This is an English translation of the official announcement in Japanese that was released on October 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 Nine Months of the Fiscal Year Ending November 30, 2017
<IFRS>
October 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: No

TSE / SGX
http://www.toseicorp.co.jp/english/+81-3-3435-2865
October 11, 2017 (scheduled)―
Yes

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

Consolidated Financial Results for the Nine Months Ended August 31, 2017
(December 1, 2016 – August 31, 2017)(1) Consolidated Operating Results (cumulative)
Nine months ended
August. 31, 2017
Nine months ended
August. 31, 2016

Nine months ended
August. 31, 2017
Nine months ended
August. 31, 2016

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

Revenue(¥ million)(%)

Operating profit(¥ million)(%)

41,978

7.3

9,080

2.9

8,521

3.9

5,755

7.0

39,139

41.7

8,823

65.8

8,203

72.9

5,379

76.4

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

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

5,755

7.0

5,769

5,379

76.4

5,333

Basic earnings
per share

Diluted earnings
per share
(¥)

(¥)

8.2

119.20－62.2

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

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

122,644

45,75045,75037.3

121,276

41,01041,01033.8

Total assets

As ofAugust. 31, 2017
As ofNovember. 30, 2016

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, 2016–
Fiscal year ending November 30, 2017–
Fiscal year ending November 30, 2017
(Forecast)
Note: Revision to the most recently released dividend forecasts: No

–
–

0.00
0.00

Total
(¥)

22.00

22.00

25.00

25.00

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 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, 2017
48,284,000 shares
As of November. 30, 2016
48,284,000 shares(b) Number of treasury shares at the end of the period
As of August. 31, 2017–
As of November. 30, 2016–(c) Average number of outstanding shares during the period (cumulative)
Nine months ended August. 31, 2017
48,284,000 shares
Nine months ended August. 31, 2016
48,284,000 shares* These Consolidated Financial Results are not subject to quarterly review procedures.
* 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 4 of theattached 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 ....................................................................... 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, 2017, the Japanese economy experienced continued
improvements in the employment and income environment in Japan and is expected to continue amoderate recovery, although it is necessary to keep in mind factors such as the outlook for China and otheremerging economies, impact of volatility in financial and capital markets, and growing geopolitical risks.
In the real estate industry where the Tosei Group operates, domestic real estate transactions by listedcompanies and other such entities which had been in a declining trend since the first half of the fiscal year
ended March 31, 2016 started to rise in the second half of the fiscal year ended March 31, 2017, reaching¥4,108.2 billion for the fiscal year ended March 31, 2017, an increase of 0.5% year on year. The number ofinvestors moving forward with sales of their real estate holdings increased against the backdrop ofcontinuing favorable investing demand and rising real estate prices, resulting in a growing supply of
properties to the market and the recovery trend in real estate transactions (according to a survey by a
private research institute).
In the Tokyo metropolitan area condominium market, the number of units sold from January to July
2017 increased 2.2% year on year to 18,156. The average contract rate for the first month during the same
period remained slightly below the 70% threshold from which market conditions are viewed as favorable
due to signs of a partial slump in sales caused by persistently high sales prices; however, the contract rate
for July 2017 stood at 71.9%.
In the Tokyo metropolitan area build-for-sale detached house market, housing starts in the first half of2017 rose 5.3% year on year to 30,622. Demand for comparatively inexpensive detached houses iws
strong and is expected to remain firm going forward (according to a survey by a private research instituteand the Ministry of Land, Infrastructure, Transport and Tourism).
The office leasing market of Tokyo’s five business wards has been performing strongly against the
backdrop of office expansion by corporate entities due to business expansion and the demand forrelocation to the central Tokyo area and newly built buildings aimed at securing exceptional humanresources. The vacancy rate in July 2017 declined 0.7 percentage points year on year to 3.2%, and theaverage asking rent was ¥18,916 per tsubo (1 tsubo = 3.3m2), a 3.5% increase year on year. Concerns overa worsening vacancy rate due to the impact from the upsurge in supply of large-scale office buildings
anticipated from 2018 are likely to be minimal, and the office leasing market is expected to remain firm
going forward, supported by favorable office demand (according to a survey by a private research institute).
The real estate securitization market is continuing to grow. In the REIT market in June 2017, the total
value of assets under management was ¥16.1 trillion in J-REITs and ¥2.2 trillion in private placement
REITs, while the combined total value of assets under management in J-REITs and private placement
REITs increased 11.2% year on year to ¥18.4 trillion. If the total value of assets under management inmajor private placement funds of ¥15.6 trillion, as of December 2016, is included, the overall market scale
stands at ¥34 trillion, and is expected to continue to expand going forward (according to a survey by a
private research institute).
As a result, consolidated revenue for the nine months ended August 31, 2017 totaled ¥41,978 million(up 7.3% year on year), operating profit was ¥9,080 million (up 2.9%), profit before tax was ¥8,521
million (up 3.9%), and profit for the period was ¥5,755 million (up 7.0%).
Performance by business segment is shown below.
Revitalization Business
During the nine months ended August 31, 2017, the segment sold 45 properties it had renovated,
including The Square Seiseki-sakuragaoka Building (Tama-shi, Tokyo), Kuramochi Building First(Sumida-ku, Tokyo), Kameido Tosei Building (Koto-ku, Tokyo), T‘s garden Urayasu (Urayasu-shi, Chiba),T‘s garden UrayasuⅡ (Urayasu-shi, Chiba), Kamiosaki 3-chome Building (Shinagawa-ku, Tokyo), Onoecho 6-chome Building (Yokohama-shi, Kanagawa) and Kishino Building (Toshima-ku, Tokyo).
In addition, the segment sold 38 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 nine months ended August 31, 2017, it also acquired a total of 37 income-generating office2

