Fiscal Year Ended November 30, 2023
Explanatory Material for the Financial Results
Samty Co., Ltd. (securities code: 3244)

Contents
1.

Fiscal Year Ended November 30, 2023
Overview of the Consolidated Financial Statements



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

FY2023 Review
Earnings Summary
Overview of Consolidated Statements of Income
Overview of the Consolidated Balance Sheets
Financial Condition

2.

Fiscal Year Ended November 30, 2023
Overview by SegmentEarnings Summary by Segment
Earnings Highlights (Capital Gains Businesses)
Real Estate Development Business
Acquisition Results – Land for Development
Real Estate Development BusinessResidential Development Plan (by fiscal year)
Real Estate Development BusinessResidential Development Plan by area
Real Estate Development Business
Hotel and Office Development Plan






Real Estate Development Business and Real Estate Solution
Business Sales Results

Overseas Business State of Progress in Projects
Earnings Highlights (Income Gains Businesses)
Real Estate Leasing Business Acquisition Results—Income Properties
Real Estate Leasing Business
Asset Holdings by Region and Occupancy Rates
Hotel Business Hotel Occupancy Rates
Hotel Real Estate Management Business
AUM and Number of Units Under Management

3． Medium-Term Management Plan
Samty Toughening Plan (Post-COVID Version)
Review and State of ProgressBasic Policies and Key Performance Indicators (KPIs)
State of Progress of the Investment Plan
State of Progress in Key Performance Indicators (KPIs)
State of Progress in Expanding Group Assets

P. 02

P. 08

4． Dividends and Shareholder Returns


Dividends and Shareholder Returns
Shares (as of November 30, 2023)

5.

Fiscal Year Ending in 2024 Forecast of Consolidated Result

Fiscal Year Ending December 31, 2024
Forecast of Consolidated Results

6.

Topics and Sustainability InitiativesMeasures to Increase Rents of Rental Condominiums Owned
and Developed by the Company
Launch of "THE STAR Project," a Condominium Business inVietnamInvested in "JUNGLIA," a New Theme Park in Northern Okinawa
Mercure Tokyo Haneda Airport Opens
Inauguration of the SAMTY hardball team (1),(2)
Won Three Consecutive League Championships and Advanced
to the Japan Series for the Third Consecutive Year
Raised Starting Wages and Increased Employee Wage Base
Employment of Athletes
Enhancing Sustainability-Related Disclosure
Acquisition of BELS Certification for Development Properties
Third "Dream Classroom" Capstone Class Endorsed by theCompany

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4． APPENDIX

P. 22

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P. 27

P. 30

P. 32

P. 45

(1) Market Size
(2) Real Estate Prices(3) Long-term Interest Rates(4) Residential Rents (index-based and rent-based)(5) Office Vacancy Rates and Rents(6) Hotel Occupancy Rates(7) GDP Growth Rates in Japan and Vietnam

1

Fiscal Year Ended November 30, 2023
Overview of the Consolidated Financial Statements

FY2023
Overview of the Financial Statements

FY2023 Review
1. For FY2023, the Company’s net sales were ¥198.6 billion (up 54.6% from the previous year),
operating profit was ¥19.5 billion (up 38.7% from the previous year), and ordinary profit was¥15.8 billion (up 9.8% from the previous year).
Although there was a one-time expense of ¥900 million recorded as an extraordinary loss, and profit(attributable to owners of parent) was ¥10.3 billion (down 5.2% from the previous year),net sales, operating profit, and ordinary profit set new record highs.
2. The Company has been promoting rent increases at properties it owns to cope with inflation.
In FY2023, rent increases amounted to about +4.6%. Going forward, we will continue to pay attention

Fiscal Year

ended Nov. 30, 2023

to inflationary trends and set rents appropriately.
3. For the Hotel Business, net sales were ¥12.9 billion (up 104.6% from the previous year),a significant improvement due to the recovery of hotel occupancy rates. With a further recovery in

Overview

domestic tourism and inbound demand, the Company expects a significant improvement in net sales
and a return to profitability in operating profit for the fiscal year ending December 31, 2024.
⇒Continue preparing for the listing of a hotel REIT.
4. In the overseas business, net sales were ¥16.6 billion (up 122.9% from the previous year),and operating profit was ¥1.2 billion (the previous year was an operating loss of ¥0.5 billion).
Following strong sales of “THE SAKURA Project,” a condominium project in Vietnam, the Company
launched its second condominium project, "THE STAR Project.”
5. In the theme park business, which is the third pillar of our domestic business growth strategy,
we invested in Japan Entertainment Holdings Inc., the parent company of the developer and operatorof JUNGLIA, a new theme park in northern Okinawa scheduled to open in 2025. We are supporting
this project that will bring hope and vitality to Okinawa's future.

3

Earnings Summary

FY2023
Overview of the Financial Statements

Record High Net Sales, Operating Profit, and Ordinary Profit for FY2023.
Net sales for FY2023 were about ¥198.6 billion (up 54.6% from the previous year) and operating profit was about ¥19.5 billion (up 38.7%
from the previous year), both record highs except for profit, which was affected by a one-time special research expense.

Net Sales（百万円）(¥ mn.)

Full-year
plan
190,000

200,000
160,000

198,660

80,000085,552

101,120

90,460FY20192019/11期

FY20202020/11期

FY20212021/11期

20,00012,0008,000

128,470

FY20222022/11期

FY20232023/11期

Full-year
plan
16,50013,193

8,105

3,000

6,000
4,000

FY20212021/11期

FY20222022/11期

Profit*(¥ mn.)

8,000

15,854FY20202020/11期（百万円）
12,00012,00014,441

14,0839,461

FY20192019/11期

10,00015,247

19,533

17,3550

15,0009,000

15,4174,000

Ordinary Profit(¥ mn.)（百万円）
18,0006,000

Full-yearplan
20,00016,000120,000

40,000Operating Profit（百万円）(¥ mn.)

9,740

10,615

10,012

2020/11期
FY20202021/11期
FY2021

FY20232023/11期

Full-yearplan
11,00010,866

10,3062022/11期
FY20222023/11期
FY20232,000

00
2019/11期
FY20192020/11期
FY20202021/11期
FY20212022/11期
FY20222023/11期
FY2023

2019/11期
FY2019*Profit※親会社株主に帰属する当期純利益
attributable to owners of parent

4

FY2023
Overview of the Financial Statements

Overview of Consolidated Statements of Income

 As a result of aggressive property sales, net sales increased by 54.6% over the previous year and operating profit increased by 38.7%
over the previous year.
 In the previous fiscal year, a foreign exchange gain of ¥5.7 billion was recorded, while this fiscal year's foreign exchange gain was about¥0.9 billion. In addition, a special research expense was recorded as an extraordinary loss of ¥0.9 billion. Excluding this impact, net
sales, operating profit, ordinary profit, and profit were all at record highs.

2022/11期
FY20222023/11期
FY2023

前年同期比Year
on Year(Unit: Millions of yen)
（単位：百万円）

実績 l
Actua
Net sales
売上高

構成比
Percent

実績 l
Actua

Increase/増減
decrease

Percent
構成比

128,470

100%

198,660

100%

70,190101,304

78.9%

162,567

81.8%

13,081

10.2%

16,55814,083

11.0%

営業外収益
Non-operating profit

6,012

Non-operating expenses
営業外費用

2023/11期
FY2023Full-year
通期計画

Percent
増減率changePercentage
達成率
of progress

plan

（修正後）
(revised)
190,000

104.6%

61,263

-

-

8.3%

3,477

-

-

19,533

9.8%

5,449

20,000

97.7%

4.7%

1,691

0.9%

-4,320

-

-

5,654

4.4%

5,371

2.7%

-283

-

-

14,441

11.2%

15,854

8.0%

1,412

16,50096.1%

特別利益
Extraordinary income

80

0.1%

750

0.4%

670

-

-

特別損失
Extraordinary loss

12

0.0%

1,045

0.5%

1,033

-

-

純利益（親会社株主帰属）
Profitattributable to owners of parent

10,866

8.5%

10,306

5.2%

-559

-5.2%

11,00093.7%

１株当たり純利益（円）Earnings per share (yen)233.68-221.44--12.24-236.34-

Cost of sales
売上原価
Selling, general and
販売費・一般管理費

administrative expenses

営業利益
Operating profit

経常利益
Ordinary profit

54.6%

38.7%

9.8%

5

FY2023
Overview of the Financial Statements

Overview of the Consolidated Balance Sheets The Group‘s total assets remained flat as a result of aggressive property sales. Taking into account trends in financial
indicators and the market environment, the Group will continue to accumulate assets in order to achieve its medium-term
management plan (post-COVID version).
（単位：百万円）(Unit: Millions of yen)
資産合計
Total
assets
流動資産
Current
assets2022/11期
Asof Nov. 30,2022
実績2023/11期
Asof Nov. 30,
2023
実績

Increase/
増減額
decrease

主な増減理由Main reasonsfor increase/decrease

413,594

413,429-164◇Real estate for sale
◇販売用不動産

289,904

317,771

27,866

Property acquisitions
物件取得

mn. yen+31,972 百万円

Transfers and other
振替その他

mn. yen-23,682 百万円

現金及び預金Cashand deposits

46,00245,285-717

販売用不動産Realestate for sale

114,623

122,1177,493

仕掛販売用不動産
Real
estate for sale in process

122,065130,096

8,031

123,581

95,578-28,003

Acquisition of land for development,
開発用地取得・建築費
and building costs+75,282 百万円
mn. yen90,43553,577-36,858

