2020年３月期 第１四半期
（June 30, 2019)
FACT SHEETS
Ⅰ． 第１四半期決算推移
Page ２－３
June 30, 2019
Ⅱ． （参考） 2019年３月期決算 Page ４－９
March 31, 2019
（別紙） 四半期営業情報
（Appendix） Quarterly Information
住友不動産株式会社
Sumitomo Realty & Development Co., Ltd.
（ご 照 会 先）
－REFERENCE－
Phone ０３－３３４６－２３４２
Facsimile ０３－５３２２－６７３２
http://www.sumitomo-rd.co.jp/ir/
2020年３月期 第１四半期 (Jun-19) 連結決算 (Consolidated base)
＊2020年3月期期首より、会計方針（住友不動産販売の収益認識基準）の変更をしております。2019年3月期第1四半期は遡及適用後の数値を記載してお
ります。
(Financial results for the first quarter of March 2019 fiscal year have been adjusted retroactively, reflecting the adoption of Accounting Standard for
Revenue Recognition in Sumitomo Real Estate Sales effective from the beginning of March 2020 fiscal year. )
[損益計算書] (Statements of operations)
2015/6 2016/6 2017/6 2018/6 2019/6
単位：百万円 (millions of yen) Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
売上高 Revenue from operations 176,205 266,577 270,930 308,747 334,356
売上総利益 Gross profit 54,555 70,081 81,191 93,520 102,853
粗利益率 Gross profit margin 31.0% 26.3% 30.0% 30.3% 30.8%
販管費 S,G&A expenses 13,290 16,679 18,005 21,765 21,457
営業利益 Operating income 41,265 53,401 63,186 71,755 81,395
営業利益率 Operating income margin 23.4% 20.0% 23.3% 23.2% 24.3%
受取利息・配当金 Interest & dividend income 2,819 3,491 4,428 5,302 6,107
その他 Others 145 175 1,465 344 72
営業外収益 Non-operating income 2,964 3,666 5,894 5,646 6,179
支払利息 Interest expenses 6,189 5,632 5,167 5,150 4,955
その他 Others 1,198 1,296 1,227 1,176 1,077
営業外費用 Non-operating expenses 7,387 6,928 6,395 6,327 6,033
(金融収支) (Net interest receive) (▲3,370) (▲2,141) (▲739) (152) (1,152)
経常利益 Ordinary profit 36,841 50,140 62,685 71,074 81,542
特別利益 Extraordinary income 176 36 - 0 0
特別損失 Extraordinary loss 615 1,046 138 482 1,084
税金等調整前四半期純利益
36,403 49,130 62,546 70,593 80,458
Income before income taxes
法人税等 Income tax and other taxes 12,166 15,391 18,948 21,631 24,627
非支配株主に帰属する四半期純利益
499 569 794 - -
Profit attributable to non-controlling interests
親会社株主に帰属する四半期純利益
23,736 33,169 42,804 48,961 55,831
Profit attributable to owners of parent
[セグメント情報]（Segment Information）
（１）売上高 2015/6 2016/6 2017/6 2018/6 2019/6
Revenue from operations
単位：百万円 (millions of yen) Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
賃貸事業 Leasing 75,110 82,145 86,821 89,635 97,254
販売事業 Sales 55,098 133,758 133,739 168,572 185,858
完工事業 Housing Construction 30,379 35,101 32,983 32,102 32,379
流通事業 Brokerage 13,456 14,517 15,986 17,224 17,625
合計 Total 176,205 266,577 270,930 308,747 334,356
（２）営業利益 2015/6 2016/6 2017/6 2018/6 2019/6
Operating income
単位：百万円 (millions of yen) Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
賃貸事業 Leasing 29,484 32,636 38,148 38,183 41,765
販売事業 Sales 11,630 21,401 25,029 33,641 39,317
完工事業 Housing Construction 126 162 ▲373 ▲529 ▲127
流通事業 Brokerage 3,185 3,371 4,619 5,072 5,277
合計 Total 41,265 53,401 63,186 71,755 81,395
2/9
[事業の概況] （Review of operations）
（１）賃貸事業部門 (Leasing) 2015/6 2016/6 2017/6 2018/6 2019/6
【連結ベース】 (Consolidated base)
Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
