 Revenue and income for the first nine months hit record highs

Business
performance

Revenue:
Operating income:
Profit attributable to owners of parent :¥ 261.0 billion (+23.5% YOY)
¥ 31.5 billion (+24.3% YOY)
¥ 21.3 billion (+35.6% YOY)

 Revenue and operating income in all segments increased significantly from the same periodof the previous fiscal year.

 Performance forecasts steadily advanced as we move towardachieving record highs in revenue and income for six consecutive
fiscal years
Revenue:¥ 380.0 billion (+24.7% YOY)
Operating income:¥ 47.5 billion (+26.3% YOY)
Profit attributable to owners of parent :¥ 31.7 billion (+27.8% YOY)
Annual dividends per share¥ 98.00(+¥33.00 YOY）
 Announcement of conversion of HAWK ONE CORPORATION into a
subsidiary of the Company

M&A

The subsidiary is engaged in single-family home development and sales centered on quasi-urban areas of
the Tokyo metropolitan district.

Revenue:
Operating income:Net income:¥ 63.9 billion (for the year ended Oct. 31, 2017)¥ 4.5billion¥ 2.9billion

 Impacts on the Company’s operating results for FY2018 are under examination.



Revenue and income for the first nine months hit record highs.

Operating performance in all segments steadily advanced as planned, as we move toward achieving thefull-year forecasts for FY2018.
(Million yen)

FY2017 3Q

FY2018 3Q<2016/10-2017/6><2017/10-2018/6>% ofrevenue

Actual% ofrevenue

ActualInc.(Dec.)

Revenue

211,427―

261,048―

23.5%

Gross profit

38,58518.2%

47,940

18.4%

24.2%

SG&A expenses

13,171

6.2%

16,351

6.3%

24.1%

Operating income

25,41412.0%

31,588

12.1%

24.3%

Non-operating income

382

0.2%

182

0.1%

(52.4%)

Non-operating expenses

1,552

0.7%

1,207

0.5%

(22.2%)

Ordinary income

24,244

11.5%

30,562

11.7%

26.1%

Profit attributable toowners of parent

15,762

7.5%

21,366

8.2%

35.6%

 Revenue and operating income in all segments increased significantly from the same period of
the previous fiscal year.
 In particular, the U.S. real estate business of Others grew substantially.
(Million yen)

FY2017 3Q<2016/10-2017/6>
Actual

FY2018 3Q<2017/10-2018/6>

Ratio

ActualInc.(Dec.)

Ratio

Revenue

211,427100.0%

261,048100.0%

23.5%

Single-family homes related business * 1

133,75463.3%

151,690

58.1%

13.4%

Condominiums

9,262

4.4%

21,0588.1%

127.4%

Property resales

68,321

32.3%

78,572

30.1%

15.0%

Others (including U.S. real estate business)

597

0.3%

9,748

3.7%

9,150

Adjustments

(507)

―

(22)

―

―

Actual% of revenue

Actual% of revenue

Inc.(Dec.)

Operating Income

25,41412.0%

31,588

12.1%

24.3%

Single-family homes related business * 1

16,404

12.3%

18,848

12.4%

14.9%

Condominiums

760

8.2%

2,205

10.5%

189.9%

Property resales

8,947

13.1%

9,610

12.2%

7.4%

(1)

(0.2%)

1,570

16.1%

1,571

(697)

―

(646)

―

―

Others (including U.S. real estate business)
Adjustments* 1 To further strengthen the business model — a comprehensive system from purchase and construction to intermediary and sales —, the brokerage business, single-family
homes business, and Open House Architect were consolidated into the single-family homes related business in FY2018

 Significant difference between prices for new condominiums and prices for single-family homes continues
to serve as a favorable tailwind to the single-family homes related business.
 Number of contracts brokered in the April–June period of 2018 steadily increased 26.3% the same periodof the previous fiscal year.

Revenue (¥billion)

133.7

Changes in the average price for new condominiums in Tokyo’s 23
wards and average price for our single-family homes (built-for-sale)

Operating income (¥billion)(Million yen)

80

151.6

Average price for new condominiums
in Tokyo’s 23 wards

70

16.4

18.8

60

53.39

50

3Q_FY17

3Q_FY18

3Q_FY17

3Q_FY18

FY2018 3Q

Inc.(Dec.)