Transfers and other
振替その他-68,594 百万円
mn. yen

414

459

44

32,731

41,541

8,810

303,199

302,315-883

89,543

115,255

25,712

短期借入金 borrowings
Short-term

30,468

12,689-17,778

１年内返済予定の長期借入金
Current
portion of long-term borrowings

35,39559,01823,622◇Shareholders’ equity
◇株主資本

-

14,844

14,844

四半期純利益Net profit for the quarter

5,170

9,270

4,100

配当金の支払い
Dividend payments

213,656

187,060-26,595

長期借入金borrowings
Long-term

162,999

154,503-8,496

Non-recourse
long-term borrowings
ノンリコース長期借入金

25,77010,750-15,020社債 payable
Bonds

8,145

4,375

-3,770

新株予約権付社債
Bonds
with share acquisition rights

12,00012,000-

純資産
Net
assets110,395

111,114718

負債純資産合計
Total
liabilities and net assets

413,594

413,429

-164

有利子負債
Interest-bearing
debt

267,948

265,450-2,498

株主資本Shareholders’equity100,101

106,314

6,213

23.9%

25.5%

+1.6%

固定資産
Non-current
assets
有形固定資産Propertyand equipment
無形固定資産
Intangible
assets
投資その他の資産
Investments
and other assets
負債合計
Total
liabilities

Current
liabilities
流動負債

１年内返済予定のノンリコース長期借入金
Current
portion of non-recourse long-term borrowings
１年内返済予定の社債
Current
portion of bonds
固定負債
Non-current
liabilities

自己資本比率Equityratio (%)

（Note: Interest-bearing debt is calculated excluding zero-coupon bonds with stock acquisition rights.)◇Real estate for sale in◇仕掛販売用不動産
process◇Property, plant and equipment◇有形固定資産
収益不動産取得
properties

Acquisition of income+5,657 百万円
mn. yen

振替その他
Transfers and other-44,332 百万円
mn. yenmn. yen+10,306 百万円
mn. yen-4,186 百万円

6FY2023
Overview of the Financial Statements

Financial Condition Borrowings decreased due to aggressive sales. As a result, the net D/E ratio improved from 2.25 to 2.09.
 Long-term borrowings have an annual maturity of 9.8 years and an average interest rate of 1.36%, and among them,borrowings on income properties have an average maturity of 14.1 years and an average interest rate of 1.26%.
 Strengthened the sustainability perspective in finance, including consideration of borrowing through green loans.
Interest-Bearing Debt and Net D/E Ratio
Short-term borrowings

Current portion of long-term borrowings

Current portion of non-recourse long-term borrowings

Current portion of bonds

Long-term borrowings

Non-recourse long-term borrowings

Bonds payable

Net D/E ratio

Net D/E
ratio

Interestbearing debt(¥mn.)FY2019FY2020

FY2021

Note: Net debt-equity ratio = (Interest-bearing debt - Cash and deposits) / Equity
Note 2: Interest-bearing debt excluding zero-coupon bonds with stock acquisition rights

FY2022

FY2023

7

Fiscal Year Ended November 30, 2023
Overview by Segment

FY2023
Overview by Segment

Capital Gains

Income Gains

Earnings Summary by Segment

Both sales and profit increased in all segments: the Real Estate Development Business, Real Estate Solution Business,
and Overseas Business. In the Real Estate Development Business, there are 209 residential properties with about 13,500
units that will be completed, which will continue to drive our business. In the Overseas Business, the Group's second
residential condominium project was launched in Ho Chi Minh City, Vietnam.
The Real Estate Leasing Business posted slight decreases in both sales and profit as a result of aggressive property
sales. The Hotel Business is expected to achieve significantly higher sales and return to profitability in FY2024 (Dec.).

（単位：百万円）(Unit: Millions of yen)2022/11期
FY20222023/11期
FY2023Operating
利益率
margin

実績
Actual

実績
Actual

前年同期比Year
on YearOperating
利益率
margin2023/11期
FY2023

Percent

Increase/増減
decrease

Full-year
通期計画

増減率
changeplan

Percentage
達成率
of progress

128,470-

198,660-

70,190+54.6%

190,000

104.6%

不動産開発事業Real
Estate Development Business

73,488-102,627-

29,138+39.7%

94,000109.2%

不動産ソリューション事業
Real
Estate Solution Business

28,656-53,523-24,867+86.8%

56,00095.6%

海外事業
Overseas
Business

7,463-

16,640-9,176

15,000110.9%

不動産賃貸事業Real
Estate Leasing Business

8,704

-

8,679

-

-24

-0.3%

8,500

102.1%

ホテル賃貸・運営事業
HotelBusiness

6,293-

13,020-6,727+106.9%12,800101.7%

不動産管理事業Real
Estate Management Business

5,193

-

6,700

-

1,506

+29.0%

6,400

104.7%

調整額
Adjustment-1,330--2,532--1,201--2,700-

営業利益 profit
Operating

14,083-

19,533

9.8%

5,450

-

20,00097.7%

RealEstate Development Business
不動産開発事業

15,63721.3%

16,193

15.8%

555

+3.6%

16,40098.7%

RealEstate Solution Business
不動産ソリューション事業

3,928

13.7%

6,554

12.2%

2,626

+66.8%

6,500

100.8%

Overseas
Business
海外事業

-593

-

1,237

7.4%

1,831

-

1,300

95.2%

不動産賃貸事業Real
Estate Leasing Business

4,168

47.9%

4,020

46.3%

-147

-3.5%

3,700

108.7%

ホテル賃貸・運営事業
HotelBusiness-2,742--1,086

-

1,655

-

-1,100

-

775

14.9%

476

7.1%

-299

-38.6%

500

95.2%-7,090--7,861--771--7,300

-

売上高
Net
sales
CapitalIncomeCapitalIncome

不動産管理事業Real
Estate Management Business
調整額
Adjustment

Note: Net sales of each segment include intersegment sales or transfers.

122.9%

9

FY2023
Overview by Segment

Earnings Highlights (Capital Gains Businesses)
Real Estate Solution
Business

Real Estate Development
Business
Incomegains

Percent of sales:
51.7%

Capital
gains

•

•

Incomegains

We sold 66 properties (¥102.6 billion) in
FY2023. The Company will continue to watch
market trends and flexibly sell properties, while
maintaining a balance with its borrowings.
We will proceed with improving theenvironmental performance of developed
properties, and the acquisition of BELS
certification, and strive to enhance the social
value of properties in development.

•

Incomegains

Percent of sales:
26.9%

Capitalgains•

Overseas BusinessWe sold 60 properties (¥53.5 billion) in FY2023.
Recognizing a bit of difficulty regarding future
procurement due to soaring property prices, theCompany strengthened its procurement
activities.
We strengthened procurement activities, while
promoting investment in more carefully selected
properties.

Capital
gains

•

•

THE SAKURA Project sales progressed steadily.
Sales of the remaining units are also progressing
well, and expect to record sales are at the time ofdelivery.
Based on the strong performance of the above
project, we began work on our second project,"THE STAR Project." This will be a condominium
development project in Ho Chi Minh City,
Vietnam, on the same scale as the above project.

（百万円）(¥ mn.)（％）（百万円）(¥ mn.)（％）(¥ mn.)（百万円）

120,000

30.0

100,000

30.0

19,00078,00080,00074,00073,48815.8

15,00020.0

20.0
60,00015.7

53,52314.2

40,00040,0000

10.0
15,637

FY20232023/11期（Actual）
（実績）

12.2

28,656

11,611
FY20222022/11期

7,000

FY2024 (Dec.)
2024/12期（Plan）
（計画）

3,000
3,928

0.0

0

■Net sales ■Segment operating profit ● Segment operating margin

7,463

10.0

20,00016,19320.0
11,00013.7

60,00020,00030.0
17,00016,64021.3
80,000（％）

102,627

100,000

Percent of sales:
8.4%

FY20222022/11期

6,554
FY20232023/11期（Actual）（実績）

11,101

FY2024 (Dec,)
2024/12期（Plan）（計画）

0.0-1,000(593)

2022/11期
FY2022

7.4

9.8

1,237

1,669

10.0

0.0
2023/11期
FY2023（Actual）（実績）

2024/12期
FY2024(Dec,)（Plan）（計画）

Note: Net sales for the percent of sales is calculated based on the amount of net sales to third parties.

10

FY2023
Overview by Segment

Real Estate Development Business
Acquisition Results – Land for Development

 For FY2023, we acquired 99 parcels of land for development in major cities throughout Japan for about ¥39.8 billion
For FY2024 (Dec.), the Company currently plans to acquire 46 parcels of land for development (about ¥22.3 billion).
 We plan to acquire parcels of land for development of four properties (about ¥8.4 billion) in the next fiscal year and thereafter.

Land for development: Based on acquisition amount (percentage of progress)

Full-year
通期計画
plan

720億円
¥72.0
bn.

2024/12期
FY2024 (Dec.)

2023/11期
FY2023
Actual
実績

398億円
¥39.8
bn.

Planned
決済予定

Percentage of
進捗率
progress

通期計画
Full-year
plan

settlement

223億円
¥22.3
bn.

55.3%

835億円
¥83.5
bn.

To settle
来期以降
next FY

決済予定
or later

Percentage
進捗率
of progress

26.6%

84億円
¥8.4
bn.

