Balance Sheet Daiwa House Industry Co., Ltd.

Equities

1925

JP3505000004

Homebuilding

Delayed Japan Exchange Other stock markets 01:09:58 2024-10-04 EDT			5-day change	1st Jan Change
4,583.00 ^JPY	-0.11%		-1.84%	+7.30%

10-01	Tranche Update on Daiwa House Industry Co., Ltd.'s Equity Buyback Plan announced on August 7, 2024.	CI
09-10	Nikko Co., Ltd. announced that it has received ¥759.78 million in funding from Daiwa House Industry Co., Ltd., Mitani Service Engine.inc, Yamato Protec Corporation and other investors	CI

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Published financial data: DAIWA HOUSE INDUSTRY CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Revenues	4,380B	4,127B	4,440B	4,908B	5,203B
Total Revenues	4,380B	4,127B	4,440B	4,908B	5,203B
Cost of Goods Sold, Total	3,510B	3,300B	3,575B	3,953B	4,211B
Gross Profit	870B	827B	865B	955B	992B
Selling General & Admin Expenses, Total	445B	424B	425B	432B	488B
Provision for Bad Debts	1.54B	5.68B	5.62B	3.02B	2.36B
Depreciation & Amortization - (IS)	10.81B	10.6B	12.88B	16.93B	16.7B
Other Operating Expenses	31.78B	33.88B	39.19B	39.07B	45.2B
Other Operating Expenses, Total	489B	474B	483B	491B	552B
Operating Income	381B	353B	382B	465B	440B
Interest Expense, Total	-8.98B	-10.01B	-13.03B	-18.84B	-31.53B
Interest And Investment Income	7.59B	7.25B	7.33B	7.54B	8.44B
Net Interest Expenses	-1.4B	-2.76B	-5.7B	-11.3B	-23.09B
Income (Loss) On Equity Invest.	-6.97B	-11.55B	-6.81B	844M	2.41B
Other Non Operating Income (Expenses)	-5.08B	-473M	7.13B	1.94B	2.77B
EBT, Excl. Unusual Items	368B	338B	376B	456B	422B
Gain (Loss) On Sale Of Investments	365M	918M	3.92B	1.11B	34.99B
Gain (Loss) On Sale Of Assets	1.12B	590M	1.7B	3.71B	7.1B
Asset Writedown	-19.47B	-22.44B	-25.53B	-15.15B	-8.5B
Other Unusual Items	-2M	-5.69B	-3.04B	-5.19B	-1M
EBT, Incl. Unusual Items	350B	311B	353B	440B	456B
Income Tax Expense	112B	110B	124B	125B	156B
Earnings From Continuing Operations	237B	201B	229B	316B	300B
Net Income to Company	237B	201B	229B	316B	300B
Minority Interest	-3.75B	-6.26B	-3.69B	-7.28B	-1.5B
Net Income - (IS)	234B	195B	225B	308B	299B
Net Income to Common Incl Extra Items	234B	195B	225B	308B	299B
Net Income to Common Excl. Extra Items	234B	195B	225B	308B	299B
Per Share Items
Net EPS - Basic	351.84	297.18	343.82	469.12	457.16
Basic EPS - Continuing Operations	351.84	297.18	343.82	469.12	457.16
Basic Weighted Average Shares Outstanding	664M	656M	655M	657M	654M
Net EPS - Diluted	351.76	297.18	343.82	469.12	457.16
Diluted EPS - Continuing Operations	351.76	297.18	343.82	469.12	457.16
Diluted Weighted Average Shares Outstanding	664M	656M	655M	657M	654M
Normalized Basic EPS	340.45	312.12	353.28	422.46	401.53
Normalized Diluted EPS	340.37	312.12	353.28	422.46	401.53
Dividend Per Share	115	116	116	130	143
Payout Ratio	33.82	37.19	35.17	27.91	29.3
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	456B	431B	482B	578B	557B
EBITA	381B	353B	382B	465B	440B
EBIT	381B	353B	382B	465B	440B
EBITDAR	477B	453B	502B	598B	577B
Effective Tax Rate - (Ratio)	32.12	35.31	35.19	28.34	34.13
Normalized Net Income	226B	205B	231B	278B	262B
Non-Cash Pension Expense	2.1B	-22.54B	-45.61B	-91.15B	-37.64B
Supplemental Operating Expense Items
Advertising Expense	39.77B	34.76B	31.52B	32.31B	33.02B
Selling and Marketing Expenses	59.63B	54.2B	55.07B	53.82B	55.76B
General and Administrative Expenses	4.19B	3.97B	4.12B	4.4B	4.52B
Research And Development Expense From Footnotes	10.13B	10.21B	9.5B	10.43B	10.92B
Net Rental Expense, Total	21.16B	22.02B	19.69B	20.26B	20.04B
Imputed Operating Lease Interest Expense	1.55B	1.41B	1.41B	1.75B	2.43B
Imputed Operating Lease Depreciation	19.6B	20.61B	18.28B	18.51B	17.6B

