This is an English translation of the official announcement in Japanese that was released on July 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 Six Months of the Fiscal Year Ending November 30, 2018
<IFRS>
July 5, 2018
Company name: Tosei Corporation
Stock listing: TSE / SGX
Securities code number: 8923 / S2D
Representative: Seiichiro Yamaguchi, President and CEO
URL: https://www.toseicorp.co.jp/english/
Contact:
Noboru Hirano, Director and CFO
Phone: +81-3-3435-2865
Submission of Quarterly Securities Report (Shihanki-Houkokusho):July 10, 2018 (scheduled)
Commencement of dividend payments:―
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting: Yes (for institutional investors and analysts)
Note: All amounts are rounded down to the nearest million yen.

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

32,520

23.4

6,887

10.3

6,511

11.2

4,452

13.2

26,360(14.0)

6,241(18.7)

5,857(19.1)

3,931(17.1)

Profit attributable toowners of the parent(¥ million)(%)
Six months ended
May 31, 2018
Six months ended
May 31, 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
(¥)

(¥)

4,452

13.2

4,486

13.9

91.97

91.75

3,931

(17.1)

3,938(16.7)

81.43–(2) Consolidated Financial Position
Total assets

As of
May 31, 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)

134,935

49,63549,63536.8

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)

0.00
0.00

Total
(¥)

