[Delayed]Announcement of Analyst Report Released by Shared Research Inc.

January 31, 2024


Company: Star Mica Holdings Co., Ltd.
Representative: Masashi Mizunaga, President & CEO
(Code 2975 on the Tokyo Stock Exchange Prime Market)
Contact: Manabu Nagaya, Executive Officer
URL https://www.starmica-holdings.co.jp/en/




Announcement of Analyst Report Released by Shared Research Inc.



We are pleased to inform you that the analyst report by Shared Research Inc. (hereinafter referred to as SR) has been released.
This report has been prepared with an emphasis on neutrality and is based on research and analysis from a third-party
perspective. We believe it will help investors deeply understand our business and make investment decisions.



Publication start date February 9, 2024
Others This report is subject to end of publication without notice.
This report is typically updated at least eight times a year.



Shared Research Inc.
SR is a research company that provides essential information regarding a wide variety of companies to investors around the world.
The company produces reports based on the “investor’s standpoint” rather than the “company’s standpoint” for information
necessary to make investment decisions. The reports are utilized by both institutional and individual investors.



Fundamentals (As of Nov. 30, 2023)


FY2023 FY2024 Forecast
EPS JPY 79.59 JPY 83.83
Operating profit JPY 4,846 mn JPY 5,028mn
ROE 12.0% Approx. 12.0%



Financial results (year ended Nov.30,2023) and Mid-term plan “Find the Value 2026” (FY2024-2026)
Through our core business, purchase, hold, renovation and sale of existing condominiums, we have been leading to the expansion
of the existing condominium market and solving social issues, aging of both people and buildings. We focus on maximization of
corporate value by promoting strategies in our Mid-Term Plan “Find the Value 2026.” Published on 1/12/2024. Details are as
follows:
- Financial Result Summary For FY Nov 2023 (Written in English)
https://www2.jpx.co.jp/disc/29750/140120240112514164.pdf
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05. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ecnamrofr ep laciro tsiH
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..
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.3
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62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . noi tpircs eD
..
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9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . kool tuo mr e t-gnol o t muid eM
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61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . tsac erof ynapmoc ra ey-lluF
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.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . kooltuo dna sdnerT

---

7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . setadpu tneceR
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---

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ri eh t sa gno l sa s ei tr eporp tnacav eriuqca o t s mia ynap moc eh t ,erof er ehT .s ei tr eporp tnacav rof nigra m tiforp r ewo l y l evi ta l er
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ssorg eh t nwod hsup o t sdn e t sih t dna e mas eh t tuoba era )s evr es er ecnan e tnia m dna s e ef tn e m egana m sa hcus( s tsoc d e xif
,oykoT ni nah t r ewo l era sa era lanoig er ni s tn er e lihW .wo l y l evi ta l er era snigra m ssorg er ehw s ei tic lanoig er ni noi tisiuqca
y tr eporp pu gnipp e ts yb oi lof trop s ti yfisr evid o t s troff e s’ynap moc eh t o t e lba tubir t ta si sihT .41 /11Y F ecnis eni lc ed eh t no
n e eb sah ss enisub sih t rof nigra m tiforp ssorg ehT .32 /11Y F ni %8.55 saw MP G .s e ef tn e m egana m y tr eporp la tn er dna ,s t essa
d e xif no s e xa t ,sriap er gnid liub rof sdnuf evr es er rof s tn e myap ,s e ef ecnan e tnia m y tr eporp edu lcni tn e mg es sih t ni s esn ep xE
.e mocni
la tn er la to t s’ynap moc eh t no tcap mi ts edo m a y lno evah s e tar la tn er ni s egnahc yna tah t dna s ei tr eporp lai tn edis er rof s tn er
eh t ni egnahc hcu m ton si er eh t tah t sdna tsr ednu hcra es eR d erahS .snwo ynap moc eh t s tinu muini modnoc fo r eb mun eh t yb
tn e myap tn er egar eva eh t gniy lpi t lu m yb d e ta luc lac si ) e mocni la tn er( s e las  )latner ( ssenisu b muinimo dno C deta voneR  ehT
.) tiforp
ssorg fo %9.86 dna s e las fo % 0. 09( ) e las( muini modno C d e tavon eR eh t dna ) tiforp ssorg fo %7.72 dna s e las fo %6.8( ) la tn er(
5 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
. trop er sih t fo noi tc es s ess enka ew dna sh tgn er tS e es ,s lia t ed r eh truf ro F
y ti liba tiforp tfi l o t epocs d e ti miL
.e tar h tworg tiforp s'ynap moc eh t s tcir ts er
e tar h tworg t essa eh t tah t sna e m hcihw ,ss enisub t essa na si ss enisub muini modno C d e tavon eR ya tsnia m s'ynap moc ehT
.pihsnoi ta l er ffo- edar t a ni era y ti liba tiforp dna e tar r evonru t t essA
.swo l lof sa era s ess enka ew nia m s'ynap moc eh t s ev ei l eb hcra es eR d erahS
.s ega tnavda tsoc yojn e dna s tn e m ts evni d eifisr evid hguorh t sksir ecud er o t ti swo l la hcihw
,s muini modnoc d enwo- erp fo s e las eh t dna d esahcrup s tinu fo r eb mun eh t fo s mr e t ni r eda e l yr tsudni eh t si ynap moc ehT
.yr tsudni eh t ni s einap moc r eh to o t d erap moc t ekra m
e ta ts e la er eh t ni s egnahc o t evi tisn esni y l evi ta l er si ti ,erof er ehT .ecirp s e las dna ecirp esahcrup n e ew t eb ecn er effid eh t
no gnisucof yb eun ev er snra e dna ,gnisuoh rof dna m ed la er evah hcihw ,s ei tr eporp lai tn edis er h tiw s la ed ynap moc ehT
s ei tr eporp tn e m ts evni evi tcar t ta no noi ta mrofni r eh tag o t noi tisop gnor ts a ni ynap moc eh t gni t tup
,s tnan e t h tiw s muini modnoc d enwo- erp fo esahcrup rof sr ekorb e ta ts e la er h tiw spihsnoi ta l er t liub sah ynap moc ehT
.swo l lof sa era sh tgn er ts nia m s'ynap moc eh t s ev ei l eb hcra es eR d erahS
sessenkaew dna shtgnertS
 .s tiforp dna s e las rof s t egra t cific eps t es ton sah ynap moc
eh t , tn e mnorivn e ss enisub eh t ni s egnahc o t dnops er y lbi x e lf oT .% 0. 04 fo oi tar tuoyap la to t a dna r ehgih ro % 0.52 fo oi tar
y tiuq e na rof s mia ynap moc eh t ,s eig e tar ts laicnanif fo s mr e t nI .ero m ro nb 0. 0 01YP J fo e las rof e ta ts e la er fo yro tn evni na
dna ,sh tno m ow t o t sh tno m f lah a dna eno yb e lcyc s e las eh t ni noi tcud er a ,r ehgih ro % 0.5 fo h tworg SPE ,r ehgih ro % 0. 01
fo MPO na rof s t egra t lacir e mun t es ynap moc eh t ,s eig e tar ts ss enisub fo s mr e t nI .% 0.2 fo C CAW a dna r ehgih ro % 0.21
fo EOR na edu lcni tn e m ecnahn e eu lav e taroproc rof s t egra t lacir e mun ehT .s tiforp nipr ednu hcihw ,s ei tr eporp egnahc-r enwo
atad laicnanif yeK
Income statement FY11/14 FY11/15 FY11/16 FY11/17 FY11/18 FY11/19 FY11/20 FY11/21 FY11/22 FY11/23 FY11/24
Consolidated
(JPYmn) Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons.
forecast
Sales 13,901 19,333 20,974 23,075 30,282 32,164 39,568 36,897 48,212 48,878 54,157
YoY 2.6% 39.1% 8.5% 10.0% 31.2% 6.2% 23.0% -6.8% 30.7% 1.4% 10.8%
Gross profit 3,531 4,600 5,520 6,160 6,924 6,297 5,971 7,451 9,760 8,422 8,910
YoY 9.0% 30.3% 20.0% 11.6% 12.4% -9.0% -5.2% 24.8% 31.0% -13.7% 5.8%
Gross profit margin 25.4% 23.8% 26.3% 26.7% 22.9% 19.6% 15.1% 20.2% 20.2% 17.2% 16.5%
Operating profit 1,903 2,465 3,259 3,575 3,839 3,627 3,281 4,287 6,098 4,846 5,028
YoY 5.5% 29.5% 32.2% 9.7% 7.4% -5.5% -9.5% 30.6% 42.3% -20.5% 3.8%
Operating profit margin 13.7% 12.8% 15.5% 15.5% 12.7% 11.3% 8.3% 11.6% 12.6% 9.9% 9.3%
Recurring profit 1,286 1,797 2,581 2,982 3,245 2,926 2,497 3,688 5,419 3,921 4,102
YoY 4.5% 39.7% 43.6% 15.5% 8.8% -9.8% -14.7% 47.7% 46.9% -27.6% 4.6%
Recurring profit margin 9.3% 9.3% 12.3% 12.9% 10.7% 9.1% 6.3% 10.0% 11.2% 8.0% 7.6%
Net income 773 1,114 1,678 2,069 2,155 2,023 1,729 2,402 3,709 2,664 2,800
YoY 3.8% 44.2% 50.6% 23.3% 4.1% -6.1% -14.5% 38.9% 54.4% -28.2% 5.1%
Net margin 5.6% 5.8% 8.0% 9.0% 7.1% 6.3% 4.4% 6.5% 7.7% 5.5% 5.2%
Per-share data (split-
adjusted; JPY)
Number of shares outstanding
40,000 40,000 40,000 38,400 36,457 36,457 36,457 36,457 34,000 34,000
at year-end(000 shares)
EPS 21.47 30.81 46.36 57.12 59.23 55.50 47.43 65.00 107.21 79.59 83.83
EPS (fully diluted) 20.79 29.82 44.71 54.72 56.71 53.31 45.60 63.58 106.33 78.92
Dividend per share 4.50 7.25 11.50 20.75 16.00 8.00 16.00 16.50 19.50 20.00 21.00
Book value per share 319.5 345.2 382.3 426.6 468.8 507.4 538.6 573.6 634.0 693.6
Balance sheet (JPYmn)
Cash and cash equivalents 2,037 1,934 3,260 2,266 4,075 4,331 7,405 3,112 3,110 4,200
Real estate for sale 31,170 36,890 39,221 44,808 56,261 68,978 66,541 74,309 83,138 86,584
Total current assets 33,636 39,316 43,094 47,834 61,193 75,181 75,343 79,281 88,112 92,465
Tangible fixed assets 10,145 9,068 8,005 6,366 1,781 49 44 39 61 49
Intangible assets 8 6 4 18 52 60 266 133 151 147
Investments and other assets 438 404 542 456 508 831 1,105 1,388 2,052 2,321
Total fixed assets 10,591 9,478 8,551 6,841 2,341 940 1,415 1,560 2,265 2,517
Total assets 44,229 48,803 51,652 54,684 63,537 76,123 76,759 80,844 90,378 94,983
Accounts payable-trade 240 330 196 254 304 491 347 614 733 670
Short-term debt 3,838 4,171 2,872 3,053 5,748 7,735 7,613 7,444 8,341 10,226
Total current liabilities 5,213 6,094 4,941 5,197 8,032 10,161 10,107 10,591 12,251 12,868
Long-term debt 27,218 29,994 32,711 33,904 38,307 47,314 46,812 48,983 56,854 58,883
Total fixed liabilities 27,393 30,154 32,804 33,977 38,340 47,388 46,938 48,992 56,854 58,883
Total liabilities 32,607 36,249 37,745 39,173 46,372 57,549 57,045 59,583 69,104 71,751
Shareholders' equity 11,555 12,486 13,847 15,451 17,090 18,498 19,637 21,202 21,214 23,173
Total net assets 11,622 12,554 13,906 15,510 17,165 18,574 19,713 21,261 21,274 23,231
Total interest-bearing debt 31,056 34,166 35,583 36,957 44,055 55,049 54,425 56,428 65,195 69,109
Cash flow statement(JPYmn)
Cash flows from operating
-2,649 -2,191 783 -1,822 -4,709 -10,270 4,766 -4,915 -4,593 -1,761
activities
Cash flows from investing
-2,850 -852 -630 -2 -59 -69 -378 -312 -310 -63
activities
Cash flows from financing
5,861 2,940 1,173 829 6,577 10,542 -1,313 934 4,901 2,914
activities
Financial ratios
ROA (RP-based) 3.1% 3.9% 5.1% 5.6% 5.5% 4.2% 3.3% 4.7% 6.3% 4.2%
ROE(ROE) 6.9% 9.3% 12.7% 14.1% 13.2% 11.4% 9.1% 11.8% 17.5% 12.0%
Net margin 5.6% 5.8% 8.0% 9.0% 7.1% 6.3% 4.4% 6.5% 7.7% 5.5%
Total asset turnover 0.34 0.42 0.42 0.43 0.51 0.46 0.52 0.47 0.56 0.53
Financial leverage (equity
3.64 3.87 3.81 3.63 3.63 3.92 4.01 3.86 4.04 4.18
multiplier)
Equity ratio 26.1% 25.6% 26.8% 28.3% 26.9% 24.3% 25.6% 26.2% 23.5% 24.4%

---

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5792 s gni dloH aci M rat S

E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR 6
7 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
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 .snoi tavon er fo s tc epsa )D CQ( yr evi l ed dna , tsoc ,y ti lauq eh t ezi mi tpo dna w eiv er y l la tn e madnuf
o t tn e m trap ed d e tacid ed a hsi lba ts e l liw ynap moc eh t ,esnops er nI .syad 11 o t d esa ercni ) tra ts s e las o t tpi ec er y ek
morf e mi t eh t( t ekra m o t syad fo r eb mun eh t dna , 02 /11Y F o t d erap moc %22 yb d esa ercni tinu r ep tsoc noi tavon er eh t
,32 /11Y F nI :) tn e m evorp mi ycn eiciff e dna y ti liba tiforp h tob o t gni tubir tnoc( s eru tcur ts noi tavon er ezi mi tpo dna mrof eR
 .s ei tic lanoig er nah t r eh tar sa era na ti lopor t e m roja m ni s ei tr eporp drawo t s ecruos er
tc erid er l liw ynap moc ehT :) tn e m evorp mi y ti liba tiforp o t gni tubir tnoc( sa era nabru ni s ei tr eporp fo erahs eh t evorp mI
.42 /11Y F ni %25 o t 32 /11Y F ni %84 morf ,91 /11Y F
ni %26 morf gnisa erc ed n e eb sah hcihw ,snoi tisiuqca y tr eporp s ti ni s ei tr eporp egnahc-r enwo fo noi troporp eh t esa ercni
o t sna lp ynap moc ehT :) tn e m evorp mi y ti liba tiforp o t gni tubir tnoc( s ei tr eporp egnahc-r enwo fo noi troporp eh t esa ercnI
.s eig e tar ts evif gniwo l lof eh t hguorh t ycn eiciff e dna y ti liba tiforp gnicnahn e yb eu lav e taroproc evorp mi
o t sdn e tni ynap moc eh t ,y l lacific epS . tiforp fo ecruos a sa evr es hcihw ,s ei tr eporp egnahc-r enwo fo noi tisiuqca eh t hguorh t
h tworg e lba ts dna e lbania tsus rof s mia ynap moc eh t ,42 /11Y F morf gni tra ts ,r ev ewoH .s ei tr eporp tnacav fo noi tisiuqca
eh t dna s ei tic lanoig er o tni noisnap x e gni to morp n e eb sah ynap moc eh t ,)32 /11Y F o t 91 /11Y F morf( sra ey evif tsap eh t r evO
sei getarts ssenisuB
 .s tiforp dna s e las rof s t egra t cific eps t es ton sah ynap moc eh t , tn e mnorivn e ss enisub eh t ni s egnahc
o t dnops er y lbi x e lf oT .% 0. 04 fo oi tar tuoyap la to t a dna r ehgih ro % 0.52 fo oi tar y tiuq e na rof s mia ynap moc eh t ,s eig e tar ts
laicnanif fo s mr e t nI .ero m ro nb 0. 0 01YP J fo e las rof e ta ts e la er fo yro tn evni na dna ,sh tno m ow t o t sh tno m f lah a dna eno yb
e lcyc s e las eh t ni noi tcud er a ,r ehgih ro % 0.5 fo h tworg SPE ,r ehgih ro % 0. 01 fo MPO na rof s t egra t lacir e mun t es ynap moc
eh t ,s eig e tar ts ss enisub fo s mr e t nI .% 0.2 fo C CAW a dna r ehgih ro % 0.21 fo EOR na edu lcni tn e m ecnahn e eu lav e taroproc
rof s t egra t lacir e mun ehT . l ev e l C CAW e tairporppa na nia tnia m dna EOR evorp mi o t s eig e tar ts RI dna , laicnanif ,ss enisub
gni tn e m e lp mi yb eu lav e taroproc ezi mi xa m o t s mia ynap moc eh t ,na lp sih t r ednU .62 /11Y F o t 42 /11Y F morf doir ep
ra ey- e erh t eh t gnir evoc ,62 02 eu laV eh t dni F ,na lp tn e m egana m mr e t- muid e m s ti d ecnuonna ynap moc eh t ,42 02 yrauna J nI
wei vre vO
)62/11YF
ot 42/11YF morf sraey eerht( 6202 eulaV eht dniF ,nalp tnemeganam mret-muideM
 .62 02 eu laV eh t dni F ,na lp tn e m egana m mr e t- muid e m s ti d ecnuonna sah .d tL ,.o C sgnid loH aciM ra tS
21 -10 -4202
6202 eulaV eht dniF ,nalp tnemeganam mret-muideM
.kco ts yrusa er t fo noi tisiuqca eh t h tiw d e ecorp o t d edic ed sah
ynap moc eh t ,s l ev e l ecirp kco ts dna snoi tidnoc laicnanif l lar evo gnir edisnoc dna yci lop sih t no d esaB .yg e tar ts laicnanif s ti ni
% 0. 04 fo oi tar nru t er la to t a rof t egra t a t es ynap moc eh t ,42 02 yrauna J ni d ecnuonna na lp tn e m egana m mr e t- muid e m s ti nI
kca byu b erahs ro f snosaeR
egnahc xE kco tS oykoT eh t no s esahcrup t ekraM :noi tisiuqca fo doh t eM
42 02 ,13 hcraM–42 02 ,91 yrauna J :doir ep noi tisiuqcA
) ti mi l r eppu( n m 0 01YP J :d eriuqca eb o t s erahs fo eu lav la toT
)]s erahs
yrusa er t s edu lc x e[ gnidna ts tuo s erahs fo %5. 0 ; ti mi l r eppu( s erahs 0 0 0, 081 :d eriuqca eb o t s erahs fo r eb mun la toT
ynap moc eh t fo s erahs no m mo C :d eriuqca eb o t s erahs fo ssa l C
kcabyub erahs gnidrager sliate D
.s erahs yrusa er t fo noi tisiuqca eh t o t d e ta l er sr e t ta m gnidrag er noisic ed s ti d ecnuonna sah .d tL ,.o C sgnid loH aciM ra tS
91 -10 -4202
serahs y rusaert fo noitisiuqcA
setadpu tneceR
8 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
r ehgih ro % 0.5 fo h tworg SPE dna % 04 fo oi tar tuoyap la to t a rof mia dna s erahs
nwo s ti esahcrup er y l evi tca l liw ti , x 0.1 wo l eb s l laf RBP fi sa hcus ,d eu lavr ednu si kco ts eh t tah t s eni mr e t ed ynap moc eh t fI
s tn e m ts evni h tworg r e tfa hsac ss ec x e gnisu h tworg dn edivid t egra t dna sdn edivid e lba ts edivorp o t euni tno C
eu lav w en e ta erc o t s tn e m ts evni h tworg ezi tiroirP
gniworrob tsoc-wo l gnik e es e lihw oi tar y tiuq e na gninia tnia m no suco F
l ev e l C CAW e tairporppa na gninia tnia m dna EOR gnivorp mi hguorh t eu lav e taroproc ezi mi xa m o t miA
.s eici lop cisab evif gniwo l lof eh t t es ynap moc eh t ,noi taco l la la tipac gnidrag eR
 .snru t er r ed loh erahs dna
s tn e m ts evni h tworg d eni lpicsid ezi la er dna hsac fo esu eh t ezi mi xa m o t s mia ynap moc eh t ,s eig e tar ts laicnanif s ti fo trap sA
seicilo p noitacolla lati pac dna sei getarts laicnaniF
 .h tworg ss enisub e to morp dna sgninra e e tar en eg o t s ei tinu troppo
dna s e m ehcs suoirav r edisnoc l liw ynap moc ehT :) tn e m evorp mi ycn eiciff e o t gni tubir tnoc( noi ta mrof dnuf e to morP
 .eru trap ed tnan e t
r e tfa s ei tr eporp dna s ei tr eporp tnacav fo yro tn evni eh t gnicud er yb er eh t ,e tar r evonru t eh t evorp mi dna sh tno m f lah a
dna eno o t eno yb doir ep s e las eh t n e trohs o t s mia ynap moc eh t ,y ti liba tiforp gninia tnia m e lihw y lkciuq s ei tr eporp l l es o t
m e tsys a gnihsi lba ts e yB .22 /11Y F 1Q ni syad 9 01 o t d erap moc ,syad 541 o t d edn e t x e ) e tad tcar tnoc s e las eh t o t e tad tra ts
s e las eh t morf( doir ep s e las egar eva eh t ,22 /11Y F 4Q nI :) tn e m evorp mi ycn eiciff e o t gni tubir tnoc( e lcyc s e las eh t n e trohS
kooltuo dna sdnerT
stluser dna sdnert ylretrauQ
Cumulative FY11/22 FY11/23 FY11/23
(JPYmn) Q1 Q1–Q2 Q1–Q3 Q1–Q4 Q1 Q1–Q2 Q1–Q3 Q1–Q4 % of forecast FY Est.
Sales 12,313 27,602 37,318 48,212 11,062 24,886 37,108 48,878 97.2% 50,264
YoY 28.5% 27.6% 24.1% 30.7% -10.2% -9.8% -0.6% 1.4% 4.3%
Gross profit 2,847 5,568 7,695 9,760 2,159 4,571 6,639 8,422 94.4% 8,920
YoY 60.6% 47.6% 34.5% 31.0% -24.2% -17.9% -13.7% -13.7% -8.6%
Gross profit margin 23.1% 20.2% 20.6% 20.2% 19.5% 18.4% 17.9% 17.2% 17.7%
SG&A expenses 749 1,795 2,566 3,661 799 1,765 2,576 3,576 96.6% 3,701
YoY 13.7% 16.9% 14.0% 15.7% 6.7% -1.7% 0.4% -2.3% 1.1%
SG&A ratio 6.1% 6.5% 6.9% 7.6% 7.2% 7.1% 6.9% 7.3% 7.4%
Operating profit 2,098 3,774 5,129 6,098 1,359 2,806 4,063 4,846 92.9% 5,219
YoY 88.3% 68.7% 47.8% 42.3% -35.2% -25.6% -20.8% -20.5% -14.4%
Operating profit margin 17.0% 13.7% 13.7% 12.6% 12.3% 11.3% 10.9% 9.9% 10.4%
Recurring profit 1,958 3,453 4,592 5,419 1,148 2,306 3,360 3,921 89.6% 4,375
YoY 102.6% 80.5% 52.3% 46.9% -41.4% -33.2% -26.8% -27.6% -19.3%
Recurring profit margin 15.9% 12.5% 12.3% 11.2% 10.4% 9.3% 9.1% 8.0% 8.7%
Net income 1,346 2,383 3,174 3,709 797 1,595 2,326 2,664 88.5% 3,011
YoY 98.7% 78.3% 50.8% 54.4% -40.8% -33.1% -26.7% -28.2% -18.8%
Net margin 10.9% 8.6% 8.5% 7.7% 7.2% 6.4% 6.3% 5.5% 6.0%
Earnings (quarterly) FY11/22 FY11/23
(JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Sales 12,313 15,289 9,716 10,894 11,062 13,824 12,222 11,770
YoY 28.5% 26.8% 15.0% 59.8% -10.2% -9.6% 25.8% 8.0%
Gross profit 2,847 2,721 2,127 2,064 2,159 2,412 2,068 1,783
YoY 60.6% 36.0% 9.2% 19.3% -24.2% -11.4% -2.8% -13.6%
Gross profit margin 23.1% 17.8% 21.9% 18.9% 19.5% 17.4% 16.9% 15.2%
SG&A expenses 749 1,046 772 1,095 799 966 811 1,000
YoY 13.7% 19.2% 7.9% 19.9% 6.7% -7.7% 5.2% -8.7%
SG&A ratio 6.1% 6.8% 7.9% 10.1% 7.2% 7.0% 6.6% 8.5%
Operating profit 2,098 1,675 1,355 969 1,359 1,447 1,257 784
YoY 88.3% 49.2% 10.0% 18.6% -35.2% -13.7% -7.3% -19.2%
Operating profit margin 17.0% 11.0% 13.9% 8.9% 12.3% 10.5% 10.3% 6.7%
Recurring profit 1,958 1,495 1,139 827 1,148 1,158 1,054 562
YoY 102.6% 57.8% 3.4% 23.0% -41.4% -22.6% -7.5% -32.0%
Recurring profit margin 15.9% 9.8% 11.7% 7.6% 10.4% 8.4% 8.6% 4.8%
Net income 1,346 1,037 791 536 797 798 731 339
YoY 98.7% 57.4% 2.9% 80.1% -40.8% -23.1% -7.6% -36.8%
Net margin 10.9% 6.8% 8.1% 4.9% 7.2% 5.8% 6.0% 2.9%

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS

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.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF
.ecne refe r rof stluse r 8 1/ 1 1YF noitisna rt -e r p htiw e dam e rew 9 1/ 1 1YF ni snosi ra pmoc YoY .9 10 2 enuJ ni e rutcu rts yna pmoc gni dloh a ot denoitisna rt yna pmoc eh T



s esn epx e A&GS dna SoC fo nwodka erB
SG&A expenses(cumulative) FY11/22 FY11/23 FY11/23
(JPYmn) Q1 Q1–Q2 Q1–Q3 Q1–Q4 Q1 Q1–Q2 Q1–Q3 Q1–Q4 % of forecast FY Est.
SG&A expenses 749 1,795 2,566 3,661 799 1,765 2,576 3,576 96.6% 3,701
YoY 13.7% 16.9% 14.0% 15.7% 6.7% -1.7% 0.4% -2.3% 1.1%
Directors' remunerations 21 60 94 139 34 67 94
Salaries and allowances 193 535 746 1,097 214 545 768
Dues and taxes 216 493 672 893 165 356 535
Other 319 706 1,055 1,532 386 797 1,179
SG&A expenses(three-month) FY11/22 FY11/23
(JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SG&A expenses 749 1,046 772 1,095 799 966 811 1,000
YoY 13.7% 19.2% 7.9% 19.9% 6.7% -7.7% 5.2% -8.7%
Directors' remunerations 21 39 34 45 34 32 27
Salaries and allowances 193 341 211 351 214 331 223
Dues and taxes 216 277 179 221 165 192 179
Other 319 388 348 478 386 411 382

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF




5792 s gni dloH aci M rat S

E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR 9
tn emg es yb tiforp gni tar epo dna tiforp ssorg ,s elaS
Performance by segment(cumulative) FY11/22 FY11/23 FY11/23
(JPYmn) Q1 Q1–Q2 Q1–Q3 Q1–Q4 Q1 Q1–Q2 Q1–Q3 Q1–Q4 % of forecast FY Est.
Sales 12,313 27,602 37,318 48,212 11,062 24,886 37,108 48,878 97.2% 50,264
YoY 28.5% 27.6% 24.1% 30.7% -10.2% -9.8% -0.6% 1.4% 4.3%
Renovated Condominium 12,123 27,224 36,744 47,449 10,884 24,500 36,566 48,155 97.2% 49,530
YoY 29.3% 28.2% 24.4% 31.8% -10.2% -10.0% -0.5% 1.5% 4.4%
Investment - - - - - - - 6 - -
YoY - - - - - - - - -
Advisory Services 189 378 574 763 178 386 542 716 98.1% 730
YoY 2.8% 2.2% 9.0% -12.4% -5.9% 2.1% -5.6% -6.1% -4.3%
Gross profit 2,847 5,568 7,695 9,760 2,159 4,571 6,639 8,422 94.4% 8,920
YoY 60.6% 47.6% 34.5% 31.0% -24.2% -17.9% -13.7% -13.7% -8.6%
Gross profit margin 23.1% 20.2% 20.6% 20.2% 19.5% 18.4% 17.9% 17.2% 17.7%
Renovated Condominium 2,700 5,290 7,280 9,210 2,030 4,290 6,260 7,940 94.6% 8,390
YoY 63.6% 49.4% 34.8% 34.3% -24.8% -18.9% -14.0% -13.8% -8.9%
Gross profit margin 22.3% 19.4% 19.8% 19.4% 18.7% 17.5% 17.1% 16.5% 16.9%
Investment - - - - - - - -10 - -
Advisory Services 130 270 410 540 120 270 370 490 94.2% 520
YoY 30.0% 35.0% 41.4% -3.6% -7.7% 0.0% -9.8% -9.3% -3.7%
Gross profit margin 68.7% 71.5% 71.4% 70.8% 67.4% 70.0% 68.3% 68.4% 71.2%
Performance by segment(three-month) FY11/22 FY11/23
(JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Sales 12,313 15,289 9,716 10,894 11,062 13,824 12,222 11,770
YoY 28.5% 26.8% 15.0% 59.8% -10.2% -9.6% 25.8% 8.0%
Renovated Condominium 12,123 15,101 9,520 10,705 10,884 13,616 12,066 11,589
YoY 29.3% 27.2% 14.8% 65.4% -10.2% -9.8% 26.7% 8.3%
Investment - - - - - - - 6
YoY - - - - - - - -
Advisory Services 189 188 196 189 178 208 156 174
YoY 2.8% 1.5% 25.2% -45.2% -5.9% 10.2% -20.5% -7.6%
Gross profit 2,847 2,721 2,127 2,064 2,159 2,412 2,068 1,783
YoY 60.6% 36.0% 9.2% 19.3% -24.2% -11.4% -2.8% -13.6%
Gross profit margin 23.1% 17.8% 21.9% 18.9% 19.5% 17.4% 16.9% 15.2%
Renovated Condominium 2,700 2,590 1,990 1,930 2,030 2,260 1,970 1,680
YoY 63.6% 37.0% 7.0% 32.2% -24.8% -12.7% -1.0% -13.0%
Gross profit margin 22.3% 17.2% 20.9% 18.0% 18.7% 16.6% 16.3% 14.5%
Investment - - - - - - - -10
Advisory Services 130 140 140 130 120 150 100 120
YoY 30.0% 40.0% 55.6% -51.9% -7.7% 7.1% -28.6% -7.7%
Gross profit margin 68.7% 74.4% 71.3% 68.8% 67.4% 72.3% 64.0% 68.8%

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF :setoN
.ne y fo snoillim fo stinu ot seula v eseht detsuj da e vah ew ,el bat e vo ba eht nI .nm00 1YPJ fo stinu ni e rew slai retam desolcsi d s' yna pmoc eht ,tnem ges y b tifo r p sso r g roF
.tifo r p sso r g dna selas remotsuc lan retxe ot refe r se ru gif tnem geS




5792 s gni dloH aci M rat S

E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR 01
tiforp ssorg ,s elas muinimodnoC d e tavon eR
Renovated Condominium(cumulative) FY11/22 FY11/23 FY11/23
(JPYmn) Q1 Q1–Q2 Q1–Q3 Q1–Q4 Q1 Q1–Q2 Q1–Q3 Q1–Q4 % of forecast FY Est.
Sales 12,123 27,224 36,744 47,449 10,884 24,500 36,566 48,155 97.2% 49,530
YoY 29.3% 28.2% 24.4% 31.8% -10.2% -10.0% -0.5% 1.5% 4.4%
Rental 996 1,999 2,985 3,996 1,020 2,079 3,126 4,188 103.1% 4,061
YoY -0.7% 1.0% 2.1% 2.7% 2.5% 4.0% 4.7% 4.8% 1.6%
Sale 11,128 25,225 33,759 43,453 9,864 22,422 33,440 43,967 96.7% 45,468
YoY 32.9% 30.9% 26.9% 35.3% -11.4% -11.1% -0.9% 1.2% 4.6%
Gross profit 2,700 5,290 7,280 9,210 2,030 4,290 6,260 7,940 94.6% 8,390
YoY 63.6% 49.4% 34.8% 34.3% -24.8% -18.9% -14.0% -13.8% -8.9%
Gross profit margin 22.3% 19.4% 19.8% 19.4% 18.7% 17.5% 17.1% 16.5% 16.9%
Rental 609 1,214 1,794 2,397 568 1,162 1,735 2,337 105.7% 2,210
YoY -3.3% -1.9% -1.2% -0.6% -6.8% -4.3% -3.3% -2.5% -7.8%
Gross profit margin 61.2% 60.7% 60.1% 60.0% 55.7% 55.9% 55.5% 55.8% 54.4%
Sale 2,103 4,086 5,503 6,866 1,480 3,161 4,581 5,804 92.9% 6,250
YoY 99.4% 73.9% 50.9% 51.6% -29.6% -22.6% -16.7% -15.5% -9.0%
Gross profit margin 18.9% 16.2% 16.3% 15.8% 15.0% 14.1% 13.7% 13.2% 13.7%
Loss on valuation -4 -4 -4 -48 -9 -26 -47 -211 -70
SG&A expenses 695 1,601 2,283 3,228 688 1,525 2,235 3,075
YoY 24.8% 24.9% 22.2% 23.7% -1.0% -4.8% -2.1% -4.7%
SG&A ratio 5.7% 5.9% 6.2% 6.8% 6.3% 6.2% 6.1% 6.4%
Operating profit 2,005 3,689 4,997 5,982 1,342 2,765 4,025 4,865
YoY 83.4% 63.3% 41.5% 40.7% -33.1% -25.0% -19.5% -18.7%
Operating profit margin 16.5% 13.6% 13.6% 12.6% 12.3% 11.3% 11.0% 10.1%
Renovated Condominium(three-month) FY11/22 FY11/23
(JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Sales 12,123 15,101 9,520 10,705 10,884 13,616 12,066 11,589
YoY 29.3% 27.2% 14.8% 65.4% -10.2% -9.8% 26.7% 8.3%
Rental 996 1,004 986 1,011 1,020 1,058 1,048 1,061
YoY -0.7% 2.8% 4.4% 4.5% 2.5% 5.5% 6.3% 5.0%
Sale 11,128 14,097 8,534 9,694 9,864 12,558 11,018 10,527
YoY 32.9% 29.4% 16.2% 76.1% -11.4% -10.9% 29.1% 8.6%
Gross profit 2,700 2,590 1,990 1,930 2,030 2,260 1,970 1,680
YoY 63.6% 37.0% 7.0% 32.2% -24.8% -12.7% -1.0% -13.0%
Gross profit margin 22.3% 17.2% 20.9% 18.0% 18.7% 16.6% 16.3% 14.5%
Rental 609 604 580 604 568 594 573 602
YoY -3.3% -0.5% 0.3% 1.2% -6.8% -1.7% -1.2% -0.3%
Gross profit margin 61.2% 60.2% 58.9% 59.7% 55.7% 56.1% 54.7% 56.7%
Sale 2,103 1,983 1,416 1,363 1,480 1,682 1,420 1,222
YoY 99.4% 53.1% 9.3% 54.4% -29.6% -15.2% 0.3% -10.3%
Gross profit margin 18.9% 14.1% 16.6% 14.1% 15.0% 13.4% 12.9% 11.6%
Loss on valuation -4 -0 - -44 -9 -16 -22 -164
SG&A expenses 695 906 682 945 688 837 711 840
YoY 24.8% 25.0% 16.3% 27.5% -1.0% -7.7% 4.1% -11.1%
SG&A ratio 5.7% 6.0% 7.2% 8.8% 6.3% 6.1% 5.9% 7.2%
Operating profit 2,005 1,684 1,308 985 1,342 1,423 1,259 840
YoY 83.4% 44.5% 2.7% 37.0% -33.1% -15.5% -3.7% -14.7%
Operating profit margin 16.5% 11.2% 13.7% 9.2% 12.3% 10.5% 10.4% 7.3%

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS

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.s dohtem gni dnuo r ni secne reffi d ot eu d ata d yna pmoc mo rf reffi d yam se ru giF :setoN
.MPG dehsil bu p s’ yna pmoc eht no desa b snoitaluclac s’hc raeseR de rahS e ra elas dna latne r rof tifo r p sso r g rof se ru giF



ss enisub muinimodnoC d e tavon eR eh t ni s tinu yro tn evni dna ,dlos ,d eriuqca fo r ebmuN
Units purchased, Units sold, Units in
FY11/22 FY11/23 FY11/23
inventory(cumulative)
(units) Q1 Q1–Q2 Q1–Q3 Q1–Q4 Q1 Q1–Q2 Q1–Q3 Q1–Q4 % of forecast FY Est.
Units purchased 435 902 1,256 1,640 334 746 1,057 1,410
YoY 67.3% 47.1% 33.5% 23.8% -23.2% -17.3% -15.8% -14.0%
Purchase price per unit(JPYmn) 26.6 26.5 27.3 27.7 28.2 28.4 28.8 29.4
YoY 1.4% 2.7% 4.0% 3.9% 5.9% 7.0% 5.2% 6.1%
Units sold 339 849 1,102 1,395 280 653 976 1,270 96.4% 1,318
YoY 22.8% 22.9% 19.8% 26.8% -17.4% -23.1% -11.4% -9.0% -5.5%
Selling price per unit(JPYmn) 32.8 29.7 30.6 31.1 35.2 34.3 34.3 34.6
YoY 8.2% 6.6% 5.9% 6.7% 7.3% 15.6% 11.8% 11.1%
Units in inventory 3,649 3,606 3,707 3,798 3,852 3,891 3,879 3,938
YoY 10.2% 11.0% 10.7% 6.9% 5.6% 7.9% 4.6% 3.7%
Inventory amount per unit(JPYmn) 21.1 21.4 21.7 21.9 21.9 21.9 21.8 22.0
YoY 5.6% 6.1% 6.2% 4.7% 3.7% 2.3% 0.7% 0.4%
Units purchased, Units sold, Units in
FY11/22 FY11/23
inventory(three months)
(units) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Units purchased 435 467 354 384 334 412 311 353
YoY 67.3% 32.3% 7.9% 0.0% -23.2% -11.8% -12.1% -8.1%
Purchase price per unit(JPYmn) 26.6 26.4 29.4 28.7 28.2 28.5 29.7 31.1
YoY 1.4% 3.5% 8.3% 4.8% 5.9% 8.0% 1.0% 8.4%
Units sold 339 510 253 293 280 373 323 294
YoY 22.8% 22.9% 10.5% 62.8% -17.4% -26.9% 27.7% 0.3%
Selling price per unit(JPYmn) 32.8 27.6 33.7 33.1 35.2 33.7 34.1 35.8
YoY 8.2% 5.3% 5.2% 8.2% 7.3% 21.8% 1.1% 8.2%


.ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
.snoitaluclac hc raeseR de rahS e ra stnuoma tinu - re p gniwollof eh T :etoN
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y rotne vni ni stinu fo re bmun eht y b de di vi d elas rof etatse lae r fo ecnala b gni dnE :tinu re p tnuoma y rotne vnI




5792 s gni dloH aci M rat S

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.s dohtem gni dnuo r ni secne reffi d ot eu d ata d yna pmoc mo rf reffi d yam se ru giF *

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etutitsnI cimonocE etatsE laeR mo rf scitsitats no desa b hc raeseR de rahS :ec ruoS
13.9% 24.6% 54.8% 1.3% -0.4% -5.9% -5.7% 7.2% YoY
1,102.7 1,213.0 1,454.7 961.3 968.3 973.7 940.0 949.3 Price per sqm(JPY'000)
10.6% 25.1% 59.7% -0.6% 0.1% -6.1% -5.5% 6.4% YoY
71.8 79.0 100.6 62.8 64.9 63.1 63.0 63.2 Average contract price per unit(JPYmn)
-17.2% 11.7% -17.9% -17.6% -21.9% -8.4% -5.0% -7.9% YoY
6,349 5,966 6,065 8,288 7,670 5,343 7,384 10,064 New units supplied
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
FY11/23 FY11/22
)a era oykoT r e ta erG ( sdn er t t ekram muinimodnoc w eN : ecn er ef eR
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.se rutcefe r p amatiaS dna ,a bihC ,awa gana K ,o y koT ot s refe r "ae ra o y koT retae rG " *

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.s dohtem gni dnuo r ni secne reffi d ot eu d ata d yna pmoc mo rf reffi d yam se ru giF *
.na paJ tsaE rof k rowteN noitam rofnI etatsE laeR eht y b deussi t ro peR y rammuS hctaW te k raM yl ret rauQ no desa b hc raeseR de rahS :ec ruoS
6.6% 7.6% 5.6% 8.4% 13.4% 13.1% 13.0% 10.5% YoY
739.9 727.6 703.2 689.9 694.0 676.0 665.8 636.2 ContractPrice per sqm(JPY'000)
6.7% 7.9% 6.3% 5.9% 12.4% 11.2% 10.6% 8.9% YoY
47.0 46.3 45.0 43.4 44.1 42.9 42.3 41.0 Contractaverage price(JPYmn)
5.9% 3.1% -2.6% -1.5% -11.7% -4.8% -14.4% -8.5% YoY
9,378 8,714 9,133 8,656 8,859 8,453 9,376 8,787 Properties sold (units)
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
FY11/23 FY11/22
)a era oykoT r e ta erG ( sdn er t t ekram muinimodnoc d enwo- erP : ecn er ef eR
.) detne r( elas e rofe b dna elas rof ,smuinimo dnoc denwo -e r p ot s refe r "elas rof etatse laeR " *
.s dohtem gni dnuo r ni secne reffi d ot eu d ata d yna pmoc mo rf reffi d yam se ru giF

