Sun Frontier Fudousan Co., Ltd

Financial Results for the Second Quarter of
Fiscal Year Ending March 31, 2024
We are aiming to be the most appreciatedvisionary company in the world.

1） Overview of the Results of FY2024/3 2Q

P. 1 - 92） Business Environment Awareness and Performance Progress

P.10 - 16

3） Initiatives for Medium- to Long-Term GrowthP.17 - 19

4） Business Progress and Initiatives

P.20 - 27

5） Medium-term Management Plan

P.28 - 34

6） Philosophy and Sustainability

P.35 - 40

7） Business Model

P.41 - 48

8） Reference Materials

P.49 - 55

November 9, 2023
Securities Code : 8934

Overview of the Results of FY2024/3 2Q
Office Business made progress more than planned. Hotel and Tourism Businessremained strong due to the expansion of domestic demand and the recovery of
inbound demand. As a result, both net sales and profit increased.

(Unit: million yen)

Results

ProfitmarginYear-on-year

Growth rate

Forecast

Achievement

rate

Net sales

48,998－+13,664+38.7%

83,00059.0%

Operating profit

12,022

24.5％+3,977+49.4%

16,50072.9%

Ordinary profit

11,94424.4％+3,909+48.7%

16,00074.7%

Profit*

8,463

17.3％

+3,094+57.7%

11,00076.9%*The profit attributing to owners of parent.

Performance Highlights• Regarding Real Estate Revitalization Business, the sale of properties progressed ahead of schedule.
As a high profitable business remaining a high level of profit margin, it has been a strong driver of
the Group’s performance.
• Regarding Real Estate Service Business, Rental Conference Room Business remained strong by
expanding new sites and floor space, and all businesses grew steadily.
• Regarding Hotel and Tourism Business, Hotel Operation Business contributed to the Group’s
performance due to both occupancy rate and average daily rate improved as demand for domestic
tourism expanding and inbound tourism recovered.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

1

Sun Frontier Fudousan Co., Ltd

Consolidated Income Statement(Unit: million yen)

Net Sales
Real Estate Revitalization Business
Replanning Business
Rental Buildings Business

Real Estate Service Business
Hotel and Tourism Business
Hotel Development Business
Hotel Operation, etc

Other Business
Adjustments

Gross Profit (Loss)
Real Estate Revitalization Business
Replanning Business
Rental Buildings Business

Real Estate Service Business
Hotel and Tourism Business
Hotel Development Business
Hotel Operation, etc

Other Business
Adjustments

Selling, General and
Administrative Expenses
Operating Profit (Loss)
Non-operating Income
Non-operating Expenses
Ordinary Profit (Loss)
ProfitFY2023/3
Apr. - Sep.

FY2024/3
Apr. - Sep.

YoY increase/
YoY change rate
decrease

35,333
26,25525,255
1,000
4,367
4,553
0
4,553
620
-463
11,798
9,618
9,391
226
2,557
-203
0
-203
110
-284

48,99831,98430,728
1,256
5,172
11,329
5,270
6,059
996
-484
16,357
10,161
9,873
287
2,914
3,432
2,200
1,232
155
-306

+13,664

38.7％+5,72921.8％+5,473

21.7％

+256

25.6％

3,753
8,044
271
281
8,035
5,368

+805

18.4％

+6,776148.8％+5,270ー+1,506

33.1％

+376

60.7％

-21

ー

+4,558

38.7％

+543

5.6％

+482

5.1％

+61

27.0％

+357

14.0％

+3,635ー+2,200ー+1,435

ー

+45

40.5％

-22

ー

4,334

+580

15.5％

12,022
193
271
11,944
8,463+3,97749.4％-78-28.8％-10-3.6％+3,90948.7％+3,094

57.7％

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

2

Keynotes of Income Statement<Real Estate Revitalization Business>
The total number of sales was 14 (included 1 in New York) in
FY2024/3 2Q which is the same as year-on-year. However, thescale of properties increased, and the sales of small-lot realestate property was on progress, both net sales and profit
increased.

<Real Estate Service Business>
Performance was driven by Rental Conference Room Business,
which performance was strong due to the expand of new sites
and continued high occupancy, and the Property Management
Business, which both net sales and profit increased due to anincrease in number of entrusted buildings.

<Hotel and Tourism Business>
The sale of hotel was completed in FY2024/3 1Q. In
addition, net sales and profit increased in hotel operation
business due to the expansion of domestic demand and therecovery of inbound demand which improved theoccupancy rate and average daily rate.
<Selling, General and Administrative Expenses>
Increased year on year due to the investment in humancapital (including training) and in systems as planned.
Sun Frontier Fudousan Co., Ltd

Consolidated Balance Sheet- Assets -<Cash and deposits> Increased by 5.0 billion yen as the sale of Replanning properties progressed ahead of schedule.
<Inventory assets>

Increased by 2.1 billion yen as the purchase of Replanning properties and constructions progressed overthe sale.

(Unit: million yen)

Current assets
Cash and deposits
Inventories
Breakdown) RP

Hotel
Overseas, etc.

Other current assets
Non-current assets
Property, plant andequipment
Intangible assets
Investments and otherassetsTotal assets

As of End of
March 2022

As of End of
March 2023

As of End of
September 2023

Increase/decrease(compared to the End of
March 2023)

110,92030,05377,340125,886
42,01680,182

132,923
47,11082,329+7,037+5,094+2,14763,42470,32774,641+4,314

13,516

9,750

7,527

-2,223

400

105

161

+56

3,527
25,591

3,688
26,633

3,484
26,691-203+57

18,796

20,41020,705

+294

572

815

887

+72

6,222

5,406

5,097

-308

136,512

152,519

159,615+7,095

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

3

Sun Frontier Fudousan Co., Ltd

Consolidated Balance Sheet- Liabilities/Equity -<Interest-bearing debt> Decreased by 1.3 billion yen as the repayment from sales were higher than the
borrowings from purchases. Short-term borrowings temporary increased due to theincrease of loan repaid within one year.
<Shareholders’ equity> Increased by 7.2 billion yen due to the profit (8.4 billion yen), etc., despite thepayment of dividends (-1.2 billion yen).

(Unit: million yen)

Current liabilities
Short-term borrowings, etc.
Income taxes payable
Other current liabilities
Non-current liabilities
Long-term borrowings and bonds payable
Other non-current liabilities
Total liabilities
Shareholders' equity
Other
Total net assets

Total liabilities and net assets

As of End of
March 2022

As of End of
March 2023

16,210
6,904
3,528
5,777
45,84944,1691,680
62,06071,2603,191
74,452
136,512

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

16,363
5,492
1,699
9,172
52,19050,1702,019
68,55380,4303,535
83,965
152,519
4

Changes of Equity Ratio
As of End of
March 2022

As of End of
March 2023

As of End of
September
2023

52.2%

52.9%

55.4%

As of End of
September 2023

(compared to End of March 2023

21,186
9,668
3,060
8,456
46,59444,648
1,946
67,78187,7284,105
91,833
159,615+4,822+4,176+1,361-715-5,595-5,522-72-772+7,298+569+7,868+7,095

Increase/decrease

Sun Frontier Fudousan Co., LtdPerformance for Each Business Segment

Real Estate Revitalization Business (Replanning and Rental Buildings)<Replanning Business>◼ The number of sales was 14 (included 1 in New York). Steadyprogress has also been made in the structuring of small-lot
products. Both net sales and profit increased YoY. Segment profit
margin maintained a high level of 30%.
◼ Average business period was 514 days (-116 days YoY). Shorten
the business period and keep strengthening purchasing activity
made the stocks at the end of Fiscal Year increased.
FY2023/3
Apr. – Sep.

FY2024/3
Apr. – Sep.

Increase/decrease

26,25531,984+21.8%

Replanning Business

25,25530,728+21.7%

Rental Building Business

1,000

1,256

+25.6%

Segment profit (Note 1)

9,181

9,543

+4.0%

Replanning Business

8,954

9,256

+3.4%

226

287

+27.0%

35.0%

29.8%

-5.1%pt

Replanning Business

35.5%

30.1%

-5.3%pt

Rental Building Business

22.6%

22.9%

+0.3%pt

14 cases48 (Notecases
2)

14 cases
60 (Notecases
2)+0 cases(Unit: million yen)

Net sales

Rental Building BusinessProfit margin

Number of properties soldNumber of stocks at the end of 2Q

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

(million yen)

40,000Net sales
売上高
Segment profit
セグメント利益
Profit margin
利益率

80%
31,98430,00060%
26,25520,000

40%

35.0%
29.8%

10,000

9,181

9,543

0

20%

0%
FY2023/3
2023/3期
Apr.-Sep.
4-9月期

FY2024/3
2024/3期
Apr.-Sep.
4-9月期+12 cases(Note 1) “Segment profit” is calculated by deducting specific costs of each segment, includinginterest expenses, sales commission and amortization of goodwill from gross profit.
(Note 2) Land purchase and development projects are included.

