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 Second Quarter Ended September 30, 2014 〔Based on Japanese GAAP〕

Company name:
Stock exchange listings:
Code Number:
URL:
Representative:
Scheduled date of quarterly securities report filing:
Supplementary materials for quarterly financial results:
Quarterly results briefing meeting :May 15, 2014
Open House Co., Ltd.
Tokyo Stock Exchange, First section3288
http://openhouse-group.com/irMasaaki Arai, President and CEO
May 15, 2014
Yes
Yes （for institutional investors and analysts, in Japanese)(Yen in millions, rounded down)

1.

Consolidated Financial Results for the Second Quarter Ended September 30, 2014
（October 1, 2013 to March 31, 2014）(1) Consolidated operating results (Year-to-date)
Revenue
Operating income
Millions of yen

FY 2014 2Q
FY 2013 2Q(Note) Comprehensive income:% Millions of yen% Millions of yen

Net income% Millions of yen

54,993
54.2
7,557
224.7
7,072
259.8
35,669－2,327－
1,965－
From October 1, 2013 to March 31, 2014 ¥4,203 million (237.3%)
From October 1, 2012 to March 31, 2013 ¥1,246 million ( －%)EPS

FY 2014
FY 2013(Note)(% figures indicate year-on-year change)

Ordinary income%

230.2
－

Diluted EPS
Yen
150.00
67.26

2Q
2Q

4,203
1,272

Yen
146.52－

1. Though consolidated financial statements for the second quarter ended September 30 2013 were not prepared based on the Financial
Instruments and Exchange Act, the figures for the second quarter ended September 2013 and the percentage change from the same
period for the second quarter ended September 2014 are presented for reference.
2. The Company split one share of common stock into 1,000 shares effective June 28, 2013, EPS is calculated on the assumption that thestock split was conducted at the beginning of the previous fiscal year.
3. Diluted EPS for the second quarter ended September 2013 is not shown since the shares were not listed, thus a stock averagecalculation is not possible.

(2) Consolidated Financial Position
Total assets
March 31, 2014
September 30, 2013
(Reference) Shareholders’ equity:

2.

Millions of yen

Net assets
Millions of yen

Equity ratio

86,91833,46678,06929,963As of March 31, 2014:¥33,466 million yen
As of September 30, 2013: ¥29,963 million yen

%

38.5
38.4

Dividends

Annual dividends per share (Yen)
2Q-end3Q-endYear-end
Total
FY 20130.00－25.0025.00－FY 2014－0.00
FY 2014 (Forecast)－35.0035.00(Note) Change to the latest dividend forecast announced:
None
Breakdown for dividends of FY2014 (Forecast) Common dividend: ¥30.00 Commemorative dividend: ¥5.00
1Q-endOpen House Co., Ltd. (3288)

1|3.

Forecast of Consolidated Operating Results for FY2014(October 1, 2013 to September 30, 2014)(% figures indicate year-on-year change)

Revenue
Millions of yen

Operating income%

Millions of yen%

Ordinary income
Millions of yen

Full year
115,000 18.6
13,700 34.5
(Note) Change to the latest consolidated results forecast announced:

Net income% Millions of yen

12,600 37.3
None

7,700

EPS%

36.0

Yen

274.75*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) Adoptions of special accounting methods in presentation of quarterly financial statements: Yes(3) Changes to 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(4) Number of shares issued and outstanding (common stock)ⅰ) Number of shares issued at period-end (including treasury stock)
March 31, 2014: 28,025,000 shares
September 30, 2013: 28,025,000 sharesⅱ) Treasury stock at period-end
March 31, 2014:― shares

September 30, 2013:― sharesⅲ) Average number of shares issued (cumulative consolidated quarterly periods)
March 31, 2014: 28,025,000 shares
March 31, 2013:
18,925,000 shares(Note) The Company split one share of common stock into 1,000 shares effective June 28, 2013. Number of shares
above is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscalyear.

* Notes regarding forward-looking statements:
Consolidated business forecasts are based on assumptions from information available to management at the time of disclosureand 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 Quarterly Financial Statements1）Consolidated Quarterly Balance Sheets(Yen in millions, rounded down)(Millions of yen)

End of FY 2013
(September 30, 2013)

End of FY 2014 2Q(March 31, 2014)

