英語での情報開示・提供（決算短信の要約英文化）強化に関するお知らせ

平成 28 年 3 月 14 日

各 位

会 社 名 株式会社 日本エスコン
代表者名 代表取締役社長 伊 藤 貴 俊
（東証２部・コード 8892）
問合せ先 常務取締役 中 西 稔
電 話 06－6223－8055



英語での情報開示・提供（決算短信の要約英文化）強化に関するお知らせ


当社はこの度、コーポレートガバナンス・コードの原則に従い、海外投資家等への情報開示・提供
の充実を図るべく、現在のサマリーのみの英訳から決算短信の要約版を英語化したものに変更し、当
社ホームページに四半期ごとに掲載することといたしましたのでお知らせいたします。
今後も会社の持続的な成長と中期的な企業価値の向上のため、法令に基づく開示を適切に行うこと
に加え、会社の意思決定の透明性・公正性を確保し、実効的なコーポレートガバナンスを実現するべ
く、主体的な情報発信と情報開示のさらなる充実を図ってまいります。


当社投資家向け情報（ＩＲサイト）
http://www.es-conjapan.co.jp/ir/
当社英文サイト
http://www.es-conjapan.co.jp/english/



以上
Summary of Accounts for Term Ended December 2015 (Japanese GAAP) (Consolidated)
February 12, 2016
Name of listed company: ES-CON JAPAN Ltd. Listing exchange: Tokyo Stock Exchange
Code: 8892 URL: http://www.es-conjapan.co.jp
Representative: (Name) Takatoshi Ito (Position) President & Representative Director
Contact for inquiries: (Name) Minoru Nakanishi (Position) Executive Director TEL: 06 (6223) 8055
Scheduled date for next regular general meeting of shareholders: March 25, 2016
Scheduled date for submission of periodic securities report: March 28, 2016
Scheduled date for start of dividend payment: March 28, 2016
Supplementary explanatory materials created for accounts? Yes/No: No
Accounts briefing meeting held? Yes/No: Yes (for institutional investors and analysts)
(Amounts are rounded down to the nearest million yen)
1. Consolidated results for term ended December 2015 (from January 1, 2015 to December 31, 2015)
(1) Consolidated operating results (% figures show the rate of increase (decrease) compared with the previous term)
Net sales Operating income Ordinary income Net income
million yen % million yen % million yen % million yen %
Term ended
27,705 47.0 4,012 42.5 3,126 50.7 3,039 26.0
Dec. 2015
Term ended
18,842 39.0 2,815 52.6 2,075 72.9 2,411 26.6
Dec. 2014
Note: Comprehensive income
Term ended Dec. 2015: 3,039 million yen[26.0%] Term ended Dec. 2014: 2,411 million yen[26.6%]
Basic Diluted
Return on equity Return on assets Operating margin
earnings per share earnings per share
yen yen % % %
Term ended
44.65 44.50 23.7 5.8 14.5
Dec. 2015
Term ended
34.59 34.38 22.7 4.4 14.9
Dec. 2014
Reference: Share of profit (loss) of entities accounted for using equity method
Term ended Dec. 2015: － million yen Term ended Dec. 2014: － million yen
(2) Consolidated financial position
Total assets Net assets Equity ratio Book value per share
million yen million yen % yen
Term ended
58,088 13,994 24.1 208.28
Dec. 2015
Term ended
50,141 11,656 23.2 169.05
Dec. 2014
Reference: Equity
Term ended Dec. 2015: 13,989 million yen Term ended Dec. 2014: 11,648 million yen
(3) Consolidated cash flows
Net cash Net cash Net cash Cash and
provided by (used in) provided by (used in) provided by (used in) cash equivalents
operating activities investing activities financing activities at end of period
million yen million yen million yen million yen
Term ended
(3,877) 61 3,683 4,214
Dec. 2015
Term ended
(1,803) (1,041) 3,368 4,347
Dec. 2014
2. Dividends
Annual dividend Total dividend Dividend Dividend on
End of End of End of amount payout ratio equity
Year-end Total
first quarter second quarter third quarter (Total) (Consolidated) (Consolidated)
yen yen yen yen yen million yen % %
Term ended
－ 0.00 － 3.00 3.00 206 8.7 2.0
Dec. 2014
Term ended
－ 0.00 － 8.00 8.00 543 17.9 4.2
Dec. 2015
Term ending
Dec. 2016 － 0.00 － 12.00 12.00 25.2
(Forecast)
－ 1 －
3. Consolidated earnings forecast for term ending December 2016 (from January 1, 2016 to December 31, 2016)
(% figures for the full term show the rate of increase (decrease) compared with the previous term, and
% figures for the first two quarters show the rate of increase (decrease) compared with the same period of the previous year)
Profit attributable to Basic
Net sales Operating income Ordinary income
owners of parent earnings per share
million yen % million yen % million yen % million yen % yen
First two quarters 13,000 39.9 1,700 26.3 1,200 36.6 1,300 12.4 19.35
Full term 32,700 18.0 4,200 4.7 3,300 5.5 3,200 5.3 47.64


