May 12, 2022

Summary of Consolidated Financial Statements for FY2022(the Fiscal Year Ending March 31, 2022)＜under Japanese GAAP＞

Company Name:

Mitsubishi Estate Co., Ltd.

Listed Stock Exchanges: Tokyo

Securities Code:
Representative:

8802
Junichi Yoshida, President & CEO
Motohiro Sato, General Manager of the
Corporate Communications Department

URL: https://www.mec.co.jp/index_e.html

Inquiries:
Annual General Meeting of
Shareholders (Planned):

TEL: +81-3-3287-5200
Date for Payment ofJune 29, 2022

June 30, 2022

Dividends (Planned):

Filing of Securities Report
June 29, 2022
(Planned):
Supplementary documents on financial results: Yes
Information meetings arranged related to financial results: Yes (for institutional investors and analysts, in Japanese)*Figures are rounded down to the nearest million.
1. Consolidated Results for FY2022 (April 1, 2021 – March 31, 2022)* Percent figures for operating revenue, operating profit, ordinary profit, and profit attributable to owners of parent express the percentage changes from thecorresponding period of the previous fiscal year.
(1) Consolidated Results
Profit Attributable
Operating Revenue
Operating Profit
Ordinary Profit
to Owners of Parent
Millions of yen

FY2022
1,349,489
FY2021
1,207,594
Note: Comprehensive Income:
FY2022%Millions of yen%

Millions of yen%

Millions of yen

%

11.8
(7.3)

278,977
224,394

24.3
(6.8)

253,710
210,965

20.3
(3.9)

155,171
135,655

14.4
(8.6)

¥262,605 million (57.1%)

EPS

Diluted EPS

FY2021

ROE¥167,166 million (35.9%)

Income before Taxes
and Special Items
to Total Assets
%
4.0
3.5

Operating Income
to Operating Revenue

Yen
Yen
%
%
FY2022116.45116.448.1
20.7
FY2021101.34101.33
7.6
18.6(Reference) Equity in Earnings of unconsolidated subsidiaries and affiliates:
FY2022 ¥332 million
FY2020 ¥307 million* The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since the beginning of the current
consolidated fiscal year. Figures for the fiscal year ending March 31, 2022 are stated after the application of the said accounting standard, etc.
(2)Consolidated Financial Position
Total Assets

Net Assets

Millions of yen

Total Equity to Total Assets

Millions of yen

Net Assets per Share%

Yen

Mar. 31, 2022
6,493,917
2,236,432
30.8
1,514.58
Mar. 31, 2021
6,072,519
2,061,447
30.5
1,383.47(Reference) Total Equity
Mar. 31, 2022
¥2,003,225 million
Mar. 31, 2021
¥1,851,899 million* The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since the beginning of the current
consolidated fiscal year. Figures for the fiscal year ending March 31, 2022 are stated after the application of the said accounting standard, etc.
(3)

Consolidated Cash Flows
Cash Flows
from Operating Activities

FY2022
FY2021

Cash Flows
from Investing Activities

Cash Flows
from Financing Activities

Cash and Cash Equivalents
at the End of the Period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

280,090
207,414(313,778)(297,303)

90,97350,425234,244
172,307-1-

2. Dividends
Dividends per ShareFY2021
FY2022
FY2023(Planned)

1Q

2Q

3Q

4Q

Yen
－
－

Yen
12.00
16.00

Yen
－
－

Yen
19.00
20.00

Yen
31.00
36.00

－

19.00

－

19.00

38.00

Cash Dividends Paid

Dividend Payout(Annual)Ratio (Consolidated)

AnnualMillions of yen
41,496
47,793

Cash Dividends to
Net Assets(Consolidated)

%
30.6
30.9

%
2.3
2.5

30.5

3. Forecast of Consolidated Financial Results for FY2023 (April 1, 2022 — March 31, 2023)* Percent figures for operating revenue, operating profit, ordinary profit, and profit attributable to owners of parent express the percentage changes from theprevious fiscal year.
Profit Attributable
EPS
Operating Revenue
Operating Profit
Ordinary Profit
to Owners of Parent
Millions of yen

Full Fiscal Year

1,416,000%

4.9

Millions of yen%

291,000

Millions of yen

4.3%

271,000

Millions of yen

6.8

165,000

%

6.3

Yen

124.75

4. Others(1) Changes in Important Subsidiaries during the Period (Changes in Specified Subsidiaries in accordance with Changes in the Scope of Consolidation): Yes
New Consolidation: Zama Development SPC
Exclusion: (2) Changes in Accounting Principles, Procedures, Presentation Methods, etc., Concerning the Preparation of Consolidated Financial Statements (Recorded under“Changes in Significant Matters in the Preparation of Consolidated Financial Statements”)
1)

