MITSUBISHI ESTATE Annual Report 2013
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Revenue from Operations/Operating IncomeIn the scal year ended March 31, 2013, consolidated revenue from operations decreased ¥85,911 million, or 8.5%, from the previous s-cal year to ¥927,157 million. Consolidated operating income also declined, falling ¥27,949 million, or 19.1%, year on year to ¥118,349 million. Results for each business segment are as follows. In the Building Business segment, the Marunouchi Eiraku Building contributed to earnings. Revenues, on the other hand, declined year on year, following a correction in connection with other income post-ed as a result of the sale of Akasaka Park Building during the scal year ended March 31, 2012. As of March 31, 2013, the vacancy rate stood at 3.98%, compared with 3.58% as of the end of the previous fiscal year. Reflecting these factors, revenue from operations fell ¥68,102 million year on year to ¥442,748 million. Operating income contracted ¥38,339 million to ¥107,667 million. In the Residential Business segment, Mitsubishi Estate’s revenue in the condominium business slipped year on year, due to a decline in the number of condominiums sold. As a result, revenue from opera-tions decreased ¥27,472 million to ¥315,351 million. Operating income in this segment was ¥2,317 million, a drop of ¥2,475 com-pared with the previous scal year. In the Commercial Property Development & Investment Business segment, revenue from operations decreased compared with the pre-vious scal year impacted by the deterioration in revenues in line with the sale of a large-scale property. Speci cally, revenue from operations declined ¥5,530 million year on year to ¥50,278 million. Operating income, on the other hand, grew ¥9,570 million to ¥11,180 million. In the International Business segment, properties located in major U.S. cities and the City of London in the United Kingdom showed sta-ble performance. In addition, revenue increased due to such factors as the sale of properties held in the United States. As a result, revenue from operations in the International Business segment as a whole climbed ¥18,783 million compared with the previous scal year to ¥60,892 million while operating income increased ¥350 million year on year to ¥8,371 million. In the Investment Management Business segment, results were buoyed by such factors as sales revenue from the investments distrib-uted to funds as well as an upswing in distributions from a special-purpose company in which Mitsubishi Estate and other companies have invested. As a result, revenue from operations increased ¥1,183 million compared with the previous fiscal year to ¥7,108 million. Operating income also improved, rising ¥665 million year on year to ¥2,129 million. In the Architectural Design & Engineering Business segment, Mitsubishi Estate recorded revenue in connection with such projects as Otemachi Financial City (Chiyoda Ward, Tokyo) as well as Shinjuku Eastside Square (Shinjuku Ward, Tokyo). During the scal year under review, earnings from interior design and construction increased sub-stantially, but earnings from architectural design and engineering decreased due to a decline in the amount of each property. Thus, earnings from the Architectural Design & Engineering Business seg-ment in total were unchanged from the previous year. As a result, rev-enue from operations decreased ¥364 million to ¥19,568 million. In contrast, operating income increased ¥44 million to ¥1,234 million. With Royal Park Hotels and Resorts Co., Ltd., which oversees the Group’s Hotel business activities, playing a central role, steps were taken to reinforce the management structure at each hotel under the Royal Park Hotel brand. At the same time, particular emphasis was placed on further promoting and developing a new hotel business under the “THE” series brand of Royal Park Hotels. In the scal year ended March 31, 2013, revenue and earnings improved compared with the previous scal year, which was negatively impacted by the drop in demand attributable to the Great East Japan Earthquake. In the scal year under review, revenue from operations in the Hotel Business segment climbed ¥2,644 million to ¥28,299 million. Operating income was ¥474 million, a positive year-on-year turn-around of ¥753 million. In the Real Estate Services segment, the number of transactions was essentially unchanged from the previous scal year. On a positive note, the amount of commission per transaction increased. As a Total Assets2009/32010/32011/32012/32013/3(Billions of yen)4,711.54,429.04,355.04,245.24,387.0Total Equity2009/32010/32011/32012/32013/3(Billions of yen)1,239.51,148.41,183.11,202.21,256.7Interest-Bearing Debt2009/32010/32011/32012/32013/3(Billions of yen)2,085.41,834.11,762.11,639.01,716.8EBITDA2009/32010/32011/32012/32013/3(Billions of yen)200.5230.7237.1222.8209.527MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2013Financial Review

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