Microsoft PowerPoint - FY Q Results.ppt [互換モード]

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1 FY nd Quarter Results Tokyo Stock Exchange / Nagoya Stock Exchange 8593 Results announcement date :November 8, 2011 Inquiries: Corporate Communications Department Tel , Fax:

2 Visit us at (Japanese) English) Mitsubishi UFJ Lease & Finance s statements contained in this material of their current expectations are forward-looking statements subject to significant risks and uncertainties, and actual results any differ materially. Factors that could cause actual results to differ materially include, but are not limited to, changes in overall economic conditions, changes in market rates of interest and the effect of new legislation or government directives. 2 MULFY03/2012 2Q Results

3 Index 1. Trend of Financial Performance (Consolidated) 4 (1) Profit and Loss Statement 4 (2) Balance Sheet 5 2. Funding 6 3. Net Credit Cost 7 4. Overview of Principal Consolidated Companies 8 5. New Transactions Business Performance 1) Operating Lease 2) Trading Used Equipment ) e-leasing Direct 4) ESCO - Energy Service Company - 5) Carbon Offset Business 6) Real Estate Finance ) Symphony (Real Estate Lease) 8) PFI (Private Finance Initiative) 9) Auto Lease ) Factoring Forecastfor FY3/ Medium-Term Management Plan Vision MULFY03/2012 2Q Results

4 1.Trend of Financial Performance (Consolidated) (1) Profit & Loss Statement million yen Consolidated FY3/08-2Q FY3/09-2Q FY3/10-2Q FY3/11-2Q FY3/12-2Q 07/4~07/9 08/4~08/9 09/4~09/9 10/4~10/9 11/4~11/9 1 Operating Revenues 496, , , , ,248 Changes +95.1% -14.4% -12.5% -1.9% -1.2% 2 Leases 384, , , , ,055 Changes % -16.9% -12.4% +0.6% -0.4% 3 Installment Sales 83,870 73,464 61,491 51,339 46,633 Changes +42.0% -12.4% -16.3% -16.5% -9.2% 4 Loans 17,690 18,735 19,386 18,665 17,682 Changes % +5.9% +3.5% -3.7% -5.3% 5 Others 11,377 14,208 12,201 14,172 16,876 Changes +33.6% +24.9% -14.1% +16.2% +19.1% 6 Cost of Revenues 443, , , , ,900 Changes +95.3% -16.4% -14.0% -4.1% -1.0% 7 COR / Revenues 89.3% 87.2% 85.6% 83.7% 83.8% Changes +0.1P -2.1P -1.6P -1.9P +0.1P 8 Leases, COR 342, , , , ,893 Changes % -17.9% -13.6% -1.1% -0.2% 9 Installment Sales, COR 77,852 68,264 56,229 46,691 42,356 Changes +39.9% -12.3% -17.6% -17.0% -9.3% 10 Financial expenses 16,806 16,558 14,545 10,915 9,183 Changes % -1.5% -12.2% -25.0% -15.9% 11 Others, COR 6,820 5,128 5,401 7,939 11,466 Changes +11.2% -24.8% +5.3% +47.0% +44.4% 12 Gross Profit 53,028 54,410 53,549 59,667 58,348 Changes +93.3% +2.6% -1.6% +11.4% -2.2% 13 Gross Profit / Revenues 10.7% 12.8% 14.4% 16.3% 16.2% Changes -0.1P +2.1P +1.6P +1.9P -0.1P 14 Employees 2,249 2,330 2,256 2,268 2, GP per employee (Annualized 2) Changes -7.9% -1.0% +1.6% +10.8% -3.1% 16 SG&A Expenses 26,785 33,240 40,095 31,960 27,560 Changes % +24.1% +20.6% -20.3% -13.8% 17 Personnel Expenses 10,784 10,701 10,582 10,996 11,332 Changes % -0.8% -1.1% +3.9% +3.1% 18 Non-Personnel Expenses 14,056 12,046 11,588 11,945 12,356 Changes % -14.3% -3.8% +3.1% +3.4% 19 Expenses for Non-performing assets 1,945 10,493 17,925 9,019 3,871 Changes % % +70.8% -49.7% -57.1% 20 Overhead Ratio 46.8% 41.8% 41.4% 38.4% 40.6% (Overhead expenses divided by GP) Changes +9.0P -5.0P -0.4P -3.0P +2.1P 21 Operating Profit 26,242 21,170 13,453 27,707 30,787 Changes +58.6% -19.3% -36.5% % +11.1% 22 OP / Revenues 5.3% 5.0% 3.6% 7.6% 8.5% Changes -1.2P -0.3P -1.4P +4.0P +0.9P 23 Recurring Profit 26,511 21,268 14,200 28,626 33,332 Changes +57.4% -19.8% -33.2% % +16.4% 24 Extraordinary Profit 1, , Changes +28.5% -50.6% % -88.3% -93.4% 25 Extraordinary Cost 1,008 5,591 1,484 3, Changes +2,420.0% % -73.5% % -92.0% 26 Net Profit 15,323 9,114 10,567 13,496 18,443 Changes +38.0% -40.5% +15.9% +27.7% +36.7% 4 MUL FY03/2012 2Q Results

