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🛏 | Read the financial results Resort Trust April-June 22 Highest sales due to strong membership rights Net profit on sale of general hotels ...


Read financial results Resorttrust April-June 22 Highest sales due to strong membership rights Net profit on sale of general hotels ...

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Sales are expected to increase for the full year assuming that the contract is going well.

The consolidated financial results for the April-June 9 period announced on the 2022th by resort trust (headquartered in Nagoya City), which operates hotels, are ahead of sales ... → Continue reading

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The Chubu Keizai Shimbun was first published in 1946 (Showa 21) and has a track record of over 75 years, and has earned the trust of many years.
Toyota Motor in the Chubu region is the only "regional economic newspaper" among the newspaper publishers that are members of the "Japan Newspaper Association"
We are conducting detailed coverage activities from large companies to small and medium-sized companies.

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Profit(Rieki) is the following twomeaningThere is.

  1. To benefit. gain. Profit. Make money (profit). Toku (profit). "Profit"
  2. To be beneficial. To be profitable. "Public interest" (in this sense, the activity to make a profit "(Eiri) ")


ProfitIs simply income minus expenditure, that isCash flowPoint to. But todayCorporate accountingIn, profit (profit and loss) and cash flow are different concepts.

Accounting profit is revenue minus costs. On the contrary, if the cost is more than the profitlossCall.

There are two main reasons for distinguishing between profits and cash flows:

Profit and loss statementIn, to see the situation of the companyAccounting standardsThe profit is calculated in several stages according to the situation.

Various benefits

Gross profit

(Sales)British: gross operating profit) Is(Arari-eki) orAlso called (Arari-eki),amount of salesからCost of salesIs subtracted. It can be said to be an index showing the competitiveness of products and services provided by companies.

Gross profit = Sales --Cost of sales or gross profit = Sales --Starting product inventory + Current product purchasing --End product inventory

Wholesale trade,Retail tradeIf so, the variable cost and the cost of sales are equal. Therefore, the gross profit and the marginal profit are equal. On the other hand, for exampleManufacturing industryIn this case, there are "expenses that are not included in variable costs but are included in cost of sales" such as "company labor costs" and "factory costs". Therefore, the gross profit is lower than the marginal profit.

Operating income

(Eigyo Rieki,British: net operating profit) Is(Jigyo Rieki),(Ebit,British: earnings before interest and tax), Also from gross profitSelling, general and administrative expensesIs subtracted. It can be said that it is an index showing the profitability of a company in its core business, including the efficiency of sales organization and head office operation.

Operating profit = Gross profit --Selling, general and administrative expenses = (Sales --Cost of sales) --Selling, general and administrative expenses


(Ebit DA, Ebit Dar, Evita,British: earnings before interest, tax, depreciation, and amortization) Is gross profit minus selling, general and administrative expenses other than depreciation.Profit before interest payment, before tax, before depreciation, other before depreciation,Interest rate, tax, profit before depreciationHowever, "EBITDA" is often used because the translation has not been decided.

EBITDA = Gross profit --Selling, general and administrative expenses other than depreciation = (Sales --Cost of sales) --Selling, general and administrative expenses other than depreciation

Business profit

(Jigyo Rieki)

  • Another name for operating income (Above).
  • It is the sum of operating income and non-operating income such as interest income, dividend income, and gain on sales of securities. Ordinary income is obtained by subtracting non-operating expenses such as interest expense, loss on sales of securities, and loss on valuation of securities from business income in this sense.
Business profit = Operating profit + Non-operating profit = ((Sales-Cost of sales)-Selling, general and administrative expenses) + Non-operating profit

Return on total assetsBusiness profit is usually used as a numerator when calculating (ROA). The reason why business profit is used in calculating ROA is that it is an index of management activities with total assets including investment securities as the denominator.

  • It is desirable to include income from financial activities
  • It would be unreasonable to deduct the financial cost, which is the cost of raising debt.

Because of that.

Ordinary profit

(Profit)British: Ordinary profit) IsOperating incomeNon-operating income (interest income, dividend income, gain on sales of securities, etc.) is added to, and non-operating expenses (interest expense, loss on sales of securities, loss on valuation of securities, etc.) are deducted. It can be said that it is an index showing the ordinary profitability of a company, including the skill of raising funds.

Ordinary income = Operating income + Non-operating income --Non-operating expenses = ((Sales --Sales cost) --Sales expenses and general management expenses) + Non-operating income --Non-operating expenses


(No putt,British: net operating profit after tax) IsTranslated as (Snoring Goei Gyori-eki) etc., from operating incomeTaxIs subtracted.

NOPAT = Operating Profit-Tax = ((Sales-Cost of Sales)-Selling, General and Administrative Expenses)-Tax

Net income

(Junri-eki,British: net profit) Is the ordinary profit plus the extraordinary profit, minus the extraordinary loss.Net income,Final profitAlso called.