5

Sun Frontier Fudousan Co., LtdPerformance for Each Business Segment

Real Estate Revitalization Business
FY2023/3
Apr. –Sep.

FY2024/3
Apr. – Sep.

Increase/decrease

Number of properties purchased

15 cases

31 cases+16 cases(of which, contracted and unsettled)

4 cases

4 cases

0 cases

Purchase amount

24,82030,920+6,100(of which, contracted and unsettled)

15,8406,000-9,840<Replanning Business>(Unit: million yen)

Purchasing of properties is still being enhanced andwas 30.9 billion yen (including contracted but
unsettled properties), which is 6.1 billion yen
increased YoY, closing to the level of the previous
fiscal year.

(million yen)

40,00036,82236,281

38,28632,86030,92027,60030,000At the end of

FY2020/3 2Q
24,22020,000At the end of

FY2018/3 2Q
19,074At the end of

At the end of

FY2023/3 2Q
24,82015,036FY2019/3 2Q
18,145At the end of

FY2022/3 2Q
15,94010,000At the end of

FY2021/3 2Q
6,520

18/3期
FY2018/3

19/3期
FY2019/3

FY2020/3
20/3期

21/3期
FY2021/3

22/3期
FY2022/3

23/3期
FY2023/3

24/3期2Q
FY2024/3
2Q

Note : Includes properties in non-current assets, small-lot real estate properties and New York properties.

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

6

Sun Frontier Fudousan Co., LtdPerformance for Each Business Segment

Real Estate Services Business(Property Management, Building Maintenance,
Sales Brokerage, Leasing Brokerage,
Rental Conference Room, Rent Guarantee, etc.)<Property Management and Building Maintenance>◼ In PM Business, net sales and profit increased due to an increase in number(million yen)of entrusted buildings.
6,000◼ In BM Business, net sales increased but profit decreased due to thedecrease of disinfection work and the increase of costs in personnel.

<Brokerage>◼ In leasing brokerage, net sales and profit increased due to an increase in
the number of leasing brokerage at entrusted properties.
◼ Sales brokerage remained steady despite a decline in reaction to the largescale contracts in the previous year.

Net sales
売上高
Segment profit
セグメント利益
Profit margin
利益率

5,172

5,000

4,000

3,000
◼ Along with the recovery in demand, the increase in the number ofoperating areas through expanding new sites and floor space contributed tothe increase in both net sales and profits.
2,000<Rent Guarantee>(Unit: million yen)

FY2023/3
Apr. – Sep.

FY2024/3
Apr. – Sep.

58.4%

56.1%

60%

2,902
2,551
40%

20%

1,000

Increase/decrease

Net sales

4,367

5,172

+18.4%

Segment profit

2,551

2,902

+13.8%

Profit margin

58.4%

56.1%

-2.3%pt

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

80%

4,367

<Rental Conference Room>◼ Net sales almost kept year-on year. The net sales of the core business,
Trust Guarantee Business, increased.

100%

7

0%

0

FY2023/3
2023/3期
Apr.-Sep.
4-9月期

FY2024/3
2024/3期
Apr.-Sep.
4-9月期(Note 1) “Segment profit” is calculated by deducting specific costsof each segment, including interest expenses, sales commission andamortization of goodwill from gross profit.
Sun Frontier Fudousan Co., LtdPerformance for Each Business Segment

Hotel and Tourism Business (Hotel Development, Hotel Operation, etc.)<Hotel Development Business>◼ Completed the sale of hotel property in 1Q as scheduled, which
contributed to the performance significantly.
◼ Land acquisition are progressing in Hakone and Atami. Other
plans of hotel development are also on progress in other areas.

(million yen)

Net sales
売上高
Segment profit
セグメント利益
Profit margin
利益率

14,00070%
11,32912,000<Hotel Operation Business>◼ Significant increase in both net sales and profit due to theincrease in occupancy rate and average daily rate as a result of
the continued expansion of domestic demand and recovery of
inbound demand.

60%

10,000

50%

8,000

40%
30.0%

6,000

30%

FY2023/3
Apr. – Sep.

FY2024/3
Apr. – Sep.

Increase/decrease

4,553

11,329+148.8%

Hotel Development Business

0

5,270

－

Hotel Operation Business, etc.

4,553

6,059

+33.1%

Segment profit

-334

3,397

－

Hotel Development Business

-61

2,165

－

Hotel Operation Business, etc.

-273

1,232

－

Profit margin

－

30.0%

－

Hotel Development Business

－

41.1%

－

Hotel Operation Business, etc.

－

20.3%

－

(Note 1) “Segment profit” is calculated by deducting specific costsof each segment, including interest expenses, sales commission andamortization of goodwill from gross profit.

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

8

Sun Frontier Fudousan Co., Ltd(Unit: million yen)

Net sales

4,553
4,000

3,397

20%

2,000

10%

0

0%
▲-334
334

-2,000-10%
FY2023/3
2023/3期
Apr.-Sep.
4-9月期

FY2024/3
2024/3期
Apr.-Sep.
4-9月期

Performance for Each Business Segment

Other Business (Construction Business, Overseas Development Business, etc.)
Net
sales
売上高

(million yen)<Construction Business>◼ Net sales and profit increased due to the increase of orders
and smooth construction .

1,200

Segment
profitセグメント利益

利益率
Profitmargin996

1,000<Overseas Development Business>

30%◼ Continue to focus on arranging new project in Vietnam.

800

20%
620

600
14.0%
(Unit: million yen)

FY2023/3
Apr. – Sep.

FY2024/3
Apr. – Sep.

400

Increase/decrease

Net sales

620

996

+60.7%

200

Segment profit

86

131

+51.6%

0

Profit margin

14.0%

13.2%

13.2%

-0.8%pt

10%

86

131
0%

FY2023/3
2023/3期
Apr.-Sep.
4-9月期

FY2024/3
2024/3期
Apr.-Sep.
4-9月期(Note 1) “Segment profit” is calculated by deducting specific costsof each segment, including interest expenses, sales commission andamortization of goodwill from gross profit.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

9

Sun Frontier Fudousan Co., Ltd

Business Environment Awareness andPerformance Progress

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

10

Sun Frontier Fudousan Co., Ltd

Business Environment Awareness1. There are concerns about a slowdown in the global economy due to slowing growth in China, geopolitical risks,
and the impact of monetary tightening.
◆IMF lowered its growth forecast for China, and the world's real GDP by 0.1%pt to 2.9% in 2024.
◆Both FRB and ECB refrained from raising interest rates. The policy of raising interest rates to control inflation
is at a turning point.
2. As Japanese economy is expected to recover through economic normalization, the impact in increasing thedepreciation of the yen and the prices rise.
◆As the Bank of Japan allowed long-term interest rates over 1%, the rates is rising, but the depreciation of theyen becomes normal due to the interest rate differentials with other countries.
◆In addition to the activation of social and economic activities by the relaxation of restrictions, the recovery of
inbound demand is remarkable.

3. In the office building market of central Tokyo, demand is returning while hybrid work styles taking hold.
◆The average vacancy rate of central Tokyo offices remained flat, and the average rents continued to decline
moderately due to an increase in the number of new-completed buildings.
◆Foreign investors are eager to invest in Japanese real estate due to the depreciation of the yen, but there is aconcern of interest rates rising.
4. The market of hotel and tourism are active as the remarkable recovery of domestic and inbound demand.
◆In addition to a recovery in domestic tourism demand, inbound demand also improved by the depreciation of
the yen, so occupancy rates and average daily rates are increasing.
◆As the rapid recovery of tourism demand, it is necessary to deal with labor shortages and over tourism.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

11

Sun Frontier Fudousan Co., LtdTrends in Ordinary Profit for recently
5 fiscal years
Made progress ahead of schedule in 2Q. More-than-planned progress
toward achievement of earnings forecasts.
(million yen)

1Q

20,000

2Q

3Q

4Q
Initial forecast

16,127
15,00012,813
Initialforecast
11,80010,000Initialforecast
14,00014,722
2,830

12,215

1,067

2,255

3,002

1,284

7,524

321

6,366

2,008
1,345

962
1,178

Cumulative results in
FY2024/3 2Q

11,944232
2,698

Initialforecast
6,500

3,997

5,000

Initialforecast
11,500Initialforecast
12,80016,000

7,760

9,758
3,432

7,277

6,690

4,747

4,184
1,952

0
FY2019/3
19/3期

FY2020/3
20/3期

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2021/3
21/3期

12

FY2022/3
22/3期

FY2023/3
23/3期

FY2024/3
24/3期
2Q
2Q
Sun Frontier Fudousan Co., Ltd

Progress against Forecast for FY2024/3
In 2Q, sales of office properties proceeded ahead of schedule and the performance of Hotel
Operation Business remained strong. The progress rate of ordinary profit reached 74.7%.
(Unit: million yen)

Results for
FY2023/3

Forecast for
FY2024/3

2Q Results for
FY2024/3

Progress Rate

82,77783,00048,99859.0％

50,06655,10031,98458.0％

47,9952,070

53,0002,100

30,728
1,256

58.0％
59.8％

8,843
22,967

10,00016,9005,172
11,32951.7％

13,5009,467

5,400
11,500

5,270
6,059

97.6％
52.7％

1,788

1,860

996

53.5％

-887

-860

-484

56.3％

Gross profit

22,80525,30016,35764.7％(1) Real Estate Revitalization Business

16,122

16,40010,16162.0％

15,722399

15,900
500

9,873
287

62.1％
57.4％

4,898
1,907

5,400
3,800

2,914
3,432

54.0％

1,506
400

2,200
1,600

2,200
1,232

100.0％
77.0％

337

400

155

38.8％

-461

-700

-306

43.7％

8,800
16,0004,334
11,944

49.3％

Ordinary profit

7,900
14,722

Profit11,612

11,000

8,463

76.9％

Net sales(1) Real Estate Revitalization Business
Replanning
Rental building(2) Real Estate Service Business(3) Hotel and Tourism Business
Hotel Development Business
Hotel Operation Business, etc.

