This is an English translation of the official announcement in Japanese that was released on April 5, 2018. The translation isprepared for the readers’ convenience only. All readers are strongly recommended to refer to the original Japanese version forcomplete and accurate information. Should there be any inconsistency between the translation and the official Japanese text, thelatter shall prevail.

Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending November 30, 2018
<IFRS>
April 5, 2018
Company name: Tosei Corporation
Stock listing:
Securities code number: 8923 / S2D
Representative: Seiichiro Yamaguchi, President and CEO
URL:
Contact:
Noboru Hirano, Director and CFO
Phone:
Submission of Quarterly Securities Report (Shihanki-Houkokusho):Commencement of dividend payments:
Preparation of supplementary materials for quarterly financial results:
Holding of quarterly financial results meeting:

TSE / SGX
https://www.toseicorp.co.jp/english/+81-3-3435-2865
April 10, 2018 (scheduled)
―
Yes
No

Note: All amounts are rounded down to the nearest million yen.

1. Consolidated Financial Results for the Three Months Ended February 28, 2018
(December 1, 2017 – February 28, 2018)(1) Consolidated Operating Results (cumulative)
Three months ended
February 28, 2018
Three months ended
February 28, 2017(%)

18,310

24.7

4,341

13.4

4,150

13.4

2,847

13.9

14,677

8.5

3,828

(7.3)

3,658

(6.5)

2,500

(4.2)

Profit attributable toowners of the parent(¥ million)(%)
Three months ended
February 28, 2018
Three months ended
February 28, 2017

Operating profit(¥ million)(%)(Percentages indicate year-on-year changes.)
Profit before tax
Profit for the period(¥ million)(%)(¥ million)(%)

Revenue(¥ million)

Total comprehensive
income for the period(¥ million)(%)

Basic earnings
per share

Diluted earnings
per share
(¥)

(¥)

2,847

13.9

2,875

13.7

58.92

58.75

2,500

(4.2)

2,528

(2.4)

51.79

–

(2) Consolidated Financial Position
Total assets

As ofFebruary 28, 2018
As ofNovember 30, 2017

Total equity

Ratio of equity
attributable to owners of
the parent to total assets(¥ million)(%)

Equity attributable toowners of the parent(¥ million)(¥ million)

124,675

47,98047,98038.5

122,550

46,15846,15837.7

1

2. Dividends
Annual dividends per share
2Q-end3Q-endYear-end
(¥)
(¥)
(¥)

1Q-end(¥)––

Fiscal year ended November 30, 2017
Fiscal year ending November 30, 2018
Fiscal year ending November 30, 2018
(Forecast)

Total
(¥)

0.00

–

25.00

25.00

0.00

–

30.00

30.00

Note: Revision to the most recently released dividend forecasts: No

3. Consolidated Earnings Forecasts for the Fiscal Year Ending November 30, 2018
(December 1, 2017 – November 30, 2018)(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings
Revenue
Operating profit
Profit before tax
per shareowners of the parent(¥ million)(%) (¥ million)(%) (¥ million)(%) (¥ million)(%)(¥)
Fiscal year ending
November 30, 201867,83017.4

10,946

11.3

10,038

10.9

6,699

8.8

138.75

Note: Revision to the most recently released earnings forecasts: No* Notes(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries resulting in changes in the scope of consolidation): No
Newly added: –Excluded: –(2) Changes in accounting policies and changes in accounting estimates(a) Changes in accounting policies required by IFRS:No(b) Changes in accounting policies due to other reasons: No(c) Changes in accounting estimates:No(3) Number of issued shares (ordinary shares)(a) Number of issued shares at the end of the period (including treasury shares)
48,469,500 shares
As of February 28, 2018
As of November 30, 2017
48,284,000 shares(b) Number of treasury shares at the end of the period
As of February 28, 201846 shares
As of November 30, 2017–(c) Average number of outstanding shares during the period (cumulative)
Three months ended February 28, 2018
48,328,491 shares
Three months ended February 28, 2017
48,284,000 shares* These consolidated Financial Results are not subject to quarterly review procedures by a certified public
accountant or an audit corporation.
* Proper use of earnings forecasts and other notes
The forward-looking statements, including outlook of future performance, contained in these materials are
based on information currently available to the Company and on certain assumptions deemed to bereasonable by the Company. Actual performance and other results may differ substantially from thesestatements due to various factors. For the assumptions on which the earnings forecasts are based andcautions concerning the use thereof, please refer to “1. Qualitative Information on Quarterly Consolidated
Financial Performance (3) Qualitative Information on Consolidated Earnings Forecasts” on page 6 of theattached materials.

