Investor Presentation(4753KB)
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Investor Presentation February 2020 https://www.mitsuifudosan.co.jp/english/ Contents 1.About Mitsui Fudosan 1-1 About Mitsui Fudosan P4 1-2 Highlights P5 2.Management Strategy 2-1 Mitsui Fudosan Group Long-term Vision【VISION2025】 P8 2-2 Capital Policy P11 2-3 Growth Drivers P13 2-4 Portfolio Strategies P15 2-5 Promoting ESG Management (Recent Initiatives) P19 2-6 Corporate Governance P20 3.Core Businesses:Overview & Strengths 3-1 Leasing Business<Office Buildings, Retail Facilities, Others> P22 3-2 Property Sales Business P31 <Property Sales to Individuals, Property Sales to Investors> 3-3 Management Business P35 <Property Management, Brokerage, Asset Management, etc.) 3-4 (Appendix)Logistics Facility Business P37 3-5 (Appendix)Hotel and Resort Business P38 3-6 (Appendix)Global Business P40 4.Financial Statements and investment data, etc. 4-1 Summary of Results for the Nine Months Ended June 31, 2019 P44 4-2 Forecasts for the Year to March 2020 (FY 2019) P47 4-3 Summary of Results for the Year Ended March 31, 2019 P49 4-4 Operating Income by Segment P52 4-5 Investment and Financial Data P53 4-6 Shareholder Composition P55 5.Appendices(Market Trends) 5-1 Market Trends/Leasing Business/Office Buildings P57 5-2 Market Trends/Leasing Business/Retail Facilities P60 5-3 Market Trends/Property Sales Business/To Individuals P61 5-4 Market Trends/Property Sales Business/To Investors P62 5-5 International Visitors to Japan P63 Disclaimer P64 MITSUI FUDOSAN CO.,LTD 2 1.ABOUT MITSUI FUDOSAN 1-1.About Mitsui Fudosan Group About Mitsui Fudosan ②ワークテーブル:円グラフ Aspirations for the Mitsui Fudosan Group Revenue Structure Revenue from Operations (For the Year ended March 31, 2019) Leasing Property Sales 1,861.1 billions of yen Management Mitsui Home Other 5% Other Mitsui Home 14% ①ワークテーブル:連結営業収益 Leasing 32% 連結営業収益 ③ワークテーブル:賃貸事業 Offce Buildings Management 商業施設 20% Property Sales 29% ④ワークテーブル:分業事業 分業事業 Three Core Businesses and Breakdown of each Revenue ⑤ワークテーブル:マネジメント事業 As of March 2019 マネジメント事業 Leasing Business Property Sales Business Management Business 4% ⑥ワークテーブル:賃貸事業、分業事業、マネジメント事業 27% As of March 2019 46% 40% 54% 56% 73% Offce Buildings Retail Facilities Others Property Sagel to Individuals Offce Buildings Retail Facilities Property Management (Domestic) Others Property Sales to Investors and Brokerage, Asset management, etc. Individuals (Overseas),etc. ①ピボット参照:連結営業収益 MITSUI FUDOSAN CO.,LTD 4 1-2.Highlights About Mitsui Fudosan Performance Highlights Long-Term Vision ①ワークテーブル:業務ハイライト(グラフ) (Billions of yen) VISION 2025 330.0 Others(*1) Leasing Property Sales Management Leasing 300.0 Profit Attributable to owners of parent(*2) 52.0 Property Sales 270.0 53.4 Management 240.0 48.7 Others(*1) 53.8 192.0 210.0 124.0 52.4 98.0 168.6 180.0 49.3 83.0 155.8 49.9 65.2 131.8 150.0 41.5 44.5 117.7 120.0 27.0 45.4 100.1 23.0 76.8 90.0 59.4 135.7 138.3 141.9 144.0 60.0 104.3 109.2 107.8 124.1 30.0 0.0 (30.0) (20.8) (13.6) (16.6) (18.6) (22.2) (24.1) (31.2) (40.0) 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 ②ワークテーブル:業務ハイライト(表) (Announced on Jan.30, 2020) 営業利益 Operating income 親会社株主に帰属する当期純利益 (Billions of Yen) 148.1 172.5 186.0 202.4 232.6 245.9 262.1 280.0 減価償却費 Profit Attributable to 59.4 76.8 100.1 117.7 131.8 155.8 168.6 192.0 配当金/株 parent (Billions of Yen) 自己株式取得 Depreciation 総還元性向 79.0 (Billions of Yen) 59.0 56.0 61.2 67.4 71.3 70.1 85.0 ROA ROE Cash dividends per share 22 22 25 30 34 40 44 44 (E) Total amount of treasury acquired (Billions of Yen) - - - - - 15.0 16.0 - Total shareholder return ratio (%) (*3) 32.5 25.1 24.1 25.2 25.5 35.0 35.1 - ①業務ハイライト(グラフ:過去7期) ROA(%) 3.7 4.1 4.1 4.1 4.6 4.6 4.4 - ROE(%) 5.3 6.3 6.4 6.2 6. 7.4 7.4 - 営業利益-賃貸 8 営業利益-分譲 *1 Others include Mitsui Home, other segments and nonconsolidated general & administrative expenses. 