Investor Presentation February 2015 www.mitsuifudosan.co.jp/english
Contents 1 ． About Mitsui Fudosan 2-3 Management 1-1 Highlights 3 2-3-1 Mitsui Fudosan’s Strengths 28 1-2 Performance Highlights 4 2-3-2 Mitsui Fudosan’s Strengths 1-3 Financial Highlights 5 (Property Management) 29 1-4 Long-Term Business Plan Innovation 2017 6 2-3-3 Mitsui Fudosan’s Strengths 1-5 Summary of The Offering 9 (Brokerage, Asset Management, etc.) 30 2 ． Core Businesses: Overview & Strengths 2-4 Global Business 31 2-1 Leasing 3 ． Summary of Results for the Nine Months Ended Dec. 31, 2014 (FY 2014) 2-1-1 Analysis of Revenue 12 3-1 Consolidated Income Summary (Overall) 35 2-1-2 Premier Assets (Office Buildings) 13 3-2 Consolidated Segment Revenue & Operating Income 36 2-1-3 Premier Assets (Retail Facilities) 14 3-3 Consolidated Balance Sheet Summary 37 2-1-4 Mitsui Fudosan’s Strengths (Office Buildings) 15 4 ． Forecast for the Year to March 2015 (FY 2014) 2-1-5 Pipeline (Office Buildings) 16 Consolidated Income Summary 39 2-1-6 Create Neighborhoods in Nihonbashi and Yaesu 17 5 ． Summary of Results for the Year Ended March 31, 2014 (FY 2013) 2-1-7 Mitsui Fudosan’s Strengths (Retail Facilities) 18 5-1 Consolidated Income Summary (Overall) 41 2-1-8 Pipeline (Retail Facilities) 19 5-2 Consolidated Segment Revenue & Operating Income 42 2-2 Property Sales 5-3 Consolidated Balance Sheet Summary 43 2-2-1 Mitsui Fudosan’s Strengths 21 Appendices (Market Trends) 2-2-2 Major Projects (Property Sales to Individuals) 22 Appendix 1 Leasing Business Market Trends (Office Buildings) 46 2-2-3 Mitsui Fudosan’s Strengths Appendix 2 Leasing Business Market Trends (Property Sales to Individuals) 23 (Retail Facilities) 49 2-2-4 Pipeline (Property Sales to Individuals) 24 Appendix 3 Property Sales Business Market Trends 2-2-5 Model for Cooperation with Investors 25 (Property Sales to Individuals) 50 2-2-6 Model for Cooperation with Investors Appendix 4 Property Sales Business Market Trends (Logistics facilities) 26 (Property Sales to Investors) 51 Appendix 5 Shareholder Composition 52 Appendix 6 Operating Income by Segment 53 Disclaimer 54 1
1. About Mitsui Fudosan
1. About Mitsui Fudosan 1-1 Highlights Mitsui Fudosan Highlights (For the year ended March 31, 2014) Revenue from Operations 1,515 billions of yen Management Leasing Property Sales （ Office Buildings / Retail Facilities/Others ） （ Property Sales to Individuals / (Property Management / Property Sales to Investors) Brokerage Asset Management, etc) Others Leased Floor Property Sales Brokerage Asset 2% Space Retail to Investors Management, etc Units booked AUM Facilities (Incl. Managed 16% 28% (Condominiums) 35% Properties) Sales Sales Sales Ratio Office Buildings Ratio 3.32 6,557 Ratio 2,738 thousand ㎡ Office trillion yen units Buildings Property Property Sales Retail Facilities 63% Management to Individuals 1,714 thousand ㎡ 72% 84% 3
1. About Mitsui Fudosan 1-2 Performance Highlights Net income Operating income Management Property sales Leasing Long-Term Business Plan (Right) (Left) (As of April, 2012) (Billions of yen) (Billions of yen) 250 240.0 120.0 110.0 183.0 100.0 200 172.5 90.0 163.0 171.5 83.5 148.1 46.0 27.0 76.8 80.0 49.2 23.0 126.0 150 120.5 120.0 67.0 15.7 60.0 49.9 59.4 12.4 16.1 50.0 41.5 60.0 38.8 49.9 34.3 50.1 29.7 32.1 100 40.0 109.2 104.3 50 102.0 95.5 95.6 94.1 88.9 20.0 0 0.0 Other *1 -208 -106 -171 -171 -197 -136 -110 Other* -150 0 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 (E) 3/2015 (T) 3/2018 (G) Depreciation 48.8 50.2 52.9 53.2 59.0 56.0 60.0 － － (Billions of yen) Cash dividends 22 22 22 22 22 22 22 － － per share (Yen) Payout ratio (%) 23.1 32.2 38.7 38.5 32.5 25.1 21.5 *2 － － *1 Other include Mitsui Home, other segments and nonconsolidated general & administrative expenses. *2 Before considering capital increase 4 The figures of FY2013 or after reflect the effect of the SPC consolidation.
