Starts Corporation Inc. · TSE:8850

Starts — FY2017 Earnings Presentation

41 slides from Starts's earnings presentation, May 18, 2017

1. Slide 1: JIPX

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2. Slide 2: 1

   1

3. Slide 3: Group subsidiaries

   Starts CAM(Cambodia)Corporation Starts Guam Golf Resort Inc. Starts Hotel(Cambodia)Corporation Starts International Hawaii Inc. Starts Estate Management Starts Pacific Inc. (Cambodia)Corporation Starts New York Realty,LLC. Starts(Cambodia)Corporation Starts Philippines Inc. Starts Facility Philippin

4. Slide 4: 3

   3

5. Slide 5: @SIARIS

   @SIARIS

6. Slide 6: @SIARIS

   @SIARIS

7. Slide 7: 2.9 1.4% 16.3 7.9% 5.8 2.8% 2.8 1.4% 3.0 1.4% 17.0 18.0 11.5 8.2%

   2.9 1.4% 16.3 7.9% 5.8 2.8% 2.8 1.4% 3.0 1.4% 17.0 18.0 11.5 8.2% 8.7% 5.5% 4.5 2.2% 3.0 1.4% 6

8. Slide 8: Results summary

   2017 3 2017 3 2016 3 182,000 180,807 160,174 +20,633 +12.9% 0.7% 20,000 20,178 17,945 +2,233 +12.4% +0.9% 20,000 20,202 17,687 +2,515 +14.2% +1.0% 12,500 13,646 10,680 +2,966 +27.8% +9.2% 237.61 259.41 203.01 +56.40 +27.8% +9.2% ✓ 7

9. Slide 9: 49,990 6,001 5,427 67,188 49,572 5,857 5,386 63,069 +418 40 4,118 6,946 1,633 1,428

   49,990 6,001 5,427 67,188 49,572 5,857 5,386 63,069 +418 144 40 4,118 6,946 1,633 1,428 7,171 5,541 1,644 1,624 6,285 +1,404 11 195 +885 8

10. Slide 10: 28,589 14,242 4,148 3,591 1,627 13,926 13,238 3,840 3,510 1,772 +14,663 1,003 308 80

    28,589 14,242 4,148 3,591 1,627 13,926 13,238 3,840 3,510 1,772 +14,663 1,003 308 80 144 581 1,503 742 288 293 1,057 1,371 762 194 170 476 132 20 +93 +123 葛 葛 葛 9

11. Slide 11: ⼾ ⼩

    ⼾ ⼩ 10

12. Slide 12: 70,000 8,000 7,500 60,000 7,000 7,000 2,500 2,400 ✓ , 50,000 6,000 7,500 ✓

    70,000 8,000 7,500 60,000 7,000 7,000 2,500 2,400 ✓ , 50,000 6,000 7,500 ✓ 10,343 7,965 11,663 2,300 2,237 ✓ 40,000 2,594 5,000 2,590 30,000 4,000 55,500 ✓ 51,600 ✓ 20,000 38,253 39,787 41,700 3,000 35,317 10,000 2,000 0 1,000 15/3 16/3 17/3 18/3 19/3 20/3 51,191 49,572 49,990 51,500 61,000 65,500 5

13. Slide 13: 52,554 47,577 56,032 58,000 63,000 66,000 70,000 60,000 7,700 7,000 2,300 7,000 2,500 50,000

    52,554 47,577 56,032 58,000 63,000 66,000 70,000 60,000 7,700 7,000 2,300 7,000 2,500 50,000 8,111 5,621 2,200 3,044 2,095 8,253 40,000 1,915 30,000 53,500 56,000 6.3% 45,825 48,800 20,000 43,888 37,408 10,000 45.6% 0 48.1% 15/3 16/3 17/3 18/3 19/3 20/3 90,000 73,241 71,246 77,288 83,788 85,788 86,2

14. Slide 14: 50 243 30 27 216 27 25 200 22 19 20 167 20 150

    60 450 400 49 397 50 360 350 42 318 40 38 300 37 37 34 281 250 243 30 27 216 27 25 200 22 19 20 167 20 150 145 91 111 100 10 66 39 50 0 0 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 13

15. Slide 15: OSIRIS

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16. Slide 16: 7,000 2,100 6,000 1,800 ✓ 5,000 1,500 4,000 1,200 ✓ 3,000 0 2,000 600

    7,000 2,100 6,000 1,800 ✓ 5,000 1,500 4,000 1,200 ✓ 3,000 900 2,000 600 ✓ 1,000 300 0 0 15/3 16/3 17/3 18/3 19/3 20/3 ✓ 5,540 5,857 6,001 6,300 6,600 7,000 1,634 1,644 1,633 1,700 1,800 1,900 ✓ 7,000 2,100 6,000 1,800 5,000 1,500 4,000 1,200 3,000 900 2,000 600 1,000 300 0 0 15/3 16/3 17/3 18/3 19/3

