First Quarter Consolidated Financial Reportfor the Three Months Ended June 30, 2013 (Japan GAAP)
July 29, 2013

Takara Leben CO., LTD.
Shares listed on:
Security code:
URL:
Representative:
Contacts:

First Section of the Tokyo Stock Exchange8897
http://www.leben.co.jp
Yoshio Murayama, President and Representative Director, CEOToshiya Kitagawa, Director, Executive Officer and Marketing Planning Office Manager
Tel: +81-3-5324-8720

Scheduled date for release of Quarterly Report:
Scheduled date for commencement of dividend payments:
Has the Company prepared supplementary briefing materials for the Quarter:Has the Company held briefings concerning its quarterly financial results:

August 9, 2013
-NoNo

1. Consolidated Operating Results for the Three Months Ended June 30, 2013
(April 1-June 30, 2013)(Amounts are rounded down to the nearest million)(1) Consolidated Operating Results (Year-to-Date)(Percentage figures represent year-on-year change)
Net Sales
Millions of yen

Three months ended June 30, 2013

14,062Three months ended June 30, 2012

16,938Operating Income%Millions of yen(17.0)

1,393

298.8

1,398

Ordinary Income%Millions of yen(0.3)

1,192-1,284

Net Income%Millions of yen%

(7.2)

716(19.3)-888-(Note) Comprehensive income: Three months ended June 30, 2013: 706 ((19.6)%) / Three months ended June 30, 2012: 878(-%)
Net Income perShare

Diluted Net Incomeper ShareYenYenThree months ended June 30, 2013

6.10

6.09

Three months ended June 30, 2012

7.21-(Note) On July 1, 2013, the Company implemented a stock split in which four (4) shares are issued for one (1) share ofcommon stock. Consequently, the net income per share and the diluted net income per share are calculated on the assumption thatthe said stock split was implemented at the start of the previous fiscal year.

(2) Consolidated Financial Position
Total Assets

Net Assets

Equity Ratio

Millions of yen

Millions of yen%

As of June 30, 2013

75,16522,64430.1

As of March 31, 2013

75,01324,14732.2<Reference> Shareholders’ equity at end of period: June 30, 2013: ¥22,590 million / March 31, 2013: ¥24,131 million

2. Cash Dividends
Annual Cash Dividends per Share1Q

2Q
Yen

Year Ending March 31, 2013

-Year Ending March 31, 2014

-3Q
Yen

Year Ending March 31, 2014 (Forecast)Year-End
Yen

TotalYen

Yen

5.00

-

10.00

15.00

1.50

-

3.00

4.50

(Note) Has the Company changed its dividend forecast for the current quarter: No(Note) Cancellation of treasury stock (386,070 shares) on May 15, 2013 and stock split at the ratio of 1:4 for one common stock
effective as of July 1, 2013 were decided by resolution at the Board of Directors‘meeting held on May 13, 2013.

Consequently,

dividend for the year ending March 31, 2014 (Forecast) is calculated with consideration for the impact of the said stock split.

3. Consolidated Operating Results Forecast for the Fiscal Year Ending March 31, 2014
(April 1, 2013-March 31, 2014)(Percentage figures represent year-on-year change)
Net Sales

Full year

Operating Income

Ordinary Income

Net Income perShareNet Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

yen

71,650

10.4

9,300

46.2

8,515

47.0

5,030

23.5

42.08

(Note) Has the Company changed its consolidated forecast during this quarter: No(Note) Cancellation of treasury stock (386,070 shares) on May 15, 2013 and stock split at the ratio of 1:4 for one common stock
effective as of July 1, 2013 were decided by resolution at the Board of Directors‘meeting held on May 13, 2013. Consequently, net
income per share for the year ending March 31 is calculated with consideration for the impact of the said stock split.

