Tokyo Stock Exchange, First Section Code : 8923
Singapore Exchange, Mainboard Code : S2D
Tosei Corporation
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
Financial Results for the First Three Months of the Fiscal Year 2018
Tosei Corporation
Tokyo Stock Exchange, First Section Code : 8923Singapore Exchange, Mainboard Code : S2D
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
3,914 3,658 4,150
3,326
2,198
5,888
963 2,664
247 527 8,450
9,049
10,038
0
2,000
4,000
6,000
8,000
10,000
'16/11期 '17/11期 '18/11期
(百万円)
2,611 2,500 2,847
2,1321,431
3,852 636
1,823
168 399 5,547
6,1556,699
14.4% 14.1%13.7%
0%
4%
8%
12%
16%
0
2,000
4,000
6,000
8,000
'16/11期 '17/11期 '18/11期
(百万円) ROE
-17 -74 6141 278 108
9511,273
377
2,3892,581
630
3,674
-408 -145
4,001
7,845
3,793
9,2799,833
4,341
-1,860 -1,661 -429
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
'16/11期 '17/11期 '18/11期 1Q
(百万円)
-1,131 -1,388 -306341 0 72
4,005 4,6371,230
2,329 2,802
687
5,324 6,237
1,434
13,1385,197
766
25,809 40,268
14,425
49,818
57,754
18,310
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
'16/11期 '17/11期 '18/11期 1Q
(百万円)
不動産流動化事業
不動産開発事業
不動産賃貸事業
ファンド・コンサルティング事業
不動産管理事業
その他
内部取引
13,527 14,67718,310
17,128 11,682
49,520
8,484 15,618
10,679
15,776 49,818
57,754
67,830
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
'16/11期 '17/11期 '18/11期
(百万円) 1Q 2Q 3Q 4Q
4,127 3,828 4,341
3,548
2,413
6,605 1,148
2,839
456 753
9,2799,833
10,946
0
2,000
4,000
6,000
8,000
10,000
'16/11期 '17/11期 '18/11期
(百万円)
(¥million)
(Other)
(Other)(Other)
1
(予想)(予想)
(予想)
(Other)
FY2018 First Three Months / Full Year Forecasts - Highlights-
【 Revenue 】 【Profit Before Tax】【Operating Profit】
< Segment Revenue> < Segment Operating Profit> 【Profit for the Period】
(¥million) (¥million)
(¥million) (¥million)
(¥million)(Forecast)
(Forecast)
(Forecast)
(Forecast)
(Forecast)
FY2016 FY2017 FY2018 FY2016 FY2017 FY2018 FY2016 FY2017 FY2018
FY2016 FY2017 FY2018FY2016 FY2017 FY2018
(Other)
(Other)(Development)
(Development) FY2016 FY2017 FY2018
Revenue ¥18.3 billion (up 24.7% yr/yr), Profit for the Period ¥2.8 billion (up 13.9% yr/yr). Large size property sales drove the Company’s sales performance. Achieved more than 40% of the Profit forecast.
-559 -1,131 -1,388
694 3413,574 4,005 4,637
2,444 2,329 2,8024,262 5,324 6,237
6,605
13,1385,197
25,986
25,809 40,268
43,006
49,818
57,754
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
FY2015 FY2016 FY2017
(¥ million)
Revitalization
Development
Rental
Fund and Consulting
Property Management
Other
Internal Transactions
Revitalization
Development
Rental
Fund and Consulting
Property Management
Other
Internal Transaction
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved. 2
Overview of Consolidated Financial Results
(\million)
% % %
14,677 100.0 18,310 100.0 3,632 24.7
9,187 62.6 12,119 66.2 2,931 31.9
5,489 37.4 6,190 33.8 701 12.8
1,791 12.2 1,877 10.3 86 4.8
Expences Related to Property Marketing Activities 488 3.3 504 2.8 15 3.2
Selling, General and Administrative Expenses(Net of Expences Related to Property Marketing Activites)
1,302 8.9 1,373 7.5 70 5.4
147 1.0 93 0.5 -53 -36.2
17 0.1 65 0.4 47 273.0
3,828 26.1 4,341 23.7 513 13.4
-169 - -191 - -21 -
3,658 24.9 4,150 22.7 491 13.4
1,158 - 1,302 - 144 -
2,500 17.0 2,847 15.6 346 13.9
2,528 17.2 2,875 15.7 346 13.7
51.79 58.92 7.13 13.8EPS(\)
Other Income
Other Expenses
Finance Income/Cost (Net)
Income Tax Expense
Operating Profit
Profit Before Tax
FY2017 1Q
Profit For the Period
Comprehensive Income for the Period
FY2018 1Q yr/yr change
Cost of Revenue
Selling, General and Administrative Expenses
Revenue
Gross Profit
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
Revitalization Business
Kunitachi-shiIncome-generating Building
Itabashi-kuIncome-generating Building
