Slide 1: Results Briefing for the Year Ended March 31, 2011
May 16, 2011 Results Briefing for the Year Ended March 31, 2011
Slide 2: Forward-looking statements
This report contains forward-looking statements regarding Toda Corporation and the Group’s corporate plans, strategies, and business forecasts. These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date, which are subject to a number of
Slide 3: Summary of Financial Results and Details of Financial Results
1. Summary of Financial Results and Progress of Medium-Term Management Plan - President Shunzo Inoue 2. Details of Financial Results - Executive Manager Toshiro Oka Results Briefing for the Year Ended March 31, 2011 3
Slide 4: Summary of Financial Results and Progress of Medium-Term Management Plan
1. Summary of Financial Results and Progress of Medium-Term Management Plan President Shunzo Inoue Results Briefing for the Year Ended March 31, 2011 4
Slide 5: The Great East Japan Earthquake
The Great East Japan Earthquake Immediately after the earthquake, we formed a Disaster Control Headquarters at the head office and the branch offices to begin restoration activities. As of March 30, the Disaster Restoration Office was formed as a dedicated unit to respond to customer inquiries a
Slide 6: 1-1. Summary of Financial Results
1-1. Summary of Financial Results Results Briefing for the Year Ended March 31, 2011 6
Slide 7: Highlights: FY2010
Highlights: FY2010 Consolidated Net Sales: ¥452.7 billion (down 4.7% year-on-year) ： Net sales of completed construction contracts decreased 5.1% due to adoption of percent of completion method for revenue recognition. Operating Income: ¥6.0 billion (down 6.3% year-on-year) ： Operating income de
Slide 8: Summary: FY2010
Summary: FY2010 （Millions of yen） FY2010 FY2009 Original Change Difference Forecast Actuals (year on year) （vs forecast) Consolidated 475,055 467,000 452,762 -4.7% -14,237 net sales Operating 6,408 7,100 6,004 -6.3% -1,095 income Ordinary 7,724 8,200 7,478 -3.2% -721 income Net income 3,175 4,000 3,
Slide 9: Construction Business Performance (Non-consolidated)
Construction Business Performance (Non-consolidated) Orders Received for Net Sales of Completed Gross Profit Margin on Construction Construction Contracts Completed Construction Contracts （+12.1%） （-5.6%） 444.5 446.3 421.3 Architectural construction 396.5 Civil 82.2 engineering 97.9 Civil 6.6 (+17.2
Slide 10: Breakdown of the Orders Received (Non-consolidated)
Breakdown of the Orders Received (Non-consolidated) Breakdown by Client By Quarter Overseas 1.4 (+17.7%) 1.2 119.2 4Q (-28.7%) Private 167.2 297.1 sector 3Q (Billions of yen) (Billions of yen) (+3.5%) 144.9 286.9 (+136.1%) 61.3 2Q 98.6 104.1 (+5.6%) Public 145.9 sector 108.3 (+34.7%) 1Q 69.2 76.2 (+
Slide 11: Main Orders Received
Main Orders Received Ordering Parties Name of works Architectural construction Nintendo Co. Ltd. New office building Tokyo Metropolitan Geriatric Hospital Geriatric Hospital And Institute Of And Institute Of Gerontology Gerontology Saitama Prefecture Cancer Center New Hospital Building Doshisha Univ
Slide 12: Main Works Completed
Main Works Completed Ordering Parties Name of works Architectural construction Ariake Minami A TMK Ariake Minami Project Toyo Kaiji Kogyo Shiodome Project Warabi Station West Area Warabi Station West Exit Redevelopment Redevelopment Association Onshi Foundation Social Welfare Organization Saiseikai
Slide 13: 1-2. Progress of Medium-Term Management Plan