オフィス期末空室率* Vacancy rate* 4.8% 4.6% 4.7% 4.7% 2.3%
* 竣工後１年を経過した既存オフィスビルの空室率 (Vacancy rate for existing buildings)
（２）販売事業部門 (Sales) 2015/6 2016/6 2017/6 2018/6 2019/6
【連結ベース】 (Consolidated base)
単位：戸、百万円 (units、millions of yen) Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
マンション契約戸数 Condominiums units sold 1,438 1,533 1,762 1,314 1,018
計上戸数 Units delivered 1,075 2,497 2,493 3,020 2,957
マンション・戸建 Condominiums & Detached houses 1,058 2,483 2,488 3,014 2,955
宅地 Land lots 17 14 5 6 2
売上高 Sales income 55,098 133,758 133,739 168,572 185,858
マンション・戸建 Condominiums & Detached houses 52,986 131,116 132,919 166,243 185,156
宅地・その他 Land lots & Others 2,112 2,642 819 2,328 702
（３）完工事業部門 (Housing Construction) 2015/6 2016/6 2017/6 2018/6 2019/6
【連結ベース】 (Consolidated base)
単位：戸、百万円 (units、millions of yen) Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
受注棟数 Units contracted 3,059 3,086 3,156 3,105 2,151
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 2,393 2,472 2,454 2,397 1,713
注文住宅 Custom Home 666 614 702 708 438
計上棟数 Units delivered 1,780 1,964 1,845 1,836 1,822
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 1,446 1,602 1,485 1,506 1,516
注文住宅 Custom Home 334 362 360 330 306
売上高 Revenue from housing business 30,379 35,101 32,983 32,102 32,379
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 17,512 19,053 17,555 17,358 17,692
注文住宅 Custom Home 9,974 11,202 11,322 10,178 10,116
その他 Others 2,893 4,846 4,106 4,566 4,571
（４）流通事業部門 (Brokerage) 2015/6 2016/6 2017/6 2018/6 2019/6
【住友不動産販売】 (Sumitomo Real Estate Sales)
単位：件、百万円 (transactions、 millions of yen) Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
仲介件数 Number of transactions 9,400 9,282 9,559 9,575 9,653
取扱高 Total transaction value 266,289 284,194 308,868 325,776 325,497
取扱単価 Average price per transaction 28.3 30.6 32.3 34.0 33.7
仲介収益 Brokerage revenues 12,789 13,726 15,483 16,930 17,200
仲介店舗数（国内） Number of brokerage offices (Japan) 256 257 260 268 270
[財務の状況] （Financial Indices） （参考）
2015/6 2016/6 2017/6 2018/6 2019/6 2019/3
前期末
単位：百万円 (millions of yen) Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Mar-19
総資産 Total assets 4,550,783 4,631,893 4,942,998 5,131,521 5,110,197 5,130,118
自己資本 Shareholders' equity 861,366 901,802 1,031,250 1,157,779 1,238,259 1,202,103
連結有利子負債 Ｉnterest-bearing debt 3,074,380 3,201,402 3,402,136 3,454,359 3,320,385 3,342,786
現金・預金 Cash, time and notice deposits 134,497 206,195 233,252 271,538 251,054 172,191
連結純有利子負債 Net interest-bearing debt 2,939,882 2,995,206 3,168,884 3,182,820 3,069,330 3,170,595
3/9
（参考）2019年３月期 (Mar-19) 連結決算 (Consolidated base)
*2020年3月期期首より、会計方針（住友不動産販売の収益認識基準）の変更をしております。2019年3月期は遡及適用後の数値を記載しております。（連結キャッ
シュ・フロー計算書は除く）
(Financial results for March 2019 fiscal year have been adjusted retroactively, reflecting the adoption of Accounting Standard for Revenue Recognition in Sumitomo
Real Estate Sales effective from the beginning of March 2020 fiscal year (Except for the Consolidated Statements of Cash Flows.))
