Third Quarter Consolidated Financial Reportfor the Nine Months Ended December 31, 2011 (Japan GAAP)
January 30, 2012

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
Toshiya Kitagawa, Corporate Officer and Office Manager, Marketing Planning OfficeTel: +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:

February 13, 2012
-NoNo

1. Consolidated Operating Results for the Nine Months Ended December 31, 2011
(April 1-December 31, 2011)(1) Consolidated Operating Results (Year-to-Date)(¥ millions, rounded down; percentage figures represent year-on-year change)
Net Sales

Operating Income

Ordinary Income

Net Income

Million yen%

Million yen%

Million yen%

Million yen%

Nine months ended December 31, 2011

31,26817.82,614(8.3)

1,983

6.7

1,740

(0.6)

Nine months ended December 31, 201026,534(36.5)

2,849

18.9

1,859

3.1

1,751(4.4)(Note) Comprehensive income: Nine months ended December 31, 2011: ¥1,741 million ((0.5)%) / Nine months ended December 31,
2010: ¥1,750 million ( - %)Net Income perShare

Diluted Net Incomeper Share

Yen

Yen

Nine months ended December 31, 2011

54.71

-

Nine months ended December 31, 2010

59.31-(2) Consolidated Financial Position
Total Assets

Total Net Assets

Equity Ratio

Million yen

Million yen%

As of December 31, 2011

66,47819,23728.9

As of March 31, 2011

61,054

18,361

30.1<Reference> Shareholders’ equity at end of period: December 31, 2011: ¥19,237 million / March 31, 2011: ¥18,361 million

2. Cash Dividends
Annual Cash Dividends per Share
1Q

2Q
Yen

3Q
Yen

Year-End
Yen

Year Ending March 31, 2011

-

3.00

-

Year Ending March 31, 2012

-

4.00

-

Year Ending March 31, 2012 (Forecast)

Full-Year

Yen

Yen

6.00

9.00

9.00

13.00

(Note) Has the Company changed its dividend forecast for the current quarter: No

3. Consolidated Operating Results Forecast for the Fiscal Year Ending March 31, 2012(April 1, 2011-March 31, 2012)(¥ millions, rounded down; percentage figures represent year-on-year compared with priorconsolidated fiscal year and the prior consolidated fiscal year interim (year-to-date) period)
Net Sales
Million yen
As of March 31, 201257,150Operating Income% Million yen
21.9

6,170

Ordinary Income% Million yen
(8.7)

5,160

(Note) Has the Company changed its consolidated forecast during this quarter: No% Million yen(6.6)

Net Income perShareNet Income%yen

3,600 (29.2)

111.104. Other (For details please refer to [Attachments] Page 3 “Other Information”)(1) Changes in the status of material subsidiaries during the period: Yes(Changes in specific subsidiaries during the quarterly accounting period under review in conjunction with achange in the scope of consolidation.)
Newly consolidated companies (--) Newly excluded companies (1)Takara Live Net Co., Ltd.,(2) Application of Special Accounting Treatment Made in Preparationof the Quarterly Consolidated Financial Statements: Yes(3) Changes in Accounting Policies, Changes in Accounting Estimates or Restatement(i) Changes in accounting policies accompanying revision of accounting standards: No(ii) Changes in accounting policies other than those in (1): No(iii) Changes in accounting estimates: No(iv) Restatement: No(4) Number of shares issued (common stock)(i) Number of shares outstanding at the end of the period (including treasury stock)(ii) Number of shares of treasury stock at the end of the period(iii) Average number of shares during the period (quarter year-to-date)(i)

As of December 31, 2011:

33,386,070shares

As of March 31, 2011: 33,386,070 shares(ii)

As of December 31, 2011:

2,339,671shares

As of March 31, 2011:(iii)

Nine months ended December 31, 2011:

982,771 shares

31,812,885shares Nine months ended December 31, 2010: 29,527,003 shares

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 Nine Months Ended December 31, 2011

Attachments Table of Contents
1. Qualitative Information Pertaining to Consolidated Operating Results for the First Three Quarters ..................... 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 ......................................... 32. Matters Pertaining to Summary Information (Others) ......................................................................................... 3(1) Changes to Material Subsidiaries during the Third of the Consolidated Fiscal Year Under Review ................ 3(2) Adoption of special accounting policies for quarterly financial statements ..................................................... 3(3) Changes in accounting standard, accounting estimation change, and error correction ..................................... 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
Third-Quarter Year-to-Date Period ............................................................................................................. 6
Quarterly Consolidated Statements of Comprehensive Income
Third-Quarter Year-to-Date Period ............................................................................................................. 8(3) Notes Pertaining to the Going Concern Assumption ...................................................................................... 9(4) Notes on Significant Changes to Shareholders’ Equity................................................................................... 9(5) Important Subsequent Events ........................................................................................................................ 9-1-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011

