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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsui Fudosan Co., Ltd.    8801   JP3893200000

MITSUI FUDOSAN CO., LTD.

(8801)
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Mitsui Fudosan : Results for the Six Months Ended September 30, 2020(524KB)

11/05/2020 | 01:12am EST

FACT BOOK

For the Six Months Ended September 30, 2020

November 5, 2020

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, 2020)

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

965,281,777

Consolidated Statements of Cash Flows

10

Stock Exchange Listings:

Tokyo (Code: 8801)

Consolidated Statements of Earning Forecasts

11-12

Contingent Liabilities and Additional Information

13

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

2020

2019

Revenue from Operations

¥797,401

¥888,776

¥(91,374)

Leasing

294,455

313,173

(18,718)

Property Sales

205,288

222,948

(17,659)

Management

188,952

206,442

(17,489)

Other

108,705

146,211

(37,506)

Operating Income

64,189

118,604

(54,415)

Leasing

63,577

78,203

(14,626)

Property Sales

30,600

34,788

(4,188)

Management

11,644

28,893

(17,249)

Other

(18,299)

(1,172)

(17,126)

Elimination or Corporate

(23,334)

(22,109)

(1,224)

Non-Operating Income/Expenses

(16,900)

(10,775)

(6,125)

Equity in Net Income/Loss of Affiliated Companies

(2,022)

3,421

(5,444)

Interest Income/Expense, in Net

(13,481)

(14,047)

565

Other, in Net

(1,395)

(149)

(1,246)

Ordinary Income

47,288

107,829

(60,540)

Extraordinary Gains/Losses

(15,155)

(1,273)

(13,881)

Extraordinary Gains

30,871

-

30,871

Extraordinary Losses

46,026

1,273

44,752

Income before Income Taxes

32,133

106,556

(74,422)

Income Taxes

23,126

39,735

(16,608)

Profit

9,007

66,820

(57,813)

Profit (Loss) Attributable to Non-Controlling Interests

(33)

496

(529)

Profit Attributable to Owners of Parent

¥9,040

¥66,324

¥(57,283)

Overview

  • Despite showing signs of a partial recovery in personal consumption, export activity, and production, the
    Japanese economy continued to confront a difficult operating environment in the first half of the fiscal year under review. Impacted by the COVID-19 pandemic, corporate sector earnings fell substantially. This in turn led to considerable weakness in such areas as capital investment and employment.

Looking at the Group's operating results against the backdrop of this harsh operating environment, both revenue and earnings declined in the first half of the fiscal year under review. Buffeted by a variety of factors including COVID-19, revenue from operations decreased ¥91.3 billion, or 10.3%, compared with the corresponding period of the previous fiscal year. From a profit perspective, operating income declined ¥54.4 billion, or 45.9% year on year. In line with efforts to control its balance sheet, the Mitsui Fudosan Group posted such items as an extraordinary loss of ¥32.8 billion in connection with the decision to dispose of the Shinjuku Mitsui Building. Accounting for these and other factors, profit attributable to owners of parent fell ¥57.2 billion, or 86.4%, year on year.

Recognizing that "Property Sales to Investors" have already exceeded initial plans*, the Mitsui Fudosan Group has decided to revise its sales projections. Revenue from operations is now anticipated to reach ¥1,950 billion, up from the previous forecast ¥1,850 billion. On the earnings front, forecasts for operating income, ordinary income, and profit attributable to owners of parent all remain unchanged.

  • The contract progress rate on sales of revised "Property Sales to Investors" exceeded 90% (as of the date financial results for the first half of the fiscal year under review were announced).

Progress Comparison with Full Year Forecasts

(¥ millions)

Six Months Ended

Year to March 2021

6-MonthResults /

(Forecast as of

Full-Year Forecast

September 30, 2020

November 5, 2020)

(%)

Revenue from Operations

¥797,401

¥1,950,000

40.9

Operating Income

64,189

200,000

32.1

Ordinary Income

47,288

169,000

28.0

Profit Attributable to Owners of Parent

9,040

120,000

7.5

Extraordinary Gains/Losses

(¥ millions)

Extraordinary Gains

Gain on Sales of Investment Securities

¥28,371

Gain on sales of shares of associates

2,500

Total

¥30,871

Extraordinary Losses

Impairment Loss*

¥32,808

Loss Related to COVID-19

13,217

Total

¥46,026

* Posted in connection with the disposition of the Shinjuku Mitsui Building.

Consolidated Statements of Comprehensive Income

(¥ millions)

Six Months Ended September 30

2020

2019

Profit

¥9,007

¥66,820

Other Comprehensive Income

627

66,023

Valuation Difference on Available-For-Sale Securities

13,333

74,430

Deferred Gains or Losses on Hedges

340

(134)

Foreign Currency Translation Adjustment

(8,117)

(7,357)

Remeasurements of Defined Benefit Plans, Net of Tax

(115)

(403)

Share of Other Comprehensive Income of Associates Accounted

(4,813)

(511)

for Using Equity Method

Comprehensive Income

¥9,634

¥132,844

(Comprehensive Income Attributable to Owners of the Parent)

9,924

132,795

(Comprehensive Income Attributable to Non-Controlling Interests)

(290)

