May 25, 2017
Toranomon 2-chome Tower, 2-3-17
Toranomon Minato-ku, Tokyo,
105-0001 JAPANTEL: +81-3-5511-2255
FAX: +81-3-5511-2259

Financial Report for the Fiscal Year Ended March 2017
Mori Trust Group recently announced its consolidated business performance for the year ended
March 31, 2017(FY 2017).
The Group consists of 28 consolidated companies, including MORI TRUST CO., LTD., MORI
TRUST BUILDING MANAGEMENT CO., LTD., and MORI TRUST HOTELS & RESORTS CO.,LTD., and three equity-method affiliates.
[Mori Trust Group Consolidated Financial Report](April 1, 2016– March 31, 2017)

Operating revenue and ordinary income for the fiscal year ended March 2017 were 140.2 billion yen (down 14.0%
year-on-year) and 39.1 billion yen (up 11.5% year-on-year) respectively. Net income attributable to the parent
company’s shareholders was a record high of 60 billion yen (up 76.1% year-on-year).

(Figures in millions of yen; figures less than one million yen are rounded down.)
FY2016FY2017FY2018(Projection)

Operating revenue

163,063

140,261

160,000

Operating income

41,23130,31632,000Ordinary income

35,107

39,14730,000Net income attributable to parent
company’s shareholders. *34,09560,05430,000* From the fiscal year ended March 2016, the account title “Net income” is changed to “Net income attributable to parent company’s shareholders.

Operating revenue breakdown
Rental related business

62,65462,76768,000Hotel related business

28,52829,82434,000Real estate sales business

60,47536,46546,000

Other business（contract work,etc）

11,404

11,203

12,000Total assets

1,042,528

1,044,664―

Net assets

341,440

397,790―

Total assets and net assets

1Overview of FY 2017 business performance○ Revenue of the Leasing Business increased to 62.7 billion yen, mainly attributable to maintaining high occupancy rates
of existing buildings and seeing a boost in revenue that resulted from the revised rent increase. This was despite negative
impacts from stopping the operations of Toranomon 4-chome MT Building in conjunction with the start of the constructionof the Tokyo World Gate building, and selling some properties.

○Revenue of the Hotel Business was 29.8 billion yen, mainly attributable to high occupancy rates that continued from theprevious year, and the full-year operation of Courtyard by Marriott Shin-Osaka Station which opened in November 2015.

○Revenue of the Real Estate Sales Business was 36.4 billion yen, while revenue of Other Businesses was 11.2 billion yen,mainly backed by an increase in contracted work for interiors and repairs to external properties.
As a result, operating revenue and operating income amounted to 140.2 billion yen and 30.3 billion yen respectively. Net
income attributable to parent company’s shareholders marked a record high of 60.0 billion yen, chiefly due to the transfer ofassets to MORI TRUST Hotel Reit, Inc. which was listed in February 2017.

■ Profit attributable to owners of parent*
70,00060,00050,00040,00030,00020,00010,0000(million)

13/3

14/3

15/3

16/3

17/3

* From the fiscal year ended March 2016, the account title “Net income” is changed to “Net income attributable to parent company’s shareholders.

Business Performance Projections for FY 2017
○Revenue of the Leasing Business is projected to be 68.0 billion yen, mainly backed by the increased rent revenue ofexisting buildings, in addition to a full-year contribution by 10 St. James Avenue and 75 Arlington Street both of which
are located in Boston, Massachusetts, the U.S. and were acquired in January 2017.

○Revenue of the Hotel Business is projected to be 34.0 billion yen, largely attributable to full-year operations of Sheraton
Okinawa Sunmarina Resort which was acquired in December 2016, the openings of Izu Marriott Hotel Shuzenji, Fuji
Marriott Hotel Lake Yamanaka, Karuizawa Marriott Hotel, Lake Biwa Marriott Hotel, and Nanki-Shirahama Marriott
Hotel respectively, and higher average daily rates (ADR) of existing hotels.

○Revenue of the Real Estate Sale Business is projected to be 46.0 billion yen due to sales of condominiums and officebuildings, while revenue of Other Businesses is forecast to be 12.0 billion yen.
As a result, operating revenue and operating income are projected to be 160.0 billion yen and 32.0 billion yen respectively.
Net income attributable to parent company’s shareholders is forecast to amount to 30.0 billion yen.