[損益計算書] (Statements of operations) 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
通期予想
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
売上高 Revenue from operations 806,835 854,964 925,151 948,402 1,012,198 1,020,000
売上総利益 Gross profit 226,870 240,773 260,967 284,386 301,148 318,000
粗利益率 Gross profit margin 28.1% 28.2% 28.2% 30.0% 29.8% 31.2%
広告費 Selling expenses 15,040 17,912 19,214 20,993 21,250 21,000
一般管理費 G & A expenses 45,935 48,620 53,582 57,755 60,508 63,000
販管費 S,G&A expenses 60,976 66,532 72,796 78,749 81,758 84,000
営業利益 Operating income 165,894 174,240 188,171 205,637 219,389 234,000
営業利益率 Operating income margin 20.6% 20.4% 20.3% 21.7% 21.7% 22.9%
受取利息・配当金 Interest & dividend income 5,260 5,574 6,707 8,484 10,066
その他 Others 642 739 768 1,073 630
営業外収益 Non-operating income 5,902 6,313 7,475 9,557 10,697 11,000
支払利息 Interest expenses 26,246 24,489 21,588 20,351 20,184
その他 Others 6,495 7,640 6,361 7,972 6,675
営業外費用 Non-operating expenses 32,742 32,129 27,949 28,323 26,859 25,000
(金融収支) (Net interest receive) (▲20,986) (▲18,915) (▲14,881) (▲11,867) (▲10,118)
経常利益 Ordinary profit 139,055 148,424 167,697 186,870 203,227 220,000
固定資産売却益 Gain on sale of fixed assets 3 114 15 37 75
Gain on sale of
投資有価証券売却益 investments in securities
428 42 1,009 11
その他 Others 3 66
特別利益 Extraordinary income 3 546 58 1,113 86
固定資産売却損 Loss on sale of fixed assets 3 3 217 3,723
Loss on impairment of
固定資産減損損失 fixed assets
3,810 10,806 15,537 10,634 8,575
Loss on disposal of
固定資産除却損 fixed assets
3,105 1,145 1,522 600 1,280
Loss on devaluation of
投資有価証券評価損 investments in securities
30 465 1,104
Loss on sale of
投資有価証券売却損 investments in securities
47
その他 Others 1,443 999 68 40 70
特別損失 Extraordinary loss 8,392 13,416 17,131 11,540 14,755
税金等調整前当期利益
130,666 135,553 150,623 176,444 188,558
Income before income taxes
法人税等 Income tax and other taxes 47,445 44,729 43,628 55,918 58,456
非支配株主に帰属する当期純利益
2,654 3,026 3,506 794
Profit attributable to non-controlling interests
親会社株主に帰属する当期純利益
80,566 87,797 103,488 119,731 130,102 140,000
Profit attributable to owners of parent
減価償却費 Depreciation 33,519 34,574 39,445 41,627 46,312 48,000
4/9
[セグメント情報] （Segment Information）
（１）売上高 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
Revenue from operations 通期予想
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
賃貸事業 Leasing 289,117 313,340 337,465 353,880 381,763 390,000
販売事業 Sales 264,207 274,760 314,299 311,192 331,751 320,000
完工事業 Housing Construction 188,994 199,115 203,623 209,355 221,693 230,000
流通事業 Brokerage 58,486 61,496 66,714 69,168 71,867 73,000
合計 Total 806,835 854,964 925,151 948,402 1,012,198 1,020,000
（２）営業利益 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
Operating income 通期予想
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
