Meiwa Estate Co. Ltd. · TSE:8869
Meiwa Estate — H1 FY03/24 Earnings Presentation
79 slides from Meiwa Estate's earnings presentation, Nov 13, 2023
Slide 1: Financial Results for 1H FY03/24
MEIWA ESTATE Co., Ltd. (8869) Financial Results for 1H FY03/24 November 13, 2023
Slide 2: Table of Contents
Table of Contents Summary of Consolidated Financial Statements 1H FY03/24 P.02 Consolidated Financial Results 1H FY03/24 P.03 Shareholder Returns P.16 Residential Development Business P.19 Real Estate Agency Business P.40 Condominium Management Business P.49 Progress of the Five-Year S
Slide 3: Summary of Consolidated Financial Statements 1H FY03/24
Summary of Consolidated Financial Statements 1H FY03/24 In 1H FY03/24, consolidated net sales and profits increased YoY. No change to the full-year forecast for FY03/24, net sales and profit growth on an operating and ordinary profit basis. No change to dividend forecast. Contracts concluded
Slide 4: Consolidated Financial Results 1H FY03/24
Consolidated Financial Results 1H FY03/24
Slide 5: Summary of Results for 1H FY03/24
Summary of Results for 1H FY03/24 Consolidated Financial Results for 1H FY03/24 Both net sales and profit increased as the deliveries of condominium units increased YoY Net sales: ¥30 billion (up ¥12.3 billion YoY) Operating profit: ¥1.7 billion (up ¥1.6 billion YoY) Ordinary profit: ¥1.1 billion
Slide 6: Change in Reporting Segments
Change in Reporting Segments As announced in May 2023, we change reporting segments to suit our current management structure Former reporting segments New reporting segments New Condominiums New Condominiums Land and Buildings Residential Land and Buildings Development Others Others Real Estat
Slide 7: Consolidated Financial Results 1H FY03/24
Consolidated Financial Results 1H FY03/24 Net sales: ¥30 billion (up ¥12.3 billion YoY), Operating profit: ¥1.7 billion (up ¥1.6 billion YoY), ordinary profit: ¥1.1 billion (compared with ordinary loss of ¥0.5 billion in the same period of the previous year) (Millions of yen) Full-year 1H FY03/23
Slide 8: Factors Behind Change in Net Sales by Segment 1H FY03/24
Factors Behind Change in Net Sales by Segment 1H FY03/24 1H net sales increased YoY due to an increase in condominium units delivered Analysis of factors behind change in net sales Positive change Negative change (Millions of yen) Real Estate Condominium Leasing and Agency Management Related Othes
Slide 9: Factors Behind Change in Operating Profit by Segment 1H FY03/24
Factors Behind Change in Operating Profit by Segment 1H FY03/24 Operating profit in the Residential Development Business increased due to higher net sales Analysis of factors behind change in operating profit Positive change Negative change (Millions of yen) Residential developmnt 1,723 +1,515 Adj
Slide 10: Factors Behind Change in Operating Profit by Accounting item 1H FY03/24
Factors Behind Change in Operating Profit by Accounting item 1H FY03/24 As condominium deliveries increased, gross profit rose absorbing a ¥700 million increase in SG&A expenses aimed at strengthening sales capabilities, and operating profit rose significantly Analysis of factors behind change in
Slide 11: Composition of Net Sales and Segment Profit 1H FY03/24
Composition of Net Sales and Segment Profit 1H FY03/24 Composition of net sales (Millions of yen) Leasing and Related (Millions of yen) 390 Net sales Segment profit Others Segment (Composition (Composition (1.3%) 115 ratio) ratio) Condominium (0.4%) Management 19,779 1,301 Residential 2,802 Developm
Slide 12: Q2 FY03/2024 Completion and Delivery (1)
Q2 FY03/2024 Completion and Delivery (1) 4 condominiums completed,190 units delivered Setagaya, Tokyo Shinagawa, Tokyo Total number of units:26 Total number of units:30 Completed and delivered in August 2023 Completed and delivered in July 2023 Copyright © MEIWA ESTATE Co., Ltd. All rights reserve
Slide 13: Q2 FY03/2024 Completion and Delivery (2)
Q2 FY03/2024 Completion and Delivery (2) 4 condominiums completed,190 units delivered Chigasaki, Kanagawa Kawagoe, Saitama Total number of units:88 Total number of units:50 Completed and delivered in July 2023 Completed and delivered in July 2023 Copyright © MEIWA ESTATE Co., Ltd. All rights reser
