Semi-Annual Report
Fiscal Year Ending Dec. 31, 2019【English Summary】
Disclaimer: This English summary is only for reference purpose.
When there are any discrepancies between original Japanese version andEnglish version, the original Japanese version always prevails.

3452 TSE, First Section

Aug.9,2019

Ⅰ. Performance Review

Ⅰ. Performance Review
Ⅱ. Business Summary
Ⅲ. Company Profile

P.02-06
P.07-17
P.18-29

Ⅰ-１. Summary･･･Q2 FY12/19･･･

36.2% progress toward the annual target of consolidated net income.
It surged 285.8% year on year.
The total balance of the properties for sale is 18.2B JPY.
The tight relationship with partner companies and overseas investors
have contributed to recurring deals.
Invested in “Yokohama Shoen” , which provides funeral ceremony
service and columbarium operation.
New business model to contribute Japan’s aging society.

Diverse team-building, including global members and gender equality.

B-Lot Co., Ltd. All rights reserved. 3

･･･Q2 FY12/19･･･

Ⅰ-2. Medium-term outlook◆ Medium-term management plan targets (FY12/19–FY12/20)
Previous year’s
results(Millions of yen)

Forecast period

FY 12/18

YoY change（％）

FY 12/19

YoY change（％）

FY 12/20

Consolidated

revenue

20,26726,30029.8

30,00014.1

Consolidated

operating profit

3,307

3,738

13.0

4,552

21.8

Consolidated

ordinary income

2,832

3,360

18.6

4,121

22.7

Consolidated

net profit

1,960

2,357

20.2

2,843

20.6

Net profit has surpassed initial forecast for the 4 consecutive years since IPO.
Revenue
30,000Ordinary income(Millions of yen)

Initial forecast
Actual30,00026,30025,0005,000

Initial forecast
Actual

10,00013,097
（2Q）

7,375

1,998
2,000

5,000

1,000

0

0
2016/12 2017/12 2018/12 2019/12 2020/12(Millions of yen)

Initial forecast
Actual

2,843
2,357

2,500
1,960
2,000

2,832

3,000
11,626

4,121
3,360

20,00015,000

3,000

4,000

20,267

Net profit(Millions of yen)

（2Q）

1,211

1,250

1,500
1,000

874

（2Q）

854
588

500
0
2016/12 2017/12 2018/12 2019/12 2020/12

2016/12 2017/12 2018/12 2019/12 2020/12
B-Lot Co., Ltd. All rights reserved. 4

･･･Q2 FY12/19･･･

Ⅰ-3. Performance Highlights

Net profit and other KPI shows a sound growth
Revenue

7,375MillionUP

47.5％YOY(Millions of yen)

25,000Ordinary
income1,211
MillionUP

242.1％YOY(Millions of yen)

■FY2019 Forecast■2Q FY2019 Actual results

26,300854
Million

3,500■FY2019 Forecast■2Q FY2019 Actual results

3,000

2,832

3,360

2,500

285.8％YOY■FY2019 Forecast■2Q FY2019 Actual results

2,357

1,960

2,000

20,000UP(Millions of yen)

20,267

15,000Net profit

2,500
2,000

1,998

1,500

1,250

13,097
1,500

1,000

10,000
1,000
5,000

7,375
-

1,211

500
-

2017/122018/122019/12500854

2017/122018/122019/122017/122018/122019/12

Note: In this presentation, net profit attributable to shareholders of parent is shown as net profit.

B-Lot Co., Ltd. All rights reserved. 5

･･･Q2 FY12/19･･･

Ⅰ-4. Consolidated PL / BS Summary

1. Expanding profits in all 3 businesses
2. Making progress as planned to the annual target

Consolidated P&L Summary

Revenue(1) Real Estate Investment
and Development business(2) Real EstateConsulting business(3) Real EstateManagement business(Millions of yen)

2018/6

2019/6

4,999

7,375

47.5％

3,957

5,253

32.7％

Consolidated BS Summary

YoY change(Millions of yen)

