Earnings Results Briefing
For the Year Ended
March 31, 2014
May 19,2014

ContentsYear Ended March 31, 2014 Summary

・・・・・・

３P

Overview of FY March 2014・・・・・・

７P

Plans of FY March 2015

・・・・・・

14P

Year Ending March 2015 Outlook

・・・・・・

26P

Dividends・Capital Policy

・・・・・・

28P

Company Profile

Company name ：Takara Leben CO.,LTD.
Head office's location ：Shinjuku-Sumitomo bldg. 26F2-6-1,
Nishi-shinjuku, Shinjuku-ku, Tokyo, Japan
Representative: Kazuichi Shimada, President
Capitalization：4,819 million yen (As of March 31,2014)
Established：September 21, 1972

Number of Employees：244 (As of March 31,2014)
Security Code：8897, the First Section of TSE
Contact：irinfo@leben.co.jp

1Four Decades of Business
1972
1982

2008

Launched real estate leasing
business

2010

Launched detached housing business(buidt by Takara Leben)

2011

Capital increase based on Japan’s firstrights offering
Joined an open house and began sales ofcustom-built houses
40th anniversary of the founding

2012

Introduced New Condominium Brand

1988

Established Takara Management Co.,Ltd. (the present LebenCommunity)
Launched real estate management business

1994

Launched sales of condominiums "Leben Heim"

2000

Made Marunouchi Servicer Co.,Ltd. its
subsidiary

Established Takara Komuten Co.,Ltd.
(the present Takara Leben)
Launched sales of detached houses

Released new corporate logo

Introduced Corporate character

Changed company name to "Takara Leben Co.,Ltd."

Established Yokohama branch

2001

Launched financial brokering business
Established Tafuko Co.,Ltd.

2003

Listed on the second section ofthe Tokyo Stock Exchange

2004

Listed on the first sectionof the Tokyo StockExchange
Established Relivel Leben Co.,Ltd.(the present Live Net Home Co.,Ltd.)
Launched trustee division for real estate sales
Established AS Partners Co.,Ltd.
Launched nursing care businesses for seniors

2013

Made Takara Housing Co.,Ltd.
(the present Takara Property Co.,Ltd.) its subsidiary
Rental business management operations
Entry to mega-solar buiness
Established Takara Asset Management Co.,Ltd.
Launched investment management business
Established Takara Investments Co.,Ltd.
Launched real estate investment business
Made Sunwood Corporation it’s associated company
accounted for by the equity method

2014

Established Hokuriku Office
Established Tohoku Office22

Year Ended March 31, 2014
Summary3

Consolidated Income Statements（Unit Amount=Million yen ）Year ended
March 31, 2013

Year ended
March 31, 2014

YOYchange

Net sales

64,907

71,963

10.9%

Operating profit

6,361

9,798

54.0%

Ordinary profit

5,792

9,181

58.5%

Net income

4,074

5,869

44.1%
4Segment Information 【 Breakdown of Real Estate Sales Business 】 (Reference)（Unit Amount=Million yen ）Year ended
March 31, 2013

Year ended
March 31, 2014

Real estate sales
business

59,31065,757

10.9%

Real estate rental
business

1,485

1,696

14.2%

Real estate
managementbusiness

2,582

2,739

6.1%

Other businesses

1,5291,768

15.7%

YOYchange5Consolidated Balance Sheets
Year ended
March 31, 2013

Year ended
March 31, 2014

（Unit Amount

YOY change=Million yen ）55,932

72,524

29.7%

Cash and cash equivalents

17,91135,964100.8%

Inventories

35,37633,445△5.5%

Real estate held for sale

2,067

1,156

△44.1%

Real estate for sale underconstruction

33,30832,288△3.1%

Fixed assets

19,081

23,366

22.5%

Total assets

75,013

95,891

27.8%

Current liabilities

29,02537,711

29.9%

Notes and accounts payable, trade

7,920

20,692161.3%

Debts（short-term borrowings, longterm debt within one year）

14,004

7,692△45.1%

21,84031,041

42.1%

20,84929,861

43.2%

Total liabilities

50,86668,752

35.2%

Net assets

24,147

27,138

12.4%

Capital

4,819

4,819

－

Other shareholder equity

19,32822,318

15.5%

Total liabilities and net assets

75,013

95,891

27.8%

Current assets

Fixed liabilities
Long-term borrowings

6Overview of FY March 20147引渡実績・契約状況
Delivery
Results & Contract（new-build-for-saleStatus (new condominiums）
built-for-sale condominiums)
1,785units

