Morningstar Japan K.K.
Consolidated Financial Results (Japanese Accounting Standards)
for the Fiscal Year ended March 31, 2022
April 26, 2022
Company name Morningstar Japan K.K.
Stock exchange listing: Tokyo Stock Exchange
Stock code
4765
URL https://www.morningstar.co.jp
TEL03-6229-0810
Representative(Title) Representative Director and President (Name)
Tomoya Asakura
Person responsible for disclosure (Title) Director and Chief Financial Officer(Name)
Kazuhisa Ogawa
Scheduled date of ordinary shareholders' meeting: June 23, 2022
Scheduled date for filing of annual securities report: June 24, 2022 Scheduled date of payment of dividends: June 1, 2022
Supplementary documents for financial result: None
Financial results briefing : None
(A video of the briefing will be posted promptly to our website).
(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year ended March 31, 2022 (April 1, 2021 to March 31, 2022)(1) Consolidated Results of Operations(Percentages show year-on-year changes)
Net sales

Operating income

Million yen%
Million yen%
Fiscal Year ended
March 31, 2022
8,123
8.5
2,129
20.6
March 31, 2021
7,485
9.8
1,765
14.5
(Note) Comprehensive income
Fiscal Year ended March 31, 2022
Fiscal Year ended March 31, 2021

Net income pershare(basic)

Net income pershare(diluted)

Million yen

Million yen

%

2,403
11.5
1,454
2,155
16.0
1,318
2,000 Million yen( 28.0 %)1,563 Million yen(100.6 %)

10.3
7.1

Return on equity%

Ratio of ordinary
income to total
assetsyen
yen%
Fiscal Year ended
March 31, 2022
16.22
―
14.1
March 31, 2021
15.34
―
12.6
(Reference) Share of (profit) loss of entities accounted for using equity method
Fiscal Year ended March 31, 2022 - Million yen
Fiscal Year ended March 31, 2021 5 Million yen(2) Consolidated financial position
Total assets
Net assets
Equity ratio

Fiscal Year ended
March 31, 2022
March 31, 2021
(Reference) Shareholders’ equity

Million yen

Ratio of operating
income to sales

%

%

18.2
16.2

26.2
23.6

Net assets per share

Million yen

14,055
12,273
14,18912,358
Fiscal Year ended March 31, 2022
Fiscal Year ended March 31, 2021

Net income attributableto owners of parent

Ordinary income

%

yen

84.0
84.6

131.64133.95

11,804 Million yen
12,011 Million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal Year ended
March 31, 2022
March 31, 2021
2.

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof fiscal year

Million yen

Million yen

Million yen

Million yen

1,128
2,104

1,324
△1,166△2,149
△391

5,176
4,904

Dividends
Dividend
End of firstquarter

Fiscal Year ended
March 31, 2021
March 31, 2022
Fiscal Year ending
March 31, 2023

yen

End ofsecondquarter
yen

―
―
―

7.50
8.00
―

Total
dividend(annual)(consolidated)yenMillion yen

%

%

8.50
9.00

16.00
17.00

1,383
1,524

104.3
104.8

13.3
12.9

―

―

End of third
quarterYear-end

Annual

yen

yen

―
―
―

Payoutratio

Net dividend
rate(consolidated)―(Note) Forecast of the annual dividend for the year ending March 31, 2023 is yet to be determined.
3. Forecast of Consolidated Financial Results for the Fiscal Year ending March 31, 2023 (April 1, 2022 to March 31, 2023)
Consolidated Forecasts for the Fiscal Year Ending March 31, 2023 is yet to be determined.

* Notes(1) Changes in significant subsidiaries during Fiscal Year ended March 31, 2022
( Changes in specified subsidiaries affecting the scope of consolidation): None
(2) Changes in accounting policies and estimates, and retrospective restatements:
1) Changes in accounting policies caused by revision of accounting standards: Yes
2) Changes in accounting policies other than 1):
None3) Changes in accounting estimates:
None4) Retrospective restatements:
None(3) Number of shares issued (common stock)1) Number of shares outstanding at end of period (including treasury stocks)
As of March 31, 2022
89,673,600 shares As of March 31, 2021
2) Number of treasury stocks at end of period
As of March 31, 2022
170 shares As of March 31, 2021
3) Average number of shares during period
Fiscal Year ended March 31, 2022
89,673,430 shares Fiscal Year ended March 31, 2021

89,673,600 shares
170 shares
85,976,392 shares(Reference) Summary of Non-Consolidated Financial Results
1. Non-Consolidated Financial Results for the Fiscal Year ended March 31, 2022 (April 1, 2021 to March 31, 2022)(1) Non-Consolidated Financial Results(Percentages show year-on-year changes.)
Net sales
Operating income
Ordinary income
Net income
Fiscal Year ended
Million yen%
Million yen%
Million yen%
Million yen
%
△23.0
△30.1
March 31, 2022
1,935
477
2,652
183.7
2783
322.6
△18.9
△17.8
March 31, 2021
2,513 △14.6
683 △33.0
935
658
Net income pershare (basic)
Fiscal Year ended
March 31, 2022
March 31, 2021

Net income pershare (diluted)

yen

31.04
7.66

yen

―
―

(2) Non-Consolidated Financial Position
Total assets
Net assets
Equity ratio
Fiscal Year ended
Million yen
Million yen%
March 31, 2022
10,337
10,062
97.3
March 31, 2021
9,546
9,179
96.2
(Reference) Shareholders’ equity Fiscal Year ended March 31, 2022 10,062 Million yen
Fiscal Year ended March 31, 2021 9,179 Million yen
2.

