TIDMTAK
RNS Number : 2232Q
Takefuji Corporation
30 July 2010
(Translation)
Brief Statement of Financial Results at the First Quarter
for the Fiscal Year Ending March 31, 2011 [Japanese Standard] (Consolidated)
July 30, 2010
Company Name: TAKEFUJI CORPORATION (the "Company")
Stock Listings: Tokyo Stock Exchange, First Section/ London Stock Exchange
Code Number: 8564
URL: http://www.takefuji.co.jp/
Head Office: 15-1 Nishi-Shinjuku 8-chome, Shinjuku-ku, Tokyo 163-8654, Japan
Representative Personnel: Akira Kiyokawa, President
Administrative Personnel to Contact: Kentaro Itai, Director & Executive Officer
in charge of : Public Relations and Advertising Dept. as General Manager
Tel: +81-3-3365-8030
Scheduled date for filing the quarterly report to Financial Services Agency:
August 13, 2010
Scheduled date of payment of Dividends: None
Publication of Support Documentation: Yes
Financial Results Presentation: None
Note: Figures are rounded (as for "statistics per share" at three places of
decimal)
to the nearest appropriate unit.
1. Consolidated Business Results at the First Quarter (From April 1, 2010 to
June 30, 2010) for the Fiscal Year Ending March 31, 2011
(1) Consolidated Operating Results
+----------------+----------+---------+----------+---------+--------+---+-----+----------+-----------+----------+
| | Note: The percentage figures for operating revenues, |
| | operating income, |
| | ordinary income and net income represent year-on-year |
| | changes. |
+-------------------------------------+-------------------------------------------------------------------------+
| | Operating | Operating | Ordinary | Net Income | |
| | Revenues | Income | Income | | |
+----------------+--------------------+--------------------+------------------+----------------------+----------+
| | millions | % | millions | % | millions | % | millions | % | |
| | of yen | | of yen | | of yen | | of yen | | |
+----------------+----------+---------+----------+---------+------------+-----+----------+-----------+----------+
| First Quarter | 21,148 | (-39.9) | 6,464 | (-32.8) | 8,095 | (-15.5) | 6,348 | (-31.5) | |
| Ended June | | | | | | | | | |
| 2010 | | | | | | | | | |
+----------------+----------+---------+----------+---------+--------+---------+----------+-----------+----------+
| First Quarter | 35,175 | (-36.0) | 9,613 | (180.4) | 9,575 | (306.0) | 9,272 | (609.8) | |
| Ended June | | | | | | | | | |
| 2009 | | | | | | | | | |
+----------------+----------+---------+----------+---------+--------+---------+----------+-----------+----------+
| | | |
+-------------------------------------+--------------------------------------------------------------+----------+
| | Net Income | Net Income | |
| | per Share | per | |
| | | Share-diluted | |
+----------------+--------------------+--------------------+----------------------------------------------------+
| | yen | yen | |
+----------------+--------------------+--------------------+----------------------------------------------------+
| First Quarter | 47.05 | 42.72 | |
| Ended June | | | |
| 2010 | | | |
+----------------+--------------------+--------------------+----------------------------------------------------+
| First Quarter | 68.72 | 57.24 | |
| Ended June | | | |
| 2009 | | | |
+----------------+--------------------+--------------------+----------------------------------------------------+
| | | | | | | | | | | |
+----------------+----------+---------+----------+---------+--------+---+-----+----------+-----------+----------+
(2) Consolidated Financial Position
+---------------+------------+------------+---------------+------------+
| | Total |Net Assets |Shareholders' |Net Assets |
| | Assets | | Equity Ratio | per Share |
+---------------+------------+------------+---------------+------------+
| | millions | millions | % | yen |
| | of yen | of yen | | |
+---------------+------------+------------+---------------+------------+
| First Quarter | 559,217 | 154,624 | 27.6 | 1,144.53 |
| Ended June | | | | |
| 2010 | | | | |
+---------------+------------+------------+---------------+------------+
| Fiscal Year | 686,931 | 150,620 | 21.9 | 1,114.87 |
| Ended March | | | | |
| 2010 | | | | |
+---------------+------------+------------+---------------+------------+
Note: Shareholders' Equity
+--------------------+-+---------+----------------+
| First quarter ended | 154,420 | millions of |
| June 2010 | | yen |
+----------------------+---------+----------------+
| Fiscal year ended | 150,417 | millions of |
| March 2010 | | yen |
+--------------------+-----------+----------------+
| | | | |
+--------------------+-+---------+----------------+
2. Dividends
+-----------------+---------+---------+----------+----------+---------+
| | Dividends per Share |
+-----------------+---------------------------------------------------+
| | First | Second | Third | Fourth | Total |
| |Quarter |Quarter | Quarter | Quarter | |
+-----------------+---------+---------+----------+----------+---------+
| | yen | yen | yen | yen | yen |
+-----------------+---------+---------+----------+----------+---------+
| Fiscal Year | - | 15.00 | - | 15.00 | 30.00 |
| Ended | | | | | |
| March 2010 | | | | | |
+-----------------+---------+---------+----------+----------+---------+
| Fiscal Year | - | | | | |
| Ending March | | | | | |
| 2011 | | | | | |
+-----------------+---------+---------+----------+----------+---------+
| Fiscal Year | | - | - | - | - |
| Ending March | | | | | |
|2011(Forecasts) | | | | | |
+-----------------+---------+---------+----------+----------+---------+
Notes: 1. Revision of dividends forecasts during the quarter: None
2. Dividends for the next fiscal year ending March 2011 is not decided as of
now.
3. Forecasts of Consolidated Operating Results for the Fiscal Year Ending March
31, 2011
(From April 1, 2010 to March 31, 2011)
Note: The percentage figures show year-on-year changes.
+----------------+-----------+---------+----------+---------+----------+---------+
| | Operating | Operating | Ordinary |
| | Revenues | Income | Income |
+----------------+---------------------+--------------------+--------------------+
| | millions | % |millions | % |millions | % |
| | of yen | | of yen | | of yen | |
+----------------+-----------+---------+----------+---------+----------+---------+
| First Six | 38,300 | (-42.2) | 11,500 | (-37.4) | 11,500 | (-37.4) |
| months | | | | | | |
+----------------+-----------+---------+----------+---------+----------+---------+
| Full Year | 64,000 | (-46.8) | 7,700 | (-76.9) | 7,700 | (-76.8) |
+----------------+-----------+---------+----------+---------+----------+---------+
+----------------+----------+---------+---------------+
| | Net Income | Net Income |
| | | per Share |
+----------------+--------------------+---------------+
| |millions | % | yen |
| | of yen | | |
+----------------+----------+---------+---------------+
| First Six | 13,900 | (-18.1) | 103.02 |
| months | | | |
+----------------+----------+---------+---------------+
| Full Year | 9,900 | (116.3) | 73.38 |
+----------------+----------+---------+---------------+
Note: Revision of consolidated operating results forecasts during the quarter:
None
4. Others (Please refer to "Other information" on page 5 of "Supporting data"
for details)
(1) Changes of Significant Subsidiaries in the First Quarter: None
Addition: - Exclusion: -
Note: Above describes whether or not there are changes in scope of consolidation
in the first quarter
(2) Adoption of Simple Method in Accounting and Adoption of Particular
Accounting Method: Yes
Note: Above describes whether or not there is adoption of simple method in
accounting or adoption of particular accounting method for consolidated
quarterly financial statements
(3) Changes in Accounting Method
A. Changes in accordance with revision of accounting standard: Yes
B. Other changes: None
Note: Above describes whether or not there are changes in principle and
procedure of accounting method and in indication method related to consolidated
quarterly financial statements, which will be noted in "Significant Accounting
Policies for Consolidated Quarterly Financial Statements"
(4) Number of Shares Issued (Common Stock)
A. Number of shares issued (Including treasury stock)
+-----------------------+-------------+--------+
| First quarter ended | 144,295,200 | Shares |
| June 2010 | | |
+-----------------------+-------------+--------+
| Fiscal year ended | 144,295,200 | Shares |
| March 2010 | | |
+-----------------------+-------------+--------+
B. Treasury stocks
+------------------------+-----------+--------+
| First quarter ended | 9,375,413 | Shares |
| June 2010 | | |
+------------------------+-----------+--------+
| Fiscal year ended | 9,375,413 | Shares |
| March 2010 | | |
+------------------------+-----------+--------+
C. Average number of shares (Consolidated first quarter)
+------------------------+-------------+--------+
| First quarter ended | 134,919,787 | Shares |
| June 2010 | | |
+------------------------+-------------+--------+
| First quarter ended | 134,919,815 | Shares |
| June 2009 | | |
+------------------------+-------------+--------+
* Quarterly review
This quarterly brief statement of financial results is not subject to quarterly
review. Reviewing of consolidated quarterly financial statements under Financial
Instruments and Exchange Act is not completed at the time of disclosure of this
brief statement.
