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Annual Report(2.6MB) This annual report is printed with 100% recycled paper utilizing used OA paper collected from office buildings managed by Mitsui Fudosan. ANNUAL REPORT 2002 Annual Report 2002 Year ended March 31, 2002 This report was produced in July, 2002 Printed in Japan PROFILE CORPORATE DATA (Parent Company) The Mitsui Fudosan Group is Japan’s Largest Mitsui Fudosan Co., Ltd. Comprehensive Real Estate Group. The Group’s businesses comprise leasing, sales of Head Office : 1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo, housing, office building and land, construction, brokerage, 103-0022, Japan consignment sales and consulting, property management, Date of Establishment : sales of housing materials and merchandise, facility opera- July 15, 1941 tions and others. In the 21st century in Japan, where the real estate Share Capital : ¥134,433 million and financial markets are merging to form a new hybrid field, Mitsui Fudosan Co., Ltd. aims to remain active as a key Listing : Tokyo, Osaka, Sapporo player in its 61th year of business by making optimal use of its power to create value toward building its influence and Number of Shares : presence in the industry and further reinforcing its position Authorized: 1,770,000,000 Issued and outstanding: 812,560,001 as a leading real estate company. Number of Shareholders : 51,201 Number of Employees : 1,586 Home Page : http://www.mitsuifudosan.co.jp/english CONTENTS CONSOLIDATED FINANCIAL HIGHLIGHTS .................................. 1 TO OUR SHAREHOLDERS.................................................................... 2 SEGMENT INFORMATION ................................................................... 7 Cautionary Statement CORPORATE GOVERNANCE ............................................................ 20 Statements made in this report with respect to Mitsui Fudosan Group’s cur- ENVIRONMENTAL MANAGEMENT ............................................... 21 rent plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance MEMBERS OF THE BOARD ............................................................... 22 of Mitsui Fudosan Group. These statements are based on management’s as- sumptions and beliefs in light of the information currently available to it and FINANCIAL SECTION.......................................................................... 23 therefore readers should not place undue reliance on them. Mitsui Fudosan NETWORK............................................................................................... 54 Group cautions that a number of important factors such as general economic conditions and exchange rates could cause actual results to differ materially CORPORATE DATA .............................................................................. 55 from those discussed in the forward-looking statements. MITSUI FUDOSAN ANNUAL REPORT 2002 53 CONSOLIDATED FINANCIAL HIGHLIGHTS Mitsui Fudosan Co., Ltd. and Subsidiaries Thousands of U.S. dollars Millions of yen except per share amounts U.S. dollars except per share amounts 2001 2002 2001 2002 For the Year: Revenue from operations .................................................................. ¥ 1,193,081 ¥ 1,152,484 $ 8,953,703 $ 8,649,033 Net income ................................................................................................... 26,112 29,807 195,967 223,691 As a percentage of revenue from operations ............... 2.2% 2.6% As a percentage of shareholders’ equity ........................... 6.4% 4.9% At Year-End: Cash dividends ........................................................................................... 4,063 5,689 30,490 42,690 Total assets .................................................................................................... 2,846,467 3,028,969 21,361,856 22,731,478 Shareholders’ equity ............................................................................... 411,097 609,536 3,085,158 4,574,384 Common stock ........................................................................................... 134,433 134,433 1,008,880 1,008,880 Number of shareholders ..................................................................... 51,704 51,201 Number of employees.......................................................................... 13,380 12,503 Per Share Data: Net income .................................................................................................... ¥ 32.1 ¥ 36.7 $ 0.241 $ 0.275 Diluted net income ................................................................................. 31.8 36.2 0.239 0.272 Cash dividends applicable to the year ...................................... 6.0 7.0 0.045 0.053 Note: U.S. dollar amounts are translated from yen at the rate of ¥133.25=U.S.