Changes of accompanying revisions in accounting standards: Yes

2)

Changes of accompanying revisions other than 1. above: No

3)

Changes in accounting estimates: No

4)

Retrospective restatement: No(3) Number of Outstanding Shares (Common Stock)1)

Number of outstanding shares at the fiscal period-end (including treasury stock)2)

Number of shares of treasury stock at the fiscal period-end

3)

Average number of shares for the period (quarterly consolidated cumulative basis)Mar. 31, 2022
Mar. 31, 2022
Mar. 31, 2022

1,391,478,706 shares
68,852,376 shares
1,332,466,105 sharesMar. 31, 2021

1,391,328,316 sharesMar. 31, 2021

52,733,879 sharesMar. 31, 2021

1,338,587,848 shares

Implementation status of review processes
This Summary of Consolidated Financial Results is not subject to the review processes under the Financial Products and Exchange Law.
Cautionary Statement with respect to Forecast of Consolidated Financial Results
The forecasts and projected operating results contained in this report are based on information and data available to the Company at the time of disclosure as well as
certain assumptions deemed rational. Therefore, actual performance may differ significantly from such forecasts due to various factors.
Details can be found on our website. (https://www.mec.co.jp/e/investor/irlibrary/materials/index.html)
Please refer to FACT BOOK for the details of revisions to the forecast of consolidated financial results announced today.

-2-1. Business Results and Financial Position(1) Segment Information
Commercial Property Business
Development, leasing, and management of office buildings, retail, logistics, hotels, airports and other facilities, parking business and district heating andcooling business.
Residential Business
Development, sales, leasing, management, renovation and brokerage of condominiums and houses, new town development, leisure facility
management and design and construction of custom-built housing.
International Business
Real estate development, leasing and management overseas.
Investment Management Business
Real estate investment management
Architectural Design & Engineering Business and Real Estate Services Business
Construction, civil engineering and interior design administration, brokerage, management, leasing, real estate related consulting and parking business.
(2) Business Results
FY2021
Operating revenue
Operating profit
Ordinary profit
Profit attributable to owners of parent

Commercial Property BusinessResidential Business
International Business
Investment Management BusinessArchitectural Design & Engineering Businessand Real Estate Services Business
Other
Eliminations or Corporate
Total（million yen）
Net Change
141,894
54,58342,744
19,516FY2022
1,207,594
224,394
210,965
135,655

1,349,489
278,977
253,710155,171

FY2021(From April 1, 2020 to March 31, 2021)
Operating revenue
Operating profit
672,441
180,775
362,755
24,068114,457
37,932
22,1995,966（million yen）
FY2022(From April 1, 2021 to March 31, 2022)
Operating revenue
Operating profit
760,658
189,909
380,959
30,173
121,234
55,816
46,702
26,53756,064959

57,780

2,802

9,055
(29,378)
1,207,594(1,089)(24,219)
224,394

10,134(27,979)
1,349,489(1,683)(24,578)
278,977-3-

(3) Information regarding sales, gains or losses, assets and others, by reportable segment
FY2021 (From April 1, 2020 to March 31, 2021)（million yen）
Reportable segments
AmountArchitectural

recorded indesign &Commercial
Property
Business

Residential

International

Business

Business

Other

Adjustments

consolidated*2

financial

Investment

engineering

managementbusiness andbusinessreal estate

statements

services*3

Subtotal

*1

Total

business
Operatingrevenue
Externalcustomers

665,257

361,335

114,399

20,50544,746

1,206,243

1,351

1,207,594-

1,207,594

7,184

1,419

57

1,694

11,31821,674

7,704

29,378(29,378)-

672,441

362,755

114,457

22,19956,064

1,227,917

9,055

1,236,973(29,378)

1,207,594

180,775

24,06837,932

5,966

959

249,703(1,089)248,613(24,219)

224,394

4,167,287

673,344929,869

77,58656,067

5,904,155

25,367

5,929,523

142,995

6,072,519

71,713

4,120

8,599

1,359

909

86,701130

86,832

2,274

89,107

196,728

73,16971,341

114

989

342,342

349

342,692

10,939353,631

Internal sales
and transfer
amount among
segments
Subtotal
Segment profit orloss *3
Segment assets
Other items
Depreciation *4
Increase inproperty, plantand equipment
and intangible
assets *4-4-

