Please note that this document is a translation of the official announcement that was released on May 10, 2024. The translation is prepared and provided
for the purpose of the reader's convenience only. All readers are strongly recommended to refer to the original Japanese version for complete andaccurate information.

Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 [Japanese GAAP]May 10, 2024
Company name: Raysum Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 8890
URL: http://www.raysum.co.jp/en/
Representative: Tsuyoshi Komachi, President and Representative Director
Contact: Soshi Okino, Senior Operating Officer, General Manager of Administration Division
Phone: +81-3-5157-8881
Scheduled date of Ordinary General Meeting of Shareholders: June 25, 2024
Scheduled date of commencing dividend payments: June 10, 2024
Scheduled date for filing of securities report: June 26, 2024
Availability of supplementary briefing material on financial results: Yes
Schedule of financial results briefing session: Yes (for institutional investors and analysts)(Figures are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Results of Operations(% indicates changes from the previous corresponding period)

Net sales
Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023

Operating profit

Profit attributable toowners of parent

Ordinary profit

million yen%

million yen%

million yen%

million yen%

94,26538.8

22,824

58.8

21,87870.2

11,513

37.4

67,906(0.7)

14,371

26.5

12,851

23.0

8,376

26.3

(Note) Comprehensive income: Fiscal year ended March 2024: 11,647 million yen (37.6%)
Fiscal year ended March 2023: 8,463 million yen (26.3%)

Earnings per share
Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023

Diluted Earnings per
share

Return on Equity

Ordinary income to Operating income tototal assets
net sales

yen

yen

%

%

%

406.28

－

20.0

18.4

24.2

269.72

－

15.8

11.9

21.2

(Reference) Equity in earnings (losses) of affiliates: As of March 31, 2024: - million yen
As of March 31, 2023 - million yen(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net assets per share

million yen

million yen%

yen

130,51362,45247.8

2,173.73

106,752

52,71849.4

1,842.43(3) Consolidated Cash FlowsNet cash provided by(used in) operating
activities

Net cash provided by(used in) investing
activities

Net cash provided by(used in) financing
activities

Cash and cash equivalents
at end of period

million yen

million yen

million yen

million yen

1,490(2,623)9,227

35,7108,706

193(9,666)

27,511

Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023
(Reference) Equity:

Fiscal year ended March 2024: 62,389 million yen
Fiscal year ended March 2023: 52,691 million yen

Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023
2. Dividends

Annual Dividends

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025 (Forecast)yen

Total Dividends
paid(annual)million yen

Dividend payout
ratio(consolidated)%

Dividends to net
assets(consolidated)
%

55.00

55.00

1,572

20.4

3.3

－

175.00175.00

5,022

43.1

8.7

－

196.00

196.00Q1 endQ2 endQ3 endYear end

Total

yen

yen

yen

yen

－

0.00

－

－

0.00

－

0.00

40.1

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period)

Net sales
Full year

Operating profit

Ordinary profit

million yen%

million yen%

million yen

115,000

22.0

23,0000.8

21,500%

Profit attributable toEarnings per shareowners of parent
million yen%

yen

14,00021.6

487.78(1.7)*Notes(1) Significant changes of subsidiaries during the year under review (affecting specified subsidiaries resulting in changes in scope of
consolidation): Not applicable(2)

Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to the revision of accounting standards: Not applicable2) Any changes in accounting policies other than 1) above: Not applicable
3) Changes in accounting estimates: Not applicable4) Restatements: Not applicable(3)

Total number of issued shares (common stock)1) Total number of issued shares at the end of the period (including treasury stock):
Fiscal year ended March 31, 2024
29,081,400 sharesFiscal year ended March 31, 2023

29,081,400 shares2) Total number of treasury shares at the end of the period:
Fiscal year ended March 31, 2024

379,744 sharesFiscal year ended March 31, 2023

482,711 shares

3) Average number of shares during the period:
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2023

28,337,661 shares
31,055,729 shares(Reference) Overview of non-consolidated financial results
Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-Consolidated Results of Operations(% indicates changes from the previous corresponding period)
Net sales
Operating profit
Ordinary profit
Profitmillion yen%
million yen%
million yen%
million yen%
Fiscal year ended
92,47842.5
23,15852.1
17,99032.2
10,521
49.2
March 31, 2024
Fiscal year ended
64,918(3.5)
15,23022.2
13,612
24.3
7,050
1.5
March 31, 2023
Profit per share
Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023

Diluted profit per share

yen

yen

371.30－227.03－(2) Non-Consolidated Financial Position
Total assets
Net assets
million yen
million yen
Fiscal year ended
127,430
62,136
March 31, 2024
Fiscal year ended
105,600
53,442
March 31, 2023
(Reference) Equity:
As of March 31, 2024: ¥62,136 million yen
As of March 31, 2023: ¥53,442 million yen

Equity ratio%

Net assets per share
yen

48.8

2,164.93

50.6

1,868.69<Reason for difference with actual profit for the previous fiscal year in non-consolidated financial results>
A difference between actual results for the previous fiscal year and actual results for the current fiscal year has occurred due to thesame reasons as described in “1. Overview of Results of Operations (1) Overview of Results of Operations for the Fiscal Year under
Review” on page 2 of the Appendix.

*The financial report is not subject to audit by a certified accountant or auditing company.
*Explanation of the proper use of performance forecast and other note
(Note on forward-looking statements, etc.)
Performance forecasts and other forward-looking statements presented in this report are based on information currently available
to the Company and certain assumptions deemed to be reasonable, and are not to be read as guarantees of future performance by
the Company. In addition, actual performance may differ substantially due to various factors. Please refer to “1. Overview of Resultsof Operations (4) Future Outlook” on page 4 of the Appendix for preconditions for the assumptions for the financial results forecast.
(How to access financial results briefing session materials)
The Company is planning to hold a financial results briefing session for institutional investors and analysts on May 17, 2024
(Friday). Materials provided are posted on the Company’s website from today for your reference.

