Annual Securities Report

The 24th

From April 1, 2022

Fiscal Year

to March 31, 2023

Sun Frontier Fudousan Co., Ltd.

(Translation) This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any discrepancy between this document and the Japanese original, the original shall prevail.

A n n u a l S e c u r i t i e s R e p o r t

  1. This is an English translation of the Annual Securities Report based on Article 24, Paragraph 1 of the Financial Instruments and Exchange Act filed via the Electronic Disclosure for Investors' Network (EDINET) system as set forth in Article 27-30-2 of the said act.
  2. Appended to the back of this document, are English translations of the auditors' report that was attached to the Annual Securities Report when it was filed using the aforementioned method, and the internal control report and confirmation letter that were filed at the same time as the Annual Securities Report.

Contents

The 24th Annual Securities Report

Cover

1

Part I Corporate Information

2

Item 1. Overview of the Company and Its Consolidated Subsidiaries

2

1.

Summary of Business Results

2

2.

History

4

3.

Description of Business

5

4.

Overview of Subsidiaries and Affiliates

9

5.

Employees

10

Item 2: Business Overview

12

1.

Management Policy, Business Environment and Tasks Ahead, etc

12

2 Sustainability Policy and Initiatives

14

3.

Risk Factors

22

4. Analyses of Consolidated Financial Position, Operating Results and Cash Flows from the management's perspective

27

5.

Material Agreements, etc

34

6.

Research and Development Activities

34

Item. 3 Property, Plants and Equipment

35

1.

Overview of Capital Investment

35

2.

Major Facilities

35

3.

Plans for Capital Investment, Disposal of Property, Plants and Equipment, etc

36

Item. 4 Information on the Company

37

1.

Information on the Company's Shares, etc

37

2. Acquisitions, etc. of Treasury Share

44

3.

Dividend Policy

45

4.

Corporate Governance, etc

46

Item. 5 Financial Information

67

1.Consolidated Financial Statements, etc

68

2.

Non-ConsolidatedFinancial Statements, etc

111

Item. 6 Outline of the stock operations of the Company

126

Item. 7 Reference Information on the Company

128

1.

Information on the Parent Company

128

2.

Other Reference Information

128

Part II Information on Guarantors, etc., for the Company

129

Audit Report

Internal Control Report

Confirmation

The 24th Securities Report

Cover

Document title

Annual Securities Report

Clause of stipulation

Article 24, Paragraph 1 of the Financial Instruments and Exchange Act of

Japan

Place of filing

Director-General of the Kanto Local Finance Bureau

Filing date

June 28, 2023

Fiscal year

The 24th Fiscal Year (from April 1, 2022 to March 31, 2023)

Company name

Sun Frontier Fudousan Kabushiki Kaisha

Company name in English

Sun Frontier Fudousan Co., Ltd.

Title and name of representative

Seiichi Saito, President Representative Director

Address of registered head office

1-2-2 Yurakucho, Chiyoda-ku, Tokyo, Japan

Telephone number

+81 (0)3 5521-1301

Name of contact person

Takeshi Hirahara, Executive Officer, General Manager of Corporate Planning

Division

Nearest place of contact

1-2-2 Yurakucho, Chiyoda-ku, Tokyo, Japan

Telephone number

+81 (0)3 5521-1301

Name of contact person

Takeshi Hirahara, Executive Officer, General Manager of Corporate Planning

Division

Place for public inspection

Tokyo Stock Exchange, Inc.

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

―1―

The 24th Securities Report

Part I Corporate Information

Item 1. Overview of the Company and Its Consolidated Subsidiaries

1. Summary of Business Results

  1. Consolidated

Fiscal year

20th

21st

22nd

23rd

24th

Year ended

March 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

March 31, 2023

Net sales

(million yen)

53,291

73,218

59,632

71,251

82,777

Ordinary profit

(million yen)

12,813

16,127

7,524

12,215

14,722

Profit attributable to

(million yen)

8,783

10,666

4,274

7,415

11,612

owners of parent company

Comprehensive income

(million yen)

8,563

10,632

4,006

7,738

11,980

Net assets

(million yen)

55,860

64,809

69,773

74,452

83,965

Total assets

(million yen)

110,898

130,293

127,485

136,512

152,519

Net assets per share

(yen)

1,145.34

1,326.93

1,368.14

1,463.74

1,663.33

Earnings per share

(yen)

180.35

219.03

87.77

152.26

238.98

Fully diluted earnings per

(yen)

180.33

218.97

87.73

152.12

238.76

share

Equity ratio

(%)

50.3

49.6

52.3

52.2

52.9

Equity profit margin

(%)

16.8

17.7

6.5

10.8

15.3

Price earnings ratio

(times)

6.6

3.7

11.0

6.9

5.4

Cash flows from operating

(million yen)

(5,988)

(2,697)

4,733

17,443

16,544

activities

Cash flows from investing

(million yen)

(4,258)

(4,441)

451

(9,386)

(6,681)

activities

Cash flows from financing

(million yen)

6,599

5,535

(1,150)

449

2,039

activities

Cash and cash equivalents

(million yen)

18,933

17,394

21,319

29,951

41,914

at end of period

Number of employees

522

612

641

696

702

[Number of temporary

(persons)

[307]

[401]

[475]

[532]

[601]

employees]

Notes: 1. "Accounting Standard for Revenue Recognition"(ASBJ Statement No. 29 as of March 31, 2020) has been applied from the beginning of the 23rd fiscal period. Major management indicator, etc. for the 23rd fiscal period are the indicators after the application of the accounting standards, etc.

2. The Company has adopted the Employee Stock Ownership Plan (J-ESOP) since the 19th fiscal year, and the Company's shares held by the trust account of the Employee Stock Ownership Plan are included as treasury shares in the consolidated financial statements for the 19th fiscal year and thereafter. Therefore, when calculating earnings per share, the weighted average number of shares for the period in common shares is calculated including the number of the said shares in treasury share. In calculating the amount of net assets per share, the said number of shares is included in the number of treasury shares to be deducted from the total number of issued shares at the end of the period.

―2―

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Sun Frontier Fudousan Co. Ltd. published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 06:37:07 UTC.