2

Contents of Attached Materials
1. Qualitative Information on Quarterly Consolidated Financial Performance......................................... 4(1) Qualitative Information Regarding Consolidated Operating Results........................................................ 4(2) Qualitative Information Regarding Consolidated Financial Positions ...................................................... 6(3) Qualitative Information Regarding Consolidated Earnings Forecasts ...................................................... 6
2. Matters Related to Summary Information (Notes) ................................................................................... 7(1) Changes in Significant Subsidiaries during the Period ............................................................................. 7(2) Changes in Accounting Policies and Changes in Accounting Estimates .................................................. 7
3. Condensed Quarterly Consolidated Financial Statements and notes ...................................................... 8(1) Condensed Consolidated Statement of Financial Position ........................................................................ 8(2) Condensed Consolidated Statement of Comprehensive Income ............................................................... 9(3) Condensed Consolidated Statement of Changes in Equity ..................................................................... 10(4) Condensed Consolidated Statement of Cash Flows ................................................................................ 11(5) Notes on Going Concern Assumption ..................................................................................................... 12(6) Notes to Condensed Quarterly Consolidated Financial Statements ........................................................ 12(7) Notes on Significant Subsequent Events................................................................................................. 13

3

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Qualitative Information Regarding Consolidated Operating Results
During the three months ended February 28, 2018, the Japanese economy continued to recover. A
moderate recovery is expected to continue going forward, backed by stable personal consumption,
expansion of favorable corporate earnings, and increasing exports, despite concerns over downside risks offinancial policy trends in Europe and the U.S., and geopolitical risks in Asia.
In the real estate industry where Tosei Group operates, domestic real estate transactions by listedcompanies and other such entities for the full year 2017 rose 14.4% year on year to ¥4.5775 trillion. While
sales with the aim of locking in profits increased due to rising real estate prices, transactions were active
owing to the demand for property acquisition from investors preferring stable rent income despite low
investment returns. The high demand for real estate investment from investors is likely to continue forsome time, with the prospect that monetary easing policies are to be sustained by the Bank of Japan(according to a survey by a private research institute).
In the Tokyo metropolitan area condominium market, the number of units sold in the full year 2017
increased 0.4% year on year to 35,898. Under the effects of rising construction costs and high land prices,
the average selling price soared to ¥59.08 million, an increase of 7.6% year on year, only second to the¥61.23 million recorded in 1990. The sluggish sales of some suburban properties resulted in the averagecontract rate for the first month at 68.1% (a decrease of 0.7 percentage points year on year), slightly below
the 70% threshold from which market conditions are viewed as favorable. However, about 38,000 units(an increase of 5.9% year on year) are expected to be sold in the full year 2018, due to the solid sales ofproperties in the central Tokyo area and near stations, as well as the anticipated recovery of suburban unit
sales as a result of the rush in demand caused by the increase in consumption taxes scheduled to take effectin October 2019 (according to a survey by a private research institute).
In the Tokyo metropolitan area build-for-sale detached house market, due to the soaring sales prices of
newly built condominiums, a part of end-user demand flowed into the undervalued detached house market.
As a result, housing starts in the full year 2017 rose 2.2% year on year to 62,028 units (according to asurvey by the Ministry of Land, Infrastructure, Transport and Tourism).
The office leasing market of Tokyo’s five business wards has been performing favorably. The vacancy
rate as of January 2018 declined by 0.6 percentage points from 3.7% year on year to 3.1%, and the averageasking rent was ¥19,338 per tsubo (1 tsubo = 3.3m2), a 4.1% increase year on year, and increased for the49th consecutive month. An upsurge in supply of large-scale office buildings can be anticipated in 2018,
and the vacancy rate is expected to deteriorate, but corporate interest in expanding offices and their needfor relocation and integration are expected to remain strong. As a result, the average asking rent in thesecond half of 2018 is expected to remain in an uptrend (according to a survey by a private research
institute).
In the real estate securitization market, the total value of assets under management as of December 31,
2017 was ¥16.5 trillion in J-REITs (an increase of ¥1.0 trillion year on year). In an environment where realestate prices remain persistently high, property acquisitions continue to progress despite at a gradual pace,
and the market scale expanded to ¥32 trillion, including ¥15.8 trillion of value under management inprivate placement funds (as of June 30, 2017) (according to a survey by a private research institute).
Amid this operating environment, in the Revitalization Business, the Group made steady progress inselling assets such as income-generating office buildings and apartments, while in the Development
Business, the Group pushed ahead with sales of detached houses. In addition, other than normal
acquisition methods, the Group also utilized an acquisition method of M&A, proactively acquiring
income-generating properties and land for development as future sources of income.
As a result, consolidated revenue for the three months ended February 28, 2018 totaled ¥18,310 million(up 24.7% year on year), operating profit was ¥4,341 million (up 13.4%), profit before tax was ¥4,150
million (up 13.4%), and profit for the period was ¥2,847 million (up 13.9%).
Performance by business segment is shown below.
Revitalization Business
During the three months ended February 28, 2018, the segment sold 13 properties it had renovated,
including Nishidai Tosei Building (Itabashi-ku, Tokyo), Kichichoji Ito Building (Musashino-shi, Tokyo),
Kunitachi 219 Building (Kunitachi-shi, Tokyo) and T-Rhythmic SOKA (Soka-shi, Saitama). In addition,
the segment sold 4 units in the Restyling Business from Hilltop Yokohama Negishi (Yokohama-shi,
4

