Fiscal Year Ended November 30, 2022

Explanatory Material for the Financial Results
Samty Co., Ltd. (securities code: 3244)

Contents
1.

Fiscal Year Ended November 30, 2022
Overview of the Consolidated Financial Statements







FY2022 Review
Earnings Summary
Overview of Consolidated Statements of Income
Overview of the Consolidated Balance Sheets
Financial Condition

2.

Fiscal Year Ended November 30, 2022
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
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 Business Sales Trends at Hotels in Which Samty Is Involved
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)
Transformation of the Earnings StructureState of Progress in the Transformation of theProfit Structure (Expansion of Income Gains)

P. 02





State of Progress of the Investment Plan
State of Progress in Key Performance Indicators (KPIs)
State of Progress in Expanding Group Assets

4． Dividends and Shareholder Returns

P. 08





Dividends and Shareholder Returns
Complete digitalization of shareholder benefits
Shares (as of November 30, 2022)

5.

Fiscal Year 2023 Forecast of Consolidated Result



FY2023 Forecast of Consolidated Results

6.

Fiscal Year Ended November 30, 2022
Topics and Sustainability Initiatives

Opened SAM and SPM Group Companies at Various Locations
Nationwide
Revamped Corporate Logo
Acquired Management Rights to Nesta Resort Kobe
Acquisition of BELS Certification
Sustainability Website Opened to the Public
Investing in Companies that Provide Microfinance BusinessSupportSupport for the Local Professional Baseball Team from the
Perspective of Regional Development
Sponsoring the Holding of a “Dream Classroom”
Airing of Samty-kun Commercials










4． APPENDIX

P. 22

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

P. 29

P. 33

P. 35

P. 45

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

1

Fiscal Year Ended November 30, 2022
Overview of the Consolidated Financial Statements

FY2022

Overview of the Financial Statements

FY2022 Review
1. In light of the market environment, we postponed the listing of a new hotel REIT and thesale of our hotel holdings to the next fiscal year or later. We responded flexibly by selling
residential properties instead of hotels, and sold 31 residential properties in the fourth quarter.
Achieved record-high sales and profits.
2. As a post-COVID initiative, we are promoting the development of luxury hotels.
We converted the development project company for the Shangri-La Kyoto Nijojo(tentative name) and Banyan Tree Higashiyama Kyoto into a consolidated subsidiary.
Also, we opened the Mercure Hida Takayama in December 2022.

3. With the marketing group Katana Inc., we acquired management control of the Nesta Resort

Fiscal YearFY ended Nov. 30,
2022
Overview

Kobe. We entered the theme park business as the third pillar of the growth strategy for ourdomestic business.
4. Sales activities in the residential condominium business in Vietnam are in full swing, andthe pace of sales is progressing steadily.

Mercure Hida Takayama

Nesta Resort Kobe
Fireworks Festival

Residential condominium in
Vietnam
THE SAKURA Project

We will respond to the market environment flexibly and agilely and steadily promote
our business to achieve the goals of our medium-term management plan.
3

FY2022

Overview of the Financial Statements

Earnings Summary

Achieved Record-High Revenue in FY2022
Net sales and profit for the FY2022 were approximately 128.4 billion yen and 10.8 billion yen, respectively, up from the previous
year, achieving record highs for both. The company will continue to emphasize a balance between steadily promoting
business based on the medium-term management plan and taking on new challenges beyond existing business areas.

Net売上高Sales(¥ mn)

Full-year plan
123,000
Achieved✓

150,000

84,27485,552

2018/11期
FY2018

2019/11期
FY2019101,120

90,460128,470

13,000
Achieved✓

18,000

9,000
6,000

14,033

15,417FY2018
2018/11期

FY20192019/11期

17,355

14,083

9,461

3,000
0

0
2020/11期
FY20202021/11期
FY2021

経常利益
Ordinary
Profit(¥ mn)
18,00016,00014,0002022/11期
FY2022Full-year plan(¥ mn)

13,500
Achieved✓

12,00012,000

FY20202020/11期

FY20212021/11期

当期純利益
Profit*FY20222022/11期

Full-year plan
10,200
Achieved✓

10,0008,000

10,0008,000
6,000

Full-year plan

12,00090,00030,00021,00015,000120,000

60,000Operating
営業利益Profit(¥ mn)

11,635

13,1936,000

15,247

14,441
8,105

4,000

4,000

8,489

9,740

10,615

10,012

10,866FY20202020/11期

FY20212021/11期

FY20222022/11期

2,000

2,000
0

0

FY2018
2018/11期

FY20192019/11期

FY20202020/11期

FY20212021/11期

FY20222022/11期

FY2018
2018/11期

FY20192019/11期*Profit attributable to owners of parent

4

FY2022

Overview of the Financial Statements

Overview of Consolidated Statements of Income

 Property sales were conducted in 4Q as planned to maximize income gains.
 Although the listing of a hotel REIT was postponed, the company responded by flexibly reviewing properties for sale andreplaced hotels with residential properties. Both sales and profits achieved our full-year plan, partly due to the strong
investment appetite of foreign investors for Japanese real estate.

2021/11期
FY20212022/11期
FY2022

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

実績 l
Actua

構成比
Percent

実績 l
Actua

Increase/増減
decrease

構成比
Percent

2022/11期
FY2022

Percent
増減率changeFull-year
通期計画

Percentage
達成率
of progress

plan

売上高
Net
sales

90,460100%

128,470

100%

38,01042.0%

123,000

104.4%

Costof sales
売上原価

72,60680.3%

101,304

78.9%

28,698

-

-

-

8,392

9.3%

13,081

10.2%

4,689

-

-

-

営業利益 profit
Operating

9,461

10.5%

14,083

11.0%

4,622

48.8%

13,000108.3%

営業外収益 profit
Non-operating

2,134

2.4%

6,012

4.7%

3,877

-

-

-

営業外費用 expenses
Non-operating

3,491

3.9%

5,654

4.4%

2,163

-

-

-

8,105

9.0%

14,441

11.2%

6,336

78.2%

13,500106.9%

4,307

4.8%

80

0.1%

-4,227

-

-

-

201

0.2%

12

0.0%

-188

-

-

-

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

10,012

11.1%

10,866

8.5%

853

8.5%

10,200106.5%

１株当たり純利益（円）Earnings
per share (yen)242.52-233.68

-

-8.83

-3.6%

219.50-

Selling, general and
販売費・一般管理費
administrative
expenses

経常利益profit
Ordinary
Extraordinary
特別利益 income
Extraordinary
特別損失 loss

5

FY2022

Overview of the Financial Statements

Overview of the Consolidated Balance Sheets The Group's total assets increased approximately 64.4 billion yen from the end of the previous fiscal year due to strengthened
procurement activities. While focusing on financial discipline, 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
assets2021/11期
As of Nov. 30,
2021
実績2022/11期
As of Nov. 30,
2022
実績

Increase/
増減額
decrease

主な増減理由Main reasonsfor increase/decrease◇販売用不動産◇Real estate for sale349,194

413,594

64,400225,094

289,904

64,810Property acquisitions
物件取得+26,610 百万円
mn. yen

現金及び預金Cashand deposits

41,64646,002

4,356

Transfers and other
振替その他

mn. yen+61,878 百万円

販売用不動産Realestate for sale

107,875

114,623

6,748

Property sales
物件売却

mn. yen-81,775 百万円

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

71,075122,065

50,989124,048

123,581-466

91,30690,435

-870

426

414

-11

32,31532,731

415

246,166

303,199

57,032

54,61889,54334,924

短期借入金
Short-termborrowings

12,32530,46818,142

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

32,19735,395

3,198

0

5,170

5,170

◇株主資本
◇Shareholders’ equity

固定負債 liabilities
Non-current

191,547

213,656

22,108

四半期純利益Net profit for the quarter

長期借入金
Long-term
debt

165,709

188,769

23,059配当金の支払い
Dividend payments

社債 payable
Bonds

9,000

8,145

-855

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

12,00012,0000

純資産
Net
assets103,028

110,395

7,367

負債純資産合計
Total
liabilities and net assets

349,194

413,594

64,400

有利子負債
Interest-bearing
debt

231,231279,948

48,716

株主資本
Shareholders’equity93,336100,1016,764

自己資本比率Equityratio (%)

27.0%

23.9%

-3.1%

流動資産
Current
assets

固定資産 assets
Non-current
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
流動負債
Current
liabilities

１年内返済予定の社債
Current
portion of bonds

Note: Interest-bearing debt includes zero-coupon bonds with stock acquisition rights◇Real estate for sale in◇仕掛販売用不動産
process
Acquisition of land for
開発用地取得・建築費
development, and building costs

mn. yen+80,873 百万円

Transfers and other
振替その他

mn. yen-30,803 百万円◇Property, plant and◇有形固定資産
equipment
収益不動産取得
Acquisition of income
properties
振替その他

mn. yen+31,608 百万円

Transfers and other

RS issuance
RSの発行
Adjustment for business
企業結合に係る調整
combinations

mn. yen-30,530 百万円

mn. yen+10,866 百万円
mn. yen-4,184 百万円
mn. yen+124 百万円-40 百万円
mn. yen6

FY2022

Overview of the Financial Statements

Financial Condition Borrowings increased due to income gains and aggressive purchasing activities to expand group assets.
 Long-term borrowings have an annual maturity of 10.6 years and an average interest rate of 1.25%, and among them,borrowings on income properties have an average maturity of 13.5 years and an average interest rate of 1.23%.
 Strengthened the sustainability perspective in finance, including consideration of borrowing through green loans.