営業利益-マネジメント *2 Prior to FY2015 : Net Income 営業利益-その他 *3 Total shareholder return ratio= (Total dividends + Total amount of treasury stock acquired)/Profit Attributable to owners of parent 営業利益-消去他 ・ ROA: (Operating income + Non-operating income) /Average total assets over period ・ ROE: Profit Attributable to owners of parent /Average shareholders‘ equity over period MITSUI FUDOSAN CO.,LTD 5 親会社株主に帰属する当期純利益 1-2.Highlights About Mitsui Fudosan BS Highlights Trend of D/E ratio, etc. Interest-bearing debt(Left) Shareholders' equity(Left) (Billions of yen) (time) 3,500.0 Debt/Equity ratio(Right) 3,300.0 2.00 BS as of March 31, 2019 (Billions of yen) 1.80 2,906.6 1.80 3,000.0 1.60 Real property for sale 2,604.6 1.60 (including advances 1,630.5 2,500.0 2,287.4 2,342.5 1,976.1 2,226.2 2,204.8 1.40 paid for purchases) 2,120.2 2,040.0 1,922.3 Interest-bearing 2,906.6 1,984.6 1.20 2,000.0 1,871.9 1.24 1.16 1.15 1.18 1.00 1,500.0 1,274.3 1.06 Tangible and Intangible 1,181.1 0.80 fixed assets 3,500.4 1,000.0 0.60 Other 1,475.3 (Rental properties) 3,024.0 0.40 500.0 0.20 0.0 0.00 Net Assets 2,420.8 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 (E) Other 1,671.6 (Shareholders' equity) 2,342.5 Market Value of Rental Properties Assets 6,802.7 Debt and Equity 6,802.7 (Billions of yen) Book Value Unrealized Gain(Market Value-Book Value) 5,773.6 6,000.0 5,436.1 4,828.4 Rental Properties (Billions of yen) 5,000.0 4,560.5 4,054.3 2,749.6 At March 31. At March 31. 2,475.4 Change 4,000.0 3,472.6 2019 2018 3,168.0 1,912.1 2,183.3 1,564.4 3,000.0 Market Value 5,773.6 5,436.1 337.5 920.4 1,215.9 2,000.0 Book Value 3,024.0 2,960.7 63.3 2,960.7 3,024.0 2,489.9 2,648.3 2,645.0 Unrealized 1,000.0 2,247.5 2,256.7 2,749.6 2,475.4 274.2 Gain 0.0 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 MITSUI FUDOSAN CO.,LTD 6 2.Management Strategy 2-1.Mitsui Fudosan Group Long-term Vision【VISION2025】 Management Strategy ⋆Announced in May 2018 VISION2025 ▶ Successfully establish a ▶ Harness technology to innovate sustainable society through the the real estate business ▶ Evolve into a global company creation of neighborhoods Basic Strategies Achieve Society 5.0 Establish a sustainable society Pursue common social value Contribute to the SDGs Drive sustainable profit growth Main Initiatives Drive evolution Innovate business models Dramatically grow in the creation of neighborhoods by harnessing real estate tech the overseas business Infrastructure to support initiatives Human resource strategies Organization, systems and governance Asset and financial strategy MITSUI FUDOSAN CO.,LTD 8 2-1.Mitsui Fudosan Group Long-Term Vision 【VISION2025】 Management Strategy *Announced in May 2018 OUTLOOK ①ワークテーブル:将来見通し 連結営業利益 うち、海外事業利益 ROA Around 2025 FY2018 FY2019 Actual Forecasts released on Jan.30, 2020 Consolidated Operating Income Around ¥350 billion ¥262.1 ¥280 billion Of which: Overseas Income Around 30% 19.8% - ①ピボット参照:将来見通し ROA Around 5% 4.4% - 営業利益 *Overseas income =Overseas OP+ Pro forma operating income of overseas affiliates (Calculated by multiplying the operating income or the amount equivalent to operating income of each overseas equity-method affiliated company by the Company’s equity interest) Note: The amount equivalent to operating income is the amount of profit calculated on a simplified basis after taking into consideration the tax burden. * ROA:(Operating income + Non-operating income) /Average total assets over period MITSUI FUDOSAN CO.,LTD 9 2-1.Mitsui Fudosan Group Long-term Vision【VISION2025】 Management Strategy ⋆Announced in May 2018 Guidelines of return to shareholders ワークシート:配当総額・自己株式取得額・総還元性向の推移 Total Dividend Share Buyback ▶Mitsui Fudosan reinvests earnings to increase shareholder value over the medium to long term and returns profits to shareholders based on comprehensive consideration of such factors as the business environment and its performance and finances. ▶In terms of returns to shareholders, in addition to paying stable dividends, We will conduct a flexible share repurchasing* to improve capital efficiency. ▶Mitsui Fudosan has identified a total shareholder return ratio of around 35% of profit attributable to owners of parent. Trends in Total Dividend Amount, Share *In principle, the acquired treasury stock will be cancelled. Repurchase Amount and Total Return Ratio (Millions of Yen) 35.0% 35.1% 70,000 35% Cancellation of treasury stock 60,000 ⚫ The treasury stocks acquired in FY2018/FY2019 have 50,000 16,000 been canceled. 15,000 30% (12,174,500 shares, 40,000 25.2% 25.5% total acquisition price: approx. ¥31.0 billion) 24.7% 30,000 25% ⚫ Date of cancellation: November 29, 2019 39,527 43,218 20,000 29,643 33,596 ⚫ Ratio to the total number of shares outstanding before 24,704 10,000 20% the cancellation: 1.23% 3/’15 3/’16 3/’17 3/’18 3/’19 Total Dividend Share Buyback Total Shareholder Return MITSUI FUDOSAN CO.,LTD 10 2-2.Capital Policy Management Strategy ▶Undertaking the stable payment of dividends ワークシート:ROEの推移 Basic Capital Policy while flexibly repurchasing own shares: 3/’12 Total shareholder return ratio 3/’13 3/’14 =Around 35% of profit attributable to owners of parent.