This is an English translation of the official announcement in Japanese that was released on April 3, 2015. The translation isprepared for the readers’ convenience only. All readers are strongly recommended to refer to the original Japanese version forcomplete and accurate information. Should there be any inconsistency between the translation and the official Japanese text, thelatter shall prevail.

Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending November 30, 2015
<IFRS>
April 3, 2015
Company name: Tosei Corporation
Stock listing:
Securities code number: 8923 / S2D
Representative: Seiichiro Yamaguchi, President and CEO
URL:
Contact:
Noboru Hirano, Director and CFO
Phone:
Submission of Quarterly Securities Report (Shihanki-Houkokusho):Commencement of dividend payments:
Preparation of supplementary materials for quarterly financial results:
Holding of quarterly financial results meeting:

TSE / SGX
http://www.toseicorp.co.jp/english/+81-3-3435-2864
April 10, 2015 (scheduled)
―
Yes
No

Note: All amounts are rounded down to the nearest million yen.

1. Consolidated Financial Results for the Three Months Ended February 28, 2015
(December 1, 2014 – February 28, 2015)(1) Consolidated Operating Results (cumulative)
Three months ended
February 28, 2015
Three months ended
February 28, 2014(%)

11,525

1.6

2,365

47.8

2,190

53.5

1,390

59.4

11,339(26.8)

1,600

(1.0)

1,427

1.3

872

0.6

Profit attributable toowners of the parent(¥ million)(%)
Three months ended
February 28, 2015
Three months ended
February 28, 2014

Operating profit(¥ million)(%)(Percentages indicate year-on-year changes.)
Profit before tax
Profit for the period(¥ million)(%)(¥ million)(%)

Revenue(¥ million)

Total comprehensive
income for the period(¥ million)(%)

Basic earnings
per share

Diluted earnings
per share
(¥)

(¥)

1,390

59.4

1,496

71.5

28.80

–

872

0.6

872

0.1

18.07

–

(2) Consolidated Financial Position
Total assets

As ofFebruary 28, 2015
As ofNovember 30, 2014

Total equity

Ratio of equity
attributable to owners of
the parent to total assets(¥ million)(%)

Equity attributable toowners of the parent(¥ million)(¥ million)

84,32433,64533,64539.9

80,85832,72732,72740.5

1

2. Dividends
Annual dividends per share
2Q-end3Q-endYear-end
(¥)
(¥)
(¥)

1Q-end(¥)––

Fiscal year ended November 30, 2014
Fiscal year ending November 30, 2015
Fiscal year ending November 30, 2015
(Forecast)

Total
(¥)

0.00

–

12.00

12.00

0.00

–

14.00

14.00

Note: Revision to the most recently released dividend forecasts: No

3. Consolidated Earnings Forecasts for the Fiscal Year Ending November 30, 2015
(December 1, 2014 – November 30, 2015)(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings
Revenue
Operating profit
Profit before tax
per shareowners of the parent(¥ million)(%) (¥ million)(%) (¥ million)(%) (¥ million)(%)(¥)
Fiscal year ending
November 30, 2015

56,425

12.9

6,000

7.9

5,042

8.1

3,258

13.4

67.48

Note: Revision to the most recently released earnings forecasts: No* Notes(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries resulting in changes in the scope of consolidation): No
Newly added: –Excluded: –(2) Changes in accounting policies and changes in accounting estimates(a) Changes in accounting policies required by IFRS:Yes(b) Changes in accounting policies due to other reasons: No(c) Changes in accounting estimates:
No
Note: For details, please refer to “2. Matters Related to Summary Information (Notes) (2) Changes in Accounting
Policies and Changes in Accounting Estimates” on page 8 of the attached materials.

(3) Number of issued shares (ordinary shares)(a) Number of issued shares at the end of the period (including treasury shares)
As of February 28, 2015
48,284,000 shares
As of November 30, 2014
48,284,000 shares(b) Number of treasury shares at the end of the period
As of February 28, 2015–
As of November 30, 2014–(c) Average number of outstanding shares during the period (cumulative)
48,284,000 shares
Three months ended February 28, 2015
Three months ended February 28, 2014
48,284,000 shares

2* Information on implementation of quarterly review proceduresThis quarterly financial results report is exempt from quarterly review procedures pursuant to the Financial
Instruments and Exchange Act. At the time of disclosure of this quarterly financial results report, the review
procedures for quarterly consolidated financial statements pursuant to the Financial Instruments andExchange Act have not been completed.
* Proper use of earnings forecasts and other notes
The forward-looking statements, including outlook of future performance, contained in these materials are
based on information currently available to the Company and on certain assumptions deemed to bereasonable by the Company. Actual performance and other results may differ substantially from thesestatements due to various factors. For the assumptions on which the earnings forecasts are based andcautions concerning the use thereof, please refer to “1. Qualitative Information on Quarterly Consolidated
Financial Performance (3) Qualitative Information on Consolidated Earnings Forecasts” on page 7 of theattached materials.

