May 17, 2012
MORI TRUST CO., LTD.
Toranomon 2-chome Tower, 2-3-17
Toranomon Minato-ku, Tokyo,
105-0001 JAPANTEL: +81-3-5511-2255
FAX: +81-3-5511-2259

PRESS RELEASE
Financial Report for the Fiscal Year Ended March 2012
Mori Trust Group recently announced its consolidated business performance for the year
ended March 31, 2012.
The Group consists of 17 consolidated companies, including MORI TRUST CO., LTD.,
MORI TRUST BUILDING MANAGEMENT CO., LTD., and MORI KANKO TRUST
CO., LTD., and three equity-method affiliates.

[Mori Trust Group Consolidated Financial Report] (April 1, 2011 – March 31, 2012)(Figures in millions of yen; figures less than one million yen are rounded down.)

FY2011
1 Operating revenue

FY2012FY2013(Projection)

111,962

95,57496,000

Leasing

58,51556,32458,000Hotel

19,492

17,92820,000Real estate sales

19,889

4,827

3,000

Other

14,065

16,49315,000(Subsidiaries’ construction subcontracting, etc.)2Operating income

20,11020,01726,0003

Ordinary income

17,13522,45023,0004

Net income

14,742

16,11812,000

Summary of Results○ In the fiscal year ended March 31, 2012, operating revenue totalled 95.5 billion yen
and ordinary income was 22.4 billion yen. Despite the impact of the Great East
Japan Earthquake and weakness in the real estate market, the company succeeded instrengthening its financial base and improving the efficiency of its operations,
resulting in greater income on less revenue year-on-year. Revenue and income areboth projected to increase in the fiscal year ending March 31, 2013, with operating
revenue forecast at 96.0 billion yen and ordinary income at 23.0 billion yen.

1

Overview of FY 2012 business performance○ Leasing business accounted for 56.3 billion yen of operating revenue. Full-year
operation of Sendai Trust City and higher occupancy rates in existing buildings due
in part to tenants’ heightened disaster awareness following the earthquake
contributed to revenue, but the impact of market weakness associated with the gap
between office demand and supply resulted in revenue declining year-on-year.
○ Hotel business revenue decreased due to subdued demand from domestic andinternational business travelers and tourists following the earthquake, but a
subsequent rally in demand from domestic tourists in the flagship Laforet Hotels andResorts business and full-year operation of the Westin Sendai contributed to revenueof 17.9 billion yen.
○ Real estate sales business benefited from steady sales of condominiums in the
Residence Ichibancho in Sendai, which gained in reputation after the earthquake
thanks to the building’s seismically isolated structure, but revenue in this businessarea declined to 4.8 billion yen as suspension of new condominium developments inlight of market conditions led to fewer units being sold.
○ Increased income primarily from subsidiaries’ construction subcontracting
associated with higher numbers of tenants moving into buildings boosted revenue
from other business to 16.4 billion yen.
○ Ordinary income rose 31.0% from the previous year, to 22.4 billion yen.
Contributing factors included Nihon Eslead Corporation becoming a newequity-method affiliate, which had a positive impact on non-operating income.
Extraordinary income from sale of investment securities and higher income
associated with changes in corporate tax rates resulted in net income of 16.1 billion
yen, a 9.3% increase over the previous year.
○ Efforts to strengthen its financial base since 2009 resulted in a robust financial
position for Mori Trust Group as of March 31, 2012, with consolidated total assetsof 849.4 billion yen, net assets of 226.4 billion yen, and the equity ratio increasing to
26.3% after exclusion of minority interests.
On a nonconsolidated basis, holding company Mori Trust Holdings Inc. had total
assets of 160.5 billion yen, net assets of 79.7 billion yen, and an equity ratio of
49.7% as of the same date.

