Financial Highlights

Highlights of FY2024 Financial Results

For the current fiscal year, revenue from operations increased by ¥242.0 billion, or 10.2%, compared to the previous fiscal year, business income increased by ¥52.5 billion, or 15.2%, ordinary income increased by ¥22.3 billion, or 8.4%, and net income attributable to shareholders of the Company increased by ¥24.1 billion, or 10.8%. Furthermore, revenue from operations, business income, ordinary income, and net income attributable to shareholders of the Company all reached record highs. Revenue from operations has achieved record highs for 13 consecutive years, while ordinary income, and net income attributable to shareholders of the Company have achieved record highs for three consecutive years.

Consolidated Five-Year Summary

(Millions of yen)

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Years Ended March 31	2021	2022	2023	2024	2025
Revenue and Earnings
Revenue from Operations	2,007,554	2,100,870	2,269,103	2,383,289	2,625,363
Business Income (*1)	203,770	244,978	305,405	339,690	398,688
Ordinary Income	168,865	224,940	265,358	267,890	290,262
Profit Attributable to Owners of Parent	129,576	176,986	196,998	224,647	248,799
Financial Position
Total Assets	7,741,972	8,208,012	8,841,396	9,489,527	9,859,856
Real Property for Sale (*2)	1,930,528	2,051,704	2,163,634	2,375,281	2,500,757
Tangible and Intangible Fixed Assets	3,796,800	3,914,135	4,293,130	4,405,526	4,707,418
Interest-Bearing Debt (*3)	3,623,438	3,667,234	4,048,531	4,430,422	4,416,086
Net Assets	2,655,991	2,913,752	3,031,220	3,234,656	3,270,723
Cash Flows
Cash Flow from Operating Activities	187,862	271,469	297,708	241,697	599,252
Cash Flow from Investing Activities	(131,035)	(210,057)	(422,034)	(286,987)	(321,970)
Cash Flow from Financing Activities	(66,565)	(139,600)	111,448	59,988	(269,367)
Free Cash Flow (*4)	56,826	61,412	(124,326)	(45,290)	277,282
Per Share Data
Earnings per Share (Yen)(*5)	44.8	61.5	69.3	80.2	89.3
Net Assets per Share (Yen)(*5)	885.5	980.7	1,035.8	1,109.9	1,135.1
Annual Dividend per Share (Yen)(*5)	15	18	21	28	31
Key Management Indices
Return on Equity (%)(*6)	5.22	6.61	6.92	7.47	7.95
Debt/Equity Ratio (Times)(*7)	1.42	1.31	1.40	1.42	1.40
Return on Assets (%)(*8)	2.84	3.31	3.86	3.94	4.12
Equity Ratio (%)	33.0	34.1	32.8	32.8	31.9
EBITDA (Billion of yen)(*9)	301.8	356.4	430.7	473.4	513.2

*1

Operating income is disclosed for FY2023 and prior.
*2

Real Property for Sale: Real Property for Sale + Real Property for Sale in Progress + Land for Development + Advances Paid for Purchases
*3

Interest-Bearing Debt: Short-Term Debt + Commercial Paper + Bond Redeemable within One Year + Corporate Bonds + Long-Term Debt
*4

Free Cash Flow: Cash Flows from Operating Activities + Cash Flows from Investing Activities
*5

The Company conducted a 3-for-1 stock split for common shares, and calculated the figures for fiscal years prior to fiscal year 2022 as if the stock split had been conducted at the beginning of the previous fiscal
*6

ROE: Profit Attributable to Owners of Parent/Average shareholders' equity over period
*7

Debt/Equity Ratio: Interest-Bearing Debt/Shareholders' equity
*8

～FY2023：ROA=(Operating income + non-operating income)/average total assets over period　
FY2024～：ROA=Business income/average total assets over period
*9

EBITDA: Operating income +Depreciation

Revenue and Earnings

Revenue from Operations(Billions of yen)
Business Income*/Profit Attributable to Owners of Parent(Billions of yen)
*Operating income is disclosed for FY2023 and prior.