Annual Report 2005
Year ended March 31, 2005
TRUST CONSTRUCTION SYSTEM
Maximizing investment returns while
providing security for landowners
Profile
プロフィール
Daito Trust Construction Co., Ltd., was established in 1974 and has since adhered to its
management philosophy of "contributing to society by ensuring the most efficient use of
limited land and resources." The Company has expanded its business on the strength of its
unique "Trust Construction System," which encompasses the planning, proposal, design,
and construction of lease buildings, as well as tenant recruiting, building management,
and a rent guarantee system.
In the field of residential leasing, its core business, the Company commands the No. 1
position in terms of units under management and is striving to build a strong position in
terms of supply as well. By expanding our business into various peripheral sectors, we are
striving to increase the profitability of the entire Group and maximize corporate value.
大東建託は「限りある大地の最有効利用を広範囲に創造し、
実践して社会に貢献する」という経営理
念を掲げ、
1974年に創立しました。
以後、
建物賃貸事業の企画立案、
設計・施工に加え、
入居者斡旋、管
理運営、空室時の家賃保証に至る一貫したサ−ビスを提供する独自の「建託システム」
を発展させてき
ました。当社は、コア事業である賃貸住宅の分野におきましては、
管理戸数で国内第１位のポジション
にあり、
供給シェアにおきましても確固たる地位を築くことを目指しております。また、
さまざまな周辺
分野へ事業拡大を進めることによって、
グル−プ全体の収益性を高め、
さらなる企業価値の増大を目指
してまいります。
CONTENTS
Consolidated Financial Highlights
Message from the President
Interview with Daito President Asada
Corporate Social Responsibility Initiatives
Business Background
Daito Close-up
Topics
Consolidated Financial Section
Financial Summaries of Subsidiaries
New Products
Chronology
Organization
Board of Directors, Corporate Auditors, and Executive Officers
Investor Information and Corporate Data
目次
連結財務ハイライト
社長ご挨拶
麻田社長に聞く
CSRへの取り組み
ビジネスの背景
大東クロ−ズアップ
トピックス
連結財務セクション
連結子会社の概況
新商品
沿革
組織図
取締役・監査役・執行役員
株式情報および会社概要
1
2
4
10
12
13
19
21
41
43
44
46
47
48
Note Regarding Forward-Looking Statements
This Annual Report contains information about forwardlooking statements related to such matters as the
Company's plans, strategies, and business results. These
forward-looking statements represent judgments made
by the Company based on information available at the
time and are inherently subject to a variety of risks and
uncertainties. The Company's actual activities and business results could differ from these forecasts. The reproduction or reprinting of this Annual Report, in part or in
whole, is strictly forbidden without the expressed consent of Daito Trust Construction Co., Ltd. Copyright Daito
Trust Construction Co., Ltd.
注意事項
このアニュアルレポ−トには大東建託の将来についての計
画や戦略、業績に対する予測および見通しの記述が含まれ
ています。
これらの記述は過去の事実ではなく、
当社が現時
点で把握可能な情報から判断した仮定および所信に基づく
見込みです。従って、
実際の業績は、当社の見込みとは異な
るかもしれないことをご承知おき下さい。
また、
このアニュ
アルレポ−トの記述の複製・転載を禁じます。
著作権は大東
建託株式会社に帰属します。
大東建託株式会社
51
Daito Trust Construction Co., Ltd. and Consolidated Subsidiaries 大東建託株式会社および連結子会社
Consolidated Financial Highlights
連結財務ハイライト
Thousands
of U.S. dollars
Millions of yen
OPERATING RESULTS
経営成績
For the years ended March 31
3月31日に終了した1年間
Net sales
Operating income
Recurring income
Net income
Depreciation and amortization
Capital expenditures
売上高
営業利益
経常利益
当期純利益
減価償却費
設備投資
FINANCIAL POSITION
財務状況
As of March 31
3月31日現在
Total assets
Interest-bearing debt
Shareholders’ equity
総資産
有利子負債
株主資本
PER COMMON SHARE
2005
2004
2005
¥ 491,761
55,715
56,672
31,505
3,374
3,752
¥438,627
49,077
50,348
27,976
3,356
3,381
$4,595,897
520,700
529,644
294,439
31,533
35,065
¥ 409,276
0
229,089
¥364,754
0
214,458
$3,825,009
0
2,141,018
Net income
Shareholders’ equity
Cash dividends applicable to the year
RATIOS
U.S. dollars
Yen
1株当たりデ−タ
当期純利益
株主資本
年間配当金
¥ 251.07
1,854.20
71.00
¥ 218.40
1,723.72
63.00
14.2
56.0
13.3
58.8
$
2.34
17.32
0.66
経営指標
ROE (%)
Equity ratio (%)
ROE
自己資本比率
Note: U.S. dollar amounts are translated from yen at the rate of ¥107=U.S. $1, the approximate exchange rate at March 31, 2005.
注記：米ドル表示は2005年3月31日現在の円貨額を米ドルへ概算換算したもので、
換算レ−トは￥107＝１米ドルによっています。
Operating Income &
Operating Income Margin
Net Income &
Net Income per Share
営業利益/売上高営業利益率
当期純利益/1株当たり当期純利益
Operating Income 営業利益
Operating Income Margin 営業利益率
Net Income 当期純利益
Net Income per Share １株あたり当期純利益
(¥ billions)
(10億円)
(%)
25
60
(¥ billions)
(10億円)
31.5
30
300
55.7
50
27.9
251.0
49.0
20
23.2
44.0
40
39.4
23.4
24.4
218.40
41.7
20
200
183.13
174.32
15
172.58
12.6
30
(Yen)
(円)
11.7
11.2
11.3
12.9
10
20
10
100
5
10
0
0
01
02
03
04
05
0
0
01
02
03
04
05
大東建託株式会社
1
Message from the President
社長ご挨拶
Since our establishment, we have spearheaded business activities based on
our unique Trust Construction System, which effectively matches the needs of
landowners with the requirements of tenants. The Trust Construction System
is a complete package of detailed services, from planning and proposal to
architectural design, construction, tenant recruiting, and all building management services. This highly regarded system has made Daito the top firm in its
industry, with 394,000 units under management as of March 31, 2005.
Even since our inception, we have continued to develop and refine the
Trust Construction System as a framework that supports efficient utilization
of customers' land. We have also built a strong financial structure by pursuing
debt-free operations, so that landowners can entrust their important assets
to us over long periods of time.
当社は創業以来、土地所有者の土地活用ニーズと入居者の賃貸住宅へのニーズを結びつ
け、建物賃貸事業を総合的にサポートする独自の「建託システム」による事業を展開してい
ます。このシステムは事業の企画立案から建物の設計・施工、入居者斡旋、空室時家賃保証、
各種管理サービスまで一貫したきめ細かい対応によりお客様の高い評価をいただいており
ます。当期末、当社が管理する建物戸数は39万4千戸と、業界1位となっております。
当社は創業以来、このシステムを顧客の土地活用をサポ−トするシステムとして改善し続
けるとともに、土地所有者の大切な資産を長期に安心して託していただけるよう、有利子負
債ゼロを貫き、強力な財務体質を構築しております。
Sixth Consecutive Year of Increased Revenue and Earnings
Fiscal 2004, ended March 31, 2005, saw various signs of economic recovery accompanying
a turnaround in corporate performances. However, the business climate remained severe due
to soaring raw materials prices and other factors. Housing starts in fiscal 2004 rose 1.7%
from the previous fiscal year, and lease housing starts increased 1.9%, to 467,000 units.
Consolidated net sales climbed 12.1%, to ¥491.8 billion, while operating income increased 13.5%, to ¥55.7 billion, and recurring income rose 12.6%, to ¥56.7 billion. Net
income grew 12.6%, to ¥31.6 billion. These results represent gains in revenue and earnings
for the sixth consecutive year.
当期は6期連続の増収増益を達成しました
平成17年3月期の国内経済は、企業業績の回復に伴い景気回復の兆しが見えつつある一方で、原材料の高
騰するなど引き続き厳しい経営環境が継続しています。一方、住宅業界におきましては、平成16年度の住宅着
工戸数が全体で前年度比1.7%上昇し、貸家着工戸数も前年度比1.9%増加して46万7千戸となりました。
このような環境の中で、
当社の連結売上高は前期比12.1%増の4,917億61百万円を計上しました。利益面
では、営業利益で前期比13.5%増の557億15百万円、経常利益で前期比12.6%増の566億72百万円、当
期純利益で前期比12.6%増の315億5百万円となり、6期連続の増収増益を達成することが出来ました。
2
Daito Trust Construction Co., Ltd.
Medium- and Long-Term Management Strategies
Daito is concentrating on expanding its share of the lease housing market, its core business.
We have set a medium- and long-term management goal of acquiring a 15% market share by
the year ending March 31, 2014. At the end of the period under review, Daito's market share
was 9.6%, up 1.0 percentage point from a year earlier. To meet our 15% market share target,
we will continue refining the Trust Construction System. By making full use of the superior
advantages of this system while developing new products that appeal to tenants, our goal is
to become the "company of choice" among both landowners and tenants.
Increasing Share Value
Daito's policy is to buy back and retire treasury stock on a continuing basis, subject to certain
conditions. These include posting non-consolidated annual net income of at least ¥10.0
billion, and not requiring large amounts of capital for other purposes. Furthermore, the maximum value of newly acquired stock is set at 50% of non-consolidated net income.
At the 30th Annual Ordinary Meeting of Shareholders, acquisition of up to 3,410,000
shares, with a maximum value of ¥13.3 billion, was approved for fiscal 2004. During the
year we purchased 3,173,600 shares, valued at ¥13,299 million, which were retired by
March 31, 2005. Looking ahead, our goal is to attain a dividend payout ratio of 30% and
acquire treasury stock on a continuing basis, thereby returning profits to shareholders and
maximizing share value.
中長期の経営戦略
当社はコアビジネスである賃貸住宅の分野でさらなるシェア拡大に注力してまいります。中長期経営目標と
して、貸家住宅着工戸数において平成26年3月期までにシェア15%を獲得することを設定しております。当期
末のシェアは前期比1.0ポイント上昇し、9．
6%となっております。シェア15%達成の為に、引き続き「建託シス
テム」の改善に努め、
システムの優位性を活かした営業展開を図り、
入居者にとって魅力ある商品開発を通じて、
土地所有者と入居者の双方から選ばれる企業を目指して参ります。
株式価値の拡大に努めております
当社では単体ベースの純利益が100億円を超え、
かつ大型の資金需要がないなどの一定条件を満たしてい
る場合、
株式価値向上のため継続的に自社株式を取得し、消却する方針を定めています。また、その取得上限額
は単体ベース当期純利益の50%を目処に決定することとしています。
当期は第30期定時株主総会で承認された3,410,000株（金額上限133億円）の授権枠のうち、
3,173,600
株（買付金額132億99百万円）を買い付けし、3月31日付けで消却しました。
今後も配当性向30%の維持と自己株取得を継続的に実施し、株主への利益還元、株式価値の向上に努めて
参ります。
Lease Housing Construction Starts
国内賃貸住宅着工戸数・シェアの推移
Lease Housing Starts (Thousands of units)
貸家着工戸数（千戸）
800
2005年7月
Lease housing starts
貸家着工戸数
Daito’s share
Acquire a 15% market
share by
March 31, 2014!
Daito's share
当社シェア
687
616
574
20.0
2014年3月期までに
着工シェア15%を獲得！
652
582
July 2005
Daito’s share (%)
当社シェア
564
515
443
426
418
442
454
458
6.9
7.2
8.6
467
9.6
400
5.4
5.1
10.0
Moritaka Asada
代表取締役社長
6.0
President
4.4
3.1
3.4
3.4
3.1
3.3
'93
'94
'95
'96
'97
1.6
0
0.0
'92
'98
'99
'00
'01
'02
'03
'04
'05
'14
(Ministry of Land, Infrastructure and Transport: Statistics on Housing Starts)
（国土交通省：住宅着工統計）
大東建託株式会社
3
Interview with Daito President Asada
麻田社長に聞く
Q
What are the secrets to the Company's continuing success?
I believe that the key to our success lies in our Trust Construction System, which supports
the efficient utilization of land. Under normal arrangements, a landowner asks a real estate
or construction company to construct a building, and their association ends upon the completion of construction. Daito's system, however, offers a complete package of services, encompassing proposals for the optimal use of land, the construction of architecturally designed
buildings, tenant recruitment, and building management services—all of which provide landowners with a stable source of income. This comprehensive commitment, covering all aspects, has earned strong support from landowners, and I personally believe that this has
been a major factor boosting our orders and sales. I also believe that the Daito Kyosaikai
system of guaranteeing lease fees when a tenant leaves midway through the contract period
is a huge strength that is unparalleled in other companies involved in the same business.
Q: 御社が特に、好調を持続している秘訣は何でしょうか。
通常の不動産会社や建設会社は施主の方から「建物」を受注して建設して終わりというのが一般的ですが、
我々は「土地活用」の強力なサポ−タ−として、その地域に最適な物件を提案し、
デザイン的に優れたものを建
設し、入居者を募集し、建物管理サービスを実施し、安定した収益をオ−ナ−の方に提供する。そこまで責任を
もって事業を提案していることが土地所有者の支持を受け、受注および売上拡大に結びついている大きな要因
だと自負しております。また、大東共済会による空室時家賃保証システムなども他にない大きな「強み」である
と考えています。
4
Daito Trust Construction Co., Ltd.
Q What is the recent situation with respect to orders?
Fig. 1 Orders Received
(Non-consolidated)
図1 受注の状況と見通し（単体）
Second half (full-year figures)
下期（数字は通期）
First half
上期
(¥ billions)
(10億円)
500
440.0
In the period under review, total orders maintained steady growth, rising 12.3% over the
previous year, to ¥406.5 billion on a non-consolidated basis. This was considerably higher
than our initial forecast, made in March 2004, of a 9.1% rise, to ¥395.0 billion (see Fig. 1).
The primary factor in this increase is the high praise received for the integrated system
adopted by our lease housing business. This system covers tenant recruitment, building
management, and insurance after completion of construction. We will continue to grow orders by strengthening our sales system through our network of sales centers, which provide
customized proposals directly to prospective customers.
406.5
400
Q: 最近の受注状況はいかがでしょうか。
362.0
321.7
当期の受注高は順調に伸び、
単体ベースで前期比12.3%増の4,065億となりました。これは、
前期末時点で
300 289.7
計画した9.1%増の3,950億円を大幅に上回りました。
（図1参照）
249.3
受注が増加している要因は、建物建築後の入居者斡旋、管理、保証を含めて建物賃貸事業を一貫してサポー
200
200.0
156.6
152.0
100
220.0
176.4
トしているシステムが高い評価をいただいていることが一番に挙げられます。今後も営業拠点網でのきめ細か
いダイレクトセールスを継続し、営業体制を強化し、受注拡大して参ります。
118.0
0
'01
'02
'03
'04
'05
'06
(est.)
(予)
Q What is your forecast for orders in the current fiscal year?
For the fiscal year ending March 2006, we forecast an 8.2% increase in orders received, to
¥440.0 billion.
We will attain this goal by boosting our sales capabilities and enhancing proposals in
order to tap into the latent land utilization needs of customers. In specific terms, we will
continue to increase the number of sales personnel and channel resources into staff training,
while enhancing our technical capabilities and supplying products tailored to the market
characteristics of each area.
Q: 次期の受注計画についてお聞かせ下さい。
次期につきましては、当期実績を8.2%上回る4,400億円を計画しております。
そのために引き続き営業担当者の増員、強化育成に注力するとともに、エリア内の市場特性に合致した商品
の供給や技術の強化を進めていく等、
お客様への潜在的な土地活用ニ−ズを開拓するための営業力、
提案力の
向上に努めて参ります。
大東建託株式会社
5
Q What is your strategy with respect to your sales force?
To reinforce our sales system, we are continuing to expand our sales force. In the period
under review, we added 315 new salespeople, bringing the total to 2,392. We plan to make
an additional increase of 138 in fiscal 2005, for a total of 2,530 salespeople (see Fig. 2).
Q: 受注拡大に直結している営業担当者数の動向はいかがですか。
当期は営業体制強化のため、
営業担当者を前期に引き続いて増員し、315名の増員で2,392名としました。
次期は、
さらに138名増員し、2,530名の体制とする予定です。
（図2参照）
Fig. 2 Number of Salespeople; Average Contract Value (non-consolidated)
図2 営業担当者数と受注単価の見通し（単体）
Average contract value
(¥ millions)
Number of salespeople at term-end /
Orders received by each salespeople (¥ millions X 1/100)
期末営業担当者数（人）
・1人当たり受注額（万円）
2,500
2,392
1,761
1,680
1,425
1,511
83.6
81.6
1,600
1,350
1,000
1,643
1,489
Number of sales people
営業担当者数
Average contract value
受注単価
2,077
2,000
1,500
受注単価（百万円）
2,530
100
90
1,530
Orders received by each
salespeople
1人当たり受注額
80
80.8
69.0
70
73.1
500
0
60
'01
'02
'03
'04
'05
'06 (est.)
(予)
Q What is the fund-raising situation for landowners, which is key to the steady flow of orders?
Fig. 3 Diversifying Fund-Raising
Channels
図3 顧客の資金調達ル−ト
(%)
35
Fund-raising by financial institution
(construction start basis)
金融機関別資金調達先シェア推移（着工ベ−ス）
30
In recent years, the channels used by landowners to raise funds have diversified considerably. In addition to the conventional method—borrowing from regional banks, agricultural
cooperatives, and housing loan corporations—more and more owners are adopting other vehicles, such as nonrecourse loans provided by Lehman Brothers. The term under review saw
the launch of even more diverse methods of fund procurement. These include limited-liability "apartment loans" offered by the UFJ Trust Bank, and a new loan program offered by
Mitsubishi Trust and Banking. We believe that these new loan schemes have emerged due to
the solid reputation of our Trust Construction System as a method that generates steady
income (see Fig. 3).
25
Q: また、受注活動を円滑にする土地所有者の資金調達状況についてはいかがでしょうか。
20
15
土地所有者の資金調達に際しても、近年多様化が進んでおり、従来の地方銀行や農協、
住宅金融公庫などから
10
の調達ル−トの他に、
リ−マンブラザ−ズによるノンリコ−スロ−ン等のシェアが増加しています。当期は新たに
5
UFJ信託銀行による「責任財産限定型アパ−トロ−ン」や三菱信託銀行による新型ロ−ン・プログラムなどが開
始され、
土地所有者にとっての資金調達方法を多様化することができました。これらは、
当社独自の「建託システ
0
'00
'01
'02
'03
'04
Regional Banks
（地方銀行）
：25.9%
Housing Loan Corporations
（住宅金融公庫）
：15.4%
Lehman Brothers
（リ−マンブラザ−ズ）
：14.5%
City Banks
（都市銀行）
：14.3%
Shinkin Banks
（信用金庫）
：11.0%
Agricultural Cooperatives
（農協）
：10.5%
6
Daito Trust Construction Co., Ltd.
