Yo 00276022

Documents submitted
Machine Translated by Google to EDINET Yoshikon Co., Ltd.

(E01202) securities report
ÿcoverÿ
ÿDocuments to be submittedÿ securities report
[Governing article] Article 24, Paragraph 1 of the Financial Instruments and Exchange Act
ÿPropose firstÿ Director of Tokai Local Finance Bureau
ÿSubmission dateÿ June 24, 2022
[Business year] Issue 54 (from April 1, 2021 to March 31, 2022)
ÿcompany nameÿ Yoshikon Co., Ltd.
[English translation name] Yoshicon Co., Ltd.
[Representative's title and name] President and Representative Director Naohiro Yoshida
[Location of head office] 1-4-12 Tokiwacho, Aoi Ward, Shizuoka City, Shizuoka Prefecture
ÿphone numberÿ 054-205-6363 (representative)
[Name of contact person] Sadaaki Sugimoto, Director, General Manager of Business Administration Headquarters
[Nearest Contact Location] 1-4-12 Tokiwacho, Aoi Ward, Shizuoka City, Shizuoka Prefecture
ÿphone numberÿ 054-205-6363 (representative)
[Name of contact person] Sadaaki Sugimoto, Director, General Manager of Business Administration Headquarters
[Place for public inspection] Tokyo Stock Exchange, Inc.
(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo)
1/88
Machine Translated by Google
Documents submitted
to EDINET Yoshikon Co., Ltd.
Part 1 ÿCompany Informationÿ
Part 1 [Overview of the company]
1 [Changes in major management indicators, etc.]
(1) Consolidated management indicators, etc.
back time Issue 50 Issue 51 Issue 52 Issue 53 Issue 54
Year and month of final accounts March 2018 March 2019 March 2020 March 2021 March 2022
amount of sales (thousand yen) 21,823,430 21,777,967 17,500,654 21,081,553 20,067,946
Ordinary income (thousand yen) 3,174,196 2,537,027 1,197,633 2,421,690 2,619,344
Net Income Attributable to Owners

(thousand yen) 2,184,072 1,636,066 1,039,514 1,460,486 1,643,561
of Parent Comprehensive Income
(thousand yen) 2,235,160 1,606,504 1,003,142 1,502,187 1,870,581
net worth (thousand yen) 17,945,725 19,283,112 20,073,173 21,423,568 22,703,085
total assets (thousand yen) 30,659,301 35,178,208 37,261,904 37,247,417 32,216,668
Net assets per share (yen) 2,487.22 2,672.07 2,747.83 2,853.14 3,134.07
Net income per share (yen) 302.53 226.75 142.86 196.40 223.96
Diluted net income per share ÿ ÿ ÿ ÿ ÿ
(Circle)
Equity ratio
ÿÿÿ 58.5 54.8 53.8 57.4 70.0
rate of return on own capital ÿÿÿ 12.9 8.8 5.3 7.0 7.5
price earnings ratio (times) 5.5 5.0 5.3 5.4 5.1
Cash flow from operating activities

(thousand yen) 2,937,493 5,309,317 ÿ3,106,396 2,744,525 5,434,716
Cash flow from investing activities

(thousand yen) ÿ220,105 ÿ3,824,061 ÿ1,359,297 ÿ694,506 4,464,428
Cash flow from financing activities

(thousand yen) -3,243,858 538,883 3,064,139 ÿ2,253,999 ÿ6,976,429
Cash and cash equivalents at end

(thousand yen) 920,644 2,944,783 1,543,228 1,339,247 4,054,351
of period
Number of (name) 148 146 132 100 91
employees (other than average

ÿ69ÿ ÿ63ÿ ÿ54ÿ ÿ41ÿ ÿ40ÿ
number of temporary employees)
(Notes) 1 Diluted net income per share is not stated as there are no dilutive shares.
2. The “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan No. 29, March 31, 2020) has been applied since the beginning of the 54th
term. It is an index, etc. after applying accounting standards, etc.
2/88
Documents submitted
(2) Management indicators, etc. of the submitting company
back time Issue 50 Issue 51 Issue 52 Issue 53 Issue 54
Year and month of final accounts March 2018 March 2019 March 2020 March 2021 March 2022
amount of sales (thousand yen) 21,024,564 20,362,798 15,812,275 19,698,859 17,327,113
Ordinary income (thousand yen) 3,032,731 2,370,696 1,028,933 2,344,463 2,257,730
Net interest profit (thousand yen) 2,052,590 1,510,928 913,468 1,418,687 1,459,746
capital (thousand yen) 100,000 100,000 100,000 100,000 100,000
Total number of issued shares (stock) 8,030,248 8,030,248 8,030,248 8,030,248 8,030,248
net worth (thousand yen) 17,207,845 18,416,376 19,064,136 20,361,545 20,838,380
total assets (thousand yen) 29,399,844 33,491,150 35,577,512 35,558,271 29,359,433
Net assets per share (yen) 2,384.95 2,552.46 2,612.30 2,715.65 2,895.12
Dividend per share (Circle) 38.00 42.00 45.00 47.00 48.50
(including interim dividend per

(Circle) ÿÿÿ ÿÿÿ ÿÿÿ ÿÿÿ ÿÿÿ
share) Net income per share
Diluted net income per share

(Circle) 284.31 209.41 125.54 190.78 198.91
Equity ratio
ÿ ÿ ÿ ÿ ÿ
(Circle)
ÿÿÿ 58.5 55.0 53.6 57.3 71.0
rate of return on own capital ÿÿÿ 12.6 8.5 4.9 7.2 7.1
price earnings ratio (times) 5.8 5.4 6.0 5.5 5.8
payout ratio ÿÿÿ 13.4 20.1 35.8 24.6 24.4
Number of (name) 120 118 102 68 51
employees (external, average

ÿ61ÿ ÿ55ÿ ÿ46ÿ ÿ40ÿ ÿ38ÿ
number of temporary employees)
Total shareholder return ÿÿÿ 138.0 97.8 71.9 99.6 111.5
(comparative index: JASD AQ

INDEX (standard)) Highest stock ÿÿÿ (132.3) (115.5) (101.4) (144.1) (126.0)
price
(Circle) 1,937 1,757 1,266 1,130 1,193
lowest stock price (Yen) 1,025 (Note) 1 Diluted

1,090 871
net income per share is not 720 shares.
stated as there are no dilutive 726
2. The “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan No. 29, March 31, 2020) has been applied since the beginning of the 54th term. It
is an index, etc. after applying accounting standards, etc.
3. The highest and lowest stock prices are those on the Tokyo Stock Exchange JASDAQ (standard).
3/88
Documents submitted
2 [History]
Shigeru Yoshida (deceased) started his business in March 1949 in Oigawa-cho, Shida-gun, Shizuoka Prefecture (currently Yaizu City), while
undertaking chimney construction, boiler installation work, and civil engineering bridge construction, as well as manufacturing and selling reinforced
concrete pipes. and founded Yoshida Concrete Kogyosho, a privately owned business. In July 1954, Shigeru Yoshida reorganized Yoshida Concrete
Kogyosho and established Yoshida Kogyosho as a limited company.In January 1969, further growth in demand for concrete products was expected with
the opening of the Tomei Expressway. , established Yoshida Concrete Industry Co., Ltd. The transition of the business since the establishment of the
company is as follows.
years Matters
Shigeru Yoshida took over the business of Yoshida Kogyosho Co., Ltd., and established a new company in Oigawa-cho, Shida-gun, Shizuoka
January 1969 Prefecture for the purpose of manufacturing and selling Hume pipes, building blocks, embankment blocks, concrete products for agriculture, and
concrete products for roads. Established Yoshida Concrete Industry Co., Ltd. in (now Yaizu City). July 1982 Started production and sales of ready-
mixed concrete at the Nishijima Factory (Oigawa-cho, Shita-gun, Shizuoka Prefecture (currently Yaizu City)).
October 1982 Ikuo Yoshida assumed the position of President and Representative Director upon the death of Shigeru Yoshida.
At the same time as merging with Enshu Remicon Industry Co., Ltd., opened the Enshu Factory and Enshu Sales Office (Ogasa-machi, Ogasa-gun,
June 1986
Shizuoka Prefecture (now Kikugawa City)) and changed the trade name to Yoshikon Co., Ltd.
June 1986 Enshu Unsou Co., Ltd. (now YCC Co., Ltd.) becomes a subsidiary. (Currently a consolidated subsidiary)
June 1989 Merged with Yoshida Industry Co., Ltd. (former company name Yoshida Kogyosho).
June 1989 Opened Shizuoka Sales Office in Shizuoka City, Shizuoka Prefecture.
April 1990 Started construction and real estate business at the head office.
October 1990 Established stationary production facilities for large products at the Enshu Plant.
August 1992 Established an automated line for large products (large automated line) at the Enshu Plant.
November 1993 Registered over-the-counter shares with the Japan Securities Dealers Association.
October 1994 Opened a production line for large road products at the main factory.
April 1998 Moved Future Business Headquarters (now Real Estate Development Business Headquarters) to Shizuoka City, Shizuoka Prefecture.
April 2001 Relocated the Environmental Business Headquarters (currently the Materials Business Headquarters) to Shizuoka City, Shizuoka Prefecture.
Dec. 2004 Listed on JASDAQ Stock Exchange.
June 2005 Ritsushi Yoshida assumed the position of president. As a result, Ikuo Yoshida assumed the position of chairman and representative director.
Opened Shizuoka Headquarters in Shizuoka City, Shizuoka Prefecture. General name for the three divisions, Real Estate Development Division and Environmental
October 2005
Business Division (currently Material Business Division), due to the relocation of the Administration Division (currently Business Management Division) from the head office.
June 2006 Moved the head office location from Oigawa-cho, Shita-gun, Shizuoka (currently Yaizu-shi) to Aoi-ku, Shizuoka-shi, Shizuoka.
Listed on the Osaka Securities Exchange (JASDAQ market) following the merger of the JASDAQ Securities Exchange and the Osaka Securities
April 2010
Exchange. Listed on Osaka Securities Exchange JASDAQ (Standard) following the integration of Osaka Securities Exchange Hercules Market, Osaka
Securities Exchange JASDAQ Market and Osaka Securities Exchange NEO Market.
October 2010
February 2012 Opened the Residence Business Headquarters in Shizuoka City, Shizuoka Prefecture.
July 2013 Made Eagle Trading Co., Ltd. (currently YCF Co., Ltd.) a subsidiary. (Currently a consolidated subsidiary)
Listed on the Tokyo Stock Exchange JASDAQ (Standard) following the integration of the Tokyo Stock Exchange and the Osaka Stock Exchange.
July 2013
July 2014 Moved the head office to Aoi-ku, Shizuoka-shi, Shizuoka (Daiichi Yoshikon Tokiwa-cho Building).
September 2016 Made Yamanaka Co., Ltd. (currently YCL Co., Ltd.) a subsidiary. (Currently a consolidated subsidiary)
April 2018 Established Tokaido REIT Management Co., Ltd. and made it a subsidiary. (Currently a consolidated subsidiary)
November 2018 Established YCA Co., Ltd. as a subsidiary. (Currently a consolidated subsidiary)
March 2019 The Yaizu Factory (Nishijima Factory) was closed and the production was consolidated into the Yaizu Factory (Oigawa Factory).
March 2020 Sold the Enshu Factory and consolidated it into the Yaizu Factory (Oigawa Factory).
February 2021 Established Tokaido REIT Investment Corporation and made it a subsidiary. April 2021
Established YCK Co., Ltd. as a subsidiary. (Currently a consolidated subsidiary)
Investment units of Tokaido REIT Investment Corporation are listed on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market. On
June 2021
the same day, it was excluded from consolidated subsidiaries due to the issuance of new investment units and the secondary sale of investment units.
YCK Co., Ltd. takes over the design supervision business and construction contracting business through a company split. June 2021 Withdrew from the
June 2021
product manufacturing department and closed the Yaizu Factory (Oigawa Factory).
(Note) On April 4, 2022, the JASDAQ (standard) market will be changed to the standard market due to the revision of the Tokyo Stock Exchange's market divisions.
We are moving to
4/88
Documents submitted
3 [Contents of business]
Our group (our company and our affiliated companies) consists of our company and 6 consolidated subsidiaries. Positioning
related to the business of the Group is as follows.
(1) Residential Business

We are engaged in the sale of condominiums, condominiums for sale as a whole, and real estate such as detached houses.
<Major Affiliated Companies> Our company (2) Real estate development business As a general developer, we handle everything
from planning to land development.
I am engaged in sales. <Major

Affiliates> The Company (3) Leasing
and management business Engaged
in real estate leasing and management, brokerage, design supervision, and construction contracting.
<Major Affiliated Companies> The Company, YCC Co., Ltd., YCF Co., Ltd., Tokaido REIT Management Co., Ltd., YCK Co., Ltd. ÿMaterial Business Mainly
engages in the sale of secondary concrete products, ready-mixed concrete, and materials for civil engineering and construction. We are here. Secondary
concrete products include road products for civil engineering, products for retaining walls and revetments, products for waterways, environmental improvement
products, curtain walls for construction and PC members. <Major Affiliates> The Company (5) Other Businesses include beverage manufacturing, clothing
sales, and insurance agency business. <Main affiliated companies> YCC Co., Ltd., YCF Co., Ltd., YCL Co., Ltd., YCA Co., Ltd.
The business system diagram is as follows.
5/88
Documents submitted
4 [Status of affiliated companies]
Ownership
(Owned) Ratio of Voting

Capital Details of main
name address Rights (%) Related content Number of concurrent officers
(thousand yen) business
Ownership Ratio Owned
(%) (%)
Ratio
(Consolidated subsidiary)
Leasing,
YCC Co., Ltd. (Note 3) The Company is entrusted with the
Aoi Ward, Shizuoka City, Shizuoka Prefecture 30,000 management, 100.0 ÿ
4
management of real estate.
etc. Others
The Company is entrusted

Leasing,
100.0 ÿ
with the management of 4

YCF Co., Ltd. (Note 3) Aoi-ku, Shizuoka City, Shizuoka Prefecture 10,000 management,
(0.2) real estate. We also
etc. Others
purchase food.
The Company guarantees debt
obligations for borrowings. The
YCL Co., Ltd. (Note 3) Yaizu City, Shizuoka Prefecture 40,000 Others 100.0 ÿ
4
Company also leases real estate
and purchases beverages.
Tokaido REIT Management Rental, management, Our employees are on

Chiyoda Ward, Tokyo 100,000 55.0 ÿ
2
Co., Ltd. (Note 3) etc. business secondment.
We purchase food.
YCA Co., Ltd. (Note 3) Aoi-ku, Shizuoka City, Shizuoka Prefecture 10,000 Others 49.0 ÿ
Our employees are on

Rental, management,
YCK Co., Ltd. (Note 3) Aoi-ku, Shizuoka City, Shizuoka Prefecture 100,000 100.0 ÿ
secondment. We also sell 4

etc. business
products. (Notes) 1. The
name of the main business is stated in the segment information. 2. Percentage ownership of voting rights in ( ) is the percentage of
indirect ownership. 3 Applies to specified subsidiaries.
4. For the status of other affiliated company Y's Co., Ltd., see "5. Accounting Status 1. Consolidated Financial Statements, etc.
(1) Consolidated financial statements Information is omitted because it is described in Notes (Related Party Information).
6/88
Documents submitted
5 [Status of employees]
(1) Status of consolidated companies
Number of employees as of
Segment name March 31, 2022 (persons)
4
Residence business
(0)
18
Real estate development business
(1)
25
Leasing, management, etc. business
(36) 3
(0)
Material business
30
(0)
others
11
(3)
Company-wide (common)
91
total
(40)
(Notes) 1. The number of employees is the number of full-time employees, and the annual average number of temporary employees is shown in parentheses.
2. Temporary employees include seasonal workers, part-timers and temporary contract employees, but exclude dispatched employees.
(2) Status of the submitting company
As of March 31, 2022
Number of employees (persons) Average age (years old) Average length of service (years) Average annual salary (thousand yen)
51
39.7 10.0 5,534
(38)
Segment name Number of employees (persons)
4
Residence business
(0)
18
Real estate development business
(0)
15
Leasing, management, etc. business
(35) 3
(0)
Material business
11
(3)
Company-wide (common)
51
(38)
total
(Note)
1. The number of employees is the number of full-time employees.
2. Temporary employees include seasonal workers, part-timers and temporary contract employees, but exclude dispatched employees. 3. Average annual salary includes
bonuses and extra wages. 4. The number of employees has decreased by 17 compared to the end of the previous fiscal year, mainly due to ordinary retirements and
transfers to subsidiaries through company splits (simple absorption-type splits).
(3) Status of trade unions
Although the labor union has not been formed, labor-management relations are progressing harmoniously.
7/88
Documents submitted
Part 2 [Business Situation]
1 [Management policy, management environment and issues to be addressed]
Regarding the future business environment, the impact of the new coronavirus infection and Russia's invasion of Ukraine will be watched closely.
Along with this, soaring prices of crude oil and raw materials are expected, and the outlook for the economy is expected to remain extremely uncertain.
Under these circumstances, the Group has established action guidelines in anticipation of the post-COVID-19 pandemic. The first is to realize sustainable
corporate management by maintaining a strong financial base, which is the source of competitiveness, and by providing advanced human resource training. Next, we
will create new businesses through innovation, taking the changes of the times as opportunities. Finally, to achieve corporate prosperity through business selection
and concentration and maximization of profit efficiency. Based on these guidelines, we aim to become a futuristic company called Yoshikon, a comprehensive urban
development company.
The outlook for each segment is as follows.
<Residential Business> In
the residential business, we will actively provide comfortable new condominiums and whole condominiums for sale by sending proposals for living in
condominiums that respond to various social changes such as the declining birthrate and aging population and the corona crisis. I will continue. In addition, from a
medium- to long-term perspective, we will focus on acquiring land for business and actively promote in-house development. <Real Estate Development Business>
In the real estate development business, we will actively secure development real estate properties such as properties to attract companies for urban development
and properties for sale for sale. We plan, develop, and sell housing complexes and excellent rural housing. In addition, taking the opportunity of the listing of a
real estate investment corporation, we will further acquire and develop profitable real estate and strengthen our efforts in the real estate securitization business.
<Leasing and management
business> In the design and construction department, we will propose highly productive designs that can meet various customer needs, and conduct real estate development business.
We aim to receive contract construction orders and provide high-quality buildings through collaboration with
In the leasing business, we will strengthen leasing activities for commercial facilities such as stores and offices, as well as residential facilities, as well as reinforce
efforts in the sales of pre-owned condominiums and the renovation business. In the management business, we will establish a management system that provides
a safe and secure residential life and a comfortable business life.
increase. <Materials business>
In the materials business, based on a fabless concept that does not have factory facilities, we will strengthen the acquisition of cooperating factories that
outsource the manufacturing of our planned products, and develop new products in collaboration with the real estate development business to expand the sales
area. We aim to further expand the <Others> In other businesses, we plan to introduce new manufacturing equipment to the beverage manufacturing business,
which has been affected by the COVID-19 pandemic, acquire new orders, develop new products, and increase sales and operate factories. Aiming to establish
a stable management foundation by improving
I will continue.
In addition, in order to establish a strong financial base, the Group maintains and secures an equity ratio of 50% or more as a management indicator.
We aim to protect.
Matters concerning the future in the text are based on judgments made by the Group as of the date of submission of the Annual Securities Report.
vinegar.
8/88
Documents submitted
2 [Business risks]
Matters relating to business conditions, accounting conditions, etc. described in securities reports that have a significant impact on investor decisions
Possible issues include:
Matters related to the future in the text are based on judgments made by the Group as of the end of the current consolidated fiscal year.
(1) Performance fluctuations due to delivery
timing Sales of condominiums, residential land for sale, and land for commercial and industrial facilities in the real estate business field, which is the
Group's main business, are recorded at the time of property delivery. In addition, since there are many cases in which a large amount of payment is
received at one time for the delivery of these properties, performance may fluctuate depending on the delivery timing. (2) In the event of a large earthquake
In recent years, large earthquakes have occurred frequently throughout Japan, and most recently, an earthquake centered on Hokkaido caused
extensive damage. A major earthquake is expected to occur in Shizuoka Prefecture, centering on the Tokai region, and the tremors of that time are
expected to cause the collapse of buildings under construction and damage to owned real estate, which will affect the performance of the Group. may
result in In addition, there is concern about personal injury during work. In order to respond to such a situation, the Group has taken measures such as
reinforcing the earthquake resistance of its real estate properties, taking out appropriate fire insurance, etc., and
We are taking measures such as thorough evacuation safety education.
(3) Real estate market conditions The real estate industry, to which
the Group belongs, is susceptible to economic trends, interest rate trends, employment and wage trends, and various taxation systems centered on
the housing tax system. If there is a reduction in the price, there is a possibility that the purchaser's desire to purchase properties will be significantly
reduced, and that companies will be less willing to invest in facilities such as factory expansion, which may affect business performance. there is. In
addition, the Group's business performance may be affected by soaring construction costs due to factors such as labor shortages at construction sites
for building construction that is ordered after concluding a construction contract with a construction company. (4) Legal regulations, etc. The Group
belongs to the real estate industry and the construction and civil engineering industry, and is subject to the Building Lots and Buildings Transaction
Business Act, the National Land Use Planning Act, the Building Standards Act, the City Planning Act, and the Financial Instruments and Exchange
Act. We are regulated by laws and ordinances such as If these laws and regulations are amended or abolished, or if new legal regulations arise in the
future, the performance of the Group may be affected. (5) Defect Liability Risk The Group orders construction work in the condominium sales business
from
Defects in the condominiums sold by us are guaranteed by the construction guarantee provided by the contractor. However, if the construction
company fails to fulfill its warranty against defects due to deterioration in its financial condition or bankruptcy, the Group's business performance
may be affected.
(6) Impact of COVID-19, etc. The real estate industry, to
which the Group belongs, is susceptible to economic trends and other factors. There is also the possibility that customers may refrain from
purchasing, and this may affect our business performance. In addition, a decline in the occupancy rate of rental properties under management or
the response to requests for rent reductions may affect business results.
In addition, if the infection spreads to employees of the Group, we will take measures such as temporarily suspending the operation of the office.
may be necessary and may affect the performance of the Group.
3 [Management's analysis of financial condition, business performance and cash flow status]
(1) Overview of operating results, etc.
The financial condition, operating results and cash flow of the Group (the Company, consolidated subsidiaries and equity-method affiliates)
An overview of the status of Shu Flow (hereinafter referred to as “business results, etc.”) is as follows.
9/88
Documents submitted
(i) Financial condition and operating results
During the current consolidated fiscal year, the Japanese economy remained in a difficult situation due to the effects of the prolonged novel coronavirus
infection. While thorough measures against the new coronavirus infection and vaccination are being promoted, the repeated declaration of a state of emergency
and the implementation of priority measures to prevent the spread of the virus will be lifted in March 2022. The number remained high, and the situation
remained unclear. In addition, the outlook for the overseas economy remains even more uncertain than ever, affected by the impact of the novel coronavirus
disease, the conflict between the United States and China, the Russian invasion of Ukraine, and economic sanctions against Russia by the governments of
various countries. did.
The real estate industry, to which the Group belongs, was also in a difficult situation. We have been promoting strong proposal-based sales. In addition,
Tokaido REIT Investment Corporation, whose assets are managed by the Group's asset management company, was listed on the Tokyo Stock Exchange
Real Estate Investment Trust Securities Market on June 22, 2021. Taking advantage of the listing of a real estate investment corporation as an initiative in the
real estate securitization business, we will actively develop, acquire, and supply profitable real estate for the purpose of investing in industrial and lifestyle
infrastructure assets. increase.
In the material business field, which belongs to the construction and civil engineering industry, we withdrew from the product manufacturing department and will focus on product planning from this fiscal year.
We have carried out business activities.
As a result, sales for the current consolidated fiscal year were 20,067 million yen (down 4.8% year on year), operating income was 2,373 million yen (up
43.1% year on year), ordinary income was 2,619 million yen (up 8.2% year on year), attributable to parent company shareholders
Net income was 1,643 million yen (up 12.5% from the previous consolidated fiscal year).
Results by segment are as follows. <Residence business>
In the residence business, sales and profits decreased due to the fact that there were no deliveries of new condominiums, despite the delivery of
condominiums in stock. As a result, net sales were 620 million yen (down 83.4% from the previous consolidated fiscal year), and segment profit (operating
income) was 9 million yen (down 98.2% from the previous consolidated fiscal year). <Real estate development business>
In the real estate development business, in addition to the delivery of profitable real estate to a real estate investment corporation, the delivery of
residential land for sale and land for commercial and industrial facilities went smoothly, resulting in increased sales and profits. As a result, net sales were
13,056 million yen (up 9.6% year on year), and segment profit (operating income) was 2,581 million yen (up 22.5% year on year).
<Rental and management business>
In the leasing and management business, both sales and profits increased, partly due to steady sales of asset management companies and sales of
contract work. As a result, net sales were 3,498 million yen (up 20.7% year-on-year), and segment profit (operating income) was 458 million yen (up
144.5% year-on-year). <Material Business>
In the materials business, both sales and profits increased due to factors such as a reduction in fixed costs due to withdrawal from the product
manufacturing division. As a result, net sales were 1,551 million yen (up 13.4% from the previous consolidated fiscal year), and segment profit (operating
income) was 17 million yen (segment loss of 405 million yen in the previous consolidated fiscal year). have become. <Others>
In other businesses, sales and profits increased due to increased sales of canned beverage manufacturing. As a result, net sales were 1,340 million
yen (up 16.0% from the previous consolidated fiscal year), and segment profit (operating income) was 37 million yen (up 9.5% from the previous
consolidated fiscal year).
10/88
Documents submitted
ÿ Cash flow situation
Cash and cash equivalents (hereinafter referred to as “funds”) at the end of the current consolidated fiscal year amounted to 4,054 million yen (down from the previous consolidated fiscal year).
2,715 million yen increase). The status of each
cash flow in the current consolidated fiscal year and the factors for their increase/decrease are as follows.
(Cash flow from operating activities)
Income before income taxes (2,621 million yen), decrease in inventories (3,289 million yen), increase in advances received (1,055 million yen)
¥), etc., but a decrease in trade payables (-808 million yen) and income tax payments (-1,252 million yen). Funds invested were 5,434 million
yen (income of 2,744 million yen in the previous consolidated fiscal year). (Cash flow from investment activities)
Acquisition of investment securities (-3,227 ), etc., funds from investing activities amounted to 4,464 million yen (694 million yen used in the
previous consolidated fiscal year). (Cash flow from financing activities)
Net decrease in short-term loans payable (-8,001 million yen) and repayment of long-term loans payable (-914 million yen), etc., in contrast
to fund-raising from long-term loans payable (2,585 million yen) As a result, funds used in financing activities amounted to 6,976 million yen (2,253
million yen used in the previous consolidated fiscal year).
3) Production, Orders and Sales Results

a. Production Results Production
results by segment for the current consolidated fiscal year are as follows. Segment name Amount (thousand yen)
Year-on-year ratio (%)
Material business 23,747 ÿ95.9
others 1,247,292 ÿ18.9
total 1,271,040 ÿ22.0
(Note) 1. Amounts are based on manufacturing costs. 2.

