Takara Leben Co., Ltd.
Earnings Results Briefing
for Ended March 31, 2021
May 19, 2021

Security code

8897

© Takara Leben group

Contents

Summary of Business Results
for the Year Ended March 2021

P.２

Business Outlook for the Year Ending March 2022

P.19

Appendix

P.32© Takara Leben group.

1

Summary of Business Results
for the Year Ended March 2021

Business Outlook for the Year Ending March 2022

Appendix© Takara Leben group.

2

Summary of Business Results for the Fiscal Year Ended March 2021

 The consolidated financial results for the fiscal year ended March 2021 were net sales of 148,397
million yen (down 11.9% year on year), operating income of 10,789 million yen (down 9.3% YoY),
and ordinary income of 9,933 million yen (down 11.3% YoY), and net income attributable to owners ofparent of 4,693 million yen (down 12.5% YoY). The income declines were attributable to extraordinary
losses (impairment losses) of 2,589 million yen due the application change of the guest house-type
hotel assets.
 In the new built-for-sale condominium business, despite decreased visitors to the model rooms for the
temporary closure following the issuance of a state of emergency, the number of visitors exceededthat of the previous year after the reopening. For progress of the contracts, we made a significant
surpass over the plan together with the record-breaking delivered units, as well as net sales and grossprofit, also record-breaking.
 In the liquidation business, gross profit margin has improved with contribution of high profitability ofthe self-developed residence properties.

© Takara Leben group.

3

Effects of the New Coronavirus Infection（New Built-for-Sale Condominium / Liquidation）
New Built-for-Sale
CondominiumA The decline in visitors due to the issuance of the state of emergency was temporary, and there
was no significant decline in the mindset of condominium buyers
 The area for purchasers to consider is expanding to the suburbs of capital area

【Number of visitors to model rooms per unit (YOY)】 Although the number of visitors temporarily declined fromyear-on-year, the number of visitors has exceeded yearon-year since July160%

The state of emergency

140%【Number of visitors to residence website (YOY)】

B The number of visitors to the residence website
exceeds year-on-year※Same months in the previous year
converted to 100%

200%

※Same months in the previous year
converted to 100%
※Aggregate number of accesses on PCs
and smartphones

150%

120%
100%

100%

80%
60%

50%

40%
20%

0%

0%

 Market shrinks and investment decreased due to the impact of the spread of the new coronavirus
infection, and as a result of assessing the timing of sales, the amount of sales decreased

Liquidation

 Build a portfolio focus on residences
40,000The state of emergency

30,00020,00010,000Residence
レジデンス

0 （Million yen） 0

Officeオフィス

10,000Hotel
ホテル

20,000

商業・物流
Retail・Logistics
30,00040,000Year ended

2020年3月期
March 2020
Sales
achievements

Year ended

2021年3月期
March 2021

© Takara Leben group.

Investment
achievements

4Consolidated Income Statement for the Fiscal Year Ended March 2021

vs. Plan
ChangeYear ended
March 2021

168,493

148,397△11.9%

136,800

8.5%

Real estate sales business

129,649

117,200△9.6%

106,300

10.3%

Real estate rental business

5,965

5,753

△3.5%

5,500

4.6%

Real estate management business

5,046

5,446

7.9%

5,400

0.9%

Electric power
generation business

Facilities sale

15,9837,688△51.9%

7,550

1.8%

Electricity sale

4,999

5,797

16.0%

5,450

6.4%

6,850

6,512

△4.9%

6,600

△1.3%

Cost of sales

137,977

118,469△14.1%

111,900

5.9%

Gross profit

30,51629,928△1.9%

24,90020.2%

Selling, general andadministrative expenses

18,614

19,1392.8%

18,9001.3%

Operating income

11,901

10,789

△9.3%

6,000

79.8%

Ordinary income

11,201

9,933△11.3%

5,000

98.7%

Net income attributableto owners of parent

5,361

4,693

△12.5%

3,400

38.0%

（Million yen）

Net sales

Other businesses

YoYchangeInitial plan foryear ended
March 2021

Year ended
March 2020

※Announced on October 30, 2020

© Takara Leben group.

5

Net Sales and Gross Profit by Segment for the Fiscal Year Ended March 2021 (1)vs. Plan
ChangeYear ended
March 2021

Net sales

129,649

117,200△9.6%

106,300

10.3%

Gross profit

22,61924,88710.0%

20,30022.6%

New built-for-salecondominium

Net sales

77,171

79,4352.9%

74,0007.3%

Gross profit

15,65017,33910.8%

15,00015.6%

New detachedhouse

Net sales

7,808

5,329

△31.7%

5,900

△9.7%

Gross profit

720

523

△27.3%

500

4.7%

Net sales

3,431

3,866

12.7%

4,200

△7.9%

Gross profit

421

613

45.7%

700

△12.3%Net sales

37,854

22,376△40.9%

20,00011.9%

Gross profit

4,828

6,204

28.5%

4,000

55.1%

Net sales

3,382

6,193

83.1%

2,200

181.5%

Gross profit

997

205

△79.4%

100

106.0%（Million yen）

Real estate
sales business

Renewal resale
Liquidation
OthersYoYchangeInitial plan foryear ended
March 2021

Year ended
March 2020

※Announced on October 30, 2020

© Takara Leben group.