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
-20.0% 40.1% 46.7% 54.0% 59.1% -8.4% -5.0% -10.0% YoY
-12 15 18 20 23 -3 -2 -4 YoY change
49 52 56 58 61 37 38 38 Tangible fixed assets
4.1% 1.9% 2.3% 1.2% 11.9% 8.2% 3.7% 3.4% QoQ
-37,500 -28,200 -18,800 -8,100 -35,700 -27,600 -20,600 -8,700 Units sold
renovation
40,900 29,800 20,700 9,200 44,600 33,600 23,400 11,300
Increase in book value due to purchase +
3,447 1,595 1,927 1,038 8,829 6,083 2,778 2,557 QoQ change
4.1% 5.4% 10.3% 9.5% 11.9% 17.6% 17.7% 16.3% YoY
3,447 4,341 7,978 7,309 8,829 12,027 11,589 10,787 YoY change
86,584 84,733 85,064 84,175 83,138 80,392 77,087 76,866 Real estate for sale
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 (JPYmn)
FY11/23 FY11/22
s t essa d exif elbigna t dna elas rof e ta ts e la eR
31 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
dna e erh t tuoba li tnu d los ton era tn er r ednu d eriuqca s muini modnoc e lihw ,d eriuqca era y eh t r e tfa ra ey a tuoba s ei tr eporp
es eh t s l l es dna esahcrup ri eh t gniwo l lof sh tno m ruof o t e erh t s muini modnoc tnacav no snoi tavon er s mrofr ep aciM ra tS
.e tar r evonru t t essa eh t
gnisa ercni yb s ei tinu troppo sgninra e s ti dnap x e o t s muini modnoc tnacav gni l l es dna gniyub no gni tar tn ecnoc n e eb os la sah
ynap moc eh t ,81 /11Y F ni gni tra tS .d e trap ed s tnan e t es eh t r e tfa m eh t d los dna d e tavon er dna ,s tnan e t gni tsi x e eh t morf tn er
d e tc e l loc ,d e tn er gni eb y l tn erruc er ew tah t s muini modnoc d esahcrup y l lar en eg ynap moc eh t ,71 /11Y F fo dn e eh t hguorhT
ygetarts ssenisuB
 .d ednap x e s esn ep x e l ennosr ep tub ,nwod er ew s eud dna s e xa t ,s esn ep x e A& GS
nI .nb 0.2YP J o t tiforp ssorg ni pord YoY %8.42 a fo t lus er a sa ,YoY nwod os la saw tiforp gni tar epO .)22 /11Y F ni n m84YP J
fo sso l noi tau lav a susr ev( n m112YP J fo ,s e las fo tsoc fo tn enop moc a ,e las rof e ta ts e la er no sso l noi tau lav a d edroc er
ynap moc ehT .) e las dna la tn er h tob( ss enisub muini modno C d e tavon eR eh t ni d esa erc ed tiforp ssorg dna esor s e laS
 )YoY %8.31-( nb9.7YP J : tiforp ssor G
)YoY %5.1+( nb2.84YP J :s e laS
 ssenisub muinimodnoC detavoneR
.na lp s'ynap moc eh t o t d erap moc s eud dna s e xa t r ewo l ni gni t lus er
,e mu lov esahcrup r ewo l o t eud y lira mirp ,d e tc ep x e nah t r ewo l n m 031YP J y l e ta mi xorppa er ew s esn ep x e A& GS .s ei tiruc es
tn e m ts evni lanoi tar epo no s esso l noi tau lav o t eud y lnia m ,n m 05YP J y l e ta mi xorppa fo l laf trohs d enib moc a d edroc er ss enisub
yrosivdA dna ss enisub tn e m ts evnI eh t ,r eh tru F .sgnid loh mr e t-gno l nia tr ec fo lasopsid eh t rof s ecirp r ewo l o t d e en eh t dna
e mu lov s e las d enna lp-nah t-r ewo l o t eud y l trap saw sihT .n m 041YP J y l e ta mi xorppa yb snoi ta tc ep x e s'ynap moc eh t d ed e ec x e
ss enisub muini modno C noi tavon eR eh t ni sso l noi tau lav eh t ,noi tidda nI  .n m 044YP J y l e ta mi xorppa yb trohs l l ef ss enisub
)s e las( muini modno C noi tavon eR eh t ,n m 021YP J y l e ta mi xorppa yb snoi ta tc ep x e d ed e ec x e ss enisub ) la tn er( muini modno C
noi tavon eR eh t e lihW  .32 /11Y F rof tsac erof ra ey- l luf s'ynap moc eh t nah t r ewo l n m894YP J ni e mac tiforp ssor G
. tsac erof ra ey- l luf eh t susr ev ,y l evi tc eps er ,%9.29 dna %7.69 d ess ergorp tiforp ssorg dna s e las ,ss enisub
) e las( muini modno C d e tavon eR ya tsnia m eh t nI .%5.88 saw tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t en dna ,%6.98
saw tiforp gnirruc er ,%9.29 saw tiforp gni tar epo ,%4.49 saw tiforp ssorg ,%2.79 er ew s e las , tsac erof ra ey- l luf eh t susr eV
tsacerof susrev setar tnemeveihcA
.%3.7 o t YoY pp3. 0 l l ef oi tar A& GS ehT .d esahcrup
s tinu muini modnoc fo r eb mun r e l la ms a fo t lus er a sa s eud dna s e xa t ni eni lc ed a saw er eh t ,s esn ep x e A& GS fo s mr e t nI
.)pp 0.3-( %2.71 saw MP G . t ekra m e ta ts e la er eh t ni gni ta ehr evo fo esn es a dah hcihw ,ra ey suoiv erp eh t fo doir ep
e mas eh t o t d erap moc ss enisub ) e las( muini modno C d e tavon eR eh t ni MP G eh t ni noi taroir e t ed a no l l ef tiforp ssor G
 .)YoY pp7.2-( %9.9 saw MPO . tiforp ssorg ni esa erc ed a o t eud d eni lc ed tiforp gni tar epO
  .) e las dna la tn er h tob( ss enisub muini modno C d e tavon eR eh t ni s e las r ehgih o t eud YoY pu er ew s e laS
tiforp dna selaS
 .) 02 02
yraurb e F dna 91 02 hcraM n e ew t eb 0 0 0,84– 0 0 0,74 dnuora( l ev e l ci m ednap- erp eh t gnihcaorppa ,32 02 r eb m evo N ni
399,64 d e la to t dna ,)146,33( 12 02 enu J ecnis gnir evoc er n e eb sah s muini modnoc d enwo- erp fo yro tn evni  ehT .y l evi tc eps er
,sh tno m evi tuc esnoc dn24 dna dr34 eh t rof gnisa ercni ,)YoY %1.7+( n m3.74YP J saw ecirp esahcrup egar eva eh t dna )YoY
%6.7+( 0 08,947YP J saw a era na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo- erp a rof r e t e m erauqs r ep ecirp egar eva
eh t ,e lihwna eM .sh tno m evi tuc esnoc xis rof gnisa ercni ,32 02 r eb m evo N ni )YoY %7.3+( 0 09,2 saw a era na ti lopor t e m
oykoT eh t ni d los s muini modnoc d enwo- erp fo r eb mun eh t ,napa J tsaE rof krow t e N noi ta mrofnI e ta tsE la eR eh t o t gnidroccA
tnemnorivne ssenisuB
.s ei tr eporp d enwo fo r eb mun eh t gnisa ercni dna s ei tr eporp
eriuqca o t gniuni tnoc yb s tiforp esa ercni o t sna lp ynap moc eh t ,MP G no hgi ew y l laudarg o t euni tnoc o t d e tc ep x e si
s ei tr eporp lanoig er fo noi troporp eh t ni esa ercni eh t hguoh t lA .32 /11Y F ni %8.55 o t YoY pp2.4 l l ef tI .) mr e t gno l eh t rof d l eh
41 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
ni d er evi l ed s tinu fo r eb mun d e tav e l e eh t h tiw d erap mo C .22 /11Y F 1Q o t tuo d ehsup saw 12 /11Y F 4Q rof d e lud ehcs
y l lai tini s tinu e mos fo yr evi l ed sa , l ev e l hgih a ta saw dna %8.22 pu saw 22 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun ehT
.32 /11Y F 4Q ni 492 dna ,32 /11Y F 3Q ni 323 ,32 /11Y F 2Q ni 373 ,32 /11Y F 1Q ni 082 ,22 /11Y F 4Q
ni 392 ,22 /11Y F 3Q ni 352 ,22 /11Y F 2Q ni 015 ,22 /11Y F 1Q ni 933 :swo l lof sa saw r e trauq yb d los s tinu fo r eb mun ehT
.eru tcur ts s e las eh t fo gnin eh tgn er ts eh t o t eud
esa ercni o t d euni tnoc d los s tinu fo r eb mun eh t ,)r e ta l d ebircs ed eb o t( 22 /11Y F H1 ni sro tcaf laic eps gnidu lc xE .)YoY %1.11+(
n m6.43YP J fo
tinu r ep s e las d e tsop dna )YoY % 0.9-( s tinu 072,1 d los ynap moc eh t ,32 /11Y F nI . tinu r ep s e las ni esa ercni
na yb t esffo saw d los s tinu fo r eb mun eh t ni eni lc ed a sa YoY pu er ew ss enisub ) e las( muini modno C d e tavon eR eh t ni s e laS
sela S
 )YoY %5.51-( nb8.5YP J : tiforp ssor G
)YoY %2.1+( nb 0.44YP J :s e laS
ssenisub )elas( muinimodnoC detavoneR
.ss enisub ) la tn er( muini modno C d e tavon eR eh t fo MP G eh t ni esa erc ed a o t e tubir tnoc hcihw ,)s e las
fo tsoc( s e ef tn e m egana m sa hcus s esn ep x e rucni y eh t ,e mocni la tn er e tar en eg ton od s ei tr eporp tnacav e lihW .d esa ercni
sah d l eh s ei tr eporp tnacav fo noi troporp eh t ,3Q ni d esahcrup s ei tr eporp tnacav fo oi tar eh t ni esa ercni na o t euD
.s ei tr eporp
es eh t rof MP G eh t nwod hsup o t sdn e t sih t dna e mas eh t tuoba era )s evr es er ecnan e tnia m dna s e ef tn e m egana m
sa hcus( s tsoc d e xif ,oykoT ni nah t r ewo l era sa era lanoig er ni s tn er e lihW .snoi tar epo ediwnoi tan s'ynap moc eh t ni MP G
wo l y l evi ta l er h tiw s ei tic lanoig er ni s ei tr eporp fo noi troporp eh t ni esa ercni na saw MP G no gnihgi ew ro tcaf r eh tonA
.YoY %2 y l e ta mi xorppa yb d esa ercni ss enisub
) la tn er( muini modno C d e tavon eR eh t rof tiforp ssorg eh t , tcap mi d enoi tn e m erofa eh t gnidu lc xE  .)32 /11Y F ni n m 011YP J
fo tcap mi( MP G ni l laf YoY pp9.2 y l e ta mi xorppa na ni d e t lus er hcihw ,s eici lop gni tnuocca ni egnahc eh t gniwo l lof
mr e t gno l eh t r evo d l eh s ei tr eporp rof noi taic erp ed fo gnikoob eh t o t d e tubir t ta y lira mirp saw MP G ni eni lc ed ehT
.swo l lof sa era MP G ni eni lc ed eh t rof snosa er ehT .%8.55 o t YoY pp2.4 d eni lc ed MP G eh t dna , l l ef tiforp ssorg ,r ev ewoH
.s esahcrup d euni tnoc o t eud d esa ercni d l eh s ei tr eporp fo r eb mun eh t sa d esa ercni s e laS
 )YoY %5.2-( nb3.2YP J : tiforp ssor G
)YoY %8.4+( nb2.4YP J :s e laS
ssenisub )latner( muinimodnoC detavoneR
.sra ey e mos r evo y l laudarg n e es eb o t
s ei tr eporp egnahc-r enwo fo esahcrup d esa ercni eh t morf y ti liba tiforp o t snoi tubir tnoc s tc ep x e ti os ,s ei tr eporp egnahc-r enwo
rof e las o t esahcrup morf sra ey ruof o t f lah a dna e erh t fo egar eva na s eka t ti ,evoba d enoi tn e m sa ,r ev ewoH .32 /11Y F ni
d edroc er %84 eh t o t d erap moc ,62 /11Y F rof oi tar %55 a dna 42 /11Y F rof )s tinu fo r eb mun eh t no d esab( s ei tr eporp egnahc
-r enwo fo oi tar %25 a s t egra t ynap moc ehT .sa era na ti lopor t e m roja m ni s ei tr eporp no sucof y lra luci trap l liw dna ,sdrawno
42 /11Y F morf gnisahcrup ni s ei tr eporp egnahc-r enwo fo oi tar eh t esa ercni r eh truf o t sna lp ynap moc eh t ,dni m ni sih t h tiW
.MP G
eh t nwod hsup suh t s ei tr eporp tnacav fo oi tar s e las eh t ni s esa ercnI .32 /11Y F ni %6.7 ta s ei tr eporp tnacav rof dna % 0.81
ta s ei tr eporp egnahc-r enwo rof MP G h tiw ,snigra m ni s ecn er effid ni t lus er tn e mnorivn e gnisahcrup eh t ni s ecn er effid
es ehT  .)noi tisiuqca r e tfa l l es y l e taid e m mi tonnac dna noi tisiuqca erof eb y tr eporp eh t fo noi tidnoc eh t tc epsni tonnac
y eh t ecnis s ei tr eporp egnahc-r enwo rof sr eyub fo r eb mun d e ti mi l a era er eh t( s ei tr eporp egnahc-r enwo o t d erap moc
s ei tr eporp tnacav gnisahcrup ni noi ti t ep moc esn e tni ero m y l lacipy t si er ehT :ss enisub )s e laS( muini modno C d e tavon eR
.d errucni era s e ef ecnan e tnia m
d e taicossa e lihw s ei tr eporp es eh t hguorh t d e tar en eg eun ev er tn er fo kca l eh t yb d e tc effa eb l liw sgninra e la tn eR
.sgninra e no tcap mi gniwo l lof eh t
evah l liw s muini modnoc tnacav fo gni l l es dna gniyub d eifisn e tni s’ynap moc ehT .d esahcrup era y eh t r e tfa sra ey ruof o t f lah a
51 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.)s ei tr eporp dn e-hgih d esahcrup ynap moc eh t na e m ton s eod sih t ,r ev ewoh(
erof eb nah t s egnar ecirp r ehgih y l thgi ls ni s ei tr eporp fo esahcrup cig e tar ts eh t dna oykoT ni y lnia m s ecirp e ta ts e
la er ni dn er t drawpu na o t eud d esa ercni ecirp esahcrup ehT .)YoY %1.6+( n m4.92YP J saw tinu r ep ecirp esahcrup ehT
 .s ecirp
y tr eporp gnisir dna noi ti t ep moc d eifisn e tni o t eud s ei tr eporp gnisahcrup ni s ei t luciffid d esa ercni sa hcus , tn e mnorivn e
ss enisub eh t ni egnahc on n e eb sah er eh t tah t s ezingoc er ynap moc ehT . t ekra m e ta ts e la er nwod-d e looc eh t
ni e las fo e mi t eh t ta snigra m tiforp no sucof a h tiw s ei tr eporp d e tc e l es y l luf erac dna d los dna d esahcrup s tinu fo r eb mun
eh t n e ew t eb ecna lab d ezi tiroirp ynap moc eh t   esuac eb saw sihT .YoY nwod saw d esahcrup s ei tr eporp fo r eb mun ehT
.)YoY % 0.9-( 072,1 d los dna )YoY % 0.41-( s tinu 014,1 d esahcrup
ynap moc ehT .)22 /11Y F-dn e morf ,%7.3+ ro ,s tinu 041+( yro tn evni ni s tinu 839,3 dah ynap moc eh t ,32 /11Y F-dn e tA
 .s e las y tr eporp o t eud nb5.73YP J
yb d esa erc ed dna ,snoi tavon er dna esahcrup y tr eporp o t eud eu lav koob ni esa ercni na o t eud nb9. 04YP J yb d esa ercni
tI .)22 /11Y F-dn e morf ,%1.4+ ro ,nb4.3YP J+( nb6.68YP J o t d e tnuo ma e las rof e ta ts e la er s’aciM ra tS fo eu lav yra t eno m ehT
elas rof etatse laeR
.snigra m tiforp ni esa erc ed eh t yb d e tc effa ero m y l evi ta l er
n e eb evah ,snigra m tiforp r ewo l evah hcihw ,s ei tr eporp tnacav tah t d e ta ts sah ti ,s esa ercni ecirp hguorh t s tcap mi
es eh t fo e mos d ebrosba sah ynap moc eh t e lihW . t lus er a sa drawpu gnidn er t n e eb evah s tsoc noi tavon eR .d esa ercni
os la sah noi tavon er gniriuq er sa era fo r eb mun eh t ,s esa ercni s ei tr eporp s'ynap moc eh t fo ega eh t sa ,y l lanoi tiddA
.esir eh t no n e eb evah s tsoc roba l dna noi tcur tsnoc ,s ecirp lair e ta m gnisir dna noi ta lfni o t euD :s tsoc noi tavon er d esa ercnI
.dnoy eb dna 42 /11Y F rof yg e tar ts ss enisub s ti fo trap si hcihw ,) tn e m egana m yro tn evni
d eni lpicsid( s e lcyc s e las d en e trohs tn e m e lp mi o t s erusa e m fo ecnavda ni yg e tar ts s e las tnuocsid s ti d en eh tgn er ts
ynap moc eh t ,)32 02 r eb m evo N o t r eb m e tp eS( 4Q ni ,ra luci trap nI  .nigra m tiforp ni esa erc ed eh t o t d e tubir tnoc
os la t ekra m e ta ts e la er eh t ni s egnahc o t gnidrocca yg e tar ts s e las eh t gni tsujdA . tiforp gnizi mi xa m rof yg e tar ts tna trop mi
na e moc eb ya m s ei tr eporp gnid loh h tiw d e taicossa s tsoc gninnur eh t r ewo l o t e tar r evonru t t essa eh t gnisa ercni dna
doir ep s e las eh t gnin e trohs ,s esa erc ed tinu r ep tiforp s e las eh t fi n ev e ,nwod d e looc sah t ekra m e ta ts e la er d e ta ehr evo
eh t er ehw noi tau tis a ni ,dnah r eh to eh t nO .s ecirp r ehgih ta l l es o t dna doir ep s e las r egno l a erusn e o t saw tiforp
gnizi mi xa m rof yg e tar ts y ek s'ynap moc eh t , t ekra m e ta ts e la er eh t ni nru tpu eh t gniruD .s e las e ta ts e la er fo e tar r evonru t
eh t gnisa ercni no d esucof ynap moc eh t ,d e looc t ekra m e ta ts e la er d e ta ehr evo eh t sA :s ei tr eporp d l eh-gno l gni tnuocsiD
.s ei tr eporp tnacav rof %6.7 dna s ei tr eporp egnahc
-r enwo rof % 0.81 er ew sMP G ,32 /11Y F nI .22 /11Y F morf gniuni tnoc dn er t a ,r e t e m erauqs r ep ecirp ni esa ercni eh t
erof eb d esahcrup s ei tr eporp fo e las eh t o t eud hgih saw ,) e las o t esahcrup morf sra ey ruof o t f lah a dna e erh t tuoba s eka t
hcihw( d los s tinu la to t eh t fo % 04 dnuora rof tnuocca hcihw ,s ei tr eporp d esahcrup egnahc-r enwo rof MP G eh t ,dnah r eh to
eh t nO .esir o t d euni tnoc s ecirp s e las hguoh t la ,ekih ecirp a gnirud d esahcrup er ew tah t s ei tr eporp fo e las eh t o t eud l l ef
MP G ,d los s tinu la to t eh t fo % 06 dnuora tuoba rof tnuocca hcihw ,)ra ey a tuoba s eka t e las o t esahcrup morf( s ei tr eporp
d esahcrup tnacav rof sA .sh tno m evi tuc esnoc 34 rof gnisir n e eb sah a era na ti lopor t e m oykoT eh t ni d los muini modnoc
d enwo- erp a rof r e t e m erauqs r ep ecirp egar eva eh t ,evoba d enoi tn e m sA :s ei tr eporp tnacav rof snigra m tiforp ni eni lc eD
.swo l lof sa era
32 /11Y F 1Q ecnis nigra m tiforp ni eni lc ed eh t rof snosa er ehT  .4Q ni %6.11 dna ,3Q ni %9.21 ,2Q ni %4.31 ,1Q ni % 0.51
saw ti ,32 /11Y F ro F .4Q ni %1.41 dna ,3Q ni %6.61 ,2Q ni %1.41 ,1Q ni %9.81 saw 22 /11Y F ni MP G y lr e trauQ .)YoY pp6.2-(
%2.31 saw MP G 32 /11Y F ra ey- l luf ehT . tiforp ssorg ni eni lc ed a ni gni t lus er ,s ei tr eporp esahcrup tnacav rof d esa erc ed y lnia m
MP G eh t ,gni ta ehr evo fo sngis d ewohs t ekra m e ta ts e la er eh t er ehw ,doir ep suoiv erp eh t o t d erap moc , tnorf tiforp eh t nO
ti for P
.s muini modnoc d enwo erp fo ecirp eh t ni esa ercni YoY a fo pordkcab a tsniaga w erg tinu r ep s e laS
 .YoY pu saw 32 /11Y F
2Q ni d los s tinu fo r eb mun eh t syas ynap moc eh t ,s e las e taroproc fo tcap mi eh t gnidu lc x e ,r ev ewoH .22 /11Y F 2Q
ni l ev e l hgih eh t o t d erap moc d esa erc ed d los s tinu fo r eb mun eh t ,32 /11Y F 2Q nI .YoY esa ercni %9.22 a h tiw ,hgih
saw d los s tinu fo r eb mun eh t dna ,s tn ei lc e taroproc o t d los er ew s ei tr eporp fo r eb mun egra l a ,22 /11Y F 2Q gniruD
 .YoY pu saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t ,s eir evi l ed
d eya l ed fo tcap mi eh t gnidu lc x e ,r ev ewoH .nwod saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t ,22 /11Y F 1Q
61 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF

---

ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
5.2% 5.0% 5.4% 5.5% 4.5% 6.4% 7.7% 6.4% 8.6% Net margin
5.1% 30.9% -12.2% -28.2% -19.4% -33.1% 54.4% 24.5% 78.3% YoY
of the parent
2,800 1,400 1,400 2,664 1,069 1,595 3,709 1,326 2,383
Net income attributable to owners
7.6% 7.2% 7.9% 8.0% 6.7% 9.3% 11.2% 9.5% 12.5% Recurring profit margin
4.6% 26.5% -10.7% -27.6% -17.8% -33.2% 46.9% 10.8% 80.5% YoY
4,102 2,043 2,059 3,921 1,616 2,306 5,419 1,966 3,453 Recurring profit
9.3% 8.9% 9.7% 9.9% 8.5% 11.3% 12.6% 11.3% 13.7% Operating profit margin
3.8% 22.9% -10.2% -20.5% -12.2% -25.6% 42.3% 13.4% 68.7% YoY
5,028 2,508 2,520 4,846 2,040 2,806 6,098 2,325 3,774 Operating profit
7.2% 7.3% 7.5% 7.1% 7.6% 9.1% 6.5% SG&A ratio
8.5% -2.3% -3.0% -1.7% 15.7% 14.7% 16.9% YoY
3,880 3,576 1,811 1,765 3,661 1,866 1,795 SG&A expenses
16.5% 17.2% 16.1% 18.4% 20.2% 20.3% 20.2% Gross profit margin
5.8% -13.7% -8.1% -17.9% 31.0% 14.0% 47.6% YoY
8,910 8,422 3,851 4,571 9,760 4,191 5,568 Gross profit
11.8% -4.3% 27.9% 5.2% 22.7% -7.8% 30.6% 41.7% 23.4% YoY
45,247 19,273 25,974 40,456 20,141 20,315 38,452 16,419 22,033 Cost of sales
10.8% 17.5% 4.4% 1.4% 16.4% -9.8% 30.7% 35.0% 27.6% YoY
54,157 28,183 25,974 48,878 23,992 24,886 48,212 20,610 27,602 Sales
FY Est. 2H Est. 1H Est. FY Act. 2H Act. 1H Act. FY Act. 2H Act. 1H Act.
FY11/24 FY11/23 FY11/22 (JPYmn)
tsac erof ynapmoC
tsacerof ynapmoc raey-lluF
.ynap moc eh t yb d los s tinu muini modnoc d e tavon er
rof snoi tcasnar t egar ekorb fo r eb mun eh t ni esa ercni na e tips ed sro ts evni lanr e t x e yb d enwo s ei tr eporp rof ,gnid liub
eri tn e na fo e las eh t sa hcus ,snoi tcasnar t egra l yna e ldnah ton did ynap moc eh t esuac eb l l ef snoissi m moc egar ekorB
.hgih y l evi ta l er era snigra m tiforp os ,)ss enisub t essa
-non a si ti( e ta ts e la er eriuqca ton s eod ss enisub s ecivr eS yrosivdA eh t ,ss enisub tn e m ts evnI eh t dna ss enisub muini modno C
d e tavon eR eh t eki lnU .e ta ts e la er & ecnanif dna , tn e m egana m y tr eporp & gnisa e l sa hcus sa era ni gni t lusnoc dna
,s esa e l dna snoi tcasnar t e ta ts e la er gnir ekorb sa hcus ,s ess enisub e ef noissi m moc ni s egagn e ss enisub s ecivr eS yrosivdA ehT
)YoY %3.9-( n m 094YP J : tiforp ssor G
)YoY %1.6-( n m617YP J :) lanr e t x e( s e laS
ssenisub seciv reS y rosivdA
.)22 /11Y F ni n m7YP J fo sso l gni tar epo
na o t d erap moc( 32 /11Y F ra ey- l luf rof n m42YP J fo sso l gni tar epo na d edroc er ti , t lus er a sA .ss enisub eh t rof eun ev er
ezingoc er ton did ynap moc eh t n ehw ,3Q evi ta lu muc gnirud gnidu lcni ,e ta ts e la er gni tar en eg- e mocni ni tn e m ts evni fo
noi tp mus er eh t sa hcus s tc ejorp w en fo noi tar edisnoc eh t o t d e ta l er s esn ep x e l ennosr ep d errucni ynap moc eh t ,noi tidda nI
.s ei tiruc es tn e m ts evni lanoi tar epo no sso l noi tau lav lai trap a fo noi tingoc er eh t o t eud sso l ssorg a d e trop er ynap moc ehT
.e ta ts e
la er gni tar en eg
- e mocni ni tn e m ts evni fo noi tp mus er s ti o t eud )32 02 r eb m evo N o t r eb m e tp eS( 4Q ni e mocni la tn er d evi ec er ynap moc ehT
.s e las dna s la tn er hguorh t eun ev er e tar en eg o t m eh t s esu
dna ,a erA oykoT r e ta er G eh t ni y lira mirp ,s ei tr eporp gni tar en eg- e mocni ni s ts evni ynap moc eh t ,ss enisub tn e m ts evnI eh t nI
)22 /11Y F ni d edroc er eno N( n m 01YP J :sso l ssor G
)22 /11Y F ni d edroc er eno N( n m6YP J :s e laS
ssenisub tnemtsevnI
71 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.sgninra e no tcap mi gniwo l lof eh t evah d luohs sa era na ti lopor t e m roja m
ni s ei tr eporp dna s ei tr eporp egnahc-r enwo fo s e las fo gnin eh tgn er ts ehT .42 /11Y F ni %25 o t ti esa ercni o t sna lp ynap moc eh t
dna ,32 /11Y F ni %84 saw )s tinu fo r eb mun eh t no d esab( s ei tr eporp egnahc-r enwo fo oi tar ehT .42 /11Y F morf gni tra ts ,sa era
na ti lopor t e m roja m ni y lra luci trap ,s ei tr eporp egnahc-r enwo gnisahcrup no sucof o t sna lp ynap moc eh t ,evoba d enoi tn e m sA
.ss enisub s e las eh t ni esa erc ed tub ss enisub
la tn er eh t ni esa ercni o t tiforp ssorg s tc ep x e ti ,r ev ewoH .s e las dna la tn er h tob ni esa ercni o t s e las s tc ep x e ynap moc ehT
)]YoY %3.2-[ nb7.5YP J : e las ,]YoY %3.2+[ nb4.2YP J : la tn eR( )YoY %6. 0+( nb 0.8YP J : tiforp ssor G
)YoY %1.7+( nb6.15YP J :s e laS
ssenisub muinimodnoC detavoneR
tnemges yb tsaceroF
).s lia t ed rof "62 02 eu laV eh t dni F" na lp tn e m egana m mr e t- muid eM e eS( .y ti liba tiforp mr e t
-gno l s ti evorp mi o t s mia ynap moc eh t ,sa era na ti lopor t e m roja m ni s ei tr eporp dna s ei tr eporp egnahc-r enwo fo noi tisiuqca
eh t no gnisucof yB .s ei tr eporp tnacav gniriuqca dna s ei tic lanoig er gnir e tn e yb s e las dna oi lof trop s ti d ednap x e ynap moc
eh t hcihw gnirud ,)32 02 r eb m evo N o t 91 02 r eb m evo N morf( sra ey evif tsap eh t morf noi tc erid ni tfihs a skra m sihT .s tiforp
gni tar en eg rof yg e tar ts ss enisub y ek a sa ,sa era na ti lopor t e m roja m ni y lra luci trap ,s ei tr eporp egnahc-r enwo fo noi tisiuqca
eh t hguorh t h tworg e lba ts dna e lbania tsus ev eihca o t s mia na lp ehT .)62 02 r eb m evo N o t 42 02 r eb m evo N morf doir ep ra ey
- e erh t eh t gnir evoc( "62 02 eu laV eh t dni F" na lp tn e m egana m mr e t- muid e m s ti d ecnuonna ynap moc eh t ,42 02 yrauna J nI
.ss enisub tn e m ts evnI eh t fo noi tp mus er eh t dna ss enisub muini modno C d e tavon eR eh t ni h tworg yda e ts hguorh t tiforp
dna eun ev er h tob ni h tworg s tc ep x e ti ,sih t fo thgi l nI .s muini modnoc w en fo y lppus d ecud er dna s esa ercni ecirp d euni tnoc
eh t yb n evird ,di los nia m er l liw s muini modnoc d enwo- erp rof dna m ed tah t s e tapici tna ynap moc ehT  .)YoY %1.5+( nb8.2YP J
fo tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t en dna ,)YoY %6.4+( nb1.4YP J fo tiforp gnirruc er ,)YoY %8.3+( nb 0.5YP J
fo tiforp gni tar epo ,)YoY %8.5+( nb9.8YP J fo tiforp ssorg ,)YoY %8. 01+( nb2.45YP J fo s e las s tsac erof aciM ra tS ,42 /11Y F ro F
weiv revO
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF

---

ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
-70 -211 -186 -26 -48 -44 -4 Loss on valuation
13.2% 12.3% 14.1% 15.8% 15.2% 16.2% Gross profit margin
-2.3% -15.5% -4.9% -22.6% 51.6% 27.6% 73.9% YoY
5,670 5,804 2,642 3,161 6,866 2,779 4,086 Sale
55.8% 55.7% 55.9% 60.0% 59.3% 60.7% Gross profit margin
2.3% -2.5% -0.8% -4.3% -0.6% 0.7% -1.9% YoY
2,390 2,337 1,175 1,162 2,397 1,184 1,214 Rental
17.3% 16.5% 15.4% 17.5% 19.4% 19.4% 19.4% Gross profit margin
12.2% -13.8% -6.9% -18.9% 34.3% 18.1% 49.4% YoY
8,910 7,940 3,650 4,290 9,210 3,920 5,290 Gross profit
FY Est. FY Act. 2H Act. 1H Act. FY Act. 2H Act. 1H Act.
FY11/24 FY11/23 FY11/22 (JPYmn)
tsac erof ss enisub muinimodnoC d e tavon eR
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF

