FY2023
(February 1, 2023 through January 31, 2024)
- Summary of Consolidated
Financial Results -
- Overview
- Financial Position
- State of Cash Flows, State of Investment
- Segment Information
Built-to-Order Business
Supplied Housing Business
Development Business
Overseas Business
5. Full-Year Plan for FY2024
March 7, 2024
Fundamental Policy of the Sixth Mid-Term Management Plan
The Sekisui House Global Vision
M a k e h o m e t h e h a p p i e s t p l a c e i n t h e w o r l d
Propose happiness through the integration of | Become a leading company | Make Sekisui House technologies |
technologies, lifestyle design and services | in ESG management | the global de facto standard |
✓ Introducing the "life knit design" concept that | ✓ Helping solve environmental issues through | ✓ Entering the southeastern United States |
interweaves lifestyles | residences | ✓ |
Expanding the sale of our SHAWOOD products, | ||
✓ Creating value through data-driven DX | ✓ Making employee autonomy a growth driver | which leverages safety, comfort, and design |
✓ Offering PLATFORM HOUSE, health services, and | ✓ Innovation and communication | ✓ Engraining such lifestyle design as our lifestyle proposal |
lifestyle services | capabilities, customer engagement, and brands |
Stable Growth in Japan and Proactive Growth Overseas
Utilizing Management Resources and Enhancing Value
Human capitalDX and data Products and services Growth investments
Our core competencies
Technical capabilities | Construction capabilities | Customer base |
1
Review the composition of segments
-
We introduced management methods for each individual business to further enhance the link between the business strategy and organization. We revised the composition of segments from fiscal 2023.
This document includes figures for the previous year (fiscal 2022) presented on the basis of the new segments.
Old ( -FY2022) | New (FY2023-) | Overview | Main companies | |||||||||
Built-to-order business | ① Buildings | Built-to-order business | ||||||||||
Custom detached | Detached houses | Sales of built-to-order and built-for-sale houses (including exteriors) | Sekisui House* | |||||||||
houses | ① Sekisui House | Sekisui House noie | ||||||||||
Exterior | ||||||||||||
Rental housing | Rental housing and | Contracting and selling rental housing (Sha Maison) and commercial | Sekisui House* | |||||||||
Exterior | commercial buildings | and office buildings (including exteriors) | ||||||||||
(1) | ||||||||||||
Architectural/civil | Architectural/civil | Design and construction of conventionally built structures | ||||||||||
② Konoike Construction Group | Konoike Construction Group | |||||||||||
engineering | engineering | Design and construction for civil engineering | ||||||||||
Supplied housing business | Supplied housing business | |||||||||||
(2) | ① Rental housing management | |||||||||||
Real estate | Rental housing | Leasing and management operations for rental housing (Sha Maison) | Sekisui House Real Estate Group | |||||||||
management fees | management | |||||||||||
Remodeling | Remodeling | Remodeling of housing built by the Company (detached houses and rentals) | Sekisui House Remodeling* | |||||||||
Remodeling of properties in general | Sekisui House Real Estate Group* | |||||||||||
Development business | ② Brokerage | Development business | ||||||||||
(3) | ② Land | |||||||||||
Houses for sale | Real estate and | Brokerage and sales of land for housing and existing homes | Sekisui House | |||||||||
brokerage | Brokerage and sales of real estate (land, buildings) for profit | Sekisui House Real Estate Group | ||||||||||
Sekisui House Real Estate Group | ||||||||||||
Condominiums | (4) | Condominiums | Development, sales and management of condominiums | Sekisui House | ||||||||
- Affiliate subsidiaries | ||||||||||||
Urban redevelopment | (4) | Urban redevelopment | Development and management of hotels and other properties, mainly | Sekisui House | ||||||||
in urban areas /Regional Trip Base | - Affiliate subsidiaries | |||||||||||
Overseas business | Overseas business | Overseas subsidiaries | ||||||||||
(5) | ||||||||||||
Other businesses | Other businesses | Domestic subsidiaries | ||||||||||
* Including Sekisui House Construction companies as a subcontractor
- Architectural/civil engineering: ① Changed Sekisui House's built-to-order business to "rental housing and commercial buildings." ② No change of Konoike Construction's built-to-order business from "architectural/civil engineering."
- Real estate management fees: ① Changed the rental housing management business to "rental housing management." ②Brokerage business changed to "real estate and brokerage."
