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Next I will provide an overview of the year-end balance sheet.
Total assets as of March 31, 2011, increased ¥106.1 billion from the previous year, to ¥1,161.4 billion.
Of assets, property, plant and equipment increased ¥124.6 billion, chiefly reflecting the inclusion of SPCs among consolidated subsidiaries, offsetting declines from the impact of the impairment loss associated with golf courses and depreciation.
Given the elimination of investments made in the SPCs that were included in the consolidated subsidiaries, among other factors, equity investment in SPCs fell ¥14.8 billion from the end of the previous fiscal year, to ¥195.6 billion.
Of liabilities, interest-bearing debt increased ¥80.9 billion from the end of the previous fiscal year, reflecting the consolidation of SPCs, to ¥559.8 billion, including nonrecourse loans of ¥82.6 billion.
The DE ratio stood at 2.7 as at the end of March 2011, compared with 2.4 as at the end of March 2010.
Of net assets, equity rose ¥5.5 billion from the end of the previous fiscal year, to ¥208.6 billion. The equity ratio stood at 18.0% reflecting an increase in total assets. |
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