MITSUBISHI ESTATE Annual Report 2013

result, the Group enjoyed an upswing in real estate brokerage revenue in this segment. As a result, revenue from operations improved ¥1,123 million year on year to ¥27,209 million. In the scal year under review, the Mitsubishi Estate Group reported operating income of ¥1,058 mil-lion in the Real Estate Services segment. This represented a positive turnaround of ¥1,116 million from the previous scal year’s operating loss. Revenue from operations in the Other segment increased ¥902 million to ¥4,408 million. Despite this improvement, the Mitsubishi Estate Group incurred an operating loss of ¥10 million in the Other segment, a year-on-year deterioration of ¥192 million.Other Income (Expenses)Other income increased ¥1,013 million year on year to ¥10,136 mil-lion. Despite a decrease in dividend income, this increase was largely attributable to higher interest income. Other expenses climbed ¥1,348 million to ¥36,104 million, due to the increase in interest expenses, among other factors. Turning to extraordinary items, Mitsubishi Estate recorded extraor-dinary gains of ¥7,540 million, mainly from the gain on sales of xed assets totaling ¥6,165 million and gain on negative goodwill amount-ing to ¥1,374 million. At the same time, the Company posted an extraordinary loss totaling ¥43,181 million, which consisted of ¥24,338 million in loss related to retirement of xed assets, ¥8,985 million in impairment loss on equity investment, ¥7,030 million in provision for loss on guaran-tees, and ¥2,826 million in impairment loss.Net IncomeIncome before income taxes and minority interests declined ¥30,772 million, or 35.2%, year on year to ¥56,741 million. Net income con-tracted ¥11,004 million, or 19.5%, to ¥45,507 million. Net income per share came to ¥32.79.Analysis of Financial Position(1) Consolidated Cash FlowOn a consolidated basis, cash and cash equivalents at the end of the s-cal year under review decreased ¥23,934 million year on year to Millions of yen2013/32012/3YOY ChangeRevenue from operations927,1571,013,069(85,911)Building Business442,748510,850(68,102)Residential Business315,351342,823(27,472)Commercial Property Development & Investment Business50,27855,809(5,530)International Business60,89242,10818,783Investment Management Business7,1085,9241,183Architectural Design & Engineering Business19,56819,932(364)Hotel Business28,29925,6542,644Real Estate Services27,20926,0851,123Other4,4083,506902Adjustments(28,707)(19,628)(9,079)Operating Income118,349146,299(27,949)Building Business107,667146,007(38,339)Residential Business2,3174,792(2,475)Commercial Property Development & Investment Business11,1801,6099,570International Business8,3718,020350Investment Management Business2,1291,464665Architectural Design & Engineering Business1,2341,19044Hotel Business474(278)753Real Estate Services1,058(57)1,116Other(10)181(192)Adjustments(16,074)(16,632)5582. Coverage Ratio(Times)2009/32010/32011/32012/32013/332.7932.908.5846.2740.72Net Income Per Share(Yen)28