**

Net assets per shareyen

112.21102.37

Forecast of Non-consolidated Financial Results for the Fiscal Year ending March 31, 2023
(April 1, 2022 to March 31, 2023)(Note) Non-consolidated Forecasts for the Fiscal Year Ending March 31, 2023 is yet to be determined.
This financial summary is outside the scope of auditing performed by certified accountants and auditors.
Explanation regarding the appropriate use of financial forecasts and other special items(Dividend forecast of Fiscal Year ending March 31, 2023)
The dividend forecast for the Fiscal Year ending March 31, 2023 is yet to be determined. It will be disclosed as soon
as the dividend per share is determined after comprehensively taking into account future business performance, etc.
(How to obtain the financial results briefing)A briefing of financial results for analysts is scheduled to be held on April 26, 2022 and a video of the briefing will be
posted promptly to our website

1. Qualitative information on the results for the Fiscal Year ended March 31, 2022
(1) Explanation of Business Results1) Overview of consolidated business performance
In the current consolidated fiscal year (April 1, 2021 to March 31, 2022), the Japanese economy remainedin a severe state due to stagnation of economic activity and sluggish personal consumption caused by the
spread of COVID-19 infections and repeated implementation of priority measures such as declarations of astate of emergency and other infection prevention measures.
In the investment trust market, which is highly relevant to the Group's business, the net inflow of publicly
offered additional stock investment trusts, excluding ETFs, is 9,688.5 billion yen in the current
consolidated fiscal year from 3,117.9 billion yen in the previous consolidated fiscal year (April 1, 2020 toMarch 31, 2021), an increase of 6,570.6 billion yen (211%). However, the Nikkei Stock Average at the endof the current consolidated fiscal year (March 31, 2022) fell 4.6% from the end of the previous fiscal year to27,821 yen.
Under such a business environment, in the Group's asset management business, the investment balanceof publicly offered index funds provided by SBI Asset Management Co., Ltd. increased by 2.26 times from453 billion yen at the end of the previous consolidated fiscal year to 1,022.4 billion yen. In addition, thetotal balance of investment trusts of SBI Bond Investment Management Co., Ltd. and SBI Regional
Revitalization Asset Management Co., Ltd., which support the advancement and diversification of
securities investment of regional financial institutions, has also increased by 198 billion yen (10.5%) from1,887.9 billion yen at the end of the previous consolidated fiscal year to 2,085.9 billion yen.
The balance of net assets under management of investment trusts managed by the Group increased by
828.5 billion yen (28.0%) from 2,869.1 billion yen at the end of the previous consolidated fiscal year to
3,697.6 billion yen at the end of the current consolidated fiscal year, and trust fees increased. As a result,sales of the asset management business increased by 953 million yen (19.1%) from 4,995 million yen in theprevious consolidated fiscal year to 5,949 million yen.
As for data solutions in the financial services business, the number of “Wealth Advisors” provided toinvestment trust sales financial institutions increased by 11,642 units (11.3%) from 103,038 units in theprevious consolidated fiscal year to 114,680 units, and data sales of tablet applications increased. In
addition, sales of online content for PCs and smartphones continued to expand, and the SaaS (Software asa Service) model business continued to expand. On the other hand, as for stock data, although sales of thestock newspaper WEB version increased, sales decreased due to the suspension of publication of the "stock
newspaper" on March 31, 2021.
As a result, sales of data solutions decreased by 267 million yen (△14.6%) from 1,835 million yen in theprevious consolidated fiscal year to 1,568 million yen in the current consolidated fiscal year.
Media solutions in the financial services business continued to be unable to hold face-to-face asset
management seminars due to priority measures such as declarations of a state of emergency and other
COVID-19 infection prevention measures. But by switching from face-to-face seminars to online-centricand holding hybrid seminars that combine face-to-face and online sales, sales of seminars increased. In
addition, web advertising sales increased due to a large increase in the number of web advertisementsthat promote sponsor brands and products in conjunction with the holding of seminars. However, due tothe decrease in sales of Gomez Consulting Business due to the transfer of Gomez Consulting Businessthrough a company split on July 1, 2021, sales of media solutions decreased by 48 million yen (△7.4%) to
605 million yen from 653 million yen in the previous consolidated fiscal year.
As a result, sales of the Financial Services Business were 2,173 million yen, a decrease of 315 million yen(△12.7%) from 2,489 million yen in the same period last year.
For the consolidated business results for the Fiscal Year ended March 31, 2022, sales were 8,123 million
yen, an increase of 637 million yen (8.5%) from 7,485 million yen in previous fiscal year.
The cost of sales was 3,654 million yen, an increase of 97 million yen (2.7%) from 3,556 million yen inprevious fiscal year. Selling, general and administrative expenses were 2,339 million yen, an increase of
175 million yen (8.1%) from 2,163 million yen in previous fiscal year.
As a result, operating income for the Fiscal Year ended March 31, 2022 was 2,129 million yen, an increaseof 364 million yen (20.6%) from 1,765 million yen in previous fiscal year.
Net amounts of non-operating income and expenses decreased by 116 million yen as compared with theprevious fiscal year. As a result, ordinary income for the Fiscal Year ended March 31, 2022 was 2,403
million yen, an increase of 247 million yen (11.5%) from 2,155 million yen in previous fiscal year.
As a result of recording a gain on sales of investment securities of 594 million yen and an extraordinary
loss due to asset valuation loss, impairment loss, etc. of 520 million yen, net income attributable to ownersof parent for the Fiscal Year ended March 31, 2022 was 1,454 million yen, an increase of 135 million yen(10.3%) from 1,318 million yen in previous fiscal year.

