Daito Trust Construction Co., Ltd. · TSE:1878
Daito Trust Construction — Q3 FY3/2014 Earnings Presentation
25 slides from Daito Trust Construction's earnings presentation, February 2014
Slide 1: 3Q Financial Highlights, Year ending March 31, 2014
3Q Financial Highlights, Year ending March 31, 2014 Contents Ⅰ 3Q Financial Results ・・・・・・・・・・・・・・・・・・・ 3 Ⅱ．Key Figures ・・・・・・・・・・・・・・・・・・・・・・・ 11 Ⅲ．Financial Forecasts・・・・・・・・・・・・・・・・・・・・ 21 Ⅳ．Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・ 28 Ⅴ. Appendix・・・・・・・・・・・・・・・・・・・・・・・・・ 31
Slide 2: 3Q Financial Results: Income summary
Ⅰ. 3Q Financial Results Ⅰ-1 Income summary We achieved increase both in sales and incomes. Net sales Operating income （\billions） ¥915.5bn （\billions） 1,000 （+11.8% YoY） ¥72.4bn 769.7 819.2 80 （+33.6% YoY） 800 60 54.1 54.1 600 400 40 Planned Planned 200 ¥909.4bn 20 ¥67.2bn 0 0 12/11 12/12 12/13 12/1
Slide 3: Income summary by segment (Construction, Real estate)
Ⅰ-2 Income summary by segment （Construction） （¥billions） 3Q FY3/13 3Q FY3/14 （YoY） Net sales 328.4 387.8 （+18.1%） Gross profit 115.2 126.6 （+9.8%） Gross profit margin 35.1% 32.6 % ［- 2.5ｐ］ [ ]：Difference from same period in previous year ※ Major breakdown of GMR －0.8P） ※ Major breakdown of GMR －2.5P
Slide 4: Income summary by segment (Others) and SG&A expenses
Ⅰ-4 Income summary by segment （Others） （¥billions） 3Q FY3/13 3Q FY3/14 （YoY） Net sales 22.8 25.7 （+13.0%） Gross profit 7.4 8.6 （+15.3%） Gross profit 32.8% 33.5% ［+ 0.7ｐ］ margin [ ]：Difference from same period in previous year （\billions） （\billions） 30 ¥25.7bn 10 ¥8.6bn 25 22.8 7.4 20.2 8 6.7 20 6 1
Slide 5: Financial conditions and Cash flows
Ⅰ-6 Financial conditions 3Q FY3/14 End of FY3/13 （¥billions） Current 179.2 Current liabilities 213.1 liabilities （- 33.9） Current 388.1 Current 435.7 assets （- 47.6） assets Non-current 184.0 Non-current liabilities liabilities 217.9 （- 33.9） Total 363.2 Total liabilities （- 67.8） liabilities 431.1 N
Slide 6: Key Figures: Orders received
Ⅱ. Key Figures Ⅱ-1 Orders received ◇Orders received ¥448.1bn（-9.4% YoY） Per period Per quarter （\billions） 494.7 （\billions） 500 444.2 ¥448.1bn 179.2 200 400 178.4 152.2 150.7 156.6 159.5 141.2 136.0 132.8 150 300 200 100 100 50 0 0 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q FY3/12 FY3/13 FY3/14 12
Slide 7: Orders received backlog and sales representatives
Ⅱ-2 Orders received backlog ◇Orders received backlog ¥768.6bn（+3.9% YoY） (\billions) 800.0 739.9 \768.6bn 595.9 600.0 400.0 200.0 0.0 12/11 12/12 12/13 13 Ⅱ-3 Sales representatives and sales efficiency ◇Sales representatives 3,250（+57 YoY） ◇Orders received per rep ¥13.87mn / month（-2.80mn YoY） Sales
Slide 8: Medium-rise rate and rebuilding rate; unit price and cancellation
Ⅱ-4 Medium-rise rate and rebuilding rate ◇Medium-rise rate 18.4%（-0.1p YoY） ◇Rebuilding rate 29.1%（-1.2p YoY） Medium-rise rate※1 Rebuilding rate※2 40% 40% 31.7% 31.2% 30.3% 29.2% 30.9% 30% 30% 28.3% 29.1% 18.5% 18.1% 19.1% 18.4% Total rebuilding rate 20% 16.7% 20% 15.8% 15.8% The rate of buildings o