6

Net Sales and Gross Profit by Segment for the Fiscal Year Ended March 2021 (2)（Million yen）

Year ended
March 2020

Year ended
March 2021

YoYchangeInitial plan foryear ended
March 2021

vs. Plan
ChangeReal estate rental
business

Net sales

5,965

5,753

△3.5%

5,500

4.6%

Gross profit

1,589

1,183

△25.5%

1,100

7.6%

Real estate
managementbusiness

Net sales

5,046

5,446

7.9%

5,400

0.9%

Gross profit

576

518

△10.1%

600△13.6%

Electric power
generation business(Facilities sale)

Net sales

15,9837,688△51.9%

7,550

1.8%

Gross profit

3,020

973

△67.8%

540

80.4%

Electric power
generation business(Electricity sale)

Net sales

4,999

5,797

16.0%

5,450

6.4%

Gross profit

116

△290

△348.7%60△584.0%Net sales

6,850

6,512

△4.9%

6,600

△1.3%

Gross profit

2,593

2,655

2.4%

2,300

15.5%

Net sales

168,493

148,397△11.9%

136,800

8.5%

Gross profit

30,51629,928△1.9%

24,90020.2%

Other businesses
Total※Announced on October 30, 2020

© Takara Leben group.

7

Selling, General and Administrative Expenses for the Fiscal Year Ended March 2021

 Selling, general and administrative expenses increased by 524 million yen from the previous fiscal year

Year ended
March 2020

Year ended
March 2021

Selling, general andadministrative expenses

18,614

19,139524

Public relations fee

1,210

879

△331

Sales expenses

6,799

6,790

△8

6,276

6,209

△67

522

580

58

Personnel expenses

5,901

6,273

371

※2

Others

4,703

5,195

492

※3

（Million yen）

Advertising expenses（Property sales）
Sales commission（Liquidation）

YoY
change※1※ 1 Decrease due to cancellation of events due to the spread of new coronavirus infection※ 2 Increase due to increase in personnel※ 3 Increase due to consumption tax revision© Takara Leben group.

8

Consolidated Balance Sheet for the Fiscal Year Ended March 2021
As of the endof March 2020

As of the endof March 2021

195,448

204,315

4.5％

115,314125,686

9.0％

Cash and deposits

35,311

39,16910.9％Inventories

69,96472,449

3.6％

Real estate for sale ※ 1

23,861

28,682

20.2％

Real estate for sale in progress

46,102

43,766△5.1％

79,87478,531△1.7％

144,309

149,683

3.7％

65,61655,649△15.2％

Notes and accounts payable-trade

11,85813,318

12.3％

Short-term and current portion of
long-term borrowings

39,26826,732△31.9％

296

116△60.8％

78,692

94,033

19.5％

Long-term borrowings

69,65685,721

23.1％

Bonds payable

4,804

5,988

24.6％

51,13954,632

6.8％

Capital stock

4,819

4,819

－

Total liabilities and net assets

195,448

204,315

4.5％（Million yen）

AssetsCurrent assets

Fixed assets
Liabilities
Current liabilities

Current portion of bonds
Fixed liabilities

Net assets© Takara Leben group.

YoYchange※ １ Due to the increase infinished inventory9Consolidated Balance Sheet (Details) for the Fiscal Year Ended March 2021
Real estate for sale

Borrowings and bonds

1%
33%

Total assets （204,315M）（As of the end of March 2021）

31%

新築分譲ＭＳ
戸建・・・

33%

2%

Real estate for salein progress

1%

12%

125,686 Liabilities

149,683

Cash and deposits

39,169

Short-term borrowings, etc.

26,732Inventories

72,449Current portion of bonds

New built-for-sale condominium

42,731Long-term borrowings

85,721

New detached house

4,383

Bonds payable

5,988

Renewal resale

9,948

Liquidation

14,562Current assets

1%

77%

Renewal resale

Liquidation

Power generation
facility
Not Linked to
The Above Assets

Others

1%

12%
26%
21%

3%
7%

30%

78,531

Fixed assets

販売用不動産・・・

New detached
house

823

Power generation facility

9%

116

New built-for-salecondominium

Property, plant and equipment

64,070Intangible assets

1,599

Investments and other assets

12,861 Net assets

54,632
53,682New built-for-salecondominium
Renewal resale

New detachedhouse
Liquidation

Shareholders' equity
Subscription rights to sharesPower generation facility

Others199

Non-controlling interests

237

Property, plantand equipment

Liquidation
Residence

OfficeHotel

Retail・Logistics（Million yen）

4%

18%

32%

13%

35%
61%

37%

© Takara Leben group.

10

Assets, Borrowings and Bonds by Segment for the Fiscal Year Ended March 2021

Real estate
for sale

Real estate
for sale inprogress

Property,plant andequipment

Assets total

Borrowings
and bonds

28,682

43,76664,070136,519

118,558

9,000

33,730－42,731

30,665

525

3,858

－

4,383

3,880

Renewal resale

9,437

510

－

9,948

8,033

Liquidation

9,433

5,129

39,19853,76036,176－－22,50922,50925,445

285

538

2,362

3,185

684

－

－

－

－

13,673（Million yen）

Total
New built-for-salecondominium
New detached house

Power generation
facility
OthersBorrowings and bonds
not linked to the above assets※※ Including bonds payableof 6,104 million yen© Takara Leben group.

11

Management Index
 To support profitable and sustainable growth, promote management with an eye on capital costs
 To improve profitability and capital efficiency, target ROE of 15% or higher in the mid-term management plan

Mid-Term Management Plan
Year Ended March 2019 to Year Ended March 2021
Equity ratio（％）

30％（Fiscal year ended March 2021）

LTV（％）

less than 60％（Every fiscal year ended March）

D／E ratio（Times）
ROE（％）

less than 3 times（Every fiscal year ended March）

15％（Every fiscal year）

Mid-Term Management Plan
Year ended
March 2017

Year ended
March 2018Year ended
March 2019Year ended
March 2020

Year ended
March 2021

Equity ratio（％）

26.2

24.1

25.6

25.9

26.5

LTV（％）

57.1

60.1

60.5

58.3

58.0

D／E ratio（Times）

2.2

2.5

2.3

2.2

2.2

ROE（％）

17.4

18.6

14.3

10.9
（17.2）

9.0（13.9）※The numbers in () for ROE exclude special factors such as inventory valuation losses and extraordinary losses (impairment losses)© Takara Leben group.