2

Ordinary income / Operating revenue (Mori Trust consolidated results)

Net debt (Mori Trust consolidated results)*1 Net debt = Debt - (Cash and deposits + Cash equivalents)*2 Net D/E ratio = Net debt / Equity

Equity ratio

Equity ratio(Mori Trust consolidated results)(Mori Trust Holdings non-consolidated results)3

Business Performance Projections for FY 2013
○ Leasing business revenue is projected to rise to 58.0 billion yen in the fiscal year
ending March 31, 2013. The bottoming out of the office leasing market is likely tobe reflected in limited falls in rents as the Kyobashi OM Building comes into
operation and occupancy rates improve in existing office buildings. Hotel businessrevenue is forecast to increase to 20.0 billion yen, spurred by rallying demand forhotels as the impact of the earthquake subsides. Revenue from real estate sales
business is projected to be 3.0 billion yen, partly driven by condominium sales.
Revenue from other business including subsidiaries’ construction subcontracting is
forecast at 15.0 billion yen.
Based on increased revenue from the two main businesses of leasing and hotels, bothrevenue and income are projected to rise, with operating revenue expected to be 96.0
billion yen and ordinary income forecast at 23.0 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.

■ Investment and Rental Properties
The consolidated balance sheet amount and fair value of investment and rental
properties owned by Mori Trust Group are set out below (fair value at fiscal
year-end was calculated in-house, based primarily on the Japanese Real EstateAppraisal Standards).
Consolidated balance sheet amount: 535.8 billion yen
Fair value: 1,000.3 billion yen
Unrealized profit: 464.5 billion yen

4

FY 2012 Key Business Topics
Real Estate Business◇ Work Begins on Two Disaster-Resistant, Eco-Friendly Development Projects in the
Kyobashi Area
In 2011 work began on two development projects in the Kyobashi area of Chuo-ku, where
urban redevelopment is forging ahead.
Construction of two disaster-resistant and environmentally friendly buildings is currently
under way, using experience in disaster response and survivor support gained from the Great
East Japan Earthquake, especially at Sendai Trust City.
・Kyobashi Trust Tower (construction started in Nov. 2011, due for completion at the endof Feb. 2014)
Making the most of its prime location next to the historic Meidi-Ya Kyobashi Building andfacing onto Chuo-dori Street, this large complex will comprise offices, a hotel, and stores.
<Features>・The complex will house high-spec office spaces targeted chiefly at Japan headquarters ofglobal corporations, along with an approximately 150-room hotel focused on providing
accommodation in sophisticated surroundings, designed in collaboration with BALS
Corporation.
・To achieve the highest levels of disaster response, the building will offer one of the best
emergency power supplies in the industry, capable of fulfilling next-generation business
continuity plans (BCP) for tenants. In the event of power cuts, emergency generators will
supply up to around 80% of regular power demand to all areas including tenant spaces,
enabling continuation of business for around one week.
・High standards of environmental performance have gained the highest AAA rating in Tokyo
Metropolitan Government’s Energy Performance Certification Program.

・Kyobashi OM Building (construction started in Aug. 2011, due for completion at the endof Sept. 2012)The Ohno Building reconstruction plan is progressing on schedule, and boasts the industry’s
highest levels of disaster resistance and environmental performance for an office building of
this size.
<Features>
・Standard floors have a leased area of approximately 905 m2, with pillar-free, rectangular
work spaces that are highly functional.
・High standards of earthquake resistance and emergency power generation support tenants’
BCPs.
・Equipped with a range of environmentally responsible technologies, including LED lighting
in all tenant areas and solar panels to provide natural energy.

5◇ Acquisition of RIHGA Royal Hotel Osaka Site and New Capital and Business Alliancewith THE ROYAL HOTEL, LIMITEDIn September 2011 Mori Trust acquired the site of the RIHGA Royal Hotel Osaka inpartnership with Kanden Fudosan Co., Ltd.
At the same time, it entered into a new capital and business alliance agreement with THE
ROYAL HOTEL, LIMITED aimed at completing the redevelopment of this site by 2021,
which will include rebuilding the hotel.

