Invincible Investment
Corporation
Audited Financial Statements
for the 40th Fiscal Period
(from January 1, 2023 to June 30, 2023)
INDEX TO FINANCIAL STATEMENTS
Page
Independent Auditor's Report ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ 1
Balance Sheet as of June 30, 2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ 4
Statement of Income and Retained Earnings for the six months ended June 30, 2023∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙6
Statement of Changes in Net Assets for the six months ended June 30, 2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ 7
Statement of Cash Flows for the six months ended June 30, 2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ 9
Notes to Financial Statements as of and for the six months ended June 30, 2023∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ 10
Independent Auditor's Report
The Board of Directors
Invincible Investment Corporation
Opinion
We have audited the accompanying financial statements of Invincible Investment Corporation (the Company), which comprise the balance sheet as at June 30, 2023, and the statements of income and retained earnings, changes in net assets, and cash flows for the six months period then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at June 30, 2023, and its financial performance and its cash flows for the six months period then ended in accordance with accounting principles generally accepted in Japan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
Other information comprises the information included in disclosure document that contains audited financial statements, but does not include the financial statements and our auditor's report thereon.
We have concluded that other information does not exist. Accordingly, we have not performed any work related to the other information.
Responsibilities of Management and the Supervisory Director for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in Japan, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern and disclosing, as required by accounting principles generally accepted in Japan, matters related to going concern.
The Supervisory Director is responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
- Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances for our risk assessments, while the purpose of the audit of the financial statements is not expressing an opinion on the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation in accordance with accounting principles generally accepted in Japan.
We communicate with the Executive Director regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Executive Director with a statement that we have complied with the ethical requirements regarding independence that are relevant to our audit of the financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
Fee-related information
The fees paid or payable to us and other EY Member Firms for the audits of the financial statements of the Company and other non-audit fees charged in the audit period to the Company are 18 million yen and 6 million yen, respectively.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Company which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.
Convenience Translation
The U.S. dollar amounts in the accompanying financial statements with respect to the six months period ended June 30, 2023 are presented solely for convenience. Our audit also included the translation of Japanese yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 3 to the financial statements.
Ernst & Young ShinNihon LLC
Tokyo, Japan
September 26, 2023
/s/ Natsuki Saiki
Natsuki Saiki
Designated Engagement Partner
Certified Public Accountant
/s/ Teruyo Okubo
Teruyo Okubo
Designated Engagement Partner
Certified Public Accountant
INVINCIBLE INVESTMENT CORPORATION
BALANCE SHEET
June 30, 2023
As of | ||||||||||
December 31, | June 30, | June 30, | ||||||||
2022 | 2023 | 2023 | ||||||||
(in thousands of yen) | (in thousands of | |||||||||
U.S. dollars) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and bank deposits (Notes 5 and 16) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ ¥ | 15,553,174 | ¥ | 18,377,030 | $ | 126,746 | |||||
Cash and bank deposits in trust (Notes 5 and 16) ∙∙ | 7,768,621 | 10,464,171 | 72,171 | |||||||
Rental receivables ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 4,845,162 | 5,750,301 | 39,659 | |||||||
Deposits paid ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 1,703,315 | 542,947 | 3,744 | |||||||
Prepaid expenses ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 651,469 | 821,117 | 5,663 | |||||||
Income taxes receivable∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 13 | 15 | 0 | |||||||
Other ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 5,060 | 397 | 2 | |||||||
Total current assets | ||||||||||
∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 30,526,816 | 35,955,980 | 247,989 | |||||||
Non‐current assets: | ||||||||||
Property and equipment (Notes 6 and 7): | ||||||||||
Buildings, at cost ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 19,479,753 | 19,479,753 | 134,352 | |||||||
Buildings and accompanying facilities, at cost ∙∙∙∙∙∙∙ | 5,308,557 | 5,311,502 | 36,633 | |||||||
Structures, at cost∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 1,458 | 1,458 | 10 | |||||||
Tools, furniture and fixtures, at cost ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 1,228,513 | 1,282,552 | 8,845 | |||||||