12Real Estate Sales Business : New Built-for-Sale Condominium
for the Fiscal Year Ended March 2021
A

 The needs of the actual demand group remained strong, and we delivered a record high of 2,129 units Both net sales and gross profit reached record highs, and gross profit margin improved

Net sales

77,171

79,4352.9％

74,0007.3％

Gross profit

15,65017,33910.8%

15,00015.6%

Gross profit
margin20.3％（20.2％）

21.8%（21.8%）

1.5P（1.6P）

20.3%

1.5P

Sold units
Excluding JV

1,955units
1,913units

2,129units
1,963units

174units
50units

1,980units
1,850units

149units
113units

4%

3%

42.7％

Year ended
March, 2020

7%
13%

7%

35%

B

※( ):Except the impact of lower of costor market value method

Metropolitan area ratio

24%

vs. Plan
ChangeYear ended
March 2021

（Million yen）

7%

Initial plan foryear ended
March 2021

YoYchangeYear ended
March 2020

2%

3%

Metropolitan area

4%

49.6％

14%
Year ended
March, 2021

32%

13%

Chubu area
Kinki area
Hokkaido areaA

LEBEN KAWAGUCHIGRAN ART
36units

B

NEBEL ASAKUSABASHI
36units

Tohoku area

5%

23%

Capital area

Kanto-Koshinetsu
area
Hokuriku area
Chugoku area
Shikoku area

C

THE LEBENSENDAIOTEMACHI
134units※Metropolitan area：Capital area, Chubu area and Kinki area

4%

Kyushu area

© Takara Leben group.

C

13

Real Estate Sales Business : Detached House / Renewal Resale
for the Fiscal Year Ended March 2021
New detached house（Million yen）

 Improvement of gross profit margin by reviewing purchasing standards

Year ended
March 2020

Year ended
March 2021

YoYchangeInitial plan foryear ended
March 2021

vs. Plan
ChangeNet sales

7,808

5,329

△31.7％

5,900

△9.7％

Gross profit

720

523

△27.3％

500

4.7％

Gross profit
margin

9.2％

9.8%

0.6P

8.5％

1.3P

154units

110units△44units

126units△16units

Sold units

Renewal resaleA

LEBEN PLATZ MACHIDA The number of units purchased decreased due to the slowdown of the market due to the spread of
the new coronavirus infection
 Net sales and gross profit increased as the number of units sold increased※From sale（Million yen）

Year ended
March 2020

Year ended
March 2021

YoYchangeInitial plan foryear ended
March 2021

vs. Plan
ChangeNet sales

3,431

3,866

12.7％

4,200

△7.9％

Gross profit

421

613

45.7％

700

△12.3％

Gross profit
margin

12.3％

15.9%

3.6P

16.7％

△0.8P

Sold units

114units

129units

15units

125units

4unitsPurchased
units

271units

140units△131units

110units

30units

Owned unitsof end of FY

386units

397units

11units

371units

26units© Takara Leben group.

B

LEBEN PLATZFUNABORI ELFIS

14

Real Estate Sales Business : Liquidation
for the Fiscal Year Ended March 2021
 Build a portfolio focus on residences where stable demand can be expected, with both investment and sales decreasing
 High rate of return on self-developed residence properties contributes（Million yen）

Year ended
March 2020

Year ended
March 2021

YoYchangeInitial plan foryear ended
March 2021

vs. Plan
ChangeInvestment
amount30,20020,272△32.9％

30,000△32.4％

Sales
amount

37,854

22,376△40.9％

20,00011.9％

Gross profit

4,828

6,204

28.5%

4,000

55.1%

Gross profit
margin12.8％（15.4％）

27.7%（27.7%）

14.9P（12.3P）

20.0%

7.7P

※( ):Except the impact of lower of cost or market value method

Investment achievements
Total

Sales achievements

20,272M

Total

22,376M

8%

21%

19%
37%

Residence
レジデンス
Officeオフィス
Retail・Logistics
商業・物流

レジデンス
Residence
オフィス
Office

42%

73%

商業・物流
Retail・Logistics© Takara Leben group.

15

Real Estate Rental Business / Real Estate Management Businessfor the Fiscal Year Ended March 2021
Real estate rental business Although the gross profit margin declines due to the initial cost, progress is generally as planned.

（Million yen）

Year ended
March 2020

Year ended
March 2021

YoYchangeInitial plan foryear ended
March 2021

vs. Plan
ChangeNet sales

5,965

5,753

△3.5%

5,500

4.6%

Gross profit
margin

26.7％

20.6%

△6.1P

20.0％

0.6P

Real estate management business Increase 6,290 managed units compared with the previous FY (the company:1,977units non-group:4,313units) As the number of replacement projects increases, the percentage of non-group units managed rises（Million yen）

Year ended
March 2020

Year ended
March 2021

YoYchangeInitial plan foryear ended
March 2021

vs. Plan
ChangeNet sales

5,046

5,446

7.9%

5,400

0.9%

Gross profit
margin

11.4％

9.5%

△1.9P

11.1％

△1.6P

Number ofmanaged units

59,747units

66,037units

6,290units

64,200units

1,837units

Percentage of
non-group
units managed

49.5％

51.3％

1.8P

50.0％

1.3P

© Takara Leben group.

