hoosiers holdings (3284) fiscal year march 2018 ...pdf.irpocket.com/c3284/bgi3/puej/vmbs.pdf ·...
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Fiscal Year March 2018
Explanatory Materials on
Financial Results
Hoosiers Holdings (3284)
Company overview
Group structure
History
Area expansion
Sales status
CCRC
Real Estate Investment
Asset Management
Rights offering
Summary of results
Income statement (consolidated)
Net sales by segment
Balance sheet (consolidated)
Dividends and total dividends
Purchase of treasury shares
Returns from earnings
Policies on dividends and returns
from earnings
1. Company information
2. FY3/18 highlights
3. FY3/18 topics
5. Dividends plan
P3
P4
P5
P7
P8
P9
P12
P17
P19
P32
P33
P14
P16
Condominium Apartments for
Families and Singles
Delivery plan
Sales status
Healthcare business
Energy business
4. Future prospects
P22
P27
P24
P25
6. Medium-Term Management Plan and beyond
P20
P29
P34
Medium-Term Management Plan
Profit return
Creation of new profit structure
P37
P38
P39
P10
P35
Agenda
2
1. Company information
Name Hoosiers Holdings
Representative Tetsuya Hirooka, CEO and President
Address Marunouchi-Nakadori Building, 2-2-3 Marunouchi,
Chiyoda-ku, Tokyo, Japan
Employees 600 (consolidated) (approx. 40% of employees are women)
Established April 2013
Branches Hokkaido, Tohoku, Nagoya, Kyoto, Osaka, Kyushu,
Singapore, Portland
Listed on First Section, Tokyo Stock Exchange (securities code: 3284)
Main
businesses
Real estate development (including nationwide urban
redevelopment), continuing care retirement communities
(CCRCs), real estate investment, international businesses,
healthcare businesses, etc. 3
Hoosiers founded December 1994
Company overview
Condominium Apartments
for Families and Singles Hoosiers Corporation
Houses and Flats Hoosiers Avenue
Real Estate Investment Hoosiers Asset Management
CCRC Hoosiers Care Design
H
old
ing
co
mp
an
y
Ho
osie
rs H
old
ing
s
Other businesses ■ Private finance initiative (PFI) business
Ideal Environment Advisers Co., Ltd.
Property Management and Related Services
■ Condominium management
Hoosiers Living Service
Operation of sports clubs Hoosiers Wellness & Sports
International businesses Hoosiers Asia Pacific Pte. Ltd. Hoosiers,Inc.
Group structure
Asset management Vermilion Capital Management
4
2014 Number of units managed surpassed 10,000 unitsSecured top position in number of condominium units supplied in the
Tohoku/Sendai area
Jan. AM31 added to Group
(Now Hoosiers Asset Management)
Began real estate investment business
April Hokkaido Branch opened
2015
April Osaka Branch opened; Nagoya Branch opened
Ideal Environment Advisers Co., Ltd. established
July Hoosiers Care Design established
2016Secured top position in number of condominium units supplied in the
north Kanto area
April SPORTS ACADEMY Co., Ltd. added to Group
May Kyushu Branch opened
Aug. Miyanomori Sports Co., Ltd. added to Group
Dec. Crystal Sports Club added to Group
2017 Number of condominium units surpassed 20,000 unitsMay Hoosiers Asia Pacific Pte. Ltd. established in Singapore
Began overseas business
Sept. Vermilion Capital Management added to Group.
Oct. Hoosiers, Inc. established in Oregon, US.
2018
MarchIntegrated SPORTS ACADEMY Co., Ltd., Miyanomori Sports Co.,
Ltd. and Crystal Sports Club Co., Ltd. and changed the name to
Hoosiers Wellness & Sports.
