LIFULL : Quarterly Results(IFRS) FY2020/9 Quarter 3

LIFULL Co., Ltd.

Quarterly Results IFRS

FY2020/9 Quarter 3

(October 2019 - June 2020)

Disclaimer

The opinions and projections, etc. contained herein represent the judgment of LIFULL Co., Ltd. at the time this document was prepared. Please be aware that actual results may vary considerably due to various reasons. We provide no guarantees regarding the accuracy of the information. Please keep in mind that actual performance and results may vary significantly due to changes in various factors.

Copyright(c) LIFULL Co., Ltd. All Rights Reserved.

Index

1.	Progress Toward the Earnings Forecast	P 2
2.	Third Quarter Financial Results	P 3
3.	Actions in the Third Quarter	P 11
	(Response to COVID-19)
4.	Innovating the Search for a New Home	P 15
5.	Expanding the Real Estate Investment Market	P 18
6.	Appendices	P 24
7.	IR Team Contact Information	P 46

1

Progress Toward the Earnings Forecast

Steady increases in revenue and profit. Working toward reaching targets while paying attention to domestic and overseas markets and current business results.

		Sales Revenue
Overseas:	Japan:	Revised Forecast Depiction (4/20)

Operating Earnings

	Lockdown measures			State of Emergency				Depiction of Actual Results
				April 7		Progress in 3Q
				State of Emergency
				(Japan)		87.4%
Feb	Mar	Apr	May	Jun	Jul	Aug	Sep

Unit: JPY mil.

977

3Q	1,248
2Q	1,428
1Q	1,014

Progress to 3Q

377%

Result Forecast (Revised on April 20, 2020)

Result forecast revised according to a worst-casescenario in which lockdown measures and limited business activities continue until the end of September.

(Conditions identical to April 20)

COVID-19 Effects During and After the Third Quarter

Japan: State of Emergency lifted on May 27. Infections increasing from mid-July.

Overseas: Lockdowns easing from May. Travel restrictions lifted on June 15 in the EU. Some regions experiencing increased infections and restriction measures.

FY 2020/9	FY 2020/9
Earnings Forecast	3Q Results

Current results have exceeded revenue and profit forecasts, but the COVID-19 pandemic continues to render the current situation unpredictable.

We will continue to monitor results and make adjustments as necessary throughout August.

2

FY 2020/9

Third Quarter

Financial Results

Copyright(c) LIFULL Co., Ltd. All Rights Reserved.

3

Condensed Statements of Income and Loss IFRS

Revenue: -8.4% YoY

EBITDA: +21.7% YoY

Net Profit: +14.1% YoY

Unit: JPY mil.

FY2019FY2020

Change Change %

Q3(Oct.-Jun.)Q3(Oct.-Jun.)

Revenue	29,352	26,892	-2,460	-8.4%	*1
Cost of revenue	3,342	3,143	-198	-5.9%	*2
SG&A (excl. depreciation and amortization)	21,855	18,580	-3,274	-15.0%
Personnel expenses	6,273	6,175	-98	-1.6%	*3
Advertising expenses	10,020	8,327	-1,693	-16.9%	*4
Operating expenses	634	358	-276	-43.6%	*5
Other	4,925	3,720	-1,205	-24.5%	*6
Other income and expenses	101	12	-89	-88.1%	*7
EBITDA	4,256	5,180	+923	+21.7%	*8
EBITDA margin	14.5%	19.3%	+4.8pt	-
Net profit*	2,036	2,323	+287	+14.1%
Depreciation and amortization	873	1,493	+620	+71.1%	*9

• Net profit attributable to owners of the parent

*1 Refer to segment revenue

*2 Due to decreased revenue in LMP from effects of COVID-19

*3 Average headcount increased by 120 in overseas subsidiaries due to consolidation of Mitula and RESEM (9-month average), but decrease due to adjustment of bonus *4 Advertising investment budget adjusted in regard to the revised earnings forecast

*5 Primarily due to decreases in promotion costs resulting from the revised earnings forecast

*6 Mainly due to one-off costs for the acquisition of Mitula in the previous FY and reclassification of Leases in the adoption of IFRS 16 in the current FY *7 Due to revenue from sale of shares during the transfer of the advertising business (LHL)

*8 Without regard to the transition to IFRS 16, EBITDA would be JPY 4,457 mil.4 *9 Increases mainly from acquisition of Mitula and the adoption of IFRS 16

Revenue and Income and Loss by Segment IFRS

Revenue was down due to the effects of COVID-19, but still making progress above the revised forecast Increased profit in HOME'S Services segment through effective cost control

	FY2019 Q3	FY2020 Q3	Change Change	Main items
Unit: JPY mil.	Oct.-Jun.	Oct.-Jun.	%

Revenue	29,352	26,892 -2,460-8.4%
HOME'S Services	22,325	20,483	-1,842	-8.3%
Overseas	5,514	4,999	-515	-9.3%
Others	1,512	1,409	-102	-6.8%

YoY decreases in revenue due to effects of COVID-19 with some recovery after lifting the state of emergency in Japan

Progress made toward budget after revisions resulting from effects of COVID-19 (See page 10)

Revenue decrease due to transfer of insurance and advertising business (LHL) in Dec. 2018

	FY2019 Q3	FY2020 Q3	Change	Change	Main items
Unit: JPY mil.	Oct.-Jun.	Oct.-Jun.		%

Segment	3,282	3,674	+392	+12.0%
income and loss
HOME'S Services	2,779	3,572	+792	+28.5%	Increases in profit due to cost control from revisions to investment plans
Overseas	699	386	-313	-44.8%	Reduced profit from decreases in revenue despite cost reductions
Others	-218	-277	-59	-	Transfer of the insurance and advertising business (LHL) in Dec. 2018
Inter-segment	20	-6	-27	-
transactions

Primary businesses in each segment are listed on Page 28

The % Change values for negative results in the current previous periods have been left blank

5

Key Performance Indicators Client Network and ARPA

Increases seen in total client numbers from January despite the decrease in the 9-month average (see page 12). Effects of the COVID-19 pandemic and reduced fees for clients temporarily suspending service during the state of emergency in Japan have had a negative impact on ARPA.

9-Month Average				9-Month Average
	Client Network				ARPA (JPY)
FY2018	FY2019	FY2020		FY2018	FY2019	FY2020

		27,067
			26,642	91,460	91,614
			85,497
26,281

Calculations until FY 2019/09 only included the number of clients with charges in the current month. However, due to the partial change of the pricing structure implemented in the first quarter of the current fiscal year, we have changed this number to reflect all clients and have adjusted the values for the previous years.

