This document has been translated from a part of the Japanese original for the convenience of non-Japanese shareholders. In the event of any discrepancy between thistranslation and the Japanese original, the original shall prevail.

May 10, 2019

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2019
<under J-GAAP>
Company name: Pressance Corporation Co., Ltd.
Listing:First Section of the Tokyo Stock Exchange
Securities code: 3254
URL:
http://www.pressance.co.jp/
Representative: Shinobu Yamagishi, President and Representative Director
Contact:
Yutaka Doi, Vice President and Director
TEL: +81-6-4793-1650
Scheduled date of ordinary general meeting of shareholders:
Scheduled date of start of dividend payment:
Scheduled date of filing of annual securities report:
Preparation of supplementary material on financial results:
Holding of financial results presentation meeting:June 21, 2019
June 24, 2019
June 24, 2019
Yes
None

(Amounts less than one million yen have been omitted.)1.

Consolidated operating results for the fiscal year ended March 31, 2019(from April 1, 2018 to March 31, 2019)(1) Consolidated operating results
Net sales
Millions of yen
Fiscal year ended March 31,
2019
Fiscal year ended March 31,
2018
Note: Comprehensive income

160,580(Percentages indicate year-on-year changes.)
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
33.6

18,29633.0

134,059 32.6
20,362 30.1
19,858 28.8
Fiscal year ended March 31, 2019: 18,304 million yen [32.9%]
Fiscal year ended March 31, 2018: 13,768 million yen [30.9%]

13,75730.7

Basic earnings
per share

19.8

27,118

Diluted earnings
per share

33.2

26,531%

Ratio ofordinary profit
to total assets%

Ratio ofoperating profit
to net sales
%

22.1

9.7

16.9

20.8

9.2

15.2

Return on equity

Yen
Yen
Fiscal year ended March 31,
296.43285.092019
Fiscal year ended March 31,
232.58222.292018
Reference: Share of profit (loss) of entities accounted for using equity method
Fiscal year ended March 31, 2019: (43) million yen
Fiscal year ended March 31, 2018: 24 million yen(2) Consolidated financial position
Total assets
Millions of yen
301,942
245,399

As of March 31, 2019
As of March 31, 2018
Reference: Equity
As of March 31, 2019: 92,715 million yen
As of March 31, 2018: 73,209 million yen

Net assets
Millions of yen
94,61875,172

1

Equity ratio
%
30.7
29.8

Net assets per shareYen
1,493.54
1,221.10

(3) Consolidated cash flows
Cash flows fromoperating activities
Millions of yen(24,480)(40,184)

As of March 31, 2019
As of March 31, 20182.

Cash flows frominvesting activities
Millions of yen(2,192)(1,905)

Millions of yen
36,73542,963

Cash and cash
equivalents
at end of period
Millions of yen
39,40029,314

Dividends
Annual dividends per share
1st
2nd
3rd
Year-endquarter-end quarter-end quarter-end

Fiscal year ended
March 31, 2018
Fiscal year ended
March 31, 2019
Fiscal year ending
March 31, 2020 (Forecast)3.

Cash flows fromfinancing activities

Ratio of
Total cash Payout ratio dividends
dividends (Consoli- to net assets
Annual(Consoli(Full-year)
dated)
total
dated)
MillionsYen%%of yen

Yen

Yen

Yen

Yen

–

12.50

–

16.90

29.40

1,762

12.6

2.6

–

17.50

–

23.00

40.50

2,524

13.7

3.0

–

26.00

–

26.00

52.00

15.0

Consolidated results forecasts for the fiscal year ending March 31, 2020
(from April 1, 2019 to March 31, 2020)
Net sales

Half year
Full year

Millions of yen
122,058
209,219

%
0.6
30.3

(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen%
Yen
20,487(20.5)
19,935(22.1)
13,649(21.6)
219.8832,531
20.0
31,42918.5
21,52017.6
346.67*Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement after error corrections
a. Changes in accounting policies due to amendments to accounting standards and other regulations:Noneb. Changes in accounting policies due to other reasons than a. above: Nonec. Changes in accounting estimates: None
d. Restatement after error corrections: None
(3) Number of issued shares (common stock)a. Number of issued shares at end of period (including treasury shares)
As of March 31, 2019
As of March 31, 2018b. Number of treasury shares at end of period
As of March 31, 2019
As of March 31, 2018

