This is an English translation of the official announcement in Japanese that was released on April 5, 2016. 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, 2016
<IFRS>
April 5, 2016
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
http://www.toseicorp.co.jp/english/+81-3-3435-2865
April 8, 2016 (scheduled)
―
Yes
No

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

1. Consolidated Financial Results for the Three Months Ended February 29, 2016
(December 1, 2015 – February 29, 2016)(1) Consolidated Operating Results (cumulative)
Three months ended
February 29, 2016
Three months ended
February 28, 2015(%)

13,527

17.4

4,127

74.5

3,914

78.7

2,611

87.8

11,525

1.6

2,365

47.8

2,190

53.5

1,390

59.4

Profit attributable toowners of the parent(¥ million)(%)
Three months ended
February 29, 2016
Three months ended
February 28, 2015

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
(¥)

(¥)

2,611

87.8

2,589

73.0

54.08

–

1,390

59.4

1,496

71.5

28.80

–

(2) Consolidated Financial Position
Total assets

As ofFebruary 29, 2016
As ofNovember 30, 2015

Total equity

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

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

102,869

38,05638,05637.0

93,19636,22836,22838.9

1

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

1Q-end(¥)––

Fiscal year ended November 30, 2015
Fiscal year ending November 30, 2016
Fiscal year ending November 30, 2016
(Forecast)

Total
(¥)

0.00

–

16.00

16.00

0.00

–

18.00

18.00

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

3. Consolidated Earnings Forecasts for the Fiscal Year Ending November 30, 2016
(December 1, 2015 – November 30, 2016)(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, 2016

55,250

28.5

7,563

9.7

6,508

7.8

4,305

4.1

89.17

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)
48,284,000 shares
As of February 29, 2016
As of November 30, 2015
48,284,000 shares(b) Number of treasury shares at the end of the period
As of February 29, 2016–
As of November 30, 2015–(c) Average number of outstanding shares during the period (cumulative)
Three months ended February 29, 2016
48,284,000 shares
Three months ended February 28, 2015
48,284,000 shares* Information on implementation of quarterly review proceduresThis quarterly financial results report is exempt from quarterly review procedures pursuant to the Financial
Instruments and Exchange Act. At the time of disclosure of this quarterly financial results report, the review
procedures for quarterly consolidated financial statements pursuant to the Financial Instruments andExchange Act have not been completed.
* 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 ....................................................................... 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 29, 2016, the Japanese economy remained on a moderate
recovery track despite apparent weaknesses in some areas such as exports. Meanwhile, global economic
uncertainties stemming from developments such as falling crude oil prices, slowing emerging market
economies, and U.S. interest rate trends have been fueling concerns of potential downward pressure on theeconomy, but on the other hand more upbeat corporate earnings and robust personal consumption are
giving rise to expectations that the moderate recovery will continue going forward.
In the real estate industry where Tosei Group operates, since the implementation of “Abenomics” (theeconomic policies taken by Prime Minister Shinzo Abe), the market for real estate transactions has been
gaining momentum and domestic real estate transactions have been trending higher overall against a
backdrop of monetary easing and various other policy measures. Nevertheless, beginning in the latter halfof 2015, transactions have been heading lower amid decreasing cap rates due to a dwindling supply of
