Tokyu Fudosan : Financial Summary (FY2022 Ended March 31, 2023)

Financial Summary

FY2022

Ended March 31, 2023

Tokyu Fudosan Holdings Corporation

This report provides information excerpts from Tokyu Fudosan Holdings' original disclosure in Japanese, "Kessan Tanshin," which was released on May 10, 2023 at 15:00 (GMT+9).

The audit has not been completed.

1. Overview of the FY2022 Ended March 31, 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
	(Millions of yen)	(%)	(Millions of yen)	(%)	(Millions of yen)	(%)	(Millions of yen)	(%)
FY2022	1,005,836	1.7	110,410	31.7	99,558	36.7	48,227	37.3
FY2021	989,049	9.0	83,817	48.3	72,834	56.4	35,133	62.1

Note: Comprehensive income: FY2022 ¥72,983 million [49.2%]; FY2021 ¥48,916 million [97.9%]

	Earnings per	Fully diluted	Return on equity	Ordinary profit/	Operating profit/
	share	earnings per share	total assets	operating revenue
	(Yen)	(Yen)	(%)	(%)	(%)
FY2022	67.21	-	7.3	3.7	11.0
FY2021	48.84	-	5.7	2.8	8.5

Reference:Equity in earnings (losses) of affiliates: FY2022 ¥(560) million; FY2021 ¥144 million

(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 March 31, 2023	2,738,458	700,702			25.0			964.77
As of March 31, 2022	2,634,343	643,298			24.0			878.32
Reference:Equity: As of March 31, 2023 ¥684,625 million; As of March 31, 2022 ¥631,789 million
(3) Summary of consolidated cash flows
	Cash flow from		Cash flow from			Cash flow from			Cash and
					cash equivalents
	operating activities		investing activities		financing activities
				at end of period
	(Millions of yen)		(Millions of yen)				(Millions of yen)		(Millions of yen)
FY2022		94,739			(120,060)			42,764			170,649
FY2021		76,453			(31,786)			(81,273)			153,865

2. Dividends

		Annual dividends		Total	Dividend	Ratio of
						dividends to
				Year-		annual cash	payout ratio
	Q1	Q2	Q3	Total	net assets
	end	dividends	(consolidated)
					(consolidated)
	(Yen)	(Yen)	(Yen)	(Yen)	(Yen)	(Millions of yen)	(%)	(%)
FY2021 ended March	-	8.00	-	9.00	17.00	12,236	34.8	2.0
31, 2022
FY2022 ended March	-	9.00	-	14.50	23.50	16,915	35.0	2.6
31, 2023
FY2023 ending March	-	14.00	-	14.00	28.00		32.0
31, 2024 (Forecast)

Note: The Company decided to increase the amount of dividends from surplus with the record date of March 31, 2023, from the forecast announced on November 9, 2022, to ¥14.50 per share. For details, please refer to the "Announcement of Dividend of Retained Earnings" released today (May 10, 2023).

- 1 -

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
Total number of shares issued (common stock)
(a) Total number of shares issued at end of period (including treasury shares)
As of March 31, 2023:		719,830,974 shares
As of March 31, 2022:		719,830,974 shares
(b) Number of treasury shares at end of period
As of March 31, 2023:		10,207,732 shares
As of March 31, 2022:		514,089 shares
(c) Average number of shares
Year ended March 31, 2023:		717,516,349 shares
Year ended March 31, 2022:		719,317,903 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 Plan's and the Trust's trust account 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 during the fiscal year ended March 31, 2023.

• Financial summary reports are exempt from audit 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.

- 2 -

1. Overview of Operating Results and Others

(1) Overview of Operating Results for the Fiscal Year

Results for the fiscal year ended March 31, 2023 showed increases in revenues and profit with ¥1,005.8 billion in operating revenue (up 1.7% from the previous fiscal year), ¥110.4 billion in operating profit (up 31.7%), and ¥99.6 billion in ordinary profit (up 36.7%), due to strong performance in the sales market and sales of condominium units against the backdrop of a strong real estate market, as well as a recovery in the hotel business due to the easing of activity restrictions and border controls among other factors.

Due to business restructuring to improve efficiency based on the medium-term management plan 2025, as a result of the recording of ¥1.9 billion in gain on sale of shares of subsidiaries and associates, etc. as extraordinary income (¥7.1 billion in extraordinary income in the previous fiscal year) and ¥31.3 billion in impairment losses, etc. as extraordinary losses (¥24.0 billion in extraordinary losses in the previous fiscal year), ¥48.2 billion in profit attributable to owners of parent (up 37.3%) was recorded.

In the fiscal year ended March 31, 2023, 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.

	FY2021	FY2022	Comparison
Operating revenue	989.0	1,005.8	16.8
Operating profit	83.8	110.4	26.6
Ordinary profit	72.8	99.6	26.7
Profit attributable to	35.1	48.2	13.1
owners of parent
Interest-bearing debt	1,421.7	1,482.9	61.2

	(Unit:¥ billion)
Full-year	Projected
forecast
change
(ann. 11/9/22)
1,005.0	0.8
95.0	15.4
81.0	18.6

39.09.2

1,500.0 (17.1)

- 3 -

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

The decrease in revenues in the Property Management & Operation segment was mainly due to the exclusion of Tokyu Hands from the Company's scope of consolidation at the end of the previous fiscal year following the transfer of all issued shares of Tokyu Hands.

Segment Performance

Operating revenue
	FY2021	FY2022	Comparison
Total	989.0	1,005.8	16.8
Urban Development	325.8	346.1	20.3
Strategic Investment	67.0	78.8	11.8
Property Management &	383.8	337.1	(46.6)
Operation
Real Estate Agents	234.5	263.0	28.4
Adjustment for Inter-	(22.0)	(19.1)	2.9
Company Transactions
Operating profit
	FY2021	FY2022	Comparison
Total	83.8	110.4	26.6
Urban Development	51.9	58.6	6.7
Strategic Investment	14.7	15.2	0.5
Property Management &	(0.1)	12.3	12.4
Operation
Real Estate Agents	26.1	33.7	7.5
Adjustment for Inter-	(8.9)	(9.4)	(0.6)
Company Transactions

(Unit:¥ billion)

Full-year	Projected
forecast
change
(ann. 11/9/22)
1,005.0	0.8
348.0	(1.9)
75.0	3.8
339.0	(1.9)
263.0	(0.0)
(20.0)	0.9
	(Unit:¥ billion)
Full-year	Projected
forecast
change
(ann. 11/9/22)
95.0	15.4
51.3	7.3
11.8	3.4
11.4	0.9
31.0	2.7
(10.5)	1.1

- 4 -