(4) Other
Adjustments

Replanning
Rental building(2) Real Estate Service Business(3) Hotel and Tourism Business
Hotel Development Business
Hotel Operation Business, etc.

(4) Other
Adjustments

Selling, general and administrative expenses

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

13

67.0％

90.3％

74.7％

Sun Frontier Fudousan Co., LtdTrends in Stock Business Net Sales
In addition to the steady growth in Real Estate Service Business,the performance contribution of Hotel Operation Business also increased.
Initial forecast（million of yen）

25,00025,460

ホテル運営
Hotel
Operation+ 10.5%23,049

不動産サービスReal
Estate Service
不動産賃貸収入Real
Estate Rent
20,000+ 47.4%

その他
Others

11,50010,68015,632
15,00014,518+ 24.5%

12,557Compare withinitial forecast

5,137

57.0% progress

2,071

7,129

10,00010,000
6,413

8,844
7,154

5,000

5,172
2,460

0

Cumulative results in
FY2024/3 2Q

2,100

2,124

2,071

1,613

1,217

1,454

1,256
961

FY2021/3
21/3期
Results
実績

FY2022/3
22/3期
Results
実績

FY2023/3
23/3期
Results
実績

FY2024/3
24/3期
2Q
2Q

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

14

1,860

Sun Frontier Fudousan Co., LtdTrends in Inventories and Gross Profit
of Property Sales
To generate future profit, we improve to invest aggressively and increase inventories.

Sales of properties

FY2024/3(Forecast)

56.1

45.1 billion yen

56.5 billion yen

61.5 billion yen

58.4 billion yen

33.1 billion yen

39.2 billion yen

44.2 billion yen

40.3 billion yen

billion yen

37.3
billion yen

Keepholding

Affected by COVID-19, both net
sales and purchase decreased,
and causing the decrease of
the balance of inventories .

30.5 billion yen
77.3 billion yen

Keepholding

Although COVID-19 prolonged,
sales were good. Started refocusingon purchases, but the balanceof inventories declined.

RP 15.8 billion yen
Hotel 1.5 billion yen

28.1%
47 billion yen
80.1 billion yen
Sales remained strong.
The results of strengthening
purchase emerged, leading to
the increase of the balanceof inventories .

Keepholding18.1 billion yen
RP 15.9 billion yen
Hotel 2.2 billion yen

30.9%
55.2~60.2 billion yen
95~100 billion yen
Plan to sell the properties more thanthe previous year. Aggressively invest topurchase and aiming to increase thebalance of inventories .

Ending balance for FY2024/3(Forecast)Gross profit margin(Assumed)

Net sales (Assumed)

Unrealized gains on inventories(Assumed)

95~100 billion yen

25~30%

125~140 billion yen

30~40 billion yen

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

15

Carryover86 billion yen

30.6%

17.3 billion yen

Sale in the following fiscal year

billion yen

Keepholding

RP 16.6 billion yen
Hotel 0.7 billion yen

Carryover

91.7

27.4 billion yen

17.3 billion yen

CarryoverEnding balance of theinventory

54.7
billion yen

26.6%
CarryoverPurchases during the
fiscal year, construction
work, etc.

33.5%

RP 9.2 billion yen
Hotel 2.8 billion yen

Sale in the following fiscal year

Gross profit margin

12 billion yen

Sale in the following fiscal year

billion yen

Sale in the following fiscal year

18.8

Gross profit

Sale during the year

FY2023/3(Results)

Sale during the year

FY2022/3(Results)

Sale during the year

FY2021/3(Results)

Sale during the year

Cost of property sales

FY2020/3(Results)

Sun Frontier Fudousan Co., Ltd

円

円

円

Shareholder Return (Interim Dividends)
Basic Policy for Shareholder Return①Strive to provide long-term and stable shareholder return②Secure investment funds for future growth③Maintain the stability of financial baseTrends in Dividends per Share
After FY2012/3, with the exception of keeping
dividend in FY2021/3, we have continued toincrease dividend for 11 years

52.0
yen
計
52.0円
(forecast)

48.0
yen
計
48.0円
42.0円
42.0
yen

42.0円
42.0
yen

38.5円
38.5
yen

Dividends
Dividends 25.0 yen
23.0 yen

33.5円
33.5
yen
30.0円
30.0
yen

円

計
44.0円
44.0
yen

Dividends
26.0 yen(forecast)

25.0円
25.0
yen

円
13.5円
13.5
yen

Interim
Dividends

16.5円
16.5
yen

Interim
Dividends
Interim26.0 yen
Dividends 23.0 yen
21.0 yen

8.5円
8.5
yen

円
3.5円
3.5
yen

円
FY2012/3
12/3期 FY2013/3
13/3期 FY2014/3
14/3期 FY2015/3
15/3期 FY2016/3
16/3期 FY2017/3
17/3期

FY2018/3
18/3期 FY2019/3
19/3期 FY2020/3
20/3期

21/3期

FY2022/3
22/3期 FY2023/3
23/3期 FY2024/3
24/3期※Interim dividend from FY ended March 2022

Effective Date of Interim Dividends: Tuesday, December 5, 2023
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

16

Sun Frontier Fudousan Co., Ltd

Initiatives for Medium- to Long-Term
Growth, Business Progress and Initiatives

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

17

Sun Frontier Fudousan Co., LtdPurpose of Business Alliance and Fundraising
Accelerating growth through business alliance and financing with Advantage
Advisors
Partnership that share thecore philosophy
Support for growth

Looking after every employee andpursue the happiness of both mind andmatter. At the same time, realizing arich and sustainable society with aheart of co-creation.

Business Allianceand FundraisingIssuance of convertible bonds

Maintain the strong competitiveness of thecompanies in which the fund invests anddevelop them into the company achieving
sustainable growth while contributing to theresolution of global environmental and social
issues.

Contribute to the realization of a sustainable society through our business activities.
● Outline and specific use of funds
Type

Convertible bonds with shareacquisition rights

Maturity

5 years

Scheduledissuance date

October 6, 2023

Convertible
period5 years after the payment due date However, In

Amount offunds to beacquired

Approximately 10 billion yen

Bond interest
rate

Conversion
price
0%

In principle, convertible (exercisable) only when exceeding
120% of the conversion price (exercise price) However, thisshall not apply to cases such as any conversion (exercise)after the end of the business alliance period.

principle, non-convertible for 1 year after the payment due
dateSpecific use of funds

AmountAcquisition of land in conjunction withnew hotel development and construction
work investment

Approx. 8
billion yen

M&A funds primarily for the hotel
development business and construction
business

Approx. 2
billion yen

1,554 yen per share

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

18

Sun Frontier Fudousan Co., Ltd

Business Growth Example
Aiming to accelerate growth andincrease corporate value throughpromoting each project

350

Effects ofBusiness
Alliance

300

250

Trend inordinary profits

20.0

200

14.7

16.0

150

100

(billion yen)
50

23/3期
FY2023/3
Actualresults

FY2024/3
24/3期
Forecast

25/3期
FY2025/3
Mid-termmanagement
plan (target)

・・・ through business
・・・・・・
Promoting projects
alliance

Note: This page contains forward-looking figures that may significantly differ from actual results due to various risks and uncertainties.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

19

Sun Frontier Fudousan Co., LtdReplanning Business, An Example of Initiatives (1)Converted an old business hotel closed due to COVID-19 pandemic into an office building
BeforeThe old front desk space is renovated into a wide entrance with a calm color
tone.

After

BeforeAfter

Converted the dark capsule hotel with low ceilings into a well-lit office.