賃貸事業 Leasing 104,441 111,327 126,213 139,368 149,932 163,000
販売事業 Sales 43,781 44,187 46,189 46,838 47,115 47,000
完工事業 Housing Construction 12,962 15,300 13,933 16,108 20,407 22,000
流通事業 Brokerage 16,462 17,722 19,147 21,457 20,977 22,000
合計 Total 165,894 174,240 188,171 205,637 219,389 234,000
（３）営業利益率 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
Operating income margin 通期予想
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
賃貸事業 Leasing 36.1% 35.5% 37.4% 39.4% 39.3% 41.8%
販売事業 Sales 16.6% 16.1% 14.7% 15.1% 14.2% 14.7%
完工事業 Housing Construction 6.9% 7.7% 6.8% 7.7% 9.2% 9.6%
流通事業 Brokerage 28.1% 28.8% 28.7% 31.0% 29.2% 30.1%
合計 Total 20.6% 20.4% 20.3% 21.7% 21.7% 22.9%
（４）資産 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
Assets of segment 通期予想
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
賃貸事業 Leasing 3,123,992 3,194,739 3,359,261 3,565,087 3,737,136
販売事業 Sales 844,622 888,578 890,868 826,574 713,300
完工事業 Housing Construction 16,326 18,166 27,424 27,945 30,057
流通事業 Brokerage 18,404 19,135 18,506 12,199 14,074
合計 Total 4,523,804 4,675,914 4,980,039 5,167,198 5,130,118
（５）従業員数 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
Number of employees 通期予想
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
賃貸事業 Leasing 3,111 3,312 3,466 3,666 3,771
販売事業 Sales 1,019 1,065 1,096 944 894
完工事業 Housing Construction 3,563 3,609 3,800 3,920 4,050
流通事業 Brokerage 3,034 3,037 3,106 3,258 3,329
合計 Total 11,855 12,116 12,574 12,934 13,238
5/9
[事業の概況] （Review of operations）
（１）賃貸事業部門 (Leasing) 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
【連 結ベース】 (Consolidated base) 通期予想
単位：千㎡ (1,000㎡) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
期末延床面積 Gross floor area 4,104 4,395 4,610 4,843 5,037
所有 Outright ownership 3,189 3,493 3,790 4,026 4,226
サブリース事業 Sub-lease business 914 902 820 817 811
東京都区部 Tokyo 23 wards 3,859 4,155 4,370 4,591 4,738
その他 Other Area 245 240 240 252 299
オフィス期末空室率* Vacancy rate * 4.9% 4.7% 4.5% 4.9% 2.8%
* 竣工後１年を経過した既存オフィスビルの空室率 (Vacancy rate for existing buildings)
（２）販売事業部門 (Sales) 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
【連 結ベース】 (Consolidated base) 通期予想
単位：戸、百万円 (units、millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
マンション新規発売戸数 Condominium units supplied 6,305 5,073 6,722 6,686 6,384 5,000
マンション契約戸数 Condominium units sold 5,204 5,524 6,467 7,355 5,111 5,000
マンション完成済み未契約戸数 Condominium units unsold 929 1,324 1,191 1,129 1,044
計上戸数 Units delivered 5,351 4,996 5,716 5,881 5,970 5,300
マンション・戸建 Condominiums & Detached houses 5,260 4,898 5,632 5,865 5,948
宅地 Land lots 91 98 84 16 22
売上高 Sales income 264,207 274,760 314,299 311,192 331,751 320,000
マンション・戸建 Condominiums & Detached houses 247,586 263,014 300,655 301,504 323,297
宅地・その他 Land lots & Others 16,620 11,746 13,643 9,688 8,454
（３）完工事業部門 (Housing Construction) 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
