Japan Securities Finance Co., Ltd. · TSE:8511
Japan Securities Finance — Q1 FY2014 Earnings Presentation
27 slides from Japan Securities Finance's earnings presentation, June 2014
Slide 1: 2014
2014 3 1
Slide 2: Slide 2
Slide 3: 1Q results overview
13 3 14 3 13 3 14 3 1Q 1Q 1Q 1Q 307 343 3,661 3,969 ( 8.4%) 4,395 4,738 (7.8%) 21 14 3,216 3,194 3,949 3,963 ( 0.7%) (0.4%) 1,607 1,787 180 1,825 2,052 227 1,465 1,571 105 1,683 2,189 506 21 390 588 610 (3.7%) 887 496 ( 44.0 ) 32 36 3 35 372 767 803 (4.7%) 1,003 630 ( 37.2 ) 17 ― 17 17 3 20 13 405 5
Slide 4: Income statement comparison
13 3 14 3 1Q 1Q 3,646 3,958 1,213 2,111 (27.6%) (44.5%) 451 983 112 95 609 968 445 774 163 193 181 320 (4.1%) (6.8%) 109 129 39 74 543 561 (12.4%) (11.8%) 70 100 473 460 1,707 964 (38.9%) (20.4%) 1,690 937 545 564 (12.4%) (11.9%) 157 101 75 112 308 344 203 215 (4.6%) (4.6%) 4,395 4,738 3,949 3,963 J
Slide 5: Lending business results
1 13 3 14 3 1Q 1Q 2013 1Q 4,761 1,774 0.77 1,213 2,111 74.0% 2012 1Q 2,227 1,512 0.77 451 983 117.9% 112 95 15.1% 2,533 262 609 968 58.8% 445 774 73.9% 2012 2,141 1,830 0.77 163 193 18.0% 6,000 2013 4,761 1,774 5,000 2012 2,141 4,000 2012 1,830 2,227 1,512 3,000 2,000 1,000 0 10 11 12 4 5 6 7 8
Slide 6: Segment results
2 13 3 14 3 1Q 1Q 1,690 937 753 308 344 3 13 3 14 3 1Q 1Q 1,683 2,189 506 327 327 94 94 Japan Securities Finance Co.,Ltd 6
Slide 7: Earnings by business
100% 100% 20.0% 20.8% JSFIT 2014 3 1 4,738 630 319 725 - 3,969 803 544 530 100% 565 228 229 193 100% 314 130 79 75 - 32 Japan Securities Finance Co.,Ltd 7
Slide 8: Per-share and profit indicators
13 3 14 3 1Q 1Q 640 565 75 75 112 37 446 794 348 315 315 194 228 423 193 229 422 34.39 44.77 Japan Securities Finance Co.,Ltd 8
Slide 9: Earnings forecast
14 3 14 3 14 3 14 3 14 3 14 3 1Q 2Q 1Q 2Q 900 1,900 800 2,400 610 496 100 300 100 1,100 2,300 1,000 2,800 803 630 200 100 700 1,600 500 1,900 544 319 +200 200 +100 5.85 7.10 15.54 3.44 5.07 18.46 Japan Securities Finance Co.,Ltd 9
Slide 10: Forecast assumptions
2013 1Q 2013 3,484 497 4,000 600 喰 喰 1,277 1,200 4,761 1,774 5,200 1,800 2012 0.77 1,158 847 0% 喰 0.40 983 2,141 1,830 Japan Securities Finance Co.,Ltd 10
Slide 11: Slide 11
Slide 12: Dividends and key indicators
40 2014 3 14 7 7 2013 2007 2008 2009 2010 2011 2012 26 20 14 14 14 14 14 13 10 7 7 7 7 7 13 10 7 7 7 7 7 13.1 80.3 38.6 37.7 8.4 19.1 18.4 - - 36.5% 37.1% 166.3% 73.3% 75.8% DOE 2.1% 1.7% 1.2% 1.2% 1.2% 1.2% 1.3% 49.7 28.3 27.0 17.3 13.2 11.0 15.5 52.3% 70.7% 51.9% 80.7% 106.0% 127.1% 90.1% Japan
Slide 13: Income statement trends
13 3 14 3 09 3 10 3 11 3 12 3 13 3 1Q 1Q 34,427 20,817 17,558 15,186 3,646 14,093 3,958 19,638 12,954 8,922 6,756 1,213 6,625 2,111 (44.3%) (46.5%) (39.0%) (33.4%) (27.6%) (37.5%) (44.5%) 3,899 3,324 2,809 1,783 451 1,760 983 1,992 1,774 826 639 112 652 95 13,278 7,337 4,807 3,957 609 3,746 968 11,5
Slide 14: Balance sheet trends
