Tokyu Fudosan Holdings Corporation March-2023

FY2022 Ended March 31, 2023 Financial Flash Report

1. Statements of Income

Mar-2020

Mar-2021

Mar-2022

Mar-2023

(Consolidated base)

1H

1H

1H

1H

Operating revenue

412.5

963.2

383.9

907.7

411.8

989.0

445.0

1,005.8

Operating gross profit

90.9

201.7

64.9

164.8

84.4

193.9

86.7

197.2

Gross margin ratio

22.0%

20.9%

16.9%

18.2%

20.5%

19.6%

19.5%

19.6%

SG&A expenses

59.3

122.4

48.0

108.3

50.9

110.1

40.8

86.7

SG&A expenses to sales

14.4%

12.7%

12.5%

11.9%

12.4%

11.1%

9.2%

8.6%

Operating profit

31.7

79.3

17.0

56.5

33.5

83.8

45.9

110.4

Non-operating income

0.6

1.4

1.3

3.8

1.4

3.3

1.1

2.6

Interest and dividends

0.3

0.7

0.2

1.0

0.2

0.6

0.2

0.5

Other

0.4

0.8

1.1

2.8

1.2

2.7

0.8

2.1

Non-operating expenses

6.2

13.3

6.2

13.7

8.0

14.3

6.2

13.5

Interest

5.0

10.3

5.3

11.9

5.6

11.1

5.3

10.7

Other

1.2

3.0

0.8

1.8

2.4

3.2

0.9

2.7

(Net interest receive)

(4.8)

(9.6)

(5.1)

(10.9)

(5.4)

(10.5)

(5.0)

(10.2)

Ordinary profit

26.1

67.5

12.1

46.6

26.8

72.8

40.8

99.6

Extraordinary income

－

0.1

2.1

7.3

2.5

7.1

0.4

1.9

Extraordinary losses

0.7

4.6

6.8

12.0

1.6

24.0

－

31.3

Profit before income taxes and

25.3

63.0

7.4

41.8

27.8

55.9

41.1

70.2

minority interests

Profit

14.4

38.6

0.0

21.6

14.6

36.0

27.1

48.3

Profit attributable to

14.4

38.6

0.6

21.7

14.3

35.1

26.9

48.2

owners of parent

2. Management Indexes

(Consolidated base)

Total assets

2,485.7

2,487.4

2,612.1

2,652.3

2,606.7

2,634.3

2,698.0

2,738.5

ROA

－

3.3%

－

2.2%

－

3.2%

－

4.1%

Equity

575.1

583.3

579.3

596.7

612.0

631.8

684.3

684.6

Equity ratio

23.1%

23.5%

22.2%

22.5%

23.5%

24.0%

25.4%

25.0%

ROE

－

6.7%

－

3.7%

－

5.7%

－

7.3%

Earnings per share (Yen)

20.02

53.70

0.84

30.13

19.90

48.84

37.43

67.21

Net assets per share (Yen)

799.82

811.04

805.50

829.50

850.86

878.32

951.36

964.77

Dividends per share (Yen)

8.0

16.0

8.0

16.0

8.0

17.0

9.0

23.5

Dividend payout ratio

－

29.8%

－

53.1%

－

34.8%

－

35.0%

EBITDA *

47.6

117.1

38.0

101.7

57.3

132.5

70.1

160.2

Depreciation

13.2

32.3

18.4

39.8

21.1

43.3

21.6

44.5

Amortization of goodwill

2.7

5.4

2.6

5.3

2.7

5.4

2.6

5.2

3. Interest-bearing Debt

(Consolidated base)

Interest-bearing Debt

1,399.4

1,361.0

1,495.0

1,478.8

1,479.3

1,421.7

1,473.1

1,482.9

Interest-bearing Debt/EBITDA

－

11.6

－

14.5

－

10.7

－

9.3

D/E ratio

－

2.3

－

2.5

－

2.3

－

2.2

D/E ratio in consideration

－

2.3

－

2.3

－

2.0

－

2.0

of hybrid financing *

Interest

5.0

10.3

5.3

11.9

5.6

11.1

5.3

10.7

Average interest rate

－

0.8%

－

0.8%

－

0.8%

－

0.7%

* EBITDA (Operating profit before depreciation) = Operating profit+Depreciation+Amortization of goodwill * Hybrid financing of 100 billion yen raised in December 2020 and April 2021. Acquired equity credit rating

for 50% of raised funds from the Japan Credit Rating Agency.