In January 2012 the Japanese government designated the Osaka Station,
Nakanoshima, and Midosuji districts, which include this site, as a Priority Urban
Redevelopment Area. As such the site is located in the area expected to boast
advanced urban functions essential to an international business center.
◇ Marunouchi Trust City Awarded Highest “Platinum” Level of DBJ Green Building
Certification
In April 2012, Marunouchi Trust City, acomplex Mori Trust developed next to Tokyo

Station consisting of Marunouchi Trust Tower Main and Marunouchi Trust Tower North,
was awarded the highest “platinum” level of DBJ Green Building Certification* inrecognition of the top-class environmental and social awareness exercised in its operation.
*Based on a comprehensive evaluation system that includes consideration of social needs inaddition to environmental performance, the Development Bank of Japan Inc. identifies andcertifies Green Buildings, which are essential in today’s real estate market. The DBJ grants
certification at four levels: platinum, gold, silver, and bronze.

◇ Osaka Branch Opens
In the aim of strengthening its business capabilities in the Kansai region, Mori Trust opened
an Osaka Branch in April 2012. The branch will also build stronger ties with Mori TrustGroup companies in the Kansai region.

Hotel and Resort Business
1. Existing Hotel and Resort Business◇ Laforet Hotels and Resorts
This business operates, on a corporate membership basis, resort hotels and golf clubs in key
leisure spots throughout Japan and urban hotels in the two metropolitan areas of Tokyo andOsaka. Applying the concept of “select and focus,” the business is continuing to improve theefficiency of its operations.

It is currently planning renovations to part of Laforet Shuzenji in order to continue
providing up-to-the-minute services.
◇ The Westin Sendai (in Sendai Trust City) Resumes Operations

6

The Westin Sendai, operated by MORI KANKO TRUST, CO. LTD., resumed operations on
April 29, 2011, in the aim of encouraging speedy recovery in the earthquake-damaged
Tohoku region. As well as functioning as a base for local Sendai residents and domestic
tourists, the Westin Sendai is actively attracting international conferences and other events
that will revitalize the region.
◇ Tourist Information Business (TIC Tokyo)
Operated by Mori Kanko Trust, Tourist Information Center Tokyo (TIC Tokyo) opened inJune 2009, offering multilingual travel information to large numbers of people including
overseas visitors. As of August 31, 2011, more than 700,000 people had visited the center,and cumulative visitor numbers are expected to reach one million at the end of May 2012.
TIC Tokyo has also launched a support service for tourist information centers around Japanthat enables tourist advice for foreign visitors to be offered remotely via Skype.

2. New Hotel and Resort Business◇ Acquisition of Hotel Rantei Site in Kyoto’s Arashiyama District
In December 2011 Mori Trust acquired the Hotel Rantei site in Kyoto’s Arashiyama district,which is close to noted temples including Tenryuji and Hogonin. Through its investment andmanagement roles, Mori Trust Group has been involved in refurbishing the prestigious andhistoric Mampei Hotel in Karuizawa to preserve its traditional design while adding modern
comfort in a way that has impressed new visitors and regular guests alike. Using thisexpertise, the Group will breathe new life into the Hotel Rantei site while maintaining its
prestige and traditions to offer luxury Japanese-style accommodation suited to Kyoto’s
Arashiyama district.
◇ Collaboration with BALS Corporation on Kyobashi Hotel Project
In March 2012, Mori Trust reached an agreement with BALS Corporation, which runs anumber of home furnishing stores under such brands as Francfranc and BALS TOKYO, tocollaborate on interior design of the hotel planned for Kyobashi Trust Tower. This hotel,
scheduled to open in 2014, will be directly managed by Mori Trust Group and aims toachieve a high-class setting that offers innovative design teamed with an air of hospitality.

3. New Initiatives◇ Establishment of New Innovation Division
Mori Kanko Trust has established a new Innovation Division to pool knowledge gained
from Mori Trust Group companies in fields including development, building operation,business continuity planning, and hotel management, and to apply this expertise toinnovative challenges that will generate new value from a user perspective.
◇ Recruitment of New and Recent High School Graduates in Earthquake-Affected Areas
To support recovery in areas affected by the Great East Japan Earthquake, including Miyagi,
7

Iwate, and Fukushima Prefectures, Mori Kanko Trust has recruited new high school
graduates who completed their studies in March 2012, as well as recent graduates who
finished high school in the last three years (i.e., since March 2009).