Net income = Ordinary income + Extraordinary income --Extraordinary loss = [{(Sales --Cost of sales) --Selling, general and administrative expenses} + Non-operating income --Non-operating expenses] + Extraordinary income --Extraordinary loss

Comprehensive income

(Hokatsuri-eki,British: comprehensive income) Is the increase in net assets excluding capital transactions minus the decrease. Calculate by adding or subtracting other comprehensive income from net income.

Comprehensive income = Increase in net assets-Decrease in net assets = Net income ± Other comprehensive income = [[{(Sales-Cost of sales)-Selling, general and administrative expenses} + Non-operating income-Non-operating expenses] + Special Profit-Extraordinary loss] ± Other comprehensive income

Reservation profit

Reservation profitRefers to the fact that the past profits generated by the business activities of the company are reserved within the company. In accountingretained earningsThat is.

Marginal profit

(Genkai Rieki,British: marginal profit) IsAlso called (Koukenri-eki),amount of salesCorrespond to it from the fluctuation of one unitVariable costIs subtracted.Management accountingUsed in.

Marginal profit = Sales-Variable costs

Various profit margins

Gross profit margin

(Araritsu) is the ratio of gross profit (gross profit) to sales.

Operating income margin

(Uriageda Kaei Gyori Ekiritsu) is the ratio of operating income to sales.

Return on total assets

(Soshisan Riekiritsu) is the ratio of profit to total assets.ROA(British: return on assets) Also called. When calculating the return on total assets, it is appropriate to use operating profit, NOPAT, and business profit (operating profit plus non-operating profit) as profits. Since the total assets as the denominator are the sum of the liabilities and the equity capital, it is double-counted to reflect the procurement costs of the liabilities in the numerator profit.

Return on equity

(Jikoshi Honri Ekiritsu) isnet worthThe ratio of profit to.ROE(British: return on equity) Also called. In this calculation, it is appropriate to use ordinary profit and net profit as numerator. This is because ordinary income and net income are indicators that reflect financial costs, which are the cost of raising debt.

Components of return on capital

Return on capitalIt is,Profit margin on salesAsset turnoverExpressed as the product of.Return on capitalcapitalThe profit margin is the ratio of profit to sales, and the capital turnover is the ratio of sales to capital.For example, return on equity (ROE) is broken down into return on equity and net income.Return on capital is an arbitrage transaction in the capital market, so the difference between industries is not so remarkable.On the other hand, the profit margin on sales and the capital turnover ratio differ greatly depending on the type of industry.For example, the manufacturing industry has a higher rate of return on sales and a lower rate of return on capital than the distribution industry, but in terms of the product of the rate of return on capital, there is no difference between the figures for both industries.

Legal benefits

Deadline profit
Existing profit
This is the maximum profit that you are actually receiving, minus the amount of consumption and loss.The amount used for entertainment is not included,Cost of livingThe amount used for is included.
Lost profit
Reflexive benefits
The indirect benefit that results from the protection of the public interest by law.
Example:Doctor lawThe benefit of not being refused medical treatment due to the medical treatment obligation ofCustoms lawProfit of domestic producers due to tariffs.
Even if it is a reflexive profit, if it has a considerable basis and effect, it may be recognized as a legal profit by the court (judgment: minimum Nisho 33 (e) 710).That is, reflexive interests are not exclusive to legal interests.
Profit of appeal
Fulfillment profit
The profit that a valid contract would have been fulfilled and would have been earned by the creditor.
Example:landProfit that would have been obtained by purchasing land and reselling it to others when the buyer's sales contract was fulfilled.
Trust profit
The interests of those who trust a non-valid contract to be valid.
Example: The cost of investigating a land, believing that the land sales contract is valid, or the cost of building materials bought on the land.


[How to use footnotes]

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Subsidy(Hojokin,British: subsidy) Is政府One-sided to the private sector such as private companies and individualscurrencyBenefits[1].Central government("Country") orLocal government(Local government) Is a cash benefit that is unilaterally paid to public organizations, economic organizations, companies, private individuals (individuals), etc. without receiving any counter-benefits in order to achieve the administrative purpose and effect.[2].

In economics, it may refer to the entire subsidy policy (including special tax cuts, public works, public services, etc.) in a broader sense, but in general, only one-sided monetary benefits are called subsidies.[1].



Subsidies are divided into those paid by the central government (national) to local governments (local public bodies) and those paid by the government (central government, local government) to the private sector.[2].

Subsidies from the central government to local governments include "general subsidies" whose use is not limited and "specific subsidies" (individual subsidies) whose use is limited.[2].