2008 2009 2010 2011 2012 2012 2013 1Q 1Q 336,324 324,205 293,429 218,059 222,782 214,164 476,158 244,306 328,755 305,083 241,035 246,191 502,322 507,868 51,887 46,863 45,850 50,893 49,997 55,865 125,447 53,141 51,448 39,782 96,488 50,867 122,011 129,119 14,282 17,173 18,405 20,330 18,996 18,472 35,0
Slide 15: Trend charts
6.0 60% 5.0 50% 4.0 40% 3.0 30% 2.0 20% 1.0 10% 0.0 0% 04 05 06 07 08 09 10 11 12 13 1.8 100% 1.6 90% 1.4 80% 70% 1.2 60% 1.0 50% 0.8 40% 0.6 30% 0.4 20% 0.2 10% 0.0 0% 04 05 06 07 08 09 10 11 12 13 Japan Securities Finance Co.,Ltd 15
Slide 16: Balance sheet
13 6 13 6 743,354 1,562,494 507,868 136,219 1,723,445 31,291 ( ) ( ) 209,139 507,868 136,219 130,590 65,000 31,291 33,985 94,100 29,100 4,885 402,940 7,607 646,066 646,066 Japan Securities Finance Co.,Ltd 16
Slide 17: Liabilities and net assets
13 6 13 6 85,000 1,193,400 664,588 448,130 563,221 1 1,723,445 1,562,494 602,455 1 0 109,649 Japan Securities Finance Co.,Ltd 17
Slide 18: Funding and loan balances
10 3,000 12 9 13 3 13 6 2,500 1,681,442 1,050,772 1,132,349 (1.28) 2,000 (1.47) (1.13) 1 946,967 650,205 563,221 1,500 1 734,475 400,567 569,127 734 ( 15 ) 152,898 151,912 150,949 1,000 401 569 5,042 6,783 5,229 500 947 650 563 ( ) (1.13) (1.28) (1.47) - 12 9 13 3 13 6 10 500 12 9 13 3 13 6 346,931
Slide 19: Japan Securities Finance Co.,Ltd
喰 Japan Securities Finance Co.,Ltd 19
Slide 20: Interest rate trends
2006 7 O/N 0.25% 2007 2 O/N 0.50% 2008 10 O/N 0.30% 0.20% 0.77% 0.40% 2008 12 O/N 0.10% 0.20% 2010 10 2013 4 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% 0.4% 2010 11
Slide 21: Policy rate history
10.0% 9.0% 8.75% 8.0% 鞘 7.0% 6.0% 5.00% 5.0% 1993 9 4.0% 2010 11 3.75% 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 12 13 Japan Securities Finance Co.,Ltd 21
Slide 22: Shares outstanding and treasury shares
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 01 107,509 5,965 110,000 1.2 02 101,810 5,699 1.0 03 99,704 2,106 04 99,704 100,000 0.8 05 99,704
Slide 23: Japan Securities Finance Co.,Ltd
2012 2014 Japan Securities Finance Co.,Ltd 23
Slide 24: Investment portfolio breakdown
12 9 13 3 13 6 12 9 13 3 13 6 346,931 172,968 324,221 31,047 30.1% 23,386 29.4% 23,084 29.0% 266,998 99,285 39,993 0 0.0% 0 0.0% 0 0.0% 79,933 73,682 284,228 336 0.3% 288 0.4% 288 0.4% 146,615 80,188 74,635 1,618 1.6% 692 0.9% 597 0.8% 237,303 159,200 142,302 0 0.0% 0 0.0% 0 0.0% 4 4 4 2,666 2.6% 2,
Slide 25: Supplementary financial data
13 3 1Q 14 3 1Q 13 3 102 743 641 ( 13.7%) 2,957 249 258 9 935 494 383 111 2,021 550 556 6 2,032 116 56 172 ( %) 11 115 38 77 ( %) 207 ― 832 832 330 ― 252 252 210 217 36 253 (602.7%) 290 Japan Securities Finance Co.,Ltd 25
Slide 26: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 26
Slide 27: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 27
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