Executed Japan's first partial-commitment-type rights offering to
increase capital to \15.8 billion
5
History 1994
Dec. Hoosiers Y.K. established
1995
Jan.Began real estate sales contracting business (planning/solutions
sales agent)
June Reorganized from limited liability company to joint-stock company
Renamed Hoosiers Corporation
2000 Number of condominium units surpassed 1000 units2002
Oct.Shares listed on JASDAQ market (seven years, 10 months after
establishment)
Hoosiers Living Service established
2003
Oct.Shares listed on Second Section of Tokyo Stock Exchange (eight
years, 10 months after establishment)
2004Secured top position in number of condominium units supplied in
Saitama Prefecture
Sept.Shares listed on First Section of Tokyo Stock Exchange (nine years,
nine months after establishment)
2005 Number of condominium units surpassed 5000 unitsSecured top position in number of condominium units supplied in
Chiba Prefecture
2007 Number of units managed surpassed 5000 units2008 Number of condominium units surpassed 10,000 units
Secured top position in number of condominium units supplied in
Chiba Prefecture
2012
April Tohoku Branch opened
Oct. Kyoto Branch opened
2013
April Hoosiers Holdings established
Hoosiers Avenue established
6
2. FY3/18 highlights
FY3/19
full-year
performance
forecasts
Net sales: ¥88,000 million Increase: 38.9%
Operating income: ¥9,160 million Increase: 25.7%
Ordinary income: ¥8,000 million Increase: 15.3%
Topics
✓ On pace to exceed Medium-Term Management Plan targets
✓ Achieved record high profits
✓ Equity ratio of 31.4% by capital reinforcement
Consolidated
business
performance
Net sales: ¥63,364 million YoY: 120.2%
Operating income: ¥7,289 million YoY: 130.4%
Ordinary income: ¥6,936 million YoY: 130.3%
Net income: ¥4,564 million YoY: 135.9 %
vs. Medium-Term Management Plan
Net sales: 105.6%
Ordinary income: 115.6%
7
Summary of results
FY3/17 FY3/18 YoY change
Results % Results % Change % change
Net sales 52,726 100.0% 63,364 100.0% 10,638 20.2%
Gross profit 13,022 24.7% 16,041 25.3% 3,019 23.2%
Selling, general
and administrative
expenses
7,432 14.1% 8,752 13.8% 1,320 17.8%
Operating income 5,590 10.6% 7,289 11.5% 1,698 30.4%
Ordinary income 5,325 10.1% 6,936 10.9% 1,611 30.3%
Profit attributable
to owners of
parent
3,357 6.4% 4,564 7.2% 1,206 35.9%
Million yen
8
Income statement (consolidated)
Net sales by segment
9
Million yen
FY3/17 FY3/18
Results Composition
ratio Results
Composition
ratio
Total 52,726 100% 63,364 100%
Condominium Apartments
for Families and Singles 30,911
35,197
58.6% 21,861
36,500
34.5%
CCRC 4,285 8.1% 14,639 23.1%
Houses and Flats 8,975 17.0% 9,188 14.5%
Real Estate Investment 4,484 8.5% 11,074 17.5%
Property Management and
Related Services 4,029 7.6% 6,555 10.3%
Other 38 0.1% 45 0.1%
Balance sheet (consolidated) FY3/17 FY3/18 Change
Current assets 88,329 107,820 19,491
Cash and deposits 21,383 30,493 9,109
Real estate for sale 12,718 16,471 3,753
Real estate for sale in process 47,922 53,680 5,757
Non-current assets 16,331 27,447 11,116
Land 6,686 8,640 1,953
Buildings 5,310 9,629 4,319
Total assets 104,660 135,359 30,699
Liabilities 80,129 92,767 12,637
Total interest-bearing debt 63,625 79,237 15,612
(Short-term) interest-bearing debt 14,888 24,537 9,648
(Long-term) interest-bearing debt 48,736 54,700 5,963
Net assets 24,530 42,592 18,061
Total liabilities and net assets 104,660 135,359 30,699
Million yen
Equity ratio 23.4% 31.4%
Net equity ratio 29.4% 40.5%
* Net equity ratio= Shareholders’ equity / (total assets ‐cash and deposits, etc.) 10
11
3. FY3/18 topics
FY3/14 FY3/17 FY3/18
Other regions
Tokyometropolitanarea
FY3/14 FY3/17 FY3/18
