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We will start with an explanation of the background behind the formulation of the Medium- and Long-Term Management Plan.
Under the previous Medium-Term Management Plan, which primarily targeted infrastructure development, we sought to evolve and develop a cyclical reinvestment model by enhancing the transparency of our balance sheet through SPC consolidation at market value in fiscal 2011 ended March 31, 2012 and by listing two REITs, Activia Properties Inc. and Comforia Residential Reit, Inc., in fiscal 2012.
In fiscal 2013, the final year of the period covered by the plan, we integrated our operations with three companies, Tokyu Land Corporation, Tokyu Community Corporation and Tokyu Livable, Inc., and adopted a holding company system, in a bid to strengthen the Group's management base. As a result, the Group achieved a target operating income of 60 billion yen and a target DE ratio of 3.9 or lower, realizing the strengthening of its financial base and management base.
In light of the achievement of the previous Medium-Term Management Plan, we will shift our position to the growth phase from fiscal 2014.
By taking into account changes in the business environment in the future and the strengths of the Tokyu Fudosan Holdings Group, we have now established a new Medium- and Long-Term Management Plan, "Value Frontier 2020 -A corporate group that continues to create value-," for the period until fiscal 2020 when the Tokyo Olympic Games will be held and large-scale developments carried out by the Group, including the redevelopment of Shibuya, will be completed. We have also positioned an activities plan for the first three years to achieve the new plan as the Medium-Term Management Plan.
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