Message from the President

We would like to express our gratitude to our shareholders and investors for your continued support.

The Company announced the financial results for the fiscal year ended March 2022 in which the Company recorded operating profit for the first time in three fiscal years and net income for the first time in four fiscal years. As a result, the Company eliminated excessive liabilities in light of the Tokyo Stock Exchange's definition one year ahead of the plan.

Bunya Miyao, President and CEO

Financial Results for the Fiscal Year Ended March 31, 2022 (49th Fiscal Period)

In the financial results for the fiscal year ended March 2022, net sales decreased YoY, but the Company managed to greatly improve gross profit and other profits compared to the previous fiscal year. As a result of occupancy improvement measures including top-level sales, the average occupancy rate for the fiscal year was 81.22%, an improvement of 2.33 points compared to the previous fiscal year.
Stable progress has been made in the drastic structural reforms such as across-the-board cost cutting and review of operation flow as well as contractual adjustment of master-lease rent to the property owners, which reduced cost of sales by JPY 35.5 billion YoY and SGAE by JPY 5.9 billion YoY. In addition, the Company recorded reversal of provision for apartment vacancy loss of JPY 6.6 billion resulting from improved occupancy rate and changes in cost structure.
The Company continued to tackle the construction defects at a reduced pace of making repairs while restoring the financial base. Reversal of provision for losses related to repair of JPY 11.9 billion was recorded in extraordinary income because of reduced number of buildings to be repaired due to updated deficiency judgment and increase of demolition in addition to lowered repair cost through efficient operation. Consequently the Company recorded net income of JPY 11.8 billion, against net loss of JPY 23.6 billion in the previous fiscal year, and restored profitability for the first time in four fiscal years.

Ownership equity was JPY 1.0 billion and total net assets were JPY 11.0 billion considering share subscription rights and non-controlling interests. The Company successfully eliminated excessive liabilities in accordance with the definition by the Tokyo Stock Exchange.

Business Strategy

The Company announced that it will install smart locks in steps in the current fiscal year to increase the tenants' convenience and realize the strategy of promoting real estate tech. The Company plans to install the smart locks to 440 thousand apartment units, or approximately 80% of its apartment units under management, during the two years until May 2024. With the government's policy of relaxing immigration restrictions, the Company makes best efforts to acquire increasing demand by the foreign national customers.

We look forward to your continued understanding and support of our business activities in the future.

Bunya Miyao, President and CEO
May, 2022

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