Projections contained in this document have been made on the basis of information available when it was
released. Due to various unforeseeable factors, actual performance may differ from such projections.
2Financial Conditions of Mori Trust Group■ Trends of Capital Stock and Capital Adequacy Ratio
Capital stock and capital adequacy ratio for the year ended March 2017 were 377.1 billion yen and 36.1% respectively. Withaggressive investments to be continued, the capital adequacy ratio is projected to be over 40%, mainly thanks to cumulative
earnings from business activities.
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,0000(million)

40%
35%
30%
25%
20%
15%
10%
5%
0%
13/3期
13/3

14/3期
14/3

15/3期
15/3

Capital
Stock
自己資本

16/3期
16/3

17/3期
17/3

Capital Adequacy Ratio
自己資本比率■ Investments and Sales Amount on Real Estate
The Mori Trust Group is proactively investing in excellent-quality real estate properties at home and abroad. Meanwhile,
the Group maintains and reinforces the soundness of its financial position by appropriately replacing assets through sales tofund management companies, institutional investors or business corporations.
250,000
200,000
150,000
100,000
50,0000
15/3
16/3
Investments
Sales Amount*Including real estate properties in the U.S. which were obtained in January 2017.
(million)

14/3

17/3

■ Fair Value of the Group’s Real Estate
The fair value of the entire real estate which the Group owns amounted to 1,688.1 billion yen with unrealized gains of
826.6 billion yen. The Group is committed to contributing to society through continued investments and development
which bring added value to real estate.

(Figures in millions of yen; figures less than one million yen are rounded down.)
Fair value

Carrying value

Unrealized gains

1,688,180

861,491

826,688

Business real estate

1,321,054

644,695

676,358

Real estate for Sale

367,126

216,796

150,330

Entire real estate**Including real estate properties in the U.S. which were obtained in January 2017.

3

【Reference】
Mori Trust Holdings Inc. Non-consolidated Financial Report(Figures in millions of yen; figures less than one million yen are rounded down.)
FY2016FY2017

Operating revenue

17,616

13,417

Operating income

17,495

13,132

Ordinary income

17,56012,950Net income

16,673

12,271

Total assets

194,382

696,558

Net assets

128,592

140,530

Total assets and net assets*Mori Trust Holdings Inc. is the parent company which owns all the issued shares of MORI TRUST Co., Ltd.
*The business and financial management of the Mori Trust Group companies were transferred from MORI TRUST
CO., LTD. to Mori Trust Holdings Inc. in the fiscal year ended March 2017.

4

FY 2017 Key Business Topics

With the concept of Globalize Japan, Localize the World, the construction commenced in
November 2016. The aim is to develop a hub which will serve as a base for businessactivities and exchange to support innovation, forming functions to attract global players
and innovators and have them stay, and creating a base to disseminate Japan’s brand to theworld.

Location

Toranomon, Minato-ku, Tokyo

Site area

16,210.61 ㎡ (4,903.7 tsubo)

Total
floor area
Numberof floors

195,190.69 ㎡ (59,045.1 tsubo)

Building completed(schedule)

2020

Primary use

Offices, shared office, conference center, industry
training center, subdivided residence, luxury hotel andserviced apartments, medical facility for foreign patients,
shop & restaurant, shrine

38 floors.above ground
3 floors.below ground5

Ginza 2-chome project©隈研吾建築都市設計事務所・安藤ハザマ JV 作成©隈研吾建築都市設計事務所・安藤ハザマ JV 作成©隈研吾建築都市設計事務所・安藤ハザマ JV 作成

The development project will be undertaken in a collaborative effort between Mr. Kengo Kuma, a prominentarchitect in the world, who will be engaged in the design of the building and interior, and Mori Trust which will
provide development know-how. The aim is to create an international hotel having amenities and functionality tomeet the needs of global travelers who are accustomed to superior forms of travelling.

Location

2-8-15, Ginza, Chuo-ku, Tokyo

Guest room

About 100 rooms

Site area

663.31 ㎡ （200.6 tsubo）

Starting date2020

Other Projects
Akasaka 2-chome project

Mita redevelopment project

The project was proposed as an addition to the

We are considering re-developing land with an area

Urban Re-generation Project at the meeting of theof approximately 11,000 ㎡ in the Shinagawa-Mita

Tokyo Metropolitan National Strategic Special Zone

area which has the project for a new station on the

in February 2017.

Yamanote Line in the pipeline.