16Electric Power Generation Business for the Fiscal Year Ended March 2021
 Sold 5 power generation facilities to Takara Leben Infrastructure Fund※The number of facilities is calculated for each license Gross profit declined due to insufficient solar radiation and increased depreciation costs associated with the completion oflarge-scale projects
Initial plan forYear ended
Year ended
vs. Plan
YoY
year ended
March 2020
March 2021
ChangechangeMarch 2021
（Million yen）
Net sales

15,9837,688△51.9%

7,550

1.8%

Gross profit

3,020

973

△67.8%

540

80.4%

Gross profit margin

18.9％

12.7%

△6.2P

7.2％

5.5P

Net sales

4,999

5,797

16.0%

5,450

6.4%

Gross profit

116

△290

△348.7%60△584.0%

2.3％

△5.0%

△7.3P

1.1％

△6.1P

Purchased generation capacity(including under development)

57MW

50MW

△7MW

62MW

△12MW

Operating generation capacity (cumulative)

125MW

206MW

81MW

197MW

9MW

Facilities saleElectricity sale

Gross profit margin

Generation capacity (cumulative)
Sold
売却済み

Not
sold
未売却

1%

Under
開発中
development

Unachieved
未達分

138

68

（MW）

34

10

Secured 240MW
Mid-term management plan target 250MW
Year ended March, 2021

© Takara Leben group.

40yen
40円
36yen
36円
32yen
32円
27yen
27円
24yen
24円
21yen
21円

14%

1%

8%

4%
Composition ratio
FIT価格構成比
of FIT priceof secured 240 MW

71%
17

Other Businesses for the Fiscal Year Ended March 2021
 Part of repair work is postponed to the next term

Other businesses（Million yen）

Year ended
March 2021

YoYchangeInitial plan foryear ended
March 2021

vs. Plan
Change

6,850

6,512

△4.9%

6,600

△1.3%

Sale andbrokerage fees

760

1,006

32.4%

500

101.3%

Managementcompensation

994

1111865△13.0%

830

4.2%

Revenue from
repair work

1,429

1,113

△22.1%

1,640△32.1%

Revenue fromconstruction work

2,652

2,326

△12.3%

2,610△10.9%

Others

1,012

1,200

18.5%

1,020

17.7%

Net salesA

Year ended
March 2020

B

C

A

LEBEN MORIOKA CHUODORI THE BIRTHB

NEBEL KAWAGUCHISHIBA CORTECLEBEN FUKUI THE GRAND MARKSBC© Takara Leben group.

18

Summary of Business Results
for the Year Ended March 2021

Business Outlook for the Year Ending March 2022

Appendix© Takara Leben group.

19Announcement of "New Mid-Term Management Plan" Formulated "New Mid-Term Management Plan" for the period from March 2022 to March 2025

National Brand Establishment

Long-term Vision

Become a “company trusted by all stakeholders” as the professional of space/city/renewable energy development

The New Mid-Term Management Plan–７ elements–
Further growth of corebusinesses

Improvement of productivity andcreation of new services throughpromotion of DX
Plan

Optimized businessportfolio

Maximized groupsynergies

Year ending
March 2022

Personnel development andconstruction of the rewarding
workplace environment

Proactive ESG
considerations
Year ending
March 2023

Establishment of a stablefinancial ground

Year ending
March 2024

Year ending
March 2025

Net sales

158,600

155,200

187,100

203,700

Gross profit

29,10028,40035,20038,700Operating income

7,900

8,000

13,20015,700Ordinary income

7,100

7,400

12,50015,000Net income attributableto owners of parent

4,800

5,000

8,500

10,000Equity ratio（％）

more than 30％（Fiscal year ending March 2025）

LTV（％）

less than 60％（Every fiscal year ending March）

D／E ratio（Times）
ROE（％）（Million yen）

less than 2.5times（Every fiscal year ending March）
more than 13％（After the fiscal year ending March 2024）© Takara Leben group.

20

Consolidated Income Statement
ー Earnings Forecast for the Fiscal Year Ending March 2022

（Million yen）

Net salesYear ended
March 2021
ActualYear ending
March 2022
Forecast

YoYchange148,397

158,600

6.9%

Real estate sales business

117,200

107,900△7.9%

Real estate rental business

5,753

5,400

△6.1%

Real estate management business

5,446

5,500

1.0%

Energy business

Facilities sale

7,688

23,260202.5%

Electricity sale

5,797

7,740

33.5%

6,512

8,800

35.1%

Cost of sales

118,469

129,500

9.3%

Gross profit

29,928

29,100△2.8%

Selling, general andadministrative expenses

19,13921,20010.8%

Operating income

10,7897,900△26.8%

Ordinary income

9,933

7,100

△28.5%Net income attributableto owners of parent

4,693

4,800

2.3%

Other businesses© Takara Leben group.

21

Net Sales and Gross Profit by Segment (1)ー Earnings Forecast for the Fiscal Year Ending March 2022

Year ended
March 2021
ActualYear ending
March 2022
Forecast

Net sales

117,200

107,900△7.9％

Gross profit

24,887

19,100△23.3％

New built-for-salecondominium

Net sales

79,43570,000△11.9％

Gross profit

17,33914,000△19.3％New detachedhouse

Net sales

5,329

8,900

67.0％

Gross profit

523

900

71.8％

Net sales

3,866

5,900

52.6％

Gross profit

613

900

46.6％

Net sales

22,37622,000△1.7％

Gross profit

6,204

3,100

△50.0％Net sales

6,193

1,100

△82.2％

Gross profit

205

200

△2.9％

（Million yen）

Real estate
sales business

Renewal resale
Liquidation
Others© Takara Leben group.

