TIDMTAK
RNS Number : 0635H
Takefuji Corporation
12 February 2010
(Translation)
Brief Statement of Financial Results at the Third Quarter
for the Fiscal Year Ending March 31, 2010
February 12, 2010
Company Name: TAKEFUJI CORPORATION (the "Company")
Stock Listings: Tokyo Stock Exchange, First Section/ London Stock Exchange
Code Number: 8564
URL: http://www.takefuji.co.jp/
Head Office: 15-1 Nishi-Shinjuku 8-chome, Shinjuku-ku, Tokyo 163-8654, Japan
Representative Personnel: Akira Kiyokawa, President
Administrative Personnel to Contact: Kentaro Itai, Director & Executive Officer
in charge of : Public Relations Dept. as
General Manager
Tel: +81-3-3365-8030
Scheduled date for filing the quarterly report to Financial Services Agency:
February 12, 2010
Scheduled date of payment of Dividends: None
Note: Figures are rounded (as for "statistics per share" at three places of
decimal)
to the nearest appropriate unit.
1. Consolidated Business Results at the Third Quarter (from April 1, 2009 to
December 31, 2009) for the Fiscal Year Ending March 31, 2010
(1) Consolidated Operating Results
+------------+----------+---------+----------+----+----------+----------------------------+----+----------+----+
| Note: The percentage figures for operating revenues, operating income, |
| ordinary income and net income represent year-on-year changes. |
+--------------------------------------------------------------------------------------------------------------+
| | Operating | Operating | Ordinary Income | Net |
| | Revenues | Income | | Income |
+------------+--------------------+---------------+--------------------------------------------+---------------+
| | millions | % | millions | % | millions of yen | % | millions | % |
| | of yen | | of yen | | | | of yen | |
+------------+----------+---------+----------+----+---------------------------------------+----+----------+----+
| First Nine | 95,326 | (-35.2) | 27,435 | ( | 27,364 | ( - ) | 19,681 | ( |
| Months | | | | - | | | | - |
| Ended | | | | ) | | | | ) |
| December | | | | | | | | |
| 2009 | | | | | | | | |
+------------+----------+---------+----------+----+----------+---------------------------------+----------+----+
| First Nine | 147,076 | ( | -180,919 | ( | -185,484 | ( - ) | -214,395 | ( |
| Months | | - | | - | | | | - |
| Ended | | ) | | ) | | | | ) |
| December | | | | | | | | |
| 2008 | | | | | | | | |
+------------+----------+---------+----------+----+----------+---------------------------------+----------+----+
| |
+--------------------------------------------------------------------------------------------------------------+
| | Net | Net | |
| | Income | Income | |
| | per Share | per | |
| | | Share-diluted | |
+------------+--------------------+---------------+------------------------------------------------------------+
| | yen | yen | |
+------------+--------------------+---------------+------------------------------------------------------------+
| First Nine | 145.87 | 122.79 | |
| Months | | | |
| Ended | | | |
| December | | | |
| 2009 | | | |
+------------+--------------------+---------------+------------------------------------------------------------+
| First Nine | -1,569.11 | - | |
| Months | | | |
| Ended | | | |
| December | | | |
| 2008 | | | |
+------------+----------+---------+----------+----+----------+----------------------------+----+----------+----+
(2) Consolidated Financial Position
+---------------+------------+------------+---------------+------------+
| | Total |Net Assets |Shareholders' |Net Assets |
| | Assets | | Equity Ratio | per Share |
+---------------+------------+------------+---------------+------------+
| | millions | millions | % | yen |
| | of yen | of yen | | |
+---------------+------------+------------+---------------+------------+
|Third Quarter | 740,923 | 165,249 | 22.3 | 1,223.30 |
| Ended | | | | |
|December 2009 | | | | |
+---------------+------------+------------+---------------+------------+
| Fiscal Year | 958,464 | 149,648 | 15.6 | 1,108.12 |
| Ended March | | | | |
| 2009 | | | | |
+---------------+------------+------------+---------------+------------+
Note: Shareholders' Equity
+--------------------+---------+----------------+
| Third quarter | 165,048 | millions of |
| ended December | | yen |
| 2009 | | |
+--------------------+---------+----------------+
| Fiscal year ended | 149,507 | millions of |
| March 2009 | | yen |
+--------------------+---------+----------------+
2. Dividends
+--------------+---------+----------+----------+----------+---------+
| | Dividends per Share |
+--------------+----------------------------------------------------+
| | First | Second | Third | Fourth | Total |
| |Quarter | Quarter | Quarter | Quarter | |
+--------------+---------+----------+----------+----------+---------+
| | yen | yen | yen | yen | yen |
+--------------+---------+----------+----------+----------+---------+
| Fiscal Year | - | 30.00 | - | 20.00 | 50.00 |
| Ended | | | | | |
| March 2009 | | | | | |
+--------------+---------+----------+----------+----------+---------+
| Fiscal Year | - | 15.00 | - | | |
|Ending March | | | | | |
| 2010 | | | | | |
+--------------+---------+----------+----------+----------+---------+
| Fiscal Year | | | | 15.00 | 30.00 |
|Ending March | | | | | |
| 2010 | | | | | |
| (Forecasts) | | | | | |
+--------------+---------+----------+----------+----------+---------+
Note: Revision of dividends forecasts during the quarter: None
3. Forecasts of Consolidated Operating Results for the Fiscal Year Ending March
31, 2010
(from April 1, 2009 to March 31, 2010)
Note: The percentage figures show year-on-year changes.
+----------------+-----------+---------+----------+----+----------+----+
| | Operating | Operating | Ordinary |
| | Revenues | Income | Income |
+----------------+---------------------+---------------+---------------+
| | millions | % |millions | % |millions | % |
| | of yen | | of yen | | of yen | |
+----------------+-----------+---------+----------+----+----------+----+
| Full Year | 118,700 | (-36.3) | 13,300 | ( | 13,700 | ( |
| | | | | - | | - |
| | | | | ) | | ) |
+----------------+-----------+---------+----------+----+----------+----+
+----------------+----------+----+---------------+
| | Net Income | Net Income |
| | | per Share |
+----------------+---------------+---------------+
| |millions | % | yen |
| | of yen | | |
+----------------+----------+----+---------------+
| Full Year | 13,000 | ( | 96.35 |
| | | - | |
| | | ) | |
+----------------+----------+----+---------------+
Note: Revision of consolidated operating results forecasts during the quarter:
None
4. Others
(1) Changes of Significant Subsidiaries in the Third Quarter (Changes in Scope
of Consolidation): None
(2) Adoption of Simple Method in Accounting and Adoption of Particular
Accounting Method for Consolidated Quarterly Financial Statements: Yes
(Refer to the detail of "4. Others" on page 4 of "Qualitative Information and
Financial Statements")
(3) Changes in Accounting Method for Consolidated Quarterly Financial Statements
(Significant Accounting Policies for Consolidated Quarterly Financial
Statements)
A. Changes in accordance with revision of accounting standard: None
B. Other changes: None
(4) Number of Shares Issued (Common Stock)
A. Number of shares issued (including treasury stock)
+--------------------------+-------------+--------+
| Third quarter ended | 144,295,200 | Shares |
| December 2009 | | |
+--------------------------+-------------+--------+
| Fiscal year ended March | 144,295,200 | Shares |
| 2009 | | |
+--------------------------+-------------+--------+
B. Treasury stocks
+--------------------------+-----------+--------+
| Third quarter ended | 9,375,405 | Shares |
| December 2009 | | |
+--------------------------+-----------+--------+
| Fiscal year ended March | 9,375,385 | Shares |
| 2009 | | |
+--------------------------+-----------+--------+
C. Average number of shares (Consolidated first nine months)
+--------------------------+-------------+--------+
| First nine months ended | 134,919,810 | Shares |
| December 2009 | | |
+--------------------------+-------------+--------+
| First nine months ended | 136,635,008 | Shares |
| December 2008 | | |
+--------------------------+-------------+--------+
* Explanatory note and remarks regarding performance forecasts
Forward-looking statements such as forecasts of operating results and others
contained in this Brief Statement of Financial Results are based on beliefs in
light of information currently available as of the date of this announcement and
management's assumptions considered reasonable. Final business results may
differ greatly from the forecasts above as a result of various factors and
future events. Please refer to "3. Qualitative Information on Forecasts of
Consolidated Operating Results" on page 4 of "Qualitative Information and
Financial Statements" for the assumptions adopted and precaution for use of the
forecasts.
