Financial Results For the First Three Months Ended …...FY2016 First Three Months / Full Year Forecasts -Highlights Revenue 13.5 billion (up 17.4% yr/), Operating profit 4.1 billion

Tokyo Stock Exchange, First Section Code：8923

Singapore Exchange, Mainboard Code：S2D

Tosei Corporation

Copyright © 2016 TOSEI CORPORATION, All Rights Reserved.

Financial Results For the First Three Months (Ended February 29, 2016)

5 April 2016


11,339 11,525 13,527

9,118 10,817

(41,723 )

6,633 5,284

22,889 15,380

49,981

43,006

55,250

0

10,000

20,000

30,000

40,000

50,000

60,000

2014.11月期 2015.11月期 2016.11月期

（予想）

1Q 2Q 3Q 4Q

872 1,390

2,611 415

1,263

(1,694 )

544

395

1,041

1,087

2,874

4,135 4,305 9.2%

12.0%

11.3%

0%

2%

4%

6%

8%

10%

12%

0

1,000

2,000

3,000

4,000

5,000

2014.11月期 2015.11月期 2016.11月期

（予想）

ROE（予想）

1,600 2,365

4,127 873

2,185

(3,436 )

1,101

771 1,986

1,570 5,560

6,891

7,563

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2014.11月期 2015.11月期 2016.11月期

（予想）

-1,233 -1,404-333

213 178-1

227 146 28174

1,464

210

2,414

1,797

461

432

534

3,580

3,330

4,174

182

5,560

6,891

4,127

-2,000

0

2,000

4,000

6,000

8,000

2014.11月期 2015.11月期 2016.11月期1Q

-582 -559 -2271,078 694

136

3,459 3,574856

958 2,444

566

4,2104,262

1,111

6,1126,605

8,724

34,74325,986

2,360

49,981

43,006

13,527

-10,000

0

10,000

20,000

30,000

40,000

50,000

2014.11月期 2015.11月期 2016.11月期1Q

不動産流動化事業

不動産開発事業

不動産賃貸事業

ﾌｧﾝﾄﾞ・ｺﾝｻﾙﾃｨﾝｸﾞ事業

不動産管理事業

その他

内部取引

1,427 2,190

3,914 672

1,980

(2,594 )

879

572

1,683

1,298 4,663

6,040

6,508

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2014.11月期 2015.11月期 2016.11月期

（予想）

FY2016 First Three Months / Full Year Forecasts - Highlights-

◆Revenue 13.5 billion (up 17.4% yr/yr), Operating profit 4.1 billion (up 74.5% yr/yr).

◆Profit for the period ¥2.6 billion (up 87.8% yr/yr), achieving 60.6% of the year’s target.

【 Revenue 】【Profit before Tax】【Operating profit】

Revitalization

Development

Rental

Other

Internal Transactions

Fund and Consulting

Property Management

FY2014 FY2015 FY2016(Forcast)

※We have abolished the Alternative Investment Business segment from the fiscal year ending November 30, 2016. For comparison, segment information for the previous fiscal year (FY2015) are recalculated in accordance with the new reportable segment classifications.

FY2014 FY2015 FY2016(Forcast) FY2014 FY2015 FY2016(Forcast)

FY2014 FY2015 1Q FY2016 FY2014 FY2015 1Q FY2016 FY2014 FY2015 FY2016(Forcast)

(Forcast)

2

(¥ million) (¥ million) (¥ million)

(¥ million) (¥ million)

(¥ million)

【Profit for the period】＜ Segment Operating Profit＞※＜ Segment Revenue＞ ※


Overview of Consolidated Financial Results for Three Months Ended February 29, 2016

3

(¥ million)

% % %

Revenue 11,525 100.0 13,527 100.0 2,001 17.4

Cost of revenue 7,897 68.5 7,346 54.3 -550 -7.0

Gross profit 3,628 31.5 6,180 45.7 2,551 70.3

Selling, general and administrative expenses, etc. 1,263 11.0 2,052 15.2 789 62.5

