June 4，2020
MORI TRUST CO., LTD.
TEL: +81-3-5511-2255 FAX: +81-3-5511-2259

Financial Report for the Fiscal Year Ended March 2020
Mori Trust Group recently announced its consolidated business performance for the year ended
March 31, 2020(FY 2020).
The Group consists of 30 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, 2019 – March 31, 2020)○ In the term ended March 2020, we achieved the final targets of “Advance 2027,”
our medium- to long-term vision, seven years ahead of schedule. Operating
revenue was 233.6 billion yen (up 33.6% compared to the previous term) andoperating income was 58.7 billion yen (up 70.7% compared to the previous term).
Also, in addition to robust office business, the operation of newly acquired
properties and real estate sales made contributions and both operating revenue
and operating income increased for three consecutive terms.
○ Because each business segment performed steadily, income increased for the third
consecutive term, with ordinary income at 60.1 billion yen (up 66.2% compared tothe previous term), and net income attributable to owners of the parent at 40.3
billion yen (up 0.3% compared to the previous term).
○ For the fiscal year ending March 2021, we expect operating revenue of 220 billion
yen (down 5.8% compared to the previous term), operating income of 47 billion yen(down 20.0% compared to the previous term), and net income attributable toowners of the parent of 30 billion yen (down 25.6% compared to the previous term).

1(Figures in millions of yen; figures less than one million yen are rounded down.)
FY2019FY2020

FY2021(Projection)

Operating revenue

174,868

233,638

220,000

Operating income

34,436

58,79147,000Ordinary income

36,19660,18845,00040,22740,35730,000Rental related business

67,97473,256

Hotel related business

37,212

38,536

Real estate sales business

55,130104,615

14,551

17,230Total assets

1,076,523

1,171,365

Net assets

435,002466,202

Net income attributable to parent
company’s shareholders.

Operating revenue breakdown

Other business（contract work,etc）

Total assets and net assets

2

Highlights of FY 2020 business performance○ In “leasing-related business,” the operation of the office buildings in San Jose, which we
acquired in March 2019 contributed for about nine months and the maintenance of highoccupancy rates at existing properties such as “Shiroyama Trust Tower” and“Marunouchi Trust Tower” as well as an increase in unit prices due to factors such as
rent revisions contributed, and we recorded operating revenue of 73.2 billion yen, an
increase of 5.2 billion yen compared to the previous term.
○ In “hotel-related business,” although the spread of COVID-19 infections impacted
operation rates in the fourth quarter, unit prices increased because of increased demand
for accommodation due to the holding of the Rugby World Cup from September 20, 2019
and the operation of the “Hilton Odawara Resort & Spa” acquired in September 2019
also contributed for four months, resulting in an increase in sales for the eighthconsecutive term. We recorded operating revenue of 38.5 billion yen, an increase of 1.3
billion yen compared to the previous term, and a record high.
○ “Real estate sales business” recorded operating revenue of 104.6 billion yen, an increaseof 49.5 billion yen compared to the previous term, with condominium sales performingstrongly and office sales contributing, while “other business” recorded operating revenueof 17.2 billion yen, an increase of 2.7 billion yen compared to the previous term.
As a result of the above, operating revenue finished at 233.6 billion yen, operating
income at 58.7 billion yen and net income attributable to owners of the parent at 40.3 billion
yen. In addition, we also achieved the numerical targets established for the final year of“Advance 2027,” our medium- to long-term vision, of operating revenue of 230 billion yen
and operating income of 55 billion yen seven years ahead of schedule.

Business Performance Projections for FY 2021
As our results for the term ending March 2021, we expect operating revenue of 220
billion yen, operating income of 47 billion yen and net income attributable to owners of
the parent of 30 billion yen.
The above forecasts have been calculated to the extent possible at this point in time
given the difficulty in predicting the state of containment of COVID-19 infections andthe associated resumption of economic activities. Please note that actual results mayvary depending on the timing of containment of COVID-19 infections.
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.