Revenue （¥million）

133,754

151,690

13.4%

Gross profit（¥million）

24,46328,161

15.1%

Gross profit margin

18.3%

18.6%

0.3pt

Operating income （¥million）

16,404

18,848

14.9%

Operating income margin

12.3%

17/10-18/6

12.4%

66.29

43.32

44.77

70.59

44.35

43.72

Average price for our single-family homes (built-for-sale)
2011

2012

2013

2014

2015

2016

2017

2018

Source: MLIT, “Monthly marketing report of lands”
Fiscal years: Condominium prices are on a calendar – year basis.
Prices for our homes are for the period October – September .
Condominium prices for 2017 are for the January – June 2018 period.
Prices of our homes for 2018 are for the October 2017 – June 2018 period.

FY2017 3Q
16/10-17/6

67.32

45.41

40

30

70.89

0.2pt

The above figures in the third quarter of FY2017 were restated on a new segment basis, inconjunction with the change in the reporting segment effective FY2018.

Number brokered in each quarter and YOY change
16.8% 6.7% 17.6%

39.7%

25.8%

38.8%

27.5%

590

606

708

733

742

841

1Q
FY16

2Q

3Q

4Q

1Q
FY17

2Q

26.7% 29.8%

26.3%
25.2%

989

929

963

1053

3Q

4Q

1Q
FY18

2Q

1249

3Q

 Land and build-to-order houses achieved a year-on-year increase of more than 30% in revenue for the firstnine months, serving as driving forces of the business.
 Total revenue of the single-family homes related business in the July–Sept. period of 2018 is forecast to
increase more than 30% from the same period of the previous fiscal year.
Revenue (¥billion)

89.8

3Q_FY16108.1

3Q_FY17Gross profit (¥billion)

126.9
15.9

3Q_FY18

3Q_FY1619.8

3Q_FY17Gross profit margin (%)

23.8

3Q_FY18

17.7

18.3

18.8

3Q_FY16

3Q_FY17

3Q_FY18

FY2016 3Q
15/10-16/6

TOTAL

FY2017 3Q
16/10-17/6

Number delivered
1,765

3Q_FY16

FY2018 3Q
17/10-18/6

2,634

2,248

3Q_FY17

3Q_FY18

Inc. (Dec.)

Revenue (¥million)

89,862

108,184

126,90817.3%

Gross profit (¥million)

15,904

19,84323,886

20.4%

Gross profit margin

17.7%

18.3%

18.8%

0.5pt

Number delivered (built-for-sale houses + lands）

1,765

2,248

2,634

386

40,231899
44.8
40,912
866
47.2
8,548
554
15.4
169

45,065
1,021
44.1
53,575
1,227
43.7
9,106
618
14.7
438

43,852
1,013
43.3
70,266
1,621
43.3
12,324
866
14.2
457

(2.7%)
(8)
(0.8)
31.2%
394
(0.3)
35.3%
248
(0.5)
6.0%

【By type of sales】
Built-for-salehouses

Revenue (¥million)
Number delivered
Unit price（¥million）
Revenue (¥million)

Lands

Number delivered
Unit price（¥million）

Built-toorder houses
Others

Revenue (¥million)
Number delivered
Unit price（¥million）
Revenue (¥million) Number of OHD contracts for construction orders surged, contributing to
improved construction performance of single-family homes within the Group.
 Declined gross profit margin was due to more intra-deals set at predetermined
prices excluding redundant operation expenses.

Revenue (¥billion)

Gross profit (¥billion)

Gross profit margin (%)

28.3
25.6

3Q_FY1626.1

3Q_FY17

3Q_FY18

3Q_FY16

3.3

3Q_FY17

3Q_FY18

FY2016 3Q FY2017 3Q FY2018 3Q
Revenue （¥million）
Gross profit (¥million)
Gross profit margin
Number delivered*1

15/10-16/6

16/10-17/6

17/10-18/6

25,653

26,16728,388

13.8

13.7

3.6

3.5

11.7

3Q_FY16

Inc.(Dec.)

3Q_FY17

3Q_FY18

Number of
all Company contracts

8.5%

3,520

3,620

3,329

(8.0%)

13.7%

13.8%

11.7%

(2.1pt)

1,811
317

1,856
342

2,114
594

258
252

*1 Number delivered refers to the number of properties delivered under single-family
homes construction contracts to corporations.
(Number delivered to OHD on the lower line)

Number delivered

2,012

2,353

3Q_FY171,856

3Q_FY16

3Q_FY172,114

3Q_FY18

Number of OHD contracts
included left

2,590
859
10.0%
up

3Q_FY16

1,811

3Q_FY18341

3Q_FY16

569

51.0%
up

3Q_FY17

3Q_FY18

The above represents the number of contracts for construction orders
received during the respective fiscal year.

