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![Progress of Medium-Term Management Plan [Value Innovation 2013]](../images/18.jpg)
Next, I would like to explain the progress in our medium-term management plan (Value Innovation 2013), which we announced in November 2011.
The graph shows the changes in operating income in each segment, from the forecast for the fiscal year ended March 2012 to the target value for the fiscal year ending March 2014 under the medium-term management plan.
In the fiscal year ended March 2012, operating income was ¥50.1 billion, while the forecast value was ¥43.0 billion, due in part to the increase in income in the Leasing of Real Estate and Facility Operations segments.
For the fiscal year ending March 2013, we anticipate an increase in income, despite a loss of income in the Leasing of Real Estate segment due to the sale of properties to a REIT. The decline in income in this segment will be offset by growth in income primarily in the Real Estate Sales segment.
We will accumulate income in each segment to achieve ¥60.0 billion in the fiscal year ending March 2014, our target under the medium-term management plan.
We expect to lower the DE ratio from 4.4 to 3.9 in the fiscal year ending March 2013, given a reduction in interest-bearing debt mainly through sales to a REIT and an increase in equity. This means we will achieve the DE ratio target under the medium-term management plan one year ahead of schedule. |
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