Financial Highlights, Year ended March 31, 2012

Transcription

1 Financial Highlights, Year ended March 31, 212 Contents Ⅰ.Financial Results 3 Ⅱ.Financial Forecasts 11 Ⅲ.Mid-term Plan 21 Ⅳ.Topics 24 Ⅴ.Appendix 27

2 Ⅰ. Financial results Ⅰ-1 Financial highlights Increase in sales for 4 th straight periods Increase in operating income for 2 nd straight periods Increase in ordinary income for 3 rd straight periods Best performance Orders received 68.7 billion (+2.9% y/y) Occupancy rate 96.8% (Residential use in March) (+.8P y/y) Best performance Sound level Annual dividend 297 yen (As planned) + 68 yen 4

3 Ⅰ-2 Income summary 1,4 1,2 1, Increase both in sales and income for four straight periods Operating income & Ordinary income ,1.1 1,87.1bln (+8.6% y/y) 1/3 11/3 12/3 Planned 1,75.9bln Operating income bln (+11.1% y/y) 1/3 11/3 12/3 Planned 8.bln Ordinary income 84.2bln (+8.% y/y) 1/3 11/3 12/3 Planned 81.3bln Net income 47.1bln (+9.2% y/y) Tohoku earthquake disaster loss 4.4 bln 1/3 11/3 12/3 Planned 48.bln 5 Ⅰ-3 Income summary by segment (Construction) margin bln 38.8% 35.8% 37.4% 1/3 11/3 12/3 Planned 459.6bln (37.4%) FY % FY % ( billions) () (+8.9%) (+4.8%) [- 1.4p] [ ]:Difference from previous year bln 1/3 11/3 12/3 Planned 172.bln Due to the revision of accounting standard by Management Approach, the segment of Building and Repairs" of Daito Building Management has been categorized under "Real estate" instead of "Construction" since FY 21. Building & Repairs /Daito Building Management Segment 1/ Construction 11/ Real estate ( billions) 12/ Real estate 6

4 Ⅰ-4 Orders received Orders received 68.7bln (+2.9% y/y) Per period , , bln Per quarter Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY29 FY21 FY211 7 Ⅰ-5 Orders received backlog Orders received backlog 596.5bln(+23.4% y/y) bln /3 11/3 12/3 8

5 Ⅰ-6 Tenancy agreement Tenancy agreement 214,357(14.9% y/y) Residential use Commercial use (Number) ( y/y ) (Number) ( y/y ) 199,715 2, 176,9 15, 1, 5, 113.5% 14.8% 29, % 2% 5, 4, 15% 3, 2, 1% 1, 4,664 4, % 18.3% 4, % 2% 15% 1% 1/3 11/3 12/3 5% 1/3 11/3 12/3 5% Number of tenancy agreement y/y Number of tenancy agreement y/y 9 Ⅰ-7 Rent basis occupancy rate Residential use 96.8% (+.8p y/y) Commercial use 94.1% (+2.p y/y) 5,5 units Improvement 686,8 units.8% 5,5 76 units Improvement 38,2 units 2.% 76 1% 9% 94.6% 96.% 96.8% 1% 9% 91.3% 92.1% 94.1% 8% 8% 7% 7% 6% 21(Mar.) 211(Mar.) 212(Mar.) 6% 21(Mar.) 211(Mar.) 212(Mar.) Rent basis occupancy rate =1-( rent guarantee for vacant rooms / total rent ) 1

6 Ⅱ. Financial forecasts Ⅱ-1 Compared with Mid-term plan FY212 Mid-term plan (on May, 211) to the plan 1,166.9 bln +7.3% ( 1,136.5 bln) (+2.7%) on construction 52.4 bln +7.2% (477.5 bln) (+5.2%) margin on construction 35.6% -1.8p (36.9%) (-1.3p) Operating income 84. bln +2.5% (84. bln) (±%) Ordinary income 86.5 bln +2.7% (85.5 bln) (+1.2%) Net income 51.2 bln +8.7% (49.9 bln) (+2.6%) Return to shareholders (Dividend per share) 318 yen +21yen (39 yen) (+9yen) 12

