「for solid steps towards regrowth · 2018-05-18 · main measures 09 entry to mega-solar business...

「For So l i d S t eps t owards Reg rowth」～As a Pioneer of Solar-Powered Condominium～

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P rev i ou s M id - Te rm Management P l an Rev i ew

New M id - Te rm Management P l an

Spec ifi c S t r a t eg i e s

Ac t i on t owa rd s Changes i n E x t e rna l F a c to r s

Pe r fo rmance Goa l s

D i v i dends /Cap i t a l Po l i c y

1P

7P

11P

21P

26P

28P




Ac t i on s t owa rd s Changes i n E x t e rna l F a c to r s

Pe r fo rmance Goa l s　

D iv idends /Cap i t a l Po l i c y

P r e v i o u s M i d - T e rm M a n a g em e n t P l a n R e v i e w [ 1 ]

02

T h em e

F Y

A c h i e v em e n t s

P u r c h a s i n g s t r a t e g y

S e l e c t c a r e f u l l y s e l e c t i o nu s i n g “ t h r e e c r i t e r i a ”

(1) Restructured a steady purchase/sales cycle(2) Announced Japan’s first unit-based solar-powered condominiums with individual storage of electric power(3) Established the own-construction system for detached house(4) Init iated sales of custom-built houses(5) Established online marketing system(6) Significantly increased the number of financial institutions

38th March 2010

A y e a r o f c o u r s e c o r r e c t i o n s f o r

“ r e c o v e r y ” a n d “ r e g r o w t h ”R e d e v e l o p s t r a t e g i e s t o w a r d s “ r e g r o w t h ”

Measures to be taken

39th March 2011 40th March 2011 41th March 2012

P r o d u c ts t r a t e g y

S a l e ss t r a t e g y

F i n a n c i a ls t r a t e g y

I m p r o v e r e v e n u e b a s eb y p u r s u i n g s h o r t - t e r mc o l l e c t i o n b u s i n e s s

M a i n t a i n s t a b l e b u s i n e s s p l a na n d s o l i d r e v e n u e s t r u c t u r e

E s t a b l i s h s t a b l e b u s i n e s sb a s e w i t h a t h o r o u g h fi n a n c i a l s t r a t e g y

F o r e c a s t4 1 3 u n i t s

03

N ew b u i l t - f o r - s a l e c o n d om i n i um

O r i g i n a l p l a n3 , 9 3 0 u n i t s

F o r e c a s t4 , 0 1 1 u n i t s

D e t a c h e d h o u s e

O r i g i n a l p l a n5 5 3 u n i t s

A c h i e v e d t h e g o a l→ S u b s t a n t i a l l y e x c e e d e d t h e o r i g i n a l p l a n

N o t a c h i e v e d t h e g o a l→ R e c o g n i z e t h e n e e d o f r e a d j u s t m e n t s

Forecasted number of units for delivery (three-year total)

A CH I E V E D


04

R e c o r d h i g h c a s h a n d d e p o s i t sa n d n e t a s s e t s R e s t o r e d e q u i t y r a t i o o f 3 0%

Financial position as of March 31, 2012

0

120,000［￥million］

100,000

80,000

60,000

40,000

20,000

C omp a r i s o n o f t o t a l a s s e t s（FY2008 /3 v s FY2012 /3）

FY 2008/3

Total assets99,842

Debts63,425

Net assets19,318

Total assets70,277

Debts32,156

Net assets21,138

FY 2012/30

20,000［￥million］

15,000

10,000

5,000

C h a n g e s i n c a s h a n d d e p o s i t s（From FY2008 /3 t h rough FY2012 /3）

FY 2008/3

12,935

FY 2009/3

3,865

FY 2010/3

3,766

FY 2011/3

9,414

FY 2012/3

17,394

C h a n g e s i n n e t a s s e t s（From FY2008 /3 t h rough FY2012 /3）

FY 2008/3

19,318

FY 2009/3

6,420

FY 2010/3

8,651

FY 2011/3

18,361

FY 2012/3

21,138

0

25,000

20,000

［￥million］

15,000

10,000

5,000

Suc ceeded i n e a r l y ba l ance shee t ad ju s tmen t s


05

Suc ceeded i n ba l ance shee t ad ju s tmen t sI n t h e y e a r e n d e d M a r c h 3 1 , 2 0 1 2