buildings and apartments and six land lots for renovation and sales purposes.
As part of the acquisition, our company acquired KS Properties Corporation, company holds income
properties mainly in Suginami-ku, Tokyo, through M&A transaction and converted it into consolidated
subsidiaries.
As a result, revenue in this segment was ¥29,286 million (up 46.8% year on year) and the segment profit
was ¥7,309 million (up 84.4% year on year).
Development Business
During the nine months ended August 31, 2017, the segment focused on the sale of detached houses, forwhich there was firm demand. The segment sold 84 detached houses at such properties as THE Palms
Court Kashiwa Hatsuishi (Kashiwa-shi, Chiba), THE Palms Court Koshigaya Lake Town (Koshigaya-shi,
Saitama) and THE Palms Court Kamakura-Shiromeguri (Kamakura-shi, Kanagawa).
During the nine months ended August 31, 2017, it also acquired a land lot for hotel project, a land lot for
condominium project, a land lot for rental apartment project and land lots for 24 detached housings.
As a result, revenue in this segment was ¥3,498 million (down 68.8% year on year) and the segment loss
was ¥310 million (in comparison with segment profit of ¥3,703 million in the same period of the previous
fiscal year).
During the nine months ended August 31, 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 nine months ended August 31, 2017, while the segment sold 27 buildings of its inventory
assets held for leasing purposes, it newly acquired 28 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 ¥4,600 million (up 20.3% year on year) and the segment profit
was ¥1,935 million (up 11.1%).
Fund and Consulting Business
During the nine months ended August 31, 2017, while ¥21,577 million was subtracted from the balanceof assets under management (Note), due mainly to property dispositions by funds, ¥94,394 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 August 31, 2017, was ¥521,003 million. The acquisition of such large projectcontracts increased asset management fees and contributed to revenue.
As a result, revenue in this segment was ¥2,129million (up 24.5% year on year) and the segment profit
was ¥1,070 million (up 44.3%).
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, 2017, the segment worked to win new contracts and maintainexisting contracts. Consequently, the total number of properties under management was 652 as of August
31, 2017, an increase of 73 properties from August 31, 2016, with that total comprising 389 officebuildings, hotel, schools and other such properties, and 263 condominiums and apartments.
As a result, revenue in this segment was ¥2,462 million (up 13.2% year on year) and segment profit was¥212 million (up116.4%).
Other
For the nine months ended August 31, 2017, there was no revenue in this segment (compared to arevenue of ¥270 million in the same period of the previous year). The segment profit was ¥0 million (incomparison with segment loss of ¥22 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, 2017, total assets were ¥122,644 million, an increase of ¥1,368 million compared with
November 30, 2016, while total liabilities were ¥76,893 million, a decrease of ¥3,372 million.
Increase in total assets were primarily due to increase in investment properties. Decrease in liabilities
were due to decrease in borrowings.
Total equity increased by ¥4,740 million to ¥45,750 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, 2017, totaled ¥23,342 million, increasedby ¥1,701million compared with November 30, 2016.
The cash flows for the nine months ended August 31, 2017 and factors contributing to those amounts
are as follows:
Cash Flows from Operating Activities
Net cash provided by operating activities totaled ¥5,363 million (net cash used in operating activities
totaled ¥1 million in the same period of the previous fiscal year). This is mainly due to profit before tax of¥8,521 million, as well as an increase in income taxes paid of ¥3,554 million.
Cash Flows from Investing Activities
Net cash provided by investing activities totaled ¥410 million (net cash used in investing activities
totaled ¥6,274 million in the same period of the previous fiscal year). This is mainly due to ¥1,085 million
in payments of loans receivable, ¥1,272 million in payments of investment properties and proceeds fromloans receivable of ¥2,760 million
Cash Flows from Financing Activities
Net cash used in financing activities totaled ¥4,073 million (net cash provided by financing activities
totaled ¥9,589 million in the same period of the previous fiscal year). This is mainly due to ¥21,903
million in the repayments of non-current borrowings and ¥1,061 million in cash dividends paid, despite¥21,150 million in proceeds from non-current borrowings.
(3) Qualitative Information Regarding Consolidated Earnings Forecasts
The business results during the nine months ended August 31, 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.

