tokyu land corporation

Financial Highlights
FY2015 Second Quarter (First Six Months) Ended Sep-30, 2015

 

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Disclaimer

Progress in the Medium- and Long-Term Management Plan "Value Frontier 2020" (1)

Progress in the Medium- and Long-Term Management Plan "Value Frontier 2020" (2)

Return to Shareholders

FY2015 Q2 (First Six Months) Operating Results

FY2015 Q2 (First Six Months) Segment performance

Summary of balance sheets

FY2015 Forecast (Operating Results)

FY2015 Forecast (Segment performance)

Segment Performance

Urban Development

Residential

Property Management

Real Estate Agents

Wellness

Tokyu Hands/Innovation Business

Changes in Equity and Interest-bearing Debt

Reference

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Changes in Equity and Interest-bearing Debt

Finally, I will describe the trends in our equity capital and interest-bearing debts.
At the beginning of the fiscal year ended March 31, 2012, the consolidation of SPC resulted in increased interest-bearing debts and a rise in the D/E ratio to 4.4. During the three years of the previous medium-term management plan, interest-bearing debts decreased due to the sale of assets to REIT, the accumulation of profits during the period, the transfer to the holding-company system, and other activities. Meanwhile, equity capital increased, and in the fiscal year ending March 2015, the D/E ratio was reduced to 2.8.
In the fiscal year ending March 31, 2016, while we expect to see growth in interest-bearing debts and the D/E ratio increase to 2.9 due to asset replacement, etc., we are planning to restrict the D/E ratio to 2.6 during the fiscal year ending March 31, 2017, as stated in the medium-term management plan.