This is an English translation of the official announcement in Japanese that was released on October 5, 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 Nine Months of the Fiscal Year Ending November 30, 2015
<IFRS>
October 5, 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: No

TSE / SGX
http://www.toseicorp.co.jp/english/+81-3-3435-2864
October 9, 2015 (scheduled)―
Yes

Note: All amounts are rounded down to the nearest million yen.
1.

Consolidated Financial Results for the Nine Months Ended August 31, 2015
(December 1, 2014 – August 31, 2015)(1) Consolidated Operating Results (cumulative)
Nine months ended
August. 31, 2015
Nine months ended
August. 31, 2014

Nine months ended
August. 31, 2015
Nine months ended
August. 31, 2014

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

Revenue(¥ million)(%)

Operating profit(¥ million)(%)

27,627

2.0

5,322

48.9

4,743

59.1

3,049

66.4

27,091

(6.9)

3,574

(1.1)

2,980

(3.1)

1,832

(4.7)

Profit attributable toowners of the parent(¥ million)(%)

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

3,049

66.4

3,287

1,832

(4.7)

1,837

Basic earnings
per share

Diluted earnings
per share
(¥)

(¥)

78.9

63.15

－

(4.8)

37.95

－

(2) Consolidated Financial Position(¥ million)(¥ million)(¥ million)

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

94,32635,43535,43537.6

80,85832,72732,727

40.5

Total assets

As ofAugust. 31, 2015
As ofNovember. 30, 2014

Total equity

Equity attributable toowners of the parent

2. Dividends
1Q-end(¥)

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

Fiscal year ended November 30, 2014–
Fiscal year ending November 30, 2015–
Fiscal year ending November 30, 2015
(Forecast)
Note: Revision to the most recently released dividend forecasts: No

0.00
0.00

–
–

Total
(¥)

12.00

12.00

14.00

14.00

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

51,500

3.0

6,500

16.9

5,583

19.7

3,555

23.7

73.64

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 other than (a) above: 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 5 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)
48,284,000 shares
As of August. 31, 2015
As of November. 30, 2014
48,284,000 shares(b) Number of treasury shares at the end of the period–
As of August. 31, 2015
As of November. 30, 2014–(c) Average number of outstanding shares during the period (cumulative)
48,284,000 shares
Nine months ended August. 31, 2015
Nine months ended August. 31, 2014
48,284,000 shares

* 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 4 of theattached materials.