62,941,385 shares
62,365,600 shares

863,744 shares
2,412,152 shares2c. Average number of shares during the period
Fiscal year ended March 31, 2019
61,722,251 sharesFiscal year ended March 31, 201859,152,969 shares*NotesDue to the introduction of the share-based payment type ESOP, certain number of shares of theCompany held by the trust account are included in the “Number of treasury shares at end of period”(313,980 shares for the fiscal year ended March 31, 2019, and 313,980 shares for the fiscal year
ended March 31,2018) and certain number of shares are included in the treasury shares that werededucted in the calculation of the “Average number of outstanding shares during the period” (313,980
shares for the fiscal year ended March 31, 2019 and 314,660 shares for the fiscal year ended March
31,2018).
* Financial results reports are not required to be audited* Explanation related to the appropriate use of the results forecasts and other items warranting special mention
Forward-looking statements in this document, including the results forecasts, are based on the information available to theCompany at the time of disclosure and on certain assumptions deemed to be reasonable by the Company. Thesestatements do not purport that the Company pledges or ensures to achieve such statements. Actual business and otherresults may differ substantially due to various factors. For preconditions to the assumptions and other important notes
concerning the financial forecasts, please refer to “1. Business Results (4) Future Outlook” on page 5 of the attachment.

3

1. Business Results and Financial Position(1) Business Results
During the consolidated fiscal year under review, the Japanese economy remained on a gradual recovery
track as consumer spending was fueled by improving income and employment opportunities.
In the real estate industry, in addition to mounting construction costs, the cost of land for development
increased as publicly assessed land values continued to rise in Japan’s three largest cities of Tokyo, Osaka,
and Nagoya as well as in other large cities. Although this and other factors remain causes for concern, theinterest rates on housing loans remain low while the Japanese government’s ongoing measures to help
homebuyers are still on track, contributing to a stable economy. The demand for condominiums has also
remained solid as more people have been moving into cities, featuring the trend of people seeking theconvenience of urban living.
Under the environment above, Pressance Corporation Co, Ltd. (the “Company”) has focused on acquiring
the lands in selected locations of its primary sales areas covering the Kinki and Tokai-Chukyo regions aswell as regional urban centers, supplying condominiums intensively to the center of major cities.
With the result of business operation above, the Company posted the following consolidated performancefor the fiscal year ended March 31, 2019, net sales amounted to 160,580 million yen (up 19.8% year onyear), operating profit amounted to 27,118 million yen (up 33.2% year on year), ordinary profit amounted
to 26,531 million yen (up 33.6% year on year) and profit attributable to owners of parent amounted to
18,296 million yen (up 33.0% year on year).
An overview of operating results by product segment is as follows:
Real Estate Sale Business
The real estate sale business enjoyed favorable sales of condominium units such as Pressance Legend
Biwako, a 486-unit condominium designed for families, and Pressance Itachibori Parkcity, acondominium featuring 148 studio units. With the result of business operation above, sales of studiocondominium amounted to 43,011 million yen (2,363 rooms), sale of family-type condominium
amounted to 77,375 million yen (2,078 rooms), sale of condominium building amounted 12,459 million
yen (880 rooms), sale of hotel property amounted to 17,625 million yen (980 rooms), sale of other type of
housing amounted to 1,509 million yen (98 rooms), sale of other real estate amounted to 1,429 million
yen, business accompanying real estate sale amounted to 1,633 million yen. Total sales of real estate salebusiness posted 155,044 million yen (up 19.8% year on year), and segment profit amounted to 26,589
million yen (up 33.8% year on year).
Other Business
The sales of other business, such as the Rental housing business and the Real estate management fee
business, amounted to 5,535 million yen (up 20.1% year on year), and segment profit amounted to 1,752
million yen (up 15.0% year on year) due to an increase in rents revenue with high occupancy rate ofowned real estates for rent.

