This document has been translated from a portion of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes noresponsibility for this translation, nor for direct, indirect, or any other form of damages that may arise from use of this translation.
This English version includes some explanatory notes.
February 13, 2024

Outline of Consolidated Financial Statements for the
Fiscal Year Ended December 2023 <under Japanese GAAP>
Name of Company Listed:
Code Number:
Representative:
Contact:

Tokyo Tatemono Co., Ltd.
Exchange: Prime Market of Tokyo Stock Exchange
8804
URL:
https://www.tatemono.com/english/
Hitoshi Nomura, President & Chief Executive Officer
Munetoshi Harunaga, General Manager, Corporate Communications Department
TEL: +81-(0)3-3274-1984
Scheduled date of ordinary shareholders’ meeting:March 27, 2024
Scheduled date for submission of securities report:
March 27, 2024
Scheduled date for commencement of dividend payment:
March 28, 2024
Supplementary documents for results:
Results briefing:Yes
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest one million yen.)

1. Consolidated Results of Operations for Fiscal Year Ended December 2023 (January 1, 2023 to December 31, 2023)(1)

Consolidated business results(The percentage figures indicate the percentage increase/decrease compared with the previous fiscal year.)
Operating revenue
%
7.4
2.8

Million yen

FY2023
FY2022375,946
349,940

Note: Comprehensive income

Operating profit

FY2023
FY202270,50864,478

Profit per shareafter adjusting fordilution

69,471
63,531

Yen

Yen

215.82206.15−−Return on equity

%
9.3
37.3

Million yen

45,08443,062

Ordinary profit
margin on
total assets

%
9.6
10.0

Reference: Share of profit (loss) of entities accounted for using equity method(2)Million yen

%
4.7
23.2

¥67,511 million (62.2%)¥41,616 million (7.0%)

Profit per share

FY2023
FY2022%
9.4
9.7

Million yen

Profit attributable toowners of parent

Ordinary profit

FY2023
FY2022%3.8
3.8

Operating profit
margin on
operating revenue
%
18.8
18.4

¥3,920 million¥1,825 million

Consolidated financial status
Total assets
FY2023
FY2022

Reference: Equity capital

FY2023
FY2022

Net assets

Million yen

Million yen

1,905,309
1,720,134

508,035
456,838¥496,900 million¥445,994 million- 1 -Equity capital ratio
%
26.1
25.9

Net assets per shareYen

2,378.61
2,135.08

(3)Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Million yen

Million yen

Million yen

Million yen

20,588(3,332)(54,069)(21,204)

77,90818,421

127,30382,439FY2023
FY2022
2. Dividend Status

Dividend per share
End of
End ofsecondthird
Year-endquarterquarter

End offirstquarter
FY2022
FY2023
FY2024 (Forecast)Total
dividend
amount(Annual)Annual

Yen

Yen

Yen

Yen

Yen

Million yen

−
−
−

29.00
36.00
37.00

−
−
−

36.00
37.00
42.00

65.00
73.00
79.00

13,593
15,266

Ratio ofdividends to
net assets(Consolidated)
%
%
31.5
3.1
33.8
3.2
34.4

Payout ratio(Consolidated)

3. Forecast of Consolidated Results of Operations for Fiscal Year Ending December 2024 (January 1, 2024 to December 31, 2024)(The percentage figures indicate the percentage increase/decrease compared with the previous fiscal year.)

Operating revenue
Million yen

Full year

495,000%
31.7

Operating profit
Million yen

75,000%
6.4

Ordinary profit
Million yen

67,000%(3.6)

Profit attributable toowners of parent

Profit per share%
6.5

Million yen

48,000Yen

229.77* Notes(1)

Significant changes in subsidiaries accompanied by a change in the scope of consolidation during the period: Yes
Newly included: 1 (company name)(2)

PT Dharma Tatemono Property

Excluded: − (company name)

Changes in the accounting principles and changes or restatement of accounting estimates(i)

Changes in the accounting principles due to amendment of accounting standard, etc.:

Yes

(ii)

Changes in the accounting principles other than (i):None(iii) Changes in the accounting estimates:None(iv) Restatement:
None
Note: Refer to page 199, “3. Consolidated Financial Statements and Key Notes; (5) Notes on Consolidated Financial Statements;(Changes in Accounting Policies)” for details.
(3)

Number of shares outstanding (common shares)(i)

Number of shares outstanding (including treasury shares) at the end of the period
As of December 31, 2023:
209,167,674 shares
As of December 31, 2022:(ii)

Number of shares of treasury shares at the end of the period
As of December 31, 2023:
264,481 shares(iii) Average number of shares during the period
FY2023:208,900,227 shares

As of December 31, 2022:
FY2022:

209,167,674 shares
278,430 shares
208,890,403 shares* The Company has introduced a stock compensation plan, “Board Benefit Trust (BBT).” The shares of the Company held by the trust areincluded in the number of shares of treasury shares at the end of the period and the treasury shares deducted in the calculation of the average
number of shares during the period.

* Outline of Financial Statements is not subject to review by a certified public accountant or audit corporation.

- 2 -* Explanation Regarding the Appropriate Use of Business Performance Forecasts, and Other Items to Note
The performance forecasts and other statements regarding the future in these materials are based on information currently available to the Company
and on certain assumptions deemed to be rational. Actual performance may differ materially depending on various factors. Refer to page 10, “1.
Outline of Operating Results, Etc.; (4) Outlook for the Next Fiscal Year,” for matters regarding the performance forecasts.