○ Contents of Appendix
1. Overview of Business Performance....................................................................................................................................................... 2(1) Summary of Current Fiscal Year's Business Performance ............................................................................................................... 2(2) Overview of Financial Position This Period .................................................................................................................................... 3(3) Overview of Cash Flows This Period .............................................................................................................................................. 3(4) Future Outlook ................................................................................................................................................................................. 4(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years .............................................................. 4
2. Basic Approach to Accounting Standards Selection .............................................................................................................................. 4
3. Consolidated Financial Statements ........................................................................................................................................................ 5(1) Consolidated Balance Sheets ........................................................................................................................................................... 5(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ....................................................... 7(3) Consolidated Statement of Changes in Shareholders' Equity ........................................................................................................... 9(4) Consolidated Statements of Cash Flows ........................................................................................................................................ 10(5) Notes to the Consolidated Financial Statements ............................................................................................................................ 12(Notes on Going Concern Assumption) ........................................................................................................................................... 12(Significant Accounting Policies for Preparing Consolidated Financial Statements) ...................................................................... 12(Consolidated Balance Sheet Related Notes) .................................................................................................................................. 14(Consolidated Income Statement Related Notes) ............................................................................................................................ 15(Consolidated Statement of Changes in Shareholders' Equity Related Notes) ................................................................................ 17(Consolidated Statement of Cash Flows Related Notes) ................................................................................................................. 18(Segment Information, etc.) ............................................................................................................................................................. 19(Per Share Information) ................................................................................................................................................................... 21(Important Subsequent Events)........................................................................................................................................................ 21- 1 -1. Overview of Business Performance(1) Summary of Current Fiscal Year's Business Performance
The consolidated financial results for this fiscal year showed a substantial increase compared to the previous year, with revenuesof 94,265 million yen (year-on-year increase of 38.8%), operating profit of 22,824 million yen (year-on-year increase of 58.8%),
ordinary profit of 21,878 million yen (year-on-year increase of 70.2%), and net profit attributable to the parent company's
shareholders of 11,513 million yen (up 37.4%). This success was driven by robust sales and profits in our core business of Value
Creation Services, resulting in significant revenue and profit growth over the previous year. As detailed in today's announcement"Revision of Full-Year Consolidated Performance Forecast and Recognition of Special Loss," we conservatively accounted forspecial losses related to structural reform expenses in our emergency gas generator and accommodation businesses. Despite these,
we achieved the highest performance in our company's history since its establishment in May 1992, setting records in consolidated
sales, operating profit, ordinary profit, and net profit attributable to the parent company's shareholders.
The performance of each segment is as follows.
(Value Creation Services)
In this business, we pursue the potential value of each real estate asset tailored to the individual needs of our customers. By
becoming owners ourselves, we undertake usage changes, major renovations, and attract new tenants to create and provide
valuable real estate assets for our customers. We redefine valuable, high-quality assets for our customers as rare real estate
properties that offer long-term stable profitability and high liquidity. Based on this premise, we are committed to our business.
During this fiscal year, we delivered a variety of properties to our customers, including a large commercial and office complex
in Kyoto City, a logistics facility in Chiba Prefecture, a accommodation facility in Hiroshima Prefecture, a commercial facility
located in one of Kyoto's prime tourist destinations, commercial buildings near Kichijoji Station and Urawa Station, a largecommercial and office building in front of Musashi-Urawa Station, a new office building near Shimo-Kitazawa Station, a newcommercial building in Aoyama, Minato-ku, an office building in Shibuya-ku, and a large new office building near ShinYokohama Station, as well as a commercial land in the bustling area near Ueno Station.
The sales of this business for the fiscal year were 86,841 million yen (year-on-year increase of 41.4% from the previous year),with segment profit of 23,938 million yen (year-on-year increase of 43.7%). We saw significant increases in revenue and profit
compared to the previous year. The second installment of our real estate investment product, consisting of a portfolio of
multiple large properties valued at 10 billion yen, which allows investors to invest in increments of tens of millions of yen, hassold out this term. Sales of the third installment are progressing smoothly. We are diligently advancing necessary renovations,preparations for changes of use, tenant leasing, and sales activities. Additionally, the acquisition of properties that will contributeto sales in future fiscal periods is also progressing smoothly.
(Value-Add Services)
In this business, we conduct the leasing and building management services as well as other services for the properties weprovide to our customers, aiming to maintain and enhance their value. By taking opportunities such as tenant turnovers, we
propose strategies for enhancing property value in the future, carefully listening to our customers ' requests and targeting longterm asset value improvement.
The revenue for this business segment in the current fiscal year was 5,223 million yen (year-on-year increase of 18.3%), andthe segment profit was 1,427 million yen (year-on-year increase of 86.6%).
(Future Value Creation Services)
In this business, we primarily engage in operations that address future social issues as our own projects, including community
hostels, advanced medical facilities essential for an aging society, and the development of emergency power sources to prepare
for frequent natural disasters. The experience and knowledge gained through these business operations are utilized in theconcepts and proposals for Value Creation Services and Value-Add Services in the future.
The performance of this business segment has improved over the previous period due to the recovery of domestic humantraffic, resulting in increased revenue and profit for the accommodation business. However, due to the divestment of the golfcourse business last year (with last period’s revenue of 323 million yen), the revenue was 2,201 million yen (year-on-yearincrease of 6.3%), with a segment loss of 1,485 million yen (compared to that of 2,302 million yen last period).

- 2 -(2) Overview of Financial Position This Period(Assets)
Current assets increased by 22,325 million yen compared to the end of the previous fiscal year, totaling 118,542 million yen.
This increase was primarily due to a rise in cash and deposits by 8,204 million yen to 35,728 million yen, an increase in realestate for sale by 7,047 million yen to 52,214 million yen, and an increase in real estate in progress by 12,157 million yen to29,237 million yen.
Fixed assets increased by 1,434 million yen compared to the end of the previous fiscal year, totaling 11,970 million yen. This
was attributable to a net decrease in tangible fixed assets after acquisitions, depreciation, and impairment losses amounting to
a decrease of 282 million yen, a decrease in intangible fixed assets by 4 million yen, and an increase in other investments andassets by 1,721 million yen.
As a result, the total assets at the end of the current fiscal year increased by 23,760 million yen compared to the end of theprevious fiscal year, totaling 130,513 million yen.
(Liabilities)
Liabilities increased by 14,027 million yen compared to the end of the previous fiscal year, totaling 68,060 million yen.
This increase was primarily due to a net increase in borrowings by 12,061 million yen, an increase in income taxes payable andother amounts by 170 million yen, an increase in security deposits held for managed properties by 1,245 million yen, and anincrease in provisions for bonuses and directors' bonuses by 408 million yen.
(Net assets)
The total net assets increased by 9,733 million yen compared to the end of the previous fiscal year, amounting to 62,452
million yen. This was primarily attributable to an increase of 11,513 million yen in retained earnings following the recordingof profit attributable to owners of parent, a decrease of 1,572 million yen due to dividends of surplus, a decrease of 8,983 million
yen due to the acquisition of treasury shares, an increase of 4,142 million yen in capital and capital reserves respectively due toa public offering and third-party allotment. In addition, while treasury shares decreased by 8,252 million yen due to thecancellation of treasury shares, other capital surplus and retained earnings decreased by 220 million yen and 8,031 million yen,respectively. Therefore, there was no impact on the total net assets.
The equity ratio at the end of this consolidated fiscal year was 47.8%.
(3) Overview of Cash Flows This Period
The cash and cash equivalents (hereinafter referred to as "funds") at the end of this consolidated fiscal year increased by
8,199 million yen compared to the end of the previous fiscal year, amounting to 35,710 million yen.
The status of each cash flow during this consolidated fiscal year and the main factors of change are as follows:(Cash flows from operating activities)
Funds from operating activities increased by 1,490 million yen. The main increase was due to the fund increase related tothe sales revenue of 86,841 million yen in Value Creation Services, and the main decrease was due to the payment of 67,059
million yen for purchases of real estate for sale, 10,942 million yen for payments related to development progress and renovation
costs of real estate in progress, 6,270 million yen for income tax payments, and a decrease in funds related to sales expenses
and general administrative expenses.
(Cash flows from investing activities)
Net cash used in investing activities decreased by 2,623 million yen. The main increase was income from the paid-in reductionof affiliate company shares amounting to 259 million yen, and the main decreases were expenditures of 1,082 million yen for
the acquisition of affiliate company shares, 556 million yen for the acquisition of tangible fixed assets, 601 million yen for theacquisition of subsidiary shares accompanying changes in the scope of consolidation, and 398 million yen for loans.
(Cash flows from financing activities)
Net cash provided by financing activities amounted to 9,227 million yen. The main increases were an increase of 11,586
million yen due to the difference between new fund-raising and loan repayments, and income of 8,285 million yen from shareissuance, and the main decreases were expenditures of 8,983 million yen for the acquisition of treasury shares and 1,570 million
yen for dividend payments.

