☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended March 31, |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Date of event requiring this shell company report: |
Title of each class | Trading Symbols(s) | Name of each exchange on which registered | ||||
(1) | American depository shares (the “ADSs”), each of which represents five shares | IX | New York Stock Exchange | |||
(2) | Common stock without par value (the “Shares”)* |
* | Not for trading, but only for technical purposes in connection with the registration of the ADSs. |
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Item 15. | |||||||||
Item 16A. | |||||||||
Item 16B. | |||||||||
Item 16C. | |||||||||
Item 16D. | |||||||||
Item 16E. | |||||||||
Item 16F. | |||||||||
Item 16G. | |||||||||
Item 17. | |||||||||
Item 18. | |||||||||
Item 19. | |||||||||
Year ended March 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
(Millions of yen) | ||||||||||||||||||||
Income statement data* 1 : | ||||||||||||||||||||
Total revenues* 2 | ¥ | 2,369,202 | ¥ | 2,678,659 | ¥ | 2,862,771 | ¥ | 2,434,864 | ¥ | 2,280,329 | ||||||||||
Total expenses | 2,081,461 | 2,349,435 | 2,526,576 | 2,105,426 | 2,010,648 | |||||||||||||||
Operating income | 287,741 | 329,224 | 336,195 | 329,438 | 269,681 | |||||||||||||||
Equity in net income of affiliates | 45,694 | 26,520 | 50,103 | 32,978 | 67,924 | |||||||||||||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 57,867 | 63,419 | 49,203 | 33,314 | 74,001 | |||||||||||||||
Bargain purchase gain | 0 | 5,802 | 0 | 0 | 955 | |||||||||||||||
Income before income taxes | 391,302 | 424,965 | 435,501 | 395,730 | 412,561 | |||||||||||||||
Net income | 270,990 | 280,926 | 321,589 | 327,039 | 306,724 | |||||||||||||||
Net income attributable to the noncontrolling interests | 10,002 | 7,255 | 8,002 | 2,890 | 3,640 | |||||||||||||||
Net income attributable to the redeemable noncontrolling interests | 819 | 432 | 452 | 404 | 384 | |||||||||||||||
Net income attributable to ORIX Corporation shareholders | 260,169 | 273,239 | 313,135 | 323,745 | 302,700 |
Year ended March 31, | ||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||
(Millions of yen) | ||||||||||||||||||||
Income statement data* 1 : | ||||||||||||||||||||
Total revenues* 2 | ¥ | 2,678,659 | ¥ | 2,862,771 | ¥ | 2,434,864 | ¥ | 2,280,329 | ¥ | 2,292,708 | ||||||||||
Total expenses | 2,349,435 | 2,526,576 | 2,105,426 | 2,010,648 | 2,033,894 | |||||||||||||||
Operating income | 329,224 | 336,195 | 329,438 | 269,681 | 258,814 | |||||||||||||||
Equity in net income of affiliates | 26,520 | 50,103 | 32,978 | 67,924 | 481 | |||||||||||||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 63,419 | 49,203 | 33,314 | 74,001 | 23,300 | |||||||||||||||
Bargain purchase gain | 5,802 | 0 | 0 | 955 | 4,966 | |||||||||||||||
Income before income taxes | 424,965 | 435,501 | 395,730 | 412,561 | 287,561 | |||||||||||||||
Net Income | 280,926 | 321,589 | 327,039 | 306,724 | 196,814 | |||||||||||||||
Net income attributable to the noncontrolling interests | 7,255 | 8,002 | 2,890 | 3,640 | 4,453 | |||||||||||||||
Net income (loss) attributable to the redeemable noncontrolling interests | 432 | 452 | 404 | 384 | (23 | ) | ||||||||||||||
Net income attributable to ORIX Corporation shareholders | 273,239 | 313,135 | 323,745 | 302,700 | 192,384 |
As of March 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
(Millions of yen, except number of shares) | ||||||||||||||||||||
Balance sheet data* 1 : | ||||||||||||||||||||
Investment in Direct Financing Leases* 3 | ¥ | 1,190,136 | ¥ | 1,204,024 | ¥ | 1,194,888 | ¥ | 1,155,632 | ¥ | 0 | ||||||||||
Net Investment in Leases* 3 | 0 | 0 | 0 | 0 | 1,080,964 | |||||||||||||||
Installment Loans* 3 | 2,592,233 | 2,815,706 | 2,823,769 | 3,277,670 | 3,740,486 | |||||||||||||||
Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses | (60,071 | ) | (59,227 | ) | (54,672 | ) | (58,011 | ) | (56,836 | ) | ||||||||||
Investment in Operating Leases | 1,349,199 | 1,313,164 | 1,344,926 | 1,335,959 | 1,400,001 | |||||||||||||||
Investment in Securities | 2,344,792 | 2,026,512 | 1,729,455 | 1,928,916 | 2,245,323 | |||||||||||||||
Property under Facility Operations | 327,016 | 398,936 | 434,786 | 441,632 | 562,485 | |||||||||||||||
Others* 4 | 3,249,613 | 3,532,780 | 3,952,830 | 4,093,119 | 4,095,105 | |||||||||||||||
Total Assets | ¥ | 10,992,918 | ¥ | 11,231,895 | ¥ | 11,425,982 | ¥ | 12,174,917 | ¥ | 13,067,528 | ||||||||||
Short-term Debt, Long-term Debt and Deposits* 4 | ¥ | 5,685,014 | ¥ | 5,753,059 | ¥ | 5,890,720 | ¥ | 6,423,512 | ¥ | 6,847,889 | ||||||||||
Policy Liabilities and Policy Account Balances | 1,668,636 | 1,564,758 | 1,511,246 | 1,521,355 | 1,591,475 | |||||||||||||||
Common Stock | 220,469 | 220,524 | 220,961 | 221,111 | 221,111 | |||||||||||||||
Additional Paid-in Capital | 257,629 | 268,138 | 267,291 | 257,625 | 257,638 | |||||||||||||||
ORIX Corporation Shareholders’ Equity | 2,310,431 | 2,507,698 | 2,682,424 | 2,897,074 | 2,993,608 | |||||||||||||||
Number of Issued Shares | 1,324,058,828 | 1,324,107,328 | 1,324,495,728 | 1,324,629,128 | 1,324,629,128 | |||||||||||||||
Number of Outstanding Shares* 5 | 1,309,514,020 | 1,302,587,061 | 1,280,000,872 | 1,279,961,352 | 1,254,471,656 |
As of and for the Year Ended March 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
(Yen and dollars, except ratios and number of employees) | ||||||||||||||||||||
Key ratios (%)* 6 : | ||||||||||||||||||||
Return on ORIX Corporation shareholders’ equity (“ROE”) | 11.7 | 11.3 | 12.1 | 11.6 | 10.3 | |||||||||||||||
Return on assets (“ROA”) | 2.32 | 2.46 | 2.76 | 2.74 | 2.40 | |||||||||||||||
ORIX Corporation shareholders’ equity ratio | 21.0 | 22.3 | 23.5 | 23.8 | 22.9 | |||||||||||||||
Allowance/investment in direct financing leases and installment loans | 1.6 | 1.5 | 1.4 | 1.3 | 0 | |||||||||||||||
Allowance/net investment in leases and installment loans | 0 | 0 | 0 | 0 | 1.2 | |||||||||||||||
Per share data and employees: | ||||||||||||||||||||
ORIX Corporation shareholders’ equity per share* 7 | ¥ | 1,764.34 | ¥ | 1,925.17 | ¥ | 2,095.64 | ¥ | 2,263.41 | ¥ | 2,386.35 | ||||||||||
Basic earnings per share for net income attributable to ORIX Corporation shareholders | 198.73 | 208.88 | 244.40 | 252.92 | 237.38 | |||||||||||||||
Diluted earnings per share for net income attributable to ORIX Corporation shareholders | 198.52 | 208.68 | 244.15 | 252.70 | 237.17 | |||||||||||||||
Dividends applicable to fiscal year per share | 45.75 | 52.25 | 66.00 | 76.00 | 76.00 | |||||||||||||||
Dividends applicable to fiscal year per share* 8 | $ | 0.40 | $ | 0.48 | $ | 0.60 | $ | 0.69 | $ | 0.71 | ||||||||||
Number of employees | 33,333 | 34,835 | 31,890 | 32,411 | 31,233 |
As of March 31, | ||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||
(Millions of yen, except number of shares) | ||||||||||||||||||||
Balance sheet data* 1 : | ||||||||||||||||||||
Investment in Direct Financing Leases* 3 | ¥ | 1,204,024 | ¥ | 1,194,888 | ¥ | 1,155,632 | ¥ | 0 | ¥ | 0 | ||||||||||
Net Investment in Leases* 3 | 0 | 0 | 0 | 1,080,964 | 1,029,518 | |||||||||||||||
Installment Loans* 3 | 2,815,706 | 2,823,769 | 3,277,670 | 3,740,486 | 3,670,784 | |||||||||||||||
Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses* 4 | (59,227 | ) | (54,672 | ) | (58,011 | ) | (56,836 | ) | 0 | |||||||||||
Allowance for Credit Losses* 4 | 0 | 0 | 0 | 0 | (78,945 | ) | ||||||||||||||
Investment in Operating Leases | 1,313,164 | 1,344,926 | 1,335,959 | 1,400,001 | 1,408,189 | |||||||||||||||
Investment in Securities | 2,026,512 | 1,729,455 | 1,928,916 | 2,245,323 | 2,660,443 | |||||||||||||||
Property under Facility Operations | 398,936 | 434,786 | 441,632 | 562,485 | 491,855 | |||||||||||||||
Others | 3,532,780 | 3,952,830 | 4,093,119 | 4,095,105 | 4,381,238 | |||||||||||||||
Total Assets | ¥ | 11,231,895 | ¥ | 11,425,982 | ¥ | 12,174,917 | ¥ | 13,067,528 | ¥ | 13,563,082 | ||||||||||
Short-term Debt, Long-term Debt and Deposits | ¥ | 5,753,059 | ¥ | 5,890,720 | ¥ | 6,423,512 | ¥ | 6,847,889 | ¥ | 7,041,887 | ||||||||||
Policy Liabilities and Policy Account Balances | 1,564,758 | 1,511,246 | 1,521,355 | 1,591,475 | 1,822,422 | |||||||||||||||
Common Stock | 220,524 | 220,961 | 221,111 | 221,111 | 221,111 | |||||||||||||||
Additional Paid-in Capital | 268,138 | 267,291 | 257,625 | 257,638 | 259,361 | |||||||||||||||
ORIX Corporation Shareholders’ Equity | 2,507,698 | 2,682,424 | 2,897,074 | 2,993,608 | 3,028,456 | |||||||||||||||
Number of Issued Shares | 1,324,107,328 | 1,324,495,728 | 1,324,629,128 | 1,324,629,128 | 1,285,724,480 | |||||||||||||||
Number of Outstanding Shares* 5 | 1,302,587,061 | 1,280,000,872 | 1,279,961,352 | 1,254,471,656 | 1,217,338,316 |
As of and for the Year Ended March 31, | ||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||
(Yen and dollars, except ratios and number of employees) | ||||||||||||||||||||
Key ratios (%)* 6 : | ||||||||||||||||||||
Return on ORIX Corporation shareholders’ equity (“ROE”) | 11.3 | 12.1 | 11.6 | 10.3 | 6.4 | |||||||||||||||
Return on assets (“ROA”) | 2.46 | 2.76 | 2.74 | 2.40 | 1.44 | |||||||||||||||
ORIX Corporation shareholders’ equity ratio | 22.3 | 23.5 | 23.8 | 22.9 | 22.3 | |||||||||||||||
Allowance/investment in direct financing leases and installment loans | 1.5 | 1.4 | 1.3 | 0 | 0 | |||||||||||||||
Allowance/net investment in leases and installment loans | 0 | 0 | 0 | 1.2 | 0 | |||||||||||||||
Allowance for credit losses/net investment in leases and installment loans | 0 | 0 | 0 | 0 | 1.7 | |||||||||||||||
Per share data and employees: | ||||||||||||||||||||
ORIX Corporation shareholders’ equity per share* 7 | ¥ | 1,925.17 | ¥ | 2,095.64 | ¥ | 2,263.41 | ¥ | 2,386.35 | ¥ | 2,487.77 | ||||||||||
Basic earnings per share for net income attributable to ORIX Corporation shareholders | 208.88 | 244.40 | 252.92 | 237.38 | 155.54 | |||||||||||||||
Diluted earnings per share for net income attributable to ORIX Corporation shareholders | 208.68 | 244.15 | 252.70 | 237.17 | 155.39 | |||||||||||||||
Dividends applicable to fiscal year per share | 52.25 | 66.00 | 76.00 | 76.00 | 78.00 | |||||||||||||||
Dividends applicable to fiscal year per share* 8 | $ | 0.48 | $ | 0.60 | $ | 0.69 | $ | 0.71 | $ | 0.73 | ||||||||||
Number of employees | 34,835 | 31,890 | 32,411 | 31,233 | 33,153 |
* 1 | Accounting Standards Update 2014-09 (“Revenue from Contracts with Customers”—ASC 606 (“Revenue from Contracts with Customers”)), Accounting Standards Update2016-01 (“Recognition and Measurement of Financial Assets and Financial Liabilities”—ASC825-10 (“Financial Instruments—Overall”)) and Accounting Standards Update2016-16 (“Intra-Entity Transfers of Assets Other Than Inventory”—ASC 740 (“Income Taxes”)) 2016-02 (ASC 842 (“Leases”)) (hereinafter, “New Lease Standard”) |
* 2 | Consumption tax is excluded from the stated amount of total revenues. |
* 3 | The sum of assets considered 90 days or more past due and loans individually evaluated for impairment amounted to non-performing amounted to ¥106,863 million as of March 31, 2021. This sum included: (i) net investment in leases considerednon-performing of ¥18,925 million as of March 31, 2021 and (ii) installment loans considerednon-performing of ¥87,938 million as of March 31, 2021. See “Item 5. Operating and Financial Review and Prospects—Results of Operations—Year Ended March 31, |
* 4 | Accounting Standards Update |
* 5 | The Company’s shares held through the Board Incentive Plan Trust, which was established in July 2014 to provide shares at the time of retirement as compensation, are included in the number of treasury stock and excluded from the number of outstanding shares. The Board Incentive Plan Trust held |
* 6 | Return on ORIX Corporation shareholders’ equity is the ratio of net income attributable to ORIX Corporation shareholders for the period to average ORIX Corporation shareholders’ equity based on fiscal year beginning and ending balances for the period. Return on assets is the ratio of net income attributable to ORIX Corporation shareholders for the period to average total assets based on fiscal year beginning and ending balances for the period. ORIX Corporation shareholders’ equity ratio is the ratio as of the period end of ORIX Corporation shareholders’ equity to total assets. Allowance/investment in direct financing leases and installment loans is the ratio as of the period end of the allowance for doubtful receivables on direct financing leases and probable loan losses to the sum of investment in direct financing leases and installment loans. Allowance/net investment in leases and installment loans is the ratio as of the period end of the allowance for doubtful receivables on finance leases and probable loan losses to the sum of net investment in leases and installment loans. |
* 7 | ORIX Corporation shareholders’ equity per share is the amount derived by dividing ORIX Corporation shareholders’ equity by the number of outstanding shares. |
* 8 | The U.S. dollar amounts represent translations of the Japanese yen amounts using noon buying rates for Japanese yen per $1.00 in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York in effect on the respective dividend payment dates. |
As of March 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
Net income attributable to ORIX Corporation shareholders | (Millions of yen | ) | ¥ | 313,135 | ¥ | 323,745 | ¥ | 302,700 | ||||||||
ROE (1) | (%) | 12.1 | 11.6 | 10.3 |
As of March 31, | ||||||||||||||||
2019 | 2020 | 2021 | ||||||||||||||
Net income attributable to ORIX Corporation shareholders | (Millions of yen | ) | 323,745 | 302,700 | 192,384 | |||||||||||
ROE (1) | (%) | 11.6 | 10.3 | 6.4 |
(1) | ROE is the ratio of Net income attributable to ORIX Corporation shareholders for the period to average ORIX Corporation shareholders’ equity based on fiscal year beginning and ending balances. |
Years ended March 31, | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
(Millions of yen) | ||||||||||||
Corporate Financial Services | ¥ | 49,275 | ¥ | 25,482 | ¥ | 14,611 | ||||||
Maintenance Leasing | 40,162 | 38,841 | 33,724 | |||||||||
Real Estate | 74,395 | 89,247 | 76,857 | |||||||||
Investment and Operation | 84,097 | 38,170 | 55,715 | |||||||||
Retail | 74,527 | 84,211 | 80,387 | |||||||||
Overseas Business | 106,622 | 125,444 | 156,433 | |||||||||
Total segment profits | 429,078 | 401,395 | 417,727 | |||||||||
Difference between segment total and consolidated amounts | 6,423 | (5,665 | ) | (5,166 | ) | |||||||
Total Consolidated Amounts | ¥ | 435,501 | ¥ | 395,730 | ¥ | 412,561 | ||||||
Years ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
(Millions of yen) | ||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 78,310 | ¥ | 62,978 | ¥ | 59,149 | ||||||
Real Estate | 93,748 | 80,182 | 24,684 | |||||||||
PE Investment and Concession | 23,061 | 44,110 | 3,431 | |||||||||
Environment and Energy | 12,144 | 11,625 | 28,563 | |||||||||
Insurance | 51,544 | 44,833 | 55,119 | |||||||||
Banking and Credit | 36,434 | 39,096 | 48,030 | |||||||||
Aircraft and Ships | 36,422 | 45,287 | 3,755 | |||||||||
ORIX USA | 50,056 | 56,690 | 43,614 | |||||||||
ORIX Europe | 35,629 | 43,778 | 37,886 | |||||||||
Asia and Australia | 7,521 | 14,673 | 14,660 | |||||||||
Total segment profits | 424,869 | 443,252 | 318,891 | |||||||||
Difference between segment total and consolidated amounts | (29,139 | ) | (30,691 | ) | (31,330 | ) | ||||||
Total Consolidated Amounts | ¥ | 395,730 | ¥ | 412,561 | ¥ | 287,561 | ||||||
As of March 31, 2020 | ||||||||
Book Value (1) | Land Space (2) | |||||||
(Millions of yen) | (Thousands of m²) | |||||||
Office building (Tachikawa, Tokyo) | ¥ | 14,750 | 3 | |||||
Office building (Shiba, Minato-ku, Tokyo) | 30,862 | 2 | ||||||
Office building (Osaka, Osaka) | 9,679 | 2 | ||||||
Thermal power station (Kitakyushu, Fukuoka) | 31,141 | 37 | ||||||
Thermal power station (Soma, Fukushima) | 35,477 | 63 | ||||||
Solar power station (Tsu, Mie) | 13,909 | 1,193 | ||||||
Solar power station (Niigata, Niigata) | 13,256 | 251 | ||||||
Solar power station (Tomakomai, Hokkaido) | 11,943 | — | ||||||
Hotel (Beppu, Oita) (3) | 13,199 | 166 |
As of March 31, 2021 | ||||||||
Book Value (1) | Land Space (2) | |||||||
(Millions of yen) | (Thousands of m²) | |||||||
Office building (Tachikawa, Tokyo) | ¥ | 11,499 | 2 | |||||
Office building (Shiba, Minato-ku, Tokyo) | 30,962 | 2 | ||||||
Office building (Osaka, Osaka) | 9,484 | 2 | ||||||
Thermal power station (Kitakyushu, Fukuoka) | 29,168 | 37 | ||||||
Thermal power station (Soma, Fukushima) | 33,278 | 63 | ||||||
Solar power station (Tsu, Mie) | 13,113 | 1,193 | ||||||
Solar power station (Niigata, Niigata) | 12,576 | 251 | ||||||
Solar power station (Tomakomai, Hokkaido) | 11,193 | — | ||||||
Hotel (Beppu, Oita) (3) | 21,077 | 166 | ||||||
Hotel (Kanazawa, Ishikawa) | 11,207 | 2 |
(1) | Right-of-use |
(2) | Land space is provided only for those facilities where we own the land. |
(3) | Book value of hotel (Beppu, Oita) includes advances for property under facility operations of |
Fiscal 2022 | ||||||
Estimated investment amounts | Expected methods of financing | |||||
(Millions of yen) | ||||||
Operating lease equipment and property | ¥ | Funds on hand, bank borrowings, etc. | ||||
Power generation equipment | 148,178 | Funds on hand, bank borrowings, etc. | ||||
Total | ¥ | 578,178 | — | |||
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March 31, 2020 | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
(Millions of yen) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Loans held for sale | ¥ | 90,893 | ¥ | 0 | ¥ | 90,893 | ¥ | 0 | ||||||||
Trading debt securities | 7,431 | 0 | 7,431 | 0 | ||||||||||||
Available-for-sale debt securities | 1,631,185 | 21,490 | 1,521,342 | 88,353 | ||||||||||||
Equity securities | 375,174 | 58,400 | 232,873 | 83,901 | ||||||||||||
Derivative assets | 39,690 | 202 | 20,258 | 19,230 | ||||||||||||
Other assets | 18,206 | 0 | 0 | 18,206 | ||||||||||||
Total | ¥ | 2,162,579 | ¥ | 80,092 | ¥ | 1,872,797 | ¥ | 209,690 | ||||||||
Financial Liabilities: | ||||||||||||||||
Derivative liabilities | ¥ | 73,649 | ¥ | 2,471 | ¥ | 71,178 | ¥ | 0 | ||||||||
Policy Liabilities and Policy Account Balances | 300,739 | 0 | 0 | 300,739 | ||||||||||||
Total | ¥ | 374,388 | ¥ | 2,471 | ¥ | 71,178 | ¥ | 300,739 | ||||||||
March 31, 2021 | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
(Millions of yen) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Loans held for sale | ¥ | 63,272 | ¥ | 0 | ¥ | 63,272 | ¥ | 0 | ||||||||
Trading debt securities | 2,654 | 0 | 2,654 | 0 | ||||||||||||
Available-for-sale | 2,003,917 | 6,012 | 1,864,448 | 133,457 | ||||||||||||
Equity securities | 396,465 | 82,039 | 223,016 | 91,410 | ||||||||||||
Derivative assets | 22,696 | 352 | 8,521 | 13,823 | ||||||||||||
Other assets | 6,297 | 0 | 0 | 6,297 | ||||||||||||
Total | ¥ | 2,495,301 | ¥ | 88,403 | ¥ | 2,161,911 | ¥ | 244,987 | ||||||||
Financial Liabilities: | ||||||||||||||||
Derivative liabilities | ¥ | 71,034 | ¥ | 475 | ¥ | 70,526 | ¥ | 33 | ||||||||
Policy Liabilities and Policy Account Balances | 266,422 | 0 | 0 | 266,422 | ||||||||||||
Total | ¥ | 337,456 | ¥ | 475 | ¥ | 70,526 | ¥ | 266,455 | ||||||||
March 31, 2020 | ||||||||
Significant Unobservable Inputs (Level 3) | Percentage of Total Assets (%) | |||||||
(Millions of yen, except percentage data) | ||||||||
Level 3 Assets: | ||||||||
Available-for-sale debt securities | ¥ | 88,353 | 1 | |||||
Japanese prefectural and foreign municipal bond securities | 2,832 | 0 | ||||||
Corporate debt securities | 3,994 | 0 | ||||||
Other asset-backed securities and debt securities | 81,527 | 1 | ||||||
Equity securities | 83,901 | 1 | ||||||
Investment funds | 83,901 | 1 | ||||||
Derivative assets | 19,230 | 0 | ||||||
Options held/written and other | 19,230 | 0 | ||||||
Other assets | 18,206 | 0 | ||||||
Reinsurance recoverables | 18,206 | 0 | ||||||
Total Level 3 financial assets | ¥ | 209,690 | 2 | |||||
Total assets | ¥ | 13,067,528 | 100 |
March 31, 2021 | ||||||||
Significant Unobservable Inputs (Level 3) | Percentage of Total Assets (%) | |||||||
(Millions of yen, except percentage data) | ||||||||
Level 3 Assets: | ||||||||
Available-for-sale | ¥ | 133,457 | 1 | |||||
Japanese prefectural and foreign municipal bond securities | 2,761 | 0 | ||||||
Corporate debt securities | 1,021 | 0 | ||||||
Other asset-backed securities and debt securities | 129,675 | 1 | ||||||
Equity securities | 91,410 | 1 | ||||||
Investment funds | 91,410 | 1 | ||||||
Derivative assets | 13,823 | 0 | ||||||
Options held/written and other | 13,823 | 0 | ||||||
Other assets | 6,297 | 0 | ||||||
Reinsurance recoverables | 6,297 | 0 | ||||||
Total Level 3 financial assets | ¥ | 244,987 | 2 | |||||
Total assets | ¥ | 13,563,082 | 100 |
Year ended March 31, 2021 | ||||||||||||||
Carrying amount* 1 | ||||||||||||||
April 1, 2020 | ||||||||||||||
March 31, 2021 | March 31, 2 | |||||||||||||
(Millions of yen) | ||||||||||||||
¥309,343 | ¥41,456 | ¥350,799 | ¥410,858 | |||||||||||
* 1 | Carrying amounts are stated as cost less accumulated |
* 2 | Fair value is either obtained from appraisal reports by external qualified appraisers, calculated by internal appraisal department in accordance with “Real estate appraisal standards,” or calculated by other reasonable internal calculation utilizing similar methods. |
Year Ended March 31, 2021 | ||||||||
Revenue* 1 | Expense* 2 | Net | ||||||
(Millions of yen) | ||||||||
¥52,200 | ¥ | 31,710 | ¥ | 20,490 | ||||
* 1 | Revenue consists of revenue from leases and gains on sales of real estate under operating leases. Revenue from leases is composed of real estate-related revenues from “Operating leases” and “Life insurance premiums and related investment income.” |
* 2 | Expense consists of costs related to the above revenue such as rental payment, depreciation expense, repair cost, insurance cost, tax and duty which are included in “Costs of operating leases,” and “Write-downs of long-lived assets.” |
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except ratios, per Share data and percentages) | ||||||||||||||||
Total revenues | ¥ | 2,434,864 | ¥ | 2,280,329 | ¥ | (154,535 | ) | (6 | ) | |||||||
Total expenses | 2,105,426 | 2,010,648 | (94,778 | ) | (5 | ) | ||||||||||
Income before Income Taxes | 395,730 | 412,561 | 16,831 | 4 | ||||||||||||
Net Income Attributable to ORIX Corporation Shareholders | 323,745 | 302,700 | (21,045 | ) | (7 | ) | ||||||||||
Earnings per Share (Basic) | 252.92 | 237.38 | (15.54 | ) | (6 | ) | ||||||||||
(Diluted) | 252.70 | 237.17 | (15.53 | ) | (6 | ) | ||||||||||
ROE* 1 | 11.6 | 10.3 | (1.3 | ) | — | |||||||||||
ROA* 2 | 2.74 | 2.40 | (0.34 | ) | — |
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except ratios, per Share data and percentages) | ||||||||||||||||
Total revenues | ¥ | 2,280,329 | ¥ | 2,292,708 | ¥ | 12,379 | 1 | |||||||||
Total expenses | 2,010,648 | 2,033,894 | 23,246 | 1 | ||||||||||||
Income before Income Taxes | 412,561 | 287,561 | (125,000 | ) | (30 | ) | ||||||||||
Net Income Attributable to ORIX Corporation Shareholders | 302,700 | 192,384 | (110,316 | ) | (36 | ) | ||||||||||
Earnings per Share (Basic) | 237.38 | 155.54 | (81.84 | ) | (34 | ) | ||||||||||
(Diluted) | 237.17 | 155.39 | (81.78 | ) | (34 | ) | ||||||||||
ROE* 1 | 10.3 | 6.4 | (3.9 | ) | — | |||||||||||
ROA* 2 | 2.40 | 1.44 | (0.96 | ) | — |
* 1 | ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity based on fiscal year beginning and ending balances. |
* 2 | ROA is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average Total Assets based on fiscal year beginning and ending balances. |
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen except ratios, per share and percentages) | ||||||||||||||||
Total Assets | ¥ | 13,067,528 | ¥ | 13,563,082 | ¥ | 495,554 | 4 | |||||||||
(Segment assets) | 10,883,545 | 11,341,789 | 458,244 | 4 | ||||||||||||
Total Liabilities | 9,991,362 | 10,459,938 | 468,576 | 5 | ||||||||||||
(Short-term and Long-term debt) | 4,616,186 | 4,724,102 | 107,916 | 2 | ||||||||||||
(Deposits) | 2,231,703 | 2,317,785 | 86,082 | 4 | ||||||||||||
ORIX Corporation Shareholders’ Equity | 2,993,608 | 3,028,456 | 34,848 | 1 | ||||||||||||
ORIX Corporation Shareholders’ Equity per share | 2,386.35 | 2,487.77 | 101.42 | 4 | ||||||||||||
ORIX Corporation Shareholders’ Equity ratio* | 22.9 | % | 22.3 | % | (0.6 | )% | — | |||||||||
D/E ratio (Debt-to-equity | 1.5 | x | 1.6 | x | 0.1 | x | — |
* | ORIX Corporation Shareholders’ Equity ratio is the ratio as of the period end of ORIX Corporation Shareholder’s Equity to total assets. |
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 428,036 | ¥ | 429,799 | ¥ | 1,763 | 0 | |||||||||
Real Estate | 468,086 | 359,798 | (108,288 | ) | (23 | ) | ||||||||||
PE Investment and Concession | 296,365 | 331,222 | 34,857 | 12 | ||||||||||||
Environment and Energy | 148,423 | 143,187 | (5,236 | ) | (4 | ) | ||||||||||
Insurance | 371,387 | 491,894 | 120,507 | 32 | ||||||||||||
Banking and Credit | 84,355 | 83,724 | (631 | ) | (1 | ) | ||||||||||
Aircraft and Ships | 64,650 | 31,617 | (33,033 | ) | (51 | ) | ||||||||||
ORIX USA | 135,709 | 138,017 | 2,308 | 2 | ||||||||||||
ORIX Europe | 148,524 | 160,798 | 12,274 | 8 | ||||||||||||
Asia and Australia | 137,797 | 128,309 | (9,488 | ) | (7 | ) | ||||||||||
Segment Total | 2,283,332 | 2,298,365 | 15,033 | 1 | ||||||||||||
Difference between Segment Total and Consolidated Amounts | (3,003 | ) | (5,657 | ) | (2,654 | ) | — | |||||||||
Consolidated Amounts | ¥ | 2,280,329 | ¥ | 2,292,708 | ¥ | 12,379 | 1 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Profits: | ||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 62,978 | ¥ | 59,149 | ¥ | (3,829 | ) | (6 | ) | |||||||
Real Estate | 80,182 | 24,684 | (55,498 | ) | (69 | ) | ||||||||||
PE Investment and Concession | 44,110 | 3,431 | (40,679 | ) | (92 | ) | ||||||||||
Environment and Energy | 11,625 | 28,563 | 16,938 | 146 | ||||||||||||
Insurance | 44,833 | 55,119 | 10,286 | 23 | ||||||||||||
Banking and Credit | 39,096 | 48,030 | 8,934 | 23 | ||||||||||||
Aircraft and Ships | 45,287 | 3,755 | (41,532 | ) | (92 | ) | ||||||||||
ORIX USA | 56,690 | 43,614 | (13,076 | ) | (23 | ) | ||||||||||
ORIX Europe | 43,778 | 37,886 | (5,892 | ) | (13 | ) | ||||||||||
Asia and Australia | 14,673 | 14,660 | (13 | ) | (0 | ) | ||||||||||
Segment Total | 443,252 | 318,891 | (124,361 | ) | (28 | ) | ||||||||||
Difference between Segment Total and Consolidated Amounts | (30,691 | ) | (31,330 | ) | (639 | ) | — | |||||||||
Consolidated Amounts | ¥ | 412,561 | ¥ | 287,561 | ¥ | (125,000 | ) | (30 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Assets: | ||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 1,789,693 | ¥ | 1,658,571 | ¥ | (131,122 | ) | (7 | ) | |||||||
Real Estate | 821,194 | 872,095 | 50,901 | 6 | ||||||||||||
PE Investment and Concession | 322,522 | 378,698 | 56,176 | 17 | ||||||||||||
Environment and Energy | 478,796 | 506,666 | 27,870 | 6 | ||||||||||||
Insurance | 1,580,158 | 1,959,521 | 379,363 | 24 | ||||||||||||
Banking and Credit | 2,603,736 | 2,690,627 | 86,891 | 3 | ||||||||||||
Aircraft and Ships | 585,304 | 601,762 | 16,458 | 3 | ||||||||||||
ORIX USA | 1,374,027 | 1,220,081 | (153,946 | ) | (11 | ) | ||||||||||
ORIX Europe | 317,847 | 369,546 | 51,699 | 16 | ||||||||||||
Asia and Australia | 1,010,268 | 1,084,222 | 73,954 | 7 | ||||||||||||
Segment Total | 10,883,545 | 11,341,789 | 458,244 | 4 | ||||||||||||
Difference between Segment Total and Consolidated Amounts | 2,183,983 | 2,221,293 | 37,310 | 2 | ||||||||||||
Consolidated Amounts | ¥ | 13,067,528 | ¥ | 13,563,082 | ¥ | 495,554 | 4 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 61,402 | ¥ | 57,780 | ¥ | (3,622 | ) | (6 | ) | |||||||
Gains on investment securities and dividends | 111 | 1,616 | 1,505 | — | ||||||||||||
Operating leases | 243,977 | 247,190 | 3,213 | 1 | ||||||||||||
Sales of goods and real estate | 11,536 | 10,348 | (1,188 | ) | (10 | ) | ||||||||||
Services income | 111,010 | 112,865 | 1,855 | 2 | ||||||||||||
Total Segment Revenues | 428,036 | 429,799 | 1,763 | 0 | ||||||||||||
Interest expense | 6,203 | 5,594 | (609 | ) | (10 | ) | ||||||||||
Costs of operating leases | 194,162 | 199,774 | 5,612 | 3 | ||||||||||||
Costs of goods and real estate sold | 6,814 | 6,832 | 18 | 0 | ||||||||||||
Services expense | 53,020 | 56,447 | 3,427 | 6 | ||||||||||||
Selling, general and administrative expenses | 87,333 | 85,662 | (1,671 | ) | (2 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 1,189 | 0 | (1,189 | ) | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 1,405 | 1,405 | — | ||||||||||||
Other | 17,648 | 16,129 | (1,519 | ) | (9 | ) | ||||||||||
Total Segment Expenses | 366,369 | 371,843 | 5,474 | 1 | ||||||||||||
Segment Operating Income | 61,667 | 57,956 | (3,711 | ) | (6 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 1,311 | 1,193 | (118 | ) | (9 | ) | ||||||||||
Segment Profits | ¥ | 62,978 | ¥ | 59,149 | ¥ | (3,829 | ) | (6 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 648,627 | ¥ | 592,874 | ¥ | (55,753 | ) | (9 | ) | |||||||
Installment loans | 379,541 | 330,917 | (48,624 | ) | (13 | ) | ||||||||||
Investment in operating leases | 572,492 | 548,677 | (23,815 | ) | (4 | ) | ||||||||||
Investment in securities | 28,616 | 30,318 | 1,702 | 6 | ||||||||||||
Property under facility operations | 19,992 | 18,726 | (1,266 | ) | (6 | ) | ||||||||||
Inventories | 736 | 630 | (106 | ) | (14 | ) | ||||||||||
Advances for finance lease and operating lease | 293 | 500 | 207 | 71 | ||||||||||||
Investment in affiliates | 18,347 | 18,049 | (298 | ) | (2 | ) | ||||||||||
Advances for property under facility operations | 760 | 0 | (760 | ) | — | |||||||||||
Goodwill, intangible assets acquired in business combinations | 120,289 | 117,880 | (2,409 | ) | (2 | ) | ||||||||||
Total Segment Assets | ¥ | 1,789,693 | ¥ | 1,658,571 | ¥ | (131,122 | ) | (7 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 6,723 | ¥ | 6,206 | ¥ | (517 | ) | (8 | ) | |||||||
Operating leases | 63,149 | 46,022 | (17,127 | ) | (27 | ) | ||||||||||
Sales of goods and real estate | 122,230 | 91,348 | (30,882 | ) | (25 | ) | ||||||||||
Services income | 276,123 | 215,805 | (60,318 | ) | (22 | ) | ||||||||||
Other | (139 | ) | 417 | 556 | — | |||||||||||
Total Segment Revenues | 468,086 | 359,798 | (108,288 | ) | (23 | ) | ||||||||||
Interest expense | 1,849 | 2,441 | 592 | 32 | ||||||||||||
Costs of operating leases | 26,654 | 24,929 | (1,725 | ) | (6 | ) | ||||||||||
Costs of goods and real estate sold | 108,637 | 76,071 | (32,566 | ) | (30 | ) | ||||||||||
Services expense | 239,096 | 202,269 | (36,827 | ) | (15 | ) | ||||||||||
Selling, general and administrative expenses | 38,590 | 35,701 | (2,889 | ) | (7 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 545 | 0 | (545 | ) | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 1,994 | 1,994 | — | ||||||||||||
Other | 1,267 | (2,170 | ) | (3,437 | ) | — | ||||||||||
Total Segment Expenses | 416,638 | 341,235 | (75,403 | ) | (18 | ) | ||||||||||
Segment Operating Income | 51,448 | 18,563 | (32,885 | ) | (64 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 28,734 | 6,121 | (22,613 | ) | (79 | ) | ||||||||||
Segment Profits | ¥ | 80,182 | ¥ | 24,684 | ¥ | (55,498 | ) | (69 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 73,279 | ¥ | 66,371 | ¥ | (6,908 | ) | (9 | ) | |||||||
Investment in operating leases | 319,550 | 291,877 | (27,673 | ) | (9 | ) | ||||||||||
Investment in securities | 7,274 | 8,543 | 1,269 | 17 | ||||||||||||
Property under facility operations | 140,416 | 149,479 | 9,063 | 6 | ||||||||||||
Inventories | 82,762 | 94,429 | 11,667 | 14 | ||||||||||||
Advances for finance lease and operating lease | 37,272 | 98,820 | 61,548 | 165 | ||||||||||||
Investment in affiliates | 91,835 | 99,105 | 7,270 | 8 | ||||||||||||
Advances for property under facility operations | 7,327 | 4,089 | (3,238 | ) | (44 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 61,479 | 59,382 | (2,097 | ) | (3 | ) | ||||||||||
Total Segment Assets | ¥ | 821,194 | ¥ | 872,095 | ¥ | 50,901 | 6 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 124 | ¥ | 152 | ¥ | 28 | 23 | |||||||||
Gains on investment securities and dividends | 585 | 846 | 261 | 45 | ||||||||||||
Sales of goods and real estate | 261,475 | 301,732 | 40,257 | 15 | ||||||||||||
Services income | 32,465 | 22,030 | (10,435 | ) | (32 | ) | ||||||||||
Other | 1,716 | 6,462 | 4,746 | 277 | ||||||||||||
Total Segment Revenues | 296,365 | 331,222 | 34,857 | 12 | ||||||||||||
Interest expense | 1,187 | 1,736 | 549 | 46 | ||||||||||||
Costs of goods and real estate sold | 229,905 | 259,740 | 29,835 | 13 | ||||||||||||
Services expense | 22,021 | 15,947 | (6,074 | ) | (28 | ) | ||||||||||
Selling, general and administrative expenses | 33,517 | 35,454 | 1,937 | 6 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 98 | 0 | (98 | ) | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 3,622 | 3,622 | — | ||||||||||||
Other | 802 | 3,365 | 2,563 | 320 | ||||||||||||
Total Segment Expenses | 287,530 | 319,864 | 32,334 | 11 | ||||||||||||
Segment Operating Income | 8,835 | 11,358 | 2,523 | 29 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 35,275 | (7,927 | ) | (43,202 | ) | — | ||||||||||
Segment Profits | ¥ | 44,110 | ¥ | 3,431 | ¥ | (40,679 | ) | (92 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 141 | ¥ | 1,541 | ¥ | 1,400 | 993 | |||||||||
Investment in operating leases | 9,367 | 23,455 | 14,088 | 150 | ||||||||||||
Investment in securities | 17,916 | 12,918 | (4,998 | ) | (28 | ) | ||||||||||
Property under facility operations | 43,735 | 43,972 | 237 | 1 | ||||||||||||
Inventories | 40,263 | 45,597 | 5,334 | 13 | ||||||||||||
Investment in affiliates | 68,603 | 55,421 | (13,182 | ) | (19 | ) | ||||||||||
Advances for property under facility operations | 245 | 6,732 | 6,487 | — | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 142,252 | 189,062 | 46,810 | 33 | ||||||||||||
Total Segment Assets | ¥ | 322,522 | ¥ | 378,698 | ¥ | 56,176 | 17 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 1,959 | ¥ | 2,531 | ¥ | 572 | 29 | |||||||||
Services income | 141,714 | 136,360 | (5,354 | ) | (4 | ) | ||||||||||
Other | 4,750 | 4,296 | (454 | ) | (10 | ) | ||||||||||
Total Segment Revenues | 148,423 | 143,187 | (5,236 | ) | (4 | ) | ||||||||||
Interest expense | 7,732 | 10,423 | 2,691 | 35 | ||||||||||||
Services expense | 111,143 | 106,299 | (4,844 | ) | (4 | ) | ||||||||||
Selling, general and administrative expenses | 11,807 | 11,929 | 122 | 1 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 2,081 | 0 | (2,081 | ) | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 567 | 567 | — | ||||||||||||
Other | 3,047 | 1,009 | (2,038 | ) | (67 | ) | ||||||||||
Total Segment Expenses | 135,810 | 130,227 | (5,583 | ) | (4 | ) | ||||||||||
Segment Operating Income | 12,613 | 12,960 | 347 | 3 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | (988 | ) | 15,603 | 16,591 | — | |||||||||||
Segment Profits | ¥ | 11,625 | ¥ | 28,563 | ¥ | 16,938 | 146 | |||||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 25,355 | ¥ | 26,470 | ¥ | 1,115 | 4 | |||||||||
Investment in operating leases | 1,958 | 2,051 | 93 | 5 | ||||||||||||
Investment in securities | 191 | 814 | 623 | 326 | ||||||||||||
Property under facility operations | 338,695 | 262,016 | (76,679 | ) | (23 | ) | ||||||||||
Inventories | 394 | 396 | 2 | 1 | ||||||||||||
Advances for finance lease and operating lease | 1,861 | 1,392 | (469 | ) | (25 | ) | ||||||||||
Investment in affiliates | 82,253 | 180,492 | 98,239 | 119 | ||||||||||||
Advances for property under facility operations | 12,229 | 19,963 | 7,734 | 63 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 15,860 | 13,072 | (2,788 | ) | (18 | ) | ||||||||||
Total Segment Assets | ¥ | 478,796 | ¥ | 506,666 | ¥ | 27,870 | 6 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 220 | ¥ | 242 | ¥ | 22 | 10 | |||||||||
Life insurance premiums and related investment income | 370,144 | 489,985 | 119,841 | 32 | ||||||||||||
Other | 1,023 | 1,667 | 644 | 63 | ||||||||||||
Total Segment Revenues | 371,387 | 491,894 | 120,507 | 32 | ||||||||||||
Interest expense | 1 | 6 | 5 | 500 | ||||||||||||
Life insurance costs | 271,943 | 374,394 | 102,451 | 38 | ||||||||||||
Selling, general and administrative expenses | 54,216 | 62,193 | 7,977 | 15 | ||||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 7 | 7 | — | ||||||||||||
Other | 408 | 184 | (224 | ) | (55 | ) | ||||||||||
Total Segment Expenses | 326,568 | 436,784 | 110,216 | 34 | ||||||||||||
Segment Operating Income | 44,819 | 55,110 | 10,291 | 23 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 14 | 9 | (5 | ) | (36 | ) | ||||||||||
Segment Profits | ¥ | 44,833 | ¥ | 55,119 | ¥ | 10,286 | 23 | |||||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans | ¥ | 17,720 | ¥ | 17,315 | ¥ | (405 | ) | (2 | ) | |||||||
Investment in operating leases | 29,271 | 28,909 | (362 | ) | (1 | ) | ||||||||||
Investment in securities | 1,528,042 | 1,908,148 | 380,106 | 25 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 5,125 | 5,149 | 24 | 0 | ||||||||||||
Total Segment Assets | ¥ | 1,580,158 | ¥ | 1,959,521 | ¥ | 379,363 | 24 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 80,868 | ¥ | 78,071 | ¥ | (2,797 | ) | (3 | ) | |||||||
Other | 3,487 | 5,653 | 2,166 | 62 | ||||||||||||
Total Segment Revenues | 84,355 | 83,724 | (631 | ) | (1 | ) | ||||||||||
Interest expense | 4,488 | 4,931 | 443 | 10 | ||||||||||||
Selling, general and administrative expenses | 23,639 | 24,504 | 865 | 4 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 11,971 | 0 | (11,971 | ) | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 508 | 508 | — | ||||||||||||
Other | 5,164 | 5,754 | 590 | 11 | ||||||||||||
Total Segment Expenses | 45,262 | 35,697 | (9,565 | ) | (21 | ) | ||||||||||
Segment Operating Income | 39,093 | 48,027 | 8,934 | 23 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 3 | 3 | 0 | — | ||||||||||||
Segment Profits | ¥ | 39,096 | ¥ | 48,030 | ¥ | 8,934 | 23 | |||||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans | ¥ | 2,318,347 | ¥ | 2,402,916 | ¥ | 84,569 | 4 | |||||||||
Investment in securities | 273,218 | 275,740 | 2,522 | 1 | ||||||||||||
Investment in affiliates | 400 | 200 | (200 | ) | (50 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 11,771 | 11,771 | 0 | — | ||||||||||||
Total Segment Assets | ¥ | 2,603,736 | ¥ | 2,690,627 | ¥ | 86,891 | 3 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 2,478 | ¥ | 1,172 | ¥ | (1,306 | ) | (53 | ) | |||||||
Operating leases | 49,271 | 27,105 | (22,166 | ) | (45 | ) | ||||||||||
Services income | 10,216 | 3,340 | (6,876 | ) | (67 | ) | ||||||||||
Other | 2,685 | 0 | (2,685 | ) | — | |||||||||||
Total Segment Revenues | 64,650 | 31,617 | (33,033 | ) | (51 | ) | ||||||||||
Interest expense | 18,402 | 14,292 | (4,110 | ) | (22 | ) | ||||||||||
Costs of operating leases | 15,070 | 14,188 | (882 | ) | (6 | ) | ||||||||||
Services expense | 4,379 | 655 | (3,724 | ) | (85 | ) | ||||||||||
Selling, general and administrative expenses | 9,399 | 6,863 | (2,536 | ) | (27 | ) | ||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | (159 | ) | (159 | ) | — | ||||||||||
Other | 789 | 372 | (417 | ) | (53 | ) | ||||||||||
Total Segment Expenses | 48,039 | 36,211 | (11,828 | ) | (25 | ) | ||||||||||
Segment Operating Income | 16,611 | (4,594 | ) | (21,205 | ) | — | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 28,676 | 8,349 | (20,327 | ) | (71 | ) | ||||||||||
Segment Profits | ¥ | 45,287 | ¥ | 3,755 | ¥ | (41,532 | ) | (92 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 1,839 | ¥ | 2,994 | ¥ | 1,155 | 63 | |||||||||
Installment loans | 24,088 | 30,757 | 6,669 | 28 | ||||||||||||
Investment in operating leases | 253,717 | 262,482 | 8,765 | 3 | ||||||||||||
Advances for finance lease and operating lease | 4,990 | 578 | (4,412 | ) | (88 | ) | ||||||||||
Investment in affiliates | 284,453 | 293,469 | 9,016 | 3 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 16,217 | 11,482 | (4,735 | ) | (29 | ) | ||||||||||
Total Segment Assets | ¥ | 585,304 | ¥ | 601,762 | ¥ | 16,458 | 3 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 79,973 | ¥ | 87,172 | ¥ | 7,199 | 9 | |||||||||
Gains on investment securities and dividends | 15,956 | 24,510 | 8,554 | 54 | ||||||||||||
Services income | 37,116 | 22,546 | (14,570 | ) | (39 | ) | ||||||||||
Other | 2,664 | 3,789 | 1,125 | 42 | ||||||||||||
Total Segment Revenues | 135,709 | 138,017 | 2,308 | 2 | ||||||||||||
Interest expense | 25,143 | 16,280 | (8,863 | ) | (35 | ) | ||||||||||
Services expense | 3,235 | 2,765 | (470 | ) | (15 | ) | ||||||||||
Selling, general and administrative expenses | 66,931 | 68,081 | 1,150 | 2 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 8,251 | 0 | (8,251 | ) | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 13,480 | 13,480 | — | ||||||||||||
Other | (219 | ) | 1,496 | 1,715 | — | |||||||||||
Total Segment Expenses | 103,341 | 102,102 | (1,239 | ) | (1 | ) | ||||||||||
Segment Operating Income | 32,368 | 35,915 | 3,547 | 11 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 24,322 | 7,699 | (16,623 | ) | (68 | ) | ||||||||||
Segment Profits | ¥ | 56,690 | ¥ | 43,614 | ¥ | (13,076 | ) | (23 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 1,172 | ¥ | 458 | ¥ | (714 | ) | (61 | ) | |||||||
Installment loans | 778,249 | 617,822 | (160,427 | ) | (21 | ) | ||||||||||
Investment in operating leases | 9,148 | 5,317 | (3,831 | ) | (42 | ) | ||||||||||
Investment in securities | 320,217 | 342,631 | 22,414 | 7 | ||||||||||||
Property under facility operations and servicing assets | 66,416 | 72,094 | 5,678 | 9 | ||||||||||||
Inventories | 1,442 | 603 | (839 | ) | (58 | ) | ||||||||||
Advances for finance lease and operating lease | 1,259 | 378 | (881 | ) | (70 | ) | ||||||||||
Investment in affiliates | 52,361 | 43,816 | (8,545 | ) | (16 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 143,763 | 136,962 | (6,801 | ) | (5 | ) | ||||||||||
Total Segment Assets | ¥ | 1,374,027 | ¥ | 1,220,081 | ¥ | (153,946 | ) | (11 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 559 | ¥ | 171 | ¥ | (388 | ) | (69 | ) | |||||||
Gains on investment securities and dividends | (2,079 | ) | 10,239 | 12,318 | — | |||||||||||
Services income | 150,044 | 150,388 | 344 | 0 | ||||||||||||
Total Segment Revenues | 148,524 | 160,798 | 12,274 | 8 | ||||||||||||
Interest expense | 1,136 | 1,125 | (11 | ) | (1 | ) | ||||||||||
Services expense | 35,624 | 39,877 | 4,253 | 12 | ||||||||||||
Selling, general and administrative expenses | 81,383 | 73,526 | (7,857 | ) | (10 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | (17 | ) | 0 | 17 | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 34 | 34 | — | ||||||||||||
Other | (62 | ) | 6,836 | 6,898 | — | |||||||||||
Total Segment Expenses | 118,064 | 121,398 | 3,334 | 3 | ||||||||||||
Segment Operating Income | 30,460 | 39,400 | 8,940 | 29 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 13,318 | (1,514 | ) | (14,832 | ) | — | ||||||||||
Segment Profits | ¥ | 43,778 | ¥ | 37,886 | ¥ | (5,892 | ) | (13 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities | ¥ | 38,057 | ¥ | 45,540 | ¥ | 7,483 | 20 | |||||||||
Investment in affiliates | 1,495 | 1,770 | 275 | 18 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 278,295 | 322,236 | 43,941 | 16 | ||||||||||||
Total Segment Assets | ¥ | 317,847 | ¥ | 369,546 | ¥ | 51,699 | 16 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 43,694 | ¥ | 39,931 | ¥ | (3,763 | ) | (9 | ) | |||||||