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

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Qualitative Information Regarding Consolidated Operating Results
During the nine months ended August 31, 2015, the Japanese economy remained on a moderate
recovery trend reflecting the effects of various governmental measures. Going forward, we expect
corporate capital investment to increase as their earnings improve, despite concerns that include economic
slowdowns in China and elsewhere overseas as well as volatility in financial markets. Personal
consumption was also firm amid continued steady improvement in the employment and income
environments, and investment in housing is expected to improve from now.
In the real estate industry where Tosei Group operates, J-REITs and private placement funds have been
actively making investments against a backdrop of a favorable financing environment. According to asurvey of private companies, commercial real estate investment in Japan over the first half of 2015
increased 10% year on year to ¥2.31 trillion, which was the highest amount of investment in the first halfof the year since 2008.
In the Tokyo metropolitan area condominium market, the number of newly-built condominium units
sold from January to June 2015 fell 7.1% year on year to 18,018 units amid an apparent trend toward adecreasing supply of new units in the suburbs of the Tokyo metropolitan area due to profitability issues.
On the other hand, the contract rate in July 2015, the latest data available, was 83.7% resulting fromexpanding demand mainly in Tokyo reflecting improvement in business conditions and a perception ofhigher prices. Conditions have been firm given that the contract rate exceeds 70%, which is viewed asindicating favorable sales (according to a survey by a private research institution).
In the Tokyo metropolitan area build-for-sale detached house market, housing starts for the first half of2015 decreased 6.5% year on year to 27,466 units. Although it is necessary to continue monitoring thetrend in supply and demand, we anticipate firm results overall partially due to market revitalization
policies that include expansion of Japan’s home loan tax deduction (according to the Ministry of Land,
Infrastructure, Transport and Tourism data).
In the office leasing market of Tokyo’s five business wards, demand continued to be high, and thevacancy rate in July 2015 decreased 1.3 percentage points compared with the same month of the previous
fiscal year to 4.89%, thereby marking the first time since January 2009 that the rate has made improvement
into the 4% range. Against a backdrop of declining vacancy rates, there were progressive hikes in asking
rents. Consequently, the average asking rent, which has increased for 19 consecutive months, was up 4.8%
year on year to ¥17,467/tsubo (according to a survey by a private research institution).
In the real estate securitization market, J-REITs acquired properties on a steady pace, and the totalacquisition amount of properties acquired by J-REITs in the period from January to June 2015 increased
17.7% year on year to approximately ¥920 billion. As of June 30, 2015, the total value of assets undermanagement in the J-REIT market was ¥13.4 trillion (according to a survey by a private research
institution).
Amid this operating environment, in the Revitalization Business, the Tosei Group made steady progressin selling assets such as income-generating office buildings and apartments, while in the Development
Business the Group pushed ahead with sales of detached houses. In addition, we proactively acquired
income-generating properties and land for development as future sources of income.
As a result, consolidated revenue for the nine months ended August 31, 2015 totaled ¥27,627 million(up 2.0% year on year), operating profit was ¥5,322 million (up 48.9%), profit before tax was ¥4,743
million (up 59.1%), and profit for the period was ¥3,049 million (up 66.4%).
Performance by business segment is shown below.
Revitalization Business
During the nine months ended August 31, 2015, the segment sold 20 properties it had renovated,
including Toyocho Tosei Building (Koto-ku, Tokyo), Shinjuku 6-chome Building (Shinjuku-ku, Tokyo),
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 48 units in the Restyling
Business, including Hilltop Yokohama Negishi (Yokohama-shi, Kanagawa), Hilltop Yokohama Higashi
Terao (Yokohama-shi, Kanagawa) and Renai Kamakura Ueki (Kamakura-shi, Kanagawa). In the ninemonths ended August 31, 2015, it also acquired a total of 17 income-generating office buildings,
commercial facilities and apartments and four land lots for renovation and sales purposes. In addition,
consolidated subsidiary TOSEI SINGAPORE PTE. LTD. started acquiring properties in Malaysia with the－2－acquisition of four units of private portions of income-generating office buildings and apartments in Kuala
Lumpur.
As a result, revenue in this segment was ¥14,862 million (down 5.5% year on year) and the segment
profit was ¥3,375 million (up 97.8%).
Development Business
During the nine months ended August 31, 2015, the segment focused on the sale of detached houses, forwhich there was firm demand. The segment sold 90 detached houses at such properties as THE Palms
Court Kashiwa Hatsuishi (Kashiwa-shi, Chiba), THE Palms Court Mitsuike Kouen (Yokohama-shi,
Kanagawa), THE Palms Court Bunkyo Honkomagome (Bunkyo-ku, Tokyo) and THE Palms Court
Kawasaki Daishi (Kawasaki-shi, Kanagawa). In addition, the segment sold THE Palms Nishidai, which isa newly-built apartment, and four land lots. In the nine months ended August 31, 2015, it also acquired
four land lots for detached housing projects.
As a result, revenue in this segment was ¥5,631 million (up 20.2% year on year) and the segment profit
was ¥637 million (up 51.1%).
Rental Business
During the nine months ended August 31, 2015, while the segment sold 10 buildings of its inventory
assets held for leasing purposes, 13 properties including newly acquired income-generating officebuildings, commercial facilities and apartments contributed to income in this segment. In addition, thesegment also focused on leasing activities for its existing holdings of non-current assets and inventory
assets.
As a result, revenue in this segment was ¥2,907 million (down 2.9% year on year) and the segment profit
was ¥1,351 million (down 26.2%).
Fund and Consulting Business
During the nine months ended August 31, 2015, while ¥83,625 million was subtracted from the balanceof assets under management, due mainly to property dispositions by funds, ¥257,309 million was added tothe balance of assets under management, due mainly to new asset management contracts of large projects
the segment obtained.The acquisition of such large project contracts increased asset management fees andcontributed to revenue.
As a result, revenue in this segment was ¥1,343 million (up 104.7% year on year) and the segment profit
was ¥648 million (up 384.2%).
As of August 31, 2015, the balance of assets under management (Note) totaled ¥474,291 million.
Note: The balance of assets under management includes the balance of assets that were subject toconsulting contracts, etc.
Property Management Business
During the nine months ended August 31, 2015, the segment worked to win new contracts and maintainexisting contracts as some customers terminated contracts partially as a result of their disposing of suchmanaged properties. Consequently, the total number of properties under management was 542 as ofAugust 31, 2015, a decrease of two from November 30, 2014, with that total comprising 358 officebuildings, parking lots, schools and other such properties, and 184 condominium and apartments.
As a result, revenue in this segment was ¥2,235 million (up 3.3% year on year) and segment profit was¥102 million (down 45.4%).
Alternative Investment Business
During the nine months ended August 31, 2015, membership fees from running a sports club contributed
to income in this segment. In addition, the segment also focused on leasing activities for properties
acquired by a substitute performance.
As a result, revenue in this segment was ¥647 million (down 25.9% year on year) and the segment profit
was ¥224 million (up 1.0%).