Construction in progress∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 714,997 | 720,331 | 4,968 | |||||||
Buildings in trust, at cost ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 159,079,641 | 159,247,341 | 1,098,333 | |||||||
Buildings and accompanying | 32,688,012 | 33,186,709 | 228,889 | |||||||
facilities in trust, at cost ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||
Structures in trust, at cost ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 212,818 | 266,849 | 1,840 | |||||||
Tools, furniture and fixtures in trust, at cost ∙∙∙∙∙∙∙∙∙∙∙∙ | 3,195,160 | 3,370,722 | 23,247 | |||||||
Land in trust ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 241,319,447 | 241,319,447 | 1,664,386 | |||||||
Construction in progress in trust∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ‐ | 25,767 | 177 | |||||||
Subtotal ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 463,228,359 | 464,212,436 | 3,201,685 | |||||||
Less: Accumulated depreciation | ||||||||||
∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | (44,278,794) | (47,986,485) | (330,964) | |||||||
Total property and equipment, net | ||||||||||
∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 418,949,564 | 416,225,951 | 2,870,721 | |||||||
Intangible assets: | ||||||||||
Leasehold rights ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 10,637,811 | 10,637,811 | 73,369 | |||||||
Leasehold rights in trust ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 14,419,422 | 14,380,825 | 99,184 | |||||||
Total intangible assets ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 25,057,234 | 25,018,637 | 172,554 | |||||||
Investments and other assets: | ||||||||||
Investment securities (Note 17 and 22)∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 17,856,387 | 17,856,387 | 123,155 | |||||||
Guarantee deposits | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 1,372,719 | 1,372,719 | 9,467 | ||||||
Long‐term prepaid expenses ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 271,704 | 290,589 | 2,004 | |||||||
Derivatives assets (Note 18) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 142,841 | 9,306 | 64 | |||||||
Other ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 22,667 | 22,667 | 156 | |||||||
Total investments and other assets ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 19,666,320 | 19,551,670 | 134,848 | |||||||
Total non‐current assets ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 463,673,119 | 460,796,259 | 3,178,124 | |||||||
Deferred assets: | ||||||||||
Investment corporation bond issuance costs∙∙∙∙∙∙∙∙∙∙∙∙ | 37,844 | 67,690 | 466 | |||||||
Total deferred assets∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 37,844 | 67,690 | 466 | |||||||
TOTAL ASSETS ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ ¥ | 494,237,781 | ¥ | 496,819,930 | $ | 3,426,580 | |||||
4
As of | |||||||||
December 31, | June 30, | June 30, | |||||||
2022 | 2023 | 2023 | |||||||
(in thousands of yen) | (in thousands of | ||||||||
U.S. dollars) | |||||||||
LIABILITIES | |||||||||
Current liabilities: | |||||||||
Accounts payable ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ ¥ | 629,231 | ¥ | 599,562 | $ | 4,135 | ||||
Short‐term loans payable (Notes 9 and 16) ∙∙∙∙∙∙∙∙∙∙∙∙ | 114,515,000 | 111,453,000 | 768,694 | ||||||
Current portion of investment corporation | 3,000,000 | 2,000,000 | 13,794 | ||||||
bonds (Notes 8 and 16) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||
Current portion of long‐term loans payable | 42,405,000 | 46,139,000 | 318,221 | ||||||
(Notes 9 and 16) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||
Accounts payable‐other ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 3,366 | 3,514 | 24 | ||||||
Accrued expenses ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 264,276 | 247,903 | 1,709 | ||||||
Income taxes payable ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 605 | 605 | 4 | ||||||
Consumption taxes payable ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 371,675 | 422,723 | 2,915 | ||||||
Advances received ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 317,350 | 305,914 | 2,109 | ||||||
Deposits received ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 13,490 | 11,663 | 80 | ||||||
Total current liabilities ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 161,519,996 | 161,183,886 | 1,111,689 | ||||||
Non‐current liabilities: | |||||||||
Investment corporation bonds (Notes 8 and 16) ∙ | 5,200,000 | 11,400,000 | 78,626 | ||||||
Long‐term loans payable (Notes 9 and 16) ∙∙∙∙∙∙∙∙∙∙∙∙ | 75,677,000 | 68,198,000 | 470,363 | ||||||
Tenant leasehold and security deposits in trust | 1,485,701 | 1,484,328 | 10,237 | ||||||
(Note 16) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||
Derivatives liabilities (Note 18) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 119 | 495,525 | 3,417 | ||||||
Asset retirement obligations (Note 19)∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 33,872 | 34,097 | 235 | ||||||
Total non‐current liabilities ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 82,396,693 | 81,611,951 | 562,879 | ||||||
TOTAL LIABILITIES ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 243,916,689 | 242,795,838 | 1,674,569 | ||||||
NET ASSETS (Note 10) | |||||||||
Unitholders' equity: | |||||||||
Unitholders' capital ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 235,701,512 | 235,701,512 | 1,625,639 | ||||||
Surplus: | |||||||||
Capital surplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 6,264,432 | 6,264,432 | 43,205 | ||||||