 Sales of condominiums in urban areas steadily grew, and sales contracts fortargeted number of condominiums to be delivered for FY2018 were allcompleted.
 Revenue in the July–Sept. period of 2018, the peak season for delivery, isforecast to account for more than 50% of the full-year revenue.

Revenue (¥billion)

Gross profit (¥billion)

21.0

9.6

9.2

3Q_FY16

3Q_FY17

Operating income (¥billion ）

380

4.7

3Q_FY18

2.1

2.2

3Q_FY16

3Q_FY17

2.2
1.0

3Q_FY18

16/10-17/6

17/10-18/6

Inc.
(Dec.)

Revenue （¥million）

9,660

9,262

21,058127.4%

Gross profit (¥million)

2,186

2,222

4,707

111.8%

Gross profit margin

22.6%

24.0%

22.4%

(1.6pt)Operating income （¥million）

1,003

760

2,205

189.9%

Operating income margin

10.4%

8.2%

10.5%

2.3pt

Number delivered

145

172

380

208

Unit price（¥million）

66.3

53.7

55.2

1.6

145

0.7

3Q_FY16

15/10-16/6

FY2016 3Q FY2017 3Q FY2018 3Q

Number delivered

3Q_FY17

3Q_FY18

3Q_FY16172

3Q_FY17

3Q_FY18― Major condominiums delivered in FY2018 ―

Name

Units

Average priceOpen Residencia Azabu Roppongi

34¥70million

Open Residencia Kagurazaka West Terrace

30¥70million

Open Residencia Ochanomizu

21¥60million

Open Residencia Hongo 3chome

22¥50million Since the Company’s major customers are the wealthy class and corporations,the impact by some financial institutions’ tightening of lending to individuals is
likely to be minor.
 Revenue and gross profit margin steadily increased in line with the full-year
plan.

Revenue (¥billion)
68.3

55.5

3Q_FY16

3Q_FY17

Operating income (¥billion)

Gross profit (¥billion)

78.5
11.0

3Q_FY18

3Q_FY16

12.8

11.6

3Q_FY17

3Q_FY18

FY2016 3Q FY2017 3Q FY2018 3Q

Inc.
(Dec.)

15/10-16/6

16/10-17/6

17/10-18/6

Revenue (¥million)

55,88068,321

78,57215.0%

Gross profit (¥million)

11,037

11,663

12,8139.9%

Gross profit margin

19.8%

17.1%

16.3%

(0.8pt)Operating income (¥million)

8,606

8,947

9,610

7.4%

Operating income margin

15.4%

13.1%

12.2%

(0.9pt)Number delivered

135

158

209

51

Unit price（¥million）

399

422

368

(54)

Number delivered
209

8.6

8.9

9.6

3Q_FY16

3Q_FY17

3Q_FY18135

3Q_FY16

158

3Q_FY17

3Q_FY18

Breakdown of properties owned (as of the end of June 2018)
By property size*

25

22

Ｎ=149

By useBy location

8

42
12

Ｎ=149 95

102≤¥100 MIL

Condminium>¥100 MIL≤¥500 MIL

Office building>¥500 MIL

Complex building＊Based on book values at the end of June 2018.

37

Ｎ=149

81

23
Tokyo
Kanagawa
Kansai and Chubu area
Other The business activity of offering properties to customers started in full swing, backed by the acquisition of
local companies in the states of Hawaii.
 Operating performance is on a strong uptrend and revenue is forecast to exceed the full-year target of ¥10billion.

 Contents of One-Stop Service
Our service for theadministration of local
properties andsupport for sales.

Selection ofproperties

Administration ofproperties
Support for the wholeprocess fromconclusion of anagreement to the endof a transaction

Purchaseprocess

Offering ofproperties that
our local offices
selected

Funding

Introduction offinancial institutions,and loans from ourGroup company arealso available.