3

○ Contents of Attached Materials
1. Qualitative Information on Quarterly Consolidated Financial Performance......................................... 5(1) Qualitative Information Regarding Consolidated Operating Results........................................................ 5(2) Qualitative Information Regarding Consolidated Financial Positions ......................................................... 7(3) Qualitative Information Regarding Consolidated Earnings Forecasts ...................................................... 7
2. Matters Related to Summary Information (Notes) ................................................................................... 8(1) Changes in Significant Subsidiaries during the Period ............................................................................. 8(2) Changes in Accounting Policies and Changes in Accounting Estimates .................................................. 8
3. Condensed Quarterly Consolidated Financial Statements ....................................................................... 9(1) Condensed Consolidated Statement of Financial Position ........................................................................ 9(2) Condensed Consolidated Statement of Comprehensive Income ............................................................. 10(3) Condensed Consolidated Statement of Changes in Equity ..................................................................... 11(4) Condensed Consolidated Statement of Cash Flows ................................................................................ 12(5) Notes on Going Concern Assumption ..................................................................................................... 13(6) Notes to Condensed Quarterly Consolidated Financial Statements ........................................................ 13(7) Notes on Significant Subsequent Events................................................................................................. 144

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Qualitative Information Regarding Consolidated Operating Results
During the three months ended February 28, 2015, the Japanese economy experienced a modest recovery,
as corporate earnings and the employment situation improved due to the effects of economic measures by
the government and bold monetary easing by the Bank of Japan, as well as a fall in crude oil prices.
In the real estate industry where Tosei Group operates, real estate transactions increased amid
expectations of rises in land prices and low interest rates. In addition, the total acquisition amount ofproperties acquired by listed companies and others in 2014 was approximately ¥5.05 trillion, an increase of
16% compared with the previous fiscal year due to a rise in real estate acquisitions by foreign companies,
investment funds and others, backed by a weakening yen (according to a survey by a private research
institution).
In the Tokyo metropolitan area condominium market, although prices showed an upward trend
reflecting rising building costs, the market was stable due to a postponement of a planned consumption tax
increase. The number of condominium units sold in 2015 is expected to be approximately 45,000 units, up
5.9% year on year, amid a mounting tendency to return to the city center. The contract rate hovered around70%, which is viewed as indicating favorable conditions, and the contract rate in January 2015, the latest
data available, was 74.9%, a drop of 3.7 percentage points compared with the same month of the previous
fiscal year (according to a survey by a private research institution).
In the Tokyo metropolitan area build-for-sale detached house market, housing starts in 2014 totaled
58,000 units, which was down 7.3% compared with the previous fiscal year, due to a prolonged declinereflecting backlash from the consumption tax hike. Although it is necessary to continue monitoring thetrend in supply and demand, housing starts are expected to recover and increase in 2015 on the back ofmarket revitalization policies such as the eco-point program for houses (according to the Ministry of Land,
Infrastructure, Transport and Tourism data).
At the same time, in the office leasing market of Tokyo’s five business wards, demand was strong due
to active expansion or relocation of offices by corporates, and the vacancy rate in January 2015 declined to
5.4%. The average asking rent was in the ¥17,000 range, which was the highest level in three years(¥17,109/tsubo, an increase of ¥867 or 5.3% compared with the same month of the previous fiscal year),showing a modest upward trend for 13 consecutive months (according to a survey by a private research
institution).
In the real estate securitization market, as of the end of December 2014, the balance of assets undermanagement at private placement funds was ¥15.1 trillion, down 6.2% from previous year, due todisposals of properties by many funds in the favorable real estate market. At the same time, as of the endof December 2014, assets under management at J-REITs expanded to ¥12.6 trillion, up 12.9% from theprevious fiscal year, as the financing environment remained favorable. For example, total market
capitalization of J-REIT investment units exceeded ¥10 trillion for the first time since the establishment of
the market. Despite the booming conditions in the J-REIT market, the pace of new property acquisitions
by J-REITs slowed down due to an intensification in competition for acquisitions, and the total acquisition
amount of properties during 2014 was ¥1.5 trillion, down 29.4% compared with previous fiscal year
(according to a survey by a private research institution). Amid this operating environment, in the
Revitalization Business, the Tosei Group made steady progress on the sale of assets such as incomegenerating office buildings and apartment buildings, and also the Group pushed ahead with sales ofdetached houses and others in the Development Business. In addition, we proactively acquired incomegenerating properties and land for development as future sources of income.
As a result, consolidated revenue for the three months ended February 28, 2015 totaled ¥11,525 million(up 1.6% year on year), operating profit was ¥2,365 million (up 47.8%), profit before tax was ¥2,190
million (up 53.5%), and profit for the period was ¥1,390 million (up 59.4%).
Performance by business segment is shown below:
Revitalization Business
During the three months ended February 28, 2015, the segment sold nine properties it had renovated,
including Ogawamachi Tosei Building (Chiyoda-ku, Tokyo), Shibuya 4-chome Building (Shibuya-ku,
Tokyo) and Kannai Tosei Building (Yokohama-shi, Kanagawa). In addition, the segment sold 16 units in
the Restyling Business, including Hilltop Yokohama Negishi (Yokohama-shi, Kanagawa), Hilltop
5