6

Condensed Statement of Financial Position and Goodwill IFRS

Under IFRS 16, Operating Leases have been reclassified as Right-of-Use Assets

Borrowing increased by 5 billion yen to solidify the financial base against an unforeseeable future

	As of	As of	Change	Change	Main items
Unit: JPY mil.	Sep 30, 2019	Jun 30, 2020	%

Current assets	16,154	22,065	+5,910	+36.6%	Accounts Receivable	-949
				Cash	+5,994	Refer to "Condensed Statement of Cash Flows"
					Works-In-Progress	+172	Primarily Regional Revitalization activities (LSF)
					Suspense Accounts	+498	For the repurchase of treasury shares
	27,517	32,550	+5,032	+18.3%	Income Taxes Receivable	+145	Primarily tax adjustments for overseas subsidiaries
Non-current assets	Buildings	+311	Primarily Regional Revitalization activities (LSF)
					Building Installations	-134
					Right-of-Use Assets	+4,700	Transition to IFRS 16
					Goodwill	+460	Fluctuations in foreign currency exchange rates
					Other Intangible Fixed Assets	-141
					Investment Securities	-98
					Shares of Associated Companies	-135
	43,672	54,616	+10,943	+25.1%	Long-Term Loans Receivable	+304	Primarily Regional Revitalization activities (LSF)
Assets
Current liabilities	9,485	14,047	+4,561	+48.1%	Short-Term Loans Payable	+5,000	Transfer from long-term loans payable and new borrowings
				Accounts Payable - Trade	-213
					Lease Obligations	+830	Transition to IFRS 16
					Accounts Payable - Other	-1,002	Primarily from reductions in advertising spending
					Income Taxes Payable	+88
					Consumption Taxes Payable	+243	Reduction of interim payment
	1,559	5,925	+4,366	+280.0%	Provisions for Bonuses	-292	Revisions to bonus payments
Non-current liabilities	Long-Term Loans Payable	+584	Primarily due to new borrowings
	11,045	19,972	+8,927	+80.8%	Long-Term Lease Obligations	+3,863	Transition to IFRS 16
Liabilities

Total Equity	32,627	34,643 +2,015 +6.2%	Capital Surplus
Treasury Shares

Foreign Currency Translation Adjustm.

+1,917 -522

+542 Fluctuations in foreign currency exchange rates

	Equity per share attributable
	242.62	259.90	+17.28
	to owners of the parent
	(JPY)
			Remaining goodwill (in JPY): Littel 86 mil., Trovit 8,356 mil., Mitula 10,404 mil., RESEM 1,129 mil., LIFULL Marketing Partners 251 mil., LIFULL Tech Vietnam 89 mil.	7
			Trovit, Mitula and LIFULL Marketing Partners PPA 1,113 mil.

Condensed Statement of Cash Flow IFRS

7.2 billion yen in loans to solidify the financial base against an unforeseeable future

Free cash flow increased by 2.63 billion yen resulting in cash and cash equivalents at 15.2 billion

	FY2019 Q3	FY2020 Q3	Change	Main items
Unit: JPY mil.	Oct.-Jun.	Oct.-Jun.		Items	FY2019 Q3	FY2020 Q3
				Profit for the period before tax	+3,150	+3,445
				Depreciation and amortization	+891	+1,507
	1,299	3,170	+1,870	Impairment loss	+298	-
Operating cash flow	Increase/decrease in accounts receivable-trade and other current receivables	-201	+1,180
				Increase/decrease in accounts payable-trade and other current payables	-315	-1,331
				Other	-429	-358
				Tax payments	-2,104	-1,289
				Purchase of financial instrument assets	-	+505
				Purchase of financial instrument assets	-93	-68
				Purchase of property, plant and equipment	-141	-480
Investing cash flow	-2,332	-538	+1,794	Purchase of intangible assets	-254	-234
Purchase of shares of subsidiaries	-1,645	-
				Purchase of shares of related companies	-70	-
				Proceeds from sale of shares of subsidiaries	+473	-
				Payment of loans receivable	-773	-727
				Proceeds from collection of loans receivable	+258	+468
				Other	-86	-1
				Proceeds from loans	+3,600	+9,398
				Repayments of loans	-200	-3,813
	2,638	3,332	+694	Dividends paid	-714	-590
Financing cash flow	Repayment of lease obligations	-3	-670
				Proceeds from share issuance to non-controlling interests	-	+31
				Repurchase of treasury shares	-0	-522
				Deposit for the repurchase of treasury shares	-	-497
Change in cash and cash	1,341	5,994	-
equivalents
Balance of cash and	8,912	15,233	+6,320
cash equivalents

8

Completion of the Repurchase of Treasury Shares

The share buyback decided at the Board of Directors meeting on May 14 was completed on August 4.

(Per Agreement)

Reasons	Details of Repurchase

Enhance shareholder returns

Improve capital efficiency

Support a flexible capital strategy

(Ref.) Treasury Shares

(As of Mar. 31, 2020)

Outstanding Shares	134,239,870
Treasury Shares	74,587

(Ref.) May 14 Release

As of August 4 (Per Agreement)

	Total Shares	Acquired Shares
	3,000,000 Shares (Max.)	2,383,500 Shares
			1.78% of Shares Outstanding
Aggregate Purchase Price	Purchase Price
	JPY 1 bil. (Max.)	JPY 999,994,400

Method of Purchase Market purchase based on discretional trading contract

9

Progress Toward FY2020/9 Forecast IFRS

Condensed Statements of Income and Loss

	FY2020	FY2020 Q3
	Oct.-Sep.	Oct.-Jun.	Progress
	[Full-Year
Unit: JPY mil.	[Actual]
Forecast]
Revenue	30,760	26,892	87.4%
Cost of revenue	3,639	3,143	86.4%
SG&A (excl. depreciation	24,062	18,580	77.2%
Personnel expenses	8,405	6,175	73.5%
Advertising expenses	9,742	8,327	85.5%
Operating expenses	667	358	53.7%
Other	5,246	3,720	70.9%
Other revenues and expenses	-90	12	-
EBITDA	2,968	5,180	174.5%
EBITDA margin	9.6%	19.3%	-
Net profit*	269	2,323	863.6%

Revenue by Service

	FY2020	FY2020 Q3
	Oct.-Sep.	Oct.-Jun.	Progress
	[Full-year
Unit: JPY mil.	[Actual]
forecast]
Revenue	30,760	26,892	87.4%
HOME'S Services	22,969	20,483	89.2%
Overseas	5,826	4,999	85.8%
Others	1,964	1,409	71.7%

1. Progress toward the revised forecast announced on April 20, 2020
2. 1 EUR calculated at JPY 120 (adjusted from JPY 118)

*Net Profit: Profit attributable to owners of the parent

10

Actions in the Third Quarter

(Response to COVID-19)

Copyright(c) LIFULL Co., Ltd. All Rights Reserved.