4. Other Matters(1) Changes in significant subsidiaries during the current fiscal year
(Changes in specified subsidiaries resulting in changes in scope of consolidation): No
Newly consolidated companies (--) Newly excluded companies (--)
(2) Application of Special Accounting Treatment Made in Preparationof the Quarterly Consolidated Financial Statements: No(3) Changes in Accounting Policies, Changes in Accounting Estimates or Restatement
A. Changes in accounting policies accompanying revision of accounting standards: No
B. Changes in accounting policies other than those in (1): No
C. Changes in accounting estimates: No
D. Restatement: No(4) Number of shares issued (common stock)a. Number of shares outstanding at the end of the period (including treasury stock)b. Number of shares of treasury stock at the end of the periodc. Average number of shares during the period (quarter year-to-date)a.

As of June 30, 2013:

132,000,000 shares

As of March 31, 2013:

133,544,280 sharesb.

As of June 30, 2013:16,372,804 shares

As of March 31, 2013:14,021,084 sharesc.

Three months ended June 30, 2013:

117,456,976 shares

Three months ended June 30, 2012:

123,183,280 shares(Note)On July 1, 2013, the Company implemented a stock split in which four (4) shares are issued for one (1) share ofcommon stock. Consequently, the number of shares is calculated on the assumption that the said stock split was implemented at
the start of the previous fiscal year.

(Note) Explanation concerning implementation status of quarterly review procedure
This quarterly earnings report is exempt from the quarterly review procedure based on the FinancialInstruments and Exchange Act. At the time of disclosure of this quarterly earnings report, the Company has
not completed a quarterly review procedure for financial statements based on the Financial Instruments andExchange Act.
(Note) Explanation concerning appropriate use of the projected operating results and other items to note
The forward-looking statements, including business results forecasts, contained in these materials are
based on information currently available to the Company and on certain assumptions deemed to bereasonable. Actual business results may differ substantially due to a number of factors.

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

Attachments Table of Contents
1. Qualitative Information Pertaining to Consolidated Operating Results for the Quarter .......................................... 2(1) Qualitative Information Pertaining to Consolidated Operating Performance ..................................................... 2(2) Qualitative Information Pertaining to Consolidated Financial Position ............................................................. 2(3) Qualitative Information Pertaining to Forecasted Consolidated Operating Results ........................................... 3
2. Summary Information (Notes) ................................................................................................................................. 3(1) Changes to Material Subsidiaries during the First-Quarter Year-to-Date Period ................................................ 3(2) Application of Special Accounting Treatment Made in Preparation of the Quarterly Consolidated
Financial Statements ........................................................................................................................................... 3(3) Changes in Accounting Policies, Changes in Accounting Estimates or Restatement ......................................... 3
3. Quarterly Consolidated Financial Statements .......................................................................................................... 4(1) Quarterly Consolidated Balance Sheets .............................................................................................................. 4(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
Income ................................................................................................................................................................ 6
Quarterly Consolidated Statements of Income
First-Quarter Year-to-Date Period ................................................................................................................... 6
Quarterly Consolidated Statements of Comprehensive Income
First-Quarter Year-to-Date Period ................................................................................................................... 7(3) Notes on Quarterly Consolidated Financial Statements...................................................................................... 8(Notes on Assumption of Going Concern) ......................................................................................................... 8(Notes on A Significant Change in Shareholders’ Equity) ................................................................................. 8-1-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