* Explanatory note and remarks regarding performance forecasts
1. Forward-looking statements such as forecasts of operating results and others
contained in this Brief Statement of Financial Results are based on beliefs in
light of information currently available as of the date of this announcement and
management's assumptions considered reasonable. Final business results may
differ greatly from the forecasts above as a result of various factors and
future events. Please refer to "(3) Qualitative Information on Forecasts of
Consolidated Operating Results" on page 5 of "1. Qualitative Information and
Financial Statements" for the assumptions adopted and precaution for use of the
forecasts.
2. Dividends for the fiscal year ending March 2011 are not decided as of now
because it is necessary to examine the impact of full enforcement of the Money
Lending Business Law in the current severe situation of the business management.
Planned amount will be promptly disclosed when possible.
Contents of supporting data
+-----------------------------------------------------------------------------------------------------------------------------+--+
| 1. Qualitative Information and Financial Statements | 4|
| .................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (1) Qualitative Information on Consolidated Business Performance | 4|
| .................................................................. | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (2) Qualitative Information on Consolidated Financial Condition |4 |
| ..................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (3) Qualitative Information on Forecasts of Consolidated |5 |
| Operating Results | |
| ......................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| 2. Other Information |5 |
| ........................................................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (1) Changes of Significant |5 |
| Subsidiaries..................................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (2) Adoption of Simple Method in Accounting and Adoption of |5 |
| Particular Accounting Method ................................. | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (3) Changes in Accounting Method |5 |
| ....................................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (4) Changes in Indication Method |5 |
| ........................................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (5) Important Events Affecting Going-concern |6 |
| Assumption............................................................................. | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| 3. First Quarter Consolidated Financial Statements |7 |
| ....................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (1) First Quarter Consolidated Balance Sheets |7 |
| ............................................................................................ | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (2) First Quarter Consolidated Statements of Income |9 |
| .................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (3) First Quarter Consolidated Statements of Cash Flows |11 |
| ............................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (4) Notes on the Going-concern Assumption |13 |
| .............................................................................................. | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (5) Notes in Case of Significant Changes in the Amount of |13 |
| Shareholders' Equity | |
| ................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| 4. Complementary information |14 |
| .............................................................................................................. | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (1) (Reference) First Quarter Non-consolidated Financial |14 |
| Statements | |
| ................................................................. | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (2) Actual Operating Results (Consolidated) | 18|
| .............................................................................................. | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
| (3) Actual Operating Results (Non-consolidated) |20 |
| ......................................................................................... | |
+-----------------------------------------------------------------------------------------------------------------------------+--+
1. Qualitative Information and Financial Statements
(1) Qualitative Information on Consolidated Business Performance
Japan's economy during the consolidated first quarter under review continues to
be severe with the unemployment rate remaining high, although business climate
is surely picking up, as observed in continued increase in export, production
and consumer spending. Regarding the future prospect, while business climate is
expected to move toward self-sustaining recovery, risks of downward pressure,
such as concerns for worse-than-expected results in international economy and
influence of deflation, still remain.
In consumer finance industry, business environment continues to be unpredictable
with the full enforcement of the Money Lending Business Law, which introduced
aggregate debt control and reduced cap interest rate, as well as sustained surge
in interest refund claims.
Under such circumstances, TAKEFUJI CORPORATION and its subsidiaries' (the
"Group") operating revenues for the consolidated first quarter under review
amounted to 21,148 million yen (year-on-year down 39.9%) due to a decrease in
interest income on direct cash loans, ordinary income amounted to 8,095 million
yen (year-on-year down 15.5%) and net income amounted to 6,348 million yen
(year-on-year down 31.5%).
(2) Qualitative Information on Consolidated Financial Condition
Total assets at the end of the first quarter under review on a consolidated
basis was 559,217 million yen, down 127,713 million yen compared to that of the
end of the previous consolidated fiscal year. This was mainly due to a decrease
in direct cash loans to customers by 79,365 million yen, a decrease in cash and
deposits by 20,304 million yen, a decrease in short-term loans receivable
related to asset management in repurchase transaction by 19,989 million yen and
a decrease in land due to transfer of real estate properties by 7,180 million
yen.
As for liabilities, the amount decreased to 404,594 million yen, by 131,717
million yen compared to that of the end of the previous consolidated fiscal
year. This was mainly due to a decrease in allowance for losses for refund of
interest received from customers by 61,342 million yen due to responding to
refund claims of interest, a decrease in current portion of long-term borrowings
by 32,335 million yen and redemption of convertible bond-type bonds and
consequent decrease by 42,400 million yen.
Regarding net assets, the amount increased to 154,624 million yen, by 4,004
million yen compared to that of the end of the previous consolidated fiscal year
mainly due to an increase in retained earnings by 4,324 million yen.
Consequently, shareholders' equity ratio was 27.6%, up 5.7 points compared to
that of the end of the previous consolidated fiscal year.
(The situation of consolidated cash flows)
Cash and cash equivalent at the end of the first quarter under review on a
consolidated basis (hereinafter called the "Funds") was 20,069 million yen, down
40,292 million yen compared to that of the end of the previous consolidated
fiscal year.
Each cash flow situation and factors were as follows:
(Net cash provided by operating activities)
The Funds provided by operating activities were 25,567 million yen (28,856
million yen was provided in the previous year's same period). The principal
sources of these cash flows were as follows; 61,342 million yen of decrease in
allowance for losses for refund of interest received from customers (previously
25,317 million yen), 490 million yen for direct cash loans made to customers in
our core business of consumer finance (previously 20,729 million yen), which was
restrained since prioritizing cash and cash equivalents at hand, 36,498 million
yen (previously 56,404 million yen) for direct cash loans collected from
customers based on our core business of consumer finance and a decrease in
direct cash loans to customers by 21,916 million yen due to transfer of loans
receivable (previously 0 yen).
(Net cash provided by investing activities)
The Funds provided by investing activities were 8,827 million yen (76 million
yen was used in the previous year's same period). The principal sources of these
cash flows were as follows; 1,019 million yen for purchase of tangible and
intangible fixed assets (previously 441 million yen) and 10,086 million yen
(previously 0 yen) for proceeds from sales of tangible and intangible fixed
assets for fund procurement.
