Sumitomo Realty & Development : Consolidated Financial Report for FY2022 ended March 31, 2023 ( 328.6KB )

Consolidated Financial Report for FY2022

Ended March 31, 2023

Eleven-year Financial Summary	01
Management's Discussion and Analysis	03
Consolidated Financial Statements
Consolidated Balance Sheets	05
Consolidated Statements of Income	07
Consolidated Statements of Comprehensive Income	07
Consolidated Statements of Changes in Net Assets	08
Consolidated Statements of Cash Flows	09
Notes to Consolidated Financial Statements	10
Independent Auditor's Report	30

Eleven-year Financial Summary

Eleven-year Financial Summary

											Millions of yen
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
For the Year
Revenue from operations	736,652	780,273	806,835	854,964	925,151	948,402	1,012,198	1,013,513	917,473	939,431	939,905
Leasing	278,317	283,730	289,117	313,340	337,466	353,881	381,764	395,592	398,238	425,082	425,369
Sales	232,149	234,093	264,207	274,761	314,299	311,193	331,752	324,928	263,395	233,788	222,077
Construction	171,082	201,190	188,995	199,115	203,623	209,356	221,693	218,931	188,708	204,362	213,584
Brokerage	50,957	57,211	58,486	61,496	66,714	69,169	71,867	71,199	65,793	73,484	75,107
Cost of revenue from operations	529,913	558,987	579,964	614,191	664,184	664,015	711,050	691,832	629,565	636,988	625,452
SG&A expenses	55,394	60,815	60,976	66,532	72,796	78,750	81,759	87,349	68,664	68,560	73,179
% of revenue from operations	7.5%	7.8%	7.6%	7.8%	7.9%	8.3%	8.1%	8.6%	7.5%	7.3%	7.8%
Operating income	151,345	160,471	165,895	174,241	188,171	205,637	219,389	234,332	219,244	233,883	241,274
% of revenue from operations	20.5%	20.6%	20.6%	20.4%	20.3%	21.7%	21.7%	23.1%	23.9%	24.9%	25.7%
Ordinary profit*1	114,916	130,537	139,055	148,424	167,697	186,871	203,227	220,521	209,950	225,115	236,651
Profit attributable to owners of parent	59,825	69,697	80,567	87,798	103,489	119,731	130,103	140,997	141,389	150,452	161,926
Depreciation and amortization	37,761	35,311	33,519	34,574	39,446	41,628	46,313	48,974	57,813	60,645	64,635
At Year-end
Total assets	4,105,500	4,220,429	4,523,804	4,675,915	4,980,040	5,167,199	5,130,120	5,317,623	5,673,666	5,806,040	6,365,436
Equity*2	627,012	707,948	832,462	888,100	1,007,347	1,114,975	1,202,104	1,295,000	1,503,021	1,634,049	1,799,372
Net interest-bearing debt	2,424,932	2,652,929	2,875,660	2,971,667	3,101,162	3,210,302	3,170,595	3,245,547	3,372,953	3,408,600	3,752,902
Unrealized gains on investment and rental properties	1,001,547	1,132,644	1,290,145	1,697,562	1,996,441	2,328,140	2,703,263	3,176,151	3,432,632	3,494,974	3,736,711
Per Share Amounts (Yen)
Profit attributable to owners of parent	126.18	147.02	169.97	185.23	218.34	252.62	274.51	297.5	298.33	317.45	341.66
Net assets	1,322.52	1,493.48	1,756.25	1,873.71	2,125.36	2,352.53	2,536.40	2,732.41	3,171.34	3,447.81	3,796.64
Cash dividend applicable to the year	20	20.00	21.00	22.00	24.00	27.00	30.00	35.00	40.00	45.00	52.00
Key Ratios
Equity ratio (%)	15.3	16.8	18.4	19.0	20.2	21.6	23.4	24.4	26.5	28.1	28.3
ROE (%)	10.1	10.4	10.5	10.2	10.9	11.3	11.2	11.3	10.1	9.6	9.4
ROA (%)	3.9	4.0	3.9	3.9	4.0	4.2	4.5	4.7	4.2	4.3	4.2
Return on leasing business*3 (%)	4.8	4.7	4.7	4.8	5.3	5.5	5.6	6.0	5.5	5.5	5.4
Long-term debt ratio (%)	93	95	97	98	98	98	99	96	96	98	95
Fixed-interest rate debt ratio (%)	80	82	87	94	95	94	96	95	94	96	86
ND/E ratio*4 (Times)	3.9	3.7	3.5	3.3	3.1	2.9	2.6	2.5	2.2	2.1	2.1
Interest coverage ratio*5 (Times)	4.9	6.1	6.5	7.3	9.0	10.5	11.4	12.8	12.6	13.7	14.6

