Meiwa Estate Co. Ltd. · TSE:8869
Meiwa Estate — H1 FY03/25 Earnings Presentation
78 slides from Meiwa Estate's earnings presentation, Nov 11, 2024
Slide 1: Financial Results for 1H FY03/25
MEIWA ESTATE Co., Ltd. (8869) Financial Results for 1H FY03/25 November 11, 2024
Slide 2: Summary
Summary In 1H FY03/25, net sales and profits increased YoY Net sales: up 15.9% YoY Operating profit: up 56.9% YoY Ordinary profit: up 82.0% YoY Net profit: up 48.0% YoY No change in full-year forecast of financial results and dividends for FY03/25 Dividends of ¥40 per share are planned All
Slide 3: Table of Contents
Table of Contents Consolidated Financial Statements 1H FY03/25 Residential Development Business Real Estate Agency Business Condominium Management Business Progress of the Strategy 2027 Fact Sheet Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 4: Consolidated Financial Statements 1H FY03/25
Consolidated Financial Statements 1H FY03/25
Slide 5: Summary of Results for 1H FY03/25
Summary of Results for 1H FY03/25 Consolidated Financial Results for 1H FY03/25 Net sales and profits increased YoY due to good performance in the Real Estate Agency Business and an increase in condominium deliveries in the Residential Development Business Net sales: ¥34.8 billion (up 15.9% Yo
Slide 6: Summary of Results for 1H FY03/25
Summary of Results for 1H FY03/25 In the Residential Development Business, steady progress towards full-year plan due to solid demand The Residential Development Business has secured sales contracts amounting to 91% of net sales target for FY03/25 as of the end of 1H Purchases decreased YoY du
Slide 7: Consolidated Financial Results 1H FY03/25
Consolidated Financial Results 1H FY03/25 Net sales: ¥34.8 billion (up ¥4.7 billion YoY), Operating profit: ¥2.7 billion (up ¥0.9 billion YoY), Ordinary profit: ¥2.1 billion (up ¥0.9 billion YoY) （Millions of yen） 1H FY03/24 1H FY03/25 Change FY03/25 Progress Change Full-year forecast Actual Actua
Slide 8: Factors Behind Change in Net Sales by Segment
Factors Behind Change in Net Sales by Segment Net sales increased significantly YoY in the Real Estate Agency Business aimed at strengthening its growth Net sales increased YoY due to an increase in the number of condominium deliveries Analysis of factors behind change in net sales Positive chan
Slide 9: Factors Behind Change in Operating Profit by Segment
Factors Behind Change in Operating Profit by Segment Profit increased YoY in the Real Estate Agency Business aimed to strengthen its growth Profit increased YoY due to an increase in the number of condominium deliveries Analysis of factors behind change in operating profit Positive change Negati
Slide 10: Factors Behind Change in Operating Profit by Accounting item
Factors Behind Change in Operating Profit by Accounting item Gross profit rose absorbing an increase in SG&A expenses aimed at strengthening sales capabilities, and operating profit rose YoY Analysis of factors behind change in operating profit Positive change Negative change （Millions of yen） Inc
Slide 11: Shareholder Returns: Dividends
Shareholder Returns：Dividends Dividends of ¥40 per share is planned for FY03/25 (no change from the previous forecast) Basic policy of dividends Dividends (yen) Dividends per share actual Dividends per share plan The Company will continue to strive to increase shareholder value and enhance interna
Slide 12: Shareholder Returns: Shareholder Benefits
Shareholder Returns : Shareholder Benefits Continue to offer the shareholder benefit program, which was introduced to ensure liquidity of shares. Shareholder benefit points are awarded based on the number of shares held Number of shares held Benefit points 600 shares to 699 shares 4,000 points 700
Slide 13: [Ref.] Our Business Segments and Contents
[Ref.] Our Business Segments and Contents 5 Business Segments as follows Business Segments Business Contents Residential Development Business Develop new condominiums Brokerage, Purchase and Resale, Real Estate Agency Business Renovation, Wealth Solution Condominium Management Management of condom
Slide 14: [Ref.] Composition of Net Sales