–

25.00

25.00

–

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)
48,525,000 shares
As of May 31, 2018
As of November 30, 2017
48,284,000 shares(b) Number of treasury shares at the end of the period
As of May 31, 201846 shares
As of November 30, 2017–(c) Average number of outstanding shares during the period (cumulative)
Six months ended May 31, 2018
48,409,489 shares
Six months ended May 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 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 six months ended May 31, 2018, the Japanese economy continued a moderate recovery. This
recovery trend is expected to continue mainly in the corporate sector as a result of growing exports andincreased capital investment, despite concerns over downturns due to economic policies and rising interest
rates in the U.S. and geopolitical risks in the Middle East, North Korea, etc.
In the real estate industry where Tosei Group operates, domestic commercial real estate transactions
from January 2018 to March 2018 increased 14% year on year to ¥1.4 trillion. By area, transactions in theTokyo metropolitan area accounted for approximately 70% of the total, thanks to an increase in officebuilding transactions in the central Tokyo area where occupancy rates remain stable at a high level,
resulting in transactions in the Tokyo metropolitan area ranking the first, ahead of London and New York,for the first time in 16 quarters since the period from January 2014 to March 2014. As the low-interest
financing environment is forecast to continue going forward, domestic transactions for the full year 2018
are expected to increase 5% to 10% year on year, backed by active transactions by investors (according toa survey by a private research institute).
In the Tokyo metropolitan area condominium market, the number of units sold in the fiscal year ended
March 31, 2018 rose for the first time in four years, increasing 1.1% year on year to 36,837. However, thecontract rate for the first month, which indicates whether sales are regarded as favorable, fell below the
70% threshold for the second consecutive year to 68.8% due to soaring selling prices. In the Tokyo
metropolitan area build-for-sale detached house market, the number of units sold in the fiscal year ended
March 31, 2018 remained almost unchanged from the previous fiscal year at 61,215. Demand for detachedhouses, which are perceived as being more reasonably priced than condominiums, is expected to remainstrong (according to survey’s by the Ministry of Land, Infrastructure, Transport and Tourism and private
research institute).
In the office leasing market of Tokyo’s five business wards, the vacancy rate as of April 2018 declined
0.74% year on year to 2.65%, and the average asking rent rose for the 52nd consecutive month to ¥19,896
per tsubo (1 tsubo = 3.3m2), an increase of ¥1,122 year on year. The average asking rent is expected tocontinue to increase gradually going forward against a backdrop of expanding employment and the needfor office expansion and relocation in light of continuing favorable corporate earnings, despite concerns
over an upsurge in supply of large-scale office buildings in the central Tokyo area (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 grew to ¥16.5 trillion in J-REITs (an increase of ¥1.0 trillion year on year). In addition, the total
value of assets under management in major private placement funds expanded to ¥16.0 trillion (an increaseof ¥0.4 trillion year on year), and the overall market scale reached ¥32.5 trillion (according to a survey bya 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 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 six months ended May 31, 2018 totaled ¥32,520 million (up23.4% year on year), operating profit was ¥6,887 million (up 10.3%), profit before tax was ¥6,511 million(up 11.2%), and profit for the period was ¥4,452 million (up 13.2%).
Performance by business segment is shown below.
Revitalization Business
During the six months ended May 31, 2018, the segment sold 24 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 15 units in the Restyling Business, including Hilltop Yokohama Negishi (Yokohama-shi, Kanagawa).
During the six months ended May 31, 2018, it also acquired a total of 32 income-generating officebuildings and apartments and seven land lots for renovation and sales purposes.
4As a result, revenue in this segment was ¥17,585 million (down 2.0% year on year) and the segment
profit was ¥4,227 million (down 11.9%).
Development Business
During the six months ended May 31, 2018, the segment focused on the sale of condominium anddetached houses. The segment sold 85 units in The Palms Yutenji master’s Place (Setagayaku, Tokyo), 43
detached houses including THE Palms Court Kamakura Shiromeguri (Kamakura-shi, Kanagawa), THE
Palms Court Kashiwa Hatsuishi (Kashiwa-shi, Chiba) and THE Palms Court Koshigaya Lake Town
(Koshigaya-shi, Saitama) and two land lots.
During the six months ended May 31, 2018, it also acquired a land for condominium project, a land lot
for hotel project, a land lot for logistics project and land lots for 35 detached housings.
As a result, revenue in this segment was ¥8,613 million (up 301.7% year on year) and the segment
profit was ¥1,408 million (in comparison with segment loss of ¥219 million in the same period of theprevious fiscal year).
Rental Business
During the six months ended May 31, 2018, while the segment sold 17 buildings of its inventory assets
held for leasing purposes, it newly acquired 24 properties including income-generating office buildings
and apartments. In addition, the segment made efforts to lease vacancies out following acquisitions andalso focused on leasing activities for its existing non-current assets and inventory assets.
As a result, revenue in this segment was ¥2,893 million (down 3.2% year on year) and the segment
profit was ¥1,246 million (down 4.4%).
Fund and Consulting Business
During the six months ended May 31, 2018, while ¥8,520 million was subtracted from the balance ofassets under management (Note), due mainly to property dispositions by funds, ¥91,590 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 of assets undermanagement as of May 31, 2018, was ¥635,278 million. The acquisition of such large project contracts
increased asset management fees and contributed to revenue.
As a result, revenue in this segment was ¥1,324 million (down 19.3% year on year) and the segment
profit was ¥707 million (down 22.7%).
Note: The balance of assets under management includes the balance of assets that were subject toconsulting contracts, etc.
Property Management Business
During the six months ended May 31, 2018, the segment worked to win new contracts and maintainexisting contracts. Consequently, the total number of properties under management was 667 as of May 31,
2018, an increase of 33 properties from May 31, 2017, with that total comprising 391 office buildings,
hotels, schools and other such properties, and 276 condominiums and apartments.
As a result, revenue in this segment was ¥1,938 million (up 18.4% year on year) and segment profit was¥204 million (up 51.9%).
Other
For the six months ended May 31, 2018, revenue in this segment was ¥166 million (there was norevenue in this segment in the same period of the previous fiscal year) and the segment profit was ¥53
million (in comparison with segment profit of ¥1 million in the same period of the previous fiscal year).