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(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
Total non-current assets

As of August 31, 2017

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

23,342,594
2,669,278
67,538,816
26,61992,592,501

93,577,308

3,595,898
21,728,740
96,612
1,441,167
1,235,065
557,392
28,914

3,539,047
22,782,024
81,871
1,373,042
883,321379,294
28,914

28,683,790

29,067,516

121,276,292

122,644,825

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

3,602,320
5,980,634
923,981250,652

Total current liabilities

Total assets

14,651,752

10,757,588

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

4,349,965
60,772,064
413,376
79,0493,840,838
61,826,549
449,694
19,160Total non-current liabilities

65,614,455

66,136,243

80,266,208

76,893,831

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

6,421,392
6,452,424
32,813,546
63,629Total Liabilities
EquityShare capital
Capital reserves
Retained earnings
Other components of equity
Total equity
Total liabilities and equity

6

41,010,083

45,750,993

121,276,292

122,644,825

(2) Condensed Consolidated Statement of Comprehensive Income(¥ thousand)Nine months ended
August 31, 2016

Nine months ended
August 31, 2017

Revenue
Cost of revenue

39,139,416
24,920,553

41,978,288
27,884,108

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

14,218,863
5,326,917
201,341
270,105

14,094,180
5,195,378
203,037
20,980Operating profit
Finance income
Finance costs

8,823,182
62,546682,398

9,080,858
76,767
635,981

Profit before tax
Income tax expense

8,203,330
2,824,329

8,521,644
2,766,154

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

5,379,001

5,755,489(34,142)6,826(9,153)(6,083)(2,196)

13,324

Subtotal
Other comprehensive income for the period, net oftax
Total comprehensive income for the period(45,492)

14,067(45,492)