YoYchange22

Net Sales and Gross Profit by Segment (2)ー Earnings Forecast for the Fiscal Year Ending March 2022

（Million yen）

Year ended
March 2021
ActualYear ending
March 2022
Forecast

YoYchangeReal estate rental
business

Net sales

5,753

5,400

△6.1％

Gross profit

1,183

1,600

35.2％

Real estate
management businessNet sales

5,446

5,500

1.0％

Gross profit

518

600

15.8％

Energy business(Facilities sale)

Net sales

7,688

23,260202.5％

Gross profit

973

3,940

304.6％

Energy business(Electricity sale)

Net sales

5,797

7,740

33.5％

Gross profit

△290

560

△292.8％Net sales

6,512

8,800

35.1％

Gross profit

2,655

3,300

24.3％

Net sales

148,397

158,600

6.9％

Gross profit

29,928

29,100△2.8％

Other businesses
Total© Takara Leben group.

23Real Estate Sales Business : New Built-for-Sale Condominium (1)ー Earnings Forecast for the Fiscal Year Ending March 2022
 Expected to decrease net sales and gross profit due to decrease in the number of units delivered

Year ended
March 2021
ActualYear ending
March 2022
Forecast

Net sales

79,43570,000△11.9％

Gross profit

17,33914,000△19.3％

Gross profit
margin21.8%（21.8%）

20.0%

△1.8P

Sold units
Excluding JV

2,129units
1,963units

1,800units
1,750units△329units△213units（Million yen）※( ):Except the impact of lower of costor market value method

Metropolitan area ratio

2%

3%

4%

3%

49.6％

14%
Year ended
March, 2021

32%

Metropolitan area

2% 6%

43.6％
25%

23%

Year ending
March, 2022

5%

23%

13%
4%

YoY
changeLEBEN KITATODA LUMINOUS
33units

B
C

Capital area
Chubu area
Kinki area
Hokkaido area

4%

14%
21%

A

2%

Tohoku area
Kanto-Koshinetsu
area
Hokuriku area
Chugoku area
Shikoku area
Kyushu area

※Metropolitan area：Capital area, Chubu area and Kinki area
© Takara Leben group.

LEBEN KOFU CHUO
70units

24

Real Estate Sales Business : New Built-for-Sale Condominium (2)ー Earnings Forecast for the Fiscal Year Ending March 2022
Contract progress for new builtfor-sale condominium delivery
Delivery schedule for the current term
PeriodUnits schedule
for delivery Postponement of sales start schedule for properties delivery in the fiscal year ending
March 2022
Delivery schedule for the next term

（units）
At thebeginning of
the period

Contract
progress ratio

Units schedule
for delivery

Period（units）
At thebeginning of
the period

Contract
progress ratio

Year ended
March, 2020

1,950
（1,908）

792
（787）

40.6％
（41.2％）

Year ended
March, 2021

1,980
（1,850）

151
（151）

7.6％
（8.2％）

Year ended
March, 2021

1,980
（1,850）

1,062
（991）

53.6％
（53.6％）

Year ending
March, 2022

－

－

－

Year ending
March, 2022

1,800
（1,750）

859
（835）

47.7%
（47.7％）

Year ending
March, 2023

1,500

32

2.1%

※Figures in parentheses indicate the number of units excluding JV and the contract progress ratio As the purchasing area expands, the metropolitan area ratio decreases
 Completion schedule tends to be overemphasized in the fourth quarter

Completion scheduleYear ended March
2021
Sold units

Year ending
March 2022
Completion units

1Q

126

66

2Q

541

239

3Q

233

398

4Q

1,229

1,029

Total

2,129

1,732

Metropolitan area ratio

49.6％

41.4％

Initial Plan

Year ended
March 2021

Year ending
March 2022

Sold units

1,980units

1,800units

Metropolitan
area ratio※

50.0％

43.6％

※Metropolitan area：
Capital area, Chubu area and Kinki area

© Takara Leben group.

25Real Estate Sales Business：Detached House / Renewal Resale
ー Earnings Forecast for the Fiscal Year Ending March 2022
Detached house Increase in sold units due to strengthened area marketingYear ended
March 2021
ActualYear ending
March 2022
Forecast

Net sales

5,329

8,900

67.0％

Gross profit

523

900

71.8％

Gross profit
margin

9.8%

10.1%

0.3P

110units

170units

60units（Million yen）

Sold units

Renewal resale

YoYchange Aim to build a stable business cycle by accumulating the numberof units ownedYear ended
March 2021
ActualYear ending
March 2022
Forecast

Net sales

3,866

5,900

52.6％

Gross profit

613

900

46.6％

Gross profit
margin

15.9%

15.3%

△0.6P

Sold units

129units

170units

41units

Purchased
units

140units

213units

73units

Owned unitsof end of FY

397units

440units

43units※From sale（Million yen）

© Takara Leben group.

A

LEBEN PLATZ KASAI

B

YoYchangeLEBEN PLATZ MIZUE

26

Real Estate Sales Business : Liquidation
ー Earnings Forecast for the Fiscal Year Ending March 2022
 Build a portfolio focus on residences and offices
Year ended
March 2021
ActualYear ending
March 2022
Forecast

Investment
amount20,27225,000

23.3％

Sales
amount22,37622,000△1.7％

Gross profit

6,204

3,100

△50.0％

Gross profit
margin

27.7%

14.1%

△13.6P（Million yen）

A

Asset portfolio
YoYchangeRetail, Logistics,
etc.
30%
Residence,Office
70%

C

B

A

Noda Logistics
Warehouse

B

L.Biz TSUKUBA※ L.Biz is our office
brand
C

LUXENA KADOMA※ LUXENA is ourrental residence brand© Takara Leben group.

