Investor Presentation May 2020 https://www.mitsuifudosan.co.jp/english/
Contents １． MITSUI FUDOSAN GROUP Management Strategy P4 1-1 About Mitsui Fudosan Group P5 1-2 Highlights P7 1-3 Mitsui Fudosan Group Long-term Vision 【 VISION2025 】 P10 1-4 Capital Policy P12 1-5 Strong Financial Basis P13 1-6 Growth Drivers 1-7 Portfolio Strategies P15 1-8 Promoting ESG Management (Recent Initiatives) P19 1-9 Corporate Governance P20 ２． Core Businesses ： Overview & Strengths 2-1 Leasing Business<Office Buildings, Retail Facilities, Logistics Facilities, Others> P22 2-2 Property Sales Business P33 <Property Sales to Individuals, Property Sales to Investors> P37 2-3 Management Business <Property Management, Brokerage, Asset Management, etc.) P39 2-4 Other Business< Hotel and Resort Business > P41 2-5 (Appendix)Global Business ３． Financial Statements and investment data, etc. P45 3-1 Summary of Results for the Year Ended March 31, 2020 P48 3-2 Forecasts for the Year to March 2021 (FY 2020) P51 3-3 Operating Income by Segment P52 3-4 Investment and Financial Data P54 3-5 Shareholder Composition ４． Appendices(Market Trends) 4-1 Market Trends/Leasing Business/Office Buildings P56 4-2 Market Trends/Leasing Business/Retail Facilities P58 4-3 Market Trends/Property Sales Business/To Individuals P60 4-4 Market Trends/Property Sales Business/To Investors P61 4-5 International Visitors to Japan P62 Disclaimer P63 MITSUI FUDOSAN CO.,LTD 2
1 ． MITSUI FUDOSAN GROUP Management Strategy
Mitsui Fudosan Group 1-1 ． About Mitsui Fudosan Group Management Strategy Aspirations for the Mitsui Fudosan Group ②ワークテーブル：円グラフ Revenue Structure Revenue from Operations (For the Year ended March 31, 2020) 1,905.6 billions of yen Other 17% ①ワークテーブル：連結営業収益 Leasing 33% 連結営業収益 ③ワークテーブル：賃貸事業 Management 商業施設 22% Property Sales 28% ④ワークテーブル：分業事業 分業事業 ⑤ワークテーブル：マネジメント事業 Three Core Businesses and Breakdown of each Profit マネジメント事業 As of March 2020 Leasing Business Property Sales Business Management Business 5% ⑥ワークテーブル：賃貸事業、分業事業、マネジメント事業 25% 51% 38% 49% 57% 75% Property Sagel to Individuals Offce Buildings Retail Facilities Property Management (Domestic) Others Brokerage, Asset management, etc. Property Sales to Investors and Individuals (Overseas),etc. ①ピボット参照：連結営業収益 MITSUI FUDOSAN CO.,LTD 4
Mitsui Fudosan Group 1-2 ． Highlights Management Strategy Performance Long-Term Vision ①ワークテーブル：業務ハイライト（グラフ） （ Billions of yen ） VISION 2025 Leasing Management Property Sales Others(*1) 315.0 Profit Attributable to owners of parent(*2) 285.0 123.7 255.0 98.0 83.0 225.0 65.2 183.9 44.5 195.0 168.6 45.4 155.8 55.6 27.0 55.1 165.0 53.8 48.7 23.0 131.8 52.4 15.7 117.7 135.0 49.9 49.3 16.1 41.5 100.1 34.3 105.0 32.1 76.8 ②ワークテーブル：業務ハイライト（表） 59.4 75.0 145.8 141.9 135.7 138.3 50.1 49.9 124.1 109.2 107.8 104.3 95.6 45.0 88.9 営業利益 親会社株主に帰属する当期純利益 15.0 減価償却費 配当金/株 (17.1) (17.1) (20.8) (19.7) (13.6) (18.6) (22.2) (44.6) (16.6) (33.0) (15.0) 自己株式取得 総還元性向 (45.0) 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 Operating income 120 126.0 148.1 172.5 186.0 202.4 232.6 245.9 262.1 280.6 (Billions of Yen) Profit Attributable to Owners of 49.9 50.1 59.4 76.8 100.1 117.7 131.8 155.8 168.6 183.9 parent (Billions of Yen) 53.2 59.0 56.0 61.2 67.4 71.3 70.1 79.0 52.9 91.4 Depreciation (Billions of Yen) 22 22 22 22 25 30 34 40 44 44 Cash dividends per share (Yen) ①業務ハイライト（グラフ：過去7期） Total amount of treasury stock - - - - - - - 15.0 16.0 25.0 acquired (Billions of Yen) Total shareholder return ratio 38.7 38.5 32.5 25.1 24.1 25.2 25.5 35.0 35.1 36.9 (%) (*3) 営業利益-賃貸 ROA （％） 3.4 3.6 3.7 4.1 4.1 4.1 4.6 4.6 4.4 4.4 営業利益-分譲 4.9 4.8 5.3 6.3 6.4 6.2 6.7 7.4 7.4 7.4 ROE （％） 営業利益-マネジメント 営業利益-その他 *1 Others include Mitsui Home, other segments and nonconsolidated general & administrative expenses. 営業利益-消去他 *2 Prior to FY2015 : Net Income *3 Total shareholder return ratio= (Total dividends + Total amount of treasury stock acquired)/Profit Attributable to owners of parent ・ ROA: (Operating income + Non-operating income) /Average total assets over period ・ ROE: Profit Attributable to owners of parent /Average shareholders‘ equity over period 親会社株主に帰属する当期純利益 MITSUI FUDOSAN CO.,LTD 5