【連 結ベース】 (Consolidated base) 通期予想
単位：棟、百万円 (units、millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
受注棟数 Units contracted 9,765 11,336 11,531 12,340 13,526 14,100
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 7,310 8,454 8,770 9,350 10,449 11,000
注文住宅 Custom Home 2,455 2,882 2,761 2,990 3,077 3,100
計上棟数 Units delivered 10,001 10,729 11,222 11,686 12,013 12,600
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 7,775 8,150 8,455 8,886 9,132 9,700
注文住宅 Custom Home 2,226 2,579 2,767 2,800 2,881 2,900
売上高 Revenue from housing business 188,994 199,115 203,623 209,355 221,693 230,000
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 104,128 105,296 103,721 108,739 116,195 123,000
注文住宅 Custom Home 68,126 77,926 85,657 88,019 93,458 94,000
その他 Others 16,740 15,893 14,245 12,597 12,040 13,000
（４）流通事業部門 (Brokerage) 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3
【住友不動産販売】 (Sumitomo Real Estate Sales) 通期予想
単位：件、百万円 (transactions、 millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (F)
仲介件数 Number of transactions 33,968 35,987 36,108 37,058 37,643 38,000
取扱高 Total transaction value 1,065,681 1,065,654 1,193,044 1,257,507 1,326,357 1,350,000
取扱単価 Average price per transaction 31.3 29.6 33.0 33.9 35.2 35.5
仲介収益 Brokerage revenues 54,311 56,303 61,216 66,310 68,583 71,000
仲介店舗数 （国内） Number of brokerage offices (Japan) 255 257 260 266 270
6/9
[連結キャッシュ・フロー計算書] （Consolidated Statements of Cash Flows）
2015/3 2016/3 2017/3 2018/3 2019/3
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
税金等調整前当期純利益 Income before income taxes 130,666 135,553 150,623 176,444 189,588
減価償却費 Depreciation and amortization 33,519 34,574 39,445 41,627 46,312
貸倒引当金の増加額又は減少額（△） Provision for allowance for △582 △2,095 411 △525 △308
doubtful accounts -- net
固定資産売却損益（△は益） Loss (Gain) on sale of property △0 △114 △11 179 3,648
and equipment
固定資産減損損失 Loss on impairment of 3,810 10,806 15,537 10,634 8,575
fixed assets
売上債権の増加額（△）又は減少額 Decrease (Increase) in notes and △8,740 7,441 1,089 △5,668 2,233
accounts receivable -- trade
たな卸資産の増加額（△）又は減少額 Decrease (Increase) in inventories △88,915 △51,301 5,573 25,915 65,981
仕入債務の増加額又は減少額（△） Increase (Decrease) in notes 21,445 △12,363 △12,936 △12,535 26,190
and accounts payable -- trade
前受金の増加額又は減少額（△） Increase (Decrease) △3,506 10,981 7,816 17,076 △13,104
in advances received
法人税等の支払額 Payments for income tax △47,326 △46,985 △55,545 △56,252 △69,426
and other taxes
その他 Other -- net △5,301 9,610 6,503 △6,963 367
営業活動によるキャッシュ・フロー
Net cash provided by (used in) operating activities
35,067 96,107 158,507 189,933 260,057
Payments for purchases of
有形固定資産の取得による支出 property and equipment △149,517 △91,296 △254,930 △220,016 △188,573
有形固定資産の売却による収入 Proceeds from sale of property 141 403 124 357 6,617