'05
ム」が堅実な収益を生む事業として評価されて実現したロ−ンプログラムだと考えられます。
（図3参照）
Q How is the tenant recruitment business proceeding?
We work hard to maintain a high occupancy rate in order to achieve steady growth in construction orders for leased buildings.
In the period under review, we upgraded our online service, "e-Heya Net," to boost its
appeal to prospective tenants. We also launched a new television commercial to raise the
Company's profile as a tenant recruiting agency.
Consequently, we recruited a total of 121,273 new tenants, up 14.6% from the previous
fiscal year, enabling us to maintain a leading share of the market (see Fig. 4). At fiscal yearend, we had more than 390,000 units under management, more than any other in the industry.
Q What measures will the Company take to strengthen its tenant recruitment activities?
We are channeling resources into a range of activities aimed at recruiting tenants. These
include raising our profile, as I have just mentioned, through our "e-Heya Net" service, strengthening our ties with real estate agencies, and providing a range of services that incorporate the
needs of tenants. Through these initiatives, we are forecasting a 12% increase in new tenants for the current fiscal year, to 136,000 (see Fig. 4).
Q: 入居者斡旋営業についてはどのような動向でしょうか。
Fig. 4 Tenants Recruited and Number
of Salespeople
当社は賃貸建物の建築受注を順調に拡大させるため、
高い入居率の維持にも常に注力してい
ます。
図4 入居者斡旋件数の推移とテナント営業担当者数
当期は、
お部屋探しのWebサイト「いい部屋ネット」をリニュ−アルし、
入居希望者への訴求効
Number of tenants recruited
果の向上を図りました。さらに、
テレビCMを改編し、
賃貸仲介業者としての認知度向上に努めま
入居者斡旋件数
Number of salespeople
した。
テナント営業担当者数
Tenants
Salespeople
（件数）
（人）
150,000
1,200
を超え、賃貸建物管理戸数としては業界トップです。
136,000
Q: 入居者斡旋を今後、さらに強化するための施策は。
121,273
賃貸仲介業者としてのイメ−ジアップ、
お部屋探しのWebサイト「いい部屋ネット」の強化や不
105,837
100,000
800
91,413
817
その結果、
当期の入居者斡旋件数は前期の14.6%増加の121,273件にのぼり、
賃貸仲介業
者でトップクラスの地位を確保しています。
（図4参照）また、管理戸数におきましても39万戸
802
800
動産業者との連携強化、
入居者ニ−ズを取り込んだサ−ビスの提供などに注力していきます。そ
れらにより次期の入居斡旋件数は約12%増の136,000件を計画しています。
（図4参照）
80,834
73,614
529
471
473
'01
'02
50,000
400
'03
'04
'05
'06
(est.)
(予)
大東建託株式会社
7
Q What is the occupancy rate for properties administered by Daito Kyosaikai?
Let me first explain how the system works. Daito Kyosaikai's role is to guarantee lease fees
following a tenant's departure midway through a contract period. Property owners pay a
membership fee of 4% of the rent for residential properties and 6% for commercial properties. It guarantees payment of 90% of the rent fee for units that fall vacant. The occupancy
rate has remained high over the past several years, at over 96% (see Fig. 5). The rate for
commercial properties is slightly lower than for residential properties, but has consistently
remained above 95%.
A high occupancy rate translates into stable earnings for Daito Kyosaikai. It has an extremely sound financial position, with total assets of ¥8.3 billion, cash and deposits of ¥7.9
billion, and a shareholders' equity ratio of 80.9% (see Fig. 6).
Fig. 5 Daito Kyosaikai: Occupancy Rates
Occupancy rate (residential property)
図5 共済会入居率の推移
居住用
Occupancy rate (commercial property)
(%)
事業用
100
99
Fig. 6 Daito Kyosaikai: Earnings
and Financial Position
98
97
図6 大東共済会の損益および財政状況
96
Net sales
95
売上高
94
Recurring income
経常利益
93
Net sales
Recurring income
売上高
経常利益
(¥ billions)
(10億円)
(¥ billions)
(10億円)
15
14.6
13.5
2.0
92
91
90
'95
'96
1.5
10
Kyosaikai occupancy rates (%)
共済会入居率
1.0
Residential property (%)
居住用
5
'97
'98
'99
'00
'01
'02
'03
'04
'05
1.93
12.6
00/3
00/9
01/3
01/9
02/3
02/9
03/3
03/9
04/3
04/9
05/3
06/3
(est.)
97.37
96.15 96.85
96.07
96.77 96.37
96.72 95.93 96.59 96.22 97.01
97.0
(est.)
95.01
94.41 94.35
94.02
93.52 93.29
93.74 93.45 94.08 94.68 94.94
95.7
(est.)
0.62
Commercial property (%)
0.5
事業用
0.27
0
0
'03
'04
'05
中途空室時の家賃を保証する大東共済会の状況について御説明します。大東共済会は、
会員のオ−ナ−から
Financial position
毎月家賃の4%（事業用は6%）を会費として拠出していただき、万一空家になった場合に家賃の90%を給付
財務状況
Billions of yen
'03
Total assets
'04
(10億円)
'05
¥6.32 ¥6.55 ¥8.35
総資産
Cash and deposits
6.06 6.27 7.91
現預金
Shareholders’ equity 5.45 5.61 6.75
株主資本
Shareholders’ equity ratio 86.2 85.6 80.9
株主資本比率 (%)
8
Q: 大東共済会が管理する物件の入居率はどのようなレベルでしょうか。
Daito Trust Construction Co., Ltd.
するというものです。大東共済会の入居率は、
ここ数年96%以上という高い水準で推移しております。
（図5参
照）事業用物件は居住用に比べてやや低いのですが、それでも95%台という高い水準です。
高い入居率は大東共済会の収支を安定化させており、
また、その財務内容は総資産83億円、現預金が79億
円、株主資本比率80.9%と極めて健全に推移しています。
（図6参照）
Q Could you tell us about your performance forecasts for the current fiscal year?
Buoyed by steady orders and high occupancy rates, we anticipate growth of around 10% for
both revenue and earnings. On a consolidated basis, we project a 9.3% increase in net sales,
to ¥537.3 billion; a 8.9% increase in operating income, to ¥60.7 billion; a 8.2% gain in
recurring income, to ¥61.3 billion; and an 11.1% increase in net income, to ¥35.0 billion.
These figures will represent the seventh consecutive year of gains in sales and profits (see Fig. 7).
Fig. 7 Forecasts for Fiscal 2005 (Consolidated)
図7 次期の見通し（連結）
Net Sales
Operating Income
売上高
(¥ billions)
(10億円)
600
537.3
(+9.3%)
500
60.7
(+8.9%)
60
55.7
50
491.7
438.6
400
営業利益
(¥ billions)
(10億円)
40
376.0
49.0
41.7
44.0
332.2
300
30
200
20
100
10
0
0
'02
'03
Recurring Income
'04
'05
'06 (est.)
'02
Net Income
経常利益
(¥ billions)
(10億円)
61.3
(+8.2%)
60
'03
'04
35.0
(+11.1%)
35
31.5
30
50.3
42.4
'06 (est.)
当期純利益
(¥ billions)
(10億円)
56.6
50
'05
27.9
45.8
25
40
23.4
24.4
20
30
15
20
10
10
5
0
0
'02
'03
'04
'05
'06 (est.)
'02
'03
'04
'05
'06 (est.)
Q: 次期の業績予想をお聞かせ下さい。
順調な受注状況と入居率をふまえ、当社は今後も売上・利益で10%前後の成長を見込んでいます。次期の連
結売上高は前期比9.3%増の5,373億円、
営業利益で前期比8.9%増の607億円、経常利益で前期比8.2%増
の613億円、
当期利益で前期比11.1%増の350億円と、
7期連続の増収増益を目指しております。
（図7参照）
大東建託株式会社
9
Corporate Social Responsibility Initiatives
CSR への取り組み
In all of its business activities, Daito adheres to its management philosophy of "contributing to
society by ensuring the most efficient use of limited land and resources." We are committed
not only to supplying good-quality leased housing, but also to fulfilling our responsibility as a
corporate citizen. As a member of society, we pursue all business activities with the goal of
working together with all constituents to achieve continued growth and development.
In order to meet the expectations of shareholders, customers, employees, and all
other stakeholders, the Company has established various internal frameworks. These are designed to strengthen corporate governance, promote compliance awareness, rigorously protect personal information, spearhead CSR initiatives, and effectively utilize human resources.
当社は「限りある大地の最有効利用を広範囲に創造し、実践して社会に貢献する」を経営理念として企業活
動を行っています。また、良質な賃貸住宅の供給に努めるだけでなく、企業市民としての責任を果たし、地域社
会の一員として皆様とともに発展を続けていくために、あらゆる企業活動を進めています。
さらに当社は株主、顧客、従業員ほか様々なステークホルダーの期待に応えるため、企業内部の仕組みとし
て、コーポレートガバナンスの強化、コンプライアンスの推進、個人情報保護体制の徹底、CSへの取り組み、有
効な人材活用などにも注力しています。
Strengthening Corporate Governance
Daito's corporate governance policy focuses on maximizing corporate value and enhancing
management efficiency and transparency for all stakeholders. To this end, we have adopted
an executive officer system, and have accelerated the management decision-making process
by reducing the number of directors. We have also adopted a corporate auditor system consisting of four external auditors, one of whom is a full-time auditor who attends and monitors
Board of Directors' meetings.
Daito regards the disclosure of information as one of its most important corporate responsibilities. In order to ensure management transparency and objectivity, we are pursuing timely
disclosure in a number of ways. These include news releases; seminars for explaining our
financial performance; data on quarterly, interim, and annual accounts; and posting information on the IR section of our website.
コーポレートガバナンスの強化
当社は、全てのステークホルダーにとって、大東建託の企業価値を最大化すること、経営の効率性、透明性を
向上させることをコーポレートガバナンスの基本方針・目的としています。そのため、
企業倫理とコンプライアン
スを徹底すること、内部統制システムの整備・強化および経営の客観性と迅速な意思決定を確保することを主な
課題として取り組んでいます。
当社では執行役員制度を採用しており、
取締役の員数を絞ることにより迅速な経営判断が出来るようにしてお
ります。また、
監査役制度も採用しており、
4名は全員社外監査役で構成されております。うち1名は常勤監査役
として常時取締役会にも出席し、監視できる体制としております。
また、情報開示につきましても、
当社は最も重要な経営責任の一つとして考えております。経営の透明性と客
観性を確保するため、
ニュ−スリリ−ス、決算説明会の開催、月次業績や四半期、中間期、通期の決算資料ならび
にIR情報のホ−ムペ−ジへの掲載など、
様々なチャンネルを活用してタイムリ−なディスクロ−ジャ−に努めてお
ります。
10
Daito Trust Construction Co., Ltd.
Compliance
In April 2002, Daito set up a Compliance and Audit Committee, which reports directly to the
president. Together with the Internal Audit Office, which monitors standards and compliance
inside the Company, the Committee is engaged in risk management pertaining to legal aspects of management activities. The Committee has also established the Daito Trust Code of
Behavior for all Group employees, and undertakes measures aimed at the thorough implementation of the code.
Protection of Personal Information, CSR Activities, and Development of Personnel
In April 2004, Daito established a Personal Information Protection Committee in readiness
for Japan's new Personal Information Protection Law, which came into effect on April 1,
2005. The Committee undertakes a range of measures aimed at increasing awareness among
all Company employees about the importance of protecting information. These include formulating a privacy policy, protecting and handling personal information, establishing and
implementing internal standards for managing confidential corporate information, and upgrading companywide education systems.
Daito has also established a Customer Needs Office at its head office for responding to
customer enquiries. We believe that the opinions and requests of customers, business partners, investors, and all other stakeholders are an important resource for improving risk management and our products and services.
The Company has introduced various measures to maximize the various talents and capabilities of its employees and create a motivating work environment. These include implementation of a self-reporting system, as well as a system that restricts the locations where an
employee is required to work.
コンプライアンスの推進
当社では平成14年4月に社長直属の「コンプライアンス監視委員会」を設置しました。同委員会では社内基
準との適合性をチェックする内部監査室とも連携し、経営活動における 遵法上のリスク管理 を行っています。
また、当社グループの社員がとるべき行動規範である「大東建託行動規範」を制定し、
全社員にその浸透を図っ
ています。
個人情報保護、
CS活動、人材育成
当社は平成17年4月からの個人情報保護法に合わせ、
平成16年4月より「情報保護委員会」を発足しました。
全社員に情報保護についての意識強化を図るため、
プライバシーポリシー（個人情報保護指針）を策定し、個人
情報の適切な保護や取り扱い、企業の機密情報管理などに関する社内基準の策定と体制の構築を随時実施し、
全社あげて教育と指導体制の強化を進めています。
また、当社では本社に「お客様サービス課」を設置し、
お客様からのお問い合わせにきめ細かく対応していま
す。顧客、取引先、投資家など、ステークホルダーからのご意見やご要望は、当社にとって、商品やサービスの改
善だけでなく、
リスク管理上も重要な経営資源であると考え、積極的に対応しています。
その他、当社は、
社員がそれぞれの能力を最大限に発揮し、
働きやすい環境を作るため、
自己申告制度や勤務
地限定制度など様々な人事制度を導入しています。
大東建託株式会社
11
Business Background
ビジネスの背景
Bridging these needs of landowners and tenants is
the job of Daito Trust Construction.
土地所有者のニーズと入居者のニーズ
その橋渡しが大東建託のビジネスです。
Needs of
landowners
Needs of
tenants
Daito Trust
大東建託のビジネス
土地の有効活用
良質な賃貸住宅
土地所有者の
ニーズ
入居者の
ニーズ
Needs of Landowners — Effective Land Utilization
Customers’ Reasons for Land Utilization
当社顧客の土地活用の動機
Other
その他
3.1%
Need to rebuild
建て替え
3.9%
Inheritance tax
saving
Additional
income
相続税対策
43.3%
収益目的
Numerous Japanese landowners, many of whom are farmers, have experienced difficult times in recent years. Property taxes and inheritance taxes
are a particularly heavy burden for those owning land on the outskirts of
metropolitan areas. They also face such problems as worsening profitability if they continue with farming, and difficulties in raising successors
due to the ageing of society. The development and operation of leased
housing on such properties is attracting attention as a way of coping with
these changes.
11.7%
Effective land
utilization
Source of funds
for tax payments
遊休地の活用
納税原資の確保
11.0%
14.6%
Taxation strategy
Absence of
successor to
take over farm
所得税対策
2.5%
農業後継者不在
10.0%
Results of customer survey conducted in March 2004
お客様へのアンケ−ト結果
（2004年3月調査）
Needs of Tenants — Quality Rental Housing
Economic recession and deflation in Japan have prompted more and more
people to select rental accommodation with comfortable living environments, rather than being burdened by huge housing loans. With the increasing number of single families and the trend toward late marriages,
the number of households is expected to continue increasing until 2015.
Against this background, society is placing higher demands on goodquality rental housing. We at Daito provide comprehensive support for
rental housing projects in our role as specialists in the needs of landowners.
Forecast Changes in Number of Families
土地所有者のニーズ 〜土地の有効活用〜
世帯数の推移予測
農家を中心とした日本の多くの土地所有者にとって、
ますます厳しい環境になりつつあ
Families (Millions)
世帯数（百万）
ります。特に都市近郊の土地ほど固定資産税や相続税がかさみ、土地所有者にとって農
60
業を続けるには採算性が厳しく、高齢化の進行により後継者も育ちにくいなどの環境に
55
あります。このような環境の変化に対して賃貸住宅経営が注目されています。
50
入居者のニーズ 〜良質な賃貸住宅〜
45
40
近年の景気低迷、
デフレ環境下で入居者の方々にとって、多額の借金を背負って住宅
35
を所有するよりも賃貸住宅でライフスタイルによって住み替えも出来、生活をエンジョイ
したいという方々が増えています。また、
日本の世帯数は核家族化や晩婚化の進行によ
30
'00
'05
'10
'15
'20
'25
* Source: Families projection as of October 2003 by
National Institute of Population and Social Security
Research.
* 出典：国立社会保障・人口問題研究所
世帯数推計（2003年10月推計）
12
Daito Trust Construction Co., Ltd.
り2015年まで増加が見込まれています。
このような社会環境の中で、良質な賃貸住宅に対する社会的なニーズが高くなってき
ております。当社ではこのような環境の変化の中で、
土地所有者の方に専門的なノウハウ
を提供し、建物賃貸事業を総合的に支援しております。
DAITO Close-up
大東クロ−ズアップ
“Trust Construction System” fully supports the lease business
建物賃貸事業をフルサポ−トする「建託システム」
Daito has established a strong and unique business model covering
everything from consulting sales, design, and construction through to
tenant recruiting, property management, and rent guarantees.
コンサルティング営業から設計・施工、そして、入居者斡旋、管理、家賃保証まで、
全てに、強い独自のビジネススタイルを確立しています。
1
2
3
4
5
Consulting
Sales
Design &
Construction
Tenant
Recruiting
Property
Management
Rent
Guarantee
コンサルティング
設計・施工
入居者斡旋
管理・運営
家賃保証
営業
Landowners who want to protect their valuable assets through the effective
utilization of land have special needs. Occupants and tenants seeking comfortable
living environments or new business bases also have special needs. Daito Trust
Construction bridges these two needs by helping ensure effective utilization of
limited land. We created our Trust Construction System on the basis of this
fundamental philosophy, earning considerable support from people all over the
country. The system is a complete package that maximizes and stabilizes
investment returns to landowners with lease building projects.
土地の有効活用を図り、大切な資産を守りたい土地所有者のニ−ズ。快適な住まいやビジネス
の新しい拠点を求める入居者・テナントのニ−ズ。この2つのニ−ズの橋渡しをして、限られた
土地の有効活用をお手伝いする。大東建託では、この基本理念のもと、土地所有者の建物賃貸
事業への投資リタ−ンを最大化かつ安定化するシステムを一括して提案する「建託システム」を
確立し、全国の皆様から大きな支持をいただいています。
大東建託株式会社
13
DAITO Close-up
Consulting Sales
1
Daito Trust
Major Competitors
大東建託
競合他社
コンサルティング営業
Planning and proposals based on direct
sales approaches are an effective means of
developing potential customers.
Direct
Sales
ダイレクト
セールス
ダイレクトセールスによる企画提案は、
潜在顧客の開拓に役立っています。
Local Real
Estate Agencies
地元の不動産会社
Banks
銀行
Agricultural
Cooperative
Associations
農協
Repeat Orders
(35-45%)
リピ−ト受注
（全体の35〜45%）
Landowners 土地所有者
Direct sales
Daito employs more than 2,300 salespeople, who take the initiative to approach landowners directly.