- 3 -(Reference) History of Cash Flow-Related Indices

Equity Ratio (%)

FY Ending March
2021
44.7

FY Ending March
2022
48.6

FY Ending March
2023
49.4

FY Ending March
2024
47.8

Market-Based Equity Ratio (%)

39.6

31.3

37.2

80.1

Cash Flow to Interest-Bearing Debt Ratio (%)

－

2.8

4.9

36.8

Interest Coverage Ratio (times)

－

29.6

19.0

2.5

Equity Ratio: Equity / Total Assets
Market-Based Equity Ratio: Market Capitalization / Total Assets
Cash Flow to Interest-Bearing Debt Ratio: Interest-Bearing Debt / Cash Flow
Interest Coverage Ratio: Cash Flow / Interest Payments(Note) 1. All are based on consolidated financial figures.
2. Cash flow refers to operating cash flow.
3. The Cash Flow to Interest-Bearing Debt Ratio and Interest Coverage Ratio for March 2021 are not listed as theoperating cash flow was negative.
4. Market capitalization is calculated based on the number of issued shares excluding treasury shares.
5. Interest-bearing debt includes all debts recorded in the consolidated balance sheet that involve interest payments.
(4) Future Outlook
The economic environment surrounding our company is expected to improve due to the recovery of the domestic economy,
which may lead to increases in prices and wages, a full recovery of inbound tourists to Japan, and continued strong interest in
domestic real estate from foreign customers due to differences in domestic and international interest rates. However, we also
anticipate that geopolitical risks, such as Russia's invasion of Ukraine, will contribute to global instability and that concerns abouta gradual increase in domestic interest rates may persist for some time.
In such a business environment, we have consistently focused on solving individual real estate rights and issues meticulously,
unleashing the inherent value of real estate, and sincerely engaging in creating value for our customers and solving social issues
as a result. These efforts have steadily shown results, and this fiscal year, which is the second year of the three-year mediumterm management plan announced in May 2022 (with upward revisions for the second and third years announced in May 2023),
we achieved record highs in consolidated sales and profits at all stages, exceeding our targets. We will continue to deepen our
engagement with domestic high-net-worth individuals and expand opportunities for transactions with domestic corporations,institutional investors, and affluent individuals abroad. Through this initiative, we aim to expedite the delivery of new investment
opportunities to our clients, thereby driving performance improvement.
Forecasts for the consolidated financial results for the fiscal year ending March 31, 2024 are net sales of 115,000 million yen(year-on-year increase of 22.0%), operating income of 23,000 million yen (year-on-year increase of 0.8%), ordinary income of
21,500 million yen (year-on-year decrease of 1.7 %), and profit attributable to owners of parent of 14,000 million yen (year-onyear increase of 21.6%). Business results forecast by segment are as follows.
(Unit: 100 million yen)
Consolidated
Value Creation Value-Add
Future Value
Adjustment
Total
Income Statement
Services
Services
Creation Services
AmountAmountNet sales

106,600

5,400

3,000

115,000(－)

115,000

Segment Profit

23,500

1,500

（900）

24,100（1,100）23,000(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years(Basic Policy on Profit Distribution)
We position the enhancement of corporate value through proactive business investment and the return of profits toshareholders through dividends as important management policies.
During the medium-term management plan period, we have set the minimum per-share dividend at 175 yen and aim for a
consolidated dividend payout ratio of 40% as a basic policy. Additionally, our policy for distributing retained earnings is to
pay annual dividends once a year as year-end dividend.
(Current Period's Retained Earnings Distribution)
For the current period's retained earnings distribution, we plan to set the year-end dividend at 175 yen per share.
(Next Period's Retained Earnings Distribution)
For the next period's retained earnings distribution, based on the aforementioned basic policy on profit distribution, we plan
to set the year-end dividend at 196 yen per share.
2. Basic Approach to Accounting Standards Selection
To ensure comparability with other domestic companies in the same business, our group applies Japanese accounting standards.
- 4 -3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Trade accounts receivable
Real estate for sale
Real estate for sale in process
Raw materials
Advance payments to suppliers
Income taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Investments in capital
Long-term loans receivable
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of March 31, 2024

27,524377*3 45,167*3 17,079
1,426
1,155
35
3,460
(10)
96,216

2,710
490
189
*4 924*1 4,314*3,*4

35,728306*3 52,214*3 29,237
13
169
31
985
(145)
118,542

2,668
840
－
*4 523*1 4,032

*3,*4

214
214
1,915
1,365
1,118
2,094
1,148
(1,636)
6,005
10,535
106,752

*2

- 5 -

210
210
2,728
1,583
1,119
2,401
1,623
(1,729)
7,727
11,970130,513*2

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Advances received
Provision for bonuses for directors (and otherofficers)
Provision for bonuses
Provision for loss on liquidation of subsidiaries
and associates
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

