Daito Trust Construction Co., Ltd. · TSE:1878
Daito Trust Construction — FY2009 Earnings Presentation
30 slides from Daito Trust Construction's earnings presentation, May 2010
Slide 1: Financial Highlights, Year ended March 31, 2010
Financial Highlights, Year ended March 31, 2010 Contents Ⅰ．Financial results・・・・・・・・・・・・ 3 Ⅱ．Key figures ・・・・・・・・・・・・・・ 8 Ⅲ．Financial forecasts・・・・・・・・・・・ 17 Ⅳ．Plan for orders received ・・・・・・・・ 21 Ⅴ．Plan for tenancy agreements ・・・・・・ 27 Ⅵ．Shareholder return policy ・・・・・・・ 31 Ⅶ．Topics ・・・・・・・・・・・・・・・
Slide 2: Financial highlights
Ⅰ. Financial results Ⅰ-1 Financial highlights Increase Increaseboth bothin insales salesand andincome incomefor fortwo twostraight straightperiods periods ※Best ※Bestperformance performancein inordinary ordinaryincome incomeand andnet netincome income 【Factor】Increase 【Factor】Increasein insales s
Slide 3: Income summary
Ⅰ-2 Income summary Increase both in sales and income for two straight periods Net sales Operating income (¥ billions) (¥ billions) 1,200 ¥972.6bln 100 954.8 （+1.9% y/y） ¥71.1bln 1,000 80 70.3 （+1.0% y/y） 66.2 800 641.0 60 600 Plan 40 Plan 400 ¥987.1bln ¥70.7bln 200 20 0 0 08/3 09/3 10/3 08/3 09/3 10
Slide 4: Income summary by segment (Real estate)
Ⅰ-4 Income summary by segment （Real estate） （¥ billions） FY 2008 FY 2009 （year on year） Net sales 464.7 483.5 （+ 4.0%） Gross profit 25.3 14.4 （- 42.9%） Gross profit margin 5.5% 3.0% ［- 2.5p］ [ ]： Difference from previous year (¥ billions) (¥ billions) （%） 600 40 464.7 ¥483.5bln 30 28.0 25.3 400 16.4
Slide 5: Orders received
Ⅱ-1 Orders received ◇Orders received ¥435.2bln（-0.5% y/y） \ billion \ billion per period per quarter ¥498.6bln 500 200 ¥437.2bln ¥435.2bln 400 134.3 130.2 150 125.2 126.5 122.2 119.8 117.6 300 108.7 98.8 101.0 92.1 94.2 100 200 50 100 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 08/3 09/3 10/3 9 Ⅱ-2 Orde
Slide 6: Channels of orders received
Ⅱ-3 Channels of orders received Orders received Orders received by Repeat & Introduction from New customers ( Number ) (y/y) ( Number ) (y/y) 122.4% 120.2% 1,400 109.5% 111.4% 120% 1,400 120% 97.4% 100.2% 1,200 1,200 1,005 1,028 100% 88.7% 100% 82.6% 1,000 888 1,000 887 902 821 855 80% 815 817 80% 8
Slide 7: Tenancy agreement and rent basis occupancy rate
Ⅱ-5 Tenancy agreement ◇Number of tenancy agreement 180,314（+4.9% y / y） 200,000 180,314 171,846 159,435 150,000 100,000 50,000 0 08/3 09/3 10/3 13 Ⅱ-6 Rent basis occupancy rate ◇Occupancy rate (End of March 2010) Residential use 94.6%（-1.0p y/y） 6,000 vacant units Increase 593,000 unit×1.0%≒6,000 Co
Slide 8: The rate of moving out
Ⅱ-7 The rate of moving out The rate of moving out：Decline from summer and on average from autumn, winter Residential use Commercial use 1st half 2nd half Period 1st half 2nd half Period FY2006–2008 (Average) 11.6% 12.6% 24.3% FY2006–2008 (Average) 6.0% 5.8% 11.9% FY2009 12.4% 12.5% 24.9% FY2009 7.8%
Slide 9: Financial forecasts
Ⅲ. Financial forecasts Ⅲ-1 Financial forecasts 【PLAN】 Increase both in sales and income for three straight period Net sales Operating income （\billions） （\billions） ¥1,023.9bln 1,200 100 ¥72.0bln 972.6 （+ 5.3% y/y） 1,000 954.8 （+1.2% y/y） 80 70.3 71.1 800 60 600 40 400 200 20 0 0 09/3 10/3 11/3（Plan