Gains on investment securities and dividends | 8,971 | 7,578 | (1,393 | ) | (16 | ) | ||||||||||
Operating leases | 66,322 | 68,104 | 1,782 | 3 | ||||||||||||
Services income | 18,323 | 12,631 | (5,692 | ) | (31 | ) | ||||||||||
Other | 487 | 65 | (422 | ) | (87 | ) | ||||||||||
Total Segment Revenues | 137,797 | 128,309 | (9,488 | ) | (7 | ) | ||||||||||
Interest expense | 23,329 | 18,043 | (5,286 | ) | (23 | ) | ||||||||||
Costs of operating leases | 49,529 | 50,954 | 1,425 | 3 | ||||||||||||
Services expense | 13,082 | 8,881 | (4,201 | ) | (32 | ) | ||||||||||
Selling, general and administrative expenses | 27,012 | 25,854 | (1,158 | ) | (4 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 15,318 | 0 | (15,318 | ) | — | |||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 0 | 3,514 | 3,514 | — | ||||||||||||
Other | 1,986 | 1,003 | (983 | ) | (49 | ) | ||||||||||
Total Segment Expenses | 130,256 | 108,249 | (22,007 | ) | (17 | ) | ||||||||||
Segment Operating Income | 7,541 | 20,060 | 12,519 | 166 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 7,132 | (5,400 | ) | (12,532 | ) | — | ||||||||||
Segment Profits | ¥ | 14,673 | ¥ | 14,660 | ¥ | (13 | ) | (0 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 330,346 | ¥ | 338,603 | ¥ | 8,257 | 2 | |||||||||
Installment loans | 222,465 | 271,038 | 48,573 | 22 | ||||||||||||
Investment in operating leases | 195,660 | 235,182 | 39,522 | 20 | ||||||||||||
Investment in securities | 29,248 | 32,804 | 3,556 | 12 | ||||||||||||
Property under facility operations | 2,600 | 1,284 | (1,316 | ) | (51 | ) | ||||||||||
Inventories | 242 | 377 | 135 | 56 | ||||||||||||
Advances for finance lease and operating lease | 1,742 | 3,064 | 1,322 | 76 | ||||||||||||
Investment in affiliates | 221,853 | 195,413 | (26,440 | ) | (12 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 6,112 | 6,457 | 345 | 6 | ||||||||||||
Total Segment Assets | ¥ | 1,010,268 | ¥ | 1,084,222 | ¥ | 73,954 | 7 | |||||||||
Revenues, New Business Volumes and Investments Finance revenues | ||||||||||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues: | ||||||||||||||||
Finance revenues | ¥ | 276,864 | ¥ | 271,194 | ¥ | (5,670 | ) | (2 | ) |
As of and for the year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases: | ||||||||||||||||
New equipment acquisitions | ¥ | 444,841 | ¥ | 346,518 | ¥ | (98,323 | ) | (22 | ) | |||||||
Japan | 244,087 | 192,708 | (51,379 | ) | (21 | ) | ||||||||||
Overseas | 200,754 | 153,810 | (46,944 | ) | (23 | ) | ||||||||||
Net investment in leases | 1,080,964 | 1,029,518 | (51,446 | ) | (5 | ) |
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases by category: | ||||||||||||||||
Transportation equipment | ¥ | 457,405 | ¥ | 437,759 | ¥ | (19,646 | ) | (4 | ) | |||||||
Industrial equipment | 210,248 | 212,655 | 2,407 | 1 | ||||||||||||
Electronics | 134,775 | 121,021 | (13,754 | ) | (10 | ) | ||||||||||
Information-related and office equipment | 104,218 | 95,708 | (8,510 | ) | (8 | ) | ||||||||||
Commercial services equipment | 45,062 | 42,339 | (2,723 | ) | (6 | ) | ||||||||||
Other | 129,256 | 120,036 | (9,220 | ) | (7 | ) | ||||||||||
Total | ¥ | 1,080,964 | ¥ | 1,029,518 | ¥ | (51,446 | ) | (5 | ) | |||||||
As of and for the year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
New loans added | ¥ | 1,529,175 | ¥ | 1,198,028 | ¥ | (331,147 | ) | (22 | ) | |||||||
Japan | 1,134,586 | 862,930 | (271,656 | ) | (24 | ) | ||||||||||
Overseas | 394,589 | 335,098 | (59,491 | ) | (15 | ) | ||||||||||
Installment loans | 3,740,486 | 3,670,784 | (69,702 | ) | (2 | ) |
Note: | The balance of installment loans related to our life insurance operations is included in installment loans in our consolidated balance sheets; however, income and losses on these loans are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
Consumer borrowers in Japan | ||||||||||||||||
Real estate loans | ¥ | 1,842,131 | ¥ | 1,995,031 | ¥ | 152,900 | 8 | |||||||||
Card loans | 223,651 | 188,547 | (35,104 | ) | (16 | ) | ||||||||||
Other | 32,618 | 27,698 | (4,920 | ) | (15 | ) | ||||||||||
Subtotal | 2,098,400 | 2,211,276 | 112,876 | 5 | ||||||||||||
Corporate borrowers in Japan | ||||||||||||||||
Real estate companies | 300,984 | 279,046 | (21,938 | ) | (7 | ) | ||||||||||
Non-recourse loans | 48,566 | 47,956 | (610 | ) | (1 | ) | ||||||||||
Commercial, industrial and other companies | 255,309 | 203,890 | (51,419 | ) | (20 | ) | ||||||||||
Subtotal | 604,859 | 530,892 | (73,967 | ) | (12 | ) | ||||||||||
Overseas | ||||||||||||||||
Real estate companies | 250,195 | 197,074 | (53,121 | ) | (21 | ) | ||||||||||
Non-recourse loans | 83,515 | 113,129 | 29,614 | 35 | ||||||||||||
Commercial, industrial companies and other | 690,299 | 606,062 | (84,237 | ) | (12 | ) | ||||||||||
Subtotal | 1,024,009 | 916,265 | (107,744 | ) | (11 | ) | ||||||||||
Purchased loans* | 13,218 | 12,351 | (867 | ) | (7 | ) | ||||||||||
Total | ¥ | 3,740,486 | ¥ | 3,670,784 | ¥ | (69,702 | ) | (2 | ) | |||||||
* | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
As of March 31, | ||||||||
2020 | 2021 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due net investment inleases/Non-performing net investment in leases and allowances for doubtful receivables/credit losses on net investment in leases: | ||||||||
90+ days past-due net investment inleases/Non-performing net investment in leases | ¥ | 15,346 | ¥ | 18,925 | ||||
90+ days past-due net investment inleases/Non-performing net investment in leases as a percentage of the balance of net investment in leases | 1.42 | % | 1.84 | % | ||||
Provision for doubtful receivables/credit losses as a percentage of the average balance of net investment in leases* | 0.29 | % | 0.31 | % | ||||
Allowance for doubtful receivables/credit losses on net investment in leases | ¥ | 11,692 | ¥ | 16,522 | ||||
Allowance for doubtful receivables/credit losses on net investment in leases as a percentage of the balance of net investment in leases | 1.08 | % | 1.60 | % | ||||
The ratio of charge-offs as a percentage of the average balance of net investment in leases* | 0.25 | % | 0.25 | % |
Notes: | Credit Losses Standard has been adopted since April 1, 2020, and the amounts of allowance for doubtful receivables on finance leases have been reclassified to allowance for credit losses on net investment in leases. In addition, 90+ days past-due net investment in leases have been changed toNon-performing net investment in leases. |
* | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
As of March 31, | ||||||||
2020 | 2021 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due loans not individually evaluated forimpairment/Non-performing loans not individually assessed for credit losses and allowance for probable loan losses/credit losses on installment loans not individually assessed for credit losses: | ||||||||
90+ days past-due loans not individually evaluated forimpairment/Non-performing loans not individually assessed for credit losses | ¥ | 10,264 | ¥ | 28,181 | ||||
90+ days past-due loans not individually evaluated forimpairment/Non-performing loans not individually assessed for credit losses as a percentage of the balance of installment loans not individually assessed for credit losses | 0.28 | % | 0.78 | % | ||||
Provision for probable loan losses/credit losses as a percentage of the average balance of installment loans not individually assessed for credit losses* | 0.43 | % | 0.02 | % | ||||
Allowance for probable loan losses/credit losses on installment loans not individually assessed for credit losses | ¥ | 31,697 | ¥ | 44,064 | ||||
Allowance for probable loan losses/credit losses on installment loans not individually assessed for credit losses as a percentage of the balance of installment loans not individually assessed for credit losses | 0.87 | % | 1.22 | % | ||||
The ratio of charge-offs as a percentage of the average balance of loans not individually assessed for credit losses* | 0.43 | % | 0.37 | % |
Notes: | Credit Losses Standard has been adopted since April 1, 2020, and the amounts of allowance for probable loan losses have been reclassified to allowance for credit losses. In addition, 90+ days past-due loans not individually evaluated for impairment have been changed toNon-performing loans not individually assessed for credit losses. |
* | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
As of March 31, | ||||||||
2020 | 2021 | |||||||
(Millions of yen) | ||||||||
90+ days past-due loans not individually evaluated forimpairment/Non-performing loans not individually assessed for credit losses: | ||||||||
Consumer borrowers | ||||||||
Real estate loans | ¥ | 1,370 | ¥ | 1,633 | ||||
Card loans | 1,708 | 1,132 | ||||||
Other | 7,025 | 6,823 | ||||||
Subtotal | 10,103 | 9,588 | ||||||
Corporate borrowers in Japan | ||||||||
Real estate companies | 0 | 31 | ||||||
Subtotal | 0 | 31 | ||||||
Consumer borrowers in Overseas | ||||||||
Real estate companies | 0 | 14,505 | ||||||
Non-recourse loans | 0 | 542 | ||||||
Commercial, industrial and other companies | 161 | 3,515 | ||||||
Subtotal | 161 | 18,562 | ||||||
Total | ¥ | 10,264 | ¥ | 28,181 | ||||
As of March 31, | ||||||||
2020 | 2021 | |||||||
(Millions of yen) | ||||||||
Non-performing loans individually assessed for credit losses and allowance for probable loan losses/credit losses on installment loans individually assessed for credit losses: | ||||||||
Non-performing installment loans individually assessed for credit losses | ¥ | 85,820 | ¥ | 59,757 | ||||
Allowance for probable loan losses/credit losses on installment loans individually assessed for credit losses* | 13,447 | 13,404 |
* | The allowance is individually evaluated based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral dependent. |
As of March 31, | ||||||||
2020 | 2021 | |||||||
(Millions of yen) | ||||||||
Non-performing loans individually assessed for credit losses: | ||||||||
Consumer borrowers in Japan | ||||||||
Real estate loans | ¥ | 5,758 | ¥ | 8,006 | ||||
Card loans | 3,932 | 3,693 | ||||||
Other | 16,426 | 16,963 | ||||||
Subtotal | 26,116 | 28,662 | ||||||
Corporate borrowers in Japan | ||||||||
Real estate companies | 3,501 | 1,711 | ||||||
Commercial, industrial and other companies | 12,480 | 7,263 | ||||||
Subtotal | 15,981 | 8,974 | ||||||
Overseas | ||||||||
Real estate companies | 12,491 | 0 | ||||||
Non-recourse loans | 2,466 | 774 | ||||||
Commercial, industrial companies and other | 27,161 | 19,524 | ||||||
Subtotal | 42,118 | 20,298 | ||||||
Purchased loans | 1,605 | 1,823 | ||||||
Total | ¥ | 85,820 | ¥ | 59,757 | ||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Allowance for doubtful receivables on net investment in leases and probable loan losses on installment loans and allowance for credit losses: | ||||||||||||||||
Beginning balance | ¥ | 58,011 | ¥ | 55,687 | ¥ | (2,324 | ) | (4 | ) | |||||||
Cumulative Effect of Adopting Accounting Standards Update 2016-13 | 0 | 30,376 | 30,376 | — | ||||||||||||
(Adjusted) Beginning balance | 58,011 | 86,063 | 28,052 | 48 | ||||||||||||
Net investment in leases | 12,049 | 15,242 | 3,193 | 27 | ||||||||||||
Loans not individually assessed for credit losses | 32,231 | 57,685 | 25,454 | 79 | ||||||||||||
Loans individually assessed for credit losses | 13,731 | 13,136 | (595 | ) | (4 | ) | ||||||||||
Provision (Reversal) | 24,425 | 19,113 | (5,312 | ) | (22 | ) | ||||||||||
Net investment in leases | 3,304 | 3,285 | (19 | ) | (1 | ) | ||||||||||
Loans not individually assessed for credit losses | 14,920 | 580 | (14,340 | ) | (96 | ) | ||||||||||
Loans individually assessed for credit losses | 6,201 | 15,248 | 9,047 | 146 | ||||||||||||
Charge-offs (net) | (24,132 | ) | (32,395 | ) | (8,263 | ) | 34 | |||||||||
Net investment in leases | (2,835 | ) | (2,658 | ) | 177 | (6 | ) | |||||||||
Loans not individually assessed for credit losses | (14,819 | ) | (13,381 | ) | 1,438 | (10 | ) | |||||||||
Loans individually assessed for credit losses | (6,478 | ) | (16,356 | ) | (9,878 | ) | 152 | |||||||||
Other* | (1,468 | ) | 1,209 | 2,677 | — | |||||||||||
Net investment in leases | (826 | ) | 653 | 1,479 | — | |||||||||||
Loans not individually assessed for credit losses | (635 | ) | (820 | ) | (185 | ) | 29 | |||||||||
Loans individually assessed for credit losses | (7 | ) | 1,376 | 1,383 | — | |||||||||||
Ending balance | 56,836 | 73,990 | 17,154 | 30 | ||||||||||||
Net investment in leases | 11,692 | 16,522 | 4,830 | 41 | ||||||||||||
Loans not individually assessed for credit losses | 31,697 | 44,064 | 12,367 | 39 | ||||||||||||
Loans individually assessed for credit losses | 13,447 | 13,404 | (43 | ) | (0 | ) |
Notes: | Credit Losses Standard has been adopted since April 1, 2020, and the amounts of both allowance for doubtful receivables on net investment in leases and allowance for probable loan losses on installment loans have been reclassified to allowance for credit losses. |
* | Other mainly includes foreign currency translation adjustments and a decrease in allowance related to a sale of a subsidiary. |
As of and for the year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities: | ||||||||||||||||
New securities added | ¥ | 765,589 | ¥ | 765,663 | ¥ | 74 | 0 | |||||||||
Japan | 653,228 | 698,555 | 45,327 | 7 | ||||||||||||
Overseas | 112,361 | 67,108 | (45,253 | ) | (40 | ) | ||||||||||
Investment in securities | 2,245,323 | 2,660,443 | 415,120 | 18 |
Note: | The balance of investment in securities related to our life insurance operations are included in investment in securities in our consolidated balance sheets; however, income and losses on these investment in securities are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities by security type: | ||||||||||||||||
Equity securities | ¥ | 492,902 | ¥ | 540,082 | ¥ | 47,180 | 10 | |||||||||
Trading debt securities | 7,431 | 2,654 | (4,777 | ) | (64 | ) | ||||||||||
Available-for-sale | 1,631,185 | 2,003,917 | 372,732 | 23 | ||||||||||||
Held-to-maturity | 113,805 | 113,790 | (15 | ) | (0 | ) | ||||||||||
Total | ¥ | 2,245,323 | ¥ | 2,660,443 | ¥ | 415,120 | 18 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Gains on investment securities and dividends: | ||||||||||||||||
Net gains on investment securities | ¥ | 20,204 | ¥ | 44,622 | ¥ | 24,418 | 121 | |||||||||
Dividends income | 2,295 | 1,475 | (820 | ) | (36 | ) | ||||||||||
Total | ¥ | 22,499 | ¥ | 46,097 | ¥ | 23,598 | 105 | |||||||||
Notes: | 1. | Income and losses on investment in securities related to our life insurance operations are recorded in life insurance premiums and related investment income in our consolidated statements of income. | ||
2. | Unrealized changes in fair value of investments in equity securities have been included in “Net gains on investment securities”. |
As of and for the year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Operating leases: | ||||||||||||||||
Operating lease revenues | ¥ | 430,665 | ¥ | 397,065 | ¥ | (33,600 | ) | (8 | ) | |||||||
Costs of operating leases | 289,604 | 295,628 | 6,024 | 2 | ||||||||||||
New equipment acquisitions | 493,666 | 302,835 | (190,831 | ) | (39 | ) | ||||||||||
Japan | 234,188 | 174,116 | (60,072 | ) | (26 | ) | ||||||||||
Overseas | 259,478 | 128,719 | (130,759 | ) | (50 | ) | ||||||||||
Investment in operating leases | 1,400,001 | 1,408,189 | 8,188 | 1 |
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in operating leases by category: | ||||||||||||||||
Transportation equipment | ¥ | 847,376 | ¥ | 873,697 | ¥ | 26,321 | 3 | |||||||||
Measuring and information-related equipment | 125,897 | 118,758 | (7,139 | ) | (6 | ) | ||||||||||
Real estate | 269,483 | 249,225 | (20,258 | ) | (8 | ) | ||||||||||
Other | 10,308 | 24,291 | 13,983 | 136 | ||||||||||||
Right-of-use | 121,553 | 114,268 | (7,285 | ) | (6 | ) | ||||||||||
Accrued rental receivables | 25,384 | 28,259 | 2,875 | 11 | ||||||||||||
Allowance for doubtful receivables on operating leases* | 0 | (309 | ) | (309 | ) | — | ||||||||||
Total | ¥ | 1,400,001 | ¥ | 1,408,189 | ¥ | 8,188 | 1 | |||||||||
* | Credit Losses Standard has been adopted since April 1, 2020, and the allowance for doubtful accrued rental receivables on operating leases, which was previously recorded in allowance for doubtful receivables on finance leases and probable loan losses, has been reclassified to the balance of investment in operating leases. |
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Life insurance premiums and related investment income and life insurance costs: | ||||||||||||||||
Life insurance premiums | ¥ | 360,583 | ¥ | 403,799 | ¥ | 43,216 | 12 | |||||||||
Life insurance-related investment income | 7,195 | 83,751 | 76,556 | — | ||||||||||||
Total | ¥ | 367,778 | ¥ | 487,550 | ¥ | 119,772 | 33 | |||||||||
Life insurance costs | ¥ | 269,425 | ¥ | 374,348 | ¥ | 104,923 | 39 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Breakdown of life insurance-related investment income (loss): | ||||||||||||||||
Net income on investment securities | ¥ | 8,674 | ¥ | 94,029 | ¥ | 85,355 | 984 | |||||||||
Losses recognized in income on derivative | (1,910 | ) | (10,680 | ) | (8,770 | ) | 459 | |||||||||
Interest on loans, income on real estate under operating leases, and others | 431 | 402 | (29 | ) | (7 | ) | ||||||||||
Total | ¥ | 7,195 | ¥ | 83,751 | ¥ | 76,556 | — | |||||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investments by life insurance operations: | ||||||||||||||||
Equity securities | ¥ | 264,625 | ¥ | 269,167 | ¥ | 4,542 | 2 | |||||||||
Available-for-sale | 1,149,612 | 1,525,191 | 375,579 | 33 | ||||||||||||
Held-to-maturity | 113,805 | 113,790 | (15 | ) | (0 | ) | ||||||||||
Total investment in securities | 1,528,042 | 1,908,148 | 380,106 | 25 | ||||||||||||
Installment loans, real estate under operating leases and other investments | 46,991 | 46,224 | (767 | ) | (2 | ) | ||||||||||
Total | ¥ | 1,575,033 | ¥ | 1,954,372 | ¥ | 379,339 | 24 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Sales of goods and real estate, Inventories: | ||||||||||||||||
Sales of goods and real estate | ¥ | 406,511 | ¥ | 410,953 | ¥ | 4,442 | 1 | |||||||||
Costs of goods and real estate sold | 354,006 | 347,721 | (6,285 | ) | (2 | ) | ||||||||||
New real estate added | 82,442 | 81,854 | (588 | ) | (1 | ) | ||||||||||
Inventories | 126,013 | 142,156 | 16,143 | 13 |
As of and for the year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Services, Property under Facility Operations | ||||||||||||||||
Services income | ¥ | 776,012 | ¥ | 679,849 | ¥ | (96,163) | (12 | ) | ||||||||
Services expense | 483,914 | 439,233 | (44,681 | ) | (9 | ) | ||||||||||
New assets added | 34,181 | 30,143 | (4,038 | ) | (12 | ) | ||||||||||
Japan | 33,312 | 30,053 | (3,259 | ) | (10 | ) | ||||||||||
Overseas | 869 | 90 | (779 | ) | (90 | ) | ||||||||||
Property under Facility Operations | 562,485 | 491,855 | (70,630 | ) | (13 | ) |
Year ended March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||
Personnel expenses | ¥ | 256,931 | ¥ | 263,026 | ¥ | 6,095 | 2 | |||||||||
Selling expenses | 75,860 | 64,749 | (11,111 | ) | (15 | ) | ||||||||||
Administrative expenses | 119,694 | 120,751 | 1,057 | 1 | ||||||||||||
Depreciation of office facilities | 7,714 | 8,269 | 555 | 7 | ||||||||||||
Total | ¥ | 460,199 | ¥ | 456,795 | ¥ | (3,404 | ) | (1 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except ratios, per Share data and percentages) | ||||||||||||||||
Total revenues | ¥ | 2,434,864 | ¥ | 2,280,329 | ¥ | (154,535 | ) | (6 | ) | |||||||
Total expenses | 2,105,426 | 2,010,648 | (94,778 | ) | (5 | ) | ||||||||||
Income before Income Taxes | 395,730 | 412,561 | 16,831 | 4 | ||||||||||||
Net Income Attributable to ORIX Corporation Shareholders | 323,745 | 302,700 | (21,045 | ) | (7 | ) | ||||||||||
Earnings per Share (Basic) | 252.92 | 237.38 | (15.54 | ) | (6 | ) | ||||||||||
(Diluted) | 252.70 | 237.17 | (15.53 | ) | (6 | ) | ||||||||||
ROE* 1 | 11.6 | 10.3 | (1.3 | ) | — | |||||||||||
ROA* 2 | 2.74 | 2.40 | (0.34 | ) | — |
* 1 | ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity based on fiscal year beginning and ending balances. |
* 2 | ROA is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average Total Assets based on fiscal year beginning and ending balances. |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen except ratios, per share and percentages) | ||||||||||||||||
Total Assets | ¥ | 12,174,917 | ¥ | 13,067,528 | ¥ | 892,611 | 7 | |||||||||
(Segment assets) | 9,997,698 | 10,905,998 | 908,300 | 9 | ||||||||||||
Total Liabilities | 9,211,936 | 9,991,362 | 779,426 | 8 | ||||||||||||
(Long- and Short-term debt) | 4,495,771 | 4,616,186 | 120,415 | 3 | ||||||||||||
(Deposits) | 1,927,741 | 2,231,703 | 303,962 | 16 | ||||||||||||
ORIX Corporation Shareholders’ Equity | 2,897,074 | 2,993,608 | 96,534 | 3 | ||||||||||||
ORIX Corporation Shareholders’ Equity per share | 2,263.41 | 2,386.35 | 122.94 | 5 | ||||||||||||
ORIX Corporation Shareholders’ Equity ratio* | 23.8 | % | 22.9 | % | (0.9 | )% | — | |||||||||
D/E ratio (Debt-to-equity ratio) (Long- and Short-term debt (excluding deposits) / ORIX Corporation Shareholders’ Equity) | 1.6 | x | 1.5 | x | (0.1 | )x | — |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen except ratios, per share and percentages) | ||||||||||||||||
Total Assets | ¥ | 12,174,917 | ¥ | 13,067,528 | ¥ | 892,611 | 7 | |||||||||
(Segment assets) | 9,986,916 | 10,883,545 | 896,629 | 9 | ||||||||||||
Total Liabilities | 9,211,936 | 9,991,362 | 779,426 | 8 | ||||||||||||
(Short-term and Long-term debt) | 4,495,771 | 4,616,186 | 120,415 | 3 | ||||||||||||
(Deposits) | 1,927,741 | 2,231,703 | 303,962 | 16 | ||||||||||||
ORIX Corporation Shareholders’ Equity | 2,897,074 | 2,993,608 | 96,534 | 3 | ||||||||||||
ORIX Corporation Shareholders’ Equity per share | 2,263.41 | 2,386.35 | 122.94 | 5 | ||||||||||||
ORIX Corporation Shareholders’ Equity ratio* | 23.8 | % | 22.9 | % | (0.9 | )% | — | |||||||||
D/E ratio (Debt-to-equity | 1.6 | x | 1.5 | x | (0.1 | )x | — |
* | ORIX Corporation Shareholders’ Equity ratio is the ratio as of the period end of ORIX Corporation Shareholder’s Equity to total assets. |
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Corporate Financial Services | ¥ | 95,212 | ¥ | 97,007 | ¥ | 1,795 | 2 | |||||||||
Maintenance Leasing | 288,211 | 336,438 | 48,227 | 17 | ||||||||||||
Real Estate | 529,064 | 466,639 | (62,425 | ) | (12 | ) | ||||||||||
Investment and Operation | 615,151 | 451,197 | (163,954 | ) | (27 | ) | ||||||||||
Retail | 428,904 | 454,751 | 25,847 | 6 | ||||||||||||
Overseas Business | 490,730 | 486,328 | (4,402 | ) | (1 | ) | ||||||||||
Segment Total | 2,447,272 | 2,292,360 | (154,912 | ) | (6 | ) | ||||||||||
Difference between Segment Total and Consolidated Amounts | (12,408 | ) | (12,031 | ) | 377 | — | ||||||||||
Consolidated Amounts | ¥ | 2,434,864 | ¥ | 2,280,329 | ¥ | (154,535 | ) | (6 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 378,767 | ¥ | 428,036 | ¥ | 49,269 | 13 | |||||||||
Real Estate | 531,622 | 468,086 | (63,536 | ) | (12 | ) | ||||||||||
PE Investment and Concession | 467,042 | 296,365 | (170,677 | ) | (37 | ) | ||||||||||
Environment and Energy | 139,654 | 148,423 | 8,769 | 6 | ||||||||||||
Insurance | 350,954 | 371,387 | 20,433 | 6 | ||||||||||||
Banking and Credit | 78,904 | 84,355 | 5,451 | 7 | ||||||||||||
Aircraft and Ships | 71,062 | 64,650 | (6,412 | ) | (9 | ) | ||||||||||
ORIX USA | 122,064 | 135,709 | 13,645 | 11 | ||||||||||||
ORIX Europe | 169,889 | 148,524 | (21,365 | ) | (13 | ) | ||||||||||
Asia and Australia | 128,101 | 137,797 | 9,696 | 8 | ||||||||||||
Segment Total | 2,438,059 | 2,283,332 | (154,727 | ) | (6 | ) | ||||||||||
Difference between Segment Total and Consolidated Amounts | (3,195 | ) | (3,003 | ) | 192 | — | ||||||||||
Consolidated Amounts | ¥ | 2,434,864 | ¥ | 2,280,329 | ¥ | (154,535 | ) | (6 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Profits: | ||||||||||||||||
Corporate Financial Services | ¥ | 25,482 | ¥ | 14,611 | ¥ | (10,871 | ) | (43 | ) | |||||||
Maintenance Leasing | 38,841 | 33,724 | (5,117 | ) | (13 | ) | ||||||||||
Real Estate | 89,247 | 76,857 | (12,390 | ) | (14 | ) | ||||||||||
Investment and Operation | 38,170 | 55,715 | 17,545 | 46 | ||||||||||||
Retail | 84,211 | 80,387 | (3,824 | ) | (5 | ) | ||||||||||
Overseas Business | 125,444 | 156,433 | 30,989 | 25 | ||||||||||||
Segment Total | 401,395 | 417,727 | 16,332 | 4 | ||||||||||||
Difference between Segment Total and Consolidated Amounts | (5,665 | ) | (5,166 | ) | 499 | — | ||||||||||
Consolidated Amounts | ¥ | 395,730 | ¥ | 412,561 | ¥ | 16,831 | 4 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Assets: | ||||||||||||||||
Corporate Financial Services | ¥ | 959,725 | ¥ | 948,268 | ¥ | (11,457 | ) | (1 | ) | |||||||
Maintenance Leasing | 873,775 | 889,615 | 15,840 | 2 | ||||||||||||
Real Estate | 720,221 | 749,694 | 29,473 | 4 | ||||||||||||
Investment and Operation | 733,612 | 847,082 | 113,470 | 15 | ||||||||||||
Retail | 3,571,437 | 4,183,894 | 612,457 | 17 | ||||||||||||
Overseas Business | 3,138,928 | 3,287,445 | 148,517 | 5 | ||||||||||||
Segment Total | 9,997,698 | 10,905,998 | 908,300 | 9 | ||||||||||||
Difference between Segment Total and Consolidated Amounts | 2,177,219 | 2,161,530 | (15,689 | ) | (1 | ) | ||||||||||
Consolidated Amounts | ¥ | 12,174,917 | ¥ | 13,067,528 | ¥ | 892,611 | 7 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Profits: | ||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 78,310 | ¥ | 62,978 | ¥ | (15,332 | ) | (20 | ) | |||||||
Real Estate | 93,748 | 80,182 | (13,566 | ) | (14 | ) | ||||||||||
PE Investment and Concession | 23,061 | 44,110 | 21,049 | 91 | ||||||||||||
Environment and Energy | 12,144 | 11,625 | (519 | ) | (4 | ) | ||||||||||
Insurance | 51,544 | 44,833 | (6,711 | ) | (13 | ) | ||||||||||
Banking and Credit | 36,434 | 39,096 | 2,662 | 7 | ||||||||||||
Aircraft and Ships | 36,422 | 45,287 | 8,865 | 24 | ||||||||||||
ORIX USA | 50,056 | 56,690 | 6,634 | 13 | ||||||||||||
ORIX Europe | 35,629 | 43,778 | 8,149 | 23 | ||||||||||||
Asia and Australia | 7,521 | 14,673 | 7,152 | 95 | ||||||||||||
Segment Total | 424,869 | 443,252 | 18,383 | 4 | ||||||||||||
Difference between Segment Total and Consolidated Amounts | (29,139 | ) | (30,691 | ) | (1,552 | ) | — | |||||||||
Consolidated Amounts | ¥ | 395,730 | ¥ | 412,561 | ¥ | 16,831 | 4 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Assets: | ||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 1,841,791 | ¥ | 1,789,693 | ¥ | (52,098 | ) | (3 | ) | |||||||
Real Estate | 759,466 | 821,194 | 61,728 | 8 | ||||||||||||
PE Investment and Concession | 279,915 | 322,522 | 42,607 | 15 | ||||||||||||
Environment and Energy | 395,606 | 478,796 | 83,190 | 21 | ||||||||||||
Insurance | 1,254,471 | 1,580,158 | 325,687 | 26 | ||||||||||||
Banking and Credit | 2,316,738 | 2,603,736 | 286,998 | 12 | ||||||||||||
Aircraft and Ships | 646,284 | 585,304 | (60,980 | ) | (9 | ) | ||||||||||
ORIX USA | 1,152,891 | 1,374,027 | 221,136 | 19 | ||||||||||||
ORIX Europe | 343,080 | 317,847 | (25,233 | ) | (7 | ) | ||||||||||
Asia and Australia | 996,674 | 1,010,268 | 13,594 | 1 | ||||||||||||
Segment Total | 9,986,916 | 10,883,545 | 896,629 | 9 | ||||||||||||
Difference between Segment Total and Consolidated Amounts | 2,188,001 | 2,183,983 | (4,018 | ) | (0 | ) | ||||||||||
Consolidated Amounts | ¥ | 12,174,917 | ¥ | 13,067,528 | ¥ | 892,611 | 7 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 28,829 | ¥ | 28,522 | ¥ | (307 | ) | (1 | ) | |||||||
Gains on investment securities and dividends | (777 | ) | 121 | 898 | — | |||||||||||
Operating leases | 23,522 | 22,918 | (604 | ) | (3 | ) | ||||||||||
Sales of goods and real estate | 4,379 | 5,707 | 1,328 | 30 | ||||||||||||
Services income | 39,259 | 39,739 | 480 | 1 | ||||||||||||
Total Segment Revenues | 95,212 | 97,007 | 1,795 | 2 | ||||||||||||
Interest expense | 4,067 | 3,563 | (504 | ) | (12 | ) | ||||||||||
Costs of operating leases | 14,319 | 15,063 | 744 | 5 | ||||||||||||
Costs of goods and real estate sold | 1,655 | 2,056 | 401 | 24 | ||||||||||||
Services expense | 10,100 | 13,405 | 3,305 | 33 | ||||||||||||
Selling, general and administrative expenses | 37,896 | 44,817 | 6,921 | 18 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 1,106 | 1,126 | 20 | 2 | ||||||||||||
Other | (166 | ) | 3,690 | 3,856 | — | |||||||||||
Total Segment Expenses | 68,977 | 83,720 | 14,743 | 21 | ||||||||||||
Segment Operating Income | 26,235 | 13,287 | (12,948 | ) | (49 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | (753 | ) | 1,324 | 2,077 | — | |||||||||||
Segment Profits | ¥ | 25,482 | ¥ | 14,611 | ¥ | (10,871 | ) | (43 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 403,639 | ¥ | 0 | ¥ | (403,639 | ) | (100 | ) | |||||||
Net investment in leases | 0 | 367,117 | 367,117 | 100 | ||||||||||||
Installment loans | 364,818 | 343,090 | (21,728 | ) | (6 | ) | ||||||||||
Investment in operating leases | 24,143 | 73,382 | 49,239 | 204 | ||||||||||||
Investment in securities | 31,522 | 22,778 | (8,744 | ) | (28 | ) | ||||||||||
Property under facility operations | 16,973 | 18,928 | 1,955 | 12 | ||||||||||||
Inventories | 51 | 125 | 74 | 145 | ||||||||||||
Advances for finance lease and operating lease | 122 | 111 | (11 | ) | (9 | ) | ||||||||||
Investment in affiliates | 16,276 | 18,328 | 2,052 | 13 | ||||||||||||
Advances for property under facility operations | 0 | 760 | 760 | 100 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 102,181 | 103,649 | 1,468 | 1 | ||||||||||||
Total Segment Assets | ¥ | 959,725 | ¥ | 948,268 | ¥ | (11,457 | ) | (1 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 46,564 | ¥ | 61,402 | ¥ | 14,838 | 32 | |||||||||
Gains on investment securities and dividends | (744 | ) | 111 | 855 | — | |||||||||||
Operating leases | 213,403 | 243,977 | 30,574 | 14 | ||||||||||||
Sales of goods and real estate | 9,771 | 11,536 | 1,765 | 18 | ||||||||||||
Services income | 109,773 | 111,010 | 1,237 | 1 | ||||||||||||
Total Segment Revenues | 378,767 | 428,036 | 49,269 | 13 | ||||||||||||
Interest expense | 6,832 | 6,203 | (629 | ) | (9 | ) | ||||||||||
Costs of operating leases | 161,539 | 194,162 | 32,623 | 20 | ||||||||||||
Costs of goods and real estate sold | 6,115 | 6,814 | 699 | 11 | ||||||||||||
Services expense | 47,977 | 53,020 | 5,043 | 11 | ||||||||||||
Selling, general and administrative expenses | 76,282 | 87,333 | 11,051 | 14 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 1,760 | 1,189 | (571 | ) | (32 | ) | ||||||||||
Other | 271 | 17,648 | 17,377 | — | ||||||||||||
Total Segment Expenses | 300,776 | 366,369 | 65,593 | 22 | ||||||||||||
Segment Operating Income | 77,991 | 61,667 | (16,324 | ) | (21 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 319 | 1,311 | 992 | 311 | ||||||||||||
Segment Profits | ¥ | 78,310 | ¥ | 62,978 | ¥ | (15,332 | ) | (20 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 688,567 | ¥ | 0 | ¥ | (688,567 | ) | — | ||||||||
Net investment in leases | 0 | 648,627 | 648,627 | — | ||||||||||||
Installment loans | 412,363 | 379,541 | (32,822 | ) | (8 | ) | ||||||||||
Investment in operating leases | 546,563 | 572,492 | 25,929 | 5 | ||||||||||||
Investment in securities | 38,935 | 28,616 | (10,319 | ) | (27 | ) | ||||||||||
Property under facility operations | 17,974 | 19,992 | 2,018 | 11 | ||||||||||||
Inventories | 638 | 736 | 98 | 15 | ||||||||||||
Advances for finance lease and operating lease | 765 | 293 | (472 | ) | (62 | ) | ||||||||||
Investment in affiliates | 16,536 | 18,347 | 1,811 | 11 | ||||||||||||
Advances for property under facility operations | 0 | 760 | 760 | — | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 119,450 | 120,289 | 839 | 1 | ||||||||||||
Total Segment Assets | ¥ | 1,841,791 | ¥ | 1,789,693 | ¥ | (52,098 | ) | (3 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 14,352 | ¥ | 30,820 | ¥ | 16,468 | 115 | |||||||||
Operating leases | 197,963 | 228,468 | 30,505 | 15 | ||||||||||||
Services income | 70,551 | 71,334 | 783 | 1 | ||||||||||||
Other | 5,345 | 5,816 | 471 | 9 | ||||||||||||
Total Segment Revenues | 288,211 | 336,438 | 48,227 | 17 | ||||||||||||
Interest expense | 3,026 | 2,837 | (189 | ) | (6 | ) | ||||||||||
Costs of operating leases | 154,410 | 186,174 | 31,764 | 21 | ||||||||||||
Services expense | 40,575 | 41,987 | 1,412 | 3 | ||||||||||||
Selling, general and administrative expenses | 46,514 | 51,963 | 5,449 | 12 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 1,048 | 360 | (688 | ) | (66 | ) | ||||||||||
Other | 4,891 | 19,379 | 14,488 | 296 | ||||||||||||
Total Segment Expenses | 250,464 | 302,700 | 52,236 | 21 | ||||||||||||
Segment Operating Income | 37,747 | 33,738 | (4,009 | ) | (11 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 1,094 | (14 | ) | (1,108 | ) | — | ||||||||||
Segment Profits | ¥ | 38,841 | ¥ | 33,724 | ¥ | (5,117 | ) | (13 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 328,424 | ¥ | 0 | ¥ | (328,424 | ) | (100 | ) | |||||||
Net investment in leases | 0 | 319,417 | 319,417 | 100 | ||||||||||||
Investment in operating leases | 525,392 | 551,289 | 25,897 | 5 | ||||||||||||
Investment in securities | 506 | 486 | (20 | ) | (4 | ) | ||||||||||
Property under facility operations | 988 | 1,064 | 76 | 8 | ||||||||||||
Inventories | 587 | 611 | 24 | 4 | ||||||||||||
Advances for finance lease and operating lease | 669 | 182 | (487 | ) | (73 | ) | ||||||||||
Investment in affiliates | 33 | 19 | (14 | ) | (42 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 17,176 | 16,547 | (629 | ) | (4 | ) | ||||||||||
Total Segment Assets | ¥ | 873,775 | ¥ | 889,615 | ¥ | 15,840 | 2 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 6,265 | ¥ | 6,723 | ¥ | 458 | 7 | |||||||||
Operating leases | 72,309 | 63,149 | (9,160 | ) | (13 | ) | ||||||||||
Sales of goods and real estate | 141,489 | 122,230 | (19,259 | ) | (14 | ) | ||||||||||
Services income | 311,590 | 276,123 | (35,467 | ) | (11 | ) | ||||||||||
Other | (31 | ) | (139 | ) | (108 | ) | — | |||||||||
Total Segment Revenues | 531,622 | 468,086 | (63,536 | ) | (12 | ) | ||||||||||
Interest expense | 2,633 | 1,849 | (784 | ) | (30 | ) | ||||||||||
Costs of operating leases | 27,676 | 26,654 | (1,022 | ) | (4 | ) | ||||||||||
Costs of goods and real estate sold | 121,414 | 108,637 | (12,777 | ) | (11 | ) | ||||||||||
Services expense | 262,749 | 239,096 | (23,653 | ) | (9 | ) | ||||||||||
Selling, general and administrative expenses | 38,367 | 38,590 | 223 | 1 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 1,662 | 545 | (1,117 | ) | (67 | ) | ||||||||||
Other | 723 | 1,267 | 544 | 75 | ||||||||||||
Total Segment Expenses | 455,224 | 416,638 | (38,586 | ) | (8 | ) | ||||||||||
Segment Operating Income | 76,398 | 51,448 | (24,950 | ) | (33 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 17,350 | 28,734 | 11,384 | 66 | ||||||||||||
Segment Profits | ¥ | 93,748 | ¥ | 80,182 | ¥ | (13,566 | ) | (14 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 78,739 | ¥ | 0 | ¥ | (78,739 | ) | — | ||||||||
Net investment in leases | 0 | 73,279 | 73,279 | — | ||||||||||||
Installment loans | 316 | 0 | (316 | ) | — | |||||||||||
Investment in operating leases | 241,981 | 319,550 | 77,569 | 32 | ||||||||||||
Investment in securities | 8,039 | 7,274 | (765 | ) | (10 | ) | ||||||||||
Property under facility operations | 141,949 | 140,416 | (1,533 | ) | (1 | ) | ||||||||||
Inventories | 80,920 | 82,762 | 1,842 | 2 | ||||||||||||
Advances for finance lease and operating lease | 29,973 | 37,272 | 7,299 | 24 | ||||||||||||
Investment in affiliates | 107,072 | 91,835 | (15,237 | ) | (14 | ) | ||||||||||
Advances for property under facility operations | 6,790 | 7,327 | 537 | 8 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 63,687 | 61,479 | (2,208 | ) | (3 | ) | ||||||||||
Total Segment Assets | ¥ | 759,466 | ¥ | 821,194 | ¥ | 61,728 | 8 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 2,065 | ¥ | 3,249 | ¥ | 1,184 | 57 | |||||||||
Operating leases | 72,483 | 63,799 | (8,684 | ) | (12 | ) | ||||||||||
Sales of goods and real estate | 141,489 | 122,230 | (19,259 | ) | (14 | ) | ||||||||||
Services income | 313,059 | 277,501 | (35,558 | ) | (11 | ) | ||||||||||
Other | (32 | ) | (140 | ) | (108 | ) | — | |||||||||
Total Segment Revenues | 529,064 | 466,639 | (62,425 | ) | (12 | ) | ||||||||||
Interest expense | 2,249 | 1,557 | (692 | ) | (31 | ) | ||||||||||
Costs of operating leases | 25,950 | 24,895 | (1,055 | ) | (4 | ) | ||||||||||
Costs of goods and real estate sold | 121,414 | 108,637 | (12,777 | ) | (11 | ) | ||||||||||
Services expense | 261,064 | 237,973 | (23,091 | ) | (9 | ) | ||||||||||
Selling, general and administrative expenses | 43,982 | 44,344 | 362 | 1 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 1,576 | 317 | (1,259 | ) | (80 | ) | ||||||||||
Other | 753 | 606 | (147 | ) | (20 | ) | ||||||||||
Total Segment Expenses | 456,988 | 418,329 | (38,659 | ) | (8 | ) | ||||||||||
Segment Operating Income | 72,076 | 48,310 | (23,766 | ) | (33 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 17,171 | 28,547 | 11,376 | 66 | ||||||||||||
Segment Profits | ¥ | 89,247 | ¥ | 76,857 | ¥ | (12,390 | ) | (14 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 35,420 | ¥ | 0 | ¥ | (35,420 | ) | (100 | ) | |||||||
Net investment in leases | 0 | 35,523 | 35,523 | 100 | ||||||||||||
Installment loans | 316 | 0 | (316 | ) | (100 | ) | ||||||||||
Investment in operating leases | 242,022 | 277,587 | 35,565 | 15 | ||||||||||||
Investment in securities | 8,038 | 7,272 | (766 | ) | (10 | ) | ||||||||||
Property under facility operations | 146,100 | 148,724 | 2,624 | 2 | ||||||||||||
Inventories | 80,920 | 82,762 | 1,842 | 2 | ||||||||||||
Advances for finance lease and operating lease | 29,946 | 37,272 | 7,326 | 24 | ||||||||||||
Investment in affiliates | 107,072 | 91,835 | (15,237 | ) | (14 | ) | ||||||||||
Advances for property under facility operations | 6,790 | 7,327 | 537 | 8 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 63,597 | 61,392 | (2,205 | ) | (3 | ) | ||||||||||
Total Segment Assets | ¥ | 720,221 | ¥ | 749,694 | ¥ | 29,473 | 4 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 116 | ¥ | 124 | ¥ | 8 | 7 | |||||||||
Gains on investment securities and dividends | 850 | 585 | (265 | ) | (31 | ) | ||||||||||
Sales of goods and real estate | 429,447 | 261,475 | (167,972 | ) | (39 | ) | ||||||||||
Services income | 36,629 | 32,465 | (4,164 | ) | (11 | ) | ||||||||||
Other | 0 | 1,716 | 1,716 | — | ||||||||||||
Total Segment Revenues | 467,042 | 296,365 | (170,677 | ) | (37 | ) | ||||||||||
Interest expense | 1,235 | 1,187 | (48 | ) | (4 | ) | ||||||||||
Costs of goods and real estate sold | 395,502 | 229,905 | (165,597 | ) | (42 | ) | ||||||||||
Services expense | 25,183 | 22,021 | (3,162 | ) | (13 | ) | ||||||||||
Selling, general and administrative expenses | 35,543 | 33,517 | (2,026 | ) | (6 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 154 | 98 | (56 | ) | (36 | ) | ||||||||||
Other | (163 | ) | 802 | 965 | — | |||||||||||
Total Segment Expenses | 457,454 | 287,530 | (169,924 | ) | (37 | ) | ||||||||||
Segment Operating Income | 9,588 | 8,835 | (753 | ) | (8 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 13,473 | 35,275 | 21,802 | 162 | ||||||||||||
Segment Profits | ¥ | 23,061 | ¥ | 44,110 | ¥ | 21,049 | 91 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 163 | ¥ | 0 | ¥ | (163 | ) | — | ||||||||
Net investment in leases | 0 | 141 | 141 | — | ||||||||||||
Installment loans | 23 | 0 | (23 | ) | — | |||||||||||
Investment in operating leases | 0 | 9,367 | 9,367 | — | ||||||||||||
Investment in securities | 17,798 | 17,916 | 118 | 1 | ||||||||||||
Property under facility operations | 25,568 | 43,735 | 18,167 | 71 | ||||||||||||
Inventories | 30,217 | 40,263 | 10,046 | 33 | ||||||||||||
Investment in affiliates | 59,913 | 68,603 | 8,690 | 15 | ||||||||||||
Advances for property under facility operations | 244 | 245 | 1 | 0 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 145,989 | 142,252 | (3,737 | ) | (3 | ) | ||||||||||
Total Segment Assets | ¥ | 279,915 | ¥ | 322,522 | ¥ | 42,607 | 15 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 9,063 | ¥ | 7,618 | ¥ | (1,445 | ) | (16 | ) | |||||||
Gains on investment securities and dividends | 78 | (31 | ) | (109 | ) | — | ||||||||||
Sales of goods and real estate | 436,044 | 266,271 | (169,773 | ) | (39 | ) | ||||||||||
Services income | 169,139 | 174,549 | 5,410 | 3 | ||||||||||||
Other | 827 | 2,790 | 1,963 | 237 | ||||||||||||
Total Segment Revenues | 615,151 | 451,197 | (163,954 | ) | (27 | ) | ||||||||||
Interest expense | 7,054 | 9,061 | 2,007 | 28 | ||||||||||||
Costs of goods and real estate sold | 400,625 | 233,092 | (167,533 | ) | (42 | ) | ||||||||||
Services expense | 131,688 | 133,324 | 1,636 | 1 | ||||||||||||
Selling, general and administrative expenses | 51,862 | 51,227 | (635 | ) | (1 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 8 | 2,111 | 2,103 | — | ||||||||||||
Other | 413 | 953 | 540 | 131 | ||||||||||||
Total Segment Expenses | 591,650 | 429,768 | (161,882 | ) | (27 | ) | ||||||||||
Segment Operating Income | 23,501 | 21,429 | (2,072 | ) | (9 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 14,669 | 34,286 | 19,617 | 134 | ||||||||||||
Segment Profits | ¥ | 38,170 | ¥ | 55,715 | ¥ | 17,545 | 46 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 25,696 | ¥ | 0 | ¥ | (25,696 | ) | (100 | ) | |||||||
Net investment in leases | 0 | 25,497 | 25,497 | 100 | ||||||||||||
Installment loans | 47,573 | 36,451 | (11,122 | ) | (23 | ) | ||||||||||
Investment in operating leases | 5,474 | 15,104 | 9,630 | 176 | ||||||||||||
Investment in securities | 25,786 | 23,460 | (2,326 | ) | (9 | ) | ||||||||||
Property under facility operations | 264,994 | 382,430 | 117,436 | 44 | ||||||||||||
Inventories | 30,776 | 40,657 | 9,881 | 32 | ||||||||||||
Advances for finance lease and operating lease | 1,340 | 1,861 | 521 | 39 | ||||||||||||
Investment in affiliates | 161,966 | 150,856 | (11,110 | ) | (7 | ) | ||||||||||
Advances for property under facility operations | 11,291 | 12,474 | 1,183 | 10 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 158,716 | 158,292 | (424 | ) | (0 | ) | ||||||||||
Total Segment Assets | ¥ | 733,612 | ¥ | 847,082 | ¥ | 113,470 | 15 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 1,362 | ¥ | 1,959 | ¥ | 597 | 44 | |||||||||
Services income | 132,108 | 141,714 | 9,606 | 7 | ||||||||||||
Other | 6,184 | 4,750 | (1,434 | ) | (23 | ) | ||||||||||
Total Segment Revenues | 139,654 | 148,423 | 8,769 | 6 | ||||||||||||
Interest expense | 5,651 | 7,732 | 2,081 | 37 | ||||||||||||
Services expense | 106,264 | 111,143 | 4,879 | 5 | ||||||||||||
Selling, general and administrative expenses | 11,172 | 11,807 | 635 | 6 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 162 | 2,081 | 1,919 | — | ||||||||||||
Other | 5,460 | 3,047 | (2,413 | ) | (44 | ) | ||||||||||
Total Segment Expenses | 128,709 | 135,810 | 7,101 | 6 | ||||||||||||
Segment Operating Income | 10,945 | 12,613 | 1,668 | 15 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 1,199 | (988 | ) | (2,187 | ) | — | ||||||||||
Segment Profits | ¥ | 12,144 | ¥ | 11,625 | ¥ | (519 | ) | (4 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 25,533 | ¥ | 0 | ¥ | (25,533 | ) | — | ||||||||
Net investment in leases | 0 | 25,355 | 25,355 | — | ||||||||||||
Installment loans | 5 | 0 | (5 | ) | — | |||||||||||
Investment in operating leases | 2,030 | 1,958 | (72 | ) | (4 | ) | ||||||||||
Investment in securities | 1,080 | 191 | (889 | ) | (82 | ) | ||||||||||