*3,*6

*3,*6

- 6 -

As of March 31, 2024

－
1,359
1,048
4,052
652

990
*3,*6 1,475

1,051
4,222
672

－

298

－

109

123

－

993
8,230

1,111
9,932

41,397－
4,405
45,80354,033*3,*6

52,353
238
5,535
58,12768,060100
6,899
45,964(473)
52,490

4,242
11,04147,873(1,098)62,059

130

246

70
200
27
52,718
106,75282
329
63
62,452
130,513

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income – Consolidated Fiscal Year)(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Rental income from buildings
Benefits income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission for a financial loan
Provision of allowance for doubtful accounts
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of shares of subsidiaries and associates
Gain on sale of investments in capital ofsubsidiaries and associates
Reversal of provision for loss on liquidation ofsubsidiaries and associates
Gain on capital reduction with compensation ofsubsidiaries and affiliates
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Loss on withdrawal from business
Loss on valuation of shares of subsidiaries andassociates
Restructuring expenses of subsidiaries and affiliates
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

Fiscal year ended
March 31, 2024

67,90647,53820,368*2 5,996
14,371*10

94,26564,53529,730*2 6,906
22,824

*10
*1

11
5
38
138
11
206

33
5
2
263
20
325

456
76
1,158
34
1,726
12,851

594
298
238
139
1,271
21,878

0
5

－
－

9

－

－
－

190

28
0
*6 242
*5

*5

－

- 7 -

67

*4

14

－
－
271
12,594
4,433
(232)
4,201
8,393
16
8,376

123

*3

*7
*8
*9

0
－
－

182

3,049
1,538
4,771
17,298
6,059
(279)
5,780
11,518
5
11,513

(Consolidated Statements of Comprehensive Income – Consolidated Fiscal Year)(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests- 8 -Fiscal year ended
March 31, 2024
8,393

11,518

72
(2)
70
8,463

116
12
129
11,647

8,446

11,642

16

5

(3) Consolidated Statement of Changes in Shareholders' Equity
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)

Share Capital

Beginning Balance of
the Period
Changes during the
PeriodDividends
from
Retained Earnings
Net
IncomeAttributabletoParentCompany
Shareholders
Issuance of New
SharesAcquisition
ofTreasury Stock
Disposal of Treasury
Stock
CancellationofTreasury Stock

CapitalCapitalSurplusRetained
Earnings

Retained
Earnings

Treasury
Stock

Share
Capital
Total

100

6,899

46,942△649

53,292

57

72

129

11

53,433△1,354△1,354△1,354

8,376

8,376

8,376

△7,824△7,824△7,824

8,000

－

－

△8,000Changes in Items
Other Than Share
Capital (Net)
Total Changes during
the PeriodEnding Balance of the
Period(Unit: 100 million yen)
Accumulated Other Comprehensive
IncomeNonAccumulate
Net Assets
Net
Foreigncontrollingd other
Total
unrealized
currency
comprehensi Interests
gains ontranslationve incomesecurities adjustments
total

72

△2

70

16

87

－

－

△977

175

△802

72

△2

70

16

△714

100

6,899

45,964△473

52,490

130

70

200

27

52,718Current Fiscal Year (From April 1, 2023, to March 31, 2024)
Share Capital

Beginning Balance of
the Period
Changes during the
PeriodDividends
from
Retained Earnings
Net
IncomeAttributabletoParentCompany
Shareholders
Issuance of New
SharesAcquisition
ofTreasury Stock
Disposal of Treasury
Stock
CancellationofTreasury Stock

CapitalCapitalSurplusRetained
Earnings

Treasury
Stock

Share
Capital
Total

100

6,899

45,964△473

52,490

4,142

70

200

27

52,718△1,572△1,572

11,513

11,513

11,513

8,285

8,285

△8,983△8,983△8,983

105

326

326

8,252

－

－

220
△8,031

Changes in Items
Other Than Share
Capital (Net)
Total Changes during
the PeriodEnding Balance of the
Period130△1,572

4,142

△220

(Unit: 100 million yen)
Accumulated Other Comprehensive
IncomeNonAccumulate
Net Assets
Net
Foreigncontrollingd other
Total
unrealized
currency
comprehensi Interests
gains ontranslationve incomesecurities adjustments
total

116

12

129

35

164

4,142

4,142

1,908

△625

9,569

116

12

129

35

9,733

4,242

11,04147,873△1,09862,059

246

82

329

63

62,452- 9 -(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Loss on valuation of shares of subsidiaries andassociates
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for loss on
liquidation of subsidiaries and associates
Gain on sale of non-current assets
Loss on retirement of non-current assets
Loss on sale of non-current assets
Loss on withdrawal from businessRestructuring of affiliate company business
Loss (gain) on sale of shares of subsidiaries andassociates
Loss (gain) on sale of investments in capital ofsubsidiaries and associates
Gain on capital reduction with compensation ofsubsidiaries and affiliates
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in real estate for sale
Decrease (increase) in real estate for sale in process
Decrease (increase) in advance payments to
suppliers
Decrease (increase) in deposits paid
Increase (decrease) in advances received
Increase (decrease) in accounts payable - other
Increase/decrease in consumption taxes
payable/consumption taxes refund receivable
Increase (decrease) in lease deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from sale of shares of subsidiaries andassociates
Proceeds from capital reduction of affiliatedcompany stock
Payments for investments in capital- 10 -

Fiscal year ended
March 31, 2024

12,594568－

17,298
491
1,538

－

182

－

109

－

298

1,156

228

－

(123)

(0)
28
0
242
－

－
0
－
－
3,049

(5)

－

(9)

－

－

(67)

(11)
456
(100)
(20,512)
21,481(33)
594
70(6,760)(12,157)

(242)

986

(126)
129
(117)

115
20
253

(855)

628

389
(39)
15,02610(457)(5,872)
8,706

1,202
389
8,316
31
(587)
(6,270)
1,490

(599)
0
(193)
100
－

(556)
－
(30)
－
(1,082)

33

－

－

259

(573)

(1)

(Millions of yen)
Fiscal year ended
March 31, 2022
Proceeds from withdrawal from golf course
business
Expenditures for the acquisition of subsidiaryshares due to changes in the scope of consolidation
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Purchase of treasury shares
Dividends paid
Repayments of finance lease liabilities
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

2,050

－

－

(601)

(575)
19
(69)
193

(398)
11
(225)
(2,623)－37,335(37,735)－(7,824)(1,352)(89)(9,666)990
53,186(42,589)
8,285(8,983)(1,570)
(90)
9,227

