Mitsubishi Estate Company, Limited · TSE:8802
Mitsubishi Estate — Q1 FY2024 Earnings Presentation
26 slides from Mitsubishi Estate's earnings presentation, August 2024
Slide 1: Mitsubishi Estate IR Presentation FY2024 1Q
FY2024 – 1Q (The Fiscal Year Ending March 31, 2025) Mitsubishi Estate IR Presentation Copyright @ MITSUBISHI ESTATE Co., Ltd. All Rights Reserved C opyri ght © MIT S U B IS H I E S T A T E C o., Ltd. A l l R i ghts R eserved.
Slide 2: Financial Overview
Financial Overview Operating Profit was ¥51.7 billion (up ¥3.3 billion YoY) and Profit Attributable to Owners of Parent was ¥25.9 billion (up ¥6.6 billion YoY). FY2024 Office, retail (outlet malls) and hotels are all performing well and making steady progress toward 1Q Results the full-year forecast
Slide 3: FY2024-1Q Overview
FY2024-1Q Overview C opyri ght © MIT S U B IS H I E S T A T E C o., Ltd. A l l R i ghts R eserved. IR Presentation 3
Slide 4: 1. Income Statement Summary
FY2024-1Q Overview 1. Income Statement Summary Operating Profit: ¥51.7 bn (up ¥3.3 billion YoY) , Profit Attributable to Owners of Parent: ¥25.9 bn (up ¥6.6 billion YoY) FY2024-1Q FY2023-1Q Millions of yen (rounded down) Change Main Factors Results Results Operating revenue 328,239 292,465 + 35,774
Slide 5: 2. Balance Sheet Summary
FY2024-1Q Overview 2. Balance Sheet Summary (Billions of yen) As of June As of March Assets 30, 2024 31, 2024 Change Inventories 518.7 513.8 +4.9 PPE/equity investments Property, plant and etc. increased due to 4,703.7 4,597.1 +106.6 equipment progress in selected Equity investments 1,005.6 962.1 +4
Slide 6: 3. Interest-Bearing Debt
FY2024-1Q Overview 3. Interest-Bearing Debt (as of end of June 2024) Consolidated Interest-Bearing Debt Fixed/Floating Rates Long/Short Terms Yen/Foreign Currency (Billions of yen) Lease obligations 1.6 Foreign currencies ¥724.0bn Floating 16.0% Short-term 6.6% (Floating ¥483.1bn) Bonds 880.5 Fixed
Slide 7: FY2024 Forecasts
FY2024 Forecasts There are no updates from this page to the IR presentation for FY2023 disclosed on May 10, 2024. C opyri ght © MIT S U B IS H I E S T A T E C o., Ltd. A l l R i ghts R eserved. IR Presentation 7
Slide 8: 1. Income Statement Forecast - FY2024 Forecasts vs. FY2023 Results
FY2024 Forecasts 1. Income Statement Forecast - FY2024 Forecasts vs. FY2023 Results Operating Profit is expected to reach ¥300 billion for the first time. Operating Profit and Profit Attributable to Owners of Parent(for the fourth consecutive year) are expected to reach new highs. FY2024 FY2023 Mill
Slide 9: 4. Cash Flow Forecast For FY2024
BS・Debt・CF 4. Cash Flow Forecast For FY2024 New investment of ¥216 billion is set mainly overseas for profit growth. (Billions of yen) Investment assumption (Billions of yen) Operating Cash Flow Investing Cash Flow FCF Initial Plan Decrease (Increase) in equity investments Capital Investments 572.0
Slide 10: Shareholders Returns
Shareholders Returns C opyri ght © MIT S U B IS H I E S T A T E C o., Ltd. A l l R i ghts R eserved. IR Presentation 10
Slide 11: Progressive dividend of ¥3 every fiscal year
Shareholder Return Policy [extracted from Long-Term Management Plan 2030 Review] Progressive dividend of ¥3 every fiscal year Business Strength Shareholder Return (Dividends) Shareholder Value Reflect upward growth prospect and implement ¥3 progressive dividend every fiscal year (¥60 or more in FY20
Slide 12: Continuous Share Buyback
Shareholder Return Policy [extracted from Long-Term Management Plan 2030 Review] Continuous Share Buyback Business Strength/ Management Strategy Shareholder Return (Share Buyback) Shareholder Value ¥50 billion share buyback decided in FY2024 High-level gains ¥50 billion/year buyback estimated also i
Slide 13: Strategy and Progress
Strategy and Progress C opyri ght © MIT S U B IS H I E S T A T E C o., Ltd. A l l R i ghts R eserved. IR Presentation 13
Slide 14: 1. Summary of Segment Changes
Strategy and Progress 1. Summary of Segment Changes Old Segment New Segment Commercial Property Business Group Commercial Property Business Group Marunouchi Property Business Group Residential Business Group Residential Business Group International Business Group International Business Group Investm