[Ref.] Composition of Net Sales Composition of net sales Leasing and Leasing and (Millions of yen) Related Related 390 384 (1.3%) Others (1.1%) Others Condominium 115 Condominium 51 Management (0.4%) Management (0.1%) 2,802 2,961 (9.3%) (8.5%) Real Estate Agency 1H Real Estate 1H 6,959 Agency (23.2%
Slide 15: [Ref.] Composition of Segment Profit
[Ref.] Composition of Segment Profit Composition of segment profit （Millions of yen） 1H FY03/24 1H FY03/25 Change Segment Change Actual Actual (%) Residential 1,301 1,812 511 39.3% Development Real Estate Agency 347 909 561 161.5% Condominium 187 182 -4 -2.4% Management Leasing and 151 143 -7 -5.1%
Slide 16: Residential Development Business
Residential Development Business
Slide 17: Residential Development Business
Residential Development Business Results: Net sales ¥21.0 billion (up 6.3% YoY), Segment profit ¥1.8 billion (up 39.3% YoY) No. of condominium deliveries increased YoY (282 → 390 units) Purchases: ¥10.1 billion (down 44.2% YoY) Carefully selected purchases in favorable locations Additional
Slide 18: Residential Development Business Results 1H FY03/25
Residential Development Business Results 1H FY03/25 Net sales and profit increased YoY （Millions of yen) 1H FY03/24 1H FY03/25 Change Change Actual Actual (%) Net sales Sales to external customers 19,779 21,032 1,252 6.3% Intersegment sales and － － － － transfer Total 19,779 21,032 1,252 6.3% Segme
Slide 19: Residential Development Business: Net Sales
Residential Development Business: Net Sales Net sales in 1H FY03/25 were ¥21.0 billion（up 6.3％ YoY） Net sales （Millions of yen） Condominiums Land and buildings Others +6.3% Others 21,032 59 30 19,779 Land and Buildings 794 75 20,897 18,953 1H FY03/24 1H FY03/25 Copyright © MEIWA ESTATE Co., Ltd. A
Slide 20: Residential Development Business: Segment Profit
Residential Development Business: Segment Profit Segment profit increased due to an increase in Gross Profit by increase in condominium units delivered and decrease in SG&A Analysis of factors behind change in segment profit Positive change Negative change （Millions of yen） Decrease in SG&A 1,812
Slide 21: Progress Against Full-year Net Sales Plan
Residential Development Business: Progress Against Full-year Net Sales Plan Full-year net sales are projected at ¥50 billion (up 4.2% YoY) Net sales * Only for new condominiums Net sales recorded Contracts scheduled to be concluded （Millions of yen) Contracts concluded +4.2% 50,000 47,992 Contract
Slide 22: Topics: 1H FY03/25 Completion and Deliveries
Topics: 1H FY03/25 Completion and Deliveries We developed high-value-added condominiums. Low-carbon building Fujisawa, Kanagawa Fukuoka, Fukuoka Total number of units: 58 Total number of units: 66 Completed and delivered in Completed and delivered in September 2024 August 2024 Copyright © MEIWA ES
Slide 23: [Ref.] Leading Sales Indicators (KPIs) for the Residential Development Business
[Ref.] Leading Sales Indicators (KPIs) for the Residential Development Business KPIs are defined as follows. Land purchase Start sales Completion/ Sales contracts contracts (construction permit granted) delivery Purchases Supply Sales Contracts Net Sales Planned sales amount at Sales value of Amou
Slide 24: Residential Development Business: Purchases
Residential Development Business: Purchases Purchases in 1H FY03/25 amounted to ¥10.1 billion (down 44.2% YoY) Conducted carefully selected purchases in consideration of the recent rise in construction costs *Only for new condominiums Purchases *Based on planned sales price （Millions of yen） -44
Slide 25: [Ref.] Diversification of Asset Type
[Ref.] Diversification of Asset Type Purchases amounted to ¥32.8 billion (up 40.9% YoY) in total for multiple business segments Aiming to diversify asset type in our capability Purchases all asset type *Based on planned sales price （Millions of yen） Condominiums Wealth Solution(WS) Land and buil
Slide 26: Residential Development Business: Supply
Residential Development Business: Supply Supply in 1H FY03/25 amounted to ¥18.3 billion (down 14.8% YoY) *Only for new condominiums Supply *Based on planned sales price （Millions of yen） -14.8% 21,508 18,322 Q2 8,572 Q2 9,005 Q1 12,936 Q1 9,316 FY03/24 FY03/25 Copyright © MEIWA ESTATE Co., Ltd. Al