Property under facility operations | 239,413 | 338,695 | 99,282 | 41 | ||||||||||||
Inventories | 559 | 394 | (165 | ) | (30 | ) | ||||||||||
Advances for finance lease and operating lease | 1,340 | 1,861 | 521 | 39 | ||||||||||||
Investment in affiliates | 102,053 | 82,253 | (19,800 | ) | (19 | ) | ||||||||||
Advances for property under facility operations | 11,047 | 12,229 | 1,182 | 11 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 12,546 | 15,860 | 3,314 | 26 | ||||||||||||
Total Segment Assets | ¥ | 395,606 | ¥ | 478,796 | ¥ | 83,190 | 21 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 76,693 | ¥ | 81,089 | ¥ | 4,396 | 6 | |||||||||
Life insurance premiums and related investment income | 348,255 | 369,154 | 20,899 | 6 | ||||||||||||
Other | 3,956 | 4,508 | 552 | 14 | ||||||||||||
Total Segment Revenues | 428,904 | 454,751 | 25,847 | 6 | ||||||||||||
Interest expense | 4,080 | 4,489 | 409 | 10 | ||||||||||||
Life insurance costs | 247,809 | 271,943 | 24,134 | 10 | ||||||||||||
Selling, general and administrative expenses | 78,655 | 81,396 | 2,741 | 3 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 11,541 | 11,971 | 430 | 4 | ||||||||||||
Other | 2,591 | 4,581 | 1,990 | 77 | ||||||||||||
Total Segment Expenses | 344,676 | 374,380 | 29,704 | 9 | ||||||||||||
Segment Operating Income | 84,228 | 80,371 | (3,857 | ) | (5 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | (17 | ) | 16 | 33 | — | |||||||||||
Segment Profits | ¥ | 84,211 | ¥ | 80,387 | ¥ | (3,824 | ) | (5 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 42 | ¥ | 0 | ¥ | (42 | ) | (100 | ) | |||||||
Installment loans | 2,049,980 | 2,336,067 | 286,087 | 14 | ||||||||||||
Investment in operating leases | 29,810 | 29,271 | (539 | ) | (2 | ) | ||||||||||
Investment in securities | 1,474,750 | 1,801,260 | 326,510 | 22 | ||||||||||||
Investment in affiliates | 631 | 400 | (231 | ) | (37 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 16,224 | 16,896 | 672 | 4 | ||||||||||||
Total Segment Assets | ¥ | 3,571,437 | ¥ | 4,183,894 | ¥ | 612,457 | 17 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 221 | ¥ | 220 | ¥ | (1 | ) | (0 | ) | |||||||
Life insurance premiums and related investment income | 349,207 | 370,144 | 20,937 | 6 | ||||||||||||
Other | 1,526 | 1,023 | (503 | ) | (33 | ) | ||||||||||
Total Segment Revenues | 350,954 | 371,387 | 20,433 | 6 | ||||||||||||
Interest expense | 1 | 1 | 0 | — | ||||||||||||
Life insurance costs | 247,809 | 271,943 | 24,134 | 10 | ||||||||||||
Selling, general and administrative expenses | 51,985 | 54,216 | 2,231 | 4 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 29 | 0 | (29 | ) | — | |||||||||||
Other | (414 | ) | 408 | 822 | — | |||||||||||
Total Segment Expenses | 299,410 | 326,568 | 27,158 | 9 | ||||||||||||
Segment Operating Income | 51,544 | 44,819 | (6,725 | ) | (13 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 0 | 14 | 14 | — | ||||||||||||
Segment Profits | ¥ | 51,544 | ¥ | 44,833 | ¥ | (6,711 | ) | (13 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 42 | ¥ | 0 | ¥ | (42 | ) | — | ||||||||
Installment loans | 11,778 | 17,720 | 5,942 | 50 | ||||||||||||
Investment in operating leases | 29,810 | 29,271 | (539 | ) | (2 | ) | ||||||||||
Investment in securities | 1,208,389 | 1,528,042 | 319,653 | 26 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 4,452 | 5,125 | 673 | 15 | ||||||||||||
Total Segment Assets | ¥ | 1,254,471 | ¥ | 1,580,158 | ¥ | 325,687 | 26 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 76,473 | ¥ | 80,868 | ¥ | 4,395 | 6 | |||||||||
Other | 2,431 | 3,487 | 1,056 | 43 | ||||||||||||
Total Segment Revenues | 78,904 | 84,355 | 5,451 | 7 | ||||||||||||
Interest expense | 4,078 | 4,488 | 410 | 10 | ||||||||||||
Selling, general and administrative expenses | 22,924 | 23,639 | 715 | 3 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 11,512 | 11,971 | 459 | 4 | ||||||||||||
Other | 3,959 | 5,164 | 1,205 | 30 | ||||||||||||
Total Segment Expenses | 42,473 | 45,262 | 2,789 | 7 | ||||||||||||
Segment Operating Income | 36,431 | 39,093 | 2,662 | 7 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 3 | 3 | 0 | — | ||||||||||||
Segment Profits | ¥ | 36,434 | ¥ | 39,096 | ¥ | 2,662 | 7 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans | ¥ | 2,038,202 | ¥ | 2,318,347 | ¥ | 280,145 | 14 | |||||||||
Investment in securities | 266,361 | 273,218 | 6,857 | 3 | ||||||||||||
Investment in affiliates | 404 | 400 | (4 | ) | (1 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 11,771 | 11,771 | 0 | — | ||||||||||||
Total Segment Assets | ¥ | 2,316,738 | ¥ | 2,603,736 | ¥ | 286,998 | 12 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 3,095 | ¥ | 2,478 | ¥ | (617 | ) | (20 | ) | |||||||
Operating leases | 52,625 | 49,271 | (3,354 | ) | (6 | ) | ||||||||||
Services income | 12,406 | 10,216 | (2,190 | ) | (18 | ) | ||||||||||
Other | 2,936 | 2,685 | (251 | ) | (9 | ) | ||||||||||
Total Segment Revenues | 71,062 | 64,650 | (6,412 | ) | (9 | ) | ||||||||||
Interest expense | 13,848 | 18,402 | 4,554 | 33 | ||||||||||||
Costs of operating leases | 13,511 | 15,070 | 1,559 | 12 | ||||||||||||
Services expense | 4,178 | 4,379 | 201 | 5 | ||||||||||||
Selling, general and administrative expenses | 10,246 | 9,399 | (847 | ) | (8 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 323 | 0 | (323 | ) | — | |||||||||||
Other | 3,261 | 789 | (2,472 | ) | (76 | ) | ||||||||||
Total Segment Expenses | 45,367 | 48,039 | 2,672 | 6 | ||||||||||||
Segment Operating Income | 25,695 | 16,611 | (9,084 | ) | (35 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 10,727 | 28,676 | 17,949 | 167 | ||||||||||||
Segment Profits | ¥ | 36,422 | ¥ | 45,287 | ¥ | 8,865 | 24 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | (1 | ) | ¥ | 0 | ¥ | 1 | — | ||||||||
Net investment in leases | 0 | 1,839 | 1,839 | — | ||||||||||||
Installment loans | 33,868 | 24,088 | (9,780 | ) | (29 | ) | ||||||||||
Investment in operating leases | 295,982 | 253,717 | (42,265 | ) | (14 | ) | ||||||||||
Investment in securities | 134 | 0 | (134 | ) | — | |||||||||||
Inventories | 558 | 0 | (558 | ) | — | |||||||||||
Advances for finance lease and operating lease | 7,625 | 4,990 | (2,635 | ) | (35 | ) | ||||||||||
Investment in affiliates | 285,896 | 284,453 | (1,443 | ) | (1 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 22,222 | 16,217 | (6,005 | ) | (27 | ) | ||||||||||
Total Segment Assets | ¥ | 646,284 | ¥ | 585,304 | ¥ | (60,980 | ) | (9 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 65,366 | ¥ | 79,973 | ¥ | 14,607 | 22 | |||||||||
Gains on investment securities and dividends | 16,013 | 15,956 | (57 | ) | (0 | ) | ||||||||||
Services income | 33,895 | 37,116 | 3,221 | 10 | ||||||||||||
Other | 6,790 | 2,664 | (4,126 | ) | (61 | ) | ||||||||||
Total Segment Revenues | 122,064 | 135,709 | 13,645 | 11 | ||||||||||||
Interest expense | 22,921 | 25,143 | 2,222 | 10 | ||||||||||||
Services expense | 6,156 | 3,235 | (2,921 | ) | (47 | ) | ||||||||||
Selling, general and administrative expenses | 55,425 | 66,931 | 11,506 | 21 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 5,761 | 8,251 | 2,490 | 43 | ||||||||||||
Other | 2,773 | (219 | ) | (2,992 | ) | — | ||||||||||
Total Segment Expenses | 93,036 | 103,341 | 10,305 | 11 | ||||||||||||
Segment Operating Income | 29,028 | 32,368 | 3,340 | 12 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 21,028 | 24,322 | 3,294 | 16 | ||||||||||||
Segment Profits | ¥ | 50,056 | ¥ | 56,690 | ¥ | 6,634 | 13 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 1,631 | ¥ | 0 | ¥ | (1,631 | ) | — | ||||||||
Net investment in leases | 0 | 1,172 | 1,172 | — | ||||||||||||
Installment loans | 594,264 | 778,249 | 183,985 | 31 | ||||||||||||
Investment in operating leases | 13,022 | 9,148 | (3,874 | ) | (30 | ) | ||||||||||
Investment in securities | 305,294 | 320,217 | 14,923 | 5 | ||||||||||||
Property under facility operations and servicing assets | 40,539 | 66,416 | 25,877 | 64 | ||||||||||||
Inventories | 2,487 | 1,442 | (1,045 | ) | (42 | ) | ||||||||||
Advances for finance lease and operating lease | 513 | 1,259 | 746 | 145 | ||||||||||||
Investment in affiliates | 69,750 | 52,361 | (17,389 | ) | (25 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 125,391 | 143,763 | 18,372 | 15 | ||||||||||||
Total Segment Assets | ¥ | 1,152,891 | ¥ | 1,374,027 | ¥ | 221,136 | 19 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 688 | ¥ | 559 | ¥ | (129 | ) | (19 | ) | |||||||
Gains on investment securities and dividends | 1,636 | (2,079 | ) | (3,715 | ) | — | ||||||||||
Services income | 167,565 | 150,044 | (17,521 | ) | (10 | ) | ||||||||||
Total Segment Revenues | 169,889 | 148,524 | (21,365 | ) | (13 | ) | ||||||||||
Interest expense | 2,046 | 1,136 | (910 | ) | (44 | ) | ||||||||||
Services expense | 41,694 | 35,624 | (6,070 | ) | (15 | ) | ||||||||||
Selling, general and administrative expenses | 87,845 | 81,383 | (6,462 | ) | (7 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | (93 | ) | (17 | ) | 76 | — | ||||||||||
Other | 2,380 | (62 | ) | (2,442 | ) | — | ||||||||||
Total Segment Expenses | 133,872 | 118,064 | (15,808 | ) | (12 | ) | ||||||||||
Segment Operating Income | 36,017 | 30,460 | (5,557 | ) | (15 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | (388 | ) | 13,318 | 13,706 | — | |||||||||||
Segment Profits | ¥ | 35,629 | ¥ | 43,778 | ¥ | 8,149 | 23 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities | ¥ | 43,661 | ¥ | 38,057 | ¥ | (5,604 | ) | (13 | ) | |||||||
Investment in affiliates | 1,636 | 1,495 | (141 | ) | (9 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 297,783 | 278,295 | (19,488 | ) | (7 | ) | ||||||||||
Total Segment Assets | ¥ | 343,080 | ¥ | 317,847 | ¥ | (25,233 | ) | (7 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 111,634 | ¥ | 126,352 | ¥ | 14,718 | 13 | |||||||||
Gains on investment securities and dividends | 16,565 | 22,854 | 6,289 | 38 | ||||||||||||
Operating leases | 121,913 | 116,309 | (5,604 | ) | (5 | ) | ||||||||||
Services income | 233,110 | 215,698 | (17,412 | ) | (7 | ) | ||||||||||
Other | 7,508 | 5,115 | (2,393 | ) | (32 | ) | ||||||||||
Total Segment Revenues | 490,730 | 486,328 | (4,402 | ) | (1 | ) | ||||||||||
Interest expense | 62,821 | 68,010 | 5,189 | 8 | ||||||||||||
Costs of operating leases | 62,529 | 65,152 | 2,623 | 4 | ||||||||||||
Services expense | 66,543 | 56,202 | (10,341 | ) | (16 | ) | ||||||||||
Selling, general and administrative expenses | 183,657 | 188,653 | 4,996 | 3 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 10,903 | 23,551 | 12,648 | 116 | ||||||||||||
Other | 8,610 | 1,775 | (6,835 | ) | (79 | ) | ||||||||||
Total Segment Expenses | 395,063 | 403,343 | 8,280 | 2 | ||||||||||||
Segment Operating Income | 95,667 | 82,985 | (12,682 | ) | (13 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 29,777 | 73,448 | 43,671 | 147 | ||||||||||||
Segment Profits | ¥ | 125,444 | ¥ | 156,433 | ¥ | 30,989 | 25 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 362,391 | ¥ | 0 | ¥ | (362,391 | ) | (100 | ) | |||||||
Net investment in leases | 0 | 333,356 | 333,356 | 100 | ||||||||||||
Installment loans | 814,847 | 1,024,801 | 209,954 | 26 | ||||||||||||
Investment in operating leases | 509,117 | 458,525 | (50,592 | ) | (10 | ) | ||||||||||
Investment in securities | 385,339 | 387,523 | 2,184 | 1 | ||||||||||||
Property under facility operations and servicing assets | 44,149 | 69,016 | 24,867 | 56 | ||||||||||||
Inventories | 3,161 | 1,684 | (1,477 | ) | (47 | ) | ||||||||||
Advances for finance lease and operating lease | 10,932 | 7,991 | (2,941 | ) | (27 | ) | ||||||||||
Investment in affiliates | 556,682 | 560,162 | 3,480 | 1 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 452,310 | 444,387 | (7,923 | ) | (2 | ) | ||||||||||
Total Segment Assets | ¥ | 3,138,928 | ¥ | 3,287,445 | ¥ | 148,517 | 5 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 42,871 | ¥ | 43,694 | ¥ | 823 | 2 | |||||||||
Gains on investment securities and dividends | (1,216 | ) | 8,971 | 10,187 | — | |||||||||||
Operating leases | 67,080 | 66,322 | (758 | ) | (1 | ) | ||||||||||
Services income | 19,244 | 18,323 | (921 | ) | (5 | ) | ||||||||||
Other | 122 | 487 | 365 | 299 | ||||||||||||
Total Segment Revenues | 128,101 | 137,797 | 9,696 | 8 | ||||||||||||
Interest expense | 24,007 | 23,329 | (678 | ) | (3 | ) | ||||||||||
Costs of operating leases | 48,513 | 49,529 | 1,016 | 2 | ||||||||||||
Services expense | 14,620 | 13,082 | (1,538 | ) | (11 | ) | ||||||||||
Selling, general and administrative expenses | 26,240 | 27,012 | 772 | 3 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 4,913 | 15,318 | 10,405 | 212 | ||||||||||||
Other | 698 | 1,986 | 1,288 | 185 | ||||||||||||
Total Segment Expenses | 118,991 | 130,256 | 11,265 | 9 | ||||||||||||
Segment Operating Income | 9,110 | 7,541 | (1,569 | ) | (17 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | (1,589 | ) | 7,132 | 8,721 | — | |||||||||||
Segment Profits | ¥ | 7,521 | ¥ | 14,673 | ¥ | 7,152 | 95 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 360,761 | ¥ | 0 | ¥ | (360,761 | ) | — | ||||||||
Net investment in leases | 0 | 330,346 | 330,346 | — | ||||||||||||
Installment loans | 186,715 | 222,465 | 35,750 | 19 | ||||||||||||
Investment in operating leases | 200,114 | 195,660 | (4,454 | ) | (2 | ) | ||||||||||
Investment in securities | 36,252 | 29,248 | (7,004 | ) | (19 | ) | ||||||||||
Property under facility operations | 3,609 | 2,600 | (1,009 | ) | (28 | ) | ||||||||||
Inventories | 116 | 242 | 126 | 109 | ||||||||||||
Advances for finance lease and operating lease | 2,794 | 1,742 | (1,052 | ) | (38 | ) | ||||||||||
Investment in affiliates | 199,400 | 221,853 | 22,453 | 11 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 6,913 | 6,112 | (801 | ) | (12 | ) | ||||||||||
Total Segment Assets | ¥ | 996,674 | ¥ | 1,010,268 | ¥ | 13,594 | 1 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues: | ||||||||||||||||
Finance revenues | ¥ | 242,893 | ¥ | 276,864 | ¥ | 33,971 | 14 |
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues: | ||||||||||||||||
Finance revenues | ¥ | 242,893 | ¥ | 276,864 | ¥ | 33,971 | 14 |
Note: | New Lease Standard has been adopted since April 1, 2019. Certain lessor costs of finance lease, such as property taxes and insurance costs, previously had been deducted from “Finance revenues”, have changed to be included in “Other (income) and expense.” |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases: | ||||||||||||||||
New equipment acquisitions | ¥ | 439,252 | ¥ | 444,841 | ¥ | 5,589 | 1 | |||||||||
Japan | 254,613 | 244,087 | (10,526 | ) | (4 | ) | ||||||||||
Overseas | 184,639 | 200,754 | 16,115 | 9 | ||||||||||||
Net investment in leases | 1,155,632 | 1,080,964 | (74,668 | ) | (6 | ) |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases: | ||||||||||||||||
New equipment acquisitions | ¥ | 439,252 | ¥ | 444,841 | ¥ | 5,589 | 1 | |||||||||
Japan | 254,613 | 244,087 | (10,526) | (4 | ) | |||||||||||
Overseas | 184,639 | 200,754 | 16,115 | 9 | ||||||||||||
Net investment in leases | 1,155,632 | 1,080,964 | (74,668) | (6 | ) |
Note: | New Lease Standard has been adopted since April 1, 2019, and the amounts of investment in direct financing leases have been reclassified to net investment in leases. |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases by category: | ||||||||||||||||
Transportation equipment | ¥ | 495,605 | ¥ | 457,405 | ¥ | (38,200 | ) | (8 | ) | |||||||
Industrial equipment | 222,049 | 210,248 | (11,801 | ) | (5 | ) | ||||||||||
Electronics | 143,209 | 134,775 | (8,434 | ) | (6 | ) | ||||||||||
Information-related and office equipment | 101,504 | 104,218 | 2,714 | 3 | ||||||||||||
Commercial services equipment | 51,671 | 45,062 | (6,609 | ) | (13 | ) | ||||||||||
Other | 141,594 | 129,256 | (12,338 | ) | (9 | ) | ||||||||||
Total | ¥ | 1,155,632 | ¥ | 1,080,964 | ¥ | (74,668 | ) | (6 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases by category: | �� | |||||||||||||||
Transportation equipment | ¥ | 495,605 | ¥ | 457,405 | ¥ | (38,200 | ) | (8 | ) | |||||||
Industrial equipment | 222,049 | 210,248 | (11,801 | ) | (5 | ) | ||||||||||
Electronics | 143,209 | 134,775 | (8,434 | ) | (6 | ) | ||||||||||
Information-related and office equipment | 101,504 | 104,218 | 2,714 | 3 | ||||||||||||
Commercial services equipment | 51,671 | 45,062 | (6,609 | ) | (13 | ) | ||||||||||
Other | 141,594 | 129,256 | (12,338 | ) | (9 | ) | ||||||||||
Total | ¥ | 1,155,632 | ¥ | 1,080,964 | ¥ | (74,668 | ) | (6 | ) | |||||||
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
New loans added | ¥ | 1,462,009 | ¥ | 1,529,175 | ¥ | 67,166 | 5 | |||||||||
Japan | 1,047,720 | 1,134,586 | 86,866 | 8 | ||||||||||||
Overseas | 414,289 | 394,589 | (19,700 | ) | (5 | ) | ||||||||||
Installment loans | 3,277,670 | 3,740,486 | 462,816 | 14 |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
New loans added | ¥ | 1,462,009 | ¥ | 1,529,175 | ¥ | 67,166 | 5 | |||||||||
Japan | 1,047,720 | 1,134,586 | 86,866 | 8 | ||||||||||||
Overseas | 414,289 | 394,589 | (19,700 | ) | (5 | ) | ||||||||||
Installment loans | 3,277,670 | 3,740,486 | 462,816 | 14 |
Note: | The balance of installment loans related to our life insurance operations is included in installment loans in our consolidated balance sheets; however, income and losses on these loans are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
Consumer borrowers in Japan | ||||||||||||||||
Real estate loans | ¥ | 1,560,832 | ¥ | 1,842,131 | ¥ | 281,299 | 18 | |||||||||
Card loans | 245,139 | 223,651 | (21,488 | ) | (9 | ) | ||||||||||
Other | 32,962 | 32,618 | (344 | ) | (1 | ) | ||||||||||
Subtotal | 1,838,933 | 2,098,400 | 259,467 | 14 | ||||||||||||
Corporate borrowers in Japan | ||||||||||||||||
Real estate companies | 288,851 | 300,984 | 12,133 | 4 | ||||||||||||
Non-recourse loans | 53,067 | 48,566 | (4,501 | ) | (8 | ) | ||||||||||
Commercial, industrial and other companies | 266,675 | 255,309 | (11,366 | ) | (4 | ) | ||||||||||
Subtotal | 608,593 | 604,859 | (3,734 | ) | (1 | ) | ||||||||||
Overseas | ||||||||||||||||
Real estate companies | 104,883 | 250,195 | 145,312 | 139 | ||||||||||||
Non-recourse loans | 49,915 | 83,515 | 33,600 | 67 | ||||||||||||
Commercial, industrial companies and other | 658,930 | 690,299 | 31,369 | 5 | ||||||||||||
Subtotal | 813,728 | 1,024,009 | 210,281 | 26 | ||||||||||||
Purchased loans* | 16,416 | 13,218 | (3,198 | ) | (19 | ) | ||||||||||
Total | ¥ | 3,277,670 | ¥ | 3,740,486 | ¥ | 462,816 | 14 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
Consumer borrowers in Japan | ||||||||||||||||
Real estate loans | ¥ | 1,560,832 | ¥ | 1,842,131 | ¥ | 281,299 | 18 | |||||||||
Card loans | 245,139 | 223,651 | (21,488 | ) | (9 | ) | ||||||||||
Other | 32,962 | 32,618 | (344 | ) | (1 | ) | ||||||||||
Subtotal | 1,838,933 | 2,098,400 | 259,467 | 14 | ||||||||||||
Corporate borrowers in Japan | ||||||||||||||||
Real estate companies | 288,851 | 300,984 | 12,133 | 4 | ||||||||||||
Non-recourse loans | 53,067 | 48,566 | (4,501 | ) | (8 | ) | ||||||||||
Commercial, industrial and other companies | 266,675 | 255,309 | (11,366 | ) | (4 | ) | ||||||||||
Subtotal | 608,593 | 604,859 | (3,734 | ) | (1 | ) | ||||||||||
Overseas | ||||||||||||||||
Real estate companies | 104,883 | 250,195 | 145,312 | 139 | ||||||||||||
Non-recourse loans | 49,915 | 83,515 | 33,600 | 67 | ||||||||||||
Commercial, industrial companies and other | 658,930 | 690,299 | 31,369 | 5 | ||||||||||||
Subtotal | 813,728 | 1,024,009 | 210,281 | 26 | ||||||||||||
Purchased loans* | 16,416 | 13,218 | (3,198 | ) | (19 | ) | ||||||||||
Total | ¥ | 3,277,670 | ¥ | 3,740,486 | ¥ | 462,816 | 14 | |||||||||
* | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due net investment in leases and allowances for net investment in leases: | ||||||||
90+ days past-due net investment in leases | ¥ | 14,807 | ¥ | 15,346 | ||||
90+ days past-due net investment in leases as a percentage of the balance of net investment in leases | 1.28 | % | 1.42 | % | ||||
Provision as a percentage of average balance of net investment in leases* | 0.37 | % | 0.29 | % | ||||
Allowance for net investment in leases | ¥ | 12,049 | ¥ | 11,692 | ||||
Allowance for net investment in leases as a percentage of the balance of net investment in leases | 1.04 | % | 1.08 | % | ||||
The ratio of charge-offs as a percentage of the average balance of net investment in leases* | 0.19 | % | 0.25 | % |
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due net investment in leases and allowances for net investment in leases: | ||||||||
90+ days past-due net investment in leases | ¥ | 14,807 | ¥ | 15,346 | ||||
90+ days past-due net investment in leases as a percentage of the balance of net investment in leases | 1.28 | % | 1.42 | % | ||||
Provision as a percentage of average balance of net investment in leases* | 0.37 | % | 0.29 | % | ||||
Allowance for net investment leases | ¥ | 12,049 | ¥ | 11,692 | ||||
Allowance for net investment in leases as a percentage of the balance of net investment in leases | 1.04 | % | 1.08 | % | ||||
The ratio of charge-offs as a percentage of the average balance of net investment in leases* | 0.19 | % | 0.25 | % |
Note: | New Lease Standard has been adopted since April 1, 2019, and the amounts of investment in direct financing leases have been reclassified to net investment in leases. |
* | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due loans and allowance for installment loans: | ||||||||
90+ days past-due loans not individually evaluated for impairment | ¥ | 12,412 | ¥ | 10,264 | ||||
90+ days past-due loans not individually evaluated for impairment as a percentage of the balance of installment loans not individually evaluated for impairment | 0.39 | % | 0.28 | % | ||||
Provision as a percentage of average balance of installment loans not individually evaluated for impairment* | 0.50 | % | 0.43 | % | ||||
Allowance for probable loan losses on installment loans exclusive of those loans individually evaluated for impairment | ¥ | 32,231 | ¥ | 31,697 | ||||
Allowance for probable loan losses on installment loans exclusive of those loans individually evaluated for impairment as a percentage of the balance of installment loans not individually evaluated for impairment | 1.00 | % | 0.87 | % | ||||
The ratio of charge-offs as a percentage of the average balance of loans not individually evaluated for impairment* | 0.44 | % | 0.43 | % |
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due loans and allowance for installment loans: | ||||||||
90+ days past-due loans not individually evaluated for impairment | ¥ | 12,412 | ¥ | 10,264 | ||||
90+ days past-due loans not individually evaluated for impairment as a percentage of the balance of installment loans not individually evaluated for impairment | 0.39 | % | 0.28 | % | ||||
Provision as a percentage of average balance of installment loans not individually evaluated for impairment* | 0.50 | % | 0.43 | % | ||||
Allowance for probable loan losses on installment loans exclusive of those loans individually evaluated for impairment | ¥ | 32,231 | ¥ | 31,697 | ||||
Allowance for probable loan losses on installment loans exclusive of those loans individually evaluated for impairment as a percentage of the balance of installment loans not individually evaluated for impairment | 1.00 | % | 0.87 | % | ||||
The ratio of charge-offs as a percentage of the average balance of loans not individually evaluated for impairment* | 0.44 | % | 0.43 | % |
* | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen) | ||||||||
90+ days past-due loans not individually evaluated for impairment: | ||||||||
Consumer borrowers in Japan | ||||||||
Real estate loans | ¥ | 1,388 | ¥ | 1,370 | ||||
Card loans | 1,671 | 1,708 | ||||||
Other | 8,993 | 7,025 | ||||||
Subtotal | 12,052 | 10,103 | ||||||
Consumer borrowers in Overseas | ||||||||
Other | 360 | 161 | ||||||
Total | ¥ | 12,412 | ¥ | 10,264 | ||||
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen) | ||||||||
90+ days past-due loans not individually evaluated for impairment: | ||||||||
Consumer borrowers in Japan | ||||||||
Real estate loans | ¥ | 1,388 | ¥ | 1,370 | ||||
Card loans | 1,671 | 1,708 | ||||||
Other | 8,993 | 7,025 | ||||||
Subtotal | 12,052 | 10,103 | ||||||
Overseas | ||||||||
Other | 360 | 161 | ||||||
Total | ¥ | 12,412 | ¥ | 10,264 | ||||
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen) | ||||||||
Loans individually evaluated for impairment: | ||||||||
Impaired loans | ¥ | 58,827 | ¥ | 85,820 | ||||
Impaired loans requiring an allowance | 41,234 | 49,292 | ||||||
Allowance for loans individually evaluated for impairment* | 13,731 | 13,447 |
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen) | ||||||||
Loans individually evaluated for impairment: | ||||||||
Impaired loans | ¥ | 58,827 | ¥ | 85,820 | ||||
Impaired loans requiring an allowance | 41,234 | 49,292 | ||||||
Allowance for loans individually evaluated for impairment* | 13,731 | 13,447 |
* | The allowance is individually evaluated based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral dependent. |
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen) | ||||||||
Impaired loans: | ||||||||
Consumer borrowers in Japan | ||||||||
Real estate loans | ¥ | 4,378 | ¥ | 5,758 | ||||
Card loans | 3,945 | 3,932 | ||||||
Other | 14,216 | 16,426 | ||||||
Subtotal | 22,539 | 26,116 | ||||||
Corporate borrowers in Japan | ||||||||
Real estate companies | 1,540 | 3,501 | ||||||
Non-recourse loans | 232 | 0 | ||||||
Commercial, industrial and other companies | 7,103 | 12,480 | ||||||
Subtotal | 8,875 | 15,981 | ||||||
Overseas | ||||||||
Real estate companies | 840 | 12,491 | ||||||
Non-recourse loans | 4,216 | 2,466 | ||||||
Commercial, industrial companies and other | 18,593 | 27,161 | ||||||
Subtotal | 23,649 | 42,118 | ||||||
Purchased loans | 3,764 | 1,605 | ||||||
Total | ¥ | 58,827 | ¥ | 85,820 | ||||
As of March 31, | ||||||||
2019 | 2020 | |||||||
(Millions of yen) | ||||||||
Impaired loans: | ||||||||
Consumer borrowers in Japan | ||||||||
Real estate loans | ¥ | 4,378 | ¥ | 5,758 | ||||
Card loans | 3,945 | 3,932 | ||||||
Other | 14,216 | 16,426 | ||||||
Subtotal | 22,539 | 26,116 | ||||||
Corporate borrowers in Japan | ||||||||
Real estate companies | 1,540 | 3,501 | ||||||
Non-recourse loans | 232 | 0 | ||||||
Commercial, industrial and other companies | 7,103 | 12,480 | ||||||
Subtotal | 8,875 | 15,981 | ||||||
Overseas | ||||||||
Real estate companies | 840 | 12,491 | ||||||
Non-recourse loans | 4,216 | 2,466 | ||||||
Commercial, industrial companies and other | 18,593 | 27,161 | ||||||
Subtotal | 23,649 | 42,118 | ||||||
Purchased loans | 3,764 | 1,605 | ||||||
Total | ¥ | 58,827 | ¥ | 85,820 | ||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Provision for doubtful receivables on net investment in leases and probable loan losses: | ||||||||||||||||
Beginning balance | ¥ | 54,672 | ¥ | 58,011 | ¥ | 3,339 | 6 | |||||||||
Net investment in leases | 10,089 | 12,049 | 1,960 | 19 | ||||||||||||
Loans not individually evaluated for impairment | 30,239 | 32,231 | 1,992 | 7 | ||||||||||||
Loans individually evaluated for impairment | 14,344 | 13,731 | (613 | ) | (4 | ) | ||||||||||
Provision (Reversal) | 22,525 | 24,425 | 1,900 | 8 | ||||||||||||
Net investment in leases | 4,324 | 3,304 | (1,020 | ) | (24 | ) | ||||||||||
Loans not individually evaluated for impairment | 15,000 | 14,920 | (80 | ) | (1 | ) | ||||||||||
Loans individually evaluated for impairment | 3,201 | 6,201 | 3,000 | 94 | ||||||||||||
Charge-offs (net) | (19,213 | ) | (24,132 | ) | (4,919 | ) | 26 | |||||||||
Net investment in leases | (2,255 | ) | (2,835 | ) | (580 | ) | 26 | |||||||||
Loans not individually evaluated for impairment | (13,022 | ) | (14,819 | ) | (1,797 | ) | 14 | |||||||||
Loans individually evaluated for impairment | (3,936 | ) | (6,478 | ) | (2,542 | ) | 65 | |||||||||
Other* | 27 | (1,468 | ) | (1,495 | ) | — | ||||||||||
Net investment in leases | (109 | ) | (826 | ) | (717 | ) | 658 | |||||||||
Loans not individually evaluated for impairment | 14 | (635 | ) | (649 | ) | — | ||||||||||
Loans individually evaluated for impairment | 122 | (7 | ) | (129 | ) | — | ||||||||||
Ending balance | 58,011 | 56,836 | (1,175 | ) | (2 | ) | ||||||||||
Net investment in leases | 12,049 | 11,692 | (357 | ) | (3 | ) | ||||||||||
Loans not individually evaluated for impairment | 32,231 | 31,697 | (534 | ) | (2 | ) | ||||||||||
Loans individually evaluated for impairment | 13,731 | 13,447 | (284 | ) | (2 | ) |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Provision for doubtful receivables on net investment in leases and probable loan losses: | ||||||||||||||||
Beginning balance | ¥ | 54,672 | ¥ | 58,011 | ¥ | 3,339 | 6 | |||||||||
Net investment in leases | 10,089 | 12,049 | 1,960 | 19 | ||||||||||||
Loans not individually evaluated for impairment | 30,239 | 32,231 | 1,992 | 7 | ||||||||||||
Loans individually evaluated for impairment | 14,344 | 13,731 | (613 | ) | (4 | ) | ||||||||||
Provision (Reversal) | 22,525 | 24,425 | 1,900 | 8 | ||||||||||||
Net investment in leases | 4,324 | 3,304 | (1,020 | ) | (24 | ) | ||||||||||
Loans not individually evaluated for impairment | 15,000 | 14,920 | (80 | ) | (1 | ) | ||||||||||
Loans individually evaluated for impairment | 3,201 | 6,201 | 3,000 | 94 | ||||||||||||
Charge-offs (net) | (19,213 | ) | (24,132 | ) | (4,919 | ) | 26 | |||||||||
Net investment in leases | (2,255 | ) | (2,835 | ) | (580 | ) | 26 | |||||||||
Loans not individually evaluated for impairment | (13,022 | ) | (14,819 | ) | (1,797 | ) | 14 | |||||||||
Loans individually evaluated for impairment | (3,936 | ) | (6,478 | ) | (2,542 | ) | 65 | |||||||||
Other * | 27 | (1,468 | ) | (1,495 | ) | — | ||||||||||
Net investment in leases | (109 | ) | (826 | ) | (717 | ) | 658 | |||||||||
Loans not individually evaluated for impairment | 14 | (635 | ) | (649 | ) | — | ||||||||||
Loans individually evaluated for impairment | 122 | (7 | ) | (129 | ) | — | ||||||||||
Ending balance | 58,011 | 56,836 | (1,175 | ) | (2 | ) | ||||||||||
Net investment in leases | 12,049 | 11,692 | (357 | ) | (3 | ) | ||||||||||
Loans not individually evaluated for impairment | 32,231 | 31,697 | (534 | ) | (2 | ) | ||||||||||
Loans individually evaluated for impairment | 13,731 | 13,447 | (284 | ) | (2 | ) |
* | Other mainly includes foreign currency translation adjustments and others. |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities: | ||||||||||||||||
New securities added | ¥ | 623,172 | ¥ | 765,589 | ¥ | 142,417 | 23 | |||||||||
Japan | 504,515 | 653,228 | 148,713 | 29 | ||||||||||||
Overseas | 118,657 | 112,361 | (6,296 | ) | (5 | ) | ||||||||||
Investment in securities | 1,928,916 | 2,245,323 | 316,407 | 16 |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities: | ||||||||||||||||
New securities added | ¥ | 623,172 | ¥ | 765,589 | ¥ | 142,417 | 23 | |||||||||
Japan | 504,515 | 653,228 | 148,713 | 29 | ||||||||||||
Overseas | 118,657 | 112,361 | (6,296 | ) | (5 | ) | ||||||||||
Investment in securities | 1,928,916 | 2,245,323 | 316,407 | 16 |
Note: | The balance of investment in securities related to our life insurance operations are included in investment in securities in our consolidated balance sheets; however, income and losses on these investment in securities are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities by security type: | ||||||||||||||||
Equity securities | ¥ | 549,047 | ¥ | 492,902 | ¥ | (56,145 | ) | (10 | ) | |||||||
Trading debt securities | 1,564 | 7,431 | 5,867 | 375 | ||||||||||||
Available-for-sale debt securities | 1,264,244 | 1,631,185 | 366,941 | 29 | ||||||||||||
Held-to-maturity debt securities | 114,061 | 113,805 | (256 | ) | (0 | ) | ||||||||||
Total | ¥ | 1,928,916 | ¥ | 2,245,323 | ¥ | 316,407 | 16 |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities by security type: | ||||||||||||||||
Equity securities | ¥ | 549,047 | ¥ | 492,902 | ¥ | (56,145 | ) | (10 | ) | |||||||
Trading debt securities | 1,564 | 7,431 | 5,867 | 375 | ||||||||||||
Available-for-sale | 1,264,244 | 1,631,185 | 366,941 | 29 | ||||||||||||
Held-to-maturity | 114,061 | 113,805 | (256 | ) | (0 | ) | ||||||||||
Total | ¥ | 1,928,916 | ¥ | 2,245,323 | ¥ | 316,407 | 16 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Gains on investment securities and dividends: | ||||||||||||||||
Net gains on investment securities | ¥ | 14,273 | ¥ | 20,204 | ¥ | 5,931 | 42 | |||||||||
Dividends income | 1,685 | 2,295 | 610 | 36 | ||||||||||||
Total | ¥ | 15,958 | ¥ | 22,499 | ¥ | 6,541 | 41 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Gains on investment securities and dividends: | ||||||||||||||||
Net gains on investment securities | ¥ | 14,273 | ¥ | 20,204 | ¥ | 5,931 | 42 | |||||||||
Dividends income | 1,685 | 2,295 | 610 | 36 | ||||||||||||
Total | ¥ | 15,958 | ¥ | 22,499 | ¥ | 6,541 | 41 | |||||||||
Notes: | 1. | |||
Income and losses on investment in securities related to our life insurance operations are recorded in life insurance premiums and related investment income in our consolidated statements of income. | ||||
2. | Unrealized changes in fair value of investments in equity securities have been included in “Net gains on investment securities”. |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Operating leases: | ||||||||||||||||
Operating lease revenues | ¥ | 413,918 | ¥ | 430,665 | ¥ | 16,747 | 4 | |||||||||
Costs of operating leases | 257,321 | 289,604 | 32,283 | 13 | ||||||||||||
New equipment acquisitions | 544,715 | 493,666 | (51,049 | ) | (9 | ) | ||||||||||
Japan | 233,721 | 234,188 | 467 | 0 | ||||||||||||
Overseas | 310,994 | 259,478 | (51,516 | ) | (17 | ) | ||||||||||
Investment in operating leases | 1,335,959 | 1,400,001 | 64,042 | 5 |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Operating leases: | ||||||||||||||||
Operating lease revenues | ¥ | 413,918 | ¥ | 430,665 | ¥ | 16,747 | 4 | |||||||||
Costs of operating leases | 257,321 | 289,604 | 32,283 | 13 | ||||||||||||
New equipment acquisitions | 544,715 | 493,666 | (51,049 | ) | (9 | ) | ||||||||||
Japan | 233,721 | 234,188 | 467 | 0 | ||||||||||||
Overseas | 310,994 | 259,478 | (51,516 | ) | (17 | ) | ||||||||||
Investment in operating leases | 1,335,959 | 1,400,001 | 64,042 | 5 |
Note: | New Lease Standard has been adopted since April 1, 2019. Certain lessor costs of operating lease, such as property taxes and insurance costs, previously had been deducted from “Operating lease revenues”, have changed to be included in “Costs of operating leases.” |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in operating leases by category: | ||||||||||||||||
Transportation equipment | ¥ | 888,625 | ¥ | 847,376 | ¥ | (41,249 | ) | (5 | ) | |||||||
Measuring and information-related equipment | 105,179 | 125,897 | 20,718 | 20 | ||||||||||||
Real estate | 297,343 | 269,483 | (27,860 | ) | (9 | ) | ||||||||||
Other | 12,890 | 10,308 | (2,582 | ) | (20 | ) | ||||||||||
Right-of-use assets | 0 | 121,553 | 121,553 | — | ||||||||||||
Accrued rental receivables | 31,922 | 25,384 | (6,538 | ) | (20 | ) | ||||||||||
Total | ¥ | 1,335,959 | ¥ | 1,400,001 | ¥ | 64,042 | 5 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in operating leases by category: | ||||||||||||||||
Transportation equipment | ¥ | 888,625 | ¥ | 847,376 | ¥ | (41,249 | ) | (5 | ) | |||||||
Measuring and information-related equipment | 105,179 | 125,897 | 20,718 | 20 | ||||||||||||
Real estate | 297,343 | 269,483 | (27,860 | ) | (9 | ) | ||||||||||
Other | 12,890 | 10,308 | (2,582 | ) | (20 | ) | ||||||||||
Right-of-use | 0 | 121,553 | 121,553 | — | ||||||||||||
Accrued rental receivables | 31,922 | 25,384 | (6,538 | ) | (20 | ) | ||||||||||
Total | ¥ | 1,335,959 | ¥ | 1,400,001 | ¥ | 64,042 | 5 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Life insurance premiums and related investment income and life insurance costs: | ||||||||||||||||
Life insurance premiums | ¥ | 330,811 | ¥ | 360,583 | ¥ | 29,772 | 9 | |||||||||
Life insurance-related investment income | 16,325 | 7,195 | (9,130 | ) | (56 | ) | ||||||||||
Total | ¥ | 347,136 | ¥ | 367,778 | ¥ | 20,642 | 6 | |||||||||
Life insurance costs | ¥ | 246,533 | ¥ | 269,425 | ¥ | 22,892 | 9 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Life insurance premiums and related investment income and life insurance costs: | ||||||||||||||||
Life insurance premiums | ¥ | 330,811 | ¥ | 360,583 | ¥ | 29,772 | 9 | |||||||||
Life insurance-related investment income | 16,325 | 7,195 | (9,130 | ) | (56 | ) | ||||||||||
Total | ¥ | 347,136 | ¥ | 367,778 | ¥ | 20,642 | 6 | |||||||||
Life insurance costs | ¥ | 246,533 | ¥ | 269,425 | ¥ | 22,892 | 9 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Breakdown of life insurance-related investment income (loss): | ||||||||||||||||
Net income on investment securities | ¥ | 10,756 | ¥ | 8,674 | ¥ | (2,082 | ) | (19 | ) | |||||||
Losses recognized in income on derivative | (1,348 | ) | (1,910 | ) | (562 | ) | 42 | |||||||||
Interest on loans, income on real estate under operating leases, and others | 6,917 | 431 | (6,486 | ) | (94 | ) | ||||||||||
Total | ¥ | 16,325 | ¥ | 7,195 | ¥ | (9,130 | ) | (56 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Breakdown of life insurance-related investment income (loss): | ||||||||||||||||
Net income on investment securities | ¥ | 10,756 | ¥ | 8,674 | ¥ | (2,082 | ) | (19 | ) | |||||||
Losses recognized in income on derivative | (1,348 | ) | (1,910 | ) | (562 | ) | 42 | |||||||||
Interest on loans, income on real estate under operating leases, and others | 6,917 | 431 | (6,486 | ) | (94 | ) | ||||||||||
Total | ¥ | 16,325 | ¥ | 7,195 | ¥ | (9,130 | ) | (56 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investments by life insurance operations: | ||||||||||||||||
Equity securities | ¥ | 327,497 | ¥ | 264,625 | ¥ | (62,872 | ) | (19 | ) | |||||||
Available-for-sale debt securities | 766,830 | 1,149,612 | 382,782 | 50 | ||||||||||||
Held-to-maturity debt securities | 114,061 | 113,805 | (256 | ) | (0 | ) | ||||||||||
Total investment in securities | 1,208,388 | 1,528,042 | 319,654 | 26 | ||||||||||||
Installment loans, real estate under operating leases and other investments | 41,630 | 46,991 | 5,361 | 13 | ||||||||||||
Total | ¥ | 1,250,018 | ¥ | 1,575,033 | ¥ | 325,015 | 26 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investments by life insurance operations: | ||||||||||||||||
Equity securities | ¥ | 327,497 | ¥ | 264,625 | ¥ | (62,872 | ) | (19 | ) | |||||||
Available-for-sale | 766,830 | 1,149,612 | 382,782 | 50 | ||||||||||||
Held-to-maturity | 114,061 | 113,805 | (256 | ) | (0 | ) | ||||||||||
Total investment in securities | 1,208,388 | 1,528,042 | 319,654 | 26 | ||||||||||||
Installment loans, real estate under operating leases and other investments | 41,630 | 46,991 | 5,361 | 13 | ||||||||||||
Total | ¥ | 1,250,018 | ¥ | 1,575,033 | ¥ | 325,015 | 26 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Sales of goods and real estate, Inventories: | ||||||||||||||||
Sales of goods and real estate | ¥ | 596,165 | ¥ | 406,511 | ¥ | (189,654 | ) | (32 | ) | |||||||
Costs of goods and real estate sold | 535,261 | 354,006 | (181,255 | ) | (34 | ) | ||||||||||
New real estate added | 97,397 | 82,442 | (14,955 | ) | (15 | ) | ||||||||||
Inventories | 115,695 | 126,013 | 10,318 | 9 |
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Sales of goods and real estate, Inventories: | ||||||||||||||||
Sales of goods and real estate | ¥ | 596,165 | ¥ | 406,511 | ¥ | (189,654 | ) | (32 | ) | |||||||
Costs of goods and real estate sold | 535,261 | 354,006 | (181,255 | ) | (34 | ) | ||||||||||
New real estate added | 97,397 | 82,442 | (14,955 | ) | (15 | ) | ||||||||||
Inventories | 115,695 | 126,013 | 10,318 | 9 |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Services, Property under Facility Operations | ||||||||||||||||
Services income | ¥ | 818,794 | ¥ | 776,012 | ¥ | (42,782) | (5 | ) | ||||||||
Services expense | 508,320 | 483,914 | (24,406 | ) | (5 | ) | ||||||||||
New assets added | 104,839 | 34,181 | (70,658 | ) | (67 | ) | ||||||||||
Japan | 103,939 | 33,312 | (70,627 | ) | (68 | ) | ||||||||||
Overseas | 900 | 869 | (31 | ) | (3 | ) | ||||||||||
Property under Facility Operations | 441,632 | 562,485 | 120,853 | 27 |
As of and for the year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Services, Property under Facility Operations | ||||||||||||||||
Services income | ¥ | 818,794 | ¥ | 776,012 | ¥ | (42,782) | (5 | ) | ||||||||
Services expense | 508,320 | 483,914 | (24,406 | ) | (5 | ) | ||||||||||
New assets added | 104,839 | 34,181 | (70,658 | ) | (67 | ) | ||||||||||
Japan | 103,939 | 33,312 | (70,627 | ) | (68 | ) | ||||||||||
Overseas | 900 | 869 | (31 | ) | (3 | ) | ||||||||||
Property under Facility Operations | 441,632 | 562,485 | 120,853 | 27 |
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||
Personnel expenses | ¥ | 248,519 | ¥ | 256,931 | ¥ | 8,412 | 3 | |||||||||
Selling expenses | 79,015 | 75,860 | (3,155 | ) | (4 | ) | ||||||||||
Administrative expenses | 104,582 | 119,694 | 15,112 | 14 | ||||||||||||
Depreciation of office facilities | 4,912 | 7,714 | 2,802 | 57 | ||||||||||||
Total | ¥ | 437,028 | ¥ | 460,199 | ¥ | 23,171 | 5 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||
Personnel expenses | ¥ | 248,519 | ¥ | 256,931 | ¥ | 8,412 | 3 | |||||||||
Selling expenses | 79,015 | 75,860 | (3,155 | ) | (4 | ) | ||||||||||
Administrative expenses | 104,582 | 119,694 | 15,112 | 14 | ||||||||||||
Depreciation of office facilities | 4,912 | 7,714 | 2,802 | 57 | ||||||||||||
Total | ¥ | 437,028 | ¥ | 460,199 | ¥ | 23,171 | 5 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except ratios, per Share data and percentages) | ||||||||||||||||
Total revenues | ¥ | 2,862,771 | ¥ | 2,434,864 | ¥ | (427,907 | ) | (15 | ) | |||||||
Total expenses | 2,526,576 | 2,105,426 | (421,150 | ) | (17 | ) | ||||||||||
Income before Income Taxes | 435,501 | 395,730 | (39,771 | ) | (9 | ) | ||||||||||
Net Income Attributable to ORIX Corporation Shareholders | 313,135 | 323,745 | 10,610 | 3 | ||||||||||||
Earnings per Share (Basic) | 244.40 | 252.92 | 8.52 | 3 | ||||||||||||
(Diluted) | 244.15 | 252.70 | 8.55 | 4 | ||||||||||||
ROE* 1 | 12.1 | 11.6 | (0.5 | ) | — | |||||||||||
ROA* 2 | 2.76 | 2.74 | (0.02 | ) | — |
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen except ratios, per share and percentages) | ||||||||||||||||
Total Assets | ¥ | 11,425,982 | ¥ | 12,174,917 | ¥ | 748,935 | 7 | |||||||||
(Segment assets) | 9,098,918 | 9,997,698 | 898,780 | 10 | ||||||||||||
Total Liabilities | 8,619,688 | 9,211,936 | 592,248 | 7 | ||||||||||||
(Long- and Short-term Debt) | 4,133,258 | 4,495,771 | 362,513 | 9 | ||||||||||||
(Deposits) | 1,757,462 | 1,927,741 | 170,279 | 10 | ||||||||||||
ORIX Corporation Shareholders’ Equity | 2,682,424 | 2,897,074 | 214,650 | 8 | ||||||||||||
ORIX Corporation Shareholders’ Equity per share | 2,095.64 | 2,263.41 | 167.77 | 8 | ||||||||||||
ORIX Corporation Shareholders’ Equity ratio* | 23.5 | % | 23.8 | % | 0.3 | % | — | |||||||||
D/E ratio (Debt-to-equity ratio) (Long- and Short-term Debt (excluding deposits) / ORIX Corporation Shareholders’ Equity) | 1.5 | x | 1.6 | x | 0.1 | x | — |
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Corporate Financial Services | ¥ | 115,837 | ¥ | 95,212 | ¥ | (20,625 | ) | (18 | ) | |||||||
Maintenance Leasing | 275,933 | 288,211 | 12,278 | 4 | ||||||||||||
Real Estate | 489,752 | 529,064 | 39,312 | 8 | ||||||||||||
