Slide 1: FY19/2 Full-Year Corporate Presentation
FY19/2 Full-Year Corporate Presentation January 11, April 17, 2019 2019 Ichigo (2337) © Ichigo Inc. All rights reserved. www.ichigo.gr.jp/en
Slide 2: Make The World More Sustainable
Make The World More Sustainable © Ichigo Inc. All rights reserved.
Slide 3: © Ichigo Inc. All rights reserved.
© Ichigo Inc. All rights reserved.
Slide 4: © Ichigo Inc. All rights reserved.
© Ichigo Inc. All rights reserved.
Slide 5: Contents
Contents FY19/2 Earnings Building a Foundation for Sustainable Growth ‒ FY19/2 Summary ‒ Core Business Growth ‒ Operating Profit +20%, Net Income +10%, EPS +11% (YOY) AM: Growth Support for TSE REITs & YieldCo ‒ Segment Earnings Details Value-Add: Selective on Acquisitions & Sales Value-Add: T
Slide 6: FY19/2 Earnings
FY19/2 Earnings © Ichigo Inc. All rights reserved. 6
Slide 7: FY19/2 Summary
FY19/2 Summary Durable Earnings Model Stock Earnings Growth (Gross Profit: JPY B) Stock Earnings/Fixed Expenses Asset Value-Add Clean Energy 240% +21% Management +16% +10% +106% 16.9B Gross Profit 14.0B 12.9B 2.1B 1.9B JPY 32.13B 2.0B 11.1B 0.9B FY18/2 FY19/2 FY18/2 FY19/2 FY18/2 FY19/2 FY18/2 FY19/
Slide 8: Operating Profit +20%, Net Income +10%, EPS +11% (YOY)
Operating Profit +20%, Net Income +10%, EPS +11% (YOY) Record Operating Profit, Recurring Profit, and Net Income (JPY million) Full-Year FY18/2 FY19/2 YOY Forecast Operating Profit 21,919 26,279 +19.9% 25,000 Recurring Profit 19,185 23,076 +20.3% 22,000 Net Income 14,018 15,373 +9.7% 15,000 EPS JPY
Slide 9: Segment Earnings Details
Segment Earnings Details − Asset Management: Base AM Fees +10% YOY − Value-Add: Rental Income +16% YOY Gains on Sale +23% YOY − Clean Energy: Power Generation Revenues +106% YOY (JPY million) Operating Profit Earnings Drivers Segment (Parentheses show YOY change in Full-Year vs. Full-Year FY18/2 FY1
Slide 10: FY20/2 Full-Year Forecast
FY20/2 Full-Year Forecast © Ichigo Inc. All rights reserved. 10
Slide 11: FY20/2 Full-Year Forecast
FY20/2 Full-Year Forecast Forecast Flat to Record FY19/2 Levels – Growth investments will pull down Recurring Profit, Net Income, and EPS to -1% to -2% YOY (JPY million) FY20/2 FY19/2 vs. FY19/2 (Forecast) (Actual) Operating Profit 26,500 26,279 +0.8% Recurring Profit 22,800 23,076 -1.2% Net Income
Slide 12: FY20/2 Full-Year Forecast Details
FY20/2 Full-Year Forecast Details − Asset Management Forecast Conservatively with Stock Earnings Flat, Flow Earnings Down − Clean Energy Also Forecast Conservatively Relative to Past Power Production (JPY million) Operating Profit Segment FY20/2 FY19/2 vs. FY19/2 (Forecast) (Actual) Asset Management
Slide 13: Powerful Value-Add Business Model Underpins Growth
Powerful Value-Add Business Model Underpins Growth © Ichigo Inc. All rights reserved. 13
Slide 14: Business Model (1) Stock + Flow Earnings
Business Model (1) Stock + Flow Earnings 33.8 Stock Earnings (Primarily Rental Income, Base AM Fees, and Power Generation Revenues) 32.1 Flow Earnings (Primarily Gains on Value-Add Real Estate Sales ) Fixed Expenses (Fixed SG&A + Interest Expenses) Gross 27.9 Profit 27.0 (JPY billion) 15.2 18.0 20.8
Slide 15: Business Model (2) Embedded Forward Earnings
Business Model (2) Embedded Forward Earnings Full Economic Earnings From Value-Add Exceed Accounting Earnings Value-Add Thus Generates Significant Unrealized Gains that are an “Earnings Bank” for Future Periods (JPY billion) 50.9 45.4 36.8 28.1 19.6 12.3 FY14/2 FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 App
Slide 16: Business Model (3) Value-Add Drives Durable Value Growth