56

104

(710)
28,222*1 27,511

8,199
27,511*1 35,710*2- 11 -

Fiscal year ended
March 31, 2023

(5) Notes to the Consolidated Financial Statements(Notes on Going Concern Assumption)
Not applicable.
(Significant Accounting Policies for Preparing Consolidated Financial Statements)
1. Matters on the scope of consolidation(1) The number of consolidated subsidiary companies
15 companies
The names of major consolidated subsidiary companies
WeBase Co., Ltd.
RayPower Co., Ltd.
LIBERTE JAPON Co., Ltd.
Best Medical Co., Ltd.
Raysum Fukuoka Inc.
SOKNA PARTNERS CO.,LTD.
Raysum Philippines, Inc.
And 8 others
In the current fiscal year, the consolidation scope has expanded to include Nature Inn Osekan Co., Ltd. andKaruizawa Oiwake Resort Co., Ltd. following their establishment. Additionally, another company has been
incorporated due to the acquisition of its shares.
(2) The names of major non-consolidated subsidiary companies
Platinum Investment Kona Inc.
(Reasons for Exclusion from Consolidation):
Due to their small scale, the company's total assets, net sales, net income for the period (amount equivalent to theshareholding), and retained earnings (amount equivalent to the shareholding) do not significantly impact theconsolidated financial statements.
2. Matters related to the application of equity method(1) Number of equity method-applicable unconsolidated subsidiaries and related companies: None
(2) Names of major unconsolidated subsidiaries and related companies where equity method is not applied:
The names of major non-consolidated subsidiary companies
Platinum Investment Kona Inc.
(Reasons for not applying the equity method):
Due to their small scale, the company's net income, and retained earnings do not significantly impact theconsolidated financial statements.
3. Matters related to the fiscal year of consolidated subsidiaries
For the consolidated subsidiaries, SOKNA PARTNERS CO., LTD. and Raysum Philippines, Inc., their fiscal year
ends on December 31. To consolidate their financials, we use their interim closing statements as of the end of March.
4. Matters related to accounting policies(1) Standards and methods for valuation of major assets
1) Marketable securities
Other marketable securities
Other marketable securities excluding stocks without market prices
Valuation is based on the fair value method (valuation differences are treated directly in net assets, andacquisition costs are calculated using the moving average method).
Stocks without market prices
Valuation is based on the cost method using the moving average.
We utilize the most recent financial statements, available at the closing date specified in the partnershipagreement, as the basis for investment in limited liability partnerships and similar investments, which arerecognized as securities under Article 2, Paragraph 2 of the Financial Instruments and Exchange Act. The
equity method is then applied by incorporating the equity amount on a net basis.
2) Inventory
Real estate for sale and real estate for sale in process
Valuation is based on the individual cost method, which involves adjusting book value based on decreases in
profitability.

- 12 -

(2) Methods of depreciation for significant depreciable assets
1) Tangible Fixed Assets(a) Acquired before March 31, 2007
Depreciation is performed using the traditional declining balance method.
(b) Acquired after April 1, 2007
Depreciation is performed using the declining balance method. However, for buildings and attached facilities
acquired after April 1, 2016, the straight line method is applied.
2) Intangible fixed assets
Depreciation is performed using the straight-line method. For software used internally, depreciation is basedon the estimated useful life (5 years).
(3) Criteria for significant allowances
1) Allowance for doubtful accounts
To cover losses from unpaid debts, a provision is made based on the actual bad debt ratio for general receivables.
Additionally, for specific receivables with doubts about recoverability, individual assessments are conducted toestimate the expected uncollectible amount.
2) Bonus allowance
An allowance is recognized for anticipated employee bonus payments within the current fiscal period.
3) Director's bonus allowance
An allowance is recognized for anticipated director's bonus payments within the current fiscal period.
4) Loss allowance for restructuring of affiliated companies
To cover losses from the restructuring of affiliated companies, an estimated loss amount is recorded.
(4) Criteria for recognition of significant revenues and expenses
The main obligations arising from contracts with customers, which generate revenue for our company andconsolidated subsidiaries, and the typical points at which these obligations are fulfilled, are as follows:
1) Value Creation Services
In our Value Creation Services, we primarily engage in acquiring office buildings, commercial facilities, andsimilar properties. Subsequently, we conduct necessary renovations and tenant attraction to enhance the properties,
which are then sold to investors, corporate entities for self-use, and other businesses. Additionally, we evaluate thearea, rent, and sale price of acquired land to facilitate development and construction aimed at maximizing its value.
These developed properties are then marketed for sale as part of our business operations. This business involves anobligation to deliver properties based on real estate sales contracts with customers. This obligation is fulfilled at the
moment the properties are transferred, at which point revenue is recognized. The transaction prices are determinedby real estate sales contracts, and we receive payment upon the transfer of properties. We sometimes receive a
portion of the sales price as a down payment at the time of contract signing and receive the remaining payment upon
property transfer.
2) Value-add Services
In our Value-Added Services, our core operations involve leasing office buildings, retail spaces, and otherproperties to end-users. We offer comprehensive services including property management and building management,
all governed by lease contracts and management outsourcing agreements. The obligations under these contracts are
fulfilled over a certain period, with revenue recognized monthly based on contractually agreed amounts. Transaction
prices are determined by contracts, with payments mainly received at the end of each month. Transaction prices are
determined by contracts, with payments mainly received at the end of each month.
(5) Standards for conversion of significant foreign currency-denominated assets or liabilities into Japanese yen
Assets, liabilities, revenues, and expenses of overseas subsidiaries are converted into Japanese yen at the spot
exchange rates on the consolidation date, with the difference in conversion recorded under "Foreign Currency
Translation Adjustment" in the net assets section.
Foreign currency-denominated monetary assets and liabilities are converted into Japanese yen at the spot exchange
rates on the consolidation date, with the difference treated as gains or losses in the income statement.
(6) Scope of cash in the consolidated cash flow statement
We target short-term investments that consist of cash on hand, demand deposits, and highly liquid instruments
maturing within three months from the acquisition date, which are easily convertible into cash and entail minimal riskof value fluctuation.
(7) Significant accounting policies for preparing consolidated financial statements
1) Accounting treatment of non-deductible consumption taxes, etc.
Non-deductible consumption taxes are fully expensed in the current fiscal year.
2) Application of group income and loss sharing scheme
Our company and certain domestic consolidated subsidiaries apply the group income and loss sharing scheme.