Allowance for temporary differences | (6,130) | (6,130) | (42) | ||||||
Adjustment (Note 4) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||
Other deduction of capital surplus | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | (5,524,006) | (5,524,006) | (38,099) | |||||
Total deduction of capital surplus | |||||||||
∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | (5,530,137) | (5,530,137) | (38,141) | ||||||
Capital surplus (net)∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 734,294 | 734,294 | 5,064 | ||||||
Voluntary reserve | |||||||||
Retained earnings ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 13,742,562 | 17,583,734 | 121,275 | ||||||
Total surplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 14,476,857 | 18,318,029 | 126,339 | ||||||
Total unitholders' equity ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 250,178,369 | 254,019,541 | 1,751,979 | ||||||
Valuation and translation adjustments: | |||||||||
Deferred gains or losses on hedges∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 142,721 | 4,550 | 31 | ||||||
Total valuation and translation adjustments ∙∙∙∙ | 142,721 | 4,550 | 31 | ||||||
TOTAL NET ASSETS ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 250,321,091 | 254,024,091 | 1,752,011 | ||||||
TOTAL LIABILITIES AND NET ASSETS∙∙∙∙∙∙∙∙∙∙∙∙∙ ¥ | 494,237,781 | ¥ | 496,819,930 | $ | 3,426,580 | ||||
The accompanying notes are an integral part of these financial statements.
5
INVINCIBLE INVESTMENT CORPORATION
STATEMENT OF INCOMEAND RETAINED EARNINGS
For the six months ended June 30, 2023
For the six months ended | ||||||||||
December 31, | June 30, | June 30, | ||||||||
2022 | 2023 | 2023 | ||||||||
(in thousands of yen) | (in thousands of | |||||||||
U.S. dollars) | ||||||||||
Operating revenue | ||||||||||
Rental revenue-real estate (Note 12) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ ¥ | 10,182,751 | ¥ | 12,000,955 | $ | 82,770 | |||||
Management contract revenue (Note 13) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 1,746,848 | 3,914,026 | 26,995 | |||||||
Total operating revenue ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 11,929,599 | 15,914,981 | 109,766 | |||||||
Operating expenses | ||||||||||
Property related expenses (Note 12) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 4,606,538 | 4,488,341 | 30,956 | |||||||
Management contract expenses (Note 13) | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 569,669 | 649,329 | 4,478 | ||||||
Asset management fees ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 300,000 | 300,000 | 2,069 | |||||||
Directors' compensation ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 4,800 | 4,800 | 33 | |||||||
Asset custody fees ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 24,475 | 24,736 | 170 | |||||||
Administrative service fees ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 50,047 | 39,162 | 270 | |||||||
Other ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 117,057 | 51,871 | 357 | |||||||
Total operating expenses ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 5,672,588 | 5,558,241 | 38,335 | |||||||
Operating income ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 6,257,011 | 10,356,739 | 71,430 | |||||||
Non‐operating income | ||||||||||
Interest income∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 90 | 100 | 0 | |||||||
Foreign exchange gains∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ‐ | 178,185 | 1,228 | |||||||
Interest on tax refund∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 92 | ‐ | ‐ | |||||||
Other ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 17,657 | 3,821 | 26 | |||||||
Total non‐operating income ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 17,840 | 182,107 | 1,256 | |||||||
Non‐operating expenses | ||||||||||
Interest expenses ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 542,104 | 507,601 | 3,500 | |||||||
Foreign exchange losses ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 68,859 | ‐ | ‐ | |||||||
Interest expenses on investment corporation bonds∙∙∙∙ | 28,230 | 33,881 | 233 | |||||||
Amortization of investment corporation bond | 6,303 | 7,053 | 48 | |||||||
issuance costs∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||
Loan‐related costs | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 553,412 | 538,693 | 3,715 | ||||||
Loss on derivatives | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ‐ | 537,269 | 3,705 | ||||||
Total non‐operating expenses ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 1,198,910 | 1,624,499 | 11,204 | |||||||
Ordinary income ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 5,075,941 | 8,914,347 | 61,482 | |||||||
Income before income taxes ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 5,075,941 | 8,914,347 | 61,482 | |||||||
Income taxes (Note 14): | ||||||||||
Current ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 605 | 605 | 4 | |||||||
Total income taxes ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 605 | 605 | 4 | |||||||
Net income ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 5,075,336 | 8,913,742 | 61,478 | |||||||
Retained earnings / losses brought forward | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 8,667,226 | 8,669,991 | 59,797 | ||||||
Unappropriated retained earnings / losses (Note 11)∙∙∙∙ ¥ | 13,742,562 | ¥ | 17,583,734 | $ | 121,275 | |||||
The accompanying notes are an integral part of these financial statements.
