First Quarter Consolidated Financial Reportfor the Three Months Ended June 30, 2011 (Japan GAAP)
July 25, 2011

Takara Leben CO., LTD.
Shares listed on:
Security code:
URL:
Representative:
Contacts:

First Section of the Tokyo Stock Exchange8897
http://www.leben.co.jp
Yoshio Murayama, President and Representative Director
Toshiya Kitagawa, Corporate Officer and Office Manager, Marketing Planning OfficeTel: +81-3-5324-8720

Scheduled date for release of Quarterly Report:
Scheduled date for commencement of dividend payments:
Has the Company prepared supplementary briefing materials for the Quarter:
Has the Company held briefings concerning its quarterly financial results:

August 12, 2011
-NoNo

1. Consolidated Operating Results for the Three Months Ended June 30, 2011
(April 1-June 30, 2011)(1) Consolidated Operating Results (Year-to-Date)(¥ millions, rounded down; percentage figures represent year-on-year change)
Net Sales

Operating Income%Ordinary Income
Million yen

Net Income

Million yen%

Million yen

Three months ended June 30, 2011

4,246

(39.7)(350)-(563)-%

Million yen(602)-Three months ended June 30, 2010

7,040

(25.5)

757

698.0

356-348-(Note) Comprehensive income: Three months ended June 30, 2012: (599)(-%) / Three months ended June 30, 2011: 346(-%)
Net Income perShare

Diluted Net Incomeper ShareYenYenThree months ended June 30, 2011(18.59)-Three months ended June 30, 2010

14.69-(2) Consolidated Financial Position
Total Assets

Total Net Assets

Equity Ratio

Million yen

Million yen%

As of June 30, 2011

63,40917,567

27.7

As of March 31, 2011

61,054

18,361

30.1<Reference> Shareholders’ equity at end of period: June 30, 2011: ¥17,567 million / March 31, 2011: ¥18,361 million%

2. Cash Dividends
Annual Cash Dividends per Share
1Q

2Q
Yen

Year Ending March 31, 2011-

Year Ending March 31, 2012

-3Q
Yen

Year Ending March 31, 2012 (Forecast)Year-End
Yen

Full-Year

Yen

Yen

3.00

-

6.00

9.00

4.00

-

9.00

13.00

(Note) Has the Company changed its dividend forecast for the current quarter: No

3. Consolidated Operating Results Forecast for the Fiscal Year Ending March 31, 2012
(April 1, 2011-March 31, 2012)(¥ millions, rounded down; percentage figures represent year-on-year compared with priorconsolidated fiscal year and the prior consolidated fiscal year interim (year-to-date) period)
Net Sales
Million yen

Operating Income% Million yen

As of September 30, 2011

15,400(7.3)

As of March 31, 201257,15021.9% Million yen

790 (64.3)
6,170

Ordinary Income(8.7)% Million yen

300 (80.4)
5,160(Note) Has the Company changed its consolidated forecast during this quarter: Yes(6.6)

Net Income perShareNet Income%yen

100 (93.3)

3.09

3,600 (29.2)

111.104. Other (For details please refer to [Attachments] Page 3 “Other Information”)(1) Changes in the status of material subsidiaries during the period: No(Changes in specific subsidiaries during the quarterly accounting period under review in conjunction with achange in the scope of consolidation.)
Newly consolidated companies (--) Newly excluded companies (--)
(2) Application of Special Accounting Treatment Made in Preparationof the Quarterly Consolidated Financial Statements: Yes(3) Changes in Accounting Policies, Changes in Accounting Estimates or Restatement
A. Changes in accounting policies accompanying revision of accounting standards: NoB. Changes in accounting policies other than those in (1): No
C. Changes in accounting estimates: No
D. Restatement: No(4) Number of shares issued (common stock)a. Number of shares outstanding at the end of the period (including treasury stock)b. Number of shares of treasury stock at the end of the periodc. Average number of shares during the period (quarter year-to-date)a.

As of June 30, 2011: 33,386,070 shares

As of March 31, 2011: 33,386,070 sharesb.

As of June 30, 2011:

As of March 31, 2011:c.

982,771 shares

Three months ended June 30, 2011: 32,403,299 shares

982,771 shares

Three months ended June 30, 2010: 23,711,197 shares

Note: Explanation concerning implementation status of quarterly review procedure
This quarterly earnings report is exempt from the quarterly review procedure based on the Financial
Instruments and Exchange Act. At the time of disclosure of this quarterly earnings report, t he Company has
not completed a quarterly review procedure for financial statements based on the Financial Instruments andExchange Act.
Note: Explanation concerning appropriate use of the projected operating results and other items to note
The forward-looking statements, including business results forecasts, contained in these materials are
based on information currently available to the Company and on certain assumptions deemed to bereasonable. Actual business results may differ substantially due to a number of factors.