(2) Analysis on Financial Position
With the adoption and application of the Partial Amendments to Accounting Standard for Tax EffectAccounting (ASBJ Statement No. 28 dated February 16, 2018) from the beginning of the fiscal year
under review ended March 31, 2019, financial figures are compared to the recalculated figures for the
fiscal year ended March 31, 2018.
Current Assets
Total current assets as of the end of this consolidated reporting fiscal year amounted to 280,591 million
yen (up 23.5% year on year), increased by 53,430 million yen. This was mainly due to a 43,238-million
yen increase in inventory as a result of actively acquiring lands for condominium development.
Fixed Assets
Total fixed assets as of the end of this consolidated reporting fiscal year increased by 3,112 million yen
and amounted to 21,350 million yen (up 17.1% year on year). This was largely due to a 1,033-million-yen
increase in long-term loans to affiliates as well as an increase of 1,315 million yen in real estate for rent asa result of transferring of 4,875 million yen from the Real estate for sale to the Real estate for rent after
five condominium buildings, such as Pressance Marunouchi Fort, were repositioned as rental properties
from properties for sale.
4

Liabilities
Total liabilities as of the end of this consolidated reporting fiscal year amounted to 207,323 million yen(up 21.8% year on year), increased by 37,096 million yen. This was mainly due to an increase in loan
payable by 38,492 million yen as a result of actively acquiring lands for condominium development.
Net Assets
Total net assets as of the end of this consolidated reporting fiscal year amounted to 94,618 million yen (up25.9% year on year), increased by 19,446 million yen. This was principally due to the increase in retained
earnings by 16,188 million yen because of the posting of profit attributable to owners of parent.

(3) Analysis on Cash Flows
Cash and cash equivalents as of the end of the fiscal year ended March 31, 2019, totaled 39,400 million
yen (up 34.4% year on year), increased by 10,085 million yen.
The state of and factors in each cash flow of the fiscal year are as follows:
Cash Flows from Operating Activities
Net cash used in operating activities came to 24,480 million yen (Compared with 40,184 million yen usedin the previous fiscal year).
This was mainly due to cash outflows with an increase in inventories in line with proactive procurementof lands for condominium development and the payment of income taxes, while income before income
taxes amounted 26,530 million yen. Inventories increased by 44,820 million yen, and payment of income
tax was 7,302 million yen.
Cash Flows from Investment Activities
Net cash used in investment activities came to 2,192 million yen (Compared with 1,905 million yen usedin the previous fiscal year).
This was primarily due to cash outflows that resulted from loans to affiliates totaling 1,074 million yen,
payments into time deposits totaling 530 million yen, and investments in affiliates amounting to 455
million yen.
Cash Flows from Financing Activities
Net cash provided by financing activities came to 36,735 million yen (Compared with 42,963 million yen
provided in the previous fiscal year).
The main reason for this was an increase in loan payable to bank. Loan debt to bank increased by 38,492
million yen.

(4) Future Outlook
The real estate market, which is our prime market, is expected to remain robust because of the strong
demand for housing as well as the Japanese government’s ongoing measures to assist homebuyers andother factors that will drive consumers to buy homes, even though we still need to keep a close eye on
any changes in financial markets and the future of the economy. In the condominium market, we expect
demand to remain strong in our major sales areas as the population continues to flow into urban centers.
Under these market conditions, the Pressance Group will continue to move forward on a solid footing as
it supplies condominiums that offer all the conveniences of urban living and the right specifications at theright price in order to meet customer needs. We will also work to strengthen our sales capability throughfurther education and training of our sales force as well as the use of AI and other technologies. At thesame time, we will endeavor to create new added value to satisfy a diverse range of needs with an eye toachieving further growth.
Real Estate Sale Business
The Company forecasts the following operating results in the financial year ending March 2020; sales ofstudio-type condominium of 70,901 million yen (up 64.8% year on year), sales of family-typecondominium of 74,757 million yen (down 3.4% year on year), sales of condominium building of 24,715
million yen (up 98.4% year on year), sales of hotel property of 18,292 million yen (up 3.8% year on year),sales of other type of housing of 2,835 million yen (up 87.9% year on year), sales of other real estate of5