---

ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
660 490 220 270 540 270 270 Advisory Services
240 -10 -10 - - - - Investment
15.5% 16.5% 15.4% 17.5% 19.4% 19.4% 19.4% Gross profit margin
0.6% -13.8% -6.9% -18.9% 34.3% 18.1% 49.4% YoY
7,990 7,940 3,650 4,290 9,210 3,920 5,290 Renovated Condominium
16.5% 17.2% 16.1% 18.4% 20.2% 20.3% 20.2% Gross profit margin
5.8% -13.7% -8.1% -17.9% 31.0% 14.0% 47.6% YoY
8,910 8,422 3,851 4,571 9,760 4,191 5,568 Gross profit
21.5% -6.1% -14.2% 2.1% -12.4% -23.2% 2.2% YoY
870 716 331 386 763 385 378 Advisory Services
- - - - - - - YoY
1,690 6 6 - - - - Investment
7.1% 1.5% 17.0% -10.0% 31.8% 37.0% 28.2% YoY
51,580 48,155 23,655 24,500 47,449 20,225 27,224 Renovated Condominium
10.8% 1.4% 16.4% -9.8% 30.7% 35.0% 27.6% YoY
54,157 48,878 23,992 24,886 48,212 20,610 27,602 Sales
FY Est. FY Act. 2H Act. 1H Act. FY Act. 2H Act. 1H Act.
FY11/24 FY11/23 FY11/22 (JPYmn)
tn emg es yb tsac erof ynapmoC
81 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
,s ei tr eporp egnahc-r enwo rof e las o t esahcrup morf doir ep ra ey-ruof o t f lah-a-dna- e erh t eh t gnir edisnoc ,r ev ewoH .sdrawno
42 /11Y F morf s esahcrup y tr eporp ni s ei tr eporp egnahc-r enwo fo oi tar eh t esa ercni o t sna lp tI .32 /11Y F morf d egnahcnu
y l egra l nia m er o t s ei tr eporp tnacav dna s ei tr eporp egnahc-r enwo fo oi tar noi tisop moc s e las eh t s tc ep x e ynap moc ehT
.42 /11Y F H2 sa y lra e
sa sgninra e o t e tubir tnoc l liw y ti lauq y tr eporp ni tn e m evorp mi eh t o t eud nigra m tiforp ni esa ercni eh t tah t sdna tsr ednu
hcra es eR d erahS ,esahcrup fo ra ey a nih tiw d los y l lausu era s ei tr eporp tnacav es eh t tah t gnir edisno C  .snoi ta ts niar t
ro sr e tn ec y tic morf yawa r eh traf d e taco l s ei tr eporp gnisahcrup morf gniniarf er e lihw ,snoi ta ts niar t o t eso lc sa era lar tn ec
ni s ei tr eporp gnisahcrup no sucof o t sna lp ti ,y l lacific epS .)32 /11Y F ni %6.7 saw MP G eh t( s ei tr eporp d esahcrup fo y ti lauq
eh t ni esa ercni na o t eud sdrawno 42 /11Y F morf nigra m tiforp ni esa ercni na s tc ep x e ynap moc eh t ,s ei tr eporp tnacav ro F
.s ecirp gni l l es dna gnisahcrup eh t n e ew t eb ecn er effid eh t
fo gniworran a o t da e l o t d e tc ep x e si hcihw ,)22 /11Y F o t 12 /11Y F H2( pu d e ta eh t ekra m e ta ts e la er eh t r e tfa d esahcrup
s ei tr eporp fo e las eh t ni esa ercni na s e tapici tna ynap moc ehT .e las o t esahcrup morf sra ey ruof o t f lah a dna e erh t
y lhguor eka t s ei tr eporp egnahc-r enwo ,evoba d enoi tn e m sA  .)% 0.81 saw 32 /11Y F rof MP G eh t( 32 /11Y F o t d erap moc
esa erc ed o t s ei tr eporp egnahc-r enwo rof nigra m tiforp eh t s tc ep x e ynap moc eh t tah t sdna tsr ednu hcra es eR d erahS
.42 /11Y F ni euni tnoc l liw doir ep suoiv erp eh t fo 4Q dna 3Q ni n e es s l ev e l eh t tah t s tc ep x e ynap moc
ehT .4Q ni %6.11 dna ,3Q ni %9.21 ,2Q ni %4.31 ,1Q ni % 0.51 ta ni gni moc ,s ei tr eporp tnacav rof snigra m tiforp gnisa erc ed
h tiw eni l ni drawnwod d edn er t MP G eh t ,32 /11Y F nI .% 0.21 dnuora fo MP G a s tc ep x e ynap moc eh t tah t sdna tsr ednu
hcra es eR d erahS ,s lair e ta m d eso lcsid s'ynap moc eh t no d esaB .YoY %3.2 yb esa erc ed o t tiforp ssorg s tc ep x e ynap moc ehT
.s e las ni esa ercni %8–7 a ni gni t lus er ,YoY s tinu 0 01 o t 05 dnuora yb esa ercni o t
42 /11Y F ni d los s tinu fo r eb mun eh t s tc ep x e ynap moc eh t tah t sdna tsr ednu hcra es eR d erahS ,s lair e ta m d eso lcsid s'ynap moc
eh t no d esab , tn e mnorivn e ss enisub eh t ni s egnahc o t esnops er ni d los s tinu fo r eb mun eh t dna s e las rof s t egra t cific eps
d eso lcsid ton sah ynap moc eh t e lihW .d los s tinu fo r eb mun eh t ni esa ercni na o t eud esa ercni o t s e las s tc ep x e ynap moc ehT
ssenisu b )elas ( muinimo dno C deta voneR
.32 /11Y F ni n m 011YP J
susr ev ,42 /11Y F ni n m 0 02YP J y l e ta mi xorppa gnihca er noi taic erp ed s e es tI .42 /11Y F fo gninnig eb eh t yb s esn ep x e
noi taic erp ed ni esa ercni na o t gnida e l ,32 /11Y F fo gninnig eb eh t ta noi taic erp ed o t tc ejbus r eb mun eh t o t nosirap moc
ni esa ercni l liw noi taic erp ed o t tc ejbus s ei tr eporp fo r eb mun eh t tah t s e tapici tna ynap moc ehT .ra ey a ecno noi taic erp ed
o t tc ejbus s ei tr eporp sw eiv er tI . mr e t gno l eh t rof d l eh s ei tr eporp rof noi taic erp ed gnidroc er nig eb o t ynap moc eh t d esuac
hcihw ,32 /11Y F morf gni tra ts sdradna ts gni tnuocca ni egnahc eh t si MP G ni esa erc ed eh t o t gni tubir tnoc ro tcaf nia m ehT
.YoY %1 y l e ta mi xorppa
yb esa erc ed o t MP G eh t s tc ep x e ti ,r ev ewoH .YoY %3.2 yb esa ercni o t tiforp ssorg s tc ep x e ti ,s e las fo noisnap x e eh t h tiW
.snoi tisiuqca y tr eporp d euni tnoc
morf gni t lus er sgnid loh y tr eporp ni esa ercni eh t h tiw m edna t ni YoY esa ercni o t euni tnoc o t s e las s tc ep x e ynap moc ehT
ssenisu b )latner ( muinimo dno C deta voneR
.s ei tr eporp egnahc-r enwo fo oi tar gnisahcrup eh t ni esa ercni eh t no d esab y ti liba tiforp d evorp mi
morf sgninra e o t noi tubir tnoc laudarg a e es o t s tc ep x e ynap moc eh t ,s ei tr eporp egnahc-r enwo rof e las o t esahcrup morf
sra ey ruof o t f lah a dna e erh t fo egar eva na s eka t ti ecnis ,r ev ewoH . mr e t gno l eh t ni esa ercni o t ss enisub sih t fo y ti liba tiforp
eh t s tc ep x e ynap moc eh t ,sa era na ti lopor t e m roja m ni y lra luci trap ,s ei tr eporp egnahc-r enwo fo s e las eh t gnin eh tgn er ts yB
.MP G ni esa ercni na o t s e tubir tnoc s ei tr eporp egnahc-r enwo fo oi tar eh t ni esa ercni na no d esab xi m
s e las eh t ni tn e m evorp mi ,erof er ehT  .s ei tr eporp tnacav rof %6.7 dna s ei tr eporp egnahc-r enwo rof % 0.81 fo 32 /11Y F rof
MP G a ni gni t lus er ,snigra m tiforp ni s ecn er effid o t da e l tn e mnorivn e gnisahcrup eh t ni s ecn er effid es ehT .)noi tisiuqca
r e tfa y l e taid e m mi l l es tonnac dna noi tisiuqca erof eb tinu eh t fo noi tidnoc eh t tc epsni tonnac sr eyub eh t esuac eb
s ei tr eporp egnahc-r enwo rof sr eyub fo r eb mun d e ti mi l a era er eh t( s ei tr eporp egnahc-r enwo o t d erap moc s ei tr eporp
tnacav rof ss ecorp gnisahcrup eh t gnirud noi ti t ep moc esn e tni ero m si er ehT :ss enisub ) e las( muini modno C d e tavon eR
.MP G r ehgih a o t s e tubir tnoc os la )s tn er r ehgih gniynap mocca
eh t h tiw( sa era na ti lopor t e m roja m ni s ei tr eporp fo oi tar r ehgih a gnivah , tn er fo l ev e l eh t fo ss e ldrag er l ev e l
ra li mis a ta eb o t dn e t s tsoc d enoi tn e m evoba eh t ecnis ,r evo eroM .MP G r ehgih a o t s e tubir tnoc s ei tr eporp egnahc-r enwo
gni tar en eg- tn er fo oi tar r ehgih a gnivah ,s ei tr eporp tnacav dna s ei tr eporp egnahc-r enwo h tob rof )s e las fo tsoc( s evr es er
ecnan e tnia m dna s e ef tn e m egana m sa hcus s tsoc srucni ynap moc eh t ecniS :ss enisub ) la tn er( muini modno C d e tavon eR
91 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
:swo l lof sa koo l tuo eh t sdna tsr ednu hcra es eR
d erahS ,d egnahcnu euni tnoc l liw 32 /11Y F fo snoi tidnoc t ekra m e ta ts e la er eh t tah t noi tp mussa eh t no d esab ,r ev ewoH
.MP G eh t ro ,s e las dna s esahcrup fo r eb mun eh t , tiforp ,s e las rof s t egra t lacir e mun cific eps edivorp ton did ynap moc ehT
.)s eig e tar ts evif eh t no s lia t ed rof wo l eb e eS( .noi ta mrof dnuf gni to morp )5 dna ,e lcyc s e las eh t gnin e trohs )4 , m e tsys
noi tavon er s ti gni mrof er )3 ,sa era nabru ni erahs t ekra m gnivorp mi )2 ,s ei tr eporp egnahc-r enwo o t gninru t er )1 :s eig e tar ts
evif hguorh t ycn eiciff e dna y ti liba tiforp h tob gnivorp mi yb eu lav e taroproc s ti ezi mi xa m o t s mia ynap moc eh t ,y l lacific epS
 .sra ey evif tsap eh t ni sah ti sa noisnap x e fo e tar a fo eviss ergga sa t egra t ton l liw ti ,d los dna d esahcrup tinu fo r eb mun
eh t fo s mr e t ni noisnap x e rof gni mia l li ts e lihW . tiforp fo ecruos a sa evr es hcihw ,s ei tr eporp egnahc-r enwo fo noi tisiuqca
eh t hguorh t h tworg e lba ts dna e lbania tsus t egra t o t noi tc erid tfihs l liw ynap moc eh t ,42 /11Y F morf gni tra ts ,r ev ewoH
.d los dna d esahcrup s tinu fo r eb mun eh t gnidnap x e dna ,s ei tr eporp tnacav fo noi tisiuqca eh t ,s ei tic lanoig er o tni noisnap x e
gni to morp n e eb sah ynap moc eh t ,)32 /11Y F o t 91 /11Y F morf( sra ey evif tsap eh t r evo ,yg e tar ts ss enisub fo s mr e t nI
.s tiforp dna s e las rof s t egra t cific eps
d eso lcsid ton sah ynap moc eh t , tn e mnorivn e ss enisub eh t ni s egnahc o t dnops er y lbi x e lf oT .% 0. 04 fo oi tar tuoyap la to t
a dna )32 /11Y F ni %4.42( r ehgih ro % 0.52 fo oi tar y tiuq e na rof s mia ynap moc eh t ,s eig e tar ts laicnanif fo s mr e t nI .)32 /11Y F
ni nb6.68( ero m ro nb 0. 0 01YP J fo e las rof e ta ts e la er fo yro tn evni na dna ,sh tno m ow t o t sh tno m f lah a dna eno yb e lcyc
s e las eh t ni noi tcud er a ,r ehgih ro % 0.5 fo h tworg SPE ,)32 /11Y F ni %9.9( r ehgih ro % 0. 01 fo MPO na rof s t egra t lacir e mun
t es ynap moc eh t ,s eig e tar ts ss enisub fo s mr e t nI .% 0.2 fo C CAW a dna )32 /11Y F ni % 0.21( r ehgih ro % 0.21 fo EOR
na edu lcni tn e m ecnahn e eu lav e taroproc rof s t egra t lacir e mun ehT . l ev e l C CAW e tairporppa na nia tnia m dna EOR evorp mi
o t s eig e tar ts RI dna , laicnanif ,ss enisub gni tn e m e lp mi yb eu lav e taroproc ezi mi xa m o t s mia ynap moc eh t ,na lp sih t r ednU
.h tworg e lbania tsus rof
noi tadnuof tn e m egana m di los a hsi lba ts e o t s mia dna ,s t essa gni tsi x e ni eu lav n eddih eh t gnir evocnu o t sr ef er hcihw ",eu laV
eh t dni F" nago ls e taroproc s'ynap moc eh t s eidob m e na lp sihT .62 02 r eb m evo N o t 42 02 r eb m evo N morf doir ep ra ey- e erh t
eh t sr evoc hcihw ",62 02 eu laV eh t dni F" na lp tn e m egana m mr e t- muid e m s ti d ecnuonna ynap moc eh t ,42 02 yrauna J nI
ezis ni gnidnapxe ylpmis naht rehtar
eulav etaroproc gnizimixam no sesucof nalp ehT :weiv revO
)62/11YF ot 42/11YF morf sraey eerht(
6202 eulaV eht dniF ,nalp tnemeganam mret-muideM
kooltuo mret-gnol ot muideM
.snoi tcasnar t egar ekorb fo r eb mun eh t ni esa ercni na o t eud tiforp dna s e las h tob ni esa ercni na s tc ep x e ynap moc ehT
.s ei tinu troppo eun ev er gniyfisr evid dna ,ss enisub tn e m egana m y tr eporp la tn er
s ti fo y ti liba tiforp eh t gnivorp mi ,ss enisub egar ekorb s ti gnidnap x e no sucof o t euni tnoc l liw ynap moc eh t ,22 /11Y F ni sA
 )YoY %7.43+( n m 066YP J : tiforp ssor G
)YoY %5.12+( n m 078YP J :s e laS
ssenisub secivreS yrosivdA
.s tn e m ts evni s ti fo eu lav eh t ecnahn e o t gnikrow dna s einap moc h tworg ni s ei tinu troppo tn e m ts evni gnik e es
y l evi tca sa l l ew sa ,s ei tr eporp gni tar en eg- e mocni fo s e las dna s esahcrup fo r eb mun eh t gnisa ercni no sucof l liw ynap moc ehT
 )n m 01YP J fo sso l ssorg( n m 042YP J : tiforp ssor G
)22 /11Y F ni n m6YP J( nb7.1YP J :s e laS
ssenisub tnemtsevnI
. mr e t muid e m eh t r evo y l laudarg y lno n e es
eb l liw d los s tinu fo r eb mun eh t ni s ei tr eporp egnahc-r enwo fo oi tar eh t ni esa ercni eh t tah t sdna tsr ednu hcra es eR d erahS
02 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.d ess erdda eb o t snia m er tah t egn e l lahc a si noi tavon er hguorh t
s muini modnoc r ed lo fo noi ta lucric eh t gni to morp tah t s ts eggus sihT .e tar noi tcasnar t r ewo l y l evi ta l er a gni tacidni , 0 0 0,71
tuoba saw snoi tcasnar t lufss eccus fo r eb mun eh t e lihw , 0 0 0, 011 y l e ta mi xorppa saw sgni tsi l w en fo r eb mun eh t ,r ed lo ro sra ey
02 era tah t s muini modnoc rof ,dnah r eh to eh t nO . 0 0 0,71 tuoba saw snoi tcasnar t lufss eccus fo r eb mun eh t e lihw , 0 0 0,75
y l e ta mi xorppa saw sgni tsi l w en fo r eb mun eh t ,ss e l ro d lo sra ey 02 era tah t s muini modnoc rof ,22 02 ni ,a era na ti lopor t e m
oykoT eh t nI .rucco o t snoi tcasnar t r e musnoc-o t-r e musnoc rof t luciffid ti gnika m ,ycnapucco e taid e m mi rof e lba tius ss e l
era dna snoi tidnoc roir e tni roop evah n e tfo s muini modnoc d enwo- erp r ed lo ,s muini modnoc d enwo- erp r ew en o t d erap mo C
.)32 02
hcraM fo sa gnid liub er muini modnoc fo su ta ts noi ta tn e m e lp mi eh t dna s tinu muini modnoc w en fo y lppus eh t ni esa erc ed ro
esa ercni fo e tar eh t no d esab s e ta mi ts e ynap moc : ecruos ; l ev e l tn erruc eh t x2.2 tuoba( s tinu n m9.6 y l e ta mi xorppa o t dnap x e
o t d e tc ejorp si r ed lo ro sra ey 02 era tah t esoh t sa d enif ed s muini modnoc r ed lo fo kco ts eh t ,y l lacific epS .) l ev e l tn erruc eh t
x2.1 tuoba( s tinu n m 0.8 y l e ta mi xorppa hca er o t d e tc ep x e si s muini modnoc d enwo- erp fo kco ts eh t e lihw ,s tinu n m1.1 dnuora
ta nia m er o t d e tc ep x e si s muini modnoc w en fo y lppus eh t ,34 02 o t 42 02 dnuora mor F .gnisuoh fo naps efi l r egno l eh t o t
eud napa J ni esa ercni l liw ,r ed lo ro sra ey 02 era hcihw ,s muini modnoc r ed lo fo kco ts eh t tah t d e tc ep x e si ti , mr e t gno l eh t nI
smuinimo dnoc
re dlo fo kcots ni esaercni dna smuinimo dnoc wen fo yl p pus ni esaerce d deta picitnA :tekram muinimo dnoc denwo-er P
.spu eni l tcudorp fo y t eirav a h tiw sd e en gniyfisr evid es eh t
t e e m o t sdn e tni ynap moc ehT .dnap x e l liw s esahcrup gnisuoh y li maf-non rof t ekra m eh t tah t d e tc ep x e si ti ,sd loh esuoh )sdik
on ,e mocni e lbuod( K NID dna ,sd loh esuoh nosr ep- e lgnis ,sd loh esuoh roin es fo r eb mun gniworg eh t h tiw ,e mi t e mas eh t tA
.s muini modnoc rof dna m ed d euni tnoc eb o t d e tc ep x e si er eh t er ehw ,sa era nabru es eh t
ni gnidnap x e no sucof o t sna lp ynap moc ehT .esa erc ed %5. 0 er e m a h tiw e lba ts y l evi ta l er nia m er o t d e tc ep x e si sd loh esuoh
fo r eb mun eh t dna ,doir ep e mas eh t r evo %7.3 y lno yb esa erc ed o t d e tc ep x e si noi ta lupop eh t ,)akouku F ,ayoga N ,iadn eS
,oroppaS ,eboK ,akasO ,a ma tiaS ,a mahokoY ,sdraw 32 s'oykoT( sa era nabru roja m ni ,r ev ewoH .%9.8 esa erc ed l liw sd loh esuoh
fo r eb mun eh t dna , 02 02 o t d erap moc %3.21 esa erc ed l liw napa J fo noi ta lupop eh t 04 02 yb tah t d e tc ejorp si ti ,hcra es eR
y tiruc eS laicoS dna noi ta lupoP fo e tu ti tsnI lanoi ta N eh t dna susn ec lanoi tan eh t o t gnidroccA .noi ta lupop gniga s ti o t
eud sd loh esuoh fo r eb mun eh t dna noi ta lupop ni eni lc ed a ecn eir ep x e l liw napa J tah t s tc ep x e ynap moc eh t , mr e t gno l eh t nI
.0402 h guorht el bats sniamer yllarene g s dlohesuoh fo re bmun
eht elihw ,noitalu po p ni enilce d lau dar g a gnicneire pxe saera na bru wohs snoitcejor P :s dlohesuoh dna noitalu po P
tnemnorivne ssenisuB
"gnid liub" nah t r eh tar "gnizi li tu" no d esi m erp y t eicos a fo noi tazi la er eh t o t e tubir tnoc oT :noissiM
yr tsudni muini modnoc d enwo- erp eh t ni r eya lp po t eh t e moc eb oT :noisiV
.s e moh
e lbadroffa y lppus dna m eh t e tavon er o t sr eyub lai tn e top fo r eb mun d e ti mi l a h tiw s muini modnoc d enwo- erp gniriuqca
yb gnisuoh fo noi ta lucric eh t e to morp o t s mia ynap moc eh t ,sworg napa J ni s muini modnoc d enwo- erp fo kco ts eh t sA
tnemnorivne
ssenisub eht fo gnidnatsrednu dna noisiv s'ynapmoc ehT
.snigra m tiforp hgih y l evi ta l er
evah hcihw ,s ei tr eporp egnahc-r enwo fo oi tar eh t ni esir eh t dna s ei tr eporp tnacav fo y ti lauq eh t ni tn e m evorp mi eh t
o t eud ss enisub ) e las( muini modno C d e tavon eR eh t fo MP G eh t ni esa ercni na s tc ep x e ynap moc ehT :nigra m tiforp ssor G
.y l launna s tinu 0 01 o t 05 fo esa ercni na gni t egra t ,s ei tr eporp egnahc-r enwo fo e las eh t dnap x e
y lira mirp o t sna lp ynap moc eh t ,s e las fo r eb mun eh t rof sA  .)s tinu 014,1 er ew 32 /11Y F rof s t lus er lau tca( s tinu 0 06,1 o t
0 05,1 dnuora eb d luow s esahcrup launna fo l ev e l la mi tpo eh t tah t s ev ei l eb ynap moc eh t ,42 02 yrauna J fo sa s ei tr eporp
fo y ti lauq eh t dna s muini modnoc d enwo- erp fo kco ts eh t tnuocca o tni gnikaT .s muini modnoc r ed lo fo kco ts ni esa ercni
eh t nah t r ehgih y l thgi ls l ev e l a ta s esahcrup fo r eb mun eh t dnap x e o t s mia ynap moc ehT :s e las dna s esahcrup fo r eb mu N
12 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
d esahcrup fo y ti lauq eh t evorp mi o t sna lp ti ,sdrawno 42 /11Y F mor F .62 /11Y F yb esa ercni pp 0.1 y l e ta mi xorppa
fo esa ercni na s t egra t ynap moc ehT .%6.7 saw 32 /11Y F ni s ei tr eporp tnacav rof MP G ehT :nigra m tiforp ssor G
dlos dna desahcru p stinu fo tsacero f ,ni gram ti for p ssorG :seitre por p tnacaV
. mr e t muid e m eh t ni s ei tr eporp
egnahc-r enwo rof oi tar noi tisop moc s e las eh t ni esa ercni na dna d los s ei tr eporp egnahc-r enwo fo r eb mun eh t ni
esa ercni na s tc ep x e ynap moc eh t ,s esahcrup fo r eb mun eh t ni esa ercni na h tiW .42 /11Y F morf gni tra ts s ei tr eporp egnahc
-r enwo fo noi tisiuqca eh t n eh tgn er ts o t sna lp ynap moc eh t ,evoba d enoi tn e m sA :d los dna d esahcrup s tinu fo r eb mu N
.snigra m tiforp ni esa ercni na o t e tubir tnoc o t m e tsys noi tavon er eh t gni mrof er dna sa era nabru ni erahs t ekra m
eh t gnivorp mi sa hcus s erusa e m tn e m ecnahn e y ti liba tiforp s tc ep x e ynap moc eh t ,wo l eb d enoi tn e m sa ,r ev ewoH .nigra m
tiforp ni esa erc ed a o t gnida e l ,s ecirp e las dna esahcrup n e ew t eb ecn er effid gniworran a ni t lus er d luohs sihT .)22 /11Y F
o t 12 /11Y F H2 morf( ta ehr evo o t nag eb t ekra m e ta ts e la er eh t r e tfa d eriuqca s ei tr eporp fo e las eh t ni esa ercni na
s tc ep x e ynap moc eh t ,na lp mr e t- muid e m eh t fo sra ey e erh t t x en eh t r evO .MP G fo l ev e l sih t fo ecnan e tnia m ro esa erc ed
laudarg a s tsac erof ynap moc ehT .% 0.81 saw 32 /11Y F ni s ei tr eporp egnahc-r enwo rof MP G ehT :nigra m tiforp ssor G
dlos dna desahcru p stinu fo tsacero f ,ni gram ti for p ssorG :seitre por p e gnahc-renwO
.wo l eb d ebircs ed sa ,noi ta mrof
dnuf gni to morp dna e lcyc s e las eh t gnin e trohs sa hcus s erusa e m tn e m e lp mi l liw ynap moc eh t ,ycn eiciff e ni esa erc ed sih t
t esffo oT .)s ei tr eporp egnahc-r enwo rof sra ey ruof o t f lah a dna e erh t susr ev ra ey eno tuoba si e las o t esahcrup morf doir ep
egar eva eh t er ehw( s ei tr eporp tnacav o t d erap moc e las o t esahcrup morf doir ep r egno l eh t o t eud eni lc ed o t ycn eiciff e
s tc ep x e tub ,y ti liba tiforp esa ercni o t s ei tr eporp egnahc-r enwo o t nru t er eh t s tc ep x e ynap moc eh t ,evoba d enoi tn e m sA
.MP G ni esa ercni na o t s e tubir tnoc s ei tr eporp egnahc-r enwo fo oi tar eh t ni esa ercni na no d esab xi m
s e las eh t ni tn e m evorp mi ,erof er ehT .s ei tr eporp tnacav rof %6.7 dna s ei tr eporp egnahc-r enwo rof % 0.81 fo 32 /11Y F rof
MP G a ni gni t lus er ,snigra m tiforp ni s ecn er effid o t da e l tn e mnorivn e gnisahcrup eh t ni s ecn er effid es ehT .)noi tisiuqca
r e tfa y l e taid e m mi l l es tonnac dna noi tisiuqca erof eb tinu eh t fo noi tidnoc eh t tc epsni tonnac sr eyub eh t esuac eb
s ei tr eporp egnahc-r enwo rof sr eyub fo r eb mun d e ti mi l a era er eh t( s ei tr eporp egnahc-r enwo o t d erap moc s ei tr eporp
tnacav rof ss ecorp gnisahcrup eh t gnirud noi ti t ep moc esn e tni ero m si er ehT :ss enisub ) e las( muini modno C d e tavon eR
.MP G r ehgih a o t s e tubir tnoc s ei tr eporp egnahc-r enwo
gni tar en eg- tn er fo oi tar r ehgih a gnivah ,s ei tr eporp tnacav dna s ei tr eporp egnahc-r enwo h tob rof )s e las fo tsoc( s evr es er
ecnan e tnia m dna s e ef tn e m egana m sa hcus s tsoc srucni ynap moc eh t ecniS :ss enisub ) la tn er( muini modno C d e tavon eR
.swo l lof sa si s ei tr eporp egnahc-r enwo fo s e las gnin eh tgn er ts morf s e las no tcap mi ehT .62 /11Y F
ni %55 dna 42 /11Y F ni %25 o t oi tar eh t esiar o t sna lp ynap moc ehT .32 /11Y F ni %84 o t 91 /11Y F ni %26 morf dn er tnwod
a nwohs sah hcihw ,snoi tisiuqca y tr eporp s ti ni s ei tr eporp egnahc-r enwo fo noi troporp eh t esa ercni o t sna lp ynap moc ehT
)tnemevorpmi
ytilibatiforp ot gnitubirtnoc( seitreporp egnahc-renwo fo noitroporp eht esaercnI
.s eig e tar ts evif gniwo l lof eh t hguorh t ycn eiciff e dna y ti liba tiforp gnivorp mi
yb eu lav e taroproc ecnahn e o t sna lp ynap moc eh t ,y l lacific epS . tiforp fo ecruos a sa evr es hcihw ,s ei tr eporp egnahc-r enwo
fo noi tisiuqca eh t no d esab h tworg e lba ts dna e lbania tsus rof s mia yg e tar ts ss enisub s'ynap moc eh t ,evoba d enoi tn e m sA
seigetarts ssenisuB
.snao l gnisuoh mr e t-gno l dna ,soi tar a era roo lf no snoi tcir ts er fo noi ta xa l er
, tn e m ta er t xa t e lbarovaf sa hcus s erusa e m d e tn e m e lp mi sah tn e mnr evog eh t ,gnisuoh efi l-gno l d eifi tr ec fo da erps
eh t e to morp o t r edro nI .y ti libiss ecca dna ,noi tavon er dna ecnan e tnia m fo esa e ,ecna tsis er ekauqh tra e ,noi tn ev erp
noi taroir e t ed sa hcus , t e m eb tsu m air e tirc nia tr ec ,gnisuoh y ti lauq efi l-gno l sa d eifi tr ec eb oT .snoi tar edisnoc
la tn e mnorivn e dna e ly ts efi l ni s egnahc noi tar edisnoc o tni gnika t ,e lbarud y l laicos os la si tub ,)snoi tar en eg e lpi t lu m rof
d e tibahni gni eb fo e lbapac( e lbarud y l lacisyhp y lno ton si ",gnisuoh ra ey- 0 02" sa nwonk os la ,gnisuoh y ti lauq efi l-gnoL
".gnisuoh y ti lauq efi l-gno l" gniyfi tr ec rof sdradna ts dna s erud ecorp
s ehsi lba ts e wa l ehT .d e tcan e saw "gnisuoH y ti lauQ efiL-gnoL fo noi tani m essiD eh t fo noi to morP eh t no tcA" eh t ,8 0 02 nI
) " gnisuoh raey-002 " ( gnisuoh fo yti ve gno L
22 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
e ta ts e la er fo ecna lab eh t fo noisnap x e eh t niar ts er o t s mia ynap moc eh t ,e lcyc s e las eh t n e trohs o t s troff e d enoi tn e m erofa
eh t hguorh t ,drawno 42 /11Y F mor F .nb2.81YP J y l e ta mi xorppa saw 32 /11Y F-dn e fo sa ecna lab ehT : e las rof yro tn evnI
.s ei tr eporp egnahc-r enwo
fo gnisahcrup pu gnipp e ts s ti o t gniwo e las rof e ta ts e la er fo ecna lab eh t ni noisnap x e d euni tnoc a s e tapici tna ynap moc
eh t ,drawno 42 /11Y F mor F .nb3.86YP J y l e ta mi xorppa saw 32 /11Y F-dn e fo sa ecna lab ehT : esa e l r ednu s ei tr eporP
.swo l lof sa si yrog e tac hca e rof koo l tuo
ehT .) e las no y l tn erruc s ei tr eporp dna noi tavon er r ednu s ei tr eporp gnidu lcni( e las rof yro tn evni dna esa e l r ednu s ei tr eporp
fo s tsisnoc e las rof e ta ts e la er s'ynap moc ehT .e las er rof d esahcrup s ei tr eporp dna s tnan e t yb d e tacav s ei tr eporp rof
yro tn evni ni noi tcud er a s tc ep x e ynap moc eh t ,e lcyc s e las eh t fo gnin e trohs eh t morf t e ehs ecna lab eh t no tcap mi eh t rof sA
.s l ennahc s e las ts eb eh t dnif dna ,ecirp dna e lcyc s e las fo noi tanib moc eh t ezi mi tpo ,esahcrup rof s ei tr eporp
tc e l es o t ) t ekra m o t syad fo r eb mun eh t dna ,s l ennahc s e las ,edarg y tr eporp ,noi taco l ,ecirp gni l l es sa hcus( snoi tcasnar t
tsap morf a tad esu l liw ti ,y l lacific epS .r evonru t evorp mi dna sh tno m f lah a dna eno o t eno yb e lcyc s e las eh t n e trohs o t
gni mia ,y ti liba tiforp gninia tnia m e lihw s e las e tid ep x e o t msinahc e m a hsi lba ts e o t sna lp ynap moc eh t ,noi tau tis sih t ss erdda oT
.d esa ercni t ekra m o t syad fo r eb mun egar eva eh t ,snoi taco l nabrubus sa hcus sa era evi tcar t ta ss e l ni y lra luci trap
,nwod d e looc t ekra m e ta ts e la er d e ta ehr evo eh t sA .32 /11Y F 1Q o t 22 /11Y F 1Q ni syad 521–9 01 o t d erap moc ,32 /11Y F 4Q
o t 32 /11Y F 2Q morf syad 521–531 o t d edn e t x e ) e tad tcar tnoc s e las eh t o t e tad tra ts s e las eh t morf( doir ep s e las egar eva ehT
)tnemevorpmi ycneiciffe ot gnitubirtnoc( elcyc selas eht netrohS
.)yr evi l ed , tsoc ,y ti lauq( D CQ
ezi mi tpo o t w eiv er hguoroh t a eka tr ednu dna tn e m trap ed d ezi laic eps a hsi lba ts e o t sna lp ynap moc eh t ,sih t o t esnops er nI
.krow evi tc erroc ni esa ercni na dna , tn e m evorp mi
y ti lauq rof snoi tc epsni d esa ercni ,s ei tr eporp r ed lo gni ldnah h tiw d e taicossa y ti x e lp moc gninna lp d esa ercni sa hcus
sro tcaf lanr e tni sa l l ew sa ,sr ekrow d e l liks gniruc es ni s ei t luciffid sa hcus sro tcaf lanr e t x e o t eud d en eh tgn e l t ekra m o t syad
fo r eb mun ehT  .s tsoc noi tavon er ni esa ercni eh t o t d e tubir tnoc )noi tavon er gniriuq er sa era ero m o t gnida e l( s ei tr eporp fo
gniga eh t sa hcus sro tcaf lanr e tni ,y l lanoi tiddA .s tsoc lair e ta m gnisir dna noi ta lfni o t eud s tsoc roba l dna noi tcur tsnoc gnisir sa
hcus sro tcaf lanr e t x e o t eud d esa ercni s tsoc noi tavon eR .syad 4 01 o t syad 11 yb d esa ercni ) tra ts s e las o t tpi ec er y ek morf e mi t
eh t( t ekra m o t syad fo r eb mun eh t dna , 02 /11Y F o t d erap moc %22 yb d esa ercni tinu r ep tsoc noi tavon er eh t ,32 /11Y F nI
)tnemevorpmi ycneiciffe
dna ytilibatiforp htob ot gnitubirtnoc( serutcurts noitavoner ezimitpo dna mrofeR
.snoi tidnoc t ekra m e ta ts e la er ro snoi tidnoc ci monoc e yb d e tc effa y l tnacifingis gni eb tuoh tiw
s tiforp e lba ts e tar en eg o t ss enisub s ti s tc ep x e suh t tI .ynap moc eh t yb d e ldnah s ei tr eporp eh t rof dna m ed yda e ts a si er eh t
,s e tar ts er e tni gnisir fo esahp a ni n ev e ,erof er ehT .evoba d enoi tn e m sro ti t ep moc yb d er effo s ei tr eporp fo sr eyub fo egnar
e mocni eh t nah t r ehgih si hcihw ,n m8–6YP J fo s e mocni launna h tiw sd loh esuoh era ynap moc eh t yb d e ldnah s ei tr eporp
eh t fo sr eyub nia m eh t ,dnuorgkcab sih t o t euD  .n m53– 03YP J morf egnar s ecirp s e las s'ynap moc eh t e lihw ,n m62–81YP J
rof s muini modnoc l l es ediwnoi tan s ess enisub e las er dna esahcrup muini modnoc d enwo- erp e tar epo tah t sro ti t ep moc rojaM
.)s muini modnoc yru xu l ton tub( s ei tr eporp d ecirp-hgih y l evi ta l er gni ldnah e lihw d los s tinu fo r eb mun tn eiciffus a gnirusn e
yb dna sa era nabrubus nah t r eh tar sa era nabru no gnisucof yb sro ti t ep moc morf f l es ti e tai tn er effid o t s mia ynap moc ehT
.akouku F dna ,ayoga N ,iadn eS ,oroppaS ,eboK ,akasO ,a ma tiaS ,a mahokoY
,oykoT fo sdraw 32 eh t edu lcni hcihw ,sa era tn e myo lp ed y ek s ti nih tiw sa era nabru ni erahs t ekra m s ti dnap x e o t s mia
ti ,os gniod yB .s ei tic lanoig er nah t r eh tar sa era na ti lopor t e m roja m ni s ei tr eporp drawo t s ecruos er tc erid er l liw ynap moc ehT
)tnemevorpmi
ytilibatiforp ot gnitubirtnoc( saera nabru ni seitreporp fo erahs eht evorpmI
.)32 /11Y F o t
91 /11Y F morf( sra ey evif tsap eh t rof n e eb sah ti nah t r ewo ls eb o t s ei tr eporp tnacav rof d los s ei tr eporp fo r eb mun eh t ni
esa ercni fo ecap eh t s tc ep x e ynap moc eh t ,y l tn euq esno C .snoi tisiuqca fo r eb mun eh t esa ercni o t sna lp on era er eh t dna
,s ei tr eporp fo y ti lauq eh t gnivorp mi s ezi tiroirp ynap moc eh t ,s ei tr eporp tnacav ro F :d los dna d esahcrup s tinu fo r eb mu N
.snoi ta ts niar t ro sr e tn ec y tic morf yawa r eh traf s ei tr eporp fo s esahcrup
gniniar ts er e lihw ,snoi ta ts niar t ra en dna sa era lar tn ec ni s ei tr eporp gnisahcrup no s esucof ti ,y l lacific epS .s ei tr eporp
32 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
 .nag eb ci m ednap eh t n ehw 02 /11Y F ni %2. 01 dna sisirc
laicnanif labo lg 8 0 02 eh t gnirud %11– 01 saw ti tah t n evig %31–21 dnuora tuo mo t tob l liw ti s tc ep x e ynap moc eh t , mr e t
muid e m eh t r evo eni lc ed o t euni tnoc l liw MP G hguoh t lA .32 /11Y F ni esahp tn e m tsujda na r e tn e o t y l eki l era s ecirp
s ev ei l eb ynap moc eh t tub ,12 02 ecnis dn er t drawpu tn e tsisnoc a no n e eb evah s ecirp noi tcasnar t e ta ts e la er esuac eb
si sihT .22 /11Y F ni %8.51 dna 12 /11Y F ni %1.41 o t esor tub , 02 /11Y F ni %2. 01 o t ,81 /11Y F ni %5.31 morf d eni lc ed MP G
,sra ey evif tsap eh t r evO .)YoY pp 0.2-( %8.31 ta tsac erof si MP G ss enisub )s e las( muini modno C d e tavon eR ,32 /11Y F nI
.)EOR( ycn eiciff e la tipac dna ,d los dna d esahcrup s tinu fo r eb mun eh t ,MP G rof s tsac erof
ss enisub )s e las( muini modno C d e tavon eR d eso lcsid os la sah ynap moc ehT . mr e t muid e m eh t r evo ss enisub s ti fo e lacs
eh t dnap x e o t s mia dna ,)12 02 yrauna J ni s t egra t na lp fo lawardh tiw eh t d ecnuonna ynap moc eh t( 81 02 yrauna J ni d e ta lu mrof
,na lp tn e m egana m ra ey- evif s ti fo s eici lop cisab dna evi tc ejbo evi ta ti lauq eh t nia tnia m l liw ynap moc eh t ,r ev ewoH .snoi tidnoc
t ekra m nia tr ecnu o t eud na lp tn e m egana m mr e t- muid e m a e ta lu mrof ton d luow ti d e ta ts ynap moc eh t ,32 02 yrauna J nI
.seso pru p ecnere fer ro f gniwollo f eht de di vor p e vah ew
" ,6202 eulaV eht dniF " nal p tneme ganam mret-mui dem denoitnemero fa eht ni de bircse d sa era sei getarts ssenisu b
dna stsacero f tnecer s'yna pmoc eht elihW . ) 3202 yraunaJ ( 22/11YF ro f tnemecnuonna stluser laicnani f launna
sti fo emit eht ta yna pmoc eht y b de di vor p kooltuo mret- gnol ot mui dem eht no desa b si noit pircse d gniwollo f ehT
tnemecnuonna stluser 22/11YF eht fo emit
eht ta nevig kooltuo mret-gnol ot muideM :ecnerefeR
r ehgih ro % 0.5 fo h tworg SPE dna % 04 fo oi tar tuoyap la to t a rof mia dna s erahs nwo
s ti esahcrup er y l evi tca l liw ti , x 0.1 wo l eb s l laf RBP fi sa hcus ,d eu lavr ednu si kco ts eh t tah t s eni mr e t ed ynap moc eh t fI )5
s tn e m ts evni h tworg r e tfa hsac ss ec x e gnisu h tworg dn edivid t egra t dna sdn edivid e lba ts edivorp o t euni tno C )4
eu lav w en e ta erc o t s tn e m ts evni h tworg ezi tiroirP )3
gniworrob tsoc-wo l gnik e es e lihw r ehgih ro % 0.52 fo oi tar y tiuq e na gninia tnia m no suco F )2
l ev e l C CAW e tairporppa na gninia tnia m dna EOR gnivorp mi hguorh t eu lav e taroproc ezi mi xa m o t miA )1
.s eici lop cisab evif gniwo l lof eh t d eso lcsid ynap moc eh t ,noi taco l la la tipac gnidrag eR
 .snru t er r ed loh erahs dna
s tn e m ts evni h tworg d eni lpicsid ezi la er dna hsac fo esu eh t ezi mi xa m o t s mia ynap moc eh t ,s eig e tar ts laicnanif s ti fo trap sA
seicilop noitacolla latipac dna seigetarts laicnaniF
.h tworg sgninra e evisn eh erp moc
ev eihca o t s mia ynap moc eh t ,s t essa s ti gnizi li tu yB .noi tar en eg e mocni rof s ei tinu troppo dnap x e o t y ti liba ehT
.dnuf eh t ni d edu lcni eb
os la nac s ei tr eporp e ta ts e la er r eh to ,s muini modnoc d l eh-ynap moc o t noi tidda nI .s ei tr eporp t egra t yfisr evid o t y ti liba ehT
.s einap moc d e ta l er
e ta ts e la er-non morf s tn e m ts evni gni tp ecca o t n epo si ynap moc ehT .sd e en ro ts evni fo egnar ediw a o t r e tac o t y ti liba ehT
.s e tar tn e myap erp dna ,s e tar t luaf ed ,s e tar ycnacav gnidrag er snoi ta mi ts e eka m
nac ynap moc eh t ,a tad d e ta lu mucca s ti gnigar ev e l yB .y lbi x e lf sdoir ep noi tp m ed er dna s epy t dnuf ngis ed o t y ti liba ehT
:dnuf a gni mrof morf d eniag eb o t s tif en eb sa gniwo l lof eh t sr edisnoc ynap moc ehT .h tworg ss enisub e to morp dna sgninra e
e tar en eg o t s ei tinu troppo dna s e m ehcs suoirav r edisnoc l liw ynap moc eh t ,na lp mr e t- muid e m eh t fo sra ey e erh t eh t nI
)tnemevorpmi ycneiciffe ot gnitubirtnoc( noitamrof dnuf etomorP
.sh tno m ow t yb d en e trohs
si ti fi nb 0.4YP J y l e ta mi xorppa yb dna ,sh tno m f lah a dna eno yb d en e trohs si doir ep s e las eh t fi nb 0.3YP J y l e ta mi xorppa
yb esa erc ed l liw e las rof e ta ts e la er fo ecna lab eh t tah t s e ta mi ts e tI .s esa ercni d los s tinu fo r eb mun eh t sa n ev e e las rof
42 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.evoba d enoi tn e m sa ,ss enisub )s e las( muini modno C
d e tavon eR eh t ni MP G r ehgih dna drawno 12 02 morf s ecirp noi tcasnar t e ta ts e la er ni dn er t drawpu tn e tsisnoc
a fo kcab eh t no 22 /11Y F ni %7.7 o t esor tI .71 /11Y F ni % 0.9 o t d erap moc 02 /11Y F ni nigra m t en eh t ni eni lc ed
%4.4 a o t d e l 91 /11Y F ni ss enisub tn e m ts evnI nigra m-hgih y l evi ta l er eh t ni s e las t essa d e xif e lbigna t fo noi t e lp moc ehT
 .d esa ercni egar ev e l laicnanif dna r evonru t t essa la to t tub ,d eni lc ed nigra m t en ehT .22 /11Y F
ni %5.71 o t d esa ercni tub , 02 /11Y F hguorh t %1.9 o t d eni lc ed n eh t ,71 /11Y F ni %1.41 saw EOR ,ycn eiciff e la tipac fo s mr e t nI
.s l ev e l 71 /11Y F x1.2–7.1 y l e ta mi xorppa er ew e las rof e ta ts e la er dna ,s tiforp ,s e las ,81 02 yrauna J
ni d ecnuonna s t egra t 22 /11Y F eh t fo trohs l l ef s t lus er 22 /11Y F hguoh t lA .)71 /11Y F-dn e ta nb4.44YP J( nb1.38YP J o t d e tnuo ma
e las rof e ta ts e la er dna ,)R GA C %7.21( nb4.5YP J saw tiforp gnirruc er ,)R GA C %3.11( nb1.6YP J saw tiforp gni tar epo ,)71 /11Y F
o t d erap moc R GA C %9.51( nb2.84YP J er ew s e las 22 /11Y F ,22 /11Y F o t 81 /11Y F morf doir ep ra ey- evif eh t no kcab gnikooL
22/11YF–81/11YF fo weiveR
.s t egra t 22 /11Y F eh t w erdh tiw ynap moc eh t
,sro tcaf es eh t fo noi tar edisnoc nI .22 /11Y F rof s t egra t e ta mi ts e y lbanosa er o t dna na lp tn e m egana m mr e t- muid e m eh t ni h trof
t es s t egra t eh t ev eihca d luoc ti n ehw tcid erp o t t luciffid saw ti tah t d edic ed suh t sah ynap moc ehT .sa era suoirav ni d eussi er
n e eb evah snoi tara lc ed ycn egr e m e fo e ta ts eh t sa 12 02 yrauna J ni tn e mnorivn e ss enisub eh t ni d e tsisr ep y tnia tr ecnU
.22 /11Y F rof
na lp eh t o tni e ta ts e la er gni tar en eg- e mocni fo e las eh t gnidu lcni tsniaga d edic ed dna na lp tn e m ts evni s’ss enisub tn e m ts evnI
eh t fo trap a d ew eiv er ynap moc eh t ,noi tidda nI .dnah no hsac dna oi tar y tiuq e eh t esa ercni dna nia tnia m o t tp m e t ta
na ni e las rof e ta ts e la er fo yro tn evni eh t ni h tworg nah t r eh tar d los dna d eriuqca s ei tr eporp fo r eb mun eh t ni   ecna lab
eh t ezisahp m e o t 12 /11Y F dna 02 /11Y F ni yci lop s ti d e tfihs y lgnidrocca tI .y tiroirp ts ehgih s ti sa tn e mnorivn e ss enisub
eh t ni s egnahc e lbissop rof gnirap erp t es aciM ra tS ,ci m ednap 91-DIVO C eh t o t esnops er ni ,drawno 02 02 hcraM mor F
.na lp o t gnidrocca d edn er t y l lar en eg e las rof e ta ts e la er fo yro tn evni eh t
dna ,s tiforp ,s e las tah t hcus ,s e las dna noi tisiuqca y tr eporp eviss ergga ni ss eccus was ynap moc eh t , 02 /11Y F H1 o t 81 /11Y F
mor F .s ess enisub s ecivr eS yrosivdA dna , tn e m ts evnI , muini modno C d e tavon eR s ti gnidnap x e yb )22 /11Y F( na lp eh t fo
ra ey lanif eh t ni tiforp gni tar epo ni nb5.8YP J dna s e las ni nb 0. 05YP J hca er o t s mia ynap moc eh t ,na lp eh t r ednU .sr e mo tsuc
rof eu lav e ta erc o t gniuni tnoc dna r eda e l yr tsudni na sa noi tisop s ti gninia tnia m fo mia eh t h tiw ”22 02 egn e l lah C“
na lp tn e m egana m ra ey- evif eh t d e ta lu mrof aciM ra tS ,yr tsudni muini modnoc d e tavon er eh t ni ynap moc gnida e l a sA
stegrat
nalp fo lawardhtiw eht ot ",2202 egnellahC" nalp raey-evif eht fo noitalumrof morF
22/11YF–81/11YF fo weiveR
.egar ev e l laicnanif nia tnia m o t si yci lop s'ynap moc
ehT .r evonru t yro tn evni evorp mi o t s esahcrup y tr eporp tnacav fo gnigar ev e l eh t hguorh t esa ercni o t d e tc ep x e si r evonru t
t essa la to t ,e mi t e mas eh t tA . mr e t muid e m eh t r evo MP G ss enisub )s e las( muini modno C d e tavon eR ni dn er t drawnwod
d enoi tn e m erofa eh t o t eud eni lc ed o t d e tc ep x e si nigra m t en ehT . l ev e l 22 /11Y F eh t ta nia m er o t d e tc ep x e si EOR
.22 /11Y F ni s tn ei lc e taroproc o t d los s ei tr eporp fo r eb mun egra l eh t o t noi tca er ni eni lc ed o t d e tc ep x e
era s ei tr eporp d egnahc-r enwo fo s e laS  .52 /11Y F hguorh t niaga esa ercni n eh t ,32 /11Y F ni esa erc ed o t s ei tr eporp
egnahc-r enwo fo s e las e lihw ,52 /11Y F hguorh t esa ercni o t d e tc ep x e era s ei tr eporp tnacav fo s e laS  .52 /11Y F ni h tworg
r eh truf h tiw ,42 /11Y F ni s l ev e l 22 /11Y F o t nru t er o t s tc ep x e tub ,)YoY %5.5-( s tinu 813,1 l l es l liw ynap moc eh t ,32 /11Y F nI
 .s ei tr eporp tnacav esirp moc l liw % 05 o t pu hcihw fo ,s ei tr eporp egnahc-r enwo
no d esucof yg e tar ts gnisahcrup a nia tnia m l liw ynap moc ehT .snoi tidnoc t ekra m no gnidn ep ed ,s tinu 0 08,1 r evo esahcrup
o t sdn e tni dna )22 /11Y F ni d esahcrup er ew s tinu 046,1( 52 /11Y F ni s tinu 0 08,1 tsa e l ta esahcrup o t s tc ep x e ynap moc ehT
.e lba tiforp
ero m suh t dna ,wo l era s ecirp n ehw d esahcrup era s ei tr eporp egnahc-r enwo fo ega tn ecr ep r ehgih a sa ,s ei tr eporp
tnacav rof nah t s ei tr eporp egnahc-r enwo rof r e ta l eni lc ed o t sdn e t MP G ,esahp tn e m tsujda o t noi taic erppa ecirp
eh t ni ,y lgnidroccA .s ei tr eporp tnacav nah t e las o t esahcrup morf e mi t fo doir ep r egno l a eriuq er s ei tr eporp egnahc
-r enwO .32 /11Y F ni s ei tr eporp tnacav nah t s ei tr eporp egnahc-r enwo rof r e l la ms eb o t d e tc ep x e si MP G ni eni lc ed ehT
52 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
sa era r eh to ni %4.81 dna ,a era iasnaK eh t ni %1.32 ,a era na ti lopor t e m oykoT eh t ni %5.85 saw
noi tisop moc eh t ,22 /11Y F-dn e yb tub ,71 /11Y F-dn e ta ).c t e ,eru tc ef erP igayiM ,odiakkoH ,eru tc ef erP ihciA ,eru tc ef erP
akouku F( sa era r eh to ni %1.4 dna ,a era iasnaK eh t ni %6. 01 ,a era na ti lopor t e m oykoT eh t ni %3.58 o t nwod ekorb sih t ,noig er
yB .s ei tic lanoig er ni snoisnap x e hcnarb fo noi to morp eh t hguorh t s ei tr eporp d enwo fo oi lof trop s ti d eifisr evid ynap moc ehT
.)R GA C %6.51( nb4.52YP J o t gnidnap x e )s e las fo tsoc d e ta mi ts e - e las rof e ta ts e la er fo yro tn evni - d l eh s ei tr eporp fo eu lav
t ekra m la to t =( e las rof y tr eporp no sniag d ezi la ernu h tiw ,)R GA C %2.31( nb1.38YP J o t d e tnuo ma e las rof e ta ts e la er ,evoba
d e ton sA .22 /11Y F ni )R GA C % 0.42( nb9.6YP J fo tiforp ssorg s e las dna )71 /11Y F o t d erap moc R GA C %1.5( nb4.2YP J
fo tiforp ssorg la tn er h tiw ,s e las dna s la tn er h tob rof d esa ercni tiforp ssorg dna s e las , t lus er a sA  .22 /11Y F ni s tinu 593,1
o t 71 /11Y F ni s tinu 0 06 y l e ta mi xorppa morf d esa ercni d los s tinu fo r eb mun ehT .22 /11Y F ni s tinu 046,1 o t 71 /11Y F ni s tinu
0 08 y l e ta mi xorppa morf d esa ercni d esahcrup s tinu fo r eb mun ehT .s ei tr eporp tnacav d esahcrup dna sa era s e las s ti d ednap x e
ynap moc eh t sa d esa ercni d los dna d esahcrup s tinu fo r eb mun eh t ,ss enisub muini modno C d e tavon eR ya tsnia m eh t nI
ssenisub muinimodnoC detavonneR
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
83,138 100,000 44,808 Real estate for sale (Renovated Condominium business)
12.7% 20.3% CAGR
5,419 7,500 2,982 Recurring profit
11.3% 18.9% CAGR
6,098 8,500 3,575 Operating profit
15.9% 16.7% CAGR
48,212 50,000 23,075 Sales
Act. Targets Act. (JPYmn)
FY11/22 FY11/22 FY11/17 Five-year management plan (consolidated)
s tn em ev eihca dna s t egra t nalp ra ey- eviF ) ecn er ef eR (
.)R GA C
%2.31( ss enisub yrosivdA eh t ni n m 045YP J dna )71 /11Y F o t d erap moc R GA C %3.71( ss enisub muini modno C d e tavon eR
eh t ni nb2.9YP J saw tiforp ssor G  .71 /11Y F ni nb8.4YP J fo s e las d edroc er hcihw ,ss enisub tn e m ts evnI eh t ni s e las on er ew
er ehT .22 /11Y F ni ss enisub s ecivr eS yrosivdA eh t ni )R GA C %7.11( n m367YP J dna ss enisub muini modno C d e tavon eR   eh t
ni )71 /11Y F o t d erap moc R GA C %6.12( nb4.74YP J o t d e tnuo ma ss enisub yb s e las , t lus er a sA .)s ecivr es tn e m egana m
y tr eporp la tn er dna egar ekorb( ss enisub s ecivr eS yrosivdA s ti dnap x e dna )wo l eb s lia t ed( ss enisub muini modno C d e tavon eR
ya tsnia m s ti dnap x e o t s e las es eh t morf d e tar en eg hsac d e ts evni er ynap moc ehT  .91 /11Y F ni d e t e lp moc saw 51 /11Y F
ecnis d e to morp s t essa d e xif e lbigna t fo e las eh t ,ss enisub tn e m ts evnI eh t ni ,oi lof trop ss enisub s'ynap moc eh t gnidrag eR
 .22 /11Y F ni 4 0.4 o t 71 /11Y F ni 36.3 morf egar ev e l laicnanif s'ynap moc eh t d esa ercni tb ed gnira eb- ts er e tni fo esu ehT
.22 /11Y F ni 65. 0 o t 71 /11Y F ni 34. 0 morf d esa ercni oi tar r evonru t t essa la to t eh t ,s ei tr eporp egnahc
-r enwo esahcrup o t gniuni tnoc e lihw sdoir ep gni tar epo trohs h tiw s ei tr eporp d esahcrup tnacav fo oi tar eh t gnisa ercni yB
62 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.) tiforp
ssorg fo %9.86 dna s e las fo % 0. 09( ) e las( muini modno C d e tavon eR eh t dna ) tiforp ssorg fo %7.72 dna s e las fo %6.8( ) la tn er(
muini modno C d e tavon eR eh t o tni d edivid si ss enisub muini modno C d e tavon eR ya tsnia m ehT .) tiforp ssorg fo %8.5 dna s e las
fo %5.1( ss enisub s ecivr eS yrosivdA eh t dna ,)sso l ssorg a dna s e las on( ss enisub tn e m ts evnI eh t ,)32 /11Y F ni tiforp ssorg fo
%3.49 dna s e las fo %5.89 rof gni tnuocca( ss enisub muini modno C d e tavon eR eh t fo tsisnoc s tn e mg es ss enisub s'ynap moc ehT
stnemges ssenisub niaM
.noi tisiuqca fo e mi t eh t ta % 01–8 fo MP G s e tapici tna ynap moc ehT .yro tn evni la to t s ti fo % 05 d e ec x e ton s eod oi tar
ri eh t sa gno l sa s ei tr eporp tnacav eriuqca o t s mia ynap moc eh t ,erof er ehT .s ei tr eporp tnacav rof nigra m tiforp r ewo l y l evi ta l er
a ni gni t lus er ,s ei tr eporp egnahc-r enwo o t d erap moc esn e tni ero m si noi tisiuqca fo e mi t eh t ta noi ti t ep moc ,r evo eroM
.s e ef tn e m egana m   eriuq er dna e mocni la tn er on e tar en eg y eh t ,e lacs ss enisub eh t gnidnap x e dna r evonru t gnivorp mi
o t s e tubir tnoc s ei tr eporp tnacav fo noi tazi li tu e lihW .a era na ti lopor t e m eh t o t noi tidda ni s ei tic lanoig er o tni dnap x e dna
r evonru t t essa evorp mi o t s muini modnoc d enwo- erp tnacav l l es dna esahcrup o t s troff e pu gnipp e ts n e eb sah ynap moc ehT
.esahcrup fo e mi t eh t ta %61–41 fo MP G s e mussa ynap moc eh t ,snoi tidnoc t ekra m e ta ts e la er ni s egnahc o t eud
snoi tau tcu lf e mos eb ya m er eh t hguoh t lA .sra ey ruof o t f lah a dna e erh t tuoba si e las o t esahcrup morf doir ep egar eva ehT
.y tr eporp eh t gni l l es yb ) e mocni e mi t- eno( tiforp s e las a s eruc es dna noi tavon er s ecruos tuo ti , tuo s evo m tnan e t eh t r e tfa dna
) e mocni gnirruc er( e mocni la tn er snra e tsrif ynap moc ehT .d e tn er gni eb era tah t s muini modnoc d eipucco- tnan e t laudividni
hcus s eriuqca aciM ra tS .s ei tr eporp d enwo- erp tnacav nah t r epa ehc eb o t dn e t s muini modnoc hcus , t lus er a sA .edisni eh t
tc epsni tonnac r eyub eh t ,noi tn evnoc laco l o t gnidrocca ,esuac eb dna esahcrup r e tfa y l e taid e m mi d los eb tonnac s ei tr eporp
es eh t esuac eb )s ei tr eporp egnahc-r enwo( s tnan e t h tiw s muini modnoc d enwo- erp fo sr eyub w ef a y lno era er eh t ,napa J nI
. tn e m e erga esahcrup a ngis y lkciuq o t ynap moc eh t gniwo l la ,s ei tr eporp cific eps yna o t d ei t ton
era tah t sdnuf mr e t- trohs o t ss ecca sah os la aciM ra tS .snoi tcasnar t yna m e tuc e x e dna s ei tr eporp fo r eb mun egra l a fo eu lav
eh t ss essa o t y ti liba eh t ti s evig dna sro ti t ep moc morf trapa ti s t es tah t krow t en noi ta mrofni nwo s ti sah os la ti syas ynap moc
ehT .e las rof pu tup n e eb evah tah t s muini modnoc d enwo- erp no s tn ega e ta ts e la er morf noi ta mrofni r eh tag o t noi tisop
gnor ts a ni si ynap moc eh t , t lus er a sA .snoi tcasnar t lufss eccus fo droc er kcar t a syojn e dna sdnuf esiar o t y ti liba eh t sah
os la ynap moc ehT .snoisic ed esahcrup tfiws s eka m dna s ei tr eporp fo eu lav eh t s ess essa y lkciuq ti ,ynap moc eh t o t gnidroccA
.).c t e ,ya ts fo h tgn e l
s’ tnan e t eh t dna ,snoi tau tcu lf ecirp ,sr e tsasid laru tan ,s tn edicca( sksir d e taicossa da erps o t ynap moc eh t swo l la hcaorppa
sihT .snoi taco l dna ega tn er effid fo s muini modnoc d enwo- erp laudividni syub ynap moc eh t ,sgnid liub eri tn e gniriuqca
fo da e tsnI .edisni eh t tc epsni tonnac r eyub eh t ,noi tn evnoc laco l o t gnidrocca ,esuac eb dna esahcrup r e tfa y l e taid e m mi
d los eb tonnac s ei tr eporp es eh t esuac eb d e ti mi l si sr eyub lai tn e top fo r eb mun eh t ,)sisab tinu a no( snoi tisiuqca s'ynap moc
eh t fo f lah y l e ta mi xorppa rof tnuocca hcihw ,)s ei tr eporp egnahc-r enwo( s ei tr eporp d eipucco rof ,ra luci trap nI .ecirp wo l ta
m eh t yub o t ynap moc eh t gniwo l la ,s ei tr eporp hcus eriuqca o t noi ti t ep moc e l t ti l si er eh t ,r ev ewoH .sgnid liub eri tn e gniyub
o t d erap moc e mosr eb muc dna tn eiciff eni eb nac tinu muini modnoc e lgnis a gniriuqca tah t si doh t e m sih t fo edisnwod ehT
.)s t lus er lasiarppa lanr e t x e no d esab si d l eh s ei tr eporp fo eu lav t ekra m la to t eh t ;%5.21 fo R GA C ra ey
- evif( nb8.52YP J y l e ta mi xorppa saw )s e las fo tsoc d e ta mi ts e - e las rof e ta ts e la er fo yro tn evni - d l eh s ei tr eporp fo eu lav t ekra m
la to t =( e las rof y tr eporp no sniag d ezi la ernu eh t dna ,)% 0.9 fo R GA C ra ey- evif( nb6.68YP J saw e las rof e ta ts e la er s'ynap moc
eh t ,32 /11Y F-dn e fo sA .y lida e ts s tiforp e tar en eg nac dna ,yr tsudni eh t ni s einap moc r eh to o t d erap moc t ekra m e ta ts e la er
eh t ni s egnahc o t evi tisn esni y l evi ta l er si ti ,erof er ehT .ecirp s e las dna ecirp esahcrup n e ew t eb ecn er effid eh t no gnisucof
yb eun ev er snra e dna  ,dna m ed ro ts evni o t d esoppo sa dna m ed r esu-dn e yb d e troppus era hcihw ,s ei tr eporp lai tn edis er
h tiw s la ed tI .)ynap moc eh t yb d e ta mi ts e( s muini modnoc d enwo- erp fo eu lav s e las eh t fo s mr e t ni r eda e l yr tsudni na si
ynap moc ehT . tiforp a rof m eh t s l l es dna , tuo evo m s tnan e t eh t n ehw m eh t s e tavon er ,d eipucco era s tinu muini modnoc es eh t
e lihw e mocni la tn er s tc e l loc ,s tinu muini modnoc laudividni d eipucco- tnan e t ,d enwo- erp syub .d tL ,.o C sgnid loH aciM ra tS
snoitarepO
noitpircseD
ssenisuB
72 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.n m 02YP J fo egnar eh t ni saw 32 /11Y F ni ecirp esahcrup egar eva eh t tah t sdna tsr ednu hcra es eR d erahS .)akouku F
dna ,ayoga N ,iadn eS ,oroppaS ,eboK ,akasO ,a ma tiaS ,a mahokoY ,sdraw 32 s'oykoT( sa era gni tar epo nia m s ti nih tiw
sr e tn ec nabru ni s ei tr eporp s t egra t y lira mirp ynap moc ehT .) mqs4.76 si a era roo lf egar eva eh t( mqs56 y l e ta mi xorppa
fo a era roo lf a dna )sra ey 0.23 saw 32 /11Y F-dn e fo sa ega egar eva eh t( sra ey 04 o t 02 fo ega egar eva na h tiw ,s ei li maf
rof s muini modnoc d enwo- erp era d e ldnah s ei tr eporp nia m ehT .d lo sra ey 26 saw 32 /11Y F dna 22 /11Y F ni sr e l l es
fo ega naid e m ehT .sr ekorb e ta ts e la er hguorh t s muini modnoc d enwo- erp laudividni s esahcrup ynap moc ehT : esahcruP
.swo l lof sa si e las o t esahcrup y tr eporp morf ss ecorp ehT
elas ot esahcrup ytreporp morf ssecorP
.)%7.7 fo R GA C ra ey- evif( 839,3 saw
32 /11Y F-dn e eh t fo sa d l eh s tinu fo r eb mun la to t ehT .s tinu 072,1 d los dna s tinu 014,1 d eriuqca ynap moc eh t ,32 /11Y F nI
.s ei tr eporp egnahc-r enwo er ew d los s tinu eh t fo % 04 dna d esahcrup s tinu eh t fo %84 y l e ta mi xorppa ,32 /11Y F nI .d eipucco
era y eh t e lihw e mocni la tn er edivorp s ei tr eporp egnahc-r enwo ,r evo eroM .hgih y l evi ta l er si e las lanif eh t fo e mi t eh t ta snra e
ynap moc eh t nigra m eh t tah t os s ei tr eporp tnacav nah t r ewo l d ecirp eb o t dn e t s ei tr eporp egnahc-r enwo , t lus er a sA .e lbissop
ton si e las er e taid e m mi dna noi tisiuqca erof eb s tinu eh t tc epsni o t e lbanu era sr esahcrup ecnis sr eyub lai tn e top fo r eb mun
d e ti mi l a evah s ei tr eporp egnahc-r enwO .s tiforp s ti fo ecruos roja m a sa evr es s ei tr eporp es eh t dna ,noi tisiuqca fo e mi t eh t ta
)"s ei tr eporp egnahc-r enwo" sa o t d err ef er( sr e tn er yb d eipucco era tah t s ei tr eporp h tiw gni la ed ni s ezi laic eps ynap moc ehT
.snoi tani ma x e hguoroh t gni tcudnoc r e tfa s ei tr eporp 021 y lhguor y lno s esahcrup ti ,s mrif egar ekorb
e ta ts e la er morf h tno m r ep s ei tr eporp 0 0 0,3 r evo no noi ta mrofni s evi ec er ynap moc eh t hguoh t lA .ecn ein evnoc dna
y tidiuqi l no sisahp m e ra luci trap s eca lp dna e las fo esa e sr edisnoc ynap moc eh t ,noi tisiuqca rof s ei tr eporp gni tc e l es n ehW
.s ecirp e las dna esahcrup n e ew t eb ecn er effid eh t morf tiforp o t gni mia ,dna m ed lau tca h tiw s ei tr eporp lai tn edis er no s esucof
ynap moc ehT  . tiforp a rof m eh t s l l es dna , tuo evo m s tnan e t eh t n ehw m eh t s e tavon er ,d eipucco era s tinu muini modnoc
es eh t e lihw e mocni la tn er s tc e l loc ,s tinu muini modnoc laudividni ,d enwo- erp syub .d tL ,.o C sgnid loH aciM ra tS
ledom ssenisuB
ssenisub muinimodnoC detavoneR
.snoitanimile e rofe b tifo r p gnita re po tnem ges fo mus eht gnisu detaluclac e ra se gatnec re p noitiso pmoc tifo r p gnita re pO

---

.s dohtem gni dnuo r ni secne reffi d ot eu d ata d yna pmoc mo rf reffi d yam se ru giF