Investment and Operation | 1,083,505 | 615,151 | (468,354 | ) | (43 | ) | ||||||||||
Retail | 428,697 | 428,904 | 207 | 0 | ||||||||||||
Overseas Business | 479,619 | 490,730 | 11,111 | 2 | ||||||||||||
Segment Total | 2,873,343 | 2,447,272 | (426,071 | ) | (15 | ) | ||||||||||
Difference between Segment Total and Consolidated Amounts | (10,572 | ) | (12,408 | ) | (1,836 | ) | — | |||||||||
Consolidated Amounts | ¥ | 2,862,771 | ¥ | 2,434,864 | ¥ | (427,907 | ) | (15 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Profits: | ||||||||||||||||
Corporate Financial Services | ¥ | 49,275 | ¥ | 25,482 | ¥ | (23,793 | ) | (48 | ) | |||||||
Maintenance Leasing | 40,162 | 38,841 | (1,321 | ) | (3 | ) | ||||||||||
Real Estate | 74,395 | 89,247 | 14,852 | 20 | ||||||||||||
Investment and Operation | 84,097 | 38,170 | (45,927 | ) | (55 | ) | ||||||||||
Retail | 74,527 | 84,211 | 9,684 | 13 | ||||||||||||
Overseas Business | 106,622 | 125,444 | 18,822 | 18 | ||||||||||||
Segment Total | 429,078 | 401,395 | (27,683 | ) | (6 | ) | ||||||||||
Difference between Segment Total and Consolidated Amounts | 6,423 | (5,665 | ) | (12,088 | ) | — | ||||||||||
Consolidated Amounts | ¥ | 435,501 | ¥ | 395,730 | ¥ | (39,771 | ) | (9 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Assets: | ||||||||||||||||
Corporate Financial Services | ¥ | 991,818 | ¥ | 959,725 | ¥ | (32,093 | ) | (3 | ) | |||||||
Maintenance Leasing | 847,190 | 873,775 | 26,585 | 3 | ||||||||||||
Real Estate | 801,969 | 720,221 | (81,748 | ) | (10 | ) | ||||||||||
Investment and Operation | 674,617 | 733,612 | 58,995 | 9 | ||||||||||||
Retail | 3,174,505 | 3,571,437 | 396,932 | 13 | ||||||||||||
Overseas Business | 2,608,819 | 3,138,928 | 530,109 | 20 | ||||||||||||
Segment Total | 9,098,918 | 9,997,698 | 898,780 | 10 | ||||||||||||
Difference between Segment Total and Consolidated Amounts | 2,327,064 | 2,177,219 | (149,845 | ) | (6 | ) | ||||||||||
Consolidated Amounts | ¥ | 11,425,982 | ¥ | 12,174,917 | ¥ | 748,935 | 7 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 30,737 | ¥ | 28,829 | ¥ | (1,908 | ) | (6 | ) | |||||||
Gains on investment securities and dividends | 17,083 | (777 | ) | (17,860 | ) | — | ||||||||||
Operating leases | 23,355 | 23,522 | 167 | 1 | ||||||||||||
Sales of goods and real estate | 4,379 | 4,379 | 0 | — | ||||||||||||
Services income | 40,283 | 39,259 | (1,024 | ) | (3 | ) | ||||||||||
Total Segment Revenues | 115,837 | 95,212 | (20,625 | ) | (18 | ) | ||||||||||
Interest expense | 5,019 | 4,067 | (952 | ) | (19 | ) | ||||||||||
Costs of operating leases | 14,058 | 14,319 | 261 | 2 | ||||||||||||
Costs of goods and real estate sold | 1,409 | 1,655 | 246 | 17 | ||||||||||||
Services expense | 8,064 | 10,100 | 2,036 | 25 | ||||||||||||
Selling, general and administrative expenses | 39,085 | 37,896 | (1,189 | ) | (3 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 1,218 | 1,106 | (112 | ) | (9 | ) | ||||||||||
Other | (5 | ) | (166 | ) | (161 | ) | — | |||||||||
Total Segment Expenses | 68,848 | 68,977 | 129 | 0 | ||||||||||||
Segment Operating Income | 46,989 | 26,235 | (20,754 | ) | (44 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 2,286 | (753 | ) | (3,039 | ) | — | ||||||||||
Segment Profits | ¥ | 49,275 | ¥ | 25,482 | ¥ | (23,793 | ) | (48 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 439,329 | ¥ | 403,639 | ¥ | (35,690 | ) | (8 | ) | |||||||
Installment loans | 369,882 | 364,818 | (5,064 | ) | (1 | ) | ||||||||||
Investment in operating leases | 26,350 | 24,143 | (2,207 | ) | (8 | ) | ||||||||||
Investment in securities | 19,208 | 31,522 | 12,314 | 64 | ||||||||||||
Property under facility operations | 15,075 | 16,973 | 1,898 | 13 | ||||||||||||
Inventories | 49 | 51 | 2 | 4 | ||||||||||||
Advances for DFL and operating lease | 203 | 122 | (81 | ) | (40 | ) | ||||||||||
Investment in affiliates | 16,845 | 16,276 | (569 | ) | (3 | ) | ||||||||||
Advances for property under facility operations | 720 | 0 | (720 | ) | (100 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 104,157 | 102,181 | (1,976 | ) | (2 | ) | ||||||||||
Total Segment Assets | ¥ | 991,818 | ¥ | 959,725 | ¥ | (32,093 | ) | (3 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 14,247 | ¥ | 14,352 | ¥ | 105 | 1 | |||||||||
Operating leases | 189,655 | 197,963 | 8,308 | 4 | ||||||||||||
Services income | 67,752 | 70,551 | 2,799 | 4 | ||||||||||||
Other | 4,279 | 5,345 | 1,066 | 25 | ||||||||||||
Total Segment Revenues | 275,933 | 288,211 | 12,278 | 4 | ||||||||||||
Interest expense | 3,242 | 3,026 | (216 | ) | (7 | ) | ||||||||||
Costs of operating leases | 145,402 | 154,410 | 9,008 | 6 | ||||||||||||
Services expense | 40,096 | 40,575 | 479 | 1 | ||||||||||||
Selling, general and administrative expenses | 44,107 | 46,514 | 2,407 | 5 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 222 | 1,048 | 826 | 372 | ||||||||||||
Other | 2,499 | 4,891 | 2,392 | 96 | ||||||||||||
Total Segment Expenses | 235,568 | 250,464 | 14,896 | 6 | ||||||||||||
Segment Operating Income | 40,365 | 37,747 | (2,618 | ) | (6 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | (203 | ) | 1,094 | 1,297 | — | |||||||||||
Segment Profits | ¥ | 40,162 | ¥ | 38,841 | ¥ | (1,321 | ) | (3 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 319,927 | ¥ | 328,424 | ¥ | 8,497 | 3 | |||||||||
Investment in operating leases | 505,472 | 525,392 | 19,920 | 4 | ||||||||||||
Investment in securities | 560 | 506 | (54 | ) | (10 | ) | ||||||||||
Property under facility operations | 904 | 988 | 84 | 9 | ||||||||||||
Inventories | 461 | 587 | 126 | 27 | ||||||||||||
Advances for DFL and operating lease | 197 | 669 | 472 | 240 | ||||||||||||
Investment in affiliates | 1,996 | 33 | (1,963 | ) | (98 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 17,673 | 17,176 | (497 | ) | (3 | ) | ||||||||||
Total Segment Assets | ¥ | 847,190 | ¥ | 873,775 | ¥ | 26,585 | 3 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 2,072 | ¥ | 2,065 | ¥ | (7 | ) | (0 | ) | |||||||
Operating leases | 55,202 | 72,483 | 17,281 | 31 | ||||||||||||
Sales of goods and real estate | 131,829 | 141,489 | 9,660 | 7 | ||||||||||||
Services income | 300,092 | 313,059 | 12,967 | 4 | ||||||||||||
Other | 557 | (32 | ) | (589 | ) | — | ||||||||||
Total Segment Revenues | 489,752 | 529,064 | 39,312 | 8 | ||||||||||||
Interest expense | 2,285 | 2,249 | (36 | ) | (2 | ) | ||||||||||
Costs of operating leases | 27,642 | 25,950 | (1,692 | ) | (6 | ) | ||||||||||
Costs of goods and real estate sold | 112,204 | 121,414 | 9,210 | 8 | ||||||||||||
Services expense | 254,383 | 261,064 | 6,681 | 3 | ||||||||||||
Selling, general and administrative expenses | 43,170 | 43,982 | 812 | 2 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 4,180 | 1,576 | (2,604 | ) | (62 | ) | ||||||||||
Other | 124 | 753 | 629 | 507 | ||||||||||||
Total Segment Expenses | 443,988 | 456,988 | 13,000 | 3 | ||||||||||||
Segment Operating Income | 45,764 | 72,076 | 26,312 | 57 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 28,631 | 17,171 | (11,460 | ) | (40 | ) | ||||||||||
Segment Profits | ¥ | 74,395 | ¥ | 89,247 | ¥ | 14,852 | 20 | |||||||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 33,589 | ¥ | 35,420 | ¥ | 1,831 | 5 | |||||||||
Installment loans | 312 | 316 | 4 | 1 | ||||||||||||
Investment in operating leases | 273,036 | 242,022 | (31,014 | ) | (11 | ) | ||||||||||
Investment in securities | 4,354 | 8,038 | 3,684 | 85 | ||||||||||||
Property under facility operations | 195,463 | 146,100 | (49,363 | ) | (25 | ) | ||||||||||
Inventories | 80,108 | 80,920 | 812 | 1 | ||||||||||||
Advances for DFL and operating lease | 21,639 | 29,946 | 8,307 | 38 | ||||||||||||
Investment in affiliates | 100,219 | 107,072 | 6,853 | 7 | ||||||||||||
Advances for property under facility operations | 19,351 | 6,790 | (12,561 | ) | (65 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 73,898 | 63,597 | (10,301 | ) | (14 | ) | ||||||||||
Total Segment Assets | ¥ | 801,969 | ¥ | 720,221 | ¥ | (81,748 | ) | (10 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 9,274 | ¥ | 9,063 | ¥ | (211 | ) | (2 | ) | |||||||
Gains on investment securities and dividends | 7,598 | 78 | (7,520 | ) | (99 | ) | ||||||||||
Sales of goods and real estate | 924,220 | 436,044 | (488,176 | ) | (53 | ) | ||||||||||
Services income | 140,088 | 169,139 | 29,051 | 21 | ||||||||||||
Other | 2,325 | 827 | (1,498 | ) | (64 | ) | ||||||||||
Total Segment Revenues | 1,083,505 | 615,151 | (468,354 | ) | (43 | ) | ||||||||||
Interest expense | 5,670 | 7,054 | 1,384 | 24 | ||||||||||||
Costs of goods and real estate sold | 875,456 | 400,625 | (474,831 | ) | (54 | ) | ||||||||||
Services expense | 110,630 | 131,688 | 21,058 | 19 | ||||||||||||
Selling, general and administrative expenses | 55,467 | 51,862 | (3,605 | ) | (6 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | (836 | ) | 8 | 844 | — | |||||||||||
Other | 914 | 413 | (501 | ) | (55 | ) | ||||||||||
Total Segment Expenses | 1,047,301 | 591,650 | (455,651 | ) | (44 | ) | ||||||||||
Segment Operating Income | 36,204 | 23,501 | (12,703 | ) | (35 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 47,893 | 14,669 | (33,224 | ) | (69 | ) | ||||||||||
Segment Profits | ¥ | 84,097 | ¥ | 38,170 | ¥ | (45,927 | ) | (55 | ) | |||||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 25,497 | ¥ | 25,696 | ¥ | 199 | 1 | |||||||||
Installment loans | 59,437 | 47,573 | (11,864 | ) | (20 | ) | ||||||||||
Investment in operating leases | 4,123 | 5,474 | 1,351 | 33 | ||||||||||||
Investment in securities | 28,562 | 25,786 | (2,776 | ) | (10 | ) | ||||||||||
Property under facility operations | 208,106 | 264,994 | 56,888 | 27 | ||||||||||||
Inventories | 24,260 | 30,776 | 6,516 | 27 | ||||||||||||
Advances for DFL and operating lease | 146 | 1,340 | 1,194 | 818 | ||||||||||||
Investment in affiliates | 156,896 | 161,966 | 5,070 | 3 | ||||||||||||
Advances for property under facility operations | 44,901 | 11,291 | (33,610 | ) | (75 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 122,689 | 158,716 | 36,027 | 29 | ||||||||||||
Total Segment Assets | ¥ | 674,617 | ¥ | 733,612 | ¥ | 58,995 | 9 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 72,929 | ¥ | 76,693 | ¥ | 3,764 | 5 | |||||||||
Life insurance premiums and related investment income | 352,974 | 348,255 | (4,719 | ) | (1 | ) | ||||||||||
Other | 2,794 | 3,956 | 1,162 | 42 | ||||||||||||
Total Segment Revenues | 428,697 | 428,904 | 207 | 0 | ||||||||||||
Interest expense | 4,026 | 4,080 | 54 | 1 | ||||||||||||
Life insurance costs | 256,309 | 247,809 | (8,500 | ) | (3 | ) | ||||||||||
Selling, general and administrative expenses | 79,177 | 78,655 | (522 | ) | (1 | ) | ||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 11,245 | 11,541 | 296 | 3 | ||||||||||||
Other | 3,420 | 2,591 | (829 | ) | (24 | ) | ||||||||||
Total Segment Expenses | 354,177 | 344,676 | (9,501 | ) | (3 | ) | ||||||||||
Segment Operating Income | 74,520 | 84,228 | 9,708 | 13 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 7 | (17 | ) | (24 | ) | — | ||||||||||
Segment Profits | ¥ | 74,527 | ¥ | 84,211 | ¥ | 9,684 | 13 | |||||||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 208 | ¥ | 42 | ¥ | (166 | ) | (80 | ) | |||||||
Installment loans | 1,852,761 | 2,049,980 | 197,219 | 11 | ||||||||||||
Investment in operating leases | 44,319 | 29,810 | (14,509 | ) | (33 | ) | ||||||||||
Investment in securities | 1,260,291 | 1,474,750 | 214,459 | 17 | ||||||||||||
Investment in affiliates | 702 | 631 | (71 | ) | (10 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 16,224 | 16,224 | 0 | — | ||||||||||||
Total Segment Assets | ¥ | 3,174,505 | ¥ | 3,571,437 | ¥ | 396,932 | 13 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues | ¥ | 98,426 | ¥ | 111,634 | ¥ | 13,208 | 13 | |||||||||
Gains on investment securities and dividends | 17,453 | 16,565 | (888 | ) | (5 | ) | ||||||||||
Operating leases | 111,569 | 121,913 | 10,344 | 9 | ||||||||||||
Services income | 238,615 | 233,110 | (5,505 | ) | (2 | ) | ||||||||||
Other | 13,556 | 7,508 | (6,048 | ) | (45 | ) | ||||||||||
Total Segment Revenues | 479,619 | 490,730 | 11,111 | 2 | ||||||||||||
Interest expense | 51,536 | 62,821 | 11,285 | 22 | ||||||||||||
Costs of operating leases | 64,363 | 62,529 | (1,834 | ) | (3 | ) | ||||||||||
Services expense | 70,419 | 66,543 | (3,876 | ) | (6 | ) | ||||||||||
Selling, general and administrative expenses | 177,852 | 183,657 | 5,805 | 3 | ||||||||||||
Provision for doubtful receivables and probable loan losses and write-downs of long-lived assets and securities | 8,101 | 10,903 | 2,802 | 35 | ||||||||||||
Other | 10,675 | 8,610 | (2,065 | ) | (19 | ) | ||||||||||
Total Segment Expenses | 382,946 | 395,063 | 12,117 | 3 | ||||||||||||
Segment Operating Income | 96,673 | 95,667 | (1,006 | ) | (1 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 9,949 | 29,777 | 19,828 | 199 | ||||||||||||
Segment Profits | ¥ | 106,622 | ¥ | 125,444 | ¥ | 18,822 | 18 | |||||||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases | ¥ | 368,721 | ¥ | 362,391 | ¥ | (6,330 | ) | (2 | ) | |||||||
Installment loans | 534,586 | 814,847 | 280,261 | 52 | ||||||||||||
Investment in operating leases | 491,132 | 509,117 | 17,985 | 4 | ||||||||||||
Investment in securities | 413,440 | 385,339 | (28,101 | ) | (7 | ) | ||||||||||
Property under facility operations and servicing assets | 43,995 | 44,149 | 154 | 0 | ||||||||||||
Inventories | 5,923 | 3,161 | (2,762 | ) | (47 | ) | ||||||||||
Advances for DFL and operating lease | 9,487 | 10,932 | 1,445 | 15 | ||||||||||||
Investment in affiliates | 314,569 | 556,682 | 242,113 | 77 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 426,966 | 452,310 | 25,344 | 6 | ||||||||||||
Total Segment Assets | ¥ | 2,608,819 | ¥ | 3,138,928 | ¥ | 530,109 | 20 | |||||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Finance revenues: | ||||||||||||||||
Finance revenues | ¥ | 228,252 | ¥ | 242,893 | ¥ | 14,641 | 6 |
As of and for the year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Direct financing leases: | ||||||||||||||||
New equipment acquisitions | ¥ | 472,070 | ¥ | 439,252 | ¥ | (32,818) | (7 | ) | ||||||||
Japan | 264,953 | 254,613 | (10,340) | (4 | ) | |||||||||||
Overseas | 207,117 | 184,639 | (22,478) | (11 | ) | |||||||||||
Investment in direct financing leases | 1,194,888 | 1,155,632 | (39,256) | (3 | ) |
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in direct financing leases by category: | ||||||||||||||||
Transportation equipment | ¥ | 489,687 | ¥ | 495,605 | ¥ | 5,918 | 1 | |||||||||
Industrial equipment | 240,646 | 222,049 | (18,597 | ) | (8 | ) | ||||||||||
Electronics | 154,522 | 143,209 | (11,313 | ) | (7 | ) | ||||||||||
Information-related and office equipment | 105,040 | 101,504 | (3,536 | ) | (3 | ) | ||||||||||
Commercial services equipment | 53,065 | 51,671 | (1,394 | ) | (3 | ) | ||||||||||
Other | 151,928 | 141,594 | (10,334 | ) | (7 | ) | ||||||||||
Total | ¥ | 1,194,888 | 1,155,632 | ¥ | (39,256 | ) | (3 | ) | ||||||||
As of and for the year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
New loans added | ¥ | 1,397,467 | ¥ | 1,462,009 | ¥ | 64,542 | 5 | |||||||||
Japan | 945,436 | 1,047,720 | 102,284 | 11 | ||||||||||||
Overseas | 452,031 | 414,289 | (37,742 | ) | (8 | ) | ||||||||||
Installment loans | 2,823,769 | 3,277,670 | 453,901 | 16 |
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans: | ||||||||||||||||
Consumer borrowers in Japan | ||||||||||||||||
Real estate loans | ¥ | 1,375,380 | ¥ | 1,560,832 | ¥ | 185,452 | 13 | |||||||||
Card loans | 264,323 | 245,139 | (19,184 | ) | (7 | ) | ||||||||||
Other | 34,333 | 32,962 | (1,371 | ) | (4 | ) | ||||||||||
Subtotal | 1,674,036 | 1,838,933 | 164,897 | 10 | ||||||||||||
Corporate borrowers in Japan | ||||||||||||||||
Real estate companies | 278,076 | 288,851 | 10,775 | 4 | ||||||||||||
Non-recourse loans | 18,318 | 53,067 | 34,749 | 190 | ||||||||||||
Commercial, industrial and other companies | 301,083 | 266,675 | (34,408 | ) | (11 | ) | ||||||||||
Subtotal | 597,477 | 608,593 | 11,116 | 2 | ||||||||||||
Overseas | ||||||||||||||||
Non-recourse loans | 54,987 | 49,915 | (5,072 | ) | (9 | ) | ||||||||||
Commercial, industrial companies and other | 478,336 | 763,813 | 285,477 | 60 | ||||||||||||
Subtotal | 533,323 | 813,728 | 280,405 | 53 | ||||||||||||
Purchased loans* | 18,933 | 16,416 | (2,517 | ) | (13 | ) | ||||||||||
Total | ¥ | 2,823,769 | ¥ | 3,277,670 | ¥ | 453,901 | 16 | |||||||||
As of March 31, | ||||||||
2018 | 2019 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due direct financing leases and allowances for direct financing leases: | ||||||||
90+ days past-due direct financing leases | ¥ | 12,084 | ¥ | 14,807 | ||||
90+ days past-due direct financing leases as a percentage of the balance of investment in direct financing leases | 1.01 | % | 1.28 | % | ||||
Provision as a percentage of average balance of investment in direct financing leases* | 0.19 | % | 0.37 | % | ||||
Allowance for direct financing leases | ¥ | 10,089 | ¥ | 12,049 | ||||
Allowance for direct financing leases as a percentage of the balance of investment in direct financing leases | 0.84 | % | 1.04 | % | ||||
The ratio of charge-offs as a percentage of the average balance of investment in direct financing leases* | 0.22 | % | 0.19 | % |
As of March 31, | ||||||||
2018 | 2019 | |||||||
(Millions of yen, except percentage data) | ||||||||
90+ days past-due loans and allowance for installment loans: | ||||||||
90+ days past-due loans not individually evaluated for impairment | ¥ | 12,748 | ¥ | 12,412 | ||||
90+ days past-due loans not individually evaluated for impairment as a percentage of the balance of installment loans not individually evaluated for impairment | 0.46 | % | 0.39 | % | ||||
Provision as a percentage of average balance of installment loans not individually evaluated for impairment* | 0.48 | % | 0.50 | % | ||||
Allowance for probable loan losses on installment loans exclusive of those loans individually evaluated for impairment | ¥ | 30,239 | ¥ | 32,231 | ||||
Allowance for probable loan losses on installment loans exclusive of those loans individually evaluated for impairment as a percentage of the balance of installment loans not individually evaluated for impairment | 1.09 | % | 1.00 | % | ||||
The ratio of charge-offs as a percentage of the average balance of loans not individually evaluated for impairment* | 0.36 | % | 0.44 | % |
As of March 31, | ||||||||
2018 | 2019 | |||||||
(Millions of yen) | ||||||||
90+ days past-due loans not individually evaluated for impairment: | ||||||||
Consumer borrowers in Japan | ||||||||
Real estate loans | ¥ | 2,077 | ¥ | 1,388 | ||||
Card loans | 1,785 | 1,671 | ||||||
Other | 8,464 | 8,993 | ||||||
Subtotal | 12,326 | 12,052 | ||||||
Overseas | ||||||||
Other | 422 | 360 | ||||||
Total | ¥ | 12,748 | ¥ | 12,412 | ||||
As of March 31, | ||||||||
2018 | 2019 | |||||||
(Millions of yen) | ||||||||
Loans individually evaluated for impairment: | ||||||||
Impaired loans | ¥ | 47,142 | ¥ | 58,827 | ||||
Impaired loans requiring an allowance | 39,329 | 41,234 | ||||||
Allowance for loans individually evaluated for impairment* | 14,344 | 13,731 |
As of March 31, | ||||||||
2018 | 2019 | |||||||
(Millions of yen) | ||||||||
Impaired loans: | ||||||||
Consumer borrowers in Japan | ||||||||
Real estate loans | ¥ | 3,544 | ¥ | 4,378 | ||||
Card loans | 4,060 | 3,945 | ||||||
Other | 11,082 | 14,216 | ||||||
Subtotal | 18,686 | 22,539 | ||||||
Corporate borrowers in Japan | ||||||||
Real estate companies | 1,598 | 1,540 | ||||||
Non-recourse loans | 254 | 232 | ||||||
Commercial, industrial and other companies | 9,174 | 7,103 | ||||||
Subtotal | 11,026 | 8,875 | ||||||
Overseas | ||||||||
Non-recourse loans | 3,491 | 4,216 | ||||||
Commercial, industrial companies and other | 8,838 | 19,433 | ||||||
Subtotal | 12,329 | 23,649 | ||||||
Purchased loans | 5,101 | 3,764 | ||||||
Total | ¥ | 47,142 | ¥ | 58,827 | ||||
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Provision for doubtful receivables on direct financing leases and probable loan losses: | ||||||||||||||||
Beginning balance | ¥ | 59,227 | ¥ | 54,672 | ¥ | (4,555 | ) | (8 | ) | |||||||
Direct financing leases | 10,537 | 10,089 | (448 | ) | (4 | ) | ||||||||||
Loans not individually evaluated for impairment | 28,622 | 30,239 | 1,617 | 6 | ||||||||||||
Loans individually evaluated for impairment | 20,068 | 14,344 | (5,724 | ) | (29 | ) | ||||||||||
Provision | 17,265 | 22,525 | 5,260 | 30 | ||||||||||||
Direct financing leases | 2,241 | 4,324 | 2,083 | 93 | ||||||||||||
Loans not individually evaluated for impairment | 13,526 | 15,000 | 1,474 | 11 | ||||||||||||
Loans individually evaluated for impairment | 1,498 | 3,201 | 1,703 | 114 | ||||||||||||
Charge-offs (net) | (19,465 | ) | (19,213 | ) | 252 | (1 | ) | |||||||||
Direct financing leases | (2,701 | ) | (2,255 | ) | 446 | (17 | ) | |||||||||
Loans not individually evaluated for impairment | (9,979 | ) | (13,022 | ) | (3,043 | ) | 30 | |||||||||
Loans individually evaluated for impairment | (6,785 | ) | (3,936 | ) | 2,849 | (42 | ) | |||||||||
Other* | (2,355 | ) | 27 | 2,382 | — | |||||||||||
Direct financing leases | 12 | (109 | ) | (121 | ) | — | ||||||||||
Loans not individually evaluated for impairment | (1,930 | ) | 14 | 1,944 | — | |||||||||||
Loans individually evaluated for impairment | (437 | ) | 122 | 559 | — | |||||||||||
Ending balance | 54,672 | 58,011 | 3,339 | 6 | ||||||||||||
Direct financing leases | 10,089 | 12,049 | 1,960 | 19 | ||||||||||||
Loans not individually evaluated for impairment | 30,239 | 32,231 | 1,992 | 7 | ||||||||||||
Loans individually evaluated for impairment | 14,344 | 13,731 | (613 | ) | (4 | ) |
As of and for the year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities: | ||||||||||||||||
New securities added | ¥ | 439,383 | ¥ | 623,172 | ¥ | 183,789 | 42 | |||||||||
Japan | 300,406 | 504,515 | 204,109 | 68 | ||||||||||||
Overseas | 138,977 | 118,657 | (20,320 | ) | (15 | ) | ||||||||||
Investment in securities | 1,729,455 | 1,928,916 | 199,461 | 12 |
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Gains on investment securities and dividends: | ||||||||||||||||
Net gains on investment securities | ¥ | 39,139 | ¥ | 14,273 | ¥ | (24,866 | ) | (64 | ) | |||||||
Dividends income, other | 4,163 | 1,685 | (2,478 | ) | (60 | ) | ||||||||||
Total | ¥ | 43,302 | ¥ | 15,958 | ¥ | (27,344 | ) | (63 | ) | |||||||
As of and for the year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Operating leases: | ||||||||||||||||
Operating lease revenues | ¥ | 379,665 | ¥ | 413,918 | ¥ | 34,253 | 9 | |||||||||
Costs of operating leases | 252,327 | 257,321 | 4,994 | 2 | ||||||||||||
New equipment acquisitions | 495,609 | 544,715 | 49,106 | 10 | ||||||||||||
Japan | 215,832 | 233,721 | 17,889 | 8 | ||||||||||||
Overseas | 279,777 | 310,994 | 31,217 | 11 | ||||||||||||
Investment in operating leases | 1,344,926 | 1,335,959 | (8,967 | ) | (1 | ) |
As of March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in operating leases by category: | ||||||||||||||||
Transportation equipment | ¥ | 864,008 | ¥ | 888,625 | ¥ | 24,617 | 3 | |||||||||
Measuring and information-related equipment | 89,326 | 105,179 | 15,853 | 18 | ||||||||||||
Real estate | 348,867 | 297,343 | (51,524 | ) | (15 | ) | ||||||||||
Other | 12,210 | 12,890 | 680 | 6 | ||||||||||||
Accrued rental receivables | 30,515 | 31,922 | 1,407 | 5 | ||||||||||||
Total | ¥ | 1,344,926 | ¥ | 1,335,959 | ¥ | (8,967 | ) | (1 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Life insurance premiums and related investment income and life insurance costs: | ||||||||||||||||
Life insurance premiums | ¥ | 299,320 | ¥ | 330,811 | ¥ | 31,491 | 11 | |||||||||
Life insurance-related investment income | 52,270 | 16,325 | (35,945 | ) | (69 | ) | ||||||||||
Total | ¥ | 351,590 | ¥ | 347,136 | ¥ | (4,454 | ) | (1 | ) | |||||||
Life insurance costs | ¥ | 255,070 | ¥ | 246,533 | ¥ | (8,537 | ) | (3 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Breakdown of life insurance-related investment income (loss): | ||||||||||||||||
Net income on investment securities | ¥ | 58,921 | ¥ | 10,756 | ¥ | (48,165 | ) | (82 | ) | |||||||
Losses recognized in income on derivative | (7,332 | ) | (1,348 | ) | 5,984 | (82 | ) | |||||||||
Interest on loans, income on real estate under operating leases, and others | 681 | 6,917 | 6,236 | 916 | ||||||||||||
Total | ¥ | 52,270 | ¥ | 16,325 | ¥ | (35,945 | ) | (69 | ) | |||||||
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Sales of goods and real estate, Inventories: | ||||||||||||||||
Sales of goods and real estate | ¥ | 1,079,052 | ¥ | 596,165 | ¥ | (482,887 | ) | (45 | ) | |||||||
Costs of goods and real estate sold | 1,003,509 | 535,261 | (468,248 | ) | (47 | ) | ||||||||||
New real estate added | 83,120 | 97,397 | 14,277 | 17 | ||||||||||||
Inventories | 111,001 | 115,695 | 4,694 | 4 |
As of and for the year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Services, Property under Facility Operations | ||||||||||||||||
Services income | ¥ | 780,910 | ¥ | 818,794 | ¥ | 37,884 | 5 | |||||||||
Services expense | 482,796 | 508,320 | 25,524 | 5 | ||||||||||||
New assets added | 82,206 | 104,839 | 22,633 | 28 | ||||||||||||
Japan | 76,206 | 103,939 | 27,733 | 36 | ||||||||||||
Overseas | 6,000 | 900 | (5,100 | ) | (85 | ) | ||||||||||
Property under Facility Operations | 434,786 | 441,632 | 6,846 | 2 |
Year ended March 31, | Change | |||||||||||||||
2018 | 2019 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||
Personnel expenses | ¥ | 241,508 | ¥ | 248,519 | ¥ | 7,011 | 3 | |||||||||
Selling expenses | 82,850 | 79,015 | (3,835 | ) | (5 | ) | ||||||||||
Administrative expenses | 102,105 | 104,582 | 2,477 | 2 | ||||||||||||
Depreciation of office facilities | 5,131 | 4,912 | (219 | ) | (4 | ) | ||||||||||
Total | ¥ | 431,594 | ¥ | 437,028 | ¥ | 5,434 | 1 | |||||||||
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Short-term debt: | ||||||||||||||||
Borrowings from financial institutions | ¥ | 268,488 | ¥ | 319,122 | ¥ | 50,634 | 19 | |||||||||
Commercial paper | 41,061 | 17,710 | (23,351 | ) | (57 | ) | ||||||||||
Total short-term debt | ¥ | 309,549 | ¥ | 336,832 | ¥ | 27,283 | 9 | |||||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Short-term debt : | ||||||||||||||||
Borrowings from financial institutions | ¥ | 319,122 | ¥ | 291,578 | ¥ | (27,544 | ) | (9 | ) | |||||||
Medium-term notes | 0 | 1,336 | 1,336 | — | ||||||||||||
Commercial paper | 17,710 | 14,355 | (3,355 | ) | (19 | ) | ||||||||||
Total short-term debt | ¥ | 336,832 | ¥ | 307,269 | ¥ | (29,563 | ) | (9 | ) | |||||||
Note: | The total amount includes liabilities of consolidated VIEs, for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company and subsidiaries. Such liabilities as of March 31, |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Long-term debt: | ||||||||||||||||
Borrowings from financial institutions | ¥ | 3,010,880 | ¥ | 3,094,474 | ¥ | 83,594 | 3 | |||||||||
Bonds | 807,460 | 845,938 | 38,478 | 5 | ||||||||||||
Medium-term notes | 190,082 | 176,802 | (13,280 | ) | (7 | ) | ||||||||||
Payable under securitized lease and loan receivables and investment in securities | 177,800 | 162,140 | (15,660 | ) | (9 | ) | ||||||||||
Total long-term debt | ¥ | 4,186,222 | ¥ | 4,279,354 | ¥ | 93,132 | 2 | |||||||||
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Long-term debt : | ||||||||||||||||
Borrowings from financial institutions | ¥ | 3,094,474 | ¥ | 3,189,083 | ¥ | 94,609 | 3 | |||||||||
Bonds | 845,938 | 927,088 | 81,150 | 10 | ||||||||||||
Medium-term notes | 176,802 | 141,296 | (35,506 | ) | (20 | ) | ||||||||||
Payable under securitized loan receivables and other assets | 162,140 | 159,366 | (2,774 | ) | (2 | ) | ||||||||||
Total long-term debt | ¥ | 4,279,354 | ¥ | 4,416,833 | ¥ | 137,479 | 3 | |||||||||
Note: | The total amount includes liabilities of consolidated VIEs, for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company and subsidiaries. Such liabilities as of March 31, |
As of March 31, | Change | |||||||||||||||
2019 | 2020 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Deposits | ¥ | 1,927,741 | ¥ | 2,231,703 | ¥ | 303,962 | 16 |
As of March 31, | Change | |||||||||||||||
2020 | 2021 | Amount | Percent (%) | |||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Deposits | ¥ | 2,231,703 | ¥ | 2,317,785 | ¥ | 86,082 | 4 |
Note: | VIEs did not have any deposits as of March 31, |
Amount of commitment expiration per period | ||||||||||||||||||||
Total | Within 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||||
(Millions of yen) | ||||||||||||||||||||
Commitments: | ||||||||||||||||||||
Guarantees | ¥ | 704,170 | ¥ | 109,281 | ¥ | 211,631 | ¥ | 247,814 | ¥ | 135,444 | ||||||||||
Committed credit lines and other | 456,379 | 200,946 | 67,770 | 29,309 | 158,354 | |||||||||||||||
Total commercial commitments | ¥ | 1,160,549 | ¥ | 310,227 | ¥ | 279,401 | ¥ | 277,123 | ¥ | 293,798 | ||||||||||
Amount of commitment expiration per period | ||||||||||||||||||||
Total | Within 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||||
(Millions of yen) | ||||||||||||||||||||
Commitments: | ||||||||||||||||||||
Guarantees | ¥ | 809,227 | ¥ | 85,145 | ¥ | 205,864 | ¥ | 206,502 | ¥ | 311,716 | ||||||||||
Committed credit lines and other | 462,869 | 172,701 | 72,548 | 23,714 | 193,906 | |||||||||||||||
Total commercial commitments | ¥ | 1,272,096 | ¥ | 257,846 | ¥ | 278,412 | ¥ | 230,216 | ¥ | 505,622 | ||||||||||
Payments due by period | ||||||||||||||||||||
Total | Within 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||||
(Millions of yen) | ||||||||||||||||||||
Contractual cash obligations: | ||||||||||||||||||||
Deposits | ¥ | 2,231,703 | ¥ | 1,472,739 | ¥ | 410,516 | ¥ | 348,448 | ¥ | 0 | ||||||||||
Long-term debt | 4,279,354 | 658,813 | 1,232,292 | 959,427 | 1,428,822 | |||||||||||||||
Unconditional purchase obligations of lease equipment | 3,027 | 7 | 3,020 | 0 | 0 | |||||||||||||||
Lease liabilities related to lessee leases | 287,556 | 45,788 | 58,551 | 46,460 | 136,757 | |||||||||||||||
Unconditional noncancelable contracts for computer systems | 5,911 | 3,183 | 2,344 | 383 | 1 | |||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Notional amount (floating to fixed) | 502,537 | 39,839 | 107,821 | 34,801 | 320,076 | |||||||||||||||
Total contractual cash obligations | ¥ | 7,310,088 | ¥ | 2,220,369 | ¥ | 1,814,544 | ¥ | 1,389,519 | ¥ | 1,885,656 | ||||||||||
Payments due by period | ||||||||||||||||||||
Total | Within 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||||
(Millions of yen) | ||||||||||||||||||||
Contractual cash obligations: | ||||||||||||||||||||
Deposits | ¥ | 2,317,785 | ¥ | 1,130,583 | ¥ | 652,063 | ¥ | 535,139 | ¥ | 0 | ||||||||||
Long-term debt | 4,416,833 | 704,742 | 1,300,987 | 884,985 | 1,526,119 | |||||||||||||||
Unconditional purchase obligations of lease equipment | 1,573 | 0 | 1,573 | 0 | 0 | |||||||||||||||
Lease liabilities related to lessee leases | 311,836 | 48,795 | 72,066 | 56,158 | 134,817 | |||||||||||||||
Unconditional noncancelable contracts for computer systems | 7,788 | 3,806 | 3,652 | 330 | 0 | |||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Notional amount (floating to fixed) | 538,380 | 49,866 | 125,434 | 88,505 | 274,575 | |||||||||||||||
Total contractual cash obligations | ¥ | 7,594,195 | ¥ | 1,937,792 | ¥ | 2,155,775 | ¥ | 1,565,117 | ¥ | 1,935,511 | ||||||||||
June 1997 | Established Advisory Board | |
June 1998 | Introduced Corporate Executive Officer System | |
June 1999 | Introduced Outside | |
June 2003 | Adopted the “Company with Committees” board model | |
May 2006 | Adopted the new “Company with Committees” board model in line with the enactment of the Companies Act of Japan | |
May 2015 | Adopted the new “Company with Nominating Committee, etc.” board model in line with the amendment of the Companies Act of Japan |
Nominating Committee | Audit Committee | Compensation Committee | ||||
Members as of June 29, | Sakie Akiyama (Chairperson) Hiroshi Watanabe | 3 Members (Outside Directors: 3) Aiko Sekine (Chairperson) | 3 Members (Outside Directors: 3) Michael Cusumano | |||
Number of meetings held during fiscal | Five (5) meetings |
(1) | No individual may be a principal trading partner*, or an executive officer (including operating officer, hereinafter the same) or employee of a principal trading partner of ORIX Group. If such circumstances |
existed in the past, one year must have passed since that person’s departure from such office or employment. |
(2) | No individual may receive directly a large amount of compensation (10 million yen or higher in a fiscal year), excluding compensation as a director from ORIX Group in any fiscal year during the preceding four fiscal years. Further, any corporation or other entity in which such individual serves as a consultant, account specialist or legal expert may not receive a large amount of compensation (equivalent to more than the greater of 2% of such |
(3) | No individual may be a major shareholder of ORIX (10% or higher of issued shares) or a representative of the interests of a major shareholder. |
(4) | No individual may have served as an executive officer of a company having a relationship of concurrent directorship* with ORIX in any fiscal year of the preceding four fiscal years. |
(5) | No individual may be a member of the executive board (limited to those who execute business) or be a person executing the business (including an officer, corporate member or employee who executes business of the organization) of any organization (including public interest incorporated associations, public interest incorporated foundations and non-profit corporations) that have received a large amount of donation or financial assistance (annual average of 10 million yen or higher over the past three fiscal years) from ORIX Group. |
(6) | No individual may have served as an accounting auditor or an accounting advisor ( kaikei san-yo |
(7) | None of an individual’s family members* may fall under any of the following: |
i) | A person who was an executive officer or an important employee of ORIX Group during the past three years. |
ii) | A person who falls under one of the criteria specified in (1) through (3), (5) and (6) above; provided, however, that criterion (1) is limited to an executive officer, criterion (2) is limited to a corporate member or a partner of the corporation or other entity and criterion (6) is limited to an executive officer or an employee who performs the audit on ORIX Group in person. |
(8) | There must be no material conflict of interest or any possible conflict of interest that might influence the individual’s judgment in performing their duties as an outside director. |
Name | Status of attendance at Audit Committee Meetings held in Fiscal | |
Aiko Sekine | Attended nine of nine meetings of the Audit Committee | |
Heizo Takenaka | Attended ten of eleven meetings of the Audit Committee | |
Hiroshi Watanabe | Attended nine of nine meetings of the Audit Committee | |
Eiko Tsujiyama | ||
Attended two of two meetings of the Audit Committee | ||
Nobuaki Usui | Attended two of two meetings of the Audit Committee |
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||
Makoto Inoue (Oct. 2, 1952) | Member of the Board of Directors, Representative Executive Officer, President and Chief Executive Officer, Responsible for Group Strategy Business Unit | Apr. 1975 | Joined the Company | |||||
Mar. 2001 | General Manager of Investment Banking Headquarters | |||||||
Jan. 2003 | Deputy Head of Investment Banking Headquarters | |||||||
Feb. 2005 | Assumed office of Executive Officer, the Company | |||||||
Head of Alternative Investment & Development Headquarters | ||||||||
Jan. 2006 | Assumed office of Managing Executive Officer, the Company | |||||||
Dec. 2006 | ||||||||
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||
Jun. 2008 | Head of International Administrative Headquarters, | |||||||
Head of Alternative Investment & Development Headquarters, | ||||||||
Responsible for IT Planning Office | ||||||||
Jun. 2009 | Assumed office of Senior Managing Executive Officer, the Company | |||||||
Jun. 2010 | Assumed office of Member of the Board of Directors, Deputy President, the Company | |||||||
Jan. 2011 | Assumed office of Member of the Board of Directors, Representative Executive Officer, President, the Company Chief Operating Officer | |||||||
Jan. 2014 | Co-Chief Executive Officer | |||||||
Jun. 2014 | Chief Executive Officer | |||||||
Jan. 2017 | Responsible for Group IoT Business Department, | |||||||
Responsible for New Business Development Department I and II | ||||||||
Apr. 2017 | Responsible for Group IoT Business Department, | |||||||
Responsible for New Business Development Department | ||||||||
May 2017 | Responsible for Open Innovation Business Department, | |||||||
Responsible for Group IoT Business Department, | ||||||||
Responsible for New Business Development Department | ||||||||
Jan. 2018 | Responsible for Group Strategy Business Unit | |||||||
Shuji Irie (Mar. 14, 1963) | Member of the Board of Directors, Senior Managing Executive Officer, Head of Investment and Operation Headquarters | May 2001 | Joined Mizuho Securities CO., Ltd. (retired on Apr. 2011) | 3,437 (106,490) | ||||
Apr. 2011 | Joined the Company | |||||||
Sep. 2011 | Deputy Head of Investment and Operation Headquarters | |||||||
Jan. 2013 | Assumed office of Executive Officer, the Company |
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, 2021 | |||||||||
Jan. 2014 | Head of Investment and Operation Headquarters | |||||||||||
Jan. 2016 | Assumed office of Managing Executive Officer, the Company | |||||||||||
Jun. 2018 | Assumed office of Member of the Board of Directors, Managing Executive Officer, the Company | |||||||||||
Jan. 2020 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company | |||||||||||
Shoji Taniguchi (Jan. 11, 1964) | Member of the Board of Directors, Senior Managing Executive Officer, Responsible for Treasury and Accounting Headquarters, Responsible for Enterprise Risk Management Headquarters, Responsible for Corporate Assistant to CEO | Apr. 1987 | Joined the Company (retired on Mar. 1993) | 25,000 | ||||||||
Apr. 1993 | Joined Morgan Stanley & Co. LLC (retired on Feb. 2007) | |||||||||||
Jul. 2005 | Co-head of Sales, Morgan Stanley Japan Ltd. (retired on Feb. 2007) | |||||||||||
Feb. 2010 | Assumed office of President, RBS Securities Japan Ltd. (retired on Nov. 2015) | |||||||||||
Nov. 2015 | Head of APAC, The Royal Bank of Scotland plc. (currently NatWest Markets Plc) (retired on Jun. 2018) | |||||||||||
Oct. 2018 | Rejoined the Company Assumed office of Senior Advisor, the Company, Assistant to CEO | |||||||||||
Jan. 2019 | Assumed office of Managing Executive Officer, the Company Responsible for Treasury and Accounting Headquarters | |||||||||||
Jun. 2019 | Assumed office of Member of the Board of Directors, Managing Executive Office, the Company | |||||||||||
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||
Jan. 2020 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company | |||||||
Responsible for Enterprise Risk Management Headquarters, | ||||||||
Responsible for Corporate Planning Department, | ||||||||
Responsible for Corporate Communications Department | ||||||||
Satoru Matsuzaki (Apr. 12, 1966) | Member of the Board of Directors, Senior Managing Executive Officer, Head of Corporate Business Headquarters Chairman, ORIX Auto Corporation Chairman, ORIX Rentec Corporation | Apr. 1989 | Joined Crown Leasing Corporation (retired on Apr. 1997) | |||||
Aug. 1997 | Joined the Company | |||||||
Oct. 2005 | General Manager of Strategic Planning Group, Investment Banking Headquarters | |||||||
Apr. 2006 | General Manager of Investment and Operation Group, Investment Banking Headquarters | |||||||
Feb. 2010 | Head of Office of the President | |||||||
Jun. 2010 | General Manager of Corporate Planning Department | |||||||
Jan. 2012 | General Manager of Corporate Planning Department, | |||||||
General Manager of Corporate Communications Department | ||||||||
May 2012 | General Manager of Corporate Planning Department, | |||||||
Special Advisor to Responsible for Corporate Communications Department | ||||||||
Jan. 2013 | Assumed office of Executive Officer, the Company | |||||||
Responsible for Corporate Planning Department, | ||||||||
Responsible for Corporate Communications Department | ||||||||
Jan. 2014 | Domestic Sales Administrative Headquarters: Head of New Business Development and Head of Tokyo Sales |
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, 2021 | |||||
Jun. 2015 | Responsible for New Business Development Department I and II, Head of Tokyo Sales Headquarters | |||||||
Jan. 2017 | Head of Eastern Japan Sales Headquarters | |||||||
Jan. 2018 | Assumed office of Managing Executive Officer, the Company Head of Domestic Sales Administrative Headquarters, Head of Eastern Japan Sales Headquarters | |||||||
Jan. 2019 | Head of Corporate Business Headquarters | |||||||
Jun. 2019 | Assumed office of Member of the Board of Directors, Managing Executive Office, the Company | |||||||
Jan. 2020 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company | |||||||
Chairman, ORIX Auto Corporation, | ||||||||
Chairman, ORIX Rentec Corporation | ||||||||
Yoshiteru Suzuki (Jan. 15, 1963) | Member of the Board of Directors, Senior Managing Executive Officer President and Chief Executive Officer, ORIX Corporation USA | Apr. 1985 | Joined | 0 | ||||
Jul. 1999 | Partner, KPMG LLP (retired on May 2002) | |||||||
Jun. 2002 | Joined Cerberus Capital Management, L.P. | |||||||
Jan. 2010 | Assumed office of Representative Director and President, Cerberus Japan K.K. (retired on Jun. 2015) | |||||||
Oct. 2015 | Rejoined | |||||||
Jan. 2018 | Assumed office of Executive Officer, the Company | |||||||
Assumed office of Deputy President, ORIX USA Corporation (currently ORIX Corporation USA) |
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||||||
Jan. 2019 | Assumed office of Managing Executive Officer, the Company | |||||||||||
Sep. 2019 | Assumed office of President and Chief Executive Officer, ORIX Corporation USA | |||||||||||
Jan. 2020 | Assumed office of Senior Managing Executive Officer, the Company | |||||||||||
Jun. 2020 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company | |||||||||||
Stan Koyanagi (Dec. 25, 1960) | Member of the Board of Directors, Managing Executive Officer, Global General Counsel | Oct. 1985 | Joined SHEPPARD, MULLIN, RICHTER & HAMPTON LLP (retired on May 1988) | 2,000 (0) | ||||||||
Jan. 1993 | Partner, GRAHAM & JAMES LLP (currently Squire Patton Boggs LLP) (retired on Feb. 1997) | |||||||||||
Mar. 1997 | Vice President, ORIX USA Corporation (currently ORIX Corporation USA) | |||||||||||
Mar. 1999 | General Counsel, Vice President and Manager, ORIX USA Corporation (currently ORIX Corporation USA) (retired on Dec. 2003) | |||||||||||
Jan. 2004 | Vice President and Associate General Counsel, KB HOME (retired on Jun. 2013) | |||||||||||
Jul. 2013 | Joined the Company Global General Counsel of Global Business Headquarters | |||||||||||
Jun. 2017 | Assumed office of Member of the Board of Directors, Managing Executive Officer, the Company Responsible for Enterprise Risk Management, Global General Counsel | |||||||||||
Jun. 2018 | Head of Enterprise Risk Management Headquarters | |||||||||||
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||
Jan. 2019 | ||||||||
