Tokyu Fudosan : FY2019 Ended March 31, 2020 Financial Flash Report

Tokyu Fudosan Holdings Corporation

March-2020

FY2019 Ended March 31, 2020 Financial Flash Report

											( billion)
1. Statements of Income	Mar-2017	Mar-2018	Mar-2019	Mar-2020		Mar-2021
(Consolidated base)	1H		1H		1H		1H			Forecasts
Operating revenue	319.3	808.5	408.0	866.1	402.6	901.9	412.5	963.2		930.0
Operating gross profit	72.2	173.0	85.3	182.5	85.2	193.4	90.9	201.7		－
	Gross margin ratio	22.6%	21.4%	20.9%	21.1%	21.2%	21.4%	22.0%	20.9%		－
SG&A expenses	46.8	99.8	50.3	105.0	53.0	113.2	59.3	122.4		－
	SG&A expenses to sales	14.7%	12.3%	12.3%	12.1%	13.2%	12.6%	14.4%	12.7%		－
Operating profit	25.3	73.2	35.0	77.5	32.2	80.2	31.7	79.3		50.0
Non-operating income	0.5	1.3	0.6	1.4	0.9	2.4	0.6	1.4		－
	Interest and dividends	0.3	0.7	0.2	0.6	0.4	0.9	0.3	0.7		－
	Other	0.2	0.6	0.4	0.8	0.4	1.5	0.4	0.8		－
Non-operating expenses	5.6	10.9	4.9	10.3	5.3	11.9	6.2	13.3		－
	Interest	4.2	8.4	3.9	7.9	4.5	9.3	5.0	10.3		－
	Other	1.4	2.5	1.0	2.3	0.8	2.6	1.2	3.0		－
(Net interest receive)	(3.9)	(7.7)	(3.7)	(7.3)	(4.1)	(8.4)	(4.8)	(9.6)		－
Ordinary profit	20.3	63.6	30.7	68.7	27.8	70.7	26.1	67.5		39.0
Extraordinary income	0.2	0.2	0.0	0.0	－	0.1	－	0.1		－
Extraordinary losses	1.2	18.0	1.1	9.3	0.5	9.6	0.7	4.6		－
Profit before income taxes and	19.3	45.9	29.6	59.4	27.3	61.2	25.3	63.0		－
minority interests
Profit	10.4	32.0	17.6	35.4	16.1	37.4	14.4	38.6		－
Profit attributable to	10.3	31.5	17.6	35.2	16.7	37.5	14.4	38.6		26.0
owners of parent
2. Management Indexes
(Consolidated base)
Total assets	2,088.6	2,067.2	2,124.4	2,173.2	2,277.3	2,405.2	2,485.7	2,487.4		－
	ROA	－	3.6%	－	3.7%	－	3.5%	－	3.3%		2.0%
Equity	421.0	442.3	452.3	468.1	479.9	561.4	575.1	583.3		－
	Equity ratio	20.2%	21.4%	21.3%	21.5%	21.1%	23.3%	23.1%	23.5%		－
	ROE	－	7.3%	－	7.7%	－	7.3%	－	6.7%		4.4%
Earnings per share (Yen)	16.97	51.77	28.92	57.80	27.37	56.84	20.02	53.70		36.15
Net assets per share (Yen)	691.49	726.59	742.91	768.85	788.21	780.78	799.82	811.04		－
Dividends (Yen)	6.5	13.0	7.0	14.5	7.5	15.5	8.0	16.0		16.0
Dividend payout ratio	－	25.1%	－	25.1%	－	27.3%	－	29.8%		44.3%
EBITDA *	39.2	101.7	48.9	106.1	46.8	110.2	47.6	117.1		95.2
Depreciation	11.6	23.5	11.1	23.1	11.9	24.6	13.2	32.3		39.7
Amortization of goodwill	2.3	4.9	2.7	5.4	2.7	5.4	2.7	5.4		5.4
3. Interest-bearing Debt
(Consolidated base)
Interest-bearing Debt	1,230.8	1,137.9	1,223.0	1,210.4	1,313.9	1,289.8	1,399.4	1,361.0		1,480.0
	Interest-bearing Debt/EBITDA	－	11.2	－	11.4	－	11.7	－	11.6		15.6
	D/E ratio	－	2.6	－	2.6	－	2.3	－	2.3		2.5
	Interest	4.2	8.4	3.9	7.9	4.5	9.3	5.0	10.3		－
	Average interest rate	－	0.7%	－	0.7%	－	0.7%	－	0.8%		－

