Consolidated Financial Report for the Fiscal Year Ended March 31, 2022 (Japan GAAP)May 13, 2022
Company name: Takara Leben Co., Ltd.
Stock listed on:
Prime market of the Tokyo Stock Exchange
Securities code:8897
URL
https://www.leben.co.jp
Representative:
Kazuichi Shimada, Representative Director
Contact:
Masashi Yamamoto, Director, Executive General Manager of Administration Headquarters Tel. +81-3-6551-2130
Scheduled date of annual general meeting of shareholders:June 24, 2022
Scheduled date for commencement of dividend payment:
June 27, 2022
Scheduled date for release of annual securities report:
June 24, 2022
Supplementary materials on financial results: Yes
Briefing for financial results:
Yes (To prevent the spread of the COVID-19 coronavirus, the Company will
distribute Representative Director’s financial results presentation by video.)(Amounts are rounded down to the nearest million)

1. Consolidated Operating Results for the Fiscal Year Ended March 31, 2022 (From April 1, 2021 to March 31, 2022)(Percentage figures represent year-on-year changes)(1) Consolidated Operating Results
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen

Year ended March 31, 2022
Year ended March 31, 2021
(Note) Comprehensive income:%

162,744
148,397

Millions of yen‒(11.9)

Year ended March 31, 2022:¥6,293 million (‒%)

Yen

Year ended March 31, 2022
Year ended March 31, 2021

Millions of yen

‒
(9.3)

Millions of yen‒(11.3)

6,215
4,693

Year ended March 31, 2021:

Yen

57.10
43.22

%

10,2589,933

Ratio of earnings
to shareholders’equityDiluted profit
per share

Profit per share%

11,877
10,789¥5,327 million (2.4%)

Ratio of ordinary
profit to total
assets

%

56.69
42.94

%

‒
(12.5)

Ratio of operating
profit to net sales

%

11.0
9.0

%

4.8
5.0

7.3
7.3

(Reference) Equity in profit of affiliates:
Year ended March 31, 2022: ¥(138) million
Year ended March 31, 2021: ¥18 million(Note) As the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. from the
beginning of the current fiscal year, the figures for the fiscal year ended March 31, 2022 are after the application of the said accounting standard,etc., and the percentage change from the previous year is not stated.

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

223,473
204,315

59,601
54,63226.5
26.5

542.04498.78Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash andcash equivalents
at end of year

As of March 31, 2022
As of March 31, 2021%

Yen

(Reference) Shareholders’ equity: As of March 31, 2022:¥59,109 million
As of March 31, 2021:¥54,194 million(Note) As the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. from the beginningof the current fiscal year, the figures for the fiscal year ended March 31, 2022 are after the application of the said accounting standard, etc.

(3) Consolidated Cash FlowMillions of yen

Millions of yen

Millions of yen

Millions of yen

23,18926,330(27,871)(25,090)(1,132)
2,654

32,69338,500Year ended March 31, 2022
Year ended March 31, 2021
2. Dividends

Annual dividends per share
Q1
Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(Forecast)

Q2

Q3

Year-end

Total

Total dividends(annual)Dividend payout
ratio(consolidated)

Ratio of dividends
to net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

‒
‒

4.00
4.00

‒
‒

10.00
14.00

14.00
18.00

1,521
1,962

32.4
31.5

2.9
3.5

‒

4.00

‒

16.00

20.00

31.2

3. Forecast for Consolidated Financial Results for the Year Ending March 31, 2023 (From April 1, 2022 to March 31, 2023)(Percentage figures represent year-on-year changes)

Net sales
Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Profit per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

yen

173,500

6.6

11,9000.2

10,300

0.4

7,000

12.6

64.19

‒1‒

* Notes(1) Changes in significant subsidiaries during the current fiscal year (Changes in specified subsidiaries resulting in changes in scopeof consolidation):
Yes
Newly consolidated companies: 1 company (Leben Clean Energy Co., Ltd.) Newly excluded companies: ‒(Note) For details, please refer to “3. Consolidated Financial Statements and Major Notes (5) Notes to Consolidated Financial Statements(Changes in Significant Subsidiaries during the Period under Review)” on page 16 of the attached materials.

(2) Changes in accounting policies and accounting estimates, and restatements(i) Changes in accounting policies due to revision of accounting standards:(ii) Changes in accounting policies other than (i):(iii) Changes in accounting estimates:(iv) Restatements:

Yes
None
None
None

(Note) For details, please refer to “3. Consolidated Financial Statements and Major Notes (5) Notes to Consolidated Financial Statements(Changes in Accounting Policy)” on page 16 of the attached materials.

(3) Number of shares issued and outstanding (common stock)(i) Number of shares issued and outstanding at end of year (including treasury stock)
As of March 31, 2022:
121,000,000 shares
As of March 31, 2021:
121,000,000 shares(ii) Number of treasury stock at end of year
As of March 31, 2022:
11,948,807 shares
As of March 31, 2021:
12,344,907 shares(iii) Average number of shares during the year
Year ended March 31, 2022:
108,854,014 sharesYear ended March 31, 2021:
108,592,443 shares(Reference) Overview of Non-consolidated Operating Results
Non-consolidated Operating Results for the Fiscal Year Ended March 31, 2022 (From April 1, 2021 to March 31, 2022)(Percentage figures represent year-on-year changes)(1) Non-consolidated Operating Results
Net sales
Operating profit
Ordinary profit
ProfitMillions of yen

Year ended March 31, 2022
Year ended March 31, 2021%

88,94996,949‒(21.8)

Millions of yen

%

4,332
7,799

7,738
8,682

%

Millions of yen‒(17.7)

5,052
3,257

%

‒
(30.2)

Diluted profit
per share

Profit per share
Yen

Year ended March 31, 2022
Year ended March 31, 2021

Millions of yen‒(19.5)

Yen

46.42
30.00

46.08
29.80

(2) Non-consolidated Financial Position
Total assets

Net assets(Note) As the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. from the
beginning of the current fiscal year, the figures for the fiscal year ended March 31, 2022 are after the application of the said accounting standard,etc., and the percentage change from the previous year is not stated.