Heizo Takenaka ( | Member of the Board of Directors (Outside Director) Board of Directors (Outside Director), SBI Holdings, Inc. | 0 | ||||||
Apr. 1996 | ||||||||
Professor, | ||||||||
Apr. 2001 | ||||||||
Sep. 2002 | Minister of State for Financial Services and for Economic and Fiscal Policy | |||||||
Jul. 2004 | Elected to House of Councilors | |||||||
Sep. 2004 | Minister of State for Economics and Fiscal Policy and Communications and Privatization of Postal Services | |||||||
Oct. 2005 | Minister for Internal Affairs and Communications and Privatization of Postal Services | |||||||
Dec. 2006 | Assumed office of | |||||||
Aug. 2009 | Assumed office of Chairman and Director, PASONA Group Inc. | |||||||
Apr. 2010 | Professor, Faculty of Policy Management at Keio University (retired on Mar. 2016) | |||||||
Jun. | Assumed office of Member of the Board of Directors (Outside Director), the Company | |||||||
Apr. 2016 | Professor, Faculty of Regional Development Studies at Toyo University (currently Faculty of Global and Regional Studies at Toyo University) (retired on Mar. 2021) Assumed office of | |||||||
Center for Global Innovation Studies at Toyo University (retired on Mar. | ||||||||
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||
Jun. 2016 | ||||||||
Michael Cusumano ( | Member of the Board of Directors (Outside Director) Deputy Dean and Professor, Faculty of Member of the Board of Directors (Outside Director), | Assistant Professor, | 0 | |||||
Jul. 1996 | Professor, Faculty of | |||||||
Jul. 2007 | ||||||||
Apr. 2016 | ||||||||
Assumed office of | ||||||||
Jun. | Assumed office of Member of the Board of Directors (Outside Director), the Company | |||||||
Apr. | Senior Specially Appointed Professor, | |||||||
Jul. 2020 |
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||
Sakie Akiyama (Dec. 1, 1962) | Member of the Board of Directors (Outside Director) Founder, Saki Corporation Member of the Board of Directors (Outside Director), Sony Corporation Board of Directors (Outside Director), JAPAN POST HOLDINGS Co., Ltd. Member of the Board (Outside Director), Mitsubishi Corporation | Apr. 1987 | Joined Arthur Andersen & Co. (retired on Mar. 1994) | 0 | ||||
Apr. 1994 | Founded Saki Corporation Assumed office of Representative Director and Chief Executive Officer, Saki Corporation (retired on Sep. 2018) | |||||||
Oct. 2018 | Assumed office of Founder, Saki Corporation | |||||||
Jun. 2019 | Assumed office of Member of the Board of Directors (Outside Director), the Company | |||||||
Assumed office of Member of the Board of Directors (Outside Director), Sony Corporation | ||||||||
Assumed office of Board of Directors (Outside Director), JAPAN POST HOLDINGS Co., Ltd. | ||||||||
Jun. 2020 | Assumed office of Member of the Board (Outside Director), Mitsubishi Corporation |
shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | ||||||||||||
Hiroshi Watanabe (Jun. 26, 1949) | Member of the Board of Directors (Outside Director) President, Institute for International Monetary Affairs Director (Outside Director), Mitsubishi Materials Corporation | Apr. 1972 | Joined the Ministry of Finance | 0 | ||||||||
Jan. 2003 | Director-General, International Bureau, Ministry of Finance | |||||||||||
Jul. 2004 | Vice Minister of Finance for International Affairs, Ministry of Finance (retired on Jul. 2007) | |||||||||||
Oct. 2007 | Special Advisor, Japan Center for International Finance (retired on Sep. 2008) | |||||||||||
Apr. 2008 | Professor, Graduate School of Commerce and Management, Faculty of Commerce and Management at Hitotsubashi university (currently School of Business Administration at Hitosubashi University Business School) (retired on Sep. 2008) | |||||||||||
Oct. 2008 | Assumed office of Deputy Governor, Japan Finance Corporation (retired on Mar. 2012) | |||||||||||
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, | |||||
Apr. 2012 | Assumed office of Deputy Governor, Japan Bank for International Cooperation | |||||||
Dec. 2013 | Assumed office of Governor, Japan Bank for International Cooperation (retired on Jun. 2016) | |||||||
Oct. 2016 | Assumed office of President, Institute for International Monetary Affairs | |||||||
Jun. 2017 | Assumed office of Director (Outside Director), Mitsubishi Materials Corporation | |||||||
Jun. 2020 | Assumed office of Member of the Board of Directors (Outside Director), the Company | |||||||
Aiko Sekine (May 13, 1958) | Member of the Board of Directors (Outside Director) Professor, Faculty of Commerce at Waseda University Trustee, International Valuation Standards Council Advisor, Audit & Supervisory Board Member (Outside), Sumitomo Riko Company Limited Audit & Supervisory Board Member (Outside), IHI Corporation | Apr. 1981 | Joined Citibank, N.A., Tokyo Branch (retired on Jan. 1984) | 0 | ||||
Oct. 1985 | Joined Aoyama Audit Corporation | |||||||
Mar. 1989 | Certified as Public Accountant, Japan | |||||||
Jul. 2001 | Partner of Chuo Aoyama Audit Corporation (retired on Aug. 2006) | |||||||
Sep. 2006 | Partner of Aarata Audit Corporation (currently PricewaterhouseCoopers Aarata LLC) (retired on Jul. 2016) | |||||||
Jul. 2007 | Executive Board Member of Japanese Institute of Certified Public Accountants | |||||||
Jan. 2008 | Board Member of International Ethics Standards Board for Accountants, International Federation of Accountants (retired on Dec. 2010) | |||||||
Jul. 2010 | Assumed office of Deputy President of Japanese Institute of Certified Public Accountants | |||||||
Jul. 2016 | Assumed office of Chairman and President of Japanese Institute of Certified Public Accountants (retired on Jul. 2019) |
Name (Date of birth) | Current positions and principal outside positions (1) | Business experience | Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of June 29, 2021 | |||||
Jan. 2019 | Member of the Nominating Committee, International Federation of Accountants | |||||||
Jul. 2019 | Advisor, | |||||||
Jun. 2020 | Assumed office of Member of the Board of Directors (Outside Director), the Company | |||||||
Assumed office of Audit & Supervisory Board Member (Outside), Sumitomo Riko Company Limited | ||||||||
Assumed office of Audit & Supervisory Board Member (Outside), IHI Corporation |
Sep. 2020 | Professor, Faculty of Commerce at Waseda University | |||||||
Oct. 2020 | Trustee, International Valuation Standards Council | |||||||
Chikatomo Hodo (Jul. 31, 1960) | Member of the Board of Directors (Outside Director) Senior Corporate Advisor, Accenture Japan Ltd. Outside Director, Konica Minolta Inc. Outside Director, Mitsubishi Chemical Holdings Corporation | Sep. 1982 | Joined Accenture Japan Ltd. | 0 (0) | ||||
Sep. 2005 | ||||||||
Apr. 2006 | Assumed office of Representative Director and President, Accenture Japan Ltd. | |||||||
Sep. 2015 | Assumed office of Director and Chairman, Accenture Japan Ltd. (retired on Aug. 2017) | |||||||
Sep. 2017 | Assumed office of Director and Senior Corporate Advisor, Accenture Japan Ltd. (retired as a Director on Jun. 2018) | |||||||
Jun. 2018 | Assumed office of Outside Director, Konica Minolta Inc. | |||||||
Jul. 2018 | Senior Corporate Advisor, Accenture Japan Ltd. | |||||||
Jun. 2019 | Assumed office of Outside Director, Mitsubishi Chemical Holdings Corporation | |||||||
Jun. 2021 | Assumed office of Member of the Board of Directors (Outside Director), the Company |
Notes: | 1. All ORIX Member of the Board of Directors are engaged full-time except | |||
2. Name on the family register of Aiko Sekine is Aiko Sano. |
Name | Title | Areas of duties | Number of 2021shares held (of which number of shares scheduled to be issued by share-based compensation plans)in the Company as of June 29, | |||||
Kiyoshi Fushitani | Senior Managing Executive Officer | East Asia Business Headquarters Global Transportations Services Headquarters | | 1,500 | ) | |||
Yasuaki Mikami | Managing Executive Officer | Group Human Resources and Corporate Administration Headquarters Secretariat of The Board of Directors Work Style Reform Project | | 1,880 | ||||
Hitomaro Yano | Executive Officer | Treasury and Accounting Headquarters | | 5,100 | ) | |||
Toyonori Takahashi | Executive Officer | Group Kansai Representative MICE-IR OfficeReal Estate Sales Department Senior Managing Executive Officer, ORIX Real Estate Corporation | | 7,302 | ) | |||
Yasuhiro Tsuboi | Executive Officer | Credit and Investment Management Headquarters | | 1,908 | ) | |||
Michio Minato | Executive Officer | Group Strategy Business Unit President, ORIX Baseball Club Co., Ltd. | | 400 | ) | |||
Tetsuya Kotera | Executive Officer | Corporate Business Headquarters | | 1,402 | ) | |||
Eiji Arita | Executive Officer | Corporate Business Headquarters | | 1,600 | ) | |||
Seiichi Miyake | Executive Officer | Investment and Operation Headquarters | | 3,202 | ) | |||
Hidetake Takahashi | Executive Officer | Energy and Eco Services Business Headquarters Member of the Board of Directors, Ubiteq, INC. | | 7,100 | ) | |||
Tomoko Kageura | Executive Officer | Enterprise Risk Management Headquarters Global General Counsel Office | | 5,475 | ||||
Name | Title | Areas of duties | Number of 2021shares held (of which number of shares scheduled to be issued by share-based compensation plans)in the Company as of June 29, | |||||
Nobuki Watanabe | Executive Officer | CEO’s Office New Business Development Department | | 399 (17,750 | ) | |||
Toshinari Fukaya | Group Managing Executive | President, ORIX Real Estate Corporation President, DAIKYO INCORPORATED | | 4,200 | ) | |||
Hiroko Yamashina | Group Executive | | 32,700 | ) | ||||
Yuji Kamiyauchi | Group Executive | President, ORIX Auto Corporation Member of the Board of Directors, Ubiteq, INC. | | 3,700 | ) | |||
Takaaki Nitanai | Group Executive | Senior Managing Executive Officer, ORIX Real Estate Corporation | | 0 | ) | |||
Nobuhisa Hosokawa | Group Executive | President, ORIX Rentec Corporation | | 2,800 | ) |
Notes: | 1. Name on the family register of Tomoko Kageura is Tomoko Kanda. | |||
2. Name on the family register of Hiroko Yamashina is Hiroko Arai. |
Fixed compensation (Number of people) | Performance- linked compensation (Number of people) | compensation (Number of people) | Total compensation | ||||||||||||||
Non-Executive Director and Outside Director | ¥ | (8 | ) | | — — | | ¥ | (8 | ) | ¥ | (8 | ) | |||||
Executive Officer and Group Executive | ¥ | 682 (25 | ) | ¥ | 425 (25 | ) | ¥ | 591 (25 | ) | ¥ | 1,699 (25 | ) | |||||
Total | ¥ | 775 (33 | ) | ¥ | 425 (25 | ) | ¥ | 604 (33 | ) | ¥ | 1,805 (33 | ) | |||||
- | Company-wide performance indicator |
- | Division performance indicator |
* | Share-based compensation is the Board Incentive Plan Trust in which directors and Executive Officers are granted a fixed amount of points on an annual basis for their period of service, and at the time of retirement, ORIX’s shares are delivered through a trust to them in accordance with the number of points they have accumulated. The amount of points to be granted is determined in accordance with the guidelines adopted by the compensation committee. The compensation committee does not set a minimum ownership period for the shares delivered under the plan. The compensation committee can forfeit the share-based compensation from a recipient director or executive officer, if it finds he/she engaged in serious misconduct that could cause damage to the Company during his/her period of service. |
** | Compensation for executive officers based on foreign branches or executive officers with special expertise is determined based on individual deliberation about foreign local compensation practices/levels or their special expertise, as the case may be. |
*** | The level of achievement of each division performance with regard to the performance-based compensation is measured based on a total evaluation focusing on the annual growth rate of each division and taking into account qualitative factors (such as target levels, details of achievement, future growth potential, effort status to ESG, etc.) |
Name | Number of Shares held | Percentage of Issued shares | ||||||
(Thousands) | (%) | |||||||
Japan Trustee Services Bank, Ltd. (Trust Account) | 106,417 | 8.47 | ||||||
The Master Trust Bank of Japan, Ltd. (Trust Account) | 99,484 | 7.92 | ||||||
Japan Trustee Services Bank, Ltd. (Trust Account 9) | 31,280 | 2.49 | ||||||
Japan Trustee Services Bank, Ltd. (Trust Account 7) | 29,260 | 2.32 | ||||||
SSBTC CLIENT OMNIBUS ACCOUNT | 27,184 | 2.16 | ||||||
Japan Trustee Services Bank, Ltd. (Trust Account 5) | 25,145 | 2.00 | ||||||
CITIBANK, N.A. -N.Y , AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS | 23,515 | 1.87 | ||||||
BNYM AS AGT/CLTS 10 PERCENT | 23,460 | 1.86 | ||||||
JP MORGAN CHASE BANK 385151 | 22,440 | 1.78 | ||||||
State Street Bank West Client Treaty 505234 | 19,732 | 1.57 |
Name | Number of Shares held | Percentage of Issued shares | ||||||
(Thousands) | (%) | |||||||
The Master Trust Bank of Japan, Ltd. (Trust Account) | 106,463 | 8.73 | ||||||
Custody Bank of Japan, Ltd. (Trust Account) | 75,528 | 6.19 | ||||||
Custody Bank of Japan, Ltd. (Trust Account 9) | 27,824 | 2.28 | ||||||
Custody Bank of Japan, Ltd. (Trust Account 7) | 27,533 | 2.25 | ||||||
SSBTC CLIENT OMNIBUS ACCOUNT | 25,626 | 2.10 | ||||||
CITIBANK, N.A. -N.Y , AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS | 23,308 | 1.91 | ||||||
SMBC Nikko Securities Inc. | 21,428 | 1.75 | ||||||
STATE STREET BANK WEST CLIENT-TREATY 505234 | 20,699 | 1.69 | ||||||
NORTHERN TRUST CO. (AVFC) SUB A/C NON TREATY | 18,965 | 1.55 | ||||||
Custody Bank of Japan, Ltd. (Trust Account 5) | 18,354 | 1.50 |
Related Party | The largest aggregate amount outstanding during fiscal 2020 | Aggregate amount outstanding as of March 31, 2020 | Interest rate | |||||||||
(Millions of yen) | (%) | |||||||||||
Kansai Airports | ¥ | 12,333 | ¥ | 12,002 | 6.5 | |||||||
SORA Airlease Designated Activity Company | 8,040 | 8,040 | 6.0 – 9.5 | |||||||||
Meritix Airlease Limited | 2,988 | 2,958 | 6.0 – 9.5 | |||||||||
IOS II, LLC | 3,309 | 2,708 | 6.3 | |||||||||
Medical Corporation DIC | 2,110 | 2,110 | 5.0 | |||||||||
Shinko Medical Support Corporation | 1,870 | 1,760 | 5.0 | |||||||||
Meritix Airlease Dara Limited | 2,577 | 1,740 | 6.0 – 9.5 | |||||||||
California Proton Therapy Center, LLC | 2,466 | 1,476 | 7.5 – 10.0 | |||||||||
Imation Company, LLC | 1,468 | 1,468 | 7.5 | |||||||||
First Resort Co., Ltd | 864 | 845 | 3.5 | |||||||||
Wizard Acquisition | 781 | 777 | 12.0 | |||||||||
RAM Industries Acquisitions, LLC | 683 | 645 | 13.0 | |||||||||
Timber Parent, LLC | 630 | 629 | 16.0 | |||||||||
OCC-ART Investor Holdings, LLC | 606 | 595 | 13.0 | |||||||||
ALLIANCE ENVIRONMENTAL GROUP, LLC | 448 | 445 | 12.0 | |||||||||
LCR Parent, LLC | 449 | 444 | 12.0 | |||||||||
YM Lease Co., Ltd. | 400 | 400 | 0.9 |
Related Party | The largest aggregate amount outstanding during fiscal 2021 | Aggregate amount outstanding as of March 31, 2021 | Interest rate | |||||||||
(Millions of yen) | (%) | |||||||||||
Kansai Airports | ¥ | 12,329 | ¥ | 12,002 | 6.5 | |||||||
SORA Airlease Designated Activity Company | 8,780 | 8,780 | 6.0 – 9.5 | |||||||||
Meritix Airlease Limited | 3,126 | 3,126 | 6.0 – 9.5 | |||||||||
IOS II, LLC | 2,734 | 2,486 | 6.3 | |||||||||
Medical Corporation DIC | 2,110 | 2,110 | 1.2 – 5.0 | |||||||||
Shinko Medical Support Corporation | 1,760 | 1,760 | 5.0 | |||||||||
California Proton Therapy Center, LLC | 1,573 | 908 | 7.5 – 10.0 | |||||||||
First Resort Co., Ltd | 845 | 845 | 3.5 | |||||||||
Wizard Acquistion | 842 | 627 | 12.0 | |||||||||
Timber Parent, LLC | 690 | 577 | 14.0 – 16.0 | |||||||||
ALLIANCE ENVIRONMENTAL GROUP, LLC | 445 | 360 | 12.0 | |||||||||
Junseikai Medical Corporation | 230 | 230 | 5.0 | |||||||||
YM LeaseCo., Ltd. | 400 | 200 | 0.9 | |||||||||
Tsubaki Marine S.A. | 55 | 55 | 1.0 | |||||||||
Medical Corporation NIDC | 20 | 20 | 1.2 – 5.0 | |||||||||
Pacific League Marketing Corporation | 49 | 14 | 2.9 | |||||||||
Kada Greenfarm Co., Ltd. | 2 | 2 | 3.1 | |||||||||
Meritix Airlease Dara Limited | 1,508 | 0 | 6.0 – 9.5 | |||||||||
Imation Company, LLC | 1,479 | 0 | 7.5 | |||||||||
RAM Industries Acquisitions, LLC | 645 | 0 | 13.0 | |||||||||
OCC-ART Investor Holdings, LLC | 601 | 0 | 13.0 | |||||||||
LCR Parent, LLC | 444 | 0 | 12.0 | |||||||||
Flexible Energy Service Co., Ltd. | 1 | 0 | 3.2 |
Related Party | The largest aggregate amount outstanding during fiscal 2020 | Aggregate amount outstanding as of March 31, 2020 | Interest rate | |||||||||
(Millions of yen) | (%) | |||||||||||
Junseikai Medical Corporation | 230 | 230 | 5.0 | |||||||||
Tsubaki Marine S.A. | 377 | 54 | 1.0 | |||||||||
Pacific League Marketing Corporation | 85 | 49 | 2.9 | |||||||||
Medical Corporation NIDC | 20 | 20 | 5.0 | |||||||||
Kada Greenfarm Co., Ltd. | 2 | 2 | 3.1 | |||||||||
Flexible Energy Service Co., Ltd. | 1 | 1 | 3.2 | |||||||||
TAS Environmental Services, L.P. | 1,247 | 0 | 12.0 | |||||||||
Women’s Marketing Inc. | 493 | 0 | 7.9 – 9.8 | |||||||||
FSC Topco Holdings, LLC | 277 | 0 | 13.0 | |||||||||
Magix Airlease Designated Activity Company | 246 | 0 | 9.0 | |||||||||
Sazanka Marine S.A. | 39 | 0 | 1.0 | |||||||||
Torigin Leasing Co., Ltd . | 15 | 0 | 0.8 |
“A” = | the total amount of other capital surplus and other earnings surplus, each such amount being that appearing on our nonconsolidated balance sheet as of the end of the last fiscal year; |
“B” = | (if we have disposed of our treasury stock after the end of the last fiscal year) the amount of the consideration for such treasury stock received by us less the book value thereof; |
“C” = | (if we have reduced our stated capital after the end of the last fiscal year) the amount of such reduction less the portion thereof that has been transferred to capital reserve or earned surplus reserve (if any); |
“D” = | (if we have reduced our capital reserve or earned surplus reserve after the end of the last fiscal year) the amount of such reduction less the portion thereof that has been transferred to stated capital (if any); |
“E” = | (if we have cancelled our treasury stock after the end of the last fiscal year) the book value of such treasury stock; |
“F” = | (if we have distributed surplus to our shareholders after the end of the last fiscal year) the amount of the assets distributed to shareholders by way of such distribution of surplus; |
“G” = | certain other amounts set forth in an ordinance of the Ministry of Justice, including (if we have reduced surplus and increased stated capital, capital reserve or earned surplus reserve after the end of the last fiscal year) the amount of such reduction and (if we have distributed surplus to our shareholders after the end of the last fiscal year) the amount set aside in capital reserve or earned surplus reserve (if any) as required by ordinances of the Ministry of Justice. |
(i) | The right to receive the distribution of money, etc., when the Company distributes the money, etc. in exchange for acquiring one class of shares subject to terms under which the Company shall acquire all of such class shares; |
(ii) | The right to receive the distribution of money, etc., in exchange for acquisition of shares subject to terms under which the Company shall acquire such shares; |
(iii) | The right to receive allocation of shares when the Company allocates its shares without having a shareholder make new payment; |
(iv) | The right to demand that the Company purchase shares that are less than one Unit held by the shareholder; |
(v) | The right to receive distribution of remaining assets; |
(vi) | The right to demand review of the Articles of Incorporation and the Register of Shareholders and delivery of their copies or a document describing registered matters, etc.; |
(vii) | The right to demand registration or recordation of matters to be registered or recorded on the Register of Shareholders when the shareholder acquired the shares; |
(viii) | The right to receive the distribution of money, etc. pursuant to reverse stock split, stock split, allocation of stock acquisition right for free (which means that the Company allocates its stock acquisition right without having a shareholder make new payment), distribution of dividends from retained earnings or change of corporate organization; |
(ix) | The right to receive the distribution of money, etc. to be distributed pursuant to merger, share exchange or share-transfer effected by the Company; |
(x) | The right to subscribe to Offering Shares and Offering Stock Acquisition Rights on a pro rata basis based upon the number of shares held by the shareholder; and |
(xi) | The right to demand that the Company sell to the shareholder the number of additional shares necessary to make the number of shares of less than one Unit held by the shareholder, equal to one Unit. |
Year ended | Dividends applicable to fiscal year per Share | Translated into dollar per ADS | ||||||
March 31, 2016 | 45.75 | 2.09 | ||||||
March 31, 2017 | 52.25 | 2.39 | ||||||
March 31, 2018 | 66.00 | 3.01 | ||||||
March 31, 2019 | 76.00 | 3.45 | ||||||
March 31, 2020 | 76.00 | 3.53 |
Year ended | Dividends applicable to fiscal year per Share | Translated into dollar per ADS | ||||||
March 31, 2017 | 52.25 | 2.39 | ||||||
March 31, 2018 | 66.00 | 3.01 | ||||||
March 31, 2019 | 76.00 | 3.45 | ||||||
March 31, 2020 | 76.00 | 3.53 | ||||||
March 31, 2021 | 78.00 | 3.65 |
Expected Maturity Date | Total | March 31, 2020 Estimated Fair Value | ||||||||||||||||||||||||||||||
Years ending March 31, | ||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||||||
(Millions of yen) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Installment loans (fixed rate) | ¥ | 298,261 | ¥ | 123,823 | ¥ | 95,860 | ¥ | 68,118 | ¥ | 54,213 | ¥ | 428,248 | ¥ | 1,068,523 | ¥ | 1,059,759 | ||||||||||||||||
Average interest rate | 5.2 | % | 7.4 | % | 7.0 | % | 6.8 | % | 6.9 | % | 4.3 | % | 5.5 | % | — | |||||||||||||||||
Installment loans (floating rate) | ¥ | 280,804 | ¥ | 228,674 | ¥ | 254,918 | ¥ | 187,364 | ¥ | 193,663 | ¥ | 1,513,322 | ¥ | 2,658,745 | ¥ | 2,581,523 | ||||||||||||||||
Average interest rate | 3.2 | % | 3.9 | % | 4.3 | % | 3.5 | % | 3.4 | % | 2.1 | % | 2.8 | % | — | |||||||||||||||||
Investment in securities (fixed rate) | ¥ | 35,282 | ¥ | 39,676 | ¥ | 41,327 | ¥ | 63,439 | ¥ | 115,854 | ¥ | 1,342,413 | ¥ | 1,637,991 | ¥ | 1,680,087 | ||||||||||||||||
Average interest rate | 1.0 | % | 1.5 | % | 1.9 | % | 1.3 | % | 1.3 | % | 1.6 | % | 1.5 | % | — | |||||||||||||||||
Investment in securities (floating rate) | ¥ | 5,195 | ¥ | 7,383 | ¥ | 1,895 | ¥ | 4,674 | ¥ | 16,075 | ¥ | 77,472 | ¥ | 112,694 | ¥ | 94,287 | ||||||||||||||||
Average interest rate | 6.2 | % | 5.1 | % | 4.8 | % | 6.6 | % | 4.8 | % | 4.6 | % | 4.8 | % | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Short-term debt | ¥ | 336,832 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 336,832 | ¥ | 336,832 | ||||||||||||||||
Average interest rate | 1.7 | % | — | — | — | — | — | 1.7 | % | — | ||||||||||||||||||||||
Deposits | ¥ | 1,472,739 | ¥ | 181,385 | ¥ | 229,131 | ¥ | 56,387 | ¥ | 292,061 | ¥ | 0 | ¥ | 2,231,703 | ¥ | 2,233,451 | ||||||||||||||||
Average interest rate | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | — | 0.3 | % | — | ||||||||||||||||||
Long-term debt (fixed rate) | ¥ | 334,524 | ¥ | 327,818 | ¥ | 279,423 | ¥ | 190,816 | ¥ | 302,195 | ¥ | 426,700 | ¥ | 1,861,476 | ¥ | 1,873,743 | ||||||||||||||||
Average interest rate | 1.5 | % | 1.7 | % | 1.4 | % | 0.8 | % | 2.3 | % | 1.5 | % | 1.6 | % | — | |||||||||||||||||
Long-term debt (floating rate) | ¥ | 324,289 | ¥ | 304,722 | ¥ | 320,329 | ¥ | 248,085 | ¥ | 218,331 | ¥ | 1,002,122 | ¥ | 2,417,878 | ¥ | 2,417,954 | ||||||||||||||||
Average interest rate | 1.5 | % | 1.9 | % | 1.6 | % | 1.5 | % | 1.2 | % | 1.6 | % | 1.6 | % | — |
Expected Maturity Date | Total | March 31, 2021 Estimated Fair Value | ||||||||||||||||||||||||||||||
Years ending March 31, | ||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||
(Millions of yen) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Installment loans (fixed rate) | ¥ | 246,996 | ¥ | 137,654 | ¥ | 93,640 | ¥ | 72,288 | ¥ | 52,875 | ¥ | 429,346 | ¥ | 1,032,799 | ¥ | 1,029,197 | ||||||||||||||||
Average interest rate | 4.3 | % | 6.5 | % | 7.6 | % | 8.4 | % | 6.7 | % | 4.1 | % | 5.2 | % | — | |||||||||||||||||
Installment loans (floating rate) | ¥ | 273,278 | ¥ | 261,049 | ¥ | 171,764 | ¥ | 173,402 | ¥ | 144,268 | ¥ | 1,601,873 | ¥ | 2,625,634 | ¥ | 2,603,815 | ||||||||||||||||
Average interest rate | 3.6 | % | 3.9 | % | 3.5 | % | 3.6 | % | 4.0 | % | 2.1 | % | 2.7 | % | — | |||||||||||||||||
Investment in securities (fixed rate) | ¥ | 31,845 | ¥ | 34,533 | ¥ | 50,020 | ¥ | 105,826 | ¥ | 79,944 | ¥ | 1,708,811 | ¥ | 2,010,979 | ¥ | 2,013,388 | ||||||||||||||||
Average interest rate | 1.3 | % | 3.4 | % | 1.1 | % | 1.2 | % | 2.1 | % | 1.4 | % | 1.4 | % | — | |||||||||||||||||
Investment in securities (floating rate) | ¥ | 5,412 | ¥ | 8,478 | ¥ | 3,732 | ¥ | 16,431 | ¥ | 4,287 | ¥ | 91,238 | ¥ | 129,578 | ¥ | 129,661 | ||||||||||||||||
Average interest rate | 6.0 | % | 5.2 | % | 4.9 | % | 4.8 | % | 4.1 | % | 3.5 | % | 4.0 | % | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Short-term debt | ¥ | 307,269 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 307,269 | ¥ | 307,269 | ||||||||||||||||
Average interest rate | 1.4 | % | — | — | — | — | — | 1.4 | % | — | ||||||||||||||||||||||
Deposits | ¥ | 1,130,583 | ¥ | 306,890 | ¥ | 345,173 | ¥ | 281,527 | ¥ | 253,612 | ¥ | 0 | ¥ | 2,317,785 | ¥ | 2,319,941 | ||||||||||||||||
Average interest rate | 0.1 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | — | 0.2 | % | — | ||||||||||||||||||
Long-term debt (fixed rate) | ¥ | 358,882 | ¥ | 304,757 | ¥ | 315,078 | ¥ | 306,630 | ¥ | 128,713 | ¥ | 537,312 | ¥ | 1,951,372 | ¥ | 1,979,939 | ||||||||||||||||
Average interest rate | 1.9 | % | 1.5 | % | 1.4 | % | 1.5 | % | 0.8 | % | 1.1 | % | 1.4 | % | — | |||||||||||||||||
Long-term debt (floating rate) | ¥ | 345,860 | ¥ | 342,109 | ¥ | 339,043 | ¥ | 206,500 | ¥ | 243,142 | ¥ | 988,807 | ¥ | 2,465,461 | ¥ | 2,417,954 | ||||||||||||||||
Average interest rate | 1.0 | % | 1.0 | % | 0.7 | % | 0.6 | % | 0.6 | % | 1.1 | % | 0.9 | % | — |
Expected Maturity Date | Total | March 31, 2020 Estimated Fair Value | ||||||||||||||||||||||||||||||
Years ending March 31, | ||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||||||
(Millions of yen) | ||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||
Notional amount (floating to fixed) | ¥ | 39,839 | ¥ | 44,995 | ¥ | 62,826 | ¥ | 17,279 | ¥ | 17,522 | ¥ | 320,076 | ¥ | 502,537 | ¥ | (44,002 | ) | |||||||||||||||
Average pay rate | 2.9 | % | 2.5 | % | 2.0 | % | 2.8 | % | 2.8 | % | 1.9 | % | 2.1 | % | — | |||||||||||||||||
Average receive rate | 0.4 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.4 | % | (0.2 | %) | (0.1 | %) | — |
Expected Maturity Date | Total | March 31, 2021 Estimated Fair Value | ||||||||||||||||||||||||||||||
Years ending March 31, | ||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||
(Millions of yen) | ||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||
Notional amount (floating to fixed) | ¥ | 49,866 | ¥ | 60,595 | ¥ | 64,839 | ¥ | 40,067 | ¥ | 48,438 | ¥ | 274,575 | ¥ | 538,380 | ¥ | (21,951 | ) | |||||||||||||||
Average pay rate | 2.4 | % | 2.1 | % | 1.1 | % | 1.8 | % | 0.9 | % | 1.8 | % | 1.7 | % | — | |||||||||||||||||
Average receive rate | 0.1 | % | 0.3 | % | 0.2 | % | 0.3 | % | (0.0 | %) | (0.1 | %) | 0.0 | % | — |
Service | Fee | |
Issuance of ADSs upon deposit of Shares | Up to 5¢ per ADS issued | |
Cancellation of ADSs and delivery of deposited securities | Up to 5¢ per ADS canceled | |
Exercise of rights to purchase additional ADSs | Up to 5¢ per ADS issued | |
Distribution of cash proceeds upon sale of rights and other entitlements | Up to 2¢ per ADS held |
Year ended March 31, 2020 | (a) Total number of Shares Purchased | (b) Average Price Paid per Share | (c) Total number of Shares Purchased as Part of Publicly Announced Plans or Programs* 1 | (d) Maximum number (or Approximate Yen Value) of Shares that May Yet be Purchased Under the Plans or Programs* 1 | ||||||||||||
April 2019 | 0 | ¥ | 0 | 0 | ¥ | 0 | ||||||||||
May 2019 | 71 | 1,564 | 0 | 0 | ||||||||||||
June 2019 | 50 | 1,585 | 0 | 0 | ||||||||||||
July 2019 | 60 | 1,673 | 0 | 0 | ||||||||||||
August 2019 | 0 | 0 | 0 | 0 | ||||||||||||
September 2019 | 0 | 0 | 0 | 0 | ||||||||||||
October 2019 | 20 | 1,619 | 0 | 100,000,000,000 | ||||||||||||
November 2019 | 453,680 | 1,700 | 453,600 | 99,229,034,000 | ||||||||||||
December 2019 | 6,853,120 | 1,826 | 6,853,000 | 86,715,510,900 | ||||||||||||
January 2020 | 3,616,860 | 1,816 | 3,616,800 | 80,146,451,350 | ||||||||||||
February 2020 | 8,046,320 | 1,892 | 8,046,300 | 64,923,660,300 | ||||||||||||
March 2020 | 6,866,700 | 1,550 | 6,866,700 | 54,280,627,600 | ||||||||||||
Total | 25,836,881 | ¥ | 1,770 | 25,836,400 | ¥ | 54,280,627,600 | ||||||||||
Year ended March 31, 2021 | (a) Total number of Shares Purchased | (b) Average Price Paid per Share | (c) Total number of Shares Purchased as Part of Publicly Announced Plans or Programs* 1,2,3,4 | (d) Maximum number (or Approximate Yen Value) of Shares that May Yet be Purchased Under the Plans or Programs* 1,2,3,4 | ||||||||||||
April 2020 | 6,428,600 | ¥ | 1,223 | 6,428,600 | ¥ | 46,421,339,850 | ||||||||||
May 2020 | 1,796,300 | 1,241 | 1,796,300 | 0 | ||||||||||||
June 2020 | 0 | 0 | 0 | 0 | ||||||||||||
July 2020 | 100 | 1,380 | 0 | 0 | ||||||||||||
August 2020 | 140 | 1,268 | 0 | 0 | ||||||||||||
September 2020 | 50 | 1,326 | 0 | 0 | ||||||||||||
October 2020 | 10 | 1,345 | 0 | 0 | ||||||||||||
November 2020 | 16,296,170 | 1,533 | 16,296,100 | 19,210,697,400 | ||||||||||||
December 2020 | 8,804,420 | 1,582 | 8,804,300 | 5,280,637,350 | ||||||||||||
January 2021 | 3,130,170 | 1,687 | 3,130,100 | 0 | ||||||||||||
February 2021 | 80 | 1,778 | 0 | 0 | ||||||||||||
March 2021 | 30 | 1,807 | 0 | 0 | ||||||||||||
Total | 36,456,070 | ¥ | 1,489 | 36,455,400 | ¥ | 0 | ||||||||||
*1 | The Company resolved the share repurchase as follows at a meeting of the Board of Directors held on October 28, 2019. |
• Class of shares to be repurchased | Common shares | |
• Total number of shares to be repurchased | Up to 70,000,000 shares | |
(approx.5.5% of the total outstanding shares (excluding treasury shares)) | ||
• Total purchase price of shares to be repurchased | Up to 100 billion yen | |
• Repurchase period | From November 1, 2019 to May 8, 2020 | |
• Method of share repurchase | Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
*2 | The share repurchase based on the above resolution at the Board of Directors meeting was completed. The details of share repurchase |
• Class of shares repurchased | Common shares |
• Total number of shares repurchased | 8,224,900 shares | |
• Total purchase price of shares repurchased | 10,088,218,300 yen | |
• Repurchase period | From April 1, 2020 to May 8, 2020 | |
• Method of share repurchase | Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
*3 | The Company resolved the share repurchase as follows at a meeting of the Board of Directors held on November 2, 2020. |
• Class of shares to be repurchased | Common shares | |
• Total number of shares to be repurchased | Up to 50,000,000 shares | |
(approx.4.0% of the total outstanding shares (excluding treasury shares)) | ||
• Total purchase price of shares to be repurchased | Up to 44.2 billion yen | |
• Repurchase period | November 9, 2020 to March 31, 2021 | |
• Method of share repurchase | Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
*4 | The share repurchase based on the above resolution at the Board of Directors meeting was completed. The details of share repurchase are as follows. |
• Class of shares repurchased | Common shares | |
• Total number of shares repurchased | 28,230,500 shares | |
• Total purchase price of shares repurchased | 44,199,883,050 yen | |
• Repurchase period | From November 9, 2020 to January 8, 2021 | |
• Method of share repurchase | Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
*5 | The Company resolved the share repurchase as follows at a meeting of the Board of Directors held on May 13, 2021. |
• Class of shares to be repurchased | Common shares | |
• Total number of shares to be repurchased | Up to 50,000,000 shares | |
(approx.4.1% of the total outstanding shares (excluding treasury shares)) | ||
• Total purchase price of shares to be repurchased | Up to 50 billion yen | |
• Repurchase period | May 17, 2021 to March 31, 2022 | |
• Method of share repurchase | Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
(a) | Consolidated Balance Sheets as of March 31, |
(b) | Consolidated Statements of Income for the years ended March 31, |
(c) | Consolidated Statements of Comprehensive Income for the years ended March 31, |
(d) | Consolidated Statements of Changes in Equity for the years ended March 31, |
(e) | Consolidated Statements of Cash Flows for the years ended March 31, |
(f) | Notes to Consolidated Financial Statements (page |
(g) | Schedule II.—Valuation and Qualifying Accounts and Reserves (page F-150). |
Exhibit Number | Description | |||
Exhibit 1.1 | ||||
Exhibit 1.2 | ||||
Exhibit 1.3 | ||||
Exhibit 2.1 | ||||
| ||||
Exhibit 2.2 | ||||
Exhibit 8.1 | ||||
Exhibit 11.1 | ||||
Exhibit 12.1 | ||||
Exhibit 13.1 | ||||
Exhibit 15.1 | ||||
Exhibit 101 | ||||
Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
Exhibit 101 | ||||
Inline XBRL Schema Document. | ||||
Exhibit 101 | ||||
Inline XBRL Calculation Linkbase Document. | ||||
Exhibit 101 | ||||
Inline XBRL Definition Linkbase Document. | ||||
Exhibit 101 | ||||
Inline XBRL Labels Linkbase Document. | ||||
Exhibit 101 | ||||
Inline XBRL Presentation Linkbase Document. | ||||
Exhibit 104 | ||||
The cover page for the Company’s Annual Report on 20-F for the year ended March 31, |
ORIX KABUSHIKI KAISHA |
By: | /s/ S ANIGUCHI | |
Name: | Shoji Taniguchi | |
Title: | Senior Managing Executive Officer |
Page | |||||||
Millions of yen | ||||||||||||||
2019 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Cash and Cash Equivalents | ¥ | 1,161,032 | ¥ | 982,666 | ||||||||||
Restricted Cash | 122,548 | 152,618 | ||||||||||||
Investment in Direct Financing Leases | 1,155,632 | 0 | ||||||||||||
Net investment in Leases | 0 | 1,080,964 | ||||||||||||
Installment Loans | 3,277,670 | 3,740,486 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2019 | ¥ | 38,671 | million | |||||||||||
March 31, 2020 | ¥ | 90,893 | million | |||||||||||
Allowance for Doubtful Receivables on Financ e Leases and Probable Loan Losses | (58,011 | ) | (56,836 | ) | ||||||||||
Investment in Operating Leases | 1,335,959 | 1,400,001 | ||||||||||||
Investment in Securities | 1,928,916 | 2,245,323 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2019 | ¥ | 27,367 | million | |||||||||||
March 31, 2020 | ¥ | 25,295 | million | |||||||||||
Property under Facility Operations | 441,632 | 562,485 | ||||||||||||
Investment in Affiliates | 842,760 | 821,662 | ||||||||||||
Trade Notes, Accounts and Other Receivable | 280,590 | 312,744 | ||||||||||||
Inventories | 115,695 | 126,013 | ||||||||||||
Office Facilities | 108,390 | 203,930 | ||||||||||||
Other Assets | 1,462,104 | 1,495,472 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2019 | ¥ | 12,449 | million | |||||||||||
March 31, 2020 | ¥ | 18,206 | million | |||||||||||
Total Assets | ¥ | 12,174,917 | ¥ | 13,067,528 | ||||||||||
Millions of yen | ||||||||||||||
2020 | 2021 | |||||||||||||
ASSETS | ||||||||||||||
Cash and Cash Equivalents | ¥ | 982,666 | ¥ | 951,242 | ||||||||||
Restricted Cash | 152,618 | 128,333 | ||||||||||||
Net investment in Leases | 1,080,964 | 1,029,518 | ||||||||||||
Installment Loans | 3,740,486 | 3,670,784 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2020 | ¥90,893 | million | ||||||||||||
March 31, 2021 | ¥63,272 | million | ||||||||||||
Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses | (56,836 | ) | 0 | |||||||||||
Allowance for Credit Losses | 0 | (78,945 | ) | |||||||||||
Investment in Operating Leases | 1,400,001 | 1,408,189 | ||||||||||||
Investment in Securities | 2,245,323 | 2,660,443 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2020 | ¥25,295 | million | ||||||||||||
March 31, 2021 | ¥9,384 | million | ||||||||||||
The amounts which are associated to available-for-sale | ||||||||||||||
As of March 31, 2021 | ||||||||||||||
Amortized Cost | ¥2,026,767 | �� | million | |||||||||||
Allowance for Credit Losses | ¥120 | million | ||||||||||||
Property under Facility Operations | 562,485 | 491,855 | ||||||||||||
Investment in Affiliates | 821,662 | 887,764 | ||||||||||||
Trade Notes, Accounts and Other Receivable | 312,744 | 354,334 | ||||||||||||
Inventories | 126,013 | 142,156 | ||||||||||||
Office Facilities | 203,930 | 246,399 | ||||||||||||
Other Assets | 1,495,472 | 1,671,010 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2020 | ¥18,206 | million | ||||||||||||
March 31, 2021 | ¥6,297 | million | ||||||||||||
Total Assets | ¥ | 13,067,528 | ¥ | 13,563,082 | ||||||||||
Notes: | 1. Accounting Standards Update | |||
2. Allowance for credit losses on loans to affiliates are recorded in investment in affiliates since the second quarter of fiscal 2021. Before fiscal 2020, there were no allowance for probable loan losses on affiliates. | ||||
Millions of yen | ||||||||
2019 | 2020 | |||||||
Cash and Cash Equivalents | ¥ | 4,437 | ¥ | 7,117 | ||||
Investment in Direct Financing Leases (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses) | 15,058 | 0 | ||||||
Net Investment in Leases (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses) | 0 | 3,377 | ||||||
Installment Loans (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses) | 185,988 | 218,268 | ||||||
Investment in Operating Leases | 82,405 | 75,904 | ||||||
Property under Facility Operations | 203,933 | 296,208 | ||||||
Investment in Affiliates | 52,079 | 51,456 | ||||||
Other | 100,101 | 136,641 | ||||||
¥ | 644,001 | ¥ | 788,971 | |||||
Millions of yen | ||||||||
2020 | 2021 | |||||||
Cash and Cash Equivalents | ¥ | 7,117 | ¥ | 4,305 | ||||
Net Investment in Leases (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses / Allowance for Credit Losses) | 3,377 | 0 | ||||||
Installment Loans (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses / Allowance for Credit Losses) | 218,268 | 238,236 | ||||||
Investment in Operating Leases | 75,904 | 78,633 | ||||||
Property under Facility Operations | 296,208 | 230,216 | ||||||
Investment in Affiliates | 51,456 | 51,226 | ||||||
Other | 136,641 | 111,924 | ||||||
¥ | 788,971 | ¥ | 714,540 | |||||
Millions of yen | ||||||||||||||
2019 | 2020 | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Short-term Debt | ¥ | 309,549 | ¥ | 336,832 | ||||||||||
Deposits | 1,927,741 | 2,231,703 | ||||||||||||
Trade Notes, Accounts and Other Payable | 293,480 | 282,727 | ||||||||||||
Policy Liabilities and Policy Account Balances | 1,521,355 | 1,591,475 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2019 | ¥360,198 | million | ||||||||||||
March 31, 2020 | ¥300,739 | million | ||||||||||||
Income Taxes: | ||||||||||||||
Current | 42,010 | 28,203 | ||||||||||||
Deferred | 313,833 | 328,147 | ||||||||||||
Long-term Debt | 4,186,222 | 4,279,354 | ||||||||||||
Other Liabilities | 617,746 | 912,921 | ||||||||||||
Total Liabilities | 9,211,936 | 9,991,362 | ||||||||||||
Redeemable Noncontrolling Interests | 9,780 | 10,331 | ||||||||||||
Commitments and Contingent Liabilities | ||||||||||||||
Equity: | ||||||||||||||
Common stock: | 221,111 | 221,111 | ||||||||||||
Authorized: | 2,590,000,000 | shares | ||||||||||||
Issued: | ||||||||||||||
March 31, 2019 | 1,324,629,128 | shares | ||||||||||||
March 31, 2020 | 1,324,629,128 | shares | ||||||||||||
Additional Paid-in Capital | 257,625 | 257,638 | ||||||||||||
Retained Earnings | 2,555,585 | 2,754,461 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (61,343 | ) | (118,532 | ) | ||||||||||
Treasury Stock, at Cost: | (75,904 | ) | (121,070 | ) | ||||||||||
March 31, 2019 | 44,667,776 | shares | ||||||||||||
March 31, 2020 | 70,157,472 | shares | ||||||||||||
ORIX Corporation Shareholders’ Equity | 2,897,074 | 2,993,608 | ||||||||||||
Noncontrolling Interests | 56,127 | 72,227 | ||||||||||||
Total Equity | 2,953,201 | 3,065,835 | ||||||||||||
Total Liabilities and Equity | ¥ | 12,174,917 | ¥ | 13,067,528 | ||||||||||
Millions of yen | ||||||||||||||
2020 | 2021 | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Short-term Debt | ¥ | 336,832 | ¥ | 307,269 | ||||||||||
Deposits | 2,231,703 | 2,317,785 | ||||||||||||
Trade Notes, Accounts and Other Payable | 282,727 | 260,712 | ||||||||||||
Policy Liabilities and Policy Account Balances | 1,591,475 | 1,822,422 | ||||||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||||||
March 31, 2020 | ¥300,739 | million | ||||||||||||
March 31, 2021 | ¥266,422 | million | ||||||||||||
Income Taxes: | ||||||||||||||
Current | 28,203 | 22,170 | ||||||||||||
Deferred | 328,147 | 341,290 | ||||||||||||
Long-term Debt | 4,279,354 | 4,416,833 | ||||||||||||
Other Liabilities | 912,921 | 971,457 | ||||||||||||
Total Liabilities | 9,991,362 | 10,459,938 | ||||||||||||
Redeemable Noncontrolling Interests | 10,331 | 0 | ||||||||||||
Commitments and Contingent Liabilities | 0 | 0 | ||||||||||||
Equity: | ||||||||||||||
Common stock: | 221,111 | 221,111 | ||||||||||||
Authorized: | 2,590,000,000 | shares | ||||||||||||
Issued: | ||||||||||||||
March 31, 2020 | 1,324,629,128 | shares | ||||||||||||
March 31, 2021 | 1,285,724,480 | shares | ||||||||||||
Additional Paid-in Capital | 257,638 | 259,361 | ||||||||||||
Retained Earnings | 2,754,461 | 2,744,588 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (118,532 | ) | (84,650 | ) | ||||||||||
Treasury Stock, at Cost: | (121,070 | ) | (111,954 | ) | ||||||||||
March 31, 2020 | 70,157,472 | shares | ||||||||||||
March 31, 2021 | 68,386,164 | shares | ||||||||||||
ORIX Corporation Shareholders’ Equity | 2,993,608 | 3,028,456 | ||||||||||||
Noncontrolling Interests | 72,227 | 74,688 | ||||||||||||
Total Equity | 3,065,835 | 3,103,144 | ||||||||||||
Total Liabilities and Equity | ¥ | 13,067,528 | ¥ | 13,563,082 | ||||||||||
2. | ||
Millions of yen | ||||||||
2019 | 2020 | |||||||
Short-Term Debt | ¥ | 580 | ¥ | 6,030 | ||||
Trade Notes, Accounts and Other Payable | 7,339 | 3,140 | ||||||
Long-Term Debt | 418,631 | 464,904 | ||||||
Other | 16,480 | 45,671 | ||||||
¥ | 443,030 | ¥ | 519,745 | |||||
Millions of yen | ||||||||
2020 | 2021 | |||||||
Short-Term Debt | ¥ | 6,030 | ¥ | 500 | ||||
Trade Notes, Accounts and Other Payable | 3,140 | 2,390 | ||||||
Long-Term Debt | 464,904 | 413,268 | ||||||
Other | 45,671 | 42,024 | ||||||
¥ | 519,745 | ¥ | 458,182 | |||||
Millions of yen | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
Revenues: | ||||||||||||
Finance revenues | ¥ | 228,252 | ¥ | 242,893 | ¥ | 276,864 | ||||||
Gains on investment securities and dividends | 43,302 | 15,958 | 22,499 | |||||||||
Operating leases | 379,665 | 413,918 | 430,665 | |||||||||
Life insurance premiums and related investment income | 351,590 | 347,136 | 367,778 | |||||||||
Sales of goods and real estate | 1,079,052 | 596,165 | 406,511 | |||||||||
Services income | 780,910 | 818,794 | 776,012 | |||||||||
Total revenues | 2,862,771 | 2,434,864 | 2,280,329 | |||||||||
Expenses: | ||||||||||||
Interest expense | 76,815 | 93,337 | 99,138 | |||||||||
Costs of operating leases | 252,327 | 257,321 | 289,604 | |||||||||
Life insurance costs | 255,070 | 246,533 | 269,425 | |||||||||
Costs of goods and real estate sold | 1,003,509 | 535,261 | 354,006 | |||||||||
