Annual Report 2017
Fiscal year ended March 31, 2017

Transforming
Our Growth ModelProfile

Contents

Takara Leben was established in 1972 with the aim of helping its customers realize their dreams. Since that time,

Who We Are
2 Takara Leben Today
4 Fiscal 2017 Highlights
5 President’s Message

to realize this aim, Takara Leben has diversified into new business and continued to i­nnovate. Also over time, thefocus of its business has changed from providing detached houses to condominiums. Takara Leben has also set up
new businesses to meet the needs of the times, and began to list its shares in 2001*. Today, Takara Leben’s vision is
to “THINK HAPPINESS AND MAKE THE HAPPINESS.” Through the development of its business activities, Takara
Leben has substantially increased its corporate value and responded to the expectations of its stakeholders.
* Listed on the JASDAQ market in 2001, the Second Section of the Tokyo Stock Exchange in 2003, and the First Section of the Tokyo Stock Exchange in 2004

VISIONTHINK HAPPINESS AND MAKE THE HAPPINESSMISSION
Creating Together

Takara Leben is conducting sales of new built-for-sale condominiums indiverse communities. These include (left) LEBEN Sendai SILVISTA (Miyagi
Prefecture) and (right) LEBEN Mito THE PREMIERE (Ibaraki Prefecture).

Flow Businesses
In addition to the Group’s built-for-sale condominiums forfamilies in the Tokyo metropolitan area, Takara Leben has
positioned its condominium buildings business that targets
active seniors residing in major regional cities as well as its
redevelopment and rebuilding business as key earnings pil-wide network of Group company bases. Through these andReal Estate Rental
Business

Real EstateManagement Businessother means, we are making steady progress in expanding
our areas of operation.

Mega-Solar
Power Business
Through its mega-solar power business activities, theTakara Leben Group generates a stable flow of earnings
by marketing electricity to electric power companies. The
Group also works diligently to contribute to society by
producing renewable energy. Moving forward, we will also
look to develop other renewable energy facilities.

Other
Businesses
In other businesses, the Takara Leben Group is active
across a wide range of fields, including construction contracting, large-scale repair work.

12
13
14
15

Real Estate Sales Business
Real Estate Rental Business
Real Estate Management Business
Mega-Solar Power Business andOther Businesses

Sustainability
16
17
18
20

CSR
Business Risks
Corporate GovernanceDirectors and Audit &Supervisory Board Members

Financial Section/Corporate Data

The Company acquires rental properties through its real estate rental
business. (Left: Amare Tokaido, Aichi Prefecture). In its mega-solar powerbusiness, the Company advances the development and operation of
power-generating facilities. (Right: The Leben Solar [LS] Tsukuba Bouchi
power-generation facility, Ibaraki Prefecture)

Real Estate Sales Business
The real estate sales business accounts for over 80% of the Takara
Leben Group’s total net sales. In this business segment, the Group’s
activities largely revolve around the planning, development, and sale of
new built-for-sale condominiums while addressing the diverse needs ofcustomers. Among a host of other endeavors, we are actively engaged
in the construction and sale of detached houses as well as the renovation and resale of condominiums in this business segment.

Review of Operations

purchase of building lots through its own unique brand of
cities are c­ oncerned, Takara Leben is establishing a nation-

Here, the Group is actively engaged in the management
and operations of properties. In addition to managing
properties that it has constructed in its own right, theGroup also manages properties built by other companies
on a contract basis. In the real estate management business, the number of managed housing units continues togrow at a steady pace.

8 Business Outline
10 Flow Business Strategy
11 Stock and Fee-BasedBusiness Strategy

lars. The Group is also experiencing steady success in themarketing. As far as condominium buildings in major regional

In the real estate rental business segment, the Group
mainly leases condominiums and office buildings. Building
on its nationwide portfolio, the Takara Leben Group will
establish funds to actively engage in the purchase ofproperties in the future and is taking positive steps toward
entering the real estate investment trust (REIT) market.

Special Feature: Strategies for Growth

Stock and Fee-Based Businesses
The Takara Leben Group is working to roll out its real estate
rental, real estate management, mega-solar power, and otherbusinesses and to expand its business activities. Especially,
we established Takara Leben Infrastructure Fund Inc. in a bid
to promote the effective use of such renewable forms of energy as sunlight as a part of our mega-solar power business21 Six-Year Summary
22 Consolidated Balance Sheet
24 Consolidated Statements of Income
and Comprehensive Income
25 Consolidated Statement of Changes
in Shareholders’ Equity
26 Consolidated Statement of Cash Flows
27 History
28 Corporate Data
29 Stock Information
Other Disclosure Information
http://www.leben.co.jp/corp_ir/ir/• Materials related to the Company’s Settlement of Accounts• Quarterly Financial Results Reports• Business Report• Annual General Meeting of Shareholders Information• Otheractivities. At the same time, we are steadily increasing thenumber of operating facilities. In June 2016, Takara Leben
Infrastructure Fund Inc. was the first company to stock list
solar energy assets on the newly established infrastructure
fund market of the Tokyo Stock Exchange. Looking ahead,
we will endeavor to further expand our business.

About the cover
The various businesses of the Takara Leben Group, which we have
depicted in a way that suggests further development in the years tocome and the achievement of further growth through the expansion ofeach business, are represented based on our blue corporate colors.

Editorial Policy and Cautionary Statements Regarding ForwardLooking Statements
This report, which for the most part provides details of the Takara Leben
Group’s operations in fiscal 2017, the fiscal year ended March 31, 2017, hasbeen designed to provide stakeholders with a deeper understanding of ourbusiness activities, management strategies, performance, and other non-­financial information, including interaction with society and the environment.
This document was prepared to provide information regarding theCompany’s consolidated results in fiscal 2017 and should not be construed
as a solicitation for investment in securities issued by Takara Leben Co., Ltd.
The information provided in this report is fundamentally based on data available as of March 31, 2017. Any forward-looking statements including opinions and forecasts are based on the best judgments of management as of thetime this report was prepared. Accordingly, Takara Leben does not guarantee
or promise that any forward-looking statements will be realized or achievedor provide any assurance as to the accuracy or integrity of information.
Moreover, the content of this report is subject to change without prior notice.

Takara Leben Annual Report 20171

Takara Leben Today

Millions of yen

Rate of increase/decrease %

2015

2016

2017

2016/2017

Fiscal Year:¥ 76,956¥ 76,268¥103,599

35.8%

Real estate sales business

66,907

63,383

79,638

25.6

Real estate rental business

2,898

4,307

5,056

17.4

Real estate management business

2,978

3,362

3,665

9.0

405

909

11,1081,122.0

Net sales

Mega-solar power business

3,766

4,305

4,130

-4.1

Gross profit

18,311

17,835

21,86922.6

Operating income

9,257

7,563

10,34936.8

Ordinary income

8,540

6,708

9,496

41.6

Net income

5,718

4,308

6,107

41.8

Total assets

101,738

129,744

139,874

7.8

Net assets

31,18933,67736,792

9.2

Net income per share (Yen)

50.61

38.99

56.14

44.0

Net assets per share (Yen)

279.11304.71

339.29

11.3

Dividends per share (Yen)

6.0

13.0

15.0

15.4

ROE (%)

19.7

13.3

17.4

30.9
22.4

Other businesses

Fiscal Year-End:Per Share Information:

Financial Indicators:
ROA (%)

5.8

3.7

4.5

Equity ratio (%)

30.6

25.8

26.2

1.5

Dividend payout ratio (%)

11.9

33.3

26.7

-19.8

Net Sales/
Operating Income Margin

Total Assets/
Interest-Bearing Debt

ROE/ROA(Billions of Yen)

(%)(Billions of Yen)

(%)

120

15

150

24.0

12

90

50

2

6.0

3

2014

2015

2016

2017

Takara Leben Annual Report 2017

0

millionDue to the Company having purchased businessassets, total assets increased ¥10,130 million comparedwith the end of the previous consolidated fiscal year.

0

2013

2014

2015

2016

2017

(FY)
L Total Assets L Interest-Bearing Debt

0

26.7%

The dividend payment plan for the fiscal year ended March 31,
2017, is to pay an interim dividend of ¥5 per share and a yearend dividend of ¥10 for a full year dividend of ¥15 per share. As
a result, the consolidated dividend payout ratio will be 26.7%.

Other Key Figures

Number of units sold

1,778

Unit-based solar-powered
condominium supply

Number of managed housing units

Notes: 1. Source: Real Estate Economic Institute Co., Ltd.
2. Solar-powered condominiums (available in eachindividual home unit) (From 2011 to 2015)

Note: New built-for-sale condominiums + Detached houses(as of March 31, 2017)

Nationwide ranking

¥5.0

12.0

2013

¥139,874

A year-on-year increase of 35.8% to thehighest level in the Company’s history.

Dividend payout ratio31(as of March 31, 2017)

billionPower generation(current)(as of March 31, 2017)

2013

2014

2015

2016

2017

(FY)
P ROE
P ROA

No. 1

Power-generation
facilities nationwide

Rental revenues

6

millionTotal assets

18.0

60

0

¥103,599

Note: Condominiums(as of March 31, 2017)

9

(FY)
L Net Sales (left axis)
P Operating Income Margin (right axis)

Net sales

44,656100

30

Key Figures (Fiscal 2017)

About

80

MW

(as of March 31, 2017)

Takara Leben Annual Report 2017

3

Fiscal 2017 Highlights

April

President’s Message

Making use of golf course ranges, adopted

compact, distributed-type
power conditioners
The Company completed construction of the LS
Nasu Nakagawa (Solar) Power Plant.
Note: T his project was the first special high-voltage mega-solar facility in Japanto adopt the compact, distributed-type power conditioner.