Beg in a new s t ageF r om t h e y e a r e n d i n g M a r c h 3 1 , 2 0 1 3


06

Lebe

N ew c o n d om i n i um b r a n d N ew c o r p o r a t e c h a r a c t e r

Moving onto a new stage in the 40th anniversary

～Introduced new condominium brand corporate character ～since the establishment in 1972



New M id - Te rm Management P l anSpec ifi c S t r a t eg i e s




R e d e v e l o p s t r a t e g i e s t o w a r d s “ r e g r o w t h ”［From FY2008 /3 t h rough FY2012 /3］

M a k e a l e a p w i t h n e w g r o w t h s t r a t e g i e s［From FY2017 /3 t h rough FY2019 /3］

「Fo r So l i d S t ep s t owa rd s Reg rowth」～As a P i onee r o f So l a r - Powe red Condomin ium～

Th em e o f n e w m i d - t e rm m a n a g em e n t p l a n

［From FY2013 /3 t h rough FY2016 /3］

T a k a r a L e b e n N e x t S t a g e 2 0 1 6

Ma i n M e a s u r e s

09

■En t r y t o m e g a - s o l a r b u s i n e s s

■ S t a b l e s u p p l y o f c o n d om i n i um s 　 i n c e n t r a l a r e a i n l o c a l c i t i e s

■ R e s t r u c t u r e t h e d e t a c h e d h o u s e b u s i n e s s

■ S t e a d y i n c r e a s e i n n umb e r o f u n i t s s o l d

A im f o r s o l i d a n d s t a b l e g r o w t h w i t h o u t m a j o r o r g a n i z a t i o n c h a n g e s

■P r omo t e s o l a r - p ow e r e d c o n d om i n i um sand detached houseAim for annual sales of 2,000 units in new built-for-sale condominium

Increase the ratio of solar-powered condominium (by building) to over 50% annually

Entered into mega-solar business as a pioneer of solar-powered condominium

Aim for stable supply of over 200 units annually

Aim for early construction of own-construction system for 250 units

Q u a n t i t a t i v e G o a l s

Cash and deposits

Equity

EPS　

（￥100 million）

（￥100 million）

（￥）

※ Excluding treasury shares, based on ordinary income



Spec ifi c S t r a t eg i e sAc t i on s t owa rd s Changes i n E x t e rna l F a c to r s



O v e r v i e w o f S t r a t e g i e s

Stable growth ／ Strategic move for future

Detached house business New built-for-sale condominium business Other（Detached house/custom-built） (Renovation/rental/ management/mega-solar

Basic

policy

Focus

on

Product

differentiation

Maintain and develop current strategies

Achieve “ideal houses anyone can purchase

without heavy financial burden”

Enhance stable revenues

as stock business

【Reconstruction】Detached house

readjustment for 250 unit-systemCustom-built

Shift to high quality

【Stable growth】

Yokohama area /launch mid- and long-term projectin downtown areas in local cities/Reinforce Promote solar-powered condos/Properties

【New entry】Entry to

mega-solar business

management resourcesEnhance

Financial strategies / Organizational strategies

Condomin ium un i t s s o l d

N ew B u i l t - f o r - S a l e C o n d om i n i um B u s i n e s s [ 1 ]

(entire market, Takara Leben)[units] [units]

Nationwide

(right axis)Takara Leben

(left axis)

N umb e r o f c o n d om i n i um u n i t s s o l d n a t i o nw i d e d e c l i n e d s i n c e 2 0 0 5 a n d r em a i n s u n c h a n g e d s i n c e 2 0 0 9 .N umb e r o f u n i t s s o l d b y T a k a r a L e b e n c l e a r l y s h ow s a r e c o v e r y t r e n d s i n c e 2 0 0 9 .