7 Ⅱ-2 Financial forecasts PLAN Increase both in sales and income for five straight periods Operating income Ordinary income Net income ( billions) 1, 1,87.1 1,166.9bln (+7.3% y/y) 1 ( billions) 81.9 ( billions) 84.bln 1 (+2.5% y/y) bln (+2.7% y/y) ( billions) bln (+8.7% y/y) 12/3 13/3(Plan) 12/3 13/3(Plan) 12/3 13/3(Plan) 12/3 13/3(Plan) 13 Ⅱ-3 Sales and gross profit margin on construction completed ( billions) margin FY % FY212 (plan) % ( ) (+7.2%) (+2.2%) [-1.8p] [ ]: Difference from previous year Major breakdown of gross profit margin 35.6% (- 1.8Py/y) Increase in labor cost : 1.76% Increase in material cost :.4% margin % 4 8% % 35.6% 6% 4% 1 2% 12/3 13/3(plan) % 14

8 Ⅱ-4 Plan for orders received Orders received 63.bln(+3.5% y/y) bln /3 12/3 13/3(plan) 15 Ⅱ-5 Strategy for orders received 1 (63. billion yen) Activity for metropolis & urban areas 1.Over 1% of construction share at each metropolis 2.Opening branches and recruiting sales reps at each metropolis 3.Promotion for rebuilding and combining with home 4.Promotion for a land owned by corporation 5.Acting property management 16

9 Ⅱ-6 Strategy for orders received 2 (63. billion yen) 1.Proposal for Asset succession and use 2.Support for Inheritance 3.Information transmission (seminar, PR etc.) 4.Leasing property with living service 5.Symbiosis with residential energy problem (Electric aggregator business and saving energy activity) 17 Ⅱ-7 Plan for tenancy agreement and occupancy rate Occupancy rate (March, 213) Tenancy agreement Residential use 97.% Commercial use 94.% 23,5 (+7.5% y/y) Residential use 226,21 (+7.8% y/y) Commercial use 4,29 (- 6.4%y/y) 1% 9% 8% 7% Residential use Commercial use 96.% 96.8% 97.% 92.1% 94.1% 94.% (Number) 25, 2, 15, 1, 24, ,357 23,5 6% 5, 5% 211 (Mar.) 212 (Mar.) 213 (Mar.)(plan) 11/3 12/3 13/3(plan) 18

10 Ⅱ-8 Strategy for 23,5 tenancy agreements Partnership shop system Variety of Channel Satellite shop / e-heya Station (+2/285 in total) (+39/5 in total) e-heya Net website (web calling) 24-hour call center (nighttime and holiday) Convention with local real estate agencies Improving Property value Key-Free-Exchange plan Special reform plan Increasing properties with aggregator 19

11 Ⅲ. Mid-term plan Ⅲ-1 Revised Mid-term Plan (Key figures) 216/3(ex) 216/3(Revised) fluctuation Sales reps Orders received Construction completed margin Occupancy rate for Residential use(march) 3,55 63.bln 564.bln 35.9% Upward revision 3, bln 594.5bln 35.5% 97.% 97.% Construction starts 67,5 72,5 Daito s share 18.7% 2.1% +2.3% +5.7% +5.4% -.4p ± +7.4% +1.4p (ex): Released on May,211 22

12 Ⅲ-2 Revised Mid-term Plan (Financial forecast etc.) Sales on construction margin on construction Operating income Ordinary income Net income Dividend per share ROE Result 212/3 (1,136.5) Plan 213/3 214/3 215/3 216/3 1,87.1 1, , , ,45.7 (Ex) Revised (1,68.8) Revised (Ex) (452.5) (477.5) (54.8) (533.3) (564.2) Revised 37.4% 35.6% 35.6% 35.5% 35.5% (Ex) (37.5%) (36.9%) (36.9%) (35.9%) (35.9%) (Ex) (77.7) (84.) (91.6) (94.) (97.) (Ex) Revised Revised Revised (Ex) (79.) 47.1 (46.5) (85.5) 51.2 (49.9) 297yen 318yen 347yen 377yen 414yen (Ex) (288yen) (39yen) (335yen) (345yen) (356yen) 27.8% 3.8% 32.7% 34.5% 36.2% (Ex) Revised Revised (27.9%) (3.6%) (1,29.9) (92.6) 56. (54.) (33.1%) (1,29.4) (95.3) 6.8 (55.6) (35.2%) ( billions) (1,373.8) (98.4) 66.7 (57.4) (37.%) (ex): Released on May, Ⅳ. Topics