Interest有利子負債
bearing debt
（百万円）
(¥mn)

Interest-Bearing Debt and Net D/E Ratio
Short-term

短期借入金
borrowings

Current portion of
１年以内長期借入金
long-term borrowings

Long-term
長期借入金
borrowings

Bonds
社債
payableNet D/E ratio
ネットD/Eレシオ

320,000

240,000

219,231200,000

153,005

160,000

130,9271.21

120,000

40,000
0

（倍）

3.50

280,000

80,000ネット
Net
D/E
D/Eレシオ
ratio

89,1740.73

112,224

1.43

267,948

3.00

2.25

2.50

1.88

2.00
188,769
1.50

165,709

1.00

116,406

78,36235,3959,470

16,387

14,715
16,883

2018/11期
FY2018

2019/11期
FY20192020/11期
FY2020Note: Net debt-equity ratio = (Interest-bearing debt - Cash and deposits) / Equity
Note 2: Interest-bearing debt excluding zero-coupon bonds with stock acquisition rights

32,1972021/11期
FY2021

12,32530,4682022/11期
FY2022

0.50

0.00

7

Fiscal Year Ended November 30, 2022
Overview by Segment

FY2022

Overview by Segment

Earnings Summary by Segment【Capital Gains】In addition to 18 properties sold to Samty Residential Investment Corporation in 2Q, a total of 31 properties were sold tothree special purpose companies (external) in 4Q.
【Income Gains】The Real Estate Leasing Business and the Real Estate Management Business both posted year-on-year increases in bothrevenue and income. The Hotel Leasing and Management Business posted higher revenues due to an increase in thenumber of hotels and improved occupancy rates, but lower profits due to the opening of new hotels that require a certain
period of time before going into full-scale operation. Going forward, profitability is expected to improve due to a recovery in
the unit price of guest rooms and a shift to full-scale operation.
（単位：百万円）(Unit: Millions of yen)2021/11期
FY2021
実績
Actual2022/11期
FY2022

Operating
利益率
marginActual実績

2022/11期
FY2022

前年同期比Year
on YearOperating
利益率
margin増減
ActualFull-year
通期計画

Percent
増減率changeplan

Percentage
進捗率
of progress

CapitalIncomeCapitalIncome

売上高
Net
sales

90,460-128,470-

38,010+42.0%

123,000

104.4%

不動産開発事業Real
Estate Development Business

38,863-73,488-34,625+89.1%

67,400109.0%

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

37,128-28,656--8,471-22.8%

29,300

97.8%

595

-

7,463

-

6,868

+1,153.8%

7,900

94.4%

不動産賃貸事業Real
Estate Leasing Business

7,949

-

8,704

-

754

+9.5%

8,900

97.7%

ホテル賃貸・運営事業
HotelBusiness

2,784

-

6,293

-

3,508

+126.0%

6,400

98.3%

不動産管理事業Real
Estate Management Business

3,845

-

5,193

-

1,348

+35.1%

4,500

115.4%

調整額
Adjustment

-707

-

-1,330--623-1,400-

営業利益 profit
Operating

9,461

-

14,083-4,622+48.8%

13,000-

不動産開発事業Real
Estate Development Business

9,863

25.4%

15,637

21.3%

5,773

+58.5%

11,900131.4%

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

3,042

8.2%

3,928

13.7%

886

+29.1%

4,000

98.2%

298

50.1%

-593

-

-891

200

-

不動産賃貸事業Real
Estate Leasing Business

3,779

47.5%

4,168

47.9%

389

4,300

96.9%

ホテル賃貸・運営事業
HotelBusiness-2,596--2,742--145-1,900

-

14.9%

225

-

-1,614

海外事業
Overseas
Business

海外事業
Overseas
Business

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

550

14.3%

-5,475-775-7,090-+10.3%+40.9%-

500-6,000155.0%-

9

Overview by Segment

Earnings Highlights (Capital Gains Businesses)

Capital Gains

Real Estate Development
不動産開発事業
Business

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

Incomegains

Percent of sales:
57.2%

Capitalgains••

We sold 54 properties (for about ¥73.4
billion) in FY2022.
Because our Medium-Term
Management Plan is based on the ideaof retaining ownership of properties
following development, we are watchingmarket trends so that we can run ourbusiness smoothly and flexibly.

（¥ mn）

95,000100,000

80,000

Income
インカム
gains
ゲイン

25.4

We sold 37 properties (for about ¥28.6
billion) in FY2022.
While strengthening purchasing activities
to expand total assets, we will continue tosell properties with the aim of maximizing
earnings by using REITs and overseas
investors as outlets.

（％）（¥ mn）

40.0

40,00030.073,488•37,12815.8

40,00020.0

10.0

When The Sakura Project is completely sold, we
project sales of about ¥40.7 billion* and profit ofabout ¥5.7 billion*.
We completed and delivered the V8 building. Dueto the prorating of the common area of V8 and V9,which was included in the cost, the cost of V8,
which had fewer units, was higher, resulting in anegative operating income. The cost is expected
to level off in the next fiscal year and beyond.

•（％）（¥ mn）

30.0

8,000

*90% of which contributes to the Group's
performance

9,863

15,637

15,000

0.0

4,000

11.5

20.0

10.0
1,600

2,000

8.2

-10.0
2021/11期
FY2021
FY20210.0

10,0003,042

02022/11期
FY2022
FY20222023/11期
FY2023
FY2023

3,928■Net sales ■Segment operating profit ● Segment operating margin

2022/11期
FY202202023/11期
FY2023(Plan)(Plan)

10.0
0.0

(593)
-10.0

2021/11期
FY2021

9.7

298

3,000

0

((Plan)
Plan)

50.0
40.0

595
20,00016,500

7,463

30.0

20,00038,863•20.0

26,00013.7

Percent of sales:
5.8%

Capital
gains

6,000

28,65630,00021.3
60,000

Income
インカム
gains
ゲイン

Percent of sales:
22.3%

Capitalgains•

Overseas
Business
海外事業-2,000(10.0)
2021/11期
FY2021
FY20212022/11期
FY2022
FY20222023/11期
FY2023(Plan)FY2023(Plan)(Plan)

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

10Real Estate Development Business
Acquisition Results – Land for Development

Overview by Segment

Capital Gains In FY2022 we acquired 67 parcels of land for a development purchase price of about ¥35.7 billion yen.
 Acquisitions for FY2023 have also started smoothly, with plans to gradually acquire and settle on 78 parcels of land for development witha value of about ¥32.3 billion.

Land for development: Based on acquisition amount (percentage of progress)
2022/11期
FY2022
通期計画
Full-year
plan

¥45.0
bn.
450億円

実績
Actual

¥35.7
bn.
357億円

Expected
2024/11期

2023/11期
FY2023
Expected to
今期決済予定通期計画
Full-year
plan

Percentage
達成率
achieved

settle this FY

323億円
¥32.3
bn.

720億円
¥72.0
bn.

79.3%

to settle
以降
next FY or
決済予定
later

Percentage of
進捗率
progress

44.8%

24億円
¥2.4
bn.

Note:
Calculations of acquisition amounts and number of acquisitions do not include Banyan Tree
Higashiyama Kyoto, which will be acquired in stages through a limited liability company.