1-2. Progress of Medium-Term Management Plan * Plan period: FY2009 -FY2011 Results Briefing for the Year Ended March 31, 2011 13
Slide 14: Recognition of Business Conditions (Forecasts)
Recognition of Business Conditions (Forecasts) <Reference> Macro Economy Investment in Construction Forecasts Economic stagnation is expected to continue during the first half of FY2011 47.7 47.7 due to a downturn in consumer spending and suspended production at 42.2 42.3 many plants. 39.0 16.9 16
Slide 15: Performance Targets and Forecasts
Performance Targets and Forecasts (Billions of yen) Revised Original Target FY2011 Forecasts (May 2009) (May 2011) Consolidated net 500.0 463.5 sales Ordinary Income 12.0 10.0 (Profit margin) (2.4%) (2.2%) Results Briefing for the Year Ended March 31, 2011 15
Slide 16: Final Year of the Plan
Final Year of the Plan Gross profit margin on completed construction contracts FY2008: 5.6％ FY2011 (forecast): 6.6％ (Original Target: 6.5%) Real estate profit FY2008 : ¥2.5 billion FY2011 (forecast): ¥2.2 billion (Original Target: ¥3 billion) Net sales of subsidiaries and affiliates FY2008: ¥26.8 bi
Slide 17: Positioning of FY2011
Positioning of FY2011 Push Forward to Achieve Targets. Implement Additional Measures No change in business – FY2010 FY2011 policy (ensuring profit through the life cycle of a construction project) Complete current measures Complete current measures. Implement additional Establish a new business pill
Slide 18: Organizational Restructuring
Organizational Restructuring Established Real Estate Business Division and Environmental Business Promotion Department (March 2011) Head Office Branch Offices （Engage in construction business） Real Estate Department Consolidate processes including decision making on real estate investment, property
Slide 19: Expand Subsidiary Businesses (Policy)
Expand Subsidiary Businesses (Policy) Domestic Businesses • Strengthen the property management and maintenance business. Overseas Businesses • Receive a certain number of orders in Brazil and China. • Establish operating sites in Southeast Asia and attract local demand. Results Briefing for the
Slide 20: Progress of Current Measures
Progress of Current Measures Index Target (FY2011) FY2009 FY2010 Ratio of renovations to ２５％ １６％ １５％ completions ７４％ ７６％ Ratio of orders in the ７０％ (Architectural (Architectural priority areas construction and civil engineering) construction and civil engineering) Overseas orders received ¥20.0 bill
Slide 21: Priority Areas (Types of Works)
Priority Areas (Types of Works) Orders for medical/welfare facilities and road construction supported the overall increase in orders received Orders received for Ratio in the priority Orders received for Ratio in the priority architectural construction areas: 76.4% civil engineering areas: 74.6% 11.
Slide 22: Overseas Business
Overseas Business * FY is from January 1 to December 31 in overseas subsidiaries and affiliates. Strengthen businesses in Southeast Asia and achieve order receipts of ¥20.0 billion. China (Shanghai, Guangzhou, Shenzhen) Receive orders for construction of electric appliance plants, etc. Overseas orde
Slide 23: Regional Strategy
Regional Strategy Ensure stable sales in Tokyo metropolitan area Sales by Region (non-consolidated) * Line represents percentage of the Tokyo metropolitan area sales 438.9 452.5 428.8 （60%） Others 57.1% 57.2% (Billions of yen) Chubu 51.4% Kansai Tokyo metropolitan area FY2008 FY2009 FY2010 Tokyo met
Slide 24: 1-3. Performance Forecasts
1-3. Performance Forecasts Results Briefing for the Year Ended March 31, 2011 24
