Financial Results for 1 st half of FY213 Nov 13, 213
Contents Target & Results for 1 st Half of FY213 Initial Target & Projection for FY213 1. New orders 3 1. New orders 27 2. Major new orders 5 2. Net sales 29 3. Net sales 7 3. Gross profit 31 4. Gross profit 9 4. Gross margin ratio in construction 5. Gross margin ratio in construction 6. Selling, general and administrative expenses 11 5. Selling, general and administrative expenses 33 34 12 6. Operating income 36 7. Operating income 14 7. Other income (expense) 38 8. Other income (expense) 16 8. Ordinary income 4 9. Ordinary income 18 9. Extraordinary profit (loss) 42 1. Extraordinary profit (loss) 2 1. Net income 44 11. Net income 22 12. Interest-bearing debt 24 Disclaimer 46 13. Net assets 25 2
1.New orders Non-consolidated 1 st Half of FY213 7, 1 Millions 6, 5, 4, 3, 2, 1, 4,53 4,4 1,342 1,1 1,339 1, 3 1 3,113 3,12 11 3,23 3,2 21 5,766 1,163 1,13 33 4,59 4,49 1 Civil engineering Building construction Real Estate, etc. Domestic Overseas 75 7 94 Sep.212 Sep.213 Target Sep.213 Results 3
1.New orders Consolidated 1 st Half of FY213 8, 7, 6, 1 Millions 6,9 5,9 7,477 1,727 Civil engineering 5, 4, 1,921 1,7 Building construction Real Estate, etc. 3, 5,192 2, 3,524 3,7 1, 564 5 558 Sep.212 Sep.213 Target Sep.213 Results 4
2.Major new orders Non-consolidated 1 st Half of FY213 Civil engineering Project Decontamination work in Minamisoma City for the Fiscal year 213 (carried forward from the Fiscal year 212), Fukushima Pref. Decontamination work in Iitate Village for the Fiscal year 213 (Phase 1), Fukushima Pref. Construction of the photovoltaic generation power plant in Tunahigashi, Awaji City, Hyogo Pref. Eastern Minamiyama Land Readjustment Project (Phase 2), Inagi City, Tokyo Construction of tunnel in Oshima area of Chubuodan Expressway, Yamanashi Pref. Client Ministry of the Environment Ministry of the Environment Eurus Energy Awaji Eastern Minamiyama Land Readjustment Association Ministry of Land, Infrastructure, Transport and Tourism. Kanto Regional Development Bureau 5
2.Major new orders Non-consolidated 1 st Half of FY213 Building Project Construction of new buildings and public facilities of Roppongi 3-chome East District Redevelopment Project, Tokyo Construction of Saitama Red Cross Hospital, Saitama Pref. Construction of the main building and others of Nishi Nagoya Thermal Power Station Group No. 7, Aichi Pref. Construction of Shinjuku New South Exit Building (Provisional name) and others, Tokyo Construction of New LCC Terminal, Chiba Pref. Client Roppongi 3-chome East District Redevelopment Association Japanese Red Cross Society Chubu Electric Power Co., Inc. East Japan Railway Company Narita International Airport Corporation 6
3.Net sales Non-consolidated 1 st Half of FY213 6, 5, 4, 1 Millions 4,394 96 84 12 5,2 1,23 1,8 15 4,974 1,252 1,92 16 Civil engineering Building construction Real Estate, etc. 3, 2, 3,365 3,142 223 3,9 3,629 3,59 31 3,343 286 Domestic Overseas 1, 69 7 Sep.212 Sep.213 Target Sep.213 Results 93 7
3.Net sales Consolidated 1 st Half of FY213 8, 1 Millions 7, 6, 5, 4, 5,679 1,397 6,5 1,7 6,319 1,725 Civil engineering 3, 2, 3,73 4,3 4,52 Building construction Real Estate, etc. 1, 552 5 542 Sep.212 Sep.213 Target Sep.213 Results 8
4.Gross profit Non-consolidated 1 st Half of FY213 5 1 Millions % 15. 4 377 35 45 12. Civil engineering 3 2 1 8.6 119 6.7 159 8.1 9. 6. Building construction Real Estate, etc. Gross Profit Ratio 1 266 213 223 3. 11 18 23 Sep.212 Sep.213 Target Sep.213 Results. 9