17. Slide 17: OSIRIS

    OSIRIS AER — EX / 2405365 Bet 16

18. Slide 18: ✓ 4,029 700,000 3,837 91,000 3,482 85,000 600,000 3,482 79,000 ✓ 130,000 3,439 73,329

    ✓ 4,029 700,000 3,837 91,000 3,482 85,000 600,000 3,482 79,000 ✓ 130,000 3,439 73,329 125,500 500,000 3,486 65,805 121,000 62,726 118,470 400,000 113,493 ✓ 110,792 ✓ 300,000 482,000 449,000 200,000 419,000 376,069 ✓ 335,206 300,831 100,000 0 15/3 16/3 17/3 18/3 19/3 20/3 24 17

19. Slide 19: 160,000 ✓ 13,500 13,000 140,000 12,500 12,347 10,337 11,610 ✓ 120,000 49,000 45,500 38,224

    160,000 ✓ 13,500 13,000 140,000 12,500 12,347 10,337 11,610 ✓ 120,000 49,000 45,500 38,224 42,000 34,353 35,620 100,000 80,000 60,000 89,189 89,279 89,646 90,000 90,500 91,000 40,000 20,000 0 15/3 16/3 17/3 18/3 19/3 20/3 ✓ 18

20. Slide 20: 90,000 9,000 ✓ 80,000 8,000 ✓ 70,000 7,000 60,000 6,000 ✓ ,000 5,000 40,000

    90,000 9,000 ✓ 80,000 8,000 ✓ 70,000 7,000 60,000 6,000 ✓ 50,000 5,000 40,000 4,000 30,000 3,000 ✓ 20,000 2,000 ✓ 10,000 1,000 0 0 15/3 16/3 17/3 18/3 19/3 20/3 60,075 63,069 67,188 73,000 77,000 80,900 6,394 6,285 7,171 8,000 8,200 8,500 19

21. Slide 21: 16/3 6,238 1,246 7,485 17/3 6,460 1,402 7,862 2,000 4,000 6,000 8,000 ✓ ✓

    16/3 6,238 1,246 7,485 17/3 6,460 1,402 7,862 0 2,000 4,000 6,000 8,000 ✓ ✓ 16/3 11,496 7,043 18,539 17/3 12,551 7,468 20,019 ✓ , 0 4,000 8,000 12,000 16,000 20,000 , , 16/3 27,940 9,104 37,044 17/3 29,608 9,697 39,305 0 10,000 20,000 30,000 40,000 20

22. Slide 22: PEZA PEZA PEZA

    / / PEZA PEZA PEZA 21

23. Slide 23: @SIARIS

    @SIARIS OZmall «o«

24. Slide 24: 30,000 1,750 ✓ 27,000 1,500 ✓ 24,000 1,250 21,000 1,000 ✓ ,000 750 ✓

    30,000 1,750 ✓ 27,000 1,500 ✓ 24,000 1,250 21,000 1,000 ✓ 18,000 750 ✓ 15,000 500 12,000 250 , 9,000 0 , 6,000 △ 250 3,000 △ 500 0 △ 750 15/3 16/3 17/3 18/3 19/3 20/3 13,968 13,926 28,589 2,400 23,000 15,500 △ 78 1,057 581 △ 450 1,600 900 23

25. Slide 25: RRULO eS

    RRULO 7 eS = irs Si

26. Slide 26: Quality of Wonder

    「久遠」遠い過去から、遥かなる未来まで 果てしなく続く（永遠） 「Ｑuality of Ｗonder」悠久の価値を生む住まい ✓ ✓ ✓ 25

27. Slide 27: 20,000 2,000 ✓ 16,000 1,600 ✓ 12,000 1,200 8,000 ✓ 4,000 400 0 0

    20,000 2,000 ✓ 16,000 1,600 ✓ 12,000 1,200 8,000 800 ✓ 4,000 400 0 0 15/3 16/3 17/3 18/3 19/3 20/3 12,514 13,238 14,242 15,500 18,400 20,000 1,127 1,371 1,503 1,200 1,400 1,400 26

28. Slide 28: Sas

    > =e Sas 27

29. Slide 29: 8,000 2,000 ✓ ✓ 6,000 1,500 ✓ 4,000 1,000 ✓ ✓ 2,000 18/3 19/3

    8,000 2,000 ✓ ✓ 6,000 1,500 ✓ 4,000 1,000 ✓ ✓ 2,000 500 0 0 15/3 16/3 17/3 18/3 19/3 20/3 3,225 3,840 4,148 5,000 5,900 6,800 701 762 742 1,150 1,300 1,400 28