(Net cash used in financing activities)
The Funds used in financing activities were 74,685 million yen (39,455 million
yen was used in the previous year's same period). The principal sources of
theses cash flows were as follows; 31,878 million yen of repayment for long-term
borrowings (previously 34,576 million yen), 42,280 million yen of redemption for
bonds (previously 2,177 million yen) including convertible bond-type bonds with
subscription rights to shares and 2,027 million yen of dividends payment
(previously 2,702 million yen).
(3) Qualitative Information on Forecasts of Consolidated Operating Results
There is no change to Forecasts of Consolidated Operating Results for the Fiscal
Year Ending March 31, 2011 and Non-Consolidated Forecast for the Fiscal Year
Ending March 31, 2011, both announced on May 13, 2010.
2. Other Information
(1) Changes of Significant Subsidiaries
None
(2) Adoption of Simple Method in Accounting and Adoption of Particular
Accounting Method
A. Calculation Method of Write-off Estimate for Normal Loans
As there is no significant change between the credit loss ratio etc. at the end
of the consolidated quarter under review and the credit loss ratio etc. at the
end of the previous consolidated fiscal year, the write-off estimate is
calculated based upon the credit loss ratio at the end of the previous
consolidated fiscal year.
B. Calculation Method of Fixed Assets Depreciation and Amortization
As for assets adopting declining-balance method, the amount of depreciation and
amortization is allocated based on related duration.
(3) Changes in Accounting Method
(Adoption of accounting standard for asset retirement obligations)
Effective as of the consolidated first quarter under review, the Group adopts
Accounting Standard for Asset Retirement Obligations (ASBJ Statement No. 18
March 31, 2008) and Guidance on Accounting Standards for Asset Retirement
Obligations (ASBJ Guidance No. 21 March 31, 2008). Due to this change, income
before income taxes for the quarter under review decreased by 1,015 million yen.
(Allowance for retirement benefits of directors and corporate auditors)
The Company had recorded necessary amount at the end of a fiscal year in
accordance with internal rules to prepare for the retirement benefits of
directors and corporate auditors. However, at the Annual General Shareholders'
Meeting held on June 29, 2010, the Company abolished such scheme. It was
resolved that retirement benefits for the directors' and corporate auditors'
service period until the closing of the Annual General Shareholders' Meeting
will be paid at the end of their term. Accordingly, approved amount of 188
million yen for allowance for retirement benefits of directors and corporate
auditors was cancelled and was recorded in "Other fixed liabilities."
(4) Changes in Indication Method
(Regarding consolidated statements of income for the quarter)
"Salaries and bonuses" was included in "Other" in the Operating expenses at the
first quarter of the previous consolidated fiscal year. However, because it
exceeded 20/100 of the total other operating expenses, it is indicated
separately in the consolidated quarter under review. For your reference, 2,974
million yen of Salaries and bonuses was included in "Other" in the Operating
expenses for the first quarter of the previous fiscal year.
(5) Important Events Affecting Going-concern Assumption
The Group had been conducting funding through various, expeditious and flexible
measures, such as borrowing from financial institutions, issuance of corporate
bonds and securitization of direct cash loans to customers. However, while
financial situation was becoming more and more severe due to sub-prime loan
issue in the U.S. and Lehman Brothers' shock etc., funding environment
surrounding the Group became more severe with financial needs for high-level
interest refund claims and with concerns about impact of loan volume control
that was introduced at the full enforcement of Money Lending Business Law on
June 18, 2010. In addition, the Company was downgraded against this background
to give rise to conflict against covenant for early redemption and other events
for a part of borrowings.
In above mentioned situation, the Group considered various funding methods to
improve cash position. As a result, during the first quarter under review on a
consolidated basis, the Group conducted sale of real estate properties and sale
of a part of loans receivable. Despite these conducts, new funding continues to
be extremely difficult due to extending economic slowdown, unpredictable future
of the industry and high-level interest refund claims.
As explained above, a material question about the Group's going-concern
assumption exists under current circumstances.
The Group responds to said circumstances with approaches below:
1. Procurement of necessary funds and stabilizing cash position
As severe funding environment is expected to continue for the time being, the
Group endeavors to procure necessary funds for near-term operation by conducting
measures such as transfer of real estate properties held by the Group and loans
receivable, as well as strives to stabilize total cash position through efforts
including reducing burden of existing bonds and considering strategic
operational tie-up to secure new financing method.
2. Improvement of business streamlining
The Group further advances existing business streamlining measures such as
scrap-and-build reduction of branch offices as we have been conducting
continuously and systematically, as well as making other efforts in business
streamlining such as cost cut by reviewing contracts related to payments.
As a part of our measures to procure necessary funds and to stabilize cash
position as mentioned above, during the quarter under review, we transferred
real estate properties of the Company and a part of loans receivable, while
aiming to maximize transfer price. As a result, we serviced early redemption of
Euro-yen Convertible Bond-Type Bonds with Subscription Rights to Shares Due 2018
requested by bond holders, which was a recent peak for financial needs. We have
been continuing funding by utilizing assets and some of the contracts have been
concluded. We will further continue negotiation with counterparties, aiming for
conclusion of contracts for real estate properties selected in the previous
fiscal year and aiming for conclusion of transfer contracts for loans receivable
including receivables, which were subject to Allowance for loss on transfer of
receivables that was posted in the previous fiscal year.
We consider that the question about the Group's going concern assumption can be
eliminated by surely conducting further business streamlining measures in
addition to continuously advancing measures for stabilizing total cash position.
However, with economic conditions remaining severe and with influence of the
revised Money Lending Business Law, it is not clear that funding environment
surrounding the Group will change for better. Thus a material uncertainty about
the Group's going-concern assumption is currently recognized.