4.Gross profit Consolidated 1 st Half of FY213 7 1 Millions % 16. 6 5 4 3 519 13 9.1 5 15 7.7 579 21 9.2 12. 8. Civil engineering Building construction Real Estate, etc. Gross Profit Ratio 2 287 26 271 4. 1 12 9 17 Sep.212 Sep.213 Target Sep.213 Results. 1
5.Gross margin ratio in construction Non-consolidated 1 st Half of FY213 15. % 12.7 12. 9. 6. 3. 1.4 9.7 8.5 7.8 7.9 6.5 5.5 6.1 Sep.212 Sep.213 Target Sep.213 Results Overall Construction Civil engineering Building construction 11
6.Selling, general and administrative expenses Non-consolidated 1 st Half of FY213 4 3 2 1 1 Millions 5.2 227 14 39 4.6 24 4.6 23 136 133 4 38 % 6. 4. 2. Labor Cost Facility Cost Others SGA Ratio 48 64 59 Sep.212 Sep.213 Target Sep.213 Results. 12
6.Selling, general and administrative expenses Consolidated 1 st Half of FY213 6 1 Millions % 8. 4 6.3 362 81 6. 5.8 39 85 361 82 6. 4. Civil engineering Building construction Real Estate, etc. SGA Ratio 2 29 225 211 2. 72 8 68 Sep.212 Sep.213 Target Sep.213 Results. 13
7.Operating income Non-consolidated 1 st Half of FY213 25 1 Millions % 5. 2 15 1 5 (6) 15 48 18 3.4 11 2.1 63 47 7 175 3.5 16 62 4. 3. 2. 1.. Civil engineering Building construction Real Estate, etc. Operating Income Ratio (5) Sep.212 Sep.213 Target Sep.213 Results -1. 14
7.Operating income Consolidated 1 st Half of FY213 25 1 Millions 218 % 5. Civil engineering 2 15 1 157 2.8 49 11 1.7 3.4 119 4. 3. 2. Building construction Real Estate, etc. Operating Income Ratio 5 78 65 6 1. 35 3 39 1 Sep.212 Sep.213 Target Sep.213 Results. 15
8.Other income (expense) Non-consolidated 1 st Half of FY213 6 1 Millions (15) (2) 12 Income 4 2 (2) (4) Expense (6) 31 9 18 18 4 1 1 2 36 5 6 Sep.212 Sep.213 Target Sep.213 Results 23 (25) (24) (2) (4) (16) (5) (16) (46) (4) (24) 2 Foreign exchange gains/losses Dividend income Interest income Interest expense Other 16
8.Other income (expense) Consolidated 1 st Half of FY213 8 1 Millions (21) (3) 8 6 Income 4 2 (2) (4) Expense (6) (8) (4) 4 33 2 38 11 14 9 6 15 13 16 1 2 (34) (33) (26) (16) (17) (54) (5) (3) Sep.212 Sep.213 Target Sep.213 Results (4) Foreign exchange gains/losses Dividend income Interest income Interest expense Other 17
9.Ordinary Income Non-consolidated 1 st Half of FY213 3 1 Millions % 6. 2 3.1 3.8 4. Ordinary Income 1 135 1.7 187 2. Ordinary Income Ratio 9 Sep.212 Sep.213 Target Sep.213 Results. 18
9.Ordinary income Consolidated 1 st Half of FY213 4 1 Millions % 4. 3 2 1 2.4 136 1.2 3.6 226 39 3. 2. Subsidiaries & Elimination Taisei 1 8 135 9 187 1. Ordinary Income Ratio (1). (1) Sep.212 Sep.213 Target Sep.213 Results (1.) 19
1.Extraordinary profit (loss) Non-consolidated 1 st Half of FY213 3 Profit 1 Millions (76) 2 4 (2) 4 6 Gain Gain on on reversal sales of of loss on investments in related securities companies 投資有価証売却益 Loss on valuation 固定資産売却益 of investment securities 投資有価証券売却損 (3) (62) 投資有価証券評価損 Other 関連事業損失 減損損失 その他 (6) Loss (9) (14) (76) (2) Sep.212 Sep.213 Target Sep.213 Results 2
1.Extraordinary profit (loss) Consolidated 1 st Half of FY213 1 Millions 6 Profit 3 (3) (73) (62) 1 (2) 7 9 8 Gain Gain on on reversal sales of of loss on investments in related securities companies 投資有価証売却益 Loss on valuation 固定資産売却益 of investment securities 投資有価証券売却損投資有価証券評価損 Other 関連事業損失減損損失その他 (6) Loss (9) (11) (73) (2) Sep.212 Sep.213 Target Sep.213 Results 21
11.Net income Non-consolidated 1 st Half of FY213 12 1 Millions % 4. 9 6 3 1..7 5 31 2.1 13 Sep.212 Sep.213 Target Sep.213 Results 3. 2. 1.. Net Income Net Income Ratio 22