and equipment
有価証券／投資有価証券の純増減 Decrease (Increase) in securities △8,010 △16,279 △19,391 △26,637 △30,946
敷金及び保証金の純増減 Decrease (Increase) in guarantee 4,602 3,284 6,640 27,144 3,737
and lease deposits paid to lessors
預り敷金及び保証金の純増減 Increase (Decrease) in guarantee 6,780 13,646 11,714 13,994 21,340
and lease deposits received
共同投資事業出資預託金の純増減 Receipts (Restitution) of deposits △72,882 △24,114 △10,869 △9,124 △9,438
from partnership investors
その他 Other -- net △2,031 8,971 △7,450 △6,252 △11,948
投資活動によるキャッシュ・フロー
△220,917 △105,384 △274,161 △220,534 △209,212
Net cash used in investing activities
Increase (Decrease) in
短期借入金・ＣＰの純増減 short-term bank loans & CP
△57,900 △8,282 △12,610 △2,892 △35,773
社債の純増減 Increase (Decrease) in 30,000 △20,000 - △50,000 △60,000
bonds and notes
長期借入金の純増減 Increase (Decrease) in 305,715 185,337 223,463 166,378 △27,451
long-term debt
ＳＰＣ借入金・社債の純増減 Increase (Decrease) in △50,988 △25,182 720 △8,648 △7,501
non-recourse loans and bonds
配当金の支払額 Cash dividends paid △9,480 △10,429 △10,428 △12,324 △13,268
その他 Other -- net △29,532 △76,463 △3,147 △66,052 △2,064
財務活動によるキャッシュ・フロー
187,814 44,980 197,996 26,461 △146,058
Net cash provided by (used in) financing activities
現金及び現金同等物の増加額又は減少額
4,041 35,830 81,954 △4,263 △94,969
Net increase (decrease) in cash and cash equivalents
現金及び現金同等物の期首残高
146,223 150,264 185,989 267,943 262,045
Cash and cash equivalents at beginning of year
現金及び現金同等物の期末残高
150,264 185,989 267,943 262,045 170,707
Cash and cash equivalents at end of year
7/9
[財務の状況] （Financial Indices）
（１）総資産、自己資本 2015/3 2016/3 2017/3 2018/3 2019/3
Total assets & Equity
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
総資産 Total assets 4,523,804 4,675,914 4,980,039 5,167,198 5,130,118
ＲＯＡ*1 Return On Assets *1 3.9% 3.9% 4.0% 4.2% 4.5%
自己資本 Shareholders' equity 832,462 888,099 1,007,347 1,114,975 1,202,103
自己資本比率 Equity ratio 18.4% 19.0% 20.2% 21.6% 23.4%
ＲＯＥ*2 Return On Equity *2 10.5% 10.2% 10.9% 11.3% 11.2%
*1 （営業利益＋受取利息・配当金）÷総資産（期首期末平均） (Operating income + Interest & Dividend income/Total assets)
*2 当期利益÷自己資本（期首期末平均） （Net income/Shareholders' equity)
（２）連結有利子負債 2015/3 2016/3 2017/3 2018/3 2019/3
Interest-bearing debt
単位：百万円、倍 (millions of yen, times) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
ＣＰ Commercial Paper - - - - -
短期借入 Short-term loans 87,000 78,718 66,108 61,416 25,643
長期借入 Long-term loans 1,996,218 2,241,556 2,465,019 2,631,397 2,603,945
社債 Bonds; Debentures 440,000 420,000 420,000 370,000 310,000
劣後ローン Subordinated loan 60,000 - - - -
SPC長期借入金・社債 Non-recourse loans and bonds 443,809 418,627 419,347 410,699 403,198
連結有利子負債 Interest-bearing debt 3,027,027 3,158,901 3,370,474 3,473,512 3,342,786
長期比率 Ratio of long-term debt 97% 98% 98% 98% 99%
固定金利比率 Ratio of fixed-interest debt 87% 94% 95% 94% 96%
現金・預金 Cash, time and notice deposits 151,367 187,233 269,312 263,209 172,191