－3－

(2) Qualitative Information Regarding Consolidated Financial Positions
1) Financial Positions
As of August 31, 2015, total assets were ¥94,326 million, an increase of ¥13,468 million compared with
November 30, 2014, while total liabilities were ¥58,890 million, an increase of ¥10,760 million.
This was primarily due to an increase in inventories resulting from purchase of properties exceeding salesof properties in the Revitalization Business and Development Business, and an increase in borrowings
from financial institutions.
Total equity increased by ¥2,708 million to ¥35,435 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 August 31, 2015 totaled ¥14,719 million, down
¥1,381 million compared with November 30, 2014.
The cash flows for the nine months ended August 31, 2015 and factors contributing to those amounts are
as follows:
Cash Flows from Operating Activities
Net cash used in operating activities totaled ¥10,901 million (down 25.8% year on year). This is mainly
due to profit before tax of ¥4,743 million, as well as an increase in inventories of ¥12,859 million, which
was a result of property acquisitions in the Revitalization Business and Development Business, andincome taxes paid of ¥2,204 million.
Cash Flows from Investing Activities
Net cash used in investing activities totaled ¥172 million (down 87.3% year on year). This is primarily
due to purchase of investment properties totaling ¥702 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 ¥9,702 million (down 30.9% year on year). This
mainly reflects ¥14,394 million in the repayments of non-current borrowings and ¥578 million in cash
dividends paid, despite ¥25,510 million in proceeds from non-current borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the nine months ended August 31, 2015 basically remained stable asplanned and there is no change on the full-year consolidated earnings forecasts, announced on July 3, 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.

－4－

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

Name of standard

Overview of new establishment and amendment

LeviesConsolidated Financial Statements
Disclosure of Interests in Other
Entities

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

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.

－5－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
Total 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

As of August 31, 2015

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

14,719,794
2,769,935
54,472,158
128,153

59,882,266

72,090,040

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

3,326,452
14,449,498
104,1452,259,344
1,862,570
230,741
4,014

20,975,814

22,236,766

80,858,080

94,326,807

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
267,281

1,987,883
10,487,430
729,340
156,666

Total current liabilities

Total non-current assets
Total assets

9,632,009

13,361,321

Non-current liabilities
Trade and other payables
Borrowings
Retirement benefits obligations
Provisions

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

4,047,474
41,038,699
364,584
78,870Total non-current liabilities

38,498,235

45,529,629

48,130,244

58,890,950

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

6,421,392
6,375,317
22,246,237
392,909

Total Liabilities
EquityShare capital
Capital reserves
Retained earnings
Other components of equity
Total equity
Total liabilities and equity－6－

32,727,836

35,435,856

80,858,080

94,326,807

(2) Condensed Consolidated Statement of Comprehensive Income(¥ thousand)Nine months ended
August 31, 2014

Nine months ended
August 31, 2015

Revenue
Cost of revenue

27,091,664
20,393,694

27,627,851
18,594,416

Gross profit
Selling, general and administrative expenses
Other income
Other expenses

6,697,969
3,162,423
41,3632,185

9,033,435
3,792,097
119,859
39,125

Operating profit
Finance income
Finance costs

3,574,723
3,321
597,613

5,322,071
22,010600,838

Profit before tax
Income tax expense

2,980,431
1,147,951

4,743,243
1,694,072

Profit for the period
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
Net change in fair values of cash flow hedges

1,832,479

3,049,170

3,510(18,082)(372)

263,372

1,708(7,033)

4,846

238,256

4,846

238,256

1,837,325

3,287,427

1,832,479

3,049,170

1,837,325

3,287,427

37.95

63.15

－

－

Subtotal
Other comprehensive income for the period, net oftax
Total comprehensive income for the period
Profit for the period attributable to:
Owners of the parent
Total comprehensive income for the period
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)－7－(3) Condensed Consolidated Statement of Changes in Equity
Nine months ended August 31, 2014 (December 1, 2013 – August 31, 2014)(¥ thousand)Other
components ofequityTotal equity

17,294,366

1,348

30,092,426－

1,832,479－

1,832,479

－

－

－

4,846

4,846

Total comprehensive income
for the period－－

1,832,479

4,846

1,837,325

Dividends from surplus－－(386,272)－(386,272)

6,421,392

6,375,317

18,740,574

6,195

31,543,479

Share capital

Capital reserves

6,421,392

6,375,317

Profit for the period－

Other comprehensive income

Balance at December 1, 2013

Balance at August 31, 2014

Retainedearnings

Nine months ended August 31, 2015 (December 1, 2014 – August 31, 2015)(¥ thousand)Other
components ofequityTotal equity

19,776,474

154,652

32,727,836－

3,049,170－

3,049,170－－－

238,256

238,256

Total comprehensive income
for the period－－

3,049,170

238,256

3,287,427

Dividends from surplus－－(579,408)－(579,408)

