平成３１年３月期 第３四半期
（December 31, 2018)
FACT SHEETS
Ⅰ． 第３四半期決算推移 Page２－３
December 31, 2018
Ⅱ．（参考）平成３０年３月期決算 Page４－９
March 31, 2018
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/
平成３１年３月期 第３四半期(Dec-18) 連結決算(Consolidated base)
[損益計算書](Statements of operations)
２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２
単位：百万円 (\million) (Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18)
売上高 Revenue from operations 523,737 557,445 679,573 707,764 762,277
売上原価 Cost of revenue from operations 367,500 384,724 483,584 485,869 526,935
売上総利益 Gross profit 156,237 172,720 195,988 221,894 235,341
粗利益率 Gross profit margin 29.8% 31.0% 28.8% 31.4% 30.9%
販管費 S,G&A expenses 40,502 43,675 51,234 55,800 60,779
営業利益 Operating income 115,735 129,045 144,754 166,093 174,561
営業利益率 Operating income margin 22.1% 23.1% 21.3% 23.5% 22.9%
受取利息・配当金 Interest & dividend income 5,004 5,365 6,344 7,974 9,526
その他 Others 492 645 576 1,656 473
営業外収益 Non-operating income 5,496 6,011 6,921 9,631 10,000
支払利息 Interest expenses 19,955 18,598 16,550 15,371 15,330
その他 Others 5,201 3,937 3,849 3,411 4,148
営業外費用 Non-operating expenses 25,157 22,536 20,399 18,782 19,478
(金融収支) (Net interest receive) (▲14,951) (▲13,233) (▲10,206) (▲7,397) (▲5,804)
経常利益 Ordinary profit 96,074 112,520 131,276 156,942 165,083
特別利益 Extraordinary income 3 181 67 831 17
特別損失 Extraordinary loss 1,974 1,000 532 789 14,332
税金等調整前四半期（累計）純利益
94,103 111,701 130,811 156,985 150,768
Income before income taxes
法人税等 Income tax and other taxes 33,409 37,006 40,649 47,895 51,804
非支配株主に帰属する四半期純利益
1,716 1,900 2,143 794 -
Profit attributable to non-controlling interests
親会社株主に帰属する四半期純利益
58,977 72,794 88,018 108,295 98,963
Profit attributable to owners of parent
[セグメント情報]（Segment Information）
（１）売上高 ２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２
Revenue from operations
単位：百万円 (\million) (Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18)
賃貸事業 Leasing 213,047 231,094 252,039 261,958 282,003
販売事業 Sales 132,759 145,382 241,162 252,700 281,271
完工事業 Housing Construction 131,720 132,683 137,465 139,015 142,118
流通事業 Brokerage 41,649 43,211 46,363 50,128 52,900
合計 Total 523,737 557,445 679,573 707,764 762,277
（２）営業利益 ２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２
Operating income
単位：百万円 (\million) (Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18)
賃貸事業 Leasing 79,814 89,292 99,920 112,076 115,941
販売事業 Sales 25,298 29,156 37,155 43,191 46,499
完工事業 Housing Construction 7,761 9,070 7,949 8,760 10,745
流通事業 Brokerage 10,734 11,442 12,279 15,228 15,597
合計 Total 115,735 129,045 144,754 166,093 174,561
2/9
[事業の概況]（Review of operations）
（１）賃貸事業部門(Leasing) ２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２
(Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18)
オフィス期末空室率（単独） Vacancy rate 5.2% 4.7% 4.4% 4.4% 4.2%
※竣工後１年を経過した既存オフィスビルの空室率（単独ﾍﾞｰｽ） (Vacancy rate for existing buildings)
（２）販売事業部門(Sales) ２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２
【連結ベース】(Consolidated base)
単位：戸、百万円 (units、\million) (Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18)
マンション契約戸数 Condominium units sold 3,710 4,087 4,793 5,771 3,764
計上戸数 Units delivered 2,819 2,827 4,459 4,627 5,053
マンション・戸建 Condominiums & Detached houses 2,766 2,778 4,405 4,615 5,035
宅地 Land lots 53 49 54 12 18
売上高 Sales income 132,759 145,382 241,162 252,700 281,271