Soka-shiIncome-generating Apt Building
Musashino-shiIncome-generating Building
Revenue / Gross Profit Margin Major Properties Sold
3
Whole buildings : Sold 13 buildings including office buildings and apt building, etc.(Breakdown of sold properties : property sales over ¥1 billion : 2 properties (0 properties up/down yr/yr), property sales under ¥1 billion : 11 properties (12 properties down yr/yr)
Restyling:Sold 4 units in “Hilltop Yokohama-Negishi” (7 units down yr/yr)
9,82710,501
6,618
10,897
894
14,310
437
390
440 259
114
10,939
7,009
11,338 10,981
14,425 35.3%
24.3%
24.9%
7.3%
30.1%
0%
5%
10%
15%
20%
25%
30%
35%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
'17/11期 1Q '17/11期 2Q '17/11期 3Q '17/11期 4Q '18/11期 1Q
(百万円)
売上高(1棟販売・トーセイリート向け)売上高(1棟販売・一般向け)売上高(Restyling)売上総利益率(¥million)
*The gross profit is net of Cost of Revenues including the following write-down amounts
under LCM: FY2017: -5 million yen
FY2017 1Q FY2017 2Q FY2017 3Q FY2017 4Q FY2018 1Q
Revenue (Restyling)
Revenue (Whole building to general customers)
Revenue (Whole building to REIT)
Gross Profit Margin
(\million)
1Q Full Year 1QFull Year
(forecast)
Revenue 10,939 40,268 14,425 39,375
Gross Profit 3,863 9,186 4,339 9,023
Operating Profit 3,417 7,845 3,793 7,067
No. of Sales (Restyling) 11 45 4 26
No. of Sales (Whole buildings, Others) 25 58 13 59
FY2017 FY2018
FY2017
(whole financial year)
Gross Profit Margin
22.8%
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(\million)
1Q Full Year 1QFull Year
(forecast)
Revenue 969 5,197 766 14,880
Gross Profit 175 976 132 3,328
Operating Profit -173 -408 -145 1,657
No.of Sales (Sales in lots) 22 121 17 138
No.of Sales (Whole buildings) - - - 89
No.of Sales (Condominiums) - - - 2
FY2017 FY2018
Development Business
Revenue / Gross Profit Margin Major Properties Sold
Comodo Casa Wakamatu 6-chome
(Sold by Urban Home Corporation)
THE Palms Court Kashiwa-Hatsuishi(Total units 95/ 3 Units left)
4
THE Palms Setagaya Yutenji Master PlaceDelivery starts from March, 2018
Contracted Units : 83 units
Total Units : 89 units
(contract rate 93% as of end of Feb. 2018)
Sold 17 detached houses in projects such as THE Palms Court Kashiwa-Hatsuishi and THE Palms Court Kamakura-Shiromeguri.
Condominium’s (89 units) delivery will start from March, 2018 (FY2018 2Q).
9691,175
1,3541,698
766
969
1,175
1,354
1,698
766
18.1%19.1%
20.0%
17.9%17.3%
0%
5%
10%
15%
20%
0
500
1,000
1,500
2,000
'17/11期 1Q '17/11期 2Q '17/11期 3Q '17/11期 4Q '18/11期 1Q
(百万円)戸建・宅地・請負
売上総利益率(¥million)
*The gross profit is net of Cost of Revenues including the following write-down amountsunder LCM: FY2017: -28 millions
FY2017
(whole financial year)
Gross Profit Margin
18.8%
FY2017 1Q FY2017 2Q FY2017 3Q FY2017 4Q FY2018 1Q
Detached Houses / Land Lots / Housing Construction
Gross Profit Margin (All)
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
26,387 27,360
15,005
5,746
9,576
21,321
16,472
2,694
2,202
1,765
1,433
793
4,970
2,808
5,979
6,631
7,544
4,816
880
2,033
6,956
2,496
1,332
(11,179)
45,168
66,842
49,809
26,560
10,000
20,000
30,000
40,000
50,000
60,000
70,000
'15/11期 '16/11期 '17/11期 '18/11期
(百万円)
戸建・土地(開発)
賃貸マンション(開発)
分譲マンション(開発)
オフィス・ホテル・商業施設(開発)
土地等(流動化)
マンション(流動化)
オフィス(流動化)
Contract Basis Progress
¥26.5 billion.(End of Feb. 2018)
Acquisition Progress(delivery basis, expected
disposition values)
¥15.3 billion.
Acquisition Target
for FY2018
¥80 billion
Total acquisition amount was ¥15.3 billion on a delivery basis (expected disposition values)Revitalization Business:20 Properties - 10 Office Properties, 7 Apartments, 3 Land LotsDevelopment Business:4 Properties - 1 Land Lot for Condominium Project, 3 Detached House Projects
As of the end of February 2018, total acquisition amount progressed to about ¥26.5 billion on a contract basis.