5 (2) Balance Sheet million yen Consolidated FY3/2012 FY3/2008 FY3/2009 FY3/2010 FY3/2011 2Q 1 Net Assets 312, , , , ,521 Changes % +9.7% +7.1% +6.2% +4.3% 2 Total Assets 3,965,891 3,909,077 3,885,161 3,721,136 3,668,019 Changes +66.6% -1.4% -0.6% -4.2% -1.4% 3 Operating Assets 3,630,737 3,497,071 3,517,982 3,393,547 3,353,647 Changes +66.1% -3.7% +0.6% -3.5% -1.2% 4 Lease 1,794,936 1,565,325 1,677,155 1,673,572 1,669,224 Changes % -12.8% +7.1% -0.2% -0.3% 5 Installment Sales 431, , , , ,939 Changes +49.6% -14.5% -19.4% -18.5% -7.1% 6 Loans 1,145,939 1,227,716 1,222,770 1,174,661 1,173,291 Changes +27.1% +7.1% -0.4% -3.9% -0.1% 7 Others 258, , , , ,192 Changes +47.6% +29.7% -4.3% -5.6% -5.6% 8 Impaired Assets 6,382 47,983 46,351 40,921 37,027 Changes +42.6% % -3.4% -11.7% -9.5% 9 Allowance 2,014 3,694 8,487 9,335 11, Net Balance of Impaired Assets 4,368 44,288 37,863 31,586 25,365 Changes +27.3% % -14.5% -16.6% -19.7% 11 Equity Ratio 7.5% 8.4% 9.1% 10.0% 10.6% Changes +1.3P +0.9P +0.7P +0.9P +0.6P 12 ROE 13.6% 2.3% 6.1% 7.1% 9.7% Changes -2.3P -11.3P +3.8P +1.0P +2.6P 13 ROA 1.0% 0.2% 0.5% 0.7% 1.0% Changes +0.0P -0.8P +0.3P +0.2P +0.3P 14 Total Funding 3,314,673 3,190,431 3,148,926 2,961,470 2,905,128 Changes +63.0% -3.7% -1.3% -6.0% -1.9% 15 Indirect Funding 1,765,716 1,842,291 1,740,993 1,614,526 1,600,674 Changes +50.0% +4.3% -5.5% -7.3% -0.9% 16 Direct Funding 1,548,957 1,348,139 1,407,932 1,346,944 1,304,454 Changes +80.9% -13.0% +4.4% -4.3% -3.2% 17 CP 900, , , , ,400 Changes +63.1% -0.9% -2.3% -0.7% -4.2% 18 Securitization 288, , , ,944 93,646 (Lease Receivables) Changes % -43.4% -6.6% -33.0% -8.1% 19 Corporate Bond 360, , , , ,408 Changes +49.3% -18.8% +31.1% -1.1% +0.6% 20 Direct Funding Ratio 46.7% 42.3% 44.7% 45.5% 44.9% Changes +4.6P -4.4P +2.4P +0.8P -0.6P 5 MUL FY03/2012 2Q Results

6 2. Funding Funding Structure Issued Straight Bonds (SB) Historical Chart * Swap plus represents a difference between SB interest rate and SWAP rate which is corresponded to SB term. * JGB plus represents a difference between SB interest rate and Japanese Government Bond. Ratings (as of November 8, 2011) Rating Agency Long-term Short-term JCR AA- J-1+ R&I A+ a-1 Moody s A2 P-1 JCR = Japan Credit Rating Agency R&I = Rating and Investment Information 6 MULFY03/2012 2Q Results