properties on the open market, rising prices and other such factors. Consequently in 2015 overall, domestic
real estate transactions by listed companies and other such entities decreased 14.3% year on year to ¥4.3
trillion (according to a survey by a private research institution).
In the Tokyo metropolitan area condominium market, sales prices have been surging due to persistently
high building costs. The average sales price has been riding momentum heading toward the record-setting¥61 million per unit level of Japan’s bubble-era economy, having reached ¥55.7 million per unit in January
2016, the most recent data available, for an increase of 25.0% compared with the same month of theprevious fiscal year. Meanwhile, the contract rate decreased 16.3% compared with the same month of theprevious fiscal year to 58.6%, substantially below the 70% threshold from which market conditions are
viewed as favorable, as a result of demand having lost steam amid an intensifying trend of consumers
refraining from making purchases. However, the Bank of Japan’s introduction of negative interest rates islikely to bring about lower rates on home loans and thereby stimulate demand (according to a survey by a
private research institution).
In the Tokyo metropolitan area build-for-sale detached house market, housing starts for 2015 decreasedby 3.4% year on year to 56,000 units. Despite somewhat weak and unchanging trends at hand, build-forsale detached housing demand appears to be on its way up amid emerging perception that detachedhousing is undervalued for money given surging condominium prices (according to the Ministry of Land,
Infrastructure, Transport and Tourism data).
At the same time, in the office leasing market of Tokyo’s five business wards, improvements incorporate earnings continue to fuel strong office expansion and relocation demand, falling vacancy rates
and a trend of gradually increasing rents. As such, the vacancy rate in January 2016 declined to 4.0%, andthe average asking rent was ¥17,790 per tsubo (1 tsubo = 3.3m2), for a 3.9% increase of ¥681 comparedwith the same month of the previous fiscal year (according to a survey by a private research institution).
In the real estate securitization market, the financing environment remains favorable against a backdropof more monetary easing by the Bank of Japan, while total acquisitions of J-REIT properties in 2015
amounted to ¥1.6 trillion, largely unchanged year on year (according to a survey by a private research
institution). As of December 31, 2015, the total value of assets under management in the J-REIT market
amounted to ¥14 trillion and private placement funds amounted to ¥14.8 trillion for a total market size of¥28.8 trillion (according to a survey by a private research institution).
Amid this operating environment, in the Revitalization Business, the Tosei Group made steady progressin selling assets such as income-generating office buildings and apartments, while in the Development
Business the Group pushed ahead with sales and development of commercial facilities and detachedhouses. In addition, we proactively acquired income-generating properties and land for development as
future sources of income.
As a result, consolidated revenue for the three months ended February 29, 2016 totaled ¥13,527 million(up 17.4% year on year), operating profit was ¥4,127 million (up 74.5%), profit before tax was ¥3,914
million (up 78.7%), and profit for the period was ¥2,611 million (up 87.8%).
Performance by business segment is shown below.
Reportable segment classifications have been changed effective from the first quarter of the fiscal year
ending November 30, 2016, and in the following quarterly comparisons figures for the same period of theprevious fiscal year have been recalculated according to the segment after such change.