Landowners, most of whom are farmers, have a number of options with regard to utilizing their land
to reduce inheritance taxes. Only a few, however, actively research such options by visiting financial
institutions or other organizations. Therefore, Daito's method of visiting farmers directly has a higher
success rate than conventional sales activities involving personal introductions. Consequently, between 70-80% of our orders received are derived from this direct approach.
Planning and proposals by specialist staff
Specialist knowledge on construction, laws and regulations, taxes, and a broad range of other topics
is necessary when it comes to land utilization. As a means of acquiring this kind of specialist knowledge, Daito has established an internal qualification, called “Trust Construction Specialist,” and
also encourages staff to obtain the Certified Financial Planner qualification offered by the Japan
Association for Financial Planning. These professionals in land utilization devise and propose plans
tailored to the needs of each and every customer.
We give owners "peace of mind."
High repeat-order ratio
オ−ナ−の方には「安心」をお届けします。
Every year, about 40% of the orders received by Daito are repeat orders. This is attributable to the
solid reputation of the Trust Construction System, which provides integrated support for lease building construction projects.
Abundant choice of finance plans
Trends in Repeat Orders
Daito offers an abundant choice of finance plans, ranging from its proprietary cooperative
housing loans to professional advice related to the procurement of funds from public
financial organizations and private financial organizations, favorable finance plans, and
easy repayment plans.
リピート受注の推移
Repeating amount
Repeat ratio
リピート額
リピート率
Repeating amount (¥ billions)
リピート額（10億円）
200
Repeat ratio (%)
リピート率（%）
80
166.3
70
161.5
150
60
139.9
50
109.7
106.2
35.6
37.0
42.3
38.7
100
30
20
10
0
当社では2,300名を超える営業担当者が、
直接土地所有者を個別に飛び込み訪問しています。農家を中
心とした土地所有者は、
相続税対策などから、
土地活用を迫られていますが、
積極的に金融機関などに足を
運ぶことは多くありません。
そのため紹介による営業活動よりも、
当社のような飛込み訪問の方が大きな成果を得ることができます。
その結果、当社の受注のうち70〜80%は特命受注となっています。
40
38.7
50
ダイレクトセールス
専門スタッフによる企画提案
土地活用には、
建築、
法規、
税務、その他広範囲な専門知識が必要です。当社ではそれら専門知識の習得
の為、
社内資格として「建託士」を設ける他、公的資格である「ファイナンシャルプランナー」の取得も推進
しています。こうした土地活用の プロ がお客様ひとりひとりに最適なプランを企画提案しています。
0
'01
'02
'03
'04
'05
Repeat ratio = Repeat orders from our customers /
Overall orders received
* リピート率＝当社顧客からの再受注件数／全受注件数
高いリピ−ト受注率
当社は毎年40%前後のリピ−ト受注をいただいております。これは建物賃貸事業を一貫してサポ−トす
る建託システムに高い評価をいただいている結果といえます。
豊富な資金計画
当社独自の提携アパ−トロ−ンをはじめ、公的融資機関や各民間金融機関からの資金調達に関する確か
なアドバイスや有利な資金計画、安心の返済計画をバックアップします。
14
Daito Trust Construction Co., Ltd.
DAITO Close-up
2
Design & Construction
設計・施工
Daito Trust
Order
Construction company
大東建託
発注
施工業者
Reduction in materials costs due to bulk purchasing
大量購入による資材のコストダウン
Order placed directly with construction company
Demonstrating its unique strengths, from
design to construction systems, enables
Daito to deliver high quality and low costs.
設計から施工体制にも独自の強みを発揮し、
高品質・低コストを実現しています。
施工業者への直接発注
Major competitors
Order
Subcontractor
Order
Construction company
競合他社
発注
サブコン
発注
施工業者
Materials developed and produced at their own factories
(Development expenses, capital investment, risk burden)
自社工場で資材の開発・生産
（開発費・設備投資・リスク負担）
Order placed via subcontractor
サブコンを経由して発注
Targeting the No. 1 industry position with a wide range of products and excellent sales capabilities
Daito has a broad range of service offerings. These include four different building structures and 40
products tailored to various regional characteristics and the lifestyles of occupants. All of our offerings—from low-rise wooden and steel-frame apartments to reinforced concrete (RC) medium-rise
condominiums and steel frame and reinforced concrete (SRC) high-rise condominiums—feature the
latest design technologies and remain highly popular.
Unique system offers shorter delivery time, high quality, and cost reductions
Unlike most house construction companies, Daito does not own factories for prefabricating houses.
Therefore, we require low levels of capital investment and are better equipped to fix costs and control
our risk burden. We mainly contract our business associates to provide precut materials, and we have
supplies delivered to construction sites, taking advantage of merits of scale. Because we do not use
subcontractors, we are able to eliminate intermediate expenses, reduce costs, and shorten delivery times.
Mobile computing system terminal
モバイルコンピュ−ティングシステムの端末
Mobile computing system
Construction sites are linked to our headquarters by a large-scale computing system. The ability to
easily obtain information required for quality assurance and construction management, as well as to
monitor the progress of construction projects through real-time imaging, provide an effective method
of construction management.
Meeting strict external and internal quality standards
In addition to inspections by local authorities when a construction project has been completed,
Daito's various sales, tenant brokerage, design, construction, and other relevant departments conduct their own checks. If a fault is found, it is promptly corrected. This is incorporated into a
Construction Report, which is given to the owner at the time of property handover. In these ways, we
strive to maximize transparency.
多彩な商品と営業力で業界トップを目指しています
当社では地域特性や入居される方のライフスタイル等に応じて4構造、40商品といった多彩な商品バリエ−ションを取
りそろえています。木造や鉄骨造による低層アパ−トから、
鉄筋コンクリ−ト造(RC)の中層マンション、
鉄骨・鉄筋コンクリ
−ト造(SRC) の高層マンションなど、先進のデザインで好評を博しております。
高品質、
コスト低減、
納期短縮の独自体制
当社では一般のハウスメ−カ−のような工場を保有していないため、設備投資や固定経費、
リスク負担が少ないのが強
みです。協力工場でプレカットされた製材や、
スケ−ルメリットを活かして調達した資材を主に活用しています。また、
サブ
コントラクタ−を使わないため、中間マ−ジンも省け、低コストと納期短縮も実現しています。
モバイルコンピュ−ティングシステムの活用
施工現場と管理部署は大規模モバイルコンピューティングシステムで結ばれ、
品質・施工管理に必要な情報の速やかな
入手や施工現場のリアルタイム画像の確認を行うことができ、施工管理に効果を発揮しています。
社内外の厳しい品質基準もクリア
建物完成時には行政的な検査のほか、
担当営業、
テナント営業、
設計、
工事など、
関係する全ての部署でチェックし、
不具
合があれば改善して納品します。また、着工から完成までの検査デ−タを画像とともに冊子にして、
物件の引渡しと同時
に施主にお渡しする「竣工報告書」を導入し、施工品質の透明性を確保しております。
大東建託株式会社
15
DAITO Close-up
3
Tenant Recruiting
入居者斡旋
Daito Trust
(802 specialized staff)
大東建託
（約800名の入居者斡旋の専門スタッフ）
5%
We have achieved a consistently
high occupancy rate, through strong
tenant recruiting.
50%
Major Housing
Manufacturers
Local Home
Builders
大手住宅メ−カ−
地元の住宅メ−カ−
45%
Housecom
(Subsidiary)
Management
Subsidiaries
ハウスコム（子会社）
管理子会社
Local Real Estate
Agency Network
Local Real Estate Agencies
地元不動産会社
地域不動産会社ネットワ−ク
自社スタッフによる強力な入居者斡旋が
高い入居率を実現しています。
Tenants
入居者
Strong tenant recruiting system
We at Daito believe that strong tenant recruiting capabilities are indispensable for maintaining a
high occupancy rate when proposing a lease housing project. The Company has approximately 800
staff specializing in tenant recruitment. And because they are independent, acting as brokers for
only properties constructed by Daito, they have well-honed tenant recruiting skills. About 45% of
tenants are recruited by Daito Trust Construction, while the remainder are recruited by subsidiary
Housecom and an affiliated network of around 30,000 real estate companies.
Wide range of tenant recruitment techniques
Daito provides powerful support for its tenant recruitment activities by employing various types of
media. These include on-line service, “e-Heya Net,” as well as the publication of a property listings
magazine called “Ju-SEE” and other effective means, such as newspapers, magazines, and circulars.
Rigorous rent assessment
We give tenants "safety and security."
入居者の方には「快適」を提供しています。
Rent is determined by a variety of factors, including the surrounding environment, local rental market, property upgrades, and supply and demand. Daito has its own market survey staff who collect
highly accurate information from brokers and anecdotal evidence, as well as from data on its own
tenanted properties and other properties available to the public. The resulting database is highly
useful in segmenting our products by region and setting rent levels.
強力な入居者斡旋体制
安定した建物賃貸事業を提案するにあたって、
高い入居率を維持するための強力な入居者斡旋力は、
欠かすことは出
来ないと我々は考えています。当社では、
自社内に約800名の入居者斡旋専門スタッフを擁しております。自社物件のみ
を斡旋する自前の営業スタッフであるため、
高い入居斡旋力を誇り、
約45%の物件を自社で入居斡旋し、その他を子会
社のハウスコムや提携不動産会社約30,000のネットワークがカバーしております。
幅広い媒体戦略による入居者募集・斡旋
当社では各種媒体を活用して入居者斡旋を強力にサポ−トしております。賃貸仲介専門サイト「いい部屋ネット」の展開、
賃貸住宅情報誌「住See」の発行、その他、新聞・雑誌、折込み広告なども効果的に展開しております。
厳格な家賃査定
賃料は周辺環境、周辺家賃相場、
物件のグレ−ド、需給状況など、様々な要因によって決まります。当社では自社の市場
調査スタッフにより、
当社入居物件や公開された募集情報以外にも仲介業者や現地での聞き込みなどによって精度の高
い市場の情報収集を行っています。このデ−タベ−スによって今後地域で供給すべき商品セグメンテ−ションや家賃設定
などに役立てています。
16
Daito Trust Construction Co., Ltd.
DAITO Close-up
Property Management
4
Rent
Management
家賃管理
Rent Collection
家賃回収
管理・運営
Daito Trust
大東建託
（大東建物管理）
We are able to offer improved customer
services by enhancing and strengthening
our management capabilities.
管理業務を改善、
強化し、
お客様サ−ビスを向上します。
Building
Maintenance
建物管理
Periodical Inspection
定期的な点検
Repairment on-call
補修・修繕
Contract Management
Contracting
契約管理
入・退居契約
Contract Renewal
契約更新
Tenant services to furnish a comfortable
living environment
快適な生活のための代行サ−ビス
Wide range of management and other services
For owners who farm or engage in other jobs, the management of rental property is surprisingly
troublesome. For a fee of 5% of basic rent, Daito manages properties for their owners. These tasks
consist mainly of rent collection, periodic inspection of buildings and repairs, tenant contracts, and
dealing with tenants.
We also perform a wide range of tasks for tenants, such as cleaning of public spaces, a 24-hour
service for dealing with water leaks and repairs, and offering consulting services for relocation and
loss insurance. In these ways, we handle a variety of everyday problems that enable tenants to enjoy
a comfortable living environment.
For further convenience of tenants, we have joined with finance companies to produce the "Kentaku
Card," which enables automatic debit of rent payments.
We also offer the "Kentaku 2000 Card," which additionally provides vehicle breakdown services.
Number of Units under Daito’s
Management
管理戸数推移
Number of properties (thousand units)
管理戸数（千戸）
400
394
352
350
As of March 31, 2005, Daito had more than 390,000 units under management around the country,
making it the largest leased property management company in Japan. Increasing the number of units
managed is a key factor in securing stable revenues, and is also a major determinant of earnings from
a long-term perspective.
316
300
250
Industry leader in leased units under management
283
255
200
150
幅広い管理および代行業務
100
50
0
'01
'02
'03
'04
'05
農業を営んでいたり、
別の仕事についていたり、
オ−ナ−の方にとって賃貸住宅の管理は煩雑で、
思っているほど容易で
はありません。
当社では、
基準家賃の5%を手数料としていただき、
オ−ナ−に代わって様々な管理および代行サ−ビスを行っておりま
す。主な管理業務としては、家賃の回収業務、
定期的な建物点検および修繕の業務、入・退居や更新に関わる契約管理業
務、入居者対応の代行業務などです。
一方、入居者の方へのサ−ビス業務として、建物共有部分の清掃、水漏れや設備の故障に対する24時間体制の対応、
引越や損害保険の斡旋等を行い、
入居者の方々が快適に過ごせるよう日常の様々な問題にも取り組んでおります。
また、入居者の利便性を考え、信販会社との提携による家賃の自動引き落としが出来る「建託カ−ド」、
さらに、ロード
サービス付きの「建託2000カード」も展開しております。
業界トップの賃貸建物管理戸数
当社の賃貸建物管理戸数は当期末現在、
全国で39万戸を超え、
ストック件数としても国内最大規模となっております。
当社にとって管理戸数の増加は、安定収入の増加に直結し、長期的に見ても収益の大きな柱の一つとなっております。
大東建託株式会社
17
DAITO Close-up
Rent Guarantee
55
家賃保証
We are accumulating independent knowhow to ensure stable continuation of rent
guarantees.
Rent Guarantee System
家賃保証のシステム
Unoccupied
Vacated mid-term
未入居
(90 days)
Initial occupancy
（90日）
初入居
Tenant
recruitment
period
募集期間
Completion of
construction
建物完成
家賃保証を安定的に継続するために、
独自のノウハウを構築しています。
Daito Trust provides rental
guarantee from 91st day
after completion of
construction until tenant
occupancy begins.
完成後90日以上未入居
の場合、91日目以降、初
入居までの間、大東建託
が家賃保証
中途空室
Occupied
入居
Daito Kyosaikai provides
guarantees when vacated
mid-term
中途空室の場合、大東共
済会が保証
Daito Kyosaikai collects membership fee upon initial occupancy
初入居時から共済会会費徴収
Rent guarantee system addresses various risks
Kyosaikai Guarantee System
大東共済会のしくみ
Daito Trust
Daito’s rent guarantee system offers the following features:
(1) If units are not occupied within three months of the completion of construction, Daito Trust
Construction guarantees 90% of the rental fee.
(2) For units that fall vacant midway through a contract period, Daito Kyosaikai provides 90% of the
rental fee if the owner is a paid-up member of Kyosaikai.
(3) When a tenant stops paying rent, the Company provides payment to the landlord for a maximum
period of six months through an affiliated finance company.
大東建託
(100% owned
subsidiary)
（100%
出資子会社）
Daito Kyosaikai
大東共済会
Monthly
membership
fee
月会費
Payment in
case of vacancy
空室時の家賃保証
Landowners / Kyosaikai
Members: 41,700
共済会会員である土地所有者：
約41,700名
*17 out of 20 directors are property owners
and 3 are from Daito Trust
*20名の役員・理事のうち17名が
土地所有者、3名が大東建託所属
Daito Kyosaikai
Daito Kyosaikai was established in 1980 with the aim of providing mutual assistance to property
owners. It is wholly owned by Daito Trust Construction. The membership fee for property owners is
4% of the basic rent for residential properties and 6% for commercial properties. It guarantees
payment of 90% of the rent fee for units that fall vacant.
Because Daito Kyosaikai operates as a mutual society, it does not adopt a profit-making model,
but determines membership fees and payment ratios in accordance with its revenue, and conducts
its business based on sound principles. Strong tenant recruitment capabilities for maintaining high
occupancy rates are crucial to Daito Kyosaikai's ability to generate stable revenues.
New 30-year rent guarantee system aimed at long-term stability
This system works as a building management contract between Daito and property owners. For an
additional 1% of rental fees, owners are covered in the event of fluctuations in Daito Kyosaikai
membership fees and payment ratios, and also for a decline in rent as a result of a downturn in the
market. Under this system, members are guaranteed a fixed level of rent for a 30-year period.
(Guaranteed amount is fixed for the first ten years, after which it is reviewed every two years.)
様々なリスクに対応した家賃保証システム
当社で提供している家賃保証システムは次の通りです。
1) 新築時は、
建物完成後3ヶ月を経過して入居者が決まらない場合、
大東建託本体が家賃の90%を保証します。
2) 中途で空室となったときは、
大東共済会に会員として入会いただいた場合、大東共済会から家賃の90%が給付され
ます。
3) 家賃の回収が滞った場合には、
信販会社と連携して最大6ヶ月の立替払いを実施しています。
大東共済会の機能
大東共済会は、
オ−ナ−の方々の相互扶助による空家リスクヘッジを目的に1980年、当社100%出資により設立した
組織です。オ−ナ−の方が会費として居住用物件で基準家賃の4%、事業用物件で6%を払い込むことにより、中途空室
時の家賃保証として90%を給付しています。同社は互助会的な組織であるため、利益追求型ではなく、
その収支状況に
より、会費率、
給付比率を決め、健全運営を目的に運営されております。共済会の収支状況を安定させるには高い入居率
を維持する強い入居者斡旋力が必要となります。
長期安定向けの新家賃保証30年型を導入
当社とオ−ナ−との間の管理委託契約に対する特約として1%の特約管理費を納めることで、
共済会の会費率・給付率
の変動と家賃相場下落リスクをカバ−します。これにより、会員の方には家賃の一定額を30年間保証しています。
（保証額は当初10年間は固定で、10年後以降は2年毎に見直します）
18
Daito Trust Construction Co., Ltd.
Top ics
トピックス
Continuous reinforcement of our construction and tenant recruitment businesses
建築営業と入居者斡旋営業の強化に努めています。
Restructuring aimed at stronger and more efficient construction sales activities
建築営業の強化・効率化を図るために機構改革を行いました。
Daito has restructured part of its sales organization to further reinforce its consulting and
sales capabilities related to land utilization. We have created the new position of Sales
Deputy Manager to handle training of sales employees, with one deputy manager appointed to each branch. We have consolidated the expertise of the Construction Sales
Section by reducing the number of staff there from six to four. We also established a new
sales division at our headquarters, mainly for promoting sales in the Tokyo area. The
division is staffed by a team of construction sales employees, as is the case with our branches.
当社では、土地活用に関する提案力と営業力を一層強化するため、
営業組織を一部改編しました。営業担
当者の教育を行う営業次長職を新設し各支店に配置しました。また、建築営業課の体制を従来の6名から4
名とし、
少数精鋭化を図りました。そして、
主に首都圏での営業促進を行うため、
本社に営業部を新設し、
支店
と同様の建築営業部隊を配置しました。
"e-Heya Net" launched as new brand for lease brokerage business
賃貸仲介事業の新ブランド「いい部屋ネット」
立ち上げ
"e-Heya Net" Logo
「いい部屋ネット」のロゴ
In the year under review, we launched "e-Heya Net" as the new brand for our lease brokerage business. To enhance public awareness of this brand, we incorporated the "e-Heya
Net" logo into the signs displayed at all of Daito's directly managed offices, and also
revamped our television commercial. The new commercial is targeted particularly at tenants, and cleverly conveys the idea that it is better to feel comfortable in your own home
than to visit an exclusive restaurant.