7 3. Net Credit Cost Net Credit Cost Historical Chart The above figures represent consolidated lidtdnet credit cost, whichincludes hihi ld all related ltdcredit cost of Cost of Revenue, SG&A expenses, Other income and Extraordinary items. Breakdown of Delinquency and Net Credit Cost 48.9 Internal Capital Adequacy Assessment Processes Risk Capital Allocation as of September, 2011 Risk Capital (100%) Credit Risk 9% Asset Risk 31% Market Risk 6% Operational Risk1% MUL uses Internal Capital Adequacy Assessment Processes ( ICAAP ) which approaches to quantify various risks and enables to reinforce performance assessment by allocating risk-capital to strategic segments. 7 MULFY03/2012 2Q Results

8 4. Overview of Principal Consolidated Companies 8 MULFY03/2012 2Q Results

9 9 MULFY03/2012 2Q Results

10 5.New Transactions New transactions volume (consolidated) entered in FY3/2012-2Q increased by 1.3% (year-on-year) to 595.2billion Yen. By segment, lease volume decreased by 3.7%, installment sales increased by 14.8%, and loans and other business increased by 3.9%. Trends of New Transactions Volume by Type (bil. yen) 2,000 1,500 1, , , Leases Installment sales Loans Others 1, , , months FY3/08 FY3/09 FY3/10 FY3/11 FY3/12 2Q Trends of New Transactions Component by Type Leases Installment sales Loans Others 100% 7% 9% 6% 4% 3% 80% 60% 54% 53% 50% 54% 55% 40% 9% 5% 4% 4% 4% 20% 30% 33% 40% 38% 38% 0% FY3/08 FY3/09 FY3/10 FY3/11 FY3/12 2Q 10 MUL FY03/2012 2Q Results

11 Leases (bil.yen) FY3/11 2Q FY3/12 2Q yoy change IT / Office Equip % Industrial Machinery % Civil Eng. & Construction Machinery % Transport Equip % Medical Equip % Commercial & Service Equip % Others % Total % Installment Sales (bil.yen) FY3/11 2Q FY3/12 2Q yoy change IT / Office Equip % Industrial Machinery % Civil Eng. & Construction Machinery % Transport Equip % Medical Equip % Commercial & Service Equip % Others % Total % Loan and other business (bil.yen) FY3/11 2Q FY3/12 2Q yoy change Factoring % Real estate financing % Others % Total % All New Transactions (bil.yen) FY3/11 2Q FY3/12 2Q yoy change Total % 11 MUL FY03/2012 2Q Results

12 6. Business Performance Operating Lease Operating lease involves industrial machinery, machine tools and other equipments over periods corresponding to customer s production schedules. Operating Lease enables customers to reduce their total rent as such rent reflects the projected asset value remaining (residual value) at the end of lease period. Operating Lease Outstanding Trading Used Equipment MUL Group is trading broad range of used machinery and equipments which are supported by extensive track recordfor operating lease and machinery market. MUL Group can meet various customers needs through offering used equipments. MUL Group Network U-Machine U-Machine is a major used industrial machinery trading company which owns 3 warehouses in Japan. U-Machine trades approx.5,000 used machineries p.a.. M-Cast M-Cast, a major used medical equipment trading company, deals with various medical products. M-Cast takes ISO 9001 (Quality Management Standard) and provides highquality products and services to customers. Diamond Equipment Diamond Equipment ( DE ) trades used semiconductor production equipments. DE has worldwide network and provide equipments trade information to global customers. MUL Eco Business MUL ECO Business deals lease-up PCs with approx.220 thousands p.a.. MUL ECO Business promotes PC re-use and recycle after format. 12 MULFY03/2012 2Q Results

13 e-leasing Direct - Asset Management service - e-leasing Direct enables customers to perform an entire range of leasing procedures via internet, including requesting and viewing estimates as well as completing lease contracts and certificates of completion of lease inspections. Customers can also verify transaction details online during lease periods. Principal Functions Screen image of e-leasing Direct Functions of e-leasing Direct Electronic Filing Lease Contract Management Electronic Signature Cost Simulation Asset Ledger Data Accounting Data Lease Contract Cost Management Asset Management Lease Accounting Improve Asset Management, Internal Control e-leasing Direct Outstanding Principal Transactions Main User Principal Equipment Retailer, Restaurant Cash Register Automatic Teller Machine (Cash Machine) Railway Company Automatic Ticket Gate Bottling/Drink Company Vending Machine Manufacturer Mold Rental Company Rental User Merit 1. Outsourcing Asset Management 2. Simple Account Treatment 3. Reinforce J-SOX Framework 13 MULFY03/2012 2Q Results

