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I'll now provide an overview by segment. Let me begin with our performance in the Leasing of Real Estate segment.
Our performance in the fiscal year ended March 31, 2013, was as follows: operating revenue rose ¥3 billion from the previous fiscal year, to ¥128.3 billion, and operating income fell ¥0.3 billion, to ¥35 billion.
Of the ¥3 billion increase in operating revenue year on year, major negative factors were a ¥4.9 billion decline due to the sale of properties to a REIT and a ¥1.1 billion decline attributable to lower rent from existing buildings, offset by positive factors such as a ¥5.1 billion increase, reflecting the new operation of Tokyu Plaza Omotesando Harajuku and others and a ¥4.5 billion increase primarily due to higher revenues of subsidiaries including REIT-related revenues.
The major factors for the ¥0.3 billion decrease in operating income year on year included a ¥1.9 billion increase as a result of the new operation of properties and a ¥2.8 billion increase primarily due to higher income of subsidiaries, among other factors, which were offset by a ¥2.9 billion decline attributable to the sale of properties to a REIT, a ¥1.1 billion decline attributable to lower rent from existing buildings, and a ¥1.1 billion increase in loss write-offs, as in operating revenues.
As shown in the lower table, we forecast operating revenue of ¥126.3 billion, decreasing ¥1.9 billion from the previous fiscal year, and operating income of ¥33.1 billion, falling ¥1.9 billion, for the fiscal year ending March 2014.
With respect to the factors for the ¥1.9 billion decline in operating income, we anticipate a ¥1.3 billion fall from the previous year due to the sale of properties to a REIT and a ¥0.9 billion decline attributable to lower rent from existing buildings, among other factors, while we expect operating income to increase ¥1.6 billion with the operation of new buildings.
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