Slide 25: Performance Forecasts
Performance Forecasts At present, the damage caused by the Great East Japan Earthquake and restoration processes have not been accurately determined. However, since restoration demand on large contractors is expected to be limited, we believe that impact on financial results for the year ending Marc
Slide 26: Forecasts for FY2011 (Year Ending March 31, 2012)
Forecasts for FY2011 (Year Ending March 31, 2012) (Millions of yen) FY2011 FY2010 Change Forecasts (year on year) Consolidated net sales 452,762 463,500 2.4% Operating income 6,004 8,900 48.2% Ordinary income 7,478 10,000 33.7% Net income 3,774 5,000 32.5% Orders received 444,573 451,000 1.4% (Non-c
Slide 27: Forecasts of the Construction Business (Non-consolidated)
Forecasts of the Construction Business (Non-consolidated) Orders Received for Net Sales of Completed Gross Profit Margin on Construction Construction Contracts Completed Construction Contracts Architectural (+1.4%) (+0.9%) construction 444.5 451.0 421.3 425.0 6.6 6.8 6.6 Total 81.0 Civil engineering
Slide 28: 2. Details of Financial Results
2. Details of Financial Results Executive Manager Toshiro Oka Results Briefing for the Year Ended March 31, 2011 28
Slide 29: Toda Group
(Consolidated) Toda Group 15 Business Subsidiaries in Japan Overseas subsidiaries companies Toda Reform Co., Ltd. Construtora Toda do Brazil S/A Sipco Industries Co., Ltd. Toda Construction (Shanghai) Co., Ltd. Construction Architectural 8 companies construction APEC Engineering Co., Ltd. Thai Toda
Slide 30: Summary of Group Performance
(Consolidated) Summary of Group Performance Ratio of Toda Corporation Subsidiaries total Consolidated consolidated results to non-consolidated Billions of yen % % % results Net sales 428.8 50.2 452.7 1.06 Gross profit 28.0 6.5 3.4 6.9 30.7 6.8 1.10 Selling, general and 22.5 2.6 24.7 administrative e
Slide 31: Net Sales by Subsidiaries (Japan and Overseas)
(Consolidated) Net Sales by Subsidiaries (Japan and Overseas) Sales in Japan and Overseas Overseas sales by Region (Billions of yen) 16 Figures in [ ] are percentages of total net sales 13.4 (Billions of yen) 60 0.4 55.5 12 50.2 3.6 46.6 8.3 13.4 6.0 [24％] [17％] 8.3 40 [13％] 8 U.S. 0.5 3.2 0.9 6.0 C
Slide 32: Gross Profit by Subsidiaries (Japan and Overseas)
(Consolidated) Gross Profit by Subsidiaries (Japan and Overseas) Gross Profit in Japan and Overseas Overseas Gross Profit by Region (Billions of yen) 1.2 (Billions of yen) 1.2 0.1 6 9.5% 0.2 8.7% 0.8 6.4% 6.8% 0.8 U.S. 0.2 4.0 0.7 0.3 4 3.5 3.4 Thailand, 1.1 Vietnum 0.1 0.6 0.3 0.7 China 0.2 2 0.4 0
Slide 33: 2-1. Consolidated Statements of Income
2-1. Consolidated Statements of Income Results Briefing for the Year Ended March 31, 2011 33
Slide 34: Statements of Income
(Consolidated) Statements of Income FY2009 (Actual) FY2010 (Actual) Change FY2011 (Planned) Billions of yen % % % % Net sales 475.0 452.7 -4.7 463.5 Gross profit 31.3 6.6 30.7 6.8 -1.8 33.2 7.2 Selling, general and 24.9 24.7 24.3 administrative expenses Operating income 6.4 1.3 6.0 1.3 -6.3 8.9 1.9
Slide 35: Change in Net Sales
(Consolidated) Change in Net Sales Construction Real Estate, Finance and Other Figures in [ ] are percentages of total sales (Billions of yen) (Billions of yen) 600 16 Finance., etc. 12.7 13.5 463.3 450.0 439.9 11.6 0.4 12 Real estate 400 109.5 0.5 for sale [24％] 1.7 2.4 334.4 8 [76％] 450.0 13.5 200
Slide 36: Change in Gross Profit
