Daito Trust Construction Co., Ltd. · TSE:1878
Daito Trust Construction — FY2011 Earnings Presentation
28 slides from Daito Trust Construction's earnings presentation, May 2012
Slide 1: Financial Highlights, Year ended March 31, 2012
Financial Highlights, Year ended March 31, 2012 Contents Ⅰ．Financial Results ・・・・・・・・・・・・ 3 Ⅱ．Financial Forecasts ・・・・・・・・・・・ 11 Ⅲ．Mid-term Plan ・・・・・・・・・・・・・・ 21 Ⅳ．Topics ・・・・・・・・・・・・・・・・・ 24 Ⅴ．Appendix ・・・・・・・・・・・・・・・・ 27
Slide 2: Financial highlights
Ⅰ. Financial results Ⅰ-1 Financial highlights Increase in sales for 4th straight periods Increase in operating income for 2nd straight periods Best performance Increase in ordinary income for 3rd straight periods Orders received ¥608.7 billion Best （+20.9% y/y） performance Occupancy rate 96.8%
Slide 3: Income summary
Ⅰ-2 Income summary Increase both in sales and income※ for four straight periods ※ 「Operating income & Ordinary income」 Net sales Operating income （\billions） （\billions） 1,400 ¥1,087.1bln 100 ¥81.9bln 1,200 （+8.6% y/y） （+11.1% y/y） 972.6 1,001.1 80 71.1 73.7 1,000 800 60 600 40 400 Planned Planned ¥
Slide 4: Orders received and backlog
Ⅰ-4 Orders received ◇Orders received ¥608.7bln （+20.9% y/y） Per period Per quarter （\billions） （\billions） ¥608.7bln 200 600 5,034 164.7 152.2150.7 500 4,352 139.0 141.2 150 122.2 125.8 129.6 400 117.6 108.7 101.0 94.2 100 300 200 50 100 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2009 FY2010 FY2011 7
Slide 5: Tenancy agreements and occupancy rate
Ⅰ-6 Tenancy agreement ◇Tenancy agreement 214,357（104.9% y/y） Residential use Commercial use (Number) ( y/y ) (Number) ( y/y ) 209,772 200% 5,000 4,664 4,585 200% 199,715 200,000 4,305 176,009 4,000 150,000 150% 150% 3,000 113.5% 111.8% 108.3% 100,000 104.8% 105.0% 98.3% 2,000 100% 100% 50,000 1,000
Slide 6: Financial forecasts compared with Mid-term plan
Ⅱ. Financial forecasts Ⅱ-1 Compared with Mid-term plan Mid-term plan FY2012 y/y （on May, 2011） to the plan Net sales ¥1,166.9 bln +7.3% (¥1,136.5 bln) (+2.7%) Net sales on construction 502.4 bln +7.2% (477.5 bln) (+5.2%) Gross profit margin 35.6% -1.8p (36.9%) (-1.3p) on construction Operating incom
Slide 7: Financial forecasts
Ⅱ-2 Financial forecasts 【PLAN】 Increase both in sales and income for five straight periods Net sales Operating income Ordinary income Net income ¥1,166.9bln （¥billions） （¥billions） （¥billions） （¥billions） （+7.3% y/y） 1,087.1 100 ¥84.0bln 100 ¥86.5bln 100 （+2.5% y/y） 84.2 （+2.7% y/y） 81.9 1,000 ¥51.2
Slide 8: Plan and strategy for orders received
Ⅱ-4 Plan for orders received Orders received ¥630.0bln（+3.5% y/y） （\billions） 608.7 ¥630.0bln 600 503.4 500 400 300 200 100 0 11/3 12/3 13/3（plan） 15 Ⅱ-5 Strategy for orders received ① (630.0 billion yen) Activity for metropolis & urban areas １．Over 10% of construction share at each metropolis ２．Ope
Slide 9: Strategy for orders received and tenancy plan
Ⅱ-6 Strategy for orders received ② (630.0 billion yen) １．Proposal for “Asset succession and use” ２．Support for Inheritance ３．Information transmission (seminar, PR etc.) ４．Leasing property with living service ５．Symbiosis with residential energy problem （Electric aggregator business and saving energy