As of March 31, 2022
As of March 31, 2021

Millions of yen

Millions of yen

150,689
144,796

51,44747,803Equity ratio

Net assets per share
%

34.0
32.9

Yen

469.97438.12(Reference) Shareholders’ equity: As of March 31, 2022:¥51,250 million
As of March 31, 2021:¥47,603 million(Note) As the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. from the beginningof the current fiscal year, the figures for the fiscal year ended March 31, 2022 are after the application of the said accounting standard, etc.

Reason for difference from non-consolidated operating results for the previous fiscal year
The difference in profit between the previous fiscal year and the fiscal year under review is due mainly to a write-down posted in theprevious fiscal year when the use of certain hotel assets was changed to residential properties.
* This Consolidated Financial Report does not need to be audited by a certified public accountant or audit corporation.
* Explanations and other special notes concerning the appropriate use of business performance forecasts(Caution concerning forward-looking statements, etc.)
The forward-looking statements presented above are based on the information available at the time of the release of this report and are
not intended to guarantee that the Company will achieve such figures. Actual results may differ from these forecasts due to various
factors in the future.
To obtain the supplementary materials on financial results:
Supplementary materials on financial results have been posted on the Company’s website. The materials are also accessible throughTDnet.
To access the details of briefing for financial results:
The briefing for financial results will be distributed by video on the Company’s website.

‒2‒

○ Contents of Attachment
1. Overview of Operating Results, Etc. ...........................................................................................................................................
(1) Overview of Operating Results for the Fiscal Year Ended March 31, 2022 ............................................................................
(2) Overview of Financial Position for the Fiscal Year Ended March 31, 2022 ...........................................................................
(3) Overview of Cash Flow for the Fiscal Year Ended March 31, 2022 .......................................................................................
(4) Future Outlook ........................................................................................................................................................................
(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years .....................................................
2. Basic Concept of Selection of Accounting Standards ..................................................................................................................
3. Consolidated Financial Statements and Major Notes ..................................................................................................................
(1) Consolidated Balance Sheet ....................................................................................................................................................
(2) Consolidated Statements of Income and Comprehensive Income...........................................................................................
Consolidated Statement of Income .........................................................................................................................................
Consolidated Statement of Comprehensive Income ...............................................................................................................
(3) Consolidated Statement of Changes in Shareholders’ Equity .................................................................................................
(4) Consolidated Statement of Cash Flows...................................................................................................................................
(5) Notes to the Consolidated Financial Statements .....................................................................................................................
(Notes Regarding the Going Concern Assumption) ...............................................................................................................
(Changes in Significant Subsidiaries during the Period under Review) .................................................................................
(Changes in Accounting Policy) .............................................................................................................................................
(Consolidated Balance Sheet) ................................................................................................................................................
(Consolidated Statement of Income) ......................................................................................................................................
(Rental Properties, Etc.) .........................................................................................................................................................
(Segment Information) ...........................................................................................................................................................
(Per Share Information)..........................................................................................................................................................
(Significant Subsequent Events) ............................................................................................................................................
4. Other ............................................................................................................................................................................................
Production, Orders Received and Sales ........................................................................................................................................

‒3‒

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4
5
6
7
7
7
8
8
10
10
11
12
14
16
16
16
16
17
17
18
19
22
22
23
23

1. Overview of Operating Results, Etc.

(1) Overview of Operating Results for the Fiscal Year Ended March 31, 2022
During the fiscal year under review, corporate activities and consumer spending were intermittently restricted in Japan due to COVID19. With increased vaccinations and regulations, COVID-19 cases subsided, but the number of cases started to rise toward the end of2021 due to the arrival of the COVID-19 variant. While the number of new COVID-19 cases reported remained at a certain level,
quasi-emergency measures were discontinued on March 21, 2022. Due to the end of the measures, the flow of people increased andrestaurants that were closed reopened. Social and economic activities are gradually normalizing.
In the real estate sales market in which the Group operates, consumer appetite was strong during the pandemic, although changes wereseen in what customers were seeking from residences as the number of people working at home increased. Upward trends are continued
in demand for convenient locations and daily life and compact condominiums, reflecting diversified end-users’ lifestyles caused by acontinued increase in single-person households and dual-income households and changes in consumer values. Meanwhile, demand inregional urban centers remains strong, thanks in part to the demand of active seniors, which continues to be high, and the trend ofcompact city development.
In the Tokyo metropolitan area, the number of condominium units supplied increased 23.5% from the previous fiscal year, to 33,636(survey by Real Estate Economic Institute Co., Ltd.) partly due to a reaction to a decline in supply amid the pandemic in 2020. The
supply-demand balance continues to be favorable, with the number of condominium units supplied remaining at the 30,000 level inrecent years. The average sales price continued to rise and hit a record high for the third consecutive year.
The number of nationwide condominium units supplied increased 29.5% from the previous year, to 77,552 (survey by Real Estate
Economic Institute Co., Ltd.), reflecting a reaction to a decrease in supply in the previous fiscal year due to COVID-19. In these
conditions, the Group was the fifth largest condominium developer based on the number of condominium units supplied sold. As an
independent general real estate developer, the Company plays a role in the maintenance of stable supply in the real estate sales market.
In the liquidation business, the Noda City Nakazato Logistics Facility, the Company’s first logistics facility, was completed in Noda,
Chiba Prefecture in March 2022. The construction of the logistics facility is a new initiative in the liquidation business, one of theCompany's major segments. It is also a project for the optimization of the liquidation business of the asset portfolio, where the assets
are mainly residential properties and office buildings in major cities in the Kanto, Kansai and Chukyo areas.
The Company announced its new mid-term management plan on May 14, 2021. It will engage in CSR activities beyond the growth ofprofit through its business to help resolve social issues and achieve the Sustainable Development Goals (SDGs) and to earn the trust ofsociety and diverse stakeholders, while considering their happiness and helping them to achieve it, to secure sustainable development.
In the fiscal year under review, the Company recorded consolidated net sales of ¥162,744 million (¥148,397 million in the previousyear), consolidated operating profit of ¥11,877 million (¥10,789 million in the previous year), consolidated ordinary profit of 10,258
million (¥9,933 million in the previous year) and profit attributable to owners of parent of ¥6,215 million (¥4,693 million in the previousyear).
Effective from the current fiscal year, the Company has adopted “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29, March 31, 2020), etc. Therefore, explanations regarding operating results for the current fiscal year are provided without stating
the amount of increase or decrease compared to the previous fiscal year or the percentage change from the previous fiscal year.
For details, please refer to “3. Consolidated Financial Statements and Major Notes (5) Notes to Consolidated Financial Statements(Changes in Accounting Policy).”(i) Performance by Business Segment
Effective from the current fiscal year, the Company has changed the name of its reportable segment from “Electric Power Generation
Business” to “Energy Business.” This change is a change in the name of the segment and has no impact on the segment information.
<Real Estate Sales Business>
Revenues from the real estate sales business amounted to ¥109,152 million (¥117,200 million in the previous fiscal year), as a resultof revenues of ¥68,912 million from the sales of new built-for-sale condominiums, revenues of ¥23,571 million from the sale of profitgenerating real estate, and revenues of ¥16,668 million from the sales of new detached houses and used condominiums, etc.
<Real Estate Rental Business>
Revenues from the real estate rental business amounted to ¥5,950 million (¥5,753 million in the previous fiscal year), including rent
revenues from the rental of apartments, condominium units and offices.
<Real Estate Management Business>
Revenues from the real estate management business representing management fees from 69,335 units under management amounted to¥5,856 million (¥5,446 million in the previous fiscal year).