During the current consolidated fiscal year, there were significant fluctuations in production performance. In the materials business,
This is due to the fact that we withdrew from the product
manufacturing department. 3. Other production results are manufacturing of canned beverages and agricultural products.
b. Order status
Although other canned beverages are made to order, the description is omitted because it takes about one month from the time an order is received until sales are recorded.
omitted.
c. Sales performance
Sales results by segment for the current consolidated fiscal year are as follows. Segment name
Amount (thousand yen) Year-on-year ratio (%)
Residence business 620,829 ÿ83.4
Real estate development business 13,056,385 ÿ9.6
Leasing, management, etc. business 3,498,806 ÿ20.7
Material business 1,551,219 ÿ13.4
others 1,340,705 ÿ16.0
total 20,067,946 ÿ4.8
(Note) 1 Inter-segment transactions are eliminated.
11/88
Documents submitted
2. Sales results by major customer and the ratio of such sales results to total sales results
Previous consolidated fiscal year Current consolidated fiscal year

other party
Sales (thousand yen) ratio(%) Sales (thousand yen) ratio(%)
12.5
ÿ ÿ
Takara Leben Co., Ltd. 2,643,962
11.3
ÿ ÿ
Nippon Commercial Development Co., Ltd. 2,389,031
18.0
ÿ ÿ
Tokaido REIT Investment Corporation 3,609,378
3. Sales to Takara Leben Co., Ltd. and Nippon Commercial Development Co., Ltd. in the current consolidated fiscal year are omitted as their ratio to total sales is less
than 10%. In addition, the sales results for Tokaido REIT Investment Corporation in the previous consolidated fiscal year are omitted as the percentage of total
sales results is less than 10%.
4 There were significant fluctuations in sales performance during the current consolidated fiscal year. This is a new initiative in the residence business.
This is due to the fact that there was no delivery of the new condominium.
(2) Details of analyzes and considerations regarding the status of business performance, etc. from the perspective of management
The understanding, analysis, and examination of the Group's operating results, etc. from the management's perspective are as follows.
Matters related to the future in the text are judgments made as of the end of the current consolidated fiscal year.
1) Analysis of operating results for the current consolidated fiscal year and factors affecting them The operating
results of the Group for the current consolidated fiscal year are as follows. Residential business
operating income of 9 million yen, real estate development business operating income of 2,581 million yen, rental and management business operating income of 458
million yen, material business operating income of 17 million yen, other Operating income of 37 million yen for each business (segment) was covered by company-wide
operating expenses of 728 million yen, resulting in an operating income of 2,373 million yen for the entire Group. I was.
Ordinary income increased by 197 million yen from the previous consolidated fiscal year to 2,619 million yen. Parent company stock
Profit attributable to owners of parent increased by 183 million yen from the previous consolidated fiscal year to 1,643 million yen.
In addition, in order to establish a strong financial base, the Group maintains and secures an equity ratio of 50% or more as a management indicator.
We aim to protect. Please refer to “(2) Analysis of financial position” for the achievement status of the current consolidated fiscal year.
2) Analysis of financial
position Total assets
Current assets decreased by 2.8% from the end of the previous consolidated fiscal year to 25,037 million yen. This was mainly due to a decrease in real estate for sale,
etc., despite an increase in cash and deposits.
Fixed assets decreased by 37.5% from the end of the previous consolidated fiscal year to 7,178 million yen. This is primarily due to investment
This is due to factors such as a decrease in marketable securities.
As a result, total assets decreased by 13.5% from the end of the previous consolidated fiscal year to 32,216 million yen.
total liabilities
Current liabilities decreased by 57.4% from the end of the previous consolidated fiscal year to 6,053 million yen. This is mainly due to short-term
This is due to a decrease in receipts.
Fixed liabilities increased by 114.5% from the end of the previous consolidated fiscal year to 3,459 million yen. This is mainly due to long-term
This is due to an increase in deposits.
As a result, total liabilities decreased by 39.9% from the end of the previous consolidated fiscal year to 9,513 million yen.
Total net assets
Net assets at the end of the current consolidated fiscal year were 22,703 million yen (previous consolidated fiscal year
6.0% increase compared to the previous fiscal year).
Net assets per share at the end of the current consolidated fiscal year were 3,134.07 yen (an increase of 280.93 yen from the previous consolidated fiscal year).
In addition, the equity ratio at the end of the current consolidated fiscal year was 70.0% (up 12.6 percentage points from the previous consolidated fiscal year).
12/88
Documents submitted
(iii) Analysis of capital resources and liquidity of funds a. Cash
flow situation
“Second Business Status 3 Management Analysis of Financial Status, Business Performance and Cash Flow Status (1) Business Success
Please refer to 2) Status of Cash Flows.
b. Changes in cash flow-related indicators
March 2021 issue March 2022 issue
Own capital ratio (%) 57.4 70.0
Capital adequacy ratio based on market value (%) 21.2 25.7
Debt repayment years (years) 4.2 0.9
Interest coverage ratio (times) 36.2 100.9
(Note) Equity ratio: Equity capital/total assets
Equity ratio based on market value: Market capitalization/Total assets Debt
redemption period: Interest-bearing debt/Operating cash flows Interest coverage
ratio: Operating cash flows/Interest payments All indicators are calculated using consolidated financial
figures. I'm here.
Market capitalization is calculated by multiplying the closing stock price at the end of the period by the total number of shares issued at the end of
the period (after deduction of treasury stock). Operating cash flow uses the cash flow from operating activities in the consolidated statement of cash flows.
Doing.
Interest-bearing debt covers all debt on which interest is paid among the debt recorded on the consolidated balance sheet.
I'm here.
For interest payments, we use the interest payment amount in the consolidated statement of cash flows.
c. Capital resources and liquidity The main
funding requirements of the Group are working capital, inventory purchase funds such as real estate for sale, capital investment funds, and
shareholder return funds such as dividend payments. Necessary funds are procured mainly from own funds and borrowings from financial
institutions. The Group preferentially allocates funds obtained exclusively from the sale of inventories to the repayment of borrowings when the
assets are purchased, and other funds are comprehensively considered on a case-by-case basis. These funds are used for growth investments,
cash on hand, and repayment of loans. Regarding shareholder returns, we will strive to maintain and increase our stock price and pay stable
dividends.
(iv) Significant accounting estimates and assumptions used in those estimates
The consolidated financial statements of the Group are prepared in accordance with accounting standards generally accepted in Japan.
We are here. In preparing these consolidated financial statements, management has made estimates within certain accounting standards.
This is reflected in the figures for assets, liabilities, income and expenses. We will continue to evaluate these estimates and revise them as
necessary, but actual results may differ from these estimates due to uncertainties involved.
The important accounting policies, etc. in preparing the consolidated financial statements are described in "5. Accounting, 1. Consolidated Financial Statements,
etc. (1) Notes to Consolidated Financial Statements: Important Matters for the Preparation of Consolidated Financial Statements." Significant accounting estimates
and “Additional Information”.
4 [Important management contracts, etc.]
Not applicable.
13/88
Documents submitted
5. Research and development
activities The Group conducts research and development activities in order to provide more competitive services and shift to high-value-added operations.
We are doing.
The total amount of R&D expenses spent by the Group during the current consolidated fiscal year was 14 million yen.
Research and development activities by segment are as follows. (1) Residence
business Not applicable. 2) Real estate development business The amount of
research and development expenses related to this business is 6 million yen,
and the main themes are as follows. 1) Risk reduction related to real estate
development using big data (3) Leasing and management business Not applicable. (4) Material Business Not applicable.
ÿOthers
Not applicable. (6) Company-
wide R&D expenses for this
business amounted to 7 million yen, and the main themes are as follows. 1) Improvement of administrative efficiency
such as data acquisition and input using RPA
14/88
Documents submitted
Part 3 [Equipment status]
1 [Outline of capital investment, etc.]
Regarding capital investment in the current consolidated fiscal year, the entire Group will
We have invested a total of 73 million yen in equipment.
Capital investment by segment is as follows.
(1) Residence Business Not
applicable.
(2) Real estate development business
The main capital investment in the current consolidated fiscal year was 1 million yen for the purchase of software. (3) Leasing and Management
Business Major capital investments in the current consolidated fiscal year included ¥10 million for repair work and software purchases. (4)
Materials Business Major capital investments in the current consolidated fiscal year amounted to 19 million yen, including the purchase of vehicles and
equipment. (5) Others Major capital investments in the current consolidated fiscal year amounted to 23 million yen, including equipment and repair work.
(6) Company-wide common
Major capital investments in the current consolidated fiscal year included 17 million yen for repair work and software purchases.
2 [Status of major facilities] The
major facilities of the Group (the Company and its consolidated subsidiaries) are as follows.
(1) Submitting company
Book value (thousand yen)
Business Segment name Contents of Number of employees

Mechanical
name (location) equipment equipment Buildings and Land "area Leased (persons)
transportation Other Total
structures Tools in square meters" asset
Yaizu Factory 81,608

Material business
113
ÿ
(Yaizu City, production equipment ÿ 37,865 ÿ11,622ÿ 119,588 ÿ

Shizuoka Prefecture) ÿ20,551)
Head Office and
Material Business Company-

Head office 2,263 14
Headquarters (Aoi- wide material 24,285 8,781 ÿ 16,452 51,783
functions Sales operations ÿ58ÿ ÿ3ÿ
ku, Shizuoka City, business
Shizuoka Prefecture)
Residence
Real Estate Business business Sales business Real 940,151
Headquarters (Aoi-ku, estate development fixed
Tangible
assets ÿ59,248ÿ 37
43,398 4,319 ÿ 2,276 990,145
Shizuoka City, Shizuoka for rental ÿ101,225 ÿ (35)
Prefecture)
15/88
Documents submitted
(2) Subsidiary
Book value (thousand yen)
Business Segment Contents of Number of employees

company name Mechanical
name (location) name equipment equipment Buildings and Land "area Leased asset (people)
transportation Other Total
structures Tools in square meters"
Head
YC C Co., Ltd. Leasing, 67,739
1
Office (Aoi Ward, real estate ÿ ÿ
management, 6,860 ÿ82,636 ÿ ÿ 74,599

Shizuoka City, for rent (0)
etc. Others
Shizuoka
Prefecture) Head real estate

Leasing,
YCF Co., Ltd. Office (Aoi Ward, for rent 381,136
management, 239,048 35 ÿ 4,204 624,425 ÿ
Shizuoka City, parking ÿ2,513ÿ
etc. Others
Shizuoka lots
Prefecture) Head
YCL Co., Ltd. Office (Yaizu City, Production 183,581 ÿ

29
others 154,766 21,505 649 360,504
Shizuoka equipment ÿ9,057ÿ (0)
Prefecture) Head
Office (Aoi Ward,

15,398
YCA Co., Ltd. Shizuoka City, commercial ÿ ÿ ÿ ÿ
others ÿ50,773 ÿ 15,398 ÿ

Shizuoka Prefecture) real estate
Note) 1. “Others” in the book value is the sum of tools, furniture, fixtures and construction in progress.
2. The figures in parentheses for land indicate the area under lease and are outside
numbers. 3. " " of land indicates the area. 4. In addition to the above, major leased and
leased facilities are as follows.
Submitting
company Office Segment name Annual lease fee Lease contract

Details of equipment Lease period
name (Location) (thousand yen) balance (thousand yen)
Real Estate Business

Rental, management, Annual rent
Headquarters (Aoi-ku, Shizuoka
ÿ ÿ
Parking facilities, etc.

etc. business 139,581
City, Shizuoka Prefecture)
5. The number of employees is the number of full-time employees, and the number of temporary employees is the annual average number in parentheses.
6. The Yaizu factory will be closed in June 2021, but some assets such as land will remain.
3. Plans for new installation and retirement of facilities (1)
New installation of important facilities, etc. There are
no plans for new installation of important facilities.
(2) Disposal, etc. of important facilities
There are no plans to dispose of important facilities, etc., except for disposal, etc. due to regular renewal of facilities.
16/88
Documents submitted
Part 4 [Status of the submitting company]
1 [Status of shares, etc.] (1)
[Total number of shares,
etc.] ÿ [Total number of shares]
type Total number of authorized shares (shares)
common stock 14,540,000
count 14,540,000
(2) [Shares issued] Number of
shares issued as of the Number of shares

Listed financial instruments exchange name or registered
type end of the fiscal year issued as of date content
Authorized financial instruments firms association name
(March 31, 2022) of submission (June 24, 2022)
Tokyo Stock Exchange

JASDAQ (Standard) (As of the end of the fiscal
The number of shares constituting one
common stock 8,030,248 8,030,248 year) Standard Market (As of the
trading unit is 100 shares.
submission date)
count 8,030,248 8,030,248
(2) [Status of Stock Acquisition Rights, etc.]
(1) Contents of Stock Option System Not applicable.
(2) [Details of rights plan] Not applicable.
(3) Status of Other Stock Acquisition Rights, etc. Not
applicable.
(3) [Exercise status, etc. of corporate bonds with subscription rights to shares with exercise price revision
clause] Not applicable.
(4) [Trends in total number of issued shares, capital, etc.]
Change in total Number of Increase/Decrease in Capital reserve

Change in capital Capital balance
year month day number of issued outstanding capital reserve balance
(1,000 yen) (thousand yen)
shares (shares) shares (shares) (thousand yen) (thousand yen)
January 21, 2014 (Note) ÿ 8,030,248 ÿ1,552,065 100,000 ÿ 1,854,455
As of January 21, 2014, the amount of capital of 1,652,065,000 yen was reduced by 1,552,065,000 yen to 100,000,000 yen. The total number of shares issued and outstanding has not been changed,
and the entire amount of 1,552,065,000 yen in reduced capital has been transferred to other capital surplus.
(5) [Situation by owner]
Status of shares (Number of shares per trading unit: 100 shares)

Less than one
distinguish Government Foreign corporation, etc. unit Status of shares
financial Other legal
and local financial institution count (shares)
instruments traders entities Individual Other
governments individuals other than individuals
Number of -
10 16 66 19
ÿ
3 1,766 1,880
Shareholders -
11,096 750 29,077 6,979 5 32,357 80,264 3,848

(Persons) Number
of Shares Owned
- ÿ
(Unit) Percentage 13.82 0.93 36.23 8.70 0.01 40.31 100.00

of Number of
Shares Owned (%) increase. The actual number of shares held as of the end of the fiscal year is 832,493 shares.
17/88
Documents submitted
(6) [Status of Major Shareholders]

Percentage of
the number of
Number of shares owned shares owned
name address
(1,000 shares) to the total number
of issued shares
(excluding treasury shares) (%)
Shizuoka Prefecture Shizuoka City Aoi Ward Shichikencho 14-1 The

Wise Co., Ltd. 2,019 28.05
Emble Shichikencho 2703
QUINTET PRIVATE B ANK

(EUROPE) S.T. A. 107704 (Standing -
proxy, Mizuho Bank, Ltd. Settlement 369 5.13
Sales Department) Taiheiyo Cement
Co., Ltd.
1-1-1 Koishikawa, Bunkyo-ku, Tokyo 320 4.44
Within Yoshikon Co., Ltd.
Yoshikon Business Partner Shareholding Association 275 3.83
The Shizuoka Bank, Ltd. 1-10 Gofukucho, Aoi Ward, Shizuoka City, Shizuoka Prefecture 248 3.45
Mizuho Bank, Ltd. 1-5-5 Otemachi, Chiyoda-ku, Tokyo 248 3.45
Naohiro Yoshida Aoi Ward, Shizuoka City, Shizuoka Prefecture 241 3.36
Ritsushi Yoshida Aoi Ward, Shizuoka City, Shizuoka Prefecture 241 3.35
BNY GCM CLIENT AC COUNT ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿ
JPRD AC ISG (FE-AC) (standing ÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿ
218 3.04
proxy MUFG Bank, Ltd.)
The Shoko Chukin Bank, Ltd. 2-10-17 Yaesu, Chuo-ku, Tokyo 218 3.03
count 4,403 61.17

(Notes) 1. In addition to the above, the Company owns 832,000 shares of treasury stock.
2 In a Report of Possession of Large Volume available for public inspection dated November 11, 2019,
(SAMARANG UCITS) owns the following shares as of November 1, 2019, but we cannot confirm the
actual number of shares held as of March 31, 2022. It is not included in the status of major shareholders.
The contents of the Report of Possession of Large Volume are as follows.
Number of share certificates, etc. held Holding ratio of stock certificates,

name
(1,000 shares) etc. (%)
Address 11a Monterey Road, L-2163,

Samaran Youshitz Luxembourg
402 5.01
(7) [Voting rights]

ÿ [Issued shares]
distinguish Number of shares (shares) Number of voting rights (pieces) Details
non-voting shares
ÿ ÿ ÿ
ÿ ÿ ÿ
Shares with restricted voting rights (treasury shares, etc.)
ÿ ÿ ÿ
Shares with restricted voting rights (Others)
(treasury stock) ÿ ÿ
Stock with full voting rights (treasury stock, etc.)

common stock 832,400
Full Voting Shares (Other) common stock 7,194,000 71,940
ÿ
Less than 1 trading unit (100

3,848
ÿ
Shares less than one unit common stock

shares)
8,030,248
ÿ ÿ
Total number of issued shares
71,940
ÿ ÿ
Voting rights of all shareholders
(Note) Common stock in the “Shares less than one unit” column includes 93 shares of treasury stock owned by the Company.
18/88
Documents submitted
ÿ ÿOwn company, etc.ÿ
As of March 31, 2022 Percentage
of shares owned
The number of Number of shares held Total number of
Name of owner to total issued shares
owner's address companies owned by in the name of another shares owned
(%)
yourself (strains) person (shares) (shares)
Aoi Ward, Shizuoka City, Shizuoka Prefecture

(treasury stock) Yoshikon
ÿ
Co., Ltd. Jobancho 1-chome 4-12 832,400 832,400 10.36
count
ÿ
832,400 832,400 10.36
2. Status of acquisition of treasury stock, etc. Acquisition
[Types of shares, etc.] of common stock pursuant to Article 155-3 of the Companies Act and Article 155-7 of the Companies Act
(1) [Status of Acquisition by Resolution of General Meeting of
Shareholders] Not applicable.
(2) [Status of Acquisition by Resolution of the Board of Directors]
distinguish Number of shares (shares) Total value (yen)
Board of Directors meeting (July 30, 2021) (acquisition period:

300,000 350,000,000
August 2, 2021 to March 31, 2022)
ÿ ÿ
Acquired treasury stock before the current fiscal year
Acquired treasury stock in the current fiscal year 300,000 338,455,700
Total number and value of remaining resolution shares 11,544,300
Unexercised ratio as of the last day of the current fiscal year (%) 3.3
ÿ ÿ
Acquired treasury stock during the period
Unexercised ratio as of submission date (%) 3.3
Board of Directors meeting (April 28, 2022)

150,000 172,500,000
ÿ ÿ
Acquired treasury stock before the current fiscal year
ÿ ÿ
Acquired treasury stock in the current fiscal year
ÿ ÿ
Total number and value of remaining resolution shares
Unexercised ratio as of the last day of the current fiscal year (%) 100.0 100.0
Acquired treasury stock during the period 14,600 15,580,800
Unexercised ratio as of submission date (%) 90.3 91.0
(Note) The number of treasury stock acquired during the current period includes the number of shares acquired from June 1, 2022 to the submission date of the annual securities report.
not.
(3) [Details of matters not based on the resolution of the general meeting of shareholders or the resolution of the board of directors]
Acquired treasury stock in the current fiscal year 86 96,664
ÿ ÿ
Acquired treasury stock during the period
(Note) Acquired treasury stock during the current period includes purchases of shares less than one unit from June 1, 2022 to the date of submission of the annual securities report.
It does not include the number of shares by
19/88
Documents submitted
(4) [Processing status and holding status of acquired treasury stock]
Current fiscal Current period
distinguish
year Total disposal Total disposal price
Number of shares (shares) Number of shares (shares)
price (yen) (yen)
Acquired treasury stock for which ÿ ÿ ÿ ÿ
subscribers were solicited Acquired

ÿ ÿ ÿ ÿ
treasury stock for cancellation
Acquired treasury stock acquired through

ÿ ÿ ÿ ÿ
mergers, share exchanges, share deliveries,

and company splits
others
ÿ ÿ ÿ ÿ
ÿ ÿ
Number of treasury 832,493 847,093
shares held (Note) The number of treasury shares held during the current period includes the number of shares acquired from June 1, 2022 to the date of submission of the annual securities report.
not.
3. [Dividend Policy]
Regarding our dividend policy, our basic policy is to actively return profits to shareholders while comprehensively taking into consideration the economic situation,
industry trends, and our business performance. increase.
Our basic policy for dividends from surplus is to pay year-end dividends once a year, and the decision-making body for dividends is the General Meeting of Shareholders.
Regarding dividends from surplus for the current fiscal year (ending March 31, 2022), we have decided to pay an annual ordinary dividend of 48.5 yen per share.
We intend to use internal reserves to meet future demand for funds such as the acquisition of inventories such as real estate for sale in the future, and we believe
that we will be able to return them to our shareholders through future earnings improvements. The Company has stipulated that it may pay interim dividends.
(Note) Dividends of surplus whose record date belongs to the current fiscal year are as follows. Total amount of
Resolution date dividends (1,000 yen) Dividend per share (yen)
June 23, 2022 Ordinary General

349,091 48.50
Meeting of Shareholders Resolution
4 [Status of corporate governance, etc.]

(1) [Overview of Corporate Governance]
(1) Basic approach to corporate governance
In order to speed up management decision-making and increase management transparency, the Group will enhance management check management functions.
We recognize that is an important management issue, and are working on various issues.
(ii) Overview of the corporate governance system and reasons for adopting the system
The Group has adopted a corporate auditor system, and holds monthly management strategy meetings attended by all directors and corporate auditors.
I'm here. As a board of directors, this meeting is chaired by the representative director and makes important management decisions. We are working to flatten the
organization by deepening communication with the general managers in charge of operations, etc.
With regard to the internal control system and risk management system, the Board of Directors discusses and decides necessary matters on a case-by-case
basis. In addition, we have established a basic policy for group company management management, and in accordance with subsidiary management regulations,
We manage the management of our subsidiaries.
As a check-and-balance function, the business management headquarters including the accounting department and general affairs department, residence business, real estate development business, leasing and management, etc.
In order to strengthen the mutual check-and-balance function with each business division of the business and material business, it is completely separated. In addition, internal regulations
such as organizational regulations and administrative authority regulations will be reviewed as necessary, and internal audits of each department will be conducted by the Internal Audit Office.
and
Regarding the involvement of lawyers, we have concluded an advisory contract with a law firm and receive advice as necessary.
20/88
Documents submitted
The status of the system for monitoring business execution and management, the internal control system, and the risk management system is shown below.
(3) Matters concerning limitation of liability agreements with accounting auditors
After the conclusion of this Agreement, the Accounting Auditor shall, with regard to the liability set forth in Article 423, Paragraph 1 of the Companies Act, exclude remuneration or other The
liability for damages shall be limited to the amount obtained by multiplying the highest amount of the total amount of property benefits received or to be received from the Company for each
business year by two as consideration for performance of duties. I'm here.
ÿ Fixed number of directors
The Articles of Incorporation stipulate that the number of directors of the Company shall be 10 or less.
ÿ Resolution requirements for election of directors
The Company shall adopt a resolution for the election of Directors by shareholders who hold one-third or more of the voting rights of shareholders who can exercise their voting rights.
The Articles of Incorporation stipulate that a majority of the voting rights shall be exercised.
ÿ Requirements for special resolutions at general meetings of shareholders
The resolution stipulated in Article 309, Paragraph 2 of the Companies Act shall not exceed one-third of the voting rights of shareholders who can exercise their voting rights.
The Articles of Incorporation stipulate that the shareholders who hold the meeting will attend the meeting and hold two-thirds or more of their voting rights. This is the
This is for smooth operation.
ÿ Decision-making body for acquisition of treasury stock
In accordance with Article 165, Paragraph 2 of the Companies Act, the Company's Articles of Incorporation stipulate that the Company may acquire its own shares through market transactions,
etc. by resolution of the Board of Directors. This is in order to carry out a flexible capital policy in response to changes in the economic situation.
21/88
Documents submitted
ÿ Decision making body for interim dividends
In order to flexibly return profits to shareholders, the Company has set September 30 as the record date for interim dividends by resolution of the Board of Directors.
Our Articles of Incorporation stipulate that we are able to
ÿ Liability exemption for directors and auditors
The Company will disclaim the liability of directors (including former directors) and corporate auditors (including former corporate auditors) under Article 423,
Paragraph 1 of the Companies Act, unless they act in good faith and are not grossly negligent. However, the Articles of Incorporation stipulate that, by resolution of the
Board of Directors, the Company may be exempted from liability to the extent stipulated by laws and regulations. The purpose of this is to create an environment in
which directors and auditors can fully demonstrate their abilities and fulfill their expected roles in the execution of their duties.
(2) [Status of officers] ÿ List
of officers 12 men, 0
women (Ratio of female officers: 0%)
Number of shares owned

job title Full name Date of birth Biography term of office
(shares)
April 1974 Joined Ichiro Masuda Accounting Office
September 1975 Joined the Company
July 1977 Director
April 1989 Senior Managing Director
Representative Director and Chairman Ritsushi Yoshida Born September 13, 1951 June 1996 Executive Managing Director Note (3) 241,240
December 1996 Representative Director of ÿÿÿÿÿÿÿ (present)
April 2000 Representative Director, Executive Vice President and General Manager
June 2005 Representative Director and President
April 2019 Representative Director Chairman (Current)
February 1999 Joined the Company April 2006
General Manager of Market Development Department of Real Estate Development Business
Headquarters March 2007 Deputy General Manager of Real Estate Development Business Headquarters and Planning Office
long
June 2007 Director, Deputy General Manager of Real Estate Development Business Headquarters
Planning Office Manager
July 2009 Managing Director, General Manager of Administration Headquarters, Deputy General Manager of Real Estate Development
President and Representative Director Naohiro Yoshida Born June 24, 1975 Note (3) 241,950
Business Headquarters, and General Manager of Planning Office
February 2012 Managing Director, General Manager of Business Management Headquarters and Real Estate Development
Deputy General Manager of Business Development Headquarters and General Manager of Planning Office
April 2013 Representative Director, Executive Vice President, General Manager of Business Administration Headquarters, Deputy
General Manager of Real Estate Development Business Headquarters, and General Manager
of Planning Office April 2015 Representative Director, Executive Vice President and General Manager of Business Administration
Headquarters April 2019 Representative Director, President (current position)
22/88
Documents submitted
(shares)
April 1974 Joined The Shizuoka Bank, Ltd. November 1995 Branch
Manager, Shimizu Kita Branch April 2001 Individual Department Loan
Administration Center Center
long
November 2003 Seconded to the Company Real Estate Development Business Headquarters Market
Development manager
June 2005 Director, General Manager of Market Development
Division April 2006 Director, General Manager of Real Estate Development
Division March 2007 Managing Director, General Manager of Real Estate Development
Business Division April 2016 Senior Managing Director, General Manager of Real Estate Development
Division, General Manager of Emble Management Business Division,
and Real Estate Securities Project Manager

