Financial
Resultsfor Second Quarter of
Fiscal Year 2023

ESCON JAPAN Ltd.

August 29, 2023

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Grand Le JADE Kamakura Zaimokuza rikyu

1Table of Contents⚫ Change in Fiscal Year

P. 3

⚫ Financial Results for Second Quarter of FY2023
P/L
Segment Results
B/S

P. 4
P. 5, 6, 7
P. 8

⚫ Major Topics for Second Quarter of FY2023
Business Progress in Hokkaido
Transforming the Earnings Structure
Progress of Multipurpose Development and Urban Development
Intensification and Expansion of Development Domains
Steady Growth of the Condominium Business
Structure of ES-CON JAPAN Group Initiatives
ESG Initiatives

P. 10, 11, 12
P. 13, 14
P. 15
P. 16
P. 17
P. 18
P. 19, 20⚫ Progress on Fourth Medium-Term Management Plan
- IDEAL to REAL 2023 (2021–FY2023)
Basic Policy
Ten-year Trends in Financial Results
Planned Financial Results
Management Targets
Investment Plans
Trends in the Real Estate Sales Business
Trends in the Real Estate Leasing Business
ES-CON JAPAN Group’s Business Development
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

P. 22
P. 23
P. 24
P. 25
P. 26
P. 27
P. 28
P. 29

*Key to this document
EAM: ES-CON ASSET MANAGEMENT Ltd.
ESH: ES-CON HOME Ltd.
ESC: ESCON CRAFT Ltd.
Picasso Group: PICASSO CO., LTD. andother companies
FUEL: FUEL Inc.
EJR: ES-CON JAPAN REIT Investment
Corporation
Shijo Omiya Building Co., Ltd.: Shijo Omiya
Building
Chubu Electric Power: Chubu Electric Power
Co., Inc.
Chuden Real Estate: Chuden Real EstateCo., Inc.
2

Change in Fiscal Year
The Company will change its date of settlement of accounts (i.e., the date marking the end of the fiscal year) from
December 31 to March 31, conditional on the approval of a resolution concerning the partial amendment of the current
articles of association at an extraordinary general meeting of shareholders to be held November 29, 2023.

Details:

The Group will close its fiscal year in March to bring it in line with the practices of Chubu Electric Power, its parent
company. This change is intended to strengthen joint efforts with the parent and to generate maximum synergies with the
Chubu Electric Power Group as a whole.
(Unit: Million yen)

Purpose:Financialresults:

Second quarterof FY2023(actual)Previous forecasts for
FY2023 (12 months)(January 1 –December 31, 2023)

Revised forecasts for
FY2023 (15 months)(January 1, 2023 –March 31, 2024)

Sales

47,939110,000

120,000

Operating profit

6,842

16,20018,000Ordinary income

6,317

14,20015,500

Profit in the quarter
attributable to owners of theparent

4,209

9,400

10,000

Dividends:

Annual dividends per share‐

38 yen48 yenBasis dates:

ChangeBeforeDividends
increasedby 10 yenfromprevious
forecasts

After

Fiscal year

January 1 – December 31 each year

April 1 – March 31 each year

Timing of regular general
meeting of shareholders

Late March

Late June

Basis dates

Regular general meeting of shareholders:
December 31
Year-end dividends: December 31
Date of finalization of shareholders receiving
interim dividends (if any): June 30

Regular general meeting of shareholders: March 31
Year-end dividends: March 31
Date of finalization of shareholders receiving interim
dividends (if any): September 30

Basis date for gifts toshareholders

June 30

September 30

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

3

P/L for Second Quarter of FY2023➢ Both sales and profit increased from the same period last year, as sales rose by 17.3% (7.0 billion yen), operating profit by 21.3%(1.2 billion yen), ordinary income by 23.0% (1.1 billion yen), and profit in the quarter attributable to owners of the parent by 27.7%(900 million yen).
➢ Compared to initial plans, sales were up 4.2% (1.9 billion yen), operating profit by 14.0% (800 million yen), and ordinary income by21.5% (1.1 billion yen); all are steadily progressing against plans.
(Unit: Million yen)
Second Quarter of
FY2023(term under review)

Second Quarter of Fiscal Compared to previous term
Year Ended December
ChangePercentage
2022 (previous term)

Sales

47,93940,876

7,063

17.3%

Gross profit

12,846

10,896

1,950

17.9%

Selling, general and administrative
expenses

6,003

5,255

748

14.2%

Selling expenses

2,067

1,911

156

8.2%

General administrative expenses

3,936

3,343

593

17.7%

6,842

5,641

1,201

21.3%

880

925

-45

-4.9%

6,317

5,136

1,181

23.0%

0

0

0

-

Profit in the quarter attributable toowners of the parent

4,209

3,296

913

Basic earnings per share in the quarter
(yen)

44.18

34.52

9.66

Operating profit
Interest expenses
Ordinary income
Extraordinary loss

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Second quarter of FY2023: vs. initial plans
PlannedChangePercentage

46,000

1,939

4.2%

6,000

842

14.0%

5,200

1,117

21.5%

27.7%

3,400

809

23.8%

28.0%

35.69

8.49

23.8%

4

Segment Results for Second Quarter of FY2023➢ Both sales and profit increased from the same period last year in each segment of the real estate sales business, real estate leasing
business, and real estate planning agency and consulting business.

■ Share of sales by segment ■Sales■ Share of profit by segment ■47,939 million yen

Segment income(+17.3% YoY)
Share

13.1％

(+20.6% YoY)
Real estate planning
agency and consulting

Real estate planning
agency and consulting

6,296 million yen

Share(+14.2%)

Share 1.7%
177 million yen

0.7％

327 million yen
Share(+7.6%)

Real estateleasing

21.4%

10,246 million yen(-4.6%)(Up 9.3 times YoY)

23.8%

2,505 million yen(+17.5%)

Real estateleasing

Other sales
Share10,519 million yen

Other sales

Condominium
Share

64.8%

31,068 million yen

Share

10.5%

1,106 million yen

Share

64.0%

6,729 million yen(+96.7%)(-64.9%)(+27.8%)

Real estate sales(Condominium/other)
41,314 million yen

Real estate sales(Condominium/other)
7,836 million yen(+17.9%)Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Condominium(+19.3%)* Percentages in parentheses indicate
YoY changes.

5Segment Results for Second Quarter of FY2023:
Real estate sales business① Real estate sales business
Sales
Second Quarter
Second Quarterof Fiscal Yearof FY2023 (A) Ended December
2022 (B)(Unit: Million yen)Segment profit margin

Segment income
Compared toprevious term
Change(A-B)

PercentchangeSecond Quarter of
FY2023 (A)Second Quarter of
Fiscal Year Ended
December 2022 (B)Compared toprevious term
Change(A-B)

PercentchangeSecond Quarter of
FY2023 (A)Second Quarter of
Fiscal Year Ended
December 2022
(B)

41,31435,056

6,258

17.9%

7,836

6,570

1,266

19.3%

19.0%

19%

31,06824,312

6,756

27.8%

6,729

3,421

3,308

96.7%

21.7%

14.1%

490

517

-27

-5.2%

Other businesses

10,246

10,743

-497

-4.6%

1,106

3,148

-2,042-64.9%

10.8%

29.3%

Logistics

8,380

8,480

-100

-1.2%

Others(Land for a healthcare facility
for the elderly, leasing, ESH)

1,866

2,263

-397

-17.5%

Real estate sales businessCondominium sales
Properties delivered (units)Compared toprevious term
Change(A-B)
0.3 percentage
points
7.6 percentage
points-15.5 percentage
points«Condominium sales»➢ While the number of units sold overall was down slightly YoY, healthy sales of more expensive properties resulted in 27.8% revenue
growth.
➢ The market recognition of our strong property planning capabilities was highly evaluated, resulting in early sellout of high-margin
properties (Le JADE Hokkaido Ballpark, Park Le JADE Shirokane).
➢ We made progress on sales of 1,119units (for a progress rate of 91% as of August 28), on a contractual basis, compared to plans fordelivering 1,268 units through 5Q FY2023.

«Other businesses»➢ We sold a logistics facility (Hashima, Gifu Prefecture) and land for a healthcare facility for the elderly (Fujishirodai, Suita).
➢ The profit margin declined YoY due in part to last year’s sale of two high-margin logistics facilities.