- 3 - Contents of Accompanying Materials
1. Outline of Operating Results, Etc. ................................................................................................................................ 5(1) Outline of Operating Results for the Fiscal Year Under Review ............................................................................................... 5(2) Outline of Financial Position for the Fiscal Year Under Review ............................................................................................... 9(3) Outline of Cash Flows for the Fiscal Year Under Review ......................................................................................................... 9(4) Outlook for the Next Fiscal Year ............................................................................................................................................. 10(5) Basic Policy Regarding Distribution of Profit for the Fiscal Year Under Review and Next Fiscal Year ................................. 10

2. Basic Policy Regarding Selection of Accounting Standards ....................................................................................... 10
3. Consolidated Financial Statements and Key Notes ..................................................................................................... 11(1) Consolidated Balance Sheet ..................................................................................................................................................... 11(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income .................................................. 13(3) Consolidated Statement of Changes in Equity ......................................................................................................................... 15(4) Consolidated Statement of Cash Flows .................................................................................................................................... 17(5) Notes on Consolidated Financial Statements ........................................................................................................................... 19(Notes on Going Assumptions) ................................................................................................................................................ 19(Changes in Accounting Policies) ............................................................................................................................................ 19(Consolidated Statement of Income) ........................................................................................................................................ 19(Segment Information, etc.) ..................................................................................................................................................... 20(Relating to Rental Properties) ................................................................................................................................................. 24(Per Share Information)............................................................................................................................................................ 25(Major Subsequent Events) ...................................................................................................................................................... 25- 4 -1. Outline of Operating Results, Etc.
(1) Outline of Operating Results for the Fiscal Year Under Review
In the fiscal year under review (ended December 31, 2023 (FY2023)), the Japanese economy showed a moderate recovery
trend as economic and social activities returned to normal following the convergence of the COVID-19 pandemic, coupledwith improvements in the employment and income environment and the effects of various policies. However, the outlook
remained uncertain primarily due to concerns about the prolonged situation in Ukraine, instability in the Middle East,
downside risks to the global economy, and the impact of exchange rate fluctuations.
In the real estate industry, the vacancy rates in the rental office market remained relatively high, but there was a growing
trend of people returning to work in offices, and in the second half of the fiscal year, vacancy rates turned to decline in someareas. The residential housing market remained strong against a backdrop of factors including continued low interest rates
and an increase in dual-income households amid a declining number of new condominiums supplied and rising property
sales prices. The real estate investment market was generally vigorous as investment appetite among investors in Japanremained strong while that of overseas investors dropped, in part reflecting deteriorating conditions in overseas real estatemarkets and the prospect of higher interest rates in Japan.
Amid this business environment, the Tokyo Tatemono Group has promoted the five key strategies in the Tokyo TatemonoGroup medium-term business plan for the period from FY2020 through FY2024 under the long-term vision looking ahead
to around the year 2030, with an aim of achieving our dual goals of “solving social issues” and “company growth” at higher
levels, while also focusing efforts on the “evolved approach to ESG management.” With respect to one of our key strategies,“promotion of large-scale redevelopment,” the Tokyo Tatemono Group has made steady progress including the acquisitionof important permits and approvals for redevelopment projects in the Yaesu, Kyobashi, and Shibuya areas. In addition, withrespect to “further strengthening of condominium business,” we leveraged our unique know-how and the Brillia brandstrengths to provide high-quality housing that appropriately responds to changes in society and customer needs, including
the Complete Reconstruction Project “Brillia City Shakujiikoen ATLAS” (Nerima-ku, Tokyo), a project to completely
reconstruct the largest large-scale housing complex in all 23 wards of Tokyo. We also focused on creating diverse business
opportunities such as in a new redevelopment and reconstruction project.
With regard to “evolution of ESG management,” in order to accelerate our efforts to achieve a decarbonized society, theTokyo Tatemono Group has raised the mid- to long-term target to reduce its greenhouse gas emissions to 1.5°C above preindustrial levels. We also formulated and published a new guideline for Sustainable Procurement Standards, aimed atachieving procurement throughout the supply chain that respects human rights, environmental conservation and other issues,in an effort to promote suppliers' understanding and implementation of these standards. The Otemachi Tower (Chiyoda-ku,
Tokyo), which houses the Otemachi Forest, representing the Group's decade-long effort to regenerate the naturalenvironment in the heart of Tokyo, has been recognized by the Ministry of the Environment of Japan as a “Site for
Coexistence with Nature” (see note below), an area that aims to preserve biodiversity. In addition, the Tokyo TatemonoGroup continues to pursue initiatives aimed at coexistence with nature, at the MEIJI PARK (Shinjuku-ku, Tokyo), Tokyo's
first Park-PFI project, which partially opened in the current fiscal year, we, as a representative of the private sector, areworking to create a “legacy” park for the city of Tokyo that combines a rich natural environment and lively functions, e.g.
an area for planting trees with the concept of creating a forest that will grow over time together with Tokyo residents. The
external evaluation of the Tokyo Tatemono Group’s ESG management has been increasing year by year, and in the current
fiscal year, the Tokyo Tatemono Group has been newly selected as a constituent of FTSE4Good Index Series and FTSE
Blossom Japan Index, which are major ESG investment indices, and has become a constituent of all ESG indices coveringstocks in Japan adopted by the Government Pension Fund Investment Fund (GPIF).
(Note) Implemented by the Ministry of the Environment of Japan beginning in fiscal year 2023 as a major measure to achieve the 30by30
target, which aims to effectively conserve at least 30% of the land and oceans as healthy ecosystems by 2030.