Senior Managing Director
General Manager of Real Estate Development Business Tatsuro Otsuka Born December 5, 1951 March 2017 Senior Managing Director, General Manager of Real Estate Development Business Headquarters, Note (3) 23,400
Headquarters
General Manager of Emble Management Business Headquarters, General
Manager of Real Estate Development 1, General Manager of Real Estate
Development 2, and General Manager of Emblenet
March 2018 Senior Managing Director, Head of Real Estate Development Business Headquarters,
Head of Emble Management Business Headquarters, Head of Emblenet
Headquarters, Head of Condominium Management Department
June 2020 Senior Managing Director, Head of Real Estate Development Business Headquarters,
Head of Emble Management Business Headquarters, and Head of
Emblem Network Department
March 2021 Senior Managing Director, Head of Real Estate Development Business Headquarters
Head of Digital Management Business Headquarters
September 2021 Senior Managing Director, General Manager of Real Estate Development Division (Currently
April
1980 Joined The Shizuoka Bank, Ltd.
Dec. 1996 Branch Manager, Nakayama Branch
June 2008 Branch Support Department Executive Officer General Manager
June 2011 Managing Executive Officer, Chubu Company
knee length
ÿ
Director Kazuhide Yoshizawa Born August 25, 1956 Note (4)
June 2015 Senior Managing Executive Officer, Company Head June 2016 Shizugin
Lease Co., Ltd. Representative Director and President June 2021 Shizugin Lease Co., Ltd.
Representative Director and Chairman June 2022 Director of the Company (current position)
23/88
Documents submitted
(shares)
April 1995 Joined the Company
April 1997 General Manager of Design Office, Real Estate Development
Department April 2001 First Class Architect Office, Future Business Department
long
June 2005 Executive Officer, Head of First-class Architect Office, Real Estate Development Business
Headquarters June 2010 Director, Head of First-class Architect Office, Real
Estate Development Headquarters, and General Manager of Embrunnet Business Division
December 2012 Director, Deputy General Manager of Residence Business Headquarters and General
Manager of Emble Business Division
April 2015 Director, Deputy Head of Emblem Management Business Headquarters and General Manager of
Director Tatsuo Takada Born January 11, 1956 Note (3) 9,200
Emblem Management Department
March 2017 Director, Deputy General Manager, Planning General Manager, and Management General
Manager, Emblu Management Business Headquarters
March 2018 Director, Deputy General Manager, Planning General Manager, and Construction General
Manager, Emblu Management Business Headquarters
March 2021 Director Emble Management Business Headquarters
Deputy Director
April 2021 Director of YCK Co., Ltd. (current) September 2021 Director (current)
March 1998 Deputy Director of the Management Department and Chief of the Management Section
April 2000 General Manager of Management Service Department
April 2002 General Manager of Venture Product Department
April 2004 Minister of Administration
Director, General December 2005 General Manager of Administration Department, Real Estate Development Business Headquarters
Manager of Business Management Headquarters and General Sadaaki Sugimoto Born July 6, 1963 Note (3) 10,700
July 2007 Executive Officer General Manager of Administration Division
Manager of Corporate Sales Department
February 2012 Executive Officer, General Manager of Business Management Department
April 2015 Executive Officer, Deputy General Manager of Business Management Headquarters and Management
management minister
June 2019 Director and General Manager of Business Management Headquarters
April 2022 Director, General Manager of Business Management Headquarters and General Manager of Corporate Sales Department
(current)
May 1994 Joined the Company
April 2001 Regional Development Group, Future Division
long
February 2005 General Manager of Regional Development Department, Real Estate Development Business Headquarters
February 2011 Executive Officer Real Estate Development Division Regional Development
minister
Director, Deputy February 2012 Executive Officer Deputy General Manager of Residence Business Headquarters and General
General Manager of Real Estate Development Business Manager of Condominium Development Department
Koji Kawai Born December 15, 1962 Note (3) 1,100
Headquarters and General Manager of 2nd Real Estate
March 2018 Executive Officer Market Development, Real Estate Development Business Headquarters
Development Department
minister
March 2019 Executive Officer, Real Estate Business Headquarters
Minister of Painting
March 2021 Executive Officer, Deputy General Manager of Real Estate Development Business Headquarters
General Manager of 2nd Real Estate Development Department
June 2021 Director, Deputy General Manager of Real Estate Development Business Headquarters and General Manager of
Second Real Estate Development Department (current position)
24/88
Documents submitted
(shares)
February 2011 Section 2, Market Development Department, Real Estate Development Business Headquarters
long
April 2015 Real Estate Development Division Real Estate Development Department Housing
Development manager
March 2017 Deputy, Real Estate Development Department 2, Real Estate Development Business Headquarters
Director Deputy
minister
General Manager of Real Estate Development
Taisei Arioka Born December 26, 1978 Note (3) 1,500
Business Headquarters and General Manager of
March 2018 General Manager of Real Estate Development Department, Real Estate Development Business
Real Estate Development 1

Headquarters March 2019 Executive Officer, Real Estate Development Department, Real Estate Development Business Headquarters
dispatcher
March 2021 Executive Officer, Deputy General Manager of Real Estate Development Business Headquarters
General Manager of Real Estate Development Dept.
June 2021 Director, Deputy General Manager of Real Estate Development Business Headquarters and General
Manager of Real Estate Development 1 (current position)
February 1978 Opened land and house surveyor and administrative scrivener office
May 1997 Executive Director of Shizuoka Association of Land and House Investigators
Director Ichimichi Akahori Born January 27, 1949 April 2001 Head of Shizuoka City Branch, Shizuoka Association of Land and House Investigators Note (3) 3,000
May 2015 Chairman of Shizuoka Prefecture Land and House Investigator (current position)
In June 2015, he became the company's director (current)
June 1994 Director of Manufacturing
March 1999 Director, Venture Business Manager
April 2000 Director, Head of Venture Business Headquarters
June 2001 Managing Director, General Manager of Venture Business Headquarters
April 2002 Managing Director Venture Product Business
Minister
full-time auditor Hiroshi Ikeda Born June 3, 1955 Note (5) 18,450
April 2004 Managing Director, General Manager of Manufacturing and Sales Engineering Division
April 2007 Executive Director Environmental Business Headquarters
April 2015 Director, Deputy General Manager of Infrastructure Business Headquarters
Minister of Manufacturing
March 2017 Director, Deputy General Manager of Material Business Headquarters
sales manager
June 2018 Standing Corporate Auditor of the Company (current position)
April 1973 Hired by the General Affairs Department of the Nagoya Regional Taxation Bureau
July 2008 Chief Inspector General of the National Tax Agency
July 2012 Chief Fujieda Tax Office
Auditor Takayuki Kageyama Born November 3, 1954 July 2014 Director of Kariya Tax Office Note (6)
July 2015 Retired from Kariya Tax Office
September 2015 Takayuki Kageyama tax accountant office opened
June 2016 Corporate Auditor of the Company (current position)
25/88
Documents submitted
(shares)
April 1972 Hired as Shizuoka Prefectural Police Officer
March 2007 Chief of Gotemba Police Station March 2010
Director of Organized Crime Countermeasures Bureau, Criminal Affairs Department
In March 2011, Jingshizheng was promoted
Shizuoka Prefectural Police Headquarters Police Affairs Department Counselor and Chief
Inspector
ÿ
Auditor Morio Yasumoto Born October 13, 1953 Note (7)
April 2013 Director of Traffic Department, Shizuoka Prefectural Police
Headquarters March 2014 Retired as above June 2014 President and
Representative Director of Fuyo Research Co., Ltd. July 2019 Corporate Auditor of Fuyo Research Co.,
Ltd. (current position) June 2021 Corporate Auditor of the Company (current position)
count 550,540
(Notes) 1 Director Kazumichi Akahori is an outside director. 2. Corporate Auditors Takayuki
Kageyama and Morio Yasumoto are Outside Corporate Auditors. 3. The term of office of directors shall be from the time
of the conclusion of the ordinary general meeting of shareholders for the fiscal year ending March 31, 2021 to the conclusion of the ordinary general meeting of shareholders for the fiscal year ending March 31, 2023.
Until.
4. The term of office of directors shall be from the time of the conclusion of the ordinary general meeting of shareholders for the fiscal year ending March 31, 2022 to the conclusion of the ordinary general meeting of shareholders for the fiscal year ending March 31, 2023.
Until.
5. The term of office of Audit & Supervisory Board Members shall be from the time of the conclusion of the ordinary general meeting of shareholders for the fiscal year ending March 31, 2022 to the conclusion of the ordinary general meeting of shareholders for the fiscal year ending March 31, 2026.
Until.
Until.
Until. 8. President
and Representative Director Naohiro Yoshida is the eldest son of Chairman and Representative Director Ritsushi Yoshida.
2) Status of Outside
Officers The Company has one Outside Director and two Outside Audit & Supervisory Board Members.
There is no principal relationship, business relationship or other conflict of interest.
Mr. Kazumichi Akahori, an outside director, has been engaged in real estate registration and survey work for many years, and
has specialized knowledge and experience as a land and house investigator. Although he owns 3,000 shares of the Company,
there are no personal, capital, or important business relationships or other interests between the Company and him.
Outside Audit & Supervisory Board Member Takayuki Kageyama has been engaged in tax and accounting operations for many years and has specialized knowledge and
experience as a tax accountant. Mr. Morio Yasumoto, an Outside Audit & Supervisory Board Member, has been engaged in police work for many years and has specialized
knowledge and experience that he has cultivated.
Appointed from the standpoint of business and risk management.
The Company has not established any standards or policies regarding independence from the Company for
the appointment of Outside Directors or Outside Audit & Supervisory Board Members. , will be judged
comprehensively.
(iii) Mutual cooperation between supervision or audits by outside directors or outside auditors and internal audits, audits by auditors and accounting audits, and internal
Relationship with control departments
The Company has one outside director and two out of three corporate auditors are outside corporate auditors. Outside
directors and outside corporate auditors conduct supervision and audits while cooperating with the Internal Audit Office, the
Board of Corporate Auditors and the Accounting Auditor as needed.
26/88
Documents submitted
(3) [Status of audits] (i)
Status of audits by auditors There
are three auditors (two of whom are outside auditors) who attend meetings of the Board of Directors and the Management Strategy Committee to audit the execution
status of directors. , and confirms the minutes of meetings of the Board of Directors, requests for approval, and important contracts, etc., to enhance the functions of the
auditors. Outside Audit & Supervisory Board Member Takayuki Kageyama conducts appropriate audits from an objective and neutral standpoint based on his professional
knowledge as a tax accountant, and we have determined that there is no risk of conflicts of interest with general shareholders. and has been nominated as an independent
officer as stipulated by the Tokyo Stock Exchange.
In the fiscal year under review, the Company held meetings of the Board of Corporate Auditors, in principle, once a month.
Yes. Name Hiroshi
Ikeda Number of Attendance 12
Takayuki times times 12
Kageyama Morio held 12 times 9
Yasumoto times 12 times
times 9 times
The Audit & Supervisory Board mainly examines matters deemed necessary by other Audit & Supervisory Board Members to perform their duties.
In addition, as a full-time corporate auditor, he serves as the chairman of the Board of Corporate Auditors, and in accordance with the audit policy and division of duties
determined by the Board of Corporate Auditors, attends meetings of the Board of Directors and other important meetings, etc., inspection of important approval documents,
etc., investigation of the status of operations and assets at the head office and major business sites, communication with directors and auditors of subsidiaries, etc.,
construction and operation status of internal control systems. confirmation, monitoring and verification of the independence and audit quality of the accounting auditor, and
reporting to the Board of Corporate Auditors as needed.
ÿ Status of internal audits
Regarding internal audits, the Internal Audit Office (one person) plays a central role in conducting audits of departments in each business division and ensuring consistency with internal regulations.
We are striving for compatibility and improving our operations. The Internal Audit Office reports the results of internal audits, etc. to the Board of Corporate Auditors.
I am warning you.
ÿ Status of accounting audit
a. Name of audit firm
Deloitte Touche Tohmatsu LLC
b. Continuing Audit Period
1992 onwards
c. Certified public accountant Takaya Goukon
Mitsutaka Yamazaki
d. Composition of assistants involved in audit work
3 certified public accountants, 1 certified public accountant, and 4 others assisted in the accounting audit of the Company.
e. Policy and reason for selection of audit firm
In selecting our auditing firm, we make a comprehensive judgment in consideration of the independence, expertise, audit quality, etc. of the relevant auditing firm.
We are here.
Deloitte Touche Tohmatsu LLC, our auditing firm, is equivalent to conducting accounting audits of our company based on the above selection policy.
We judge that it is.
In addition, we have not established any particular policy regarding the decision to dismiss or not to reappoint an audit firm.
f. Evaluation of the audit firm by auditors and the board of auditors
The Audit & Supervisory Board of the Company receives reports from Deloitte Touche Tohmatsu LLC on the details of audits conducted by the accounting auditor.
vinegar. As a result, we have found that the methods and results of the audit by Deloitte Touche Tohmatsu LLC are appropriate.
27/88
Documents submitted
(4) Contents of Audit Compensation a.
Compensation for auditing certified public accountants, etc.
distinguish
Compensation based on Compensation based Compensation based on Compensation based
audit certification work (1,000 yen) on non-audit work (1,000 yen) audit certification work (1,000 yen) on non-audit work (1,000 yen)
Submitting company 24,000 670 25,000 260
ÿ ÿ ÿ ÿ
Consolidated subsidiary
total 24,000 670 25,000 260
(Details of non-audit services for the submitting company by auditing certified public accountants, etc.)
Previous consolidated fiscal year The content of non-auditing services for which the Company paid fees
to auditing certified public accountants, etc., included advisory services related to accounting standards for revenue recognition. Business, employee training-related business, etc. Fiscal year ended March
31, 2012 Non-audit services for which the Company pays compensation to certified public accountants, etc., include services related to employee training.
b. Compensation for the same network (Deloitte Tohmatsu Group) as auditing certified public accountants (excluding a.)
distinguish
Compensation based on Compensation based Compensation based on Compensation based
audit certification work (1,000 yen) on non-audit work (1,000 yen) audit certification work (1,000 yen) on non-audit work (1,000 yen)
ÿ ÿ
Submitting company 2,600 2,400
50
ÿ ÿ ÿ
Consolidated subsidiary
ÿ ÿ
count 2,600 2,450
(Details of non-audit work for the same network (Deloitte Tohmatsu Group) as auditing certified public accountants, etc.) Previous fiscal year The contents of the audit work include
tax advisory work. Fiscal year ended March 31, 2012 Non-audit services for which the Company pays remuneration to the same network (Deloitte Tohmatsu Group) as auditing
certified public accountants, etc. include tax advisory services. In addition, the content of non-audit work at consolidated subsidiaries is document preparation work related to examination of management
matters.
c. Details of remuneration based on other important audit certification services
Previous consolidated fiscal year
Not applicable.
Current consolidated fiscal year
Not applicable.
d. Policy for determining audit fees
We have not established a policy for determining audit compensation.
e. Reasons why the Audit & Supervisory Board agreed to the remuneration, etc. of the Accounting Auditor
The Audit & Supervisory Board shall consider the remuneration, etc. for the accounting auditors proposed by the Board of Directors based on the
Based on the “Practical Guidelines for Cooperation with the Auditor”, we will confirm and examine the content of the audit plan, the status of execution of duties, and the basis for calculation of remuneration estimates.
As a result of the investigation, it was found to be appropriate.
28/88
Documents submitted
(4) [Remuneration, etc. for officers]
1) Matters related to the amount of remuneration, etc., for officers and policies for determining the calculation method thereof
The Company has established a policy for determining the content of remuneration for individual directors (hereinafter referred to as the policy for determination). , business performance, social
standards, degree of contribution to business performance, etc. In making this decision, we will consult with the outside directors and outside corporate auditors and respect their recommendations.
In addition, the method of determining the decision policy is determined by a resolution of the Board of Directors. The Board of Directors has determined that the content of individual director
remuneration, etc. for the current fiscal year fully respects the content of reports from outside directors and outside corporate auditors and is in line with the decision policy.
At the 53rd Ordinary General Meeting of Shareholders to be held on June 25, 2021, the amount of monetary remuneration for directors will be within ¥500,000,000 annually (including
¥10,000,000 for outside directors. is not included). The number of directors at the conclusion of the said ordinary general meeting of shareholders will be eight (including one outside director).
Separately from the monetary remuneration, at the 51st Ordinary General Meeting of Shareholders held on June 18, 2019, the amount of monetary remuneration claims to be paid based on the
restricted stock plan for the Company's directors (excluding outside directors) It has been resolved that the total amount will be within 200,000,000 yen per year. The number of directors (excluding
outside directors) at the conclusion of the said ordinary general meeting of shareholders is seven.
At the 21st Ordinary General Meeting of Shareholders held on July 28, 1989, it was resolved that the amount of monetary remuneration for Audit & Supervisory Board Members should be within 15,000,000 yen per year.
I'm here. The number of corporate auditors at the time of the conclusion of the ordinary general meeting of shareholders will be two.
At our company, Chairman and Representative Director Ritsushi Yoshida and President and Representative Director Naohiro Yoshida are directors based on a resolution delegated by the Board of Directors.
We have determined the specific content of the amount of remuneration for each individual.
The content of this authority is entrusted within the scope of the total amount of remuneration approved at the General Meeting of Shareholders.
It is for dynamic decision making.
The Board of Directors consults the Outside Directors and Outside Audit & Supervisory Board Members on the content of individual remuneration, etc., and confirms that the contents of their
reports are fully respected, so that the Representative Director can appropriately exercise such authority. measures have been taken, and the procedures
Since the amount of remuneration for each individual director is determined after a long process, the Board of Directors has determined that the details are in line with the decision policy.
In calculating the amount of performance-linked remuneration, etc., the representative director, who is entrusted by the Board of Directors, consults with the outside directors and outside
auditors, and comprehensively considers position, business performance, social standards, degree of contribution to business performance, etc. However, we place particular emphasis on
consolidated ordinary income. This is because we believe that it is an indicator that best reflects the results of management efforts.
Changes in consolidated ordinary income, including the current fiscal year, are described in Section 1. Overview of the Company, 1. Trends in Major Management Indicators, etc. (1) Consolidated Business
performance indicators, etc.”
In addition, in order to share the benefits and risks of share price fluctuations with our shareholders and increase their willingness to contribute to raising share prices and improving corporate
value, we grant restricted stock as non-monetary remuneration. The content of the stock compensation is as follows.
vinegar. At the Board of Directors meeting held on May 8, 2019, the Company's directors (excluding outside directors) shared with shareholders the benefits and risks of stock price fluctuations, and
made a proposal to raise the stock price and improve corporate value. Introduce a stock remuneration plan (hereinafter referred to as “this plan”) in which shares with transfer restriction are issued
to the Company’s directors (excluding outside directors) for the purpose of further enhancing motivation to contribute. In addition, at the 51st Ordinary General Meeting of Shareholders held on June
18, 2019, the amount of money to be paid to directors (excluding outside directors) of the Company as remuneration for shares with restriction on transfer based on this system. The total amount of
monetary compensation receivables shall be set within 200,000,000 yen per year, and the total number of restricted shares to be allotted to the Company's directors (excluding outside directors) in
each fiscal year shall be limited to 200,000 shares, and shall be transferred. We have received approval to set the transfer restriction period for restricted stock to three years.
29/88
Documents submitted
(2) Total amount of remuneration, etc. for each officer classification, total amount of remuneration, etc. by type, and number of applicable officers
Total amount by type of remuneration (1,000 Number of

Total amount of remuneration
Officer classification applicable officers
(1,000 yen) yen) Restricted
Basic remuneration Bonus (persons)
stock remuneration
Directors
442,871 218,721 180,000 44,150 9
(excluding outside directors) Auditors
(excluding outside auditors) - -
5,280 5,280 1
- -
Outside officer 6,000 6,000 4
(3) Total amount of consolidated remuneration, etc. for each officer
Total amount of consolidated Amounts by type of consolidated remuneration, etc. (thousand yen)
Full name remuneration, etc. Executive classification Company classification

Restricted stock
(thousand yen) basic remuneration bonus
compensation
Ritsushi Yoshida 244,625 Directors Submitting company 122,550 100,000 22,075
Naohiro Yoshida 142,075 Directors Submitting company 60,000 60,000 22,075
(Note) This is limited to persons whose total consolidated remuneration, etc. is 100 million yen or more.
(iv) Important employee salaries for officers concurrently serving as employees
Not applicable.
(5) [Shareholding status]

(i) Criteria and concepts for classification of investment stocks
The Company classifies investment stocks held for pure investment purposes and investment stocks held for purposes other than pure investment purposes, and classifies investment stocks
held for the purpose of managing temporary surplus funds as pure investment purposes. Doing. In addition, regarding shares that have the purpose of holding business strategies, such as
securing stable shareholders and maintaining business relationships, investment shares that are for purposes other than pure investment
are classified into
(ii) Investment shares held for purposes other than pure investment purposes
a. The method of verifying the rationality of holding policies and holdings, and the verification by the board of directors, etc. of the propriety of holding individual stocks.
Details
The Company holds investment stocks held for purposes other than pure investment purposes when it is recognized that there is an effect of holding them in terms of business strategy,
such as securing stable shareholders and maintaining business relationships. The Board of Directors verifies the appropriateness of holdings every year, comprehensively taking into
consideration the adequacy of the purpose of holding, the benefits of holding, and the capital cost of risks. We plan to consider reducing the number of shares that are no longer available.
For the current fiscal year, as a result of verification, we have reduced the number of shares held for some stocks.
b. Number of issues and balance sheet amount Number
of issues Total balance sheet amount

(issues) (thousand yen)
unlisted stocks 9 22,200
Stocks other than unlisted stocks 7 321,453
(Issues whose number of shares increased in the current fiscal year)
Not applicable.
30/88
Documents submitted
(Issues whose number of shares decreased in the current fiscal year)
Number of Total amount of sale price related to decrease

brands (brands) in number of shares (thousand yen)
ÿ ÿ
unlisted stocks
Stocks other than unlisted stocks 1

44,484
c. Information on the number of shares for each brand of specified investment stocks and deemed holding stocks, balance sheet amount, etc.
Specified investment stock
Current fiscal year Previous fiscal year

Whether or not
Number of shares (shares) Number
(shares)
of Balance
shares Purpose of holding, quantitative effect of holding,
Brand the Company
and reason for increase in number of shares
sheet amount Balance sheet yen)
amount
(thousand
(thousand
yen) 75,340 owns shares
75,340 Held to secure stable maintain
shareholders
business
and
Kyoritsu Electric Co., relationships It is a thing. Note146,008

(1) 162,583 94,200 81,294
Have
Ltd. The Shizuoka Bank,
Ltd. TOK AI Holdings 94,200 Held to secure stable shareholders and maintain business relationships.
Have
Co., Ltd. Mitsubishi UFJ Note (1) 81,954
Financial Group, Inc. 50,000 100,000 To secure stable shareholders and maintain business relationships. Note No
Mizuho Financial Group,
43,100 95,600 (1) Note (2)
Inc. Sumitomo Mitsui
Financial Group, Inc.
45,670 45,670
Taiheiyo Cement Co., They are held to maintain business relationships. Note (1)
none
Ltd.
34,722 27,022
4,360 4,360 Held to secure stable shareholders and maintain business relationships. No
6,832 Note (1) 6,971 Note (2)
1,500 1,500 Shares are held to secure stable shareholders and maintain business No
5,860 shareholdersrelationships.
and maintainNote (1) 6,010
business 1,800 Held
relationships. to secure
Note stable
(1) 5,239 Note (2)
1,800
Have
3,634
(Note) 1. It is difficult to describe the quantitative holding effect. Regarding the verification of the rationality of holdings, please refer to “a. Holding policy, method of verifying
rationality of holdings, and content of verification by the Board of Directors, etc. regarding the propriety of holding individual stocks.”
2 Regarding whether or not shares of the Company are held by the subject holding company,
I own it.
Deemed shareholdings
Not applicable.
3) Investment shares held purely for investment purposes Not
applicable.
(iv) Changes in the purpose of holding investment shares from pure investment purposes to purposes other than pure investment purposes during the current fiscal year
Not applicable.
(v) Changed the purpose of holding investment shares from a purpose other than pure investment to pure investment during the current business year.
Not applicable.
31/88
Documents submitted
Fifth [Accounting situation]
1 Consolidated financial statements and method of preparing financial statements
(1) The Company's consolidated financial statements are based on the Regulations Concerning Terminology, Forms and Preparation Methods of Consolidated Financial Statements (Ministry of Finance Ordinance No. 28 of 1976).
Referred to below as the “Regulations for Consolidated Financial Statements”. ) is based on.
(2) The financial statements of the Company are prepared in accordance with the “Regulations Concerning Terminology, Forms and Preparation Methods of Financial Statements” (Ordinance No. 59 of the Ministry of Finance of 1963, hereinafter
referred to as “the Financial Statements Regulations”). increase.
In addition, the Company falls under the category of a company submitting special financial statements, and prepares financial statements in accordance with the provisions of Article 127 of the Ordinance on Financial Statements, etc.
vinegar.
2. Audit certification In accordance with the
provisions of Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act, the Company has prepared consolidated financial statements and operating results for the consolidated fiscal year (from April 1, 2021 to March 31,
2022). The financial statements for the fiscal year (from April 1, 2021 to March 31, 2022) have been audited by Deloitte Touche Tohmatsu LLC.
3 Special efforts to ensure the appropriateness of consolidated financial statements, etc.
The Company takes special measures to ensure the appropriateness of its consolidated financial statements. Specifically, in order to properly understand the content of accounting standards, etc., and develop a system that can appropriately
respond to changes in accounting standards, etc., we have joined the Financial Accounting Standards Foundation and have established a limited liability company. In addition to participating in seminars held by Deloitte Touche Tohmatsu, a
responsible auditing firm, and client financial institutions, etc., from time to time, we create and maintain internal rules and manuals for the preparation of appropriate financial statements.
32/88
Documents submitted
1 [Consolidated financial statements] (1)
[Consolidated financial statements]
ÿ [Consolidated balance sheet]
(Unit: thousand yen)
Previous consolidated Current consolidated

fiscal year (As of March 31, 2021) fiscal year (As of March 31, 2022)
Assets Current
assets Cash
and deposits Notes ÿ1 1,639,247 ÿ1 4,254,351