14 ESCO (Energy Service Company) Business - ECO related service - ESCO business is an energy-saving contractual activity. MUL is offering comprehensive energy-related services (consultation, design, maintenance, lease, inspection, etc.). ESCO enables customers to achieve low-cost and high efficient operation. MUL has remarkable track records (total 388transactions). Our ESCO business is expanding its field not only to Japan but also overseas. ESCO Structure ESCO Flow Chart Diagnosis Client Profit Client Profit Planning Energy Cost ProjectCost Maintenance Cost Contract Energy Cost Energy Cost Facility Improvement Verification BEFORE ESCO implementation AFTER Maintenance ESCO Outstanding Principal Transactions Office Building City Hall Hotel Hospital Library Museum Factory Hospital 14 MULFY03/2012 2Q Results

15 Carbon Offset Business - ECO related service - Our main products in this area are (i) Carbon Natural Lease ( CNL ) and (ii) Offset Partner Service ( OPS ). CNL is lease transaction allotted carbon emission credit. Therefore, customer (lessee) can use carbon-free lease equipments. OPS is carbon trade support service. MUL is offering wide-range carbon trade related services. Additionally, we offer carbon credit production service which is originated by energy saving equipment. As of September 2011, our Carbon Offset Business has been entered into 2, transactions with 21,821 tons since ( ) by way of offset all or part of carbon emission brought by lease equipment Trend of Carbon Offset Transaction and Carbon Emission Credit Amount Principal usage for Carbon Offset Carbon Offset for Products and Services Customer enable to promote products and services as eco product by carbon offsetemitted in the stage of production, operation and disposal. Carbon Offset support for Business Activities Consumer can indirectly contribute eco activities by purchasing products which are t ib t ti iti b i d t hi h attached carbon credit. Carbon Offset for Events and Exhibitions Customercan make an appeal for eco activities by carbon offset emitted by sports events, exhibitions t t and others. Carbon Offset for Facilities and Activities f ti iti Our service enable customer to contribute eco activities by carbon offset emitted by lights and air Conditioners in factories, facilities. f iliti 15 MULFY03/2012 2Q Results

16 Real Estate Finance - Real Estate related service - We go beyond leasing operations to provide various types of structured finance to meet market needs related to the opening and relocation of stores, office buildings, logistic centers, residents, and other facilities. Particularly, we enlarge non-recourse loan under strict risk control. Additionally, Diamond Asset Finance (DAF), a MUL group company, deals with project finance and owner loan. We offer valuable services to meet various customers needs in real estate related field. Real Estate Finance Outstanding Property Breakdown and Distribution of LTV (MUL Portion) as of September 30, % 7% 18% 66% 70% 80% 90% 90% 16 MULFY03/2012 2Q Results

17 Symphony - Real Estate related service - Symphony (Real estate lease) involve an arrangement where (i) we lease land from landowners through commercial leaseholds, (ii) construct buildings and facilities with specifications designed by tenants, and (iii) sublease the property to the tenant (e.g. chain-store). This arrangement enables tenants to open stores with small initial investment. Our Symphony is providing optimal solution for tenants, constructors and landowners. Symphony Transaction Structure Term Leasehold Interest Tenancy Agreement Land Owners Tenant Rent / Deposit Rent / Deposit Construction Order Construction Company Principal Merit Reduction of Initial Cost Visible Cashflow Relief Ownership Administration No need to negotiate Land Owners Symphony (Real Estate Lease) Outstanding Principal Transactions Logistic Center Development Shopping Mall Merchandise Store Restaurant, Shop Others 17 MULFY03/2012 2Q Results