3. First Quarter Consolidated Financial Statements
(1) First Quarter Consolidated Balance Sheets
(millions of yen)
+-------------------------+----------------------+----------+-----------------------+
| | Current First Quarter | Summary of previous |
| | as of June 30, 2010 | Fiscal Year |
| | | as of March 31, 2010 |
+-------------------------+---------------------------------+-----------------------+
| Assets: | | |
+-------------------------+----------------------+----------------------------------+
| Current assets | | |
+-------------------------+----------------------+----------------------------------+
| Cash and deposits | 20,069 | 40,372 |
+-------------------------+----------------------+----------------------------------+
| Direct cash loans to | 510,112 | 589,477 |
| customers | | |
+-------------------------+----------------------+----------------------------------+
| Short-term loans | - | 19,989 |
| receivable | | |
+-------------------------+----------------------+----------------------------------+
| Other current assets | 39,112 | 43,819 |
+-------------------------+----------------------+----------------------------------+
| Allowance for credit | -54,481 | -60,658 |
| losses | | |
+-------------------------+----------------------+----------------------------------+
| Total current assets | 514,812 | 633,000 |
+-------------------------+----------------------+----------------------------------+
| Fixed assets | | |
+-------------------------+----------------------+----------------------------------+
| Tangible fixed assets | 24,827 | 33,214 |
+-------------------------+----------------------+----------------------------------+
| Intangible fixed assets | 4,439 | 4,837 |
+-------------------------+----------------------+----------------------------------+
| Investments and other | 15,139 | 15,880 |
| assets | | |
+-------------------------+----------------------+----------------------------------+
| Total fixed assets | 44,406 | 53,931 |
+-------------------------+----------------------+----------------------------------+
| Total assets | 559,217 | 686,931 |
+-------------------------+----------------------+----------------------------------+
| | | | |
+-------------------------+----------------------+----------+-----------------------+
(millions of yen)
+-------------------------+----------------------+----------+-----------------------+
| | Current First Quarter | Summary of previous |
| | as of June 30, 2010 | Fiscal Year |
| | | as of March 31, 2010 |
+-------------------------+---------------------------------+-----------------------+
| Liabilities: | | |
+-------------------------+----------------------+----------------------------------+
| Current liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Short-term borrowings | 1,500 | - |
+-------------------------+----------------------+----------------------------------+
| Current portion of | 67,170 | 9,068 |
| bonds | | |
+-------------------------+----------------------+----------------------------------+
| Current portion of | 48,072 | 80,406 |
| long-term borrowings | | |
+-------------------------+----------------------+----------------------------------+
| Income taxes payable | 94 | 317 |
+-------------------------+----------------------+----------------------------------+
| Allowance for bonuses | 89 | 376 |
+-------------------------+----------------------+----------------------------------+
| Allowance for loss on | 11,276 | 11,276 |
| transfer of receivables | | |
+-------------------------+----------------------+----------------------------------+
| Other current | 26,913 | 30,702 |
| liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Total current | 155,115 | 132,145 |
| liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Fixed liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Bonds payable | 30,000 | 83,470 |
+-------------------------+----------------------+----------------------------------+
| Convertible bond-type | - | 42,400 |
| bonds with subscription | | |
| rights to shares | | |
+-------------------------+----------------------+----------------------------------+
| Long-term borrowings | - | 38 |
+-------------------------+----------------------+----------------------------------+
| Allowance for losses | 211,611 | 272,953 |
| for refund | | |
| of interest received | | |
| from customers | | |
+-------------------------+----------------------+----------------------------------+
| Allowance for | 3,824 | 3,881 |
| retirement benefits of | | |
| employees | | |
+-------------------------+----------------------+----------------------------------+
| Allowance for | - | 178 |
| retirement benefits of | | |
| directors and corporate | | |
| auditors | | |
+-------------------------+----------------------+----------------------------------+
| Other fixed liabilities | 4,043 | 1,246 |
+-------------------------+----------------------+----------------------------------+
| Total fixed liabilities | 249,479 | 404,166 |
+-------------------------+----------------------+----------------------------------+
| Total liabilities | 404,594 | 536,311 |
+-------------------------+----------------------+----------------------------------+
| Net assets: | | |
+-------------------------+----------------------+----------------------------------+
| Shareholders' equity | | |
+-------------------------+----------------------+----------------------------------+
| Capital stock | 30,478 | 30,478 |
+-------------------------+----------------------+----------------------------------+
| Capital surplus | 52,263 | 52,263 |
+-------------------------+----------------------+----------------------------------+
| Retained earnings | 109,941 | 105,616 |
+-------------------------+----------------------+----------------------------------+
| Treasury stock | -36,469 | -36,469 |
+-------------------------+----------------------+----------------------------------+
| Total shareholders' | 156,213 | 151,889 |
| equity | | |
+-------------------------+----------------------+----------------------------------+
| Valuation and foreign | | |
| currency translation | | |
| adjustments | | |
+-------------------------+----------------------+----------------------------------+
| Valuation difference on | -1,080 | -945 |
| available-for-sale | | |
| securities | | |
+-------------------------+----------------------+----------------------------------+
| Foreign currency | -713 | -526 |
| translation adjustments | | |
+-------------------------+----------------------+----------------------------------+
| Total valuation and | -1,793 | -1,471 |
| foreign currency | | |
| translation adjustments | | |
+-------------------------+----------------------+----------------------------------+
| Subscription rights to | 203 | 202 |
| shares | | |
+-------------------------+----------------------+----------------------------------+
| Total net assets | 154,624 | 150,620 |
+-------------------------+----------------------+----------------------------------+
| Total liabilities and | 559,217 | 686,931 |
| net assets | | |
+-------------------------+----------------------+----------------------------------+
| | | | |
+-------------------------+----------------------+----------+-----------------------+
(2) First Quarter Consolidated Statements of Income
(millions of yen)
+-------------------------+----------------------+-----------------------+
| | Previous First |Current First Quarter |
| | Quarter | (from April 1, 2010 |
| | (from April 1, 2009 | to June 30, 2010) |
| | to June 30, 2009) | |
+-------------------------+----------------------+-----------------------+
| Operating revenues | | |
+-------------------------+----------------------+-----------------------+
| Interest income on | 33,741 | 20,012 |
| direct cash loans | | |
+-------------------------+----------------------+-----------------------+
| Credit card revenues | 15 | 10 |
+-------------------------+----------------------+-----------------------+
| Other financial | 34 | 4 |
| revenues | | |
+-------------------------+----------------------+-----------------------+
| Other operating | 1,385 | 1,121 |
| revenues | | |
+-------------------------+----------------------+-----------------------+
| Total operating | 35,175 | 21,148 |
| revenues | | |
+-------------------------+----------------------+-----------------------+
| Operating expenses | | |
+-------------------------+----------------------+-----------------------+
| Financial expenses | 2,931 | 2,092 |
+-------------------------+----------------------+-----------------------+
| Other operating | | |
| expenses | | |
+-------------------------+----------------------+-----------------------+
| Provisions for credit | 12,026 | 4,722 |
| losses | | |
+-------------------------+----------------------+-----------------------+
| Salaries and bonuses | - | 2,539 |
+-------------------------+----------------------+-----------------------+
| Other | 10,605 | 5,329 |
+-------------------------+----------------------+-----------------------+
| Total other operating | 22,631 | 12,591 |
| expenses | | |
+-------------------------+----------------------+-----------------------+
| Total operating | 25,562 | 14,683 |
| expenses | | |
+-------------------------+----------------------+-----------------------+
| Operating income | 9,613 | 6,464 |
+-------------------------+----------------------+-----------------------+
| Non-operating income | | |
+-------------------------+----------------------+-----------------------+
| Dividends income | 124 | 18 |
+-------------------------+----------------------+-----------------------+
| Equity in gain of | - | 13 |
| affiliates | | |
+-------------------------+----------------------+-----------------------+
| Foreign exchange gains | - | 1,614 |
+-------------------------+----------------------+-----------------------+
| Miscellaneous income | 175 | 34 |
+-------------------------+----------------------+-----------------------+
| Total non-operating | 299 | 1,679 |
| income | | |
+-------------------------+----------------------+-----------------------+
| Non-operating expenses | | |
+-------------------------+----------------------+-----------------------+
| Foreign exchange losses | 306 | - |
+-------------------------+----------------------+-----------------------+
| Loss on investments in | - | 41 |
| partnerships | | |