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

6Segment Results for Second Quarter of FY2023:
Real estate leasing business, planning agency and consulting business② Real estate leasing business➢ Both sales and profit were up from the same period last year thanks to a focus on leasing activities for various retail facilities,
including tonarie Tsukuba Square, and on the property management business, in addition to renovations of tonarie Utsunomiya in
February 2023 and the opening of tonarie Hoshida in March 2023.
(Unit: Million yen)
Real estate leasing business

Second Quarter of
FY2023 (A)Second Quarter of
Fiscal Year Ended
December 2022 (B)Compared to previous term
Change (A-B)

Percent change

Sales

6,296

5,515

781

14.2%

Segment income

2,505

2,132

373

17.5%

39.8%

38.7%

1.1 percentage
points-Segment profit margin③ Real estate planning agency and consulting business➢ Both sales and profit improved from the same period last year thanks to sales of permanent usage rights to the Ryomon
Columbarium, sales of interior options, and efforts to secure contracts for the planning consulting business and in other areas.
(Unit: Million yen)
Real estate planning agency andconsulting business

Second Quarter of
FY2023 (A)Second Quarter of
Fiscal Year Ended
December 2022 (B)Compared to previous term
Change (A-B)

Percent change

Sales

327

304

23

7.6%

Segment income

177

19

158

831.6%

54.1%

6.3%

47.8 percentage
points-Segment profit margin

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

7

B/S for Second Quarter of FY2023➢ Total assets grew by 28,465 million yen. 1 The equity ratio fell 2.2 percentage points from the end of the previous term to 22.8% 2 (5Q FY2023[revised planned figure 20.0%]).
➢ Steady progress on purchasing led to growth of 28,936 million yen in real estate for sale in process. 3(Unit: Million yen)

Second Quarter of FY2023(term under review)

Fiscal Year Ended
December 2022
(previous term)

191,357

28,974

Cash and deposits

34,29735,721-1,424

Real estate for sale

4,202

4,804

-602

Real estate for salein process

167,904

138,968

71,83572,327-492

Property, plant andequipm ent

51,54652,139-593

Intangible assets

7,508

7,774

-266

Investm ents andother assets

12,781

12,413368

Non-current assets

Second Quarter of FY2023(term under review)

Current liabilities

3

End
of
2022年
FY2022
期末Current portion of
long-term loans+28,333
million28,936

Acquisition ofcommercial
facilities (Increase

18,738Acquisition ofrental residences(Increase of 6,591
million yen)

(Increase of 9,946 million yen) of 9,381 million yen)

35,943
Commercial

75,984

Condominiums

172,106

263,729

Fiscal Year Ended
December 2022
(previous term)

1

31,264

19,645
Other

Rentalresidences

3,141

6,127

Hotels28,465■ Trends in assets, liabilities, and equity ratio(Unit: Million yen)

Increase/decrease

54,692

55,690-998

11,992

10,061

1,931

Property, plant and equipment(revenue-generating properties held)

Inventory assets

固定資産（保有収益物件）

たな卸資産

Total
assets
有利子負債

総資産

Equity ratio

Interest-bearing debt

292,194

自己資本比率25.8%

26,1932,454 250,000

172,765

143,894

28,871 200,000

161,649

132,81028,839Total liabilities

227,458

199,585

27,873

Total net assets

64,73664,144

Total liabilities and net
assets292,194

263,729

Long-term loans

Steady progress onpurchasing

2023年
End of
第２四半
2Q FY2023
期

28,647

Non-current liabilities

24,673

143,773300,000

Short-term loans

26,562

66,038Logistics
292,194

Total assets(Unit: Million yen)
4,362 3,396

220,331

Current assets■ Inventory breakdown and trends

Increase/decrease

24.8%

30.

263,729

252,771

25.0%

25.

22.8%
202,29020.

149,423

150,000

172,106

169,065

163,034
143,77315.

130,960

98,506592 100,000

10.

88,57828,46552,08150,00051,43550,870Term
ended December 2022
2022年12月期（前期）(previous term)

SecondQuarter of FY2023
2023年度第２四半期

5.5

14,136Equity ratio

22.8%

25.0%

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved2-2.2 percentage
points00.5

Term ended
December 20202020年12月期

Term
ended December 2021
2021年12月期（前々期）(the second preceding term)

8

Business Progress in Hokkaido

Transforming the Earnings Structure

Major Topics
Second Quarterof FY2023

Progress of Multipurpose Development and
Urban Development
Intensification and Expansion of Development
Domains
Steady Growth of the Condominium Business
Structure of ES-CON JAPAN Group Initiatives
ESG Initiatives

9
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

<Business Progress in Hokkaido>
Hokkaido Ballpark F. Village urban development project➢ We are participating in a large-scale development called Hokkaido Ballpark F. Village (a total of approx. 36.7 ha under development),
centered on ES CON FIELD HOKKAIDO, the new stadium for the Hokkaido Nippon-Ham Fighters.
©H.N.F.

Le JADE Hokkaido Ballpark, right next to the new ballpark

The starting point in the path to tomorrow.

• Approximately 80
meters from theballpark• Approximately 6,000
responses• Delivery completed
in March 2023

MASTERS VARUS Hokkaido Ballpark, located inside F. Village©H.N.F.

• Senior residence witha medical mall
occupied by six
clinics• Completion slated forspring 2024

Developing a vertical parking structure near the new ballpark<Stadium overview>• Name:• Seating capacity:• Floors:• Specifications:• Opening:

ES CON FIELD HOKKAIDO
Approx. 35,000
Two underground floors and six aboveground floors
Retractable roof, natural turf field
March 2023 (completed)

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved• Opened in April 2023
• Developed a four-story,
five-level parking structure
on a site near the ballpark• Available for use 24
hours/day• Accommodates 179
vehicles10<Business Progress in Hokkaido>
The West Exit Area Revitalization Project at JR Kitahiroshima Station, the station nearest©H.N.F.
the new ballpark→We are creating a gateway to Kitahiroshima at which visitors and local residents cangather and interact, spending their time freely.
City-owned Site A
ES CON FIELD
HOKKAIDO

Community
facility(Site B)

JR Kitahiroshima Station

Multipurposetransit center(Site A)To Sapporo

To New Chitose
Airport

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Development of a multipurpose transit center including acommercial facility, hotel, and other facilities (completion slated
for FY2024)

City-owned Site B
Two minutes’ walk from JR Kitahiroshima Station
Progress is also underway on the development ofcondominium residences, childcare facilities, and acommunity facility with spaces where residents can gather.

11

<Business Progress in Hokkaido>[Sapporo area]©H.N.F.

Progress is underway on the construction of the new East Turnstiles for Shinkansen use at JR Sapporo
Station, in connection with the extension of the Hokkaido Shinkansen to Sapporo (slated for the end of
FY2030). We are developing two condominium projects near Sapporo Station, in areas expected to grow.
We will maintain an energetic pursuit of various real estate development projects
while taking a deliberate approach to selecting sites in the Sapporo area.

Le JADE Sapporo Naebo

Le JADE Sapporo Motomachi

Conceptual map for the redevelopment of
the JR Sapporo and Naebo station area

Le JADE Sapporo Naebo

One stop from the nearest station
to Sapporo

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Seven minutes from thenearest station to Sapporo
subway station

12

Transforming the Earnings Structure➢ Shijo Omiya Building Co., Ltd. was made a wholly owned subsidiary on July 31, 2023.
©H.N.F.

The Picasso Group, which engages in real estate leasing primarily in the Kansai region, was made a subsidiaryin October 2021. On July 31, 2023, we made Shijo Omiya Building Co., Ltd., which owns revenue-generating realestate, mostly in Kyoto, a wholly owned subsidiary. This measure is intended to achieve the transformation of theearnings structure specified as a basic policy of the fourth medium-term management plan.
Price of stock acquisition: 28.1 billion yen
Estimated expenses:
100 million yen
Total acquisition price:28.2 billion yen
Current market value

Properties owned

Shijo Omiya Building

Approx. 42 billion yen

43

Picasso Group(on being made asubsidiary in 2021)

Approx. 59.1 billion yen

81

Shijo Omiya Building

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Name

Shijo Omiya Building Co., Ltd.

Address608-9 Shiokojiagaru Higashishiokojicho, Nishinotoindori,Shimogyo-ku, Kyoto

Name and title ofrepresentative

Yoshiaki Komatsu, President and Representative Director

Business

Real estate leasing

Capital

6.1 million yen

EstablishedMay 18, 2010

Major shareholders andpercentages of shares held

Wholly owned by the Company
13Transforming the Earnings Structure➢ Launching a new rental residence brand©H.N.F.

Residences where people can express
themselves and enjoy every moment

TOPAZ Shin-Okachimachi

TOPAZ Esaka

Projects currently
underway
TOPAZ
Hon-Atsugi

写真提供：大林組

Location: 2-20-1 Taito, Taito-ku, Tokyo
Nearest stations:Five minutes’ walk from Shin-okachimachi Station on the Toei Oedo Line andTsukuba Express
Eight minutes’ walk from Naka-okachimachi Station on the Tokyo Metro Hibiya
Line

Location: 3-36-9 Tarumicho,
Suita-shi, Osaka
Nearest station:
Six minutes’ walk from Esaka
Station on Osaka Metro
Midosuji Line

Units: 48

Units: 111

Height: 15 aboveground floors

Height: 10 aboveground floors

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Location: 4-12-18 Nakacho,
Atsugi-shi, Kanagawa
Nearest station:
Five minutes’ walk from
Hon-Atsugi Station on the
Odakyu Odawara Line
Units: 120
Height: 15 abovegroundfloors

Taito-ku
Kotobuki
4-chome
Project
14

Progress of Multipurpose Development and Urban Development➢ Leveraging our real-estate development expertise as a comprehensive developer through multi-use development and urban development
rooted in local communities in major cities across Japan
Omura, Nagasaki Prefecture(Condominium development)◀SAKURA MIRAI SHIN ŌMURA, a multipurpose development project
including condominium residences and commercial facilities:
Two condominium buildings with a total of 191 units are currently underdevelopment on this site, which is located before Shin-Omura Station
and adjacent to a public park. The station is served by Shinkansen trains.

