FY2022 Second Quarter (First Six Months) Financial Flash Report

1. Statements of Income

Mar-2019

Mar-2020

Mar-2021

Mar-2022

(Consolidated base)

1H

1H

1H

1H

Operating revenue

402.6

901.9

412.5

963.2

383.9

907.7

411.8

989.0

Operating gross profit

85.2

193.4

90.9

201.7

64.9

164.8

84.4

193.9

Gross margin ratio

21.2%

21.4%

22.0%

20.9%

16.9%

18.2%

20.5%

19.6%

SG&A expenses

53.0

113.2

59.3

122.4

48.0

108.3

50.9

110.1

SG&A expenses to sales

13.2%

12.6%

14.4%

12.7%

12.5%

11.9%

12.4%

11.1%

Operating profit

32.2

80.2

31.7

79.3

17.0

56.5

33.5

83.8

Non-operating income

0.9

2.4

0.6

1.4

1.3

3.8

1.4

3.3

Interest and dividends

0.4

0.9

0.3

0.7

0.2

1.0

0.2

0.6

Other

0.4

1.5

0.4

0.8

1.1

2.8

1.2

2.7

Non-operating expenses

5.3

11.9

6.2

13.3

6.2

13.7

8.0

14.3

Interest

4.5

9.3

5.0

10.3

5.3

11.9

5.6

11.1

Other

0.8

2.6

1.2

3.0

0.8

1.8

2.4

3.2

(Net interest receive)

(4.1)

(8.4)

(4.8)

(9.6)

(5.1)

(10.9)

(5.4)

(10.5)

Ordinary profit

27.8

70.7

26.1

67.5

12.1

46.6

26.8

72.8

Extraordinary income

－

0.1

－

0.1

2.1

7.3

2.5

7.1

Extraordinary losses

0.5

9.6

0.7

4.6

6.8

12.0

1.6

24.0

Profit before income taxes and

27.3

61.2

25.3

63.0

7.4

41.8

27.8

55.9

minority interests

Profit

16.1

37.4

14.4

38.6

0.0

21.6

14.6

36.0

Profit attributable to

16.7

37.5

14.4

38.6

0.6

21.7

14.3

35.1

owners of parent

2. Management Indexes

(Consolidated base)

Total assets

2,277.3

2,405.2

2,485.7

2,487.4

2,612.1

2,652.3

2,606.7

2,634.3

ROA

－

3.5%

－

3.3%

－

2.2%

－

3.2%

Equity

479.9

561.4

575.1

583.3

579.3

596.7

612.0

631.8

Equity ratio

21.1%

23.3%

23.1%

23.5%

22.2%

22.5%

23.5%

24.0%

ROE

－

7.3%

－

6.7%

－

3.7%

－

5.7%

Earnings per share (Yen)

27.37

56.84

20.02

53.70

0.84

30.13

19.90

48.84

Net assets per share (Yen)

788.21

780.78

799.82

811.04

805.50

829.50

850.86

878.32

Dividends per share (Yen)

7.5

15.5

8.0

16.0

8.0

16.0

8.0

17.0

Dividend payout ratio

－

27.3%

－

29.8%

－

53.1%

－

34.8%

EBITDA *

46.8

110.2

47.6

117.1

38.0

101.7

57.3

132.5

Depreciation

11.9

24.6

13.2

32.3

18.4

39.8

21.1

43.3

Amortization of goodwill

2.7

5.4

2.7

5.4

2.6

5.3

2.7

5.4

3. Interest-bearing Debt

(Consolidated base)

Interest-bearing Debt

1,313.9

1,289.8

1,399.4

1,361.0

1,495.0

1,478.8

1,479.3

1,421.7

Interest-bearing Debt/EBITDA

－

11.7

－

11.6

－

14.5

－

10.7

D/E ratio

－

2.3

－

2.3

－

2.5

－

2.3

D/E ratio in consideration

－

2.3

－

2.3

－

2.3

－

2.0

of hybrid financing *

Interest

4.5

9.3

5.0

10.3

5.3

11.9

5.6

11.1

Average interest rate

－

0.7%

－

0.8%

－

0.8%

－

0.8%

* 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-2023

1H

Forecasts

445.0

1,005.0

86.7

－

19.5%

－

40.8

－

9.2%

－

45.9

95.0

1.1

－

0.2

－

0.8

－

6.2

－

5.3

－

0.9

－

(5.0)

－

40.8

81.0

0.4

－

－

－

41.1

－

27.1

－

26.9

39.0

2,698.0

－

－

3.5%

684.3

－

25.4%

－

－

5.9%

37.43

54.22

951.36

－

9.0

19.0

－

35.0%

70.1

143.4

21.6

43.1

2.6

5.2

1,473.1

1,500.0

－

10.5

－

2.2

－

2.0

5.3

－

－

－

- 1 -

( billion)

４．Investment etc.

