Consolidated Financial Report for the Fiscal Year Ended March 31, 2023 [Japanese GAAP]
Listed company
name

MIRARTH HOLDINGS, Inc.

Security code

8897

Representative(Job title)

Contact person(Job title)

Scheduled date of Annual
Shareholders' Meeting

May 15, 2023
Stock Exchange Listings
Prime marketof the Tokyo Stock Exchange

URL https://mirarth.co.jp/en/
Representative Director
Director and Executive
Managing Director, Executive
Officer(Name) Kazuichi Shimada(Name) Masashi Yamamoto TEL +81-3-6551-2133
Scheduled date forcommencement ofdividend payments

June 23, 2023

June 26, 2023

Scheduled date for submission
June 23, 2023
of Report securities
Financial Results: Availability of Supplementary Explanations materials: Yes
Holding of financial results meeting: Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen)
1. Consolidated Operating Results for the Fiscal Year Ended March 31, 2023 (From April 1, 2022 to March 31, 2023)(1) Consolidated Operating Results(Percentages indicate year-on-year changes)
Net income attributable
Net sales
Operating income
Ordinary income
to owners of parent
Millions of yen

Year ending March 31, 2023
153,472
Year ending March 31, 2022
162,744(NOTE)Comprehensive Year ending
incomeMarch 31, 2023

% Millions of yen

%

7,030
11,877

△40.8
-

△5.7
-

3,852Millions of yen (△38.8%)

Net income per share

Diluted Net income pershare

Millions of yen%

Millions of yen

%

5,033
4,584
△50.9
△26.2
10,258
6,215
Year ending
Millions
6,293(-%)
March 31, 2022of yenNet sales
Total assets Ordinary
Operating income
income rate
rate
%
%
%

Return on equity

Yen
Yen
Year ending March
41.90
41.58
7.6
1.8
4.6
31, 2023
Year ending March
57.10
56.69
11.0
4.8
7.3
31, 2022(Reference) Equity in earnings Year ending
Millions Year ending
Millions△219△138
of affiliates
March 31, 2023
of yenMarch 31, 2022of yen(NOTE)Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 2020 31-Mar) and other standards have been applied
from the beginning of the fiscal year under End of Previous Consolidated Accounting Period, and figures related to Yearending March 31, 2022 have been calculated after the application of the said accounting standard and the rate of change fromthe previous fiscal year is not presented.
(2)Consolidated Financial Position
Total assets

Net assets

Millions of yen
Millions of yen
Year ending March
341,669
65,14231, 2023
Year ending March
223,473
59,601
31, 2022
Reference: Shareholders'Year ending
Millions
Year ending
61,377
equityMarch 31, 2023
of yenMarch 31, 2022
(3)Consolidated Cash Flows
Cash flow from operating
activities
Millions of yen
Year ending March△722
31, 2023
Year ending March
23,18931, 2022%

1 Shares Per share Net
assetsYen

18.0

558.9526.5

542.04Equity ratio

Millions
59,109of yenCash flow from investing
activities
Millions of yen

Cash flow from financing
activities
Millions of yen

Cash and cash equivalents
Term end Balance
Millions of yen△46,354

61,53147,148△27,871△1,132

32,693

2.Dividends
Annual Cash Dividends per Share
End of first End of second End of third
quarterquarterquarter

Term end

Total

Total
Dividend Net assets
dividend payout ratio Dividends
amount (Consolidat Ratio(Consolidat(Total)ed)ed)
Millions of
%
%
yen
1,962
31.5
3.5

Yen
Yen
Yen
Yen
Yen
Year ending March
4.00
14.00
18.00
31, 2022
Year ending March
4.00
18.00
22.00
2,413
52.5
4.0
31, 2023
Year ending March
6.00
18.00
24.00
31.0
31, 2024 (Forecast)(NOTE)Breakdown of Year ending March 31, 2023 Term end dividends Ordinary dividend 16 yen Commemorative dividend 2 yen
3. Forecast of Consolidated Financial Results of Year ending March 31, 2024(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Net income attributable Net income per
Net sales
Operating income
Ordinary income
to owners of parent
shareMillions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
188,710 23.0
13,700 94.9
12,700 152.3
8,500 85.4
77.41
※ Notes(1)Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in the scope of
consolidation): Yes
Newly included: 1 company (company name) Takara Leben Infrastructure Fund Inc., Excluded:-company (company name)(NOTE)For further information, please refer to "(5) Notes to Consolidated Financial Statements (Changes in Significant
Subsidiaries during the Fiscal Year under Review)" of P.14"3. Consolidated Financial Statements and Major Notes.
(2)Changes in accounting policies and changes or restatement of accounting estimates① Changes in accounting policies due to revision of accounting standards: None
② ① Changes in accounting policies other than the above: None
③ Changes in accounting estimates: None
④ Restatement of revisions: None
(3)Issued shares count (Common stock)① Term end Issued shares counts (including
Treasury stock)② Number of Term end Treasury stock③ Average number of shares during the period

Year ending
March 31, 2023
Year ending
March 31, 2023
Year ending
March 31, 2023

121,000,000Shares
11,192,607Shares
109,403,868SharesYear ending
March 31, 2022
Year ending
March 31, 2022
Year ending
March 31, 2022

121,000,000Shares
11,948,807Shares
108,854,014Shares(Reference) Summary of Non-consolidated Financial Results
Non-Consolidated Financial Results of Year ending March 31, 2023 (from April 1, 2022 2023 31-Mar)(1)Non-Consolidated Results of Operations(Percentages represent year-on-year changes.)
Net sales
Millions of yen
Year ending
March 31, 2023
Year ending
March 31, 2022

Operating income
Ordinary income% Millions of yen% Millions of yen

Net income% Millions of yen%

77,364

△13.0

4,093

△5.5

4,720

△39.0

3,659

△27.6

88,949

-

4,332

-

7,738

-

5,052

-

Net income per share

Diluted Net income per
share

Yen
Yen
Year ending
33.45
33.19
March 31, 2023
Year ending
46.42
46.08
March 31, 2022
(NOTE)The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, 2020 31-Mar) and other standards have been
applied from the beginning of the previous fiscal year. Figures related to Year ending March 31, 2022 have been calculated
after the application of the said accounting standard and the rate of change from the previous fiscal year has not beenpresented.