Completion slated in autumn 2024
Shin-Omura Station on the Nishi Kyushu Shinkansen line
opened in September 2022.

Suita, Osaka Prefecture
TSUNAGU GARDEN Senri Fujishirodai(Urban development)◀This project on the former siteof the National Cerebral andCardiovascular Center (approx.
66,000 square meters) includes
two Le JADE condominium
buildings, detached houses, a
medical mall, a licensed nurseryschool, commercial facilities, anda park.

Joint project with
Chuden Real Estate
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Nagoya, Aichi Prefecture
Development project at the former site of
Nagoya Horse Racing Track(Multipurpose commercial facility development)

Under development by abusiness consortium led by
Chubu Electric Power15

Intensification and Expansion of Development Domains➢ Steady business growth through the development of various assets, including logistics, office, and leased condominiums, in addition to ourcore condominium and commercial development businesses

Commercial facility (tonarie Hoshida, newly opened)
Opened March 28, 2023•

tonarie Hoshida is in a land readjustment site located north of
Hoshida Station.

•

Occupied by 11 tenants, including Mandai Supermarket, a medical
mall (including ophthalmic and internal medicine clinics), a drugstore,
and a 100-yen shop.

•

Katano is the 10th facility in the tonarie series.

Future expansion plans

Multifaceted business development
Hotel

Logistics facility

In July 2023, we established the Okinawa
Branch Preparation Office in preparation for thelaunch of full-scale business activities in
Okinawa.
・ In 2021, we invested in the Ryukyu FootballClub, which operates the FC Ryukyu
professional soccer team in Okinawa.

Kyushu Itoshima Futamigaura project (tentative name)

OfficeOverseas businesses

BRITANIA BANGNA KM. 39 Project (tentative name)
Copyright ©2023 ES-CONJAPAN Ltd.,LOGITRES Chiba Research ParkAll Rights Reserved

・ In March 2023, we acquired our first projectsite in Okinawa Prefecture. This outstandingsite is located four minutes from Tsubogawa
Station on the monorail line, a direct 10minute ride to the airport.

Escon Kudankita Building
16

Steady Growth of the Condominium Business➢ Rather than merely selling more condominiums, our condominium development business strives to contribute to a stable supply of quality
housing.

Product development with
an emphasis on design

Development on unique urban sites➢ Park Le JADE Shirokane Residence••➢ Le JADE Cross Chiyoda Jimbocho

Shirokane 4-chome Address
Contracts concluded on all 55 units(delivery completed in March 2023)•

Sold out

Sold out

A combination residential and office complex developed on a site
next to the Institute of Eastern Culture, an important property
featuring in Chiyoda Ward’s scenic urban development plans(slated for delivery in November 2023)➢ Le JADE Shijo Omiya
・ The design of this project features
glass walls and a white color
scheme (delivery completed in
December 2022).

➢ Minato-ku, Nishi-Azabu project (tentative name)•

A location surrounded by leading Tokyo neighborhoods, including Minami-Aoyama, Omotesando, Hiroo,
and Roppongi

Product planning that leverages unique site characteristics to achieve high added value➢ Kanagawa Prefecture Miura-gun
Hayamamachi project (tentative name)➢ SEVENS VILLA Karuizawa••

Developed on a sitewith expansive viewsof the Morito coast
Product planningthat makes themost of the natural
setting to achieve
high added value(Slated for delivery
in 2025)
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

・ A location with easy
access to anywhere in
Kyukaruizawa,
Shinkaruizawa,
Nakakaruizawa, andShiozawa
・ Constructed in a quiet
neighborhood ofvacation homes

17Structure of ES-CON JAPAN Group Initiatives
Toward medium- to long-term growth➢ Reforms of ES-CON Japan's organizational structure in January 2023 established the new Management Planning Division.
Compliance Office

GeneralMeeting of
Shareholders

Board ofDirectors

Strategic Business
Division

Taking on new business domains while enhancing and growinginternational businesses

Development
Business Division

Multifaceted business development of condominiums,
commercial properties, and other projects as generaldeveloper; promoting urban development

President

Management
Division

Audit andSupervisory Board
Internal Audit Office

Management
Planning Division

Audit and Supervisory
Board Office

Building the strong management foundations essential tobusiness activities

Drafting and implementing long-term management strategies;
formulating the next medium-term management plan, regional
development strategies, Group company strategies, HR
development strategies, etc.; promoting ESG management➢ We build a structure to enable the growth of each Group company together with multifaceted business development Groupwid[Condominium management][Property management]

ES-CON
LivingService

ESCON
Property[Detached homes
in Saitama][Detached homes
in Saitama]

ESCON
CRAFT

[Real estate investment
management]
ES-CON ASSETMANAGEMENT

Chubu Electric Power Group

ES-CON
HOME[Real estate leasing][Job placement]
ES-CON
Global Works[Columbarium sales]
RyomonCopyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved[Real estateleasing][Real estate crowdfunding]
FUEL

PicassoGroup

Shijo Omiya
Building◀ Made subsidiary
July 31, 2023
Owns numerous outstanding
revenue-generating assets.
Intended to achieve additional
growth and enhancement of
the Group’s leasing business.
18

ESG Initiatives ① Basic policy

ESG management
promotion structure➢ The management strategies of the fourth medium-term management plan include Promotion ESG.
➢ A new Sustainability Promotion Department was established within the Management
Planning Division (July 2023) as part of efforts to develop a structure to facilitate further
systematic enhancements and to promote ESG initiatives.

Board of Directors

ESG Management Philosophy

Nomination andRemuneration Committee

Based on IDEAL to REAL(bringing ideals into reality to create a new future), our corporate message,
we seek to realize sustainable societies and sustained growth as we address social challenges bypromoting ESG management as a lifeways developer creating ideal modes of living in response tochanging needs.

Compliance
OfficeBasic Policy on ESG

E TeamPresident andRepresentative Director

Management Planning Division
Sustainability Promotion
Department

ESG Promotion Department

We strive to grow as a company needed by society by promoting ESG initiatives in strict compliancewith laws, regulations, and our pledges related to the environment, society, and self-governance.

Health & Culture
Fostering TeamG TeamRelated departments

Coordinate

Coordinate

S TeamManagement Division
President’s Office

E

S

G

1. Creating new environmental value throughnext generation urban development andother initiatives aimed at realizing acarbon-neutral society by 2050

1. Contributing to regional revitalization andpromoting the creation of local communities
through urban development to create a new andbrighter future
2. Creating working environments in which
employees can demonstrate the best of theirabilities while engaging in rewarding work andpromoting diversity so that all human resources
can thrive
3. Contributing to solutions to social issues inareas such as medical care and welfare in
response to declining birthrates and an aging
population; and supporting safe andcomfortable living in local areas
4. Promoting business development to realize theSDGs globally through the development ofoverseas business

1. Enhancing timely, appropriate, and fairdisclosure of management information

2. Promoting real estate development andbusiness activities that account for theenvironment above all else
3. Creating environmental value and businessvalue through taking on the challenges of
new business domains based on
environmental themes

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Contributing to a sustainable society

2. Promoting a governance system to securestability, soundness, and transparency ofmanagement
3. Aiming to strengthen risk management inorder to respond to increasing risks due tothe expansion and diversity of businesses
4. Engaging in business activities based on arespect for the human rights of all inaccordance with the Corporate Ethics
Charter

19

ESG Initiatives ② Initiatives to dateE

S

Environment⚫ Developing ZEH condominiums
Le JADE Okurayama(Won FY2021 Good Design Award)
Le JADE Yao Sakuragaoka
Le JADE Honkawagoe Koedo Terrace

G

Society

Governance⚫ Recognized in March 2023 in the large enterprise
category of the Certified Health & Productivity
Management Outstanding Organizations
Recognition Program⚫ Diversity on the Board of Directors⚫ Promotion of diverse human resources, including hiringof people with disabilities⚫ Training of people to support those with cognitive
disabilities (e.g., tonarie Seiwadai)⚫ Establishment of nomination andremuneration advisory committee→ One new outside director and one new director
serving on the Audit and Supervisory
Committee were appointed (at the regular
general meeting of shareholders in March 2023).
→ The number of full-time Audit and Supervisory
Committee members grew to two when a
Director and Audit and Supervisory Committee
member went full-time in June 2023.