(Summary of consolidated financial results)(Thousand yen)
Fiscal Year From
April 1, 2020
To March 31, 2021
AmountFiscal Year
From April 1, 2021
To March 31, 2022

Profit rate(%)

AmountNet sales

7,485,655

Operating income

1,765,406

23.6

2,129,805

Ordinary income

2,155,698

28.8

2,403,695

Net income
attributable toowners of parent

1,318,528

17.6

1,454,134

Increase/Decrease

Profitrate (%)

8,123,286

AmountRate (%)

637,6318.5

26.2

364,398

20.6

29.6

247,997

11.5

17.9

135,605

10.3

Consolidated sales increased for the 10th consecutive year and recorded the highest sales for the 3rdconsecutive year.
Operating income increased for the 2nd consecutive year and recorded the highest income for the 2ndconsecutive year.
Ordinary income increased for the 13th consecutive year and recorded the highest income for the 11th
consecutive year.
Net income attributable to owners of parent increased for the 13 consecutive year and recorded
highest income for the 9th consecutive year.
2) Sales by Segment and Sales by Service are as follows(Thousand yen)
Sales by Segment
Sales by Service

Fiscal Year
From April 1, 2020
To March 31, 2021

Fiscal Year
From April 1, 2021
To March 31, 2022

AmountAmountRate (%)

Rate (%)

Rate ofchange(%)

Asset Management Business
Asset Management

4,995,873

66.7

5,949,302

73.2

19.1

1,835,871

24.5

1,568,218

19.3

△14.6

Financial Services Business
Data Solutions
Media Solutions

653,9118.7

605,766

7.5

△7.4

Total

2,489,782

33.3

2,173,984

26.8

△12.7

Consolidated sales

7,485,655

100.0

8,123,286

100.0

8.5

Asset Management Business• Asset Management
In addition to expanding the investment balance of publicly offered index funds provided by SBI AssetManagement Co., Ltd., the investment balance of privately placed investment trusts of SBI Bond
Investment Management Co., Ltd. and SBI Regional Creation Asset Management Co., Ltd., which
support securities management of regional financial institutions, has increased.
The balance of net assets of investment trusts managed by the Group increased by 828.5 billion yen(28.9%) from 2,869.1 billion yen at the end of the previous consolidated fiscal year to 3,697.6 billion yen
at the end of the current consolidated fiscal year, and trust fees increased.
As a result, sales of Asset Management of the Fiscal Year ended March 31, 2022 were 5,949 million
yen, an increase of 953 million yen (19.1%) from 4,995 million yen in the previous fiscal year.
Financial Services Business• Data Solutions
Sales of fund data from tablet apps increased as the number of tablet apps provided increased by
11,642 (11.3%) from 103,038 at the end of the previous consolidated fiscal year to 114,680 at the end of
the current consolidated fiscal year.
On the other hand, as for stock data, although sales of the stock newspaper WEB version increased, thestock newspaper subscription fee has disappeared due to the suspension of the daily paper-based "stock
newspaper" on March 31, 2021.
As a result, sales of Data Solutions of the Fiscal Year ended March 31, 2022 were 1,568 million yen, adecrease of 267 million yen (-14.6%) from 1,835 million yen in the previous fiscal year.

• Media Solutions
Face-to-face asset management seminars could not be held due to priority measures such as
declarations of a state of emergency and other COVID-19 infection prevention measures, but by
switching the face-to-face seminars to online-centric and holding hybrid seminars that combine face-toface and online sales, sales of seminars and online advertising sales also increased. However, sales of
the Gomez Consulting Business decreased due to the transfer of the Gomez Consulting Business on
July 1, 2021 through a company split.
As a result, sales of Media Solutions of the Fiscal Year ended March 31,2022 were 605 million yen, adecrease of 48 million yen (-7.4%) from 653 million yen in the previous fiscal year.
By segment, sales of the Asset Management Business were 5,949 million yen, an increase of 953 million
yen (19.1%) from 4,995 million yen in the same period last year.
Segment income was 1,557 million yen, an increase of 461 million yen (42.1%) from 1,095 million yen in
the previous fiscal year.
Sales of the Financial Services Business were 2,173 million yen, a decrease of 315 million yen (-12.7%)
from 2,489 million yen in the previous fiscal year.
Segment income was 572 million yen, a decrease of 97 million yen (-14.5%) from 669 million yen in theprevious fiscal year.
In the financial services business, the daily stock newspaper "Kabushikishinbun" was suspended on
March 31, 2021. In addition, on July 1, 2021, the Gomez Consulting Business was transferred througha company split.
The current financial services business, which does not include stock newspapers (paper media) and
Gomez Consulting Business, has sales of 2,093 million yen, an increase of 98 million yen (4.9%) from
1,995 million yen in the previous fiscal year. Operating income increased by 86 million yen (19.8%)
from 439 million yen in the previous fiscal year to 526 million yen.
3) Overview of non-consolidated business performance
The Company suspended the daily "Stock Newspaper" on March 31, 2021, and on April 1, 2021, the stock
newspaper business and the Searchina business, excluding the daily "Stock Newspaper", were split into
companies. It was succeeded by e-Advisor Co., Ltd., a wholly owned subsidiary.
As a result, sales related to the stock newspaper business and the Searchina business decreased.
In addition, on July 1, 2021, the Gomez Consulting Business was transferred outside the Group due to acompany split, resulting in a decrease in sales related to the Gomez Consulting Business.
As a result, sales decreased by 578 million yen (-23.0%) from 2,513 million yen in the previous fiscal year
to 1,935 million yen, and operating income was 477 million yen from 683 million yen in the previous fiscal
year, a decrease of 206 million yen (-30.1%).
The Company received a dividend of 1,999 million yen from a subsidiary in order to use it as a source ofdividends to our shareholders.
As a result, ordinary income increased by 1,717 million yen (183.7%) from 955 million yen in the previous
fiscal year to 2,652 million yen, and net income increased by 2,124 million yen (322.6%) to 2,783 million
yen from 658 million yen in the previous fiscal year.
(2) Explanation on financial position
Total assets decreased by 134 million yen from the end of the previous consolidated fiscal year to 14,055
million yen.
This was due to an increase of 1,190 million yen in current assets, and a decrease of 1,320 million yen in
fixed assets.
The increase in current assets was mainly due to increases of 271 million yen in cash and deposits, 305
million yen in accounts receivable, and 613 million yen in other current assets.
The increase in cash and deposits was due to the payment of dividends of 1,479 million yen, income of 620
million yen from the sale of investment securities, and cash inflow of 1,128 million yen from operating
activities.
The increase in accounts receivable is due to the increase in sales. The increase in other current assets wasdue to an accrued tax of 627 million yen on dividends from subsidiaries.
The decrease in fixed assets was due to a decrease of 961 million yen in investment securities and adecrease of 345 million yen in intangible fixed assets.
Investment securities decreased due to a decrease in managed investment securities. The decrease inintangible fixed assets was due to amortization, in addition to a loss on retirement of software of 139 million
yen and an impairment loss on goodwill of 50 million yen.
Total liabilities decreased by 49 million yen from the end of the previous consolidated fiscal year to 1,781
million yen.
The decrease in debt was mainly due to a decrease in accounts payable by 50 million yen.

