Slide 1: FY2013 First-Half Financial Results Presentation Materials
Presentation Materials FY2013 First-Half Financial Results Presentation Materials November 8, 2013 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 ◆FY2013 First-Half Results Highlights････ 2 I. Business Performance Overview ･･･････ 3 II. Financial Results Overview ･･･････････10 III. FY2013 Full-year Earnings Forecast･･･17 (Appendix) ････････････････････････････19 1
Slide 3: FY2013 First-Half Results Highlights
FY2013 First-Half Results Highlights Despite lower gross profit before write-offs and funding costs, net income surged due to lower credit costs and lower funding costs Operating assets grew steadily while ensuring that they were high quality Gross Profit Before Write- Net Income Operating Asset
Slide 4: I. Business Performance Overview
I. Business Performance Overview 3
Slide 5: Overview
Overview Contract execution volume declined ¥36.6bn year on year due to the downturn following the nonrecurrence of some large projects executed in the previous fiscal year ― Transactions with large companies declined ¥36.4bn to ¥218.1bn The balance of operating assets at the end of September wa
Slide 6: Leasing and Installment Sales
Leasing and Installment Sales Industrial and Factory Contract Execution Volume Downturn following the nonrecurrence by Equipment Type of some large projects executed in the previous fiscal year FY11 FY12 FY13 (¥bn) Change (%) Information and Communications 1 Half 1 Half 1st Half st st Captured large
Slide 7: Sales Activities (Leasing and Installment Sales)
Sales Activities (Leasing and Installment Sales) Expanding Business Focused on Internal Demand Industries Distribution and Retail, Logistics Steadily captured demand for solar power generation and other energy-saving equipment in addition to store equipment Leveraged real-estate leases to support
Slide 8: Financing Overview
Financing Overview Contract execution volume declined ¥13.2bn year on year to ¥192.5bn ― Real-estate and Vessel finance declined due to the imposition of stricter standards Operating assets grew steadily by ¥9.5bn from March 31, 2013 ― Accumulated high-quality assets in Aircraft and Overseas Pro
Slide 9: Sales Activities (Financing)
Sales Activities (Financing) Aircraft Financing Provided aircraft-backed collateral loans to domestic and foreign airlines as well as operating lease companies ― Steadily increased assets while distributing risk New Financing Initiatives Overseas project finance and cross-border loans via banks,
Slide 10: Sales Activities (Overseas)
Sales Activities (Overseas) Supported overseas expansion of Japanese companies, primarily in Asia ― Overseas sites, Asia Desk and domestic branches collaborated to grow business ― Overseas sites nurtured new business and projects were also captured through domestic RM activities Steadily expande
Slide 11: II. Financial Results Overview
II. Financial Results Overview 10
Slide 12: Consolidated P/L
Consolidated P/L Gross profit before write-offs and funding costs declined, as yields declined due to the ongoing reshuffling into low-yield assets Operating, ordinary, and net income all increased significantly year on year due to an improvement in credit costs and lower funding costs Profit
Slide 13: Profitability
Profitability In the leasing and installment sales segment, gross profit before write-offs and funding costs declined due to lower yields (year on year decline of ¥1.6bn) Yields continued to decline due to asset replacements amid low market rates Gross Profit Before Write-offs, Funding Costs Yie
Slide 14: Funding
Funding Utilized CP and took advantage of low interest rates Issued corporate bonds to diversify borrowing sources (3-yr bonds; ¥10bn; 0.34% coupon) Reviewed funding composition and unified Group operation led to lower CoF ratio Interest-bearing Debt Cost of Funds Ratio （¥bn） Securitized bonds
Slide 15: Credit Costs
Credit Costs Credit costs improved significantly due to ¥1.7bn reversal of credit cost provision in 1H (provision of ¥3.3bn booked in the same period of the previous fiscal year) ― Yen correction led to reversal of vessel-related provisions made in past years Actual Credit Costs (¥bn) 6.4 6 Elpida