11.Net income Consolidated 1 st Half of FY213 16 1 Millions % 3.2 12 8 4.5 3 31 (1) 4.6 5 (1) 127 24 2. 13 2.4 1.6.8. Subsidiaries & Elimination Taisei Net Income Ratio (4) Sep.212 Sep.213 Target Sep.213 Results (.8) 23
12.Interest-bearing debt Consolidated 1 st Half of FY213 5, 1 Millions Times 2. 4, 3, 3,79 1,17 3,534 945 3,28 88 1.6 1.2 Subsidiaries 2, 1, 1. 2,773.9.8 2,589 2,4.8.4 Taisei D/E Ratio Mar.213 Sep.213 Mar.214 Projection. 24
13.Net assets Non-consolidated 1 st Half of FY213 6, 1 Millions 26.5 % 3. 5, 23.2 25. 4, 3, 2, 1, 93 2.6 2,597 2,54 <44> 3,15 444 2,571 <57> 662 2,645 Accumulated gains from valuation Shareholders equity <Retained earnings> Equity ratio 3,37 <582> Mar.212 Mar.213 Sep.213 2. 15. 1. 5.. 25
13.Net assets Consolidated 1 st Half of FY213 6, 1 Millions 3. 5, 22.1 25.8 25. 4, 3, 2, 1, 13 66 19.5 2,926 2,847 <783> 18 3,433 422 2,993 <93> 654 3,92 少数株主持分 Minority interest Accumulated gains その他包括利益累計額 from valuation Shareholders equity <Retained earnings> Equity ratio 株主資本 3,765 <1,28> 自己資本比率 Mar.212 Mar.213 Sep.213 19 2. 15. 1. 5.. 26
1.New orders Non-consolidated 12, 9, 1 Millions 1,722 1,2 1,2 2,639 2,2 2,554 2,2 2, 85 2, 2 2 Civil engineering Building construction 6, 3, 7,74 7,43 31 7,8 7,3 5 7,8 7,3 5 Real Estate, etc. Domestic Overseas 343 2 2 Mar.213 Mar.214 Initial Target Mar.214 Projection 27
1.New orders Consolidated 16, 1 Millions 14,44 13,4 13,4 12, 3,918 3,4 3,3 Civil engineering 8, 4, 8,677 8,7 8,8 Building construction Real Estate, etc. 1,449 1,3 1,3 Mar.213 Mar.214 Initial Target Mar.214 Projection 28
2.Net sales Non-consolidated 1 Millions 12, 9, 1,856 1,7 2,368 2,44 324 2,67 2,34 33 11,3 2,9 2,55 35 Civil engineering 6, 8,163 7,83 7,63 56 7,23 6 8,1 7,5 6 Building construction Real Estate, etc. 3, Domestic Overseas 325 2 3 Mar.213 Mar.214 Initial Target Mar.214 Projection 29
2.Net sales Consolidated 16, 1 Millions 14,165 14,5 13,9 12, 3,583 3,8 4, 8, 4, 9,155 8,8 9,1 Civil engineering Building construction Real Estate, etc. 1,427 1,3 1,4 Mar.213 Mar.214 Initial Target Mar.214 Projection 3
3.Gross profit Non-consolidated 1, 8 6 4 1 Millions 691 146 6.4 85 266 7.9 79 297 7. % 2. 16. 12. 8. Civil engineering Building construction Real Estate, etc. 2 515 554 463 4. Gross Profit Ratio 3 3 3 Mar.213 Mar.214 Initial Target Mar.214 Projection. 31
3.Gross profit Consolidated 1,8 1,5 1,2 9 1 Millions 7.9 1,118 266 9. 1,25 37 8.2 1,19 4 % 1. 8. 6. Civil engineering Building construction Real Estate, etc. 6 627 67 58 4. Gross Profit Ratio 3 2. 225 21 21 Mar.213 Mar.214 Initial Target Mar.214 Projection. 32
4.Gross margin ratio in construction Non-consolidated % 12. 1. 1.2 9. 6. 7.8 6.3 6.3 7.1 6.2 6.9 5.7 Overall Construction Civil engineering Building construction 3. Mar.213 Mar.214 Initial Target Mar.214 Projection 33
5.Selling, general and administrative expenses Non-consolidated 6 1 Millions % 6. 467 51 49 4 4.3 276 4.7 27 4.3 269 4. Labor Cost Facility Cost Others SGA Ratio 2 8 83 84 2. 111 157 137 Mar.213 Mar.214 Initial Target Mar.214 Projection. 34
5.Selling, general and administrative expenses Consolidated 1, 1 Millions % 1. 8 6 4 81 762 79 168 19 18 5.4 5.8 5.4 432 46 45 8. 6. 4. Civil engineering Building construction Real Estate, etc. SGA Ratio 2 2. 162 16 16 Mar.213 Mar.214 Initial Target Mar.214 Projection. 35
6.Operating income Non-consolidated 5 1 Millions % 5. 4 3 2 41 224 2.1 34 3.2 146 3 2.7 183 4. 3. 2. Civil engineering Building construction Real Estate, etc. 1 188 198 119 1. Operating Income Ratio (5) (4) (2). (1) Mar.213 Mar.214 Initial Target Mar.214 Projection (1.) 36
