Daito Trust Construction Co., Ltd. · TSE:1878
Daito Trust Construction — Q1 FY2010 Earnings Presentation
23 slides from Daito Trust Construction's earnings presentation, August 2010
Slide 1: 1Q Financial Highlights, Year ending March 31, 2011
1Q Financial Highlights, Year ending March 31, 2011 Contents Ⅰ．1Q Financial Results ・・・・・ ・・・・・・ 3 Ⅱ．Key Figures・ ・・・・・・・・・・・・・・・ 12 Ⅲ．Topics・・・・・・・・・・・・・・・・・・・ 27 Ⅳ．Appendix・・・・・・・・・・・・・・・・・・ 29
Slide 2: Ⅰ-1 Income summary
Ⅰ. 1Q Financial Results Ⅰ-1 Income summary Net sales Operating income (¥ billions) (¥ billions) 300 15 ¥216.2bln ¥8.9bln （103.6% of plan） 10 （332.7% of plan） 200 161.8 180.5 5 Plan -6.2 -1.4 ¥2.7bln 100 Plan 0 ¥208.7bln -5 0 08/6 09/6 10/6 -10 08/6 09/6 10/6 Ordinary income Net income (¥ billions) (
Slide 3: Income summary by segment (Construction, Real estate)
Ⅰ-2 Income summary by segment (Construction) （¥billions） 1Q FY09 1Q FY10 （year on year） Because of the revision of accounting Net sales 55.5 76.7 （+38.2%） standard by “management approach”, segment of “building and repairs” of Daito Building Management is changed Gross profit 17.1 28.1 （+64.0%） from
Slide 4: Income summary by segment (Others); SG&A expenses
Ⅰ-4 Income summary by segment (Others) （¥billions） 1Q FY09 1Q FY10 （year on year） Net sales 5.52 6.21 （+12.5%） Gross profit 1.81 2.14 （+18.4%） Gross profit margin 32.9% 34.6% ［+1.7ｐ］ [ ]：Difference from previous year （\billions） （\billions） （%） 8 4 ¥6.21bln 6 5.52 3 4.81 ¥2.14bln 4 2 1.81 34.6% 1.24
Slide 5: Financial conditions; Cash flows
Ⅰ-6 Financial conditions 1Q FY2010 End of FY2009 （billion of yen） Current Current 129.3 166.9 liabilities liabilities （- 37.6） Current Current Noncurrent 328.2 Noncurrent 79.5 376.3 78.5 assets （- 48.1） assets liabilities liabilities （+0.9） Total 208.8 Total liabilities 245.4 liabilities （- 36.6） No
Slide 6: Key Figures; Financial forecast
Ⅰ-8 Financial forecast No change in financial forecast （¥billions） Daito Trust Construction Daito Building Management Consolidated PL 2QFY10 09/9 10/9 plan year on year 09/9 10/9 plan year on year 09/9 10/9 plan year on year Net sales 219.2 194.8 - 11.2% 232.4 255.3 +9.8% 454.0 462.3 +1.8% Operating
Slide 7: Orders received; Sales staff and sales efficiency
Ⅱ-1 Orders received ◇Orders received ¥108.7bln（107.6% y/y） （\billions） 140 126.5 120 \108.7 bln 101.0 100 80 60 40 20 0 08/6 09/6 10/6 13 Ⅱ-2 Sales staff and sales efficiency ◇Number of sales staff（end of June） 2,809（- 81 y/y） ◇Orders received per staff ¥12.91mln／month（+¥1.44mln y/y） Orders received
Slide 8: Channels of orders received; Cancellation rate and unit price
Ⅱ-3 Channels of orders received Orders received Orders received by Repeat & Introduction from New customers Number y/y Number y/y (Number) ( y/y ) (Number) ( y/y ) 122.4% 120.2% 140 109.5% 111.4% 107.2% 120% 140 120% 97.4% 100.2% 100.4% 120 100% 120 100% 100.5 102.8 88.7% 95.2 82.6% 100 88.8 100 80.
