Tokyu Fudosan : Financial Summary FY2022 Second Quarter (First Six Months) Ended September 30, 2022

Financial Summary

FY2022 Second Quarter (First Six Months)

Ended September 30, 2022

Tokyu Fudosan Holdings Corporation

This report provides information excerpts from Tokyu Fudosan Holdings' original disclosure in Japanese, "Kessan Tanshin," which was released on November 9, 2022 at 15:00 (GMT+9).

The review has not been completed.

1. Overview of the FY2022 Second Quarter (First Six Months) Ended September 30, 2022

*All the figures in millions are rounded down and all the figures in billions are rounded off to one decimal place.

(1) Summary of consolidated statement of income						(% indicates year-on-year change.)
	Operating revenue	Operating profit		Ordinary profit		Profit attributable to
			owners of parent
First six months	(Millions of yen)	(%)		(Millions of yen)	(%)		(Millions of yen)	(%)	(Millions of yen)	(%)
FY2022	445,010	8.1			45,876	36.9			40,760	51.9		26,925	88.1
FY2021	411,757	7.3			33,509	97.5			26,840	121.7		14,317	-
Note: Comprehensive income:	First six months of FY2022	¥58,425 million [158.7%]
				First six months of FY2021	¥22,586 million [－%]
	Earnings per share		Fully diluted earnings
			per share
First six months		(Yen)					(Yen)
FY2022				37.43				-
FY2021				19.90				-
(2) Summary of consolidated balance sheet
				Total assets		Total net assets		Equity ratio	Net assets per share
				(Millions of yen)		(Millions of yen)		(%)	(Yen)
As of September 30, 2022		2,698,024			708,122			25.4		951.36
As of March 31, 2022		2,634,343			643,298			24.0		878.32
Reference: Equity: As of September 30, 2022 ¥684,347 million; As of March 31, 2022 ¥631,789 million
2. Dividends
									Annual dividends
				Q1			Q2				Q3	Year-end	Total
			(Yen)			(Yen)			(Yen)	(Yen)	(Yen)
FY2021 ended March	-		8.00				-	9.00		17.00
31, 2022
FY2022 ending March	-		9.00
31, 2023
FY2022 ending March									-	10.00	19.00
31, 2023 (Forecast)

Note: Revisions to the forecasts of dividends most recently announced: Yes

For the revisions to the dividend forecasts, please refer to the "Notice Regarding Revision of the Financial Results Forecast for Fiscal Year 2022 Ending March 31, 2023 and Revisions to Dividend Forecasts" separately announced.

3. Forecast for Fiscal Year 2022 Ending March 31, 2023

							(% indicates year-on-year change.)
	Operating		Operating	Ordinary		Profit attributable	Earnings
			to owners of
	revenue		profit		profit		per share
				parent
	(Millions	(%)	(Millions	(%)	(Millions	(%)	(Millions	(%)	(Yen)
	of yen)	of yen)	of yen)	of yen)
Full-year forecast	1,005,000	1.6	95,000	13.3	81,000	11.2	39,000	11.0	54.22

Note: Revisions to the forecasts most recently announced: Yes

For details on the revisions to the forecasts for the fiscal Year 2022 ending March 31, 2023, please refer to "1. Analysis of Operating Results, (3) Forecast for Fiscal Year 2022 Ending March 31, 2023" on page 12 of the attached materials.

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Total number of shares issued (common stock)

(a) Total number of shares issued at end of period (including treasury shares)

As of September 30, 2022:	719,830,974 shares
As of March 31, 2022:	719,830,974 shares
(b) Number of treasury shares at end of period
As of September 30, 2022:	496,939 shares
As of March 31, 2022:	514,089 shares

1. Average number of shares (cumulative from the beginning of the fiscal year) Six months ended September 30, 2022: 719,323,865 shares
   Six months ended September 30, 2021: 719,318,422 shares

(Note) The Company has a "Director Stock Ownership Plan" for directors etc. of the Company and its subsidiaries, and the shares of the Company held by the Plan's trust account are included in treasury shares.