* EBITDA (Operating profit before depreciation) = Operating profit+Depreciation+Amortization of goodwill

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Tokyu Fudosan Holdings Corporation March-2020

( billion)

４．Investment etc.	Mar-2017		Mar-2018		Mar-2019	Mar-2020
(Consolidated base)	1H			1H			1H		1H
Capital Investment	40.0		60.3	24.1		44.6	36.7	89.8	83.9	136.1
Real estate for sale	36.0		47.7	37.6		88.4	43.4	96.8	30.0	70.4
（buildings・commercial facilities）
Land for sale	18.9		41.0	4.7		36.7	6.7	40.5	17.6	24.9
（Condominiums・Detached housing）
Investment overseas	－		1.9	6.2		9.6	－	11.9	10.4	25.3
５．Cash Flows (Consolidated base)
CF from operating activities	(60.5)		68.9	(34.3)		12.3	(45.7)	44.5	(113.0)	(6.7)
CF from investing activities	(46.6)		(71.0)	(47.7)		(96.4)	(32.5)	(60.4)	(97.2)	(147.2)
CF from financing activities	126.5		23.0	94.6		82.4	102.8	139.1	108.4	65.1
Cash and cash equivalents
at the end of the year	62.2		61.9	74.8		61.7	86.3	184.8	83.1	97.0

Mar-2021 Forecasts

120.0

70.0

20.0

7.0

－

－

－

－

											( billion)
		Mar-2017	Mar-2018	Mar-2019	Mar-2020		Mar-2021
６．Segment Performance	1H		1H		1H		1H			Forecasts
Operating revenue	319.3	808.5	408.0	866.1	402.6	901.9	412.5	963.2		930.0
	Urban Deveｌopment	80.0	249.0	145.8	269.8	121.8	256.4	100.5	292.6		290.0
	Residential	28.2	108.5	41.7	123.5	32.0	121.4	50.5	136.3		130.0
	Property Management	70.3	148.6	72.8	160.9	80.7	173.9	96.2	190.8		195.0
	Real Estate Agents	36.8	82.1	44.4	99.3	51.4	118.9	59.4	131.4		125.0
	Wellness	43.8	94.4	45.6	97.0	62.3	123.9	54.4	114.5		115.0
	Tokyu Hands	48.4	97.2	49.1	97.1	49.3	97.4	50.5	96.6		90.0
	Innovation business	22.0	49.6	19.8	41.7	17.6	41.6	17.1	35.2		17.5
	Elimination	(10.1)	(20.9)	(11.2)	(23.3)	(12.5)	(31.6)	(16.1)	(34.3)		(32.5)
Operating profit	25.3	73.2	35.0	77.5	32.2	80.2	31.7	79.3		50.0
	Urban Development	20.0	44.9	27.3	50.7	23.0	49.9	20.7	52.5		45.0
	Residential	(0.9)	9.7	1.4	7.6	0.1	5.4	2.6	8.5		3.5
	Property Management	2.8	8.1	3.3	8.2	3.3	8.6	4.5	8.7		6.0
	Real Estate Agents	5.6	11.3	6.6	13.2	6.4	13.9	8.4	15.2		10.0
	Wellness	2.3	7.6	1.6	5.8	2.6	7.9	0.7	3.5		(1.5)
	Tokyu Hands	(0.2)	0.3	(0.1)	0.4	0.1	0.8	0.4	0.2		(1.5)
	Innovation business	(1.4)	(1.9)	(1.9)	(2.2)	(0.1)	0.9	(0.9)	(1.4)		(3.5)
	Elimination	(3.0)	(6.6)	(3.0)	(6.3)	(3.2)	(7.1)	(4.7)	(8.1)		(8.0)
Operating Profit Ratio	7.9%	9.1%	8.6%	9.0%	8.0%	8.9%	7.7%	8.2%		5.4%
	Urban Deveｌopment	25.0%	18.0%	18.7%	18.8%	18.9%	19.5%	20.6%	17.9%		15.5%
	Residential	(3.0)%	8.9%	3.3%	6.1%	0.4%	4.4%	5.1%	6.3%		2.7%
	Property Management	4.0%	5.4%	4.5%	5.1%	4.1%	4.9%	4.7%	4.6%		3.1%
	Real Estate Agents	15.3%	13.8%	14.8%	13.3%	12.4%	11.7%	14.1%	11.6%		8.0%
	Wellness	5.3%	8.0%	3.5%	6.0%	4.2%	6.3%	1.2%	3.0%		(1.3)%
	Tokyu Hands	(0.4)%	0.3%	(0.3)%	0.4%	0.2%	0.8%	0.9%	0.3%		(1.7)%
	Innovation business	(6.4)%	(3.8)%	(9.6)%	(5.3)%	(0.7)%	2.2%	(5.3)%	(3.9)%		(20.0)%