連結純有利子負債 Net interest-bearing debt 2,875,660 2,971,668 3,101,162 3,210,303 3,170,595
デットエクイティレシオ*3 Net D/E Ratio *3 3.5 3.3 3.1 2.9 2.6
インタレストカバレッジレシオ*4 Interest Coverage Ratio *4 6.5 7.3 9.0 10.5 11.4
純有利子負債／営業利益倍率*5
Net Debt/Operating Income Ratio *5
16.8 16.5 15.9 15.0 13.8
*3 連結純有利子負債÷連結自己資本 (Net Interest-bearing debt/Shareholders' equity)
*4 （営業利益＋受取利息・配当金）÷支払利息 （Operating income + Interest & Dividend income/Interest expenses)
*5 連結純有利子負債÷（営業利益＋受取利息・配当金） （Net Interest-bearing debt/Operating income + Interest & Dividend income）
（３）賃貸セグメント資産総利回り 2015/3 2016/3 2017/3 2018/3 2019/3
Return on leasing assets
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Operating income of
賃貸営業利益 leasing busｉness
104,441 111,327 126,213 139,368 149,932
減価償却費 Depreciation 31,047 32,098 36,948 38,981 43,200
賃貸キャッシュフロー Cash flows from leasing business 135,488 143,425 163,161 178,349 193,132
賃貸セグメント資産 Assets of leasing segment 3,123,992 3,194,739 3,359,261 3,565,087 3,737,136
預り敷金及び保証金 Guarantee & security deposits ▲ 168,273 ▲ 181,497 ▲ 193,110 ▲ 207,823 ▲ 228,958
received from tenants
賃貸投資残 Net investments of leasing busｉness 2,955,719 3,013,242 3,166,151 3,357,264 3,508,178
賃貸ｾｸﾞﾒﾝﾄ資産総利回り*6 Return on leasing assets *6 4.7% 4.8% 5.3% 5.5% 5.6%
*6 賃貸キャッシュフロー÷賃貸投資残（期首期末平均） （Cash flows from leasing business/Net assets of leasing business)
8/9
2019年３月期 (Mar-19) 単体推移 (Non-consolidated base)
[損益計算書](Statements of operations) 2015/3 2016/3 2017/3 2018/3 2019/3
単位：百万円 (millions of yen) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
賃貸事業 Leasing 250,927 270,440 289,987 304,010 335,677
販売事業 Sales 255,650 266,469 305,092 311,127 331,748
完成工事事業 Housing Construction 171,957 183,002 187,949 195,806 208,704
その他事業 Others 3,007 3,172 3,161 3,248 3,023
売上高 Revenue from operations 681,543 723,085 786,191 814,192 879,154
賃貸事業 Leasing 85,445 91,313 108,888 121,388 132,864
販売事業 Sales 55,378 56,566 58,246 64,654 65,466
完成工事事業 Housing Construction 40,786 44,761 46,276 50,173 55,989
その他事業 Others 2,988 3,153 3,146 3,233 3,009
売上総利益 Gross profit 184,598 195,794 216,558 239,449 257,329
賃貸事業 Leasing 34.1% 33.8% 37.5% 39.9% 39.6%
販売事業 Sales 21.7% 21.2% 19.1% 20.8% 19.7%
完成工事事業 Housing Construction 23.7% 24.5% 24.6% 25.6% 26.8%
その他事業 Others 99.4% 99.4% 99.5% 99.5% 99.5%
粗利益率 Gross profit margin 27.1% 27.1% 27.5% 29.4% 29.3%
販売費 Selling expenses 17,390 19,198 21,064 23,387 23,936
一般管理費 G & A expenses 33,579 36,628 40,278 45,355 47,566
販管費 S,G&A expenses 50,970 55,827 61,343 68,743 71,503
営業利益 Operating income 133,628 139,967 155,214 170,705 185,826
受取利息・配当金 Interest & dividend income 8,161 8,506 9,897 9,873 11,761
その他 Others 590 1,101 1,108 1,376 888
営業外収益 Non-operating income 8,752 9,607 11,006 11,250 12,650
支払利息 Interest expenses 19,359 19,104 17,808 17,496 17,597