11

Growth in the LIFULL HOME'S Client Network

Support offered for real estate companies voluntarily suspending business activities during the state of emergency. Maintaining steady growth in the client network through stronger sales measures.

Support for Real Estate Companies

Client Network Growth

During the State of Emergency

Reduced fees for real estate companies temporarily closing or suspending their businesses during the state of emergency

Pricing Structure Change

27,606

State of

Emergency

Period

During the state of emergency by region (April 7 or April 17 - May 31)

Applicable Services

• Property listings
• Inquiries
• Monthly optional services

Less than 2% of clients

requested to suspend service and nearly all restarted

in June

(Rental and Re-Sale Listings)

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.

Increased sales initiatives

resulting in

continuous growth

from October 2019

12

User Support During Stay-At-Home Orders LIFULL HOME'S Sumai No Madoguchi

Although offices closed during the state of emergency, support via various communication channels (video calls, telephone, e-mail) increased for a growing number of consultations.

Support During the
State of Emergency
 Temporary closure of all offices during	Consultations	Approx.
April and May			+55%
 Increased staff to take on more online	(Total Jan. - Jun.)
consultations					YoY
Tel.	E-mail	LINE
Video Calls			2018	2019	2020
Video calls have
become more
common through
the COVID-19
pandemic

Offices partially reopening from June

More online and offline consultations

Sumai No Madoguchi Search

https://www.homes.co.jp/counter/
Sumai No Madoguchi (Housing Counter)
A multichannel consultation service to assist users who	13
are not sure how to begin their house-hunting process.

Traffic Trends in the Overseas Segment

Decreases in traffic seen while lockdown measures were in place in key regions with strong recovery from May.

Steady growth from organic search engine traffic.

Organic Traffic Trend

(LIFULL CONNECT Aggregation Sites)

	Decreases from
FY 2019	COVID-19

FY 2020

Positive YoY

Growth

Steady growth from

improved SEO

results across brands

(Disregarding temporary

effects of COVID-19)

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

14

Innovating the

Search for a New Home

Copyright(c) LIFULL Co., Ltd. All Rights Reserved.

15

Questionnaire on Home-Seeker Behavior during COVID-19(#2)

Conducted a second questionnaire in June on the current mindset of users planning to move house. Discovered an increase in the number of users planning a move and anticipation of online support.

Q: Are you currently planning to move house / build a house?

	Planning to move	approx.	Not planning to move
April	25.1%	+10%	74.9%
June	34.4%		65.6%

Q: What was initiated your decision to move? (Multiple answers)

1	Unhappy with	2	Child-related	3	Relationship	Primarily
current home	(Birth, school, etc.)	(Marriage, moving
	(Too small, old, etc.)				in with partner)	personal
	27.1%		22.8%		18.2%	changes

1. If realtors would offer the option for online consultations, viewings and paperwork, would you have continued looking
   for a new place to live? (Of users who postponed their moving plans)

	Definitely	Probably	Not sure	Prob.	Def.
	not	not
April	10.0%	33.0%	38.0%	11.0%	8.0%
June		9.0%	49.0%		38.0%	6.0%
		6.0%

approx.

+15%

Detailed Resultshttps://lifull.com/news/17945/

(in Japanese)

Due to	16	Lifestyle	17 Change of	18 Change in
	changes	Plans	Financial Situation
COVID-19
	3.7%	3.5%	3.1%
Q: What are your current plans?
	As planned	Postponed	Cancelled	Not sure what to do
April		34.9%
21.8%	53.0%		37.7%
June	35.5%
13.4%	20.0%		48.8%

approx.

+14%

Personal changes continue to be driving factors in the decision to move house.

Users continue to request online moving support (consultations, viewings and paperwork.)

Overview (Online Questionnaire)

Timeframe: June 12 - 17, 2020

Area: Japan (nationwide)
Participants: Men and women between 17 - 49 years old	16
Responses: 40,000

Online Support for Home-SeekersLIFULL HOME'S LIVE

Extension of free service period1,2 of LIFULL HOME'S LIVE. Broader use due to reduced face-to-face transactions during the COVID-19 pandemic.

Online Support Provided

LIFULL HOME'S LIVE

(Consultations, Viewings and Disclosures)	free of charge for members
via LIFULL HOME'S LIVE	Until September, 20201,2
(Jan. - Jun. Total)

		+61%
2018	2019	2020

via online video chat

Consultations	Viewings	Disclosures3
1 Eligibility:	LIFULL HOME'S Members who submit new applications for the online consultation,
	viewing, and disclosure service during the below period
2 Period:	Scheduled for mid-March 2020 to the end of September

3 Disclosures: Japanese law requires a verbal and written disclosure statement compiled and performed by a license realtor about properties before they can be bought, sold or rented

https://www.homes.co.jp/online

17

Expanding the Real Estate

Investment Market

Copyright(c) LIFULL Co., Ltd. All Rights Reserved.

18

Kenbiya Acquired in July to Boost the Real Estate Investment Area

Two real estate investment sites started in the 2000s, but developed with complementary strengths.

	Large-Scale
	Japanese Real Estate
https://www.kenbiya.com/	Investment Listing Sites
	×

Investment Properties

https://toushi.homes.co.jp/

Active Community of Real Estate InvestorsSupport for New Real Estate Investors

Over Clients User BaseOver Clients User Base

40,000	investment		Site	50,000
	Focused on	Experienced		Diverse	Beginner
Listings	property	real estate	Characteristics	Listings	network of	investors via
investors		agents	SEO
	agents

19

Kenbiya Company Overview

Name :	Kenbiya Co., Ltd.
Head Office :	Minato-ku, Tokyo
Founded :	April 2004
Capital :	JPY 10 million
Primary Business :	Operation of the real estate investment and
	property listing website Kenbiya

Directors (No Changes)

Representative Director	Representative Director
and President	and Chairperson
Keiichi Kurauchi	Tomoaki Hagiwara

Business Result Trend	JPY
		Revenue		Operating Profit 550mil.

JPY

170mil.