5(2) Qualitative Information Regarding Consolidated Financial Positions
1. Financial Positions
As of May 31, 2018, total assets were ¥134,935 million, an increase of ¥12,385 million compared with
November 30, 2017, while total liabilities were ¥85,299 million, an increase of ¥8,908 million.
Increase in total assets were primarily due to increase in inventories. Increase in liabilities were due toincrease in current income tax liabilities and borrowings from financial institutions.
Total equity increased by ¥3,476 million to ¥49,635 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 May 31, 2018 totaled ¥25,827 million, increased by¥2,076 million compared with November 30, 2017.
The cash flows for the six months ended May 31, 2018 and factors contributing to those amounts are as
follows:
Cash Flows from Operating Activities
Net cash used in operating activities totaled ¥400 million (¥2,497 million provided by the same periodof the previous fiscal year). This is mainly due to profit before tax of ¥6,511 million, as well as anincrease in inventories of ¥7,344 million, which was a result of property acquisitions in the
Revitalization Business and Development Business, and income taxes paid of ¥1,037 million.
Cash Flows from Investing Activities
Net cash used in investing activities totaled ¥1,723 million (¥535 million provided by the same periodof the previous fiscal year). This is primarily due to purchase of investments in subsidiaries resulting inchange in scope of consolidation of ¥1,471 million.
Cash Flows from Financing Activities
Net cash provided by financing activities totaled ¥4,201 million (¥1,739 million used in the same
period of the previous fiscal year). This mainly reflects ¥17,407 million in the repayments of non-current
borrowings and ¥1,205 million in cash dividends paid, despite ¥22,280 million in proceeds from noncurrent borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the six months ended May 31, 2018 basically remained stable as planned
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)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 May 31, 2018

23,750,239
2,148,608
59,718,614
26,37625,827,059
2,388,261
69,442,984
30,58185,643,839

97,688,886

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

5,280,773
28,326,674
88,183
1,806,903
1,032,917
682,394
28,91436,906,441

37,246,761

122,550,281

134,935,647

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

5,371,807
6,239,630
1,958,702
288,137

Total current liabilities

Total non-current assets
Total assets

11,945,287

13,858,279

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

3,280,020
60,674,335
472,574
19,197－3,739,389
66,596,689
447,518
6,742
651,325

Total non-current liabilities

64,446,127

71,441,665

76,391,414

85,299,944

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

6,544,061
6,539,274
36,454,444(61)
97,983

46,158,867

49,635,703

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

49,635,703

122,550,281

134,935,647

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

Six months ended
May 31, 2018

Revenue

26,360,085

32,520,695

Cost of revenue

16,858,573

21,749,086

Gross profit

9,501,511

10,771,608

Selling, general and administrative expenses

3,402,246

3,922,865

Other income

160,145

123,511

Other expenses

17,60485,236

Operating profit

6,241,805

6,887,017

Finance income

32,95640,815

Finance costs

417,329

415,915

Profit before tax

5,857,432

6,511,917

Income tax expense

1,925,566

2,059,583

Profit for the period

3,931,865

4,452,334

302(5,583)(6,026)37,820Net change in fair values of cash flow hedges

11,895

1,723

Subtotal

6,171

33,959Other comprehensive income for the period, net of
tax

6,171

33,9593,938,036

4,486,293

3,931,865

4,452,334

3,938,036

4,486,293

Basic earnings per share (yen)

81.43

91.97

Diluted earnings per share (yen)

－

91.75

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

9

(3) Condensed Consolidated Statement of Changes in Equity
Six months ended May 31, 2017 (December 1, 2016 – May 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－－

3,931,865－－

3,931,865

3,931,865

－

－

－

－

6,171

6,171

6,171

－

－

3,931,865

－

6,171

3,938,036

3,938,036

－

－

－

－

－

－

－

－

－

－

－

－

－

－

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

Share-based payment－

22,400－－－22,40022,4006,421,392

6,441,224

30,989,922－

55,73343,908,273

43,908,273

Other comprehensive
incomeTotal comprehensive
income for the period
Amount oftransactions withownersIssuance of newsharesPurchase of treasury
sharesBalance at May 31,
2017

