Financial Results for the Fiscal Year 2022

Tosei Corporation

Tokyo Stock Exchange, Prime Market Code : 8923

Singapore Exchange, Mainboard Code : S2D

January 12, 2023

Copyright © 2023 TOSEI CORPORATION, All Rights Reserved.

Index

l. Overview of Results for the FY2022

…P3

FY2022- Highlights -

…P4

Summary of Profit and Loss Statement (P/L)

…P5

Business Results By Segment

Revitalization Business

…P6

Development Business

…P7

Acquisitions in Revitalization and Development Businesses

…P8

Rental Business

…P9

Fund and Consulting Business

…P10

Property Management Business

…P11

Hotel Business

…P12

Summary of Balance Sheet

Assets

…P13

Liabilities/Equity

…P14

Inventories

…P15,16

Fixed Assets (Investment Properties and PPE)

…P17

Borrowings from Financial Institutions

…P18

Overview of Segment Results

…P19,20

Summary of Cash Flow Statements

…P21

II. Business Strategies for FY2023

…P22

FY2023 Business Environment

1.Progress of Medium-term Management Plan

…P23

2. Strategy

…P24

3. Real Estate Market Environment

…P25

Forecast for FY2023

…P26

Forecast for FY2023 by Segment

…P27

Business Strategies and Measures

1.Revitalization Business

…P28

2. Development Business

…P29,30

Acquisition Strategies

…P31

3. Fund and Consulting Business

…P32

TOPICS: Strength of Fund and Consulting Business

…P33

TOPICS: Tosei Group's Intergroup Synergies

…P34

TOPICS: Tosei Group's Potential Shareholder Value

…P35

4. Rental Business, 5. Property Management Business

…P36

6. Hotel Business

…P37

Shareholder Returns Policy

…P38

Stock Price Perception

…P39

III. Reference Materials for the first-time visitors to Tosei

…P40

IV. The Tosei Group's ESG

…P52

Copyright © 2023 TOSEI CORPORATION, All Rights Reserved.

2

l. Overview of Results for the FY2022

Copyright © 2023 TOSEI CORPORATION, All Rights Reserved.

3

FY2022 - Highlights -

  • Revenue ¥70.9B (up 14.9% YoY), Profit Before Tax ¥12.7B (up 23.8% YoY), Profit for the Period ¥8.6B (up 28.0% YoY).
  • Both revenue and profits landed in line with the revised forecast announced on Nov. 11, 2022 and both hit record highs.
  • Fund and Consulting Business has steadily expanded with assets under management (AUM) exceeding ¥1.7 trillion.

Revenue

Operating Profit

Operating Profit by Segment and Stable Business Ratio

4Q

3Q

2Q

1Q

(¥million)

63,939

7,630

11,259

21,581

23,468

61,726

9,414

11,378

15,831

25,101

70,953

16,020

11,380

17,236

26,315

13,514

10,965

2,358

6,427

0

(4Q)

1,798

1,782

1,732

2,474

4,592

3,672

5,535

4,640

5,685

(¥million)

43.0%

Stable Business Ratio

40.7%

13,514

* Calculated without Head office expenses

77.8%

10,965

878

6,427

672

3,218

Hotel

667

3,137

Stable

Property Management

3,041

4,193

2,700

Businesses

Fund and Consulting

Rental

1,060

2,958

2,319

Development

Revitalization

7,203

6,102

5,596

-838 -315

-3,743-2,970 -2,369

(Head office expenses, etc.)

-673

(Head office expenses, etc.)

FY2020 FY2021 FY2022

-3,364

FY2021

FY2022

FY2020

-1,933 FY2021 FY2022

(Head office expenses, etc.)

FY2020

Profit Before Tax

Profit for the Year/Period

Stable Business Profit and Fixed Cost Coverage Ratio

12,753

10,302

5,901

2,237

1,529

1,515

1,744

4,491

3,580

2,266

5,359

5,420

4,468

-186

-3,468

(4Q)

FY2021

FY2022

FY2020

ROE

6.1% 10.8% 12.5%

8,607

6,723 1,431

3,602 956 1,068

1,133

3,043

2,482

1,321

3,587

3,625

3,079

-355

(4Q)

-2,440

FY2021

FY2022

FY2020

(¥million)

106.6%

Fixed Cost

Coverage Ratio

129.6%

103.3%

* Stable Business Profit ÷Fixed Cost

Fixed Cost

10,245

11,818 12,598

Stable Business Profit

9,607

9,887

7,923

FY2020

FY2021

FY2022

*Stable Business Profit = the sum of Gross Profit (net of effects of internal transactions) of

Businesses (Rental, Fund & Consulting, Property Management, and Hotel)

the four Stable

4

*Fixed Cost =

Selling, general and administrative expenses - Property Selling Expenses + Interest expenses

Summary of Profit and Loss Statement (P/L)

(¥million)

YoY change

FY2021

FY2022

Composition

Composition

YoY Change

Ratio

Ratio

Revenue

61,726

100.0%

70,953

100.0%

9,227

14.9%

Cost of Revenue

41,024

66.5%

45,686

64.4%

4,661

11.4%

Gross Profit

20,701

33.5%

25,267

35.6%

4,565

22.1%

Selling, General and Administrative Expenses

9,778

15.8%

12,107

17.1%

2,328

23.8%

(Property Selling Expenses)

1,083

1.8%

1,426

2.0%

343

31.7%

(Expenses Excluding Above)

8,695

14.1%

10,680

15.1%

1,985

22.8%

Other Income

177

0.3%

359

0.5%

182

103.1%

Other Expenses

134

0.2%

5

0.0%

-128

-95.8%

Operating Profit

10,965

17.8%

13,514

19.0%

2,548

23.2%

Financial Income

249

0.4%

377

0.5%

128

51.3%

Financial Costs

912

1.5%

1,138

1.6%

225

24.7%

Profit Before Tax

10,302

16.7%

12,753

18.0%

2,450

23.8%

Income Tax Expense

3,578

-

4,146

-

567

-

Profit for the Year/Period

6,723

10.9%

8,607

12.1%

1,883

28.0%

(Owners of the parent)

6,721

-

8,607

-

1,885

-

(Non-controlling interests)

2

-

-

-

-2

-

Comprehensive Income for the Year/Period

7,136

11.6%

8,784

12.4%

1,647

23.1%

EPS(¥)

142.56

181.66

39.10

27.4%

5

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TOSEI Corporation published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 06:53:10 UTC.