14,067

5,333,508

5,769,556

Profit attributable to:
Owners of the parent

5,379,001

5,755,489

Total comprehensive income attributable to:
Owners of the parent

5,333,508

5,769,556

111.40119.20－－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, 2016 (December 1, 2015 – August 31, 2016)(¥ thousand)Other
components ofequityTotal equity

23,327,875

105,228

36,228,378－

5,379,001－

5,379,001－－－(45,492)(45,492)

Total comprehensive income
for the period－－

5,379,001(45,492)

5,333,508

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

Share-based payment－

32,724－－32,724

6,421,392

6,406,605

27,934,333

59,73540,822,067

Share capital

Capital reserves

6,421,392

6,373,881

Profit for the period－

Other comprehensive income

Balance at December 1, 2015

Balance at August 31, 2016

Retainedearnings

Nine months ended August 31, 2017 (December 1, 2016 – August 31, 2017)(¥ thousand)Other
components ofequityTotal equity

28,120,304

49,56241,010,083－

5,755,489－

5,755,489－－－

14,067

14,067

Total comprehensive income
for the period－－

5,755,489

14,067

5,769,556

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

Share-based payment－

33,601－－33,601

6,421,392

6,452,424

32,813,546

63,62945,750,993

Share capital

Capital reserves

6,421,392

6,418,823

Profit for the period－

Other comprehensive income

Balance at December 1, 2016

Balance at August 31, 20178

Retainedearnings

(4) Condensed Consolidated Statement of Cash Flows(¥ thousand)Nine months ended
August 31, 2017

Nine months ended
August 31, 2016
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

8,203,330
244,535

8,521,644
289,665(130,536)(149,574)(62,546)
682,398(76,767)
635,981(123,505)－
5,436
88,949(6,562,541)(221,645)(124,415)

SubtotalInterest and dividends income received
Income taxes paid
Net cash from (used in) operating activities
Cash flows from investing activities
Payments into time deposits
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 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－(358,925)(68,938)
123,134
48,835

2,122,964
61,897(2,186,413)

8,841,551
76,767(3,554,759)(1,550)5,363,558(45,000)－(37,469)(1,695,354)(15,160)(80,250)
80,452－95,000(13,062)(1,272,601)(6,963)(50,166)
7,619－

84,071(1,260,000)
54(1,085,000)
2,760,056(3,286,137)(159,328)

64,000－－39,32837

12,032

Net cash from (used in) investing activities(6,274,825)

410,983

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(10,600)
29,048,800(17,982,036)(771,458)(688,761)(6,034)(1,575,800)
21,150,850(21,903,138)(1,061,250)(681,691)(2,461)

Net cash from (used in) financing activities

9,589,908(4,073,491)

3,313,532
18,791,081

1,701,051
21,640,866(6,620)676

22,097,993

23,342,594

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, 2016
(December 1, 2015 – August 31, 2016)(¥ thousand)Reportable Segments
Revitalization Development
Business
Business

RentalBusiness

Fund andConsulting
Business

Property
Management
Business

Other

Revenue from externalcustomers

19,946,219

11,211,309

3,825,255

1,711,203

2,174,627

270,800－

39,139,416

Intersegment revenue－－

31,413

21,277754,700

836(808,227)－

19,946,219

11,211,309

3,856,668

1,732,480

2,929,328

271,637(808,227)

39,139,416

3,963,177

3,703,230

1,741,568

742,061

98,346(22,116)(1,403,086)

8,823,182

Adjustment

Total

Revenue

Total
Segment profit or loss
Finance income/costs, net(619,851)

Profit before tax

8,203,330

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

10

2. Dividends
Dividends paid in the nine months ended August 31, 2016 and August 31, 2017 are as follows:
Nine months ended August 31, 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

Nine months ended August 31, 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 share
Nine months ended
August 31, 2016
Profit attributable to owners of the parent

Nine months ended
August 31, 2017(¥ thousand)

5,379,001

5,755,489

Weighted average number of outstanding ordinary shares(shares)

48,284,000

48,284,000

111.40119.20

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 nine months ended August 31,2017.
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.

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