Accounts Briefing Materials
for Term Ended December 2017
(23rd Term)
ES-CON Japan, Ltd.

February 22,2018www.es-conjapan.co.jp

Table of Content

Summary of Term Ended December 2017 (23rd Term)
Main Activities in 2017
P/L in 2017
Segment Results for Term Ended December 2017
B/S in 2017

P.4
P.5
P.6
P.7

2nd Medium-Term Management Plan IDEAL to REAL 2019

2nd Medium-term Management Plan − Basic Policy and Corporate Strategy
2nd Medium-term Management Plan − Growth Action Plan & Current Progress
2nd Medium-term Management Plan − Management Index & Performance Plan

P.9
P.10
P.11

Plan for Term Ending December 2018 (24th Term)
Term Ending December 2018 − Real Estate Sales BusinessCondominium Sales Business “Le JADE Series”
Hotel Development Business
Term Ending December 2018 − Real Estate Leasing Business
Commercial Development and Logistics Businesses
Business Expansion of ES-CON JAPAN Group
Information

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

P.13
P.14, 15
P.16
P.17
P.18
P.19
P.20

2

Summary of Term
Ended December 2017
(23rd Term)

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved3

Main Activities in 2017
Jan

Announcement of broadcasting of the new advertisement for “Le JADE series”

Feb

Acquisition of new commercial complex (Kitanagoya-shi, Aichi)
Acquisition of new business sites (Yakumo 3-chome, Meguro-ku, Tokyo)(Kosobecho, Takatsuki-shi, Osaka)
Sales of “Le JADE Southern Gate Toyoda” commenced
Acquisition of new logistic facility site (Kato-shi, Hyogo)

Mar

Apr

Acquisition of new commercial leaseholds (Kurashiki-shi, Okayama) (Tsukumodai, Suita-shi, Osaka)(Daisennishimachi, Sakai-ku, Sakai-shi, Osaka)
Transfer of fixed assets of our consolidated subsidiaries
Acquisition of new business sites (Shirokane, Minato-ku, Tokyo) (Nakano, Nakano-ku, Tokyo) (Tsujido,
Fujisawa-shi, Kanagawa) (Tenjinmachi, Takatsuki-shi, Osaka)(Katasekaigan, Fujisawa-shi, Kanagawa)“Le JADE Musashino Residence” sold out
Retirement of own stock
Sales of “Le JADE Fushimi Chushojima” commenced“Park JADE Akatsuka-koen” and “Grand Le JADE Shukugawa Kurakuenguchi” sold out
Shareholder special benefit plan partially amended
Acquisition of new business sites (Sanbancho, Chiyoda-ku, Tokyo) (Kobunakicho,
Omihachiman-shi, Shiga)

May

Launch of commercial facility brand “tonarie”
Sales of “Le JADE Takatsuki Cross,” “Grand Le JADE Shibuya Tomigaya” and“Le JADE Yokohama Hananoki” commenced
Agreement of land planning business agency (Genboen, Koga-shi, Fukuoka)

Jun

Sales of “Le JADE Kawasaki” commenced
Announcement of opening of hotel development business “Hotel The M Kanazawa Uan”
“Le JADE Minami Kasai Park Arena” and “Le JADE Sakurajosui Tiara” sold out
Acquisition of new commercial facility development site (Toga-Mikita Station front, Sakai-shi,
Osaka)

July

Sales of “Le JADE Minamimorimachi” commenced“Feel Garden Minamisenri ,” “Le JADE Southern Gate Toyoda,” “Le JADE Minami Kasai“ sold out

AugustAcquisition of property for renovation business (Funabash-shi, Chiba)

September

Acquisition of new business site (Bunkyo-ku, Tokyo), (Suma-ku, Kobe-shi)“Le JADE Setagaya Kinuta” sold out
Acquisition of new commercial facility development site (Muko-shi, Kyoto)

October

Sales of “Mirakita City Himeji,” “Grand Le JADE Ochanomizu,” and “Grand Le JADE Okamoto”
commenced
Investment in NBNS Investment Limited Liability Partnership

November

Opened Fukuoka Branch OfficeAcquisition of new business site (Todoroki 7-chome, Setagaya-ku)
Additional investment in NBNS Investment Limited Liability PartnershipTransfer of fixed assets and inventory to ES-CON JAPAN REIT Investment Corporation
Change in subsidiaries due to transfer of units in ES-CON JAPAN REIT Investment Corporation
Acquisition of new commercial leasehold (Oyumino Project, Midori-ku, Chiba-shi, Chiba)

DecemberIssuance of performance target-linked stock option and determination of issuance details
Determination of matters concerning acquisition of own stock
Increase in expected final dividend and revision to projected consolidated results for Fiscal
December 2017
Acquisition of new business sites (Daikyo-cho, Shinjuku-ku), (Uchidehama, Otsu-shi, Shiga)

Grand Le JADE Ochanomizu

Hotel The M Kanazawa Uan

No. of new business sites acquired
Metropolitan
area

Kinki
region

Other

Total

Condominium

8

4

-

12

Commercial

2

4

2

8

Grand Le JADE Shonan
Enoshima R134

Grand Le JADE Okamoto

グランレ・ジェイド渋谷富ヶ谷
Hyogo Tojo Interpark

Hotel

-

1

-

1

Logistics

-

1

-

1

Renovation

1

-

-

1

Total

11

10

2

23

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

4P/L in 2017
Both sales and profits increased significantly from the previous term due to progress in ourcore condominium sales business and sales of revenue-generating real estate, such as
hotels and commercial facilities.
Operating profit margins also climbed from 13.6% to 15.7%.
Net income in the current term hit a record-high, surpassing 4,473 million yen for the term
ended December 2007.
(Unit: Million yen)