* Explanatory notes
(1) Changes in significant subsidiaries during term
(Changes in specified subsidiaries resulting in change in scope of consolidation): None
Newly included: － companies (Company name) －
Excluded: － companies (Company name) －

(2) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to amendment of accounting standards, etc.: None
2) Changes in accounting policies other than 1): None
3) Changes in accounting estimates: None
4) Restatement: None

(3) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding Term ended 70,511,887 Term ended 70,317,887
(including treasury shares) at end of term Dec. 2015 shares Dec. 2014 shares
Term ended 3,342,000 Term ended 1,413,500
2) Number of treasury shares at end of term
Dec. 2015 shares Dec. 2014 shares
Term ended 68,069,666 Term ended 69,725,372
3) Average number of shares during term
Dec. 2015 shares Dec. 2014 shares
Note: The number of treasury shares at end of term includes ES-CON JAPAN shares held in a share-based
payment benefits trust for directors and a share-based payment benefits type ESOP trust (term ended
December 2015: 554,200 shares in the share-based payment benefits trust for directors and 235,400 shares
in the share-based payment benefits type ESOP trust). In the calculation of the average number of shares
during term, the treasury shares to be subtracted in that calculation includes ES-CON JAPAN shares held in
the share-based payment benefits trust for directors and the share-based payment benefits type ESOP trust
(term ended December 2015: 581,233 shares).

* Presentation regarding implementation of audit procedures
This summary of accounts is not subject to the audit procedures pursuant to the Financial Instruments and Exchange
Act, and audit procedures have not been completed for consolidated financial statements at the time of disclosure of
this summary of accounts.

* Explanation regarding appropriate use of earnings forecasts, and other notes
The earnings outlook and other forward-looking statements contained in this document are based on information
currently available to and certain assumptions that are thought to be reasonable by ES-CON JAPAN. Accordingly,
actual business performance and other results may differ materially due to various reasons. For the conditions
forming the assumptions on which earnings forecasts are based and explanatory notes for use of earnings forecasts,
etc., please see “Attachment 1; 1. Analysis of operating results and financial position; (1) Analysis of operating results”
on page 3.