*Focus on acquiring land for development,
including land for forward committed
projects.
Income properties: Based on number of acquisitions (by region)Tokyo
metropolitan
area

北海道
Hokkaido
Acquired in fiscal year ending
2023/11期
取得実績

Nov. 2023
Expected to be決済予定
settled in fiscal year
2024/12期
ending Dec. 2024
Expected to be settled in fiscal year
2025/12期
以降決済予定ending Dec. 2025 or later

首都圏

中部
Chubu

関西
Kansai

Chugoku
中四国/Shikoku

Kyushu
九州

合計
Total

13件
13

24件
24

35件
35

13件
13

8件
8

6件
6

99件
99

2件
2

17件
17

14件
14

4件
4

7件
7

2件
2

46件
46

-

-

--

2件
2

--

2件
2

4件
4

11

Real Estate Development BusinessResidential Development Plan (by fiscal year)

FY2023
Overview by Segment

 A total of 53 residential buildings (3,586 units) are scheduled to be completed in FY2023.
 From FY2024 (Dec.) on, we are planning to develop a total of 209 buildings with about 13,500 units in cities across Japan going
forward. We will continue to promote residential development.

北海道

首都圏

中部

関西

中四国

九州
(Reference)
Assumed rent ofproperties owned
About(Buildings)

120
100
80
60

(Reference)
Assumed rent ofproperties owned
About¥3,606 mn.

(Reference)
Assumed rent ofproperties owned
About¥4,701 mn.

Purchasing
in progress¥8,230 mn.

102(7,101 units)

74(4,596 units)

53(3,586 units)
33（1,983 units）

40
20
0

FY20232023/11期

FY2024(Dec.)
2024/12期

FY2025(Dec.)
2025/12期(Actual)（実績）(Plan)（計画）(Plan)（計画）

FY2026(Dec,) onward
2026/12期以降(Plan)（計画）

Notes: (1) The number of buildings is the total of the development plan and results for S-RESIDENCE and investment unit sales.
(2) Assumed rental revenue (annual) is calculated using the number of properties owned and the rents expected from the projects at full occupancy.

12

FY2023
Overview by Segment

Real Estate Development BusinessResidential Development Plan (by area)

 Future residential development plans by area: Hokkaido: 20 buildings (752 units); Tokyo metropolitan area: 58 buildings (3,028 units);
Chubu: 68 buildings (5,256 units); Kansai: 25 buildings (2,080 units); Chugoku and Shikoku: 18 buildings (1,361 units); and Kyushu: 20
buildings (1,203 units), for a total of 209 buildings (about 13,500 units) scheduled for completion.

Hokkaido
20 buildings/752 units

Kansai25 buildings/2,080 units

Chugoku/Shikoku
18 buildings/1,361 units

Kyushu20 buildings/1,203 units

Tokyo Metropolitan area
58 buildings/3,028 units

Chubu
68 buildings/5,256 units

13

FY2023
Overview by Segment

Real Estate Development Business
Hotel and Office Development Plan Hotel and office development projects scheduled for completion and opening this fiscal year and beyond are also on track.
 In line with our policy of making strategic investments in regional cities, we are promoting developments focused on cities where we havebranch offices and their surrounding areas.
Type

FY
2024

Hotel

2026
TBD

Project Name

Location

Office2025

TBD

Planned Opening(completion)

Six Senses Kyoto

Higashiyama-ku, Kyoto

81 Tuesday, April 23, 2024

Banyan Tree Higashiyama Kyoto

Higashiyama-ku, Kyoto

52

Summer 2024
Fall 2026

Shangri-La Hotel Kyoto Nijojo Project (tentative name)

Kamigyo-ku, Kyoto

77

Sapporo-shi Hotel Project

Sapporo-shi--

Osaka-shi Kita-ku Hotel Project

Kita-ku, Osaka-shi--

Hiroshima-shi, Minami-ku Hotel Project

Minami-ku, Hiroshima-shi

-

-

210

-

Total: 6 buildings
2024

No. of Rooms

Odori-Nishi 5-Chome II Office Building ProjectChuo-ku, Sapporo-shi

-

2024

Nakamura-ku Noritake 1-Chome Office Building Project

Nakamura-ku, Nagoya-shi

-

2024

Sapporo-shi Chuo-ku Office ProjectChuo-ku, Sapporo-shi

-

2025

Nagoya-shi Nakamura-ku Office Project

Nakamura-ku, Nagoya-shi

-

2025

Hiroshima-shi Naka-ku Office Project

Naka-ku, Hiroshima-shi

-

2025

Hiroshima-ken, Fukuyama-shi Office Project

Fukuyama-shi, Hiroshima-ken--

Fukuoka-shi Hakata-ku Office Project

Hakata-ku, Fukuoka-shi

-

-

-

-

Total: 7 buildings

Entrance lobby,
Hotel Mercure Hida Takayama

Artist’s rendering of the Mercure Tokyo
Haneda Airport Bar

Artist’s rendering of the Banyan Tree
Higashiyama Kyoto lobby

Notes: (1) Project names that have the word “Project” in them are tentative names.
(2) The renderings are from the consideration stage of the project and may change in the future.

Artist’s rendering of the Six Senses
Kyoto

14

Overview by Segment
Capital Gains

Real Estate Development Business and Real Estate Solution Business
Sales Results In FY2023, we sold 66 properties in our Real Estate Development Business and 60 properties in our Real Estate Solution
Business for a total of 126 properties.
 In FY2024 (Dec.), the Company will continue with flexible and agile property sales in light of market trends.

Based on number of sales (percentage of progress)
Segment
セグメント

FY20232023/11期

Full-year
plan
通期計画

Percentage of
進捗率
progress

Actual実績

FY2024 2024/12期(Dec.)

通期計画

Planned sales Planned
sales
売却予定

Percentage of
進捗率
progressReal
Estate Development Business
不動産開発事業

61
61件

66
66件

108.2%
108.2%

55
55件

4件4

7.3%
7.3%

(うち S-RESIDENCE)(S-RESIDENCE)

(60件)
(60)

(63件)
(63)

105.0%
105.0%

(54)
(54件)

(4)
(4件)

7.4%
7.4%

--

--

--

(0)
(0件)

(0)
(0件)

--

(うちandホテルその他)(Hotelother)

(1件)
(1)

(3件)
(3)

300%
300%

(1)
(1件)

(0)
(0件)

0%
0%

不動産ソリューション事業
Real
Estate Solution Business

44件
44

60件
60

136.4%
136.4%

88件
88

8件8

9.1%
9.1%

105件
105

126件
126

120.0%
120.0%

143件
143

12件
12

8.4%
8.4%

(うち 投資分譲)(Investment
unit sales in lots)

合計
Total

Based on number of sales (by region, FY2023 results)
売却種別／エリア
Segment/Region
不動産開発事業

Real Estate Development Business(うち S-RESIDENCE)(S-RESIDENCE)

北海道
Hokkaido
4件
4

Tokyo
首都圏
metropolitan
area

17件
17

中部
Chubu

関西
Kansai

21件
21

Chugoku/
中四国

九州
KyushuShikoku

11件
11

12件
12

合計
Total

1件
1

66件
66

(4件)

(16件)

(20件)

(10件)

(12件)

(1件)

(63件)

(うち 投資分譲)(Investment
unit sales in lots)

--

--

--

--

--

--

--

(うち
(Hotelandホテルその他)
other)

--

(1件)
(1)

(1件)
(1)

(1件)
(1)

--

--

(3件)
(3)

13件
13

14件
14

6件
6

9件
9

5件
5

13件
13

60件
60

17件
17

31件
31

27件
27

20件
20

17件
17

14件
14

126件
126

不動産ソリューション事業
Real
Estate Solution Business
合計
Total

(4)

(16)

(20)

(10)

(12)

(1)

(63)

15

Overview by Segment
Capital Gains

Overseas BusinessState of Progress in Projects
 The V8 building is completely sold on an application basis. Deliveries to customers are also close to being
completed.
 As with V8, V9 was completely sold, with about 99% of the total units delivered.
 V10 began sales around the end of 2022, with sales progressing steadily at about 94%. Sales are recorded
after completion and upon delivery.
 V7 sales are also progressing well, with a progress rate of about 78%.
We will continue to promote this business to complete our first for-sale housing business overseas.

Timing of Delivery and Status of Sales (As of January 15, 2024)（units）■
Total units (residential)総戸数（ショップハウス）■Total units (shophouse)
総戸数（住宅）1,200■
Units sold (applied for)
販売戸数（申込ベース）

Sold out

For sale

Percentage
of progress

Percentage
of progress
About

1,000
800

Artist’s rendering of the rooftop garden

Sold out

600
400Percentage
of progress

100％

94％

Percentage
of progress
About

100％

200
0
Start ofdelivery

Artist’s rendering of an entrance hall

Number soldFor sale

78％

V8
V8棟

V9
V9棟

V10
V10棟

V7
V7棟

November 2022

January 2023

Fall 2024 (Plan)

Summer 2025 (Plan)

718 units/

1,126 units/

1,059 units/

532 units/

718 units

1,126 units

1,133 units

690 units

Note: In the graph above, “percentage of progress”
is calculated on applications.

16

Earnings Highlights (Income Gains Businesses)

Overview by Segment
Income Gains

Incomegains••

Incomegains

Percent of sales:

4.4%

Capital
gains

•

•

6.5%

Sales increased significantly from the previous fiscal
year, and the operating profit loss decreased.
We expect business performance to improve due to arecovery in domestic tourism and inbound demand.
Although there will be some negative impact until newly
opened hotels are in full operation, we expect asignificant increase in revenue and a return toprofitability in operating profit for FY2024 (Dec.).