‒4‒

<Energy Business>
Revenues from the energy business amounted to ¥34,248 million (¥13,485 million in the previous year) including revenue from salesof power generation facilities that were already operating and revenues from the sale of electricity generated by other electric power
generation facilities.
<Other Business>
Revenues from other business totaled ¥7,536 million (¥6,512 million in the previous year) including revenues from contracts forconstruction works, orders for large-scale repair works, and commission income, etc.
(ii) Performance Review by Item
<Net Sales>
In the real estate sales business, net sales amounted to ¥109,152 million, reflecting sales of 1,830 units of new built-for-salecondominiums (including JV equity interests), profit-generating real estate, as well as new detached houses and used condominiums.
In the real estate rental business, net sales stood at ¥5,950 million due to rental revenues of apartments, condominiums and offices, etc.
In the real estate management business, net sales came to ¥5,856 million due to management fees, etc. from 69,335 units managed.
In the power generation business, net sales were ¥34,248 million, including revenues from sales of power generation facilities thatwere already operating and revenues from the sale of electricity generated by other electric power generation facilities.
In other business, net sales were ¥7,536 million, reflecting contracts for construction works, orders for large-scale repair works, andcommission income, etc.
As a result, consolidated net sales in the fiscal year under review stood at ¥162,744 million (¥148,397 million in the previous year).
<Cost of Sales>
The cost of sales was ¥129,626 million (¥118,469 million in the previous year), reflecting an increase in revenue from sales of power
generation facilities that were already operating.
<Selling, General and Administrative Expenses>
Selling, general and administrative expenses were ¥21,240 million (¥19,139 million in the previous year), chiefly due to an increase instaff following the expansion of business.
<Non-Operating Income and Expenses>
Non-operating income came to ¥684 million (¥687 million in the previous year), explained mainly by a fall in share of profit of entities
accounted for using the equity method for equity-method affiliates.
Non-operating expenses stood at ¥2,303 million (compared with ¥1,542 million in the previous fiscal year) mainly due to an increase
in interest expenses resulting from the acquisition of consolidated subsidiary.
<Extraordinary Income and Losses>
Extraordinary income came to ¥37 million, reflecting a gain on negative goodwill.
Extraordinary losses were ¥845 million (¥2,761 million in the previous year), primarily due to the recording of impairment losses.
As a result, consolidated net sales amounted to ¥162,744 million (¥148,397 million in the previous year), consolidated operating profit
came to ¥11,877 million (¥10,789 million in the previous year), consolidated ordinary profit was ¥10,258 million (¥9,933 million in
the previous year), and profit attributable to owners of parent was ¥6,215 million (¥4,693 million in the previous year), in the fiscal
year under review.

(2) Overview of Financial Position for the Fiscal Year Ended March 31, 2022
With regard to the status of consolidated assets, liabilities and net assets of the Group for the fiscal year under review, total assets
increased ¥19,157 million from the end of the previous fiscal year, to ¥223,473 million, mainly reflecting steady purchase of businessassets.
<Current assets>
Current assets rose ¥16,938 million from the end of the previous fiscal year, to ¥142,625 million, chiefly due to an increase ininventories resulting from new purchases and transfers of business assets to inventories.

‒5‒

<Non-current assets>
Non-current assets increased ¥2,260 million from the end of the previous fiscal year, to ¥80,792 million, mainly due to an increase inbusiness assets as a result of change in the scope of consolidation<Current liabilities>
Current liabilities increased ¥19,360 million from the end of the previous fiscal year to ¥75,010 million, mainly due to an increase in
short-term borrowings and transfers between long-term and short-term borrowings and bonds.
<Non-current liabilities>
Non-current liabilities decreased ¥5,172 million from the end of the previous fiscal year to ¥88,860 million, mainly due to transfers
between long-term and short-term borrowings and bonds.
<Net assets>
Net assets increased ¥4,969 million from the end of the previous fiscal year, to ¥59,601 million, chiefly because the recorded amountof profit attributable to owners of parent exceeded amounts such as dividends of surplus.