Kanagawa).
During the three months ended February 28, 2018, it also acquired a total of 17 income-generating
office buildings and apartments and three land lots for renovation and sales purposes.
As a result, revenue in this segment was ¥14,425 million (up 31.9% year on year) and the segment profit
was ¥3,793 million (up 11.0%).
Development Business
During the three months ended February 28, 2018, the segment focused on the sale of detached houses,
for which there was firm demand. The segment sold 17 detached houses including THE Palms Court
Kashiwa Hatsuishi (Kashiwa-shi, Chiba) , THE Palms Court Kamakura Shiromeguri (Kamakura-shi,
Kanagawa), THE Palms Court Mitaka Shimorenjyaku (Mita-shi, Tokyo).
During the three months ended February 28, 2018, it also acquired one land lot for condominium project
and land lot for 20 detached houses.
As a result, revenue in this segment was ¥766million (down 20.9% year on year) and the segment loss
was ¥145 million (in comparison with segment loss of ¥173 million in the same period of the previous
fiscal year ).
Rental Business
During the three months ended February 28, 2018, while the segment sold 7 buildings of its inventory
assets held for leasing purposes, it newly acquired 16 apartment. In addition, the segment made efforts tolease vacancies out following acquisitions and also focused on leasing activities for its existing non-current
assets and inventory assets.
As a result, revenue in this segment was ¥1,396 million (down 5.1% year on year) and the segment
profit was ¥630 million (down 4.6%).
Fund and Consulting Business
During the three months ended February 28, 2018, while ¥3,250 million was subtracted from thebalance of assets under management (Note), due mainly to property dispositions by funds, ¥72,279 million
was added to the balance of Assets under management ¥552,208 for the end of the previous fiscal year,
due mainly to new asset management contracts of large projects the segment obtained. The balance ofassets under management as of February 28, 2018, was ¥621,237 million. The acquisition of such large
project contracts increased asset management fees and contributed to revenue.
As a result, revenue in this segment was ¥674 million (up 43.7% year on year) and the segment profit
was ¥377 million (up 136.5%).
Note: The balance of assets under management includes the balance of assets that were subject to consulting contracts, etc.

Property Management Business
During the three months ended February 28, 2018, the segment made efforts to win new contracts andmaintain existing contracts. Consequently, the total number of properties under management was 660 as ofFebruary 28, 2018, an increase of 61 from February 29, 2017, with the total comprising 390 officebuildings, hotels, schools and other such properties, and 270 condominiums and apartments.
As a result, revenue in this segment was ¥974 million (up 17.7% year on year) and segment profit was¥108 million (up 43.0%).
Other
During the three months ended February 28, 2018, revenue in this segment was ¥72 million (there wasno segment revenue in the same period of the previous fiscal year) and the segment profit was ¥6 million(in comparison with segment profit of ¥0 million in the same period of the previous fiscal year).