Operating profit 2,365 20.5 4,127 30.5 1,762 74.5

Finance income/costs (net) -174 - -212 - -38 22.2

Profit before tax 2,190 19.0 3,914 28.9 1,723 78.7

Income tax expense 800 - 1,303 - 503 62.9

Profit for the period 1,390 12.1 2,611 19.3 1,220 87.8

1,496 13.0 2,589 19.1 1,093 73.0

EPS (￥) 28.80 54.08 25.28 87.8

1Q FY2015 1Q FY2016 yr/yr change

Comprehensive income for the period


6,6665,985

6782,060

10,494

541

566

423

629

300

7,207

6,552

1,102

11,123

2,360

29.6%

27.1%

24.6%

9.1%

18.1%

0%

6%

12%

18%

24%

30%

0

2,000

4,000

6,000

8,000

10,000

12,000

15.11期 1Q 15.11期 2Q 15.11期 3Q 15.11期 4Q 16.11期 1Q

百万円売上高（1棟販売・一般向け）売上高（1棟販売・リート向け）売上高（Restyling)売上総利益率

Revitalization Business

4

◆Whole buildings ： Sold 5 buildings including income-generating offices and apartments such as “Yokohama-shi Aoba-ku

commercial building ” or “ Kodaira-shi apt building”.

◆Restyling：Sold 10 units in 4 properties including “Hilltop Yokohama Negishi” and “Hilltop Yokohama Higashiterao” etc.

Yokohama-shi Aoba-ku commercial building

Revenue / Gross Profit Margin Major Properties Sold

Revenue (Whole buildings to general customers)

1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2015 1Q FY2016

*The gross profit is net of Cost of Revenues including the following write-down amounts under LCM: FY2015: -27millions

(¥ million)

Heiwadai apt building Kodaira-shi apt building

小平市マンションValue Up例（アプローチ補修、LED照明導入）

Revenue (Whole buildings to REIT)

Revenue (Restyling)Gross profit margin

◆20.0％

(Gross profit margin

of FY2015 full year )

(￥million) FY2015 FY2016

1Q Full year 1Q Full year (forecast)

Revenue 7,207 25,986 2,360 32,154

Gross profit 2,133 5,192 427 4,682

Operating profit 1,847 4,174 182 3,263

No.of sales （Restyling) 16 units 68 units 10 units -

No.of sales

(whole buildings, others)9 property 24 property 5 property -

Examples of “Value up” Landscaped entrance Introduction of LED lightning


1,732 1,838 1,468974

1,235

7,488

591

2,3241,838

1,468

974

8,724

25.7%21.0%

19.0%

10.4%

51.8%

0%

10%

20%

30%

40%

50%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

15.11期 1Q 15.11期 2Q 15.11期 3Q 15.11期 4Q 16.11期 1Q

収益ﾏﾝｼｮﾝオフィス・商業

戸建・宅地・請負売上総利益率

Development Business

5

◆Income-generating commercial buildings T’S BRIGHTIA Minami Aoyama and T’S BRIGHTIA Tsunashima led the revenue and profit of the

Development Business.

◆ Sold 19 detached houses in 7projects (“THE Palms court Kashiwa Hatsuishi” etc ), 6 houses by Urban Home Corporation and land lots.

◆ Preparations for hotel development, as well as acquiring new land in Minato-ku for a commercial facility.