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Tokyu Fudosan Holdings Corporation

March-2020

											( billion)
		Mar-2017	Mar-2018	Mar-2019	Mar-2020		Mar-2021
６．Segment Performance	1H		1H		1H		1H			Forecasts
Assets	－	2,067.2	－	2,173.2	－	2,405.2	－	2,487.4		－
	Urban Deveｌopment	－	1,395.6	－	1,427.1	－	1,534.1	－	1,612.2		－
	Residential	－	168.5	－	211.9	－	236.4	－	282.5		－
	Property Management	－	91.0	－	92.6	－	102.5	－	127.1		－
	Real Estate Agents	－	66.4	－	75.4	－	104.9	－	98.3		－
	Wellness	－	251.2	－	258.9	－	273.7	－	273.3		－
	Tokyu Hands	－	39.3	－	38.7	－	37.8	－	37.1		－
	Innovation business	－	94.6	－	117.6	－	130.0	－	138.1		－
	Elimination	－	(39.5)	－	(48.9)	－	(14.1)	－	(81.2)		－
Depreciation	－	23.5	－	23.1	－	24.6	－	32.3		－
	Urban Deveｌopment	－	11.9	－	10.9	－	11.0	－	16.5		－
	Residential	－	0.4	－	0.5	－	0.6	－	0.9		－
	Property Management	－	1.1	－	1.1	－	1.3	－	1.6		－
	Real Estate Agents	－	1.2	－	1.2	－	1.3	－	1.6		－
	Wellness	－	7.1	－	7.4	－	8.3	－	9.4		－
	Tokyu Hands	－	1.5	－	1.5	－	1.3	－	1.6		－
	Innovation business	－	0.1	－	0.1	－	0.1	－	0.1		－
	Elimination	－	0.3	－	0.4	－	0.6	－	0.8		－
Additions to property, plant and	－	61.5	－	47.3	－	86.6	－	136.4		－
equipment and intangible assets
	Urban Deveｌopment	－	36.3	－	21.8	－	48.4	－	114.6		－
	Residential	－	1.2	－	1.1	－	1.2	－	1.7		－
	Property Management	－	1.9	－	2.1	－	2.9	－	2.4		－
	Real Estate Agents	－	1.2	－	1.8	－	1.9	－	2.8		－
	Wellness	－	17.8	－	17.0	－	30.2	－	11.7		－
	Tokyu Hands	－	1.4	－	1.3	－	1.2	－	2.2		－
	Innovation business	－	0.8	－	1.0	－	0.2	－	0.1		－
	Elimination	－	0.8	－	1.2	－	0.6	－	1.0		－
７．Segment Indicators
①Urban Deveｌopment										( billion)
Operating revenue	80.0	249.0	145.8	269.8	121.8	256.4	100.5	292.6		290.0
	Leasing (Office buildings）	19.0	37.7	19.4	37.9	18.5	36.8	20.1	40.5		47.5
	Leasing （Commercial facilities）	21.8	43.8	21.7	42.9	20.8	41.5	21.4	42.9		40.6
	Asset management etc.	10.8	102.2	65.4	107.3	40.9	89.9	15.8	112.3		102.5
	Leasing (Residence）etc.	28.4	65.3	39.3	81.6	41.7	88.2	43.2	96.9		99.4
Vacancy rate	0.9%	2.0%	0.3%	0.5%	0.5%	0.4%	0.4%	0.6%		－
Total floor area (thousand ㎡)	1,590	1,458	1,451	1,438	1,426	1,427	1,496	1,484		－
	Ｏｆｆｉｃｅ	651	586	576	592	582	582	646	640		－
	Commercial facilities	939	872	875	846	844	845	850	844		－
	Owned (Including SPC)	1,474	1,342	1,335	1,322	1,310	1,311	1,389	1,382		－
	Subleased	116	116	116	116	116	116	107	102		－
	Office for each area
	Chiyoda,Chuo,Minato,
	Shinjuku,Shibuya	543	479	480	497	486	486	544	543		－
	Other Tokyo districts
	(total 23 districts)	67	66	66	66	66	66	72	72		－
	Other Metropolitan area	14	14	14	14	14	14	14	14		－
	Kansai area and Others	26	26	16	16	16	16	16	11		－

