Medium-term Management Plan

Medium-term Management Plan: 2018-2020

Further evolve the distinctive Hulic business model to achieve a high rate of growth

Target Profile

While maintaining the Hulic business model, the Group will continue to achieve steady growth through evolution by responding to changes in the environment.

Basic Policy

While retaining leasing as our main business focus, the Group will further strengthen the development business, the value-added real estate business, asset management and other businesses.

Basic Strategy

  1. Bolstering and enhancing the quality of the lease portfolio
  2. Strengthening the development business
  3. Expansion of the value-added real estate business
  4. Cultivation of new business domains and enhancement of overall the Group strengths
  5. Balanced business management and Risk management
  6. Management focused on ESG

Quantity Plan (FY2020)

(Billions of yen)

  Results of FY 2018 FY 2020 Target
<Profit Plan>
Operating income 75.5 88.0
Ordinary (Recurring) income 72.5 85.0
Profit attributable to owners of parents 49.5 55.0
EBITDA 89.5 105.0
<B/S>
Gross asset 1,526.4 1,970.0
Interest Bearing Debt 975.1 1,330.0
*1,255.0
Shareholder Equity 368.0 440.0
*515.0
<Financial Equity>
Ratio of interest-bearing debt to EBITDA 10.0 times *12.0 times or less
Net debt to equity ratio 1.9 times *3.0 times or less
<Capital Efficiency>
ROE 12.7% More than 10%
<Shareholder Return>
Dividend payout ratio 33.9% One third of Net Income

*50%(75bn) of Hybrid finance issued in 2018 (150bn) is calculated as equity

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