May 20，2021
MORI TRUST CO., LTD.
TEL: +81-3-5511-2255 FAX: +81-3-5511-2259

Financial Report for the Fiscal Year Ended March 2021
Mori Trust Group recently announced its consolidated business performance for the year ended
March 31, 2021(FY 2021).
The Group consists of 32 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, 2020 – March 31, 2021)○ In the fiscal year ended March 2021, operating revenue was 251.4 billion yen (up7.6% compared to the previous term), and operating income was 58.2 billion yen(down 1.0% compared to the previous term). Despite the impact on the hotelrelated business from the spread of COVID-19 infections, operating revenue
increased for the fourth consecutive year, and operating income decreased only
slightly. Newly operated properties in the leasing-related business and the strong
performance of the real estate sales business contributed to the operating results.
○ Income decreased, with ordinary income at 59.8 billion yen (down 0.5% comparedto the previous term), and net income attributable to owners of the parent at 35.4
billion yen (down 12.1% compared to the previous term).
○ For the fiscal year ending March 2022, we expect operating revenue of 260 billion
yen (up 3.4% compared to the previous term), operating income of 60 billion yen(up 3.1% compared to the previous term), and net income attributable to ownersof the parent of 37 billion yen (up 4.2% compared to the previous term).

1(Figures in millions of yen; figures less than one million yen are rounded down.)
FY2020

FY2021

FY2022(Projection)

Operating revenue

233,638

251,450

260,000

Operating income

58,791

58,22160,000Ordinary income

60,18859,89458,00040,35735,49337,000Rental related business

73,25682,93783,000Hotel related business

38,53622,43430,000Real estate sales business

104,615

124,969

130,000

Other business （contract work,etc）

17,23021,11017,000Total assets

1,171,365

1,151,415

Net assets

466,202479,603

Net income attributable to parent
company’s shareholders.

Operating revenue breakdown

Total assets and net assets

2

Highlights of FY 2021 business performance○ In “leasing-related business,” we recorded operating revenue of 82.9 billion yen, an
increase of 9.7 billion yen compared to the previous term. The following factors
contributed to the increased operating revenue: contribution throughout the year fromthe operation of the “Kamiyacho Trust Tower,” the construction of which was completed
in March 2020; the favorable occupancy rate of existing properties; and contribution
throughout the year from the operation of the office buildings in San Jose, which we
acquired in March 2019.
○ In “hotel-related business,” the new operation of the “Hilton Okinawa Sesoko Resort”(opened in July 2020), the “JW Marriott Hotel Nara” (opened in July 2020), and “TheTokyo EDITION, Toranomon” (opened in October 2020) contributed to the operating
revenue. However, operating revenue decreased by 16.1 billion yen compared to theprevious term to 22.4 billion yen due to the impact of the spread of COVID-19 infections,
including the temporary closure of 19 facilities following the declaration of a state of
emergency.
○ “Real estate sales business” recorded operating revenue of 124.9 billion yen, an increaseof 20.3 billion yen compared to the previous term, due to the strong sales of officebuildings and condominiums. Additionally, “other business” recorded operating revenueof 21.1 billion yen, an increase of 3.9 billion yen compared to the previous term.
As a result of the above, operating revenue finished at 251.4 billion yen, operating income
at 58.2 billion yen, and net income attributable to owners of the parent at 35.4 billion yen.
In addition, we also achieved the numerical targets established for the final year of “Advance2027,” our medium- to long-term vision, of operating revenue of 230 billion yen andoperating income of 55 billion yen. This is the second consecutive year of achieving thenumerical targets continuing from the fiscal year ended March 2020.

Business Performance Projections for FY 2022
○ In “leasing-related business,” the full-year occupancy rate of Kamiyacho Trust Tower is
expected to improve. As a result, the business is expected to remain stable and generate
83 billion yen in operating revenue.
○ In “hotel-related business,” although the outlook remains uncertain due to the spread of
COVID-19 infections, we expect operating revenue of 30 billion yen. We anticipate thefollowing factors will contribute to the increase in revenue: the expected improvement in
the occupancy rate of existing hotels due to the moderate recovery in tourism demand,
mainly from domestic tourists; and the full-year operation of three facilities newly openedin 2020.
3

○ "Real estate sales business" is expected to generate 130 billion yen in operating revenue
due to the strong performance of our residential property sales business, and we expect
fruits from office building sales. In addition, "other business" is expected to generate 17
billion yen in operating revenue.
As a result of the above, for the fiscal year ending March 2022, we expect operating
revenue of 260 billion yen, operating income of 60 billion yen, and net income attributableto owners of the parent of 37 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.