*1. Ordinary profit, which equals operating income after adjustment for non-operating income/expenses, is a management index that is widely used in Japan.

Ordinary profit is not referred to in the consolidated financial statements but is included here because it plays an important role in the calculation of compensation for directors.

*2. Equity = Shareholders' equity + Accumulated other comprehensive income (loss)

*3. Return on leasing business = Cash flows from leasing business / Net investments of leasing business

*4. ND/E ratio = Net interest-bearing debt / Equity

*5. Interest coverage ratio = (Operating income + Interest and dividend income) / Interest expense

Notes: 1. The Company changed its accounting policy (revenue recognition standards of Sumitomo Real Estate Sales) from the beginning of FY2019. The figures provided for FY2018 are those after retroactive application.

2. From the beginning of FY2020, the business segments for revenue and income from Sumitomo Real Estate Sales have been changed, from the allocation to "Sales," "Brokerage" and "Adjustments (not presented in the document)," to be consolidated into "Brokerage." Financial results for FY2019 have been adjusted retroactively.

1

2

Management's Discussion and Analysis

Management's Discussion and Analysis for FY2022 (Fiscal year ended March 31, 2023)

Overview

The financial results were as follows: revenue from operations recorded ¥939.9 billion (¥0.5 billion increase year on year), operating income ¥241.3 billion (¥7.4 billion increase year on year), ordinary profit ¥236.7 billion (¥11.5 billion increase year on year), and profit attributable to owners of parent ¥161.9 billion (¥11.5 billion increase year on year). Revenue from operations, operating income, ordinary profit and profit all increased from the previous fiscal year. Ordinary profit achieved a record high for the second consecutive year, while profit attributable to owners of parent achieved a record high for the tenth consecutive year.

Revenue from operations and operating income

Cash and cash equivalents increased to ¥184.1 billion (¥33.7 billion increase year on year).

Ordinary profit recorded ¥236.7 billion. In addition to ¥55.5 billion increase in inventories, with payments for income tax and other taxes, net cash provided by operating activities amounted to ¥165.1 billion.

As the result of investments in property and equipment totaling ¥449.3 billion mainly for the purpose of augmenting the leasing business, net cash used in investing activities amounted to ¥489.8

Revenue from Operations

Billion yen

1,200
1,012.2 1,013.5		939.4	939.9	970.0
		917.5
800
400
0	FY '19	FY '20	FY '21	FY '22	FY '23
FY '18
					(Forecast)

Operating Income and Operating Margin	Ordinary Profit* and
	Profit Attributable to Owners of Parent

Billion yen									%	Billion yen										250.0
270							255.0	30	250								236.7
				241.3						225.1
		234.3		233.9				220.5	209.9
	219.4	219.2		26.3			203.2
				25.7
		24.9			200
			23.9													175.0
		23.1
	21.7																161.9
180							20
							150			141.0	141.4	150.5
										130.1
90									10	100
										50
0	FY '18	FY '19	FY '20	FY '21	FY '22	FY '23	0	0	FY '18	FY '19	FY '20	FY '21	FY '22	FY '23
							(Forecast)												(Forecast)

Operating income	Operating margin (right scale)		Ordinary profit		Profit attributable to owners of parent
			* Please refer to note *1 on Page 1

The steady progress in the mainstay office building business underpinned the achievement, and the decline due to COVID-19 in commercial facility business such as hotels and event halls shrank, resulting in increased revenue and profit in the leasing business. In addition, the construction business including "Shinchiku Sokkurisan" remodeling, as well as the brokerage business with good performance in brokerage of existing homes, both contributed to overall performance with their record high profits.

billion.