---

ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
5.8% 5.5% 7.5% 6.7% 6.8% 4.2% 4.7% 5.8% 6.5% 9.9% % of gross profit
490 540 560 400 430 290 290 320 300 350 Advisory Services
-10 - 10 - 550 2,050 1,710 1,330 660 240 Investment
94.3% 94.4% 92.1% 93.1% 84.2% 66.0% 67.4% 69.8% 78.7% 83.0% % of gross profit
16.5% 19.4% 19.1% 14.3% 18.4% 20.6% 23.2% 22.7% 23.4% 23.9% Gross profit margin
-13.8% 34.3% 23.4% 4.9% 16.0% 10.1% 7.8% 6.4% 23.5% 6.0% YoY
7,940 9,210 6,860 5,560 5,300 4,570 4,150 3,850 3,620 2,930 Renovated Condominium
17.2% 20.2% 20.2% 15.1% 19.6% 22.9% 26.7% 26.3% 23.8% 25.4% Gross profit margin
-13.7% 31.0% 24.8% -5.2% -9.0% 12.4% 11.6% 20.0% 30.3% 9.0% YoY
8,422 9,760 7,451 5,971 6,297 6,924 6,160 5,520 4,600 3,531 Gross profit
1.5% 1.6% 2.4% 1.8% 2.8% 2.3% 1.9% 2.1% 2.2% 3.2% % of sales
-6.1% -12.4% 22.7% -20.3% 26.6% 60.0% -1.0% 6.7% -7.2% 21.2% YoY
716 763 871 710 891 704 440 444 416 448 Advisory Services
0.0% 0.0% 0.1% - 7.5% 24.6% 20.7% 16.9% 17.7% 8.6% % of sales
- - - - -67.6% 56.0% 34.4% 3.7% 185.0% 57.3% YoY
6 - 20 - 2,412 7,435 4,767 3,547 3,420 1,200 Investment
98.5% 98.4% 97.6% 98.2% 89.7% 73.1% 77.4% 81.0% 80.2% 88.1% % of sales
1.5% 31.8% -7.3% 34.6% 30.3% 23.9% 5.2% 9.6% 26.5% -1.3% YoY
48,155 47,449 36,006 38,858 28,861 22,143 17,869 16,983 15,497 12,253 Renovated Condominium
1.4% 30.7% -6.8% 23.0% 6.2% 31.2% 10.0% 8.5% 39.1% 2.6% YoY
48,878 48,212 36,897 39,568 32,164 30,282 23,075 20,974 19,333 13,901 Sales
Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons.
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 (JPYmn)
tn emg es yb tiforp ssorg dna s elaS
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
Brokerage, rent management, and investment advisory Advisory
business
Investment
Sale and rental of properties, excluding those handled in the Renovated Condominium
Sale and rental of pre-owned condominiums Renovated Condominium
Business Segment
82 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.32 /11Y F
o t 41 /11Y F morf gnisa erc ed n e eb sah oykoT ni s ei tr eporp fo noi troporp eh t ,s ei tic lanoig er o tni gnidnap x e fo t lus er a sA
.81 /11Y F
ecnis esir eh t no n e eb sah ).c t e ,eru tc ef erP igayiM ,odiakkoH ,eru tc ef erP ihciA ,eru tc ef erP akouku F( sr eh to fo noi tisop moc
eh t ,81 02 y lu J o t 71 02 tsuguA morf oroppaS dna ,iadn eS ,ayoga N ,akouku F ni s ehcnarb fo gnin epo eh t h tiW  .61 02
enu J morf a ma tiaS ni eciffo hcnarb a fo tn e mhsi lba ts e gniwo l lof d esa ercni s ei tr eporp eru tc ef erP a ma tiaS fo gni thgi ew
eh t sa 71 /11Y F ni d egr e m e nr e t tap ra li mis A .41 02 yrauna J ni hcnarb akasO s ti fo gnin epo eh t gniwo l lof 32 /11Y F o t 41 /11Y F
morf dn er t drawpu na d ewohs a era iasnaK eh t ni d e taco l sgnid loh y tr eporp muini modnoc s’ynap moc eh t fo noi troporp ehT
.%1.32 rof tnuocca e lihwna e m )a mihsoriH dna
,o toyK ,ogoyH ,akasO fo s eru tc ef erp eh t( a era iasnaK ehT . la to t eh t fo %2.22 rof s tnuocca )abih C dna ,a ma tiaS ,awaganaK fo
s eru tc ef erp eh t( si lopor t eM oykoT fo edis tuo a erA oykoT r e ta er G ehT .)o taniM dna ,adoyih C ,ouh C ,ukujnihS ,ayubihS( sdraw
roja m evif s’oykoT fo edis tuo d e taco l era es eh t fo % 07 dna ,si lopor t eM oykoT ni era s ei tr eporp s’ynap moc eh t fo %3.63 tuobA
ega dna noiger yb smuinimodnoc denwo-erp fo yrotnevnI
.3 2/ 1 1YF rof e ru gif eci r p noitisiu qca e ga re va desolcsi d ton sah yna pmoc eh T :etoN
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
4.6% 4.0% -0.7% -1.8% -2.0% 1.3% 3.5% 2.2% 0.8% YoY
(JPY'000)
21,094 20,168 19,401 19,544 19,902 20,313 20,049 19,378 18,969
Average acquisition price
32.0 31.0 30.3 29.8 28.9 27.9 26.2 25.0 23.5 23.2 Average age (years)
67.4 67.1 66.7 66.7 66.8 65.8 65.1 64.0 62.8 62.0 Average space (sqm)
1,270 1,395 1,100 1,236 886 Properties sold
1,410 1,640 1,325 1,180 1,551 Properties purchased
3.7% 6.9% 6.8% -1.7% 24.5% - YoY
(units)
3,938 3,798 3,553 3,328 3,384 2,719
Number of properties held
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Average property data
a tad y tr eporp egar evA
 ata d yna pmoC :ec ruoS
elpmax e noi tavon eR
.32 /11Y F ni n m53– 03YP J dnuora saw ecirp
gni l l es egar eva eh t tah t sdna tsr ednu hcra es eR d erahS .d lo sra ey 44 saw 32 /11Y F dna 22 /11Y F ni sr eyub fo ega naid e m
ehT .r ekorb a gnisu ,sr eyub laudividni o t y l lausu , tinu eh t s l l es ynap moc eh t ,d e t e lp moc si noi tavon er eh t r e tfA : e laS
.32 /11Y F ni n m5YP J y lhguor er ew s tsoc noi tavon er tah t sdna tsr ednu hcra es eR d erahS .sro ti t ep moc s ti o t d erap moc tsoc
wo l y l evi ta l er a ta snoi tavon er y ti lauq hgih e t e lp moc o t e lba si ynap moc eh t , t lus er a sA .sro tcar tnoc h tiw spihsnoi ta l er
gnor ts d liub o t ti d e lban e sah sih t dna ,napa J ni s tc ejorp noi tavon er fo r eb mun ts egra l eh t s mrofr ep ti ,ynap moc eh t o t
gnidroccA .yr tnuoc eh t ssorca s ei tic roja m ni sro tcar tnoc d e tai liffa yb tuo d eirrac si krow noi tavon eR . t e lio t dna , moorhsaw
, moorh tab eh t ni s eru t xif r e taw eh t gnica lp er sa hcus s edargpu gnika m dna ,srood gnica lp er ,s moor l la ni gniroo lf
dna r epap l law eh t gnica lp er s edu lcni sihT . tn e m trapa eh t s e tavon er ynap moc eh t ,s eva e l tnan e t eh t r e tfA :noi tavon eR
.s ei tic lanoig er ni 0 0 0,7 01YP J dna ,noig er iasnaK eh t ni 0 0 0,711YP J
,a erA oykoT r e ta er G eh t ni 0 0 0,621YP J saw tn er y lh tno m dradna ts eh t ,32 /11Y F ni ecna mrofr ep s e las s'ynap moc eh t
no d esaB . tuo s evo m tnan e t eh t li tnu tnan e t eh t morf e mocni la tn er snra e dna tn e m e erga gnisa e l eh t r evo s eka t ynap moc
ehT .s e tacav tnan e t tn erruc eh t li tnu pihsr enwo snia t er ynap moc eh t ,s ei tr eporp egnahc-r enwo fo esac eh t nI :gnid loH
92 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.s tn e myap er egag tro m y lh tno m no y eno m ss e l dn eps d luow r eyub eh t
,32 02 r eb m evo N fo sA .y l evi tc eps er , 0 0 0,37YP J  dna , 0 0 0,68YP J , 0 0 0,4 01YP J eb d luow s muini modnoc es eh t rof )%5. 0 fo
e tar ts er e tni na h tiw egag tro m gnizi tro ma ra ey-53 ,n m 03YP J fo nao l la to t( tn e myap nao l gnisuoh y lh tno m eh t ,e mi t e mas eh t
tA .sa era r eh to ni 0 0 0,7 01 dna ,a era iasnaK eh t ni 0 0 0,711YP J ,a era na ti lopor t eM oykoT eh t ni 0 0 0,621YP J era s l l es ynap moc
eh t s muini modnoc d enwo- erp rof s tn er y lh tno m eh t ,s t lus er 32 /11Y F no d esab ,snoi ta luc lac hcra es er d erahS o t gnidroccA
.s tsoc tn er odnoc tucr ednu d luow s tn e myap nao l
y lh tno m er ehw l ev e l eh t wo l eb l laf ton d luohs s ecirp muini modnoc d enwo- erp ,erof er ehT .r e l la ms e moc eb d luow s tn e myap
nao l lai tn e top dna tn er ni yap y l tn erruc y eh t tahw n e ew t eb ecn er effid eh t ecnis—s esuoh la tn er ni evi l ohw esoh t gno ma esir
d luow s ei tr eporp rof dna m ed , l laf o t er ew s ecirp y tr eporp fI . troppus ecirp edisnwod s edivorp )s ev l es m eh t ni evi l o t yub o t
eki l d luow e lpo ep hcihw s tinu ,.e.i( s ei li maf o t gnir e tac s tn e m trapa rof dna m ed tah t si ,ynap moc eh t o t gnidrocca ,nosa er ehT
 .ni s ezi laic eps aciM ra tS tah t s muini modnoc d e tn eiro-y li maf ,d enwo- erp eh t rof
l la ms era snoi tau tcu lf ecirp ,r ev ewoH . t ekra m e ta ts e la er eh t ni snoi tidnoc no gnidn ep ed e tau tcu lf—snoi taco l nabru e lbaris ed
ni s tinu evisn ep x e dna ,s muini modnoc y li maf w en ,sro ts evni rof s tn e m trapa oidu ts sa hcus—s ei tr eporp e mos fo s ecirp ehT
.noi tacifisr evid hguorh t
ksir tn e m ts evni ecud er o t e lba erof er eh t si dna ,)%7.7 fo R GA C ra ey- evif( 32 /11Y F-dn e ta s ei tr eporp 839,3 d enwo ynap moc
eh t ,r ev ewoH .y tr eporp hca e fo sci tsir e tcarahc eh t yb d e tc effa y liva eh era soi lof trop y tr eporp l la ms fo y ti liba tiforp dna eu lav
eh t ,suhT .s tnan e t h tiw s muini modnoc d enwo- erp gnisahcrup n ehw s ei tr eporp n e ew t eb y l ediw yrav y tnia tr ecnu dna y tidiuqiL
 .s eva e l tnan e t eh t r e tfa d errucni eb ya m tah t s esn ep x e noi tavon er fo tnuo ma eh t e ta mi ts e o t t luciffid
si ti ,suhT . tnan e t gni t tis a si er eh t ecnis e las eh t erof eb n e es eb tonnac s tn e m trapa eh t fo edisni ehT : tsoc nia tr ecnU
 .ya ts l liw tnan e t eh t tah t y ti libissop a os la si er ehT . tuo
s evo m tnan e t eh t li tnu d los eb tonnac ,d esahcrup ecno ,s tn e m trapa es ehT : tn e m ts evni gnipuoc er rof e marf e mi t nia tr ecnU
.d e ti mi l si sr eyub fo
loop eh t ,suhT .s esoprup lai tn edis er rof ton dna s esoprup tn e m ts evni rof d esahcrup era s tn e m trapa hcuS :y tidiuqi l d e ti miL
:snosa er gniwo l lof eh t o t eud si sih t ,ynap moc eh t o t gnidroccA .y tr eporp
tnacav a nah t ss e l % 03 tuoba rof l l es o t y tr eporp d e tn er a rof no m moc si tI . tnacav era tah t esoh t nah t yub o t r epa ehc
era d e tn er gni eb era tah t s muini modnoc d enwo- erp tah t si s muini modnoc d enwo- erp gni l l es r e tfa tiforp fo ecruos roja m A
seno tnacav dna muinimodnoc denwo-erp detner ni secnereffid ecirP
. dne - rae y lacsif hcae ta soita r eci r p esahc ru p no desa b e ra detcu rtsnoc rae y y b secnalaB
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
8.8% 13.7% 14.2% 15.2% 14.5% 14.4% 12.6% 10.8% 8.7% 8.7% 1980 and prior
27.4% 21.7% 21.6% 22.8% 23.6% 24.0% 22.8% 22.0% 21.2% 21.8% 1981–1988
28.2% 27.5% 29.1% 30.4% 30.2% 29.9% 30.5% 34.1% 35.7% 38.8% 1989–1997
22.1% 27.8% 26.8% 1998 - 2007
13.5% 9.2% 8.3% 2008 and later
35.6% 37.0% 35.1% 31.6% 31.7% 31.6% 34.2% 33.2% 34.3% 30.7% 1998 and later
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 By year constructed
noi tcur tsnoc fo ra ey yb dl eh s ei tr eporp fo noi tisopmoC
. dne - rae y lacsif hcae ta soita r eci r p esahc ru p no desa b e ra noi ge r y b secnalaB
.cte ,e rutcefe rP i ga yiM
,o dia k ko H ,e rutcefe rP ihciA ,e rutcefe rP a kou kuF e dulcni s rehtO .e rutcefe rP amihso ri H dna ,e rutcefe rP oto y K ,e rutcefe rP o go y H ,e rutcefe rP a kasO se dulcni noi ge r iasna K eh T
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
19.2% 18.4% 17.2% 13.9% 11.7% 7.6% 4.1% 3.4% 3.3% 3.1% Other
22.4% 23.1% 20.4% 21.1% 18.2% 14.7% 10.6% 9.2% 7.3% 3.1% Kansai area
2.4% 2.6% 2.9% 2.9% 3.1% 3.6% 3.5% 3.9% 5.9% Chiba
6.8% 6.6% 6.2% 6.2% 6.1% 6.1% 4.3% 2.6% 2.5% Saitama
12.3% 14.1% 14.7% 16.9% 17.2% 17.0% 17.6% 18.5% 17.5% Kanagawa
areas
22.2% 21.5% 23.3% 23.8% 26.0% 26.4% 26.7% 25.4% 25.0% 25.9%
Other Tokyo metropolitan
wards)
3.7% 4.3% 4.8% 5.7% 7.0% 9.5% 9.7% 12.9% 14.1%
Tokyo (excluding the 23
5 central wards)
26.5% 27.3% 29.7% 31.7% 35.9% 38.8% 39.7% 38.7% 40.1%
Tokyo (wards excluding the
6.8% 7.5% 6.7% 6.8% 8.5% 10.3% 12.6% 12.8% 13.7% Tokyo (5 central wards)
36.3% 37.0% 39.1% 41.2% 44.2% 51.4% 58.6% 62.0% 64.4% 67.9% Tokyo
36.3% 58.5% 62.4% 65.0% 70.2% 77.8% 85.3% 87.4% 89.4% 93.8% Tokyo metropolitan
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Properties held by region
noig er yb noi tisopmoc yro tn evnI
03 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
s ei tr eporp es eh t morf s tiforp ,r ev ewoH .ci ta m e lborp eb d luoc s ei tr eporp laudividni e moS .ksir sih t da erps o t s muini modnoc
d enwo- erp fo r eb mun egra l a s esahcrup aciM ra tS .s ei tr eporp laudividni fo snoc dna sorp eh t o t d esop x e era soi lof trop
l la ms h tiw sr eyub ,os lA .roir e tni eh t fo noi tidnoc eh t dna y tidiuqi l ri eh t r evo y tnia tr ecnu o t sknah t s ei tr eporp fo s epy t es eh t
esahcrup o t y l eki lnu era d e tn er gni eb era tah t s muini modnoc d enwo- erp gnisahcrup fo droc er kcar t on h tiw s tnar tn e t ekra m
w en ,suhT .) er eh t s evi l eno e mos tah t n evig( y tr eporp eh t edisni e es tonnac sr esahcrup esuac eb ,esahcrup erof eb y tr eporp
eh t h tiw swa lf era er eh t ton ro r eh t ehw l l e t o t yaw on si er eh t ,r eh tru F .ni e moc l liw d e tn er gni eb si tah t muini modnoc
d enwo- erp laudividni na fo e las eh t morf eun ev er n ehw l l e t o t e lbissop mi si ti ,eva e l l liw s tnan e t n ehw nwonknu si ti sA
.ss enisub sih t
h tiw d e taicossa sksa t fo y t eirav a gni ldnah ni esi tr ep x e dna noi tavon er tn e m trapa no egd e lwonk sah os la tI .s muini modnoc
d enwo- erp fo r eb mun egra l a eriuqca o t s ecruos er laicnanif eh t sah ynap moc ehT .snoi tcasnar t fo yro tsih nwo s ti dna
sisy lana laci tsi ta ts no d esab s tn e m ts evni d eifisr evid s eka m hcihw ,aciM ra tS h tiw gni t ep moc y t luciffid ecaf l liw s tnar tn e t ekra m
w en tah t s ev ei l eb hcra es eR d erahS ,s muini modnoc d enwo- erp gni tavon er dna s tinu e lgnis gniriuqca o t s e moc ti n ehW
yrtne ot sreirraB
.sr eyub lai tn e top r eh to nah t y lkciuq ero m noi ta mrofni y tr eporp s evi ec er
ynap moc eh t yhw si tahT .sdnuf esiar o t y ti liba s ti fo esuac eb aciM ra tS o t s ei tr eporp ecudor tni o t r ega e os la era sr ekorB
.s eod es l e enoyna erof eb noi ta mrofni y tr eporp evi ec er d luow r eyub a hcuS .sr ekorb
rof r e mo tsuc tna trop mi na si noisic ed esahcrup kciuq a eka m nac ohw r eyub a sna e m tahT .r eyub eh t dna r e l l es eh t h tob
morf snoissi m moc nra e o t e lba eb d luow r ekorb eh t ,n ehT .sdn e doir ep yad- evif eh t erof eb dnuof si r eyub a fi noi ta mrofni
eh t gnirahs diova o t e lba eb d luow r ekorb eh t tah t sdna tsr ednu hcra es eR d erahS .nwo s ti fo r eyub eh t morf snoissi m moc
nra e o t ecnahc a fo r ekorb tsrif eh t gnivirp ed ,sr effo yub nwo ri eh t h tiw drawrof e moc ya m n eh t sr ekorb es ehT .sr ekorb
r eh to o t e lbiss ecca si hcihw , m e tsyS krow t e N noi ta mrofnI e ta tsE la eR eh t hguorh t d eso lcsid si noi ta mrofni sihT .y tr eporp eh t
no noi ta mrofni eso lcsid o t tcA ss enisuB snoi tcasnarT sgnid liuB dna s toL gnid liuB eh t yb d eriuq er si r ekorb eh t ,y tr eporp eh t
rof r eyub a dnif o t s e erga dna r enwo y tr eporp a h tiw tcar tnoc a sngis r ekorb a n ehw ,r ev ewoH .s edis h tob morf snoissi m moc
gnivi ec er dna r eyub eh t dna r e l l es eh t h tob gni tn es erp er yb sgninra e ri eh t ezi mi xa m o t tnaw y eh t esuac eb sr ekorb
r eh to o t noi ta mrofni y tr eporp eso lcsid o t tna tcu l er era sr ekorb e ta ts e la eR .snoisic ed esahcrup tfiws eka m o t tna trop mi si tI
.s tn e mss essa ecirp tfiws dna e tairporppa
edivorp o t )s ei tr eporp gnirobhgi en fo s ecirp tsi l dna s ecirp noi tcasnar t eh t no d esab y tr eporp a fo eu lav eh t eni mr e t ed
o t doh t e m a( hcaorppa nosirap moc s e las a s esu ti ,ynap moc eh t o t gnidroccA . tsap eh t ni gniriuqca d er edisnoc ro d eriuqca ti
tah t s tn e m trapa eh t no noi ta mrofni d e lia t ed h tiw esaba tad nwo s ti s esu ynap moc eh t ,s ei tr eporp fo eu lav eh t gniss essa n ehW
.e las rof s muini modnoc d enwo- erp no sr ekorb e ta ts e
la er morf noi ta mrofni r eh tag o t noi tisop gnor ts a ni si ti os ,snoi tcasnar t lufss eccus fo droc er kcar t a dna sdnuf esiar o t y ti liba
eh t sah os la tI .snoisic ed esahcrup tfiws s eka m dna s ei tr eporp fo eu lav eh t s ess essa y lkciuq ti ,ynap moc eh t o t gnidroccA
srotcaf gnitaitnereffi D
.3 2/ 1 1YF rof e vo ba ata d eht desolcsi d ton sah yna pmoc eh T
stinu fo re bmun no desa b se gatnec reP :setoN
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
20.1% 22.3% 21.1% 21.2% JPY20mn or less
29.5% 36.1% 35.7% 37.8% JPY20–30mn
28.5% 25.3% 26.2% 25.7% JPY30–40mn
21.9% 16.3% 16.9% 15.3% JPY40mn or more
FY11/22 FY11/21 FY11/20 FY11/19
egnar ecirp yb elas rof s ei tr eporP
. 1 2/ 1 1YF ecnis s doi re p eht rof e vo ba ata d eht desolcsi d ton sah yna pmoc eh T
.se ru gif ae rA o y koT retae rG ot s refe r "tne r d ra dnatS " :setoN
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
0.0% 3.7% -3.6% 0.0% -1.2% 0.0% 0.0% 0.0% -5.6% 0.0% YoY
84 84 81 84 84 85 85 85 85 90 Monthly loan repayments (JPY'000)
3.3% -1.6% -7.5% -2.9% -4.2% -1.4% -2.0% -2.6% 0.0% 3.4% YoY
125 121 123 133 137 143 145 148 152 152 Standard rent (JPY'000)
68.5 71.5 68.3 67.5 66.1 67.5 67.7 67.3 70.8 63.9 Average space (sqm)
0.0% 1.8% -4.0% -0.2% -3.3% 6.2% -1.4% -1.2% 12.7% 4.6% YoY
30,000 30,000 29,470 30,710 30,770 31,830 29,980 30,400 30,770 27,302 Average sales price (JPY'000)
FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 FY11/13 FY11/12
tn er dradna ts .sv s tn emyap naol ylh tnom ;muinimodnoc d enwo- erp fo ecirp s elas egar evA
13 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
;yrav snosa er ehT .nosa er r ev e tahw rof y tr eporp ri eh t fo eu lav eh t tuo hsac e lpo ep p l eh o t d engis ed si ecivr es kcab esa e l w en
ehT .aciM ra tS o t tn er yap dna tnan e t a sa tinu eh t ni nia m er nac r enwo r e mrof eh t ,e las eh t gniwo l lo F . l l es o t tnaw y eh t tinu
eh t ni gnivi l era ohw sr enwo morf s muini modnoc syub ecivr es kcab esa e l w en ehT .esahcrup eh t fo e mi t eh t ta d eipucco era
tah t s tinu muini modnoc syub ynap moc eh t ,e lur a sA .)12 02 ni kcab esa e l ”s eirrow-on“ morf d egnahc e man( ecivr es kcab esa e l
muini modnoc a fo hcnua l 71 02 r eb m ec eD eh t saw e las rof d l eh s ei tr eporp fo yro tn evni s ti gnisa ercni ta d e mia erusa e m enO
skca besael muinimo dnoc fo noisi vor P
sevitaitini rehtO
.)noi taco l er dna ,ecnarusni gniyub ,nao l a tuo gnika t sa hcus(
y tr eporp a gnisahcrup h tiw d e taicossa sksa t suoirav h tiw sr e mo tsuc p l eh sr eb m e m ffa ts d e tacid eD : ecivr es egr eicno C
.sro loc roir e tni
dna tuoya l moor fo sgniward no d esab s ecn eir ep x e y ti la er lau triv evah os la nac sr e mo tsu C .s tsoc d e xif ta sna lp noi ta l la tsni
tn e mpiuq e dna sna lp tuoya l e ta erc o t sr e mo tsuc swo l la ynap moc ehT :s ecn eir ep x e y ti la er lau triv /na lp noi tavon er e tar- ta l F
.d e tacav tsuj evah sr e tn er hcihw morf esoh t ro d e tavon er n e eb tsuj
evah tah t s ei tr eporp o t sr e mo tsuc ecudor tni nac ynap moc ehT : er ehw es l e e lba liavanu era tah t s ei tr eporp fo noi tcudor tnI
:s ecivr es gniwo l lof eh t s edivorp aciM ra tS
.r eh truf n ev e pu eni l tcudorp s ti dnap x e o t ynap moc eh t wo l la l liw on eR nubi J tah t s ev ei l eb hcra es eR
d erahS .yaw nwo ri eh t m eh t e tavon er dna s muini modnoc d enwo- erp yub o t tnaw ohw esoh t o t s ecivr es egr eicnoc dna
,s ecn eir ep x e y ti la er- lau triv ,sna lp noi tavon er e tar- ta lf s edivorp ,sr e mo tsuc o t s ei tr eporp s ecudor tni on eR nubi J .eciohc ri eh t
fo na lp noi tavon er a esoohc o t sr e mo tsuc swo l la tah t ecivr es noi tavon er a ,on eR nubi J r effo o t nag eb 71 02 enu J ni aciM ra tS
eci vres noita voner- fles a ,oneR nu biJ
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
ojuykn eK evon eR esawaihS yb noi tavon er fo elpmaxE
.n e mow rof gnivi l fo esa e dna trof moc
edivorp o t ecaps fo y tn e lp h tiw s muini modnoc e ta erc o t si laog ehT .evi tc epsr ep s’n e mow morf s muini modnoc e tavon er
o t ,s e eyo lp m e e la m ef fo y l tso m pu eda m noi tazinagro gninna lp tcudorp a ,ojuykn eK evon eR esawaihS d e ta erc ynap moc ehT
erutinru f delcycer htiw ,e vitce psre p s’nemow mor f deta voner smuinimo dno C
.eciohc ri eh t fo na lp noi tavon er a tc e l es sr e mo tsuc s t e l tah t ecivr es noi tavon er
a ,on eR nubi J r effo o t nag eb ynap moc eh t ,71 02 enu J nI .sr e musnoc fo sd e en esr evid eh t o t dnops er o t eru tinruf d e lcyc er
h tiw e moc tah t s muini modnoc dna n e mow fo tniopdna ts eh t morf d e tavon er n e eb evah tah t s muini modnoc sr effo ,e lp ma x e
rof ,ynap moc ehT .noi tavon er hguorh t s muini modnoc d enwo- erp s ti fo eu lav eh t evorp mi o t gnik e es si ynap moc ehT
puenil ecivres ,tcudorP
.ss enisub e lbaiv a eb nac d e tn er gni eb era tah t s muini modnoc d enwo- erp fo gni l l es dna gniyub eh t , t lus er a sA .ynap moc
eh t rof e mocni fo l ev e l nia tr ec a e tar en eg s tn e m trapa es eh t ,e lohw a sa n eka t n ehW .na e m laci tsi ta ts a ta egr evnoc o t dn e t
23 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.) e las( muini modnoc d e tavon eR dna ) la tn er( muini modnoc
d e tavon eR :s tn e mg esbus ow t o tni ss enisub muini modno C d e tavon eR eh t morf tiforp ssorg dna s e las nwod ska erb aciM ra tS
tiforp ssorg
dna selas fo nwodkaerb :ssenisub muinimodnoC detavoneR
.evi tc epsr ep tsi laic eps
a morf snoi tavon er dna gnisuoh r evo sr esu morf snr ecnoc dna snoi ts euq o t gnidnops er aciM ra tS dna ppa ira maM eh t o t
yrog e tac ” ecn edis eR“ a gnidda o tih enno C fo tsisnoc l liw noi taroba l loc ehT . muini modnoc d e tavon er a gnisahcrup fo noi tpo
eh t e to morp o t e moh a gnisahcrup tuoba snr ecnoc ri eh t ya l la dna esab r esu sih t t egra t o t s mia ynap moc eh t ,o tih enno C h tiw
gni taroba l loc yB .e mi t tsrif eh t rof e moh a gnisahcrup era ohw e lpo ep fo cihpargo m ed eh t h tiw pa lr evo o t sn eppah ,n erd lihc
gnuoy gnisiar era ohw esoh t ro ,h trib n evig y l tn ec er evah ohw esoh t ,n e mow tnang erp fo y lgni m l ehwr evo d esop moc
,esab r esu ehT . ti gnisu eb o t d e trop er saw 81 02 ni h trib evag ohw n e mow e erh t fo tuo eno , 02 02 yrauna J fo sA .r egnuoy
ro ega fo sra ey ow t n erd lihc h tiw n e mow dna n e mow tnang erp rof ppa noi ta mrofni na si ira maM .noi ta mrofni d e ta l er
-gnisuoh gnidivorp o t d e tacid ed y tinu m moc eni lno na fo noisivorp dna tn e mpo l ev ed tnioj gnidrag er ”,ira maM“ ,n e mow
rof ppa noi ta mrofni na s e tar epo hcihw ,.cnI o tih enno C h tiw tn e m e erga cisab a d ehca er ynap moc eh t ,91 02 yrauna J nI
)] 3 349 :emir P E ST[ noitaro pro C IDDK fo yrai dis bus ( .cnI otihenno C htiw se vitaitinI
  .yr tsudni e ta ts e
la er eh t ni s muini modnoc d e tavon er fo da erps eh t e to morp o t sro tcar tnoc edis tuo o t e lba liava e m ehcs s e las sih t gnika m
r edisnoc l liw ynap moc eh t , mr e t gno l o t muid e m eh t nI .snr e t tap e lpi t lu m morf sngis ed noi tavon er e tirovaf ri eh t tc e l es
o t e lba n eh t era e las rof s ei tr eporp aciM ra tS )d e tavon er- erp( fo sr esahcruP .s ecn er ef erp r e musnoc no d esab snr e t tap ngis ed
po l ev ed o t )12 02 r ebo tcO fo sa( sr esu d er e tsig er 0 0 0, 0 03 nah t ero m s’o macwoc  fo a tad t ekra m eh t ezi li tu l liw aburukusT
". CELES" hguorh t
ra ey r ep s tinu 05 dnuora gni l l es fo laog eh t d ecnuonna aburukusT  dna ynap moc eh t ,12 02 yaM nI .oykoT ni muini modnoc
d enwo- erp a l l es o t d eriuq er e mi t egar eva eh t f lah y l e ta mi xorppa ,sh tno m ow t tuoba si " CELES" no d e tsi l s ei tr eporp
rof tcar tnoc o t e las morf e mi t egar eva ehT  .napa J ni s ei tr eporp d e tavon er ni gnizi laic eps s ecivr es d esab-aid e m fo noi tc e l loc
ts egra l eh t ,o macwoc s’aburukusT gnisu snr e t tap ngis ed noi tavon er tc e l es o t sr eyub s e lban e hcihw ", CELES" fo noisivorp
d ehcnua l s eiraidisbus es eh t , 02 02 yaM nI .91 02 r eb m ec eD ni s muini modnoc d e tavon er fo e las eh t gninr ecnoc aburukusT
h tiw tn e m e erga ecnai l la ss enisub a d edu lcnoc .d tL ,.o C ecn edis eR aciM ra tS dna .d tL ,.o C aciM ra tS s eiraidisbus ynap mo C
  ) 8792 :htworG E ST ( .cnI a burukusT htiw ecnailla ssenisu b " CE LE S "
.s ecna ts mucric r eh to
ro ,krow ri eh t ,noi tau tis y li maf ni s egnahc o t eud evo m o t evah ya m y eh t ecnahc a si er eh t fi n ev e esahcrup a eka m o t sr eyub
muini modnoc lai tn e top swo l la tn e m egnarra sihT .d engis saw tcar tnoc eh t n ehw d eific eps e tar eh t ta aciM ra tS o t tinu ri eh t
tuo tn er o t noi tpo ri eh t esicr e x e doir ep d eific eps eh t gnirud tniop yna ta nac sr eyub muini modnoc d enwo- erp ,e ef a gniyap
dna pi l C tn eR rof gniy lppa yB .eru tuf eh t ni aciM ra tS o t y tr eporp ri eh t tuo gni tn er fo noi tpo eh t sr eyub muini modnoc d enwo
- erp sr effo pi l C tn eR .ecivr es ”pi l C tn eR“ w en s ti d ehcnua l ynap moc eh t 81 02 yrauna J ni ,s e las y tr eporp esa ercni p l eh oT
eci vres eetnarau g naol pil C tneR fo noisi vor P
.s tcar tnoc esa e l 0 03 fo la to t a dah ynap moc eh t ,22 02 y lu J fo sA .s esoprup
r eh to ro s ts er e tni ss enisub gnicnanif rof hsac o t s t essa e tadiuqi l o t tnaw thgi m sr eh to ,s eussi d e ta l er- ecna tir ehni si ti e mos rof
33 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.s ei tic lanoig er ni r ewo l eb o t sMP G rof ycn edn e t a ni s t lus er sihT .ra li mis era s evr es er ecnan e tnia m
dna s e ef tn e m egana m sa hcus s tsoc d e xif tub ,oykoT ni nah t s ei tic lanoig er ni r ewo l eb o t sdn e t e mocni la tn eR .d esa ercni
sah s ei tic lanoig er nigra m-r ewo l ni s ei tr eporp s ti fo noi troporp eh t ,ecn es erp ediwnoi tan s ti sdnap x e ynap moc eh t sa , tsri F
.sro tcaf gniwo l lof eh t o t gniwo 41 /11Y F ecnis eni lc ed eh t no n e eb sah ss enisub
sih t rof MP G ehT .32 /11Y F ni %8.55 saw MP G .s e ef tn e m egana m y tr eporp la tn er dna ,s t essa d e xif no s e xa t ,sriap er gnid liub
rof sdnuf evr es er rof s tn e myap ,s e ef ecnan e tnia m y tr eporp edu lcni ss enisub ) la tn er( muini modno C d e tavon eR eh t ni s tso C
.nb3.86YP J y l e ta mi xorppa o t d e tnuo ma tcar tnoc la tn er r ednu s ei tr eporp
,sih t fO .R GA C % 0.9 a dna sra ey evif tsap eh t r evo esa ercni %9.35 a gni tn es erp er ,nb6.68YP J o t d e tnuo ma e las rof
e ta ts e la er s'ynap moc eh t ,32 /11Y F-dn e fo sA .e mocni la tn er la to t s’ynap moc eh t no tcap mi ts edo m a y lno evah s e tar la tn er
ni s egnahc yna tah t dna s ei tr eporp lai tn edis er rof s tn er eh t ni egnahc hcu m ton si er eh t tah t gnidna tsr ednu ruo si tI .s tiforp
dna s e las s’ tn e mg es sih t s eni mr e t ed ) e las rof( s muini modnoc d enwo- erp fo yro tn evni eh t ,suhT .snwo ti s tinu muini modnoc
la tn er fo r eb mun eh t yb tn e myap tn er egar eva eh t gniy lpi t lu m yb d e ta luc lac eb nac ) e mocni la tn er( s e las s’ tn e mg es ehT
stsoc dna sela S
.seit re po r p latne r ot noiti d da ni seit re po r p tnaca v se dulcni dleh seit re po r p fo re bmun eht taht etoN .8 1/ 1 1YF ecnis dleh seit re po r p fo re bmun eht desolcsi d sah yna pmoc eh T
dleh seit re po r p fo re bmun / elas rof etatse lae r sa detaluclac si tinu re p elas rof etatse laeR

---

.)elas rof seit re po r p dna noita vone r gnio g re dnu seit re po r p( y rotne vni selas osla tu b ,seit re po r p latne r ylno ton se dulcni elas rof etatse laeR :setoN
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
3.7% 6.9% 6.8% -1.7% 24.5% - YoY
3,938 3,798 3,553 3,328 3,384 2,719 Number of properties held (units)
21,987 21,890 20,914 19,994 20,384 20,692 Real estate for sale per unit(JPY'000)
4.1% 11.9% 11.7% -3.5% 22.6% 25.6% 14.2% 6.3% 18.4% 15.5% YoY
86,584 83,138 74,309 66,541 68,978 56,261 44,808 39,221 36,890 31,170 Real estate for sale (JPYmn)
55.8% 60.0% 62.0% 62.0% 64.0% 66.6% 69.7% 71.0% 72.7% 73.1% Gross profit margin
-2.5% -0.6% -4.1% 8.3% 12.3% 10.5% 4.2% 4.5% 10.9% 14.1% YoY
2,337 2,397 2,412 2,516 2,323 2,069 1,873 1,797 1,719 1,550 Gross profit (JPYmn)
4.8% 2.7% -4.1% 11.8% 16.8% 15.6% 6.2% 7.1% 11.5% 14.6% YoY
4,188 3,996 3,891 4,058 3,629 3,106 2,687 2,530 2,363 2,120 Sales (JPYmn)
Act. Act. Act. Act. Act. Act. Act. Act. Act. Act.
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14
ss enisub )la tn er ( muinimodnoc d e tavon eR
.)%7.7 fo R GA C ra ey- evif( 32 /11Y F-dn e fo sa s tinu 897,3 d l eh ynap moc ehT
.esahcrup a s eka m ynap moc eh t r e tfa sra ey e erh t o t f lah a dna ow t tuoba rof sya ts tnan e t egar eva eh t ,aciM ra tS o t gnidroccA
 . tn er yap dna tn e m trapa eh t ni evi l o t s euni tnoc ohw , tnan e t eh t h tiw tn e m e erga
gnisa e l gni tsi x e eh t r evo s eka t ynap moc eh t ,)y tr eporp egnahc-r enwo na( esa e l r ednu y tr eporp a gnisahcrup n ehW
ssenisub )latner( muinimodnoC detavoneR
.)tifo r p tnem ges( tifo r p gnita re po dna tifo r p sso r g ssenisu b muinimo dnoC deta voneR neewte b ecne reffi d eht e ra sesne pxe A&GS

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.s dohtem gni dnuo r ni secne reffi d ot eu d ata d yna pmoc mo rf reffi d yam se ru giF

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
10.1% 12.6% 11.8% 8.5% 11.2% 10.3% 12.5% 13.2% 14.1% 14.5% Operating profit margin
-18.7% 40.7% 28.1% 2.5% 42.2% 2.2% -0.5% 2.4% 22.8% -3.4% YoY
4,865 5,982 4,251 3,320 3,240 2,279 2,230 2,241 2,190 1,783 Operating profit
6.4% 6.8% 7.2% 5.8% 7.1% 10.3% 10.7% 9.5% 9.2% 9.4% SG&A ratio
-4.7% 23.7% 16.5% 8.8% -10.1% 19.3% 19.4% 12.5% 24.7% 24.8% YoY
3,075 3,228 2,609 2,240 2,060 2,291 1,920 1,609 1,430 1,147 SG&A expenses
-211 -48 -81 -504 -110 -67 -48 -144 -40 -10 Loss on valuation
68.9% 70.3% 60.8% 59.4% 48.9% 37.1% 38.0% 39.9% 42.3% 39.1% % of gross profit
13.2% 15.8% 14.1% 10.2% 12.2% 13.5% 15.4% 15.3% 14.8% 13.6% Gross profit margin
-15.5% 51.6% 27.6% 15.3% 19.8% 9.9% 6.1% 13.2% 41.1% -3.8% YoY
5,804 6,866 4,528 3,550 3,078 2,570 2,338 2,204 1,947 1,380 Sale
27.7% 24.6% 32.4% 42.1% 36.9% 29.9% 30.4% 32.6% 37.4% 43.9% % of gross profit
55.8% 60.0% 62.0% 62.0% 64.0% 66.6% 69.7% 71.0% 72.7% 73.1% Gross profit margin
-2.5% -0.6% -4.1% 8.3% 12.3% 10.5% 4.2% 4.5% 10.9% 14.1% YoY
2,337 2,397 2,412 2,516 2,323 2,069 1,873 1,797 1,719 1,550 Rental
16.5% 19.4% 19.1% 14.3% 18.4% 20.7% 23.3% 22.7% 23.4% 23.9% Gross profit margin
-13.8% 34.3% 23.4% 4.9% 16.0% 10.1% 7.8% 6.4% 23.5% 6.0% YoY
7,940 9,210 6,860 5,560 5,300 4,570 4,150 3,850 3,620 2,930 Gross profit
90.0% 90.1% 87.0% 88.0% 78.4% 62.9% 65.8% 68.9% 67.9% 72.9% % of sales
1.2% 35.3% -7.7% 37.9% 32.5% 25.4% 5.0% 10.0% 29.7% -4.0% YoY
43,967 43,453 32,115 34,800 25,232 19,037 15,182 14,452 13,134 10,130 Sale
8.6% 8.3% 10.5% 10.3% 11.3% 10.3% 11.6% 12.1% 12.2% 15.3% % of sales
4.8% 2.7% -4.1% 11.8% 16.8% 15.6% 6.2% 7.1% 11.5% 14.6% YoY
4,188 3,996 3,891 4,058 3,629 3,106 2,687 2,530 2,363 2,120 Rental
1.5% 31.8% -7.3% 34.6% 30.3% 23.9% 5.2% 9.6% 26.5% -1.3% YoY
48,155 47,449 36,006 38,858 28,861 22,143 17,869 16,983 15,497 12,253 Sales
Act. Act. Act. Act. Act. Act. Act. Act. Act. Act.
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 (JPYmn)
s ess enisub elas dna la tn er muinimodnoc d e tavon eR fo nwodka erB
43 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.s ei tr eporp tnacav rof )%6.7( % 01–8 dna s ei tr eporp
egnahc-r enwo rof )% 0.81 : lau tca 32 /11Y F( %61–41 fo MP G a s tc ep x e ynap moc eh t ,noi tisiuqca fo e mi t eh t tA .snigra m tiforp
eh t ni snoi tairav o t da e l s tn e mnorivn e noi tisiuqca ni s ecn er effid es ehT  .noi tisiuqca r e tfa y tr eporp eh t l l es er y l e taid e m mi
o t ro gniyub o t roirp tinu eh t fo noi tidnoc eh t tc epsni o t sr eyub fo y ti libani eh t o t gniwo sr eyub lai tn e top d e ti mi l sah
r e t ta l eh t ecnis ,s ei tr eporp egnahc-r enwo nah t s ei tr eporp tnacav esahcrup o t noi ti t ep moc ero m to l a si er ehT .) esa e l r ednu
s tinu rof sra ey ruof o t f lah a dna e erh t susr ev(  s tinu tnacav rof ra ey eno y l e ta mi xorppa si e las o t esahcrup morf doir ep ehT
.)32 /11Y F ni ,y l evi tc eps er ,% 06
. xorppa dna %25 er ew s erugif es eh t( d los s tinu fo % 07– 06 tuoba dna s tinu d esahcrup fo % 05– 04 tuoba ta s tinu tnacav p e ek
o t sdn e tni tI .s ei tinu troppo gninra e dnap x e o t s tinu tnacav gni l l es dna gniyub no d esucof sah ynap moc eh t ,no 81 /11Y F mor F
seitre por p tnaca v dna seitre por p e gnahc-renwO
.%51– 01 tuoba si ss enisub
sih t rof MP G ehT .s esn ep x e noi tavon er dna ,s e xa t ,snoissi m moc egar ekorb ,ecirp esahcrup lai tini eh t edu lcni s tsoc rojaM
. la mini m si s tn e m evo m es eh t fo tcap mi
eh t ,d enoi tn e m y lsuoiv erp sa , tub t ekra m muini modnoc d enwo- erp eh t ni s tn e m evo m ecirp yb d ecn eu lfni si ecirp e las ehT
.s tiforp dna s e las s’ynap moc eh t s eni mr e t ed ) t e ehs
ecna lab eh t no e las rof e ta ts e la er( e las rof s muini modnoc fo yro tn evni eh t erof er eh t dna ,sisab ra lug er a no s muini modnoc
s ti fo r eb mun nia tr ec a s l l es ynap moc ehT .ra ey hca e snwo ti s tn e m trapa eh t fo % 04 dna % 03 n e ew t eb s l l es ynap moc eh t
tah t gnina e m ,sra ey e erh t o t f lah a dna ow t rof ya ts o t s euni tnoc tnan e t egar eva ehT .d los s tn e m trapa fo r eb mun eh t yb tinu
r ep ecirp e las eh t gniy lpi t lu m yb d e ta luc lac eb nac ss enisub ) e las( muini modno C d e tavon eR eh t morf s e las s’ynap moc ehT
stsoc dna sela S
dlos seit re po rP / ) dne - rae y dna rae y eht fo gninni ge b fo e ga re va( seit re po r p latoT = dleh s rae y e ga re vA
.se ru gif dehsil bu p s' yna pmoc eht e ra d rawno 9 1/ 1 1YF rof se ru giF .eci r p selas e ga re va / selas )selas( muinimo dnoC deta voneR = dlos seit re po r p fo re bmun ,8 1/ 1 1YF litnU
. dlos seit re po r p fo re bmun / selas = )selas( muinimo dnoC deta voneR 2 2/ 1 1YF . 1 2/YF litnu yna pmoc eht y b decnuonna se ru gif e ra seci r p selas e ga re vA :etoN

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
3.0 2.6 3.1 2.7 3.4 Average years held
0.33 0.38 0.32 0.37 0.29 Properties sold / Properties held (average)
3,938 3,798 3,553 3,328 3,384 2,719 Number of properties held (units)
21,987 21,890 20,914 19,994 20,384 20,692 Real estate for sale per unit(JPY'000)
- 21,094 20,168 19,401 19,544 19,902 20,313 20,049 19,378 18,969 Average acquisition price (JPY'000)
25,800 25,400 20,700 15,000 16,900 14,300 12,300 11,300 9,800 7,800 Unrealized gains on property for sale
86,584 83,138 74,309 66,541 68,978 56,261 44,808 39,221 36,890 31,170 Inventory of real estate for sale
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Real estate for sale(JPYmn)
1,270 1,395 1,100 1,236 886 620 493 454 438 333 Number of properties sold (units)
34,620 31,149 30,000 30,000 29,470 30,710 30,770 31,830 29,980 30,400 Average sales price (JPY'000)
13.2% 15.8% 14.1% 10.2% 12.2% 13.5% 15.4% 15.3% 14.8% 13.6% Gross profit margin
-15.5% 51.6% 27.6% 15.3% 19.8% 9.9% 6.1% 13.2% 41.1% -3.8% YoY
5,804 6,866 4,528 3,550 3,078 2,570 2,338 2,204 1,947 1,380 Gross profit (JPYmn)
1.2% 35.3% -7.7% 37.9% 32.5% 25.4% 5.0% 10.0% 29.7% -4.0% YoY
43,967 43,453 32,115 34,800 25,232 19,037 15,182 14,452 13,134 10,130 Sales (JPYmn)
Act. Act. Act. Act. Act. Act. Act. Act. Act. Act.
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14
ss enisub ) elas ( muinimodnoc d e tavon eR
.32 /11Y F ni s tinu 072,1 d los ynap moc ehT . tuo evo m s tnan e t
r e tfa snwo ti s muini modnoc d enwo- erp s l l es dna s e tavon er ynap moc eh t ,ss enisub ) e las( muini modno C d e tavon eR eh t nI
)elas( muinimodnoC detavoneR
.MP G
eh t ni eni lc ed r eh truf a o t da e l l liw mr e t gno l eh t r evo d l eh s ei tr eporp fo noi troporp eh t ni esa ercni na tah t sdna tsr ednu
hcra es eR d erahS .sisab launna na no d ess essa er era noi taic erp ed o t tc ejbus s ei tr eporP .32 /11Y F ni pp3 y l e ta mi xorppa
yb MP G eh t ni esa erc ed a ni d e t lus er s esn ep x e noi taic erp ed fo noisu lcni ehT . mr e t gno l eh t r evo d l eh s ei tr eporp
gni taic erp ed nag eb dna dradna ts gni tnuocca ni egnahc a tn ewr ednu ynap moc eh t ,32 /11Y F morf gni tra ts ,drihT
.sMP G r ewo l evah o t dn e t y eh t sna e m hcihw ,)s e las fo tsoc( s e ef tn e m egana m
sa hcus s esn ep x e rucni t ey ,e mocni la tn er e tar en eg ton od s ei tr eporp tnacaV .d l eh s ei tr eporp tnacav fo noi troporp eh t ni
esa ercni na o t gnida e l ,y l eviss ergga ero m s ei tr eporp tnacav gnisahcrup nug eb sah ynap moc eh t ,81 /11Y F ecnis ,dnoc eS
53 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.e ta ts e la er gni tar en eg- e mocni ni tn e m ts evni
e mus er o t e mi t e tairporppa na dnif dna sdn er t t ekra m hc taw y l luf erac o t sna lp ynap moc eh t , 02 /11Y F mor F .91 /11Y F-dn e
ta s t essa d e xif e lbigna t ni n m94YP J y lno d l eh dna ,s t essa d e xif e lbigna t s ti ffo gni l l es d ehsinif ynap moc eh t ,91 /11Y F H1 nI
.e las eh t morf sgninra e droc er dna s t essa d e xif e lbigna t s ti ffo l l es o t y tinu troppo
na sa t ekra m eh t ni h tgn er ts eh t gnisu ,51 /11Y F morf t ekra m e ta ts e la er eh t ni s ecirp gnisir fo ega tnavda koo t aciM ra tS
.41 /11Y F ni nb1. 01YP J o t 11 /11Y F ni nb8.2YP J morf esor
s t essa d e xif e lbigna t s’ynap moc eh t fo eu lav ehT .41 /11Y F o t 21 /11Y F morf s t essa d e xif e lbigna t d eriuqca ynap moc ehT
.s e las dna s la tn er hguorh t eun ev er e tar en eg o t m eh t s esu
dna ,a erA oykoT r e ta er G eh t ni y lira mirp ,s ei tr eporp gni tar en eg- e mocni ni s ts evni ynap moc eh t ,ss enisub tn e m ts evnI eh t nI
ssenisub tnemtsevnI
 .s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
7.4 8.3 11.0 12.0 10.7 10.7 11.0 9.2 Personnel expenses per employee (JPYmn)
133 101 70 55 50 43 40 43 Number of employees
27.5% 27.0% 27.3% 24.7% 25.5% 27.4% 27.3% 29.6% % of SG&A expenses
761 603 522 445 348 309 273 290 Other
36.8% 35.6% 32.4% 38.7% 35.4% 31.9% 28.8% 30.1% % of SG&A expenses
1,015 796 618 697 484 360 288 294 Dues and taxes
35.7% 37.5% 40.3% 36.6% 39.1% 40.7% 43.9% 40.4% % of SG&A expenses
986 840 768 658 534 459 440 395 Personnel expenses
472 319 299 369 219 209 205 224 Diff. vs. SG&A (Renovated Condominium)
9.3% 9.9% 9.3% 9.5% 10.1% 8.5% 8.0% 7.8% SG&A ratio
2,762 2,239 1,908 1,799 1,366 1,128 1,001 979 SG&A expenses (Parent)
10.3% 10.7% 9.5% 9.2% 9.4% 7.4% 6.8% 6.4% SG&A ratio
2,291 1,920 1,609 1,430 1,147 919 796 755 SG&A expenses (Renovated Condominium)
Act. Act. Act. Act. Act. Act. Act. Act. (JPYmn)
FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 FY11/13 FY11/12 FY11/11 SG&A expenses
s esn epx e A&GS ynapmoc tn erap dna tn emg es ss enisub muinimodnoC d e tavon eR ni sdn erT
.s esn ep x e eciffo dna l ennosr ep sa hcus ,s tsoc
d e xif fo d esirp moc y lnia m er ew s esn ep x e s’aciM ra tS ,81 /11Y F erof eB .ynap moc tn erap eh t rof s esn ep x e A& GS d eso lcsid
dah tah t o t roirp tub ,91 /11Y F ni ynap moc gnid loh a e mac eb ynap moc ehT .e lohw a sa ynap moc eh t fo esoh t o t eso lc era
s esn ep x e A& GS s’ tn e mg es ehT .d tL ,.o C aciM ra tS yraidisbus yb d e ldnah y lnia m si ss enisub muini modno C d e tavon eR ehT
ssenisub muinimodnoC detavoneR eht ni sesnepxe A&GS
. l l ef e las dna esahcrup n e ew t eb sdoir ep r e trohs y l evi ta l er h tiw
s ei tr eporp tnacav fo MP G eh t ,ra luci trap nI .22 /11Y F dna 12 /11Y F o t d erap moc d esa erc ed MP G eh t , t lus er a sA . la mron
o t gninru t er y l laudarg saw tn e mnorivn e s e las eh t dna ,nwod gni looc fo sngis d ewohs t ekra m e ta ts e la er eh t ,32 /11Y F nI
. t ekra m e ta ts e la er eh t ni gni ta ehr evo morf dniw lia t eh t o t sknah t d esa ercni
MP G ehT  .ci m ednap 91-DIVO C eh t fo tn evda eh t o t roirp ,91 /11Y F
fo tah t d ed e ec x e MP G ,22 /11Y F dna 12 /11Y F nI
.drawnwod MP G gnivird ,s evr es er hsac eruc es o t s ei tr eporp s ti fo e mos
fo s ecirp eh t d ecud er ynap moc eh t ,sdn er t t ekra m d eduo lc y tnia tr ecnu dna da erps o t d euni tnoc 91-DIVO C sa , 02 /11Y F nI
.evoba d e ton sa ,snigra m tiforp ssorg wo l
y l evi ta l er h tiw s muini modnoc tnacav fo s e las pu d epp e ts ynap moc eh t sa drawnwod d edn er t MP G ,drawno 81 /11Y F mor F
s dnert M PG
.oita r noitiso pmoc desolcsi d s' yna pmoc eht no desa b setamitse hc raeseR de rahS e ra seit re po r p tnaca v dna seit re po r p e gnahc - renwo desahc ru p fo re bmuN :etoN
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
-14.0% 23.8% 12.3% -23.9% - YoY
1,410 1,640 1,325 1,180 1,551 Units purchased(Units)
52.0% 49.0% 49.0% 39.0% 38.0% % of sales
-8.8% 23.1% 41.3% -22.0% - YoY
730 800 650 460 590 Purchased vacant properties(Units)
48.0% 51.0% 51.0% 61.0% 62.0% % of sales
-19.0% 23.5% -5.6% -25.0% - YoY
680 840 680 720 960 Purchased owner-change properties(Units)
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19
63 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
s remotsuc lan retxe mo rf eune ve r fo e gatnec re p a sa tifo r p gnita re po sa detaluclac si ni g ram tifo r p gnita re pO *
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF *
ata d yna pmoc mo rf yna pmoc RS y b detae rC :ec ruoS
86.6% 92.2% 67.9% 70.9% 55.7% 52.6% 84.7% 99.5% 92.6% 97.1% Operating profit margin
-11.8% 19.0% 17.5% 1.5% 33.9% -0.5% -15.8% 14.8% -11.5% 47.5% YoY
620 704 591 503 496 370 372 442 385 435 Operating profit
-6.1% -12.4% 22.7% -20.3% 26.6% 60.0% -1.0% 6.7% -7.2% 21.2% YoY
716 763 871 710 891 704 440 444 416 448 Sales(Revenue from external customers)
-3.2% 3.9% 8.8% -13.3% 16.5% 27.5% -4.7% 9.4% 5.2% 14.0% YoY
1,224 1,264 1,216 1,118 1,290 1,107 868 911 832 791 Sales (including intersegment sales)
Act. Act. Act. Act. Act. Act. Act. Act. Act. Act. (JPYmn)
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Advisory Services
s tlus er ss enisub s ecivr eS yrosivdA
.s ecruos er s e las s'aciM ra tS gnisu tuo d eirrac era s ei tivi tca s e laS . tn e mnorivn e tn e m ts evni eh t dna
s ecna ts mucric s'r enwo eh t tnuocca o tni gnika t ,e las a fo gni mi t eh t eni mr e t ed sr enwo p l eh : troppus e las dna yg e tar ts ti xE
.krow riap er dna noi tavon er tuo yrrac : troppus tn e m ecnahn e eu laV
.s t egdub egana m dna ,s ei tr eporp
fo oi lof trop eri tn e ro s ei tr eporp laudividni rof sna lp gni tar epo erap erp :s ei tr eporp d enwo rof sna lp gni tar epo pu warD
.ksir dna noi taco l gnizy lana r e tfa ,sr enwo
e ta ts e la er yb d enwo yda er la s ei tr eporp e mocni tn es erp :s esahcrup dna noi tc e l es y tr eporp tn e m ts evni rof troppuS
:s ecivr es gniwo l lof eh t sr effo ti ,y l lacific epS . tn e m egana m t essa fo s tn e m e l e gni taroprocni ,sr enwo y tr eporp
o t s ecivr es tn e m egana m y tr eporp o t s edivorp ynap moc ehT .61 02 r eb m ec eD ni yraidisbus d enwo y l lohw a e mac eb TiAMS
.dtL ,.oC TiAMS
.sr e mo tsuc lanr e t x e o t s e las ni d edu lcni si r eyub
eh t morf noissi m moc eh t dna ,s e las lanr e tni ni d edu lcni si )puorg eh t( r e l l es eh t morf noissi m moc eh t ,puorg eh t yb d los
s ei tr eporp ro F .sr e mo tsuc lanr e t x e o t e las ni d edu lcni si sro ts evni lanr e t x e yb d enwo s ei tr eporp morf d enra e noissi m moc
ehT .sro ts evni lanr e t x e yb d enwo s ei tr eporp dna puorg s ti yb d los s ei tr eporp h tob s e ldnah ynap moc eh t ,ss enisub sih t nI
.sro ts evni dna s laudividni yh t la ew gni t egra t s ess enisub po l ev ed
)s eiraidisbus d e tadi losnoc l la( .d tL ,.o C sr en traP t essA aciM ra tS dna ,.d tL ,.o C TiAMS ,.d tL ,.o C tn e m eganaM t essA aciM ra tS
.hgih y l evi ta l er era snigra m tiforp os ,)ss enisub t essa
-non a si ti( e ta ts e la er eriuqca ton s eod ss enisub s ecivr eS yrosivdA eh t ,ss enisub tn e m ts evnI eh t dna ss enisub muini modno C
d e tavon eR eh t eki lnU .e ta ts e la er & ecnanif dna , tn e m egana m y tr eporp & gnisa e l sa hcus sa era ni gni t lusnoc dna
,s esa e l dna snoi tcasnar t e ta ts e la er gnir ekorb sa hcus ,s ess enisub e ef noissi m moc ni s egagn e ss enisub s ecivr eS yrosivdA ehT
)22/11YF ni tiforp gnitarepo
fo %5.01 dna selas fo %6.1( ssenisub seciv reS y rosivdA
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
-20.0% 59.1% -11.4% -11.9% -97.2% -72.0% -20.5% -11.7% -10.6% 25.7% YoY
49 61 39 44 49 1,781 6,366 8,005 9,068 10,145 Tangible fixed assets
- - 68.4% - 20.6% 24.0% 30.8% 29.8% 8.7% 6.6% Operating profit margin
- - - - -72.2% 21.5% 38.9% 255.1% 275.7% 65.1% YoY
-24 -7 14 -7 496 1,782 1,467 1,056 298 79 Operating profit
- - -67.6% 56.0% 34.4% 3.7% 185.0% 57.3% YoY
6 - 20 - 2,412 7,435 4,767 3,547 3,420 1,200 Sales
Act. Act. Act. Act. Act. Act. Act. Act. Act. Act. (JPYmn)
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Investment
s tlus er ss enisub tn em ts evnI
.e mocni la tn er d edroc er dna s ei tr eporp gni tar en eg- e mocni ni gni ts evni d e mus er ynap moc eh t ,32 /11Y F 4Q nI
.s ei tr eporp gni tar en eg- e mocni
ni s tn e m ts evni yna eka m ton did tub s tc ejorp w en r edisnoc o t d euni tnoc ynap moc eh t ,22 /11Y F o t 02 /11Y F mor F
73 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
 ”.e mi t gno l a rof a era eh t ni d evi l evah“ dna ”,s eru t xif /ezis/ngis ed
e moh doog“ ”, muini modnoc a saw ti esuac eb“ er ew sro tcaf d e tic tso m t x en ehT .) trop er hcra es er t ekra m gnisuoh 02 02Y F
eh t ni %1.76 susr ev( s muini modnoc d enwo- erp d esahcrup ohw esoh t fo %4.46 rof )” thgir saw ecirp“( ro tcaf a saw ecirp dna
,)%8.45( s muini modnoc d enwo- erp d esahcrup ohw esoh t fo %2.66 rof )”noi taco l doog a ni saw e moh“( ro tcaf a saw noi tacoL
secirp elbatius dna
tnemnorivne/noitacol emoh doog :smuinimodnoc denwo-erp tceles sreyub nosaer poT
.gnisuoh w en fo tsoc eh t fo % 04 dna % 03 n e ew t eb snur )s muini modnoc dna s esuoh d ehca t ed( gnisuoh d enwo- erp , trohs
nI .)n m9.92YP J susr ev( n m4.92YP J saw ti ,s muini modnoc d enwo- erp rof dna ,)n m6.92YP J susr ev( n m4.33YP J saw ti s esuoh
d ehca t ed d enwo- erp rof ,)n m3.94YP J susr ev( n m8.25YP J saw ti s muini modnoc rof ,)n m5.24YP J susr ev( n m1.24YP J saw egar eva
eh t s esuoh d ehca t ed e las-rof- t liub rof ,) trop er hcra es er t ekra m gnisuoh 12 02Y F eh t ni n m1.15YP J susr ev( n m4.45YP J saw )dna l
d esahcrup no e moh w en( e moh t liub- mo tsuc a yub o t d ed e en tnuo ma egar eva eh t , trop er TILM 22 02Y F eh t o t gnidroccA
gnisuoh wen naht repaehc %04–03 si gnisuoh denwo-erP
.s muini modnoc
d enwo- erp fo )%8.83( %1.23 dna ,s esuoh d enwo- erp fo )%7.13( %7.23 ,e las rof s muini modnoc fo )% 0. 03( %1.82 ,s esuoh
e las-rof- t liub fo )%6.62( %2.52 ,s esuoh t liub- mo tsuc fo sr eyub l la fo )%3.32( %6.12 rof d e tnuocca s 04 ri eh t ni esohT
.)%7.13( s muini modnoc d enwo- erp fo sr eyub fo %1.23 dna ,)%8.72( s esuoh d enwo- erp fo sr eyub fo %7.23
,)%5. 05( e las rof s muini modnoc fo sr eyub fo %2.54 ,)% 0. 05( s esuoh e las-rof- t liub fo sr eyub fo %4. 05 ,) trop er hcra es er
t ekra m gnisuoh 22 02Y F eh t ni %5.64( s esuoh t liub- mo tsuc fo sr eyub l la fo %1.54 rof d e tnuocca s 03 ri eh t ni esohT
. msiruoT dna tropsnarT ,eru tcur tsarfnI ,dnaL fo yr tsiniM eh t yb
d esa e l er trop er hcra es er t ekra m gnisuoh 22 02Y F eh t o t gnidrocca ,s ei tr eporp d enwo- erp dna ,s esuoh e las-rof- t liub ,s esuoh
t liub- mo tsuc rof sr eyub e moh e mi t- tsrif fo % 08– 06 rof tnuocca dna puorg ts egra l eh t tn es erp er s 04 dna s 03 ri eh t ni e lpo eP
s04 dna s03 rieht ni era sreyubemoh fo %08–06
napaJ ni sreyubemoH
.doir ep e mas eh t r evo %5. 0 fo esa erc ed thgi ls a y lno
h tiw e lba ts y l evi ta l er nia m er l liw sd loh esuoh fo r eb mun eh t dna 02 02 susr ev 04 02 ni %7.3 esa erc ed y lno l liw noi ta lupop
eh t tah t d e tc ep x e si ti ,akouku F dna ,ayoga N ,iadn eS ,oroppaS ,eboK ,akasO ,a ma tiaS ,a mahokoY ,sdraw 32 s'oykoT fo sr e tn ec
nabru eh t edu lcni hcihw ,noi tar epo fo sa era nia m s'ynap moc eh t ni ,r ev ewoH .doir ep e mas eh t r evo %9.8 yb esa erc ed
o t d e tc ejorp si sd loh esuoh fo r eb mun eh t dna , 02 02 susr ev %3.21 yb esa erc ed o t d e tc ejorp si noi ta lupop s'napa J ,hcra es eR
y tiruc eS laicoS dna noi ta lupoP fo e tu ti tsnI lanoi ta N eh t dna susn ec lanoi tan eh t o t gnidroccA .e tar h trib wo l dna noi ta lupop
gniga eh t o t eud sd loh esuoh dna noi ta lupop ni eni lc ed a ecn eir ep x e o t d e tc ep x e si napa J , mr e t gno l o t muid e m eh t nI
 .sr ed liub e moh rof ecnarusni y ti libai l
r e ts lob dna ,y ti lauq erusn e o t s erusa e m tpoda ,sr eyub e moh rof e lba liava noi ta mrofni ero m eka m o t gnikrow si dna ,s esuoh
d enwo- erp e to morp o t sp e ts eka t o t sna lp )TILM( msiruoT dna tropsnarT ,eru tcur tsarfnI ,dnaL fo yr tsiniM s’ tn e mnr evog ehT
.noisnap x e t ekra m eh t gnivird
si s e moh d enwo- erp drawo t edu ti t ta gnignahc eh t dna ,s ei tr eporp t liub y lw en nah t r epa ehc % 04– 03 era a erA oykoT r e ta er G
eh t ni s muini modnoc d enwo- erp , l li tS .suor en eg sa ton era ska erb xa t dna ,r e trohs si s tc ef ed tsniaga y tnarraw fo doir ep ehT
.s ei tr eporp t liub y lw en nah t sksir y ti lauq ero m evah ya m ,snoi tar epo fo a era nia m s’ynap moc eh t ,s muini modnoc d enwo- erP
.s muini modnoc d e tavon er
fo ss en erawa r e ta erg evah dna tsap eh t ni nah t won s e moh w en yub o t d eni mr e t ed ss e l y l lar en eg era e lpo ep esuac eb y l eki l
,gnisir y l laudarg n e eb sah s ei tr eporp hcus fo r eb mun eh t ,r ev ewoH . ts eW eh t ni tah t nah t r ewo l si t ekra m gnisuoh es enapa J
eh t no s e moh d enwo- erp fo ega tn ecr ep ehT .napa J ni sr eyub e moh fo % 08– 07 esirp moc s 04 dna s 03 ri eh t ni e lpo eP
weiv revo tekraM
niahc eulav dna tekraM
83 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.snoitacinummoC dna s riaffA lan retnI fo y rtsiniM ”,)seitili bai L dna s gni vaS( ye v ruS e ruti dne pxE dna emocnI ylimaF“no desa b hc raeseR de rahS :ec ruoS
4.5% -2.8% 1.7% 1.9% -1.4% 3.9% -1.1% 2.3% -3.3% 4.9% YoY
7.93 7.59 7.81 7.68 7.54 7.65 7.36 7.44 7.27 7.52 Age 40–49
4.5% -1.2% 4.0% 2.9% 3.4% -3.5% 2.1% 2.8% 2.0% 3.5% YoY
6.96 6.66 6.74 6.48 6.30 6.09 6.31 6.18 6.01 5.89 Age 30–39
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 (JPYmn)
)nmYP J ( puorg ega yb emocni launna ’s eilimaf gnikro W
.s e moh yub o t snao l no ecnai l er gnisa ercni fo dn er t a o t d e tubir tnoc evah s e tar ts er e tni
r ewo l dna )snao l e moh no ska erb xa t ,.g.e( gniyub e moh e to morp o t s erusa e m tah t s ev ei l eb hcra es eR d erahS . tb ed r e musnoc
fo % 09 rof s tnuocca gnisuoh dna dnaL .gnisir tb ed t en swohs tb ed dna sgnivas n e ew t eb ecn er effid eh t no a tad ,dias tahT
.31 02 ecnis dn er tpu na no n e eb sah erugif sih t ,r ev ewoH
.21 02 o t 2 0 02 morf l l ef e mocni launna eh t ,snoi tacinu m mo C dna sriaffA lanr e tnI fo yr tsiniM eh t yb d esa e l er ”)s ei ti libaiL
dna sgnivaS( y evruS eru tidn ep xE dna e mocnI y li ma F“ eh t no d esab s ei ti libai l dna ,sgnivas ,e mocni ni sdn er t ta gnikooL
sgnivas dna emocni ’sreyubemoH
.ecna tsis er
ekauqh tra e rof d ecrofni er era y eh t d edivorp r ed lo n ev e era tah t s ei tr eporp o t d ei lppa eb ka erb xa t eh t tah t d esoporp
hcihw ,41 02 lirpA fo s mrof er xa t s’ tn e mnr evog eh t r ednu d esa ercni s e moh d eifi lauq fo r eb mun ehT .sdradna ts ecna tsis er
- ekauqh tra e nia tr ec gni t e e m s ei tr eporp dna ,esahcrup fo sra ey 52 nih tiw t liub s muini modnoc d enwo- erp ,esahcrup fo
sra ey 02 nih tiw t liub s e moh d ehca t ed d enwo- erp o t d ei lppa os la si ka erb xa t sihT .12 02 r eb m ec eD yb eca lp s eka t noi tisiuqca
eh t fi sra ey 01 rof e mocni ri eh t morf snao l gnisuoh gnidna ts tuo ri eh t fo %1 tcud ed o t d ewo l la era sr enwo e moh , m e tsys
eh t r ednU .e moh gni tsi x e ri eh t o t noi tidda na tcur tsnoc ro ,e moh a esahcrup ro d liub ohw e lpo ep o t ka erb xa t a sr effo napa J
scitsitats t rats gnisuoh msi ruoT dna t ro psna rT ,e rutcu rtsa rfnI , dna L fo y rtsiniM ;snoitacinummoC dna s riaffA lan retnI fo y rtsiniM ”, ye v ruS dna L dna gnisuo H“ :ec ruoS
14.5% 13.3% 14.0% 14.5% 14.9% 14.7% 14.9% 16.7% 16.9% Sales of existing homes / Total
110.2 111.3 112.5 106.3 104.8 114.9 103.8 100.1 97.8 Total (0,000)
94.2 96.5 96.7 90.9 89.2 98.0 88.3 83.4 81.3 New housing starts  (0'000)
16.0 14.8 15.8 15.4 15.6 16.9 15.5 16.7 16.5 Sales of existing homes (0'000)