Slide 14: CLIO Chigasaki Nakakaigan Grand Chic Wins Good Design Award
"CLIO Chigasaki Nakakaigan Grand Chic" Wins Good Design Award “CLIO Chigasaki Nakakaigan Grand Chic” received the Good Design Award 2023 from the Japan Institute of Design Promotion Jury’s evaluation comments The eaves are light and give a good impression. First floor residences do face the outsid
Slide 15: ROIC and WACC
ROIC and WACC ROIC in FY03/23 was 5.03% Exceeds WACC by 2.68% and is recognized as generating shareholder value Changes in ROIC (%) 5.03 ROIC 4.30 4.06 3.90 3.04 2.25 2.39 2.11 2.35 WACC 1.94 FY03/19 FY03/20 FY03/21 FY03/22 FY03/23 *Calculated on a consolidated basis. See Fact Sheet for details
Slide 16: Change of listed market
Change of listed market Change of listed market to the Standard Market on October 20,2023 Secure an environment in which our shareholders can hold our shares without any concern over the medium to long term and focus on investment for growth [Ref.] Compliance status for Continued Listing Continu
Slide 17: Shareholder Returns
Shareholder Returns
Slide 18: Dividends
Dividends Dividends of ¥50 per share is planned for FY03/24 (no change from the previous forecast) We aim for stable dividends, with a payout ratio of around 30%. Dividends Ordinary Commemorative dividend dividend Dividend Dividend increase increase ¥ 45 → ¥ 50 35th anniversary ¥ 30 → ¥ 45 ¥50 c
Slide 19: Shareholder Benefits
Shareholder Benefits A shareholder benefit program to improve share liquidity is ongoing. Points will be awarded based on the number of shares held as of March 31 each year. Shareholder benefit points are awarded based on the number of shares held Number of shares held Benefit points 600 shares
Slide 20: Residential Development Business
Residential Development Business
Slide 21: Residential Development Business
Residential Development Business Purchases: ¥18.4 billion (down 55.6% YoY) Secured properties of ¥160 billion for Q3 onward Supply: ¥21.5 billion (down 29.3% YoY) Started to supply condominiums scheduled to be recorded as net sales from next period onward The supply of some properties was
Slide 22: Residential Development Business Results 1H FY03/24
Residential Development Business Results 1H FY03/24 1H net sales and profits increased YoY (Millions of yen) 1H FY03/23 1H FY03/24 Change Change Actual Actual (%) Net sales Sales to external customers 9,489 19,779 10,290 108.4% Intersegment sales and 7 - -7 - transfers Total 9,496 19,779 10,282 10
Slide 23: 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: Progress Against Full-year Net Sales Plan (1)
Residential Development Business: Progress Against Full-year Net Sales Plan (1) Sales contracts at the end of 1H amounted to 99% of the full-year net sales plan Net sales * Only for new condominiums (Millions of yen) Five-year strategy Five-year strategy target Plan 99% of target Contract 63,000 6
Slide 25: Progress Against Full-year Net Sales Plan (2)
Residential Development Business: Progress Against Full-year Net Sales Plan (2) Full-year net sales are projected at ¥60 billion yen (up 31% YoY) Net sales * Only for new condominiums (Millions of yen) Net sales recorded Contracts concluded +31.6% Contract scheduled to be concluded 60,000 Contract
Slide 26: Completions Schedule
Residential Development Business: Completions Schedule Completion of condominiums concentrated in Q4 (net sales recorded at the time of delivery) → Net sales plan weighted in Q4 FY03/24 Planned Completions (based on number of units) *Only for new condominiums 1,009 units (100.0%) Q2 Q4 190units 71
Slide 27: Residential Development Business: Purchases
Residential Development Business: Purchases Purchases in 1H amounted to ¥18.4 billion (down 55% YoY) Secured properties of more than ¥160 billion worth for Q3 onward, and conducted carefully selected purchases in consideration of the recent sharp rise in construction costs *Only for new condomin
Slide 28: Residential Development Business: Supply