BeforeAfter[Appearance after replanning](right photo)
Taito, Taito-ku, Tokyo
Steel structure, 11 stories
On the upper floors, there are small offices* meeting the needs of venture companies.
Purchase

RP

Management

Leasing

Sale

Warranty

Bathroom

Value up by renovating the exteriorwall with small windows and darkrooms into a bright building with allglass curtain walls.

CommonloungePrivate room

BathroomEV

LoungeStaircase

Teleconference booth

SmallofficeConference
room

Small
officeSmalloffice*A small office is an office with private rooms for a small number of people and also with plenty of common
areas such as lounge, conference room, teleconference booths, etc.

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

20

Sun Frontier Fudousan Co., LtdReplanning Business, An Example of Initiatives (2)Create an office where people want to come to work that stimulates communicationand improves productivity.
BeforeBefore[Appearance after replanning]
Kudanminami, Chiyoda-ku, Tokyo
Steel reinforced concrete structure,
7 stories

Purchase
Management
Sale

Contribute to activating
communication, strengthening
recruitment and reducing
turnover through a hybrid
work style of telework andworking in the office.

After

After

After

After

RP
Leasing
Warranty

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

21

Sun Frontier Fudousan Co., Ltd

Specified Joint Real Estate Ventures

Promote Sales of Small-lot Real Estate Property
Provide small-lot real estate properties with the theme of education and medical in the residential area
Compass Nerima
at 23 wards of Tokyo.
Now on Sale

23 wards of Tokyo

In line with SDGs and ESG investments, including
eliminating the problems of children waiting foradmission and promoting women’s activities.

NerimaPrimary structuring completed in 2Q.
Secondary structuring scheduled in 4Q.

Taito

Setagaya

A new construction licensed nursery school in
Nerima-Takanodai, Tokyo
3-15-1 Takanodai, Nerima-ku, Tokyo
8 minutes walk from Nerima-Takanodai station
on Seibu Ikebukuro Line
2 storey wooden building
513.00 square meters for total floor area

5 citiesof central
Tokyo

Number of Investors in Small-Lot Real Estate Property390(people)400
Sold out inMarch 2023.
Licensed
nursery school

Ota
Sold out inAugust 2021.

311
300

167

200
100

29

licensed nurseryschool66

0

FY2020/3
20/3期

Sold out inNovember 2022
medical andeducational mall

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2021/3
21/3期

FY2022/3
22/3期

FY2023/3
23/3期

FY2024/3
24/3期2Q
2Q

Sales network (tax accountants and financial institutions) is over 185 companies.
We are expanding and aiming to reach over 200 companies.

22

Sun Frontier Fudousan Co., Ltd

Real Estate Service Business Continues to Expand
Its Customer Base
Increase the clients of Real Estate Service Business, which specializes in the central Tokyo area,and strengthens the business base.
【Property Management entrusted property distribution】(buildings)
600

Trends of the Number of Entrusted Buildings in Property
Management Business

500
400
300

333

362

372

373

392

397

421

457

476

276

200

100

District0
FY2015/3 FY2016/3 FY2017/3 FY2018/3 FY2019/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3 FY2024/3
2Q(cases)

3,000
2,000

1,290

1,642

2,035

2,370

2,658

2,989

3,099

3,261

3,563

3,752

OthersExcept for 23
7%
wards 1%

Chiyoda-ku
25%■ 5 cities of central
Tokyo 79%

Other 23 wards

13%

Chuo-ku
19%

Shinjuku-ku
9%Shibuya-ku Minato-ku
14%
12%

1,000
0
FY2015/3 FY2016/3 FY2017/3 FY2018/3 FY2019/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3 FY2024/3
2Q
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Entrusted properties of the Company【Percentage of new contracts of Rent Guarantee by area】

Trends of the Number of Rent Guarantee Contracts

4,000

P

23

■ Other Tokyo 14%
Total of 93% in Tokyo* As of March 31, 2023 : 749 new contracts

Sun Frontier Fudousan Co., LtdConference Room Rental Business

Strong Performance at New Sites
Continuing Opening New Sites Actively
The demand for repeat corporate customers has been increasing, making the occupancy
rate good. New sites opened in Shinjuku in November, in Shinbashi in February.
◆Sites of new open and expand
Vision Center Tokyo
Nihonbashi

Openedon Sep. 1

Vision Center Shinjuku
Minds Tower
Best location directly
connected to Shinjuku
StationVision Center Yokohama

Expandedon Sep. 1

Operating area
220 tsubo

Vision Center Shinjuku
Minds Tower

Scheduled to open
on Nov. 16

Vision Center Shinbashi

Scheduled to open
on Feb. 14, 2024

Vision Center
Shinbashi
3-minute walk from
Shimbashi Station

Location of
the sites(million of yen)

Opoerating area
390 tsubo(tsubo)◆Trends of Net sales for Conference Room Business and Operating area of Vision Center

3,000

10,000Net
sales (left axis)
売上高（左軸）2,500

Operatingarea (right axis)
運営面積（右軸）

2,000

1,842

6,500

8,000
6,000

1,279

1,500
1,000
500

720
410

1,200

1,162

917
1,500

3,000

FY2019/3
19/3期

FY2020/3
20/3期

1,289

4,400

1,461

3,400

3,400

FY2021/3
21/3期

FY2022/3
22/3期

4,000
2,000

600

0

0
FY2017/3
17/3期

FY2018/3
18/3期

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

24

FY2023/3
23/3期

FY2024/3
2Q
24/3期2Q

Sun Frontier Fudousan Co., Ltd

Office Building Business Keep in High Profitability● Replanning Business maintains high profit margin

As the core business in our group, Replanning
Business keeping a high profitability.

（million of yen）
70,00040.0%

60,000

27.8%

30.0%

28.2%

32.4%

31.2%

29.2%

50,000

35.0%
30.0%

24.3%

22.1%

売上高
Net
profit 40,000

30.1%

31.1%

25.0%
20.0%

30,000セグメント
Segment
profit
利益セグメント
Segment
margin利益率

15.0%

20,00010.0%

10,000

5.0%

0

0.0%
FY2015/3
15/3期

FY2016/3
16/3期

FY2017/3
17/3期

FY2018/3
18/3期

FY2019/3
19/3期

Building
BM
Management
Property
PM
Management
賃貸仲介
Leasing
Brokerage
売買仲介
Sales
Brokerage
Segment
セグメント利益率
profit margin

4,000

56.2%

FY2021/3
21/3期

FY2022/3
22/3期

FY2023/3
23/3期

FY2024/3
2Q
24/3期2Q

Aiming to consecutive record high profits, performancein 2Q keep progressing steadily.

● Steady Growth in Real Estate Service Business（million of yen）
サブリース
Sub-leases,
8,000
紹介手数料他
Referalfee
Conference
貸会議室
Room
6,000
滞納賃料保証
Rent
Gurantee

FY2020/3
20/3期

54.7%
51.1%

52.7%

55.3%

56.1%

50.0%

4,890
2,829

3,206

3,490

60.0%

3,803
2,902

2,000

40.0%

30.0%

20.0%
FY2019/3
19/3期

FY2020/3
20/3期

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2021/3
21/3期

25

FY2022/3
22/3期

FY2023/3
23/3期

FY2024/3
2Q
24/3期2Q

Sun Frontier Fudousan Co., Ltd

Hotel Operation Business

Rising Occupancy Rates and Average Daily Rates
Developing hotels to make the business grow and expand steadily.
Trends in occupancy rate and average daily rate(yen)
20,000100.0%ADR（右軸）

Trends in Segment profit and number of hotel(million of yen)
2,500

70.6%

71.2%

運営ホテル軒数（右軸）※2
The number of hotel (right axis) ※2

15

43.1%

0

36.8%
14,990389

500

12,000

22
1,232

17

1,000

60.0%

21

19

1,500

16,000

63.7%

40.0%

25

Segment profit for hotel operation business ※1
ホテル運営事業等セグメント利益(左軸)※1

OCC（左軸）OCC (left axis)

2,000
80.0%

(buildings)

15

309
10

-500

8,000

20

-1,00011,665
20.0%

9,440

8,322

-1,500

4,000

6,320

-2,000-2,5000.0%

FY2024/3
FY2021/3 FY2022/3
21/3期
22/3期 FY2023/3
23/3期 24/3期2Q
2Q

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

0-2,3130

FY2020/3
20/3期

5-1,455

20/3期
FY2020/3

21/3期 FY2022/3
22/3期 FY2023/3
23/3期 24/3期2Q
FY2024/3 2Q
FY2021/3※1 Include the profit of hotel rent. ※2 The number of hotel at the end of FY2024/3 including the one now in closed.