(3) Houses for sale: | ① Changed the building business to "detached houses." ② Changed the land business to "real estate and brokerage." |
- Condominiums, Urban redevelopment: ◯ The real estate business handled by the Sekisui House Real Estate Group became "real estate and brokerage."
(5) Other businesses: | ◯ Changed exteriors to "detached houses" and "rental housing and commercial buildings" depending on the building applications. | 2 |
1. Overview
- In the first year of the Sixth Mid-Term Management Plan, net sales exceeded ¥3 trillion, and record high profit was achieved for the 3th consecutive year.
- Annual dividends increased ¥13 year on year (¥5 higher than planned) to ¥123, achieving an increase in dividends for the 12th consecutive year.
(¥ billion)
FY2022 | FY2023 | Amount | YOY | |
(22/2-23/1) | (23/2-24/1) | changed | ||
Net sales | 2,928.8 | 3,107.2 | 178.4 | 6.1% |
Gross profit | 584.2 | 623.7 | 39.4 | 6.8% |
Gross profit margin | 19.9% | 20.1% | 0.2p | - |
SG&A | 322.8 | 352.7 | 29.9 | 9.3% |
Operating profit | 261.4 | 270.9 | 9.4 | 3.6% |
Operating profit margin | 8.9% | 8.7% | (0.2p) | - |
Non-operating income/expenses | (4.2) | (2.7) | 1.5 | - |
Ordinary profit | 257.2 | 268.2 | 10.9 | 4.3% |
Extraordinary income | 17.2 | 26.6 | 9.4 | 54.9% |
Extraordinary losses | 6.7 | 5.9 | (0.8) | (12.1%) |
Profit attributable to | 184.5 | 202.3 | 17.8 | 9.6% |
owners of parent | ||||
EPS (yen) | 276.58 | 309.29 | ||
Main components of non- operating income/ expenses
・Foreign exchange gains or losses: ¥4.2 billion (up ¥5.0 billion YOY) ・Interest expenses: ¥12.3 billion (up ¥7.0 billion YOY)
・Share of profit/ loss of entities accounted for using equity method: ¥1.9 billion (up ¥3.9 billion YOY)
Main components of extraordinary income
・Gain on sales of shares of subsidiaries and associates in China (Sale of hotel property): ¥1.7 billion ・Gain on liquidation of subsidiaries and affiliates in China: ¥9.7 billion ・Gain on sales of shares of subsidiaries and associates in Singapore: ¥8.2 billion
Main components of extraordinary losses
・Loss on business liquidation:
¥4.0 billion
3
1. Overview
- Net sales and all types of profit were higher than the initial plan thanks to the balanced business portfolio.
- ROE was 0.3 points higher than planned.
Consolidated Results | (¥ billion) | |||||||||
FY2022 | FY2023 | FY2023 | Amount | Change(%) | ||||||
Results | Initial plan | Results | changed | |||||||
Net sales | 2,928.8 | 3,080.0 | 3,107.2 | 27.2 | 0.9% | |||||
Operating profit | 261.4 | 265.0 | 270.9 | 5.9 | 2.2% | |||||
Ordinary profit | 257.2 | 259.0 | 268.2 | 9.2 | 3.6% | |||||
Profit attributable to | 184.5 | 193.0 | 202.3 | 9.3 | 4.8% | |||||
owners of parent | ||||||||||
ROE(%) | 11.9% | 11.6% | 11.9% | 0.3p | - | |||||
Operating profit of Each Business Model | (¥ billion) | |||||||||
FY2022 | FY2023 | FY2023 | Amount | Change(%) | ||||||
Results | Initial plan | Results | changed | |||||||
Built-to-Order Business | 127.7 | 136.0 | 131.9 | (4.0) | (3.0%) | |||||
Supplied Housing | 70.0 | 73.0 | 73.6 | 0.6 | 0.9% | |||||
Business | ||||||||||
Development Business | 36.4 | 57.0 | 64.8 | 7.8 | 13.7% | |||||
Overseas Business | 73.8 | 49.0 | 48.8 | (0.1) | (0.2%) | |||||
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1. Overview by Business model
Net sales
2,928.8 | 3,107.2 | |
511.0 | (10.0) | |
521.1 | ||
+126.6 | ||
530.9 | ||
404.2 | ||
821.5 | +37.3 | |
784.2 | ||
1,250.0 | 1,269.8 | +19.7 | ||
FY2022 | FY2023 |
(22/2-23/1) | (23/2-24/1) |