Revenue / Gross Profit Margin Major Properties Sold

THE Palms court Kahiwa Hatsuishi

Offices, Commercial buildings

Gross profit margin

Income-generatingCondominiums

*The gross profit is net of Cost of Revenues including the following write-down amounts under LCM: FY2015: -43.8 millions

(¥ million)


T’s BRIGHTIA Minami-Aoyama (Commercial facility )

T’s BRIGHTIA Tsunashima

(Commercial facility )

◆20.7％(Gross profit margin




Revenue 2,324 6,605 8,724 12,732

Gross profit 596 1,364 4,522 5,148

Operating profit 409 534 3,580 2,959

No.of sales (sale in lots) 19 units 105 units 25 units -

No.of sales

(whole buildings)1 property 1 property 2 property -

Detached house / Land lots/Housing construction

*The revenue includes internal transactions


8,578

24,84826,387

8,933

9,576

9,0939,576

1,744

4,4242,202

196

253

9,851

6,966

2,033

4,570

2,410

3,723

4,970

1,701

(6,495)

31,969

49,054

45,168

(23,638)

10,000

20,000

30,000

40,000

50,000

60,000

2013.11 2014.11 2015.11 2016.2

As of the

end of

FY2014

As of the

end of

FY2015

As of

Feb. 29,

2016

Office,Commercial

buildings27,185 37,335 35,116

Condo/Apt buildings 13,881 23,497 24,867

Detached houses 15,247 11,184 16,113

Others 4,243 2,348 3,904

TOTAL 60,557 74,365 80,003

R

R

D

D

D

R

D

R

R

R

D

R

D

Expanded the acquisition of properties for investment centered

on income-generating offices

Expanded the area and increased the size of properties

Actively acquired buildings with a low occupancy rate,

leveraging our expertise in Value Up and leasing

Acquisitions in Revitalization and Development Businesses -Acquisition Amount and Inventories-

R

R

R

D

D

Contract basis progress

about ¥23.6 billion yen.

(End of Feb. 2016)

◆Total acquisition amount was ¥17.1 billion on a delivery basis (expected disposition values) Revitalization Business：9 Properties - 5 office properties, 3 income-generating apt buildings, 1 land lot -Development Business：3 Properties - 2 detached house projects, 1 office/commercial project -

◆ As of the end of February, total acquisition amount progressed to about ¥23.6 billion on a contract basis.

6

Yokohama-shi Naka-kubuilding Chiba-shi Mihama-ku building

Trends in Annual Acquisition Amounts

（delivery basis and expected revenues）

Revitalization

Development

Acquisition progress

(delivery basis,

expected disposition

values) was about

¥17.1 billion yen.

(¥ million)

Apartments

Commercial

facilities

Offices

Detached

houses

Other

Income-

generating

offices

Income-

generating

Apt

buildings

Detached

houses

Commercial

facilities

Offices

Other

Income-

generating

offices

Income-

generating

Apt

buildings

Income-

generating

offices

Income-

generating

Apt buildings

Detached houses

Commercial facilities

Offices

Other

(¥ million)

Breakdown of Inventories

（Trends in Expected Disposition Values）

R

R

R

D

D

Income-generating

offices

Income-generating

Apt buildings

Detached houses

Commercial facilities

Offices

Other

17,143

FY2013 FY2014 FY2015 1Q FY2016


16 16 16 16 17 17 17 18 19

36 36 3425 22 21 25 26 29

12 12 12

10 10 10 8 88

64 64 62

51 49 48 50 5256

0

10

20

30

40

50

60

70

14.1Q 14.2Q 14.3Q 14.4Q 15.1Q 15.2Q 15.3Q 15.4Q 16.1Q

Restyling 流動資産固定資産

345 342 358353

519

57 51 46 43

39

476618

744 824552

879

1,012

1,1481,221

1,111

46.4%

51.2%

53.6%

37.2%

46.3%

0%

10%

20%

30%

40%

50%

60%

70%

0

200

400

600

800

1,000

1,200

1,400

15.11期 1Q 15.11期 2Q 15.11期 3Q 15.11期 4Q 16.11期 1Q

売上高(流動資産) 売上高(Restyling) 売上高(固定資産) 売上総利益率

Office and commercial buildings: 26Apartments: 28Other: 2

Rental Business

◆ Increase in non-current asset properties led to an increase in rental income from non-current assets.◆ Focus on leasing in order to improve the profitability of newly acquired properties with low operation rates.