(2)Non-Consolidated Financial Position

Millions of yen

Millions of yen%

1 Shares Per share Net
assetsYen

154,996

52,93734.0

480.08150,689

51,44734.0

469.97

Total assets
Year ending
March 31, 2023
Year ending
March 31, 2022
Reference: Shareholders'equityYear ending
March 31,2023

Net assets

Million52,716s of yen

Equity ratio

Year ending
March 31,
2022

Million51,250s of yen<Reasons for differences in non-consolidated results from the results of the previous fiscal year>
In the fiscal year under review, we discontinued the sale of power generation facilities due to the effect of Takara Leben
Infrastructure Fund Inc. becoming a consolidated subsidiary. As a result, there is a difference between the actual figures for theprevious fiscal year and the current fiscal year.
※ This financial results report is outside the scope of Audit by Certified Public Accountant or an Audit corporation.
※ Explanation of the proper use of financial results forecasts and Other special notes(Cautionary Statement with Respect to Forward-Looking Statements)
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company
and on certain assumptions deemed to be reasonable, and do not constitute guarantees by the Company of future performance.
Actual results may differ materially from the forecast depending on a range of factors.
(Method of Obtaining Supplementary Briefing Materials on Financial Results)
Supplementary materials for financial results are posted on our website and disclosed in TDnet.
(Financial Results Details Obtaining Methods)
We plan to distribute a video presentation of our financial results on our website.

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

1

○Accompanying Materials – Contents
1.Overview of Operating Results and Financial Position

2(1)Overview of Operating Results for the Fiscal Year under Review

2(2)Summary of Financial Position for the Fiscal Year under Review

5(3)Overview of Cash Flows for the Fiscal Year under Review

5(4)Future Outlook

7(5)Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years

7

2.Basic Approach to Selection of Accounting Standards

8

3.CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY NOTES

9(1)Consolidated Balance Sheets

9(2)Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

11

Consolidated Statements of Income

11

Consolidated Statement of Comprehensive Income

12(3)Consolidated Statement of Changes in Shareholders’ Equity

13(4) Consolidated Statement of Cash Flows

15(5)Notes to the Consolidated Financial Statements

16(Notes on Going Concern)

16(Changes in Significant Subsidiaries during the Current Consolidated Fiscal Year)

16(Notes to Consolidated Balance Sheets)

16(Notes to Consolidated Statements of Income)16(Rental and other real estate-related)

17(Segment information, etc.)

18(Per Share Information)

23(Significant Subsequent Events)

24

4.Other

24

Status of Production, Orders and Sales

24

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

1.Overview of Operating Results(1)Overview of Operating Results for the Fiscal Year under Review
During the consolidated fiscal year under review, the Japanese economy saw a gradual recovery due to a recovery inconsumer spending and normalization of economic activity, as the restrictions on actions to prevent new-type coronaviruses
were relaxed. On the other hand, the outlook remains uncertain due to factors such as soaring prices of raw materials andenergy as well as sudden exchange rate fluctuations caused by the prolonged situation in Russia and Ukraine.
The business environment in the real estate industry to which our group belongs is still highly motivated to make purchases,
despite certain changes in the requirements for housing, partly due to the spread of remote work at home in the Corona disaster.
As the number of single-person households and dual-income households continues to increase and values change, the lifestylesof end users are diversifying, and demand for compact condominiums is on the rise in addition to needs for location andconvenience of living. Meanwhile, in regional core cities, due in part to the trend toward compact cities, demand remained
high, particularly among active seniors, and sales of condominiums were firm.
According to a survey by the Real Estate Economic Institute, the number of condominium units supplied in the Tokyo
metropolitan area in 2022 was 29,569, a decrease of 12.1% from the previous year. This is below 30,000 units for the first timein 2 years, but since the number of units supplied has remained at around 30,000 in recent years, the supply-demand balanceremains relatively favorable. The number of condominium units supplied nationwide also decreased by 5.9% from the previous
year to 72,967 units, and the average sales price nationwide increased for the sixth consecutive year. Against this backdrop, ourgroup became the sixth largest supplier group in the country in 2022, and plays a role in providing a stable supply in the realestate sales market.
Against this backdrop, we shifted to a holding company structure with Oct.1, 2022, renamed groups "MIRARTHHOLDINGS, Inc." from Takara Leben Co., Ltd., and formulated a new corporate path. In order to realize a sustainable growthmodel, the Group is reviewing its earnings structure. In addition to further advancing overseas businesses and promoting
redevelopment businesses, the Group is expanding its Energy Business.
In March 2023, we set a target of reducing greenhouse-gas emissions associated with MIRARTH Holdings Group's businessactivities by 50% by Fiscal Year 2030 (compared to Fiscal Year 2020) and achieving a net-zero emissions by Fiscal Year 2050,
with the aim of achieving carbon neutrality by 2050 as part of the Medium-Term Management Plan's proactive response to
ESG (environmental, social, and governance). Through the development and operation of solar power generation facilities, theGroup will continue to contribute to environmental improvement, improvement of energy self-sufficiency, and regional
revitalization, including the utilization of idle land. At the same time, the Group will work to provide further renewable energy
to realize carbon neutrality, including initiatives in wind power generation and biomass power generation businesses.
On September 15, 2022, we announced to 31-Oct-22 that our former executive had been convicted of a moratorium forviolation of the Road Traffic Act (speed breach), but had failed to pay a Report to us. However, we made a Report to Supervise
government agency to recognize that this was a disqualification event for the real estate transaction business. Subsequently, inlight of the significance of this matter, we determined that it was appropriate to voluntarily close down the real estatetransaction business, and notified Supervise Agency of the termination of the relevant license with 31-Oct-22. Subsequently, on
December 2, 2022, the Company re-acquired the Tokyo Metropolitan Governor's license for the real estate transaction businessand resumed its business activities. We sincerely apologize for the great inconvenience and anxiety caused to our customers
and all those concerned in this case, and will continue to work to restore our trust in us.
Our Purpose (Significance of existence)"Making the future of people and the earth happy with the power to design a sustainable environment."
We have strengthened our management base and put in place a structure to promote the permeation of our corporate
management. We will achieve both profit growth and improvement of capital efficiency, thereby enhancing our corporate
value.
The Company's results of operations for the fiscal year under review were as follows: Net sales 153,472 Millions of yen(down 5.7% year on year), Operating income 7,030 Millions of yen (down 40.8% year on year), Ordinary income 5,033
Millions of yen (down 50.9% year on year), and Net income attributable to owners of parent 4,584 Millions of yen (down
26.2% year on year).