Nomination and Remuneration
Committee
President andRepresentative
Director

Drafting Board of
Directors resolutions on
appointment anddismissal
Directors and Audit and Supervisory
Committee members

Le JADE Honkawagoe Koedo
Terrace

Le JADE Yao Sakuragaoka

OutsideIndependent
director⚫ Disclosure based on the Task Force on
Climate- related Financial Disclosures(TCFD) framework

Appointment and dismissal
draft resolutions

Executive officers

Independent
director

Formulating draft
resolutions

Independent
director

Draft resolutions on individual remuneration of
directors other than those who are Audit andSupervisory Committee members
Executive compensation system, remunerationlevels, evaluation system⚫ Developing Techno Farm Fukuroi, a fully
automated plant factory⚫ Investment in Ryukyu Football Club, which operates the
FC Ryukyu professional soccer team

⚫ Establishment of the Compliance Office
Corporate governance structure
General meeting of shareholders

Artist’s conception of the completed Techno Farm Fukuroi⚫ Support for the city of Kitahiroshima, Hokkaido,
through the corporate hometown tax program(2022 and 2023)⚫ Eco Action 21 certification earned

Photo:
Mayor Masami Ueno of the city ofKitahiroshima, Hokkaido (right)
Representative: Takatoshi Ito,
President & Representative Director,
ES-CON JAPAN Ltd. (left)

Appointment

Appointment

Team logo
Nomination
andRemuneration
Committee

Deliberation
Decisions

Advising

Audit and Supervisory
Committee

Board of Directors
Ten full-time directors(including six outside
directors)

Auditing

ReportingAccounting
AuditorInternal Audit Office

Presidential
recommendations

Executive
committee
Executive directors

ReportingAppointment

Audit and Supervisory
Committee office

President andRepresentative
Director
ReportingFour directors who also serve
as Audit and Supervisory
Committee members

Instruction

Reporting

Risk Management
Committee

ReportingInstruction

Each section, Group company

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved20Progress on Fourth Medium-Term Management
Plan (announced February 2021)- IDEAL to REAL 2023

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

21Basic Policy

Fourth medium-term management plan (2021–FY2023)

Basic policy of medium/long-term management strategy① Establishing business foundations able to withstand unexpectedchanges in economic conditions
Establishing business and financial standings that would be sound and enable us tomaintain our fund- raising abilities under any economic conditions.

② Simultaneously changing the revenue structure and expanding
business domains Transforming the revenue structure from one based on flows to
one based on stock by strengthening the real estate leasing business while at the sametime realizing business diversification and expanding business territories.

Transandformation
Final fiscal year of thecurrent medium-term
management plan

Rapid
ProgressStageof further rapid progress
FY2023 through realizing
transformation
Stage

2022

of setting newrecord profits
Stage

2021

of structural reforms
to balance sheet and revenues➢ Proactive investment in long-term revenue-generating
real estate and improving the BS structure➢ Transforming the focus of management from flows to stock➢ Demonstrating synergies in the Chubu Electric Power Group➢ Achieving net sales of 120 billion yen and operating
income of 18 billion yen (revised plan) (in the final fiscal
year of the medium-term management plan)
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

22Ten-year Trends in Financial Results➢ We are targeting sustainable growth through maximining corporate value and further
increasing returns to shareholders, in addition to establishing robust businessfoundations capable of withstanding any economic conditions.
売上高
Sales

12 0,000Further rapid progress
through transformation
120,000

営業利益
Operatingprofit110,000

New recordhigh profits(Unit: Million yen)

30 00099,431

10 0,000

BS structure/profit
structure reforms
77,30880 ,0 00

35 00025 00079,017

72,10620 00018,00060 ,0 00

16,20054,325

15,492

44,724

12,912

11,561

40 ,0 00

12,202
10,38134,34710 000

Listing on
TSE Prime
Market27,705
7,042
20 ,0 00

18,842

4,012

4,680

Listing on TSEFirst Section
0

Term ended
December 2015
(Actual results)

Term ended
December 2016
(Actual results)

Period of first medium-term
management plan
Make The One for 2016

Term ended
December 2017
(Actual results)

Term ended
December 2018
(Actual results)

Term ended
December 2019
(Actual results)

Period of second medium-term
management plan IDEAL to REAL 2019

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

6,842

Became asubsidiary of
Chubu
Electric
Power

2,815

Term ended
December 2014
(Actual results)

15 00047,939Term ended
December 2020
(Actual results)

Term ended
December 2021
(Actual results)

50 00

0

Term ended
December 2022
(Actual results)

1Q-2Q FY2023(Actual results)

1Q-4Q FY2023(Previous plan)

1Q-5Q FY2023(Revised plan)

Period of fourth medium-term management plan
IDEAL to REAL 2023
23

Planned Financial Results➢ Making the Picasso Group a subsidiary and other efforts in the first fiscal year (ended December 2021) helped strengthen the real estate leasing
business and secure stable revenues. Additionally, the revenue structure was transformed.
➢ In the term ended December 2022, both operating profit and ordinary income were higher than planned thanks to steady progress in the realestate sales business.
➢ In the final fiscal year of the medium-term management plan (fiscal year ending March 2024), we expect to set a new record for profits based onsales of 120,000 million yen and operating profit of 18,000 million yen. Results in the second quarter surpassed initial plans.
(Unit:
Million yen)
yen)
(Unit:
MillionTerm ended
December 2021
(27th term)

Term ended
December 2022
(28th term)

Actual results

Actual results

FY2023(29th term)

Planned financial results
1Q-2Q
Actual results

1Q-2Q
Plan

vs. plan

Percentage

1Q-4Q(Previous plan)(Announced January
2023)

1Q-4Q
(Initial plan)(Announced February
2021)

1Q-5Q
(Revised plan)(Announced August2023) ）

79,01799,43147,93946,000

1,939

4.2%

110,000

110,000

120,000

Real estate sales business

70,33486,531

41,314---

94,800-100,000

Condominium sales

45,05058,532

31,068---61,900-69,000Condominium units sold

1,020

1,185

490

-

-

-

1,164

1,200

1,268

25,28327,99910,246---32,900-31,0008,090

11,824

6,296

-

-

-

14,200

11,20019,000

592

1,074

327

-

-

-

1,000

-

1,000

Operating profit

10,381

15,492

6,842

6,000

842

14.0%

16,20016,00018,000Ordinary income

9,099

14,012

6,317

5,200

1,117

21.5%

14,200‐15,500

Profit attributable to ow ners of parent

5,961

7,250

4,209

3,400

809

23.8%

9,400

‐

10,000

BS and profit
structural reforms

New record highprofits

38 yen 38 yen or more

48 yenStalesOther sales

Real estate leasing business
Real estate planning agency andconsulting business

Dividends per share

38 yen38 yenCopyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Rapid progress-24

Management Targets➢ In the first fiscal year of the medium-term management plan (ended December 2021), as described above, the Picasso Group becamea subsidiary, enabling a transformation in revenue structure that put investment plans ahead of schedule.
➢ Despite failing to achieve the ROE targeted due to acquisition of stock in Shijo Omiya Building, which increased long-term revenuegenerating real estate, we made steady progress on transforming the earnings structure.
(Total holdings of long-term revenue-generating real estate: from 52 billion yen in year ended December 2021 [actual] to 75.9 billion
yen in fiscal year ending March 2024 [planned])
Term ended December 2020
(26th term)

Term ended December 2021
(27th term)

Actual results

Actual results

Term ended December 2022
(28th term)
Actual results

Initial planvs. initial plan

Fiscal year ending December 2023
(29th term)

Fiscal year ending March 2024
(29th term)Previous plan
(Announced March 2022)

Revised plan
(Announced August 2023)

14.2%

21.2%

21.5%

26.0%

-4.5%

30.0%

28.0%

Return on equity (ROE)

21.2%

11.8%

11.3%

13.0%

-1.7%

13.0%

15.0%

Return on invested capital (ROIC)

6.6%

3.2%

4.6%

4.0%

0.6%

4.0%

4.0%

Equity ratio

25.8%

24.8%

25.0%

23.0%

2.0%

21.0%

20.0%

Share of long-term revenuegenerating real estate * 2

9.5%

20.6%

19.5%

21.0%

-1.5%

23.0%

21.0%

38,627 million yen

62,628 million yen

64,144 million yen

67,300 million yen-3,156 million yen

72,000 million yen

71,000 million yen

Share of profits from leasing *Net assets

1*1 Share of prof its f rom leasing: Leasing segment prof its/segment total prof its (excluding adjustments)*2 Share of long-term rev enue-generating real estate: Real estate generating leasing rev enues recorded as noncurrent assets/net assets