その他 Others 5,636 6,813 4,680 6,608 7,792
営業外費用 Non-operating expenses 24,996 25,917 22,488 24,105 25,390
(金融収支) (Net interest receive) (▲11,198) (▲10,598) (▲7,911) (▲7,623) (▲5,836)
経常利益 Ordinary profit 117,384 123,657 143,732 157,851 173,087
固定資産売却益 Gain on sales of fixed assets 0 88 37 75
Gain on sale of
投資有価証券売却益 investments in securities 350 42 1,009 11
その他 Others 3
特別利益 Extraordinary income 0 441 42 1,047 86
固定資産売却損 Loss on sale of fixed assets 0 216 0
固定資産減損損失 Loss on impairment of fixed assets 3,810 10,806 15,537 216
固定資産除却損 Loss on disposal of fixed assets 2,997 1,054 1,316 632 1,054
Loss on devaluation of
投資有価証券評価損 investments in securities 30 465 1,078
Loss on sale of
投資有価証券売却損 investments in securities 47
その他 Others 845 171 94 33 28
特別損失 Extraordinary loss 7,683 12,497 16,949 1,146 2,162
税引前当期利益 Income before income taxes 109,701 111,601 126,826 157,752 171,011
法人税等 Income tax and other taxes 38,053 35,773 35,736 47,566 50,553
当期利益 Profit 71,647 75,827 91,089 110,186 120,458
減価償却費 Depreciation 23,218 24,839 30,037 32,302 35,282
9/9
四半期営業情報 （別紙）
Quarterly Information （Appendix）
既存ビル マンション契約戸数 注文住宅受注棟数 そっくりさん受注棟数
期末空室率 Condominiums Custom Home Remodeling
Vacancy Units Sold Units Contracted "Shinchiku Sokkurisan"
Rate Units Contracted
(Office) 前年同期比 前年同期比 前年同期比
YoY YoY YoY
2014/3 1st 6.8% 1,422 39.0% 593 16.0% 2,369 20.6%
Mar-14 2nd 6.6% 1,683 20.7% 793 23.7% 2,691 48.8%
3rd 6.3% 1,086 -0.9% 432 -28.1% 1,289 -30.1%
4th 5.9% 1,443 -11.9% 612 -3.8% 1,274 -37.3%
Year-end 5.9% 5,634 9.4% 2,430 1.7% 7,623 -0.4%
2015/3 1st 5.7% 1,351 -5.0% 488 -17.7% 1,659 -30.0%
Mar-15 2nd 5.4% 1,175 -30.2% 600 -24.3% 2,023 -24.8%
3rd 5.2% 1,184 9.0% 548 26.9% 1,829 41.9%
4th 4.9% 1,494 3.5% 819 33.8% 1,799 41.2%
Year-end 4.9% 5,204 -7.6% 2,455 1.0% 7,310 -4.1%
2016/3 1st 4.8% 1,438 6.4% 666 36.5% 2,393 44.2%
Mar-16 2nd 4.8% 1,401 19.2% 743 23.8% 2,152 6.4%
3rd 4.7% 1,248 5.4% 669 22.1% 2,036 11.3%
4th 4.7% 1,437 -3.8% 804 -1.8% 1,873 4.1%
Year-end 4.7% 5,524 6.1% 2,882 17.4% 8,454 15.6%
2017/3 1st 4.6% 1,533 6.6% 614 -7.8% 2,472 3.3%
Mar-17 2nd 4.4% 1,708 21.9% 736 -0.9% 2,089 -2.9%
3rd 4.4% 1,552 24.4% 570 -14.8% 2,180 7.1%
4th 4.5% 1,674 16.5% 841 4.6% 2,029 8.3%
Year-end 4.5% 6,467 17.1% 2,761 -4.2% 8,770 3.7%
2018/3 1st 4.7% 1,762 14.9% 702 14.3% 2,454 -0.7%
Mar-18 2nd 4.6% 2,463 44.2% 791 7.5% 2,379 13.9%
3rd 4.4% 1,546 -0.4% 632 10.9% 2,237 2.6%
4th 4.9% 1,584 -5.4% 865 2.9% 2,280 12.4%
Year-end 4.9% 7,355 13.7% 2,990 8.3% 9,350 6.6%
2019/3 1st 4.7% 1,314 -25.4% 708 0.9% 2,397 -2.3%
Mar-19 2nd 4.3% 1,347 -45.3% 889 12.4% 2,544 6.9%
3rd 4.2% 1,103 -28.7% 666 5.4% 2,570 14.9%
4th 2.8% 1,347 -15.0% 814 -5.9% 2,938 28.9%
Year-end 2.8% 5,111 -30.5% 3,077 2.9% 10,449 11.8%
2020/3 1st 2.3% 1,018 -22.5% 438 -38.1% 1,713 -28.5%
住友不動産株式会社
Sumitomo Realty Development Co., Ltd.