( billion)

Mar-2024 Forecasts

1,120.0

－

－

－

－

112.0

－

－

－

－

－

－

－

100.5

－

－

－

－

62.0

－

4.0%

－

－

8.8%

87.37

－

28.0

32.0%

162.7

45.6

5.0

1,650.0

10.1

2.3

2.0

－

－

- 1 -

Tokyu Fudosan Holdings Corporation

March-2023

( billion)

４．Investment etc.

Mar-2020

Mar-2021

Mar-2022

Mar-2023

Mar-2024

(Consolidated base)

1H

1H

1H

1H

Forecasts

Capital Investment

83.9

136.1

80.4

108.7

21.1

41.7

35.6

79.8

280.0

Real estate for sale *1

30.0

70.4

36.4

85.8

66.3

158.4

85.0

145.8

230.0

Land for sale

17.6

24.9

0.1

10.0

8.4

28.2

17.7

73.7

20.0

(Domestic condominiums）

Equity Investment *2

－

－

－

－

3.0

18.4

2.4

15.2

40.0

(Domestic business)

Overseas Investment

10.4

25.3

12.1

13.0

4.1

18.6

26.7

40.0

50.0

*1

Investment in for-rent housing is included in real estate for sale (domestic business excluding condominiums)

from the fiscal year ending March 2022.

*2

Equity Investment (domestic business excluding condominiums) has been disclosed from the fiscal year ending March 2022.

５．Cash Flows (Consolidated base)

( billion)

CF from operating activities

(113.0)

(6.7)

(16.4)

100.4

(46.1)

76.5

(9.4)

94.7

CF from investing activities

(97.2)

(147.2)

(107.3)

(116.0)

(21.4)

(31.8)

(63.3)

(120.1)

CF from financing activities

108.4

65.1

130.3

108.3

(22.5)

(81.3)

45.3

42.8

Cash and cash equivalents

at the end of the year

83.1

97.0

103.8

189.5

99.7

153.9

127.4

170.6

６．Reorganization of Business Segments

We have consolidated and reorganized our business segments from the previous seven segments to four segments from the fiscal year ending March 2022.

Now

* Tokyu Hands Business: Excluded from the scope of consolidation from the end of the previous fiscal year due to the transfer of all issued shares of Tokyu Hands Co., Ltd. (Company name changed to Hands Inc. from October 1, 2022)

- 2 -

Tokyu Fudosan Holdings Corporation

March-2023

( billion)

Mar-2022

Mar-2023

YoY Comparison

Mar-2024

７．Segment Performance

1H

Result

1H

Result

1H

Forecasts

YoY

Comparison

Operating revenue

411.8

989.0

445.0

1,005.8

33.3

16.8

1,120.0

114.2

Urban Development

106.4

325.8

135.7

346.1

29.3

20.3

384.0

37.9

Strategic Investment

19.5

67.0

33.8

78.8

14.4

11.8

107.0

28.2

Property Management &

Operation

179.0

383.8

152.0

337.1

(27.0)

(46.6)

371.0

33.9

Real Estate Agents

117.7

234.5

132.6

263.0

14.9

28.4

278.0

15.0

Elimination

(10.8)

(22.0)

(9.1)

(19.1)

1.7

2.9

(20.0)

(0.9)

Operating profit

33.5

83.8

45.9

110.4

12.4

26.6

112.0

1.6

Urban Development

21.4

51.9

20.4

58.6

(1.0)

6.7

52.7

(5.9)

Strategic Investment

6.0

14.7

8.6

15.2

2.6

0.5

16.5

1.3

Property Management &

Operation

(4.9)

(0.1)

1.8

12.3

6.7

12.4

17.2

4.9

Real Estate Agents

15.0

26.1

19.1

33.7

4.1

7.5

34.9

1.2

Elimination

(4.0)

(8.9)

(4.1)

(9.4)

(0.1)

(0.6)

(9.3)

0.1

Operating Profit Ratio

8.1%

8.5%

10.3%

11.0%

2.2P

2.5P

10.0%

(1.0)P

Urban Development

20.1%

15.9%

15.1%

16.9%

(5.1)P

1.0P

13.7%

(3.2)P

Strategic Investment

30.6%

22.0%

25.4%

19.4%

(5.2)P

(2.7)P

15.4%

(3.9)P

Property Management &

Operation

－

－

1.2%

3.6%

－

－

4.6%

1.0P

Real Estate Agents

12.8%

11.1%

14.4%

12.8%

1.6P

1.7P

12.6%

(0.3)P

( billion)

