tokyu land corporation

Financial Highlights FY2011 Ended Mar-31, 2012

 

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FY2011 Operating Results

FY2011 Segment performance

Summary of balance sheets

Properties expected to be sold to Activia Properties Inc.

FY2012 Forecast (Operating Results)

FY2012 Forecast (Segment performance)

Leasing of Real Estate

Real Estate Sales

Facility Operations

Other Segments

Progress of Medium-Term Management Plan [Value Innovation 2013]

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FY2011 Operating Results

I would like to begin by providing an overview of our financial results for the fiscal year ended March 2012.

Operating revenue declined ¥14.6 billion from the previous fiscal year, to ¥556.8 billion, and operating income decreased ¥12.4 billion, to ¥50.1 billion. Ordinary income stood at ¥34.9 billion, down ¥20.1 billion from the previous fiscal year.

The decline in operating revenue primarily reflected the elimination of ¥34.0 billion of distributions from the sale of buildings by SPCs, which we recorded in the fiscal year ended March 2011, in addition to a fall in the recorded number of condominium units sold. Operating income also decreased, principally attributable to a fall in distributions from the sale of buildings by SPCs.

In comparison with our initial forecast, operating revenue was ¥1.8 billion higher and operating income was ¥7.1 billion higher.

The Company posted extraordinary income of ¥49.0 billion due in part to the consolidation of SPCs in the first quarter. It also posted extraordinary losses of ¥41.7 billion, including an impairment loss of ¥26.4 billion attributable to the consolidation of SPCs and an impairment loss of ¥12.5 billion due to a decision to transfer noncurrent assets to a REIT. However, net income increased significantly, rising ¥22.6 billion from the previous fiscal year, to ¥34.2 billion, on factors including the reduction of tax expenses by ¥2.4 billion with the change in corporate tax rate.