13 Ⅳ-1 Electric Aggregator Business + Saving energy activity Electricity supply Electricity supply Daito aggregator business Electricity supply Daito Group Merit for tenant 1.Moving procedure decrease Power company Low voltage electrical 2.Crime prevention Improve ment Low voltage electrical 3.Power rate/unit Cheap Units supplied 212/3 213/3 216/3 147 units 2, units 3 yrs after 15,units Operating income 2bln 25 Ⅳ-2 Reconstruction support for Tohoku earthquake 1 Support earthquake orphans/ Daito Ashinaga Fund is established New Fund raising Usage Employee + Daito Donation to Ashinaga Scholarship association (Constructing & operating cost for Rainbow house) Establishment / June 1 st, 212 Target / Employee of Daito group (13,875) Fund raising / 2 1, yen/month Matching-gift system (The same amount with employee s fund) Donating performance bonus by employee(15 million yen / April 26) 2 Free provision of house and tool to general contractors State of support Nov. 211 Mar. 212 Free provision of house / Used room 351 rooms User 958 people Free provision of tool / General contractor 12 companies Craftsman 34 people Economical support / Outfit allowance (Dispatch cost) 6 people Leasing furniture 284 rooms Continu ation 26

14 Ⅴ. Appendix Ⅴ-1 Non-consolidated statement of income ( millions) FY211 FY21 FY212 (Plan) 491,599 46, % 521,6 Construction 47, , % 53,5 Real estate & others 2,632 25, % 18,1 17, , % 173,9 Construction 173, , % 177, Real estate & others -3,239-4, ,1 SG & A expenses 112,42 12, % 12,3 Operating income 58,125 61, % 53,6 Ordinary income 61,469 66,77-7.9% 57,3 Net income 34,119 37, % 34,2 28

15 Ⅴ-2 Financial summaries of major subsidiaries (Construction) ( millions ) Construction business Daito Construction Daito Steel FY211 FY21 FY212 (Plan) FY211 FY21 FY212 (Plan) 5,143 5, % 5,35 3,997 3, % 4, % 163 SG&A expenses % % 72 Operating income % 92 Ordinary income % 9 Net income % Ⅴ-3 Income summary by segment (Real estate) % margin % 589.9bln 5.% 1/3 11/3 12/3 Plan 588,2bln (4.6%) FY % FY % 14.4 ( billions) () (+8.2%) (+52.1%) [+1.5p] 19.2 [ ]:Difference from previous year 29.2bln 1/3 11/3 12/3 Plan 26.9bln margin Due to the revision of accounting standard by Management Approach, the segment of Building and Repairs" of Daito Building Management has been categorized under "Real estate" instead of "Construction" since FY 21. Segment 1/ Construction 11/ Real estate ( billions) 12/ Real estate 3