Yokohama Higashi Terao (Yokohama-shi, Kanagawa) and Renai Kamakura Ueki (Kamakura-shi,
Kanagawa). In the three months ended February 28, 2015, it also acquired a total of four incomegenerating office buildings and apartments and two land lots for renovation and sales purposes.
As a result, revenue in this segment was ¥7,207 million (up 4.6% year on year) and the segment profit
was ¥1,849 million (up 114.0%).
Development Business
During the three months ended February 28, 2015, the segment focused on the sale of detached houses,
which were in firm demand. The segment sold 19 detached houses at such properties as THE Palms Court
Kashiwa Hatsuishi (Kashiwa-shi, Chiba),THE Palms Court Bunkyo Honkomagome (Bunkyo-ku, Tokyo)
and THE Palms Court Kawasaki Daishi (Kawasaki-shi, Kanagawa). In addition, the segment sold Palms
Nishidai, which is a newly-built apartment, and two land lots.
As a result, revenue in this segment was ¥2,324 million (down 7.9% year on year) and the segment profit
was ¥409 million (up 20.9%).
Rental Business
During the three months ended February 28, 2015, while the segment sold six buildings of its inventory
assets held for leasing purposes, it newly acquired a total of five properties including income-generating
office buildings and apartments. In addition, the segment made efforts to lease vacancies out following
acquisitions and also focused on leasing activities for its existing non-current assets and inventory assets.
As a result, revenue in this segment was ¥833 million (up 8.0% year on year) and the segment profit was¥348 million (down 26.0%).
Fund and Consulting Business
During the three months ended February 28, 2015, while the balance of assets under management
decreased by ¥3,171 million, due mainly to property dispositions by funds, the balance increased by¥219,868 million, due mainly to new asset management contracts of large projects the segment obtained.
The acquisition of such large project contracts increased asset management fees and contributed to sales.
As a result, revenue in this segment was ¥256 million (down 12.0% year on year) and the segment profit
was ¥50 million (down 57.0%).
The lower year-on-year revenue and profit results are primarily attributable to the segment having posted
disposition fees income pertaining to sales involving large projects in the same period of the previous year.
As of February 28, 2015, the balance of assets under management (Note) totaled ¥517,304 million.
Note: The balance of assets under management includes the balance of assets that were subject toconsulting contracts, etc.
Property Management Business
As of February 28, 2015, the number of properties managed by the segment including office buildings,
parking lots and schools was 348, which was unchanged from February 28, 2014, while the number ofcondominiums and apartments under management decreased by 13 to 192, making the total number ofproperties under management 540, a decrease of 13 from February 28, 2014.
As a result, revenue in this segment was ¥698 million (down 11.2% year on year) and segment profit was¥26 million (down 73.1%).
Alternative Investment Business
During the three months ended February 28, 2015, the segment focused on leasing activities for properties
acquired by a substitute performance. Membership fees from running a sports club also contributed toincome in this segment.
As a result, revenue in this segment was ¥204 million (up 172.4% year on year) and the segment profit
was ¥45 million (up 7.0%).