In addition, for initiatives to “optimize the business portfolio,” we transferred all shares in two subsidiaries, one in thechildcare facility-related business and the other in the temporary staffing business, and also promoted various initiatives,
including making Tokyo Realty Investment Management, Inc. a wholly owned subsidiary to strengthen the fund business,thereby achieving the long-term vision and the Tokyo Tatemono Group’s Medium-Term Business Plan.
In terms of the Tokyo Tatemono Group’s consolidated results for FY2023, the building leasing and parking lot businesses
remained strong, and there was a year-on-year increase in sales from property sales to investors in the Commercial Properties
business, the Residential business, and the Asset Service business. Consequently, operating revenue was ¥375,946 million(up 7.4% from ¥349,940 million for the previous fiscal year), and operating profit was ¥70,508 million (up 9.4% from- 5 -

¥64,478 million for the previous fiscal year). Also, due to the recording of share of profit of entities accounted for using theequity method in overseas business, business profit was ¥74,428 million (up 12.3% from ¥66,304 million for the previous
fiscal year), ordinary profit was ¥69,471 million (up 9.3% from ¥63,531 million for the previous fiscal year) and profit
attributable to owners of parent was ¥45,084 million (up 4.7% from ¥43,062 million for the previous fiscal year).
The Tokyo Tatemono Group has set “business profit,” which is the sum of operating profit and share of profit (loss) ofentities accounted for using the equity method, as a profit indicator.
See below for an outline of consolidated results by business segment.
<Commercial Properties Business>
In large-scale redevelopment projects, we made steady progress, including important permit and approval procedures, suchas “Type-1 Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station (Districts A and B)”(Chuo-ku, Tokyo), which received approval of rights conversion plan for District A, and “Urban Redevelopment Project for
Shibuya 2-Chome West Area” (Shibuya-ku, Tokyo), which received approval to establish an urban redevelopment
association. In addition, with respect to for-sale properties for investors, we completed four projects, including “T-LOGI
Ichinomiya” (Ichinomiya City, Aichi Prefecture). We also proactively promoted development of a diverse range of assets(“T-PLUS” series of medium-sized office buildings, hotels, commercial facilities, etc.).
In FY2023, sales of real estate were recorded through projects, including “T-LOGI Narashino II” (Narashino City, Chiba
Prefecture) and “T-LOGI Honjo Kodama” (Kodama County, Saitama Prefecture), as property sales to investors, while
expenses for leasing of buildings increased compared with the previous fiscal year. Consequently, operating revenue was¥155,256 million (up 7.0% from ¥145,155 million for the previous fiscal year), operating profit was ¥38,483 million (down
5.9% from ¥40,910 million for the previous fiscal year) and business profit was ¥40,153 million (down 2.5% from ¥41,204
million for the previous fiscal year).
FY2022
Item

Leasing of buildings, etc.

Operatingrevenue(million yen)

Quantity, etc.
Leased area of buildings
947,514 m2(Of which, subleased area
81,095 m2)
2 properties

Sales of real estate

FY2023
Quantity, etc.

Operatingrevenue(million yen)

Leased area of buildings
1,040,870 m2
76,735(Of which, subleased area
67,227 m2)

78,27529,812

38,6438 properties

Building management service, etc.

−

38,607−38,337

Total operating revenue−

145,155−

155,256

Operating profit−

40,910−38,483Business profit−

41,204−40,153- 6 -<Residential Business>
In condominiums for sale, revenues were recorded through “Urban Redevelopment Project for SHIROKANE The SKY”
(Minato-ku, Tokyo), an urban development project to maintain and upgrade versatile urban functions that accommodate
residences, commercial buildings, factories, hospitals, and others, and Complete Reconstruction Project for “Brillia City
Shakujiikoen ATLAS” (Nerima-ku, Tokyo), a project to completely reconstruct the largest large-scale housing complex inall 23 wards of Tokyo. We also promoted the development of new projects with a diverse range of business approaches,
including “Land Sale Project for Minoh Sun Plaza Building No. 1” (Minoh City, Osaka Prefecture), the Kansai region’s
first example of utilizing a sale system for condominium land. With regard to for-sale properties for investors, we actively
promoted the development of “Brillia ist” condominiums for rent, and completed two projects, including “Brillia ist
Kuramae Residence” (Taito-ku, Tokyo).
In FY2023, sales of real estate were recorded through the above profitable projects as condominiums for sale, as well asother projects including “Brillia Nerima-Kasugacho” (Nerima-ku, Tokyo) and “Blan Canvas Rokkomichi” (Nada-ku, Kobe
City) as property sales to investors.
Consequently, operating revenue was ¥134,140 million (up 2.1% from ¥131,390 million for the previous fiscal year),
operating profit was ¥27,155 million (up 16.5% from ¥23,304 million for the previous fiscal year) and business profit was¥27,149 million (up 16.5% from ¥23,304 million for the previous fiscal year).
FY2022Item

Operatingrevenue(million yen)

Quantity, etc.
1,435 units

Residential sales

FY2023
Quantity, etc.

85,9581,058 units

Operatingrevenue(million yen)
84,029

Sales of real estate−

17,500−20,664

Residence leasing

Leased area of buildings
125,085 m2

5,309

Leased area of buildings
117,973 m2

5,948

Condominium management service

Number of managed units
98,006

13,743

Number of managed units
99,083

14,321

−

8,879

−

9,176

Total operating revenue−

131,390−

134,140

Operating profit−

23,304−

27,155Business profit−

23,304−

27,149

Other

- 7 -

<Asset Service Business>
In the brokerage business operated by Tokyo Tatemono Real Estate Sales Co., Ltd., the company made efforts to further
enhance profitability by strengthening relationships with corporate customers and expanding transactions with investors,
among other initiatives. In the Asset Solution business operated by the company, the acquisition and sale of for-sale realestate made steady progress, primarily in collaboration with the brokerage business and by strengthening sales to existingclients, and as a new initiative, the company advanced the composition and sale of small-lot real estate products. In theparking lot business operated by Nihon Parking Corporation, efforts were made to acquire new facilities to further increase
revenues, while also upgrading the functionality of parking lot systems and other measures to improve customer service.
In FY2023, the parking lot business continued to see a recovery in occupancy rates at existing facilities and an increase in
the number of parking spaces following the opening of new parking lots, and there was a significant year-on-year increasein sales from property sales to investors in the Asset Solutions business. Consequently, operating revenue was ¥63,800
million (up 27.0% from ¥50,240 million for the previous fiscal year), and operating profit and business profit were each
¥12,907 million (up 74.4% from ¥7,399 million for the previous fiscal year).
FY2022Item

Brokerage

FY2023Operatingrevenue(million yen)

Quantity, etc.
1,086 properties

4,626

Quantity, etc.
1,097 properties

Operatingrevenue(million yen)
5,499

Asset solution (Note)−

19,084−29,999Management service, etc.