Term ended
December 2017
(term under review)

Term ended
December 2016(previous term)

Amount ofincrease/decrease

Compared
to previous
term

Sales

44,72434,347

10,37730.2%

Gross profit

11,559

8,852

2,707

30.6%

Selling, general andadministrative expenses

4,517

4,172

345

8.3%

Selling expenses

1,734

1,931

-197

-10.2%

General administrative expenses

2,783

2,241

542

24.2%

7,042

4,680

2,362

50.5%

1,093

999

94

9.4%

Ordinary income

5,988

3,575

2,413

Net income incurrent term

5,456

3,936

Earnings per sharein current term

81.77

58.76

Operating profit
Interest expenses

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

Term ended
December 2017
(initial forecast)Difference
between forecast
and results

Forecast
to results
ratio

45,500

-776

-1.7%

5,700

1,342

23.5%

67.5%

4,800

1,188

24.8%

1,520

38.6%

4,400

1,056

24.0%

23.01

39.2%

5

Segment Results for Term Ended December 2017
We sold 476 condominiums, a figure that represents 88% of the initial target. However, salesof revenue-generating real estate such as hotels and commercial facilities resulted in higher
revenues and profits from the real estate sales business.
The real estate leasing business, meanwhile, remained a steady stable revenue generator.
(Unit: Million yen)

Sales

Segment income

Term ended
December 2017
(term under review)

Term ended
December 2016(previous term)

Real estate sales business

41,16830,68734.2%

42,700

1 Condominium sales
2 Other sales

19,50020,865-6.5%

22,10021,667

9,822

120.6%

20,6003 Real estate leasing business

3,459

3,594

-3.8%

Real estate planning agency
and consulting business

96

65

44,72434,347

Total

Term ended
December 2017
(term under review)

Term ended
December 2016(previous term)

-3.6%

7,978

4,798

-11.8%

2,363

2,557

-7.6%

5.2%

5,614

2,241

150.5%

2,600

33.0%

1,761

2,058

-14.4%

47.7%

200-52.0%

85

65

30.8%

30.2%

45,500

-1.7%

9,825

6,921

42.0%

Compared toprevious term

Forecast to
results ratio

Initial forecast

1 Condominium sales

2(Unit: Residences)
Total no.
ofresidences

Location

交通Park JADE Suginami Izumi

Suginami-ku, Tokyo

地

Park JADE Akatsuka-koen

Itabashi-ku, Tokyo

都

Condominium businessGrand Le JADE Shukugaw a Kurakuenguchi

阪Nishinomiya-shi, Hyogo

Compared toprevious term
66.3%

Other sales

Initial inventory
for term ended
December 2017

No. of residencesdelivered in term
ended December 2017

Closing inventory
for term ended
December 2017

Contract and delivery
progress as ofFebruary 19 (inventory)

tonarie Seiw adai

Commercial facility

Sale (Bridge)

18

2

2

0

Sold out

tonarie Minamisenri

Commercial facility

Sale (Private REIT)

12

1

1

0

Sold out

Kayabacho, Nihonbashi

Hotel

Sale

Chuo-ku, Sapporo-shi

Hotel

Sale

Bakurocho, Nihonbashi

Hotel

Sale

Oyama-cho, Kanazaw a-shi

Hotel

Sale

71

9

9

0

Sold out

Other businesses

Possession status

Business scheme

Le JADE Musashino Residence

Musashino-shi, Tokyo

Ｊ

25

11

11

0

Sold out

Le JADE Setagaya Kinuta

Setagaya-ku, Tokyo

小

25

5

5

0

Sold out

Hirano-cho, Chuo-ku

Hotel

Sale

Le JADE Minami Kasai

Edogaw a-ku, Tokyo

東

33

5

5

0

Sold out

Oimatsu-cho, Kurashiki-shi

Commercial land w ith leasehold

Sale (private REIT)

Le JADE Minami Kasai Park Arena

Edogaw a-ku, Tokyo

Ｊ

35

19

19

0

Sold out

Kitatsumori, Nishinari-ku

Commercial land w ith leasehold

Sale (private REIT)

Le JADE Komagome

Kita-ku, Tokyo

36

-

29

7

5

Honkomagome, Bunkyo-ku

Land

Sale

Le JADE Vert Komagome

33

-

31

2

1

2-chome, Kaw aguchi, Nishi-ku

Land planning and sales

Sale

Grand Le JADE Wakamatsucho Residence

Kita-ku, Tokyo
Shinjuku-ku, Tokyo

31

-

26

5

4

Sendagaya, Shibuya-ku

Revenue-generating real estate

Sale

Le JADE Sakurajosui Tiara

Setagaya-ku, Tokyo

42

-

42

0

Sold out

Fukuoka Kasuga

Commercial land w ith leasehold

Sale

Le JADE Yokohama Hananoki

Yokohama-shi, Kanagaw a

69

-

40

29

17

Fukuoka Kasuga District 7

Residential land

Sale

Le JADE Otsu Nagisakoen

Otsu-shi, Shiga

44

-

36

8

4

Le JADE Fushimi Chushojima

Fushimi-ku, Kyoto

83

-

52

31

24

Le JADE Takatsuki The Marks

Takatsuki-shi, Osaka

95

-

95

0

Sold out

Le JADE Takatsuki Cross

Takatsuki-shi, Osaka

80

Total

No. of units No. of units
for saledelivered
Term ended December
2017 (term under review)

