Worth reading
70In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
43
Year-on-year decrease in revenue (%)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales10,027 Millions of yen-43.0%
Operating profit588 Millions of yen-73.1%
Ordinary income-1,017 Millions of yen
Net income-720 Millions of yen
Results for the three months of the current quarter
Net Sales
10,027 Millions of yen
Operating profit
588 Millions of yen
Ordinary income
-1,017 Millions of yen
Profit attributable to owners of parent for the quarter
-720 Millions of yen
Full-year earnings forecast
Net Sales
145,000 Millions of yen
Operating profit
26,500 Millions of yen
Ordinary income
20,000 Millions of yen
Profit attributable to owners of the parent
14,000 Millions of yen
Earnings per share
¥151.42
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated revenue6.9%
Consolidated operating profit2.2%
Housing development business revenue6.3%
Housing development business segment profit5.2%
Real estate development business revenue1.5%
Real estate development business segment profit1.6%
Real estate leasing business revenue23.2%
Real estate leasing business segment profit21.3%
Asset management business revenue17.6%
Asset management business segment profit17.3%
Other Businesses net sales19.9%
Other businesses segment profit38.9%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress in line with expectations against the full-year consolidated earnings forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Fewer condominium handovers
- Fewer sales of income-producing properties
- Increase in interest expense
- Gain on sale of investment securities
- Lower corporate taxes (positive impact)
The company identifies the factors but does not state the amount attributable to each one.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- AssumptionsCondominium handoversDetailsPlanned to be concentrated in Q3
- AssumptionsIncome-producing real estate salesDetailsScheduled to progress in stages from the second quarter onward
- AssumptionsMaterials ProcurementDetailsAs of the end of June, procurement prospects have been secured for properties scheduled for completion this fiscal year
New initiatives
- Issued ¥15 billion in the third unsecured corporate bond offering, securing long-term funding at a fixed interest rate
- Launched a mixed-use development comprising a hotel, tower condominiums, commercial facilities, offices and rental residences on land adjacent to Hokkaido Ballpark F Village
- Invested in the construction of Montedio Yamagata's new stadium and made the club's operating company a subsidiary
- Added income-producing properties in the Kansai region through the acquisition of shares in Ark Real Estate
Key KPIsA metric the company considers important as a management benchmark.
- Condominium contract progress rate80.2 %
- AM business AUM103,200 Millions of yenYear on year against the same period last year+46.6%
- Residential vacancy rate (company-owned rental properties)1.9 %
- Commercial vacancy rate (company-owned rental properties)2.6 %
- Recurring business ratio65.8 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of condominium handovers
49 units-78.3%
Full-year handover plan
910 units
Contracted units
730 units
Contract progress
80.2 %
Segment results
Housing development
Net Sales
4,180 Millions of yen-62.3%
Segment profit
636 Millions of yen-66.3%
Real estate development
Net Sales
812 Millions of yen-38.7%
Segment profit
247 Millions of yen-23.8%
Real Estate Leasing Business
Net Sales
4,062 Millions of yen-5.8%
Segment profit
1,725 Millions of yen-16.2%
Asset management
Net Sales
492 Millions of yen+0.3%
Segment profit
276 Millions of yen+10.0%
Other businesses
Net Sales
478 Millions of yen+31.7%
Segment profit
155 Millions of yen+395.8%
Medium-term management plan targets
5th Medium-Term Management Plan
Operating profit target
25,000 Millions of yen
Gross investment
250,000 Millions of yen
Net investment
155,000 Millions of yen
Long-Term Vision 2030
Ordinary income
¥300 million
Target fiscal yearFY2030
Real Estate Assets
¥1 trillion
Target fiscal yearFY2030
Comparison with actual resultsProgress toward the medium-term investment target was 73.3%; the FY3/27 operating profit plan is 6.0% above the post-upward-revision medium-term plan target
Financial targets
Equity ratio
Actual results16.3% (FY3/27 1Q)
Medium-Term Management Plan17.5%
ROE
Actual results14.7% (FY3/26)
Medium-Term Management Plan14.0%
ROIC
Actual results3.2% (FY3/26)
Medium-Term Management Plan3.6%
Annual Dividend
Annual
¥53 per share
Payout ratio
35 %
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | 10,027 Millions of yen (YoY -43.0%) |
| Operating profit | 588 Millions of yen (YoY -73.1%) |
| Ordinary income | -1,017 Millions of yen |
| Net income | -720 Millions of yen |
| Results for the three months of the current quarter | Net Sales 10,027 Millions of yen / Operating profit 588 Millions of yen / Ordinary income -1,017 Millions of yen / Profit attributable to owners of parent for the quarter -720 Millions of yen |