80,00079,90079,80079,70079,60079,50079,40079,30079,20079,10079,00078,90078,80078,70078,60078,50078,40078,30078,20078,10078,00077,90077,80077,70077,60077,50077,40077,30077,20077,10077,00076,90076,80076,70076,60076,50076,40076,30076,20076,10076,00075,90075,80075,70075,60075,50075,40075,30075,20075,10075,00074,90074,80074,70074,60074,50074,40074,30074,20074,10074,00073,90073,80073,70073,60073,50073,40073,30073,20073,10073,00072,90072,80072,70072,60072,50072,40072,30072,20072,10072,00071,90071,80071,70071,60071,50071,40071,30071,20071,10071,00070,90070,80070,70070,60070,50070,40070,30070,20070,10070,00069,90069,80069,70069,60069,50069,40069,30069,20069,10069,00068,90068,80068,70068,60068,50068,40068,30068,20068,10068,00067,90067,80067,70067,60067,50067,40067,30067,20067,10067,00066,90066,80066,70066,60066,50066,40066,30066,20066,10066,00065,90065,80065,70065,60065,50065,40065,30065,20065,10065,00064,90064,80064,70064,60064,50064,40064,30064,20064,10064,00063,90063,80063,70063,60063,50063,40063,30063,20063,10063,00062,90062,80062,70062,60062,50062,40062,30062,20062,10062,00061,90061,80061,70061,60061,50061,40061,30061,20061,10061,00060,90060,80060,70060,60060,50060,40060,20060,10060,00059,90059,80059,70059,60059,50059,40059,30059,20059,10059,00058,90058,80058,70058,60020.4 billion yen in funding raised 60,300
58,50058,40058,30058,20058,10058,00057,90057,80057,70057,60057,50057,40057,30057,20057,10057,00056,90056,70056,60056,50056,40056,30056,20056,10056,00055,90055,80055,70055,60055,50055,40055,30055,20055,100through a capital increase through 56,800
55,00054,90054,80054,70054,60054,50054,40054,30054,20054,10054,00053,90053,80053,70053,60053,50053,40053,30053,20053,10053,00052,90052,80052,70052,60052,50052,40052,30052,20052,10052,00051,90051,80051,70051,600third-party allocation of shares
51,50051,40051,30051,20051,10051,00050,90050,80050,70050,60050,50050,40050,30050,20050,10050,00049,90049,80049,70049,60049,50049,40049,30049,20049,10049,00048,90048,80048,70048,60048,50048,40048,30048,20048,10048,00047,90047,80047,70047,60047,50047,40047,30047,20047,10047,00046,90046,80046,70046,60046,50046,40046,30046,20046,10046,00045,90045,80045,70045,60045,50045,40045,30045,200April 2021
45,10045,00044,90044,80044,70044,60044,50044,40044,30044,20044,10044,00043,90043,80043,70043,60043,50043,40043,30043,20043,00042,90042,80042,70042,60042,50042,40042,30042,20042,10042,00041,90041,80041,70041,60041,50041,400Became a consolidated subsidiary of 43,100
41,30041,20041,10041,00040,90040,80040,70040,60040,50040,40040,30040,20040,10040,00039,90039,80039,70039,60039,50039,40039,30039,20039,10039,00038,90038,80038,70038,60038,50038,40038,30038,20038,10038,00037,900Chubu Electric Power
37,80037,70037,60037,50037,40037,30037,20037,10037,00036,90036,80036,70036,60036,50036,40036,30036,20036,10036,00035,90035,80035,70035,60035,50035,40035,30035,20035,10035,00034,90034,80034,70034,60034,50034,40034,30034,20034,10034,00033,90033,80033,70033,60033,50033,40033,30033,20033,10033,00032,90032,80032,70032,60032,50032,40032,30032,20032,10032,00031,90031,80031,70031,60031,50031,40031,30031,20031,10031,00030,90030,80030,70030,60030,50030,40030,30030,20030,10030,000Trends in net assets
72,000(Unit: Million yen)
62,62864,14471,00064,736

38,627

Term ended
December 2020
(Actual results)

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Term ended
December 2021
(Actual results)

Term ended
December 2022
(Actual results)

2Q FY2023
4Q FY2023
5Q FY2023(Actual results) (Previous plan) (Revised plan)(announced
August 2023)

25

Investment Plans➢ Gross investment during three-year period of the medium-term management plan: 230,000 million yen 1➢ Cumulative investments in 2021-2022 proceeded largely according to plan, thanks to making the Picasso Group a subsidiaryand other factor. 2➢ We have invested 78% of the 97,000 million yen in planned investments called for in the revised plan (through 5Q) for FY2023,
the final fiscal year of the medium-term management plan.
(Unit: Million yen)Three-year
Investment Plans

2021

2022

ActualActualGross investment

2021-2022 cumulative

Actual（ ① ）95,99036,911

76,79910,808Inv estment in dev elopment of
rev enue-generating real estate

5,686

Inv estment in medium-term
rev enue-generating real estate*

33,798Inv estment in long-term rev enuegenerating real estate

Investment in revenuegenerating real estate

Investment in other development

2

Plannedcumulative

FY2023vs. plan

Percentage

projections（①＋②）

Previous plan
Revised plan （②）(1Q-4Q)(1Q-5Q)(Announced January 2023) (Announced August 2023)

1132,902125,000

7,902

6.3%

88,00097,098230,000

87,60770,00017,60725.2%

65,70066,393

154,000

3,668

9,355

15,000-5,645-37.6%

10,00012,64522,0005,640

39,43835,000

4,438

12.7%

33,70029,06268,50037,3141,500

38,81420,00018,81494.1%

22,00024,686

63,50019,191

26,10345,29455,000-9,706-17.6%

22,30030,70676,000

Amount recovered

4,833

6,503

11,336

11,30036

0.3%

18,70016,66428,000Net investment amount

91,15730,408

121,565

113,700

7,865

6.9%

69,30080,435

202,000*Rental revenue-generating real estate acquired w hile leased and intended for sale after increasing its value■Trends in asset structure
その他
Other
Long-term
revenue長期収益不動産
generating real estateLong-term revenuegenerating real estate
たな卸資産
Inventory
assetsas a share of total
assetsTotal assets: 149,423

Total assets: 252,771
69,73020.6％

52,081

Total assets: 350,000

Total assets: 358,000

70,00093,100(Unit: Million yen)

Total assets: 263,729
68,521

23.0％ 80,000

21.0％

75,90019.5％
51,43546,7099.5％

14,136130,960

143,773

Term2021年（実績）
ended December 2021
(Actual results)

Term 2022年（実績）
ended December 2022
(Actual results)

200,000

189,000

4Q FY2023
2023年度(Previous plan)

5Q FY2023
2023年度(Revised plan)

88,578Term ended
December 20202020年（実績）(Actual results)

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Long-term revenue-generating real estate:
Approx. 5.3-fold growth from 2020 to FY2023

26

Trends in the Real Estate Sales Business➢ <Condominium sales>
・ With steady progress in sales, we have made progress on sales of approx. 91% (as of August 28), on a contractual basis, of the planned net sales of 69,000
million yen through 5Q FY2023.
・ We’re currently making progress on carefully selected purchases of project sites while carefully evaluating the status of the business environment, including recent
increases in building material prices, aiming for sales in 2025 and later.

➢ <Other sales>・ We will aim to achieve stable growth based on multifaceted development of properties, including detached houses (ES-CON HOME), offices, logistics facilities, andrental residences.
Stable supply of approx. 1,200 units(Sales)(Unit: Million yen)
100,000

94,800(previous plan)

分譲事業以外Other sales

86,531 (actual)

分譲事業
Condominium sales

分譲販売戸数
Condominium units sold70,334 (actual)

1,185 units

32,90071,485 (actual)

1,020 units

1,268
units
(Planned)
31,000

Other
sales

1,164 units

80,000(Units supplied)(Unit: units)

100,000 (planned)

1,200

1,000

27,999800

60,00025,28340,807

652
units

40,000Condominium
sales

41,314 (actual)

600

10,246

31,06830,6770Term ended December 20202020年12月期（実績）(Actual results)

Shares of
condominium
sales by area

Term ended December

2021年12月期（実績）2021 (Actual results)
Chubu
Kansai

Term ended December
2022年12月期（実績）2022 (Actual results)

1Q-2Q FY2023

2023年度（2Q実績）(Actual results)

200

0

1Q-4Q FY2023

1Q-5Q FY2023

2023年度4Q（修正前計画）
2023年度5Q(修正後計画)(Previous plan)(Revised plan)
Kyushu

15%

9%

6%

6%

Hokkaido

16%

43%

Businessdevelopment in
the five majorurban areas
Kanto

400

490
units

45,05020,00069,00061,90058,532

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

36%
37％

48%

57%

37%

Chubu

Kansai

7%

85%

Kanto

35%

27

Trends in the Real Estate Leasing Business(Toward a transition in the profit structure)(Lease revenues as a share of profits: leasing segment profits/total segment profits[excluding adjustments])

Trends in leasing segment profits and lease revenues as a share of profits➢ The share of profits from leasing in FY2022 reached 21.5%. Profits in the Real estate sales business were higher than planned.
Plans (announced August 2023) call for a 28.0% share in FY2023 as a transition in the profit structure continues.