7

＜ Increase and decrease since the end of the previous year ＞new acquisition +7

decrease by sale -5

+2

Total + 4

Revenues / Gross Profit Margin Breakdown of Properties Held by Tosei

Revenue

(Current assets)

Revenue

(Restyling)Revenue Gross profit

margin

(¥ million)

Current assets* Non-current assets(No. of

buildings)

*Includes income-generating properties only


◆46.8％

(Non-current assets)

(Gross profit margin





Revenue 879 4,262 1,111 5,148

Gross profit 407 1,995 514 2,549

Operating profit 365 1,797 461 2,324

(the former Alternative Investment

Business segment)

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

FY2014 FY2015 FY2016


192,525

241,005216,796 225,564

149,349 113,057

300,643

355,976

17,434

29,358

29,358

16,618

23,130 69,10885,771

98,679 170,115

91,789

78,539

209,143

264,135285,904

311,335

248,028

300,607

421,791

463,875

0

100,000

200,000

300,000

400,000

500,000

600,000

09 /11 10/11 11/11 12/11 13/11 14/11 15/11 16/2

私募ファンドAM REIT AM CRE

（百万円）

181 230 195220 256

16 6389

141

3

171

27

865

44

83

90

208 159

30

12 226

459

1

260

514

605

1,063

566

94.7% 96.3%92.1%

99.1%

87.1%

0%

20%

40%

60%

80%

100%

0

200

400

600

800

1,000

1,200

15.11期 1Q 15.11期 2Q 15.11期 3Q 15.11期 4Q 16.11期 1Q

百万円

AMフィーアクイジションフィーディスポジションフィーインセンティブフィー仲介手数料･その他配当金売上総利益率

Fund and Consulting Business

※

8


Balance of Assets Under Management Revenues / Gross Profit Margin

AM fee

Disposition fee

Brokerage fee / Other

Gross profit margin

Acquisition fee

Incentive Fee

Dividends

Private Funds AM

*The purple portion indicates the assets under consulting agreements of CRE.

CRE is methods of investing in and managing corporate real estate efficiently to maximize

long-term enterprise value. By undertaking CRE, Tosei conducts comprehensive consulting

services from the views of real estate professional.

(¥ million)

(¥ million)




Revenue 260 2,444 566 1,575

Gross profit 246 2,353 492 1,526

Operating profit 50 1,464 210 502

◆ The Blackstone Group acquired “Japan Residential Investment Company (JRIC),” a fund listed on the London Stock Exchange’s Alternative Investment Market (AIM), through an M&A operation in late December. Tosei was entrusted to manage all 57 properties totaling slightly over ¥50 billion, and the balance of AUM rose to ¥463.8 billion.


812848

9031,009

856

28.0%30.5%

26.0% 25.7% 27.9%

0%

10%

20%

30%

40%

50%

0

200

400

600

800

1,000

1,200

15.11期 1Q 15.11期 2Q 15.11期 3Q 15.11期 4Q 16.11期 1Q

百万円

売上高売上総利益率

169 171 180 173

136

21.1%

14.2%15.9%

16.5%

5.4%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

15.11期 1Q 15.11期 2Q 15.11期 3Q 15.11期 4Q 16.11期 1Q

百万円売上高売上総利益率

Property Management Business/Other

◆ In addition to service expansion, new property management contracts and maintenance of existing contracts contributed to the stable income of business.

9

Property Management Business Other

Revenue / Gross Profit Margin

Revenue / Gross Profit MarginRevenue Gross profit margin

Gross profit margin

【The Number of Properties Under Management】


(¥ million)

(¥ million)


Revenue


For comparison, segment information for the previous fiscal year (FY2015) are

recalculated in accordance with the new reportable segment classifications.