Services expense | 482,796 | 508,320 | 483,914 | |||||||||
Other (income) and expense | 429 | 1,301 | 14,925 | |||||||||
Selling, general and administrative expenses | 431,594 | 437,028 | 460,199 | |||||||||
Provision for doubtful receivables and probable loan losses | 17,265 | 22,525 | 24,425 | |||||||||
Write-downs of long-lived assets | 5,525 | 2,418 | 3,043 | |||||||||
Write-downs of securities | 1,246 | 1,382 | 11,969 | |||||||||
Total expenses | 2,526,576 | 2,105,426 | 2,010,648 | |||||||||
Operating Income | 336,195 | 329,438 | 269,681 | |||||||||
Equity in Net Income of Affiliates | 50,103 | 32,978 | 67,924 | |||||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 49,203 | 33,314 | 74,001 | |||||||||
Bargain Purchase Gain | 0 | 0 | 955 | |||||||||
Income before Income Taxes | 435,501 | 395,730 | 412,561 | |||||||||
Provision for Income Taxes | 113,912 | 68,691 | 105,837 | |||||||||
Net Income | 321,589 | 327,039 | 306,724 | |||||||||
Net Income Attributable to the Noncontrolling Interests | 8,002 | 2,890 | 3,640 | |||||||||
Net Income Attributable to the Redeemable Noncontrolling Interests | 452 | 404 | 384 | |||||||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 313,135 | ¥ | 323,745 | ¥ | 302,700 | ||||||
Millions of yen | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Revenues: | ||||||||||||
Finance revenues | ¥ | 242,893 | ¥ | 276,864 | ¥ | 271,194 | ||||||
Gains on investment securities and dividends | 15,958 | 22,499 | 46,097 | |||||||||
Operating leases | 413,918 | 430,665 | 397,065 | |||||||||
Life insurance premiums and related investment income | 347,136 | 367,778 | 487,550 | |||||||||
Sales of goods and real estate | 596,165 | �� | 406,511 | 410,953 | ||||||||
Services income | 818,794 | 776,012 | 679,849 | |||||||||
Total revenues | 2,434,864 | 2,280,329 | 2,292,708 | |||||||||
Expenses: | ||||||||||||
Interest expense | 93,337 | 99,138 | 78,068 | |||||||||
Costs of operating leases | 257,321 | 289,604 | 295,628 | |||||||||
Life insurance costs | 246,533 | 269,425 | 374,348 | |||||||||
Costs of goods and real estate sold | 535,261 | 354,006 | 347,721 | |||||||||
Services expense | 508,320 | 483,914 | 439,233 | |||||||||
Other (income) and expense | 1,301 | 14,925 | 17,125 | |||||||||
Selling, general and administrative expenses | 437,028 | 460,199 | 456,795 | |||||||||
Provision for doubtful receivables and probable loan losses | 22,525 | 24,425 | 0 | |||||||||
Provision for Credit Losses | 0 | 0 | 16,021 | |||||||||
Write-downs of long-lived assets | 2,418 | 3,043 | 3,020 | |||||||||
Write-downs of securities | 1,382 | 11,969 | 5,935 | |||||||||
Total expenses | 2,105,426 | 2,010,648 | 2,033,894 | |||||||||
Operating Income | 329,438 | 269,681 | 258,814 | |||||||||
Equity in Net Income of Affiliates | 32,978 | 67,924 | 481 | |||||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 33,314 | 74,001 | 23,300 | |||||||||
Bargain Purchase Gain | 0 | 955 | 4,966 | |||||||||
Income before Income Taxes | 395,730 | 412,561 | 287,561 | |||||||||
Provision for Income Taxes | 68,691 | 105,837 | 90,747 | |||||||||
Net Income | 327,039 | 306,724 | 196,814 | |||||||||
Net Income Attributable to the Noncontrolling Interests | 2,890 | 3,640 | 4,453 | |||||||||
Net Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 404 | 384 | (23 | ) | ||||||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 323,745 | ¥ | 302,700 | ¥ | 192,384 | ||||||
Notes: | 1. | |||
2. Credit Losses Standard has been adopted since April 1, 2020 and the amounts of provision for doubtful receivables and probable loan losses have been reclassified to provision for credit losses. For further information, see Note 1 “Significant Accounting and Reporting Policies | ||||
3. Provision for credit losses of loans to affiliates are recorded in equity in net income of affiliates since the second quarter of fiscal 2021. |
Yen | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
Amounts per Share of Common Stock for Income Attributable to ORIX Corporation Shareholders: | ||||||||||||
Basic: | ||||||||||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 244.40 | ¥ | 252.92 | ¥ | 237.38 | ||||||
Diluted: | ||||||||||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 244.15 | ¥ | 252.70 | ¥ | 237.17 | ||||||
Cash Dividends | 56.25 | 69.00 | 81.00 |
Yen | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Amounts per Share of Common Stock for Income Attributable to ORIX Corporation Shareholders: | ||||||||||||
Basic: | ||||||||||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 252.92 | ¥ | 237.38 | ¥ | 155.54 | ||||||
Diluted: | ||||||||||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 252.70 | ¥ | 237.17 | ¥ | 155.39 | ||||||
Cash Dividends | 69.00 | 81.00 | 76.00 |
Millions of yen | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
Net Income | ¥ | 321,589 | ¥ | 327,039 | ¥ | 306,724 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Net change of unrealized gains (losses) on investment in securities | (22,834 | ) | 10,215 | (22,456 | ) | |||||||
Net change of debt valuation adjustments | 0 | 231 | 875 | |||||||||
Net change of defined benefit pension plans | (2,962 | ) | (7,346 | ) | 1,529 | |||||||
Net change of foreign currency translation adjustments | (1,955 | ) | (11,537 | ) | (31,664 | ) | ||||||
Net change of unrealized gains (losses) on derivative instruments | 779 | (4,118 | ) | (8,556 | ) | |||||||
Total other comprehensive income (loss) | (26,972 | ) | (12,555 | ) | (60,272 | ) | ||||||
Comprehensive Income | 294,617 | 314,484 | 246,452 | |||||||||
Comprehensive Income Attributable to the Noncontrolling Interests | 6,433 | 2,784 | 756 | |||||||||
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 36 | 730 | 187 | |||||||||
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ | 288,148 | ¥ | 310,970 | ¥ | 245,509 | ||||||
Millions of yen | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Net Income | ¥ | 327,039 | ¥ | 306,724 | ¥ | 196,814 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Net change of unrealized gains (losses) on investment in securities | 10,215 | (22,456 | ) | (11,182 | ) | |||||||
Net change of debt valuation adjustments | 231 | 875 | (899 | ) | ||||||||
Net change of defined benefit pension plans | (7,346 | ) | 1,529 | 5,330 | ||||||||
Net change of foreign currency translation adjustments | (11,537 | ) | (31,664 | ) | 36,246 | |||||||
Net change of unrealized gains (losses) on derivative instruments | (4,118 | ) | (8,556 | ) | 4,782 | |||||||
Total other comprehensive income (loss) | (12,555 | ) | (60,272 | ) | 34,277 | |||||||
Comprehensive Income | 314,484 | 246,452 | 231,091 | |||||||||
Comprehensive Income Attributable to the Noncontrolling Interests | 2,784 | 756 | 5,128 | |||||||||
Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 730 | 187 | (303 | ) | ||||||||
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ | 310,970 | ¥ | 245,509 | ¥ | 226,266 | ||||||
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||||||||||||||||||||||||||||
Balance at March 31, 2017 | ¥ | 220,524 | ¥ | 268,138 | ¥ | 2,077,474 | ¥ | (21,270 | ) | ¥ | (37,168 | ) | ¥ | 2,507,698 | ¥ | 139,927 | ¥ | 2,647,625 | ||||||||||||||
Contribution to subsidiaries | 0 | 13,830 | 13,830 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | (972 | ) | (1 | ) | (973 | ) | (35,522 | ) | (36,495 | ) | ||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 313,135 | 313,135 | 8,002 | 321,137 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities | (22,746 | ) | (22,746 | ) | (88 | ) | (22,834 | ) | ||||||||||||||||||||||||
Net change of defined benefit pension plans | (2,984 | ) | (2,984 | ) | 22 | (2,962 | ) | |||||||||||||||||||||||||
Net change of foreign currency translation adjustments | (2 | ) | (2 | ) | (1,537 | ) | (1,539 | ) | ||||||||||||||||||||||||
Net change of unrealized gains (losses) on derivative instruments | 745 | 745 | 34 | 779 | ||||||||||||||||||||||||||||
Total other comprehensive income (loss) | (24,987 | ) | (1,569 | ) | (26,556 | ) | ||||||||||||||||||||||||||
Total comprehensive income | 288,148 | 6,433 | 294,581 | |||||||||||||||||||||||||||||
Cash dividends | (72,757 | ) | (72,757 | ) | (8,218 | ) | (80,975 | ) | ||||||||||||||||||||||||
Exercise of stock options | 437 | 219 | 656 | 0 | 656 | |||||||||||||||||||||||||||
Acquisition of treasury stock | (39,110 | ) | (39,110 | ) | 0 | (39,110 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (476 | ) | 733 | 257 | 0 | 257 | ||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interests to redemption value | (1,876 | ) | (1,876 | ) | 0 | (1,876 | ) | |||||||||||||||||||||||||
Reclassification of change in accounting standards | (692 | ) | 692 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Other, net | 382 | (1 | ) | 381 | 0 | 381 | ||||||||||||||||||||||||||
Balance at March 31, 2018 | ¥ | 220,961 | ¥ | 267,291 | ¥ | 2,315,283 | ¥ | (45,566 | ) | ¥ | (75,545 | ) | ¥ | 2,682,424 | ¥ | 116,450 | ¥ | 2,798,874 | ||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2014-09 | 405 | 405 | 354 | 759 | ||||||||||||||||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 2,899 | (2,899 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2016-16 | 3,772 | 3,772 | 0 | 3,772 | ||||||||||||||||||||||||||||
Balance at April 1, 2018 | ¥ | 220,961 | ¥ | 267,291 | ¥ | 2,322,359 | ¥ | (48,465 | ) | ¥ | (75,545 | ) | ¥ | 2,686,601 | ¥ | 116,804 | ¥ | 2,803,405 | ||||||||||||||
Contribution to subsidiaries | 0 | 7,680 | 7,680 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | (10,033 | ) | (103 | ) | (10,136 | ) | (60,347 | ) | (70,483 | ) | ||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 323,745 | 323,745 | 2,890 | 326,635 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities | 10,174 | 10,174 | 41 | 10,215 | ||||||||||||||||||||||||||||
Net change of debt valuation adjustments | 231 | 231 | 0 | 231 | ||||||||||||||||||||||||||||
Net change of defined benefit pension plans | (7,289 | ) | (7,289 | ) | (57 | ) | (7,346 | ) | ||||||||||||||||||||||||
Net change of foreign currency translation adjustments | (11,775 | ) | (11,775 | ) | (88 | ) | (11,863 | ) | ||||||||||||||||||||||||
Net change of unrealized gains (losses) on derivative instruments | (4,116 | ) | (4,116 | ) | (2 | ) | (4,118 | ) | ||||||||||||||||||||||||
Total other comprehensive income (loss) | (12,775 | ) | (106 | ) | (12,881 | ) | ||||||||||||||||||||||||||
Total comprehensive income | 310,970 | 2,784 | 313,754 | |||||||||||||||||||||||||||||
Cash dividends | (88,438 | ) | (88,438 | ) | (10,794 | ) | (99,232 | ) | ||||||||||||||||||||||||
Exercise of stock options | 150 | 75 | 225 | 0 | 225 | |||||||||||||||||||||||||||
Acquisition of treasury stock | (707 | ) | (707 | ) | 0 | (707 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (233 | ) | 348 | 115 | 0 | 115 | ||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interests to redemption value | (2,131 | ) | (2,131 | ) | 0 | (2,131 | ) | |||||||||||||||||||||||||
Other, net | 525 | 50 | 575 | 0 | 575 | |||||||||||||||||||||||||||
Balance at March 31, 2019 | ¥ | 221,111 | ¥ | 257,625 | ¥ | 2,555,585 | ¥ | (61,343 | ) | ¥ | (75,904 | ) | ¥ | 2,897,074 | ¥ | 56,127 | ¥ | 2,953,201 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||||||||||||||||||||||||||||
Balance at March 31, 2018 | ¥ | 220,961 | ¥ | 267,291 | ¥ | 2,315,283 | ¥ | (45,566 | ) | ¥ | (75,545 | ) | ¥ | 2,682,424 | ¥ | 116,450 | ¥ | 2,798,874 | ||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2014-09 | 405 | 405 | 354 | 759 | ||||||||||||||||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 2,899 | (2,899 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2016-16 | 3,772 | 3,772 | 0 | 3,772 | ||||||||||||||||||||||||||||
Balance at April 1, 2018 | ¥ | 220,961 | ¥ | 267,291 | ¥ | 2,322,359 | ¥ | (48,465 | ) | ¥ | (75,545 | ) | ¥ | 2,686,601 | ¥ | 116,804 | ¥ | 2,803,405 | ||||||||||||||
Contribution to subsidiaries | 0 | 7,680 | 7,680 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | (10,033 | ) | (103 | ) | (10,136 | ) | (60,347 | ) | (70,483 | ) | ||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 323,745 | 323,745 | 2,890 | 326,635 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Net change of unrealized gains on investment in securities | 10,174 | 10,174 | 41 | 10,215 | ||||||||||||||||||||||||||||
Net change of debt valuation adjustments | 231 | 231 | 0 | 231 | ||||||||||||||||||||||||||||
Net change of defined benefit pension plans | (7,289 | ) | (7,289 | ) | (57 | ) | (7,346 | ) | ||||||||||||||||||||||||
Net change of foreign currency translation adjustments | (11,775 | ) | (11,775 | ) | (88 | ) | (11,863 | ) | ||||||||||||||||||||||||
Net change of unrealized gains (losses) on derivative instruments | (4,116 | ) | (4,116 | ) | (2 | ) | (4,118 | ) | ||||||||||||||||||||||||
Total other comprehensive income (loss) | (12,775 | ) | (106 | ) | (12,881 | ) | ||||||||||||||||||||||||||
Total comprehensive income | 310,970 | 2,784 | 313,754 | |||||||||||||||||||||||||||||
Cash dividends | (88,438 | ) | (88,438 | ) | (10,794 | ) | (99,232 | ) | ||||||||||||||||||||||||
Exercise of stock options | 150 | 75 | 225 | 0 | 225 | |||||||||||||||||||||||||||
Acquisition of treasury stock | (707 | ) | (707 | ) | 0 | (707 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (233 | ) | 348 | 115 | 0 | 115 | ||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interests to redemption value | (2,131 | ) | (2,131 | ) | 0 | (2,131 | ) | |||||||||||||||||||||||||
Other, net | 525 | 50 | 575 | 0 | 575 | |||||||||||||||||||||||||||
Balance at March 31, 2019 | ¥ | 221,111 | ¥ | 257,625 | ¥ | 2,555,585 | ¥ | (61,343 | ) | ¥ | (75,904 | ) | ¥ | 2,897,074 | ¥ | 56,127 | ¥ | 2,953,201 | ||||||||||||||
Contribution to subsidiaries | 0 | 17,047 | 17,047 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | 241 | 2 | 243 | 1,340 | 1,583 | |||||||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 302,700 | 302,700 | 3,640 | 306,340 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities | (22,390 | ) | (22,390 | ) | (66 | ) | (22,456 | ) | ||||||||||||||||||||||||
Net change of debt valuation adjustments | 875 | 875 | 0 | 875 | ||||||||||||||||||||||||||||
Net change of defined benefit pension plans | 1,527 | 1,527 | 2 | 1,529 | ||||||||||||||||||||||||||||
Net change of foreign currency translation adjustments | (28,917 | ) | (28,917 | ) | (2,550 | ) | (31,467 | ) | ||||||||||||||||||||||||
Net change of unrealized gains (losses) on derivative instruments | (8,286 | ) | (8,286 | ) | (270 | ) | (8,556 | ) | ||||||||||||||||||||||||
Total other comprehensive income (loss) | (57,191 | ) | (2,884 | ) | (60,075 | ) | ||||||||||||||||||||||||||
Total comprehensive income | 245,509 | 756 | 246,265 | |||||||||||||||||||||||||||||
Cash dividends | (103,824 | ) | (103,824 | ) | (3,043 | ) | (106,867 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock | (45,720 | ) | (45,720 | ) | 0 | (45,720 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (334 | ) | 554 | 220 | 0 | 220 | ||||||||||||||||||||||||||
Other, net | 106 | 106 | 0 | 106 | ||||||||||||||||||||||||||||
Balance at March 31, 2020 | ¥ | 221,111 | ¥ | 257,638 | ¥ | 2,754,461 | ¥ | (118,532 | ) | ¥ | (121,070 | ) | ¥ | 2,993,608 | ¥ | 72,227 | ¥ | 3,065,835 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||||||||||||||||||||||||||||
Balance at March 31, 2019 | ¥ | 221,111 | ¥ | 257,625 | ¥ | 2,555,585 | ¥ | (61,343 | ) | ¥ | (75,904 | ) | ¥ | 2,897,074 | ¥ | 56,127 | ¥ | 2,953,201 | ||||||||||||||
Contribution to subsidiaries | 0 | 17,047 | 17,047 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | 241 | 2 | 243 | 1,340 | 1,583 | |||||||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 302,700 | 302,700 | 3,640 | 306,340 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities | (22,390 | ) | (22,390 | ) | (66 | ) | (22,456 | ) | ||||||||||||||||||||||||
Net change of debt valuation adjustments | 875 | 875 | 0 | 875 | ||||||||||||||||||||||||||||
Net change of defined benefit pension plans | 1,527 | 1,527 | 2 | 1,529 | ||||||||||||||||||||||||||||
Net change of foreign currency translation adjustments | (28,917 | ) | (28,917 | ) | (2,550 | ) | (31,467 | ) | ||||||||||||||||||||||||
Net change of unrealized gains (losses) on derivative instruments | (8,286 | ) | (8,286 | ) | (270 | ) | (8,556 | ) | ||||||||||||||||||||||||
Total other comprehensive income (loss) | (57,191 | ) | (2,884 | ) | (60,075 | ) | ||||||||||||||||||||||||||
Total comprehensive income | 245,509 | 756 | 246,265 | |||||||||||||||||||||||||||||
Cash dividends | (103,824 | ) | (103,824 | ) | (3,043 | ) | (106,867 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock | (45,720 | ) | (45,720 | ) | 0 | (45,720 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (334 | ) | 554 | 220 | 0 | 220 | ||||||||||||||||||||||||||
Other, net | 106 | 106 | 0 | 106 | ||||||||||||||||||||||||||||
Balance at March 31, 2020 | ¥ | 221,111 | ¥ | 257,638 | ¥ | 2,754,461 | ¥ | (118,532 | ) | ¥ | (121,070 | ) | ¥ | 2,993,608 | ¥ | 72,227 | ¥ | 3,065,835 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||||||||||||||||||||||||||||
Balance at March 31, 2020 | ¥ | 221,111 | ¥ | 257,638 | ¥ | 2,754,461 | ¥ | (118,532 | ) | ¥ | (121,070 | ) | ¥ | 2,993,608 | ¥ | 72,227 | ¥ | 3,065,835 | ||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2016-13 | (42,855 | ) | (42,855 | ) | (71 | ) | (42,926 | ) | ||||||||||||||||||||||||
Balance at April 1, 2020 | ¥ | 221,111 | ¥ | 257,638 | ¥ | 2,711,606 | ¥ | (118,532 | ) | ¥ | (121,070 | ) | ¥ | 2,950,753 | ¥ | 72,156 | ¥ | 3,022,909 | ||||||||||||||
Contribution to subsidiaries | 0 | 18,225 | 18,225 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | 1,700 | 1,700 | (8,688 | ) | (6,988 | ) | ||||||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 192,384 | 192,384 | 4,453 | 196,837 | ||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities | (11,207 | ) | (11,207 | ) | 25 | (11,182 | ) | |||||||||||||||||||||||||
Net change of debt valuation adjustments | (899 | ) | (899 | ) | 0 | (899 | ) | |||||||||||||||||||||||||
Net change of defined benefit pension plans | 5,302 | 5,302 | 28 | 5,330 | ||||||||||||||||||||||||||||
Net change of foreign currency translation adjustments | 36,015 | 36,015 | 511 | 36,526 | ||||||||||||||||||||||||||||
Net change of unrealized gains on derivative instruments | 4,671 | 4,671 | 111 | 4,782 | ||||||||||||||||||||||||||||
Total other comprehensive income | 33,882 | 675 | 34,557 | |||||||||||||||||||||||||||||
Total comprehensive income | 226,266 | 5,128 | 231,394 | |||||||||||||||||||||||||||||
Cash dividends | (95,164 | ) | (95,164 | ) | (12,133 | ) | (107,297 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock | (55,443 | ) | (55,443 | ) | 0 | (55,443 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (227 | ) | (0 | ) | 322 | 95 | 0 | 95 | ||||||||||||||||||||||||
Cancellation of treasury stock | (64,237 | ) | 64,237 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Other, net | 250 | (1 | ) | 249 | 0 | 249 | ||||||||||||||||||||||||||
Balance at March 31, 2021 | ¥ | 221,111 | ¥ | 259,361 | ¥ | 2,744,588 | ¥ | (84,650 | ) | ¥ | (111,954 | ) | ¥ | 3,028,456 | ¥ | 74,688 | ¥ | 3,103,144 | ||||||||||||||
Notes: | ||||
Millions of yen | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income | ¥ | 321,589 | ¥ | 327,039 | ¥ | 306,724 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 279,923 | 295,589 | 304,204 | |||||||||
Principal payments received under net investment in leases | 0 | 0 | 474,110 | |||||||||
Provision for doubtful receivables and probable loan losses | 17,265 | 22,525 | 24,425 | |||||||||
Equity in net income of affiliates (excluding interest on loans) | (46,587 | ) | (29,674 | ) | (65,764 | ) | ||||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (49,203 | ) | (33,314 | ) | (74,001 | ) | ||||||
Bargain purchase gain | 0 | 0 | (955 | ) | ||||||||
Gains on sales of securities other than trading | (32,083 | ) | (10,182 | ) | (18,886 | ) | ||||||
Gains on sales of operating lease assets | (35,291 | ) | (62,883 | ) | (51,072 | ) | ||||||
Write-downs of long-lived assets | 5,525 | 2,418 | 3,043 | |||||||||
Write-downs of securities | 1,246 | 1,382 | 11,969 | |||||||||
Deferred tax provision | 5,588 | (35,128 | ) | 14,890 | ||||||||
Decrease in trading securities | 144,367 | 95,370 | 63,681 | |||||||||
Decrease in inventories | 10,609 | 6,852 | 11,938 | |||||||||
Decrease (Increase) in trade notes, accounts and other receivable | (13,984 | ) | (5,576 | ) | 12,348 | |||||||
In Decreasecrease ( ) in trade notes, accounts and other payable | 17,831 | 10,990 | (3,853 | ) | ||||||||
Increase (Decrease) in policy liabilities and policy account balances | (53,512 | ) | 10,109 | 70,120 | ||||||||
Increase Decrease( ) in income taxes payable | (74,241 | ) | 36,753 | (33,318 | ) | |||||||
Other, net | 69,749 | (44,592 | ) | (7,137 | ) | |||||||
Net cash provided by operating activities | 568,791 | 587,678 | 1,042,466 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||
Purchases of lease equipment | (971,163 | ) | (998,073 | ) | (948,445 | ) | ||||||
Principal payments received under direct financing leases | 470,870 | 469,262 | 0 | |||||||||
Installment loans made to customers | (1,396,724 | ) | (1,460,336 | ) | (1,527,000 | ) | ||||||
Principal collected on installment loans | 1,184,298 | 1,239,385 | 1,134,142 | |||||||||
Proceeds from sales of operating lease assets | 285,954 | 429,295 | 339,504 | |||||||||
Investment in affiliates, net | (110,547 | ) | (278,027 | ) | (44,140 | ) | ||||||
Proceeds from sales of investment in affiliates | 74,742 | 56,423 | 79,950 | |||||||||
Purchases of available-for-sale debt securities | (372,236 | ) | (556,213 | ) | (711,973 | ) | ||||||
Proceeds from sales of available-for-sale debt securities | 395,629 | 221,824 | 249,427 | |||||||||
Proceeds from redemption of available-for-sale debt securities | 97,565 | 73,156 | 82,754 | |||||||||
Purchases of equity securities other than trading | (67,147 | ) | (66,959 | ) | (53,616 | ) | ||||||
Proceeds from sales of equity securities other than trading | 104,600 | 83,261 | 34,145 | |||||||||
Purchases of property under facility operations | (80,095 | ) | (62,221 | ) | (44,466 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired | (66,034 | ) | (119,105 | ) | (134,894 | ) | ||||||
Sales of subsidiaries, net of cash disposed | 43,278 | 56,584 | 91,835 | |||||||||
Other, net | (32,110 | ) | 37,793 | (17,709 | ) | |||||||
Net cash used in investing activities | (439,120 | ) | (873,951 | ) | (1,470,486 | ) | ||||||
Cash Flows from Financing Activities: | ||||||||||||
Net increase (decrease) in debt with maturities of three months or less | 50,900 | (50,881 | ) | 16,182 | ||||||||
Proceeds from debt with maturities longer than three months | 1,488,259 | 1,123,923 | 924,779 | |||||||||
Repayment of debt with maturities longer than three months | (1,396,531 | ) | (932,676 | ) | (832,881 | ) | ||||||
Net increase in deposits due to customers | 143,318 | 169,830 | 304,182 | |||||||||
Cash dividends paid to ORIX Corporation shareholders | (72,757 | ) | (88,438 | ) | (103,824 | ) | ||||||
Acquisition of treasury stock | (39,110 | ) | (707 | ) | (45,720 | ) | ||||||
Contribution from noncontrolling interests | 4,740 | 22,760 | 23,994 | |||||||||
Purchases of shares of subsidiaries from noncontrolling interests | (11,299 | ) | (86,165 | ) | (4,501 | ) | ||||||
Net increase (decrease) in call money | (18,000 | ) | 20,000 | 10,000 | ||||||||
Other, net | (8,510 | ) | (10,999 | ) | (3,508 | ) | ||||||
Net cash provided by financing activities | 141,010 | 166,647 | 288,703 | |||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 1,224 | (1,911 | ) | (8,979 | ) | |||||||
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash | 271,905 | (121,537 | ) | (148,296 | ) | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 1,133,212 | 1,405,117 | 1,283,580 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | ¥ | 1,405,117 | ¥ | 1,283,580 | ¥ | 1,135,284 | ||||||
Millions of yen | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income | ¥ | 327,039 | ¥ | 306,724 | ¥ | 196,814 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 295,589 | 304,204 | 315,955 | |||||||||
Principal payments received under net investment in leases | 0 | 474,110 | 419,907 | |||||||||
Provision for doubtful receivables and probable loan losses | 22,525 | 24,425 | 0 | |||||||||
Provision for credit losses | 0 | 0 | 16,021 | |||||||||
Equity in net (income) loss of affiliates (excluding interest on loans) | (29,674 | ) | (65,764 | ) | 837 | |||||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (33,314 | ) | (74,001 | ) | (23,300 | ) | ||||||
Bargain purchase gain | 0 | (955 | ) | (4,966 | ) | |||||||
Gains on sales of securities other than trading | (10,182 | ) | (18,886 | ) | (15,228 | ) | ||||||
Gains on sales of operating lease assets | (62,883 | ) | (51,072 | ) | (26,358 | ) | ||||||
Write-downs of long-lived assets | 2,418 | 3,043 | 3,020 | |||||||||
Write-downs of securities | 1,382 | 11,969 | 5,935 | |||||||||
Deferred tax provision | (35,128 | ) | 14,890 | 25,518 | ||||||||
Decrease in trading securities | 95,370 | 63,681 | 12,103 | |||||||||
(Increase) Decrease in inventories | 6,852 | 11,938 | (12,061 | ) | ||||||||
(Increase) Decrease in trade notes, accounts and other receivable | (5,576 | ) | 12,348 | (12,657 | ) | |||||||
Increase (Decrease) in trade notes, accounts and other payable | 10,990 | (3,853 | ) | (1,947 | ) | |||||||
Increase in policy liabilities and policy account balances | 10,109 | 70,120 | 230,947 | |||||||||
Increase (Decrease) in income taxes payable | 36,753 | (33,318 | ) | (11,045 | ) | |||||||
Other, net | (44,592 | ) | (7,137 | ) | (23,819 | ) | ||||||
Net cash provided by operating activities | 587,678 | 1,042,466 | 1,095,676 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||
Purchases of lease equipment | (998,073 | ) | (948,445 | ) | (709,999 | ) | ||||||
Principal payments received under direct financing leases | 469,262 | 0 | 0 | |||||||||
Installment loans made to customers | (1,460,336 | ) | (1,527,000 | ) | (1,198,978 | ) | ||||||
Principal collected on installment loans | 1,239,385 | 1,134,142 | 1,139,608 | |||||||||
Proceeds from sales of operating lease assets | 429,295 | 339,504 | 138,912 | |||||||||
Investment in affiliates, net | (278,027 | ) | (44,140 | ) | (112,922 | ) | ||||||
Proceeds from sales of investment in affiliates | 56,423 | 79,950 | 41,730 | |||||||||
Purchases of available-for-sale | (556,213 | ) | (711,973 | ) | (709,349 | ) | ||||||
Proceeds from sales of available-for-sale | 221,824 | 249,427 | 285,836 | |||||||||
Proceeds from redemption of available-for-sale | 73,156 | 82,754 | 31,859 | |||||||||
Purchases of equity securities other than trading | (66,959 | ) | (53,616 | ) | (56,314 | ) | ||||||
Proceeds from sales of equity securities other than trading | 83,261 | 34,145 | 30,532 | |||||||||
Purchases of property under facility operations | (62,221 | ) | (44,466 | ) | (43,954 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired | (119,105 | ) | (134,894 | ) | (82,163 | ) | ||||||
Sales of subsidiaries, net of cash disposed | 56,584 | 91,835 | 57,722 | |||||||||
Other, net | 37,793 | (17,709 | ) | (15,772 | ) | |||||||
Net cash used in investing activities | (873,951 | ) | (1,470,486 | ) | (1,203,252 | ) | ||||||
Cash Flows from Financing Activities: | ||||||||||||
Net decrease (increase) in debt with maturities of three months or less | (50,881 | ) | 16,182 | (42,136 | ) | |||||||
Proceeds from debt with maturities longer than three months | 1,123,923 | 924,779 | 1,171,350 | |||||||||
Repayment of debt with maturities longer than three months | (932,676 | ) | (832,881 | ) | (1,013,937 | ) | ||||||
Net increase in deposits due to customers | 169,830 | 304,182 | 85,737 | |||||||||
Cash dividends paid to ORIX Corporation shareholders | (88,438 | ) | (103,824 | ) | (95,164 | ) | ||||||
Acquisition of treasury stock | (707 | ) | (45,720 | ) | (55,443 | ) | ||||||
Contribution from noncontrolling interests | 22,760 | 23,994 | 24,487 | |||||||||
Purchases of shares of subsidiaries from noncontrolling interests | (86,165 | ) | (4,501 | ) | (4,791 | ) | ||||||
Net decrease (increase) in call money | 20,000 | 10,000 | (17,500 | ) | ||||||||
Other, net | (10,999 | ) | (3,508 | ) | (12,719 | ) | ||||||
Net cash provided by financing activities | 166,647 | 288,703 | 39,884 | |||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (1,911 | ) | (8,979 | ) | 11,983 | |||||||
Net decrease in Cash, Cash Equivalents and Restricted Cash | (121,537 | ) | (148,296 | ) | (55,709 | ) | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 1,405,117 | 1,283,580 | 1,135,284 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | ¥ | 1,283,580 | ¥ | 1,135,284 | ¥ | 1,079,575 | ||||||
Notes: 1. | ||||
Notes: 2. | Credit Losses Standard has been adopted since April 1, 2020, and the amounts of Provision for doubtful receivables and probable loan losses has been reclassified to Provision for credit losses. For further information, see Note 1 “Significant Accounting and Reporting Policies |
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale*1 | ¥ | 38,671 | ¥ | 0 | ¥ | 38,671 | ¥ | 0 | ||||||||
Trading debt securities | 1,564 | 0 | 1,564 | 0 | ||||||||||||
Available-for-sale debt securities: | 1,264,244 | 24,831 | 1,138,966 | 100,447 | ||||||||||||
Japanese and foreign government bond securities*2 | 430,851 | 3,227 | 427,624 | 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities | 193,305 | 0 | 190,417 | 2,888 | ||||||||||||
Corporate debt securities*3 | 487,997 | 21,604 | 459,235 | 7,158 | ||||||||||||
CMBS and RMBS in the Americas | 61,479 | 0 | 61,479 | 0 | ||||||||||||
Other asset-backed securities and debt securities | 90,612 | 0 | 211 | 90,401 | ||||||||||||
Equity securities*4*5 | 425,593 | 68,631 | 295,769 | 61,193 | ||||||||||||
Derivative assets: | 15,495 | 299 | 9,924 | 5,272 | ||||||||||||
Interest rate swap agreements | 138 | 0 | 138 | 0 | ||||||||||||
Options held/written and other | 11,140 | 0 | 5,868 | 5,272 | ||||||||||||
Futures, foreign exchange contracts | 3,007 | 299 | 2,708 | 0 | ||||||||||||
Foreign currency swap agreements | 1,203 | 0 | 1,203 | 0 | ||||||||||||
Credit derivatives written | 7 | 0 | 7 | 0 | ||||||||||||
Netting*6 | (1,497 | ) | 0 | 0 | 0 | |||||||||||
Net derivative assets | 13,998 | 0 | 0 | 0 | ||||||||||||
Other assets: | 12,449 | 0 | 0 | 12,449 | ||||||||||||
Reinsurance recoverables*7 | 12,449 | 0 | 0 | 12,449 | ||||||||||||
Total | ¥ | 1,758,016 | ¥ | 93,761 | ¥ | 1,484,894 | ¥ | 179,361 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ¥ | 25,958 | ¥ | 522 | ¥ | 25,436 | ¥ | 0 | ||||||||
Interest rate swap agreements | 17,439 | 0 | 17,439 | 0 | ||||||||||||
Options held/written and other | 2,809 | 0 | 2,809 | 0 | ||||||||||||
Futures, foreign exchange contracts | 5,336 | 522 | 4,814 | 0 | ||||||||||||
Foreign currency swap agreements | 364 | 0 | 364 | 0 | ||||||||||||
Credit derivatives held | 10 | 0 | 10 | 0 | ||||||||||||
Netting*6 | (1,497 | ) | 0 | 0 | 0 | |||||||||||
Net derivative Liabilities | 24,461 | 0 | 0 | 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: | 360,198 | 0 | 0 | 360,198 | ||||||||||||
Variable annuity and variable life insurance contracts*8 | 360,198 | 0 | 0 | 360,198 | ||||||||||||
Total | ¥ | 386,156 | ¥ | 522 | ¥ | 25,436 | ¥ | 360,198 | ||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale*1 | ¥ | 90,893 | ¥ | 0 | ¥ | 90,893 | ¥ | 0 | ||||||||
Trading debt securities | 7,431 | 0 | 7,431 | 0 | ||||||||||||
Available-for-sale | 1,631,185 | 21,490 | 1,521,342 | 88,353 | ||||||||||||
Japanese and foreign government bond securities*2 | 653,945 | 3,301 | 650,644 | 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities | 250,355 | 0 | 247,523 | 2,832 | ||||||||||||
Corporate debt securities*3 | 596,477 | 18,189 | 574,294 | 3,994 | ||||||||||||
CMBS and RMBS in the Americas | 48,672 | 0 | 48,672 | 0 | ||||||||||||
Other asset-backed securities and debt securities | 81,736 | 0 | 209 | 81,527 | ||||||||||||
Equity securities*4*5 | 375,174 | 58,400 | 232,873 | 83,901 | ||||||||||||
Derivative assets: | 39,690 | 202 | 20,258 | 19,230 | ||||||||||||
Options held/written and other | 21,346 | 0 | 2,116 | 19,230 | ||||||||||||
Futures, foreign exchange contracts | 13,265 | 202 | 13,063 | 0 | ||||||||||||
Foreign currency swap agreements | 5,079 | 0 | 5,079 | 0 | ||||||||||||
Netting*6 | (9,152 | ) | 0 | 0 | 0 | |||||||||||
Net derivative assets | 30,538 | 0 | 0 | 0 | ||||||||||||
Other assets: | 18,206 | 0 | 0 | 18,206 | ||||||||||||
Reinsurance recoverables*7 | 18,206 | 0 | 0 | 18,206 | ||||||||||||
Total | ¥ | 2,162,579 | ¥ | 80,092 | ¥ | 1,872,797 | ¥ | 209,690 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ¥ | 73,649 | ¥ | 2,471 | ¥ | 71,178 | ¥ | 0 | ||||||||
Interest rate swap agreements | 44,002 | 0 | 44,002 | 0 | ||||||||||||
Options held/written and other | 20,004 | 0 | 20,004 | 0 | ||||||||||||
Futures, foreign exchange contracts | 9,506 | 2,471 | 7,035 | 0 | ||||||||||||
Foreign currency swap agreements | 137 | 0 | 137 | 0 | ||||||||||||
Netting*6 | (9,152 | ) | 0 | 0 | 0 | |||||||||||
Net derivative Liabilities | 64,497 | 0 | 0 | 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: | 300,739 | 0 | 0 | 300,739 | ||||||||||||
Variable annuity and variable life insurance contracts*8 | 300,739 | 0 | 0 | 300,739 | ||||||||||||
Total | ¥ | 374,388 | ¥ | 2,471 | ¥ | 71,178 | ¥ | 300,739 | ||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale*1 | ¥ | 90,893 | ¥ | 0 | ¥ | 90,893 | ¥ | 0 | ||||||||
Trading debt securities | 7,431 | 0 | 7,431 | 0 | ||||||||||||
Available-for-sale debt securities: | 1,631,185 | 21,490 | 1,521,342 | 88,353 | ||||||||||||
Japanese and foreign government bond securities*2 | 653,945 | 3,301 | 650,644 | 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities | 250,355 | 0 | 247,523 | 2,832 | ||||||||||||
Corporate debt securities*3 | 596,477 | 18,189 | 574,294 | 3,994 | ||||||||||||
CMBS and RMBS in the Americas | 48,672 | 0 | 48,672 | 0 | ||||||||||||
Other asset-backed securities and debt securities | 81,736 | 0 | 209 | 81,527 | ||||||||||||
Equity securities*4*5 | 375,174 | 58,400 | 232,873 | 83,901 | ||||||||||||
Derivative assets: | 39,690 | 202 | 20,258 | 19,230 | ||||||||||||
Options held/written and other | 21,346 | 0 | 2,116 | 19,230 | ||||||||||||
Futures, foreign exchange contracts | 13,265 | 202 | 13,063 | 0 | ||||||||||||
Foreign currency swap agreements | 5,079 | 0 | 5,079 | 0 | ||||||||||||
Netting*6 | (9,152 | ) | 0 | 0 | 0 | |||||||||||
Net derivative assets | 30,538 | 0 | 0 | 0 | ||||||||||||
Other assets: | 18,206 | 0 | 0 | 18,206 | ||||||||||||
Reinsurance recoverables*7 | 18,206 | 0 | 0 | 18,206 | ||||||||||||
Total | ¥ | 2,162,579 | ¥ | 80,092 | ¥ | 1,872,797 | ¥ | 209,690 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ¥ | 73,649 | ¥ | 2,471 | ¥ | 71,178 | ¥ | 0 | ||||||||
Interest rate swap agreements | 44,002 | 0 | 44,002 | 0 | ||||||||||||
Options held/written and other | 20,004 | 0 | 20,004 | 0 | ||||||||||||
Futures, foreign exchange contracts | 9,506 | 2,471 | 7,035 | 0 | ||||||||||||
Foreign currency swap agreements | 137 | 0 | 137 | 0 | ||||||||||||
Netting*6 | (9,152 | ) | 0 | 0 | 0 | |||||||||||
Net derivative Liabilities | 64,497 | 0 | 0 | 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: | 300,739 | 0 | 0 | 300,739 | ||||||||||||
Variable annuity and variable life insurance contracts*8 | 300,739 | 0 | 0 | 300,739 | ||||||||||||
Total | ¥ | 374,388 | ¥ | 2,471 | ¥ | 71,178 | ¥ | 300,739 | ||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale*1 | ¥ | 63,272 | ¥ | 0 | ¥ | 63,272 | ¥ | 0 | ||||||||
Trading debt securities | 2,654 | 0 | 2,654 | 0 | ||||||||||||
Available-for-sale | 2,003,917 | 6,012 | 1,864,448 | 133,457 | ||||||||||||
Japanese and foreign government bond securities*2 | 821,158 | 3,105 | 818,053 | 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities | 276,276 | 0 | 273,515 | 2,761 | ||||||||||||
Corporate debt securities*3 | 742,251 | 2,907 | 738,323 | 1,021 | ||||||||||||
CMBS and RMBS in the Americas | 34,457 | 0 | 34,457 | 0 | ||||||||||||
Other asset-backed securities and debt securities | 129,775 | 0 | 100 | 129,675 | ||||||||||||
Equity securities*4*5 | 396,465 | 82,039 | 223,016 | 91,410 | ||||||||||||
Derivative assets: | 22,696 | 352 | 8,521 | 13,823 | ||||||||||||
Interest rate swap agreements | 1,867 | 0 | 1,867 | 0 | ||||||||||||
Options held/written and other | 19,504 | 0 | 5,681 | 13,823 | ||||||||||||
Futures, foreign exchange contracts | 1,179 | 352 | 827 | 0 | ||||||||||||
Foreign currency swap agreements | 146 | 0 | 146 | 0 | ||||||||||||
Netting*6 | (1,944 | ) | 0 | 0 | 0 | |||||||||||
Net derivative assets | 20,752 | 0 | 0 | 0 | ||||||||||||
Other assets: | 6,297 | 0 | 0 | 6,297 | ||||||||||||
Reinsurance recoverables*7 | 6,297 | 0 | 0 | 6,297 | ||||||||||||
Total | ¥ | 2,495,301 | ¥ | 88,403 | ¥ | 2,161,911 | ¥ | 244,987 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ¥ | 71,034 | ¥ | 475 | ¥ | 70,526 | ¥ | 33 | ||||||||
Interest rate swap agreements | 23,818 | 0 | 23,818 | 0 | ||||||||||||
Options held/written and other | 17,009 | 0 | 16,976 | 33 | ||||||||||||
Futures, foreign exchange contracts | 25,739 | 475 | 25,264 | 0 | ||||||||||||
Foreign currency swap agreements | 4,459 | 0 | 4,459 | 0 | ||||||||||||
Credit derivatives held | 9 | 0 | 9 | 0 | ||||||||||||
Netting*6 | (1,944 | ) | 0 | 0 | 0 | |||||||||||
Net derivative Liabilities | 69,090 | 0 | 0 | 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: | 266,422 | 0 | 0 | 266,422 | ||||||||||||
Variable annuity and variable life insurance contracts*8 | 266,422 | 0 | 0 | 266,422 | ||||||||||||
Total | ¥ | 337,456 | ¥ | 475 | ¥ | 70,526 | ¥ | 266,455 | ||||||||
*1 | A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were gains million and a loss |
of ¥3,260 million from the change in the fair value of the loans for fiscal |
non-accrual status. |
*2 | A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale |
*3 | A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale were of ¥784 million, ¥210 million and |
*4 | Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of from the change in the fair value of those investments for fiscal the fair value option were |
*5 | The amounts of investment funds measured at net asset value per share which are not included in the above tables were million d ¥ 13,737 million as of March 31, |
*6 | It represents the amount offset under counterparty netting of derivative assets and liabilities. |
*7 | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were |
*8 | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2017 | Gains or losses (realized/unrealized) | Purchases*3 | Sales | Settlements*4 | Transfers in and/ or out of Level 3 (net) | Balance at March 31, 2018 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2018*1 | |||||||||||||||||||||||||||||||||
Included in earnings*1 | Included in other comprehensive income*2 | Total | ||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ¥ | 124,516 | ¥ | 3,690 | ¥ | (5,717 | ) | ¥ | (2,027 | ) | ¥ | 79,925 | ¥ | (37,942 | ) | ¥ | (43,555 | ) | ¥ | 0 | ¥ | 120,917 | ¥ | (35 | ) | |||||||||||||||
Corporate debt securities | 1,618 | 0 | 2 | 2 | 2,050 | 0 | (633 | ) | 0 | 3,037 | 0 | |||||||||||||||||||||||||||||
CMBS and RMBS in the Americas | 57,858 | 1,664 | (3,248 | ) | (1,584 | ) | 1,858 | (3,347 | ) | (18,775 | ) | 0 | 36,010 | (97 | ) | |||||||||||||||||||||||||
Other asset-backed securities and debt securities | 65,040 | 2,026 | (2,471 | ) | (445 | ) | 76,017 | (34,595 | ) | (24,147 | ) | 0 | 81,870 | 62 | ||||||||||||||||||||||||||
Other securities | 27,801 | 4,169 | (1,976 | ) | 2,193 | 26,991 | (19,106 | ) | 0 | 0 | 37,879 | 4,274 | ||||||||||||||||||||||||||||
Investment funds | 27,801 | 4,169 | (1,976 | ) | 2,193 | 26,991 | (19,106 | ) | 0 | 0 | 37,879 | 4,274 | ||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 5,233 | (3,356 | ) | 0 | (3,356 | ) | 2,024 | 0 | (1,610 | ) | 0 | 2,291 | (3,356 | ) | ||||||||||||||||||||||||||
Options held/written and other | 5,233 | (3,356 | ) | 0 | (3,356 | ) | 2,024 | 0 | (1,610 | ) | 0 | 2,291 | (3,356 | ) | ||||||||||||||||||||||||||
Other asset | 22,116 | (11,191 | ) | 0 | (11,191 | ) | 5,385 | 0 | (1,302 | ) | 0 | 15,008 | (11,191 | ) | ||||||||||||||||||||||||||
Reinsurance recoverables*5 | 22,116 | (11,191 | ) | 0 | (11,191 | ) | 5,385 | 0 | (1,302 | ) | 0 | 15,008 | (11,191 | ) | ||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 605,520 | (19,265 | ) | 0 | (19,265 | ) | 0 | 0 | (180,775 | ) | 0 | 444,010 | (19,265 | ) | ||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 | 605,520 | (19,265 | ) | 0 | (19,265 | ) | 0 | 0 | (180,775 | ) | 0 | 444,010 | (19,265 | ) |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2018 | Gains or losses (realized/unrealized) | Purchases*3 | Sales | Settlements*4 | Transfers in and/ or out of Level 3 (net) | Balance at March 31, 2019 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2019*1 | |||||||||||||||||||||||||||||||||
Included in earnings*1 | Included in other comprehensive income*2 | Total | ||||||||||||||||||||||||||||||||||||||
Available-for-sale | ¥ | 120,917 | ¥ | 1,912 | ¥ | 2,020 | ¥ | 3,932 | ¥ | 44,163 | ¥ | (23,241 | ) | ¥ | (27,221 | ) | ¥ | (18,103 | ) | ¥ | 100,447 | ¥ | 268 | |||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 0 | (553 | ) | 136 | (417 | ) | 0 | 0 | 0 | 3,305 | 2,888 | 0 | ||||||||||||||||||||||||||||
Corporate debt securities | 3,037 | 0 | 4 | 4 | 3,100 | 0 | (981 | ) | 1,998 | 7,158 | 0 | |||||||||||||||||||||||||||||
CMBS and RMBS in the Americas | 36,010 | 1,034 | 546 | 1,580 | 1,304 | (6,711 | ) | (8,777 | ) | (23,406 | ) | 0 | 0 | |||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 81,870 | 1,431 | 1,334 | 2,765 | 39,759 | (16,530 | ) | (17,463 | ) | 0 | 90,401 | 268 | ||||||||||||||||||||||||||||
Equity securities | 37,879 | 4,443 | 578 | 5,021 | 37,871 | (1,080 | ) | (18,498 | ) | 0 | 61,193 | 4,192 | ||||||||||||||||||||||||||||
Investment funds | 37,879 | 4,443 | 578 | 5,021 | 37,871 | (1,080 | ) | (18,498 | ) | 0 | 61,193 | 4,192 | ||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 2,291 | 2,981 | 0 | 2,981 | 0 | 0 | 0 | 0 | 5,272 | 2,981 | ||||||||||||||||||||||||||||||
Options held/written and other | 2,291 | 2,981 | 0 | 2,981 | 0 | 0 | 0 | 0 | 5,272 | 2,981 | ||||||||||||||||||||||||||||||
Other asset | 15,008 | (5,483 | ) | 0 | (5,483 | ) | 3,572 | 0 | (648 | ) | 0 | 12,449 | (5,483 | ) | ||||||||||||||||||||||||||
Reinsurance recoverables*5 | 15,008 | (5,483 | ) | 0 | (5,483 | ) | 3,572 | 0 | (648 | ) | 0 | 12,449 | (5,483 | ) | ||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 444,010 | 7,874 | 321 | 8,195 | 0 | 0 | (75,617 | ) | 0 | 360,198 | 7,874 | |||||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 | 444,010 | 7,874 | 321 | 8,195 | 0 | 0 | (75,617 | ) | 0 | 360,198 | 7,874 |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2019 | Gains or losses (realized/unrealized) | Purchases*3 | Sales | Settlements*4 | Transfers in and/ or out of Level 3 (net) | Balance at March 31, 20 20 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 20 20 *1 | |||||||||||||||||||||||||||||||||
Included in earnings*1 | Included in other comprehensive income*2 | Total | ||||||||||||||||||||||||||||||||||||||
Available-for-sale | ¥ | 100,447 | ¥ | 1,291 | ¥ | (13,721 | ) | ¥ | (12,430 | ) | ¥ | 41,270 | ¥ | (3,925 | ) | ¥ | (34,018 | ) | ¥ | (2,991 | ) | ¥ | 88,353 | ¥ | 131 | |||||||||||||||