Slide 27: Residential Development Business: Sales Contracts
Residential Development Business: Sales Contracts Sales contracts in 1H FY03/25 amounted to ¥26.7 billion (up 41.3% YoY) *Only for new condominiums Sales contracts *Based on contract price （millions of yen） +41.3% 26,743 Q2 18,925 12,942 Q2 9,298 Q1 Q1 13,801 9,627 FY03/24 FY03/25 Copyright © MEIW
Slide 28: Residential Development Business: Completed Inventory
Residential Development Business: Completed Inventory Completed inventory at the end of 1H FY03/25 was 26 units Aiming to sell out completed inventory as soon as possible Completed inventory (completed uncontracted units) *Only for new condominiums 26 units 11 units End of FY03/24 End of 1H FY03
Slide 29: Real Estate Agency Business
Ey =e RealEstate Agency Business Ji
Slide 30: Real Estate Agency Business
Real Estate Agency Business Results: Net sales ¥10.3 billion (up 49.4% YoY), Segment profit ¥0.9 billion (up 161.5% YoY) The Purchase and Resale Business is expanding strong through increasing its workforce Net sales: ¥5.1 billion (up 39.7% YoY) In the Brokerage Business, net sales increased
Slide 31: Real Estate Agency Business Results 1H FY03/25
Real Estate Agency Business Results 1H FY03/25 Net sales and profit increased YoY （Millions of yen） 1H FY03/24 1H FY03/25 Change Change Actual Actual (%) Net sales Sales to external customers 6,959 10,396 3,436 49.4% Intersegment sales and － － 0 0 transfers Total 6,959 10,396 3,436 49.4% Segment p
Slide 32: Real Estate Agency Business: Net Sales
Real Estate Agency Business : Net Sales Net sales in 1H FY03/25 were ¥10.3 billion（up 49.4％ YoY） Net sales Purchase and Resale Wealth Solution(WS) （Millions of yen） Brokerage Others +49.4% 10,396 162 4,422 6,959 107 2,698 659 465 5,151 3,688 1H FY03/24 1H FY03/25 Copyright © MEIWA ESTATE Co., Ltd.
Slide 33: Real Estate Agency Business: Segment Profit
Real Estate Agency Business : Segment Profit Significant increase in Gross profit absorbing an increase in SG&A expenses led to increased segment profit YoY Analysis of factors behind change in segment profit Positive change Negative change （Millions of yen） Increase in Gross profit Increase in SG
Slide 34: Real Estate Agency Business: Purchase and Resale
Real Estate Agency Business: Purchase and Resale Net sales in 1H FY03/25 were ¥5.1 billion (up 39.7% YoY) Net sales of Purchase and Resale （Millions of yen) +39.7% 5,151 3,688 Q2 3,051 Q2 1,901 Q1 Q1 1,787 2,100 FY03/24 FY03/25 Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 35: Real Estate Agency Business: Brokerage
Real Estate Agency Business: Brokerage Net sales in 1H FY03/25 were ¥0.6 billion(up 41.7% YoY) Net sales（Brokerage fees） （Millions of yen） +41.7% 659 Q2 465 305 Q2 233 Q1 Q1 354 232 FY03/24 FY03/25 Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 36: Real Estate Agency Business: Wealth Solution
Real Estate Agency Business: Wealth Solution Completed settlement and delivery of four properties in 1H Main properties delivered in 1H FY03/25 CLIO la belle vie Shintomicho Okubo Residence Total number of units: 16 Total number of units29 Shinjuku, Tokyo Chuo, Tokyo Delivered in June 2024 Deliver
Slide 37: Condominium Management Business
Condominium Management Business
Slide 38: Condominium Management Business
Condominium Management Business Results: Net sales ¥2.9 billion (up 5.6% YoY), Segment profit ¥0.1 billion (down 2.4% YoY) Steady progress in switchover from other property management companies backed by high customer satisfaction Number of new contracted units in 1H: 2,024 units (of which 1,6
Slide 39: Condominium Management Business Results 1H FY03/25
Condominium Management Business Results 1H FY03/25 Net sales increased YoY due to steady progress in switchover Profit slight decreased YoY due to increase in cost of sales and SG&A （Millions of yen） 1H FY03/24 1H FY03/25 Change Change Actual Actual (%) Net sales Sales to external customers 2,80
Slide 40: Condominium Management Business: Net Sales
Condominium Management Business: Net Sales Net sales in 1H were ¥2.9 billion (up 5.6% YoY) Change in net sales of Condominium Management Business （Millions of yen） Full-year plan Full-year 6,100 Full-year 5,729 Full-year 5,512 5,040 Q2 Q2 Q2 Q2 1,426 1,563 1,299 Cumulative 1,249 2,961 Q1 Q1 Q1 （+1