541

-

73

7

Sold out

Leasing business (mainproperties ow ned)

52

476

89

55

Kansai Medical University Kuzuha Hospital

Hirakata-shi, Osaka

Oak Tow n Yamato-Takada

Yamatotakada-shi, Nara

Current asset (for sale in process)Asumigaoka

Chiba-shi, Chiba

Current asset (for sale in process)

Daisennishi I & II, Sakai-ku, Sakai-shi

Sakai-shi, Osaka

Current asset (for sale in process)Soyoka Fujimino

Fujimino-shi, Saitama

Current asset (for sale in process)Toga-Mikita, Sakai-shi, Osaka

Sakai-shi, Osaka

Current asset (for sale in process)

Chiba Oyumino

Chiba-shi, Chiba

Current asset (for sale in process)Nishishiroi

Shiroi-shi, Chiba

Current asset (for sale in process)Kakegaw a

Kakegaw a-shi, Shizuoka

Current asset (for sale in process)Pare Marche Nishiharu

Kitanagoya-shi, Aichi

tonarie Seiw adai

Kaw anishi-shi, Hyogo

tonarie Minamisenri

Suita-shi, Osaka

Aeon Minamisenri

Suita-shi, Osaka

Kitatsumori, Nishinari-ku

Nishinari-ku, Osaska-shi

No. of units
Achievement
contracted/delivered
rate
as of February 19

476

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

Leasing business owned properties

3

88.0%

510

Achievement
rate
94.3%

Location

交通Possession status
Fixed asset

Current asset (for sale in process)Current asset (for sale)
Fixed asset, current asset (for sale in process)Fixed asset
Current asset (for sale in process)Contributed asrental incomein the December
2017 term;
assets soldduring the term.

6

B/S in 2017
We took the initiative in acquiring not just sites for condominium development, but for a wide range of other businesses.
For example, we launched a logistics business to accompany our commercial and hotel development.
Regarding fixed assets and inventory, we transferred commercial real estate to ES-CON JAPAN REIT Investment
Corporation ahead of our REIT stock exchange listing and completed the private placement of REIT shares worth around11 billion yen.
(Unit: Million yen)
Term ended December
2017 (term under review )Current assets
Cash and deposits

Term ended December
2016 (previous term)

Increase/decrease

57,65422,850Commercial

24,390

8,204

2,463

Hotel

10,821Others

1,664

Total

64,219

4,162

6,103

-1,94160,05739,31920,7385,930

16,048-10,118

Tangible fixed assets

1,729

13,147-11,418

Intangible fixed assets

28

17

11

4,173

2,883

1,290

86,43573,703

12,732

Investm ents andother assets
Total assets

27,344

10,667

Real estate for sale

Fixed assets

Condominium

80,504

Real estate forsale in process

3%■ Assets by business type

Other

17%

Hotel

Inventory
64.2 billion yen

Term ended December
2017 (term under review )Term ended December
2016 (previous term)

Increase/decrease

42%

Commercial

38%■ Leasing business owned assets
Leasing business (main(Unit: Million yen)

Condominium

交

Location

properties owned)

通Possession status

Kansai Medical University Kuzuha Hospital

Hirakata-shi, Osaka

京

Fixed asset

Asumigaoka

Chiba-shi, Chiba

近Current asset (for sale in process)

Daisennishi I & II, Sakai-ku, Sakai-shi

Sakai-shi, Osaka

Soyoka Fujimino

Fujimino-shi, Saitama

Current asset (for sale in process)近Current asset (for sale in process)

Chiba Oyumino

Chiba-shi, Chiba

32,66425,492

7,172

Nishishiroi

Shiroi-shi, Chiba

近Current asset (for sale in process)

Short-term loans

1,953

4,308

-2,355

Kakegawa

Kakegawa-shi, Shizuoka

近Current asset (for sale in process)Current portion of
long-term loans

Pare Marche Nishiharu

Kitanagoya-shi, Aichi

近Current asset (for sale in process)

22,462

16,753

5,709

Current portion of
bonds

40

40

0

Current liabilities

Fixed liabilities
Corporate bonds
Long-term loans
Total liabilities

32,33730,847

1,490

110

150

-40

31,87429,7842,090

65,00256,3398,663

Total liabilities andnet assets
Equity ratio

21,43386,435

17,36386,43524.8%

Inventory

73,70324.1%

73,703

4,070
12,732

23.6%+1.2 points

The NOI for owned revenuegenerating real estate isapproximately 5.7%

64,219
23.6%

2.0%

New
procurement
Annual averageinterest rate

1.7%

56,544

49,623

1.5%

50,141
23.2%

35,43024.8%

16.9 billion yen■ Changes in new procurement andaverage procurement interest rates

Fixed assets (owned
assets)

