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Term Ended December 2018 Term Ended December 2018 February 21,2019 Explanatory materials www.es-conjapan.co.jp Table of Contents Summary of Term Ended December 2018 Main Activities in Term Ended December 2018 P. 4 P/L in Term Ended December 2018 P. 5 Segment Results for Term Ended December 2018 P. 6, 7 B/S in Term Ended December 2018 P. 8 Capital and business partnership with Chubu Electric PowerCo., Inc. P. 10, 11 ESCON JAPAN REIT Investment Corporation listed on J-REIT market P. 12 2nd Medium-Term Management Plan IDEAL to REAL 2019 Basic Policy and Corporate Strategy P. 14 Growth Action Plan & Current Progress P. 15 Management Index & Performance Plan P. 16 Plan for Term Ending December 2019 (25th Term) Real Estate Sales Business P. 18 Condominium Sales Business “Le JADE Series” P. 19, 20 Hotel Development Business P. 21 Commercial Development Business, Logistics Business, Land Readjustment Business P. 22 Real Estate Leasing Business P. 23 Strategic Business Expansion of ES-CON JAPAN Group P. 24, 25 P. 26 Information 2 Summary of Term Ended December 2018 3 Main Activities in Term Ended December 2018 JANUARY FEBRUARY MARCH • Acquisition of treasury stock • All units sold in Grand Le JADE Okamoto and Le JADE Vert • Acquisition of new business sites (Hamaotsu 3-chome, Otsu-shi) • All units in Le JADE Minamimorimachi, Le JADE Takatsuki Cross, Komagome (Shinkanaoka, Kita-ku, Sakai-shi) (Matsubara, Setagaya-ku) and Le JADE Kawasaki sold • Acquisition of new business sites (Sawaraginishi, Ibaraki-shi) (Hinokuchi, Nishinomiya-shi) • Participation in planning of Neolife Kuzuha Condominium (Miyanocho, Takatsuki-shi) (Masumicho, Ikeda-shi) • Sales commence for Grand Le JADE Jiyugaoka. Rebuilding Project • Details of growth strategies added to Medium-Term Management • Acquisition of site for Genboen land readjustment project in Koga, Plan IDEAL to REAL 2019 Fukuoka APRIL MAY JUNE • Acquisition of new business sites (Yasuicho, Nishinomiya-shi) • Sales commence for Le JADE Nagaokakyo, Grand Le JADE • All units sold in Le JADE Fushimi Chushojima (Aoba-ku, Yokohama-shi) (Kumata, Higashisumiyoshi-ku) Takatsuki Tenjin, Le JADE Takatsuki Kosobe, and Le JADE Bio • Acquisition of new business sites (Shimotakaido 4-chome, • Sales commence for Grand Le Funabashi Kitanarashino. Suginami-ku) (Zaimokuza, Kamakura-shi) JADE Shonan Enoshima R134. • Le JADE Bio renovation business launched. (Nakasu 5-chome hotel project, Hakata-ku) • Acquisition of new business site (Kotoen, Nishinomiya-shi) • Projected consolidated results for Fiscal Year Ending December • All units sold in Grand Le JADE Wakamatsucho Residence and 2018 revised upward; increase in expected dividend Le JADE Otsu Nagisakoen • Five Company-owned hotels sold • Work commences on Hyogo Tojo Interpark (tentative name) logistics facility project. • Tokyo Minato Ward Shirogane joint project (tentative name) with Mitsubishi Jisho Residence Co., Ltd. announced. JULY AUGUST SEPTEMBER • All units sold in Le JADE Komagome • Acquisition of treasury stock • All units in Le JADE • Acquisition of new business sites (Okurayama, Kohoku-ku) Sales commence for Le JADE Sumakaihin Koen, Le JADE Nakano, Yokohama Hananoki sold (Honjonishi, Kita-ku) (commercial leasehold, Shiroishi-ku, Sapporo- and Le JADE Shinkanaoka Park Fields. • Sales commence for Le shi) • Again selected for JPX-Nikkei Mid Small index JADE Kuzuha. • Preparations for listing on J-REIT market and transfer of real estate • Upward revision to projected consolidated results for 2Q of Fiscal for sale • Grand opening of tonarie Year Ending December 2018 • Changes in largest shareholder, other major shareholders, and other Yamato Takada community • Efforts to promote ZEH-M commence. affiliates shopping center announced • Capital and business partnerships with Chubu for November 23, 2018 Electric Power Co., Ltd. and sale of stock (Friday, a holiday) • Acquisition of new business site (Tamadaira, Hino-shi) OCTOBER NOVEMBER DECEMBER • All units sold in Le JADE Nagaokakyo, Grand Le JADE Shibuya • Sales commence for Le JADE Otsu LUXE, Le JADE Hama-Otsu, • Acquisition of new business sites (Mukonosohonmachi, Tomigaya Le JADE Minami-Ibaraki MUSE. Amagasaki-shi) (Ikegami, Nishi-ku, Kobe-shi) (Myohoji Ekimae) • Acquisition of new business site (Minami-Otsuka, Toshima-ku) • Acquisition of new business sites (Besshonakanocho, Takatsuki- • Acquisition of commercial facilities (Tsukuba Q’t, Tsukuba MOG) • Joint research agreement concluded with Tokyo University of shi) (Mukomotomachi, Amagasaki-shi) (Nishi-Shinsaibashi hotel • Projected year-end dividends and full-year consolidated results for Science on environmental design project, Chuo-ku, Osaka-shi) term ending December 2018 revised upwards system ● Number of new business sites acquired in term ended