Residential Development Business: Supply Supply in 1H amounted to ¥21.5 billion (down 29% YoY) *Only for new condominiums Supply * Based on planned sales price (Millions of yen) Some projects scheduled to be -29.3% supplied in 1H have been delayed 30,407 until after Q3 *7 condominiums supplied in
Slide 29: Residential Development Business: Sales Contracts
Residential Development Business: Sales Contracts Sales contracts in 1H amounted to ¥18.9 billion (down 29% YoY) Sluggish sales contracts due to a delay in the supply schedule of some condominiums *Only for new condominiums Sales contracts *Based on contract price (Millions of yen) Supply: Q1 5
Slide 30: Residential Development Business: Completed inventory
Residential Development Business: Completed inventory Completed inventory at the end of 1H was low at 6 units Completed inventory (completed uncontracted units) *Only for new condominiums -60.0% 15units 6units As of end of FY03/23 As of end of 1H FY03/24 Copyright © MEIWA ESTATE Co., Ltd. All righ
Slide 31: Properties Supplied in Q2
Residential Development Business: Properties Supplied in Q2 Yokohama, Kanagawa Sapporo, Hokkaido Total number of units:54 Total number of units:70 Sales launched in July 2023 Sales launched in July 2023 Scheduled to be completed in October 2024 Scheduled to be completed in March 2025 Copyright © MEI
Slide 32: Properties Supplied in Q2
Residential Development Business: Properties Supplied in Q2 Onojo, Fukuoka Total number of units:40 Sales launched in August 2023 Scheduled to be completed in February 2025 Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 33: Trends in Construction Costs
Residential Development Business Topics: Trends in Construction Costs Construction costs continue to rise and sales price are also increasing Average Price of Condominiums Trends in the Construction Cost Index in the Tokyo Metropolitan Area (2015=100) (Tens of thousands of yen) 130 125.8 8,208 8,0
Slide 34: Measures to Cope with Rising Construction Costs
Residential Development Business Topics: Measures to Cope with Rising Construction Costs Implemented Value Engineering* (VE) as a countermeasure to rising construction costs As a result, the supply schedule has been delayed Measures to Cope with Rising Construction Costs New Supply in FY03/24 FY
Slide 35: Implementation of Carefully Selected Purchases
Residential Development Business Topics: Implementation of Carefully Selected Purchases Focusing on purchases near stations where asset value is unlikely to decline Walking time to the nearest station of the property to be supplied* 86% of all properties 10 minutes are in a favorable or more locat
Slide 36: Purchases Topic 1: Real Estate M&A
Residential Development Business Purchases Topic 1: Real Estate M&A Conducting real estate M&A for the purpose of acquiring real estate for sales materials Using a variety of methods to secure sales materials amid intensifying competition Results of real estate M&A <Overview of Case A> <Overview
Slide 37: Purchases Topic 2: Equivalent Exchange
Residential Development Business Purchases Topic 2: Equivalent Exchange Using equivalent exchange projects as a purchasing method Flow of Equivalent Exchange Projects Contract Construction Return and Sale • Conclude equivalent exchange • Plan and develop the condominium • Return a part of the comp
Slide 38: Major Results of Equivalent Exchange Operations
Residential Development Business Purchases Topic 2: Major Results of Equivalent Exchange Operations As described below, we have many results of equivalent exchange Results of Equivalent Exchange Operations (Excerpt) • Chiyoda, Tokyo • Yokohama, Kanagawa • Kawasaki, Kanagawa • 8-minute walk from •
Slide 39: Purchases Topic 3: Redevelopment and Reconstruction Projects
Residential Development Business Purchases Topic 3: Redevelopment and Reconstruction Projects Redevelopment and Reconstruction Department established in April 2023 Focusing on the reconstruction of existing condominiums Example: Reconstruction Business Flow Establish a reconstruction Consider an
Slide 40: Redevelopment and Reconstruction Projects