June

Takara Leben Infrastructure Fund Inc. is the firstcompany to stock list solar assets in the infra-

As we mark the beginningof a new era for Takara Leben,
we will maximize theGroup’s strengths and work tofurther improve ourcorporate value.

structure fund market of the Tokyo Stock Exchange.

July

LEBEN Moriya THE BRIDGE, a condominium com­plex in Ibaraki Prefecture which boasts a host offeatures including a children’s nursery school,

won the Kids Design Award.

September

December

Our three own projects, disasterprevention and others, won aGood Design Award, as the pioneer of housing.

Kazuichi Shimada
Representative Director andPresident

As a part of efforts to launch the firstmajor urban redevelopment
project by an association in front of JR
Koiwa Station in Edogawa Ward, steps
taken to establish the necessary operating
entity and to obtain the relevant approvals

March

The Company commences construction of buildings, facilities,
and structures as a part of theredevelopment project infront of Takaoka Stationin Toyama Prefecture.

April

Sapporo Office,Takara Leben

Osaka Branch and Sapporo Office,Takara Leben Co., Ltd.
Fukuoka Head Office,Takara Leben West Japan Co., Ltd.

Bases established to reinforce efforts

Hokuriku Office,Takara Leben

including the acquisition of housing lots inregional cities
Fukuoka Head Office,Takara Leben West Japan

Takara Leben
Tohoku Head Office

Takara Leben Head OfficeOsaka Branch,
Takara Leben
Matsuyama Office,Takara Leben West Japan
4

Takara Leben Annual Report 2017

: Offices established in April 2017
: Other offices

Takara Leben Annual Report 20175

President’s Message

Carrying out a policy that has remained
unchanged in the 45 years since theCompany’s establishment

Significant increases in revenue
and profit achievedSince Takara Leben’s establishment, its company policy has“Takara Leben Next Stage 2019,” in May 2015, thebeen the providing of “ideal, affordable housing that anyone

Company is focusing on the business strategies to thrive incan buy with confidence and peace of mind.” Having

the period of transition under the plan’s slogan: “Beginningacquired land on a steady basis even in the severest of busi-

of a New Era: Diversifying the Flow Business and Expanding

ness environments—exemplified by the collapse of the bub-the Stock and Fee-Based Businesses.”ble economy and the shock caused by the Lehman Brothers

ROE

Having formulated a new Mid-term Management Plan,

In the fiscal year ended March 31, 2017, the values that

20%

or moreStock and fee-based
businesses profit ratio

35%

Strengthening stock business towardachievement of Mid-term ManagementPlanbankruptcy—our ability to have been engaging consistently incustomers adopted in the purchase of real estate begancondominium business laid the foundation of today’s growth.

changing due to a fall in the number of units supplied in the

The domestic real estate industry finds itself in a situation

Tokyo metropolitan area and a rise in sales prices in urban

where significant growth cannot be expected due to popula-areas. In particular, customers’ needs for location and con-

In the sales operations of new, built-for-sale condominiums

tion decline and other factors. Thus, while strengthening ourvenience became pronounced. As a result, depending onin the real estate sales business, under our plans for the fis-core condominium building business, we will aim to become

the property, sales progress showed a bipolarized tendency

cal year ending March 31, 2018, we expect the delivery ofa comprehensive group of companies with a diversified profit

of ups and downs. The market conditions remained general-

1,600 units by promoting active supply in the downtown

structure. Specifically, utilizing the expertise that we havely firm because consumer interest in buying homes was still

areas in regional cities. In the detached housing business,accumulated up to this point in time in the purchase andhigh thanks to continued measures to support home buying

we are planning for the delivery of 160 units. While making

and low interest rates, and demand was increasing particu-

accurate decisions on market trends, the policy in the reno-

areas such as the power-generation business, and thelarly among active seniors. The number of units thevation business will be to continue cultivating businesses toresults of that have become apparent. In the years to come,Company delivered was on par with the previous fiscal year,

supplement the new, built-for-sale condominium businesswhile further enhancing the Group’s strengths, we will

and the real estate sales business recorded an increase inby purchasing condominiums at an appropriate price.

advance our expansion strategies into new growth markets

revenues.

development of housing lots, we have advanced into newand strive to maximize our corporate value.

In addition, the real estate rental business and real estate

10¥billion­business activities with an emphasis on its customers byworking on product plans that accurately capture thetime background.
Through these activities, the Company is aiming toincrease the profit ratio to 65% in the flow business and
35% in the stock and fee-based businesses.
Managing its business with a strong awareness of shareholders’ equity and the balance of cash and deposits, theCompany has also set the target ROE at 20% or more. Notethat the Company has set a target of net income of ¥10 billion for the year ending March 31, 2019, which will be thefinal year of the Mid-term Management Plan.

Toward becoming a company chosen
by all shareholders­purchases, and the real estate management business is tar-

The Company positions returning profits to shareholders as

mega-solar power business, we established Takara Leben

geting an increase in the number of units managed under

one of the most important management tasks. On the other

Infrastructure Fund Inc. for the purpose of further expanding

consignment and aiming to further expand peripheral opera-

hand, the Company is in the process of growing, and while

its businesses and successfully listed the company on thetions. In addition, while fulfilling a social responsibility by uti-

securing the growth funds necessary for business growth

infrastructure fund market of Tokyo Stock Exchange, Inc. aslizing natural energy, the mega-solar power business, which

and for strengthening the management foundation, ourthe first fund. This business witnessed a significant increase

has stock and fee-based businesses as its main linchpins, isbasic policy remains one of sustaining dividends at levels

in revenue compared with the previous fiscal year due toaiming to expand business that does not rely solely on thedeemed appropriate based on corporate performance. In

revenue from the sale of power-generation facilities andcondominium business.

the fiscal year under review, the first-half dividend was ¥5

Looking ahead to the 50th anniversary of its establish-

per share and the year-end dividend ¥10 per share for ament in five years’ time, the Company will steadily share andtotal of ¥15 per year. In the fiscal year ending March 31,

for the fiscal year under review of ¥103,599 million (upwork to ingrain its Group vision as a corporate group that is2018, the Company is planning to continue with a first-half

35.8% year on year), operating income of ¥10,349 million

chosen by its customers while doing its utmost to develop

dividend of ¥5 per share and a year-end dividend of ¥10(up 36.8% year on year), and net income attributable to thenew businesses. While always bearing in mind its aforemen-

per share for a total of ¥15 per year.

owners of parent of ¥6,107 million (up 41.8% year on year).

tioned policy of providing “ideal, affordable housing that any-

The Company was thus able to take major strides toward

one can buy with confidence,” as well as its corporate

hold shares in the Company over long periods of time; as aachieving its Mid-term Management Plan goals.

mission of “THINK HAPPINESS AND MAKE THE

more attractive, chosen company, we are determined to aim

HAPPINESS,” the Company will continue to promote

for further growth.

As a result of the above, the Company recorded net sales

Takara Leben Annual Report 2017

The real estate rental business is seeking to establish astabler stock business by conducting carefully selectedor moreNet income (FY2019/3)

management business increased sales. With regard to theelectricity sales revenue.

6

Quantitative Goals

So that, from now on, many shareholders will be able to

Takara Leben Annual Report 20177

Special Feature: Strategies for GrowthBusiness Outline
Market Environment

Strengths

Position

Business Strategies

K In the 45 years since its foundation, Takara
Leben has been selling ideal homes that are
affordable and everyone can buy withpeace of mind.

KN ationwide condominium supply ranking by
operator in 2016 (January-December)
Takara Leben
10th 1,204 units

K Meeting the needs of active seniors residing in regional city centers

Targets

Flow Businesses
K Rising condominium prices in the Tokyo
metropolitan area have led to an exodus offirst-time buyers to surrounding suburbs.
K The degree of market dominance by major
condominium operators has increased.
K Home loan interest rates remain at low levels due to low interest rate policies being
extended.
K Reinvigoration of regional city centers owes
to progress made in government revitalization plans.
K Lifestyle changes
K Decrease in housing units sold due to surging construction costs

Takara Leben has been consistently supplying
condominiums tailored to customer aspirations
and needs at each life stage nationwide since
its establishment in 1972.

K Pursuing unique marketing approaches tomake precise housing lot purchases
Leveraging our expertise backed by many yearsof experience, we gather information on landthat includes the surrounding environment
based on criteria from a diverse array of perspectives in order to acquire housing lots in
attractive residential neighborhoods.

(Source: Real Estate Economic Institute Co., Ltd.)KT ohoku region condominium supply ranking
in 2016 (January-December)
Takara Leben Tohoku
Number one(According to surveys by the Daily Engineering & ConstructionNews)

Pursuing sales strategies aimed at retiring second-generation baby boomers to meet further
expanding condominium replacement/holding
additional needs in regional city centers

K Actively pursuing housing lot acquisitions
and condominium supply in regional city
centers
Aiming to expand our sales business in regional
cities nationwide, we continue to operate offices
in Sendai, Toyama, and Matsuyama as well as
have established new offices in Osaka,
Sapporo, and Fukuoka. We proactively acquire
housing lots in these locations.

K Participating in Urban Redevelopment
The Company is actively engaging in redevelopment in regional cities, and, in Toyama, wasapproved for undertaking the first legally certified project. Using this experience and knowhow, the Company is focusing on winning
projects in the Tokyo metropolitan area.