26

Sun Frontier Fudousan Co., Ltd

Hotel Development Business

Investing in Hotel Development actively
Aiming to contribute to regional
revitalization while meeting the needs ofbusiness and tourism.
＜Number of rooms＞（As of November 2023）

Luxury Class

Ishikari

Operating

2,476 rooms

planning

1,146 rooms

Total

3,622 rooms（on planning）

200
rooms

KashimaMatsumotoTabino Hotel
EXpress Narita

Takayama

Renewal open in
December

Kyoto

72
rooms

Tabino Hotel lit Sakata ※

171
rooms

Hakone Hotel Project ※

100
rooms

Tabino Hotel lit Kawaguchiko ※

120
rooms

Tabino Hotel lit Ishigakijima ※

200
rooms

Tabino Hotel Kurashiki Mizushima（on planning）

Osaka
Kurashiki
Mizushima

Tokoname

SKY HEART Hotel Shimonoseki

KawasakiTabino Hotel EXpress Narita

100
rooms

Tabino Hotel Ishikari ※

175
rooms

Tabino Hotel Kumamoto Ozu ※

180
rooms

DONDEN Highland

12
rooms

Kawaguchiko（on planning）

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Budget Class

Tabino Hotel Sado

Atami （on planning）

27

Tabino Hotel live Sado（2023.6.23
OPEN）

80
rooms
194
rooms
155
rooms
111
rooms

Koiwa

Hakone（on planning）

Spring Sunny Hotel Nagoya
Tokoname Station

Economy Class
Tabino Hotel Hida Takayama

Shimonoseki

Tabino Hotel Villa Miyakojima

SADO NATIONAL PARK HOTELOOSADO

Tabino Hotel Kashima

OzumachiTabino Hotel lit Matsumoto

SADO RESORT HOTEL AZUMA（on planning）

HakataHIYORI HOTEL OSAKA NAMBASTATION

80
rooms
224
rooms
176
rooms
111
rooms
4
rooms
194
rooms
8
rooms

102
rooms
52
rooms

Sora Niwa Terrace Kyoto

Sado

Ishigakijima

Atami Hotel Project ※Upper Class
MaihamaMiyakojima

Hiyori Ocean Resort
Okinawa

HIYORI HOTEL MAIHAMA

Tabino Hotel lit Miyakojima

Sakata （on planning）

Onna-son,
Okinawa

Upper Middle Class
32
rooms
203
rooms

Sora Niwa Terrace Kyoto
Bettei

SKY HEART Hotel Koiwa
SKY HEART Hotel Kawasaki
SKY HEART Hotel Hakata

105
rooms
200
rooms
157
rooms
104
rooms

※ on planning（with the project acquired the land or contracted
the land, otherwise the plan released.)

Sun Frontier Fudousan Co., Ltd

Medium-term Management Plan

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

28

Sun Frontier Fudousan Co., Ltd

Medium-term Management Plan

Basic Policy and Growth Strategies
Basic Policy
Providing “a place where people gather and communicate with each other,and create social development and happiness for people"

Growth strategies
OfficeAccelerate property purchasing and commercialization.
Enhance purchase capabilities by improving leasing capabilities.

Hotel

Further evolute "a heartwarming and fun hotel“ and accelerate
the growth toward 10,000 rooms in 10 years.

Overseas

Increasing assets under custody from Taiwan clients, apartment
replanning in NY, apartment construction in Da Nang.

M&A

Invest in start-ups and peripheral businesses
to expand our current business

Key Points

ESG

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Digital29

Cash flow

Marketing
Sun Frontier Fudousan Co., Ltd

Medium-term Management Plan

(100 millions of yen)

1,200
1,000

Net sales
Ordinary profit

FY2024/3 2Q
Results

FY2024/3
Forecast

FY2025/3
TargetNet sales

48.9 billions yen

83 billions yen

100 billions yen

Ordinary profit

11.9 billions yen

16 billions yen

20 billions yen

Net profit

8.4 billions yen

11 billions yen

14 billions yen

Ordinary profit margin

24.4%

19.4%

20%

Equity ratio

55.4%

Around 50%

Around 50%

-

12.9%

More than 10%

ROE

1,000

Net profit
830

827

800
600

732

712
596

533

489

400
200

128

161
88

107

75

122
44

147
74

116

119

0
FY2019/3

FY2020/3

FY2021/3

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2022/3

30

160

FY2023/3

200
110

140

84

FY2024/3 2Q

FY2025/3 （forecast）
Sun Frontier Fudousan Co., LtdInvestment Plan of Medium-termManagement Plan（FY2022/3-FY2025/3）
Overseas Business

Office Business

Hotel Business＜Progress/outlook＞＜Progress/outlook＞

Balance at March 31, 2021

¥72.8 billion

Balance at
March 31, 2021

¥21.8 billion

Balance at
March 31, 2021

¥0.6 billion

Investment plan

¥200.0 billion

Investment plan

¥7.0 billion

Investment plan

¥5.0 billion

Investment outlook¥200.0 billion

Investment outlook¥20.0 billion

Investment outlook¥1.6 billion

Balance at March 31, 2025

¥90.0 billion

Balance at
March 31, 2025

¥23.0 billion

Balance at
March 31, 2025

¥1.5 billion

Maintain a high turnover rate by carrying out purchaseand development in a planned manner and aim forbusiness growth while recouping investment.

Hotel properties sold as planned to realized fundrecovery. Remarkable recovery in performancedue to the recovery in demand.

Expect to achieve plan bystrengthening purchase initiatives.

Digital＜Progress/outlook＞

Re-accelerate investment to aim
for 10,000 rooms in 10 years.

Ｍ＆Ａ＜Progress/outlook＞

Residential development in Vietnam.
Invest continuously and systematically.

The start of construction of
2nd project of apartment in
Vietnam is expected in
Spring next year.

＜Progress/outlook＞

Investment plan

¥3.0 billion

Investment plan

¥5.0 billion

Investment outlook¥4.0 billion

Investment outlook¥4.0 billion

Actively investing to take synergies between business.

Expected to increase investment amount toward data utilization.

Improve free cash flow
Pay close attention to free cash flow and make investments in a planned manner according to recouping status.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

31

Sun Frontier Fudousan Co., LtdTrends of Key Performance Index (ROE)
Improve profitability and capital efficiency through sustained business growth, andalso improve ROE while maintaining financial soundness, to aim for PBR of 1 or higher.
■Trend in ROE and PBR
25.0%

3.00

ROE =

19.6%
20.0%

Profitability

17.6%

16.8%

17.7%

X
(1) Net profit
margin2.50

Capitalefficiency(2) Total asset
turnoverX

Financialsoundness(3) Financial
leverage

15.3%
15.0%

12.9%
2.00

◆ Initiative policies to improve ROE

1.50(1) Net profit
marginImprove profitability by enhancing added
value in Hotel Business and evolving a highly
profitable Office Building Business.

(2) Total asset
turnoverWe will strengthen the cooperation withdivisions, focus on the business period, andenhance the feasibility of plans to increase
efficiency.

(3) Financial
leverage

We will maintain financial soundness andstrive to maintain an appropriate equity ratio
while pursuing business growth.

10.8%
10.0%

5.0%

1.16

6.5%

1.17
1.03

1.00
0.0%

0.62

0.71

0.72

0.77

0.50

-5.0%

-10.0%

0.00
FY2017/3 FY2018/3 FY2019/3 FY2020/3 FY2021/3 FY2022/3 FY2023/3 FY2024/3

ROE (left axis)

PBR (right axis)(As of end of each FY)

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

32

Sun Frontier Fudousan Co., LtdTrends for Each Indicator and Initiatives
for ROE Improvement
Ordinary Profit Margin

Total Capital Turnover

Enhance added value in clients' pointof view and evolve and grow highly
profitable businesses.
40%

35%

Equity Ratio

× Increase efficiency by shortening
business period and increasing stockbusiness sales.

× Maintain financial soundness
while promoting investment
and accelerating business.

Total
Capital Turnover
総資本回転率（右軸）(right axis)

Ordinary
Profit Margin
経常利益率(左軸）(left axis)

EquityRatio (right axis)
自己資本比率（右軸）

63.5%
53.2%
56.1%

48.1%

25%

22.0%

52.3%

50.4%
51.7%
22.7%
24.0%

52.2%
52.2%

49.7%

70%

54.3%
52.9%

50%

46.8%
22.0%

40%

20%

17.1%

19.6%

17.8%
30%

17.6%

15%

Improving ROE

60%

56.2%
30%

＝

16.8%

17.7%

12.6%

15.3%

ROE (left axis)

20%

10%

10.8%

5%

10%

6.5%

0%

0%
17/3期
FY2017/3

18/3期
FY2018/3

19/3期
FY2019/3

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

20/3期
FY2020/3

33

21/3期
FY2021/3

22/3期
FY2022/3

23/3期
FY2023/3

Sun Frontier Fudousan Co., LtdImprove PBR by the initiatives for ROE
Improvement
ROE

PER

×

Net profit

Market capitalization

Market capitalization

EquityNet profit

EquityROE (left axis)
ROE(左軸)

25.0%

PBR

＝

PER (right axis)
PER(右軸)PBR (right axis)
PBR(右軸）

12.0

10.92

20.0%

19.6%

10.0

17.6%

16.8%

17.7%
15.3%

15.0%

6.65

6.67

6.13

5.92

8.0

10.8%

5.03

6.0

10.0%
4.0
3.50

6.5%

5.0%
1.16

1.17

1.03

0.71

0.62

2.0
0.72

0.77

0.0%

0.0
FY2017/3
17/3期

FY2018/3
18/3期

FY2019/3
19/3期

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

FY2020/3
20/3期

FY2021/3
21/3期

34

FY2022/3
22/3期

FY2023/3
23/3期
Sun Frontier Fudousan Co., Ltd

Philosophy
Systematic the philosophy for the further penetration
Top-level concept
Credo (Company policy)

MissionVisionValue

Management
Philosophy

Future Image

Course of
ActionCopyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

COMPASSION
We believe in helping others, as many as we can,throughout our lives.
Our mission is to co-create a rich and sustainable
society as we look after every employee and pursue
the happiness of both mind and matter.