5(2) Qualitative Information Regarding Consolidated Financial Positions
1. Financial Positions
As of February 28, 2018, total assets were ¥124,675 million, an increase of ¥2,125 million comparedwith November 30, 2017, while total liabilities were ¥76,695 million, an increase of ¥303 million.
This was primarily due to an increase in inventories, an increase in trade and other payables.
Total equity increased by ¥1,821 million to ¥47,980 million, mainly due to an increase in retained
earnings and payment of cash dividends.
2. Cash Flows
Cash and cash equivalents (hereinafter “cash”) as of February 28, 2018 totaled ¥24,898 million, up¥1,148 million compared with November 30, 2017.
The cash flows for the three months ended February 28, 2018 and factors contributing to those amounts
are as follows:
Cash Flows from Operating Activities
Net cash provided by operating activities totaled ¥4,485 million (up 152.1% year on year). This ismainly due to profit before tax of ¥4,150 million and income taxes paid of ¥1,019 million.
Cash Flows from Investing Activities
Net cash used in investing activities totaled ¥1,483 million (in comparison with segment net cash
provided by investing activities of ¥61 million in the same period of the previous fiscal year). This is
primarily due to purchase of investments in subsidiaries resulting in change in scope of consolidation of¥1,335 million.
Cash Flows from Financing Activities
Net cash used in financing activities totaled ¥1,852 million (down 5.1% year on year)This mainlyreflects ¥9,815 million in the repayments of non-current borrowings and ¥1,157 million in cash
dividends paid, despite ¥9,032 million in proceeds from non-current borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the three months ended February 28, 2018 basically remained stable asplanned and there is no change on the full-year consolidated earnings forecasts, announced on January 10,
2018.
The forward-looking statements contained in these materials, including forecasts of the future
performance, are based on the information available to the Company as of the date of announcement andon certain assumptions deemed to be reasonable by the Company. Actual performance and other results
may differ from these forecasts due to various factors.

6

2. Matters Related to Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Period
No item to report.
(2) Changes in Accounting Policies and Changes in Accounting Estimates
No item to report.

7

3. Condensed Quarterly Consolidated Financial Statements and notes(1) Condensed Consolidated Statement of Financial Position(¥ thousand)As of November 30, 2017
AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Investment properties
Intangible assets
Available-for-sale financial assets
Trade and other receivables
Deferred tax assets
Other non-current assets

As of February 28, 2018

23,750,239
2,148,608
59,718,614
26,37624,898,923
2,529,217
60,159,672
28,312

85,643,839

87,616,125

5,305,652
28,359,547
83,544
1,751,463
859,731517,587
28,914

5,292,502
28,367,347
77,943
1,798,778
911,348582,620
28,91436,906,441

37,059,454

122,550,281

124,675,580

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Borrowings
Current income tax liabilities
Provisions

4,278,612
6,449,040
732,961484,671

4,311,991
8,105,066
1,070,794
168,603

Total current liabilities

Total non-current assets
Total assets

11,945,287

13,656,454

Non-current liabilities
Trade and other payables
Borrowings
Retirement benefits obligations
Provisions
Deferred tax liabilities

3,280,020
60,674,335
472,574
19,197－3,569,262
58,377,341
431,186
6,704
654,144

Total non-current liabilities

64,446,127

63,038,639

76,391,414

76,695,094

6,421,392
6,464,240
33,209,210－
64,024

6,515,812
6,523,308
34,849,640(61)
91,786

46,158,867

47,980,486

Total Liabilities
EquityShare capital
Capital reserves
Retained earnings
Treasury shares
Other components of equity
Total equity attributable to owners of parent
Total equity
Total liabilities and equity

8

46,158,867

47,980,486

122,550,281

124,675,580

(2) Condensed Consolidated Statement of Comprehensive Income(¥ thousand)Three months ended
February 28, 2017

Three months ended
February 28, 2018

Revenue

14,677,393

18,310,040

Cost of revenue

9,187,899

12,119,236

Gross profit

5,489,493

6,190,803

Selling, general and administrative expenses

1,791,178

1,877,793

Other income

147,287

93,983

Other expenses

17,581

65,572

Operating profit

3,828,021

4,341,420

Finance income

32,85340,191

Finance costs

202,091

231,322

Profit before tax

3,658,783

4,150,290

Income tax expense

1,158,212

1,302,759

Profit for the period

2,500,571

2,847,530

286(6,006)