1. Qualitative Information Pertaining to Consolidated Operating Results for the Quarter(1) Qualitative Information Pertaining to Consolidated Operating Performance
a. Performance by business segment
In the first-quarter year-to-date period of the Takara Leben Group’s fiscal year ending in March 2014, sales
from the real estate sales business amounted to ¥12,646 million, down 19.0% on a year-on-year basis. This
reflected sales in the new built-for-sale condominium business, as well as sales in the newly-built detachedhousing business and resale business.
Gross margin ratio increased 2.3% compared with the end of the previous consolidated fiscal year to 23.6%.
The significant increase was mainly attributed to price revision.
In the real estate rental business, sales totaled ¥408 million, up 15.4% on a year-on-year basis. This reflectedsales from the rental of apartments, condominium units, and offices.
In the real estate management business, sales from the management of 33,546 units of residential
condominiums were ¥671 million, up 7.4% on a year-on-year basis.
Sales from other businesses amounted to ¥335 million, down 1.8% on a year-on-year basis, mainly attributable
to commissions from real estate agency services and revenues from orders for repair work.
As a result, Net sales for the first-quarter year-to-date period of the current consolidated fiscal year amounted
to ¥14,062 million, down 17.0% on a year-on-year basis; Operating income amounted to ¥1,393 million, down
0.3% on a year-on-year basis; Ordinary income amounted to ¥1,192million, down 7.2% on a year-on-year basis;
and Net income amounted to ¥716 million, down 19.3% on a year-on-year basis.
b. Overview
The built-for-sale condominium business delivered 287 units including solar-powered condominiums ( Leben
Revale Machida Lusia Tower, LEBEN Chiba New Town Chuo ).
In the newly-built detached housing business completely delivered 30 units of Le Art Kawasaki Avide.
c. Contracted ratio status
With regard to sales performance in the first-quarter year-to-date period of the current consolidated fiscal year,
contracts were concluded for 1,372 units, compared with a full-year target of 1,710 units scheduled for delivery.
The contract ratio was at 80.2% showing a steady growth in the business.
(Contracts signed versus number of units forecast for delivery)
Units scheduled for
Number ofContracted ratiodeliverycontracts signed(%)(units)(units)New built-for-sale
1,710
1,372
80.2
condominium

Contracted ratio(same period of theprevious year) (%)80.5(2) Qualitative Information Pertaining to Consolidated Financial Positiona. Assets, Liabilities and Net Assets
With regard to the assets, liabilities, and net assets of the Group at the end of the first-quarter consolidated
accounting period under review, total assets were ¥75,165 million, an increase of ¥151 million compared with theend of the previous consolidated fiscal year. The increase mainly reflected an increase in borrowings from newpurchases, despite the distribution of surplus and purchase of treasury stock.

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Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

(Current Assets)
Current assets decreased ¥368 million compared with the end of the previous consolidated fiscal year to¥55,563 million. This mainly reflected a decrease in inventories as a result of delivering new build-for-salecondominium units.
(Fixed Assets)
Fixed assets increased ¥520 million compared with the end of the previous consolidated fiscal year to ¥19,601
million, mainly reflected an increase in Tangible fixed assets as the result of purchases of income-generating
properties.
(Current Liabilities)
Current liabilities increased ¥50 million compared with the end of the previous consolidated fiscal year to¥29,075 million, mainly due to an increase in Short-term borrowings.
(Fixed Liabilities)
Fixed liabilities increased ¥1,604 million compared with the end of the previous consolidated fiscal year to¥23,444 million, mainly due to an increase in borrowings in conjunction with new purchases.
(Net Assets)
Total net assets decreased ¥1,503 million compared with the end of the previous consolidated fiscal year to¥22,644 million. The decrease was attributed to the net assets for the first quarter was less than distribution ofsurplus and purchase of treasury stock.
(3) Qualitative Information Pertaining to Forecasted Consolidated Operating Results
There is no change from the projected consolidated operating results released on May 13, 2013.
2. Summary Information (Notes)(1) Changes to Material Subsidiaries during the First-Quarter Year-to-Date Period
The Company had no pertinent matters to report.
(2) Application of Special Accounting Treatment Made in Preparation of the Quarterly Consolidated FinancialStatements
The Company had no pertinent matters to report.
(3) Changes in Accounting Policies, Changes in Accounting Estimates or Restatement
The Company had no pertinent matters to report.

