This English document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translation and the Japanese original, the Japanese original shall prevail. Tosei Corporation assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.
Consolidated Financial Results
for the Fiscal Year Ended November 30, 2021
January 12, 2022 | |
Company name: Tosei Corporation | Stock listing: TSE / SGX |
Securities code number: 8923/S2D | URL: https://www.toseicorp.co.jp/english/ |
Representative: Seiichiro Yamaguchi, President and CEO | |
Contact: Noboru Hirano, Director and CFO | Phone: +81-3-5439-8807 |
Ordinary general shareholders' meeting: February 25, 2022 (scheduled)
Commencement of dividend payments: February 28, 2022 (scheduled)
Submission of Securities Report (Yuka Shoken Hokokusho): February 28, 2022 (scheduled)
Preparation of supplementary materials for financial results: Yes
Holding of financial results meeting: Yes (for institutional investors and analysts)
Note: All amounts are rounded down to the nearest million yen.
1. Consolidated Financial Results for the Fiscal Year Ended November 30, 2021 (December 1, 2020 - November 30, 2021)
(1) Consolidated Operating Results | (Percentages indicate year-on-year changes.) | |||||||||||||||||
Revenue | Operating profit | Profit before tax | Profit for the year | |||||||||||||||
(¥ million) | (%) | (¥ million) | (%) | (¥ million) | (%) | (¥ million) | (%) | |||||||||||
Year ended Nov. 30, 2021 | 61,726 | (3.5) | 10,965 | 70.6 | 10,302 | 74.6 | 6,723 | 86.6 | ||||||||||
Year ended Nov. 30, 2020 | 63,939 | 5.3 | 6,427 | (49.4) | 5,901 | (51.2) | 3,602 | (57.4) | ||||||||||
Profit attributable to | Total comprehensive | Basic earnings | Diluted earnings | |||||||||||||||
owners of the parent | income for the year | per share | per share | |||||||||||||||
(¥ million) | (%) | (¥ million) | (%) | (¥) | (¥) | |||||||||||||
Year ended Nov. 30, 2021 | 6,721 | 86.6 | 7,136 | 132.9 | 142.56 | 142.37 | ||||||||||||
Year ended Nov. 30, 2020 | 3,602 | (57.4) | 3,064 | (64.7) | 76.05 | 75.94 | ||||||||||||
Ratio of profit to equity | Ratio of profit before tax | Ratio of operating profit | ||||||||||||||||
attributable to owners of | to total assets | to revenue | ||||||||||||||||
the parent | ||||||||||||||||||
(%) | (%) | (%) | ||||||||||||||||
Year ended Nov. 30, 2021 | 10.8 | 5.8 | 17.8 | |||||||||||||||
Year ended Nov. 30, 2020 | 6.1 | 3.6 | 10.1 | |||||||||||||||
(Reference) Equity method investment gain or loss | Year ended Nov. 30, 2021: ¥-million Year ended Nov.30, 2020: ¥-million | |||||||||||||||||
(2) Consolidated Financial Position | ||||||||||||||||||
Ratio of equity | Equity per share | |||||||||||||||||
Equity attributable to | attributable to owners | |||||||||||||||||
Total assets | Total equity | attributable to | ||||||||||||||||
owners of the parent | of the parent to total | |||||||||||||||||
owners of the parent | ||||||||||||||||||
assets | ||||||||||||||||||
(¥ million) | (¥ million) | (¥ million) | (%) | (¥) | ||||||||||||||
As of Nov. 30, 2021 | 195,010 | 65,958 | 65,958 | 33.8 | 1,380.36 | |||||||||||||
As of Nov. 30, 2020 | 161,684 | 58,969 | 58,969 | 36.5 | 1,250.00 |
(3) Consolidated Cash Flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |
equivalents at end of | ||||
operating activities | investing activities | financing activities | ||
year | ||||
(¥ million) | (¥ million) | (¥ million) | (¥ million) | |
Year ended Nov. 30, 2021 | 974 | (15,448) | 10,994 | 33,560 |
Year ended Nov. 30, 2020 | 12,509 | (4,054) | (3,414) | 37,039 |
2. Dividends
Annual dividends per share | Ratio of dividend | |||||||
Total dividends | Devident | to equity | ||||||
attributable to | ||||||||
per share | payout ratio | |||||||
1Q-end | 2Q-end | 3Q-end | Year-end | Total | owners of the | |||
(Total) | (Consolidated) | |||||||
parent | ||||||||
(Consolidated) | ||||||||
(¥) | (¥) | (¥) | (¥) | (¥) | (¥ million) | (%) | (%) | |
Year ended Nov. 30, | - | 0.00 | - | 19.00 | 19.00 | 896 | 25.0 | 1.5 |
2020 | ||||||||