- 13 -

(Consolidated Balance Sheet Related Notes)*1 Accumulated Depreciation on Tangible Fixed Assets
Previous Consolidated Fiscal
Current Consolidated Fiscal Year
Year
(March 31, 2024)(March 31, 2023)
Accumulated Depreciation on Tangible
Fixed Assets

3,121 million yen

3,557 million yen*2 Investments in Non-consolidated Subsidiaries and Associates
Previous Consolidated Fiscal
Current Consolidated Fiscal Year
Year
(March 31, 2024)(March 31, 2023)
Investment
Securities(Shares,
1,504 million yen
2,213 million yen
Contributions)(Investments in jointly controlled entities)(191 million yen)
(0 million yen)
*3 Assets Pledged as Security and Corresponding Liabilities(1) Assets Pledged as Security
Previous Consolidated Fiscal
Current Consolidated Fiscal Year
Year
(March 31, 2024)(March 31, 2023)
Real estate for sale42,132 million yen
45,800 million yen
Real estate for sale in process
16,874 million yen
23,605 million yen
Buildings
Total

1,136 million yen

1,088 million yen

60,143 million yen

70,494 million yen(2) Corresponding Liabilities
Previous Consolidated Fiscal
Current Consolidated Fiscal Year
Year
(March 31, 2024)(March 31, 2023)
Current
portionofborrowings
Long-term borrowings
Total

long-term

1,294 million yen

1,376 million yen

41,057 million yen
42,351 million yen

51,631 million yen
53,008 million yen*4 The Amounts Deducted from the Acquisition Costs of Tangible Fixed Assets are as follows:
Previous Consolidated Fiscal
Current Consolidated Fiscal Year
Year
(March 31, 2024)(March 31, 2023)
Buildings
466 million yen
466 million yen
Other (Tangible Fixed Assets)
33 million yen
33 million yen
Total
500 million yen
500 million yen
5 Guarantees Provided for Loans of Non-consolidated Subsidiaries from Financial Institutions
Previous Consolidated Fiscal
Current Consolidated Fiscal Year
Year
(March 31, 2024)(March 31, 2023)(LLC) Yokatoko Goto
600 million yen
581 million yen
Total

600 million yen

581 million yen*6 Commitment Line Contracts
To ensure flexible and stable funding for the acquisition of real estate for sale, we have established commitment line
contracts with trading banks.
Previous Consolidated Fiscal
Current Consolidated Fiscal Year
Year
(March 31, 2024)(March 31, 2023)
Credit Limit
11,500 million yen
12,400 million yen
Borrowing Outstanding
5,127 million yen
2,380 million yen
Net Amount

6,373 million yen- 14 -

10,019 million yen

(Consolidated Income Statement Related Notes)*1 The amounts by which the book values of inventory assets have been reduced, as a result of decreased profitability is
as follows:
Previous Consolidated Fiscal
Current Consolidated Fiscal YearYear
(From April 1, 2023
(From April 1, 2022
To March 31, 2024)
To March 31, 2023)- million yen
27 million yen*2 Major Expenses within Selling, General and Administrative Expenses
Previous Consolidated Fiscal
Current Consolidated Fiscal YearYear
(From April 1, 2023
(From April 1, 2022
To March 31, 2024)
To March 31, 2023)
Advertising Expenses
46 million yen
50 million yen
Promotional Expenses
399 million yen
608 million yen
Director’s Compensation
Salaries

415 milliion yen
1,322 million yen

581 million yen
1,433 million ye

Bonuses
Allowance for Employee’s Bonuses

117 million yen
4 million yen

232 million yen
109 million yen

Allowance for Bonuses for Directors
Legal Welfare Expenses- million yen
220 million yen

298 million yen
254 million yen

Rent Expenses
Taxes and Dues

269 million yen
305 million yen

319 million yen
797 million yen

Transaction Fees
Provision of Allowance for Doubtful
Accounts
Provision of Reserve for Repairs

739 million yen

985 million yen

0 million yen

0 million yen

967 million yen- million yen*3 Reversal of Provision for Losses on Liquidation of Acquainted Companies
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
Not applicable.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
This amount represents the reversal of provisions set aside for losses associated with the liquidation of our nonconsolidated subsidiaries.
*4 Gain on Reduction of Paid-in Capital of Related Companies
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
Not applicable.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
This amount represents the gain recognized from the repayment of contributions following the paid-in capital
reduction of our non-consolidated subsidiaries.
*5

Loss on Disposal of Fixed Assets is as follows:

Buildings
Facilities Attached to Buildings

Previous Consolidated Fiscal
Current Consolidated Fiscal YearYear
(From April 1, 2023
(From April 1, 2022
To March 31, 2024)
To March 31, 2023)
14 million yen- million yen
5 million yen- million yen

Structures
Tools, Fixtures and Equipment
Total- 15 -

0 million yen
8 million yen- million yen
0 million yen

28 million yen

0 million yen

*6Business Withdrawal Loss
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
This amount represents the loss incurred from the divestiture of all shares in Asset Holdings Co., Ltd., a former
consolidated subsidiary.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
Not applicable.

*7 Associated Company Stock Valuation Loss
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
Not applicable.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
This amount represents the valuation loss associated with the shares of our non-consolidated subsidiaries.

*8 Associated Company Business Restructuring Loss
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
Not applicable.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
This loss was recorded due to the need for a fundamental overhaul and restructuring of the existing systems, alongwith the introduction of new production and sales systems at RayPower Co., Ltd., a subsidiary of our company.
*9 Impairment Losses
Our company group has recorded impairment losses for the following asset groups:
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
Not applicable.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
Impairment
Losses479 million
KagawaAccommodation Business
Buildings and Other Tangible Fixed Assetsyen
317 million
Kanagawa
Accommodation Business
Buildings and Other Tangible Fixed Assetsyen
79 million
Kyoto
Accommodation Business
Buildings and Other Tangible Fixed Assetsyen
38 million
Fukuoka
Accommodation Business
Buildings and Other Tangible Fixed Assets
yen
Buildings, Other Tangible Fixed Assets,
415 million
Tokyo
Sauna Business
Intangible Fixed Assets
yenTokyo and Gas Engine Generator
Buildings, Other Tangible Fixed Assets,
209 million
OthersBusiness
Intangible Fixed Assetsyen
Our company group systematically groups assets into the smallest units that generate cash flows largely
independent of the cash flows from other assets or groups of assets. For those asset groups where the aggregate
undiscounted future cash flows are less than the carrying amount of the fixed assets, the carrying values are reduced
to their recoverable amounts. These reductions are recorded as impairment losses and recognized as special losses.
The breakdown is as follows: buildings 1,142 million yen, other tangible fixed assets 333 million yen, and intangible
fixed assets 62 million yen. The recoverable amount is measured based on the net realizable value or value in use,
where the net realizable value is estimated based on reasonably expected disposal amounts, and the value in use iscalculated from future cash flows. However, since the undiscounted future cash flows are expected to be negative,
the recoverable amount is assessed as zero.
Location

PurposeType*10 Revenue from Contracts with Customers
Revenues are not differentiated between those arising from contracts with customers and other types of revenues inthe sales figures. The amounts of revenue from contracts with customers are detailed in “(5) Notes to the Consolidated
Financial Statements, (Segment Information, etc.,), Segment Information 3. Information on Revenues, Profits or
Losses, Assets, Liabilities, and Other Items by Reportable Segment, and Breakdown of Revenues.