Location

Akasaka, Minato-ku, Tokyo

Location

Mita, Minato-ku, Tokyo

Primary use

Office, Hotel, Japanese brandoffering function

Site area

approx. 11,000 ㎡

Building completed

2022 (schedule)

Building completed

To be determined

6Real estate acquisition -“Advance 2027” The First Overseas
Investment-

Following the policy of “ Advance 2027, ” we have decided to acquire two office buildings in Boston,
Massachusetts, on January 5, 2017, as the first overseas investment project in the Vision.
The properties to be acquired by this agreement are located in the Back Bay District, which is a popular office areawith exclutive fashion boutiques, restaurants, hotels and residences also found in the vicinity. The properties are twobuildings with a total rentable floor space of about 825,000 square feet, a complex of a Class A modern high-risebuilding, rare in this area, and an over 100 year-old historical building.
10 St. James Avenue won “BOMA Moston 2016 TOBY (the Outstanding Buildin of the Year) & Industry Awards, ”
one of the greatest programs in the US to recognize commercial real estate, and have garnered an extremely highreputation for their function, design and othe aspects.

Name(1) 10 St. James Avenue(2) 75 Arlington Street

Location

10 St. James Avenue, Boston, MA02116

75 Arlington Street, Boston, MA02116

Rental area

approx. 52,564 ㎡ (approx. 565,793 sq. ft)

approx. 24,060 ㎡ (approx. 258,979 sq. ft)

Number of floors

19 fl. above the ground / 4 fl. below the ground

10 fl. above the ground / 1 fl. below the ground

Building completed

2000

1913 （renovated 2009 - 2013）7

Hotels & Resorts
Rebrand & New development
In a bid to make the tourism industry a growth driver for the next generation, the Mori Trust Group aims to create
inbound demand by proactively inducing foreign-capital hotels to rural resort areas and contribute to regional
revitalization. In addition, it will engage in large-scale complex urban development projects. The Group is planning todevelop three new hotels in the center of Tokyo, and ten in rural areas, while rebranding five existing hotels into Marriott
Hotels, a steering a total of eighteen hotel projects. We hope to help realize Japan’s growth strategy that aims to make it a
tourism-driven country, by letting the world know about Japan’s rich sightseeing resources, such as seasonal scenery,abundant hot springs, profound history and culture, world heritage sites, and dynamic and vibrant cities.

8Acquisition projects at the local
Sheraton Okinawa SunMarina Resort

With the highest AA ranking authorized by the Ministry of Environment, this resort hotel is located in front of abeautiful white sandy beach with all guest rooms having balconies overlooking the ocean. We had the hotel rebranded
as Sheraton in June 2016, and are also considering a new development project within the same site. We are committed
to contributing to society by helping to make Japan an advanced tourism-driven country, and we will do this by letting
world travelers know about the abundant sightseeing resources in Okinawa which are comparable with other famous
beach resorts in the world.
Address

66-1, Fuchaku, Onna-son, Kunigami-gun, Okinawa

Site area

82,775.07 ㎡

Guest room

246 rooms

Total floor area

28,310.49 ㎡

Hida Takayama project ( Location : Takayama, Gifu )Hida Takayama is a notable sightseeing spot in Japan, characterized by an old townscape which showcases thecharm of a castle town of the Edo era (it is a preservation district of a national important historic building). Mori Trustis considering opening a luxurious foreign-capital hotel there for the first time in this area.

Sapporo Odori Park project ( Location : Sapporo, Hokkaido )The development area is in an excellent location where people can enjoy seasonally attractive scenery. Leveraging
the features of this excellent location, we will consider carrying out a large-scale complex development project
centered on a foreign-capital hotel

Gorakansuiro ( Location : Gora, Hakone-machi, Kanagawa )Gora-Kansuiro is a well-established traditional Japanese hotel (ryokan) that opened in 1949 through the acquisitionof a vacation house which had been built in 1921 by the Iwasaki family of the former Mitsubishi Zaibatsu. The ryokan
has 14 guest rooms including Kinkatei in which Emperor Showa and Empress Kojun stayed in 1955.

9

Listing of specialized hotel REIT

The Mori Trust Group aims to help enhance the tourism industry in Japan and revitalize
the hotel investment market by offering an opportunity for investments in high-quality
and attractive hotel assts. In February 2017, MORI TRUST Hotel Reit, Inc. was listedon the stock exchange. The company is a REIT focused on the investment managementof hotel assets which include highly valued properties located in prestigious urban
districts.

