This is an English translation of the official announcement in Japanese that was released on October 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 Nine Months of the Fiscal Year Ending November 30, 2018
<IFRS>
October 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: No

TSE / SGX
http://www.toseicorp.co.jp/english/+81-3-3435-2865
October 10, 2018 (scheduled)―
Yes

Note: All amounts are rounded down to the nearest million yen.
1.

Consolidated Financial Results for the Nine Months Ended August 31, 2018
(December 1, 2017 – August 31, 2018)(1) Consolidated Operating Results (cumulative)
Nine months ended
August. 31, 2018
Nine months ended
August. 31, 2017

Nine months ended
August. 31, 2018
Nine months ended
August. 31, 2017

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

Revenue(¥ million)(%)

45,3087.9

10,357

14.1

9,843

15.5

6,645

15.5

41,978

7.3

9,080

2.9

8,521

3.9

5,755

7.0

Profit attributable toowners of the parent(¥ million)(%)

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

6,645

15.5

6,680

5,755

7.0

5,769

Basic earnings
per share

Diluted earnings
per share
(¥)

(¥)

15.8

137.15136.888.2

119.20－(2) Consolidated Financial Position(¥ million)(¥ million)(¥ million)

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

134,998

51,837

51,837

38.4

122,550

46,15846,158

37.7

Total assets

As ofAugust. 31, 2018
As ofNovember. 30, 2017

Total equity

Equity attributable toowners of the parent

2. Dividends
1Q-end(¥)

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

Fiscal year ended November 30, 2017–
Fiscal year ending November 30, 2018–
Fiscal year ending November 30, 2018
(Forecast)
Note: Revision to the most recently released dividend forecasts: No

–
–

0.00
0.00

Total
(¥)

25.00

25.00

30.00

30.00

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 other than (a) above: 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)
As of August. 31, 2018
48,534,800 shares
As of November. 30, 2017
48,284,000 shares(b) Number of treasury shares at the end of the period
As of August. 31, 201846 shares
As of November. 30, 2017–(c) Average number of outstanding shares during the period (cumulative)
Nine months ended August. 31, 2018
48,450,511 shares
Nine months ended August. 31, 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 Regarding Consolidated Earnings Forecasts” on page 4 of
the attached materials.

○ Contents of Attached Materials
1. Qualitative Information on Quarterly Consolidated Financial Performance......................................... 2(1) Qualitative Information Regarding Consolidated Operating Results ........................................................ 2(2) Qualitative Information Regarding Consolidated Financial Positions ...................................................... 4(3) Qualitative Information Regarding Consolidated Earnings Forecasts ...................................................... 4
2. Matters Related to Summary Information (Notes) ................................................................................... 5(1) Changes in Significant Subsidiaries during the Period ............................................................................. 5(2) Changes in Accounting Policies and Changes in Accounting Estimates .................................................. 5
3. Condensed Quarterly Consolidated Financial Statements and notes ...................................................... 6(1) Condensed Consolidated Statement of Financial Position ........................................................................ 6(2) Condensed Consolidated Statement of Comprehensive Income ............................................................... 7(3) Condensed Consolidated Statement of Changes in Equity ....................................................................... 8(4) Condensed Consolidated Statement of Cash Flows .................................................................................. 9(5) Notes on Going Concern Assumption ..................................................................................................... 10(6) Notes to Condensed Quarterly Consolidated Financial Statements ........................................................ 10(7) Notes on Significant Subsequent Events................................................................................................. 111