- 16 -

(Consolidated Statement of Changes in Shareholders' Equity Related Notes)
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
1. Types and Total Number of Issued Shares and Types and Number of Treasury Shares
Number of Shares
Number of Shares
Number of Shares
Number of Shares atincreased During thedecreasedat the End of thethe Beginning of theCurrent
During the Current
Current
Current Consolidated
Consolidated Fiscal
Consolidated Fiscal Consolidated Fiscal
Fiscal Year
Year
Year
Year
Issued Shares Ordinary
37,081,400 shares- shares8,000,000 shares 29,081,400 shares
Shares (Note)1
Treasury
SharesOrdinary
Shares479,586 shares
8,003,125 shares
8,000,000 shares
482,711 shares(Note)2, 3(Note) 1. The decrease of 8,000,000 ordinary issued shares is attributed to the cancellation of treasury shares.
2. The increase in ordinary treasury shares consists of 8,000,000 shares acquired following a resolution by the
Board of Directors on June 1, 2022, the gratuitous acquisition of 3,000 restricted shares, and the purchaseof 125 fractional shares.
3. The decrease of 8,000,000 ordinary treasury shares results from their cancellation.
2. Matters Related to Stock Acquisition Rights
Not applicable.
3. Matters Related to Dividends(1) Dividend Payment Amounts(Resolution)

Type of Shares

Total Dividend
AmountDividend per
Share

Record Date

Effective Date

June 23, 2022
Annual General
Meeting

Ordinary shares

1,354 million
yen

37 yenMarch 31, 2022

June 24, 2022

(2) Dividends for which the Record Date falls within the current fiscal year, but the Effective Date is in the following
fiscal year
Type of Total Dividend Dividend
Dividend(Resolution)
Record Date
Effective Date
SharesAmountResource
per Share
May 12, 2023
Ordinary
1,572
Retained
Board of55 yen March 31, 2023
June 7, 2023
sharesmillion yen
Earnings
Directors
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
1. Types and Total Number of Issued Shares and Types and Number of Treasury Shares
Number of Shares
Number of Shares at
Number of Shares Number of Shares atincreased During thethe Beginning of thedecreased During thethe End of theCurrent
Current Consolidated
Current Consolidated Current Consolidated
Consolidated Fiscal
FiscalFiscal Year
Fiscal Year
Year
Issued Shares Ordinary
29,081,400 shares
2,841,700 shares
2,841,700 shares 29,081,400 shares
Shares (Note) 1, 2
Treasury
SharesOrdinary Shares (Note)482,711 shares
2,847,433 shares
2,950,400 shares
379,744 shares3, 4(Note) 1. The increase of 2,841,700 issued ordinary shares consists of 2,471,100 shares from a paid public offeringand 370,600 shares from a paid third-party allotment.
2. The decrease of 2,841,700 ordinary shares is attributed to the cancellation of treasury shares.
3. The increase in ordinary treasury shares consists of 2,841,768 shares acquired following a resolution by the
Board of Directors on September 19 and October 27, 2023, the gratuitous acquisition of 5,500 restricted
shares, and the purchase of 165 fractional shares.
4. The decrease in ordinary treasury shares comprises 2,841,700 shares cancelled and 108,700 shares disposedof as restricted stock awards to directors and employees, as authorized by board resolutions.
2. Matters Related to Stock Acquisition Rights
Not applicable.

173. Matters Related to Dividends(1) Dividend Payment Amounts(Resolution)

Type of Shares

Total Dividend
AmountDividend per
Share

Record Date

Effective Date

May 12, 2023
Board ofDirectors

Ordinary shares

1,572 millionyen

55 yenMarch 31, 2023

June 7, 2023

(2) Dividends for which the Record Date falls within the current fiscal year, but the Effective Date is in the following
fiscal year
(Resolution)

Type of
SharesTotal Dividend
AmountDividend
Resource

Dividendper Share

Record Date

Effective Date

May 10, 2024
Board ofDirectors

Ordinaryshares5,022
million yen

Retained
Earnings

175 yenMarch 31, 2024

June 10, 2024

(Consolidated Statement of Cash Flows Related Notes)*1
Relationship between the Ending Balance of Cash and Cash Equivalents and the Amounts Listed in the Consolidated
Balance Sheet
Previous Consolidated Fiscal Current Consolidated Fiscal
Year
Year
(From April 1, 2022
(From April 1, 2023
To March 31, 2023)
To March 31, 2024)
Cash and deposit Accounts
27,524 million yen
35,728 million yen
Time Deposits with a Term Exceeding Three△12 million yen△18 million yen
MonthsCash and Cash Equivalents
27,511 million yen
35,710 million yen*2 Major Breakdown of Assets and Liabilities Related to the Transfer of a Business in Exchange for Cash and Cash
Equivalents
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
Assets and liabilities associated with the withdrawal from the golf course business and the transfer value of thebusiness are as follows:
Current assets
262 million yen
Non-current assets
3,783 million yen△1,527 million yen
Current Liabilities
Non-current Liabilities△4,508 million yen

Receivables from Transfer
Business Withdrawal Loss
OthersSale Amount of Shares and Receivables(Business Transfer Price)
Cash and Cash Equivalents of theTransferred Company
Income from Golf Course Business
Withdrawal
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
Not applicable.

18

4,415 million yen△242 million yen△0 million yen
2,181 million yen△131 million yen
2,050 million yen

(Segment Information, etc.)[Segment Information]
1. Overview of Reportable Segments
The reportable segments of our group are identified where financial data is available and routinely assessed bymanagement for performance evaluation and resource allocation decisions.
The primary activities of each reportable segment include:
Value Creation Services:
Engages in the acquisition of real estate and the formulation, development, andValue-Add Services:sale of operational products utilizing these assets.
Focuses on rental management, building management, and enhancement of real

Future Value Creation Services:

estate revenue streams.
Manages the operation of accommodation facilities, the manufacture and sale ofbread and confectionery, the development, manufacture, and sale of gas engine
generators, and support services for advanced medical care.