マンション・戸建 Condominiums & Detached houses 120,210 139,005 232,478 243,997 273,890
宅地・その他 Land lots & Others 12,549 6,377 8,683 8,703 7,380
（３）完工事業部門(Housing Construction) ２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２
【連結ベース】(Consolidated base)
単位：戸、百万円 (units、\million) (Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18)
受注棟数 Units contracted 7,147 8,659 8,661 9,195 9,774
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 5,511 6,581 6,741 7,070 7,511
注文住宅 Custom Home 1,636 2,078 1,920 2,125 2,263
計上棟数 Units delivered 7,166 7,509 7,821 8,115 8,027
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 5,670 5,887 6,119 6,409 6,359
注文住宅 Custom Home 1,496 1,622 1,702 1,706 1,668
売上高 Revenue from housing business 131,720 132,683 137,465 139,015 142,118
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 75,569 74,885 74,880 77,528 79,188
注文住宅 Custom Home 45,205 48,930 52,172 51,978 53,295
その他 Others 10,946 8,868 10,413 9,509 9,635
（４）流通事業部門(Brokerage) ２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２
【住友不動産販売】(Sumitomo Real Estate Sales)
単位：件、百万円 (transactions、 \million) (Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18)
仲介件数 Number of transaction 25,039 26,826 26,742 27,873 28,089
取扱高 Total transaction value 800,517 782,723 844,940 941,580 993,448
仲介収益 Brokerage revenues 38,861 40,196 43,768 48,330 50,832
仲介店舗数（国内） Number of brokerage offices(Japan) 254 256 257 264 270
[財務の状況]（Financial Indices) （参考）
２６／１２ ２７／１２ ２８／１２ ２９／１２ ３０／１２ ３０／３
前期末
単位：百万円 (\million) (Dec-14) (Dec-15) (Dec-16) (Dec-17) (Dec-18) (Mar-18)
総資産 Total assets 4,389,035 4,577,136 4,797,183 5,056,432 4,987,447 5,167,198
自己資本 Shareholders' equity 794,151 896,066 992,163 1,133,921 1,162,376 1,114,975
連結有利子負債 Ｉnterest-bearing debt 2,992,469 3,131,811 3,277,941 3,391,257 3,317,188 3,473,512
現金・預金 Cash,time and notice deposits 112,868 100,687 131,730 200,619 147,521 263,209
連結純有利子負債 Net interest-bearing debt 2,879,601 3,031,124 3,146,210 3,190,637 3,169,667 3,210,303
3/9
（参考）平成３０年３月期(Mar-18) 連結決算(Consolidated base)
[損益計算書](Statements of operations) ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
通期予想
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
売上高 Revenue from operations 780,273 806,835 854,964 925,151 948,402 970,000
売上総利益 Gross profit 221,286 226,870 240,773 260,967 284,386 293,000
粗利益率 Gross profit margin 28.4% 28.1% 28.2% 28.2% 30.0% 30.2%
広告費 Selling expenses 13,702 15,040 17,912 19,214 20,993 21,000
一般管理費 G & A expenses 47,112 45,935 48,620 53,582 57,755 59,000
販管費 S,G&A expenses 60,815 60,976 66,532 72,796 78,749 80,000
営業利益 Operating income 160,471 165,894 174,240 188,171 205,637 213,000
営業利益率 Operating income margin 20.6% 20.6% 20.4% 20.3% 21.7% 22.0%
受取利息・配当金 Interest & dividend income 4,629 5,260 5,574 6,707 8,484 9,000
その他 Others 646 642 739 768 1,073 1,000
営業外収益 Non-operating income 5,276 5,902 6,313 7,475 9,557 10,000
支払利息 Interest expenses 26,971 26,246 24,489 21,588 20,351 20,000
その他 Others 8,239 6,495 7,640 6,361 7,972 8,000
営業外費用 Non-operating expenses 35,210 32,742 32,129 27,949 28,323 28,000
(金融収支) (Net interest receive) (▲22,342) (▲20,986) (▲18,915) (▲14,881) (▲11,867) (▲11,000)
経常利益 Ordinary profit 130,536 139,055 148,424 167,697 186,870 195,000
固定資産売却益 Gain on sale of fixed assets 19 3 114 15 37
Gain on sale of
投資有価証券売却益 investments in securities
1,429 428 42 1,009
