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.

November 12, 2021

Consolidated Financial Results
for the Fiscal Period Ended September 30, 2021
<under J-GAAP>
Company name:
Listing:
Section code:
URL:
Representative:
Contact:

Pressance Corporation Co., Ltd.
First Section of the Tokyo Stock Exchange3254
https://www.pressance.co.jp/
Yutaka Doi, President and Representative Director
Kyosuke Ichikawa, Executive Officer, Deputy General Manager of Management Division,and General Manager of Accounting Department
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:

December 17, 2021
December 20, 2021
December 20, 2021
Yes
None

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

Consolidated operating results for the fiscal period ended September 30, 2021
(April 1, 2021 to September 30, 2021)(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes.)
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%

Millions of yen
Fiscal period ended
99,752―
14,225―September 30, 2021
Fiscal year ended
243,813
8.8
29,762 (8.7)
March 31, 2021
Notes: Comprehensive income Fiscal period ended September 30, 2021
Fiscal year ended March 31, 2021
Basic earnings per Diluted earnings
share
per share

13,888

―

9,121

―

29,079 (9.1)
20,533 (6.2)
9,159 million yen [(-) %]19,825 million yen [(9.1) %]Ratio of ordinary
Ratio of operating
profit to total
profit to net sales
assets%%%Return on equity

Yen
Yen
Fiscal period ended
134.17134.056.4
5.3
14.3
September 30, 2021
Fiscal year ended
315.32315.29
16.1
10.0
12.2
March 31, 2021
Reference: Share of profit (loss) of entities accounted for using equity method
Fiscal period ended September 30, 2021
(54) million yen
Fiscal year ended March 31, 2021
(373) million yen
Note: Following the change of fiscal year-end, the fiscal period ended September 30, 2021 covers the six months from April 1,
2021 to September 30, 2021. For this reason, year-on-year changes (percentages) are not stated.

(2) Consolidated financial position
Total assets
Millions of yen
256,024
268,762

As of September 30, 2021
As of March 31, 2021
Reference: Equity
As of September 30, 2021
As of March 31, 2021

Net assets
Millions of yen
148,256
140,132

147,400 million yen
139,353 million yen

Equity ratio
%
57.6
51.8

Net assets per shareYen
2,167.93
2,049.96

(3) Consolidated cash flows

Millions of yen

Millions of yen

Millions of yen

Cash and cash
equivalents at end of
periodMillions of yen

25,900(1,069)(12,616)

99,922

98,278(141)(52,112)87,709Cash flows fromoperating activities
Fiscal period ended
September 30, 2021
Fiscal year ended
March 31, 2021

2.

Cash flows frominvesting activities

Cash flows fromfinancing activities

Dividends
Annual dividends per share
1st quarter2nd
3rd quarterYear-end
endquarter-end
end
Yen

Yen

Yen

Yen

Annualtotal
Yen

Ratio of
Total cash
Payout ratio dividends todividends (Consolidated) net assets(Full-year)(Consolidated)

Millionsof yen%%Fiscal year ended
–
13.00
–
16.00
29.00
1,934
9.2
1.5
March 31, 2021
Fiscal period ended
–
–
–
16.00
16.00
1,092
11.9
0.8
September 30, 2021
Fiscal year ending
–
16.00
–
16.00
32.00
22.1
September 30, 2022 (Forecast)
Note: Following the change of fiscal year-end, the fiscal period ended September 30, 2021 covers the six months from April 1,
2021 to September 30, 2021.

3.

Consolidated results forecasts for the fiscal year ending September 30, 2022
(October 1, 2021 to September 30, 2022)(Percentages indicate year on year changes compared to the same period of the previous FY.)
BasicProfit attributable to
Net sales
Operating profit
Ordinary profit
earnings perowners of parent
shareMillions of yen % Millions of yen % Millions of yen % Millions of yen %YenSix months ending
66,427 ―
8,796 ―
8,377 ―
4,988 ―
73.38
March 31 2022
Full year
140,834 ―
16,063 ―15,205 ―9,829 ―
144.56
Note: Following the change of fiscal year-end, the fiscal period ended September 30, 2021 covers the six months from April 1,
2021 to September 30, 2021. For this reason, year-on-year changes (percentages) are not stated.

