CEO COO CFO 18
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Dear Stakeholders Building a New Era with Heart 20
2008 4 2 3 Challenge 2010 2008 35.3% GDP 2008 1.1% 1 6,909 5 6 735 817.4% 398 5 535.0% 41 768.1% ROE 0.7%9.0% 1 24 22009 20207 9 1002055 10 CEO Daiwa House Group Annual Report 2009 21
Group Performance 2009 3 31 3 311 2009 2008 2007 2009/2008 1,690,956 1,709,254 1,618,450 1.1% 73,580 89,120 85,678 17.4% 39,855 61,290 89,356 35.0% 4,170 13,079 46,393 68.1% 1,810,573 1,791,052 1,630,022 1.1% 607,427 649,440 661,145 6.5% 1 7.20 22.46 81.15 67.9% 1 1,047.50 1,092.04 1,122.88 4.1% 1 24.00 24.00 20.00 0.0% % 333.4 106.8 24.6 226.6 ROE % 0.7 2.0 7.5 1.3 ROA % 0.2 0.8 3.0 0.6 % 33.5 35.3 40.4 1.8 1 6,909 735 41 10 1,365 1,528 1,618 1,709 1,690 10 67 80 85 89 73 10 40 45 46 13 4 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 22 Daiwa House Group Annual Report 2009
1.1% down 6.3% 4.5% 6 17.4% down 31.0% 46.9% 6 ROE 1.3 down 271 68.1% 2008 In JAPAN GDP 3.2% 3.5% 7 6 7 16.4% 3.5% 3 3.2%4.7% 0.3% 103 9,180 41 2008 195 up 3 1.1% 1 2 ROE 1 1 0.7% 7.20 1,047.50 % 7.9 8.2 7.5 2.0 0.7 73.3 81.9 81.2 22.5 7.2 959.1 1,053.4 1,122.9 1,092.0 1,047.5 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 Daiwa House Group Annual Report 2009 23
Business Outline 2009 3 31 4.8 3.7 3.6 2 31.3 % 56.6 2008 2008 31.3% 6.3% 5,451 56.6% 4.5% 9,590 31.0% 661 46.9% 285 2.2 12.1% 1.2 2.5 2.4 3.0% 29.0 1 % 67.3 965 1,004 959 477 512 545 12.9 2.0 07 08 09 10 07 08 09 10 9.4 2 % 51.6 24.1 53.1 53.7 28.5 46.9 50.5 66.1 1 11 4 2 5.5 5.4 3.0 07 08 09 10 % 12.1 9.8 9.9 07 08 09 10 % 24 Daiwa House Group Annual Report 2009
2008 3.6% 5.6% 601 11 4 2008 3.7% 1.4% 635 36.2% 11 1.1 1.8% 2008 4.8% 0.4% 1,439 45.1% 25 1.5 1.7% 67 63 60 62 62 63 124 143 143 07 08 09 10 07 08 09 10 07 08 09 10 1.0 0.04 1.1 1.7 1.8 1.1 4.3 4.5 2.5 1.5 0.06 1.9 07 08 09 10 % 2.8 2.9 1.8 07 08 09 10 % 3.5 3.2 1.7 07 08 09 10 % Daiwa House Group Annual Report 2009 25
Share Information 2009 3 31 3 31 1,101 2 1,900,000,000 599,921,851 35,998 3 3-33-1 1925 1 % 36,977 6.2 34,663 5.8 4G 29,457 4.9 18,935 3.2 UFJ 15,470 2.6 14,930 2.5 12,117 2.0 11,501 1.9 11,261 1.9 9,521 1.6 1 % 10,000,000 216,646,242 36.1 1,000,000 232,856,299 38.8 100,000 85,973,364 14.3 10,000 25,994,385 4.3 1,000 34,774,562 5.8 1,000 3,676,999 0.6 2 17 20 20 24 24 32.2 30.6 33.2 32.8 27.1 333.4 23.7 26.7 28.0 27.6 23.6 106.8 23.2 24.4 24.6 05 06 07 08 09 1 % 46.2% 0.9% 10.6% 27.3% 15.0% 2 05 06 07 08 09 % % 45.0% 42.6% 8.2% 4.2% 26 Daiwa House Group Annual Report 2009