48

Reference Nonconsolidated Operating Income/Expenses (Mitsui Fudosan)

(¥ millions)

Six Months Ended September 30

Change

2020

2019

Revenue from Operations

Leasing

¥256,724

¥284,919

¥(28,194)

Property Sales

791

17,333

(16,542)

Other

24,449

17,545

6,903

Total

281,964

319,798

(37,834)

Gross Profit Margin (%)

Leasing

13.8

17.9

(4.1)pt

Property Sales

-

44.6

-

Other

41.3

25.5

15.8 pt

Operating Income

¥23,972

¥44,073

¥(20,100)

2

SEGMENT RESULTS

[1] LEASING

(¥ millions)

Six Months Ended September 30

Change

2020

2019

Revenue from Operations

¥294,455

¥313,173

¥(18,718)

Operating Income

63,577

78,203

(14,626)

Year to March 2021

6-MonthResults /

Year Ended

(Forecast as of November

Full-Year Forecast (%)

March 31, 2020

5, 2020)

Revenue from Operations

¥620,000

47.5

¥636,056

Operating Income

128,000

49.7

145,893

  • In the "Leasing" segment, overall revenue from operations declined ¥18.7 billion and operating income decreased ¥14.6 billion. Despite an increase in leasing and other income from existing office buildings as well as contributions from MITSUI OULET PARK YOKOHAMA BAYSIDE and LaLaport AICHI TOGO, this downturn on revenue and earnings was mainly due to the closure of retail facilities as a result of COVID-19 in the first quarter of the fiscal year under review and expenses associated with the completion of multiple new office buildings in Japan.
    The vacancy rate for the Company's office buildings in the Tokyo metropolitan area was 2.6% on a non-consolidated basis as of September 30, 2020.

Breakdown of Leasing Operations (Non-consolidated)

At September 30

2020

2019

2020

2019

2020

2019

Total

Tokyo

Regional Areas

Metropolitan Area

Number of Buildings

147

136

119

108

28

28

Office

Leased Floor Space (1,000m2)

2,997

2,821

2,673

2,496

324

325

Buildings

Leasing Revenue (¥ millions)

156,515

153,493

145,484

142,573

11,030

10,920

Vacancy Rate (%)

2.5

1.8

2.6

1.8

1.9

1.8

Number of Buildings

97

91

70

65

27

26

Retail

Leased Floor Space (1,000m2)

2,211

2,051

1,423

1,383

789

668

Facilities

Leasing Revenue (¥ millions)

87,122

114,687

59,711

80,173

27,410

34,513

Vacancy Rate (%)

1.8

1.2

2.0

1.3

1.4

1.0

Leased Floor Space

(¥ millions)

At September 30

Change

2020

2019

Revenue

Office Buildings

¥181,608

¥178,155

¥3,453

Retail Facilities

90,818

118,878

(28,060)

Office Buildings and

Total Leased Floor Space

(1,000 m2):

5,790

5,349

441

Owned

2,170

1,991

179

Retail Facilities

Office Buildings

Managed

1,292

1,252

40

Retail Facilities

Owned

1,790

1,575

215

Managed

538

531

7

Other

Revenue

22,028

16,140

5,888

Total Revenue

¥294,455

¥313,173

¥(18,718)

Vacancy Rate

(%)

9/2020

6/2020

3/2020

3/2019

3/2018

3/2017

Consolidated

2.4

2.1

2.3

1.8

2.4

3.1

Office Buildings and Retail Facilities (including overseas)

Non-consolidated

2.6

2.1

1.9

1.7

2.2

3.4

Tokyo Metropolitan Area Office Buildings

Regional Area Office Buildings

1.9

1.6

1.3

1.8

2.3

2.3

Major Projects during the Period (six-month total)

(NEWLY OPENED)

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

(FULL-TERM CONTRIBUTION)

LaLaport NUMAZU (Numazu, Shizuoka)

Retail facility opened in October 2019

Otemachi One (Chiyoda-ku, Tokyo)

Office building completed in February 2020

TOYOSU BAYSIDE CROSS TOWER (Koto-ku, Tokyo)

Office building completed in March 2020

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Mitsui Fudosan Co. Ltd. published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 06:11:01 UTC


© Publicnow 2020
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Sales 2021 1 922 B 18 514 M 18 514 M
Net income 2021 125 B 1 207 M 1 207 M
Net Debt 2021 3 484 B 33 550 M 33 550 M
P/E ratio 2021 16,0x
Yield 2021 2,09%
Capitalization 1 967 B 18 930 M 18 941 M
EV / Sales 2021 2,84x
EV / Sales 2022 2,75x
Nbr of Employees 20 864
Free-Float 93,2%
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Technical analysis trends MITSUI FUDOSAN CO., LTD.
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 19
Average target price 2 583,68 JPY
Last Close Price 2 073,00 JPY
Spread / Highest target 78,5%
Spread / Average Target 24,6%
Spread / Lowest Target -3,52%
EPS Revisions
Managers and Directors
NameTitle
Masanobu Komoda President & Representative Director
Hiromichi Iwasa Chairman
Yoshikazu Kitahara Representative Director & Executive Vice President
Yasuo Onozawa Director & Executive Vice President
Takashi Yamamoto Director & Senior Managing Executive Officer