 Service areas

Dallas, Texas
Hawaii Outline of companies acquired
Company Name

Sachi Hawaii- Pacific Century Property
Management LLC

Address

88 Piikoi St. #301, Honolulu HI96814

Representative

Sachi Braden, President

Main business

Real estate brokerage business

Established

December, 2003

Revenue$ 5,187 thousand for the year ended Dec. 31, 2017

Company Name

Sachi Hawaii- Pacific Century Property
Management LLC

Address

88 Piikoi St. #301, Honolulu HI96814

Representative

Sachi Braden, President

Main business

Property management business

Established

December, 2003

Revenue$ 731 thousand for the year ended Dec. 31, 2017

June 29: Execution of share transfer from both companies*
Columbus, Ohio

* As of June 30, 2018, the above two companies are treated as
unconsolidated subsidiaries as they are small-sized with no material
impacts on consolidated financial statements.

(Million yen)

FY2017 3Q

FY2018 3Q

2016/10-2017/6

2017/10-2018/6

Actual% ofrevenue

SG&A expenses

13,171

6.2%

6.3%

3,180

Personnel expenses

3,627

1.7%

1.7%

739

Sales commissions

Office expenses

1,893
1,755

0.9%
0.8%

Actual% ofrevenueInc.
(Dec.)

0.9%
0.8%

493
271

Advertising expenses

1,205

0.6%

0.5%

183

Promotion expenses

558

0.3%

0.3%

347

4,130

2.0%

2.0%

1,144

Others

FY2017 3Q

FY2018 3Q

2016/10-2017/6

2017/10-2018/6

Actual% ofrevenue

Non-operating
income382

0.2%

Foreign exchange gain

224

0.1%

Others158

Non-operating
expenses

Actual% ofrevenueInc.
(Dec.)

0.1%

(200)

―

(224)

0.1%

0.1%

23

1,552

0.7%

0.5%

(344)

Interest expenses

635

0.3%

0.3%

178

Commission fee

664

0.3%

0.0%

(616)

―

―

0.1%

206

252

0.1%

0.1%

(113)

Foreign exchange loss
Other

―

(Million yen)Sep 30,2017

Jun 30,2018

Inc.
(Dec.)

Current assets

248,429

301,216

52,786

Liabilities

173,357

35,745

Cash and deposits

90,91084,785(6,124)Current liabilities

82,61333,383Inventories

144,894

196,022

51,127

Non-current liabilities

90,743

2,362

Others12,625

20,408

7,783

Non-current assets

8,255

8,189

(65)

Property, plant andequipment

Net Assets

83,37916,967

3,113

3,442

328

Shareholders’ equity

82,902

16,950Intangible assets

1,299

1,148

(150)

Investments andother assets

3,841

3,598

(243)

Valuation andtranslation adjustments

477

17

51

43

(8)

256,736

309,449

Total liabilities and net
assets

256,736

52,713

Deferred assets
Total assets

52,713

Sep 30,2017

Sep 30,2017
Equity ratio

32.3%

Jun 30,2018

Jun 30,2018

Inc.
(Dec.)

Inc.
(Dec.)(0.0pt)(Million yen)

End of FY2015(Sep 30, 2015)

End of FY2016(Sep 30, 2016)

End of FY2017(Sep 30, 2017)

End of FY2018 3Q(Jun 30, 2018)

Single–family homes related

54,497

57,633

61,667

93,73347.8%

32,106

Condominiums

13,101

20,42240,291

48,919

25.0%

8,628

Property resales

34,586

38,83838,87145,484

23.2%

6,613

Others

428

651

4,064

7,844

4.0%

3,779

Total

102,614

117,546

144,894

196,022100.0%

51,127

137.9

144.8

160.2

(Ratio)Inc. (Dec.)

178.1

196.0

117.5

121.2

125.3

FY15 4Q
54.4

FY16 4Q
57.6

FY17 1Q
54.4

FY17 2Q
55.7

FY17 3Q
60.4

FY17 4Q
61.6

FY18 1Q
74.9

FY18 2Q
78.9

FY18 3Q
93.7

Condominiums

13.1

20.4

28.4

33.7

39.4

40.2

41.8

46.2

48.9

Property resales

34.5

38.8

37.4

34.8

37.1

38.8

37.6

46.1

45.4

Others

0.4

0.6

0.8

0.9

0.9

4.0

5.8

6.8

7.8

102.6

(Billion yen)

Single–family homes related On May 15, 2018, the Company revised the business performance forecasts upward due to steady
improvement in business performance.

 Performance forecasts steadily advanced as we move toward achieving record highs in revenue andincome for six consecutive fiscal years.
(Million yen)

FY2017FY2018 Initial forecast

FY2018 Revised forecast

Inc. (Dec.)