*
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: Yes
b. Changes in accounting policies due to other reasons than a. above: Nonec. Changes in accounting estimates: None
d. Restatement after error corrections: None
(Changes in accounting policies)(Application of Accounting Standard for Revenue Recognition, etc.)
Effective from the beginning of the consolidated fiscal period ended September 30, 2021, the Company
applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, revised on March 31,
2020, the “ASBJ Statement No. 29”), etc. and changed its accounting policy to recognize revenue at the
point when control of a promised good or service is transferred to a customer and in the amount expected
to be received in exchange for the good or service.
Regarding application of ASBJ Statement No. 29, etc., the transitional treatment stipulated in the proviso
of paragraph 84 of ASBJ Statement No. 29 is followed. This change has no impact on the beginningbalance of retained earnings or on profit or loss for the consolidated fiscal period ended September 30,
2021.

(Application of Accounting Standard for Fair Value Measurement, etc.)
The Company applied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July4, 2019, the “ASBJ Statement No. 30”) etc. from the beginning of the consolidated fiscal period ended
September 30, 2021. In accordance with the transitional treatment stipulated in paragraph 19 of ASBJ
Statement No. 30 and paragraph 44-2 of “Accounting Standard for Financial Instruments” (ASBJ
Statement No. 10, July 4, 2019), the Company has decided to apply the new accounting standard
described by ASBJ Statement No. 30, etc. to transactions taking place on and after the application date.
This change has no impact on the consolidated financial statements.

(3) Number of issued shares (common stock)a. Number of issued shares at end of period (including treasury shares)
As of September 30, 2021
As of March 31, 2021

68,858,316 shares
68,845,511 sharesb. Number of treasury shares at end of period
As of September 30, 2021
867,061 shares
As of March 31, 2021
866,984 sharesc. Average number of shares during the period
Fiscal period ended September 30, 2021
67,983,551 sharesFiscal year ended March 31, 2021
65,118,736 shares*NotesDue to the introduction of the share-based payment-type ESOP, a certain number of shares of theCompany held in the trust account is included in the “Number of treasury shares at the end of period”(309,860 shares for the fiscal period ended September 30, 2021 and 309,860 shares for the fiscal year
ended March 31, 2021). And, a certain number of shares held in the trust account is included in thetreasury shares that were deducted when calculating the “Average number of shares during the period”(309,860 shares for the fiscal period ended September 30, 2021 and 310,865 shares for the fiscal year
ended March 31, 2021).
* Financial results reports do not require auditing.
* Explanations about the proper use of financial forecasts and other important notes(Caution Concerning Forward-looking Statements)
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 practicable 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 and Financial Position (4) Future Outlook” on page
2 and 3 of the attachment.
(Method of Obtaining Supplementary Materials for Financial Results)
Supplementary materials on financial results are posted on TDnet on the release date of this document (Japanese versiononly).