When an additional 33% of the shares of Carret Holdings, Inc., the holding company of the US asset
management company Carret Asset Management LLC, which is a subsidiary, was acquired, the difference
between the investment amount and the equity increase amounted to 427 million yen, resulting in capitalsurplus decreased by the same amount.
As a result, a net income attributable to owners of parent of 1,454 million yen was recorded and dividends of
1,479 million yen were paid during the Fiscal Year (twelve months) ended March 31, 2022, and retained
earnings decreased by 25 million yen to 4, 439 million yen.
Valuation difference on other securities decreased mainly due to a valuation loss on investment securities of
326 million yen.
As a result, total net assets decreased by 85 million yen from the end of the previous consolidated fiscal year
to 12,273 million yen.
(3) Analysis of cash flow
The balance of cash and cash equivalents at the end of the current consolidated fiscal year increased by 271
million yen from the end of the previous consolidated fiscal year to 5,176 million yen. The status of eachcash flow is as follows.
(Cash flows from operating activities)
Cash flows from operating activities decreased by 976 million yen from the previous consolidated fiscal
year to 1,128 million yen.
This is mainly due to the recording of income before income taxes and minority interests of 2,478 million
yen, the amount of income taxes paid of 667 million yen, and the provisional tax to be refunded of 627
million yen related to dividends received from other corporate groups.
(Cash flows from investing activities)
Cash flows from investing activities increased by 2,491 million yen from the previous consolidated fiscal
year to 1,324 million yen. This was mainly due to the fact that while there was no expenditure for theacquisition of investment securities in the current fiscal year, income of 1,609 million yen was generated
from the sale and cancellation of the specified comprehensive trust property, and the acquisition of
intangible fixed assets was 311 million yen.
(Cash flows from financing activities)
Cash flows from financing activities decreased by 1,757 million yen from the previous consolidated fiscal
year to 2,149 million yen. This was mainly due to the fact that no income was generated from the public
offering in the current fiscal year, the dividend payment amount was 1,479 million yen, and theexpenditure from the acquisition of subsidiary shares without changing the scope of consolidation was 609
million yen.
(4) Explanation about future forecast information such as consolidated earnings forecast
In the asset management business, SBI Asset Management Co., Ltd., which provides publicly offeredadditional stock investment trusts, contributes to the asset formation of investors by providing index funds
at low cost and would like to expand the profit of the Group.
In addition, SBI Bond Investment Management Co., Ltd. and SBI Regional Revitalization AssetManagement Co., Ltd., which manages privately-offered investment trusts, will manage the funds
entrusted by regional financial institutions with high profitability, and contribute to the performance ofregional financial institutions, while at the same time, increasing the investment balance of the Group andstably expanding our earnings base.
In the financial services business, we would like to build a system that can respond swiftly andappropriately to the rapidly changing information environment, and always provide products and services
that utilize the latest information equipment and communication tools. In addition, we would like toprovide services that meet the specific measures of fiduciary duty (customer-oriented business operation)
promoted by sales financial institutions. In particular, we are striving to increase the number of tablet appsthat sales staff of financial institutions can use to explain financial products appropriately to individual
investors, and we will contribute to fiduciary duty by ensuring that more investors can receive appropriate
explanations of financial products.
At the same time, we would like to expand the stable earnings base of the Group based on these two corebusinesses.
Currently, the outlook for COVID-19 infections is still uncertain, although it is expected that economic
activities will pick up after lifting priority measures to prevent infection was lifted in all regions in March2022.
In the responding to COVID-19, although we were unable to hold face-to-face asset management seminars
during the current consolidated fiscal year, sales of web-ads as well as sales of seminars increased from theprevious consolidated fiscal year by switching our focus on online seminars from face-to-face seminars andholding hybrid seminars combining face-to-face and online seminars.
Meanwhile, the online seminars that have attracted customers on the Internet, which had started to cover
the impact of the decrease in the number of seminars held face-to-face by attracting customers to theseminar venue, are now gaining popularity with more than 30,000 participants annually.
We will continue to attract customers for online seminars in the fiscal year ending March 2023 to expand
the revenue base of media solutions.

Regarding the forecast for the current fiscal year (April 1, 2022 to March 31, 2023), it is difficult to predict
the financial market trends closely related to our business, including the impact of COVID-19 infections, forthe full fiscal year. For this reason, it is difficult to make a rational calculation of the business results at
this time, so we have not yet decided.
2.