－ 2 －
Attachment 1


1. Analysis of operating results and financial position
(1) Analysis of operating results
In the consolidated fiscal year under review (term ended December 2015), the Japanese economy was on a
moderate recovery trend due in part to the effects of various policies amid an ongoing trend toward improvement in
the employment and income situation, yet still in a state of uncertainty due in part to concerns of slowdown in the
Chinese economy and other overseas economies.
The real estate industry in which the ES-CON JAPAN Group operates held resilient and firm as a whole due in part
to housing acquisition tax break policies and low interest rates, along with ongoing brisk real estate investment
market trends. On the other hand, rise in land prices and intensification of competition over land acquisitions, as
well as an increasingly apparent rise in sale prices, lead to a clouded outlook that warrants no optimism.
In the business environment described above, the real estate sales business, which is the ES-CON JAPAN Group’s
core business, was steady as evident by such achievements as securing profit through revenue-generating real
estate sales, land planning and sales, etc., completely selling out the large projects with construction completed in the
term ended December 2015 “Grand Le JADE Kyoto Kawaramachi” (Nakagyo Ward, Kyoto City) and “The Neverland
Akashi Harbor Gate” (Akashi City, Hyogo Prefecture), progress in selling “Le JADE Kasai Resorte/Solario” (Edogawa
Ward, Tokyo), “Park JADE Suginami Izumi” (detached housing) (Suginami Ward, Tokyo) and “Park JADE
Akatsuka-koen” (detached housing) (Itabashi Ward, Tokyo), and commencing selling several properties in both the
Tokyo metropolitan area and Kinki area even for the for-sale projects slated for construction completion in 2016.
In addition, operations are underway for realization of the “life developer” theme set by ES-CON JAPAN, such as
“Park JADE Suginami Izumi” based on the concept of “town with pathway garden” winning Good Design Award 2015
and “Le JADE Setagaya Kinuta” (Setagaya Ward, Tokyo), which is slated for construction completion in 2016, to
house “Café Apartment 183,” which is a café directly managed by the ES-CON JAPAN Group, on the first floor as
initiatives for also development of condominiums for sale that offer new value.
In the commercial development business, operations leveraging the commercial development know-how
possessed by ES-CON JAPAN are steadily underway, such as acquiring land for sports facility, etc. equipped large
commercial facility (future development of a new commercial facility in Yamato Takada City, Nara Prefecture is
scheduled) and commercial site projects and being selected as partner in the study of commercialization for land
readjustment projects (Tamashima District, Ibaraki City, Osaka Prefecture, and Uehara/Takamuko District,
Kawachinagano City, Osaka Prefecture).
In this manner, with ten projects in the Tokyo metropolitan area and seven projects in the Kinki area in acquisitions
of new business sites as the site for future sale, commercial and other multifaceted development, steady and
proactive operations are underway.
In the real estate leasing business, efforts are being made to secure stable rental income from and enhance asset
value of commercial facilities held by ES-CON JAPAN, retail tenant in Kasuga City, Fukuoka Prefecture and such.
In the real estate planning agency and consulting business, focus is being placed as a business achieving high
profit margins through subcontracting, planning agency and consulting and other non-assets by leveraging the
planning and other strengths of ES-CON JAPAN.


As a result, business performance for the term ended December 2015 was net sales of 27,705 million yen (up
47.0% compared with the previous term), operating income of 4,012 million yen (up 42.5% compared with the
previous term), ordinary income of 3,126 million yen (up 50.7% compared with the previous term) and net income of
3,039 million yen (up 26.0% compared with the previous term).


In addition, the listing market was altered from JASDAQ (Standard) on the Tokyo Stock Exchange to the Second
Section of the Tokyo Stock Exchange in September 2015. Along with continuing to strive for further business
development and enhancement of corporate value, alteration of the listing market to the First Section of the Tokyo
Stock Exchange will be aimed as the next step up.




－ 3 －
 The following is the business performance by segment.
1) Real estate sales business
In the real estate sales business, activities included promoting condominium sales and selling six projects of real
estate for sale and one project of real estate for sale in process, resulting in net sales of 24,649 million yen (up 51.9%
compared with the previous term) and segment income of 3,769 million yen (up 63.5% compared with the previous
term).


2) Real estate leasing business
In the real estate leasing business, focus was placed on leasing activities and the property management business
in view of enhancement of asset value, including increase in rental income of owned revenue-generating real estate,
resulting in net sales of 2,857 million yen (up 15.2% compared with the previous term) and segment income of 1,606
million yen (up 8.0% compared with the previous term).


3) Real estate planning agency and consulting business
In the real estate planning agency and consulting business, proactive efforts were made in such aspects as
entrustment with planning, consulting and other services by making best use of planning and multifaceted business
building abilities, resulting in net sales of 199 million yen (up 46.2% compared with the previous term) and segment
income of 173 million yen (up 33.1% compared with the previous term).