Business Model (3) Value-Add Drives Durable Value Growth 2.5X Gains on Sales Consistently Exceed GPM Appraisal Value-Based Unrealized Gains 26% 4.4X Appraisal Value-Based Unrealized Gains Gains on Sales (Gross Profit) GPM 34% 1.6X GPM 14% 2.2X GPM Unrealized Gains 23% GPM (vs. Book Value) 9% 32% JPY
Slide 17: Business Model (4) Robust Cash Generation
Business Model (4) Robust Cash Generation Economic Operating Cash Flow Exceeds Net Income Net Income (JPY billion) Economic Operating Cash Flow +66% +44% +32% +19% 25.5 21.5 17.1 16.7 14.9 15.4 12.9 14.0 FY16/2 FY17/2 FY18/2 FY19/2 Note: Economic Operating Cash Flow = Cash Flows from Operations +/-
Slide 18: Strong Financial Base
Strong Financial Base Average Interest Rate and Loan Term Weighted Average Loan Period Weighted Average Remaining Loan Maturity (Interest Rate) Weighted Average Interest Rate (Loan Term, Years) 2.5% 12 10.8 years 10.2 years 10.3 years 1.96% 9.0 years 8.7 years 2.0% 9 9.6 years 8.3 years 8.3 years 7.
Slide 19: Building a Foundation for Sustainable Growth
Building a Foundation for Sustainable Growth © Ichigo Inc. All rights reserved. 19
Slide 20: Asset Management: Growth Support for TSE REITs & YieldCo
Core Business Growth Asset Management: Growth Support for TSE REITs & YieldCo Office Hotel Green Infrastructure Ichigo Office Ichigo Hotel Ichigo Green (8975) (3463) (9282) Listing Date Listing Date Listing Date October 12, 2005 November 30, 2015 December 1, 2016 Portfolio Portfolio Portfolio 85 Ass
Slide 21: Value-Add: Selective on Acquisitions and Sales
Core Business Growth Value-Add: Selective on Acquisitions and Sales − Continuing Sellers’ Market – FY19/2 Gross Profit Margin: 26% − Ichigo Owners Achieving High Asset Turnover Acquisitions: JPY 16.5B (32% of total); Sales: JPY 14.3B (24%) FY19/2 Net Sales of JPY 7.9B Acquisition Sale Difference (
Slide 22: Value-Add: Tax Shield Re-Classification to Fixed Assets
Core Business Growth Value-Add: Tax Shield Re-Classification to Fixed Assets Re-Classifying Real Estate as Fixed Assets Generates Depreciation Tax Shield to Fund Growth Investments Value-Add Real Estate for Sale & Fixed Assets (JPY billion) % Fixed Assets Fixed Assets Real Estate for Sale 30.1% 15.2
Slide 23: Clean Energy: Scaling Rapidly (In-Development Plants +91%)
Core Business Growth Clean Energy: Scaling Rapidly (In-Development Plants +91%) Added 9 Solar Plants to Development Pipeline (18.7MW) Kanto: 5.48MW, Chubu: 4.80MW, Kansai: 2.95MW, Chugoku: 5.48MW 159.8 148.3 (+8%) Power Generation (MW) Growth Timeline (+15%) 128.5 Operating (+15%) In-Development 112
Slide 24: Ichigo Owners: Real Estate Built on Client Trust
New Business Entry Ichigo Owners: Real Estate Built on Client Trust Strong Start During Phase 1 (First 2 Years since 2017/3/1 Founding): – Cumulative Acquisitions: 35 Assets, JPY 25.9B (Book Value) – Cumulative Sales: 20 Assets, JPY 16.8B – Average Holding Period : 8.1 months Shift from Real Estate
Slide 25: Smart Agriculture
New Business Entry Smart Agriculture Business Alliance with Organic Soil (OSMIC) − Create Technology & Business Synergies via Share Swap OSMIC provides high-microbe-density organic soil and climate-control greenhouses. It also purchases high-quality fruits and vegetables from farmers, which it t
Slide 26: Supporting & Enhancing Urban Lifestyles
New Business Entry Supporting & Enhancing Urban Lifestyles Stylish and Convenient Laundromats – Established Getter Lab JV with OKULAB – Launched “Laundry OUT” laundry service to reduce household laundry burdens Baluko Laundry Place – Laundromats with modern designs, latest laundry machines, Yoyogi U
Slide 27: Top Partner of J.League, Japan's Professional Soccer League