Residential Development Business Purchases Topic 3: Redevelopment and Reconstruction Projects Selected as a business partner for the reconstruction of a condominium in Shibuya, Tokyo Our first reconstruction business based on the Condominium Reconstruction Law Our Efforts in the Redevelopment an
Slide 41: Real Estate Agency Business
SE =—eRealEstate Agency Business Ji
Slide 42: Real Estate Agency Business
Real Estate Agency Business Purchase and Resale Business continued to grow at a CAGR of 41% Net sales: ¥3.6 billion Brokerage Business continued to grow at a CAGR of 20% Net sales: ¥465 million In the Wealth Solution Business for high net worth (HNW) individuals, the sale of two rental pro
Slide 43: Real Estate Agency Business Results 1H FY03/24
Real Estate Agency Business Results 1H FY03/24 Strong performance in Purchase and Resale Business and Brokerage led to increased net sales and profits YoY (Millions of yen) 1H FY03/23 1H FY03/24 Change Change Actual Actual (%) Net sales Sales to external customers 5,009 6,959 1,950 38.9% Intersegm
Slide 44: Real Estate Agency Business: Net Sales
Real Estate Agency Business: Net Sales Net sales in 1H were ¥6.9 billion Net sales Purchase and Resale Wealth Solution(WS) (Millions of yen) Brokerage Others +38.9% 6,959 107 5,009 2,698 119 2,062 465 363 3,688 2,464 1H FY03/23 1H FY03/24 Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 45: Real Estate Agency Business: Purchase and Resale
Real Estate Agency Business: Purchase and Resale Net sales in 1H increased to ¥3.6 billion at a CAGR of 41% Change in net sales of purchase and resale (Millions of yen) 3,688 +41.0% Q2 2,464 1,901 1,857 Q2 Q2 1,232 683 Q1 Q1 Q1 1,787 1,173 1,231 FY03/22 FY03/23 FY03/24 *CAGR: Compound Copyright ©
Slide 46: Real Estate Agency Business: Brokerage
Real Estate Agency Business: Brokerage Net sales in 1H increased to ¥465 million at a CAGR of 20% Change in brokerage fees (Millions of yen) 465 +20.9% 363 Q2 318 233 Q2 Q2 165 169 Q1 Q1 Q1 232 198 149 FY03/22 FY03/23 FY03/24 *CAGR: Compound Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 47: Real Estate Agency Business: Wealth Solution
Real Estate Agency Business: Wealth Solution Completed settlement and delivery of two properties in Q1 Q1 FY03/24 Condominium sales CLIO la belle vie Yokohama Sakuragicho Suite CLIO la belle vie Motoasakusa Total number of units: 32 Total number of units: 37 Yokohama, Kanagawa Taito, Tokyo Deliver
Slide 48: Expanding Used Condominium Market
Real Estate Agency Business Topics: Expanding Used Condominium Market Although the size of newly built condominiums in the condominium market remains flat, the size of used condominiums is steadily expanding. Condominium market size in Japan (Hundreds of millions of yen) 12,267 11,311 10,425 10,75
Slide 49: Used Condominium Market
Real Estate Agency Business Topics: Used Condominium Market An increasing proportion of customers consider both new and used condominiums This provides a tailwind for us as it can offer both No. of new condo units supplied and no. of used condo contracts Ratio of cases where both used and new co
Slide 50: Condominium Management Business
Condominium Management Business
Slide 51: Condominium Management Business
Condominium Management Business Achieved high customer satisfaction Significant increase in switchovers of condominiums managed by other companies (2.9 times more YoY) Number of units under management as of the end of Q2: 47,426 Net sales maintained steady growth Copyright © MEIWA ESTATE Co.
Slide 52: Condominium Management Business Results 1H FY03/24
Condominium Management Business Results 1H FY03/24 Net sales and profit increased as switchovers of condominiums managed by other companies progressed strong (Millions of yen) 1H FY03/23 1H FY03/24 Change Change Actual Actual (%) Net sales Sales to external customers 2,639 2,802 163 6.2% Intersegm
Slide 53: Condominium Management Business: Customer Satisfaction Awards
Condominium Management Business Meiwa Jisyo Community Co., Ltd. achieved high levels of customer satisfaction Highly rated in the Oricon Customer Won the SUUMO AWARD 2022 Satisfaction Ranking Excellence Award Copyright © MEIWA ESTATE Co., Ltd. All rights reserved.