3Financial Conditions of Mori Trust Group■ Trends of Capital Stock and Capital Adequacy Ratio
The capital stock and capital adequacy ratio for the fiscal year ended March 2020 were440.5 billion yen and 37.6% respectively.
500,000

40.0%

400,000

30.0%

300,000
20.0%
200,000
10.0%

100,000
0(million)

14/3期
14/3

15/3期
15/3

16/3期
16/3

17/3期
17/3

Capital Stock

18/3期
18/3

19/3期
19/3

0.0%

20/3期
20/3

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

FY2019FY2020Operating revenue

12,737

14,198Operating income

12,447

13,905

Ordinary income

15,85615,003

Net income

13,904

13,422

Total assets

754,533

748,167

Net assets

176,939

189,422

Total assets and net assets*Mori Trust Holdings Inc. is the parent company which owns all the issued shares of MORI TRUST Co., Ltd.

4

FY 2020 Key Business Topics■ REAL ESTATE
Under our office business vision “Creative First,” we are promoting the supply of officebuildings that meet diversifying office needs.
As for new property, the construction of “Kamiyacho Trust Tower,” the large complex that
forms the core of “Tokyo World Gate,” in Toranomon, Minato Ward, Tokyo, was completed on
March 16, 2020. Following the completion of construction, we opened up the exterior of thesite, including about 5,000 m2 of green space, to the public. In addition, a new ward roadconnecting Edomizaka and Sakurada-dori and a natural-feeling subway passageway wereopened aimed at easing congestion on surrounding roads.
As for existing properties, we opened “Cozy Works Gotenyama” at “Gotenyama Trust
Tower,” small offices that provide private space where people can work as if they were living
there, and we opened “Nursery Room Miraiz” at “Shiroyama Trust Tower,” a corporate-led
daycare center that supports recent needs of workers returning to work after maternity andchildcare leave.

Tokyo World Gate/ Kamiyacho Trust Tower（completed on March 16, 2020）

The Toranomon-Kamiyacho area is being developed as an international business base,and this is a project combining various business and exchange functions aimed at serving
as a gate between Japan and the world. Following the completion of construction of the core
“Kamiyacho Trust Tower” in March 2020, we are planning to open a variety of facilities insuccession, including “The Tokyo Edition, Toranomon,” Japan’s first luxury lifestyle hotel.
Site area

16,210.61 ㎡

Total floor area

198,774.23 ㎡

Number of floors

38 floors above ground
3 floors below ground

Location

4-1-1, Toranomon, Minato-ku, Tokyo

Primary use

Offices, shared office, residence, luxury hotel andserviced apartments, medical facility for foreign
patients, shop & restaurant, shrine

5Small offices ゛Cozy Works Gotenyama“

Cozy Works Gotenyama are small offices that opened on February 3, 2020 at Gotenyama
Trust Tower. Based on the concept of “at living,” we provide a private space where you canrelax like you are at home even while you are in an office.
Starting dateFebruary 3, 2020

Area

622.83 ㎡

Room

11 rooms

Location

3F, Gotenyama Trust Tower, 4-7-35, Kitashinagawa,Shinagawa-ku, Tokyo

contents

Small offices, exclusive residents’ lounges
Exclusive resident meeting rooms

Corporate-led daycare center ゛Nursery Room Miraiz”

Nursery Room Miraiz is a corporate-led daycare center that opened on November 1, 2019against the backdrop in recent years of a growing need for daycare services to support
workers returning to work after maternity and childcare leave. We provide a variety ofchildcare programs that reflect the needs of users while utilizing the hotel management
knowhow of our group.
4F, Shiroyama Trust Tower, 4-3-1, Toranomon,

Starting dateNovember 1, 2019

LocationArea

182.73 ㎡

contents

Corporate-led daycare center

The maximum
number21 people( 0 year old︓6 people,
1 year old︓8 people,
2 years old︓7 people )Opening
hours

Mon.-Fri.︓7:30~20:30

6Minato-ku, Tokyo* Except for Holiday and New Year holidays■ HOTELS & RESORTS
Apart from having 24 hotel facilities across Japan as of March 2020, we are also promoting
new hotel plans for three hotels in central Tokyo and 16 hotels in regional areas. In June
2019, construction began on “The Tokyo Edition, Ginza” in Ginza, Chuo Ward, Tokyo. This
hotel is scheduled to open from spring to summer 2021.
Under the “luxury destination network” concept, * we provide comfortable stays to tourists
from Japan and overseas utilizing the attractive tourism resources of various areas of Japan,such as promoting initiatives aimed at increasing inbound demand and increasing
consumption per traveler.