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	281B	426B	338B	358B	450B
Short Term Investments	814M	550M	7.57B	3.57B	449M
Total Cash And Short Term Investments	282B	427B	345B	362B	451B
Accounts Receivable, Total	478B	462B	508B	566B	640B
Total Receivables	478B	462B	508B	566B	640B
Inventory	1,095B	1,174B	1,562B	2,092B	2,288B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	249B	292B	278B	233B	272B
Total Current Assets	2,104B	2,354B	2,693B	3,252B	3,650B
Net Property Plant And Equipment	1,722B	1,859B	1,969B	2,034B	2,008B
Long-term Investments	509B	537B	527B	517B	555B
Goodwill	63.46B	74.05B	93.9B	94.47B	95.43B
Other Intangibles, Total	54.72B	61.58B	77.02B	99.13B	108B
Loans Receivable Long-Term	4.05B	5.28B	2.26B	4.56B	5.13B
Deferred Tax Assets Long-Term	170B	161B	159B	141B	112B
Other Long-Term Assets, Total	1M	2M	1M	1M	2M
Total Assets	4,627B	5,053B	5,522B	6,142B	6,534B
Liabilities
Accounts Payable, Total	360B	296B	356B	380B	361B
Accrued Expenses, Total	57.29B	53.28B	56.76B	60.73B	64.99B
Short-term Borrowings	160B	125B	151B	133B	122B
Current Portion of Long-Term Debt	131B	86.7B	105B	209B	218B
Current Portion of Leases	6.08B	7.58B	8.81B	8.07B	9.1B
Current Income Taxes Payable	195B	186B	190B	183B	172B
Unearned Revenue Current, Total	131B	113B	138B	183B	195B
Other Current Liabilities	258B	411B	439B	370B	389B
Total Current Liabilities	1,297B	1,279B	1,445B	1,527B	1,531B
Long-Term Debt	751B	1,061B	1,166B	1,505B	1,748B
Long-Term Leases	79.77B	93.78B	103B	97.42B	107B
Pension & Other Post Retirement Benefits	267B	246B	194B	104B	103B
Deferred Tax Liability Non Current	20.04B	19.63B	19.12B	18.4B	18.28B
Other Non Current Liabilities	439B	461B	484B	502B	502B
Total Liabilities	2,854B	3,160B	3,410B	3,753B	4,010B
Common Stock, Total	162B	162B	162B	162B	162B
Additional Paid In Capital	307B	305B	302B	304B	301B
Retained Earnings	1,217B	1,340B	1,487B	1,711B	1,903B
Treasury Stock	-7.59B	-33.02B	-29.08B	-20.33B	-88.32B
Comprehensive Income and Other	48.42B	62.45B	98.66B	128B	160B
Total Common Equity	1,727B	1,835B	2,020B	2,284B	2,438B
Minority Interest	46.29B	58.22B	91.23B	105B	85.9B
Total Equity	1,773B	1,894B	2,111B	2,389B	2,524B
Total Liabilities And Equity	4,627B	5,053B	5,522B	6,142B	6,534B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	664M	655M	656M	666M	640M
ECS Total Common Shares Outstanding	664M	654M	656M	659M	640M
Book Value / Share	2.6K	2.81K	3.08K	3.47K	3.81K
Tangible Book Value	1,609B	1,700B	1,849B	2,091B	2,234B
Tangible Book Value Per Share	2.42K	2.6K	2.82K	3.17K	3.49K
Total Debt	1,127B	1,373B	1,534B	1,952B	2,204B
Net Debt	844B	947B	1,189B	1,590B	1,754B
Debt Equivalent of Unfunded Proj. Benefit Obligation	267B	246B	194B	104B	63.89B
Debt Equivalent Oper. Leases	169B	176B	158B	162B	160B
Minority Interest, Total (Incl. Fin. Div)	46.29B	58.22B	91.23B	105B	85.9B
Inventories - Raw Materials, Total	13.43B	10.98B	11.03B	12.08B	14.24B
Inventories - Work In Process, Total	267B	293B	465B	548B	503B
Inventories - Finished Goods, Total	814B	870B	1,086B	1,532B	1,770B
Full Time Employees	47.13K	48.81K	48.83K	49.77K	48.48K
Accumulated Allowance for Doubtful Accounts (Supple)	9.02B	13.68B	18.2B	3.14B	3.79B
Order Backlog	1,542B	1,480B	1,717B	1,745B	1,721B