+-------------------------+----------------------+-----------------------+
| Miscellaneous loss | 30 | 8 |
+-------------------------+----------------------+-----------------------+
| Total non-operating | 337 | 48 |
| expenses | | |
+-------------------------+----------------------+-----------------------+
| Ordinary income | 9,575 | 8,095 |
+-------------------------+----------------------+-----------------------+
(millions of yen)
+-------------------------+----------------------+-----------------------+
| | Previous First |Current First Quarter |
| | Quarter | (from April 1, 2010 |
| | (from April 1, 2009 | to June 30, 2010) |
| | to June 30, 2009) | |
+-------------------------+----------------------+-----------------------+
| Extraordinary income | | |
+-------------------------+----------------------+-----------------------+
| Gain on sales of | 61 | - |
| investment securities | | |
+-------------------------+----------------------+-----------------------+
| Gain on redemption of | 754 | 120 |
| bonds | | |
+-------------------------+----------------------+-----------------------+
| Gain on sales of fixed | - | 1,352 |
| assets | | |
+-------------------------+----------------------+-----------------------+
| Gain on derivatives | - | 600 |
| cancellation | | |
+-------------------------+----------------------+-----------------------+
| Other | - | 495 |
+-------------------------+----------------------+-----------------------+
| Total extraordinary | 816 | 2,567 |
| income | | |
+-------------------------+----------------------+-----------------------+
| Extraordinary loss | | |
+-------------------------+----------------------+-----------------------+
| Loss on devaluation of | 576 | - |
| investment securities | | |
+-------------------------+----------------------+-----------------------+
| Loss on sales of fixed | - | 140 |
| assets | | |
+-------------------------+----------------------+-----------------------+
| Loss on closing of | 437 | 3 |
| branch offices | | |
+-------------------------+----------------------+-----------------------+
| Loss on transfer of | - | 3,097 |
| receivables | | |
+-------------------------+----------------------+-----------------------+
| Loss on adjustment for | - | 1,015 |
| changes of accounting | | |
| standard for asset | | |
| retirement obligations | | |
+-------------------------+----------------------+-----------------------+
| Other | 14 | 0 |
+-------------------------+----------------------+-----------------------+
| Total extraordinary | 1,027 | 4,255 |
| loss | | |
+-------------------------+----------------------+-----------------------+
| Income before income | 9,364 | 6,407 |
| taxes | | |
+-------------------------+----------------------+-----------------------+
| Income taxes-current | 85 | 59 |
+-------------------------+----------------------+-----------------------+
| Income taxes-deferred | 7 | - |
+-------------------------+----------------------+-----------------------+
| Total income taxes | 92 | 59 |
+-------------------------+----------------------+-----------------------+
| Income before minority | 9,272 | 6,348 |
| interests | | |
+-------------------------+----------------------+-----------------------+
| Net income | 9,272 | 6,348 |
+-------------------------+----------------------+-----------------------+
(3) First Quarter Consolidated Statements of Cash Flows
(millions of yen)
+-------------------------+----------------------+-----------------------+
| | Previous First |Current First Quarter |
| | Quarter | (from April 1, 2010 |
| | (from April 1, 2009 | to June 30, 2010) |
| | to June 30, 2009) | |
+-------------------------+----------------------+-----------------------+
| Net cash provided by | | |
| operating activities | | |
+-------------------------+----------------------+-----------------------+
| Income before income | 9,364 | 6,407 |
| taxes | | |
+-------------------------+----------------------+-----------------------+
| Increase or decrease in | 95 | -57 |
| allowance for | | |
| retirement benefits of | | |
| employees | | |
+-------------------------+----------------------+-----------------------+
| Increase or decrease in | 1 | -178 |
| allowance for | | |
| retirement benefits of | | |
| directors and corporate | | |
| auditors | | |
+-------------------------+----------------------+-----------------------+
| Increase or decrease in | -4,589 | -6,177 |
| allowance for credit | | |
| losses | | |
+-------------------------+----------------------+-----------------------+
| Increase or decrease in | -25,317 | -61,342 |
| allowance for losses | | |
| for refund of interest | | |
| received from customers | | |
+-------------------------+----------------------+-----------------------+
| Write-offs | 16,615 | 8,142 |
+-------------------------+----------------------+-----------------------+
| Interest repaid | 10,798 | 13,321 |
| (portion of principal | | |
| impaired) | | |
+-------------------------+----------------------+-----------------------+
| Interest and dividends | -124 | -18 |
| income | | |
+-------------------------+----------------------+-----------------------+
| Gain or loss on sales | -61 | - |
| of short-term and | | |
| long-term investment | | |
| securities | | |
+-------------------------+----------------------+-----------------------+
| Direct cash loans made | -20,729 | -490 |
| to customers | | |
+-------------------------+----------------------+-----------------------+
| Direct cash loans | 56,404 | 36,498 |
| collected from | | |
| customers | | |
+-------------------------+----------------------+-----------------------+
| Decrease in direct cash | - | 21,916 |
| loans due to transfer | | |
| of receivables | | |
+-------------------------+----------------------+-----------------------+
| Other | -13,420 | 7,773 |
+-------------------------+----------------------+-----------------------+
| Subtotal | 29,038 | 25,795 |
+-------------------------+----------------------+-----------------------+
| Interest and dividends | 124 | 18 |
| income received | | |
+-------------------------+----------------------+-----------------------+
| Income taxes paid | -305 | -246 |
+-------------------------+----------------------+-----------------------+
| Net cash provided by | 28,856 | 25,567 |
| operating activities | | |
+-------------------------+----------------------+-----------------------+
+-------------------------+----------------------+-----------------------+
| | Previous First |Current First Quarter |
| | Quarter | (from April 1, 2010 |
| | (from April 1, 2009 | to June 30, 2010) |
| | to June 30, 2009) | |
+-------------------------+----------------------+-----------------------+
| Net cash provided by | | |
| investing activities | | |
+-------------------------+----------------------+-----------------------+
| Proceeds from sales of | - | 9,645 |
| tangible fixed assets | | |
+-------------------------+----------------------+-----------------------+
| Purchase of tangible | -237 | -546 |
| fixed assets | | |
+-------------------------+----------------------+-----------------------+
| Proceeds from sales of | - | 441 |
| intangible fixed assets | | |
+-------------------------+----------------------+-----------------------+
| Purchase of intangible | -204 | -474 |
| fixed assets | | |
+-------------------------+----------------------+-----------------------+
| Proceeds from sales of | 96 | - |
| investment securities | | |
+-------------------------+----------------------+-----------------------+
| Purchase of investment | -9 | - |
| securities | | |
+-------------------------+----------------------+-----------------------+
| Other | 279 | -240 |
+-------------------------+----------------------+-----------------------+
| Net cash provided by | -76 | 8,827 |
| investing activities | | |
+-------------------------+----------------------+-----------------------+
| Net cash provided by | | |
| financing activities | | |
+-------------------------+----------------------+-----------------------+
| Net increase or | - | 1,500 |
| decrease in short-term | | |
| borrowings | | |
+-------------------------+----------------------+-----------------------+
| Repayments of long-term | -34,576 | -31,878 |
| borrowings | | |
+-------------------------+----------------------+-----------------------+
| Repayments for | -2,177 | - |
| redemption of bonds | | |
+-------------------------+----------------------+-----------------------+
| Proceeds from issuance | - | -42,280 |
| of bonds with | | |
| subscription rights to | | |
| shares | | |
+-------------------------+----------------------+-----------------------+
| Cash dividends paid | -2,702 | -2,027 |
+-------------------------+----------------------+-----------------------+
| Net cash provided | -39,455 | -74,685 |
| by financing activities | | |
+-------------------------+----------------------+-----------------------+
| Effect of exchange rate | -307 | -2 |
| changes on cash and | | |
| cash equivalents | | |
+-------------------------+----------------------+-----------------------+
| Net increase or | -10,982 | -40,292 |
| decrease in cash and | | |
| cash equivalents | | |
+-------------------------+----------------------+-----------------------+
| Cash and cash | 97,862 | 60,361 |
| equivalents at the | | |
| beginning of the period | | |
+-------------------------+----------------------+-----------------------+
| Cash and cash | 86,880 | 20,069 |
| equivalents at the end | | |
| of the period | | |
+-------------------------+----------------------+-----------------------+
(millions of yen)
(4) Notes on the Going-concern Assumption
The Group had been conducting funding through various, expeditious and flexible
measures, such as borrowing from financial institutions, issuance of corporate
bonds and securitization of direct cash loans to customers. However, while
financial situation was becoming more and more severe due to sub-prime loan
issue in the U.S. and Lehman Brothers' shock etc., funding environment
surrounding the Group became more severe with financial needs for high-level
interest refund claims and with concerns about impact of loan volume control
that was introduced at the full enforcement of Money Lending Business Law on
June 18, 2010. In addition, the Company was downgraded against this background
to give rise to conflict against covenant for early redemption and other events
for a part of borrowings.