New built-for-sale condominium
business
Redevelopment & Rebuilding
business
Detached house business
Unit sales per year

2,700

LEBEN Sendai THE GRANDE

units

Condominiums

2,200

units

Detached houses

500

units



LEBEN PLATZ Matsudo Tokiwadaira(As of March 31, 2019)

Stock and Fee-Based Businesses
K Land prices are expected to rise in theTokyo metropolitan area until the 2020
Tokyo Olympic and Paralympic Games.
K The use of clean energy is spreading
throughout society.
K The Japanese government is promoting
infrastructure-oriented policies.

K Pursuing rental property acquisitions andfinding inroads into the REIT market as theCompany’s sales areas expand
Takara Leben is raising asset value nationwide
mainly by proactively acquiring rental properties
aimed at penetrating the REIT market, rebuilding favorably located used properties, andreplacing existing properties.

K In the management business, appropriately
meet a diverse array of needs and stably
increase the number of managed housing
units
Takara Leben has acquired ISO 9001 certification and developed a proprietary management
system. We meet the needs of every customer
segment by maintaining the quality of our services. The number of managed housing units
has grown nearly fourfold in a decade.

8

Takara Leben Annual Report 2017K 2014 Truly Dependable Management
Company ranking
Leben Community
2nd(Source: Weekly Toyo Keizai, December 6, 2014 edition)

K Takara Leben Infrastructure Fund Inc.
became the first to list on the Tokyo Stock
Exchange’s infrastructure fund market.

K Expanding the stock and fee-based businesses by increasing managed and rental
properties in each region we operate
Takara Leben will expand stock and fee-based
businesses by actively acquiring managed andrental properties in areas overseen by Takara
Leben Tohoku, Takara Leben West Japan, theOsaka branch office, the Sapporo sales office,and the Hokuriku sales office.

Stock and fee-based
businesses profit ratio

35%

or moreTakara Leben aims to establish a REIT by purchasing rental properties while continuing toinvest in renewable energy-related technologies
and new businesses outside of mega-solar generation, and targeting increases in earnings from
infrastructure funds.

¥6.0 billion

Real estate distribution business (Annual sales)
Mega-solar power business(Power generation)

130

MW

K Continue expanding infrastructure funds
and investing in renewable energy-related
areas

Real estate rental business (Annual sales)¥1.0 billion(As of March 31, 2019)

Sendai-Nikko building

Prestige AC

Real estate management business(The management units)

50,000units

Real estate rental managementbusiness (The management units)

6,200

units

Takara Leben Annual Report 20179

Special Feature: Strategies for Growth

Flow Business Strategy—

Stock and Fee-Based Business Strategy—

While continuing to provide a stable supply of condominiums in the Tokyo metropolitan area, the Takara
Leben Group is actively implementing a strategy to meet new needs of active seniors living in regional­cities.

In keeping with the changes in population movements in Japan, the Takara Leben Group is focusing on
expanding its stock and fee-based businesses and realizing a more-robust profit structure and a stabler
cash flow.

In recent years, there has been a trend among active seniors who

relocate from detached houses in suburban areas to city centers. In

The Takara Leben Group is expanding its stock and fee-based busi-

increased the number of units in its real estate rental management

live in detached houses in the suburban areas of regional cities toaddition, as second-generation baby boomers head toward statuto-

nesses—including its mega-solar power business, real estate man-business to 6,200, as the Company targets annual sales of ¥6 bil-give greater emphasis to reducing housing maintenance costs andry retirement age in the years ahead, this trend is expected to accel-

agement and rental businesses as well as its real estate distribution

lion in its real estate rental business.

opting for enhanced lifestyle convenience.

erate.

business—and, in addition to condominium business that currently

The Company is also aiming for total assets of around ¥200 billion

forms the core of its business performance, is developing strategies

by the acquisition of highly profitable properties, by proceeding withto upgrade and expand its business portfolio.

a scrap and build policy for used properties in good locations near

Capturing a Share of the Active Seniors
Market in Regional Cities

Meanwhile, local government entities in regional areas are work-

The Takara Leben Group is taking proactive initiatives to meeting to revitalize city centers, through legislation that promotes devel-

these emerging needs and is working to supply condominiums in

opment of compact cities, and making local administrative services

regional cities and expand its revenues from flow businesses.

more efficient.
As a result of these trends, people’s awareness and changes in

By the end of the fiscal year ending March 31, 2019, the final year

railway stations and by strengthening its fund management in asso-of the Mid-term Management Plan, the aim is to have increased the

ciation with the formation of a real estate investment trust (REIT).

scale of power generation in its power-generation business to a

Based on these initiatives, the target is to increase profitability ofpolicies have brought a robust increase in demand for condomini-

total of 130MW, to have increased the number of managed housing

the stock and fee-based businesses across the entire Group by

ums as people in regional areas throughout the country decide tounits in its real estate management business to 50,000 units, and

35% or more.

Displaying Excellent Location
and Price Advantages

Brand Power that Evokes Happy Thoughts
and Creates Happiness

Developing Mega-Solar
Power Generation

Active Promotion ofManagement Business

Promoting the Real Estate
Distribution BusinessIn high convenience city centers, the Group is realizing housing in which­architectural beauty, such as the exterior appearance and interior décor, andthe functional beauty of leisurely living in comfort are compatible, and anyone
can easily purchase housing with peace of mind.

As a tool for increasing the value of time spent at home and for fulfilling eachlifestyle, the Company realizes housing that is constantly one step ahead of thetimes under its Takara Leben brand.

Having developed business in the construction oflarge numbers of solar panels on idle land and inmega-­solar power generation, the scale of output at
the power-generation facilities the Company has inoperation had reached about 80MW as of March 31,
2017.

Turning our proprietary service quality management
system (SQMS™)—the only one of its kind in theindustry—into our strength and responding to every
customer’s needs, the Company is increasing thenumber of its managed housing units.

To give added impetus to the revitalization of thereal estate distribution business, which includes
sales and intermediary services for condominiums
and detached houses, the Company is operating
the (Takara no Chukai MUSUBU) property listing
website.

Needs Ranging from Detached Houses in Suburbs to Condominiums Located in Central Areas
The demand for condominiums to meet the growing trend toward relocation in regional cities isrising, especially in the Tohoku, Hokuriku, and other regions that experience extreme cold andheavy snowfall. Against this backdrop, there is the cost and effort needed for the heating in
detached houses and for snow clearing. Pursuing condominiums that demonstrate its anticipation of future needs, including functions that realize comfortable lifestyles and the new functions
that will be required in the years to come, the Group has gained the No. 1 position in terms of thenumber of condominium building units supplied in the Tohoku region for two consecutive years(2015 and 2016).
Takara Leben is proceeding with initiatives tosupply condominiums, mainly in the Tohoku
and Hokuriku regions.

10

Upgrading and Expanding
the Business Portfolio

Takara Leben Annual Report 2017

(According to surveys by the Daily Engineering & Construction News)¥100 Billion-Scale Infrastructure Funds
In 2016, the Company established Takara Leben Infrastructure Fund Inc. on the basis of
its 10 mega-solar power-generation facilities and was listed on the infrastructure fundmarket of Tokyo Stock Exchange, Inc. as the first fund. The Company’s plans now callfor the early operation of power-generation facilities, purchases from the secondary­market, progress to be made in such areas as the search for renewable energy power-­
generation solutions other than solar power, and improving awareness of the infrastructure fund market.
In addition, having drawn up plans to expand its infrastructure funds by investing from¥500 million to ¥1 billion annually in energy-related technologies and new businesses,
the Company is aiming for a total investment scale of around ¥100 billion by the end of
the fiscal year ending March 31, 2020.

Infrastructure Funds• Early operation of already owned facilities• Purchases from secondary power-generation
market• Search for renewable energy solutions otherthan solar power• Improve awareness of infrastructure fundmarketTakara Leben Annual Report 201711

Review of Operations
Real Estate Sales Business

Real Estate Rental Business

Fiscal 2017 Review and Strategies

Fiscal 2017 Review and Strategies

Net Sales

Net Sales(Millions of yen)

66,907(Millions of yen)

79,63863,383

5,056
4,307

+25.6%+17.4%

2,898“LEBEN Shinkoiwa” was conceived with the ideaof “living in a luxurious home in a park setting” thatgives a vivid sense of the changing seasons.

2015

2016

2017

(FY)

Takara Leben acquired this property, “Amare
Tokaido,” which is in a superior location convenient to urban transportation.

“LEBEN Shiki Executia” features both proximity to
the urban center and convenience.

2015

2016

(FY)

Takara Leben staff actively acquire new rental properties
nationwide.