27Real Estate Rental Business / Real Estate Management Businessー Earnings Forecast for the Fiscal Year Ending March 2022
 Aim to establish a more stable stock business by making carefully selectedpurchases

Real estate rental businessYear ended
March 2021
ActualYear ending
March 2022
Forecast

Net sales

5,753

5,400

△6.1％

Gross profit
margin

20.6%

29.6%

9.0P

（Million yen）

Real estate management businessYoYchange Promote acquisition of replacement in anticipation of acquisition of peripheralbusinesses such as large-scale repair work
Year ended
March 2021
ActualYear ending
March 2022
Forecast

Net sales

5,446

5,500

1.0％

Gross profit
margin

9.5%

10.9%

1.4P

Number ofmanaged units

66,037units

70,000units

3,963units

Percentage of
non-group
units managed

51.3％

52.0％

0.7P

（Million yen）

© Takara Leben group.

YoYchange28

Energy Business ー Earnings Forecast for the Fiscal Year Ending March 2022
 Changed the segment name to [Energy Business] with a view to entering bilateral electricity trading in order to build abusiness model for de-feed-in tariff
 With a view to developing large-scale solar power facilities and building PPA※ business※PPA : Power purchase agreements concluded directly between
power generation companies and electricity consumers

Year ended
March 2021
ActualYear ending
March 2022
Forecast

Net sales

7,688

23,260202.5％

Gross profit

973

3,940

304.6％

Gross profit margin

12.7%

16.9%

4.2P

Net sales

5,797

7,740

33.5％

Gross profit

△290

560

△292.8％

△5.0%

7.2%

△12.2P

Purchased generation capacity(including under development)

50MW

50MW

ー

Operating generation capacity (cumulative)

206MW

250MW

44MW

（Million yen）

Facilities saleElectricity sale

Gross profit margin

YoYchangeOperational power generation facilities

LS MIYAGISENDAI
A・B power generation facility
Generation capacity： 4.4MW
FIT price： 36yen© Takara Leben group.

LS NAGANOSHIOJIRI
power generation facility
Generation capacity： 1.0MW
FIT price： 36yen

29Other Businesses
ー Earnings Forecast for the Fiscal Year Ending March 2022
Other businesses Accumulation of AM fees, increase in revenue from repair work
Year ended
March 2021
ActualYear ending
March 2022
Forecast

6,512

8,800

35.1％

1,006

1,184

17.7％

865

1,212

40.1％

Revenue from repair
work

1,113

1,678

50.7％

Revenue fromconstruction work

2,326

3,300

41.8％

Others

1,200

1,426

18.8％

（Million yen）

Net sales
Sale and brokerage fees
ManagementcompensationA

YoYchangeAB
A LEBEN NAGANO THE MID TOWERB LEBEN NISHISENGOKU MID SQUARE

A

B© Takara Leben group.

30

Shareholder Return
 Strive to secure the internal reserves necessary for business development and to strengthen
the management base

Changes in dividends

 For the fiscal year ended March 2021, we will revise the year-end dividend forecast and plan toincrease the dividend by 2 yen from the previous forecast of 8 yen per share to 10 yen
（Yen）

20

19
16

14

15
Year-end
期末配当金
dividend

10

Interim
中間配当金
dividend

14
２

13
11

10

８

5

5

6

2019年3月期
2019.32020年3月期
2020.32021年3月期
2021.32022年3月期
2022.3（Actual）（実績）（Actual）（実績）（Forecast）（予想）（Forecast）（予想）

0

Payout ratio target

44Previous Mid-Term Management Plan

New Mid-Term Management Plan

25～30％

30～35％

Payout ratio（％）

27.0

38.4

32.4

31.7

Net income
per share（yen）

59.33

49.45

43.22

44.18

© Takara Leben group.

31

Summary of Business Results
for the Year Ended March 2021

Business Outlook for the Year Ending March 2022

Appendix© Takara Leben group.

32

M&A (1) Acquired “ACA Clean Energy Co., Ltd.” as a consolidated subsidiary in April 2021

Company Overview
Company NameACA Clean Energy Co., Ltd.

Address

Harumi Island Triton Square
1-8-8 Harumi, Chuo-ku, Tokyo

Representative

Keigo Ashikaga

Capital stock

655,000,000 yen

Business Model■ Development of high voltage power generation facilities
in a low FIT environment
・Commercialization at a 10 yen level FIT price

Future plans■ Electricity feeding (sale) business through on-site PPA

Purpose of M&A

Further growth of the electric power generation business・Aggressive sales approaches to local governments
and private enterprises■ Electricity feeding (sale) business through off-site PPA・Plan to enter as soon as the framework is readyEstablishment of a de-FIT model (e.g., PPA/micro-grid)■ Local micro-grid

ESG considerations (CO2 emission reduction)

・Develop and provide power generation facilities for
local micro-grid in the future© Takara Leben group.

33

M&A (2)As the next step for on-site PPA, we will promote regional revitalization and independent operation of an energy systemthrough local production for local consumption of electricity, keeping an eye on realization of the local micro-gird framework.

PPA model overview

PPA
model

Micro-grid framework example

On-sitePPAInstall power generation
facilities on the user premises

Off-site
PPA

Install power generation
facilities off the user premises

Generating, storing, andfeeding electricity
Solar powersystemDirect and bilateral transactions will be madebetween the power producers and the users without
relying on the FIT-based electricity feeding.

(A)Power producers(PPA service providers)

PPA

User
(※)

LS
(B)

(1)

Storagebattery

LS
(C)

User

PPA

(Feeding, sale ofelectricity)LS

On-site PPA example
TL
Gr.