Slide 41: Condominium Management Business: Net Sales
Condominium Management Business: Net Sales Increase in Management fees due to an increase in switchovers from other management companies Net sales Management fees （Millions of yen） Construction-related +5.6% Others 2,961 2,802 91 41 405 493 2,267 2,465 1H FY03/24 1H FY03/25 Copyright © MEIWA ESTAT
Slide 42: Condominium Management Business: Segment Profit
Condominium Management Business: Segment Profit While gross profit increased due to increase in management fees, increase in SG&A, mainly personnel expenses, led to slight decrease in profit YoY Analysis of factors behind change in segment profit Positive change Negative change （Millions of yen） I
Slide 43: Topics: Condominium management business won high evaluation
Topics: Condominium management business won high evaluation [Left-hand side] In the SUUMO AWARD 2024 Tokyo Metropolitan Area, we won the grand prize in the Repair Category (for units of less than 100) of Management Company [Right-hand side] In the Oricon Customer Satisfaction Survey, we won 1st
Slide 44: Topics: Highly Rated in Customer Satisfaction Survey
Topics: Highly Rated in Customer Satisfaction Survey Our evaluation in the “Management company representative” category of the Oricon Customer Satisfaction Ranking is rising Change in ranking of Management company representative category (Unit: rank) 1 1 1 Company M MEIWA JISYO COMMUNITY Company N
Slide 45: Condominium Management Business: No. of Units Under Management
Condominium Management Business: No. of Units Under Management No. of units under management increased to 50,709 units as of the end of 1H FY03/25 Number of units under management Target 52,000 units 48,940 units 45,759 units End of 1H 43,471 units 50,709 units 42,676 units End of FY03/21 End of F
Slide 46: Condominium Management Business: New Management Contracts
Condominium Management Business: New Management Contracts The number of new management contracts is increasing 1H new management contracts Change in full-year new management contracts +16.9% +21.4% 2,024 units Target 3,860units 1,667 units 3,303 units Scheduled to 2,464 units commence management 1
Slide 47: Condominium Management Business: New Management Contracts
Condominium Management Business: New Management Contracts Switchovers from other management companies progress steady Continue strengthening switchovers from other management companies Change in number of units under new management contracts *Based on start of management Condominiums managed by
Slide 48: Progress of the Strategy 2027
Progress of the Strategy 2027
Slide 49: Progress of the Strategy 2027
Progress of the Strategy 2027* All businesses are making steady progress toward achieving the targets The Residential Development Business has secured sales contracts amounting to 91% of the sales target for FY03/25 The Residential Development Business has secured the target amount of sales ma
Slide 50: Progress of the Strategy 2027
Progress of the Strategy 2027 The Strategy 2027 Targets are as below （Billions of yen） FY03/25 FY03/26 FY03/27 Net sales 79.0 80.0 88.0 Residential Development Business 50.0 45.0 47.0 Real Estate Agency Business 22.1 28.0 33.7 Condominium Management Business 6.1 6.1 6.2 Leasing and Related Busines
Slide 51: Residential Development Business: Progress Against Sales Targets①
Residential Development Business: Progress Against Sales Targets① Sales contracts amounting to 91% of net sales target for FY03/25 Sales contracts for FY03/26 also achieve 90% of the target Residential Development Business sales targets * Only for new condominiums Net sales recorded Contracts co
Slide 52: Residential Development Business: Progress Against Sales Targets②
Residential Development Business: Progress Against Sales Targets② Secured the target amount of sales materials for the Strategy 2027 Residential Development Business sales materials * Only for new condominiums Purchased, not supplied （Billions of yen） Supplied, no contract Contracts concluded Net
Slide 53: Topics: Supply in Q2