Having steadily acquired properties in the fiscal year under review,

In addition to the planning and development of new, built-for-sale con-

Despite the number of new condominiums supplied in JapanThe Takara Leben Group develops its apartment, condominium,

dominiums mainly in suburban areas, the Takara Leben Group is also

declining for the third consecutive year in 2016, the Company was

and office rental business nationwide. Its consolidated subsidiaries,

the property purchase amount for the Group as a whole climbed todirecting efforts into condominium buildings geared toward thoseranked in the top 10 for the fourth consecutive year and has steadily

Takara Property Co., Ltd. and Nikko Property Co., Ltd., conduct

approximately ¥17.0 billion, providing a boost to achieving the real

active seniors who are moving from the suburbs in regional cities toachieved its targets for the numbers of signed contracts forreal estate rental and management business and are aiming to be

estate rental business final-year annual sales target under the Mid-the city centers. In central Tokyo, Sunwood Corporation, an affiliate

detached housing. As a result, revenues from the real estate sales

constituted as a real estate investment trust (REIT) that leverages its

term Management Plan of ¥6.0 billion and also advancing prepara-accounted for by the equity method, is primarily engaged in the plan-business for the fiscal year under review amounted to ¥79,638 mil-rental properties.

tions for its constitution as a REIT. As a result, due to rent revenues

ning, development, and marketing of new, built-for-sale condominiums.

lion, up 25.6% year on year, as a result of revenues of ¥52,988 mil-In the fiscal year under review, the real estate rental business pro-from the rental of apartments, condominium units, and offices, reve-lion from the sales of new, built-for-sale condominiums andmoted the active purchase of properties to realize “expanding stocknues from the real estate rental business for the fiscal year undermade Takara Leben Tohoku Co., Ltd. and Takara Leben Westrevenues of ¥26,650 million from the sales of new detached houses

and fee-based businesses” under the Mid-term Management Plan,

review amounted to ¥5,056 million, up 17.4% year on year.

Japan Co., Ltd. (previously Jyutakujyouhoukan Co., Ltd.) its bases

and used condominiums.

to increase its real estate rental income and with a view to being

In the fiscal year under review, the real estate sales businessIn the coming years, the aim is to establish stabler stock and fee-

constituted as a REIT. Targeting used properties on prime lots locat-

based businesses by the purchase of well-selected, superior prop-

real estate sales business, we are expecting the delivery of 1,600

ed near railway stations, the Company’s real estate rental businesserties. In terms of location, we will place emphasis as we do in theunits in the current fiscal year by promoting active supply in theis looking into rebuilding them into new condominium buildings orreal estate sales business on acquiring a good balance of properties

ment control was transferred to Nikko Takara Corporation Co., Ltd.

downtown areas in regional cities. In detached housing, the expec-

real estate rental condominiums for management purposes afterin the Tokyo metropolitan area and regional cities. Future property(the renamed Nikko Kensetsu Co., Ltd.), a consolidated subsidiarytation is that we will deliver 160 units. In the renovation business, we

having obtained the fixed periods and investment gains from REIT

purchase candidates to make up our REIT portfolio also include

that is, as a result, developing the existing general construction

will continue to work on measures to supplement the new, built-for-entry.

hotels and commercial facilities.

­contract and detached housing businesses mainly in the Tokyo

sale condominium business by making accurate decisions on mar-metropolitan area.

ket trends and purchasing condominiums at an appropriate price.

in eastern and western Japan, respectively, and steadily expanded
the regional areas it supplies.
To further strengthen the detached housing business, manage-

In the sales operations of new, built-for-sale condominiums in the

Aiming to Create Towns that Will Prosper for 100 Years, Working for Emergence of Complex Central Areas
Minami-Koiwa 6-Chome Type 1 Urban Area Redevelopment ProjectRaising the Takara Leben Group’s Profile
Actively Acquiring Superior Rental Properties

In September 2016, together with the Nomura Real Estate Development Co., Ltd. andShimizu Corporation, the Group decided to participate in the Minami-Koiwa 6-Chome
Type 1 Urban Area Redevelopment Project in the vicinity of Japan Railways (JR) Koiwa
Station in Edogawa Ward, Tokyo. This is the first association-implemented urban redevelopment project in that ward based on the concepts of “creating a town that will prosper for 100 years” and “aiming for a 100-year commercially prosperous city that shineswith its smiles.” Commercial, residential, and business buildings with a total floor area ofapproximately 87,050m2 are planned, and the Group will handle the condominium buildings with the other two companies; the start of construction is scheduled for August
2018. In the years to come, the Group will actively engage in long-term, large-scale redevelopment projects, as opposed to standard condominium construction, in the belief
that such a strategy will lead to the diversification of the real estate sales business cycle.
Architect’s model of the completed complex

12

2017

Takara Leben Annual Report 2017

In addition to extending the supply areas of new, built-for-sale condominiums andexpanding sales, the Takara Leben Group actively promotes the acquisition of superior
properties, including condominiums and offices, by each company. For example, in thefiscal year under review, the Company acquired Amare Tokaido (Nagoya, Aichi
Prefecture) and Nakano Dai-ichi OS Building (Nakano Ward, Tokyo); Takara Leben WestJapan acquired Rust Yamagoe, Prestige AC, and Rust Yanaimachi (all in Ehime
Prefecture); and Takara Leben Tohoku acquired Yamagata Toka-machi Building(Yamagata Prefecture) and Sanvario Saikon (Fukushima Prefecture). Leveraging thesekinds of rental properties is one of the initiatives toward “expanding stock and feebased businesses” adopted under the Mid-term Management Plan as the Company
aims for REIT entry.
Yamagata Toka-machi Building

Takara Leben Annual Report 201713

Review of Operations

Real Estate Management Business

Mega-Solar Power Business and Other Businesses

Fiscal 2017 Review and Strategies

Fiscal 2017 Review and Strategies

Net Sales

Net Sales(Millions of yen)

(Millions of yen)

3,665

15,238
11,108

3,362

+9.0%

2,978

+192.2%

Takara Leben’s service quality management
system (SQMS™) is the core of its condominium management and provides four approaches to supporting condominium associations.

2015

2016

2017

(FY)

Takara Leben adopts the concept of “quality control” in all
aspects of its condominium management business.

405
3,766

2015

5,215
909
4,305

4,130

2016

2017

The LS Sakuragawa solar power-generation facility
was completed in 2016.

(FY)
L Mega-Solar Power Business L Other Businesses

The LS Shioya power-generation facility was
Takara Leben’s first mega-solar project.

Leben Community Co., Ltd., a consolidated subsidiary, engages inwork. As a result, management revenue for the period steadily

The Takara Leben Group Company is engaged in the power-­transferred the asset management of the power-generation plants,

comprehensive management services for condominium buildings

increased, and revenues from the real estate management business,

generation business using renewable energy nationwide. In addi-

successfully listed the company on the infrastructure fund market of(the Company’s properties and properties managed under consign-

representing the management fees from the 44,656 units undertion, consolidated subsidiary TAFUKO Co., Ltd. engages in the loan

Tokyo Stock Exchange, Inc. as the first fund.

ment from other companies).

management, amounted to ¥3,665 million, up 9.0% year on year.

collection agency business, and two other consolidated subsidiar-In the fiscal year under review, in addition to the increase in power-­

Under its Mid-term Management Plan, the Company has decided

ies, Leben Community Co., Ltd. and Nikko Takara Corporation Co.,

generation revenue associated with the increase in the number ofopened sales offices in four regional locations—in Tohoku (Sendai),

to target the achievement of 50,000 managed housing units for theLtd., provide a rehabilitation-focused day-care nursing service andfacilities, construction contracts and orders for large-scale repair

northern Kanto (Utsunomiya), eastern Kanto (Tsukuba), and Hokuriku

final fiscal year of the plan, ending March 31, 2019. In the current

engage in the construction contract business, respectively. In addi-

work remained steady. As a result, revenues from the electric power(Toyama)—and worked to expand its business areas. In addition, as

fiscal year, the target is 47,900 units, and consideration is beingtion, other Group businesses include a commissioned real estatebusiness amounted to ¥11,108 million, up 1,122.0% year on year.

increasing the number of housing units managed under consignment

given to the further expansion of peripheral operations, including

marketing agency business and an investment management busi-

Revenues from other businesses totaled ¥4,130 million, down 4.1%

from other companies is essential for increasing the number of proper-

large-scale repair work.

ness.

year on year.

In the fiscal year under review, the real estate management businessOver the past 10 years, the business environment surrounding

Among other activities in the fiscal year under review, the pow-

condominium management has continued to increase in its severity.

er-generation business marked the fourth fiscal year since the startCompany will in the years to come leverage its accumulated knowl-

units in Japan as a whole had increased by 3,525 units comparedOn the other hand, in association with the increase in the numberof business by operating mega-solar power-generation facilities withedge and experience as it works to build diversified sources of reve-with the end of the previous fiscal year, to 44,656 units. Of thoseof Group companies, it can be anticipated that there will be ana total output capacity base of approximately 80MW.

nue that are not limited to its core real estate sales businesses.

3,525 housing units, approximately 56% were housing units man-increasing number of cases consigned from within the Group to

In June 2016, Takara Leben Infrastructure Fund Inc., to which

aged under consignment from other companies. The real estate

Leben Community management. By fostering and demonstrating

consolidated subsidiary Takara Asset Management Co., Ltd. hadmanagement business also steadily increased sales in peripheral

the synergies within the Group, we will aim to realize more compre-

operations, such as renovations, merchandise sales, and repair

hensive management services than ever before.

ties under management, sales efforts were redoubled to that end.
As of March 31, 2017, the number of Company-managed housing

Aiming for Management Services on which Customers Can Really Depend
Second Place Overall Gained in Management Company Ranking

The December 2014 ranking of “Really Trustworthy Management
Company Ranking” by Weekly Toyo Keizai magazine

14

4,172

Takara Leben Annual Report 2017

While managing condominiums that the Group builds to sell primarily inTokyo as well as in Saitama and Kanagawa prefectures, the main comprehensive management business is the Group company, Leben Community
Co., Ltd. Having gained ISO 9001 certification in 2006, Leben Community
has constantly been devising ways to improve the quality of its management
services. Furthermore, with the aim of, for example, maintaining standards ofservice quality even when a manager is replaced, the company built a service
quality management system (SQMS™) to the original development model of
ISO 9001 and is maintaining the trust of each class of customer. In 2014,
Leben Community gained second place overall in the “Really Trustworthy
Management Company Ranking” in which the weekly business magazine
Weekly Toyo Keizai verified support aspects, such as manager skills, disaster
responses, and the support given to management associations.

