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The next items of discussion are the circumstances of individual segments. To begin with, we will review the Urban Development segment.
This segment achieved operating revenue of ¥261.0 billion, up ¥82.8 billion year on year, and operating income of ¥38.5 billion, up ¥6.2 billion year on year, for the fiscal year ended March 31, 2015.
Now we will analyze the year-on-year revenue growth of ¥82.8 billion.
While there was a revenue drop worth ¥7.7 billion arising from the loss of the Times Square Building sold in the preceding fiscal year, the segment saw a revenue increase of ¥10.8 billion from the start of operation of part of the Shiodome Building and the North Port Mall, and another revenue increase of ¥75.4 billion after the sales of buildings and other properties for investors. As a result, the segment achieved massive year-on-year revenue growth of ¥82.8 billion.
In regards to the breakdown of operating income increase of ¥6.2 billion from the previous fiscal year, there was a profit decline of ¥3.3 billion due to a loss after sale, as seen in the operating revenue. However, there was an income increase of ¥5.4 billion following start of operation of properties and another increase of ¥2.9 billion that came from rise in gains on the sales of buildings and other properties for investors. The resulting rise in operating income from the previous fiscal year stood at ¥6.2 billion.
Now we will turn our focus to the lower table, which shows the forecast for the fiscal year ending March 31, 2016. As a result of the change in segments in the fiscal year concerned, the operations of the Tokyu Stay hotels suited for medium- an long-term stays implemented by Tokyu Stay Co., Ltd. have been transferred from the Urban Development segment to the Wellness segment. Conducted by the Business Innovation Division of Tokyu Land Corporation, the acquisition and resale business and new businesses have been moved from the Business Innovation and Others segment to the Urban Development segment. Calculated for the purpose of comparison, the financial results figures for the fiscal year ended March 31, 2015 reflect these recent changes in the segments.
According to the forecast, operating revenue will reach ¥227.9 billion, down ¥39.4 billion year on year, and operating income will be up ¥0.8 billion year on year to ¥39.4 billion.
The year-on-year decrease in revenue of ¥39.4 billion is partly due to a ¥44 billion decline in gains on the sales of buildings and other properties for investors.
The forecasted growth in operating income of ¥0.8 billion will result from ¥2.5 billion worth of profit growth expected after the start of new operations, and a ¥0.5 billion increase in gains on sales and other expected improvements in existing operations while a ¥3.1 billion decline is expected due mainly to a loss after sale.
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