9,200 million yen (up 543.4% year on year). We expect to post business accompanying real estate sale of
1,189 million yen (down 27.2% year on year). As a result of forecast in each segment, the Company
forecasts total sales amount of real estate sale business of 201,891 million yen (up 30.2% year on year).
Other BusinessIn the Rental housing business and Real estate management fee business, we expect to increase rental
revenue due to an increase of condominium owned by the Company. The Company forecasts sales of otherbusiness of 7,327 million yen (up 32.4% year on year).
Cost of Sales and Expenses
Cost of sales, such as land acquisition and construction costs, is expected to increase. In regard to selling,
general and administration expenses, the Company forecasts an increase in personnel expenses effected bystaff increase for expansion of business and sales increase of condominium.
For the fiscal year ending March 31, 2020, the Company expects consolidated net sales of 209,219 million
yen (up 30.3% year on year), operating profit of 32,531 million yen (up 20.0% year on year), ordinary
profit of 31,429 million yen (up 18.5% year on year), profit attributable to owners of parent of 21,520
million yen (up 17.6% year on year).
For the period of consolidated cumulative second quarter, the Company forecasts consolidated net sales of
122,058 million yen, profit attributable to owners of parent of 13,649 million yen.
(5) Basic Policy on Profit Distribution, Dividend for the Current and Next Fiscal Years
The Company has always considered returning profits to shareholders a top priority and has set a dividend
payout ratio target. The Company will strive to provide more proactive shareholder return with a higher
ratio of profit return.
Setting its targets on returning profits, the Company aims to gradually increase its dividend payout ratio up
to 20% by the end of the fiscal year ending March 2023. Also, the Company is aiming an increase ofdividend in total by 15% or greater year on year, backed by the growth in operating profits by 10% or
greater year on year.
According to the Article of Incorporation of the Company, the dividends of surplus is subject to theresolution of the Board of Directors of the Company, and the Company has set a basic policy of paying two
dividends a year, including an interim dividend and a year-end dividend.
For the year ended March 31, 2019, the Company plans to pay out a year-end dividend of 23.0 yen per
share, annual total of which to be 40.5 yen per share for the full year in addition to an interim dividend pershare.
For the next fiscal year ending March 31, 2020, the Company plans to pay out interim dividend of 26.0 yen
per share and a year-end dividend of 26.0 per share, totaling 52.0 yen per share for the full year.

2. Basic Approach to the Selection of Accounting Standards
The Group prepares consolidated financial statements with Japanese accounting standards. The Groupintends to continue examining the application of international accounting standards with consideringsituations both in Japan and abroad.

6

Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2018
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Real estate for sale
Real estate for sale in process
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Real estate for rent
Accumulated depreciation
Real estate for rent, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term loans receivable from subsidiaries andassociates
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

7

As of March 31, 2019

31,374,433
79,318
11,275,614
180,461,550
207,9213,762,667
227,161,506

41,990,249
64,5709,603,436
225,302,024
278,592
3,352,807
280,591,681

329,039(128,852)
200,186
14,677,100(741,276)
13,935,823
271,702308,752(222,715)
86,037
14,493,751
431,820

390,058(157,867)
232,191
16,220,953(969,145)
15,251,807
271,702
284,047(191,514)
92,532
15,848,235
332,282

86,133
20,90073,05635,8001,427,267

2,460,423

1,325,971
451,820
3,312,092
18,237,664
245,399,170

1,584,676
1,016,157
5,170,114
21,350,632
301,942,314

(Thousands of yen)
As of March 31, 2018
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Advances received
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds with share acquisition rights
Long-term loans payable
Provision for directors’ retirement benefits
Provision for share-based payment
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

8

As of March 31, 2019

796,037
5,955,930
7,965,955
32,507,172
4,190,984
12,492,345
170,067
3,458,537
67,537,029

117,986
7,085,448
9,920,000
44,547,399
5,417,339
11,503,048
218,490
4,106,663
82,916,376