ÿ
and accounts receivable Notes 693,726

ÿ4 893,479 21,231
ÿ
and accounts receivable and contract assets
Merchandise and finished products Work in progress 71,210

270
ÿ
Raw materials and supplies Real estate for sale
Unfinished construction expenses Others Allowance 14,030 13,242
for doubtful accounts Total current assets Fixed ÿ1 22,607,189 ÿ1 19,621,737 11,296
assets Property, plant and equipment Buildings and 148,952
Structures Accumulated depreciation Buildings and 586,594 225,607
structures, net Machinery, equipment and vehicles ÿ2,714 ÿ3,141
Accumulated depreciation Machinery, equipment 25,758,508 25,037,803
and vehicles, net Land Other Accumulated depreciation
Other, net Total property, plant and equipment
Intangible assets Investments and others assets ÿ1 2,110,772 ÿ1 1,181,021
Investment securities Long-term loans ÿ933,044 ÿ711,604
receivable Deferred tax assets Other 1,177,728 469,417
Allowance for doubtful accounts Total 760,973 297,083
investments and other assets Total fixed ÿ688,013 ÿ224,598
assets Total assets 72,959 72,484
ÿ1 2,450,416 ÿ1 1,655,252
177,049 158,181
ÿ157,885 ÿ134,442
19,163 23,739
3,720,267 2,220,893
63,000 54,590
ÿ1 7,202,673 4,291 4,447,870
2,052
200,914 144,332
368,858 382,877
ÿ71,097 ÿ73,751
7,705,640 4,903,380
11,488,908 7,178,864
37,247,417 32,216,668
33/88
Documents submitted

fiscal year (As of March 31, 2021) fiscal year (As of March 31, 2022)
Liabilities section
Current
Liabilities Notes and Accounts ÿ1 1,841,163 ÿ1 1,032,699

Payable Short-Term Borrowings ÿ1 10,001,550 ÿ1 2,000,000
Current Current Long-Term Borrowings Accounts ÿ1 490,956 ÿ1 274,135
Payable Income Taxes Payable Contract Liabilities 292,909 221,028
Provision for Bonuses Provision for Directors' 721,726 402,560
1,601,026
ÿ
Bonuses Other Total Current Liabilities Fixed
Liabilities Long-Term Borrowings Others Total 43,442 45,705

Fixed Liabilities Total Liabilities Net Assets 144,000 180,000
Shareholders' Equity Common stock Capital 674,848 296,723
surplus Retained earnings Treasury stock Total 14,210,598 6,053,879
shareholders' equity Accumulated other comprehensive
income Valuation difference on available-for-sale ÿ1 968,390 ÿ1 2,843,483

securities Total accumulated other comprehensive 644,861 616,220
income Non-controlling interests Total net assets 1,613,251 3,459,703
Total liabilities and net assets 15,823,849 9,513,583
100,000 100,000
3,598,300 3,587,284
17,980,580 19,326,629
ÿ355,334 ÿ693,886
21,323,546 22,320,027
68,871 238,254
68,871 238,254
31,150 144,803
21,423,568 22,703,085
37,247,417 32,216,668
34/88
Documents submitted
(2) [Consolidated Statement of Income and Consolidated Statement of Comprehensive Income]
ÿLinked Profit and Loss Calculationsÿ
(Unit: thousand
The preceding fiscal yen) Current consolidated
year (from April 1, 2020 to fiscal year (From April 1, 2021 to
March 31, 2021) 21,081,553 March 31, 2022)
Net sales ÿ3,ÿ8 17,173,666 ÿ1 20,067,946
Cost of sales ÿ8 15,669,436
Gross profit Selling, 3,907,887 4,398,509
general and administrative expenses ÿ2,ÿ3 2,249,689 ÿ2,ÿ3 2,024,971
Operating profit Non-operating income 1,658,197 2,373,537
Interest income Dividend income
Purchase discount Real estate 235 135
acquisition tax refund Silent 12,910 57,272
partnership investment income 7,426 5,466
Commission income Subsidy 2,661 3,052
income Other Total non-operating 693,982 142,728
income Non-operating expenses 3,184 3,202
Non-operating expenses Interest 68,515 35,331

expenses Provision for doubtful 69,644 60,003
accounts Compensation for 858,561 307,192
damages Other non-operating expenses
Total Ordinary income Extraordinary 77,076 58,850
income Gain on sale of fixed 845 ÿ1,254
12,000
ÿ
assets Total extraordinary gain
Extraordinary loss Loss on sale of 5,147 3,789
fixed assets Loss on disposal of 95,068 61,385
fixed assets Impairment loss Total 2,421,690 2,619,344
extraordinary loss Income before income
taxes Income taxes Income tax ÿ4 31,333 ÿ4 7,592
deferred Income tax total Net 31,333 7,592
income Net income attributable to non-
controlling interests Net income ÿ5 563 ÿ
attributable to parent company ÿ6 14,037 ÿ7 ÿ6 5,201
60,860
ÿ
shareholders
75,460 5,201
2,377,563 2,621,736
988,326 950,709
ÿ82,425 ÿ30,171
905,900 920,538
1,471,663 1,701,198
11,176 57,636
1,460,486 1,643,561
35/88
Documents submitted
ÿLink includes Benefit Calculationÿ
(Unit: thousand
Previously linked fiscal yen) Current consolidated fiscal
year (from April 1, 2020 to year (From April 1, 2021 to March
March 31, 2021) 1,471,663 31, 2022) 1,701,198
Net income
Other comprehensive income
Valuation difference on available-for-sale securities Total 30,524 169,383
other comprehensive income Comprehensive income ÿ1 30,524 ÿ1 169,383
(Breakdown) Comprehensive income attributable to shareholders 1,502,187 1,870,581
of parent company Comprehensive income attributable to non-
controlling interests 1,491,010 1,812,944
11,176 57,636
36/88
Documents submitted
(3) [Consolidated Statement of Changes in Equity]
Previous fiscal year (From April 1, 2020 to March 31, 2021)
Shareholders' equity
capital capital surplus retained earnings own company Total shareholders' equity
Balance at beginning of period 100,000 3,555,182 16,848,486 ÿ488,816 20,014,852
Changes during the period
Dividend of surplus ÿ328,402 ÿ328,402
Profit attributable to owners of

1,460,486 1,460,486
parent
Disposal of treasury stock 43,117 133,482 176,600
others 9 9
Net changes of items other than
shareholders' equity during the period
Total changes of items during the period
43,117 1,132,093 133,482 1,308,693
Balance at end of period 100,000 3,598,300 17,980,580 ÿ355,334 21,323,546
Accumulated other comprehensive income
Valuation difference on available-for-saleTotal accumulated other

securities
Non-dominant strain host branch Total net assets
comprehensive income
Balance at beginning of period 38,346 38,346 19,974 20,073,173
Dividend of surplus ÿ328,402

1,460,486
parent
Disposal of treasury stock 176,600
others 9
shareholders' equity during the period 30,524 30,524 11,176 41,701
30,524 30,524 11,176 1,350,394
Balance at end of period 68,871 68,871 31,150 21,423,568
37/88
Documents submitted
When connecting fiscal year (from April 1, 2021 to March 31, 2022)
capital capital surplus retained earnings own company Total shareholders' equity
Balance at beginning of period 100,000 3,598,300 17,980,580 ÿ355,334 21,323,546
Dividend of surplus ÿ352,398 ÿ352,398

1,643,561 1,643,561
parent Acquisition of treasury
stock ÿ338,552 ÿ338,552
Changes in the scope of 54,886 54,886
consolidation Increase or decrease

ÿ11,016 ÿ11,016
in equity due to sale of shares of
consolidated subsidiaries Net
changes in items other than
shareholders' equity
Total changes during the period ÿ11,016 1,346,049 ÿ338,552 996,481
Balance at end of period 100,000 3,587,284 19,326,629 ÿ693,886 22,320,027
Accumulated other comprehensive income
Valuation difference on Total accumulated other

Non-dominant strain host branch Total net assets
available-for-sale securities comprehensive income
Balance at beginning of period 68,871 68,871 31,150 21,423,568
Dividends from ÿ352,398
surplus Profit attributable to

1,643,561
owners of parent
Acquisition of treasury stock ÿ338,552
Changes in the scope of consolidation 54,886
Increase (decrease) in equity due

ÿ11,016
to sale of shares of consolidated
subsidiaries Net changes in items
other than shareholders' equity 169,383 169,383 113,652 283,036
Total changes during the period 169,383 169,383 113,652 1,279,517
Balance at end of period 238,254 238,254 144,803 22,703,085
38/88
Documents submitted
ÿ [Consolidated Statement of Cash Flows]
(Unit: thousand
Previously linked yen) Current consolidated
fiscal year (from April 1, fiscal year (From April 1, 2021
2020 to March 31, 2021) to March 31, 2022)
Cash flows from operating activities Income before
income taxes Depreciation Impairment loss Silent 2,377,563 2,621,736
partnership investment gain (gain) Loss on 99,517 82,527

60,860
ÿ
valuation of real estate for sale Increase
(decrease) in allowance for doubtful accounts ÿ693,982 ÿ142,728

46,408
ÿ
Increase (decrease) in allowance for bonuses
(Decrease) Increase (decrease) in reserve for 3,710 3,081
directors' bonuses (Decrease) Stock-based ÿ10,881 2,262
compensation expenses Interest and dividend income 74,000 36,000

Interest expenses Compensation for damages Loss on 182,425 44,150
sale of fixed assets (gain) Loss on retirement of fixed ÿ13,146 ÿ57,407
assets Subsidy income Accounts receivable Increase/ 77,076 58,850
12,000
ÿ
decrease (increase) Increase/decrease in inventories
(increase) Increase/decrease in consumption tax ÿ30,770 ÿ7,592
receivable (increase) Increase/decrease in trade 14,037 5,201

payables (decrease) Increase/decrease in accounts ÿ68,515 ÿ35,331
receivable-other Increase (decrease) in other accounts ÿ864 ÿ132,873
payable Increase (decrease) in accrued consumption 1,088,736 3,289,518

taxes Increase (decrease) in advances received ÿ217,531 251,265
Increase (decrease) in deposits received Other Subtotal 366,324 ÿ808,463
Interest and dividends received Interest paid 26,667 8,030
Compensation paid Subsidies received Income taxes 71,192 ÿ79,537
paid Cash flows from operating activities ÿ9,408 164,911
ÿ532,777 1,055,036
ÿ23,092 4,285
163,804 329,672
3,063,353 6,692,595
13,152 12,434
ÿ75,814 ÿ53,861
ÿ12,000
ÿ
64,160 36,309
ÿ308,325 ÿ1,252,762
2,744,525 5,434,716
Cash flows from investing activities Increase

(decrease) in time deposits Purchase of 100,000
ÿ
fixed assets Proceeds from sales of fixed ÿ1,224,485 ÿ77,020
assets Payments for purchase of 42,058 9,221
investment securities Proceeds from sales ÿ44,770 ÿ3,227,000 ÿ2
of investment securities Proceeds from ÿ2 557,778 1,228,463
6,461,803
ÿ
withdrawal of investment in silent partnership

Proceeds from surrender of insurance 52,208
ÿ
reserves Proceeds from collection of loans 3,220 2,075

Other Cash flows from investing activities ÿ28,308 ÿ85,324
ÿ694,506 4,464,428
39/88
Documents submitted
(Unit: thousand
Previously linked yen) Current consolidated
fiscal year (from April 1, fiscal year (From April 1, 2021 to
2020 to March 31, 2021) March 31, 2022)
Cash flow from financing activities
Net increase (decrease) in short-term loans ÿ1,256,034 ÿ8,001,550
payable Proceeds from long-term loans payable 620,000 2,585,000
Repayment of long-term loans payable ÿ1,289,828 ÿ914,289
Acquisition of treasury stock Dividends paid

ÿ
ÿ338,552
Proceeds from sales of shares of subsidiaries ÿ328,137 ÿ352,038

that did not change the scope of consolidation Cash flows from ÿ
45,000
financing activities Flow Increase (decrease) in cash and cash
equivalents Cash and cash equivalents at beginning of period ÿ2,253,999 ÿ6,976,429
Increase (decrease) in cash and cash equivalents due to change in ÿ203,980 2,922,714
scope of consolidation Cash and cash equivalents at end of period 1,543,228 1,339,247
ÿ207,610
ÿ1 1,339,247 ÿ1 4,054,351
40/88
Documents submitted
[Notes]
(Important matters forming the basis for the preparation of consolidated financial statements)
1 Matters concerning the scope of consolidation
(1) Name of consolidated subsidiary
YCC Co., Ltd. YCF Co., Ltd. YCL
Co., Ltd. Tokaido REIT Management
Co., Ltd. YCA Co., Ltd. YCK Co., Ltd.
6 companies in total
YCK Co., Ltd. was established on April 1, 2021 and has been included in the scope of consolidation from the current consolidated fiscal year. In addition, Tokaido REIT
Investment Corporation, which was a consolidated subsidiary of the Company, issued new investment units and sold investment units on June 22, 2021, and has been
excluded from consolidated subsidiaries from the current consolidated fiscal year.
2. Fiscal Years of Consolidated Subsidiaries The closing
date of consolidated subsidiaries is the same as the consolidated closing date.
3. Matters concerning accounting
policies (1) Valuation standards and valuation methods for
important assets Cost is calculated by the moving average
method) Stocks, etc. with no market price Cost method
based on the moving average method
Regarding silent partnership investment, the most recent financial statement available according to the settlement date stipulated in the partnership agreement is used.
As a basis, the amount equivalent to equity is taken in on a net basis.
(b) Inventories
Merchandise, raw materials, and supplies
Last purchase cost method (Balance sheet value is calculated by devaluing book value based on decreased profitability) List value is
calculated by the method of writing down the book value based on the decline in profitability) Real estate for sale, uncompleted
construction
Measured at the lower of acquisition cost and net realizable value.
Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs
necessary to make the sale. Acquisition costs are mainly calculated based on the specific identification method. Of real estate for sale, the amount equivalent
to the depreciation expense calculated by the straight-line method is deducted for properties that are being rented.
41/88
Documents submitted
(2) Depreciation method for significant depreciable assets (a) Tangible fixed
assets (excluding leased assets) Declining balance method (straight-line
method for tangible fixed assets for leasing business) It is as follows.
Buildings and structures 9-47 years Machinery and vehicles 2-10 years Others 3-20 years
(b) Intangible fixed assets (excluding leased assets) Straight-line method
As for software (for internal use), the straight-line method over the
estimated useful life (5 years) within the company
(3) Standards for recording important allowances (a)
Allowance for doubtful accounts
In order to prepare for losses due to bad debts, for general receivables, specific receivables such as doubtful receivables are
However, the recoverability is considered on an individual basis and the estimated uncollectible amount is recorded. (b)
Allowance for bonuses To prepare for the payment of employee bonuses, the estimated amount to be paid in the current
consolidated fiscal year is recorded. (c) Allowance for directors' bonuses To prepare for the payment of bonuses to directors, the amount expected to be paid in the current
consolidated fiscal year is recorded.
(4) Standards for recording significant income and expenses
(a) Residence business
In the residence business, we sell individual condominium units or sell entire condominium buildings for which we have completed everything from land purchase to construction. The
performance obligation is satisfied at the time the property is handed over, and revenue is recorded at the time of delivery. Our main customers are general consumers and condominium
developers. The transaction price is determined by the real estate sales contract, and mainly a part of the sales price is received as a deposit when the contract is concluded, and the balance is
paid when the property is handed over. The amount of sales revenue, including variable consideration, etc., is immaterial. In addition, the amount of the promised consideration does not include a
significant financial component.
(b) Real estate development business
The real estate development business is the business of verifying the area, type of land, usage, needs, rent, sales price, etc. of the acquired land, conducting development and new construction
that will maximize the value of the land, and selling the whole building or selling it in lots. Depending on the development method, our main customers are general consumers, other companies in
the same industry, and corporations in other industries. Performance obligations and the timing of their satisfaction, the method of determining the transaction price, the timing of revenue
recognition, etc. in this business are the same as in the residence business.
(C) Leasing, management, etc. business
The leasing and management business is categorized into the leasing and management of condominiums, commercial and industrial facilities, and parking lot properties, brokerage of real
estate properties, and contract work.
(real estate management)
This business involves the management of real estate facilities, rent collection agency, tenant recruitment, cleaning, etc. Based on the management consignment contract, etc., we are
obligated to provide each service to customers during the contract period. Such performance obligations are satisfied over a period of time, and progress is measured based on the percentage of
the elapsed period to the total contract period. Our main customers are real estate property owners and management associations of condominiums. The transaction price is determined by the
management consignment contract, and we receive payments mainly for the current month by the end of the current month. The amount of revenue, including variable consideration, etc., is
immaterial. In addition, the amount of the promised consideration does not include a significant financial component.
42/88
Documents submitted
(real estate brokerage)
A business that acts as an intermediary between a buyer and a seller or between a lessor and a lessee when buying, selling, or leasing real estate. , preparation
and delivery of contracts, and involvement in contract fulfillment procedures, etc., until a real estate sales contract is concluded and the property is handed over, or a
lease contract is commenced. increase. Of these performance obligations, real estate sales brokerage is satisfied at a point in time when the property is delivered,
and real estate rental brokerage is satisfied at a point in time when the lease contract begins. revenue is recorded in Our main customers are real estate owners,
prospective buyers of real estate, and prospective tenants. Transaction prices are determined by real estate brokerage agreements, and payments are received
primarily at the time of delivery or before the commencement of lease agreements. The amount of revenue, including variable consideration, etc., is immaterial. In
addition, the amount of the promised consideration does not include a significant financial component.
(Contract work)
This is a business that undertakes construction work such as construction, renovation, and repair of buildings, and we are obligated to carry out construction work
based on construction contract contracts. The performance obligation is satisfied over time and a measure of progress is issued by the end of each reporting period.
It is calculated based on the percentage of the total estimated construction cost to the construction cost that has been incurred. Main customers are corporations in different industries
such as commerce, industry and logistics. The transaction price is determined by the construction contract, and mainly at the start of construction, we receive a part of the contract
price as a construction fee or an intermediate payment, and receive the balance payment by the end of the following month after acceptance inspection. The amount of revenue,
including variable consideration, etc., is immaterial. In addition, the amount of the promised consideration does not include a significant financial component.
(d) Material business
The materials business sells secondary concrete products, civil engineering and construction materials, etc., and is obligated to deliver products to customers
based on agreements such as order forms. The performance obligation is satisfied at the point in time when the product is delivered to the customer, and revenue is
recorded at the point of delivery. Main customers are construction companies such as general contractors. The transaction price is determined by the purchase order,
and payment is received within approximately one month after delivery. The amount of revenue, including variable consideration, etc., is immaterial. In addition, the
amount of the promised consideration does not include a significant financial component.
(e) Other Business
segments not included in reportable segments, including beverage manufacturing business, apparel business, insurance agency business, etc.
I will. Major revenues are recorded as follows.
(drink manufacturing)
This is a business that manufactures and sells canned beverages, etc., and we have an obligation to manufacture products for customers based on agreements
such as order forms. Since an agreement has been made with the customer that the ownership of the product is transferred at the time of manufacture, the
performance obligation is satisfied at the time the product is manufactured, and revenue is recorded in the month of manufacture. I'm here. Main customers are
beverage manufacturers. The transaction price is determined by an order form, etc., and payment is received by the end of the following month after production. The
amount of revenue, including variable consideration, etc., is immaterial. In addition, the amount of promised consideration does not include a significant financial component.
It is not
(5) Scope of Funds in Consolidated Statement of Cash Flows
Cash on hand, demand deposits and highly liquid, readily convertible cash with a maturity of three months or less from the date of acquisition, or
It is a short-term investment that bears an insignificant risk of fluctuations in value.
(6) Other important matters for preparation of consolidated financial statements
(b) Accounting for non-deductible consumption tax,
etc. Non-deductible consumption tax, etc. related to assets is mainly incurred as a period expense in the consolidated fiscal year.
(b) Accounting for pre-delivery restricted stock to officers
When monetary compensation receivables are granted to officers, the amount equivalent to the monetary compensation receivables is recorded as an asset as a prepaid expense,
and the monetary remuneration claims are accounted for as having been paid in kind from the officers as assets contributed in kind. The prepaid expenses are recorded as expenses
over the period (one year) during which duties are performed corresponding to the granted monetary compensation receivables.
43/88
Documents submitted
(Critical Accounting Estimates)
(Valuation of Real Estate for Sale)
(1) Amount recorded in the consolidated financial statements for the current consolidated fiscal year

Previous fiscal year (As Current consolidated fiscal year
of March 31, 2021) (As of March 31, 2022) 19,621,737
real estate for sale 22,607,189
(ii) Information that contributes to the understanding of the details of significant accounting estimates related to the identified items
If the net realizable value is lower than the acquisition cost, it is measured at that net realizable value and the difference from the acquisition cost is recognized as a valuation loss on
inventories. Although the economic outlook is uncertain due to the global spread of COVID-19, the impact on Shizuoka Prefecture is limited. We estimate the valuation of inventories on the
assumption that this will continue in the future.
For real estate, etc. (6,532,057,000 yen) that is expected to require a long period of time until the end of sales due to development,
Net realizable value is measured based on sales plans, etc. formulated based on assumptions about selling prices.
Estimated selling prices at net realizable value may be affected as a result of changes in uncertain future economic conditions.
Therefore, if the underlying conditions change, the calculation results of the net realizable value may differ.
(Revenue recognition in construction contracts)
(1) Amount recorded in the consolidated financial statements for the current consolidated fiscal year

Previously linked fiscal Current consolidated fiscal year
year (from April 1, 2020 to March (From April 1, 2021 to March 31, 2022)
31, 2021)
Sales of construction contracts with performance obligations satisfied
833,500 1,516,693
over time Cost of sales of construction contracts with performance
obligations satisfied over time
716,500 1,247,827
The amount of completed work based on the percentage-of-completion method is calculated by multiplying the total work revenue by the work progress corresponding to the actual cost
incurred up to the end of the current consolidated fiscal year, based on the total work cost.
With regard to estimates of total construction income and total construction costs, an execution budget is compiled at the construction start stage, and at the end of each consolidated
fiscal year after the start of construction, the budget is revised based on the current status of the construction work, and the progress of the construction work is reviewed. , are estimated
based on the cost-to-cost method at the end of each consolidated fiscal year.
The estimate may be affected by design changes, conclusion of additional contracts, etc. as the construction progresses in the future.
In the consolidated financial statements for the fiscal year ending March 31, 2014, there may be a significant impact on the amounts of completed construction costs and completed construction costs.
44/88
Documents submitted
(Changes in accounting
policies) (Application of “Accounting Standard for Revenue
Recognition”) “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020. Effective from the beginning of the current fiscal year,
revenue is recognized at the amount expected to be received in exchange for promised goods or services when control of the promised goods or services is transferred to
the customer. The application of revenue recognition accounting standards, etc. follows the transitional treatment stipulated in the proviso of paragraph 84 of the revenue
recognition accounting standards. amount is added or subtracted from retained earnings at the beginning of the current consolidated fiscal year, and the new accounting
policy is applied from the balance at the beginning of the current fiscal year. However, by applying the method set forth in paragraph 86 of the Accounting Standard for
Revenue Recognition, the new accounting policy will be retroactively applied to contracts for which almost all amounts of revenue have been recognized in accordance
with the previous treatment before the beginning of the current consolidated fiscal year. We do not. In addition, by applying the method set forth in paragraph (1) of
paragraph 86 of the Revenue Recognition Accounting Standards, the contract after reflecting all contract modifications made before the beginning of the current consolidated
fiscal year. Based on the terms and conditions, accounting treatment is performed and the cumulative effect amount is added to or subtracted from retained earnings at the
beginning of the current consolidated fiscal year. The impact on the consolidated financial statements is minor.
In addition, “Notes and accounts receivable,” which was shown in “Current assets” in the consolidated balance sheet for the previous consolidated fiscal year, is now
"Other", which was included in "Notes, accounts receivable and contract assets" and was presented in "Current liabilities" from the consolidated fiscal year, is presented
in "Contract liabilities" and "Other" from the current consolidated fiscal year. Doing. However, in accordance with the transitional treatment stipulated in paragraph 89-2 of
the Accounting Standard for Revenue Recognition, the previous consolidated fiscal year has not been reclassified according to the new presentation method.
Hmm.
In accordance with the transitional treatment stipulated in paragraph 89-3 of the Revenue Recognition Accounting Standard,
No information is provided.
(Application of “Accounting Standard for Market Value
Calculation”) “Accounting Standard for Market Value Calculation” (ASBJ Statement No. 30, July 4, 2019; hereinafter referred to as “Accounting Standard for Market
Value Calculation”), etc. Applied from the beginning of the fiscal year, the market value is calculated according to the transitional treatment specified in paragraph 19 of the
accounting standard for fair value calculation and paragraph 44-2 of the “Accounting Standard for Financial Instruments” (Corporate Accounting Standard No. 10, July 4,
2019). The new accounting policies stipulated by the calculation accounting standards, etc. will be applied in the future. There is no effect on the consolidated financial statements.
In addition, we have decided to provide notes on matters related to the breakdown of financial instruments by market price level, etc. in the notes on financial
instruments. However, in accordance with the transitional treatment stipulated in paragraph 7-4 of the “Guidance on Disclosure of Market Values, etc. of Financial
Instruments” (Accounting Standards Board of Japan Application Guidance No. 19, July 4, 2019), Items related to the fiscal year are not listed.
(Changes in presentation
method) (Consolidated statements of income)
“Subsidy income”, which was included in “Other” under “Non-operating income” in the previous consolidated fiscal year, exceeded 10% of the total non-operating income. I'm here.
In order to reflect this change in presentation method, the consolidated financial statements for the previous fiscal year have been reclassified. As a result, the 138,160,000 yen
shown in "Other" under "Non-operating income" in the consolidated income statement for the previous fiscal year has been restated as "Subsidy income" of 68,515,000 yen and
"Other" of 69,644,000 yen. We are here.
(Related to Consolidated Statement of Cash Flows)
“Subsidy income” and “subsidy income” included in “increase (increase) in accounts receivable-other” in “cash flows from operating activities” in the previous consolidated fiscal
year. "Amount received" has been presented separately from the current consolidated fiscal year due to its increased importance. In order to reflect this change in presentation
method, the consolidated financial statements for the previous fiscal year have been reclassified. As a result, 22,312,000 yen, which was shown as “Increase (increase) in
accounts receivable-other” under “Operating cash flows” in the consolidated statement of cash flows for the previous consolidated fiscal year, was changed to “Subsidy income.”
-68,515,000 yen, "Increase (increase) in accounts receivable" of 26,667,000 yen, and "Amount of subsidy received" of 64,160,000 yen. I'm here.
45/88
Documents submitted
(Additional
information) (Impact of the new coronavirus infection)
Due to the global spread of COVID-19, the outlook for the economy is uncertain. Accounting estimates, such as the valuation of real estate for sale, are being made on the assumption that the
situation will return to before the expansion.
(Transfer from tangible fixed assets to real estate for sale)
Due to a change in purpose of ownership, part of tangible fixed assets was transferred to real estate for sale. Its contents are as follows.
vinegar.

fiscal year (From April 1, 2020 to fiscal year (From April 1, 2021 to
March 31, 2021) - thousand yen - March 31, 2022) 21,005 thousand
Buildings and structures thousand yen 292,101
Land yen thousand yen
(Consolidated balance sheet related)
*1 Assets pledged as collateral and corresponding
liabilities Assets pledged as collateral are as follows.

fiscal year (As of March 31, fiscal year (March 31, 2022)
Cash and deposits 2021) ¥200,000 ¥100,000 thousand
Real estate for sale thousand ¥11,652,408 ¥2,455,026 thousand
Buildings and structures thousand ¥278,046 ¥14,493 thousand
Land Investment securities thousand ¥930,902 ¥440,100 thousand
Total thousand ¥64,120 -
thousand ¥13,125,478 thousand ¥3,009,620 thousand
Obligations backed by collateral are as follows.

