Daito Trust Construction Co., Ltd. · TSE:1878
Daito Trust Construction — Q3 FY2010 Earnings Presentation
24 slides from Daito Trust Construction's earnings presentation, February 2011
Slide 1: 3Q Financial Highlights, Year ending March 31, 2011
3Q Financial Highlights, Year ending March 31, 2011 Contents Ⅰ．3Q Financial Results ・・・・・・・・・・ 3 Ⅱ．Orders received ・・・ ・・・・・・・・・ 9 Ⅲ．Occupancy rate ・・・・・・・・・・・・ 19 Ⅳ． Financial forecasts ・・・・・・・・・・ 26 Ⅴ． Appendix ・・・・・・・・・・・・・・・ 29
Slide 2: 3Q Financial Results: Income summary
Ⅰ. 3Q Financial Results Ⅰ-1 Income summary Net sales Operating income (¥ billions) (¥ billions) 1,000 60 ¥44.5bln ¥709.1bln 800 （+4.6% y/y） （+19.6% y/y） 678.1 37.2 598.4 40 600 400 Plan 20 17.3 Plan 200 ¥691.4bln ¥28.2bln 0 0 08/12 09/12 10/12 08/12 09/12 10/12 (¥ billions) Ordinary income (¥ billio
Slide 3: Income summary by segment (Construction, Real estate)
Ⅰ-2 Income summary by segment (Construction) （¥billions） 3Q FY09 3Q FY10 （y / y） Because of the revision of accounting standard by “management approach”, Net sales 302.0 285.5 （- 5.5%） segment of “building and repairs” of Daito Building Management is changed from “Construction” to “Real estate” Gros
Slide 4: Income summary by segment (Others); SG&A expenses
Ⅰ-4 Income summary by segment (Others) （¥billions） 3Q FY09 3Q FY10 （y / y） Net sales 16.9 18.4 （+ 8.4%） Gross profit 5.5 6.4 （+ 15.0%） Gross profit margin 32.9% 34.9% ［+ 2.0ｐ］ [ ]：Difference from previous same period （\billions） （\billions） （%） 20 ¥18.4bln 8 16.9 15.1 ¥6.4bln 15 6 5.5 4.3 10 4 28.4%
Slide 5: Orders received
Ⅱ. Orders received Ⅱ-1 Orders received ◇Orders received ¥364.2bln（116.4% y/y） Per period Per quarter （\billions） （\billions） 400 ¥364.2bln 200 338.5 312.9 300 150 126.5 119.8 125.8 129.6 117.6 108.7 101.0 200 92.1 94.2 100 100 50 0 0 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q 09/3 10/3 11/3 10
Slide 6: Orders received backlog; sales rep efficiency
Ⅱ-2 Orders received backlog ◇Orders received backlog ¥496.0bln（103.4% y/y） （\billions） Percentage of completion basis 700 600 551.5 575.9 601.0 79.9 500 71.9 400 479.6 \496.0bln 300 200 100 0 08/12 09/12 10/12 ※Orders received backlog including percentage of completion basis 11 Ⅱ-3 Sales rep and sal
Slide 7: Orders by repeat & introduction; new customers
Ⅱ-4 Number of orders received by repeat & introduction (Quarterly comparison) ◇Number of orders received by repeat & introduction 1,149（142.2% y/y） (Number) ( y/y ) 2,000 Lehman Shock 142.2% 160% 126.7% 140% 122.4% 120.2% 111.5% 109.5% 111.4% 113.8% 1,500 107.2% 120% 99.7% 85.3% 1,144 1,149 100% 1,0
Slide 8: Cancellation rate; Unit price
Ⅱ-6 Cancellation rate (Quarterly comparison) ◇Cancellation rate 15.1％（ - 6.4p y/y） 40% Lehman Shock 30% 25.1% 25.8% 22.1% 21.5% 18.7% 19.0% 18.9% 17.9% 20% 16.9% 14.8% 15.1% 10% 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 09/3 10/3 11/3 ※ Cancellation rate ＝ the amount of cancellation / the amount of new
Slide 9: Comparison with FY2009; Orders received plan
Ⅱ-8 Comparison with FY2009 Comparison with 1Q-3Q Comparison with 3Q ¥51.3bln Increase ¥35.4bln Increase ① Number + ¥49.2bln ① Number + ¥ 30.8bln （4,938 → 5,621） （1,512 → 1,935） ② Cancellation + ¥11.0bln ② Cancellation + ¥4.0bln （20.8% → 16.6%） （21.5% → 15.1%） ③ Unit price - 8.9bln ③ Unit price + ¥0.
