Fact Book(562KB)

FACT BOOK

For the Six Months Ended September 30, 2021

November 5, 2021

1-1, Nihonbashi Muromachi 2-chome,Chuo-Ku, Tokyo, 103-0022, Japan

https://www.mitsuifudosan.co.jp/english/

Corporate Data	Contents
(As of September 30, 2021)
Head Office:	Corporate Data, Contents	1
1-1, Nihonbashi Muromachi 2-chome,Chuo-ku, Tokyo,
103-0022, Japan	Consolidated Business Overview	2
Date of Establishment:	Segment Results	3 - 6
July 15, 1941
	[Reference] Overseas Business	6
Share Capital:
¥339,897 million	Consolidated Balance Sheets	7-8
Number of Issued and Outstanding Shares:	Consolidated Statements of Income	9
965,481,947
	Consolidated Statements of Cash Flows	10
Stock Exchange Listings:
Tokyo (Code: 8801)	Notes to Quarterly Consolidated Financial Statements	11-12

Forward-Looking Statements

In this Fact Book, statements other than historical facts are forward-looking statements that reflect the Company's plans and expectations. These forward-looking statements involve risks and uncertainties related to internal and external factors that may cause actual results and achievements to differ from those anticipated in these statements. Therefore, we do not advise potential investors to base investment decisions solely on this Fact Book.

1

CONSOLIDATED BUSINESS OVERVIEW

Results of Operations			(¥ millions)
	Six Months Ended September 30	Change
	2021	2020
Revenue from Operations	¥996,862	¥797,401	¥199,461
Leasing	321,908	294,455	27,452
Property Sales	312,861	205,288	107,572
Management	209,483	188,952	20,530
Other	152,609	108,705	43,904
Operating Income	100,977	64,189	36,788
Leasing	65,657	63,577	2,079
Property Sales	57,088	30,600	26,487
Management	25,474	11,644	13,830
Other	(21,015)	(18,299)	(2,716)
Elimination or Corporate	(26,226)	(23,334)	(2,892)
Non-Operating Income/Expenses	(12,103)	(16,900)	4,796
Equity in Net Income/Loss of Affiliated Companies	(55)	(2,022)	1,967
Interest Income/Expense, in Net	(14,047)	(13,481)	(565)
Other, in Net	1,999	(1,395)	3,395
Ordinary Income	88,874	47,288	41,585
Extraordinary Gains/Losses	45,426	(15,155)	60,581
Extraordinary Gains	49,363	30,871	18,491
Extraordinary Losses	3,936	46,026	(42,090)
Income before Income Taxes	134,300	32,133	102,166
Income Taxes	50,025	23,126	26,899
Profit	84,275	9,007	75,267
Profit (Loss) Attributable to Non-Controlling Interests	(2,051)	(33)	(2,018)
Profit Attributable to Owners of Parent	¥86,326	¥9,040	¥77,286

• Overview

Amid the ongoing impact of COVID-19 in the first half of the fiscal year ending March 31, 2022, retail facilities in the "Leasing" segment as well as the "Repark" (car park leasing) and "Rehouse" (brokerage for individuals) businesses in the "Management" segment exhibited a recovery year on year. Taking into account these and other factors including growth in "Property Sales to Investors" in the "Property Sales" segment, overall revenue from operations increased ¥199.4 billion, or 25.0%, compared with the corresponding period of the previous fiscal year. On the earnings front, operating income climbed ¥36.7 billion, or 57.3%, and ordinary income surged ¥41.5 billion, or 87.9% year on year. Profit attributable to owners of parent jumped ¥77.2 billion, or 854.9%, compared with the corresponding period of the previous fiscal year due to a variety of factors including the sale of policy- holdings shares posted as extraordinary gains. Business results are progressing within the scope of underlying assumptions for consolidated forecasts announced at the beginning of the period.

• Dividends

Plans are in place to pay an interim dividend of ¥22 per share in line with forecasts announced at the beginning of the period and unchanged from the corresponding period of the previous fiscal year.