58,088

Total net assets

Current asset (for sale in process)

Rental income assets(inventory + fixed assets)

28,34317,752

39,73945,42329,95829,22051,17727,42021,6901.2%

19,413

10,142
1,565
Term ended Dec. 2014

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

Term ended Dec. 2015

Term ended Dec. 2016

Term ended Dec. 2017

Term ended Dec. 2014 Term ended Dec. 2015 Term ended Dec. 2016 Term ended Dec. 20177

Ｔｉｔｌｅ

2nd Medium-Term
Management PlanIDEAL to REAL 2019

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

8

2nd Medium-term Management Plan − Basic Policy and Corporate Strategy

Basic Policy

IDEAL to REAL 2019
Turning ideals into reality andcreating a new future.
We will follow our basic policy of putting our customers first,
fully accomplishing our mission as“Life Developers” who develop the living styles of our customers,
and continuing to evolve and grow as a company indispensable to society.

Corporate Strategy
1. Maximization of company value and returns to shareholders
2. Construction of a firm management foundation that can withstand any
economic environment
3. Diversification of business for continuous and stable growth
4. Construction of a firm management foundation (quality), rather than
expansion of company size (quantity)
5. Fulfillment of corporate social responsibility to return not only toshareholders but also to all stakeholders and society

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

9

2nd Medium-term Management Plan − Growth Action Plan & Current Progress
１

２

３

４

５

６

Further strengtheningof core business

Improving company
value throughdiversification ofmultiple core business

Securing stable longterm stock revenue
through active
development of realestate leasing business

Expansion of real estate
sales business throughstable supply of highquality real estate as amain sponsor of thelisted REIT formation

Expanding the range
and depth of real estatedevelopment
capabilities throughenhancement of realestate operation
business

Improving corporate
brand power

For the condominium sales
business, which is our corebusiness, instead of merely
increasing the number of lots,
we aim to provide a stablesupply of 500 to 600 lots peryear.
In FY2019, the final year ofour 2nd medium-term
management plan, we aim tocompletely shift the sales ofcondominiums to our own
sales structure, further
acquiring our customers’
trust and improving the profit
ratio by internalizing thesales expenses that had
been flowing out in theconventional sales structure.

While keeping thecondominium sales businessas our main core business,
we will also establish thecommercial development
business and the hotel
development business as
new core businesses.
In addition, we aim todiversify real estate related
businesses and to become acomprehensive developerthat can repeatedly grasp
business opportunities
through multiple corebusinesses.

Through the active
development of the realestate leasing business, we
aim to reduce the risk ofprice fluctuation of our realestate products caused bydiversification of businesses,
hold high-quality assets that
produce stable long-term
rental income, and further
improve the management
stability.
Specifically, at the end of
FY2019, the final year of our
2nd medium-term
management plan, we aim tohold or develop lease assetsthat can fully cover generaladministrative expenses withrental income.

We aim to achieve the listingof the new investment
corporation established inAugust 2016 on the Tokyo
Stock Exchange early, andas a main sponsor of the
REIT’s external growthstrategy, we will ensure thestable supply of high-quality
real estate with a focus onleasehold commercial
facilities, supporting
sustainable growth of the
REIT and expanding the realestate sales business of ourcompany.

We aim to be a peerlesscomprehensive developerthat not only develops realestate but also possessing
operational function suited tothe utility form of the realestate.
Specifically, in addition to
AM businesses and PM
businesses such ascommercial facilities, we will
actively engage in the
management of hotels, foodand beverage businesses
such as cafés, apartmentbuilding management andrenovation businesses of ourgroup companies,
maximizing the value of realestates in the process.

We will implement
aggressive public relations
strategies and improve ourcorporate brand power. We
will also thoroughly pursue
improvement in the quality of
our condominium brand “LeJADE” in order to gain the
overwhelming trust andsupport of our customers,
thereby improving theawareness of the productbrand.

In addition to AM business, PMbusiness of commercial
facilities, food and beveragebusinesses like cafes, andapartment-building
management, we havelaunched a renovation
business. We intend tocontinue to maximize the valueof our real estate.

In FY2017, we began running
TV commercials for the Le
JADE brand and became asponsor for a popular TV show.
We intend to continue focusing
on strengthening ourcorporate brand.

Current progress
For our core condominium
sales business, sites for
FY2019 were secured and sites
for FY2020 were in the processof being secured. We aremaking steady progress inbuilding our own sales force,with around 30 staff members
being on board.

In addition to condominium
sales, commercial
development, and hotel
development businesses, welaunched a logistics
development business toensure steady diversificationof businesses related to realestate.

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

To accompany the commercial
development and hotel
development businesses, weare making steady progress inventuring into logistics
development and other new
business fields. We are
selecting assets for long-termholding to strike a balancewith assets for the REIT andassets to be sold to third
parties.

In December 2017, ES-CON
JAPAN REIT Investment
Corporation completed a stock
offering to become a privately
held REIT with assets worth
around 11 billion yen. It is now
preparing to be listed on thestock market.