(Earnings outlook for the next term)
The future management environment outlook is that, although expecting economic recovery backed by improvement
in corporate earnings and the employment and income situation, there are also downside risks posed by the Chinese
and other Asian emerging economies that make it a state that warrants no optimism.
In such an environment, the ES-CON JAPAN Group operates with an aim to achieve the “Make The One for 2016”
medium-term management plan for the four-year period from the term ended December 2013 to the term ending
December 2016. In the next term (term ending December 2016), which is the final fiscal year of the plan, along with
working to attain the targets, proactive operations will be underway that also include challenging new operations in
preparation for the next targets.
Concerning the medium-term management plan, the content of the plan was subject to an upward revision in
November 2015 to comprehensively account for the status of financial results for the term ended December 2015, the
current state of steady progress of businesses and other factors.
In the real estate sales business, delivery of approximately 500 units is planned in the core business of real estate
sales. Operations are underway for realization of the “life developer” theme set by ES-CON JAPAN, such as a
detached housing for sale in process winning the Good Design Award and housing of a directly-managed café dining on
the first floor as initiatives for also development of condominiums for sale that offer new value. In addition, focus will
continue to be placed on also the commercial development business.
In the real estate leasing business, along with striving to enhance revenue by heightening the value of assets held,
offering of one-stop services will be pursued, such as with consolidated subsidiaries ES-CON PROPERTY Ltd.
providing property management services and ES-CON ASSET MANAGEMENT Ltd. providing asset management
services. In addition, ES-CON ASSET MANAGEMENT Ltd. is preparing for a REIT listing.
In the real estate planning agency and consulting business, a structure will be established to enable agile business
operations in any business environment with planning and consulting, subcontracting and other service offerings by
making best use of the planning ability, business building ability and speed that are the strengths of ES-CON JAPAN.
In this manner, every effort will be made to enhance corporate value by promoting multifaceted businesses and
aiming to be a corporate group that is consistently required by and contributing to society.
In light of the above, the consolidated earnings forecast for the term ending December 2016 is net sales of 32,700
million yen, operating income of 4,200 million yen, ordinary income of 3,300 million yen and profit attributable to owners
of parent of 3,200 million yen.
Please note that the earnings forecast or outlook and other forward-looking statements contained in this document
are an analysis or judgment based on information available as of the date of this document. Accordingly, actual
business performance and other results may differ materially due to changes in the management environment and other
various reasons.



－ 4 －
(2) Analysis of financial position
1) Assets, liabilities and net assets
Assets at the end of the term ended December 2015 increased by 7,947 million yen compared with the end of the
previous term to 58,088 million yen. This was mainly attributable to inventories increasing by 9,731 million yen and
property, plant and equipment decreasing by 2,689 million yen.
Liabilities increased by 5,609 million yen compared with the end of the previous term to 44,094 million yen. This
was mainly attributable to long-term loans payable, short-term loans payable and bonds payable increasing by 4,303
million yen.
Net assets increased by 2,337 million yen compared with the end of the previous term to 13,994 million yen. This
was mainly attributable to recording net income of 3,039 million yen.


2) Cash flows
Cash and cash equivalents (“net cash”) in the term ended December 2015 decreased by 132 million yen compared
with the end of the previous term to 4,214 million yen (4,347 million yen at the end of the previous term). The
following outlines the cash flows and the factors of changes in cash flows in the term ended December 2015.
(Cash flows from operating activities)
Cash flows from operating activities in the term ended December 2015 amounted to net cash used in operating
activities of 3,877 million yen (net cash used in operating activities of 1,803 million yen in the previous term). This
was mainly attributable to recording income before income taxes of 3,119 million yen, depreciation (non-cash
expense) of 264 million yen and increase in inventories of 7,366 million yen.


(Cash flows from investing activities)
Cash flows from investing activities in the term ended December 2015 amounted to net cash provided by investing
activities of 61 million yen (net cash used in investing activities of 1,041 million yen in the previous term). This was
mainly attributable to proceeds from and repayments of guarantee deposits received amounting to net proceeds of
133 million yen.