Land for development: Based on number of acquisitions (by region)
Hokkaido
北海道

Tokyo
metropolitan
首都圏
area

中部
Chubu

関西
Kansai

Chugoku/
中四国
Shikoku

九州
Kyushu合計
Total

2022/11期
取得実績
FY2022 acquisitions

9件
9

14件
14

21件
21

8件
8

5件
5

10件
10

67件
67

2023/11期
決済予定
Expected to settle
in FY2023

8件
8

23件
23

22件
22

13件
13

8件
8

4件
4

78件
78

17件
17

37件
37

43件
43

21件
21

13件
13

14件
14

145件
145

1件
1

1件
1

0件
0

0件
0

1件
1

0件
0

3件
3

Total
合計

Expected
to settle in FY2024
or later
2024/11期以降
決済予定

11

Overview by Segment

Capital Gains

Real Estate Development BusinessResidential Development Plan We completed 52 residential buildings (with 3,652 units) in FY2022.
 We are planning to develop a total of 181 buildings with about 13,000 units in cities across Japan from FY2023 onward. We willcontinue to promote residential development to increase income gains.
北海道

首都圏

中部

関西

中四国

九州

(Buildings)

120

100

80

60

(Reference)
Assumed rent ofproperties owned(annual)Approximately¥223 mn.

43(2,700 units)(Reference)
Assumed rent ofproperties owned
Approximately¥3,664 mn.

52(3,652 units)(Reference)
Assumed rent ofproperties owned
Approximately¥4,138 mn.

62(4,123 units)(Reference)
Assumed rent ofproperties owned
Approximately¥5,960 mn.

78(5,821 units)

41(2,991 units)

40
Of which,
18 buildings
are currently
owned

Of which,

20

Promoteacquisitions

3 buildings
are currently
owned

0

FY20212021/11期(Actual)FY20222022/11期(Actual)FY20232023/11期（Plan）FY20242024/11期(Plan)FY2025 onward
2025/11期以降(Plan)

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 is calculated using the number of properties owned and the rents expected from the projects at full occupancy.

12Real Estate Development Business
Hotel and Office Development Plan

Overview by Segment

Capital Gains Mercure Hida Takayama opened in December 2022.
Plans for 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
2023
2024

Hotel

Project Name

Location

Mercure Haneda
Six Senses Kyoto

Ota-ku, Tokyo
Higashiyama-ku, Kyoto

Planned Opening(completion)
Fall 2023 opening
Spring 2024 opening

Banyan Tree Higashiyama Kyoto

Higashiyama-ku, Kyoto

52 Summer 2024 opening

2025

Shangri-La Hotel Kyoto Nijojo Project (tentative name)

Kamigyo-ku, Kyoto

77

Spring 2026 opening

TBD

Sapporo-shi Hotel Project
Osaka-shi Kita-ku Hotel Project
Hiroshima-shi, Minami-ku Hotel Project

Sapporo-shi
Kita-ku, Osaka-shi
Minami-ku, Hiroshima-shi

-

-

573

-

2024

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

2024 completion

Nakamura-Ku Noritake 1-Chome Office Building Project

Nakamura-ku, Nagoya-shi-

2024 completion

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

2025 completion

Hiroshima-shi Naka-ku Office Project

Naka-ku, Hiroshima-shi-

2025 completion

Hiroshima-ken, Fukuyama-shi Office Project

Fukuyama-shi, Hiroshima-ken-

2025 completion

Nagoya-shi Nakamura-ku Office Project

Nakamura-ku, Nagoya-shi--

Fukuoka-shi Hakata-ku Office Project

Hakata-ku, Fukuoka-shi

-

-

-

-

Total: 7 buildings

OfficeNo. of
Rooms
363
81

2025

TBD

Total: 7 buildings

Mercure Hida Takayama

Artist’s rendering of a Mercure
Haneda guest room

Artist’s rendering of the Banyan Tree
Higashiyama Kyoto

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

13

Overview by Segment

Real Estate Development Business and Real Estate Solution Business
Sales Results

Capital Gains In FY2022 we sold 54 properties in our Real Estate Development Business and 37 properties in our Real Estate Solution Business for a
total of 91 properties.
 Of these, 21 properties (13 from the Development Business and 8 from the Solution Business) were supplied to Samty Residential
Investment Corp.
A total of 70 properties (41 from the Development Business and 29 from the Solution Business) were sold to external parties.
Based on number of sales (percentage of progress)
FY2023

FY2022Full-year plan
(revised)

Segment

Percentage ofprogress

ActualFull-year plan Planned sales

Percentage ofprogress

53

54

101.9%

66

8

12.1%

(S-RESIDENCE)

(51)

(52)

102.0%

(65)

(8)

12.3%

(Investment unit sales in lots)

(1)

(1)

100.0%

(0)

(0)

-

(Hotel and other)

(1)

(1)

100.0%

(1)

(0)

0%

40

37

92.5%

40

4

10.0%

93

91

97.8%

106

12

11.3%

Real Estate Development Business

Real Estate Solution Business
Total

Based on number of sales (by region)
Segment/RegionTokyo
metropolitan
area

Hokkaido

Chubu

Kansai

Chugoku/Shikoku

Kyushu

Total

5

16

21

10

-

2

54

(5)

(15)

(21)

(11)

-

(1)

(53)

(Investment unit sales in lots)

-

(1)

-

-

-

-

(1)

(Hotel and other)

-

-

-

-

-

(1)

(1)

3

8

5

11

2

8

37

8

24

26

21

2

10

91

Real Estate Development Business(S-RESIDENCE)

Real Estate Solution Business
Total

14

Overview by Segment

Capital Gains

Overseas BusinessState of Progress in Projects
 Sales continue to do well at THE SAKURA Project, a condominium development Vietnam, even during the
COVID-19 pandemic.
 On an application basis, the V8 building is completely sold. We started delivering units to customers.
 The V9 building is at about 98% of completion and sales are proceeding well.
 Sales for the V10 building started at the end of 2022 and as of March 31, was about 21% sold, so sales areproceeding well for the V10 building, too.

Timing of Delivery and Status of Sales (As of March 31, 2023)(units)1,200■Total units (residential) 総戸数（ショップハウス）■Total units (shophouse)
総戸数（住宅）Sold out■販売戸数（申込ベース）
Units sold (applied for)For sale

For sale

Not yetfor sale

800

400

Percentage
of progress

Approx. 100％

Percentage
of progress

Approx. 98％

Percentage
of progress

Approx. 21％

0Start ofdelivery

Number sold
Model room at the site and exterior

V8棟
V8

V9棟
V9

V10棟
V10

November 2022

January 2023

Fall 2023 (Plan)

Fall 2023 (Plan)

718 units/

1,102 units/

240 units/-

718 units

1,126 units

1,133 units

V7棟
V7

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

15Overview by Segment
Income Gains

Earnings Highlights (Income Gains Businesses)

Real Estate Leasing
Business
Incomegains
Capitalgains•

Incomegains

Percent of sales:

6.8%

Sales and profit grew due to the
cumulative success of leased realestate.
The company expects to continue toincrease sales and profits in FY2023,
by further increasing the number ofproperties it owns.

•

•

(¥mn)

（％）

(¥mn)

80.0

16,000

9,000

8,000

6,000

4,000

7,949

47.5

47.9

55.6
5,000

3,779

4,168

60.0

15,000Capitalgains•

Assets under management (AUM) and thenumber of units under management
continued to grow, as did sales and profits.
The company expects increased sales anddecreased income for FY2023, assuming
the impact of increased expenses
associated with business expansion.

•

(¥mn)

（％）

30.0

8,000

50.0

6,000

30.0

6,293
4,000

40.0
2,784

0.0

400

FY20212021/11期

FY20222022/11期

FY20232023/11期(Plan)

14.3

14.9

550

775

(2,742)2021/11期
FY20212022/11期
FY2022

FY2021

FY2022

20.0

2,000

0

-4,000

3,845

10.0

(2,596)

40.0

5,193

20.0

2.7

0

3.0%

6,200

8,000

20.0

Percent of sales:（％）

12,000

4,000

2,000

4.9%

Although hotel segment sales rose,
operating profit was even lower than theprevious year on a year-on-year basis due
to higher expenses, such as from newly
opened hotels.
Both occupancy rates and room rates arerecovering, and the company forecasts
higher revenues and profits for FY2023.

•

Incomegains

Percent of sales:

Capitalgains

10,0008,704Real Estate Management
Business

Hotel Business

0.0
2023/11期
FY20230

10.0(Plan)■Net sales ■Segment operating profit ● Segment operating margin
Note: Net sales for the percent of sales is calculated based on the amount of net sales to third parties

4.8

300

FY2023

0.0(Plan)

16

Overview by Segment
Income Gains

Real Estate Leasing Business
Acquisition Results—Income Properties

 For FY2022, we acquired 51 income properties in major cities throughout Japan for about ¥30.9 billion (62.4% achievement).
We already have plans to acquire ¥32.4 billion (about 65% of the annual plan) of income properties in FY2023.
 For the acquisition of income-producing real estate (approximately ¥53.7 billion) in FY2023 and beyond, we have plans to acquire 40
properties (¥39.1 billion) as forward-committed projects.
Note: Forward Committed projects: Agreement to enter into a transaction for aproperty prior to completion of construction.