Our vision is to become the most appreciatedvisionary company that fully utilizes limited resources
and continues the challenges to create new values.
1. Work For Your colleagues

5. Be GENBA-Centric

2. Stay Humble, Thankful, And
Respectful

6. Always Work Creatively

3. Do The Right Thing

7. Be Open-Minded Cheerful and
Wonderful

4. Absolute Proactiveness35

Sun Frontier Fudousan Co., Ltd

Business area
Solving social issues through our core business, Real Estate Utilization.

Realization of Sustainable Society
Environmental
Protection

Human Resource
Development

Office Business

Region
Revitalization

Hotel and Tourism
Hotel
Hotel
Operating Development
・Operating

Real Estate Revitalization Real Estate Service
・Replanning
・Small-lot Property
・Rental Building

Others・Construction

・Sales Brokerage
・Leasing Brokerage
・Property Management
・Building Maintenance・Asset Consulting
・Rent Guarantee
・Conference Room Rental

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

・Development
・Revitalization
・SalesRegion Revitalization(Shima Yume)
・Hotel Operating andDevelopment
・Tourism
Taxi, Restaurant
Rental car, Rental bicycle

36

Overseas
Taiwan・Sales Brokerage

USA（New York）

・Replanning

Vietnam・Residential
Development
・Residential
Management

Sun Frontier Fudousan Co., Ltd

Sustainability Issues and Targets
Sustainability Vision

Sustainability HP → https://www.sunfrt.co.jp/en/sustainability/

We will contribute to the realization of a sustainable society through business activities while
respecting the heart of altruism, the Company policy.
IImportant Issues

Environmental
protection

Social issues to be solved

PolicySmall and medium-sized buildingsthat can still be used withincreased value are being
demolished.
= Waste of resources■ Extend the life and health ofreal estate■ Energy conservation andreduction of environmental
impact by the Real Estate
Revitalization Business

•
•
•
•
•
•

Revitalizationof regional economies

Regional
revitalization

Human
resource
development■ Create buildings, offices, andspaces with “job satisfaction”
and “creativity” that
contribute to economic growth

Response to massive natural
disasters■ Prevent and mitigate disasterthrough regional cooperation

Elimination of the decline in theworking-age population due to lowbirthrate and aging population (realdecrease in labor force) and thegender gap■ Respect and utilize diversity■ Create workplaces with job
satisfaction, creativity andgrowth opportunities

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

SDGs
icon

Goal (KPI)

37

•
•

Extend economic estimated useful lives by at least 30%
Occupancy rate of buildings over 30 years old to be 90% or
moreRetention of management after sale of replanning property
to be 90% or more
Reduce carbon dioxide emissions by an average of at least
12% compared to a building reconstruction project
100% carbon offset
Establish internal standards, “Sun Frontier Wellness Score”,
by the end of FY2022
Percentage of new supply of replanning properties thatexceed the established internal standards to be 30% ormore in FY2023
Implement tenant satisfaction surveys (for Companyowned properties)••

At least five lots by FY2023
Post disaster prevention information on the dedicatedwebsite 100% in FY2023 (for Company-owned properties)•

Ratio of female management to be 12% or more by April
2025
Training hours as a percentage of prescribed working hours
to be 12% or more
Increase hourly recurring profit in FY ending March 2023
year-on-year••

Sun Frontier Fudousan Co., Ltd

Sun Frontier Sustainability Report 2023 Issued

Business overview

Financial and non-financial highlights

Environmental protection

Regional revitalization

Front cover

Top message

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

[Main contents]
・ Sun Frontier Philosophy
・ History of Sun Frontier・ Top message
・ Growth strategies by businesses
・ Sustainability management
・ Examples of sustainability activities
・ ESG data
Etc.
Human resource development

38

Sun Frontier Fudousan Co., Ltd

ESG Data
Environment

SocialGovernance
As of September 30, 2023

As of September 30, 2023

Actual numberof RP buildings

Carbon Offset
Cumulative total 3,003t

Ratio of male and female employees
in managerial positions（people） ■Male ■Female

500
410人

400

Total 474 buildings

RE100/Mori no Denki
Total 19 buildings 2,241ｔ

RP construction
39 buildings
762ｔ
Capital and business alliance
Promoting the use ofelectricity storage systems

Establishment of SF
Ocean Power Generation
Co., Ltd.

Target ratio of female（people） managers at least 12%269
People
65.6%

300
200
100

100

79人

50

141人
35.1%

0

0

72人
91.2％
7people8.8％

Employee

管理職Management

Childcare leave

Human resource
development

Utilization rate 100%

Aim to over 12%

As of September 30, 2023

Transition to acompany with
Audit & Supervisory
Committee

Ratio of Outside
Officers 1/3 or more

As of June 30, 2022

Board of Directors
Audit &
Supervisory
Committee

Female Directors
1 out of 11External
36.4%

Full-time
63.6%

Nomination andCompensation
Committee (optional)
2 out of 4 outside officers

13.3%
Return to work
ratio 92.6%

Full-time Full-time

Capital and business alliance
Promoting agrivoltaics

Acquired BELS for
6 properties

Outside Outside

From childcare leave,
92.6% return to work

Training 13.3% ofworking hours

Ensuring transparency
and soundness

・ RE100 ・ ・ ・ ・ Carbon offset using J-credit derived from renewable energy. Initiatives to become thefirst in Japan to introduce this system on each floor. Achieve zero Co2 emissions per tenant company.
・ "Mori no Denki" ・ ・ ・ Carbon offset using J-credit derived from forests. We can feel that we aresupporting forests side-by-side and moving into the building will contribute to the environment.

Sustainability website
https://www.sunfrt.co.jp/en/sustainability/
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

■ Male ■ Female

39

Sun Frontier Fudousan Co., Ltd

Shareholder ・ Investor Relations
In order to contribute to sustainable growth and the improvement of corporate value over the medium to long term, we
disclose information fairly and in a timely manner to all stakeholders. We place importance on direct communication by
the Representative Director, and report and share information with the Board of Directors to make improvements.

Disclosed materials
Financial Results

Disclose Japanese and English version simultaneously.
Disclose Chinese version within a week after Japanese.

Website (IR Library)

IR Presentation

Disclose Japanese, English version and Chinese version
simultaneously.

Annual Securities Report

Disclose Japanese and English version.

Japanese: https://www.sunfrt.co.jp/ir_info/
English: https://www.sunfrt.co.jp/en/ir_info/ir_doc/annual_securities_report/

Notice of General
Meeting of Shareholders

Disclose Japanese and English version.

Japanese: https://www.sunfrt.co.jp/ir_info/annual_general_meeting/English: https://www.sunfrt.co.jp/en/ir_info/annual_general_meeting/Anaylist Report

FISCO 、 Shared Research

Japanese: https://www.sunfrt.co.jp/ir_info/
English: https://www.sunfrt.co.jp/en/ir_info/

Presentation of financial
results

Held every quarter by President Representative
Director, Seiichi Saito.

Website for on-demand broadcast (including Q&A)
https://www.sunfrt.co.jp/ir_info/ir_doc/on-demand.html

Individual IR meetings

Conducted individually as needed.
(mainly handled by IR staff).

FY2024/3 2Q: 32 times (FY2023/3: 61 times)

Property visit

A hotel visit(Hiyori Hotel Maihama) held on July 12, 2023 for sell-side analysts and institutional investors.

RP Property tour

Invited sell-side analysts and institutional investors to the tour for real estate brokerages introduced the Replanning property (4 times).

Web sites for investors

FISCO: https://web.fisco.jp/platform/companies/0893400
IR STREET: https://www.irstreet.com/new/en/brand/index.php?&contents=brand_whatsnew&brand=398

Japanese: https://www.sunfrt.co.jp/ir_info/ir_doc/statement-of-accounts/
English: https://www.sunfrt.co.jp/en/ir_info/ir_doc/statement-of-accounts/
Chinese: https://www.sunfrt.co.jp/ch/ir_info/ir_doc/

IR activities

Shareholder benefit program
Eligible shareholders

Shareholders stated or recorded in the shareholder list as of the end of March of each year who hold one unit (100 shares) ormore for our company share.