Slide 16: Net Assets and Equity Ratio
Net Assets and Equity Ratio Net assets increased ¥21.4bn versus March 31, 2013 to ¥106.3bn due to the public offering and accumulation of net income ― Equity ratio rose 1.4% versus March 31, 2013 to 7.3% ― Overview of public offering: New shares, ¥10.5bn (5,000,000 shares); Overallotment ¥1.7bn (8
Slide 17: Purpose of Capital Increase
Purpose of Capital Increase ■ The Japanese economy and companies are staging a revival under the government’s growth strategy aimed at ending deflation ■ The emergence of companies’ latent capital investment needs means an expansion of business opportunities for the IBJ Leasing Group Funds and Capit
Slide 18: III. FY2013 Full-year Earnings Forecast
III. FY2013 Full-year Earnings Forecast 17
Slide 19: FY2013 Full-year Forecast
FY2013 Full-year Forecast Strong progress in 2Q towards meeting full-year targets based on factors including the decline in credit costs, but full-year earnings forecast is cautious due to lower yields arising from the reshuffling of assets and in view of an environment where competition, includin
Slide 20: Appendix
Appendix 19
Slide 21: Company Profile
Company Profile Company name: IBJ Leasing Company, Limited Head office: 1-2-6 Toranomon, Minato-ku, Tokyo 105-0001, Japan Business: Multimodal financial services Representative: Setsu Onishi, President and CEO Establishment: December 1, 1969 Listing: Tokyo Stock Exchange, 1st Section (Code: 8425) Ca
Slide 22: Stock (as of September 30, 2013)
Stock (as of September 31, 2013) ○ Outstanding shares: 42,649 thousand ○ Major Shareholders Shares ○ Shareholders: 14,832 Shareholder held （千株） Ratio （％）(%) (thousand) ○ Shareholder Distribution (shareholding ratio) The Dai-ichi Life Insurance Company, Limited 2,930 6.87 Mizuho Trust & Banking Co.,
Slide 23: IBJL Leasing Group
IBJL 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
Slide 24: IBJ Leasing Group Operating Foundation
IBJ Leasing Group Operating Foundation Contract Execution Volume by Customer Size Operating Assets (Leasing and installment Sales) by Equipment Type 8,942億円 ¥894.2bn Other 15.8% SMEs 18.5% Large Commerce and 7.4% 18.0% services companies 6,407億円 ¥640.7bn 13.7% Medical 9.3% Mid-sized 70.4% 13.7% FY20
Slide 25: Consolidated B/S (Assets)
Consolidated B/S (Assets) (¥bn) Mar. 31, Mar. 31, Mar. 31, Mar. 31, Sep. 30, Change Change (%) 2010 2011 2012 2013 (A) 2013 (B) (B)－(A) (B)/(A) Current Assets 904.9 947.9 1,229.1 1,265.6 1,273.2 +7.6 +0.6% Cash and cash 18.5 37.7 41.3 equivalents 30.5 33.8 +3.3 +10.6% Lease receivables 522.3 511.7 7
Slide 26: Consolidated B/S (Liabilities and Net Worth)
Consolidated B/S (Liabilities and Net Worth) (¥bn) Mar. 31, Mar. 31, Mar. 31, Mar. 31, Sep. 30, Change Change (%) 2010 2011 2012 2013 (A) 2013(B) (B)－(A) (B)/(A) Current Liabilities 701.6 705.9 900.9 979.9 964.7 -15.2 -1.6% Short-term borrowings 92.6 137.5 172.9 233.5 233.1 -0.4 -0.2% Current portio
Slide 27: Consolidated P/L
Consolidated P/L (¥bn) FY09 FY10 FY11 FY12 FY13 Change Change 1st Half 1st Half 1st Half 1st Half (A) 1st Half (B) (B)-(A) (B)/(A) Revenues 134.2 128.6 128.9 178.8 177.0 -1.8 -1.0% Gross profit before write-offs and funding 18.7 18.9 17.4 23.6 22.0 -1.6 -6.8% costs Funding costs 4.0 3.0 2.4 3.4 3.1
Slide 28: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income (¥bn) FY10 FY11 FY12 FY13 Change Change 1st half 1st half 1st Half (A) 1st Half (B) (B)-(A) (B)/(A) Net income before minority interests 4.9 5.4 4.6 7.2 +2.6 +56.8% Unrealized gain on available-for- -0.6 -0.2 -0.5 0.7 +1.2 - sale securities Deferred lo
Slide 29: Gross profit before write-offs, funding costs by segment
Gross profit before write-offs, funding costs by segment (¥bn) FY09 FY10 FY11 FY12 FY13 Change Change 1st Half 1st Half 1st Half 1st Half (A) 1st Half (B) (B)-(A) (B)/(A) Revenues 134.2 128.6 128.9 178.8 177.0 -1.8 -1.0% Leasing 124.5 118.0 119.2 166.6 161.4 -5.2 -3.1% Installment sales 6.1 6.8 5.7