その他 Others 235 3 66
特別利益 Extraordinary income 1,684 3 546 58 1,113
固定資産売却損 Loss on sale of fixed assets 2 3 3 217
Loss on impairment of
固定資産減損損失 fixed assets
15,068 3,810 10,806 15,537 10,634
Loss on disposal of
固定資産除却損 fixed assets
1,918 3,105 1,145 1,522 600
Loss on devaluation of
投資有価証券評価損 investments in securities
96 30 465
Loss on sale of
投資有価証券売却損 investments in securities
47
その他 Others 13 1,443 999 68 40
特別損失 Extraordinary loss 17,099 8,392 13,416 17,131 11,540 10,000
税金等調整前当期利益
115,121 130,666 135,553 150,623 176,444 185,000
Income before income taxes
法人税等 Income tax and other taxes 42,603 47,445 44,729 43,628 55,918 55,000
非支配株主に帰属する当期純利益
2,820 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
69,697 80,566 87,797 103,488 119,731 130,000
Profit attributable to owners of parent
減価償却費 Depreciation 35,311 33,519 34,574 39,445 41,627 43,000
4/9
[セグメント情報]（Segment Information）
（１）売上高 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
Revenue from operations 通期予想
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
賃貸事業 Leasing 283,729 289,117 313,340 337,465 353,880 365,000
販売事業 Sales 234,093 264,207 274,760 314,299 311,192 310,000
完工事業 Housing Construction 201,190 188,994 199,115 203,623 209,355 220,000
流通事業 Brokerage 57,210 58,486 61,496 66,714 69,168 70,000
合計 Total 780,273 806,835 854,964 925,151 948,402 970,000
（２）営業利益 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
Operating income 通期予想
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
賃貸事業 Leasing 97,951 104,441 111,327 126,213 139,368 145,000
販売事業 Sales 39,208 43,781 44,187 46,189 46,838 47,000
完工事業 Housing Construction 18,708 12,962 15,300 13,933 16,108 18,000
流通事業 Brokerage 17,961 16,462 17,722 19,147 21,457 22,000
合計 Total 160,471 165,894 174,240 188,171 205,637 213,000
（３）営業利益率 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
Operating income margin 通期予想
(Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
賃貸事業 Leasing 34.5% 36.1% 35.5% 37.4% 39.4% 39.7%
販売事業 Sales 16.7% 16.6% 16.1% 14.7% 15.1% 15.2%
完工事業 Housing Construction 9.3% 6.9% 7.7% 6.8% 7.7% 8.2%
流通事業 Brokerage 31.4% 28.1% 28.8% 28.7% 31.0% 31.4%
合計 Total 20.6% 20.6% 20.4% 20.3% 21.7% 22.0%
（４）資産 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
Assets of segment 通期予想
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
賃貸事業 Leasing 3,010,806 3,123,992 3,194,739 3,359,261 3,565,087
販売事業 Sales 749,259 844,622 888,578 890,868 826,574
完工事業 Housing Construction 17,924 16,326 18,166 27,424 27,945
流通事業 Brokerage 13,813 18,404 19,135 18,506 12,199
合計 Total 4,220,428 4,523,804 4,675,914 4,980,039 5,167,198
（５）従業員数 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
Number of employees 通期予想
(Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
賃貸事業 Leasing 2,957 3,111 3,312 3,466 3,666
販売事業 Sales 949 1,019 1,065 1,096 944
完工事業 Housing Construction 3,493 3,563 3,609 3,800 3,920
流通事業 Brokerage 3,004 3,034 3,037 3,106 3,258
合計 Total 11,473 11,855 12,116 12,574 12,934
5/9
[事業の概況]
（１）賃貸事業部門(Leasing) ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
【連 結ベース】(Consolidated base) 通期予想
単位：千㎡ (1,000㎡) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
期末延床面積 Gross floor area 4,094 4,104 4,395 4,610 4,843
所有 Outright ownership 3,171 3,189 3,493 3,790 4,026
サブリース事業 Sub-lease business 923 914 902 820 817
東京都区部 Tokyo 23wards 3,851 3,859 4,155 4,370 4,591