Slide 10: Occupancy rate: Tenancy agreement
Ⅲ. Occupancy rate Ⅲ-1 Tenancy agreement ◇Tenancy agreement 134,255（116.9% y/y） Residential use Commercial use (Number) ( y/y ) (Number) ( y/y ) 150,000 200% 4,000 200% 130,872 3,383 111,787 3,055 107,749 3,000 2,792 100,000 150% 150% 117.1% 2,000 110.7% 111.1% 109.4% 103.7% 50,000 100% 89.2% 100% 1,
Slide 11: Rent basis occupancy rate; rate of moving out
Ⅲ-2 Rent basis occupancy rate※ (Comparison with Dec.) Residential use 94.8%（＋1.2p y/y） 7,500 units Improvement 622,200 units ×1.2%≒7,500 Commercial use 91.6%（＋0.2p y/y） 80 units Improvement 39,000 units×0.2%≒80 Residential use Commercial use Lehman Shock Lehman Shock 100% 100% 95.7% 95.5% 93.6% 94.8
Slide 12: Tenancy agreement plan; Occupancy rate plan
Ⅲ-4 Tenancy agreement plan ◇Tenancy agreement plan 215,000（119.2% y/y） Plan for required tenancy agreement ⇒ 80,745 Residential use：78,528 Commercial use：2,217 Residential use Commercial use 250,000 Lehman Shock 6,000 Lehman Shock 5,600 209,400 5,000 200,000 176,009 4,182 4,305 155,253 167,996 (78,5
Slide 13: Ⅳ. Financial Forecasts
Ⅲ-6 Occupancy rate plan for residential use Lehman Shock 100% 97.0% 97.0% 96.8% 96.7% 96.6% 96.7% 96.4% 95.6% 94.6% 95.9% 90% 80% 70% 60% 50% 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 （plan） 25 Ⅳ. Financial Forecasts
Slide 14: Financial forecast
Ⅳ-1 Financial forecast The original plan revised upward Sales Operating income （\billions） ¥1,004.5bln （\billions） 1,200 100 ¥74.2bln 954.8 972.6 （+3.3% y/y） 1,000 80 70.3 71.1 （+4.3% y/y） 800 60 600 40 400 200 20 0 0 09/3 10/3 11/3（plan） 09/3 10/3 11/3（plan） Ordinary income Net income （\billions） （
Slide 15: Appendix: Non-consolidated statement of income
Ⅴ. Appendix Ⅴ-1 Non-consolidated statement of income （¥ millions） 3Q FY10 3Q FY09 y/y plan (year) Net sales 308,447 320,486 - 3.8% 463,900 Construction 289,909 293,731 - 1.3% 438,300 Real estate & others 18,538 26,754 - 30.7% 25,600 Gross profit 105,586 104,063 + 1.5% 162,900 Construction 108,951 10
Slide 16: Financial summaries of major subsidiaries (Construction, Real estate)
Ⅴ-2 Financial summaries of major subsidiaries ①（Construction） （ ¥ millions ） Construction business Daito Construction Daito Steel 3Q FY10 3Q FY09 y/y plan (year) 3Q FY10 3Q FY09 y/y plan (year) Net sales 3,297 287 － 5,486 2,214 2,298 - 3.7% 3,307 Gross profit 199 14 － 338 96 131 - 26.7% 142 SG&A exp
Slide 17: Financial summaries of major subsidiaries (Others)
Ⅴ-4 Financial summaries of major subsidiaries ③（Others - 1） （ ¥ millions ） Other business （Financial business） Other business（other） Daito Finance D.T.C House Leave 3Q 3Q y/y plan 3Q 3Q y/y plan 3Q 3Q y/y plan FY10 FY09 (year) FY10 FY09 (year) FY10 FY09 (year) Net sales 1,235 1,369 - 9.8% 1,610 1,70
