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
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Mitsui Fudosan Co. Ltd. published this content on 05 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 06:22:01 UTC.