(Cash flows from financing activities)
Cash flows from financing activities in the term ended December 2015 amounted to net cash provided by financing
activities of 3,683 million yen (net cash provided by financing activities of 3,368 million yen in the previous term).
This was mainly attributable to proceeds from and repayments of long-term loans payable and short-term loans
payable amounting to net proceeds of 4,861 million yen, redemption of bonds of 557 million yen and purchase of
treasury shares of 509 million yen.




－ 5 －
 Reference: Changes in cash flow indicators
Term ended Term ended Term ended Term ended Term ended
Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015
Equity ratio (%) 8.1 9.2 21.9 23.2 24.1
Equity ratio on market capitalization basis (%) 2.7 8.1 25.5 26.5 31.7
Ratio of interest-bearing liabilities to cash flows (%) 1,217.4 3,546.7 773.7 － －
Interest coverage ratio (times) 5.0 1.6 6.1 － －
Equity ratio: Equity ÷ Total assets
Ratio of interest-bearing liabilities to cash flows: Interest-bearing liabilities ÷ Operating cash flows
Interest coverage ratio: Operating cash flows ÷ Interest paid
Notes: 1. Each is calculated using consolidated financial figures.
2. Market capitalization is calculated by multiplying the number of shares issued and outstanding at end of
term by the closing share price at end of term.
3. Operating cash flows are the cash flows from operating activities on the consolidated statement of cash
flows.
4. Interest-bearing liabilities are all of those liabilities recorded on the consolidated balance sheet of which
are liabilities on which interest is payable.
5. Interest paid is the interest expenses paid on the consolidated statement of cash flows.
6. Ratio of interest-bearing liabilities to cash flows and interest coverage ratio are not stated for fiscal years
that have negative operating cash flows.


(3) Basic policy on distribution of profit, and dividend for the current term and next term
Positioning the return of profit to shareholders as a key management task, ES-CON JAPAN makes it a basic policy
to strive for uninterrupted and stable return of profit in line with corporate growth potential based on decisions that
take into account the status of business performance, availability of internal reserves, dividend payout ratio and other
factors in a comprehensive manner.
For the year-end dividend for the term ended December 2015, in accordance with the July 2015 upward revision of
the amount, payout of 8 yen per share is scheduled.
For the term ending December 2016, which is the final fiscal year of the medium-term management plan, with
return of profit to shareholders in mind, the year-end dividend forecast is 12 yen per share for a dividend payout ratio
target of 25.0% or higher.
Additionally, employing the total return ratio as a measure to further enhance return to shareholders, the Board of
Directors adopted a resolution on additional purchase of treasury shares at its meeting held in February 2016, leading
to return to shareholders of 30.2% of after-tax profit as actual results for the term ended December 2015 and 35.0%
for the term ending December 2016 being planned. In this manner, efforts will continue to be made for maximization
of corporate value and return to shareholders.




－ 6 －
2. Consolidated financial statements
(1) Consolidated balance sheet
(Unit: million yen)
Term ended Dec. 2014 Term ended Dec. 2015
(as of Dec. 31, 2014) (as of Dec. 31, 2015)
Assets
Current assets
Cash and deposits 4,733 4,516
Notes and accounts receivable - trade 49 85
Operational investment securities - 547
Real estate for sale 5,054 4,744
Real estate for sale in process 12,698 22,676
Deferred tax assets 657 702
Other 1,274 2,304
Total current assets 24,468 35,578
Non-current assets
Property, plant and equipment
Buildings and structures 6,922 5,391
Accumulated depreciation (1,430) (1,445)
Buildings and structures, net 5,492 3,946
Land 19,028 17,864
Leased assets 4 13
Accumulated depreciation (0) (4)
Leased assets, net 3 8
Construction in progress - 3
Other 76 90
Accumulated depreciation (63) (65)
Other, net 13 25
Total property, plant and equipment 24,537 21,848
Intangible assets
Other 15 11
Total intangible assets 15 11
Investments and other assets
Investment securities 594 147
Deferred tax assets 1 3
Other 447 476
Allowance for doubtful accounts (2) (2)
Total investments and other assets 1,040 623
Total non-current assets 25,593 22,483
Deferred assets
Share issuance cost 79 26
Total deferred assets 79 26
Total assets 50,141 58,088