-3-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2013

As of June 30, 2013ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable, trade

17,911

20,484323

311

Real estate held for sale

2,067

948

Real estate held for sale in progress

33,30831,607

Other

2,353

2,242

Allowance for doubtful accounts
Total current assets

(32)

(30)

55,93255,563Fixed assets:
Tangible fixed assets
Buildings and structures (net)

5,011

5,166

Land

12,471

12,878122

118

17,60618,163551

533

Other (net)Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Other

1,036

1,017

Allowance for doubtful accounts

(112)

(113)

Total investments and other assets

924

904

19,081

19,60175,01375,165

Notes and accounts payable, trade

7,920

7,351

Short-term borrowings

2,629

3,978

Current portion of long-term borrowings

11,375

11,892

Income taxes payable

1,608

335

277

185

Total fixed assets
Total assets
LIABILITIESCurrent liabilities:

Reserve
Other

5,214

5,332

Total current liabilities

29,02529,075

Noncurrent liabilities
Long-term borrowings

20,84922,446

Reserve

202

214

Other788

783

21,84023,44450,86652,520Total noncurrent liabilities
Total liabilities-4-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

(Millions of yen)
As of March 31, 2013

As of June 30, 2013

NET ASSETS
Shareholders’ equity
Capital stock

4,819

4,819

Capital surplus

4,947

4,842

Retained earnings

16,991

17,142Treasury stock(2,630)(4,207)

Total shareholders’ equity

24,12722,5973(6)Total accumulated other comprehensive income

3(6)Subscription rights to shares

1653

24,14722,64475,01375,165

Accumulated other comprehensive income
Net unrealized losses on available-for-sale
Securities

Total net assets
Total liabilities and net assets-5-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income
First-Quarter Year-to-Date Period(Millions of yen)Three Months Ended
June 30, 2012

Three Months Ended
June 30, 2013

Net sales

16,93814,062

Cost of sales

13,604

10,649Gross profit

3,334

3,413

Selling, general and administrative expenses

1,935

2,019

Operating income

1,398

1,393

Interest income

11Dividend income

12

Commissions received

30

20

Income from equity method investment

422

Miscellaneous income

272Total Non-Operating income

10328

215

196

132

Non-Operating income:Non-Operating expenses:
Interest expense
Miscellaneous losses
Total Non-Operating expenses

217

229

1,284

1,192

Reserve for directors' retirement benefits

53‐

Total extraordinary gains

53‐

Loss on disposal of fixed assets

10

Total extraordinary losses

10

Net income before income taxes

1,336

1,192

Income taxes, inhabitant taxes and business taxes

339

333

Ordinary income
Extraordinary gains

Extraordinary losses

Income tax adjustments

108142

Total income and other taxes

447

475

Income before minority interests

888

716

Net income

888

716-6-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

Quarterly Consolidated Statements of Comprehensive Income
First-Quarter Year-to-Date Period(Millions of yen)Three Months EndedJune 30, 2012
Income before minority interests

Three Months Ended
June 30, 2013
888

716

Net unrealized gains on available-for-sale securities

(9)

(9)

Total other comprehensive income

(9)

(9)

878

706

878

706

Other comprehensive income:Comprehensive income(Comprising)Comprehensive income attributable to parent-7-

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2013

(3) Notes on Quarterly Consolidated Financial Statements(Notes on Assumption of Going Concern)
The Company had no pertinent matters to report.
(Notes on A Significant Change in Shareholders’ Equity)
In the first three quarters of the consolidated fiscal year under review, the Company purchased 1,000,000
shares of treasury stock at ¥2,000 million, by resolution of the meeting of the Board of Directors held on May 13,
2013. And 386,070 shares of treasury stock at ¥396 million were cancelled. Additionally, as a result of disposalof 26,000 treasury stocks at ¥26 million due to exercise of stock options, the Company held 4,093,201 shares oftreasury stock at ¥4,207 million as of June 30, 2013.

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