6

(2) Qualitative Information Regarding Consolidated Financial Positions
1. Financial Positions
As of February 28, 2015, total assets were ¥84,324 million, an increase of ¥3,466 million compared with
November 30, 2014, while total liabilities were ¥50,679 million, an increase of ¥2,549 million.
This was primarily due to an increase in inventories resulting from purchase of properties exceeding
sales of properties in the Revitalization Business and Development Business, and an increase inborrowings from financial institutions.
Total equity increased by ¥917 million to ¥33,645 million, mainly due to an increase in retained
earnings and payment of cash dividends.
2. Cash Flows
Cash and cash equivalents (hereinafter “cash”) as of February 28, 2015 totaled ¥17,851 million, an
increase of ¥1,750 million compared with November 30, 2014.
The cash flows for the three months ended February 28, 2015 and factors contributing to those amounts
are as follows:
Cash Flows from Operating Activities
Net cash used in operating activities totaled ¥757 million (down 76.1% year on year). This is mainly
due to profit for the period before tax of ¥2,190 million, as well as an increase in inventories of ¥1,748
million, which was a result of property acquisitions in the Revitalization Business and Development
Business, and income taxes paid of ¥1,368 million.
Cash Flows from Investing Activities
Net cash used in investing activities totaled ¥238 million (down 79.0% year on year). This is primarily
due to purchases of investment properties totaling ¥665 million and proceeds from sales of available-forsale financial assets totaling ¥444 million.
Cash Flows from Financing Activities
Net cash provided by financing activities totaled ¥2,757 million (down 36.6% year on year). This mainlyreflects ¥6,567 million in the repayments of non-current borrowings and ¥534 million in cash dividends
paid, despite ¥10,106 million in proceeds from non-current borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the three months ended February 28, 2015 basically remained stable asplanned and there is no change on the full-year consolidated earnings forecasts, announced on January 14,
2015.
The forward-looking statements contained in these materials, including forecasts of the future
performance, are based on the information available to the Company as of the date of announcement andon certain assumptions deemed to be reasonable by the Company. Actual performance and other results
may differ from these forecasts due to various factors.

7

2. Matters Related to Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Period
No item to report.
(2) Changes in Accounting Policies and Changes in Accounting Estimates
With the exception of the following items, significant accounting policies that the Group applies incondensed quarterly consolidated financial statements are the same as the accounting policies used in the
consolidated financial statements for the previous fiscal year.
Changes in Accounting Policies
The Group applied the following standards effective from the first quarter of the fiscal year ending
November 30, 2015.
Standard

Name of standard

Overview of new establishment and amendment

IFRIC 21IFRS 10(Revised)
IFRS 12(Revised)

Levies

Accounting for a liability for a levy
Exception to consolidation of a subsidiaries by an entity that
qualifies as an investment entity
Revision of the disclosure method for entities that qualify as
investment entities

Consolidated Financial Statements
Disclosure of Interests in Other
Entities

The above standards have no material impact on the condensed quarterly consolidated financial statements.
Among the above standards, for IFRIC 21, the comparative data have been adjusted retroactively inaccordance with transitional measures.
Additional information(Abolition of Retirement Benefits Plan for Officers)
At the Ordinary General Meeting of Shareholders held on February 25, 2015, the Company resolved tomake final payments of retirement benefits to retiring officers upon abolition of its Retirement Benefits Plan
for Officers.
Accordingly, the full amount of the Company’s “Provision for directors’ retirement benefits” has been
reversed and an unpaid portion of ¥360,711 thousand in final payments has been presented included in“Trade and other payables” in non-current liabilities.

83. Condensed Quarterly Consolidated Financial Statements(1) Condensed Consolidated Statement of Financial Position(¥ thousand)As of November 30, 2014
AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets

As of February 28, 2015

16,100,795
2,049,710
41,565,148
166,612

17,851,754
2,001,046
43,337,493
146,049

59,882,266

63,336,344

3,293,308
13,858,329
77,6752,445,963
780,758
515,765
4,014

3,298,706
14,487,505
94,6172,181,868
607,272
314,150
4,014

20,975,814

20,988,135

80,858,080

84,324,480

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Borrowings
Current income tax liabilities
Provisions

2,590,792
5,380,269
1,393,664
267,2812,258,948
5,659,757
674,452
119,838

Total current liabilities

9,632,009

8,712,996

2,697,083
35,024,707
697,680
78,764

3,259,108
38,283,063
345,425
78,799Total current assets
Non-current assets
Property, plant and equipment
Investment properties
Intangible assets
Available-for-sale financial assets
Trade and other receivables
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

