/2 Q2(Jun 1, 2019 toAug 31, 2019)19,895
11,566
8,329
1,747
6,581

(JPY million）
FY21/2 Q2(Jun 1, 2020 toAug 31, 2020)
9,296
5,902
3,394
1,592
1,802

1
4
2

4
4
18

7

27

591
15

587
10

138

62

194
66

147
72

Total Non-Operating Expenses
Recurring Profit
Extraordinary Losses
Loss on disposal of fixed assets
Other

1,007
5,582

881
948

–
–

–
1

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

–
5,581
1,737
3,844
–
3,843

1
947
332
614
–
613

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

Net Income

9Consolidated Statement of Comprehensive Income (FY21/2 H1)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 interests10

FY20/2 H1(Mar 1, 2019 toAug 31, 2019)
9,546(JPY million）
FY21/2 H1(Mar 1, 2020 toAug 31, 2020)
2,780

-72

-286

-28

-19

-101
9,445

-306
2,473

8,511

2,471

933

1

Consolidated Statement of Comprehensive Income (FY21/2 Q2 Stand-Alone)(JPY million）
FY20/2 Q2
FY21/2 Q2(Jun 1, 2019 to(Jun 1, 2020 toAug 31, 2019)
Aug 31, 2020)
Pre-Minority Interest Net Income
3,844
614
Other Comprehensive Income
Valuation gains (losses) on other securities-34-64
Deferred gains (losses) on long-term-16-10
interest rate hedges
Total Other Comprehensive Income-51-74
Comprehensive Income
3,793
539
Comprehensive income attributable to
3,792
538
common shareholders
Comprehensive income attributable to––minority interests

11Consolidated Cash Flow Statement (FY21/2 H1)(JPY million）
FY21/2 H1(Mar 1, 2020 toAug 31, 2020)

FY20/2 H1(Mar 1, 2019 toAug 31, 2019)
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
Valuation losses on securities investments
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 deposits received
Increase (decrease) in security deposits
received
Other

13,378
1,241
124
87
248

4,136
2,193
35
67
184

1

16

-42
1,149
-169

-66
1,161
–

-11

–

–

114

-178

941

3,636

316

-19,308

5,928

–

3

-104
-235
97

172
-437
–

-844

793

-764
55
633

-875
37
123

-36

-161

251

Sub-TotalInterest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded-792
42-1,029-5,389–-570
14,11666-1,054-2,61983

Net Cash from (Used for) Operations-7,16910,59312

FY20/2 H1(Mar 1, 2019 toAug 31, 2019)
Cash Flows from Investments:
Payments into time deposits
Proceeds from withdrawal 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
Acquisition of consolidated subsidiary
Payments of loans receivable
Other

-108
2,062
-1,832
111

-3
–
-47
–

-7,951-12,473

-315
-2
–
-20
-187
-92
12

-716
-3
15
–
–
-368
-11
-13,608-8,323

Net Cash from (Used for) Investments

13(JPY million）
FY21/2 H1(Mar 1, 2020 toAug 31, 2020)

(JPY million）
FY21/2 H1(Mar 1, 2020 toAug 31, 2020)

FY20/2 H1(Mar 1, 2019 toAug 31, 2019)
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
Payments to minority interests
Dividends paid
Dividends paid to minority interests

1,840
2,858

2,627
70

-56

-137

40,248-17,862

40,983-34,729

5,300

3,300

-8,269

-546

2

1

-767
-1,276-3,415–
18,602––-3,297
-3
8,266

–

–

Increase (Decrease) in Cash and Cash
Equivalents

3,110

5,251

Cash and Cash Equivalents at Beginning of
Period45,02940,826

Cash and Cash Equivalents Resulting from
Exclusion from Consolidation-10,930-237

Cash and Cash Equivalents at End of
Period37,20845,840Net Cash from (Used for) Financing
Effect of Exchange Rate Change on Cashand Cash Equivalents

14Consolidated Cash Flow Statement (FY20/2 Q2 Stand-Alone)(JPY million）
FY21/2 Q2(Jun 1, 2020 toAug 31, 2020)

FY20/2 Q2(Jun 1, 2019 toAug 31, 2019)
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
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational
securities investments
Decrease (increase) in real estate for sale
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 deposits received
Increase (decrease) in security deposits
received
Other
Sub-TotalInterest and dividends received
Interest expense paid
Income taxes paid
Income taxes refunded
Net Cash from (Used for) Operations

15

5,581
630
61
43
-2

947
1,147
27
40
12

–

15

-5
591

-8
587

148

319

3,024

10

-15,928
-227
-116
45

-4,185
-118
-208
21

-812

893

60
-49
37

203
-60
124

261

-94

442
-6,2115-565-1,030
–

-269
-593
8
-559
-464
83

-7,802-1,524

FY20/2 Q2(Jun 1, 2019 toAug 31, 2019)
Cash Flows from Investments:
Payments into time deposits
Proceeds from withdrawal 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
Acquisition of consolidated subsidiary
Payments of loans receivable
Other
Net Cash from (Used for) Investments

16(JPY million）
FY21/2 Q2(Jun 1, 2020 toAug 31, 2020)-105
53-1,739–––-2,950-2,860