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Qualitative Information Regarding Consolidated Operating Results
During the nine months ended August 31, 2018, the Japanese economy is recovering moderately,supported by stable personal consumption and capital investment on the back of favorable corporate
earnings. The domestic economic recovery is expected to continue led by demand in the private sector,
despite concerns about the intensification of confrontation between countries over protectionism and theimpact of monetary policy trends.
In the real estate industry where Tosei Group operates, domestic real estate transactions by listedcompanies and other such entities for the first half of 2018, from January to June, increased 2.6% year on
year to ¥2.251 trillion and investment environment continued to be steady on the back of a strong leasing
market. In real estate lending environment, there are movements for financial institutions to screen
borrowers due to the impact of fraudulent loans made by certain local banks and the caution on higher
price in the real estate market (according to a survey by a private research institute).
In the Tokyo metropolitan area condominium market, the number of units sold in the first half of 2018
increased 5.3% year on year to 15,504 and the average selling price per unit soared to ¥59.62 million,
marking a year on year increase for the sixth consecutive year. The contract rate for the first month of salecontinued to fall below the 70% threshold from which market conditions are viewed as favorable, because
the consumers’ purchase motivation does not rise due to stagnant household income whereas the selling
price increases. The Tokyo metropolitan area build-for-sale detached house market remains firm, as theprice is perceived as being more reasonably priced than condominiums. However, the number of units soldin the first half of 2018 decreased 3.0% year on year to 29,701 (according to surveys by the Ministry ofLand, Infrastructure, Transport and Tourism and private research institute).
The office leasing market of Tokyo’s five business wards has been performing favorably, supported bycorporate interest in expanding offices due to business expansion and their strong need for officerelocation for the development of human resources and work style reform. The average vacancy rate as ofJuly 2018 declined 0.6% year on year to 2.6%, and the average asking rent rose for the 55th consecutive
month to ¥20,202, an increase of ¥1,286 year on year. A low vacancy rate is likely to be continued for thetime being as large-scale office buildings expected to be completed in 2018 are estimated to be operated
with almost full occupancy (according to a survey by a private research institute).
The real estate securitization market is continuing to expand. The total value of assets undermanagement as of July 31, 2018 grew to ¥17.4 trillion in J-REITs (an increase of ¥1.2 trillion year onyear), due to increase of property acquisitions resulting from recovery of investment unit price andimprovement of financing environment. In addition, with the total value of assets under management inmajor private placement funds of ¥16.0 trillion (as of December 2017), the overall market scale reached¥33.4 trillion (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 condominiums and detached houses. In addition, otherthan usual 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 nine months ended August 31, 2018 totaled ¥45,308 million(up 7.9% year on year), operating profit was ¥10,357 million (up 14.1%), profit before tax was ¥9,843
million (up 15.5%), and profit for the period was ¥6,645 million (up 15.5%).
Performance by business segment is shown below.
Revitalization Business
During the nine months ended August 31, 2018, the segment sold 31 properties it had renovated,
including Nishidai Tosei Building (Itabashi-ku, Tokyo), Ikebukuro-jyoshikaikan Apartment (Toshima-ku,
Tokyo), Kichichoji Ito Building (Musashino-shi, Tokyo),Kuramochi Building 2 (Sumida-ku, Tokyo),
Kunitachi 219 Building (Kunitachi-shi, Tokyo) and T-Rhythmic SOKA (Soka-shi, Saitama). In addition,
the segment sold 17 units in the Restyling Business, including Hilltop Yokohama Negishi (Yokohama-shi,
Kanagawa).
During the nine months ended August 31, 2018, it also acquired a total of 35 income-generating office2

buildings and apartments and 10 land lots for renovation and sales purposes.
As a result, revenue in this segment was ¥24,312 million (down 17.0% year on year) and the segment
profit was ¥6,890 million (down 5.7%).
Development Business
During the nine months ended August 31, 2018, the segment focused on the sale of condominium anddetached houses. The segment sold 87 units at THE Palms Yutenji master’s Place (Setagaya-ku, Tokyo)
and sold 69 detached houses at such properties as THE Palms Court Kamakura Shiromeguri (Kamakurashi, Kanagawa), THE Palms Court Koshigaya Lake Town (Koshigaya-shi, Saitama), THE Palms Court
Kunitachi and THE Palms Court Kashiwa Hatsuishi (Kashiwa-shi, Chiba). In addition, the segment soldone commercial facility and eight land lots.
During the nine months ended August 31, 2018, it also acquired a land lot for condominium project, aland lot for hotel project, a land lot for logistics facility project and land lots for 46 detached housings.
As a result, revenue in this segment was ¥11,339 million (up 224.1% year on year) and the segment
profit was ¥1,503 million (in comparison with segment loss of ¥310 million in the same period of theprevious fiscal year).
Rental Business
During the nine months ended August 31, 2018, while the segment sold 24 buildings of its inventory
assets held for leasing purposes, it newly acquired 26 properties including income-generating officebuildings 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 ¥4,488 million (down 2.4% year on year) and the segment
profit was ¥1,926 million (down 0.4%).
Fund and Consulting Business
During the nine months ended August 31, 2018, while ¥29,573 million was subtracted from the balanceof assets under management (Note), due mainly to property dispositions by funds, ¥125,644 million wasadded 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 of assets
under management as of August 31, 2018, was ¥648,279 million. The acquisition of such large projectcontracts increased asset management fees and contributed to revenue.
As a result, revenue in this segment was ¥1,893 million (down 11.1% year on year) and the segment
profit was ¥920 million (down 14.0%).
Note: The balance of assets under management includes the balance of assets that were subject toconsulting contracts, etc.
Property Management Business
During the nine months ended August 31, 2018, the segment worked to win new contracts and maintainexisting contracts and the number of fund properties under management increased. Consequently, the total
number of properties under management was 667 as of August 31, 2018, an increase of 15 properties from
August 31, 2017, with that total comprising 393 office buildings, hotel, schools and other such properties,
and 274 condominiums and apartments.
As a result, revenue in this segment was ¥3,015 million (up 22.5% year on year) and segment profit was¥397 million (up86.7%).
Other
For the nine months ended August 31, 2018, revenue in this segment was ¥258 million (there was norevenue in this segment in the same period of the previous year). The segment profit was ¥72 million(comparison with segment profit of ¥0 million in the same period of the previous fiscal year).