Market trend

Supp l y t o mee t l i f e - c y c l e needs Th ree c r i t e r i a f o r l and pu r cha se f o r c ondosFocused on living environment

Gross margin of approx. 25%Thorough area marketing

N ew B u i l t - f o r - S a l e C o n d om i n i um B u s i n e s s [ 2 ]Reaffirm the positioning

→strict adherence to area demands and area price

Consistent positioningOffer “ideal houses anyone can purchase without heavy financial burden”

Area

Property

Price

Target

Suburbs of Tokyo metropolitan area

Family condos with 3LDK (70m2) Approx. ￥30 million

Volume zone (First-time buyer bracket with annual income of ￥4 to 6.99 million)

(near school, supermarkets, parks, etc)Location

Earnings

Supply & demand

(The basic policy is not to oversupply in each areaand exclude needs for wider area from the main target)

2 buildings 175 units

3 buildings 155 units

2 buildings204 units

5 buildings270 units

2 buildings94 units

13 buildings975 units135 buildings

8,897 units13905buildings

units

120 buildings6,109 units

21 buildings1,884 units

3 buildings486 units Aggregate number of units

sold as of August 31, 2012Less than￥4 million

￥4 to 6.99million

￥7 to 9.99 million

￥10 million or more

Household income of 25 to 39 year-old

Source: Statistics published by MIC, Statistics Bureau (Employment status survey 2007)

Develop business in downtown areas in local cities to satisfy the needs of the elderly 　(Toyama, Nagano, Kanazawa, Niigata, Sendai, Morioka)

→ will be used as a product plan to satisfy the needs of the elderly in the Tokyo metropolitanin the future

Establish Yokohama branch and enhance land purchasing activity→ Create the second core area while maintaining existing core areas

(Saitama and Tokyo)

Secure lands for over three-year projects in order to prepare for the future risk→ Aim at long-term stability

N ew B u i l t - f o r - S a l e C o n d om i n i um B u s i n e s s [ 3 ]Reaffirm the positioning

Promote solar-powered condominiums“Unit-based solar-powered condominium” supply nationwide ranking #1 → increase the ratio of solar-powered condominiums in new properties to be constructedto over 50% in FY2016/3.

Development in downtown areas in local cities

Reinforce Yokohama area

Obtain lands for medium- to long-term projects

Own cons t ru c t i on de ta ched house“a im f o r annua l s upp l y o f 250 un i t s ”

Cu s tom-bu i l t house“offe r d iffe ren t i a t ed p roduc t s ”

BusinessCondominiumFrom The

D e t a c h e d H o u s e B u s i n e s sReaffirm the positioning

Enhance land purchasing system for detached house

promote condominium compound plan→Create a team dedicated to land purchase activity,

Quality distinctively different from power builder

Early reconstruction of a system to supply250 units annually

Product differentiation→Provide condo-taste detached house with functional themes of “solar-power”

Unique product planning

Synergy effect of customer recognition

and “earthquake resistant”

Make f r i end l y s o c i e t yw i th s o l a r powe r

O t h e r B u s i n e s s e s [ 1 ]Mega-solar business

Mega-solar businessas part of social contribution

Operationgoals

FY2013/3：2ＭＷFY2014/3：10ＭＷ

O t h e r B u s i n e s s e s [ 2 ]

S t eady e xpans i on Ma in ta in cu r r en t po l i c i e s

Real estate management business Real estate rental / Renovation business

Aim for annual business of 3,000 units as a main stock business

Units under management

FY2008/3 FY2009/3 FY2010/3 FY2011/3 FY2011/3

[units]

D ive r s i fied f und ing

F i n a n c i a l S t r a t e g i e sFinancial strategies

Establish a system independent of indirect financing

Maintain current strategies

Aim at issuing of long-term corporate bonds→ Consider direct financing for medium- to long-term projects

Marginal cash flow management→ Thorough cash flow management from land purchase

Explore local financial institutions→ Further increase correspondent financial institutions

through sales completion

including Shinkin bank/Credit union

O r g a n i z a t i o n a l S t r a t e g i e sOrganizational strategies

Cultivation of human resources

Management

Focus on re-penetration of corporate culture and cultivation of middle-class in order to become a sustainable organization→ Provide training by class and create awards program based on action guideline

