Mizuho Leasing Company, Limited · TSE:8425
Mizuho Leasing — IBJ Leasing — H1 FY2014 Earnings Presentation
27 slides from Mizuho Leasing's earnings presentation, Nov 11, 2014
Slide 1: FY2014 First-Half Financial Results Presentation Materials
Presentation Materials FY2014 First-Half Financial Results Presentation Materials November 11, 2014 IBJ Leasing Co., Ltd. Inquiries: Toshiyuki Nishii, (Securities Code: 8425) Investor Relations Division Telephone:+81-3-5253-6540 Fax: +81-3-5253-6539 This document contains forecasts and other forward
Slide 2: Contents
Contents ◆FY2014 First-Half Results Highlights ･･ 2 Ⅰ．Business Performance Overview ･･･ 3 Ⅱ．Financial Results Overview ････････ 11 Ⅲ．Business and Dividend Forecast ･･･ 15 (Appendix) ･･･････････････････････････ 17 1
Slide 3: FY2014 First-Half Results Highlights
FY2014 First-Half Results Highlights Amid the dip in leasing demand due to the impacts of the consumption tax hike, we steadily pursued basic strategies and increased execution volume Although the accumulation of superior assets partially absorbed the impact of the drop in yields, gross profit b
Slide 4: Business Performance Overview
Ⅰ．Business Performance Overview 3
Slide 5: Mid-term Management Plan (strategies / targets)
Mid-term Management Plan (strategies / targets) The Fourth Mid-term Management Plan （Year 2014—2016） Basic strategies Further enhance core earnings and build robust business infrastructure Improve quality and volume of special finance portfolio Build robust infrastructure and expand business areas f
Slide 6: Business Overview
Business Overview Contract execution volume increased 7% y-o-y overall as both leasing and installment sales and financing grew - Leasing and installment sales increased 5% y-o-y, while financing grew 9% y-o-y The balance of operating assets inched down 1% versus March 31, 2014, but rose 5% y-o-
Slide 7: Leasing and Installment Sales
Leasing and Installment Sales We further increased performance from 1Q, and contract execution volume increased 5% y-o-y - Industrial and factory equipment execution volume recovered significantly, increasing 53% y-o-y in 2Q (July-Sep) - Domestic-related demand remained firm, as medical equipment
Slide 8: Financing
Financing Contract execution volume rose 9% y-o-y due to the increase in both Specialized Finance, etc. and Factoring The balance of operating assets was down 4% versus March 31, 2014 - Specialized Finance, etc. declined due to the payoff of large projects, while aircraft financing and overseas
Slide 9: Sales Activities (Leasing and Installment Sales)
Sales Activities (Leasing and Installment Sales) [Distribution and Retail] Expanded the customer base by aggressively carrying out real estate leasing, including bolstering joint sales with businesses developing stores In addition to in-store equipment, we were successful with environment-relate
Slide 10: Sales Activities (Financing)
Sales Activities (Financing) [Aircraft Financing] Proactively engaged in aircraft-backed collateral loans to leading airlines, and significantly grew the asset portfolio [Specialized Financing] In cross-border syndicated loans, we accumulated superior assets while achieving diversification [Real
Slide 11: Sales Activities (Overseas)
Sales Activities (Overseas) We continued to proactively support Japanese companies’ overseas business development in Asia, where Japanese companies are growing - Pursued focused sales on automotive-related Japanese companies, capturing a wide range of funding needs - Leveraged our special characte
Slide 12: Financial Results Overview
Ⅱ．Financial Results Overview 11
Slide 13: Consolidated P/L
Consolidated P/L The top line dropped slightly, but basic strategies of the Mid-term Management Plan were steadily promoted and operating assets were expanded There was a ¥0.6 billion credit cost reversal as credit costs were kept low 1H results exceeded 50% of full-year forecasts Percentage C
Slide 14: Profitability
