The Kyoto Hotel Income Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2011	FY 2010	FY 2009	FY 2008	FY 2007
Period Ending	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007
Revenue	9,736	9,912	9,496	10,487	10,564
Revenue Growth (YoY)	-1.78%	4.39%	-9.45%	-0.73%	2.63%
Cost of Revenue	2,059	2,083	1,884	2,165	2,252
Gross Profit	7,677	7,829	7,612	8,322	8,312
Selling, General & Admin	6,400	6,409	6,169	6,597	6,566
Operating Expenses	7,185	7,180	6,975	7,394	7,295
Operating Income	492	649	636.84	927.78	1,017
Interest Expense	-405	-449	-471.58	-495.36	-513.15
Interest & Investment Income	2	2	2.57	3.82	3.36
Other Non Operating Income (Expenses)	-32	-13	-5.23	-11	-24.39
EBT Excluding Unusual Items	57	189	162.6	425.23	482.78
Gain (Loss) on Sale of Investments	-37	-	-	-	-
Asset Writedown	-42	-23	-31.84	-76.68	-36.55
Other Unusual Items	-1	-	4.68	-	-6.18
Pretax Income	-23	166	135.44	348.56	440.05
Income Tax Expense	19	75	40.33	136.16	47.83
Net Income	-42	91	95.11	212.4	392.22
Net Income to Common	-42	91	95.11	212.4	392.22
Net Income Growth	-	-4.32%	-55.22%	-45.85%	63.43%
Shares Outstanding (Basic)	10	10	10	10	10
Shares Outstanding (Diluted)	10	10	10	10	10
Shares Change (YoY)	-0.02%	-0.01%	-0.07%	-0.05%	-0.04%
EPS (Basic)	-4.09	8.85	9.25	20.64	38.09
EPS (Diluted)	-4.09	8.85	9.25	20.64	38.09
EPS Growth	-	-4.31%	-55.19%	-45.82%	63.50%
Free Cash Flow	-53	787	639.18	514.92	987.05
Free Cash Flow Per Share	-5.16	76.54	62.16	50.04	95.87
Dividend Per Share	3.000	3.000	3.000	3.000	3.000
Gross Margin	78.85%	78.98%	80.16%	79.36%	78.68%
Operating Margin	5.05%	6.55%	6.71%	8.85%	9.63%
Profit Margin	-0.43%	0.92%	1.00%	2.02%	3.71%
Free Cash Flow Margin	-0.54%	7.94%	6.73%	4.91%	9.34%
EBITDA	1,278	1,420	1,443	1,725	1,747
EBITDA Margin	13.13%	14.33%	15.19%	16.45%	16.54%
D&A For EBITDA	786	771	805.67	797.56	730.04
EBIT	492	649	636.84	927.78	1,017
EBIT Margin	5.05%	6.55%	6.71%	8.85%	9.63%
Effective Tax Rate	-	45.18%	29.78%	39.06%	10.87%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.