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

In conjunction with the "Notice of Business Segment Changes" announced on March 14, 2022, our Group changed Categoryof the segment from the previous 5 business segments to 4 business segments from the fiscal year under review. Actual figures
for End of Previous Consolidated Accounting Period in the explanations of the segments below are calculated using figures forthe new segments.
(Millions of yen)Segment name

End of Previous Consolidated
Accounting Period
Operating
Net sales
incomeCurrent Consolidated Fiscal YearNet sales

OperatingincomeComparison
Net sales

OperatingincomeReal Estate Business

124,285

7,661

139,110

7,906

14,825

244

Energy Business

34,248

3,840

9,045

△956

△25,202△4,797

Asset Management Business

1,315

593

1,096

322

△218

△271

Other Businesses

2,895

△219

4,219

△241

1,324

△21

Total

162,744

11,877

153,472

7,030△9,271△4,846① Operating Results by Segment< Real Estate Business >Due to factors such as new condominiums, securitization, new detached house sales, renewal and resale, real estate leasing,real estate management, and real estate Other, this business Net sales was 139,110 Millions of yen (up 11.9% year on year).
< Energy Business >In order to grow in the future, Energy Business has implemented a tender offer for Takara Leben Infrastructure Fund Inc.
and has changed its policy to secure stable profits by owning power generation facilities. As a consequence, End of Previous
Consolidated Accounting Period recorded sales of large-scale power generation facilities. However, due to the absence of salesof power generation facilities originally anticipated in the current fiscal year and revenue from sales of Other power generation
facilities, Net sales for this business decreased by 73.6% from the same period of the previous fiscal year to 9,045 Millions ofyen.
< Asset Management Business >End of Previous Consolidated Accounting Period incurred acquisition fees associated with the acquisition of Takara Leben
Infrastructure Fund Inc.'s power generation facilities. However, due to the absence of acquisition fees related to Takara Leben
Infrastructure Fund Inc. in the current fiscal year, the business Net sales was 1,096 Millions of yen, down 16.6% from thesame period of the previous fiscal year.
< Other Businesses >In Other Businesses, Net sales of this business was 4,219 Millions of yen (up 45.7% from the same quarter of the previousyear) due to construction contracting and other factors② Explanation by Item
< Net sales >In Real Estate Business, revenues were 139,110 Millions of yen due to the sale of 1,861 newly built condominiums(including JV' interests), income from the sale of income-generating properties, new detached houses, sales of pre-owned
condominiums, rental revenues from apartments, condominiums, offices, etc., and management revenues from 72,603
managed units.
Energy Business sales totaled 9,045 Millions of yen, mainly due to revenue from the sale of power generation facilities.
Asset Management Business account is 1,096 Millions of yen due to management fees and other factors.
Other Businesses accounts for 4,219 Millions of yen due to construction subcontracting, large-scale repair work orders, andvarious fee income.
Consequently, Net sales for the fiscal year under review was 153,472 Millions of yen, down 5.7% year on year.

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

< Cost of sales >This was 121,763 Millions of yen, down 6.1% from the same period of the previous fiscal year, mainly due to the absenceof the sale of a large-scale power generation facility in Energy Business.
< Selling, general and administrative expenses >Selling, general and administrative expenses increased 16.2% year on year to 24,677 Millions of yen due to aggressive
investments in human capital and the building of a DX base.

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

<Non-operating income and expenses>
Non-operating income increased 47.3% year on year to 1,008 Millions of yen due to settlement of cancellation of Takara
Leben Infrastructure Fund Inc. interest rate swaps.
Non-operating expenses increased 30.5% year on year to 3,005 Millions of yen due to an increase in Interest expenses
associated with the acquisition of a consolidated subsidiary.
<Extraordinary income/losses>
Extraordinary income was 698 Millions of yen, up 661 Millions of yen year on year, mainly due to the recording of Gainon subsequent acquisitions.
Extraordinary loss decreased 638 Millions of yen year on year to 206 Millions of yen due to a loss on sale of Fixed assets
and other factors.
As a consequence, the Company's results of operations for the fiscal year under review were as follows: Net sales 153,472
Millions of yen (down 5.7% year on year), Operating income 7,030 Millions of yen (down 40.8% year on year), Ordinary
income 5,033 Millions of yen (down 50.9% year on year) and Net income attributable to owners of parent 4,584 Millions ofyen (down 26.2% year on year).
(2)Overview of Financial Position for the Fiscal Year under Review
Our Assets, Liabilities and Net Assets for the consolidated fiscal year under review was 341,669 Millions of yen for Total
assets, up 118,196 Millions of yen from the end of End of Previous Consolidated Accounting Period, mainly due to steadypurchases of business properties.
< Current assets >Due to steady purchases of business assets, Current assets increased by 188,728 Millions of yen and 46,103 Millions of yen
compared to the end of End of Previous Consolidated Accounting Period (an increase of 19,577 Millions of yen in Real EstateBusiness segment).
< Fixed assets >Due to factors such as an increase in business assets due to a change in the scope of consolidation, Fixed assets increased
by 152,884 Millions of yen and 72,091 Millions of yen compared to the end of End of Previous Consolidated Accounting
Period (a decrease of 2,188 Millions of yen in Real Estate Business segment).
< Current liabilities >Current liabilities increased by 162,157 Millions of yen due to a change in the scope of consolidation of borrowings and87,146 Millions of yen compared to the end of End of Previous Consolidated Accounting Period (Real Estate Business segment
increased by 7,890 Millions of yen).
< Fixed liabilities >Due to an increase in borrowings and other factors, Fixed liabilities increased by 114,369 Millions of yen and 25,508
Millions of yen compared to the end of End of Previous Consolidated Accounting Period (an increase of 23,850 Millions of
yen in Real Estate Business segment).
< Net assets >Due to factors such as an increase in Non-controlling interest resulting from a change in the scope of consolidation, Totalof Net assets increased by 65,142 Millions of yen and 5,540 Millions of yen compared to the end of End of Previous
Consolidated Accounting Period.
(3)Overview of cash flows for the fiscal year under review
At the end of the fiscal year under review, Cash and cash equivalents (hereinafter referred to as "Funds") was 47,148 Millionsof yen, up 14,454 Millions of yen from the end of End of Previous Consolidated Accounting Period.
< Cash flow from operating activities >The decrease in net cash provided by operating activities was 722 Millions of yen (an increase of 23,189 Millions of yen
for End of Previous Consolidated Accounting Period). This was mainly due to an increase in inventories.