Private service providers+
Local public authorities(2)

Existing powersystemFor night/emergency use(Backup 1)
General powertransmission anddistribution
service providers

For emergency use(Backup 2)

Micro-grid (1 region)(1) Installation/operation/maintenance of renewable energy generators(2) Payment of electricity consumed© Takara Leben group.

※For simplification, only one user is shown. Multiple users
will be involved in actual cases.

34

Consolidated Balance Sheet (Changes)
As of the endof March 2019

As of the endof March 2020

As of the endof March 2021

59,234

57,10653,760Residence

20,822

16,386

17,178525

Office11,295

19,43820,201

8,871

9,437

Hotel

19,463

14,293

9,547

5,510

7,538

9,433

Retail・Logistics

7,653

6,988

6,834

Power generation
facilityーーーOthers

10

37

285

49,86046,102

43,766

Borrowings and bonds

111,657

114,025

118,558

44,37941,39933,730

New built-for-salecondominium

41,58836,65730,665

2,560

1,133

3,858

New detached house

4,667

2,237

3,880

362

28

510

Renewal resale

3,055

6,857

8,033

1,587

2,893

5,129

Liquidation

38,947

38,131

36,176ーーーPower generation
facility

18,54618,99525,445

970

647

538

ー

418

684

Property, plant andequipment

75,224

67,22064,0704,851

10,727

13,673Liquidation

52,137

46,67439,198

Power generation
facility

20,853

18,63022,509

2,233

1,914

2,362

As of the endof March 2019

As of the endof March 2020

As of the endof March 2021

18,821

23,861

28,682New built-for-salecondominium

5,727

4,673

9,000

New detached house

2,579

2,740

Renewal resale

4,993

Liquidation（Million yen）
Real estate for sale

Real estate for sale inprogress
New built-for-salecondominium
New detached house
Renewal resale
Liquidation
Power generation
facility
OthersOthers（Million yen）
Liquidation

OthersBorrowings andbonds
not linked to theabove assets© Takara Leben group.

35

Land Bank ・ Supply Area
Supply area

Land bank Expanded areas nationwide and expanded toTotal in Japan 6,536units

3.2%
1.1%

34 prefectures
 Established Nagoya Office

6.9%

as a new base

7.1%

37.5%

12.5%
3.5%
19.4%

5.1%

3.7%

Metropolitan area ratio 46.1％
Capital首都圏area

Chubu
中部圏area

Kinki
area
近畿圏

Hokuriku
北陸圏 area

Chugoku
中国圏 area

Shikoku
四国圏 area

Hokkaido
北海道圏area
Kyushu九州圏 area

Tohoku
東北圏 area

Kanto-Koshinetsu
関東甲信越圏
area

Base
拠点
新設拠点
New Base※Metropolitan area：Capital area, Chubu area and Kinki area

© Takara Leben group.

Supplied and
既供給・仕入エリア
purchased area36

Liquidation：Assets Size
Liquidation：Assets Size
Existing and built-up property （Million yen）

Under development property （Million yen）

Book value as of the end
2021年3月末簿価
of March 2021
6,834

13,492
Residence
レジデンス

6,615

3,976

3,686

2,931

Officeオフィス

38,768M

Book value
after completion
完成後予定簿価Book value as of the endof March 2021
2021年3月末簿価

レジデンス
Residence

27,297M

14,992M

Hotel
ホテル

Office
オフィス
Hotel
ホテル

13,509

8,375

商業・物流
Retail・Logistics

9,811

11,825※Including securitized assets recorded in real estate for sale

Asset amount after completion （Million yen）
As of the end
2022年3月末
ofMarch 2022

18,582

Residence
レジデンス

Office
オフィス

Hotel
ホテル

9,547

21,651

As of the end
2023年3月末
of March 2023

21,652

22,219As of the end
2024年3月末
of March 2024

21,652

23,636

As of the end
2025年3月末
of March 2025

23,304Retail・Logistics
商業・物流

56,614M

6,834

10,591
10,591

25,33561,298M

6,834

10,591

6,834
6,834

62,714M
66,065M

Secured assets of 66,065 million yen including completed parts in the future© Takara Leben group.

37

Amount of Asset Management◆Operating infrastructure fund, REIT and private fundInfrastructure
インフラ
fund

As of the end

2017年3月末
of March 2017

8.3B

As of the endof March 2018
As of the endof March 20192019年3月末

Total

23B

2018年3月末

27.9B

Private
私募 fund

REIT
REIT

8.3 billion yen
Total

23 billion yen

64.8B

5.2B

As of the end
2020年3月末

42.5B

87B

As of the end
2021年3月末

50.1B

78.2B

of March 2020of March 2021

Total

98 billion yen

19B Total 148.6 billion yen
Total

33.5B

150B

100B

Target of medium-term
operating amount

161.9 billion yen
50B

Total 300 billion yen※Acquisition price basis© Takara Leben group.

