Sansei Landic Co., Ltd.
Supplementary Materials for
Consolidated Financial Results forFY12/23
February 14, 2024

FY12/23 Topics◼ Sales and profits reach record highs
Progressing mainly in line with the revised plan announced in August2023◼ Purchases far exceeded the target of 14.4 billion yen due to anincrease in purchases of Leasehold land, setting a new record forinventory◼ The company plans to pay an interim dividend from FY2024
The dividend forecast for FY12/2024 is 40 yen (an increase of 7 yenfrom the previous year), the 11th consecutive year of dividendincreases

1Financial Results
FY12/21

FY12/22

FY12/23
Revised plan Revised planResults

Results(Unit: million yen)(announced in (announced inMay 2023)
Aug. 2023)

Results

Difference■Net sales+49.8% YoY

Net sales

16,836

15,53320,50023,50023,269-230

Gross profit

4,368

5,047――6,342―

SG&A

3,250

3,578――

4,186― ■SG&A■Gross profit+25.7% YoY+17.0% YoY

Operating income

1,117

1,469

1,700

2,150

2,155

Ordinary income

999

1,283

1,400

1,800

1,765+5■Operating-34incomeExtraordinaryincome

320――0―Extraordinary loss

033――8―

609

1,060

900

1,180

1,182

Net income attributableto owners of parent+46.7% YoY■Ordinary income+37.5% YoY+2 ■Net income+11.6% YoY2

Balance Sheet Summary(Unit: million yen)

FY12/22AmountCash anddeposits

FY12/23
AmountVs. end ofprevious term

Pct. change

3,837

3,770-66-1.7％

Property for sale

23,65725,365+1,707+7.2%

Interest-bearing
liabilities

16,39916,878+479+2.9%

Net assets

11,056

12,076+1,020+9.2％■Cash and deposits
Decrease of 66 million yen
year-on-year, mainly due toincreased purchaseexpenditure■Property for sale
Record-high levels due tocontinued high level ofpurchases■Interest-bearing liabilities
Total assets

28,97630,976+1,999+6.9%

Shareholders’equity ratio

38.1%

39.0%

+0.9pt―YoY increase due to increasein purchases

3Sales by Business Segment(Unit: million yen)
FY12/21

FY12/22

Results

Results

FY12/23
Revisedplan

Results

Vs. plan

Real Estate
SalesBusiness

15,52915,311

23,891

23,269-2.6％

Leasehold
land

8,208

5,703

8,367

8,253-1.4％

Old unutilizedproperties
Freehold

Others

6,083

8,399

13,154

13,138

-0.1％

864

787

1,968

1,487-24.4％

373

420

401388-3.2％※In the previous consolidated fiscal year, the Company sold all shares of One's Life HomeInc., which was engaged in the construction business, and as a result, it became a single
segment of the Real Estate Sales business in the current consolidated fiscal year.

■Leasehold Land
Sales and profit were significantly
higher than in the same period of
the previous year and were almost
in line with the plan■Old Unutilized Properties
Sales and profit were significantly
higher than in the same period of
the previous year and were almost
in line with the plan

■Freehold
Sales and profit significantly
exceeded those of the same periodprevious year but fell short of theplan

4Quarterly Changes in the Real Estate Sales Business• Came in as planned, although the profit margin in 4Q declined due to a larger proportion of Old
unutilized properties, including those included in Leasehold land (mixed)
Sales (million yen)

Profit margin

Others8,000Freehold

Old unutilized properties

Leasehold land

Profit margin

40%

7,000

35%

6,000

30%

5,000

25%

4,000

20%

3,000

15%

2,000

10%

1,000

5%

00%
1Q

2Q

3Q

2020

4Q

1Q

2Q

3Q

2021

4Q

1Q

2Q

3Q

2022

4Q

1Q

2Q

3Q

4Q

2023
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Purchases by Business Segment(Unit: million yen)

Real Estate
Sales
Business

FY12/21

FY12/22

Results

Results

10,11820,636

FY12/23

Results

18,617

YoY-9.8％■Purchasing
Annual purchase plan:14.4 billion yen

Leasehold
land

4,474

7,274

9,924

+36.4％

Old unutilizedproperties

4,689

11,9797,287-39.2％

955

1,383

1,406

+1.7％

Freehold

Significant increase in the purchaseof Leasehold land
Old unutilized properties remained
high despite YoY declines

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Changes in the Amount of Purchases and Inventories• Progress in purchasing Leasehold land and Old unutilized properties led to significantly higherthan-planned purchase volume, and inventories reached a record highPurchase amount (million yen)

Inventories (million yen)

Leasehold land

8,000

Old unutilized properties

Freehold

Inventories

25,0007,000
20,000

6,000
5,000

15,0004,000
10,000

3,000
2,000

5,000

1,000
001Q

2Q

3Q

2020

4Q

1Q

2Q

3Q

2021

4Q

1Q

2Q

3Q

2022

4Q

1Q

2Q

3Q

4Q

2023
7Changes in the Number of Projects and Number of Purchasing Contracts• Stable and high level of both number of projects and contracts
700