◇ Participation in 12th World Travel & Tourism Council (WTTC) Global Summit
On April 16–19, 2012, tourism industry leaders from around the world gathered at the 12th
WTTC Global Summit held in Tokyo and Sendai. To assist in revitalizing the tourist
industry and related sectors suffering from the after-effects of the earthquake, Mori TrustGroup made every effort to bring this summit to the disaster-struck city of Sendai, offering
the Westin Sendai, operated by Mori Kanko Trust, as a venue and supporting various aspectsof the event to ensure its success.

Investment Business◇ Capital and Business Alliance with Nihon Eslead Corporation
In February 2012 Mori Trust acquired five million shares (a 32.3% holding) in Nihon Eslead
Corporation and signed a contract for a capital and business alliance with the company. The
two firms are currently discussing ways of using the business alliance to share management
expertise and cooperate in the planning, development, and sale of condominiums in Japan, in
the aim of enhancing the corporate value of both enterprises.
At its general meeting of shareholders being held in June 2012, Nihon Eslead Corporation
will propose that one person designated by Mori Trust (Mori Trust’s Osaka Branch General
Manager) be appointed as a director of Nihon Eslead.
◇ Transfer of Shares in PARCO CO., LTD
In March 2012 Mori Trust transferred all the shares it held in PARCO CO., LTD. (a 33.2%
holding) to J. Front Retailing Co., Ltd. Two directors assigned by Mori Trust to the PARCO
board will step down when they complete their terms of office.

Disaster Preparedness Initiatives
Through the Great East Japan Earthquake, Sendai Trust City and Mori Trust Group as a wholegained experience in dealing with disasters, supporting those affected, and assisting recovery indamaged areas. The Group will use this experience to enhance its disaster preparedness.
◇ Support for Disaster-Stricken and Stranded People Immediately after the Quake
Immediately after the earthquake occurred, Sendai Trust City and many other Group8

facilities offered a range of support to those affected, including emergency accommodation
for people having difficulty returning home, emergency supplies, information, and mobile
phone charging. Subsequently Mori Trust Group used its unique Grid BCP to share
information on disaster damage and the needs of those affected, and the Group as a wholeprovided emergency accommodation for approximately 11,000 disaster-stricken andstranded people.
◇ Mori Trust Declaration on Disaster Readiness
Experience gained in Sendai and Tokyo at the time of the Great East Japan Earthquake wassummarized in a Mori Trust Declaration on Disaster Readiness that identifies tangible andintangible building requirements related to earthquake resistance and disaster prevention as
well as points its requiring improvements and future initiatives. New developments
including Kyobashi Trust Tower and the Kyobashi OM Building will feature superiordisaster prevention based on the declaration.
◇ Support for Earthquake Recovery
Mori Trust has conducted a variety of activities in support of earthquake recovery, including
donations, fund-raising, special menus at Group hotels using ingredients from affected areas,establishment of the Miyagi Mirai Project to assist orphaned children, and the Trust City
Candle Night event.
◇ Recharging Facilities for Electric Vehicles

In January–March 2012, a total of 12 electric vehicle recharging points were
installed in parking lots at Group facilities in Tokyo, Sendai, and Osaka (RIHGA
Royal Hotel Osaka). All these recharging facilities are connected to emergency
power generators, enabling vehicles to be recharged even in the event of power cuts
due to major natural disasters or other causes.
◇ Disaster Simulation Exercises to Enhance BCPs and District Continuity Plans (DCP)
Mori Trust Group has developed its unique Grid BCP.
Dividing approximately 90 Mori Trust locations into groups based around core facilities ineach area and linking management of these groups in a grid-style network enables clear andconsistent information to be shared while ensuring speedier emergency response andflexibility in making alternative arrangements.

In March 2012 a Group-wide disaster simulation exercise was conducted in the aimof enhancing the Grid BCP. The Group also cooperated in a Tokyo Metropolitan
Government exercise aimed at assisting people who will have difficulty returninghome in the event of a disaster, and this simulation helped to strengthen DCP.