* “Luxury destination network” concept: The Mori Trust Group’s business vision of creating a “luxury destination

network” in Japan through the development of luxury hotels in attractive cities and resorts throughout Japan
to contribute to making Japan a leading tourism country.

7

THE TOKYO EDITION, GINZA (construction begins in June 2019)
We invited the luxury lifestyle hotel brand“EDITION” to the heart of Ginza, a commercial
district representative of Japan. Affinity withsurrounding

globalhigh-brandcustomersegments is high and we aim to contribute to
the sustainable development of the Ginza area
by attracting international travelers including
trendsetters and the wealthy.
Site area

663.91 ㎡

Location

Total floor area

About 7,323 ㎡

Number of floor

Guest room

about 80 rooms

Facilities(Including Suite Room）

Ginza, Chuo-ku, Tokyo
14 floors above ground
1 floor below groundRestaurant, Lobby bar, Rooftop bar,
Fitness room

(Reference) Hotel scheduled to open
■THE TOKYO EDITION,TORANOMON■JW Marriott Hotel NARA■HILTON OKINAWA SESOKORESORTWe will open “EDITION” luxury
lifestyle hotel brand hotels in
two locations in Toranomon and
Ginza, andprovide the new trends andsophisticated lifestyles of Tokyo.

We attracted the “JW Marriott
Hotel” Marriott International
luxury hotel brand to Japan for
the first time. This hotel has
good access to historic sites
representative of Japan and isaiming to become a new tourist
base.

This is the first beach resort
hotel in Japan opened by Hilton.
Facing Sesoko Beach, whichboasts the clearest water inJapan, the hotel provides amemorable stay where you canfeel beautiful nature with yourfive senses.

Location
Guest room

Toranomon,
Minato-ku, Tokyo
about 200 rooms(Including Suite
Room)

Location

Sanjooji,Nara-shi, Nara

Guest room

about 158 rooms

8

Location

Sesoko,Motobu-cho,kunigami-gun,
Okinawa

Guest room

about 298 rooms

We jointly acquired the “Hilton Odawara Resort & Spa” with Mori Trust Hotel Reit, Inc.
We acquired the hotel jointly with Mori Trust
Hotel Reit, Inc. on September 2, 2019. This
hotel is located in a hilly area facing Sagami
Bay and all rooms have an ocean view. Adjacentto the hotel is a time-share resort developed by
Hilton Grand Vacations, which is expected to be
used for various purposes such as medium- tolong-term stays.
Site area

174,566.00 ㎡

Total floor area

50,605.67 ㎡

Guest room

163 rooms

Location583-1, Nebukawa, Odawara, Kanagawa

Facilities

Restaurant, Banquet hall, Conference room,
Amusement facility, Pool, Fitness room, Natural hot
springs, Tennis courts, Gymnasium, Driving range■ INVESTMENT
Under the “new innovation investment strategy” raised in 2017 and for which we set a
total investment limit of 20 billion yen, we are promoting investment in startup companies
that have a high affinity with our company’s business and collaboration and cooperation
with the companies we invest in, as well as the establishment of community spaces, etc.,
aimed at the creation of new business looking to the future. We are aiming to create newvalue by combining our company’s resources with the services of start-up companies.
Investment in and collaboration and cooperation with start-up[Introduction of bitreception]
We introduced “bitreception”, a smart reception system developed using the smart locktechnology of Bitkey Inc. (hereinafter referred to as Bitkey) at the company’s head office
reception. We tried to improve the marketability of the product by providing Bitkey with ourknowledge as office building managers and providing feedback from the twin perspectivesof service user and reception manager.

bit reception

9Participation in the “Task Force for Promotion of the Building of Robot
Implementation Models”
We participated in the “Task Force for Promotion of the Building of Robot Implementation
Models” established by the Ministry of Economy, Trade and Industry, and the New Energy
and Industrial Technology Development Organization (NEDO) in October 2019.
Our company has been conducting demonstration experiments using the “Relay” delivery
robot developed by Savioke Inc., a company we have invested in, and promoting otherinitiatives aimed at the social implementation of robots.