Income properties: Based on acquisition amount(percentage of progress)
2023/11月期
FY20232022/11月期
FY2022Full-year
通期計画

Actual
実績

495億円
¥49.5
bn.

309億円
¥30.9
bn.

plan

Percentage
達成率
achieved

Planned
決済予定

Full-year
通期計画

62.4%

Percentage
進捗率 ofprogress

settlement

plan

500億円
¥50.0
bn.

324億円
¥32.4
bn.

2024/11月期
To be settled
以降
next
FY or
later
決済予定

64.9%

213億円
¥21.3
bn.

Expect to settle on 70 income properties (about ¥53.7 billion)

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

Tokyo
metropolitan
area

首都圏

中部
Chubu

関西
Kansai

Chugoku
中四国/Shikoku

九州
KyushuTotal
合計

FY2022Q2 acquisitions
2022/11期3Q
取得実績
FY2022acquisitions

8件
12

6件
9

3件
3

9件
10

5件
5

6件
12

37件
51

今期決済予定Expected
to settle this FY

5件
4

3件
13

0件
8

0件
11

0件
5

6件
10

14件
51

合計
Total

13件
16

9件
22

3件
11

9件
21

5件
10

12件
22

51件
102

Expected
to settle next FY or later
来期以降決済予定

4件
1

17件
5

7件
1

12件
9

6件
1

8件
2

54件
19

17

Overview by Segment
Income Gains

Real Estate Leasing Business
Asset Holdings by Region and Occupancy Rates

 We own 160 rental properties (total book value of about ¥163.1 billion), including residences, hotels, and offices. Of these, the occupancy
rate for residential properties remained steady at around 95%.
 We have created a well-balanced portfolio by holding properties throughout Japan.

Residential Occupancy Rates

Asset Holdings by Region
Hokkaido
北海道(%)

Chugoku
Shikoku

7.0%

100

Chubu
中部

Kansai関西

中四国

Kyushu
九州

16.0%

41.0%

9.6%

19.2%

93.4

94.1

94.7

94.5

94.6

94.5

２Q

３Q

４Q

１Q

２Q

95.4

94.5

95.6

95.7

１Q

２Q

94.5 94.6

90

Tokyo
metropolitan
首都圏 area

7.2%
80

Asset Holdings by Asset Type
Increased

Increased

Residential
レジデンス

Hotel
ホテル

Office
オフィス

54.9%

25.8%

13.7%

0
１Q

FY2020３Q

FY2021

４Q

３Q

４Q

FY2022

Other
その他
5.6%

Note: Data is as of November 30, 2022. The total is based on the book valueof real estate for sale and non-current assets owned by the Samty Groupon a consolidated basis.

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

18Overview by Segment
Income Gains

Hotel Business
Hotel Occupancy Rates•

Hotel the Pavone (Nesta Resort Kobe) and Mercure Hida Takayama were added to our participating hotels.

•

The average occupancy rate is on a steady recovery trend, and the number of hotels is increasing that arerecovering to pre-pandemic levels or even higher in terms of room rates.

•

The number of foreign and domestic tourists is expected to continue to increase, and further recovery of thebusiness environment is anticipated.

Hotels in Which Samty Is Involved(In Order of Acquisition/Development)№

Region1

Tokyo
metropolitan
areaHotel name

Rooms

108

Owned and
operated

86

Owned

HOTEL SUNSHINE UTSUNOMIYA

160

-

155

-

21

Owned

Center Hotel Tokyo
Amano Hashidate Hotel(including Auberge)

Average Occupancy Rates

RemarkGo To campaigns(all Japan)

2

Kansai3

Tokyo
metropolitan
area

4

KyushuS-PERIA HOTEL Nagasaki

5

KansaiGOZAN

6KyushuS-PERIA HOTEL Hakata

287

Developed

7

Tokyo
metropolitan
area

S-PERIA INN Nihombashi Hakozaki

114

Developed andoperated

8

Kansai

S-PERIA INN Osaka Hommachi

125

9Kansai

S-PERIA HOTEL Kyoto

165

Developed andoperated
Developed and
Owned

10

Chugoku

NEST HOTEL HIROSHIMA HATCHOBORI

126

Owned

11

Chugoku

NEST HOTEL HIROSHIMA STATION

84

Owned

40

12

Kansai

Mercure Kyoto Station

225

Developed

30
20
10

13

Chubu

Ibis Styles Nagoya

284

Developed and
Owned

14

KansaiAgora Kyoto Karasuma

140

Developed

15

KansaiAgora Kyoto Shijo

80

Developed

16

Kansai

Aloft Osaka Dojima

305

Owned

87

17

KyushuS-PERIA HOTEL Fukuoka Nakasu

18

KansaiOakwood Hotel Kyoto Oike

120

Developed andoperated
Developed and
Owned

19

KansaiHotel the Pavone (Nesta Resort Kobe)

109

Operated

20

Chubu

Mercure Hida Takayama

161

Developed

Total

20 hotels

2,942 rooms

Semi-state of
emergency(Tokyo)State of emergency(Tokyo)

（％）
100
90
80
70
60
50

0

12 2
2018

4

6

8 10 12 2

2019

4

6

8 10 12 2

2020

4

6

8 10 12 2

2021

4

6

8 10 122022

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.

19Third Quarter of FY2022
Overview by Segment

Hotel Business
Sales Trends at Hotels in Which Samty Is Involved

 Sales for the Hotel Business in FY2022 were about ¥6.3 billion, which we feel is lower than when tourism is in full swing.
 The assumed occupancy rate of hotels the Group is involved in when tourism is in full swing is about 85%, and when the hotels now
under development that we plan to open between 2023 and the winter of 2024 are included, we expect a large contribution to sales alongwith the rebound in demand going forward.

Sales at Hotels in Which Samty Is Involved
Sales (actual)

22 properties¥23.0 billion
Approx. 85％

Approx.

Sales (planned)

20 properties(¥ mn)

Approx.

28,000Approx.

24,00020,00016,00012,000¥15.0

billion

12 properties

18 properties

Sales:

Approx. ¥4.2 billion

Averageoccupancy rate:

Approx. 77.8％

Approx. ¥6.3 billion

15 properties

Approx. ¥2.5 billion
Approx.

8,000

40.5％

18 properties

Approx.

63.3％

Approx. ¥2.6 billion
Approx.

40.6％

85％
Anticipate recovery intourism demand fromforeign tourists

Openings
 Mercure Haneda
 Mercure Hida
Takayama

4,000
0FY20192019/11期
actual実績

FY20202020/11期
actual実績

FY20212021/11期
actual実績

FY20222022/11期
actual実績

FY20232023/11期
plan
計画

Openings
 Six Senses Kyoto
 Banyan Tree Higashiyama
Kyoto

FY20242024/11期
plan
計画

Notes: Occupancy rates include hotels that have opened within the past year. Calculations exclude divested hotels.
Figures for actual sales are Samty’s segment data. Figures for sales when tourism is in full swing are calculated by Samty Group companies Samty
Asset Management and Samty Hotel Management Corp. based on the business plan and data provided by each operator.
Sales and occupancy rates for hotels opening in FY2023 onward are based on the business plan.

FY20252025/11期
plan
計画

20

Real Estate Management Business
AUM and Number of Units Under Management

Overview by Segment
Income Gains

•

•

•

AUM reached the ¥300 billion level atthe end of January 2022. In August
2022, we transferred 18 properties toSamty Residential Investment Corp.
AUM is expected to expand due to anincrease in assets under management
and the formation of a hotel REIT.

•

AUM（¥ bn.）

REIT

Number of Units Under Management

私募(サブAM等を含む)

8,000
800

(units)

AUM is growing
steadily

6,000
600

262.4

317.8

382.7
20,000200
2,000

一般オーナー

分譲管理

26,000units
Number is steadily
increasing

30,000

4,000
400

リートPM
Approx.

40,000

5,000
500

3,000
300

サムティ資産50,000¥382.7 billion

7,000
700

The number of properties undermanagement is steadily increasing.
Steady expansion is expected in the
future based on an increase inproperties owned by Samty Residential
Investment Corp. and the plannedcompletion of at least 10,000 units
developed by Samty by 2023 orthereafter.