2018/122019/624,26830,281

24.8％

Current assets

21,65926,725

23.4％

Fixed assets

2,573

3,514

36.5％

34

41

18.0％

18,242

23,71430.0％

Current liabilities

6,057

8,087

33.5％

Fixed liabilities

12,185

15,626

28.2％

AssetsYoY change

633

691

9.1％

407

1,430

250.7％

1,668

2,794

67.5％

SG&A

1,094

1,408

28.7％

Operating income

573

1,386

141.6％

542

992

82.9％

194

476

145.7％

274

466

70.1％

Net assets

6,025

6,566

9.0％

△437

△550

25.7％

Total liabilities
and net assets

24,26830,281

24.8％

Ordinary income

354

1,211

242.1％Net profit for the period

221

854

285.8％

Gross profit(1) Real Estate Investment
and Development business(2) Real EstateConsulting business(3) Real EstateManagement business
Other (company-wide
expenses)

Deferred assets

Liabilities

The above revenue does not include internal transactions between segments.
Notes: Consolidated BS, P&L: B-lot Capital Link Co.,Ltd. is included in the
BS, P&L from FY2019.
B-Lot Co., Ltd. All rights reserved. 6

Ⅱ. Business Summary

Ⅰ. Performance Review
Ⅱ. Business Summary
Ⅲ. Company Profile

P.02-06
P.07-17
P.18-29

･･･Q2 FY12/19･･･

Ⅱ-1. Real Estate Investment and Development BusinessYoY Business profit increased 82.9%

Breakdown of properties for sale
By Type（Millions of yen）

2018/6
Revenue

2019/6

3,957

Operatingprofit

5,253

542

992

YoY change

32.7％
82.9％

3
3

1

21

25

20,00018,262
仕掛販売用不動産
Site under development

16,000

販売用不動産Real estate for sale

11,392

8,000

4,000

33

9

Residence
住宅系

4
4
4

Hotel
ホテル・宿泊関連
Nursingcare facility
介護施設
Storage
太陽光

Photovoltaic
物流施設 power plant
Development
Site

10

*Bulk deal is calculated as one case.

1242019/6

Acquired a large-scale rental apartment
Land2,849㎡

14,500(Millionsof yen)（単位：百万円）
12,0002 1

2

7
2018/12The outstanding balance ofreal estate for sale is record high1

土地to be developed
Land
Office,store
事務所・店舗11,358

6,069
3,403
Rental building in Shirasagi, Nakano-ku, Tokyo0
2014/12 2015/12 2016/12 2017/12 2018/12.

2019/6
B-Lot Co., Ltd. All rights reserved. 8

Otaru Project, Sold out!

＆High
Profitability

AB accommo

Provide long-term asset management

FY2019SG
AM
Hotel Torifito Otaru Canal

PM

2019/2

Sold to an investment company
2016/3Business planning

2016/10
Acquisition of land

2017/4
Construction 〜

2018/4Completed & Opened

B-Lot Co., Ltd. All rights reserved. 9

Make good use of the strength of “B-Lot group”&“AB accommo”
in expanding the business field＆

6th

Fukuoka
HakataComingSoon!

AB accommo
7thKanazawa

ComingSoon!

July 2020

June 2021

Kanazawa
Station3 min walk
Tentative name）HOTEL TORIFITO HAKATA REISENMACHI

130rooms

1st
2015

Tokyo
Shinjuku

AM/PM

2nd
2017

Tokyo
Ginza

AM/PM

3nd
2017

Kyoto
Kiyomizu

Owned※ Tentative name) PJ is a plan and a completion forecast at the present time, and there is apossibility that it may change in the future.

Tentative name）HOTEL TORIFITO KANAZAWA

161rooms

4th
2018

Hokkaido
Otaru

AM/PM

5th
2019

Osaka
Shinsaibashi

Owned

Map Source:「空中写真データ」(国土地理院)(https://mapps.gsi.go.jp/maplibSearch.do#1） Created by our company
B-Lot Co., Ltd. All rights reserved. 10
based on.

10

･･･Q2 FY12/19･･･

Ⅱ-2. Real Estate Consulting BusinessYoY Business profit increased 145.7％

Comprehensive consulting to fulfill clients’ needs
Overseas repeat client（Millions of yen）

2018/6

2019/6

YoY change

Revenue

633

691

9.1％

Operatingprofit194476

145.7％

the kamui niseko

High-net-worth individual whopurchased our developed condo in
Niseko became a repeat customer.

