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(Ended Nov 30, 2007) (PDF:1.9 表紙 Financial Results for the Fiscal Year Ended Nov. 2007 Tosei Corporation （Ticker Symbol Number: 8923） Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 1 INDEX ¾ Overview of Results I. Overview of Results for the Fiscal Year Ended Nov. 2007 －P. 3 ¾ Outlook for the Fiscal Year Ending Nov. 2008 and Medium-term Management Plan II. Tosei’s View of the Operating Environment and Fundamental Development Initiatives for the Fiscal Year Ending Nov. 2008 －P. 20 III. Outlook for the Fiscal Year Ending Nov. 2008 －P. 31 IV. Progress of the Medium-term Management Plan －P. 44 [Reference Materials] I. Introduction to Tosei 1. Tosei Group Overview －P. 48 2. Examples of Tosei Group Properties －P. 53 II. Supplementary Materials to the Results for the Fiscal Year Ended Nov. 2007 －P. 64 III. Supplementary Materials to the Medium-term Management Plan －P. 72 IV. Supplementary Materials on Real Estate Market Conditions －P. 75 Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 2 I. Overview of Results for the Fiscal Year Ended Nov. 2007 Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 3 Fiscal Year Ended Nov. 2007 – Highlights Achievements in the Fiscal Year Ended Nov. 2007 ¾ December 2006 Tosei Revival Investment Co., Ltd. executes acquisition to obtain real estate ¾ January 2007 Refurbished Value-Up Laboratory showroom opens ¾ February 2007 Completion of an environment-conscious condominium, THE Palms Setagaya Sakura ¾ March 2007 THE Palms Ryogoku and THE Palms Akabane completed; Ginza Wall Building acquired ¾ April 2007 Tosei REIT Advisors, Inc. acquires investment trust management license ¾ April 2007 THE Palms Honkomagome completed ¾ May 2007 ASCOT INC. entrusts Tosei with asset development and management; Ueno Tosei Building completed ¾ October 2007 Tosei Asset Management, Corp. established ¾ November 2007 Company applies for JASDAQ delisting ¾ Other Rooftop greening completed for a cumulative total of 35 buildings (started June 2006) As of November 30, As of November 30, As of May 31, 2007 2006 2007 ¾Composition of Shareholders ・ Individuals & （ ） Others 54.33% 52.11% ⇒ 54.79% +2.68p ・ Financial （ ） institutions 14.68% 16.98% ⇒ 13.95% -3.03p ・ Securities ⇒ （ ） companies 0.83% 0.63% 0.72% +0.09p ・Overseas investors 13.33% 13.37% ⇒ 13.49% （+0.12p） ・Other corporations 16.83% 16.91% ⇒ 17.04% （+0.13p） Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 4 Overview of Results for the Fiscal Year Ended Nov. 2007 (Consolidated) (¥ million, %) FY ended Nov. 30, 2006 FY ended Nov. 30, 2007 YoY change (Consolidated) % of revenues (Consolidated) % of revenues % Revenues 24,741 100.0 40,085 100.0 15,343 62.0 Cost of revenues 16,584 67.0 27,968 69.8 11,384 68.6 Gross profit 8,157 33.0 12,117 30.2 3,959 48.5 Selling, general and administrative expenses 2,256 9.1 3,110 7.7 854 37.8 Operating income 5,900 23.9 9,006 22.5 3,105 52.6 Ordinary income 5,323 21.5 7,949 19.9 2,625 49.3 Net income 2,737 11.1 4,557 11.4 1,820 66.5 Earnings per share (¥) 7,412.80 12,095.04 4,682.24 63.2 Return on equity (%) 23.3 26.4 3.1p Return on total assets (%) 5.4 6.2 0.8p Ordinary income per employee 39 40 1 3.1 Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 5 Changes in Revenues and Ordinary Income （Consolidated） Substantial growth in both revenues and ordinary income continued. Ordinary Revenues ■1H (Dec. 1 – May 31) ■1H (Dec. 1 – May 31) ■2H (Jun. 1 – Nov. 30) Income ■2H (Jun. 1 – Nov. 30) （百万円） (¥ million)（百万円） (¥ million) 45,000 9,000 40,085 7,949 40,000 8,000 35,000 7,000 17,880 30,000 24,741 6,000 5,323 5,353 25,000 5,000 1,010 20,000 6,996 4,000 15,000 3,000 22,205 4,313 10,000 17,744 2,000 2,595 5,000 1,000 0 0 FY ended Nov. 30, FY ended Nov. 30, FY ended Nov. 30, FY ended Nov. 30, 2006 2007 2006 2007 Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 6 Overview of Results (Analysis of Changes in Earnings) (¥ million, %) Increased Personnel Expenses +¥499 million （+38.5%） FY ended Nov. 30, 2006 FY ended Nov. 30, 2007 YoY change Average number of employees：FY ended Nov. 30, 2006: (Consolidated) % of revenues (Consolidated) % of revenues % 120.5 ⇒ FY ended Nov. 30, 2007: 164 （+36.1%） Revenues 24,741 100.0 40,085 100.0 15,343 62.0 Increased Advertising Expenses +¥97 million (+76.2%) Cost of revenues 16,584 67.0 27,968 69.8 11,384 68.6 ¾Billboards in Shibuya, Roppongi and Omote-sando ¾Advertising in subways, etc. Gross profit 8,157 33.0 12,117 30.2 3,959 48.5 