Note:

Please note that this document is a Japanese-English translation of the summary of the official announcement inJapanese “Kessan Tanshin” for reference purposes only.

Summary of Consolidated Financial Results
For the Fiscal Year Ended September 30, 2014 〔Based on Japanese GAAP〕
November 13, 2014
Open House Co., Ltd.
Tokyo Stock Exchange, First section
3288
http://openhouse-group.com/ir
Masaaki Arai, President and CEO
December 25, 2014
December 26, 2014
December 26, 2014
Yes
Yes （for institutional investors and analysts, in Japanese)

Company name:
Stock exchange listings:
Code Number:
URL:
Representative:
Scheduled date of annual general meeting of shareholders :Scheduled date of dividends:
Scheduled date of annual securities report filing:
Supplementary materials for financial results:
Results briefing meeting :(Million yen, rounded down)

1.

Consolidated Financial Results for the fiscal year ended September 30, 2014
(October 1, 2013 to September 30, 2014)(1) Consolidated Operating Results
Revenue
Million yen(% figures indicate year-on-year change)

Operating income%Million yen

Ordinary income%

FY 2014112,145
15.6
13,74635.0
FY 201396,99955.710,185
82.0(Note) Comprehensive income: From October 1, 2013 to September 30, 2014
From October 1, 2012 to September 30, 2013
EPS

Diluted EPS
YenNet income

Million yen%

Million yen

12,882
40.3
7,763
9,179
103.3
5,661
¥7,763 million ( 38.1%)¥5,623 million (123.0%)

ROE

Operating income
MarginROA

Yen

%

%

37.1
124.3%%FY 2014275.50270.57
23.2
14.4
12.3
FY 2013287.82245.56
25.2
13.6
10.5
(Reference) Equity in net income of affiliated companies: As of September 30, 2014:¥ － million
As of September 30, 2013:¥ － million(Note) The Company split one share of common stock into 1,000 shares effective June 28, 2013, EPS and Diluted EPS arecalculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.
(2) Consolidated Financial Position
Total assets
September 30, 2014
September 30, 2013
(Reference) Shareholders’ equity:

Million yen

100,577
78,069As of September 30, 2014:
As of September 30, 2013:(3) Consolidated Cash Flows
Cash flows fromoperating activities
FY 2014
FY 2013

Net assets
Million yen

Equity ratio

37,04729,963¥37,047 million¥29,963 million

Cash flows frominvesting activities

Million yen

Million yen△11,382
4,219△2,620△463

Net assets per share%

36.8
38.4

Cash flows fromfinancing activities
Million yen

12,495
12,696

Yen

1,290.84
1,069.17

Cash and cash
equivalents at FY end
Million yen

24,42625,850Open House Co., Ltd. (3288)

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2.

Dividends
Annual dividends per share

FY 2013
FY 2014
FY 2015 (Forecast)3.

Dividend on
Total dividends Payout ratio
equity(Consolidated)(Annual)(Consolidated)

1Q-end2Q-end3Q-end

Year-end

Total

Yen
―――

Yen
0.00
0.00
0.00

Yen―――

Yen
25.00
40.00
40.00

Yen
25.00
40.00
40.00

Million yen
700
1,148

2Q (Cumulative)
Full year%
2.7
3.4

12.6

Forecast of Consolidated Operating Results for FY2015(October 1, 2014 to September 30, 2015)
Revenue%
8.7
14.5(% figures indicate year-on-year change)

Operating income

Ordinary income

Net income

EPS

Million yen%

Million yen%

Million yen%

Million yen%

Yen

64,000145,000

16.4
29.3

6,200
15,700△ 18.014.2

5,600
14,500△ 20.812.6

3,5009,100△ 16.717.2

121.95317.07*Notes:(1) Significant changes in consolidated subsidiaries during the period(Changes in specific subsidiaries resulting in a change in the scope of consolidation):
None(2) Changes in accounting policies, changes of accounting estimates, and revisions and restatementsⅰ) Changes in accounting policies in accordance with changes in accounting principles: Noneⅱ) Changes in accounting policies other than the above:
Noneⅲ) Changes in accounting estimates:
Noneⅳ) Revisions and restatements:
None(3) Number of shares issued and outstanding (common stock)ⅰ) Number of shares issued at period-end (including treasury stock)
September 30, 2014: 28,700,000 shares
September 30, 2013: 28,025,000 sharesⅱ) Treasury stock at period-end
September 30, 2014:― shares
September 30, 2013:― sharesⅲ) Average number of shares issued
September 30, 2014: 28,180,000 shares
September 30, 2013: 19,668,562 shares(Note) The Company split one share of common stock into 1,000 shares effective June 28, 2013. Number of sharesissued above is calculated on the assumption that the stock split was conducted at the beginning of theprevious fiscal year.