1. Qualitative Information Pertaining to Consolidated Operating Results for the First Three Quarters(1) Qualitative Information Pertaining to Consolidated Operating Performance(i) Performance by business segment
Looking at the performance of each business segment of the Takara Leben Group for the first three quarters of theconsolidated fiscal year ending March 2012, the real estate sales business recorded sales of ¥27,599 million, reflecting
the results of the new built-for-sale condominium business, the newly built detached housing business, the renovations
business, and the resale business.
The real estate rental business recorded sales of ¥1,065 million. This reflected rental revenue from condominiums forrent and from office and store space leasing.
The real estate management business posted sales of ¥1,692 million, reflecting revenues from the management of27,892 units of residential condominiums.
Sales from other businesses amounted to ¥910 million, mainly attributable to commissions from real estate agency
services and revenues from orders for repair work.
As a result, net sales for the first three quarters of the consolidated fiscal year under review stood at ¥31,268 million.
(ii) Overall business progress
The Takara Leben Group achieved 54.7% of its full-year sales plan during the first three quarters of the fiscal year
under review. This reflects the fact that sales from the new built-for-sale condominium business, the Group’s mainstay
business, are recorded after the delivery of properties and are concentrated in the fourth quarter.
(iii) Progress of contracts signed
The contracted ratio as at the end of December 2011 stood at 92.4%, with 1,240 units being signed against 1,342 units
to be delivered for the fiscal year under review. The contracted ratio against the number of units scheduled to bedelivered in the next term amounted to 40.2%, significantly higher than that for the same period of the previous year.
(Table of Contracts Signed Versus Number of Full-Year Forecast Units for Delivery)Units scheduled for
Number ofContract ratiodelivery (units)
contracts (units)(%)
Fiscal year ending
March 2012
Fiscal year ending
March 2013

Contract ratio for the same
period of the previous year
(%)

1,342

1,240

92.4

99.7

1,553

624

40.2

30.0

In addition to the new built-for-sale condominium business, the newly built detached housing business, therenovations business, and the resale business have also been performing steadily.
(2) Qualitative Information Pertaining to Consolidated Financial Position
Assets, Liabilities and Net Assets
With regard to the assets, liabilities, and net assets of the Takara Leben Group at the end of the first three quarters of
the consolidated fiscal year under review, total assets were ¥66,478 million, an increase of ¥5,424 million comparedwith the end of the previous consolidated fiscal year. The increase mainly reflected an increase in inventories in
conjunction with new purchases.

-2-

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011

(Current Assets)
Current assets increased ¥5,068 million compared with the end of the previous consolidated fiscal year, to ¥46,996
million. This principally reflected an increase in inventories as a result of new purchases.
(Fixed Assets)
Fixed assets increased ¥356 million compared with the end of the previous consolidated fiscal year, to ¥19,482
million, mainly as a result of purchases of business assets.
(Current Liabilities)
Current liabilities increased ¥5,813 million compared with the end of the previous consolidated fiscal year, to ¥33,964
million, mainly as a result of an increase in advances received on contracts concluded and a rise in short-termborrowings.
(Fixed Liabilities)
Fixed liabilities decreased ¥1,265 million compared with the end of the previous consolidated fiscal year, to ¥13,276
million, mainly because of the shift in debt maturities from long-term to short-term borrowings.
(Net Assets)
Total net assets increased ¥876 million compared with the end of the previous consolidated fiscal year, to ¥19,237
million. The increase was attributable to the recording of net income, which exceeded the amount used to repurchasetreasury stock and pay dividends from retained earnings.
(3) Qualitative Information Pertaining to Forecast Consolidated Operating Results
There is no change from the projected consolidated operating results released on July 25, 2011.
2. Matters Pertaining to Summary Information (Others)(1) Changes to Material Subsidiaries during the First Three Quarters of the Consolidated Fiscal Year Under Review
On September 26, 2011, the Company sold all shares of Takara Live Net Co., Ltd. (currently Live Net Home Co.,Ltd.), its consolidated subsidiary. As a result, it excluded Takara Live Net Co., Ltd. from the scope of consolidated
subsidiaries in the second quarter of the consolidated fiscal year under review.
(2) Adoption of special accounting policies for quarterly financial statements(i) Calculation method for fixed asset depreciation
For assets for which it has adopted the declining balance method, the Company calculates the amount ofdepreciation and amortization pertaining to the consolidated fiscal year and allocates an amount on a pro-ratabasis for each reporting period.
(ii) Valuation method for inventories
The Company calculates write-downs of the inventory book value by estimating the net sale value only of assets
for which there has been a clear decrease in profitability and then writing down the book value to the estimatedamount.
(3) Changes in accounting standard, accounting estimation change, and error correction
Not applicable-3-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2011