Issuance of bonds and long-term loans payable (including non- recourse debt) amounted to ¥482.6 billion to make repayments of long-term loans payable at maturity totaled ¥244.6 billion and investments in property and equipment for augmenting the leasing business. With the net commercial paper issuance of ¥140.0 billion,

Total Assets

Equity and Equity Ratio

ROE and ROA

In the sales business primarily for condominium sales, even though revenue decreased owing to a decline in the number of units delivered, it achieved higher operating income by improved profit margins.

Other income (expenses)

Non-operating income recorded ¥16.6 billion (¥2.4 billion increase year on year), mainly due to an increase in dividend income.

Non-operating expenses decreased to ¥21.2 billion (¥1.8 billion

decrease year on year), mainly due to decreases in interest expense. As

net cash provided by financing activities amounted to ¥355.6 billion.

Financial resources for capital and liquidity of funds

Assets

Total assets as of the end of the fiscal year under review amounted to ¥6,365.4 billion (¥559.4 billion increase year on year). Property and equipment increased to ¥4,464.5 billion (¥350.1 billion increase year on year) mainly due to investments in buildings for leasing.

Billion yen					Billion yen				1,799.4	%	%
7,500					1,800					45	15
							1,634.0
				6,365.4				1,503.0
		5,673.7	5,806.0
	5,317.6				1,295.0
5,130.1					1,202.1
5,000					1,200	23.4	24.4	26.5	28.1	28.3	30	10
2,500					600						15	5
0	FY '19	FY '20	FY '21	FY '22	0	FY '18	FY '19	FY '20	FY '21	FY '22	0	0
FY '18

11.2	11.3
	10.1

9.6

9.4

4.5	4.7	4.2	4.3	4.2

FY '18

FY '19

FY '20

FY '21

FY '22

a result, non-operating loss recorded ¥4.6 billion (an improvement of

¥4.1 billion year on year).

Extraordinary income recorded ¥4.7 billion (¥2.2 billion increase

year on year), mainly owing to gain on sale of investment securities,

while extraordinary loss recorded ¥11.0 billion (¥2.1 billion increase

year on year), mainly due to loss on impairment of fixed assets and

loss on disposal of property and equipment. As a result, extraordinary

Liabilities

Total liabilities amounted to ¥4,566.1 billion (¥394.1 billion increase year on year). Consolidated interest-bearing debt increased to ¥3,938.0 billion (¥378.0 billion increase year on year). ND/E ratio was 2.1 times, same as the previous fiscal year.

Net assets

Equity	ROE (Net income / Equity)
(Shareholders' equity + Accumulated other comprehensive income (loss))	ROA ((Operating income + Interest and dividend income) / Total assets)

Equity ratio (right scale) (Equity / Total assets)

income/loss deteriorated to ¥6.3 billion, recording an improvement of

¥0.1 billion from the previous fiscal year.

Notes: 1. Non-operating income and expenses = Operating income - Ordinary profit. They

Total net assets amounted to ¥1,799.4 billion (¥165.3 billion increase year on year). Profit attributable to owners of parent as of the end of the fiscal year under review stood at ¥161.9 billion, and retained

Net Interest-bearing Debt and ND/E Ratio	Long-term Debt Ratio and
	Fixed-interest Rate Debt Ratio

Cash Flows from Leasing Business and Return on Leasing Business

refer to Other income and expenses except for Extraordinary income and loss.

2. Extraordinary income and loss = Ordinary profit - Income before income taxes. They refer to the part of Other income and expenses that are occasional and the company deems them as extraordinary items.

Cash flows

Cash flows were as follows:

Cash flows from operating activities: ¥165.1 billion (¥27.9 billion decrease year on year)

Cash flows from investing activities: ¥(489.8) billion (¥279.8 billion decrease year on year)

earnings increased. As a result, the equity ratio improved from 28.1% at the end of the previous fiscal year to 28.3%, and ROE was 9.4% (9.6% at the end of the previous fiscal year).