（％）

（百万円）
(¥ mn.)（％）

10,00080.0

24,000521,700

8,679
7,300
47.9

6,000

4,000

60.0

4,168

4

12,000

2.7

40.0

4,020

8,000

6,293

3,240
20.0

2,000

•

Assets under management (AUM) and thenumber of units under management grewsteadily, and sales also increased steadily.
Accompanying the expansion of the scale ofbusiness, such as the development of offices
nationwide, there were increased expenses sosales increased but profits decreased. Aiming forsteady growth with an increase in the number ofunits under management.
（％）

（百万円）
(¥ mn.)

30.0

10,000

8,000
6,700

13,02044.4•

16,000

46.3

3

6,000

2

4,000

FY20232023/11期（実績）

FY2024(Dec.)
2024/12期(plan)（計画）

0.0-4,000■Net sales ■Segment operating profit ● Segment operating margin

10.0

7.1
576

1

2,000
775

(1,086)FY20222022/11期

20.0

5,193 14.9

4,000
0

0

2.1%

8,600

20,0008,000

Percent of sales:

Capital
gains

（百万円）
(¥ mn.)

8,704

Incomegains

Percent of sales:

Capitalgains

Aggressive property sales resulted in a slightdecrease in revenue and profit compared to theprevious year.
To improve the environmental performance ofthe properties we own, we are consideringswitching to green energy in the future. In
addition, we plan to increase rents and common
area management fees in light of inflationary
trends to increase stable income.

Real Estate Management
Business

Hotel Business

Real Estate Leasing Business(2,742)
FY20222022/11期

0
FY20232023/11期

FY2024 (Dec.)
2024/12期(actual)（実績）(plan)
（計画）

6.0
476

514
0.0

0
FY20222022/11期

FY20232023/11期

FY2024(Dec.)
2024/12期(actual)（実績）(plan)（計画）

Note: Net sales for the percent of sales is calculated based on the amount of net sales to third parties.

17Real Estate Leasing Business
Acquisition Results – Income Properties

Overview by Segment
Income Gains In FY2023, we acquired 53 income properties in major cities throughout Japan for about ¥32.5 billion.
 For FY2024 (Dec.) and beyond, the Company will focus on acquiring land rather than income-producing real estate, butcurrently plans to acquire two income-producing properties (about ¥1.6 billion).

Income properties: Based on acquisition amount(percentage of progress)
Full-year
通期計画
plan

500億円
¥50.0
bn.

2023/11月期
FY2023
実績
Actual
325億円
¥32.5
bn.

To be settled in
2024年12月期以降

Be stricter on procurement,
and invest selectively.

FY2024(Dec.)
決済予定
or later

Percentage
進捗率
of progress

65.0%

16億円
¥1.6 billion

Income properties: Based on number of acquisitions (by region)

北海道
HokkaidoTokyo
metropolitan
area

首都圏

Koshinetsu
甲信越

中部
Chubu

関西
Kansai

Chugoku
中四国/Shikoku

九州
Kyushu合計
Total

2023/11期
取得実績
FY2023 acquisitions

7件
7

12件
12

1件
1

8件
8

11件
11

5件
5

9件
9

53件
53

To be settled in決済予定
FY2024 (Dec.)
2024/12期

0件
0

0件
0

0件
0

1件
1

0件
0

0件
0

1件
1

2件
2

18

Overview by Segment
Income Gains

Real Estate Leasing Business
Asset Holdings by Region and Occupancy Rates

 We own 152 rental properties (total book value of about ¥148.6 billion), including residences, hotels, and offices.
Of these, the occupancy rate for residential properties is continuing to be steady, at around 93%.
 We have created a well-balanced portfolio by holding properties throughout Japan.

Residential Occupancy Rates

Asset Holdings by Region（％）

Hokkaido Koshinetsu
5.6%
0.7%
Chubu
13.6%

100

Kansai47.3%

Chugoku
Shikoku
8.1%

Kyushu20.6%

Tokyo metropolitan area
4.2%

95.6 95.7
94.6 94.5 95.4 94.5
94.5 94.6 94.8 94.3 94.0 93.4

9080

保有資産の割合（資産種別）
Asset
Holdings by Asset Type

Other
6.3%
0

Residential
55.3%

Hotel
22.6%

Office15.8%

Note: Data is as of November 31, 2023. The total is based on the total book value of real estate forsale and non-current assets owned by the Samty Group on a consolidated basis.

１Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q
FY2021

FY2022

FY2023

Note: Average occupancy rate at end of each quarter Total floor area basis (weighted average):
Total leased area of each property/total floor area
Excluded from the total are special properties, such as newly built properties or properties that are
acquired that have not passed a certain period of time.

19

Hotel Business
Hotel Occupancy Rates

Overview by Segment
Income Gains Mercure Tokyo Haneda Airport was added to the hotels in which we are participating for leasing.

Six more hotels are scheduled to be developed in the future.
 Average occupancy rates are steadily recovering. The number of foreign tourists is increasing in

addition to the number of domestic tourists, and further increases in occupancy rates and averageroom rates are expected.
Hotels in which Samty is Involved
RegionTokyo
metropolitan
area

Chubu

Kansai

Chugoku

Hotel name108

Operated

Hotel Sunshine Utsunomiya

160

Operated

S-PERIA INN Nihombashi Hakozaki

114

Developed andoperated

Mercure Tokyo Haneda Airport

363

Developed

Mercure Hida Takayama

161

Developed

Ibis Styles Nagoya

Developed

86

Owned

GOZAN

21

Owned

S-PERIA INN Osaka Hommachi

125

S-PERIA HOTEL Kyoto

165

Developed andoperated
Developed andoperated

Mercure Kyoto Station

225

Developed

50%

Agora Kyoto Karasuma

140

Developed

40%

Agora Kyoto Shijo

80

Developed

30%

Aloft Osaka Dojima

305

Owned

20%

Oakwood Hotel Kyoto Oike

120

Developed andowned

Hotel the Pavone (Nesta Resort Kobe)

109

Operated

Nest Hotel Hiroshima Hatchobori

126

Owned

NEST Hotel Hiroshima Station

84

Owned

287
87

Developed andoperated
Developed andoperated

155

Operated

21 hotels

3,305 rooms（東京都）

Semi-state of emergency
まん延防止等重点措置(Tokyo)

（東京都）

(%)

284

S-PERIA HOTEL Fukuoka Nakasu

State of emergency
緊急事態宣言(Tokyo)

GoToCampaign
andGoTo
キャンペーン・Japan-wide travel
全国旅行支援assistance

Amano Hashidate Hotel(including Auberge)

S-PERIA HOTEL Nagasaki

Total

Average Occupancy Rates

RemarkCenter Hotel TokyoS-PERIA HOTEL Hakata

Kyushu

Rooms

90%
80%
70%
60%

10%
0%

1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11
2019

2020

2021

2022

2023

Note: Calculated based on a weighted average of the average occupancy rate of each hotel as of the end of each month.
Excluded from the total are properties that have been open less than one year.

20Real Estate Management Business
AUM and Number of Units Under Management

Overview by Segment
Income Gains••

AUM reached the ¥380 billion level atthe end of January 2023.
AUM is expected to expand due to anincrease in assets under management
and the formation of a hotel REIT.
We will continue to share properties asa sponsor.

•
•

AUM

（¥ bn.）REIT
REIT

Number of Units Under Management

私募(サブAM等を含む)
Private (including management of sub-assets)¥382.7 billion

4,000
400

2,624
262.4

3,178
317.8

リートPM

(units)REIT property management
一般オーナー
分譲管理
Condominium
management
About

30,000units
Number is steadily
increasing

40,000

AUM is growing
steadily

6,000
600

30,64630,000

3,827
382.7

20,000

2,000
200

0

Samty assets
サムティ資産Generalowners

50,0008,000
800

The number of units under management by SPM
reached the 30,000 level, and is increasing
steadily.
In addition to an increase in the number ofproperties owned by Samty Residential
Investment Corporation, more than 10,000 units ofproperties developed by the Company arescheduled for completion in the next fiscal year
and beyond. Steady expansion is expected in the
future.

25,91017,85810,000End of

2021/1末
Jan. 2021

End of

2022/1末
Jan. 2022

End ofJan. 2023

2023/1末End of
2024/1末
Jan. 2024（目標）(target)End of2025/1末
Jan. 2025（目標）(target)0

End of
End of
End of 2023/11末End of
End of
2021/11末
2022/11末
2024/12末
2025/12末
Dec. 2025
Nov. 2021 Nov. 2022 Nov. 2023 Dec. 2024
（目標）
（目標）
(target)(target)21

Medium-Term Management Plan

Samty Toughening Plan (Post-COVID Version)
Review and State of Progress

Review of the MediumTerm Management Plan

Basic Policies and Key Performance Indicators (KPIs)

 The retooled Medium-Term Management Plan of January 2021 takes a look at social trends and has a plan to transform ourstructure to expand stable earnings.
 The goal is to maintain an equity ratio of 30% and aim for approximately double the net sales and operating profit at the time
the plan was formulated, by the end of FY2025 (Dec.).
Basic Policies

1

Switch to a “develop and own”
business

2

Establish a hotel REIT

3

Strategically invest in regional
metropolitan areas

4

Build a profit base overseas

KPI Targets
FY2020
ActualNet sales

FY2021
ActualFY2022
ActualFY2025 (Dec.)
Numerical Target(¥13.8 bn.)（¥18.8 bn.）（¥25.8 bn.）（¥37.6 bn.）

¥205.0 bn.

About ¥220.0 bn.