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７．Segment Indicators

Tokyu Fudosan Holdings Corporation March-2020

(thousand units)

		Mar-2017	Mar-2018	Mar-2019	Mar-2020		Mar-2021
											Forecasts
①Urban Deveｌopment	1H		1H		1H		1H
No. of rental housing under
management	－	124	－	128	133	137	140	145		－
No. of corporate housing
under management	－	92	－	90	92	86	87	85		－
②Residential										( billion)
Operating revenue	28.2	108.5	41.7	123.5	32.0	121.4	50.5	136.3		130.0
	Condominiums	23.6	96.7	33.3	95.5	18.7	86.1	43.2	96.1		104.6
	Detached housing	4.2	7.6	1.9	3.1	1.4	2.2	0.4	0.7		－
	Other	0.4	4.2	6.5	25.0	12.0	33.1	7.0	39.6		25.5
No.of units sold *１	702	1,798	604	1,698	434	1,377	800	1,697		1,700
	Condominiums	572	1,560	561	1,627	352	1,266	789	1,680		1,700
	Detached housing	130	238	43	71	82	111	11	17		－
Inventory of completed units *１	244	472	344	635	430	504	388	453		－
	Condominiums	229	457	332	629	422	497	382	453		－
	Detached housing	15	15	12	6	8	7	6	－		－
No.of units supplied *１	776	1,401	684	1,565	594	1,654	1,180	2,269		1,520
	Condominiums	713	1,285	650	1,491	553	1,598	1,171	2,260		1,520
	Metropolitan area	365	701	221	627	197	924	827	1,674		1,000
	Kansai area	297	501	355	729	214	387	312	546		480
	Other area	51	83	74	135	142	287	32	40		40
	Detached housing	63	116	34	74	41	56	9	9		－

*1 No. of units is after conversion for ownership share.

③Property Management
Condominium units	755,434	741,624	819,414	822,231	835,410	831,684	841,817	829,533		849,156
Number of office buildings	1,482	1,483	1,517	1,500	1,529	1,540	1,562	1,561		1,576
④Real Estate Agents
Number of transactions	11,487	23,278	12,189	24,410	12,460	25,570	13,300	26,437		24,201
⑤Wellness										( billion)
Operating revenue ※1	43.8	94.4	45.6	97.0	62.3	123.9	54.4	114.5		115.0
	Resort operations [55]	14.9	35.4	15.4	36.3	15.7	37.3	19.0	41.8		38.4
	Oasis [38]	8.4	16.7	8.5	17.1	8.8	17.9	9.8	18.7		15.6
	Senior housing [13]	3.1	6.5	3.8	7.5	3.9	7.9	4.5	9.7		9.7
	TOKYU STAY [27]	5.0	10.0	5.2	10.6	6.7	13.3	7.6	14.3		14.6
	Consignment welfare	4.4	8.9	4.6	9.2	5.0	9.7	5.2	10.1		9.4
	Sales ※2	2.1	4.8	0.9	2.5	14.9	21.9	3.9	11.0		18.7
	Other	5.9	12.0	7.2	13.8	7.4	15.9	4.4	9.0		8.6

[ ] No. of facilities as of March 31, 2020

※1. Starting from the fiscal year ending March 31. 2020, resort hotels that have been included in Other are transferred to the Resort operations and a resort-oriented real estate distribution business is transferred to Sales.

※2. Starting from the fiscal year ending March 31, 2020, the type is renamed "Sales."

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