Notes and accounts payable Short- 2021) ¥3,261 ¥4,195 thousand
term loans payable Current portion thousand ¥7,665,670 ¥1,900,000 thousand
of long-term loans payable Long-term loans thousand ¥455,004 ¥88,800 thousand
payable Total thousand ¥497,900 ¥223,100 thousand
thousand ¥8,621,835 thousand ¥2,216,095 thousand
2 Endorsements of bills receivable

Endorsements of bills receivable 2021) ¥36,998 thousand 19,199 thousand yen
3. The Company and its consolidated subsidiaries have entered into current account overdraft agreements with eight banks in order to procure working capital efficiently.
I will.
The balance of unexecuted borrowings related to overdraft agreements at the end of the consolidated fiscal year is as follows. Current consolidated fiscal
Previous fiscal year (As year (As of March 31,

of March 31, 2021) 2022) ¥6,300,000 thousand
Total amount of overdraft agreement limit ¥6,300,000,000 ¥200,000 thousand
Balance of outstanding borrowing balance ¥1,725,000,000 ¥6,100,000 thousand
¥4,575,000,000
46/88
Documents submitted
(E01202) Annual
securities report *4 Of notes receivable, accounts receivable and contract assets, the amount of receivables arising from contracts with customers is as follows.
vinegar.
Current consolidated fiscal

year (March 31, 2022) ¥55,209
Notes receivable thousand ¥696,421
Accounts receivable thousand ¥141,848
Contract assets thousand
(Consolidated Statements of Income)
*1 Revenue from contracts with customers Revenue from
contracts with customers and other revenue are not separately stated. The amount of revenue generated from contracts with customers is stated in “Notes (Revenue Recognition) 1. Disaggregated information
on revenue generated from contracts with customers” in the consolidated financial statements.
*2 Major items and amounts of selling, general and administrative expenses are as follows. Previous consolidated fiscal year (From April 1, 2020
to March 31, 2021) 16,666 thousand Current consolidated fiscal

yen 34,907 thousand yen 507,618 year (From April 1, 2021 to March
thousand yen 2,865 thousand yen 31, 2022) 5,599 thousand yen
Fares 326,425 thousand 31,961 thousand
Advertising expenses yen 265,763 yen 361,116
Taxes Provision of thousand yen thousand yen 4,336
allowance for doubtful accounts 406,215 thousand thousand yen
Provision of allowance for directors' bonuses yen 34,869 thousand 224,150 thousand
Director compensation Salaries Provision of yen 13,298 thousand yen 248,639
allowance for bonuses Retirement benefit yen 45,221 thousand thousand yen
expenses Depreciation expenses yen 419,514 thousand
yen 38,796
thousand yen 11,764 thousand yen 35,768 thousand yen
*3 R&D expenses included in general administrative expenses and current period manufacturing expenses are as follows.
Previous consolidated Current consolidated fiscal

fiscal year (From April 1, 2020 to year (From April 1, 2021 to March
March 31, 2021) 483 thousand yen 31, 2022) 14,102 thousand yen
R&D expenses
*4 The breakdown of gain on sale of fixed assets is as follows.

March 31, 2021) - thousand yen 31, 2022) ¥3,221 thousand ¥3,309
Sale of machinery Sale of 1,579 thousand - ¥180
vehicles Sale of land for thousand yen thousand ¥881
business Sale of tools, furniture 29,753 thousand thousand
and fixtures Others Total yen - ¥7,592
thousand thousand
yen - thousand yen 31,333 thousand yen
*5 Breakdown of loss on sale of fixed assets is as follows.

March 31, 2021) 563 thousand yen 31, 2022) - thousand yen - thousand
Sale of business fixed assets Total 563 thousand yen
yen
47/88
Documents submitted
*6 Breakdown of loss on disposal of fixed assets is as follows.

March 31, 2021) ¥13,226 thousand 31, 2022) 5,201 thousand yen 0
Retirement of manufacturing facilities, etc. in the materials ¥811 thousand thousand yen
business Others Total ¥14,037 5,201
thousand thousand yen
ÿ7 Derogation loss
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021) The Group posted impairment losses for
the following asset groups.
Main use type Amount (thousand yen) Location:
Business assets Buildings and structures, machinery and vehicles, etc. 60,860 Yaizu City, Shizuoka Prefecture
In principle, the Group groups business assets by management accounting classification and rental assets by individual property unit. With respect to the assets of the above group, the book value was reduced
due to the completion of production at the Yaizu factory, and the reduced amount was recorded as an impairment loss (60,860,000 yen) as an extraordinary loss.
Not applicable.
*8 The amount of inventories at the end of the period is the amount after writing down the book value due to the decline in profitability, and the following inventory valuation loss is included in the cost of sales.
vinegar.

March 31, 2021) 57,754 thousand 31, 2022) 4,328 thousand yen
Inventory write-down yen
(Consolidated Statement of Comprehensive Income)
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021) *1 Reclassification adjustments
and tax effects related to other comprehensive income
Valuation difference on available-for-sale securities
Amount incurred during the period 15,059,000 yen
Composition adjustment 31,090 thousand yen
Before tax effect adjustment 46,149 thousand yen
tax effect amount ÿ15,625,000 yen
Valuation difference on available-for-sale securities 30,524 thousand yen
Total other comprehensive income 30,524 thousand yen
*1 Reclassification adjustments and tax effects related to other comprehensive income
Valuation difference on available-for-sale securities
Amount incurred during the period 266,971 thousand yen
Composition adjustment ÿ10,834,000 yen
Before tax effect adjustment 256,136 thousand yen
tax effect amount ÿ86,753,000 yen
Valuation difference on available-for-sale securities 169,383 thousand yen
Total other comprehensive income 169,383 thousand yen
48/88
Documents submitted
(Consolidated statement of changes in net assets)
Number of shares increased during the Decrease in number of shares for the Number of shares at the end of the current
Stock type
current consolidated fiscal year (shares) current consolidated fiscal year (shares) consolidated fiscal year (shares)
ÿ ÿ
common stock 8,030,248 8,030,248
2 Type and number of treasury stock Number of shares at the
beginning of the current Number of shares increased during the Decrease in number of shares for the Number of shares at the end of the current
Stock type
consolidated fiscal year (shares) current consolidated fiscal year (shares) current consolidated fiscal year (shares) consolidated fiscal year (shares)
common stock 732,407 200,000 532,407
(Note) The decrease of 200,000 shares in the number of treasury shares of common stock is due to the disposal of treasury shares as restricted stock remuneration.
I have.
3. Matters concerning subscription rights to shares, etc.
Not applicable.
4 Matters concerning dividends
(1) Dividend payment amount
Total amount of dividends Dividend per share (yen)

resolution Stock type Reference date effective date
(thousand yen)
June 26, 2020 General

common stock 328,402 45.00 March 31, 2020 June 29, 2020
Meeting of Shareholders
(2) Among dividends whose record date belongs to the current consolidated fiscal year, dividends whose effective date falls in the next consolidated fiscal year Total
Dividend
amount of dividends (thousand yen) per
resolution Type of shares Source of dividends Reference date effective date
share (yen)
June 25, 2021 Ordinary

Common stock Retained earnings 352,398 47.00 March 31, 2021 June 28, 2021
General Meeting of Shareholders
Current consolidated fiscal year (from April 1, 2021 to March 31, 2022)
Number of shares increased during the Decrease in number of shares for the Number of shares at the end of the current
Stock type
current consolidated fiscal year (shares) current consolidated fiscal year (shares) consolidated fiscal year (shares)
ÿ ÿ
common stock 8,030,248 8,030,248
2 Type and number of treasury stock Number of shares at the
beginning of the current Number of shares increased during the Decrease in number of shares for the Number of shares at the end of the current
Stock type
consolidated fiscal year (shares) current consolidated fiscal year (shares) current consolidated fiscal year (shares) consolidated fiscal year (shares)
common stock 532,407 300,086 832,493
(Note) Increase in the number of treasury shares of common stock: 300,000 shares was acquired by resolution of the Board of Directors;
It is due to purchase.
3. Matters concerning subscription rights to shares, etc.
Not applicable.
4 Matters concerning dividends
(1) Dividend payment amount
Total amount of dividends Dividend per share (yen)

resolution Stock type Reference date effective date
(thousand yen)

common stock 352,398 47.00 March 31, 2021 June 28, 2021
49/88
Documents submitted
(2) Among dividends whose record date belongs to the current consolidated fiscal year, dividends whose effective date falls in the next consolidated fiscal year
Total amount of dividends Dividend per

resolution Type of shares Source of dividends Reference date effective date
(thousand yen) share (yen)

Common stock Retained earnings 349,091 48.50 March 31, 2022 June 24, 2022
(Related to Consolidated Statement of Cash Flows)
*1 The relationship between the balance of cash and cash equivalents at the end of the period and the amount of the items listed on the consolidated balance sheet is as follows.
vinegar.

March 31, 2021) ¥1,639,247,000 March 31, 2022) ¥4,254,351
Cash and deposit accounts ¥300,000,000 thousand ¥200,000
Time deposits with a deposit term of more than 3 months ¥1,339,247,000 thousand ¥4,054,351
Cash and cash equivalents thousand
*2 Breakdown of proceeds from sales of investment securities

March 31, 2021) ¥49,470 thousand March 31, 2022) ¥858,484
Proceeds from sales of investment securities ¥508,307 thousand ¥369,979
Proceeds from distributions of silent partnerships or returns of investments, thousand ¥557,778 thousand ¥1,228,463
etc. Total thousand thousand
(Related to lease
transactions) 1. Finance lease transactions
Not applicable.
2 Operating lease transactions
(Lessee side)
Future lease payments for non-cancellable operating lease transactions

fiscal year (As of March 31, year (March 31, 2022) 4,500
Within 1 year 2021) 4,500
and over 1 year 8,875 4,375
in total 13,375 8,875
(Financial instruments related)
1 Matters concerning the status of financial instruments
(1) Policy for dealing with financial instruments
The Company and its consolidated subsidiaries obtain necessary funds (mainly bank borrowings) based on inventory purchase plans for sales activities in the real estate business and
capital investment plans for manufacturing and sales activities in the materials business. We are procured. Temporary surplus funds are invested in highly secure financial assets, and short-
term working capital is procured through bank loans.
(2) Details of financial instruments and their risks
Trade notes and accounts receivable, which are trade receivables, are exposed to customer credit risk. Investment securities are mainly used for business purposes.
Stocks of related companies are exposed to market price fluctuation risk.
Trade notes and accounts payable, accounts payable, accrued income taxes, etc. are mostly due within six months. Borrowings and lease obligations related to finance lease transactions
are mainly for the purpose of procuring funds necessary for the purchase of inventories in the real estate business and capital investment in the materials business. later. Some of these
loans have floating interest rates and are exposed to interest rate fluctuation risk.
50/88
Documents submitted
(3) Risk management system for financial instruments
ÿ Management of credit risk
In accordance with the receivables management regulations, each business division regularly monitors the status of trade receivables with major business partners,
manages due dates and balances for each business partner, and manages concerns about collection due to deterioration in financial conditions, etc. We are striving to quickly
identify and reduce these risks. Consolidated subsidiaries are also managed in the same way in accordance with the Company's receivables management regulations.
ÿ Management of market risk (interest rate fluctuation risk, etc.)
With respect to investment securities, we regularly monitor the market price and the financial status of issuers (business partners),
We are continuously reviewing the status of holdings in consideration of the above.
(3) Management of liquidity risk related to fund procurement (risk of not being able to make payment on due date)
Based on reports from each department, the Corporate Management Headquarters prepares and updates cash flow plans in a timely manner.
We manage liquidity risk by securing liquidity on hand according to the demand for funds in the market.
(4) Supplementary explanation on matters related to market prices, etc. of financial instruments
Since fluctuation factors are incorporated in the calculation of the fair value of financial instruments, by adopting different assumptions, etc.
The price may change.
2. Matters concerning market prices, etc. of financial instruments
Consolidated balance sheet amounts, market values and differences are as follows.
Previous consolidated fiscal year (As of March 31, 2021)
Consolidated balance sheet amount Market Difference
(thousand yen) price (thousand yen) (thousand yen)
Investment securities
Other securities 385,382 385,382
Total 385,382 385,382
Assets Long-term borrowings (including those scheduled to be

1,459,346 1,456,804 ÿ2,541
repaid within one year)
Liabilities 1,459,346 1,456,804 ÿ2,541
(*1) “Cash and deposits,” “Notes and accounts receivable,” “Notes and accounts payable,” “Short-term borrowings,” “Other accounts payable,” and “Accrued income taxes, etc.”
are settled in a short period of time. Information is omitted as the fair value approximates the book value.
(*2) Consolidated balance sheet amount of financial instruments whose market value is recognized to be extremely difficult to determine
Category Silent partnership investment Unlisted

Previous stocks fiscal year
consolidated
(thousand yen) 6,795,091
22,200
total 6,817,291
Since there is no market price for these items and it is recognized that it is extremely difficult to determine the fair value,
Not included in ticket.
Current consolidated fiscal year (March 31, 2022)
Consolidated balance sheet amount Market Difference
(thousand yen) price (thousand yen) (thousand yen)
Investment securities
Other securities 2,443,869 2,443,869
total assets 2,443,869 2,443,869
Long-term borrowings (including those scheduled to be repaid

3,117,618 3,192,490 74,871
within one year)
Liabilities 3,117,618 3,192,490 74,871
51/88
Documents submitted
(*1) “Cash and deposits”, “Notes and accounts receivable and contract assets”, “Notes and accounts payable”, “Short-term borrowings”, “Accrued
"Gold" and "Accrued Income Taxes" are omitted because they are settled in a short period of time and the fair value approximates the book value.
(*2) Stocks with no market price are not included in “investment securities”. The consolidated balance sheet amounts of the relevant financial instruments are as follows. Category Silent partnership
investment Unlisted stock
(thousand yen)
1,981,800 22,200
total 2,004,000
(Note 1) Scheduled redemption amount after the consolidated balance sheet date for monetary claims and securities with maturity dates
Over 1 year More than 5

Within 1 year Over 10
and up to 5 years years and less than
(thousand yen) years (1,000 yen)
(thousand yen) 10 years (1,000 yen)
ÿ ÿ ÿ
cash and deposits 1,639,247
ÿ ÿ ÿ
Notes and accounts receivable 693,726
ÿ ÿ ÿ
total 2,332,974
Over 1 year More than 5

Within 1 year Over 10
and up to 5 years years and less than
(thousand yen) years (1,000 yen)
(thousand yen) 10 years (1,000 yen)
ÿ ÿ ÿ
cash and deposits 4,254,351
ÿ ÿ ÿ
Notes receivable, accounts receivable and contract assets 893,479
ÿ ÿ ÿ
total 5,147,830
(Note 2) Scheduled repayment amount of long-term loans payable and other interest-bearing debt after the consolidated balance sheet date

1 year 2 years 3 years 4 years
5 years over
over 2 years over 3 years over 4 years over 5 years
long-term borrowing 183,878 353,044 133,944 58,944 238,580
total 183,878 353,044 133,944 58,944 238,580

1 year 2 years 3 years 4 years
5 years over
over 2 years over 3 years over 4 years over 5 years
long-term borrowing 445,168 373,957 261,870 212,086 1,550,400
total 445,168 373,957 261,870 212,086 1,550,400
3 Matters concerning the breakdown, etc. of the market value of financial instruments by level
The fair value of financial instruments is classified into the following three levels according to the observability and materiality of the inputs to the calculation of the fair value. Level 1 market value:
Market value calculated using (unadjusted) quoted prices in active markets for the same asset or liability Level 2 market value: Calculated using directly or indirectly observable inputs other than Level 1
inputs Level 3 market value: Market value determined using significant unobservable inputs
The fair value is classified into the level with the lowest priority in the calculation of the fair value.
52/88
Documents submitted
(1) Financial instruments recorded on the consolidated balance sheet at market value
Market price (thousand yen)

distinguish
level 1 level 2 level 3 total
Securities and investment securities
Other securities Stocks

ÿ ÿ
2,443,869 2,443,869
ÿ ÿ
total assets 2,443,869 2,443,869
(2) Financial instruments other than financial instruments recorded on the consolidated balance sheet at fair value
Market price (thousand yen)

distinguish
level 1 level 2 level 3 total
ÿ ÿ
long-term borrowing 3,192,490 3,192,490

ÿ ÿ
Liabilities 3,192,490 3,192,490
(Note) Valuation techniques used in the calculation of the fair value and explanation of the inputs related to the calculation of the fair value
Investment
securities Listed stocks are valued using quoted market prices. Since listed stocks are traded in an active market, their fair value is classified as Level 1.
are categorized by market value.
Long-term loans
payable The fair value of long-term loans payable is calculated based on the present value obtained by discounting the total amount of principal and interest by the interest
rate assumed for new similar loans, and is classified as Level 2 fair value. increase. The amount includes long-term borrowings scheduled to be repaid within one year.
(Securities) 1 Other
securities Previous consolidated
fiscal year (As of March 31, 2021)
Consolidated balance sheet

Acquisition cost Difference
type amount (thousand
(thousand yen) (thousand yen)
yen)
(1) Shares 385,382 281,237 104,145
(2) bonds

ÿ ÿ ÿ
(1) Government bonds, local government bonds, etc.
amount exceeds acquisition

ÿ ÿ ÿ
cost ÿ Corporate bonds
ÿOthers
ÿ ÿ ÿ
Subtotal 385,382 281,237 104,145
ÿ ÿ ÿ
(1) Shares
(2) bonds

ÿ ÿ ÿ
amount does not exceed

ÿ ÿ ÿ
acquisition cost ÿ Corporate bonds
ÿOthers
ÿ ÿ ÿ
ÿ ÿ ÿ
Subtotal
total 385,382 281,237 104,145
(Note) Unlisted stocks, etc. (book value of 6,817,291,000 yen on the consolidated balance sheet) are not included in “Other securities” in the table above because there is no
market price and it is recognized that it is difficult to determine the fair value. not.
53/88
Documents submitted

Acquisition cost Difference
type amount (thousand
(thousand yen) (thousand yen)
yen)
(1) Shares 2,443,869 2,083,587 360,281
(2) bonds

ÿ ÿ ÿ
amount exceeds acquisition

ÿ ÿ ÿ
cost ÿ Corporate bonds
ÿ ÿ ÿ
ÿOthers
Subtotal 2,443,869 2,083,587 360,281
ÿ ÿ ÿ
(1) Shares
(2) bonds

ÿ ÿ ÿ
amount does not exceed

ÿ ÿ ÿ
acquisition cost ÿ Corporate bonds
ÿ ÿ ÿ
ÿOthers
ÿ ÿ ÿ
Subtotal
total 2,443,869 2,083,587 360,281
(Note) Stocks with no market price (consolidated balance sheet amount of ¥2,004,000,000) are included in “Other securities” in the table above.
not.
2 Other securities sold during the consolidated fiscal year Previous
consolidated fiscal year (March 31, 2021)
Sale amount Total amount of gain on sale Total loss on sale

type
(thousand yen) (thousand yen) (thousand yen)
ÿ
stock 49,470 31,090
total 49,470 31,090
Sale amount Total amount of gain on sale Total loss on sale

type
(thousand yen) (thousand yen) (thousand yen)
ÿ
stock 44,484 10,834
total 44,484 10,834
(Retirement benefits)
1 Overview of Retirement Benefit Plans Adopted
The Company and its consolidated subsidiaries have adopted a defined contribution pension plan. In April 2016, all of the lump-sum retirement benefit plans were terminated.
We are transitioning to a defined contribution pension plan.
2 Defined Contribution
System The required contribution to the defined contribution system of the Company and its consolidated subsidiaries is 22,146,000 yen.
1 Overview of Retirement Benefit Plans Adopted
The Company and its consolidated subsidiaries have adopted a defined contribution pension plan. In April 2016, all of the lump-sum retirement benefit plans were terminated.
We are transitioning to a defined contribution pension plan.
54/88
Documents submitted
2 Defined contribution system
The required contribution to the defined contribution system of the Company and its consolidated subsidiaries is 18,682,000 yen.
(Tax effect accounting) 1
Breakdown of deferred tax assets and deferred tax liabilities by major cause

fiscal year (As of March 31, 2021) year (As of March 31, 2022)
(Deferred tax assets) Loss on
valuation of real estate for sale Allowance 79,824 thousand 68,446 thousand
for bonuses Loss on valuation of products yen 14,714 yen 15,480
Restricted stock compensation Business thousand yen thousand yen
taxes payable Unfinished construction 3,843 thousand yen 1,465 thousand yen
costs Long-term accounts payable to 112,582 thousand 127,521 thousand
directors Allowance for doubtful accounts yen 71,377 yen 42,109 thousand
Unrealized gains on fixed assets Excess thousand yen yen 42,186 thousand
depreciation on fixed assets Land 42,186 thousand yen 64,695 thousand
Valuation loss Deferred consumption tax, etc. Other yen 70,564 yen 28,417
subtotal Valuation allowance Total (Deferred tax thousand yen thousand yen 9,093
liabilities) Reserve for reduction entry Special 27,010 thousand thousand yen
depreciation reserve Valuation difference on available- yen 9,324 47,340 thousand
for-sale securities Other Total Net deferred tax assets thousand yen yen 52,115 thousand
(liabilities) 43,493 thousand yen 30,451 thousand
yen 52,115 thousand yen 59,942 thousand yen
yen ÿ 43,008 thousand yen 570,047 thousand yen 589,263 thousand yen 83,263 thousand yen
-89,497 thousand yen ÿ89,459 thousand yen
-1,970 thousand yen ÿ130 thousand
-35,273 thousand yen yen ÿ122,027 thousand
2,427 thousand yen ÿ135
yen -124,314 thousand thousand yen ÿ211,752
yen 200,914 thousand yen thousand yen 144,332 thousand yen
2 Breakdown of main items that caused the difference between the statutory effective tax rate and the corporate tax burden rate after applying tax effect accounting

fiscal year (As of March 31, year (As of March 31, 2022)
Statutory effective tax 2021) 33.9% ÿÿ
rate (adjusted)
Permanently non-deductible items such as entertainment expenses 1.0ÿ ÿÿ ÿÿ
Per capita rate of inhabitant tax, etc. Valuation allowance Unrealized 0.2ÿ ÿÿ ÿÿ
profits Other Income tax burden ratio after application of tax effect 1.6ÿ ÿÿ ÿÿ
accounting Notes are omitted because the difference between the 0.5ÿ
tax burden rate after application is less than 5/100 of the statutory 0.9ÿ
effective tax rate. 38.1ÿ
(Business combinations, etc.)
(Transactions under common control, etc.)
At the meeting of the Board of Directors held on May 20, 2021, the Company decided to give YCK Co., Ltd. (hereinafter, “YCK”), which was newly established as a wholly owned subsidiary of the
Company, a business related to design supervision and a business related to construction contracting (hereinafter referred to as “YCK”). In order to carry out an absorption-type company split (hereinafter
referred to as the “Company Split”) that will succeed the “Business”), we resolved to enter into an absorption-type company split agreement with YCK on June 26, 2021. I did an absorption split.
55/88
Documents submitted
1. Transaction overview
(1) Name of the target business and details of the business
Business related to design supervision and business related to construction contracting
(2) Business combination day
June 26, 2021
(3) Legal form of business combination
Simplified absorption-type company split in which the Company is the splitting company and YCK is the succeeding company.
(4) Name of company after
combination There is no change in the name.
(5) Other matters related to transaction outline
In conducting the real estate development business, the Company has been engaged in construction work contracting and design supervision. In addition, by
consolidating this business into YCK, we aim to improve the corporate value of the entire Group.
2. Overview of accounting treatment implemented
“Accounting Standard for Business Combinations” (ASBJ Statement No. 21, January 16, 2019) and “Guidance on Accounting Standards for Business Combinations and
Business Divestitures” No. 10 January 16, 2019), treated as a transaction under common control
Doing.
(Rental real estate related)
The Group owns condominiums and apartments for rent, commercial facility buildings and parking lots in Shizuoka Prefecture. In the fiscal year ending March 31, 2021, the
rental income related to the rental property is 59,793 thousand yen (rental income is included in sales, and main rental expenses are included in sales
included in cost price).
In the fiscal year ending March 31, 2022, the rental income related to this rental property is 38,421 thousand yen (rental income is included in sales, and main rental expenses are included in sales
included in cost price).
The consolidated balance sheet carrying amount, amount of increase/decrease during the period and market value of the rental property are as follows.
(Unit: thousand
Previously linked fiscal yen) Current consolidated fiscal
year (from April 1, 2020 to year (From April 1, 2021 to March 31,
March 31, 2021) 2022)
beginning balance 1,493,186 2,658,152
Consolidated balance sheet amount Increase/decrease during the period 1,164,965 ÿ1,211,174
Ending balance 2,658,152 1,446,978
Market price at the end of the period 3,323,313 1,955,314
(Notes) 1. Consolidated balance sheet amount is the amount after deducting accumulated depreciation from acquisition cost.
2. Of the increase/decrease during the period, the main increase in the previous consolidated fiscal year was the acquisition of real estate for rent (1,195,083 thousand yen), and the main decrease was
Recording of depreciation of real estate for rent (29,545,000 yen).
The main increase in the current consolidated fiscal year was the acquisition of rental properties (3,754 thousand yen), and the main decrease was depreciation of rental properties.
(¥24,727,000) and change in consolidated subsidiary (¥1,190,201,000). 3. Calculation method of market value
Amounts (including those adjusted using indicators, etc.) calculated by the company mainly based on the “real estate
appraisal standards”.
56/88
Documents submitted
(Revenue recognition related)
1. Information that disaggregates revenue from contracts with customers
Reportable segments
Other
Leasing, total
Residence Real estate development Material business (Note)
management, count
business business
etc.
ÿ
real estate sale 620,462 13,055,815 ÿ 13,676,278 ÿ 13,676,278
366 570
ÿ ÿ
Real estate brokerage and management 769,814 770,751 770,751
Contract work ÿ 1,939,824 ÿ 1,939,824 ÿ 1,939,824
ÿ ÿ
product ÿ 1,551,219 1,551,219 ÿ 1,551,219
ÿ ÿ ÿ ÿ
others ÿ 1,340,705 1,340,705
Revenue from contracts with