In above mentioned situation, the Group considered various funding methods to
improve cash position. As a result, during the first quarter under review on a
consolidated basis, the Group conducted sale of real estate properties and sale
of a part of loans receivable. Despite these conducts, new funding continues to
be extremely difficult due to extending economic slowdown, unpredictable future
of the industry and high-level interest refund claims.
As explained above, a material question about the Group's going-concern
assumption exists under current circumstances.
The Group responds to said circumstances with approaches below:
1. Procurement of necessary funds and stabilizing cash position
As severe funding environment is expected to continue for the time being, the
Group endeavors to procure necessary funds for near-term operation by conducting
measures such as transfer of real estate properties held by the Group and loans
receivable, as well as strives to stabilize total cash position through efforts
including reducing burden of existing bonds and considering strategic
operational tie-up to secure new financing method.
2. Improvement of business streamlining
The Group further advances existing business streamlining measures such as
scrap-and-build reduction of branch offices as we have been conducting
continuously and systematically, as well as making other efforts in business
streamlining such as cost cut by reviewing contracts related to payments.
As a part of our measures to procure necessary funds and to stabilize cash
position as mentioned above, during the quarter under review, we transferred
real estate properties of the Company and a part of loans receivable, while
aiming to maximize transfer price. As a result, we serviced early redemption of
Euro-yen Convertible Bond-Type Bonds with Subscription Rights to Shares Due 2018
requested by bond holders, which was a recent peak for financial needs. We have
been continuing funding by utilizing assets and some of the contracts have been
concluded. We will further continue negotiation with counterparties, aiming for
conclusion of contracts for real estate properties selected in the previous
fiscal year and aiming for conclusion of transfer contracts for loans receivable
including receivables, which were subject to Allowance for loss on transfer of
receivables that was posted in the previous fiscal year.
We consider that the question about the Group's going concern assumption can be
eliminated by surely conducting further business streamlining measures in
addition to continuously advancing measures for stabilizing total cash position.
However, with economic conditions remaining severe and with influence of the
revised Money Lending Business Law, it is not clear that funding environment
surrounding the Group will change for better. Thus a material uncertainty about
the Group's going-concern assumption is currently recognized.
For your reference, consolidated financial statements are made based on
going-concern assumption and they do not reflect the material uncertainty about
the Group's going-concern assumption.
(5) Notes in Case of Significant Changes in the Amount of Shareholders' Equity
None
4. Complementary information
(1) (Reference) First Quarter Non-consolidated Financial Statements
A. (Reference) First Quarter Non-consolidated Balance Sheets
(millions of yen)
+-------------------------+----------------------+----------+-----------------------+
| | Current First Quarter | Summary of previous |
| | as of June 30, 2010 | Fiscal Year |
| | | as of March 31, 2010 |
+-------------------------+---------------------------------+-----------------------+
| Assets: | | |
+-------------------------+----------------------+----------------------------------+
| Current assets | | |
+-------------------------+----------------------+----------------------------------+
| Cash and deposits | 19,377 | 38,486 |
+-------------------------+----------------------+----------------------------------+
| Direct cash loans to | 510,112 | 589,477 |
| customers | | |
+-------------------------+----------------------+----------------------------------+
| Short-term loans | - | 19,989 |
| receivable | | |
+-------------------------+----------------------+----------------------------------+
| Other current assets | 39,073 | 43,786 |
+-------------------------+----------------------+----------------------------------+
| Allowance for credit | -54,481 | -60,658 |
| losses | | |
+-------------------------+----------------------+----------------------------------+
| Total current assets | 514,080 | 631,080 |
+-------------------------+----------------------+----------------------------------+
| Fixed assets | | |
+-------------------------+----------------------+----------------------------------+
| Tangible fixed assets | 15,914 | 24,302 |
+-------------------------+----------------------+----------------------------------+
| Intangible fixed assets | 4,436 | 4,834 |
+-------------------------+----------------------+----------------------------------+
| Investments and other | 51,826 | 52,355 |
| assets | | |
+-------------------------+----------------------+----------------------------------+
| Total fixed assets | 72,176 | 81,491 |
+-------------------------+----------------------+----------------------------------+
| Total assets | 586,256 | 712,571 |
+-------------------------+----------------------+----------------------------------+
| | | | |
+-------------------------+----------------------+----------+-----------------------+
(millions of yen)
+-------------------------+----------------------+----------+-----------------------+
| | Current First Quarter | Summary of previous |
| | as of June 30, 2010 | Fiscal Year |
| | | as of March 31, 2010 |
+-------------------------+---------------------------------+-----------------------+
| Liabilities: | | |
+-------------------------+----------------------+----------------------------------+
| Current liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Short-term borrowings | 30,579 | 27,728 |
+-------------------------+----------------------+----------------------------------+
| Current portion of | 67,170 | 9,068 |
| bonds | | |
+-------------------------+----------------------+----------------------------------+
| Current portion of | 48,072 | 80,406 |
| long-term borrowings | | |
+-------------------------+----------------------+----------------------------------+
| Income taxes payable | 43 | 164 |
+-------------------------+----------------------+----------------------------------+
| Allowance for bonuses | 86 | 375 |
+-------------------------+----------------------+----------------------------------+
| Allowance for loss on | 11,276 | 11,276 |
| transfer of receivables | | |
+-------------------------+----------------------+----------------------------------+
| Other current | 26,925 | 30,718 |
| liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Total current | 184,150 | 159,734 |
| liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Fixed liabilities | | |
+-------------------------+----------------------+----------------------------------+
| Bonds payable | 30,000 | 83,470 |
+-------------------------+----------------------+----------------------------------+
| Convertible bond-type | - | 42,400 |
| bonds with subscription | | |
| rights to shares | | |
+-------------------------+----------------------+----------------------------------+
| Long-term borrowings | - | 38 |
+-------------------------+----------------------+----------------------------------+
| Allowance for losses | 211,611 | 272,953 |
| for refund | | |
| of interest received | | |
| from customers | | |
+-------------------------+----------------------+----------------------------------+
| Allowance for | 3,817 | 3,874 |
| retirement benefits of | | |
| employees | | |
+-------------------------+----------------------+----------------------------------+
| Allowance for | - | 178 |
| retirement benefits of | | |
| directors and corporate | | |
| auditors | | |
+-------------------------+----------------------+----------------------------------+
| Other fixed liabilities | 4,030 | 1,236 |
+-------------------------+----------------------+----------------------------------+
| Total fixed liabilities | 249,458 | 404,149 |
+-------------------------+----------------------+----------------------------------+
| Total liabilities | 433,608 | 563,883 |
+-------------------------+----------------------+----------------------------------+
| Net assets: | | |
+-------------------------+----------------------+----------------------------------+
| Shareholders' equity | | |
+-------------------------+----------------------+----------------------------------+
| Capital stock | 30,478 | 30,478 |
+-------------------------+----------------------+----------------------------------+
| Capital surplus | 52,263 | 52,263 |
+-------------------------+----------------------+----------------------------------+
| Retained earnings | 106,814 | 102,660 |
+-------------------------+----------------------+----------------------------------+
| Treasury stock | -36,469 | -36,469 |
+-------------------------+----------------------+----------------------------------+
| Total shareholders' | 153,087 | 148,932 |
| equity | | |
+-------------------------+----------------------+----------------------------------+
| Valuation and foreign | | |
| currency translation | | |
| adjustments | | |
+-------------------------+----------------------+----------------------------------+
| Valuation difference on | -643 | -447 |
| available-for-sale | | |
| securities | | |
+-------------------------+----------------------+----------------------------------+
| Total valuation and | -643 | -447 |
| foreign currency | | |
| translation adjustments | | |
+-------------------------+----------------------+----------------------------------+
| Subscription rights to | 203 | 202 |
| shares | | |
+-------------------------+----------------------+----------------------------------+
| Total net assets | 152,647 | 148,687 |
+-------------------------+----------------------+----------------------------------+
| Total liabilities and | 586,256 | 712,571 |
| net assets | | |
+-------------------------+----------------------+----------------------------------+
| | | | |
+-------------------------+----------------------+----------+-----------------------+
Note: The quarterly balance sheets are prepared based upon quarterly financial
statements rules. However, it is not subject to review for statutory disclosure.