[Reference] Non-Consolidated Financial Results for the fiscal year ended September 30, 2014
(October 1, 2013 to September 30, 2014)(1) Non-Consolidated Operating Results
Revenue
FY 2014
FY 2013Million yen

5,728
4,704

(% figures indicate year-on-year change)

Operating income
%

21.7
12.2

EPS

Ordinary income%

1,817
1,314

38.3
20.2

Million yen

2,186
1,432

Net income%

52.7
△18.5

Million yen

1,371882%

55.5
△26.5

Diluted EPSYen

FY 2014
FY 2013

Yen

48.68
44.86

(2) Non-Consolidated Financial Position
Total assets
September 30, 2014
September 30, 2013
(Reference) Shareholders’ equity:

Million yen

Million yen

47.81
38.46
Net assets

15,941
15,223As of September 30, 2014:
As of September 30, 2013:

Million yen

14,26013,562¥14,260 million¥13,562 million

Equity ratio

Net assets per share%

89.5
89.1

Yen

496.87483.93* Notes regarding forward-looking statements:
Consolidated business forecasts are based on assumptions from information available to management at the time ofdisclosure and those deemed to be reasonable.
Actual results may differ significantly from forecast due to various unpredictable reasons.
Open House Co., Ltd. (3288)

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Consolidated Financial Statements1）Consolidated Balance Sheets(Million yen)

End of FY 2013
(September 30, 2013)

End of FY 2014
(September 30, 2014)

AssetsCurrent assets
Cash and cash equivalents

26,077

26,426

Accounts receivable, trade
Real estate for sale

276
6,928

256
9,541

Real estate for sale in process
Operating loans

35,8024,700

53,826
5,076

Deferred tax assets
Other674
1,916

906
2,248

Allowance for doubtful accounts△89△8676,286

98,196

Total current assets
Fixed asset
Tangible fixed assets
Buildings and structures

390563

Accumulated depreciation

△173

△186

Buildings and structures, net

216

376

38

206

329
△268

438
△301

Land
Other
Accumulated depreciation
Other, net

60

137

Total tangible fixed assets

315

720

Intangible fixed assets
Investments and other assets

205

161

Investment securities
Deferred tax assets

133
18242
19

Other

1,075

1,214

Total investments and other assets

1,227

1,476

1,748

2,358

33

23

33

2378,069

100,577

Total fixed assets
Deferred assets
Bond issuance cost
Total deferred assets
Total assets

Open House Co., Ltd. (3288)

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(Million yen)

End of FY 2013
(September 30, 2013)

End of FY 2014
(September 30, 2014)

Liabilities
Current liabilities
Accounts payable
Short-term loans payable

2,561
15,2533,640
24,721

Current portion of long-term loans payable
Current portion of bonds

7,271
1,380

7,097
440

Income taxes payable
Advances received

2,812
2,876

3,579
3,114

Guarantee deposits received
Provision for bonuses

1,488
442

1,503581

Provision for warranties for completed construction
Other286
1,2813581,232

Total current liabilities

35,65546,269Long-term liabilities
Bonds payable

400

730

11,944―

16,41845

Provision for retirement benefits
Net defined benefit liability

9―

―
10

Other

96

56

12,45017,261

48,10563,530Shareholders’ equity
Capital stocks

3,972

3,982

Capital surplus
Retained earnings

5,873
20,1595,883
27,222

Total shareholders’ equity

30,00537,088Long-term loans payable
Deferred tax liabilities

Total long-term liabilities
Total liabilities
Net assets

Other comprehensive income
Net unrealized holding gains/losses on securities
Foreign currency translation adjustment
Accumulated other comprehensive income
Total net assets
Total liabilities and net assets

511△46△53△41△4129,963

37,04778,069100,577

Open House Co., Ltd. (3288)

4|2）Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Million yen)

FY2013(From October 1, 2012
to September 30, 2013)

FY2014(From October 1, 2013
to September 30, 2014)

Revenue

96,999112,145

Cost of revenue

79,997

91,150Gross profit

17,001

20,994

Selling, general and administrative expenses

6,816

7,248

Operating income

10,185

13,746

Non-operating income
Interest income

28

Dividends income
Rentals received

012

124

Foreign exchange gain
Insurance income

257
7119
18

Other

37

9

Total non-operating income

318

180

Interest expenses
Commission

895
263

794
129

Other

165

120

Non-operating expenses

Total non-operating expenses
Ordinary income

1,324

1,044

9,179

12,8820―

Extraordinary income
Gain on sales of fixed assets
Total extraordinary income

0―

Income before income taxes and minority interests

9,180

12,882

Income taxes-current
Income taxes-deferred

3,753
△234

5,312
△194

Total income taxes

3,518

5,118

Income before minority interests

5,661

7,763

Net income

5,661

7,763

Open House Co., Ltd. (3288)