2. Methods for Calculating Revenues, Profits or Losses, Assets, Liabilities, and Other Items for Each Reportable Segment
The accounting policies for the reported business segments align with those utilized in the preparation of theconsolidated financial statements. The segment profits or losses are determined based on operating income. Intersegment transactions are priced in accordance with prevailing market rates.
3. Information on Revenues, Profits or Losses, Assets, Liabilities, and Other Items by Reportable Segment, and Breakdown
of Revenues
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)(Unit: million yen)Amounts
Segment Information
Recognized in the
Adjustment
Consolidated
Future Value
Total
AmountValue Creation Value-Add
Financial
Creation(Note) 1
Services
ServicesStatements
Services(Note) 1
Net sales
Revenue
from－Contracts
with61,419661
1,875
63,956
63,956
Customers－－
Other Revenues
3,754
195
3,950
3,950
Sales to External－
61,4194,416
2,071
67,906
67,906
Customers
Inter-segment
－
89
16
105
（105）
－
Sales or Transfers
Total
Segment Profit
or Loss (△)

61,419

4,505

2,087

68,012（105）

67,906

16,653765（2,302）

15,116（745）

14,371(Note) 1. The adjustment of 745 million yen for segment profit or loss includes unallocated corporate administrative
expenses of 745 million yen and elimination of inter-segment transactions of 0 million yen. This adjustment aligns
the segment profit with the operating profit of 14,371 million yen reported in the Consolidated Income Statement.
2. Other Revenues predominantly comprise rental income, recognized in accordance with the accounting standard
for lease transactions.
3. We do not allocate total asset and liability figures from the Consolidated Balance Sheet to any segment, therefore,'Amounts of Assets and Liabilities by Reportable Segment' are not disclosed.

19Current Fiscal Year (From April 1, 2023, to March 31, 2024)(Unit: million yen)Amounts
Recognized in the
Adjustment
Consolidated
AmountFinancial(Note) 1
Statements(Note) 1

Segment Information

Net sales
Revenue
fromContracts
with
Customers
Other Revenues
Sales to External
Customers
Inter-segment
Sales or Transfers
Total
Segment Profit
or Loss (△)

Value Creation
Services

Value-Add
Services

Future Value
Creation
Services

86,841833

2,005

89,680－89,680

4,389

195

4,585

－

4,585

86,841

5,223

2,201

94,265－94,265

－

88

7

95

（95）

－

86,841

5,311

2,208

94,361（95）

94,26523,9381,427（1,485）23,880（1,056）22,824

Total(Note) 1. The adjustment of 1,056 million yen for segment profit or loss comprises unallocated corporate administrative
expenses of 1,056 million yen. This adjustment aligns segment profit with the operating profit of 22,824 million
yen reported in the Consolidated Income Statement.
2. Other Revenues predominantly comprise rental income, recognized in accordance with the accounting standard
for lease transactions.
3. We do not allocate total asset and liability figures from the Consolidated Balance Sheet to any segment, therefore,'Amounts of Assets and Liabilities by Reportable Segment' are not disclosed.
(Related Information)
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
1. Information by Product and Service
Information by product and service is not provided as it is comprehensively covered in "Segment Information 3.
Information on Revenues, Profits or Losses, Assets, Liabilities, and Other Items by Reportable Segment, andBreakdown of Revenues.”
2. Information by Region(1) Net sales
Disclosure is not required as sales to external customers in Japan constitute over 90% of the revenues in theConsolidated Income Statement.
(2) Tangible Fixed Assets
As there are no tangible fixed assets located overseas, there are no applicable items.
3. Information by Major Customer
Disclosure by major customer is omitted as the Group's counterparties consist of unspecified corporations andindividuals.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)
1. Information by Product and Service
Information by product and service is not provided as it is comprehensively covered in "Segment Information 3.
Information on Revenues, Profits or Losses, Assets, Liabilities, and Other Items by Reportable Segment, andBreakdown of Revenues.”
2. Information by Region(1) Net sales
Disclosure is not required as sales to external customers in Japan constitute over 90% of the revenues in theConsolidated Income Statement.
(2) Tangible Fixed Assets
As there are no tangible fixed assets located overseas, there are no applicable items.
3. Information by Major Customer
Disclosure by major customer is omitted as the Group's counterparties consist of unspecified corporations andindividuals.

20

[Information on Impairment Losses of Fixed Assets by Reportable Segment】
Previous Fiscal Year (From April 1, 2022, to March 31, 2023)
Not applicable.
Current Fiscal Year (From April 1, 2023, to March 31, 2024)(Unit: million yen)
Value Creation
Services

Value-Add Services

Future Value
Creation Services

Impairment
－
－
1,538
Losses[Information on depreciation of goodwill and unamortized balance by reporting segment】
Not applicable.

Total
1,538

[Information on Negative Goodwill by Reportable Segment】
Not applicable.
(Per Share Information)
Previous Consolidated Fiscal
Year(From April 1, 2022
To March 31, 2023)

Current Consolidated Fiscal
Year(From April 1, 2023
To March 31, 2024)

Net Asset Value per Share

1,842.43 yen

2,173.73 yen

Net Earnings per Share

269.72 yen

406.28 yen

Item(Note)1. Disclosure of net earnings per share adjusted for potential shares is not provided, as there are no potential
shares outstanding.
2. The basis for calculating the net asset value per share is as follows:
End of the Previous
End of the Current
Consolidated Fiscal Year
Consolidated Fiscal Year
(March 31, 2023)(March 31, 2024)
Total Amount of Net Assets (million yen)

52,71862,452

27

63

27

63

52,691

62,38928,598,689

28,701,656

3. The basis for calculating the net income per share is as follows:
Previous Consolidated Fiscal
Year(From April 1, 2022
To March 31, 2023)

Current Consolidated Fiscal
Year(From April 1, 2023
To March 31, 2024)

Amount Deducted from Total Amount of Net Assets(million yen)
Main Components of Difference (million yen)
Non-controlling Interests
Net assets related to common share at period-end(million yen)
Number of Ordinary Shares at Fiscal Year End
Used in Calculating Per Share Net Asset Value (shares)

Net Income Attributable to owners of parent (million
yen)

8,376

11,513

Amount Not Attributable to Ordinary Shareholders(million yen)－－

Net Income Attributable to Ordinary Shareholders ofowners of parent(million yen)

8,376

11,513

Average Number of Ordinary Shares During the Fiscal
Period31,055,729

28,337,661(Important Subsequent Events)
Not applicable.

21