Mar-2019

Mar-2020

Mar-2021

Mar-2022

Mar-2023

(Consolidated base)

1H

1H

1H

1H

1H

Forecasts

Capital Investment

36.7

89.8

83.9

136.1

80.4

108.7

21.1

41.7

35.6

80.0

Real estate for sale *1

43.4

96.8

30.0

70.4

36.4

85.8

66.3

158.4

85.0

200.0

Land for sale

(Domestic condominiums）

6.7

40.5

17.6

24.9

0.1

10.0

8.4

28.2

17.7

30.0

Equity Investment *2

(Domestic business)

－

－

－

－

－

－

3.0

18.4

2.4

15.0

Overseas Investment

－

11.9

10.4

25.3

12.1

13.0

4.1

18.6

26.7

30.0

*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)

CF from operating activities

(45.7)

44.5

(113.0)

(6.7)

(16.4)

100.4

(46.1)

76.5

CF from investing activities

(32.5)

(60.4)

(97.2)

(147.2)

(107.3)

(116.0)

(21.4)

(31.8)

CF from financing activities

102.8

139.1

108.4

65.1

130.3

108.3

(22.5)

(81.3)

Cash and cash equivalents

at the end of the year

86.3

184.8

83.1

97.0

103.8

189.5

99.7

153.9

( billion)

(9.4) －

(63.3) －

45.3 －

127.4 －

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 -

( billion)

Mar-2022

Mar-2023

YoY Comparison

* Comparison

７．Segment Performance

1H

1H

Forecasts

1H

1H

Operating revenue

411.8

989.0

445.0

1,005.0

33.3

16.0

－

5.0

Urban Development

106.4

325.8

135.7

348.0

29.3

22.2

－

13.0

Strategic Investment

19.5

67.0

33.8

75.0

14.4

8.0

－

(8.0)

Property Management &

Operation

179.0

383.8

152.0

339.0

(27.0)

(44.8)

－

(6.0)

Real Estate Agents

117.7

234.5

132.6

263.0

14.9

28.5

－

6.0

Elimination

(10.8)

(22.0)

(9.1)

(20.0)

1.7

2.0

－

－

Operating profit

33.5

83.8

45.9

95.0

12.4

11.2

－

5.0

Urban Development

21.4

51.9

20.4

51.3

(1.0)

(0.6)

－

1.6

Strategic Investment

6.0

14.7

8.6

11.8

2.6

(2.9)

－

0.1

Property Management &

Operation

(4.9)

(0.1)

1.8

11.4

6.7

11.5

－

(0.5)

Real Estate Agents

15.0

26.1

19.1

31.0

4.1

4.9

－

3.2

Elimination

(4.0)

(8.9)

(4.1)

(10.5)

(0.1)

(1.6)

－

0.6

Operating Profit Ratio

8.1%

8.5%

10.3%

9.5%

2.2P

1.0P

－

0.5P

Urban Development

20.1%

15.9%

15.1%

14.7%

(5.1)P

(1.2)P

－

(0.1)P

Strategic Investment

30.6%

22.0%

25.4%

15.7%

(5.2)P

(6.3)P

－

1.6P

Property Management &

Operation

－

－

1.2%

3.4%

1.2P

3.4P

－

(0.1)P

Real Estate Agents

12.8%

11.1%

14.4%

11.8%

1.6P

0.7P

－

1.0P

* Comparison of initial forecasts and forecasts

( billion)

Mar-2022

Mar-2023

* Comparison

1H

1H

Forecasts

1H

Assets

2,606.7

2,634.3

2,698.0

－

63.7

－

Urban Development

1,614.1

1,627.5

1,595.3

－

(32.2)