¥17.3 bn.

¥9.4 bn.

¥14.0 bn.

¥19.5 bn.

¥21.0 bn.

More than ¥35.0 bn.

ROE

14.3％

11.6%

11.1%

10.0%

－

About 15.0％

ROA

7.4％

3.2%

3.7%

4.7%

－

About 7.0％

Equity ratio

30.7％

27.0%

23.9%

25.5%

－

More than 30.0％

Operatingprofit¥101.1 bn.

¥90.4 bn.

¥198.6 bn.

FY2024 (Dec.)
Plan(¥12.1 bn.)(rental income,etc.)¥128.4 bn.

FY2023
ActualNotes : (1) ROA = Operating profit / Total assets (average of FY start and end)
(2) Net sales for the rental income, etc. portion of net sales is calculated based on the amount of net sales to third parties.

(¥45.0 bn.)

23

Review of the MediumTerm Management Plan

State of Progress of the Investment Plan

The Investment Plan Is Proceeding Favorably toward Early
Achievement of Targets
 Implementing a plan to invest about ¥750 billion over the five-year period of 2021-2025. The numerical targets andpercentages of progress for each theme are given below.
 As of the end of FY2023, cumulative investments totaled ¥658.3 billion (up ¥154.6 billion over the end of the previous
period), with a steady progress rate of 87.8%.
Launched THE STAR PJ, a
We will continue working on early achievement of our targets.
project of the same scale
as THE SAKURA PJ

Percentage of Progress toward Targets by Theme
Development ofResidential Properties

State of progress¥¥

300.0 bn.

Acquisition ofIncome Properties

Overseas BusinessState of progressState of progressState of progress

307.2 bn.

102.4% Reached

TargetamountDevelopment ofHotels and Office Buildings¥

121.0 bn¥.

156.2 bn.
62.5%

100.9% Reached

Targetamount¥120.0 bn.

¥

Targetamount¥250.0 bn.

73.7 bn.

92.2%

Targetamount¥80.0 bn.

Note: For projects contracted and settled or planned to be settled from December 2020 onward. The progress figures are total cost values for the projects.

24

Review of the MediumTerm Management Plan

State of Progress in Key Performance Indicators (KPIs)

 Due to aggressive property sales, the equity ratio showed increased.
 Continuing from FY2022, ROA increased again. The Company will keep the target level of the medium-term management
plan in mind and continue aiming to improve ROA and ROE.

Equity and Equity Ratio
Equity(¥mn.)

Equityratio(%)

120,000

45
40

100,000

32.5

105,54430.7

98,771
94,29680,00023.9
77,02871,027

25.5

35

20

60,000

ROE

(%)

ROA

15

15.0

14.7

14.3
11.7

12.0

9.0

8.1

5

6.0

3.2

0

20,000FY20192019/11期

FY20202020/11期

FY20212021/11期

FY20222022/11期

FY20232023/11期

3.0

0.0

11.3

10.1

7.4

10

40,000Note:
ROE = Profit / Equity ((average of FY start and end)
ROA = Operating profit / Total assets (average of
FY start and end)

18.0

30
25

27.0

ROE and ROA

3.7

4.7

Temporary decline
due to asset
expansion
2019/11期
FY20192020/11期
FY20202021/11期
FY20212022/11期
FY20222023/11期
FY202325

Review of the MediumTerm Management Plan

State of Progress in Expanding Group Assets

 In FY2023, Group assets remained unchanged from the previous year as a result of the sale of properties.
 We are implementing strategic initiatives 1-3 below so that our assets will grow steadily until the end of FY2025 (Dec.).
Aiming for Group assets of¥1.0 trillion by FY2025 (Dec.)■Total assets (Samty) ■AUM (Residential REIT) ■ AUM (Hotel REIT)

1

Preparation for listing
the hotel REIT（¥bn.）

1,000
10,0002
Support for increasing
the residential REIT’s
AUM

8,000
800

6,000
600

4,000
400

495.5

576.2

576.1

3

369.3

Accumulation ofincome properties

2,000
200

0
0

FY20202020/11期(実績)(Actual)FY20212021/11期(実績)(Actual)FY20222022/11期(実績)(Actual)FY20232023/11期(実績)(Actual)FY2025 (Dec.)
2025/12期(目標)(Target)Note: Group assets are calculated by adding Samty’s total assets + the balance of the REIT AUM (assets under management).

26

Dividends and Shareholder Returns

Dividend Policy/Shareholder
Returns

Dividends and Shareholder Returns

The New NISA Started in January 2024. Continue with Measures that Emphasize
Shareholder Returns, Including Dividends and Shareholder Benefits.
Dividends(¥)（円）

In FY2023 we kept dividends at the same level as
FY2022, with an annual dividend of ¥90 (¥39 at midyear and ¥51 at year-end).
The Company recognizes that returning profits to100

Initial

当初予想配当金
planneddividend

Dividend

増配（1回目）
increase(first)90

Dividend

増配（2回目）
increase(second)

90

82

Dividend

Dividend
payoutratio(%)
配当性向（％）

増配（3回目）
increase(third)

94

90

70

80
60
60

50

shareholders is one of its most important managementtasks, so we plan to increase the dividend, and ourdividend forecast for FY2024 is ¥94 (interim: ¥43,
year-end: ¥51).

80

39.8
40

37.1

38.5

38.1

2022/11期
FY20222023/11期
FY2023(Actual)
（実績）

40
30

31.4
20

20
2020/11期
FY20202021/11期
FY20212024/12期
FY2024 (Dec.)(Plan)（予想）

Shareholder Returns

1. Shareholder benefits

2. Presentation of QUO cards

We provide benefits to shareholders ofrecord as of November 30 allowing them tostay for free at the hotels in Japan in which
we are involved.

We give a QUO prepaid card worth ¥1,000 to
those shareholders who have exercised theirvoting rights.

a28

Shares (as of November 30, 2023)

SharesNumber of Shares and Shareholders

Share Distribution by Ownership

Total no. of authorized shares

Ordinary shares

159,200,000

No. of shares issued

Ordinary shares

46,584,085

No. of shareholders

Ordinary shares

56,236

Major Shareholders (Top 10)
Name of shareholder

Number of
持株数
shares owned

Percentage
持株比率
of ownershipDaiwa Securities Group Inc.

13,195,050

28.32%The Master Trust Bank of Japan, Ltd. (a trust)

2,571,800

5.52%

Individual

1,376,572

2.95%

Individual

1,330,000

2.85%

Daiwa PI Partners Co. Ltd.

1,250,000

2.68%

Tsuyoshibiru Co., Ltd.

1,220,000

2.61%

Individual

1,200,000

2.57%

Individual

804,524

1.72%

Individual

362,500

0.77%

OG Capital Co., Ltd.

352,900

0.75%

23,663,346

50.79%

合Total計•

The percentages of share ownership exclude treasury shares and have been rounded
to two decimal places.

Owner
所有者

No. of
株主数
shareholders

No. 株式数
of shares

比率
Percentage

Financial institutions

3,374,850

22

7.24%

Financial instruments
business operators

298,304

21

0.64%

Other corporations

16,411,721

424

35.23%

Foreign corporations, etc.

1,251,333

242

2.68%

Individuals & other

25,247,001

55,52654.19%

Treasury shares

876

1

0.00%

Total

46,584,085

56,236

100%

Share distribution by
ownership

Financial

Financial
instruments
business operators

0.64%

institutions
7.24%

Individuals
個人・その他&others54.19%

Other corporations
35.23%

Foreigncorporations,
etc.
2.68%

29

Fiscal Year Ending December 31, 2024
Forecast of Consolidated Results

FY2024 Forecast of Consolidated Results

FY2024 Forecast

 For FY2024 (Dec.), the Company forecasts consolidated sales of ¥205.0 billion (+3.2%) and operating income of ¥21.0 billion (+7.5%).
We expect ordinary profit to be ¥13.9 billion (down 12.3% from the previous year) and profit to be ¥11.0 billion (up 10.6% from the previous year).
 The Company expects a significant increase in revenue and a return to profitability in the Hotel Business. In addition, the Company plans to increase
the dividend per share to ¥94 yen (up ¥4.0 from the previous year).
2024/12期
FY2024(Dec.)