9

Overview of New Projects■Urban Development Projects◇ Projects in the Kyobashi Area
Name
Address (parcel number)
Site area
Total floor area
Number of floors
Maximum heightPrimary use
Start of construction
Building completion (schedule）

KYOBASHI TRUST TOWER
1-8 Kyobashi 2-chome, Chuo-ku, Tokyo
4,403.86 ㎡
Approx. 52,000㎡
21 stories adove ground, 3 stories below ground
Approx. 108m
Office (5-21F), Hotel (2-4F), Shop (1F), Parking (B1F-B3F)
November 2011
The end of February 2014

Name
Address (parcel number)
Site area
Total floor area
Number of floors
Maximum heightPrimary use
Start of construction
Building completion (schedule）

KYOBASHI OM BUILDING
19-7 Kyobashi 1-chome, Chuo-ku, Tokyo
1,347.20 ㎡
Approx. 9,600㎡
8 stories adove ground, 1 stories below ground
Approx. 37m
Office (2-8F), Shop (1F), Parking(1F-B1F)
August 2011
The end of September 2014

◇ Projects in the Toranomon/Kamiyacho Area
Name
Address (parcel number)
Site area
Development plan

Toranomon 4-chome Project(tentative name)24-6 Toranomon 4-chome,
Minato-ku, Tokyo
16,271.47㎡
To be determined

Former Site of Ministry of Agriculture,
Forestry and Fisheries Training Center
113-16 Roppongi 1-chome,
Minato-ku, Tokyo
1,782.13㎡
To be determined■Hotel Projects◇ KYOBASHI TRUST TOWER Hotel Project
Address
Guest room
Outline of the facility

Kyobashi Chuo-ku, Tokyo (KYOBASHI TRUST TOWER 2-4F)
Approx. 150 rooms
Collaborating on hotel interior design with BALS Corporation, which runs a numberof home furnishing stores under such brands as Francfranc and BALS TOKYO.
Hotel plans focus on providing accommodation.

Starting date (schedule)

2014

Address
Guest room

Sagatenryuji Susukinobaba-cho Ukyo-ku, Kyoto-shi, Kyoto
To be determined
Refurbishing the facility to preserve the Meiji-era buildings while maintaining thesite’s prestige and traditions to offer luxury Japanese-style accommodation suited tothe historic tourist district of Arashiyama.

◇ Former site of "Hotel Rantei"

Outline of the facility
Starting date (schedule)

To be determined

Mori Trust Group: Total Floor Area Leased or Managed○Number of rental/managed facilities (as of March 31, 2012)○Rental buildings: Approx. 1,350,000m² (68 buildings)○Hotel & Resort facilities: 30 hotels (Number of rooms: Approx. 7,100)(Laforet Hotels & Resorts (14); The Westin Sendai; MAMPEI HOTEL; CONRAD TOKYO;RIHGA Royal Hotels, RIHGA associate hotels (Capital & Business tie-up partner: 11 hotels);
Shangri-La Hotel, Tokyo; Hotel Sunroute Plaza Shinjuku)

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

MTL Fund No.1 Investment Limited Partnership

Location
President
Established
CapitalBusiness sectors

General Partner
Established

Toranomon, Minato-ku, Tokyo
Akira Mori
June 10, 1970
10 billion yen
Urban development, hotel management andinvestment business

MT Labo Capital Co., Ltd.
August 31, 2007

MORI TRUST BUILDING MANAGEMENT CO., LTD.

MT Advanced Technology Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Kenichi Uchimura
April 1, 2002
100 million yen
Building management

Akasaka, Minato-ku, Tokyo
Masaki Murata
February 27, 2009
450 million yen
ICT Consulting Services & ICT Solutions Offering

MORI KANKO TRUST CO., LTD.

MT GENEX CORPORATION

Location
Chair
President
Established

Location
President
Established
CapitalBusiness sectors

CapitalBusiness sectors

Kitashinagawa, Shinagawa-ku, Tokyo
Nobuyuki Endo
Miwako Date
April 3, 2006
(date of foundation since incorporation-type company split)
2 billion yen
Operation of Laforet Hotels & Resorts, the Westin Sendai andTourist Information Center

MAMPEI HOTEL
Location
Chair
President
Established
CapitalBusiness sectors

Shinbashi, Minato-ku, Tokyo
Hitoshi Suzuki
October 1945
Approx. 1,072 million yen
Facelift of building and housing, andparking operation management, etc.