Shangri-La Hotel, Tokyo
Location

1-8-3, Marunouchi, Chiyoda-ku, Tokyo (MARUNOUCHI TRUST TOWER MAIN 1F/27-37F, B1F)

Guest room

200 rooms

Starting date

March 2009

Courtyard by Marriott Tokyo Station
Location

2-1-3, Kyobashi, Chuo-ku, Tokyo (KYOBASHI TRUST TOWER 1-4F)

Guest room

150 rooms

Starting date

April 2014

Courtyard by Marriott Shin-Osaka Station
Location

1-2-70, Miyahara, Yodogawa-ku, Osaka-shi, Osaka

Guest room332 rooms

Starting dateNovember 2015

Hotel Sunroute Plaza Shinjuku
Location

2-3-1, Yoyogi, Shibuya-ku, Tokyo

Guest room

624 rooms

Starting date

10

September 2007

Mori Trust Group : Total Floor Area Leased or Managed■Number of rental / managed facilities (as of March 31, 2017）○ Rental buildings：Approx. 1,360,000 ㎡ (122 buildings)○ Hotel & Resort facilities：21 hotels (Number of rooms：Approx. 3,400）

Mori Trust Group : Summary of Consolidated Companies
MORI TRUST CO., LTD.

FORETSEINE CO., LTD.

Location
ChairmanPresident
Established
CapitalBusiness sectors

Location
President
Established

Toranomon, M inato-ku, Tokyo
Akira M ori
M iwako Date
June 10,1970
30 billion yen
Real estate development, hotel management andinvestment business

CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Nobuo Konomi
M arch 31, 2011
(date of foundation since incorporation-type company split)
100 million yen
Planning and development of urban type condominium forsales and rental management

MORI TRUST BUILDING MANAGEMENT CO., LTD.

Toyo Green Building Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Yasutsugu Sakai
April 1, 2002
100 million yen
Comprehensive building services for building management, interior
design management & renovation, and planning & consulting.

Toranomon, M inato-ku, Tokyo
Nobuo Konomi
M arch 1, 1978
90 million yen
Condominium management service

MORI TRUST HOTELS & RESORTS CO., LTD.

URBAN LIFE Co., Ltd. (Code：8851)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Kitashinagawa, Shinagawa-ku, Tokyo
M iwako Date
February 7, 1973
100 million yen
Operation of hotel chains & golf courses, M anagement of
tourism information center, M eeting room lease, Innovative R&D

M otoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Nobuo Konomi
July 31, 1970
3.405 billion yen
Development, planning, sales, and rental of condominiums,
office buildings and stores

MAMPEI HOTEL CO., LTD.

URBAN LIFE JUUTAKUHANBAI Co., Ltd.

Location
Chair
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
M iwako Date
M amoru Fukuda
1894
100 million yen
Ownership and operation of the M ampei HotelM otoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Kenkichi Takatsu
July 29, 1982
300 million yen
Planning and sales of condominiums, dealing,
brokerage of leasing and operations of real estate

MT&Hilton Hotel Co., Ltd.

STUDIO-KOA Co.,Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
Kazuo Asano
October 22, 2004
20 million yen
M anagement of the Conrad Tokyo

Higashiashiyamachi, Ashiya-shi, Hyogo
M asako Omoto
November 18, 2002
10 million yen
Housing refurbishments

MT GOLF DEVELOPMENT CO., LTD.

NIHON ESLEAD CORPORATION (Code：8877)

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, M inato-ku, Tokyo
M asamori Toyoshima
November 19, 2004
100 million yen
Ownership and operation of Laforet & M atsuo Golf Club

Fukushima，Fukushima-ku，Osaka-shi
Sugio Aramaki
M ay 8, 1992
1,983 million yen
Sale of condominiums, Real estate replacement business,
Real estate rental business, etc

Sun Marina Operations Co., Ltd.