Total

1,828
units

Year ended March 31, 2014

1,964units（new built-for-sale condominiums）

Delivery planned 1,710 units(units)

262

2,000

1,600

99

109

1,686

1,719

Built-forsale
detached
houses

1,702
New builtfor-salecondominiu
ms

1,200
800
400

Delivery results:
1,719 units
Year ending March 31, 2015
（new built-for-sale condominiums）

Delivery planned 1,702 units

Contracts signed:
856 units(as of March 31, 2014)

0
FY March 2013 FY March 2014 FY March 2015
(41st term)(42nd term)(43rd term)

Contracts signed:
856 unitsProgress rate: 50.2%(as of March 31, 2014)
8Progress of Medium-Term
Management Plan
中期経achievement
status営計画達成状況(Unit: million yen)

Medium-term management plan(announced in September 2012)

Results for year ended March 31,2014

Number of units sold(new built-for-salecondominiums）

1,710 units

1,719 units

9 units

Sales

68,40071,963

3,563

Operating profit

8,000

9,798

1,798

Ordinary profit

7,200

9,181

1,981

Difference(Unit: 10 thousand yen)

Sales price per unit
(excluding tax)

Purchase price

Sold

3,242

3,411

The number of units sold increased slightly, while sales and profits
increased significantly because of the rise in sales prices.
9Progress
Status of Targeted Figures
数値目標の進捗状況
Targets

Cash on hand andin banks(million yen)

Net worth(million yen)

ＥＰＳ (yen)

35,96427,084316※Excluding treasury shares,

based on ordinary income(after splitting 79yen)

Achieved
10

Operating Status of Mega Solar Business
LEBEN SOLAR SHIOYALEBEN SOLAR TONE

Address
Tochigi Prefecture

Address
Ibaraki Prefecture

power generation

power generation

2.99 MW
Site area

0.17 MW
Site area

36,727㎡

LEBEN SOLAR CHIBA WAKABA
Address
Chiba Prefecture
power generation

2,373㎡

LEBEN SOLAR CHIKUSEI
Address
Ibaraki Prefecture

power generation

0.5 MW
Site area

5,555㎡

1.08 MW
Site area

18,904㎡

11

Promote
solar-powered condominiums
太陽光発電マンションの推進
Unit-based Solar-powered Condominium
Supply Ranking

Nationwide※Unit-based Solar-powered Condominium Supply Ranking(available in each individual home unit)※※Source: Real Estate Economic Institute Co., Ltd.

LEBEN Shin-Kawasaki DUALISM（Completed in December, 2013）

LEBEN Higashi-Washinomiya Terrace（Completed in March, 2014）

LEBEN Chiba New Town
（Completed in May, 2013）12

Received
Good Design受賞
Award
グッドデザイン賞

SORA PAWA PROJECT
Next-generation energy system forcondominiums

LUIC PROJECT
Housing that is particular about water

13Plans of FY March 2015
14

FY March 2015 Construction Completion Schedule(Unit: unit)

900
800
700
600
500
400
300
200
100
0st quarter1第１四半期

2nd第２四半期
quarter 3rd第３四半期
quarter 4th quarter
第４四半期

Properties to be completed
in the 1st half
6 properties (329 units)

Number ofinventory units
brought forwardfrom the 42nd term49

Number of units tobe completed inthe 43rd term

1,749

Number of units to
be delivered in the43rd term

1,702

Number ofinventory units
carried forward tothe 44th term (plan)96

Properties to be completed
in the 2nd half
13 properties (1,420 units)

The construction completion schedule is concentrated in
the 2nd half, as in the previous year
15

Customer Trends in the Real Estate Market
Land priceConstruction
expenses

Urban areas

UP significantly

UP significantly

Suburbs (in front ofrailway station)

UP significantly

UP significantly

Suburbs (emphasison dwellingenvironment)

DOWN slightly

UP

Sharply rising prices in urban areas in the future(1) Improved convenience in suburbs(2) No significant rise in annual income

Towardsuburbs?
16

Trends in Sales Prices & Costs (1)(Unit: million yen)

Sales(total)

Purchase
priceSales priceLand &building costs

Gross margin(before Transferring costs)

FY March 2013
(41st term)

46,96947,86434,202

13,662FY March 2014
(42nd term)

55,40358,31339,352

18,96144,65418,994 + α

FY March 2015
(43rd term)

58,61763,648 + α※(before reflecting
price revisions)※ For properties not yet sold, which are recorded by purchase price※

Attributes of customers of properties delivered in the 42nd term
Number of properties delivered in the 42nd term: 1719 units

Average annual income of customers
Annual income 6.00 million or above  562 units

Cash etc.  221 units

783units(46%)

Total

6.33 million yen*

Ratio of customers’ annual
income*Average of customers
with loans

Cash etc.