(3) Overview of Cash Flow for the Fiscal Year Ended March 31, 2022
Cash and cash equivalents (“funds”) as of March 31, 2022 amounted to ¥32,693 million, a decrease of ¥5,806 million from March 31,
2021.
<Cash flows from operating activities>
Net cash provided by operating activities was ¥23,189 million (cash provided of ¥26,330 million in the previous fiscal year). This
mainly reflects a decrease in inventories.
<Cash flows from investing activities>
Net cash used in investing activities was ¥27,871 million (cash used of ¥25,090 million in the previous fiscal year). This was chiefly
due to purchase of property, plant and equipment.
<Cash flows from financing activities>
Net cash used in financing activities was ¥1,132 million (cash provided of ¥2,654 million in the previous fiscal year). This is primarily
attributable to repayment of loans payable.
(Reference) Changes in Cash Flow Indicators
Year ended March
2020

Year ended March
2021

Year ended March
2022

Equity ratio (%)

25.9

26.5

26.5

Equity ratio at market value (%)

19.4

19.8

14.6

Debt repayment period (years)

2.4

4.5

5.5

Interest coverage ratio (times)

41.4

21.7

13.1

Equity ratio: Shareholders’ equity/Total assets
Equity ratio at market value: Equity market capitalization/Total assets
Debt repayment period: Interest-bearing debt/Operating cash flows
Interest coverage ratio: Operating cash flows/Interest expense* These indicators are all calculated using consolidated financial data.
* Interest-bearing debt includes all debts recorded on the consolidated balance sheet on which interest is paid.

‒6‒(4) Future Outlook
The consolidated results forecast for the fiscal year ending March 31, 2023 is as described below. Effective from the fiscal year ending
March 31, 2023, the business segments have changed.
In the real estate business, the new built-for-sale condominium business, the core business, will work to increase supplies not only in
the Tokyo metropolitan area but also in central urban areas in provincial regions. It is expected that 1,780 units will be delivered,including 1,630 concerned with the Company’s equity interest after allocation within a joint venture.
The energy business will continue to develop solar power generation facilities. It will also work to construct a power purchaseagreement (PPA) business.
In the asset management business, the Company aims to accumulate assets under management and expand asset management fees
through synergies in the Group and the acquisition of properties from third parties.
In view of the above, the Company forecasts its performance for the next fiscal year as follows.
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent¥173,500 million (up 6.6% year on year)¥11,900 million (up 0.2% year on year)¥10,300 million (up 0.4% year on year)¥7,000 million (up 12.6% year on year)(Number of units scheduled to be delivered in comparison with contracts in the new built-for-sale condominium business, including
the number of units involved in the joint venture)
Number of units
Of those, number of units
scheduled to be delivered
contracted
in FY2023/3
End of March 2022

1,780

Number of contracts forunits scheduled to bedelivered in FY2024/3
and later

1,068

Total number of units
contracted

251

1,319

(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
The Group set out the payout ratio of approximately 30% to 35% in the mid-term management plan announced in May 2021.
For the fiscal year under review, the Company plans to pay a year-end dividend of ¥14.0 per share, which reflects the upward revision
on May 13, 2022. The annual dividend comes to ¥18.0 per share including the interim dividend that has been already paid. As a result,the payout ratio is 31.5%.
For the next fiscal year, the Company will pay shareholder returns with a payout ratio between 30% and 35% as set out in the new midterm management plan announced on May 14, 2021.

2. Basic Concept of Selection of Accounting Standards

The Group has adopted the Japanese accounting standards to ensure comparability with our domestic competitors.

‒7‒

3. Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheet(Millions of yen)Previous Consolidated Fiscal Year
(March 31, 2021)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract
assetsReal estate for sale
Power generation facilities for sale
Real estate for sale in process
Costs incurred on uncompleted contracts
Other
Allowance for doubtful accounts

Current Consolidated Fiscal Year
(March 31, 2022)

39,1692,193

33,428‒‒2,886

28,682‒
43,766596
11,418(141)

32,616
1,001
58,036
12
14,919(275)

125,686

142,625

13,827(1,725)

11,150(1,596)

12,102
13,915(710)

9,553
14,056(1,279)13,204

12,777

524
(308)

522
(319)

Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation

216
33,73967(56)

203
36,948345(55)

Lease assets, net
Construction in progress

11
4,795

290
3,965

Total property, plant and equipment
Intangible assets
Goodwill
Other64,07063,739

960
638

1,561
948

Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts

1,599

2,510

5,194
0
1,273
6,407
(13)

5,462
380
981
7,731
(12)

Total investments and other assets

12,861

14,542

Total non-current assets
Deferred assets

78,53197

80,792
55

Total assets

204,315

223,473

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation‒8‒

(Millions of yen)Previous Consolidated Fiscal Year
(March 31, 2021)
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of bonds payable
Current portion of long-term loans payable
Lease obligations
Income taxes payable
Advances received
Provision for bonuses
Provision for warranties for completed construction
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Bonds payable
Lease obligations
Provision for directors’ retirement benefits
Net defined benefit liability
Asset retirement obligations
Deferred tax liabilities
Other
Total non-current liabilities

Current Consolidated Fiscal Year
(March 31, 2022)

13,3189,208
116
17,524
3
2,264
5,657
570
463
6,522

15,411
14,1892,168
25,298
35
2,089
7,348
629
486
7,354

55,64975,01085,721
5,988
8
119
863
24
28
1,278

81,923
4,070
285
160
984
56
128
1,252

94,03388,860Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares

149,683

163,871

4,819
4,817
48,649(4,604)

4,819
4,817
53,395(4,456)

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

53,68258,575

521
(1)
(8)

548
0
(14)

512
199
237

534
197
294

Total net assets

54,63259,601

Total liabilities and net assets

204,315

223,473

Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests‒9‒(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statement of Income)(Millions of yen)

Net sales
Cost of sales

Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)
148,397*1
118,469

Gross profit
Selling, general and administrative expenses*2

29,928
19,139Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)
162,744*1
129,626*2

33,117
21,240Operating profit
Non-operating income
Interest income
Dividend income
Commission fee
Share of profit of entities accounted for using equity
methodMiscellaneous income

10,78911,877

0
292
118

59
300
126

18

‒

257

198

Total non-operating income
Non-operating expenses
Interest expense
Share of loss of entities accounted for using equity
methodMiscellaneous loss

687

684

1,226

1,755

‒

138

316

409

Total non-operating expenses

1,542

2,303

Ordinary profit
Extraordinary income
Gain on negative goodwill

9,933

10,258

‒

37

‒

37

Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Impairment loss
Loss on sale of shares of subsidiaries and associates