The Japanese economy continued to be severe as observed in high unemployment
ratio during the third quarter under review, although exports and production
continued increasing, showing signs of economic recovery. While economic
recovery in the future was expected against a background of various measures and
their effects, there was potential downward pressure, such as further
deterioration of employment situation and concerns for worsening global economy.
Business environment of the consumer finance sector continued to be
unpredictable since interest refund claims were staying at a high level and
preparatory measures for full enforcement of the Money Lending Business Law were
taken. In addition, rapid deterioration of funding situations in recent years
forced consumer finance companies to shrink operations or to withdraw from the
business, as well as forcing even major companies to improve management
practices.
In this environment, regarding business performance of TAKEFUJI CORPORATION
and its subsidiaries (the "Group") for the consolidated first nine months under
review, operating revenues were 95,326 million yen (down 35.2% year-on-year
comparison). Ordinary income and net income were 27,364 million yen (Ordinary
loss of 185,484 million yen for the previous year's same period) and 19,681
million yen (Net loss of 214,395 million yen for the previous year's same
period) respectively. This was partly because all of the refund claims, which
stayed at a high level, was treated as reversal of allowance.
2. Qualitative Information on Consolidated Financial Condition
Total assets at the end of the third quarter under review on a consolidated
basis was 740,923 million yen, down 217,541 million yen compared to that of the
end of the previous consolidated fiscal year. This was mainly because of a
decrease in direct cash loans to customers of 212,928 million yen, a consequent
decrease in allowance for credit losses of 33,738 million yen and a fall in
short-term loans receivable of 49,992 million yen.
As for liabilities, the amount was 575,674 million yen, down 233,142 million
yen compared to that of the end of the previous consolidated fiscal year. This
was mainly due to factors such as a decrease in allowance for losses for refund
of interest received from customers of 94,801 million yen as a result of
reversal, a decrease in long-term borrowings of 103,738 million yen and a
decrease in convertible bond-type bonds with subscription rights to shares of
24,950 million yen.
Regarding net assets, the amount was 165,249 million yen, up 15,601 million
yen compared to that of the end of the previous consolidated fiscal year. This
was mainly due to an increase in retained earnings of 14,959 million yen.
Consequently, shareholders' equity ratio was 22.3%, up 6.7 points compared to
that of the end of the previous consolidated fiscal year.
(The situation of consolidated cash flows)
Cash and cash equivalent at the end of the third quarter under review on a
consolidated basis (the "Funds") was 51,223 million yen, down 46,639 million yen
compared to that of the end of the previous consolidated fiscal year.
Each cash flow situation and factors were as follows:
(Net cash provided by operating activities)
The Funds provided by operating activities were 77,479 million yen (61,149
million yen was provided in the previous year's same period). The principal
sources of these cash flows were as follows; 58,212 million yen (previously
168,794 million yen) for direct cash loans made to customers and 154,824 million
yen (previously 234,737 million yen) for direct cash loans collected from
customers, based on our core business of consumer finance.
(Net cash provided by investing activities)
The Funds provided by investing activities were 4,555 million yen (1,873
million yen was used in the previous year's same period). The principal sources
of these cash flows were as follows; 1,366 million yen (previously 2,944 million
yen) for purchase of tangible and intangible fixed assets, and 6,145 million yen
(previously 1,412 million yen) for gain on sales of investment securities.
(Net cash used in financing activities)
The Funds used in financing activities were 127,625 million yen (114,741
million yen was used in the previous year's same period). The principal sources
of these cash flows were as follows; 105,489 million yen (previously 152,052
million yen) for repayment of long-term borrowings, 17,409 million yen
(previously 20,000 million yen) for redemption of bonds, including convertible
bond-type bonds with subscription rights to shares and 4,727 million yen
(previously 16,464 million yen) for cash dividends paid.
3. Qualitative Information on Forecasts of Consolidated Operating Results
There is no change to Forecasts of Consolidated Operating Results for the Fiscal
Year Ending March 31, 2010 announced on November 5, 2009 and Non-consolidated
Forecast for the Fiscal Year Ending March 31, 2010 announced on May 14, 2009.
4. Others
(1) Changes of Significant Subsidiaries in the Third Quarter (Changes in Scope
of Consolidation)
None
(2) Adoption of Simple Method in Accounting and Adoption of Particular
Accounting Method for Consolidated Quarterly Financial Statements
A. Calculation Method of Write-off Estimate for Normal Loans
As there is no significant change between the credit loss ratio etc. at the end
of the consolidated quarter under review and the credit loss ratio etc. at the
end of the previous consolidated fiscal year, the write-off estimate is
calculated based upon the credit loss ratio at the end of the previous
consolidated fiscal year.
B. Calculation Method of Fixed Assets Depreciation and Amortization
As for assets adopting declining-balance method, the amount of depreciation and
amortization is allocated based on related duration.
(3) Changes in Accounting Method for Consolidated Quarterly Financial Statements
None
(4) Important Events Affecting Going-concern Assumption
The Group had been conducting funding through various, expeditious and flexible
measures, such as borrowing from financial institutions, issuance of corporate
bonds and securitization of direct cash loans to customers. However, while
financial situation was becoming more and more severe due to sub-prime loan
issue in the U.S. and Lehman Brother's shock etc., funding environment
surrounding the Group became more severe with financial needs for high-level
interest refund claims and with concerns about impact of loan volume control
that is expected to be introduced at the full enforcement of Money Lending
Business Law scheduled by June 2010. In addition, the Company was downgraded
against this background to give rise to conflict against covenant for early
redemption and other events for a part of borrowings.