(Consolidated) Change in Gross Profit Construction Real Estate, Finance and Other Figures in [ ] are percentages of total gross profit; figures in italic are gross profit ratios (Billions of yen) (Billions of yen) 4 2.4 3.7 29.5 2.9 30 28.3 28.2 0.2 5.6 [20％] 5.1％ 2 Real estate 3.7 20 3.1 for rent 3
Slide 37: Change in SG&A
(Consolidated) Change in SG&A (Billions of yen) Consolidated Non-consolidated SG&A Personnel expenses 40 6.0% 5.5% 5.5% 5.2% 5.2% 30 25.5 24.9 24.7 24.3 23.2 4.0% 22.4 22.5 22.0 20 Including bad debt loss 14.7 14.7 14.4 2.0% 10 0 0.0% FY2008 FY2009 FY2010 FY2011(forecast) Results Briefing for the Ye
Slide 38: Change in Operating Income
(Consolidated) Change in Operating Income (Billions of yen) Consolidated Non-consolidated Operating income ratio 10 1.9% 2.0% 8.9 8 1.5% 1.3% 1.3% 8.2 1.0% 6 6.4 1.0% 6.0 5.7 5.4 4 4.3 0.5% 3.4 2 0.0% 0 -0.5% FY2008 FY2009 FY2010 FY2011 (forecast) Results Briefing for the Year Ended March 31, 2011 3
Slide 39: Change in Non-Operating Income (Loss)
(Consolidated) Change in Non-Operating Income (Loss) Account Balance 1.3 1.4 1.1 (Billions of yen) 3 2.3 2.5 2.3 2 0.6 Other income 0.6 Non-operating income Dividend and other 1 1.5 income 2.3 Dividend income 1.6 Interest income 0.1 0 0.2 Interest expenses Non-operating (0.8) (0.7) Interest and othe
Slide 40: Change in Ordinary Income
(Consolidated) Change in Ordinary Income Conosolidated Non-conosolidated Ordinary income ratio (Billions of yen) 12 2.1% 2.2% 1.7% 1.8% 1.6% 10.0 9.3 8 1.4% 1.2% 7.7 7.4 6.8 6.7 1.0% 5.7 4.9 4 0.6% 0.2% 0 -0.2% FY2008 FY2009 FY2010 FY2011(forecast) Results Briefing for the Year Ended March 31, 2011
Slide 41: Change in Extraordinary Income (Loss)
(Consolidated) Change in Extraordinary Income (Loss) Account Balance (1.4) (0.4) 0 (Billions of yen) 1 0.5 0.4 Extraordinary Gain on sales 0.1 income Gain on sales 0.5 Gain on negative goodwill 0.3 0 Impairment loss (0.3) Impairment loss (0.1) Loss on valuation of Allowance for doubtful Loss on disa
Slide 42: Change in Net Income
(Consolidated) Change in Net Income (Billions of yen) Consolidated Non-consolidated Net income ratio 6 1.1% 1.2% 0.8% 5.0 0.8% 4.6 4 0.6% 0.6% 3.7 0.4% 3.1 3.1 2.8 2.5 2.6 2 0.0% 0 -0.4% FY2008 FY2009 FY2010 FY2011 (forecast) Net income per share 9.0 yen 10.2 yen 12.2 yen 16.1 yen Results Briefing f
Slide 43: Comprehensive Income
(Consolidated) Comprehensive Income (Billions of yen) Consolidated Statements of Comprehensive Income FY2009 FY2010 Income before minority interest ― 3.8 Other comprehensive income: Valuation difference on available-for-sale securities ― (5.7) Deferred gains or losses on hedges ― 0 Foreign currency
Slide 44: 2-2. Consolidated Balance Sheets
2-2. Consolidated Balance Sheets Results Briefing for the Year Ended March 31, 2011 44
Slide 45: Balance Sheets
(Consolidated) Balance Sheets (Billions of yen) (Billions of yen) Assets Liabilities and Net Assets 502.4 500.8 502.4 500.8 Current Current liabilities liabilities Current (0.1) Current +15.4 assets assets 240.0 255.4 288.3 288.2 Noncurrent liabilities Noncurrent (11.9) liabilities 65.5 53.5 Noncurr
Slide 46: Detailed Consolidated Balance Sheets
(Consolidated) Detailed Consolidated Balance Sheets FY2009 FY2010 Remarks Billions of yen Figures in ( ) are changes from the previous year (Assets) Notes receivable, accounts receivable from completed construction contracts and other Current assets 288.3 288.2 133.4 (+35.3) Costs on uncompleted con
Slide 47: Detailed Consolidated Balance Sheets