6,00million
or aboveless than
6,00million

17Trends in Sales Prices & Costs (2) (new built-for-sale condominiums)
Profit戸当たり利益（原価振替前）
per unit (before transferring costs )12,00011,063(Unit: thousand yen)

11,056 +α

11,000
9,299

10,0009,000

Profit per unit
(before
戸当たり利益transferring（原価振替前）
costs)

8,972
8,123

8,000
7,000

FY March 2011 FY March 2012 FY March 2013 FY March 2014
39期
40期
41期
42期
(39thterm)(40thterm)(41stterm)(42ndterm)

Trends in sales prices(1) Draw customers from a wide area(2) Increase in customers’ annualincome(3) Improvement in standard
specifications (solar, etc.)

FY March 2015
43期(43rdterm)

Trends in land & building costs(1) Land prices are declining(2) Improvement in standard
specifications (solar, etc.)(3) Inflation18

Initiatives for Establishing the Mega Solar Fund (1)New infrastructure market (to be established in FY2015)
Planning toget listed

Mega Solar Fund (investment corporation)AMcontract

Takara Asset Management Co., Ltd.
Aiming to get Mega Solar Fund listed in the new infrastructure market
19Initiatives for Establishing the Mega Solar Fund (2)Mega Solar Business Under Consultation Projects
Project nameLocation

Power generation

Scheduled start of operation

LS Miho Power Plant

Inashiki-gun, Ibaraki

1.06 MW

August 2014

LS Tsukuba Bochi Power Plant

Tsukuba-shi, Ibaraki

2.48 MW

September 2014

Sosa-shi, Chiba

1.76 MW

October 2014

LS Miyagi Osato Power Plant

Kurokawa-gun, Miyagi

2.48 MW

October 2014

LS Kamisu Hasaki Power Plant

Kamisu-shi, Ibaraki

1.26 MWJanuary 2015

LS Fukuoka Kama 1

Kama-shi, Fukuoka

2.20 MWFebruary 2015

LS Fukuoka Kama 2

Kama-shi, Fukuoka

2.40 MWFebruary 2015

LS Ushiku Okubara Power Plant

Ushiku-shi, Ibaraki

2.03 MWMarch 2015

LS Nasu Nakagawa Power Plant

Nasu-gun, Tochigi

16.85 MWMarch 2016

LS Sosa Power Plant

Total power generation: 37.32 MW(including those already in operation)
20

Boosting Local City Strategies (1)Ranking of the number of condominiums units
supplied in Japan（2013）

Ratio of supply by prefecture
2014

NoCompany Nameunits

1

Mitsui Fudosan Residential

7,476

2

Nomura Real Estate Development

6,517

3

Sumitomo Realty & Development

5,879

4

Mitsubishi Jisho Residence

5,599

5

Daikyo2,913

6

Daiwa House Industry

2,905

7

Pressance Corporation

2,328Target for supply in local area

8Tokyu land Corporation

2,211

9Nippon Steel Kowa Real Estate

2,130

Medium-term Management Plan:
200 to 300 units

10Takara Leben

1,705

AnotherArea
Tokyo
Metropolitan
Area

Ratio of those other than in themetropolitan area: 32.6%

Annual target for supply in 2014 andbeyond:500 units
21

Boosting Local City Strategies (2)April １, 2014 Establishment of the Office

Hokuriku Office（Toyama-shi, Toyama）

Land stock except themetropolitan area
（as of April 30, 2014）

Tohoku Office（Sendai-shi, Miyagi）

Gunma
210 units

Miyagi573 units

Toyama297 units
Fukushima
56 units
Nagano124 units

Shizuoka
71 units

Tochigi
56 units
Ibaraki
1,452 units
22Redevelopment Projects & Rebuilding Business (1)Urban Redevelopment Business Type I at 1-4, Sakura-machi, Toyama-shi
Access： 3-minute walk from south exit of Toyama

Site area： Approx. 3,400 ㎡

Main uses
Total number ofunits： Residential facilities, commercial facilities

Station on JR Hokuriku Main Lineand accommodation facilities： Condominiums 75 units

Construction of new Toyama Station building

Image of planned grade separated crossing

The construction of a new station building and grade separated crossing is now in progress in preparation for the launchof Hokuriku Shinkansen in the spring of 2015.
Redevelopment business for the future central area of Toyama-shi
23Redevelopment Projects & Rebuilding Business (2)Rebuilding Business for Hachioji-shi Matsugaya Housing Complex
Rebuilding Facilitation Law (Law for the Facilitation of Rebuilding of Condominiums)
As a rapid increase in the number of decrepit condominiums is expected in the coming years,
the law aims to facilitate the rebuilding of condominiums by unit owners to ensure a good
residential environment.