Subsidies to the private sector

For subsidies from the government to the private sector,privateSubsidies for (individuals, consumers) "and"CompanyThere is a "subsidy for"[2].. "Subsidy for private individuals"social welfareIt is used for the purpose of maintaining and improving the standard (for example, medical care and education) and for maintaining and expanding the consumption of various products.[2].. "Subsidies for companies" are the protection and development of new and immature industries.External economyIt is used to foster highly effective industries, foster strategically important industries, and control supply prices of consumer goods.[2].

In recent years, instead of subsidy spending, "TaxThe method of achieving a similar effect (that is, the method of reducing the amount of tax that was originally planned to be collected) is increasingly being used.[2]..This can be said to be a "hidden subsidy," including special tax measures in Japan.[2].

Efficient allocation of subsidies

publicEconomicsIn such cases, it has been pointed out that the economic irrationality of the arbitrary allocation of subsidies.However, if numerical criteria such as "CO2 reduction effect" can be created, such as subsidies for the spread of new energy and energy-saving equipment, the most achievement of the criteria will be achieved.Cost-effectivenessThis problem can be avoided by adopting a system that allocates subsidies from the highest.


The origin of subsidies from the central government to local governments is in the 19th century in Europe and the United States.Industrial revolutionRecognized in the period[2].

The importance of subsidies has come to be recognized in local public finance.the 1930s OfrecessionAfter the period[2].

Subsidies in the UK

United KingdomNational subsidies1825It is said to start with the exchequer grant created in[3]..After the Industrial Revolution, the national government has responded to local governmentsWorker Ofpublic health,Pollution controlInstitutionalized to strengthen and force the construction of worker housing[3].

Subsidies in the United States

The United States of AmericaIs a federal stateStateIs relatively independent, and the state has taken the initiative in making financial adjustments between municipalities.[4].. There is nothing special to mention in the 19th century, except for the granting of state-owned land to be used as a land for state universities.[4]..The federal government began to actively intervene in local administration after the recession of the 1930s.Public worksBegan to promote economic policy through the agency of[4]..Subsidies have changed from temporary to permanent and have the character of maintaining the national minimum (national required administrative level).[4].1964ToLindon johnsonFederal subsidies surged as president declared war on poverty[4].

Subsidies in Japan

In Japan, in addition to what is called subsidies themselves in laws and budget-related documents, in a broad sense, "subsidies," "subsidies," "incentives," "benefits," "grantes," and "contributions." It includes those with names such as "consignment money", and in a narrow sense, it refers to national treasury expenditure.[2].

The definition of subsidies under the law is not always clear, and the Subsidy Optimization Law (described later) does not give a clear definition.Money transferred by the private sector to the government or by a lower-ranking government to a higher-ranking or equal-ranking government with the consent of both parties is often referred to as a "contribution", but this is also dealt with collectively below. ..There are "benefits" and "subsidies" that are similar to subsidies and contributions, but there are many that have substantially the same characteristics as subsidies, and these are appropriate for subsidies as specified by government ordinance. It is the subject of the chemical law.

As explained in the overview, subsidies from the national government to local governments include general subsidies with limited uses and specific subsidies (individual subsidies) with limited uses, but in Japan, As the formerLocal allocation tax, The latter is national treasury spending[2].

National treasury disbursements are divided into national treasury contributions, national treasury consignments, and national treasury subsidies.National treasury contributions include those stipulated by law (compulsory education staff costs, livelihood protection costs, etc.) and those for public works projects based on plans formulated by the government. The "national treasury consignment" has the property of paying the expenses when the government entrusts the affairs that should be done to a local public body. Required for office workExpenseand so on[2].

The Constitution has provisions that are also interpreted as related to subsidies,Article 89 of the Constitution of JapanThen,Public moneyOtherPublic propertyIt is,Religious organization or groupIt is stated that you must not spend or use for the use, benefit or maintenance of, or for charitable, educational or philanthropic businesses that do not belong to public control.But how to do this Article 89Legal interpretationThere is a complicated story about what should be done (such as the adequacy of subsidies for private schools), and the government's interpretation is changing.[5].


in Japan,MeijiIn the early daysCentralizationWith the change, subsidy policies have been used for local governance.[2].

Subsidies issued by the government, etc.

CountryFor procedures such as subsidies, please refer to "Law Concerning Appropriate Execution of Budget for Subsidies, etc."(Subsidy optimization method) is used for processing.In addition, regarding subsidies, etc. that the national government grants to local public bodies,Local Finance LawThere is a regulation in.