Slide 9: Tenancy agreements and tenancy agreements per rep
Ⅱ-6 Tenancy agreement ◇Tenancy agreement 160,044（111.5％ YoY） ・Residential use 157,227（111.8％ YoY） ・Commercial use 2,817（ 95.3％ YoY） Residential use Commercial use Number YoY Number YoY 157,227 200% 4,000 200% 150,000 138,897 140,645 3,434 2,956 2,817 3,000 150% 150% 100,000 111.8% 2,000 106.1% 101.3
Slide 10: Plan to increase response; rent basis occupancy rate
Ⅱ-8 Plan to increase response Succeed in various plan to increase responses (inquiries) Reinforce website of Zero deposit＆ Annual promotion rental rooms “E-heya net” Fixed cleaning cost plan Ordinary contracts 28% 72％ Utilization rate of Zero deposit & Fixed cleaning cost plan（4～12/13） Collaboration
Slide 11: Financial Forecasts: No change in FY3/14 original plan
Ⅲ. Financial Forecasts Ⅲ-1 No change in FY3/14 original plan We maintain current original plan for FY3/14 Net sales Operating Income （￥billions） ￥1,251.0bn （￥billions） ￥88.0bn 1,087.1 1,152.4 （+8.6% YoY） 100 （+6.8% YoY） 1,200 81.9 82.4 ¥915.5bn 80 ¥72.4bn 900 60 Progress 600 Progress 73.2％ 40 82.3％
Slide 12: Plan of completed construction and real estate business
Ⅲ-2 The plan of completed construction ＜Plan of completed construction＞ ◇Plan for FY3/14 ¥542.5bn（+10.8% YoY） Sales of construction (\billions) 600.0 ¥542.5bn 100% ¥489.5bn 90% 500.0 ¥468.6bn 80% 400.0 ¥387.8bn Progress 70% 71.5％ ¥311.8bn ¥328.4bn 60% Progress Progress 300.0 66.5％ 67.1％ 50% 37.4% 35
Slide 13: Orders received plan and tenancy agreement plan
Ⅲ-4 Orders received plan for FY3/14 ◇Orders received plan for FY3/14 ¥640.0bn(-2.3% YoY) （￥billions） ¥654.9bn 700 ￥608.7bn ￥640.0bn 600 ¥494.7bn Progress 500 ¥444.2bn Progress 75.5％ ¥448.1bn Progress 73.0％ 70.0％ 400 300 200 100 0 FY3/12 FY3/13 FY3/14(plan) 25 Ⅲ-5 Tenancy agreement plan ＜Plan of tena
Slide 14: Forecast of rent basis occupancy rate
Ⅲ-6 Forecast of rent basis occupancy rate Occupancy rate forecast for FY3/14 end Occupancy rate forecast for FY3/14 end Residential use /96.8% Commercial use/95.5% Occupancy Occupancy rate rate 98% 98% 96.1% (96.8%) 96.5% 95.9% 96.1% 96.1% 96.8% 95.8% 96.1% 96% 95.9% 96% (95.5%) 96.7% 95.7% 96.0% 96
Slide 15: Topics: Sales promotion in metropolitan area, new condominiums
Ⅳ-1 Plan for sales promotion in metropolitan area 【Metropolitan Area】 Correspond needs for rental apartments with owners’ own room In FY3/14, the showrooms open at 4 places Rental apartments with owners’ own room The state of showrooms （Examples of construction） Tokyo Kanagawa ●Shibuya, Tokyo ●Kawas
Slide 16: Appendix: Non-consolidated statement of income
Ⅴ. Appendix Ⅴ-1 Non-consolidated statement of income （¥ millions） 3Q FY3/14 3Q FY3/13 YoY plan (year) Net sales 400,496 341,986 +17.1% 560,500 Construction 388,121 329,493 +17.8% 542,800 Real estate & others 12,375 12,493 -0.9% 17,700 Gross profit 124,523 112,094 +11.1% 180,000 Construction 126,222
Slide 17: Financial summaries of major subsidiaries (Construction, Real estate)
