My name is Nishikawa from PARK24. Thank you very much for taking the time to attend today's financial results briefing for the fiscal year ending October 2024. I would now like to explain the contents of the briefing, referring to the handouts. First, I will give an overview of the financial results. This is the consolidated results for the fiscal year ending in October 2024, which we announced yesterday. The figures are as shown here and in terms of content, sales, operating income, and ordinary income all exceeded the initial forecast. There are extraordinary losses and taxes in relation to the net income section. In terms of net income, we fell short of our target by JPY 1.3 billion. The section below the ordinary income is shown on page four. First, there was an impairment loss on assets related to contracts in the U.K.
We evaluate the profitability of each region, and in this case, we decided that the profitability was low in some regions, so we reduced the book value to the recoverable amount, resulting in an impairment loss of JPY 1.9 billion. There was a tax expense of JPY 1.5 billion in Australia. As a result of these factors, net income did not reach the planned amount. I will explain the business profit by business segment. Looking at the business segment, it was a year in which we performed very well. On the right, you can see the ordinary income and business profit by segment. The domestic parking business was about JPY 1.6 billion above plan, and the mobility business was JPY 1.8 billion above the plan. The overseas parking business was almost in line with the plan.
The domestic business was a year in which both the parking and mobility businesses performed very well. Next, I will give you details by business segment. First, in the parking business in Japan, both sales and operating profit exceeded our forecasts. In terms of development, we had planned to develop around 1,500 new parking lots in the year, but we ended up developing 1,565 lots, exceeding our initial forecast. In Japan, the external environment related to parking lots has already returned to the situation before the COVID pandemic, and it has been a year in which things have progressed very well. In terms of development, there has been no headwind at all and development has been very strong, so the domestic parking lot business has been very strong.
It has been a year in which there have been almost no concerns, and things have progressed very well. Next, let's move on to the mobility business. The mobility business also performed very well, exceeding both sales and operating profit targets. Sales exceeded the plan by about JPY 3 billion. Operating profit exceeded the plan by JPY 1.8 billion. In particular, with regard to operating profit in the table at the bottom left, there is a section circled in red for the fiscal year ending October 2023 and the fiscal year ending October 2024. Operating profit is divided into service operation and disposal of vehicles, and the vehicles used for car sharing are depreciated over four years. When they are sold in the secondhand market after 4 years, a profit on sale is also recorded.
As you can see here, the profit on vehicle sales has decreased. The reason for the decrease is that four years ago, the number of cars procured in 2020 was small and there were fewer vehicle sales. The profit on sales, which was JPY 3.7 billion in the previous term, decreased to JPY 1.3 billion, about one-third of the previous term's figure. The total business profit increased by about 30% compared to the October 2023 term. In short, the number of services in operation increased significantly, and this led to an increase in profits. We are evaluating this year as one in which the increase in profits was due to the increase in the number of services in operation, rather than simply an increase in business profits.
We are seeing the results of our initial expectations of earning profits from the number of services in operation. The next page shows details of the monthly and per car usage fees for the mobility car sharing service. The graph on the left shows the usage fees per car per month. Compared to the October 2023 period, the usage fees have increased by about JPY 5,000. If we compare corporate and individual users, looking at the figures alone, corporate usage has decreased slightly to 99.4%, but individual usage has increased even more. Overall, the usage fees per car have increased by 38%. The graph on the right breaks down the number of uses and the unit price. Although the figures are very small, the total revenue per car has increased by about JPY 5,000.
Overall, the mobility business is also performing well, and like the domestic parking business, it has been a very successful year. Let's move on to our overseas business. From this fiscal year, we have made changes to our business segment classifications. The diagram on the left of page nine shows the previous classifications. The U.K. is a U.K. business company. Australia is the Australian business company. Taiwan, Singapore, and Malaysia are classified as other holding companies because they are divided into Taiwan and Singapore and Malaysia. As for the new classification, the U.K. is divided into the U.K. holding company and operating company, and Australia is also divided into the Australian holding company and operating company. The reason for this is the cost of the holding company.
The personnel costs and other expenses are increasing, and we have decided to clearly indicate these in the form of costs and profits for each country, and we will make business assumptions according to the new classification from now on. The sales and operating profit for each country in the new disclosure classification are shown on page 10. Operating income and loss for the U.K., Australia, Taiwan, and Singapore. The figures on the left are in yen. The table on the right is in local currency. The figures in yen fluctuate slightly due to the exchange rate fluctuations. We have also included the figures in local currency on the right to give you a more accurate picture of the situation in each country.
As you can see, Australia was planning to make a profit of JPY 800 million, but it actually was JPY 600 million, ending with a loss of JPY 1.4 billion. Taiwan, Singapore, and Malaysia are all making a profit that is almost in line with the plan. In the U.K., the plan was for a loss of JPY 1.6 billion, but the actual result was a loss of JPY 100 million, which was better than the plan, but the company is still making a loss. Despite this, the U.K. is improving, and in terms of the October 2024 period, Australia is struggling to meet its initial forecasts. This is the situation in the overseas parking business in the U.K.