FY 2017/9 FY 2018/9

FY 2019/9

High profitability due to efficient management

1998 Recruit Holdings

Housing segment (Rental,

Resale, Condominium)

2006 Renovation and sales of investment properties for a real estate company

2008 Kenbiya Co., Ltd.

2011 Assumed director position

2012 Assumed position as president

1998 Oracle Japan

Accounting software development

1999 DeNA

Original member of auction system development group

2003 Attended a real estate investment seminar and began investing

2004 Founded Kenbiya

(incorporated in 2005)

2012 Assumed position as chairman

Maintaining revenue and profitability

Acquisition Method

Complete acquisition by share transfer

Acquisition Remuneration

JPY 1.33 billion

20

Strategy for the Real Estate Investment Sector

Becoming the leader in investment property listings while combining the client and users networks of both sites to boost overall value.

Over 80,000

Combined Listings

User Network

Real Estate Client Network

Seminars and Marketing

Investment Properties

Becoming the leading website for real estate investment in Japan

Complete and transparent information to give investors peace of mind

Explore new technologies and services using the extensive data, client and user networks

21

Expanding the Real Estate Investment Market

Invested in InvestaX, specializing in issuing security tokens for real estate assets and facilitating transactions. Making progress toward a global real estate investment platform using blockchain technology.

Traditional Real Estate Investing

Tokenized Real Estate Investing

Investor

Buy

Transaction Platform

Buy Tokenized Assets

Tokenize

Rental Income Property	Dividend Payments
Investors

Increase liquidity and boost the market through the tokenization of real estate assets

LIFULL Group

LIFULL Social Funding

STO Test

As an effort to alleviate the social issue of vacant houses in Japan, LIFULL has run tests using STOs and blockchain technology raise the funds required for renovation while automating the transaction and improving transparency.

External Investments

Bit of Property

Operator of a blockchain investment service for Estonian real estate. Investments initiated in April 2018 to gain insight into tokenized real estate platforms.

InvestaX

Providing end-to-end solutions to issue tokens and facilitate transactions and custody of real estate and private equity. Investments initiated in July 2020.

STO (Security Token Offering)	22
Management of tokenized digital securities, known as security tokens, on the blockchain.

LIFULL Group

Make every

LIFE FULL

23

Appendices

Copyright(c) LIFULL Co., Ltd. All Rights Reserved.

24

Corporate Information (as of June 30, 2020)

Company	LIFULL Co., Ltd.
Stock code	2120 (TSE 1st Section)
Representative	Takashi Inoue, President and CEO
History	Mar. 12, 1997	Established
	Oct. 2006	Listed in TSE, Mother's Section
	Mar. 2010	Listed on TSE 1st Section

Capital	JPY 9,716 mil.
Stock issues	134,239,870 shares (incl. 1,312,669 shares of treasury stock)
Consol. number of	1,456 (incl. 199 temporary and 353 overseas)
employees
Major shareholder	LIFULL Directors, Rakuten, Inc. (17.7%)
Main subsidiaries	LIFULL CONNECT, S.L.U. (100%)
(stake)	LIFULL Marketing Partners (100%)

President and CEO Takashi Inoue

Head Office

Chiyoda-ku, Tokyo, Japan

25

LIFULL HOME'S

LIFULL HOME'S Real Estate and Housing Information Site

https://www.homes.co.jp/

• One of the largest real estate listing sites in Japan
• Apart from property listings, LIFULL HOME'S also features an in-house Quality Screening Team to ensure the reliability of listing information.
• Constantly evolving, the site has been optimized for smart devices to provide the best possible search experience for users.

Users

View

Realtors

Property

Information

• Search by city, train line, station or time to destination
• Filters including "No Deposit," "Pets Allowed"
• Select and compare multiple properties
• To-dolists, new property notifications and other extensive support services

LIFULL HOME'S

iOS・Android Apps

26

Primary Group Companies

(Listed according to date of founding / acquisition)

PT. LIFULL MEDIA INDONESIA1	• Planning and operation of the real estate and housing information website, LIFULL Rumah
• Planning and operation of the service for Japanese resident officers assigned to Jakarta, LIFULL Concierge
LIFULL Marketing Partners Co., Ltd.	•	Internet marketing for real estate and related business operators
	•	Operation of one of the largest search engines for nursing homes and senior housing in Japan, LIFULL Nursing

LIFULL senior Co., Ltd.

LIFULL MOVE Co., Ltd.

LIFULL SPACE Co., Ltd.

LIFULL bizas Co., Ltd.

LIFULL Social Funding Co., Ltd.

LIFULL Tech Vietnam Co., Ltd.

Rakuten LIFULL STAY, Inc.1,2

LIFULL CONNECT, S.L.U.

LIFULL ArchiTech Co., Ltd.

Kenbiya Co., Ltd.

Care

• Operation of the search site "Minna no ihinseri" for companies which organize the possessions of the deceased
• Operation of the moving company price estimate and reservation website, LIFULL Hikkoshi
• Operation of one of the largest search engines for storage space in Japan, LIFULL Trunk Room
• Operation of a search site for rental meeting rooms and other spaces, LIFULL Rental Space
• Contractor for clerical work and other back-office operations
• Contractor for call center operations
• Operation of the crowdfunding platforms, LIFULL Social Funding
• Operation of the LIFULL Regional Revitalization Fund
• Offshore, lab-type, software and application development as well as creative production
• Operation of vacation rental platforms
• Operation of aggregation sites for real estate, job listings, used vehicles and fashion aggregation sites as well as portals
• Research and development on construction and living environments; management of patents
• Operation of the real estate investment site Kenbiya

1 Affiliated company accounted for by the equity-method	27
2 Joint venture with Rakuten Inc. RAKUTEN LIFULL STAY PTE. LTD. founded in March 2017 as a wholly owned subsidiary

Segments and Primary Services

Segments	Main services

HOME'S Services Business

Overseas Businesses

Other Businesses

LIFULL HOME'S

AD Master (former Renter's Net)

NabiSTAR

LIFULL Marketing Partners Co., Ltd.

Kenbiya (Kenbiya Co., Ltd.)

Trovit (LIFULL CONNECT)

Mitula (LIFULL CONNECT) Nestoria (LIFULL CONNECT) RESEM (LIFULL CONNECT)

Dot Property (LIFULL CONNECT)

LIFULL Tech Vietnam Co., Ltd. (App Development) Other subsidiary services of LIFULL CONNECT

LIFULL Kaigo (nursing care) (LIFULL senior Co., Ltd.) LIFULL Hikkoshi (moving) (LIFULL MOVE Co., Ltd.) LIFULL Trunk Room (LIFULL SPACE Co., Ltd.) Regional Revitalization Business

LIFULL Social Funding Co., Ltd. LIFULL ArchiTech Co., Ltd.