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	350B	311B	353B	440B	456B
Depreciation & Amortization - CF	75.21B	78.4B	100B	113B	117B
Depreciation & Amortization, Total	75.21B	78.4B	100B	113B	117B
(Gain) Loss From Sale Of Asset	18.35B	21.85B	23.83B	11.44B	6.7B
(Gain) Loss on Sale of Investments - (CF)	1.63B	656M	174M	498M	1.42B
(Income) Loss On Equity Investments - (CF)	6.97B	11.55B	6.81B	-844M	-2.41B
Other Operating Activities, Total	-131B	-108B	-109B	-108B	-106B
Change In Accounts Receivable	-42.23B	33.76B	13.99B	-43.38B	-40.64B
Change In Inventories	-37.16B	-419M	-228B	-230B	-101B
Change In Accounts Payable	-188B	-72.34B	59.47B	19.37B	-22.25B
Change in Other Net Operating Assets	96.27B	153B	116B	27.98B	-5.76B
Cash from Operations	150B	430B	336B	230B	302B
Capital Expenditure	-291B	-335B	-411B	-487B	-356B
Sale of Property, Plant, and Equipment	12.06B	6.45B	14.67B	7.89B	12.67B
Cash Acquisitions	-5.29B	-25.36B	-53.12B	-17.23B	-14.95B
Divestitures	-	946M	-98M	-2.31B	17.13B
Investment in Marketable and Equity Securities, Total	-11.41B	4.68B	-5.05B	2.9B	32.53B
Other Investing Activities, Total	-21.16B	-42B	-12.84B	-9.91B	-1.76B
Cash from Investing	-317B	-390B	-467B	-505B	-310B
Short Term Debt Issued, Total	62.66B	20.62B	19.01B	-	9.3B
Long-Term Debt Issued, Total	426B	406B	231B	635B	691B
Total Debt Issued	489B	427B	250B	635B	700B
Short Term Debt Repaid, Total	-	-49B	-	-23.37B	-
Long-Term Debt Repaid, Total	-225B	-164B	-156B	-227B	-405B
Total Debt Repaid	-225B	-213B	-156B	-250B	-405B
Issuance of Common Stock	870M	671M	4.33B	189M	-
Repurchase of Common Stock	-244M	-26.05B	-12M	-10M	-87.17B
Common & Preferred Stock Dividends Paid	-79.02B	-72.56B	-79.24B	-86.09B	-87.52B
Common & Preferred Stock Dividends Paid	-79.02B	-72.56B	-79.24B	-86.09B	-87.52B
Other Financing Activities, Total	-16.51B	-13.7B	4.9B	-11.17B	-23.01B
Cash from Financing	169B	103B	24.43B	287B	97.4B
Foreign Exchange Rate Adjustments	-1.74B	-2.81B	16.28B	5.81B	4.14B
Miscellaneous Cash Flow Adjustments	1M	-1M	206M	1.52B	-
Net Change in Cash	-230M	140B	-90.07B	19.9B	93.42B
Supplemental Items
Cash Interest Paid	7.61B	8.39B	11.88B	16.62B	29.37B
Cash Income Tax Paid (Refund)	131B	111B	112B	114B	112B
Levered Free Cash Flow	-328B	-89.37B	-380B	-640B	-287B
Unlevered Free Cash Flow	-322B	-83.11B	-372B	-629B	-267B
Change In Net Working Capital	344B	47.2B	300B	546B	304B
Net Debt Issued / Repaid	264B	214B	94.46B	385B	295B