In the U.K., there were some one-off factors that caused the business area to exceed its plan. If you exclude these one-off factors, the plan was not achieved. Although it was better than the initial plan, the actual performance value is still in a very difficult situation in the U.K. This is page 12. This is Times Parking for each country. I will explain the development situation for small-scale parking lots in flat outdoor surfaces similar to Japan. Overseas, before we carried out M&A, there were mostly large parking lots. We are working to develop Times Parking for each country, that is, small-scale parking lots in each country in the same way as in Japan, and to make them profitable. The development and management status is described on this page.
In the period that ended in October 2024, there was a net increase of 246 new developments. There are 1,594 developments, and the number of parking spaces increased by 11,263 to 63,861. On the right, the percentage of Times Parking in each country is shown in terms of the number of developments and the number of parking spaces. On a unit basis, Times Parking already covers more than half of overseas locations. When we look at the number of units, the figure is still only 11%. We would like to increase this to 20%, 30%, or even 40% as soon as possible.
By doing so, we will be able to create a trend of increasing revenue and profit as we have in Japan, and we would like to accelerate development in this area as well as during the current fiscal year and in the term ending in October 2025. Page 13 shows our financial situation. Due to the recording of net income, shareholders' equity for the fiscal year ending in October 2024 was JPY 89 billion. The shareholders' equity ratio is 30%. We have been aiming for a shareholder equity ratio of 30% as a short-term goal. We have reached our target for the fiscal year ending October 2024. As for dividends, we will pay a dividend of JPY 5 per share as planned. I think we can say that our shareholder equity has steadily increased up to the fiscal year ending October 2024.
This is a brief overview of our financial situation for the fiscal year ending October 2024. From here, I would like to move on to the consolidated earnings forecast for the fiscal year ending October 2025 and then explain the full-year plan. The basic policy for the fiscal year ending October 2025 is, as always, to expand our network and increase the number of parking spaces as well as the number of spaces and units of mobility vehicles. At the same time, as we continue to expand the scale of our business, we will also continue to evolve our services and further improve their convenience so that users will think that they are very convenient. Another thing we want to do this term is to build a foundation for sustainable growth. Page 16 shows the consolidated targets for this term, the term ending in October 2025.
The plan is for sales of JPY 404 billion, operating profit of JPY 39 billion, ordinary profit of JPY 35.5 billion, and net profit of JPY 21.5 billion. Ordinary income is growing more slowly than sales. This is because we are aiming for sustainable growth in the future. In particular, with regard to parking facilities, we have been purchasing machines from manufacturers and installing them in the past. A few years ago, we started to replace them with our own Times Tower payment machines, which we have developed in-house, and install them in existing parking facilities. We are also actively promoting the conversion of parking facilities to those with cameras, which we have been doing since the October 2024 fiscal year.
For new parking lots, of course, we install these systems from the very beginning, so the initial cost for new parking lots is lower than for parking lots where we purchase and install machines from conventional manufacturers. However, for existing parking lots, we have to invest extra money to replace the machines, so this increases the cost, and while sales will increase by 8.9%, ordinary income will only increase by 0.2%. The following is a breakdown of the consolidated plan by segment. In the domestic parking business, sales are JPY 189.7 billion. In the mobility business, sales are JPY 132.7 billion, and the overseas parking business sales are JPY 82 billion.
Operating income is JPY 34.3 billion in the domestic parking business , JPY 25 billion in the mobility business, and JPY 0.4 billion overseas . The main reason for domestic parking business figures being as they are is that the costs of replacing parking lots with cameras and the Times Tower have increased, as I mentioned earlier. With regards to the mobility business, we are steadily growing, so we have a plan to increase ordinary income by just under 10% or 9.6%. These are the consolidated figures for this fiscal year, but we have written that we would like to change the notation for each segment. The left side is the change number one.
Up until now, the cost of parking for Times CAR has been borne by the parking lot side, but we will change this so that the cost will be borne by the mobility side. The reason for this change is that it is actually one of the reasons that we decided to start the car sharing business was that the cost of the parking lot where the cars are parked is already being covered by the parking business. The car sharing business, car can operate with zero parking cost. Now that the number of use and the number of cars as well as sales have reached to a certain level, we are thinking in the direction of wanting to grow the mobility business into a business that can start on its own without relying on parking lots in the future.
Because of this, from this fiscal year, we will change the method of measurement and notation so that all parking lot costs will be borne by the mobility business side. Change number two is about ICT costs. Until now, PARK24 itself has been looking at all ICT related costs, but to be precise, there are things like system development for TIMES24, app development, and development for mobility, and we think we should allocate related costs to the business companies and business involved. We would like to change the way we present the situation by looking at ICT costs and sharing how they are doing as a business by allocating the costs of ICT to the corresponding business.