B-Lot Global Team
Percentage of deals by area

Provide solutions for various
needs from oversea clients
関東圏
北海道圏

18.2%

brokerage

関西圏

Providing closed market
information throughbroad network

9.1%

..

72.7%

*The above figures are closed brokerage and consultation figures in
B-Lot (non-consolidated).

projectmanagement

Large-scale villa in Karuizawa

Maximizing the clientsasset value by B-Lot’s
development expertise.

B-Lot Co., Ltd. All rights reserved. 11

･･･Q2 FY12/19･･･

Ⅱ-3. Real Estate Management Business2nd Master lease PJ“Nine Hours Nakasu Kawabata Station”

YoY Business profit increased 70.1%(Millions of yen)

2018/6
Revenue
Operatingprofit2019/6

407
274

1,430
466

YoY change

Opened a capsule hotel in a large commercial
building in Fukuoka
Price

Stay

250.7％

Nap

70.1％

ShowerSteady increase in Property management
by repeat customers

Asset management for large-scale development in Niseko

Developed by Singapore's leading developer,
1,600
1,400

Total leasable floor area (㎡)Total no. of tenants

80,000

1,200
1,000

“SC Global Developments Pte Ltd”

100,000

60,000One of thelargest PJ
in the Area

800
40,000600

Name

Setsu Niseko

Uses

LuxuryCondominium

Rooms

All 190 rooms(planned)

Site area

10,292㎡

400
20,000200
00Dec. 2021 Completion (planned)

14/1 14/6
14/714/12
15/1 15/6
15/715/12
16/1 16/6
16/716/12
17/1 17/6
17/717/12
18/1 18/6
18/718/12
19/1 19/6
14/1
B-Lot Co., Ltd. All rights reserved. 12

Aiming to expand our business portfolio and create
new businesses that have social significanceAcquired a 50% stake in an operator of columbarium adding thecolumbarium “property revitalization business” to our portfolio

Rendering images
Co.,aLtd.
14/h t t p : / / w w w . y o k oB-Lot
ham- sAllh orights
e nreserved. c o . j. p

Designed byworld-renowned architect Kengo Kuma
Mr.

Kengo Kuma

Before establishing Kengo Kuma & Associates in 1990, he received his Master’s
Degree in Architecture from the University of Tokyo,
where he is currently a Professor of Architecture.
Kengo Kuma & Associates has designed architectural works in over twenty
countries and received prestigious awards, including the Architectural Institute ofJapan Award, the Spirit of Nature Wood Architecture Award (Finland), and theInternational Stone Architecture Award (Italy), among others. Kengo Kuma &Associates aims to design architecture which naturally merges with its culturaland environmental surroundings, proposing gentle, human scaled buildings.
Photo © J.C. Carbonne

Rendering images©Kengo Kuma and Associates©Kengo Kuma and Associates

B-Lot Co., Ltd. All rights reserved. 15©Kengo Kuma and Associates

Columbarium featuring superior design, affordable prices,and proximity to central Tokyo
Name of company

AccessYokohama Shoen Co.,Ltd..
【Yokohama Municipal Subway】
5-minute walk from Kishine Koen Station on the Blue Line.
Kishine-Koen Station is 2 minutes from Shin-Yokohama Station
and 9 minutes from Yokohama Station.
【Directions by car】
Immediately from Daisan Keihin Road "Kohoku Interchange“ ,"Higashi-Kanagawa Interchange" and "Misawa Interchange“.

Business content

Columbarium / funeral hall

Land area

2,894.70㎡ (875.64 tsubo)

Building area
(total of 3 buildings)

3,665.67㎡ (1,108.86 tsubo)

Number of altars

Existing 3,258 units(We plan to expand to 10,000 units in the future)

Acquisition ofManagement Permit

March 28, 1972

BeforeReligious Corporation “Nenbutsu-ji”

As Japan’s population is aging, the development of indoor-type columbarium in urban
locations could meet changing social needs and provide stable and long-term revenue.
B-Lot Co., Ltd. All rights reserved. 16

Revenue and Profit Trends
2018.2

TSE 1st Section(Millions of yen)