• Quarterly financial summary reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Proper use of forecasts, and other special matters

(Disclaimer)

The forecasts and other forward-looking statements in this report are based on currently available information and certain assumptions determined as rational. Consequently, any statements herein do not constitute assurances regarding actual results by the Company. Actual performance may significantly differ from these forecasts due to various factors in the future.

(Method of accessing financial summary presentation material)

On November 15, 2022, the Company plans to hold a financial summary presentation meeting (conference call) for institutional investors and securities analysts. The Company plans to post the materials used in this presentation on its website before the meeting is held.

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Operating Results and Financial Position

1. Analysis of Operating Results

(1) Overview

During the first six months ended September 30, 2022, with regard to the Japanese economy, partially thanks to the easing of COVID-19 related activity restrictions and border controls, although social and economic activities have been moving toward normalcy, the outlook for the economy as a whole remains uncertain mainly due to rising raw material prices and the rapid weakening of the yen brought about by the increasing tension in the international state of affairs.

The Group's business performance during the first six months ended September 30, 2022, owing to the increase in the number of condominium units sold due to a continuing underlying strength of demand in the residential market, strong performance in the real estate sales agent business, recovery of demand in the hotel business to a certain level, etc., showed increases both in revenues and profit with ¥445.0 billion in operating revenue (up 8.1% from the same period of the previous fiscal year), ¥45.9 billion in operating profit (up 36.9%), ¥40.8 billion in ordinary profit (up 51.9%), and ¥26.9 billion in profit attributable to owners of parent (up 88.1%).

In the first six months ended September 30, 2022, the Group achieved record highs, including the period before shifting to a holdings structure, for operating revenue, operating profit, ordinary profit and profit attributable to owners of parent.

The first six months for FY2021 in the tables below was from April 1, 2021 to September 30, 2021 and the first six months for FY2022 was from April 1, 2022 to September 30, 2022.

(Unit:¥ billion)

	First six months	Comparison
	FY2021	FY2022
Operating revenue	411.8	445.0	33.3
Operating profit	33.5	45.9	12.4
Ordinary profit	26.8	40.8	13.9
Profit attributable to	14.3	26.9	12.6
owners of parent
Operating revenue and operating profit

FY2022 Progress forecast

1,005.0 44.3%

1. 48.3%

1. 50.3%

1. 69.0%

(Unit:¥ billion)

	First three	First six	First nine	Full-year
	months	months	months
Operating revenue for FY2022	220.3	445.0	-	-
Operating revenue for FY2021	187.3	411.8	634.1	989.0
Operating revenue for FY2020	150.3	383.9	592.6	907.7
Operating profit for FY2022	24.9	45.9	-	-
Operating profit for FY2021	10.7	33.5	53.2	83.8
Operating profit for FY2020	(3.5)	17.0	30.1	56.5

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By segment, the Strategic Investment segment and Real Estate Agents segment saw increases in revenues and profit, the Urban Development segment saw an increase in revenues but a decrease in profit, and the Property Management & Operation segment saw a decrease in revenues but an increase in profit (compared with the same period of the previous fiscal year).

Operating revenue

	First six months	Comparison
	FY2021	FY2022
Total	411.8	445.0	33.3
Urban Development	106.4	135.7	29.3
Strategic Investment	19.5	33.8	14.4
Property Management &	179.0	152.0	(27.0)
Operation
Real Estate Agents	117.7	132.6	14.9
Adjustment for Inter-	(10.8)	(9.1)	1.7
Company Transactions
Operating profit
	First six months	Comparison
	FY2021	FY2022
Total	33.5	45.9	12.4
Urban Development	21.4	20.4	(1.0)
Strategic Investment	6.0	8.6	2.6
Property Management &	(4.9)	1.8	6.7
Operation
Real Estate Agents	15.0	19.1	4.1
Adjustment for Inter-	(4.0)	(4.1)	(0.1)
Company Transactions

(Unit:¥ billion)

FY2022 Progress forecast

1,005.0 44.3%

348.0 39.0%

75.0 45.1%

1. 44.8%

1. 50.4%

(20.0)-

(Unit:¥ billion)

FY2022 Progress forecast

95.0 48.3%

1. 39.8%

1. 72.8%

1. 16.2%

1. 61.5%
   (10.5)-

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