10

2nd Medium-term Management Plan − Management Index & Performance PlanIn FY2017, the first year of implementation of our 2nd Medium-term Management Plan,
we got off to a solid start, with profits climbing higher than initially forecast■Dividend policy■Management index
Term ended Decem ber
2016
22nd term

Term ended Decem ber
2017
23rd term

Term ending Decem ber
2019
25th term

Results

Results

Plan

Equity ratio

23.6%

24.8%

33.0% ― 35.0%

ROE(return on equity)

25.1%

28.1%

18.0% ― 21.0%

ROA(return on assets)

6.0%

6.8%

6.0% ― 7.0%

ROIC
(return on invested capital)

6.5%

8.4%

7.0% ― 9.0%

58.76 yen

81.77 yen

75 to 85 yen

EPS(earnings per share)

To provide even more stable returns to shareholders, we have adopted a
progressive dividend policy for the period covered by the 2nd Medium-termManagement Plan (2017 to 2019). Under this policy, the dividend per share (DPS)
must be equal to or greater than the DPS for the previous term. In other words,
our basic stance is not to cut dividends.
This progressive dividend policy, which clearly states that we will maintain or
increase dividends, not reduce them, represents a promise to shareholders toenhance our value in a sustained manner.
By introducing this progressive dividend policy, we will strive to achieve stabledividends, enhance transparency of future dividend scales, along with further
strengthening returns to shareholders and improving sustainable company value.

■Dividend trend*ROIC (return on invested capital): Net operating profit after tax / (Shareholders' equity + Interest-bearing liabilities)

Term ended Decem ber 2016
22nd term

Term ended Decem ber 2017
23rd term

Term ending Decem ber 2018
24th term

Results

Results

Plan

15

18

20

25.5%

22.0%

22.7%

429

449

－

36.8%

30.9%

－

Dividend (yen)Dividend payout ratio
Acquisition of treasury stoc
Total payout ratio■Performance plan

(Unit: Million yen)

Perform ance plan

Te r m e n de d De c e mbe r 2 0 1 6
2 2 n d te rm
Results

Te r m e n din g De c e mbe r 2 0 1 7
2 3 rd te rm
P lan

Te r m e n din g De c e mbe r 2 0 1 8
2 4 th te rm

Co mpar e dt o planR e su lt s

34,34745,50044,724-776

Real estate sales business

30,68742,70041,168-1,532

Real estate leasing business

3,594

2,600

3,459

859

Real estate planning agency
and consulting business

65

200

96

-104

Sales

Operating incom e

4,680

5,700

7,042

1,342

Ordinary incom e

3,575

4,800

5,988

1,188

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

I n it ial plan

57,000− 58,000
54,900− 55,800
1,900− 2,000200
7,500− 8,500
6,500− 7,500

Te r m e n din g De c e mbe r 2 0 1 9
2 5 th te rm

P lan

P lan

55,70052,600
2,900
200
9,900
8,700

60,000− 62,000
57,800− 59,700
2,000− 2,100
200
8,200− 9,500
7,200− 8,500

11

ＴｉｔｌｅPlan for Term Ending
December 2018
(24th Term)

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

12Term Ending December 2018 − Real Estate Sales BusinessIn condominium sales, we plan to introduce 585 condo units worth 27.9 billion yen in the Tokyo Metropolitan andKinki areas.
We expect an even split of real estate sales between the Tokyo Metropolitan and Kinki areas.
As we diversify our lines of business, we also plan to book sales of 24.6 billion yen from other real estate,
primarily hotels.
■Sales share by area
60,00052,600 (full-term forecast)
50,000Kinki region

24,62030,687 (result)

40,0002017
9,822

16,227 (result)

5%

10,210Condominium
business

6,929
9,298

20,86527,98019,50014,439Tern ended of December
2014 (Result)Tern ended of December
2015 (Result)2014 (20th term)●Le JADE IX●Le JADE Esaka●Neverland Himeji Eki-mae The Station Front●Neverland Bentencho Hagukumi-no-machi●Le JADE Shimomeguro●Le JADE Higashi-Mukojima

Tern ended of December
2016 (Result)309309units (results)
戸実績●Yodogaw a-ku Higashi-nakajima Project (revenue-generating real estate)●Koto-ku Hirano Project (revenue-generating real estate)349349units (results)
戸実績

2018

Term to December 2018
(Forecast)2016 (22nd term)(Kinki region)●Grand Le JADE Shukugaw a Kurakuenguchi(Kinki region)●Le JADE Takatsuki(Metropolitan area) ●Le JADE Nishitanabe Abeno Hannancho(Metropolitan area) ●Le JADE Yokohama Tsurumi(Metropolitan area) ●Le JADE Musashisakai●Le JADE Toyoda

Condominium
sales business●Kobe Akamatsudai Project (commercial leasehold)

Term to December 2017
(Results)

2015 (21st term)●The Neverland Akashi Harbor Gate
●Grand Le JADE Kyoto Kaw aramachi●Le JADE Kasai●Park JADE Suginami Izumi (detached houses)(Me tro po litan are a) ●Park JADE Akatsuka-koen (detached houses)(Me tro po litan are a)(Kinki region)(Kinki region)(Kinki region)(Kinki region)

46%

50%

0

Commercial
development,
revenue-generating
real estate["investment
property"]development,
land planning sales

Other

21,66830,00010,00048%

36%

Other sales

24,649 (result)

20,000Metropolitan area

16%

41,168 (result)2017 (23rd term)