1. About Mitsui Fudosan 1-3 Financial Highlights ※ The Long-term Business Plan is on a April 2012 disclosure basis Interest-bearing debt (Right) (Left) Debt/Equity ratio B/S as of March 31, 2014 Shareholders’ equity (Times) (Billions of yen) (Billions of yen) 2,500.0 2.00 1.80 2,230.0 1.80 1.71 Real property for sale 1.60 2,100.0 1.62 (including advances 961.4 2,120.2 *1 2,000.0 1.60 paid for purchases) Interest-bearing debt 2,040.0 2,040.0 1.50 1,740.0 1,743.4 1.40 Due to SPC consolidation 1,500.0 1.20 1,274.3 1,181.1 Tangible and intangible 1.00 1,078.1 2,526.1 fixed assets 1,019.9 Other 1,183.3 1,000.0 0.80 (Rental properties) (2,256.7) 0.60 Net assets 1,325.4 500.0 0.40 0.20 (Shareholders' equity) (1,274.3) 1,061.2 Other 0.0 0.00 3/2011 3/2012 3/2013 3/2014 3/2015 (E) 3/2018 (G) * １ Expectation of D/E ratio does not consider the impact of capital increase Long-Term 4,548.8 4,548.8 Assets Debt and Equity Business Plan ◆ Changes in D/E Ratio (Times) ◆ Rental properties （ Billions of yen) 2.50 2.22 At March 31, 2014 At March 31, 2013 2.00 Change 2.00 (FY2013 Year-end) (FY2012 Year-end) 1.73 1.80 1.86 1.71 1.62 1.60 Market value 3,472.6 3,168.0 304.6 1.40 1.77 1.60 1.50 Book value 2,256.7 2,247.5 9.2 1.33 Unrealized gain 1,215.9 920.4 295.4 1.00 3/'03 3/'04 3/'05 3/'06 3/'07 3/'08 3/'09 3/'10 3/'11 3/'12 3/'13 3/'14 5
1. About Mitsui Fudosan 1-4 Long-Term Business Plan Innovation 2017 Earnings Targets, Segment Earnings Targets, and Benchmarks Long-Term Business Plan FY2014 (on a April 2012 disclosure basis) FY2012 Actual FY2013 Actual Estimates as of May, 2014 FY2014 Targets FY2017 Goals Operating ¥240 billion or ¥148.1 billion ¥172.5 billion ¥183 billion ¥163 billion income higher ¥110 billion or Net income ¥59.4 billion ¥76.8 billion ¥90 billion ¥67 billion higher ROA 3.66% 4.07% ― Approx. 3.8% Approx. 5.5% Debt/Equity Approx. 1.8 1.80 1.60 ― Approx. 1.5 times ratio times Interest-bearing Approx. ¥2,100 ¥2,120.2 billion ¥2,040.0 billion ¥2,230 billion ¥2,160 billion debt billion Operating income by segment Long-Term Business Plan FY2014 (on a April 2012 disclosure basis) FY2012 Actual FY2013 Actual Estimates as of May, 2014 FY2014 Targets FY2017 Goals Leasing ¥104.3 billion ¥109.2 billion ¥102 billion 95 billion 128 billion Property sales ¥23.0 billion ¥27.0 billion ¥46 billion 39 billion 60 billion Management ¥41.5 billion ¥49.9 billion ¥50 billion 40 billion 52 billion 6
1. About Mitsui Fudosan 1-4 Long-Term Business Plan Innovation 2017 Investment Plan (Billions of yen) Long-Term Business Plan Innovation 2017 FY2014 (on a April 2012 disclosure basis) FY2012 FY2013 Estimates 3 Years Area and Type (Actual) (Actual) as of May, Total FY2012 ～ 2017 FY2012 ～ 2014 FY2015 ～ 2017 2014 Total Domestic Approx. 800 Capital 300 400 66.0 123.0 163 352 expenditures ～400 ～500 (cost recovery 200 ) Overseas Capital 200 200 Approx. 500 48.0 37.0 102 187 expenditures ～300 ～300 (cost recovery 100) (Europe, North America & Asia) Real property Approx. 2,400 1,000 1,300 for sale 389.0 378.0 395 1,162 ～1,100 ～1,400 (cost recovery 2,400 ) (Domestic) 60% of total overseas investment will be * The investment amounts indicated above are approximate in Europe and N. America, 40% will be figures and include equity investments. in Asia Two-thirds of total investment will be in property sales to individuals, one-third will be in property sales to investors 7
1. About Mitsui Fudosan 1-4 Long-Term Business Plan Innovation 2017 Strengthen the Competitiveness of Our Domestic Business Create neighborhoods • Larger, higher quality portfolio in central Tokyo area • Quickly bring planned developments on stream • Promote the Smart City Evolve the housing business • Increase units supplied and profitability in property sales to Mitsui Housing Mall individuals • Housing brokerage business: maintain No. 1 position Mitsui Housing Mall Central Desk • Remodeling business: Become the leading brand for high- Customer value-adding remodeling Communication Evolution of our model for cooperation with investors New condos & Previously Custom –built Remodeling Leased • Add new asset classes, including logistics facilities detached owned condos homes housing homes & detached Mitsui • Expand assets under management homes Fudosan Mitsui Mitsui Mitsui Mitsui Housing Fudosan (sponsored REITs, private REIT) Reform Residential Home Rehouse Lease Mutual cooperation among group companies Develop Global Operations Be more active in Europe, North America and Asia • Europe & N. America: Build up a portfolio mainly consisting of offices for lease • Asia: Be more active in developing housing, retail facilities & office 5 Hanover Square Shanghai New Town buildings (London) Development Project 8
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