6,400,000
95,621,800
569,350
89,905
8,393
102,689,448
170,226,478

3,500,000
120,119,750
623,483
146,152
17,678124,407,065
207,323,441

1,973,996
2,113,852
71,588,931(2,471,817)
73,204,962

2,404,047
3,406,237
87,777,208(887,796)
92,699,695

6,980(2,840)4,139
180,329
1,783,260
75,172,692
245,399,170

311
15,54415,855
123,803
1,779,517
94,618,872
301,942,314

(2) Consolidated statements of income and comprehensive income
Consolidated Statements of Income(Thousands of yen)
Fiscal year ended
March 31, 2018
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Sales commission
Advertising expenses
Directors’ compensations
Salaries and allowances
Bonuses
Provision for bonuses
Retirement benefit expenses
Provision for directors’ retirement benefits
Provision for share-based payment
Depreciation
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
Share of profit of entities accounted for using equity
methodForeign exchange gains
Commission fee
Penalty income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
Commission fee
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Profit (Loss) attributable to non-controlling interests
Profit attributable to owners of parent

9

Fiscal year ended
March 31, 2019

134,059,492
99,575,438
34,484,054

160,580,068
116,378,482
44,201,586

5,857,632
436,573
569,220
3,627,888
214,687
144,568
22,57351,70051,874
61,402
3,083,178
14,121,298
20,362,755

6,745,436
565,122623,737
4,798,522
247,677
210,737
51,944
54,13356,24787,0683,642,034
17,082,662
27,118,923

7,595
1,350
5,417

3,511
1,440
318

24,118-90,984
106,818
63,598299,883

101,293
57,56869,99175,206309,330

614,501

745,526-

43,78439,948132,542
17,119804,112
19,858,526

93,514
13,896
896,722
26,531,531

3,708
3,708

3,440
3,440

7,314
25,95633,27019,828,964
6,482,826(412,037)
6,070,788
13,758,175
462
13,757,713

584
3,546
4,131
26,530,841
8,493,852(255,767)
8,238,084
18,292,756(3,743)
18,296,500

Consolidated statements of comprehensive income(Thousands of yen)
Fiscal year ended
March 31, 2018
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

10

Fiscal year ended
March 31, 201913,758,175

18,292,756

13,192(2,840)(6,669)4,384-

14,001

10,352
13,768,527

11,71618,304,473

13,768,065

18,308,216

462(3,743)

(3) Consolidated statements of changes in equity
Fiscal year ended March 31, 2018
(Thousands of yen)
Shareholders’ equity

Balance at beginning ofcurrent period
Changes of items during
periodIssuance of new shares

Capital stock

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity1,472,694

1,406,871

59,308,110(2,869,119)

59,318,556

501,302

501,302

1,002,604

Dividends of surplus(1,476,891)(1,476,891)

Profit attributable toowners of parent

13,757,713

13,757,713

Purchase of treasury
shares
Disposal of treasury
shares

204,389

Change in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes of items
other than shareholders’equityTotal changes of items
during period
Balance at end of current
period(71)(71)

397,373

601,763

1,288

1,288

501,302706,980

12,280,821

397,301

13,886,405

1,973,996

2,113,852

71,588,931(2,471,817)

73,204,962

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
period(6,212)Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive
income―(6,212)

Subscription
rights to shares

Non-controllinginterests

Total net assets

287,248

15,816

59,615,408

Issuance of new shares

1,002,604

Dividends of surplus(1,476,891)

Profit attributable toowners of parent

13,757,713

Purchase of treasury
shares
Disposal of treasury
shares(71)
601,763

Change in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes of items
other than shareholders’equityTotal changes of items
during period
Balance at end of current
period1,288

13,192(2,840)10,352(106,918)

1,767,444

1,670,878

13,192(2,840)10,352(106,918)

1,767,444

15,557,283

6,980(2,840)4,139

180,329

1,783,260

75,172,692

11

Fiscal year ended March 31, 2019
(Thousands of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodIssuance of new shares

Capital surplus

Retained earnings

1,973,996

2,113,852

430,051

430,051

Total shareholders’equityTreasury shares

71,588,931(2,471,817)

73,204,962

860,102

Dividends of surplus(2,108,223)(2,108,223)

Profit attributable toowners of parent

18,296,500

18,296,500

Disposal of treasury
sharesNet changes of items
other than shareholders’equityTotal changes of items
during period
Balance at end of current
period862,334

1,584,021

2,446,355

430,051

1,292,385

16,188,276

1,584,021

19,494,733

2,404,047

3,406,237

87,777,208(887,796)

92,699,695

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
period6,980

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive
income(2,840)

