This is an English translation of the official announcement in Japanese that was released on April 5, 2017. 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, 2017
<IFRS>
April 5, 2017
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, 2017 (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, 2017
(December 1, 2016 – February 28, 2017)(1) Consolidated Operating Results (cumulative)
Three months ended
February 28, 2017
Three months ended
February 29, 2016(%)

14,677

8.5

3,828

(7.3)

3,658

(6.5)

2,500

(4.2)

13,527

17.4

4,127

74.5

3,914

78.7

2,611

87.8

Profit attributable toowners of the parent(¥ million)(%)
Three months ended
February 28, 2017
Three months ended
February 29, 2016

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
(¥)

(¥)

2,500

(4.2)

2,528

(2.4)

51.79

–

2,611

87.8

2,589

73.0

54.08

–

(2) Consolidated Financial Position
Total assets

As ofFebruary 28, 2017
As ofNovember 30, 2016

Total equity

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

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

120,715

42,48742,48735.2

121,276

41,01041,01033.8

1

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

1Q-end(¥)––

Fiscal year ended November 30, 2016
Fiscal year ending November 30, 2017
Fiscal year ending November 30, 2017
(Forecast)

Total
(¥)

0.00

–

22.00

22.00

0.00

–

25.00

25.00

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

3. Consolidated Earnings Forecasts for the Fiscal Year Ending November 30, 2017
(December 1, 2016 – November 30, 2017)(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, 201769,26839.0

10,008

7.8

9,001

6.5

5,926

6.8

122.75

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)
48,284,000 shares
As of February 28, 2017
As of November 30, 2016
48,284,000 shares(b) Number of treasury shares at the end of the period
As of February 28, 2017–
As of November 30, 2016–(c) Average number of outstanding shares during the period (cumulative)
Three months ended February 28, 2017
48,284,000 shares
Three months ended February 29, 2016
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 28, 2017, the Japanese economy remained on a moderate
recovery track. There was firm personal consumption supported by an improving employment and income
environment in Japan, and signs of recovery in exports against a backdrop of improving overseas
economies. Although it is necessary to keep in mind the impact of the uncertainty surrounding overseas
economies and volatility in financial and capital markets, the moderate recovery is expected to continue
going forward.
In the real estate industry where Tosei Group operates, domestic real estate transactions by listedcompanies and other such entities from January 2016 to December 2016 decreased 7.4% year on year to¥4.0131 trillion, against a backdrop of investors’ reluctance to invest due to the decline in the number ofproperties circulating in the market and the surge in real estate prices. However, transactions are expected
to increase going forward as investors’ desire to acquire property remains strong due to a favorable
financing environment (according to a survey by a private research institution).
In the Tokyo metropolitan area condominium market, the number of units sold in 2016 fell 11.6% year
on year to just over 35,000, falling below 40,000 for the first time in seven years. Although the averagesales price decreased 0.5% year on year to ¥54.9 million per unit, the price per m2 for private areas
increased 1.8% year on year to ¥793,000 following the impact of persistently high building costs and thesurge in land acquisition prices. In projections by a private research institution, the number of units sold in2017 is forecast to increase 6.2% year on year to 38,000.
In the Tokyo metropolitan area build-for-sale detached house market, housing starts for 2016 rose 6.9%
year on year to 60,712. There is strong demand for detached housing, which is relatively inexpensive
compared to condominium prices, and housing starts recovered to the 60,000 unit level for the first time inthree years (according to the Ministry of Land, Infrastructure, Transport and Tourism data).
In the office leasing market of Tokyo’s five business wards, there is strong office expansion andrelocation demand backed by an improvement in corporate earnings, and the vacancy rate remains below
4% while there is an ongoing trend of gradually increasing rents. The vacancy rate in January 2017
declined 0.27 percentage points year on year to 3.74%, and the average asking rent was ¥18,582 per tsubo(1 tsubo = 3.3m2), a 4.5% increase of ¥792 year on year (according to a survey by a private research
institution).
In the real estate securitization market, even amidst a trend of declining real estate transactions in Japan,
properties were proactively acquired through J-REITs and J-REIT acquisitions in 2016 increased 10.8%
year on year to ¥1.7692 trillion, the third-highest level ever. As of January 31, 2017, the total value of
assets under management in the J-REIT market (acquisition cost base) increased 11.2% year on year to¥15.5683 trillion, and the J-REIT market is continuing to expand (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 of detached houses. 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 28, 2017 totaled ¥14,677 million(up 8.5% year on year), operating profit was ¥3,828 million (down 7.3%), profit before tax was ¥3,658
million (down 6.5%), and profit for the period was ¥2,500 million (down 4.2%).
Performance by business segment is shown below.
Revitalization Business
During the three months ended February 28, 2017, the segment sold 25 properties it had renovated,
including Onoecho 6-chome Building (Yokohama-shi, Kanagawa), Kishino Building (Toshimaku-ku,
Tokyo), NOUER Nakamachidai (Yokohama-shi, Kanagawa) and Demeure Sagamihara (Sagamihara-shi,
Kanagawa). In addition, the segment sold 11 units in the Restyling Business, including Hilltop Yokohama
Negishi (Yokohama-shi, Kanagawa), Hilltop Yokohama Higashi Terao (Yokohama-shi, Kanagawa) andRenai Kamakura Ueki (Kamakura-shi, Kanagawa).
During the three months ended February 28, 2017, it also acquired a total of four income-generating
office buildings and apartments and one land lot for renovation and sales purposes.
As a result, revenue in this segment was ¥10,939 million (up 363.4% year on year) and the segment
4