In above mentioned situation, the Group considered various funding methods to
improve cash position. As a result, in preparation for the early redemption
requests of convertible bond-type bonds with subscription rights to shares, we
conducted exchange offer of such bonds during the third quarter under review on
a consolidated basis. The Group also conducted sale of listed securities and
sale of a part of restructured loans. Despite these successful conducts, new
funding continues to be extremely difficult due to extending economic slowdown,
unpredictable future of the industry, high-level interest refund claims and
additional downgrade.
As explained above, a material question about the Group's going-concern
assumption exists under current circumstances.
The Group responds to said circumstances with approaches below:
1. Procurement of necessary funds and stabilizing cash position
On an assumption that severe funding environment continues for the foreseeable
future, the Group strives to secure necessary funds for future operation by
means such as borrowings utilizing the Group's real estate properties and loans
receivable as well as sale of loans receivable. At the same time, the Group also
aims to stabilize its total cash position by considering and conducting measures
to reduce cost burden related to existing bonds.
2. Improvement of business streamlining
In addition to further promoting streamlining measures, such as scrap and build
of branch offices, which has been conducted in a planned and consistent way, the
Group further aims to streamline business by advancing cost cut through
reviewing contracts related to various payments and through sale of unutilized
assets.
Regarding above approaches for procurement of necessary funds and stabilizing
cash position, concrete negotiations with related counterparties are surely
progressing as planned and we have currently reached to a stage of specifying
assets in scope and price negotiation. However, we have not yet reached an
obvious form of agreement such as conclusion of contracts or memorandums. Thus a
material uncertainty about the Group's going-concern assumption is recognized.
5. Third Quarter Consolidated Financial Statements
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| |Current Third Quarter | Summary of previous |
| | as of Dec. 31, 2009 | Fiscal Year |
| | | as of Mar. 31, 2009 |
+-------------------------+-----------------------+-----------------------+
| Assets: | | |
+-------------------------+-----------------------+-----------------------+
| Current assets | | |
+-------------------------+-----------------------+-----------------------+
| Cash and deposits | 51,223 | 47,871 |
+-------------------------+-----------------------+-----------------------+
| Direct cash loans to | 648,589 | 861,517 |
| customers | | |
+-------------------------+-----------------------+-----------------------+
| Short-term loans | - | 49,992 |
| receivable | | |
+-------------------------+-----------------------+-----------------------+
| Other current assets | 40,199 | 24,156 |
+-------------------------+-----------------------+-----------------------+
| Allowance for credit | -63,256 | -96,994 |
| losses | | |
+-------------------------+-----------------------+-----------------------+
| Total current assets | 676,755 | 886,541 |
+-------------------------+-----------------------+-----------------------+
| Fixed assets | | |
+-------------------------+-----------------------+-----------------------+
| Tangible fixed assets | 43,398 | 45,195 |
+-------------------------+-----------------------+-----------------------+
| Intangible fixed assets | 4,685 | 5,174 |
+-------------------------+-----------------------+-----------------------+
| Investments and other | 16,085 | 21,554 |
| assets | | |
+-------------------------+-----------------------+-----------------------+
| Total fixed assets | 64,168 | 71,923 |
+-------------------------+-----------------------+-----------------------+
| Total assets | 740,923 | 958,464 |
+-------------------------+-----------------------+-----------------------+
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| |Current Third Quarter | Summary of previous |
| | as of Dec. 31, 2009 | Fiscal Year |
| | | as of Mar. 31, 2009 |
+-------------------------+-----------------------+-----------------------+
| Liabilities: | | |
+-------------------------+-----------------------+-----------------------+
| Current liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Current portion of | 6,045 | - |
| bonds | | |
+-------------------------+-----------------------+-----------------------+
| Current portion of | 89,843 | 91,595 |
| long-term borrowings | | |
+-------------------------+-----------------------+-----------------------+
| Income taxes payable | 206 | 461 |
+-------------------------+-----------------------+-----------------------+
| Allowance for bonuses | 100 | 639 |
+-------------------------+-----------------------+-----------------------+
| Other current | 22,209 | 31,478 |
| liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Total current | 118,403 | 124,173 |
| liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Fixed liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Bonds payable | 86,492 | 88,567 |
+-------------------------+-----------------------+-----------------------+
| Convertible bond-type | 45,050 | 70,000 |
| bonds with subscription | | |
| rights to shares | | |
+-------------------------+-----------------------+-----------------------+
| Long-term borrowings | 11,842 | 115,579 |
+-------------------------+-----------------------+-----------------------+
| Allowance for losses | 308,556 | 403,357 |
| for refund | | |
| of interest received | | |
| from customers | | |
+-------------------------+-----------------------+-----------------------+
| Allowance for | 3,868 | 3,610 |
| retirement benefits of | | |
| employees | | |
+-------------------------+-----------------------+-----------------------+
| Allowance for | 167 | 147 |
| retirement benefits of | | |
| directors and corporate | | |
| auditors | | |
+-------------------------+-----------------------+-----------------------+
| Other fixed liabilities | 1,296 | 3,382 |
+-------------------------+-----------------------+-----------------------+
| Total fixed liabilities | 457,271 | 684,642 |
+-------------------------+-----------------------+-----------------------+
| Total liabilities | 575,674 | 808,816 |
+-------------------------+-----------------------+-----------------------+
| Net assets: | | |
+-------------------------+-----------------------+-----------------------+
| Shareholders' equity | | |
+-------------------------+-----------------------+-----------------------+
| Capital stock | 30,478 | 30,478 |
+-------------------------+-----------------------+-----------------------+
| Capital surplus | 52,263 | 52,263 |
+-------------------------+-----------------------+-----------------------+
| Retained earnings | 120,720 | 105,761 |
+-------------------------+-----------------------+-----------------------+
| Treasury stock | -36,469 | -36,469 |
+-------------------------+-----------------------+-----------------------+
| Total shareholders' | 166,993 | 152,034 |
| equity | | |
+-------------------------+-----------------------+-----------------------+
| Valuation and foreign | | |
| currency translation | | |
| adjustments | | |
+-------------------------+-----------------------+-----------------------+
| Valuation difference on | -1,295 | -1,943 |
| available-for-sale | | |
| securities | | |
+-------------------------+-----------------------+-----------------------+
| Foreign currency | -650 | -584 |
| translation adjustments | | |
+-------------------------+-----------------------+-----------------------+
| Total valuation and | -1,945 | -2,527 |
| foreign currency | | |
| translation adjustments | | |
+-------------------------+-----------------------+-----------------------+
| Subscription rights to | 201 | 141 |
| shares | | |
+-------------------------+-----------------------+-----------------------+
| Total net assets | 165,249 | 149,648 |
+-------------------------+-----------------------+-----------------------+
| Total liabilities and | 740,923 | 958,464 |
| net assets | | |
+-------------------------+-----------------------+-----------------------+
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| | Previous First Nine | Current First Nine |