*3

171
2,589
‒

*3

‒
588
256

Total extraordinary losses

2,761

845

Profit before income taxes
Income taxes - current
Income taxes - deferred

7,172
3,078
(597)

9,450
3,158
20

Total income taxes
Profit

2,481
4,691

3,179
6,271

(2)

56

4,693

6,215

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent‒ 10 ‒

(Consolidated Statement of Comprehensive Income)(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)
4,691

Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)
6,271

619
(1)
18

26
1
(6)

636

21

5,327

6,293

5,329

6,236

(2)

56

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests‒ 11 ‒

(3) Consolidated Statement of Changes in Shareholders’ Equity
Previous Consolidated Fiscal Year (From April 1, 2020 to March 31, 2021)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,819

Retained earnings

4,817

Treasury shares

45,817

Total shareholders’equity(4,695)50,759Cumulative effects of changes inaccounting policies‒

Restated balance

4,819

4,817

45,817(4,695)50,759Changes of items during period
Dividends of surplus(1,843)(1,843)

Profit attributable to owners ofparent (millions of yen)

4,693

4,693

Change resulting from inclusionof subsidiaries in consolidation‒

Disposal of treasury shares

(16)

90

73

Change in scope of equity
method‒Transfer to capital surplus fromretained earnings

16

(16)

‒

‒

‒

2,832

90

2,922

4,819

4,817

48,649(4,604)53,682

Net changes of items other thanshareholders’ equity
Total changes of items during
periodBalance at end of current period

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

(97)

(0)

Total
Remeasurements
accumulatedof defined benefit
other
plans
comprehensive
income
(27)

(124)

Share
acquisitionrights

Noncontrollinginterests

241

263

Cumulative effects of changes inaccounting policies
Restated balance

Total net
assets51,139
‒

(97)

(0)

(27)

(124)

241

263

51,139Changes of items during period
Dividends of surplus(1,843)

Profit attributable to owners ofparent (millions of yen)

4,693

Change resulting from inclusionof subsidiaries in consolidation‒

Disposal of treasury shares

73

Change in scope of equity
method‒Transfer to capital surplus fromretained earnings‒

Net changes of items other thanshareholders’ equity

619

(1)

18

637

(41)

(25)

569

Total changes of items during
period

619

(1)

18

637

(41)

(25)

3,492

Balance at end of current period

521

(1)

(8)

512

199

237

54,632‒ 12 ‒

Current Consolidated Fiscal Year (From April 1, 2021 to March 31, 2022)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,819

Retained earnings

4,817

Treasury shares

48,649Cumulative effects of changes inaccounting policies

Total shareholders’equity(4,604)53,682

43

Restated balance

4,819

4,817

43

48,693(4,604)53,725

Changes of items during period
Dividends of surplus(1,521)(1,521)

Profit attributable to owners ofparent (millions of yen)

6,215

6,215

Change resulting from inclusionof subsidiaries in consolidation

(4)

(4)

Disposal of treasury shares

(19)

147

Change in scope of equity
method

128

32

32

19

(19)

‒

‒

‒

4,702

147

4,849

4,819

4,817

53,395(4,456)58,575

Transfer to capital surplus fromretained earnings
Net changes of items other thanshareholders’ equity
Total changes of items during
periodBalance at end of current period

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

521

(1)

Total
Remeasurements
accumulatedof defined benefit
other
plans
comprehensive
income
(8)

512

Share
acquisitionrights

Noncontrollinginterests

199

237

Cumulative effects of changes inaccounting policies
Restated balance

Total net
assets54,632
43

521

(1)

(8)

512

199

237

54,675

Changes of items during period
Dividends of surplus(1,521)

Profit attributable to owners ofparent (millions of yen)

6,215

Change resulting from inclusionof subsidiaries in consolidation(4)

Disposal of treasury shares

128

Change in scope of equity
method32

Transfer to capital surplus fromretained earnings‒

Net changes of items other thanshareholders’ equity

26

1

(6)

21

(2)

56

75

Total changes of items during
period

26

1

(6)

21

(2)

56

4,925

Balance at end of current period

548

0

(14)

534

197

294

59,601‒ 13 ‒

(4) Consolidated Statement of Cash Flows(Millions of yen)Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)

7,172
1,803
2,589
234
222
237
(292)
36
1,226
171

9,450
2,838
588
329
260
121
(360)
125
1,755
‒

‒

256

(258)

(509)

19,454
1,459(611)(2,469)30,975292(1,211)(3,726)26,33013,062
2,088
1,690(3,591)
28,107360(1,776)(3,501)
23,189(127)145
0(25,771)
901
(94)
(75)

(161)
205
800
(25,279)9(405)(1,193)

‒

700

(41)
4

(579)
‒

0

‒

(0)

(2,182)(32)(25,090)213(27,871)

Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in provision
Increase (decrease) in net defined benefit liability
Interest and dividend income
Share-based compensation expenses
Interest expense
Loss (gain) on sale of property, plant and equipment
Loss (gain) on sale of shares of subsidiaries andassociates
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in advances received
Other
SubtotalInterest and dividends received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flow from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Decrease (increase) in short-term loans receivable
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of shares of subsidiaries and associates
Proceeds from sale of shares of subsidiaries andassociates
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from purchase of shares of subsidiaries resulting
in change in scope of consolidation
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other
Net cash provided by (used in) investing activities‒ 14 ‒

(Millions of yen)

Cash flows from financing activities
Net increase in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Repayment of lease obligations
Cash dividends paid
Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase (decrease) in cash and cash equivalents resulting
from change in scope of consolidation
Cash and cash equivalent at end of year

Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)(7,835)66,404(55,038)
1,300
(296)
(12)
(1,842)
(23)
2,654
3,894
34,605

3,271
69,605(71,180)250(1,546)(12)(1,520)‒(1,132)(5,813)38,500‒7

38,50032,693‒ 15 ‒

(5) Notes to the Consolidated Financial Statements(Notes Regarding the Going Concern Assumption)
Not applicable.

(Changes in Significant Subsidiaries during the Period under Review)(Changes in specified subsidiaries resulting in changes in the scope of consolidation)
During the fiscal year ended March 31, 2022, the Company newly acquired all of the issued shares of ACA Clean Energy Co., Ltd.,and therefore included the company in the scope of consolidation.
ACA Clean Energy Co., Ltd. changed its corporate name to Leben Clean Energy Co., Ltd. as of June 22, 2021.