－

Strategic Investment

440.4

463.6

543.3

－

79.8

－

Property Management &

Operation

434.7

403.4

405.8

－

2.4

－

Real Estate Agents

187.5

221.8

202.1

－

(19.7)

－

Elimination

(70.0)

(82.0)

(48.6)

－

33.4

－

Depreciation

21.1

43.3

21.6

－

0.5

－

Urban Development

9.1

18.3

8.9

－

(0.2)

－

Strategic Investment

3.7

8.1

5.2

－

1.4

－

Property Management &

Operation

6.5

13.4

5.7

－

(0.8)

－

Real Estate Agents

1.3

2.8

1.5

－

0.2

－

Elimination

0.4

0.8

0.4

－

(0.0)

－

Additions to property, plant and

21.6

48.8

47.7

－

26.1

－

equipment and intangible assets

Urban Development

5.1

12.5

30.7

－

25.6

－

Strategic Investment

9.3

22.0

8.9

－

(0.4)

－

Property Management &

Operation

4.9

9.9

5.5

－

0.6

－

Real Estate Agents

2.1

4.2

2.4

－

0.2

－

Elimination

0.2

0.2

0.3

－

0.1

－

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

- 3 -

８．Segment Indicators

①Urban Deveｌopment

Mar-2022

Mar-2023

YoY Comparison

* Comparison

1H

1H

Forecasts

1H

1H

Operating revenue ( billion)

106.4

325.8

135.7

348.0

29.3

22.2

－

13.0

Leasing

73.2

169.4

53.7

216.3

(19.5)

46.9

－

3.6

Leasing (Office buildings）

25.9

51.0

26.5

52.2

0.6

1.2

－

1.7

Leasing

(Commercial facilities）

19.5

39.6

20.7

41.4

1.2

1.8

－

1.4

Other *1

27.8

78.8

6.5

122.6

(21.3)

43.9

－

0.5

Residential

33.2

156.4

82.0

131.7

48.8

(24.7)

－

9.4

Condominiums

27.6

139.9

57.4

90.4

29.8

(49.4)

－

6.3

Other *2

5.6

16.6

24.6

41.3

19.0

24.7

－

3.0

Operating profit

21.4

51.9

20.4

51.3

(1.0)

(0.6)

－

1.6

Leasing *3

23.4

43.1

10.9

43.3

(12.5)

0.3

－

(1.4)

Residential *3

(2.0)

8.9

9.5

8.0

11.5

(0.9)

－

2.9

*1 Excluding lease in office and commercial facility business

* Comparison of initial forecasts and forecasts

*2 Excluding condominiums in residential business

*3 Operating profit before consolidation processing

Leasing (Office buildings·

Mar-2019

Mar-2020

Mar-2021

Mar-2022

Mar-2023

Commercial facilities）

1H

1H

1H

1H

1H

Forecasts

Vacancy rate (%)

0.5%

0.4%

0.4%

0.6%

0.8%

1.3%

1.1%

1.3%

2.7%

－

Total floor area (thousand ㎡)

1,426

1,427

1,496

1,484

1,624

1,617

1,588

1,579

1,648

－

Ｏｆｆｉｃｅ

582

582

646

640

775

772

748

731

801

－

Commercial facilities

844

845

850

844

849

846

840

848

848

－

Owned (Including SPC)

1,310

1,311

1,389

1,382

1,521

1,515

1,486

1,477

1,546

－

Subleased

116

116

107

102

102

102

102

102

102

－

Office for each area

Chiyoda,Chuo,Minato,

Shinjuku,Shibuya

486

486

544

543

688

685

678

661

731

－

Other Tokyo districts

(total 23 districts)