Slide 10: Strategy for 230,500 tenancy agreements
Ⅱ-8 Strategy for 230,500 tenancy agreements z“Partnership shop system ” z“Satellite shop” ／ “e-Heya Station” Variety （＋20／285 in total） （＋39／50 in total） of z“ e-Heya Net” website (web calling) Channel z“24-hour call center” (nighttime and holiday) z“Convention with local real estate agencies” zKey-
Slide 11: Mid-term plan
Ⅲ. Mid-term plan Ⅲ-1 Revised Mid-term Plan (Key figures) 2016/3（ex）※ 2016/3（Revised） fluctuation Sales reps 3,550 3,630 +2.3% Orders received ¥630.0bln ¥666.0bln +5.7% Construction completed ¥564.0bln ¥594.5bln +5.4% Upward Gross profit margin 35.9% revision 35.5% - 0.4p Occupancy rate for Residenti
Slide 12: Revised Mid-term Plan financial forecast
Ⅲ-2 Revised Mid-term Plan (Financial forecast etc.) （¥billions） Result Plan 2012/3 2013/3 2014/3 2015/3 2016/3 Revised 1,087.1 1,166.9 1,244.3 1,324.2 1,405.7 Net sales （Ex）※ (1,068.8) (1,136.5) (1,209.9) (1,290.4) (1,373.8) Revised 468.6 502.4 531.8 564.4 594.5 Sales on construction （Ex）※ (452.5) (
Slide 13: Electric Aggregator Business and Tohoku reconstruction support
Ⅳ-1 Electric Aggregator Business + Saving energy activity Daito aggregator business 《Merit for tenant》 Electricity Electricity Electricity Daito supply supply supply Group 1.Moving procedure decrease Power company Improve Low 2.Crime prevention ment voltage electrical 3.Power rate/unit Cheap Low vol
Slide 14: Appendix: Non-consolidated statement of income
Ⅴ. Appendix Ⅴ-1 Non-consolidated statement of income （¥ millions） FY2012 FY2011 FY2010 y/y (Plan) Net sales 491,599 460,230 +6.8% 521,600 Construction 470,966 435,186 +8.2% 503,500 Real estate & others 20,632 25,043 -17.6% 18,100 Gross profit 170,527 163,707 +4.2% 173,900 Construction 173,767 167,95
Slide 15: Subsidiaries and real estate segment
Ⅴ-2 Financial summaries of major subsidiaries （Construction） （ ¥ millions ） Construction business Daito Construction Daito Steel FY2012 FY2012 FY2011 FY2010 y/y (Plan) FY2011 FY2010 y/y (Plan) Net sales 5,143 5,596 -8.1% 5,350 3,997 3,448 +15.9% 4,200 Gross profit 289 451 － 295 184 179 +2.8% 163 SG&
Slide 16: Sales structure of real estate business
Ⅴ-4 Sales Structure of Real estate business （ ¥ millions ） 10/3 11/3 12/3 Amount （Ratio） Amount （Ratio） Amount （Ratio） y/y Whole-building lease ※1 448,808 (92.8%) 486,951 (89.3%) 533,439 (90.4%) +9.5% Building and repairs ※２ － － 28,043 (5.1%) 30,095 (5.1%) +7.3% Brokerage 11,797 (2.5%) 11,975 (2.2%)
Slide 17: Other business segment and subsidiaries
Ⅴ-6 Income summary by segment （Other business） （¥ billions） FY2010 FY2011 （y / y） Net sales 25.6 28.5 （+11.4%） Gross profit 9.0 9.7 （+8.2%） Gross profit margin 35.2% 34.2% ［-1.0ｐ］ [ ]：Difference from previous year （\billions） （\billions） 30 ¥28.5bln ¥9.7bln 10 9.0 25.6 23.4 7.8 8 20 6 33.4% 35.2% 34
Slide 18: Other subsidiaries and SG&A expenses
Ⅴ-8 Financial summaries of major subsidiaries （Others - 2） （ ¥ millions ） Other business (Other) Care Partner Gaspal D. A. D. (M) FY12 FY12 FY12 FY11 FY10 y/y (Plan) FY11 FY10 y/y (Plan) FY11 FY10 y/y (Plan) Net sales 6,786 6,194 +9.6% 7,438 19,176 16,547 +15.9% 21,253 1,889 1,934 -2.3% 2,128 Gross
Slide 19: Financial conditions and cash flows