16 Ⅴ-4 Sales Structure of Real estate business ( millions ) 1/3 11/3 12/3 Amount (Ratio) Amount (Ratio) Amount (Ratio) Whole-building lease 1 448,88 (92.8%) 486,951 (89.3%) 533,439 (9.4%) +9.5% Building and repairs ,43 (5.1%) 3,95 (5.1%) +7.3% Brokerage 11,797 (2.5%) 11,975 (2.2%) 13,525 (2.3%) +12.9% Lease business 3 6,371 (1.3%) 6,1 (1.1%) 5,986 (1.%) -.2% Sub-lease 4 15,596 (3.2%) 9,956 (1.8%) 3,964 (.7%) -6.2% Others 972 (.2%) 2,367 (.5%) 2,911 (.5%) +23.% Total 483,547 (1.%) 545,296 (1.%) 589,924 (1.%) +8.2% 1 Sub-lease contract as Lease Management Trust System by Daito Building Management 2 Building and repairs by Daito Building Management (recorded sales on construction till FY29) 3 Mainly Shinagawa East One Tower 4 Sub-lease contract by Daito Trust Construction(Contracted from ) 31 Ⅴ-5 Financial summaries of major subsidiaries ( Real estate ) ( millions ) Real estate business Daito Building Management Housecom House Leave FY11 FY1 FY12 (Plan) FY11 FY1 FY12 (Plan) FY11 FY1 FY12 (Plan) 567, , % 611,9 7,98 7, % 8,523 1,649 1, % 2,76 28,752 19, % 34,6 7,98 7, % 8,523 1, % 1,449 SG&A expenses 1,929 1, % 11,5 7,388 7, % 8, % 265 Operating income 17,822 9, % 23, % % 1,183 Ordinary income 18,184 9, % 23, % % 1,24 Net income 1,73 4, % 14, % %

17 Ⅴ-6 Income summary by segment (Other business) margin FY % FY211 ( billions) () 28.5 (+11.4%) 9.7 (+8.2%) 34.2% [-1.p] [ ]:Difference from previous year bln 33.4% 35.2% 34.2% 1/3 11/3 12/3 Plan 28.1bln (32.9%) 9.7bln /3 11/3 12/3 Plan 9.2bln margin 33 Ⅴ-7 Financial summaries of major subsidiaries (Others - 1) ( millions ) Other business (Financial business) Daito Finance D.T.C FY211 FY21 FY212 (Plan) FY211 FY21 FY212 (Plan) 1,341 1, % 977 2,561 2, % 2, % % 11 SG&A expenses % % 9 Operating income % % 1,91 Ordinary income % % 1,95 Net income % % 1,95 34

18 Ⅴ-8 Financial summaries of major subsidiaries (Others - 2) ( millions ) Other business (Other) Care Partner Gaspal D. A. D. (M) FY11 FY1 FY12 (Plan) FY11 FY1 FY12 (Plan) FY11 FY1 FY12 (Plan) 6,786 6, % 7,438 19,176 16, % 21,253 1,889 1, % 2, , % 927 4,766 3, % 5,631 1, % 1,22 SG&A expenses 512 1, % 596 3,69 2, % 3, % 759 Operating income % 332 1,696 1, % 2, % 443 Ordinary income ,719 1, % 2, Net income % 1, Ⅴ-9 Selling, general and administrative expenses SG&A expenses SG&A ratio FY % FY211 ( billions) () (+8.7%) 12.2% [+.1p] [ ]: Difference from previous year \132.1bln 5% 4% 1 3% % 12.1% 12.2% Plan 128.2bln 2% 1% 1/3 11/3 12/3 % SG&A expenses SG&A ratio 36

19 Ⅴ-1 Financial conditions End of FY211 End of FY21 Current assets Total liabilities (+16.3) Noncurrent assets (+7.5) 152. Net assets (+19.7) Total (+36.1) Current liabilities Total 21.1 (+7.9) (+28.6) Noncurrent liabilities (+8.4) Current assets Noncurrent assets Total Current liabilities Total liabilities Net assets Total ( billions) Noncurrent liabilities BPS 1, BPS 1, Equity ratio 27.8% Equity ratio 24.6% 37 Ⅴ-11 Cash flows Cash flow provided by Operating activities 77.8 Net income before taxes Cash flow used in Investing activities Purchase of PP&E Purchase of securities Cash flow used in Financing activities Proceeds from long-term loans payable Cash dividends paid Cash and cash equivalents at the end of FY

