Daito Trust Construction Co., Ltd. · TSE:1878
Daito Trust Construction — 2Q FY3/2016 Earnings Presentation
27 slides from Daito Trust Construction's earnings presentation, November 2015
Slide 1: 2Q Financial Highlights, Year ending March 31, 2016
2Q Financial Highlights, Year ending March 31, 2016 1 Copyright© DAITO TRUST CONSTRUCTION CO., LTD. Contents Ⅰ．2Q Financial Results ・・・・・・・・・・・・・・・・ ３ Ⅱ．Key Figures ・・・・・・・・・・・・・・・・・・・・ 14 Ⅲ．Financial Forecasts ・・・・・・・・・・・・・・・・ 24 Ⅳ．Shareholders return ・・・・・・・・・・・・・・・・ 29 Ⅴ．Topics ・・・・・・・・・・・・・・・・・・
Slide 2: 1H Financial Results summary
Ⅰ. 2Q Financial Results, Year ending March 2016 3 Copyright© DAITO TRUST CONSTRUCTION CO., LTD. Ⅰ－1 1H Financial Results summary① Sales and each profits updated the highest record ：YoY ■Net sales ■Operating Income （ billions） （ billions） 800 60 ¥59.0bn +12.0% 658.7 ¥697.1bn +5.8% 52.7 607.1 48.7 600
Slide 3: Factors of increased operating income vs original plan
1H Financial Results summary② Ⅰ－2 －Factors of increased operating income＜comparison with the original plan＞ ■The reasons why operating income exceeded the original plan（+¥12.9bn） Details Reasons Gross profit ・ Increase the progress standard construction amount +¥4.0bn of construction ・ Improve gross
Slide 4: 1H Financial Results by segment (Construction)
Ⅰ－4 1H Financial Results by segment ( Construction ) 1H FY3/15 1H FY3/16 （YoY） Major breakdown of Gross profit GMR（△0.8p YoY） margin 30.1% 29.3% （△0.8ｐ） ①Results of Operating price increase ＋0.7p Income margin 14.5% 15.4% （+0.9ｐ） ②Labor cost △1.3p ③Material cost ±0.0p ④Exchange loss △0.2p ■Gross pro
Slide 5: 1H Financial Results by segment (Real estate)
Ⅰ－6 1H Financial Results by segment ( Real estate ) 1H FY3/15 1H FY3/16 （YoY） Gross profit margin 7.6% 8.3% （+0.7ｐ） Operating Income margin 3.0% 3.6% （+0.6ｐ） ■Gross profit margin・Operating Income margin 12% 8.3% 9% 7.6% 6.6% 6% 3.0% 3.6% 3% 2.1% 0% 1H FY3/14 1H FY3/15 1H FY3/16 Gross profit margin O
Slide 6: SG&A expenses and B/S summary
Ⅰ－8 Selling, general and administrative expenses （¥billions） 1H FY3/15 1H FY3/16 （YoY） SG&A expenses 66.4 66.7 （+0.4%） SG&A ratio 10.1% 9.6% ［△0.5ｐ］ [ ]：Difference from previous same period ■SG&A expenses, SG&A ratio （ billions） Major breakdown of 80 40% SG&A expenses（+ 0.3bn 64.1 66.4 ¥66.7bn YoY）
Slide 7: Cash flows
Ⅰ－１０ Cash flows Cash and cash equivalents at the beginning of year 255.5 ・Net income before income taxes in 1H FY3/16（+¥61.1bn） Cash flow provided by ・Payment for corporate taxes（△¥27.8bn） Operating activities 14.8 ・Increase in receivables（△¥9.8bn） ・Payment for bonus to employees（△¥9.4bn） Cash flow
Slide 8: Orders received and Orders in hand
Ⅱ－1 Orders received and Orders in hand（Year on year） ◆Orders received ¥291.9bn（△4.3% YoY） ◆Orders in hand ¥803.1bn（+2.2% YoY） Orders received Orders in hand （ billions） （ billions） 785.5 803.1bn 400 800 304.9 291.9bn 300 600 200 400 100 200 0 0 1H FY3/15 1H FY3/16 9/14 9/15 15 Copyright© DAITO TRUST
Slide 9: Business staffs and orders received per sales rep
Ⅱ－３ Business staffs and Orders received per sales rep ( Year on year ) ◆Sales representatives 〈end of 9/15 〉 3,264staffs （△100YoY） ◆Orders received per sales rep ¥15.25million/Month （+¥10thousands YoY） Sales rep OR/person （person） （¥millions/person・month） 4,000 30 3,364 3,264 3,000 20 2,000 15.24 15