Mar-2022

Mar-2023

* Comparison

1H

Result

1H

Result

1H

Assets

2,606.7

2,634.3

2,698.0

2,738.5

63.7

104.1

Urban Development

1,614.1

1,627.5

1,595.3

1,644.1

(32.2)

16.6

Strategic Investment

440.4

463.6

543.3

537.0

79.8

73.4

Property Management &

Operation

434.7

403.4

405.8

407.6

2.4

4.1

Real Estate Agents

187.5

221.8

202.1

223.0

(19.7)

1.2

Elimination

(70.0)

(82.0)

(48.6)

(73.2)

33.4

8.8

Depreciation

21.1

43.3

21.6

44.5

0.5

1.2

Urban Development

9.1

18.3

8.9

18.3

(0.2)

(0.0)

Strategic Investment

3.7

8.1

5.2

10.6

1.4

2.5

Property Management &

Operation

6.5

13.4

5.7

11.6

(0.8)

(1.8)

Real Estate Agents

1.3

2.8

1.5

3.3

0.2

0.6

Elimination

0.4

0.8

0.4

0.7

(0.0)

(0.1)

Additions to property, plant and

21.6

48.8

47.7

84.0

26.1

37.3

equipment and intangible assets

Urban Development

5.1

12.5

30.7

44.6

25.6

32.1

Strategic Investment

9.3

22.0

8.9

18.9

(0.4)

(3.1)

Property Management &

Operation

4.9

9.9

5.5

13.2

0.6

5.4

Real Estate Agents

2.1

4.2

2.4

5.8

0.2

1.6

Elimination

0.2

0.2

0.3

1.5

0.1

1.3

* Assets are compared with the end of the previous fiscal year. Others are compared with the same period of the previous year.

- 3 -

Tokyu Fudosan Holdings Corporation

March-2023

８．Segment Indicators

①Urban Deveｌopment

Mar-2022

Mar-2023

YoY Comparison

Mar-2024

1H

Result

1H

Result

1H

Forecasts

YoY

Comparison

Operating revenue ( billion)

106.4

325.8

135.7

346.1

29.3

20.3

384.0

37.9

Leasing

73.2

169.4

53.7

200.7

(19.5)

31.4

209.4

8.7

Leasing (Office buildings）

25.9

51.0

26.5

54.7

0.6

3.7

58.8

4.1

Leasing

(Commercial facilities）

19.5

39.6

20.7

40.3

1.2

0.7

41.6

1.3

Other *1

27.8

78.8

6.5

105.8

(21.3)

27.0

109.1

3.3

Residential

33.2

156.4

82.0

145.3

48.8

(11.1)

174.6

29.3

Condominiums

27.6

139.9

57.4

95.5

29.8

(44.3)

84.4

(11.2)

Other *2

5.6

16.6

24.6

49.8

19.0

33.2

90.3

40.4

Operating profit

21.4

51.9

20.4

58.6

(1.0)

6.7

52.7

(5.9)

Leasing *3

23.4

43.1

10.9

47.6

(12.5)

4.5

37.9

(9.6)

Residential *3

(2.0)

8.9

9.5

11.1

11.5

2.2

14.8

3.7

*1 Excluding lease in office and commercial facility business

*2 Excluding condominiums in residential business

*3 Operating profit before consolidation processing

Leasing (Office buildings·

Mar-2020

Mar-2021

Mar-2022

Mar-2023

Commercial facilities）

1H

1H

1H

1H

Vacancy rate (%)

0.4%

0.6%

0.8%

1.3%

1.1%

1.3%

2.7%

1.1%

Total floor area (thousand ㎡)

1,496

1,484

1,624

1,617

1,588

1,579

1,648

1,536

Ｏｆｆｉｃｅ

646

640

775

772

748

731

801

755

Commercial facilities

850

844

849

846

840

848

848

780

Owned (Including SPC)

1,389

1,382

1,521

1,515

1,486

1,477

1,546

1,481

Subleased

107

102

102

102

102

102

102

54

Office for each area

Chiyoda,Chuo,Minato,

Shinjuku,Shibuya

544

543

688

685

678

661

731

712

Other Tokyo districts

(total 23 districts)