New Business Entry Top Partner of J.League, Japan’s Professional Soccer League Partner with J.League to Promote Community Development, Revitalize Local Economies, and Help People Enjoy Richer and Healthier Lives J.League’s 100-Year Vision: Ichigo’s Mission: Promote Sports Development Serve Important
Slide 28: Share Buyback (JPY 381)
Share Buyback (JPY 381) – Purpose: Grow Value for Ichigo’s Shareholders Share Type Common shares Buyback Method In-market purchases via trust bank – October – December 2018 Share Buyback No. of Shares 7,869,700 shares (1.6% of total) Average Share Price JPY 381 Amount JPY 3B Reference: 2017 Share Bu
Slide 29: Power Up 2019 Mid-Term Plan Achievement
Power Up 2019 Mid-Term Plan Achievement © Ichigo Inc. All rights reserved. 29
Slide 30: Power Up 2019 Achievement Details (1)
Power Up 2019 Achievement Details (1) Beat All KPI Targets 3-Year Growth: OP +60%, RP +66%, NI +19%* * Ichigo’s effective tax rate normalized from FY16/2’s 6.9% to FY19/2’s 31.8%, so NI grew less than OP. (JPY million) FY16/2 (Actual) FY19/2 (Actual) FY19/2 (Plan) (B) - (A) vs. Plan (Shift Up 2016)
Slide 31: Power Up 2019 Achievement Details (2)
Power Up 2019 Achievement Details (2) • List Ichigo’s solar assets on the TSE’s new Infrastructure Market • Listing of Ichigo Green (9282) on Dec 1, 2016 • Support the ongoing growth of Ichigo Office • Asset sales to Ichigo Office (8975) and Ichigo Hotel (8975) and Ichigo Hotel (3463) (3463) Core Bu
Slide 32: Power Up 2019 Achievement Details (3) JPX-Nikkei 400 Index
Power Up 2019 Achievement Details (3) JPX-Nikkei 400 Index – Selected for inclusion in the JPX-Nikkei 400 three years in a row (2016, 2017, 2018) – Targeting Ranking within the Index’s Top 200 Companies in August 2019 Ranking Calculation: While the JPX-Nikkei 400 does not provide an official ranking
Slide 33: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company
Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 33
Slide 34: Ichigo as a Sustainable Infrastructure Company
Go for Growth Grow & Expand Ichigo’s Core Businesses into New Areas, Creating New Earnings Streams and Increasing Both Earnings and Earnings Stability Sustainability Infrastructure Sustainability is integral to the health and Ichigo has a direct and critically important role in development of people
Slide 35: Go Beyond Real Estate to Address Broad Needs
Go Beyond Real Estate to Address Broad Needs Responding Assets Needs to Diverse Child Care Nursing Care Residence Live Needs Education Senior Business Office Work Tourism Medical Care Retail Buy, Dine Agriculture Entertainment Hotel Stay, Travel Public Works Solar Power Power Lives & Sports Plant Bu
Slide 36: KPI Targets
KPI Targets 1. High Capital Efficiency − FY20/2~FY30/2 Average ROE >15% Increase long-term ROE by driving higher capital efficiency and earnings stability Via high ROE, grow long-term EPS as a key driver of shareholder value − FY20/2~FY30/2 Continuous JPX-Nikkei 400 Index Inclusion Target 11 c
Slide 37: Shareholder Return Policy
Shareholder Return Policy Ichigo Dividend Policy: Growth, Certainty, and Stability − Progressive Dividend Policy Ichigo’s progressive dividend policy underscores our commitment to driving continued organic earnings and dividend growth for shareholders. Under this policy, the previous year’s divide
Slide 38: FY20/2 Initiatives
FY20/2 Initiatives Deepen Capabilities in Sustainable Real Estate − Expand into new asset types (e.g., dormitories, sports facilities) − Seek to be “Best Partner” to tenants via continually improving tenant services and solutions − Strengthen group operating structure to deliver best-in-class outcom