Selling, general and Other administrative 2,256 9.1 3,110 7.7 854 37.8 ¾Tax and dues +¥108 million (+70.7%) Operating income 5,900 23.9 9,006 22.5 3,105 52.6 Increase in non-deductible consumption taxes Non-operating income 109 0.4 63 0.2 (46) (42.4) ¾Training expenses +¥14 million (+197.8%) Non-operating Training for additional personnel (management, expenses 687 2.8 1,120 2.8 433 63.1 communication and HR evaluation training) ¾Other remuneration paid +¥76 million (+144.0%) Ordinary income 5,323 21.5 7,949 19.9 2,625 49.3 Increase in auditors’ fees Revitalization Business +¥3,257 million (+77.1%) Increased Interest Expense ¾Average balance of borrowings +¥18.1 billion (+54.2％) Development Business +¥343 million (+45.9%) FY ended Nov. 2007 ¥51.5 billion FY ended Nov. 2006 ¥33.4 billion Rental Business +¥741 million (+72.1%) ¾Increased interest expense +¥50.4 million (+85.5％) Fund Business -¥294 million (-20.8%) Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 7 Comparison of Revenues by Segment （Consolidated） Maintain emphasis on revitalization while increasing the relative importance of development in the portfolio. （ ） ¾Segment Revenues （Consolidated） Overall revenues were driven by revitalization and Revitalization business development businesses, while revenues from stable Development business Rental business earnings sources (rental and property management Fund business Property management business businesses) were firm. (¥ million) Alternative investment business 45,000 YoY increase 40,085 (decrease) (%) 40,000 Revitalization business 55.3% 35,000 30,000 Development business 128.5% 24,741 24,310 25,000 Rental business 85.7% 20,000 Fund business (19.2%) 15,650 15,000 Property management business 44.7% 8,781 10,000 3,842 Alternative investment business (22.4%) 5,000 1,838 3,415 1,419 1,147 Total 62.0% 1,904 2,755 0 335 260 FY ended FY ended Nov. 30, 2006 Nov. 30, 2007 Note: Total revenues are net of revenues from internal transactions between Group businesses. Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 8 Revitalization Business The revitalization business secured high earnings through sales of large-scale office buildings and vacant buildings. ¾Revitalization Business Revenues/Income ◆ Major Sales ¾ Revenues and gross profit were driven by sales of large buildings including the Ueno Tosei Building (office building), the Tonegi Revenues Gross profit Revenues Operating income Building (vacant) and Sendagaya 2-chome (vacant) while profits (¥ million) Gross profit Operating income (¥ million) from small and medium-sized buildings grew steadily. 30,000 8,000 (¥ million, %) 7,480 Office Vacant Condos Other Total 7,286 7,000 & Buildings 25,000 Retail 6,000 Tosei Revenues 11,424 2,777 2,807 1,732 18,742 20,000 Gross profit 5,485 1,227 323 161 7,198 5,000 Gross profit 48.0% 44.2% 11.5% 9.3% 38.4% 4,223 15,000 4,040 24,310 4,000 marg in Pegasus Revenues 4,566 – 1,000 – 5,567 3,000 10,000 Gross profit 217 – 65 – 282 15,650 2,000 Gross profit 4.8% – 6.5% – 5.1% marg in 5,000 1,000 Total Revenues 15,991 2,777 3,808 1,732 24,310 Gross profit 5,703 1,227 388 161 7,480 0 0 Gross profit 35.7% 44.2% 10.2% 9.3% 30.8% FY ended FY ended marg in Nov. 30, 2006 Nov. 30, 2007 Properties 7 2 10 3 22 Gross Profit Margin 35.7% 44.2% 10.2% 9.3% 30.8% Copyright © 2007 TOSEI CORPORATION, All Rights Reserved. 9 Development Business Revenues for the period were from residential properties only. Tosei has changed the timing of new office building sales because of the strong market. ¾Development Business Revenues/Income ◆Overview of Business ¾ Due to favorable market conditions, Tosei Revenues Sales to end-users Gross profit delayed selling some office and residential (¥ million) Sales to investors Operating income Gross profit (¥ million) properties originally scheduled for sale in Operating income the year ended November 2007. 10,000 1,200 8,781 9,000 1,090 1,000 8,000 ◆Major Sales (Sales to investors) 7,000 823 800 ¾ THE Palms Den-en Chofu: sold to a private 6,000 747 3,842 equity fund 5,000 600 8,213 513 (Sales to individual end-users) 4,000 (Sales to individual end-users) 400 ¾ THE Palms Setagaya Sakura: (All 108 units 3,000 2,552 have been sold as of Nov. 30, 2007) 2,000 200 ¾ THE Palms Honkomagome: (All 35 units have 1,000 1,290 been sold as of Nov. 30, 2007) 568 0 0 ¾ THE Palms Yoga (Of a total of 25 units, 1 FY ended FY ended remains unsold as of Nov. 30, 2007) Nov. 30, 2006 Nov.
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