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Consolidated Statements of Comprehensive Income(Million yen)

FY2013(From October 1, 2012
to September 30, 2013)
Net income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities

FY2014(From October 1, 2013
to September 30, 2014)

5,661

7,763

76

Foreign currency translation adjustment△45△6Total other comprehensive income

△370

5,623

7,763

5,623

7,763

Comprehensive income(Breakdown)Comprehensive income attributable to shareholders’of the parent

Open House Co., Ltd. (3288)

6|3）Consolidated Statements of Changes in Shareholders' Equity

FY2013 (From October 1, 2012 to September 30, 2013)(Million yen)

Shareholders’ equity

Balance at October 1, 2012

Capital stock

Capital surplus

241

24

3,730

3,730

Retainedearnings

Treasury stock

Total shareholders’equity△224

15,013

14,971

Change of items during the period
Issuance of new shares

7,461

Dividends from surplus

△473

△473

Net income

5,661

5,661

Disposal of treasury stock

2,118

224

2,342

Net changes of items other thanshareholders’ equity
Total changes of items during theperiod

3,730

5,849

5,187

224

14,991

Balance at September 30, 2013

3,972

5,873

20,159－30,005

Valuation difference
Total accumulated
Foreign currency
on available-for-saleother comprehensive
translation adjustment
securities
incomeTotal net assets

Accumulated other comprehensive income

Balance at October 1, 2012

△2△1△315,010

Change of items during the period
Issuance of new shares

7,461

Dividends from surplus△473

Net income

5,661

Disposal of treasury stock

2,342

Net changes of items other thanshareholders’ equity
Total changes of items during theperiod
Balance at September 30, 2013

7△45△37△377△45△3714,953

5△46△4129,963

Open House Co., Ltd. (3288)

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FY2014(From October 1, 2013 to September 30, 2014)(Million yen)

Shareholders’ equity

Balance at October 1, 2013

Capital stock

Capital surplus

3,972

5,873

1010

Retainedearnings

Treasury stock

Total shareholders’equity－30,005

20,159Change of items during the period
Issuance of new shares

20Dividends from surplus

△ 700

△ 700

Net income

7,763

7,763

Disposal of treasury stock
Net changes of items other thanshareholders’ equity
Total changes of items during theperiod
Balance at September 30, 2014

1010

7,062-

7,083

3,982

5,883

27,222-37,088

Accumulated other comprehensive income

Balance at October 1, 2013

Valuation difference
on available-for-salesecurities

Foreign currencytranslation
adjustment

Total accumulated
other comprehensiveincome

Total net assets

5△ 46△ 4129,963

Change of items during the period
Issuance of new shares

20Dividends from surplus△ 700

Net income

7,763

Disposal of treasury stock
Net changes of items other thanshareholders’ equity
Total changes of items during theperiod
Balance at September 30, 2014

6△6006△607,083

11△ 53△ 41

37,047

Open House Co., Ltd. (3288)

8|4）Consolidated Statements of Cash Flows(Million yen)

FY2013(From October 1, 2012
to September 30, 2013)
Cash flow from operating activities
Net income before income taxes and minority interests
Depreciation and amortization
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties for completed
construction
Increase (decrease) in net defined benefit liability
Interest and dividends income
Foreign exchange losses (gains)
Interest expense
Depreciation of bond issuance cost
Stock issuance cost
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Decrease (increase) in operating loans

FY2014(From October 1, 2013
to September 30, 2014)

9,180
146

12,88214793△4138△9△0△39671―△310△9△243895△88794

28
3824―

△100

18△3,038△20,595

473

1,079

△163837△376
237

Other, net△78△197

15△394

Subtotal

7,957△6,056

Interest and dividends received

2△930

5△790

△2,810△4,541

4,219△11,382△155△2,000165△108150△493△40△100△13△101

△168
△90―
△189

Other, net

63△2940△13Net cash used in investing activities△463△2,620Increase (decrease) in advances received
Increase (decrease) in guarantee deposits received

Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchases of tangible fixed assets
Purchases of intangible fixed assets
Purchases of investment securities
Payment of investment in capital of subsidiaries and affiliates
Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits

Open House Co., Ltd. (3288)

9|(Million yen)

FY2013(From October 1, 2012
to September 30, 2013)

FY2014(From October 1, 2013
to September 30, 2014)

Cash flows from financing activities
Proceeds from short-term loans payable

36,83645,944

Repayment of short-term loans payable
Proceeds from long-term loans payable△35,601
20,239△36,477
19,496