Demonstration experiment using “Relay” at facilities
managed by the company“Relay” autonomous driving transport robot

10Mori Trust Group : Total Floor Area Leased or Managed■Number of rental / managed facilities (as of March 31, 2020）○ Rental buildings：Approx. 1,730,000 ㎡ (83 buildings)○ Hotel & Resort facilities：24 facilities (Number of rooms：Approx. 3,700）

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

GOURAKANSUIROU CO.,LTD.

Location
ChairmanPresident
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Akira Mori
Miwako Date
June 10,1970
30 billion yen
Real estate development, hotel management andinvestment business

Hakone-Machi Gora, Ashigarashimo-gun, Kanagawa
Shigeru Sakai
April 15, 1949
10 million yen
operation of Gora-Kansuirou

MORI TRUST BUILDING MANAGEMENT CO., LTD.

FORETSEINE CO., LTD.

Location
President
Established
CapitalBusiness sectors

Location
President
Established

Toranomon, Minato-ku, Tokyo
Kazunobu Kuwata
April 1, 2002
100 million yen
Comprehensive building services for building management, interior
design management & renovation, and planning & consulting.

CapitalBusiness sectors

Akasaka, Minato-ku, Tokyo
Shin Takahashi
March 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 HOTELS & RESORTS CO., LTD.

Toyo Green Building Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

MAMPEI HOTEL CO., LTD.
Location
ChairmanPresident
Established
CapitalBusiness sectors

Akasaka, Minato-ku, Tokyo
Mamoru Hukuda
March 1, 1978
90 million yen
Condominium management service

ESLEAD CORPORATION (Code：8877)

Toranomon, Minato-ku, Tokyo
Miwako Date
Shigeru Sakai
1894
100 million yen
operation of the Mampei Hotel

Location
President
Established
CapitalBusiness sectors

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

MT&Hilton Hotel Co., Ltd.

ESLEAD CHINTAI CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Shin Takahashi
October 22, 2004
20 million yen
Management of the Conrad Tokyo, Hilton Odawara Resort & Spa
and Hilton Okinawa Sesoko Resort

Oyodominami，Kita-ku，Osaka-shi
Tsuneyuki Matsushita
May 20, 1996
10 million yen
Condominium Management and Rental Management
Businesses

MT&M Hotel Management Co., Ltd.

SOUDEN CORPORATION

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Shin Takahashi
May 13, 201920 million yen
Management of JW Marriott Hotel NARA,The Tokyo EDITION, Ginza and The Tokyo EDITION, Toranomon

Sun Marina Operations Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Masaaki Fujino
May 17, 2006
90 million yen
Electricity Management Business

E・L CONSTRUCTION CORPORATION

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

Location
President
Established
CapitalBusiness sectors

11

Oyodominami，Kita-ku，Osaka-shi
Wataru Suzuki
June 14, 2006
100 million yen
General Contract and Renovation Businesses

ESLEAD JYUTAKU RYUTU CO. LTD

MORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Hiroyuki Harima
May 8, 2007
10 million yen
Real Estate Transaction,Asset Management

and Real Estate Rental Businesses

Toranomon, Minato-ku, Tokyo
Michio Yamamoto
February 28, 2000
400 million yen
Operation of real estate investment trusts

ESLEAD HOUSE CORPORATION

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami，Kita-ku，Osaka-shi
Koichi Arai
June 20, 2016
10 million yen
Sale of detached houses

ESLEAD TATEMONOKANRI CORPORATIONAZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Fukushima，Fukushima-ku，Osaka-shi
Hiroshi Nakazawa
November 22, 2018
10 million yen

Real Estate Management Business etc.

Toranomon, Minato-ku, Tokyo
Takashi Akiba
November 6, 1989
300 million yen
Local heating and cooling services
in the Shiroyama Garden and adjacent area

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

ESLEAD HOTEL MANAGEMENT CORPORATIONMORI America LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Umeda，Kita-ku，Osaka-shi
Ryosuke Kamine
January 29, 20194 million yen

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

Management, operation and consulting services for
Ryokan, hotel and budget hotel etc.

E CLEANUP CORPORATION

MT BACK BAY ONE LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Oyodominami，kita-ku，Osakashi
Hiroshi Nakazawa
November 1, 201910 million yen
House cleaning business and cleaning business for buildings,
condominiums, hotels, etc.