Forecast

Inc. (Dec.)

Forecast

2016/10-2017-9

Actual2017/10-2018/9

2017/10-2018/9

Inc. (Dec.)

Revenue

304,65123.2%

380,000

24.7%

24.7%

Operating income

37,61720.1%

44,700

18.8%

26.3%

Ordinary income

36,131

23.9%

43,500

20.4%

27.3%

Profit attributable to owners ofparent24,79732.5%

30,000

21.0%

27.8%

EPS (yen)443.41―537.73――

Annual dividends per share
(yen)

65.00

15.00

92.00

27.00

33.00

Payout ratio

14.7%

―

17.1%

―

―



 Segment-based revenue forecasts remain unchanged.
 Business performance is improving steadily toward the full-year forecast goal.

― Before change in business segments
FY2016

2015/10-2016/9

Revenue
Brokerage(Million yen)

― After change in business segments
FY2017FY2017

2016/10-2017/9

2016/10-2017/9(Million yen)

FY20182017/10-2018/9

ActualForecast

Inc. (Dec.)

304,651

380,000

24.7%－Brokerage－Single-family homes－Construction work

188,475

226,000

19.9%

ActualActualInc. (Dec.)

247,210

304,651

23.2%

Revenue

8,528

10,197

19.6%

Single-family homes
related business

Single-family homes

119,563

151,998

27.1%

Open House Architect

37,625

39,154

4.1%

Condominiums

19,05926,48038.9%

Condominiums

26,48043,50064.3%

Property resales

72,801

88,97622.2%

Property resales

88,976

100,000

12.4%

455

1,825

300.9%

Others (including U.S.
real estate business)

1,825

11,000502.6%(10,822)(13,981)―

Adjustments(1,105)(500)―

OthersAdjustments

To further strengthen the business model — a comprehensive system from purchase andconstruction to intermediary and sales— the brokerage business, single-family homes
business, and Open House Architect will be consolidated to establish a new segment, thesingle-family homes related business.

Former Open House
Architect* Single-family homes related business = Brokerage + Single-family homes + OpenHouse Architect – Adjustments for internal transactions (¥12,875 million) Engaged in single-family home development and sales centered on quasi-urban areas of the Tokyo metropolitan
district: Revenue: ¥63.9 billion; operating income: ¥4.5 billion (for the year ended Oct. 31, 2017)
 Acquisition amount: ¥28.3 billion equiv. (about ¥20 billion in cash and ¥8.3 billion equiv. in simplified share exchange)
Company Profile
Corporate name

HAWK ONE CORPORATION

 Current status and schedule

Head Office

1-15-13 Miyamae, Suginami-ku, Tokyo

Representative

Hiroyuki Hiratsuka, President & CEO

July 31:
Shares acquired. Share exchange agreement concluded.

Main business

Development and sales of single-family homes

Capital55 million yen

Established

May, 1995

Fiscal term

OctoberNumber of
employees

321（hereinafter “HAWK ONE”）*1, *2

Oct. 1:
Conversion to a wholly-owned subsidiary of the Company(plan)（Effective date of share exchange)*1 The financial impact on the Company’s consolidated
operating results for FY2018 due to the conversion to a
consolidated subsidiary is under examination.

( as of May 1, 2018)

Operating results and Financial position(Million yen)

Fiscal term

FY ending in
October, 2015

FY ending in
October, 2016

FY ending in
October, 2017

Net assets

15,555

17,971

20,672

Total assets

39,367

46,63352,210

Revenue

47,672

52,19363,901

Operating income

2,940

4,083

4,517

Ordinary income

2,656

3,886

4,275

Net income

1,464

2,532

2,903

*2 The conversion to a consolidated subsidiary is likely togenerate goodwill. The amount and amortization period of
goodwill are currently being examined.

 The conversion to a subsidiary will bring significant advantages to both the Company and HAWK ONE.
 The Company has operation bases centered on urban areas, while HAWK ONE has those centered on quasiurban areas, and they can complement each other.
Sales Centers

Purposes
１. Expanding share in the Tokyo metropolitan
district and the Nagoya region

OPEN HOUSEHAWK ONE

32
28

Tokyo metropolitan district

Companies can complement each other in regard toareas and price ranges.