FY2022 (From April 1, 2021 to March 31, 2022)（million yen）
Reportable segments
Architectural

Amountdesign &Commercial
Property
Business

Residential

International

Business

Business

Investment

engineering

managementbusiness andbusinessreal estate

Subtotal

Other *1

Total

recorded in

Adjustments

consolidated*2

financialstatements *3

servicesbusiness

Operating revenue
Externalcustomers

755,066

379,415

121,397

44,53347,5991,348,013

1,476

1,349,489-

1,349,489

5,592

1,543

(163)

2,168

10,18019,321

8,658

27,979(27,979)-

760,658

380,959

121,234

46,702

57,7801,367,334

10,134

1,377,469(27,979)

1,349,489

189,90930,17355,816

26,5372,802

305,239(1,683)

303,555(24,578)

278,977

4,273,287

666,928

1,130,973

108,984

57,7596,237,934

25,352

6,263,287

230,630

6,493,917

73,315

4,570

8,460

1,681

894

88,923

147

89,071

2,510

91,581

169,453

53,410123,234

978

1,112

348,19099348,289(595)

347,694

Internal sales andtransfer amountamong segments
Subtotal
Segment profit(loss) *3
Segment assets
Other items
Depreciation *4
Increase inproperty, plantand equipment
and intangible
assets *4
Note:

1. The “Other” category represents operating segments that are not included in reportable segments.
2. The adjustments column for segment profit (loss) includes elimination of intersegment transactions and corporate expenses not allocated to each reportablesegment. These corporate expenses mainly consist of general and administrative expenses not attributable to reportable segments. The adjustments column
for segment assets includes corporate assets and the elimination of intersegment transactions not allocated to each reportable segment. The adjustments
column for depreciation is amortization of corporate assets and elimination of intersegment transactions. The adjustments for the Increase in property,
plant and equipment and intangible assets is the increase in corporate assets and elimination of intersegment assets.
3. The segment profit (loss) is adjusted to operating profit in the consolidated statements.
4. In other items, the depreciation and the increase in property, plant and equipment and intangible assets include the amortization and increase in long-term
prepaid expenses.

-5-(4) Segment data (Operating Revenue Breakdown )(a) Commercial Property Business（million yen）

Leasing

Marunouchi Area Office Building

FY2021(From April 1, 2020 to March 31, 2021)

FY2022(From April 1, 2021 to March 31, 2022)

Contracted area

Operating revenue

Contracted area

Operating revenue(square meters)*1(square meters)*1(Owned by MEC)

1,349,034(Subleases)

397,171

Tokyo Area Office Building(Owned by MEC)

584,645(Outside of Marunouchi)(Subleases)

929,890

Office Building(Owned by MEC)

609,128(Outside of Tokyo)(Subleases)

277,194

Outlet Mall

(Store area)

334,539

Other *2

248,249
140,51459,45740,027(Owned by MEC) 1,360,974(Subleases)

404,672(Owned by MEC)

602,738(Subleases)

897,046(Owned by MEC)

595,315(Subleases)

289,964(Store area)

334,488

256,967
149,361
60,45044,164-36,175-35,242

Sales of assets-

52,878-

126,878

Other*3-

95,139-87,593-

672,441-

760,658

Total
Note: 1. Including revenue from other segments.

2. Including independent shopping center, logistics facility, etc.
3. Including property management, hotel, dividend from unconsolidated SPV (including capital gain through SPV), etc.
(b) Residential Business（million yen）
FY2021(From April 1, 2020 to March 31, 2021)
Number of sales, etc.
Condominiums sold *2

FY2022(From April 1, 2021 to March 31, 2022)

Operating revenue *1

Number of sales, etc.

Operating revenue *1

3,476 (units)

203,513

3,046(units)

212,335

Condominium management

350,682 (units)

55,102

345,327(units)

56,664

Custom-built housing-

32,045-38,910Other-

72,094-73,049-362,755-

380,959

Total

Note: 1. Including operating revenue from other segments.
2. Based on MEC's shares for joint business properties.
(c) International Business（million yen）
FY2021(From April 1, 2020 to March 31, 2021)
Contracted area, etc.