Slide 10: Financial forecast by segment
Ⅲ-2 Financial forecast by segment (Construction) （unit：¥billions） As for FY 2010, the amount of net sales on percentage FY 2009 FY 2010 （ year on year ） of completion will be the same with those of FY 2009, so it is added to “0”. Net sales 465.5 449.0 （- 3.6%） Because of the change of accounting sta
Slide 11: Plan for orders received
Ⅳ. Plan for orders received Ⅳ-1 Plan for orders received-1 ◇Plan for orders received ¥485.0bln（+11.4% y/y） （\billions） 600 \485.0bln 437.2 435.2 400 200 0 09/3 10/3 11/3（Plan） 22
Slide 12: Plan for orders received-2
Ⅳ-2 Plan for orders received-2 Orders received Sales Staff Unit price per staff （Number） （¥ millions） （¥ millions） 3,500 90 20 3,100 3,020 80 78.27 ¥77.00mil 15 ¥13.50mil 3,000 74.22 12.32 12.60 2,830 70 10 2,500 60 5 2,000 50 0 09/3 10/3 11/3（Plan） 09/3 10/3 11/3（Plan） 09/3 10/3 11/3（Plan） 23 Ⅳ-3 B
Slide 13: Strategy: new branches and land utilization
Ⅳ-4 Strategy-1 ◇Resumption of expanding sales net with opening new branches New New seven seven branches branches open open Sapporo-Chuo Yonago Hiroshima-Chuo Takatsuki Sendai-Chuo Nagoya-Chuo Shizuoka-Higashi 25 Ⅳ-5 Strategy-2 ◇Countermeasures to variety of land utilization Reinforcement Re
Slide 14: Plan for tenancy agreements and occupancy rate
Ⅴ. Plan for tenancy agreements Ⅴ-1 Plan for tenancy agreements and occupancy rate Occupancy rate (End of March, 2011) Tenancy agreements Residential use 95.9% 215,000 （+19.2% y/y） 【+1.3p y/y】⇒8,400units Improvement! （Managing units 643,000units×1.3%） Residential use 209,400 Commercial use 93.0% （
Slide 15: Countermeasures for vacant units
Ⅴ-2 Countermeasures for vacant units (FY 2009 and FY 2010) Vacant rate 6.2% +10,400units Vacant rate 5.4% +6,000units Vacant rate 4.4% 2,000units decrease Vacant rate In vacant units 4.1% 09/3 09/9 10/3 11/3（Plan） 4,400units Improvement! 8,400units Improvement！ ↑ ↑ ¥2.6bln for countermeasure ¥4.5bln
Slide 16: Shareholder return policy
Ⅵ. Shareholder return policy Ⅵ-1 Shareholder return policy ～Payout ratio 50%、Treasury stock 30% Dividend Dividend per per share：¥193 share：¥193 （Payout （Payout ratio ratio 49.9%） 49.9%） Results ( FY2009 ) Treasury Treasury stock stock ：¥12.6bil ：¥12.6bil （3,079,200 （3,079,200 stocks） stocks）
Slide 17: Major subsidiaries
Ⅶ. Topics Ⅶ-1 Major subsidiaries Establishment of growth foundation Ordinary income of all subsidiaries is got into the black Settlement on new growth strategy unit：¥millions Gaspal Care Partner 09/3 10/3 11/3 (Plan) 09/2 10/2 11/2 (Plan) Net sales 14,233 14,951 16,326 4,519 5,485 6,069 Operating in
Slide 18: New growth strategy and environmental management
Ⅶ-2 New growth strategy Wide development of core business by Corporate Strategy Division LP gas unit：¥millions Others （Gaspal） Core Sales volume 10/3 11/3（Plan） business Introducing moving company 181 203 Guarantor service (House Leave) 741 1,392 Lease housing Fire insurance Real estate agency Assoc
Slide 19: Appendix
VW. Appendix
Slide 20: Non-consolidated statement of income
Ⅷ-1 Non-consolidated statement of income （¥ millions） FY2009 FY2008 year on year Net sales 484,569 514,372 - 5.8% Construction 449,890 469,623 - 4.2% Real estate & others 34,678 44,749 - 22.5% Gross profit 164,962 156,475 + 5.4% Construction 163,391 149,650 + 9.2% Real estate & others 1,571 6,825 -