－ 7 －
 (Unit: million yen)
Term ended Dec. 2014 Term ended Dec. 2015
(as of Dec. 31, 2014) (as of Dec. 31, 2015)
Liabilities
Current liabilities
Short-term loans payable 2,180 1,267
Current portion of long-term loans payable 6,519 8,317
Current portion of bonds 557 557
Lease obligations 0 3
Accounts payable - other 344 963
Income taxes payable 10 84
Advances received 820 1,345
Asset retirement obligations - 3
Other 770 947
Total current liabilities 11,204 13,490
Non-current liabilities
Bonds payable 557 -
Long-term loans payable 25,612 29,588
Lease obligations 2 4
Asset retirement obligations 53 82
Provision for directors’ share-based benefits - 29
Provision for share-based benefits - 5
Other 1,054 892
Total non-current liabilities 27,280 30,603
Total liabilities 38,484 44,094
Net assets
Shareholders’ equity
Capital stock 6,019 6,029
Capital surplus 1,748 1,758
Retained earnings 4,192 7,024
Treasury shares (311) (821)
Total shareholders’ equity 11,648 13,989
Subscription rights to shares 8 4
Total net assets 11,656 13,994
Total liabilities and net assets 50,141 58,088




－ 8 －
(2) Consolidated statement of income and consolidated statement of comprehensive income
(Consolidated statement of income)
(Unit: million yen)
Term ended Dec. 2014 Term ended Dec. 2015
(from Jan. 1, 2014 (from Jan. 1, 2015
to Dec. 31, 2014) to Dec. 31, 2015)
Net sales 18,842 27,705
Cost of sales 13,949 21,015
Gross profit 4,893 6,690
Selling, general and administrative expenses
Advertising expenses 608 722
Sales commission 377 437
Directors’ compensations 128 157
Salaries and allowances 421 546
Provision for directors’ share-based benefits - 29
Provision for share-based benefits - 5
Commission fee 116 146
Taxes and dues 108 140
Other 317 491
Total selling, general and administrative expenses 2,077 2,677
Operating income 2,815 4,012
Non-operating income
Interest income 1 0
Dividend income 0 0
Cancellation income 11 18
Gain on valuation of interest rate swaps 22 -
Other 2 0
Total non-operating income 38 21
Non-operating expenses
Interest expenses 706 795
Share issuance cost 53 53
Other 18 58
Total non-operating expenses 778 907
Ordinary income 2,075 3,126
Extraordinary income
Gain on sales of non-current assets 16 -
Gain on reversal of subscription rights to shares 0 0
Total extraordinary income 16 0
Extraordinary losses
Loss on retirement of non-current assets 12 0
Impairment loss － 7
Total extraordinary losses 12 7
Income before income taxes 2,079 3,119
Income taxes - current 19 126
Income taxes - deferred (351) (46)
Total income taxes (332) 79
Income before minority interests 2,411 3,039
Net income 2,411 3,039




－ 9 －
(Consolidated statement of comprehensive income)
(Unit: million yen)
Term ended Dec. 2014 Term ended Dec. 2015
(from Jan. 1, 2014 (from Jan. 1, 2015
to Dec. 31, 2014) to Dec. 31, 2015)
Income before minority interests 2,411 3,039
Comprehensive income 2,411 3,039
Comprehensive income attributable to:
Comprehensive income attributable to owners of parent 2,411 3,039
Comprehensive income attributable to minority interests － -




－ 10 －
 (3) Consolidated statement of changes in equity
Term ended December 2014 (from January 1, 2014 to December 31, 2014)
(Unit: million yen)
Shareholders’ equity
Subscription
Total
Total rights to
Capital Capital Retained Treasury net assets
shareholders’ shares
stock surplus earnings shares
equity
Balance at beginning of current period 5,998 1,727 1,850 (11) 9,564 23 9,587

Changes of items during period

Issuance of new shares 20 20 41 41

Dividends of surplus (69) (69) (69)

Net income 2,411 2,411 2,411

Purchase of treasury shares (299) (299) (299)