As of December 31, 2011ASSETS
Current assets:
Cash and cash equivalents

9,414

Notes and accounts receivable, trade

9,824416461

Real estate held for sale

5,259

4,107

Real estate for sale under construction

23,57529,422

Other

3,301

3,224

Allowance for doubtful accounts
Total current assets

(38)

(44)

41,92846,996

Fixed assets:
Tangible fixed assets
Buildings and structures (net)

4,654

4,578

Land

13,25913,67038

73

17,951

18,322484

457

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

915

917

Allowance for doubtful accounts

(225)

(215)

Total investments and other assets

689

702

19,126

19,482

61,054

66,478Notes and accounts payable, trade

3,785

4,215

Short-term borrowings

3,720

5,916

Long-term debt due within one year

Total fixed assets
Total assets
LIABILITIESCurrent liabilities:

16,96018,749

Income taxes payable

93

61

Reserve

176

102

Other

3,416

4,918

Total current liabilities

28,151

33,964

Fixed liabilities:
Long-term borrowings

13,66912,258Reserve

231

246

Other

640

770

14,541

13,276

42,692

47,240Total fixed liabilities
Total liabilities-4-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011

(Millions of yen)
As of March 31, 2011

As of December 31, 2011

NET ASSETS
Shareholders’ capital:
Capital

4,819

Additional paid-in capital

4,949

4,949

Retained earnings

9,905

11,325

Treasury stock(1,295)(1,839)Total shareholders’ capital

18,38019,255

(18)

(17)

(18)

(17)

18,361

19,23761,054

66,478

4,819

Other accumulated comprehensive income:
Other Valuation difference on
available-for-sale securities

Total other accumulated comprehensive
incomeTotal net assets
Total liabilities and net assets-5-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income
Third-Quarter Year-to-Date Period(Millions of yen)
Nine Months Ended
December 31, 2010

Nine Months Ended
December 31, 2011

Net sales

26,53431,268

Cost of sales

18,78023,210Gross profit

7,753

8,057

Selling, general and administrative expenses

4,904

5,442

Operating income (loss)

2,849

2,614

Interest income

114Dividend income

33Commissions received

Non-Operating income:

4354

Equity in earnings of affiliates

229

Miscellaneous income

1432

Total Non-Operating income

74124

Interest expense

917

731

New share issuance costs

126－

Miscellaneous losses

20

23

Non-Operating expenses:

Total Non-Operating expenses

1,065

755

1,859

1,983

17－

Reversal of provision for bonuses

5－

Gain on prior periods adjustment

49－

Gain on liquidation of silent investment partnership

1－

Other0－Total extraordinary gains

75－

Loss on sales of shares in subsidiaries－49Loss on disposal of fixed assets

3610－

Ordinary income (loss)
Extraordinary gains:
Reversal of provision for loans

Total extraordinary losses:

Loss on adjustment for changes of accounting
standard for asset retirement obligations
Income taxes for prior periods

0－

Impairment loss

78－

Office relocation costs

0－

Loss on valuation of investment securities

83

Loss on sale of investment securities

2－

Prior fiscal year taxes

32－

Other0－Total extraordinary losses

135

59

1,799

1,924

Income taxes, inhabitant taxes and business taxes

83119Income tax refund(12)－Net income (loss) before income taxes-6-

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011

Income tax adjustments

(23)

64

Total income and other taxes

47

184

Income (loss) before minority interests

1,751

1,740

Net income (loss)

1,751

1,740

-7-

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011

Quarterly Consolidated Statements of Comprehensive Income
Third-Quarter Year-to-Date Period(Millions of yen)
Nine Months EndedDecember 31, 2010
Income (loss) before minority interests

Nine Months Ended
December 31, 2011

1,751

1,740

Other Valuation difference on available-for-sale securities(0)0

Other comprehensive income (total)

(0)

0

1,750

1,741

1,750

1,741

Other comprehensive income:Comprehensive income(Comprising)Comprehensive income attributable to parent-8-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2011

(3) Notes Pertaining to the Going Concern Assumption
The Company had no pertinent matters to report.

(4) Notes on Significant Changes to Shareholders’ Equity(Purchase of treasury stock)
In the first three quarters of the consolidated fiscal year under review, the Company purchased 1,356,900 sharesof treasury stock at ¥544 million, by resolution of the meeting of the Board of Directors held on July 25, 2011.
As a result, as at the end of the first three quarters of the consolidated fiscal year under review, the Company
held 2,339,671 shares of treasury stock at ¥1,839 million.

(5) Important Subsequent Events
Not applicable(Omissions of disclosures)Among the disclosure items, quarterly consolidated statements of cash flows, segment information, other notes,
non-consolidated operating and financial information, and supplemental information have been omitted, because
the Company has judged that there is no significant need for disclosure of these items in the consolidated financial
report for the first three quarters of the fiscal year under review.

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