In its power-generation business and other businesses, theToward Achieving 200MW Operation Goal by End of March 2020
Construction of New Mega-Solar Power-Generation Facilities Progressing Smoothly
Status of Mega-Solar Power-Generation Facilities
March 31, 2016

Approx. 51MW

June 2, 201617.88MW

OnlineSold to an infrastructure fund

September 30, 2016 Approx. 61MW

Online*March 31, 2017

Approx. 80MW

Online*March 31, 2020

Target 200MW

Online** Including sold portion

The Group entered the mega-solar power-generation business in 2013.
Taking as its target the further development and expansion of a business thatutilizes natural energy, the Company successfully established and listed aninvestment corporation that invests primarily in mega-solar power-generation
facilities. Following the completion of, for example, the Leben Solar (LS) Nasu
Nakagawa power-generation facility (power-generation output of 19.8MW) in
2016, the number of facilities has steadily increased, so that the number currently (March 31, 2017) in operation across Japan stands at 31 (with a total
power-generation output of about 80MW). Making progress with construction, such as the new LS Shioya 2 power-generation facility, the Company isplanning to operate facilities in Kagoshima and Shimane prefectures. From
now on, while giving due consideration to stable power generation, low running costs, and reducing environmental impact, the goal is to have achieveda total power-­generation output of 200MW at the end of March 2020.

Takara Leben Annual Report 201715

Sustainability
CSR

Business Risks

The corporate vision slogan adopted by the Takara Leben Group is “THINK HAPPINESS AND MAKE THE
HAPPINESS.” Through home creation, we will not only pursue the happiness of people and lifestyles but
also, giving due consideration to the well-being of community and society, contribute to creating towns inwhich people can live in peace of mind even in the event of a disaster. We will also give thought to a happy
future and contribute to the creation of an Earth-friendly, sustainable environment.

The following items present potential risk for the operating results, share price, financial position, etc. of
the Group. Forward-looking statements hereby are based on the assessment by the Group as of the end of
the current consolidated fiscal year.

Earthquakes and other natural disasters

Subcontractors

Earthquakes and other natural disasters may directly dam-

The Takara Leben Group submits orders for the construction

Social Contribution Activities

Environmental Initiatives

age the Company or the construction companies used forof condominiums to construction company operators, but inSponsorship for Sports

Mega-Solar Power Generation

execution, or may make it difficult for these construction

the event of a rise in the building contract costs due to the

We hold title games as sponsor of the professional baseball

The Company’s power-generation business effectively

companies to procure building materials. Any of thesesoaring prices for building materials and construction laborteam Tohoku Rakuten Golden Eagles. We also invite elemen-­utilizes sites and idle land not suitable for the construction of

events may delay construction work, as well as hamper

costs, there is the possibility of a decline in profitability.

tary school pupils in Toyama Prefecture to regular homebuildings for mega-solar power generation, which forms partsales and collection activity of the Company, and thus

Should the construction company entrusted with the con-games of the J-League Kataller Toyama soccer team for free.

of its social contribution.

impact the performance and financial position of the Group.

struction work become insolvent, there is also the possibility

Sponsorship for Local Events

Solar-Powered Condominiums

The local events we sponsor include the Aizu All-Japan

While contributing to a reduction in CO2 emissions,Home buyer sentimentor to a default on the construction contract. Also, in the

Firework Competition (Fukushima Prefecture) and thesolar-powered condominiums also help reduce utility costs

The Company’s core business, new built-for-sale condo-

event of the construction company having not provided the

Takasaki City Youth Commercial Study Group (TSK) Kids’

and assist in the supply of electric power at times of disas-miniums, tends to be swayed by changes in home buyer

contracted amount of due compensation in the future, this

Plaza with Elastic Band-Powered Car Contest (Gunmaters and emergencies.

sentiment, which is affected by factors such as the overall

may potentially impact the performance and financial posi-

economy, residential tax regulations, consumption taxes,

tion of the Group.

that this would give rise to delays in the construction work

Prefecture). We work to make the events more exciting withlocal residents.

Under its Solar Power Project, the Company is promoting theplanning, design, and construction of condominiums—on theassumption of the installation of energy systems such as solar“We Wish to Have More” Project

power from the time of land purchase—with the aim of holding

House Idea Realization Systemdown utility costs to less than half what they were previously.

To make houses more comfortable and easier to use, weland prices, and interest rates. A pronounced deterioration
in home buyer sentiment may impact the performance andPossibility of Lawsuits

financial position of the Group.

In constructing condominiums, we conduct careful examinations from various viewpoints, but there remains the possibil-

Impact of home loans

ity that lawsuits may arise due to building defects, soil

In the purchase of condominiums, etc., our customers often

contamination, etc. and the resulting changes to the building

make use of home loans from home financing support orga-plans caused by these factors. These may potentially impact

nizations and financial institutions, and therefore credit

the performance and financial position of the Group.

gather the everyday life ideas from the general public, ideas“LUIC Project”

that are supported by the Company’s LEBEN LABO

The Company is pursuing ideal ways of living, from both the

ETHICAL ACTION.* The Company plans to commercialize‘hard’ (technical) and ‘soft’ (human) approach aspects, andthe feasible ideas and incorporate them in future residences.

reflecting them in housing in which particular attention is

crunches caused by unfavorable changes in financial condi-

paid to water, which forms the basis of the human body andtions may potentially impact the performance and financial

Personal Information“Self-Help Mutual Assistance” Projectof all of life itself. From the viewpoints of health, beauty,

position of the Group.

The Group handles a large amount of personal information

Disaster Water Supply and Power Supply Life Support

comfort and healing, we devised a water system, incorpo-

System via Solar-Powered Condominiums

rating a high-performance water purification system andSocial contribution activities

other properties. We pay close attention to the handling andWith our solar-powered condominiums, we are aiming toultrafine bubble bath, and are thus assisting the weak,

and the impact of competition

management of personal information, and have installed

secure electric power and produced drinking water at times ofincluding babies and the elderly, in their lives even more.

The Group sells real estate on a nationwide basis, but ansoftware to prevent any leak of personal information, estab-disaster, not only for condominium residents but also for sur-excessive price competition may prolong marketing activities

lished regulations, compiled employee manuals, and con-rounding residents, and working to bring to fruition innovative,

or cause sales at the estimated price to be difficult. Such sit-

ducted training. In the unlikely event of a leak of personal

mutual assistance-type condominiums for times of disaster.

uations may potentially impact the performance and financial

information arising, this may potentially impact the perfor-

position of the Group.

mance and financial position of the Group.

concerning the sale and management of condominiums and“Individual Disaster Preparedness Kit” Project
Kit Dissemination Activities that Raise Disaster
Preparedness AwarenessWe are working on the development and dissemination ofdisaster preparedness kits that have designs devised tomatch individual times, places, and occasions, so that they
can always be placed fashionably and smartly at users’ sides.
* LEBEN LABO ETHICAL ACTION is a unique initiative that Takara Leben started to contribute “to society by doing good things.”

16

From water systems, the LUIC Project provides ideal housing that, to an
unprecedented extent, protects healthy living and the environment.
Takara Leben Annual Report 2017

Takara Leben Annual Report 201717

Sustainability

Corporate Governance
Maintaining close-knit relationships with its shareholders, customers, and employees, Takara Leben
is constantly thinking of how even greater satisfaction can be delivered and thus reflects the feedback
received from its diverse stakeholders in its businesses. Aware of its responsibilities as a company,
Takara Leben will continue to realize sound, effective, and stable corporate activities.

Basic Approach to Corporate Governancedesignated as independent officers. In addition to carrying

Rather than simply pursuing profit, the Company believes

out prudent and swift decision making, directors mutuallythat it should comply with laws and corporate ethics andsupervise the status of business execution at Board of­fulfill its responsibilities as a member of society.

Directors’ meetings, which, in principle, are held once a

While maintaining close-knit relationships with its share-

month, and at extraordinary Board of Directors’ meetings

holders, customers, and employees, the Company will workthat are held on an as-required basis.

on responses in which constant thought is given to how

Auditors are always in attendance at Board of Directors’

even greater satisfaction can be delivered. In addition, we

meetings and state their opinions as necessary. At thewill think about how reflecting the feedback received fromsame time, auditors work closely with outside directors

the diverse stakeholders in our business, while responding

and, as necessary, audit and oversee the running of

in ways that constantly keep in mind what a company

Board of Directors’ meetings and the status of businessshould achieve and for whom, can be linked to the realiza-

execution.

tion of a sound, effective, and stable going concern.

Also in attendance at Board of Directors’ meetings are

In addition, by not confining ourselves to check and bal-

executive officers, the head of the Internal Audit Office,ance functions by means of systems but rather by spreading

and the heads of other departments, who have received

the roots of checks and balances as indices or systems

requests from the Board of Directors based on internal regu­

throughout the Company, we will work so that function

lations and express their opinions on each agenda item orworks in synch with each person’s awareness.

matter contained in a report as required.