As of the end of the fiscal year under review, long-term debt accounted for 95% of consolidated interest-bearing debt, and fixed- interest rate debt for 86% (those numbers were 98% and 96%, respectively, at the end of the previous fiscal year).

Billion yen				3,752.9	Times	%
3,900				6	100
3,170.6	3,245.5	3,373.0	3,408.6
					80
2,600					4	60
2.6	2.5	2.2	2.1	2.1	2	40
1,300
						20
0	FY '19	FY '20	FY '21	FY '22	0	0
FY '18

99	96	96	98	95
96	95	94	96	86
FY '18	FY '19	FY '20	FY '21	FY '22

Billion yen						%
250					226.9	10
		214.8	209.6	220.0
	193.1
200					8
150	5.6	6.0			5.4	6
	5.5	5.5
100						4
50						2
0	FY '18	FY '19	FY '20	FY '21	FY '22	0

Cash flows from financing activities: ¥355.6 billion (¥377.5 billion increase year on year)

	Net interest-bearing debt		Short-term debt and commercial paper
	ND/E ratio (right scale)		Long-term debt and bonds
(Net interest-bearing debt / Equity)		Fixed-interest rate debt ratio

Cash flows from leasing business

Return on leasing business (right scale)

(Cash flows from leasing business / Net investments of leasing business)

3

4

Consolidated Financial Statements

Consolidated Balance Sheets

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

As of March 31, 2023 and 2022

						Thousands of									Thousands of
		Millions of yen				U.S. dollars (Note 1)					Millions of yen				U.S. dollars (Note 1)
		2023		2022			2023					2023		2022			2023
Assets									Liabilities and Net Assets
Current assets:									Current liabilities:
Cash and deposits (Notes 5, 7 and 8)	¥	185,120	¥	151,393	$	1,386,251		Short-term debt (Notes 8 and 10)	¥	208,610	¥	68,610	$	1,562,154
Accounts receivable-trade (Note 18)		38,047		23,286			284,911		Long-term debt due within one year (Notes 7, 8 and 10)		289,472		237,386			2,167,680
Allowance for doubtful accounts		(24)		(44)			(180)		Long-termnon-recourse debt due within one year (Notes 7, 8 and 10)		4,640		4,786			34,746
Inventories (Notes 3, 6 and 21)		790,070		712,451			5,916,355		Notes and accounts payable-trade		29,067		42,308			217,665
Other current assets		73,659		54,447			551,588		Accrued income taxes		30,827		40,145			230,845
Total current assets		1,086,872		941,533			8,138,925		Provison for bonuses		4,924		5,804			36,873
									Deposits received		75,118		55,156			562,513
									Other current liabilities (Notes 13 and 18)		198,870		185,836			1,489,216
									Total current liabilities		841,528		640,031			6,301,692
Property and equipment (Notes 3, 6, 19 and 21):
Land (Note 7)		3,057,437		2,847,702			22,895,290		Long-term liabilities:
Buildings and structures (Note 7)		1,965,322		1,759,702			14,717,103		Long-term debt due after one year (Notes 7, 8 and 10)		3,148,053		2,957,325			23,573,858
Construction in progress (Note 7)		126,592		139,860			947,971		Long-termnon-recourse debt due after one year (Notes 7, 8 and 10)		287,247		291,887			2,151,018
Other property and equipment (Note 7)		54,765		48,718			410,102		Guarantee and lease deposits received (Note 8)		254,009		249,276			1,902,119
Subtotal of property and equipment		5,204,116		4,795,982			38,970,466		Long-term deposits received		2,325		8,764			17,411
Accumulated depreciation and accumulated impairment losses		(739,651)		(681,665)			(5,538,798)		Net defined benefit liability (Note 11)		5,534		5,796			41,441
Total property and equipment		4,464,465		4,114,317			33,431,668		Other long-term liabilities (Notes 8, 13, 14 and 17)		27,368		18,912			204,942
									Total long-term liabilities		3,724,536		3,531,960			27,890,789
									Contingent liabilities (Note 22)
Intangibles (Note 19):
Leasehold rights (Notes 3 and 21)		60,846		61,803			455,639		Net assets (Note 15):
Other intangibles		2,447		2,191			18,324		Shareholders' equity
Total intangibles		63,293		63,994			473,963		Common stock:
									Authorized -1,900,000 thousand shares
									Issued	-476,086 thousand shares		122,805		122,805			919,612
									Capital surplus		104,154		104,154			779,946
Investments and other assets:									Retained earnings (Note 23)		1,396,393		1,256,742			10,456,740
Investments in unconsolidated subsidiaries and affiliates (Note 8)		104,557		70,274			782,964		Treasury stock			(4,477)		(4,475)			(33,526)
Investment securities (Notes 8 and 9)		523,839		503,230			3,922,712		Total shareholders' equity		1,618,875		1,479,226			12,122,772
Guarantee and lease deposits (Notes 8 and 9)		67,044		66,994			502,052		Accumulated other comprehensive income (loss)
Net defined benefit asset (Note 11)		293		258			2,194		Net unrealized holding gains on securities (Note 9)		171,827		155,863			1,286,709
Deferred income taxes (Note 14)		13,250		11,457			99,221		Net deferred gains (losses) on hedges (Note 17)		5,979		705			44,773
Other investments and other assets (Notes 8 and 17)		42,728		34,642			319,964		Foreign currency translation adjustments		2,660		(1,450)			19,919
Allowance for doubtful accounts		(905)		(659)			(6,777)		Remeasurements of defined benefit plans (Note 11)		31		(295)			232
Total investments and other assets		750,806		686,196			5,622,330		Total accumulated other comprehensive income		180,497		154,823			1,351,633
Total assets	¥	6,365,436	¥	5,806,040		$	47,666,886		Total net assets			1,799,372		1,634,049			13,474,405
See accompanying notes.									Total liabilities and net assets	¥	6,365,436	¥	5,806,040		$	47,666,886