Year ended Nov. 30, | - | 0.00 | - | 38.00 | 38.00 | 1,815 | 26.7 | 2.9 |
2021 | ||||||||
Year ending Nov. 30, | - | 0.00 | - | 47.00 | 47.00 | 28.2 | ||
2022(Forecast) | ||||||||
3. Consolidated Earnings Forecasts for the Fiscal Year Ending November 30, 2022 (December 1, 2021 - November 30, 2022)
Profit attributable to | Basic earnings | |||||||||
Revenue | Operating profit | Profit before tax | owners of the | |||||||
per share | ||||||||||
parent | ||||||||||
(¥ million) | (%) | (¥ million) | (%) | (¥ million) | (%) | (¥ million) | (%) | (¥) | ||
Year ending Nov. 30, | 80,000 | 29.6 | 12,762 | 16.4 | 12,000 | 16.5 | 7,954 | 18.3 | 166.47 | |
2022 | ||||||||||
- Notes
- Changes in significant subsidiaries during the year (changes in specified subsidiaries resulting in changes in the scope of consolidation): No
(2) Changes in accounting policies and changes in accounting estimates
(a) Changes in accounting policies required by IFRS: | No |
- Changes in accounting policies other than (a) above: No
(c) Changes in accounting estimates:No
(3) Number of issued shares (ordinary shares)
(a) Number of issued shares at the end of the year (including treasury shares)
As of Nov. 30, 2021 | 48,683,800 shares | |
As of Nov. 30, 2020 | 48,683,800 shares | |
(b) Number of treasury shares at the end of the year | ||
As of Nov. 30, 2021 | 900,022 shares | |
As of Nov. 30, 2020 | 1,508,353 shares | |
(c) Average number of outstanding shares during the year | ||
Year ended Nov. 30, 2021 | 47,145,722 shares | |
Year ended Nov. 30, 2020 | 47,370,103 shares |
(Reference) Summary of Non-Consolidated Results
1. Non-consolidated Financial Results for the Fiscal Year Ended November 30, 2021 (December 1, 2020 - November 30, 2021)
(1) Non-consolidated Operating Results
Revenue | Operating income | Ordinary income | Net income | ||||||||
(¥ million) | (%) | (¥ million) | (%) | (¥ million) | (%) | (¥ million) | (%) | ||||
Year ended Nov. 30, 2021 | 47,452 | (8.7) | 7,574 | 165.5 | 9,690 | 186.5 | 7,452 | 187.2 | |||
Year ended Nov. 30, 2020 | 51,958 | 6.3 | 2,853 | (70.4) | 3,382 | (65.4) | 2,594 | (64.3) | |||
Net income per share | Net income per share | ||||||||||
(diluted) | |||||||||||
(¥) | (¥) | ||||||||||
Year ended Nov. 30, 2021 | 158.08 | 157.86 | |||||||||
Year ended Nov. 30, 2020 | 54.77 | 54.70 | |||||||||
(2) Non-consolidated Financial Position | |||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||
(¥ million) | (¥ million) | (%) | (¥) | ||||||||
As of Nov. 30, 2021 | 171,076 | 59,467 | 34.7 | 1,243.27 | |||||||
As of Nov. 30, 2020 | 148,071 | 51,737 | 34.9 | 1,095.59 | |||||||
(Reference) Equity As of November 30, 2021: ¥59,408million | As of November 30, 2020: ¥51,685million | ||||||||||
2. Non-consolidated Earnings Forecasts for the Fiscal Year Ending November 30, 2022 | |||||||||||
(December 1, 2021 - November 30, 2022) | (Percentages indicate year-on-year changes.) | ||||||||||
Revenue | Ordinary income | Net income | Net income per share | ||||||||
(¥ million) | (%) | (¥ million) | (%) | (¥ million) | (%) | (¥) | |||||
Year ending Nov. 30, 2022 | 53,132 | 12.0 | 9,830 | 1.5 | 7,978 | 7.1 | 166.97 |
- These Financial Results are not subject to audit procedures by a certified public accountant or an audit corporation.
- Proper use of earnings forecasts and other notes
- The forward-looking statements, including outlook of future performance, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. Actual performance and other results may differ substantially from these statements due to various factors. For the assumptions on which the earnings forecasts are based and cautions concerning the use thereof, please refer to "1.Operating results and Financial Position (5) Future outlook" on page 6 of the attached materials.
- A financial results meeting will be held on January 12, 2022 for institutional investors and analysts. The presentation materials distributed at the meeting will be available on our website immediately after the financial results disclosure.