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 2021 were452.4 billion yen and 39.3% respectively.
500,000

40.0%

400,000

30.0%

300,000
20.0%
200,000
10.0%

100,000
0(million)

14/3

15/3

16/3

17/3

18/3

Capital Stock

19/3

20/3

Capital Adequacy Ratio

4

21/3

0.0%

FY 2021 Key Business Topics■ REAL ESTATE
Under our office business vision, "Creative First," we completed the construction of"Kamiyacho Trust Tower," the large complex that forms the core of "Tokyo World Gate," inMarch of last year. We constructed this building to supply an office building that meetsdiversifying office needs. A green space of about 5,000 m2 has been developed. In addition,
various facilities for stores and conferences, etc., are opening successively. In March of thisyear, the construction of the “Akasaka 2-Chome Project (tentative name)” started in earnest.
We are now developing a town that will serve as a destination for diverse people, looking
beyond the new normal.
Tokyo World Gate／Kamiyacho Trust Tower

AKASAKA 2-CHOME PROJECTTokyo World Gate/ Kamiyacho Trust Tower（completed on March 16, 2020）

Site area

16,210 ㎡

Site area

15,750 ㎡

Total floor area

198,774.23 ㎡

Total floor area

220,000 ㎡

Number of floors

Location

38 floors above groundNumber of floors

3 floors below ground4-1-1, Toranomon, Minato-ku, Tokyo

Location

Offices, shared office, residence, luxury
Primary use

43 floors above ground
3 floors below ground1-chome and 2-chome,
Akasaka, Minato-ku, Tokyo
Offices, hotel, serviced apartments,

hotel and serviced apartments, medical

Primary use

facility for foreign patients, shop &restaurant, shrine

shop & restaurant, facilities to support
tourism, facilities to promote history andculture, clinics

5

Small offices ゛Cozy Works“Based on the concept of "at living," Gotenyama Trust Tower and Shiroyama Trust Tower
provide private spaces where you can relax as though you are at home even while you are
in an office.
Cozy Works Gotenyama

Cozy Works Kamiyacho

Starting

Starting

date

February 3, 2020

date

September 1, 2020

Location

3F, Gotenyama Trust Tower

Location

4F, Shiroyama Trust Tower

Area

622.83 ㎡

Area

1,025.15 ㎡

Room

11 rooms

Room

35 rooms

Contents

Small offices, Exclusive lounges for members
and residents, Exclusive meeting rooms formembers and residents

Contents

Small offices, Exclusive lounges for members
and residents, Exclusive meeting rooms formembers and residents

We have expanded our “Cozy Works” brand office spaces in the resort hotels operated by
our Group.

6■ HOTELS & RESORTS
Apart from having 27 hotel facilities across Japan as of March 2021, we are also promoting
new hotel plans for two hotels in central Tokyo and 14 hotels in regional areas.
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Hotels opened in FY2020■THE TOKYO EDITION, TORANOMON
We opened the luxury lifestyle hotel brand "EDITION"
for the first time in Japan, offering new trends andsophisticated lifestyles in Tokyo.
Location

Toranomon, Minato-ku, TokyoRoom

206 rooms■JW Marriott Hotel NARA
We attracted the “JW Marriott Hotel” MarriottInternational luxury hotel brand to Japan for the first time.
This hotel has good access to historic sites representativeof Japan and is aiming to become a new tourist base.
Location

Sanjooji, Nara-shi, NaraRoom

158 rooms■HILTON OKINAWA SESOKO RESORTThis is the first beach resort hotel in Japan opened by
Hilton. Facing Sesoko Beach, which boasts the clearest
water in Japan, the hotel provides a memorable stay where
you can feel beautiful nature with your five senses.
Location

Sesoko, Motobu-cho,kunigami-gun, Okinawa

Room

298 rooms(Reference) Hotels scheduled to be developed■The Beach Resort Sesoko by Hilton Club
By developing medium- to long-term timeshareresorts, we aim to propose a new vacation style called“enjoy as if you live here” and contribute to therealization of affluent and fulfilling lifestyles for visitors.
■THE TOKYO EDITION, GINZA
Affinity with surrounding global high-brand customer
segments is high. We aim to contribute to the sustainable
development

of

the

Ginza

area

by

attracting

international travelers, including trendsetters and thewealthy.