当社では賃貸仲介事業としての新ブランド「いい部屋ネット」の展開を開始しました。同ブランドの認知度
向上を図るため、
全国の直営店舗の看板デザインを「いい部屋ネット」のロゴに統一するとともに、
テレビCM
も刷新しました。今回のCMは、特に入居者へのアピ−ルとして、
「きれいなお店に行くよりも自分の部屋の
方がくつろげる」ということをうまく表現しています。
New "Quarterly Chintai" service
新たな賃貸サービス「クォ−タリ−賃貸」
を始めました。
"Quarterly-Chintai" Home Page
「クォ−タリ−賃貸」のホ−ムペ−ジ
The new "Quarterly Chintai" service, which is aimed at companies, utilizes the best features of the monthly rental system for apartments. Under the service, the various expenses
associated with tenant contracts are no longer required, and electrical appliances and
furniture are included in the rent package. Moreover, because the rental period is three
months or longer, the rates are comparatively low. We will work hard to increase the occupancy rate for this kind of accommodation, for which there is broad demand from companies seeking to send employees on medium- and long-term business assignments, house
staff in dormitory-style quarters, or send them on short-term transfers.
http://www.q-chintai.com/
法人向けの新サ−ビス「クォ−タリ−賃貸」はマンスリ−マンションの良い所を活かし、
さらにグレ−ドアップ
させました。入居契約の諸費用が不要で家電・家具付き、
さらに利用期間を3ヶ月以上とすることで、
より割
安な価格設定が可能となります。中長期出張から寮や社宅、
期間限定の転勤など、
幅広い需要に対応し、
入居
率の向上に努めてまいります。
大東建託株式会社
19
Other Activities
その他
Diversification in fund-raising methods available to landowners
土地所有者の資金調達手段の多様化を促進しています。
Daito is continually adding new options to its loan program as a means of diversifying the
fund-raising methods available to landowners. To this end, we have long maintained alliances with financial institutions. Back in 2001, we began offering nonrecourse loans
provided by Lehman Brothers. The amount of principal to be repaid in a nonrecourse loan
is restricted to rental income from leased buildings and land. In July 2004, we teamed up
with UFJ Trust Bank to offer limited-liability "apartment loans," and in November we
launched a new loan program with Mitsubishi Trust and Banking, whereby the valuation of
a property is based on its capacity to earn income from building rental. We will continue to
seek innovative fund-raising avenues, which will increase the options available to us when
making business proposals to landowners, and in turn help boost orders.
当社では、土地所有者の建築資金調達手段の多様化に向け、ロ−ン・プログラムの多様化に取り組んでい
ます。従来からの金融機関との融資提携に加え、2001年には、
リ−マンブラザ−ズ証券会社とともに、返済
原資を家賃収入と賃貸建物・敷地に限定するノンリコ−ス・ロ−ンの取り組みを開始しています。加えて2004
年7月からはUFJ信託銀行とともに「責任財産限定型アパ−トロ−ン」、
１１月には三菱信託銀行とともに建物
の賃料等の収益力を基準に評価を行う新たなロ−ン・プログラムを開始しました。今後も資金調達先の多様
化により、土地所有者に対する事業提案の幅を広げ、さらなる受注拡大に結びつけてまいります。
Expansion of Care Partner business
ケアパ−トナ−事業を拡充しました。
Care Partner Co., Ltd., a Daito subsidiary that provides daytime care for seniors, has
received high acclaim from all parts of Japan. At present, there are 15 Care Partner centers
in operation, and we plan to open a further seven centers during the current fiscal year. Each
center, which occupies one floor of a rental condominium building, makes a worthy contribution to its local community and has earned warm acclaim from building owners.
デイサ−ビス事業で全国各地から好評をいただいている「ケアパ−トナ−」。現在15施設で運営しており、
さらに今年度中に7ヶ所の開設を計画しております。
ケアパ−トナ−は賃貸マンションの１階部分に入居する方式で運営しており、地域への貢献度も高く、オ−
ナ−様からも高い評価を獲得しています。
Le Meridien Kuala Lumpur open
ホテル「ル・メリディアン・クアラルンプ−ル」
マレ−シアが開業しました。
October 8, 2004, saw the opening of Le Meridien Kuala Lumpur,
a 35-story, four-star hotel with 420 guest rooms, including 26
suites. Daito's Malaysian subsidiary has been working on this
project since 1996. The new hotel is operated by Meridien SA,
which has an established reputation in the hotel industry.
1996年から当社の子会社が進めてきましたマレ−シアでのホテル事業が
2004年10月8日に開業致しました。地上35階、
客室数は26室のスイ−トを
含む420室の4スタ−級ホテルで、
運営は定評のあるメリディアンSAが行って
います。
20
Daito Trust Construction Co., Ltd.
Consolidated Financial Section
連結財務セクション
Contents
目次
Trends in Key Figures
主要指標の推移
22
Consolidated Financial Review
連結財務概況
24
Consolidated Balance Sheets
連結貸借対照表
26
Consolidated Statements of Income
連結損益計算書
28
Consolidated Statements of Shareholders' Equity
連結株主持分計算書
29
Consolidated Statements of Cash Flows
連結キャッシュフロ−計算書
30
Notes to Consolidated Financial Statements
連結財務諸表に対する注記
31
Independent Auditor's Report
公認会計士による監査報告書
40
Notes 1. The financial statements on pages 26 to 39 are audited and reorganized in a format familiar to overseas
readers.
2. A Japanese translation of financial statements is provided for the convenience of readers in Japan and is
not subject to audit.
注：
1. 26〜39ペ−ジの財務諸表につきましては、
海外読者の便宜のために一部科目を組み替えた監査済み英文財務諸表を掲載し
ています。
2. 財務諸表中の和文表記は日本国内での利用を想定して掲載しているもので、監査対象ではありません。
大東建託株式会社
21
Daito Trust Construction Co., Ltd. and Consolidated Subsidiaries
Trends in Key Figures
主要指標の推移
OPERATING RESULTS
経営成績
For the years ended March 31:
3 月 31 日に終了した 1 年間：
Net sales
Construction
Real estate
Other
Gross profit
Construction
建設事業
不動産事業
その他事業
売上総利益
建設事業
(Gross profit margin %)
Real estate
（売上高総利益率％）
(Gross profit margin %)
Other
（売上高総利益率％）
(Gross profit margin %)
Operating income
不動産事業
その他事業
（売上高純総利益率％）
営業利益
(Operating income margin %)
Recurring income
（営業利益率％）
(Recurring income margin %)
Net income
（経常利益率％）
(Net income margin %)
（当期純利益率％）
経常利益
当期純利益
FINANCIAL POSITION
財務状況
As of March 31:
3 月 31 日現在：
2000
¥231,265
178,590
¥255,778
191,470
36,915
15,758
44,693
19,614
66,956
47,168
85,545
63,431
(26.4)
7,994
(33.1)
8,822
(21.7)
11,793
(19.7)
13,291
(74.8)
21,998
(67.8)
26,920
(9.5)
21,845
(10.5)
27,586
(9.4)
11,271
(10.8)
15,703
(4.9)
(6.1)
228,797
124,312
266,428
153,971
Total assets
Current assets
総資産
Fixed assets
Current liabilities
固定資産
流動負債
103,439
60,581
109,474
78,278
Long-term liabilities
固定負債
6,180
7,791
Shareholders’ equity
株主資本
162,035
180,357
CASH FLOWS
流動資産
キャッシュ・フロー
Cash flows provided by operating activities
営業活動によるキャッシュ・フロー
—
19,036
Cash flows (used in) provided by investing activities
投資活動によるキャッシュ・フロー
—
(5,567)
Cash flows used in financing activities
財務活動によるキャッシュ・フロー
—
(2,722)
Cash and cash equivalents at end of year
現金及び現金同等物の期末残高
—
77,101
82.06
117.18
1,186.97
1,346.26
20.00
30.00
PER COMMON SHARE (Yen, U.S. dollars)
１株当たりデータ（円、米ドル）
Net income
当期純利益
Shareholders’ equity
株主資本
Cash dividends applicable to the year
配当金
RATIOS
22
売上高
1999
経営指標
ROE (%)
ROE（％）
7.1
9.2
Equity ratio (%)
株主資本比率（％）
70.8
67.7
Payout ratio (%)
配当性向（％）
26.7
29.3
Daito Trust Construction Co., Ltd.
Thousands of
U.S. Dollars
Millions of Yen
2001
2002
2003
2004
2005
2005
¥306,284
236,251
¥332,223
252,295
¥376,070
293,503
¥438,627
344,772
¥491,761
384,276
$4,595,897
3,591,364
50,980
19,051
59,500
20,426
66,516
16,050
75,743
18,111
83,154
24,330
777,140
227,383
100,833
78,876
106,869
83,309
120,804
94,415
141,129
112,416
159,299
121,436
1,488,775
1,134,915
(33.4)
10,388
(33.0)
12,651
(32.2)
13,968
(32.6)
14,545
(31.6)
19,444
—
181,719
(20.4)
11,569
(21.3)
10,907
(21.0)
12,421
(19.2)
14,167
(23.3)
18,418
—
172,130
(60.7)
39,427
(53.4)
41,788
(77.4)
44,036
(78.2)
49,077
(75.7)
55,715
—
520,700
(12.9)
40,750
(12.6)
42,429
(11.7)
45,801
(11.2)
50,348
(11.3)
56,672
—
529,644
(13.3)
23,200
(12.8)
23,495
(12.2)
24,423
(11.5)
27,976
(11.5)
31,505
—
294,439
(7.6)
(7.1)
(6.5)
(6.4)
(6.4)
—
304,168
210,470
325,833
214,094
345,144
217,751
364,754
229,671
409,276
275,215
3,825,009
2,572,102
93,697
96,015
111,738
105,555
127,392
123,865
135,083
133,035
134,061
162,459
1,252,906
1,518,308
10,084
11,989
15,535
17,261
17,727
165,672
198,068
208,287
205,743
214,458
229,089
2,141,018
45,516
31,389
31,905
22,735
37,388
349,420
11,992
(33,505)
(519)
(20,567)
506
4,728
(6,773)
(7,849)
(25,829)
(18,610)
(15,846)
(148,093)
128,356
118,929
124,369
107,568
129,494
(1,210,224)
172.58
174.32
183.13
218.40
251.07
2.34
1,467.24
1,545.55
1,618.51
1,723.72
1,854.20
17.32
45.00
50.00
60.00
63.00
71.00
0.66
12.3
11.6
11.8
13.3
14.2
—
65.1
63.9
59.6
58.8
56.0
—
29.4
29.7
32.8
30.3
30.2
—
大東建託株式会社
23
Consolidated Financial Review
連結財務状況
Revenues and Earnings
Net Sales
売上高
(¥ billions)
(10億円)
500
491.7
In the year ended March 31, 2005, consolidated net sales of the Daito Trust Construction Group amounted
to ¥491.7 billion, up 12.1% from the previous fiscal period. Operating income rose 13.5%, to ¥55.7
billion, and recurring income climbed 12.6%, to ¥56.6 billion. Net income was up 12.6%, to ¥31.5
billion. All figures represented record-high levels for the second consecutive year. Sales are classified
into the three core segments: construction, real estate, and other operations.
438.6
400
•Construction
376.0
332.2
300
The value of orders received in Daito's construction business rose 7.6%, to ¥403.9 billion. This was the
result of measures taken to strengthen Daito's organization and sales capabilities, which included the
construction of a new sales center at the beginning of the term and restructuring of the Company's sales
organization. Our business also benefited from healthy sales of Meridio, a new product introduced in
September 2004, as well as fortification of our consulting capabilities for customers.
Sales in the construction segment rose 11.5%, to ¥384.2 billion, supported by strong orders and
the high value of orders received. The gross profit margin for completed projects decreased 1.0 point, to
31.6%, due to increases in the cost of steel beams and other materials.
306.2
200
100
0
'01
'02
'03
'04
'05
Operating Income
営業利益
(¥ billions)
55.7
(10億円)
50
49.0
44.0
41.7
40
39.4
•Real Estate
In the real estate segment, we strengthened our sales capabilities in the previous fiscal year by increasing the number of salespeople and establishing new offices. In the year under review, we worked hard to
raise awareness of Daito's services by launching "e-Heya Net" as the new brand for our lease brokerage
service. We also enhanced our offerings on the Internet and revamped our television commercial. As a
result, the number of tenants placed rose 14.6%, to 121,273, on a non-consolidated basis, while the
occupancy rate improved significantly. The number of leased properties under Daito's management
reached more than 390,000 at fiscal year-end, up 11.8% from a year earlier, leading to an increase in
management fee income. Good occupancy rates for Shinagawa East One Tower, which combines leased
office space and a hotel, and the Shanghai Garden Plaza complex of serviced apartments in Shanghai,
also helped bolster sales in this segment. Real estate sales in fiscal 2004, therefore, rose 9.8%, to
¥83.1 billion.
30
•Other Operations
20
Revenue from other operations jumped 34.3%, to ¥24.3 billion. This was due to a number of factors,
including an increase in Daito Kyosaikai membership and an increase in supply by our LP gas
sales businesses.
10
売上・利益の状況
0
'01
'02
'03
'04
'05
◎建設事業
Net Income
当期純利益
(¥ billions)
31.5
(10億円)
30
27.9
25
23.2
当連結会計年度における当社および当社グル−プの連結売上は4,917億円（前期比12.1%増）となりました。利益面
では営業利益で557億円（前期比13.5%増）、
経常利益で566億円（前期比12.6%増）、
当期純利益で315億円（前期
比12.6%増）となり過去最高を前期に引き続いて更新しました。連結売上の内訳はコア事業である建設事業の完成工事
売上高をはじめ不動産事業、その他事業の営業収益の3分野であります。
23.4
24.4
主力の建設事業につきましては、
期初の新規営業拠点の開設や営業組織の改編など、
組織や営業力強化に取り組みま
した。また、
2004年9月から投入した新商品メリディオの販売が好調だったことやお客様への提案力強化に注力した結
果、受注高は4,039億円（前期比7.6%増）を確保することが出来ました。
施工面では、
好調な受注と豊富な受注残高を背景に、完成工事売上高は3,842億円（前期比11.5%増）を計上するこ
とが出来ました。完成工事総利益率につきましては、鉄骨等資材による値上がりの影響で前期比1.0ポイント低下し、
31.6%となりました。
◎不動産事業
20
不動産事業につきましては、
前期に実施しました営業スタッフの増強や店舗の出店など営業力強化に加え、
賃貸仲介の
新ブランド「いい部屋ネット」の立ち上げ、
インタ−ネット網の強化、
TVCMの改編など、
市場に対する認知度向上に努めま
した。その結果、
単体での入居者斡旋件数は121,273件（前期比14.6%増）となり、
入居率も大幅に改善されました。
賃貸物件の管理受託件数につきましても39万戸を超え（前期比11.8%増）管理手数料収入も増加しています。また、
賃
貸複合ビル「品川イ−ストワンタワ−」及び上海で実施しているサ−ビスアパ−トメント「上海ガ−デンプラザ」も高い入居
率を確保したことから不動産事業売上高は831億円（前期比9.8%増）となりました。
15
10
5
◎その他事業
0
'01
24
'02
'03
'04
'05
Daito Trust Construction Co., Ltd.
その他事業の収益は、主に、空室時の家賃保証を行う大東共済会の加入者増加及びLPガス販売事業の供給増加など
により、
243億円（前期比34.3%増）となりました。
Assets
Total Assets
Total assets at fiscal year-end amounted to ¥409.2 billion, up 12.2% from a year earlier. Major factors
in this change were a rise in cash and deposits accompanying higher sales, as well as increases in notes
and accounts receivable, construction revenues, and operating loans.
Shareholders' equity rose 6.8%, to ¥229.0 billion, as a result of a 5.0% increase in retained earnings, to ¥187.7 billion.
The shareholders' equity ratio slipped 2.8 points, to 56.0%, while shareholders' equity per share
rose ¥130.48, to ¥1,854.20.
総資産
(¥ billions)
(10億円)
409.2
400
364.7
345.1
325.8
300
304.1
Cash Flows
Cash and cash equivalents at the end of the year totaled ¥129.4 billion, up ¥21.9 billion from a
year earlier.
Net cash provided by operating activities rose a solid 64.4%, to ¥37.3 billion. Factors in this change
included a 10.1% increase in income before taxes and other adjustments, to ¥55.4 billion; a ¥8.0
billion increase in receivables from uncompleted projects related to work in progress, a ¥7.7 billion
increase in trade payables due to project completions being concentrated at the end of each fiscal year;
and a ¥15.2 billion increase in operating loans.
Net cash provided by investing activities totaled ¥500 million, compared with ¥20.5 billion used in
such activities in the previous year. This was mainly due to investments made to match the timing of
securities maturity and redemption.
Net cash used in financing activities was ¥15.8 billion, down 14.9%. Principal factors included
¥13.2 billion in purchases of treasury stock and ¥8.2 billion in dividends paid.
200
100
0
'01
'02
'03
'04
'05
Shareholders' Equity and
Shareholders' Equity Ratio
資産・負債の状況
株主資本／株主資本比率
Shareholders' equity
株主資本
Shareholders' equity ratio
株主資本比率
(¥ billions)
(10億円)
(%)
100
250
当社グル−プの連結総資産は4,092億円（前期末比12.2%増）となりました。主な変動要因は、売上増加に伴う現金
預金の増加、
受取手形及び完成工事未収入金、営業貸付金などが増加したこと等によります。
株主資本につきましては、利益剰余金が1,877億円（前期末比5.0%増）などにより当期末2,290億円（前期末比
6.8%増）となっています。
その結果、当期末の株主資本比率は56.0%（前期末比2.8ポイント減）となっており、
また、一株あたりの株主資本は
1,854.20円（前期比130.48円増）となっています。
229.0
200
198.0
65.1
208.2 205.7
214.4
80
63.9
59.6
150
58.8
56.0
60
100
40
50
20
0
'01
'02
'03
'04
'05
キャッシュフロ−状況
当連結会計年度における現金及び現金同等物は1,294億円（前期比219億円増）となりました。
営業活動によるキャッシュフロ−は373億円の獲得（前期比64.4%増）となりました。これは主に税金等調整前当期純
利益が554億円（前期比10.1%増）と大きく増加したことに加え、
仕掛物件に係る未成工事受取金の増加（80億円）や
期末に完工が集中した結果、
仕入債務が増加（77億円）
したこと、営業貸付金が増加（152億円）
したことによります。
投資活動によるキャッシュフロ−は5億円の獲得（前期は205億円の使用）となり、
変動幅は小さくなりました。これは、
満期償還に合わせた運用を行ったことによるものです。
財務活動によるキャッシュフロ−は158億円の使用（前期比14.9%減）となりました。これは自社株式の取得として
132億円、
配当金支払いとして82億円の支出をしたことによるものです。
Financial indicators for the Daito Group
当社グル−プの財務指標
Key recent financial indicators are shown below.