Non-current liabilities
Trade and other payables
Borrowings
Retirement benefits obligations
Provisions
Total non-current liabilities
Total Liabilities
EquityShare capital
Capital reserves
Retained earnings
Other components of equity
Total equity
Total liabilities and equity

9

38,498,235

41,966,396

48,130,244

50,679,393

6,421,392
6,375,317
19,776,474
154,652

6,421,392
6,375,317
20,587,854
260,52232,727,836

33,645,086

80,858,080

84,324,480

(2) Condensed Consolidated Statement of Comprehensive Income(¥ thousand)Three months ended
February 28, 2014

Three months ended
February 28, 2015

Revenue

11,339,965

11,525,787

Cost of revenue

8,632,314

7,897,319

Gross profit

2,707,651

3,628,467

Selling, general and administrative expenses

1,117,028

1,268,359

Other income

9,707

5,252

Other expenses

84

57

Operating profit

1,600,246

2,365,303

Finance income

1,420

1,370

Finance costs

173,994

175,706

Profit before tax

1,427,672

2,190,968

Income tax expense555,205

800,180

Profit for the period

872,466

1,390,787

Other comprehensive income
Items that may be transferred to net profit or loss
Exchange differences on translation of foreign
operations
Net change in fair values of available-for-salefinancial assets(169)(11,046)(372)

116,465

Net change in fair values of cash flow hedges

587

450

Subtotal

44

105,870

Other comprehensive income for the period, net oftax

44

105,870872,511

1,496,658

872,466

1,390,787

872,511

1,496,658

18.07

28.80

–

–

Total comprehensive income for the period
Profit attributable to:
Owners of the parent
Total comprehensive income attributable to:
Owners of the parent
Earnings per share attributable to owners of the parent
Basic earnings per share (yen)Diluted earnings per share (yen)10(3) Condensed Consolidated Statement of Changes in Equity
Three months ended February 28, 2014 (December 1, 2013 – February 28, 2014)(¥ thousand)Other
components ofequityTotal equity

17,294,366

1,348

30,092,426–

872,466–

872,466

–

–

–

44

44

Total comprehensive income
for the period––

872,46644872,511

Dividends of surplus––(386,272)–(386,272)

6,421,392

6,375,317

17,780,561

1,393

30,578,665

Share capital

Capital reserves

Retainedearnings

6,421,392

6,375,317

Profit for the period–

Other comprehensive income

Balance at December 1, 2013

Balance at February 28, 2014

Three months ended February 28, 2015 (December 1, 2014 – February 28, 2015)(¥ thousand)Other
components ofequityTotal equity

19,776,474

154,652

32,727,836－

1,390,787－

1,390,787－－－

105,870

105,870－－

1,390,787

105,870

1,496,658－－(579,408)－(579,408)

6,421,392

6,375,317

20,587,854

260,522

33,645,086

Share capital

Capital reserves

Retainedearnings

6,421,392

6,375,317

Profit for the period－

Other comprehensive income
Total comprehensive income
for the period
Dividends of surplus

Balance at December 1, 2014

Balance at February 28, 201511

(4) Condensed Consolidated Statement of Cash Flows(¥ thousand)Three months ended
February 28, 2014

Three months ended
February 28, 2015

1,427,672
45,0152,190,968
52,260(96,486)(502,166)(1,420)173,994(531)
57(154,272)(3,625,713)(95,343)338(1,370)175,706－－
269,696(1,748,772)
173,152734

SubtotalInterest and dividend income received
Income taxes paid

(2,326,688)
1,419(839,178)

610,210
1,123(1,368,778)

Net cash from (used in) operating activities(3,164,447)(757,445)－(6,590)(1,088,778)(5,302)(58,000)
20,10020,000(16,711)(665,403)(21,662)
(61)

1,156

444,960

17

17

Cash flows from operating activities
Profit before tax
Depreciation expense
Increase (decrease) in provisions and retirement
benefits obligations
Interest and dividend income
Interest expenses
Gain on available-for-sale financial assets
Loss on retirement of property, plant and equipment
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Other, net

Cash flows from investing activities
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of investment properties
Purchase of intangible assets
Purchase of available-for-sale financial assets
Collection of available-for-sale financial assets
Proceeds from sales of available-for-sale financial
assetsCollection of loans receivable－