−

4,554

−

4,567

Parking lot operations

Number of parking spaces
80,057

21,975

Number of parking spaces
82,542

23,734

Total operating revenue−

50,240−63,800Operating profit

−

7,399

−

12,907

Business profit

−

7,399

−

12,907

Note: This business mainly improves the added value of acquired real estate for the purpose of resale.
<Other>In the leisure & child care business, the dog-friendly hotel “Regina Resort” and golf courses operated by Tokyo Tatemono
Resort Co., Ltd. continued to maintain high occupancy rates throughout the fiscal year, and both sales and guest numbers
at hot-spring facilities, which had long been affected by the COVID-19 pandemic, also recovered. In addition, for initiatives
to optimize our business portfolio, we transferred all shares in two subsidiaries, one in the childcare facility-related businessand the other in the temporary staffing business. In overseas businesses, we participated in “Sukhumvit 25 Project”(Bangkok Metropolitan Administration), a project to develop medium-sized office buildings in Thailand, and “Herndon
Project” (Virginia), a housing leasing development project in the suburbs of Washington, D.C. in the U.S.
In FY2023, revenues decreased from the previous fiscal year due to the impact of the transfer of all shares in two subsidiaries
in the leisure & child care business, while the share of profit of entities accounted for using the equity method increased
from the previous fiscal year in overseas businesses. Consequently, operating revenue was ¥22,748 million (down 1.8%
from ¥23,154 million for the previous fiscal year), operating profit was ¥2,204 million (down 12.5% from ¥2,518 million
for the previous fiscal year) and business profit was ¥4,460 million (up 10.1% from ¥4,050 million for the previous fiscal
year).

- 8 -

Item

FY2022

FY2023Operating revenue(million yen)

Operating revenue(million yen)

Leisure & child care business

18,541

18,582

Other

4,612

4,166

Total operating revenue

23,15422,748Operating profit

2,518

2,204

Business profit

4,050

4,460

(2) Outline of Financial Position for the Fiscal Year Under Review(Assets)
Total assets at the end of FY2023 were ¥1,905,309 million, up ¥185,175 million from the end of the previous fiscal year.
This was primarily attributable to an increase in real estate for sale (including real estate for sale in process and real estatefor development), cash and deposits, property, plant and equipment, and investment securities.
(Liabilities)
Total liabilities at the end of FY2023 were ¥1,397,274 million, up ¥133,977 million from the end of the previous fiscal year.
This was primarily attributable to an increase in interest-bearing debt, the balance of which (excluding lease obligations)was ¥1,089,006 million, up ¥99,207 million from the end of the previous fiscal year.
(Net assets)
Total net assets at the end of FY2023 were ¥508,035 million, up ¥51,197 million from the end of the previous fiscal year.
This was primarily attributable to an increase in retained earnings and valuation difference on available-for-sale securities.
(3) Outline of Cash Flows for the Fiscal Year Under Review
Consolidated cash and cash equivalents (hereinafter “cash”) at the end of FY2023 stood at ¥127,303 million, up ¥44,864
million from the end of the previous fiscal year. This was primarily attributable to ¥20,588 million provided by operating
activities, ¥54,069 million used in investing activities and ¥77,908 million provided by financing activities.
Cash flows for each category are as follows:(Cash flows from operating activities)
Cash provided by operating activities at the end of FY2023 stood at ¥20,588 million (up ¥23,921 million from the previous
fiscal year). This was primarily attributable to cash outflows due to increased inventories on the one hand, and cash inflows
due to profit before income taxes and depreciation expenses on the other.
(Cash flows from investing activities)
Cash used in investing activities at the end of FY2023 stood at ¥54,069 million (down ¥32,864 million from the previous
fiscal year), primarily attributable to cash outflows due to purchase of non-current assets and loans.
(Cash flows from financing activities)
Cash provided by investing activities at the end of FY2023 stood at ¥77,908 million (up ¥59,487 million from the previous
fiscal year), primarily attributable to cash inflows due to long-term borrowings.

- 9 -(4) Outlook for the Next Fiscal YearThe following outlines the consolidated earnings forecasts for the next fiscal year (fiscal year ending December 31, 2024
(FY2024)).
(Million yen)
Full-year forecast for FY2024

FY2023Compared with FY2023

Operating revenue

495,000

375,946+119,053

Operating profit

75,00070,508+4,491Business profit

77,00074,428+2,571

Ordinary profit

67,00069,471(2,471)

Profit attributable toowners of parent

48,00045,084+2,915* Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method
The outlook for FY2024 is increased revenue and profit compared with the previous fiscal year; specifically, operating
revenue of ¥495,000 million, operating profit of ¥75,000 million and business profit of ¥77,000 million. This is due in partto an expected increase in sales from property sales to investors recorded in the Commercial Properties business andincreases in the number of condominium units recorded in the Residential business.
(5) Basic Policy Regarding Distribution of Profit for the Fiscal Year Under Review and Next Fiscal Year
The Company’s basic policy for distribution of profit is to make efforts to maintain and enhance stable distribution levels
by comprehensively taking into account future management environment, business development, changes in businessresults, etc. while building internal reserve for reinvestment toward enhancement of corporate value. The Company has set
a baseline dividend payout ratio of at least 30% for the period of the Tokyo Tatemono Group’s medium-term business plan
(FY2020–FY2024).
The year-end dividend payment plan for FY2023 will be ¥37 per share, resulting in a dividend payout ratio of 33.8% for
FY2023.
For FY2024, in light of the earnings forecasts, the Company plans a per-share dividend of ¥79 (interim dividend of ¥37).

2. Basic Policy Regarding Selection of Accounting Standards
For the time being, the Tokyo Tatemono Group will prepare its consolidated financial statements based on Japanese accounting
standards to ensure comparability between fiscal periods and with other companies.
That said, the Company will apply international accounting standards should it need to accordingly adapt to changes in various
trends and circumstances in Japan and abroad.