20 Ⅴ-12 Number of employees by each occupations (Non-consolidated) Sales reps Engineers Tenant recruiters Total employees (right axis) 5, 4, 3, 2, 1, 11/3 end 12/3 end 13/3 end(plan) 1, 9, 8, 7, 6, 5, 11/3 end 12/3 end () 13/3 plan Total employees 8,822 9, ,9 Sales reps 2,981 3, ,38 Engineers 2,382 2, ,684 Tenant recruiters 1,146 1, ,37 39 Ⅴ-13 Channels of orders received (Orders received) FY21(Apr.-Mar.) FY211(Apr.-Mar.) ( y/y ) 6, Repeat 5.1% New 49.9% Repeat 51.2% New 48.8% 24% 22% 5, 4, 3, 2, (Introduction : 8.5% (Introduction : 3.2% out of total new out of total repeat 136.4% orders) orders) 117.6% 12.6% 12.3% 11.% 19.3% 1,631 1,498 1,782 2,44 2,149 2,458 (158) (Introduction : 9.% (Introduction : 3.2% out of total new out of total repeat orders) orders) 114.% 116.3% 15.9% 16.1% 12.6% 88.2% 1,795 1,859 1,94 1,97 2,17 2,217 (442) 2% 18% 16% 14% 12% 1% 8% 6% 1, Repeat orders received New orders received 4% 2% 1st half 2nd half 1st half 2nd half 1st half 2nd half FY9 FY1 FY11 1st half 2nd half 1st half 2nd half 1st half 2nd half FY9 FY1 FY11 % 4

21 Ⅴ-14 Cancellation rate and Unit price of orders received (Semiannual comparison ) Cancellation rate 1 Unit price 2 (\millions) 1 3% % 2.% 17.4% 16.1% 14.3% 15.% % 9/9 1/3 1/9 11/3 11/9 12/3 9/9 1/3 1/9 11/3 11/9 12/3 1 Cancellation rate = the amount of cancellation / the amount of new orders received Orders received = the amount of new orders received - the amount of cancellation 2 Unit price = the amount of Orders received / the number of orders received 41 Ⅴ-15 Analysis of Orders received Medium-rise rate 14.7% (+1.4p y/y ) Rebuilding rate 29.3% (+3.2p y/y ) Medium-rise rate 1 Rebuilding rate 2 4% 4% 3% 2% 1% 1.9% 9.1% 11.3% 13.3% 14.6% 14.7% 3% 2% 1% 21.9% 2.3% 21.1% 26.1% 29.1% 29.3% Total rebuilding rate The rate of buildings originally built by Daito (included in the above total rates) 3.9% 3.1% 3.4% 4.1% 3.3% 3.2% % 9/9 1/3 1/9 11/3 11/9 12/3 1 Middle-rise rate = Number of orders received for 3 stories and up / The total orders received % 9/9 1/3 1/9 11/3 11/9 11/3 2 Total rebuilding rate = The no. of orders received for rebuilding / The total orders received The rate of bldgs originally built by Daito = The no. of orders received for buildings originally built by Daito / The total orders received 42

22 Hokkaido +18.8% % Tohoku % (+28.4%) (161.2) Kanto Koshinestu +2.3% % 91.3 Tokai +3.9% 75. Kinki Daito s Ave. +21.% +2.% Chugoku % Shikoku % Kyushu % 25% % -25% -5% Ⅴ-16 Orders received by area (Capital region )44 Orders received 43 Ⅴ-17 Sales reps and sales efficiency Sales reps Orders received per rep 3,222(+241 人 y/y) 16.54mil/month(+1.95mil y/y) (Sales rep) (\millions) 3,5 3, 2,83 2,981 3, ,5 2, 1, \16.55mil , 5 5 1/3 11/3 12/3 Sales reps Orders received per rep

23 Ⅴ-18 Orders received by repeat 35 \32.84bln % 5.% 51.2% 1 5 1/3 11/3 12/3 Oreders received by repeat Composition ratio Composition ratio = Number of orders received by repeat from our existing customers Total number of orders received 45 Ⅴ-19 Number of construction starts & Daito s share Number of construction starts 5, 4, 3, 2, 1, 15.4% 15.7% 287,48 18.% 27,77 266,294 2% 15% 1% 5% 1/2 11/2 12/2 % Number of construction starts (Apr.-Feb.) Daito's share (Apr.-Feb.) (Ministry of Land, Infrastructure, Transport and Tourism : Housing and Land Survey ) 46