その他 Other Area 243 245 240 240 252
オフィス期末空室率（※） Vacancy rate 5.9% 4.9% 4.7% 4.5% 4.9%
※ 竣工後１年を経過したオフィスビルの空室率 (Vacancy rate for existing buildings)
（２）販売事業部門(Sales) ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
【連 結ベース】(Consolidated base) 通期予想
単位：戸、百万円 (units、\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
マンション新規発売戸数 Condominium units supplied 5,473 6,305 5,073 6,722 6,686 6,500
マンション契約戸数 Condominium units sold 5,634 5,204 5,524 6,467 7,355 6,500
マンション完成済み未契約戸数 Condominium units unsold 488 929 1,324 1,191 1,129
計上戸数 Units delivered 4,958 5,351 4,996 5,716 5,881 5,800
マンション・戸建 Condominiums & Detached houses 4,900 5,260 4,898 5,632 5,865
宅地 Land lots 58 91 98 84 16
売上高 Sales income 234,093 264,207 274,760 314,299 311,192 310,000
マンション・戸建 Condominiums & Detached houses 226,470 247,586 263,014 300,655 301,504 300,000
宅地・その他 Land lots & Others 7,623 16,620 11,746 13,643 9,688 10,000
（３）完工事業部門(Housing Construction) ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
【連 結ベース】(Consolidated base) 通期予想
単位：棟、百万円 (units、\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
受注棟数 Units contracted 10,053 9,765 11,336 11,531 12,340 13,200
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 7,623 7,310 8,454 8,770 9,350 10,000
注文住宅 Custom Home 2,430 2,455 2,882 2,761 2,990 3,200
計上棟数 Units delivered 10,414 10,001 10,729 11,222 11,686 12,500
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 8,038 7,775 8,150 8,455 8,886 9,500
注文住宅 Custom Home 2,376 2,226 2,579 2,767 2,800 3,000
売上高 Revenue from housing business 201,190 188,994 199,115 203,623 209,355 220,000
新築そっくりさん Remodeling "Shinchiku Sokkurisan" 105,354 104,128 105,296 103,721 108,739 115,000
注文住宅 Custom Home 69,347 68,126 77,926 85,657 88,019 94,000
その他 Others 26,489 16,740 15,893 14,245 12,597 11,000
（４）流通事業部門(Brokerage) ２６／３ ２７／３ ２８／３ ２９／３ ３０／３ ３１／３
【住友不動産販売】(Sumitomo Real Estate Sales) 通期予想
単位：件、百万円 (transactions、 \million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18) (Mar-19)
仲介件数 Number of transactions 35,455 33,968 35,987 36,108 37,058 37,500
取扱高 Total transaction value 987,799 1,065,681 1,065,654 1,193,044 1,257,507 1,270,000
仲介収益 Brokerage revenues 52,666 54,311 56,303 61,216 66,310 67,000
仲介店舗数（国内） Number of brokerage offices(Japan) 251 255 257 260 266
6/9
[連結キャッシュ・フロー計算書]（Consolidated Statements of Cash Flows）
２６／３ ２７／３ ２８／３ ２９／３ ３０／３
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18)
税金等調整前当期純利益 Income before income taxes 115,121 130,666 135,553 150,623 176,444
減価償却費 Depreciation and amortization 35,311 33,519 34,574 39,445 41,627
貸倒引当金の増加額又は減少額（△） Provision for allowance for △3,006 △582 △2,095 411 △525
doubtful accounts -- net
固定資産売却益 Gain on sale of property △16 △0 △114 △11 179
and equipment
固定資産減損損失 Loss on impairment of 15,068 3,810 10,806 15,537 10,634
fixed assets
売上債権の増加額（△）又は減少額 Decrease ( Increase) in notes and △529 △8,740 7,441 1,089 △5,668
accounts receivable -- trade
たな卸資産の増加額（△）又は減少額 Decrease (Increase) in inventories △24,291 △88,915 △51,301 5,573 25,915
仕入債務の増加額又は減少額（△） Increase (Decrease) in notes 6,671 21,445 △12,363 △12,936 △12,535
and accounts payable -- trade
前受金の増加額又は減少額（△） Increase (Decrease) 4,260 △3,506 10,981 7,816 17,076
in advances received
法人税等の支払額 Payments for income tax △38,340 △47,326 △46,985 △55,545 △56,252
and other taxes
その他 Other -- net 6,744 △5,301 9,610 6,503 △6,963
