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I'll now move on to the explanation of the achievement status of the Medium-Term Management Plan, Value Innovation 2013, whose final year was the fiscal year ended March 2014.
Under Value Innovation 2013, we specified numerical targets for operating income of ¥60 billion and a DE ratio of 3.9 or less for the fiscal year ended March 2014, and we actually achieved both targets, with operating income of ¥61.4 billion and a DE ratio of 2.7.
As for the progress of the key strategies, equity expanded as a result of the consolidation of 29 SPCs at market value at the beginning of the fiscal year ended March 2012, the first year of the previous Medium-Term Management Plan, while the DE ratio rose to 4.4. However, we sought to strengthen our financial foundations in the fiscal year ended March 2013 by listing two REITs and establishing a cyclical reinvestment model, resulting in the DE ratio falling to 3.6 at the end of the fiscal year ended March 2013.
In the Property Management segment, as a result of Tokyu Community Corporation including United Communities Co., Ltd. in its consolidated subsidiaries in the fiscal year ended March 2013, stock under management increased. The Real-Estate Agents segment achieved record results with the implementation of a variety of services centered on the Livable Safe Agent Guarantee by Tokyu Livable, Inc. Each company managed to establish a stable position in each industry.
And, in October 2013, with the aim of strengthening the Group's management foundations, we established a holding company system under Tokyu Fudosan Holdings Corporation while we strove to bolster equity. As a result, equity increased ¥155.9 billion from the end of March 2011, to ¥364.5 billion at the end of March 2014, with the DE ratio falling to 2.7.
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