4,139

Subscription
rights to shares

Non-controllinginterests

Total net assets

180,329

1,783,260

75,172,692

Issuance of new shares

860,102

Dividends of surplus(2,108,223)

Profit attributable toowners of parent

18,296,500

Disposal of treasury
sharesNet changes of items
other than shareholders’equityTotal changes of items
during period
Balance at end of current
period2,446,355(6,669)18,385

11,716(56,526)(3,743)(48,553)(6,669)18,385

11,716(56,526)(3,743)

19,446,180

311

15,54415,855

123,803

1,779,517

94,618,872

12

(4) Consolidated Statements of Cash Flows(Thousands of yen)
Fiscal year ended
March 31, 2018
Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of (profit) loss of entities accounted for using
equity method
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Share-based compensation expenses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors’ retirement
benefits
Loss (gain) on valuation of investment securities
Loss (gain) on sales of non-current assets
Loss on retirement of non-current assets
Increase (decrease) in advances received
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in provision for share-based payment
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of non-current assets
Proceeds from sales of non-current assets
Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivable from subsidiaries andassociates
Payments for investments in capital of subsidiaries andassociates
Payments into time deposits
Proceeds from withdrawal of time deposit
Purchase of shares of subsidiaries and associates
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Net cash provided by (used in) investing activities

Fiscal year ended
March 31, 201919,828,964
405,680
100,212(8,946)
614,501
39,90026,530,841
471,149
100,212(4,951)
745,526(100,513)(24,118)

43,784(57,359,750)(957,096)
52,091
38,257(44,820,142)
532,074
48,42346,70054,13325,956(3,708)7,314
1,653,868(2,855)3,546(1,005,652)

142,915

789,470(196,641)
51,874
819,371(34,722,654)
8,946(614,662)(4,855,818)(40,184,188)

526,100
56,247(356,102)(16,388,708)
4,951(794,622)(7,302,055)(24,480,435)(673,901)
3,708(1,944)70(147,074)
15,783(2,028)200(1,094,850)(1,074,116)-

13(455,760)

35,010(10,978)(530,000)-(162,993)-(1,905,878)(2,192,995)

(Thousands of yen)
Fiscal year ended
March 31, 2018

Fiscal year ended
March 31, 2019

Cash flows from financing activities
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of common shares
Purchase of treasury shares
Cash dividends paid
Net increase (decrease) in short-term loans payable
Proceeds from stock issuance to minority shareholders
Proceeds from disposal of treasury shares
Proceeds from issuance of bonds with share acquisitionrightsOther
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

14

69,432,045(41,118,222)
834,720(71)(1,478,402)
6,525,955
1,782,000-

88,142,550(51,604,372)
303,575(2,106,674)
1,954,045
46,355

6,990,279-(4,460)42,963,842

36,735,478

1,580

23,768875,355
28,439,078
29,314,433

10,085,815
29,314,433
39,400,249

Others(1) Orders and salesa. Actual orders
Fiscal year ended March 31, 2018
Name ofsegment

Category

Studiocondominiums
Familycondominiums
Sale ofReal estate condominium
buildingsalebusiness
Sale of hotel
property
Sale of othertype of housing
Sale of otherreal estate
Total amount ofreportable segments

Numberof units

Total amount of contracts
AmountYear on(Thousands ofyear (%)
yen)

Year onyear (%)

Numberof units

Outstanding balance of contracts
AmountYear onYear on(Thousands ofyear (%)
year (%)
yen)

2,435

141.3

43,388,576

147.6

1,502

191.8

27,103,251

204.6

1,948

92.1

72,747,421

93.1

2,144

104.3

80,407,205

102.0

1,229

98.5

18,690,623

99.8

1,140

91.6

16,794,869

90.6

534

124.5

10,391,444

155.6

834

166.5

16,108,748

190.4

86

245.7

2,093,668

208.4

8

114.3

126,995

58.5

2

-

3,065,785

451.9

-

-

-

-

6,234

112.3

150,377,519

111.7

5,628

122.6

140,541,070

117.8

Fiscal year ended March 31, 2019
Name ofsegment

Category

Studiocondominiums
Familycondominiums
Sale ofReal estate condominium
buildingsalebusiness
Sale of hotel
property
Sale of othertype of housing
Sale of otherreal estate
Total amount ofreportable segments