Number of projects(projects)

Number of purchasing
contracts (contracts)

600

60

50500

Others40

Freehold30

Old unutilized
properties

400

Leasehold rights

300
200
100020

Leasehold land10

No. of purchasing
contracts

0
1Q

2Q

3Q

2020

4Q

1Q

2Q

3Q

2021

4Q

1Q

2Q

3Q

2022

4Q

1Q

2Q

3Q

20234Q8FY12/24 Business Forecasts
Consolidated financial forecast for FY12/2024 (January 1, 2024 - December 31, 2024)(Unit: million yen)

2020

2021

2022

2024（Plan）

2023

Pct.
changeNet sales

17,774

16,836

15,53323,26923,700+1.9%

Operatingincome

847

1,117

1,469

2,155

1,800-16.5%

Ordinary income

709

999

1,283

1,765

1,500-15.0%

Net income
attributable toowners of parent

357

609

1,060

1,182

1,000-15.5%

42.34

73.56

129.61143.79121.35-15.6%

2526

2833

40ーEPS (Yen)Dividend (Yen)◼ Record sales and profits were registered for 2023 due to aggressive sales ahead of schedule and theinclusion of large properties, as uncertainty in the real estate market was increasing◼ In 2024, the company plans higher sales over 2023. In terms of profit, a YoY decrease is planned due tobetter-than-expected performance in 2023 and a conservative profit margin projection for 2024
◼ Dividend is expected to increase by 7 yen to 40 yen, marking the 11th consecutive fiscal year of dividend
increase

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Shareholder Returns（Dividends）•••

For FY12/2023, the annual dividend is expected to be 33 yen per share, including an ordinary dividend of 30 yen and a special
dividend of 3 yen per share
For FY12/2024, the company plans to increase the dividend by 7 yen to 40 yen. This will be the 11th consecutive fiscal year ofdividend increases
We will continue strengthening shareholder returns and consider flexible shareholder return measures, including share repurchases

Dividends (yen)

45

40
35
330
25
20

40

15
1018

503201362014

10122015

20162017

212325262018

2019

2020

2021

2830202220232024（Plan）（Plan）

10

Abolition of Shareholder Benefit Plans and Introduction of Interim Dividends• Plans to introduce an interim dividend from FY12/2024, following the abolition of shareholder
benefit plans
Annual dividend

End of 2Q
Forecast: Next FY(FY12/2024)

End of Fiscal Year

15.00 yenTotal

25.00 yen

40.00 yen

33.00 yen

33.00 yen（Special dividend 3.00 yen）

（Special dividend 3.00 yen）

28.00 yen

28.00 yen

Forecast: Current FY(FY12/2023)

0.00 yen （Ordinary dividend 30.00 yen） （Ordinary dividend 30.00 yen）

Actual: Previous FY(FY12/2022)

0.00 yen

In FY12/2024, in addition to the stable year-end dividend, we will pay an interim dividend of 15 yen
per share to enhance opportunities to return profits to shareholders and encourage them to continue
to hold our shares
11Actions to Achieve Management Conscious of Cost of Capital and Stock Price• We recognize that our cost of equity is generally around 7% (based on CAPM)

Recognition ofthe current
situation• ROE is expected to be 10.2% in FY12/2023 and around 8% in FY12/2024, above the level of cost of shareholders'equity• PBR and PER have remained low for a long time after 2019
• While ROE exceeds the cost of shareholders' equity, PBR is below 1x. To improve PBR, the company recognizes theimportance of formulating and implementing medium- to long-term growth strategies while further improving ROE• We have achieved stable growth to date but have not sufficiently explained our growth strategy in detailIssues felt to
be vital

Policy• Lack of sufficient IR and PR regarding the nature and attractiveness of our business• The level of shareholder returns does not meet the expected returns demanded by the stock market• Review the current medium-term plan and start a new medium-term plan to formulate a medium- to long-term growthstrategy to improve PBR. We schedule to disclose the plan in mid-2024 or later• Further expansion of existing businesses, formulation of policies for new businesses utilizing resources from existing
businesses, enhancement of human capital, formulation of IR and PR measures, and enhancement of shareholder
returns will be considered the main pillars of the plan
• To enhance shareholder returns, introduce an interim dividend in February 2024 and increase dividends to a higherlevel12Contact■ The statements including perspectives on our group, plans, policies,strategies, schedules and judgements that are not facts in this material
are forward-looking statements about the future performance.
■ Forward-looking statements about the future performance are based on
information currently available and certain assumptions that our groupbelieves to be reasonable. Actual results may differ significantly from theforward-looking statements due to various risk factors and uncertainties.
Please do not place undue reliance on these forward-looking statements.
■ The data in this material contains quotations of public information that
we believe to be reliable and accurate, but we do not guarantee theaccuracy or certainty of the contents.
<<Contact>>
Corporate Planning Office, Sansei Landic Co., Ltd
TEL:03-5252-7511
E-mail:keiki@sansei-l.co.jp
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