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.32	4.55	4.51	4.98	4.34
Return on Total Capital	8.86	7.15	6.9	7.27	6.07
Return On Equity %	13.89	10.98	11.43	14.03	12.22
Return on Common Equity	14.06	10.95	11.69	14.33	12.65
Margin Analysis
Gross Profit Margin %	19.87	20.04	19.48	19.46	19.07
SG&A Margin	10.16	10.28	9.58	8.79	9.38
EBITDA Margin %	10.42	10.44	10.86	11.78	10.71
EBITA Margin %	8.7	8.54	8.6	9.46	8.46
EBIT Margin %	8.7	8.54	8.6	9.46	8.46
Income From Continuing Operations Margin %	5.42	4.88	5.16	6.43	5.77
Net Income Margin %	5.33	4.73	5.07	6.28	5.74
Net Avail. For Common Margin %	5.33	4.73	5.07	6.28	5.74
Normalized Net Income Margin	5.16	4.96	5.21	5.66	5.04
Levered Free Cash Flow Margin	-7.49	-2.17	-8.57	-13.05	-5.52
Unlevered Free Cash Flow Margin	-7.36	-2.01	-8.38	-12.81	-5.14
Asset Turnover
Asset Turnover	0.98	0.85	0.84	0.84	0.82
Fixed Assets Turnover	2.63	2.31	2.32	2.45	2.57
Receivables Turnover (Average Receivables)	9.67	8.78	9.16	9.15	8.63
Inventory Turnover (Average Inventory)	3.42	2.91	2.61	2.16	1.92
Short Term Liquidity
Current Ratio	1.62	1.84	1.86	2.13	2.38
Quick Ratio	0.59	0.69	0.59	0.61	0.71
Operating Cash Flow to Current Liabilities	0.12	0.34	0.23	0.15	0.2
Days Sales Outstanding (Average Receivables)	37.87	41.56	39.86	39.91	42.41
Days Outstanding Inventory (Average Inventory)	106.91	125.46	139.68	168.7	190.34
Average Days Payable Outstanding	44.67	35.46	30.02	29.96	30.79
Cash Conversion Cycle (Average Days)	100.1	131.55	149.51	178.65	201.97
Long Term Solvency
Total Debt/Equity	63.54	72.53	72.66	81.71	87.34
Total Debt / Total Capital	38.85	42.04	42.08	44.97	46.62
LT Debt/Equity	46.83	60.97	60.11	67.06	73.51
Long-Term Debt / Total Capital	28.64	35.34	34.82	36.9	39.24
Total Liabilities / Total Assets	61.68	62.53	61.76	61.11	61.37
EBIT / Interest Expense	42.43	35.22	29.28	24.66	13.96
EBITDA / Interest Expense	50.8	43.05	36.98	30.69	17.68
(EBITDA - Capex) / Interest Expense	18.35	9.62	5.45	4.86	6.38
Total Debt / EBITDA	2.47	3.19	3.18	3.38	3.95
Net Debt / EBITDA	1.85	2.2	2.47	2.75	3.15
Total Debt / (EBITDA - Capex)	6.83	14.26	21.62	21.34	10.95
Net Debt / (EBITDA - Capex)	5.12	9.83	16.75	17.39	8.71
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.71	-5.79	7.58	10.56	6
Gross Profit, 1 Yr. Growth %	3.26	-4.98	4.57	10.47	3.9
EBITDA, 1 Yr. Growth %	2.96	-5.55	11.82	19.93	-3.57
EBITA, 1 Yr. Growth %	2.4	-7.48	8.23	21.72	-5.24
EBIT, 1 Yr. Growth %	2.4	-7.48	8.23	21.72	-5.24