The Company has established an Internal Audit Office with

The Company holds an Executive Committee meeting (totwo full-time staff members as an independent organization.

discuss topics with regard to management) once every two

Based on an audit plan, the Internal Audit Office performs

weeks and a business conference (to discuss sales prog-

audits that mainly cover the effectiveness of the internal con-ress) on a weekly basis. In addition to sharing the achieve-

trol system. As necessary, the Internal Audit Office reports

ment status of management targets at these and otherthe results of its audits at Board of Directors’ meetings in themeetings, the Company gleans information on problem

form of audit reports and, in addition to disseminating theareas and issues in the form of performance reports fromaudit reports throughout the Company, fulfills the internal

each department and deliberates important matters relating

checking role.

to overall management. The content of those reports is
raised at Board of Directors’ meetings on an as-required

Executive Remunerationbasis.

Directors’ remuneration is determined on the basis of thedegree of each director’s contribution to business expansion

Audit & Supervisory Boardand improvement in corporate value toward the Company’s

Staffed by three members, all of whom are outside corpo-

sustainable growth. The limit of the annual amount of remu-

rate auditors whom the Company has designated as inde-

neration is deemed to be ¥600 million (not including, how­pendent officers, the Audit & Supervisory Board, in principle,

ever, the employee portion of the salary), and the extent tomeets once a month. While maintaining his or her indepen-

which the special stock option remuneration is limited todence, each Audit & Supervisory Board member establishes¥300 million annually is decided by a resolution at an

close contacts, sets up a system for collaboration, andOrdinary General Meeting of Shareholders.

works closely with the Internal Audit Department and theAlso decided at an Ordinary General Meeting of

Accounting Auditor.

Shareholders, Audit & Supervisory Board members’ remu-

In accordance with, for example, the accounting policy

Executive Officer System

Board of Directors

Having introduced an Executive Officer system, the

The Company has appointed 10 directors, three of whom

Company has clarified its directors’ management oversightare outside directors. All three outside directors have been

responsibilities and the business execution responsibilities ofneration is limited to an annual amount of ¥60 million or less.

each Audit & Supervisory Board member attends Board of
Directors’ meetings and other important meetings, peruses

Ordinary General Meeting of Shareholders
Election
Audit
Audit & Supervisory Board

Board of Directors

Audit

Oversight of Election
Representative Director

Business Departments
Administrative Departments

Election
Collaboration

Number of people

Amount of remuneration(Millions of yen)

Directors

11541

Accounting Auditor is performing proper audits, the Audit

Auditors

431& Supervisory Board receives from the Accounting Auditor

Total

15

573

cution, and conducts audits of the Company’s main bases.

Audit
Audit

Audit
Internal Audit Office
Audit
Related companies (As of March 31, 2017)
Leben Community Co., Ltd.
Takara Leben West Japan Co., Ltd.
Takara Leben Realnet Co., Ltd.
Nikko Property Co., Ltd.
Takara Asset Management Co., Ltd.

Takara Leben Tohoku Co., Ltd.
Nikko Takara Corporation Co., Ltd.
Takara Property Co., Ltd.
TAFUKO Co., Ltd.
Sunwood Corporation

Audit

Position

reports on and reviews of the status of business execution
and performs audits of a variety of financial statements andother documents.

Accounting Auditor

Election

Amounts of Director and
Auditor Remuneration, etc. (As of March 31, 2017)

important documents, hears status reports on business exeIn addition to monitoring and verifying whether the

Corporate Governance System

Compliance Committee

Internal Audit Officedecision making and strengthen its business execution.

and audit plans formulated by the Audit & Supervisory Board,

Corporate Governance System

Election

its executive officers and is working to further speed up its

Reasons for Nominations of Outside Directors and Frequency of Attendance at Board of Directors’ Meetings
Reason for nomination

Attendance at Board of
Directors’ Meetings

Position

Name

OutsideDirector

Hitoshi
Shida

Mr. Shida possesses an abundance of experience and achievements in management at financial
institutions and business firms. Having already been receiving guidance and advice from him in his
capacity as advisor, the Company appointed Mr. Shida as an Outside Director.

28 / 29

OutsideDirector

KatsumiKasahara

As Mr. Kasahara has built up a wealth of experience and achievements as a lawyer, possesses
extensive knowledge and insight, and is highly mindful of compliance with laws and regulations, theCompany appointed him as an Outside Director.

29 / 29

OutsideDirector

Kenji
KawadaHaving been involved in management at a financial institution and a business firm, Mr. Kawada possesses abundant experience of and achievements in management as well as extensive knowledge
and insight. He has therefore been reappointed as an Outside Director.

—

Note: The Company has registered all of its outside directors with the Tokyo Stock Exchange as independent directors.

18

Takara Leben Annual Report 2017

Takara Leben Annual Report 201719

Financial Section/Corporate Data

Sustainability

Directors and Audit & Supervisory Board Members (As of June 27, 2017)

Six-Year Summary
Millions of yen

YoshioMurayama

KazuichiShimadaDirector andChairman

Representative
Director andPresident

Sep. 1972	Established the Company
Senior Managing Director
Apr. 2012	Representative Director, President and CEO
Apr. 2014	Representative Director and Chairman
Jun. 2016 Director and Chairman (incumbent)

Takeshi Okabe
Senior Managing
Director

Apr. 1998	Joined the Company
Apr. 2015	Senior Managing Director, Executive Officer,
and Executive General Manager of the Sales
Division
Jun. 2016	Director, Jyutakujyouhoukan Co., Ltd. (namechanged to Takara Leben West Japan Co.,
Ltd. effective April 1, 2017) (incumbent)
Apr. 2017	Senior Managing Director, Executive Officer,
and Executive General Manager of theInvestment Development Division (incumbent)

Masashi
Yamamoto

Managing Director

Aug. 2002	Joined the Company
Apr. 2016	Director, Nikko Takara Co., Ltd. (incumbent)
Apr. 2017	Managing Director, Executive Officer, andExecutive General Manager of the Sales
Division, General Manager of the 1st Group of
the Sales Division, General Manager of the 1st
Sales Division, and General Manager of the
2nd Sales Division (incumbent)

Mika Takaara

2017¥103,599

Net sales¥55,191¥64,907¥71,963¥ 76,956¥ 76,268

13,49014,37818,19918,311

17,835

21,869Operating income

5,930

6,361

9,798

9,257

7,563

10,349Ordinary income

5,071

5,792

9,181

8,540

6,708

9,496

Net income

3,681

4,074

5,869

5,718

4,308

6,107

Cash flows from operating activities

11,464875

22,996(8,155)2,428

22,644

Cash flows from investing activities(792)(1,590)(4,567)(7,998)(19,816)(27,540)

Cash flows from financing activities(2,685)

1,229

(366)

6,314

19,663

6,129

Capital expenditure

805

1,658

4,163

8,095

22,756

20,814

Depreciation and amortization

319

356

437

717

1,192

2,397

139,874

Fiscal Year-End:Total assets

70,27775,013

95,891

101,738

129,744

Current assets

50,91955,932

72,52467,31975,75386,585

Cash and deposits

17,394

17,91135,964

26,281

28,51529,780Inventory

42,04830,29435,37633,44535,34540,208   Real estate for sale (current assets)

7,430

2,067

1,156

4,901

4,073

9,658

   Real estate held for sale in progress

22,86333,30832,28830,44436,13432,390

Fixed assets

19,357

19,081

23,366

34,40053,94553,237

Net assets

21,13824,147

27,13831,18933,67736,792

Interest-bearing debt

32,39035,09637,765

48,81270,396

79,864

Per Share Information:
Jan. 2000	Joined the Company
Apr. 2015	Executive Officer and General Manager of theOverall Sales Group – Sales Division, Managerof the Sales Promotion Department, and Chiefof the Sales Planning OfficeJun. 2016	Director, Executive Officer, and General
Manager of the Overall Sales Group – Sales
Division, Manager of the Sales Promotion
Department, and Manager of the Business
Department (incumbent)
Jun. 2017	Director, Takara Leben Tohoku Co., Ltd.
(incumbent)

Net income per share (Yen)

29.12

33.61

50.64

50.61

38.99

56.14

Net assets per share (Yen)

170.83201.90237.53279.11304.71

339.29Dividends per share (Yen)*

13.0

15.0

5.0

6.0

13.0

15.0

17.4

Operating Indices (%):
ROE

18.6

18.0

22.9

19.7

13.3

ROA

5.6

5.6

6.9

5.8

3.7

4.5

Operating income margin

10.7

9.8

13.6

12.0

9.9

10.0

Debt ratio (Times)

Director(Outside)

2016

Gross profit

Current ratio
Hitoshi Shida2015

Director

Director

May 2016	Joined Company, General Manager of General
Affairs Division
Apr. 2017	Executive Officer, Executive General Manager
of General Planning Division, General Manager
of Control Group of Corporate Planning,
General Manager of Personnel, General
Manager of Corporate Planning
May 2017	Director, Leben Community Co., Ltd. (incumbent)
Jun. 2017	Director, Executive Officer, and Executive General
Manager of General Planning Division, General
Manager of Control Group of Corporate Planning,
General Manager of Personnel, General Manager
of Corporate Planning (incumbent)

2014

Tadayuki Hara

Managing Director

Mar. 1997	Joined the Company
Aug. 2014	Director, Sunwood Corporation (incumbent)
Oct. 2016	Managing Director, Executive Officer, andExecutive General Manager of theDevelopment Division, General Manager of theOverall Development Group, General Managerof the Development Division, General Manager
of Yokohama Branch, and General Manager ofthe Eco-Energy Division
Apr. 2017	Managing Director, Executive Officer, andExecutive General Manager of theDevelopment Division (incumbent)