Numberof units

Total amount of contracts
AmountYear on(Thousands ofyear (%)
yen)

Year onyear (%)

Numberof units

Outstanding balance of contracts
AmountYear onYear on(Thousands ofyear (%)
year (%)
yen)

3,099

127.3

60,050,741

138.4

2,238

149.0

44,142,712

162.9

2,057

105.6

74,556,554

102.5

2,123

99.0

77,588,324

96.5

1,644

133.8

25,092,929

134.3

1,904

167.0

29,428,022

175.2

1,200

224.7

27,225,793

262.0

1,054

126.4

25,708,715

159.6

109

126.7

1,839,340

87.9

19

237.5

457,280

360.1

-

-

10,629,875

346.7

-

-

9,200,000

-

8,109

130.1

199,395,233

132.6

7,338

130.4

186,525,055

132.7

Notes:
1. In the table above, “total amount of orders” has been replaced with “total amount of contracts.
2.

Consumption taxes are not included in the above amounts.

3. Amounts of additional constructions are included in the above amounts.
4.

The sale of condominium building refers to the method of wholesaling the whole or part of each condominium
building mainly to condominium dealers.
5. The sale of other type of housing refers to the sale of houses, including used houses and detached houses, otherthan newly built condominiums.
6. The sale of other real estate refers to the sale of real estate, including commercial stores and sites fordevelopment, other than housing.
7. Amounts of contracts of other real estate in previous fiscal year refers to commercial stores (68,136 thousandyen) and to lands for development (2,997,649 thousand yen).
Amounts of contracts and outstanding balance of contracts of other real estate in the fiscal year ended March
31, 2019 refers to lands for development.
8. Number of rooms in total amount of contracts and the outstanding balance of contracts may fluctuate due tochange of business plan.
9. Business segments which are not included in the reportable segments are not applicable.

15

b. Actual sales

Name ofsegment

Category

Studiocondominiums
Familycondominiums
Sale ofcondominium
building
Real estate
Sale of hotel
sale
propertybusiness
Sale of othertype of housing
Sale of otherreal estateBusiness
accompanying
real estate sale
Total amount ofreportable segments

FY ended March 31, 2018(from April 1, 2017 to March 31, 2018)
AmountNumberYear onYear on(Thousands ofof units
year (%)
year (%)yen)

FY ended March 31, 2019(from April 1, 2018 to March 31, 2019)
AmountNumberYear onYear on(Thousands ofof units
year (%)
year (%)
yen)

1,726

91.2

29,707,185

91.5

2,363

136.9

43,011,280

144.8

1,860

120.5

71,156,692

141.0

2,078

111.7

77,375,435

108.7

1,246

138.4

19,318,038

161.4

880

70.6

12,459,776

64.5

183

-

2,744,091

-

980

535.5

17,625,826

642.3

85

236.1

2,183,883

210.3

98

115.3

1,509,055

69.1

2

-

3,065,785

349.0

-

-

1,429,875

46.6

-

-

1,276,139

252.9

-

-

1,633,567

128.0

5,102

116.7

129,451,818

133.0

6,399

125.4

155,044,816

119.8

Other

-

-

4,607,674

121.7

-

-

5,535,252

120.1

Total

5,102

116.7

134,059,492

132.6

6,399

125.4

160,580,068

119.8

Notes:
1. Consumption taxes are not included in the above amounts.
2. Amounts of additional constructions are included in the above amounts.
3. The sale of condominium building refers to the method of wholesaling the whole or part of eachcondominium building mainly to condominium dealers.
4. The sale of other type of housing refers to the sale of houses, including used houses and detachedhouses, other than newly built condominiums.
5. The sale of other real estate refers to the sale of real estate, including commercial stores and lands fordevelopment, other than housing
6. Business accompanying real estate sales include fees for optional post-delivery work, such as floor
coating, and agent commissions for real estate sales.
7. The net sales for sale of other real estate in previous fiscal year refers to commercial stores (68,136
thousand yen) and lands for development (2,997,649 thousand yen)
The net sales for sale of other real estate in the fiscal year ended March 31, 2019 refers to lands fordevelopment.

16