Japanese prefectural and foreign municipal bond securities | 2,888 | 0 | (56 | ) | (56 | ) | 0 | 0 | 0 | 0 | 2,832 | 0 | ||||||||||||||||||||||||||||
Corporate debt securities | 7,158 | 0 | (8 | ) | (8 | ) | 900 | 0 | (1,065 | ) | (2,991 | ) | 3,994 | 0 | ||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 90,401 | 1,291 | (13,657 | ) | (12,366 | ) | 40,370 | (3,925 | ) | (32,953 | ) | 0 | 81,527 | 131 | ||||||||||||||||||||||||||
Equity securities | 61,193 | 8,197 | (1,641 | ) | 6,556 | 31,725 | (10,108 | ) | (5,465 | ) | 0 | 83,901 | 8,033 | |||||||||||||||||||||||||||
Investment funds | 61,193 | 8,197 | (1,641 | ) | 6,556 | 31,725 | (10,108 | ) | (5,465 | ) | 0 | 83,901 | 8,033 | |||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 5,272 | 10,402 | (192 | ) | 10,210 | 3,748 | 0 | 0 | 0 | 19,230 | 10,402 | |||||||||||||||||||||||||||||
Options held/written and other | 5,272 | 10,402 | (192 | ) | 10,210 | 3,748 | 0 | 0 | 0 | 19,230 | 10,402 | |||||||||||||||||||||||||||||
Other asset | 12,449 | 2,937 | 0 | 2,937 | 3,053 | 0 | (233 | ) | 0 | 18,206 | 2,937 | |||||||||||||||||||||||||||||
Reinsurance recoverables*5 | 12,449 | 2,937 | 0 | 2,937 | 3,053 | 0 | (233 | ) | 0 | 18,206 | 2,937 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 360,198 | 4,802 | 1,215 | 6,017 | 0 | 0 | (53,442 | ) | 0 | 300,739 | 4,802 | |||||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 | 360,198 | 4,802 | 1,215 | 6,017 | 0 | 0 | (53,442 | ) | 0 | 300,739 | 4,802 |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | Gains or losses (realized/unrealized) | Purchases*3 | Sales | Settlements*4 | Transfers in and/ or out of Level 3 (net) | Balance at March 31, 202 1 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 202 1 *1 | Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at March 31, 202 1 *2 | ||||||||||||||||||||||||||||||||||||
Included in earnings*1 | Included in other comprehensive income*2 | Total | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ¥ | 88,353 | ¥ | (1,065 | ) | ¥ | 14,870 | ¥ | 13,805 | ¥ | 51,270 | ¥ | (12,890 | ) | ¥ | (5,187 | ) | ¥ | (1,894 | ) | ¥ | 133,457 | ¥ | (1,228 | ) | ¥ | 14,729 | |||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 2,832 | (115 | ) | 44 | (71 | ) | 0 | 0 | 0 | 0 | 2,761 | (115 | ) | 44 | ||||||||||||||||||||||||||||||
Corporate debt securities | 3,994 | 0 | 1 | 1 | 0 | 0 | (974 | ) | (2,000 | ) | 1,021 | 0 | 1 | |||||||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 81,527 | (950 | ) | 14,825 | 13,875 | 51,270 | (12,890 | ) | (4,213 | ) | 106 | 129,675 | (1,113 | ) | 14,684 | |||||||||||||||||||||||||||||
Equity securities | 83,901 | 14,304 | 1,765 | 16,069 | 2,001 | (4,718 | ) | (5,518 | ) | (325 | ) | 91,410 | 14,042 | 1,769 | ||||||||||||||||||||||||||||||
Investment funds | 83,901 | 14,304 | 1,765 | 16,069 | 2,001 | (4,718 | ) | (5,518 | ) | (325 | ) | 91,410 | 14,042 | 1,769 | ||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 19,230 | (5,474 | ) | 34 | (5,440 | ) | 0 | 0 | 0 | 0 | 13,790 | (5,474 | ) | 34 | ||||||||||||||||||||||||||||||
Options held/written and other | 19,230 | (5,474 | ) | 34 | (5,440 | ) | 0 | 0 | 0 | 0 | 13,790 | (5,474 | ) | 34 | ||||||||||||||||||||||||||||||
Other asset | 18,206 | (14,201 | ) | 0 | (14,201 | ) | 2,713 | 0 | (421 | ) | 0 | 6,297 | (14,201 | ) | 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables*5 | 18,206 | (14,201 | ) | 0 | (14,201 | ) | 2,713 | 0 | (421 | ) | 0 | 6,297 | (14,201 | ) | 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 300,739 | (42,066 | ) | (1,248 | ) | (43,314 | ) | 0 | 0 | (77,631 | ) | 0 | 266,422 | (42,066 | ) | (1,248 | ) | |||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 | 300,739 | (42,066 | ) | (1,248 | ) | (43,314 | ) | 0 | 0 | (77,631 | ) | 0 | 266,422 | (42,066 | ) | (1,248 | ) |
*1 | Principally, gains and losses from available-for-sale available-for-sale |
*2 | Unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation |
*3 | Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. |
*4 | Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. |
*5 | “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” |
*6 | “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2018 | Gains or losses (realized/unrealized) | Purchases*3 | Sales | Settlements*4 | Transfers in and/ or out of Level 3 (net) | Balance at March 31, 2019 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2019*1 | |||||||||||||||||||||||||||||||||
Included in earnings*1 | Included in other comprehensive income*2 | Total | ||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | ¥ | 120,917 | ¥ | 1,912 | ¥ | 2,020 | ¥ | 3,932 | ¥ | 44,163 | ¥ | (23,241 | ) | ¥ | (27,221 | ) | ¥ | (18,103 | ) | ¥ | 100,447 | ¥ | 268 | |||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 0 | (553 | ) | 136 | (417 | ) | 0 | 0 | 0 | 3,305 | 2,888 | 0 | ||||||||||||||||||||||||||||
Corporate debt securities | 3,037 | 0 | 4 | 4 | 3,100 | 0 | (981 | ) | 1,998 | 7,158 | 0 | |||||||||||||||||||||||||||||
CMBS and RMBS in the Americas | 36,010 | 1,034 | 546 | 1,580 | 1,304 | (6,711 | ) | (8,777 | ) | (23,406 | ) | 0 | 0 | |||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 81,870 | 1,431 | 1,334 | 2,765 | 39,759 | (16,530 | ) | (17,463 | ) | 0 | 90,401 | 268 | ||||||||||||||||||||||||||||
Equity securities | 37,879 | 4,443 | 578 | 5,021 | 37,871 | (1,080 | ) | (18,498 | ) | 0 | 61,193 | 4,192 | ||||||||||||||||||||||||||||
Investment funds | 37,879 | 4,443 | 578 | 5,021 | 37,871 | (1,080 | ) | (18,498 | ) | 0 | 61,193 | 4,192 | ||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 2,291 | 2,981 | 0 | 2,981 | 0 | 0 | 0 | 0 | 5,272 | 2,981 | ||||||||||||||||||||||||||||||
Options held/written and other | 2,291 | 2,981 | 0 | 2,981 | 0 | 0 | 0 | 0 | 5,272 | 2,981 | ||||||||||||||||||||||||||||||
Other asset | 15,008 | (5,483 | ) | 0 | (5,483 | ) | 3,572 | 0 | (648 | ) | 0 | 12,449 | (5,483 | ) | ||||||||||||||||||||||||||
Reinsurance recoverables*5 | 15,008 | (5,483 | ) | 0 | (5,483 | ) | 3,572 | 0 | (648 | ) | 0 | 12,449 | (5,483 | ) | ||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 444,010 | 7,874 | 321 | 8,195 | 0 | 0 | (75,617 | ) | 0 | 360,198 | 7,874 | |||||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 | 444,010 | 7,874 | 321 | 8,195 | 0 | 0 | (75,617 | ) | 0 | 360,198 | 7,874 |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2020*1 | ||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2019 | Gains or losses (realized/unrealized) | Purchases*3 | Sales | Settlements*4 | Transfers in and/ or out of Level 3 (net) | Balance at March 31, 2020 | ||||||||||||||||||||||||||||||||||
Included in earnings *1 | Included in other comprehensive income*2 | Total | ||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | ¥ | 100,447 | ¥ | 1,291 | ¥ | (13,721 | ) | ¥ | (12,430 | ) | ¥ | 41,270 | ¥ | (3,925 | ) | ¥ | (34,018 | ) | ¥ | (2,991 | ) | ¥ | 88,353 | ¥ | 131 | |||||||||||||||
Japanese prefectural and foreign municipal bond securities | 2,888 | 0 | (56 | ) | (56 | ) | 0 | 0 | 0 | 0 | 2,832 | 0 | ||||||||||||||||||||||||||||
Corporate debt securities | 7,158 | 0 | (8 | ) | (8 | ) | 900 | 0 | (1,065 | ) | (2,991 | ) | 3,994 | 0 | ||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 90,401 | 1,291 | (13,657 | ) | (12,366 | ) | 40,370 | (3,925 | ) | (32,953 | ) | 0 | 81,527 | 131 | ||||||||||||||||||||||||||
Equity securities | 61,193 | 8,197 | (1,641 | ) | 6,556 | 31,725 | (10,108 | ) | (5,465 | ) | 0 | 83,901 | 8,033 | |||||||||||||||||||||||||||
Investment funds | 61,193 | 8,197 | (1,641 | ) | 6,556 | 31,725 | (10,108 | ) | (5,465 | ) | 0 | 83,901 | 8,033 | |||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 5,272 | 10,402 | (192 | ) | 10,210 | 3,748 | 0 | 0 | 0 | 19,230 | 10,402 | |||||||||||||||||||||||||||||
Options held/written and other | 5,272 | 10,402 | (192 | ) | 10,210 | 3,748 | �� | 0 | 0 | 0 | 19,230 | 10,402 | ||||||||||||||||||||||||||||
Other asset | 12,449 | 2,937 | 0 | 2,937 | 3,053 | 0 | (233 | ) | 0 | 18,206 | 2,937 | |||||||||||||||||||||||||||||
Reinsurance recoverables*5 | 12,449 | 2,937 | 0 | 2,937 | 3,053 | 0 | (233 | ) | 0 | 18,206 | 2,937 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 360,198 | 4,802 | 1,215 | 6,017 | 0 | 0 | (53,442 | ) | 0 | 300,739 | 4,802 | |||||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 | 360,198 | 4,802 | 1,215 | 6,017 | 0 | 0 | (53,442 | ) | 0 | 300,739 | 4,802 |
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | ¥ | 3,839 | ¥ | 0 | ¥ | 3,839 | ¥ | 0 | ||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | 6,630 | 0 | 0 | 6,630 | ||||||||||||
Investment in operating leases and property under facility operations | 12,901 | 0 | 0 | 12,901 | ||||||||||||
Certain investments in affiliates | 2,897 | 0 | 0 | 2,897 | ||||||||||||
¥ | 26,267 | ¥ | 0 | ¥ | 3,839 | ¥ | 22,428 | |||||||||
2020 | ||||||||||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | ¥ | 4,823 | ¥ | 0 | ¥ | 0 | ¥ | 4,823 | ||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | 12,557 | 0 | 0 | 12,557 | ||||||||||||
Investment in operating leases and property under facility operations | 5,731 | 0 | 1,193 | 4,538 | ||||||||||||
Certain investments in affiliates | 11,213 | 8,741 | 0 | 2,472 | ||||||||||||
¥ | 34,324 | ¥ | 8,741 | ¥ | 1,193 | ¥ | 24,390 | |||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | ¥ | 4,823 | ¥ | 0 | ¥ | 0 | ¥ | 4,823 | ||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | 12,557 | 0 | 0 | 12,557 | ||||||||||||
Investment in operating leases and property under facility operations | 5,731 | 0 | 1,193 | 4,538 | ||||||||||||
Certain investments in affiliates | 11,213 | 8,741 | 0 | 2,472 | ||||||||||||
¥ | 34,324 | ¥ | 8,741 | ¥ | 1,193 | ¥ | 24,390 | |||||||||
2021 | ||||||||||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | ¥ | 238 | ¥ | 0 | ¥ | 238 | ¥ | 0 | ||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) | 10,679 | 0 | 0 | 10,679 | ||||||||||||
Investment in operating leases and property under facility operations | 6,740 | 0 | 1,806 | 4,934 | ||||||||||||
Certain equity securities | 10,486 | 0 | 6,909 | 3,577 | ||||||||||||
Certain investments in affiliates | 11,413 | 8,799 | 0 | 2,614 | ||||||||||||
Certain goodwill | 775 | 0 | 0 | 775 | ||||||||||||
¥ | 40,331 | ¥ | 8,799 | ¥ | 8,953 | ¥ | 22,579 | |||||||||
March 31, 2019 | ||||||||||||
Millions of yen | Valuation technique(s) | Significant unobservable inputs | Range (Weighted average) | |||||||||
Fair value | ||||||||||||
Assets: | ||||||||||||
Available-for-sale debt securities: | ||||||||||||
Japanese prefectural and foreign municipal bond securities | ¥ | 2,888 | Discounted cash flows | Discount rate | 8.5% | |||||||
(8.5%) | ||||||||||||
Corporate debt securities | 2,162 | Discounted cash flows | Discount rate | 0.1% – 1.3% | ||||||||
(0.8%) | ||||||||||||
4,996 | Appraisals/Broker quotes | — | — | |||||||||
Other asset-backed securities and debt securities | 23,651 | Discounted cash flows | Discount rate | 0.2% – 51.2% | ||||||||
(8.3%) | ||||||||||||
Probability of default | 0.6% – 1.6% | |||||||||||
(0.8%) | ||||||||||||
66,750 | Appraisals/Broker quotes | — | — | |||||||||
Equity securities: | ||||||||||||
Investment funds | 6,012 | Internal cash flows | Discount rate | 0.0% – 65.0% | ||||||||
(11.3%) | ||||||||||||
32,702 | Discounted cash flows | Discount rate | 3.8% – 17.0% | |||||||||
(14.1%) | ||||||||||||
22,479 | Appraisals/Broker quotes | — | — | |||||||||
Derivative assets: | ||||||||||||
Options held/written and other | 5,005 | Discounted cash flows | Discount rate | 0.0% – 15.0% | ||||||||
(8.6%) | ||||||||||||
267 | Appraisals/Broker quotes | — | — | |||||||||
Other assets: | ||||||||||||
Reinsurance recoverables | 12,449 | Discounted cash flows | Discount rate | (0.1)% – 0.4% | ||||||||
(0.1%) | ||||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||||
(1.3%) | ||||||||||||
Lapse rate | 1.5% – 24.0% | |||||||||||
(16.2%) | ||||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||||
(99.9%) | ||||||||||||
Total | ¥ | 179,361 | ||||||||||
Liabilities: | ||||||||||||
Policy liabilities and Policy Account Balances: | ||||||||||||
Variable annuity and variable life insurance contracts | ¥ | 360,198 | Discounted cash flows | Discount rate | (0.1)% – 0.4% | |||||||
(0.1%) | ||||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||||
(1.3%) | ||||||||||||
Lapse rate | 1.5% – 54.0% | |||||||||||
(16.0%) | ||||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||||
(80.3%) | ||||||||||||
Total | ¥ | 360,198 | ||||||||||
March 31, 2020 | ||||||||||
Millions of yen | Valuation technique(s) | Significant unobservable inputs | Range (Weighted average) | |||||||
Fair value | ||||||||||
Assets: | ||||||||||
Available-for-sale | ||||||||||
Japanese prefectural and foreign municipal bond securities | ¥ | 2,832 | Discounted cash flows | Discount rate | 8.5% | |||||
(8.5%) | ||||||||||
Corporate debt securities | 1,995 | Discounted cash flows | Discount rate | 0.4% – 2.5% | ||||||
(0.8%) | ||||||||||
1,999 | Appraisals/Broker quotes | — | — | |||||||
Other asset-backed securities and debt securities | 20,582 | Discounted cash flows | Discount rate | 1.0% – 51.2% | ||||||
(12.1%) | ||||||||||
Probability of default | 1.9% | |||||||||
(1.9%) | ||||||||||
60,945 | Appraisals/Broker quotes | — | — | |||||||
Equity securities: | ||||||||||
Investment funds | 5,714 | Internal cash flows | Discount rate | 0.0% | ||||||
(0.0%) | ||||||||||
54,898 | Discounted cash flows | WACC | 7.6% – 19.1% | |||||||
(16.5%) | ||||||||||
EV/Terminal EBITDA multiple | 7.0x-11.9x | |||||||||
(9.3x) | ||||||||||
Market multiples | EV/Last twelve months EBITDA multiple | 7.5x-11.8x | ||||||||
(9.4x) | ||||||||||
EV/Forward EBITDA multiple | 6.5x-10.3x | |||||||||
(8.4x) | ||||||||||
EV/Precedent transaction last twelve months EBITDA multiple | 7.5x-12.1x | |||||||||
(9.5x) | ||||||||||
23,289 | Appraisals/Broker quotes | — | — | |||||||
Derivative assets: | ||||||||||
Options held/written and other | 19,170 | Discounted cash flows | Discount rate | 12.0% – 33.0% | ||||||
(14.4%) | ||||||||||
60 | Appraisals/Broker quotes | — | — | |||||||
Other assets: | ||||||||||
Reinsurance recoverables | 18,206 | Discounted cash flows | Discount rate | (0.2)% – 0.6% | ||||||
(0.2%) | ||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||
(1.4%) | ||||||||||
Lapse rate | 1.5% – 14.0% | |||||||||
(7.1%) | ||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||
(100.0%) | ||||||||||
Total | ¥ | 209,690 | ||||||||
Liabilities: | ||||||||||
Policy liabilities and Policy Account Balances: | ||||||||||
Variable annuity and variable life insurance contracts | ¥ | 300,739 | Discounted cash flows | Discount rate | (0.2)% – 0.6% | |||||
(0.2%) | ||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||
(1.3%) | ||||||||||
Lapse rate | 1.5% – 30.0% | |||||||||
(6.9%) | ||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||
(80.9%) | ||||||||||
Total | ¥ | 300,739 | ||||||||
March 31, 2020 | ||||||||||||
Millions of yen | Valuation technique(s) | Significant unobservable inputs | Range (Weighted average) | |||||||||
Fair value | ||||||||||||
Assets: | ||||||||||||
Available-for-sale debt securities: | ||||||||||||
Japanese prefectural and foreign municipal bond securities | ¥ | 2,832 | Discounted cash flows | Discount rate | 8.5% | |||||||
(8.5%) | ||||||||||||
Corporate debt securities | 1,995 | Discounted cash flows | Discount rate | 0.4% – 2.5% | ||||||||
(0.8%) | ||||||||||||
1,999 | Appraisals/Broker quotes | — | — | |||||||||
Other asset-backed securities and debt securities | 20,582 | Discounted cash flows | Discount rate | 1.0% – 51.2% | ||||||||
(12.1%) | ||||||||||||
Probability of default | 1.9% | |||||||||||
(1.9%) | ||||||||||||
60,945 | Appraisals/Broker quotes | — | — | |||||||||
Equity securities: | ||||||||||||
Investment funds | 5,714 | Internal cash flows | Discount rate | 0.0% | ||||||||
(0.0%) | ||||||||||||
54,898 | Discounted cash flows | WACC | 7.6% – 19.1% | |||||||||
(16.5%) | ||||||||||||
EV/Terminal EBITDA multiple | 7.0x – 11.9x | |||||||||||
( 9.3x ) | ||||||||||||
Market multiples | EV/Last twelve months EBITDA multiple | 7.5x – 11.8x | ||||||||||
( 9.4x ) | ||||||||||||
EV/Forward EBITDA multiple | 6.5x – 10.3x (8.4x) | |||||||||||
EV/Precedent transaction last twelve months EBITDA multiple | 7.5x – 12.1x (9.5x) | |||||||||||
23,289 | Appraisals/Broker quotes | — | — | |||||||||
Derivative assets: | ||||||||||||
Options held/written and other | 19,170 | Discounted cash flows | Discount rate | 12.0% – 33.0% | ||||||||
(14.4%) | ||||||||||||
60 | Appraisals/Broker quotes | — | — | |||||||||
Other assets: | ||||||||||||
Reinsurance recoverables | 18,206 | Discounted cash flows | Discount rate | (0.2)% – 0.6% | ||||||||
(0.2%) | ||||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||||
(1.4%) | ||||||||||||
Lapse rate | 1.5% – 14.0% | |||||||||||
(7.1%) | ||||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||||
(100.0%) | ||||||||||||
Total | ¥ | 209,690 | ||||||||||
Liabilities: | ||||||||||||
Policy liabilities and Policy Account Balances: | ||||||||||||
Variable annuity and variable life insurance contracts | ¥ | 300,739 | Discounted cash flows | Discount rate | (0.2)% – 0.6% | |||||||
(0.2%) | ||||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||||
(1.3%) | ||||||||||||
Lapse rate | 1.5% – 30.0% | |||||||||||
(6.9%) | ||||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||||
(80.9%) | ||||||||||||
Total | ¥300,739 | |||||||||||
March 31, 2021 | ||||||||||||
Millions of yen | Valuation technique(s) | Significant unobservable inputs | Range (Weighted average) | |||||||||
Fair value | ||||||||||||
Assets: | ||||||||||||
Available-for-sale | ||||||||||||
Japanese prefectural and foreign municipal bond securities | ¥ | 2,761 | Appraisals/Broker quotes | — | — | |||||||
Corporate debt securities | 1,021 | Discounted cash flows | Discount rate | 0.3% – 1.8% | ||||||||
(0.7%) | ||||||||||||
Other asset-backed securities and debt securities | 25,891 | Discounted cash flows | Discount rate | 1.0% – 51.2% | ||||||||
(11.1%) | ||||||||||||
Probability of default | 1.9% | |||||||||||
(1.9%) | ||||||||||||
103,784 | Appraisals/Broker quotes | — | — | |||||||||
Equity securities: | ||||||||||||
Investment funds | 78,134 | Discounted cash flows | WACC | 13.1% – 18.7% | ||||||||
(16.8%) | ||||||||||||
EV/Terminal EBITDA multiple | 7.3x – 10.5x | |||||||||||
(8.6x) | ||||||||||||
Market multiples | EV/Last twelve months EBITDA multiple | 6.8x – 9.5x | ||||||||||
(7.8x) | ||||||||||||
EV/Forward EBITDA multiple | 7.6x – 11.6x | |||||||||||
(9.0x) | ||||||||||||
EV/Precedent transaction last twelve months EBITDA multiple | 7.7x – 10.9x | |||||||||||
(9.1x) | ||||||||||||
13,276 | Appraisals/Broker quotes | — | — | |||||||||
Derivative assets: | ||||||||||||
Options held/written and other | 13,762 | Discounted cash flows | Discount rate | 12.0% – 33.0% | ||||||||
(14.3%) | ||||||||||||
61 | Appraisals/Broker quotes | — | — | |||||||||
Other assets: | ||||||||||||
Reinsurance recoverables | 6,297 | Discounted cash flows | Discount rate | 0.0% – 0.4% | ||||||||
(0.1%) | ||||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||||
(1.6%) | ||||||||||||
Lapse rate | 1.5% – 14.0% | |||||||||||
(6.7%) | ||||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||||
(100.0%) | ||||||||||||
Total | ¥ | 244,987 | ||||||||||
Liabilities: | ||||||||||||
Derivative liabilities: | ||||||||||||
Options held/written and other | ¥ | 33 | Appraisals/Broker quotes | — | — | |||||||
Policy liabilities and Policy Account Balances: | ||||||||||||
Variable annuity and variable life insurance contracts | 266,422 | Discounted cash flows | Discount rate | 0.0% – 0.4% | ||||||||
(0.1%) | ||||||||||||
Mortality rate | 0.0% – 100.0% | |||||||||||
(1.6%) | ||||||||||||
Lapse rate | 1.5% – 30.0% | |||||||||||
(6.9%) | ||||||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% | |||||||||||
(76.7%) | ||||||||||||
Total | ¥ | 266,455 | ||||||||||
2019 | ||||||||||||||||
Millions of yen | Significant unobservable inputs | Range (Weighted average) | ||||||||||||||
Fair value | Valuation technique(s) | |||||||||||||||
Assets: | ||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | ¥ | 6,630 | Direct capitalization | Capitalization rate | 5.8% – 8.2% | |||||||||||
((6.3%) | ||||||||||||||||
Appraisals | — | — | ||||||||||||||
Investment in operating leases and property under facility operations | 2,345 | Discounted cash flows | Discount rate | 7.3% | ||||||||||||
((7.3%) | ||||||||||||||||
10,556 | Appraisals | — | — | |||||||||||||
Certain investments in affiliates | 334 | Business enterprise value multiples | — | — | ||||||||||||
Discounted cash flows | Discount rate | 14.0% | ||||||||||||||
((14.0%) | ||||||||||||||||
2,563 | Appraisals | — | — | |||||||||||||
¥ | 22,428 | |||||||||||||||
2020 | ||||||||||||||||
Millions of yen | Significant unobservable inputs | Range (Weighted average) | ||||||||||||||
Fair value | Valuation technique(s) | |||||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | ¥ | 4,823 | Discounted cash flows | Discount rate | 5.7% – 7.7% | |||||||||||
(6.8)% | ||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | 12,557 | Direct capitalization | Capitalization rate | 5.6% – 7.0% | ||||||||||||
((6.0%) | ||||||||||||||||
Appraisals | — | — | ||||||||||||||
Investment in operating leases and property under facility operations | 302 | Direct capitalization | Capitalization rate | 4.3% | ||||||||||||
(4.3)% | ||||||||||||||||
Discounted cash flows | Discount rate | 4.1% | ||||||||||||||
(4.1)% | ||||||||||||||||
4,236 | Appraisals | — | — | |||||||||||||
Certain investments in affiliates | 359 | Discounted cash flows | WACC | 14.0% | ||||||||||||
(14.0%) | ||||||||||||||||
Market multiples | EV/Precedent transaction last twelve months EBITDA multiple | 7.0x (7.0x) | ||||||||||||||
EV/Precedent transaction three year average EBITDA multiple | 7.0x (7.0x) | |||||||||||||||
2,113 | Appraisals | — | — | |||||||||||||
¥ | 24,390 | |||||||||||||||
2020 | ||||||||||||
Millions of yen | Valuation technique(s) | Significant unobservable inputs | Range (Weighted average) | |||||||||
Fair value | ||||||||||||
Assets: | ||||||||||||
Loans held for sale | ¥ | 4,823 | Discounted cash flows | Discount rate | 5.7% – 7.7% | |||||||
(6.8%) | ||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | 12,557 | Direct capitalization | Capitalization rate | 5.6% – 7.0% | ||||||||
(6.0%) | ||||||||||||
Appraisals | — | — | ||||||||||
Investment in operating leases and property under facility operations | 302 | Direct capitalization | Capitalization rate | 4.3% | ||||||||
(4.3%) | ||||||||||||
Discounted cash flows | Discount rate | 4.1% | ||||||||||
(4.1%) | ||||||||||||
4,236 | Appraisals | — | — | |||||||||
Certain investments in affiliates | 359 | Discounted cash flows | WACC | 14.0% | ||||||||
(14.0%) | ||||||||||||
Market multiples | EV/Precedent transaction last twelve months EBITDA multiple | 7.0x | ||||||||||
(7.0x) | ||||||||||||
EV/Precedent transaction three year average EBITDA multiple | 7.0x | |||||||||||
(7.0x) | ||||||||||||
2,113 | Appraisals | — | — | |||||||||
¥ | 24,390 | |||||||||||
2021 | ||||||||||||
Millions of yen | Valuation technique(s) | Significant unobservable inputs | Range (Weighted average) | |||||||||
Fair value | ||||||||||||
Assets: | ||||||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) | ¥ | 1,953 | Direct capitalization | Capitalization rate | 5.1% – 7.0% | |||||||
(5.9%) | ||||||||||||
8,726 | Appraisals | — | — | |||||||||
Investment in operating leases and property under facility operations | 4,934 | Appraisals | — | — | ||||||||
Certain equity securities | 3,577 | Appraisals | — | — | ||||||||
Certain investments in affiliates | 2,614 | Appraisals | — | — | ||||||||
Certain goodwill | 775 | Market multiples | EV/Precedent transaction last twelve months EBITDA multiple | 5.5x | ||||||||
(5.5x) | ||||||||||||
¥ | 22,579 | |||||||||||
Millions of yen | ||||||||
2019 | 2020 | |||||||
Goods or services category | ||||||||
Sales of goods | ¥ | 462,029 | ¥ | 287,558 | ||||
Real estate sales | 134,136 | 118,953 | ||||||
Asset management and servicing | 191,820 | 181,851 | ||||||
Automobile related services | 78,723 | 77,987 | ||||||
Facilities operation | 104,005 | 69,297 | ||||||
Environment and energy services | 132,243 | 141,532 | ||||||
Real estate management and brokerage | 103,062 | 104,110 | ||||||
Real estate contract work | 82,217 | 88,966 | ||||||
Other | 107,341 | 104,059 | ||||||
Total revenues from contracts with customers | ¥ | 1,395,576 | ¥ | 1,174,313 | ||||
Other revenues* | 19,383 | 8,210 | ||||||
Total sales of goods and real estate and services income | ¥ | 1,414,959 | ¥ | 1,182,523 | ||||
Millions of yen | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Goods or services category | ||||||||||||
Sales of goods | ¥ | 462,029 | ¥ | 287,558 | ¥ | 321,883 | ||||||
Real estate sales | 134,136 | 118,953 | 89,070 | |||||||||
Asset management and servicing | 191,820 | 181,851 | 173,191 | |||||||||
Automobile related services | 78,723 | 77,987 | 72,000 | |||||||||
Facilities operation | 104,005 | 69,297 | 23,811 | |||||||||
Environment and energy services | 132,243 | 141,532 | 137,011 | |||||||||
Real estate management and brokerage | 103,062 | 104,110 | 101,942 | |||||||||
Real estate contract work | 82,217 | 88,966 | 80,179 | |||||||||
Other | 107,341 | 104,059 | 88,468 | |||||||||
Total revenues from contracts with customers | 1,395,576 | 1,174,313 | 1,087,555 | |||||||||
Other revenues* | 19,383 | 8,210 | 3,247 | |||||||||
Total sales of goods and real estate and services income | ¥ | 1,414,959 | ¥ | 1,182,523 | ¥ | 1,090,802 | ||||||
* | Other revenues are not in the scope of revenue from contracts with customers. |
Millions of yen | ||||||||
2019 | 2020 | |||||||
Goods or services category | ||||||||
Costs of goods sold | ¥ | 419,001 | ¥ | 247,036 | ||||
Costs of real estate sold | 116,260 | 106,970 | ||||||
Asset management and servicing | 44,107 | 37,808 | ||||||
Automobile related services | 47,859 | 48,579 | ||||||
Facilities operation | 95,207 | 66,163 | ||||||
Environment and energy services | 105,414 | 110,899 | ||||||
Real estate management and brokerage | 94,869 | 94,119 | ||||||
Real estate contract work | 71,958 | 76,983 | ||||||
Other | 48,906 | 49,363 | ||||||
Total expenses of costs of goods and real estate sold and services expenses | ¥ | 1,043,581 | ¥ | 837,920 | ||||
Millions of yen | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Goods or services category | ||||||||||||
Costs of goods sold | ¥ | 419,001 | ¥ | 247,036 | ¥ | 272,657 | ||||||
Costs of real estate sold | 116,260 | 106,970 | 75,064 | |||||||||
Asset management and servicing | 44,107 | 37,808 | 42,145 | |||||||||
Automobile related services | 47,859 | 48,579 | 45,734 | |||||||||
Facilities operation | 95,207 | 66,163 | 41,461 | |||||||||
Environment and energy services | 105,414 | 110,899 | 105,246 | |||||||||
Real estate management and brokerage | 94,869 | 94,119 | 89,685 | |||||||||
Real estate contract work | 71,958 | 76,983 | 69,815 | |||||||||
Other | 48,906 | 49,363 | 45,147 | |||||||||
Total expenses of costs of goods and real estate sold and services expenses | ¥ | 1,043,581 | ¥ | 837,920 | ¥ | 786,954 | ||||||
Millions of yen | ||||||||
March 31, 2019 | March 31, 2020 | |||||||
Trade Notes, Accounts and Other Receivable | ¥ | 161,884 | ¥ | 165,676 | ||||
Contract assets (Included in Other Assets) | 2,277 | 3,811 | ||||||
Contract liabilities (Included in Other Liabilities) | 45,371 | 32,805 |
Millions of yen | ||||||||
March 31, 2020 | March 31, 2021 | |||||||
Trade Notes, Accounts and Other Receivable | ¥ | 165,676 | ¥ | 180,828 | ||||
Contract assets (Included in Other Assets) | 3,811 | 6,558 | ||||||
Contract liabilities (Included in Other Liabilities) | 32,805 | 40,436 |
yen | ||||
Millions of yen | ||||||||
2019 | 2020 | |||||||
Cash and Cash Equivalents | ¥ | 1,161,032 | ¥ | 982,666 | ||||
Restricted Cash | 122,548 | 152,618 | ||||||
Cash, Cash Equivalents and Restricted Cash | ¥ | 1,283,580 | ¥ | 1,135,284 | ||||
Millions of yen | ||||||||
2020 | 2021 | |||||||
Cash and Cash Equivalents | ¥ | 982,666 | ¥ | 951,242 | ||||
Restricted Cash | 152,618 | 128,333 | ||||||
Cash, Cash Equivalents and Restricted Cash | ¥ | 1,135,284 | ¥ | 1,079,575 | ||||
Millions of yen | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
Cash payments: | ||||||||||||
Interest | ¥ | 75,013 | ¥ | 92,424 | ¥ | 99,788 | ||||||
Income taxes, net | 181,854 | 67,065 | 124,236 |
Millions of yen | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Cash payments: | ||||||||||||
Interest | ¥ | 92,424 | ¥ | 99,788 | ¥ | 80,313 | ||||||
Income taxes, net | 67,065 | 124,236 | 76,292 |
Millions of yen | ||||||||
Fiscal Year ended March 31, 2020 | Fiscal Year ended March 31, 2021 | |||||||
Lease income – net investment in leases | ||||||||
Interest income | ¥ | 72,663 | ¥ | 69,718 | ||||
Other | 2,412 | 2,113 | ||||||
Lease income – operating leases* | 430,665 | 397,065 | ||||||
Total lease income | ¥ | 505,740 | ¥ | 468,896 | ||||
* | Gains from the disposition of real estate under operating leases included in operating lease revenues |
Millions of yen | Millions of yen | |||||||
March 31, 2020 | March 31, 2021 | |||||||
Lease receivables | ¥ | 1,049,409 | ¥ | 998,050 | ||||
Unguaranteed residual value | 27,868 | 29,245 | ||||||
Initial direct costs | 3,687 | 2,223 | ||||||
Total | ¥ | 1,080,964 | ¥ | 1,029,518 | ||||
Millions of yen | ||||||||
2020 | 2021 | |||||||
Transportation equipment | ¥ | 1,305,908 | ¥ | 1,364,559 | ||||
Measuring and information-related equipment | 287,301 | 307,010 | ||||||
Real estate | 305,981 | 291,917 | ||||||
Other | 32,119 | 43,507 | ||||||
1,931,309 | 2,006,993 | |||||||
Accumulated depreciation | (678,245 | ) | (741,022 | ) | ||||
Net | 1,253,064 | 1,265,971 | ||||||
Right-of-use | 121,553 | 114,268 | ||||||
Accrued rental receivables | 25,384 | 28,259 | ||||||
Allowance for doubtful receivables on operating leases* | 0 | (309 | ) | |||||
Total | ¥ | 1,400,001 | ¥ | 1,408,189 | ||||
* | ||||
Millions of yen | ||||||||
2020 | 2021 | |||||||
Depreciation expenses | ¥ | 209,586 | ¥ | 217,212 | ||||
Various expenses | 80,018 | 78,416 | ||||||
Total | ¥ | 289,604 | ¥ | 295,628 | ||||
Millions of yen | ||||||||
Years ending March 31, | Net investment in leases | Operating leases | ||||||
2021 | ¥ | 411,013 | ¥ | 289,277 | ||||
2022 | 297,692 | 194,257 | ||||||
2023 | 197,792 | 130,752 | ||||||
2024 | 120,602 | 83,242 | ||||||
2025 | 68,894 | 48,525 | ||||||
Thereafter | 82,385 | 126,200 | ||||||
Total lease payments | 1,178,377 | ¥ | 872,253 | |||||
Less imputed interest | (128,968 | ) | ||||||
Total lease receivables | ¥ | 1,049,409 | ||||||
Millions of yen | ||||||||
Years ending March 31, | Net investment in leases | Operating leases | ||||||
2022 | ¥ | 422,309 | ¥ | 309,912 | ||||
2023 | 275,941 | 197,837 | ||||||
2024 | 179,308 | 131,063 | ||||||
2025 | 108,799 | 80,549 | ||||||
2026 | 61,469 | 43,921 | ||||||
Thereafter | 70,851 | 117,232 | ||||||
Total lease payments | 1,118,677 | ¥ | 880,514 | |||||
Less imputed interest | (120,627 | ) | ||||||
Total lease receivables | ¥ | 998,050 | ||||||
Millions of yen | Millions of yen | |||||||
Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||
Finance lease cost | ||||||||
Depreciation expenses of right-of-use | ¥ | 743 | ¥ | 359 | ||||
Interest expenses of lease liabilities | 302 | 131 | ||||||
1,045 | 490 | |||||||
Operating lease cost | 42,427 | 42,964 | ||||||
Short-term lease cost | 2,633 | 3,347 | ||||||
Variable lease cost | 948 | 230 | ||||||
Sublease income | (3,688 | ) | (4,142 | ) | ||||
Total | ¥ | 43,365 | ¥ | 42,889 | ||||
Millions of yen | ||||||||
Year Ended March 31, 2020 | ||||||||
Finance leases | Operating leases | |||||||
Cash paid for amounts included in the measurements of lease liabilities: | ||||||||
Cash flows from operating activities | ¥ | 302 | ¥ | 44,610 | ||||
Cash flows from financing activities | 494 | 0 | ||||||
Right-of-use assets obtained in exchange for lease liabilities: | ¥ | 531 | ¥ | 39,775 | ||||
Millions of yen | ||||||||
Year Ended March 31, 2020 | ||||||||
Finance leases | Operating leases | |||||||
Cash paid for amounts included in the measurements of lease liabilities: | ||||||||
Cash flows from operating activities | ¥ | 302 | ¥ | 44,610 | ||||
Cash flows from financing activities | 494 | 0 | ||||||
Right-of-use | ¥ | 531 | ¥ | 39,775 | ||||
Millions of yen | ||||||||
Year Ended March 31, 2021 | ||||||||
Finance leases | Operating leases | |||||||
Cash paid for amounts included in the measurements of lease liabilities: | ||||||||
Cash flows from operating activities | ¥ | 131 | ¥ | 41,680 | ||||
Cash flows from financing activities | 674 | 0 | ||||||
Right-of-use | ¥ | 228 | ¥ | 55,344 | ||||
Millions of yen, except lease term and discount rate | ||||||||
March 31, 2020 | ||||||||
Finance leases | Operating leases | |||||||
Investment in Operating Leases | ¥ | 0 | ¥ | 121,553 | ||||
Property under Facility Operations | 2,241 | 73,226 | ||||||
Office Facilities | 8 | 75,381 | ||||||
Total right-of-use assets | 2,249 | 270,160 | ||||||
Other Liabilities | 2,840 | 266,790 | ||||||
Total lease liabilities | ¥ | 2,840 | ¥ | 266,790 | ||||
Weighted average remaining lease term | 9years | 13years | ||||||
Weighted average discount rate | 3.01 | % | 1.08 | % | ||||
Millions of yen, except lease term and discount rate | ||||||||
March 31, 2020 | ||||||||
Finance leases | Operating leases | |||||||
Investment in Operating Leases | ¥ | 0 | ¥ | 121,553 | ||||
Property under Facility Operations | 2,241 | 73,226 | ||||||
Office Facilities | 8 | 75,381 | ||||||
Total right-of-use | 2,249 | 270,160 | ||||||
Other Liabilities | 2,840 | 266,790 | ||||||
Total lease liabilities | ¥ | 2,840 | ¥ | 266,790 | ||||
Weighted average remaining lease term | 9years | 13years | ||||||
Weighted average discount rate | 3.0 | % | 1.1 | % | ||||
Millions of yen, except lease term and discount rate | ||||||||
March 31, 2021 | ||||||||
Finance leases | Operating leases | |||||||
Investment in Operating Leases | ¥ | 257 | ¥ | 114,011 | ||||
Property under Facility Operations | 1,990 | 69,291 | ||||||
Office Facilities | 487 | 108,717 | ||||||
Total right-of-use | 2,734 | 292,019 | ||||||
Other Liabilities | 3,417 | 289,890 | ||||||
Total lease liabilities | ¥ | 3,417 | ¥ | 289,890 | ||||
Weighted average remaining lease term | 7years | 12years | ||||||
Weighted average discount rate | 4.4 | % | 1.1 | % | ||||
Millions of yen | ||||||||
Years ending March 31, | Finance leases | Operating leases | ||||||
2021 | ¥ | 485 | ¥ | 45,303 | ||||
2022 | 484 | 30,701 | ||||||
2023 | 482 | 26,884 | ||||||
2024 | 477 | 23,861 | ||||||
2025 | 473 | 21,649 | ||||||
Thereafter | 848 | 135,909 | ||||||
Total lease payments | 3,249 | 284,307 | ||||||
Less imputed interest | (409 | ) | (17,517 | ) | ||||
Total lease liabilities | ¥ | 2,840 | ¥ | 266,790 | ||||
Millions of yen | ||||||||
Years ending March 31, | Finance leases | Operating leases | ||||||
2022 | ¥ | 869 | ¥ | 47,926 | ||||
2023 | 676 | 38,281 | ||||||
2024 | 596 | 32,513 | ||||||
2025 | 540 | 29,881 | ||||||
2026 | 254 | 25,483 | ||||||
Thereafter | 698 | 134,119 | ||||||
Total lease payments | 3,633 | 308,203 | ||||||
Less imputed interest | (216 | ) | (18,313 | ) | ||||
Total lease liabilities | ¥ | 3,417 | ¥ | 289,890 | ||||
Millions of yen | ||||||||
2018 | 2019 | |||||||
Depreciation expenses | ¥ | 195,047 | ¥ | 202,858 | ||||
Various expenses | 57,280 | 54,463 | ||||||
¥ | 252,327 | ¥ | 257,321 | |||||
Millions of yen | ||||
2019 | ||||
Depreciation expenses | ¥ | 202,858 | ||
Various expenses | 54,463 | |||
¥ | 257,321 | |||
Millions of yen | ||||||||
2019 | 2020 | |||||||
Borrowers in Japan: | ||||||||
Consumer— | ||||||||
Real estate loans | ¥ | 1,560,832 | ¥ | 1,842,131 | ||||
Card loans | 245,139 | 223,651 | ||||||
Other | 32,962 | 32,618 | ||||||
1,838,933 | 2,098,400 | |||||||
Corporate— | ||||||||
Real estate companies | 288,851 | 300,984 | ||||||
Non-recourse loans | 53,067 | 48,566 | ||||||
Commercial, industrial and other companies | 266,675 | 255,309 | ||||||
608,593 | 604,859 | |||||||
Overseas: | ||||||||
Real estate companies | 104,883 | 250,195 | ||||||
Non-recourse loans | 49,915 | 83,515 | ||||||
Commercial, industrial companies and other | 658,930 | 690,299 | ||||||
813,728 | 1,024,009 | |||||||
Purchased loans* | 16,416 | 13,218 | ||||||
¥ | 3,277,670 | ¥ | 3,740,486 | |||||
Millions of yen | ||||||||
2020 | 2021 | |||||||
Borrowers in Japan: | ||||||||
Consumer— | ||||||||
Real estate loans | ¥ | 1,842,131 | ¥ | 1,995,031 | ||||
Card loans | 223,651 | 188,547 | ||||||
Other | 32,618 | 27,698 | ||||||
2,098,400 | 2,211,276 | |||||||
Corporate— | ||||||||
Real estate companies | 300,984 | 279,046 | ||||||
Non-recourse loans | 48,566 | 47,956 | ||||||
Commercial, industrial and other companies | 255,309 | 203,890 | ||||||
604,859 | 530,892 | |||||||
Overseas: | ||||||||
Real estate companies | ¥ | 250,195 | ¥ | 197,074 | ||||
Non-recourse loans | 83,515 | 113,129 | ||||||
Commercial, industrial companies and other | 690,299 | 606,062 | ||||||
1,024,009 | 916,265 | |||||||
Purchased loans* | 13,218 | 12,351 | ||||||
¥ | 3,740,486 | ¥ | 3,670,784 | |||||
* | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
Years ending March 31, | Millions of yen | |||
2021 | ¥ | 579,065 | ||
2022 | 352,497 | |||
2023 | 350,778 | |||
2024 | 255,482 | |||
2025 | 247,876 | |||
Thereafter | 1,941,570 | |||
Total | ¥ | 3,727,268 | ||
Years ending March 31, | Millions of yen | |||
2022 | ¥ | 520,274 | ||
2023 | 398,703 | |||
2024 | 265,404 | |||
2025 | 245,690 | |||
2026 | 197,143 | |||
Thereafter | 2,031,219 | |||
Total | ¥ | 3,658,433 | ||
Millions of yen | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
Beginning balance | ¥ | 6,061 | ¥ | 4,292 | ¥ | 3,186 | ||||||
Provision (Reversal) | (539 | ) | (331 | ) | (24 | ) | ||||||
Charge-offs | (1,375 | ) | (822 | ) | (1,789 | ) | ||||||
Recoveries | 152 | 126 | 77 | |||||||||
Other* | (7 | ) | (79 | ) | 8 | |||||||
Ending balance | ¥ | 4,292 | ¥ | 3,186 | ¥ | 1,458 | ||||||
Millions of yen | ||||||||
2019 | 2020 | |||||||
Beginning balance | ¥ | 4,292 | ¥ | 3,186 | ||||
Provision (Reversal) | (331 | ) | (24 | ) | ||||
Charge-offs | (822 | ) | (1,789 | ) | ||||
Recoveries | 126 | 77 | ||||||
Other* | (79 | ) | 8 | |||||
Ending balance | ¥ | 3,186 | ¥ | 1,458 | ||||
* | Other includes foreign currency translation adjustments. |
March 31, 2018 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Loans | Direct f inancing leases | Total | ||||||||||||||||||||||
Consumer | Corporate | Purchased loans*1 | ||||||||||||||||||||||
Non-recourse loans | Other | |||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||
Beginning balance | ¥ | 18,599 | ¥ | 2,951 | ¥ | 21,079 | ¥ | 6,061 | ¥ | 10,537 | ¥ | 59,227 | ||||||||||||
Provision (Reversal) | 11,922 | (173 | ) | 3,814 | (539 | ) | 2,241 | 17,265 | ||||||||||||||||
Charge-offs | (9,784 | ) | (2,031 | ) | (4,643 | ) | (1,375 | ) | (2,733 | ) | (20,566 | ) | ||||||||||||
Recoveries | 657 | — | 260 | 152 | 32 | 1,101 | ||||||||||||||||||
Other*2 | (198 | ) | (59 | ) | (2,103 | ) | (7 | ) | 12 | (2,355 | ) | |||||||||||||
Ending balance | ¥ | 21,196 | ¥ | 688 | ¥ | 18,407 | ¥ | 4,292 | ¥ | 10,089 | ¥ | 54,672 | ||||||||||||
Individually evaluated for impairment | 3,020 | 149 | 8,295 | 2,880 | — | 14,344 | ||||||||||||||||||
Not individually evaluated for impairment | 18,176 | 539 | 10,112 | 1,412 | 10,089 | 40,328 | ||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Ending balance | ¥ | 1,739,173 | ¥ | 73,305 | ¥ | 974,058 | ¥ | 18,933 | ¥ | 1,194,888 | ¥ | 4,000,357 | ||||||||||||
Individually evaluated for impairment | 18,911 | 3,745 | 19,385 | 5,101 | — | 47,142 | ||||||||||||||||||
Not individually evaluated for impairment | 1,720,262 | 69,560 | 954,673 | 13,832 | 1,194,888 | 3,953,215 |
March 31, 2019 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Loans | Direct financing leases | Total | ||||||||||||||||||||||
Consumer | Corporate | Purchased loans*1 | ||||||||||||||||||||||
Non-recourse loans | Other | |||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||
Beginning balance | ¥ | 21,196 | ¥ | 688 | ¥ | 18,407 | ¥ | 4,292 | ¥ | 10,089 | ¥ | 54,672 | ||||||||||||
Provision (Reversal) | 12,400 | 213 | 5,919 | (331 | ) | 4,324 | 22,525 | |||||||||||||||||
Charge-offs | (13,115 | ) | 0 | (4,080 | ) | (822 | ) | (2,413 | ) | (20,430 | ) | |||||||||||||
Recoveries | 687 | 0 | 246 | 126 | 158 | 1,217 | ||||||||||||||||||
Other*2 | 27 | 18 | 170 | (79 | ) | (109 | ) | 27 | ||||||||||||||||
Ending balance | ¥ | 21,195 | ¥ | 919 | ¥ | 20,662 | ¥ | 3,186 | ¥ | 12,049 | ¥ | 58,011 | ||||||||||||
Individually evaluated for impairment | 3,372 | 166 | 8,276 | 1,917 | 0 | 13,731 | ||||||||||||||||||
Not individually evaluated for impairment | 17,823 | 753 | 12,386 | 1,269 | 12,049 | 44,280 | ||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Ending balance | ¥ | 1,906,022 | ¥ | 99,028 | ¥ | 1,201,893 | ¥ | 16,416 | ¥ | 1,155,632 | ¥ | 4,378,991 | ||||||||||||
Individually evaluated for impairment | 23,163 | 4,448 | 27,452 | 3,764 | 0 | 58,827 | ||||||||||||||||||
Not individually evaluated for impairment | 1,882,859 | 94,580 | 1,174,441 | 12,652 | 1,155,632 | 4,320,164 |
March 31, 2020 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Loans | Direct financing leases | Total | ||||||||||||||||||||||
Consumer | Corporate | Purchased loans*1 | ||||||||||||||||||||||
Non-recourse loans | Other | |||||||||||||||||||||||
Allowance for credit losses : | ||||||||||||||||||||||||
Beginning balance | ¥ | 21,195 | ¥ | 919 | ¥ | 20,662 | ¥ | 3,186 | ¥ | 12,049 | ¥ | 58,011 | ||||||||||||
Provision (Reversal) | 12,254 | 903 | 7,988 | (24 | ) | 3,304 | 24,425 | |||||||||||||||||
Charge-offs | (13,723 | ) | (1 | ) | (6,548 | ) | (1,789 | ) | (2,859 | ) | (24,920 | ) | ||||||||||||
Recoveries | 554 | 0 | 133 | 77 | 24 | 788 | ||||||||||||||||||
Other*3 | 262 | (35 | ) | (877 | ) | 8 | (826 | ) | (1,468 | ) | ||||||||||||||
Ending balance | ¥ | 20,542 | ¥ | 1,786 | ¥ | 21,358 | ¥ | 1,458 | ¥ | 11,692 | ¥ | 56,836 | ||||||||||||
Individually evaluated for impairment | 3,602 | 228 | 8,950 | 667 | 0 | 13,447 | ||||||||||||||||||
Not individually evaluated for impairment | 16,940 | 1,558 | 12,408 | 791 | 11,692 | 43,389 | ||||||||||||||||||
Financing receivables : | ||||||||||||||||||||||||
Ending balance | ¥ | 2,171,139 | ¥ | 132,081 | ¥ | 1,296,854 | ¥ | 13,218 | ¥ | 1,080,964 | ¥ | 4,694,256 | ||||||||||||
Individually evaluated for impairment | 26,533 | 2,466 | 55,216 | 1,605 | 0 | 85,820 | ||||||||||||||||||
Not individually evaluated for impairment | 2,144,606 | 129,615 | 1,241,638 | 11,613 | 1,080,964 | 4,608,436 |
March 31, 2019 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Loans | Direct f inancing leases | Total | ||||||||||||||||||||||
Consumer | Corporate | Purchased loans*1 | ||||||||||||||||||||||
Non-recourse loans | Other | |||||||||||||||||||||||
Allowance for credit losses : | ||||||||||||||||||||||||
Beginning balance | ¥ | 21,196 | ¥ | 688 | ¥ | 18,407 | ¥ | 4,292 | ¥ | 10,089 | ¥ | 54,672 | ||||||||||||
Provision (Reversal) | 12,400 | 213 | 5,919 | (331 | ) | 4,324 | 22,525 | |||||||||||||||||
Charge-offs | (13,115 | ) | 0 | (4,080 | ) | (822 | ) | (2,413 | ) | (20,430 | ) | |||||||||||||
Recoveries | 687 | 0 | 246 | 126 | 158 | 1,217 | ||||||||||||||||||
Other*3 | 27 | 18 | 170 | (79 | ) | (109 | ) | 27 | ||||||||||||||||
Ending balance | ¥ | 21,195 | ¥ | 919 | ¥ | 20,662 | ¥ | 3,186 | ¥ | 12,049 | ¥ | 58,011 | ||||||||||||