(Changes in Accounting Policy)(Application of the Accounting Standard for Revenue Recognition, etc.)
The Company has applied the “Accounting Standard for Revenue Recognition” (“ASBJ Statement No. 29, March 31, 2020,
Accounting Standards Board of Japan”), from the beginning of the fiscal year under review. It recognizes revenues for goods orservices based on the amount estimated to be received in exchange for such goods or services at the point when control of thepromised goods or services is conveyed to the customer
Therefore, in goods and services to customers, which were previously recorded as selling, general and administrative expenses, themethod of reducing the amount from the transaction price has been adopted. The Company conventionally applied the completedcontract standard, but effective from the current fiscal year, has changed its method of accounting for performance obligations thatare to be fulfilled over a certain period of time by estimating the percentage of completion for the fulfillment of the obligations andrecognizing revenue over a certain period of time based on the percentage of completion, except for construction projects of very
short duration.
For the application of the Revenue Recognition Accounting Standard, etc. the Company has followed the transitional treatmentprescribed in the proviso of Article 84 of the revenue recognition accounting standard, and the cumulative effect of retroactively
applying the new accounting policy prior to the beginning of the current fiscal year has been added to or deducted from retained
earnings at the beginning of the current year, and the relevant opening balance. The new accounting policy has been applied from the
beginning of the current fiscal year. However, the Company has not applied the new accounting policy retrospectively to contracts
for which the method prescribed in Article 86 of the Revenue Recognition Accounting Standard was applied and almost all of therevenue amounts were recognized in accordance with the previous treatment prior to the beginning of the current fiscal year. In
addition, the Company has applied the method prescribed in Article 86, Subparagraph (1) of the Accounting Standard for Revenue
Recognition to account for contract changes made prior to the beginning of the current fiscal year based on the contract terms afterreflecting all contract changes, and has added or subtracted the cumulative effect of such changes to retained earnings at the beginningof the current fiscal year.
Due to the application of Accounting Standard for Revenue Recognition, “Notes and accounts receivable-trade,” which were
presented in “Current assets” in the consolidated balance sheet for the previous fiscal year, are now included in “Notes, accounts
receivable-trade and contract assets” from the current fiscal year.
In accordance with the transitional treatment stipulated in Article 89-2 of the Accounting Standard for Revenue Recognition, no
reclassification has been made for the previous fiscal year using the new presentation method.
As a result, the impact on the consolidated financial statements of the current fiscal year is minimal.
Net assets at the beginning of the fiscal year ended March 31, 2022 reflect cumulative effects. Due to the cumulative effects, retained
earnings at the beginning of the fiscal year in the consolidated statement of changes in shareholders’ equity increased ¥43 million.
(Application of the Accounting Standard for Fair Value Measurement)
The Company has applied the “Accounting Standard for Fair Value Measurement” (“ASBJ Statement No. 30, July 4, 2019,
Accounting Standards Board of Japan”), from the beginning of the current fiscal year. The company has prospectively decided toapply new accounting policies based on the Accounting Standard for Fair Value Measurement, in accordance with the transitional
measurement in Article 19 of Accounting Standard for Fair Value Measurement and Article 44-2 of “Accounting Standard for
Financial Instruments,” (ASBJ Statement No. 10, July 4, 2019). The impact of application of the Accounting Standard for Fair Value
Measurement, on consolidated financial statements for the current year is immaterial.

‒ 16 ‒

(Consolidated Balance Sheet)
The Group maintains overdraft and credit line agreements with 64 financial institutions (March 31, 2021: 61) in order to ensure theefficient funding of operating capital. The unused balance of borrowings under these agreements at the consolidated fiscal year-end is
as follows.
(Millions of yen)Previous Consolidated Fiscal Year
(March 31, 2021)
Total maximum amount of overdraft and credit
lines
Outstanding borrowing balance
Difference

Current Consolidated Fiscal Year
(March 31, 2022)

70,93077,201

39,38041,42531,55035,776(Consolidated Statement of Income)*1. Inventories are stated at the amount after the write-down reflecting the decline in profitability. Loss on valuation of inventories
included in Cost of sales is as follows.
(Millions of yen)Previous Consolidated Fiscal Year
(From April 1, 2020 to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021 to March 31, 2022)
305

(359)

*2. Selling expenses account for approximately 40% for the year ended March 31, 2021 and 36% for the year ended March 31, 2022,
and general and administrative expenses account for approximately 60% and 64%, respectively.
Major components of Selling, general and administrative expenses and their amounts are as follows.
(Millions of yen)

Advertising expenses
Sales promotion expenses
Salaries and allowances
Provision for allowance for bonuses
Retirement benefit costs
Provision for allowance for directors’ retirement
benefits
Provision for allowance for doubtful accounts

Previous Consolidated Fiscal Year
Current Consolidated Fiscal Year
(From April 1, 2020 to March 31, 2021) (From April 1, 2021 to March 31, 2022)
4,007
4,539
2,475
2,288
3,385
4,083
688
840
255
171
27

45

146

135

*3. Impairment loss
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)
Mainly due to the declining profitability of rental properties, hotels and idle assets, the Group recorded impairment losses (¥2,589
million) for the following assets or asset groups in the consolidated fiscal year under review.
Use

Type

Location

Amount(Millions of yen)

Real estate for rent Land, buildings

Kyoto-shi, Kyoto

388

Land, buildings

Kyoto-shi, Kyoto

995

Land, buildings

Kyoto-shi, Kyoto

593

Land

Kyoto-shi, Kyoto

113

Land, buildings

Kyoto-shi, Kyoto

467

HotelsIdle assets

Land

Tochigi-shi, Tochigi
Total

30
2,589

The itemized totals are ¥1,404 million for land and ¥1,185 million for buildings, respectively.
The Group classifies rental properties, hotels and idle assets by individual property.
The recoverable amount is measured using net sale value, which is assessed based on the appraisal value by a real estate appraiser.