6
INVINCIBLE INVESTMENT CORPORATION
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended June 30, 2023
Unitholdersʹ equity | |||||||||||||||||||||||||||||||||
Surplus | |||||||||||||||||||||||||||||||||
Capitalsurplus | |||||||||||||||||||||||||||||||||
Unitholdersʹ | Deductionofcapitalsurplus | ||||||||||||||||||||||||||||||||
capital | |||||||||||||||||||||||||||||||||
Capitalsurplus | Allowancefor | Capitalsurplus(net) | |||||||||||||||||||||||||||||||
temporary | Otherdeductionof | Deductionof | |||||||||||||||||||||||||||||||
differences | capitalsurplus | capitalsurplus | |||||||||||||||||||||||||||||||
adjustment | |||||||||||||||||||||||||||||||||
(inthousandsofyen) | |||||||||||||||||||||||||||||||||
BalanceasofJuly1,2022 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ¥ | 235,701,512 | ¥ | 6,264,432 | ¥ | (6,130) | ¥ | (5,524,006) | ¥ | (5,530,137) | ¥ | 734,294 | |||||||||||||||||||||
Changesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Distributionsfromsurplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Netincome ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Changesotherthanunitholders'equity(net) | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||||||||||||||||||||||||
Totalchangesduringtheperiod | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ||||||||||||||||||||||||||
BalanceasofDecember31,2022 | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ¥ | 235,701,512 | ¥ | 6,264,432 | ¥ | (6,130) | ¥ | (5,524,006) | ¥ | (5,530,137) | ¥ | 734,294 | ||||||||||||||||||||
Changesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Distributionsfromsurplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Netincome ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Changesotherthanunitholders'equity(net) | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||||||||||||||||||||||||
Totalchangesduringtheperiod | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ||||||||||||||||||||||||||
BalanceasofJune30,2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ¥ | 235,701,512 | ¥ | 6,264,432 | ¥ | (6,130) | ¥ | (5,524,006) | ¥ | (5,530,137) | ¥ | 734,294 | |||||||||||||||||||||
Unitholdersʹ equity | Valuationandtranslationadjustments | ||||||||||||||||||||||||||||||||
Surplus | Totalunitholdersʹ | Deferredgains | Totalvaluation | ||||||||||||||||||||||||||||||
orlosseson | andtranslation | Totalnetassets | |||||||||||||||||||||||||||||||
Retained | Totalsurplus | equity | |||||||||||||||||||||||||||||||
hedges | adjustments | ||||||||||||||||||||||||||||||||
earnings | |||||||||||||||||||||||||||||||||
(inthousandsofyen) | |||||||||||||||||||||||||||||||||
BalanceasofJuly1,2022 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ¥ | 9,679,301 | ¥ | 10,413,596 | ¥ | 246,115,108 | ¥ | 96,020 | ¥ | 96,020 | ¥ | 246,211,129 | |||||||||||||||||||||
Changesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Distributionsfromsurplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | (1,012,075) | (1,012,075) | (1,012,075) | (1,012,075) | |||||||||||||||||||||||||||||
Netincome ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 5,075,336 | 5,075,336 | 5,075,336 | 5,075,336 | |||||||||||||||||||||||||||||
Changesotherthanunitholders'equity(net) | ∙∙∙∙∙∙∙∙∙∙∙∙ | 46,701 | 46,701 | 46,701 | |||||||||||||||||||||||||||||
Totalchangesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 4,063,260 | 4,063,260 | 4,063,260 | 46,701 | 46,701 | 4,109,962 | |||||||||||||||||||||||||||
BalanceasofDecember31,2022 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ¥ | 13,742,562 | ¥ | 14,476,857 | ¥ | 250,178,369 | ¥ | 142,721 | ¥ | 142,721 | ¥ | 250,321,091 | |||||||||||||||||||||
Changesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | |||||||||||||||||||||||||||||||||
Distributionsfromsurplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | (5,072,570) | (5,072,570) | (5,072,570) | (5,072,570) | |||||||||||||||||||||||||||||