---

s emoh d enwo- erp fo s elas ni sdn erT
.ecnar F ni %8.96 dna ,KU eh t ni %9.58 ,SU eh t ni % 0.18 h tiw d erap moc ,81 02 ni ediwnoi tan d los gni eb er ew tah t s esuoh
l la fo % 0.61 e mos d esirp moc s e moh d enwo- erp , msiruoT dna tropsnarT ,eru tcur tsarfnI ,dnaL fo yr tsiniM eh t o t gnidroccA
semoh denwo-erp rof tekraM
”.esuoh eh t fo noi tidnoc eh t fo ss e ldrag er ecna tsis er evah“ y eh t dias %1.81 dna ”,esuoh eh t fo noi tidnoc dna
ecirp eh t no d esab noisic ed a eka m“ l liw y eh t dias %3.23 ”,na e lc si esuoh eh t sa gno l sa noi ta tis eh on“ dah y eh t dias %8.53
”, l la ta noi ta tis eh on“ dah y eh t dias e lpo ep fo %7.31 ,s e moh d enwo- erp drawo t noi ta tis eh gnidrag er ,)22 02 ni d e tcudnoc
,e lpo ep 19 0,32 gniv lovni( y tnarau G snoi tcasnarT e ta tsE la eR rof noi taicossA lanoi ta N eh t dna )n eruka tn eZ( snoi taicossA
noi tcasnarT e ta tsE la eR fo noi tar ed e F lanoi ta N eh t yb d e tcudnoc gniyub- e moh drawo t s edu ti t ta no y evrus a o t gnidroccA
sreyu b emoh e vitce psor p fo %05 tuo ba y b noit po na sa dere disnoc gnie b osla era semoh denwo-er P
.gnisa ercni si s e moh d enwo- erp gniyub r edisnoc d luow ohw e lpo ep r egnuoy fo ega tn ecr ep eh t ,ra luci trap
nI .s e moh t liub y lw en esahcrup o t d eni mr e t ed ss e l gni moc eb era e lpo ep tah t d e tar tsno m ed evah s eidu ts suoirav ,dias tahT
.s tc ef ed e lbissop
tuoba snr ecnoc no s e moh t liub y lw en esoohc ya m sr eyub ,r epa ehc era s e moh d enwo- erp hguoh t n evE .s e moh d enwo
- erp ni s tc ef ed e lbissop fo diarfa er ew y eh t dna ,y eno m rof eu lav fo noi ta tn es erp er e taruccani na na e m thgi m s ei tr eporp
d enwo- erp fo s tsoc noi tavon er diarfa er ew y eh t ,noi ta lusni dna ecna tsis er ekauqh tra e tuoba d enr ecnoc er ew y eh t ,noi tcafsi tas
r e ta erg edivorp sgnid liub w en esuac eb os did y eh t dias s e moh t liub y lw en thguob ohw e lpo ep ,dnah r eh to eh t nO
”.doog
er ew esuoh eh t fo tn e mnorivn e dna noi taco l eh t esuac eb“ )%9.64( %9.64 dna ”,e tairporppa saw ecirp eh t esuac eb“ )%7.16(
%9.75 ”,e moh d ehca t ed a saw ti esuac eb“ os did esuoh d ehca t ed d enwo- erp a d eriuqca tah t sd loh esuoh eh t fo )%6.75( %4.26
93 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.s e moh d enwo- erp fo e las er
dna esahcrup eh t e to morp o t d eviaw eb d luow s e xa t ow t eh t fo eno , lasoporp eh t r ednU .s e xa t noi tar tsig er dna noi tisiuqca
h tob yap o t dah s ei tr eporp d los er dna d eriuqca tah t esoh t , lasoporp eh t o t roirP . mrof er xa t 41 02 lacsif s’ tn e mnr evog
eh t fo trap sa d eviaw eb s e xa t noi tar tsig er ro noi tisiuqca e ta ts e la er r eh ti e tah t s lasoporp d e t ti mbus msiruoT dna tropsnarT
,eru tcur tsarfnI ,dnaL fo yr tsiniM ehT .s e moh d enwo- erp e to morp p l eh o t d e tn e m e lp mi gni eb os la er ew s evi tn ecni xaT
mrofer xat 4102 lacsif eht fo trap sa sesuoh denwo-erp no xat noitartsiger decudeR
sexat noitisiuqca dna noitartsiger etatse laer decudeR
.d e tcudnoc n e eb tcaf
ni sah eno fi noi tc epsni eh t fo s t lus er eh t nia lp x e o t dna ,d e tc epsni n e eb sah noi ts euq ni y tr eporp eh t r eh t ehw tuoba sr eyub
lai tn e top mrofni sr ekorb e ta ts e la er tah t s e tadna m 81 02 lirpA ni tc eff e o tni tn ew tah t tcA egar ekorB e ta tsE la eR d esiv er ehT
.s e moh d enwo- erp rof t ekra m eh t fo noisnap x e
na o t s ecnardnih eh t gno ma era hcihw ,s tc ef ed e lbissop tuoba snr ecnoc ya l la d luow tahT .s ei tr eporp fo snoi tidnoc dna y ti lauq
eh t ss essa o t sr e musnoc wo l la d luow sdoh t e m noi tc epsni d ezidradna ts fo esu da erps ediw ehT .r eh truf dnap x e dna sr e musnoc
fo tsur t eh t niag o t e lba eb l liw yr tsudni eh t tah t os dradna ts r ehgih a o t s ess enisub d loh o t si s eni l ediug eh t fo laog ehT
.d er edn er eb d luohs ecivr es l lar evo eh t woh dna ,sdoh t e m noi tc epsni ,s m e ti noi tc epsni gnidrag er snoi tcur tsni
h trof t es s eni l ediug ehT .s e moh gni tsi x e rof s eni l ediug noi tc epsni d e lip moc 31 02 enu J ni yr tsini m eh t ,esnops er nI
.snoiss es gniniar t hguorh t d e to morp eb d luohs snoi tc epsni hcus dna s e moh
gni tsi x e fo snoi tc epsni rof d ehsi lba ts e eb d luohs s eni l ediug tah t d e ta ts os la trop er ehT .s e moh d enwo- erp fo eu lav eh t ss essa
y lr eporp o t sdoh t e m fo tn e mhsi lba ts e eh t rof s l lac 31 02 enu J ni t eniba C eh t yb d e tpoda yg e tar tS noi tazi la tiv eR napa J ehT
.r e tfa er eh t
dna 31 02Y F gnirud enod eb d luohs tahw s tsi l r eh truf tI .s ei tr eporp hcus fo e las eh t ni s e lca tsbo r eh to suoirav e mocr evo
dna ,snr ecnoc y ti lauq e tani mi l e ,s e moh d enwo- erp fo eu lav eh t ss essa y lr eporp o t d e en eh t tuo s tniop trop er ehT .s ecivr es
noi tavon er edivorp ohw esoh t dna s e moh d enwo- erp fo e las er dna esahcrup eh t ni d egagn e esoh t sa l l ew sa ,snoi taicossa
e ta ts e la er dna ,sknab ,s einap moc lasiarppa fo s laiciffo gnidu lcni ,e lpo ep fo y t eirav a gniw eivr e tni r e tfa 31 02 enu J ni trop er
a d esa e l er l enap ehT . 02 02 yb la to t eh t fo %52 o t t ekra m eh t no s ei tr eporp hcus fo r eb mun eh t ni esa ercni na rof d e l lac tah t
e lba t e mi t a d e tn es erp dna ,s e moh d enwo- erp fo noi to morp eh t ssucsid o t l enap ydu ts a d e ta erc 31 02 hcraM ni yr tsini m ehT
.sdroc er pihsr enwo y tr eporp fo esu da erps ediw eh t dna s e e tnaraug dna snoi tc epsni gnid liub fo noi to morp
eh t rof d e l lac dna ,s t ekra m noi tavon er dna e moh d enwo- erp eh t rof ”na lp la to t“ a d esa e l er 21 02 hcraM ni l enap ehT
.yr tsudni eh t dnap x e p l eh o t sdoh t e m cific eps r edisnoc
o t t ekra m noi tavon er dna s esuoh d enwo- erp eh t no l enap ydu ts a d e ta erc yr tsini m eh t ,ra ey tah t fo yraurb e F nI .21 02 ecnis
msiruoT dna tropsnarT ,eru tcur tsarfnI ,dnaL fo yr tsiniM eh t yb n eka tr ednu n e eb evah s e moh d enwo- erp e to morp o t s troffE
semoh denwo-erp rof tekram eht etalumits ot serusaeM
snoitacinummoC dna s riaffA lan retnI fo y rtsiniM ”,)seitili bai L dna s gni vaS( ye v ruS e ruti dne pxE dna emocnI ylimaF“ no desa b hc raeseR de rahS :ec ruoS
-0.90 -0.45 -1.29 -0.63 -1.09 -0.05 -0.03 -0.58 -0.13 0.22 Age 40–49
-7.11 -6.92 -5.87 -6.96 -7.35 -5.98 -6.20 -3.76 -3.98 -4.02 Age 30–39
liabilities(JPYmn)

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Difference between savings and
94.3% 92.6% 94.3% 94.0% 93.9% 94.4% 93.2% 94.3% 94.8% 94.8% % of liabilities
7.6% -3.5% 7.5% 2.7% 0.6% 4.8% -4.9% 2.8% 3.8% 1.2% YoY
11.75 10.92 11.32 10.53 10.25 10.19 9.72 10.22 9.94 9.58 , for housing and land
5.7% -1.8% 7.1% 2.6% 1.2% 3.5% -3.8% 3.4% 3.7% 0.9% YoY
12.46 11.79 12.00 11.20 10.92 10.79 10.43 10.84 10.48 10.11 Age 40–49
95.0% 94.7% 94.7% 96.3% 95.2% 94.6% 95.6% 96.0% 95.9% 95.2% % of liabilities
7.9% 9.6% -7.3% 5.2% 11.2% -1.1% 17.4% 4.8% -0.9% 9.0% YoY
14.96 13.87 12.66 13.65 12.97 11.66 11.79 10.04 9.58 9.67 , for housing and land
7.6% 9.5% -5.6% 4.0% 10.6% -0.1% 17.9% 4.7% -1.7% 9.4% YoY
15.75 14.64 13.37 14.17 13.63 12.32 12.33 10.46 9.99 10.16 Age 30–39
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Liabilities(JPYmn)
1.9% 5.9% 1.3% 7.5% -8.5% 3.3% 1.4% -0.9% 0.2% 4.6% YoY
11.56 11.34 10.71 10.57 9.83 10.74 10.40 10.26 10.35 10.33 Age 40–49
11.9% 2.9% 4.0% 14.8% -0.9% 3.4% -8.5% 11.5% -2.1% 7.9% YoY
8.64 7.72 7.50 7.21 6.28 6.34 6.13 6.70 6.01 6.14 Age 30–39
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Savings(JPYmn)
)nmYP J ( puorg ega yb s ei tilibail dna sgnivas ’s eilimaf gnikro W
04 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
 .)sra ey
01 s e mi t 0 0 0, 0 02YP J( n m2YP J tn erruc eh t morf )sra ey 01 s e mi t 0 0 0, 0 04YP J( n m4YP J o t d esiar saw noi tcud ed fo tnuo ma
mu mi xa m eh t , xa t noi tp musnoc eh t ni esa ercni na h tiw gno lA . xa t lai tn edis er laco l eh t morf eda m eb os la ya m noi tcud ed a
, tnuo ma sih t r evoc ton s eod xa t e mocni ’sr enwo e moh eh t n ehW .)d e ti mi l si ra ey r ep snoi tcud ed fo tnuo ma la to t eh t( s esuoh
d enwo- erp fo esac eh t ni sra ey 01 rof xa t e mocni ’sr enwo e moh eh t morf d e tcud ed eb nac snao l eh t fo ecna lab eh t fo %7. 0
, m e tsys tn erruc eh t r ednU .e mocni e lba xa t ri eh t morf s tn e myap nao l gnisuoh fo noi trop a tcud ed o t sr eyub e moh swo l la napa J
snaol gnisuoh no skaer b xaT
".r e tfa er eh t ro 2891 ni t liub s esuoh" o t ",s esuoh foorp erif-non rof sra ey 02 dna s esuoh foorp erif rof sra ey 52" morf d e xa l er
saw s esuoh gni tsi x e rof tn e m eriuq er ega eh t dna ,n m 01YP J o t n m51YP J morf d ecud er saw ti mi l noi tp m e x e xa t ehT  .22 02
r eb m ec eD ni d eussi s lasoporP mrof eR xaT napa J h tiw ecnadrocca ni 32 02 fo dn e eh t o t d edn e t x e saw tub ,12 02 fo dn e eh t
ta erip x e o t d e lud ehcs saw noi tp m e x e xa t tfig dnuf gnisuoh ehT .) 02 02 ni d euni tnocsid saw m e tsys tniop gnisuoh noi tar en eg
- t x en eh t( s ti mi l noi tp m e x e xa t tfig dnuf gnisuoh d ednap x e dna , m e tsys tniop gnisuoh noi tar en eg- t x en a d e tpoda ,snao l
gnisuoh no ska erb xa t rof doir ep eh t d edn e t x e tn e mnr evog eh t ,91 02 r ebo tcO ni % 01 o t %8 morf esa ercni xa t noi tp musnoc
eh t o t euD .)12 02 ni d euni tnocsid saw margorp sih t( "s tif en eb gnivi l" d ecudor tni msiruoT dna tropsnarT ,eru tcur tsarfnI ,dnaL
fo yr tsiniM eh t e lihw ,snao l gnisuoh rof snoi tcud ed xa t e mocni r e ts lob o t sp e ts koo t tn e mnr evog eh t ,d enwo- erp dna w en
h tob ,s e moh rof dna m ed ni eni lc ed a gni tn ev erp fo sna e m a sA .%5 morf 41 02 lirpA ni %8 o t d esiar saw xa t noi tp musnoc ehT
semoh denwo
-erp rof noitpmexe xat tfig dna snaol gnisuoh no skaerb xaT
 .krow r eh to dna gni l edo m er tuoba d edivorp si noi ta mrofni er ehw s e moh gni tsi x e rof d esu
os la si ti ;sr erusnI y tnarraW gnisuoH fo noi taicossA eh t yb d eifi tr ec tc e tihcra na yb d e tc epsni n e eb sah dna s ekauqh tra e
dna tsh tiw o t t liub n e eb sah noi tangis ed eh t gniyrrac esuoh eh t tah t gni tacidni kra m edar t yr tsudni d ezingoc er
y l lanoi tan a si ,81 02 lirpA ni tc eff e o tni tup ,noi tangis ed ”gnisuoH R nihsnA ehT :)s ei tr eporp lai tn edis er gni tsi x e
“
fo s epy t cific eps no noi ta mrofni edivorp tah t s ess enisub rof m e tsys noi tar tsig er noi taicossa edar t a( gnisuoH R nihsnA

---

.sr erusnI y tnarraW gnisuoH fo noi taicossA
eh t yb d eifi tr ec tc e tihcra na yb d e tc epsni eb l liw e moh d enwo- erp eh t ,ecnarusni eh t gnisahcrup nopU .y tr eporp
eh t ni s tc ef ed laru tcur ts cisab tsniaga e moh d enwo- erp a fo r eyub eh t s e e tnaraug tah t e tapici trap nac s ei tr eporp
lai tn edis er d enwo- erp l l es tah t s ess enisub hcihw ni e m ehcs ecnarusni nA :s e moh gni tsi x e fo s tc ef ed tsniaga y tnarraW
.42 02 ,13 hcraM o t kcab d ehsup
saw eni lda ed eh t , mrof er xa t 12 02 lacsif eh t ni dna ,s mrof er xa t tn euq esbus ni d edn e t x e saw eni lda ed noi taci lppa ehT .esuoh
eh t fo a era eh t s e mi t ow t s e mi t r e t e m erauqs r ep dna l eh t fo eu lav eh t fo % 05 fo %3 ro 0 0 0,54YP J r eh ti e fo r egra l eh t eb
d luow xa t noi tisiuqca e ta ts e la er eh t ni noi tcud er ehT .noi tacifi tr ec ”gnisuoH R nihsnA eh t d eirrac ro s tc ef ed tsniaga y tnarraw
“
a yb d er evoc saw noi ts euq ni y tr eporp lai tn edis er gni tsi x e eh t er ehw s esac ni t liub saw y tr eporp lai tn edis er eh t hcihw
no to lp eh t o t d edn e t x e saw xa t noi tisiuqca eh t ni noi tcud er ehT .e ta ts e la er l l es er dna yub tah t s ess enisub yb diap s e xa t
noi tisiuqca e ta ts e la er d ecud er tah t s erusa e m suoiv erp o t s tn e mdn e ma d edu lcni egakcap noi ta lsig e l mrof er xa t 81 02Y F ehT
gnisuoh denwo-erp
fo ytidiuqil evorpmi pleh ot sexat noitisiuqca etatse laer rewol smrofer xat 8102 lacsiF
.42 02 ,13 hcraM o t kcab d ehsup saw
eni lda ed eh t , mrof er xa t 12 02 lacsif eh t ni dna ,s mrof er xa t tn euq esbus ni d edn e t x e saw doir ep noi taci lppa ehT .y tr eporp eh t
fo ega eh t no gnidn ep ed n m21YP J o t n m 0.1YP J morf s egnar noi tcud ed fo tnuo ma ehT .s tn e myap xa t r ewo l evah sra ey ow t
nih tiw sr eyub e moh laudividni o t m eh t l l es dna , m eh t e tavon er ,s esuoh d enwo- erp eriuqca tah t s einap moc : mrof d eifido m
a ni d e tpoda saw lasoporp ehT .s ei tr eporp l l es dna eriuqca tah t s ess enisub no xa t noi tisiuqca e ta ts e la er eviaw d luow tah t
erusa e m laic eps a d esoporp msiruoT dna tropsnarT ,eru tcur tsarfnI ,dnaL fo yr tsiniM eh t , mrof er xa t 51 02 lacsif eh t fo trap sA
sesuoh denwo-erp no xat noitisiuqca etatse laer rewol sedulcni mrofer xat 5102 lacsiF
.22 02 ,13 hcraM o t 41 02 ,1 lirpA morf snur ka erb xa t ehT .noi tavon er gniyfi lauq a r e tfa d los er era
tah t s e moh rof %1. 0 o t %3. 0 fo e tar d ecud er tn erruc eh t morf sr efsnar t pihsr enwo no )% 0.2 : e tar la mron( e tar xa t noi tar tsig er
eh t d er ewo l s mrof er xa t 41 02 lacsif eh t ,d los er n eh t dna d eriuqca y lw en era tah t s e moh d enwo- erp rof ka erb xa t gnisuoh a sA
14 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.s ei ti licaf w en dnarb h tiw e moc os la s muini modnoc w e N .suor en eg ero m
era ska erb xa t dna snoissi m moc egar ekorb yap o t evah ton s eod r eyub eh t , muini modnoc t liub y lw en a gnisahcrup n ehW
.snoissi m moc
egar ekorb yap o t evah os la
sr eyuB .suor en eg sa ton era ska erb xa t ,e mi t e mas eh t tA .r e trohs si y ti libai l
tcudorp fo doir ep
ehT .gni taroir e t ed eb ya m tn e mpiuq e dna sgnid liub tah t
y ti libissop eh t edu lcni s ega tnavdasid muini modnoc d enwo- erP
segatnavdasid muinimodnoc denwo-erP
.d e tc ep x e
sr eyub eh t tahw ton si tcudorp d ehsinif eh t s e mi t e mos ,d e tcur tsnoc y l lanif si gnid liub eh t n ehW .e moh wohs a fo edisni
eh t e es y lno nac y ehT . t liub n e eb t ey ton sah ti esuac eb y tr eporp eh t e es tonnac y l lausu sr eyub ,r ev ewoh , muini modnoc
w en a gniyub n ehW . m e lborp esion yna si er eh t fi e es dna ,srobhgi en eb-d luow ri eh t t e e m ,edisni eh t morf w eiv eh t kc ehc
,gnisahcrup era y eh t tahw e es o t sr eyub gniwo l la , tsi x e yda er la y eh t tah t si s muini modnoc d enwo- erp fo ega tnavda r eh tonA
. t liub gni eb ton era s muini modnoc w en er ehw a era
na ni n ev e s ei tr eporp yna m morf esoohc nac r eyub eh t , t ekra m eh t no s muini modnoc d enwo- erp yna m era er eh t ecniS .evi l
o t s tnaw r eyub eh t er ehw a era eh t ni d e e tnaraug ton si s muini modnoc w en fo y ti liba liava eh t dna ,d e ti mi l si s muini modnoc
t liub y lw en e lba liava fo r eb mun eh t ,dnah r eh to eh t nO . t ekra m eh t no e lba liava si s muini modnoc d enwo- erp fo y t eirav A
e rutcefe rP awa gana K dna ,e rutcefe rP amatiaS ,e rutcefe rP a bihC ,silo po rteM o y koT s re voc e reh ae rA o y koT retae rG eh T

---

na paJ tsaE rof k rowteN noitam rofnI etatsE laeR :ec ruoS
1.6% 1.1% 5.3% 1.2% 1.2% 8.3% 1.8% 9.6% 2.0% 8.1% YoY
951 936 926 879 869 859 793 779 711 697 Price per sqm(JPY'000)
0.4% 2.9% 1.7% 1.9% -0.6% 7.6% -0.5% 9.1% 2.7% 8.6% YoY
62,880 62,600 60,840 59,800 58,710 59,080 54,900 55,180 50,600 49,290 Price(JPY'000)
-12.1% 23.5% -12.8% -15.9% 3.4% 0.4% -11.6% -9.9% -20.5% 23.8% YoY
29,569 33,636 27,228 31,238 37,132 35,898 35,772 40,449 44,913 56,478 Properties supplied(Units)
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 New condominiums
)oykoT r e ta erG ( smuinimodnoc w eN
e rutcefe rP awa gana K dna ,e rutcefe rP amatiaS ,e rutcefe rP a bihC ,silo po rteM o y koT s re voc e reh ae rA o y koT retae rG eh T
.ata d
na paJ tsaE rof k rowteN noitam rofnI etatsE laeR no desa b hc raeseR de rahS :ec ruoS
63.6 64.7 65.2 64.4 64.6 63.9 63.6 63.9 64.2 64.8 Floor space (sqm)
23.3 22.7 22.0 21.6 21.0 20.7 20.3 20.1 19.6 19.3 Building age (years)
12.4% 8.4% 3.2% 3.6% 3.2% 4.3% 5.9% 6.5% 6.4% 4.6% YoY
672 598 552 535 516 500 479 453 425 400 Price per sqm(JPY'000)
10.5% 7.5% 4.6% 3.3% 4.3% 4.8% 5.4% 6.1% 5.3% 3.6% YoY
42,760 38,690 35,990 34,420 33,330 31,950 30,490 28,920 27,270 25,890 Price(JPY'000)
-11.0% 11.1% -6.0% 2.4% -0.3% 0.4% 6.9% 2.9% -7.2% 16.0% YoY
35,429 39,812 35,825 38,109 37,217 37,329 37,189 34,776 33,798 36,432 Properties sold (units)
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Pre-owned condominiums
a erA oykoT r e ta erG ni smuinimodnoc d enwo- erp fo s elaS
.sra ey 01 tsap eh t r evo % 07– 06 dnuora d enia m er sah dna ,s muini modnoc
w en rof tah t fo % 07 tuoba saw s muini modnoc d enwo- erp rof r e t e m erauqs r ep ecirp eh t ,ra ey e mas eh t nI .) e tu ti tsnI
ci monocE e ta tsE la eR : ecruos( 0 0 0,159YP J saw s muini modnoc t liub y lw en fo ecirp r e t e m erauqs r ep egar eva eh t ,ra ey e mas
eh t nI .)napa J tsaE rof krow t e N noi ta mrofnI e ta tsE la eR ehT : ecruos( 0 0 0,276YP J saw 22 02 ni a erA oykoT r e ta er G eh t ni d los
s muini modnoc d enwo- erp fo ecirp r e t e m erauqs r ep egar eva ehT .r e t e m erauqs r ep ecirp fo esu eh t si nosirap moc e lp mis
a eka m o t yaw enO .air e tirc e mas eh t r ednu snosirap moc eka m o t ysa e ton si ti ,suhT .noi taco l sa hcus ,sro tcaf fo y t eirav a yb
d ecn eu lfni era s ecirP .s tn e m trapa t liub y lw en nah t r epa ehc era y eh t tah t si s muini modnoc d enwo- erp fo ci tsir e tcarahc enO
segatnavda muinimodnoc denwo-erP
smuinimodnoc denwo-erp dna tliub ylwen neewteb nosirapmoC
.gnisuoh e erf-r eirrab ro ,gnivas
-ygr en e
,foorp- ekauqh tra e fo esac eh t ni n m 01YP J si noi tp m e x e xa t fo tnuo ma mu mi xa m
ehT .)sdradna ts foorp- ekauqh tra e
w en h tiw tnai lp moc gnisuoh( r e tfa er eh t ro 2891 ni t liub s esuoh o t e lbaci lppa si tI .noi tavon er ro noisnap x e e moh gni tsi x e
rof ro noi tisiuqca ro noi tcur tsnoc e moh w en rof , tn erap a ro tn erapdnarg a sa hcus ,ro ts ecna tc erid a morf tfig a sa
n evig
si ti n ehw xa t tfig morf tp m e x e si y eno m fo tnuo ma nia tr ec a hcihw r ednu
m e tsys a si sdnuf gnisuoh fo noi tp m e x e xa t tfig ehT
noit pmexe xat t fiG
24 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.n m9.6 eb o t d e ta mi ts e saw 22 02 ,13 r eb m ec eD no napa J ni s muini modnoc e lba liava fo r eb mun la to t eh t dna ,n m3
sd e ec x e r e tfa er eh t dna 8991 lacsif ni s muini modnoc t liub y lw en fo y lppus eh t s e ta mi ts e TILM .s 0591 eh t ni d los eb o t nag eb
s muini modnoc ,)TILM( msiruoT dna tropsnarT ,eru tcur tsarfnI ,dnaL fo yr tsiniM eh t yb d ehsi lbup s lair e ta m o t gnidroccA .gnisir
os la si e las rof pu tup s ei tr eporp fo r eb mun eh t tah t sp l eh ti ,y l laru tan ;gnisa ercni era s muini modnoc d enwo- erp fo s e laS
.s ei tr eporp
w en fo tah t d ed e ec x e oykoT r e ta er G ni t ekra m eh t no s muini modnoc d enwo- erp fo r eb mun eh t ,9 0 02 nI . 0991 ni %5.5
h tiw d erap moc ,8 0 02 ni s ei tr eporp l la fo %5.31 d esirp moc t ekra m eh t no s e moh d enwo- erP .s ei tr eporp d e tcur tsnoc y lw en fo
tah t d ed e ec x e sah a erA oykoT r e ta er G eh t ni s muini modnoc d enwo- erp rof snoi tcasnar t fo e mu lov ehT .gnidnap x e y l laudarg
si ezis s ti ,r ev ewoH . ts eW eh t ni tah t nah t r e l la ms si s ecivr es noi tavon er dna s e moh d enwo- erp s’napa J rof t ekra m ehT
oykoT retaerG ni smuinimodnoc denwo-erp rof tekraM
 .edoc gnid liub eh t fo s tn e m eriuq er
mu mini m eh t t e e m tah t s muini modnoc ni sra ey 06 ni l e e ts eh t hca er ya m noi tanobrac eh t tah t sna e m tahT . mc 3 fo
) l e e ts eh t gnir evoc e t ercnoc eh t fo h tp ed eh t( h tp ed gnir evoc eh t s eriuq er )67 e lci trA( tcA dradna tS gnid liuB ehT .ra ey
a m m5. 0 si noi tanobrac fo d e eps eh t ;d ezi lar tu en s e moc eb dna er ehpso m ta eh t ni edi xoid nobrac sbrosba e t ercno C

---

.e taroir e t ed r eh truf n eh t
srab l e e ts ehT .ni p e es o t r e taw niar rof r eisa e ti s eka m nru t ni hcihw ,noi tazinobrac fo ss ecorp eh t gni tar e l ecca ,ni e moc
o t edi xoid nobrac ero m wo l la e t ercnoc eh t ni skcarc ,e mi t e mas eh t tA .y ti liba gnira eb-dao l s’ eru tcur ts eh t sn eka ew tahT
.ka erb dna kcarc o t e t ercnoc eh t gnisuac ,dnap x e n eh t srab l e e ts ehT . tsur m eh t s eka m dna srab l e e ts gnicrofni er eh t
s ehca er ti ,sda erps noi tidnoc sih t n ehW .e t ercnoc eh t r e tn e o t r e taw dna ria eh t rof r eisa e ti s eka m ti ,r ev ewoH .e t ercnoc
fo noi taroir e t ed eh t fo esuac tc erid eh t ton si noi tazi lar tu e N .noi tazinobrac gnisuac ,e t ercnoc eh t sr e tn e er ehpso m ta
eh t ni edi xoid nobrac n ehw srucco noi tazi lar tu e N .e t ercnoc fo noi tazi lar tu en o t eud e taroir e t ed s muini modno C

---

.ecnan e tnia m dna ,d esu tn e mpiuq e ,snoi tacific eps ,eru tcur ts s ti no sdn ep ed s tsa l muini modnoc a gno l
woh ,r ev ewoH .sra ey 74 rof e lbarud eb o t dias era s muini modnoc ,s esoprup xa t ro F :s muini modnoc fo sra ey e lbaruD
.9 10 2 ni s resahc ru p lla fo emocni launna e ga re va eht rof se ru gif on e ra
e reht hcus sa dna ,9 1 -DIVOC fo dae r ps eht ot eu d snoiti dnoC gni vi L fo ye v ruS e visnehe r pmoC 0 20 2 eht delecnac sah )WL HM( e rafleW dna ruo ba L ,htlae H fo y rtsiniM eh T *
e rafleW dna ruo ba L ,htlae H fo y rtsiniM eht y b detcu dnoc
snoiti dnoC gni vi L fo ye v ruS e visnehe r pmoC dna ,msi ruoT dna t ro psna rT ,e rutcu rtsa rfnI , dna L fo y rtsiniM ”,hc raeseR te k raM gnisuo H“ no desa b hc raese r de rahS :ec ruoS
0.1% -1.5% 2.8% 0.7% 2.5% -1.7% -2.0% YoY
5.52 5.52 5.60 5.45 5.41 5.28 5.37 Average of all purchasers
8.4% -1.0% -2.9% 13.1% -2.8% -2.1% 3.1% 5.1% 4.3% 6.9% YoY
7.45 6.87 6.94 7.15 6.32 6.50 6.64 6.44 6.13 5.88 Pre-owned condominium purchaser
3.8% 10.2% -5.0% 5.3% -4.4% 11.2% 8.2% 0.7% 6.5% -0.5% YoY
9.12 8.79 7.98 8.40 7.98 8.35 7.51 6.94 6.89 6.47 Newly built condominium purchaser
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 (JPYmn)
emocni dloh esuoh launnA
.egar eva lanoi tan eh t o t r eso lc saw s muini modnoc d enwo- erp gniyub
esoh t fo e mocni launna egar eva eh t tub ,egar eva lanoi tan eh t nah t e mocni launna r ehgih a dah sr esahcrup muini modnoc
fo s t es h toB .s eno t liub y lw en d esahcrup tah t esoh t rof n m1.9YP J o t nosirap moc ni n m5.7YP J saw s muini modnoc
d enwo- erp gnisahcrup sd loh esuoh rof e mocni launna d enib moc egar eva eh t , msiruoT dna tropsnarT ,eru tcur tsarfnI
,dnaL fo yr tsiniM eh t yb d esa e l er trop er hcra es er t ekra m gnisuoh 12 02Y F eh t o t gnidroccA .s muini modnoc w en
esahcrup tah t sd loh esuoh nah t e mocni launna egar eva r ewo l a evah s muini modnoc d enwo- erp esahcrup tah t sd loh esuoH
seitreporp gnisahcrup sdlohesuoh fo emocni launna egarevA
.y tr eporp eh t fo ega eh t o t noi troporp ni s eni lc ed noi tcud ed fo tnuo ma eh t ,r ev ewoH .e mocni ri eh t morf d e tcud ed eb nac
hcihw fo noi trop a , xa t noi tisiuqca e ta ts e la er eh t yap os la sr eyub e moH .)sra ey 52 nah t r ed lo ton s muini modnoc dna ,sra ey
02 nah t r ed lo ton s e moh d ehca t ed o t s ei lppa y lno ka erb xa t eh t( y tr eporp eh t fo ega eh t o t drag er h tiw noi tcir ts er a si er eh t
,r ev ewoH .nao l gnisuoh a tuo s eka t r eyub eh t n ehw s ei tr eporp d enwo- erp dna w en h tob o t e lbaci lppa era ska erb xa t e mocnI
.)s muini modnoc rof sra ey evif dna s e moh d ehca t ed rof sra ey e erh t tsrif eh t rof f lah ni tuc eb l liw xa t y tr eporp eh t( s e moh
d enwo- erp o t y lppa ton s eod erusa e m e mas eh t tub ,noi tcud ed xa t y tr eporp a rof e lbigi l e era s e moh d e tcur tsnoc y lw e N
34 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.eni lc ed
o t s euni tnoc d loh esuoh r ep e lpo ep fo r eb mun eh t e lihw 02 02 li tnu worg o t d e tc ep x e si noi ta lupop oykoT r e ta er G eh t tah t
tcaf eh t o t eud si sihT . 04 02 o t 51 02 morf %8.1 fo eni lc ed l lar evo d e tc ep x e na h tiw , 03 02 li tnu a erA oykoT r e ta er G eh t ni
gnisir euni tnoc o t d e tc ep x e si sd loh esuoh fo r eb mun eh t ,r ev ewoH .esir o t s euni tnoc sd loh esuoh e lgnis fo r eb mun eh t ra ey
hca e ,r evo eroM .egairra m ogrof ro ya l ed dna s esuops ri eh t evi l tuo e lpo ep sa gnini lc ed si d loh esuoh r ep e lpo ep fo r eb mun
ehT .%8.4 o t 04 02 o t 51 02 morf eni lc ed eh t gni ti mi l , 02 02 li tnu esir o t d e tc ep x e si napa J ni sd loh esuoh fo r eb mun ehT
0402 ot 5102 morf %8.4 enilced ot detcepxe oykoT retaerG ni sdlohesuoh fo rebmuN
 e rutcefe rP awa gana K dna ,e rutcefe rP amatiaS ,e rutcefe rP a bihC ,silo po rteM o y koT s re voc e reh ae rA o y koT retae rG eh T

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hc raeseR yti ruceS laicoS dna noitalu poP fo etutitsnI lanoitaN :ec ruoS
-4.1% -3.7% -3.3% -2.8% -2.2% -1.4% -0.8% YoY
106,421 110,919 115,216 119,125 122,544 125,325 127,095 (For reference) Total Japan
-2.2% -1.9% -1.5% -1.0% -0.3% 0.6% 1.4% YoY
33,907 34,667 35,335 35,878 36,237 36,352 36,131 Total (Greater Tokyo Area)
-2.7% -2.4% -2.0% -1.5% -0.8% 0.2% 0.9% YoY
8,313 8,541 8,751 8,933 9,070 9,141 9,126 Kanagawa
-1.1% -0.7% -0.2% 0.3% 0.8% 1.6% 2.7% YoY
13,607 13,759 13,852 13,883 13,846 13,733 13,515 Tokyo
-3.2% -3.0% -2.7% -2.2% -1.4% -0.3% 0.1% YoY
5,463 5,646 5,823 5,986 6,118 6,205 6,223 Chiba
-2.9% -2.7% -2.4% -1.8% -1.0% 0.1% 1.0% YoY
6,525 6,721 6,909 7,076 7,203 7,273 7,267 Saitama

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) elpo ep 000’ ( )a erA oykoT r e ta erG ( sdn er t noi talupop tsac eroF
.s la tipsoh dna s m e tsys noi ta tropsnar t
gnidu lcni ,eru tcur tsarfni laicos d epo l ev ed y lhgih s ti rof e lpo ep gni tcar t ta y l eki l si oykoT ,s ega noi ta lupop s’napa J sa ,r evo eroM
.krow ro loohcs rof a era eh t o t gni targi m era e lpo eP .a erA oykoT r e ta er G eh t ni—%1.4— e tar edo m y l evi ta l er eb o t d e tc ep x e
si eni lc ed noi ta lupop ,r ev ewoH .51 02 ni nah t 04 02 ni r ewo l %7.21 eb o t y l eki l si noi ta lupop eh t ,hcra es eR y tiruc eS laicoS
dna noi ta lupoP fo e tu ti tsnI lanoi ta N eh t yb e ta mi ts e na o t gnidroccA . 01 02 ecnis gnini lc ed n e eb sah noi ta lupop s’napa J
5102 ot derapmoc 0402 yb %1.4 enilced ot detcepxe noitalupop oykoT retaerG
sdlohesuoh fo rebmun dna oykoT retaerG fo noitalupoP
. ya dot ecnetsixe ni llits e ra dna tsa p eht ni tliu b e rew taht semoh ot s refe r " kcotS " :etoN
ata d msi ruoT dna ,t ro psna rT ,e rutcu rtsa rfnI , dna L fo y rtsiniM no desa b hc raeseR de rahS :ec ruoS
-11.3% 3.9% -6.4% YoY
94 106 102 Properties supplied('000)
93 105 99 Change('000)
1.4% 1.6% 1.5% YoY
6,943 6,850 6,745 Stock('000)
2022 2021 2020 Condominium
0.9% 2.9% 1.0% 2.0% -16.4% 6.1% 12.7% 30.8% -15.2% -45.2% YoY
109 108 105 104 102 122 115 102 78 92 Properties supplied('000)
108 107 104 103 101 120 114 102 78 92 Change('000)
1.7% 1.7% 1.6% 1.7% 1.6% 2.0% 1.9% 1.8% 1.4% 1.6% YoY
6,646 6,538 6,431 6,327 6,224 6,123 6,003 5,889 5,787 5,709 Stock('000)
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Condominium
-1.2% -24.8% 8.1% 8.9% 1.6% -4.1% -7.9% 8.6% 12.6% 3.6% YoY
168 170 226 209 192 189 197 214 197 175 Properties supplied('000)
168 169 225 207 192 188 196 214 197 174 Change('000)
3.1% 3.2% 4.5% 4.3% 4.1% 4.2% 4.6% 5.3% 5.1% 4.7% YoY
5,617 5,449 5,280 5,055 4,848 4,656 4,468 4,272 4,058 3,861 Stock('000)
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Condominium
)sdnasuoh t ( s tinu w en fo r ebmun dna kco ts muinimodnoC
44 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.snoitcua etatse lae r mo rf smuinimo dnoc denwo -e r p tnaca v se riu qca
dna r g'E .smuinimo dnoc tnaca v e riu qca etatsE ne guM dna xelletnI .smuinimo dnoc denwo -e r p desael fo noitisiu qca eht e dulcni yna pmoc hcae y b de riu qca seit re po r p niaM *

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. dlos stinU / selaS si etatsE ne guM dna , dna r g’e ,aciM ratS fo tinu re p selaS *
.)etatse lae r laitne dise r(
ssenisu b gni da rt etatse lae r etatsE ne guM dna ,)laitne dise r( ssenisu b noita vone r emoh denwo -e r p dna r g’E ,selas noisnaM xe voneR xelletnI e ra seit re po r p denwo -e r p fo selaS *

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ata d etatsE ne guM , dna r g’e ,xelletnI ,aciM ratS no desa b hc raeseR de rahS :ec ruoS
37.6 46.6 24.3 22.5 26.3 23.2 34.6 31.1 Sales per unit(JPYmn)
289 201 865 925 1,152 1,129 1,270 1,395 Pre-owned homes Units sold
15.8% 61.4% 1.0% 17.7% 15.4% -16.2% 1.2% 35.3% YoY
10,856 9,375 20,980 20,773 30,286 26,238 43,967 43,453 Pre-owned homes Sales(JPYmn)
Pre-owned propery sales
51,633 36,093 19,489 15,416 25,751 19,770 86,584 83,138 Real estate for sale
Inventories (JPYmn)
9.5% 6.9% 10.3% 11.0% 1.7% 3.8% 9.9% 12.6% Operating profit margin
27.1% -5.0% 3.0% 74.4% -47.9% -37.2% -20.5% 42.3% YoY
2,976 2,342 2,644 2,568 710 1,364 4,846 6,098 Operating profit
13.4% 10.1% 9.4% 9.9% 13.1% 13.1% 7.3% 7.6% SG&A ratio
21.1% 1.4% 4.5% 13.6% 13.9% -1.6% -2.3% 15.7% YoY
4,173 3,445 2,412 2,307 5,403 4,745 3,576 3,661 SG&A expenses
22.9% 17.0% 19.6% 20.9% 14.8% 16.9% 17.2% 20.2% Gross profit margin
23.5% -1.3% 3.7% 39.1% 0.1% -12.6% -13.7% 31.0% YoY
7,150 5,788 5,056 4,875 6,113 6,109 8,422 9,760 Gross profit
-8.0% -2.6% 10.4% 15.2% 14.1% -12.0% 1.4% 30.7% YoY
31,242 33,956 25,786 23,352 41,237 36,140 48,878 48,212 Sales
FY12/22 FY12/21 FY03/23 FY03/22 FY05/23 FY05/22 FY11/23 FY11/22 Performance (JPYmn)
(TSE Standard:3299) (TSE Standard:3294) (TSE Standard:8940) (TSE Prime:2975)
Mugen Estate e'grand Intellex Co., Ltd. Star Mica Holdings
sro ti t epmoC
.sr e ep
s ti morf sr effid tah t l edo m ss enisub a d epo l ev ed sah ynap moc eh t ,s tc eps er es eh t nI  .aciM ra tS h tiw d erap moc egnar ecirp
r ewo l a ni s muini modnoc d enwo- erp ni la ed y l lar en eg os la sro ti t ep mo C . tuo d e tn er gni eb era tah t s ei tr eporp syub aciM
ra tS sa er ehw , tnacav era tah t s muini modnoc yub e erh t l la sa ,s’aciM ra tS morf r effid tahw e mos s ess enisub ri eh t ,r ev ewoH
.e las rof m eh t e tavon er dna s muini modnoc d enwo- erp yub hcihw ,)9923 :dradna tS EST( .d tL
,.o C e ta tsE n eguM dna ,)4923 :dradna tS EST( .d tL ,.o C dnarg’ e ,) 0498 :dradna tS EST( .d tL ,.o C x e l l e tnI edu lcni sr e ep yr tsudnI
srotitepmoC
.y tr eporp pu yub o t y tinu troppo eh t koo t ) lanoi tanr e tni dna ci ts e mod h tob( sdnuf tn e m ts evni e ta ts e la er
sa d ekips sa era nabru ni s ecirp ,sisirc laicnanif labo lg eh t o t pu-da e l eh t ni 8 0–7 0 02 ni tub ,)3991–1991( e lbbub t ekra m
kco ts dna e ta ts e la er eh t fo espa l loc eh t gniwo l lof y l tn e tsisnoc l l ef s ecirp y tr eporp ,napa J nI : e lbbub dnuf e ta ts e la eR
.32 02 r ebo tcO
yb %8.3 o t gnisa erc ed ,% 0.5 wo l eb d enia m er ecnis evah y eh t dna ,8 0–7 0 02 gninnaps e lbbub dnuf e ta ts e la er eh t gnirud
n e es )% 0.5( l ev e l eh t wo l eb er ew s e tar pac d e tc ep x e ,51 02 lirpA yB .ecnis r ev e gnini lc ed n e eb evah dna , 01 02 lirpA dna
9 0 02 lirpA n e ew t eb d eka ep )sdraw ayaga t eS dna orug eM( oykoT fo a era nano J eh t ni s muini modnoc epy t-y li maf rof s e tar pa C
9002 ecnis enilced ni gnisuoh latner no setar paC
 e rutcefe rP awa gana K dna ,e rutcefe rP amatiaS ,e rutcefe rP a bihC ,silo po rteM o y koT s re voc e reh ae rA o y koT retae rG eh T