2,500 2,000 1,500 1,000 500 120,000 90,000 60,000 TOPIX TOPIX 2,000 1,500 1,000 500 0 30,000 0 2005 2006 2007 2008 2,055 2,260 2,055 1,330 1,141 1,601 881 603 2,040 1,933 987 792 467,867 564,518 899,185 814,713 2008 2008 TOPIX 6 236.181,449.14 3431,330 9 TOPIX 10 2003 12 1,000 2009 3 698.46 2008 439.30773.66 2008195792 PER PBR 16.82 24.91 23.82 43.94 110.01 1.28 1.94 1.72 0.90 0.76 11.31 15.49 14.55 11.80 10.55 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 Daiwa House Group Annual Report 2009 27
Message from the CEO Heart Makes All the Difference 28 Daiwa House Group Annual Report 2009
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10080 2005 2007 2009 2007 10 2008 6 150 7 NY1 147.27 9.9 08 0.8 + London 09-4.8 10-0.3 5.8 08 5.6 09-6.5 10 1.5 9 2009 2008 2009 19.8% Down TOPIX 36.2% Down NY 38.0% Down FTSE 27.0% Down DAX 30.4% Down CAC 40 44.0% Down 30.9% Down 3.5 08 5.2 09 1.8 10 4.1 30 Daiwa House Group Annual Report 2009
70 2009 8 1 1 7,000 CO2 CO2 % % 08 9.0 09 7.5 10 8.5 19.0 + Osaka 08 09 10 1.7 08 1.1 22.0 + San Diego 09 10 0.8 + New York 4.7-0.7-2.6-6.0 1.2 08 5.1 09 10 2.5-1.3 1 2009 2010 IMF 2009 7 2 CO2 2005 CO2 Daiwa House Group Annual Report 2009 31
Housing 80 5,759 30 44 75 2009 Business 1 360 m 2 98% Life 32 Daiwa House Group Annual Report 2009
1 6,909 1 12,777 655 2 314 103 133 15 Housing 1 Business 3 1959 7,600 1957 1955 1955 1960 1970 1980 1990 2000 2009 2020 1980 1978 Life 23 m 2 1 2010 2020 2 2009 Daiwa House Group Annual Report 2009 33
7080 90 2000 1955 1959 1978 3 65 2013 4 1 2009 2055 100 34 Daiwa House Group Annual Report 2009
1CYBERDYNE HAL TM 40% 2007 CEO Daiwa House Group Annual Report 2009 35
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Message from the COO Let s Move Hearts! 3 1 2 2008 3 Challenge 2010 2 20093 1 2 3 Daiwa House Group Annual Report 2009 37
Challenge 2010 2009 1 2 3 2009 % 20 2009 2008 2009 2009 10 2008 2008 2008 2008 2008-20 -10-5 0 10 2009 % 2009-10 2009 2009-20 CAGR 2008 2005 2007 2009 2006 2008 38 Daiwa House Group Annual Report 2009
1 45 35.3% 2025 1 1,000 2013 25% 45% 103 2 1 160500 1 5 2009 10% 3 2011 75% 1 % 20 10 2008 2008 % -20-10 -5 0 10 2009 2009-10 -20 Daiwa House Group Annual Report 2009 39
2 2 12020 7.4 19.4 130 3 2 CO2 1 2 7.4 6.2 20% up 528,000 103 22% down 81 68,000 738,000 2007 2008 2009 2020 1 2008 2 2010 2020 40 Daiwa House Group Annual Report 2009
77.6% 13.1% 2009 1 1 2 3 2 88.8% 77.6% 66.4% 13.1% 3 2008 % 20 2009 % -20-10 -5 0 10 2009 2008 2009 2008 10 2008 61.4% 56.0% 51.0% 28.7% 2009-10 -20 22.9% 3 Daiwa House Group Annual Report 2009 41
CO2 LED 58.3 47.2 6.2 9.4 2010 2020 1,330,000 30,000 3 3 42 Daiwa House Group Annual Report 2009