25,91017,85810,000

100
1,000

0

End of
2021/1末
Jan. 2021

End of
2022/1末
Jan. 2022

End of
2023/1末
Jan.2023

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

End ofNov. 2021

End ofNov. 2022

End ofNov. 2023(target)End ofNov. 2024(target)End ofNov. 2025(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 our structure 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 wasformulated, by the end of FY2025.
 The assumptions of the plan were reviewed and the target figures for FY11/2023 were changed in light of the current businessenvironment.
Note: Numerical targets before revision: Net sales: ¥170 billion, rental income: ¥35 billion, operating income: ¥20 billion

Basic Policies

1

Switch to a “develop and own”business

3

Strategically invest in regional
metropolitan areas

2

Establish a hotel REIT

4

Build a profit base overseas

KPI Targets
FY2020
ActualFY2021
ActualFY2022
ActualFY2023
Numerical Target

FY2025
Numerical Target

Net sales¥101.1 bn.

¥90.4 bn.

(¥13.8 bn.)

¥128.4 bn.
（¥18.8 bn.）

¥165.0 bn.

About ¥220.0 bn.

Operating profit¥17.3 bn.

¥9.4 bn.

¥14.0 bn.

¥18.0 bn.

More than ¥35.0 bn.

ROE

14.3％

11.6%

11.1%

-

About 15.0％

ROA

7.4％

3.2%

3.7%

-

About 7.0％

Equity ratio

30.7％

27.0%

23.9%

-

More than 30.0％(rental income, etc.)(¥12.1 bn.)(¥27.5 bn.)

Notes : (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

Transformation of the Earnings Structure Operating profit for FY2025 is targeted at ¥35.0 billion, and the strategy to transform the business portfolio aims for operating
profit-based income gains of ¥17.5 billion, about a sixfold increase from the date of formulation.

Income Gains as a Percentage of Operating Profit
FY2022 Actual

FY2020 Actual

FY2023 Target

FY2025 Target

Approx. 6-fold increase planned

Income gains

Capital gains(In Japan)

Approx.
¥Approx. 2.8-fold increase planned
Approx.

Approx.

¥¥

1.4 bn.

2.9 bn.
(17%)

(10%)

Operating profit

Operating profit¥17.3 bn.

¥14.0 bn.

¥18.0 bn.

Approx.

Approx.

14.4 bn.

¥(83%)

Breakdown

Real Estate Leasing Business
Hotel Business¥4.1 bn.
-¥0.65 bn.

営業利益
Operatingprofit350¥35.0億円
bn.

Approx.

12.6 bn.

¥(90%)

Breakdown

(35%)

(22%)

Operating profit¥

In Japan¥12.25 bn.

4.0 bn.

Overseas14.0 bn.

¥5.25 bn.

(78%)

Breakdown(15%)

Real Estate Leasing Business¥4.1 bn.

Real Estate Leasing Business¥5.0 bn.

Hotel Business-¥2.7 bn.

Hotel Business¥0.4 bn.

Real EstateManagement Business¥0.3 bn.

Real EstateManagement Business¥0.7 bn.

Real EstateManagement Business¥0.3 bn.

Adjustment (prorated)-¥0.85 bn.

Adjustment (prorated)-¥0.7 bn.

Adjustment (prorated)-¥1.7 bn.

Note: Calculated as a percentage after deducting general and administrative expenses not attributable to a reporting segment.
Those for prior fiscal years have been revised to reflect the reclassification into new segments.

Income gains

Total ¥17.5 bn.
(50%)

Capital gains

Total ¥17.5 bn.
(50%)

24

Review of the MediumTerm Management Plan

State of Progress in the Transformation of theProfit Structure (Expansion of Income Gains) Income gains based on net sales rose compared to the previous year in all three segments. We expect them to expand further
going forward.

Income Gains (Based on Net Sales)
Net sales(¥ mn)

32,000

Expected increase＋49.6%

28,00024,0006,200
Increased＋38.4％

20,00016,00014,57812,000

3,845

8,000
4,000

30,20020,1905,193

15,000

6,293

2,784
7,949

8,704

9,000

FY20212021/11期

FY20222022/11期

FY20232023/11期

（実績）

（実績）

（計画）

0
(Actual)Note: Calculated as total net sales, including internal sales(Actual)(Plan)

25

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 FY2022, cumulative investment totaled about ¥503.7 billion (+¥215.0 billion from the previous fiscal
year-end), and the percentage of progress was 67.2％, so we have achieved 60% of our targeted investment amount in
the second year of the plan. We will continue working on early achievement of our targets.
Percentage of Progress toward
Targets by Theme

100％ Achieved

Development ofResidential Properties

Development ofHotels and Office Buildings

Acquisition ofIncome Properties

Overseas BusinessState of progressState of progressState of progressState of progress

215.4 bn.

¥¥

Targetamount71.8%¥

300.0 bn.

Targetamount122.0 bn.

101.7%¥

120.0 bn.

130.9 bn.

進捗状況¥

Targetamount52.4%¥

250.0 bn.

¥

35.4 bn.

Targetamount44.3%¥

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.

26

Review of the MediumTerm Management Plan

State of Progress in Key Performance Indicators (KPIs)

 Our equity ratio is declining due to an increase in assets held in conjunction with property acquisitions designed to increase income
gains.
 We are striving to improve ROA and ROE, as we remain mindful of the targets for FY2023 set forth in our Medium-Term
Management Plan.

Equity(¥mn)

Equity and Equity Ratio
自己資本・自己資本比率の推移
自己資本

自己資本比率120,000

37.9
100,000

32.5

30.7

94,29677,02827.0

98,77160,00023.4

ROE = Profit / Equity (average of FY start and end)
ROA = Operating profit / Total assets (average of
FY start and end)

45.0

（％）

40.0

18.0

35.0

ROE

ROA

16.9
14.7

14.3

14.0

11.7

30.0

80,00071,027

ROE and ROA
ＲＯＥ・ＲＯＡの推移
Note:

Equity
ratio
(%)

25.0

23.9

61,53339,01715.0

FY2017 2018/11期
FY2018 2019/11期
FY2019FY2020
FY2021 2022/11期
FY2022
2017/11期
2020/11期
2021/11期

8.1

7.4

6.0

3.2
2.0

(2.0)

3.7

Temporary decline
due to asset
expansion

5.0
0.0

20,000

8.5

20.0

10.0

40,000

10.0

11.3

2018/11期
FY2018

2019/11期
FY20192020/11期
FY20202021/11期
FY20212022/11期
FY202227

Review of the MediumTerm Management Plan

State of Progress in Expanding Group Assets

 Group assets rose by about ¥80.8 billion year on year (+16.3%) due to asset growth.
 We are implementing strategic initiatives 1-3 below so that our assets will grow steadily until the end of FY2025.

Aiming for Group assets of¥1.0 trillion by FY2025

Preparation for listing

総資産(サムティ)
AUM(レジREIT)■Totalassets (Samty) ■AUM
(Residential REIT) ■ AUM(ホテルREIT)
AUM (Hotel REIT)(¥ bn)

the hotel REIT

10,0001,000

2Support for increasing

800
8,000

the residential REIT’s

600
6,000

400
4,000

1

369.3
3,693

495.5

AUM

576.3

3
Accumulation ofincome properties

200
2,000

0

FY2020(Actual)FY2021(Actual)FY2022(Actual)FY2023(Target)FY2025(Target)Note: Group assets are calculated by adding Samty’s total assets + the balance of the REIT AUM (assets under management).

28

Dividends and Shareholder Returns

Dividend Policy/Shareholder
Returns

Dividends and Shareholder Returns

Dividends
In FY2022 we kept dividends the same level as
FY2021, with an annual dividend of 90 yen. (¥39 at

(¥)
100

Initialplanneddividend

Dividend

当初予想配当金increase
増配（1回目）(first)mid-year and ¥51 at year-end).

The Company recognizes that returning profits

80

79

Dividend

increase
増配（2回目）(second)

Dividend
increase
増配（3回目）(third)

90

90

82

Dividend
payout
（％）
配当性向
ratio

90

70.0

69.8
60.0

to shareholders is one of its most importantmanagement tasks, and will maintain its

60

50.0

dividend forecast for FY2023 at the previous
year’s level of ¥90 (¥39 at mid-year and ¥51 at

40.0
40

year-end).
We plan to temporarily have a dividend payout ratio

80.0

20

of about 70%.

32.0

31.4

FY20192019/11期

FY20202020/11期

37.1

38.5

FY20212021/11期

FY20222022/11期(Actual)
（実績）

30.0

FY20232023/11期(Plan)（予想）

20.0

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.

a30

Dividend Policy/Shareholder
Returns

Complete digitalization of shareholder benefits

 We have completely digitalized benefits given to shareholders of record as of the end of November 2022.
We will continue to maintain shareholder returns while eliminating the use of benefit cards and reducing the use of plastic and paper.

From shareholders of record as of the end of November 2022,
we are making some changes to the benefits program.