4

Revitalization Business
During the three months ended February 29, 2016, the segment sold five properties it had renovated,
including Mini-mall Yokohama Aoba (Yokohama-shi, Kanagawa), Takaido Tosei Studio (Suginami-ku,
Tokyo) and Grace Heiwadai (Nerima-ku, Tokyo). In addition, the segment sold 10 units in the Restyling
Business, including Hilltop Yokohama Negishi (Yokohama-shi, Kanagawa), Hilltop Yokohama Higashi
Terao (Yokohama-shi, Kanagawa) and Renai Kamakura Ueki (Kamakura-shi, Kanagawa).
During the three months ended February 29, 2016, it also acquired a total of eight income-generating
office buildings and apartments and one land lot for renovation and sales purposes.
As a result, revenue in this segment was ¥2,360 million (down 67.2% year on year) and the segment
profit was ¥182 million (down 90.1%).
Development Business
During the three months ended February 29, 2016, the segment focused on the sale of detached houses,
for which there was firm demand. The segment sold 25 detached houses at such properties as THE Palms
Court Kashiwa Hatsuishi (Kashiwa-shi, Chiba), THE Palms Court Koshigaya Lake Town (Koshigaya-shi,
Saitama), THE Palms Court Mitaka Osawa (Mitaka-shi, Tokyo). In addition, the segment sold newcommercial facilities T’s BRIGHTIA Minami Aoyama (Minato-ku, Tokyo) and T’s BRIGHTIA
Tsunashima (Yokohama-shi, Kanagawa), and one land lot.
During the three months ended February 29, 2016, it also acquired two land lots for detached housing
projects and one land lot for commercial facility projects.
In the three months ended February 29, 2016, the segment embarked on efforts to enhance acquisitionand sales networks in the outskirts of Tokyo and the Kanagawa area, facilitated by the Company making
Urban Home Corporation based in Machida-shi, Tokyo a consolidated subsidiary.
As a result, revenue in this segment was ¥8,724 million (up 275.3% year on year) and the segment profit
was ¥3,580 million (up 775.1%).
Rental Business
During the three months ended February 29, 2016, while the segment sold three buildings of its
inventory assets held for leasing purposes, it newly acquired seven properties including income-generating
office buildings and apartments. In addition, the segment made efforts to lease 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 ¥1,100 million (up 27.2% year on year) and the segment profit
was ¥461 million (up 26.3%).
Fund and Consulting Business
During the three months ended February 29, 2016, while ¥14,529 million was subtracted from thebalance of assets under management, due mainly to property dispositions by funds, ¥56,613 million wasadded to the balance of assets under management, due mainly to new asset management contracts of large
projects the segment obtained. The acquisition of such large project contracts increased asset management
fees and contributed to revenue.
As a result, revenue in this segment was ¥563 million (up 117.4% year on year) and the segment profit
was ¥210 million (up 312.5%).
As of February 29, 2016, the balance of assets under management (Note) totaled ¥463,875 million.
Note: The balance of assets under management includes the balance of assets that were subject toconsulting contracts, etc.
Property Management Business
During the three months ended February 29, 2016, the number of fund properties managed by thesegment increased as a result of efforts to win new contracts and maintain existing contracts. Consequently,
the total number of properties under management was 581 as of February 29, 2016, an increase of 41 fromFebruary 28, 2015, with the total comprising 359 office buildings, hotels, schools and other such properties,
and 222 condominiums and apartments.
As a result, revenue in this segment was ¥642 million (down 8.1% year on year) and segment profit was5¥28 million (up 7.3%).
Other
For the three months ended February 29, 2016, revenue in this segment was ¥136 million (down 19.7%
year on year) and the segment loss was ¥1 million (in comparison with segment profit of ¥29 million in thesame period of the previous fiscal year).
(2) Qualitative Information Regarding Consolidated Financial Positions
1. Financial Positions
As of February 29, 2016, total assets were ¥102,869 million, an increase of ¥9,672 million comparedwith November 30, 2015, while total liabilities were ¥64,812 million, an increase of ¥7,844 million.
This was primarily due to an increase in inventories resulting from purchase of properties exceeding
sales of properties in the Revitalization Business and Development Business, and an increase inborrowings from financial institutions.
Total equity increased by ¥1,828 million to ¥38,056 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 29, 2016 totaled ¥20,221 million, up¥1,430 million compared with November 30, 2015.
The cash flows for the three months ended February 29, 2016 and factors contributing to those amounts
are as follows:
Cash Flows from Operating Activities
Net cash used in operating activities totaled ¥3,450 million (up 355.5% year on year). This is mainly
due to profit before tax of ¥3,914 million, as well as an increase in inventories of ¥7,785 million, which
was a result of property acquisitions in the Revitalization Business and Development Business, andincome taxes paid of ¥1,169 million.
Cash Flows from Investing Activities
Net cash provided by investing activities totaled ¥10 million (net cash used in investing activities
totaled ¥238 million in the same period of the previous fiscal year). This is primarily due to proceedsfrom purchase of investments in subsidiaries resulting in change in scope of consolidation totaling ¥31
million.
Cash Flows from Financing Activities
Net cash provided by financing activities totaled ¥4,876 million (up 76.8% year on year). This mainlyreflects ¥5,769 million in the repayments of non-current borrowings and ¥772 million in cash dividends
paid, despite ¥11,383 million in proceeds from non-current borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the three months ended February 29, 2016 basically remained stable asplanned and there is no change on the full-year consolidated earnings forecasts, announced on January 13,
2016.
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(1) Condensed Consolidated Statement of Financial Position(¥ thousand)As of November 30, 2015
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 29, 2016

18,791,081
2,914,639
46,156,041
27,01020,221,983
2,324,609
54,676,154
25,60967,888,773