18 PFI (Private Finance Initiative) The PFI business employs private-sector funds and management expertise to develop and operate public infrastructure. MUL is acting as not only debt provider but also representative company of consortiums. We have entered into 47 transactions (including 15 transactions acting as representative company). Operating Asset of PFI related Type of Public Sector Nation 6 National University Corporation 2 Local Government 39 (number) Type of Facility Others, 15 Education Facility, 12 Government Office, 5 Water/Envir onmental Plant, 6 School Meal Center, 6 Housing of Public officers, 3 (number) Principal PFI Project Nara prefectural pool facility Project Project Name Nara prefectural pool facility Project Location Yamatokoriyama, Nara Project Scale Approx. 7bil yen Scheduled Open 2014 Project Term Approx. 18years Principal Facilities Health Improvement Facility, Athletic Facility, Management Facility, Park Facility Participation Mitsubishi UFJ Lease & Finance Company Ltd. Okumura Corporation, Aquatech Co. Ltd., Kintetsu Building Service Co.Ltd., Azusa Sekkei Co. Ltd., Gendai Landscape, NEWJEC Inc. Revision of the Act on Promotion ofprivate Finance Initiative ( PFILaw ) PFI Law, revised and enacted on May 2011, allows PPP/PFI Fields (Image) to introduce Concession Method. This revision enable to implement PFI for residence, water plant and transportation (ship, aircraft, railroad etc.). Fields of PPP(Public Private Partnership) Concession Method Expanding PFI opportunities/fields Expanded PFI fields under revision PFI Law Traditional PFI fields Concession Method PFI operate by private company with retaining ownership by public. PPP: Government service or Private business venture which is funded and operated through a partnership of government and one or more private sector companies 18 MULFY03/2012 2Q Results

19 Auto Lease Our Auto lease and finance business are mainly operating through two affiliates, Mitsubishi Auto Leasing and MMC Diamond Finance. MUL Group deals with various types of vehicles and rationalizes vehicle management operations by constructing optimal vehicle management systems that reduce costs, clarify cost structures, save labor and achieve other goals. As of September 2011, MUL group is operating 274 thousands vehicles in Japanese market. Number of Vehicles Auto Finance Service Network Mitsubishi UFJ Lease & Finance Company Ltd. Mitsubishi Auto Leasing Corporation MMC Diamond Finance Corporation Expected the rapid spread of EV and EV battery charger Factoring Our new Factoring system started in August Main target of Factoring is for Sales Receivables, Medical Receivables. Customers can capitalize such receivables before due date by assigning to MUL and utilize for financial strategy. Receivable Factoring Average Outstanding Medical Receivable (Image) Cashflow Improvement(Image) Medical Receivable Factoring (40days) Settlement Date (National Health Insurance, Social Health Insurance) Submission Medical lrecept 5 business days after submission Medical Recept Principal Merits - Convert into cash before settlement date - Diversification Funding Method - Improvement Balance Sheet 19 MULFY03/2012 2Q Results

20 7. Forecast for FY3/2012 Forecast for FY3/2012 Amount (bil. Yen) Consolidated ( 1) Year on Year Change (Reference) Previous Forecast ( 2) Change from Previous Amount t(bil. Yen) Forecast Revenues % Gross Profit % 0.9% Operating Profit % 3.8% 53.0 Recurring Profit % 7.5% 53.0 Net Profit % 10.0% 30.0 Dividend per Share 52yen 2yen 52yen 1 Consolidated Forecast for FY3/2012 as of November 8, Consolidated Forecast for FY3/2012 announced on May 16, 2011 Consolidated Financial Performance Dividend FY3/08 FY3/09 FY3/10 FY3/11 FY3/12(E) DPS (yen) EPS (yen) MULFY03/2012 2Q Results

21 8. Medium-Term Management Plan Vision 2013 (1) Strategic Business - International Business, Global Asset Business - Reinforcing to support Japanese company advance into overseas Promoting Vender Finance Developing Asian business alliance with local companies Expanding Global Asset Business bil. yen Operating Assets of consolidated overseas subsidiaries 300 and more % YOY) ) +13% (6months) FY03/2008 FY03/2009 FY03/2010 FY03/2011 FY03/2012 2Q FY03/2014(E) (2) Strategic Business - Eco-related Business - Track Record We dedicate to promote ESCO business from the early stage as a pioneer company in Japan. We have closed 388 transactions. Functions & Characteristic Wide-ranged Solutions We offer various solutions such as ESCO, Carbon Offset, Green Lease, and others. Expertise Environmental Business Department, Carbon Offset Business Office, Global Environmental Business Office Network Manufacturer, Supplier, Engineering Company, Construction Company, Trading Company Business Activities in Japan ESCO Our ESCO transaction for Nagoya University Hospital had an award of Power Load Leveling Equipment and System Energy Solution We offer optimal solutions in the area of energy saving, generating, power, storage LED Promotion We promote to introduce LED by various approaches and solutions. Business Activities in overseas Thailand We are developing Environmental Financial Program with International Finance Corporation in Thailand to meet eco-related needs. China We became first Japanese financial institution member of EMCA(Energy Management Company Association). Others We participated East Asia Summit Energy Efficiencyi Conference as Japanese representative company. 21 MULFY03/2012 2Q Results

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