Basic concept regarding the selection of accounting standards
The Group currently conducts its business mostly in Japan, and since there are few activities overseas, it
has adopted Japanese GAAP in consideration of the cost of adopting IFRS (International Financial
Reporting Standards).
In the future, we will consider adopting IFRS when the need to adopt IFRS for the Group arises.

3.

Consolidated Financial Statements and major notes(1)

Consolidated Balance Sheet
Fiscal Year ended
March 31, 2021

ASSETS
Current assets
Cash and cash equivalents
Accounts receivable
Inventories
Other current assets
Total current assets
Non-current assets
Tangible fixed assets
Leasehold improvement
Accumulated depreciation
Leasehold improvement : net
Furniture, fixtures and equipment
Accumulated depreciation
Furniture, fixtures and equipment : net
Lease equipment under capital
Total tangible fixed assets
Intangible fixed assets
Goodwill
Software
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other investments and other assets
Total investments and other assets
Total noncurrent assets
Deferred assets
Stock issuance cost
Total deferred assets
TOTAL ASSETS(All the figures less than 1,000 are rounded down)

Fiscal Year ended
March 31, 2022

(Thousand yen)(Thousand yen)

4,904,634
1,306,261
1,252
201,592
6,413,742

5,176,612
1,611,378
1,263
814,825
7,604,080

159,510△101,091
58,418309,977△281,985
27,991
155,615
242,025

159,445△107,516
51,929197,044△168,111
28,932
69,089149,951

1,892,815
1,294,494
304,295
3,491,605

1,786,713
1,076,849
282,050
3,145,612

3,585,678
223,214
209,851
4,018,745
7,752,376

2,624,582
345,615
166,511
3,136,709
6,432,274

23,732
23,732
14,189,850

19,00319,003
14,055,358

Fiscal Year ended
March 31, 2021

LIABILITIESCurrent liabilities
Accounts payable-trade
Accounts payable-other
Lease payable
Income taxes payable
Consumption taxes payable

Fiscal Year ended
March 31, 2022

(Thousand yen)(Thousand yen)

62,838798,850
128,059
457,220
93,566

62,618748,528
69,089464,822
90,498Other current liabilities

254,586

346,255

Total current liabilities

1,795,121

1,781,813

Non-current liabilities
Long-term lease payable

35,798-35,798-TOTAL LIABILITIESNET ASSETS
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stocks

1,830,919

1,781,813

3,363,635
4,906,035
4,464,870△29

3,363,635
4,478,772
4,439,392△29

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on other securities

12,734,512

12,281,770△627,728△513,787

Foreign currency translation adjustments△95,418

36,309Total accumulated other comprehensive income△723,146△477,478

347,566

469,252

TOTAL NET ASSETS

12,358,931

12,273,545

TOTAL LIABILITIES AND NET ASSETS

14,189,850

14,055,358

Total non-current liabilities

Non-controlling shareholders' equity(All the figures less than 1,000 are rounded down)

(2)Consolidated Statement of income

Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Gain on sale of investment securities
Equity in gain of affiliates
Foreign exchange gains
Other non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Stock issuance cost
Other non-operating expenses
Ordinary income
Extraordinary profit
Gain on sale of investment securities
Extraordinary loss
Impairment loss of goodwill
Loss on sale of investment securities
Loss on valuation of investment securities
Impairment loss of intangible fixed assets
Income before income taxes
Income taxes-current
Income taxes-deferred
Profit
Net income attributable to non-controlling interests
Net income attributable to owners of parent

Fiscal Year
From April 1, 2020
To March 31, 2021
(Thousand yen)

Fiscal Year
From April 1, 2021
To March 31, 2022
(Thousand yen)

7,485,655
3,556,727
3,928,927
2,163,521
1,765,406

8,123,286
3,654,398
4,468,888
2,339,083
2,129,805

224,405
140,931
26,295
5,688
10,8401,544
16,4472,967

660,110
13,839409,706

19,414
2,155,698-

2,155,698
673,950
1,481,747
163,218
1,318,528

197,072
62,335
26,918
7,331
7,436
9,278
3,054

594,466
50,4084,035
326,300
139,365
878,051△115,515

293,659

19,7692,403,695
594,466

520,1102,478,052
762,535
1,715,516
261,382
1,454,134(All the figures less than 1,000 are rounded down)

Consolidated Statement of Comprehensive income

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustments
Deferred gains or losses on hedges
Comprehensive income(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to non-controllinginterests(All the figures less than 1,000 are rounded down)

Fiscal Year
From April 1, 2020
To March 31, 2021
(Thousand yen)

Fiscal Year
From April 1, 2021
To March 31, 2022
(Thousand yen)

1,481,747

1,715,516

201,598△116,983△3,343113,941
170,547
81,272

284,488

1,563,020

2,000,005

1,422,100

1,699,802

140,919

300,202

Consolidated Statement of Changes in Shareholders' Equity
Fiscal Year ended March 31, 2021
Shareholders' equity

As of April 1, 2020
Fluctuation amount for the current period
Dividends from retained earnings
Issuance of new shares through public offering
Disposal of treasury stock due to the exerciseof stock options
Net income attributable to owners of parent
Increase / decrease in equity due to acquisitionof shares of consolidated subsidiary
Decrease in equity due to transfer of shares of
consolidated subsidiary
Net income attributable to non-controllinginterests
Net changes of items other than shareholders'equityTotal changes during the period
As of March 31, 2021

As of April 1, 2020
Fluctuation amount for the current period
Dividends from retained earnings
Issuance of new shares through public offering
Disposal of treasury stock due to the exerciseof stock options
Net income attributable to owners of parent
Increase / decrease in equity due to acquisitionof shares of consolidated subsidiary
Decrease in equity due to transfer of shares of
consolidated subsidiary
Net income attributable to non-controllinginterests
Net changes of items other than shareholders'equityTotal changes during the period
As of March 31, 2021