Slide 15: 2. FY2023 Operating Profit (breakdown)
Strategy and Progress 2. FY2023 Operating Profit (breakdown) (Reference) Millions of yen FY2023 Results Main components Operating Profit 278,627 Commercial Property Business 114,730 Leasing 59,000 Rental profit of office, logistics facility, retail property (including outlet), hotel, etc., in Japan
Slide 16: 3. Commercial Property Business
Strategy and Progress (Commercial Property Business) 3. Commercial Property Business Business Overview Operating Profit Office Buildings Retail Properties Engages in the development, leasing, and Develops retail properties and outlet malls property management of office buildings, across Japan, mainl
Slide 17: 4. Marunouchi Property Business
Strategy and Progress (Marunouchi Business) 4. Marunouchi Property Business Business Overview Operating Profit Development, leasing, and property management of mainly office buildings in Otemachi, Marunouchi, and Yurakucho (DaiMaruYu district). Maximize profits through area development and area mana
Slide 18: 5. Residential Business
Strategy and Progress (Residential Business) 5. Residential Business Business Overview Operating Profit Operates residential condominium business under "The Parkhouse" brand and rental apartments business under "The Parkhabio" brand. (Billions of yen) 50 40 38.8 2.8 30 15.0 20 The Parkhouse The Park
Slide 19: 6. International Business
Strategy and Progress (International Business) 6. International Business Business Overview Operating Profit Undertakes office building development and leasing businesses mainly in the United States and the United Kingdom, as well as projects in the cities of the Asia and Oceania regions. (Billions o
Slide 20: 7. Investment Management Business
Strategy and Progress (Investment Management Business) 7. Investment Management Business Business Overview Operating Profit Asset management companies in Japan, US, Europe, and Asia address global needs of asset management of real estates. Entrusted from over 650 institutional investors, (Billions o
Slide 21: 8. Progress in Long-term Management Plan 2030
Strategy and Progress (Long-term Management Plan 2030) 8. Progress in Long-term Management Plan 2030 Changes in Business Profit ¥350.0 - 400.0bn (Billions of yen) Goals of FY2030 400 350 296.9 300.3 279.3 278.9 19.0 300 17.7 240.9 32.2 224.7 89.4 51.4 250 15.7 9.3 55.8 46.1 37.9 200 150 239.0 100 20
Slide 22: 9. Shareholders Returns (Dividends)
Strategy and Progress (Shareholders Returns) 9. Shareholders Returns (Dividends) DPS increase due to steady profit growth, and progressive dividend payments(+¥3) is introduced from FY2024. (Billions of yen) +¥３(+7.5%) increase in dividend (Yen) Profit Dividends per share 200 50 180 43 45 40 160 38 4
Slide 23: 10. Shareholders Returns (Share Buyback)
Strategy and Progress (Shareholders Returns) 10. Shareholders Returns (Share Buyback) Implement ¥280billion share buyback in 6 years. Continued high-level and stable shareholder return. (Billions of yen) Dividend 97.4% 100.0% ¥280bn 160 Share Buyback 90.0% 140 Total Return Rate (Single year) Share B
Slide 24: 11. ROA・ROE・EPS
Strategy and Progress (Shareholders Returns) 11. ROA・ROE・EPS FY2023 results: ROA 3.9%, ROE 7.4%, EPS ¥131.96 12% 10% 10% ROA* ROE 8.5% 8.1% 7.8% 7.9% 8% 7.6% 7.3% 7.4% 7.2% 6.6% 6% 5.6% 5.2% 5% 4.4% 4.4% 4.0% 4.1% 3.8% 3.8% 3.9% 3.9% 4% 3.6% 3.3% 3.3% 2% 0% FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
Slide 25: 12. ROA・ROE・EPS
Strategy and Progress (Shareholders Returns) 12. ROA・ROE・EPS EPS is expected to hit 4th straight record-high in FY2024. EPS ¥200 ¥200 EPS ¥137.93 (4th straight record high, YoY+4.5%) ¥150 ¥100 200 131.96 137.93 125.54 116.45 108.64 ¥50 96.97 101.34 86.78 74.00 60.13 52.85 ¥0 FY2014 FY2015 FY2016 FY2
Slide 26: Contact Information / Disclaimer
Disclaimer This material is provided for information purposes only. Nothing herein is intended to constitute an offer to sell, a solicitation of an offer to buy, or a Contact Information recommendation of any specific products by Mitsubishi Estate Co., Ltd. (the “Company”) Investor Relations Office,