38

Sustainability (1) Our first condominium to obtain “ZEH-M Oriented※1” certificate: Leben Nagano Nakagosho THE PEERLESS“Leben Nagano Nakagosho THE PEERLESS” obtained the Ministry of the Environment's “ZEH-M Oriented”
certificate, one of the ministry's programs for promotion of reduced CO2 emission in new housing complexes andexisting houses.
This was the first condominium of the Group and the first condominium in Nagano Prefecture※2 to be ZEH-M certified.
Since fiscal year ending March 2022, we have set supplying one ZEH-M certified condominium per year as a KPI.
※1 ZEH-M Oriented refers to a condominium that aims to realize a yearly "zero" primary energy balance by improving the heat insulation performance of the homeand by reducing the overall primary energy consumption※3 of the condominium including the common spaces at least by 20% while maintaining comfortable inroom environments through installation of highly (energy-)efficient facilities and systems.
※2 Source of reference: List of ZEH-M supported and certificate-granted projects published by the Sustainable open Innovation Initiative※3 Compared with standard primary energy consumption of "heating," "cooling," "ventilation," "lighting," and "hot-water supply" from 2016 energy saving standards

Condominium Overview

Name: Leben Nagano Nakagosho THE PEERLESS
Location: 1-37-1, 37-2, and 39-1 Nakagosho, Nagano City, Nagano
Total units: 47
Features: Realized excellent environmental performance through reduced utility costs
1
2
3

IoT Demand Response
All electric private spaces with bulk
electricity access
Renewable Energy Eco Plan

© Takara Leben group.

39Sustainability (2) Completion of “LS Chiba Katsuura Power Generation Facility”, largest in the Group's power generation facilities
The completion ceremony of the “LS Chiba Katsuura Power Generation Facility” was held inMarch 2021 in Katsuura City, Chiba Prefecture.
Generation capacity of the facility is about 30MW, the largest in scale of the Group-involved power
generation facilities. We will continue to promote the efforts to reduce the greenhouse gas
emissions through investments in renewable energies.
Overview

・ Location: Katsuura City, Chiba
・ Generation capacity: about 30MW

・ Area: about 52ha
・ FIT price: 36 yen

Features・ Local contribution
Renting most of business-use lands from Katsuura City for use as
the power generation facility premises

・Improved convenience for local residents
Roads for the facility access developed during the construction areused as the community roads now

 Establishment of Leben Funding LLC. and “Takara Leben
Sustainability Fund” Management
Leben Funding LLC. was established in January 2021 forasset management by crowd-funding.
Launched “Takara Leben Sustainability Fund #1” andprocured funds for the Group's renewable businessprojects and CSR activities.
Going forward, we will continue to work on diversifying
the fundraising channels and enhancing communication
with investors.
© Takara Leben group.

 Third-party recognitions

3-star GRESB Infrastructure
obtained

Signed the UN Global
Compact

40

History
Started from the detached house business in 1972, anddeveloped the business focus on new built-for-salecondominium business

2012

1972
Established Takara Komuten Co.,Ltd. (the present Takara Leben)【Launched detached house and renewal resale business】
1982

1988
Established Takara Management Co.,Ltd. (the present Leben Community)【Launched real estate management business】

Introduced the "Leben Heim" series of in-house condominiums【Launched new built-for-sale condominium business】

2004
Listed on the first section of the Tokyo Stock Exchange

2016
Takara Leben Infrastructure Fund, Inc. was the first to be listed on theinfrastructure fund market
2018

1994

Listed on the JASDAQ market

2013
First project LS Shioya power generation facility started operation【Launched electric power generation business】【Launched real estate rental business】

2001

Introduced new condominium brands "LEBEN" and "THE LEBEN"

Introduced new condominium brand “NEBEL“
Established REPRESENTATIVE OFFICE OF TAKARA LEBEN CO.,LTD.
IN HANOI CITY
Takara Leben Real Estate Investment Corporation was listed on
the real estate investment trust securities market
2022
Takara Leben will celebrate its 50th anniversary© Takara Leben group.

41

The Takara Leben Group’s Corporate Philosophy and Vision
Takara Leben will celebrate its 50th anniversary in 2022
Corporate philosophy

Corporate vision

THINK HAPPINESS AND MAKE THE HAPPINESSCreating Together

We are most committed to giving thought to the happiness ofpeople and lifestyles, and to realize housing which gives shapeto each and every dream.

With a Rich Heart
Creating together new value for the market by cherishingour customers with a rich heart.

We think on the happiness of communities and society, andcontribute to the development of towns where all people can liveat ease.

With Sincerity
Creating together, safety and peace for people and society
with sincerity toward partners.

We are most positive in a happy future, and propose theeco-friendly creation of a sustainable environment.
Think happiness and make the happiness.
This is what we, the Takara Leben Group, do.

With Power to Act
Creating together perpetual growth into the future,withpower to act demonstrated by each and every employee.

Harmonic Circle
The Takara Leben Group’s symbol is the Harmonic Circle, which is comprised of three rings, representing
customers, partners, and employees and expressing how they are linked to one another and expandingorganically to create harmony while supporting each other.
The three rings convey our hope of carrying out our corporate vision to “THINK HAPPINESS AND MAKE
THE HAPPINESS” while resonating with one another.
The gradation of striking blue to deep navy expresses the intelligence and sincerity pursued by everyone in
the Group.
Thoughts in the 50th Anniversary Logo
Designed the image of the signature company logo, harmonic circle image combined with a street scene
impression. The circle symbolizes Takara Leben's gentle embracement of the city like the sun while thefive lines underneath express its achievements accumulated over the past 50 years that lead to further
prosperity of the city and the Group.
© Takara Leben group.

42

These materials were prepared based on data current as of March 31, 2021.
The plans, projections and so on contained in these materials are based on
Takara Leben’s best judgment at the time the materials were prepared, anddo not constitute a guarantee or promise that anything contained herein will
be realized or achieved, nor do they provide any guarantees or promises as
to the accuracy or completeness of the information contained herein.
The "Accounting Standard for Revenue Recognition" has been applied since
the fiscal year ending March 2022, but it is not considered because theimpact on the comparison with the actual value for the previous fiscal year
is minor. The contents of these materials are subject to change without
notice.

Contact for Inquiries

TEL+81-3-6551-2130

Takara Leben Co., Ltd.

FAX

+81-3-6551-2139

Office of the President

E-mailir.info@leben.co.jp