| | Months | Months |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 |
| |(from Apr. 1, 2008 to |(from Apr. 1, 2009 to |
| | Dec. 31, 2008) | Dec. 31, 2009) |
+-------------------------+-----------------------+-----------------------+
| Operating revenues | | |
+-------------------------+-----------------------+-----------------------+
| Interest income on | 140,975 | 90,161 |
| direct cash loans | | |
+-------------------------+-----------------------+-----------------------+
| Credit card revenues | 54 | 45 |
+-------------------------+-----------------------+-----------------------+
| Other financial | 2,054 | 762 |
| revenues | | |
+-------------------------+-----------------------+-----------------------+
| Other operating | 3,994 | 4,358 |
| revenues | | |
+-------------------------+-----------------------+-----------------------+
| Total operating | 147,076 | 95,326 |
| revenues | | |
+-------------------------+-----------------------+-----------------------+
| Operating expenses | | |
+-------------------------+-----------------------+-----------------------+
| Financial expenses | 15,016 | 9,349 |
+-------------------------+-----------------------+-----------------------+
| Other operating | | |
| expenses | | |
+-------------------------+-----------------------+-----------------------+
| Provisions for credit | 59,045 | 27,559 |
| losses | | |
+-------------------------+-----------------------+-----------------------+
| Provisions for losses | 214,387 | - |
| for refund of interest | | |
| received from customers | | |
+-------------------------+-----------------------+-----------------------+
| Other | 39,547 | 30,983 |
+-------------------------+-----------------------+-----------------------+
| Total other operating | 312,979 | 58,542 |
| expenses | | |
+-------------------------+-----------------------+-----------------------+
| Total operating | 327,995 | 67,891 |
| expenses | | |
+-------------------------+-----------------------+-----------------------+
| Operating income | -180,919 | 27,435 |
+-------------------------+-----------------------+-----------------------+
+-------------------------+-----------------------+-----------------------+
| | Previous First Nine | Current First Nine |
| | Months | Months |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 |
| |(from Apr. 1, 2008 to |(from Apr. 1, 2009 to |
| | Dec. 31, 2008) | Dec. 31, 2009) |
+-------------------------+-----------------------+-----------------------+
| Non-operating income | | |
+-------------------------+-----------------------+-----------------------+
| Dividends income | 635 | 247 |
+-------------------------+-----------------------+-----------------------+
| Miscellaneous income | 249 | 711 |
+-------------------------+-----------------------+-----------------------+
| Total non-operating | 883 | 958 |
| income | | |
+-------------------------+-----------------------+-----------------------+
| Non-operating expenses | | |
+-------------------------+-----------------------+-----------------------+
| Bond issuance cost | 1,798 | - |
+-------------------------+-----------------------+-----------------------+
| Equity in losses of | - | 2 |
| affiliates | | |
+-------------------------+-----------------------+-----------------------+
| Foreign exchange losses | 2,307 | 931 |
+-------------------------+-----------------------+-----------------------+
| Option fees | 1,306 | - |
+-------------------------+-----------------------+-----------------------+
| Miscellaneous loss | 37 | 96 |
+-------------------------+-----------------------+-----------------------+
| Total non-operating | 5,448 | 1,028 |
| expenses | | |
+-------------------------+-----------------------+-----------------------+
| Ordinary income | -185,484 | 27,364 |
+-------------------------+-----------------------+-----------------------+
| Extraordinary income | | |
+-------------------------+-----------------------+-----------------------+
| Gain on sales of | 688 | 667 |
| investment securities | | |
+-------------------------+-----------------------+-----------------------+
| Gain on redemption of | - | 4,062 |
| bonds | | |
+-------------------------+-----------------------+-----------------------+
| Gain on sales of fixed | - | 34 |
| assets | | |
+-------------------------+-----------------------+-----------------------+
| Total extraordinary | 688 | 4,763 |
| income | | |
+-------------------------+-----------------------+-----------------------+
| Extraordinary loss | | |
+-------------------------+-----------------------+-----------------------+
| Loss on devaluation of | 528 | 722 |
| investment securities | | |
+-------------------------+-----------------------+-----------------------+
| Loss on sales of | 51 | 849 |
| investment securities | | |
+-------------------------+-----------------------+-----------------------+
| Impairment loss | 108 | 1,231 |
+-------------------------+-----------------------+-----------------------+
| Loss on closing of | 631 | 396 |
| branch offices | | |
+-------------------------+-----------------------+-----------------------+
| Loss on commitment | 2,165 | - |
| facility cancellation | | |
+-------------------------+-----------------------+-----------------------+
| Loss on transfer of | - | 8,807 |
| receivables | | |
+-------------------------+-----------------------+-----------------------+
| Other extraordinary | - | 152 |
| loss | | |
+-------------------------+-----------------------+-----------------------+
| Total extraordinary | 3,482 | 12,156 |
| loss | | |
+-------------------------+-----------------------+-----------------------+
| Income before income | -188,278 | 19,971 |
| taxes | | |
+-------------------------+-----------------------+-----------------------+
| Income taxes-current | 676 | 283 |
+-------------------------+-----------------------+-----------------------+
| Income taxes-deferred | 25,442 | 7 |
+-------------------------+-----------------------+-----------------------+
| Total income taxes | 26,117 | 290 |
+-------------------------+-----------------------+-----------------------+
| Net income | -214,395 | 19,681 |
+-------------------------+-----------------------+-----------------------+
(3) Third Quarter Consolidated Statements of Cash Flows
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| | Previous First Nine | Current First Nine |
| | Months | Months |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 |
| |(from Apr. 1, 2008 to |(from Apr. 1, 2009 to |
| | Dec. 31, 2008) | Dec. 31, 2009) |
+-------------------------+-----------------------+-----------------------+
| Net cash provided by | | |
| operating activities | | |
+-------------------------+-----------------------+-----------------------+
| Income before income | -188,278 | 19,971 |
| taxes | | |
+-------------------------+-----------------------+-----------------------+
| Impairment loss | 108 | 1,231 |
+-------------------------+-----------------------+-----------------------+
| Gain on redemption of | - | -4,062 |
| bonds | | |
+-------------------------+-----------------------+-----------------------+
| Increase or decrease in | 286 | 258 |
| allowance for | | |
| retirement benefits of | | |
| employees | | |
+-------------------------+-----------------------+-----------------------+
| Increase or decrease in | -0 | 20 |
| allowance for | | |
| retirement benefits of | | |
| directors and corporate | | |
| auditors | | |
+-------------------------+-----------------------+-----------------------+
| Increase or decrease in | -27,048 | -33,738 |
| allowance for credit | | |
| losses | | |
+-------------------------+-----------------------+-----------------------+
| Increase or decrease in | 77,582 | -94,801 |
| allowance for losses | | |
| for refund of interest | | |
| received from customers | | |
+-------------------------+-----------------------+-----------------------+
| Write-offs | 86,093 | 47,179 |
+-------------------------+-----------------------+-----------------------+
| Interest repaid | 47,377 | 33,502 |
| (portion of principal | | |
| impaired) | | |
+-------------------------+-----------------------+-----------------------+
| Interest and dividends | -635 | -247 |
| income | | |
+-------------------------+-----------------------+-----------------------+
| Gain or loss on sales | - | -34 |
| of tangible fixed | | |
| assets | | |
+-------------------------+-----------------------+-----------------------+
