Investor Presentaiton
Distribution Policy and Distribution in Excess of Net Earnings in the 14th FP
Basic distribution policy
Distribution policy if gain on sales of real estate occurs
Distributions in excess of net earnings may be adjusted to retain cash of an amount equivalent to gain on sale of
real estate to promote stable medium- to long-term management. (Note1)
Distribute net earnings + amortization of goodwill
Net
earnings
Reserve
10
Gain on
sales
to gain on sale
Internal reserves equivalent
Distribution in
1
10
10
excess of net earnings
Gain on sales is
distributed, and a
corresponding amount is
deducted from distributions
in excess of net earnings
(Note) Figures shown above are for illustrative
purposes only
_Amortization
Amortization
of goodwill
Distributions in excess
of net earnings
Gain on
sales
of goodwill
20
10
Gain on
sales
Net
Net
earnings
80
earnings
80
Net
earnings
80
Net
earnings
Distribution of net
earnings
excl. gain
excl. gain
excl. gain
on sales
on sales
on sales
Net earnings
(Statement of income)
Distribution policy
Breakdown of
distributions
Net earnings
(Statement of income)
Total distribution
Distributions in excess of net earnings in the 14th Fiscal Period
(\mln)
757
561
196
561
Internal reserves equivalent to
part of gain on sales (¥561 mln) (Note 1)
Amortization
2,060
2,060
of goodwill
2,622
(Gain on sales)
757
757
Total distribution
¥15,560 million
(¥3,300/unit)
Net earnings
12,741
12,741
12,741
12,741
<About distribution in excess of net earnings>
Distribution of allowance for temporary difference adjustments
: Other distributions in excess of net earnings
160H
Distributions in excess
Of net earnings
1,900
¥2,060 million
(¥437/unit)
2,060
1,903
(Note2)
(fractional
adjustment)
Other distributions in excess
of net earnings
(Income tax not withheld)
¥160million
(¥34/unit)
Distributions of net
earnings
¥13,499 million
(¥2,863/unit)
13,499
Distributions of net earnings,
etc.(Income tax withheld)
¥15,399 million
(¥3,266/unit)
Net earnings
(Statement of income)
Distribution
policy
Total distribution
(Before adjustment of
fractions less than one unit)
Total distribution
(After adjustment of fractions
less than one unit)
Allowance for
temporary difference
adjustments
Distributions in
excess of net
earnings (breakdown)
(Note 1) When there is a gain on sales, NMF's policy is, in principle, to set aside an amount equivalent to the gain that is not more than the amount of amortization of goodwill as retained earnings within the scope that will not be subject to income tax.
In the 14th fiscal period, it is expected that the retained portion equivalent to gain on sales will not be taxed, as it will be within the amount equivalent to distributions in excess of net earnings (distributions that reduce capital under tax law).
(Note2) The amount is obtained by deducting underdepreciation, etc. (provision deduction items) attributable to the difference between depreciation in tax and accounting treatments from amortization of goodwill, etc. (provision addition items).
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