Revenue 812 3,574 856 3,819

Gross profit 227 980 238 1,056

Operating profit 26 146 28 172



Revenue 169 694 136 337

Gross profit 35 117 7 5

Operating profit 29 178 -1 -211Q FY2015 2Q FY2015 3Q FY2015 4Q FY2015 1Q FY2016

office building managemant 348 354 358 351 359

Condo/Apt management 192 189 184 196 222

TOTAL 540 543 542 547 581

◆ Discontinued the Alternative Investment Business segment from this quarter.

◆ Transactions formerly classified under the Alternative Investment Business

are reclassified into the existing segments (Revitalization Business, Rental

Business, Fund and Consulting Business). Businesses that do not fall within

these are included in “Other”.

(business involvingsports club facilities, etc )


Acquisitions 12,091

Construction/value up 1,805

Acquired Urban Home Corporation 727

Dispositions -6,091

Others -13

Total -6,104 14,624

Increase

Factor

Decrease

Factor

（\ million） 1Q FY2016

・Cash and cash equivalents increased by ¥1,430

million from the previous year-end.

・Inventory increased by ¥8.5 billion from the previous year-end as purchase

of properties and construction cost substantially exceeded sales.

・Investment properties and PPE increased by ¥241

million from the previous year-end, mainly reflecting

an increase in non-current assets due to acquisition of

Urban Home Corporation

10

(¥ million)

Summary of Balance Sheet (Consolidated)Ⅰ. –ASSETS-

A：Change in cash and cash equivalents

C：Investment properties/PPE

B：Change in inventory

Total Assets 93,196 +9,672 102,869

18,791 +1,430 20,221

46,156 6,104 14,624 54,676

22,101 72 313 22,342

6,147 -518 5,628Other assets

Cash and cash equivalents

Inventories (properties)

Investment properties/PPE

End of

Nov. 2015Decrease Increase

End of

Feb. 2016

A

B

C


New Borrowings 382

Non-current→ Current Portion 2,079


Other (refinance, etc.) 2

Repayments upon Disposition - 636

Other repayments (refin/maturity) - 685

New Borrowings 9,683


Other (refinance, etc.) 1,719

Repayments upon Disposition - 3,909

Other repayments (refin/maturity) - 640

Non-curernt→ Current Portion - 2,079

TOTAL - 7,951 14,583

Current

Increase

Decrease

Non-current

Increase

Decrease

・¥10.0 billion of new borrowings incurred to

finance acquisition of 12 properties

(book value ¥12.0billion).

・The repayment of borrowings by sales was

¥4.5 billion.

・They resulted in increase of debt balance by

¥6.5 billion from the previous year-end

・Total equity increased by ¥1.8 billion from the previous year-end, in consequence of the increase in retained earnings (¥2.6 billion), valuation difference on available-for-sale securities (¥-20 million), and dividend payments (-¥770 million).

11

Summary of Balance Sheet (Consolidated)Ⅱ. -Liabilities/Equity-

(¥ million)

A：Change in borrowings B：Change in Equity

93,196 +9,672 102,869

56,967 +7,844 64,812

48,668 7,951 14,583 55,300

Current borrowings 9,492 1,322 2,951 11,121

Non-current

borrowings39,175 6,629 11,631 44,178

8,299 +1,213 9,512

36,228 +1,828 38,056

Equity Ratio (%) 38.9 -1.9 37.0

Net D/E Ratio (times) 0.82 0.92+0.10

Other Liabilities

Equity

End of

Feb. 2016

Total Liabilities /Equity

Total Liabilities

Borrowings

End of

Nov. 2015Decrease Increase

A

B


Breakdown of Inventories

No. of

properties

No. of

properties

Office, Commercial buildings 17 2 35,116

Condo/Apt buildings 27 1 24,867

Detached houses 0 15 16,113

Other 8 0 3,904

TOTAL 52 18 80,00326,790

Revitalization

(incl. Alternative

Investment)

Development

41,385 13,290 53,212

16,113

2,574 - 3,904 -

- 8,743 -

4,036

14,420 2,628 18,226 6,640

24,390 1,919 31,080

80,003

Property type

Inventories Expected disposition valuesTotal expected

disposition valueRevitalization

(incl. Alternative

Investment)

Development

Balance of Inventories

As of Feb. 29, 201654,676

Total Expected

Disposition Value

12

(¥ million)

(70properties)

* The expected disposition values above are based on Tosei’s estimate of revenue corresponding to the properties currently in the inventories. These are

calculated using information available as of Feb. 29, 2016. Actual amounts may be vary significantly from the estimates, due to various factors.