1. Business Results and Financial Position(1) Business Results
Pursuant to a resolution of the 24th Ordinary General Meeting of Shareholders held on June 25, 2021,
Pressance Corporation Co, Ltd. (the “Company”) has changed the fiscal year-end from March 31 to
September 30. As a result, the 25th fiscal period, which is the transitional period for changing the fiscal
year, covers the six months from April 1, 2021 to September 30, 2021. For this reason, year-on-yearchanges are not stated for the fiscal period ended September 30, 2021.
During the consolidated fiscal period ended September 30, 2021, Japan’s economy and businessenvironment remained challenging due to the impacts of the COVID-19 pandemic. Although businessactivities are expected to pick up, we must pay close attention to infection trends inside and outside Japan,
as well as fluctuations in financial and capital markets, etc.
In the real estate industry, to which the Group belongs, in addition to the impacts of the COVID-19
pandemic, land costs in cities and construction costs remain elevated. Although these and other factors arecauses for concern, interest rates on housing loans remain low while the Japanese government’s ongoingmeasures to help homebuyers, such as a mortgage tax breaks, are still on track, contributing to a stableeconomy. Demand for condominiums in city centers, which form our main supply area, remained solid,
generally supported by the trend of more people and households moving into cities to seek theconvenience of urban living.
Given these business circumstances, the Company has focused on supplying condominiums in selected
locations of central parts of major cities in the Kinki, Tokai/Chukyo, Tokyo metropolitan areas, and othercore regions including Okinawa, which are our major sales areas.
Under such business conditions, the Company posted the following consolidated performance for the
fiscal period ended September 30, 2021. Net sales amounted to 99,752 million yen, operating profit
amounted to 14,225 million yen, ordinary profits amounted to 13,888 million yen, and profit attributableto owners of parent amounted to 9,121 million yen.
An overview of operating results by business segment is as follows:
Real Estate Sale BusinessIn the real estate sales business, Pressance Loger Shin-Umeda (84 units), a family-type condominium in
the Pressance Loger series, and Pressance THE KYOTO SUITO (128 units), a Pressance series studiocondominium, performed favorably.
However, as economic activities remain constrained by the impacts of the COVID-19 pandemic, our sales
activities are also affected. In addition, sales of family-type condominiums decreased significantly due tothe small number of completed properties, although this is in line with our plan.
As a result, sales of studio condominiums amounted to 48,218 million yen (2,924 units); sales of familytype condominiums amounted to 34,383 million yen (866 units); sales of hotel properties amounted to
8,000 million yen (420 units); sales of other types of housing amounted to 4,732 million yen (224 units);
sales of other real estate amounted to 41 million yen; and, sales in businesses accompanying real estate
sales amounted to 706 million yen. Total sales in the real estate sales business were 96,081 million yen
and segment profit amounted to 14,001 million yen.
Other BusinessIn the other sales segment, self-owned real estate for rent showed steady performance. Sales in otherbusiness amounted to 3,671 million yen and segment profit amounted to 819 million yen.
As stated in the “Notice Regarding Changes in Fiscal Year (Fiscal year-end)” disclosed on May 14, 2021,
following approval of “Partial Amendment of the Articles of Incorporation” at the 24th Ordinary General
Meeting of Shareholders held on June 25, 2021, we have changed the fiscal year-end from March 31 to
September 30. For this reason, the 25th fiscal period, which is the transitional period for changing the
fiscal year, covers the six months from April 1, 2021 to September 30, 2021.

1

(2) Financial Position
Current Assets
Total current assets as of the end of this consolidated fiscal period amounted to 237,376 million yen(down 4.7%), which represents a decrease of 11,663 million yen compared to the end of the previous
fiscal year. This was mainly due to a decrease in inventory of 24,850 million yen, which offset anincrease in cash and deposits of 12,338 million yen.
Non-current Assets
Total non-current assets as of the end of this consolidated fiscal period amounted to 18,648 million yen(down 5.4%), which represents a decrease of 1,073 million yen compared to the end of the previous fiscal
year. This was due mainly to a decrease in long-term loans receivable from subsidiaries and associates of762 million yen, because they are now due within one year, and to a decrease in deferred tax liabilities of
972 million yen, following a decrease in temporary differences related mainly to valuation loss ofinventories, which offset an increase in real estate for rent of 853 million yen following the transfer ofreal estate for sale to self-owned real estate.
Liabilities
Total liabilities as of the end of this consolidated fiscal period amounted to 107,768 million yen (down
16.2%), which represents a decrease of 20,861 million yen compared to the end of the previous fiscal year.
This was mainly due to a 11,503 million yen decrease in loans payable to financial institutions and a4,936 million yen decrease in electronically recorded obligations -operating following the arrival of thepayment due date.
Net Assets
Total net assets as of the end of this consolidated fiscal period amounted to 148,256 million yen (up5.8%), which represents an increase of 8,123 million yen compared to the end of the previous fiscal year.
This was principally due to an increase in retained earnings of 8,029 million yen following the posting of
profit attributable to owners of parent.