Netincome ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 8,913,742 | 8,913,742 | 8,913,742 | 8,913,742 | |||||||||||||||||||||||||||||
Changesotherthanunitholders'equity(net) | ∙∙∙∙∙∙∙∙∙∙∙∙ | (138,171) | (138,171) | (138,171) | |||||||||||||||||||||||||||||
Totalchangesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 3,841,171 | 3,841,171 | 3,841,171 | (138,171) | (138,171) | 3,703,000 | |||||||||||||||||||||||||||
BalanceasofJune30,2023 | ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ¥ | 17,583,734 | ¥ | 18,318,029 | ¥ | 254,019,541 | ¥ | 4,550 | ¥ | 4,550 | ¥ | 254,024,091 |
7
Unitholdersʹ equity | ||||||||||||||||||||||||||||||||
Surplus | ||||||||||||||||||||||||||||||||
Capitalsurplus | ||||||||||||||||||||||||||||||||
Unitholdersʹ | Deductionofcapitalsurplus | |||||||||||||||||||||||||||||||
capital | ||||||||||||||||||||||||||||||||
Capitalsurplus | Allowancefor | Capitalsurplus(net) | ||||||||||||||||||||||||||||||
temporary | Otherdeductionof | Deductionof | ||||||||||||||||||||||||||||||
differences | capitalsurplus | capitalsurplus | ||||||||||||||||||||||||||||||
adjustment | ||||||||||||||||||||||||||||||||
(inthousandsofU.Sdollars) | ||||||||||||||||||||||||||||||||
BalanceasofJanuary1,2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | $ | 1,625,639 | $ | 43,205 | $ | (42) | $ | (38,099) | $ | (38,141) | $ | 5,064 | ||||||||||||||||||||
Changesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||||||||||||||||||||||||
Distributionsfromsurplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||||||||||||||||||||||||
Netincome ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||||||||||||||||||||||||
Changesotherthanunitholders'equity(net) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||||||||||||||||||||||||
Totalchangesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ||||||||||||||||||||||||||
BalanceasofJune30,2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | $ | 1,625,639 | $ | 43,205 | $ | (42) | $ | (38,099) | $ | (38,141) | $ | 5,064 | ||||||||||||||||||||
Unitholdersʹ equity | Valuationandtranslationadjustments | |||||||||||||||||||||||||||||||
Surplus | Total | Deferredgains | Totalvaluation | |||||||||||||||||||||||||||||
unitholdersʹ | orlosseson | andtranslation | Totalnetassets | |||||||||||||||||||||||||||||
Retained | Totalsurplus | |||||||||||||||||||||||||||||||
equity | hedges | adjustments | ||||||||||||||||||||||||||||||
earnings | ||||||||||||||||||||||||||||||||
(inthousandsofU.Sdollars) | ||||||||||||||||||||||||||||||||
BalanceasofJanuary1,2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | $ | 94,782 | $ | 99,847 | 1,725,487 | $ | 984 | $ | 984 | $ | 1,726,471 | |||||||||||||||||||||
Changesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | ||||||||||||||||||||||||||||||||
Distributionsfromsurplus ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | (34,985) | (34,985) | (34,985) | (34,985) | ||||||||||||||||||||||||||||
Netincome ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 61,478 | 61,478 | 61,478 | 61,478 | ||||||||||||||||||||||||||||
Changesotherthanunitholders'equity(net) ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | (952) | (952) | (952) | |||||||||||||||||||||||||||||
Totalchangesduringtheperiod ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | 26,492 | 26,492 | 26,492 | (952) | (952) | 25,539 | ||||||||||||||||||||||||||
BalanceasofJune30,2023 ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ | $ | 121,275 | $ | 126,339 | $ | 1,751,979 | $ | 31 | $ | 31 | $ | 1,752,011 |
The accompanying notes are an integral part of these financial statements.
8
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Invincible Investment Corporation published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 08:19:51 UTC.