77,248,357

3,315,747
18,785,986
96,6481,225,047
1,098,687
781,146
4,014

3,599,004
18,743,337
92,5601,255,716
1,271,444
629,695
28,91425,307,278

25,620,672

93,196,052

102,869,029

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

2,734,006
9,492,795
1,150,089
442,3033,834,892
11,121,926
1,132,550
244,462

Total current liabilities

13,819,195

16,333,831

3,510,413
39,175,846
383,31278,905

3,822,189
44,178,417
399,076
78,941

Total non-current assets
Total assets

Non-current liabilities
Trade and other payables
Borrowings
Retirement benefits obligations
Provisions
Total non-current liabilities
Total Liabilities
EquityShare capital
Capital reserves
Retained earnings
Other components of equity
Total equity
Total liabilities and equity

8

43,148,478

48,478,624

56,967,673

64,812,456

6,421,392
6,373,881
23,327,875
105,228

6,421,392
6,384,789
25,166,628
83,76236,228,378

38,056,573

93,196,052

102,869,029

(2) Condensed Consolidated Statement of Comprehensive Income(¥ thousand)Three months ended
February 28, 2015

Three months ended
February 29, 2016

Revenue

11,525,787

13,527,209

Cost of revenue

7,897,319

7,346,946

Gross profit

3,628,467

6,180,262

Selling, general and administrative expenses

1,268,359

2,137,822

Other income

5,252

130,191

Other expenses

57

45,130Operating profit

2,365,303

4,127,501

Finance income

1,370

30,491

Finance costs

175,706

243,181

Profit before tax

2,190,968

3,914,810

Income tax expense

800,180

1,303,514

Profit for the period

1,390,787

2,611,296(11,046)(19,602)

116,465

(606)

450

(1,257)

Subtotal

105,870(21,466)

Other comprehensive income for the period, net oftax

105,870(21,466)

1,496,658

2,589,830

1,390,787

2,611,296

1,496,658

2,589,830

28.80

54.08

–

–

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
Net change in fair values of cash flow hedges

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, 2015 (December 1, 2014 – February 28, 2015)(¥ thousand)Other
components ofequityTotal equity

19,776,474

154,652

32,727,836－

1,390,787－

1,390,787－－－

105,870

105,870－－

1,390,787

105,870

1,496,658－－(579,408)－(579,408)

6,421,392

6,375,317

20,587,854

260,522

33,645,086

Share capital

Capital reserves

Retainedearnings

6,421,392

6,375,317

Profit for the period－

Other comprehensive income
Total comprehensive income
for the period
Dividends of surplus

Balance at December 1, 2014

Balance at February 28, 2015

Three months ended February 29, 2016 (December 1, 2015 – February 28, 2016)(¥ thousand)Other
components ofequityTotal equity

23,327,875

105,228

36,228,378－

2,611,296－

2,611,296－－－(21,466)(21,466)

Total comprehensive income
for the period－－

2,611,296(21,466)

2,589,830

Dividends of surplus－－(772,544)－(772,544)

Share-based payment－

10,908－－

10,9086,421,392

6,384,789

25,166,628

83,762

38,056,573

Share capital

Capital reserves

Retainedearnings

6,421,392

6,373,881

Profit for the period－

Other comprehensive income

Balance at December 1, 2015

Balance at February 29, 201610

(4) Condensed Consolidated Statement of Cash Flows(¥ thousand)Three months ended
February 28, 2015

Three months ended
February 29, 2016

2,190,968
52,2603,914,810
75,469(502,166)(191,893)(1,370)175,706－
269,696(1,748,772)
173,152734(30,491)
243,181
4,308
923,839(7,785,042)
590,861(55,792)

SubtotalInterest and dividend income received
Income taxes paid

610,210
1,123(1,368,778)(2,310,747)
30,490(1,169,929)

Net cash from (used in) operating activities(757,445)(3,450,186)

20,000(16,711)(665,403)(21,662)(61)－(9,301)(8,846)(2,740)(70)444,960

－

17

18

－

31,150Cash flows from operating activities
Profit before tax
Depreciation expense
Increase (decrease) in provisions and retirement
benefits obligations
Interest and dividend income
Interest expenses
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

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
Purchase of available-for-sale financial assets
Proceeds from sales of available-for-sale financial
assetsCollection of loans receivable
Proceeds from purchase of investments in
subsidiaries resulting in change in scope of
consolidation
Other, net－