Ⅴ-10 Financial conditions End of FY2011 End of FY2010 （¥billions） Current 201.1 Current liabilities （+7.9） liabilities 193.2 Current 397.7 Current Noncurrent assets （+28.6） Noncurrent 215.8 assets 369.1 207.4 liabilities liabilities （+8.4） Total liabilities 400.7 Total 417.0 liabilities （+16.3） Nonc
Slide 20: Employees by occupation and order channels
Ⅴ-12 Number of employees by each occupations （Non-consolidated） Sales reps Engineers Tenant recruiters Total employees （right axis） 5,000 10,000 4,000 9,000 3,000 8,000 2,000 7,000 1,000 6,000 0 5,000 11/3 end 12/3 end 13/3 end（plan） 11/3 end 12/3 end （y / y） 13/3 plan Total employees 8,822 9,317 +4
Slide 21: Cancellation rate, unit price and order analysis
Ⅴ-14 Cancellation rate and Unit price of orders received (Semiannual comparison ) Cancellation rate※1 Unit price※2 （\millions） 100 80 74.60 73.83 71.75 74.90 73.61 73.87 30% 20.5% 20.0% 60 17.4% 16.1% 14.3% 15.0% 40 20 0% 0 09/9 10/3 10/9 11/3 11/9 12/3 09/9 10/3 10/9 11/3 11/9 12/3 ※1 Cancellation
Slide 22: Orders received by area and sales efficiency
Ⅴ-16 Orders received by area （\billions） 220 +41.6% 50% Daito’s Ave. 200 211.9 +21.0% +33.8% 180 +18.8% +29.7% +20.3% +20.0% 25% 160 +14.5% （+28.4%） +11.5% 140 +3.9% 120 0% 100 80 (161.2) 91.3 60 75.0 62.9 -25% 40 45.6 50.0 20 39.0 14.4 20.3 0 -50% ） n io ai ku o i o ku u hu u nk eg nt aid st ok k h
Slide 23: Orders by repeat and construction starts
Ⅴ-18 Orders received by repeat （\billions） 35 \32.84bln 30 27.10 25 22.55 20 50.0% 51.2% 46.3% 15 10 5 0 10/3 11/3 12/3 Oreders received by repeat Composition ratio Number of orders received by repeat from our existing customers ※ Composition ratio ＝ Total number of orders received 45 Ⅴ-19 Number of
Slide 24: Construction starts by area and occupancy rate
Ⅴ-20 Number of construction starts by area & Daito’s share Number of construction starts Share 16,000 50% 14,000 37.9% 40% 14,303 34.2% 32.4% 12,000 27.9% 25.9% 30% Daito’s Ave. 10,000 18.0% 12.8% 16.2% 16.4% 20% 8,000 (10.2%) 9.1% 7,581 10% 6,000 (10,088) 5,972 5,935 0% 4,000 4,125 4,271 2,000 -10%
Slide 25: Occupancy by area and units under management
Ⅴ-22 Rent basis occupancy rate by area (Residential use / March) y/y +3.7p +2.0p +0.6p +1.7p +1.0p +0.5p △0.2p +1.3p +0.5p 100% 96.1% 98.9% 97.1% 95.8% 95.0% 96.8% 98.0% 96.9% 97.7% Daito’s Ave. 96.9% 96.5% 96.3% 98.2% 95.6% 97.2% 96.8% 94.4% 94.1% 94.0% 50% 0% ido to i u u i u ku su ka nk ok sh ok
Slide 26: Customer financing channel and Mid-term plan P&L
Ⅴ-24 Customer’s financing channel Shares of financial institutions （Construction starts basis） 60% 50% Japan Housing Others; Finance Agency ; 1.9% 9.6% 40% Agricultural Cooperativ 30% e; 11.1% Regional 20% Banks; Shinkin 48.2% 10% Banks; 14.0% 0% 08/3 10/3 11/3 12/3 City Banks; Regional Banks Japan
Slide 27: Mid-term plan: equity ratio, ROE, EPS, payout
Ⅴ-25 Mid-term plan (Equity ration & ROE) Equity ratio ROE 60% 60% 50% 50% 40% 34.5% 36.2% 40% 30.8% 32.7% 32.5% 27.8% 30.6% 28.2% 30% 30% 26.1% 24.6% 20% 20% 10% 10% 0% 0% 12/3 13/3 14/3 15/3 16/3 12/3 13/3 14/3 15/3 16/3 （¥billions） Result Plan 2012/3 2013/3 2014/3 2015/3 2016/3 Total asset 569.0 6
Slide 28: Contact and disclaimer
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