REPORT OF THE MONTH

Report of the month

April 2007

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Daiwa House

Osaka, Japan



Report Facts

Company name: Daiwa House Industry Co., Ltd.
Fiscal year end: March 31, 2006
Report title: Heart goes on
Chairman and CEO: Takeo Higuchi
Number of reports (Received): 1
Volume: 150
Auditors: Deloitte Touche Tohmatsu
Designers: Corporate Branding Office, Daiwa House; Nippon Arts; and D & Join
E-mail: zaimu@daiwahouse.jp

Report Rating

3.5/5

(Rating scale below)

Profile-Mission (Excerpts, as from the report)

For the past fifty years the Daiwa House has worked closely together with its customers and society as a whole to create more enjoyable, more fulfilling living environments… Co-creating value for individuals, communities and people’s lifestyles, the Daiwa House has three main business domains: Housing, Business and Life. The Endless Heart symbol is shared by our five main… businesses: Housing, Commercial Construction, Resort Hotel and Sports Life, Home Centers, and Other Businesses.

Revenues: Yen 1,528,983 million
Net income: Yen 45,184 million
Earnings per share: Yen 81.88
Return on equity: 8.21%
Return on assets: 3.19%
 

Strongest

  • Four messages from the top: one statement from the Chairman to all “Stakeholders”, one from the CEO, one from the COO, and one from the CFO.
  • A number of annuals feature a CFO statement or an endorsement that goes further than post-enronish Sox lip service. This one goes beyond: a standing CFO explains the links between the statements and the rationale behind year-on-year changes on numerous statements’ items. The same CFO concludes in his shirtsleeves (see Selected Page below) that he “will be completely committed to cash flow management and will aim to reach a 9% ROE.” Daring, not only by Japanese standards, but also compared with the fearful behavior now prevailing across the boards.
  • Cleverly put: the Business Portfolio comparing sales and market growth rates; and the relations between statements.
 

Good Too

  • A real thread in a document designed with style and laid out with a concern for readability. Strikes a good balance between visuals, texts, numbers, charts, tables, pictures.
  • Charts and graphs put many figures in perspective, also for macroeconomic indicators.
  • Future through Personal Pledges made as a portrayed message board.
 

Buts

  • Although investor and shareholder information is not bad (see e.g. changes in foreign shareholdings over time, compared with other Japanese listed companies), it still lacks a number of indicators and comments.
  • The MD&A doesn’t go deeply enough.
  • Corporate governance spreads over less than two pages.
  • Etc.
 

How does the company report in key areas? What are the main report pluses and minuses? The Report Scan gives an overview of strengths and weaknesses, and scores each item.
Contact e.com@reportwatch.net

 

Selected Page

(p 38 of DAIWA HOUSE Annual Report 2006)
p 38 of DAIWA HOUSE Annual Report 2006
Rating Scale
5
World-Class
4.5
First-Rate
4
Excellent
3.5
Fine
3
Average
2.5
Uneven
2
Ordinary
1.5
Deficient
1
Unsatisfactory
0.5
Uncompetitive

The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.

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