Hotels where benefits can be used (total of 20)

Change 1) New dedicated website and smartphone application

Center Hotel Tokyo

S-Peria Inn Nihombashi Hakozaki

S-Peria Inn Osaka Hommachi

S-Peria Hotel Hakata

S-Peria Hotel Kyoto

S-Peria Hotel Fukuoka Nakasu

S-Peria Hotel Nagasaki

Nest Hotel Hiroshima Hatchobori

Nest Hotel Hiroshima Station

Hotel Sunshine Utsunomiya

Ibis Styles Nagoya

Auberge Amanohashidate

Until now, we have asked you to make reservations by phone, but now
reservations can be made via the web or app from a PC or smartphone.
Reservations can still be made by phone as before. For details, pleasecheck our website.
Change 2) Expansion from 18 to 20 hotels
Mercure Hida Takayama, which opened in December 2022, and Hotel the
Pavone in Nesta Resort Kobe have been added.

Hotels requiring 1 e-ticket

Number of benefits issued
Number of shares held

Hotels requiring 2 e-tickets

No. of benefits

200

～

299

１

300

～

599

２

600

～

999

３

1,000

～

1,999

４

2,000

～

4,999

６

5,000

～

9,999

８

10,000 or more

10

Mercure Kyoto Station

Aloft Osaka Dojima

Oakwood Hotel Oike Kyoto

Agora Kyoto Karasuma

Agora Kyoto Shijo

Mercure Hida Takayama

Hotel The Pavone(Nesta Resort Kobe)
Hotels requiring 3 e-tickets
Amanohashidate Hotel

31

Shares (as of November 30, 2022)

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

46,522,685

No. of shareholders

Ordinary shares

45,114

Major Shareholders (Top 10)
Name of株主名
shareholder

Number of
持株数
shares owned

Percentage
持株比率
of ownership

株式会社大和証券グループ本社
Daiwa Securities Group Inc.

13,195,050

28.36%

森山
茂 Moriyama
Shigeru

3,007,172

6.46%

日本マスタートラスト信託銀行株式会社（信託口）
The Master Trust Bank of Japan, Ltd. (a trust)

2,829,700

6.08%

個人
Individual

1,305,000

2.80%

個人
Individual

1,271,566

2.73%

大和PIパートナーズ株式会社
Daiwa PI Partners Co. Ltd.

1,250,000

2.68%

有限会社剛ビル
Tsuyoshibiru Co., Ltd.

1,220,000

2.62%

江口
和志
KazushiEguchi

804,424

1.72%

有限会社ファイブセクト
Five Sect, Ltd.

610,000

1.31%

株式会社日本カストディ銀行（信託口）
Custody Bank of Japan, Ltd. (trust account)

448,600

0.96%

25,941,512

55.76%合
Total計* The percentages of share ownership exclude treasury shares and have been rounded
to two decimal places.

所有者
Owner

株式数
No. 株式数
of shares

No. of
株主数
株主数
shareholders

比率
比率
Percentage

金融機関
Financial institutions

5,326,250
3,955,850

22名
22名
22

11.45%
8.50%

Financial instruments
金融商品取引業者
business operators

2,029,224
695,908

29名
27名
27

4.36%
1.50%

その他の法人Other corporations

17,176,823
17,049,938

256名
360名
360

36.92%
36.65%

外国法人等
Foreign corporations, etc.

2,375,595
1,475,175

174名
191名
191

5.11%
3.17%

個人・その他
個人・その他
Individuals & other

19,614,391
23,345,211

34,885名
44,513名
44,51342.16%
50.18%

自己株式
自己株式
Treasury shares

402
603

1名
1名
1

0.00%
0.00%

合
計
合
Total計

46,522,685
46,522,685

35,367名
45,114名
45,114100.00%100%

Financial instruments
金融商品取引業者

Share distribution by
ownershipbusiness operators

1.50%

Financial
institutions
8.50%

Individuals &個人・その他others50.18%

Other
その他の法人corporations
36.65%

Foreigncorporations, etc.
3.17%

32

Fiscal Year 2023
Forecast of Consolidated Results

FY2023 Forecast

FY2023 Forecast of Consolidated Results

 For FY2023, the Company forecasts consolidated sales of ¥165 billion (+28.4%) and operating income of ¥18 billion (+27.8%).
 In FY2022 we recorded a foreign exchange gain (+¥5.7 billion), but in FY2023, we expect a foreign exchange loss (-¥2.0
billion), which will result in a decrease in recurring profit, but excluding the foreign exchange impact, recurring profit will
increase.
2022/11月期
FY2022（単位：百万円）(Unit:
Millions of yen)
売上高
Net
sales

Full-year

通期実績
actual2023/11期
FY2023構成比

Full-year

通期予想
forecast

Percent(利益率)

Exchange rate impact

前年度比
Year
on Year

構成比

Percent(利益率)

Increase/
増減額
decrease

Percent
増減率

Ordinary Profit¥14.4 billion

change128,470100%

165,000

100%

36,530+28.4%

不動産開発事業Real
Estate Development Business

73,48857.2%

95,00057.6%

21,512+29.3%

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

28,65622.3%

26,00015.8%-2,656-9.3%

海外事業
Overseas
Business

7,463

5.8%

16,500

10.0%

9,037

+121%

不動産賃貸事業Real
Estate Leasing Business

8,704

6.8%

9,000

5.5%

296

+3.4%

ホテル賃貸・運営事業
HotelBusiness

6,293

4.9%

15,000

9.1%

8,707

+138.4%

不動産管理事業Real
Estate Management Business

5,193

4.0%

6,200

3.8%

1,007

+19.4%

調整額
Adjustment-1,330--2,700--1,370+103.0%

営業利益profit
Operating

14,08311.0%

18,000

10.9%

3,917

+27.8%

不動産開発事業Real
Estate Development Business

15,63721.3%

15,000

15.8%

-637

-4.1%

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

3,928

13.7%

3,000

11.5%

-928

-23.6%

海外事業
Overseas
Business

-593

-7.9%

1,600

9.7%

2,193

-

不動産賃貸事業Real
Estate Leasing Business

4,168

47.9%

5,000

55.6%

832

+20.0%

ホテル賃貸・運営事業
HotelBusiness-2,742

-

400

2.7%

3,142

-

775

14.9%

300

4.8%

-475

-61.3%

調整額
Adjustment-7,090--7,300

-

-210

-

経常利益
Ordinary Profit

14,441

11.2%

11,0006.7%-3,441- 23.8%

純利益
Profit10,866

8.5%

6,000

3.6%

-4,866- 44.8%

１株当たり配当金
Dividend per share

90.00

-

90.00

-

0.0

-

１株当たり当期純利益
Earnings per share (yen)233.68-128.97--104.7-

不動産管理事業Real
Estate Management Business+¥5.7
billion¥8.7
billionOrdinary Profit(Plan)¥11.0 billion-¥2.0
billion¥13.0
billionforeign exchange
gain (about 5.7
billion) fromoverseas businessExcluding the effectof foreign exchange¥8.7 billion

FY2022Foreignexchange loss
(about ¥2.0
billion)Excluding the effectof foreign exchange¥13.0 billion

FY2023 (Plan)

34

Fiscal Year Ended November 30, 2022
Topics and Sustainability Initiatives

Opened SAM and SPM Group Companies at Various Locations
Nationwide

Topics At all locations, except for sales offices and satellite offices, we have opened offices for our group companies Samty AssetManagement Co. (SAM) and Samty Property Management Co. (SPM).
Promote the Group's growth as a comprehensive real estate developer by using Group synergies in business development.

■Map of locations in Japan
SapporoBranchOfficeOsaka

Fukuoka Hiroshim
Branch a Branch Head
OfficeOfficeOfficeNorth Kanto Office+

Tokyo Head Office

Kobe Sales
OfficeTokyo Branch Office

We put offices for our Group companies, SAM andEast Kanto Office

SPM, in the locations where we set up Branch Offices.

NagoyaYokohama Sales Office
Branch Office

We do this so local staff can respond quickly todevelopment, management, and operation.

Note:
Indicates locations with asset management andproperty management functions

Samty Group synergies go nationwide.
We are aiming to further expand business by improving productivity.
36

Topics

Acquired Management Rights to Nesta Resort Kobe The company entered the theme park business as a new pillar of its growth strategy in Japan, following on from its rental
condominiums and hotels.
 To create a sustainable business and to energize region, we are managing the Nesta Resort Kobe (Miki City, Hyogo
Prefecture) together with Katana Inc. (Katana). We are aiming to further contribute to the regional economy by implementing
various measures.
Acquisition Background and Outlook
After COVID-19, and based on the belief that people's
awareness and consumer behavior will shift to "things andexperiences," we entered the "customer-attraction facility"business to secure a new source of revenue in Japan.
The acquisition was made based on the belief that "realestate that can attract visitors" related to tourism andleisure, which is booming worldwide, is a promising asset
with sustainable growth potential. It can contribute not only
to inbound demand and the tourism industry, but also tocreating attractions and developing regional communities invarious ways by taking advantage of regional
characteristics.