Progress Comparison with Full Year Forecasts			(¥ millions)
		Six Months Ended	Year to March 2022	6-MonthResults /
		(Forecast as of May	Full-Year Forecast
		September 30, 2021
		14, 2021)	(%)
Revenue from Operations			¥996,862	¥2,150,000	46.4
Operating Income			100,977	230,000	43.9
Ordinary Income			88,874	205,000	43.4
Profit Attributable to Owners of Parent		86,326	160,000	54.0
Extraordinary Gains/Losses	(¥ millions)
【Extraordinary Gains】
Gain on Sales of Investment Securities		¥49,363
Total			¥49,363
【Extraordinary Losses】
Loss Related to COVID-19			¥3,936
Total			¥3,936
Consolidated Statements of Comprehensive Income			(¥ millions)
				Six Months Ended September 30
				2021	2020
Profit				¥84,275	¥9,007
Other Comprehensive Income				17,140	627
Valuation Difference on Available-For-Sale Securities		(11,456)	13,333
Deferred Gains or Losses on Hedges		(969)	340
Foreign Currency Translation Adjustment		23,555	(8,117)
Remeasurements of Defined Benefit Plans, Net of Tax		(1,049)	(115)
Share of Other Comprehensive Income of Associates Accounted	7,061	(4,813)
Comprehensive Income				¥101,415	¥9,634
(Comprehensive Income Attributable to Owners of the Parent)		102,128	9,924
(Comprehensive Income Attributable to Non-Controlling Interests)	(713)	(290)
【Reference】 Nonconsolidated Operating Income/Expenses (Mitsui Fudosan)	(¥ millions)
		Six Months Ended September 30	Change
			2021	2020
Revenue from Operations	Leasing		¥282,781	¥256,724	¥26,057
	Property Sales		103,871	791	103,080
	Other		19,807	24,449	(4,642)
	Total		406,460	281,964	124,495
Gross Profit Margin (%)	Leasing		14.5	13.8	0.7 pt
	Property Sales		29.4	-	-
	Other		26.4	41.3	(14.9)pt
Operating Income			¥52,152	¥23,972	¥28,179

2

SEGMENT RESULTS

[1] LEASING

			(¥ millions)
	Six Months Ended September 30	Change
	2021	2020
Revenue from Operations	¥321,908	¥294,455	¥27,452
Operating Income	65,657	63,577	2,079
	Year to March 2022	6-Month Results /	Year Ended
	(Forecast as of May 14,
	Full-Year Forecast (%)	March 31, 2021
	2021)
Revenue from Operations	¥680,000	47.3	¥623,073
Operating Income	128,000	51.3	120,777

(Leasing)

Amid the ongoing impact of COVID-19, overall revenue from operations and operating income in the "Leasing" segment grew ¥27.4 billion and ¥2.0 billion, respectively, in the fiscal half of the fiscal year under review. This was mainly due to the year-on- year recovery in sales at retail facilities, the full-term contribution from Bunkyo Garden Gate Tower, which was completed during the previous fiscal year, and an increase in leasing revenue and income from existing office buildings.

The Company's office vacancy rate (non-consolidated basis) in the Tokyo metropolitan area was 3.9% as of September 30, 2021 (non-consolidated) was 3.9% (a decrease of 0.8 of a percentage point from the end of the previous quarter).

The Company's office vacancy rate in the Tokyo metropolitan area as of September 30, 2021 (non-consolidated) was 3.9% (a decrease of 0.8 of a percentage point from the end of the previous quarter).

Leased Floor Space								(¥ millions)
						At September 30	Change
						2021	2020
	Revenue			Office Buildings	¥191,331	¥181,608	¥9,722
			Retail Facilities	106,373	90,818	15,555
Office Buildings and	Total Leased Floor Space	(1,000 m2):		5,732	5,790	(58)
				Owned	1,925	2,170	(245)
Retail Facilities		Office Buildings
	Managed	1,441	1,292	149
			Retail Facilities	Owned	1,796	1,790	6
			Managed	570	538	32
Other	Revenue					24,203	22,028	2,174
Total Revenue						¥321,908	¥294,455	¥27,452
Vacancy Rate									(%)
				9/2021	6/2021	3/2021	3/2020	3/2019	3/2018
Consolidated				3.7	3.7	2.9	2.3	1.8	2.4
Office Buildings and Retail Facilities (including overseas)
Non-consolidated				3.9	4.7	3.1	1.9	1.7	2.2
Tokyo Metropolitan Area Office Buildings
Regional Area Office Buildings				4.2	3.9	3.5	1.3	1.8	2.3

Breakdown of Leasing Operations (Non-consolidated)

					At September 30
		2021		2020	2021		2020	2021	2020
		Total		Tokyo		Regional Areas
			Metropolitan Area
	Number of Buildings	134		147	109		119	25	28
Office	Leased Floor Space (1,000m2)	2,910		2,997	2,616		2,673	294	324
Buildings	Leasing Revenue (¥ millions)	164,034		156,515	152,422		145,484	11,611	11,030
	Vacancy Rate (%)	4.0		2.5	3.9		2.6	4.2	1.9
	Number of Buildings	99		97	73		70	26	27
Retail	Leased Floor Space (1,000m2)	2,220		2,211	1,473		1,423	748	789
Facilities	Leasing Revenue (¥ millions)	102,663		87,122	71,774		59,711	30,888	27,410
	Vacancy Rate (%)	2.3		1.8	2.4		2.0	2.0	1.4

Major Projects during the Period (six-month total)

(NEWLY OPENED)
LaLaport SHANGHAI JINQIAO (Shanghai, China)	Retail facility opened in April 2021
(FULL-TERM CONTRIBUTION)
BUNKYO GARDEN GATETOWER (Bunkyo-ku,Tokyo)	Office building completed in April 2020
MITSUI OUTLET PARK YOKOHAMA BAYSIDE (Yokohama, Kanagawa)	Retail facility opened in June 2020
RAYARD MIYASHITA PARK (Shibuya-ku, Tokyo)	Retail facility opened in July 2020
LaLaport AICHI TOGO (Aichi-gun, Aichi)	Retail facility opened in September 2020
RAYARD Hisaya-odori Park (Nagoya, Aichi)	Retail facility opened in September 2020
Nagoya Mitsui North Building (Nagoya, Aichi)	Office building completed in January 2021