16,22532,864

Net change in fair values of cash flow hedges

11,655903

Subtotal

28,166

27,762Other comprehensive income for the period, net oftax

28,166

27,762

2,528,738

2,875,292

2,500,571

2,847,530

2,528,738

2,875,292

51.79

58.92

–

58.75

Other comprehensive income
Items that may be transferred to net profit or loss
Exchange differences on translation of foreign
operations
Net change in fair values of available-for-salefinancial assets

Total comprehensive income for the period
Profit attributable to:
Owners of the parent
Total comprehensive income attributable to:
Owners of the parent
Earnings per share attributable to owners of the parent
Basic earnings per share (yen)Diluted earnings per share (yen)9(3) Condensed Consolidated Statement of Changes in Equity
Three months ended February 28, 2017 (December 1, 2016 – February 28, 2017)(¥ thousand)Totalequityattributableto ownersof parent

Total
equitySharecapitalCapitalreserves

Retainedearnings

TreasurysharesOther
components of equity

Balance at December
1, 2016

6,421,392

6,418,823

28,120,304－

49,56241,010,083

41,010,083

Profit for the period－－

2,500,571－－

2,500,571

2,500,571

－

－

－

－

28,16628,16628,166－－2,500,571－

28,1662,528,738

2,528,738

－

－

－

－

－

－

－

－

－

－

－

－

－

－

Dividends of surplus－－ (1,062,248)－－ (1,062,248) (1,062,248)

Share-based payment－

11,200－－－

11,200

11,200

Balance at February
28, 2017

6,421,392

6,430,024

29,558,628－

77,72942,487,774

42,487,774

Other comprehensive
incomeTotal comprehensive
income for the period
Amount oftransactions withownersIssuance of newsharesPurchase of treasury
sharesThree months ended February 28, 2018 (December 1, 2017 – February 28, 2018)(¥ thousand)Totalequityattributableto ownersof parent

Total
equitySharecapitalCapitalreserves

Retainedearnings

TreasurysharesOther
components of equity

Balance at December
1, 2017

6,421,392

6,464,240

33,209,210－

64,024

46,158,867

46,158,867

Profit for the period－－

2,847,530－－

2,847,530

2,847,530

－

－

－

－

27,762

27,762

27,762－－

2,847,530－

27,762

2,875,292

2,875,292

94,41954,132－－－

148,551

148,551

－

－

－

(61)

－

(61)

(61)

Dividends of surplus－－ (1,207,100)－－ (1,207,100) (1,207,100)

Share-based payment

－

4,935

－

－

－

4,935

4,935

Balance at February
28, 2018

6,515,812

6,523,308

34,849,640(61)

91,78647,980,486

47,980,486

Other comprehensive
incomeTotal comprehensive
income for the period
Amount oftransactions withownersIssuance of newsharesPurchase of treasury
shares10

(4) Condensed Consolidated Statement of Cash Flows(¥ thousand)Cash flows from operating activities
Profit before tax
Depreciation expense
Increase (decrease) in provisions and retirement
benefits obligations
Interest and dividend income
Interest expenses
Gain on sales of stocks of subsidiaries and affiliates
Loss on retirement of property, plant and equipment
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Other, net

Three months ended
February 28, 2017

Three months ended
February 28, 2018

3,658,783
94,2804,150,290
147,371(267,470)(358,663)(32,853)
202,091(123,505)(40,191)
231,322－
89,352609,676(345,820)
17,645－608
10,361
1,632,647(205,424)(102,982)

SubtotalInterest and dividend income received
Income taxes paid

3,902,180
32,852(2,155,586)

5,465,339
39,477(1,019,283)

Net cash from (used in) operating activities

1,779,446

4,485,532

95,000(1,424)(162,150)
(285)
7,153

－
(12,025)(134,642)(1,940)84,071

－

18

19

－

(1,335,115)

39,328－61,711(1,483,704)

35,2007,981,000(8,742,029)－(1,009,932)(215,718)(913)

143,000
9,032,500(9,815,555)
148,371(1,157,717)(202,145)(975)(1,952,393)(1,852,521)(111,235)
21,640,866

1,149,306
23,750,239

297

(622)