Slide 10: Unit price of orders received and Cancellation rate
Ⅱ－５ Unit price of orders received and Cancellation rate(Year on year) ◆Unit price ¥88.44mn（+¥2.85mn YoY） ◆Cancellation rate 16.9% （+0.2p YoY） Unite price ※1 Cancellation rate ※2 （ millions） 30% 100 85.59 ￥88.44mn 80 8,862万円 20% 16.7% 16.9% 60 40 10% 20 0 0% 1H FY3/15 1H FY3/16 1H FY3/15 1H FY3/16 ※1
Slide 11: Rent basis occupancy rate
Ⅱ－７ Rent basis occupancy rate (Year on year) ◆Residential use 96.0%（±0.0p YoY） ◆Commercial use 98.0%（+0.6p YoY） Residential use Commercial use Occupancy rate Occupancy rate 100% 100% 97.4% 98.0% 96.0% 96.0% 90% 90% 80% 80% 70% 70% 9/14 9/15 9/14 9/15 Rent basis occupancy rate ＝１－（ rent guarantee for
Slide 12: Financial Forecasts
Ⅱ－９ Rent basis occupancy rate by region ( Residential use /As of Sep) Daito’s Nationwide Ave. 96.0% 100% 94.7% 97.6% 95.9% 94.8% 96.6% 95.9% 96.3% 96.3% 95.6% 98.1% 95.8% 95.9% 95.9% 96.5% 96.3% 96.1% 95.2% 94.8% 75% 50% 25% 0% Hokkaido Tohoku Kanto Koshinetsu Tokai Kinki Chugoku Shikoku Kyushu Occu
Slide 13: No change in FY3/16 original plan
Ⅲ－1 No change in FY3/16 original plan We maintain current original plan for FY3/16 （ ）：YoY ■Net sales ■Operating Income （ billions） （ billions） ¥1,431.3bn ¥93.0bn 1,500 1,353.1 （+5.8％） 100 89.7 91.5 （+1.6％） 1,259.6 1,200 80 59.0 900 697.1 60 48.7 52.7 607.1 658.7 Progress Progress Progress of 1H 600
Slide 14: Orders received plan for FY3/16
Ⅲ－３ Orders received plan for FY3/16 ◆Plan of orders received and orders in hand ●Orders received＜FY3/16＞ （¥683.0bn） ¥665.0bn（+0.7% YoY） ●Orders in hand＜FY3/16＞ ¥843.4bn（+2.6% YoY） Orders received Orders in hand 660.4 665.0bn 822.2 843.4bn 304.9 Progress of 1H 291.9 Progress of 1H 46.2％ 43.9％ FY3/15
Slide 15: Shareholders return
Ⅳ. Shareholders return 29 Copyright© DAITO TRUST CONSTRUCTION CO., LTD. Ⅳ－１ Buy-back of own share and dividend Return to shareholders of FY 3/15 Dividend payout ratio Buy-back of own 52.8％ share/retirement Gross return Total 29.4bn ＋ ３０％ ＝ Total 16.8bn（upper limit） 82.8％※ Annual dividend 375 mid-ter
Slide 16: Investigation results about pile construction
Ⅴ. Topics 31 Copyright© DAITO TRUST CONSTRUCTION CO., LTD. Investigation results about properties constructed by Ⅴ－１ Asahi Kasei Construction Materials Co., Ltd. Pile Construction① Under investigation independently The number of pile construction sites which were reported to The Minister of Land, In
Slide 17: Our Quality Control on pile construction
Ⅴ－２ Our Quality Control on pile construction Pile Records of our construction activities are provided to our Construction② customers (orders) as reports on the construction Construction records (extracted) Reports to our customers (orders) ・Confirmation of ・Presence test of ・Confirmation of 【Content
Slide 18: Non-consolidated statement of income
Ⅵ. Appendix 35 Copyright© DAITO TRUST CONSTRUCTION CO., LTD. Ⅵ－1 Non-consolidated statement of income ＜3/2016＞ （¥millions） 1H FY3/16 1H FY3/15 YoY Plan(full-year) Net sales 305,593 293,845 +4.0% 636,500 Construction 295,278 285,239 +3.5% 616,500 Real estate & others 10,314 8,606 +19.8% 20,000 Gross