Contents of Attached Material
- Operating Results and Financial Position ………………………………………………………...………2
- Operating Results..………………………………………….………………….……………....……2
- Analysis and Discussion of Operating Results……………….……………......………………………4
- Financial Positions.………………………………………………….…………………….……………. 5
- Cash Flows ……………………………………………………….……………………………............ 5
- Future Outlook….…………………………….........…..……..……..……..………..……..…….... 6
- Fundamental Earnings Distribution Policy and Dividends for 2021 and 2022…………..….........9
- Basic Concept Regarding Selection of Accounting Standards……………………………………………..9
- Consolidated Financial Statements and notes…………………………………………………….……........ 10
- Consolidated Statement of Financial Position ………………………………………………………10
- Consolidated Statement of Comprehensive Income ………………………………………………11
- Consolidated Statement of Changes in Equity ……………………………………………..............12
- Consolidated Statement of Cash Flows …………………………………………………….…………13
-
Notes on Consolidated Financial Statements ……………………………………………….…………14
(Notes on Going Concern Assumption) ……………………………………………………………... 14 (Changes in presentation) …………………………………………………………………………….. 14 (Additional Information) ……………………………………………………………………... 14 (Segment Information) ………………………………………………………………………………... 14 (Earnings per Share) ………………………………………………………………………………15
(Significant Subsequent Events) ………………………………………………………………….. 16
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1. Operating Results and Financial Position
- Operating Results
During the fiscal year ended November 30, 2021, the Japanese economy remained on a weak recovery trend, despite the harsh conditions caused by COVID-19 being gradually mitigated. While expectations are high going forward for the effects of the huge economic stimulus package of the Kishida administration which came into office last year, it remains necessary to monitor such factors as the global trends of raw material prices of various resources as well as movements in global financial markets.
In the real estate industry where Tosei Group operates, domestic real estate investments from January to September 2021 decreased 9% year on year to ¥3.1 trillion. Although investments decreased due to the shortage of properties supplied on the market, investments in office buildings including the large-scale buildings of Tokyo's five business wards were on a recovery trend, reflecting the continuing proactive investment stance of the investors. While Tokyo fell to fourth place in the world ranking by city for the nine months from January to September 2021 (ranked first in the same period of the previous fiscal year), the real estate investment market is forecasted to remain active (according to a survey by a private research institute).
The Tokyo metropolitan area condominium market has recovered to the levels of 2019 and the number of newly built units from January to October 2021 increased 26.1% year on year to 21,535 units. Behind this increase is the rebound from the substantial decline under the state of emergency introduced last year. The average contract rate for the first month has also remained at around the 70% threshold from which market conditions are viewed as favorable, thereby indicating a robust market. In addition, in the pre- owned condominium market, the number of units contracted from January to October 2021 increased 13.0% year on year to 33,515. However, in the build-for-sale detached house market, in the absence of a substantial sales decline in 2020 as seen in the condominium market, housing starts for the nine months from January to September 2021 numbered 41,000 units (up 1.8% year on year), remaining largely unchanged from the same period of the previous fiscal year (according to a survey by a private research institute).
Regarding construction costs for the ten months from January to October 2021, average costs per tsubo for reinforced concrete structure were ¥963 thousand per tsubo (1 tsubo = 3.30 square meters) (an increase of 6.0% year on year), and average costs per tsubo for wooden structure were ¥569 thousand (unchanged from the same period of the previous fiscal year). Currently, the prices of steel materials and timber are experiencing an upsurge due to the recovery of the global economy including growing demand in the U.S. and China, which has also begun to affect construction costs in certain areas (according to a survey by the Ministry of Land, Infrastructure, Transportation and Tourism).
In the office leasing market of Tokyo's five business wards, the average vacancy rate as of October 2021 was 6.4% (an increase of 2.5 percentage points year on year), against the backdrop of tenants cutting back on office space as a result of a slowdown in expansion of office space and the spread of teleworking lifestyle in certain areas. The average asking rent was ¥20,804 per tsubo (a decrease of ¥1,630 year on year), demonstrating a downturn in the office leasing market in the Tokyo metropolitan area, and it remains necessary to monitor future trends in supply and demand. Meanwhile, the condominium leasing market remained robust and the average asking rent of condominiums in the Tokyo metropolitan area as of October 2021 was ¥10,935 per tsubo (an increase of 4.6% year on year) and the average occupancy rate at condominiums held by J-REIT in the Tokyo Area as of August 31, 2021 was 96.6% (a decrease of 0.1 percentage points year on year) (according to a survey by a private research institute).
In the Tokyo metropolitan area's logistics facility leasing market, leasable stock in October 2021 amounted to 7.23 million tsubo (an increase of 14.4% year on year). The vacancy rate was 1.7%. Although this was a slight increase from the level of 1.3% observed in July 2021, rent continues to gradually increase and supply and demand remain tight. Leasing demand is expected to remain firm for the time being, despite an easing in the extraordinary demand stemming from the COVID-19 pandemic (according to a survey by a private research institute).
In the real estate fund market, the market scale continues to expand. J-REIT assets under management in October 2021 totaled ¥21.2 trillion (an increase of ¥1.1 trillion year on year) and assets under management in private placement funds totaled ¥23.4 trillion (as of June 2021, an increase of ¥2.3 trillion year on year). Combining the two, the real estate securitization market scale grew to ¥44.6 trillion (according to a survey by a private research institute).
In the Tokyo business hotel market, the average guest room occupancy rate in the nine months from January to September 2021 was 38.2% (83.6% in the same period of the fiscal year ended November 30,
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TOSEI Corporation published this content on 07 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 08:55:05 UTC.