当社グル−プにおける最近の財務指標は以下の通りです。
Shareholders’ equity ratio (%)
株主資本比率 (%)
Shareholders’ equity ratio on a market value basis (%) 時価ベ−スの株主資本比率 (%)
Years to maturity (years)
債務償還年数 (年)
Interest coverage ratio (times)
インタレスト・カバレッジ・レシオ
2002
2003
2004
63.9
59.6
58.8
2005
56.0
87.7
89.1
138.2
135.6
0.0
0.0
0.0
0.0
5,781.6
5,715.4
4,081.3
4,051.6
Note: Shareholders’ equity ratio on a market value basis is the total market value of shares issued and outstanding divided by total
assets. The total market value of shares is calculated by multiplying the closing price at the end of the fiscal year by the total
number of shares issued and outstanding (exclusive of treasury stock).
（注）
時価ベースの自己資本比率：株式時価総額／総資産 なお、
株式時価総額は、
期末株価終値×期末発行済株式数
（自己株式控除後）
により算
出しております。
大東建託株式会社
25
Daito Trust Construction Co., Ltd. and Consolidated Subsidiaries 大東建託株式会社および連結子会社
Consolidated Balance Sheets
連結貸借対照表
March 31, 2005 and 2004
Thousands of
U.S. Dollars
(Note 1)
Millions of Yen
ASSETS
資産
CURRENT ASSETS:
Cash and cash equivalents
流動資産：
2005
2004
2005
¥129,494
¥107,568
$1,210,224
8,000
8,244
7,001
7,037
74,766
77,046
完成工事未収入金
29,470
22,989
275,420
その他
2,712
53,510
1,863
38,281
25,345
500,093
27,100
8,839
25,527
7,953
253,271
82,607
現金及び預金
Time deposits
Marketable securities (Notes 3 and 5)
定期預金
Notes and accounts receivable:
Construction contracts
受取手形及び未収入金：
Other
Short-term loans
有価証券
営業貸付金
Inventories (Note 6)
Deferred tax assets (Note 9)
未成工事支出金等
Other current assets
Allowance for doubtful accounts
その他流動資産
繰延税金資産
貸倒引当金
Total current assets
PROPERTY AND EQUIPMENT:
Land
Buildings and structures
Furniture and equipment
Construction in progress
Total
Accumulated depreciation
77,149
(3,859)
229,671
2,572,102
土地
42,015
42,066
392,663
建物及び構築物
51,028
3,982
—
43,325
2,804
5,710
476,897
37,214
—
97,026
(9,427)
93,908
(6,579)
906,785
(88,102)
87,599
87,328
818,682
有形固定資産：
家具及び備品
建設仮勘定
合計
減価償却累計額
償却後有形固定資産
投資その他の資産：
Investment securities (Notes 3 and 5)
Subordinated bond (Note 4)
投資有価証券
劣後債
15,110
4,738
17,469
3,214
141,214
44,280
Guarantee deposits
Investments in an unconsolidated subsidiary
保証金
10,765
10,650
100,607
239
3,637
239
2,640
2,233
33,990
5,098
6,872
5,098
8,440
47,644
64,224
46,462
47,754
434,224
¥409,276
¥364,754
$3,825,009
and an associated company
Deferred tax assets (Note 9)
Deferred tax assets on revaluation on land
Other assets
非連結子会社及び
関連会社への投資
繰延税金資産
地価修正による繰延税金資産
その他資産
Total investments and other assets
TOTAL
See notes to consolidated financial statements.
26
11,785
(337)
275,215
流動資産合計
Net property and equipment
INVESTMENTS AND OTHER ASSETS:
8,255
(413)
Daito Trust Construction Co., Ltd.
投資その他の資産
合計
Thousands of
U.S. Dollars
(Note 1)
Millions of Yen
LIABILITIES AND SHAREHOLDERS' EQUITY
負債及び資本
CURRENT LIABILITIES:
流動負債：
Accounts payable
Advances received
工事未払金等
Income taxes payable (Note 9)
Accrued employees’ bonuses
未払法人税等
未成工事受入金
賞与引当金
2005
2004
2005
¥ 45,504
53,397
¥ 34,258
45,345
$ 425,271
499,037
18,087
10,972
16,222
8,951
169,037
102,542
Provision for guaranteed payment on
vacant rooms
空家保証引当金
3,075
3,153
28,738
Other current liabilities
その他流動負債
31,421
25,102
293,654
162,459
133,035
1,518,308
5,687
11,188
5,183
11,501
53,149
104,560
Total current liabilities
LONG-TERM LIABILITIES:
流動負債合計
固定負債：
Liability for retirement benefits (Note 7)
Deposit received for guarantee
退職給付引当金
Other
その他
長期預り保証金等
Total long-term liabilities
固定負債合計
CONTINGENT LIABILITIES (Note 15)
保証債務：
SHAREHOLDERS’ EQUITY (Notes 8 and 16):
資本：
Common stock—
authorized, 332,255,400 shares
issued,
129,358,232 shares in 2005 and
132,531,832 shares in 2004
Capital surplus
Retained earnings
Land revaluation difference
29,060
34,540
29,060
34,540
271,588
322,803
187,743
(7,428)
178,718
(7,428)
1,754,607
(69,420)
発行済株式数
129,358,232 株 2005 年
132,531,832 株 2004 年
資本剰余金
利益剰余金
土地再評価差額金
その他有価証券評価差額金
為替換算調整勘定
Total
合計
2,371
2,505
22,158
(3,033)
(2,642)
(28,345)
243,254
234,754
(14,164)
(20,295)
2,273,401
2005 年自己株式
6,048,800 株の購入
2004 年自己株式
8,407,248 株の購入
Total shareholders’ equity
TOTAL
7,962
165,672
授権株式数 332,255,400 株
Foreign currency translation adjustments
6,048,800 shares in 2005 and
8,407,248 shares in 2004
575
17,261
資本金ー
Unrealized gain on
available-for-sale securities
Treasury stock—at cost,
852
17,727
資本合計
合計
(132,373)
229,089
214,458
2,141,018
¥409,276
¥364,754
$3,825,009
大東建託株式会社
27
Daito Trust Construction Co., Ltd. and Consolidated Subsidiaries 大東建託株式会社および連結子会社
Consolidated Statements of Income
連結損益計算書
Years Ended March 31, 2005 and 2004
Thousands of
U.S. Dollars
(Note 1)
Millions of Yen
NET SALES:
Construction contracts
Brokerage and real estate management
建設事業
Other (Note 10)
その他事業
Total net sales
COST OF SALES:
2005
2004
2005
¥384,276
83,154
¥344,772
75,743
$3,591,364
777,140
売上高：
不動産事業
売上高合計
24,330
18,111
227,383
491,761
438,627
4,595,897
232,355
61,197
2,456,439
595,420
売上原価：
Construction contracts
Brokerage and real estate management
建設事業
不動産事業
262,839
63,710
Other
その他事業
5,912
3,944
55,252
Total cost of sales
売上原価合計
332,461
297,497
3,107,112
Gross profit
売上総利益
159,299
141,129
1,488,775
103,584
92,052
968,074
55,715
49,077
520,700
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES (Notes 10 and 11)
Operating income
販売費及び一般管理費：
営業利益
OTHER INCOME (EXPENSES)—Net (Note 12)
その他利益（費用）
INCOME BEFORE INCOME TAXES
税引前利益
INCOME TAXES (Note 9):
Current
所得税：
Deferred
Total income taxes
NET INCOME
当期税額
繰延税額
所得税合計
当期純利益
(297)
1,240
(2,775)
55,417
50,318
517,915
25,703
23,581
240,214
(1,792)
(1,239)
(16,747)
23,911
22,341
223,467
¥ 31,505
¥ 27,976
$ 294,439
Yen
U.S. Dollars
PER SHARE OF COMMON
STOCK (Notes 2.s and 17):
Basic net income
Diluted net income
Cash dividends applicable to the year
See notes to consolidated financial statements.
28
Daito Trust Construction Co., Ltd.
１株当たり利益：
1 株当たり当期利益
潜在株式調整後１株当たり当期純利益
年間配当金
¥ 251.07
¥ 218.40
247.96
71.00
216.74
63.00
$
2.34
2.31
0.66
Daito Trust Construction Co., Ltd. and Consolidated Subsidiaries 大東建託株式会社および連結子会社
Consolidated Statements of Shareholders’ Equity
連結株主持分計算書
Years Ended March 31, 2005 and 2004
Thousands of
U.S. Dollars
(Note 1)
Millions of Yen
COMMON STOCK:
Balance, beginning of year
Balance, end of year
CAPITAL SURPLUS:
Balance, beginning of year
Balance, end of year
RETAINED EARNINGS:
Balance, beginning of year
Net income
Cash dividends, ¥67.00 ($0.62) per share
in 2005 and ¥65.00 per share in 2004
Bonuses to directors and corporate auditors
Loss on disposal of treasury stocks
Retirement of treasury stock
Reversal of land revaluation difference
Balance, end of year
LAND REVALUATION DIFFERENCE:
Balance, beginning of year
Decrease in land revaluation difference
Balance, end of year
UNREALIZED GAIN ON AVAILABLE-FOR-SALE
SECURITIES:
Balance, beginning of year
Net increase (decrease) in unrealized gain on
available-for-sale securities
Balance, end of year
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS:
Balance, beginning of year
Net change in foreign currency translation
adjustments
Balance, end of year
TREASURY STOCK—At cost:
Balance, beginning of year
Treasury stock acquired—net (815,246 shares)
Retirement of treasury stock (3,173,600 shares)
Balance, end of year
2005
2004
2005
¥ 29,060
¥ 29,060
¥ 29,060
¥ 29,060
$ 271,588
$ 271,588
¥ 34,540
¥ 34,540
¥ 34,540
¥ 34,540
$ 322,803
$ 322,803
¥178,718
31,505
¥170,877
27,976
$1,670,261
294,439
(8,273)
(501)
(405)
(13,299)
—
¥187,743
(8,202)
(407)
(1)
(11,499)
(23)
¥178,718
(77,317)
(4,682)
(3,785)
(124,289)
—
$1,754,607
¥ (7,428)
—
¥ (7,428)
¥ (7,439)
11
¥ (7,428)
$
$
(69,420)
—
(69,420)
¥
2,505
¥
135
$
23,411
¥
(133)
2,371
¥
2,369
2,505
$
(1,242)
22,158
期首残高
¥ (2,642)
¥
(41)
$
(24,691)
為替換算調整による増減額
(391)
¥ (3,033)
(2,600)
¥ (2,642)
$
(3,654)
(28,345)
自己株式消却に伴う減少額
¥ (20,295)
(7,168)
13,299
¥ (21,389)
(10,405)
11,499
$ (189,672)
(66,990)
124,289
期末残高
¥ (14,164)
¥ (20,295)
$ (132,373)
資本金：
期首残高
期末残高
資本剰余金：
期首残高
期末残高
利益剰余金：
期首残高
当期純利益
配当金 2005 年１株当たり配当金 67.00 円
及び 2004 年１株当たり配当金 65.00 円
役員及び監査役賞与
自己株式売却による損失
自己株式消却に伴う減少額
土地再評価差額金取崩額
期末残高
土地再評価損：
期首残高
土地再評価に伴う減少額
期末残高
その他有価証券評価差額金：
期首残高
その他有価証券評価による増減額
期末残高
為替換算調整額：
期末残高
自己株式：
期首残高
自己株式取得・純額
Thousands of shares
2005
OUTSTANDING NUMBER OF SHARES OF COMMON STOCK:
Balance, beginning of year
Treasury stock acquired—net
Balance, end of year
2004
発行済株式数：
期首残高
自己株式取得・純額
期末残高
124,124
(815)
123,309
127,118
(2,994)
124,124
See notes to consolidated financial statements.
大東建託株式会社
29
Daito Trust Construction Co., Ltd. and Consolidated Subsidiaries 大東建託株式会社および連結子会社
Consolidated Statements of Cash Flows
連結キャッシュ・フロー計算書
Years Ended March 31, 2005 and 2004
Thousands of
U.S. Dollars
(Note 1)
Millions of Yen
OPERATING ACTIVITIES:
Income before income taxes
Adjustments for:
Income taxes—paid
Depreciation and amortization
Increase in allowance for
doubtful receivables
Increase in accrued employees’ bonuses
Loss on devaluation of securities
Changes in assets and liabilities:
Increase in notes and accounts receivable —
construction contracts
Increase in short-term loans
(Increase) decrease in inventories
Increase in accounts payable
Increase in advances received
Other—net
法人税等の支払額
減価償却費
貸倒引当金増加額
従業員賞与増加額
有価証券の評価損
売上債権増加額
営業貸付金の増加額
棚卸資産の
（増加）
減少
買掛金勘定増加
（減少）
額
未成工事受入金増加額
その他利益
営業活動によるキャッシュ・フロー
Net cash used in financing activities
2005
¥ 55,417
¥50,318
$ 517,915
(24,412)
3,374
957
2,020
—
(23,248)
3,356
176
1,388
9
(228,149)
31,532
8,943
18,878
—
資産及び資本の変更：
調整額合計
FINANCING ACTIVITIES:
Repurchase of treasury stock
Disposal of treasury stock
Dividends paid
2004
調整：
Net cash provided by operating activities
Net cash provided by (used in)
investing activities
(6,527)
(15,229)
(1,572)
9,902
8,052
5,405
(7,749)
(16,583)
1,315
3,415
795
9,539
(61,000)
(142,327)
(14,691)
92,542
75,252
50,514
(18,028)
(27,587)
(168,485)
37,388
22,735
349,420
(998)
(22,690)
3,100
(45,913)
(9,327)
(212,056)
22,388
(2,216)
(146)
208
(528)
4,489
32,016
(7,449)
(122)
382
(1,115)
(1,466)
209,233
(20,710)
(1,364)
1,943
(4,934)
41,953
投資活動によるキャッシュ・フロー：
定期預金（増加）
減少額
市場及び投資有価証券の購入
市場及び投資有価証券売却収入
有形固定資産の購入
保険料積立金の積立
保険料積立金の解約
保証金の差入による支出
その他利益
投資活動によるキャッシュ・フロー
506
(20,567)
4,728
財務活動によるキャッシュ・フロー：
金庫株買い戻し金
金庫株売却収入
配当金
財務活動によるキャッシュ・フロー
(13,453)
5,880
(8,273)
(11,583)
1,176
(8,202)
(125,728)
54,953
(77,317)
(15,846)
(18,610)
(148,093)
(123)
(358)
(1,149)
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS
ON CASH AND CASH EQUIVALENTS
現金及び現金同等物の為替換算調整
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
現金及び現金同等物純増加
（減少）
額
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
現金及び現金同等物の期首残高
107,568
124,369
1,005,308
CASH AND CASH EQUIVALENTS, END OF YEAR
現金及び現金同等物の期末残高
¥129,494
¥107,568
$1,210,224
See notes to consolidated financial statements.
30
税金等調整前当期純利益
Total adjustments
INVESTING ACTIVITIES:
(Increase) decrease in time deposits
Purchases of marketable and investment securities
Proceeds from sales and redemptions of
marketable and investment securities
Purchases of property and equipment
Additions to investments in insurance funds
Reductions of investments in insurance funds
Additions to guarantee deposits
Other—net
2005
営業活動によるキャッシュ・フロー：
Daito Trust Construction Co., Ltd.
¥ 21,925
¥(16,800) $ 204,906
Daito Trust Construction Co., Ltd. and Consolidated Subsidiaries 大東建託株式会社および連結子会社
Notes to Consolidated Financial Statements
Years Ended March 31, 2005 and 2004
1. BASIS OF PRESENTING CONSOLIDATED FINANFINANCIAL
CIAL
STATEMENTS
STATEMENTS
The accompanying consolidated financial statements have been
The
accompanying
consolidated
financial statements
been
prepared
in accordance
with the provisions
set forth inhave
the Japaprepared
in accordance
with the
set forth
in the Japanese Securities
and Exchange
Lawprovisions
and its related
accounting
regunese
Securities
and Exchange
and its related
accounting
regulations,
and in conformity
withLaw
accounting
principles
generally
aclations,
and
in conformity
accounting
principles
accepted in
Japan,
which arewith
different
in certain
respectsgenerally
as to applicepted
in Japan,
whichrequirements
are different in
respects
as to application and
disclosure
of certain
International
Financial
Recation
disclosure requirements of International Financial Reportingand
Standards.
porting
Standards.
In preparing
these consolidated financial statements, certain
In preparing and
theserearrangements
consolidated financial
statements,
certain
reclassifications
have been
made to the
conreclassifications
andstatements
rearrangements
have
been made in
to the
consolidated financial
issued
domestically
order
to
solidated
financial
statements
domestically
in order
to
present them
in a form
which is issued
more familiar
to readers
outside
present
in a form
which
is more familiarhave
to readers
outside
Japan. them
In addition,
certain
reclassifications
been made
in
Japan.
In financial
addition, statements
certain reclassifications
been made in
the 2003
to conform tohave
the classifications
the
financial statements to conform to the classifications
used2004
in 2004.
usedThe
in 2005.
consolidated financial statements are stated in Japanese
financial
are stated
in Japanese
yen,The
the consolidated
currency of the
countrystatements
in which Daito
Trust Construction
yen,
the currency
of the country
in which Daito
Trust Construction
Co., Ltd.
(the “Company”)
is incorporated
and operates.
Japanese
Co.,
Ltd. (the
"Company")
is incorporated
and operates.
Japanese
yen figures
less
than a million
yen are rounded
down to the
nearest
yen
figures
than
a million yen
are rounded
to the
nearest
million
yen.less
The
translations
of Japanese
yendown
amounts
into
U.S.
million
yen except
per share
data.
dollar amounts
arefor
included
solely
forThe
the translations
convenienceofofJapanese
readers
yen
amounts
amounts
arerate
included
solely
for the
outside
Japaninto
andU.S.
havedollar
been made
at the
of ¥105
to $1,
convenience
of readers
outsideatJapan
beenSuch
madetranslaat the
approximate rate
of exchange
Marchand
31,have
2004.
rate
¥107 not
to $1,
the approximate
rate of exchange
at March
31,
tionsofshould
be construed
as representations
that the
Japanese
2005.
Such translations
should not
construed
yen amounts
could be converted
intobeU.S.
dollars as
at representathat or any
tions
other that
rate.the Japanese yen amounts could be converted into U.S.
dollars at that or any other rate.