Net changes of items other than
(14) (14)
shareholders’ equity

Total changes of items during period 20 20 2,342 (299) 2,083 (14) 2,069

Balance at end of current period 6,019 1,748 4,192 (311) 11,648 8 11,656



Term ended December 2015 (from January 1, 2015 to December 31, 2015)
(Unit: million yen)
Shareholders’ equity
Subscription
Total
Total rights to
Capital Capital Retained Treasury net assets
shareholders’ shares
stock surplus earnings shares
equity
Balance at beginning of current period 6,019 1,748 4,192 (311) 11,648 8 11,656

Changes of items during period

Issuance of new shares 9 9 19 19

Dividends of surplus (206) (206) (206)

Net income 3,039 3,039 3,039

Purchase of treasury shares (509) (509) (509)

Net changes of items other than
(4) (4)
shareholders’ equity

Total changes of items during period 9 9 2,832 (509) 2,341 (4) 2,337

Balance at end of current period 6,029 1,758 7,024 (821) 13,989 4 13,994




－ 11 －
(4) Consolidated statement of cash flows
(Unit: million yen)
Term ended Dec. 2014 Term ended Dec. 2015
(from Jan. 1, 2014 (from Jan. 1, 2015
to Dec. 31, 2014) to Dec. 31, 2015)
Cash flows from operating activities
Income before income taxes 2,079 3,119
Depreciation 275 264
Impairment loss － 7
Increase (decrease) in provision for directors’ share-based benefits － 29
Increase (decrease) in provision for share-based benefits － 5
Share issuance cost 53 53
Loss (gain) on sales of non-current assets (16) －
Loss on retirement of non-current assets 12 0
Increase (decrease) in allowance for doubtful accounts － 0
Interest and dividend income (1) (1)
Interest expenses 706 795
Loss (gain) on valuation of interest swaps (22) －
Decrease (increase) in notes and accounts receivable - trade (3) (35)
Decrease (increase) in inventories (4,571) (7,366)
Decrease (increase) in prepaid expenses 31 (433)
Increase (decrease) in accounts payable - other (201) 549
Decrease/increase in consumption taxes receivable/payable 300 17
Increase (decrease) in advances received 217 524
Increase (decrease) in deposits received 275 (132)
Decrease (increase) in other assets (105) (407)
Increase (decrease) in other liabilities 9 (2)
Subtotal (960) (3,013)
Interest and dividend income received 1 1
Interest expenses paid (726) (836)
Income taxes (paid) refund (119) (28)
Net cash provided by (used in) operating activities (1,803) (3,877)
Cash flows from investing activities
Payments into time deposits (24) (18)
Proceeds from withdrawal of time deposits 18 24
Purchase of investment securities － (60)
Proceeds from withdrawal of investment securities － 30
Purchase of non-current assets (1,355) (73)
Proceeds from sales of non-current assets 156 23
Proceeds from guarantee deposits received 292 338
Repayments of guarantee deposits received (123) (204)
Payments for investments in capital (5) -
Payments of loans receivable (1) -
Collection of loans receivable 0 1
Net cash provided by (used in) investing activities (1,041) 61




－ 12 －
 (Unit: million yen)
Term ended Dec. 2014 Term ended Dec. 2015
(from Jan. 1, 2014 (from Jan. 1, 2015
to Dec. 31, 2014) to Dec. 31, 2015)
Cash flows from financing activities
Increase in short-term loans payable 3,341 1,921
Decrease in short-term loans payable (1,441) (2,833)
Proceeds from long-term loans payable 26,179 17,692
Repayments of long-term loans payable (23,764) (11,918)
Redemption of bonds (557) (557)
Repayments of lease obligations (0) (3)
Proceeds from issuance of common shares 24 15
Purchase of treasury shares (299) (509)
Cash dividends paid (68) (205)
Proceeds from release of deposits as collateral 259 83
Payments for pledge of deposits as collateral (302) －
Net cash provided by (used in) financing activities 3,368 3,683
Net increase (decrease) in cash and cash equivalents 523 (132)
Cash and cash equivalents at beginning of period 3,824 4,347
Cash and cash equivalents at end of period 4,347 4,214