Operating revenue(square meters)
Development / Leasing

US

Contracted area

424,009

Management area

97,527

EuropeContracted area

246,763

Asia

Contracted area

61,555

Condominium sold
Other
Total

FY2022(From April 1, 2021 to March 31, 2022)

75,582
22,131
15,5042,552(units)

Contracted area, etc.

Operating revenue(square meters)
Contracted area

443,817

Management area

97,527

Contracted area

62,321

Contracted area

58,757

Condominium sold1,634(units)

90,1693,828
26,722

-

1,238

-

513

-

114,457-

121,234

Note: Including revenue from other segments.

-6-

(d) Investment Management Business（million yen）
Operating revenue
FY2021(From April 1, 2020 to March 31, 2021)
Investment management
Total

FY2022(From April 1, 2021 to March 31, 2022)

22,19946,702

22,19946,702

Note: Including revenue from other segments.
(e) Architectural Design & Engineering Business and Real Estate Services Business(million yen）
FY2021(From April 1, 2020 to March 31, 2021)
Number of sales, etc.

Operating revenue

Architectural Design &Project orders

1,200

Engineering

Sales

1,279

Real estate brokerage

Number of brokerage

Operation and management

Number of parkingof parking

management

Other
Total

FY2022(From April 1, 2021 to March 31, 2022)

20,472931
56,596

Number of sales, etc.

7,368
10,447

Project orders

1,245

Sales

1,284

Number of brokerage

1,118

Number of parking
management

58,418Operating revenue
20,615
8,961
10,472-

17,775-

17,730-56,064-57,780Note: Including revenue from other segments.

-7-

2. Rental Properties
The Company and some of its consolidated subsidiaries own office buildings for lease, commercial facilities for lease and others in Tokyo and other areas including
overseas countries (the United States and the United Kingdom, etc.) for the purpose of obtaining revenue from leases. Some office buildings for lease in Japan are
regarded as real estate including space used as rental properties since they are used by the Company and some of its consolidated subsidiaries. The carrying valueon the consolidated balance sheet as of March 31, 2022and the fair value of these rental properties and real estate including space used as rental properties are as
follows:(million yen）
FY2021(From April 1, 2020 to March 31, 2021)

FY2022(From April 1, 2021 to March 31, 2022)

Rental Properties
Book value
As of April 1

3,502,759

3,565,590

Net Change

62,830160,214

As of March 31

3,565,590

3,725,804

7,441,369

7,924,196

As of April 1

545,580

545,404

Net Change(176)(4,079)545,404

541,325

919,848916,224

Fare value
Real estate including space used as rental properties
Book value

As of March 31
Fair value

Note: 1. The book value represents the acquisition cost less accumulated depreciation and accumulated impairment loss.
2. The fair value is based on the following:(1) The fair value of real estate in Japan is calculated by the Company based mainly on the Real Estate Appraisal Standards.
(2) The fair value of real estate in overseas countries is appraised principally by local real estate appraisers.
The income or loss from rental properties and real estate including space used as rental properties for the years ended March 31, 2021 and 2020 are as follows:
FY2021(From April 1, 2020 to March 31, 2021)

FY2022(From April 1, 2021 to March 31, 2022)

Rental properties
Rental revenue

475,309503,737

Rental costs

304,405

329,374

Difference

170,903

174,3635,622(17,577)

Rental revenue

43,63944,552

Rental costs

34,28934,562Difference

9,349

9,990

Other income (loss)(2,026)(777)

Other income (loss)
Real estate including space used as rental properties

Note: Rental revenue excludes that from real estate including space used as rental properties that was used by the Company and some of its consolidated subsidiaries
for leasing service and operating management.

-8-

3. Consolidated Forecasts FY2023 (From April 1, 2022 to March 31, 2023)（million yen）

Operating revenue
Operating profit
Ordinary profit
Profit attributable to owners of parent

FY2022(From April 1, 2021 to March 31, 2022)
1,349,489
278,977
253,710155,171

FY2023 (Forecasts)(From April 1, 2022 to March 31, 2023)
1,416,000
291,000
271,000
165,000

Net Change
66,511
12,023
17,2909,829（million yen）

Commercial Property BusinessResidential Business
International Business
Investment management businessArchitectural design & engineering businessand real estate services business
Other
Eliminations or Corporate
Total

FY2022(From April 1, 2021 to March 31, 2022)
Operating revenue
Operating profit
760,658
189,909
380,959
30,173
121,234
55,816
46,702
26,537

