Japan Securities Finance Co., Ltd. · TSE:8511
Japan Securities Finance — FY2011 Earnings Presentation
39 slides from Japan Securities Finance's earnings presentation, May 16, 2012
Slide 1: Full-year results presentation, fiscal year ended March 2012
2012 3 a 2012 5 16
Slide 2: Slide 2
Slide 3: Summary of results
11 3 12 3 11 3 12 3 2,363 2,619 17,639 15,276 ( 13.4%) 22,848 20,229 ( 11.5%) 1,699 1,955 13,827 12,128 19,037 17,082 ( 12.3%) ( 10.3%) 8,977 8,311 665 11,327 9,634 1,692 6,524 5,855 669 7,865 7,554 310 1,028 615 2,137 1,108 ( 48.1%) 3,655 3,039 ( 16.9%) 484 868 384 1,162 958 2,553 1,391 ( 45.5%) 3,
Slide 4: Income statement
11 3 12 3 17,558 15,186 8,922 6,756 (39.0%) (33.4%) 2,809 1,783 826 639 4,807 3,957 3,811 3,147 996 809 1,047 827 (4.6%) (4.1%) 659 492 200 189 1,754 1,701 (7.7%) (8.4%) 331 219 1,422 1,482 5,834 5,901 (25.5%) (29.2%) 5,754 5,824 4,360 4,224 (19.1%) (20.9%) 1,079 741 308 300 2,657 3,134 930 818 (4.1
Slide 5: Profit and margin trends
1 11 3 12 3 8,922 6,756 24.3% 2011 2,180 1,846 0.77 0.00 0.10 2,809 1,783 36.5% 826 639 22.6% 4,807 3,957 17.7% 3,811 3,147 17.4% 2010 2,934 2,280 0.77 0.00 0.10 996 809 18.7% 5,000 2.0% 2010 2011 2,934 2,180 2,280 1,846 4,000 3,000 1.0% 2,000 1,000 0 0.0% 10 11 12 10 11 12 4 5 6 7 8 9 1 2 3 4 5
Slide 6: Monthly trend charts
1.2 10,000 0.8 9,000 0.4 8,000 0.0 7,000 4 1 4 2 8 6 3 7 1 7 2 9 8 2 6 9 2 2 10 21 11 18 12 16 1 1 3 2 1 0 3 9 Japan Securities Finance Co.,Ltd 6
Slide 7: JBIS
2 CDO 1,394 3,134 477 3 JBIS 28 26 9 JBIS 9 JBIS 4 3 3 16 Japan Securities Finance Co.,Ltd 7
Slide 8: JBIS
JBIS Japan Securities Finance Co.,Ltd 8
Slide 9: Group company results
2012 3 20,229 2,387 779 - 15,276 1,391 1,229 100% 4,245 1,635 1,540 100% 1,159 337 207 - 100% 100% 19.9% 20.8% JBIS JSFIT Japan Securities Finance Co.,Ltd 9
Slide 10: Subsidiary results
11 3 12 3 4,414 4,245 169 308 300 7 1,116 1,635 518 1,260 ― 1,260 2,391 1,540 851 23.63% 33.07% 2011 4 3 Japan Securities Finance Co.,Ltd 10
Slide 11: Balances and securities holdings
11 3 11 9 12 3 930,443 488,822 407,669 830,509 428,939 327,732 99,933 59,882 79,937 196,775 187,486 158,248 366,891 284,050 224,458 4 4 4 20,082 9,835 307 19,307 9,470 0 CDO 405 0 0 369 365 307 1,514,197 970,198 790,687 11 3 11 6 11 9 11 12 12 3 33,290 15.7% 32,881 21.2% 32,404 36.2% 31,995 34.6% 31
Slide 12: JBIS
JBIS 11 3 12 3 37,707 35,195 2,512 157 191 34 1,728 1,002 726 1,485 2,819 1,333 851 764 86 618 2,598 1,980 Japan Securities Finance Co.,Ltd 12
Slide 13: Forecasts
13 3 13 3 12 3 13 3 13 3 12 3 2 2 400 1,100 1,108 700 1,700 3,039 600 1,400 1,391 800 2,100 2,387 400 900 1,229 500 1,400 779 4.30 9.67 13.21 5.37 15.05 8.42 2,600 2,200 0.77 0% 0.40% Japan Securities Finance Co.,Ltd 13
Slide 14: Forecast details
2012 3 2012 908 1,423 喰 1,081 1,300 900 喰 1,989 2,504 1,300 2012 4 2,600 2,200 1,304 750 0.77 喰 1,018 0% 0.40 2,322 1,768 Japan Securities Finance Co.,Ltd 14
Slide 15: Forecasts by segment
2012 3 2013 3 3,039 2,387 779 1,700 2,100 1,400 1,108 1,391 1,229 1,100 1,400 900 100% 1,635 1,540 207 176 100% 306 337 207 360 390 230 100% 100% 19.9% 20.8% JBIS JSFIT Japan Securities Finance Co.,Ltd 15
Slide 16: Slide 16
Slide 17: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 17
Slide 18: Results trends 2009-2011
2009 2010 2011 171 184 203 2009 2010 2011 2009 2010 2011 295 273 305 308 331 219 1,146 1,422 1,482 Japan Securities Finance Co.,Ltd 18
Slide 19: ETF ETN
ETF 2011 8 ETN 2012 3 2009 3 394 73 1,683 61 1,800 500 1,683 1,645 1,657 1,622 1,614 1,619 1,623 394 400 375 1,600 353 321 332 329 333 (101) (103) (108) 300 (58) (68) (86) (93) 1,400 [10] [10] 200 1,200 100 0 1,000 09 3 09 9 10 3 10 9 11 3 11 9 12 3 09 3 09 9 10 3 10 9 11 3 11 9 12 3 Japan Securitie
Slide 20: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 20
Slide 21: Medium-term plan 2012-2014