(3) Analysis on Cash Flows
Cash and cash equivalents as of the end of this consolidated fiscal period totaled 99,922 million yen,which represents an increase of 12,213 million yen compared to the end of the previous fiscal year.
The status and factors in each cash flow for the fiscal period ended September 30, 2021, are as follows:
Cash Flows from Operating Activities
Net cash provided by operating activities totaled 25,900 million yen.
This was mainly due to cash inflows resulting from a decrease in inventories of 24,151 million yen
following the delivery of condominiums and the posting of 13,888 million yen in profit before income
taxes, while there were cash outflows as a result of a payment of income tax of 6,618 million yen, adecrease in notes and accounts payable-trade of 4,997 million yen reflecting an increase in the settlementof electronically recorded obligations-operating, and other factors.
Cash Flows from Investing Activities
Net cash used in investing activities came to 1,069 million yen.
This was principally due to cash outflows resulting from the acquisition of non-current assets of 699
million yen and loans to subsidiaries and associates of 262 million yen, which offset cash inflows fromsales of non-current assets of 58 million yen.
Cash Flows from Financing Activities
Net cash used in financing activities totaled 12,616 million yen.
This was due mainly to cash outflows resulting from a net decrease in loans payable to financial
institutions of 11,503 million yen.

(4) Future Outlook
Although it is necessary to pay attention to the impacts of the COVID-19 pandemic, we expect the market
to remain firm in the real estate industry, to which we belong, supported by stable housing demand andother factors that stimulate willingness to buy, including the Japanese government’s ongoing measures tosupport homebuyers. In the condominium market, we expect demand to remain firm given that the2population and the number of households are increasing at many center areas of major cities, which form
our main supply area.
Given such a business environment, the Group will continue providing condominiums in convenient citycenter locations that meet the needs of customers at an appropriate price level. In addition, we will further
strengthen our sales force by providing guidance and education to sales employees and pursue thecreation of new added value to meet diverse needs, aiming for further business growth. Furthermore, by
combining the management resources and business know-how of Open House Co., Ltd., and theCompany, we will create business synergies, such as mutually complementary geographical coverage andexpansion of merchandise lineups, which will lead to further strengthening and expansion of our business.
The planned consolidated financial results for the fiscal year from October 1, 2021 to September 30, 2022
are as follows.
Real Estate Sale Business
Sales of studio condominiums are expected to be 50,687 million yen; sales of family-type condominiums,
62,614 million yen; sales of other types of housing, 12,810 million yen; sales of other real estate, 6,325
million yen; and, sales of business accompanying real estate sale, 967 million yen. We plan to achieve
total sales of 133,404 million yen in the real estate sales business.
Other Business
Sales in other business are expected to be 7,429 million yen from rent revenue of owned real estate forrent and income of the rental management business, among others.
Expenses
We anticipate an increase in land acquisition costs and construction costs in cost of sales. With respect toselling, general and administrative expenses, an increase in expenses, including personnel expenses, is
expected due to the planned increase in personnel.
As a result, in the fiscal year ending September 30, 2022, the Group plans to achieve net sales of 140,834
million yen, operating profit of 16,063 million yen, ordinary profit of 15,205 million yen, and profit
attributable to owners of parent of 9,829 million yen.
(5) Basic Policy on Profit Distribution, Dividend for the Current Fiscal Period and Next Fiscal Year
The Company has always considered returning profits to shareholders to be a top priority. Setting a stable
and continuous dividend payment as a basic policy, the Company is committed to increasing shareholder
value by securing profits mainly as internal reserves and utilizing them for investments to strengthen thebusiness foundation and growth, taking into consideration future business development and businesscharacteristics.
The Articles of Incorporation stipulate that the Company will pay dividends of surplus by a resolution of
the Board of Directors and, in principle, pay dividends twice a year at the interim and end of the fiscal
year.
For the fiscal period ended September 30, 2021, the Company plans to pay out a year-end dividend of 16
yen per share. For the fiscal year ending September 30, 2022, the Company plans to pay out an interim
dividend of 16 yen per share and a year-end dividend of 16 yen per share, making an annual total of 32
yen per share.
2. Basic Approach to Selection of Accounting Standards
The Group prepares consolidated financial statements in accordance with Japanese accounting standards.
The Group intends to continue examining the application of international accounting standards inconsideration of conditions both in Japan and abroad.

33. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Real estate for sale
Real estate for sale in process
Raw materials and supplies
Other
Allowance for doubtful accounts
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
LandConstruction in progress
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
and associates
Deferred tax assets
Other
Total Investments and other assets
Total non-current assets
Total assets

4

As of September 30, 2021

90,799112
8,538
142,143
152
7,389
(95)
249,040

103,138
89
23,491
102,347
143
8,290
(124)
237,376

424
(226)
197
14,770(1,031)
13,738
243
0
317
(240)
77
14,257
149

406
(195)
211
15,613(1,021)
14,592
197
－
290
(229)
60
15,062
101

51
38

102
39

762

－

3,709
754
5,315
19,722
268,762

2,736
606
3,484
18,648
256,024

(Millions of yen)
As of September 30, 2021

As of March 31, 2021
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
Long-term loans payable
Provision for share-based payment
Deferred tax liabilities
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-salesecurities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

5

280
6,641
4,662
52,318
6,670
5,621
212
4,937
81,344

367
1,704
920
38,228
3,730
5,024
226
3,929
54,131

46,46952,798231
3580
47,284
128,629257－
581
53,637
107,768

6,880
7,882
125,460(883)
139,340

6,890
7,892
133,489(883)
147,388

1

10

11
13
381
398
140,132
268,762

1
11
439
416
148,256
256,024

(2) Consolidated statements of income and comprehensive income
Consolidated Statements of Income

243,813
196,541
47,271(Millions of yen)
Fiscal period ended September
30, 2021(Apr. 1, 2021 to Sep. 30, 2021)
99,752
77,06922,683

7,917
311
373
3,850
235
125
56
37
102
4,498
17,50929,762

3,714
141
180
2,080
51
184
30
25
50
1,997
8,457
14,225

4
1
2
55
63
586
48
163
927

1
1
2
29
19
77
38
59
231

756

350

373

54

95
257
127
1,610
29,079

29
73
60
568
13,88821054
264
29,344
10,819(1,234)
9,585
19,759(773)
20,533－－－
13,888
3,762
965
4,727
9,161
39
9,121

Fiscal year ended March 31, 2021
(Apr. 1, 2020 to Mar. 31, 2021)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Sales commission
Advertising expenses
Directors’ compensation
Salaries and allowances
Bonuses
Provision for bonuses
Retirement benefit expenses
Provision for share-based payment
Depreciation
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
Foreign exchange gains
Commission fees
Penalty income
Real estate acquisition tax refund
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodProvision of allowance for doubtful accounts
Commission fees
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on reversal of share acquisition rights
Total extraordinary income
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

6

Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended March 31, 2021
(Apr. 1, 2020 to Mar. 31, 2021)

Fiscal period ended September 30,
2021(Apr. 1, 2021 to Sep. 30, 2021)

19,759

9,161

3
46

8
(1)

15

(8)

65
19,825(1)
9,159

20,598

9,120

(773)

39

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 ofparentComprehensive income attributable to non-controllinginterests7

(3) Consolidated statements of changes in equity
Fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)(Millions of yen)
Shareholders’ equity
Capital stock:
Balance at beginning of current
periodCapital surplus

4,290

5,292

2,589

2,589

Retained earnings

Total shareholders’equityTreasury shares

106,609(887)

115,306

Changes of items during period
Issuance of new shares

5,179

Dividends of surplus(1,682)(1,682)

Profit attributable to ownersof parent

20,533

20,533Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

3

3

Net changes of items otherthan shareholders’ equity
Total changes of items during
period

2,589

2,589

18,8503

24,033

Balance at end of current period

6,880

7,882

125,460(883)