Other LIFULL subsidiaries and new services

28

Annual Revenue and Timeline of Company Growth

Earnings Forecast Revision due to impact of COVID-19

																							Acquisition of
JPY 100,000																						MItula
450
																					Changed fiscal year
																					(irregular 6-month period)
400																					Changed company name to
																					LIFULL Co., Ltd.
350																Overseas real		Acquisition of
																	LIFULL MP
																estate services
300																launched
													Acquisition of LITTEL			Acquisition
250										Acquisition of RENTERS	(Merged in 2011)
NEXT CO., Ltd.												of Trovit
							(Merged in 2017)
	(Former									Changed to
	Company Name)							Listed on
			Capital Tie-up				TSE First
	founded
200				with Rakuten Co.,			TSE			Section
HOME'S																392
				Ltd.			Mothers
launched
																					345
150																						299			307
																					257
100																				182
																			147			159
																		120
50														89	108	107	103
												74
												45
0							4	6	10	16	27
	1997	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
																					(Mar. FY)(Sep. FY)	(Forecast)
									J-GAAP													IFRS
																									29

Revised Earnings Forecast for FY 2020/09 IFRS

Revised Earnings Forecast disclosed on April 20, 2020

(https://lifull.com/wp-content/uploads/2020/04/release_20200420_en_revision.pdf)

Condensed Statemants of Income and Loss		Revenue by Segment

	FY2020	FY2020		Change	Change
	Oct.-Sep.	Oct.-Sep.
Unit: Millions of yen	[Original Full-	[Revised Full-			%
	Year Forecast]	Year Forecast]
Revenue	45,193	30,760	-14,432	-31.9%
Cost of revenue	5,171	3,639	-1,531	-29.6%
SG&A (excl. depreciation)	31,863	24,062	-7,800	-24.5%
Personnel expenses	10,557	8,405	-2,151	-20.4%
Advertising expenses	13,591	9,742		-3,849	-28.3%
Operating expenses	1,018	667		-351	-34.5%
Other	6,695	5,246		-1,449	-21.6%
Other revenues and expenses	-37	-90		-52	-
EBITDA	8,121	2,968		-5,152	-63.5%
EBITDA margin	+18.0%	+9.6%		-8.3pt	-
Net profit*	4,153	269		-3,884	-93.5%

	FY2020	FY2020	Change	Change
	Oct.-Sep.	Oct.-Sep.
Unit: Millions of yen	[Actual]	[Full-year		%
forecast]
Revenue	45,193	30,760	-14,432	-31.9%
HOME'S Services	33,202	22,969	-10,233	-30.8%
Overseas	9,069	5,826	-3,243	-35.8%
Others	2,920	1,964	-956	-32.7%

1. 1 EUR has been calculated at ¥120 (adjusted from ¥118)
2. Net Profit: Profit attributable to owners of the parent

30

Growth of Consolidated Earnings and Breakdown Consolidated Revenue

Acceleration of growth in the Overseas Business segment in addition to steady progress in HOME'S Services

40,533

Unit: JPY mil.	4.8%
		Other Businesses
32,112	34,565
22.0%		Overseas1
27,566

73.2% Services

3 Periods Prior	2 Periods Prior	FY2018	FY2019
(Oct. - Sep.)	(Oct. - Sep.)

1 Calculated according to actual values (Assuming Mitula had been acquired as of October 2018)	31

Number of Employees Group

Increase in employees due to overseas expansion

1,558

1500

1,118

1000

919

735

561

500

0

1,199

1,275

• Overseas
• Other Businesses
• HOME'S Services

End of	End of	End of	End of	End of	End of	End of
Mar 2014	Mar 2015	Mar 2016	Mar 2017	Sep 2017	Sep 2018	Sep 2019

1) Not including employees in companies outside the LIFULL Group

2) Temporary staff numbers are based on annual averages

32

Consolidated Statements of Profit and Loss Quarterly

Consolidated statements of Profit and Loss (quarterly)

	Unit : JPY mil		FY2017/3		FY2017/9		FY2018/9			FY2019/9			FY2020/9
	Q1	Q2	Q3	Q4	Q1	Q2	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2		Q3
Revenue	6,846	6,910	7,107	9,056	7,793	8,154	8,128	9,541	8,345	8,549	8,391	11,208	9,753	9,944	9,202	9,983		7,706
	HOME'S Services Business	5,616	5,782	5,955	7,662	6,472	6,816	6,742	8,062	6,833	6,963	6,860	8,404	7,060	7,330	6,763	7,543		6,176
	Overseas Businesses	823	750	750	867	859	858	883	935	983	1,058	986	2,315	2,213	2,165	2,006	1,892		1,101
	Other Businesses	406	377	400	525	461	479	502	542	528	527	544	488	479	448	432	547		429
Cost of revenue	670	737	774	897	915	946	928	946	996	1,006	1,048	1,258	1,035	1,217	1,116	1,157		869
SG&A	4,776	4,581	5,422	6,627	6,346	6,100	5,862	6,987	5,948	6,555	5,879	9,222	6,754	7,682	6,540	6,874		5,165
	Personnel expenses	1,773	1,531	1,811	1,923	1,993	1,816	1,962	1,783	1,963	2,082	1,969	2,087	2,217	2,428	2,535	1,590		2,048
	Advertising expenses	1,689	1,730	2,145	2,834	2,719	2,695	2,426	3,657	2,431	2,869	2,347	4,882	2,790	3,252	2,559	3,882		1,884
	Operating expenses	246	236	282	244	240	215	236	267	209	229	190	204	240	290	170	123		64
	Other SG&A	1,066	1,082	1,183	1,624	1,393	1,373	1,236	1,279	1,344	1,374	1,372	2,047	1,505	1,710	1,274	1,278		1,167
Other revenues and expenses	▲ 6	▲ 42	▲ 30	▲ 39	▲ 72	▲ 30	71	18	6	▲ 44	425	▲ 332	9	59	▲ 9	▲ 41		62
EBITDA	1,392	1,549	879	1,491	458	1,077	1,408	1,624	1,406	942	1,889	394	1,972	1,103	1,535	1,909		1,735
Depreciation/amortization cost	221	217	338	468	253	266	274	266	263	263	259	304	308	303	490	515		486
Operating profit	1,171	1,331	540	1,022	205	811	1,134	1,358	1,142	679	1,629	90	1,664	800	1,044	1,393		1,248
Net income *	734	942	331	756	22	467	591	980	702	585	1,003	▲ 41	1,073	370	527	949		846
EBITDA margin	20.3%	22.4%	12.4%	16.5%	5.9%	13.2%	17.3%	17.0%	16.9%	11.0%	22.5%	3.5%	20.2%	11.1%	16.7%	19.1%		22.5%

1. Net income = Net income attributable to owners of the parent
2. Disclosure segments modified since FY2017/09. Sales of prior periods has been described in conjunction with the segment change.
3. As the provisional accounting procedures for corporate mergers have been defined in the first and third three-month periods of the current consolidated fiscal year, these measures have been applied for values for the fiscal year ended in September 2019. In conjunction with these measures, year-on-year change ratios have been calculated with adjusted values.