December 2018 • Launch of student housing business Metropolitan Kinki • Nagoya Office opens. • Grand Le JADE Wakamatsucho Other Total area region • ESCON JAPAN REIT Investment Corporation listing Residence wins 2018 Good Design Condominium 5 12 17 Award. Hotel 1 1 2 on J-REIT market approved Land readjustment project 1 1 • Contract concluded for transfer of real estate for sale to ESCON Commercial (including 1 2 1 4 JAPAN REIT Investment Corporation commercial facilities) • New TV commercial introduced for Grand Le JADE: “ROMEO Copyright ©2019 ES-CONJAPAN Ltd., All Rights Reserved Rental residential 2 1 3 Total 8 16 3 27 and Le JADE” 4 P/L in Term Ended December 2018 • Both sales and profits increased dramatically from the previous term, driven by progress in the condominium sales business and sales of hotels and other revenue-generating real estate. • Profits increased, although somewhat less than projected in the initial plans. • Ordinary income exceeded 10 billion yen, setting a new record high. • Earnings per share in the current term were up 29.6% YoY to 105.98 yen. (Unit: Million yen) Full year ended Full year ended Amount of Compared Full year ended Difference Percentage December 2018 December 2017 increase/ to previous December 2018 from plan vs. initial plan (term under review) (previous term) decrease term (initial plan) Sales 54,325 44,724 9,601 21.5% 55,700 -1,375 -2.5% Gross profit 16,927 11,559 5,368 46.4% Selling, general and 5,366 4,517 849 18.8% administrative expenses Selling expenses 2,088 1,734 354 20.4% General administrative expenses 3,277 2,782 495 17.8% Operating profit 11,561 7,042 4,519 64.2% 9,900 1,661 16.8% Interest expenses 1,020 1,093 -73 -6.7% Ordinary income 10,498 5,988 4,510 75.3% 8,700 1,798 20.7% Net income in current term 7,226 5,456 1,770 32.4% 6,000 1,226 20.4% Earnings per share in current 24.21 29.6% term 105.98 81.77 Copyright ©2019 ES-CONJAPAN Ltd., All Rights Reserved 5 Segment Results for Term Ended December 2018 CONDOMINIUM SALES • We sold 539 condominiums, or 92.1% of the full-year plan (585). BUSINESS • Reasons for the failure to reach the planned figure include short sales periods for Grand Le JADE Jiyugaoka and Le JADE Nakano, both of which are low-rise projects, and delays in setting up full model units. • Condominium profit margins rose by 2.3 points (from 12.1% last year to 14.4% this term). • Completed inventory declined from 89 units at the end of December 2017 to 48 units at the end of December 2018. • As in the preceding term, sales of hotel properties contributed significantly to profits. OTHER SALES BUSINESS • Hotel profit margins have remained high, above 30%, since last year, rising 3.4 percentage points from the previous year (from 34.3% last year to 37.7% this term). (Unit: Million y en) Sales Segment income Full year ended Full year ended Full year ended Full year ended Compared to Percentage vs. Compared to December 2018 December 2017 Initial plan December 2018 December 2017 previous term initial plan previous term (term under review ) (previous term) (term under review ) (previous term) Real estate sales business 50,519 41,168 22.7% 52,600 -4.0% 12,341 7,978 54.7% Condominium sales 25,089 19,500 28.7% 27,980 -10.3% 3,617 2,363 53.1% Other sales 25,429 21,667 17.4% 24,620 3.3% 8,723 5,614 55.4% Real estate leasing business 3,400 3,459 -1.7% 2,900 17.2% 2,128 1,761 20.8% Real estate planning agency and 405 96 321.9% 200 102.5% 369 85 334.1% consulting business Total 54,325 44,724 21.5% 55,700 -2.5% 14,839 9,825 51.0% Sales Sales Condominium sold/sales Amount Price per unit Hotels sold/sales Number of projects Amount Units sold Profit margin Profit margin (millions yen) (10,000 yen) sold (millions yen) Term ended December 2017 Term ended December 2017 476 19,500 4,096 12.1% 5 9,370 34.3% (previous term) (previous term) Term ended December 2018 Term ended December 2018 539 25,089 4,654 14.4% 7 21,680 37.7% (term under review) (term under review) Units sold at end of Achievement Planned units sold term rate Term ended December 2018 585 539 92.1% (term under review) Copyright ©2019 ES-CONJAPAN Ltd., All Rights Reserved 6 Segment Results for Term Ended December 2018 CONDOMINIUM SALES BUSINESS (Unit: Units) No. of units Number/percentage of condominium units delivered Initial inventory Closing inventory for Contract and Total no. delivered in term delivery progress by area Location for term ended term ended December Condominium sales of units ended December as of February 18 December 2017 2018 2018 (inventory) Le JADE Komagome Kita-ku, Tokyo 36 7 7 0 Sold out 2018 303 236 539 units Le JADEVert Komagome Kita-ku, Tokyo 33 2 2 0 Sold out 56.2% 43.8% Grand Le JADE Wakamatsucho Residence Shinjuku-ku, Tokyo 31 5 5 0 Sold out 2017 211 265 476 units Le JADE Yokohama Hananoki
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