Acquisitions in Revitalization and Development Businesses -Acquisition Amount and Inventories-
15,380
*For more details for inventory expected disposition value please look P11~P12
Narashino-shiIncome-generating Building
Yokohama-shiIncome-generating Building
Nishi-Tokyo-shiIncome-generating Apt Building
Ota-kuEmpty Building
5
Trends in Annual Acquisition Amounts(delivery basis and expected revenues) Breakdown of Inventories
(¥million)
FY2015 FY2016 FY2017 FY2018 1Q
24,848 26,387 27,360
15,005
9,0939,576
21,321
16,472
4,424 2,202
1,765
1,433
3,723 4,970
2,808
5,979
6,631
7,544
8806,966
2,033
6,956
2,496
(16,700)
49,054
45,168
66,842 66,509
10,000
20,000
30,000
40,000
50,000
60,000
70,000
FY2014 FY2015 FY2016 FY2017
(¥ million)
Detached houses・Land(Development)
Rental Apartments(Development)
Condos(Development)
Offices・Hotels・Commercial facilities(Development)
Land etc. (Revitalization)
Income-generating Apt buildings(Revitalization)
Offices(Revitalization)
Detached Houses, Land (Development)
Rental Apartment (Development)
Condos (Development)
Office, Hotels, Commercial Facilities (Development)
Land, etc., (Revitalization)
Income-generating Apt Building (Revitalization)
Offices (Revitalization)
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
15 16 18 21 26 2612 10 8 7
6 6
33 25 26
55 57
6860
51 52
83 89
100
0
20
40
60
80
100
'13/11 '14/11 '15/11 '16/11 '17/11 18/2
Current assets*
Restyling
Non-Current assets*
(\million)
1Q Full Year 1QFull Year
(forecast)
Revenue 1,482 6,237 1,434 6,709
Gross Profit 727 2,864 671 3,304
Operating Profit 660 2,581 630 3,009
FY2017 FY2018
Increase and Decrease from the End of the Previous Fiscal Year
New Acquisition +16Decrease by Sale -7
Other (Leasing Started) +2
Rental Business
Revenue / Gross Profit Margin Breakdown of Properties Held by Tosei
*The revenue includes internal transactions.
*Only includes income-generating properties
Office, Commercial Buildings : 38Apartment : 55
Other : 7
6
638 605 614 635753
30 29 22 2221
813892
985
947 659
1,482 1,5271,622 1,605
1,434
49.0%46.1%
42.9%
45.9% 46.8%
0%
10%
20%
30%
40%
50%
60%
70%
0
200
400
600
800
1,000
1,200
1,400
1,600
'17/11期 1Q '17/11期 2Q '17/11期 3Q '17/11期 4Q '18/11期 1Q
(百万円)
売上高(流動資産) 売上高(Restyling)
売上高(固定資産) 売上総利益率(¥million)
The number of properties owned by Tosei increased to 100 (an increase of 11 properties from the end of the previous
year).Rental revenue from non-current assets share increased to more than 50% of the total rental revenue, due to
transferring part of the rental properties to non-current assets in the end of FY2017, for long-term holding purpose.
FY2017
(whole financial year)
Gross Profit Margin
45.9%
FY2017 1Q FY2017 2Q FY2017 3Q FY2017 4Q FY2018 1Q
Revenue (Current Assets)
Revenue (Restyling)
Revenue (Non-current Assets)
Gross Profit Margin
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(\million)
1Q Full Year 1QFull Year
(forecast)
Revenue 485 2,802 687 2,715
Gross Profit 442 2,538 654 2,589
Operating Profit 159 1,273 377 1,187
FY2017 FY2018
17,434 29,358 36,177 45,997 45,997
149,349 113,057
300,643 287,924
392,114
461,143
98,679 170,114
91,789 124,084
114,097
114,097
248,028
300,607
421,792 448,186
552,208
621,237
0
100,000
200,000
300,000
400,000
500,000
600,000
'13/11 '14/11 '15/11 '16/11 '17/11 '18/2
REIT AM
私募ファンドAM
CRE
(百万円)
238 262 270 295365
25
126 54
192
217
41
534
180
782
139
153104
485
1,176
498
642687
91.3% 90.6%94.5%
86.9%
95.3%
0%
20%
40%
60%
80%
100%
0
200
400
600
800
1,000
1,200
'17/11期 1Q '17/11期 2Q '17/11期 3Q '17/11期 4Q '18/11期 1Q
(百万円)
AMフィー アクイジションフィーディスポジションフィー 仲介手数料・その他売上総利益率
Revenue / Gross Profit Margin Balance of Assets Under Management
*1 ¥45 billion was transferred from private funds AM to CRE at the end of November, 2016 after reviewing the management details. For comparison, revenue for the previous fiscal year (FY2016) are recalculated.
*1
*2 The purple portion indicates the assets under consulting agreements of CRE. CRE is methods of investing in and managing corporate real estate efficiently to maximize long-term enterprise value. By undertaking CRE, Tosei conducts comprehensive consulting services from the views of real estate professional.