Commonstock

CapitalsurplusRetainedearnings

Treasurystocks2,115,620

3,371,967

4,431,174△186,865

1,248,015

1,248,015△1,284,832
286,534

186,835

473,369
1,318,528△480

1,534,068
4,906,035

9,731,896△1,284,832
2,496,030

1,318,528

1,248,015
3,363,635

Total
shareholders'equity△480

33,696
4,464,870

186,835△29

3,002,615
12,734,512

Accumulated other comprehensive income
Non-controlling
Foreign
Deferred
TOTAL NET
Valuation
shareholders'currency
gains
ASSETS
differenceTotal
equitytranslation or losses onon securities
adjustments
hedges3,343 △826,718
203,405
9,108,582△735△829,327△1,284,832
2,496,030
473,369
1,318,528△480
19,05819,058201,598△113,741△3,34384,513

201,598△627,728△94,683△95,418△3,343―

103,571△723,146

144,160

163,218
84,513

144,160
347,566

3,250,348
12,358,931

Consolidated Statement of Changes in Shareholders' Equity
Fiscal Year ended March 31, 2022
Shareholders' equity

As of April 1, 2021
Fluctuation amount for the current period
Dividends from retained earnings
Net income attributable to owners of parent
Increase / decrease in equity due to acquisitionof shares of consolidated subsidiary
Net income attributable to non-controllinginterests
Net changes of items other than shareholders'equityTotal changes during the period
As of March 31, 2022

As of April 1, 2021
Fluctuation amount for the current period
Dividends from retained earnings
Net income attributable to owners of parent
Increase / decrease in equity due to acquisitionof shares of consolidated subsidiary
Net income attributable to non-controllinginterests
Net changes of items other than shareholders'equityTotal changes during the period
As of March 31, 2022

Commonstock

CapitalsurplusRetainedearnings

3,363,635

4,906,035

4,464,870

Treasurystocks△29△1,479,612
1,454,134△1,479,612
1,454,134△427,263

3,363,635△427,263
4,478,772

Total
shareholders'equity12,734,512△427,263△25,478
4,439,392△29

Accumulated other comprehensive
incomeNoncontrolling
Foreign
Valuation
shareholder
currency
difference
Totals' equitytranslation
on securities
adjustments
347,566△627,728△95,418△723,146△452,741
12,281,770

TOTAL NETASSETS

12,358,931△1,479,612
1,454,134△176,783△604,047

261,382

261,382

113,941

131,727

245,668

37,088282,757

113,941△513,787

131,727
36,309245,668△477,478

121,686
469,252△85,385
12,273,545

(4) Consolidated Cash Flow Statement

Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of long-term prepaid expenses
Amortization of goodwill
Amortization of stock issuance cost
Loss (△gain) on sale of investment securities
Loss (△gain) on valuation of investment securities
Loss on retirement of fixed assets
Impairment loss
Interest and dividend income
Foreign exchange losses (△gains)
Interest expense
Share of (△profit) loss of entities accounted for using equity method
Decrease (△increase) in trade payables
Decrease (△increase) in inventories
Increase (△decrease) in trade receivables
Decrease (△increase) in accounts receivable
Increase (△decrease) in accounts payable - other
Decrease (△increase) in other current assets
Increase (△decrease) in other current liabilities
Sub totalInterest and dividend income received
Interest expense paid
Income taxes paid
Income tax refund amountNet cash provided by (△used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Income from shares of subsidiaries resulting in change in scope of
consolidation
Proceeds from collection of guarantee deposits
Payments for guarantee deposits
Net cash provided by (△used in) investing activities
Cash flows from financing activities
Cash dividends paid
Proceeds from short-term borrowings
Expenditure for repayment of short-term borrowings
Income from issuance of shares
Income from disposal of treasury stock
Income from sales of shares of subsidiaries resulting in no change inscope of consolidation
Expenditure on acquisition of subsidiary shares without change
in scope of consolidation
Repayments of lease obligations
Net cash provided by (△used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (△decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Fiscal Year
From April 1, 2020
To March 31, 2021
(Thousand yen)

Fiscal Year
From April 1, 2021
To March 31, 2022
(Thousand yen)

2,155,698
400,741
5,120
115,064
2,966△26,295△365,336△10,380
16,447△5,688△8,860931
34,650△35,347
60,78015,683
114,3072,470,481
61,464△4,202△428,961
6,177
2,104,959

2,478,052
449,754
4,927
111,904
9,278△617,349
326,300
139,365
50,408△259,407
7,185△349,493△5△219△586,958△57,116
136,350△123,566
1,719,409
70,037△667,271
5,955
1,128,130△25,323△585,435△613,930
42,128△11,695△311,807
1,609,199

8,757

-

28,566△21,750△1,166,987

38,7501,324,447△1,284,832
1,000,000△3,000,000
2,467,534
473,369△1,479,612
-

3,000

-

△50,374△391,302△11,348535,321
4,369,638
4,904,960△609,154△60,446△2,149,212△31,416
271,948
4,904,960
5,176,908