Saitama HAWK ONE: Quasi-urban areas; average price: ¥38 million
 OPEN HOUSE: Urban areas; average price: ¥44 million

Chiba

２. Strengthening construction performance byleveraging advantage of scaleGroup-wide supply of single-family homes would amount to7,000 homes per year.

Western Tokyo

Tokyo’s 23 wards

 HAWK ONE: 2,000 homes
 OPEN HOUSE: 5,000 homes (including Open House Architect)
Kawasaki

３. Improving management efficiency byleveraging the brokerage function
Sales of HAWK ONE properties through the Company’s
brokerage
 HAWK ONE: Sales of homes through local brokers
 OPEN HOUSE: Sales of HAWK ONE properties is viable

Yokohama

Nagoya regionBusiness activities in the Fukuoka region, where there is potential for continued high growth, are planned to be
implemented in FY 2019.
Same as in the Nagoya region, business portfolios are single-family homes, condominiums, and property resales.

No. of households and net migration in Fukuoka City

Household income and individual income of residents of Fukuoka City
thousandhouseholds

thousandpeoplethousand yen

Households / Right

15

Net migration / Left

9

7,000

793 800

7

6,406

6,000

6,055

5,000

0

4,000

433
-15

Household income (nation wide)
Individual income (nation wide)
Household income (Kyushu region)
Individual income (Fukuoka city)

8,000

1985

3,449

3,000

1990

1995

2000

2005

2010

2015

2,000

300

Source: “Report on Internal Migration in Japan based on Basic Resident Register” published by the
Ministry of Internal Affairs and Communications

3,324
2000

2005

2010

2015

Source: Annualized based on the actual monthly income of households (working families) with two-or-more personhousehold, obtained from the report "Family Income and Expenditure Survey," the Ministry of Internal Affairs andCommunications. Calculated by diving taxable income by the number of taxpayers, based on data obtained from thereport "Survey of Taxation of Municipal Inhabitant Taxes, etc." by the Ministry of Internal Affairs and Communications<Reference> Social structure of Fukuoka City (in comparison with other ordinance-designated cities)
Ranking

Population growth rate (2010-2015)

Proportion of people in 20-30 age
group (20-30 age group to all age groups)

Population(thousand people）（thousand people）

Ranking of potential-growth cities(general evaluation)

1

Fukuoka

1,539

5.1% Yokohama

3,725 Tokyo Ku-area

28.2% Tokyo Ku-area

2

Tokyo Ku-area

9,273

3.7% Osaka

2,691 Kawasaki

28.0% Fukuoka

3

Kawasaki

1,475

3.5% Nagoya

2,296 Fukuoka

26.9% Kyoto

4

Sendai

1,082

3.5% Sapporo

1,952 Osaka

25.6% Osaka

5

Saitama

1,264

3.4% Fukuoka

1,539 Sendai

24.9% Kagoshima *Not an ordinance-designated city

127,095△0.8% Tokyo Ku-area

9,273 Average

22.0%

Reference Whole nation
Source2010-2015 Population Census
Statistics Bureau

2015 Population Census
Statistics Bureau

2015 Population Census
Statistics Bureau

Fukuoka city is ranked firstin the Potential Group2017 Potential-growth cities
Nomura Research Institute Backed by brisk sales of three-story, urban-type single-family homes, the Company opened Gokiso Sales
Center, the third sales center in the Nagoya region.
 The Company launched the sale of Open Residencia Gokiso, the fifth condominium in the Nagoya region.

Current status of business activities

Opening of Gokiso Sales Center

Single-family homes■ Address:

 October 2016
Opening of Sakae Sales Center, the first sales center in the
Nagoya region

3fl. DIS Gokiso Bldg., 4-chome, Ayuchi-dori, Showa-ku, Nagoya

 July 2017
Opening of Motoyama Sales Center April 2018
Opening of Gokiso Sales Center■ Access:
1-minute walk from Gokiso Station on
the Sakura-dori Line and Tsurumai Line
(subways).

Condominiums

 September 2017
Opening of Nagoya Sogo Mansion Gallery
Launch of sales of Open Residencia Aoi, the first
condominium released in the Nagoya region.
All 32 units were completely sold by December 2017.