Continue to make speedy management decisions→ Enhance information sharing and approval system




A c t i on s t owa rd s Changes i n E x t e rna l F a c to r sPe r fo rmance Goa l s　


R e c o g n i t i o n o f E x t e r n a l E n v i r o nm e n t [ 1 ]

Consumption tax system

（Calendar year)

※ Transitional measures and tax credit are expected to be considered

August 10, 2012“Bill for the partial revision of the Consumption Tax Act, etc. for the fundamental reform of the taxation system to secure revenue to fund the increased cost of social security” was passed and enacted.

Medium- to long-term demographic change

R e c o g n i t i o n o f E x t e r n a l E n v i r o nm e n t [ 2 ]

of metropolitan areaPopulation

and aging populationDeclining birthrate

Strong demands

due to continued population inflowTarget demographic is expected to

decline after 2020

in the Tokyo Metropolitan area

The ratio of the age group of65 and over is expected to

keep rising

Nationwide demographic change（projection）

Metropolitan demographic change（projection）[Thousand people] [Thousand people]

Source: National Institute of Population and Social Security Research,Population Projection for Japan (January 2012)）

Source: National Institute of Population and Social Security Research,Population Projection by Prefecture (May 2007)

Change in ratio of the age group of 65 and over（projection）

Nationwide

Tokyo Metropolitan area

Recognized as long-term issuesSource: National Institute of Population and Social Security Research,

Population Projection by Prefecture (May 2007)

Impac t t o t he i ndus t r yi s i n s i gn ifi can t

Ma in ta i n supp l yw i th a r ea p r i c e

R e s p o n s e t o I n c r e a s e i n C o n s ump t i o n T a x e s

Flexibility in timing of purchase Price elasticity(1) Less flexible about the timing of the purchase as the buying motive is life cycle

(2) Flexibility is limited due to the attributes of the target customers

Price elasticity is high due to the attributesof the target customers

Assuming consumption taxes of 10%from the land purchase stage

Atami Seaside TowerLEBEN RESORSIALUCIDA TOWER

Sakado RitzLEBEN REVALE

【Local downtown area】【Resort】【Near station of suburban area】

40′s

50′s60′s

60′s

50′s

40′s

30′s

20′s

M e a s u r e s a g a i n s tD e c l i n i n g B i r t h r a t e a n d A g i n g P o p u l a t i o n

Experiences in local downtown business ／ resort business

【Current projects】◆Local downtown business

(Toyama, Nagano)◆Resort condominium

(Atami, Yugawara)

Targeted atfuture volume zone

Key test as new product linefor the elderly

(Toyama)

Ratio of 50-year old and over

Age distribution of the buyers

Product design to meet the needs of the elderly

To be offered in the Tokyo metropolitan area in the future

30′s

40′s

50′s

and over60

20′s 20′s30′s





Pe r f o rmance Goa l s　Div idends /Cap i t a l Po l i c y

P e r f o rm a n c e G o a l s

Units sold

Net sales

Operating profit

Ordinary profit

[New built-for-sale condominium+ detached house]

[￥million]

[￥million]

[￥million]

FY2013/3(41th)

FY2014/3(42th)

FY2015/3(43th)

FY2016/3(44th)






D i v idends /Cap i t a l Po l i c y

D i v i d e n d s / C a p i t a l p o l i c y

Dividends＋Treasury share purchase

or more※based on net income

■Inquiries Relating to the Materials

Corporate Planning Division

This document was prepared to provide information regarding the mid-term management plan and should not be construed as the solicitation

for investments in securities issued by Takara Leben Co., Ltd. This document was prepared based on data available as of August 31, 2012.

This document, as well as answers, plans, projections provided during the Q&A session are based on management’ s best judgment at the time of

preparation of this document and do not guarantee or promise that they will be realized or achieved or provide any assurance of accuracy or

completeness of the information. The contents of the material is subject to change without prior notice.

「for solid steps towards regrowth · 2018-05-18 · main measures 09 entry to mega-solar business...

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