Six months ended May 31, 2018 (December 1, 2017 – May 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－－

4,452,334－－

4,452,334

4,452,334

－

－

－

－

33,95933,95933,959－－4,452,334－

33,9594,486,293

4,486,293

122,669

70,099－－－

192,768

192,768

－

－

－

(61)

－

(61)

(61)

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

Share-based payment

－

4,935

－

－

－

4,935

4,935

6,544,061

6,539,274

36,454,444(61)

97,98349,635,703

49,635,703

Other comprehensive
incomeTotal comprehensive
income for the period
Amount oftransactions withownersIssuance of newsharesPurchase of treasury
sharesBalance at May 31,
2018

10

(4) Condensed Consolidated Statement of Cash Flows(¥ thousand)Six months ended
May 31, 2017
Cash flows from operating activities
Profit before tax
Depreciation expense
Increase (decrease) in provisions and retirement
benefits obligations
Interest and dividend income
Interest expenses
Loss (gain) on sales of stocks of subsidiaries andaffiliates
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

Six months ended
May 31, 2018

5,857,432
190,000

6,511,917
292,035(141,242)(223,006)(32,956)
417,329(40,815)415,915(123,505)－－(93,616)(1,182,723)(317,261)
47,270608
68,276(7,344,536)
996,483(80,806)

SubtotalInterest and dividend income received
Income taxes paid

4,620,726
32,955(2,155,898)

596,073
40,811(1,037,751)

Net cash from (used in) operating activities

2,497,784(400,865)

95,000(6,350)(193,111)(4,565)－(29,447)(205,711)(19,868)(150)

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

－
7,183

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 period

11－

84,071－(1,085,000)
1,675,037－
38(76,328)(1,471,733)

39,328

－

－

3,715

535,264(1,723,156)(686,800)
14,505,600(14,053,546)(1,060,905)(442,398)(1,760)841,000
22,280,950(17,407,178)
192,431(1,205,363)(498,509)(1,888)(1,739,810)

4,201,440

1,293,238
21,640,866

2,077,418
23,750,239

303

(598)

22,934,408

25,827,059

(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:
Six months ended May 31, 2017
(December 1, 2016 – May 31, 2017)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Revenue from externalcustomers

17,948,700

2,144,539

2,988,488

1,641,411

1,636,945－－

26,360,085

Intersegment revenue－－

21,561

20,073575,341－(616,976)－

17,948,700

2,144,539

3,010,050

1,661,485

2,212,286－(616,976)

26,360,085

4,800,250(219,278)

1,303,083

915,032

134,6101,030(692,923)

6,241,805

Other

Adjustment

Total

Revenue

Total
Segment profit or loss
Finance income/costs, net(384,373)

Profit before tax

5,857,432

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

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Other

Revenue from externalcustomers

17,585,038

8,613,547

2,893,007

1,324,657

1,938,389

166,054－

32,520,695

Intersegment revenue－－

21,92921,543536,650500(580,623)－

17,585,038

8,613,547

2,914,937

1,346,200

2,475,040

166,554(580,623)

32,520,695

4,227,735

1,408,139

1,246,315

707,671

204,446

53,269(960,560)

6,887,017

Adjustment

Total

Revenue

Total
Segment profit
Finance income/costs, net(375,100)

Profit before tax

6,511,917

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2. Dividends
Dividends paid in the six months ended May 31, 2017 and May 31, 2018 are as follows:
Six months ended May 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

Record date

Effective dateNovember 30, 2017

February 28, 2018

Six months ended May 31, 2018
Resolution
Ordinary General Meetingof Shareholders held on
February 27, 2018

Dividends per share(¥)

Total dividends(¥ thousand)25

1,207,100

3. Earnings per ShareSix months ended
May 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 (¥)

Six months ended
May 31, 2018

3,931,865

4,452,334－

4,452,334

48,284,000

48,409,489－

117,265－

48,526,754

81.43

91.97

－

91.75

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 six months ended May 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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