Launch of Open Residencia Gokiso■ Address:
3-chome, Akebono-cho, Showa-ku, Nagoya■ Access:

 February 2018
Launch of sales of Open Residencia Nagoya Sakae

6-minute walk from Fukiage Station on the March 2018
Launch of sales of Open Residencia Sakura-dori Toyomae-cho■ Structure and size:■ May 2018
Launch of sales of Open Residencia Showa Fukiage

above ground■ August 2018
Launch of sales of Open Residencia Gokiso

Sakura-dori Line (subway)
Reinforced concrete building with 10 stories■ Total no. of units: 27■ Delivery schedule: August 2019 The Company is operating a total of 32 sales centers, including newly opened sales centers.
They are Urawa and Tsurumi opened in October 2017, Urawachuo and Motosumiyoshi in January 2018, Gokiso
and Shinkoiwa in April 2018, Shin-kawasaki in July 2018.
No. of sales centers of each area
FY2016＜ Tokyo region ＞

15/10-16/9

16/10-17/9

FY2017FY2018 3Q
17/10-18/6

As of2018.8.14

Tokyo

13

16

17

17

Kanagawa
Prefecture

5

7

9

10

Aichi
Prefecture

―

2

3

3

SaitamaPrefecture

―

―

2

2

Total

18

25

31

32
＜ Nagoya region ＞＜ Nagoya region ＞
Aichi Tokyo
Sakae
Motoyama

Shin-kawasaki sales Center

Gokiso The Company, Airbnb Japan, and ORANGE AND PARTNERS led by Mr. Kundo Koyama have formed a threecompany partnership.
 The Company is developing a home-sharing type house, the house officially designed by Airbnb, jointly withthe partners and plans to launch sales by the end of this year.
Following the enactment of the New Home-Sharing Law (Minpaku Law) on June 15, 2018,
three companies entered into a partnership.
The partnership is aimed at releasing ORANGE DOOR, officially designed by Airbnb as a new
single-family home, by leveraging the Company’s development strength.

We offer single-family homes for living in urban areas

First Release: “ORANGE DOOR”
Home-sharing type house- New living style for millennium generation-

End-to-end Travel Platform offering lodging
facilities in the world and experience

Services to enhance values of local communities
and facilities, and publicize via media

Announced on November14,2017

The Mid-Term Business Plan is scheduled to be updated when the financial results for FY2018 are released.
New business activities including the U.S. real estate business and HAWK ONE will be incorporated.



Revenue(¥billion）

500
400

■ Nov. 2017:
Mid-Term Business Plan Hop Step 5000 (FY2018–FY2020) was announced■ May 2018:
Forecast for FY2018 was revised upward, backed by strong operating performance

Excluding overseas business,
new business, M&A, etc.

Total revenue

Overseas businessNew business

OthersProperty resales

Condominiums

Single-family homes related

Ordinary Income

Profit attributable toowners of parent

300

430.0

36.1

112.1

FY2013

60

40

40.0

20

24.7

0
(¥ billion)

60.0

380.0

179.3

96.9

80

500.0

304.6

247.2

200
100

Profits

Overseas business (¥billion）
New business

FY2014FY2015FY2016FY2018
forecast

FY2017FY2019plan

0

FY2020plan

Single-family homes
related

61.1

69.2

116.7

155.0

187.3

225.5

267.0

319.0

Condominiums

27.1

25.7

20.0

19.0

26.4

43.5

60.0

75.0

Property resales

6.9

16.5

41.7

72.8

88.9

100.0

102.0

105.0

Others

1.7

0.6

0.7

0.4

1.8

11.0

1.0

1.0

Total revenue

96.9

112.1

179.3

247.2

304.6

380.0

430.0

500.0

Ordinary income

9.1

12.8

20.2

29.1

36.1 46.0

43.5

50.0

60.0

Profit attributable toowners of parent

5.6

7.7

12.6

18.7

24.7 31.7

30.0

34.0

40.0

Note: The Single-Family Homes Related Business includes Brokerage, Open House Architect, and adjustment
amounts. The Earnings Plan has been prepared on the basis of the existing businesses, excluding overseas
business, new business, M&A, etc.

2013.9-2017.9
Revenue
CAGR:33.1%

2018.5
Upward revision

2017.9-2020.9
Revenue
CAGR:18.0%

――Disclaimer ――This document contains forward-looking statements concerning future business performance. These statements include
company forecasts based on information available at the time of publication and involve potential risks and uncertainties.
They do not constitute a guarantee of future results. The information provided herein is subject to change without notice; noguarantees are provided with regard to the accuracy or reliability of such information.
This document is provided for informational purposes only. It does not constitute a solicitation to invest.