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

< Cash flow from investing activities >The net cash used in investing activities was 46,354 Millions of yen (End of Previous Consolidated Accounting Period
decreased by 27,871 Millions of yen). This was mainly due to the acquisition of shares of subsidiaries resulting in change inscope of consolidation.

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

< Cash flow from financing activities >Net cash provided by financing activities was 61,531 Millions of yen (a decrease of 1,132 Millions of yen for End ofPrevious Consolidated Accounting Period). This was mainly due to an increase in borrowings.
(Reference) Trends in cash flow-related indicators
Year ended March 31, Year ending March 31, Year ending March 31,
2021
2022
2023
Equity ratio (%)

26.5

26.5

18.0

Market value based Equity ratio (%)

19.8

14.6

12.1

Debt amortization schedule (number of years)

4.5

5.5

-

Interest coverage ratio (times)

21.7

13.1

-

Equity ratio: Shareholders' equity/Total assets
Market value based Equity ratio: Market capitalization/Total assets
Number of years for debt redemption = interest-bearing debt / operating cash flow
Interest coverage ratio = operating cash flow / interest expenses※ All figures are calculated on a consolidated basis.
※ The interest-bearing debt refers to the debts posted in the consolidated balance sheets for which we are paying
interests.
※ "Debt redemption period (years)" and "Interest coverage ratio (times)" of Year ending March 31, 2023 are not statedbecause of negative operating cash flow.
(4)Future Outlook
Consolidated earnings forecasts for the fiscal year ending March 2024 are estimated as follows.
In Real Estate Business businesses, we are actively promoting the provision of new condominiums, which are our corebusiness, not only in the Tokyo metropolitan area but also in central urban areas in rural areas. We anticipate the delivery of
2,200 units (our share of 2,050 units after the pro rata JV), and the contract progress rate is robust at 64.7%.
In Energy Business, we aim to expand our business by promoting onshore wind, biomass, microgrid, and other technologies,
including conventional solar power.
In Asset Management Business, we aim to accumulate assets under management and increase management fees through groupsynergies and property acquisitions from third parties.
As a result of the above, the Company expects to make the following forecasts for the next fiscal year.
Net sales
Operating income

188,710 Millions of yen (up 23.0% year on year)
13.7 thousand Millions of yen (up 94.9% year on year)

Ordinary income
Net income attributable to owners of parent

12.7 thousand Millions of yen (up 152.3% year on year)
8,500 Millions of yen (up 85.4% year on year)(Contracts for the number of units to be delivered in the new condominium business, including the number of JV units)
Year ended March
31, 2024
Number of units to

From the year ended March
Number of units

be delivered (units)
As of the end of March 2023

31, 2025
Number of contracts (units) toTotal subscribers(units)be delivered

2,200

1,423

277

1,700

(5)Basic profit-appropriation policy and dividends for the current and next fiscal years
Our new medium-term management plan formulated in May 2021 calls for a dividend payout ratio of around 30% to 35%.
The Company decided to pay a commemorative dividend of 2 yen per 1 Shares Per share for Term end dividend. Combinedwith the interim dividend of 4 yen and the ordinary dividend of Term end of 16 yen, 1 Shares Per share's Annual Cash Dividends
per Share will be 22 yen. As a result, the dividend payout ratio will be 52.5%.
For dividends for the next fiscal year, we will return profits to shareholders based on the dividend payout ratio of 30% to 35%
as stated in the new medium-term management plan announced on May 14, 2021.

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

2.Basic Approach to Selection of Accounting Standards
In order to ensure Comparison potential with other companies in the same industry in Japan, we have adopted Japanese
accounting standards.

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

3.Consolidated Financial Statements and Major Notes(1)Consolidated Balance Sheets(Millions of yen)Previous fiscal year (As of March
Current fiscal year (2023 31-Mar)
31, 2022)
AssetsCurrent assets
Cash and deposits
Notes, accounts receivable-trade and contract assets
Real estate for sale
Power generation facilities for sale
Real estate for sale in progress
Costs incurred on uncompleted contracts
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures (net)
Machinery and equipment
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture, and fixtures, net
Land
Leased assets
Accumulated depreciation
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Deferred assets
Total assets-9-33,4282,886
32,616
1,001
58,036
12
14,919△275
142,625

47,872
3,477
34,147
3,375
82,713017,415△275
188,728

11,150△1,596
9,553
14,056△1,27912,777522△319
203
36,948
345
△55
290
3,965
63,73933,984△5,10428,87957,096△8,39048,705
1,126
△811
315
41,394
345
△86
258
5,808
125,362

1,561
948
2,510

3,918
4,457
8,376

5,462
380
981
7,731
△12
14,54280,792
55
223,473

2,368
830
4,744
11,205△2
19,145
152,88456
341,669MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Millions of yen)Previous fiscal year (As of March
Current fiscal year (2023 31-Mar)
31, 2022)
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of bonds payable
Current portion of long-term loans payable
Lease obligations
Income taxes payable
Advances received
Bonus Allowance
Compensation for completed construction Allowance
Other
Total current liabilities
Fixed liabilities
Long-term loans payable
Bonds payable
Lease obligations
Directors' and corporate auditors' retirement benefits
Allowance
Liabilities related to retirement benefits
Asset retirement obligations
Deferred tax liabilities
Other
Total Fixed liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Net unrealized gains on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interest
Total net assets
Total liabilities and net assets- 10 -

15,411
14,1892,168
25,298
35
2,089
7,348
629
486
7,354
75,01016,342
92,069190
25,99734
4,318
10,197699
551
11,755
162,157