30. Slide 30: 5,000 ✓ 4,000 ✓ 3,000 2,000 1,000 0 18/3 19/3 20/3 3,484 3,510 3,591

    5,000 600 ✓ 4,000 500 ✓ 400 3,000 300 2,000 200 1,000 100 0 0 15/3 16/3 17/3 18/3 19/3 20/3 3,484 3,510 3,591 3,900 4,100 4,700 239 194 288 300 400 500 3,000 500 ✓ 2,400 400 1,800 300 1,200 200 600 100 0 0 15/3 16/3 17/3 18/3 19/3 20/3 2,098 1,772 1,627 2,400 1,900 2,200 174 170 293 300 300 300 29

31. Slide 31: 2,090 2,100 2,040 1,808 1,800 1,660 1,601 1,510 1,567 515 532 1,500 474 500

    2,090 2,100 2,040 700 1,808 606 1,800 1,660 585 600 1,601 1,510 1,567 515 532 1,500 474 500 436 416 1,200 400 900 245 300 240 201 203 238 244 179 202 203 600 160 164 176 200 161 163 155 158 136 137 106 106 300 81 100 0 0 14/3 15/3 16/3 17/3 18/3 19/3 20/3 30

32. Slide 32: 2,100 1,800 4 5 41 41 3 4 12 9 142 24 155 200

    2,100 22 260 19 68 3 59 3 14 200 230 13 16 184 14 1,800 47 14 5 41 41 3 4 12 9 142 24 155 200 2 16 17 50 230 7 12 20 38 35 3 1,500 32 155 1 15 125 132 7 5 2 285 39 170 1 13 34 35 24 7 1 10 85 139 139 11 82 1,200 809 140 2 80 770 71 730 62 671 110 63 20 900 600 630 19 14 18 64 19 61 80 16 18 70 13 16

33. Slide 33: QUWON

    QUWON 15 @SIARIS 32

34. Slide 34: 2,500 50.0 2,250 2,220 2,250 42.6 2,000 1,929 39.9 40.0 1,789 1,805 36.4 1,725

    2,500 50.0 2,250 2,220 2,250 42.6 2,000 1,929 39.9 40.0 1,789 1,805 36.4 1,725 35.7 33.6 1,500 30.1 30.0 1,000 20.8 960 20.0 803 885 782 738 790 671 703 660 606 624 538 570 500 10.0 358 0 0.0 14/3 15/3 16/3 17/3 18/3 19/3 20/3 33

35. Slide 35: 3,239 3,500 2,962 3,000 2,531 2,370 2,500 1,627 30 2,000 22 25 30 1,500

    70 3,239 3,500 60 2,962 3,000 2,531 50 2,370 2,500 30 40 1,627 30 2,000 22 25 30 1,500 1,148 18 20 861 1,000 14 30 10 22 22 25 10 500 16 8 10 0 0 12/3 13/3 14/3 15/3 16/3 17/3 18/3 30.0% 25.6% 26.7% 25.0% 23.2% 23.0% 20.1% 21.2% 21.2% 20.0% 15.0% 10.0% 5.0% 0.0% 12/3 13/3 14/3 15/3 16/3 17/3 18/3 34

36. Slide 36: BIM

    OSIRIS 35

37. Slide 37: ⼭ ⺠ ⼝  ⼾    ⼾    ⼀ ⽤

    ⼭ ⺠ ⼝  ⼾    ⼾    ⼀ ⽤ ⽴   ⽤ ⺠ ⼝  ⽤ ⼀ ⺠ ⾞ ⾞ 36

38. Slide 38: ⼤ ⽴ ⽣ ⼒ ⺠ ⺠ ⽤ ⺠ ⽬ ⽤ ⺠ ⾼ ⼀ ⾼

    ⼤ ⽴ ⽣ ⼒ ⺠ ⺠ ⽤ ⺠ ⽬ ⽤ ⺠ ⾼ ⼀ ⾼ ⼩ ⾞ ⺠ ⺠ ⺠ ⺠ ⻘⽊ ⼯ ⾞ ⼆ ⻘⽊ ⼯ ⾞ 37

39. Slide 39: A ALP i

    A ALP i tos piel m2 | t- Bo! J oman T ae | are RAE go - 8 38

40. Slide 40: ©K.MIURA

    ©K.MIURA ©Hideo MO © © — 39

41. Slide 41: OSIRIS

    OSIRIS 03-6202-0111 JPX || 40

Starts — FY2017 Earnings Presentation on 6ix