Osaka Region

No. Golf course Appraisal Value
(JPY million)*1
Location Area (m2) Number of Holes Year of Acquisition by the Sponsor Revenue FY16/17
(JPY million)*2
Utilisation Rates FY16/17(%)*3
1 Otsu Country Club*3 7,330 Otsu-Shi, Shiga 2,051,043 45 2009 1,624 86.9
2 Izumisano Country Club 4,940 Izumisano-Shi, Osaka 1,343,189 27 2005 1,045 93.5
3 Kisaichi Country Club 4,550 Katano-Shi, Osaka 575,504 27 2005 1,033 94.9
4 Kamo Country Club 4,300 Kizugawa-Shi, Kyoto 1,206,331 36 2005 1,130 91.9
5 Atagohara Golf Club 3,150 Takarazuka-Shi, Hyogo 615,164 27 2005 843 77.6
6 Naranomori Golf Club 2,100 Nara-Shi, Nara 1,326,963 18 2005 704 92.1
7 Harima Country Club 1,950 Ono-Shi, Hyogo 743,267 18 2005 553 85.4
8 Lake Forest Resort*4 1,910 Soraku-Gun, Kyoto 1,031,318 45 2005 1,630 85.6
9 Kameoka Golf Club 1,890 Kameoka-Shi, Kyoto 694,053 18 2005 539 86.5
10 Sorei Golf Club Tsuchiyama Course 1,410 Kouka-Shi, Shiga 746,061 18 2005 460 83.9
11 Kyowa Golf Club 1,270 Soraku-Gun, Kyoto 1,145,952 18 2005 501 85.8
12 Misaki Country Club 1,230 Sennan-Gun, Osaka 206,026 18 2005 577 90.8
13 Yamato Kougen Country Club 777 Nara-Shi, Nara 1,486,731 18 2007 541 89.0
14 Kasai Country Club 576 Kasai-Shi, Hyogo 1,169,572 18 2005 424 79.0
15 Shirasagi Golf Club 477 Himeji-Shi, Hyogo 1,024,084 18 2005 475 80.8

*1 Based on real estate appraisals as at 31 December 2016 conducted by the Independent Real Estate Appraisers.
*2 Revenue includes play fees (green fees and cart fees), caddy fees, restaurant charges, membership fees and other revenues from the golf course.
*3 Utilisation rate = Total no. of visitors per 18 holes/(Total operating days x 200 persons).