Analysis of Business Performance andFinancial Results
Fiscal year ended March 31, 2013 (Fiscal 2012)
In the following section, all comparisons are with the previous fiscal year unless stated otherwise.

Outline of Financial Results

40
Annual Report 2013

During the fiscal year ended March 31, 2013 (fiscal 2012), theJapanese economy showed signs of recovery into the summer,
buoyed by factors including reconstruction demand following
the Great East Japan Earthquake and the effects of government
policies. Subsequently, business conditions weakened amid a
global economic slowdown, and there was concern about thebottom falling out of the recovery. However, improvement in theexport environment, the impact of economic measures andfinancial policy, and other factors have led to expectations ofgradual recovery in business conditions.
In securities markets, the Nikkei Stock Average, whichbegan the first half in the lower ¥10,000 level, fell to around¥8,200 in early June 2012 due to concerns surrounding thesituation in Europe and fears of a decline in U.S. stock prices.
However, positive reaction to developments including risingstock prices in the U.S. and Europe on expectations of apolicy response by the European authorities caused the Nikkei
to hover at around the ¥9,000 level from July into October.
From November onward, positive reaction to the weakening
yen and other developments brought an upturn in the Nikkei,
which recovered to the ¥10,000 level in December. In January
2013, amid an upswing in U.S. and European stock prices
following avoidance of feared sharp fiscal restraint in the U.S.,
a downward trend in the yen fueled a rise in the Nikkei, whichhovered around the ¥12,500 level through the end of March,reaching the highest level in about four and a half years.
In the year ended March 31, 2013, operating revenues
decreased by ¥2,382,216 thousand, or 12.1%, year on year to¥17,316,021 thousand. Selling, general and administrative
expenses were reduced by ¥1,065,348 thousand, or 6.7%, to¥14,922,715 thousand. Operating income was ¥1,316,868
thousand, or 35.5%, lower at ¥2,393,305 thousand, while
ordinary income decreased by ¥1,360,151 thousand, or 36.8%,to ¥2,339,510 thousand. Net income was ¥44,109 thousand, or3.0%, higher year on year at ¥1,522,368 thousand.

beneficial rights of trust issuing beneficial certificates, such as
JDRs, a year-on-year increase of 452.01 million units.
The balance of account units for REITs was 6.99 million
higher year on year at 23.37 million, and account units forpreferred equity investments of financial institutions
established by cooperative associations were unchanged at
700,000. The total number of new registrations, book-entry
transfers, obliterations and other transactions processed was
2,550,919 above the total for the previous reporting year at
84,192,123.
Revenues from this business segment were ¥895,390thousand, or 5.4%, lower year on year at ¥15,608,131
thousand, due in part to the lowering of fee rates. Thisincludes refunds of ¥3,005,793 thousand on book-entry
transfer commissions and account management fees.
Revenues after the deduction of these refunds amounted to¥12,602,337 thousand, a year-on-year decrease of¥1,973,288 thousand, or 13.5%.

Book-Entry Transfer System for Commercial Paper
The number of corporate issuers using this system decreasedby three to 494 as of March 31, 2013. Account balances roseby ¥145.8 billion to ¥13,760.3 billion. The total number ofissuance, transfer and redemption transactions increased by
4,312 year on year to 293,078. As a result, revenues from thissegment were ¥827 thousand, or 0.2%, lower year on year at¥462,845 thousand.

Financial Results(consolidated)

Book-Entry Transfer System for Stocks, etc.
In this business segment, the number of issues handled by
JASDEC as of March 31, 2013 was 3,753, a reduction of nineissues compared with the total as of March 31, 2012. Accountbalances included 404.6 billion shares, a year-on-year declineof 2.2 billion shares. The balance of bonds with share options
stood at ¥499.6 billion, which was ¥460.1 billion lower year onyear. There were 2,791.25 million account units for ETFs and■O perating revenues■O rdinary income(Millions of yen)
30,00024,163
20,97320,00019,726

19,69817,316

10,0002,617
0(FY ended) 3/2009

2,605
3/20102,673
3/20113,699
3/20122,340
3/2013

Book-Entry Transfer System for Corporate Bonds
In this business segment, JASDEC was handling a total of58,486 issues as of March 31, 2013, a reduction of 2,215
issues compared with the position a year earlier. On a facevalue basis, the account balance increased by ¥344.8 billion
year on year to ¥252,784.0 billion as of March 31, 2013. The
total number of issuance, transfer and redemption transactions
was 30,450 higher at 532,600. As a result, revenues from thisbusiness segment increased by ¥10,633 thousand, or 0.9%,
to ¥1,211,650 thousand.

DVP Settlement Services for
Non-Exchange Transaction Deliveries (NETDs)
The number of NETD DVP settlements handled by JASDEC
during the year ended March 31, 2013 was 640,000 lower year
on year at 19.65 million. As a result of this decrease and thelowering of the NETD DVP settlement fee rate, revenues fromthis segment declined by ¥146,128 thousand, or 15.6%, to¥793,402 thousand. This includes refunds of ¥282,835
thousand on DVP settlement fees. Revenues after thededuction of these refunds amounted to ¥510,567 thousand, ayear-on-year decrease of ¥133,045 thousand, or 20.7%.

Book-Entry Transfer System for Investment Trusts
Pre-Settlement Matching System

Financial Results(consolidated)

Revenues from this segment decreased by ¥39,042 thousand,or 1.9%, to ¥1,985,621 thousand in the year ended March 31,2013. This includes refund of ¥663,999 thousand on JASDEC
pre-settlement matching fees, and revenues after the reductionof that amount were ¥225,042 thousand, or 14.6%, lower at¥1,321,621 thousand.

Custody Services for Foreign Stock Certificates, etc.
As of March 31, 2013, there was an account balance of 86
million foreign stock certificates, etc., excluding foreign
covered warrants, a decrease of 2 million from a year earlier.
The total number of book-entry transfers, including
foreign covered warrants, declined by 28,516 to 109,763. As aresult, revenues from this business segment were ¥51,145
thousand, or 25.2%, lower year on year at ¥152,045 thousand.

Financial Results(consolidated)(Millions of yen)

(Yen)

179,102.15 200,000
189,283.71
173,912.87
154,949.18
156,934.33
1,608
1,522
1,478
1,500
150,000
1,333
1,317
2,000

■ Net income● Net income per share■T otal assets■N et assets(Millions of yen)
75,00060,00061,61559,92557,454

61,57457,45145,0001,000

100,000500

50,00030,0000(FY ended) 3/2009

3/20103/20113/20123/2013018,890

19,86821,13622,27523,45815,0000(FY ended) 3/2009

3/20103/20113/20123/2013

41
Annual Report 2013

As of March 31, 2013, JASDEC was handling a total of 7,112
issues in this business segment, including 4,336 publicly
offered investment trusts and 2,776 privately placed
investment trusts. The total represents an increase of 244
issues compared with the position as of March 31, 2012. On a
principal value basis, the account balance as of March 31,
2013 was ¥2,840.3 billion above the level a year earlier at¥115,347.4 billion, consisting of ¥83,359.6 billion for publicly
offered investment trusts and ¥31,987.8 billion for privately
placed investment trusts.
The number of related registrations, deletions, andtransfers in the year ended March 31, 2013 increased by423,786 year on year to 4,624,861. However, as a result of adecrease in the average account balance year on year,revenues for this segment decreased by ¥9,501 thousand, or0.9%, to ¥1,054,953 thousand.