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011

Attachments Table of Contents
1. Qualitative Information Pertaining to Consolidated Operating Results for the Quarter .......................................... 2(1) Qualitative Information Pertaining to Consolidated Operating Performance ..................................................... 2(2) Qualitative Information Pertaining to Consolidated Financial Position ............................................................. 2(3) Qualitative Information Pertaining to Forecasted Consolidated Operating Results ........................................... 3
2. Summary Information Pertaining to Other Matters .................................................................................................. 3(1) Changes to Material Subsidiaries during the First-Quarter Year-to-Date Period ................................................ 3(2) Application of Special Accounting Treatment Made in Preparation of the Quarterly Consolidated
Financial Statements ........................................................................................................................................... 3(3) Changes in Accounting Policies, Changes in Accounting Estimates or Restatement ......................................... 3
3. Quarterly Consolidated Financial Statements .......................................................................................................... 4(1) Quarterly Consolidated Balance Sheets .............................................................................................................. 4(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
Income ................................................................................................................................................................ 6
Quarterly Consolidated Statements of Income
First-Quarter Year-to-Date Period ................................................................................................................... 6
Quarterly Consolidated Statements of Comprehensive Income
First-Quarter Year-to-Date Period ................................................................................................................... 7(3) Notes Pertaining to the Going Concern Assumption .......................................................................................... 8(4) Notes on Significant Changes to Shareholders’ Equity ...................................................................................... 8(5) Important Events after Reporting Period ............................................................................................................ 8-1-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011

1. Qualitative Information Pertaining to Consolidated Operating Results for the Quarter(1) Qualitative Information Pertaining to Consolidated Operating Performance
a. Performance by business segment
In the first-quarter year-to-date period of the Takara Leben Group’s fiscal year ending in March 2012, sales
from the real estate sales business amounted to ¥3,006 million. This reflected sales in the new built-for-salecondominium business, as well as sales in the newly-built detached housing business, renovations business andresale business.
In the real estate rental business, sales totaled ¥356 million. This reflected rental revenue from condominiums
for rent and from office and store space leasing.
In the real estate management business, sales from the management of 26,395 units of residential
condominiums were ¥551 million.
Sales from other businesses amounted to ¥332 million, mainly from orders for optional construction work andcommissions from real estate agency services.
As a result of the above operations, consolidated sales for the first-quarter year-to-date period of the current
consolidated fiscal year were ¥4,246 million.
b. Overview
The consolidated sales of the Takara Leben Group for the first-quarter year-to-date period of the current
consolidated fiscal year ended at 7.1% of the full year plan. Quarterly net loss for the same period was ¥602
million. This was attributed to the fact that deliveries in the new built-for-sale condominium business, the corebusiness of the Group, were concentrated in the second half of the current fiscal year.
c. Contracted ratio status
With regard to sales performance in the first-quarter year-to-date period of the current consolidated fiscal year,
contracts were concluded for 892 units, compared with a full-year target of 1,441 units scheduled for delivery.
The contract ratio was at 61.9%, which saw an increase of 7.5 percentage points compared to the same period of
the previous year, showing a steady growth in the business.
(Contracts signed versus number of units forecast for delivery)Units scheduled for
Number ofContracted ratiodeliverycontracts signed(%)(units)(units)New built-for-sale
1,441
892
61.9
condominium

Contracted ratio(same period of theprevious year) (%)
54.4

In addition to new built-for-sale condominiums, sales are proceeding steadily in the newly-built detachedhousing business, renovations business, and resale business.
(2) Qualitative Information Pertaining to Consolidated Financial Positiona. Assets, Liabilities and Net Assets
With regard to the assets, liabilities, and net assets of the Group at the end of the first-quarter consolidated
accounting period under review, total assets were ¥63,409 million, an increase of ¥2,354 million compared withthe end of the previous consolidated fiscal year. The increase mainly reflected an increase in inventory inconjunction with new purchases.

-2-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011

(Current Assets)
Current assets increased ¥2,021 million compared with the end of the previous consolidated fiscal year to¥43,949 million. This mainly reflected an increase in inventory assets as a result of new purchases.
(Fixed Assets)
Fixed assets increased ¥333 million compared with the end of the previous consolidated fiscal year to ¥19,459
million, mainly as the result of purchases of business assets.
(Current Liabilities)
Current liabilities increased ¥4,381 million compared with the end of the previous consolidated fiscal year to¥32,532 million, mainly as a result of an increase in advances received on contracts concluded and the shift in
debt maturities from long-term debt to short-term borrowings.
(Fixed Liabilities)
Fixed liabilities decreased ¥1,232 million compared with the end of the previous consolidated fiscal year to¥13,309 million, mainly because of the shift in debt maturities from long-term debt to short-term borrowings.
(Net Assets)
Total net assets decreased ¥794 million compared with the end of the previous consolidated fiscal year to¥17,567 million. The decrease was attributed to the net loss for the first quarter and a decrease in capital surplus
due to dividends paid.
(3) Qualitative Information Pertaining to Forecasted Consolidated Operating Results
For information concerning the forecasted consolidated operating results, please refer to the Notification
Concerning the Revision of Forecasted Operating Results and the Notification Concerning Consolidated
Operating Results Forecast for the Second-Quarter Year-To-Date Period of the Fiscal Year Ending in March 2012,
which were both released on July 25, 2011.
2. Summary Information Pertaining to Other Matters(1) Changes to Material Subsidiaries during the First-Quarter Year-to-Date Period
The Company had no pertinent matters to report.
(2) Application of Special Accounting Treatment Made in Preparation of the Quarterly Consolidated FinancialStatements
a. Calculation method for fixed-asset depreciation
For assets for which the declining-balance method has been adopted, the Company calculates the amount ofdepreciation and amortization pertaining to the consolidated fiscal year and allocates an amount on a pro-ratabasis for each reporting period.
b. Valuation method for inventory assets
The Company calculates write-downs of inventory book value by estimating the net sale value only of assets
for which there has been a clear decrease in profitability and writing down the book value to the estimate amount.
(3) Changes in Accounting Policies, Changes in Accounting Estimates or Restatement
The Company had no pertinent matters to report.