| Loss on closing of | 631 | 10 |
| branch offices | | |
+-------------------------+-----------------------+-----------------------+
| Gain or loss on sales | -637 | 181 |
| of short-term and | | |
| long-term investment | | |
| securities | | |
+-------------------------+-----------------------+-----------------------+
| Direct cash loans made | -168,794 | -58,212 |
| to customers | | |
+-------------------------+-----------------------+-----------------------+
| Direct cash loans | 234,737 | 154,824 |
| collected from | | |
| customers | | |
+-------------------------+-----------------------+-----------------------+
| Decrease in direct cash | - | 35,684 |
| loans due to transfer | | |
| of receivables | | |
+-------------------------+-----------------------+-----------------------+
| Increase or decrease of | -13,082 | -5 |
| long-term deposit | | |
+-------------------------+-----------------------+-----------------------+
| Other | 8,421 | -24,297 |
+-------------------------+-----------------------+-----------------------+
| Subtotal | 56,761 | 77,465 |
+-------------------------+-----------------------+-----------------------+
| Interest and dividends | 635 | 247 |
| income received | | |
+-------------------------+-----------------------+-----------------------+
| Income taxes paid | -499 | -507 |
+-------------------------+-----------------------+-----------------------+
| Income taxes refund | 4,253 | 275 |
+-------------------------+-----------------------+-----------------------+
| Net cash provided by | 61,149 | 77,479 |
| operating activities | | |
+-------------------------+-----------------------+-----------------------+
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| | Previous First Nine | Current First Nine |
| | Months | Months |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 |
| |(from Apr. 1, 2008 to |(from Apr. 1, 2009 to |
| | Dec. 31, 2008) | Dec. 31, 2009) |
+-------------------------+-----------------------+-----------------------+
| Net cash provided by | | |
| investing activities | | |
+-------------------------+-----------------------+-----------------------+
| Purchase of tangible | -767 | -690 |
| fixed assets | | |
+-------------------------+-----------------------+-----------------------+
| Proceeds from sales of | - | 51 |
| tangible fixed assets | | |
+-------------------------+-----------------------+-----------------------+
| Purchase of intangible | -2,177 | -676 |
| fixed assets | | |
+-------------------------+-----------------------+-----------------------+
| Purchase of investment | -571 | -1,216 |
| securities | | |
+-------------------------+-----------------------+-----------------------+
| Proceeds from sales of | 1,412 | 6,145 |
| investment securities | | |
+-------------------------+-----------------------+-----------------------+
| Other | 230 | 941 |
+-------------------------+-----------------------+-----------------------+
| Net cash used by | -1,873 | 4,555 |
| investing activities | | |
+-------------------------+-----------------------+-----------------------+
| Net cash used by | | |
| financing activities | | |
+-------------------------+-----------------------+-----------------------+
| Net increase or | 800 | - |
| decrease in short-term | | |
| borrowings | | |
+-------------------------+-----------------------+-----------------------+
| Proceeds from long-term | 6,200 | - |
| borrowings | | |
+-------------------------+-----------------------+-----------------------+
| Repayments of long-term | -152,052 | -105,489 |
| borrowings | | |
+-------------------------+-----------------------+-----------------------+
| Repayments for | -20,000 | -5,841 |
| redemption of bonds | | |
+-------------------------+-----------------------+-----------------------+
| Proceeds from issuance | 70,000 | - |
| of bonds with | | |
| subscription rights to | | |
| shares | | |
+-------------------------+-----------------------+-----------------------+
| Repayments for | - | -11,568 |
| redemption of bonds | | |
| with subscription | | |
| rights to shares | | |
+-------------------------+-----------------------+-----------------------+
| Purchase of treasury | -3,225 | -0 |
| stock | | |
+-------------------------+-----------------------+-----------------------+
| Cash dividends paid | -16,464 | -4,727 |
+-------------------------+-----------------------+-----------------------+
| Net cash used | -114,741 | -127,625 |
| by financing activities | | |
+-------------------------+-----------------------+-----------------------+
| Effect of exchange rate | -1,302 | -1,048 |
| changes on cash and | | |
| cash equivalents | | |
+-------------------------+-----------------------+-----------------------+
| Net increase or | -56,767 | -46,639 |
| decrease in cash and | | |
| cash equivalents | | |
+-------------------------+-----------------------+-----------------------+
| Cash and cash | 153,471 | 97,862 |
| equivalents at the | | |
| beginning of the period | | |
+-------------------------+-----------------------+-----------------------+
| Cash and cash | 96,705 | 51,223 |
| equivalents at the end | | |
| of the period | | |
+-------------------------+-----------------------+-----------------------+
(4) Notes on the Going-concern Assumption
The Group had been conducting funding through various, expeditious and flexible
measures, such as borrowing from financial institutions, issuance of corporate
bonds and securitization of direct cash loans to customers. However, while
financial situation was becoming more and more severe due to sub-prime loan
issue in the U.S. and Lehman Brother's shock etc., funding environment
surrounding the Group became more severe with financial needs for high-level
interest refund claims and with concerns about impact of loan volume control
that is expected to be introduced at the full enforcement of Money Lending
Business Law scheduled by June 2010. In addition, the Company was downgraded
against this background to give rise to conflict against covenant for early
redemption and other events for a part of borrowings.
In above mentioned situation, the Group considered various funding methods to
improve cash position. As a result, in preparation for the early redemption
requests of convertible bond-type bonds with subscription rights to shares, we
conducted exchange offer of such bonds during the third quarter under review on
a consolidated basis. The Group also conducted sale of listed securities and
sale of a part of restructured loans. Despite these successful conducts, new
funding continues to be extremely difficult due to extending economic slowdown,
unpredictable future of the industry, high-level interest refund claims and
additional downgrade.
As explained above, a material question about the Group's going-concern
assumption exists under current circumstances.
The Group responds to said circumstances with approaches below:
1. Procurement of necessary funds and stabilizing cash position
On an assumption that severe funding environment continues for the foreseeable
future, the Group strives to secure necessary funds for future operation by
means such as borrowings utilizing the Group's real estate properties and loans
receivable as well as sale of loans receivable. At the same time, the Group also
aims to stabilize its total cash position by considering and conducting measures
to reduce cost burden related to existing bonds.
2. Improvement of business streamlining
In addition to further promoting streamlining measures, such as scrap and build
of branch offices, which has been conducted in a planned and consistent way, the
Group further aims to streamline business by advancing cost cut through
reviewing contracts related to various payments and through sale of unutilized
assets.
Regarding above approaches for procurement of necessary funds and stabilizing
cash position, concrete negotiations with related counterparties are surely
progressing as planned and we have currently reached to a stage of specifying
assets in scope and price negotiation. However, we have not yet reached an
obvious form of agreement such as conclusion of contracts or memorandums. Thus a
material uncertainty about the Group's going-concern assumption is recognized.
For your reference, third quarter consolidated financial statements are made
based on going-concern assumption. They do not reflect the impact of uncertainty
about the Group's going-concern assumption.
