Ichigo : FY23/2 Q1 Earnings

About this update from Ichigo Inc.

[Provisional Translation Only] This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail. FY23/2 Q1 Earnings July 14, 2022 Ichigo Inc. (Tokyo Stock Exchange Prime, 2337) Representative: Takuma Hasegawa, President Inquiries: Takanori Sakamatsu, Senior Statutory Executive Officer Telephone: +81-3-3502-4818 www.ichigo.gr.jp/en Submission of the Financial Report ( Shihanki Hokokusho ): July 15, 2022 (expected) Dividend Payment: N/A Supplemental Materials to Financial and Business Results: Yes Financial and Business Results Briefing: Yes (for institutional investors and analysts) 1. FY23/2 Q1 Consolidated Financial Results (March 1, 2022 to May 31, 2022) (1) Consolidated Financial Results (YOY = year-on-year % change) Revenue Operating Profit All-In Recurring Profit Operating Profit (JPY million) YOY (JPY million) YOY (JPY million) YOY (JPY million) YOY FY23/2 Q1 16,638 +31.3% 2,723 -13.8% 2,723 -13.8% 2,367 -0.7% FY22/2 Q1 12,674 -44.2% 3,159 -13.5% 3,159 -13.5% 2,384 -27.8% Note: Comprehensive Income FY23/2 Q1: JPY 1,914 million (+14.5% YOY) FY22/2 Q1: JPY 1,671 million (-13.6% YOY) All-In Operating Profit = Operating Profit + Gains on Sale of Sustainable Real Estate Assets Recorded as Extraordinary Gains Net Income Net Income Net Income per Share per Share (JPY million) YOY (Basic, JPY) (Diluted, JPY) FY23/2 Q1 1,534 -0.7% 3.29 +0.1% - - FY22/2 Q1 1,546 -28.6% 3.28 -26.9% - - (2) Consolidated Financial Condition Total Assets Net Assets Shareholders' Net Assets per (JPY million) (JPY million) Equity Ratio Share (JPY) FY23/2 Q1 336,658 109,746 29.2% 211.80 FY22/2 337,887 112,191 29.8% 215.46 Note: Shareholders' Equity FY23/2 Q1: JPY 98,301 million FY22/2: JPY 100,815 million 1 (3) Consolidated Cash Flows Cash Flows from Cash Flows from Cash Flows from Cash and Cash Equivalents Operations Investments Financing at Period-End (JPY million) (JPY million) (JPY million) (JPY million) FY23/2 Q1 1,017 -4,214 -380 42,637 FY22/2 Q1 -2,559 -1,403 4,606 51,234 Note: Economic Operating Cash Flow (Cash Flows from Operations excluding net change in Real Estate and Power Plants for Sale) FY23/2 Q1: JPY 777 million FY22/2 Q1: JPY 1,416 million 2. Dividends Dividend per Share (JPY) Total Dividend on First Second Third Fourth Total Dividend Payout Ratio Equity Quarter Quarter Quarter Quarter (JPY million) (DOE) FY22/2 - - - 7 7 3,275 50.7% 3.3% FY23/2 - - - 7 7 38.1%~ (Forecast) 49.9% 3. FY23/2 Full-Year Consolidated Earnings Forecast (March 1, 2022 to February 28, 2023) (YOY = year-on-year % change) Operating Profit All-In Recurring Profit Net Income Operating Profit Net Income per (JPY million) (JPY million) (JPY million) (JPY million) Share (JPY) YOY YOY YOY YOY YOY FY23/2 9,700~ -3.2%~ 12,700~ -4.3%~ 6,700~ -10.3%~ 6,500~ +0.4%~ 14.04~ +1.7%~ 10,600 +5.8% 15,600 +17.6% 7,600 +1.7% 8,500 +31.3% 18.36 +33.0% Note: Ichigo is reporting its FY23/2 earnings forecast as a range. 4. Other (1) Changes in significant consolidated subsidiary (material changes in scope of consolidation): No Changes in accounting standards/principles, changes in accounting estimates, and revisions to previous financial statements (i) Changes in accounting standards/principles: Yes (ii) Changes in accounting principles other than the above: None (iii) Changes in accounting estimates: None (iv) Revisions of previous financial statements: None 2 Number of outstanding common shares Number of outstanding shares (including treasury shares) at period-end FY23/2 Q1: 505,381,018 FY22/2: 505,381,018 (ii) Number of treasury shares at period-end FY23/2 Q1: 41,246,500 FY22/2: 37,466,500 (iii) Average number of outstanding shares (excluding treasury shares) during the period FY23/2 Q1: 467,047,779 FY22/2 Q1: 471,211,514 Segment Information Asset Management (AM) generates fee income via the management of Ichigo Office (8975), Ichigo Hotel (3463), Ichigo Green (9282), and private real estate funds. Sustainable Real Estate (SRE) preserves and improves real estate. Ichigo receives rental income during the period in which it carries out its value-add, along with earning gains on sales that reflect the real estate's higher value after the value-add is complete. Clean Energy (CE) is utility-scale solar and wind power production that supplies clean energy and brings productive use to idle land. Note on Appropriate Use of Forecasts Forward-looking statements contained in these materials are based on judgments regarding information that was available to Ichigo as of the announcement date. However, these statements involve risk and uncertainties, and actual earnings may differ significantly from the indicated forecasts. 3 Consolidated Balance Sheet (FY23/2 Q1) (JPY million) FY22/2 FY23/2 Q1 (Feb 28, 2022) (May 31, 2022) Assets Current Assets Cash and deposits 46,458 42,862 Trade notes and accounts receivable 1,819 2,464 Operational loan investments 1,324 1,324 Operational securities investments 2,547 72 Real estate for sale 68,666 68,425 Other 2,613 3,294 Less: allowance for doubtful accounts -633 -49 Total Current Assets 122,798 118,395 Fixed Assets Property, Plant, and Equipment Buildings and structures Depreciation Buildings and structures (net) Solar and wind power plants Depreciation Solar and wind power plants (net) Land Buildings and structures under construction Solar and wind power plants under construction Other Depreciation 66,501 66,778 -10,292 -11,009 56,208 55,768 34,298 34,752 -6,345 -6,815 27,953 27,937 116,079 119,336 435 593 2,095 2,036 2,884 2,940 -1,618 -1,710 Other (net) 1,265 1,229 Total Property, Plant, and Equipment 204,038 206,902 Intangible Assets Goodwill 1,580 1,536 Leasehold rights 1,365 1,365 Other 605 521 Total Intangible Assets 3,551 3,424 Investments and Other Assets Securities investments 3,463 3,710 Long-term loans receivable 270 262 Deferred tax assets 883 781 4 (JPY million) FY22/2 FY23/2 Q1 (Feb 28, 2022) (May 31, 2022) Other 3,013 3,198 Less: allowance for doubtful accounts -131 -16 Total Investments and Other Assets 7,498 7,936 Total Fixed Assets 215,089 218,263 Total Assets 337,887 336,658 5 This is an excerpt of the original content. 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