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Let me now begin by providing the results of the Leasing of Real Estate segment for the fiscal year ended March 2014 and the forecast of the Urban Development segment for the fiscal year ending March 2015.
Our performance in the fiscal year ended March 2014 was as follows: operating revenue rose ¥2.6 billion from the previous fiscal year, to ¥130.9 billion, and operating income fell ¥1.4 billion, to ¥33.6 billion.
Of the ¥2.6 billion increase in operating revenue year on year, major negative factors were a ¥2.9 billion decline due to the sales of properties to a REIT and a ¥0.9 billion decline attributable to lower rent from existing buildings, offset by positive factors such as a ¥4.6 billion increase, reflecting the new operation of DECKS Tokyo Beach, Shin-Meguro Tokyu Building and others and a ¥2.4 billion improvement in subsidiaries except for Tokyu Land Corporation. With these factors, operating revenue recorded a ¥2.6 billion increase year on year.
The major factors for the ¥1.4 billion decrease in operating income year on year included a ¥2.5 billion increase as a result of the new operation of properties, among other factors, which were offset by a ¥1.3 billion decline attributable to the sale of properties to a REIT, a ¥0.9 billion decline attributable to lower rent from existing buildings, and a ¥1.2 billion decrease in fees. With these factors, operating income declined ¥1.4 billion year on year.
As for the forecast for the fiscal year ending March 2015, we anticipate operating revenue of ¥216.9 billion, increasing ¥38.7 billion from the previous fiscal year, and operating income of ¥36 billion, rising ¥4.1 billion.
With respect to the factors for the ¥4.1 billion increase in operating income, we anticipate a ¥3.1 billion fall, mainly due to the sale of Times Square Building, while we primarily expect operating income to increase ¥4.2 billion with the operation of new buildings and an increase of ¥2.5 billion from sales of properties. With these factors, we anticipate a ¥4.1 billion increase in operating income.
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