2. SUMMARY OF SIGNIFICANT ACCOUNTING
2. POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLIa. Consolidation
CIES
—The consolidated financial statements as of
a. Consolidation
—The
consolidated
financial
as its
of
March 31, 2004
include
the accounts
of the statements
Company and
March
31, 2005
include the
accountsthe
of “Group”).
the Company
andthe
its
22 significant
subsidiaries
(together,
Under
20
significant
(22 in 2004)
subsidiaries
(together, in
thewhich
"Group").
control
or influence
concept,
those companies
the
Under
the directly
control or
or indirectly,
influence isconcept,
those companies
in
Company,
able to exercise
control over
which
the Company,
directly or indirectly,
is able
to exercise
operations
are fully consolidated,
and those
companies
over
control
overGroup
operations
areability
fully consolidated,
and those influcomwhich the
has the
to exercise significant
panies
over
which the
the ability
to exercise signifience are
accounted
forGroup
by thehas
equity
method.
cantInvestments
influence are
for by the
equity method.
in accounted
an unconsolidated
subsidiary
and an assoInvestments
unconsolidated
and
an associated
company in
areanstated
at cost. Ifsubsidiary
the equity
method
of
ciated company
are stated
If the equity
method
of
accounting
had been
appliedattocost.
the investments
in these
comaccounting
been
applied
to the investments
in these
companies,
the had
effect
on the
accompanying
consolidated
financial
panies, the effect
consolidated financial
statements
would on
notthe
be accompanying
material.
statements
wouldintercompany
not be material.
All significant
balances and transactions have
significantinintercompany
and transactions
have
beenAlleliminated
consolidation.balances
All material
unrealized profit
been eliminated
in resulting
consolidation.
All material within
unrealized
profit
included
in assets
from transactions
the Group
included
in assets resulting from transactions within the Group
is
eliminated.
is eliminated.
b. Cash Equivalents—Cash equivalents are short-term investments
b. Cash
Equivalents
—Cash equivalents
areand
short-term
that are
readily convertible
into cash
that areinvestments
exposed to
that
are readily
cash and that are exposed to
insignificant
riskconvertible
of changesinto
in value.
insignificant
risk of changes
in value.
Cash equivalents
include time
deposits which mature within
Cash
equivalents
include
time deposits which mature within
three
months
of the date
of acquisition.
three months of the date of acquisition.
c. Inventories—Construction projects in progress are stated at cost
as determined on the specific project basis. Materials and
other inventories are mainly stated at cost determined by the
average method.
d. Marketable and Investment Securities—Marketable and investment securities are classified and accounted for, depending on
management's intent, as follows: (1) held-to-maturity debt
securities, which are expected to be held to maturity with the
positive intent and ability to hold to maturity are reported at
amortized cost and (2) available-for-sale securities, which are
not classified as aforementioned securities, are reported at fair
value, with unrealized gains and losses, net of applicable taxes,
reported in a separate component of shareholders' equity.
Non-marketable available-for-sale securities are stated at
cost determined by the moving-average method. For other than
temporary declines in fair value, investment securities are reduced to net realizable value by a charge to income.
e. Property and Equipment—Property and equipment are stated
at cost. Depreciation of property and equipment of the Company and its consolidated domestic subsidiaries is computed
substantially by the declining-balance method at rates based
on the estimated useful lives of the assets, while the straightline method is applied to buildings of the Company and its
consolidated domestic subsidiaries, and all property, plant and
equipment of consolidated foreign subsidiaries. The range of
useful lives is principally from 10 to 60 years for buildings and
structures, and from 4 to 20 years for furniture and equipment.
f.
Land Revaluation—Under the "Law of Land Revaluation," the
Company elected a one-time revaluation of its own-use land to
a value based on real estate appraisal information as of March
31, 2002.
The resulting land revaluation difference represents unrealized decline in value of land and is stated, net of income
taxes, as a component of shareholders' equity. There was no
effect on the statement of income. Continuous readjustment
is not permitted unless the land value subsequently declines
significantly. The amount of the decline in value would be
added to the land revaluation difference account and related
deferred tax assets.
g. Allowance for Doubtful Accounts—The allowance for doubtful
accounts is stated at amounts considered to be appropriate
based on the Group's past credit loss experience and an evaluation of potential losses in the receivables outstanding. The
allowance for doubtful accounts related to the subordinated
bond issued by special purpose company ("SPC") is stated based
on an evaluation of potential losses due to worsening fiscal
conditions of SPC.
h. Accrued Employees' Bonuses—The Company and certain consolidated subsidiaries have provided for employees' bonuses to
state the liability at the estimated amount payable to employees.
大東建託株式会社
31
i.
Provision for Guaranteed Payment on Vacant Rooms—The provision for the guaranteed payment on vacant rooms, which may
become due under construction contracts with customers, is
provided in an amount estimated by management based upon
past experience.
j.
Retirement and Pension Plans—The Company and certain consolidated subsidiaries have contributory defined benefit pension plans and unfunded retirement benefit plans for employees. Other consolidated domestic subsidiaries have unfunded
retirement benefit plans for their employees.
Retirement benefits to directors and corporate auditors are
provided at the amount which would be required if all directors
and corporate auditors retired at the balance sheet date (see
Note 7).
k. Leases—All leases are accounted for as operating leases. Under Japanese accounting standards for leases, finance leases
that deem to transfer ownership of the leased property to the
lessee are to be capitalized, while other finance leases are permitted to be accounted for as operating lease transactions if
certain "as if capitalized" information is disclosed in the notes
to the lessee's consolidated financial statements.
l.
Income Taxes—The provision for income taxes is computed
based on the pretax income included in the consolidated statements of income. The asset and liability approach is used to
recognize deferred tax assets and liabilities for the expected
future tax consequences of temporary differences between the
carrying amounts and the tax bases of assets and liabilities.
Deferred taxes are measured by applying currently enacted tax
laws to the temporary differences.
m. Appropriations of Retained Earnings—Appropriations of retained
earnings are reflected in the financial statements for the following year upon shareholders' approval.
n. Recognition of Revenue and Related Costs of Construction—
Sales are recorded using the completed-contract method.
o. Foreign Currency Transactions—All short-term and long-term
monetary receivables and payables denominated in foreign
currencies are translated into Japanese yen at the exchange
rates at the balance sheet date. The foreign exchange gains
and losses from translation are recognized in the statements of
income to the extent that they are not hedged by forward exchange contracts.
p. Foreign Currency Financial Statements—The balance sheet
accounts, and revenue and expense accounts of the consolidated foreign subsidiaries are translated into Japanese yen at
the current exchange rates as of the balance sheet date except
for shareholders' equity, which is translated at the historical
rate. Differences arising from such translation were shown as
"Foreign currency translation adjustments" in a separate component of shareholders' equity.
32
Daito Trust Construction Co., Ltd.
q. Derivatives and Hedging Activities—The Group uses derivative
financial instruments to manage its exposures to fluctuations
in foreign exchange. Foreign exchange forward contracts, currency options and currency swaps are utilized by the Group to
reduce foreign currency exchange risk. The Group does not
enter into derivatives for trading or speculative purposes.
Derivative financial instruments and foreign currency transactions are classified and accounted for as follows: (a) all
derivatives be recognized as either assets or liabilities and
measured at fair value, and gains or losses on derivative transactions are recognized in the income statement and (b) for
derivatives used for hedging purposes, if derivatives qualify for
hedge accounting because of high correlation and effectiveness between the hedging instruments and the hedged items,
gains or losses on derivatives are deferred until maturity of the
hedged transactions.
The foreign currency forward contracts, currency options
and currency swaps employed to hedge foreign exchange exposures for import are measured at the fair value and the unrealized gains/losses are recognized in income. Forward contracts
applied for forecasted (or committed) transactions are also
measured at fair value but the unrealized gains/losses are deferred until the underlying transactions are completed.
Accounts payable denominated in foreign currencies for
which foreign exchange forward contracts are used to hedge
the foreign currency fluctuations are translated at the contracted
rate if the forward contracts, currency options and currency
swaps qualify for hedge accounting.
r.
Consumption Tax—Consumption tax is accounted for by the
tax exclusion method.
s. Per Share Information—Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period, retroactively adjusted for stock splits.
Diluted net income per share reflects the potential dilution
that could occur if securities were exercised or converted into
common stock. Diluted net income per share of common stock
assumes full conversion of the outstanding convertible notes
and bonds at the beginning of the year (or at the time of issuance) with an applicable adjustment for related interest expense, net of tax, and full exercise of outstanding warrants.
Cash dividends per share presented in the accompanying
consolidated statements of income are dividends applicable to
the respective years including dividends to be paid after the
end of the year.
t.
New Accounting Pronouncements—In August 2002, the Business Accounting Council issued a Statement of Opinion, "Accounting for Impairment of Fixed Assets," and in October 2003
the Accounting Standards Board of Japan ("ASB") issued ASB
Guidance No. 6, "Guidance for Accounting Standard for Impairment of Fixed Assets." These new pronouncements are
effective for fiscal years beginning on or after April 1, 2005
with early adoption permitted for fiscal years ending on or after
March 31, 2004.
The new accounting standard requires an entity to review
its long-lived assets for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset
or asset group may not be recoverable. An impairment loss
would be recognized if the carrying amount of an asset or asset
group exceeds the sum of the undiscounted future cash flows
expected to result from the continued use and eventual disposition of the asset or asset group. The impairment loss would
be measured as the amount by which the carrying amount of
the asset exceeds its recoverable amount, which is the higher
of the discounted cash flows from the continued use and eventual disposition of the asset or the net selling price at disposition.
The Group expects to adopt these pronouncements as of
April 1, 2005 and is currently in the process of assessing the
effect of adoption of these pronouncements.
3. MARKETABLE AND INVESTMENT SECURITIES
Marketable and investment securities as of March 31, 2005 and
2004 consisted of the following:
Millions of Yen
2005
Current—Government and
corporate bonds
Total
2004
¥ 8,244 ¥ 7,037
¥ 8,244 ¥ 7,037
Non-current:
Marketable equity securities ¥ 5,049 ¥ 5,255
Government and corporate
bonds
7,768
Trust fund investments
and other
2,293 12,214
Total
¥15,110 ¥17,469
The carrying amounts and aggregate fair values of marketable and
investment securities at March 31, 2005 and 2004 were as follows:
Millions of Yen
March 31, 2005
Cost
Securities classified as:
Available-for-sale:
Equity securities ¥1,575
Debt securities
12,963
Other
1,999
Held-to-maturity
2,518
$ 77,046
$ 77,046
$47,186
Unrealized
Losses
¥3,473
597
¥(66)
10
Fair
Value
¥5,049
13,494
1,999
2,528
March 31, 2004
Securities classified as:
Available-for-sale:
Equity securities
1,586
Debt securities
15,022
Held-to-maturity
3,668
Thousands of
U.S. Dollars
2005
Unrealized
Gains
3,669
588
7
(27)
(15)
5,255
15,583
3,660
Thousands of U.S. Dollars
March 31, 2005
Cost
Unrealized
Gains
Securities classified as:
Available-for-sale:
Equity securities $14,719 $32,457
Debt securities 121,149
5,579
Other
18,682
Held-to-maturity
23,532
93
Unrealized
Losses
Fair
Value
$47,186
$(616) 126,112
18,682
23,626
72,598
21,429
$141,214
Proceeds from sales of available-for-sale securities for the years
ended March 31, 2005 and 2004 were ¥56 million ($523 thousand) and ¥256 million, respectively. Gross realized gains on these
sales, computed on the moving average cost basis, were ¥42 million ($392 thousand) and ¥121 million for the years ended March
31, 2005 and 2004, respectively.
The carrying values of debt securities by contractual maturities
for securities classified as available-for-sale and held-to-maturity
(including subordinated bond) at March 31, 2005 are as follows:
Thousands of
U.S. Dollars
Millions of Yen
Available
for Sale
Due in one year or
less
¥ 7,038
Due after one year
through five years
8,455
Due after five years
through ten years
Due after ten years
4,738
Total
¥20,232
Held to
Maturity
Available
for Sale
Held to
Maturity
¥1,206 $ 65,775 $11,271
949
79,018
8,869
362
3,383
44,280
¥2,517 $189,084 $23,523
大東建託株式会社
33
4. SUBORDINATED BOND
6. INVENTORIES
The Company mediates the extension of apartment loans to customers who order construction of rental housing.
As for this loan, financial institutions establish special purpose companies ("SPCs") and the loan is securitized by SPCs.
When the customer uses this loan, the Company needs to buy
the subordinated bonds issued by the SPCs according to the agreement with certain financial institutions.
Details of the subordinated bond are as follows:
Inventories at March 31, 2005 and 2004 consisted of the following:
Millions of Yen
Subordinated bonds
¥4,738
Allowance for doubtful accounts
¥817
Possession ratio of subordinated
bonds
5.91%
Date of maturity
November 2034March 2037
Loan balance of SPCs
¥82,571
Outstanding bonds of SPCs
¥83,895
Thousands of
U.S. Dollars
$44,280
$ 7,635
$771,691
$784,065
5. PLEDGED ASSETS
The carrying amounts of assets pledged as security as required by
the Building Lots and Buildings Transaction Business Law and for
the purpose of extending payment due dates for customs and consumption tax at March 31, 2005 and 2004 were as follows:
Marketable securities
Investment securities
Total
2005
2004
¥1,226 ¥ 505
1,115
2,068
¥2,341 ¥2,573
2005
Construction projects in
progress
Materials
Real estate held for sale
Merchandise
Total
Thousands of
U.S. Dollars
2004
2005
¥22,611 ¥21,518
3,475
2,448
564
1,154
449
406
¥27,100 ¥25,527
$211,317
32,476
5,271
4,196
$253,271
7. RETIREMENT AND PENSION PLANS
Five SPCs issued bonds payable, respectively.
The outstanding bonds of SPCs included above, are the total of
the bonds balances in the financial statements of two of the SPCs
and bonds issued by three additional SPCs.
The possession ratio of the subordinated bond is the ratio of
the subordinated bond balance of the Company to the total amount
of bonds when issued.
Millions of Yen
Millions of Yen
Thousands of
U.S. Dollars
2005
$11,457
10,420
$21,878
The Company and certain consolidated subsidiaries have severance payment plans for employees, directors and corporate auditors.
Under most circumstances, employees terminating their employment are entitled to retirement benefits determined based on
the rate of pay, years of service and certain other factors. Such
retirement benefits are made in the form of a lump-sum severance
payment from the Company or from certain consolidated subsidiaries and annuity payments from a trustee. Employees are entitled
to larger payments if the termination is involuntary, by retirement
at the mandatory retirement age, by death, or by voluntary retirement at certain specific ages prior to the mandatory retirement
age.
The liability for employees' retirement benefits at March 31,
2005 and 2004 consisted of the following:
Millions of Yen
2005
2004
Projected benefit obligation
¥13,473 ¥11,889
Fair value of plan assets
(7,978) (6,840)
Unrecognized prior service cost
(957) (1,010)
Unrecognized actuarial loss
(866)
(791)
Net liability
¥ 3,672 ¥ 3,246
Thousands of
U.S. Dollars
2005
$125,915
(74,560)
(8,943)
(8,093)
$ 34,317
The components of net periodic benefit costs for the years ended
March 31, 2005 and 2004 were as follows:
Millions of Yen
2005
2004
Service cost
¥1,418 ¥1,354
Interest cost
174
178
Expected return on plan assets
(101)
(83)
Amortization of prior service cost
318
144
Recognized actuarial loss
144
263
Net periodic benefit costs
¥1,954 ¥1,857
34
Daito Trust Construction Co., Ltd.
Thousands of
U.S. Dollars
2005
$13,252
1,626
(943)
2,971
1,345
$18,261
Assumptions used for the years ended March 31, 2005 and 2004
are set forth as follows:
Discount rate
Expected rate of return on plan assets
Amortization period of prior service cost
Recognition period of actuarial gain/loss
2005
1.4%
1.5%
8 years
8 years
2004
1.5%
1.5%
8 years
8 years
The liabilities for retirement benefits for directors and corporate
auditors at March 31, 2005 and 2004 were ¥2,015 million
($18,831 thousand) and ¥1,937 million, respectively. The retirement benefits for directors and corporate auditors are paid subject
to the approval of the shareholders in accordance with the Japanese Commercial Code (the "Code").
9. INCOME TAXES
The Company and its domestic subsidiaries are subject to Japanese national and local income taxes which, in the aggregate, resulted in normal effective statutory tax rates of approximately 40.7%
and 41.7% for the years ended March 31, 2005 and 2004, respectively.
On March 31, 2003, a tax reform law concerning enterprise
tax was enacted in Japan which changed the normal effective statutory tax rate from 41.7% to 40.7%, effective for years beginning
on or after April 1, 2004. The deferred tax assets and liabilities
which will realize on or after April 1, 2004 are measured at the
effective tax rate of 40.7% as at March 31, 2004.
The tax effects of significant temporary differences and tax
loss carryforwards which resulted in deferred tax assets and liabilities at March 31, 2005 and 2004 are as follows:
8. SHAREHOLDERS' EQUITY
Japanese companies are subject to the Code.
The Code requires that all shares of common stock are recorded
with no par value and at least 50% of the issue price of new shares
is required to be recorded as common stock and the remaining net
proceeds as additional paid-in capital, which is included in capital
surplus. The Code permits Japanese companies, upon approval of
the Board of Directors, to issue shares to existing shareholders
without consideration as a stock split. Such issuance of shares
generally does not give rise to changes within the shareholders'
accounts.
The Code also provides that an amount at least equal to 10%
of the aggregate amount of cash dividends and certain other appropriations of retained earnings associated with cash outlays applicable to each period shall be appropriated as a legal reserve (a
component of retained earnings) until such reserve and additional
paid-in capital equals 25% of common stock. The amount of total
additional paid-in capital and legal reserve that exceeds 25% of
the common stock may be available for dividends by resolution of
the shareholders. In addition, the Code permits the transfer of a
portion of additional paid-in capital and legal reserve to the common stock by resolution of the Board of Directors.
The Code allows Japanese companies to repurchase treasury
stock and dispose of such treasury stock by resolution of the Board
of Directors. The repurchased amount of treasury stock cannot
exceed the amount available for future dividend plus amount of
common stock, additional paid-in capital or legal reserve to be
reduced in the case where such reduction was resolved at the shareholders meeting.
In addition to the provision that requires an appropriation for a
legal reserve in connection with the cash payment, the Code imposes certain limitations on the amount of retained earnings available for dividends. The amount of retained earnings available for
dividends under the Code was ¥152,322 million ($1,423,570 thousand) as of March 31, 2005, based on the amount recorded in the
Company's general books of account.
Dividends are approved by the shareholders at a meeting held
subsequent to the fiscal year to which the dividends are applicable. Semiannual interim dividends may also be paid upon resolution of the Board of Directors, subject to certain limitations imposed by the Code.