*1
Fund and Consulting Business
The balance of AUM increased to ¥621.2 billion. ( ¥69.0 billion increase compare to end of the previous fiscal year) On Dec. 2017, a fund structured by our company acquired large-scale residential property “Kawada-cho Comfo-
Garden” (¥43.0 B) from Urban Renaissance Agency, our company has newly started AM contracts with this property.
*The revenue includes internal transactions.
7
FY2017
(whole financial year)
Gross Profit Margin
90.6%
c
Increase and Decrease from the End of the Previous Fiscal YearPrivate Funds AM +¥69.0 B (Increase ¥72.2B Decrease ¥3.2B)
(¥million)
*1
*1
*2
FY2017 1Q FY2017 2Q FY2017 3Q FY2017 4Q FY2018 1Q
AM Fee*1
Disposition Fee
Gross Profit Margin
Acquisition Fee
Brokerage Fee / Other*1
REIT AM
Private Funds AM
CRE*1
300,607
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(\million)
1Q Full Year 1QFull Year
(forecast)
Revenue 1,115 4,637 1,230 5,201
Gross Profit 322 1,356 379 1,483
Operating Profit 75 278 108 283
FY2017 FY2018
343 351 351 375 395 390
203 193 196219
270 270
546 544 547
594
665 660
0
100
200
300
400
500
600
700
'13/11 '14/11 '15/11 '16/11 '17/11 '18/2
(No. of buildings)
Buildings, Others
Apartments
757 776844 858 857
357 320305
416 373
1,115 1,0961,149
1,2751,230
28.9% 30.1% 30.0%28.2%
30.8%
0%
10%
20%
30%
40%
50%
60%
0
200
400
600
800
1,000
1,200
'17/11期 1Q '17/11期 2Q '17/11期 3Q '17/11期 4Q '18/11期 1Q
(百万円)
PM・BM報酬など
スポット工事・手数料など
売上総利益率
(スポーツクラブ運営事業等)
Example of Properties Under Management
Property Management Business
Revenue / Gross Profit Margin The Number of Properties Under Management
*The revenue includes internal transactions.
8Office School Nursery School
Condominium Commercial Facility Hotel
(¥million)
2,6672,906
3,237
907
1,098
1,3993,574
4,005
4,637
27.4% 27.2%29.3%
0%
10%
20%
30%
40%
50%
0
1,000
2,000
3,000
4,000
5,000
FY2015 FY2016 FY2017
(¥ million)
Repair works, commissions and fees
PM・BM fees
Gross profit margin
The total number of properties under management was 660 as of February 28, 2018. (5 properties decreasefrom the end of the previous fiscal year )
Earnings from PM and BM fee, etc. ensure stable profits.
FY2017
(whole financial year)
Gross Profit Margin
29.3%
FY2017 1Q FY2017 2Q FY2017 3Q FY2017 4Q FY2018 1Q
Condo/ Apt Management
Office Building Management
(Office, Commercial Facility, School, Hotel, Nursery, etc. )
Repair Works, Commission and Fees
PM / BM Fees
Gross Profit Margin
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
Acquisition +8,843
Constructive/Value-added etc., +2,297
Decrease
FactorDisposition -10,699
-10,699 +11,140
Increase
Factor
FY2018 1Q(\million)
Total
Summary of Balance Sheet (Consolidated)I. –Assets-
(¥million)
End of
Nov. 2017Decrease Increase
End of
Feb. 2018
122,550 124,675
23,750 24,898
59,718 -10,699 +11,140 60,159
33,665 -139 +134 33,659
5,416 5,957
+2,125
+1,148
+540
Total Assets
Cash and
Cash Equivalents
Inventories
(Properties)
Investment Properties /
PPE
Other Assets
A
A:Change in inventory
9
Inventories increased ¥4.4 billion from the end of the previous fiscal year. The increase was attributable to new properties purchased and construction, etc., which exceeded decreases due to properties sold.
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(¥million)
End of
Nov. 2017Decrease Increase
End of
Feb. 2018
122,550 124,675
76,391 76,695
67,123 -12,814 +12,173 66,482
Current Borrowings 6,449 -1,484 +3,140 8,105
Non-current Borrowings 60,674 -11,329 +9,032 58,377
9,268 10,212
46,158 47,980
37.7 38.5
0.94 0.87
Equity
Equity Ratio (%)
Net D/E Ratio -0.07
Total Liabilities/
Equity
Total Liabilities
Borrowings
Other Liabilties
+2,125
+303
+944
+1,821
+0.8
Summary of Balance Sheet (Consolidated). -Liabilities/Equity-
10
A
B
C
B: Change in EquityA: Change in borrowings
C: Financial Soundness
• The repayment of borrowings by sales was ¥8.2 billion.