(5) Notes in Case of Significant Changes in the Amount of Shareholders' Equity
None
+-------------------------+-----------------------+-----------------------+
| |Current Third Quarter | Summary of previous |
| | as of Dec. 31, 2009 | Fiscal Year |
| | | as of Mar. 31, 2009 |
+-------------------------+-----------------------+-----------------------+
| Assets: | | |
+-------------------------+-----------------------+-----------------------+
| Current assets | | |
+-------------------------+-----------------------+-----------------------+
| Cash and deposits | 49,751 | 42,935 |
+-------------------------+-----------------------+-----------------------+
| Direct cash loans to | 648,589 | 861,517 |
| customers | | |
+-------------------------+-----------------------+-----------------------+
| Short-term loans | 550 | 49,992 |
| receivable | | |
+-------------------------+-----------------------+-----------------------+
| Other current assets | 40,145 | 24,102 |
+-------------------------+-----------------------+-----------------------+
| Allowance for credit | -63,256 | -96,994 |
| losses | | |
+-------------------------+-----------------------+-----------------------+
| Total current assets | 675,779 | 881,552 |
+-------------------------+-----------------------+-----------------------+
| Fixed assets | | |
+-------------------------+-----------------------+-----------------------+
| Tangible fixed assets | 30,835 | 32,655 |
+-------------------------+-----------------------+-----------------------+
| Intangible fixed assets | 4,681 | 5,171 |
+-------------------------+-----------------------+-----------------------+
| Investments and other | 51,295 | 57,714 |
| assets | | |
+-------------------------+-----------------------+-----------------------+
| Total fixed assets | 86,810 | 95,540 |
+-------------------------+-----------------------+-----------------------+
| Total assets | 762,589 | 977,092 |
+-------------------------+-----------------------+-----------------------+
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| |Current Third Quarter | Summary of previous |
| | as of Dec. 31, 2009 | Fiscal Year |
| | | as of Mar. 31, 2009 |
+-------------------------+-----------------------+-----------------------+
| Liabilities: | | |
+-------------------------+-----------------------+-----------------------+
| Current liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Short-term borrowings | 27,079 | 23,884 |
+-------------------------+-----------------------+-----------------------+
| Current portion of | 6,045 | - |
| bonds | | |
+-------------------------+-----------------------+-----------------------+
| Current portion of | 89,843 | 91,595 |
| long-term borrowings | | |
+-------------------------+-----------------------+-----------------------+
| Income taxes payable | 119 | 204 |
+-------------------------+-----------------------+-----------------------+
| Allowance for bonuses | 97 | 638 |
+-------------------------+-----------------------+-----------------------+
| Other current | 22,218 | 31,485 |
| liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Total current | 145,402 | 147,806 |
| liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Fixed liabilities | | |
+-------------------------+-----------------------+-----------------------+
| Bonds payable | 86,492 | 88,567 |
+-------------------------+-----------------------+-----------------------+
| Convertible bond-type | 45,050 | 70,000 |
| bonds with subscription | | |
| rights to shares | | |
+-------------------------+-----------------------+-----------------------+
| Long-term borrowings | 11,842 | 115,579 |
+-------------------------+-----------------------+-----------------------+
| Allowance for losses | 308,556 | 403,357 |
| for refund | | |
| of interest received | | |
| from customers | | |
+-------------------------+-----------------------+-----------------------+
| Allowance for | 3,862 | 3,605 |
| retirement benefits of | | |
| employees | | |
+-------------------------+-----------------------+-----------------------+
| Allowance for | 167 | 147 |
| retirement benefits of | | |
| directors and corporate | | |
| auditors | | |
+-------------------------+-----------------------+-----------------------+
| Other fixed liabilities | 1,284 | 3,371 |
+-------------------------+-----------------------+-----------------------+
| Total fixed liabilities | 457,253 | 684,626 |
+-------------------------+-----------------------+-----------------------+
| Total liabilities | 602,655 | 832,432 |
+-------------------------+-----------------------+-----------------------+
| Net assets: | | |
+-------------------------+-----------------------+-----------------------+
| Shareholders' equity | | |
+-------------------------+-----------------------+-----------------------+
| Capital stock | 30,478 | 30,478 |
+-------------------------+-----------------------+-----------------------+
| Capital surplus | 52,263 | 52,263 |
+-------------------------+-----------------------+-----------------------+
| Retained earnings | 114,155 | 99,787 |
+-------------------------+-----------------------+-----------------------+
| Treasury stock | -36,469 | -36,469 |
+-------------------------+-----------------------+-----------------------+
| Total shareholders' | 160,427 | 146,059 |
| equity | | |
+-------------------------+-----------------------+-----------------------+
| Valuation and foreign | | |
| currency translation | | |
| adjustments | | |
+-------------------------+-----------------------+-----------------------+
| Valuation difference on | -695 | -1,541 |
| available-for-sale | | |
| securities | | |
+-------------------------+-----------------------+-----------------------+
| Total valuation and | -695 | -1,541 |
| foreign currency | | |
| translation adjustments | | |
+-------------------------+-----------------------+-----------------------+
| Subscription rights to | 201 | 141 |
| shares | | |
+-------------------------+-----------------------+-----------------------+
| Total net assets | 159,934 | 144,659 |
+-------------------------+-----------------------+-----------------------+
| Total liabilities and | 762,589 | 977,092 |
| net assets | | |
+-------------------------+-----------------------+-----------------------+
Note: The quarterly balance sheets are prepared based upon quarterly financial
statements rules. However, it is not subject to review for statutory disclosure.