Slide 19: Financial summaries of major subsidiaries (construction)
Ⅵ－2 Financial summaries of major subsidiaries (construction) ＜3/2016＞ （¥millions） Construction business Daito Construction Daito Steel plan plan 1H FY3/16 1H FY3/15 YoY (full-year) 1H FY3/16 1H FY3/15 YoY (full-year) Net sales 3,553 2,598 +36.8% 6,000 2,188 2,172 +0.7% 4,499 Gross profit 158 45 +250
Slide 20: Financial summaries of major subsidiaries (Real estate)
Ⅵ－4 Financial summaries of major subsidiaries ( Real estate ) ＜3/2016＞ （¥millions） Real estate business Daito Building Management Housecom House Leave plan plan plan 1HFY3/16 1HFY3/15 YoY 1HFY3/16 1HFY3/15 YoY (full-year) 1HFY3/16 1HFY3/15 YoY (full-year) (full-year) Net sales 369,964 345,631 +7.0%
Slide 21: Financial summaries of major subsidiaries (Others-2)
Ⅵ－6 Financial summaries of major subsidiaries (Others-2) ＜3/2016＞ （¥millions） Other business (Other) Care Partner Gaspal D. A. D. (M) plan plan plan 1HFY3/16 1HFY3/15 YoY 1HFY3/16 1HFY3/15 YoY 1HFY3/16 1HFY3/15 YoY (full-year) (full-year) (full-year) Net sales 4,855 4,683 +3.7% 9,445 11,484 11,403 +
Slide 22: 1H FY3/16 Orders Comparison with last year
Ⅵ－8 1H FY3/16 Orders Comparison with last year 1H and 2H Comparison with 1H FY3/15 Comparison with 2H FY3/15 13.0bn（Decrease） 63.8bn（Decrease） ① Number of orders(projects) △¥25.0bn ① Number of orders(projects) △¥49.6bn （ 3,963projects 3,670projects） （ 4,217projects 3,670projects） ② Per project price
Slide 23: Orders received by repeat; construction starts
Ⅵ－10 Orders received by repeat （ billions） 200 182.9 190.8 150 100 54.6% 59.1% 50 0 1H FY3/15 1H FY3/16 Orders received by repeat Composition ration of repeat Number of orders received by repeat from our existing customers ※ Composition ratio of repeat ＝ Total number of orders received 45 Copyright©
Slide 24: Number of construction starts by area & Daito's share
Ⅵ－12 Number of construction starts by area & Daito’s share Number of construction stars Daito’s share 8,000 Daito’s Nationwide Ave. 50% 7,961 16.2% 35.7% 40% 6,000 28.6% 30% 24.0% (5,869) 20.6% 28.6% 20% 4,000 15.2% 12.5% 3,714 13.7% 10% 3,596 8.5% (10.4%) 3,016 0% 2,000 2,506 1,919 1,652 ‐10% 1,121
Slide 25: Units under management and customer's financing channel
Ⅵ－14 Number of units under management & aggregate amount of rent Residential use Commercial use Managing units Rent Managing units Rent （thousands） （¥billions） （thousands） （¥billions） 864 893 900 90 8 805 60 52.8 6.5 49.9 6.4 6.4 46.3 6 600 40 60 37.5 37.0 4 37.2 300 20 30 2 0 0 0 0 FY3/14 FY3/15 1H
Slide 26: Copyright© DAITO TRUST CONSTRUCTION CO., LTD. Copyright© DAITO TRUST CONSTRUCTION CO., LTD.
51 Copyright© DAITO TRUST CONSTRUCTION CO., LTD. 52 Copyright© DAITO TRUST CONSTRUCTION CO., LTD.
Slide 27: Disclaimer and contact
53 Copyright© DAITO TRUST CONSTRUCTION CO., LTD. １. Disclaimer of warranties for the contents Daito pays careful attention about the information carried on this documents. However, Daito can not offer the guarantee about the accuracy, reliability, safety, etc. Please recognize the information about
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