(5) Notes on Consolidated Financial Statements(Notes on the premise of a going concern)
Not applicable(Notes on the changes in accounting policies)(Application of Accounting Standards for Revenue Recognition)
The Company has applied the Accounting Standards for Revenue Recognition (Corporate AccountingStandards No. 29 of March 31, 2020; hereinafter referred to as “Revenue Recognition AccountingStandards”) since the beginning of the first quarter of the consolidated cumulative fiscal year underreview and decided to recognize revenue at an amount expected to receive in exchange for goods or aservice at the time of transfer of control of those goods or service promised to a customer.
We apply the Revenue Recognition Accounting Standards accounting to the transitional handlingspecified in the proviso of Section 84 of the Revenue Recognition Accounting Standards. We have applied
new accounting policies from the balance at the beginning of the first quarter of the current consolidated
fiscal year by adding or subtracting an affected cumulative amount when the new accounting policies are
retroactively applied before the beginning of the first quarter of that fiscal year. However, for thecontracts for which almost all revenues have been recognized under the previous accounting method
before the beginning of this consolidated fiscal year, the method stipulated in Article 86 of the Revenue
Recognition Accounting Standard is not applied retroactively.
The impact of this change on the profit & loss for the consolidated fiscal and the beginning balance ofretained earnings was insignificant.
(Application of Accounting Standards for Market Value Calculation)
We have applied the Accounting Standards for Market Value Calculation (Corporate AccountingStandards No. 30 of July 4, 2019; hereinafter referred to as “Market Value Calculation AccountingStandards”) since the beginning of the first quarter of the current consolidated fiscal year and decided toapply the new accounting policies specified by the Market Value Calculation Accounting Standards overthe future according to the transitional handling specified in Section 19 of the Market Value Calculation
Accounting Standards and Section 44-2 of the Accounting Standards for Financial Instruments(Corporate Accounting Standards No. 10 of July 4, 2019). There is no impact of this change on the
consolidated financial statements.
(Important Matters as a Basis for Preparing Consolidated Financial Statements)
1. Matters concerning scope of consolidation
As of March 31, 2022, the Group consists of the Company and the following 10 subsidiaries.
(1) Names of consolidated subsidiaries
E-Advisor Co., Ltd.
SBI Asset Management Group Co., Ltd.
Morningstar Asset Management Co., Ltd.
SBI Asset Management Co., Ltd.
Carret Holdings Inc.
Carret Asset Management LLC
SBI Bond Investment Management Co., Ltd.
SBI Regional Revitalization Asset Management Co., Ltd.
SBI Alternative Asset Management Co., Ltd.
SBI Alternative Investments Co., Ltd. was excluded from the scope of consolidation because it mergedwith SBI Asset Management Co., Ltd. on May 1, 2021.
(2) Names of non-consolidated subsidiaries, etc.
SBI Alternative Fund GK(Reason for excluding from the scope of consolidation)
SBI Alternative Fund GK is a business operator of an anonymous partnership business that manages
investment trusts by the anonymous partnership method. Almost all profits and losses of thesubsidiary, including the business of the anonymous partnership, belong to the anonymous partnership
member and do not formally or substantially belong to the subsidiary or its parent company. Moreover,there are few transactions with the subsidiary. Since there is a risk that the consolidation of thesubsidiary can significantly mislead the judgment of stakeholders, the subsidiary is excluded from thescope of consolidation in accordance with Section 19 of the Business Accounting Standards Application
Guideline No. 22 “Application Guidelines for Determining the Scope of Subsidiaries and Affiliates inConsolidated Financial Statements”.

2. Matters concerning the application of the equity method(1) PT. Bina Investama Infonet has been excluded from the scope of the equity method due to the decline
in its equity ratio due to the sale of its shares.
(2) There are no affiliates accounted for by the equity method.
3. Matters concerning the fiscal year etc. of consolidated subsidiaries
Of the consolidated subsidiaries, Carret Holdings Inc., and Carret Asset Management LLC . have aclosing date of December 31.
In preparing consolidated financial statements, the balance sheet as of December 31, 2021, and income
statement and cash flow statement from January 1, 2021 to December 31, 2021 of Carret Holdings Inc.
and Carret Asset Management LLC are consolidated. For important transactions that occurred between
the consolidated closing date and fiscal year end of above companies, the necessary adjustments forconsolidation are made.
4. Matters concerning accounting policy(1) Valuation basis and valuation method of important assets
1) Securities
Debt to maturity
Cost method
Other securities
Securities with market value
The market value method based on the market price etc. of the account closing date (netunrealized gains (losses) are directly included in net assets, and cost of sales is computed
using the moving average cost method)
Securities without market value
Moving average cost method
2) Inventory
Cost method (method of devaluation of book value due to decline in profitability)
Stocks ... Total average method(2) Depreciation method of important depreciable assets
1) Tangible fixed assets
The straight-line method
2) Intangible fixed assets
The straight-line method
Of software, software for internal use purposes is based on the straight-line method based on the inhouse usable period (5 years), and software for market sales is based on the straight-line method
based on the expected validity period (within 3 years)(3) Accounting standard for material allowances
Allowance for bad debt
Estimated uncollectible amounts are recorded for specific receivables, such as bad debts, taking into
consideration recoverability individually.
(4) Basis for converting significant foreign currency assets or liabilities into Japanese currency
Assets and liabilities of foreign subsidiaries are converted into yen at the closing exchange rate on
the closing date, and the conversion difference is included in the translation adjustment accountand non-controlling interests in net assets.
(5) Important hedge accounting methods
1) Hedge accounting method
Deferred hedge processing is used.
2) Hedging method and hedged item
Hedging method ... Stock index futures
Hedged item ... Investment securities
3) Hedging policy
To reduce the risk of price fluctuations, we hedge within the scope of the target assets.
4) Method of assessing hedge effectiveness
During the period from the start of hedging to the time of effectiveness determination, the cumulativechanges in the market value of the hedged item and the hedging instrument are compared, andjudgment is made based on the amount of change in both.
(6) Matters concerning amortization of goodwill
Amortization of goodwill is equally amortized over 20 years.
(7) Deferred stock delivery expenses
Evenly depreciated for 3 years.