Individually evaluated for impairment | 3,372 | 166 | 8,276 | 1,917 | 0 | 13,731 | ||||||||||||||||||
Not individually evaluated for impairment | 17,823 | 753 | 12,386 | 1,269 | 12,049 | 44,280 | ||||||||||||||||||
Financing receivables : | ||||||||||||||||||||||||
Ending balance | ¥ | 1,906,022 | ¥ | 99,028 | ¥ | 1,201,893 | ¥ | 16,416 | ¥ | 1,155,632 | ¥ | 4,378,991 | ||||||||||||
Individually evaluated for impairment | 23,163 | 4,448 | 27,452 | 3,764 | 0 | 58,827 | ||||||||||||||||||
Not individually evaluated for impairment | 1,882,859 | 94,580 | 1,174,441 | 12,652 | 1,155,632 | 4,320,164 |
March 31, 2020 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Loans | Net investment in leases | Total | ||||||||||||||||||||||
Consumer | Corporate | Purchased loans*1 | ||||||||||||||||||||||
Non-recourse loans | Other | |||||||||||||||||||||||
Allowance for credit losses : | ||||||||||||||||||||||||
Beginning balance | ¥ | 21,195 | ¥ | 919 | ¥ | 20,662 | ¥ | 3,186 | ¥ | 12,049 | ¥ | 58,011 | ||||||||||||
Provision (Reversal) | 12,254 | 903 | 7,988 | (24 | ) | 3,304 | 24,425 | |||||||||||||||||
Charge-offs | (13,723 | ) | (1 | ) | (6,548 | ) | (1,789 | ) | (2,859 | ) | (24,920 | ) | ||||||||||||
Recoveries | 554 | 0 | 133 | 77 | 24 | 788 | ||||||||||||||||||
Other*3 | 262 | (35 | ) | (877 | ) | 8 | (826 | ) | (1,468 | ) | ||||||||||||||
Ending balance | ¥ | 20,542 | ¥ | 1,786 | ¥ | 21,358 | ¥ | 1,458 | ¥ | 11,692 | ¥ | 56,836 | ||||||||||||
Individually evaluated for impairment | 3,602 | 228 | 8,950 | 667 | 0 | 13,447 | ||||||||||||||||||
Not individually evaluated for impairment | 16,940 | 1,558 | 12,408 | 791 | 11,692 | 43,389 | ||||||||||||||||||
Financing receivables : | ||||||||||||||||||||||||
Ending balance | ¥ | 2,171,139 | ¥ | 132,081 | ¥ | 1,296,854 | ¥ | 13,218 | ¥ | 1,080,964 | ¥ | 4,694,256 | ||||||||||||
Individually evaluated for impairment | 26,533 | 2,466 | 55,216 | 1,605 | 0 | 85,820 | ||||||||||||||||||
Not individually evaluated for impairment | 2,144,606 | 129,615 | 1,241,638 | 11,613 | 1,080,964 | 4,608,436 |
2: | New Lease Standard has been adopted since April 1, 2019, and the amounts of investment in direct financing leases have been reclassified to net investment in leases. |
*1 | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
*2 | Other mainly includes foreign currency translation adjustments and decrease in allowance related to sales of loans. |
*3 | Other mainly includes foreign currency translation adjustments. |
March 31, 2019 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Loans individually evaluated for impairment | Unpaid principal balance | Related allowance | ||||||||||
With no related allowance recorded *1 | ¥ | 17,593 | ¥ | 17,521 | ¥ | 0 | ||||||||
Consumer borrowers | 1,158 | 1,111 | 0 | |||||||||||
Real estate loans | 589 | 542 | 0 | |||||||||||
Card loans | 0 | 0 | 0 | |||||||||||
Other | 569 | 569 | 0 | |||||||||||
Corporate borrowers | 16,329 | 16,304 | 0 | |||||||||||
Non-recourse loans | Japan | 232 | 232 | 0 | ||||||||||
The Americas | 3,404 | 3,404 | 0 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 47 | 47 | 0 | ||||||||||
Real estate companies in overseas | 840 | 840 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 975 | 950 | 0 | |||||||||||
Commercial, industrial and other companies in overseas | 10,831 | 10,831 | 0 | |||||||||||
Purchased loans | 106 | 106 | 0 | |||||||||||
With an allowance recorded *2 | 41,234 | 40,234 | 13,731 | |||||||||||
Consumer borrowers | 22,005 | 21,401 | 3,372 | |||||||||||
Real estate loans | 3,845 | 3,639 | 835 | |||||||||||
Card loans | 3,945 | 3,937 | 633 | |||||||||||
Other | 14,215 | 13,825 | 1,904 | |||||||||||
Corporate borrowers | 15,571 | 15,175 | 8,442 | |||||||||||
Non-recourse loans | Japan | 0 | 0 | 0 | ||||||||||
The Americas | 812 | 812 | 166 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,493 | 1,480 | 419 | ||||||||||
Real estate companies in overseas | 0 | 0 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 6,129 | 5,748 | 3,703 | |||||||||||
Commercial, industrial and other companies in overseas | 7,137 | 7,136 | 4,154 | |||||||||||
Purchased loans | 3,658 | 3,658 | 1,917 | |||||||||||
Total | ¥ | 58,827 | ¥ | 57,755 | ¥ | 13,731 | ||||||||
Consumer borrowers | 23,163 | 22,512 | 3,372 | |||||||||||
Real estate loans | 4,434 | 4,181 | 835 | |||||||||||
Card loans | 3,945 | 3,937 | 633 | |||||||||||
Other | 14,784 | 14,394 | 1,904 | |||||||||||
Corporate borrowers | 31,900 | 31,479 | 8,442 | |||||||||||
Non-recourse loans | Japan | 232 | 232 | 0 | ||||||||||
The Americas | 4,216 | 4,216 | 166 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,540 | 1,527 | 419 | ||||||||||
Real estate companies in overseas | 840 | 840 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 7,104 | 6,698 | 3,703 | |||||||||||
Commercial, industrial and other companies in overseas | 17,968 | 17,967 | 4,154 | |||||||||||
Purchased loans | 3,764 | 3,764 | 1,917 | |||||||||||
March 31, 2020 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Loans individually evaluated for impairment | Unpaid principal balance | Related allowance | ||||||||||
With no related allowance recorded *1 | ¥ | 36,528 | ¥ | 36,524 | ¥ | 0 | ||||||||
Consumer borrowers | 997 | 995 | 0 | |||||||||||
Real estate loans | 584 | 582 | 0 | |||||||||||
Card loans | 0 | 0 | 0 | |||||||||||
Other | 413 | 413 | 0 | |||||||||||
Corporate borrowers | 35,423 | 35,421 | 0 | |||||||||||
Non-recourse loans | The Americas | 1,705 | 1,705 | 0 | ||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 2,268 | 2,267 | 0 | ||||||||||
Real estate companies in overseas | 11,231 | 11,231 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 8,831 | 8,830 | 0 | |||||||||||
Commercial, industrial and other companies in overseas | 11,388 | 11,388 | 0 | |||||||||||
Purchased loans | 108 | 108 | 0 | |||||||||||
With an allowance recorded *2 | 49,292 | 48,936 | 13,447 | |||||||||||
Consumer borrowers | 25,536 | 25,316 | 3,602 | |||||||||||
Real estate loans | 5,178 | 5,162 | 817 | |||||||||||
Card loans | 3,932 | 3,924 | 632 | |||||||||||
Other | 16,426 | 16,230 | 2,153 | |||||||||||
Corporate borrowers | 22,259 | 22,123 | 9,178 | |||||||||||
Non-recourse loans | The Americas | 761 | 761 | 228 | ||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,233 | 1,219 | 374 | ||||||||||
Real estate companies in overseas | 1,260 | 1,260 | 486 | |||||||||||
Commercial, industrial and other companies in Japan | 3,649 | 3,527 | 2,371 | |||||||||||
Commercial, industrial and other companies in overseas | 15,356 | 15,356 | 5,719 | |||||||||||
Purchased loans | 1,497 | 1,497 | 667 | |||||||||||
Total | ¥ | 85,820 | ¥ | 85,460 | ¥ | 13,447 | ||||||||
Consumer borrowers | 26,533 | 26,311 | 3,602 | |||||||||||
Real estate loans | 5,762 | 5,744 | 817 | |||||||||||
Card loans | 3,932 | 3,924 | 632 | |||||||||||
Other | 16,839 | 16,643 | 2,153 | |||||||||||
Corporate borrowers | 57,682 | 57,544 | 9,178 | |||||||||||
Non-recourse loans | The Americas | 2,466 | 2,466 | 228 | ||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 3,501 | 3,486 | 374 | ||||||||||
Real estate companies in overseas | 12,491 | 12,491 | 486 | |||||||||||
Commercial, industrial and other companies in Japan | 12,480 | 12,357 | 2,371 | |||||||||||
Commercial, industrial and other companies in overseas | 26,744 | 26,744 | 5,719 | |||||||||||
Purchased loans | 1,605 | 1,605 | 667 | |||||||||||
Note: | Loans held for sale are not included in the table above. |
March 31, 2020 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Loans individually evaluated for impairment | Unpaid principal balance | Related allowance | ||||||||||
With no related allowance recorded *1 | ¥ | 36,528 | ¥ | 36,524 | ¥ | 0 | ||||||||
Consumer borrowers | 997 | 995 | 0 | |||||||||||
Real estate loans | 584 | 582 | 0 | |||||||||||
Card loans | 0 | 0 | 0 | |||||||||||
Other | 413 | 413 | 0 | |||||||||||
Corporate borrowers | 35,423 | 35,421 | 0 | |||||||||||
Non-recourse loans | The Americas | 1,705 | 1,705 | 0 | ||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 2,268 | 2,267 | 0 | ||||||||||
Real estate companies in overseas | 11,231 | 11,231 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 8,831 | 8,830 | 0 | |||||||||||
Commercial, industrial and other companies in overseas | 11,388 | 11,388 | 0 | |||||||||||
Purchased loans | 108 | 108 | 0 | |||||||||||
With an allowance recorded *2 | 49,292 | 48,936 | 13,447 | |||||||||||
Consumer borrowers | 25,536 | 25,316 | 3,602 | |||||||||||
Real estate loans | 5,178 | 5,162 | 817 | |||||||||||
Card loans | 3,932 | 3,924 | 632 | |||||||||||
Other | 16,426 | 16,230 | 2,153 | |||||||||||
Corporate borrowers | 22,259 | 22,123 | 9,178 | |||||||||||
Non-recourse loans | The Americas | 761 | 761 | 228 | ||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,233 | 1,219 | 374 | ||||||||||
Real estate companies in overseas | 1,260 | 1,260 | 486 | |||||||||||
Commercial, industrial and other companies in Japan | 3,649 | 3,527 | 2,371 | |||||||||||
Commercial, industrial and other companies in overseas | 15,356 | 15,356 | 5,719 | |||||||||||
Purchased loans | 1,497 | 1,497 | 667 | |||||||||||
Total | ¥ | 85,820 | ¥ | 85,460 | ¥ | 13,447 | ||||||||
Consumer borrowers | 26,533 | 26,311 | 3,602 | |||||||||||
Real estate loans | 5,762 | 5,744 | 817 | |||||||||||
Card loans | 3,932 | 3,924 | 632 | |||||||||||
Other | 16,839 | 16,643 | 2,153 | |||||||||||
Corporate borrowers | 57,682 | 57,544 | 9,178 | |||||||||||
Non-recourse loans | The Americas | 2,466 | 2,466 | 228 | ||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 3,501 | 3,486 | 374 | ||||||||||
Real estate companies in overseas | 12,491 | 12,491 | 486 | |||||||||||
Commercial, industrial and other companies in Japan | 12,480 | 12,357 | 2,371 | |||||||||||
Commercial, industrial and other companies in overseas | 26,744 | 26,744 | 5,719 | |||||||||||
Purchased loans | 1,605 | 1,605 | 667 | |||||||||||
*1 | “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. |
*2 | “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. |
March 31, 2018 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Average recorded investments in impaired loans * | Interest income on impaired loans | Interest on impaired loans collected in cash | ||||||||||
Consumer borrowers | ¥ | 17,799 | ¥ | 402 | ¥ | 300 | ||||||||
Real estate loans | 4,143 | 191 | 121 | |||||||||||
Card loans | 4,081 | 60 | 52 | |||||||||||
Other | 9,575 | 151 | 127 | |||||||||||
Corporate borrowers | 30,661 | 204 | 196 | |||||||||||
Non-recourse loans | Japan | 210 | 8 | 8 | ||||||||||
The Americas | 4,972 | 6 | 6 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 3,549 | 52 | 52 | ||||||||||
Real estate companies in overseas | 2,108 | 1 | — | |||||||||||
Commercial, industrial and other companies in Japan | 10,698 | 136 | 129 | |||||||||||
Commercial, industrial and other companies in overseas | 9,124 | 1 | 1 | |||||||||||
Purchased loans | 6,304 | 18 | 3 | |||||||||||
Total | ¥ | 54,764 | ¥ | 624 | ¥ | 499 | ||||||||
March 31, 2019 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Average recorded investments in impaired loans * | Interest income on impaired loans | Interest on impaired loans collected in cash | ||||||||||
Consumer borrowers | ¥ | 20,601 | ¥ | 392 | ¥ | 356 | ||||||||
Real estate loans | 4,099 | 133 | 129 | |||||||||||
Card loans | 4,020 | 59 | 52 | |||||||||||
Other | 12,482 | 200 | 175 | |||||||||||
Corporate borrowers | 25,381 | 289 | 276 | |||||||||||
Non-recourse loans | Japan | 247 | 7 | 7 | ||||||||||
The Americas | 2,851 | 0 | 0 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,606 | 38 | 38 | ||||||||||
Real estate companies in overseas | 876 | 0 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 5,943 | 106 | 95 | |||||||||||
Commercial, industrial and other companies in overseas | 13,858 | 138 | 136 | |||||||||||
Purchased loans | 4,678 | 88 | 87 | |||||||||||
Total | ¥ | 50,660 | ¥ | 769 | ¥ | 719 | ||||||||
March 31, 2019 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Average recorded investments in impaired loans * | Interest income on impaired loans | Interest on impaired loans collected in cash | ||||||||||
Consumer borrowers | ¥ | 20,601 | ¥ | 392 | ¥ | 356 | ||||||||
Real estate loans | 4,099 | 133 | 129 | |||||||||||
Card loans | 4,020 | 59 | 52 | |||||||||||
Other | 12,482 | 200 | 175 | |||||||||||
Corporate borrowers | 25,381 | 289 | 276 | |||||||||||
Non-recourse loans | Japan | 247 | 7 | 7 | ||||||||||
The Americas | 2,851 | 0 | 0 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,606 | 38 | 38 | ||||||||||
Real estate companies in overseas | 876 | 0 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 5,943 | 106 | 95 | |||||||||||
Commercial, industrial and other companies in overseas | 13,858 | 138 | 136 | |||||||||||
Purchased loans | 4,678 | 88 | 87 | |||||||||||
Total | ¥ | 50,660 | ¥ | 769 | ¥ | 719 | ||||||||
March 31, 2020 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Average recorded investments in impaired loans * | Interest income on impaired loans | Interest on impaired loans collected in cash | ||||||||||
Consumer borrowers | ¥ | 24,721 | ¥ | 446 | ¥ | 403 | ||||||||
Real estate loans | 5,077 | 141 | 137 | |||||||||||
Card loans | 3,926 | 57 | 50 | |||||||||||
Other | 15,718 | 248 | 216 | |||||||||||
Corporate borrowers | 37,103 | 121 | 119 | |||||||||||
Non-recourse loans | Japan | 137 | 2 | 2 | ||||||||||
The Americas | 2,954 | 0 | 0 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,621 | 30 | 30 | ||||||||||
Real estate companies in overseas | 5,785 | 0 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 6,754 | 76 | 75 | |||||||||||
Commercial, industrial and other companies in overseas | 19,852 | 13 | 12 | |||||||||||
Purchased loans | 3,108 | 139 | 139 | |||||||||||
Total | ¥ | 64,932 | ¥ | 706 | ¥ | 661 | ||||||||
March 31, 2020 | ||||||||||||||
Millions of yen | ||||||||||||||
Portfolio segment | Class | Average recorded investments in impaired loans * | Interest income on impaired loans | Interest on impaired loans collected in cash | ||||||||||
Consumer borrowers | ¥ | 24,721 | ¥ | 446 | ¥ | 403 | ||||||||
Real estate loans | 5,077 | 141 | 137 | |||||||||||
Card loans | 3,926 | 57 | 50 | |||||||||||
Other | 15,718 | 248 | 216 | |||||||||||
Corporate borrowers | 37,103 | 121 | 119 | |||||||||||
Non-recourse loans | Japan | 137 | 2 | 2 | ||||||||||
The Americas | 2,954 | 0 | 0 | |||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 1,621 | 30 | 30 | ||||||||||
Real estate companies in overseas | 5,785 | 0 | 0 | |||||||||||
Commercial, industrial and other companies in Japan | 6,754 | 76 | 75 | |||||||||||
Commercial, industrial and other companies in overseas | 19,852 | 13 | 12 | |||||||||||
Purchased loans | 3,108 | 139 | 139 | |||||||||||
Total | ¥ | 64,932 | ¥ | 706 | ¥ | 661 | ||||||||
Note: | Loans held for sale are not included in the table above. |
* | Average balances are calculated on the basis of fiscal beginning and quarter-end balances. |
March 31, 2019 | ||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||
Non-performing | ||||||||||||||||||||||
Portfolio segment | Class | Performing | Loans individually evaluated for impairment | 90+ days past-due loans not individually evaluated for impairment | Subtotal | Total | ||||||||||||||||
Consumer borrowers | ¥ | 1,870,447 | ¥ | 23,163 | ¥ | 12,412 | ¥ | 35,575 | ¥ | 1,906,022 | ||||||||||||
Real estate loans | 1,593,005 | 4,434 | 1,388 | 5,822 | 1,598,827 | |||||||||||||||||
Card loans | 239,523 | 3,945 | 1,671 | 5,616 | 245,139 | |||||||||||||||||
Other | 37,919 | 14,784 | 9,353 | 24,137 | 62,056 | |||||||||||||||||
Corporate borrowers | 1,269,021 | 31,900 | 0 | 31,900 | 1,300,921 | |||||||||||||||||
Non-recourse loans | Japan | 48,881 | 232 | 0 | 232 | 49,113 | ||||||||||||||||
The Americas | 45,699 | 4,216 | 0 | 4,216 | 49,915 | |||||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 287,311 | 1,540 | 0 | 1,540 | 288,851 | ||||||||||||||||
Real estate companies in overseas | 65,358 | 840 | 0 | 840 | 66,198 | |||||||||||||||||
Commercial, industrial and other companies in Japan | 259,572 | 7,104 | 0 | 7,104 | 266,676 | |||||||||||||||||
Commercial, industrial and other companies in overseas | 562,200 | 17,968 | 0 | 17,968 | 580,168 | |||||||||||||||||
Purchased loans | 12,652 | 3,764 | 0 | 3,764 | 16,416 | |||||||||||||||||
Direct Financing leases | 1,140,825 | 0 | 14,807 | 14,807 | 1,155,632 | |||||||||||||||||
Japan | 787,081 | 0 | 6,158 | 6,158 | 793,239 | |||||||||||||||||
Overseas | 353,744 | 0 | 8,649 | 8,649 | 362,393 | |||||||||||||||||
Total | ¥ | 4,292,945 | ¥ | 58,827 | ¥ | 27,219 | ¥ | 86,046 | ¥ | 4,378,991 | ||||||||||||
March 31, 2020 | ||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||
Non-performing | ||||||||||||||||||||||
Portfolio segment | Class | Performing | Loans individually evaluated for impairment | 90+ days past-due loans not individually evaluated for impairment | Subtotal | Total | ||||||||||||||||
Consumer borrowers | ¥ | 2,134,342 | ¥ | 26,533 | ¥ | 10,264 | ¥ | 36,797 | ¥ | 2,171,139 | ||||||||||||
Real estate loans | 1,877,227 | 5,762 | 1,370 | 7,132 | 1,884,359 | |||||||||||||||||
Card loans | 218,011 | 3,932 | 1,708 | 5,640 | 223,651 | |||||||||||||||||
Other | 39,104 | 16,839 | 7,186 | 24,025 | 63,129 | |||||||||||||||||
Corporate borrowers | 1,371,253 | 57,682 | 0 | 57,682 | 1,428,935 | |||||||||||||||||
Non-recourse loans | Japan | 48,566 | 0 | 0 | 0 | 48,566 | ||||||||||||||||
The Americas | 81,049 | 2,466 | 0 | 2,466 | 83,515 | |||||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 297,483 | 3,501 | 0 | 3,501 | 300,984 | ||||||||||||||||
Real estate companies in overseas | 119,403 | 12,491 | 0 | 12,491 | 131,894 | |||||||||||||||||
Commercial, industrial and other companies in Japan | 242,831 | 12,480 | 0 | 12,480 | 255,311 | |||||||||||||||||
Commercial, industrial and other companies in overseas | 581,921 | 26,744 | 0 | 26,744 | 608,665 | |||||||||||||||||
Purchased loans | 11,613 | 1,605 | 0 | 1,605 | 13,218 | |||||||||||||||||
Net investment in leases | 1,065,618 | 0 | 15,346 | 15,346 | 1,080,964 | |||||||||||||||||
Japan | 741,636 | 0 | 5,971 | 5,971 | 747,607 | |||||||||||||||||
Overseas | 323,982 | 0 | 9,375 | 9,375 | 333,357 | |||||||||||||||||
Total | ¥ | 4,582,826 | ¥ | 85,820 | ¥ | 25,610 | ¥ | 111,430 | ¥ | 4,694,256 | ||||||||||||
March 31, 2020 | ||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||
Non-performing | ||||||||||||||||||||||
Portfolio segment | Class | Performing | Loans individually evaluated for impairment | 90+ days past-due loans not individually evaluated for impairment | Subtotal | Total | ||||||||||||||||
Consumer borrowers | ¥ | 2,134,342 | ¥ | 26,533 | ¥ | 10,264 | ¥ | 36,797 | ¥ | 2,171,139 | ||||||||||||
Real estate loans | 1,877,227 | 5,762 | 1,370 | 7,132 | 1,884,359 | |||||||||||||||||
Card loans | 218,011 | 3,932 | 1,708 | 5,640 | 223,651 | |||||||||||||||||
Other | 39,104 | 16,839 | 7,186 | 24,025 | 63,129 | |||||||||||||||||
Corporate borrowers | 1,371,253 | 57,682 | 0 | 57,682 | 1,428,935 | |||||||||||||||||
Non-recourse loans | Japan | 48,566 | 0 | 0 | 0 | 48,566 | ||||||||||||||||
The Americas | 81,049 | 2,466 | 0 | 2,466 | 83,515 | |||||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 297,483 | 3,501 | 0 | 3,501 | 300,984 | ||||||||||||||||
Real estate companies in overseas | 119,403 | 12,491 | 0 | 12,491 | 131,894 | |||||||||||||||||
Commercial, industrial and other companies in Japan | 242,831 | 12,480 | 0 | 12,480 | 255,311 | |||||||||||||||||
Commercial, industrial and other companies in overseas | 581,921 | 26,744 | 0 | 26,744 | 608,665 | |||||||||||||||||
Purchased loans | 11,613 | 1,605 | 0 | 1,605 | 13,218 | |||||||||||||||||
Net investment in leases | 1,065,618 | 0 | 15,346 | 15,346 | 1,080,964 | |||||||||||||||||
Japan | 741,636 | 0 | 5,971 | 5,971 | 747,607 | |||||||||||||||||
Overseas | 323,982 | 0 | 9,375 | 9,375 | 333,357 | |||||||||||||||||
Total | ¥ | 4,582,826 | ¥ | 85,820 | ¥ | 25,610 | ¥ | 111,430 | ¥ | 4,694,256 | ||||||||||||
Notes | ||
have been reclassified to net investment in leases. |
March 31, 2019 | ||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||
Past-due financing receivables | ||||||||||||||||||||||
Portfolio segment | Class | 30-89 dayspast-due | 90 days or more past-due | Total past-due | Total financing receivables | Non-accrual | ||||||||||||||||
Consumer borrowers | ¥ | 5,783 | ¥ | 15,647 | ¥ | 21,430 | ¥ | 1,906,022 | ¥ | 15,647 | ||||||||||||
Real estate loans | 1,721 | 2,654 | 4,375 | 1,598,827 | 2,654 | |||||||||||||||||
Card loans | 548 | 2,127 | 2,675 | 245,139 | 2,127 | |||||||||||||||||
Other | 3,514 | 10,866 | 14,380 | 62,056 | 10,866 | |||||||||||||||||
Corporate borrowers | 4,960 | 13,753 | 18,713 | 1,300,921 | 27,979 | |||||||||||||||||
Non-recourse loans | Japan | 0 | 0 | 0 | 49,113 | 0 | ||||||||||||||||
The Americas | 2,925 | 2,457 | 5,382 | 49,915 | 3,818 | |||||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 0 | 552 | 552 | 288,851 | 552 | ||||||||||||||||
Real estate companies in overseas | 2 | 0 | 2 | 66,198 | 840 | |||||||||||||||||
Commercial, industrial and other companies in Japan | 78 | 4,656 | 4,734 | 266,676 | 4,656 | |||||||||||||||||
Commercial, industrial and other companies in overseas | 1,955 | 6,088 | 8,043 | 580,168 | 18,113 | |||||||||||||||||
Direct fin leasesancing | 7,181 | 14,807 | 21,988 | 1,155,632 | 14,807 | |||||||||||||||||
Japan | 679 | 6,158 | 6,837 | 793,239 | 6,158 | |||||||||||||||||
Overseas | 6,502 | 8,649 | 15,151 | 362,393 | 8,649 | |||||||||||||||||
Total | ¥ | 17,924 | ¥ | 44,207 | ¥ | 62,131 | ¥ | 4,362,575 | ¥ | 58,433 | ||||||||||||
March 31, 2020 | ||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||
Past-due financing receivables | ||||||||||||||||||||||
Portfolio segment | Class | 30-89 dayspast-due | 90 days or more past-due | Total past-due | Total financing receivables | Non-accrual | ||||||||||||||||
Consumer borrowers | ¥ | 6,604 | ¥ | 13,607 | ¥ | 20,211 | ¥ | 2,171,139 | ¥ | 13,607 | ||||||||||||
Real estate loans | 1,863 | 2,469 | 4,332 | 1,884,359 | 2,469 | |||||||||||||||||
Card loans | 595 | 2,114 | 2,709 | 223,651 | 2,114 | |||||||||||||||||
Other | 4,146 | 9,024 | 13,170 | 63,129 | 9,024 | |||||||||||||||||
Corporate borrowers | 3,365 | 26,999 | 30,364 | 1,428,935 | 44,622 | |||||||||||||||||
Non-recourse loans | Japan | 0 | 0 | 0 | 48,566 | 0 | ||||||||||||||||
The Americas | 0 | 2,466 | 2,466 | 83,515 | 2,466 | |||||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 0 | 586 | 586 | 300,984 | 586 | ||||||||||||||||
Real estate companies in overseas | 1 | 12,386 | 12,387 | 131,894 | 12,491 | |||||||||||||||||
Commercial, industrial and other companies in Japan | 226 | 2,409 | 2,635 | 255,311 | 2,409 | |||||||||||||||||
Commercial, industrial and other companies in overseas | 3,138 | 9,152 | 12,290 | 608,665 | 26,670 | |||||||||||||||||
Net investment in leases | 13,702 | 15,346 | 29,048 | 1,080,964 | 15,346 | |||||||||||||||||
Japan | 2,755 | 5,971 | 8,726 | 747,607 | 5,971 | |||||||||||||||||
Overseas | 10,947 | 9,375 | 20,322 | 333,357 | 9,375 | |||||||||||||||||
Total | ¥ | 23,671 | ¥ | 55,952 | ¥ | 79,623 | ¥ | 4,681,038 | ¥ | 73,575 | ||||||||||||
March 31, 2020 | ||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||
Past-due financing receivables | ||||||||||||||||||||||
Portfolio segment | Class | 30-89 days past-due | 90 days or more past-due | Total past-due | Total financing receivables | Non-accrual | ||||||||||||||||
Consumer borrowers | ¥ | 6,604 | ¥ | 13,607 | ¥ | 20,211 | ¥ | 2,171,139 | ¥ | 13,607 | ||||||||||||
Real estate loans | 1,863 | 2,469 | 4,332 | 1,884,359 | 2,469 | |||||||||||||||||
Card loans | 595 | 2,114 | 2,709 | 223,651 | 2,114 | |||||||||||||||||
Other | 4,146 | 9,024 | 13,170 | 63,129 | 9,024 | |||||||||||||||||
Corporate borrowers | 3,365 | 26,999 | 30,364 | 1,428,935 | 44,622 | |||||||||||||||||
Non-recourse loans | Japan | 0 | 0 | 0 | 48,566 | 0 | ||||||||||||||||
The Americas | 0 | 2,466 | 2,466 | 83,515 | 2,466 | |||||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 0 | 586 | 586 | 300,984 | 586 | ||||||||||||||||
Real estate companies in overseas | 1 | 12,386 | 12,387 | 131,894 | 12,491 | |||||||||||||||||
Commercial, industrial and other companies in Japan | 226 | 2,409 | 2,635 | 255,311 | 2,409 | |||||||||||||||||
Commercial, industrial and other companies in overseas | 3,138 | 9,152 | 12,290 | 608,665 | 26,670 | |||||||||||||||||
Net investment in leases | 13,702 | 15,346 | 29,048 | 1,080,964 | 15,346 | |||||||||||||||||
Japan | 2,755 | 5,971 | 8,726 | 747,607 | 5,971 | |||||||||||||||||
Overseas | 10,947 | 9,375 | 20,322 | 333,357 | 9,375 | |||||||||||||||||
Total | ¥ | 23,671 | ¥ | 55,952 | ¥ | 79,623 | ¥ | 4,681,038 | ¥ | 73,575 | ||||||||||||
Notes | ||
March 31, 2018 | ||||||||||
Millions of yen | ||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||
Consumer borrowers | ¥ | 9,632 | ¥ | 7,015 | ||||||
Real estate loans | 12 | 12 | ||||||||
Card loans | 2,169 | 1,589 | ||||||||
Other | 7,451 | 5,414 | ||||||||
Corporate borrowers | 7,983 | 7,872 | ||||||||
Non-recourse loans | The Americas | 3,460 | 3,460 | |||||||
Other than Non-recourse loans | Commercial, industrial and other companies in Japan | 111 | — | |||||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 4,412 | 4,412 | |||||||
Total | ¥ | 17,615 | ¥ | 14,887 | ||||||
March 31, 2019 | ||||||||||
Millions of yen | ||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||
Consumer borrowers | ¥ | 13,280 | ¥ | 9,294 | ||||||
Real estate loans | 222 | 105 | ||||||||
Card loans | 2,106 | 1,393 | ||||||||
Other | 10,952 | 7,796 | ||||||||
Corporate borrowers | 6,002 | 6,001 | ||||||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 6,002 | 6,001 | |||||||
Total | ¥ | 19,282 | ¥ | 15,295 | ||||||
March 31, 2019 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||||||||||||
Consumer borrowers | ¥ | 13,280 | ¥ | 9,294 | ||||||||||||||||
Real estate loans | 222 | 105 | ||||||||||||||||||
Card loans | 2,106 | 1,393 | ||||||||||||||||||
Other | 10,952 | 7,796 | ||||||||||||||||||
Corporate borrowers | 6,002 | 6,001 | ||||||||||||||||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 6,002 | 6,001 | |||||||||||||||||
Total | ¥ | 19,282 | ¥ | 15,295 | ||||||||||||||||
March 31, 2020 | March 31, 2020 | |||||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | ||||||||||||||
Consumer borrowers | ¥ | 12,041 | ¥ | 9,025 | ¥ | 12,041 | ¥ | 9,025 | ||||||||||||
Real estate loans | 19 | 17 | Real estate loans | 19 | 17 | |||||||||||||||
Card loans | 1,899 | 1,396 | Card loans | 1,899 | 1,396 | |||||||||||||||
Other | 10,123 | 7,612 | Other | 10,123 | 7,612 | |||||||||||||||
Corporate borrowers | 4,785 | 4,779 | 4,785 | 4,779 | ||||||||||||||||
Non-recourse loans | The Americas | 751 | 751 | The Americas | 751 | 751 | ||||||||||||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 4,034 | 4,028 | Commercial, industrial and other companies in overseas | 4,034 | 4,028 | ||||||||||||||
Total | ¥ | 16,826 | ¥ | 13,804 | ¥ | 16,826 | ¥ | 13,804 | ||||||||||||
March 31, 2019 | ||||||
Millions of yen | ||||||
Portfolio segment | Class | Recorded investment | ||||
Consumer borrowers | ¥ | 2,013 | ||||
Card loans | 22 | |||||
Other | 1,991 | |||||
Total | ¥ | 2,013 | ||||
March 31, 2020 | ||||||
Millions of yen | ||||||
Portfolio segment | Class | Recorded investment | ||||
Consumer borrowers | ¥ | 1,687 | ||||
Card loans | 22 | |||||
Other | 1,665 | |||||
Corporate borrowers | ||||||
25 | ||||||
Other than Non-recourse loans | Commercial, industrial | 25 | ||||
Total | ¥ | 1,712 | ||||
Fiscal Year ended March 31, 2021 | ||||||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Installment loans | Net investment in leases | Other financial assets measured at amortized cost*2 | Total | |||||||||||||||||||||||||
Consumer | Corporate | Purchased loans*1 | ||||||||||||||||||||||||||
Non-recourse loans | Other than non-recourse loans | |||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Beginning balance | ¥ | 20,542 | ¥ | 1,786 | ¥ | 20,209 | ¥ | 1,458 | ¥ | 11,692 | ¥ | 1,149 | ¥ | 56,836 | ||||||||||||||
Cumulative effect of adopting According Standards Update 2016-13 | 14,500 | 1,601 | 10,725 | 0 | 3,550 | 1,369 | 31,745 | |||||||||||||||||||||
Reclassification to allowance for investment in operating leases*3 | 0 | 0 | 0 | 0 | 0 | (312 | ) | (312 | ) | |||||||||||||||||||
Balance at April 1, 2020 | 35,042 | 3,387 | 30,934 | 1,458 | 15,242 | 2,206 | 88,269 | |||||||||||||||||||||
Provision (Reversal) | 6,614 | 38 | 8,823 | 353 | 3,285 | 4,483 | 23,596 | |||||||||||||||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 3,899 | 0 | 0 | 3,899 | |||||||||||||||||||||
Charge-offs*4 | (13,695 | ) | 0 | (16,685 | ) | (4,040 | ) | (2,668 | ) | (344 | ) | (37,432 | ) | |||||||||||||||
Recoveries | 651 | 0 | 87 | 46 | 10 | 11 | 805 | |||||||||||||||||||||
Other* 5 | 398 | 57 | (18 | ) | 119 | 653 | (351 | ) | 858 | |||||||||||||||||||
Ending balance | ¥ | 29,010 | ¥ | 3,482 | ¥ | 23,141 | ¥ | 1,835 | ¥ | 16,522 | ¥ | 6,005 | ¥ | 79,995 | ||||||||||||||
Collective (pool) assessment | 24,761 | 3,250 | 15,372 | 681 | 13,267 | 810 | 58,141 | |||||||||||||||||||||
Individual assessment | 4,249 | 232 | 7,769 | 1,154 | 3,255 | 5,195 | 21,854 |
Notes 1: | Loans held for sale and policy loan receivables of an insurance entity are not scope to allowance for credit losses. |
2: | Held-to-maturity non-accrual status onheld-to-maturity |
*1 | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. Due to the adoption of Credit Losses Standard, allowance of ¥ 176,714 million was recorded as credit lossgross-up treatment for purchased loans on April 1, 2020, and the same amount has beencharged-off. |
*2 | Other financial assets measured at amortized cost includes the allowance for credit losses on financial receivables, such as loans to affiliates and accounts receivable. The provision for credit losses of loans to affiliates of ¥255 million was recorded in equity in net income of affiliates. And the allowance for credit losses on loans to affiliates of ¥1,050 million was recorded as a reduction in investment in affiliates. |
*3 | The allowance for accrued lease payments for receivable from operating leases was reclassified to the investment in operating leases balance on April 1, 2020, due to the application of the Credit Losses Standard. |
*4 | Charge-off include the amount of ¥3,899 million for write-offs of purchased loans. |
*5 | Other mainly includes foreign currency translation adjustments and a decrease in allowance related to a sale of a subsidiary. |
Millions of yen | ||||
Fiscal Year ended March 31, 2021 | ||||
Purchase price | ¥ | 2,705 | ||
Allowance for credit losses at acquisition date | 3,899 | |||
Discount or premium attributable to other factors | 254 | |||
Par value | ¥ | 6,858 | ||
�� | business characteristics and financial conditions of obligors; |
March 31, 2021 | ||||||||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||
Portfolio segment | Origination year (years ended March 31) | |||||||||||||||||||||||||||||
Class | ||||||||||||||||||||||||||||||
Credit Quality | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||||
Consumer borrowers: | ||||||||||||||||||||||||||||||
Performing | ¥ | 371,914 | ¥ | 443,079 | ¥ | 332,461 | ¥ | 220,035 | ¥ | 223,814 | ¥ | 498,350 | ¥ | 2,089,653 | ||||||||||||||||
Non-Performing | 11,041 | 7,854 | 5,132 | 3,176 | 2,612 | 3,609 | 33,424 | |||||||||||||||||||||||
Real estate loans | ||||||||||||||||||||||||||||||
Performing | 362,832 | 431,483 | 327,967 | 217,380 | 223,540 | 498,080 | 2,061,282 | |||||||||||||||||||||||
Non-Performing | 96 | 735 | 1,598 | 1,683 | 2,068 | 3,459 | 9,639 | |||||||||||||||||||||||
Other* | ||||||||||||||||||||||||||||||
Performing | 9,082 | 11,596 | 4,494 | 2,655 | 274 | 270 | 28,371 | |||||||||||||||||||||||
Non-Performing | 10,945 | 7,119 | 3,534 | 1,493 | 544 | 150 | 23,785 | |||||||||||||||||||||||
Corporate borrowers: | ||||||||||||||||||||||||||||||
Performing | 341,346 | 378,732 | 207,214 | 124,889 | 71,400 | 97,113 | 1,220,694 | |||||||||||||||||||||||
Non-Performing | 6,972 | 12,215 | 6,594 | 7,266 | 4,110 | 10,709 | 47,866 | |||||||||||||||||||||||
Non-recourse loans | ||||||||||||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||||
Performing | 6,637 | 24,428 | 5,283 | 2,802 | 0 | 8,806 | 47,956 | |||||||||||||||||||||||
The Americas | ||||||||||||||||||||||||||||||
Performing | 1,349 | 52,413 | 28,291 | 15,817 | 5,178 | 8,764 | 111,812 | |||||||||||||||||||||||
Non-Performing | 58 | 0 | 0 | 0 | 0 | 1,259 | 1,317 | |||||||||||||||||||||||
Other than non-recourse loans | ||||||||||||||||||||||||||||||
Real estate companies in Japan | ||||||||||||||||||||||||||||||
Performing | 103,982 | 62,274 | 35,065 | 28,743 | 25,487 | 21,753 | 277,304 | |||||||||||||||||||||||
Non-Performing | 70 | 252 | 192 | 0 | 690 | 538 | 1,742 | |||||||||||||||||||||||
Real estate companies in overseas | ||||||||||||||||||||||||||||||
Performing | 42,980 | 55,678 | 10,695 | 4,992 | 1,976 | 2,976 | 119,297 | |||||||||||||||||||||||
Non-Performing | 0 | 3,049 | 2,057 | 4,946 | 1,056 | 3,397 | 14,505 | |||||||||||||||||||||||
Commercial, industrial and other companies in Japan | ||||||||||||||||||||||||||||||
Performing | 78,281 | 41,166 | 30,116 | 12,746 | 11,798 | 18,664 | 192,771 | |||||||||||||||||||||||
Non-Performing | 1,210 | 3,865 | 205 | 878 | 82 | 1,022 | 7,262 | |||||||||||||||||||||||
Commercial, industrial and other companies in overseas | ||||||||||||||||||||||||||||||
Performing | 108,117 | 142,773 | 97,764 | 59,789 | 26,961 | 36,150 | 471,554 | |||||||||||||||||||||||
Non-Performing | 5,634 | 5,049 | 4,140 | 1,442 | 2,282 | 4,493 | 23,040 | |||||||||||||||||||||||
Purchased loans: | ||||||||||||||||||||||||||||||
Performing | 527 | 0 | 0 | 168 | 119 | 9,714 | 10,528 | |||||||||||||||||||||||
Non-Performing | 0 | 0 | 0 | 15 | 0 | 1,808 | 1,823 | |||||||||||||||||||||||
Net investment in leases: | ||||||||||||||||||||||||||||||
Performing | 333,190 | 268,966 | 171,040 | 105,708 | 62,977 | 68,712 | 1,010,593 | |||||||||||||||||||||||
Non-Performing | 1,366 | 3,057 | 3,441 | 3,151 | 2,980 | 4,930 | 18,925 | |||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||
Portfolio segment | Origination year (years ended March 31) | |||||||||||||||||||||||||||||
Class | ||||||||||||||||||||||||||||||
Credit Quality | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||||
Performing | 184,342 | 165,580 | 121,072 | 84,928 | 57,393 | 67,040 | 680,355 | |||||||||||||||||||||||
Non-Performing | 151 | 776 | 1,194 | 1,512 | 1,261 | 2,213 | 7,107 | |||||||||||||||||||||||
Overseas | ||||||||||||||||||||||||||||||
Performing | 148,848 | 103,386 | 49,968 | 20,780 | 5,584 | 1,672 | 330,238 | |||||||||||||||||||||||
Non-Performing | 1,215 | 2,281 | 2,247 | 1,639 | 1,719 | 2,717 | 11,818 | |||||||||||||||||||||||
Other financial assets measured at amortized cost | ||||||||||||||||||||||||||||||
Performing | 14,882 | 1,045 | 67 | 938 | 2,502 | 13,762 | 33,196 | |||||||||||||||||||||||
Non-Performing | 0 | 0 | 0 | 908 | 0 | 0 | 908 | |||||||||||||||||||||||
Total (excluding revolving repayment card loans) | ||||||||||||||||||||||||||||||
Performing | ¥ | 1,061,859 | ¥ | 1,091,822 | ¥ | 710,782 | ¥ | 451,738 | ¥ | 360,812 | ¥ | 687,651 | ¥ | 4,364,664 | ||||||||||||||||
Non-Performing | ¥ | 19,379 | ¥ | 23,126 | ¥ | 15,167 | ¥ | 14,516 | ¥ | 9,702 | ¥ | 21,056 | ¥ | 102,946 |
Note: | Loans held for sale and policy loan receivables of an insurance entity are not included in the table above. |
* | Other in loans to consumer borrowers includes claims receivable arising from payments on guarantee of consumer loans. For further information, see Note 33 “Commitments, Guarantees and Contingent Liabilities” |
March 31, 2021 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Portfolio segment | Revolving repayment card loans | Modification of collection condition by relief of contract condition | Total—revolving repayment card loans | Total— origination year (excluding revolving repayment card loans) | Total— financial assets measured at amortized cost | |||||||||||||||
Credit quality | ||||||||||||||||||||
Consumer borrowers: | ||||||||||||||||||||
Performing | ¥ | 183,722 | ¥ | 0 | ¥ | 183,722 | ¥ | 4,364,664 | ¥ | 4,548,386 | ||||||||||
Non-Performing | 1,132 | 3,693 | 4,825 | 102,946 | ¥ | 107,771 | ||||||||||||||
March 31, 2021 | ||||||||||||||||||
Millions of yen | ||||||||||||||||||
Past-due financing assets | ||||||||||||||||||
Portfolio segment | Class | 30-89 days past-due | 90 days or more past-due | Total past-due | Total financing receivables | |||||||||||||
Consumer borrowers | ¥ | 4,553 | ¥ | 10,257 | ¥ | 14,810 | ¥ | 2,311,624 | ||||||||||
Real estate loans | 1,375 | 2,515 | 3,890 | 2,070,921 | ||||||||||||||
Card loans | 371 | 1,105 | 1,476 | 188,547 | ||||||||||||||
Other | 2,807 | 6,637 | 9,444 | 52,156 | ||||||||||||||
Corporate borrowers | 8,296 | 24,443 | 32,739 | 1,268,560 | ||||||||||||||
Non-recourse loans | Japan | 0 | 0 | 0 | 47,956 | |||||||||||||
The Americas | 5,193 | 1,316 | 6,509 | 113,129 | ||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 144 | 778 | 922 | 279,046 | |||||||||||||
Real estate companies in overseas | 0 | 14,505 | 14,505 | 133,802 | ||||||||||||||
Commercial, industrial and other companies in Japan | 592 | 1,993 | 2,585 | 200,033 | ||||||||||||||
Commercial, industrial and other companies in overseas | 2,367 | 5,851 | 8,218 | 494,594 | ||||||||||||||
Net investment in leases | 9,332 | 17,128 | 26,460 | 1,029,518 | ||||||||||||||
Japan | 2,257 | 6,347 | 8,604 | 687,462 | ||||||||||||||
Overseas | 7,075 | 10,781 | 17,856 | 342,056 | ||||||||||||||
Total | ¥ | 22,181 | ¥ | 51,828 | ¥ | 74,009 | ¥ | 4,609,702 | ||||||||||
Note: | Loans held for sale, policy loans receivable of an insurance entity and purchased loans are not included in the table above. |
March 31, 2021 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Installment loans | Net investment in leases | Total | ||||||||||||||||||
Consumer borrowers | Corporate | |||||||||||||||||||
Non- recourse loans | Other than non- recourse loans | |||||||||||||||||||
Non-accrual of financial assets: | ||||||||||||||||||||
Beginning balance | ¥ | 13,607 | ¥ | 2,466 | ¥ | 42,156 | ¥ | 15,346 | ¥ | 73,575 | ||||||||||
Ending balance | 10,322 | 10,148 | 43,672 | 17,166 | ¥ | 81,308 | ||||||||||||||
Interest income recognized during the reporting period | 519 | 0 | 229 | 0 | ¥ | 748 | ||||||||||||||
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 736 | 0 | 10,572 | 0 | ¥ | 11,308 |
Fiscal Year ended March 31, 2021 | ||||||||||
Millions of yen | ||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||
Consumer borrowers | ¥ | 9,279 | ¥ | 6,727 | ||||||
Real estate loans | 34 | 23 | ||||||||
Card loans | 1,677 | 1,261 | ||||||||
Other | 7,568 | 5,443 | ||||||||
Corporate borrowers | 14,723 | 13,049 | ||||||||
Other than Non-recourse loans | Real estate companies in overseas | 111 | 111 | |||||||
Commercial, industrial and other companies in Japan | 38 | 38 | ||||||||
Commercial, industrial and other companies in overseas | 14,574 | 12,900 | ||||||||
Total | ¥ | 24,002 | ¥ | 19,776 | ||||||
Fiscal Year ended March 31, 2021 | ||||||
Millions of yen | ||||||
Portfolio segment | Class | Recorded investment | ||||
Consumer borrowers | ¥ | 387 | ||||
Card loans | 36 | |||||
Other | 351 | |||||
Corporate borrowers | 752 | |||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 752 | ||||
Total | ¥ | 1,139 | ||||
Millions of yen | ||||||||
2019 | 2020 | |||||||
Equity securities* | ¥ | 549,047 | ¥ | 492,902 | ||||
Trading debt securities | 1,564 | 7,431 | ||||||
Available-for-sale debt securities | 1,264,244 | 1,631,185 | ||||||
Held-to-maturity debt securities | 114,061 | 113,805 | ||||||
Total | ¥ | 1,928,916 | ¥ | 2,245,323 | ||||
Millions of yen | ||||||||
2020 | 2021 | |||||||
Equity securities* | ¥ | 492,902 | ¥ | 540,082 | ||||
Trading debt securities | 7,431 | 2,654 | ||||||
Available-for-sale | 1,631,185 | 2,003,917 | ||||||
Held-to-maturity | 113,805 | 113,790 | ||||||
Total | ¥ | 2,245,323 | ¥ | 2,660,443 | ||||
* | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were |
The amount of investment funds that are accounted for under the equity method included in equity securities were |
Millions of yen | ||||||||||||||||||||
March 31, 2019 | 2019 | |||||||||||||||||||
Carrying value | Accumulated impairments and downward adjustments | Accumulated upward adjustments | Impairments and downward adjustments | Upward adjustments | ||||||||||||||||
Equity securities measured | ¥ | 35,431 | ¥ | (1,688 | ) | ¥ | 18 | ¥ | (159 | ) | ¥ | 18 |
Millions of yen | ||||||||||||||||||||
March 31, 2020 | 2020 | |||||||||||||||||||
Carrying value | Accumulated impairments and downward adjustments | Accumulated upward adjustments | Impairments and downward adjustments | Upward adjustments | ||||||||||||||||
Equity securities measured using | ¥ | 35,968 | ¥ | (13,428 | ) | ¥ | 112 | ¥ | (11,971 | ) | ¥ | 94 |
Millions of yen | ||||||||||||||||||||
March 31, 2020 | 2020 | |||||||||||||||||||
Carrying value | Accumulated impairments and downward adjustments | Accumulated upward adjustments | Impairments and downward adjustments | Upward adjustments | ||||||||||||||||
Equity securities measured using the measurement alternative | ¥ | 35,968 | ¥ | (13,428 | ) | ¥ | 112 | ¥ | (11,971 | ) | ¥ | 94 | ||||||||
Millions of yen | ||||||||||||||||||||
March 31, 2021 | 2021 | |||||||||||||||||||
Carrying value | Accumulated impairments and downward adjustments | Accumulated upward adjustments | Impairments and downward adjustments | Upward adjustments | ||||||||||||||||
Equity securities measured using the measurement alternative | ¥ | 47,460 | ¥ | (13,474 | ) | ¥ | 350 | ¥ | (1,479 | ) | ¥ | 232 |
Millions of yen | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||
Available-for-sale debt securities: | ||||||||||||||||
Japanese and foreign government bond securities | ¥ | 416,218 | ¥ | 20,133 | ¥ | (5,500 | ) | ¥ | 430,851 | |||||||
Japanese prefectural and foreign municipal bond securities | 189,792 | 3,749 | (236 | ) | 193,305 | |||||||||||
Corporate debt securities | 485,156 | 5,205 | (2,364 | ) | 487,997 | |||||||||||
CMBS and RMBS in the Americas | 59,954 | 2,566 | (1,041 | ) | 61,479 | |||||||||||
Other asset-backed securities and debt securities | 88,620 | 3,381 | (1,389 | ) | 90,612 | |||||||||||
1,239,740 | 35,034 | (10,530 | ) | 1,264,244 | ||||||||||||
Held-to-maturity debt securities: | ||||||||||||||||
Japanese government bond securities and other | 114,061 | 30,265 | 0 | 144,326 | ||||||||||||
¥ | 1,353,801 | ¥ | 65,299 | ¥ | (10,530 | ) | ¥ | 1,408,570 | ||||||||
Millions of yen | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||
Available-for-sale | ||||||||||||||||
Japanese and foreign government bond securities | ¥ | 640,197 | ¥ | 21,063 | ¥ | (7,315 | ) | ¥ | 653,945 | |||||||
Japanese prefectural and foreign municipal bond securities | 251,738 | 2,031 | (3,414 | ) | 250,355 | |||||||||||
Corporate debt securities | 595,625 | 8,727 | (7,875 | ) | 596,477 | |||||||||||
CMBS and RMBS in the Americas | 56,957 | 929 | (9,214 | ) | 48,672 | |||||||||||
Other asset-backed securities and debt securities | 92,363 | 3,267 | (13,894 | ) | 81,736 | |||||||||||
1,636,880 | 36,017 | (41,712 | ) | 1,631,185 | ||||||||||||
Held-to-maturity | ||||||||||||||||
Japanese government bond securities and other | 113,805 | 29,384 | 0 | 143,189 | ||||||||||||
¥ | 1,750,685 | ¥ | 65,401 | ¥ | (41,712 | ) | ¥ | 1,774,374 | ||||||||