‒ 17 ‒

Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)
Mainly due to the declining profitability of the hotel business, the Group recorded impairment losses (¥588 million) for the following
assets or asset groups in the consolidated fiscal year under review.
Use

Type

HotelsLand, buildings

Amount(Millions of yen)

LocationNasu-gun, Tochigi

588

Total

588

The itemized totals are ¥156 million for land and ¥432 million for buildings, respectively.
The Group classifies hotels by individual property.
The recoverable amount is measured using net sale value, which is assessed based on the appraisal value by a real estate appraiser.

(Rental Properties, etc.)
The Company and its certain consolidated subsidiaries own office buildings for lease (including land) and condominiums for lease inTokyo and other areas. During the fiscal year ended March 31, 2021, net rent income from these rental properties amounted to ¥210
million (rent income is recorded in net sales and major rent expenses are recorded in cost of sales). During the fiscal year ended March
31, 2022, net rent income from these rental properties amounted to ¥355 million (rent income is recorded in net sales and major rent
expenses are recorded in cost of sales).
The carrying amount of these rental properties on the Consolidated Balance Sheet, changes during the year and market value are as
follows.
(Millions of yen)Previous Consolidated Fiscal Year
(From April 1, 2020 to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021 to March 31, 2022)

Beginning balance

38,25039,709Changes during the year

1,459

(903)

Ending balance

39,70938,80539,09938,118

Consolidated balance sheet

Market value at end of year

(Notes) 1. The carrying amount on the Consolidated Balance Sheet represents the acquisition cost net of accumulated depreciation
and amortization and accumulated impairment loss.
2. Of the changes during the year, the major increases during the year ended March 31, 2021 include the acquisition of realestate (¥11,746 million) and a change of use to rental properties, etc. (¥5,251), and major decreases include transfer to realestate held for sale and real estate held for sale in progress (¥15,375 million), depreciation (¥433 million) and impairment
losses (¥856 million). The major increases during the year ended March 31, 2022 include the acquisition of real estate(¥15,485 million), and major decreases include transfer to real estate held for sale and real estate held for sale in progress(¥11,500 million), a change of use to uses other than rental properties, etc. (¥4,283 million) and depreciation (¥436 million).
3. Market value at the end of the year is based on the appraisal value by a third party real estate appraiser.
4. Assets under construction are not included in the above table as it is not practicable to obtain their market value. The
carrying amounts of assets under construction on the consolidated balance sheet in the year ended March 31, 2021 and in
the year ended March 31, 2022 were ¥983 million and ¥2,316 million, respectively.

‒ 18 ‒

(Segment Information)a. Segment Information
1. Overview of reportable segments
The reportable segments of the Group are components of the Company for which separate financial information is available that isevaluated regularly by the Board of Directors in deciding how to allocate resources and in assessing performance.
The Group’s core business is construction and sales of built-for-sale condominiums. The Group’s reportable segments consist of fourbusiness segments: the real estate sales business, the real estate rental business, the real estate management business and the energy
business.
Effective from the current fiscal year, the Company has changed the name of its reportable segment from “Electric Power Generation
Business” to “Energy Business.” This change is a change in the name of the segment and has no impact on the segment information.
The real estate sales business primarily engages in sales of new built-for-sale condominiums, profit-generating real estate, detachedhouses and condominium renovation.
The real estate rental business provides the office and residential condominiums rental service, and the real estate managementbusiness provides the condominium management service.
The energy business engages in electric power generation using renewable energy.
2. Calculation methods of net sales, profit or loss, assets, liabilities and other items by reportable segment
Accounting policies for the reportable business segments are consistent with those used to prepare the consolidated financial
statements, except for the valuation of inventories.
Inventories are stated at the value after the write-down, reflecting the decline in profitability.
Reportable segment profit represents operating profit.
Inter-segment sales and transfers are valued at market prices.
3. Net sales, profit or loss, assets, liabilities and other items by reportable segment
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)(Millions of yen)
Reportable segments
Real estatesales
business
Net sales
Net sales to external customers
Inter-segment sales andtransfers
Total
Segment profit (loss)
Segment assets
Segment liabilities
Other items
Depreciation and amortization
Amortization of goodwill
Interest expense
Increase in property, plant andequipment and intangible
assetsReal estate Real estate
rentalmanagementbusinessbusiness

Energybusiness

Total

Other
(Note)

Total

117,200

5,753

5,446

13,485

141,8856,512

148,397

3,056

53

224

34

3,368

893

4,262

120,256
9,542
86,333
71,374

5,807
580
43,96937,043

5,671
(150)
1,283
1,390

13,519944
34,50032,691

145,254
10,917
166,087
142,499

7,405
751
2,721
1,740

152,660
11,669168,808
144,240

129
‒
615

442
78
341

6
‒
‒

921
‒
173

1,500
78
1,130

153
‒
0

1,654
78
1,131

194

12,7088

12,56525,47698

25,575(Note) “Other” represents business segments that are not included in any reportable segments and includes investment managementbusiness, the construction contract business and the repair work business.

‒ 19 ‒

4. Net sales, profit or loss, assets, liabilities and other items by reportable segment, and a breakdown of revenue
Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)(Millions of yen)
Reportable segments
Real estatesales
business
Net sales
Revenue from contracts withcustomers
Other revenue

Real estate Real estate
rentalmanagementbusinessbusiness

Energybusiness

Total

Other
(Note)

Total

109,152‒

5,856

34,248149,257

7,536

156,793

‒

5,950

‒

‒

5,950

‒

5,950

Net sales to external customers
Inter-segment sales andtransfers

109,152

5,950

5,856

34,248155,207

7,536

162,744

‒

45

317

68

431

459

890

Total
Segment profit (loss)
Segment assets
Segment liabilities
Other items
Depreciation and amortization
Amortization of goodwill
Interest expense
Increase in property, plant andequipment and intangible
assets109,152
6,948
106,269
87,631

