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Leopalace21 Sees Mixed First Half Earnings, Full Year Earnings Estimates of Large Increases in Profits Remain Unchanged



  Leopalace21 Sees Mixed First Half Earnings, Full Year Earnings Estimates of
  Large Increases in Profits Remain Unchanged

Business Wire

TOKYO -- November 07, 2012

Leopalace21 Corporation (TOKYO:8848), a company that conducts construction,
leasing, and sales of apartments, condominiums, and residential housing,
announced that its sales declined by 1.4% year-over-year to JPY219.9 billion
during the first half of the current fiscal year. At the same time, the
Company was able to record an operating income of JPY1.8 billion, which
compares with an operating loss JPY2.1 billion recorded during the first half
of the previous term, due in part to the Leopalace21 Group's implementation of
measures designed to establish stable profitability and subsequent
improvements made in its leasing business. Despite this return to profits,
unrealized foreign exchange losses of JPY2.6 billion and other factors led to
the realization of losses at the recurring and net income levels.

At the end of the first half, total assets declined by JP27.4 billion from the
end of the previous fiscal year to JPY237.3 billion, due in part to declines
of JPY11.8, JPY3.1, and JPY6.1 billion in cash and cash equivalents, prepaid
expenses, and long-term pre-paid expenses respectively. Total liabilities fell
by JPY29.9 billion from the end of the previous fiscal year to JPY200.9
billion on the back of declines of JPY4.4 billion in accounts payable for
completed projects, JPY3.8 billion in unpaid expenses, JPY16.8 billion in
short and long term advances received, and JPY3.6 billion in the reserve for
apartment vacancy loss. Net assets increased by JPY2.5 billion from the end of
the previous fiscal year to JPY36.3 billion due in part to increases in
capital and capital surplus of JPY1.6 billion arising from the exercise of
stock acquisition rights. Equity ratio rose by 2.5% points over the end of the
previous fiscal year to 15.3%.

The Company's earnings estimates for the full fiscal year to March 2013
announced on May 11, 2012 remain unchanged. Therefore sales and operating,
recurring and net incomes are expected to rise by 1.0%, 74.4%, 159.6% and
246.1% year-over-year to JPY463.9, JPY8.0, JPY6.1, and JPY5.5 billion
respectively.

 
Leopalace21 Corporation      1H FY3/12   1H FY3/13   yy chg   FY3/13E   yy chg
(8848)
Sales                        223,044     219,997     -1.4%    463,900   1.0%
Operating Income             -2,191      1,897       -        8,000     74.4%
Margin                       -1.0%       0.9%        na       1.7%      na
Recurring Income             -6,187      -1,744      -        6,100     159.6%
Net Income                   -5,203      -2,258      -        5,500     246.1%
Earnings Per Share           -30.82      -13.15      na       31.24     na
Dividend Per Share           0.00        0.00        na       0.00      na
(Units: Million Yen, EPS and Dividend in Yen, E=estimates)
                                                                         

About Leopalace21 Corporation

Leopalace21 Corporation was established in August 1973 and conducts
construction, leasing, and sales of apartments, condominiums, and residential
housing, in addition to development and operation of resort facilities, and
the operation of hotel business, broadband business, and elderly care
business. The Company was first listed on the JASDAQ Market in February 1989,
and moved its shares to the First Section of the Tokyo Stock Exchange in March
2004. Its headquarters are currently located in Tokyo.

Contact:

Kaoru Hosaka for Leopalace21 Corporation
Investment Bridge Co., Ltd.
+81-3-5842-5765 (Japanese correspondence only)
leopalace21@cyber-ir.co.jp (English and Japanese correspondence)
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