Financial Highlights

Outlook

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	Around 2025	FY2022 Actual
Consolidated operating income	Around ¥350.0 billion	¥305.4 billion
Of which: Overseas Income	Around 30%	18.9%
ROA	Around 5%	3.9%

*
Overseas income＝Overseas OP+ Pro forma operating income of overseas affiliates
- ・
  Calculated by multiplying the operating income or the amount equivalent to operating income of each overseas equity-method affiliated company by the Company’s equity interest
  - Note:
    
    The amount equivalent to operating income is the amount of profit calculated on a simplified basis after taking into consideration the tax burden.
- ・
  
  Gain on sale of shares of overseas equity-method affiliated companies(Limited to overseas equity-method affiliated companies whose principal business is the sale of real estate)
*ROA：

(Operating income + Non-operating income) /Average total assets over period

Millions of Yen

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Years ended March 31	2019	2020	2021	2022	2023
Revenue and Earnings
Revenue from Operations	1,861,195	1,905,642	2,007,554	2,100,870	2,269,103
Operating Income	262,147	280,617	203,770	244,978	305,405
Ordinary Income	254,106	258,510	168,865	224,940	265,358
Profit Attributable to Owners of Parent	168,661	183,972	129,576	176,986	196,998
Financial Position
Total Assets	6,802,731	7,395,359	7,741,972	8,208,012	8,841,396
Real Property for Sale (*1)	1,630,558	1,907,839	1,930,528	2,051,704	2,163,634
Tangible and Intangible Assets	3,500,482	3,753,141	3,796,800	3,914,135	4,293,130
Interest-Bearing Debt (*2)	2,906,610	3,481,117	3,623,438	3,667,234	4,048,531
Net Assets	2,420,804	2,486,525	2,655,991	2,913,752	3,031,220
Cash Flows
Cash Flow from Operating Activities	216,709	87,094	187,862	271,469	297,708
Cash Flow from Investing Activities	(388,895)	(532,806)	(131,035)	(210,057)	(422,034)
Cash Flow from Financing Activities	231,238	467,751	(66,565)	(139,600)	111,448
Free Cash Flow (*3)	(172,185)	(445,712)	56,826	61,412	(124,326)
Per Share Data
Earnings per Share (Yen)	171.30	188.35	134.44	184.44	207.91
Net Assets per Share (Yen）	2,384.87	2,480.36	2,656.42	2,942.11	3,107.37
Annual Dividend per Share (Yen)	44.00	44.00	44.00	55.00	62.00
Key Management Indices
Return on Equity (%)(*4)	7.42	7.74	5.22	6.61	6.92
Debt/Equity Ratio (times)(*5)	1.24	1.45	1.42	1.31	1.40
Return on Assets (%)(*6)	4.44	4.18	2.84	3.31	3.86
Equity Ratio (%)	34.4	32.6	33.0	34.1	32.8
EBITDA (Billion of Yen)(*7)	341.1	372.0	301.8	356.4	430.7

*1

Real Property for Sale: Real Property for Sale + Real Property for Sale in Progress + Land for Development + Advances Paid for Purchases
*2

Interest-Bearing Debt: Short-Term Debt + Commercial Paper + Bond Redeemable within One Year + Corporate Bonds + Long-Term Debt
*3

Free Cash Flow: Cash Flows from Operating Activities + Cash Flows from Investing Activities
*4

ROE: Profit Attributable to Owners of Parent/Average shareholders' equity over period
*5

Debt/Equity Ratio: Interest-Bearing Debt/Shareholders' equity
*6

ROA: (Operating Income + Non-Operating Income)/Average Total Assets over period
*7

EBITDA: Operating income +Depreciation