OutlineDiscount coupons for hotels operated by our group companies based on the number and period of shares held.

Details and facilities
available for use

Shareholder benefit program website
https://www.sunfrt.co.jp/ir_info/stockholder_benefit_plan/

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

40

Sun Frontier Fudousan Co., Ltd

Strategy in Office Business
Solving client’s various problems, mainly in the five cities of central Tokyo.

12

NakanoRP

Arakawa
Arakawa
14

11

Toshima*As of the end of September 2023

Taito

BunkyoBunkyoOf the total number of RP buildings,
474buildings, 80% are in the five cities ofcentral Tokyo and adjacent cities.

LM

24

Community-based 10 branches
Ginza, Kanda, Nihonbashi, Kodemmacho, Kojimachi,
Shinjuku, Shibuya,Gotanda,Hamamatsucho, Yokohama

79

Shinjuku
Shinjuku
41

Chiyoda135

PM

Of the 478 entrusted properties, over 80% arein the five cities of central Tokyo.
*As of the end of September 2023

Shibuya
11

Chuo
49

BM

MinatoOf the 228 buildings under comprehensive
management, 85% are in the five cities ofcentral Tokyo.
*As of the end of September 2023

Rent
Guarantee

MeguroOf the 7,523 cumulative new contracts signed,
90% are in the five cities of central Tokyo.
*As of the end of September 2023

8

Rental15 of the 14 sites are in the five cities ofConference central Tokyo.
Room*As of the end of September 2023. The rest of one is in

ShinagawaShinagawa* The numbers on the columns in the map are
the cumulative number of RP buildings.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

Yokohama

41

Sun Frontier Fudousan Co., Ltd

Strengths in Office BusinessWith in-house manufacturing from purchase, development, leasing to sales and consulting,
we solve various problems by getting client’s needs correctly.

① Real Estate Utilization
To be a partner for solving various problems from clients’ point of view

Fundraising Consulting

Asset consulting

Rent guarantee

Construction planning

Property management

Leasing brokerage

Sales brokerage

Property
purchasing② Real Estate
Revitalization
Building
development ofvalue chain

Property
sales

Clients
1. Real estate utilization: Get close to our clients and solve various problems. Capture the source of added value
from clients’ voices.
2. Real estate revitalization: Utilize the needs we earned and the know-how for improving the valuation to conduct
sales activities.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

42

Sun Frontier Fudousan Co., Ltd

Business Model for Replanning Business
Renovating the office buildings with low occupancy and in need of large-scale repairs
into high-value-added properties demanded by society using “clients’ point of view.”

Low-occupancy
low-profit buildings
・ Aging degradation
・ Earthquake
resistance anxiety
・ Violation of legal
compliance, etc.

Creativity

Leasing

Design offices in clients'
point of view and carryout renovation and repair
work in pursuit of safety
and security.

A community-based sites
network keep the building inhigh occupancy and becomesthe closest contact point for
any kind of consultation.

High-occupancy
high-profit buildingssought by owners

Value-up

Purchasing

Rent Guarantee

Purchase of lowoccupancy and nonoccupancy buildings
using various routes andmethods.

Encourage tenants tomove into the building andguarantee stable income
for the owner in the eventof rent arrears.

Clients =Building owners

Sales

Management

Stay close to clients of asset
holders and meet needs
with high levels of difficulty
beyond expectation.

Provide high-quality
services, maintain highoccupancy rate, andstabilize building
revenues.

・ Asset management, inheritancemeasures, etc.

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

43

・ Full occupancy
・ Improve
income andexpenditure
・ Stable income

Sun Frontier Fudousan Co., LtdReplanning Business

Set-up Office Share"Set-up Office" is a kind of office replanned by our Company. Unlike regular office interiors, there are reception andreception room, etc., in the office with highly designed interior. We also provide some equipment for rent or fixtures preinstalled.

◆Four benefits for tenant companies
Merit 1) Reduced burden on management
No need for unfamiliar tasks such as designing office interiors andselecting interior decorators, significantly reducing management’s
effort.

Merit 2) Immediately available after moving
Increase the net estimated internal useful life due to no work other than wirerelated work and moving, a significant reduction in the relocation period and ashorter construction period for interior finishing and restoration.

Merit 3) Reduced financial burden
Significant cost reduction for office interiors, etc., and no interior assets
recorded by tenants.

Merit 4) Employment, motivation and productivity improvement
Improve employment of human resources, employee motivation, and officeproductivity by the office interior that pursues a high level of design, focusing
on design, functionality, and various usage scenes.

The share of Set-up Office in 23 wards of Tokyo
Based on the number of rental rooms

Other

29.0%

Company B

Based on rental area

Other

Sun Frontier
Fudousan

27.9%

58.6%

Company A

5.6%

Sun Frontier
Fudousan

51.7%

9.5%

Company A

6.8%

Company B

10.9%

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

44

Survey conducted in September 2022
Survey planning: Sun Frontier Fudousan Co., Ltd.
Survey conducted: H. M. Marketing Research

Sun Frontier Fudousan Co., LtdReplanning Business

Create both Customer Value and Social Value
Solving social issues through supporting our clients' business.
Supporting the business growth forbuilding owners and tenants throughour Replanning Business.

Comparison of resource input over 50 years(kg / ㎡)

3,991

(t-CO₂)

40.9% ↓

4,000

Comparison of CO₂ emissions over 50 years

7,000

=
Utilizing the limited, keeping challenging
to create new value, and aiming tobecome the most appreciated visionary
company in the world.

3,000

19.1% ↓

2,357
6,000

2,000

5,179
1,000

5,000

0
Rebuilding
建替
New bldg
新築

Clients’
value

6,399

Renovation
改修

Rebuilding
建替

Renovation 4,000
改修

Repair
修繕

Comparison of waste generation over 50 years(kg / ㎡)

3,000

801

49.3% ↓

800

2,000
600

406

400

Economic
value

Social
value

1,000

200
0
Rebuilding

Renovation

建替

New bldg

新築

Rebuilding

建替

改修

RepairRenovation

修繕

改修

Demolition

解体

0Standard
標準
New新築
bldg
Maintenance

維持管理

Renovation
改修

Repair
修繕 Renovation改修
Disposal
Energy

廃棄エネルギー<Assumptions and rationale> Assuming a 30-year-old office building of approximately 3,000 square meters, the environmental contribution over a 50-year period (the service life of SRC office buildings) was
estimated based on the Architectural Institute of Japan's LCA Tool (*).
・ Rebuilding: “In the case of rebuilding every 35 years” ・ Renovation: "Regeneration without destroying old buildings (long-life buildings)" ・ Standard: "Assuming a 30-year-old unrenovated building"*Architectural I "LCA Tool for Buildings Ver5.0 - Evaluation Tool for Global Warming, Resource Consumption and Waste Management”, estimated with the cooperation of Engineering Research Institute of Japan.

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

45

Sun Frontier Fudousan Co., Ltd

Business Model of Overseas Business
Developing local communities through creating clients' joy and happiness.
Our business includes land acquisition, development, construction, Handover after completion,
property management and brokerage.

Landacquisition

Completion
HandoverDevelopment
Construction

Management

Urban
Development

Contribute to future performance through systematic andcontinuous development efforts

China
Hanoi
Laos

Land
acquisition

Development
Land
acquisition

Hue

Completion
HandoverDevelopment

Land
acquisition

Hai PhongThailandCompletion
HandoverDevelopment

Cambodia

Da Nang City
Hoi AnVietnamHo Chi Minh

Completion
Handover

Rooted in the local community in Vietnam, we work together with local partners to ensure highconstruction quality, a safe, organized, and beautiful construction site.

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

46

Sun Frontier Fudousan Co., Ltd

Region Revitalization Business--Shima Yume Business-We will energize the islands throughtourism business!

SADO

When region becomes energized, Japan will be as well. As the number of visitors
spurred by fascination (culture, history, nature, food, hot spring, hospitality andothers) that Japan is proud of is rapidly increase, we challenge of region revitalization
business that focuses on the attractiveness and features unique to the regions to
spread the “Wonderfulness of Japan.”

Sado Island,
Niigata Prefecture
Tabino Hotel Sado
Donden Kogen Lodge
Miyako Shimojishima Airport
Restaurant - Coral Port

Port of Ryotsu

Operation starts on October 1, 2022

Tabino Hotel lit
Miyakojima
Miyako Shimojishima
AirportSADO NATIONAL PARKHOTEL OOSADO

Sado Outdoor BaseMIYAKO
Miyakojima, Okinawa
SADO RESORＴ HOTEL AZUMALE BLUESADO SAWANE

Tabino Hotel live Sado
Start operating in June 2023

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

47

Tabino Hotel Villa Miyakojima
Operation starts on November 3, 2022.