| Full-year earnings forecast | Net Sales 145,000 Millions of yen / Operating profit 26,500 Millions of yen / Ordinary income 20,000 Millions of yen / Profit attributable to owners of the parent 14,000 Millions of yen / Earnings per share ¥151.42 |
| Progress against full-year forecast | Consolidated revenue 6.9% / Consolidated operating profit 2.2% / Housing development business revenue 6.3% / Housing development business segment profit 5.2% / Real estate development business revenue 1.5% / Real estate development business segment profit 1.6% / Real estate leasing business revenue 23.2% / Real estate leasing business segment profit 21.3% / Asset management business revenue 17.6% / Asset management business segment profit 17.3% / Other Businesses net sales 19.9% / Other businesses segment profit 38.9% |
| Self-assessment against the plan | Progress in line with expectations against the full-year consolidated earnings forecast |
| Segment results | Housing development Net Sales 4,180 Millions of yen (YoY -62.3%) / Segment profit 636 Millions of yen (YoY -66.3%) / Real estate development Net Sales 812 Millions of yen (YoY -38.7%) / Segment profit 247 Millions of yen (YoY -23.8%) / Real Estate Leasing Business Net Sales 4,062 Millions of yen (YoY -5.8%) / Segment profit 1,725 Millions of yen (YoY -16.2%) / Asset management Net Sales 492 Millions of yen (YoY +0.3%) / Segment profit 276 Millions of yen (YoY +10.0%) / Other businesses Net Sales 478 Millions of yen (YoY +31.7%) / Segment profit 155 Millions of yen (YoY +395.8%) |
| Breakdown of Factors Affecting the Change | Factors Fewer condominium handovers / Amount Not disclosed, Factors Fewer sales of income-producing properties / Amount Not disclosed, Factors Increase in interest expense / Amount Not disclosed, Factors Gain on sale of investment securities / Amount Not disclosed, Factors Lower corporate taxes (positive impact) / Amount Not disclosed |
| Key KPIs | Indicator name Condominium contract progress rate / Value 80.2 % / Year on year against the same period last year Not disclosed, Indicator name AM business AUM / Value 103,200 Millions of yen / Year on year against the same period last year 46.6 Millions of yen, Indicator name Residential vacancy rate (company-owned rental properties) / Value 1.9 % / Year on year against the same period last year Not disclosed, Indicator name Commercial vacancy rate (company-owned rental properties) / Value 2.6 % / Year on year against the same period last year Not disclosed, Indicator name Recurring business ratio / Value 65.8 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Number of condominium handovers 49 units (YoY -78.3%) / Condominium selling price per unit Not disclosed / Full-year handover plan 910 units / Contracted units 730 units / Contract progress 80.2 % |
| Assumptions Underlying the Business Outlook | Assumptions Condominium handovers / Details Planned to be concentrated in Q3, Assumptions Income-producing real estate sales / Details Scheduled to progress in stages from the second quarter onward, Assumptions Materials Procurement / Details As of the end of June, procurement prospects have been secured for properties scheduled for completion this fiscal year |
| Medium-term management plan targets | 5th Medium-Term Management Plan Operating profit target 25,000 Millions of yen / Gross investment 250,000 Millions of yen / Net investment 155,000 Millions of yen / Long-Term Vision 2030 Ordinary income ¥300 million / Real Estate Assets ¥1 trillion / Comparison with actual results Progress toward the medium-term investment target was 73.3%; the FY3/27 operating profit plan is 6.0% above the post-upward-revision medium-term plan target |
| Financial targets | Equity ratio Actual results 16.3% (FY3/27 1Q) / Medium-Term Management Plan 17.5% / ROE Actual results 14.7% (FY3/26) / Medium-Term Management Plan 14.0% / ROIC Actual results 3.2% (FY3/26) / Medium-Term Management Plan 3.6% |
| Annual Dividend | Annual ¥53 per share / Interim Not disclosed / End of period Not disclosed |
| Payout ratio | 35 % |
| New initiatives | Issued ¥15 billion in the third unsecured corporate bond offering, securing long-term funding at a fixed interest rate, Launched a mixed-use development comprising a hotel, tower condominiums, commercial facilities, offices and rental residences on land adjacent to Hokkaido Ballpark F Village, Invested in the construction of Montedio Yamagata's new stadium and made the club's operating company a subsidiary, Added income-producing properties in the Kansai region through the acquisition of shares in Ark Real Estate |
Items this document does not state (11)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Revenue and profit declined due to fewer condominium handovers and fewer sales of income-producing properties. The ordinary loss was attributed to higher interest payments and the absence of gains on sales of investment securities recorded in the year-earlier period.
How to read this page
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