30,0002018.4

Revenue
売上高

T&K Group
2018.4

Profit for the period
当期純利益

B-Lot CL

26,3002,843

2017.1Company establishment and M&A

Viento creation

Branch establishment

20,2672,357

2016.4

Life stage
2015.2

2016.7

B-Lot AM

Osaka

2015.5

B-Lot SG

3,709

2013.9588

Fukuoka

B-Lot

Hokkaido

Earnings
forecast

6,950

TSE Mothers IPO

2008.10

13,097

11,626
1,250

2014.122011.4

1,960

400
176

2009/02

2000/02

2000/02

2002/02

2003/02■Tokyo Residence■Tokyo RetailStarted renovation
business.

Started brand-new
business line.

2004/02

2005/02■Tokyo Capsule

2006/02

2007/02■Tokyo Capsule

First conversion of office building into a
compact hotel.

2008/02

2009/022020/02■Hokkaido (Niseko) Condominium

Condominium sold to highnet-worth foreign individuals.

Ⅲ. Company Profile

Ⅰ. Performance Review
Ⅱ. Business Summary
Ⅲ. Company Profile

P.02-06
P.07-17
P.18-29Company Profile ＝as of June 30, 2019＝
Company Name

B-Lot Company Limited

Head Office

1-11-17, Shimbashi, Minato-ku, Tokyo, 105-0041 Japan

Establishment

October 10, 2008

CapitalJPY 1,024,266,533

President

Makoto Miyauchi

Number of
Employee

59 employees (203 as Consolidated)

Listed Date

December 11, 2014 （TSE Mothers Section : 3452)
February 02, 2018 （TSE, 1st Section : 3452)

Offices
Subsidiaries･･･Q2 FY12/19･･･

Hokkaido, Fukuoka, Osaka
B-Lot Asset Management Co., Ltd（100％ Subsidiary）
B-Lot Singapore Pte., Ltd.（100％ Subsidiary）
LIFE STAGE CO.,LTD. （100％ Subsidiary）
Viento Creation Co.,Ltd. （100％ Subsidiary）
T&K Co.,Ltd.
B-Lot Capital Link Co.,Ltd （100％ Subsidiary）
B-Lot Co., Ltd. All rights reserved. 19

The three founders･･･Q2 FY12/19･･･

Makoto Miyauchi Representative Director and President （Born in February 1969)
Acquired BA in Political Science at Keio University, Tokyo and MBA at University of Washington, Seattle.
A former banker (at Sanwa Bank - currently MUFG) with expertise in project financing,property loans, and securitization.
Established B-Lot to start new real estate and financial businesses in 2008.
A well-known, influential business executive in Japan.

Shinichi Hasegawa Director and Deputy President （Born in July 1972)
Acquired BA in Commercial Science at Sapporo Gakuin University.
Has been responsible mainly for purchase and sales real estate brokerage business .
Made tremendous contribution for Sun Frontier Fudousan Co., Ltd.(TSE first section 8934)
to be listed in the JASDAQ Stock Exchange in 5 years and in the Tokyo Stock Exchange in 8 years
since its incorporation. Assumed the Deputy President of B-Lot in 2008.
Set up new branches in Singapore & Hokkaido by himself and creates new investment networks.

Masahiro Mochizuki Director and Deputy President （Born in October 1972)
Acquired BA in Real Estate at Meikai University.
Established a new business field in real estate value-up called “Re-planning” in 2001,
responsible for purchasing, improving value, selling, and securitizing properties.
Specialized in ‘revitalization and conversion business on real estate’.
Has dealt more than 150 transactions, becoming a most recognized authority in the field of real estate value-up.
Held a number of seminars mainly about revitalization.
B-Lot Co., Ltd. All rights reserved. 20

･･･Q2 FY12/19･･･

History

The logo is ・・・
a symbol of our foundation.
Passion

Sincerity

Brightness

Total
harmonization

The rounded corners of the squares express flexibility and balance.

