31st FP Ended May 31, 2019	30th FP Ended Nov. 30, 2018	29th FP Ended May 31, 2018	28th FP Ended Nov. 30, 2017	27th FP Ended May 31, 2017	26th FP Ended Nov. 30, 2016
Interest bearing liabilities	(Millions of yen)	282,884	257,384	255,884	271,607	285,857	277,407
Total assets	(Millions of yen)	680,901	651,242	648,503	663,531	675,885	648,105
Appraisal value at the end of the period	(Millions of yen)	746,426	725,945	714,237	706,912	713,253	675,774
Book value at the end of the period	(Millions of yen)	608,863	598,764	595,604	598,383	610,317	579,993
LTV (Note )	(%)	34.5	33.0	33.3	35.1	36.7	37.2

		25th FP Ended May 31, 2016	24th FP Ended Nov. 30, 2015	23rd FP Ended May 31, 2015	22nd FP Ended Nov. 30, 2014	21st FP Ended May 31, 2014	20th FP Ended Nov. 30, 2013
Interest bearing liabilities	(Millions of yen)	293,157	264,707	255,357	269,157	257,707	257,333
Total assets	(Millions of yen)	629,262	598,077	573,318	561,415	527,807	527,025
Appraisal value at the end of the period	(Millions of yen)	643,084	603,224	560,351	548,086	509,824	483,232
Book value at the end of the period	(Millions of yen)	562,705	535,252	507,054	508,216	482,847	465,001
LTV (Note )	(%)	41.3	39.7	40.7	44.7	46.4	47.1

(Note)	LTV = (Interest bearing liabilities / (Total assets + (Appraisal value at the end of the period - Book value at the end of the period)) * 100 For LTV, please refer to "Financial Policies".