* The inventories above represent carrying amount as of Feb 29, 2016 and may increase due to such factors as value-up investments and construction costs.

Inventories (Breakdown)


◆ Inventories (expected disposition values) totaled ¥80.0 billion as of February 29, 2016.

◆ By property types, Office/Commercial buildings and Cond/Apt buildings were about the same.

13

Inventories (Expected Disposition Values)

(¥ million)

FY2007 FY2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY20151Q

FY2016

Office,

Commercial

buildings74,000 60,487 31,264 22,251 15,206 18,595 18,497 27,185 37,335 35,116

Condo/Apt

buildings 28,314 14,327 12,844 30,589 26,627 23,476 22,709 13,881 23,497 24,867

Detached

houses ― ― ― 558 3,727 7,701 13,225 15,247 11,184 16,113

Others 1,019 1,672 479 220 1,021 354 393 4,243 2,348 3,904

TOTAL 103,334 76,487 44,588 53,620 46,581 50,127 54,825 60,557 74,365 80,003


Cash flows from/used in operating activities -757 -3,450 -2,692

Profit before tax 2,190 3,914 1,723

Depreciation expense 52 75 23

Increase/Decrease in inventories -1,748 -7,785 -6,036

Other, net -1,251 344 1,596

Cash flows from/used in investing activities -238 10 249

Increase/Decrease in PPE -16 -9 7

-665 -8 656

Other, net 443 28 0

Cash flows from/used in financing activities 2,757 4,876 2,118

Increase/Decrease in borrowings 3,538 5,897 2,358

Cash dividends paid -534 -772 -238

Interest expenses paid -246 -246 0

Other, net -0 -1 -0

1,761 1,436 -324

16,100 18,791 2,690

-10 -5 4

17,851 20,221 2,370Cash and cash equivalent at end of period

FY 2015

[A]

1Q FY 2016

[B]

yr/yr change

[B]-[A]

Cash and cash equivalent at beginning of period

Effect of exchange rate change on cash and cash

equivalents

Increase/Decrease in investment properties

Increase/Decrease in cash and cash equivalents

Summary of Cash Flow Statements (Consolidated)

※1

※2

14

Cash Flows from Operating

Activities *1

Cash flow from operating

activities was -¥3.4 billion, due

mainly to +¥3.9billion in profit

before tax, -¥7.7 billion in

increase in inventories.

Cash Flows used in Financing

Activities*2

Cash flow from financing

activities was +¥4.8 billion, due

primarily to +¥5.8 billion net

increase in borrowings,

-¥770 million of cash dividends

paid, and -¥240 million of

interest expenses paid.

(¥ million)

Copyright © 2016 TOSEI CORPORATION, All Rights Reserved. 15

Overview of Segment Results (Consolidated) I. Revenue and Cost of Revenue

(¥ million, %)

% % %

TOTAL 11,525 100.0 13,527 100.0 2,001 17.4

Revitalization 7,207 62.5 2,360 17.5 -4,846 -67.2

Development 2,324 20.2 8,724 64.5 6,399 275.3

Rental 879 7.6 1,111 8.2 231 26.3

260 2.3 566 4.2 305 117.4

Property Management 812 7.1 856 6.3 43 5.3

Other 169 1.5 136 1.0 -33 -19.7

Internal Transactions -128 - -227 - -98 -

% % %

TOTAL 7,897 68.5 7,346 54.3 -550 -7.0

Revitalization 5,073 70.4 1,932 81.9 -3,141 -61.9

Development 1,728 74.3 4,201 48.2 2,473 143.1

Rental 471 53.6 596 53.7 124 26.4

13 5.3 73 12.9 59 431.6


Other 134 78.9 128 94.6 -5 -3.8


Revenueyr/yr change

Fund and Consulting

Cost of revenueyr/yr change

Fund and Consulting

1Q FY 2015 1Q FY 2016

1Q FY 2015 1Q FY 2016


Overview of Segment Results (Consolidated)II. Gross Profit and Operating Profit

16

(¥ million, %)

