Message from the President

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

Financial Results for the fiscal year ended March 31, 2024

Our business performance resulted in increased sales and profit items compared to the previous fiscal year and compared to the plan. Net sales were JPY 422.6 billion, an increase of JPY 16.2 billion year on year mainly due to increased unit rent despite the shortfall in occupancy rate resulting from a policy of restraining the monthly lease plan which was less profitable than the ordinary lease plan. Cost of sales and SG&A expenses continued to be reduced through steady cost-conscious business management, and net income also improved significantly from the previous fiscal year because of recording of deferred tax assets. Equity ratio was increased to 31.2%, which was an improvement of 16.7 point compared with the result of previous fiscal year.

Business Strategies

We will aim to increase the occupancy rate and further improve the average unit rent for all occupied units through keeping the elevated unit rent for new contracts for the fiscal year ending March 2025. The profit per occupied unit has improved to the largest level ever in the fiscal year ended March 2024, and we aim to achieve further profit growth by maintaining this profitability and improving the occupancy rate.

Shareholder Returns

Due to the recovery in business performance and improvement in our financial position, we decided to resume dividend payment of JPY 5 per share for the fiscal year ended March 2024. We plan the dividend of JPY 10 per share per annum for the fiscal year ending March 2025, and strive to realize dividends on a continuous and stable basis in the future.

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

Bunya Miyao, President and CEO

May 2024