Japan Securities Finance Co., Ltd. · TSE:8511
Japan Securities Finance — Investor Presentation (January 2013)
41 slides from Japan Securities Finance's investor presentation, January 2013
Slide 1: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd
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Slide 4: Operating Revenues by Business
\ mil ( ) ratio of OR Mar-13 Mar-14 Securities Finance Bussiness 14,093 16,363 Margin Loan Business 6,625 9,240 (37.5%) (47.2%) Interest on Loans 1,760 4,012 Interest on collateral money of securities borrowed 652 436 Fees on Lending Securities 3,746 4,132 Premium Charges 2,957 3,371 Lending Fees 78
Slide 5: Margin Loan Business Reference FY2012
1 \ mil Avg. Margin Avg. Stock Loan Rate Mar-13 Mar-14 Change Loan Loan as of Mar \ bn \ bn Margin Loan Business 6,625 9,240 39.5% FY2013 490 176 0.77 Interest on Loans 1,760 4,012 127.9% Interest on collateral money of securities 652 436 33.0% 276 6 borrowed Fees on Lending Securities 3,746 4,132 1
Slide 6: Bond Investment FY2012 vs FY2013
\ FY2012 FY2013 change JSF 4,719 2,838 1,880 JSF Trust Bank 1,808 1,494 314
Slide 7: Extraordinary Profit and Loss
\ Mar-13 Mar-14 Extraordinary Profit 165 4,411 4,245 4,405 4,409 Extraordinary Loss 152 809 657 55 55 Expenses for relocation of branch 525 525 Retirement benefit cost 198 198 780 780
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Slide 10: JSF Parent and OSF Results
3 4 Mar-13 Mar-14 change JSF (Parent) 6,084 7,076 OSF 2,194 678 Total 8,279 7,754 ▲ 525
Slide 11: FY2013 Results by Subsidiary
\ mil FY 2013 Results (Reference) Shareholding Operating Recurring Net FY2012 Ratio Net Income Revenues Income Income Consolidated 19,566 3,119 6,211 1,777 JSF - 16,392 2,373 5,692 1,025 JSF Trust Bank 100% 2,356 175 151 95 Nihon Building 100% 1,276 502 299 262 Equity-method Gain or Loss in Equity-M
Slide 12: JSF Trust Bank Results
\ FY2012 FY2013 change Recurring Revenues 2,859 2,356 503 Trust charges 339 486 146 Ordinary Expenses 2,683 2,181 502 Provision for Allowance for Doubtful Receivables 582 71 511 Recurring Income 176 175 0 Net Income 95 151 55 Total Assets 23,694 24,543 848 Net Assets 591,157 726,860 135,702 Eq
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Slide 15: 6.0 60% 5.0 50% 4.0 40% 3.0 30% 2.0 20% 1.0 10% 0.0 0%
6.0 60% 5.0 50% 4.0 40% 3.0 30% 2.0 20% 1.0 10% 0.0 0% 1.2 90% 80% 1.0 70% 0.8 60% 50% 0.6 40% 0.4 30% 20% 0.2 10% 0.0 0%
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Slide 17: Avg. FY2013 470 bn Avg. FY2013
Avg. FY2013 Avg. FY2013 470 bn 170 bn Avg.FY2012 214 bn Avg.FY2012 183 bn
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Slide 27: Share Repurchases
total shares start end purchased amount cancellation shares issued shs \ shs shs FY2008 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
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Slide 29: Operating Revenues by Business, Six-Year History
\ mil Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Securities Finance Bussiness 34,427 20,817 17,558 15,186 14,093 16,363 Margin Loan Business 19,638 12,954 8,922 6,756 6,625 9,240 (44.3%) (46.5%) (39.0%) (33.4%) (37.5%) (47.2%) Interest on Loans 3,899 3,324 2,809 1,783 1,760 4,012 Interest on collater
Slide 30: Loan Balances by Business
\ mil FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 avg. 336,324 324,205 293,429 218,059 214,164 490,635 Margin Loans term-end 244,306 328,755 305,083 241,035 502,322 601,206 Bond Financing & General avg. 51,887 46,863 45,850 50,893 55,865 157,232 Loans term-end 53,141 51,448 39,782 96,488 122,011 201,0
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Slide 32: Loan Rate, Lending Fee and Collateral Interest Rate
Loan Rate Lending Fee Interest Rate on Collateral Money of Stock Loan BOJ Policy Rate 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0%
Slide 33: Loan Rate and Lending Fee Long-Term Trend
10.0% 9.0% 8.75% Loan Rate Interest Rate on Collateral Money of Stock Loan 8.0% Lending Fee 7.0% Profit Margin 6.0% 5.00% 5.0% Sep-93 4.0% 3.75% Nov-10 3.0% Jan-09 2.0% May-02 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 12 13
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Slide 35: before after change
before after change Mar-13 4,175,537 3,433,456 ▲ 742,081 Mar-14 4,902,856 3,914,388 ▲ 988,468
Slide 36: JGB Balance and Remaining Period
¥ bn JSF \ mil 3,000 3.0 JSF Mar-13 Sep-13 Mar-14 2,500 (2.69) 2.5 JGB Balance 1,050,772 1,173,933 955,037 2,000 (1.69) 2.0 1 year or less 650,205 472,803 270,656 over 1Y 400,567 701,130 684,381 1,500 (1.28) 1.5 (15Y floating JGB) 151,912 150,752 150,543 Net unrealized gain or loss on 1,000 1.0 401
Slide 37: Loans by Industry and Securities Holdings
\mil \mil Mar-13 Sep-13 Mar-14 Mar-13 Sep-13 Mar-14 Notes Loan Loan Loan Balance ratio Balance ratio Balance ratio JGB 172,968 375,273 418,036 Manufacturing 23,386 29.4% 20,828 31.7% 15,809 24.7% less than 99,285 20,001 15,133 Mainly Mid-term Fishery 0 0.0% 0 0.0% 0 0.0% over 1Y 73,682 355,272 402,9
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Slide 39: Share Repurchases and Shares Issued
total shares start end purchased amount cancellation shares issued shs \ shs shs FY2008 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 Number of shares issued and Can
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