Topics : Supply in Q2 ZEH-M Oriented Shinagawa, Tokyo Total number of units : 45 Sales commenced in September 2024 To be Completed in March 2026 Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 54: Topics: Supply in Q2
Topics : Supply in Q2 Taito, Tokyo ZEH-M Oriented Total number of units : 38 Sales commenced in September 2024 To be Completed in July 2026 Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 55: Topics: Carefully Selected Purchases in Favorable Locations
Topics: Carefully Selected Purchases in Favorable Locations Sales are progressing well with carefully selected purchases in favorable locations • A exclusive river view along the Sumida River • Within walking distance of Meguro Station and Gotanda • 4-minute walk from Asakusabashi, the nearest sta
Slide 56: Topics: Purchases through M&A
Topics: Purchases through M&A Amid intensifying competition, we are promoting the acquisition of land through M&A Examples of M&A for acquisition of real estate to utilize as sales materials ① Make a company into a subsidiary through ② Transfer real estate and liquidate the company ③ Develop and s
Slide 57: Topics: Purchases through M&A
Topics: Purchases through M&A Since 2021, 54 properties have been purchased through M&A We will continue to actively utilize M&A as one of our purchase methods Examples of companies acquired through M&A Outline of Company A Outline of Company B Acquisition of real estate through M&A Area Taito-k
Slide 58: Topics: Evaluation From Customers
Topics : Evaluation From Customers Our evaluation in the Oricon Customer Satisfaction Ranking is rising. In particular, we ranked highly in “Design”. Continue to produce condominiums with high-quality design to be selected 2024: Oricon Customer Satisfaction Ranking Change in Ranking of Design ca
Slide 59: Topics: Good Design Award 2024
Topics: Good Design Award 2024 "CLIO Kugenumakaigan Grand Roi" and "CLIO Setagaya Matsubara The Classic" received the Good Design Award 2024 from the Japan Institute of Design Promotion This is the first time we have received the award for two properties at the same time Low-carbon Property over
Slide 60: Topics: SUUMO Award 2024
Topics: SUUMO Award 2024 In the SUUMO AWARD 2024 Tokyo Metropolitan Area, we won the Excellence Award in the Energy Saving Category of Condominium Developer and Sales Company We will continue to pursue the development of high-quality condominiums MEIWA ESTATE Co., Ltd. Copyright © MEIWA ESTATE C
Slide 61: Purchase and Resale: Progress Against Sales Targets①
Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets① Steady progress in Purchase and resale contracts for net sales target in FY03/25 Purchase and Resale Business sales targets （Billions of yen） Net sales recorded Strategy 2027 Contracts concluded Strategy 2027 sales t
Slide 62: Purchase and Resale: Progress Against Sales Targets②
Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets② Secured the target amount of sales materials for FY03/25 Purchase and resale sales materials （Billions of yen） Sales materials 22.8 Strategy 2027 Strategy 2027 sales target Currently leased* sales target 20.0 1.4 18.
Slide 63: Wealth Solution: Progress Against Sales Targets
Real Estate Agency Business, Wealth Solution: Progress Against Sales Targets Good progress in securing sales materials for the Strategy 2027 Wealth Solution Business sales materials Target （Billions of yen） Purchased, not supplied Strategy 2027 Contracts concluded sales target Net sales recorded 1
Slide 64: Topics: Hotel Development Business
Topics: Hotel Development Business Established the Hotel Development Department in February 2024 with a view to medium- to long- term growth A few sites for hotel have already been acquired, and projects are under way to start up profitable business from FY03/28 onward Assumed business scheme Ou
Slide 65: [Ref.] The Strategy 2027
[Ref.] The Strategy 2027 For details of the Strategy 2027, please refer to the explanatory materials. ▶IR site:the Strategy 2027 https://www.meiwajisyo.co.jp/corp/ir/plan/ Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 66: [Ref.] Residential Development Progress Against Sales Targets(1)