2023/11月期
FY2023（単位：百万円）(Unit:
Millions of yen)

Full-year
通期実績
actual構成比

Full-year
通期予想

Percent

forecast

(利益率)

前年度比
Year
on Year

構成比

Increase/
増減額
decrease

Percent(利益率)

Percent
増減率change

売上高
Net
sales

198,660100%

205,000

100%

6,340

+3.2%

不動産開発事業Real
Estate Development Business

102,62751.7%

74,00036.1%-28,627-27.9%

不動産ソリューション事業
Real
Estate Solution Business

53,52326.9%

78,00038.0%

24,477+45.7%

海外事業
Overseas
Business

16,6408.4%

17,000

8.3%

360

+2%

不動産賃貸事業Real
Estate Leasing Business

8,679

4.4%

7,300

3.6%

-1,379-15.9%

ホテル賃貸・運営事業
HotelBusiness

13,0206.6%

21,700

10.6%

8,680

+66.7%

不動産管理事業Real
Estate Management Business

6,700

3.4%

8,600

4.2%

1,900

+28.4%

調整額
Adjustment-2,532--1,600-932-36.8%-

Operatingprofit
営業利益

19,5339.8%

21,000

10.2%

1,467

+7.5%

Real
Estate Development Business
不動産開発事業

16,19315.8%

11,611

15.7%-4,582-28.3%

Real
Estate Solution Business
不動産ソリューション事業

6,554

12.2%

11,101

14.2%

4,547

+69.4%

Overseas
Business
海外事業

1,237

7.4%

1,669

9.8%

432

+34.9%

Real
Estate Leasing Business
不動産賃貸事業

4,020

46.3%

3,240

44.4%

-780

-19.4%-

Hotel
Business
ホテル賃貸・運営事業-1,086

-

576

2.7%

1,662

-153.0%
-

476

7.1%

514

6.0%

38

+8.0%

調整額
Adjustment-7,861--7,711

-

150

-1.9%
-

経常利益
Ordinary
Profit15,8548.0%

13,9006.8%-1,954- 12.3%

純利益
Profit10,306

5.2%

11,400

5.6%

1,094

+10.6%

１株当たり配当金
Dividend per share

90.00

-

94.00

-

+4.0

4.4%

１株当たり当期純利益
Earnings per share (yen)221.44-244.72

-

+23.3

10.5%

不動産管理事業Real
Estate Management Business

31

Fiscal Year Ended November 30, 2023
Topics and Sustainability Initiatives

Topics

Measures to Increase Rents of Rental Condominiums Owned andDeveloped by the Company

 The Company increased rents in the rental condominiums it owns in response to recent inflation. Between March 2023 and the end of November 2023,of the 1,986 units for which there was a change of tenants, rents were increased on 1,206 units (approximately 63.6%). On average, rents wereincreased about 4.6%.
 Asking rents for newly constructed properties developed by the Company also increased. Compared to the average for the fiscal years ended
November 30, 2022 and 2023, the asking rents for properties to be completed in the fiscal years ending December 2024 and 2025 are higher. We will
promote rent increases for both owned and developed properties.

Owned properties: Rent increased

Developed properties: Asking rents for new properties increased

Percentage of units with increased rent
(units)

2,000

115

No. of units subject torent increase

1,896

105

0

103.3

102.2

103.3

101.6

100

1,200

400

113.8

111.9

110

1,600

800

Percentage of rent increase

No. of units whererent was increased

1,206（about 63.6％）
賃料増額戸数

Average of

about
4.6％
increase

対象戸数

At rental apartments that we own nationwide, rent
increases were implemented when new tenants moved
in. Implemented increases on 1,206 units (about 63.6%)of the number of units subject to the increase.

95
90

Tokyo
首都圏
metropolitan
area

Nagoya

名古屋市

Osaka

大阪市

Averagerent for FY2022
2022・2023年11月期
and FY2023

平均賃料

Sapporo札幌市

Hiroshima

広島市

Fukuoka

福岡市

Average rent for FY2024
2024・2025年12月期
and FY2025

平均賃料*Rents for properties developed by the Company for the fiscal years
ended November 30, 2022 and 2023 (when newly built) as 100

Asking rents for new construction also rose steadily.
We will continue to review asking rents according to inflation.

33

Topics

Launch of "THE STAR Project," a Condominium Business
in Vietnam

 Following "THE SAKURA Project" in Hanoi, Vietnam, "THE STAR Project," a residential condominium project in Ho Chi Minh City, was launched.
 Following the first project, we will develop a total of four residential buildings (1,954 residential units and 56 stores) for sale in collaboration with
Vinhomes Joint Stock Company, the largest real estate developer in Vietnam. We will continue to expand the Group's overseas business.

Overview of THE STAR Project
THE STAR Project■Area of lot: 23,098 ㎡■Total floor area: 183,578.3㎡■Number of buildings: 4■Number of floors: 32 – 34
■Number of units: residential: 1,954, stores: 56■Schedule: start of sales July 2024 (planned)
Completion and delivery Early 2026 (planned)
Artist’s rendition of the project

THE STAR Project is a large-scale, 272-hectare development in Grand Park in northern
Ho Chi Minh City that will include not only residences, but also a school, hospital,
supermarket, shopping mall, office building, and a vast park. The plan is to develop
luxury-specification homes in areas with a good living environment and views.
34

Topics

Invested in "JUNGLIA," a New Theme Park in Northern Okinawa

 We invested in "JUNGLIA," a new theme park in northern Okinawa scheduled to open in 2025. We are supporting a project that will bring hope andvitality to Okinawa's future.
 In connection with the theme park, we are planning to develop an official hotel and housing for employees, etc.
In Okinawa, which is expected to grow to the same level as a world-class tourist city by 2030, we will collaborate with Japan Entertainment
Corporation, the developer and operator of the theme park, to develop in close proximity to "JUNGLIA,“ and on a priority basis, an official hotel,
housing for employees, and other facilities, which are the main pillars of our business. The Company aims to not only contribute to inbounddemand and the tourism industry, but also contribute to the development of local communities in various ways, such as by creating attractions thattake advantage of local characteristics and creating employment.

(Concept)
Overview of the
facility■Name: JUNGLIA■Location: Nakijin Village, Naha, Okinawa■Concept: Power VacanceImages provided by Japan Entertainment Corporation■Site area: about 60 hectares■Start of operation: 2025 (planned)

Official web site

35

Topics

Mercure Tokyo Haneda Airport Opens Mercure Tokyo Haneda Airport, a hotel developed by our Company, opened on November 26, 2023.
 This is the fourth hotel that our Group has opened in partnership with Accor of France, which operates hotels under the "Mercure" brand.

Mercure Tokyo Haneda Airport
The hotel's design concept is TOKYO ECLECTIC, a fusion ofpieces of old-fashioned Tokyo and the Tokyo of the future. The
hotel incorporates elements of traditional Japanese handicrafts andthe European essence of the Mercure brand, giving it both a new,and a nostalgic feel.
The hotel also incorporates objects inspired by Japan's electronic
products and its subculture, such as manga and anime. When you
step into the hotel, you will find a space that evokes Tokyo’s pastand future.

Bar

Guest room

Overview of the hotel■Location: 2-11, Haneda 1-chome, Ota-ku, Tokyo■Site area:5,036.25 ㎡■Total floor area: 3,336.62㎡■Building: 11 floors above ground (363 rooms)■Access: Keikyu Airport Line Ōtorii Station, 4 minute walk

View of the hotel

Lobby

Official web
site

36

Topics

Inauguration of the SAMTY Baseball team (1) We announced the launch of SAMTY's official baseball team on December 19, 2023, with plans to begin team activities in 2025.
 In addition to providing work opportunities and a fulfilling baseball environment that employs players as full-time employees, the program also aims tofurther improve the Group's internal communication and teamwork.

The SAMTY Baseball Team is a team for adults made up of SAMTY employees, with Hirofumi Ogawa, who was a player and coach for the Orix Buffaloes
and Yokohama DeNA BayStars, as its first manager. The team will begin team activities in 2025. It will be based at the Nesta Resort Kobe,), a large
natural theme park located in the city of Miki, Hyogo Prefecture and operated by a subsidiary of the Company, The Resort has a clubhouse and indoor
practice field range. The Company is also planning to obtain the naming rights from Hyogo Prefecture and name the baseball stadium at the Miki General
Disaster Prevention Park "Samty Dream Stadium.” The stadium will be used as a practice field and game field.

Profile of Hirofumi Ogawa
Born: 1967
Joined Orix Braves (currently Orix Buffaloes): 1989
Made large contributions to back-to-back league
championships in 1995 and 1996.
Played in the 1988 Seoul Olympics, won a silver
medal. Since retiring in 2004, he has been a coach atboth Orix and DeNA.

Official announcement, Dec.19, 2023

Coach Ogawa

37

Topics

Inauguration of the SAMTY Baseball team (2) In 2024, we will build a new clubhouse and indoor practice facility, recruit new team members, and hold team tryouts in the fall.
 The team members will be officially announced in 2025. The team will apply to the Japan Amateur Baseball Association (JABA) as a corporate team.
Upon approval, the team is scheduled to begin activities. The team aims to participate in the national baseball tournament for working adults.

Schedule (planned)
2024

2025

Obtain naming rights

New Team

April: Rename the current Miki Disaster Prevention

January: Announcement of team members

Park Baseball Stadium as Samty Dream Stadium

March: Approval by JABA

Organize the teamApril: Team members join the Company

Jan. to Nov.: hire team members and the coach

Artist’s conception of the indoor
practice facility

Start team practice

New facilities
Build the indoor practice facility, dormitory, andclubhouse

Stadium
To be named Samty Dream
Stadium in April 2024 (planned)

With the activities of this baseball team, the Company aims to use the power of sports to
support people who have a dream and work hard, foster a sense of unity and enhance morale
among the employees of the Group, and be a company that is loved by the local community.

38

Topics

Won Three Consecutive League Championships and Advanced to
the Japan Series for the Third Consecutive Year

 With the aim of promoting regional development, we became an official sponsor of the Osaka-based Orix Buffaloes last season to
enliven Osaka, the city where our Company was founded, and the whole of Japan through sports. We actively support the team's
activities.
 The team won the league championship this season, the third consecutive year. In the Pacific League, they won threeconsecutive championships, the first team to do so this century. They also advanced to the Japan Series for the third
consecutive year.
Third consecutive league championship!

©ORIX Buffaloes©ORIX Buffaloes

The ORIX Buffaloes has a team philosophy of "bringing excitement and inspiration to fans, fostering dreams and hopes in children,and contributing to the development of the community and its people" through baseball.
And, the Samty Group, to practice its corporate philosophy of “Morals, Passion, Challenge, and the Realization of Dreams," has been
conducting community-based activities as a member of society, and therefore, sympathized with the team’s efforts in its activities andbecame an official sponsor of the team.