MORI America Management LLC

MT GENEX CORPORATION (Code：9820)
Location
President
Established
CapitalBusiness sectors

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

Location
Established
Business sectors

Toyo Housing Management, Inc.
Location
President
Established
CapitalBusiness sectors

County of New Castle, Delaware 19808 U.S.A.
November 4, 2016
Ownership of 10 St. James Avenue and 75 Arlington Street in
BostonCounty of New Castle, Delaware 19808 U.S.A.
December 16, 2016
Real estate management service in the United States

MT Silicon Valley One LL
Location
County of New Castle, Delaware 19808 U.S.A.
Established
July 11, 2018
Business sectors
Ownership of HQ @first (110 holger Way, 120 holger Way,
130 Holger Way, 95 Headquarters) in San Jose

Roppongi, Minato-ku, Tokyo
Hitoshi Suzuki
November 27, 1979
10 million yen
Leasing management and operations of real estate

MORI TRUST INSURANCE SERVICE CORPORATION
Location

Roppongi, Minato-ku, Tokyo

President
Established
CapitalBusiness sectors

Hitoshi Suzuki
January 25, 2016
10 million yen
Nonlife insurance agent and life insurance solicitor(as of March 31, 2020)

Mori Trust Group : Summary of Equity – Method
Aichi Road Concession Co.,Ltd.

MORI TRUST Sogo Reit, Inc. (Code：8961)
Location
Established
Business sectors

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

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

MORI TRUST Hotel Reit, Inc.
Location
Established
Business sectors

Toranomon, Minato-ku, Tokyo
January 15, 2016
Investment in real estate and asset-backed
securities investing primarily in real estate(as of March 31, 2020)12

Consolidated Balance Sheets (as of March 31, 2020 and 2019)
MORI TRUST CO., LTD. and its consolidated subsidiaries
2020
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 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（2) Long-term loans receivable（3) Deferred tax assets（4) Net Defined Benefit Asset（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(\ millions)2019

55,186
14,4782,451
238,970
48,821
618
2,176
29,205(22)391,887

86,795
6,849
25,50725,217
229,649
618
2,308
16,981(20)
393,906

245,2196,664
2,091
468,036
4,958
1,661
728,631

180,7124,632
1,682
443,210
10,535
1,678
642,452

3,378
112
5,603
9,094

3,378
168
4,410
7,957

26,712
42
950
852
6,506
6,707
(18)
41,752779,478
1,171,365

21,255
78
712
6,504
3,683
(26)
32,207
682,617
1,076,523

(\ 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 Deferred hedge gains and losses
3 Foreign currency translation adjustment
4 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

2020

2019

18,526
23,61915,71481,882
14,775964
11,266
2,394
886
424
170,455

11,10760,084
6,509
4,554
7,919
1,094
19,098
1,066
816
399
112,650

394,695
62,87049,451423
18,385
2,453
5,744
684
534,707705,163396,70953,05550,852288
17,954
2,668
6,249
1,091
528,871641,52130,0009,755
404,203443,959

30,0009,996
374,346
414,343272(1)(3,916)259(3,416)25,659466,202
1,171,365387(1)(2,774)(53)(2,442)
23,101
435,002
1,076,523

Consolidated Statements of Income (For the years ended March 31, 2020 and 2019)(\ 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 Investment gain on equity method
4 Gain on investments in partnership etc.
5 Other
Total non-operating income
Ⅴ．Non-operating expenses
1 Interest expenses
2 Loss on valuation of securities
3 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 Impairment loss
4 Loss on valuation of investment securities
5 Other
Total extraordinary losses
Income before income taxes
and minority interests
Income taxes-current
Income taxes-deferred
Income taxes
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

2020
233,638
156,91476,724
17,932
58,791

2019
174,868
123,493
51,374
16,93834,436

512
2,273
241
1,327
1,473
5,828

708
1,369
1,231
1,499
986
5,795

2,938
1,065
428
4,431
60,188

3,457
262
316
4,035
36,196

125
2,615
81
2,822

3,683
25,519154
29,357

134
176
5
316

375
850
231
1,458

62,69564,096

20,357(640)
19,71642,9782,620
40,357

13,306
7,167
20,473
43,622
3,394
40,227