- 10 -

3. Consolidated Financial Statements and Key Notes(1) Consolidated Balance Sheet(Million yen)
End of FY2022(December 31, 2022)
AssetsCurrent assets
Cash and deposits
Trade notes, accounts receivable and contract assets
Real estate for sale
Real estate for sale in process
Real estate for development
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Leasehold interests in land
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Investments in silent partnerships
Long-term loans receivable
Deferred tax assets
Leasehold and guarantee deposits
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 11 -End of FY2023(December 31, 2023)

82,44014,334
173,836
160,009
81,06940,934(93)552,531

127,305
13,887
232,478
166,181
100,339
52,296(23)
692,464

396,529(174,775)
221,754
537,397
44,90331,198(20,291)
10,907
814,963

397,020(183,025)
213,994
529,506
89,42831,920(21,284)
10,635843,565130,0421,716
887
132,646

127,6281,486
2,509
131,624

128,701
3,638
458
2,001
21,4691,151
62,673(100)
219,993
1,167,603
1,720,134

153,814
2,598
4,025
2,327
20,671
1,561
52,711(55)
237,655
1,212,845
1,905,309

(Million yen)
End of FY2022(December 31, 2022)
Liabilities
Current liabilities
Short-term borrowings
Commercial papers
Current portion of bonds payable
Accounts payable - other
Income taxes payable
Provision for warranties for completed construction
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for environmental measures
Deposits received under real estate specified joint
enterprise law
OtherTotal current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for share awards for directors (and otherofficers)
Provision for retirement benefits for directors(and other officers)
Leasehold and guarantee deposits received
Retirement benefit liability
Deposits received under real estate specified joint
enterprise law
OtherTotal non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 12 -End of FY2023(December 31, 2023)

52,04750,00010,00013,781
4,811
11
950
2
0

56,75450,00010,00017,343
17,449
8
1,001
2
－

－

11,30067,856
199,461

76,198240,057

245,000
630,520
17,64727,274

255,000
715,223
23,99927,274

259

282

98

97

78,08813,023

77,764
14,104

21,684

10,44730,236
1,063,834
1,263,296

33,022
1,157,216
1,397,274

92,451
66,539189,501(443)
348,048

92,451
66,262
219,528(421)
377,82150,332
43,187
4,604(179)
97,945
10,843456,838
1,720,134

71,52643,1875,011(647)
119,078
11,135508,035
1,905,309

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated statement of income)(Million yen)

Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing fee
Bond issuance costs
Foreign exchange losses
Dividends paid on real estate specified joint enterprise law
OtherTotal non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates
Gain on liquidation and sale of investments in capital ofsubsidiaries and associates
Gain on bargain purchase
Gain on step acquisitions
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on building reconstruction
Loss on valuation of investment securities
Loss on sale of shares of subsidiaries and associates
Loss on liquidation of subsidiaries and associates
Loss on termination of joint venture agreement
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

FY2022
FY2023(Jan. 1, 2022 to Dec. 31, 2022) (Jan. 1, 2023 to Dec. 31, 2023)
349,940
375,946
248,452
266,829
101,488
109,116
37,00938,60864,47870,508- 13 -

28
3,621

251
4,556

1,825

3,920

830
6,307

481
9,209

6,094
862
－
－
94
202
7,254
63,531

7,262
974
105
1,250
87
565
10,24669,471

726
50
－

241
－
498

－

2,265

870
12
1,659

－
－
3,004

9
139
462
1,772
50
－
6
－
2,440
62,75015,5803,086
18,66644,084
1,021
43,062

－
150
157
－
－
43
－
* 3,712
4,064
68,411
26,202(3,634)22,56845,843758
45,084

(Consolidated statement of comprehensive income)(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

FY2022
FY2023(Jan. 1, 2022 to Dec. 31, 2022) (Jan. 1, 2023 to Dec. 31, 2023)
44,08445,843- 14 -(4,021)
118(924)

21,728
2,196
(465)

2,359

(1,790)(2,467)
41,616

21,66867,511

40,680935

66,217
1,294

(3) Consolidated Statement of Changes in Equity
FY2022 (January 1, 2022 to December 31, 2022)(Million yen)
Shareholders’ equity
Share capital

Capital surplus

92,451

Balance at beginning of period

Retained earnings

66,587

166,356

Cumulative effect of changes inaccounting policies

Total
shareholders’ equity

Treasury shares(439)

324,955

22

Restated balance

92,451

66,587

22

166,378(439)

324,978

Changes during period
Dividends of surplus(11,711)(11,711)

Profit attributable to owners ofparentReversal of revaluation reserve forland

43,06243,062(8,228)(8,228)Purchase of treasury shares
0

Disposal of treasury shares
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity

(4)

(4)

0

0

(48)

Total changes during period
Balance at end of period

(48)

－

(47)

23,123(4)

23,07092,451

66,539189,501(443)

348,048

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
availablefor-salesecurities

Deferred
gains or losses
on hedges

Revaluation
reservefor land

54,276(17)

34,959Foreigncurrencytranslation
adjustment

2,144

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income736

92,099Noncontrollinginterests

Total
net assets

10,605

427,661

Cumulative effect of changes inaccounting policies
Restated balance

22
54,276(17)

34,9592,144

736

92,09910,605

427,683

Changes during period
Dividends of surplus(11,711)

Profit attributable to owners ofparentReversal of revaluation reserve forland

43,062(8,228)Purchase of treasury shares(4)

Disposal of treasury shares

0Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity(48)(3,944)

17

8,228

2,460

(915)

5,846

238

6,084

Total changes during period(3,944)

17

8,228

2,460

(915)

5,846

238

29,155

Balance at end of period

50,332－

43,187

4,604

(179)

97,945

10,843456,838- 15 -

FY2023 (January 1, 2023 to December 31, 2023)(Million yen)
Shareholders’ equity
Share capital