In addition to activities that took advantage of the great
outdoors, seasonal events such as the fireworks festival
last summer and the Halloween festival last fall were held.

With this as the third pillar in Japan after
From the joint press announcementwith Katana (July 5, 2022)

rental condominiums and hotels, develop
into a sustainable business.
37Topics

Revamped Corporate Logo

In advance of our 40th anniversary, we revamped our corporate logo torepresent our rising to new heights
Samty's corporate logo was changed to one that expresses the company's desire to go beyond conventional ideas and boldly go into the
future, based on the Group’s corporate statement and slogan, “Samty, beyond real estate.” In addition, company names were changed toEnglish to reflect the further strengthening of overseas business in the future.
Slogan“Samty, beyond real estate.”
Corporate Statement“Let’s put some wood together and live in this place.”
The person who first came up with this idea wasprobably laughed at for being an iconoclast.
However, this repeated lack of common sense built ourworld of today.
We at Samty want to be real estate iconoclasts.
We want to shock the world with our ideas.
You can expect Samty to be intrigued by and leap up
to tackle yet unseen challenges.

Based on Samty’s logo, the logos of group companies were also redesigned.
The Group will continue to work together to steadily improve its corporate value.
38

Sustainability

Acquisition of BELS Certification

 Ibis Styles Nagoya, a hotel developed and owned by the Company, received a five-star rating, the highest rating, in the
BELS certification system, which is a building energy efficiency and conservation performance indication system. Also, theXymax Sapporo Odori Building (formerly the S-Building, Sapporo-Odori), an office building developed and sold by the Company,
and S-RESIDENCE Kotoni ekimae, a rental apartment building, received 4-star BELS certification.
 Going forward, too, we will develop and supply properties that are energy- and resource-conscious, based on our basic
sustainability policy.
Hotel overview (BELS 5-star)■Name: Ibis Styles Nagoya■Access: 8-minute walk from Nagoya
StationRental apartment building overview(BELS 4-star)

Office building overview(BELS 4-star)■Name: S-RESIDENCE Kotoni ekimae■Access: 1-minute walk from the Kotoni
subway station■Name: Xymax Sapporo Odori Building(formerly: S-Building Sapporo-Odori)■Access: 1-minute walk from the Odori
subway station

39

Sustainability

Sustainability Website Opened to the Public On October 31, 2022 we opened our sustainability website to the public.
Going forward, we will establish an internal environmental data collection system and further expand the information on it.
Samty Group’s Basic Policies on Sustainability

1. Environmental Consideration

2. Coexistence with Local Communities

We will work to develop real estate andprovide services with “coexistence ofhumans and nature” in mind, while
being aware of changes in social
conditions and giving consideration toenergy and resources.

In order to establish a relationship ofcoexistence and co-prosperity with local
communities through business, we willcontribute to community development asa member of society by seeking
activities that are suitable to thecharacteristics of each community.

3. Being a Company that Values People

4. Thoroughness of Corporate Morals

We respect the human rights anddiverse views of all people involved in
the Samty Group and will contribute to
the realization of a society in which thenext generation can grow up withdreams.

Based on the Samty Group’s
Management Philosophy and Code of
Conduct, we will strengthen our
corporate governance system andensure thorough risk management, while
each employee will engage in businessactivities with high ethical standards,
aiming to become a company that istrusted by society.

Environment
環境Social社会

G overnance

ガバナンス

Scan this to see details on our
initiatives related tosustainability⇒

As a member of society, we will strive to put into practice our corporate philosophy of “Morals, passion, challenges,
and the realization of dreams,” and we will strive to realize a sustainable society and enhance our corporate value froma medium- to long-term perspective.
40

Sustainability

Investing in Companies that Provide Microfinance BusinessSupport Aiming to achieve our basic sustainability policies of “coexistence with local communities” and “being a company that values
people,” we invest in Gojo & Company, Inc., which provides microfinance services to micro-, small-, and medium-sizedbusinesses in emerging countries.

We use an ESG investment fund established by Samty Asia Investments Pte. Ltd.
Overview of our business
investment partnership(Singapore), to invest in Gojo & Company, Inc., which provides microfinance services tomicro-, small-, and medium-sized businesses in emerging countries.

Name

Gojo & Company, Inc., has providing financial inclusion around the world as its mission
and provides microfinance services through its group companies around the world. Our
Group, with its investments, supports Gojo & Company, Inc.’s business of bringing abouta world where anyone can decide their own future.

Impact X1 Investment
Partnership

Executive
partner

CAPITAL X, Inc.

Investee

Gojo & Company, Inc.
（Class E preferredstock）

PeriodAbout 5 years

Business Plan
Repayment

Investments

Indirect
investments

Overseas groupcompanies

Profit fromcommerce, etc.

Customers

Microinvestments(99% are women
raising children)41

Support for the Local Professional Baseball Team fromthe Perspective of Regional Development

CSR Initiatives

 With the aim of promoting regional development, we have been an official sponsor of the Osaka-based Orix Buffaloes since the2022 season in order to enliven Osaka, the city where our company was founded, and the whole of Japan through sports.

About Sponsor Support
The ORIX Buffaloes, based in Osaka, where the company was founded, has a baseball team philosophy of "bringing excitement andinspiration to fans, dreams and hopes to children, and contributing to the development of the community and its people"
through baseball. And the Samty Group, to practice its corporate philosophy of "Ethics, Passion, Challenge, and the Realization ofDreams," has been conducting community-based activities as a member of society, and therefore, sympathized with the team's efforts in
its activities and became an official sponsor of the team.

Samty Group will continue to support
the success of the team and its players
through sponsorship and otheractivities, thereby contributing to thestimulation of sports and thedevelopment of regional economies
throughout Japan.

#1 in Japan for the 5th time, and thefirst time in 26 years

Social社会©ORIX Buffaloes

42

CSR Initiatives

Sponsoring the Holding of a “Dream Classroom”

 On May 20, 2022, we sponsored the second online edition of the Dream Classroom at Kitanodai Primary School in Sapporo.
 The Samty Group will encourage the realization of our company as one that values people by supporting people throughout
Japan who strive toward achieving their dreams, including children and current and former athletes.

×
The Dream Classroom is a program sponsored by the JFA(Japan Football Association) that aims to contribute to the healthy
growth of children’s bodies and minds. Current and former
athletes developed this course, which teaches children thegreatness of having a dream and the importance of striving to

Mr. Takeomi Ito (former member of the Japanesenational rugby team), the Dream Teacher for thesecond sponsored classmake one’s dreams come true.

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 ofthe next 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.
43

Public Relations

Airing of Samty-kun Commercials

 From January 2022, commercials featuring a Shiba dog will be replaced with animated commercials featuring Samty-kun.
 Samty-kun embodies our slogan, “Samty, beyond real estate.”
Airing of TV
commercials

The idea of “going beyond" existing ideas and frameworks that is in our slogan, is
depicted in the animation. The first and second TV commercials featuring the original
character Samty-kun “going beyond with the power of ideas" are currently airing.

Ayako Imoto does the voice of Samtykun and sings the commercial’s song.

Background to the makingof the commercial

The company began airing animated commercials featuring Samty-kun in January 2022, based on the slogan “Samty, beyond realestate," which was created to commemorate the 40th anniversary of the company's founding. We asked Ms. Imoto to participate in
the TV commercials because her image of going beyond common sense in Japan and around the world, and continuing to go beyond
the boundaries of the industry has a lot of overlap with our company's image of going beyond common sense in the real estateindustry and opening up the future with ideas.

We are taking on new challenges that transcend conventional real estate business concepts,
such as the development of luxury hotels, participation in the residential condominium
business in Vietnam, and entry into the theme park business.
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 October 2022.
 The pace of the market’s growth was faster than in the previous survey. Overseas investors view Japanese real estate as highly
desirable for investment due to political stability and low interest rates, so the market for private domestic real estate funds will continue
growing.
Trend inJ-REITと私募ファンドの市場規模推移
the market scale of J-REIT and private funds(trillion yen)
28.0

J-REIT
J-REITsPrivate funds:
私募:国内特化型
domestic

Private

私募:私募REIT
funds:Private

私募:グローバル型(国内運用資産額)
Private funds: global (AUM in Japan)

REIT

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

Source: Prepared by Samty using data from the Sumitomo Mitsui Trust Research Institute Ltd.’s Survey on Private Real Estate Funds, released on October 5, 2022.