Sun Frontier Fudousan Co., Ltd

Hotel Operation BusinessJapanese variety show introduced
our group hotels

Japanese variety show “Asada! Namadesu Tabisarada”(TV Asahi network, every Saturday morning) introduced
Sora Niwa Terrace Kyoto Bettei, SADO NATIONAL PARK HOTEL OOSADO and Hiyori Ocean Resort Okinawa.

On October 14, 2023 , Korokke, a famous comedian, was on air and introduced “Sora Niwa Terrace Kyoto Bettei” .

On September 9, 2023, Ms. Midori Oka, a famous singer, was on air andintroduced “SADO NATIONAL PARK HOTEL OOSADO”.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

On November 20, Mr. Kenichi Mikawa, a famous singer and Ms. Mika Mifune,a famous actress were on air and introduced Hiyori Ocean Resort Okinawa.

48

Sun Frontier Fudousan Co., LtdReference Materials

Office Vacancy Rates and Rents in Five
Cities of Central Tokyo
Peak of vacancy rate（％）
August 2003
Vacancy rate: 8.57%

Average rent as of
September 2023

19,750円
Peak of average rent
August 2008
22,901 yen

Average rent (left axis)

Vacancy rate (right axis)( 39 yen ↓MoM )（円）

Average vacancy rate in
September 2023

6.15％
( 0.25%pt ↓ MoM )Peak of vacancy rate
June 2012
Vacancy rate: 9.43%

Bottom of average rent
October 2004
17,526 yen

Bottom of vacancy rate
November 2007
Vacancy rate: 2.49%

Peak average rent
July 2020
23,014 yen

Bottom of average rent
December 201316,207 yen

Bottom of vacancy rate
February 2020
Vacancy rate: 1.49%* Source: Compiled by the Company based on Miki Shoji's "Office Report”. Office buildings with a standard floor area of 100 tsubo or more in five central cities of Tokyo are covered.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

49

Sun Frontier Fudousan Co., LtdReference Materials

Long-term Trends in Office Vacancy Rate and Rent
(％)

(yen)

Average vacancy rate in
September 2023

50,00045,000Vacancy rate
平均空室率(right axis)

Averagerent
平均賃料(left axis)

44,193

9.01

6.15％

8.08

9

Average rent in
September 2023

8.12

40,00010

819,750円
35,000

6.47

7

6.15
30,0006

25,0005

22,18620,00019,7504

17,577

16,2073.77
15,00021,999

3

3.17
2.65

10,000

2

1.79
1.55

5,000

1

0.39
0

0

Source: Compiled by the Company based on Miki Shoji's "Office Report"
Target office buildings with a standard floor area of 100 tsubo or more in five central cities of Tokyo are covered. Figures for 2021 and earlier are taken as of December of each year.
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

50

Sun Frontier Fudousan Co., LtdReference Materials

Age Distribution of Office Buildings in Tokyo’s 23 Cities
Solving social issues through revitalizing and utilizing Aging Small-to-Medium-Sized Buildings
Tokyo 23 cities with 9,400 buildings

Small-to-Medium-Sized Buildings(Total floor area: 300 to 5,000 tsubo)

8,642 buildings

75

Large-sized Buildings

70(Total floor area: Over 5,000 tsubo)

65758 buildings

60

Old Seismic Building Codes:
2,072 buildings (24%)

55

Old Seismic Building Codes:
109 buildings (14%)

50
45

20 years old or more:

40

7,534 buildings(87%)

35

Age of buildings

30
25

Buildings built for more than 20 years :20

460 buildings(61%)

15

Buildings built for less than 20 years :101,108 buildings (13%)

Buildings built for less than 20 years :5298 buildings (39%)

0
800

600

400

200

0

200

400

600

800

Number of buildings
Source : Created by us based on "Tokyo 23 cities Office Pyramid 2023 (based on the number of buildings)" (Xymax Real Estate Institute)

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

51

Sun Frontier Fudousan Co., LtdReference Materials

Demographics and Number of Corporations in Tokyo
Provide happiness and improve society development in Tokyo, people and corporations gathering.
Ratio of Tokyo population to Japanese population (estimate)(Thousand people)

160,000

Population in
東京都人口
Tokyo

Population
日本人口of Japan

Population of Tokyo as a percentage of the
東京人口が日本人口に占める割合
population of Japan

25.0%

140,000
20.0%

120,000
100,000

15.0%

80,00060,00040,000

10.6%

10.3%

11.1%

11.4%

11.7%

11.9%

12.6%

9.5%

9.8%

12,064

12,577

13,15913,515

13,85013,97913,93813,754

13,458

2000

2005

2010

2015

2020

2025

2030

2035

2040

10.0%
5.0%

20,0000

0.0%

Source: Compiled by the Company based on Tokyo Metropolitan Government statistics - "Population of Tokyo (Estimate).”Top 10 Prefectures in Number of Corporations
Tokyo 京東Osaka 阪大Kanagawa
神
奈 川
Aichi
愛
知
Saitama埼
玉Hokkaido
北海 道
Chiba 葉千兵Hyogo庫福岡Fukuoka静
岡Shizuoka

575,234
223,407
184,363
153,694130,108
119,564
107,704
94,01383,562

76,981
Source: Compiled by the Company based on the National Tax Agency‘s “Number of Corporations by Prefecture”.

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

52

Sun Frontier Fudousan Co., LtdReference Materials

History(million of yen)

In April 2022, Listed on Prime Sectionof Tokyo Stock Exchange

Net sales
売上高100,000(people)In October 2018, Start Specified Joint Real Estate Ventures

Ordinary profit
経常利益

In April 2016, Start Conference Room Rental Business

Number of employees
従業員数
80,00083,000 800

In August 2015, Start Hotel Operating Business

In February 2007, Listed on First Section ofTokyo Stock Exchange

73,218641

In July 2005, Start Rent Guarantee Business

82,777
71,251
702
696

600

612

In December 2004, Listed on JASDAQ

59,63260,000In January 2001, Start Replanning BusinessIn 2000, Start Property Management Business

53,291 522

48,15047,463400

40,394 381

40,00035,254329
30,62526,870

5,003

20,000

7,760

3,588
2

1

681
24

1,771

0 140

0

52
377

70

84

16,730134 125152

206

14,469
141

96

142

8,289
6,346
3,474

501 791 1,437

181

27,741
199

16,127276

223

17,772
10,580
7,024
6,923
5,593
4,341
4,289
2,039
799
541
139

12,813
10,755
8,894

16,000200

14,722
12,2157,524

0▲3,776▲20,000▲17,794
'00/3

'01/3

'02/3 '03/3'04/3'05/3 '06/3 '07/3'08/3 '09/3

Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

(200)'10/3 '11/3 '12/3

53'13/3 '14/3'15/3 '16/3'17/3 '18/3'19/3 '20/3 '21/3'22/3 '23/3'24/3 (forecast)

Sun Frontier Fudousan Co., LtdReference Materials

Company Profile
Company Name

Sun Frontier Fudosan Co., Ltd.

Location of Head Quarters 1-2-2, Yurakucho, Chiyoda-ku, Tokyo
Date of Foundation

April 8, 1999

Date of Listing

February 26, 2007 (First Section of Tokyo Stock Exchange)

Capital Stock *11,965 millions yen

Representative

Tomoaki Horiguchi, Chairman Representative Director
Seiichi Saito, President Representative Director

Number of Consolidated
Employees *Average Age of
Employees*

731 employees (1,377 including part-timers and temporary workers)
36.1 years old
Real Estate Revitalization

Business Profile

Management, Brokerage, Construction Planning,
Real Estate Service Properties
Rent Guarantee, Building Operations, Asset Consultation

Hotel Development and Operation
Others

Accounting Month
Listed Market

March
Tokyo Stock Exchange Prime (Code number: 8934)* As of the end of September 2023
Copyright © 2023 Sun Frontier Fudousan Co., Ltd. All Rights Reserved.

54

Sun Frontier Fudousan Co., Ltd

Sun Frontier Fudousan Co., Ltd

Thank you for your continued support.
◆ The purpose of this document is to provide information that can be used as a reference, not for soliciting or promoting you

to purchase a specific product. Please make your decision by your own discretion and responsibility when you make an
investment. If you want to purchase shares of our Company, please contact securities companies.
◆ The information provided in this document is not necessarily in compliance with the Financial Instruments and ExchangeAct, the Building Lots and Buildings Transaction Business Act, the Listing Rules for the Tokyo Stock Exchange and otherrelated laws and regulations.
◆ Forward-looking statements included in this document do not guarantee future performance.
◆ Although we have made every effort to ensure the contents of this document, we can not guarantee their accuracy or
certainty. Please note that they are subject to change or removal without notice.

<Inquiries about this document>
Sun Frontier Fudousan Co., Ltd. IR Desk
Phone : +81-3-5521-1551
URL : https://www.sunfrt.co.jp/
Mail : ir-contact@sunfrt.co.jp