営業活動によるキャッシュ・フロー
Net cash provided by (used in) operating activities
116,993 35,067 96,107 158,507 189,933
Payments for purchases of
有形固定資産の取得による支出 property and equipment △181,471 △149,517 △91,296 △254,930 △220,016
有形固定資産の売却による収入 Proceeds from sale of property 108 141 403 124 357
and equipment
有価証券／投資有価証券の純増減 Decrease (increase) in securities △22,956 △8,010 △16,279 △19,391 △26,637
敷金及び保証金の純増減 Decrease in guarantee and 13,517 4,602 3,284 6,640 27,144
lease deposits paid to lessors
預り敷金及び保証金の純増減 Increase (Decrease) in guarantee 1,403 6,780 13,646 11,714 13,994
and lease deposits received
共同投資事業出資預託金の純増減 Receipts (Restitution) of deposits △103,285 △72,882 △24,114 △10,869 △9,124
from partnership investors
その他 Other -- net △2,765 △2,031 8,971 △7,450 △6,252
投資活動によるキャッシュ・フロー
△295,449 △220,917 △105,384 △274,161 △220,534
Net cash used in investing activities
Increase (Decrease) in
短期借入金・ＣＰの純増減 short-term bank loans & CP
△52,500 △57,900 △8,282 △12,610 △2,892
社債の純増減 Increase (Decrease) in 70,000 30,000 △20,000 - △50,000
bonds and notes
長期借入金の純増減 Increase in long-term debt 141,108 305,715 185,337 223,463 166,378
ＳＰＣ借入金・社債の純増減 Decrease in non-recourse loans △9,138 △50,988 △25,182 720 △8,648
and bonds
配当金の支払額 Cash dividends paid △9,482 △9,480 △10,429 △10,428 △12,324
その他 Other -- net △42,532 △29,532 △76,463 △3,147 △66,052
財務活動によるキャッシュ・フロー
97,454 187,814 44,980 197,996 26,461
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
△78,508 4,041 35,830 81,954 △4,263
Net increase (decrease) in cash and cash equivalents
現金及び現金同等物の期首残高
224,732 146,223 150,264 185,989 267,943
Cash and cash equivalents at beginning of year
現金及び現金同等物の期末残高
146,223 150,264 185,989 267,943 262,045
Cash and cash equivalents at end of year
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[財務の状況]（Financial Indices）
（１）総資産、自己資本 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３
Total assets & Equity
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18)
総資産 Total assets 4,220,428 4,523,804 4,675,914 4,980,039 5,167,198
ＲＯＡ Return On Assets(※1) 4.0% 3.9% 3.9% 4.0% 4.2%
自己資本 Shareholders' equity 707,947 832,462 888,099 1,007,347 1,114,975
自己資本比率 Equity ratio 16.8% 18.4% 19.0% 20.2% 21.6%
ＲＯＥ Return On Equity(※2) 10.4% 10.5% 10.2% 10.9% 11.3%
(※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 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３
Interest-bearing debt
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18)
ＣＰ Commercial Paper 31,995 - - - -
短期借入 Short-term loans 113,000 87,000 78,718 66,108 61,416
長期借入 Long-term loans 1,690,403 1,996,218 2,241,556 2,465,019 2,631,397
社債 Bonds; Debentures 410,000 440,000 420,000 420,000 370,000
劣後ローン Subordinated loan 60,000 60,000 - - -
SPC長期借入金・社債 Non-recourse loans and bonds 494,797 443,809 418,627 419,347 410,699
連結有利子負債 Interest-bearing debt 2,800,195 3,027,027 3,158,901 3,370,474 3,473,512
長期比率 Ratio of long-term debt 95% 97% 98% 98% 98%
固定金利比率 Ratio of fixed-interest debt 82% 87% 94% 95% 94%
現金・預金 Cash, time and notice deposits 147,266 151,367 187,233 269,312 263,209
連結純有利子負債 Net interest-bearing debt 2,652,929 2,875,660 2,971,668 3,101,162 3,210,303
デットエクイティレシオ Net D/E Ratio(※3) 3.7 3.5 3.3 3.1 2.9
インタレストカバレッジ Interest Coverage(※4) 6.1 6.5 7.3 9.0 10.5
純有利子負債／営業利益倍率
Net Debt/Operating Income Ratio（※5）
16.1 16.8 16.5 15.9 15.0