Slide 9: Cancellation rate and unit price; Orders received plan
Ⅱ-5 Cancellation rate and Unit price of orders received Rate of medium-rise※1 Rate of rebuilt※2 30% 30% 23.2% 20.6% 20.4% 21.2% 20.2% 20% 20% Total rate 12.4% 12.5% 9.2% 9.8% 10% 8.2% 10% Daito’s rate（include the above） 3.7% 4.2% 3.2% 2.9% 3.1% 0% 0% 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q FY2009 FY2010 FY200
Slide 10: Tenancy agreement; Rent basis occupancy rate
Ⅱ-7 Tenancy agreement ◇Number of tenancy agreement 43,590（116.4% y/y） Residential use Commercial use (Number) ( y/y ) (Number) ( y/y ) 50,000 200% 1,500 200% 42,400 1,190 40,000 36,496 33,833 150% 1,000 942 950 150% 30,000 125.3% 116.2% 110.2% 107.9% 20,000 100.8% 100% 500 84.4% 100% 10,000 0 50% 0
Slide 11: Rate of moving out; Tenancy agreement analysis
Ⅱ-9 Rate of moving out ◇Residential use 6.4%（- 0.4p y/y） ◇Commercial use 3.1%（- 1.2p y/y） Residential use Commercial use 7% 5% 6.8% 4.3% 6.4% 6.4% 4% 6% 3.1% 3% 2.8% 5% 2% 08/6 09/6 10/6 08/6 09/6 10/6 21 Ⅱ-10 Analysis : Tenancy agreement for residential use ① For personal For corporate (Number) ( y
Slide 12: Tenancy agreement analysis; Tenancy agreement plan
Ⅱ-11 Analysis : Tenancy agreement for residential use ② By Daito By Real estate agency (Number) ( y/y ) (Number) ( y/y ) 30,000 200% 30,000 200% 25,000 23,774 25,000 19,830 20,000 18,057 150% 20,000 18,626 150% 15,776 16,666 119.6% 119.9% 15,000 109.8% 15,000 111.8% 101.2% 105.6% 10,000 100% 10,000
Slide 13: Expectation of occupancy rate
Ⅱ-13 Expectation of occupancy rate Occupancy rate for residential use Occupancy rate for commercial use at the end of FY2010 at the end of FY2010 95.9%（+1.3p y/y） 93.0%（+1.7p y/y） 98% 98% (95.9%) 96% 95.6% 95.6% 95.5% 96% 95.4% 95.1% (94.7%) 95.6% 94.7% 94.0% (94.1%) 94.1% 94% 94.6% 94% 94.1% 92.9%
Slide 14: Topics: About new business
Ⅲ. Topics Ⅲ About new business Land-Set Collecting and registering land information for sale business Acting property Starting a whole-building lease from July 1 management z Approval of 26 items Vegetable On cultivation and sale of Shiitake mushroom factory z July, 2010 : Establishment of Daito Far
Slide 15: Appendix: Non-consolidated statement of income
Ⅳ. Appendix Ⅳ-1 Non-consolidated statement of income （¥ millions） 1Q FY10 1Q FY09 year on year Net sales 83,428 63,078 +32.3% Construction 76,978 53,393 +44.2% Real estate & other 6,449 9,684 - 33.4% Gross profit 27,111 17,818 +52.2% Construction 28,264 16,610 +70.2% Real estate & other - 1,153 1,20
Slide 16: Financial summaries of major subsidiaries (Construction, Real estate)
Ⅳ-2 Financial summaries of major subsidiaries ①（Construction） （¥ millions） Construction business Daito Construction Daito Steel 1Q FY10 1Q FY09 year on year 1Q FY10 1Q FY09 year on year Net sales 490 5 +9,700.0% 559 579 - 3.5% Gross profit 14 1 +1,300.0% 19 37 - 48.6% SG&A expenses 14 89 - 84.3% 18
Slide 17: Sales structure of real estate business; Subsidiaries (Others)
Ⅳ-4 Sales Structure of Real estate business （¥ millions） 08/6 09/6 10/6 Amount （Ratio） Amount （Ratio） Amount （Ratio） year on year Brokerage 2,513 (2.2%) 2,591 (2.2%) 2,667 (2.0%) +3.0% Management service 109 (0.1%) 101 (0.1%) 97 (0.1%) - 3.9% Sub-lease ※1 5,919 (5.2%) 4,309 (3.6%) 2,974 (2.2%) - 31.
Slide 18: Number of employees by occupations; Orders received by area
Ⅳ-6 Number of employees by occupations （non-consolidated） Sales staff Engineers Tenant recruiters Total employees（right axis） 5,000 9,500 4,000 9,000 3,000 8,500 2,000 8,000 1,000 7,500 0 7,000 09/6 10/6 11/3 （Plan） 09/6 10/6 year on year 11/3 (plan) Total employees 8,985 8,751 - 234 9,120 Sales sta
Slide 19: Construction started units & Daito's share FY09
Ⅳ-8 Number of construction started units & Daito’s share ① － FY09 (Apr.-Mar.) Number 500,000 20% 430,867 444,747 16.2% 400,000 15% 11.4% 11.6% 311,463 300,000 10% 200,000 5% 100,000 0 0% 08/3 09/3 10/3 Number of construction started units（Apr.-Mar.） Daito's share(Apr.-Mar) （ Ministry of Land, Infras
Slide 20: Construction started units & Daito's share FY10
Ⅳ-10 Number of construction started units & Daito’s share ② － FY10 (Apr.-Jun.) Number 150,000 20% 122,278 15.20% 14.30% 15% 100,000 10.40% 79,349 71,055 10% 50,000 5% 0 0% 08/6 09/6 10/6 Number of construction started units (Apr.-Jun.) Daito's share (Apr.-Jun.) （ Ministry of Land, Infrastructure, Tr
Slide 21: Orders received by repeat; Rent basis occupancy rate
Ⅳ-12 Orders received by repeat (￥ billions) 60 \55.0bln 50.3 51.1 40 46.3% 46.8% 20 37.5% 0 08/6 09/6 10/6 Oreders received by repeat Composition ratio Number of orders received by repeat from our existing customers ※ Composition ratio ＝ Total number of orders received 41 Ⅳ-13 Rent basis occupancy r
Slide 22: Occupancy rate by area; Units under management
Ⅳ-14 Rent basis occupancy rate by area (Residential use) 100% Daito’s Ave. 94.8% 93.1% 95.4% 95.6% 94.8% 90.6% 92.5% 91.8% 92.4% 94.0% 93.9% 94.6% 94.9% 96.4% 95.4% 91.8% 90.9% 92.2% 92.7% 50% 0% ai o ku o u i u hu u nk nt k aid ts ok k ho iko us To Ki Ka ine ug kk Ky To Sh Ch sh Ho Ko Occupancy rat
Slide 23: Customer's financing channel
Ⅳ-16 Customer’s financing channel Shares of financial institutions （Construction starts basis） 40% Shinkin Others ; Banks ; (1.8%) 30% (11.4%) Regional Banks ; (36.6%) 20% Agricultural Cooperative ; (11.8%) 10% 0% Japan Housing 08/3 09/3 10/3 10/6 Finance Agency ; Regional Banks City Banks (18.5%) C
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