2013

Fiscal Year:

May 1987	Joined the Company
Jun. 2006	Representative Director, Vice President, andExecutive General Manager of theDevelopment Division
Apr. 2014	Representative Director, President, CEO, COO,
and CFO (incumbent)

Yoshitaka
Tejima2012

KatsumiKasahara
Director(Outside)

2.3

2.1

2.5

2.3

2.9

2.8

136.3

192.7

192.3

194.6

176.7

171.5

Kenji Kawada

Inventory turnover (Times/Year)

1.9

2.0

2.1

2.2

2.0

2.5

Director(Outside)

Equity ratio

30.1

32.2

28.2

30.6

25.8

26.2

Dividend payout ratio

11.2

11.2

9.9

11.9

33.3

26.7

* The period-end dividend for the fiscal year ended March 31, 2012 comprised an ordinary dividend of ¥7 per share and a commemorative dividend of ¥2 per share.
Apr. 1961	Joined the Nippon-Sogo Bank, Ltd. (currently
Sumitomo Mitsui Banking Corporation)
Jun. 1997	Representative Director, Yoei Co., Ltd.
Jun. 2004	Director, Ribest Co., Ltd.
Jun. 2014	Director, Takara Leben Co., Ltd.
(incumbent)

20

Takara Leben Annual Report 2017

May 1973	Registered in the Roll of Attorneys (registration
no.: 13897); Joined the Tokyo Bar Association
May 1999	Counselor, Japan Credit Counseling
Organization
Apr. 2013	Legal Counsel and Member of the Ethics
Committee, The Society for Preservation ofJapanese Art Swords (incumbent)
Jun. 2015	Director, Takara Leben Co., Ltd. (incumbent)

May 2003	Representative Director and President, Resona
Holdings, Inc.
Jun. 2009	Chief Director, Resona Research Institute Co.,
Ltd.
Jan. 2016	Representative of TMA KAWADA OFFICE(incumbent)
Apr. 2016	Adviser, FUJITSU RESEARCH INSTITUTE
Jun. 2017	Director, Takara Leben Co., Ltd. (incumbent)

Note: Takara Leben conducted a 4-for-1 stock split with the effective date of July 1, 2013. Dividends per share for the fiscal years ended March 31, 2014 and March 31, 2015 take into account the
impact of this stock split.
Moreover, past net assets per share and net income per share data is presented after adjusting for the stock split.

Takara Leben Annual Report 201721

Consolidated Balance Sheet
As of March 31

Millions of yen
2016

AssetsCurrent assets   Cash and deposits   Notes and accounts receivable—trade   Real estate held for sale   Power generation facilities for sale   Real estate held for sale in progress   Costs incurred on uncompleted contracts   Deferred tax assets  Other   Allowance for doubtful accounts   Total current assets
Fixed assets   Tangible fixed assets   Buildings and structures    Accumulated depreciation    Buildings and structures, net    Machinery, equipment and vehicles    Accumulated depreciation     Machinery, equipment and vehicles, net    Tools, furniture and fixtures    Accumulated depreciation     Tools, furniture and fixtures, net   Land   Lease assets    Accumulated depreciation    Lease assets, net   Construction in progress    Total tangible fixed assets   Intangible fixed assets   Goodwill   Lease assets   Other    Total intangible fixed assets   Investments and other assets   Investment securities   Long-term loans   Deferred tax assets   Other    Allowance for doubtful accounts    Total investments and other assets   Total fixed assets
Deferred assets
Total assets

22

Takara Leben Annual Report 2017

Millions of yen

2017¥ 28,515
963
4,073
—
36,134
116
62
5,924
(38)
75,753¥ 29,780
1,331
9,658
7,885
32,390
15
99
5,549
(124)
86,585

14,725(3,516)
11,20913,399(996)
12,402152(117)
35
24,750
243
(114)
129
710
49,237

17,742(3,506)
14,235
5,125
(525)
4,600
148
(93)
55
23,821
231
(144)
87
4,346
47,146

1,006
76
428
1,512

889
42
459
1,391

379
49
60
2,728
(22)
3,195
53,94545¥129,744

1,228
31
72
3,375
(9)
4,699
53,23751¥139,874

Liabilities
Current liabilities   Notes and accounts payable, trade  Short-term borrowings   Current portion of bonds   Current portion of long-term borrowings  Lease obligations   Income taxes payable  Advance received   Allowance for bonuses   Allowance for compensation for complete work   Deferred tax liabilities  Other   Total current liabilities
Noncurrent liabilities  Long-term borrowings  Bonds  Lease obligations   Allowance for directors’ retirement benefits   Liabilities related to retirement benefits   Asset retirement obligations   Deferred tax liabilities  Other   Total noncurrent 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 (losses) on available-for-sale securities   Total accumulated other comprehensive income
New share subscription rights
Total net assets
Total liabilities and net assets

2016

2017

¥ 12,037
7,412—
12,410
93
1,113
3,110
297
330
786
5,267
42,859¥ 12,173
16,49060
13,098
51
2,976
2,234
323
405
269
2,399
50,48250,147
200
131
32
307
21
555
1,811
53,207
96,06648,439
1,640
85
56
331
22
39
1,984
52,599103,081

4,819
4,817
29,011(5,100)33,5484,819
4,817
32,970(5,976)
36,630

(11)
(11)
140
33,677¥129,744

4
4
157
36,792¥139,874

Takara Leben Annual Report 201723

Consolidated Statements of Income and Comprehensive Income

Consolidated Statement of Changes in Shareholders’ Equity

Consolidated Statement of Income

Millions of yen
2016

Millions of yen

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Commissions received
Income from equity method investment
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expense
Miscellaneous losses
Total non-operating expense
Ordinary income
Extraordinary gains
Gain on reversal of subscription rights to shares
Total extraordinary gains
Extraordinary losses
Impairment loss
Loss from compensation for complete work
Office transfer expenses
Loss on liquidation of subsidiaries and associates
Total extraordinary losses
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Net income attributable to owners of parent

2016

2017

¥76,268
58,433
17,835
10,272
7,563¥103,599
81,72921,86911,52010,349

3
4
93
65
96
262

15
27
106
36
65
252

996
121
1,117
6,708

1,036
69
1,105
9,496

—
—

13
13

—
252
—
—
252
6,456
1,508
639
2,148
4,308
¥ 4,308

651
170
95
45
963
8,547
3,519
(1,080)2,439
6,107¥  6,107

Millions of yen

24

Takara Leben Annual Report 2017

Balance at beginning of year

Capitalstock

CapitalsurplusRetainedearnings

Treasury
stock

Total
shareholders’equity¥4,819¥4,817¥26,251¥(4,806)¥31,081

2016

2017

¥4,308¥6,107

(42)
(42)
4,266

16
16
6,124

4,266

6,124

Accumulated othercomprehensive income
Net unrealized
gains (losses)
on availablefor-salesecurities

Total
accumulated
othercomprehensive income

New share
subscription
rightsTotal
net assets

¥ 30

¥ 30

¥ 77

¥31,189

Changes during the year
 Dividends from surplus

(886)

(886)

(886)

 Net income attributable toowners of parent

4,308

4,308

4,308

(970)

(970)

(970)

 Acquisition oftreasury stock Disposition oftreasury stock

55

36

92

92

 Cancellation oftreasury stock

(640)

640

—

—

 Transfer from retained
earnings to capital surplus

584 Change of scope ofequity method

(584)

—

—

(78)

(78)

(78)

 Net changes of items otherthan shareholders’ equity
Total changes during the year
Balance at end of year

(42)

(42)

63

20

—

—

2,760

(293)

2,466

(42)

(42)

63

2,487

¥4,819¥4,817¥29,011¥(5,100)¥33,548

¥(11)

¥(11)

¥140

¥33,677

Millions of yen
2017
Shareholders’equityBalance at beginning of year

Capitalstock

CapitalsurplusRetainedearnings

Treasury
stock

Total
shareholders’equity¥4,819¥4,817¥29,011¥(5,100)¥33,548

Accumulated othercomprehensive income
Net unrealized
gains (losses)
on availablefor-salesecurities

Total
accumulated
othercomprehensive income

New share
subscription
rightsTotal
net assets

¥(11)

¥(11)

¥140

¥33,677

Changes during the year
 Dividends from surplus(1,532) Net income attributable toowners of parent

6,107 Acquisition oftreasury stock

Consolidated Statement of Comprehensive Income
Net income
Other comprehensive income
Net unrealized gains (losses) on available-for-sale securities
Total other comprehensive income
Comprehensive income(Comprising)Comprehensive income attributable to parent

Shareholders’equity Disposition oftreasury stock129 Cancellation oftreasury stock(746) Transfer from retained
earnings to capital surplus

616(1,532)
6,107

6,107

(1,754)(1,754)(1,754)

132

261

261

746
(616)

 Change of scope ofequity method

—

—

—

—

—

 Net changes of items otherthan shareholders’ equity
Total changes during the year
Balance at end of year

(1,532)

—
16

16

16

33

—

—

3,958

(875)