profit was ¥3,417 million (up 1,775.3%).
Development Business
During the three months ended February 28, 2017, the segment focused on the sale of detached houses,
for which there was firm demand. The segment sold 24 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 Machida Turukawa (Machida-shi, Tokyo).
During the three months ended February 28, 2017, it also acquired one land lot for hotel project, one
land lot for condominium project and land lot for 11 detached houses.
As a result, revenue in this segment was ¥969million (down 88.9% year on year) and the segment loss
was ¥173 million (in comparison with segment profit of ¥3,580 million in the same period of the previous
fiscal year ).
During the three months ended February 28, 2017, all the segment revenue came from detached houses
sale. On the other hand, in the same period of the previous fiscal year the segment sold two commercial
facilities. For this reason, the segment revenue and profit decreased.
Rental Business
During the three months ended February 28, 2017, while the segment sold 14 buildings of its inventory
assets held for leasing purposes, it newly acquired one 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 ¥1,471 million (up 33.7% year on year) and the segment profit
was ¥660 million (up 43.1%).
Fund and Consulting Business
During the three months ended February 28, 2017, while ¥11,061 million was subtracted from the balanceof assets under management (Note), due mainly to property dispositions by funds, ¥29,465 million wasadded to the balance of Assets under management ¥448,186 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 February 28, 2017, was ¥466,589 million. The acquisition of such large projectcontracts increased asset management fees and contributed to revenue.
As a result, revenue in this segment was ¥468 million (down 16.7% year on year) and the segment profit
was ¥159 million (down 24.0%).
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 28, 2017, the number of properties under management
increased as a result of efforts to win new contracts and maintain existing contracts. Consequently, thetotal number of properties under management was 599 as of February 28, 2017, an increase of 18 fromFebruary 29, 2016, with the total comprising 378 office buildings, hotels, schools and other such properties,
and 221 condominiums and apartments.
As a result, revenue in this segment was ¥828 million (up 29.0% year on year) and segment profit was¥75 million (up 170.6%).
Other
For the three months ended February 28, 2017, there were no revenue in this segment (in comparison
with segment revenue of ¥136 million in the same period of the previous fiscal year) and the segment
profit was ¥0 (in comparison with segment loss 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 February 28, 2017, total assets were ¥120,715 million, a decrease of ¥561 million comparedwith November 30, 2016, while total liabilities were ¥78,227 million, a decrease of ¥2,038 million.
This was primarily due to a decrease in inventories resulting from sale of properties exceeding purchaseof properties in the Revitalization Business and Development Business, a decrease in borrowings fromfinancial institutions accompanying such property acquisitions and decreases in accrued income tax.
Total equity increased by ¥1,477 million to ¥42,487 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, 2017 totaled ¥21,529 million, down
¥110 million compared with November 30, 2016.
The cash flows for the three months ended February 28, 2017 and factors contributing to those amounts
are as follows:
Cash Flows from Operating Activities
Net cash provided by operating activities totaled ¥1,779 million (net cash used in operating activities
totaled ¥3,450 million in the same period of the previous fiscal year). This is mainly due to profit before
tax of ¥3,658 million and income taxes paid of ¥2,155 million.
Cash Flows from Investing Activities
Net cash provided by investing activities totaled ¥61 million (up 503.3% year on year). This is
primarily due to proceeds from withdrawal of time deposits ¥95 million.
Cash Flows from Financing Activities
Net cash used in financing activities totaled ¥1,952 million (net cash provided by financing activities
totaled ¥4,876 million in the same period of the previous fiscal year )This mainly reflects ¥8,742 million
in the repayments of non-current borrowings and ¥1,009 million in cash dividends paid, despite ¥7,981
million in proceeds from non-current borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the three months ended February 28, 2017 basically remained stable asplanned and there is no change on the full-year consolidated earnings forecasts, announced on January 11,
2017.
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, 2016
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, 2017