Slide 54: Condominium Management Business: Customer Satisfaction
Condominium Management Business: Customer Satisfaction The Company was highly evaluated continuously in Oricon Customer Satisfaction Ranking 2023 “Tokyo Metropolitan Area Condominium Management Company” Management company staff satisfaction ranking Small-scale* satisfaction ranking Rank Company Na
Slide 55: Condominium Management Business: Net Sales
Condominium Management Business: Net Sales Net sales in 1H were ¥2.8 billion Change in net sales of Condominium Management Business (Millions of yen) Full-year plan Full-year 5,640 Full-year Full-year 5,338 Full-year 4,910 5,040 4,819 Q4 Q4 Q4 Q4 1,333 1,228 1,322 1,374 Q3 Q3 Q3 Q3 1,366 1,101 1,2
Slide 56: No. of Units Under Management
Condominium Management Business: No. of Units Under Management Number of units under management increased to 47,426 units as of the end of 1H Number of units under management Target 49,268units 45,759units 43,471units 42,676units End of 1H 42,230units 47,426units End of FY03/20 End of FY03/21 End
Slide 57: New Management Contracts (1)
Condominium Management Business: New Management Contracts (1) The number of new management contracts increased 1H new management contracts Change in full-year new management contracts +42% +162% 1,667units Target 3,509units Scheduled to 2,464units Commence Q2 management 3,177 units 1,255units 1,51
Slide 58: New Management Contracts (2)
Condominium Management Business: New Management Contracts (2) Number of condominiums switching from other management companies increased (2.9x YoY) 1H new management contracts Change in full-year new management contracts Condominiums managed by other companies (switchovers) Target 3,509units Own c
Slide 59: Progress of Five-Year Strategy
Progress of Five-Year Strategy
Slide 60: Progress of Five-Year Strategy
Progress of Five-Year Strategy* Progress on schedule Residential Development Business has secured contracts exceeding the net sales target for FY03/24 Residential Development Business has secured properties up to the target of net sales for FY03/25 Purchase and Resale in the Real Estate Agen
Slide 61: Progress of Five-Year Strategy
Progress of Five-Year Strategy Five-Year Strategy Targets are as follows. (Billions of yen) FY03/23 FY03/24 FY03/25 FY03/26 FY03/27 Net sales 59.0 74.0 84.0 90.0 100.0 Residential Development Business 45.0 55.0 60.0 63.0 66.0 Real Estate Agency Business 8.0 10.0 12.0 15.0 18.0 Wealth Solution Busi
Slide 62: Residential Development Business: Progress Against Sales Targets
Residential Development Business: Progress Against Sales Targets For FY03/24, we have secured contracts that exceed the sales targets of the Five-year strategy Progress for FY03/25 amounts to only about 30% of the sales target of the Five-year strategy Residential Development Business sales targ
Slide 63: Residential Development Business: Progress Against Sales Targets
Residential Development Business: Progress Against Sales Targets Properties for sale secured sufficient through FY03/25 Carefully select purchases for FY03/26 onward (Billions of yen) Residential Development Business sales targets Target Five-year strategy Purchased, not supplied Five-year strat
Slide 64: [Ref.] Residential Development Business: Progress Against Sales Targets
[Ref.] Residential Development Business: Progress Against Sales Targets For FY03/24, we have secured contracts that exceed the sales targets of the Five-year strategy Progress for FY03/25 amounts to only about 30% of the sales target of the Five-year strategy (Billions of yen) FY03/23 FY03/24 FY
Slide 65: [Ref.] Residential Development Business: Progress Against Sales Targets
[Ref.] Residential Development Business: Progress Against Sales Targets Properties for sale secured sufficient through FY03/25 Carefully select purchases for FY03/26 onward (Billions of yen) FY03/23 FY03/24 FY03/25 FY03/26 FY03/27 Plan Net Sales 45.0 55.0 60.0 63.0 66.0 (Residential Development)
Slide 66: Purchase and Resale: Progress Against Sales Targets
Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets Sales of properties to be recorded as sales in FY03/24 are progressing smoothly (Billions of yen) Purchase and Resale sales targets Net sales recorded Five-year strategy Contracts concluded sales target Target Five-ye
Slide 67: Purchase and Resale: Progress Against Sales Targets
Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets We have secured sufficient properties for FY03/24, and supply from the following fiscal year is possible Purchase and Resale sales targets target (Billions of yen) Currently leased* Five-year strategy Properties for s
Slide 68: [Ref.] Purchase and Resale: Progress Against Sales Targets
[Ref.] Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets Net sales in the Purchase and Resale Business for FY03/24 are progressing steadily (Billions of yen) FY03/23 FY03/24 FY03/25 FY03/26 FY03/27 Net sales (Real Estate Plan Agency ) 8.0 10.0 12.0 15.0 18.0 Purchase
Slide 69: [Ref.] Purchase and Resale: Progress Against Sales Targets
[Ref.] Real Estate Agency Business, Purchase and Resale: Progress Against Sales Targets We have secured sufficient properties for FY03/24, and supply from the following fiscal year is possible (Billions of yen) FY03/23 FY03/24 FY03/25 FY03/26 FY03/27 Net sales (Real 8.0 10.0 12.0 15.0 18.0 Plan Es
Slide 70: Brokerage: Progress Against Sales Targets
Real Estate Agency Business, Brokerage: Progress Against Sales Targets Net sales in FY03/24 are progressing steadily (Billions of yen) FY03/23 FY03/24 FY03/25 FY03/26 FY03/27 Net sales (Real 8.0 10.0 12.0 15.0 18.0 Estate Agency ) Plan Brokerage 0.6 0.7 0.8 0.9 1.1 No. of stores 11 13 15 15 15 Net
Slide 71: Condominium Management Business: Progress Against Sales Targets
Condominium Management Business: Progress Against Sales Targets Net sales in FY03/24 are progressing as planned Strong switchover of condominiums from other property management companies and number of units under management is already ahead of schedule (Billions of yen) FY03/23 FY03/24 FY03/25 F
Slide 72: Fact Sheet
Fact Sheet == wien
Slide 73: Consolidated Balance Sheet as of End of 1H FY03/24
Consolidated Balance Sheet as of End of 1H FY03/24 (Millions of yen) End of FY03/23 End of 1H FY03/24 Change Change (%) Total assets 116,538 117,225 687 0.6% Current assets 104,242 107,558 3,315 3.2% Cash and deposits 34,147 32,690 -1,456 -4.3% Real estate for sale 7,015 6,361 -654 -9.3% Real estate
Slide 74: Residential Development Business: Sales Breakdown and Leading Sales Indicators
Residential Development Business: Sales Breakdown and Leading Sales Indicators (Millions of yen) FY03/24 1H FY03/23 1H FY03/24 FY03/23 Full-year Plan Change Change (%) Progress (%) Actual Actual Full-year Actual (Announced May 11, 2023) Net sales 9,489 19,779 10,290 108.4% 46,326 - - Condominiums 9,
Slide 75: Real Estate Agency Business: Sales Breakdown and Leading Sales Indicators
Real Estate Agency Business: Sales Breakdown and Leading Sales Indicators (Millions of yen) FY03/23 FY03/24 1H FY03/23 1H FY03/24 Full-year Plan Change Change (%) Full-year Progress (%) Actual Actual Actual (Announced May 11, 2023) Net sales 5,009 6,959 1,950 38.9% 9,501 - - Purchase and resale 2,46
Slide 76: Condominium Management Business: Sales Breakdown and Leading Sales Indicators
Condominium Management Business: Sales Breakdown and Leading Sales Indicators (Millions of yen) FY03/24 1H FY03/23 1H FY03/24 FY03/23 Full-year Plan Change Change (%) Full-year Actual Progress (%) Actual Actual (Announced May 11, 2023) Net sales 2,639 2,802 163 6.2% 5,523 5,640 49.7% Management fees
Slide 77: [Ref.] ROIC
[Ref.] ROIC 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 Assets Liabilities Current assets Current
Slide 78: [Ref.] WACC (Weighted Average Cost of Capital)
[Ref.] WACC (Weighted Average Cost of Capital) 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 + value of interest-bearing liabilitie
Slide 79: Contact
Corporate Planning Dept., Contact https://www.meiwajisyo.co.jp/corp/ir/contact/index_en.html Contact 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 materia