Thousands of
U.S. Dollars
Millions of Yen
2005
2004
Deferred tax assets:
Loss on devaluation of
investment securities
¥ 1,076 ¥1,049
Provision for guaranteed
payment on vacant rooms
1,251
1,283
Tax loss carryforwards of
consolidated subsidiaries
847
796
Accrued employees' bonuses 4,444
3,626
Software
1,152
841
Enterprise tax
1,372
1,397
Retirement benefits for
directors and corporate
auditors
830
798
Unrealized profit of assets
274
278
Accrued expenses
920
636
Allowance for doubtful accounts 655
256
Retirement benefits for
employees
1,355
1,052
Others
1,101
893
Less valuation allowance
(1,150)
(573)
Total
14,131 12,336
Deferred tax liabilities:
Unrealized gain on availablefor-sale securities
1,627
1,719
Others
26
23
Total
1,654
1,742
Net deferred tax assets
¥12,477 ¥10,593
2005
$ 10,056
11,691
7,915
41,532
10,766
12,822
7,757
2,560
8,598
6,121
12,663
10,289
(10,747)
132,065
15,205
242
15,457
$116,607
大東建託株式会社
35
A reconciliation between the normal effective statutory tax rates
and the actual effective tax rates reflected in the accompanying
consolidated statements of income for the years ended March 31,
2005 and 2004 is as follows:
2005
2004
Normal effective statutory tax rate
40.7%
41.7%
Expenses not deductible for
income tax purposes
1.0
2.1
Inhabitants taxes
0.5
0.5
Others—net
0.9
0.1
Actual effective tax rate
43.1%
44.4%
13. LEASES
10.OPERATING REVENUE AND OPERATING
COST OF DAITO KYOSAIKAI CO., LTD.
Lessee
The Group leases certain machinery, vehicles and computer equipment.
Total lease payments under finance leases for the years ended
March 31, 2005 and 2004 were ¥2,677 million ($25,018 thousand) and ¥2,069 million, respectively.
Pro forma information of leased property such as acquisition
cost, accumulated depreciation, obligations under finance leases,
depreciation expense, interest expense of finance leases that do
not transfer ownership of the leased property to the lessee on an
"as if capitalized" basis for the years ended March 31, 2005 and
2004 was as follows:
Operating revenues of Daito Kyosaikai Co., Ltd. which were included in net sales—other for the years ended March 31, 2005
and 2004 were as follows:
Thousands of
U.S. Dollars
Millions of Yen
Net sales—other
2005
¥13,302
2004
¥12,256
2005
$124,317
Operating costs of Daito Kyosaikai Co., Ltd. which were included
in selling, general and administrative expenses for the years ended
March 31, 2005 and 2004 were as follows:
Thousands of
U.S. Dollars
Millions of Yen
Selling, general and
administrative expenses
2005
2004
2005
¥12,500
¥12,333
$116,822
Millions of Yen
Thousands of
U.S. Dollars
2005
2004
2005
¥ 4,110
7,741
¥11,852
¥ 2,163
8,095
¥10,259
$ 38,411
72,345
$110,766
Accumulated depreciation:
Machinery and equipment
Vehicles
Total
¥1,356
3,449
¥4,806
¥ 818
3,199
¥4,017
$12,672
32,233
$44,915
Net leased property:
Machinery and equipment
Vehicles
Total
¥2,754
4,291
¥7,045
¥1,345
4,895
¥6,241
$25,738
40,102
$65,841
Acquisition cost:
Machinery and equipment
Vehicles
Total
Obligations under finance leases:
11. RESEARCH AND DEVELOPMENT COSTS
Research and development costs charged to income were ¥650
million ($6,074 thousand) and ¥810 million for the years ended
March 31, 2005 and 2004, respectively.
2005
¥2,169
5,566
¥7,735
2004
¥1,923
4,558
¥6,482
Thousands of
U.S. Dollars
2005
$20,271
52,018
$72,289
12. OTHER INCOME (EXPENSES)—NET
Due within one year
Due after one year
Total
Other income (expenses)—net for the years ended March 31, 2005
and 2004 consisted of the following:
Depreciation expense and interest expense under finance leases:
Thousands of
U.S. Dollars
Millions of Yen
2005
Interest and dividend income ¥ 383
Referral fee
138
Gain on investment
Loss on devaluation of
investment securities
(7)
Provision for closing of
home center business
(1,200)
Other
389
Other income (expenses)—net ¥ (297)
36
Millions of Yen
Daito Trust Construction Co., Ltd.
2004
¥ 346
158
491
(9)
254
¥1,240
2005
$ 3,579
1,289
(65)
(11,214)
3,635
$(2,775)
Millions of Yen
Depreciation expense
Interest expense
Total
2005
¥2,094
617
¥2,712
2004
¥1,958
157
¥2,116
Thousands of
U.S. Dollars
2005
$19,570
5,766
$25,345
Depreciation expense and interest expense, which are not reflected
in the accompanying consolidated statements of income, are computed by the straight-line method and the interest method, respectively.
Lessor
The minimum rental commitments under noncancelable operating
leases at March 31, 2005 and 2004 were as follows:
Millions of Yen
Due within one year
Due after one year
Total
2005
¥
621
10,560
¥11,181
2004
¥
621
11,181
¥11,803
Thousands of
U.S. Dollars
2005
5,803
98,691
$104,495
$
14. DERIVATIVES
The Group enters into derivative financial instruments, including
foreign currency forward contracts, currency options and currency
swaps, to hedge foreign exchange risk associated with certain assets and liabilities denominated in foreign currencies.
All derivative transactions are entered into to hedge foreign
currency exposures incorporated within its business. Accordingly,
market risk in these derivatives is basically offset by opposite movements in the value of hedged assets or liabilities.
Because the counterparties to these derivatives are limited to
major international financial institutions, the Group does not anticipate any losses arising from credit risk.
Derivative transactions entered into by the Group have been
made in accordance with internal policies which regulate the authorization and credit limit amount.
Because the Group had only derivatives which qualify for hedge
accounting for the years ended March 31, 2005 and 2004, the
disclosure of market value information is not required under Japanese regulation.
15. CONTINGENT LIABILITIES
The Company was contingently liable as guarantor to finance companies for housing loans to customers totaling ¥94 million ($878
thousand) and ¥152 million as of March 31, 2005 and 2004,
respectively.
16. STOCK OPTION PLAN
The stock option plan which was approved by the shareholders on
June 29, 2000, provides options to purchase the Company's common stock in an aggregate maximum of 395,000 shares for 53
employees of the Company. The exercise period for these stock
options is between June 30, 2002 and June 29, 2005, at an exercise price of ¥1,931 per share. The exercise price of stock options
is subject to adjustment in certain circumstances. The outstanding balance of such options is 8,800 shares.
The stock option plan which was approved by the shareholders
on June 28, 2001, provides options to purchase the Company's
common stock up to an aggregate maximum of 615,000 shares for
7 operating officers and 73 employees of the Company. The exercise period for these stock options is between June 29, 2003 and
June 28, 2006, at an exercise price of ¥2,048 per share. The
exercise price of stock options is subject to adjustment in certain
circumstances. The outstanding balance of such options is 33,900
shares.
The stock option plan which was approved by the shareholders
on June 27, 2002, provides options to purchase the Company's
common stock in an aggregate maximum of 4,575,000 shares for
directors, corporate auditors and employees (total 274 persons) of
the Group. The exercise period for these stock options is between
June 28, 2004 and June 27, 2007, at an exercise price of ¥2,475
per share. The exercise price of stock options is subject to adjustment in certain circumstances. The outstanding balance of such
options is 2,820,200 shares.
The stock option plan which was approved by the shareholders
on June 29, 2004, provides options to purchase the Company's
common stock up to an aggregate maximum of 5,450,000 shares
for directors, corporate auditors and employees (total 313 persons)
of the Group. The exercise period for these stock options is between June 30, 2006 and June 29, 2009, at an exercise price of
¥4,645 per share. The exercise price of stock options is subject to
adjustment in certain circumstance.
17. NET INCOME PER SHARE
Reconciliation of the differences between basic and diluted net
income per share ("EPS") for the years ended March 31, 2005 and
2004 is as follows:
Year Ended March 31, 2005
Millions
of Yen
Thousands
of Shares
Net
Income
Weightedaverage
Shares
Basic EPS—Net income
available to common
shareholders
¥31,057 123,695
Effect of dilutive
securities—Warrants
1,549
Diluted EPS-Net income
for computation
¥31,057 125,245
U.S.
Dollars
Yen
EPS
¥251.07 $2.34
¥247.96 $2.31
Year Ended March 31, 2004
Basic EPS—Net income
available to common
shareholders
¥27,474 125,795
Effect of dilutive
securities—Warrants
963
Diluted EPS—Net income
for computation
¥27,474 126,759
¥218.40
¥216.74
大東建託株式会社
37
18. SEGMENT INFORMATION
Information about industry segments of the Group for the years ended March 31, 2005 and 2004 is as follows:
(1) Sales and Operating Income
Millions of Yen
2005
Construction
Sales to customers
Intersegment sales
Total sales
Operating expenses
Operating income
¥384,276
1
384,278
322,120
¥ 62,157
Real Estate
¥83,154
2,776
85,930
83,510
¥ 2,420
Finance
Other
¥1,276
25
1,301
513
¥ 787
¥23,053
3,006
26,060
23,570
¥ 2,489
Eliminations
(Corporate)
Consolidated
¥491,761
¥ (5,809)
(5,809)
6,331
¥(12,140)
491,761
436,046
¥ 55,715
Eliminations
(Corporate)
Consolidated
(2) Total Assets, Depreciation and Capital Expenditures
Millions of Yen
2005
Construction
Total assets
Depreciation
Capital expenditures
¥69,264
507
526
Real Estate
¥94,694
2,585
279
Finance
Other
¥56,774
¥32,528
269
2,932
¥156,014
11
¥409,276
3,374
3,738
(1) Sales and Operating Income
Thousands of U.S. Dollars
2005
Construction
Sales to customers
Intersegment sales
Total sales
Operating expenses
Operating income
$3,591,364
9
3,591,383
3,010,467
$ 580,906
Real Estate
$777,140
25,943
803,084
780,467
$ 22,616
Other
Eliminations
(Corporate)
$215,448
28,093
243,551
220,280
$ 23,261
$ (54,289)
(54,289)
59,168
$(113,457)
Finance
$11,925
233
12,158
4,794
$ 7,355
Consolidated
$4,595,897
4,595,897
4,075,196
$ 520,700
(2) Total Assets, Depreciation and Capital Expenditures
Thousands of U.S. Dollars
2005
Total assets
Depreciation
Capital expenditures
38
Daito Trust Construction Co., Ltd.
Construction
Real Estate
$647,327
4,738
4,915
$884,990
24,158
2,607
Finance
$530,598
Other
$304,000
2,514
27,401
Eliminations
(Corporate)
$1,458,074
102
Consolidated
$3,825,009
31,532
34,934
(1) Sales and Operating Income
Millions of Yen
2004
Construction
Sales to customers
Intersegment sales
Total sales
Operating expenses
Operating income
¥344,772
23
344,796
286,042
¥ 58,753
Real Estate
Finance
¥75,743
2,455
78,198
77,965
¥
232
Eliminations
(Corporate)
Other
¥819
30
850
447
¥403
¥17,292
3,043
20,335
19,438
¥
897
Consolidated
¥438,627
¥ (5,553)
(5,553)
5,656
¥(11,210)
438,627
389,550
¥ 49,077
Eliminations
(Corporate)
Consolidated
¥138,274
12
9
¥364,754
3,356
3,433
(2) Total Assets, Depreciation and Capital Expenditures
Millions of Yen
2004
Construction
Total assets
Depreciation
Capital expenditures
¥59,656
550
438
Real Estate
¥96,220
2,753
1,043
Finance
¥43,911
Other
¥26,691
40
1,941
Segment information by geographical area is omitted, since sales and assets in the domestic market comprise over 90% of total sales and
total assets, respectively. Overseas sales information is omitted, since sales to overseas customers are less than 10% of consolidated
sales.
19. SUBSEQUENT EVENTS
(1) Appropriations of Retained Earnings
The following appropriations of retained earnings at March 31, 2005 were approved at the Company's shareholders meeting held on June
29, 2005:
Year-end cash dividends, ¥37.0 ($0.34) per share
Bonuses to directors and corporate auditors
Millions of Yen
Thousands of
U.S. Dollars
¥4,562
448
$42,635
4,186
(2) Stock Option Plan
According to the shareholders' approval of the stock option plan at the shareholders meeting held on June 29, 2004, details of the plan
were decided and options were provided at the board meeting held on April 18, 2005.
For the details of the plan, refer to Note 16 on the stock option plan.
(3) Purchase of Treasury Stock
At the board meeting held on May 9, 2005, it was approved to repurchase up to 3,200,000 shares of the Company's common stock for
extinguishment (aggregated amount of ¥14,700 million ($137,383 thousand)) and to repurchase up to 2,020,000 shares of the
Company's common stock (aggregated amount of ¥10,100 million ($94,392 thousand)) as treasury stock.
大東建託株式会社
39
Independent Auditor's Report
40
Daito Trust Construction Co., Ltd.
Financial Summaries of Subsidiaries
連結子会社の概況
Construction Business
建設事業
Daito Steel Co., Ltd.
Daito Trust & Building Co., Ltd.
大東スチ−ル株式会社
大東住託株式会社
Millions
of U.S. dollars
Millions of yen
Millions
of U.S. dollars
Millions of yen
2005
2005
Total Sales
売上高
231
2.1
Total Gross Profits
売上総利益
2,194
20.5
68
0.6
SG&A Expenses
販管費
1,494
13.9
営業利益
163
1.5
Operating Income
営業利益
699
6.5
経常利益
164
1.5
Recurring Income
経常利益
742
0.8
Net Income
当期純利益
356
Total Sales
売上高
Total Gross Profits
売上総利益
SG&A Expenses
販管費
Operating Income
Recurring Income
Net Income
当期純利益
¥1,686 (+17.0%)
96
$15.7
(-2.2%)
Supply of steel frames for buildings
¥19,944 (+460.9%)
$186.3
6.9
( - %)
3.3
Construction of a building (leased and owner-occupied) and monthly
rental service
賃貸用物件の基本構造である鉄骨部材の安定供給
賃貸併用住宅の建設およびマンスリー事業
Real Estate Business
不動産事業
House-com Co., Ltd.
Daito Building Management Co., Ltd.
ハウスコム株式会社
大東建物管理株式会社
Millions
of U.S. dollars
Millions of yen
Millions
of U.S. dollars
Millions of yen
2005
2005
Total Sales
売上高
Total Sales
売上高
Total Gross Profits
売上総利益
3,054
28.5
Total Gross Profits
売上総利益
9,410
87.9
SG&A Expenses
販管費
2,692
25.1
SG&A Expenses
販管費
8,665
80.9
6.9
¥4,428 (+193.5%)
$41.3
¥17,882 (+48.4%)
$167.1
Operating Income
営業利益
362
3.3
Operating Income
営業利益
745
Recurring Income
経常利益
365
3.4
Recurring Income
経常利益
815
7.6
Net Income
当期純利益
196 (-21.0%)
1.8
Net Income
当期純利益
457 (-8.6%)
4.2
Tenant recruiting
Management of the Shinagawa East One Tower and other lease buildings
賃貸物件の仲介
賃貸建物の管理および品川イ−ストワンタワ−のビル管理
URL: http://www.housecom.jp/
URL: http://www.e-onetower.com/
House-com Co., Ltd. (Real Estate Information Center)
Shanghai Daito Trust Construction Co., Ltd.
ハウスコム（不動産情報センター）
上海大東建托有限公司
Millions
of U.S. dollars
Millions of yen
Millions
of U.S. dollars
Millions of yen
2005
2005
Total Sales
売上高
Total Sales
売上高
¥1,798
(+31.1%) $16.8
Total Gross Profits
売上総利益
111
1.0
Total Gross Profits
売上総利益
654
6.1
SG&A Expenses
販管費
105
0.9
SG&A Expenses
販管費
187
1.7
Operating Income
営業利益
6
0.0
Operating Income
営業利益
467
4.3
Recurring Income
経常利益
1
0.0
Recurring Income
経常利益
350
3.2
Net Income
当期純利益
6
0.0
Net Income
当期純利益
350 (+91,287.0%)
3.2
Tenant recruiting
¥138 (-94.1%)
( - %)
$1.2
Operation of upscale service apartment for expatriates in Shanghai
賃貸物件の仲介
上海における駐在員向けの高級サ−ビスアパ−トメントの運営
URL: http://www.housecom.jp/
URL: http://www.shdaito.com/
* U.S. dollar amounts are translated from yen at the rate of ¥107=U.S.$1, the approximate exchange rate at March 31, 2005.
* SG&A Expenses: Selling General and Administrative Expenses
* ( ) is increase/decrease Y-O-Y.
大東建託株式会社
41
Other Businesses
その他事業
Daito Kyosaikai Co., Ltd.
Top & Homex Co., Ltd.
大東共済会株式会社
株式会社トップアンドホメックス
Millions
of U.S. dollars
Millions of yen
2005
Total Sales
Total Gross Profits
SG&A Expenses
Operating Income
Recurring Income
Net Income
2005
¥14,621
(+7.6%)
2,120
185
1,935
1,935
1,144 (+621.0%)
売上高
売上総利益
販管費
営業利益
経常利益
当期純利益
$136.6
19.8
1.7
18.0
18.0
10.6
Total Sales
Total Gross Profits
SG&A Expenses
Operating Income
Recurring Income
Net Income
¥2,385(-10.4%)
593
695
-102
-93
-106
( - %)
売上高
売上総利益
販管費
営業利益
経常利益
当期純利益
Rent guarantees to property owners
Operation of DIY stores in Tokyo and Chiba Prefecture
互助会的な運営による空室時の家賃を保証
東京都と千葉県で DIY の店舗展開
Daito Finance Co., Ltd.
Gaspal Co., Ltd.
大東ファイナンス株式会社
2005
¥1,301 (+53.0%)
1,016
214
802
814
472 (+86.5%)
売上高
売上総利益
販管費
営業利益
経常利益
当期純利益
Millions
of U.S. dollars
Millions of yen
2005
$12.1
9.4
2.0
7.4
7.6
4.4
Total Sales
Total Gross Profits
SG&A Expenses
Operating Income
Recurring Income
Net Income
¥5,183 ( - %)
2,204
2,152
51
53
-1 ( - %)
売上高
売上総利益
販管費
営業利益
経常利益
当期純利益
$48.4
20.5
20.1
0.4
0.4
-0.0
Bridge finance and cooperative loan mediation
Supply of LP gas held in bulk storage mainly to buildings managed by Daito
契約金に関する短期つなぎ融資や提携ローンの斡旋
当社管理建物を中心にバルク貯蔵のLPガスを供給
Care Partner Co., Ltd.
Daito Asia Development (Malaysia) Sdn. Bhd.