% % %

TOTAL 3,628 31.5 6,180 45.7 2,551 70.3

Revitalization 2,133 29.6 427 18.1 -1,705 -79.9

Development 596 25.7 4,522 51.8 3,925 657.9

Rental 407 46.4 514 46.3 107 26.2

246 94.7 492 87.1 246 99.9


Other 35 21.1 7 5.4 -28 -79.4


% % %

TOTAL 2,365 20.5 4,127 30.5 1,762 74.5

Revitalization 1,847 25.6 182 7.7 -1,665 -90.1

Development 409 17.6 3,580 41.0 3,171 775.1

Rental 365 41.6 461 41.6 96 26.3

50 19.6 210 37.1 159 312.5


Other 29 17.6 -1 -0.9 -31 -104.2

Corporate expenses, etc. -364 - -333 - 30 -

Gross profityr/yr change

Fund and Consulting

Operating profityr/yr change

Fund and Consulting

1Q FY 2015 1Q FY 2016

1Q FY 2015 1Q FY 2016


-481 -582 -559 -517

440 1,078 694 3373,541

3,459 3,574 3,819

1,419 958 2,444 1,575

2,7034,210

4,2625,148

16,347

6,1126,605

12,732

11,098

34,743

25,986

32,154

35,070

49,981

43,006

55,250

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

2013.11月期 2014.11月期 2015.11月期 2016.11月期

（1/13予想）

不動産流動化事業

不動産開発事業

不動産賃貸事業

不動産ﾌｧﾝﾄﾞ・ｺﾝｻﾙﾃｨﾝｸﾞ事業

不動産管理事業

その他

内部取引

Forecast for FY2016 - Revenue/Profit Summary -

17

3,914

5,560

6,8917,563

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013年11月期 2014年11月期 2015年11月期 2016年11月期

（予想）

3,222

4,663

6,0406,508

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2013年11月期 2014年11月期 2015年11月期 2016年11月期

（予想）

2,006

2,874

4,1354,305

7.1%

9.2%

12.0%

11.3%

0%

2%

4%

6%

8%

10%

12%

0

1,000

2,000

3,000

4,000

5,000

2013年11月期 2014年11月期 2015年11月期 2016年11月期

（予想）

ROE

Revenue

Profit for the year

Operating Profit Profit before Tax

FY2013 FY2014 FY2015 FY2016 (Forecast as of January 13)

(¥ million)

FY2013 FY2014 FY2015 FY2016 (Forecast )



※ROE=Profit for the year ÷（（Total equity at preceding year end

+ Total equity at current year end）÷2）

Revitalization

Development

Rental

Internal Transactions

Fund and Consulting

Property Management

Other

Recalculated in accordance with the new reportable segment classification


Forecast for FY2016 - Segment Summary -

18

※The orange portion

shows gross profit

margin and operating

profit margin

(¥ million)