5

6

Consolidated Financial Statements

Consolidated Statements of Income

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

For the years ended March 31, 2023, 2022 and 2021

		Millions of yen
	2023	2022	2021
Revenue from operations (Notes 16, 18, 19 and 21)	¥939,905	¥939,431	¥917,473
Costs and expenses (Note 16):
Cost of revenue from operations (Note 21)	625,452	636,988	629,565
Selling, general and administrative expenses (Note 11)	73,179	68,560	68,664
	698,631	705,548	698,229
Operating income (Note 19)	241,274	233,883	219,244
Other income (expenses) (Note 21):
Interest income	454	131	275
Interest expense (Notes 10 and 17)	(17,577)	(18,034)	(18,318)
Dividend income	15,625	12,662	11,561
Gain on sale of property and equipment	15	98	536
Loss on sale of property and equipment	-	(0)	-
Loss on impairment of fixed assets (Notes 12, 19 and 21)	(8,100)	(3,453)	(3,876)
Loss on disposal of property and equipment (Note 21)	(1,742)	(4,015)	(7,890)
Gain on sale of investment securities (Note 9)	4,713	2,427	13,116
Loss on sale of investment securities (Note 9)	(7)	(2)	(312)
Loss on devaluation of investment securities (Note 9)	(214)	(1,160)	(489)
Loss related to COVID-19	-	-	(629)
Other, net	(4,105)	(3,883)	(2,859)
	(10,938)	(15,229)	(8,885)
Income before income taxes	230,336	218,654	210,359
Income taxes (Note 12):
Current	69,675	77,311	64,930
Deferred	(1,265)	(9,109)	4,040
Total	68,410	68,202	68,970
Profit	161,926	150,452	141,389
Profit attributable to non-controlling interests	-	-	-
Profit attributable to owners of parent	¥161,926	¥150,452	¥141,389
		Yen
	2023	2022	2021
Amounts per share of common stock:
Profit attributable to owners of parent:
-Basic	¥341.66	¥317.45	¥298.33
-Diluted	-	-	-
Cash dividend applicable to the year (Note 23)	52.00	45.00	40.00

See accompanying notes.