FY2023 (Forecasts)(From April 1, 2022 to March 31, 2023)
Operating revenue
Operating profit
788,000
182,000
345,000
27,000205,000
94,00035,00013,00057,7802,802

62,0004,000

10,134(27,979)
1,349,489(1,683)(24,578)
278,977

11,000(30,000)
1,416,000(2,000)(27,000)
291,000

4. Basic Policy regarding Profit Distribution / Dividends for the Current and Next Fiscal Year
Although the Company recognizes capital requirements for future business developments such as the redevelopment of Marunouchi, it focuses on the provision ofan appropriate return to all shareholders as a key point of the basic policy on shareholders return by considering overall performance levels and businessenvironment in real estate market etc. In terms of dividends for FY2022 and FY2023, the Company has decided to aim for consolidated payout ratio of 30%.
The Company has set the interim dividends at ¥ 16 per share and the year-end dividends at ¥ 20 per share. Since the profit attributable to owners of parent achieved
155,171 million yen in consolidated financial statements for FY2022, the year-end dividends are expected to be ¥ 20 per share as scheduled (annual dividend payoutis ¥ 36 per share).
As the above dividends policy, forecasts and other factors were taken into account, the interim dividends are expected to be ¥ 19 per share and the year-end
dividends at ¥ 19 per share, and the annual dividend payout at ¥ 38 per share for FY2023 (Ending March 31, 2023). The company intends to decide dividends inaccordance with the number of eligible shares aiming for consolidated payout ratio of 30%.

-9-

(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Trade notes and accounts receivable
Trade notes accounts receivable, andcontract assets
Securities
Real estate for sale
Real estate for sale in process
Real estate for development
Costs on construction contracts inprogress
Other inventories
Equity investments
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation andimpairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation andimpairment
Machinery,equipment
andvehicles, net
LandLand in trust
Construction in progress
Other
Accumulated depreciation andimpairment
Other, net
Total
property,plant
andequipment
Intangible assets
Leasehold interests in land
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Leasehold and guarantee deposits
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-10-

As of March 31, 2022

170,040
52,031

233,117－－60,645

4,626
88,116
267,563
975

4,280
41,239299,532
724

7,144

4,316

1,034
496,182
76,875(553)
1,164,037

1,575
624,521
87,260(422)
1,356,789

2,815,474

2,919,944(1,636,709)(1,689,430)

1,178,764
103,387

1,230,513
99,855(72,927)(68,647)

30,46031,2082,237,934
578,446
136,273
57,2212,310,551
585,470
169,700
61,398(39,207)(42,852)

18,013

18,545

4,179,893

4,345,989

76,19324,901
101,095

82,541
25,550108,092

281,996
11,661
136,478
34,37016,536
146,455(6)
627,493
4,908,481
6,072,519

299,6172,324
140,230
45,99825,887
169,535(548)
683,045
5,137,127
6,493,917

(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Trade notes and accounts payable
Short-term borrowings
Current
portionof
long-term
borrowings
Commercial papers
Current portion of bonds payable
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Leasehold and guarantee deposits
received
Deferred tax liabilities
Deferred tax liabilities for land
revaluation
Retirement benefit liability
Provision for retirement benefits for
directors (and other officers)
Provision for environmental measures
Negative goodwill
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated
othercomprehensive
incomeValuationdifferenceonavailable-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreigncurrencytranslation
adjustment
Remeasurements of defined benefit
plans
Total
accumulated
othercomprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-11-

As of March 31, 2022

60,507
141,785

60,516
182,052

127,643

79,92850,00065,00024,457
193,043
662,437－
90,00029,445
189,099
631,043745,759
1,393,858

786,335
1,598,562

466,891

451,749

243,818

274,176

264,082

264,082

27,12327,402

662

464

4,537
83,604
118,294
3,348,634
4,011,071

888
85,526137,252
3,626,441
4,257,484

142,279
164,367
1,058,457(105,216)
1,259,887

142,414
159,749
1,165,344(132,483)
1,335,024

118,088

130,841(1,916)526,417103
526,417(53,740)

2,162

3,163

8,675

592,011668,200231
209,316
2,061,447
6,072,519

201
233,005
2,236,432
6,493,917

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 31, 2021
Operating revenue
Operating costs
Operating gross profit
Selling,
generalandadministrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted forusing equity method
Contribution for construction
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of shares of subsidiaries andassociates
Reversal of provision for environmental
measuresTotal extraordinary income
Extraordinary losses
Loss related to retirement of non-current
assetsImpairment losses
Loss on liquidation of subsidiaries
Loss on infectious disease
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent-12-