66

66

72

72

62

62

52

52

52

－

Other Metropolitan area

14

14

14

14

14

14

7

7

7

－

Kansai area and Others

16

16

16

11

11

11

11

11

11

－

Mar-2019

Mar-2020

Mar-2021

Mar-2022

Mar-2023

Residential

1H

1H

1H

1H

1H

Forecasts

No. of units sold *1

434

1,377

800

1,697

273

1,777

464

2,194

796

1,296

Condominiums

352

1,266

789

1,680

273

1,777

464

2,194

796

1,296

Detached housing

82

111

11

17

－

－

－

－

－

－

Inventory of completed units *1

430

504

388

453

299

827

587

661

367

－

Condominiums

422

497

382

453

299

827

587

661

367

－

Detached housing

8

7

6

－

－

－

－

－

－

－

No. of units supplied *1

594

1,654

1,180

2,269

593

1,797

855

1,549

629

1,020

Condominiums

553

1,598

1,171

2,260

593

1,797

855

1,549

629

1,020

Metropolitan area

197

924

827

1,674

375

1,176

439

916

386

620

Kansai area

214

387

312

546

188

520

316

518

172

280

Other area

142

287

32

40

30

101

100

115

71

120

Detached housing

41

56

9

9

－

－

－

－

－

－

*1 Number of units after conversion to equity

- 4 -

②Strategic Investment

Mar-2022

Mar-2023

YoY Comparison

* Comparison

1H

1H

Forecasts

1H

1H

Operating revenue ( billion)

19.5

67.0

33.8

75.0

14.4

8.0

－

(8.0)

Infrastructure & Industry

13.5

52.8

24.8

59.1

11.3

6.4

－

(4.7)

Asset management

3.9

8.3

4.1

8.7

0.2

0.4

－

0.2

Overseas operations

2.0

5.9

4.9

7.1

2.8

1.3

－

(3.5)

Operating profit

6.0

14.7

8.6

11.8

2.6

(2.9)

－

0.1

Infrastructure & Industry *1

3.4

9.0

6.1

13.7

2.7

4.7

－

3.2

Asset management *1

2.5

5.5

2.7

5.5

0.2

(0.0)

－

0.2

Overseas operations *1

0.0

0.2

(0.2)

(7.3)

(0.2)

(7.5)

－

(3.3)

*1 Operating profit before consolidation processing

* Comparison of initial forecasts and forecasts

Renewable energy power

Mar-2019

Mar-2020

Mar-2021

Mar-2022

Mar-2023

generation facilities

1H

1H

1H

1H

1H

Forecasts

No. of facilities in operation

10

16

19

30

35

38

48

66

67

－

Rated capacity (MW)

215

246

296

487

596

730

773

882

937

－

③Property Management &

Mar-2022

Mar-2023

YoY Comparison

* Comparison

Operation

1H

1H

Forecasts

1H

1H

Operating revenue ( billion)

179.0

383.8

152.0

339.0

(27.0)

(44.8)

－

(6.0)

Property management

95.1

206.0

96.8

213.0

1.7

7.0

－

(7.0)

Property management

(Condominiums)

57.5

127.3

59.3

131.0

1.7

3.7

－

(3.1)

Property management

(Office buildings)

37.6

78.6

37.5

82.0

(0.0)

3.4

－

(3.9)

Wellness

51.8

107.3

49.3

112.6

(2.4)

5.3

－

0.3

Hotel

12.6

28.5

19.0

41.3

6.4

12.9

－

0.0

Leisure facilities

5.3

16.0

6.8

18.7

1.5

2.7

－

1.6

Health care

11.5

23.8

13.2

27.5

1.8

3.7

－

(0.5)

Other (Wellness)

22.4

39.0

10.3

25.0

(12.1)

(14.0)

－

(0.9)

Tokyu Hands

27.3

56.7

－

－

(27.3)

(56.7)

－

0.0

Environmental and greening

management

4.8

13.8

5.8

13.4

1.0

(0.4)

－

0.7

Operating profit

(4.9)

(0.1)

1.8

11.4

6.7

11.5

－

(0.5)

Property management *1

2.6

7.9

2.8

10.5

0.3

2.6

－

(0.5)

Wellness *1

(5.1)

(5.3)

(1.4)

0.5

3.6

5.8

－

0.1

Tokyu Hands *1

(2.4)

(4.0)

－

－

2.4

4.0

－

－

Environmental and greening *1

management

0.0

0.8

0.3

0.4

0.3

(0.4)

－

(0.1)

*1 Operating profit before consolidation processing

* Comparison of initial forecasts and forecasts

Mar-2019

Mar-2020

Mar-2021

Mar-2022

Mar-2023

1H

1H

1H

1H

1H

Forecasts

Condominium units

835,410

831,684

841,817

829,533

842,927

839,891

851,679

831,603

875,015

865,039

Number of office buildings

1,529

1,540

1,562

1,561

1,552

1,532

1,524

1,626

1,632

1,629

- 5 -

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Tokyu Fudosan Holdings Corporation published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 06:16:13 UTC.