139,340

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

(1)

(50)

Total accumulated Subscription rights
to shares
othercomprehensive
income(52)

264

Non-controllinginterests

Total net assets

1,172

116,690

Changes of items during period
Issuance of new shares

5,179

Dividends of surplus(1,682)

Profit attributable to ownersof parent

20,533Purchase of treasury shares(0)

Disposal of treasury shares

3

Net changes of items otherthan shareholders’ equity

3

62

65

116

(773)

(591)

Total changes of items during
period

3

62

65

116

(773)

23,441

Balance at end of current period

1

11

13

381

398

140,132

8

Fiscal period ended September 30, 2021 (April 1, 2021 to September 30, 2021)(Millions of yen)
Shareholders’ equity
Capital stock:
Balance at beginning of current
periodCapital surplus

Retained earnings

6,880

7,882

9

9

Total shareholders’equityTreasury shares(883)

125,460

139,340

Changes of items during period
Issuance of new shares

19

Dividends of surplus
Profit attributable to ownersof parent(1,092)(1,092)

9,121

9,121

Purchase of treasury shares

(0)

(0)

Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current period

9

9

8,029

(0)

8,048

6,890

7,892

133,489(883)

147,388

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

1

11

Total accumulated Subscription rights
to shares
othercomprehensive
income13381

Non-controllinginterests

Total net assets

398

140,132

Changes of items during period
Issuance of new shares

19(1,092)

Dividends of surplus
Profit attributable to ownersof parent

9,121

Purchase of treasury shares(0)

Net changes of items otherthan shareholders’ equity

8

(9)

(1)

58

18

75

Total changes of items during
period

8

(9)

(1)

58

18

8,123

Balance at end of current period

10

1

11

439

416

148,2569

(4) Consolidated Statements of Cash Flows
Fiscal year ended
March 31, 2021
(Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
Fiscal period ended
September 30, 2021
(Apr. 1, 2021 to Sep. 30, 2021)

29,344
314
100
95
(6)
756
(55)

13,888
220
27
29
(2)
350
(29)

373

54

86,90924,151(2,593)(4,997)

243
(41)

77
13

37

25

(210)
(54)
(5,043)

－
－
(596)

75

107

1,410
(1,560)110,095
6(746)(11,076)
98,278(585)
124
32,8602(344)(6,618)25,900

(163)
889
(2)

(699)
58
(1)

(865)

(262)

－
－
－
(141)

(125)
(40)
0
(1,069)27,645(85,941)
5,116(1,681)
2,758－(8)(52,112)

19,177(26,938)－(1,092)(3,742)(20)(0)(12,616)1(1)

46,02541,68487,70912,21387,70999,922

Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
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 remuneration expenses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for share-based
payment
Loss (gain) on sales of non-current assets
Gain on reversal of share acquisition rights
Increase (decrease) in advances received
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of non-current assets
Proceeds from sales of non-current assets
Purchase of investment securities
Payments of loans receivable from subsidiaries andassociates
Payments into time deposits
Purchase of shares of subsidiaries and associates
Other
Net cash used in investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of common shares
Cash dividends paid
Net increase (decrease) in short-term loans payable
Repayments to non-controlling shareholders
Other
Net cash 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 period105. Other
Orders and sales
Following the change of fiscal year-end, the fiscal period ended September 30, 2021 covers the six months from
April 1, 2021 to September 30, 2021.
For ease of comparison, we provide the results for the same period of the previous fiscal year (from April 1. 2020 to
September 30, 2020).
a. Actual orders

Six months ended September 30, 2020 (April. 1, 2020 to September 30, 2020)
Total amount of contracts
Name ofsegment

Category

Studiocondominiums
Family-typecondominiums
Real estate salebusiness

Sale of hotel
property
Sale of other typeof housing
Sale of other realestateTotal amount of reportable segments

Outstanding balance of contracts

Numberof units

Year onyear (%)

Amount(Millions of yen)

Year onyear (%)

Numberof units

Year onyear (%)

Amount(Millions of yen)

Year onyear (%)