AssetsCurrent assets
Cash and cash equivalents
Accounts receivable, trade

26,077276

21,656
195

Real estate for sale
Real estate for sale in process

6,928
35,802

7,451
48,592

Operating loans
Other

4,700
2,591

4,728
2,401

Allowance for doubtful accounts△89△8976,286

84,936

315
205

397
178

Investments and other assets

1,227

1,381

Total fixed assets

1,748

1,957

Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets

Deferred assets

33

24

78,06986,918

Accounts payable
Short-term loans payable

2,561
15,253

2,701
22,936

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

7,271
1,380

5,982340

Income taxes payable
Reserves

2,812729

2,889826

Other

5,646

5,202

Total current liabilities

35,65540,878400
11,944500
11,987996

976

12,45012,573

48,10553,452

Total assets
Liabilities
Current liabilities

Long-term liabilities
Bonds payable
Long-term loans payable
Reserves
Other
Total long-term liabilities
Total liabilities

Open House Co., Ltd. (3288)

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(Millions of yen)

End of FY 2013
(September 30, 2013)

End of FY 2014 2Q(March 31, 2014)

Net assets
Shareholders’ equity
Capital stocks

3,972

3,972

Capital surplus
Retained earnings

5,873
20,1595,873
23,662

Total shareholders’ equity

30,00533,508Other 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

57△46△48△41△4129,963

33,46678,06986,918Open House Co., Ltd. (3288)

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

2Q ended September 30, 2014
(From October 1, 2013
to March 31, 2014)
Revenue

54,993

Cost of revenue

44,053Gross profit

10,940

Selling, general and administrative expenses

3,382

Operating income

7,557

Non-operating income
Interest income

4

Dividends income
Foreign exchange gain

050

Other

26

Total non-operating income81

Non-operating expenses
Interest expenses
Commission

410
86

Other

69

Total non-operating expenses

566

Ordinary income

7,072

Income before income taxes and minority interests

7,072

Income taxes-current

2,868

Income before minority interests

4,203

Net income

4,203Open House Co., Ltd. (3288)

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Consolidated Quarterly Statements of Comprehensive Income(Millions of yen)

Net income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities

2Q ended September 30, 2014
(From October 1, 2013
to March 31, 2014)
4,203
1

Foreign currency translation adjustment△2Total other comprehensive income△0Comprehensive income

4,203(Breakdown)Comprehensive income attributable toshareholders’ of the parent

4,203Open House Co., Ltd. (3288)

6|3）Consolidated Quarterly Statements of Cash Flows（Millions of yen）

2Q ended September 30, 2014
(From October 1, 2013
to March 31, 2014)
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Increase (Decrease) in allowance for doubtful accounts
Increase (Decrease) in reserves
Interest and dividends income
Foreign exchange gain or loss
Interest expense
Decrease (Increase) in notes and accounts receivable-trade
Decrease (Increase) in inventories
Increase (Decrease) in notes and accounts payable-trade
Increase (Decrease) in loans receivable

7,07264097△4△4241080△13,300
140△28Other△243Subtotal△5,752

Interest and dividends received
Interest paid

2△397

Income taxes paid

△2,783

Net cash provided by (used in) operating activities△8,931

Cash flows from investing activities
Decrease in time deposits
Increase in time deposits
Purchase of tangible fixed assets△2,000150

Purchase of intangible fixed assets△13Purchase of investment securities△101

Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits
Other

△8527
△6Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term loans payable
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds△122△2,15025,035△17,352
5,974△7,220294△1,240Cash dividends paid
OtherNet cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents△700
544,844

Net increase (decrease) in cash and cash equivalents△6,193

Cash and cash equivalents at beginning of period

25,850Cash and cash equivalents at end of period

19,65644

Open House Co., Ltd. (3288)

7|4） Notes to Consolidated Quarterly Financial Statements(Notes on Going Concern Assumptions)Not applicable.
(Notes on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable.
(Segment and Other Information)
The second quarter of the fiscal year ended September 30, 2014 (October 1, 2013 to March 31, 2014)
Information relating to the amounts of revenue, income and loss by reportable segment

Reportable Segment（Millions of yen）
Amount Recorded onAdjustments Consolidated Quarterly(Note 1)
Statements of Income

Real Estate
Brokerage

Real Estate
Sales

Real Estate
Financing

Revenue from Outside
Customers

1,373

53,429190

54,993―54,993

Intersegment revenue andtransfers

1,198――

1,198△1,198

―

Total

2,572

53,429190

56,192△1,19854,993

840

6,705

76

7,622

△64

7,557

Total

(Note 2)

Revenue

Segment Income (Loss)(NOTE)
１. Adjustment of -¥64 million for segment income includes intersegment elimination of ¥18 million and corporate
expenses of -¥83 million that is not distributed to the reportable segments. Corporate expenses are primarily generaland administrative expenses that do not belong to the reportable segments.
2.

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

Open House Co., Ltd. (3288)

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