Toyo Housing Management, Inc.
Toranomon, Minato-ku, Tokyo
Miwako Date
Yasutaka Yanai
1894
100 million yen
Ownership and operation of the Mampei Hotel

Location
President
Established
CapitalBusiness sectors

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

MT&Hilton Hotel Co., Ltd.

MORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Kazuhiko Oiwa
October 22, 2004
20 million yen
Management of the Conrad Tokyo

Akasaka, Minato-ku, Tokyo
Satoshi Horino
February 28, 2000
400 million yen
Operation of real estate investment trusts

MT GOLF DEVELOPMENT CO., LTD.

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Toshio Komatsu
November 19, 2004
100 million yen
Ownership and operation of Laforet & Matsuo Golf ClubFORETSEINE CO., LTD.

AZMAX CORP.

Location
President
Established

Location
President
Established
CapitalBusiness sectors

CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Nobuo Konomi
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

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

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

Toyo Green Building Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Toranomon, Minato-ku, Tokyo
Nobuo Konomi
March 1, 1978
90 million yen
Condominium management service

URBAN LIFE Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Motoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Kouichi Takahashi
July 31, 1970
3 billion yen
Development, planning, and sales of condominiums,
office buildings and stores

URBAN LIFE JUUTAKUHANBAI Co., Ltd.
Location
Chair
President
Established
CapitalBusiness sectors

Motoyamaminamimachi, Higashinada-ku, Kobe-shi, Hyogo
Kouichi Takahashi
Kenkichi Takatsu
July 29, 1982
300 million yen
Planning and sales of condominiums, dealing,
brokerage of leasing and operations of real estate(as of March 31, 2012)11

Mori Trust Group: Summary of Equity-Method Affiliates
THE ROYAL HOTEL, LIMITED
Location
Established
Business sectors

Nakanoshima, kita-ku, Osaka-shi, Osaka
February 10, 1932
Hotel management centered on lodgment,
banquet and restaurant, and hotel
incidental business

NIHON ESLEAD CORPORATION
Location
Established
Business sectors

Fukushima，Fukushima-ku，Osaka-shi, Osaka
May 8, 1992
Sale of condominiums, Real estate replacement business,
Real estate rental business, etc.

MORI TRUST Sogo Reit, Inc.
Location
Established
Business sectors

Akasaka, Minato-ku, Tokyo
October 2, 2001
Investment in real estate and asset-backed
securities investing primarily in real estate(as of March 31, 2012)12

Consolidated Financial Statements

Consolidated B alanc e Sh ee ts (as of March 31 , 20 12 and 2 01 1)
MORI TRUST CO., LTD. an d its con solidate d subsidiarie s
2012
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 c urre nt asse ts
Ⅱ ．Noncurrent assets
1 Property, plan t and e quipmen t（1) Buildings and structures, net（2) Machinery, equipment and vehicles, net（3) Land（4) Golf courses（5) Construction in progress（6) Other, net
Total prope rty, plant an d e quipme nt
2 Intan gible asse ts（1) Leasehold right（2) Goodwill（3) Other
Total intan gible asse ts
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 i ｎｖｅｓｔｍｅｎｔs and other assets
Total n on cu rren t assets
Total assets
Note: Figures less than one million yen are rounded down.