24 Ⅴ-2 Number of construction starts by area & Daito s share (Capital region )Number of construction starts Share 16, 5% 14, 12, 1, 8, 6, 4, 2, Hokkaido 9.1% 1, % 2,686 Tohoku 14, % (1.2%) (1,88) Kanto Koshinestu 37.9% 4, % 7,581 Tokai 32.4% 34.2% 16.2% 16.4% 5,972 5,935 4,271 1,819 Kinki Chugoku Shikoku Kyushu 4% 3% 2% 1% % -1% -2% Daito s Ave. 18.% Number of construction starts (Apr.-Feb.) Daito's share(apr.-feb.) 47 Ⅴ-21 Rent basis occupancy rate Rent basis occupancy rate 1% 98% 96% 94% 92% Residential use Commercial use 9% 8/3 8/9 9/3 9/9 1/3 1/9 11/3 11/9 12/3 Rent basis occupancy rate 28(Mar.) 29(Mar.) 21(Mar.) 211(Mar.) 212(Mar.) Residential use (%) 96.4% 95.6% 94.6% 96.% 96.8% +.8p Commercial use (%) 95.5% 94.1% 91.3% 92.1% 94.1% +2.p 48

25 Ⅴ-22 Rent basis occupancy rate by area (Residential use / March) 1% +3.7p +2.p +.6p +1.7p +1.p +.5p.2p +1.3p +.5p 96.1% 98.9% 97.1% 95.8% 95.% 96.8% 98.% 96.9% 97.7% 94.4% 96.9% 96.5% 94.1% 94.% 96.3% 98.2% 95.6% 97.2% Daito s Ave. 96.8% 5% % Hokkaido Tohoku Kanto Koshinetsu Tokai Kinki Chugoku Shikoku Kyushu Occupancy rate as of Mar. 211 Occupancy rate as of Mar Ⅴ-23 Number of units under management & aggregate amount of rent Residential use Commercial use Managing units (thousands) Rent ( billions) 5 4 Managing units (thousands) Rent ( billions) /3 11/3 12/3 1/3 11/3 12/3 Number of units under management Aggregate amount of rent (monthly ave.) Number of units under management Aggregate amount of rent (monthly ave.) 5

26 Ⅴ-24 Customer s financing channel Shares of financial institutions (Construction starts basis) 6% 5% 4% 3% 2% 1% % 8/3 1/3 11/3 12/3 Regional Banks Japan Housing Finance Agency City Banks Agricultural Cooperative Shinkin Banks Japan Housing Others; Finance Agency ; 1.9% 9.6% Agricultural Cooperativ e; 11.1% Shinkin Banks; 14.% City Banks; 15.3% Regional Banks; 48.2% 51 Ⅴ-24 Mid-term plan (Profit and loss statement) ( billions) Result Plan 212/3 213/3 214/3 215/3 216/3 1,87.1 1, , , ,45.7 Construction Real estate Other Construction Real estate Other SG & A expenses Operating income Ordinary income Net income The influence of IFRS is not considered. 52

27 Ⅴ-25 Mid-term plan (Equity ration & ROE) 6% Equity ratio 6% ROE 5% 4% 3% 27.8% 3.8% 32.7% 34.5% 36.2% 5% 4% 3% 32.5% 3.6% 28.2% 26.1% 24.6% 2% 2% 1% 1% % 12/3 13/3 14/3 15/3 16/3 % 12/3 13/3 14/3 15/3 16/3 ( billions) Total asset (Loans payable) Net asset Equity ratio ROE Result 212/ (124.5) % 32.5% 213/ (111.2) % 3.6% The influence of IFRS is not considered. 214/ (94.9) % 28.2% Plan 215/ (8.2) % 26.1% 216/ (65.4) % 24.6% 53 Ⅴ-25 Mid-term plan (EPS & Payout ratio) EPS Dividend per share/payout ratio (yen) 1, Result Plan Dividend (yen) Result Plan 347 Result Plan 5.% 5.1% 5.% 5.% 5.% Payout ratio 8% 6% 4% 2 2 2% 12/3 13/3 14/3 15/3 16/3 12/3 13/3 14/3 15/3 16/3 % 54

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