Family-friendly condominiums by region: Tokyo metropolitan area and other regions (based on completed projects)
83%
17%
75%
25%
Reforming the revenue structure
Area expansion
12
73%
27%
* Tokyo, Kanagawa,
Chiba, Saitama
Areas along the
Tsukuba Express line
Suburbs of Tokyo metropolitan area Regional city centers
Growing to cover all cities in Japan 13
Advancing into key regional cities with populations of approx. 200,000 or more
Area expansion
(As of March 31, 2018)
Target
Now
* 52 cities as of March 31, 2017
131cities
61cities
14
Sales status
(Condominiums/CCRC condominiums)
FY3/18
FY3/17
Number of contracted units
807
1,040
Strong sales results
Sales for the next year also got off to a strong start
15
Purchasing
¥104.3 billion (116.5%)
Net sales
¥14.5 billion Ordinary income
(107.2%)
Favorable purchasing (against the target)
For increase of future earnings
Tomorrow PLAZA multipurpose health facilities opened
Aim at nationwide development by linking with redevelopment projects
The centerpiece for a healthcare REIT
A base for the city of Hino’s integrated community/
human-resources/employment creation strategy
16
CCRC
Tamadaira, Hino, Tokyo (eight minutes on foot from Toyoda Station
on the JR Chuo Line)
Hoosiers Holdings
Hoosiers Corporation
Hoosiers Care Design
Hoosiers Asset Management
Hoosiers Living Service
Hoosiers Wellness & Sports
Developer, operator
Long-term care, community
engagement
Property management
Building management
Athletic activities
■ “Hidaka Kuratomi Solar Power Plant” (Mega solar)
Annual power generation: approx. 12 million kWh/year
Enhancing fee-based businesses
Expanding stable earnings 17
Enhancing leasing/fee-based businesses
Real Estate Investment
■ “Duo Flats Shibakoen” (Serviced apartment)
Enhancing leasing business
Handling operations/ management under contract Acquisition of lease properties
Expanding stable earnings 18
Enhancing leasing/fee-based businesses
Real Estate Investment
20.0
25.0
30.0
35.0
40.0
Trends in net revenue from leasing/fees (¥100 million)
FY3/17 FY3/18
Expanding fee-based businesses 19
Vermilion Capital Management added to the Group
Full-scale entry into asset management business
REIT
Prefund
Off-balance sheet
Securitization
Hoosiers Asset
Management
Aims to cover the entire range of the real estate investment business
REIT
AM
VCM
Development Sale
20
¥13.5 billion
Japan’s first partial-commitment-type rights offering
Rights offering
Future investment of approx. ¥50 billion
(Execution rate: 100%)
Funding
21
4. Future prospects
22
Expand condominiums business
Condominium Apartments for Families and Singles
FY3/19
FY3/18
Delivered units
(excluding CCRC condominiums)
1,315
548
Monetization of large-scale redevelopment projects
Utsunomiya PEAKS (Utsunomiya City, Tochigi Prefecture, 209 units)
23
Nationwide urban redevelopment projects: Community revitalization
Condominium Apartments for Families and Singles
Population and number of households of
Utsunomiya City
2000 2018
Source: Utsunomiya City
"Statistical data"
440,000 520,000
170,000 220,000
Population
Number of
households
Regional cities promoting
compact city strategy
As of March 31, 2018
Progress of contracts 86%
Big business opportunities in regional cities
(To be delivered in February 2019)
24
Increase number of delivered units
Delivery plan
Condominiums
FY3/19 FY3/18
548 units 1,315 units
CCRC 386 units 171 units
Houses 142 units 161 units
AP 6 buildings 9 building
RESTA 29 units 27 units
934 units 1,486 units
1,105 units
6 buildings
1,674 units
9 buildings
25
Sales status
Beginning of FY3/19 Beginning of FY3/18
365 units (vs. 1,315 units of condominiums delivered)
690 units
Progress of condominium contracts