Slide 21: Financial summaries of major subsidiaries (Real estate)
Ⅷ-3 Financial summaries of major subsidiaries ②（Real estate） （¥ millions） Real estate business Daito Building Management Housecom FY2009 FY2008 year on year FY2009 FY2008 year on year Net sales 475,971 431,126 + 10.4% 7,455 7,107 + 4.9% Gross profit 14,060 16,296 - 13.7% 7,455 7,107 + 4.9% SG&A expe
Slide 22: Sales structure of real estate business
Ⅷ-5 Sales Structure of Real estate business （¥ millions） 08/3 09/3 10/3 Amount （Ratio） Amount （Ratio） Amount （Ratio） year on year Brokerage 11,325 (6.6%) 11,620 (2.5%) 11,797 (2.5%) +1.5% Management service 28,570 (16.7%) 450 (0.1%) 469 (0.1%) +4.3% Sub-lease※1 27,959 (16.3%) 21,417 (4.6%) 15,596 (3
Slide 23: Financial condition and cash flows
Ⅷ-7 Financial condition End of FY2009 End of FY2008 （billion of yen） Current 166.9 liabilities （- 11.5） Current 178.4 liabilities Current 376.3 Noncurrent 78.5 Current assets （-7.1） liabilities （+12.8） 383.5 Noncurrent assets liabilities 65.6 Total 245.4 Total liabilities （+1.3） liabilities 244.1 No
Slide 24: Number of construction started units and Daito's share
Ⅷ-9 Number of construction started units & Daito’s share Number of construction started units 500,000 20% 399,918 417,255 15.4% 400,000 15% 10.5% 11.2% 287,408 300,000 10% 200,000 5% 100,000 0 0% 08/2 09/2 10/2 Number of construction started units（Apr.-Feb.） Daito's share(Apr.-Feb.) (Ministry of Lan
Slide 25: Employees and sales staff efficiency
Ⅷ-11 Number of employees by each occupations （non-consolidated） Sales staff Engineers Tenant recruiters Total employees（right axis） 5,000 10,000 4,000 3,000 8,000 2,000 1,000 0 6,000 09/3 10/3 11/3（Plan） 09/3end 10/3end （year on year） 11/3 (Plan) Total employees 9,109 8,653 - 456 9,120 Sales staff 3
Slide 26: Orders received by area and repeat orders
Ⅷ-13 Orders received by area Orders received （\billion） 150 50% 149.6 +10.5% 25% +13.6% +15.4% （+14.0%） +6.0% +5.3% +4.0% Daito’s ave 100 0% - 0.5% -16.8% -25.0% -31.9% -25% 77.0 (117.3) 50 60.0 -50% 45.2 31.6 30.6 -75% 23.8 10.1 13.2 0 ） -100% ea ai ar po nto u o u i u u hu nk ok k st aid ok k an i
Slide 27: Tenancy agreement per month, moving out
Ⅷ-15 Tenancy agreement (per month) ◇Number of tenancy agreement 180,314（ + 4.9% y / y ） Better tendency （thousand） since October！ (y / y) 40 110.5% 111.1% 108.5% 105.1% 110.0% 107.6% 109.9% 106.3% 104.8% 101.4% 35 94.0% 94.3% 32.2 100% 30.7 30 80% 25 20 18.217.1 60% 17.4 15.8 15.8 14.7 15 12.413.7 1
Slide 28: Rent basis occupancy rate
Ⅷ-17 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 Rent basis occupancy rate 06/3 07/3 08/3 09/3 10/3 year on year Residential use (%) 97.0% 96.6% 96.4% 95.6% 94.6% - 1.0p Commercial use (%) 95
Slide 29: Units under management and customer financing
Ⅷ-19 Number of units under management & aggregate amount of rent Residential use Commercial use Managing units Rent Managing units Rent (thousands) (￥billions) (thousands) (￥billions) 700 50 500 10 598 600 552 40 400 7.2 7.1 8 500 502 33.6 6.7 31.1 28.2 30 300 6 400 300 20 200 4 200 10 100 2 100 39
Slide 30: Daito Trust Construction Co. Ltd contact
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