UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands of Japanese Yen ("JPY”), except for share data) June 30, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents 2,381,394 4,017,311 Restricted cash 455,330 569,469 Term deposits 288,741 233,505 Short-term investments - 89,482 Accounts receivable, net 141,935 162,690 Inventories, net 25,001,539 16,849,935 Prepaid expenses, net 441,241 357,104 Other current assets, net 182,518 304,271 Total current assets 28,892,698 22,583,767 Non-current assets Restricted cash, non-current 2,667 25,180 Long-term deposits 70,557 9,300 Long-term investments, net 2,642,748 490,437 Property, plant and equipment, net 11,635,956 11,889,701 Solar power systems, net 582,751 476,778 Intangible assets, net 127,325 133,226 Goodwill 730,776 730,776 Operating lease right-of-use assets 2,293,147 2,409,255 Finance lease right-of-use assets 11,004 11,980 Other assets, net 1,393,372 1,324,027 Total non-current assets 19,490,303 17,500,660 TOTAL ASSETS 48,383,001 40,084,427 LIABILITIES AND EQUITY Current liabilities Accounts payable 322,650 559,420 Accrued liabilities 163,185 277,425 Short-term loans 2,378,800 1,692,599 Current portion of long-term loans 9,443,778 7,243,022 Current portion of long-term bonds 88,454 107,601 Deferred revenue 50,427 165,262 Income tax payables 182,423 466,872 Operating lease liabilities, current 412,049 433,725 Finance lease liabilities, current 3,647 4,158 Other current liabilities 776,069 1,047,016 Total current liabilities 13,821,482 11,997,100 Non-current liabilities Long-term loans 20,579,315 14,308,136 Long-term bonds 113,228 97,549 Operating lease liabilities, non-current 1,849,266 1,958,689 Finance lease liabilities, non-current 7,571 8,040 Other liabilities 516,746 534,228 Total non-current liabilities 23,066,126 16,906,642 TOTAL LIABILITIES 36,887,608 28,903,742 EQUITY Capital stock (900,000 shares authorized, 265,543 and 260,891 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively, with no stated value) 114,001 100,000 Capital surplus 5,078,338 4,988,126 Treasury stock, at cost (357 and 142 shares as of June 30, 2024 and December 31, 2023, respectively) (22,828) (13,631) Retained earnings 3,299,652 3,413,644 Total SYLA Technologies Co., Ltd.’s equity 8,469,163 8,488,139 Noncontrolling interests 3,026,230 2,692,546 TOTAL EQUITY 11,495,393 11,180,685 TOTAL LIABILITIES AND EQUITY 48,383,001 40,084,427 SYLA TECHNOLOGIES CO., LTD.
Operational Highlights to Date in 2024: ●Entered into a capital and business alliance agreement with CUMICA CORPORATION (formerly RIBERESUTE CORPORATION) and became the largest shareholder. ●Subscribed to a third-party allotment of new shares issued by CUMICA CORPORATION (formerly RIBERESUTE CORPORATION). ●Announced mid-term revenue targets and a growth strategy centered on M&A. ●Announced an interim dividend of ¥100 per share (approximately $0.68 per share at August 20, 2024 exchange rate of $1.00 = ¥146.47; 1 share = 100 ADRs). ●Announced the development of an ultra-luxurious residence, THE SYLA SHIBUYA-TOMIGAYA. ●Completed construction of the Company’s first office building, SYLA TOYOCHO. ●Announced a ¥96 million gain on sale of investment securities. ●The membership of an online AI rental brokerage service, ietty, surpassed 400,000. ●The average occupancy rate for the SYFORME series of original brand condominiums in the first half of 2024 was 99.80%. ●Rimawari-kun’s gross merchandise volume (total amount raised by Rimawari-kun, hereinafter "GMV”) surpassed ¥7.5 billion (approximately $46.61 million based on an exchange rate of $1.00 = ¥160.88 on June 28, 2024). ●Subsidiary SYLA Solar announced issuance of series 1 bond of ¥50 million. ●Subsidiary SYLA Solar announced a comprehensive business alliance with LIVE THE CREATIVE Inc. ●Subsidiary SYLA Solar announced a business alliance with ABILITY LTD., a supplier of hydrogen cartridges. ●Subsidiary SYLA Solar launched on-site PPA business.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands of JPY, except for share and per share data) For the Six Months Ended June 30, 2024 2023 Revenues, net 10,564,041 9,318,404 Cost of revenues (8,619,087) (6,977,548) Gross profit 1,944,954 2,340,856 Operating expenses Selling, general and administrative expenses (1,750,353) (1,906,117) Total operating expenses (1,750,353) (1,906,117) Income from continuing operations 194,601 434,739 Other income (expenses) Other income 242,122 254,350 Income (loss) from equity method investments 41,134 (449) Other expenses (384,115) (241,732) Total other income (expenses) (100,859) 12,169 Income from continuing operations before income taxes 93,742 446,908 Income tax expense (127,573) (149,060) Net income (loss) from continuing operations (33,831) 297,848 Loss from discontinued operations, net of income taxes - (6,742) Net income (loss) (33,831) 291,106 Less: net income from continuing operations attributable to noncontrolling interests 33,426 41,127 Net income (loss) attributable to SYLA Technologies Co., Ltd. (67,257) 249,979 Net income (loss) from continuing operations per share: - Basic (255.99) 1,029.68 - Diluted (255.99) 856.51 Loss from discontinued operations per share: - Basic - (27.04) - Diluted - (22.49) Net income (loss) attributable to SYLA Technologies Co., Ltd.per share: - Basic (255.99) 1,002.63 - Diluted (255.99) 834.
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