■ Built-to-Order Business ■ Supplied Housing Business | |
■ Development Business | ■ Overseas Business |
Operating profit
261.4 | 270.9 | ||
48.8 | (24.9) | ||
73.8 | |||
64.8 | +28.3 | ||
36.4 | |||
73.6 | +3.6 | ||
70.0 | |||
127.7 | 131.9 | +4.2 |
FY2022 | FY2023 |
(22/2-23/1) | (23/2-24/1) |
■ Built-to-Order Business ■ Supplied Housing Business | |
■ Development Business | ■ Overseas Business |
(¥ billion) | ||||
Orders | ||||
3,196.4 | ||||
2,809.2 | 520.0 | +101.5 | ||
418.5 | +173.6 | |||
563.5 | ||||
389.8 | ||||
819.6 | +32.2 | |||
787.3 | ||||
1,248.4 | 1,316.2 | +67.7 |
FY2022 | FY2023 |
(22/2-23/1) | (23/2-24/1) |
■ Built-to-Order Business ■ Supplied Housing Business | |
■ Development Business | ■ Overseas Business |
5
2. Financial Position
Consolidated Balance Sheet
Assets
3,007.5
2,093.8
913.6
3,352.7
2,496.9
855.8
[Main changes]
+428.4
Real estate for sale increased. (including the impact of exchange rate fluctuations of ¥71.4 billion)
Liabilities and net assets | (¥ billion) | |
3,007.5 | 3,352.7 | [Main changes] |
1,044.6 | 1,138.0 | +166.7 |
Interest-bearing debts | ||
increased | ||
420.7 | ||
295.3 | (including the impact of | |
exchange rate fluctuations | ||
of ¥37.2 billion) | ||
1,667.5 | 1,794.0 |
FY2022 | FY2023 |
(Jan. 31, 2023) | (Jan. 31, 2024) |
■ Total current assets ■ Total non-current assets
FY2022 | FY2023 |
(Jan. 31, 2023) | (Jan. 31, 2024) |
■ Total current liabilities ■ Total non-current liabilities ■ Total net assets
Real estate for sale by segment | (¥ billion) | |||
FY2022 | FY2023 | Amount | ||
(Jan. 31, 2023) | (Jan. 31, 2024) | changed | ||
Real estate for sale * | 1,435.4 | 1,863.9 | 428.4 | |
Detached houses / Rental | 6.6 | 9.2 | 2.5 | |
housing and commercial buildings | ||||
Real estate and brokerage | 239.0 | 327.4 | 88.4 | |
Condominiums | 203.6 | 227.8 | 24.2 | |
Urban redevelopment | 30.9 | 60.4 | 29.4 | |
Overseas | 955.0 | 1,238.8 | 283.8 | |
* Total of Buildings for sale, Land for sale in lots and Undeveloped land for sale.
State of Interest-bearing Debts
FY2022 | FY2023 | Amount | |
(Jan. 31, 2023) | (Jan. 31, 2024) | changed | |
Interest-bearing debts (¥ billion) | 607.1 | 774.9 | 167.7 |
D/E ratio (times) | 0.37 | 0.44 | 0.07 |
Equity capital ratio | 54.3% | 52.3% | (2.0p) |
6
3. State of Cash Flows, State of Investment
State of Cash Flows | (¥ billion) | ||||||
FY2022 | FY2023 | Amount | |||||
(22/2-23/1) | (23/2-24/1) | changed | |||||
Cash flows from operating activities | 125.4 | 15.6 | (109.7) | ||||
Cash flows from investing activities | (165.4) | (69.1) | 96.2 | ||||
Free cash flow | (39.9) | (53.4) | (13.4) | ||||
Cash flows from financing activities | (155.7) | 6.4 | 162.2 | ||||
Cash and cash equivalents at end of period | 332.7 | 292.9 | (39.8) | ||||
[Main changes] | |||||||
•Decrease (increase) in inventories: Previous period ¥(38.4) billion, Current period ¥(217.9) billion | |||||||
•Increase (decrease) in short-term loans, net: Previous period ¥ 37.3 billion, Current period ¥155.8 billion | |||||||
State of Investment | (¥ billion) | ||||||
FY2022 | FY2023 | Amount | FY2024 | ||||
(22/2-23/1) | (23/2-24/1) | changed | Full-year plan | ||||
Capital expenditures | 95.3 | 86.7 | (8.6) | 100.0 | |||
Depreciation | 26.7 | 27.7 | 1.0 | 29.0 | |||
7
4. Segment Information (Built-to-Order Business)
- In the detached houses business, we achieved net sales and operating profit similar to the previous year by implementing our three-brand strategy and high-value-added proposals. Gross profit margin also improved.