Subsidy optimization method

As the responsibility of the person who pays the subsidy, the head of each ministry and agency is concerned with the subsidy, etc. under its jurisdiction.budgetSubsidies, etc.PeopleCollected fromtaxSubsidies, etc. are provided, paying particular attention to the fact that they are covered by other valuable financial resources.decreeAnd, it is said that efforts must be made to use it fairly and efficiently in accordance with the provisions of the budget, and the subsidies, etc. are covered by taxes and other valuable financial resources collected from the people. In accordance with the decree and the purpose of granting subsidies, etc., or the purpose of delivering or accommodating indirect subsidies, etc., we must endeavor to carry out subsidy projects, etc. or indirect subsidy projects, etc. in good faith. Must be. (Article 3, Paragraphs 1 and 2 of the Subsidy Optimization Law)

Those who receive subsidies are subject to the stipulations of laws and regulations, the content of the decision to grant subsidies, the conditions attached to them, and the disposition of the heads of each ministry and agency based on the laws and regulations.Attention of a good managerIt is necessary to carry out subsidy business, etc., and use it for other purposes such as subsidies (for interest subsidies, by not reducing the loan or interest that is the purpose of the grant. , It means that the grant was received contrary to the purpose of granting the subsidy, etc.). (Article 11 of the same law)

Those who receive subsidies must report the progress status to the heads of each ministry and agency, but the heads of each ministry and agency should report the contents of the decision to grant subsidies, etc. to the person's subsidy business, etc. If you find that you are not performing in accordance with the conditions attached to, you may order the person to carry out the subsidy business, etc. in accordance with these, and if you violate this order, that person It may be ordered to suspend the execution of the subsidy project, etc. (Article 12, Article 13, Paragraph 1, Paragraph 2 of the same law)

The heads of each ministry and agency may use the subsidies for other purposes, such as subsidies, and the details of the decision to grant subsidies, etc. If the disposition of the head of each ministry or agency is violated based on this, it is possible to cancel all or part of the decision to grant subsidies, etc. When subsidies, etc. are issued, a deadline must be set and the return must be ordered. (Paragraph 1 of the same law, Article 18 Paragraph 1)

Persons who have used subsidies for other purposes or indirect subsidies for other purposes in violation of the provisions of Article 11 of the Act on Appropriate Execution of Budgets for Subsidies, etc. Less than a yearImprisonmentOr less than 50 million yenfineOr both. (Article 30 of the same law)

Local Finance Law

Specific financial resources such as subsidies and contributions that the national government grants to local governments are collectively called national treasury disbursements, and the Local Government Finance Act calls this.National treasury contribution,National treasury subsidy,National treasury consignmentAfter classifying into, the responsibilities of the country and the principles for calculating the amount are stipulated.

Subsidies, etc. issued by local governments

根 拠

Local governmentabout,Local government law"Ordinary local public bodies may donate or subsidize when necessary for their public interest." (Article 232-2), And based on this, subsidies are provided to other local public organizations or the private sector.Expenditures are based on the rules and guidelines of each local government in accordance with the provisions of the Subsidy Optimization Law.

There is a system to attract companies from other places for the purpose of promoting industry.The amount of the subsidy is determined as a percentage of the purchase amount of equipment, buildings, land, etc., and will be paid if the application is evaluated and approved.In the evaluation, the flow of a series of purchases from ordering to delivery, payment based on the invoice, and subsequent receipt is confirmed, and the actual product is confirmed whether it is actually used for business.

Audit by Audit Committee

Audit CommitteeWhen it finds it necessary, or when requested by the head of an ordinary local government, the ordinary local government provides subsidies, grants, contributions, loans, loss compensation, interest supply and other financial matters. It is possible to audit those related to the financial assistance in the execution of accounts and other affairs of those who are providing assistance.Those that are funded by the ordinary local government and are specified by Cabinet Order, those that the ordinary local government guarantees the payment of the principal or interest of the loan, and the trust that the ordinary local government has the beneficiary right. The trustee of what is specified by the Cabinet Order and the ordinary local public bodyArticle 244-2The same shall apply to those who manage public facilities based on the provisions of Paragraph 3. (Article 199 of the Local Autonomy Law(Section 7)


[How to use footnotes]
  1. ^ a b Kenichi Miyamoto, "Political Economy of Subsidies," Asahi Sensho, 1990, p. 8. 
  2. ^ a b c d e f g h i j k l m n "Encyclopedia Nipponica" [Subsidy]
  3. ^ a b Kenichi Miyamoto, "Political Economy of Subsidies," Asahi Sensho, 1990, p. 9. 
  4. ^ a b c d e Kenichi Miyamoto, "Political Economy of Subsidies," Asahi Sensho, 1990, p. 10. 
  5. ^ Eijiro Arai "Government Interpretation and Private School Grants on Article 89 of the Constitution"The University of Tokyo Graduate School of Education Educational Administration Theory," Volume 26, The University of Tokyo Graduate School of Education School Development Policy Course, March 2007, pp. 3-1, two:10.15083/00031808.

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