ケアパートナー株式会社
大東アジアディベロップメント社（マレーシア）
Millions
of U.S. dollars
Millions of yen
Total Sales
Total Gross Profits
SG&A Expenses
Operating Income
Recurring Income
Net Income
2005
¥1,217 (+135.2%)
100
267
-166
-8
-16
( - %)
売上高
売上総利益
販管費
営業利益
経常利益
当期純利益
$11.3
0.9
2.4
-1.5
0.0
-0.1
Total Sales
Total Gross Profits
SG&A Expenses
Operating Income
Recurring Income
Net Income
売上高
売上総利益
販管費
営業利益
経常利益
当期純利益
Operation of day service centers for seniors
Operation of hotel in Kuala Lumpur
在宅介護のためのデイサ−ビス・センタ−を展開
クアラルンプ−ルでのホテル運営事業
Ju-See Publishing Co., Ltd.
ジュ−シィ出版株式会社
Millions
of U.S. dollars
Millions of yen
2005
Total Sales
Total Gross Profits
SG&A Expenses
Operating Income
Recurring Income
Net Income
売上高
売上総利益
販管費
営業利益
経常利益
当期純利益
¥897 (+36.4%)
262
246
15
17
12 (-36.0%)
Publication of lease housing listings magazine Ju-SEE
賃貸住宅情報誌「住SEE」を出版
URL: http://www.jsee.com
Daito Trust Construction Co., Ltd.
Millions
of U.S. dollars
Millions of yen
2005
42
$22.2
5.5
6.4
-0.9
-0.8
-0.9
株式会社ガスパル（関東・中部・近畿・中国・九州）
Millions
of U.S. dollars
Millions of yen
Total Sales
Total Gross Profits
SG&A Expenses
Operating Income
Recurring Income
Net Income
Millions
of U.S. dollars
Millions of yen
$8.3
2.4
2.2
0.1
0.1
0.1
¥134 ( - %)
-200
394
-595
-590
-591 ( - %)
$1.2
-1.8
3.6
-5.5
-5.5
-5.5
New Products
新商品
Sunremy (January 2005)
In January 2005, Daito launched sales of "Sunremy," a two-story rental apartment made using the "two-by-four" method. Inspiration for the name came
from the town of Saint-Remy and the warm sun and wind of Provence in
southern France. Plain bricks adorn the roof, while the exterior walls are
painted. Wrought iron and artificial stone features provide extra visual appeal. The natural stone kitchen counter complies with the southern European theme.
サンレミ （2005年1月）
ツ−バイフォ−造の2階建て賃貸アパ−ト「サンレミ」の販売を開始しました。南欧の町
Saint-Remy と太陽のSunを組合せた南フランス、
プロヴァンス地方の暖かな陽射しと風
をまとった上質な集合住宅という意味が込められています。外部には素焼き瓦風屋根、
塗壁
調サイディング、鋳物の装飾材、擬石等の素材を使用。室内には天然石キッチンカウンタ−
などを採用し、南欧のイメ−ジを大切にしました。
Meridio 24 (September 2004)
Daito released the two-story apartment "Meridio 24," constructed using the
two-by-four method, in Japan in September 2004. A modern twist to the style
of a traditional Italian villa, a gently sloping roof, and subtle exterior tones
give this rental building a modern look while retaining decorative features.
メリディオ24 （2004年9月）
ツ−バイフォ−造の2階建て賃貸アパ−ト「メリディオツ−フォ−」の販売を開始しました。
伝統のイタリアンビラ様式を新しいスタイルにし、
ゆるやかな屋根、
外部装飾、
おだやかな色
調の外装材により、装飾的でありながらモダンな、
現代感覚の新しい賃貸集合住宅のイメ−
ジに仕上げました。
Formia (May 2004)
Daito released the "Formia," a steel-structured, two-story apartment, onto
the market in May 2004. On the outside, the building features a tiled roof
styled differently on the right and left sides, and the subtly colored walls
and stone siding give it a Mediterranean flavor. The beautiful exterior and
bright stairwells offer visitors a warm welcome.
フォルミア （2004年5月）
鉄骨造の2階建て賃貸アパ−ト「フォルミア」の販売を開始しました。外観のシルエットが
左右異なる瓦屋根と優しい色調の壁と石積調のサイディングが南欧風の戸建ての街並みを
思わせます。美しい外観と明るい階段室が来訪者をあたたかく迎え、豊かで快適なライフ
スタイルのイメ−ジを作り上げています。
大東建託株式会社
43
Chronology
沿革
'74
Daito Sangyo Co., Ltd. is established in
Nagoya, Japan, to construct lease buildings
for effective land utilization.
'80
Daito Kyosaikai Co., Ltd. is established.
土地有効活用のための賃貸建物建設を目的に名古
'85
Daito Construction is merged with Daito
Kosan Co., Ltd.(Nagoya, Osaka), Daito
Sekkei Co., Ltd.(Nagoya, Osaka), and Daito
Construction Co., Ltd.(Osaka).
屋市に大東産業（株）を設立。
'78
The name of Daito Sangyo Co., Ltd. is
changed to Daito Construction Co., Ltd.
'88
大東共済会（株）を設立。
大東建設（株）から大東建託（株）に社名変更。
'89
大東興産（株）(名古屋、大阪)、大東設計（株）
（名古
大東産業（株）から大東建設（株）に社名変更。
The name of Daito Construction is changed
to Daito Trust Construction Co., Ltd.
("Daito")
Daito is listed on the 2nd Section of the
Nagoya Stock Exchange.
名古屋証券取引所市場第二部に株式上場。
屋、大阪）、大東建託（株）
（大阪）の3社を吸収合併。
600
Net sales / Net income / Nikkei stock average
売上高・当期純利益・日経平均株価
Name changed to Daito Trust Construction Co., Ltd.
500
Net sales (left ordinate: ¥ billions)
売上高（左座標：10億円）
Net income (left ordinate: ¥ 100 millions)
当期純利益（左座標：億円）
大東建託に社名変更
Listed shares on Second Section of Nagoya
Stock Exchange
Nikkei stock average (right ordinate: ¥ thousands) 日経平均株価（右座標：千円）
名古屋証券取引所2部上場
400
Established Daito Kyosaikai Co., Ltd.
大東共済会設立
300
Established the Daito
Cooperative Association
Name changed to Daito
Construction Co., Ltd.
大東協力会発足
大東建設に社名変更
200
Established Daito Sangyo Co., Ltd.
大東産業設立
100
0
1974
1975
1978
1984
1987
消
費
税
導
入
日
経
平
均
株
価
最
高
値
¥38,915
Nikkei Average peaks at ¥38,915
ブ
ラ
ッ
ク
マ
ン
デ
ー
1989
Consumption tax introduced
ル
ー
ブ
ル
合
意
1988
Black Monday
プ
ラ
ザ
合
意
1986
Louvre Accord signed
日
経
平
均
株
価
１
万
円
1985
Plaza Accorded signed
農
地
の
宅
地
並
み
課
税
の
適
用
1983
Nikkei average reached ¥10,000
イ
ラ
ン
・
イ
ラ
ク
戦
争
1982
Agricultural and taxes equalized with
residential land taxes
ソ
連
︑
ア
フ
ガ
ン
侵
攻
1981
Iran-Iraq War
第
二
次
石
油
シ
ョ
ッ
ク
1980
USSR conflict with Afghanistan
イ
ラ
ン
革
命
1979
2nd oil shock
Daito Trust Construction Co., Ltd.
1977
Iranian revolution
44
Vietnam conflict concluded
ベ
ト
ナ
ム
戦
争
終
結
1976
'90
'95
Head office is relocated to Shinagawa-ku,
Tokyo.
本社機構を東京都品川区に移転。
'91
'01
Shanghai Daito Trust Construction is
established in Shanghai.
Gaspal Kanto Co., Ltd. and Gaspal
Chugoku Co., Ltd. is established.
中国に上海大東建托有限公司を設立。
'96
Daito is listed on the 1st section of the
Nagoya Stock Exchange.
名古屋証券取引所市場第一部に指定替え。
（株）ガスパル関東および（株）ガスパル中部を設立。
'02
Top and Homex Co., Ltd. is established.
Head Office is relocated to Minato-ku,
Tokyo.
Daito Home Medicine Co., Ltd. is
established.
Shin-Nihon Denken Co., Ltd.(now, Daito
Trust & Building Co., Ltd.) is established.
（株）
トップアンドホメックスを設立。
'92
'97
東京証券取引所市場第一部に上場。
'93
Daito Finance Co., Ltd., is established.
'94
Housecom Co., Ltd. is established.
大東ホーム薬品（株）を設立。
本社機構を東京都港区芝公園に移転。
Daito is listed on the 1st section of the
Tokyo Stock Exchange.
新日本電建（株）を設立（現・大東住託（株））。
Daito Steel Co., Ltd. is established.
Daito Construction Co., Ltd.(now, Daito
Trust & Building Co., Ltd.) is established.
'03
Head office is relocated to Konan, Minatoku, Tokyo (Shinagawa East One Tower).
本社機構を東京都港区港南（品川イーストワン
大東スチール（株）を設立。
大東ファイナンス（株）を設立。
タワー）へ移転。
大東建設（株）
（現・大東住託（株））を設立。
'99
ハウスコム（株）を設立。
'04
Care Partner Co., Ltd. is established.
Daito Building Management Co., Ltd. is
established.
Appointed to Chairman Katsumi Tada, and
President Moritaka Asada.
多田勝美会長、麻田守孝社長就任。
'05
ケアパートナー（株）を設立。
大東建物管理（株）を設立。
Daito Corporate Service Co., Ltd. established
大東コ−ポレ−トサ−ビス（株）を設立。
60
Shinagawa East One
Tower Completed
Head office addressed to Tokyo
本社東京移転
50
品川イーストワンタワー竣工
Established Daito Finance Co., Ltd.
Established Housecom Co., Ltd.
Established Daito Building
Management Co., Ltd.
大東ファイナンス設立
ハウスコム設立
大東建物管理設立
40
Listed shares on first section of
Tokyo Stock Exchange
Established Shanghai Daito
Trust Construction Co., Ltd.
東京証券取引所1部上場
上海大東建托設立
30
Established Gaspal Kanto Co., Ltd.
and Gaspal Chubu Co., Ltd.
20
ガスパル関東、中部設立。
10
Established Shin-Nihon Denken Co., Ltd.
新日本電建設立
0
1990
1992
1993
1994
1995
1998
1999
2000
ユ
ー
ロ
流
通
開
始
2003
イ
ラ
ク
戦
争
2004
2005
Iraq War
ア
フ
ガ
ニ
ス
タ
ン
空
爆
The euro is circulated
米
国
同
時
多
発
テ
ロ
2002
Air campaign against Afghanistan
9.11
問
題
2001
September 11 terrorist attacks
in the United States
に
引
上
げ
1997
Y2K problem
Y2K
消
費
税
率
５
%
︶
1996
Consumption tax raised to 5%
0.5%
円
︶
公
定
歩
合
史
上
最
低
︵
Official discount rate reaches
all-time low of 0.5%
79.5
為
替
レ
ー
ト
最
高
値
︵
１
ド
ル
＝
Yen reaches peak of US$1=¥79.5
公
示
地
価
が
１
７
年
ぶ
り
下
落
Government appraisal of land value
declines for the first time in 17 years
生
産
緑
地
法
改
正
Production Green Land Law amended
Gulf War
湾
岸
戦
争
1991
大東建託株式会社
45
Organization
組織図
Shareholders Meeting
株主総会
Board of Corporate
Auditors
監査役会
Total 169 branches such as
Sapporo, Sendai, Chiba,
Yokohama,Nagoya,Osaka,
Fukuoka, and Okinawa
札幌、仙台、千葉、横浜、名古屋、
大阪、福岡、沖縄など全国169支店
Board of Directors
取締役会
Construction Sales
Management Division
建設営業統括部
Chairman
会長
Construction Sales
Headquarters
営業本部
Personnel Development Division
能力開発部
Sales Planning Division
President
営業企画部
社長
Tenant Recruiting
Management Division
Sales Division
テナント営業統括部
営業部
Design Management
Division
Product Development Division
設計統括部
Design Division
商品開発部
設計部
Construction Management
Division
工事統括部
Construction Division
East Japan and West Japan Area
工事部：東日本地域・西日本地域
Building Management
Division
管理統括部
General Administration Division
総務部
Personnel Division
人事部
Administration
Headquarters
業務本部
General Accounting Division
経理部
Information System Division
情報システム部
Marketing Division
家賃審査部
New CAD Development Division
新CAD開発部
Purchasing Division
購買部
Legal Affairs Division
法務部
TQC Promotion Division
TQC 推進事務局
Corporate Planning Division
経営企画室
Internal Audit Division
内部監査室
CS Improvement Committee
CS 向上委員会
Compliance and Audit Committee
コンプライアンス監視委員会
Personal Information Protection Committee
情報保護委員会
Environmental Management Project
環境経営プロジェクト
Subsidiaries
子会社各社
46
Daito Trust Construction Co., Ltd.
Board of Directors, Corporate Auditors, and Executive Officers
取締役、監査役および執行役員
Board of Directors
取締役
Chairman
代表取締役会長
Katsumi Tada
多田 勝美
President
代表取締役社長
Moritaka Asada
麻田 守孝
Executive Officers
執行役員
Takashi Igawa
井川 孝
Hideki Asano
浅野 秀樹
Hitoshi Kadouchi
門内 仁志
Takeshi Otani
大谷 武士
Tsuyoshi Chadani
茶谷 剛
Shinichi Hirai
平井 伸一
Masami Fujiyoshi
藤吉 政己
Hiroshi Kawaguchi
川口 宏
Yuichi Yokoyama
横山 裕一
Vice Presidents
取締役副社長
Shuji Nakada
中田 修二
Toshiyuki Nakashima
中島 敏行
Hitoshi Murayama
村山 均
Haruhiko Tada
多田 春彦
Senior Managing Director
専務取締役
Isao Minabe
三鍋 伊佐雄
Directors
取締役
Akio Inada
稲田 昭夫
Naomi Kumakiri
熊切 直美
Hisaharu Jin
神 久治
Tetsuo Takeda
武田 哲男
Corporate Auditors
監査役
Standing Corporate Auditor
常勤監査役
Hideyuki Nakaita
中板 秀之
Corporate Auditors
監査役
Hideo Hachiya
蜂谷 英夫
Sakumichi Yamada
山田 咲道
Koji Murata
村田 浩治
(As of June 29, 2005)
大東建託株式会社
47
Investor Information and Corporate Data
株式情報および会社概要
Principal Shareholders
大株主
Name
Number
of shares
owned
Outstanding
shares
(%)
Daisho Corp.
34,234,272
26.46
株式会社ダイショウ
議決権
比率(%)
34,234,272 26.46
9,926,406
7.67
日本マスタートラスト信託銀行株式会社（信託口） 3,885,600
3.00
日本トラスティ・サービス信託銀行株式会社（信託口） 3,604,200
2.78
2.78
ステートストリートバンクアンドトラストカンパニー 2,516,831
1.94
2,516,831
1.94
ステートストリートバンクアンド
2,436,785
1.88
The Chase Manhattan Bank NA London
9,926,406
7.67
The Master Trust Bank of Japan, Ltd.(Trust account)
3,885,600
3.00
Japan Trustee Services Bank, Ltd. (Trust account)
3,604,200
State Street Bank and Trust Company
State Street Bank and Trust Company (505103)
State Street Bank and Trust Company (505025)
2,358,400
1.82
Bank of Bermuda Limited, Hamilton
2,356,000
1.82
Co-op Suppliers' stockholding
2,244,305
1.73
The Chase Manhattan Bank NA London SL
Omnibus Account
持ち株数
（株）
株主名
ザチェースマンハッタンバンクエヌエイロンドン
トラストカンパニー (505103)
2,436,785
1.88
ステートストリートバンクアンド
2,358,400
1.82
バンクオブバ−ミュ−ダリミテッドハミルトン
トラストカンパニー (505025)
2,356,000
1.82
大東建託協力会持株会
2,244,305
1.73
ザチェースマンハッタンバンクエヌエイロンドン
2,208,815
1.70
Note: In addition to the above, the Company holds 6,048,854 shares of treasury stock.
エスエルオムニバスアカウント
2,208,815
1.70
注：上記のほか、
当社が保有する自己名義の株式が 6,048,854株
（持株比率4.67%）
あります。
(平成17年3月31日現在)
(As of March 31, 2005)
Trends of share price
日
経
平
均
株
価
︵
円
︶
Nikkei stock average
日経平均株価
17,500
5,000
16,000
4,500
14,500
4,000
当
3,500 社
株
価
︵
円
3,000 ︶
13,000
11,500
10,000
2,500
8,500
2,000
7,000
1,500
02/03
48
Daito's share price
当社株価
Daito's share price (¥)
Nikkei stock average (¥)
株価の推移
Daito Trust Construction Co., Ltd.
03/03
04/03
05/03
Corporate Data
会社概要
Daito Trust Construction Co., Ltd.
Head Office: 2-16-1, Konan, Minato-ku, Tokyo 108-8211, Japan
Established: June 20, 1974
Capital:
¥29,060 million (US$271,588 thousand)
Employees: 6,890
大東建託株式会社
Investor Information
株式の状況
Shares authorized:
332,255,400
Shares issued and outstanding: 129,358,232
Number of shareholders:
25,388
Trading unit:
100 shares
Fiscal year-end:
March 31
Annual meeting of shareholders: June
Ex-rights date:
March 31
(For interim dividend: September 30)
Independent Auditors:
Deloitte Touche Tohmatsu
Transfer agent and registrar: UFJ Trust Bank Limited
Corporate Agency Department
7-10-11, Higashisuna, Koto-ku,
Tokyo 137-8081, Japan
Listings:
Tokyo Stock Exchange and
Nagoya Stock Exchange
Code:
1878
会社が発行する株式の総数： 332,255,400 株
本社所在地：〒108-8211 東京都港区港南ニ丁目16番1号
設立：
1974年6月20日
資本金：
29,060 百万円
従業員数： 6,890名
発行済株式総数：
129,358,232 株
株主数：
25,388名
１単元の株式数：
100 株
決算期日：
3月31日
定時株主総会：
6月
配当金受領株主確定日
3月31日
なお、
中間配当を実施するときの中間配当金受領株主確定日は9月30日
監査法人：
監査法人ト−マツ
株式の名義書換：
名義書換事務取扱所
UFJ信託銀行株式会社証券代行部
〒137-8081
東京都江東区東砂七丁目10番11号
上場証券取引所：
東京証券取引所・名古屋証券取引所
証券コ−ド：
1878
大東建託株式会社
49
2-16-1 Konan, Minato-Ku, Tokyo 108-8211, Japan
〒108-8211 東京都港区港南2—16—1
TEL : +81—3—6718—9111
URL : http: //www.kentaku.co.jp
E-mail : [email protected]
Printed in Japan
This report was printed entirely on recycled paper with soy-based ink.
この印刷物は「再生紙」と環境に優しい「植物性大豆油インキ」を使用しています。

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