13(\ millions)2011

20,138
4,551
71,931
9,604
110,00913,765
2,490
1,452
2,954
(563)
236,334

40,071
3,233
46,454
16,564
105,560
15,996
2,247
1,099
3,742
(383)
234,586

153,379
1,796
411,285
1,489
962
1,124
5 70 ,03 7

159,8101,882
392,061
1,489
422
1,393
55 7,0 60

6,306
79
355
6 ,74 1

6,225
113
816
7,1 5520,322

9,563

8,914

28,716

213
414
4,572
1,961
(51)
36 ,34 8
6 13 ,12 7
8 49 ,46 1

850
647
5,143
1,489
(236)
4 6,1 74
61 0,3 90
84 4,9 76

Liabilitie s
Ⅰ ．Current l i abi l i ti es
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 Provision for loss on disaster11 Other
Total c urre nt liabilitie s
Ⅱ ．Noncurrent l i abi l i ti es
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 Provision for retirement benefits
7 Other
Total n on cu rren t liabilities
Total liabilities
Net assets
Ⅰ ．S harehol ders' equi ty
1 Capital stock
2 Capital surplus
3 Retained earnings
4 Treasury stock
Total sh areh olde rs' equ ity
Ⅱ ．V al uati on and transl ati on adj ustments
1 Valuation difference on available-for-sale securities
2 Deferred gains or losses on hedges
3 Revaluation reserve for land, net of taxes
4 Foreign currency translation adjustment
Total valu ation and tran slation adju stmen ts
Ⅲ ．Mi nori ty i nterests
Total ne t assets
Total liabilitie s and n et asse ts
Note: Figures less than one million yen are rounded down.

14

2012

(\ millions)
2011

6,297
128,060
120,759
2,542
8,930
758
5,369
902
365
491
2 74 ,47 7

4,955
187,600
85,581
3,420
4,509
662
5,250
826
389
505
289
29 3,9 90

224,01454,81359,175
318
7,403
2,582
247
3 48 ,55 5
6 23 ,03 3

203,51953,75563,361
304
9,180
2,695
182
33 2,9 99
62 6,9 89

10,000213,427
2 23 ,42 7

10,000205,321
21 5,3 2125
3762
2 ,93 7
2 26 ,42 8
8 49 ,46 1

134
(28)
(65)
40
2,6 24
21 7,9 86
84 4,9 76

Consolidated State men ts of Inc ome (For th e ye ars en ded Marc h 3 1, 2 01 2 and 2 01 1)

Ⅰ ．Operati ng revenue
Ⅱ ．Operati ng cost
Ope rating gross profit
Ⅲ ．S el l i ng, general and admi ni strati ve expenses
Ope rating in comeⅣ ．Non-operati ng i ncome
1 Interest and dividends income
2 Equity in earnings of affiliates
3 Other
Total non- ope rating in comeⅤ ．Non-operati ng expenses
1 Interest expenses
2 Other
Total non- ope rating e xpen ses
Ordin ary inc ome
Ⅵ ．Extraordi nary i ncome
1 Gain on sales of noncurrent assets
2 Gain on sales of investment securities
3 Other
Total extraordinary in comeⅦ ．Extraordi nary l oss
1 Loss on retirement of noncurrent assets
2 Impairment loss
3 Equity in losses of affiliates
4 Business restructuring expenses
5 Other
Total extraordinary losses
Inc ome before in come taxe san d minority inte rests
Income taxes-current
Income taxes-deferred
Total in come taxe s
Income be fore minority inte rests
Minority inte rests in inc ome (loss)
Net inc ome
Note: Figures less than one million yen are rounded down.

2012
95 ,57 4
66 ,30 9
29 ,26 4
9 ,24 6
20 ,01 7(\ millions)2011
11 1,9 62
7 8,8 91
3 3,0 71
1 2,9 60
2 0,1 10

214
5,330
1,396
6 ,94 0

1,818
743
1,248
3,8 104,140
366
4 ,50 7
22 ,45 0

5,619
1,166
6,7 85
1 7,1 35

4,865
21
4 ,88 752,882
12,97473
6 5,9 30

187
102
29 0

40,690
7,032
6,695
3,069
5 7,4 88

27 ,04 8

2 5,5 77

12,355(1,798)
10 ,55 6
16 ,49 1
37 2
16 ,11 8

9,492
1,187
1 0,6 79
1 4,8 98
1 56
1 4,7 42

Note: This translation may be used only for reference purposes. This English version is not an officialtranslation of the original Japanese document. In cases where any differences occur between the
English version and the original Japanese version, the Japanese version shall prevail.

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