81,923
4,070
285

104,828
4,015
249

160

135

984
56
128
1,252
88,860163,871

1,100
182
2,509
1,348
114,369
276,527

4,819
4,817
53,395△4,45658,5754,819
4,820
55,971△4,17461,436

548
0
△14
534
197
294
59,601
223,473

△71
3
8
△59
220
3,544
65,142
341,669MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(2)Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Profit and Loss Statement)(Millions of yen)
End of Previous Consolidated
Fiscal year: (From April 1, 2022
Accounting Period (April 1, 2021
to 31 Mar, 2023)
to 31 March, 2022)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Commission received
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Losses from equity method investment
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on subsequent acquisitions
Gain on sales of Fixed assets
Negative Goodwill gains
Total extraordinary income
Extraordinary loss
Loss on sales of Fixed assets
Impairment loss
Office relocation expenses
Loss on sales of shares of associated company
Extraordinary losses Total
Income before income taxes and minority interests from silent
partnerships
Distribution of loss in partnership
Income before income taxes
Income taxes, inhabitant taxes and business taxes
Income tax adjustments
Total income and other taxes
Net income
Net income (△) attributable to non-controlling interests
Net income attributable to owners of parent- 11 -

162,744

153,472※1 129,626※1 121,763

33,11731,708※2 21,240※2 24,677

11,877

7,030

59
300
126
198
684

28
233
108
637
1,008

1,755
138
409
2,303
10,258

2,080
219
705
3,005
5,033

37
37

601
97
698

-

132

※3 588

※3 48

256
845

26
206

9,450

5,525

9,450
3,158
20
3,179
6,271
56
6,215

△178
5,703
4,708
△3,451
1,257
4,445
△138
4,584

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

Consolidated Statements of Comprehensive Income(Millions of yen)
End of Previous Consolidated
Fiscal year: (From April 1, 2022
Accounting Period (April 1, 2021
to 2023 31-Mar)
to 31 March, 2022)
Net income
Other comprehensive income
Net unrealized gains on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(Comprising)Comprehensive profit attributable to owners of the parent
Comprehensive income attributable to non-controllinginterests- 12 -

6,271

4,445

26
1
△6
21
6,293

△619
3
23
△593
3,852

6,236

3,990

56

△138

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(3) Consolidated Statement of Changes in Shareholders’ Equity .
End of Previous Consolidated Accounting Period (April 1, 2021 to 31 March, 2022)(Millions of yen)
Shareholders' equity
Capital stock
Balance at the beginning of
the period
Cumulative effect ofchanges in accounting
policies
Balance at the beginning of
the year reflecting changes
in accounting policies

Capital surplus

Retained earnings

4,817

48,649Total shareholders'equity53,682△4,604

43

43

4,819

4,819

4,817

Treasury stock

48,69353,725△4,604

Change during the year
Dividend of surplus
Net income attributable toowners of parent
Change due to newconsolidation
Disposal of Treasury
stock
Change in scope of equity
methodTransfer from Retained
earnings to Capitalsurplus
Net changes of items
other than Shareholders'equityTotal changes of items
during the period△1,521

6,215

6,215

△4

△4
147

△19

Term end Balance

Balance at the beginning of
the period
Cumulative effect ofchanges in accounting
policies
Balance at the beginning of
the year reflecting changes
in accounting policies△1,521

32

32

19

△19

-

-

-

4,702

147

4,849

4,819

4,817

53,395△4,45658,575

Accumulated other comprehensive income
Net
Foreign
Remeasure
For Other Subscription
unrealized
rights tocurrency
ments ofComprehengains onsharestranslation
definedsive income
availableAdjustment
benefitAccumulate
for-saleaccount
plans
d Totalsecurities
521

128

△1

△8

512

199

Noncontrollinginterest

237

Total net
assets54,632
43

521

△1

△8

512

199

237

54,675

Change during the year
Dividend of surplus△1,521

Net income attributable toowners of parent
Change due to newconsolidation
Disposal of Treasury
stock
Change in scope of equity
methodTransfer from Retained
earnings to Capitalsurplus
Net changes of items
other than Shareholders'equityTotal changes of items
during the periodTerm end Balance

6,215
△4
128
32
26

1

△6

21

△2

56

75

26

1

△6

21

△2

56

4,925

548

0

△14

534

197

294

59,601- 13 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

Fiscal year: (From April 1, 2022 to Mar 31, 2023)(Millions of yen)
Shareholders' equity
Capital stock
Balance at the beginning of
the period
Cumulative effect ofchanges in accounting
policies
Balance at the beginning of
the year reflecting changes
in accounting policies
Change during the year

Capital surplus

Retained earnings

4,817

53,395

4,819

Treasury stock

Total shareholders'equity58,575△4,456

4,819

4,817

53,395

Dividend of surplus
Net income attributable toowners of parent
Change due to newconsolidation
Disposal of Treasury
stock
Change in scope of equity
methodTransfer from Retained
earnings to Capitalsurplus
Net changes of items
other than Shareholders'equityTotal changes of items
during the periodTerm end Balance

58,575△4,456△1,963△1,963

4,584

4,584

△44

△44

3

282

285
-

-

3

2,575

282

2,860

4,819

4,820

55,971△4,17461,436

Accumulated other comprehensive income

Balance at the beginning of
the period
Cumulative effect ofchanges in accounting
policies
Balance at the beginning of
the year reflecting changes
in accounting policies
Change during the year

Net
unrealized
gains onavailablefor-salesecurities

Foreigncurrencytranslation
Adjustment
account

Remeasurements ofdefinedbenefit
plans

548

0

△14

For Other Subscription
rights toComprehensharessive income
Accumulate
d Total534

197

Noncontrollinginterest

294

Term end Balance

59,601
-

548

0

△14

534

197

294

Dividend of surplus
Net income attributable toowners of parent
Change due to newconsolidation
Disposal of Treasury
stock
Change in scope of equity
methodTransfer from Retained
earnings to Capitalsurplus
Net changes of items
other than Shareholders'equityTotal changes of items
during the period

Total net
assets59,601△1,963
4,584
△44
285
△619

3

23

△593

22

3,250

2,680

△619

3

23

△593

22

3,250

5,540

△71

3

8

△59

220

3,544

65,142- 14 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(4)Consolidated Statements of Cash Flows(Millions of yen)
End of Previous Consolidated
Fiscal year: (From April 1, 2022
Accounting Period (April 1, 2021
to Mar 31,2023)
to March 31, 2022)
Cash flow from operating activities
Income before income taxes

9,450

5,703

Depreciation and amortization

2,838

3,020

Impairment loss

588

48

Goodwill depreciation

329

390

Increase (decrease) in Allowance (decrease in △)

260

99

121

141

△360

△262

Increase (decrease) in Liabilities related to retirement benefits (decrease in△)Interest income and Dividend income
Charges for stock compensation
Interest expenses