3(2) Qualitative Information Regarding Consolidated Financial Positions
1. Financial Positions
As of August 31, 2018, total assets were ¥134,998 million, an increase of ¥12,448 million comparedwith November 30, 2017, while total liabilities were ¥83,161 million, an increase of ¥6,769 million.
Increase in total assets were primarily due to increase in inventories. Increase in liabilities were due toincrease in borrowings, current income tax liabilities.
Total equity increased by ¥5,678 million to ¥51,837 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 August 31, 2018, totaled ¥27,197 million, increasedby ¥3,446 million compared with November 30, 2017.
The cash flows for the nine months ended August 31, 2018 and factors contributing to those amounts
are as follows:
Cash Flows from Operating Activities
Net cash provided by operating activities totaled ¥2,233 million (down 58.3% year on year). This ismainly attributed to the profit for the period before tax of ¥9,843 million, an increase of ¥5,939 million ininventories resulting from property acquisitions in the Revitalization Business and Development Business,and income taxes paid of ¥2,041 million.
Cash Flows from Investing Activities
Net cash used in investing activities totaled ¥1,759 million (¥410 million provided by the same period of
the previous fiscal year). This is primarily due to purchase of investments in subsidiaries resulting inchange in scope of consolidation of ¥1,502 million.
Cash Flows from Financing Activities
Net cash provided by financing activities totaled ¥2,973 million (¥4,073 million used in the same periodof the previous fiscal year). This mainly reflects ¥21,873 million in the repayments of non-current
borrowings and ¥1,206 million in cash dividends paid, despite ¥26,401 million in proceeds from noncurrent borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the nine months ended August 31, 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.

4

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.

53. Condensed Quarterly Consolidated Financial Statements and notes(1) Condensed Consolidated Statement of Financial Position(¥ thousand)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 November 30, 2017

As of August 31, 2018

23,750,239
2,148,608
59,718,614
26,37627,197,189
2,491,554
71,625,561
28,94685,643,839

101,343,252

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

5,279,258
24,633,589
86,2601,802,941
1,117,880
706,504
28,91436,906,441

33,655,350

122,550,281

134,998,602

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

4,063,896
6,414,339
2,373,264
276,915

Total current liabilities

Total non-current assets
Total assets

11,945,287

13,128,416

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－

3,778,028
65,404,452
464,808
6,779
378,888

Total non-current liabilities

64,446,127

70,032,957

76,391,414

83,161,374

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

6,549,049
6,542,045
38,647,319(61)
98,874

46,158,867

51,837,227

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

6

46,158,867

51,837,227

122,550,281

134,998,602

(2) Condensed Consolidated Statement of Comprehensive Income(¥ thousand)Nine months ended
August 31, 2017

Nine months ended
August 31, 2018

Revenue
Cost of revenue

41,978,288
27,884,108

45,308,339
29,312,301

Gross profit
Selling, general and administrative expenses
Other income
Other expenses

14,094,180
5,195,378
203,037
20,98015,996,038
5,683,847
136,145
90,523Operating profit
Finance income
Finance costs

9,080,858
76,767
635,981

10,357,812
84,503599,155

Profit before tax
Income tax expense

8,521,644
2,766,154

9,843,160
3,197,951

Profit for the period
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

5,755,489

6,645,209

6,826(5,552)(6,083)37,883

13,3242,519

14,06734,850Subtotal
Other comprehensive income for the period, net oftax
Total comprehensive income for the period

14,06734,8505,769,556

6,680,059

Profit attributable to:
Owners of the parent

5,755,489

6,645,209

Total comprehensive income attributable to:
Owners of the parent

5,769,556

6,680,059

119.20137.15136.88

Earnings per share attributable to owners of the parent
Basic earnings per share (yen)Diluted earnings per share (yen)－7(3) Condensed Consolidated Statement of Changes in Equity
Nine months ended August 31, 2017 (December 1, 2016 – August 31, 2017)(¥ thousand)Totalequityattributableto ownersof parent