(2) Third Quarter Non-consolidated Statements of Income
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| | Previous First Nine | Current First Nine |
| | Months | Months |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 |
| |(from Apr. 1, 2008 to |(from Apr. 1, 2009 to |
| | Dec. 31, 2008) | Dec. 31, 2009) |
+-------------------------+-----------------------+-----------------------+
| Operating revenues | | |
+-------------------------+-----------------------+-----------------------+
| Interest income on | 140,975 | 90,161 |
| direct cash loans | | |
+-------------------------+-----------------------+-----------------------+
| Credit card revenues | 54 | 45 |
+-------------------------+-----------------------+-----------------------+
| Other financial | 2,023 | 761 |
| revenues | | |
+-------------------------+-----------------------+-----------------------+
| Other operating | 3,346 | 3,710 |
| revenues | | |
+-------------------------+-----------------------+-----------------------+
| Total operating | 146,397 | 94,677 |
| revenues | | |
+-------------------------+-----------------------+-----------------------+
| Operating expenses | | |
+-------------------------+-----------------------+-----------------------+
| Financial expenses | 15,424 | 9,793 |
+-------------------------+-----------------------+-----------------------+
| Other operating | 312,655 | 58,178 |
| expenses | | |
+-------------------------+-----------------------+-----------------------+
| Total operating | 328,079 | 67,971 |
| expenses | | |
+-------------------------+-----------------------+-----------------------+
| Operating income | -181,682 | 26,706 |
+-------------------------+-----------------------+-----------------------+
(millions of yen)
+-------------------------+-----------------------+-----------------------+
| | Previous First Nine | Current First Nine |
| | Months | Months |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 |
| |(from Apr. 1, 2008 to |(from Apr. 1, 2009 to |
| | Dec. 31, 2008) | Dec. 31, 2009) |
+-------------------------+-----------------------+-----------------------+
| Non-operating income | | |
+-------------------------+-----------------------+-----------------------+
| Dividends income | 384 | 247 |
+-------------------------+-----------------------+-----------------------+
| Miscellaneous income | 308 | 703 |
+-------------------------+-----------------------+-----------------------+
| Total non-operating | 692 | 949 |
| income | | |
+-------------------------+-----------------------+-----------------------+
| Non-operating expenses | | |
+-------------------------+-----------------------+-----------------------+
| Bond issuance cost | 1,798 | - |
+-------------------------+-----------------------+-----------------------+
| Foreign exchange losses | 2,217 | 993 |
+-------------------------+-----------------------+-----------------------+
| Option fees | 1,306 | - |
+-------------------------+-----------------------+-----------------------+
| Miscellaneous loss | 37 | 95 |
+-------------------------+-----------------------+-----------------------+
| Total non-operating | 5,357 | 1,089 |
| expenses | | |
+-------------------------+-----------------------+-----------------------+
| Ordinary income | -186,347 | 26,567 |
+-------------------------+-----------------------+-----------------------+
| Extraordinary income | | |
+-------------------------+-----------------------+-----------------------+
| Gain on sales of | 495 | 667 |
| investment securities | | |
+-------------------------+-----------------------+-----------------------+
| Gain on redemption of | - | 4,062 |
| bonds | | |
+-------------------------+-----------------------+-----------------------+
| Gain on sales of fixed | - | 34 |
| assets | | |
+-------------------------+-----------------------+-----------------------+
| Total extraordinary | 495 | 4,763 |
| income | | |
+-------------------------+-----------------------+-----------------------+
| Extraordinary loss | | |
+-------------------------+-----------------------+-----------------------+
| Loss on devaluation of | 485 | 701 |
| investment securities | | |
+-------------------------+-----------------------+-----------------------+
| Loss on sales of | 51 | 849 |
| investment securities | | |
+-------------------------+-----------------------+-----------------------+
| Impairment loss | 108 | 1,231 |
+-------------------------+-----------------------+-----------------------+
| Loss on closing of | 631 | 396 |
| branch offices | | |
+-------------------------+-----------------------+-----------------------+
| Loss on commitment | 2,165 | - |
| facility cancellation | | |
+-------------------------+-----------------------+-----------------------+
| Loss on transfer of | - | 8,807 |
| receivables | | |
+-------------------------+-----------------------+-----------------------+
| Other extraordinary | - | 152 |
| loss | | |
+-------------------------+-----------------------+-----------------------+
| Total extraordinary | 3,439 | 12,136 |
| loss | | |
+-------------------------+-----------------------+-----------------------+
| Income before income | -189,292 | 19,194 |
| taxes | | |
+-------------------------+-----------------------+-----------------------+
| Income taxes-current | 338 | 103 |
+-------------------------+-----------------------+-----------------------+
| Income taxes-deferred | 25,435 | - |
+-------------------------+-----------------------+-----------------------+
| Total income taxes | 25,773 | 103 |
+-------------------------+-----------------------+-----------------------+
| Net income | -215,064 | 19,090 |
+-------------------------+-----------------------+-----------------------+
Note: The quarterly statements of income are prepared based upon quarterly
financial statements rules. However, it is not subject to review for statutory
disclosure.
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Sources of revenues | Previous First Nine | Current First Nine | Previous Fiscal |
| | Months | Months | Year |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 | (from Apr. 1, |
| | (from Apr. 1, 2008 | (from Apr. 1, 2009 | 2008 |
| | to Dec. 31, 2008) | to Dec. 31, 2009) | to Mar. 31, |
| | | | 2009) |
+ +-----------------------------+----------------------+----------------------+
| | Amount | Compo- | Amount | Compo- | Amount | Compo- |
| |(millions of | sition |(millions | sition |(millions | sition |
| | yen) | Ratio(%) | of yen) |Ratio(%) | of yen) |Ratio(%) |
+-----------------------------+--------------+--------------+-----------+----------+-----------+----------+
| Interest | Unsecured | 140,975 | 95.9 | 90,161 | 94.6 | 178,337 | 95.7 |
| income on | loans | | | | | | |
| direct cash | | | | | | | |
| loans | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Credit card | Credit card | 54 | 0.0 | 45 | 0.0 | 69 | 0.0 |
| revenues | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Interest on | 402 | 0.3 | 38 | 0.0 | 461 | 0.2 |
| financial | bank | | | | | | |
| revenues | deposits | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Interest on | 297 | 0.2 | 27 | 0.0 | 329 | 0.2 |
| | loans other | | | | | | |
| | than direct | | | | | | |
| | cash loans | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | 1,354 | 0.9 | 697 | 0.8 | 1,822 | 1.0 |
| | 1) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 2,054 | 1.4 | 762 | 0.8 | 2,611 | 1.4 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Collection | 2,414 | 1.6 | 2,808 | 3.0 | 3,235 | 1.8 |
| operating | from bad | | | | | | |
| revenues | debts | | | | | | |
| | previously | | | | | | |
| | written-off | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Real estate | 759 | 0.5 | 687 | 0.7 | 993 | 0.5 |
| | rent income | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | 821 | 0.6 | 862 | 0.9 | 1,104 | 0.6 |
| | 2) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 3,994 | 2.7 | 4,358 | 4.6 | 5,331 | 2.9 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Total | 147,076 | 100.0 | 95,326 | 100.0 | 186,349 | 100.0 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
Notes: 1. "Other" in other financial revenues mainly consist of interest
received from interest swap transaction.
2. "Other" in other operating revenues mainly consist of parking lots fees and
golf course play fees.