125

327

1,755

2,080

Loss (gain) on sales of shares of subsidiaries and associates (gain on △)256-

Decrease (increase) in notes and accounts receivable-trade (increase in △)

△509

△65

Decrease (increase) in inventories (increase in △)13,062△10,509

Increase (decrease) in notes and accounts payable-trade (decrease in △)

2,088

758

Increase (decrease) in advances received (decrease in △)

1,690

2,848

Other

△3,591△741

Subtotal

28,1073,839Interest and dividend received

360

256

Interest expenses paid

△1,776△2,109

Income taxes paid

△3,501△2,709Cash flow from operating activities

23,189△722

Cash flow from investing activities
Payments into time deposits

△161

△14

Proceeds from withdrawal of time deposits

205

150

Change in short-term loans receivable (△ increased)

800-△25,279△19,349

Purchase of Property, plant and equipment
Proceeds from sale of Property, plant and equipment
Purchase of Intangible assets
Purchase of stocks of subsidiaries and affiliates
Proceeds from sale of investments in subsidiaries
Payments for long-term loans
Purchase of investment securities
Proceeds from sale of investment securities
Purchases of subsidiary stock due to changes in the scope of consolidation
Other

9

1,933

△405

△189

△1,193

-

700

-

-

△450

△579

△1,628-253△2,182△26,941

213△117△27,871△46,354

Net change in Short-term borrowings (decrease in △)3,271

74,783

Proceeds from long-term debt

69,60597,853△71,180△106,935

Cash flow from investing activities
Cash flow from financing activities

Repayment of Long-term loans payable
Proceeds from issuance of common Bonds payable
Payments for redemption of Bonds payable
Repayments of lease obligations
Cash dividends paid
Dividends paid to non-controlling interests

250

150

△1,546△2,183△12△35△1,520△1,962-△140△1,132

61,531

Increase (decrease) in cash and cash equivalents (decrease in △)△5,813

14,454

Cash and cash equivalents at beginning of term

38,50032,693

7-

32,69347,148Cash flow from financing activities

Increased Cash and cash equivalents due to change in scope of consolidation (△decreased)
Cash and cash equivalents's Term end Balance- 15 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(5)Notes to the consolidated financial statements(Notes on Going Concern)
Not applicable.

- 16 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Changes in Significant Subsidiaries during the Current Consolidated Fiscal Year)(Changes in specified subsidiaries resulting in changes in the scope of consolidation)
During the fiscal year under review, Green Energy LLC, a consolidated subsidiary of the Company, conducted a tender
offer for shares of Takara Leben Infrastructure Fund Inc., and therefore, the Company was included in the scope of
consolidation.

- 17 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Notes to Consolidated Balance Sheets)
In order to raise working capital efficiently, we have entered into overdraft and loan commitment contracts with 68 financial
institutions (End of Previous Consolidated Accounting Period 64 companies). Balance of undisbursed borrowings at the end of
the consolidated fiscal year under these contracts are as follows:
Previous fiscal year (As of March 31,
2022)

Current fiscal year (2023 31-Mar)

Commitments
Total amount77,471 Millions of yen

88,440 Millions of yen

Loan balance

41,634

48,39635,83740,044

Maximum overdraft amount and loans

Net amount- 18 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Consolidated Statements of Income)※1 Term end Inventory is the amount after devaluation of the book value due to a decline in profitability, and the following loss
on write-down of inventories is included in Cost of sales.
End of Previous Consolidated Accounting Period (April 1, 2021 to
31 March, 2022)

Fiscal year: (From April 1, 2022 to 2023 31-Mar)△359 Millions of yen△1,032 Millions of yen※2 The approximate percentage of expenses included in selling expenses was 36% for End of Previous Consolidated Accounting
Period, 34% for the current fiscal year, and 64% for End of Previous Consolidated Accounting Period and 66% for thecurrent fiscal year.
Major items and amounts of Selling, general and administrative expenses are as follows.
End of Previous Consolidated
Accounting Period (April 1, 2021 March 31, 2022)

Fiscal year: (From April 1, 2021 toMarch 31, 2022)

4,539 Millions of yen

5,352 Millions of yen

Promotion expenses

2,288

2,218

Salary allowance

4,083

4,333

Bonus Allowance provision

840

915

Retirement benefit expenses

171

186

45

27

135

-

Advertising expenses

Provision for Allowance of directors' retirement
benefits
Allowance for doubtful accounts provision- 19 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

※3 Impairment loss
End of Previous Consolidated Accounting Period (April 1, 2021 to 31 March, 2022)
During the fiscal year under review, our group recorded Impairment loss (588 Millions of yen) on the following assets orasset groups due to a decline in the profitability of hotels.
Application

Type

Hotel

Land and structures

LocationNasu-gun, Tochigi
Total

Amount (Millions of yen)588
588

The breakdown by account title is Land 156 Millions of yen and Buildings 432 Millions of yen.
Our group groups hotels on an individual property basis.
The recoverable amount is measured based on the net selling price. The net selling price is based on the appraisal value,etc. by a real estate appraiser.
Fiscal year: (From April 1, 2022 to 2023 31-Mar)
During the fiscal year under review, our group recorded Impairment loss (48 Millions of yen) on the following assets orasset groups due to a decline in the profitability of hotels.
Application

Type

Hotel

Land and structures

Location
Nakagyo-ku, Kyoto
Total

Amount (Millions of yen)48
48

The breakdown by account title is Land 24 Millions of yen, Buildings 24 Millions of yen.
Our group groups hotels on an individual property basis.
The recoverable amount is measured based on the net selling price. The net selling price is based on the appraisal value,etc. by a real estate appraiser.