－ 13 －
Attachment 2


Management policy

(1) Basic policy on corporate management
How should we live each day and participate in society, how can we contribute to society, and how can we achieve
the happiness we seek as individual human beings through the benefits that our contribution brings to society? The
ES-CON JAPAN Group strives to answer these questions by continually providing meaningful opportunities to its
employees to help and encourage each other in the achievement of their full potential as individuals while
experiencing the joy of contribution to society through their work. This is the management philosophy of the
ES-CON JAPAN Group, the realization of which is pursued by setting and striving to realize the following
management policy.
1) To create new value that will truly satisfy customers by unleashing the infinite possibilities of real estate through
information, planning and product development abilities.
2) To constantly strive to remain ahead of the competition through aggressive management combined with strong
defensive strategies centering on in-depth control of ROA, cash flows and risk.
3) To aim to be small teams of highly skilled professionals in order to maintain the ability to adapt quickly and
flexibly in today’s rapidly changing social environment.
4) To build and maintain good cooperative relationships, both internally and externally, based on respect for and
gratitude to colleagues and those in other organizations.
5) To form an open organizational structure in which ideas can flow freely from front-line staff to senior
management, while also enhancing the internal audit system, with compliance and governance in mind.


(Corporate branding concept)
IDEAL to REAL ~Making the ideal real, and creating a new future~
Our aim as a life developer is not only to develop tangible properties, but also to imagine and develop happy
living for the people who will live there. With new unprecedented and think-outside-the-box approaches, we aim to
create new wealth and connect people, communities and the future. We will strive to make the ideal real by
exploring the infinite possibilities of real estate.


(2) Medium- to long-term corporate management strategy and management indicator targets
The ES-CON JAPAN Group operates with an aim to achieve the “Make The One for 2016” medium-term
management plan for the four-year period from the term ended December 2013 to the term ending December 2016
that sets “Maximization of corporate value and giving back to shareholders” and “Establishment of firm management
foundation that can withstand any kind of economic environment” as targets.
The content of the plan for the final fiscal year was subject to an upward revision in November 2015 to
comprehensively account for the status of financial results for the term ended December 2015, the current state of
progress of businesses and other factors.
(Management targets)
Term ending Dec. 2016 (Plan)
February 2015 revision November 2015 revision
Equity ratio 30.0% or higher 30.0% or higher
Return on equity (ROE) 13.0% or higher 13.0% or higher
Return on assets (ROA) 3.6% or higher 3.6% or higher
Return on invested capital (ROIC) 5.8% or higher 6.4% or higher
Earnings per share (EPS) 28 yen or higher 32 yen or higher
Book value per share (BPS) 218 yen or higher 245 yen or higher
Dividend payout ratio 25.0% or higher 25.0% or higher




－ 14 －
(Performance plan)
(Unit: million yen)
Term ending Dec. 2016 (Plan)
Compared with
February 2015 November 2015 Earnings
November 2015
revision revision forecast
plan

Net sales 28,000-29,000 30,800 or higher 32,700 +1,900

Real estate sales
25,300-26,300 27,800 or higher 29,450 +1,650
business
Real estate leasing
2,400 2,900 or higher 3,100 +200
business
Real estate
planning agency
300 100 or higher 150 +50
and consulting
business

Operating income 3,200-3,400 4,200 or higher 4,200 0


Ordinary income 2,300-2,500 3,300 or higher 3,300 0


(Greater and stronger return to shareholders)
Employing the total return ratio as a measure to further enhance return to shareholders, the Board of Directors
adopted a resolution on additional purchase of treasury shares at its meeting held in February 2016, leading to
return to shareholders of 30.2% of after-tax profit as actual results for the term ended December 2015 and 35.0%
for the term ending December 2016 being planned.
Term ended Dec. 2015 Term ending Dec. 2016
Total (Actual) (Plan)
return
Dividend Dividend payout ratio Purchase of treasury shares
ratio 30.2% 35.0%
8 yen 17.9% 374 million yen 12.3%




－ 15 －