B. Other Highlights Data
+--+----------------------+---------------+---------------+---------------+
| Items | Previous |Current Third | Previous |
| |Third Quarter | Quarter | Fiscal Year |
| | as of Dec. | as of Dec. | as of Mar. |
| | 31, 2008 | 31, 2009 | 31, 2009 |
+-------------------------+---------------+---------------+---------------+
| Direct cash loans to | 995,958 | 648,589 | 861,517 |
| customers | | | |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| | Unsecured loans | 995,958 | 648,589 | 861,517 |
+--+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+--+----------------------+---------------+---------------+---------------+
| Installment receivables | 567 | 350 | 465 |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| Number of loan customer | 1,645,046 | 1,147,142 | 1,480,683 |
| accounts | | | |
+-------------------------+---------------+---------------+---------------+
| | Unsecured loans | 1,645,046 | 1,147,142 | 1,480,683 |
+--+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+--+----------------------+---------------+---------------+---------------+
| Number of credit card | 283,131 | 255,180 | 275,684 |
| membership | | | |
+-------------------------+---------------+---------------+---------------+
| Number of branch | 1,434 | 1,034 | 1,051 |
| offices | | | |
+-------------------------+---------------+---------------+---------------+
| | Manned | 290 | 180 | 210 |
+--+----------------------+---------------+---------------+---------------+
| | Unmanned (including | 1,143 | 853 | 840 |
| | Automatic quick loan | | | |
| | application | | | |
| | machines) | | | |
+--+----------------------+---------------+---------------+---------------+
| | Internet branch | 1 | 1 | 1 |
| | office | | | |
+--+----------------------+---------------+---------------+---------------+
| Number of unmanned loan | 1,434 | 1,034 | 1,051 |
| contract machines | | | |
| (including Automatic | | | |
| quick loan application | | | |
| machines) | | | |
+-------------------------+---------------+---------------+---------------+
| Number of cash | 54,896 | 57,940 | 54,904 |
| dispensers and ATMs | | | |
+-------------------------+---------------+---------------+---------------+
| | Owned | 1,546 | 1,135 | 1,161 |
+--+----------------------+---------------+---------------+---------------+
| | Tie-up | 53,350 | 56,805 | 53,743 |
+--+----------------------+---------------+---------------+---------------+
| Number of employees | 2,520 | 2,247 | 2,434 |
+-------------------------+---------------+---------------+---------------+
| Write-offs | 86,093 | 47,179 | 144,404 |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| Interest repaid | 47,377 | 33,502 | 67,531 |
| (portion of principal | | | |
| impaired) | | | |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| Allowance for credit | 116,950 | 63,256 | 96,994 |
| losses | | | |
| (millions of yen) | | | |
+--+----------------------+---------------+---------------+---------------+
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Sources of revenues | Previous First Nine | Current First Nine | Previous Fiscal |
| | Months | Months | Year |
| | Ended Dec. 31, 2008 | Ended Dec. 31, 2009 | (from Apr. 1, |
| | (from Apr. 1, 2008 | (from Apr. 1, 2009 | 2008 |
| | to Dec. 31, 2008) | to Dec. 31, 2009) | to Mar. 31, |
| | | | 2009) |
+ +-----------------------------+----------------------+----------------------+
| | Amount | Compo- | Amount | Compo- | Amount | Compo- |
| |(millions of | sition |(millions | sition |(millions | sition |
| | yen) | Ratio(%) | of yen) |Ratio(%) | of yen) |Ratio(%) |
+-----------------------------+--------------+--------------+-----------+----------+-----------+----------+
| Interest | Unsecured | 140,975 | 96.3 | 90,161 | 95.2 | 178,337 | 96.2 |
| income on | loans | | | | | | |
| direct cash | | | | | | | |
| loans | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Credit card | Credit card | 54 | 0.0 | 45 | 0.1 | 69 | 0.0 |
| revenues | | | | | | | |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Interest on | 371 | 0.3 | 34 | 0.0 | 427 | 0.2 |
| financial | bank | | | | | | |
| revenues | deposits | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Interest on | 297 | 0.2 | 30 | 0.0 | 329 | 0.2 |
| | loans other | | | | | | |
| | than direct | | | | | | |
| | cash loans | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | 1,354 | 0.9 | 697 | 0.8 | 1,822 | 1.0 |
| | 1) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 2,023 | 1.4 | 761 | 0.8 | 2,578 | 1.4 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Other | Collection | 2,414 | 1.7 | 2,808 | 3.0 | 3,235 | 1.8 |
| operating | from bad | | | | | | |
| revenues | debts | | | | | | |
| | previously | | | | | | |
| | written-off | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Real estate | 759 | 0.5 | 687 | 0.7 | 993 | 0.5 |
| | rent income | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Other (Note | 172 | 0.1 | 214 | 0.2 | 232 | 0.1 |
| | 2) | | | | | | |
+ +--------------+--------------+--------------+-----------+----------+-----------+----------+
| | Subtotal | 3,346 | 2.3 | 3,710 | 3.9 | 4,459 | 2.4 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
| Total | 146,397 | 100.0 | 94,677 | 100.0 | 185,443 | 100.0 |
+--------------+--------------+--------------+--------------+-----------+----------+-----------+----------+
Notes: 1. "Other" in other financial revenues mainly consist of interest
received from interest swap transaction.
2. "Other" in other operating revenues mainly consist of fee received.
+--+----------------------+---------------+---------------+---------------+
| Items | Previous |Current Third | Previous |
| |Third Quarter | Quarter | Fiscal Year |
| | as of Dec. | as of Dec. | as of Mar. |
| | 31, 2008 | 31, 2009 | 31, 2009 |
+-------------------------+---------------+---------------+---------------+
| Direct cash loans to | 995,958 | 648,589 | 861,517 |
| customers | | | |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| | Unsecured loans | 995,958 | 648,589 | 861,517 |
+--+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+--+----------------------+---------------+---------------+---------------+
| Installment receivables | 567 | 350 | 465 |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| Number of loan customer | 1,645,046 | 1,147,142 | 1,480,683 |
| accounts | | | |
+-------------------------+---------------+---------------+---------------+
| | Unsecured loans | 1,645,046 | 1,147,142 | 1,480,683 |
+--+----------------------+---------------+---------------+---------------+
| | Secured loans | - | - | - |
+--+----------------------+---------------+---------------+---------------+
| Number of credit card | 283,131 | 255,180 | 275,684 |
| membership | | | |
+-------------------------+---------------+---------------+---------------+
| Number of branch | 1,434 | 1,034 | 1,051 |
| offices | | | |
+-------------------------+---------------+---------------+---------------+
| | Manned | 290 | 180 | 210 |
+--+----------------------+---------------+---------------+---------------+
| | Unmanned (including | 1,143 | 853 | 840 |
| | Automatic quick loan | | | |
| | application | | | |
| | machines) | | | |
+--+----------------------+---------------+---------------+---------------+
| | Internet branch | 1 | 1 | 1 |
| | office | | | |
+--+----------------------+---------------+---------------+---------------+
| Number of unmanned loan | 1,434 | 1,034 | 1,051 |
| contract machines | | | |
| (including Automatic | | | |
| quick loan application | | | |
| machines) | | | |
+-------------------------+---------------+---------------+---------------+
| Number of cash | 54,896 | 57,940 | 54,904 |
| dispensers and ATMs | | | |
+-------------------------+---------------+---------------+---------------+
| | Owned | 1,546 | 1,135 | 1,161 |
+--+----------------------+---------------+---------------+---------------+
| | Tie-up | 53,350 | 56,805 | 53,743 |
+--+----------------------+---------------+---------------+---------------+
| Number of employees | 2,500 | 2,226 | 2,415 |
+-------------------------+---------------+---------------+---------------+
| Write-offs | 86,093 | 47,179 | 144,404 |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| Interest repaid | 47,377 | 33,502 | 67,531 |
| (portion of principal | | | |
| impaired) | | | |
| (millions of yen) | | | |
+-------------------------+---------------+---------------+---------------+
| Allowance for credit | 116,950 | 63,256 | 96,994 |
| losses | | | |
| (millions of yen) | | | |
+--+----------------------+---------------+---------------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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