ESLEAD KANRI CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Onna-son，Kunigami-gun，Okinawa
Shigeru Sakai
April 1, 1987
100 million yen
Operation of the Sheraton Okinawa Sun M arina Resort

11

Fukushima，Fukushima-ku，Osaka-shi
Sugio Aramaki
M ay 20, 1996
10 million yen
Condominium M anagement and Rental M anagement
Businesses

SOUDEN CORPORATIONMORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Hiroshi Nakazawa
M ay 17, 2006
90 million yen
Electricity M anagement Business

Toranomon, M inato-ku, Tokyo
Satoshi Horino
February 28, 2000
400 million yen
Operation of real estate investment trusts

E・L CONSTRUCTION CORPORATIONMORI TRUST Hotel Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Yasutaka Kidouchi
June 14, 2006
55 million yen
General Contract and Renovation Businesses

Toranomon, M inato-ku, Tokyo
Nobuyuki Endo
August 20, 2015
200 million yen
Operation of real estate investment trusts

ESLEAD JYUTAKU RYUTU CO. LTD

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Hiroyuki Harima
M ay 8, 2007
10 million yen
Real Estate Transaction,Asset M anagement

and Real Estate Rental Businesses
ESLEAD HOUSE CORPORATIONAZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osakashi
Kazuhiro Yasuda
June 20, 2016
10 million yen
Sale of detached houses

Toranomon, M inato-ku, Tokyo
M asahide Kasahara
November 6, 1989
300 million yen
Local heating and cooling services
in the Shiroyama Garden and adjacent area

Nihonbashi, Chuo-ku, Tokyo
M asayoshi Takahashi
August 11, 1947
499 million yen
M anufacturing and selling cold drawn special steel shapes

MT GENEX CORPORATION (Code：9820)

MORI America LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Toranomon, M inato-ku, Tokyo
Hitoshi Suzuki
October 1945
Approx. 1.072 billion yen
Facelift of building and housing, andparking operation management, etc.

County of New Castle, Delaware 19808 U.S.A.
November 7, 2016
Real estate business in the United States

Toyo Housing Management, Inc.

MT BACK BAY ONE LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Roppongi, M inato-ku, Tokyo
Nobuo Konomi
November 27, 1979
10 million yen
Leasing management and operations of real estate

County of New Castle, Delaware 19808 U.S.A.
November 4, 2016
Ownership of 10 St. James Avenue and 75 Arlington Street in
BostonMORI TRUST INSURANCE SERVICE CORPORATIONMORI America Management LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Toranomon, M inato-ku, Tokyo
Hitoshi Suzuki
January 25, 2016
10 million yen
Nonlife insurance agent and life insurance solicitor

County of New Castle, Delaware 19808 U.S.A.
December 16, 2016
Real estate management service in the United States(as of M arch 31, 2017)

Mori Trust Group : Summary of Equity – Method Affiliates
MORI TRUST Sogo Reit, Inc. (Code：8961)

MORI TRUST Hotel Reit, Inc.

Location
Established
Business sectors

Location
Established
Business sectors

Toranomon, M inato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate

Toranomon, M inato-ku, Tokyo
January 15, 2016
Investment in real estate and asset-backed
securities investing primarily in real estate

Aichi Road Concession Co.,Ltd.
Location
Established
Business sectors

Hikozucho, Handa-shi, Aichi
August 3, 2016
Road maintenance and management in the Aichi prefecture district
and surrounding regions and associated road improvement works(as of M arch 31, 2017)

MORI TRUST Asset Management Co., Ltd. and MORI TRUST Hotel Asset Management Co., Ltd. plan to newly appoint the following
individuals to the position of President and Representative Director respectively at the General Meeting of Shareholders in June 2017.
New President and Representative Director (Plan)

MORI TRUST Asset Management Co., Ltd.
MORI TRUST Hotel Asset Management Co., Ltd.

： President and Representative Director Masayuki Yagi
： President and Representative Director Amane Sakamoto

12Consolidated Balance Sheets (as of March 31, 2017 and 2016)(\ millions)
2016

MORI TRUST CO., LTD. and its consolidated subsidiaries
2017
AssetsⅠ．Current assets
1 Cash and deposits
2 Notes and accounts receivable-trade
3 Short-term investment securities
4 Real estate for sale
5 Real estate for sale in process
6 Real estate for development
7 Other inventories
8 Deferred tax assets
9 Other
Allowance for doubtful accounts
Total current assets
Ⅱ．Noncurrent assets
1 Property, plant and equipment（1) Buildings and structures, net（2) Machinery, equipment and vehicles, net（3) Tools, furniture and fixtures, net（4) Land（5) Construction in progress（6) Other, net
Total property, plant and equipment
2 Intangible assets（1) Leasehold right（2) Goodwill（3) Other
Total intangible assets
3 Ｉｎｖｅｓｔｍｅｎｔs and other assets（1) Investment securities
Investments in unconsolidated subsidiaries and（2)
affiliates（3) Long-term loans receivable（4) Deferred tax assets（5) Guarantee deposits（6) Other
Allowance for doubtful accounts
Total iｎｖｅｓｔｍｅｎｔs and other assets
Total noncurrent assets
Total assets
Note: Figures less than one million yen are rounded down.