3

[2] PROPERTY SALES

			(¥ millions)
	Six Months Ended September 30	Change
	2021	2020
Revenue from Operations	¥312,861	¥205,288	¥107,572
Operating Income	57,088	30,600	26,487
	Year to March 2022	6-Month Results /	Year Ended
	(Forecast as of May 14,
	Full-Year Forecast (%)	March 31, 2021
	2021)
Revenue from Operations	¥670,000	46.7	¥714,739
Operating Income	133,000	42.9	118,213

(Property Sales)

Revenue and earnings in the "Property Sales to Individuals (Domestic)" category decreased. This was mainly due to the year-on- year decline in the reported number of condominium units in the period under review.

In contrast, revenue and earnings in the "Property Sales to Investors and Individuals (Overseas) etc." category increased. This largely reflected progress in the sale of Iidabashi Grand Bloom etc.

In overall terms, revenue from operations and operating income in the "Property Sales" segment increased ¥107.5 billion and ¥26.4 billion, respectively.

Of the 3,100 new condominium units in Japan being recorded in the fiscal year ending March 31, 2022, the Company had contracts in place for 90% as of September 30, 2021.

Major Projects Undertaken during the Period (six-month total) (Property Sales to Individuals (Domestic))

Park Court BUNKYO KOISHIKAWA The Tower (Bunkyo-ku, Tokyo)	Condominiums
Park Court SHIBUYA The Tower (Shibuya-ku, Tokyo)	Condominiums
Park Homes Kashiwa Tower Residence (Kashiwa, Chiba)	Condominiums
Fine Court Kugahara Airy Place (Ota-ku, Tokyo)	Detached Housing

(Property Sales to Investors and Individuals (Overseas))

Iidabashi Grand Bloom (Chiyoda-ku, Tokyo)	Office building
Ginza 5-chome GLOBE (Chuo-ku, Tokyo)	Retail facility
Takeshita-dori Square (Shibuya-ku, Tokyo)	Retail facility
Park Axis Kiba Canal West (Koto-ku, Tokyo)	Rental Housing
Park Axis Toyocho Shinsui Koen (Koto-ku, Tokyo)	Rental Housing

Property Sales to Individuals and Investors									(¥ millions)
				Six Months Ended September 30			Change
				2021				2020
					Unit Price				Unit Price			Unit Price
			Revenue	Units	(￥10		Revenue	Units	(￥10	Revenue	Units	(￥10
					thousand)				thousand)			thousand)
	Condominiums		¥118,324	1,624	¥7,286		¥166,461	2,068	¥8,049	¥(48,136)	(444)	¥(763)
Property Sales to	Detached Housing		20,441	269	7,599		9,231	150	6,155	11,209	119	1,444
Individuals (Domestic)	Subtotal		138,766	1,893	7,330		175,693	2,218	7,921	(36,926)	(325)	(591)
	Operating Income			18,210				26,001			(7,791)
Property Sales to Investors	Revenue			174,095				29,595			144,499
and Individuals (Overseas),
Operating Income			38,877				4,598			34,278
etc.
Total Revenue				312,861				205,288			107,572
Total Operating Income				¥57,088				¥30,600			¥26,487
Breakdown for the Revenue from the Property Sales to Individuals (Domestic)	(¥ millions)
			Six Months Ended September 30	Change
			2021	2020
			Revenue	Units	Revenue		Units	Revenue	Units
Condominiums	Tokyo Metropolitan		¥110,427	1,431	¥151,664		1,758	¥(41,236)	(327)
Area
	Other		7,897	193	14,796		310	(6,899)	(117)
	Total		118,324	1,624	166,461		2,068	¥(48,136)	(444)
Detached Housing	Tokyo Metropolitan		19,486	253	9,117		148	10,369	105
Area
	Other		954	16	114		2	840	14
	Total		¥20,441	269	¥9,231		150	¥11,209	119
Inventories of Property Sales to Individuals (Domestic)					(Units)
			9/2021	6/2021	3/2021		3/2020	3/2019	3/2018
Condominiums			139	121	150		128	141	108
Detached Housing			3	6	17		58	30	40
Total			142	127	167		186	171	148

Contracted for Sale from the Property Sales to Individuals (Domestic)				(Units)
	Contracts at	Contracts	Total		Reported No. of	Contracts at End of	Newly Launched
	Beginning of Term	during Term		Units	Term	during Term
Condominiums	3,043	1,873		4,916	1,624	3,292	1,801
Detached Housing	145	218		363	269	94	201
Total	3,188	2,091		5,279	1,893	3,386	2,002

4