• They resulted in decrease of debt balance by ¥0.6billion from the end of the previous fiscal year.
• Equity ratio is 38.5% (up 0.8 points).• Net D/E Ratio decreased to 0.87 times (down 0.07
points) due to increase in equity capital and decrease in debt
• Total equity increased ¥1.82 billion yen from the end of the previous year, reflecting an increase of ¥2.84 billion yen in profits as well as the payment of ¥1.2 billion yen for dividends.
New Borrowings +143
Non-current → Current Portion +2,997
New Repayments -474
Other (Refinance, etc.) -1,009
New Borrowings +8,012
Other +1,020
Repayments up on Disposition -7,816
Other Repayments (Refin/Maturity, etc.) -515
Non-current → Current Portion -2,997
-12,814 +12,173 Total
Current
Increase
Factor
Decrease
Factor
Non-
Current
Increase
Factor
Decrease
Factor
(\million) 1Q
• ¥8.1 billion of new borrowings incurred to finance acquisition of 24 properties (book value ¥8.8 billion).
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(\million)
Breakdown of Inventories
No. of
properties
No. of
properties
Office, Commercial buildings 25 4 17,651 23,695
Hotel 1 1 5,124 10,123
Condo/Apt buildings 54 5 28,135 50,516
Detached houses - 17 6,795 11,791
Other 6 - 2,452 4,295
TOTAL 86 27 60,159 100,422
Balance of Inventories
As of Feb. 28, 2018
Total Expected
Disposition Value100,42260,159 (113properties)
Expected disposition values Total expected
disposition
valueRevitalization DevelopmentRevitalization
【A】
Development
【B】
Property typeInventories
Total
【A】+【B】
15,205 2,445 19,916 3,779
4,539 5,583
18,579 9,555
2,779 2,344
- 6,795 - 11,791
23,698 26,817
2,452 - 4,295 -
39,018 21,141 52,450 47,971
Inventories (Breakdown)
11
• The expected disposition values above are based on Tosei’s estimate of revenue corresponding to the properties currently in the inventories. Actual amounts may be vary significantly from the estimates, due to various factors.
• The inventories above represent carrying amount and may increase due to such factors as value-up investments and construction costs. • The condominium buildings and detached houses are counted as each project being one property.
Note: Detached houses and condominiums are classified by one unit’s price.Office, Commercial
buildings24%
Hotel10%
Condo/Apt buildings 50%
Detached houses
12%
Others4%
Property Type(Expected Disposition Value)
The 23 wards of Tokyo38%
Tokyo (except the Tokyo's 23 wards)
20%
Kanagawa23%
Chiba11%
Saitama8%
Area(Expected Disposition Value)
Less than ¥100M41%
Between ¥100M and ¥500M
12%
Between ¥0.5B and ¥1B 15%
Between ¥1B and ¥2B 6%
More than ¥2B 26%
Property Size(Expected Disposition Value)
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
Balance between inventories and sales volume –There are enough inventories for this fiscal year-
'08/11 '09/11 '10/11 '11/11 '12/11 '13/11 '14/11 '15/11 '16/11 '17/11 '18/2
Office, CommercialBuildings
60,487 31,264 22,251 15,206 18,595 18,497 27,185 34,998 37,820 29,740 23,695
Hotel ― ― ― ― ― ― ― 2,336 4,151 10,123 10,123
Condo / AptBuildings
14,327 12,844 30,589 26,627 23,476 22,709 13,881 23,497 39,573 44,749 50,516
Detached Houses ― ― 558 3,727 7,701 13,225 15,247 11,184 13,673 11,138 11,791
Other 1,672 479 220 1,021 354 393 4,243 2,348 4,208 4,324 4,295
Total 76,487 44,588 53,620 46,581 50,127 54,825 60,557 74,365 99,428 100,076 100,422
(¥million)
Inventories (Expected Disposition Values)
12
(\million)
'15/11 '16/11 '17/11 '18/11 (forecast)
(beginning-of-period) Inventories*1 【A】 60,557 74,365 99,428 100,076
Revenue*2 【B】 32,592 38,948 45,465 54,255
Revenue ÷(beginning-of-period) Inventories*2 【B】÷【A】 54% 52% 46% 54%
*1 Converted by sales assumption*2 Sales from buy and sell business (Revitalization and Development business
Inventories (expected disposition values) totaled ¥100.4 billion as of February 28, 2018
By property type, Condo / Apt Buildings shares 50%.