18

Net cash from (used in) investing activities(238,860)

10,229Cash flows from financing activities
Net increase (decrease) in current borrowings
Proceeds from non-current borrowings
Repayments of non-current borrowings
Cash dividends paid
Interest expenses paid
Other, net－
10,106,000(6,567,259)(534,141)(246,036)(896)

283,700
11,383,000(5,769,397)

Net cash from (used in) financing activities

2,757,665

4,876,325

1,761,359
16,100,795

1,436,367
18,791,081(10,400)(5,465)

17,851,754

20,221,983

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 period

11(772,816)(246,458)(1,701)

(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 Tosei Group has made changes to its reportable segments, reducing the number of such segmentsfrom six up through the end of the previous fiscal year to five as of the first quarter of the fiscal year
ending November 30, 2016. Accordingly, the reportable segments are now: the Revitalization Business,
Development Business, Rental Business, Fund and Consulting Business, and Property Management
Business segments.
With this change, transactions formerly classified as being associated with the Alternative Investment
Business segment, based on the point of view that they involved acquisition of real estate arising frompurchases of real estate collateralized loans, M&As of real estate-owning companies and otheralternative means of investment, are now classified as being associated with either the Revitalization
Business, Rental Business, Fund and Consulting Business, or Other, depending on the nature of therevenue derived from the respective transaction. The “Other” category includes business involving
sports club facilities.
Segment information for the three months ended February 28, 2015 has been prepared in accordancewith the new reportable segment classifications.
The Group’s revenue and profit/loss by reportable segment are as follows:
Three months ended February 28, 2015
(December 1, 2014 – February 28, 2015)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Other

Adjustment

Total

Revenue
Revenue from externalcustomers

7,207,467

2,324,758

865,708

259,051

698,992

169,807－

11,525,787

Intersegment revenue－－

13,807

1,327

113,735－(128,869)－

7,207,467

2,324,758

879,516

260,378

812,727

169,807(128,869)

11,525,787

1,847,786

409,171

365,552

50,908

26,11629,851(364,083)

2,365,303

Total
Segment profit
Finance income/costs, net(174,335)

Profit before tax

2,190,968

12

Three months ended February 29, 2016
(December 1, 2015 – February 29, 2016)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Other

Adjustment

Total

Revenue
Revenue from externalcustomers

2,360,680

8,724,124

1,100,950

563,055

642,109136,287－

13,527,209

Intersegment revenue－－

10,302

3,000

213,971－(227,273)－

2,360,680

8,724,124

1,111,253

566,055

856,081

136,287(227,273)

13,527,209

182,2393,580,469

461,773

210,019

28,018(1,246)(333,773)

4,127,501

Total
Segment profit or loss
Finance income/costs, net(212,690)

Profit before tax

3,914,810

2. Dividends
Dividends paid in the three months ended February 28, 2015 and February 29, 2016 are as follows:
Three months ended February 28, 2015
Resolution

Dividends per share(¥)

Ordinary General Meetingof Shareholders held on
February 25, 2015

Total dividends(¥ thousand)

12579,408

Record date

Effective dateNovember 30, 2014

February 26, 2015

Three months ended February 29, 2016
Resolution

Dividends per share(¥)

Ordinary General Meetingof Shareholders held on
February 25, 2016

Total dividends(¥ thousand)

16

772,544

Record date

Effective dateNovember 30, 2015

February 26, 2016

3. Earnings per ShareThree months ended
February 28, 2015
Profit attributable to owners of the parent

Three months ended
February 29, 2016(¥ thousand)

1,390,787

2,611,296

Weighted average number of outstanding ordinary shares(shares)

48,284,000

48,284,000

28.80

54.08

Basic earnings per share(¥)

Notes: 1. Basic earnings per share is calculated by dividing profit attributable to owners of the parent, by the weighted average
number of ordinary shares outstanding during the reporting period.
2. Diluted earnings per share for the three months ended February 28, 2015 is not presented due to an absence of potential
shares. Diluted earnings per share for the three months ended February 29, 2016 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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