Samty Group will continue to support the success of the team and its players through sponsorshipand other activities, thereby contributing to the stimulation of sports and the development ofregional economies throughout Japan.
39

Topics

Raised Starting Wages and Increased Employee Wage Base As part of our promotion of human capital management, we will increase annual income by an average of about 7% on an annual income
basis from April 2024.
 The starting salary for new college graduates will be set at ¥285,000, an increase of ¥25,000.
We raised starting salaries for new college graduates and increased salaries for employees as measures to shift from human resource
management, which considers employees and the skills and abilities they possess as management resources to be used successfully to achievebusiness goals, to human capital management, which positions the skills and knowledge of employees as assets and considers them as an objectof investment. We did this to foster employees resources and improve their work environment.

Maximize the value of human resources to improve corporate value over the medium to long term.
The thinking behind humancapital management

Human resources

The way people areviewedHow can it be used the mostefficiently?

The way improving
education and treatment
is viewed

Keep costs as low as possible
and prevent resource depletion

Human capital
How can the capital of each
person's skills be mostefficiently increased?

Capital can be increased byinvesting

We will continue to invest in education and compensation improvements in order to growour human capital and aim to increase our corporate value as a company that is sought
after by society.
40Topics

Employment of Athletes Taiga Hoshi, a deaf swimmer, Fuminori Kamezawa, a deaf table tennis player, and Natsuki Ando, a wheelchair rugby player, areactive as athlete employees.
Taiga Hoshi, deaf swimmer

 Short-course/long-course 200m
breaststroke
Deaf Japan Record Holder
 The 6th World Deaf Swimming
Championships (Venue: Argentina)
400m Mixed Medley Relay Bronze
medalist

Fuminori Kamezawa, deaf table tennis

 The 4thWorld Deaf Table Tennis
Championships (Venue: Taipei)
Men’s team, Bronze medalist

Natsuki Ando, wheelchair rugby

 Fukuoka DANDELION member(Japan National Team member) International Wheelchair Rugby Cup
Paris 2023
Bronze medalist (Japan National Team)In accordance with one of our basic sustainability policies, "We respect the human rights and diverse ideas of all people
involved with the Samty Group and strive to realize a society in which the next generation can grow up with dreams," we support
athlete employees who are moving toward their dreams.

We actively address respect for human rights and prevention of discrimination and harassment, etc., while
supporting the development of skills in accordance with the growth stages of employees and creating aworkplace environment in which diverse human resources can play a rewarding and active role.

41

Sustainability

Enhancing Sustainability-Related Disclosure Material issues, and risks and opportunities associated with climate change, are identified and disclosed on the sustainability section of
our website.
 To enhance information disclosure, information on human capital, including policies on human resource development and workplaceenvironment improvement, will also be posted on the sustainability section of our website, in addition to the disclosure in the Annual
Securities Report.
Steps in Identification ofMaterial Issues(1) List social issues

Our Material Issues
Environment(2) Evaluate priority(3) Identify key
sustainability issues

SocialDevelop and acquire talented personnel who are passionate about what they do•Promote employee growth and personnel development•Acquire talented employees to enhance businesscompetitiveness•Diversify lifestyles and work styles, improve job
satisfaction of employees, and improve work-life balance
Providing innovative and creative new products and services•Meet the diverse needs of customers and society•Invigorate regions•Contribute to a safe and secure society(4) Validate

Periodically review ourmaterial issues and ensure
their appropriateness

Bring about a society where people and nature coexist in harmony•Prevent the worsening of climate change and promotea decarbonized society•Take countermeasures to natural disasters (including earthquakes)

GovernanceHave ethical corporate activities•Enhance governance•Improve efforts regarding human rights

As a member of society, we will strive to realize a sustainable society and enhance ourcorporate value from a medium- to long-term perspective to put our corporate philosophyof Morals, Passion, Challenges, and the Realization of Dreams into practice.

Sustainability pages,
Information on addressing
climate change and otherdetails⇒42

Sustainability

Acquisition of BELS Certification for Development Properties In the Q4 of FY2023, we acquired BELS certification, a system for indicating a building’s energy efficiency and conservation
performance, for a total of seven S-RESIDENCE properties under development.
 To date, we have acquired BELS certification for a total of 19 properties. We will continue to promote the development ofenvironmentally friendly properties.

■Properties that acquired BELS certification in Q4(1) Taito-ku, Asakusa,
6-chome II Project

Location: Tokyo-to, Taito-ku
Floors/units: 12/33
Completion: April 2025

(7) Kagoshima-shi,
Komatsubara,
2-chome Project

Location: Kagoshima-ken,
Kagoshima-shi(2) Nakagawa-ku,
Yaguma, 3-chome
Project

Location: Nagoya-shi,
Nakagawa-ku
Floors/units: 11/50
Completion: March 2025

(5) Moriguchi-shi,
Takai-motomachi,
1-chome Project(6) Hakata-shi, Hakata
Eki Minami,
6-chome Project(3) Naniwa-ku, Daikoku,
2-chome Project(4) Higashi Osaka-shi,
Takaida-nishi, 6chome Project

Location: Osaka-shi,
Naniwa-ku

Location: Osaka-fu, Higashi
Osaka-shi

Location: Fukuoka-shi,
Hakata-ku

Floors/units: 9/72

Location: Osaka-fu,
Moriguchi-shi

Floors/units: 11/90

Floors/units: 15/84

Floors/units: 8/56

Completion: November 2024

Completion: February 2025

Completion: January 2025

Completion: September 2024

Note: All project names are provisional names

Develop and supply properties that are not only
economical and profitable, but also have had considerationof energy, resources, etc., thereby contributing tosustainable enhancement of corporate value from a
medium- to long-term perspective.

Floors/units: 9/68
Completion: January 2025

43

Sustainability

Third "Dream Classroom" Capstone Class Endorsed by
the Company

 On Tuesday, May 2, 2023, the third "Dream Classroom" capstone class was held at Mushiroda Elementary School in Fukuoka City,
where the Company has a base of operations.
 Former rhythmic gymnastics Japan representative Ms. Honami Tsuboi was invited as the dream teacher to teach a total of 51 fifth gradestudents.

×
The Dream Classroom is an initiative sponsored by theJapan Football Association to contribute to the sounddevelopment of children's minds and bodies. Current andformer athletes hold classes to teach children about the
beauty of having a dream and the importance of striving

Honami Tsuboi, (former member of the Japanrhythmic gymnastics team), the dream teacher
for the third sponsored class

toward one's dream.

S ocial社会

Realization of a company thatvalues people

From our Sustainability Basic Policy

By respecting the human rights and diverse views of all people involved in the Samty
Group, the Group will contribute to the realization of a society in which the people of thenext generation will be able to grow with a dream.

We will continue to actively support social contribution activities that share the Samty Group’s
management philosophy, Sustainability Basic Policy, and values.
44

APPENDIX

Market Conditions(1) Market Size

 The estimated amount of assets under management by J-REITs and private real estate funds reached a record high in the survey
released in September 2023.
 The growth of the J-REIT market has slowed somewhat, but it is still growing.
 The pace of expansion of the market size of privately placed funds accelerated since the previous survey. The market size of privately
placed domestic real estate funds continued to expand, due in part to the strong appetite of foreign investors for investing in Japanesereal estate against a backdrop of political stability, low interest rates, and a weak yen.

Trend of the market size of J-REIT and private funds(trillion yen)
36.0

J-REIT

私募:国内特化型

私募:私募REIT

私募:グローバル型(国内運用資産額)

34.0
32.0
30.0
28.0
26.0
24.0
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
出所：㈱三井住友トラスト基礎研究所／不動産私募ファンドに関する実態調査－ 2023年9月15日公表分のデータを基に当社作成
Source:Prepared by Samty using data from the Sumitomo Mitsui Trust Research InstituteLtd.’s Survey on Private Real Estate Funds, released on September 15, 2023.

46

Market Conditions(2) Real Estate Prices

 In the survey released in December 2023, implied cap rates increased slightly in all segments except Office, but there were no major
movements and generally remained low. Although it is necessary to watch future interest rate movement closely, actual prices continue tomove upward.

Source: Sumitomo Mitsui Trust Research Institute Ltd.’s J-REIT Market Trends: Implied cap rate; released December 15, 2023

47

Market Conditions(3) Long-term Interest Rates

 Long-term interest rates around the world continued to rise, but have recently trended lower due to slowing inflation.
 Long-term interest rates in Japan rose slightly, but remained low compared to those in the U.S. and Europe. Foreign investors continue tofavor investing in Japanese real estate.

Long-term Interest Rates in Various Countries
アメリカ

(%)

日本

ドイツ

イタリア

2020

2021

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

2015

2016

2017

2018

2019

2022

2023

Source: Prepared by Samty using Bloomberg data.

48

Market Conditions(4) Residential Rents (index-based) Against the backdrop of deep-rooted demand for work and homes to be close to each other, condominium rents in the five major cities
have been growing steadily, up approximately 15 points since 2009, when the survey was first conducted. Stable growth has continued
since the financial crisis of 2008.
 Statistics show that rents in Nagoya and Sapporo, which were in a downtrend at the time of the previous survey, are also recovering on
the back of strong demand for rental condominiums for single adults. We forecast that condominium rents in major cities nationwide are
expected to remain steady.

