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TOKYU FUDOSAN HOLDINGS 2017 Integrated Report This Report Uses Ink Derived from Non-Edible Plants TOKYU FUDOSAN HOLDINGS 2017 Integrated Report 2017 Integrated 2017 Integrated Report Tokyu Fudosan Holdings Corporation Group Finance Department, Investor Relations Group Planning Policy Department, CSR Promotion Group This report uses Forest Stewardship Council This report uses ink derived from http://www.tokyu-fudosan-hd.co.jp/english/ (FSCR)-certified paper produced from non-edible plants. carefully managed forests. Tokyu Fudosan Holdings Corporation 2017 Integrated Report Tokyu Fudosan Holdings Group’s Medium- and Long-Term Management Plan TABLE OF CONTENTS 1st Chapter 03 Value Frontier 2020 Company Profile To Become a Corporate Group that At a Glance 03 Major Business Areas 05 Continues to Create Value Financial and Non-Financial Highlights 07 2nd Chapter 09 A Commitment from Top Management Tokyu Group slogan The Tokyu Group 3rd Chapter 17 Toward a Beautiful Age The Story of Value Creation A History of Creating New Value 17 Tokyu Group Philosophy The Value Creation Process 19 We hold this philosophy in common as we work together to Identification of Materialities & Opportunities and Risks 21 Medium-Term Management Plan 23 create and support the Tokyu Group. 4th Chapter 27 Mission We will create a beautiful living environment, where each person can pursue Statement: individual happiness in a harmonious society. Value Creation Strategy Urban Development segment 27 Management Work independently and in collaboration to raise Group synergy and establish a Residential segment 29 Policy: trusted and beloved brand. Property Management segment 31 Real Estate Agents segment 33 • Meet current market expectations and develop new ones. Wellness segment 35 • Manage in harmony with the natural environment. Tokyu Hands segment 37 • Pursue innovative management from a global perspective. Innovation Business segment 39 • Value individuality and make the most of each person. Through these means, we will fulfill our corporate social responsibilities. 5th Chapter 40 Attributes that Underpin the Group’s Guidelines for Fulfill your responsibilities. Collaborate to enhance each other’s abilities. Action: Reinvent yourself with a global awareness. Efforts to Create Value A Message from the Chairman of the Board of Directors 40 Roundtable Discussion with Independent Outside Directors 41 ESG Management 43 Corporate Governance 44 Work Style Reforms 49 Editorial Policy Social Needs 50 Environment 51 The Tokyu Fudosan Holdings Group issues integrated reports to provide stakeholders with a better overall understanding of the Group’s Executive Board 53 creation of value through all of its business activities. This report discloses the Group’s medium- and long-term management policies and business strategies as well as financial and non-financial data prepared in accordance with the international integrated reporting Independent Verification 56 framework of the International Integrated Reporting Council (IIRC). This fiscal year, the report focuses on the Group’s medium- to long- term objectives with an emphasis on identified medium- to long-term materialities and the Medium-Term Management Plan (FY2017– Major Financial/Non-Financial Data 57 FY2020) prepared to reflect those materialities. For more detailed financial and CSR information, please refer to the Company’s website. Consolidated Financial Statements 59 Corporate Data/Stock Information 93 Investor Relations Information CSR information http://www.tokyu-fudosan-hd.co.jp/english/ir/ http://www.tokyu-fudosan-hd.co.jp/english/csr/ Note on forward-looking statements The forecasts and other forward-looking statements in this report are based on currently available information and certain assumptions determined as rational. Consequently, the statements herein do not constitute assurance regarding actual results by the Company. Actual performance may significantly differ from these forecasts due to various factors in the future. 01 TOKYU FUDOSAN HOLDINGS 2017 Integrated Report TOKYU FUDOSAN HOLDINGS 2017 Integrated Report 02 1st Chapter Company Profile At a Glance Profit attributable to Business Segment Core Businesses Operating revenue Operating profit owners of parent Profile Company Asset Utilization Type Business Stock Utilization Type Business ¥808.5 billion ¥73.2 billion ¥31.5 billion Innovation and Reinforcement Rapid Growth Market conditions for the real estate market Operating profit was up 6.5% year on year. Profit attributable to owners of parent was up Urban Development Segment Property Management segment were stable, but gains on the sale of buildings Profit from condominiums increased and the 9.7% year on year. This was the fourth for investors was down, and as a result, Real Estate Agents and the Wellness business- consecutive