2012 2014 Japan Securities Finance Co.,Ltd 21
Slide 22: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 22
Slide 23: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 23
Slide 24: Group company results
2012 2010 2011 ( ) 4,414 4,245 2,200 308 300 ― ― 1,394 ― 1,116 1,635 207 1,260 ― ― 2,391 1,540 176 1,514,197 790,687 ― 23.63% 33.07% ― Japan Securities Finance Co.,Ltd 24
Slide 25: Dividends and per-share data
40 2013 3 14 7 7 2006 2007 2008 2009 2010 2011 2012 26 26 20 14 14 14 14 14 13 10 7 7 7 7 12 13 10 7 7 7 7 42.1 13.1 80.3 38.6 37.7 8.4 15.1 61.8% - - 36.5% 37.1% 166.3% 93.0% DOE 2.1% 2.1% 1.7% 1.2% 1.2% 1.2% 1.2% 68.2 49.7 28.3 27.0 17.3 13.2 9.7 38.1% 52.3% 70.7% 51.9% 80.7% 106.0% 144.8% Japan
Slide 26: Slide 26
Slide 27: Historical income statement
10 3 07 3 08 3 09 3 11 3 12 3 34,917 38,619 34,427 20,817 17,558 15,186 23,186 23,156 19,638 12,954 8,922 6,756 (53.3%) (45.8%) (44.3%) (46.5%) (39.0%) (33.4%) 10,954 10,581 3,899 3,324 2,809 1,783 1,345 1,683 1,992 1,774 826 639 10,224 10,383 13,278 7,337 4,807 3,957 7,168 7,862 11,568 5,773 3,811
Slide 28: Historical balance sheet
2006 2007 2008 2009 2010 2011 1,444,347 917,219 336,324 324,205 293,429 218,059 1,634,700 508,587 244,306 328,755 305,083 241,035 79,425 76,941 51,887 46,863 45,850 50,893 79,859 68,594 53,141 51,448 39,782 96,488 33,770 34,374 14,282 17,173 18,405 20,330 40,309 25,154 18,714 20,944 18,143 25,727 8,
Slide 29: Long-term trend chart
10 60% 9 50% 8 7 40% 6 5 30% 4 20% 3 2 10% 1 0 0% 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 Japan Securities Finance Co.,Ltd 29
Slide 30: Long-term trend chart
2.0 100% 1.8 90% 1.6 80% 1.4 70% 1.2 60% 1.0 50% 0.8 40% 0.6 30% 0.4 20% 0.2 10% 0.0 0% 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 Japan Securities Finance Co.,Ltd 30
Slide 31: Funding
12 3 12 3 355,523 1,050,100 1,318,655 1 1,424,170 1,128,069 1,020,026 805,102 1 2,000 109,821 Japan Securities Finance Co.,Ltd 31
Slide 32: Funding and lending balances
12 3 12 3 453,784 1,100,016 241,035 259,058 1,127,046 152,816 ( ) ( ) 260,080 241,035 259,058 184,389 0 152,992 31,379 31,000 31,000 379 134,968 1,003 426,428 426,428 Japan Securities Finance Co.,Ltd 32
Slide 33: Balance trends
10 3,000 2,500 1,117 11 3 11 9 12 3 975 2,000 776 2,987,211 2,702,225 2,094,731 1,500 (1.19) 1 1,870,087 1,727,065 1,318,655 (1.03) (.96) 1 1,117,124 975,160 776,076 1,000 1,870 1,727 ( 15 ) 194,809 156,760 152,747 500 1,319 4,863 4,468 5,016 ( ) (1.03) (.96) (1.19) - 11 3 11 9 12 3 10 1,000 100 11
Slide 34: Share repurchases and shares outstanding
2008 2008/4/1 2008/4/18 4,312,800 2,999 99,704,000 2008/5/15 2008/6/11 978,900 999 99,704,000 2008/6/27 2008/7/25 1,000,000 881 99,704,000 2008/9/24 6,004,000 93,700,000 6,291,700 4,881 120,000 1.6 1.4 00 113,474 4,800 110,000 1.2 01 107,509 5,965 02 101,810 5,699 1.0 03 99,704 2,106 100,000 0.8 04
Slide 35: Interest rate trends
2006 7 O/N 0.25% 2007 2 O/N 0.50% 0.77% 0.40% 2008 10 O/N 0.30% 0.20% 2008 12 O/N 0.10% 0.20% 2010 10 O/N 0 0.10% 0.10 0% 0% 2006 7 27 0.74% +0.14% 1.2% 2006 9 22 0.86% +0.12% 1.0% 2007 3 15 1.02% +0.16% 2007 4 5 1.11% +0.09% 0.8% 0.6% 2009 1 29 0.97% 0.14% 2010 11 22 0.77% 0.2
Slide 36: Official discount rate trend
10.0% 9.0% 8.75% 8.0% 鞘 7.0% 6.0% 5.00% 5.0% 1993 9 4.0% 3.75% 2010 11 3.0% 2009 1 2.0% 2002 5 1.17% 1.0% 0.0% 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 Japan Securities Finance Co.,Ltd 36
Slide 37: JCR, R&I, Standard & Poor's ratings
JCR R&I Standard & Poor’s 2012 3 31 Rating Outlook Rating Outlook Rating Outlook AA- AA- A J-1+ a-1+ A-1 CP 1 1 ― A+ A+ ― ― J-1+ a-1 ― ― Japan Securities Finance Co.,Ltd 37
Slide 38: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 38
Slide 39: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 39
Japan Securities Finance — FY2011 Earnings Presentation on 6ix