8

■ WELLNESS BUSINESSIn an effort to create new value based on ideas outside the framework of existing
businesses, our Group focused on the importance of wellness. Therefore, we launched a fullscale wellness business in October 2020. The wellness business aims to provide
comprehensive support for workers' lifestyles, including proposals for accommodation plansthat allow them to experience wellness; developing a workcation environment; and wellnessrelated services in collaboration with startup companies. While focusing on wellness, which
is an important theme for modern society, we will contribute to the realization of a wellness
society by designing "safety and security" in various real spaces such as places to work andrelax.
Exclusive Sales in Japan of Pure Wellness Room
【Program for Cleaning the Indoor Environment】
We have signed an exclusive distributor agreement in Japan for "Purewellness room" (hereinafter referred to as the "Program") with Pure
Solutions, LLC. The Program purifies the indoor environment andmaintains clear conditions through seven comprehensive processes. Pure
Solutions, LLC has been developing its business to improve the quality of
the air environment in the U.S. for more than 20 years. Through thedevelopment of the Program, we will respond to growing social needs forsafe and secure air environments caused by the spread of COVID-19
infections.

9Collaboration with Companies【Concluded a Sales Agent Agreement with MRSO, Inc.,a Company in Which We Have Invested】
The current COVID-19 pandemic has led to a decline in the rateof undergoing comprehensive medical examinations and healthcheckups. It has also led to the subsequent deterioration in thefinancial performance of medical institutions. Therefore, we aim tocontribute to the realization of a sustainable medical system by promoting the introductionof "Pure wellness room" to alleviate the psychological barriers that people visiting medical
institutions have.
【Support the Safety and Security of Office and Hotel Users with PCR Test Kits】
Mori Trust Group is working to create a safe and secure environment for work and travelin the era of With Corona. As part of our efforts, we offer office tenants and hotel guests withreservations GeneLife's COVID-19 PCR test kits at Mori Trust’s special price.
Customer

Customer

ResultMori Trust website
Hotel reservation

Offer a kit atMori Trust’s
special price

Test the specimen
Send the result

Check the result

Ensure business
continuity
Safe and secure
travel

It is expected that people will gradually resume their daily lives. However, in order toprevent a resurgence in infections, we need to propose new ways of working and leisure in
the era of With Corona while reducing the risk of infection. We offer Mori Trust’s special
price to tenant companies and hotel guests with reservations. Thus, tenant employees cancome to the office with as much peace of mind as possible, and hotel guests can enjoy theirtrip safely and securely with our support.
【Encourage Workcation Promotion and Support Work-Life
Balance Realization】
Together with the JAL Group, we are developing the "JAL×Marriott Workcation Debut Plan," a one-package plan that even
beginners can easily use. We provide this plan to support therealization of a rich work-life balance for workers throughworkcation promotion. We will expand the base of workcation
users and support more workers in achieving a work-life balance.

10Mori Trust Group : Total Floor Area Leased or Managed■Number of rental / managed facilities (as of March 31, 2021）○ Rental buildings：Approx. 1,790,000 ㎡ (80 buildings)○ Hotel & Resort facilities：27 facilities (Number of rooms：Approx. 4,400）

Mori Trust Group : Summary of Consolidated Companies

MORI TRUST CO., LTD.
Location
ChairmanPresident
Established
CapitalBusiness sectors

GOURAKANSUIROU CO.,LTD.

