MITSUBISHI ESTATE Annual Report 2014
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Financial Reviewan equity investment and other income recorded in the previous fiscal year. As a result, revenue from operations decreased ¥820 million from a year earlier, to ¥6,288 million. On the other hand, operating income increased, rising ¥917 million year on year, to ¥3,046 million. Growth in asset management fees was responsible for the further improvement in operating income. In the Architectural Design & Engineering Business segment, Mitsubishi Estate recorded revenue in connection with such projects as the Otemachi 1-1 Project (the tentative name for a project in Chiyoda-ku, Tokyo) and the Dai Nagoya Building (Nagoya, Aichi Prefecture). Although the number of projects generating earnings by the architectural design and engineering business and by the interior design and construction business increased in fiscal 2014, earnings decreased due to a decline in the average amount received per project. However, other income increased. As a result, segment revenue from operations and operating income were approximately the same as in the previous fiscal year, at ¥19,946 million and ¥1,252 million, respectively.With a central role played by Royal Park Hotels and Resorts Co., Ltd., which oversees the Group’s Hotel Business activities, 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 series” brand of Royal Park Hotels. In the fiscal year ended March 31, 2014, revenue from the accommodations department increased mainly because of the opening of Royal Park Hotel The Nagoya. As a result, revenue from operations in the Hotel Business segment edged up ¥920 million, to ¥29,219 million. Operating income was ¥737 million, rising ¥262 million from a year earlier.In the Real Estate Services Business segment, real estate brokerage revenue grew year on year because of an increase in the number of transactions. As a result, revenue from operations was approximately the same as in the previous fiscal year, amounting to ¥27,097 million. Operating income increased ¥485 million, to ¥1,544 million.Revenue from operations in the Other segment decreased ¥733 million, to ¥3,674 million. Consequently, the Mitsubishi Estate Group incurred an operating loss of ¥246 million in the Other segment, a year-on-year deterioration of ¥235 million.Revenue from Operations / Operating IncomeIn fiscal 2014, the fiscal year ended March 31, 2014, consolidated revenue from operations increased ¥148,127 million, or 16.0%, from a year earlier, to ¥1,075,285 million. Consolidated operating income rose ¥42,921 million, or 36.3% year on year, to ¥161,271 million. Results for each business segment are as follows.In the Building Business segment, revenue from operations increased because of a full year of rental revenue contributed by the buildings completed in the previous fiscal year and revenue from the sale of a property. As of March 31, 2014, the vacancy rate for all properties nationwide climbed to 5.29%, compared with 3.98% as of the end of the previous fiscal year. The higher vacancy rate resulted from the inclusion of the vacancies in the new building completed in fiscal 2013. Taking these factors into account, revenue from operations grew ¥41,481 million com-pared with fiscal 2013, to ¥484,229 million. Operating income increased ¥505 million, to ¥108,172 million.In the Residential Business segment, Mitsubishi Estate’s revenue in the condominium business rose year on year because of an increase in the number of condominiums sold. As a result, revenue from operations increased ¥87,908 million, to ¥403,259 million. Operating income in this segment amounted to ¥27,778 million, surging ¥25,460 million compared with the previous fiscal year.The Commercial Property Development & Investment Business segment recorded lower revenue compared with the previous fiscal year in reaction to the sale of a large-scale prop-erty in fiscal 2013. Consequently, revenue from operations declined ¥2,249 million year on year, to ¥48,029 million. Operating income also contracted, decreasing ¥3,049 million, to ¥8,130 million.In the International Business segment, revenue increased compared with fiscal 2013 because of the sales of property located in the United Kingdom and the impact of the deteriora-tion of the yen. As a result, revenue from operations rose ¥19,473 million from fiscal 2013, to ¥80,366 million, while operating income grew ¥17,207 million year on year, to ¥25,579 million.Revenue in the Investment Management Business segment declined because of the absence of the revenue from the sale of Revenue from Operations Millions of yenOperating Income / Operating Income RatioMillions of yen%Net Income / ROE Millions of yen%EBITDA Millions of yen Operating Income (left scale) Operating Income Ratio (right scale) Net Income (left scale) ROE (right scale)Years ended March 310400,000200,000600,0001,000,0001,200,000800,00020102011201220132014050,000100,000200,000150,0000510152020102011201220132014020,00040,00080,00060,00002468201020112012201320140100,000300,000200,00020102011201220132014Financial SECTION46MITSUBISHI ESTATE CO., LTD.

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