2,452

103.7

38,363

88.3

3,189

86.8

51,087

80.3

844

72.9

33,316

77.3

1,144

60.9

45,952

67.7

37

26.2

1,700

47.3

457

42.9

10,176

38.8

149

118.3

3,302

129.1

85

193.2

2,406

200.6

—

—

9,582

484.7

—

—

2,685

268.6

3,482

91.9

86,266

91.1

4,875

73.2

112,308

70.2

Fiscal period ended September 30, 2021 (April 1, 2021 to September 30, 2021)
Total amount of contracts
Name ofsegment

Real estate salebusiness

Category

Outstanding balance of contracts
Year
Numberon yearof units(%)

Year onyear (%)

Amount (Millionsof yen)Studiocondominiums

1,877

76.5

31,446

82.0

1,953

61.2

29,455

57.7

Family-typecondominiums

892

105.7

37,139

111.5

1,078

94.2

47,174

102.7

Sale of hotel
property

240

648.6

3,750

220.5

—

—

—

—

Sale of other typeof housing

213

143.0

4,654

140.9

85

100.0

2,502

104.0

Sale of other realestate

2

—

5,966

62.3

1

—

6,325

235.5

3,224

92.6

82,957

96.2

3,117

63.9

85,457

76.1

Total amount of reportablesegments

Year onyear (%)

Amount(Millions ofyen)

Numberof units

Year onyear (%)*Notes
1.
2.
3.
4.
5.
6.
7.
8.

In the table above, “total amount of orders” has been replaced with “total amount of contracts.
Consumption taxes are not included in the above amounts.
Amounts of additional constructions are included in the above amounts.
Number of units in total amount of contracts and the outstanding balance of contracts may fluctuate due tochange of business plan.
The sale of other type of housing refers to the sale of houses, including used houses and detached houses, otherthan newly built condominiums.
The sale of other real estate refers to the sale of real estate, including commercial stores and lands fordevelopment, other than housing
Amounts of contracts and outstanding balance of contracts for sale of other real estate for the six months ended
September 30, 2020 and September 30, 2021, refer to commercial stores and lands for development.
Business segments which are not included in the reportable segments are not applicable.

11b. Actual sales
Six months ended September 30, 2020
(Apr. 1, 2020 to Sep. 30, 2020)

Name ofsegment

Category

Year onyear (%)

Number ofunits

Year onyear (%)

47,833

89.5

2,924

106.9

48,218

100.8

125.2

63,079

119.5

866

49.3

34,383

54.5

150

116.3

5,380

176.4

420

280.0

8,000

148.7

Sale of other typeof housing

107

105.9

2,125

117.0

224

209.3

4,732

222.6

Sale of other realestate——11,869

116.6

1

—

41

0.3

Business
accompanying
real estate sale

—

—

866

120.6

—

—

706

81.6

Total amount of reportablesegments

4,747

106.3

131,156

107.5

4,435

93.4

96,081

73.3

Other

—

—

4,254

124.1

—

—

3,671

86.3

Total

4,747

106.3

135,411

108.0

4,435

93.4

99,752

73.7

Real estate salebusiness

Number ofunits

Year onyear (%)

Studiocondominiums

2,734

96.5

Family-typecondominiums

1,756

Sale of hotel
property

Amount(Millions ofyen)

Six months ended September 30, 2021
(Apr. 1, 2021 to Sep. 30, 2021)
Amount(Millions ofyen)Year onyear (%)*Notes
1.
2.
3.
4.
5.
6.

Consumption taxes are not included in the above amounts.
Amounts of additional constructions are included in the above amounts.
The sale of other type of housing refers to the sale of houses, including used houses and detached houses, otherthan newly built condominiums.
The sale of other real estate refers to the sale of real estate, including commercial stores and lands fordevelopment, other than housing
Business accompanying real estate sale includes income from intermediation fees from real estate sales andincome from post-delivery optional construction work such as floor coating.
Net sales of other real estate for the six months ended September 30, 2020 and September 30, 2021, refer tocommercial stores and lands for development.

12