Slide 39: Ichigo's Commitment to ESG
Ichigo’s Commitment to ESG © Ichigo Inc. All rights reserved. 39
Slide 40: Ichigo Sustainability Policy
Ichigo Sustainability Policy Harmony with the Environment Ichigo actively monitors and minimizes the environmental impact of its business operations. Energy Conservation, CO2 Reduction, and Recycling Ichigo seeks to contribute to a low-carbon, low-waste society by reducing energy consumption, extend
Slide 41: Ichigo's ESG – Environmental
Ichigo’s ESG – Environmental Solar and Wind Energy: Safe and Clean Annual Power Generation Annual CO2 Reduction 140,167,036 kWh 92,510,242 kg Equivalent to annual Equivalent to annual energy consumption CO2 emission of of 38,900 households 40,200 cars The Federation of Electric Power Companies Minis
Slide 42: Ichigo's ESG – Social
Ichigo’s ESG – Social Sports & Arts Children’s Cancer Treatment Support Outstanding, Support University of Miyazaki World-Class Athletes Faculty of Medicine’s Program for ‒ Weightlifting Children with Cancer ‒ Riflery ‒ Issued CSR bond & donated a portion of ‒ Track & Field underwriter commission to
Slide 43: Ichigo's ESG – Governance
Ichigo’s ESG – Governance Early Adopter of Independent Three Committee (Nominating, Audit, & Compensation) Corporate Governance Structure – Adopted in 2006 to incorporate global best practice – Exceeded legal requirement by establishing Compliance Committee in addition to Nominating, Audit, and Comp
Slide 44: Appendix: Financial & Real Estate Data
Appendix: Financial & Real Estate Data © Ichigo Inc. All rights reserved. 44
Slide 45: Significant Unrealized Gains on Balance Sheet
Significant Unrealized Gains on Balance Sheet JPY 50.9B (Appraisal Value Basis), +12.8% vs. FY18/2-end Real Estate Directly Held by Ichigo (JPY million) Book Value Cap Rate Appraisal Value Unrealized Location Expected NOI (FY19/2 Q4) (NOI/Book Value) (FY19/2 Q4) Gains Tokyo 125,752 7,213 5.7% 154,89
Slide 46: Net Consolidated Risk-Based Balance Sheet
Net Consolidated Risk-Based Balance Sheet Mark-to-Market Consolidated Balance Sheet: JPY 370.5B (Book Value JPY 319.5B + Unrealized Gains JPY 50.9B) Cash & Cash Equivalents Non-Recourse Loans & JPY 41.6B Related Liabilities JPY 57.2B Net Consolidated Risk-Based Balance Sheet: Non-Recourse Loans & JP
Slide 47: Business Segments
Business Segments Asset Management generates fee income via management of Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282), and real Asset Management estate services related to real estate acquisition, operations, and disposition. Value-Add preserves and improves real estate. Ichig
Slide 48: Consolidated Balance Sheet: Segment Breakdown
Consolidated Balance Sheet: Segment Breakdown (JPY million) Cash and Operational Operational Power Real Estate Fixed Intangible Securities Other Segment Cash Loan Securities Plants for Total Assets for Sale Assets Assets Investments Assets Equivalents Investments Investments Sale Asset Management –
Slide 49: Asset Management AUM Detail
Asset Management AUM Detail FY14/2 FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 (12M) (12M) (12M) (12M) (12M) (12M) AUM (Fiscal Year End) JPY 120.5B JPY 123.8B JPY 165.1B JPY 194.5B JPY 196.9B JPY 203.0B Ichigo Office (8975) Base AM Fee Gross Profit (Actual) JPY 733M JPY 759M JPY 1,016M JPY 1,291M JPY 1,373M
Slide 50: Powerful Value-Add Business Model
Powerful Value-Add Business Model Significant Synergies Between Ichigo’s Value-Add and Asset Management Businesses Value-Add Business Model Green Infrastructure Solar Plants Buy Ichigo Green (9282) Office Sell Real Third- Estate Party Ichigo Office (8975) Value-Add Investors Real 不動産 Hotel Estate Pr