Slide 18: Sales structure of real estate business; Financial conditions
Ⅴ-6 Sales Structure of Real estate business （ ¥ millions ） 08/12 09/12 10/12 Amount （Ratio） Amount （Ratio） Amount （Ratio） y/y Brokerage 7,388 (2.1%) 7,690 (2.1%) 7,855 (1.9%) + 2.1% Management service 334 (0.1%) 343 (0.1%) 305 (0.1%) - 10.9% Sub-lease ※1 16,606 (4.8%) 12,103 (3.4%) 8,001 (2.0%) - 33
Slide 19: Cash flows; Number of employees
Ⅴ-8 Cash flows Cash flow provided by Net income before taxes, Operating activities -1.9 Payment for income taxes Cash flow used in Acquisition of securities Investing activities -5.6 Redemption of securities Cash flow used in Financing activities -22.5 Payment for dividend Cash and cash equivalents
Slide 20: Number of construction starts & Daito's share
Ⅴ-10 Number of construction starts & Daito’s share Number of construction starts 400,000 20% 323,670 15.1% 15.6% 300,000 15% 10.6% 209,093 198,133 200,000 10% 100,000 5% 0 0% 08/11 09/11 10/11 Number of construction starts （Apr.-Nov.） Daito's share (Apr.-Nov.) (Ministry of Land, Infrastructure, Tran
Slide 21: Orders received by area; by repeat
Ⅴ-12 Orders received by area （\billions） 120 100% 119.3 75% 100 +41.0% +35.9% +39.8% 50% (91.1) 80 +21.7% +9.3% +23.3% Daito’s Ave. （+6.6%） +14.5% 25% +16.4% +7.3% +0.7% 60 0% 58.4 51.4 -25% 40 40.4 -50% 20 28.9 29.6 21.3 -75% 8.3 11.2 0 -100% ） n io ai o ku o i ku u hu u nk eg nt aid st ok k ho iko
Slide 22: Rent basis occupancy rate; by area
Ⅴ-14 Rent basis occupancy rate Rent basis occupancy rate 100% 98% 96% 94% 92% Residential use Commercial use 90% 06/3 06/9 07/3 07/9 08/3 08/9 09/3 09/9 10/3 10/9 Rent basis occupancy rate 06/12 07/12 08/12 09/12 10/12 y/y Residential use (%) 96.1% 95.7% 95.5% 93.6% 94.8% ＋1.2p Commercial use (%) 95
Slide 23: Units under management; Customer's financing channel
Ⅴ-16 Number of units under management & aggregate amount of rent Residential use Commercial use Managing units Rent Managing units Rent (thousands) (￥billions) (thousands) (￥billions) 700 598 628 50 500 10 600 552 36.1 40 400 7.1 8 500 31.1 33.6 6.7 6.5 400 30 300 6 300 20 200 4 200 10 100 2 100 39.
Slide 24: Notice of a Campaign for provision of information
Ⅴ-18 Notice of a Campaign for provision of information Campaign Looking Looking forward forward to to till March !！ aa provision provision of of information information for for Room Room Search Search && Land Land Use！ Use！ ◆ For Room Search ◆ For Land Use For an agreement of contract･･･ For 2 provi
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