Net cash from (used in) investing activities(1,137,398)(238,860)

Cash flows from financing activities
Net increase (decrease) in current borrowings
Proceeds from non-current borrowings
Repayments of non-current borrowings
Cash dividends paid
Interest expenses paid
Other, net

94,00010,286,000(5,370,121)(349,371)(307,566)(442)－
10,106,000(6,567,259)(534,141)(246,036)(896)

Net cash from (used in) financing activities

4,352,497

2,757,665

50,651
14,711,997

1,761,359
16,100,795(164)(10,400)

14,762,484

17,851,754

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Effect of exchange rate change on cash and cash
equivalents
Cash and cash equivalents at end of period12(5) Notes on Going Concern Assumption
No item to report.
(6) Notes to Condensed Quarterly Consolidated Financial Statements
1. Segment Information
The Group’s reportable segments are components of the Group about which separate financial
information is available that the Board of Directors regularly conducts deliberations to determine theallocation of management resources and to assess the performance. The Group draws up comprehensive
strategies for each of the following business segments and conducts business activities accordingly;“Revitalization Business”, “Development Business”, “Rental Business”, “Fund and Consulting
Business”, “Property Management Business”, and “Alternative Investment Business”. In the
Revitalization Business, the Group acquires the properties whose asset values have declined, renovates,
and resells them. In the Development Business, the Group sells condominium units and detached houses
to individual customers as well as apartment and office buildings to investors. In the Rental Business, theGroup rents office buildings and apartments. The Fund and Consulting Business mainly provides asset
management services for the properties placed in real estate funds. The Property Management Businessprovides comprehensive property management services. In the Alternative Investment Business, theGroup acquires real estate collateralized loans and sells the properties acquired through collection ofdebt and acceptance of substitute performance.
The Group’s revenue and profit/loss by reportable segment are as follows:
Three months ended February 28, 2014
(December 1, 2013 – February 28, 2014)(¥ thousand)
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Alternative
Property
Management Investment
Business
Business

Adjustment

Total

Revenue
Revenue from externalcustomers

6,891,612

2,522,801

771,857

291,490787,215

74,987–

11,339,965

Intersegment revenue––

14,298

2,972

123,609–(140,880)–

6,891,612

2,522,801

786,156

294,462

910,825

74,987(140,880)

11,339,965

864,337

338,465

471,367

116,921

97,21342,438(330,497)

1,600,246

Total
Segment profit
Finance income/costs, net(172,573)

Profit before tax

1,427,672

Three months ended February 28, 2015
(December 1, 2014 – February 28, 2015)(¥ thousand)
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Alternative
Property
Management Investment
Business
Business

Adjustment

Total

Revenue
Revenue from externalcustomers

7,207,467

2,324,758

833,871

256,446698,992

204,250－

11,525,787

Intersegment revenue－－

13,807

1,327

113,735－(128,869)－

7,207,467

2,324,758

847,678

257,773

812,727

204,250(128,869)

11,525,787

1,849,784

409,171348,616

50,301

26,11645,396(364,083)

2,365,303

Total
Segment profit
Finance income/costs, net(174,335)

Profit before tax

2,190,968

13

2. Dividends
Dividends paid in the three months ended February 28, 2014 and February 28, 2015 are as follows:
Three months ended February 28, 2014
Resolution

Dividends per share(¥)

Ordinary General Meetingof Shareholders held on
February 27, 2014

Total dividends(¥ thousand)

8386,272

Record date

Effective dateNovember 30, 2013

February 28, 2014

Three months ended February 28, 2015
Resolution

Dividends per share(¥)

Ordinary General Meetingof Shareholders held on
February 25, 2015

Total dividends(¥ thousand)

12579,408

Record date

Effective dateNovember 30, 2014

February 26, 2015

3. Earnings per ShareThree months ended
February 28, 2014
Profit attributable to owners of the parent

Three months ended
February 28, 2015(¥ thousand)

872,466

1,390,787

Weighted average number of outstanding ordinary shares(shares)

48,284,000

48,284,000

18.07

28.80

Basic earnings per share(¥)

Notes: 1. Basic earnings per share is calculated by dividing profit attributable to owners of the parent, by the weighted average
number of ordinary shares outstanding during the reporting period.
2. Information on diluted earnings per share is omitted due to an absence of potential shares.

(7) Notes on Significant Subsequent Events
No item to report.

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