Repayment of long-term loans payable
Proceeds from issuance of corporate bonds△18,834
1,105△15,196
786

Payments for redemption of bonds
Proceeds from issuance of common stock

△100
7,324

△1,410――202,342△473―△700

Proceeds from issuance of shares resulting fromexercise of subscription rights to shares
Proceeds from sales of treasury stock
Cash dividends paid
Other, net△14232Net cash provided by (used in) financing activities

12,696

12,495

118

83

16,570△1,424

9,279

25,85025,85024,426

Open House Co., Ltd. (3288)

10 |Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of theperiod
Cash and cash equivalents at the end of the period

5） Segment and Other Information
1. The reportable segments of the Group comprise those business units for which separate financial information isavailable, and which are subject to a regular review conducted by the Company’s Board of Directors in order todetermine the allocation of management resources and evaluate their performance.
The Group is comprised of the three reportable segments of “Real Estate Brokerage,”“Real Estate Sales” and “RealEstate financing”.
2.

Income by reportable segments is calculated based on operating income.

3.

Information about net sales, profit or loss, assets, liabilities and other items by reportable segment

Previous fiscal year FY2013 (October 1, 2012 to September 30, 2013)(Million yen)

Reportable Segment
Real EstateBrokerage

Real Estate Real Estate
Sales
Financing

Adjustments(Note 1)

Total

Amount Recorded on
Consolidated
Statements of Income(Note 2)

Revenue
Revenue from Outside
Customers
Intersegment revenueand transfers

2,551

94,082365

96,999－96,9992,153－

42,157△ 2,157－

4,704

94,082369

99,156△ 2,157

96,999Segment Income (Loss)

1,464

8,678

160

10,303△ 118

10,185

Segment Assets

2,004

60,091

5,187

67,283

10,78578,069385649946

146

6855

32

157

34

191

Total

Other items
Depreciation andamortization
Increases in property,
plant and equipment andintangible assets(NOTE)
１. Adjustment:
1) Adjustment of -¥118 million for segment income includes intersegment elimination of ¥32 million and corporate
expenses of -¥150 million that is not distributed to the reportable segments.
Corporate expenses are primarily general and administrative expenses that do not belong to the reportable segments.
2) Adjustment of ¥10,785 million for segment assets includes intersegment elimination of -¥869 million and corporateexpenses of ¥11,655 million that is not distributed to the reportable segments.
Corporate assets mainly consist of cash and cash equivalents, funds for long-term investment (investment securities),and assets of the administration division not attributable to reportable segments.
3) Adjustment in depreciation and amortization consists of depreciation and amortization of corporate assets.
4) Adjustment of increases in tangible fixed assets and intangible fixed assets consists of increases of tangible andintangible fixed assets related to corporate assets.
2.

Segment income has been adjusted to operating income described in consolidated statements of income.

Open House Co., Ltd. (3288)

11 |Reporting fiscal year FY2014 (October 1, 2013 to September 30, 2014)
Reportable Segment
Real Estate
Brokerage

Adjustments

Real Estate Real Estate
Sales
Financing

Total(Note 1)

（Million yen）
Amount Recorded on
Consolidated
Statements of Income(Note 2)

Revenue
Revenue from Outside
Customers
Intersegment revenueand transfers

3,007

108,760

376

112,145

2,720--2,720△ 2,720-

5,728

108,760

376

114,865△ 2,720

112,145

Segment Income (Loss)

1,987

11,71816813,874△ 128

13,746

Segment Assets

2,513

85,8395,328

93,681

6,895

100,577

41

62

7111

35147

141

325

-

467

277

745

Total

112,145

Other items
Depreciation andamortization
Increases in property,plant and equipment andintangible assets(NOTE)
１. Adjustment:
1) Adjustment of -¥128 million for segment income includes intersegment elimination of ¥42 million and corporate
expenses of -¥170 million that is not distributed to the reportable segments.
Corporate expenses are primarily general and administrative expenses that do not belong to the reportable segments.
2) Adjustment of ¥6,895 million for segment assets includes intersegment elimination of -¥1,062 million and corporate
expenses of ¥7,958 million that is not distributed to the reportable segments.
Corporate assets mainly consist of cash and cash equivalents, funds for long-term investment (investment securities),and assets of the administration division not attributable to reportable segments.
3) Adjustment in depreciation and amortization consists of depreciation and amortization of corporate assets.
4) Adjustment of increases in tangible fixed assets and intangible fixed assets consists of increases of tangible andintangible fixed assets related to corporate assets.
2.

Segment income has been adjusted to operating income described in consolidated statements of income.

Open House Co., Ltd. (3288)

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