Capital surplus

92,451

Balance at beginning of period

Retained earnings

66,539Total
shareholders’ equity

Treasury shares

189,501(443)

348,048

Changes during period
Dividends of surplus(15,057)(15,057)

Profit attributable to owners ofparent45,08445,084Purchase of treasury shares
0

Disposal of treasury shares
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity

(3)

(3)

26

26

(276)

Total changes during period
Balance at end of period

(276)

－

(276)

30,02622

29,772

92,451

66,262

219,528(421)

377,821

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
availablefor-salesecurities

Revaluation
reservefor land

50,332

43,187

Foreigncurrencytranslation
adjustment

4,604

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income(179)

97,945

Noncontrollinginterests

Total
net assets

10,843456,838

Changes during period
Dividends of surplus(15,057)

Profit attributable to owners ofparent45,084Purchase of treasury shares(3)

Disposal of treasury shares

26

Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity(276)
21,194

－

406

(467)

21,133291

21,424

Total changes during period

21,194

－

406

(467)

21,133291

51,197

Balance at end of period

71,52643,187

5,011

(647)

119,078

11,135508,035- 16 -

(4) Consolidated Statement of Cash Flows(Million yen)
FY2022
FY2023(Jan. 1, 2022 to Dec. 31, 2022) (Jan. 1, 2023 to Dec. 31, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Loss on building reconstruction
Amortization of goodwill
Gain on bargain purchase
Loss (gain) on step acquisitions
Share of loss (profit) of entities accounted for using equity
methodIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in provision for loss on guarantees
Increase (decrease) in provision for environmental
measures
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on valuation of investment securities
Loss (gain) on sale of investment securities
Loss (gain) on sale of shares of subsidiaries and associates
Loss (gain) on sale of investments in capital ofsubsidiaries and associates
Loss (gain) on liquidation of subsidiaries and associates
Loss on termination of joint venture agreement
Loss (gain) on sale and retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in leasehold and guarantee deposits
received
Increase (decrease) in trade payables
Decrease (increase) in leasehold and guarantee deposits
Increase (decrease) in deposits received
Compensation income
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities- 17 -

62,75018,796
462
1,772
317
(870)
(12)
(1,825)68,411
20,457
157
－
229
－
－
(3,920)

36
5

(107)
104

(0)

－

69

22

4

(1)

(30)

－

(26)

(0)

(198)
(3,650)
6,094
50
(50)
－

(34)
(4,807)
7,262
－
－
(454)

－

(2,265)

6
－
(577)
(292)
(65,006)

－
3,712
(90)
9
(73,779)(1,885)

(673)

813
(849)
3,839
－
(1,094)
18,6486,203(6,101)(22,083)(3,332)809
589(1,593)
5,079
14,713
33,8307,491(7,035)(13,697)
20,588(Million yen)
FY2022
FY2023(Jan. 1, 2022 to Dec. 31, 2022) (Jan. 1, 2023 to Dec. 31, 2023)
Cash flows from investing activities
Proceeds from sale and redemption of investment securities
Purchase of investment securities
Proceeds from purchase of shares of subsidiaries resulting
in change in scope of consolidation
Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation
Proceeds from withdrawal of investments in silent
partnerships
Payments for investments in silent partnerships
Proceeds from sale of non-current assets
Purchase of non-current assets
Loan advances
Increase (decrease) in deposits received under real estate
specified joint enterprise law
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of long-term accounts payable - other
Proceeds from issuance of bonds
Redemption of bonds
Purchase of shares of subsidiaries not resulting in change
in scope of consolidation
Purchase of equity interests in silent partnerships ofsubsidiaries and associates not resulting in change inscope of consolidation
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Proceeds from share issuance to non-controllingshareholders
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 18 -

2,188(5,604)

7,641(3,330)

654

－

－

1,229

4,460

1,085

－
4,244
(22,495)
(433)

(16)
703
(44,796)(17,669)(1,892)63(2,326)(21,204)

1,019(54,069)(0)
10,000135,500(112,534)
(202)
－
－

(0)
－
137,400(52,127)(202)
20,000(10,000)

－

(722)

(648)

－

0
(4)
(11,700)
(708)

0
(3)
(15,047)
(636)

34

40

(1,312)
18,421
1,545(4,569)87,00882,439(789)
77,908435
44,86482,439127,303(5) Notes on Consolidated Financial Statements(Notes on Going Assumptions)Not applicable(Changes in Accounting Policies)(Application of the implementation guidance on accounting standard for fair value measurement)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ
Statement No. 31, June 17, 2021) (hereinafter, the “Accounting Standard for Fair Value Measurement Implementation
Guidance”) from the beginning of the first quarter of the fiscal year ending December 2023 and, in accordance with thetransitional treatment stipulated in paragraph 27-2 of the Accounting Standard for Fair Value Measurement
Implementation Guidance, the Company decided to apply the new accounting policies stipulated in the AccountingStandard for Fair Value Measurement Implementation Guidance into the future.
The impact of the application of the implementation guidance on the financial statements for the first three quarters of
the fiscal year ending December 2023 will be minor.
(Consolidated Statement of Income)* Loss on termination of joint venture agreement
The Tokyo Tatemono Group, through PT Dharma Tatemono Property (“DTP”) and PT Dharma Tatemono Residences(collectively with DTP, the “Project Companies”), which were established with its joint venture, has participated in the“Dharmawangsa Project (tentative name)” (the “Project”), a project to develop condominiums and offices and sellthem as individual units in Jakarta, Indonesia. Given that the Project has come to a standstill due to the impact of the
spread of COVID-19 and unfavorable conditions in the real estate market, we held a series of consultations with thejoint venture. As a result, it was decided to terminate the joint venture agreement and to make the Project Companies
subsidiaries, with the aim of optimizing the framework of decision-making involving the Project Companies. In
connection with the termination of the joint venture agreement, in addition to the existing equity, the differences
between the joint venture equity of Project Companies, which was accepted as payment in substitution for the loan
receivable to the joint venture, and the assets and liabilities assumed on the consolidated balance sheet, were recorded
as a loss on termination of the joint venture agreement.