- 20 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Rental and other real estate-related)
We and certain of our consolidated subsidiaries have office buildings (including Land) for lease and condominiums for leasein the Tokyo-based Other region. Rental income (loss) related to such rental properties in End of Previous Consolidated
Accounting Period is 355 Millions of yen (rental income is recorded in Net sales and major rental expenses are recorded in Costof sales). Rental income (loss) related to such rental properties for the fiscal year under review is 259 Millions of yen (rental
income is recorded in Net sales and major rental expenses are recorded in Cost of sales).
In addition, the amounts reported on the consolidated balance sheets, the changes during the period, and the fair value of therental properties are as follows.
(Millions of yen)
End of Previous Consolidated Accounting Fiscal year: (From April 1, 2022 to 2023
Period (April 1, 2021 to 31 March, 2022)
31-Mar)Carrying amount
Beginning Balance

39,70938,805

Changes during the year△903

△3,091

Term end Balance

38,80535,714

38,11837,254

Term end Market Value(NOTE)1. Carrying amount is Acquisition cost less accumulated depreciation and accumulated Impairment loss.
2.Of Change during the period, End of Previous Consolidated Accounting Period increased mainly due to real estate
acquisitions (15,485 Millions of yen), while the main decrease was due to transfers to Real estate for sale and Realestate for sale in progress (11,500 Millions of yen), changes in uses other than rental properties (4,283 Millions ofyen) and Depreciation and amortization (436 Millions of yen). During the fiscal year under review, the mainincreases were real estate acquisitions (12,097 Millions of yen) and changes in use to rental properties (38 Millionsof yen). The main decreases were transfers to Real estate for sale and Real estate for sale in progress (14,364
Millions of yen) and Depreciation and amortization (316 Millions of yen).
3.The fair value of Term end is based on the appraisal value by an outside real estate appraiser.
4.Assets under construction are not included in the above table because their fair values are extremely difficult todetermine. End of Previous Consolidated Accounting Period of the property under construction and the amountrecorded in the consolidated balance sheet for the current fiscal year are 2,316 Millions of yen and 3,020 Millions ofyen, respectively.

- 21 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Segment information, etc.)
a. SEGMENT INFORMATION
1.Reportable segments at a Glance
Reportable segments of the Group are components of the Group for which discrete financial data is available andregularly reviewed by Board of Directors to make decisions about resource allocation and assess performance.
Our group conducts business activities mainly on condominium sales. "Real Estate Business," "Energy Business," and"Asset Management Business" are referred to as Reportable segments.
With the aim of further enhancing corporate value, our Group has shifted to a holding company structure as a 1-Oct-22
from the viewpoint of clarifying profitability and business responsibilities for each segment and effectively utilizing
management resources by shifting to a pure holding company structure.
Accordingly, in the current consolidated fiscal year, we have decided to change the 5 segments of "Real Estate Sales
Business," "Real Estate Leasing Business," "Real Estate Administration Business," "Energy Business," and "Other
Businesses," which were previously disclosed as Reportable segments, to 4 segments: "Real Estate Business," "Energy
Business," "Asset Management Business," and "Other Businesses." In addition, the allocation method of company-wide
expenses has been reviewed.
Accordingly, End of Previous Consolidated Accounting Period's segmental information is also presented under the newname.
Real Estate Business is engaged in the core business of selling new condominiums, as well as new detached houses,
renovation and resale of condominiums, the liquidation business, which sells income-generating properties such as
residential properties and offices, the real estate leasing business, and the real estate management business.
Energy Business sells electricity generated from solar and other wind, biomass and other renewable energy to electric
power companies to generate stable revenues.
"Asset Management Business" utilizes our extensive expertise, know-how, and networks in real estate and renewableenergy accumulated in our group. We are entrusted with the management of J-REIT and private funds, etc., and provide
excellent investment opportunities and solid asset-management services.
2.Methods of calculating the amounts of items of Net sales, income/loss, assets/liabilities, and Other for each Reportablesegments
The accounting methods used for Report of business segments are generally the same as the accounting policies used
for the preparation of the consolidated financial statements, except for inventory valuation standards.
Inventories are valued at book value after devaluation based on a decline in profitability.
Reportable segments earnings are Operating income based figures.
Intersegment revenues and transfers are based on prevailing market prices.

- 22 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

3.Information on the amounts of Net sales, income or loss, assets/liabilities, and Other for each Reportable segments, andbreakdown information on revenue
End of Previous Consolidated Accounting Period (April 1, 2021 to 31 March, 2022)(Millions of yen)
Reportable segments
Other(NOTE)

Total

Real EstateBusiness

EnergyBusiness

Asset
Management
Business

118,334

34,2481,315

153,898

2,895

156,793

5,950

-

-

5,950

-

5,950

124,285

34,2481,315

159,848

2,895

162,744

-

-

-

-

-

-

124,285

34,2481,315

159,848

2,895

162,744

7,661

3,840

593

12,096△219

11,877

Segment assets

163,838

28,441

2,003

194,282

3,236

197,519

Segment liabilities

130,082

26,400379

156,861

7,364

164,226

Depreciation and amortization

612

2,164

8

2,785

17

2,803

Amortization of goodwill

78

-

-

78

-

78

Interest expenses

1,030

661

0

1,692

9

1,702

Increased amount of Property, plantand equipment and Intangible assets

14,585

10,372

2

24,960289

25,249Total

Net sales
Revenue arising from contracts withcustomers
Other revenue
Net sales to customers
Intersegment Net sales
Or the amount transferred
Total
Segment income (loss) (△)

Items in Other(NOTE)"Other" Category is a business segment not included in Reportable segments and includes construction subcontracting
and repair work.

- 23 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

Fiscal year: (From April 1, 2022 to 2023 31-Mar)(Millions of yen)
Reportable segments
Other(NOTE)

Total

Real EstateBusiness

EnergyBusiness

Asset
Management
Business

133,291

9,045

1,096

143,434

4,219

147,653

5,819

-

-

5,819

-

5,819

139,110

9,045

1,096

149,253

4,219

153,472

-

-

-

-

-

-

139,110

9,045

1,096

149,253

4,219

153,472

7,906

△956

322

7,271

△241

7,030

Segment assets

181,226

120,820

2,052

304,099

5,373

309,473

Segment liabilities

161,822

111,390288

273,501

3,974

277,476

Depreciation and amortization

362

2,183

7

2,553

86

2,639

Amortization of goodwill

78

-

-

78

-

78

Interest expenses

1,256

683

0

1,939

11

1,951

Increased amount of Property, plantand equipment and Intangible assets

16,95752,4852

69,44596

69,542Total

Net sales
Revenue arising from contracts withcustomers
Other revenue
Net sales to customers
Intersegment net sales or transfers
Total
Segment income (loss) (△)

Items in Other(NOTE)"Other" Category is a business segment not included in Reportable segments and includes construction subcontracting
and repair work.