-245
–
–
-187
-52
13

-105
–
–
–
–
–

-5,212-2,968

(JPY million）
FY21/2 Q2(Jun 1, 2020 toAug 31, 2020)

FY20/2 Q2(Jun 1, 2019 toAug 31, 2019)
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
Dividends paid
Dividends paid to minority interests-1,351
2,858

1,347
–

-56

-96

25,443-5,69827,468-24,871

5,300

3,300

-6,542

-434

2

–

-767
-72
–

–
-62
-1

19,117

6,649

–

–

Increase (Decrease) in Cash and Cash
Equivalents

6,101

2,156

Cash and Cash Equivalents at Beginning of
Period35,522

43,922

Cash and Cash Equivalents Resulting from
Exclusion from Consolidation-4,415-237

Cash and Cash Equivalents at End of
Period37,20845,840Net Cash from (Used for) Financing
Effect of Exchange Rate Change on Cashand Cash Equivalents

17

Revenue, P&L, and Assets by Segment (Current FY21/2 H1)(Mar 1, 2020 to Aug 31, 2020)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

948

28,5092,568

32,026–32,026

Inter-Segment
Activities or
Reclassifications

283

–

–

284

-284

–

1,231
606

28,510
3,729

2,568
1,171

32,310
5,508

-284
-55

32,026
5,452

568

1,789

1,171

3,530

–

–

38

1,939

–

1,978

–

–

1,496

276,152

35,842 313,491

28,172

341,664

–

1,471

701

2,173

20

2,193

–

10,3072,283

12,591

21

12,612

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
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 55 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 28,172 million) reflects corporate assets, such as cash and deposits, that were
not allocated to the segments. The Adjustment to Depreciation (JPY 20 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 21 million) reflects
corporate assets that were not allocated to the segments.

18

Revenue, P&L, and Assets by Segment (Previous FY20/2 H1)(Mar 1, 2019 to Aug 31, 2019)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

1,164

42,9182,102

46,185–46,185Inter-Segment
Activities or
Reclassifications

517

–

–

517

-517

–

1,681
908

42,91913,372

2,102
833

46,703
15,114-517
446,185
15,118

766

5,049

833

6,649

–

–

141

8,323

–

8,465

–

–

1,861

285,101

30,574 317,536

24,800342,337

–

687

540

1,227

13

1,241

–

5,745

2,222

7,967

114

8,081

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
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 4 million) reflects transaction eliminations and corporate
expenses that were not allocated to the segments. The Adjustment to Segment Assets (JPY24,800 million) reflects corporate assets, such as cash and deposits, that were not allocated to thesegments. The Adjustment to Depreciation (JPY 13 million) reflects depreciation of corporate
assets that were not allocated to the segments. The Adjustment to Increase in Property, Plant, andEquipment and Intangible Assets (JPY 114 million) reflects corporate assets that were notallocated to the segments.

19

Revenue, P&L, and Assets by Segment (Current FY21/2 Q2 Stand-Alone)(Jun 1, 2020 to Aug 31, 2020)(JPY million)
Segment
AmountRecordedin
Asset
Sustainable Clean
Adjustment2
Financial
Management Real Estate Energy Total
Statements
(AM)
(SRE)
(CE)
Revenue
Revenue from
External
Customers

447

7,569

1,279

9,296

–

9,296

Inter-Segment
Activities or
Reclassifications

142

–

–

142

-142

–

Total
Segment P&L1

589
272

7,569
981

1,279
577

9,439
1,831

-142
-28

9,296
1,802

265

546

577

1,389

–

–

7

434

–

441

–

–

1,496

276,152

35,842 313,491

28,172

341,664

–

780

353

1,133

10

1,144

–

1,280

1,776

3,056

-33

3,023

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
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 28 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment Assets(JPY 28,172 million) reflects corporate assets, such as cash and cash equivalents, that were notallocated to the segments. The Adjustment to Depreciation (JPY 10 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 33 million) reflects corporate assetsthat were not allocated to the segments.

20

Revenue, P&L, and Assets by Segment (Previous Q2 Stand-Alone)(Jun 1, 2019 to Aug 31, 2019)(JPY million)
Segment
AmountRecordedin
Asset
Sustainable Clean
Adjustment2
Financial
Management Real Estate Energy Total
Statements
(AM)
(SRE)
(CE)
Revenue
Revenue from
External
Customers

537

18,275

1,082

19,895–19,895Inter-Segment
Activities or
Reclassifications

228

–

–

228

-228

–

Total
Segment P&L1

766
388

18,275
5,727

1,082
456

20,124
6,572

-228
9

19,895
6,581

351

2,520

456

3,328

–

–

36

3,207

–

3,243

–

–

1,861

285,101

30,574 317,536

24,800342,337

–

351

271

623

7

630

–

1,483

1,761

3,245

63

3,308

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
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1

Segment P&L is on an Operating Profit basis.

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 24,800 million) reflects corporate assets, such as cash and cash equivalents, thatwere not allocated to the segments. The Adjustment to Depreciation (JPY 7 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 63 million) reflects
corporate assets that were not allocated to the segments.

21