*2
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(\million)
33,555 21,357
Office, Commercial Buildings 22,393 18 34,277 11,884
Condominium 4,307 6 6,802 2,495
Other 1,666 3 4,831 3,165
28,367 27 45,911 17,544
Office, Commercial Buildings 3,417 2 4,776 1,358
Hotel 1,770 1 4,224 2,454
5,188 3 9,000 3,812
33,555 30 54,912 Total 21,357 (A)
Income Tax Expense -7,047 (B)
Unrealized Gain (After Tax) 14,309 (C)(=A+B)
Balance of Book Value
as of End of Feb. 2018Unrealized Gains
Property, Plant and Equipment
Unrealized Gain
(B)-(A)
Total
Property TypeFair Values
(B)
Investment Properties
Balance of
Book Value (A)
NO. of
Properties
Investment properties and PPE(Breakdown)
Total Capital including unrealized gains (after tax) in above
*1
*2
13
Holding Policy
・Decide to include assets based on the conditions, profitability, future value and loan terms of properties, among other factors.
・Consider replacement with inventories by reassessing the portfolios at least once a year.
*1 Includes one property which is partially is a hotel*2 Calculated by corporation tax rate 33%
* Fair values in above is based on the real estate appraisal by Tosei* PPE book value doesn’t include book value of structures attached to the buildings.
Changes in Investment Properties and PPE (Book Value)
As of Feb. 28, 2018
Per Share
Total Capital 【A】 ¥47,980M ¥989.91
Unrealized Gains (after tax)【B】 ¥14,309M ¥295.22
Total (【A】+【B】) ¥62,289M ¥1,285.14
Unrealized profits (after tax) from investment properties and property, plant and equipment stood at ¥14.3 billion. Efforts are being made to gradually increase the number of assets owned by Tosei and expand profit stably through
the acquisition of good assets.
17,097 22,004
25,172
33,555 33,555
41,305 19物件
22物件25物件
30物件 30物件35物件
- 30物件
- 20物件
- 10物件
物件
10物件
20物件
30物件
0
10,000
20,000
30,000
40,000
50,000
'14/11 '15/11 '16/11 '17/11 '18/2 '18/11(予想)
(百万円)
(26物件)(21物
件)(18物件)(16物
件)
41,000(26物件)(¥million)
))
)
) )
No. of
Properties
(Forecast)
*( ) are the number of properties which have rental income
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
27,092
34,812 39,167
60,745 60,668 58,351
7,315
5,230
9,487
9,378 6,445
8,122
34,407
40,042
48,655
70,124
67,113 66,473
0
20,000
40,000
60,000
'13/11 '14/11 '15/11 '16/11 '17/11 '18/2
(百万円)
短期借入金(1年内長期借入金を含む)長期借入金
1.95%1.73%
1.52%1.30%
1.16% 1.16%
13.6年
14.3年
13.1年
10.5年
16.4年16.7年
4.4年3.8年
4.4年
5.3年
4.5年 4.7年
0
5
10
15
'13/11 '14/11 '15/11 '16/11 '17/11 '18/2
0
(年)
平均借入金利
平均借入期間(固定資産)
平均借入期間(流動資産等)
Borrowings from Financial Institutions Average annual interest rates on borrowings is 1.16% There was a large-scale refinance of non-current assets in previous fiscal year, and the average loan term
increased to above 16 years.
88%
12%
Changes in Borrowing Rate / Period Changes in Borrowing Balance
(¥million)
※3
※1
※2
※2
14*1 The weighted-average rate of borrowing balance of end of each finical year
*2 Borrowing period are calculated using the weighted average of period from the date of borrowing until due date of borrowing depending on the borrowing balance.
*3 lease debts are not included
27,092
34,812 39,167
60,745 60,668 7,315
5,230
9,487
9,378 6,445
34,407
40,042
48,655
70,124
67,113
0
20,000
40,000
60,000
11/'13 11/'14 11/'15 11/'16 11/'17
(¥ million)
Current borrowings
Non-current borrowings
1.95%1.73%
1.52%1.30%
1.16%
13.60 years
14.25 years
13.06 years
10.49 years
16.42 years
4.38 years
3.76 years
4.36 years
5.28 years
4.47 years
0
5
10
15
11/'13 11/'14 11/'15 11/'16 11/'17
0
(Year)
Average interest rate
Average debt term (Non-current assets)Average debt term (Current assets, etc.)