620,829 13,056,385 2,709,639 1,551,219 17,938,074 1,340,705 19,278,779
customers Revenue recognized
from other sources ÿ ÿ ÿ ÿ
789,166 789,166 789,166
Sales to external customers 620,829 13,056,385 3,498,806 1,551,219 18,727,241 1,340,705 20,067,946
(Note) The “Others” category includes business segments not included in reportable segments, such as the beverage manufacturing business, apparel business and insurance agency
business.
2. Information that is the basis for understanding the revenue generated from contracts with customers
The information that forms the basis for understanding earnings is described in “(Significant matters forming the basis of preparation of consolidated financial statements) 3. Accounting policies.
(4) Standards for recording significant income and expenses”.
3. The relationship between the satisfaction of performance obligations under contracts with customers and cash flows arising from such contracts, and the amount and timing of revenue
expected to be recognized from contracts with customers existing at the end of the current consolidated fiscal year in the next consolidated fiscal year and beyond (1) Balance of contract
assets and contract liabilities, etc.

Current consolidated fiscal
year Beginning balance Ending balance
Receivables arising from contracts with customers 619,326 751,630
contract assets 74,400 141,848
contract liability 546,047 1,601,026
Contract assets primarily consist of unbilled receivables on revenue recognized based on measures of progress for construction contracts.
vinegar. Contract assets are transferred to trade receivables upon customer acceptance of the contract. In accordance with the conditions stipulated in the construction contract, the consideration for the
construction work is billed by the time the construction is completed and received by the end of the following month after the completion of the construction work.
Contract liabilities mainly relate to advances received from customers under real estate sales contracts, rental contracts and construction contract contracts. Advances received in
real estate sales contracts are mainly deposits received from customers at the time the contract is concluded. The advance received in the lease contract is the rent for the following
month and thereafter. Advances received in construction contracts are the start-up payments and interim payments received from the customer at the start of construction or during the
construction period. Contract liabilities are reversed upon recognition of revenue.
Of the amount of revenue recognized in the current consolidated fiscal year, the amount included in contract liability balance at the beginning of the period was 159,847 thousand
yen. The main reason for the 67,448,000 yen increase in contract assets in the current consolidated fiscal year was an increase in construction contracts, resulting in an increase of
67,448,000 yen. The main reason for the increase in contract liabilities of 1,054,979,000 yen in the current consolidated fiscal year was an increase in deposits, etc. based on real estate
sales contracts, resulting in an increase of 852,288,000 yen.
57/88
Documents submitted
(2) Transaction price allocated to remaining performance obligations
The Company and its consolidated subsidiaries apply the practical expedient in noting the transaction price allocated to the remaining performance obligations, and do not include contracts
with an initially expected contract term of one year or less. Total transaction price allocated to remaining performance obligations
and the periods for which revenue is expected to be recognized are as follows.
Within 1 year 522,610
1 year over 2 years 362,900
2 years over 3 years
3 years over
total 885,510
58/88
Documents submitted
(segment information, etc.)
[Segment information]
1 Overview of reportable segments
(1) Method for determining reportable segments
The Company's reportable segments are the Company's constituent units for which separate financial information is available and are subject to regular review by the
Board of Directors to determine the allocation of management resources and to evaluate the business. There is. The Company has business headquarters for each product
and service at its head office, and each business headquarters formulates comprehensive strategies for the products and services it handles and develops business
activities.
Therefore, the Company is composed of segments by product and service based on business divisions. have jurisdiction over
There are a total of four reportable segments in the “Materials Business.”
(2) Types of products and services belonging to each reportable segment
The Residence Business is the planning and sales of condominiums and detached houses, while the Real Estate Development Business is the planning and sales of residential lots
We are engaged in attracting and developing business and logistics facilities. “Rental and management business” includes condominiums, commercial and industrial facilities, and parking lot properties.
We manage, design, and construct condominiums for rent and condominiums. “Material business” includes civil engineering and construction
We sell concrete products for concrete and PC components.
2 Calculation methods for sales, profit or loss, assets and other items for each reportable segment
The method of accounting for reported business segments is generally the same as described in “Basis of preparation of consolidated financial statements”. Reportable
segment income is based on operating income. between segments
Revenues and transfers are based on current market prices.
3 Information on the amount of sales, profit or loss, assets and other items for each reportable segment
Previously linked fiscal year (from April 1, 2020 to March 31, 2021)
Reportable segment
Other
Leasing, management, total
etc. business count
business business
amount of sales
Sales to external customers 3,742,799 11,916,635 2,898,318 1,367,804 19,925,557 1,155,995 21,081,553 Internal sales or transfers between segments
ÿ ÿ
6,017 352,823 358,841 5,123 363,965
count 3,742,799 11,916,635 2,904,336 1,720,628 20,284,399 1,161,119 21,445,518
Segment profit (loss) (ÿ) Segment

524,729 2,106,671 187,405 ÿ405,177 2,413,628 34,560 2,448,189
assets
1,105,709 29,730,422 2,348,955 1,122,449 34,307,536 596,541 34,904,078
Other items
Depreciation 1,169 392 43,113 21,470 66,145 18,420 84,566
Increase in property, plant ÿ
3,655 1,201,245 18,631 1,223,532 15,635 1,239,167

and equipment and intangible
assets (Note) 1. The “Others” category is business segments not included in the reportable segments, including the beverage manufacturing business, restaurant business,
apparel business and insurance agency business. 2. Depreciation expenses include amortization expenses related to long-term prepaid expenses. 3. Increases in
property, plant and equipment and intangible assets include increases in long-term prepaid expenses.
59/88
Documents submitted
Reportable segment
Other
Leasing, management, total
etc. business count
business business
amount of sales
Sales to external customers 620,829 13,056,385 3,498,806 1,551,219 18,727,241 1,340,705 20,067,946 Internal sales or transfers between segments
ÿ ÿ
6,000 239,835 245,835 3,440 249,276
count 620,829 13,056,385 3,504,806 1,791,055 18,973,076 1,344,145 20,317,222
Segment profit 9,428 2,581,268 458,265 17,890 3,066,854 37,836 3,104,690
Segment assets 4,950,208 18,411,313 3,461,913 789,015 27,612,450 554,697 28,167,148
Other items
Depreciation 183 999 38,991 2,195 42,369 19,805 62,175
Increase in property, plant ÿ
1,966 10,554 19,006 31,527 23,703 55,230

and equipment and intangible
assets (Note) 1. The “Others” category includes business segments not included in reportable segments, such as the beverage manufacturing business, apparel business and insurance business.
Insurance agency business, etc. are included. 2.
Depreciation expenses include amortization expenses related to long-term prepaid expenses.
4 Differences between reportable segment totals and consolidated financial statement amounts, and main details of such differences (matters related to adjustment of differences) (Unit:
thousand yen) Current
amount of sales Previous consolidated fiscal year consolidated fiscal year
Reportable segment total 20,284,399 18,973,076
Sales in the "Other" category 1,161,119 1,344,145
Intersegment transaction elimination ÿ363,965 ÿ249,276
Net sales in consolidated financial statements 21,081,553 20,067,946
Benefit Previous consolidated fiscal year Current consolidated fiscal year
Earnings in the 'Other' segment 34,560 37,836
Intersegment transaction elimination 25,160 ÿ2,592
Corporate expenses (Note) ÿ815,152 ÿ728,560
Operating income in consolidated financial statements 1,658,197 2,373,537
(Note) Company-wide expenses are mainly general and administrative expenses that do not belong to reportable segments.
assets Previous consolidated fiscal year Current consolidated fiscal year
Assets in the “Other” category 596,541 554,697
Company-wide assets (Note) 2,343,338 4,049,520
Total assets in consolidated financial statements 37,247,417 32,216,668
(Note) Company-wide assets are mainly cash and deposits, investment securities, and fixed assets related to administrative departments that do not belong to reportable segments.
increase.
60/88
Documents submitted
(Unit: Thousands of Yen)
Consolidated Financial
Reportable segment total Previous others Adjustment
Statements Previous
Other items
consolidated fiscal year Current
consolidated Previous Current Previous amount Current Consolidated Current Consolidated
fiscal year Fiscal year consolidated fiscal year consolidated fiscal year consolidated fiscal year consolidated fiscal year Fiscal Year Fiscal Year
depreciation 66,145 42,369 18,420 19,805 14,951 20,352 99,517 82,527
Increase in tangible fixed

1,223,532 31,527 15,635 23,703 8,188 17,850 1,247,355 73,081
assets and intangible fixed assets
(Note) The adjusted amount of increased tangible fixed assets and intangible fixed assets is the amount of capital investment related to administrative departments.
ÿÿ
ÿRelated informationÿ
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021) 1
Information by product and service
The description is omitted because the same information is disclosed in the segment information.
2 Information by region
(1) Sales Not
applicable as there is no sales to external customers outside Japan.
(2) Tangible fixed
assets Not applicable as there are no tangible fixed assets located outside of Japan.
3 Information by major customer

(Unit: thousand
customer's name or name amount of sales yen) Related segment name
Takara Leben Co., Ltd. 2,643,962 Real estate development business, rental and management business
Nippon Commercial Development Co., Ltd. 2,389,031 Real estate development business
Current consolidated fiscal year (From April 1, 2021 to March 31, 2022) 1
Information by product and service
The description is omitted because the same information is disclosed in the segment information.
2 Information by region
(1) Sales
Not applicable as there are no sales to external customers outside Japan.
(2) Tangible fixed
assets Not applicable as there are no tangible fixed assets located outside of Japan.
3 Information by major customer

(Unit: thousand
customer's name or name amount of sales yen) Related segment name
Tokaido REIT Investment Corporation 3,609,378 Real estate development business, rental and management business
61/88
Documents submitted
[Information on impairment losses on fixed assets by reportable segment]
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)
Reportable segment
Leasing, management, Other Corporate/Elimination Total

Residence Real estate development Material
etc. business count
business business business
60,860 60,860 60,860

ÿ ÿ ÿ ÿ ÿ
Impairment loss
Not applicable.
[Information on goodwill amortization and unamortized balance by reportable segment]
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021) Not
applicable. Current consolidated fiscal year (from April 1, 2021 to March 31, 2022)
Not applicable.
[Information on gain on negative goodwill by reportable segment]
Previously linked fiscal year (from April 1, 2020 to March 31, 2021)
Not applicable. Current
consolidated fiscal year (from April 1, 2021 to March 31, 2022)
Not applicable.
[Related party information]
Transactions with Related Parties
(1) Officers and major shareholders of companies submitting consolidated financial statements
(individuals only), etc. Previous fiscal year (From April 1, 2020 to March 31, 2021)
Capital or Ownership of
Company name Business
investment voting rights, Relationship with Transaction amount Balance at end of
type or name location content Transaction contents subject
(thousand etc. (Owned) Related Parties (thousand yen) period (thousand yen)
or occupation
yen) ratio (%)
(Owned) Direct Contribution in kind of

-
Representative Director - - -
Officer Ritsushi Yoshida - 3.19 monetary remuneration 88,300

and Chairman of the Company
claims (Note 1)
(by all) Direct Contribution in kind of

-
Representative Director - - -
Officer Naohiro Yoshida - 3.20 monetary remuneration 88,300

and President of the Company
claims (Note 1)
Companies
(including
subsidiaries of
such companies)
Y's Co., Ltd. (Owned by)
in which officers Shizuoka City, Leasing of real
(Note 2) 10,000 Real estate rental business direct 26.92 Interlocking officers 40,134 Guarantee deposit 24,820
and their close Shizuoka Prefecture estate (Note 3)
relatives hold a
majority of
voting rights
(Notes) 1. Contribution in kind of monetary remuneration receivables associated with the restricted stock remuneration system. 2. 100% of the voting rights are held
directly by the Chairman and Representative Director of the Company, Ritsushi Yoshida, and his close relatives. 3. Regarding the rental of real estate, the rent amount is
determined based on the prevailing trading conditions in the neighborhood. 4. The above transaction amounts do not include consumption tax.
62/88
Documents submitted
Capital or Ownership
Company name Business
investment (Owned) ratio Relationship with Transaction amount Balance at end of
type or name location content Transaction contents subject
(thousand of voting rights, Related Parties (thousand yen) period (thousand yen)
or occupation
yen) etc. (%)
Companies
(including Leasing of real estate

37,760 Security deposit 31,480
subsidiaries of (Note 2)
such companies)
Y's Co., Ltd. (owned by)
in which officers Shizuoka City,
(Note) 1 10,000 Real estate rental business direct 28.06 Interlocking officers
and their close Shizuoka Prefecture
relatives hold a Property

- -
majority of management 10,466
voting rights (Note 3)
(Notes) 1. 100% of the voting rights are directly held by Ritsushi Yoshida, Chairman and Representative Director of the Company, and his close relatives. 2. Regarding the
rental of real estate, the rent amount is determined based on the prevailing trading conditions in the neighborhood. 3. Real estate facility management is conducted under
general transaction conditions similar to those for transactions between independent third parties.
(Per share information)

fiscal year (From April 1, fiscal year (From April 1,
2020 to March 31, 2021) 2021 to March 31, 2022)
Net assets per share ¥2,853.14 ¥3,134.07
Net income per share 196.40 yen 223.96 yen
Not listed as there are no potential shares. Not listed as there are no potential shares.
Diluted net income per share
(Notes) 1. The basis for calculating net income per share is as follows. Previous consolidated fiscal
year (From April 1, 2020 When connecting
project to March 31, 2021) fiscal year (from April 1,
2021 to March 31, 2022)
Net income per share
Profit attributable to owners of parent (thousand yen) 1,460,486 1,643,561
ÿ ÿ
Amount not attributable to common stock (thousand
yen) Profit attributable to owners of parent related to

1,460,486 1,643,561
common stock (thousand yen)
Average number of shares of common stock during the period (thousand shares) 7,436 7,338
2. The basis for calculating net assets per share is as follows. Previous consolidated fiscal
year (As of March 31, Current consolidated
project
2021) fiscal year (As of March 31, 2022)
Total amount of net assets (thousand yen) 21,423,568 22,703,085
Amount to be deducted from total net assets (1,000 yen) 31,150 144,803
(Of which, non-controlling interests) (thousand yen) (31,150) (144,803)
Net assets related to common stock at the end of the period 21,392,417 22,558,281
(Thousands of yen) Number of common stocks at the end of the period used to calculate net
7,497 7,197
assets per share (Thousands of shares)
(significant subsequent event)
(Acquisition of treasury stock)
On April 28, 2022, in a resolution of the Board of Directors pursuant to Article 370 of the Companies Act, the Company decided to
Based on the provisions of Article 156 of the Act, which is applied by replacing the terms, we resolved matters related to the acquisition of treasury stock.
1. Reason for acquisition of treasury stock
Based on the provisions of the Articles of Incorporation, we will acquire treasury stock for the purpose of executing a flexible capital policy.
63/88
Documents submitted
2. Acquisition content
(1) Type of treasury stock to be acquired Common stock of the Company
(2) Total number of shares to be acquired 150,000 shares (upper
limit) (Percentage of total number of issued shares (excluding treasury stock): 2.08%)
(3) Total acquisition price of shares 172,500,000 yen (upper limit)
(4) Schedule for acquisition of treasury stock From May 2, 2022 to March 31, 2023
(5) Acquisition method Market purchase including off-auction own share repurchase trading (ToSTNet-3)
ÿ ÿLink to attached listÿ
[List of corporate
bonds] Not applicable.
ÿBorrowed funds, etc.ÿ
Balance at the beginning of current Balance at the end of current Average interest
distinguish repayment deadline
period (thousand yen) period (thousand yen) rate (%)
0.51
ÿ
short-term borrowing 10,001,550 2,000,000
1.08
ÿ
Long-term borrowings scheduled to be repaid within one 490,956 274,135
year Long-term borrowings (excluding those scheduled

968,390 2,843,483 1.05 2023-2033
to be repaid within one year)
total 11,460,896 5,117,618
(Notes) 1. “Average interest rate” is the weighted average interest rate for the balance of borrowings at the end of the period.
2. The amount of long-term borrowings (excluding those scheduled to be repaid within one year) scheduled for repayment within five years after the consolidated balance sheet date is as follows.
I have.
Over 1 year and up to 2 years Over 2 years and up to 3 Over 3 years and up to 4 Over 4 years and up to 5 years
distinguish
(thousand yen) years (1,000 yen) years (1,000 yen) (thousand yen)
long-term borrowing 445,168 373,957 261,870 212,086
total 445,168 373,957 261,870 212,086
[Asset retirement obligation schedule]
Not applicable.
(2) [Others]
Quarterly information, etc. for the current consolidated fiscal year
(cumulative period) first quarter second quarter Third Quarter Current Consolidated Fiscal Year
Sales Net (thousand yen) 6,234,313 9,376,070 12,416,785 20,067,946
Income Before Income

(thousand yen) 1,159,845 1,230,935 1,988,316 2,621,736
Taxes Net Income
Attributable to Owners of
Parent Quarterly Net Income (thousand yen) 729,317 788,787 1,296,716 1,643,561
per Share
(Circle) 97.27 106.21 175.89 223.96
(accounting period) first quarter second quarter third quarter 4th quarter
Quarterly net income per

(Circle) 97.27 8.07 70.09 47.98
share
64/88
Documents submitted
2 [Financial Statements] (1)
[Financial Statements]
ÿ [Balance sheet]
Previous fiscal Current fiscal

year (March 31, 2021) year (March 31, 2022)
assets
Current assets
Cash and deposits ÿ2 1,166,151 ÿ2 3,018,217
Notes receivable 170,754 55,209

Accounts receivable 340,662 ÿ1 406,282
Merchandise and 69,437 20,242

270
ÿ
finished goods Work in
5,360
ÿ
progress Raw materials and
supplies Real estate for sale ÿ2 22,200,204 ÿ2 19,227,661
Construction work in progress 148,952 0
Prepaid expenses Other 112,726 61,348

Allowance for doubtful ÿ1 456,776 ÿ1 153,143
accounts Total current assets ÿ2,714 ÿ2,574
Fixed assets Property, plant 24,668,583 22,939,531

and equipment Buildings Structures
Machinery and equipment
Vehicles and vehicles ÿ2 64,859 ÿ2 57,508
Tools, Furniture and 14,762 10,175

fixtures Land Total 54,996 42,185
property, plant and 0 8,781
equipment Intangible assets 12,318 18,842
Leasehold Software Other Total ÿ2 1,316,124 ÿ2 1,024,023
intangible assets 1,463,062 1,161,517
10,029 10,029
46,472 31,832
6,498 6,498
63,000 48,360
Investments and other assets
Investment securities ÿ2 7,202,673 4,447,870

Stocks of affiliated 1,701,953 362,953
companies Investments 2,920 2,920
Long-term loans 2,291 2,052
Receivables in bankruptcy, 63,482 66,185
etc. Deferred tax assets 183,968 106,798
Guarantee deposits 118,464 187,415
Insurance reserves 158,968 107,581
Allowance for doubtful ÿ71,097 ÿ73,751
accounts Total investments and other 9,363,625 5,210,024

assets Total fixed assets Total assets 10,889,688 6,419,902
35,558,271 29,359,433
65/88
Documents submitted

Liabilities section
Current Liabilities
Accounts ÿ2 1,746,095 ÿ2 939,871
Payable Short-Term ÿ2 10,001,550 ÿ2 2,000,000
Borrowings Current Current Long-Term Borrowings ÿ2 399,600 ÿ2 239,057
Accounts Payable Accounts Payable Accrued ÿ1 272,455 ÿ1 97,735
Expenses Income Taxes Payable Contract Liabilities 19,721 15,570

Advances Received Deposits Provision for Bonuses 660,959 292,729
Provision for Directors' Bonuses Other Total Current
ÿ
1,350,474
ÿ1 539,703
ÿ
Liabilities Fixed Liabilities Long-Term Borrowings
Long-Term Accounts Payable to Directors Long- 82,065 93,170

Term Deposits Others Fixed Total Liabilities Total 36,513 33,324
Liabilities Net Assets Shareholders' Equity Common 144,000 180,000
137,364
ÿ
Stock Capital Surplus Capital Reserve Other Capital
Surplus Total Capital Surplus Retained Earnings 13,902,663 5,379,297

Retained Earnings Reserve Other Retained Earnings
Retained Earnings Retained Earnings Retained ÿ2 697,900 ÿ2 2,558,071
Earnings Carried Forward Total Retained Earnings 208,340 191,010

Treasury stock Total shareholders' equity Valuation 350,055 357,944
and translation adjustments Valuation difference on 37,766 34,730
available-for-sale securities Total valuation and 1,294,062 3,141,755
translation adjustments Total net assets Total liabilities 15,196,726 8,521,053
and net assets
100,000 100,000
1,854,455 1,854,455
1,748,801 1,287,457
3,603,256 3,141,912
131,222 131,222
174,714 174,639
8,470,000 8,870,000
8,168,815 8,876,238
16,944,752 18,052,100
ÿ355,334 ÿ693,886
20,292,674 20,600,126
68,871 238,254
68,871 238,254
20,361,545 20,838,380
35,558,271 29,359,433
66/88
Documents submitted
ÿ ÿProfit and Loss Calculationsÿ
(Unit: thousand
Previous yen) Current fiscal year
business year (from April (From April 1, 2021 to March
1, 2020 to March 31, 2021) 31, 2022) *1 17,327,113
Net sales *1 19,698,859 *1 13,509,979
Cost of sales 15,937,383
Gross profit 3,761,476 3,817,133

Selling, general and administrative ÿ1,ÿ2 2,183,116 ÿ1,ÿ2 1,765,331
expenses Operating profit Non- 1,578,360 2,051,802

operating income Interest income
Dividend income Purchase ÿ1 123 ÿ1 124
discount Real estate 12,907 57,268

acquisition tax refund Silent 7,361 5,466
partnership investment income 2,661 3,052
Commission income Other 693,982 142,728
Total non-operating income ÿ1 4,820 ÿ1 4,649
Non-operating expenses ÿ1 123,695 ÿ1 53,622
Interest expense Allowance for 845,552 266,913

doubtful accounts Gold provision
Other total non-operating 74,755 57,216

expenses Ordinary profit 845 ÿ20
Extraordinary profit Gain on 3,847 3,789

sales of fixed assets Total 79,448 60,984
extraordinary profit Extraordinary 2,344,463 2,257,730
loss Loss on disposal of fixed assets
Impairment loss Total ÿ3 1,579 ÿ3 7,592
extraordinary loss Total taxes 1,579 7,592

Net income
ÿ4 14,037 ÿ5 ÿ4 5,201
60,860
ÿ
74,897 5,201
2,271,146 2,260,121
931,100 814,042
ÿ78,641 ÿ13,667
852,459 800,375
1,418,687 1,459,746
67/88
Documents submitted
[Real estate cost of sales statement]
Previous Current business

business year (from April 1, year (from April 1, 2021 to
2020 to March 31, 2021) March 31, 2022) Composition ratio
Note Composition (%)

distinguish Amount (thousand yen) Amount (thousand yen)
number ratio (%)
ÿ Real Estate Sales Cost 12,111,457 94.1 10,440,417 92.3
ÿ Others 763,340 5.9 874,455 7.7
Real estate cost of sales 12,874,798 100.0 11,314,872 100.0
68/88
Documents submitted
(3) Statement of Changes in Shareholders' Equity, etc.
Previous business year (from April 1, 2020 to March 31, 2021)
capital surplus retained earnings
Other retained earnings

capital
Other capital Capital surplus Capital
reserve Legal reserve Retained earnings Total Reduction entries Reserves
Special Earnings carried forward
Separate reserve
depreciation reserve Retained earnings
Balance at beginning of period 100,000 1,854,455 1,705,683 3,560,138 131,222 2,299 174,792 8,170,000 7,376,152
Net interest profit 1,418,687
Reversal of special depreciation