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hc raeseR yti ruceS laicoS dna noitalu poP fo etutitsnI lanoitaN :ec ruoS
-3.0% -2.2% -1.2% 0.0% 1.5% 2.9% YoY
50,757 52,315 53,484 54,116 54,107 53,332 (For reference) Total Japan
-1.7% -1.0% 0.1% 1.4% 3.0% 4.3% YoY
16,516 16,810 16,974 16,960 16,723 16,229 Total (Greater Tokyo Area)
-2.3% -1.5% -0.3% 1.2% 2.8% 3.5% YoY
3,956 4,051 4,113 4,125 4,077 3,965 Kanagawa
-1.1% -0.1% 0.8% 1.9% 3.5% 4.8% YoY
7,019 7,097 7,107 7,054 6,922 6,691 Tokyo
-2.3% -1.8% -0.7% 0.7% 2.4% 3.7% YoY
2,559 2,620 2,669 2,688 2,669 2,605 Chiba
-2.0% -1.4% -0.2% 1.2% 2.9% 4.6% YoY
2,981 3,042 3,085 3,093 3,055 2,968 Saitama

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)sdloh esuoh 000’ ( )a erA oykoT r e ta erG ( sdn er t dloh esuoh tsac eroF
54 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.ayoga N dna napa J ts eW ni s eciffo d ehsi lba ts e sah dna ,sa era
r eh to o tni gnidnap x e os la si ti ,r ev ewoH .)s e las ss enisub gnisuoh d enwo- erp eh t fo %57 y lhguor rof tnuocca snoig er es eh t(
s eru tc ef erP abih C dna ,a ma tiaS ,awaganaK no sucof a h tiw ,noig er oykoT r e ta erg eh t ni y lira mirp ss enisub s tcudnoc dnarg’E
.sisab tinu-r ep a no noig er yb s ei tr eporp
s ti s eifisr evid ti ,yci lop lar en eg a sA .s l ennahc lia t er aiv s ei tivi tca gnicruos s ti gnir e ts lob os la si dnarg’ e ,snoi tcua tn e mnr evog
morf s tinu s ecruos ti hguoh t lA .)32 /3 0Y F( n m 03YP J r evo %5.81 dna ,n m 03YP J r ednu %4.44 ,n m 02YP J r ednu d ecirp era s l l es
ti s tinu eh t fo %73 y lhguoR .s ei li maf gnuoy sa hcus ,sr eyub e moh e mi t- tsrif drawo t d era eg s tinu ni y lira mirp s la ed dnarg’E
.)YoY
% 0.1+( nb 0.12YP J fo s e las dah dna )YoY %5.6-( s tinu d e tavon er ) lai tn edis er( d enwo- erp 568 d los dnarg’ e ,32 /3 0Y F gniruD
.s e moh d e tavon er ,d enwo- erp sa s tinu eh t s l l es n eh t dna ,s tinu eh t s e tavon er ,s l ennahc lia t er
dna snoi tcua e ta ts e la er morf )s muini modnoc dna s e moh d ehca t ed( s e moh d enwo- erp s eriuqca dnarg’ e ,9891 ni d ehsi lba tsE
)4923 :dradnatS EST( .dtL ,.oC dnarg’e
ata d xelletnI no desa b ,hc raeseR de rahS :ec ruoS
26.3 23.2 22.0 22.9 23.7 Sales per unit(JPYmn)
1,152 1,129 1,420 1,336 1,187 Units sold
15.4% -16.2% 2.4% 8.6% -18.1% YoY
30,286 26,238 31,299 30,570 28,160 Property sales (JPYmn)
Renovex Mansion Sales, Homes sold
25,751 19,770 13,643 22,919 18,648 Real estate for sale
Inventories (JPYmn)
1.7% 3.8% 5.3% 2.9% 4.5% Operating profit margin
-47.9% -37.2% 95.8% -33.7% 7.2% YoY
710 1,364 2,171 1,109 1,673 Operating profit
13.1% 13.1% 11.7% 11.7% 11.8% SG&A ratio
13.9% -1.6% 8.4% 1.6% 6.2% YoY
5,403 4,745 4,821 4,449 4,378 SG&A expenses
14.8% 16.9% 17.0% 14.7% 16.4% Gross profit margin
0.1% -12.6% 25.8% -8.2% 6.5% YoY
6,113 6,109 6,992 5,558 6,051 Gross profit
14.1% -12.0% 8.5% 2.4% -15.0% YoY
41,237 36,140 41,074 37,863 36,981 Sales
FY05/23 FY05/22 FY05/21 FY05/20 FY05/19 Performance (JPYmn)
w eivr evo ecnamrofr ep x ell e tnI
.sra ey evif tsap eh t r evo
aciM ra tS fo tah t fo % 03– 02 dnuora d edn er t eu lav yb e las rof e ta ts e la er s' x e l l e tnI , t lus er a sA .ra ey a tuoba rof d esahcrup
ti s ei tr eporp tnacav sd loh ti e lihw ,sra ey ruof o t f lah a dna e erh t tuoba rof d esahcrup ti s ei tr eporp egnahc r enwo sd loh
aciM ra tS , tsar tnoc nI .sh tno m ruof dna e erh t n e ew t eb s eka t x e l l e tnI ta e las dna noi tisiuqca y tr eporp fo ss ecorp eri tn e ehT
. x e l l e tnI fo tah t nah t r ehgih y l evi ta l er si ynap moc eh t yb
d e ldnah s ei tr eporp eh t fo egnar ecirp eh t tah t dna ,s ecirp wo l y l evi ta l er ta d erucorp eb nac tah t s ei tr eporp d e tn er no s esucof
y lnia m ynap moc eh t ,s ei tr eporp tnacav s eriuqca y lira mirp x e l l e tnI e lihw tah t si x e l l e tnI o t d erap moc ynap moc eh t fo nigra m
tiforp r ehgih eh t rof nosa er eh t tah t sdna tsr ednu hcra es eR d erahS .%3.5 o t %7.1 morf d egnar sah s' x e l l e tnI e lihw ,%7.21
o t %3.8 morf d egnar sah s'ynap moc eh t ,sra ey evif tsap eh t r evo x e l l e tnI dna ynap moc eh t fo sMPO eh t gnirap moc n ehW
 .)%1.71( a era akasO
eh t dna ,)%9. 01( a era oroppaS eh t ,)%1.31( eru tc ef erP awaganaK ,)%3.72 :s e las fo oi tar tn enop moc( oykoT : er ew % 01 nah t
ero m rof gni tnuocca snoig er ,a era hca e fo oi tar tn enop moc eh t ta gnikooL .hcnarb yb si tn e m egana m ,snoig er r eh to ni e lihw
,eru tc ef erp yb tn e m egana m a era s tcudnoc x e l l e tnI ,sa era na ti lopor t e m nI .s ei tic lanoig er ni ro ,awaganaK ro oykoT ni d e taco l
er ew s ei tr eporp tso m ,noi taco l yB .)22 /5 0Y F ni sra ey 3.23( sra ey 3.43 saw s muini modnoc eh t fo ega egar eva ehT .)22 /5 0Y F
ni n m2.32YP J( n m3.62YP J fo egar eva na rof s ei tr eporp noisnaM x evon eR )YoY % 0.2+( 251,1 d los ynap moc eh t ,32 /5 0Y F nI
.)sra ey 01 o t pu( e e tnaraug e las-r e tfa na h tiw noisnaM x evon eR
a sa e las rof m eh t s e tavon er dna s tinu muini modnoc d enwo- erp laudividni s eriuqca ,5991 ni d ehsi lba ts e ,ynap moc ehT
)0498 :dradnatS EST( .dtL ,.oC xelletnI
64 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
ata d etatsE ne guM no desa b ,hc raeseR de rahS :ec ruoS
37.6 46.6 39.3 33.7 31.4 Sales per unit
289 201 148 157 291 Units sold
15.8% 61.4% 9.8% -42.1% 2.3% YoY
10,856 9,375 5,810 5,291 9,141 Sales (JPYmn)
Residential real estate in the real estate trading
517 630 283 147 87 Real estate for sale in progress
51,116 35,463 41,337 49,887 51,635 Real estate for sale
51,633 36,093 41,620 50,034 51,722 Real estate for sale, and real estate for sale in progress
Inventories (JPYmn)
9.5% 6.9% 7.1% 8.0% 11.1% Operating profit margin
27.1% -5.0% -21.9% -47.3% -16.0% YoY
2,976 2,342 2,465 3,157 5,985 Operating profit
13.4% 10.1% 9.7% 8.4% 7.2% SG&A ratio
21.1% 1.4% 2.4% -14.1% -6.3% YoY
4,173 3,445 3,398 3,317 3,862 SG&A expenses
22.9% 17.0% 16.8% 16.3% 18.3% Gross profit margin
23.5% -1.3% -9.4% -34.2% -10.2% YoY
7,150 5,788 5,864 6,475 9,847 Gross profit
-8.0% -2.6% -12.1% -26.4% -15.2% YoY
31,242 33,956 34,858 39,677 53,931 Sales
FY12/22 FY12/21 FY12/20 FY12/19 FY12/18 Performance (JPYmn)
w eivr evo ecnamrofr ep e ta tsE n eguM
.sEMS dna sro ts evni laudividni o t m eh t s l l es er dna ,)s ei tivi tca gnisa e l ,snoi tavon er roir e t x e dna roir e tni( eu lav dda
o t s ecivr es s mrofr ep ,sgnid liub dna ,s tn e m trapa ,s muini modnoc la tn er s esahcrup e ta tsE n eguM ,e ta ts e la er tn e m ts evni ro F
.)n m6.64YP J( n m6.73YP J er ew tinu r ep s e las egar evA .)nb4.9YP J( nb9. 01YP J
o t d e tnuo ma s tinu es eh t fo s e las dna ,)12 /21Y F ni s tinu 1 02( s tinu lai tn edis er 982 d los e ta tsE n eguM ,22 /21Y F nI .e moH
iju F yraidisbus yb d e tcudnoc era snoi tavon eR .sr eyub e moh e mi t- tsrif o t m eh t l l es er dna ,snoi tavon er tcudnoc ,y l laudividni
s tinu es eh t esahcrup l liw e ta tsE n eguM dna ,s ei li maf drawo t d era eg s muini modnoc y lnia m era s ei tr eporp lai tn edis eR
 .s esirpr e tn e tnioj d eific eps
e ta ts e la er dna , tn e mpo l ev ed e ta ts e la er ,)%4.85( e ta ts e la er tn e m ts evni - e las er dna esahcrup ,)s e las ss enisub gnidar t e ta ts e
la er 22 /21Y F fo %4.73( e ta ts e la er lai tn edis er - e las er dna esahcrup o tni nwod n ekorb r eh truf si ss enisub gnidar t e ta ts e la er
ehT .)%1.7( ss enisub la tn er e ta ts e la er eh t dna )s e las 22 /21Y F fo %8.29( ss enisub gnidar t e ta ts e la er eh t era s ess enisub y eK
.sEMS dna sro ts evni laudividni o t os la tub ,sr eyub e moh e mi t- tsrif o t y lira mirp s e las s eka m
e ta tsE n eguM ,s erud ecorp d edda- eu lav fo noi t e lp moc nopU . tn er diapnu fo noi tc e l loc dna s tinu tnacav fo la tn er hguorh t
tn e m ts evni no nru t er gnicnahn e dna ,snoi tavon er roir e t x e dna roir e tni , tn e m egana m gnivorp mi edu lcni ya m s erusa e m
hcuS .e moH iju F yraidisbus aiv eu lav dda o t s erusa e m s tn e m e lp mi e ta tsE n eguM , tinu eh t fo snoi tidnoc tn e m egana m
dna ,noi taco l ,na lp roo lf ,a era roo lf ,ega eh t nopu d esaB .oykoT dnuora dna ni )s e moh d ehca t ed dna ,e ta ts e la er tn e m ts evni
,s muini modnoc d edividbus( e ta ts e la er d enwo- erp gnisahcrup ni y lira mirp s la ed e ta tsE n eguM , 0991 ni d ehsi lba tsE
)9923 :dradnatS EST( .dtL ,.oC etatsE neguM
ata d dna r g’e no desa b ,hc raeseR de rahS :ec ruoS
24.3 22.5 20.5 19.9 19.8 Sales per unit(JPYmn)
865 925 862 931 846 Units sold
1.0% 17.7% -4.6% 10.6% -9.8% YoY
20,980 20,773 17,648 18,495 16,721 Sales (JPYmn)
Pre-owned renovated home(residential) Sales, Homes sold
7,155 5,865 3,655 3,728 3,819 Real estate for sale in progress
12,334 9,552 7,971 8,794 8,365 Real estate for sale
19,489 15,416 11,626 12,522 12,185 Real estate for sale, and real estate for sale in progress
Inventories (JPYmn)
10.3% 11.0% 7.3% 7.1% 5.0% Operating profit margin
3.0% 74.4% 1.5% 60.5% -36.0% YoY
2,644 2,568 1,473 1,451 904 Operating profit
9.4% 9.9% 10.0% 10.0% 10.3% SG&A ratio
4.5% 13.6% -0.8% 9.3% -0.3% YoY
2,412 2,307 2,032 2,049 1,875 SG&A expenses
19.6% 20.9% 17.3% 17.1% 15.3% Gross profit margin
3.7% 39.1% 0.1% 25.9% -15.6% YoY
5,056 4,875 3,504 3,500 2,779 Gross profit
10.4% 15.2% -1.0% 12.6% -11.5% YoY
25,786 23,352 20,269 20,464 18,181 Sales
FY03/23 FY03/22 FY03/21 FY03/20 FY03/19 Performance (JPYmn)
w eivr evo ecnamrofr ep dnarg’E
74 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
s ti gnin eh tgn er ts n e eb sah ynap moc eh t ,noi tidda nI .sksir gnicud er ,y tr eporp laudividni hca e h tiw esira tah t )sdoir ep ycnacav
dna ,noi tau tcu lf ecirp ,sr e tsasid laru tan ,s tn edicca sa hcus( sksir eh t yfisr evid o t skrow ) e moc eb scir t e m d erusa e m egar eva
eh t o t r eso lc eh t ,sah eno s ei tr eporp ero m eh t( ”sr eb mun egra l fo wa l“ eh t ,d esahcrup s tinu fo r eb mun hgih eh t o t sknahT
.s tif en eb e lacs dna ksir d ecud er syojn e ,)ynap moc eh t yb d e ta mi ts e( s muini modnoc d enwo
- erp fo s e las eh t dna d esahcrup s tinu fo r eb mun eh t ni r eda e l yr tsudni eh t gni eb ,ynap moc eh t sdna tsr ednu hcra es eR d erahS
.segatnavda tsoc yojne dna stnemtsevni
deifisrevid hguorht sksir ecuder ot ti swolla hcihw ,smuinimodnoc denwo-erp fo selas
eht dna desahcrup stinu fo rebmun eht fo smret ni redael yrtsudni eht si ynapmoc ehT
.e lacs ss enisub s'ynap moc eh t fo noisnap x e eh t h tiw y lsuouni tnoc gnisa ercni n e eb evah sniag d ezi la ernu s ti dna e las
rof e ta ts e la er ehT .)%5.21( nb8.52YP J dnuora er ew )s e las fo tsoc d e ta mi ts e - e las rof e ta ts e la er fo yro tn evni - d l eh s ei tr eporp
fo eu lav t ekra m la to t =( e las rof d l eh s ei tr eporp no sniag d ezi la ernu dna )% 0.9 fo R GA C ra ey- evif( nb6.68YP J y l e ta mi xorppa
o t d e tnuo ma e las rof e ta ts e la er s ti ,22 /11Y F-dn e ta ,eruso lcsid sih t o t gnidroccA .s lasiarppa y trap-drih t no d esab sgnid loh
muini modnoc d enwo- erp s ti rof )sniag d ezi la ernu gnidu lcni( snoi tc ejorp tiforp s eso lcsid ynap moc eh t ,dn e-ra ey laicnanif tA
.sisirc laicnanif labo lg 8 0 02
eh t fo nru tnwod t ekra m e ta ts e la er eh t gnirud n ev e tiforp a nru t o t ti gniwo l la ,snoi tau tcu lf r ew ef h tiw ma er ts sgninra e e lba ts
a ynap moc eh t s evig sihT .sr e ep yr tsudni h tiw d erap moc snoi tidnoc t ekra m e ta ts e la er ni s egnahc o t evi tisn esni y l evi ta l er
si ynap moc eh t ,sro tcaf es eh t fo esuac eB .y tidigir drawnwod fo e erg ed nia tr ec a evah s ei tr eporp e ta ts e la er lai tn edis er
tah t sdna tsr ednu hcra es eR d erahS .snoi tau tcu lf ci monoc e o t e lbar en luv era hcihw ,sgnid liub eciffo sa hcus s e ta ts e la er
laicr e m moc nah t r eh tar ,dna m ed )ro ts evni o t d esoppo sa( r esu-dn e yb d e troppus era hcihw ,s e ta ts e la er lai tn edis er era h tiw
s la ed ynap moc eh t s ei tr eporp ehT .d e tn er gni eb era tah t esoh t dna tnacav era tah t s muini modnoc d enwo- erp n e ew t eb s ecirp
ni ecn er effid eh t morf tiforp o t sk e es ynap moc eh t ,r eh taR .snoi tidnoc t ekra m fo gnida er s ti no d esab noi taic erppa ecirp
y tr eporp eru tuf r e tfa gnisahc ev lovni ton s eod l edo m ss enisub s’ynap moc eh t , tn e mg es muini modno C d e tavon eR eh t nI
.yrtsudni eht ni seinapmoc rehto
ot derapmoc tekram etatse laer eht ni segnahc ot evitisnesni ylevitaler si ti ,eroferehT
.ecirp selas dna ecirp esahcrup neewteb ecnereffid eht no gnisucof yb eunever
snrae dna ,dnamed resu-dne yojne hcihw ,seitreporp laitnediser htiw slaed ynapmoc ehT
.s ei tr eporp tn e m ts evni evi tcar t ta no noi ta mrofni gninia tbo rof eni l ni tsrif ynap moc eh t s tup sihT .y lkciuq s ei tr eporp l l es
o t d e tavi to m y lgnor ts era sr ekorb e ta ts e la er ecnis ,sr ekorb fo s ey e eh t ni r en trap gnidar t tna trop mi na ynap moc eh t s eka m
snoisic ed esahcrup tfiws eka m dna s eu lav y tr eporp ss essa y ldipar o t y ti liba s’aciM ra tS s ezingoc er hcra es eR d erahS , t lus er
a sA .s muini modnoc d enwo- erp rof krow t en noi ta mrofni y tr eporp a t liub sah dna h tiw d ekrow sah ti s tn ega e ta ts e la er h tiw
spihsnoi ta l er d enia tnia m sah ynap moc eh t ,ero mr eh tru F .s tinu muini modnoc d enwo- erp yna m fo esahcrup eh t rof swo l la tah t
h tgn er ts laicnanif s ti sa l l ew sa ,sdoh t e m noi tavon er e las- erp no dna s tinu hcus gni l l es dna gniyub fo snoi tar epo x e lp moc eh t
no egd e lwonk d e ta lu mucca s ti gnigar ev e l ,s tinu s muini modnoc d enwo- erp d eipucco esahcrup o t d euni tnoc sah ynap moc ehT
.edisni eh t tc epsni tonnac r eyub eh t ,noi tn evnoc laco l o t gnidrocca ,esuac eb dna esahcrup r e tfa
y l e taid e m mi d los eb tonnac s ei tr eporp es eh t esuac eb d e ti mi l si sr eyub lai tn e top fo r eb mun eh t ,)sisab tinu a no( snoi tisiuqca
s'ynap moc eh t fo f lah y l e ta mi xorppa rof tnuocca hcihw ,)s ei tr eporp egnahc-r enwo( s ei tr eporp d eipucco- tnan e t rof ,ra luci trap
nI .noi tisiuqca y tr eporp rof s einap moc r eh to h tiw noi ti t ep moc ni t lus er o t y l eki l ss e l si ti ,r ev ewoH  .sgnid liub eri tn e gniyub
o t d erap moc e mosr eb muc dna tn eiciff eni eb nac tinu muini modnoc e lgnis a gniriuqca tah t si doh t e m sih t fo edisnwod ehT
 .e las dna la tn er hguorh t d e tar en eg e mocni fo ecruos eh t si ti sa ,ss enisub eh t ni laicurc si s ei tr eporp gnisahcrup
tah t sdna tsr ednu hcra es eR d erahS . tuo evo m s tnan e t eh t r e tfa tiforp a rof m eh t s l l es dna ,e mocni la tn er s tc e l loc ,s tinu
muini modnoc d enwo- erp s esahcrup ti er ehw ,ss enisub muini modno C d e tavon eR eh t si ss enisub ya tsnia m s'ynap moc ehT
seitreporp tnemtsevni evitcartta no
noitamrofni rehtag ot noitisop gnorts a ni ynapmoc eht gnittup ,smuinimodnoc denwo-erp
deipucco fo esahcrup rof srekorb etatse laer htiw spihsnoitaler tliub sah ynapmoc ehT
shtgnertS
sessenkaew dna shtgnertS
84 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
t essa evorp mi o t r edro ni ss enisub muini modno C d e tavon eR eh t o t d e ta l er sa era ni ”ss enisub t essa-non“ s ti gnidnap x e
os la si tub ”,ss enisub t essa“ na si hcihw ,ss enisub muini modno C d e tavon eR eh t no sucof o t s euni tnoc ynap moc ehT
.e tar h tworg
tiforp s'ynap moc eh t s eni mr e t ed hcihw ,)]oi tar tuoyap-1[ x EOR =( e tar h tworg e lbania tsus eh t s e moc eb e tar h tworg t essa
s ti fo ti mi l r eppu eh t ,h t la eh laicnanif gninia tnia m e lihw ss enisub s ti fo e lacs eh t dnap x e o t ynap moc eh t rof ,suhT .22 /11Y F
-dn e fo sa l ev e l eh t dnoy eb sgniworrob s ti dnap x e o t ynap moc eh t rof gnign e l lahc eb d luow ti s ev ei l eb hcra es eR d erahS
,erof er ehT .%5.32 saw 22 /11Y F-dn e fo sa oi tar y tiuq e eh t dna ,%32–22 sa oi tar y tiuq e yh t la eh a fo ti mi l r ewo l eh t s ezingoc er
ynap moc ehT .noi tidnoc laicnanif r eka ew ni gni t lus er ,oi tar y tiuq e eh t esa erc ed nac sdnuf esiar o t sgniworrob gnidnap xE
.sna e m r eh to dna gniworrob hguorh t sdnuf esiar o t euni tnoc dna s t essa s ti dnap x e y lsuouni tnoc o t sd e en ynap moc
eh t ,gniworg euni tnoc o t ss enisub eh t rof r edro nI .e las dna tn er hguorh t tiforp snra e n eh t dna ,) e las rof e ta ts e la er( yro tn evni
sa m eh t sd loh ,s ei tr eporp s esahcrup ynap moc eh t ni er ehw ”,ss enisub t essa“ na si ss enisub muini modno C d e tavon eR
ehT . tiforp ssorg fo %4.49 dna s e las fo %4.89 d e tar en eg ss enisub muini modno C d e tavon eR ya tsnia m eh t ,22 /11Y F
nI .ss enisub s ecivr eS yrosivdA dna ,ss enisub tn e m ts evnI ,ss enisub muini modno C d e tavon eR eh t s e tar epo ynap moc ehT
.etar htworg tiforp s'ynapmoc eht stcirtser etar htworg tessa eht taht snaem
hcihw ,ssenisub tessa na si ssenisub muinimodnoC detavoneR yatsniam s'ynapmoc ehT
.d e ti mi l si sih t fo tc eff e eh t tah t sknih t hcra es eR d erahS ,r ev ewoH .doir ep noi tavon er eh t
n e trohs y l lai tn e top d luoc ,sro tcar tnoc lanr e t x e s ti ,s einap moc noi tavon er fo ycn eiciff e eh t gnivorp mi dna sna lp noi tavon er
gnizidradna ts tah t s tc ep x e ynap moc eh t ,doir ep noi tavon er eh t gnin e trohs rof sA .s esa eL gnid liuB dna dnaL no tcA s'napa J
eh t r ednu sross e l yb snoi tani mr e t esa e l no snoi tcir ts er o t eud s ei tr eporp egnahc-r enwo eva e l o t s tnan e t egaruocn e o t t luciffid
si ti ,r ev ewoH .doir ep noi tavon er eh t gnin e trohs )2 dna ,s ei tr eporp egnahc-r enwo ni s tnan e t fo eru trap ed eh t gni to morp
)1 yb ,nigra m tiforp eh t gnir ewo l tuoh tiw oi tar r evonru t t essa eh t esa ercni nac ynap moc eh t s ev ei l eb hcra es eR d erahS
.nigra m tiforp ni esa erc ed a o t sda e l y l tc erid y tr eporp
a fo ecirp gni l l es eh t gnir ewo l ,r ev ewoH .y tr eporp eh t fo ecirp gni l l es eh t r ewo l o t si e mi t sih t n e trohs o t eka t d luoc ynap moc
eh t erusa e m e lbissop eno tub ,snoi tidnoc t ekra m e ta ts e la er eh t yb d ecn eu lfni si y tr eporp a l l es o t d eriuq er e mi t ehT
.nb8.2YP J y l e ta mi xorppa saw s ei tr eporp tnacav fo e las
eh t morf tiforp ssorg eh t e lihw ,)nb 0.4YP J y l e ta mi xorppa saw tiforp s e las dna nb4.2YP J y l e ta mi xorppa saw tiforp la tn er hcihw
fo( nb4.6YP J y l e ta mi xorppa saw s ei tr eporp egnahc-r enwo o t e lba tubir t ta tiforp ssorg ,22 /11Y F ni , tcaf nI .s ei tr eporp tnacav
rof nigra m tiforp r ewo l y l evi ta l er a ni s t lus er hcihw ,s ei tr eporp egnahc-r enwo o t d erap moc esn e tni ero m si esahcrup fo e mi t
eh t ta noi ti t ep moc ,y l lanoi tiddA .s e ef tn e m egana m eriuq er tub e mocni la tn er e tar en eg ton od s ei tr eporp tnacav ,dnah r eh to
eh t nO .)22 /11Y F fo sa( s tinu d los l la fo % 07 tuoba dna s tinu d esahcrup l la fo % 05 tuoba rof gni tnuocca s ei tr eporp tnacav
h tiw ,s ei tic lanoig er o tni noisnap x e s ti d en eh tgn er ts ti sa yro tn evni s ti ni s ei tr eporp tnacav fo erahs eh t d esa ercni y l lacig e tar ts
sah ynap moc ehT .oi tar r evonru t t essa eh t esiar nac d esahcrup s ei tr eporp l la ni s ei tr eporp tnacav fo erahs eh t gnisa ercni
,)s ei tr eporp egnahc-r enwo( s ei tr eporp d eipucco nah t e las o t noi tisiuqca morf e mi t ss e l eriuq er s ei tr eporp tnacav sA
.ss enisub muini modno C d e tavon eR eh t ni nigra m
tiforp eh t r ewo l nac es eh t fo h tob ,wo l eb d eni l tuo sa ,r ev ewoH .s e las rof d eriuq er e mi t eh t n e trohs )2 dna ,e las rof e ta ts e
la er fo yro tn evni s ti ni s ei tr eporp tnacav fo erahs eh t esa ercni )1 o t d e en d luow ynap moc eh t ,s t essa ezi li tu y l evi tc eff e o t tah t
s ev ei l eb hcra es eR d erahS .s ei tr eporp tnacav rof ra ey a tuoba dna s ei tr eporp egnahc-r enwo rof sra ey ruof o t f lah a dna e erh t
y l e ta mi xorppa si e las er o t esahcrup y tr eporp morf doir ep egar eva eh t ,ss enisub muini modno C d e tavon eR s’ynap moc eh t nI
pihsnoitaler ffo-edart a ni era ytilibatiforp dna etar revonrut tessA
sessenkaeW
.snoi tavon er mo tsuc o t d erap moc y tr eporp
r ep ecirp eh t f lah tuoba ta gni tavon er eb o t dias si ynap moc eh t , t lus er a sA .sngis ed roir e tni fo noi tazidradna ts eh t hguorh t
sro tcar tnoc eh t rof krow noi tcur tsnoc dna tn e m erucorp lair e ta m fo ycn eiciff e eh t gnicnahn e dna snoi tavon er eka tr ednu ohw
sro tcar tnoc lanr e t x e o t s tc ejorp fo r eb mun e lba ts a gnir effo yb nwod s tsoc noi tavon er gnip e ek si ynap moc ehT .)gnicruos tuo(
snoi tavon er fo tsoc eh t gnicud er o t s e tubir tnoc s ei tr eporp fo r eb mun egra l a gni ldnah tah t s ev ei l eb hcra es eR d erahS
.sa era r eh to ni %4.81 dna ,a era iasnaK eh t ni %1.32 ,a era na ti lopor t e m
oykoT eh t ni s ei tr eporp fo %5.85 ,22 /11Y F-dn e fo sa tub ,) eru tc ef erP igayiM dna ,odiakkoH ,eru tc ef erP ihciA ,eru tc ef erP
akouku F sa hcus( sa era r eh to ni %1.4 dna ,a era iasnaK eh t ni %6. 01 ,a era na ti lopor t e m oykoT eh t ni er ew d l eh s ei tr eporp
fo %3.58 ,71 /11Y F-dn e fo sA .sksir lacihpargo eg gniyfisr evid ,71 /11Y F dnuora ecnis s ei tic lanoig er ni s ei tr eporp fo noi tisiuqca
94 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.noi tavon er hguorh t d edda- eu lav esa ercni o t dna—ra luci trap