$1.00, the approximate exchange rate at March 31, 2002. Revenue from Operations Net Income (Loss) Total Assets (Billions of yen) (Billions of yen) (Billions of yen) 29.8 26.1 3,202.4 3,106.8 1,194.8 1,193.1 3,029.0 1,158.7 1,152.5 2,991.2 1,140.2 3,000 2,846.5 15 1,000 (31.5) (35.8) (58.4) 0 2,000 -15 500 -30 1,000 -45 0 '98 '99 '00 '01 '02 '98 '99 '00 '01 '02 0 '98 '99 '00 '01 '02 MITSUI FUDOSAN ANNUAL REPORT 2002 1 TO OUR SHAREHOLDERS Overview of Fiscal 2001 Fiscal 2001, ended March 31, 2002, was a noteworthy year, as symbolized by a paradigm shift in Japan’s real estate industry. Among the noteworthy devel- opments occurring during the fiscal year, a listing system for Japan Real Estate Investment Trusts (JREITs), which link real estate properties with capital markets, was established on the Tokyo Stock Exchange (TSE). In September 2001, Office Building Fund of Japan, Inc., which was established based on a plan by Mitsui Fudosan Co., Ltd., earned the distinction of being the first fund to be listed on the TSE’s JREIT market. The listing of this fund heralded the debut in Japan of a new type of entity that holds high-quality income-producing proper- ties and distributes the majority of income from the management of these properties to investors. In March 2002, Office Building Fund of Japan was the first TSE-listed JREIT to announce its results and distribute its profits. Subse- quently, the price of this fund firmed, which, I believe, reflects the market’s recognition of this fund’s ability to 2 MITSUI FUDOSAN ANNUAL REPORT 2002 produce stable income as well as its mentation of revaluation. crease in net sales, a ¥10.5 billion decline growth potential. In addition to the In the past, I have mentioned that it is in operating income at Mitsui Home Co., initially listed funds including Office imperative for Mitsui Fudosan to reform Ltd., and ¥2.7 billion in additional depre- Building Fund of Japan two more JREITs its business methods as value in real ciation expenses accompanying the listed in June and a number of others are estate evolves from merely holding real decision to close the LaLaport Ski Dome scheduled for listing in a few years. Along estate assets toward emphasis on SSAWS, we were able to achieve this with these developments, I am confident effectively utilizing real estate. Trends level of operating income thanks to that, in the near future, we will finally such as the debut of JREITs as well as the higher income in our asset businesses, witness a further invigoration of the implementation of land revaluation by including our leasing and sales of hous- Japanese real estate investment market. the Mitsui Fudosan Group correspond ing, office building and land businesses, As was announced on March 1, 2002, with the paradigm shift in real estate. We as well as our non-asset businesses of at the end of the fiscal year under review recognize that this shift also represents brokerage, consignment sales and the Mitsui Fudosan Group revalued the the first step in an age in which greater consulting and property managent. book value of its landholdings in accor- stress is not only placed on raising the This favorable performance resulted dance with the Japanese Law Concern- value of each income-producing prop- from our continual emphasis on taking a ing Land Revaluation. As a result, differ- erty but also on ensuring the outstand- customer-oriented approach in the entials between market value and book ing quality and dominance of real estate leasing of office building and others and value shrank significantly. This revalua- portfolios. in our sales of housing, office building tion will facilitate the implementation of and land business as well as promoting a flexible strategies to optimize our asset shift to a demand-pull driven business portfolio, including new assets added to Performance concept while endeavoring to improve our portfolio, with minimal impact on business performance. our profit and loss. In April, the Business I would now like to review our perfor- On a different note, it is with great Accounting Council, an FSA council, mance for fiscal 2001. Revenues from sadness that I report that executive announced an exposure draft and operations amounted to ¥1,152.5 billion, director Yoshihiko Katori passed away in decided to adopt impairment account- down 3.4% from the previous fiscal year. August 2001. Mr. Katori’s extensive ing in Japan in the near future. However, Operating income was ¥103.0 billion, a efforts and dedication throughout his I believe we have already reduced a large 5.0% decrease. Despite such income- career at Mitsui Fudosan contributed portion of profit risk through the imple- reducing factors as a ¥31.8 billion de- significantly to the growth of the Com-
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