46

Market Conditions(2) Real Estate Prices

 In the survey released in December 2022, market prices for income properties are rising due to the inflow of capital fromoverseas funds, etc., and the cap rate, including for residential REITSs remains low.
SMTRI J-REIT Implied Cap Rate
(Mar. 2005 – Oct. 2022)

Source: Sumitomo Mitsui Trust Research Institute Ltd.’s J-REIT Market Trends: Implied cap rate; released December 16, 202247

(3) Long-term Interest Rates

Market Conditions

 Long-term interest rates around the world continued to rise, but have recently trended downward. On the other hand, in Japan,
the BOJ raised the upper limit of long-term interest rates by 0.25%, but is poised to continue monetary easing, and wecontinue to monitor future trends closely.
 Interest rates are stable compared to those in the U.S. and Europe, and foreign investors continue to favor investing inJapanese real estate.

各国の長期金利の推移
Long-term Interest
Rates in Various Countries
Unitedアメリカ
States

(%)

Japan
日本

Germany
ドイツ

Italy
イタリア

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

2015

2016

2017

2018

2019

2020

2021

2022

Source: Prepared by Samty using Bloomberg data.

48

Market Conditions(4) Residential Rents

 Due to strong demand for living near work and other reasons, residential rents in major cities have continued to rise gently,
increasing by more than 10% since the survey’s inception in 2009, and have risen stably since the financial crisis in 2008.
 Statistics show that except for Tokyo’s 23 wards and single units in the city of Nagoya, the increase continued steadily until
the second quarter of 2022. Our perception of market conditions is that areas other than Tokyo’s 23 wards are generally firm,
including the city of Nagoya. However, in the Joto (eastern) part of Tokyo, we are starting to see signs of change comparedwith other major cities, such as lease periods lengthening.

Averageby Dwelling Type in Five Major Cities
5大都市Rents
平均タイプ別賃料（2009.Q1＝100）(2009 Q1 = 100)
シングル（18～30㎡）
Single (18–30 m2)

コンパクト（30～60㎡）
Compact (30–60 m2)

120

115

110

105

100

95

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2014

2015

2016

2017

2018

2019

2020

2021

2022

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 (By City)

Tokyo 23-ward area

Sapporo東京23区

シングル（18～30㎡）
Single (18–30 m2)

札幌市

シングル（18～30㎡）
Single (18–30 m2)

コンパクト（30～60㎡）
Compact (30–60 m2)

120

120

115

115

110

110

105

105

100

100

95

2014 2015 2016 2017 2018 2019 2020 2021 2022
2Q

95

コンパクト（30～60㎡）
Compact (30–60 m2)

2014 2015 2016 2017 2018 2019 2020 2021 2022
2Q

Note: First quarter of 2009＝100

50

Market Conditions(4) Residential Rents (By City)

Nagoya

名古屋市

Osaka

Single (18–30 m2)

シングル（18～30㎡）

Fukuoka
福岡市

大阪市

コンパクト（30～60㎡）
Compact(30–60 m2)

Single (18–30 m2)
シングル（18～30㎡）
コンパクト（30～60㎡）
Compact (30–60 m2)

シングル（18～30㎡）
Single(18–30 m2)

125

コンパクト（30～60㎡）
Compact(30–60 m2)
135

120
130

115

110

105

125

120

120

115

115

110

110

105

105

100

100

95

90

85

2014 2015 2016 2017 2018 2019 2020 2021 2022
2Q
Note: First quarter of 2009＝100

100

2014 2015 2016 2017 2018 2019 2020 2021 2022
2Q

952014 2015 2016 2017 2018 2019 2020 2021 20222Q

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(5) Office Vacancy Rates and Rents

Market Conditions

Vacancy rates: Vacancy rates have been on the rise due to the spread of teleworking and other factors, but the pace of increase in vacancy rates has
slowed temporarily. In the forecast, one area is exceeding the level at which it becomes a renter’s market (5%), but the forecast is for vacancies to remain
flat or to decline again. The need for offices in regional urban areas where new supply is limited is expected to be firm.
Rents: Rents are expected to rise in all five major cities, including Tokyo, as they did in the pre-pandemic period.

Trend and Projections of Office Rents
5大都市オフィス賃料の推移と予測
in the Five Major Cities

Trend and Projections of Office Vacancy Rates
5大都市オフィス空室率の推移と予測
in the Five Major Cities
(％)

Tokyo
東京

8

Osaka
大阪

Nagoya名古屋

Sapporo
札幌

7

(¥)
(円)

Fukuoka
福岡

26,000

Forecast
予測24,000

Tokyo
東京

大阪
Osaka

名古屋
NagoyaSapporo札幌

福岡
Fukuoka

Forecast
予測22,000

6

20,0005

18,0004

16,0003

14,0002

12,0001

10,000

0

8,000
2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Prepared by Samty based on Commercial Property Research Institute Inc.’s 2022 Q3 data on rental office buildings with floor areas of at least 165 sq. m.
Tokyo: The 5 出所：㈱オフィスビル総合研究所／※1フロア面積50坪（中型）以上の賃貸オフィスビル－central wards of Chiyoda, Chuo, Minato, Shibuya & Shinjuku; Osaka: The 3 central2022年第3四半期のデータを基に当社作成
wards of Kita, Chuo & Nishi; Nagoya: Nagoya City: Sapporo:
Sapporo City;
Fukuoka: Fukuoka
City【東京】都心5区 (千代田・中央・港・渋谷・新宿)、【大阪】：主要3区(北・中央・西)、【名古屋】名古屋市、【札幌】札幌市、【福岡】福岡市（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.)

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(6) Hotel Occupancy Rates

Market Conditions

 Total overnight guests and room occupancy rates are gradually recovering due to the absence of restrictions on activities and increased willingness totravel.
 Further recovery in demand for tourism is expected with the national travel assistance that has been in place since October and the shift in lifestyles to
one of living with COVID.

 We are also keeping an eye on the recovery of demand for domestic business travel and tourism by Japanese residents and an increase in
inbound demand as the border controls are eased.

Hotel Occupancy
Rates (Averagefor 8 Prefectures Where We Are Present)
ホテル稼働率の推移（当社グループが参画する8都府県平均）
Extended stay hotel

Business hotel

シティホテル稼働率
occupancy rate

ビジネスホテル稼働率
occupancy rate

State of emergency
緊急事態宣言（東京都）
declaration (Tokyo)“GoTo” Campaign (nationwide)
GoToキャンペーン（全国対象）

90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9
2018

2019

2020

2021

2022

出所：観光庁／宿泊旅行統計調査を基に当社作成

Source: Prepared by Samty based on the Japan Tourism Agency’s Overnight Travel Statistical Survey.
The 8 prefectures
are Tochigi, Tokyo, Aichi, Kyoto, Osaka, Hiroshima, Fukuoka, and Nagasaki【8都府県】栃木県、東京都、愛知県、京都府、大阪府、広島県、福岡県、長崎県

53Market Conditions(7) GDP Growth Rates in Japan and Vietnam

 In Japan, GDP growth is returning to previous levels, thanks to increased travel demand from nationwide travel support and a recovery in inbounddemand due to the easing of border controls. In Vietnam, too, in addition to a steady economic recovery, the country showed a high growth rate due to arebound from the impact of COVID the previous year.
 However, the impact of the global economic slowdown resulting from monetary tightening will need to be closely monitored from 2023 onward.

Economic growth (real GDP growth)

経済成長率（実質GDP成長率）
Japan
日本

Vietnam
ベトナム

14.0%

13.7%

12.0%
10.0%
8.0%

7.8%

7.2%

7.0%

6.2%

6.6%

1.7%

1.6%

1.3%

Full-year
通期予想
forecast

Full-year
通期予想
forecast
2023

Full-year
通期予想
forecast
2024

5.1%

6.0%
2.9%

4.0%

2.6%

2.0%
1.7%

0.0%
-2.0%

-0.1%

-0.4%

0.9%

-0.2%

-4.0%
-6.0%

-4.6%
Full-year
通期実績
actualFull-year
通期実績
actualFull-year
通期実績
actual

2019

2020

2021

Q1
actual
1Q実績

Q2
actual
2Q実績

Q3
actual3Q実績
2022

出所：2021年1～3Q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（2022年10月）のデータを基に当社作成
Source: Preparedby Samty based on each country’s actual figures for 2021 Q1-Q3 and on the International Monetary Fund’s full-year（1Q：1～3月、2Q：4～6月、3Q：7～9月、4Q：10～12月）
actualnumbers and forecasts as of October 2022.
(Q1: Jan.-Mar.; Q2: Apr.-June; Q3: July-Sept.; Q4: Oct.-Dec.)

54

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

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