- 19 -

(Segment Information, etc.)
Segment Information
1. Overview of Reportable Segments
The reportable segments of the Company are the constituent units of the Company for which separate financial
information is available and for which the Board of Directors conducts a regular review to determine the allocation ofmanagement resources and assess the business performance.
The Company operates business activities by establishing divisions corresponding to their line of business, with thedivisions formulating comprehensive strategies for the businesses they operate.
Therefore, the Company comprises business segments with the divisions as the basis and conducts the three businessesof Commercial Properties, Residential, and Asset Service as its reportable segments.
In the Commercial Properties business, operations include developing, selling, leasing out, operating, and managing
office buildings, commercial facilities, logistics properties, etc. In the Residential business, operations include
developing, selling, leasing out and managing condominiums. In the Asset Service business, operations include realestate sales, brokerage, consulting and parking lot development and operations.

- 20 -

2. Information on Operating Revenue, Profit (Loss), Assets and Other Items by Reportable Segment
FY2022 (January 1, 2022 to December 31, 2022)(Million yen)
Reportable segments

Commercial
Residential
Properties

Asset
Service

Total

Other
(Note 1)

Total

Amount recordedin consolidated
Adjustment
financial(Note 2)statements(Note 3)Operating revenue
External customers

145,155

131,390

50,240326,786

23,154349,940－

349,940

Inter-segment or transfer

1,606

330

558

2,495

256

2,752

(2,752)－

Total

146,761

131,72150,799329,282

23,410352,693(2,752)349,940

40,91023,304

7,399

71,615

2,518

74,133(9,655)64,478

Share of profit (loss) ofentities accounted for using
equity method

293

－

－

293

1,532

1,825

－

1,825

Total

41,20423,304

7,399

71,9084,050

75,959(9,655)66,304

1,142,724

269,870

85,9991,498,594

99,806

1,598,401

121,733

1,720,134

13,651

1,514

2,363

17,528

1,042

18,571

225

18,796

1,525

－

－

1,525

41,12642,652－42,652

23,307

1,357

1,519

26,184635

26,81974

26,893

Segment profit (loss)(Business profit (loss))
Operating profit (loss)

Segment assets
Other items
Depreciation
Investments in entities
accounted for using equity
methodIncrease in property, plant andequipment and intangible
assets

Note 1: The “Other” business segment is not included in reportable segments. “Other” includes businesses such as “leisure& child care,” “fund,” and “overseas.”
Note 2: (1) Adjustment of -¥9,655 million for segment profit (loss) includes inter-segment elimination of ¥34 million andcorporate expenses of -¥9,689 million that is not distributed to the reportable segments. Corporate expenses
are primarily general and administrative expenses that do not belong to the reportable segments.
(2) Adjustment of segment assets of ¥121,733 million includes the company-level assets of ¥205,259 million andinter-segment elimination of -¥83,526 million. The company-level assets chiefly consist of the Company’s
cash, deposits and investment securities and assets, etc. relating to the corporate divisions.
Note 3: Segment profit (loss) is adjusted with the sum of operating profit and share of profit (loss) of entities accounted forusing the equity method in the consolidated statement of income.

- 21 -

FY2023 (January 1, 2023 to December 31, 2023)(Million yen)
Reportable segments

Commercial
Residential
Properties

Asset
Service

Total

Other
(Note 1)

Total

Amount recorded
Adjustment
in consolidated(Note 2)
financial statements(Note 3)Operating revenue
External customers

155,256

134,140

63,800353,198

22,748375,946－

375,946

Inter-segment or transfer

1,021

383

1,791

3,197

138

3,335

(3,335)－

Total

156,278

134,524

65,592356,395

22,886379,282(3,335)375,946

Operating profit

38,48327,155

12,90778,5462,204

80,750(10,242)

70,508

Share of profit (loss) ofentities accounted for using
equity method

1,670

(6)

－

1,664

2,256

3,920

－

3,920

Total

40,15327,14912,90780,2104,460

84,670(10,242)

74,4281,210,526

298,805

87,764

1,597,096

126,056

1,723,152

182,156

1,905,309

14,933

1,805

2,508

19,248996

20,244213

20,457

1,653

－

－

1,653

26,26627,920－27,92040,710884

1,307

42,902

2,522

45,42586

45,512

Segment profit (Business profit)

Segment assets
Other items
Depreciation
Investments in entities
accounted for using equity
methodIncrease in property, plant andequipment and intangible
assets

Note 1: The “Other” business segment is not included in reportable segments. “Other” includes businesses such as “leisure& child care,” “fund,” and “overseas.”
Note 2: (1) Adjustment of -¥10,242 million for segment profit includes inter-segment elimination of ¥72 million andcorporate expenses of -¥10,314 million that is not distributed to the reportable segments. Corporate expenses
are primarily general and administrative expenses that do not belong to the reportable segments.
(2) Adjustment of segment assets of ¥182,156 million includes the company-level assets of ¥272,891 million andinter-segment elimination of -¥90,734 million. The company-level assets chiefly consist of the Company’s
cash, deposits and investment securities and assets, etc. relating to the corporate divisions.
Note 3: Segment profit is adjusted with the sum of operating profit and share of profit of entities accounted for using theequity method in the consolidated statement of income.

- 22 -

Related Information
FY2022 (January 1, 2022 to December 31, 2022)
FY2023 (January 1, 2023 to December 31, 2023)
1. Information by Product and Service
Information by product and service is omitted, as similar information is stated in “2. Information on Operating Revenue,
Profit (Loss), Assets and Other Items by Reportable Segment” in “Segment Information.”
2. Information by Region(1) Operating revenue
Operating revenue is omitted because the amount of operating revenue to external customers in Japan exceeded 90%of the amount of operating revenue stated in the consolidated statement of income.
(2)

Property, plant and equipment
Property, plant and equipment is omitted because the amount of property, plant and equipment located in Japanexceeded 90% of the amount of property, plant and equipment stated in the consolidated balance sheet.