Total
equitySharecapitalCapitalreserves

Retainedearnings

TreasurysharesOther
componentsof 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－－

5,755,489－－

5,755,489

5,755,489

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

14,067

14,067

14,067－－

5,755,489－

14,067

5,769,556

5,769,556

－

－

－

－

－

－

－

－

－

－

－

－

－

－

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

Share-based payment－

33,601－－－33,60133,601

Balance at August 31,
2017

6,421,392

6,452,424

32,813,546－

63,62945,750,993

45,750,993

Nine months ended August 31, 2018 (December 1, 2017 – August 31, 2018)(¥ thousand)Totalequityattributableto ownersof parent

Total
equitySharecapitalCapitalreserves

Retainedearnings

TreasurysharesOther
componentsof 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－－

6,645,209－－

6,645,209

6,645,209

Other comprehensive
incomeTotal comprehensive
income for the period
Amount oftransactions withownersIssuance of newsharesPurchase of treasury
shares－－－－34,85034,85034,850－－6,645,209－

34,8506,680,059

6,680,059

127,657

72,869－－－200,526

200,526

－

－

－

(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 August 31,
2018

6,549,049

6,542,045

38,647,319(61)

98,874

51,837,227

51,837,227

8

(4) Condensed Consolidated Statement of Cash Flows(¥ thousand)Nine months ended
August 31, 2018

Nine months ended
August 31, 2017
Cash flows from operating activities
Profit before tax
Depreciation expense
Increase (decrease) in provisions and retirement
benefits obligations
Interest and dividends 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

8,521,644
289,665

9,843,160
437,355(149,574)(216,943)(76,767)
635,981(123,505)(84,503)599,155－(358,925)(68,938)
123,134
48,835－608(318,168)(5,939,084)(54,944)(75,924)

SubtotalInterest and dividends income received
Income taxes paid

8,841,551
76,767(3,554,759)

4,190,710
84,503(2,041,238)

Net cash from (used in) operating activities

5,363,558

2,233,975

95,000(13,062)(1,272,601)(6,963)(50,166)
7,619－(54,035)(185,580)(25,368)(280)
655

84,071

3,329(1,085,000)
2,760,056－
57(159,328)(1,502,160)

39,328－12,032

3,715

410,983(1,759,666)(1,575,800)
21,150,850(21,903,138)－(1,061,250)(681,691)(2,461)

169,500
26,401,950(21,873,293)
200,140(1,206,624)(715,660)(2,802)(4,073,491)

2,973,209

1,701,051
21,640,866

3,447,518
23,750,239

676

(568)

23,342,594

27,197,189

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
Collection of available-for-sale financial assets
Proceeds from sales of available-for-sale financial
assetsPayments of loans receivableCollection 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
Other, net
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 period9(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:
Nine months ended August 31, 2017
(December 1, 2016 – August 31, 2017)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Revenue from externalcustomers

29,286,776

3,498,952

4,600,566

2,129,893

2,462,098－－

41,978,288

Intersegment revenue－－

32,37130,205899,991－(962,569)－

29,286,776

3,498,952

4,632,938

2,160,099

3,362,090－(962,569)

41,978,288

7,309,731(310,914)

1,935,014

1,070,596

212,825

147(1,136,541)

9,080,858

Other

Adjustment

Total

Revenue

Total
Segment profit or loss
Finance income/costs, net(559,214)

Profit before tax

8,521,644

Nine months ended August 31, 2018
(December 1, 2017 – August 31, 2018)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Other

Revenue from externalcustomers

24,312,328

11,339,368

4,488,630

1,893,143

3,015,936

258,933－

45,308,339

Intersegment revenue－－

32,98645,306

900,434

950(979,677)－

24,312,328

11,339,368

4,521,616

1,938,449

3,916,371

259,883(979,677)

45,308,339

6,890,049

1,503,758

1,926,737

920,446

397,357

72,582(1,353,119)

10,357,812

Adjustment

Total

Revenue

Total
Segment profit
Finance income/costs, net(514,652)

Profit before tax

9,843,160

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2. Dividends
Dividends paid in the nine months ended August 31, 2017 and August 31, 2018 are as follows:
Nine months ended August 31, 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

Nine months ended August 31, 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 share
Nine months ended
August 31, 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 (¥)

Nine months ended
August 31, 2018

5,755,489

6,645,209－

6,645,209

48,284,000

48,450,511－

98,062－

48,548,573

119.20137.15－136.88Notes: 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 nine months ended August 31, 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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