B. (Reference) First Quarter Non-consolidated Statements of Income
(millions of yen)
+-------------------------+----------------------+-----------------------+
| | Previous First |Current First Quarter |
| | Quarter | (from April 1, 2010 |
| | (from April 1, 2009 | to June 30, 2010) |
| | to June 30, 2009) | |
+-------------------------+----------------------+-----------------------+
| Operating revenues | | |
+-------------------------+----------------------+-----------------------+
| Interest income on | 33,741 | 20,012 |
| direct cash loans | | |
+-------------------------+----------------------+-----------------------+
| Credit card revenues | 15 | 10 |
+-------------------------+----------------------+-----------------------+
| Other financial | 32 | 4 |
| revenues | | |
+-------------------------+----------------------+-----------------------+
| Other operating | 1,196 | 950 |
| revenues | | |
+-------------------------+----------------------+-----------------------+
| Total operating | 34,983 | 20,977 |
| revenues | | |
+-------------------------+----------------------+-----------------------+
| Operating expenses | | |
+-------------------------+----------------------+-----------------------+
| Financial expenses | 3,068 | 2,253 |
+-------------------------+----------------------+-----------------------+
| Other operating | 22,516 | 12,465 |
| expenses | | |
+-------------------------+----------------------+-----------------------+
| Total operating | 25,584 | 14,718 |
| expenses | | |
+-------------------------+----------------------+-----------------------+
| Operating income | 9,399 | 6,259 |
+-------------------------+----------------------+-----------------------+
| Non-operating income | | |
+-------------------------+----------------------+-----------------------+
| Dividends income | 124 | 18 |
+-------------------------+----------------------+-----------------------+
| Foreign exchange gains | - | 1,591 |
+-------------------------+----------------------+-----------------------+
| Miscellaneous income | 174 | 33 |
+-------------------------+----------------------+-----------------------+
| Total non-operating | 298 | 1,643 |
| income | | |
+-------------------------+----------------------+-----------------------+
| Non-operating expenses | | |
+-------------------------+----------------------+-----------------------+
| Loss on disposal or | - | 8 |
| sales of fixed assets | | |
+-------------------------+----------------------+-----------------------+
| Foreign exchange losses | 295 | - |
+-------------------------+----------------------+-----------------------+
| Miscellaneous loss | 30 | 0 |
+-------------------------+----------------------+-----------------------+
| Total non-operating | 325 | 8 |
| expenses | | |
+-------------------------+----------------------+-----------------------+
| Ordinary income | 9,372 | 7,894 |
+-------------------------+----------------------+-----------------------+
(millions of yen)
+-------------------------+----------------------+-----------------------+
| | Previous First |Current First Quarter |
| | Quarter | (from April 1, 2010 |
| | (from April 1, 2009 | to June 30, 2010) |
| | to June 30, 2009) | |
+-------------------------+----------------------+-----------------------+
| Extraordinary income | | |
+-------------------------+----------------------+-----------------------+
| Gain on sales of | 61 | - |
| investment securities | | |
+-------------------------+----------------------+-----------------------+
| Gain on redemption of | 754 | 120 |
| bonds | | |
+-------------------------+----------------------+-----------------------+
| Gain on sales of fixed | - | 1,352 |
| assets | | |
+-------------------------+----------------------+-----------------------+
| Gain on derivatives | - | 600 |
| cancellation | | |
+-------------------------+----------------------+-----------------------+
| Other | - | 495 |
+-------------------------+----------------------+-----------------------+
| Total extraordinary | 816 | 2,567 |
| income | | |
+-------------------------+----------------------+-----------------------+
| Extraordinary loss | | |
+-------------------------+----------------------+-----------------------+
| Loss on devaluation of | 576 | - |
| investment securities | | |
+-------------------------+----------------------+-----------------------+
| Loss on sales of fixed | - | 140 |
| assets | | |
+-------------------------+----------------------+-----------------------+
| Loss on closing of | 437 | 3 |
| branch offices | | |
+-------------------------+----------------------+-----------------------+
| Loss on transfer of | - | 3,097 |
| receivables | | |
+-------------------------+----------------------+-----------------------+
| Loss on adjustment for | - | 1,015 |
| changes of accounting | | |
| standard for asset | | |
| retirement obligations | | |
+-------------------------+----------------------+-----------------------+
| Other | 14 | - |
+-------------------------+----------------------+-----------------------+
| Total extraordinary | 1,027 | 4,255 |
| loss | | |
+-------------------------+----------------------+-----------------------+
| Income before income | 9,161 | 6,206 |
| taxes | | |
+-------------------------+----------------------+-----------------------+
| Income taxes-current | 35 | 27 |
+-------------------------+----------------------+-----------------------+
| Income taxes-deferred | - | - |
+-------------------------+----------------------+-----------------------+
| Total income taxes | 35 | 27 |
+-------------------------+----------------------+-----------------------+
| Net income | 9,126 | 6,179 |
+-------------------------+----------------------+-----------------------+
Note: The quarterly statements of income are prepared based upon quarterly
financial statements rules. However, it is not subject to review for statutory
disclosure.
(2)Actual Operating Results (Consolidated)
A.Break-down of Operating Revenues
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Sources of revenues | Previous First | Current First | Previous Fiscal |
| | Quarter | Quarter | Year |
| | (from April 1, | (from April 1, 2010 | (from April 1, |
| | 2009 | | 2009 |
| | to June 30, | to June 30, 2010) | to March 31, |
| | 2009) | | 2010) |
+ +-----------------------------+----------------------+----------------------+
| | Amount | Compo- | Amount | Compo- | Amount | Compo- |
| |(millions of | sition |(millions | sition |(millions | sition |
| | yen) | Ratio(%) | of yen) |Ratio(%) | of yen) |Ratio(%) |
+-----------------------------+--------------+--------------+-----------+----------+-----------+----------+
| Interest | Unsecured | 33,741 | 95.9 | 20,012 | 94.6 | 113,581 | 94.4 |
| income on | loans | | | | | | |
| direct cash | | | | | | | |
| loans | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Credit card | Credit card | 15 | 0.0 | 10 | 0.1 | 57 | 0.1 |
| revenues | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Interest on | 11 | 0.0 | 1 | 0.0 | 55 | 0.1 |
| financial | bank | | | | | | |
| revenues | deposits | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Interest on | 23 | 0.1 | 3 | 0.0 | 30 | 0.0 |
| | loans other | | | | | | |
| | than direct | | | | | | |
| | cash loans | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | - | - | - | - | 697 | 0.6 |
| | 1) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 34 | 0.1 | 4 | 0.0 | 783 | 0.7 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Collection | 899 | 2.6 | 711 | 3.4 | 3,750 | 3.1 |
| operating | from bad | | | | | | |
| revenues | debts | | | | | | |
| | previously | | | | | | |
| | written-off | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Real estate | 231 | 0.7 | 135 | 0.6 | 893 | 0.7 |
| | rent income | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | 256 | 0.7 | 274 | 1.3 | 1,202 | 1.0 |
| | 2) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 1,385 | 4.0 | 1,121 | 5.3 | 5,845 | 4.8 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Total | 35,175 | 100.0 | 21,148 | 100.0 | 120,266 | 100.0 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
Notes: 1. "Other" in other financial revenues is equivalent to interest
generated by receivables transferred.