(Consolidated) Detailed Consolidated Balance Sheets FY2009 FY2010 Remarks Billions of yen Figures in ( ) are changes from the previous year (Liabilities) Notes payable and other accounts payable 118.1 (+17.5) Current liabilities 240.0 255.4 Short-term loans payable 43.9 (+3.0) Advances received on u
Slide 48: Change in Real Estate Holding
(Consolidated) Change in Real Estate Holding For business use (own use) For business use (rent) For sale （Billions of yen） 114.5 117.2 120 112.0 113.0 For sale Decrease by sales -1.1 Decrease by valuation loss -0.6 32.8 30.4 28.6 35.5 80 For business Acquisition of real estate for rent use (rent) 50
Slide 49: Capital Investments
(Consolidated) Capital Investments (Billions of yen) FY 2011 Capital investments FY2009 FY2010 Change (forecast) Property, plant and 3.4 5.1 +1.7 4.2 equipment Intangible assets 2.3 0.3 -2.0 1.3 (Billions of yen) FY 2011 Others FY2009 FY2010 Change (forecast) Interest-bearing 59.5 58.1 -1.4 58.0 lia
Slide 50: Change in Investment Securities
(Consolidated) Change in Investment Securities Book value Valuation difference Nikkei Stock-Average （Billions of yen） Share Price (Yen) 250 12,525 GFC Earthquake 11,089 12,000 200 9,755 8,109 150 136.6 8,000 119.6 110.2 59.1 91.1 35.9 Valuation 100 difference 26.2 10.1 4,000 50 Book value 77.5 81.0
Slide 51: Change in Interest-Bearing Liabilities
(Consolidated) Change in Interest-Bearing Liabilities Short-term Long-term Ratio of interest-bearing liabilities Non-consolidated （Billions of yen） Figures in ( ) represent current portion of long-term loans payable 80 11.9% 11.6% 12.0% 10.9% 59.2 59.5 58.0 60 52.5 8.6% 11.5 Long-term 4.6 18.7 14.2
Slide 52: Change in Deferred Tax Assets
(Nonconsolidated) Change in Deferred Tax Assets Deferred tax assets (net) 11.0 12.4 （Billions of yen） 28.4 25.9 Deferred tax assets Noncurrent 13.0 7.0 Noncurrent 20.1 Current 16.8 (9.6) Current 7.2 -1.5 -1.5 Deferred tax Deferred tax liabilities Deferred tax Reserve for liabilities liabilities 3.9
Slide 53: Change in Provision for Loss on Construction Contracts
(Consolidated) Change in Provision for Loss on Construction Contracts （Billions of yen） Architectural construction Civil engineering 10 9.2 Civil engineering 8 1.9 6.4 6 1.2 4 Architectural 3.2 construction 2.8 7.3 0.6 1.2 5.2 2 2.1 1.9 0 FY2007 FY2008 FY2009 FY2010 Results Briefing for the Year End
Slide 54: 2-3. Consolidated Statements of Cash Flow
2-3. Consolidated Statements of Cash Flow Results Briefing for the Year Ended March 31, 2011 54
Slide 55: Cash Flow
(Consolidated) Cash Flow （Billions of yen） ＋1.1 61.6 60.4 Profit before tax +7.0 Construction-related funds +0.9 Real estate for sale +1.1 Cash and cash Cash and cash equivalents at beginning Purchase of property, plant and equivalents at end of Increase in fund of period equipment, etc. -4.7 period
Slide 56: (Reference) Share Price and Other Indices
(Reference) Share Price and Other Indices FY2011 FY2007 FY2008 FY2009 FY2010 (forecast) Share price (Yen) 410 303 337 329 329 Net assets per share 678.20 567.37 621.93 607.54 607.54 (Yen) Net income per share 11.82 9.01 10.23 12.20 16.18 (Yen) Price earning ratio (PER, 34.69 times) 33.63 32.94 PER 0
Slide 57: (Reference) Financial Indices Comparison
(Reference) Financial Indices Comparison ＊ Only orders received for construction works are on a non-consolidated basis. Efficiency Orders Received for Construction* Growth potential ★ ★★ Receivables turnover Net sales 23/3実績 Actual FY2010 Turnover of total Gross profit margin on assets 22/3実績 Actual
Slide 58: Toda Corporation
OSTODA TODA CORPORATION (SINCE 1881) 58