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

Location
President
Established
CapitalBusiness sectors

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

Kitashinagawa, Shinagawa-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

Kitashinagawa, Shinagawa-ku, Tokyo
Mitsuya Toyoda
March 1, 1978
90 million yen
Condominium management service

ESLEAD CORPORATION (Code：8877)

Toranomon, Minato-ku, Tokyo
Miwako Date
Mamoru Fukuda
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
Eiji Funayama
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
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
Eiji Funayama
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
Hiroshi Kurokawa
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

CHIYODA ME SERVICE CORPORATION

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

Ogimachi, Takamatsu-shi, Kagawa-ken
Kinashi Ritsuyu
May 29, 1976
30 million yen
Maintenance and preservation of electrical equipment systems

ESLEAD HOUSE CORPORATIONMORI TRUST Asset Management Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

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

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

ESLEAD TATEMONOKANRI CORPORATION

Shiroyama Heating & Cooling Supply Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami, Kita-ku, Osakashi
Masaaki Fujino
November 22, 2018
10 million yen

Real Estate Management Business etc.

ESLEAD HOTEL MANAGEMENT CORPORATIONAZMAX CORP.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Oyodominami, Kita-ku, Osakashi
Ryosuke Kamine
January 29, 20194 million yen

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

Toranomon, Minato-ku, Tokyo
Takashi Akiba
November 6, 1989
300 million yen
District heating and cooling services for Shiroyama Garden,
Tokyo World Gate and the adjacent areas

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

E CLEANUP CORPORATIONMORI America LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

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

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

ESLEAD ASSET MANAGEMENT CORPORATION

MT BACK BAY ONE LLC

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

Fukushima，Fukushima-ku，Osakashi
Kiyofumi Shirouzu
November 1, 201910 million yen
Asset Management etc.

MORI America Management LLC

MT GENEX CORPORATION (Code：9820)
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
BostonAzabudai, 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

County of New Castle, Delaware 19808 U.S.A.
December 16, 2016
Real estate management service in the United States

Toyo Housing Management, Inc.

MT Silicon Valley One LL

Location
President
Established
CapitalBusiness sectors

Location
Established
Business sectors

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

County of New Castle, Delaware 19808 U.S.A.
July 11, 2018
Ownership of HQ @first (110 holger Way, 120 holger Way,
130 Holger Way, 95 Headquarters) in San JoseMORI TRUST INSURANCE SERVICE CORPORATION
Location
President
Established
CapitalBusiness sectors

Roppongi, Minato-ku, Tokyo
Hitoshi Suzuki
January 25, 2016
10 million yen
Nonlife insurance agent and life insurance solicitor(as of March 31, 2021)

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, 2021)

12

Consolidated Balance Sheets (as of March 31, 2021 and 2020)
MORI TRUST CO., LTD. and its consolidated subsidiaries
2021
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)2020

59,704
17,726
6,361
208,783
58,389618
2,046
18,514(18)
372,126

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

229,618
6,685
3,308
467,327
17,243
2,598
726,782245,2196,664
2,091
468,036
4,958
1,661
728,631

3,378
211
4,747
8,337

3,378
112
5,603
9,094

26,690
34
874
824
6,366
9,398
(18)
44,168779,288
1,151,415

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

(\ 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

2021

2020

16,26758,925
12,714
12,02915,893
953
8,916
1,344
791
540
128,377

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

403,832
65,39548,643435
15,125
2,416
5,320
2,264
543,434
671,811394,695
62,87049,451423
18,385
2,453
5,744
684
534,707705,163

30,00010,028420,697
460,725

30,0009,755
404,203443,959

1,081(1)(9,582)
204(8,298)27,176479,603
1,151,415

272(1)(3,916)259(3,416)25,659466,202
1,171,365

Consolidated Statements of Income (For the years ended March 31, 2021 and 2020)(\ 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 investments in partnership etc.
4 Subsidies for employment adjustment
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 Subsidy income
2 Other
Total extraordinary income
Ⅶ．Extraordinary loss
1 Loss on valuation of investment securities
2 Loss from COVID-19 infections
3 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

2021
251,450
174,51576,93518,71458,221

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

148
264
1,501
1,567
1,335
4,816

512
2,273
1,327
1,715
5,828

2,755
388
3,144
59,894

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

499
37
537

2,822
2,822

1,570
1,354
354
3,279

176

57,152

62,695

22,953(3,401)
19,55137,601
2,107
35,493

20,357(640)
19,71642,9782,620
40,357139316