2. "Other" in other operating revenues mainly consist of parking lots fees and
golf course play fees.
B.Other Highlights Data
+---+----------------------+---------------+---------------+---------------+
| Items | Previous |Current First | Previous |
| |First Quarter | Quarter | Fiscal Year |
| | as of June | as of June | as of March |
| | 30, 2009 | 30, 2010 | 31, 2010 |
+--------------------------+---------------+---------------+---------------+
| Direct cash loans to | 798,449 | 510,112 | 589,477 |
| customers | | | |
| (millions of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| | Unsecured loans | 798,449 | 510,112 | 589,477 |
+---+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+---+----------------------+---------------+---------------+---------------+
| Installment receivables | 435 | 273 | 312 |
| (millions of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| Number of loan customer | 1,407,020 | 965,013 | 1,078,517 |
| accounts | | | |
+--------------------------+---------------+---------------+---------------+
| | Unsecured loans | 1,407,020 | 965,013 | 1,078,517 |
+---+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+---+----------------------+---------------+---------------+---------------+
| Number of credit card | 266,832 | 246,972 | 251,436 |
| membership | | | |
+--------------------------+---------------+---------------+---------------+
| Number of branch | 1,053 | 545 | 786 |
| offices | | | |
+--------------------------+---------------+---------------+---------------+
| | Manned | 210 | 140 | 140 |
+---+----------------------+---------------+---------------+---------------+
| | Unmanned | 842 | 404 | 645 |
+---+----------------------+---------------+---------------+---------------+
| | Internet branch | 1 | 1 | 1 |
| | office | | | |
+---+----------------------+---------------+---------------+---------------+
| Number of unmanned loan | 1,053 | 545 | 786 |
| contract machines | | | |
+--------------------------+---------------+---------------+---------------+
| Number of cash | 55,194 | 58,535 | 57,940 |
| dispensers and ATMs | | | |
+--------------------------+---------------+---------------+---------------+
| | Owned | 1,163 | 630 | 873 |
+---+----------------------+---------------+---------------+---------------+
| | Tie-up | 54,031 | 57,905 | 57,067 |
+---+----------------------+---------------+---------------+---------------+
| Number of employees | 2,403 | 2,030 | 2,124 |
+--------------------------+---------------+---------------+---------------+
| Write-offs | 16,615 | 8,142 | 57,186 |
| (millions of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| Interest repaid | 10,798 | 13,321 | 43,875 |
| (portion of principal | | | |
| impaired) (millions | | | |
| of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| Allowance for credit | 92,405 | 54,481 | 60,658 |
| losses | | | |
| (millions of yen) | | | |
+---+----------------------+---------------+---------------+---------------+
(3)Actual Operating Results (Non-consolidated)
A.Break-down of Operating Revenues
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Sources of revenues | Previous First | Current First | Previous |
| | Quarter | Quarter | Fiscal Year |
| | (from April 1, | (from April 1, | (from April 1, |
| | 2009 | 2010 | 2009 |
| | to June 30, | to June 30, 2010) | to March 31, |
| | 2009) | | 2010) |
+ +-----------------------------+----------------------+----------------------+
| | Amount | Compo- | Amount | Compo- | Amount | Compo- |
| |(millions of | sition |(millions | sition |(millions | sition |
| | yen) | Ratio(%) | of yen) |Ratio(%) | of yen) |Ratio(%) |
+-----------------------------+--------------+--------------+-----------+----------+-----------+----------+
| Interest | Unsecured | 33,741 | 96.5 | 20,012 | 95.4 | 113,581 | 95.1 |
| income on | loans | | | | | | |
| direct cash | | | | | | | |
| loans | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Credit card | Credit card | 15 | 0.0 | 10 | 0.1 | 57 | 0.0 |
| revenues | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Interest on | 9 | 0.0 | 1 | 0.0 | 51 | 0.0 |
| financial | bank | | | | | | |
| revenues | deposits | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Interest on | 23 | 0.1 | 3 | 0.0 | 36 | 0.0 |
| | loans other | | | | | | |
| | than direct | | | | | | |
| | cash loans | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | - | - | - | - | 697 | 0.7 |
| | 1) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 32 | 0.1 | 4 | 0.0 | 784 | 0.7 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Collection | 899 | 2.6 | 711 | 3.4 | 3,750 | 3.1 |
| operating | from bad | | | | | | |
| revenues | debts | | | | | | |
| | previously | | | | | | |
| | written-off | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Real estate | 231 | 0.6 | 135 | 0.6 | 893 | 0.8 |
| | rent income | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | 66 | 0.2 | 104 | 0.5 | 338 | 0.3 |
| | 2) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 1,196 | 3.4 | 950 | 4.5 | 4,981 | 4.2 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Total | 34,983 | 100.0 | 20,977 | 100.0 | 119,403 | 100.0 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
Notes: 1. "Other" in other financial revenues is equivalent to interest
generated by receivables transferred.
2. "Other" in other operating revenues mainly consist of fee received.
B.Other Highlights Data
+---+----------------------+---------------+---------------+---------------+
| Items | Previous |Current First | Previous |
| |First Quarter | Quarter | Fiscal Year |
| | as of June | as of June | as of March |
| | 30, 2009 | 30, 2010 | 31, 2010 |
+--------------------------+---------------+---------------+---------------+
| Direct cash loans to | 798,449 | 510,112 | 589,477 |
| customers | | | |
| (millions of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| | Unsecured loans | 798,449 | 510,112 | 589,477 |
+---+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+---+----------------------+---------------+---------------+---------------+
| Installment receivables | 435 | 273 | 312 |
| (millions of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| Number of loan customer | 1,407,020 | 965,013 | 1,078,517 |
| accounts | | | |
+--------------------------+---------------+---------------+---------------+
| | Unsecured loans | 1,407,020 | 965,013 | 1,078,517 |
+---+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+---+----------------------+---------------+---------------+---------------+
| Number of credit card | 266,832 | 246,972 | 251,436 |
| membership | | | |
+--------------------------+---------------+---------------+---------------+
| Number of branch | 1,053 | 545 | 786 |
| offices | | | |
+--------------------------+---------------+---------------+---------------+
| | Manned | 210 | 140 | 140 |
+---+----------------------+---------------+---------------+---------------+
| | Unmanned | 842 | 404 | 645 |
+---+----------------------+---------------+---------------+---------------+
| | Internet branch | 1 | 1 | 1 |
| | office | | | |
+---+----------------------+---------------+---------------+---------------+
| Number of unmanned loan | 1,053 | 545 | 786 |
| contract machines | | | |
+--------------------------+---------------+---------------+---------------+
| Number of cash | 55,194 | 58,535 | 57,940 |
| dispensers and ATMs | | | |
+--------------------------+---------------+---------------+---------------+
| | Owned | 1,163 | 630 | 873 |
+---+----------------------+---------------+---------------+---------------+
| | Tie-up | 54,031 | 57,905 | 57,067 |
+---+----------------------+---------------+---------------+---------------+
| Number of employees | 2,384 | 2,009 | 2,103 |
+--------------------------+---------------+---------------+---------------+
| Write-offs | 16,615 | 8,142 | 57,186 |
| (millions of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| Interest repaid | 10,798 | 13,321 | 43,875 |
| (portion of principal | | | |
| impaired) (millions | | | |
| of yen) | | | |
+--------------------------+---------------+---------------+---------------+
| Allowance for credit | 92,405 | 54,481 | 60,658 |
| losses | | | |
| (millions of yen) | | | |
+---+----------------------+---------------+---------------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Takefuji Corp (LSE:TAK)
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