The company was established in October 2008, and all three founders had different areas of expertise and networks.
President Makoto Miyauchi has a strong background in finance, Deputy President Shinichi Hasegawa’s has extensive
expertise in consulting and customer development and Deputy President Masahiro Mochizuki is skilled in property
revitalization (acquisition and sales). Previously, they managed a real estate company listed on the TSE 1st Section.
In December 2014, B-Lot listed on the TSE Mothers market with 27 employees, just six years and two months after its
founding, which was faster than any other real estate company following the global financial crisis.
In February 2018, the company transferred its listing to the TSE 1st Section.
B-Lot Co., Ltd. All rights reserved. 21

Business Outline･･･Q2 FY12/19･･･

With 3 core businesses, B-Lot build close relationships
with high-net-worth clients

B-Lot Co., Ltd. All rights reserved. 22

1. Real Estate Investment and Development Business･･･Q2 FY12/19･･･

Acquire properties with profitability ano regulatory issues→solve these issues, thereby increasing property value
using specialist
expertise
Acquisition of properties
with issues

Planning
andincreasing value- Raise revenue- Cut down expense- Correct infractions- Improve cap rate

Revitalization

B-Lot sees potential in buildings that are highly costly, have low value or have been used illegally or
maintained poorly. Our investment team will make those buildings shine again with creative planning basedon deep knowledge of and specialized expertise in real estate.

Development

B-Lot catches the latest trends in real estate and implements creative plans in developing products.
Even in a tough market, we develop sites with reasonable prices through our strong and solid networks.
B-Lot Co., Ltd. All rights reserved. 23

･･･Q2 FY12/19･･･

2. Real Estate Consulting Business

Builo close ano long-term relationships with inoiviouals of high net worth ano
corporations, potential buyers in a competitive real estate market
Seller- Individuals of high net worth- Corporations- Real estate funds- Real estate firms- Financial institutions- Debt collect agencies- Lawyers

Brokerage

Buyer
Sellingdemands

Information
regarding sale

Information
regardingpurchase

Purchasedemands- Individuals of high net worth- Corporations- Property owners- Real estate funds- Real estate firms

Consulting

B-Lot offers comprehensive consulting services such as trust beneficiary interest transactions, brokerage of property sales, leasing,proposals for property exchanges and effective utilization of unused land and rent negotiation services.
Our consulting team always carefully listens to clients needs and concerns in order to provide optimal and unique solutions tailored tothem. This enables us to build life-long relationships with our clients.

B-Lot Co., Ltd. All rights reserved. 24

･･･Q2 FY12/19･･･

3. Real Estate Management Business

From property management to structureo projects, B-Lot offers
services tailoreo to each client
Owned properties

Asset management
Real estate securitization
B-Lot arranges and proposes structure for clients who want to set
up an SPC for real estate purchase.

Asset management
B-Lot uses its experience in brokerage and evaluating andmanaging properties, as well as its specialized knowledge in asset
finance and networks, to provide asset management services.

Property management

Leasingmanagement

RetailOffice + Residence

Steaoy rent income for cash flow

Account
services

Building maintenanceConstruction management

Rent income from our own properties is a core revenue
for the Property Management Business. All rent, including
rent acquired by the Investment Business is booked in theProperty Management Business.

B-Lot Co., Ltd. All rights reserved. 25

B-LOT SINGAPORE PTE. LTD.
B-Lot Singapore Pte. Ltd. was established to provide a variety ofinvestment solutions for Asian investors.
We are a one-stop service provider for real estate purchases, sales, property management and asset
management in the part of the B-Lot Group that specializes in sourcing and consulting with real estate.
B-lot Singapore aims to meet the expectations of smooth asset operations for Asian investors regarding
inbound investment needs in Japan.

President Shinichi Hasegawa— Business Model ―1. Services at Singapore local office

2. Service by B-Lot Group in Japan(B-Lot Singapore Pte.Ltd.)(B-Lot Group）‫؂‬Investment coordination

From Japan to Singapore:
About 7 hours and 40 minutes

・Sourcing real estate information basedon individual clients’ needs

・Provide the latest Japanese market

・Viewing tour with English speaker

information

・Leasing and Property management
・Introducing reliable lawyers, accountants,

・Introduce a variety of financing plan

judicial scriveners, etc.