3. Information by Major Customer
Information by major customer is omitted because the amount of operating revenue to specified customers, which is included
in operating revenue to external customers, is less than 10% of the operating revenue stated in the consolidated statement ofincome.
Information on Impairment Losses of Non-Current Assets by Reportable Segment
FY2022 (January 1, 2022 to December 31, 2022)(Million yen)
Reportable segments
Commercial
Properties(Note)
Impairment
losses1,772

Residential

Other

Asset
Service
320

－

Total

Total
2,093

141

2,234

Amountrecorded in
Adjustment consolidated
financialstatements
－

2,234

Note: Includes ¥1,772 million recorded as loss on building reconstruction.
FY2023 (January 1, 2023 to December 31, 2023)(Million yen)
Reportable segments
Commercial
Properties
Impairment
losses－Residential
－

Other

Asset
Service

Total

Total

157

- 23 -

157

－

157

Amountrecorded in
Adjustment consolidated
financialstatements－

157

Information on Amortization of Goodwill and the Balance of Unamortized Goodwill by Reportable Segment
FY2022 (January 1, 2022 to December 31, 2022)(Million yen)
Reportable segments

Amortization
during period
Balance at end of
period

Other

Asset
Service

Total

Adjustment

Amount recorded inconsolidated
financial statements

Commercial
Properties

Residential

221

62

33

317

－

317

－

317

1,511

205

－

1,716

－

1,716

－

1,716

Total

FY2023 (January 1, 2023 to December 31, 2023)(Million yen)
Reportable segments

Amount recorded in
Adjustment consolidated financial
statements

Total

Commercial
Properties

Residential

177

51

－

229

－

229

－

229

1,333

153

－

1,486

－

1,486

－

1,486

Amortization
during period
Balance at endof period

Asset
Service

Other
Total

Information on Gain on Bargain Purchase by Reportable Segment
FY2022 (January 1, 2022 to December 31, 2022)
Gain on bargain purchase of ¥870 million has been recorded in the Commercial Properties business segment. When businessresults for Kasumigaseki Building No. 7 PFI Co., Ltd. were recorded on a consolidated basis, the acquisition cost of the shares
was less than the market value of net assets at the time of the business combination, and the difference was recognized as again on bargain purchase.
FY2023 (January 1, 2023 to December 31, 2023)
Not applicable(Relating to Rental Properties)
The Company and a certain number of its consolidated subsidiaries own office buildings for rent, condominiums for rent,
commercial facilities for rent and such in Tokyo and other regions. As some of the office buildings for rent and such areused by the Company and some of its consolidated subsidiaries, they are posted as real estate including portions used asrental property.
The amounts recorded in the consolidated balance sheet, the amounts of changes during the period, and the market valueof these rental properties and real estate including portions used as rental property are as follows:(Million yen)
FY2022(Jan. 1, 2022 to
Dec. 31, 2022)

Rental properties

Amount recorded inconsolidated balance
sheet

Balance at beginning of
periodReal estate including
portions used asrental property

692,631

Changes during period

(775)

9,324

Balance at end of period

692,631701,955

1,179,703

1,196,349

199,175

198,568

Market value at end of period
Amount recorded inconsolidated balance
sheet

693,406

FY2023(Jan. 1, 2023 to
Dec. 31, 2023)

Balance at beginning of
periodChanges during period(606)

16,891

Balance at end of period

198,568

215,459

Market value at end of period
237,908
250,481
Note 1: The amount recorded in the consolidated balance sheet is the amount obtained by subtracting accumulated depreciationfrom acquisition costs.

- 24 -

Note 2: The market value at the end of the period is the value based on the valuation of properties by an outside licensed realestate appraiser for principal properties and the value calculated by the Company based on the Real Estate Appraisal
Standards (including values adjusted using indicators) for other properties.
(Per Share Information)
FY2022(Jan. 1, 2022 to Dec. 31, 2022)
Net assets per share

FY2023(Jan. 1, 2023 to Dec. 31, 2023)¥2,135.08¥2,378.61¥206.15¥215.82

Profit per share
Note 1: Diluted profit per share is not posted as there is no potential share.

Note 2: In the calculation of net assets per share and profit per share, the shares of the Company held by the Board Benefit Trust(BBT) are included in the treasury shares deducted in the calculation of the total number of shares outstanding at the endof the period and the average number of shares during the period. The number of shares outstanding at the end of theperiod of the concerned treasury shares deducted in the calculation of the total number of shares outstanding at the endof the period was 241,000 shares for FY2022 and 225,000 shares for FY2023, and the average number of shares during
the period of the concerned treasury shares deducted in the calculation of the average number of shares during the period
was 241,000 shares for FY2022 and 229,000 shares for FY2023.
Note 3: The calculation basis for profit per share is as shown below.
FY2022(Jan. 1, 2022 to
Dec. 31, 2022)

FY2023(Jan. 1, 2023 to
Dec. 31, 2023)

Profit per share
Profit attributable to owners of parent (million yen)

43,06245,084－－

Profit attributable to owners of parent that pertain to commonshares (million yen)

43,06245,084

Average number of common shares during the period(thousand shares)

208,890

208,900

Amount not attributable to common shareholders (million
yen)

Note 4: The calculation basis for net assets per share is as shown below.
End of FY2022(Dec. 31, 2022)

Item

End of FY2023(Dec. 31, 2023)

Total net assets (million yen)

456,838

508,035

Amount of deduction from total net assets (million yen)

10,843

11,135[Non-controlling interests included in the above (million yen)]

10,843

11,135

Net assets at the end of the period that pertain to common shares(million yen)

445,994496,900

Number of common shares at the end of the period, which wasused for the calculation of net assets per share (thousand shares)

208,889

208,903(Major Subsequent Events)
Not applicable- 25 -