Mitsui Fudosan Group 1-2 ． Highlights Management Strategy BS Highlights Trend of D/E ratio, etc. Interest-bearing debt(Left) (time) (Billions of yen) Shareholders' equity(Left) BS as of March 31, 2020 (Billions of yen) 4,000.0 3,800.0 2.0 1.80 1.71 1.62 Debt/Equity ratio(Right) 3,481.1 1.8 1.60 3,500.0 Real property for sale 1.6 1.45 (including advances 1,907.8 2,906.6 3,000.0 2,604.6 1.4 paid for purchases) 1.24 3,481.1 Interest-bearing 2,226.2 2,287.4 2,408.6 2,500.0 1.2 2,120.2 2,040.0 1,976.1 2,204.8 2,342.5 1,922.31,984.6 2,000.0 1.0 1.061.16 1.15 1.18 1,740.0 1,743.4 1,871.9 Tangible and Intangible 0.8 3,753.1 1,500.0 1,019.9 1,078.1 1,181.1 1,274.3 fixed assets 0.6 Other 1,427.7 1,000.0 (Rental properties) 3,171.1 0.4 500.0 0.2 0.0 0.0 2,486.5 Net Assets 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 (E) 2,408.6 (Shareholders' equity) Other 1,734.3 Market Value of Rental Properties 7,395.3 Debt and Equity 7,395.3 Assets (Billions of yen) Book Value Unrealized Gain(Market Value-Book Value) 6,089.5 5,773.6 6,000.0 5,436.1 Rental Properties 4,560.5 4,828.4 (Billions of yen) 5,000.0 2,475.4 2,749.6 2,918.4 4,054.3 At March 31. At March 31. Change 4,000.0 2,827.6 2,860.0 3,168.0 3,472.6 2020 2019 1,912.1 2,183.3 1,564.4 6,089.5 5,773.6 315.8 3,000.0 Market Value 1,215.9 920.4 810.4 840.7 2,000.0 Book Value 3,171.1 3,024.0 147.1 1,986.8 2,049.6 2,247.5 2,256.7 2,489.9 2,648.3 2,645.0 2,960.7 3,024.0 3,171.1 Unrealized 1,000.0 2,918.4 2,749.6 168.7 Gain 0.0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 MITSUI FUDOSAN CO.,LTD 6
Mitsui Fudosan Group 1-3 ． Mitsui Fudosan Group Long-term Vision 【 VISION2025 】 Management Strategy ⋆Announced in May 2018 VISION2025 ▶ Successfully establish a ▶ Harness technology to innovate ▶ Evolve into a global company sustainable society through the the real estate business creation of neighborhoods Basic Strategies Achieve Society 5.0 Establish a sustainable society Pursue common social value Contribute to the SDGs Drive sustainable profit growth Main Initiatives Drive evolution Dramatically grow Innovate business models in the creation of neighborhoods the overseas business by harnessing real estate tech Infrastructure to support initiatives Human resource strategies Organization, systems and governance Asset and financial strategy MITSUI FUDOSAN CO.,LTD 7
Mitsui Fudosan Group 1-3 ． Mitsui Fudosan Group Long-Term Vision 【 VISION2025 】 Management Strategy *Announced in May 2018 OUTLOOK ①ワークテーブル：将来見通し 連結営業利益 うち、海外事業利益 Reference Around 2025 （ FY2019 Actual ） Around ¥ 350 billion ¥280.6 billion Consolidated Operating Income Around 30% 9.6% Of which: Overseas Income ①ピボット参照：将来見通し Around 5% ROA 4.2% 営業利益 *Overseas income ＝ Overseas OP+ Pro forma operating income of overseas affiliates (Calculated by multiplying the operating income or the amount equivalent to operating income of each overseas equity-method affiliated company by the Company’s equity interest) Note: The amount equivalent to operating income is the amount of profit calculated on a simplified basis after taking into consideration the tax burden. * ROA ： (Operating income + Non-operating income) /Average total assets over period MITSUI FUDOSAN CO.,LTD 8
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