ÿ2,299 2,299
reserve Reversal of reserve for
reduction entry
ÿ78 78
Separate reserve fund 300,000 ÿ300,000
Disposal of treasury stock 43,117 43,117
shareholders' equity during the period
ÿ ÿ
43,117 43,117 ÿ ÿ2,299 ÿ78 300,000 792,663
Balance at end of period 100,000 1,854,455 1,748,801 3,603,256 131,222 ÿ 174,714 8,470,000 8,168,815
Shareholders' equity Valuation, conversion difference, etc.
retained earnings
Others
Total net assets Valuation/translation Marketable
Total shareholders' securities Total difference Valuation
own company difference
Retained earnings
equity
Total
15,854,46 7 19,025,78 9 19,064,13 6

Balance at beginning of period ÿ488,816 38,346 38,346
Dividend of surplus ÿ328,402 ÿ328,402 ÿ328,402
Net interest profit 1,418,687 1,418,687 1,418,687
Reversal of special depreciation ÿ ÿ ÿ
reserve Reversal of reserve for
reduction entry Reserve of separate ÿ ÿ ÿ
reserve
ÿ ÿ ÿ
Disposal of treasury 133,482 176,600 176,600
stock Net changes in items other
than shareholders' equity 30,524 30,524 30,524
Total changes during the period 1,090,284 133,482 1,266,884 30,524 30,524 1,297,409
16,944,75 2 20,292,67 4 20,361,54 5

Balance at end of period ÿ355,334 68,871 68,871
69/88
Documents submitted
Current business year (from April 1, 2021 to March 31, 2022)
capital surplus retained earnings
Other retained earnings

capital
Other capital Capital surplus Capital
reserve Legal reserve Retained earnings Total Reduced Retained earnings
Separate reserve
entry Reserve carried forward
Balance at beginning of period 100,000 1,854,455 1,748,801 3,603,256 131,222 174,714 8,470,000 8,168,815
Net income 1,459,746
Reversal of reserve for advanced

ÿ74 74
entry
Separate reserve fund 400,000 ÿ400,000
Acquisition of treasury stock
Decrease due to company split ÿ461,343 ÿ461,343
Net changes in items other than
shareholders' equity
ÿ ÿ
Total changes during the period ÿ ÿ461,343 ÿ461,343 ÿ74 400,000 707,422
Balance at end of period 100,000 1,854,455 1,287,457 3,141,912 131,222 174,639 8,870,000 8,876,238
Shareholders' equity Valuation, conversion difference, etc.
retained earnings
Others
Total net assets Valuation/translation Marketable
Total shareholders' securities Total difference Valuation
own company difference
Retained earnings equity
Total
16,944,75 2 20,292,67 4 20,361,54 5

Balance at beginning of period ÿ355,334 68,871 68,871
Dividend of surplus ÿ352,398 ÿ352,398 ÿ352,398
Net income 1,459,746 1,459,746 1,459,746
Reversal of reserve for advanced ÿ ÿ ÿ
entry
ÿ ÿ ÿ
Separate reserve fund
Acquisition of treasury stock ÿ338,552 ÿ338,552 ÿ338,552
Decrease due to company split ÿ461,343 ÿ461,343
Net changes in items other than
shareholders' equity 169,383 169,383 169,383
Total changes during the period 1,107,348 ÿ338,552 307,451 169,383 169,383 476,835
18,052,10 0 20,600,12 6 20,838,38 0

Balance at end of period ÿ693,886 238,254 238,254
70/88
Documents submitted
[Notes]
(significant accounting policies)
1 Asset valuation standards and valuation methods
(1) Securities valuation standards and valuation methods
(a) Stocks of subsidiaries and affiliated companies: Cost
method based on the moving average method (b)
Other securities: Items other than stocks with no market
price Market value method (calculated by the moving
average method) Stocks, etc. with no market price Cost method based on the moving average method In addition, regarding the silent
partnership investment, the most recent financial statements available according to the settlement date stipulated in the partnership agreement are
used as the basis. , by the method of incorporating the amount equivalent to equity in the net amount.
(2) Inventory valuation standards and valuation methods
(a) Merchandise, raw materials, and supplies
The final purchase cost method (the balance sheet value is calculated by writing down the book value based on the decline in profitability) The
comparative list value is calculated by the method of writing down the book value based on the decrease in profitability)
(c) Real estate for sale and construction work in progress
Measured at the lower of acquisition cost and net realizable value.
Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the
sale. Acquisition costs are mainly calculated based on the specific identification method.
Of real estate for sale, the amount equivalent to the depreciation expense by the straight-line method is deducted for properties that are being rented.
2. Depreciation methods for fixed assets (1)
Tangible fixed assets (excluding leased assets) Declining-
balance method (straight-line method for tangible
fixed assets for leasing business) Main useful lives are as follows. Buildings 10-47
years Structures 10-35 years Machinery and equipment 9-10 years Vehicles 2-6
years Tools, furniture and fixtures 3-20 years (2) Intangible fixed assets (excluding
leased assets) Straight-line method Software (In-house use) is amortized by the
straight-line method over the estimated useful life (5 years) within the company.
3 Accounting standards for allowances (1)
Allowance for doubtful accounts
In order to prepare for losses due to bad debts, for general loans, specific loans such as bad debts are calculated based on the actual bad debt rate
The amount expected to be uncollectible is recorded based on individual consideration of collectability. (2)
Allowance for bonuses To prepare for the payment of bonuses to employees, the estimated amount to be
paid in the current fiscal year is recorded. (3) Provision for directors' bonuses In order to prepare for the payment of bonuses to directors, the
amount expected to be paid in the current fiscal year is recorded.
71/88
Documents submitted
4 Accounting standards for income and
expenses (1) Residence business
The residence business is a business that sells condominium units or entire condominium buildings that have been completed from site purchase to construction, and is
obligated to deliver the units to customers based on real estate sales contracts. The performance obligation is satisfied at the time the property is delivered, and revenue is
recorded at the time of delivery. Our main customers are general consumers and condominium developers. The transaction price is determined by the real estate sales contract,
and mainly a part of the sales price is received as a deposit when the contract is concluded, and the balance is paid when the property is handed over. The amount of revenue,
including variable consideration, etc., is immaterial. In addition, the amount of the promised consideration does not include a significant financial component.
(2) Real estate development business
In the real estate development business, the area, type of land, usage, needs, rent, sales price, etc. of the acquired land are verified, development and new construction, etc. that lead to
maximization of the value of the land are carried out, and the whole building or condominium sales are performed. It is a business, and depending on the development method, the main
customers are general consumers, other companies in the same industry, and corporations in different industries. Performance obligations and the timing of their satisfaction, the method of
determining the transaction price, the timing of revenue recognition, etc. in this business are the same as in the residence business.
(3) Rental and management business
The leasing and management business includes leasing and management of condominiums, commercial and industrial facilities, parking lots, etc., brokerage of real estate properties, and contract construction.
We recognize the main income as follows.
(real estate management)
This is a business that manages real estate facilities, collects rent, recruits tenants, cleans, etc.
We are obligated to provide each service to our customers. The performance obligation is satisfied over time;
Progress is measured based on the ratio of the elapsed period to the total contract period. Our main customers are real estate property owners and management associations of
condominiums. The transaction price is determined by the management consignment contract, and we receive payments mainly for the current month by the end of the month.
The amount of revenue, including variable consideration, etc., is immaterial. In addition, the amount of the promised consideration does not include a significant financial component.
(real estate brokerage)
This is a business that acts as an intermediary between a buyer and a seller or between a lessor and a lessee when buying, selling, or leasing real estate. We are obligated to
provide a series of services, such as explanations, preparation and delivery of contracts, involvement in contract fulfillment procedures, etc. . Of these performance obligations, real
estate sales brokerage is satisfied at a point in time when the property is delivered, and real estate rental brokerage is satisfied at a point in time when the lease contract begins.
Earnings are recorded at that time. Our main customers are real estate owners, prospective buyers of real estate, and prospective tenants. Transaction prices are determined by
real estate brokerage agreements, and payments are received primarily at the time of delivery or before the commencement of lease agreements. The amount of revenue, including
variable consideration, etc., is immaterial. In addition, the amount of the promised consideration does not include a significant financial component.
(Contract work)
It is a business that undertakes construction work such as construction, renovation, and repair of buildings, and we are obligated to carry out construction work based on construction contract contracts.
vinegar. The performance obligation is satisfied over time and the measure of progress is based on the percentage of the total expected contract costs incurred by the end of each
reporting period. I'm here. Main customers are different industries such as commerce, industry and logistics
We are a seed corporation. The transaction price is determined by the construction contract contract.
After the inspection, we received the balance payment by the end of the following month. The amount of revenue, including variable consideration, etc., is immaterial. In addition,
the amount of the promised consideration does not include a significant financial component.
72/88
Documents submitted
(4) Material business
The materials business sells secondary concrete products and materials for civil engineering and construction, and is obligated to deliver products to customers based on agreements
on order forms. The performance obligation is satisfied at the point in time when the product is delivered to the customer, and revenue is recorded at the point of delivery. Main customers
are construction companies such as general contractors. The transaction price is determined by the purchase order, and payment is received within approximately one month after delivery.
The amount of revenue, including variable consideration, etc., is immaterial. In addition, the amount of the promised consideration does not include a significant financial component.
5. Other important matters that form the basis for the preparation of financial statements
(1) Accounting for non-deductible consumption tax, etc. Non-deductible consumption
tax, etc. related to assets is mainly treated as a period expense in the fiscal year in which it is incurred. (2) Accounting treatment for
pre-delivery restricted stock to directors
When monetary compensation receivables are granted to officers, the amount equivalent to the monetary compensation receivables is recorded as an asset as a prepaid expense,
and the monetary remuneration claims are accounted for as having been paid in kind from the officers as assets contributed in kind. The prepaid expenses are recorded as expenses
over the period (one year) during which duties are performed corresponding to the granted monetary compensation receivables.
(Significant accounting estimates)
(Valuation of real estate for sale) 1)
Amount recorded in the financial statements for the current fiscal year

Previous fiscal Current fiscal year (March 31,
year (March 31, 2021) 2022)
real estate for sale 22,200,204 19,227,661
If the net realizable value is lower than the acquisition cost, it is measured at that net realizable value and the difference from the acquisition cost is recognized as a valuation loss on
inventories. Due to the global spread of the new coronavirus infection, the future of the economy is uncertain, but the impact in Shizuoka Prefecture
is limited, and the valuation of inventories is estimated on the assumption that the real estate market conditions indicated by the sales performance information available at the end of
the current fiscal year will continue into the future. For real estate, etc. (6,342,017,000 yen) that is expected to require a long period of time to complete sales due to development,
Net realizable value is measured based on sales plans, etc. formulated based on assumptions about selling prices.
Estimated selling prices at net realizable value may be affected as a result of changes in uncertain future economic conditions.
Therefore, if the underlying conditions change, the calculation results of the net realizable value may differ.
(Revenue recognition in construction contracts)
(1) Amount recorded in the financial statements for the current fiscal year

Previous business Current fiscal year (From April
year (from April 1, 2020 to March 1, 2021 to March 31, 2022)
31, 2021)
Sales of construction contracts with performance obligations satisfied
833,500 636,700
over time Cost of sales of construction contracts with performance
obligations satisfied over time
716,500 538,900
Regarding the amount of completed work based on the percentage-of-completion method, based on the total construction cost, it will be calculated according to the actual cost incurred by the end of the current fiscal year.
It is calculated by multiplying the progress of construction work by the total construction revenue.
With regard to estimates of total construction revenue and total construction costs, an execution budget is compiled at the construction start stage, and at the end of each fiscal year
after the start of construction, it is reviewed based on the current status of the construction work. Estimated at the end of each fiscal year based on the cost-to-cost method.
The estimate may be affected by design changes, conclusion of additional contracts, etc. as the construction progresses in the future.
It may have a significant impact on the amount of completed work and cost of completed work in the financial statements for the fiscal year.
73/88
Documents submitted
(Changes in accounting
policies) (Application of “Accounting Standard for Revenue Recognition”)
“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020; hereinafter referred to as “Accounting Standard for Revenue Recognition”)
will be applied from the beginning of the current fiscal year, Revenue is recognized at the amount expected to be received in exchange for the goods or services when they are
transferred to the customer.
The application of revenue recognition accounting standards, etc. follows the transitional treatment stipulated in the proviso of paragraph 84 of the revenue recognition
accounting standards. is added to or subtracted from the retained earnings carried forward at the beginning of the current fiscal year, and the new accounting policy is applied
from the beginning balance. However, as stipulated in paragraph 86 of the Revenue Recognition Accounting Standard,
We have not retrospectively applied the new accounting policy to contracts for which we have applied the method of depreciation and for which we recognized substantially all amounts
of revenue in accordance with the previous treatment prior to the beginning of the current fiscal year. In addition, by applying the method stipulated in Paragraph 86, paragraph (1) of the
Revenue Recognition Accounting Standard, for contract modifications made before the beginning of the current fiscal year, based on the contract terms after reflecting all contract
modifications. Based on this, accounting treatment is applied, and the cumulative effect amount is added to or subtracted from retained earnings carried forward at the beginning of the
current fiscal year. The impact on financial statements is minor.
In addition, “advance receipts”, which was shown as “current liabilities” in the balance sheet for the previous fiscal year, has been separately shown as “contract liabilities”
from this fiscal year. However, in accordance with the transitional treatment stipulated in paragraph 89-2 of the Accounting Standard for Revenue Recognition, no reclassification
has been made for the previous fiscal year using the new presentation method. In accordance with the transitional treatment stipulated in paragraph 89-3 of the Accounting
Standard for Revenue Recognition,
It is not described.
(Application of “Accounting Standard for Fair Value Calculation”)
"Accounting Standard for Market Value Calculation" (Accounting Standards Board of Japan No. 30, July 4, 2019; hereinafter referred to as "Accounting Standard for Market
Value and “Accounting Standard for Financial Instruments” (Business Accounting Standard No. 10, July 4, 2019), paragraph 44-2. It is intended to be applied throughout There
is no effect on the financial statements.
(Additional
information) (Impact of the new coronavirus infection)
Due to the global spread of COVID-19, the outlook for the economy is uncertain. Accounting estimates, such as the valuation of real estate for sale, are being made on the
assumption that the situation will return to before the expansion.
(Transfer from tangible fixed assets to real estate for sale)
Due to a change in purpose of ownership, part of tangible fixed assets was transferred to real estate for sale. The details are as follows.
Previous fiscal year Current fiscal

(March 31, 2021) - thousand year (March 31, 2022)
yen - ¥17,730
Building thousand thousand
Structure Land yen - thousand yen ¥3,275 thousand ¥292,101 thousand
(Balance sheet related)
*1 Assets and liabilities to affiliated companies
Amounts of monetary claims and liabilities to the affiliated companies other than those separately indicated are as follows.
Short-term monetary claims ¥1,080,000 14,428,000 yen
Short-term monetary liabilities ¥599,000 49,000 yen
74/88
Documents submitted
*2 Assets pledged as collateral and corresponding liabilities are as follows. Assets pledged as collateral

Cash and deposits ¥200,000 thousand ¥100,000 thousand
Real estate for sale ¥11,652,408 thousand ¥2,455,026 thousand
Buildings Land ¥19,885 thousand ¥13,493 thousand
Investment securities ¥623,771 thousand ¥344,850 thousand
Total ¥64,120 thousand -
¥12,560,185 thousand ¥2,913,370 thousand
Obligations backed by collateral

Accounts ¥3,261 thousand ¥4,195 thousand
payable Short-term ¥7,665,670 thousand ¥1,900,000 thousand
loans payable Current portion of long-term loans ¥399,600 thousand ¥88,800 thousand
payable Long-term loans payable Total ¥497,900 thousand ¥223,100 thousand
¥8,566,431 thousand ¥2,216,095 thousand
3 Guarantee obligation
We guarantee the following obligations of other companies. Previous fiscal year (March 31, 2021)
Current fiscal
year (March 31, 2022)
YCF Co., Ltd. YCL Co., 55,404,000 yen YCF Co., Ltd. 306,442,000 ÿthousand
Ltd. Total yen YCL Co., Ltd. 361,846,000 yen Total yen 230,490 thousand
yen 230,490 thousand yen
4 Endorsements of bills receivable

Endorsements of bills receivable ¥36,998 thousand ¥19,199 thousand
5. The Company has entered into current account overdraft agreements with eight banks in order to efficiently procure working capital.
Unexecuted borrowing balance, etc. related to overdraft agreements at the end of the fiscal year are as follows. Previous fiscal year Current fiscal
year (March 31, 2021) (March 31, 2022) ¥6,300,000 thousand

¥6,300,000 thousand ¥1,725,000 thousand ¥200,000
¥4,575,000
thousand
thousand
Total amount of overdraft agreement limit ¥6,100,000 thousand
Balance of outstanding borrowing balance
(Income statement related)
*1 The total amount of transactions with affiliated companies is as follows. Previous fiscal year (from
April 1, 2020 to Current business

March 31, 2021) year (from April 1, 2021 to March
31, 2022)
Operating
transactions 22,143,000 yen 39,812,000 yen
Operating 7,832,000 yen -52,975,000 yen
revenues Operating expenses 12,624,000 yen 2,395,000 yen
Transactions other than operating transactions Operating expenses are after offsetting expenses for advances.
75/88
Documents submitted
*2 Major expenses, amounts and approximate ratios of selling, general and administrative expenses are as follows.
Previous fiscal Current fiscal year
year (From April 1, 2020 to March (From April 1, 2021 to March 31,
31, 2021) 13,944 thousand yen 2022) 3,041 thousand yen 30,227
Fares 35,468 thousand thousand yen
Advertising expenses yen 2,865 thousand 4,336 thousand
Provision of allowance for doubtful yen 326,425 yen 224,150
accounts Provision of allowance for directors' thousand yen thousand yen
bonuses Director compensation Salaries 255,870 thousand 230,001 thousand
Provision of allowance for bonuses Retirement yen 376,691 yen 297,771
benefit expenses Depreciation Taxes and thousand yen thousand yen
dues 34,880 thousand 35,488 thousand
yen 12,755 yen 9,924 thousand
yen
thousand yen 41,923 thousand yen 496,059 thousand 30,590 thousand yen 351,073 thousand yen
yen
Approximate percentage Selling
expenses General and administrative 7.0ÿ 6.1ÿ

expenses 93.0ÿ 93.9ÿ
*3 The breakdown of gain on sale of fixed assets is as follows.

year (From April 1, 2020 to year (From April 1, 2021 to
March 31, 2021) - 1,579 March 31, 2022) ¥3,221
Sale of machinery Sale thousand thousand
of vehicles Sale of tools, yen - 1,579 ¥3,309
furniture and fixtures Others thousand thousand
Total yen - ¥180
1,579 thousand yen thousand ¥881 thousand ¥7,592 thousand
*4 Breakdown of loss on disposal of fixed assets is as follows.

year (From April 1, 2020 to year (From April 1, 2021 to
March 31, 2021) ¥13,226 March 31, 2022) 5,201
Retirement of manufacturing facilities, etc. in the materials thousand ¥811 thousand yen
business Others Total thousand 0
¥14,037 thousand thousand yen 5,201 thousand yen
ÿ5 Derogation loss
Previous business year (from April 1, 2020 to March 31, 2021)
The Group has recorded impairment losses for the following asset groups.
Main use type Amount (thousand yen) place
Business assets Buildings and structures, machinery and vehicles, etc. 60,860 Yaizu City, Shizuoka Prefecture
In principle, the Group groups business assets by management accounting classification and rental assets by individual property unit. With respect to the assets of the above
group, the book value was reduced due to the completion of production at the Yaizu factory, and the reduced amount was recorded as an impairment loss (60,860,000 yen) as an
extraordinary loss.
Current business year (from April 1, 2021 to March 31, 2022)
Not applicable.
76/88
Documents submitted
(Securities)
Subsidiary stocks and affiliated company
stocks Previous fiscal year (March 31,
2021) Subsidiary stocks and affiliated company stocks (balance sheet amount: subsidiary stocks: 1,701,953,000 yen) have no market price, so the market price is known. do
It is not stated because it is recognized that it is extremely difficult to do so.
Current fiscal year (March 31, 2022)
Subsidiary stocks and affiliated company stocks (balance sheet carrying amount of subsidiary stocks: 362,953,000 yen) are not listed because they are stocks with no market price.
not.
(Tax effect accounting)
1 Breakdown of deferred tax assets and deferred tax liabilities by major cause

(Deferred tax assets)
Loss on valuation of real estate ¥79,824,000 68,446 thousand
for sale Allowance for bonuses ¥12,366,000 yen 11,286
Loss on valuation of products ¥3,843,000 thousand yen
Accrued business taxes Restricted ¥66,036,000 1,465 thousand yen
stock compensation Unfinished ¥112,582,000 31,529 thousand yen
construction work Long-term ¥42,186,000 127,521 thousand
accounts payable to directors ¥70,564,000 yen 42,186 thousand
Allowance for doubtful accounts ¥27,010,000 yen 64,695 thousand
Excess depreciation of fixed assets ¥35,877,000 yen 28,417 thousand
Loss on valuation of land Deferred ¥52,115,000 yen 39,029 thousand
consumption tax Others Subtotal - yen 52,115 thousand
Valuation allowance Total (Deferred ¥50,217,000 yen 30,451 thousand
tax liabilities) Reduction entry reserve ¥552,626,000 yen 59,878 thousand
Net unrealized holding gains on ¥(244,818,000) yen 557,024 thousand
securities Other Total Net deferred tax ¥807,000 yen -238,383 thousand yen
assets (liabilities)
-89,497 thousand yen ÿ89,459 thousand yen
-35,273 thousand yen ÿ122,027 thousand yen ÿ
931 thousand thousand
yen -123,839 thousand yen ÿ211,486 thousand
yen 183,968 thousand yen yen 106,798 thousand yen
2 Breakdown of main items that caused the difference between the statutory effective tax rate and the corporate tax burden rate after applying tax effect accounting

Statutory effective tax 33.9% ÿÿ
rate (adjusted)
Permanently non-deductible items such as 1.0ÿ ÿÿ

entertainment expenses Per capita rate of inhabitant 0.2ÿ ÿÿ
tax, etc. Valuation allowance Other Income tax 1.5ÿ ÿÿ
burden ratio after applying tax effect accounting The 0.9ÿ ÿÿ
difference between the tax burden rate and the tax 37.5ÿ ÿÿ
burden rate is 5/100 of the statutory effective tax rate
The notes are omitted because they are as follows.
77/88
Documents submitted
(Business combinations, etc.)
(Transactions under common control, etc.)
Note is omitted because the same content is described in the consolidated financial statements “Notes (Business Combinations)”.
(Revenue Recognition)
The information that forms the basis for understanding revenue from contracts with customers is described in “Notes (Revenue Recognition)” in the consolidated financial statements.
Since the same contents are described in , notes are omitted.
(significant subsequent event)
(Acquisition of treasury stock)
Note is omitted because the same content is stated in the “Notes (significant subsequent events)” of the consolidated financial statements.
78/88
Documents submitted
ÿ ÿAffiliated Scheduleÿ
[Detailed table of tangible fixed assets]
Accumulated depreciation
Beginning Book value or accumulated End of

Amount of increase during the Amount of decrease during the Depreciation amount
asset type of period Book value at the end of the period depreciation at the end period Acquisition
period (thousand yen) period (thousand yen) (thousand yen)
(thousand yen) (thousand yen) of current period price (thousand yen)
(thousand yen)
Tangible fixed assets
building 64,859 17,482 17,730 7,103 57,508 323,246 380,755
structure 14,762 340 3,275 1,652 10,175 141,950 152,125
machinery and equipment 54,996 6,830 5,981 42,185 112,353 154,538
vehicle carrier 0 8,781 0 8,781 82,451 91,233
Tools, appliances and fixtures 12,318 12,065 283 5,257 18,842 105,684 124,527
land 1,316,124 ÿ 292,101 ÿ 1,024,023 ÿ 1,024,023
Total tangible fixed assets 1,463,062 38,668 320,220 19,993 1,161,517 765,686 1,927,203
Intangible fixed assets
ÿ ÿ ÿ ÿ
leasehold 10,029 10,029 10,029
software 46,472 3,909 169 18,380 31,832 63,721 95,553
ÿ ÿ ÿ ÿ
others 6,498 6,498 6,498
Total intangible fixed assets 63,000 3,909 169 18,380 48,360 63,721 112,081
(Note) Major increases and decreases during the fiscal year are as follows. Increase during the period Buildings, etc.
Renovation of the head office 15,907 thousand yen Decrease during the period Buildings, land, etc. Transferred to real
estate for sale 313,106 thousand yen
[Description of reserves]
Balance at the beginning of current Amount of increase during the Amount of decrease during the Balance at the end of current
distinguish
period (thousand yen) period (thousand yen) period (thousand yen) period (thousand yen)
Bad debt allowance 73,811 2,663 150 76,325
Provision for bonuses 36,513 33,324 36,513 33,324
Provision for directors' bonuses 144,000 180,000 144,000 180,000
(2) [Details of main assets and liabilities]
Information is omitted as consolidated financial statements are being prepared.
(3) [Others]
Not applicable.
79/88
Documents submitted
No. 6 [Outline of Share Affairs of the Submitting Company]
fiscal year From April 1st to March 31st
Ordinary General Meeting of Shareholders mid June
Reference date March 31st
Record dates for dividends from surplus March 31, September 30
Number of shares in one trading unit 100 shares
Purchase of shares less than one unit
(Special account)
Handling place 1-3-3 Marunouchi, Chiyoda-ku, Tokyo Mizuho Trust & Banking
Co., Ltd. Stock Transfer Agency Department (Special account)
1-3-3 Marunouchi, Chiyoda-ku, Tokyo Mizuho Trust & Banking