33

Expense-to-Revenue Ratio IFRS

Improvement in EBITDA margin due to cost control efforts

32.1% -3.9pt 28.3% +1.7pt 30.0% -3.2pt 26.8%

32.1%	+0.6pt	32.7%	+1.4pt	34.1%	-3.2pt	31.0%

	-2.0pt	21.9%	-0.6pt	21.4%	+1.6pt	23.0%
23.9%
11.8%	+5.3pt	17.1%	-2.6pt	14.5%	+4.8pt	19.3%
(Adj.) FY2017		FY2018 Q3		FY2019 Q3		FY2020 Q3
(16.10-17.6)		(17.10-18.6)		(18.10-19.6)		(19.10-20.6)

Cost of Sales and Other SG&A

Advertising Expenses

Personnel Expenses

EBITDA Margin

34

(Ref.) Pricing Structure Revisions Rental & Sale Properties Starting Oct. 2019

New Pricing Structure

	Basic Membership Fee	Inquiries	Pay by Inquiry
	(Mon.)
Rental	JPY 15,000	Inquiries (e-mail / tel.)	Monthly Rent of Property × 9.5%
Company Inquiries	Number of Inquiries × JPY 5,000
Sale	JPY 15,000	Inquiries (e-mail / tel.)	Sale Price of Property × 0.05%
Company Inquiries	Number of Inquiries × JPY 10,000
Original Pricing Structure
	Basic Membership	Inquiries	Pay by Inquiry
	Fee (Mon.)
Rental	JPY 10,000	1 to 15	Monthly Rent of Property × 5.5%
Over 16	Monthly Rent of Property × 4.0%
Sale	JPY 10,000	1 to 5	Sale Price of Property × 0.05%
Over 6	Sale Price of Property × 0.03%

35

Quarterly Results LIFULL CONNECT

Currently lower revenue due to the effects of the COVID-19 pandemic

Results from LIFULL CONNECT* in EUR (■ Pre-consolidation results of Mitula Group)

Unit: 1,000 EUR

9,365

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q1

Q2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2015

2016

2017/3

2017/9

2018

2019

2020

*Total Results from Trovit, Mitula and RESEM

36

Overseas Segment Results Segment Profit and Loss (Quarterly Trend)

Lower revenue due to effects of the COVID-19 pandemic leading to reduced profit levels

Quarterly Segment P&L	■ LIFULL CONNECT ■ International Division ■ Depreciation ■ M&A Costs ■ Other

Unit: JPY mil.

594 556

401

246

292

64

Intangible assets from Mitula (trademarks, client- related assets) have been defined (PPA). Recorded as Depreciation in this chart.

-97-77-75-71-70

Q3

FY 2020/9

-607

37

Other Businesses - Segment Sales Revenue (Quarterly) -

Without regard to the effects of the transfer of LHL1, continuing to maintain scale of operations

Transfer of LHL

Quarterly Revenue

Unit: JPY mil.

■ Existing businesses *2 ■ Other new businesses	429

Founding of 4 companies (incorporation-type company split)

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY2016/3

FY2017/3

FY2017/9

FY2018/9

FY2019/9

FY2020/9

1) Founded as a subsidiary of FinTech and transferred to Nippon Life Insurance Company in December 2018.

2) Currently comprised of 4 companies: FinTech, MOVE, senior and SPACE

38

Other Businesses Segment Profit and Loss (Quarterly)

Unit: JPY mil.

			Transfer of LHL
Quarterly Segment Profit and Loss
	98
	■ Existing businesses1 ■ Other new businesses
	60			41
			44	33	26	38

		-97
-141	-138	-118
-142-155
		-167

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY2016/3

FY2017/3

FY2017/9

FY2018/9

FY2019/9

FY2020/9

39

1 Comprised of FinTech (sold in 2018), MOVE, senior and SPACE

Progress in Regional Revitalization New Partnership with Local Governments

Entered into a revitalization partnership with Tagawa, Fukuoka, in July and added another LivingAnywhere Commons location

福岡県
Tagawa Revitalization partnership
Fukuoka	to repurpose vacant homes
田川市

LivingAnywhere Commons

Coming together to create new value for Tagawa

June 19, 2020

Local Partnerships

Bandai

Fukushima

Sabae

Kamaishi

Tagawa

Fukui

Iwate

Fukuoka

Shimoda

Nichinan

Shizuoka

Miyazaki

Soja Koshu

Okayama Yamanashi

8 Citiesacross Japan

Focus of the Partnership

• Research and advertising of local vacant homes
• Repurposing of vacant homes
• Entrepreneurial assistance in Tagawa
• Professional training

Before entering to the partnership Tagawa, an elementary school with over 140 years of history was transformed into an art and start-up incubator, "IINE Palette," and registered as the newest LivingAnywhere Commons location.

40

LIFULL ArchiTech Instant Shelter

Sales of Instant Shelters to local governments and businesses started on July 15

What is an Instant Shelter?

Created by filling a three-dimensional form with a solid light foam substance, Instant Shelters provide insulated and sound-proof structures that can be constructed in just a few hours.