increase and the first time in five Office Buildings and Commercial Facilities operating revenue declined slightly (down es performed well, resulting in higher profits years that this figure exceeded 30 billion yen. Floor space 0.9% year on year). for the fifth consecutive year, and the target 2 of 73 billion yen set in the Medium-Term 1,458,000 m No. of condominiums under Management Plan was achieved. No. of rental housing under management management 124,000 units 742,000 units Percentage of full-time The Urban Development segment provides optimal services for a variety of The Property Management segment plays a vital role in the formation of quality No. of customers No. of Group employees employees who are female needs related to urban real estate such as development and management of social infrastructure through total support in real estate management, including office buildings and commercial facilities, complex redevelopment projects, real building and equipment maintenance, operation, and repairs, for condomini- estate investment trust management, and management of rental housing. ums, office buildings, commercial and public facilities. Approx. 10 million 20,421 27% Residential segment Real Estate Agents segment The Group’s wide-ranging business activities, As a result of the acquisition of the National Various viewpoints are essential for maintain- which include the purchase of condomini- Students Information Center in fiscal year ing a high level of competitiveness as a ums, resort and sports facility management, 2016 and other factors, the number of group business enterprise, and consequently, the and Tokyu Hands membership programs, employees increased. Group encourages diversity in its workforce continue to attract a large customer base. including increased employment of women. Cumulative No. of condominiums supplied Sales agency trading volume 90,000 units ¥1.1 trillion The Residential segment offers comprehensive support for enriching The Real Estate Agents segment offers comprehensive solutions in real estate Innovation Business lifestyles of customers through the sale of high-quality, comfortable transactions, including real estate brokerage, consignment sales, and real estate 6.0% residential properties including condominiums and detached housing. sales, tailored to diverse customer needs. Tokyu Hands Mature Markets Growth Markets 11.7% Increasing Group Added Value New Core Business Urban Development 30.0% Tokyu Hands segment Wellness segment No. of stores Tokyu Hands 46 No. of facilities (Including FC stores and Wellness Fiscal 2016 overseas stores) 161 Under the banner of “its hint market” brand slogan, the Group offers an The Wellness segment helps customers create a wealth of high-quality time through 11.4% Percentage of extensive and diverse range of products and provides hints to discovery cross-business collaboration in the fields of leisure, health and senior citizens by unique to Tokyu Hands to customers as a means of helping customers developing and managing resorts, leisure facilities, sports clubs and senior housing. Operating Revenue establish their own individual lifestyles. (Excluding Elimination/Headquarters) Future Growth Drivers Innovation Business segment Real Estate Agents Overseas Business Development 9.9% United States Residential Indonesia 13.1% China The Innovation Business segment develops overseas businesses, and creates and promotes new business fields, such as custom-built houses, renovation projects and greenification. Property Management 17.9% Strategic Business 03 TOKYU FUDOSAN HOLDINGS 2017 Integrated Report TOKYU FUDOSAN HOLDINGS 2017 Integrated Report 04 1st Chapter Company Profile Major Business Areas (As of March 31, 2017) Overseas Business of the Tokyu Fudosan Holdings Group Commercial facility Tokyu Hands *Excluding FC stores Profile Company Shanghai Golf course Ski resort Tokyu Land Corporation Local Subsidiary Tokyu Land Corporation (Shanghai) Ltd. Resort hotel Members-only tness club Tokyu Livable, Inc. Local Subsidiary Tokyu Livable (Shanghai) Inc. Mongolia Tokyu Hands Sapporo Store Niseko Mountain Resort Grand Hirafu Japan The Hotel Niseko Alpen China Taiwan Tokyu Harvest Club Tokyu Livable, Inc. Joint Venture Urabandai Grandeco & Tokyu Livable (Taiwan) Inc. Urabandai Grandeco Tokyu Hotel Myanmar Hong Kong Laos Tokyu Hands Nagano Store Tokyu Livable Hong Kong Branch Philippines Grandeco Snow Resort Thailand Palau Vietnam Palau Pacic Resort Tokyu Hands Sendai Store Palau Tokyu Land Corporation Local Subsidiary Tangram Ski Circus (Madarao) Cambodia Brunei Pacic Islands Development Corporation Malaysia Madarao Tokyu Golf Club Tokyu Harvest Club Nasu Singapore Tokyu Hands, Inc. Tokyu Harvest Club Madarao & Jurong East Store/Orchard Store/Suntec City Store Hotel Tangram (Madarao) Mt. Jeans Nasu Indonesia
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