2018 (24th term)(Kinki region)●Le JADE Takatsuki The Marks(Kinki region)●Le JADE Takatsuki Cross(Kinki region)●Le JADE Fushimi Chushojima(Metropolitan area) ●Le JADE Otsu Nagisa-koen(Metropolitan area) ●Le JADE Komagome(Metropolitan area) ●Le JADE Vert Komagome(Kinki region)●Feel Garden Minamisenri(Kinki region)●Le JADE Minamimorimachi(Kinki region)●Grand Le JADE Okamoto(Kinki region)●Le JADE Nagaokakyo(Metropolitan area) ●Le JADE Sazan Gate Toyota(Metropolitan area) ●Le JADE Kaw asaki●Le JADE Minami Kasai(Metropolitan area) ●Grand Le JADE Wakamatsucho Residence(Metropolitan area) ●Grand Le JADE Shibuya Tomigaya●Le JADE Musashino Residence(Metropolitan area) ●Le JADE Sakurajosui Tiara(Metropolitan area) ●Grand Le JADE Ochanomizu●Le JADE Minami Kasai Park Arena(Metropolitan area) ●Le JADE Yokohama Hananoki(Metropolitan area) ●Le JADE Nakano●Le JADE Setagaya Kinuta(Metropolitan area)

491 units491(results)戸実績

476 units541(results)
戸予定(Kinki region)
Sold out(Kinki region)
Sold out(Kinki region)
Sold out(Kinki region)(Metropolitan area) Sold out(Metropolitan area) Sold out(Metropolitan area)(Metropolitan area)(Metropolitan area)●Le JADE Bio Funabashi Kitanarashino(Metropolitan area)●Grand Le JADE Jiyugaoka(Metropolitan area)

585 units (forecast)
541戸予定約

約(Kinki region)●Yao-shi Takamicho Project (commercial leasehold)(Kinki region)●Chuo-ku Shimamachi Project (revenue-generating real estate)(Kinki region)●Chuo-ku Hirano Project (hotel)(Kinki region)●Minamisenba III Project (hotel)(Kinki region)(Kinki region)●Yodogaw a-ku Miyahara Project (revenue-generating real estate)(Kinki region)●Kobe-shi Nishi-ku Otsukadai Project (commercial leasehold)(Kinki region)●tonarie Seiw adai Project (commercial leasehold)(Kinki region)●Kitakyuhoji Project (hotel)(Kinki region)(Kinki region)●Takatsuki-shi Josaicho Project (land planning)(Kinki region)●tonarie Minamisenri Project (commercial leasehold)(Kinki region)●Aw ajicho I Project (hotel)(Kinki region)(Kinki region)●Ibaraki Tsuchiura-shi Project (commercial leasehold)(Kinki region)●Aw ajicho II Project (hotel)(Metropolitan area) ●Kyoto Rokkaku Project (revenue-generating real estate)●Nishi-ku Utsubohonmachi Project (revenue-generating real estate)●Shibuya-ku Honmachi Project (land planning)(Metropolitan area) ●Chigasaki-shi Misumicho Project (land planning)●Nishitokyo-shi Nishihara Project (revenue-generating real estate)(Metropolitan area) ●Fukuoka Kasuga Project (land planning)

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved(Metropolitan area) ●Sakai-shi Daisen I & II Project (commercial leasehold)(Metropolitan area) ●Nihonbashi Kayabacho Project (hotel)(Metropolitan area) ●Kita-ku Tsurunocho Project (hotel)

Completed(Kinki region)(Kinki region)(Other)●Nihonbashi Bakurocho Project (hotel)(Metropolitan area) ●Sendagaya Project (revenue-generating real estate)(Metropolitan area) Completed●Nagoya Sunadabashi Project (anonymous partnership investment)●Mie Nabari-shi Project (land planning)(Other)(Other)●Nishi-ku Kaw aguchi Project (land planning)●Sendagaya Project (revenue-generating real estate)(Metropolitan area) ●Wakamatsucho 31 Project (revenue-generating real estate)(Metropolitan area) ●Chiyoda-ku Hayabusa-cho Project (hotel)(Metropolitan area) Completed(Metropolitan area)●Tochigi Nikko-shi Project (commercial leasehold)(Other)●Bunkyo-ku Honkomagome Project (land planning)●Kanazaw a-shi Oyamamachi Project (hotel)●Sapporo-shi Project (hotel)●Kurashiki-shi Oimatsucho Project (commercial leasehold)●Fukuoka Kasuga Project (land planning)(Metropolitan area) ●Kanazaw a-shi Horikaw ashinmachi Project (hotel)(Other)●Fukuoka Kasuga Project (land planning)(Other)(Other)(Other)(Other)(Other)Completed

13Condominium Sales Business “Le JADE Series”

Le JADE Sothern Gate Toyoda(Metropolitan area)

Location: Shibuya-ku, Tokyo
Access: 5 mins. walk from Yoyogi-Koen Station on
Tokyo Metro Chiyoda Line
5 mins. walk from Yoyogi-Hachiman Station on
Odakyu Odawara Line
No. of residences: 25 (plus management office)Occupancy date: To start at end of March 2018

Location: Hino-shi, Tokyo
Location: Kawasaki-shi, Kanagawa
Access: 2 mins. walk from Toyoda Station on JR Chuo Access: 17 mins. walk from Kawasaki Station on Keikyu LineLine
18 mins. walk from Kawasaki Station on JR Tokaido/Keihin-Tohoku Line
No. of residences: 51 (including 7 lots not for sale), plus No. of residences: 79 (plus one shop and management office)one shop and management office
Occupancy date: To start at end of March 2018
Occupancy date: To start at end of February 2018