3,082

16

16

16

3,115

¥4,819¥4,817¥32,970¥(5,976)¥36,630

¥ 4

¥ 4

¥157

¥36,792

Takara Leben Annual Report 201725

History

Consolidated Statement of Cash Flows
Millions of yen
2016

Cash flows from operating activities
Net income before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill(Decrease) increase in allowances
Increase in liabilities related to retirement benefits
Interest and dividend income
Gain on reversal of subscription rights to shares
Equity-based compensation cost
Interest expense
Increase (decrease) in accounts receivable—trade
Decrease (increase) in operating loans
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable—trade
Increase (decrease) in advances received
Other
SubtotalInterest and dividend received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Payments into time deposits
Withdrawals from time deposits
Decrease (increase) in short-term loans receivable
Acquisition of tangible fixed assets
Proceeds from sale of tangible fixed assets
Acquisition of intangible fixed assets
Acquisition of investment securities
Proceeds from sale of subsidiaries and affiliates’ stocks
Outflow from acquisition of subsidiaries’ stock resulting in change in the scope of consolidation
Other
Net cash used in investing activities
Cash flows from financing activities
Net increase in short-term borrowings
Proceeds from long-term borrowings
Repayment of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Repayment of lease obligations
Acquisition of treasury stock
Dividends paid
Net cash provided by financing activities(Decrease) increase in cash and cash equivalent
Cash and cash equivalent at beginning of year
Cash and cash equivalent at end of year

26

Takara Leben Annual Report 2017

¥ 6,456
1,192
—
117
232
51
(7)
—
155
996
(30)
33
(2,600)2,013(1,036)(1,756)5,817
7(1,032)(2,364)
2,428
(135)
176
4
(19,739)
16
(23)
(200)
84
—
0
(19,816)
2,670
41,201(22,256)
200
(200)
(96)
(970)
(884)
19,6632,275
26,114¥28,3902017¥ 8,547
2,397
651
117
197
24
(43)
(13)
291
1,036
(367)
85
12,529
136
(875)
568
25,28343(942)(1,739)22,644(202)
171
8(23,860)
—
(62)
(832)
—
(2,755)(6)(27,540)
9,077
42,456(43,477)
1,477
—
(118)
(1,754)(1,531)6,129
1,233
28,390¥29,623

1971–1980
1972

Established as Takara Komuten Co., Ltd. in Yamato-cho, Itabashi-ku

1974

Relocated the Company’s head office to Nakaitabashi, Itabashi-ku

1975

Purchased the Company’s head office to the Nakaitabashi Head Office Buildings (Dai-ichi Takara Building)

1981–1990
1982

Launched the real estate rental business

1986

Established Takara Jyuhan Co., Ltd. in an effort to expand sales and intermediary operations

1988

Established Takara Management Co., Ltd. as a real estate management company

1991–2000
1994

Set up the Condominium Division at Takara Jyuhan Co., Ltd.

1994

Commenced sales of the “Leben Heim” series of condominiums

1996

Changed the name of Takara Management Co., Ltd. to Leben Community Co., Ltd.

1999

Undertook the absorption-type merger of Takara Jyuhan Co., Ltd.

2000

Changed the name of Takara Komuten Co., Ltd. to Takara Leben Co., Ltd.

2001–2010
2001

Relocated the Company’s head office to Ikebukuro following completion of the Takara Leben Head Office Building

2001

Listed on the JASDAQ market

2001

Established TAFUKO Co., Ltd. as a financial brokering business

2003

Listed on the Second Section of the Tokyo Stock Exchange

2004

Listed on the First Section of the Tokyo Stock Exchange

2004

Made the real estate brokerage company Relivel Leben Co., Ltd. into a subsidiary company

2004

Established AS Partners Co., Ltd. as a nursing care business

2006

Relocated the Company’s head office to the Shinjuku-Sumitomo Building

2006

Changed the name of Relivel Leben Co., Ltd. to Takara Live Net Co., Ltd.

2008

Launched the new Takara Leben brand2009

Converted AS Partners Co., Ltd. from a subsidiary company to an affiliate accounted for by the equity method following the sale of a portion of thecompany’s shares

2010

Launched the detached housing business with detached housing built by the Company in its own right

2011–Present
2011

Commenced sales of custom-built houses; exhibited products at the Tachikawa Housing Exhibition Center

2011

Removed Takara Live Net Co., Ltd. from the Company’s scope of consolidation as a subsidiary company following the transfer of shares

2012

Launched the new LEBEN condominium brand2012

Made the real estate rental and management business Takara Housing Co., Ltd. (current Takara Property Co., Ltd.) into a subsidiary company

2013Entered the mega-solar business2013

Established Takara Asset Management Co., Ltd. as an investment management business2013

Made Sunwood Corporation into an affiliate accounted for by the equity method

2014

Set up the Hokuriku Office2014

Set up the Tohoku Office

2014

Made the real estate distribution business Oasis Co., Ltd. (current Takara Leben Realnet Co., Ltd.) into a subsidiary company

2014

Made Nikko Kensetsu Co., Ltd. into a subsidiary company

2015

Closed the Tohoku Office

2015

Made Live Net Home Co., Ltd. (current Takara Leben Tohoku Co., Ltd.) into a subsidiary company; relocated to Sendai City, Miyagi Prefecture

2015

Made Jyutakujyouhoukan Co., Ltd. into a subsidiary company

2016

Made Nikko Property Co., Ltd. into a subsidiary company

2016

Changed the name of Nikko Kensetsu Co., Ltd. to Nikko Takara Corporation Co., Ltd.

2016

Completed steps for Takara Leben Infrastructure Fund Inc. to be the first to list on the infrastructure fund market

2017

Closed Yokohama Branch; set up Osaka Branch2017

Set up the Sapporo Office2017

Changed the name of Jyutakujyouhoukan Co., Ltd. to Takara Leben West Japan Co., Ltd. Established Fukuoka Head Office2017

Relocated the Company’s head office to the TEKKO BUILDING in Marunouchi, Chiyoda-ku

Takara Leben Annual Report 201727

Corporate Data

Stock Information

Name

Takara Leben Co., Ltd.

Representative

Kazuichi Shimada,
Representative Director and President

Established

September 1972

Capital stock (As of March 31, 2017)¥4,819 million

Net sales (Fiscal year ended March 31, 2017)¥103,599 million

No. of employees (As of March 31, 2017)265

Head office

1-8–2 Marunouchi, Chiyoda-ku,
Tokyo, Japan 100-0005
TEL.: +81-3-6551-2100

Securities code

8897

Stock exchange listingFirst Section, Tokyo Stock Exchange

Shareholder registryadministrator

Sumitomo Mitsui Trust Bank, Ltd.
1-4-1, Marunouchi, Chiyoda-ku, Tokyo

Total number of shares
outstanding (As of March 31, 2017) 124,000,000 shares
100 shares

Trading unit of shares

Related companies (As of May 31, 2017)
Leben Community Co., Ltd.

Chiyoda-ku, Tokyo

Takara Leben Tohoku Co., Ltd.

Sendai City, Miyagi Prefecture

Takara Leben West Japan Co., Ltd.

Matsuyama City, Ehime Prefecture

Nikko Takara Corporation Co., Ltd.

Chuo-ku, Tokyo

Takara Leben Realnet Co., Ltd.

Chuo-ku, Tokyo

Takara Property Co., Ltd.

Toshima-ku, Tokyo

Nikko Property Co., Ltd.

Yokohama City, Kanagawa Prefecture

TAFUKO Co., Ltd.

Chiyoda-ku, Tokyo

Takara Asset Management Co., Ltd.

Chiyoda-ku, Tokyo

Sunwood Corporation

Minato-ku, Tokyo

Number of shareholders
18,284(As of March 31, 2017)

Major shareholders (Top 10) (As of March 31, 2017)

Number of shares held by investor segment (As of March 31, 2017)
Shares(Thousands)

Percentage
share (%)

Yoshio Murayama

25,633

20.67

Takara Leben Co., Ltd.

16,022

12.92

The Master Trust Bank of Japan, Ltd. (Trust Account)

3,486

2.81

Name of shareholder

Japan Trustee Services Bank, Ltd. (Trust Account)

3,225

2.60

BNYM SA/NV FOR BNYM FOR FMSF-FRANKLIN
MUTUAL FINANCIAL SERVICES FUND

2,419

1.95

Murayama Kikaku Co., Ltd.

2,000

1.61

CITIBANK EUROPE PLC, UK BR-STANDARD
LIFE INVESTMENTS STRATEGIC BOND FUND

1,818

1.47

THE BANK OF NEW YORK 133612

1,750

1.41

Japan Trustee Services Bank, Ltd. (Trust Account 5)

1,580

1.27

THE BANK OF NEW YORK 133524

1,452

1.17

Securities companies
3.02%
Treasury stock
12.92%

Individuals andothers38.44%

Non-Japanese
investors
27.43%

Other domestic
corporate investors
3.35%

Financial
institutions
14.84%

Share price trends(April 6, 2015 relative value of 100)    Takara Leben    TOPIX

150
150

100
100

50
50

00


Trading volume (thousand shares)

15,00015,00012,00012,000
9,000
9,000
6,000
6,000
3,000
3,000
4
4

5
5

6
6

7
7

8
8
2015
2015

28

Takara Leben Annual Report 2017

9
9

10
10

11
11

12
12

1
1

2
2

3
3

4
4

5
5

6
6

7
7
2016
2016

8
8

9
9

10
10

11
11

12
12

1
1

2
2

3
3

00

2017
2017

Takara Leben Annual Report 201729

Takara Leben Co., Ltd.
TEKKO BUILDING 16F, 1-8-2 Marunouchi,
Chiyoda-ku, Tokyo, Japan 100-0005
Investor Relations Office
TEL.: +81-3-6551-2130 FAX: +81-3-6551-2139
http://www.leben.co.jp

Printed in Japan