(Unit: Million yen)

24,00023,952
23,90423,85623,80823,76023,712
23,664
23,61623,56823,52023,472
23,42423,37623,32823,28023,232
23,184
23,13623,08823,04022,992
22,94422,896
22,84822,801
22,75322,70522,65722,60922,561
22,513
22,46522,41722,36922,321
22,27322,22522,177
22,12922,081
22,033
21,98521,937
21,88921,841
21,793
21,745
21,697
21,64921,601
21,55321,505
21,457
21,40921,361
21,313
21,26521,217
21,16921,121
21,07321,025
20,977
20,92920,881
20,833
20,785
20,737
20,68920,641
20,593
20,545
20,497
20,44920,402
20,35420,306
20,25820,21020,162
20,11420,06620,01819,97019,922
19,874
19,826
19,77819,73019,682
19,634
19,586
19,53819,49019,442
19,394
19,346
19,29819,25019,202
19,154
19,106
19,05819,01018,962
18,914
18,866
18,81818,77018,722
18,674
18,626
18,57818,53018,482
18,434
18,386
18,33818,29018,242
18,194
18,14618,09818,05018,003
17,955
17,907
17,85917,811
17,763
17,715
17,667
17,61917,571
17,523
17,475
17,427
17,37917,331
17,283
17,235
17,187
17,13917,091
17,043
16,995
16,947
16,89916,851
16,803
16,755
16,707
16,65916,611
16,563
16,515
16,467
16,41916,371
16,323
16,275
16,227
16,17916,131
16,083
16,035
15,987
15,93915,891
15,843
15,795
15,747
15,69915,651
15,604
15,556
15,50815,46015,412
15,364
15,316
15,26815,22015,172
15,124
15,07615,02814,98014,932
14,884
14,836
14,78814,74014,692
14,644
14,596
14,54814,50014,452
14,404
14,356
14,30814,26014,212
14,164
14,116
14,06814,02013,972
13,924
13,876
13,82813,78013,732
13,684
13,636
13,58813,54013,492
13,444
13,396
13,34813,30013,252
13,205
13,157
13,10913,061
13,013
12,965
12,917
12,86912,821
12,773
12,725
12,677
12,62912,581
12,533
12,485
12,437
12,38912,341
12,293
12,245
12,197
12,14912,101
12,053
12,005
11,957
11,90911,861
11,813
11,765
11,717
11,669
11,621
11,573
11,525
11,477
11,42911,381
11,333
11,285
11,237
11,189
11,141
11,093
11,045
10,997
10,94910,901
10,853
10,806
10,758
10,710
10,662
10,614
10,566
10,518
10,47010,422
10,374
10,326
10,278
10,230
10,182
10,134
10,086
10,038
9,990
9,942
9,894
9,846
9,798
9,750
9,702
9,654
9,606
9,558
9,510
9,462
9,414
9,366
9,318
9,270
9,222
9,174
9,126
9,078
9,030
8,982
8,934
8,886
8,838
8,790
8,742
8,694
8,646
8,598
8,550
8,502
8,454
8,407
8,359
8,311
8,263
8,215
8,167
8,119
8,071
8,023
7,975
7,927
7,879
7,831
7,783
7,735
7,687
7,639
7,591
7,543
7,495
7,447
7,399
7,351
7,303
7,255
7,207
7,159
7,111
7,063
7,015
6,967
6,919
6,871
6,823
6,775
6,727
6,679
6,631
6,583
6,535
6,487
6,439
6,391
6,343
6,295
6,247
6,199
6,151
6,103
6,055
6,008
5,960
5,912
5,864
5,816
5,768
5,720
5,672
5,624
5,576
5,528
5,480
5,432
5,384
5,336
5,288
5,240
5,192
5,144
5,096
5,048
5,000
4,952
4,904
4,856
4,808
4,760
4,712
4,664
4,616
4,568
4,520
4,472
4,424
4,376
4,328
4,280
4,232
4,184
4,136
4,088
4,040
3,992
3,944
3,896
3,848
3,800
3,752
3,704
3,656
3,609
3,561
3,513
3,465
3,417
3,369
3,321
3,273
3,225
3,177
3,129
3,081
3,033
2,985
2,937
2,889
2,841
2,793
2,745
2,697
2,649
2,601
2,553
2,505
2,457
2,409
2,361
2,313
2,265
2,217
2,169
2,121
2,073
2,025
1,977
1,929
1,881
1,833
1,785
1,737
1,689
1,641
1,593
1,545
1,497
1,449
1,401
1,353
1,305
1,257
1,210
1,162
1,114
1,066
1,018
970
922
874
826
778
730
682
634
586
538
490
442
394
346
298
250
202
154
106
58
10

16,791

Total segment profits ▶
Real estate▶
planning agency
and consulting
business
Real estate▶
sales business

Real estate▶
leasing business

40.0%

21,951

15,895*
28.0%

30.0%

30.0%
23.8%

21.5%

13,039

不動産企画仲介コンサル事業
Real estate planning agency and consulting business

10,51917,006◀ Share of profits
from leasing

24000

不動産販売事業
Real estate sales business

24000

不動産賃貸事業
Real estate leasing business

Lease revenues as a share of profits
賃貸利益割合

14,257
20.0%

21.2%
7,836

14.2%
4,716

3,372

2,381

2,505

* The Real estate planning agency and consulting
business recorded a segment loss of 516 million yen
in in the term ended December 2021.

10.0%

Term
ended December 20202020年12月期(実績)(Actual results)

Term
ended December 2021
2021年12月期（実績）(Actual results)

Term
ended December 2022
2022年12月期（実績）(Actual results)

FY2023(planned)
2023年度（計画）
1Q-2Q (actual result) 1Q-4Q (previous plan) 1Q-5Q (revised plan)(Coverage percentage: leasing segment profits/general andadministrative expenses [excluding amortization of goodwill])

General and administrative expense coverage percentage of leasing segment profits➢ Leasing segment profits
covered 73% of general and administrative expenses in the term ended December 2022. 180%
20,00019,000➢ This figure is expected to reach 78% in FY2023.
18,000160%

16,000140%
14,20014,000

Leasing sales
賃貸売上

120%

Lease revenues as a share of profits
賃貸セグメント利益

12,000(Unit: Million yen)

General and administrative expenses

一般管理費(のれん償却額除く)(excluding amortization of goodwill)

10,000100%

90%

Coverage percentage
カバー率

73%

8,090
8,000
6,000

11,824

61%
5,527

51%

68%
6,459

78%

6,296

60%

5,514
4,716

4,588

Leasing sales

3,372

4,000

3,676

40%

General andadministrative
expenses

20%

2,505

2,381
2,000

Lease revenues
as a share of
profits0

Term ended December 20202020年12月期(実績)(Actual results)

80%

Term ended December 2021 Term ended December 2022
2021年12月期（実績）
2022年12月期（実績）(Actual results)(Actual results)

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

1Q-2Q FY2023
2023年度2Q(Actual results)

0%

1Q-4Q FY2023
2023年度4Q(Previous plan)

1Q-5Q FY2023
2023年度5Q(Revised plan)

28

ES-CON JAPAN Group’s Business Development➢ As a developer focused on developing lifeways rooted in local communities, we engage in a wide range of businesses, all withan eye toward future generations.
We’re committed to helping to build a sustainable society by fulfilling our corporate social responsibilities.
Hokkaido

Commercial[Area development status]
Proactive business development across Japan,
primarily in the five major urban areas

ES CON FIELD HOKKAIDO

Condominiums(three buildings)
HotelsUrban development
around the new ballpark

Hokkaido OfficeKansai
Condominiums (177 buildings)

Commercial

Logistics

Offices

Leasing

Urban development

Hotels

Kanto

Land readjustment

Condominiums (62 buildings)

Detached
homes

Logistics

OfficeLeasing

KyushuCommercial

Condominiums (two buildings)

Urban
development

HotelsUrban development

Land readjustment

Tokyo Head Office

Logistics
HotelsCommercial

Nagoya officeOsaka Head
OfficeChubu
Condominiums (nine buildings)
Commercial

Kyushu OfficePlant factory
development

Logistics
Urban development

Land readjustment* Numbers of condominium units
shown are for properties alreadysupplied and currently on sale(including those underconstruction) (as of August 1,2023).
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved[International business development]• Business participation and investments to increase the value of a complex in Waikiki, Hawaii• Participation in detached houses development project in Thailand
In addition, we will continue to steadily build on our business expertise through participation in various
other projects, including a joint condominium development project in California.

29オストレジデンス軽井沢
Kanagawa Prefecture Miura-gun Hayamamachi project

Appendix.
Supplementary Materials for Financial Results

Condominium Sales Business FY2023 progress, lineup 1
Planned number of units slated fordelivery to be delivered in FY2023

Sales progress rate
(as of August 28)

1,268 units

Approx. 91%(contractual basis)

 FY2023 property lineup 
Q1 (January-March)

Q2 (April-June)

Name

Le JADE Hokkaido Ballpark(Kitahiroshima, Hokkaido)

Access5-minute drive, 22-minute-walkfrom Kitahiroshima Station on the
JR Chitose Line, etc.