6.Operating income Consolidated 5 4 3 2 1 Millions 356 98 2.5 44 18 3.2 4 22 2.8 % 5. 4. 3. 2. Civil engineering Building construction Real Estate, etc. 1 195 21 13 1. Operating Income Ratio 63 5 5 Mar.213 Mar.214 Initial Target Mar.214 Projection. 37
7.Other income (expense) Non-consolidated 12 1 Millions (7) (3) 9 Income 6 3 (3) 6 7 12 23 1 29 28 3 1 3 (48) (52) (46) 2 6 2 4 Foreign exchange gains/losses Dividend income Interest income Interest expense Other (6) Expense (9) (12) (22) (7) (48) (1) (24) (7) Mar.213 Mar.214 Initial Target Mar.214 Projection 38
7.Other income (expense) Consolidated 1 Millions 16 (5) (1) (6) 12 Income 8 4 (4) (8) Expense (12) (16) 81 21 27 9 16 15 26 23 2 23 7 2 (63) (73) (65) (23) 4 (67) (86) (14) (45) Mar.213 Mar.214 Initial Target Mar.214 Projection 5 (11) Foreign exchange gains/losses Dividend income Interest income Interest expense Other 39
8.Ordinary Income Non-consolidated 3 1 Millions % 3. 2.5 2.4 2 2.1 2. Ordinary Income 1 224 27 27 1. Ordinary Income Ratio Mar.213 Mar.214 Initial Target Mar.214 Projection. 4
8.Ordinary income Consolidated 4 3 1 Millions 351 34 34 127 7 7 % 4. 3. Subsidiaries & Elimination 2 1 2.5 2.4 2.3 224 27 27 2. 1. Taisei Ordinary Income Ratio Mar.213 Mar.214 Initial Target Mar.214 Projection. 41
9.Extraordinary profit (loss) Non-consolidated 3 Profit 2 1-1 -2-3 -4 Loss -5 1 Millions (2) (18) 18 4 9 5 (11) (14) (3) (6) (36) (1) (1) (1) (1) 1 1 (2) (2) Mar.213 Mar.214 Initial Target Mar.214 Projection Gain on reversal of loss Gain on reversal of on investments losses on in related companies investments in related companies 投資有価証売却益 固定資産売却益 Gain on sales of investment 投資有価証券売却損 securities 投資有価証券評価損 Gain on sales of 関連事業損失 noncurrent assets 減損損失 Loss on sales of その他 investment securities Loss on valuation of investment securities Losses on investments in related companies Impairment losses on fixed assets Other 42
9.Extraordinary profit (loss) Consolidated Profit Loss 1 Millions 3 2 1-1 -2-3 -4-5 (2) (2) (23) (1) (1) 16 1 11 5 (11) (14) (1) 1 (1) (2) (39) (1) (2) Mar.213 Mar.214 Initial Target Mar.214 Projection 投資有価証券売却益 Gain on sales of investment 固定資産売却益 securities 投資有価証券売却損 Gain on sales of 投資有価証券評価損 noncurrent assets 減損損失 Loss on sales of investment 固定資産除却損 securities 関連事業損失 Loss on valuation その他 of investment securities Impairment losses on noncurrent assets Loss on retirement of noncurrent assets Losses on investments in related companies Other 43
1.Net income Non-consolidated 16 1 Millions % 2. 12 1.1 1.3 1.2 1.5 Net Income Net Income Ratio 8 124 14 14 1. 4.5 Mar.213 Mar.214 Initial Target Mar.214 Projection. 44
1.Net income Consolidated 24 1 Millions % 2.4 2 16 77 21 18 18 4 4 2. 1.6 Subsidiaries & Elimination 12 1.4 1.3 1.2 1.2 Taisei Net Income Ratio 8 124 14 14.8 4.4 Mar.213 Mar.214 Initial Target Mar.214 Projection. 45
Disclaimer This information was created for the purpose of providing information that will help investors make informed decisions. It was not created to solicit investors to buy or sell Taisei Corporation's stock. The final decision and responsibility for investments rests solely with the user of this information. Furthermore, Projection given in this information are based on assumptions and beliefs of Taisei Corporation at the time of preparation and are subject to variety of risks and uncertainties. Actual results may vary significantly from Projection due to factor including, but not limited to, changes in the economic environment and exchange rate fluctuations. 46