5,996
701
45,49935,787

6,173
(91)
1,437
1,585

34,316
4,157
28,441
26,400155,638
11,715
181,648
151,405

7,995
1,170
5,356
7,932

163,634
12,886
187,005
159,338

137
‒
737

441
79
273

6
‒
‒

2,164
‒
661

2,749
79
1,672

25
‒
9

2,775
79
1,682

62

14,490‒10,372

24,925291

25,217(Note) “Other” represents business segments that are not included in any reportable segments and includes investment managementbusiness, the construction contract business and the repair work business.
5. Reconciliation of the total reportable segments and the amount on the consolidated financial statements (difference adjustments)(Millions of yen)
Net sales

Previous Consolidated Fiscal Year Current Consolidated Fiscal Year

Total reportable segments

Net sales of “Other” category
Elimination of inter-segment transactions

145,254
7,405(4,262)

155,638
7,995
(890)

Net sales on the consolidated financial statements

148,397

162,744(Millions of yen)

ProfitPrevious Consolidated Fiscal Year Current Consolidated Fiscal Year

Total reportable segments
Income of “Other” category
Elimination of inter-segment transactions
Amortization of goodwill

10,917
751
(724)
(155)

11,715
1,170
(758)
(250)

Operating profit on the consolidated financial statements

10,78911,877(Millions of yen)

AssetsPrevious Consolidated Fiscal Year Current Consolidated Fiscal Year

Total reportable segments
Assets of “Other” category
Elimination of amounts due to the parent administrative
division
Corporate assets (Note)

166,087
2,721

181,648
5,356(14,308)(20,339)

49,81556,807

Total assets in the consolidated financial statements

204,315

223,473(Note) Corporate assets are assets that are not attributable to any reportable segments. They consist primarily of cash and deposits,
assets attributable to the administrative division, and deferred tax assets.

‒ 20 ‒

(Millions of yen)
Liabilities

Previous Consolidated Fiscal Year Current Consolidated Fiscal Year

Total reportable segments
Liabilities of “Other” category
Elimination of amounts due to the parent administrative
division
Corporate liabilities (Note)

142,499
1,740

151,405
7,932(12,167)(15,764)

17,60920,298

Total liabilities in the consolidated financial statements

149,683

163,871(Note) Corporate liabilities are liabilities that are not attributable to any reportable segments. They consist primarily of borrowings.
(Millions of yen)
Total reportablesegments

Other items
Depreciation and amortization
Amortization of goodwill

Other

Consolidated financial
statements

Adjustments

Previous
FY

Current
FY

Previous
FY

Current
FY

Previous
FY

Current
FY

Previous
FY

Current
FY

1,500

2,749

153

25

149

63

1,803

2,838

78

79

‒

‒

155

250

234

329

Interest expense

1,130

1,672

0

9

95

73

1,226

1,755

Increase in property, plant andequipment and intangible
assets (Note)

25,47624,925

98

291

91

183

25,66625,400(Note) Adjustments for increase in property, plant and equipment and intangible assets represent goodwill incurred but not allocatedto reportable segments, capital expenditure for the headquarters building and the elimination of inter-segment transactions.
b. Impairment loss on non-current assets by reportable segment
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)(Millions of yen)
Real estate
sales businessImpairment loss‒

Real estate
rentalbusiness

Real estate
managementbusiness

856

Energybusiness‒

Other(Note)
30

Corporate /elimination

1,703

Total
‒

2,589

(Note) The amount of Other is an amount related to the hotel business.
Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)(Millions of yen)
Real estate
sales businessImpairment loss‒

Real estate
rentalbusiness

Real estate
managementbusiness‒

Energybusiness‒

Other(Note)‒

Corporate /elimination
588

Total
‒

588

(Note) The amount of Other is an amount related to the hotel business.
c. Information on gain on negative goodwill by reportable segment
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)
Not applicable.
Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)
In the Real Estate Sales Business, the Company acquired shares in Iwano Co.,Ltd.., making it a consolidated subsidiary. The Company
has recognized a gain on negative goodwill related to the acquisition and posted a gain on negative goodwill of ¥37 million.

‒ 21 ‒

(Per Share Information)
Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)

Net assets per share

498.78 yen

542.04 yen

Profit per share

43.22 yen

57.10 yen

Diluted profit per share

42.94 yen

56.69 yen

(Note) The basis for the calculation of profit per share and diluted profit per share is as follows.
Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)

4,693

6,215

‒

‒

Profit attributable to owners of parent with respect tocommon stock (millions of yen)

4,693

6,215

Average number of shares during the year (thousand
shares)108,592

108,854‒‒

Profit per share
Profit attributable to owners of parent (millions of yen)Amount not attributable to common stockholders(millions of yen)

Diluted profit per share
Adjustments to profit attributable to owners of parent(millions of yen)
Increase in number of common stock (thousand shares)

716

785

(Of those, share acquisition rights (thousand shares))

(716)

(785)

Overview of dilutive shares not included in the calculationof diluted profit per share due to its anti-dilutive effect‒(Significant Subsequent Events)
Not applicable.

‒ 22 ‒‒

4. Other

Production, Orders Received and Sales(i) Number of units contracted during the year

Segment name

Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)

Real estate sales business
Total

Amounts
Number of units(millions of yen)
2,310
106,736
2,310
106,736

Amounts
Number of units(millions of yen)
2,753
133,002
2,753
133,002

Previous Consolidated Fiscal Year
(March 31, 2021)

Current Consolidated Fiscal Year
(March 31, 2022)

Year-on-Year (%)

124.6
124.6

(ii) Balance of contract
Segment nameAmounts(millions of yen)
944
37,272944
37,272

Number of units
Real estate sales business
Total

Amounts(millions of yen)
1,403
61,122
1,403
61,122

Number of units(iii) Net sales

Year-on-Year (%)
164.0
164.0
(Millions of yen)Segment name

Previous Consolidated Fiscal Year
(From April 1, 2020
to March 31, 2021)

Current Consolidated Fiscal Year
(From April 1, 2021
to March 31, 2022)

Real estate sales business

117,200

109,152

Real estate rental business

5,753

5,950

Real estate management business

5,446

5,856

Electric power generation business

13,48534,248

Total reportable segments

141,885

155,207

Other
Total
(Note) Inter-segment transactions are eliminated.

‒ 23 ‒

6,512

7,536

148,397

162,744