- In the rental housing and commercial buildings business, sales and profit increased. Orders were strong, mainly for Sha Maison ZEH and corporate orders for rental buildings.
- In the architectural/civil engineering business, sales and profit increased. Gross profit margin continued to improve due to better profitability. The environment for orders improved.
FY2022 | FY2023 | Amount | YOY |
FY2022
Change
(22/2-23/1) | (23/2-24/1) | Changed | ||
Detached houses | 476.4 | 471.0 | (5.3) | (1.1%) |
Rental housing and commercial | 506.3 | 524.1 | 17.8 | 3.5% |
buildings | ||||
Architectural/civil engineering | 267.3 | 274.6 | 7.3 | 2.7% |
Total | 1,250.0 | 1,269.8 | 19.7 | 1.6% |
Operating profit (¥ billion)
FY2022 | FY2023 | Amount | YOY | |
(22/2-23/1) | (23/2-24/1) | Changed | ||
Detached houses | 41.4 | 41.0 | (0.4) | (1.0%) |
Rental housing and commercial | 74.4 | 78.0 | 3.5 | 4.8% |
buildings | ||||
Architectural/civil engineering | 11.8 | 12.9 | 1.0 | 9.1% |
Total | 127.7 | 131.9 | 4.2 | 3.3% |
(22/2-23/1)
22.8% 23.3% 0.5p
24.4% 24.1% (0.3p)
10.0% 10.4% 0.4p
20.7% 20.8% 0.1p
Operating profit margin
FY2022 | FY2023 | Change |
(22/2-23/1) | (23/2-24/1) | |
8.7% | 8.7% | 0.0p |
14.7% | 14.9% | 0.2p |
4.4% | 4.7% | 0.3p |
10.2% | 10.4% | 0.2p |
- Main businesses comprising each segment (the underlined businesses were incorporated after the revision to segment composition)
Detached houses | Sales of built-to-orderandbuilt-for-salehouses (includingexteriors) | [Main companies: Sekisui House, Sekisui House noie] | |
Rental housing and commercial buildings | Contracting and selling rental housing (Sha Maison) and commercial and office buildings(IncludingRC contracted by Sekisui House) (includingexteriors) | [Main companies: Sekisui House] | |
8 | |||
Architectural/civilengineering | Design and constructionof conventionallybuiltstructures, Design and constructionfor civil engineering | [Main companies: KonoikeConstruction Group] | |
4. Segment Information (Built-to-Order Business)
Orders (¥ billion)
FY2022 | FY2023 | Amount | YOY |
(22/2-23/1) | (23/2-24/1) | changed | |
Detached houses | 470.2 | 465.6 | (4.5) | (1.0%) |
Rental housing and commercial | 520.5 | 550.2 | 29.6 | 5.7% |
buildings | ||||
Architectural/civil engineering | 257.6 | 300.3 | 42.6 | 16.6% |
Total | 1,248.4 | 1,316.2 | 67.7 | 5.4% |
Order backlog (¥ billion)
FY2022 | FY2023 | Amount |
(Jan. 31, 2023) | (Jan. 31, 2024) | changed |
235.3 | 229.9 | (5.3) |
490.3 | 516.4 | 26.1 |
375.6 | 401.2 | 25.6 |
1,101.3 | 1,147.7 | 46.3 |
ASP per building (¥ million) | |||
FY2022 | FY2023 | Amount | |
(22/2-23/1) | (23/2-24/1) | Changed | |
Detached houses | 46.19 | 49.55 | 3.36 |
(Excluding ready built houses) | |||
Rental housing (Sha Maison) | 141.61 | 165.43 | 23.82 |
- Detached houses
Ratio of Green First ZERO (ZEH): 91% (April through January)
Ratio of three- and four-story housing (in value): 10. 1%
- Rental housing (Sha Maison) Ratio of Sha Maison ZEH: 76%
Ratio of three- and four-story housing (in value): 90.9%
-
Gross profit margin of Architectural/civil engineering Architectural: 9.2%
civil engineering: 12.2%
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Sekisui House Ltd. published this content on 07 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 06:05:38 UTC.