4,600 3,400 200 3 20083 Challenge 2010 1 2 2009 3 COO Daiwa House Group Annual Report 2009 43
Message from the CFO Our Sources of Strength 2008 6 1,300 1 44 Daiwa House Group Annual Report 2009
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2008 D/E 20081,300 50.9% 3,445 D/E0.360.57 0.50 2008 16,909 182 13,578 25 3,331 157 2,595 2 735 155 126 24 463 83 10 6 271 109 41 89 18,105 195 6,611 1,006 11,493 1,202 7,289 861 131 7 4,072 333 12,031 615 3,726 1,116 8,305 1,732 6,074 420 6,876 112 18,105 195 1 2 3 4 148 75 271 2 1,000 1,161 4 1 3 2 148 48 34 53 6 3 1 75 20 27 271 109 574 151 2,376 704 1,004 199 963 315 765 111 150 14 570 98 248 24 3,964 991 3,156 782 3,560 145 572 66 7,289 861 164 44 1 56 40 200 4 4 3,199 1,265 21 21 15 3,445 1,161 46 Daiwa House Group Annual Report 2009
0.50 1,000 D/E 2 1 3 4 1,098 1,255 137 111 393 36 360 59 148 132 75 3 245 716 1,590 24 66 655 169 1,996 763 1,537 606 267 84 124 120 965 392 37 27 200 400 1,328 208 1,053 64 2008 157 1,590 137 132 66 2009 245 59 1,255 169 115 111 88 1,098 0 D/E( ) 2.5 A 2008 2009 B 2.0 A C B 1.5 0.003 0.04 0.04 0.09 0.36 0.57 1.0 0.5 B C A 04 05 06 07 08 09 10 11 0.0 A + AA + Daiwa House Group Annual Report 2009 47
2009 2009 1 200 2012 D/E 0.50 0.50 2012 2008 3 5,800 4,700 4,600 3,400 2012 NOI 7.0%IRR 8.5% M&A2008200 300 400 M&A 300 4,600 900 5,800 1,200 3,400 400 900 4,700 48 Daiwa House Group Annual Report 2009
3 J-REIT J-REIT 3 J-REIT 15 10 5 2009 J-REIT 2008 2009 2 1 J-REIT J-REIT J-REIT 1 7,000 1 CFO Daiwa House Group Annual Report 2009 49
Group Companies 2009 7 1 50 Daiwa House Group Annual Report 2009
75% 99.6% 95.3% 73.5% 60% 33% Daiwa House Group Annual Report 2009 51
Presidents of Principal Subsidiaries 2009 7 1 19551979 2008 19481967 2006 19461969 2001 19521976 2006 19551989 2005 50 50 50 100 52 Daiwa House Group Annual Report 2009
ESCO 19461973 2008 19481967 2004 19451969 2003 19501973 2006 19491973 2003 SC 25 ESCO 3S Daiwa House Group Annual Report 2009 53
19461970 2006 19441963 2001 19481967 2008 19591983 2009 19541976 2008 54 Daiwa House Group Annual Report 2009
DIY 19471972 2007 19491972 2009 19491973 2007 19481972 2004 19491978 1998 No.1 Daiwa House Group Annual Report 2009 55
NAS 19601984 2009 19631986 2008 19451971 2006 19491967 2007 19461965 2005 J-REIT 56 Daiwa House Group Annual Report 2009
19441999 2007 19481970 2007 19421965 2008 70 Daiwa House Group Annual Report 2009 57
ne One Daiwa House Group Annual Report 2009 58
One Daiwa House Group Annual Report 2009 59
HAL TM 1 ne One Daiwa House Group Annual Report 2009 60
Daiwa House Group Annual Report 2009 61 Robot Suit HAL CYBERDYNE