Ⅴ-2 Financial summaries of major subsidiaries （Construction） （ ¥ millions ） Construction business Daito Construction Daito Steel plan plan 3Q FY3/14 3Q FY3/13 YoY 3Q FY3/14 3Q FY3/13 YoY (year) (year) Net sales 4,088 4,881 -16.2% 5,350 3,197 2,897 +10.3% 4,254 Gross profit 144 125 +15.0% 75 200 126
Slide 18: Sales structure of real estate business; subsidiaries (Others)
Ⅴ-4 Sales Structure of Real estate business （ ¥ millions ） 3QFY3/14 （Ratio） 3QFY3/13 YoY Whole-building lease ※1 461,856 (92.0%) 428,340 +7.8% Building and repairs ※2 22,928 (4.6%) 23,045 -0.5% Brokerage 9,461 (1.9%) 8,892 +6.4% Lease business ※3 4,439 (0.9%) 4,523 -1.9% Sub-lease ※4 250 (0.0%) 781
Slide 19: Subsidiaries (Others-2); number of employees
Ⅴ-6 Financial summaries of major subsidiaries （Others - 2） （ ¥ millions ） Other business (Other) Care Partner Gaspal D. A. D. (M) plan plan plan 3QFY/14 3QFY13 YoY 3QFY/14 3QFY13 YoY 3QFY/14 3QFY13 YoY (year) (year) (year) Net sales 6,662 5,945 +12.1% 8,675 15,600 14,036 +11.1% 23,989 1,862 1,458 +2
Slide 20: Orders received by area and channels
Ⅴ-8 Orders received by area （\billions） 180 60% 160 144.3 40% 140 Daito’s Avg. -9.4% 120 20% 100 -11.3% -6.2% -5.2% -1.9% -8.5% （-10.7%） -8.9% -7.3% 0% 80 -19.1% -29.6% 60 (108.9) 69.8 -20% 59.4 57.1 40 -40% 20 32.3 34.8 9.9 20.5 19.4 0 ) -60% o ky To ai u o o ku i u ku hu nk kk nt aid ts k r iko go
Slide 21: Orders received by repeat; comparison with FY2012
Ⅴ-10 Orders received by repeat （\billions） 300 \271.6bn 259.7 235.2 200 50.6% 51.1% 53.1% 100 0 12/11 12/12 12/13 Orders received by repeat Composition ratio Number of orders received by repeat from our existing customers ※ Composition ratio ＝ Total number of orders received 41 Ⅴ-11 Comparing with t
Slide 22: Number of construction started and Daito's share
Ⅴ-12 Number of construction started & Daito’s Share No. of construction started 247,737 250,000 40% 220,548 200,000 194,560 30% 150,000 17.8% 17.4% 16.9% 20% 100,000 10% 50,000 0 0% 4-11/11 4-11/12 4-11/13 No. of construction started （Apr.-Nov.） Daito's share(Apr.-Nov.) (Ministry of Land, Infrastruc
Slide 23: Rent basis occupancy rate and by area
Ⅴ-14 Rent basis occupancy rate Rent basis occupancy rate 100% Residential use Commercial use 98% 96% 94% 92% 90% 09(Sep) 10(Mar) 10(Sep) 11(Mar) 11(Sep) 12(Mar) 12(Sep) 13(Mar) 13(Sep) Rent basis occupancy rate 2009(Dec.) 2010(Dec.) 2011(Dec.) 2012(Dec.) 2013(Dec.) YoY Residential use (%) 93.6% 94.8
Slide 24: Units under management; customers' 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) 800 789 60 500 10 747 694 45.8 50 400 8 42.9 600 39.7 6.5 6.4 6.4 40 300 6 400 30 200 4 20 200 100 2 10 38.4 37.9 37
Slide 25: Daito Trust Construction Co. Ltd contact and disclaimer
49 １．Disclaimer of warranties for the contents Daito Trust Construction Co., Ltd. (Daito) pays careful attention to the information disclosed in its website. However, Daito is not held responsible for the accuracy, reliability, and / or safety of the contents. Any prognostic information disclosed in
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