Page 19 shows the numbers based on new method. Sales are expected to be JPY 404 billion. Looking at the sales of parking business Japan, it is JPY 189.7 billion based on the previous method. Under the new method, it is expected to be JPY 196 billion. On the right hand, we have business profits. Based on the previous method, Parking Business Japan is expected to be JPY 34.3 billion, but under the new method, it is expected to be JPY 36.3 billion. This is because the cost of parking the Times CAR will no longer be burdened, which is positive, but there will be ICT costs incurred. As a result of this balance, profit will increase by about JPY 2 billion. On the other hand, there are no changes to sales of mobility business.
The cost of parking and ICT will all be added, so mobility business' business profit under the new method will be 16.6 billion JPY. If you compare to the previous method, there is a growth of circa 9%, so the business is steadily growing. However, starting this fiscal year, we will be showing the numbers based on new method. As such, if you look at the numbers for this year alone, they may look somewhat small, but going forward, we will be showing the numbers based on the new method. Page 20 shows what I just explained in detail, so please confirm the numbers by yourself. From page 21 are the contents of each business. For this year, we are showing both the previous method and the new method, and thus may be a bit hard to understand.
To address that, we have the details described on table 20. There are costs of installing Times Tower payment machines and converting to camera-equipped parking facilities. Without such additional costs, how are the businesses? I wanted to explain that, which is in table 20. Without such costs, recurring profit would have increased JPY 2.2 billion, but instead, we will be making investments worth JPY 2.2 billion and the business profit is as described. We made various adjustments, so it might be difficult for you to see what is our real capability, but we have disclosed the numbers this way, so please understand. On page 22, we have the previous method and the new method described in the same way for mobility business. At the very bottom of table 21, we have business profit adjusted for Times CAR parking costs.
The costs will be changing this way and the business profit will also change in line with this. Next, on page 23, we have the usage fees per vehicle per month of mobility business. On the left hand, we have the planned usage fees per vehicle per month shown in chart 11. We are expecting 2.2% growth. In terms of the amount, it is an increase by JPY 3,200. Both corporate use and individual use are growing at 2%+. For corporate use, we are expecting an increase of 2.7%. We have assumed individual use will also increase at 2% and made a plan. On the right side, we have chart 12.
It may look like a decline in usage fee from JPY 4,456 per unit to JPY 4,320, which is a decrease of JPY 136. I would like to explain about this to avoid any misunderstandings. Please take a look at the third bullet point in the text part of the slide. It says, "The shift in the number of vehicles and sales weight from long-term rental cars to short-term car sharing will lead to an increase in the number of users, while the unit price per use will decrease." It looks like a decrease of JPY 136 as the sales weight will change taking the average, there is an increase of JPY 3,000 per unit.
If you look at this graph only, it looks like a decrease, but we are planning to steadily grow sales. Page 24 is about Parking Business International. It is exactly as described. We are planning sales of JPY 82 billion. Business profit of JPY 0.4 billion. The U.K. sales are expected to be - JPY 1.7 billion in red ink, Australia to be + JPY 0.6 billion, Taiwan to be JPY 1.4 billion, and Singapore and Malaysia to be JPY 0.1 billion. In the fiscal year ended October 2024, sales were - JPY 0.1 billion. If you look at this year, there is an increase in deficit by JPY 1.6 billion. As I mentioned that there were temporary factors.
Excluding that, there is not much of a change in fiscal year ending October 2025. In Australia, there will be an improvement from - JPY 0.6 billion to JPY 0.6 billion, which means an improvement of JPY 1.2 billion. For Australia, we will try to rebuild the business this year. We also have automatic cancellation of unprofitable sites. We plan to improve our profitability through such efforts. For Taiwan, Singapore and Malaysia, we are able to capture profits steadily. That is all for profitability of International Business . On page 25, this is about development of Times Parking in each country. We are planning a net increase of 600 localized Times Parking to total of 2,200. In terms of spaces, we plan to increase to 85,500 this year.
For development, we are planning a net increase of 600. We plan to accelerate the development more than before. By increasing the number of Times Parking in each country, we plan to improve our profitability. This was the explanation of fiscal year ending October 2025 from a business perspective. On page 26, we have our plans on financials and shareholder returns. As of the end of fiscal year ending October 2025, total assets are expected to be JPY 320 billion. Shareholder equity ratio will be 34.3%, and net D/E ratio will finally be below 1 to be 0.82 x. As for dividends for the fiscal year ending October 2025, we are forecasting JPY 30 per share. DOE of 5.2%.
This was brief, but those were the plans for the fiscal year ending October 2025.