MITSUBISHI ESTATE Annual Report 2013
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¥191,837 million. Major cash in ows included income before income taxes and minority interests, long-term borrowings, and proceeds from issuance of corporate bonds. Major cash out ows included purchases of property and equipment and the repayment of long-term borrowings.Cash Flows from Operating ActivitiesNet cash provided by operating activities was ¥122,286 million, down ¥80,956 million compared with the previous scal year. For the scal year under review, income before income taxes and minority interests amounted to ¥56,741 million, and depreciation and amortization—a non-cash item—totaled ¥73,364 million. These and other cash in ows were adjusted to re ect movements in inventories, income taxes paid, and other items.Cash Flows from Investing ActivitiesNet cash used in investing activities totaled ¥217,992 million, down ¥54,016 million year on year. This was largely due to purchases of property and equipment.Cash Flows from Financing ActivitiesNet cash provided by nancing activities amounted to ¥27,150 million, down ¥30,038 million year on year. This re ected long-term borrow-ings, the issuance of corporate bonds and other nancing activities.(2) Consolidated Balance SheetsCompared with March 31, 2012, total assets as of March 31, 2013, increased ¥324,505 million to ¥4,711,521 million mainly on the back of the operating, investing, and nancing activities previously identi- ed, which led to movements in assets and liabilities. Total liabilities climbed ¥332,409 million to ¥3,345,509 million. The balance of interest-bearing debt as of March 31, 2013, grew ¥368,527 million compared with the balance as of March 31, 2012, to ¥2,085,417 million. Deducting cash and cash equivalents, the net balance of interest-bearing debt as of March 31, 2013, increased ¥392,462 million year on year to ¥1,893,580 million. Net assets decreased ¥7,903 million year on year to ¥1,366,011 mil-lion. Increases in such items as unrealized holding gain on securities and foreign currency translation adjustments were more than offset by decreases in retained earnings, land revaluation reserve, and other items.• Matters related to Rental PropertiesMitsubishi Estate and some of its consolidated subsidiaries own certain of ce buildings and retail facilities in Tokyo and other major cities in Japan as well as in the United States and the United Kingdom, with the aim of obtaining rental revenue from these buildings and facilities. Because certain leased of ce buildings among these are used by the Company or some of its consolidated subsidiaries, the Company has classi ed such buildings as real estate that includes portions used as investment and rental properties. The following table shows the year-end amounts, changes in these amounts during the period under review, and the fair values of investment and rental properties and other real estate that includes portions used as investment and rental properties.Millions of yenFiscal Year Ended March 31, 2013 (April 1, 2012 to March 31, 2013)Fiscal Year Ended March 31, 2012 (April 1, 2011 to March 31, 2012)Rental PropertiesAmounts recorded on consolidated balance sheetsBalance as of the beginning of the period2,622,7412,467,177Increase (decrease) during the period342,654155,563Balance as of the end of the period2,965,3962,622,741Market value as of the end of the period4,920,7684,469,512Real Estate That Includes Portions Used as Rental PropertiesAmounts recorded on consolidated balance sheetsBalance as of the beginning of the period232,419233,688Increase (decrease) during the period(4,854)(1,269)Balance as of the end of the period227,564232,419Market value as of the end of the period339,800330,100Notes:1. The amount included in the consolidated balance sheets presented in the table above is equal to the total acquisition price for applicable properties or real estate less the aggregate amounts of depreciation and impairment loss for these properties or real estate.2. Fair values as of the end of each consolidated scal year are as follows: (1) The fair values of domestic properties and real estate have been calculated by Mitsubishi Estate, based mainly on the Japanese Real Estate Appraisal Standards. (2) The fair values of overseas properties and real estate have been calculated mostly by local appraisers. Also, the following table shows pro t and loss related to real estate, including the investment and rental properties and other real estate that includes portions used as rental properties for each scal year.Millions of yenFiscal Year Ended March 31, 2013 (April 1, 2012 to March 31, 2013)Fiscal Year Ended March 31, 2012 (April 1, 2011 to March 31, 2012)Rental PropertiesRental Revenue349,767345,288Rental Costs231,696224,155Difference118,070121,133Other Income (Loss)(17,189)(20,984)Real Estate That Includes Portions Used as Rental PropertiesRental Revenue17,64619,052Rental Costs16,43116,393Difference1,2152,659Other Income (Loss)(5,534)(444)Notes:1. Real estate that includes portions used as investment and rental properties has por-tions that are used by Mitsubishi Estate and some of its consolidated subsidiaries for the purpose of providing related services and conducting operation management. Accordingly, rental revenue associated with these portions has been excluded. Costs associated with applicable properties and real estate, such as depreciation costs, building management costs and taxes, have been included in rental costs.2. Other income (loss) includes loss on retirement of xed assets, impairment loss and other items.29MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2013

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