(year)
Current Borrowings*3
Non-current Borrowings*3
Average Interest Rate*1
Average Debt Term (Non-current Assets)*2
Average Debt Term (Current Assets, etc.) *2
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
Overview of Segment Results (Consolidated) I. Revenue and Cost of Revenue
15
FY 2018 1QFY 2017 1Q
(¥million,%)
FY 2017 1Q FY 2018 1Q
% % %
Total 14,677 100.0% 18,310 100.0% 3,632 24.7%
Revitalization 10,939 74.5% 14,425 78.8% 3,486 31.9%
Development 969 6.6% 766 4.2% -202 -20.9%
Rental 1,482 10.1% 1,434 7.8% -47 -3.2%
Fund and Consulting 485 3.3% 687 3.8% 202 41.7%
Property Management 1,115 7.6% 1,230 6.7% 115 10.3%
Other 0 - 72 0.4% 72 -
Internal Trancsaction -313 - -306 - 6 -
FY 2017 1Q FY 2018 1Q
% % %
Total 9,187 62.6% 12,119 66.2% 2,931 31.9%
Revitalization 7,076 64.7% 10,085 69.9% 3,009 42.5%
Development 793 81.9% 633 82.7% -159 -20.1%
Rental 755 51.0% 763 53.2% 7 1.0%
Fund and Consulting 42 8.7% 32 4.7% -10 -23.9%
Property Management 792 71.1% 851 69.2% 58 7.4%
Other 0 - 1 2.2% 1 -
Internal Trancsaction -271 - -248 - 23 -8.5%
Revenueyr/yr Change
Cost of Revenueyr/yr Change
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
Overview of Segment Results (Consolidated) II. Gross Profit and Operating Profit
16
FY 2018 1QFY 2017 1Q
(¥million,%)
FY 2017 1Q FY 2018 1Q
% % %
Total 5,489 37.4% 6,190 33.8% 701 12.8%
Revitalization 3,863 35.3% 4,339 30.1% 476 12.3%
Development 175 18.1% 132 17.3% -43 -24.7%
Rental 727 49.0% 671 46.8% -55 -7.6%
Fund and Consulting 442 91.3% 654 95.3% 212 47.9%
Property Management 322 28.9% 379 30.8% 56 17.5%
Other 0 - 70 97.8% 70 -
Internal Trancsaction -41 - -57 - -16 38.9%
FY 2017 1Q FY 2018 1Q
% % %
Total 3,828 26.1% 4,341 23.7% 513 13.4%
Revitalization 3,417 31.2% 3,793 26.3% 376 11.0%
Development -173 -17.9% -145 -19.0% 28 -16.2%
Rental 660 44.6% 630 43.9% -30 -4.6%
Fund and Consulting 159 32.9% 377 55.0% 217 136.5%
Property Management 75 6.8% 108 8.8% 32 43.0%
Other 0 - 6 8.8% 5 -
Corporate Expenses, etc. -312 - -429 - -117 37.4%
Operating Profityr/yr Change
Gross Profityr/yr Change
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(\million)
1,779 4,485 2,706
3,658 4,150 491
94 147 53
609 1,632 1,022
-2,155 -1,019 1,136
-427 -425 2
61 -1,483 -1,545
-1 -12 -10
-162 -134 27
225 -1,337 -1,562
-1,952 -1,852 99
-725 -640 85
-1,009 -1,157 -147
-215 -202 13
-0 147 148
-111 1,149 1,260
21,640 23,750 2,109
0 -0 -0
21,529 24,898 3,368
FY2017
1Q (A)
FY2018
1Q (B)
yr/yr Change
(B)-(A)
Cash and Cash Equivalent at Beginning of Period
Effect of Exchange Rate Change on Cash and Cash Equivalents
Cash Flows from / used in Operating Activities
Profit Before Tax
Increase / Decrease in Cash and Cash Equivalents
Depreciation Expense
Increase / Decrease in Inventories
Income Taxes Paid
Other, Net
Cash and Cash Equivalent at End of Period
Cash Flows from / used in Investing Activities
Cash Flows from/used in Financing Activities
Increase / Decrease in Borrowings
Cash Dividends Paid
Interest Expenses Paid
Other, Net
Increase / Decrease in PPE
Increase / Decrease in Investment Properties
Other, Net
Summary of Cash Flow Statements (Consolidated)
*1
*2
17
*3
*2
Cash Flows from Operating Activities *1
Cash flow from operating activities was ¥4.4 billion increase.Mainly due to ;・¥4.1 billion of profit before tax・¥1.6 billion decrease in inventories・¥1.0 billion decrease due to income taxes paid.
Cash Flows used inFinancing Activities*3
Cash flow used in financing activities was ¥1.8 billion decrease.Primarily due to;・¥0.6 billion net decrease in borrowings・¥1.1 billion decrease of cash dividends paid.