21,640,866
3,531,880
67,298,309
121,444

21,529,928
3,969,805
66,707,794
27,10892,592,501

92,234,637

3,595,898
21,728,740
96,612
1,441,167
1,235,065
557,392
28,9143,560,522
21,819,727
89,3091,371,074
1,178,750
432,290
28,914

28,683,790

28,480,589

121,276,292

120,715,227

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

2,955,289
9,387,249
1,859,183
450,030

3,572,046
6,207,196
718,950
158,178

Total current liabilities

14,651,752

10,656,372

4,349,965
60,772,064
413,376
79,0493,924,817
63,204,074
423,102
19,086

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

65,614,455

67,571,080

80,266,208

78,227,452

6,421,392
6,418,823
28,120,304
49,562

6,421,392
6,430,024
29,558,628
77,72941,010,083

42,487,774

121,276,292

120,715,227

(2) Condensed Consolidated Statement of Comprehensive Income(¥ thousand)Three months ended
February 29, 2016

Three months ended
February 28, 2017

Revenue

13,527,209

14,677,393

Cost of revenue

7,346,946

9,187,899

Gross profit

6,180,262

5,489,493

Selling, general and administrative expenses

2,137,822

1,791,178

Other income

130,191

147,287

Other expenses

45,13017,581

Operating profit

4,127,501

3,828,021

Finance income

30,49132,853Finance costs

243,181

202,091

Profit before tax

3,914,810

3,658,783

Income tax expense

1,303,514

1,158,212

Profit for the period

2,611,296

2,500,571

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(19,602)

286

(606)

16,225

Net change in fair values of cash flow hedges(1,257)

11,655

Subtotal(21,466)

28,166

Other comprehensive income for the period, net oftax(21,466)

28,166

2,589,830

2,528,738

2,611,296

2,500,571

2,589,830

2,528,738

54.08

51.79

–

–

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 29, 2016 (December 1, 2015 – February 29, 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, 2016

Three months ended February 28, 2017 (December 1, 2016 – February 28, 2017)(¥ thousand)Other
components ofequityTotal equity

28,120,304

49,56241,010,083－

2,500,571－

2,500,571－－－

28,16628,166

Total comprehensive income
for the period－－

2,500,571

28,1662,528,738

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

Share-based payment－

11,200－－

11,2006,421,392

6,430,024

29,558,628

77,72942,487,774

Share capital

Capital reserves

Retainedearnings

6,421,392

6,418,823

Profit for the period－

Other comprehensive income

Balance at December 1, 2016

Balance at February 28, 201710

(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 29, 2016

Three months ended
February 28, 2017

3,914,810
75,4693,658,783
94,280(191,893)(267,470)(30,491)
243,181(32,853)
202,091(123,505)－
4,308
923,839(7,785,042)
590,861(55,792)－
89,352609,676(345,820)
17,645

SubtotalInterest and dividend income received
Income taxes paid

(2,310,747)
30,490(1,169,929)

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

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

1,779,446－(9,301)(8,846)(2,740)(70)

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

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
assetsCollection of loans receivable
Proceeds from purchase of investments in
subsidiaries resulting in change 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
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

－

－
7,153

－

84,07118

18

31,150－－39,32818－

10,22961,711

283,700
11,383,000(5,769,397)(772,816)(246,458)(1,701)35,2007,981,000(8,742,029)(1,009,932)(215,718)(913)

4,876,325(1,952,393)

1,436,367
18,791,081(111,235)
21,640,866(5,465)297

20,221,983

21,529,928

(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 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

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)

3,828,021

Other

Adjustment

Total

Revenue

Total
Segment profit or loss
Finance income/costs, net(169,237)

Profit before tax

3,658,783

12

2. Dividends
Dividends paid in the three months ended February 29, 2016 and February 28, 2017are as follows:
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

Three months ended February 28, 2017
Resolution

Dividends per share(¥)

Ordinary General Meetingof Shareholders held on
February 24, 2017

Total dividends(¥ thousand)

22

1,062,248

Record date

Effective dateNovember 30, 2016

February 27, 2017

3. Earnings per ShareThree months ended
February 29, 2016
Profit attributable to owners of the parent

Three months ended
February 28, 2017(¥ thousand)

2,611,296

2,500,571

Weighted average number of outstanding ordinary shares(shares)

48,284,000

48,284,000

54.08

51.79

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 are not presented because there were no potential shares that have dilutive effects.

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

13