Slide 51: Value-Add Social Significance
Value-Add Social Significance Sustainable Real Estate Serving a Sustainable Society End Demolish and Rebuild and Embrace Value-Add ‒ Preserve and enhance high-function real estate ‒ Lengthen useful life and improve quality of existing assets via Value-Add Preserve & Improve Value-Add ・ Higher-Qualit
Slide 52: Example of Ichigo's Value-Add Earnings Model
Example of Ichigo’s Value-Add Earnings Model 5.5% NOI Yield, JPY 2B Purchase, LTV 75%, 1.5% Interest Rate, JPY 50M Capex, 15% Increase in NOI, 3-Year Value-Add Period Value-Add Steps: Improved exterior & interior, tenant services and seismic strengthening; increased energy efficiency; found quality
Slide 53: Ichigo-Owned Real Estate Portfolio
Ichigo-Owned Real Estate Portfolio By Asset Type By Location (JPY billion) Ground Lease 1% Other Nagoya 1% Logistics 2% 1% Okinawa 1% Hokkaido 2% Hokkaido Sendai 3% Other 4.6 Mixed Osaka 3% 7% 9% Office 27% Residence Tokyo 13% Metro* * Tokyo 12% 55% Tokyo Retail 119.9 Hotel Fukuoka 22% 25% 16% Senda
Slide 54: Value-Add Asset Breakdown (1)
Value-Add Asset Breakdown (1) 162 Assets, JPY 219.4B, Forecast NOI JPY 13.9B (6.2% Book Value Yield) Acquisition Acquisition Building Expected Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price Date Age NOI/Year Investment Multiple IRR 1 Wholesale Market Fixed As
Slide 55: Value-Add Asset Breakdown (2)
Value-Add Asset Breakdown (2) Acquisition Acquisition Building Expected Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price Date Age NOI/Year Investment Multiple IRR 27 Retail Fixed Asset Tokorozawa, Saitama JPY 1B-2B 2013/11 11 years JPY 63M JPY 92M – – 29 Ground
Slide 56: Value-Add Asset Breakdown (3)
Value-Add Asset Breakdown (3) Acquisition Acquisition Building Expected Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price Date Age NOI/Year Investment Multiple IRR 47 Residence Real Estate for Sale Koto-ku, Tokyo JPY 1B-2B 2014/12 12 years JPY 93M JPY 270M 1.56X
Slide 57: Value-Add Asset Breakdown (4)
Value-Add Asset Breakdown (4) Acquisition Acquisition Building Expected Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price Date Age NOI/Year Investment Multiple IRR 69 Hotel Real Estate for Sale Osaka JPY 2B-3B 2015/05 16 years JPY 195M JPY 633M 1.56X 58.3% 70 Ho
Slide 58: Value-Add Asset Breakdown (5)
Value-Add Asset Breakdown (5) Acquisition Acquisition Building Expected Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price Date Age NOI/Year Investment Multiple IRR 119 Retail Real Estate for Sale Shibuya-ku, Tokyo <JPY 1B 2016/06 31 years JPY 37M JPY 136M 3.91X
Slide 59: Value-Add Asset Breakdown (6)
Value-Add Asset Breakdown (6) Acquisition Acquisition Building Expected Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location Price Date Age NOI/Year Investment Multiple 1 IRR2 138 Hotel Real Estate for Sale Ogaki, Gifu JPY 1B-2B 2017/05 29 years JPY 84M – – – 139 Office Real
Slide 60: Value-Add Asset Breakdown (7)
Value-Add Asset Breakdown (7) Acquisition Expected Ichigo Equity Forecast Equity Forecast No. Asset Type vs. FY18/2 Q4 Price NOI/Year Investment Multiple IRR A Ichigo Owners (Office & Residence) 31 Assets JPY 17,129M +JPY 1,878M JPY 899M JPY 5,313M – – B Centro (Primarily Office & Residence) 18 Asse
Slide 61: Ichigo Solar Power Plant Portfolio
Ichigo Solar Power Plant Portfolio Ichigo (Operating) Ichigo (In-Development) Panel Panel FIT Operation FIT Operation Solar Power Plant Area Output Solar Power Plant Area Output (Pre-tax) Start Date (Pre-tax) Start Date (MW) (MW) Ichigo Tokushima Higashi-Okinosu Shikoku 2.52 JPY 40 Aug 2013 Ichigo S