Maintain	Protect
Social Distance	Privacy

Improved Conditions

During Emergency

Evacuations

Uses

Emergency	Easy transportation to areas affected by natural disasters and
used as an evacuation shelter

Leisure Outdoor facilities for local governments and camp grounds

LIFULL ArchiTech		Search	https://lifull.com/news/17883/
	(In Japanese)

Since deliveries are arranged through a third-party, products may not arrive for several days.	41
Please contact LIFULL ArchiTech for more information

(Ref.) External Market Data Monthly

			2017	2018	2019		Apr-18	May-18	Jun-18	Jul-18	Aug-18	Sep-18	Oct-18	Nov-18	Dec-18	Jan-19	Feb-19	Mar-19	Apr-19	May-19	Jun-19	Jul-19	Aug-19	Sep-19			Oct-19	Nov-19	Dec-19	Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20
			(Jan-Dec)	(Jan-Dec)	(Jan-Dec)
	(1) Number of	Capital Region	35,898	37,132	31,238		2,342	2,462	2,659	2,986	1,502	3,372	2,845	3,461	7,462	1,900	2,313	3,337	1,421	2,206	2,259	1,932	1,819	2,359			2,007	3,293	6,392	1,245	1,488	2,142	686	393	1,543
	YoY	0.4%	3.4%	-15.9%		-14.6%	-5.4%	16.4%	-12.8%	-28.5%	13.2%	1.0%	2.8%	15.2%	-1.8%	-7.1%	-7.7%	-39.3%	-10.4%	-15.0%	-35.3%	21.1%	-30.0%			-29.5%	-4.9%	-14.3%	-34.5%	-35.7%	-35.8%	-51.7%	-82.2%	-31.7%
	Apartments
	Kinki	19,560	20,958	18,042		1,742	1,480	1,211	1,514	1,378	1,859	1,775	2,585	2,760	1,044	1,281	1,449	852	1,388	1,500	1,788	1,341	1,406			1,271	1,492	3,230	621	1,035	1,528	494	214	1,407
	for sales	YoY	4.7%	7.1%	-13.9%		25.2%	-14.8%	-8.3%	-17.4%	13.4%	-22.3%	21.2%	63.4%	22.2%	-4.3%	-29.5%	-17.0%	-51.1%	-6.2%	23.9%	18.1%	-2.7%	-24.4%			-28.4%	-42.3%	17.0%	-40.5%	-19.2%	5.5%	-42.0%	-84.6%	-6.2%
	(2) Trend of	Capital Region	5,908	5,871	5,980		5,548	6,030	6,244	6,191	5,360	5,136	2,845	3,461	7,462	1,900	2,313	3,337	1,421	2,206	2,259	1,932	1,819	2,359			2,007	3,293	6,392	1,245	1,488	2,142	686	393	1,543
	YoY	7.6%	-0.6%	1.9%		-6.3%	0.8%	10.7%	-5.7%	-7.5%	-11.8%	1.0%	2.8%	15.2%	-1.8%	-7.1%	-7.7%	-39.3%	-10.4%	-15.0%	-35.3%	21.1%	-30.0%			-29.5%	-4.9%	-14.3%	-34.5%	-35.7%	-35.8%	-51.7%	-82.2%	-31.7%
	Price for
	Kinki	3,836	3,844	3,866		3,825	3,868	3,578	4,568	3,585	4,043	1,775	2,585	2,760	1,044	1,281	1,449	852	1,388	1,500	1,788	1,341	1,406			1,271	1,492	3,230	621	1,035	1,528	494	214	1,407
	Apartments
		YoY	-2.1%	0.2%	0.6%		-0.2%	8.3%	-5.2%	7.1%	1.0%	-3.4%	21.2%	63.4%	22.2%	-4.3%	-29.5%	-17.0%	-51.1%	-6.2%	23.9%	18.1%	-2.7%	-24.4%			-28.4%	-42.3%	17.0%	-40.5%	-19.2%	5.5%	-42.0%	-84.6%	-6.2%
			2017	2018	2019		Apr-18	May-18	Jun-18	Jul-18	Aug-18	Sep-18	Oct-18	Nov-18	Dec-18	Jan-19	Feb-19	Mar-19	Apr-19	May-19	Jun-19	Jul-19	Aug-19	Sep-19			Oct-19	Nov-19	Dec-19	Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20
			(Jan-Dec)	(Jan-Dec)	(Jan-Dec)
		House for Rent	419,397	396,404		342,289	35,447	31,083	34,884	35,847	35,457	35,350	35,225	34,902	30,788	24,776	27,921	28,413	29,511	26,164	30,645	30,383	29,255	29,414			29,417	28,779	27,611	24,147	22,638	26,545	24,976	24,040	26,666
		YoY	0.2%	-5.5%		- 13.7%	-2.1%	-5.6%	-3.0%	-1.4%	1.4%	-5.8%	-7.3%	-6.9%	-7.9%	-12.3%	-5.1%	-4.5%	-16.7%	-15.8%	-12.2%	-15.2%	-17.5%	-16.8%			-16.5%	-17.5%	-10.3%	-2.5%	-18.9%	-6.6%	-15.4%	-8.1%	-13.0%
		Apartment	114,830	110,510		117,803	12,350	11,861	8,253	8,699	9,146	8,934	8,604	10,460	9,546	9,368	9,132	13,330	10,480	9,165	8,597	8,600	10,159	12,022			9,998	7,995	8,957	6,782	9,353	9,500	10,723	9,137	8,422
	(3) New build	YoY	0.2%	-3.8%	6.6%		2.1%	20.7%	-36.2%	-4.0%	0.4%		3.5%	14.9%	15.6%	28.6%	43.6%	10.5%	69.5%	-15.1%	-22.7%	4.2%	-1.1%	11.1%	34.6%			16.2%	-23.6%	-6.2%	-27.5%	2.4%	-28.7%	2.3%	-0.3%	-2.0%
	properties	House	138,189	142,393		147,522	12,324	11,944	11,903	12,004	11,953	11,882	12,556	12,561	13,006	11,190	11,844	11,738	12,698	11,899	13,096	13,074	12,236	11,889			12,726	12,705	12,427	10,881	10,907	11,616	11,665	10,381	11,658
		YoY	3.3%	3.0%	3.6%		7.1%	5.8%	0.7%	2.5%	4.0%		4.7%	5.9%	-0.2%	8.5%	4.2%	12.2%	7.1%	3.0%	-0.4%	10.0%	8.9%	2.4%	0.1%			1.4%	1.1%	-4.5%	-2.8%	-7.9%	-1.0%	-8.1%	-1.5%	-11.0%
			284,283	283,235								24,873	25,949	25,527	24,415	20,925	21,992	22,404	25,436	24,826	28,394	26,282	24,027	24,008			24,495	23,655	22,294	18,037	19,557	22,327	21,015	19,696	23,650
		Owned house	-2.7%	-0.4%		288,738	23,289	23,321	25,148	25,447	24,420	△	％	4.6%	2.5%	4.8%	3.3%	9.9%	8.9%	9.2%	6.5%	12.9%	3.3%	-1.6%	-3.5%			-5.6%	-7.3%	-8.7%	-13.8%	-11.1%	-0.3%	-17.4%	-20.7%	-16.7%
		YoY		1.9%	-1.9%	-2.2%	-3.4%	0.3%	0.2%		0.0
			2017	2018	2019		Apr-18	May-18	Jun-18	Jul-18	Aug-18	Sep-18	Oct-18	Nov-18	Dec-18	Jan-19	Feb-19	Mar-19	Apr-19	May-19	Jun-19	Jul-19	Aug-19	Sep-19		Oct-19	Nov-19	Dec-19	Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20
			(Jan-Dec)	(Jan-Dec)	(Jan-Dec)
		Total	5,318,617	5,359,174		5,403,465																				761,821420,739343,513393,037391,505331,718414,928351,216348,269336,203369,900910,007767,021418,489351,394418,590378,793 372,471	392,668	336,866	351,063	332,383	362,076	965,051	764,186	300,861	352,719
	(4) Internal	YoY	1.3%	0.8%		0.8%	1.6%	3.8%	-2.7%	4.7%	2.1%	-3.8%	6.9%	2.7%	2.0%	2.4%	2.6%	-0.4%	0.7%	-0.5%	2.3%	6.5%				-3.2% 12.3%	-5.4%	-4.1%	0.8%	-1.1%	-2.1%	6.0%	-0.4%	-28.1%	0.4%
	migrants	Only Japanese	4,893,581	4,889,713		4,889,191																					712,159384,355311,005355,425352,992295,016368,708313,252312,602302,485334,916849,869705,182377,454314,638376,197341,164 330,044	346,967	298,343	311,932	298,530	326,715	898,498	703,617	279,480	328,543
		YoY	0.3%	-0.1%	0.0%		1.4%	3.6%	-3.2%	3.5%	0.8%	-4.9%	5.2%	1.8%	1.2%	2.0%	2.2%	-1.2%	-1.1%	-1.8%	1.2%	5.8%				-3.4% 11.9%	-5.9%	-4.8%	-0.2%	-1.3%	-2.4%	5.7%	-0.2%	-26.0%	4.4%
	(5) Japan	Unit : Thousand	Oct. 1, 2016	Oct. 1, 2017	Oct. 1, 2018		Apr-18	May-18	Jun-18	Jul-18	Aug-18	Sep-18	Oct-18	Nov-18	Dec-18	Jan-19	Feb-19	Mar-19	Apr-19	May-19	Jun-19	Jul-19	Aug-19	Sep-19		Oct-19	Nov-19	Dec-19	Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20
	Population	Total	126,933	126,706		126,443																				126,502126,466126,509126,529126,496126,417126,443126,453126,435126,317126,310126,248126,254126,181126,252126,265126,219 126,131		126,167	126,161	126,144	125,988	126,010	125,950	125,960	125,900	125,930