％％％　％

Revenue 49,981 100.0 43,006 100.0 55,250 100.0 12,243 28.5

Revitalization 34,743 69.5 25,986 60.4 32,154 58.2 6,168 23.7

Development 6,112 12.2 6,605 15.4 12,732 23.0 6,126 92.7

Rental 4,210 8.4 4,262 9.9 5,148 9.3 886 20.8

Fund and Consulting 958 1.9 2,444 5.7 1,575 2.9 -868 -35.5

Property Management 3,459 6.9 3,574 8.3 3,819 6.9 245 6.9

Other 1,078 2.2 694 1.6 337 0.6 -356 -51.4

Internal Transactions -582 - -559 - -517 - 42 -

Gross profit 9,962 19.9 11,915 27.7 14,897 27.0 2,982 25.0

Revitalization 4,226 12.2 5,192 20.0 4,682 14.6 -509 -9.8

Development 1,192 19.5 1,364 20.7 5,148 40.4 3,783 277.3

Rental 2,526 60.0 1,995 46.8 2,549 49.5 553 27.7

Fund and Consulting 889 92.8 2,353 96.3 1,526 96.9 -826 -35.1

Property Management 934 27.0 980 27.4 1,056 27.7 76 7.8

Other 284 26.4 117 16.9 5 1.6 -111 -95.4

Internal Transactions -90 - -88 - -71 - 17 -

Operating profit 5,560 11.1 6,891 16.0 7,563 13.7 671 9.7

Revitalization 3,330 9.6 4,174 16.1 3,263 10.1 -911 -21.8

Development 432 7.1 534 8.1 2,959 23.2 2,425 453.3

Rental 2,414 57.3 1,797 42.2 2,324 45.1 527 29.3

Fund and Consulting 174 18.3 1,464 59.9 502 31.9 -962 -65.7

Property Management 227 6.6 146 4.1 172 4.5 25 17.5

Other 213 19.8 178 25.7 -21 -6.4 -199 -112.1

Corporate expenses, etc. -1,233 - -1,404 - -1,637 - -232 -

Finace income/costs(net) -897 - -851 - -1,055 - -203 -

Profit before tax 4,663 9.3 6,040 14.0 6,508 11.8 468 7.8

Income tax expenses 1,789 - 1,904 - 2,202 - 298 -

Profit for the year 2,874 5.8 4,135 9.6 4,305 7.8 169 4.1

yr/yr change [B]－[A]FY2016 [B]FY2014 FY2015　[A]

Recalculated in accordance with the new reportable segment classification


Trends in Dividends

19

Market Capitalization(As of Mar.31, 2016)

¥39.3billion

Stock Price(Same as above)

¥815.00

Net Book Value(As of Feb.29, 2016)

¥38.0billion

Book Value Per Share(Same as above)

¥788.17

PBR(As of Mar.31, 2016)

1.03

Current Share Price

Trends in Dividends

Annual Dividends

Per Share(¥)5.00

FY2010

[1]÷[2][1] [2]

5.00

FY2011

6.00

FY2012

8.00

FY2013

Payout ratio(%) 51.3 30.4 18.7 18.6

* * *

9.14

PER(Forecast)

18.00

FY2016

(Forecast)

20.2

12.00

FY2014

20.2

16.00

FY2015

（Forecast）

18.7

0.82

※Including unrealized profit of ¥10.19 billion (as of Nov 30,2015) from investment properties

PBR ※

Real

*The Company split its shares by 100 for 1, effective July 1, 2013. The dividends per share are restatements in line with the stock splits from the FY2010.

7.11 16.20 32.07 43.05 89.1759.53 85.66* * *Earnings per

share (EPS) (¥)

billion from investment properties


ＩＲに関するお問い合わせ先

経営企画部TEL：03-3435-2864FAX：03-3435-2866

URL : http://www.toseicorp.co.jp

20

Please visit our website.

Accounting Department

Tel：+81 3-3435-2865

Fax：+81 3-3435-2866

URL : http://www.toseicorp.co.jp/english

For Contact:

Except for historical facts, all plans, forecasts, strategies and other information contained herein are forward-looking statements. Forward-looking statements

include but are not limited to descriptions of future events and 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 the time of publication. Various

factors could cause results to differ materially from any projections presented herein. The Company reserves the right 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.

DISCLAIMER

Documents

Financial Results For the First Three Months Ended …...FY2016 First Three Months / Full Year Forecasts -Highlights Revenue 13.5 billion (up 17.4% yr/), Operating profit 4.1 billion