Slide 62: Ichigo Solar & Wind Power Plant Portfolio
Ichigo Solar & Wind Power Plant Portfolio Hokkaido Serving Local Communities and the Environment Ichigo Yubetsu Barou 0.80MW Chugoku Ichigo Betsukai Kawakamicho 0.88MW Total Operating and In-Development Ichigo Akkeshi Shirahama 0.80MW Ichigo Yonago Izumi 2.61MW Ichigo Power Plants Ichigo Kasaoka Tak
Slide 63: Ichigo-Owned Solar Power Plant Details
Ichigo-Owned Solar Power Plant Details Total Operating and In-Development Ichigo-Owned Solar Power Plants: 42 Plants (133.89MW) By Customer By Feed-In-Tariff By Operating Timeline (Electric Power Utility Co) Hokkaido Shikoku 3% 2% Tohoku 4% Kyushu JPY 18 JPY 40 4% 12% 11% Starting Kansai JPY 21 oper
Slide 64: Reference: Japan's Feed-In Tariff (FIT)
Reference: Japan’s Feed-In Tariff (FIT) What is a FIT? ‒ A policy mechanism to encourage investment in renewable energies by guaranteeing a fixed price for electricity over a 20-year contract period ‒ The fixed price for new contracts is adjusted every year, but locked in for the duration of the con
Slide 65: Disaster Response & Recovery
Disaster Response & Recovery No injuries or damages at any Ichigo asset or power plant from 2018 natural disasters Robust Assets − Real estate: Continuous improvements to safety & functionality via value-add capex − Power plants: site selection and construction based on detailed specifications custo
Slide 66: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets (JPY million) FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 vs. FY18/2 Assets Current Assets Cash and cash equivalents 19,383 28,779 47,678 45,510 50,225 +4,715 Trade notes and accounts receivable 519 691 913 1,097 1,344 +247 Operational loan investments 2,330 1,324 1,324 1,3
Slide 67: Consolidated Balance Sheet: Liabilities & Net Assets
Consolidated Balance Sheet: Liabilities & Net Assets (JPY million) FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 vs. FY18/2 Liabilities Current Liabilities Trade notes and accounts payable 124 80 110 － － － Short-term loans 1,416 2,188 805 1,042 3,275 +2,233 Short-term non-recourse loans 48 79 611 － － － Bonds (
Slide 68: Consolidated P&L
Consolidated P&L (JPY million) Change FY19/2 vs. FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 (YOY) Forecast Forecast Revenue 42,705 49,699 109,253 57,846 83,540 +25,694 – – Cost of Goods Sold 29,811 28,865 81,327 30,860 51,413 +20,553 – – Gross Profit 12,893 20,833 27,925 26,986 32,126 +5,140 31,200 103.0% S
Slide 69: Consolidated Cash Flows from Operations
Consolidated Cash Flows from Operations (JPY million) FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 Cash Flows from Operations Pre-tax net income 7,220 14,022 20,630 20,109 23,079 Depreciation 565 792 778 1,015 1,696 Share-based compensation expenses 112 174 223 215 213 Amortization of goodwill 139 139 141 111
Slide 70: Consolidated Cash Flows from Investments & Financing
Consolidated Cash Flows from Investments & Financing (JPY million) FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 Cash Flows from Investments Payments into time deposits -325 – -6,100 -6 -118 Redemptions of time deposits 325 – 201 – 1,060 Payments for securities investments -210 -671 -300 -140 -539 Proceeds fro
Slide 71: Contact: Ichigo (TSE First 2337) Investor Relations
These materials were prepared to explain Ichigo’s businesses and are not for the purpose of soliciting investment in marketable securities issued by Ichigo. Ichigo does not guarantee the accuracy of the figures, information, estimates, or other statements included herein, and accepts no responsibili