Cash Flows used inInvesting Activities*2
Cash flow used in Investing activities was ¥1.4 billion decrease.Mainly due to;・¥1.3 billion payment due to acquisition of subsidiaries’ stock through M&A
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
(¥million,%)
*The orange portion shows gross profit margin and operating profit margin 18
Earnings Forecasts for FY2018 (disclosed on 10th Jan. 2018)
(forecast)
)
% % % (B)-(A) %
Revenue 49,818 100.0 57,754 100.0 67,830 100.0 10,076 17.4
Revitalization 25,809 51.8 40,268 69.7 39,375 58.0 -893 -2.2
Development 13,138 26.4 5,197 9.0 14,880 21.9 9,683 186.3
Rental 5,324 10.7 6,237 10.8 6,709 9.9 471 7.6
Fund and Consulting 2,329 4.7 2,802 4.9 2,715 4.0 -87 -3.1
Property Management 4,005 8.0 4,637 8.0 5,201 7.7 563 12.2
Others 341 0.7 0 0.0 345 0.5 345 -
-1,131 - -1,388 - -1,396 - -7 -
Gross profit 16,349 32.8 16,816 29.1 19,811 29.2 2,994 17.8
Revitalization 5,214 20.2 9,186 22.8 9,023 22.9 -163 -1.8
Development 5,302 40.4 976 18.8 3,328 22.4 2,352 241.0
Rental 2,670 50.2 2,864 45.9 3,304 49.2 440 15.4
Fund and Consulting 2,193 94.2 2,538 90.6 2,589 95.4 51 2.0
Property Management 1,090 27.2 1,356 29.3 1,483 28.5 126 9.3
Others 14 4.3 0 - 333 96.6 333 -
-136 - -106 - -250 - -144 -
Selling, general and administrative expenses,etc 7,021 14.1 7,153 12.4 8,881 13.1 1,727 24.2
1,806 3.6 1,457 2.5 2,207 3.3 750 51.5
5,214 10.5 5,696 9.9 6,674 9.8 977 17.2
222 0.4 215 0.4 20 0.0 -194 -90.3
270 0.5 44 0.1 4 0.0 -40 -91.0
Operating profit 9,279 18.6 9,833 17.0 10,946 16.1 1,112 11.3
Revitalization 4,001 15.5 7,845 19.5 7,067 18.0 -777 -9.9
Development 3,674 28.0 -408 -7.9 1,657 11.1 2,066 -505.6
Rental 2,389 44.9 2,581 41.4 3,009 44.9 427 16.6
Fund and Consulting 951 40.8 1,273 45.4 1,187 43.7 -85 -6.7
Property Management 141 3.5 278 6.0 283 5.4 4 1.7
Others -17 -5.2 -74 - -82 - -7 9.6
-1,860 - -1,661 - -2,177 - -516 -
Finace income/costs(net) -829 - -784 - -907 - -123 -
Profit before tax 8,450 17.0 9,049 15.7 10,038 14.8 989 10.9
Income tax expenses 2,902 - 2,894 - 3,339 - 445 -
Profit for the year 5,547 11.1 6,155 10.7 6,699 9.9 543 8.8
FY2016 FY2017 (A) FY2018 (B) yr/yr Change
Corporate expenses, etc.
Internal Transactions
Internal Transactions
Expenses related to property marketing activities
Selling, general and administrative expenses(net of expenses related to property marketing activities)
Other expenses
Other income
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
Current Share Price
Trends in Dividends
25.00 30.00
FY2018(Forecast)
8.00
19.6 21.618.6
12.00
20.2
22.00
19.1
16.00
18.7
We will increase earnings per share for the period through sustained growth in profit.By doing so, we seek to pay dividends consistently and increase dividends.
*1 Net Asset Value = Net Asset Value + Unrealized gains (after tax)*1 Fair value of fixed assets are has been calculated by the Company based “Real Estate Appraisal Standards”. For details, please see page 13.*1 Corporate tax is calculated at 33% *1 Calculated at the number of shares issued (excluding treasury stock) as of Feb. 28, 2018.*2 PER = Stock Price / Basic net income per share (¥138.75) as of the announcement of FY2017 (Jan. 10, 2018).
Market Capitalization(As of Apr. 2nd 2018)
Net Book Value(As of end of Feb. 2018)
Unrealized Gain (After Tax)*1
(As of end of Feb. 2018)Net Asset Value*1
(As of end of Feb. 2018)
¥61.7 billion ¥47.9 billion ¥14.3 billion ¥62.2 billion
Stock Price (A)(same as above)
Book Value per Share*1 (B) Unrealized Gain per Share*1 Net Asset Value per Share*1 (C)
¥1,275.00 ¥989.91 ¥295.22 ¥1,285.14
PER*2 PBR (A)÷(B) P/NAV*1 (A) ÷(C)
9.19 1.29 0.99
19
Trends in Dividends
Annual Dividends Per Share(¥)
FY2017FY2013
Payout Ratio(%)
FY2014 FY2016FY2015
Copyright © 2018 TOSEI CORPORATION, All Rights Reserved.
経営企画部TEL:03-3435-2864FAX:03-3435-2866
URL : http://www.toseicorp.co.jp
20
Please visit our website.
Accounting Department
Tel:+81 3-3435-2865
Fax:+81 3-3435-2866
URL :https://www.toseicorp.co.jp/english/
Except for historical facts, all plans, forecasts, strategies and other information contained herein are forward-looking statements. Forward-looking statements include but are not limited to descriptions of future events and performance containing words such as or similar to “believe,” “expect,” “plan,” “strategy,” “anticipate,” “forecast,” and “estimate,” and are based on judgments derived from the information available to the Company at the time of publication. Various factors could cause results to differ materially from any projections presented herein. The Company reserves the right to maintain or change its projections regardless of any new information, conditions or changes in performance. These materials are for informational purposes only, and should not be construed as a recommendation to invest in the Company.
DISCLAIMER
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