・Speedy negotiations
・After sale follow-up‫؂‬Wide range of operational support

From Singapore to Japan:
About 6 hours and 50 minutes‫؂‬B-Lot Asset Management
・Fund origination

Investors

B-Lot Asset Management Company Limited
B-Lot Asset Management Co., Ltd. provides comprehensive real estate
operational services such as asset management with financial schemes
We originate a wide variety of real estate funds to meet the investors’ individual needs. As an asset manager
with deep knowledge, B-Lot provides quality services and has cultivated sales/purchases, brokerage, valuation,and property management of investment properties along with experience, expertise, and our own network inasset finance.

— Business Model ―Acquisition
・Analysis on targeted property
・Sourcing and negotiation
・Property valuation
・Debt financing
・Due diligence・Origination of structural vehicle
・Documentation

President Shinji Okajima

Operation（3 to 5 years）
・Implement assetmanagement

Exit
・Provide exit strategies (Sale,

strategies
・Improve the asset value (Rent,
occupancy rate, renovation, etc.)
・Supervision of property management
and building management companies
・Portfoliomanagement and cash flowrefinance etc.)
・Property valuation
・Negotiation with purchaser
・Documentation
・Closing of funds (pay off debt）

planning
・Investor reporting

Income Gain
Equity Investment

Investors

Capital Gain

LIFE STAGE CO., LTD.
LIFE STAGE provides real estate brokerage services, leveraging its
core expertise in product planning and sales planning. The goal is toserve as a “bridge” between developers and customers.
The company sells newly-built condominiums for residential use (mainly targeting families) built by major realestate developers.
The company’s strength is its unique business model of reflecting customers’ voices into product and sales
planning.

— Business Model ―(1)

President Katsunori Yori

(2)
Marketresearch

Proposal of
product planand sales plan

(3)
Brokerage
agreement

(4)
Sales
activities

Brokerage
services(5)
Conclusion ofcontract anddelivery(6)

Submission ofsales results
reportNext project(1) The company receives a request from the developer to
conduct market research of a scheduled development site.

(4) The company helps sell condominiums while also providing
services to meet the relocation needs of customers.

(2) The company analyzes various data points, prepares asales plan, and submits a proposal to the developer.

(5) After completion of sales, the company reports the sales results
to the developer.

(3) The company assigns an employee to be stationed at thecondominium showroom and conduct sales activities.

(6) By showcasing its high contract rate, the company acquires thenext broker deal.

T&K Co., Ltd.
T&K provides a range of services including outsourced golf course management,
design and repair planning, and golf tournament plan proposal by harnessing its
abundant experience and broad expertise related to golf.
T&K provides superior services with a focus on hospitality, and improves course maintenance to provide
high-quality course conditions. By doing so, the company enhances player satisfaction and boosts course
performance. The company leverages its strength in reflecting customers’ voices into product planning andmanagement, with the aim to increase the asset value of golf courses.
President Taizo Kawata— Business Model ―Outsourced management

Consulting services

Outsourced management of golf courses

Golf course design, renovation design,and supervision

The management of a total of threecourses, including contract as adesignated course manager
Comprehensive consulting services
related to golf, including renovation andcourse maintenance

Plan proposal

Adviser services

Planning

Proposing plans for golf tournaments
and events

Golf courses the company manages on an outsourced basis
Wakasu Golf Links(Management business designated by
the Tokyo Metropolitan Government)

North Shore Country Club

Strategic planning and practical training
to enhance the asset value of golfcourses as profit-earning real estate
Adviser services related to the purchaseor sale of golf course assets

Tsuruga Kokusai Golf Club・・・・・ Contact us ・・・・・
Corporate Planning Department
Tel ：+81 3-6891-2525
Fax：+81 3-6891-2522
E-mail ir@b-lot.co.jp
URL : https://en.b-lot.co.jp/

DISCLAIMER
Except for historical facts, all plans, forecasts, strategies and other information contained herein are forward-looking statements. Forwardlooking statements include but are not limited to descriptions of performance containing words such as or similar to “believe,” “expect,” “plan,”“strategy,” “anticipate,” “forecast,” and “estimate,” and are based on judgments derived from the information available to the Company at thetime of publication. Various factors could cause results to differ materially from any projections presented herein. The Company reserves theright to maintain or change its projections regardless of any new information, conditions or changes in performance. These materials are for
informational purposes only, and should not be construed as a recommendation to invest in the Company.