Contracts
sold out

Le JADE Kawasaki(Metropolitan area)

Contracts
sold out

Grand Le JADE Shibuya Tomigaya(Metropolitan area)

Grand Le JADE Ochanomizu(Metropolitan area)

Grand Le JADE Jiyugaoka(Metropolitan area)

Location: Bunkyo-ku, Tokyo
Access: 7 mins. walk from Ochanomizu Station
on JR Chuo/Sobu Lines
7mins. walk from Ochanomizu Station on Tokyo Metro
Marunouchi Line
No. of residences: 53 (including one unit for Le JADE
Club member)
Occupancy date: To start at end of September 2018

Location: Meguro-ku, Tokyo
Access: 13 mins. walk from Jiyugaoka Station on Tokyu Toyoko/Tokyu Oimachi
Lines
No. of residences: 23
Occupancy date: To start at end of December 2018

Le JADE Nakano(Metropolitan area)

Le JADE Bio Funabashi Kitanarashino (renovation project)(Metropolitan area)

Feel Garden Minamisenri Contracts
sold out(Kinki region)

Le JADE Minamimorimachi(Kinki region)

Location: Nakano-ku, Tokyo

Location: Funabashi-shi, Chiba
Access: 9 mins. walk from Kitanarashino Station on
Toyo Rapid Railway Line
7 mins. walk from Narashino Station on Shin Keisei DentetsuLine
No. of residences: 50
Occupancy date: To start at end of December 2018

Location: Suita-shi, Osaka
Access: 11 mins. walk from Senriyama Station on Hankyu Senri Line
No. of residences: 214 (plus management office, meeting room, etc.)
Occupancy date: To start at end of March 2018

Location: Higashinada-ku, Kobe-shi
Location: Kita-ku, Osaka-shi
Access: 6 mins. walk from Minamimorimachi Station Access: 3 mins. walk from Okamoto Station on
on Tanimachi Subway Line/Sakaisuji Subway Line Hankyu Kobe Line
5 mins. walk from Osaka Tenmangu Station on JR 2 mins. walk from Settsu-Motoyama Station on
JR Kobe Line
Tozai Line
No. of residences: 18 (plus management office
No. of residences: 29
and a shop)
Occupancy date: To start at end of June 2018
Occupancy date: To start at end of November
2018

Access: 13 mins. walk from Nakano Station on JR Chuo/Sobu
Lines
13 mins. walk from Nakano Station on Tokyo Metro Tozai Line
12 mins. walk from Higashi Nakano Station on JR Chuo/Sobu
Lines
11 mins. walk from Higashi Nakano Station on Toei Oedo Line

Contracts
sold out

Grand Le JADE Okamoto(Kinki region)

Contracts
sold out

No. of residences: 25
Occupancy date: To start at end of December 2018

Le JADE Nagaokakyo(Kinki region)

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

Location: Nagaokakyo-shi, Kyoto
Access: 4mins. walk from Nagaokakyo Station on JR Tokaido MainLine
9 mins. walk from Nagaoka Tenjin Station on Hankyu Kyoto Line
No. of residences: 35
Occupancy date: To start at end of December 201814

Condominium Sales Business “Le JADE Series” Fiscal 2019 and 2020

Grand Le JADE Shonan Enoshima R134
(Metropolitan area)

Grand Le JADE Sanbancho(Metropolitan area)

Mirakita City Himeji(Kinki region)

Location: Fujisawa-shi, Kanagawa
Access: 9 mins. walk from Katase Enoshima Station on Odakyu Enoshima Line
9 mins. walk from Shonan Kaigan Koen Station on Enoshima Dentetsu Line
No. of residences: 24 (including 2 lots not for sale)
Occupancy date: To start at end of March 2019

Location: Chiyoda-ku, Tokyo
Access: 9 mins. walk from Ichigaya Station on Tokyo Metro
Yurakucho/Nanboku Lines and Toei Shinjuku Line
12 mins. walk from Ichigaya Station on JR Chuo/Sobu Lines
9 mins. walk from Hanzomon Station on Tokyo Metro Hanzomon Line
No. of residences: 19
Occupancy date: To start at end of July 2019

Location: Himeji-shi, Hyogo
Access: 4 mins. walk from Nozato Station on JR Bantan Line
No. of residences: 143 (including 13 lots not for sale), plus food/beverage and general shops,clinic,
and a library are planned
Occupancy date: To start in mid-February 2019

●Shinjuku-ku Daikyocho Project (Metropolitan area)● Kuzuha Project (Kinki region)● Tsujido-Higashikaigan Project (Metropolitan area)● Hamaotsu Project (Kinki region)● Minato-ku Shirokane Project (Metropolitan area)● Shinkanaoka Project (Kinki region)● Setagaya-ku Todoroki 7-chome Project (Metropolitan area)● Kobe-shi Sumaku Isonare-cho Project (Kinki region)● Suginami Takaido Project (Metropolitan area)● Ibaraki-shi Sawaraginishi Project (Kinki region)● Kamakura Zaimokuza Project (Metropolitan area)● Otsu-shi Uchidehama II Project (Kinki region)● Hino Tamadaira Project (Metropolitan area)● Nishinomiya Yasui-cho Project (Kinki region)