Fiscal year ended
March 31, 2022

1,207,594
889,830
317,764

1,349,489
974,724
374,765

93,37095,787224,394

278,977871
16,095

800
7,197

307

332

－
9,018
26,292

1,455
6,532
16,31921,623
6,448
11,64839,720210,965

20,742
12,404
8,438
41,586
253,710

13,582
3,021

6,781
7,987

－

1,843

－

3,576

16,603

20,1892,099

16,254

4,679
13,826*1 5,698
26,304201,265
44,647
9,548
54,195147,069

3,866－－
20,120253,779
60,331
10,55870,889
182,889

11,41427,718135,655

155,171

(Quarterly Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2021
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit
plans, net of tax
Share of other comprehensive income ofentities accounted for using equity
methodTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests-13-

Fiscal year ended
March 31, 2022

147,069

182,889

38,566

12,754352(44)(26,143)

1,508－
59,588

7,309

5,519

57

344

20,097167,166

79,715
262,605

157,093

231,360

10,07331,244

(3) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale and retirement ofproperty, plant and equipment
Loss (gain) on sale of securities
Loss (gain) on sale of shares ofsubsidiaries and associates
Loss (gain) on liquidation of subsidiaries
Impairment losses
Bond issuance costs
Amortization of goodwill
Proceeds
fromcontribution
forconstruction
Share of loss (profit) of entities accounted
for using equity method
Increase (decrease) in provisions
Increase (decrease) in retirement benefit
liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in trade receivables
and contract assets
Decrease (increase) in inventories
Decrease(increase) in equity investments
Decrease (increase) in advance payments
to suppliers
Decrease (increase) in leasehold andguarantee deposits
Increase (decrease) in trade payables
Increase(decrease)inaccruedconsumption taxes
Increase (decrease) in leasehold andguarantee deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Proceeds from withdrawal of time
deposits
Payments into time deposits
Proceeds from sale and redemption of
securities
Purchase of securities
Proceeds from sale of property, plant andequipment
Purchase of property, plant andequipment-14-

Fiscal year ended
March 31, 2022

201,265
89,107

253,779
91,581(7,263)

12,557(3,021)(7,987)－(1,843)

13,826
4,679
1,057
3,022

－
3,866
435
2,544

－

(1,455)

(307)

(332)

(322)

(3,526)(1,553)(3,855)(16,966)
21,602(3,157)(7,997)
20,742－－(6,948)56,443(21,048)

116,993(30,267)(1,771)

266(10,342)(3,722)(3,821)474(9,023)

1,555

7,837

(15,024)(50,494)
269,747
16,673(21,605)(57,400)(76,589)345,246
7,704(20,653)(52,206)

207,414280,090

657

2

(12)

(411)

2,688

1,461

(3,294)(1,514)30,403

14,570(315,784)(328,591)

Proceeds from sale and redemption of
investment securities
Purchase of investment securities
Purchase of leasehold interests in land
Proceeds from collection of short-termloans receivable
Short-term loan advances
Proceeds from collection of long-termloans receivable
Long-term loan advances
Proceeds from sale of shares ofsubsidiaries resulting in change in scopeof consolidation
Purchase of shares of subsidiaries
resulting in change in scope of
consolidation
Proceeds from contribution received forconstruction
Other, net
Net cash provided by (used in) investing
activities

14,186

9,562(16,712)(4,056)(7,488)
(523)

5,104

50

(850)

(4,960)

112

9,545

(588)

(74)

－

1,883

－

(455)

－

1,455

(9,156)(8,289)(297,303)(313,778)(Millions of yen)
Fiscal year ended
March 31, 2021
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Net increase (decrease) in commercial
papersRepayments of finance lease obligations
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of shares of subsidiaries not
resulting in change in scope of
consolidation
Net decrease (increase) in treasury
sharesDividends paid
Dividends paid to non-controllinginterests
Proceeds from share issuance tonon-controlling shareholders
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period-15-

Fiscal year ended
March 31, 2022

27,40026,104－(50,000)(630)
252,874(163,891)
184,281(201,550)(378)
261,114(118,951)
129,564(65,000)(113)(10,442)(23)(29,861)(40,117)(46,792)(11,035)(11,457)

3,037

7,054

194

18

50,42590,973(1,237)

4,651(40,701)

61,937

213,008

172,307172,307234,244