6,421,392

6,375,317

22,246,237

392,90935,435,856

Share capital

Capital reserves

6,421,392

6,375,317

Profit for the period－

Other comprehensive income

Balance at December 1, 2014

Balance at August 31, 2015－8－

Retainedearnings

(4) Condensed Consolidated Statement of Cash Flows(¥ thousand)Nine months ended
August 31, 2014
Cash flows from operating activities
Profit before tax
Depreciation expense
Increase (decrease) in provisions and retirement
benefits obligations
Interest and dividends income
Interest expenses
Gain on disposal of 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

Nine months ended
August 31, 2015

2,980,431
138,239

4,743,243
164,015(99,401)(464,931)(3,321)
597,613(531)
1,597(1,447,691)(16,030,439)
440,774(3,355)(22,010)
600,838－
1,451(1,596,860)(12,859,868)
719,150(7,077)

SubtotalInterest and dividends income received
Income taxes paid

(13,426,082)
2,288(1,273,742)(8,722,049)
24,736(2,204,213)

Net cash from (used in) operating activities(14,697,537)(10,901,526)(150,000)－(13,929)(1,095,186)(27,812)(726,630)
749,450(100,000)
140,000(63,765)(702,089)(41,996)(1,650)152,2211,156

444,960(300,000)
51－
53

210,317－

Cash flows from investing activities
Payments into time deposits
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
assetsPayments of loans receivableCollection of loans receivable
Proceeds from purchase of investments in
subsidiaries resulting in change in scope of
consolidation
Other, net

174－

Net cash from (used in) investing activities(1,352,409)(172,267)

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

662,200
27,757,000(13,137,211)(384,537)(859,902)(1,458)－25,510,000(14,394,926)(578,328)(831,705)(2,991)

Net cash from (used in) financing activities
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 period－9－14,036,090

9,702,047(2,013,856)
14,711,997(1,371,746)
16,100,795

3,445(9,253)

12,701,587

14,719,794

(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 theDevelopment 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, the Group rents officebuildings and apartments. The Fund and Consulting Business mainly provides asset management services
for the properties placed in real estate funds. The Property Management Business provides comprehensive
property management services. In the Alternative Investment Business, the Group acquires real estatecollateralized loans and sells the properties acquired through collection of debt and acceptance of
substitute performance.
The Group’s revenue and profit / loss by reportable segment are as follows:
Nine months ended August 31, 2014
(December 1, 2013 – August 31, 2014)(¥ thousand)

Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Alternative
Management Investment
Business
Business

Adjustment

Total

Revenue
Revenue from externalcustomers

15,719,387

4,685,743

2,993,094

656,439

2,162,918

874,081－

27,091,664

Intersegment revenue－－

42,844

8,057

370,483－(421,385)－

15,719,387

4,685,743

3,035,939

664,496

2,533,402

874,081(421,385)

27,091,664

1,706,183

422,177

1,832,632

133,945

187,425

222,458(930,099)

3,574,723

Total
Segment profit
Finance income/costs, net(594,292)

Profit before tax

2,980,431

Nine months ended August 31, 2015
(December 1, 2014 – August 31, 2015)(¥ thousand)

Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Alternative
Management Investment
Business
Business

Adjustment

Total

Revenue
Revenue from externalcustomers

14,862,197

5,631,882

2,907,411

1,343,955

2,235,057

647,345－

27,627,851

Intersegment revenue－－

39,1154,548

330,064－(373,728)－

14,862,197

5,631,882

2,946,527

1,348,504

2,565,122

647,345(373,728)

27,627,851

3,375,005

637,935

1,351,891

648,499

102,303

224,734(1,018,298)

5,322,071

Total
Segment profit
Finance income/costs, net(578,827)

Profit before tax

4,743,243－ 10 －

2. Dividends
Dividends paid in the nine months ended August 31, 2014 and August 31, 2015 are as follows:
Nine months ended August 31, 2014
Resolution
Ordinary General Meetingof Shareholders held on
February 27, 2014

Dividends per share(¥)

Total dividends(¥ thousand)

8386,272

Record date

Effective dateNovember 30, 2013

February 28, 2014

Nine months ended August 31, 2015
Resolution
Ordinary General Meetingof Shareholders held on
February 25, 2015

Dividends per share(¥)

Total dividends(¥ thousand)

12579,408

Record date

Effective dateNovember 30, 2014

February 26, 2015

3. Earnings per share
Nine months ended
August 31, 2014
Profit for the period attributable to owners of the parent(¥ thousand)
Weighted average number of outstanding ordinary shares(shares)
Basic earnings per share(¥)

Nine months ended
August 31, 2015

1,832,479

3,049,170

48,284,000

48,284,000

37.95

63.15

Notes: 1. Basic earnings per share is calculated by dividing profit for the period attributable to owners of the parent, by theweighted 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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