6-minute-walk from Shirokanedai
Station on the Tokyo Metro
Namboku Line and the Toei Mita
Line, etc.

8-minute-walk from Kamishinjo Stationon the Hankyu Kyoto Line, etc.

1-minute-walk from Shitennoji-mae
Yuhigaoka Station on the Osaka
Metro Tanimachi Line, etc.

6-minute-walk from Takatsuki-shi
Station on the Hankyu Kyoto Line,
etc.

Units

118

55

60

52

81

Occupancy

March

March

April

May

May

Sold out

Park Le JADE Shirokane
Residence(Minato-ku, Tokyo) Sold out

Le JADE Kamishinjo(Higashiyodogawa-ku, Osaka)
Sold out

Le JADE Shitennoji
Yuhigaoka(Tennoji-ku, Osaka) Sold out

Le JADE Takatsuki
Minami Matsubara Bright(Takatsuki, Osaka) Sold out

Exteriorview

Q3 (July-September)

Q2 (April-June)

Le JADE Fushimi
Momoyama(Fushimi-ku, Kyoto)

Le JADE Sapporo Motomachi(Higashi-ku, Sapporo)

Access12-minute-walk from
Tambabashi Station on the
Keihan Main Line, etc.

4-minute-walk from Motomachi
Station on the Sapporo Municipal
Subway Toho Line, etc.

Units

73

Occupancy

May

Name

Le JADE Kanayama(Nagoya, Aichi)

Le JADE Cross Chiyoda
Sold out
Jimbocho(Chiyoda-ku, Tokyo)

Le JADE Midoribashi Ekimae(Higashinari-ku, Osaka)

6-minute-walk from Kanayama Stationon the Nagoya Municipal Subway
Meijo Line and Meiko Line, etc.

4-minute-walk from Jimbocho
Station on the Tokyo Metro
Hanzomon Line, Toei Mita Line,
Toei Shinjuku Line, etc.

1-minute-walk from Midoribashi
Station on the Osaka Metro Chuo
Line and Imazatosuji Line, etc.

39

43

50

48

June

September

October

SeptemberSold out

Sold out

Exteriorview

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

2Condominium Sales Business FY2023 lineup (second half)
Q4 (October-December)

Q3 (July-September)

Name

Le JADE Matsudo Station Front(Matsudo, Chiba)

Le JIAS Ohashi(Fukuoka, Fukuoka)

Le JADE City Hashimoto I(Sagamihara, Kanagawa)

Le JADE City Hashimoto II(Sagamihara, Kanagawa)

Sold out

Access2-minute-walk from Matsudo Station on
the JR Joban Line, etc.

10-minute-walk from Nishitetsu Ohashi
Station, etc.

4-minute-walk from Hashimoto Station on
the Keio Sagamihara Line, etc.

4-minute-walk from Hashimoto Station on
the Keio Sagamihara Line, etc.

Units

44

140

69

87

Occupancy

September

October

December

December

Le JADE Itabashi Honcho(Itabashi-ku, Tokyo)

Le JADE Chigasaki Higashikaigan
Minami(Chigasaki, Kanagawa)Exteriorview

Q4 (October-December)

Name

Le JADE Nagai Park Avenue(Sumiyoshi-ku, Osaka)

Le JADE Honkawagoe Koedo Terrace(Kawagoe, Saitama)

Sold out

Sold out

9-minute-walk from Nagai Station on the
Osaka Metro Midosuji Line, etc.

12-minute-walk from the East Exit of HonKawagoe Station on the Seibu Shinjuku
Line, etc.

5-minute-walk from Itabashihoncho
Station on the Toei Mita Line, etc.

15-minute-walk from Chigasaki Station on
the JR Tokaido Main Line, Ueno Tokyo
Line, Shonan Shinjuku Line, Sagami Line,
etc.

Units

52

102

55

31

Occupancy

December

December

December

DecemberAccessExteriorview

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

3Condominium Sales Business FY2023 lineup (second half)
Q5 (January-March)

Name

Le JADE Abeno Harimacho(Abeno-ku, Osaka)

Grand Le JADE Kamakura
Zaimokuza rikyu(Kamakura, Kanagawa)

Le JADE Sapporo Naebo(Higashi-ku, Sapporo)

Access8-minute-walk from Nishitanabe Stationon the Osaka Metro Midosuji Line, etc.

17-minute-walk from Kamakura Stationon the JR Yokosuka Line,
Shonan Shinjuku Line, etc.

4-minute-walk from Naebo Stationon the JR Hakodate Main Line,
Chitose Line, etc.

Units

48

15

42

Occupancy

March 2024

March 2024

March 2024

Exteriorview

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

4Condominium Sales Business Area development status
Area/FY

Kinki region

Units supplied

2021

652 units(actualresults)

2022
1,185 units(actualresults)

FY2023
1,268 units(planned)

•
•
•
•
•
•
•
•
•
•
•

Metropolitan area

Chubu region

Hokkaido
regionKyushuregion• Grand LJ Shirakabe Getsuronotei• OST Residence Karuizawa

LJ Nishiakashi
LJ City Hyotanyama
LJ Yamato-Takada Ekimae
LJ Mukonoso Honmachi
LJ Suma Myohoji Ekimae
LJ Ibaraki Higashichujo
LJ Senri Aoyamadai
LJ Senri Furuedai
LJ Nagai Koen DoriLJ Tennoji Katsuyama
LJ Neyagawa Koen

•
•
•
•
•
•

LJ Uehonmachi
LJ Kyoto Horikawa
LJ Hirano
LJ Takatsuki Nishimakami
LJ Takatsuki Bessho
LJ Takatsuki
Minamimatsubara The Front• LJ Yao Sakuragaoka• LJ Kyoto Shijo Omiya• LJ Kyoto Higashinotoin

•
•
•
•
•

• LJ Takatsuki
Minamimatsubara Bright• LJ Fushimi Momoyama• LJ Midoribashi Ekimae• LJ Kamishinjo• LJ Shitennoji Yuhigaoka• LJ Nagai Park Avenue• LJ Abeno Harimacho

•
•
•
•
•
•
•

LJ Times Core Kawagoe
LJ Bio Makuharihongo
LJ Urawa
LJ Tsukuba Station Front
LJ Kawagoe the ResidencePark LJ Shirokane Residence
LJ Cross Chiyoda Jimbocho
LJ Honkawagoe Koedo Terrace
LJ Itabashi Honcho
LJ Matsudo Station Front
Le JADE City Hashimoto I, II
Le JADE Chigasaki
Higashikaigan Minami• Grand LJ Kamakura Zaimokuza
rikyu

•
•
•
•
•

LJ Gifu Kogane Koen
Grand LJ Shirakabe Rinzennotei
LJ Kakegawa Ekimae
LJ Gifu
Grand Crea Ichinomiya• LJ Kanayama• Karuizawa project• LJ Hokkaido
Ballpark• LJ Sapporo
Motomachi• LJ Sapporo
Naebo• Le JIAS
Ohashi

Building a supply foundation in five major urban areas*LJ: Le JADE
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

5Commercial Facility Development Projects:
Developing the tonarie brand➢ We develop and manage neighborhood shopping centers (NSCs).
We are currently developing the tonarie brand of commercial facilities (managed by Group company ES-CON Property).
Brand Concept:
Close to the community in order to develop together with the community. Always a good neighbor.
➢ Ex.: tonarie Yamato-Takada Project (combination commercial-residential
project in station area)
Oak Town Yamato Takada

Yamato-Takada
StationLe JADE Yamato-Takada Ekimae

tonarie series (now in use: ten facilities in total)
Opened inNovember 2021

tonarie
Yamato-Takada

An aging general merchandise store (GMS) built
more than 40 years ago during the high growth
periodOpened in 2018 with 68 tenants as a facility with roots in the local
community scaled to meet the needs of the area
tonarie Minamisenri Annex (Suita-shi, Osaka)

Le JADE Tsukuba Station Front

tonarie Fujimino (Fujimino-shi, Saitama)

Opened in February
2023 after remodeling

tonarie Tsukuba Squaretonarie Toga Mikita (Sakai-shi, Osaka)

tonarie Tsukuba Square* (Tsukuba-shi, Ibaraki)*tonarie CREO/Q’t/MOG

Good Design Award 2019
tonarie Yamato-Takada (Yamato-Takada-shi, Nara)

tonarie Utsunomiya (Utsunomiya-shi, Tochigi)

Opened in
March 2023

tonarie Seiwadai (Kawanishi-shi, Hyogo)

tonarie Minamisenri (Suita-shi, Osaka)

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

tonarie Yokkaichi (Yokkaichi-shi, Mie)tonarie Hoshida (Katano-shi, Osaka)

6

Logistics Development Business➢ We are developing the LOGITRES brand of logistics facilities.
① LOGITRES Tojo
Location:

Minamiyama, Kato-shi, Hyogo

Access:Hyogo Tojo Interchange on
Chugoku Expressway

Completed:⑤ LOGITRES Sano

October 2019

② LOGITRES Tojo II
Location:

Minamiyama, Kato-shi, Hyogo

Access:Hyogo Tojo Interchange on
Chugoku Expressway

Location:

238-1 Tajimacho, Sano-shi, Tochigi

Access:Sano-Fujioka Interchange on Tohoku
Expressway

Completed:

March 2023

Slatedcompletion date: 2023

⑤
④
①②

③
⑥

②
③LOGITRES Chiba Research Park
② LOGITRES Koga Gemboen
Location:

Gemboen, Koga-shi, Fukuoka

Access:Koga Interchange on Kyushu Expressway④ Gifu Hashima-shi Logistics Facility
Development Project
Location:

Hirakata, Fukujucho, Hashima-shi, Gifu
(inside Hashima-shi Hirakata Land Readjustment
Project II)

Access:Gifu Hashima Station, JR Tokaido Shinkansen

Completed:

March 2023

Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Location:

Kamiizumi-cho, Wakaba-ku, Chiba-shi, Chiba

Access:Sakura Interchange on Higashi-Kanto
Expressway

Completed:May 2022⑥LOGITRES Narashino Shibazono
Location:

Shibazono, Narashino-shi, Chiba

Access:

Makuhari Interchange on Keiyo Expressway
Wangan Narashino Interchange on HigashiKanto Expressway

Slatedcompletion date:

2024

7

Large-scale Urban Development Business➢ We are focusing on large-scale urban development utilizing our diverse development capabilities.

Fukuoka Kasuga Project

Hokkaido Kitahiroshima Station “West Exit Revitalization Project”(Kasuga-shi, Fukuoka)

TSUNAGU GARDEN Senri Fujishirodai(Kitahiroshima-shi, Hokkaido)
Development project at the former site of Nagoya Horse Racing Track

Suita-shi
Fujishirodai
5-chome Project

Joint project with
Chuden Real Estate
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved(Suita-shi, Osaka)

Joint project with Chubu
Electric Power Group(Nagoya-shi, Aichi)

8Land Readjustment Business➢ Developing logistics facilities through the land readjustment business in Koga, Fukuoka Prefecture

Logistics facility development: Zone 5➢ Participating as the agent company in the land readjustment business in Zone C of the east district of Saito in Ibaraki, Osaka

Artist's conception of the site

We are also currently at work on other 5-10-year land readjustment projects to develop logistics, commercial, and other sites.
(Sakai-shi Takakuradai Land Readjustment Project, Kawachinagano-shi Uehara-Tako Land Readjustment Project, etc.)
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

9

Business Development in Chubu Area
(demonstrating synergies with the Chubu Electric Power Group)➢ In April 2021, we became a consolidated subsidiary of Chubu Electric Power through third-party allotment by raising fund of approximately
20.4 billion yen.

August 2018: Agreement concluded on capital alliance
Made an equity-method affiliate
Percentage of voting rights held: 33.3%

April 2021: Capital increase throughthird-party allocation of shares
Made a consolidated subsidiary
Percentage of voting rights held: 51.5%<Business development centered on the Chubu area>➢ Aichi Prefecture➢ Nagano Prefecture[Condominium] OST Residence Karuizawa[Condominium] Karuizawa Nagakura project (tentative
name)

Joint venture with

[Condominium] Grand Le JADE Shirakabe Getsuronotei
Chuden Real Estate
Joint venture with
[Condominium] Grand Le JADE Shirakabe Rinzennotei
Chuden Real Estate[Condominium] Grand Clare Ichinomiya
Joint venture with
Chuden Real Estate[Condominium] Le JADE Kanayama[Condominium] Le JADE Kanayama Grande[Condominium] Le JADE Nagoya
Acquired[Commercial] Nagoya Kita-ku Tsujimachi
FY2022(commercial land leasehold) project[Commercial] Aisai Plaza[Condominium] Nagoya Naka-ku Marunouchi 2-chome
project[Complex]
Development project at the former Joint venture with
Electricsite of Nagoya Horse Racing Track Chubu
Power Group➢ Shizuoka Prefecture
Joint venture with
[Condominium] Le JADE Kakegawa
Chuden Real Estate
Ekimae[Condominium] Le JADE Fukuroi Ekimae
Joint investment with
[Plant factory] Techno Farm Fukuroi
Chubu Electric Power[Land development] Kakegawa Kamisaigo
development project➢ Gifu Prefecture[Condominium] Le JADE Gifu Kogane Koen
[Condominium] Le JADE Gifu
[Logistics]
Hajima logistics facility development
project

Grand Le JADE Shirakabe
Getsuronotei➢ Mie Prefecture[Commercial]tonarie Yokkaichi➢ Osaka Prefecture[Complex]

TSUNAGU GARDEN
Senri Fujishirodai

Joint venture with
Chuden Real Estate

Artist’s conception of the completed Techno Farm
Fukuroi

Artist’s conception of the completed project at
the former site of Nagoya Horse Racing Track
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

OST Residence Karuizawa* Artist’s conceptions are examples
and are subject to change.

10

Progress of Capital and Business Partnership with Chubu Electric Power Co., Ltd.
➢ The capital and business partnership we concluded with Chubu Electric Group in August 2018 has steadily generated numerous synergies.
Having become a consolidated subsidiary of Chubu Electric Power in April 2021, we will strive to demonstrate additional synergies moving
forward.
Five joint projects are already underway with ChudenReal Estate.

Promoting joint
projects

Four projects in the Chubu area: Shirakabe, ShirakabeII,
Nishi-Ichinomiya, Kakegawa
One project in the Kinki area: Fujishirodai, Suita-shi

New capital and business
partnership agreement (concluded
February 24, 2021)① Enhancing joint efforts related to energy

Mutuallycomplementarybusiness areas

Nagoya Office opened in March 2019.
Business developed in both regions (Chubu and Kansai)

supply and facility construction② Joint research and joint implementation inbusinesses related to next-generation smart
houses, connected homes, and so forth

Making effective useof real estate ownedby the Chubu ElectricPower Group

Joint project begun with Chuden Real Estate on real estate
owned by Chuden Real Estate in Ichinomiya-shi, Aichi

Joint research andimplementation of nextgeneration smart houses,
connected homes, etc.

Development of TSUNAGU GARDEN Senri Fujishirodai, a next
generation multipurpose facility, began in Fujishirodai, Suita-shi,
Osaka (the former site of the National Cerebral and CardiovascularCenter). This is a joint project with Chuden Real Estate.

Prospective buyers
for our real estatedevelopment projects

Sale of properties owned by the Company to Chuden Real
Estate through warehousing method (In September 2019,support agreements were concluded with three companies:
Chuden Real Estate, EAM, and EJR.)③ Further enhancing the partnership with
Chuden Real Estate, a member of the
Chubu Electric Power Group

Exchange ofhuman
resources
Respect forautonomy④ Enhancing partnerships related to theeffective utilization and development of
unused or underused land belonging to the
Chubu Electric Power Group⑤ Joint initiatives in businesses that constituteto society, including urban development

Implementing exchange of human resources through secondment of Es-Con employees
to Chuden Real Estate, and Chuden Group employees to Es-Con Group companies
One Director appointed from Chubu Electric Power has been in office since March
2019; One Director serving as an Audit and Supervisory Board member appointed from
Chubu Electric Power Group has been in office since March 2023.

Continued business development utilizing the Company’s
characteristic speed
Copyright ©2023 ES-CONJAPAN Ltd., All Rights Reserved

Start of partnerships with Chubu Electric① Establishment of TSUNAGU Community
Farm G.K.
② Chosen as candidate contractor for thedevelopment project at the former site of
Nagoya Horse Racing Track11*1) Amounts are truncated and fractions rounded off.
*2) Utilization rates and years remaining on lease asof July 25, 2023
*3) Appraisals are the most recently acquired.

EJR Portfolio
Number ofproperties

Total acquisition
price

38 properties

69.6 billion yen 73.0 billion yen

Hokkaido 

Kanto Yamada Denki Tech Land
Sapporo Shiraishi

Asumigaoka Brand New
Malltonarie Yamato-Takada(50% equity)

Total appraised
value

Tsutaya Sakai Minami(leasehold)Utilization rate

Appraised NOI
yield

Amortized appraised
NOI yield

Years remaining
on lease

99.9%

4.9%

4.3%

9.7 years

Commercial leasehold included

31.1 billion yen

Leasehold ratio

44.8%

K’s Denki Oyumino(leasehold)Nishishirai Ekimae Plaza

tonarie Toga Mikita

Kusuri no Aoki Ikaruga(leasehold)Nitori Tsuchiura(leasehold)Nitori Imaichi (leasehold)Drug Yutaka Muko Kamiueno(leasehold)Chubu Kinki Yoshizuka Y store

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