Fiscal 2020
Grand Le JADE Takatsuki Tenjin(Kinki region)

Le JADE Takatsuki Kosobe(Kinki region)

Location: Takatsuki-shi, Osaka
Access: 7 mins. walk from Takatsuki Station on JR
Kyoto Line17 mins. walk from Takatsuki-shi Station on Hankyu
Kyoto Line
No. of residences: 28 (plus management office)Occupancy date: To start at end of May 2019

Location: Takatsuki-shi, Osaka
Access: 15 mins. walk from Takatsuki Station on JR Kyoto Line
14 mins. walk from Takatsuki-shi Station on Hankyu Kyoto Line
No. of residences: 181 (plus management office, community lounge, study room, guest room, kids room)
Occupancy date: To start at end of September 2019

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved● Takatsuki Miyano-cho Project (Kinki region)● Sumiyoshi-ku Kumata Project (Kinki region)● Ikeda Masumi-cho Project (Kinki region)

15

Hotel Development Business

Kayabacho,Nihonbashi
Opened in December 2016
102 rooms

Oyamamachi, Kanazawa-shi
Opened in December 201747 rooms

Bakurocho,Nihonbashi
Opened in April 201763 rooms

Sold

Sold

Hiranomachi, Chuo-ku,Osaka-shi
Opened in April 2017
Sold
96 rooms

Sapporo-shi, Hokkaido
Opened in July 2017
144 rooms

Sold

Kinki region

9 projects

Metropolitan area

3 projects

Other

3 projects

Total

15 projects● Osaka-shi Chuo-ku Awajicho I
Project● Osaka-shi Chuo-ku Awajicho II
Project● Osaka-shi Chuo-ku Awajicho III
Project● Osaka-shi Chuo-ku Minamisenba
I Project● Osaka-shi Chuo-ku Minamisenba
III Project● Osaka-shi Kitakyuhojimachi
Project● Kanazawa-shi
Horikawashinmachi Project

Sold

Hayabusacho, Chiyoda-ku
Scheduled for Apr 2018
102 rooms
Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

Tsurunocho, Kita-ku, Osaka-shi
Scheduled for November 2018
134 rooms

Nagahori-ekimae
Scheduled for December 2018
96 rooms

16

Term Ending December 2018 − Real Estate Leasing Business
Due to a turnover in assets, income is expected to be lower than in the previous year. We willcontinue to focus on establishing real estate leasing as a stable investment.

4,000

Generaladm inistrative
expenses

3,594
3,459

3,500

3,000

Rentalincom e
2,857

2,782

2,500

3,300

2,900

2,241
2,058

2,000

1,761

1,606

1,620

1,536
1,500

1,000
Segment
profit500

0Term ended December
2015 (results)

Term ended December
2016 (results)

Term ended December
2017(Results)

26,09327,542

16,910Term ending December
2018(Forecast)
Owned assets(inventory and fixed assets)(million yen)
* Book value at end of term; excludes
assets sold during the term

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

17Commercial Development and Logistics Businesses

Kansai Medical University Kuzuha Hospital(Hirakata-shi, Osaka)

Daisennishi I, Sakai-ku, Sakai-shi, Osaka(Provisional name) tonarie Yamato-Takada (Yamato-Takada-shi, Nara)(Artist’s impression of the building exterior) above and above right

Daisennishi II, Sakai-ku, Sakai-shi, Osaka

Former Oak Town Yamato-Takada
photo below(Provisional name) tonarie Toga-Mikita (Sakai-shi, Osaka)(Artist’s impression of the building exterior) above

Shiroi-shi, Chiba

Asumigaoka Brand-New Mall (Chiba-shi, Chiba)

Koga Genboen Project
Map of site

Soyoka Fujimino (Fujimino-shi, Saitama)Pare Marche Nishiharu (Kitanagoya-shi, Aichi)

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

Hyogo Tojo Interpark (Kato-shi, Hyogo)(Artist’s impression of the building exterior) above

18

Business Expansion of ES-CON JAPAN GroupA comprehensive developer operating a multifaceted real estate business, with the real estate lot sales business as its core,in addition to commercial development, hotel development and logistics development

ＩＤＥＡＬ to REAL -Turning ideals into reality and creating a new future-

Rather than just focusing on hard development, we imagine the happiness of future residents and develop their new lifestyle.

RenovationRealestateRedeveloment

Management

Residential
leasingLand
planning

IDEAL to
REAL

Investment
application

Life developer

Hotel

Commercial

Operation

Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved

Logistics

PM
19

Thank You!
Information
ESCON Japan Ltd.
Email: ir@escon.jp
Tokyo12th Floor, Try Edge Ochanomizu, 4-2-5 Kanda Surugadai,
Chiyoda-ku, Tokyo 101-0062☎03-5297-6161

Osaka
13th Floor, Meiji Yasuda Seimei Building, 4-1-1 Fushimimachi,
Chuo-ku, Osaka 541-0044☎06-6223-8055

ESCON JAPAN Official Instagram, Facebook
Instagram,Facebook
Follow us!
Copyright ©2018 ES-CONJAPAN Ltd., All Rights Reserved20