Thousands of

U.S. dollars (Note 1)

2023

$7,038,378

4,683,630

547,993

5,231,623

1,806,755

3,400

(131,623)

117,006

112

-

(60,656)

(13,045)

35,293

(52)

(1,603)

-

(30,740)

(81,908)

1,724,847

521,754

(9,473)

512,281

1,212,566

-

$1,212,566

U.S. dollars (Note 1)

2023

$2.56

-

0.39

Consolidated Statements of Changes in Net Assets

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

For the years ended March 31, 2023, 2022 and 2021

		Thousands							Millions of yen
						Shareholders' equity					Accumulated other comprehensive income (loss)
													Remeasure-	Total
		Number of							Net unrealized		Foreign	ments of	accumulated
		shares of					Total		holding gains	Net deferred	currency	defined	other
		common	Common	Capital	Retained	Treasury	shareholders'		(losses) on	gains (losses)	translation	benefit	comprehensive	Total net
		stock	stock	surplus	earnings	stock	equity		securities	on hedges	adjustments	plans	income (loss)	assets
Balance at April 1, 2020	476,086		¥122,805	¥104,154	¥1,002,634	¥(4,473)	¥1,225,120	¥ 76,335	¥(3,560)	¥(2,718)	¥(177)	¥ 69,880	¥1,295,000
Profit attributable to owners of parent	-	-	-	141,389	-	141,389		-	-	-	-	-	141,389
Foreign currency translation adjustments	-	-	-	-	-	-		-	-	(1,548)	-	(1,548)	(1,548)
Net unrealized holding gains (losses) on securities	-	-	-	-	-	-	84,106	-	-	-	84,106	84,106
Acquisition of treasury stock	-	-	-	-	(2)	(2)		-	-	-	-	-	(2)
Change in scope of consolidation	-	-	-	657	-	657		-	-	-	-	-	657
Cash dividends paid:
Final for prior year (¥19 per share)	-	-	-	(9,005)	-	(9,005)		-	-	-	-	-	(9,005)
Interim for current year (¥19 per share)	-	-	-	(9,005)	-	(9,005)		-	-	-	-	-	(9,005)
Net deferred gains (losses) on hedges	-	-	-	-	-	-		-	571	-	-	571	571
Remeasurements of defined benefit plans	-	-	-	-	-	-		-	-	-	858	858	858
Balance at April 1, 2021	476,086		¥122,805	¥104,154	¥1,126,670	¥(4,475)	¥1,349,154	¥160,441	¥(2,989)	¥(4,266)	¥681	¥153,867	¥1,503,021
Profit attributable to owners of parent	-	-	-	150,452	-	150,452		-	-	-	-	-	150,452
Foreign currency translation adjustments	-	-	-	-	-	-		-	-	2,816	-	2,816	2,816
Net unrealized holding gains (losses) on securities	-	-	-	-	-	-	(4,578)	-	-	-	(4,578)	(4,578)
Acquisition of treasury stock	-	-	-	-	(0)	(0)		-	-	-	-	-	(0)
Change in scope of consolidation	-	-	-	(0)	-	(0)		-	-	-	-	-	(0)
Cash dividends paid:
Final for prior year (¥21 per share)	-	-	-	(9,953)	-	(9,953)		-	-	-	-	-	(9,953)
Interim for current year (¥22 per share)	-	-	-	(10,427)	-	(10,427)		-	-	-	-	-	(10,427)
Net deferred gains (losses) on hedges	-	-	-	-	-	-		-	3,694	-	-	3,694	3,694
Remeasurements of defined benefit plans	-	-	-	-	-	-		-	-	-	(976)	(976)	(976)
Balance at April 1, 2022	476,086		¥122,805	¥104,154	¥1,256,742	¥(4,475)	¥1,479,226	¥155,863	¥ 705	¥(1,450)	¥(295)	¥154,823	¥1,634,049
Profit attributable to owners of parent	-	-	-	161,926	-	161,926		-	-	-	-	-	161,926
Foreign currency translation adjustments	-	-	-	-	-	-		-	-	4,110	-	4,110	4,110
Net unrealized holding gains (losses) on securities	-	-	-	-	-	-	15,964	-	-	-	15,964	15,964
Acquisition of treasury stock	-	-	-	-	(2)	(2)		-	-	-	-	-	(2)
Change in scope of consolidation	-	-	-	-	-	-		-	-	-	-	-	-
Cash dividends paid:
Final for prior year (¥23 per share)	-	-	-	(10,900)	-	(10,900)		-	-	-	-	-	(10,900)
Interim for current year (¥24 per share)	-	-	-	(11,375)	-	(11,375)		-	-	-	-	-	(11,375)
Net deferred gains (losses) on hedges	-	-	-	-	-	-		-	5,274	-	-	5,274	5,274
Remeasurements of defined benefit plans	-	-	-	-	-	-		-	-	-	326	326	326
Balance at March 31, 2023	476,086		¥122,805	¥104,154	¥1,396,393	¥(4,477)	¥1,618,875	¥171,827	¥5,979	¥2,660	¥31	¥180,497	¥1,799,372
								Thousands of U.S. dollars (Note 1)
						Shareholders' equity					Accumulated other comprehensive income (loss)
														Total
										Net unrealized		Foreign	Remeasure-	accumulated
								Total		holding gains	Net deferred	currency	ments of	other
				Common	Capital	Retained	Treasury	shareholders'		(losses) on	gains (losses)	translation	defined	comprehensive	Total net
				stock	surplus	earnings	stock	equity		securities	on hedges	adjustments	benefit plans	income (loss)	assets
Balance at April 1, 2022			$919,612	$779,946	$ 9,410,978	$(33,511)	$11,077,025	$1,167,163	$ 5,279	$(10,858)	$(2,208)	$1,159,376	$12,236,401
Profit attributable to owners of parent			-	-	1,212,566	-	1,212,566		-	-	-	-	-	1,212,566
Foreign currency translation adjustments			-	-	-	-	-		-	-	30,777	-	30,777	30,777
Net unrealized holding gains (losses) on securities			-	-	-	-	-	119,546	-	-	-	119,546	119,546