Profitability Yields continued to decline as market rates dropped further and the yield curve became increasingly flat The increase in operating assets partially absorbed the impact of the decline in yields, but there was a drop in gross profit before write-offs and funding costs The flow base
Slide 15: Interest-bearing Debt and Net Assets
Interest-bearing Debt and Net Assets Funding costs were low and stable due to the continued issuance of CP and corporate bonds, as well as the revision of the funding mix, etc. ‐ Market ratio: Maintained around 40%, issued our first-ever 5-year bonds in our 4th issuance of corporate bonds Net as
Slide 16: Business and Dividend Forecast
Ⅲ．Business and Dividend Forecast 15
Slide 17: Business and Dividend Forecasts
Business and Dividend Forecasts We expect the modest recovery trend in personal consumption and capital investment to continue in the fiscal second half We will steadily promote basic strategies aimed at achieving targets in first year of Mid-term Management Plan We passed a resolution to pay
Slide 18: Appendix
Appendix 17
Slide 19: Company Profile
Company Profile Company Name: IBJ Leasing Company, Limited Address: 1-2-6 Toranomon, Minato-ku, Tokyo 105-0001 Business: Multimodal financial services せつ Representative: Setsu Onishi, President and CEO Establishment: December 1, 1969 Listing: Tokyo Stock Exchange, 1st Section (Code:8425) Capital Sto
Slide 20: Shareholders (As of September 30, 2014)
Shareholders (As of September 30, 2014) ○ Outstanding Shares: 42,649 thousand ○ Largest shareholders Shares ○ Shareholders 14,862 Shareholders held Ratio （％） （thousand） The Dai-ichi Life Insurance Company, Limited 2,930 6.87 NISSAN MOTOR.,LTD. Retirement Benefit Trust ○ Shareholder Distribution（Hold
Slide 21: IBJ Leasing Group
IBJ Leasing Group Expanding the customer base: Utilizing client base held by operating companies and financial institutions IBJL-TOSHIBA Dai-ichi Leasing Nissan Leasing Leasing Main Customer: Toshiba Main Customer: Dai-Ichi Life Main Customer: Nissan Motor Group and its customers Insurance and its c
Slide 22: Business Infrastructure
Business Infrastructure Contract Execution Volume Balance of operating assets (Leasing and by Corporate Size Installment sales) by equipment type 942.8 （¥bn） Other 16.2% 18.8% Small Sized Companies Commerce and Large Services 7.5% 19.4％ 13.4% companies 640.7 Medical 9.1% Medium 67.4％ 13.7% 5.7% Cont
Slide 23: Consolidated B/S (Assets)
Consolidated B/S (Assets) (¥bn) Mar.31, Sep.30, Mar.31, Mar.31, Mar.31, Change Change 2014 2014 2011 2012 2013 (B) – (A) (B)/(A) (A) (B) Current Assets 947.9 1,229.1 1,265.6 1,356.0 1,328.3 -27.7 -2.0% Cash and cash equivalents 37.7 41.3 30.5 37.7 34.5 -3.2 -8.4% Lease receivables 511.7 704.2 728.9
Slide 24: Consolidated B/S (Liabilities and Net worth)
Consolidated Ｂ/Ｓ (Liabilities and Net worth) (¥bn) Mar.31, Sep.30, Mar.31, Mar.31, Mar.31, Change Change 2014 2014 2011 2012 2013 (B) – (A) (B)/(A) (A) (B) Current Liabilities 705.9 900.9 979.9 1,019.0 977.1 -41.9 -4.1% Short-term borrowings 137.5 172.9 233.5 295.4 296.2 +0.8 +0.3% Current portion o
Slide 25: Consolidated statements of income
Consolidated statements of income (¥bn) FY13 FY14 FY10 FY11 FY12 Change Change 1st Half 1st Half 1st Half 1st Half 1st Half (B)-(A) (B)/(A) (A) (B) Revenues 128.6 128.9 178.8 177.0 168.9 -8.1 -4.6% Gross profit before write-offs 18.9 17.4 23.6 22.0 21.0 -1.0 -4.7% and funding costs Funding costs 3.0
Slide 26: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income (¥bn) FY13 FY14 FY10 FY11 FY12 Change Change 1st Half 1st Half 1st Half 1st Half 1st Half (B)-(A) (B)/(A) (A) (B) Net income before minority interests 4.9 5.4 4.6 7.2 6.0 -1.2 -16.7% Unrealized gain on available-for- -0.6 -0.2 -0.5 0.7 0.6 -0.1 -9.9% sa
Slide 27: Gross profit before write-offs and funding costs by segment
Gross profit before write-off s and funding costs by segment (¥bn) FY13 FY14 FY10 FY11 FY12 Change Change 1st Half 1st Half 1st Half 1st Half 1st Half (B)-(A) (B)/(A) (A) (B) Revenues 128.6 128.9 178.8 177.0 168.9 - 8.1 - 4.6% Leasing 118.0 119.2 166.6 161.4 152.0 - 9.4 - 5.8% Installment sales 6.8