Tokyu Fudosan : Financial Summary FY2023 First Quarter (First Three Months) Ended June 30, 2023

Financial Summary

FY2023 First Quarter (First Three Months)

Ended June 30, 2023

Tokyu Fudosan Holdings Corporation

This report provides information excerpts from Tokyu Fudosan Holdings' original disclosure in Japanese, "Kessan Tanshin," which was released on August 7, 2023 at 15:00 (GMT+9).

The review has not been completed.

1. Overview of the FY2023 First Quarter (First Three Months) Ended June 30, 2023

*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 three months	(Millions of yen)	(%)		(Millions of yen)		(%)		(Millions of yen)	(%)	(Millions of yen)	(%)
FY2023	253,104	14.9			34,527	38.7			32,604	45.1	25,293	75.4
FY2022	220,305	17.6			24,888	132.4			22,476	171.0	14,420	-
Note: Comprehensive income:	First three months of FY2023	¥29,577 million [21.1%]
		First three months of FY2022	¥24,420 million [103.4%]
	Earnings per share		Fully diluted earnings
			per share
First three months	(Yen)				(Yen)
FY2023		35.63			-
FY2022		20.05			-
(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 June 30, 2023	2,839,341		720,043		24.8	991.09
As of March 31, 2023	2,738,458		700,702		25.0	964.77

Reference: Equity: As of June 30, 2023 ¥703,822 million; As of March 31, 2023 ¥684,625 million

2. Dividends

			Annual dividends
	Q1	Q2	Q3	Year-end	Total
FY2022 ended March	(Yen)	(Yen)	(Yen)	(Yen)	(Yen)
-	9.00	-	14.50	23.50
31, 2023
FY2023 ending March	-
31, 2024
FY2023 ending March		14.00	-	14.00	28.00
31, 2024 (Forecast)
Note: Revisions to the forecasts of dividends most recently announced: None

3. Forecast for Fiscal Year 2023 Ending March 31, 2024

								(% 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	1,120,000 11.4	112,000	1.4		100,500	0.9	62,000	28.6	87.37
Note: Revisions to the forecasts most recently announced: None

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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 June 30, 2023:	719,830,974 shares
As of March 31, 2023:	719,830,974 shares
(b) Number of treasury shares at end of period
As of June 30, 2023:	9,682,878 shares
As of March 31, 2023:	10,207,732 shares

(c) Average number of shares (cumulative from the beginning of the fiscal year)

Three months ended June 30, 2023:	709,898,971 shares
Three months ended June 30, 2022:	719,318,673 shares

(Note) The Company has a "Director Stock Ownership Plan Trust" for directors, etc. of the Company and its subsidiaries and a "Tokyu Fudosan Holdings Employee Shareholding Incentive Plan Trust." The shares of the Company held by the trust accounts of the trusts are included in the number of treasury shares as a deduction in calculating the number of treasury shares at end of period and the average number of 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.

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Operating Results and Financial Position

1. Analysis of Operating Results

(1) Overview

The Group's business performance during the first three months ended June 30, 2023, owing to strong performance in sales of assets and the real estate sales agent business against the backdrop of a strong real estate market, strong performance in the hotel business due to the recovery in demand in Japan and overseas, etc., showed increases both in revenues and profit with ¥253.1 billion in operating revenue (up 14.9% from the same period of the previous fiscal year), ¥34.5 billion in operating profit (up 38.7%), ¥32.6 billion in ordinary profit (up 45.1%), and ¥25.3 billion in profit attributable to owners of parent (up 75.4%).

The first three months for FY2022 in the tables below was from April 1, 2022 to June 30, 2022 and the first three months for FY2023 was from April 1, 2023 to June 30, 2023.

(Unit:¥ billion)

	First three months	Comparison
	FY2022	FY2023
Operating revenue	220.3	253.1	32.8
Operating profit	24.9	34.5	9.6
Ordinary profit	22.5	32.6	10.1
Profit attributable to	14.4	25.3	10.9
owners of parent
Operating revenue and operating profit

FY2022	FY2023
forecast
1,005.8	1,120.0

110.4 112.0

1. 100.5

1. 62.0

(Unit:¥ billion)

	First three	First six	First nine	Full-year
	months	months	months
Operating revenue for FY2023	253.1	-	-	-
Operating revenue for FY2022	220.3	445.0	641.7	1,005.8
Operating revenue for FY2021	187.3	411.8	634.1	989.0
Operating profit for FY2023	34.5	-	-	-
Operating profit for FY2022	24.9	45.9	62.0	110.4
Operating profit for FY2021	10.7	33.5	53.2	83.8

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

Operating revenue

	First three months	Comparison
	FY2022	FY2023
Total	220.3	253.1	32.8
Urban Development	70.0	87.2	17.2
Strategic Investment	25.0	24.6	(0.5)
Property Management &	70.0	76.7	6.7
Operation
Real Estate Agents	59.4	75.6	16.2
Adjustment for Inter-	(4.2)	(11.0)	(6.9)
Company Transactions
Operating profit
	First three months	Comparison
	FY2022	FY2023
Total	24.9	34.5	9.6
Urban Development	11.2	17.4	6.2
Strategic Investment	8.1	5.4	(2.7)
Property Management &	(1.0)	2.7	3.7
Operation
Real Estate Agents	8.6	11.3	2.7
Adjustment for Inter-	(2.0)	(2.3)	(0.3)
Company Transactions

FY2022

1,005.8

346.1

78.8

337.1

263.0

(19.1)

FY2022

110.4

58.6

15.2

12.3

33.7

(9.4)

(Unit:¥ billion)

FY2023 forecast

1,120.0

384.0

107.0

371.0

278.0

(20.0)

(Unit:¥ billion)

FY2023 forecast

112.0

52.7

16.5

17.2

34.9

(9.3)

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