Shareholder registry administrator Co., Ltd.
agency
Purchase fee An amount separately determined as an amount equivalent to the commission for consignment of stock trading
The method of public notice of the Company shall be electronic public notice. However, in the event of an accident or other unavoidable reason
that electronic public notices cannot be used, public notices will be published in the Nihon Keizai Shimbun. Electronic public notices are posted
Public notice publication method on the Company's website at the following address. https://www.yoshicon.co.jp/
Benefits for shareholders none
(Note) Shareholders who hold less-than-one-unit shares of the Company may exercise rights other than those listed below with respect to their less-than-one-unit shares.
cannot be used. Rights listed in each
item of Article 189, Paragraph 2 of the Companies Act Right to
make requests pursuant to the provisions of Article 166, Paragraph 1 of the
Companies Act Right to receive allotment of offered shares and allotment of subscription rights to shares according to the number of shares held by shareholders
80/88
Documents submitted
No. 7 [Reference information of the submitting company]
1 [Information about the parent company, etc. of the submitting company]
The Company does not have a parent company, etc. as stipulated in Article 24-7, Paragraph 1 of the Financial Instruments and Exchange Act.
2 [Other reference information]
We have submitted the following documents between the start date of the current fiscal year and the submission date of the Annual Securities Report.
(Business year from April 1, 2020 (Phase 53) to June 28, 2021 Submitted to the
(1) Annual securities report and attached documents
and confirmation letter March 31, 2021) Director of the Tokai Local Finance Bureau
June 28, 2021 Submitted to the

(2) Internal control report and its attachments
Director of the Tokai Local Finance Bureau
(The first and fourth half of the August 10, 2021 Submitted to
(3) Quarterly report and confirmation
54th issue is from April 1, 2021 to the Director of the Tokai Local Finance Bureau
June 30, 2021) (The second and
fourth half of the 54th issue is from November 9, 2021 Submitted to
July 1, 2021 to September 30, 2021) the Director of the Tokai Local Finance Bureau
(The 3rd half of the 54th issue 4th
half period from October 1, 2021 to February 10, 2022 Submitted to
December 31, 2021) the Director of the Tokai Local Finance Bureau
(4) Interim report
This is an extraordinary report based on the provisions of Article 19, Paragraph 2, Item 9-2 of the Cabinet Office Ordinance June 29, 2021 Submitted to the
Director of the Tokai Local Finance Bureau

Concerning Disclosure of Corporate Information, etc. (results of exercising voting rights at shareholders' meetings).
(5) Share buyback status report September 6, 2021

October 6, 2021 November
8, 2021 December 7,
2021 January 11, 2022
February 7, 2022 March
7, 2022 April 7, 2022 2022
Submitted to Director of
Tokai Local Finance
Bureau on June 7
81/88
Documents submitted
Part 2 [Information on the guarantor company, etc. of the submitting company]
Not applicable.
82/88
Documents submitted
Independent auditor's audit report and internal control audit report
June 24, 2022
Yoshikon Co., Ltd.
To the Board of Directors
Tohma Limited Liability Audit Corporation

tsu
Shizuoka Office
Designated Limited Liability Partner
Takaya Goukon Certified Public Accountant

business executive
Certified Public Accountant Mitsutaka Yamazaki

business executive
<Financial Statement
Audit> Audit Opinion In
order to perform an audit certification pursuant to the provisions of Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act, we conducted a 2021 audit
of Yoshikon Co., Ltd. Consolidated financial statements for the years from April 1 to March 31, 2022, which are consolidated balance sheets, consolidated statements of
income, consolidated statements of comprehensive income, consolidated statements of changes in net assets, consolidated cash We audited the statement of flows, the
material matters underlying the preparation of the consolidated financial statements, other notes and the consolidated supplementary schedules.
We have reviewed the above consolidated financial statements in accordance with accounting standards generally
accepted in Japan as of March 31, 2022 and as of March 31, 2022. We believe that the operating results and cash flow
situation for the fiscal year ended are presented fairly in all material respects.
Basis of Audit
Opinion We conducted our audits in accordance with auditing standards generally accepted in Japan. Our responsibilities under auditing
standards are set out in “Auditor's Responsibilities in an Audit of the Consolidated Financial Statements”. We are independent from the
company and its consolidated subsidiaries in accordance with the regulations on professional ethics in Japan, and we are fulfilling other
ethical responsibilities as an auditor. We believe that we have obtained sufficient and appropriate audit evidence on which to base our opinion.
Key audit considerations

Key audit matters are those matters that the auditor, as a professional, determined were of particular importance in the audit of the
consolidated financial statements for the current fiscal year. Our primary audit matters are matters addressed in the course of auditing the
consolidated financial statements as a whole and in forming an audit opinion, and we do not express an opinion on any of these matters.
83/88
Documents submitted
Appropriateness of the evaluation of real estate, etc. that is expected to take a long time to complete sales due to development
Description of key audit matters and

Audit response
reasons for decisions
Real estate for sale totals 19,621,737,000 yen on the consolidated balance sheet. We mainly performed the following audit procedures in examining the appropriateness
and accounts for 60.9% of consolidated total assets. of the valuation of real estate, etc., which is expected to take a long time to complete
(Important matters forming the basis of preparation of consolidated financial the sale due to development. (1) Evaluation of internal controls •Evaluated the
statements) 3 Matters concerning accounting policies (1) Valuation standards and effectiveness of the development and operational status of internal controls related to
methods for significant assets (b) Inventories), (significant accounting estimates) the evaluation of development real estate.
( valuation of real estate for sale), the Company uses the net realizable value as the
balance sheet value when the net realizable value is less than the acquisition cost when
valuing real estate for sale. Net realizable value is calculated by deducting the estimated (2) Evaluating judgments regarding the measurement of net realizable value
cost of completion and estimated selling expenses from the estimated selling price, • In order to understand the content of the sales plan and the progress of the
which is subject to changes in future economic conditions. development plan, we reviewed the materials of the management meeting
and asked questions to the management.• Regarding the planned sales price
calculated in the sales plan, we evaluated the validity of the company's analysis
Of real estate for sale, 6,532,057,000 yen, which is expected to take a long time to and judgment by comparing it with external data such as the sales performance
complete the sale due to development, is calculated based on sales plans, etc. based of similar properties of the same size and bidding prices of similar development
on assumptions about future sales prices for each property, and the net realizable cases. .• When adjusting the planned sales price to market value, the amount
value is calculated. is measured. Estimates of future sales prices and sales plans of market value adjustment was compared with trial calculations based on
involve significant judgment by management, as development and sales are more external indicators such as future interest rate data.• We compared the
susceptible to fluctuations in economic conditions over the long term. Therefore, we construction costs estimated in the sales plan with the actual construction
have made the appropriateness of the valuation of real estate, etc. for which costs of properties of the same type and size.
development is expected to take a long time before the sale to be completed to be
a major audit item. Judgment on the transfer of risks and economic value related to real
estate sales transactions to real estate investment corporations
Description of key audit matters and

Audit response
reasons for decisions
As described in (Segment information, etc.), sales of 20,067,946,000 yen recorded We mainly performed the following procedures in order to examine the judgment on
in the consolidated statements of income for the current consolidated fiscal year include the transfer of risks and rewards related to real estate sales transactions to real estate
sales of 13,056,385,000 yen related to the real estate development business. This investment corporations. (1) Evaluation of internal controls •Inquiries and inspections of
includes real estate sales to real estate investment corporations. supporting documents, etc. regarding the effectiveness of the development and
operational status of internal controls regarding the decision process and
Revenue recognition requirements for property sale transactions require that approval regarding the fulfillment of the requirements for revenue recognition
substantially all of the risks and rewards of the property have been transferred. Real with regard to real estate sales transactions for real estate investment
estate sales transactions to real estate investment corporations have complex schemes corporations It was evaluated by
and transaction conditions. Therefore, in order to satisfy the requirements for
revenue recognition, the transferee must be recognized for its asset management
independence, and the seller must continue to use the transferred assets. In some (2) Evaluation of judgments regarding transfer of risks and rewards
cases, substantive judgments may be required, such as whether the rationality is •In order to understand the transaction scheme, we asked management
recognized. Substantial judgments include entrustment of management services after questions and reviewed the minutes of the board of directors meetings
real estate transfer, transfer contract with repurchase clause, possession of right by (including attached materials).•Inspection of real estate sales contracts, etc.,
transferee to sell back to transferor, substantive guarantee of transferred real estate, status of fulfillment of legal requirements for sale transactions, entrustment of
loan or debt to transferee. It is necessary to judge whether or not the company continues management services, repurchase clauses, possession of the transferee's
to be involved in the real estate through guarantees and sale and leaseback right to resell to the transferor, and substantial guarantees for the transferred
transactions, etc., and such judgment involves subjectivity and complexity. real estate , loans or guarantees to transferees, sale and leaseback
transactions, and other events that fall under material continuing involvement.•
With regard to leaseback transactions, the appropriateness of judgment on
whether or not they fall under operating lease transactions was evaluated.
Therefore, our primary audit item was the determination of the transfer of risks and
rewards associated with real estate sales transactions to real estate investment
corporations.
84/88
Documents submitted
Other information
Other descriptions are information included in securities reports other than consolidated financial statements, financial statements, and their audit reports. It is
management's responsibility to prepare and disclose the content of the other statements. In addition, the statutory auditors and the board of statutory auditors are
responsible for overseeing the execution of duties by the directors in the development and operation of the reporting process for other content.
Our audit opinion on our consolidated financial statements did not include any other statements and we
It is not intended to express an opinion on the content of the description.
Our responsibility in the audit of the consolidated financial statements is to read through the other information and, in the process of reading, to identify any
differences between the other information and the consolidated financial statements or our knowledge acquired in the course of the audit. Consider whether there are
any material differences, and pay attention to whether there are indications of material error in other statements other than such material differences.
If, based on the work performed, we determine that there are other material errors in the descriptions, we will report that fact.
are required to do so.
There are no other matters to be reported by our audit firm.
Responsibilities of Management, Corporate Auditors and the Board of Corporate
Auditors for Consolidated Financial Statements The responsibility of management is to prepare and properly present consolidated financial statements in accordance
with accounting standards generally accepted in Japan. . This includes designing and operating internal controls that management deems necessary to prepare and
fairly present consolidated financial statements that are free from material misstatement due to fraud or error.
In preparing the consolidated financial statements, management evaluates whether it is appropriate to prepare the consolidated financial statements on the basis of
the going concern assumption, and in accordance with corporate accounting standards generally accepted in Japan. We are responsible for disclosing matters related
to going concern, if we are required to do so.
The statutory auditors and the statutory auditors' board are responsible for overseeing the directors' performance of their duties in designing and operating the financial reporting
process.
Auditor's Responsibilities in Auditing Consolidated Financial Statements
The auditor's responsibility is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free of material misstatement due
to fraud or To express an opinion on the consolidated financial statements from the standpoint of Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users of the consolidated financial statements. be done.
Throughout the audit process, the auditor shall exercise professional judgment and maintain professional skepticism in accordance with auditing standards generally
accepted in Japan. • identify and assess risks of material misstatement due to fraud or error; In addition, we plan and implement audit procedures that address the
risk of material misstatement. The selection and application of audit procedures is at the discretion of the auditor. In addition, obtain sufficient and appropriate audit
evidence on which to base our opinion.• The purpose of an audit of consolidated financial statements is not to express an opinion on the effectiveness of internal
control. Consider internal controls related to - the appropriateness of the accounting policies and methods of application adopted by management, and the
reasonableness of accounting estimates made by management;
and the adequacy of related notes.

Whether it is appropriate for management to prepare the consolidated financial statements on a going concern basis and, on the basis of audit evidence obtained,
important information about events or circumstances that could cast significant doubt on the going concern basis. conclude whether there is sufficient uncertainty.
To draw attention to the notes to the consolidated financial statements in the auditor's report when material uncertainties regarding the going concern assumption
are identified, or if the notes to the consolidated financial statements regarding material uncertainties are not appropriate. are required to express a disclaimer
opinion on the consolidated financial statements. Although the auditor's conclusions are based on the audit evidence obtained up to the date of the auditor's
report, future events or circumstances may render the company unable to continue as a going concern.
• Whether or not the presentation and notes of the consolidated financial statements conform to accounting standards generally accepted in Japan, and the
presentation, composition and content of the consolidated financial statements, including related notes, and Evaluate whether the consolidated financial
statements fairly present the underlying transactions and accounting events.
• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its consolidated subsidiaries to express an opinion on the
consolidated financial statements. The auditor is responsible for directing, supervising and performing the audit of the consolidated financial statements. The
auditor is solely responsible for the audit opinion.
The auditor shall inform the corporate auditors and the board of corporate auditors of the scope of the planned audit, the timing of its implementation, and the internal controls identified during the audit process.
report on significant audit findings, including material deficiencies in audits, and other matters required by auditing standards.
The auditor shall inform the auditors and the board of auditors that they have complied with the professional ethics regulations in Japan regarding independence,
matters that are reasonably thought to affect the independence of the auditor, and obstacles. If safeguards are in place to eliminate or reduce
85/88
Documents submitted
(E01202) Among
the matters discussed with the corporate auditors and the board of corporate auditors, the auditor of the Annual Securities Report determined that the audit of the consolidated financial
statements for the current consolidated fiscal year was particularly important. are the key audit matters and are included in the auditor's report. However, in cases where disclosure of such matters
is prohibited by laws and regulations, or where, although very limited, it is reasonably expected that the disadvantages arising from reporting in the audit report will outweigh the public interest. If
the auditor determines that the matter should not be reported, the matter is not stated.
<Internal Control Audit> Audit
Opinion In order to perform
an audit certification based on the provisions of Article 193-2, Paragraph 2 of the Financial Instruments and Exchange Act, we conducted an audit of Yoshikon Co., Ltd. in March 2022.
We audited the internal control report as of March 31.
We believe that the above internal control report, in which Yoshikon Co., Ltd. stated that the internal control over financial reporting as of March 31, 2022 was effective, is
in line with financial reporting generally accepted in Japan. We acknowledge that the results of the evaluation of internal control over financial reporting have been properly
presented in all material respects in accordance with the internal control evaluation standards.
Basis of Audit Opinion
We conducted our internal control audit in accordance with auditing standards for internal control over financial reporting generally accepted in Japan. Our responsibilities
under the auditing standards for internal control over financial reporting are described in “Auditor's Responsibilities in Internal Control Audits”. We are independent from the
Company and its consolidated subsidiaries in accordance with the regulations on professional ethics in Japan, and we are fulfilling other ethical responsibilities as an auditor.
We have obtained sufficient appropriate audit evidence on which to base our opinion.
Responsibilities of management, corporate auditors, and the board of corporate auditors for
internal control reports

To prepare and properly display an internal control report in accordance with the internal control evaluation standards related to
The statutory auditors and the board of statutory auditors are responsible for monitoring and verifying the development and operational status of internal
control over financial reporting. In addition, internal controls over financial reporting may not be able to completely prevent or detect misstatements in financial reporting.
Auditor Responsibilities in Internal Control Audits
The auditor's responsibility is to obtain reasonable assurance about whether the internal control report is free of material misstatement based on the internal control audit
conducted by the auditor, The purpose is to express an opinion on the internal control report from a standpoint. The auditor shall review the audit process in accordance with
auditing standards for internal control over financial reporting generally accepted in Japan.
Exercise professional judgment and maintain professional skepticism through:

• Perform audit procedures to obtain audit evidence regarding the results of the assessment of internal control over financial reporting in the internal control report. Audit
procedures for internal control audits are selected and applied at the discretion of the auditor based on the significance of their impact on the reliability of financial
reporting.
• An overview of internal control over financial reporting, including descriptions made by management regarding the scope of assessment, assessment procedures, and assessment results.
Consider presentation of internal control reports.
• Obtain sufficient and appropriate audit evidence regarding the results of the assessment of internal control over financial reporting in the internal control report. The
auditor is responsible for directing, supervising and performing the audit of the internal control report. The auditor is solely responsible for the audit opinion.
The auditor shall inform the corporate auditors and the board of corporate auditors of the scope of the planned internal control audit and the timing of its implementation, the
results of the internal control audit, the identified material deficiencies in internal control that should be disclosed, the results of corrections, and Reports on other matters required by
internal control auditing standards.
The auditor shall inform the auditors and the board of auditors that they have complied with the professional ethics regulations in Japan regarding independence, matters
that are reasonably thought to affect the independence of the auditor, and obstacles. If safeguards are in place to eliminate or reduce
Conflicts of
Interest There are no conflicts of interest that should be noted under the provisions of the Certified Public Accountant Law between the Company and its consolidated subsidiaries and our firm or our executive
partners.
above
*1 The original of the above audit report is kept separately by our company (the company that submits the annual securities report).
2 XBRL data is not included in the scope of audit.
86/88
Documents submitted
independent auditor's report
June 24, 2022
Yoshikon Co., Ltd.
To the Board of Directors
Tohma Limited Liability Audit Corporation

tsu
Shizuoka Office
Takaya Goukon Certified Public Accountant

business executive
Certified Public Accountant Mitsutaka Yamazaki

business executive
Audit
Opinion In order to perform an audit certification pursuant to the provisions of Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act,
we audited Yoshikon Co., Ltd. from April 1, 2021. We have audited the financial statements for the 54th fiscal year ending March 31, 2022, which include the
balance sheet, income statement, statement of changes in net assets, significant accounting policies, other notes and supplementary schedules. rice field.
We have reviewed the above financial statements in accordance with accounting standards generally accepted in Japan and have
reviewed the financial position of Yoshikon Corporation as of March 31, 2022 and the fiscal year ended March 31, 2022. has fairly presented
its results of operations in all material respects.
Basis for Audit Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under auditing
standards are set out in “Auditor's Responsibilities in an Audit of Financial Statements”. We are independent from the company
and fulfill other ethical responsibilities as an auditor in accordance with the regulations on professional ethics in Japan. We believe
that we have obtained sufficient and appropriate audit evidence on which to base our opinion.
Key audit considerations

Key audit matters are those matters that the auditor determined to be of particular professional importance in the audit of the current
year's financial statements. The primary audit matters are the matters addressed in the course of performing the audit of the financial
statements as a whole and in forming the audit opinion, and we do not express an opinion on any of these matters.
Appropriateness of the valuation of real estate, etc. that is expected to take a long time to
complete sales due to development. child
Validity of valuation of real estate, etc. where it is expected that
Judgment on the transfer of risks and economic value related to real estate sales transactions to real estate investment corporations
Key Audit Matters Included in the Audit Report of the Consolidated Financial Statements
The description is omitted because it is the same as the judgment on the transfer of such risks and rewards).
Other information
Other descriptions are information included in securities reports other than consolidated financial statements, financial statements, and their audit reports. It
is management's responsibility to prepare and disclose the content of the other statements. In addition, the statutory auditors and the board of statutory auditors
are responsible for overseeing the execution of duties by the directors in the development and operation of the reporting process for other content.
Our auditor's opinion on the financial statements does not include any other content, and we do not express an opinion on the
other content. Our responsibility in the audit of the financial statements is to read through the other information and, in the
process of reading, to identify material differences between the other information and the financial statements or our knowledge
acquired in the course of the audit. and whether there are other indications of material error in the description other than such
material discrepancies.
87/88
Documents submitted
(E01202) Annual
Securities Report If , based on the work performed, we determine that there are other material errors in the descriptions, we will report that fact.
are required to do so.
There are no other matters to be reported by our audit firm.
Responsibilities of Management and Kansayaku and the Supervisory Board for the Financial Statements
The responsibility of management is to prepare and appropriately present financial statements in accordance with corporate accounting standards generally accepted in Japan.
This includes designing and operating internal controls that management determines are necessary to prepare and fairly present financial statements that are free from material
misstatement due to fraud or error. In preparing financial statements, management should assess whether it is appropriate to prepare financial statements based on the assumption
of a going concern, and consider the company to be a going concern based on corporate accounting standards generally accepted in Japan. You are responsible for disclosing
any matters related to
The statutory auditors and the statutory auditors' board are responsible for overseeing the directors' performance of their duties in designing and operating the financial reporting
process.
Auditor's Responsibilities in Auditing Financial Statements
The auditor's responsibility is to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement due to fraud or error, based
on the audit performed by the auditor, and to exercise independent standing in the auditor's report. to express an opinion on the financial statements. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users of the financial statements. be.
Throughout the audit process, the auditor shall exercise professional judgment and maintain professional skepticism in accordance with auditing standards generally accepted
in Japan. • identify and assess risks of material misstatement due to fraud or error; In addition, we plan and implement audit procedures that address the risk of material
misstatement. The selection and application of audit procedures is at the discretion of the auditor. In addition, obtain sufficient and appropriate audit evidence on which to
base our opinion.• The purpose of the financial statement audit is not to express an opinion on the effectiveness of internal control, but the auditor should
In conducting audits, review internal controls related to the audit in order to plan audit procedures appropriate to the circumstances.
- the appropriateness of the accounting policies and methods of application adopted by management, and the reasonableness of accounting estimates made by management;
and the adequacy of related notes.
Whether it is appropriate for management to prepare the financial statements on a going concern basis and, based on the audit evidence obtained, events or circumstances
that could cast significant doubt on the going concern basis. Conclude whether there are significant uncertainties. If material uncertainties regarding the going concern
assumption are identified, draw attention to the notes to the financial statements in the auditor's report, or if the notes to the financial statements regarding material
uncertainties are not appropriate. are required to express a disclaimer opinion on the financial statements. Although the auditor's conclusions are based on the audit
evidence obtained up to the date of the auditor's report, future events or circumstances may prevent the company from continuing as a going concern.
• Whether or not the presentation and notes of the financial statements comply with generally accepted corporate accounting standards in Japan, and whether the presentation,
composition and content of the financial statements, including related notes, and the financial statements Evaluate whether the underlying transactions and accounting
events are fairly presented.
The auditor shall inform the corporate auditors and the board of corporate auditors of the scope of the planned audit, the timing of its implementation, and the internal controls identified during the audit process.
report on significant audit findings, including material deficiencies in audits, and other matters required by auditing standards.
The auditor shall inform the auditors and the board of auditors that they have complied with the professional ethics regulations in Japan regarding independence, matters
that are reasonably thought to affect the independence of the auditor, and obstacles. If safeguards are in place to eliminate or reduce
Of the matters discussed with the Audit & Supervisory Board and the Audit & Supervisory Board, the Audit & Supervisory Board determined that those matters were of particular
importance in the audit of the financial statements for the current fiscal year as key audit matters, and issued the Audit Report. Described in However, there are cases where
disclosure of such matters is prohibited by law, etc., or where, although very limited, it is reasonably expected that the disadvantages arising from reporting in the audit report will
outweigh the public interest. Therefore, if the auditor determines that the matter should not be reported, the matter is not stated.
Conflicts of
interest There are no conflicts of interest that should be stated under the provisions of the Certified Public Accountant Law between the company and the audit firm or the managing partners.
above
*1 The original of the above audit report is kept separately by our company (the company that submits the annual securities report).
2 XBRL data is not included in the scope of audit.
88/88

Yo 00276022

Uploaded by

Copyright:

Available Formats

You might also like

Yo 00276022

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Yo 00276022

Uploaded by

Copyright:

Available Formats

Documents submitted

Machine Translated by Google to EDINET Yoshikon Co., Ltd.

ÿDocuments to be submittedÿ securities report

ÿPropose firstÿ Director of Tokai Local Finance Bureau

ÿSubmission dateÿ June 24, 2022

[Business year] Issue 54 (from April 1, 2021 to March 31, 2022)

ÿcompany nameÿ Yoshikon Co., Ltd.

[English translation name] Yoshicon Co., Ltd.

ÿphone numberÿ 054-205-6363 (representative)

ÿphone numberÿ 054-205-6363 (representative)

[Place for public inspection] Tokyo Stock Exchange, Inc.

(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo)

Part 1 ÿCompany Informationÿ

Part 1 [Overview of the company]

1 [Changes in major management indicators, etc.]

(1) Consolidated management indicators, etc.

back time Issue 50 Issue 51 Issue 52 Issue 53 Issue 54

amount of sales (thousand yen) 21,823,430 21,777,967 17,500,654 21,081,553 20,067,946

Ordinary income (thousand yen) 3,174,196 2,537,027 1,197,633 2,421,690 2,619,344

Net Income Attributable to Owners

(thousand yen) 2,235,160 1,606,504 1,003,142 1,502,187 1,870,581

net worth (thousand yen) 17,945,725 19,283,112 20,073,173 21,423,568 22,703,085

total assets (thousand yen) 30,659,301 35,178,208 37,261,904 37,247,417 32,216,668

Diluted net income per share ÿ ÿ ÿ ÿ ÿ

ÿÿÿ 58.5 54.8 53.8 57.4 70.0

price earnings ratio (times) 5.5 5.0 5.3 5.4 5.1

Cash flow from operating activities

Cash flow from investing activities

Cash flow from financing activities

Cash and cash equivalents at end

Number of (name) 148 146 132 100 91

employees (other than average

term. It is an index, etc. after applying accounting standards, etc.

(2) Management indicators, etc. of the submitting company

back time Issue 50 Issue 51 Issue 52 Issue 53 Issue 54

amount of sales (thousand yen) 21,024,564 20,362,798 15,812,275 19,698,859 17,327,113

Ordinary income (thousand yen) 3,032,731 2,370,696 1,028,933 2,344,463 2,257,730

capital (thousand yen) 100,000 100,000 100,000 100,000 100,000

net worth (thousand yen) 17,207,845 18,416,376 19,064,136 20,361,545 20,838,380

total assets (thousand yen) 29,399,844 33,491,150 35,577,512 35,558,271 29,359,433

Dividend per share (Circle) 38.00 42.00 45.00 47.00 48.50

(including interim dividend per

Diluted net income per share

ÿÿÿ 58.5 55.0 53.6 57.3 71.0

price earnings ratio (times) 5.8 5.4 6.0 5.5 5.8

payout ratio ÿÿÿ 13.4 20.1 35.8 24.6 24.4

Number of (name) 120 118 102 68 51

employees (external, average

Total shareholder return ÿÿÿ 138.0 97.8 71.9 99.6 111.5

(comparative index: JASD AQ

(Circle) 1,937 1,757 1,266 1,130 1,193

lowest stock price (Yen) 1,025 (Note) 1 Diluted

is an index, etc. after applying accounting standards, etc.

Dec. 2004 Listed on JASDAQ Stock Exchange.

Established YCK Co., Ltd. as a subsidiary. (Currently a consolidated subsidiary)

(1) Residential Business

I am engaged in sales. <Major