---

ni gnir ekorb e ta ts e la er dna tn e m egana m y tr eporp- la tn er—puorg eh t nih tiw d edivorp s ecivr es fo oi tar eh t esiar o t si
y ti liba tiforp esa ercni o t ynap moc eh t rof syaw w ef eh t gno ma ,erof er ehT .snoissi m moc r ekorb dna s e ef tn e m egana m y tr eporp
sa s tsoc hcus tuc o t moor e l t ti l os la si er ehT .s ecirp esiar dna eu lav dda o t ynap moc eh t rof t luciffid ti gnika m ,e tai tn er effid
o t hcihw no s eru ta ef w ef evah sodnoc d enwo- erp ,e ta ts e la er laicr e m moc eki lnu ,r ev ewoH . tiforp e lba ts gni tar en eg
suh t ,snoi tidnoc t ekra m e ta ts e la er ni s egnahc o t e lbi tp ecsusni y l evi ta l er si ,s muini modnoc d enwo- erp fo ecirp e las eh t dna
ecirp esahcrup eh t n e ew t eb ecn er effid eh t morf s tiforp s eruc es hcihw ,ss enisub muini modno C d e tavon eR s'ynap moc ehT
.s tsoc tuc ro d edda- eu lav
tcudorp ecnahn e r eh ti e o t era s e las no nigra m tiforp eh t esa ercni o t syaw nia m eh t , lar en eg ni tah t s ev ei l eb hcra es eR d erahS
.s tsoc noi tavon er dna ,sr ekorb o t diap snoissi m moc ,s e ef tn e m egana m y tr eporp ,e mocni la tn er ,s ei tr eporp fo ecirp e las
eh t dna ecirp esahcrup eh t n e ew t eb ecn er effid eh t yb d eni mr e t ed si ss enisub muini modno C d e tavon eR eh t fo y ti liba tiforP
ytilibatiforp tfil ot epocs detimiL
.noi tubir tnoc tiforp d e ti mi l a y lno gnika m , tiforp ssorg fo %5.5 dna s e las fo %6.1 rof d e tnuocca ss enisub s ecivr eS
yrosivdA eh t ,22 /11Y F ni ,r ev ewoH .sd l eif e ta ts e la er dna laicnanif eh t ni gni t lusnoc dna , tn e m egana m gnid liub dna esa e l
,e ta ts e la er fo noi taid e mr e tni esa e l dna e las ,esahcrup eh t morf s e ef gnidu lcni ,s e ef no d esab era sgninra e esohw ss enisub
a si dna ,e ta ts e la er eriuqca ton s eod tah t ss enisub t essa-non a si ss enisub s ecivr eS yrosivdA s'ynap moc ehT .ycn eiciff e
05 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.)pp9.2-(
%9.71 saw MP G . t ekra m e ta ts e la er eh t ni gni ta ehr evo fo esn es a dah hcihw ,ra ey suoiv erp eh t fo doir ep e mas eh t o t
d erap moc MP G eh t ni noi taroir e t ed a dna ss enisub ) e las( muini modno C d e tavon eR eh t ni s e las r ewo l no l l ef tiforp ssor G
 .)YoY pp8.2-( %9. 01 saw MPO . tiforp ssorg ni esa erc ed a o t eud d eni lc ed tiforp gni tar epO
.YoY r ehgih saw 32 /11Y F 3Q evi ta lu muc ni d los s tinu fo r eb mun eh t , tcap mi sih t gnidu lc xE
.sro tcaf laic eps o t eud 22 /11Y F H1 ni d los s tinu fo r eb mun eh t ni esa ercni na saw er eh t ,r ev ewoH  .d los s tinu fo r eb mun
eh t ni esa erc ed a morf gni t lus er ss enisub ) e las( muini modno C d e tavon eR eh t ni s e las r ewo l o t eud YoY d eni lc ed s e laS
tiforp dna selaS
.dna m ed ) m eh t ni evi l y l lau tca o t s ei tr eporp yub o t koo l tah t esoh t( r esu-dn e yb d ekcab era es eh t
,s ei tr eporp tn e m ts evni eki lnU .s esoprup lai tn edis er rof s ei tr eporp esahcrup ohw napa J fo s tn edis er era s e ldnah ynap moc
eh t s ei tr eporp eh t fo sr eyub fo y tiroja m eh t esuac eb si sihT .roni m eb l liw ss enisub s ti no anih C ni snoi tidnoc t ekra m
e ta ts e la er gni taroir e t ed dna s eir tnuoc r eh to dna SU eh t ni s ekih e tar ts er e tni gniogno fo tcap mi eh t s ev ei l eb ynap moc ehT
 .) 02 02 yraurb e F dna 91 02 hcraM n e ew t eb 0 0 0,84– 0 0 0,74 dnuora( l ev e l ci m ednap
- erp eh t gnihcaorppa ,32 02 tsuguA ni 169,54 d e la to t dna ,)146,33( 12 02 enu J ecnis gnir evoc er n e eb sah s muini modnoc
d enwo- erp fo yro tn evni   ehT .y l evi tc eps er ,sh tno m evi tuc esnoc h t93 dna h t 04 eh t rof gnisa ercni ,)YoY %9.9+( n m 0.74YP J
saw ecirp esahcrup egar eva eh t dna )YoY %1. 01+( 0 08, 047YP J saw a era na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo
- erp a rof r e t e m erauqs r ep ecirp egar eva eh t ,e lihwna eM .32 02 tsuguA ni 763,2 o t YoY %9. 0 yb d esa ercni a era na ti lopor t e m
oykoT eh t ni d los s muini modnoc d enwo- erp fo r eb mun eh t ,napa J tsaE rof krow t e N noi ta mrofnI e ta tsE la eR eh t o t gnidroccA
tnemnorivne ssenisuB
.s ei tr eporp d enwo
fo r eb mun eh t gnisa ercni dna s ei tr eporp eriuqca o t gniuni tnoc yb s tiforp esa ercni o t sna lp ynap moc eh t ,MP G no hgi ew
y l laudarg o t euni tnoc o t d e tc ep x e si s ei tr eporp lanoig er fo noi troporp eh t ni esa ercni eh t hguoh t lA .) mr e t gno l eh t rof d l eh
s ei tr eporp rof s tsoc noi taic erp ed droc er o t gni tra ts( sdradna ts gni tnuocca ni egnahc eh t fo tcap mi eh t o t eud pp3 tuoba yb
d e tc effa n e eb sah MP G ,32 /11Y F 1Q ecniS .22 /11Y F ni % 0. 06 o t d esa erc ed tub ,% 0. 07 y l e ta mi xorppa saw MP G ,71 /11Y F
o t roirP .drawnwod gnidn er t n e eb sah MP G dna , mr e t gno l o t muid e m eh t r evo gnisa ercni n e eb sah ,nigra m tiforp r ewo l
y l evi ta l er a evah hcihw ,sa era lanoig er ni s ei tr eporp fo noi troporp eh t ,ss enisub ) la tn er( muini modno C d e tavon eR eh t nI
 .nru tnwod a sr e tn e t ekra m e ta ts e la er eh t ss e lnu ,%31–21 fo
mo t tob eh t morf r evoc er l liw MP G tah t s e tapici tna ynap moc ehT .3Q ni %9.21 dna ,2Q ni %4.31 ,1Q ni % 0.51 ta ,drawnwod
d edn er t MP G ,y l tn euq esno C .nwod d e looc t ekra m e ta ts e la er d e ta ehr evo eh t sa d eworran ecirp s e las eh t dna ecirp
esahcrup eh t n e ew t eb ecn er effid eh t ,32 /11Y F ni ,dnah r eh to eh t nO .%9.81 o t %1.41 morf gnignar ,hgih saw doir ep e mas
eh t gnirud MP G eh t dna ,y tr eporp eh t gnisahcrup n ehw d e tc ep x e dah ynap moc eh t nah t r ehgih saw tiforp s e las eh t , t lus er a
sA .22 /11Y F o t 12 /11Y F H2 morf t ekra m e ta ts e la er d e ta ehr evo eh t o t eud d ednap x e ynap moc eh t yb d e ldnah s ei tr eporp eh t
fo ecirp s e las eh t dna ecirp esahcrup eh t n e ew t eb ecn er effid eh t ,) e las( ss enisub muini modno C d e tavon eR ya tsnia m eh t nI
weiv revO
 )YoY %7.62-( nb3.2YP J : tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t e N
)YoY %8.62-( nb4.3YP J : tiforp gnirruc eR
)YoY %8. 02-( nb1.4YP J : tiforp gni tar epO
)YoY %7.31-( nb6.6YP J : tiforp ssor G
)YoY %6. 0-( nb1.73YP J :s e laS
 stluser 32/11YF 3Q
ecnamrofrep lacirotsiH
stnemetats
laicnanif & ecnamrofrep lacirotsiH
15 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.s esahcrup d euni tnoc o t eud d esa ercni d l eh s ei tr eporp fo r eb mun eh t sa d esa ercni s e las la tn eR
 )YoY %3.3-( nb7.1YP J : tiforp ssor G
)YoY %7.4+( nb1.3YP J :s e laS
ssenisu b )latner ( muinimo dno C deta voneR
).esahcrup rof s ei tr eporp tnacav rof %21 tuoba
dna esahcrup rof s ei tr eporp egnahc-r enwo rof % 02 r ednu tsuj saw MP G 22 /11Y F s ev ei l eb hcra es eR d erahS ,a tad ynap moc
no d esaB(  .esahcrup rof s ei tr eporp tnacav rof % 01–8 susr ev ,%61–41 si esahcrup rof s ei tr eporp egnahc-r enwo rof esahcrup
fo e mi t eh t ta noi tc ejorp MP G s'ynap moc ehT .) esahcrup rof s ei tr eporp egnahc-r enwo( esahcrup fo e mi t eh t ta d esa e l gni eb
era tah t s tinu o t d erap moc esahcrup fo e mi t eh t ta noi ti t ep moc esn e tni ero m o t tc ejbus era esahcrup rof s ei tr eporp tnacav
,) e las( muini modno C d e tavon eR nI .d errucni era s e ef ecnan e tnia m d e taicossa e lihw s ei tr eporp es eh t hguorh t d e tar en eg
eun ev er tn er fo kca l eh t yb d e tc effa eb l liw sgninra e la tn eR .s ess enisub e las dna la tn er eh t h tob fo sgninra e no tcap mi na
evah l liw s muini modnoc tnacav fo gni l l es dna gniyub d eifisn e tni s’ynap moc ehT .d esahcrup era y eh t r e tfa sra ey ruof o t f lah a
dna e erh t tuoba li tnu d los ton era tn er r ednu d eriuqca s muini modnoc e lihw ,d eriuqca era y eh t r e tfa ra ey a tuoba s ei tr eporp
es eh t s l l es dna esahcrup ri eh t gniwo l lof sh tno m ruof o t e erh t s muini modnoc tnacav no snoi tavon er s mrofr ep aciM ra tS
.32 /11Y F 3Q evi ta lu muc ni % 05 tuoba o t gnisir
,)sisab tinu a no( s ei tr eporp d esahcrup fo erahs gniworg a rof d e tnuocca s ei tr eporp tnacav , t lus er a sA .e tar r evonru t t essa eh t
gnisa ercni yb s ei tinu troppo sgninra e s ti dnap x e o t s muini modnoc tnacav gni l l es dna gniyub no gni tar tn ecnoc n e eb os la sah
ynap moc eh t ,81 /11Y F ni gni tra tS .d e trap ed s tnan e t es eh t r e tfa m eh t d los dna d e tavon er dna ,s tnan e t gni tsi x e eh t morf tn er
d e tc e l loc ,d e tn er gni eb y l tn erruc er ew tah t s muini modnoc d esahcrup y l lar en eg ynap moc eh t ,71 /11Y F fo dn e eh t hguorhT
 .d ednap x e s esn ep x e l ennosr ep tub ,nwod er ew s eud dna s e xa t ,s esn ep x e A& GS nI .nb 0.2YP J
o t tiforp ssorg ni pord YoY %8.42 a fo t lus er a sa ,YoY nwod os la saw tiforp gni tar epO .MP G ni pord a dna d los s tinu fo
r eb mun eh t ni esa erc ed a o t eud ,) e las( ss enisub d e tavon eR eh t ni dna ,sdradna ts gni tnuocca ni s egnahc fo tcap mi eh t o t eud
,) la tn er( ss enisub muini modno C d e tavon eR eh t ni d esa erc ed tiforp ssor G .d los s tinu fo r eb mun r ew ef a no ss enisub e las eh t
ni eni lc ed s e las a o t eud ,ss enisub la tn er eh t ni s e las r ehgih e tips ed YoY l l ef ss enisub muini modno C d e tavon eR eh t ni s e laS
 )YoY % 0.41-( nb3.6YP J : tiforp ssor G
)YoY %5. 0-( nb6.63YP J :s e laS
 ssenisub muinimodnoC detavoneR
tnemges yb stluseR
.nigra m tiforp ni esa erc ed
eh t h tiw d e taicossa EOR ni esa erc ed eh t e tagi ti m o t si sihT .r evonru t yro tn evni gnivorp mi no sucof dna ,s ei tr eporp esahcrup
tnacav dna s ei tr eporp esahcrup egnahc-r enwo n e ew t eb ecna lab yro tn evni eh t egana m o t sna lp aciM ra tS ,ycn eiciff e la tipac
fo s mr e t nI .d los s tinu fo r eb mun eh t gnisa ercni yb tiforp ssorg esa ercni o t s mia ti ,r ev ewoH .d e ta ehr evo saw t ekra m e ta ts e
la er eh t n ehw ,ra ey tsa l doir ep e mas eh t o t d erap moc esa erc ed o t MP G s tc ep x e ynap moc eh t ,) e las( ss enisub muini modno C
d e tavon eR ya tsnia m eh t ro F .s ei tivi tca s e las gnicnahn e yb er eh t ,e las rof e ta ts e la er fo yro tn evni eh t e ta lu mucca dna r enna m
d ecna lab- l l ew a ni s ei tr eporp tnacav dna s ei tr eporp egnahc-r enwo esahcrup o t euni tnoc l liw ynap moc eh t ,H2 ro F .H1
ni nah t H2 ni s e las dna d los s tinu muini modnoc fo r eb mun eh t ni s esa ercni r e ta erg s e tapici tna dna ,ecrof s e las s ti n eh tgn er ts
o t ra ey lacsif sih t gni tra ts l ennosr ep gniniar t dna gnirih no sucof o t sna lp ynap moc eh t , tsac erof 32 /11Y F ra ey- l luf eh t nI
. tsac erof eh t h tiw eni l ni y l egra l
er ew nigra m tiforp eh t dna d los s ei tr eporp fo r eb mun eh t tah t d e ta ts ynap moc ehT . tsac erof ra ey- l luf eh t fo ,y l evi tc eps er
,)%1. 08( %3.37 dna )%7.77( %5.37 er ew tiforp ssorg dna s e las 3Q evi ta lu muc ,) e las( ss enisub muini modno C d e tavon eR
ya tsnia m eh t nI .s esahcrup y tr eporp fo r eb mun d e tc ep x e-nah t-ss e l a o t eud snoi ta tc ep x e s'ynap moc eh t wo l eb er ew s eud dna
s e xa t tah t sdna tsr ednu hcra es eR d erahS .)%1. 07( %6.96 saw s esn ep x e A& GS rof e tar ss ergorp ehT .)%6.58( %2.77 saw tn erap
eh t fo sr enwo o t e lba tubir t ta e mocni t en dna ,)%7.48( %8.67 saw tiforp gnirruc er ,)%1.48( %8.77 saw tiforp gni tar epo ,)s t lus er
ra ey- l luf eh t susr ev %4.77 er ew s e las 22 /11Y F 3Q evi ta lu muc( %8.37 er ew s e las 3Q evi ta lu muc , tsac erof ra ey- l luf eh t susr eV
tsacerof susrev tnemeveihca dna ssergorP
.%9.6 ta YoY d egnahcnu d enia m er oi tar A& GS ehT .ffa ts ni esa ercni
na o t gnida e l ,s ei tivi tca tn e m tiurc er lufss eccus o t eud d esa ercni s esn ep x e l ennosr ep ,d esahcrup s tinu muini modnoc
fo r eb mun r e l la ms a fo t lus er a sa s eud dna s e xa t ni eni lc ed a saw er eh t hguoh t la ,s esn ep x e A& GS fo s mr e t nI
25 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.s e las fo tsoc r ednu e las rof e ta ts e
la er no sso l noi tau lav )22 /11Y F 3Q evi ta lu muc ni n m4YP J( n m74YP J a d ekoob ynap moc eh t ,32 /11Y F 3Q evi ta lu muc ro F
.nigra m tiforp ni esa erc ed eh t o t d e tubir tnoc os la t ekra m
e ta ts e la er eh t ni s egnahc o t gnidrocca yg e tar ts s e las eh t gni tsujdA . tiforp gnizi mi xa m rof yg e tar ts tna trop mi na e moc eb
ya m e tar r evonru t t essa eh t gnisa ercni dna doir ep s e las eh t gnin e trohs ,s esa erc ed tinu r ep tiforp s e las eh t fi n ev e ,nwod
d e looc sah t ekra m e ta ts e la er d e ta ehr evo eh t er ehw noi tau tis a ni ,dnah r eh to eh t nO .s ecirp r ehgih ta l l es o t dna doir ep
s e las r egno l a erusn e o t saw tiforp gnizi mi xa m rof yg e tar ts y ek s'ynap moc eh t , t ekra m e ta ts e la er eh t ni nru tpu eh t gniruD
.s e las e ta ts e la er fo e tar r evonru t eh t gnisa ercni no d esucof ynap moc eh t ,d e looc t ekra m e ta ts e la er d e ta ehr evo eh t sA
.r e t e m erauqs r ep ecirp ni esa ercni eh t erof eb d esahcrup s ei tr eporp fo e las eh t o t eud ,) e las o t esahcrup morf sra ey ruof
o t f lah a dna e erh t tuoba s eka t hcihw( d los s tinu la to t eh t fo % 04– 03 rof tnuocca hcihw ,s ei tr eporp d esahcrup egnahc
-r enwo rof e lbarovaf n e eb sah MP G ,dnah r eh to eh t nO .esir o t d euni tnoc s ecirp s e las hguoh t la ,ekih ecirp a gnirud
d esahcrup saw tah t yro tn evni fo e las eh t o t eud l l ef MP G ,d los s tinu la to t eh t fo % 07– 06 tuoba rof tnuocca hcihw ,)ra ey
a tuoba s eka t e las o t esahcrup morf( s ei tr eporp d esahcrup tnacav rof sA .sh tno m evi tuc esnoc 04 rof gnisir n e eb sah a era
na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo- erp a rof r e t e m erauqs r ep ecirp egar eva eh t ,evoba d enoi tn e m sA
.swo l lof sa era 32 /11Y F 1Q ecnis nigra m tiforp ni eni lc ed
eh t rof snosa er ehT .3Q ni %9.21 dna ,2Q ni %4.31 ,1Q ni % 0.51 saw ti ,32 /11Y F ro F .4Q ni %1.41 dna ,3Q ni %6.61 ,2Q ni
%1.41 ,1Q ni %9.81 saw 22 /11Y F ni MP G y lr e trauQ .MP G ni eni lc ed a dna s e las r ewo l no l l ef tiforp ssorg , tnorf tiforp eh t nO
.s muini modnoc d enwo erp fo ecirp eh t ni esa ercni YoY a fo pordkcab a tsniaga w erg tinu r ep s e laS
 .YoY pu saw 32 /11Y F
2Q ni d los s tinu fo r eb mun eh t syas ynap moc eh t ,s e las e taroproc fo tcap mi eh t gnidu lc x e ,r ev ewoH .22 /11Y F 2Q
ni l ev e l hgih eh t o t d erap moc d esa erc ed d los s tinu fo r eb mun eh t ,32 /11Y F 2Q nI .YoY esa ercni %9.22 a h tiw ,hgih
saw d los s tinu fo r eb mun eh t dna ,s tn ei lc e taroproc o t d los er ew s ei tr eporp fo r eb mun egra l a ,22 /11Y F 2Q gniruD
 .YoY pu saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t ,s eir evi l ed
d eya l ed fo tcap mi eh t gnidu lc x e ,r ev ewoH .nwod saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t ,22 /11Y F 1Q
ni d er evi l ed s tinu fo r eb mun d e tav e l e eh t h tiw d erap mo C .22 /11Y F 1Q o t tuo d ehsup saw 12 /11Y F 4Q rof d e lud ehcs
y l lai tini s tinu e mos fo yr evi l ed sa , l ev e l hgih a ta saw dna %8.22 pu saw 22 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun ehT
.32 /11Y F 3Q ni 323 dna ,32 /11Y F 2Q ni 373 ,32 /11Y F 1Q ni 082 ,22 /11Y F 4Q
ni 392 ,22 /11Y F 3Q ni 352 ,22 /11Y F 2Q ni 015 ,22 /11Y F 1Q ni 933 :swo l lof sa saw r e trauq yb d los s tinu fo r eb mun ehT
.eru tcur ts s e las eh t fo gnin eh tgn er ts eh t o t eud
esa ercni o t d euni tnoc d los s tinu fo r eb mun eh t ,)r e ta l d ebircs ed eb o t( 22 /11Y F H1 ni sro tcaf laic eps gnidu lc xE .)YoY %8.11+(
n m3.43YP J fo
tinu r ep s e las d e tsop dna )YoY %4.11-( s tinu 679 d los ynap moc eh t ,3Q evi ta lu muc nI . tinu r ep s e las ni esa ercni
na e tips ed d los s tinu fo r eb mun eh t ni eni lc ed a gni tc e lf er ,YoY l l ef ss enisub ) e las( muini modno C d e tavon eR eh t ni s e laS
 )YoY %7.61-( nb6.4YP J : tiforp ssor G
)YoY %9. 0-( nb4.33YP J :s e laS
ssenisu b )elas ( muinimo dno C deta voneR
.s ei tr eporp
es eh t rof MP G eh t nwod hsup o t sdn e t sih t dna e mas eh t tuoba era )s evr es er ecnan e tnia m dna s e ef tn e m egana m
sa hcus( s tsoc d e xif ,oykoT ni nah t r ewo l era sa era lanoig er ni s tn er e lihW .snoi tar epo ediwnoi tan s'ynap moc eh t ni MP G
wo l y l evi ta l er h tiw s ei tic lanoig er ni s ei tr eporp fo noi troporp eh t ni esa ercni na saw MP G no gnihgi ew ro tcaf r eh tonA
 .)32 /11Y F 3Q evi ta lu muc
ni n m 09YP J fo tcap mi( MP G ni l laf YoY pp 0.3 . xorppa na ni d e t lus er hcihw ,s eici lop gni tnuocca ni egnahc eh t gniwo l lof
mr e t gno l eh t r evo d l eh s ei tr eporp rof noi taic erp ed fo gnikoob eh t o t d e tubir t ta y lira mirp saw MP G ni eni lc ed ehT
.swo l lof sa era MP G ni eni lc ed
eh t rof snosa er ehT .%5.55 o t MP G ni eni lc ed YoY pp6.4 a o t eud s e las r ehgih e tips ed l l ef tiforp ssorg , tnorf tiforp eh t nO
35 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
 .) 02 02 yraurb e F dna 91 02 hcraM n e ew t eb 0 0 0,84– 0 0 0,74 dnuora( l ev e l ci m ednap
- erp eh t gnihcaorppa ,32 02 yaM ni 977,54 d e la to t dna ,)146,33( 12 02 enu J ecnis gnir evoc er n e eb sah s muini modnoc
d enwo- erp fo yro tn evni   ehT .y l evi tc eps er ,sh tno m evi tuc esnoc h t63 dna h t73 eh t rof gnisa ercni ,)YoY %5.9+( n m7.54YP J
saw ecirp esahcrup egar eva eh t dna )YoY %1.8+( 0 05,9 07YP J saw a era na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo
- erp a rof r e t e m erauqs r ep ecirp egar eva eh t ,e lihwna eM .32 02 yaM ni 737,2 o t YoY %9.4 yb d esa erc ed a era na ti lopor t e m
oykoT eh t ni d los s muini modnoc d enwo- erp fo r eb mun eh t ,napa J tsaE rof krow t e N noi ta mrofnI e ta tsE la eR eh t o t gnidroccA
tnemnorivne ssenisuB
 )YoY %1.33-( nb6.1YP J : tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t e N
)YoY %2.33-( nb3.2YP J : tiforp gnirruc eR
)YoY %6.52-( nb8.2YP J : tiforp gni tar epO
)YoY %9.71-( nb6.4YP J : tiforp ssor G
)YoY %8.9-( nb9.42YP J :s e laS
 stluser 32/11YF H1
. tiforp dna s e las r ewo l ni gni t lus er ,sro ts evni lanr e t x e yb d enwo gnid liub eri tn e
na fo egar ekorb eh t sa hcus snoi tcasnar t egra l fo ecn esba eh t o t eud d esa erc ed snoissi m moc egar ekorb ,r ev ewoH .sro ts evni
lanr e t x e yb d enwo esoh t dna ynap moc eh t yb d los s ei tr eporp h tob rof ,YoY d esa ercni snoi tcasnar t egar ekorb fo r eb mun ehT
.hgih y l evi ta l er era snigra m tiforp os ,)ss enisub t essa
-non a si ti( e ta ts e la er eriuqca ton s eod ss enisub s ecivr eS yrosivdA eh t ,ss enisub tn e m ts evnI eh t dna ss enisub muini modno C
d e tavon eR eh t eki lnU .e ta ts e la er & ecnanif dna , tn e m egana m y tr eporp & gnisa e l sa hcus sa era ni gni t lusnoc dna
,s esa e l dna snoi tcasnar t e ta ts e la er gnir ekorb sa hcus ,s ess enisub e ef noissi m moc ni s egagn e ss enisub s ecivr eS yrosivdA ehT
)YoY %8.9-( n m 073YP J : tiforp ssor G
)YoY %6.5-( n m245YP J :) lanr e t x e( s e laS
 ssenisub secivreS yrosivdA
.e ta ts e
la er gni tar en eg- e mocni ni tn e m ts evni fo noi tp mus er eh t sa hcus ,s tc ejorp w en fo
noi tar edisnoc eh t h tiw d e taicossa s esn ep x e l ennosr ep o t eud )22 /11Y F 3Q evi ta lu muc ni n m5YP J fo sso l gni tar epo( n m5YP J
fo sso l gni tar epo d edroc er ynap moc ehT .ra ey suoiv erp eh t ni did ti sa s einap moc gni tar epo ni d e ts evni ynap moc
ehT
.s e las dna s la tn er hguorh t eun ev er e tar en eg o t m eh t s esu
dna ,a erA oykoT r e ta er G eh t ni y lira mirp ,s ei tr eporp gni tar en eg- e mocni ni s ts evni ynap moc eh t ,ss enisub tn e m ts evnI eh t nI
)22 /11Y F 3Q ni d edroc er eno N( d edroc er eno N : tiforp ssor G
)22 /11Y F 3Q ni d edroc er eno N( d edroc er eno N :s e laS
ssenisub tnemtsevnI
.)s ei tr eporp dn e-hgih d esahcrup ynap moc eh t na e m ton s eod
sih t ,r ev ewoh( erof eb nah t s egnar ecirp r ehgih y l thgi ls ni s ei tr eporp fo esahcrup cig e tar ts eh t dna oykoT ni y lnia m s ecirp
e ta ts e la er ni dn er t drawpu na o t eud d esa ercni ecirp esahcrup ehT .)YoY %2.5+( n m8.82YP J saw tinu r ep ecirp esahcrup ehT
 .s ecirp y tr eporp gnisir dna noi ti t ep moc d eifisn e tni o t eud s ei tr eporp gnisahcrup ni s ei t luciffid d esa ercni
sa hcus , tn e mnorivn e ss enisub eh t ni egnahc on n e eb sah er eh t tah t s ezingoc er ynap moc ehT . t ekra m e ta ts e la er nwod
-d e looc eh t ni e las fo e mi t eh t ta snigra m tiforp no sucof a h tiw s ei tr eporp d e tc e l es y l luf erac dna d los dna d esahcrup s tinu fo
r eb mun eh t n e ew t eb ecna lab d ezi tiroirp ynap moc eh t  esuac eb saw sihT .YoY nwod saw d esahcrup s ei tr eporp fo r eb mun ehT
.)YoY %4.11-( 679 d los dna )YoY %8.51-( s tinu 75 0,1 d esahcrup
aciM ra tS .)22 /11Y F-dn e morf ,%1.2+ ro ,s tinu 18+( yro tn evni ni s tinu 978,3 dah ynap moc eh t ,32 /11Y F 3Q-dn e tA .e las o t
eud nb2.82YP J tuoba d esa erc ed dna ,s ei tr eporp fo noi tavon er dna esahcrup eh t o t eud nb8.92YP J d esa ercni eu lav yra t eno m
ehT .)22 /11Y F-dn e morf ,%9.1+ ro ,nb6.1YP J+( nb7.48YP J o t d e tnuo ma e las rof e ta ts e la er s’aciM ra tS fo eu lav yra t eno m ehT
elas ro f etatse laeR
45 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
dna e erh t tuoba li tnu d los ton era tn er r ednu d eriuqca s muini modnoc e lihw ,d eriuqca era y eh t r e tfa ra ey a tuoba s ei tr eporp
es eh t s l l es dna esahcrup ri eh t gniwo l lof sh tno m ruof o t e erh t s muini modnoc tnacav no snoi tavon er s mrofr ep aciM ra tS
.32 /11Y F
H1 ni % 05 tuoba o t gnisir ,)sisab tinu a no( s ei tr eporp d esahcrup fo erahs gniworg a rof d e tnuocca s ei tr eporp tnacav
, t lus er a sA .s ei tinu troppo sgninra e s ti dnap x e o t s muini modnoc tnacav gni l l es dna gniyub no gni tar tn ecnoc n e eb os la sah
ynap moc eh t ,81 /11Y F ni gni tra tS .d e trap ed s tnan e t es eh t r e tfa m eh t d los dna d e tavon er dna ,s tnan e t gni tsi x e eh t morf tn er
d e tc e l loc ,d e tn er gni eb y l tn erruc er ew tah t s muini modnoc d esahcrup y l lar en eg ynap moc eh t ,71 /11Y F fo dn e eh t hguorhT
 .d ednap x e s esn ep x e l ennosr ep tub ,nwod er ew s eud dna s e xa t ,s esn ep x e A& GS nI .nb 0.2YP J
o t tiforp ssorg ni pord YoY %8.42 a fo t lus er a sa ,YoY nwod os la saw tiforp gni tar epO .MP G ni pord a dna d los s tinu fo
r eb mun eh t ni esa erc ed a o t eud ,) e las( ss enisub d e tavon eR eh t ni dna ,sdradna ts gni tnuocca ni s egnahc fo tcap mi eh t o t eud
,) la tn er( ss enisub muini modno C d e tavon eR eh t ni d esa erc ed tiforp ssor G .d los s tinu fo r eb mun r ew ef a no ss enisub e las eh t
ni eni lc ed s e las a o t eud ,ss enisub la tn er eh t ni s e las r ehgih e tips ed YoY l l ef ss enisub muini modno C d e tavon eR eh t ni s e laS
 )YoY % 0.52-( nb8.2YP J : tiforp gni tar epO
)oY %9.81-( nb3.4YP J : tiforp ssor G
)YoY % 0. 01-( nb5.42YP J :s e laS
 ssenisub muinimodnoC detavoneR
tnemges yb stluseR
.nigra m tiforp ni esa erc ed
eh t h tiw d e taicossa EOR ni esa erc ed eh t e tagi ti m o t si sihT .r evonru t yro tn evni gnivorp mi no sucof dna ,s ei tr eporp esahcrup
tnacav dna s ei tr eporp esahcrup egnahc-r enwo n e ew t eb ecna lab yro tn evni eh t egana m o t sna lp aciM ra tS ,ycn eiciff e la tipac
fo s mr e t nI .d los s tinu fo r eb mun eh t gnisa ercni yb tiforp ssorg esa ercni o t s mia ti ,r ev ewoH .d e ta ehr evo saw t ekra m e ta ts e
la er eh t n ehw ,ra ey tsa l doir ep e mas eh t o t d erap moc esa erc ed o t MP G s tc ep x e ynap moc eh t ,) e las( ss enisub muini modno C
d e tavon eR ya tsnia m eh t ro F .s ei tivi tca s e las gnicnahn e yb er eh t ,e las rof e ta ts e la er fo yro tn evni eh t e ta lu mucca dna
r enna m d ecna lab- l l ew a ni s ei tr eporp tnacav dna s ei tr eporp egnahc-r enwo esahcrup o t euni tnoc l liw ynap moc eh t ,H2 ro F
. H1
ni nah t H2 ni s e las dna d los s tinu muini modnoc fo r eb mun eh t ni s esa ercni r e ta erg s e tapici tna dna ,ecrof s e las s ti n eh tgn er ts
o t ra ey lacsif sih t gni tra ts l ennosr ep gniniar t dna gnirih no sucof o t sna lp ynap moc eh t , tsac erof 32 /11Y F ra ey- l luf eh t nI
.na lp eh t h tiw eni l ni d ess ergorp MP G dna d los dna d esahcrup
s ei tr eporp fo r eb mun eh t tah t d e ta ts ynap moc ehT . tsac erof ra ey- l luf eh t fo ,y l evi tc eps er ,%6. 05 dna %6.94 er ew tiforp
ssorg dna s e las H1 ,) e las( ss enisub muini modno C d e tavon eR ya tsnia m eh t nI .% 0.35 saw tn erap eh t fo sr enwo o t e lba tubir t ta
e mocni t en dna ,%7.25 saw tiforp gnirruc er ,%8.35 saw tiforp gni tar epo ,%5.94 er ew s e las H1 , tsac erof ra ey- l luf eh t susr eV
 . tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t en rof % 0.6 01 dna , tiforp gnirruc er
rof % 0.5 01 , tiforp gni tar epo rof %3.7 01 ,s e las rof %6. 0 01 saw tsac erof 32 /11Y F H1 eh t susr ev e tar tn e m ev eihca ehT
kooltuo H2 dna tsacerof susrev tnemeveihca dna ssergorP
 .oga ra ey a d ekoob s evi tavir ed fo noi tau lav
no niag n m 05YP J eh t o t noi tca er ni dna tiforp gni tar epo ni eni lc ed eh t fo t lus er a sa ,YoY l l ef tiforp gnirruc eR .ffa ts ni
esa ercni na o t gnida e l ,s ei tivi tca tn e m tiurc er lufss eccus o t eud d esa ercni s esn ep x e l ennosr ep ,d esahcrup s tinu muini modnoc
fo r eb mun r e l la ms a no s eud dna s e xa t ni eni lc ed a saw er eh t hguoh t la ,s esn ep x e A& GS fo s mr e t nI . tiforp ssorg ni eni lc ed
eh t o t eud ,YoY nwod os la saw tiforp gni tar epO . t ekra m e ta ts e la er eh t ni gni ta ehr evo fo esn es a dah hcihw ,ra ey suoiv erp
eh t fo doir ep e mas eh t o t d erap moc MP G eh t ni noi taroir e t ed a dna s e las r ewo l no l l ef tiforp ssor G .d los s tinu fo r eb mun
eh t ni esa erc ed a morf gni t lus er ss enisub ) e las( muini modno C d e tavon eR eh t ni s e las r ewo l o t eud YoY d eni lc ed s e laS
yrammus stluseR
.esab tn e m egana m
s ti gnicnahn e sdrawo t gnikrow , tn e la t po l ev ed dna tiurc er dna noi tadnuof laicnanif s ti n eh tgn er ts o t s troff e d e tov ed
ti ,y l lanoi tiddA .noi tcnuf egar ekorb s eiraidisbus s ti gnidnap x e dna sa era s e las s ti gnin ep e ed hguorh t s ei tr eporp s e las fo
y lppus e lba ts a edivorp dna s ei tr eporp eriuqca y l evi tca o t gni mia ,ss enisub gnisuoH noi tavon eR s ti no d esucof ynap moc ehT
sevitaitinI
55 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.r e t e m erauqs r ep ecirp ni esa ercni eh t erof eb d esahcrup s ei tr eporp fo e las eh t o t eud ,) e las o t esahcrup morf sra ey ruof
o t f lah a dna e erh t tuoba s eka t hcihw( d los s tinu la to t eh t fo % 04– 03 rof tnuocca hcihw ,s ei tr eporp d esahcrup egnahc
-r enwo rof e lbarovaf n e eb sah MP G ,dnah r eh to eh t nO .esir o t d euni tnoc s ecirp s e las hguoh t la ,ekih ecirp a gnirud
d esahcrup saw tah t yro tn evni fo e las eh t o t eud l l ef MP G ,d los s tinu la to t eh t fo % 07– 06 tuoba rof tnuocca hcihw ,)ra ey
a tuoba s eka t e las o t esahcrup morf( s ei tr eporp d esahcrup tnacav rof sA .sh tno m evi tuc esnoc 73 rof gnisir n e eb sah a era
na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo- erp a rof r e t e m erauqs r ep ecirp egar eva eh t ,evoba d enoi tn e m sA
 . l ev e l e tairporppa na sa s e es ynap moc eh t hcihw ,%31 dnuora
ta d edn er t MP G .32 /11Y F 2Q ni %4.31 dna ,% 0.51 saw 32 /11Y F 1Q ni MP G dna ,4Q ni %1.41 dna ,3Q ni %6.61 ,2Q ni
%1.41 ,1Q ni %9.81 saw 22 /11Y F ni MP G y lr e trauQ .MP G ni eni lc ed a dna s e las r ewo l no l l ef tiforp ssorg , tnorf tiforp eh t nO
 .erof eb nah t s ecirp r ehgih ta s ei tr eporp tnacav d eriuqca y l lacig e tar ts
ynap moc ehT .s muini modnoc d enwo erp fo ecirp eh t ni esa ercni YoY a fo pordkcab a tsniaga w erg tinu r ep s e laS
 .YoY pu saw 32 /11Y F
2Q ni d los s tinu fo r eb mun eh t syas ynap moc eh t ,s e las e taroproc fo tcap mi eh t gnidu lc x e ,r ev ewoH .22 /11Y F 2Q
ni l ev e l hgih eh t o t d erap moc d esa erc ed d los s tinu fo r eb mun eh t ,32 /11Y F 2Q nI .YoY esa ercni %9.22 a h tiw ,hgih
saw d los s tinu fo r eb mun eh t dna ,s tn ei lc e taroproc o t d los er ew s ei tr eporp fo r eb mun egra l a ,22 /11Y F 2Q gniruD
 .YoY pu saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t ,s eir evi l ed
d eya l ed fo tcap mi eh t gnidu lc x e ,r ev ewoH .nwod saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t ,22 /11Y F 1Q
ni d er evi l ed s tinu fo r eb mun d e tav e l e eh t h tiw d erap mo C .22 /11Y F 1Q o t tuo d ehsup saw 12 /11Y F 4Q rof d e lud ehcs
y l lai tini s tinu e mos fo yr evi l ed sa , l ev e l hgih a ta saw dna %8.22 pu saw 22 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun ehT
.32 /11Y F 2Q ni 373 dna ,32 /11Y F 1Q ni 082 ,22 /11Y F 4Q
ni 392 ,22 /11Y F 3Q ni 352 ,22 /11Y F 2Q ni 015 ,22 /11Y F 1Q ni 933 :swo l lof sa saw r e trauq yb d los s tinu fo r eb mun ehT
.)YoY
%6.51+( n m3.43YP J fo
tinu r ep s e las d e tsop dna )YoY %1.32-( s tinu 356 d los ynap moc eh t ,H1 nI . tinu r ep s e las ni esa ercni
na e tips ed d los s tinu fo r eb mun eh t ni eni lc ed a gni tc e lf er ,YoY l l ef ss enisub ) e las( muini modno C d e tavon eR eh t ni s e laS
 )YoY %6.22-( nb2.3YP J : tiforp ssor G
)YoY %1.11-( nb4.22YP J :s e laS
ssenisu b )elas ( muinimo dno C deta voneR
  .s ei tr eporp es eh t rof MP G eh t nwod hsup o t sdn e t sih t dna e mas eh t tuoba era )s evr es er ecnan e tnia m
dna s e ef tn e m egana m sa hcus( s tsoc d e xif ,oykoT ni nah t r ewo l era sa era lanoig er ni s tn er e lihW  .snoi tar epo ediwnoi tan
s'ynap moc eh t ni MP G wo l y l evi ta l er h tiw s ei tic lanoig er ni s ei tr eporp fo noi troporp eh t ni esa ercni na saw MP G no gnihgi ew
ro tcaf r eh tonA .)22 /11Y F H1 ni n m 06YP J fo tcap mi( MP G ni l laf YoY pp 0.3 . xorppa na ni d e t lus er hcihw ,s eici lop gni tnuocca
ni egnahc eh t gniwo l lof mr e t gno l eh t r evo d l eh s ei tr eporp rof noi taic erp ed fo gnikoob eh t o t d e tubir t ta y lira mirp saw
MP G ni eni lc ed ehT .%9.55 o t MP G ni eni lc ed YoY pp8.4 a o t eud s e las r ehgih e tips ed l l ef tiforp ssorg , tnorf tiforp eh t nO
.d esa ercni
s e las ss enisub la tn er , t lus er a sA .yro tn evni ni s tinu fo r eb mun eh t dna e las rof e ta ts e la er fo yro tn evni eh t ni esa ercni
YoY a o t gnida e l ,s ei tic lanoig er roja m ni dna a era na ti lopor t e m oykoT eh t ni s ei tr eporp gnisahcrup no d esucof aciM ra tS
 )YoY %3.4-( nb2.1YP J : tiforp ssor G
)YoY % 0.4+( nb1.2YP J :s e laS
ssenisu b )latner ( muinimo dno C deta voneR
).esahcrup rof s ei tr eporp tnacav rof %21 tuoba
dna esahcrup rof s ei tr eporp egnahc-r enwo rof % 02 r ednu tsuj saw MP G 22 /11Y F s ev ei l eb hcra es eR d erahS ,a tad ynap moc
no d esaB(  .esahcrup rof s ei tr eporp tnacav rof % 01–8 susr ev ,%61–41 si esahcrup rof s ei tr eporp egnahc-r enwo rof esahcrup
fo e mi t eh t ta noi tc ejorp MP G s'ynap moc ehT .) esahcrup rof s ei tr eporp egnahc-r enwo( esahcrup fo e mi t eh t ta d esa e l gni eb
era tah t s tinu o t d erap moc esahcrup fo e mi t eh t ta noi ti t ep moc esn e tni ero m o t tc ejbus era esahcrup rof s ei tr eporp tnacav
,) e las( muini modno C d e tavon eR nI .d errucni era s e ef ecnan e tnia m d e taicossa e lihw s ei tr eporp es eh t hguorh t d e tar en eg
eun ev er tn er fo kca l eh t yb d e tc effa eb l liw sgninra e la tn eR .s ess enisub e las dna la tn er eh t h tob fo sgninra e no tcap mi na
evah l liw s muini modnoc tnacav fo gni l l es dna gniyub d eifisn e tni s’ynap moc ehT .d esahcrup era y eh t r e tfa sra ey ruof o t f lah a
65 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
 .y lppus fo ega trohs a l e ef o t gniuni tnoc ,) 02 02 yraurb e F dna 91 02 hcraM n e ew t eb
0 0 0,84– 0 0 0,74 dnuora( l ev e l ci m ednap- erp eh t hca er ton did ti tub ,32 02 yraurb e F ni 067,44 d e la to t dna ,)146,33(
12 02 enu J ecnis gnir evoc er n e eb sah s muini modnoc d enwo- erp fo yro tn evni  ehT .h tno m suoiv erp eh t susr ev gnini lc ed 32 02
yrauna J dna 22 02 r eb m evo N n e ew t eb ecirp y lh tno m eh t h tiw ,esruoc s ti nur gnivah fo sngis d ewohs ecirp egar eva eh t ni
esa ercni eh t ,dias gni eb tahT .y l evi tc eps er ,sh tno m evi tuc esnoc dr33 dna h t43 eh t rof gnisa ercni ,)YoY %3.8+( n m6.34YP J saw
ecirp esahcrup egar eva eh t dna )YoY %9.9+( 0 01,786YP J saw a era na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo- erp
a rof r e t e m erauqs r ep ecirp egar eva eh t ,e lihwna eM .32 02 yraurb e F ni 042,3 o t YoY % 0.3 yb d esa ercni a era na ti lopor t e m
oykoT eh t ni d los s muini modnoc d enwo- erp fo r eb mun eh t ,napa J tsaE rof krow t e N noi ta mrofnI e ta tsE la eR eh t o t gnidroccA
 )YoY %8. 04-( n m797YP J : tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t e N
)YoY %4.14-( nb1.1YP J : tiforp gnirruc eR
)YoY %2.53-( nb4.1YP J : tiforp gni tar epO
)YoY %2.42-( nb2.2YP J : tiforp ssor G
)YoY %2. 01-( nb1.11YP J :s e laS
 stluser 32/11YF 1Q
.ecrof
s e las d ecrofni er fo kcab eh t no YoY d esa ercni ynap moc eh t yb d los s tinu muini modnoc d e tavon er rof snoi tcasnar t egar ekorb
fo r eb mun eh t ,e lihwna eM .sro ts evni lanr e t x e yb d enwo s ei tr eporp rof ,gnid liub eri tn e na fo e las eh t sa hcus ,ra ey tsa l
d e ldnah n e eb dah tah t ) ecirp tinu hgih y l evi ta l er h tiw( snoi tcasnar t egra l fo ecn esba eh t o t eud l l ef snoissi m moc egar ekorB
.hgih y l evi ta l er era snigra m tiforp os ,)ss enisub t essa
-non a si ti( e ta ts e la er eriuqca ton s eod ss enisub s ecivr eS yrosivdA eh t ,ss enisub tn e m ts evnI eh t dna ss enisub muini modno C
d e tavon eR eh t eki lnU .e ta ts e la er & ecnanif dna , tn e m egana m y tr eporp & gnisa e l sa hcus sa era ni gni t lusnoc dna
,s esa e l dna snoi tcasnar t e ta ts e la er gnir ekorb sa hcus ,s ess enisub e ef noissi m moc ni s egagn e ss enisub s ecivr eS yrosivdA ehT
)YoY %2.6-( n m143YP J : tiforp gni tar epO
)YoY %1.2+( n m683YP J :) lanr e t x e( s e laS
 ssenisub secivreS yrosivdA
.e ta ts e
la er gni tar en eg- e mocni ni tn e m ts evni fo noi tp mus er eh t sa hcus ,s tc ejorp w en fo
noi tar edisnoc eh t h tiw d e taicossa s esn ep x e
l ennosr ep o t eud saw sso l
gni tar epo ehT .ra ey suoiv erp eh t ni did ti sa s einap moc gni tar epo ni d e ts evni ynap moc
ehT
.s e las dna s la tn er hguorh t eun ev er e tar en eg o t m eh t s esu
dna ,a erA oykoT r e ta er G eh t ni y lira mirp ,s ei tr eporp gni tar en eg- e mocni ni s ts evni ynap moc eh t ,ss enisub tn e m ts evnI eh t nI
 )22 /11Y F H1 ni n m3YP J fo sso l gni tar epo( n m4YP J :sso l gni tar epO
)22 /11Y F H1 ni d edroc er eno N( d edroc er eno N :s e laS
ssenisub tnemtsevnI
 . tn e mnorivn e ss enisub
eh t ni s egnahc yna fo esuac eb ton dna ,d los dna d esahcrup s tinu fo r eb mun eh t n e ew t eb ecna lab d ezi tiroirp ynap moc
eh t esuac eb saw sih t tub ,YoY nwod saw d esahcrup s tinu fo r eb mun ehT .)YoY %4.71-( 082 d los dna )YoY %2.32-( s tinu 433
d esahcrup aciM ra tS .)22 /11Y F-dn e morf ,%4.1+ ro ,s tinu 45+( yro tn evni ni s tinu 258,3 dah ynap moc eh t ,32 /11Y F 1Q-dn e
tA .)22 /11Y F-dn e morf ,%2.1+ ro ,nb 0.1YP J+( nb2.48YP J o t d e tnuo ma e las rof e ta ts e la er s’aciM ra tS fo eu lav yra t eno m ehT
.)YoY %1.32-( 356 d los dna )YoY %3.71-( s tinu 647 d esahcrup
aciM ra tS .)22 /11Y F-dn e morf ,%4.2+ ro ,s tinu 39+( yro tn evni ni s tinu 198,3 dah ynap moc eh t ,32 /11Y F 2Q-dn e tA .e las o t
eud nb8.81YP J tuoba d esa erc ed dna ,s ei tr eporp fo noi tavon er dna esahcrup eh t o t eud nb7. 02YP J d esa ercni eu lav yra t eno m
ehT .)22 /11Y F-dn e morf ,%3.2+ ro ,nb9.1YP J+( nb1.58YP J o t d e tnuo ma e las rof e ta ts e la er s’aciM ra tS fo eu lav yra t eno m ehT
elas ro f etatse laeR
.s e las
fo tsoc r ednu e las rof e ta ts e la er no sso l noi tau lav )22 /11Y F H1 ni n m4YP J( n m62YP J a d ekoob ynap moc eh t ,32 /11Y F H1 ro F
75 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
ni egnahc eh t gniwo l lof mr e t gno l eh t r evo d l eh s ei tr eporp rof noi taic erp ed fo gnikoob eh t o t d e tubir t ta y lira mirp saw
MP G ni eni lc ed ehT .%7.55 o t MP G ni eni lc ed YoY pp5.5 a o t eud s e las r ehgih e tips ed l l ef tiforp ssorg , tnorf tiforp eh t nO
.d esa ercni
s e las ss enisub la tn er , t lus er a sA .yro tn evni ni s tinu fo r eb mun eh t dna e las rof e ta ts e la er fo yro tn evni eh t ni esa ercni
YoY a o t gnida e l ,s ei tic lanoig er roja m ni dna a era na ti lopor t e m oykoT eh t ni s ei tr eporp gnisahcrup no d esucof aciM ra tS
 )YoY %8.6-( n m865YP J : tiforp ssor G
)YoY %5.2+( nb 0.1YP J :s e laS
ssenisu b )latner ( muinimo dno C deta voneR
).esahcrup rof s ei tr eporp tnacav rof %21 tuoba
dna esahcrup rof s ei tr eporp egnahc-r enwo rof % 02 r ednu tsuj saw MP G 22 /11Y F s ev ei l eb hcra es eR d erahS ,a tad ynap moc
no d esaB(  .esahcrup rof s ei tr eporp tnacav rof % 01–8 susr ev ,%61–41 si esahcrup rof s ei tr eporp egnahc-r enwo rof esahcrup
fo e mi t eh t ta noi tc ejorp MP G s'ynap moc ehT .) esahcrup rof s ei tr eporp egnahc-r enwo( esahcrup fo e mi t eh t ta d esa e l gni eb
era tah t s tinu o t d erap moc esahcrup fo e mi t eh t ta noi ti t ep moc esn e tni ero m o t tc ejbus era esahcrup rof s ei tr eporp tnacav
,) e las( muini modno C d e tavon eR nI .d errucni era s e ef ecnan e tnia m d e taicossa e lihw s ei tr eporp es eh t hguorh t d e tar en eg
eun ev er tn er fo kca l eh t yb d e tc effa eb l liw sgninra e la tn eR .s ess enisub e las dna la tn er eh t h tob fo sgninra e no tcap mi
na evah l liw s muini modnoc tnacav fo gni l l es dna gniyub d eifisn e tni s’ynap moc ehT .d esahcrup era y eh t r e tfa sra ey f lah a dna
ow t tuoba li tnu d los ton era tn er r ednu d eriuqca s muini modnoc e lihw ,d eriuqca era y eh t r e tfa sh tno m enin tuoba s ei tr eporp
es eh t s l l es dna esahcrup ri eh t gniwo l lof sh tno m ruof o t e erh t s muini modnoc tnacav no snoi tavon er s mrofr ep aciM ra tS
.32 /11Y F 1Q ni %54 tuoba o t gnisir ,s ei tr eporp d esahcrup fo erahs gniworg a rof d e tnuocca s muini modnoc tnacav
, t lus er a sA .s ei tinu troppo sgninra e s ti dnap x e o t s muini modnoc tnacav gni l l es dna gniyub no gni tar tn ecnoc n e eb os la sah
ynap moc eh t ,81 /11Y F ni gni tra tS .d e trap ed s tnan e t es eh t r e tfa m eh t d los dna d e tavon er dna ,s tnan e t gni tsi x e eh t morf tn er
d e tc e l loc ,d e tn er gni eb y l tn erruc er ew tah t s muini modnoc d esahcrup y l lar en eg ynap moc eh t ,71 /11Y F fo dn e eh t hguorhT
 .d ednap x e s esn ep x e l ennosr ep tub ,nwod er ew s eud dna s e xa t ,s esn ep x e A& GS nI .nb 0.2YP J o t tiforp ssorg
ni pord YoY %8.42 a fo t lus er a sa ,YoY nwod os la saw tiforp gni tar epO .d los s tinu fo r eb mun r ew ef a no ss enisub e las eh t
ni eni lc ed s e las a o t eud ,ss enisub la tn er eh t ni s e las r ehgih e tips ed YoY l l ef ss enisub muini modno C d e tavon eR eh t ni s e laS
 )YoY %1.33-( nb3.1YP J : tiforp gni tar epO
)YoY %2. 01-( nb9. 01YP J :s e laS
 ssenisub muinimodnoC detavoneR
tnemges yb stluseR
.H1 ni nah t H2 ni s e las dna d los s tinu muini modnoc fo r eb mun eh t ni s esa ercni r e ta erg s e tapici tna dna ,ecrof
s e las s ti n eh tgn er ts o t ra ey lacsif sih t gni tra ts l ennosr ep gniniar t dna gnirih no sucof o t sna lp ynap moc ehT .na lp h tiw eni l
ni er ew MP G eh t sa l l ew sa ,d los dna d esahcrup s tinu muini modnoc fo r eb mun eh t syas ynap moc eh t tub ,s t egra t ra ey- l luf eh t
fo ,y l evi tc eps er ,%7.32 dna %7.12 ta er ew tiforp ssorg dna s e las 1Q ,ss enisub ) e las( muini modno C d e tavon eR ya tsnia m eh t nI
 .%5.62 saw tn erap eh t fo sr enwo o t e lba tubir t ta
e mocni t en dna ,%2.62 saw tiforp gnirruc er ,% 0.62 saw tiforp gni tar epo ,% 0.22 er ew s e las 1Q , tsac erof ra ey- l luf eh t susr eV
 . tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t en rof % 0.35 dna
, tiforp gnirruc er rof %3.25 , tiforp gni tar epo rof % 0.25 ,s e las rof %7.44 saw tsac erof 32 /11Y F H1 eh t susr ev e tar ss ergorp ehT
tsacerof susrev ssergorP
 .oga ra ey a d ekoob s evi tavir ed fo noi tau lav no niag n m93YP J eh t o t noi tca er ni dna tiforp gni tar epo ni eni lc ed
eh t fo t lus er a sa ,YoY l l ef tiforp gnirruc eR .d esahcrup s tinu muini modnoc fo r eb mun r e l la ms a no s eud dna s e xa t ni eni lc ed a
yb t esffo y l lai trap y lno er ew hcihw ,s esn ep x e l ennosr ep r ehgih o t d e tubir t ta saw s esn ep x e A& GS ni esir ehT .s esn ep x e A& GS
ni esa ercni YoY %7.6 a dna tiforp ssorg ni eni lc ed eh t o t eud ,YoY nwod os la saw tiforp gni tar epO .MP G eh t ni noi taroir e t ed
a dna s e las r ewo l no l l ef tiforp ssor G .ss enisub ) e las( muini modno C d e tavon eR eh t ni s e las r ewo l o t eud YoY d eni lc ed s e laS
.esab laicnanif eh t yfi trof o t oi tar y tiuq e s ti esa ercni dna
nia tnia m o t evor ts os la tI .s eiraidisbus s ti fo noi tcnuf egar ekorb eh t gnicnahn e dna sa era s e las gnidnap x e hguorh t d ei lppus
dna d esahcrup s tinu muini modnoc esa ercni o t gnikrow ,ss enisub muini modno C d e tavon eR eh t no d esucof ynap moc ehT
85 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
d e tavon eR eh t eki lnU .e ta ts e la er & ecnanif dna , tn e m egana m y tr eporp & gnisa e l sa hcus sa era ni gni t lusnoc dna
,s esa e l dna snoi tcasnar t e ta ts e la er gnir ekorb sa hcus ,s ess enisub e ef noissi m moc ni s egagn e ss enisub s ecivr eS yrosivdA ehT
)YoY %5.72-( n m751YP J : tiforp gni tar epO
)YoY %9.5-( n m871YP J :) lanr e t x e( s e laS
 ssenisub secivreS yrosivdA
.e ta ts e
la er gni tar en eg- e mocni ni tn e m ts evni fo noi tp mus er eh t sa hcus ,s tc ejorp w en fo
noi tar edisnoc eh t h tiw d e taicossa s esn ep x e
l ennosr ep o t eud saw sso l
gni tar epo ehT .ra ey suoiv erp eh t ni did ti sa s einap moc gni tar epo ni d e ts evni ynap moc
ehT
.s e las dna s la tn er hguorh t eun ev er e tar en eg o t m eh t s esu
dna ,a erA oykoT r e ta er G eh t ni y lira mirp ,s ei tr eporp gni tar en eg- e mocni ni s ts evni ynap moc eh t ,ss enisub tn e m ts evnI eh t nI
 )22 /11Y F 1Q ni n m1YP J fo sso l gni tar epo( n m2YP J :sso l gni tar epO
)22 /11Y F 1Q ni d edroc er eno N( d edroc er eno N :s e laS
ssenisub tnemtsevnI
 . tn e mnorivn e ss enisub
eh t ni s egnahc yna fo esuac eb ton dna ,d los dna d esahcrup s tinu fo r eb mun eh t n e ew t eb ecna lab d ezi tiroirp ynap moc
eh t esuac eb saw sih t tub ,YoY nwod saw d esahcrup s tinu fo r eb mun ehT .)YoY %4.71-( 082 d los dna )YoY %2.32-( s tinu 433
d esahcrup aciM ra tS .)22 /11Y F-dn e morf ,%4.1+ ro ,s tinu 45+( yro tn evni ni s tinu 258,3 dah ynap moc eh t ,32 /11Y F 1Q-dn e
tA .)22 /11Y F-dn e morf ,%2.1+ ro ,nb 0.1YP J+( nb2.48YP J o t d e tnuo ma e las rof e ta ts e la er s’aciM ra tS fo eu lav yra t eno m ehT
elas ro f etatse laeR
.s e las
fo tsoc r ednu e las rof e ta ts e la er no sso l noi tau lav )22 /11Y F 1Q ni n m4YP J( n m9YP J a d ekoob ynap moc eh t ,32 /11Y F 1Q nI
.s ei tr eporp egnahc-r enwo
rof MP G gnor ts o t d e tubir tnoc hcihw ,esir o t nag eb ecirp eh t erof eb d eriuqca ti tah t s ei tr eporp d los ynap moc ehT  .wor
a ni sh tno m 43 rof gnisir n e eb sah a era na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo- erp a fo mqs r ep ecirp egar eva
eh t ,r ei lra e d essucsid sA .d esahcrup era y eh t r e tfa d los eb o t ) esahcrup fo e mi t eh t ta d esa e l gni eb er ew tah t s tinu( s ei tr eporp
egnahc-r enwo rof sh tno m xis dna sra ey ow t tuoba fo egar eva na s eka t tI . l ev e l e tairporppa na sa s e es ynap moc eh t hcihw ,%51
dnuora ta d edn er t MP G .% 0.51 saw 32 /11Y F 1Q ni MP G dna ,4Q ni %1.41 dna ,3Q ni %6.61 ,2Q ni %1.41 ,1Q ni %9.81 saw
22 /11Y F ni MP G y lr e trauQ .)YoY pp9.3-( % 0.51 o t MP G ni eni lc ed a dna s e las r ewo l no l l ef tiforp ssorg , tnorf tiforp eh t nO
 .erof eb nah t s ecirp r ehgih ta s ei tr eporp tnacav d eriuqca y l lacig e tar ts
ynap moc ehT .s muini modnoc d enwo erp fo ecirp eh t ni esa ercni YoY a fo pordkcab a tsniaga w erg tinu r ep s e laS
 .YoY pu saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t
,s eir evi l ed d eya l ed fo tcap mi eh t gnidu lc x e ,r ev ewoH .nwod saw 32 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun eh t ,22 /11Y F
1Q ni d er evi l ed s tinu fo r eb mun d e tav e l e eh t h tiw d erap mo C .22 /11Y F 1Q o t tuo d ehsup saw 12 /11Y F 4Q rof d e lud ehcs
y l lai tini s tinu e mos fo yr evi l ed sa , l ev e l hgih a ta saw dna %8.22 pu saw 22 /11Y F 1Q ni d er evi l ed s tinu fo r eb mun ehT
.)YoY
%3.7+( n m2.53YP J fo
tinu r ep s e las d e tsop dna )YoY %4.71-( s tinu 082 d los ynap moc eh t ,1Q nI . tinu r ep s e las ni esa ercni
na e tips ed d los s tinu fo r eb mun eh t ni eni lc ed a gni tc e lf er ,YoY l l ef ss enisub ) e las( muini modno C d e tavon eR eh t ni s e laS
 )YoY %6.92-( nb5.1YP J : tiforp ssor G
)YoY %4.11-( nb9.9YP J :s e laS
ssenisu b )elas ( muinimo dno C deta voneR
  .s ei tr eporp es eh t rof MP G eh t nwod hsup o t sdn e t sih t dna e mas
eh t tuoba era )s evr es er ecnan e tnia m dna s e ef tn e m egana m sa hcus( s tsoc d e xif ,oykoT ni nah t r ewo l era sa era lanoig er ni
s tn er e lihW .snoi tar epo ediwnoi tan s'ynap moc eh t ni MP G wo l y l evi ta l er h tiw s ei tic lanoig er ni s ei tr eporp fo noi troporp eh t
ni esa ercni na saw MP G no gnihgi ew ro tcaf r eh tonA .MP G ni l laf YoY pp3 . xorppa na ni d e t lus er hcihw ,s eici lop gni tnuocca
95 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.22 /11Y F ni % 05–54 o t gnisir ,s ei tr eporp d esahcrup fo erahs gniworg a rof d e tnuocca s muini modnoc tnacav
, t lus er a sA .s ei tinu troppo sgninra e s ti dnap x e o t s muini modnoc tnacav gni l l es dna gniyub no gni tar tn ecnoc n e eb os la sah
ynap moc eh t ,81 /11Y F ni gni tra tS .d e trap ed s tnan e t es eh t r e tfa m eh t d los dna d e tavon er dna ,s tnan e t gni tsi x e eh t morf tn er
d e tc e l loc ,d e tn er gni eb y l tn erruc er ew tah t s muini modnoc d esahcrup y l lar en eg ynap moc eh t ,71 /11Y F fo dn e eh t hguorhT
.s eud
dna ,s e xa t ,s esn ep x e l ennosr ep r ehgih d enoi tn e m erofa eh t fo esuac eb y lnia m )YoY %7.32+( nb2.3YP J y lno er ew s esn ep x e
A& GS e lihw ,)YoY %3.43+( nb2.9YP J o t tiforp ssorg ni esa ercni na o t gniwo esor tiforp gni tar epO .YoY pu er ew eun ev er
s e las dna eun ev er ss enisub la tn er h tob esuac eb eun ev er ni esa ercni YoY a d e tsop ss enisub muini modno C d e tavon eR ehT
 )YoY %7. 04+( nb 0.6YP J : tiforp gni tar epO
)YoY %8.13+( nb4.74YP J :s e laS
 ssenisub muinimodnoC detavoneR
tnemges yb stluseR
. tsac erof ynap moc eh t evoba l l ew d edna l ra luci trap ni ss enisub ) e las( muini modno C
d e tavon eR ehT . tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t en dna , tiforp gnirruc er , tiforp gni tar epo ,s e las rof %6.9 01 dna
,%2. 011 ,%1.8 01 ,%7.1 01 er ew )22 02 hcraM ni d esiv er( tsac erof ynap moc ra ey- l luf 22 /11Y F eh t susr ev s e tar tn e m ev eihcA
etar tneme veihca tsacero f yna pmoc raey-lluF
.)12 /11Y F ni n m77YP J( n m29YP J fo s evi tavir ed fo noi tau lav
no niag a dna tiforp gni tar epo r ehgih o t eud d esa ercni tiforp gnirruc eR .d esahcrup s tinu fo r eb mun eh t ni esa ercni na
d e tc e lf er s eud dna s e xa t r ehgiH .ecna mrofr ep 22 /11Y F no d esab sro tc erid dna s e eyo lp m e rof s esunob d ekni l- ecna mrofr ep
r ehgih o t eud esor s esn ep x e l ennosr eP  .s eud dna ,s e xa t ,s esn ep x e l ennosr ep r ehgih yb y lnia m n evird ,d esa ercni
s esn ep x e A& GS .YoY %7.51 y lno esor s esn ep x e A& GS e lihw , tiforp ssorg ni esa ercni YoY % 0.13 a h tiw eni l ni d esa ercni tiforp
gni tar epO .ss enisub ) e las( muini modnoc d e tavon eR eh t ni d los tinu r ep tiforp gniruc es no d esucof yg e tar ts s e las a o t sknah t
d esa ercni os la tiforp ssor G .ss enisub ) e las( muini modnoc d e tavon eR eh t ni s e las r ehgih fo kcab eh t no YoY d esa ercni s e laS
.12 /11Y F
-dn e ni %2.62 morf pp7.2 nwod ,%5.32 saw oi tar y tiuq e eh t ,22 /11Y F-dn e ta , t lus er a sA .s erahs yrusa er t fo esahcrup eh t yb
r ewo l dna tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t en yb r ehgih n evird ,YoY %1. 0 d esa ercni y tiuq e ’sr ed loh erahs  ,e mi t
e mas eh t tA .)YoY %8.11+( nb4. 09YP J d e la to t s t essa la to t ,sih t h tiw eni l nI .)YoY %9.11+( 22 /11Y F ni nb1.38YP J gni la to t e las
rof e ta ts e la er ni gni t lus er ,s eiraidisbus s ti fo noi tcnuf egar ekorb eh t gnicnahn e dna sa era s e las gnidnap x e hguorh t d ei lppus
dna d esahcrup s tinu muini modnoc esa ercni o t gnikrow ,ss enisub muini modno C d e tavon eR eh t no d esucof ynap moc ehT
 .y lppus fo ega trohs a l e ef o t gniuni tnoc , l ev e l ci m ednap- erp eh t
hca er ton did ti tub ,22 02 r eb m evo N ni 851,14 d e la to t dna ,)146,33( 12 02 enu J ecnis gnir evoc er n e eb sah s muini modnoc
d enwo- erp fo yro tn evni  ehT .y l evi tc eps er ,sh tno m evi tuc esnoc h t 03 dna ts13 eh t rof gnisa ercni ,)YoY %3.31+( n m2.44YP J saw
ecirp esahcrup egar eva eh t dna )YoY %4.41+( 0 09,696YP J saw a era na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo- erp
a rof r e t e m erauqs r ep ecirp egar eva eh t ,e lihwna eM .22 02 r eb m evo N ni 797,2 o t YoY %1.81 yb d eni lc ed a era na ti lopor t e m
oykoT eh t ni d los s muini modnoc d enwo- erp fo r eb mun eh t ,napa J tsaE rof krow t e N noi ta mrofnI e ta tsE la eR eh t o t gnidroccA
 )YoY %4.45+( nb7.3YP J : tn erap eh t fo sr enwo o t e lba tubir t ta e mocni t e N
)YoY %9.64+( nb4.5YP J : tiforp gnirruc eR
)YoY %3.24+( nb1.6YP J : tiforp gni tar epO
)YoY % 0.13+( nb8.9YP J : tiforp ssor G
)YoY %7. 03+( nb2.84YP J :s e laS
 stluser 22/11YF raey-lluF
 .sro ts evni lanr e t x e yb d enwo s ei tr eporp gniv lovni d e ldnah snoi tcasnar t fo
r eb mun eh t ni esa ercni na e tips ed ,gnid liub eri tn e na fo e las eh t sa
hcus ,snoi tcasnar t egra l yna e ldnah ton did ynap moc eh t
esuac eb dna r ei lra e ra ey a
nah t s tinu muini modnoc d e tavon er r ew ef d los ynap moc eh t esuac eb l l ef snoissi m moc
egar ekorB
.hgih y l evi ta l er era snigra m tiforp os ,)ss enisub t essa
-non a si ti( e ta ts e la er eriuqca ton s eod ss enisub s ecivr eS yrosivdA eh t ,ss enisub tn e m ts evnI eh t dna ss enisub muini modno C
06 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.)YoY %8.62+( 593,1 d los dna )YoY %8.32+( s tinu 046,1
d esahcrup aciM ra tS .)12 /11Y F-dn e morf ,%9.6+ ro ,s tinu 542+( yro tn evni ni s tinu 897,3 dah ynap moc eh t ,22 /11Y F-dn e tA
.)12 /11Y F-dn e morf ,%7.22+ ro ,nb7.4YP J+( nb4.52YP J o t d e tnuo ma )s e las fo tsoc d e ta mi ts e
- e las rof e ta ts e la er fo yro tn evni - d l eh s ei tr eporp fo eu lav t ekra m la to t =( e las rof y tr eporp no sniag d ezi la ernU  .)12 /11Y F
-dn e morf ,%9.11+ ro ,nb8.8YP J+( nb1.38YP J o t d e tnuo ma e las rof e ta ts e la er s’aciM ra tS fo eu lav yra t eno m ehT
elas ro f etatse laeR
.)12 /11Y F ni n m18YP J( s e las fo tsoc r ednu e las rof e ta ts e la er no sso l noi tau lav n m84YP J a d ekoob ynap moc eh t ,22 /11Y F nI
.r e trauq eh t gnirud snigra m r eworran ta sr eyub e taroproc o t s tinu d los ynap moc eh t n ehw 2Q ni d eni lc ed y lirarop m e t
MP G .22 /11Y F 4Q ni %1.41 dna ,22 /1Y F 3Q ni %6.61 ,22 /11Y F 2Q ni %1.41 ,22 /11Y F 1Q ni %9.81 saw MP G
. t lus er a sa s ei tr eporp egnahc-r enwo
rof esor MP G dna ,esir o t nag eb ecirp eh t erof eb d eriuqca ti tah t s ei tr eporp d los ynap moc ehT .wor a ni sh tno m 13 rof gnisir
n e eb sah a era na ti lopor t e m oykoT eh t ni d los muini modnoc d enwo- erp a rof r e t e m erauqs r ep ecirp egar eva eh t ,r ei lra e
d essucsid sA .d esahcrup era y eh t r e tfa d los eb o t s ei tr eporp egnahc-r enwo rof sh tno m xis dna sra ey ow t tuoba fo egar eva
na s eka t tI .)s ei tr eporp ” egnahc-r enwo“( esahcrup fo e mi t eh t ta d esa e l gni eb er ew tah t s tinu rof MP G did sa ,esor tinu
r ep s e laS .)YoY pp7.1+( %8.51 o t MP G ni esa ercni na sa l l ew sa eun ev er r ehgih o t sknah t esor tiforp ssorg , tnorf tiforp eh t nO
.s tinu s e las e taroproc fo r eb mun eh t ni esa ercni na o t eud saw 2Q ni esir ehT .22 /11Y F 1Q o t 12 /11Y F 4Q morf
s ei tr eporp e mos fo tn e m e l t t es d enop tsop eh t o t eud er ew 4Q dna 1Q ni s esa ercnI .4Q ni )YoY %8.26+( s tinu 392 dna ,3Q
ni )YoY %5. 01+( s tinu 352 ,2Q ni )YoY %9.22+( s tinu 015 ,1Q ni d los er ew )YoY %8.22+( s tinu 933 ,sisab y lr e trauq a nO
.22 /11Y F ni )YoY %7.6+( n m1.13YP J fo
tinu r ep s e las d e tsop dna )YoY
%8.62+( s tinu 593,1 d los ynap moc ehT
.gnor ts d enia m er s muini modnoc d enwo- erp rof dna m ed sa tinu r ep tiforp d ezi tiroirp
tah t yg e tar ts s e las a d e tpoda ynap moc eh t ,s ecirp gnigrus dna s muini modnoc w en fo s ei lppus d e ti mi l fo pordkcab eh t tsniagA
.esor tinu r ep s e las e lihw s tinu ero m d los ynap moc eh t esuac eb d esa ercni s tinu fo e las eh t morf eun ev eR
 )YoY %6.15+( nb9.6YP J : tiforp ssor G
)YoY %3.53+( nb5.34YP J :s e laS
ssenisu b )elas ( muinimo dno C deta voneR
  .s ei tr eporp es eh t rof MP G eh t nwod hsup
o t dn e t sih t dna e mas eh t tuoba era )s evr es er ecnan e tnia m dna s e ef tn e m egana m sa hcus( s tsoc d e xif ,oykoT ni nah t r ewo l
era sa era lanoig er ni s tn er e lihW  .MP G wo l y l evi ta l er h tiw s ei tic lanoig er ni s ei tr eporp fo noi troporp eh t ni esa ercni na o t
eud % 0. 06 o t YoY pp 0.2 l l ef MP G .MP G ni eni lc ed a o t eud l l ef tiforp ssorg ,d esa ercni eun ev er hguoh t la ,edis tiforp eh t nO
.dn er tpu eh t no saw s ei tr eporp d esahcrup o t s muini modnoc tnacav fo oi tar eh t ,r ei lra e
d essucsid sa ,esuac eb )YoY %7.2+( eun ev er ss enisub la tn er nah t )YoY %9.6+( r e tsaf w erg s tinu yro tn evni fo r eb mun ehT
.d esa ercni
s e las ss enisub la tn er , t lus er a sA .yro tn evni ni s tinu fo r eb mun eh t dna e las rof e ta ts e la er fo yro tn evni eh t ni esa ercni
YoY a o t gnida e l ,s ei tic lanoig er roja m ni dna a era na ti lopor t e m oykoT eh t ni s ei tr eporp gnisahcrup no d esucof aciM ra tS
 )YoY %6. 0-( nb4.2YP J : tiforp ssor G
)YoY %7.2+( nb 0.4YP J :s e laS
ssenisu b )latner ( muinimo dno C deta voneR
).esahcrup rof s ei tr eporp tnacav rof %21 tuoba
dna esahcrup rof s ei tr eporp egnahc-r enwo rof % 02 r ednu tsuj saw MP G 22 /11Y F s ev ei l eb hcra es eR d erahS ,a tad ynap moc
no d esaB(  .esahcrup rof s ei tr eporp tnacav rof % 01–8 susr ev ,%61–41 si esahcrup rof s ei tr eporp egnahc-r enwo rof esahcrup
fo e mi t eh t ta noi tc ejorp MP G s'ynap moc ehT .) esahcrup rof s ei tr eporp egnahc-r enwo( esahcrup fo e mi t eh t ta d esa e l gni eb
era tah t s tinu o t d erap moc esahcrup fo e mi t eh t ta noi ti t ep moc esn e tni ero m o t tc ejbus era esahcrup rof s ei tr eporp tnacav
,) e las( muini modno C d e tavon eR nI .d errucni era s e ef ecnan e tnia m d e taicossa e lihw s ei tr eporp es eh t hguorh t d e tar en eg
eun ev er tn er fo kca l eh t yb d e tc effa eb l liw sgninra e la tn eR .s ess enisub e las dna la tn er eh t h tob fo sgninra e no tcap mi
na evah l liw s muini modnoc tnacav fo gni l l es dna gniyub d eifisn e tni s’ynap moc ehT .d esahcrup era y eh t r e tfa sra ey f lah a dna
ow t tuoba li tnu d los ton era tn er r ednu d eriuqca s muini modnoc e lihw ,d eriuqca era y eh t r e tfa sh tno m enin tuoba s ei tr eporp
es eh t s l l es dna esahcrup ri eh t gniwo l lof sh tno m ruof o t e erh t s muini modnoc tnacav no snoi tavon er s mrofr ep aciM ra tS
16 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.ss enisub tn e m ts evnI eh t ni s ei tr eporp lai tn edis er no esoh t
nah t r eh to s tn e m ts evni no s esso l dna ss enisub muini modno C d e tavon eR eh t ni yro tn evni fo noi tau lav no sso l a no nb4.1YP J
o t %8.61 l l ef s tiforP .s e las ss enisub tn e m ts evnI ni eni lc ed a o t eud y lnia m ,nb3.31YP J o t YoY %5.5 l l ef s e las ,9 0 /11Y F nI
. 01 /11Y F ni gni tra ts sgninra e d e troppus ss enisub s ecivr eS yrosivdA
eh t ni s tiforp dna s e las ni h tworg ,ss enisub muini modno C d e tavon eR eh t ni h tgn er ts o t noi tidda nI .nb9.1YP J o t nb7.1YP J
morf d egnar tiforp gni tar epo ,21 /11Y F dna 9 0 /11Y F gnidu lc xE .nb 0.41YP J dna nb 0.21YP J n e ew t eb ta e lba ts er ew s e laS
41/11YF ot 90/11YF
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF

---

ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
5.5% 7.7% 6.5% 4.4% 6.3% 7.1% 9.0% 8.0% 5.8% 5.6% Net margin
-28.2% 54.4% 38.9% -14.5% -6.1% 4.1% 23.3% 50.6% 44.2% 3.8% YoY
parent
2,664 3,709 2,402 1,729 2,023 2,155 2,069 1,678 1,114 773
Net income attributable to owners of the
32.1% 31.5% 32.0% 30.7% 30.8% 33.6% 31.5% 35.0% 38.0% 39.9% Implied tax rate
1,257 1,709 1,133 768 903 1,091 951 903 683 513 Tax charges
- - 153 - - - - - - - Extraordinary losses
- - - - - - 37 - - - Extraordinary gains
8.0% 11.2% 10.0% 6.3% 9.1% 10.7% 12.9% 12.3% 9.3% 9.3% Recurring profit margin
-27.6% 46.9% 47.7% -14.7% -9.8% 8.8% 15.5% 43.6% 39.7% 4.5% YoY
3,921 5,419 3,688 2,497 2,926 3,245 2,982 2,581 1,797 1,286 Recurring profit
52 3 4 62 63 13 3 2 2 0 Other
196 173 151 148 134 138 137 119 99 102 Commission expenses
685 615 540 592 516 454 459 561 572 535 Interest expenses
933 791 695 802 712 604 599 682 673 637 Non-operating expenses
- 92 77 - - - - - - - Gain on valuation of derivatives
1 3 5 2 1 0 0 0 0 0 Interest income
9 111 96 17 11 11 6 5 5 21 Non-operating income
9.9% 12.6% 11.6% 8.3% 11.3% 12.7% 15.5% 15.5% 12.8% 13.7% Operating profit margin
-20.5% 42.3% 30.6% -9.5% -5.5% 7.4% 9.7% 32.2% 29.5% 5.5% YoY
4,846 6,098 4,287 3,281 3,627 3,839 3,575 3,259 2,465 1,903 Operating profit
7.3% 7.6% 8.6% 6.8% 8.3% 10.2% 11.2% 10.8% 11.0% 11.7% SG&A ratio
-2.3% 15.7% 17.6% 0.7% -13.4% 19.4% 14.3% 5.9% 31.2% 13.4% YoY
3,576 3,661 3,164 2,690 2,670 3,085 2,585 2,261 2,135 1,628 SG&A expenses
17.2% 20.2% 20.2% 15.1% 19.6% 22.9% 26.7% 26.3% 23.8% 25.4% Gross profit margin
-13.7% 31.0% 24.8% -5.2% -9.0% 12.4% 11.6% 20.0% 30.3% 9.0% YoY
8,422 9,760 7,451 5,971 6,297 6,924 6,160 5,520 4,600 3,531 Gross profit
40,456 38,452 29,446 33,597 25,867 23,358 16,915 15,454 14,733 10,370 Cost of sales
1.4% 30.7% -6.8% 23.0% 6.2% 31.2% 10.0% 8.5% 39.1% 2.6% YoY
48,878 48,212 36,897 39,568 32,164 30,282 23,075 20,974 19,333 13,901 Sales
Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons.
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Income statement(JPYmn)
tnemetats emocnI
.d esa ercni os la sro ts evni o t s ei tr eporp d enwo ynap moc-non
fo e las eh t morf snoissi m moc egar ekorb dna , mrif d l eh s muini modnoc d e tavon er s'ynap moc eh t rof snoi tar epo egar ekorB
.hgih y l evi ta l er era snigra m tiforp os ,)ss enisub t essa
-non a si ti( e ta ts e la er eriuqca ton s eod ss enisub s ecivr eS yrosivdA eh t ,ss enisub tn e m ts evnI eh t dna ss enisub muini modno C
d e tavon eR eh t eki lnU .e ta ts e la er & ecnanif dna , tn e m egana m y tr eporp & gnisa e l sa hcus sa era ni gni t lusnoc dna
,s esa e l dna snoi tcasnar t e ta ts e la er gnir ekorb sa hcus ,s ess enisub e ef noissi m moc ni s egagn e ss enisub s ecivr eS yrosivdA ehT
)YoY % 0.91+( n m4 07YP J : tiforp gni tar epO
)YoY %4.21-( n m367YP J :) lanr e t x e( s e laS
 ssenisub secivreS yrosivdA
 .e ta ts e la er gni tar en eg- e mocni ni tn e m ts evni fo noi tp mus er fo
w eiv er eh t rof s esn ep x e l ennosr ep o t eud sso l gni tar epo na d e tsop tI .s einap moc gni tar epo ni d e ts evni y lw en ynap moc ehT
.s e las dna s la tn er hguorh t eun ev er e tar en eg o t m eh t s esu
dna ,a erA oykoT r e ta er G eh t ni y lira mirp ,s ei tr eporp gni tar en eg- e mocni ni s ts evni ynap moc eh t ,ss enisub tn e m ts evnI eh t nI
 )12 /11Y F ni n m41YP J fo tiforp gni tar epo( n m7YP J :sso l gni tar epO
)12 /11Y F ni n m 02YP J( d edroc er eno N :s e laS
ssenisub tnemtsevnI
26 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.nwod tiforp ssorg morf s eni l tiforp ni eni lc ed a ni gni t lus er ,)sdoir ep gnid loh trohs y l evi ta l er h tiw e las er
rof d esahcrup( s ei tr eporp tnacav rof y lra luci trap ,d e looc t ekra m e ta ts e la er eh t sa d esa erc ed snigra m tiforp ,r ev ewoH  .d los
tinu r ep ecirp tinu eh t ni esir a o t eud snoi tcasnar t y tr eporp morf s e las ni esa ercni na dna ,d l eh s ei tr eporp fo r eb mun
eh t ni esa ercni na o t eud e mocni la tn er ni esa ercni na yb n evird ,h tworg eun ev er YoY d enia tnia m ynap moc eh t ,32 /11Y F nI
.ecna mrofr ep evord ss enisub tn e m ts evnI eh t n ehw ,81 /11Y F fo tah t gnissaprus
, tiforp gni tar epo droc er gni tsop ynap moc eh t o t d e l sihT .d los s tinu fo r eb mun eh t nah t r eh tar tinu r ep tiforp d ezisahp m e
tah t yg e tar ts s e las a d e to morp ynap moc eh t , t ekra m e ta ts e la er eh t fo gni ta ehr evo eh t di ma ,22 /11Y F dna 12 /11Y F nI
.YoY l laf o t nwod tiforp ssorg morf s m e ti tiforp gnisuac , l l ef snigra m tiforp ssorg e lihw esor s e las , t lus er a sA .nia tr ecnu
d enia m er t ekra m muini modnoc d e tavon er eh t ni sdn er t dna d euni tnoc 91-DIVO C fo da erps eh t sa dnah no hsac eruc es
o t r edro ni s e las e to morp o t s erusa e m r eh to koo t dna s ei tr eporp s ti fo e mos fo s ecirp eh t d er ewo l ynap moc eh t , 02 /11Y F nI
.41 /11Y F erof eb d eriuqca s t essa d e xif e lbigna t ffo gni l l es d ehsinif aciM ra tS ,91 /11Y F
nI .y l lanigiro no d esucof dah ti s muini modnoc d eipucco eh t o t noi tidda ni s muini modnoc d eipucconu gni ldnah nag eb ti sa
ss enisub muini modno C d e tavon eR eh t ni w erg s e las ,81 /11Y F nI .s tiforp dna s e las o t d e tubir tnoc s muini modnoc d ehsibruf er
fo s eir es a l l e tS s’ynap moc eh t ni s tinu laudividni fo s e las ,51 /11Y F nI .81 /11Y F dna 51 /11Y F ni h tworg s e las s tigid- e lbuod
h tiw ,oo t s tiforp dna s e las d esa ercni d eru tpac ss enisub muini modno C d e tavon eR ya tsnia m ehT .41 /11Y F fo dn e eh t li tnu
ss enisub tn e m ts evnI eh t ni d eriuqca s ei tr eporp fo e las eh t no drawpu d edn er t s tiforp dna s e las ,91 /11Y F o t 51 /11Y F mor F
51/11YF ecni S
.ss enisub tn e m ts evnI eh t ni s t essa d e xif e lbigna t d eriuqca ynap moc eh t ,41 /11Y F o t 21 /11Y F mor F
.nb5.1YP J o t YoY % 0.71 l l ef tiforp gni tar epo dna ss enisub muini modno C
d e tavon eR eh t ni s tiforp r ewo l d esuac tn e mnorivn e t ekra m eh t ni egnahc a tub ,nb9.21YP J o t YoY %1.1 esor s e las ,21 /11Y F nI
teehs ecnalaB
Balance sheet(JPYmn) FY11/14 FY11/15 FY11/16 FY11/17 FY11/18 FY11/19 FY11/20 FY11/21 FY11/22 FY11/23
Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons.
Assets
Cash and cash equivalents 2,037 1,934 3,260 2,266 4,075 4,331 7,405 3,112 3,110 4,200
Accounts receivable 49 63 41 47 50 56 82 249 76 46
Real estate for sale 31,170 36,890 39,221 44,808 56,261 68,978 66,541 74,309 83,138 86,584
Deferred tax assets 61 69 95 117 178 - - - - -
Other 319 360 476 596 629 1,816 1,314 1,610 1,787 1,634
Total current assets 33,636 39,316 43,094 47,834 61,193 75,181 75,343 79,281 88,112 92,465
Buildings and structures 4,212 3,868 3,268 2,560 684 55 58 57 66 67
Accumulated depreciation on buildings and
-1,157 -1,068 -1,053 -931 -243 -22 -26 -29 -32 -36
structures
Land 7,062 6,238 5,738 4,702 1,316 - - - - -
Other 28 29 51 35 24 16 12 11 27 18
Total tangible fixed assets 10,145 9,068 8,005 6,366 1,781 49 44 39 61 49
Total intangible assets 8 6 4 18 52 60 266 133 151 147
Investment securities - - 70 - 0 0 108 366 794 1,089
Deferred tax assets 99 71 50 47 49 243 371 380 378 422
Other 339 334 421 409 459 587 627 643 881 811
Investments and other assets 438 404 542 456 508 831 1,105 1,388 2,052 2,321
Total fixed assets 10,591 9,478 8,551 6,841 2,341 940 1,415 1,560 2,265 2,517
Total assets 44,229 48,803 51,652 54,684 63,537 76,123 76,759 80,844 90,378 94,983
Liabilities
Accounts payable-trade 240 330 196 254 304 491 347 614 733 670
Short-term debt 3,838 4,171 2,872 3,053 5,748 7,735 7,613 7,444 8,341 10,226
Short-term borrowings 476 118 - - 1,658 1,399 433 699 900 52
Current portion of long-term borrowings 3,362 4,054 2,872 3,053 4,090 6,336 7,180 6,745 7,441 10,174
Current portion of bonds - - - - - - - - - -
Income taxes payable 272 418 589 542 653 381 485 796 1,225 477
Other 864 1,175 1,284 1,347 1,326 1,554 1,662 1,737 1,952 1,496
Total current liabilities 5,213 6,094 4,941 5,197 8,032 10,161 10,107 10,591 12,251 12,868
Long-term debt 27,218 29,994 32,711 33,904 38,307 47,314 46,812 48,983 56,854 58,883
Corporate bonds 100 330 203 356 260 140 120 240 100 60
Long-term borrowings 27,118 29,665 32,508 33,548 38,047 47,174 46,692 48,743 56,754 58,823
Other 175 160 93 73 33 74 126 8 - -
Total fixed liabilities 27,393 30,154 32,804 33,977 38,340 47,388 46,938 48,992 56,854 58,883
Total liabilities 32,607 36,249 37,745 39,173 46,372 57,549 57,045 59,583 69,104 71,751
Net assets
Capital stock 3,573 3,573 3,573 3,573 3,573 100 100 373 482 482
Capital surplus 3,549 3,549 3,550 3,541 3,546 7,020 7,015 7,127 3,763 3,763
Retained earnings 5,015 5,939 7,274 8,656 9,980 11,411 12,557 14,428 17,373 19,332
Treasury stock -557 -557 -550 -317 -0 -0 -1 -720 -428 -415
Total shareholders' equity 11,579 12,504 13,847 15,454 17,100 18,530 19,671 21,208 21,190 23,163
Accumulated other comprehensive income -24 -18 -0 -3 -10 -32 -34 -6 24 10
Share subscription rights 68 68 60 60 76 76 76 59 59 58
Total net assets 11,622 12,554 13,906 15,510 17,165 18,574 19,713 21,261 21,274 23,231
Working capital 30,979 36,623 39,066 44,601 56,007 68,543 66,276 73,944 82,481 85,961
Total interest-bearing debt 31,056 34,166 35,583 36,957 44,055 55,049 54,425 56,428 65,195 69,109
Net debt 29,019 32,232 32,322 34,691 39,980 50,719 47,020 53,315 62,084 64,909

---

ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF



s t e s sA
elas rof etatse laeR
eh t fo %2.19 d esirp moc s ei tr eporp es eh t ,32 /11Y F-dn e tA .e las rof d l eh s ei tr eporp e ta ts e la er era s t essa nia m s’aciM ra tS
fo tsoM .)%4.21 fo R GA C ra ey- 01( nb6.68YP J o t gni tnuo ma ,)31 /11Y F-dn e ta %9.17 morf n esir gnivah( s t essa eri tn e s’ynap moc
fO  .e las r e tfa eun ev er dna e mocni la tn er s evir ed ynap moc eh t hcihw morf ,s muini modnoc d enwo- erp era s ei tr eporp es eh t
s ei tr eporp gnidu lcni( yro tn evni s e las e lihw ,nb3.86YP J y l e ta mi xorppa o t d e tnuo ma s ei tr eporp la tn er ,e las rof e ta ts e la er eh t
.nb2.81YP J y l e ta mi xorppa o t d e tnuo ma ) e las rof y l tn erruc esoh t dna noi tavon er gniogr ednu



r evonru t eh t( a lu mrof nia tr ec a yb d enia tbo l ev e l a ta egr evnoc o t dn e t e las r e tfa eun ev er dna e mocni la tn er s’ynap moc ehT
o t sna lp ynap moc ehT .s e las eru tuf s ti eni mr e t ed e las rof s t essa e ta ts e la er s’ynap moc ehT .) l ev e l nia tr ec a ta s egr evnoc e tar
dna oi tar y tiuq e s ti gninia tnia m e lihw )ss enisub muini modno C d e tavon eR( e las rof d l eh e ta ts e la er fo yro tn evni eh t esa ercni
. l ev e l tiforp

wo l eb s l laf eu lav t ekra m eh t n ehW .eu lav t ekra m tn erruc eh t no d esab d ess essa era e las rof s t essa e ta ts e la er s’ynap moc ehT
eh t n ehw sniag yna koob ton s eod ynap moc eh t ,r ev ewoH .sso l noi tau lav a sa d ezingoc er si ecn er effid eh t ,eu lav koob eh t
=( e las rof d l eh y tr eporp no sniag d ezi la ernu la to t dah ti ,ynap moc eh t o t gnidroccA .eu lav koob eh t sd e ec x e eu lav t ekra m
na no d esab si eu lav t ekra m ;s e las fo tsoc d e ta mi ts e - e las rof e ta ts e la er fo yro tn evni - d l eh s ei tr eporp fo eu lav t ekra m la to t
.)%4.71 fo R GA C ra ey- 01( 32 /11Y F-dn e ta nb8.52YP J fo ) lasiarppa lanr e t x e




5792 s gni dloH aci M rat S

E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR 36
46 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.11 /11Y F ni s erahs w en fo e las
eh t hguorh t nb2.1YP J gnisiar r e tfa d esa ercni la tipac s’ynap moc eh t ,e mocni t en fo s evr es er lanr e tni fo esa ercni na gnidu lc xE
.diap
sdn edivid suni m tn erap
eh t fo sr enwo o t e lba tubir t ta e mocni t en era hcihw ,s evr es er
lanr e tni fo pud liub eh t yb d ecn eu lfni y l ta erg era s t essa t e N
stessa teN
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF

---

ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
8,010 12,478 10,781 7,691 5,037 4,345 3,775 3,330 3,100 2,516 Difference
19,090 10,822 9,219 15,459 10,963 4,255 3,725 3,770 2,500 2,584 Borrowings outstanding
27,100 23,300 20,000 23,150 16,000 8,600 7,500 7,100 5,600 5,100 Total limit of overdraft on checking account
Act. Act. Act. Act. Act. Act. Act. Act. Act. Act. (JPYmn)
FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 FY11/13
tfardr evo knab fo w eivr evO
.snoi tar epo fo noisnap x e eh t h tiw eni l ni gniworg ,)12 /11Y F ni nb3.32YP J( nb1.72YP J
saw es eh t fo ti mi l tid erc d enib moc ehT .snoi tu ti tsni laicnanif 71 h tiw s ei ti licaf tfardr evo dah ynap moc eh t ,22 /11Y F nI
.gniworrob
mr e t-gno l o tni snao l mr e t- trohs eh t s ehc tiws n eh t ynap moc ehT .noi tisiuqca y tr eporp rof sd e en la tipac gni t e e m y lbi x e lf suh t
,y tr eporp a syub ti e mi t hca e snao l w en gnik e es fo da e tsni ,gniworrob mr e t- trohs s ti nia tnia m o t tfardr evo knab s esu aciM ra tS
tfardrevo knaB
.)%8.27 saw
oi tar ycn edn ep ed tb ed gnira eb- ts er e tni eh t ,32 /11Y F-dn e ta( sra ey 01 tsap eh t r evo %8.27 dna %6.76 n e ew t eb d e tau tcu lf sah
)s t essa la to t ÷ tb ed gnira eb- ts er e tni( oi tar ycn edn ep ed tb ed gnira eb- ts er e tni ehT .9 0 /11Y F ecnis gnisir n e eb sah gnidna ts tuo
tb ed gnira eb- ts er e tni s’ynap moc eh t ,) e las rof d l eh e ta ts e la er y lnia m( esab t essa s ti fo noisnap x e eh t h tiw noi tcnujnoc nI
.%3.41 d esirp moc ra ey eno nih tiw diap er eb d luow tah t snao l mr e t-gno l dna tb ed mr e t- trohs e lihw ,%1.28 d esirp moc )snao l
mr e t-gno l dna sdnob e taroproc( gniworrob mr e t-gnoL . tb ed gnira eb- ts er e tni er ew s ei ti libai l s ti fo %4.69 ,32 /11Y F-dn e fo sA
seitilibail gniraeb-tseretnI
seitilibaiL
.)oi tar s evr es er lanr e tni x EOR(
e tar h tworg e lbania tsus s ti o t ra li mis e tar a ta esa ercni o t y l eki l era ,e las rof s ei tr eporp e ta ts e la er y lra luci trap ,s t essa la to t
s’ynap moc eh t ,erof er ehT .r ehgih ro %52 hca er oi tar y tiuq e s ti li tnu s t essa s ti dnap x e o t y eno m worrob o t sna lp ynap moc ehT
noisnapxe tessa latoT
.s t essa la to t fo %1 nah t ss e l
er ew y eh t ,32 /11Y F-dn e fo sa dna ,51 /11Y F ni ffo m eh t gni l l es y l laudarg nag eb tub ,41 /11Y F o t 21 /11Y F morf s t essa es eh t ni
sgnid loh s ti d esa ercni ynap moc ehT .ss enisub tn e m ts evnI eh t ni s muini modnoc la tn er esirp moc y lnia m s t essa d e xif e lbignaT
stessa dexif elbignaT
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
14,000 11,500 10,800 10,500 8,600 6,800 5,700 5,100 4,200 Estimated cost of sales
1.6% 22.7% 38.0% -11.2% 18.2% 16.3% 8.8% 15.3% 25.6% 50.0% YoY
25,800 25,400 20,700 15,000 16,900 14,300 12,300 11,300 9,800 7,800 Unrealized gains on property for sale
4.1% 11.9% 11.7% -3.5% 22.6% 25.6% 14.2% 6.3% 18.4% 15.5% YoY
86,584 83,138 74,309 66,541 68,978 56,261 44,808 39,221 36,890 31,170 Inventory of real estate for sale
15.0% 15.4% -4.3% 21.7% 23.9% 13.7% 8.5% 19.6% 23.0% YoY
122,500 106,500 92,300 96,400 79,200 63,900 56,200 51,800 43,300 Market value of real estate for sale(fair value)
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Real estate for sale(JPYmn)
elas rof e ta ts e la er fo su ta tS
56 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.y tiuq e ’sr ed loh erahs esiar hcihw ,sgninra e d enia t er ni esa ercni na h tiw gno la esir
o t d e tc ep x e era e las rof d l eh e ta ts e la er fo e mu lov eh t dna gniworrob eh t ,y lgnidroccA .r ehgih ro %52 s ehca er oi tar y tiuq e
s ti li tnu gniworrob esa ercni o t sna lp ynap moc ehT .evi tisop eb o t euni tnoc l liw s ei tivi tca gnicnanif morf swo lf hsac ,erof er ehT
.s ei tivi tca gni ts evni dna gni tar epo morf swo lf hsac ni l laf trohs d e tc ep x e na rof pu eka m o t worrob l liw ynap moc ehT
seitivitca gnicnanif morf swolf hsaC
. tn e mg es tn e m ts evnI eh t yb d egana m s tn e m trapa la tn er y l tso m
era hcihw ,s t essa d e xif e lbigna t fo noi tisiuqca eh t yb d ecn eu lfni y liva eh era s ei tivi tca gni ts evni morf swo lf hsac s’ynap moc ehT
seitivitca gnitsevni morf swolf hsaC
.e ta ts e la er fo esahcrup
eh t s esa ercni ynap moc eh t n ehw evi tag en eb nac s ei tivi tca gni tar epo morf swo lf hsac , t lus er a sA .e las rof s ei tr eporp
e ta ts e la er fo e mu lov eh t ni esa erc ed ro esa ercni na yb d esuac y l egra l era la tipac gnikrow ni s egnah C . la tipac gnikrow
dna ,s esn ep x e noi taic erp ed ,e mocni t en ni s egnahc yb d ecn eu lfni era s ei tivi tca gni tar epo morf swo lf hsac s’ynap moc ehT
seitivitca gnitarepo morf swolf hsaC
.ADTIBE s ezisahp m e
ynap moc eh t ,da e tsnI .s ei tivi tca gni tar epo morf wo lf hsac fo ro tacidni roop a era sgninra e d e trop er ,snosa er evoba eh t o t euD
 .gniworrob
ni esa ercni na o t eud s esir s ei tivi tca gnicnanif morf wo lf hsa C .e las rof s t essa ni esa ercni na o t gniwo ,h tworg sgninra e
fo e mi t eh t gnirud eni lc ed o t sdn e t s ei tivi tca gni tar epo morf wo lf hsac s’ynap moc eh t ,erof er ehT .s e las eru tuf s’ynap moc
eh t esa ercni p l eh dna ,ss enisub muini modnoc d enwo- erp s ti rof h tworg sgninra e s’ynap moc eh t rof sisab eh t era s t essa es ehT
 . t e ehs ecna lab eh t no e las rof s t essa sa d ekoob
era s ei tr eporp d eriuqcA .snao l h tiw hsac nwo s ti gnigar ev e l yb s muini modnoc d enwo- erp fo esahcrup eh t s ecnanif aciM ra tS
.s dohtem gni dnuo r ni secne reffi d ot eu d slai retam yna pmoc mo rf reffi d yam se ru giF
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
-20.2% 40.8% 30.5% -8.5% -6.3% 4.6% 5.1% 26.7% 18.8% 14.2% YoY
amortization)
4,905 6,146 4,364 3,343 3,652 3,899 3,726 3,545 2,798 2,355
EBITDA (OP + depreciation and
-797 -4,869 -5,285 3,790 -10,557 -9,250 -3,354 -1,040 -5,049 -5,807 Simple FCF(NI+A+B-C)
3,479 8,537 7,668 -2,267 12,536 11,406 5,535 2,443 5,644 4,181 Increase (decrease) in working capital (C)
-41 -89 -95 -267 -69 -59 -39 -562 -852 -2,850 Capital expenditures (B)
59 48 77 61 25 60 151 286 333 452 Depreciation and amortization (A)
parent(NI)
2,664 3,709 2,402 1,729 2,023 2,155 2,069 1,678 1,114 773
Net income attributable to owners of the
-699 -688 -531 -583 -552 -581 -462 -344 -190 -153 Cash dividends paid
- - - - - 67 - 0 0 28 Proceeds from disposal of treasury shares
-230 -3,258 -720 - -0 -0 -0 - -0 -0 Acquisition of treasury stock
-35,163 -23,580 -21,236 -24,547 -16,779 -12,850 -12,846 -12,341 -11,019 -8,544 Repayments of long-term borrowings
39,965 32,286 22,853 24,908 28,152 18,386 14,067 14,003 14,258 16,399 Proceeds from long-term borrowings
-848 201 266 -966 -260 1,658 - -118 -358 -1,966
borrowings( ) 　
Net increase (decrease) in short-term
2,914 4,901 934 -1,313 10,542 6,577 829 1,173 2,940 5,861 Cash flows from financing activities
-1,825 -4,903 -5,227 4,387 -10,339 -4,768 -1,823 153 -3,043 -5,499 FCF (1+2)
2 - - - - - - 2 - - Proceeds from sales of tangible fixed assets
-2 -35 -4 -3 -13 -19 -28 -561 -850 -2,849 Purchase of tangible fixed assets
-63 -310 -312 -378 -69 -59 -2 -630 -852 -2,850 Cash flows from investing activities (2)
-2,295 -1,458 -1,224 -1,001 -1,153 -1,032 -1,040 -765 -523 -603 Income taxes paid
-3,447 -8,829 -7,767 2,437 -10,998 -6,902 -4,083 -994 -4,150 -3,863 Decrease (increase) in real estate for sale
3,921 5,419 3,535 2,497 2,926 3,245 3,019 2,581 1,797 1,286 Pre-tax profit
-1,761 -4,593 -4,915 4,766 -10,270 -4,709 -1,822 783 -2,191 -2,649 Cash flows from operating activities (1)
Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. (JPYmn)
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 Cash flow statement
tnemetats wolf hsaC
66 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.y ti liba tiforp d esa ercni ni gni t lus er s eig e tar ts euqinu gni tn e m e lp mi e lihw
,sdoh t e m tn e m egana m dna ,s ess ecorp ,s tcudorp ni e tavonni tah t s einap moc s ezingoc er drawa ehT .yg e tar ts evi ti t ep moc
no y tiroh tua gnida e l a ,)y tisr evinU dravraH( r e troP .E l eahciM ross eforP r e tfa d e man si ezirP r e troP ehT : ezirP r e troP
.y tisr evinU
dravraH fo r e troP E l eahciM ross eforP morf ezirP r e troP eh t d evi ec er ynap moc eh t 11 02 ni ,noi tavonni sih t fo noi tingoc er
nI . tniop tah t o t gniknih t yr tsudni lanoi tn evnoc morf ka erb tnacifingis a d ekra m yg e tar ts evi ti t ep moc euqinu s’ynap moc ehT
.s muini modnoc d enwo- erp r ekorb o t .d tL ,.o C ecn edis eR aciM ra tS d ehsi lba ts e ynap moc eh t ,21 02 r eb m e tp eS nI
sisirc laicnanif labo lg 8 0 02 eh t gniwo l lof t ekra m e ta ts e la er eh t ni nru tnwod eh t—gnirud
y ti liba tiforp d enia tnia m n ev e dna—d evivrus ti tna e m ss enisub e lbaiv a e moc eb dna ksir lor tnoc o t s troff e s tI .s ess enisub
d e ta l er dna ,s muini modnoc d enwo- erp tuo gni tn er dna ,gni l l es dna gniyub no d esucof sah ynap moc eh t ,9 0 /11Y F ecniS
 .6 0 /11Y F ni 82 morf 8 0 /11Y F ni 34 o t d esa ercni s e eyo lp m e d e tadi losnoc fo r eb mun eh t , t lus er a sA .8 0 02
yaM ni .d tL ,.o C tn e m ts evnI na F dna ,8 0 02 tsuguA ni .d tL ,.o C sr en traP t essA aciM ra tS ,7 0 02 yaM ni .d tL ,.o C tn e m eganaM
t essA aciM ra tS d ehsi lba ts e ynap moc ehT .6 0 02 r eb m evo N ni hcnarb akasO na d en epo aciM ra tS .8 0 /11Y F gnirud nag eb
sisirc laicnanif labo lg eh t li tnu ,s erahs s ti d e tsi l ti n ehw ,6 0 /11Y F morf sd l eif fo y t eirav a o tni dnap x e o t thguos ynap moc ehT
.snoi tar epo noi tadiuqi l muini modnoc o t d e tr evnoc saw ss enisub dnuf e ta ts e
la er ehT .snao l d e tacidnys hguorh t nb81YP J fo la to t a gniworrob yb dnuf eh t d e m e ed er ynap moc eh t ,7 0 /11Y F nI .)s e tar epo
ss enisub muini modno C d enwo- erP tn erruc eh t tah t yaw e mas eh t ni( e las r e tfa eun ev er dna e mocni la tn er nra e o t tuo d e tn er
gni eb er ew tah t s muini modnoc d enwo- erp ni d e ts evni dnuf ehT .)dnu F 1 .o N ra tS( dnuf a e ta erc o t sro ts evni morf sdnuf
d esiar dna )ss enisub muini modnoc d enwo- erp tn erruc eh t( snoi tar epo dnuf e ta ts e- la er d e tra ts ynap moc eh t ,2 0 02 tsuguA nI
.egnahc xE s ei tiruc eS akasO eh t fo noi tc es s e lucr eH eh t no d e tsi l 6 0 02 ni dna ,5 0 /11Y F
ni s ess enisub ow t gniriuqca yb snoi tar epo d ednap x e ynap moc ehT .snoi tar epo l luf nag eb ynap moc eh t ,e lbissop saw
ss eccus tah t d erussa ,3 0 02 nI .ss enisub e lbaiv a saw s tnan e t h tiw s muini modnoc d enwo- erp gni l l es dna gniyub ton ro r eh t ehw
gni tagi ts evni ra ey t x en eh t tn eps dna ,.d tL ,.o C aciM ra tS o t .d tL ,.o C tn e m ts evnI ighO fo e man eh t d egnahc eh 2 0 02 nI
.aciM ra tS o t rosruc erp eh t—1 0 02 ni .d tL ,.o C tn e m ts evnI ighO d ehsi lba ts e
dna ,s tnan e t h tiw s muini modnoc d enwo- erp gniyub no sucof o t nag eb eH . ti d e tavon er eh dna tuo d evo m tnan e t eh t r e tfa
,r e ta l sh tno m w ef a rof ti l l es o t e lba saw eh ecirp eh t saw hcihw— muini modnoc d enwo- erp tnacav a nah t r epa ehc % 03 tuoba
saw y tr eporp ehT . tuo d e tn er gni eb saw tah t muini modnoc y li maf d enwo- erp pa ehc y l evi ta l er a tuoba mih d lo t r ekorb e ta ts e
la er a ,s ei tr eporp yna m gni l l es dna gniyub sih fo tsdi m eh t ni , tniop eno tA .edis eh t no e ta ts e la er ni gni ts evni nag eb ,knab
tn e m ts evni na ta gnikrow n eh t ,aganuziM ihsasaM OE C n ehw ,7991 o t s toor s ti gnicar t ,1 0 02 ni d ehsi lba ts e saw ynap moc ehT
yrotsiH
noitamrofni rehtO
76 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
.erac krow-o t-nru t er- tsop hguoroh t fo noisivorp eh t hguorh t
mr e t gno l krow o t n e mow gni lban e m e tsys a d ehsi lba ts e sah dna ,e tar noi tazi li tu eva e l y tinr e tap/y tinr e ta m % 0 01 a sah
ynap moc ehT .evi tc epsr ep s'na mow a morf tn e mpo l ev ed tcudorp e to morp o t ma e t tc ejorp a d e mrof sah ynap moc eh t dna
,n e mow era s e eyo lp m e s'ynap moc eh t fo % 05 y l e ta mi xorppA :s e lor evi tca ya lp o t n e mow gni lban e s eca lpkrow gni ta er C
.s eiradnuob la tn e m trap ed ssorca snoinipo fo egnahc x e suorogiv dna e erf a e ta ti licaf o t d ezinagro
era s tc ejorp dna s e e t ti m mo C .ffa ts dna ,r egana m ,ro tc erid :s l ev e l e erh t o t yhcrar eih   e eyo lp m e ti mi l o t si ,s eni l ediug
noi tca s'ynap moc eh t fo eno ,eru t luc lanoi tazinagro " ta lf dna n epo" na rof gni miA :krow ma e t gnir e tsof eru t luc e taropro C
.swo l lof sa era s troff e es eh t fo s e lp ma xE .s ei tr eporp y ti lauq
-hgih y lppus y lsuouni tnoc o t snoi tidnoc gnikrow e eyo lp m e r edisnoc tah t s eca lpkrow gni ta erc o t d e t ti m moc si ynap moc ehT
)S( yteicoS

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. tn e mnorivn e labo lg e lbania tsus a fo noi tavr es erp
eh t o t gni tubir tnoc yb er eh t ,snoissi m e 2O C dna tnirp toof la tn e mnorivn e s ti ecud er y lsuouni tnoc l liw ti syas ynap moc
eh t ,eporuE dna SU eh t ni nah t ecap r ewo ls a ta gniworg l li ts si hcihw ,napa J ni s e las e moh gni tsi x e eh t gnizi la tiv er yB
. tn e mnorivn e labo lg eh t no s tcap mi s ezi mini m hcihw ,noi tcur tsnoc er
gnid liub w en dna tn e mpo l ev ed e ta ts e la er w en fo tah t %3 tuoba y lno si snoi tavon er y tr eporp gni tsi x e morf snoissi m e 2O C
fo tnuo ma ehT .s ei tr eporp gni tsi x e fo noi tavon er eh t hguorh t y lnia m ss enisub s ti d epo l ev ed da e tsni sah tub , tn e mpo l ev ed
e ta ts e la er "d liub dna parcs" e mosn edrub y l la tn e mnorivn e ni d egagn e ton sah ynap moc eh t , tn e mhsi lba ts e s ti ecniS
)E( tnemnorivnE
".y ti liba tiforp"
dna " lai tn e top h tworg" gniusrup dna ,y t eicos tif en eb tah t s ess enisub gni ta erc fo egn e l lahc eh t no gnika t ,y tirg e tni
dna ss enriaf h tiw ss enisub s tcudnoc ynap moc   eh t "',ezi li tu' o t 'd liub' morf y t eicos gnizi la er" fo noissi m s ti h tiw eni l nI
ytilibaniatsus no ycilop cisaB
sevitaitini GSE
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS

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revision of Tokyo Stock Exchange market classifications
April 2022
Moved from the First Section of the Tokyo Stock Exchange to the Prime Market in line with a
Transitioned to holding company structure June 2019
Opened Sapporo sales office(made into a branch in July 2020) July 2018
Opened Sendai sales office(made into a branch in March 2019) April 2018
Opened Nagoya sales office February 2018
Opened Fukuoka sales office(made into a branch in November 2018) August 2017
Listed on the First Section of the Tokyo Stock Exchange July 2017
Opened Saitama branch June 2016
Listed on the Second Section of the Tokyo Stock Exchange November 2015
Opened Osaka branch December 2013
Company wins the 2011 Porter Prize November 2011
Opened Yokohama branch September 2011
JASDAQ)
October 2006
Listed on the Hercules section of the Osaka Securities Exchange(now merged with TSE:
Name changed to Star Mica Co., Ltd. February 2002
Ohgi Investment Co., Ltd. established May 2001
History Date
.d tL ,.oC aciM ra tS dna .d tL ,.oC sgnidloH aciM ra tS fo yro tsiH
)G( ecnanrevoG
)3202 ,03 enu J fo sa ( ecnanr evog e taroproC
Form of organization and capital structure
Form of organization Company with Audit & Supervisory Committee
Controlling shareholder N/A
Foreign shareholding 20% or more but less than 30%
Directors
Number of directors under the Articles of Incorporation 11
Number of directors 4
Directors' term of office under Articles of Incorporation 1 year

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Chairperson of the Board of Directors President
Number of outside directors 3
Number of independent outside directors 3
Other information
Participation in electronic voting platform No
Providing convocation notice in English No
Implementation of measures regarding director incentives Restricted stock
Eligible for stock options Inside directors
Disclosure of directors' compensation Disclosure of only some individual information
Policy to determine amount and calculation method of
Yes
remuneration
Corporate takeover defenses No
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS




tnemeganam poT
OEC dna tnediserp ,namriahc ,aganuziM ihsasaM
.eru t lucirgA fo y t luca F ,oykoT fo y tisr evinU eh t morf d e taudar G .4691 ni nroB

Year  Career summary
1989 Joined Mitsui & Co., assigned to the finance, accounting division
1995 Obtained MBA from UCLA; joins Boston Consulting Group
Joined Goldman Sachs, assigned to private banking operations; involved in the development of cutting-

---

edge financial products and asset management.
Established PI Technology Co., Ltd. (currently Ichigo Group Holdings after a name change from Asset

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Managers Co., Ltd.)
Established Star Mica, focusing on buying and selling pre-owned condominiums. Became company

---

president
2014  Became chairman
2016 Became chairman, president and CEO
ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS




)3202 yaM-dne fo sa( sredloherahs rojaM
Top shareholders Shares held Shareholding ratio
(000 shares)
Mizunaga Masashi 11,703 35.0%
The Master Trust Bank of Japan, Ltd.(Trust account) 4,177 12.5%
Custody Bank of Japan, Ltd.(Trust account) 2,358 7.0%
STATE STREET BANK AND TRUST COMPANY 505019 859 2.6%
RE FUND 107-CLIENT AC 789 2.4%
JP MORGAN CHASE BANK 380646 (Standing proxy: Mizuho Bank, Ltd) 738 2.2%
KIA FUND 136 (Standing proxy: Citibank, N. A) 634 1.9%
GOVERNMENT OF NORWAY 591 1.8%
Ark Securities Co., Ltd. 565 1.7%
NORTHERN TRUST CO. (AVFC) RE UK PENSION FUNDS EXEMPT LENDING ACCOUNT 539 1.6%
SUM 22,952 68.6%

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
kcots y rusae rt se dulcxe oita r gni dlohe rahS *
.tnuocca otni stil ps kcots eseht e kat ton seo d e vo ba el bat eht ni dleh se rahs fo re bmun eht tu b , 2 20 2 , 1 re bmeceD no til ps kcots 2 - rof - 1 a detcu dnoc yna pmoc eh T




5792 s gni dloH aci M rat S

E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR 86
96 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S

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.aci m eki l r ev erof enihs dna ,ra ts a eki l
enihs o t sk e es aciM ra tS ,oS .y tiu t epr ep tn es erp er s lar eniM .skcor ni dnuof lar eni m a ,aci m morf e man s ti s eka t ynap moc ehT
yaw eht yB
.stil ps kcots eseht stcelfe r e vo ba el bat eht ni ata d
e rahs - re p eh T . 2 20 2 , 1 re bmeceD no til ps kcots 2 - rof - 1 a dna ,7 10 2 , 1 re botcO no til ps kcots 2 - rof - 1 a , 2 10 2 , 1 re bmeceD no til ps kcots 00 1 - rof - 1 a detcu dnoc yna pmoc eh T *

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ata d yna pmoc no desa b hc raeseR de rahS :ec ruoS
79.59 107.21 65.00 47.43 55.50 59.23 57.12 46.36 30.81 21.47 EPS
20.00 19.50 16.50 16.00 8.00 16.00 20.75 11.50 7.25 4.50 Dividend per share
25.1% 18.2% 25.4% 33.7% 14.4% 27.0% 36.3% 24.8% 23.5% 21.0% consolidated dividend payout ratio
FY11/23 FY11/22 FY11/21 FY11/20 FY11/19 FY11/18 FY11/17 FY11/16 FY11/15 FY11/14 (%, JPY)
oi tar tuoyap d e tadilosnoC
. x1 wo l eb s l laf oi tar B /P eh t n ehw sa hcus ,d eu lavr ednu si kco ts eh t tah t s eni mr e t ed
ti n ehw s erahs nwo s ti esahcrup er y lbi x e lf o t sna lp ynap moc eh t ,y l lanoi tiddA .% 04 fo oi tar tuoyap la to t t egra t a h tiw ,ra ey
a eciw t sdn edivid lanif dna mir e tni gnisa ercni dna e lba ts tn e m e lp mi o t s mia ynap moc eh t ,snru t er r ed loh erahs gnidrag eR
.yci lop noi taco l la
la tipac s ti d eni l tuo ynap moc eh t ,42 02 yrauna J ni d ecnuonna "62 02 eu laV eh t dni F" na lp tn e m egana m mr e t- muid e m eh t nI
snruter redloherahS
07 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
5792 s gni dloH aci M rat S
)d egnahcnu( 32 02 , 03 enu J–32 02 ,91 yrauna J :doir ep noi tisiuqcA
)n m 0 01YP J( n m 0 02YP J fo ti mi l r eppU :d eriuqca eb o t s erahs fo eu lav la toT
.)%5. 0( % 0.1
:)kco ts yrusa er t gnidu lc x e( s erahs d eussi fo r eb mun la to t eh t fo ega tn ecr ep a sa d eriuqca eb o t s erahs fo r eb mun la toT
)s erahs 0 0 0, 061 y lsuoiv erp( s erahs 0 0 0, 023 fo ti mi l r eppU :d eriuqca eb o t s erahs fo r eb mun la toT
ynap moc eh t fo s erahs no m mo C :d eriuqca eb o t s erahs fo ssa l C
sliated kcabyub erahS
 .s erahs yrusa er t fo noi tisiuqca eh t o t d e ta l er s lia t ed o t s egnahc d ecnuonna sah .d tL ,.o C sgnid loH aciM ra tS
52 -40 -3202
serahs y rusaert fo noitisiuqca ot detaler sliated ot segnahC
42 02 ,13 hcraM–32 02 ,71 tsuguA :doir ep noi tisiuqcA
) ti mi l r eppu( n m 0 01YP J :d eriuqca eb o t s erahs fo eu lav la toT
)]s erahs
yrusa er t s edu lc x e[ gnidna ts tuo s erahs fo %5. 0 ; ti mi l r eppu( s erahs 0 0 0, 081 :d eriuqca eb o t s erahs fo r eb mun la toT
ynap moc eh t fo s erahs no m mo C :d eriuqca eb o t s erahs fo ssa l C
sliated kcabyub erahS
 .s erahs yrusa er t fo noi tisiuqca gni mocpu na d ecnuonna sah .d tL ,.o C sgnid loH aciM ra tS
71 -80 -3202
kcabyub erahS
scipot dna sweN
17 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
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lia mE RI
5 872 6775 3 1 8+
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dnE-ra eY lacsi F puorG RI eci f fO tne diser P
tca tno C RI
20-01-6002
gni tsiL egnahc xE 10-50-1002
d ehsi lba tsE
tekra M emir P ,e gnahcxE kcot S oykoT
nO d e tsiL 1072-6775- 30
enohP
8206-501 na paJ
,oykoT uk-otani M ,nomonaroT 1- 3-4 rewoT tsurT amayorih S ,F 82 . dt L ,.o C s gni dloH aci M rat S
eciffO da eH e ma N ynap mo C
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27 E ERF r o f ebirc sbuS | pj.hc raese r de rahs//:s ptth | .cnI hc raeseR de rahS y b t ro peR e ga re voC hc raeseR
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.hcra es eR d erahS o t ynap moc eh t
morf noi tar edisnoc fo esi morp ro noi tar edisnoc rof egnahc x e ni eb ya m noinipo na hcus ,ynap moc eh t ni snoisic ed tn e m ts evni ecn eu lfni d luoc
tah t su morf noinipo na edu lcni o t d e m e ed si trop er sih t fi tah t tn es erp er eW .hcra es eR d erahS yb eda m snoi ta t erpr e tni era ynap moc eh t o t
d e tubir t ta sw eiv dna snoinipo hcuS .d e ta ts os er ehw sruo era d e tn es erp sw eiv dna snoinipO .)”ynap moc eh t“( trop er sih t ni d ebircs ed ynap moc
eh t h tiw tcar tnoc a r ednu hcra es eR d erahS yb d erap erp n e eb sah trop er ehT :r e mia lcsiD )LEI F( waL egnahc xE dna s tn e mur tsnI laicnani F es enapa J
.y tivi tc ejbo s’ trop er sih t tc effa ya m hcihw , trop er
sih t ni d enoi tn e m s einap moc eh t fo s ei tiruc es ni noi tisop a evah ,eru tuf eh t ni ro ,y l tn erruc ya m s e eyo lp m e dna sr eciffo ruO . trop er sih t fo
thgirypoc eh t fo noi ta loiv a dna d e tibihorp y l tcir ts era trop er sih t fo s esu r eh to ro ,r efsnar t ,noi tubir tsid ; esu lanosr ep rof d eifido m ro d ecudorp er
eb ya m trop er sihT .hcra es eR d erahS o t gno l eb s trop eR hcra es eR d erahS r eh to dna sih t fo krow evi tavir ed eh t fo noi ta tio lp x e dna noi ta erc
eh t gnidrag er s thgir eh t dna trop er sih t fo thgirypoc ehT . trop er sih t fo esu eh t yb d esuac ega mad yna rof e lbisnops er d l eh eb ton l lahs eW
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