13

184,334
5,130
13,87334,365
181,812
618
1,353
5,429
12,520(15)
439,422

154,111
17,131
48,532
42,903
155,694
618
1,531
4,547
8,533
(28)
433,575

130,391
5,035
1,728
430,5963,081
1,900
572,734

129,134
5,203
1,316
436,872
1,691
1,910
576,129

3,257
56
426
3,740

3,258
112
423
3,794

18,75422,444

-

-

133
439
6,801
2,704
(66)
28,766605,241
1,044,664

161
407
3,664
2,435
(82)
29,029608,953
1,042,528

(\ millions)
Liabilities
Ⅰ．Current liabilities
1 Notes and accounts payable-trade
2 Short-term loans payable
3 Current portion of long-term loans payable
4 Accounts payable-other
5 Income taxes payable
6 Accrued expenses
7 Advances received
8 Deposits received
9 Provision for bonuses
10 Other
Total current liabilities
Ⅱ．Noncurrent liabilities
1 Long-term loans payable
2 Long-term lease deposited
3 Long-term guarantee deposited
4 Long-term deposits received
5 Deferred tax liabilities
6 Net defined benefit liability
7 Asset Retirement Obligation
8 Other
Total noncurrent liabilities
Total liabilities
Net assets
Ⅰ．Shareholders' equity
1 Capital stock
2 Capital surplus
3 Retained earnings
Total shareholders' equity
Ⅱ．Valuation and translation adjustments
1 Valuation difference on available-for-sale securities
2 Revaluation reserve for land
3 Remeasurements of defined benefit plans
Total valuation and translation adjustments
Ⅲ．Non-controlling interests
Total net assets
Total liabilities and net assets
Note: Figures less than one million yen are rounded down.

14

2017

2016

9,661
44,546
9,964
4,059
24,073
750
7,475
1,273
661
478
102,943

14,60433,873122,075
5,800
14,128
980
6,195
1,373
610
296
199,939

423,999
48,90851,258277
12,423
2,571
1,324
3,167
543,930
646,873384,369
48,991
51,896
281
8,875
2,586
1,323
2,823
501,148
701,088

30,0009,998
336,889
376,888

30,0009,845
282,548
322,393

268
(125)
274
20,627397,790
1,044,664

357
17
(543)
△ 167
19,213
341,440
1,042,528

Consolidated Statements of Income (For the years ended March 31, 2017 and 2016)(\ millions)
Ⅰ．Operating revenue
Ⅱ．Operating cost
Operating gross profit
Ⅲ．Selling, general and administrative expenses
Operating income
Ⅳ．Non-operating income
1 Interest and dividends income
2 Gain on sales of securities
3 Gain on valuation of securities
4 Foreign exchange gain
5 Gain on investments in partnership etc.
6 Other
Total non-operating income
Ⅴ．Non-operating expenses
1 Interest expenses
2 Loss on valuation of securities
3 Equity in losses of affiliates
4 Other
Total non-operating expenses
Ordinary income
Ⅵ．Extraordinary income
1 Gain on sales of noncurrent assets
2 Gain on sales of investment securities
3 Other
Total extraordinary income
Ⅶ．Extraordinary loss
1 Loss on retirement of noncurrent assets
2 Loss on sales of investment securities
3 Other
Total extraordinary losses
Income before income taxes
and minority interests
Income taxes-current
Income taxes for prior periods
Income taxes-deferred
Net income
Net income attributable to non-controlling interests
Net income attributable to parent company’s shareholders
Note: Figures less than one million yen are rounded down.

15

2017
140,261
94,16746,094
15,77730,316

2016
163,063
107,11355,94914,717
41,231

1,072
2,618
5,678
2,739
12,109

568
4,765
1,246
905
7,486

3,016
262
3,278
39,147

3,289
8,427
1,894
13,611
35,10750,615
1,330
51,946

8,497
9,401
3
17,902

429
202
1,935

526
59
585

89,15852,42424,9672,358
61,831
1,777
60,054

14,9182,036
35,468
1,373
34,095