[Ref.] Residential Development Business: Progress Against Sales Targets(1) For FY03/25, 91% of the Strategy 2027 sales target has been contracted （Billions of yen） FY03/25 FY03/26 FY03/27 計 Plan Net Sales 画 (Residential Development) 50.0 45.0 47.0 Net sales recorded (①) 20.8 － － Contracts conclude
Slide 67: [Ref.] Residential Development Progress Against Sales Targets(2)
[Ref.] Residential Development Business: Progress Against Sales Targets(2) Sales materials have been secured for the period of the Strategy 2027 （Billions of yen) FY03/25 FY03/26 FY03/27 Plan Net Sales 50.0 45.0 47.0 (Residential Development) Net sales recorded (①) 20.8 － － Contracts concluded (②)
Slide 68: [Ref.] Purchase and Resale: Progress Against Sales Targets
[Ref.] Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets Proceeding with sales contracts of the properties to be recorded as net sales in FY03/25 （Billions of yen） FY03/25 FY03/26 FY03/27 Net sales (Real Estate Agency ) 22.1 28.0 33.7 Plan Purchase and Resale 14.1 18
Slide 69: [Ref.] Purchase and Resale: Progress Against Sales Targets
[Ref.] Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets Secured sales materials for FY03/25 （Billions of yen） FY03/25 FY03/26 FY03/27 Net sales (Real Estate 22.1 28.0 33.7 Plan Agency ) Purchase and Resale 14.1 18.2 20.0 Net sales recorded (①) 5.1 － － Contracts conc
Slide 70: Fact Sheet
Fact Sheet == wien
Slide 71: Consolidated Balance Sheet as of End of 1H FY03/25
Consolidated Balance Sheet as of End of 1H FY03/25 （Millions of yen) Change End of FY03/24 End of 1H FY03/25 Change (%) Total assets 124,151 119,391 -4,760 -3.8% Current assets 115,071 107,467 -7,604 -6.6% Cash and deposits 34,902 20,617 -14,284 -40.9% Real estate for sale 16,433 8,195 -8,238 -50.1%
Slide 72: Residential Development Business: Sales Breakdown and Leading Sales Indicators
Residential Development Business: Sales Breakdown and Leading Sales Indicators （Millions of yen） FY03/25 1H 03/24 1H 03/25 Change Change(%) Full-year Progress(%) Actual Actual forecast Net sales 19,779 21,032 1,252 6.3% 50,000 42.1% Condominiums 18,953 20,897 1,944 10.3% － － Units delivered 282 unit
Slide 73: Real Estate Agency Business: Sales Breakdown and Leading Sales Indicators
Real Estate Agency Business: Sales Breakdown and Leading Sales Indicators （Millions of yen） 1H FY03/24 1H 03/25 FY03/25 Change Change(%) Progress (%) Actual Actual Forecast Net sales 6,959 10,396 3,436 49.4% 22,100 47.0% Purchase and Resale 3,688 5,151 1,463 39.7% 14,100 36.5% Units delivered 64 uni
Slide 74: Condominium Management Business: Sales Breakdown and Leading Sales Indicators
Condominium Management Business: Sales Breakdown and Leading Sales Indicators （Millions of yen） 1H FY03/24 1H FY03/25 FY03/25 Change Change(%) Progress (%) Actual Actual Forecast Net sales 2,802 2,961 158 5.6% 6,100 48.5% Management fees 2,267 2,465 197 8.7% － － Construction-related 493 405 -88 -17.
Slide 75: [Ref.] ROIC and WACC
[Ref.] ROIC and WACC In FY03/24, ROIC was 3.76％,WACC was 2.67％, and is recognized as generating shareholder value ROIC （％） 5.03 4.30 4.06 3.90 3.76 ROIC 3.04 2.25 2.39 2.35 2.67 WACC 2.11 1.94 FY03/19 FY03/20 FY03/21 FY03/22 FY03/23 FY03/24 Copyright © MEIWA ESTATE Co., Ltd. All rights reserved. *
Slide 76: [Ref.] ROIC
[Ref.] ROIC Calculation formula of ROIC as below Consolidated operating profit x (1 - effective tax rate) ROIC = Invested Capital* * Invested Capital is calculated as interest-bearing liabilities + equity. Calculated using the average value during the period. (Image) Consolidated Balance Sheets As
Slide 77: [Ref.] WACC (Weighted Average Cost of Capital)
[Ref.] WACC (Weighted Average Cost of Capital) Calculation formula of WACC as below WACC = (Cost of Debt x Debt ratio) + (Cost of Equity x Equity ratio) Cost of Debt Interest-bearing liabilities interest rate x (1 - effective tax rate) Debt ratio Value of interest-bearing liabilities / (market cap
Slide 78: Contact
Corporate Planning Dept., Contact TEL 03-5489-2620 E-mail IR8869＠meiwajisyo.co.jp MEIWA ESTATE Co., Ltd. *This material is for informational purposes only and is not intended as an offer, solicitation, or sales for any specific product. *This material was prepared based on data as of the date of pub