Number of contracts concluded at beginning of year
Strong start
26
Purchasing
Beginning of FY3/18
Beginning of FY3/19
(excluding CCRC condominiums)
4,000 units
3,200 units
Future pipeline (condominiums)
Paved a path to ¥100 billion
Ideal form of CCRC
27
Healthcare business
Condominiums
Multipurpose
CCRC facility Hospital =
…
…
Developed
in-house
REIT
New type of healthcare REIT
PFI
Sports clubs
Rebirth of healthcare REIT
28
Healthcare business
FY3/20: Listing a healthcare REIT
(33 existing facilities)
Hospitals/Clinics
Lease-type CCRC
condominiums
Multipurpose CCRC facility (Tomorrow PLAZA)
29
Energy business
Expansion of stock business
Full deregulation of electric power
Efficient use of management resources (management)
Securing power (energy business)
Expand earnings
30
Energy business
Investment in palm-oil power generation business
Scheduled to start operation in FY3/20
Biomass power plant in Kamisu
Expanding stable earnings
Investments in projects
with
PIRR of 25% or higher
31
5. Dividends plan
Dividends and total dividends
32
FY3/18 FY3/19
¥971 million ¥1,455 million
Dividends
Total
dividends
¥24 ¥25
Significant increase in dividends
Increase in dividends
(¥17 in net amount)
■ Type of treasury shares
subject to purchase
■ Total number of shares
eligible for purchase
■ Total purchase price of shares
■ Period of purchase
■ Method of purchase
Shares of the Company’s common stock
625,000 shares (maximum) (1.08% of total shares issued and outstanding [excluding treasury shares])
¥500,000,000 (maximum)
May 15, 2018 - March 31, 2019
Market purchase on the Tokyo Stock Exchange
Purchase of treasury shares
33
Enhance profit return to shareholders
Increase in share buybacks
Profit return
34
FY3/18 FY3/19
26.5% 37.4%
Total Return Ratio
Proactive profit return policy
Improve total return ratio
Targeting market capitalization of ¥100 billion
FY3/16 FY3/17 FY3/18 FY3/19
Net income (Million yen)
1,835 3,357 4,564 5,200 (planned)
Dividends per share ¥14 ¥24 ¥24 ¥25 (planned)
Total dividends (Million yen)
408 669 971 1,455 (planned)
Payout ratio 22.7% 19.7% 20.2% 27.8%
Purchase of treasury
shares (Million yen)
1,026 285 237 500 (planned)
Total return ratio 77.4% 29.0% 26.5% 37.4%
Interim: ¥12; year-end: ¥13
Policies on dividends and profit return
35
36
6.Medium-Term Management Plan and beyond
37
Medium-Term Management Plan
11.5 billion
7.0 billion
8.5 billion
FY3/19
FY3/20
10.0 billion FY3/21
8.0 billion
14.0 billion
Revised target figures in the Medium-Term Management Plan
“Ordinary income” targets announced
Policy on profit return
38
Up to now FY3/20 onwards
Payout ratio
20%
Total return ratio
40%
Further enhancement of profit return
Introduction of total return ratio
39
Flow business
Stock business
+
Rental Healthcare
REIT
Energy
business
AM
fee
Beyond the target of ¥100 billion
Expansion of stock business
Creation of new profit structure
Contact us:
Opinions, forecasts, statements regarding future outlook, and other forward-looking statements in this document are estimates based on the information available at the time this document was prepared. They are subject to significant change due to uncertainties in future economic conditions, the competitive climate, and extent of the success of new services.
Please note that actual business performance, strategies, and other results and aspects may differ substantially from that described in this document.
No reproduction, duplication, or reuse of this document is permitted without prior consent.
IR inquiries
Hoosiers Holdings
PR/IR Office; tel. +81-3-3287-0704
E-mail ir@hoosiers.co.jp
URL https://www.hoosiers.co.jp
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