(※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 ２６／３ ２７／３ ２８／３ ２９／３ ３０／３
Return on leasing assets
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18)
Operating income of
賃貸営業利益 leasing busｉness
97,951 104,441 111,327 126,213 139,368
減価償却費 Depreciation 32,975 31,047 32,098 36,948 38,981
賃貸キャッシュフロー Cash flows from leasing business 130,926 135,488 143,425 163,161 178,349
賃貸セグメント資産 Assets of leasing segment 3,010,806 3,123,992 3,194,739 3,359,261 3,565,087
預り敷金及び保証金 Guarantee & security deposits ▲ 161,486 ▲ 168,273 ▲ 181,497 ▲ 193,110 ▲ 207,823
received from tenants
賃貸投資残 Net investments of leasing busｉness 2,849,320 2,955,719 3,013,242 3,166,151 3,357,264
賃貸ｾｸﾞﾒﾝﾄ資産総利回り Return on leasing assets(※6) 4.7% 4.7% 4.8% 5.3% 5.5%
(※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)
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（参考）平成３０年３月期(Mar-18) 単体推移(Non-consolidated base)
[損益計算書](Statements of operations) ２６／３ ２７／３ ２８／３ ２９／３ ３０／３
単位：百万円 (\million) (Mar-14) (Mar-15) (Mar-16) (Mar-17) (Mar-18)
賃貸事業 Leasing 248,827 250,927 270,440 289,987 304,010
販売事業 Sales 228,764 255,650 266,469 305,092 311,127
完成工事事業 Housing Construction 174,599 171,957 183,002 187,949 195,806
その他事業 Others 3,110 3,007 3,172 3,161 3,248
売上高 Revenue from operations 655,302 681,543 723,085 786,191 814,192
賃貸事業 Leasing 79,491 85,445 91,313 108,888 121,388
販売事業 Sales 49,464 55,378 56,566 58,246 64,654
完成工事事業 Housing Construction 43,267 40,786 44,761 46,276 50,173
その他事業 Others 3,082 2,988 3,153 3,146 3,233
売上総利益 Gross profit 175,305 184,598 195,794 216,558 239,449
賃貸事業 Leasing 31.9% 34.1% 33.8% 37.5% 39.9%
販売事業 Sales 21.6% 21.7% 21.2% 19.1% 20.8%
完成工事事業 Housing Construction 24.8% 23.7% 24.5% 24.6% 25.6%
その他事業 Others 99.1% 99.4% 99.4% 99.5% 99.5%
粗利益率 Gross profit margin 26.8% 27.1% 27.1% 27.5% 29.4%
販売費 Selling expenses 15,147 17,390 19,198 21,064 23,387
一般管理費 G & A expenses 33,202 33,579 36,628 40,278 45,355
販管費 S,G&A expenses 48,349 50,970 55,827 61,343 68,743
営業利益 Operating income 126,955 133,628 139,967 155,214 170,705
受取利息・配当金 Interest & dividend income 7,821 8,161 8,506 9,897 9,873
その他 Others 348 590 1,101 1,108 1,376
営業外収益 Non-operating income 8,169 8,752 9,607 11,006 11,250
支払利息 Interest expenses 19,143 19,359 19,104 17,808 17,496
その他 Others 7,438 5,636 6,813 4,680 6,608
営業外費用 Non-operating expenses 26,582 24,996 25,917 22,488 24,105
(金融収支) (Net interest receive) (▲11,322) (▲11,198) (▲10,598) (▲7,911) (▲7,623)
経常利益 Ordinary profit 108,543 117,384 123,657 143,732 157,851
固定資産売却益 Gain on sales of fixed assets 9 0 88 37
Gain on sale of
投資有価証券売却益 investments in securities 1,429 350 42 1,009
その他 Others 3
特別利益 Extraordinary income 1,438 0 441 42 1,047
固定資産売却損 Loss on sale of fixed assets 0 0 216
固定資産減損損失 Loss on impairment of fixed assets 15,160 3,810 10,806 15,537 216
固定資産除却損 Loss on disposal of fixed assets 1,638 2,997 1,054 1,316 632
Loss on devaluation of
投資有価証券評価損 investments in securities 96 30 465
Loss on sale of
投資有価証券売却損 investments in securities 47
その他 Others 410 845 171 94 33
特別損失 Extraordinary loss 17,305 7,683 12,497 16,949 1,146
税引前当期利益 Income before income taxes 92,676 109,701 111,601 126,826 157,752
法人税等 Income tax and other taxes 34,398 38,053 35,773 35,736 47,566
当期利益 Profit 58,278 71,647 75,827 91,089 110,186
減価償却費 Depreciation 24,324 23,218 24,839 30,037 32,302
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