- 24 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

4.Difference between Reportable segments Total amount and the amount recorded in the consolidated financial statements
and the main Details of the difference (Items regarding reconciliation of differences)(Millions of yen)
Net sales

End of Previous Consolidated
Accounting Period

Current Consolidated Fiscal Year

159,848

149,253

2,895

4,219

-

-

162,744

153,472

Reportable segments Total
Net sales of Category in Other
Elimination of inter-segment transactions
Net sales of Consolidated Financial Statements(Millions of yen)
End of Previous Consolidated
Accounting Period

Current Consolidated Fiscal Year

Reportable segments Total

12,096

7,271

Benefits of Other's Category

△219

△241

Elimination of inter-segment transactions--

Amortization of goodwill--

11,877

7,030

ProfitOperating income of Consolidated Financial
Statements(Millions of yen)
End of Previous Consolidated

Assets

Accounting Period

Current Consolidated Fiscal Year

Reportable segments Total

194,282

304,099

Other's Category property

3,236

5,373

△20,339△97,348

46,293

129,544

223,473

341,669

Offset and Elimination of Obligations to Administration
Divisions of Head Office
Corporate assets (Note)
Total assets of Consolidated Financial Statements(NOTE)Corporate assets are assets not attributable to Reportable segments. Major items include assets related to Cash anddeposits and Administration Divisions and deferred tax assets.
(Millions of yen)
End of Previous Consolidated

Liabilities

Accounting Period

Reportable segments Total
Other's Category Debt
Offset and Elimination of Obligations to Administration
Divisions of Head Office
Corporate liabilities (Note)
Total liabilities of Consolidated Financial Statements

Current Consolidated Fiscal Year

156,861

273,501

7,364

3,974

△15,764△44,814

15,40943,864

163,871276,527(NOTE)Corporate debt is a debt that is not attributable to Reportable segments. The main item is loans payable, etc.
(Millions of yen)
Reportable segments
Total
Items in Other

Depreciation andamortization
Amortization of goodwill
Interest expenses

Other

Adjusted amount

Carrying value

This
This
This
This
Previous
Previous
Previous
Previous
consolidated
consolidated
consolidated
consolidated
consolidated
consolidated
consolidated
consolidated
company
company
company
company
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
2,785

2,553

17

86

35

380

2,838

3,020

78

78

-

-

250

311

329

390

1,692

1,939

9

11

53

129

1,755

2,080

- 25 -

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

Reportable segments
Total
Items in Other

Property, plant andequipment and intangibles
Increased Fixed assets(Note)

Other

Adjusted amount

Carrying value

This
This
This
This
Previous
Previous
Previous
Previous
consolidated
consolidated
consolidated
consolidated
consolidated
consolidated
consolidated
consolidated
company
company
company
company
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year

24,96069,445

289

96

151

△48,704

25,40020,837(NOTE)Adjustments to increase in Property, plant and equipment and Intangible assets represent accruals for Goodwill not
allocated to Reportable segments, capital expenditures for head office buildings, etc., and elimination of inter-segment
transactions.

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MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

About Fixed assets's Impairment loss per b. Reportable segments
End of Previous Consolidated Accounting Period (April 1, 2021 to 31 March, 2022)(Millions of yen)
Real EstateBusiness
Impairment loss

Asset
Management
Business

EnergyBusiness--

Others (Note)-

Corporate andeliminations

588

Total
-

588

(NOTE)The amount of "Other" is related to the hotel-related business.
Fiscal year: (From April 1, 2022 to 2023 31-Mar)(Millions of yen)
Real EstateBusiness
Impairment loss

Asset
Management
Business

EnergyBusiness--

Others (Note)-(NOTE)The amount of "Other" is related to the hotel-related business.

- 27 -

48

Corporate andeliminations

Total
-

48

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Per Share Information)
End of Previous Consolidated
Accounting Period (April 1,
2021 to 31 March, 2022)

Fiscal year: (From April 1,
2022 to 2023 31-Mar)

1 Shares Per share Net assets

542.4 yen558.95 yen

Net income per share

57.10 yen

41.90 yen

Diluted Net income per share

56.69 yen

41.58 yen

(NOTE)The basis for calculating Net income per share and fully diluted Net income per share is as follows.
End of Previous Consolidated
Accounting Period (April 1,
2021 to 31 March, 2022)

Fiscal year: (From April 1,
2022 to 2023 31-Mar)

Net income per share
Net income attributable to owners of parent
Net income not applicable to common shareholders(Millionsof yen)(Millionsof yen)

6,215

4,584

-

-

Net income attributable to owners of parent related toCommon stock(Millionsof yen)

6,215

4,584

Average number of shares during the period(Thousandsof Shares)

108,854

109,403

-

-

785

852

(785)

(852)

Diluted Net income per share
Net income attributable to owners of parent Adjustments
Common stock growth(Millionsof yen)(Thousandsof Shares)(Subscription rights to shares (Thousands of Shares))
Summary of dilutive shares not included in the calculation of diluted
Net income per share because they have no dilutive effect- 28 ---

MIRARTH HOLDINGS, Inc.(8897) Consolidated Financial Report for the Year Ended March 31, 2023

(Significant Subsequent Events) Not applicable.
4.Other
Status of production, orders and sales① Units under contract during the period

Segment name

End of Previous Consolidated
Accounting Period (April 1, 2021 to 31
March, 2022)
Amount (Millions
Unitsof yen)Fiscal year: (From April 1, 2022 to2023 31-Mar)
Units

Year on year (%)

Amount (Millionsof yen)Real Estate Business

2,753

133,002

2,666

144,942

109.0

Total

2,753

133,002

2,666

144,942109.0

End of End of Previous Consolidated
End of the current consolidated fiscal
Accounting Period (as of 31 March,year (as of 31-Mar 2023)
2022)
Amount (Millions
Amount (Millions
Units
Units
of yen)of yen)Year on year (%)② Contract Balance

Segment nameReal Estate Business

1,403

61,122

1,756

83,122

136.0

Total

1,403

61,122

1,756

83,122136.0③ Status of Net sales
Fiscal year: (From April 1, 2022 to2023 31-Mar)

Segment nameYear on year (%)

Real Estate Business(Millions of yen)

139,110

111.9

Energy Business(Millions of yen)

9,045

26.4

Asset Management Business(Millions of yen)

1,096

83.4

Reportable segments Total(Millions of yen)

149,253

93.4(Millions of yen)

4,219

145.7

(Millions of yen)

153,472

94.3

Other
Combined Total(NOTE) Inter-segment transactions are eliminated.

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