72

72

62

62

52

52

52

26

Other Metropolitan area

14

14

14

14

7

7

7

7

Kansai area and Others

16

11

11

11

11

11

11

11

Mar-2020

Mar-2021

Mar-2022

Mar-2023

Mar-2024

Residential

1H

1H

1H

1H

Forecasts

No. of units sold *1

800

1,697

273

1,777

464

2,194

796

1,369

1,218

Condominiums

789

1,680

273

1,777

464

2,194

796

1,369

1,218

Detached housing

11

17

－

－

－

－

－

－

－

Inventory of completed units *1

388

453

299

827

587

661

367

200

－

Condominiums

382

453

299

827

587

661

367

200

－

Detached housing

6

－

－

－

－

－

－

－

－

No. of units supplied *1

1,180

2,269

593

1,797

855

1,549

629

1,310

940

Condominiums

1,171

2,260

593

1,797

855

1,549

629

1,310

940

Metropolitan area

827

1,674

375

1,176

439

916

386

837

450

Kansai area

312

546

188

520

316

518

172

352

320

Other area

32

40

30

101

100

115

71

121

170

Detached housing

9

9

－

－

－

－

－

－

－

*1 Number of units after conversion to equity

- 4 -

Tokyu Fudosan Holdings Corporation

March-2023

②Strategic Investment

Mar-2022

Mar-2023

YoY Comparison

Mar-2024

1H

Result

1H

Result

1H

Forecasts

YoY

Comparison

Operating revenue ( billion)

19.5

67.0

33.8

78.8

14.4

11.8

107.0

28.2

Infrastructure & Industry

13.5

52.8

24.8

63.3

11.3

10.6

83.3

20.0

Asset management

3.9

8.3

4.1

8.9

0.2

0.6

8.7

(0.2)

Overseas operations

2.0

5.9

4.9

6.5

2.8

0.6

15.0

8.5

Operating profit

6.0

14.7

8.6

15.2

2.6

0.5

16.5

1.3

Infrastructure & Industry *

3.4

9.0

6.1

16.3

2.7

7.2

16.5

0.3

Asset management *

2.5

5.5

2.7

6.1

0.2

0.5

6.1

0.1

Overseas operations *

0.0

0.2

(0.2)

(6.7)

(0.2)

(6.9)

(6.2)

0.5

* Operating profit before consolidation processing

Renewable energy power

Mar-2020

Mar-2021

Mar-2022

Mar-2023

Mar-2024

generation facilities

1H

1H

1H

1H

Forecasts

No. of facilities in operation

19

30

35

38

48

66

67

65

73

Rated capacity (MW)

296

487

596

730

773

882

937

1,034

1,312

* Rated capacities in operation are those before taking our equity into account.

③Property Management &

Mar-2022

Mar-2023

YoY Comparison

Mar-2024

Operation

1H

Result

1H

Result

1H

Forecasts

YoY

Comparison

Operating revenue ( billion)

179.0

383.8

152.0

337.1

(27.0)

(46.6)

371.0

33.9

Property management

95.1

206.0

96.8

213.1

1.7

7.1

219.0

5.9

Property management

(Condominiums)

57.5

127.3

59.3

131.2

1.7

3.9

130.3

(0.9)

Property management

(Office buildings)

37.6

78.6

37.5

81.9

(0.0)

3.2

88.7

6.8

Wellness

51.8

107.3

49.3

110.3

(2.4)

3.1

138.7

28.4

Hotel

12.6

28.5

19.0

42.2

6.4

13.8

51.8

9.5

Leisure facilities

5.3

16.0

6.8

19.1

1.5

3.0

16.3

(2.8)

Health care

11.5

23.8

13.2

26.5

1.8

2.7

28.5

2.0

Other (Wellness)

22.4

39.0

10.3

22.5

(12.1)

(16.5)

42.1

19.6

Tokyu Hands

27.3

56.7

－

－

(27.3)

(56.7)

－

－

Environmental and greening

management

4.8

13.8

5.8

13.7

1.0

(0.1)

13.3

(0.4)

Operating profit

(4.9)

(0.1)

1.8

12.3

6.7

12.4

17.2

4.9

Property management *

2.6

7.9

2.8

10.1

0.3

2.2

10.7

0.5

Wellness *

(5.1)

(5.3)

(1.4)

1.2

3.6

6.4

6.6

5.4

Tokyu Hands *

(2.4)

(4.0)

－

－

2.4

4.0

－

－

Environmental and greening *

management

0.0

0.8

0.3

0.7

0.3

(0.2)

(0.0)

(0.7)

* Operating profit before consolidation processing

Mar-2020

Mar-2021

Mar-2022

Mar-2023

Mar-2024

1H

1H

1H

1H

Forecasts

Condominium units

841,817

829,533

842,927

839,891

851,679

831,603

875,015

867,891

865,865

Number of office buildings

1,562

1,561

1,552

1,532

1,524

1,626

1,632

1,656

1,673

- 5 -

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Tokyu Fudosan Holdings Corporation published this content on 10 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2023 06:06:09 UTC.