-3-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2011

As of June 30, 2011ASSETS
Current assets:
Cash and cash equivalents

9,414

Notes and accounts receivable, trade

7,282

416

431

Real estate held for sale

5,259

3,855

Real estate for sale under construction

23,57529,050

Other

3,301

3,362Allowance for doubtful accounts
Total current assets

(38)

(32)

41,92843,949Fixed assets:
Tangible fixed assets
Buildings and structures (net)

4,654

4,582

Land

13,25913,64438

35

17,951

18,262484

481

Other915

939

Allowance for doubtful accounts

(225)

(224)

Total investments and other assets

689

715

19,126

19,45961,054

63,409Notes and accounts payable, trade

3,785

2,066

Short-term borrowings

3,720

6,168

Long-term debt due within one year

Other (net)Total tangible fixed assets
Intangible fixed assets
Investments and other assets

Total fixed assets
Total assets
LIABILITIESCurrent liabilities:

16,96019,682

Income taxes payable9353

Reserve

176

103

Other

3,416

4,458

Total current liabilities

28,151

32,532

Fixed liabilities:
Long-term borrowings

13,66912,444

Reserve

231

235

Other

640

629

14,541

13,30942,69245,841

Total fixed liabilities
Total liabilities-4-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011

(Millions of yen)
As of March 31, 2011

As of June 30, 2011

NET ASSETSShareholders’ capital:
Capital

4,819

4,819

Additional paid-in capital

4,949

4,949

Retained earnings

9,905

9,109

Treasury stock(1,295)(1,295)

Total shareholders’ capital

18,38017,583

(18)

(15)

(18)

(15)

18,361

17,56761,054

63,409Other accumulated comprehensive income:
Other Valuation difference on
available-for-sale securities

Total other accumulated comprehensive
incomeTotal net assets
Total liabilities and net assets-5-Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income
First-Quarter Year-to-Date Period(Millions of yen)Three Months Ended
June 30, 2010

Three Months Ended
June 30, 2011

Net sales

7,040

4,246

Cost of sales

4,763

2,887

Gross profit

2,277

1,359

Selling, general and administrative expenses

1,519

1,709757(350)

Interest income

71Dividend income

11

Commissions received

118

Equity in earnings of affiliates－7

Miscellaneous income

218

Total Non-Operating income

2338

Interest expense

312

235

New share issuance costs

110－

Operating income (loss)
Non-Operating income:Non-Operating expenses:

Miscellaneous losses

215424251356(563)

Reversal of provision for loans

9－

Reversal of provision for bonuses

0－Gain on prior periods adjustment

49－

Other

2－

Total extraordinary gains

62－

0610－

32－

Total Non-Operating expenses
Ordinary income (loss)
Extraordinary gains:

Total extraordinary losses:
Loss on disposal of fixed assets
Loss on adjustment for changes of accounting
standard for asset retirement obligations
Income taxes for prior periods
Loss on valuation of investment securities

83

Loss on sale of investment securities

2－

Other0－Total extraordinary losses

54

9Net income (loss) before income taxes

364

(572)

Income taxes, inhabitant taxes and business taxes

46

48

Income tax refund

(12)

－

Income tax adjustments

(18)

(18)

Total income and other taxes

15

29

Income (loss) before minority interests

348

(602)

Net income (loss)

348

(602)

-6-

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011Quarterly Consolidated Statements of Comprehensive Income
First-Quarter Year-to-Date Period(Millions of yen)Three Months Ended
June 30, 2010
Income (loss) before minority interests

Three Months Ended
June 30, 2011
348

(602)

Other Valuation difference on available-for-sale securities(1)

2

Other comprehensive income (total)

(1)

2

346

(599)

346

(599)

Other comprehensive income:Comprehensive income(Comprising)Comprehensive income attributable to parent-7-

Takara Leben CO., LTD. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2011

(3) Notes Pertaining to the Going Concern Assumption
The Company had no pertinent matters to report.
(4) Notes on Significant Changes to Shareholders’ Equity
The Company had no pertinent matters to report.
(5) Important Events after Reporting Period
The Company had no pertinent matters to report.
(Omission of disclosure)
Quarterly consolidated statements of cash flows, disclosure of segment information, other matters of note,non-consolidated operating and financial information and supplemental information have been omitted
because the Company believes there is no significant need for the disclosure of these items in the first-quarter
consolidated financial report.

-8-