21,529,928

24,898,923

Cash flows from investing activities
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of investment properties
Purchase of intangible assets
Collection of available-for-sale financial assets
Proceeds from sales of available-for-sale financial
assetsCollection of loans receivable
Purchase of investments in subsidiaries resulting inchange in scope of consolidation
Proceeds from sales of investments in subsidiaries
resulting in change in scope of consolidation
Net cash from (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in current borrowings
Proceeds from non-current borrowings
Repayments of non-current borrowings
Proceeds from issuance of new shares
Cash dividends paid
Interest expenses paid
Other, net
Net cash from (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Effect of exchange rate change on cash and cash
equivalents
Cash and cash equivalents at end of period11－(5) Notes on Going Concern Assumption
No item to report.
(6) Notes to Condensed Quarterly Consolidated Financial Statements
1. Segment Information
The Group’s reportable segments are components of the Group about which separate financial
information is available that the Board of Directors regularly conducts deliberations to determine theallocation of management resources and to assess the performance. The Group draws up comprehensive
strategies for each of the following five business segments and conducts business activities accordingly;“Revitalization Business”, “Development Business”, “Rental Business”, “Fund and Consulting
Business”, and “Property Management Business”. In the Revitalization Business, the Group acquires theproperties whose asset values have declined, renovates, and resells them. In the Development Business,
the Group sells condominium units and detached houses to individual customers as well as apartment
and office buildings to investors. In the Rental Business, the Group rents office buildings and apartments.
The Fund and Consulting Business mainly provides asset management services for the properties placed
in real estate funds. The Property Management Business provides comprehensive property management
services.
The Group’s revenue and profit/loss by reportable segment are as follows:
Three months ended February 28, 2017
(December 1, 2016 – February 28, 2017)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Revenue from externalcustomers

10,939,298

969,058

1,471,596

468,943

828,497－－

14,677,393

Intersegment revenue－－

10,780

16,118286,813－(313,712)－

10,939,298

969,058

1,482,376

485,061

1,115,311－(313,712) 14,677,393

3,417,519(173,472)

660,837

159,698

75,813555(312,931)

Other

Adjustment

Total

Revenue

Total
Segment profit or loss

3,828,021

Finance income/costs, net(169,237)

Profit before tax

3,658,783

Three months ended February 28, 2018
(December 1, 2017 – February 28, 2018)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Revenue from externalcustomers

14,425,414

766,192

1,396,841

674,070

974,951

72,570－18,310,040

Intersegment revenue－－

38,015

13,089255,711－

ሺ306,817)－

14,425,414

766,192

1,434,857

687,159

1,230,663

72,570(306,817) 18,310,040

3,793,912(145,430)

630,458

377,635

108,427

6,408(429,990)

Other

Adjustment

Total

Revenue

Total
Segment profit or loss

4,341,420

Finance income/costs, net(191,130)

Profit before tax

4,150,290

12

2. Dividends
Dividends paid in the three months ended February 28, 2017 and February 28, 2018are as follows:
Three months ended February 28, 2017
Resolution
Ordinary General Meetingof Shareholders held on
February 24, 2017

Dividends per share(¥)

Total dividends(¥ thousand)

22

1,062,248

Record date

Effective dateNovember 30, 2016

February 27, 2017

Three months ended February 28, 2018
Resolution
Ordinary General Meetingof Shareholders held on
February 27, 2018

Dividends per share(¥)

Total dividends(¥ thousand)25

1,207,100

Record date

Effective dateNovember 30, 2017

February 28, 2018

3. Earnings per ShareThree months ended
February 28, 2017
Profit attributable to owners of the parent (¥ thousand)Net income used to figure diluted net income per share(¥ thousand)
Weighted average number of outstanding ordinary shares(shares)
The number of increased ordinary shares used to figure
diluted earnings per share (shares)
The weighted-average number of ordinary shares used tofigure diluted earnings per share (shares)
Basic earnings per share (¥)
Diluted net income per share (¥)

Three months ended
February 28, 2018

2,500,571

2,847,530－

2,847,530

48,284,000

48,328,491－

138,124－

48,466,615

51.79

58.92

－

58.75

Notes: 1. Basic earnings per share is calculated by dividing profit attributable to owners of the parent, by the weighted average
number of outstanding ordinary shares during the reporting period.
2. Diluted earnings for consolidated results for the first quarter ended February 28, 2017 per share is not presented
because there were no potential shares that have dilutive effects.

(7) Notes on Significant Subsequent Events
No item to report.

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