Average Rents by Dwelling Type in Five Major Cities(2009 Q1 = 100)
シングル（18～30㎡）

コンパクト（30～60㎡）

120

115

110

105

100

95

3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q
2015

2016

2017

2018

2019

2020

2021

2022

2023

Source: Prepared by Samty based on data from the AtHome Lab Co., Ltd. and Sumitomo Mitsui Trust Research Institute Ltd.’s Residential
Rent Index, released on September 21*The five major cities are Tokyo (23 wards), Osaka, Nagoya, Sapporo, and Fukuoka (Q1: Jan.-Mar.; Q2: Apr.-June; Q3: July-Sept.; Q4: Oct.-Dec.)

49

Market Conditions(4) Residential Rents (index-based, by city)

札幌市

東京23区
シングル（18～30㎡）

シングル（18～30㎡）

コンパクト（30～60㎡）

120

120

115

115

110

110

105

105

100

100

95

95
2015 2016 2017 2018 2019 2020 2021 2022 2023
2Q

コンパクト（30～60㎡）

2015 2016 2017 2018 2019 2020 2021 2022 2023
2Q

Note: First quarter of 2009＝100

50

Market Conditions(4) Residential Rents (index-based, by city)
Fukuoka

Osaka

Nagoya
シングル（18～30㎡）

シングル（18～30㎡）

コンパクト（30～60㎡）

シングル（18～30㎡）
コンパクト（30～60㎡）

コンパクト（30～60㎡）

120

130

115
125
110
120
120

105

115
100

115
110

95
110
105

90
105

100

85

2015 2016 2017 2018 2019 2020 2021 2022 2023
2Q

Note: First quarter of 2009＝100

100

201520162017201820192020202120222023
2Q

95

2015 2016 2017 2018 2019 2020 2021 2022 2023
2Q

51

(4) Residential Rents (rent-based)

Market Conditions

 Rents for rental residences in urban areas are generally flat to slightly higher than in 2020 (2022 for Sapporo only), backed by persistent
demand for residences close to work, etc. In the COVID-19 pandemic, there was no significant fluctuation in statistical rents, indicatingthat rental residences are a stable asset that is resistant to market changes.

Tokyo 23-ward area

(yen)

Osaka

(yen)

400,000

300,000

350,000

250,000

300,000
200,000

250,000
200,000

150,000

150,000

100,000

100,000
50,00050,0000

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10
2020

2021

2022

2023

0

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10
2020

2021

2022

シングル

コンパクト

シングル

コンパクト

ファミリー

大型ﾌｧﾐﾘｰファミリー

大型ﾌｧﾐﾘｰ2023

Source: Based on apartment rental data from At Home Co., Ltd.’s “Rental Condominiums and Apartments” rent trends in major cities nationwide.
Data from January 2020 to November 2023 is used for Tokyo’s 23 wards, Osaka, Nagoya, and Fukuoka.
Note: Only for Sapporo, data provided is from January 2022, and data from that time to November 2023 is used.

52

(4) Residential Rents (rent-based)

Market Conditions

Nagoya(yen)

Fukuoka(yen)

160,000

140,000

180,000

160,000

160,000

140,000

140,000

120,000

Sapporo(yen)

120,000

120,000
100,000

100,000
100,000

80,00080,00080,00060,00060,00060,00040,00020,000040,00040,00020,00020,0001 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10
2020
シングル
ファミリー

2021

2022

2023

コンパクト
大型ﾌｧﾐﾘｰ0

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10
2020

2021

シングル
ファミリー

Note: Only for Sapporo, data provided is from January 2022, and data from that time to November 2023 is used.

0

1

3

5

7

2023

2022

コンパクト
大型ﾌｧﾐﾘｰ

シングル
ファミリー

2022

9 11 1

3

5

7

9 11

2023
コンパクト
大型ﾌｧﾐﾘｰ53

(5) Office Vacancy Rates and Rents

Market Conditions

Vacancy rates: In the COVID-19 pandemic, the vacancy rates increased due to the spread of teleworking, but the rise in the vacancy rate
has slowed as more companies switch to having employees come to work after the transition to category 5 (the same as influenza andmeasles), and the rates are expected to remain low in 2024 and beyond. While vacancy rates are expected to rise in Fukuoka, where largescale redevelopment is underway, we surmise that office needs in other major regional cities with limited new supply will remain strong inspecific areas.
Rents: Tokyo saw a decline in rents during the COVID-19 pandemic, but rents are expected to remain flat or increase in all cities, including
Tokyo, from 2024 onward.

Trend and Projections of Office Rents in theFive Major Cities

Trend and Projections of Office Vacancy Rates in theFive Major Cities
(％)

東京

9

大阪

名古屋

札幌

(円)
(yen)

福岡

26,000予測

822,000

6

20,0005

18,0004

16,0003

14,0002

12,0001

10,000
2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

大阪

名古屋

札幌

福岡

24,000

7

0

東京

2026

8,000

予測

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Source: Prepared by Samty based on Commercial Property Research Institute Inc.’s 2023 Q3 data on rental office buildings with floor areas of at least 165 sq. m.
Tokyo: The 5 central wards of Chiyoda, Chuo, Minato, Shibuya & Shinjuku; Osaka: The 3 central wards of Kita, Chuo & Nishi; Nagoya: Nagoya City: Sapporo:
Sapporo City; Fukuoka City
(Q1: Jan.-Mar.; Q2: Apr.-June; Q3: July-Sept.; Q4: Oct.-Dec.)
Note: Vacancy rate forecast for Tokyo is based on the assumption that the impact of the revision of working hours on demand is -15%.

54

(6) Hotel Occupancy Rates

Market Conditions

 Room occupancy rates at extended stay hotels and “business” (minimum service) hotels recovered moderately after the COVID-19 virus
was reclassified as category 5.
 In addition to room occupancy rates, according to the Japan Tourism Agency's Lodging Travel Statistics Survey, the total number of both
Japanese and foreign guests increased year-on-year in all months from January to September 2023, for which survey results have been
published. Further recovery in tourism demand and higher hotel occupancy rates are expected in the future.
Hotel Occupancy Rates (Average for 10 Prefectures Where We Are Present)
State of emergency
declaration (Tokyo)

緊急事態宣言（東京都）
Extended stay hotel
シティホテル稼働率
occupancy rate

Business hotel
ビジネスホテル稼働率
occupancy rate

“Go To” Campaign (nationwide)
GoTo・全国旅行支援

90%

Reclassified as
category 5

80%
70%
60%
50%
40%
30%
20%
10%
0%

12 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9
2018

2019

2020

2021

2022

2023

Source: Prepared by Samty 出所：観光庁／宿泊旅行統計調査を基に当社作成
based on the Japan Tourism Agency’s Overnight Travel Statistical Survey.
【10都府県】栃木県、東京都、岐阜県、愛知県、京都府、大阪府、兵庫県、広島県、福岡県、長崎県

The 10 prefectures are Tochigi, Tokyo, Gifu, Aichi, Kyoto, Osaka, Hyogo Hiroshima, Fukuoka, and Nagasaki

55

(7) GDP Growth Rates in Japan and Vietnam

Market Conditions

 In Japan, the full-year forecast was raised to 2.0% in the current statistics, compared to the 1.3% growth forecast in the previous edition.
The normalization of social activities due to the reclassification of COVID-19 to category 5 and the depreciation of the yen due to thedifference in interest rates between Japan and the rest of the world are expected to result in the second highest growth rate since the2019 statistics.
 In Vietnam, on the other hand, the full-year forecasts for 2023 and 2024 have decreased from the previous editions (the previous
statistics forecasted growth of 5.8% in 2023 and 6.9% in 2024). However, the economy continues to grow at a high rate in absolute terms,
and high housing demand, especially among the middle class, is expected to continue.

Economic growth (real GDP growth)
日本

ベトナム

14.0%
12.0%
10.0%
8.0%

8.0%

7.4%

5.3%

6.0%
2.9%

4.0%

3.3%

2.6%

4.1%

5.8%

4.7%

2.0%
2.2%

0.0%
-2.0%

1.0%

-0.4%

0.7%

2.0%

1.2%

1.0%

-0.7%

-4.0%
-6.0%

-4.2%
Full-year
通期実績
actualFull-year
通期実績
actualFull-year
通期実績
actualFull-year
通期実績
actual

2019

2020

2021

2022

Q2
Q1actualactual
1Q実績

Q3
Q2 actual
actual2Q実績

Full-year
Q3
actual3Q実績
forecast

Full-year
通期予想
forecast

Full-year
通期予想
forecast

2023

Source:Prepared by Samty based on each country’s actual figures for 2023 Q1-Q3 and on the International Monetary Fund’s full-year
出所：2023年1Q～3Q実績値は各国統計、通期実績値・通期予想値は国際通貨基金（2023年10月）／データを基に当社作成
actual numbers and forecasts as of October 2023.
（1Q：1～3月、2Q：4～6月、3Q：7～9月、4Q：10～12月）(Q1: Jan.-Mar.; Q2: Apr.-June; Q3: July-Sept.; Q4: Oct.-Dec.)

2024

56

Disclaimer

 While due diligence is exercised for the information provided in this document, no guarantee is madeas to the accuracy or safety of the information. In addition, please note in advance that the contents
may be changed or deleted without prior notice.
 This document contains forward-looking statements on our current plans and business performancebased on information available as of the date of announcement. These statements involve risks anduncertainties that could affect our business performance in the future, and actual results may differ
from these statements due to various factors.
 This document is merely intended to foster understanding of the Company and not necessarily
intended as a solicitation for investment.

Inquiries
Investor Relations Office, Corporate Planning Department
E-mail: samty-pr@samty.co.jp

57