Consolidated Statements of Comprehensive Income

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

For the years ended March 31, 2023, 2022 and 2021

		Millions of yen
	2023	2022	2021
Profit	¥161,926	¥150,452	¥141,389
Other comprehensive income (loss) (Note 20)
Net unrealized holding gains (losses) on securities	15,964	(4,578)	84,106
Net deferred gains (losses) on hedges	5,274	3,694	571
Foreign currency translation adjustments	4,110	2,816	(1,548)
Remeasurements of defined benefit plans	326	(976)	858
Total other comprehensive income (loss)	25,674	956	83,987
Comprehensive income	¥187,600	¥151,408	¥225,376
Comprehensive income attributable to:
Owners of the parent	¥187,600	¥151,408	¥225,376
Non-controlling interests	-	-	-

See accompanying notes.

Thousands of

U.S. dollars (Note 1)

2023

$1,212,566

119,546

39,494

30,777

2,440

192,257 $1,404,823

$1,404,823

-

Acquisition of treasury stock	-	-	-	(15)	(15)	-	-	-	-	-	(15)
Change in scope of consolidation	-	-	(0)	-	(0)	-	-	-	-	-	(0)
Cash dividends paid:
Final for prior year ($0.17 per share)	-	-	(81,623)	-	(81,623)	-	-	-	-	-	(81,623)
Interim for current year ($0.17 per share)	-	-	(85,181)	-	(85,181)	-	-	-	-	-	(85,181)
Net deferred gains (losses) on hedges	-	-	-	-	-	-	39,494	-	-	39,494	39,494
Remeasurements of defined benefit plans	-	-	-	-	-	-	-	-	2,440	2,440	2,440
Balance at March 31, 2023	$919,612	$779,946	$10,456,740	$(33,526)	$12,122,772	$1,286,709	$44,773	$19,919	$ 232	$1,351,633	$13,474,405

See accompanying notes.

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