[Source] (1)(2)Real Estate Economic Institute Co., Ltd. (3)Source : Ministry of Land, Infrastructure, Transport and Tourism (4)(5)Source : Ministry of Internal Affairs

42

(Ref.) Domestic Market Environment

01

Number of Real Estate Companies

328,553

(Based on 2017 values from the Japanese Ministry of Finance "Corporate Statistics Monthly Report")

*April 1, 2017 - March 31, 2018

02

Number of Licensed Real Estate Agencies

124,451 (108,800 Corporates)

(Based on 2018 values from the Ministry of Land, Infrastructure, Transport and Tourism "Number of Licensed Real Estate Agencies 2018")

03	04
Number of Offices	Size of Real Estate
	Listing Market
352,733	Approx. 900+ billion yen
(Based on Ministry of Internal	(Based on LIFULL Internal Data)
Affairs and Communications
"Financial Census" 2015 Values)

43

(Ref.) Base Results of the 2018 Housing and Land Survey (Statistics Bureau of Japan)

			Trend of Total Dwellings and Total Households		Trend of Number of Vacant Homes and Vacancy Rates		Breakdown of Vacant Homes
			Total Dwellings(10,000 Units)									(10,000 Units)						+29					Total
			Total Households (10,000)	5,759	6,063	+1,779	6,241		900			Total Vacant Dwellings		820	(+3.6%)849		16.0%	8,489,000
			(+2.9%						757
6,000				4,588	5,025	5,389				)									576						14.0%
5,000
																								659
																								13.1%13.5%	13.6%
4,000		4,201															600				448	11.5%12.2%	12.0%	Other
																			394						10.0%	348.7		For
														+1,549	5,400																			Rent
3,000
				4,116	4,436	4,726	4,997	5,245	(+3.0%)			300	9.4%	9.8%							8.0%					432.7
2,000		3,781																						6.0%
1,000																												～
0																		0									4.0%		As Second				For Sale
																																		29.3
	1988		1993		1998		2003		2008		2013			2018				1988	1993 1998 2003 2008	2013		2018				Dwelling
															38.1

			National Trend in Monthly Rent
60,000	Residences	Commercial Residences	57,449	60,544	56,700	57,601		¥ 55,695
	51,907
			47,727
50,000
	39,253				53,565	54,052
				51,064	¥ 51,247
			49,257
40,000			44,458
28,351
30,000
		33,214
	16,646
20,000	25,107

10,000

17,908

0 10,029

1973

1978

1983

1988

1993

1998

2003

2008

2013

2018

44

(Ref.) Overseas competitors

Competitors have high market capitalization due to their user shares in each country.

Market Cap.

¥752.5 bil.

[Rightmove, UK]

Revenue	¥37.8 bil.	As of September, 2020 (forecast)
			Market Cap.
		(YoY+8%)		[LIFULL, JP]
EBITDA	¥28.4 bil.		Revenue ¥30.7 bil.	¥1,764.5 bil.
Net Profit	¥17.3 bil.		EBITDA	¥2.9 bil.
				Net Profit	¥0.2 bil.
	As of December, 2019

Market Cap.

¥124.9 bil.

[Fang Holdings, CN] Revenue JPY 23.3 bi.

(YoY -27%)

Market Cap		As of March, 2020
¥58.6
[Recruit Sumai Company, JP]		[Zillow, US]
bil.	Revenue ¥113.3 bil.		Revenue	¥291.4 bil.
						(YoY +106%)
					EBITDA	-¥10.3 bil.
					Net Profit	-¥32.4 bil.

As of December, 2019

EBITDA	-¥0.8bil.
Net Profit	-¥0.8 bil.

As of December, 2019

[REA Group, AU]

Revenue	¥64.0 bil.
	(YoY +9%)
EBITDA	¥34.0 bil.
Net Profit	¥11.1 bil.

Market Cap.

¥1,171.9 bil.

1. Calculated from the IR materials of each company
2. The stock prices as of August 11, 2020
3. Exchange rate USD 1=¥106.18, GBP 1=¥138.71,

AUD 1=¥75.90 (as August 11, 2020)

As of June, 2019	45

IR Team Contact Information

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Annual Report 2018			Other Information about LIFULL
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