Existing condominiums

Perspective drawing

Access ： 18-minute walk from Tama Center Station on Keio
Sagamihara Line and Odakyu Line
8-minute walk from Matsugaya Station at Tama Monorail

Address ：17, Matsugaya, Hachioji-shi, Tokyo

Rebuilt condominiums

Age ofbuilding

1976(built 37years ago)

Completion
schedule

2016

Site area

9,235.57㎡

Site area

9,235.57㎡

Number ofunits

80 units

Number ofunits

259 units

Number offloors/buildings

5 floors/3
buildings

Number offloors/buildi
ngs

11 floors/8 floors/5
floors/3 buildings

In the years ahead, rebuilding business based on the Rebuilding Facilitation Law
24

FY March 2015 Property Topics
First supply of THE LEBEN
Property

First joint business property withSunwood Corporation

THE LEBEN Otsuka Yamanote
Hill Top Season(Tentative name) Nagayama Project(Completion scheduled in February 2015)(Completion scheduled in March 2015)25

financial result forecast for the year26

Year Ending March 2015 Outlook (Consolidated)

Units sold[New built-for-salecondominium+ detached house]

Net sales[￥million]

Operating profit[￥million]

Ordinary profit[￥million]Net income[￥million]

Year ended
March 31,2014

Mid-Term
Management
PlanYear ending
March 31, 2015
Forecast

YOYchange

1,828

1,940

1,964

―

71,963

71,90077,050

7.1％

9,798

8,800

10,300

17.0％

9,181

8,000

9,500

18.7％

5,869

－

5,900

―
27

Dividends・Capital Policy28

Cash Dividends, Preferential treatment

1st half dividends

Year-end dividends

Year ending
March 31, 2014
Forecast

1.5 yen

3.5 yen

5.0 yenYear ending
March 31, 2015
Forecast

2.0 yen

4.0 yen

6.0 yen

Total

Preferential treatment

gift certificates for packages of rice

100 shares or more to less than
500 shares

1kg （440Yen）

500 shares or more to less than
1,000 shares

3kg （1,320Yen）

1,000 shares or more

5kg （2,200Yen）

29

Acquisition and cancellation of treasury stock■ Acquisition of treasury stock
Acquisition period

Year ended March 31, 2013

Year ended March 31, 2014

From May 15, 2012
to March 31,2013

From May 13, 2013
to March 31,2014

Number of shares acquired

1,124,400 shares

5,601,900 shares

Total acquisition value

792,849,400 yen

2,496,175,200 yen

Treasury shares held oncompletion of acquisition

3,505,271 shares

15,974,807 shares(March 31)■ Cancellation of treasury stockYear ended March 31, 2014

Date of cancellation

Total number of shares tobe cancelled
as percentage of total
number of shares issued
before cancellation

May 15, 2013

March 25,2014

386,070 shares（After splitting1,544,280shares）

1.2%

2,000,000 shares

1.5%
30

Dividends・Capital Policy
TargetYear ended
March 31, 2013

Year ended
March 31, 2014

30.5%

51.7%

Achieved

Achieved31

On acquisition of treasury stock◆ Type of shares acquired

Common stock of the Company◆ Total number of shares for acquisition
5,000,000 shares (Upper limit)
Ratio to total number ofoutstanding shares (Excluding treasury stock) 4.38%◆ Total acquisition value

1,500,000,000 yen (Upper limit)◆ Acquisition period

From May 13, 2014 to March 31,2015◆ Acquisition method

Open market repurchase on the Tokyo Stock Exchange

32

■ Enquiries Relating to These Materials
Corporate Planning Division
Management Planning Section

E-mail：irinfo@leben.co.jp

These materials were prepared to provide information regarding business performance for the year ended March 31, 2014 and do notconstitute a solicitation for investment in securities issued by Takara Leben Co., Ltd. These materials were prepared based on data
available as of March 31, 2014. These materials, as well as answers, projections, estimates, and other information provided in thesubsequent question and answer session are based on Takara Leben's best judgment as of the preparation of this material, and do notconstitute a guarantee or promise that anything contained within will be realized or achieved, nor do they provide any guarantees orpromises with regard to the accuracy or completeness of the information. The content of these materials is subject to change without prior notice.