Investor Presentaiton
Business Model (1) Stock + Flow Earnings
Stock Earnings (Primarily Rental Income, Base AM Fees, and Power Generation Revenues)
Flow Earnings (Primarily Gains on Value-Add Real Estate Sales)
Fixed Expenses (Fixed SG&A + Interest Expenses)
Gross
Profit
(JPY billion)
27.9
27.0
8.2
6.0
2.6
0.9
20.8
14.1
13.0
12.9
9.0
4.6
8.3
5.6
5.0
4.1
4.2
5.1
11.8
13.8
33.8
32.1
15.2
18.0
16.9
15.8
14.0
8.2
7.1
6.5
6.4
5.8
FY13/2
FY14/2
FY15/2
FY16/2
FY17/2
FY18/2
FY19/2
Note: From FY19/2, SPC-related non-recourse loan interest expenses are accounted as Fixed Non-Operating Expenses rather than COGS.
Data from FY13/2 to FY18/2 has been restated using this new accounting treatment to facilitate accurate YOY comparisons.
FY20/2
(Forecast)
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