(8) Scope of funds in consolidated statement of cash flows
Cash (cash and cash equivalents) in the consolidated statement of cash flows consists of cash on
hand, deposits that can be withdrawn on an as-needed basis, and short-term investments that caneasily be redeemed with a redemption period within three months from the acquisition date, thatbear only a small risk of value fluctuations.
(9) Other important matters for preparing consolidated financial statements
Accounting for consumption taxes This is based on the tax exclusion method.
(Notes on Consolidated Balance Sheet)*1 Breakdown of inventories(Thousand yen)

Fiscal Year ended March 31, 2021
Supplies*2

Fiscal Year ended March 31, 2022

1,252

1,263

Investments in non-consolidated subsidiaries and affiliates(Thousand yen)

Fiscal Year ended March 31, 2021

Fiscal Year ended March 31, 2022

Investment securities (shares)

5,070

5,000

(Notes on Consolidated Statement of Income)*
Major items of selling and general administrative expenses
Fiscal Year ended March 31, 2021
(April 1, 2020 - March 31, 2021)
Employee's salaries
873,400
Executive's salaries
371,029
Retirement benefit costs
12,727(Notes on shareholders' equity)
I Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
1. Type and total number of outstanding shares
Beginning of fiscal
Increase number ofyear
fiscal year

(Thousand yen)
Fiscal Year ended March 31, 2022
(April 1, 2021 - March 31, 2022)
1,003,493
356,587
12,232

Decrease numberof fiscal year

Ending of fiscal
year

Outstanding shares
Common stock

83,973,600

5,700,000―

83,973,600

Total

83,973,600

5,700,000―

83,973,600(Note)The increase in the number of shares for the current consolidated fiscal year of 5,700,000 is due to theissuance of new shares through public offering.

2. Type and number of treasury stock
Beginning of fiscal
year

Increase number offiscal year

Decrease numberof fiscal year

Ending of fiscal
year

Treasury stock
Common stock

1,081,700―

1,081,000

170

Total

1,081,700―

1,081,000

170(Note)The decrease in the number of shares for the current consolidated fiscal year of 1,081,000 is due to thedisposal of treasury stock through public offering.

3. Stock option
Not applicable
4. Self-stock acquisition rights
Not applicable
5. Dividends(1) Dividends paid
Kind of
Resolution ofsharesMay 19, 2020
board of directors

Commonstock

Source ofdividends

Total dividends(Thousand yen)

Dividend pershare (yen)Date of rightallotment

Effective
date

Retainedearnings

663,139

8.00

March 31,2020

June 1, 2020

Resolution ofKind ofshares

Source ofdividends

Total dividends(Thousand yen)

Dividend pershare (yen)Date of rightallotment

Effective
date

September 16,
2020 board of
directors

Commonstock

Retainedearnings

621,693

7.50

September
30, 2020

November16, 2020(2) Dividends for which the record date belongs to the current consolidated fiscal year and theeffective date of dividends belongs to the following consolidated fiscal year.
Kind of
Source ofTotal dividends Dividend per Date of right
Resolution ofsharesdividends(Thousand yen)share (yen)allotment
May 14, 2021
board of directors

Commonstock

Retainedearnings

762,224

8.50

March 31,2021

Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)
1. Type and total number of outstanding shares
Beginning of fiscal Number of increase
Number of decreaseyear
for fiscal year
for fiscal year
Outstanding shares
Common stock
89,673,600
―
―
Total
89,673,600――

Effective
date
June 1, 2021

II

2. Type and number of treasury stock
Beginning of fiscal
year
Treasury stock
Common stock
170
Total
170

Ending of fiscal year
89,673,600
89,673,600

Number of increase
for fiscal year

Number of decrease
for fiscal year

Ending of fiscal year

―
―

―
―

170
170

3. Stock Option
Not applicable
4. Self-stock acquisition rights
Not applicable
5. Dividends(1) Dividends paid
Kind of
Resolution ofshares

Source ofdividends

Total dividends(Thousand yen)

Dividend pershare (yen)Date of rightallotment

Effective date

May 14, 2021 boardof directors

Commonstock

Retainedearnings

762,224

8.50

March 31,2021

June 1, 2021

September 22, 2021
board of directors

Commonstock

Retainedearnings

717,387

8.00

September
30, 2021

December 1,
2021(2) Dividends for which the record date belongs to the current consolidated fiscal year and theeffective date of dividends belongs to the following consolidated fiscal year.
Kind of
Source ofTotal dividends Dividend per Date of right
Resolution of (plan)
Effective datesharesdividends(Thousand yen)share (yen)allotment
May 19, 2022 boardof directors

Commonstock

Retainedearnings

807,060

9.00

March 31,2022

June 1, 2022

(Notes on Consolidated Cash Flow Statement)* 1 Relationship between the balance of cash and cash equivalents at the end of the period and the amountof items posted on the consolidated balance sheet

Cash and cash equivalents
Deposit to securities company account(of other current assets)
Balance of cash and cash equivalents at
the end of Fiscal Year

Fiscal year ended
March 31, 2021
(Thousand yen)
4,904,634

Fiscal year ended
March 31, 2022
(Thousand yen)
5,176,612

325

296

4,904,960

5,176,908

*2

Main breakdown of assets and liabilities of the company that became a consolidated subsidiary due
to the acquisition of sharesFiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
The amounts of assets and liabilities of the company that became a new consolidated subsidiary
due to the acquisition of shares in the current consolidated fiscal year are omitted because they
are not significant.
Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)
Not applicable(Notes on Tax)

Fiscal Year ended March 31, 2021
1 Deferred tax assets and deferred tax liabilities bymajor cause
Breakdown(Deferred tax asset)(Thousand yen)
Disallowed business tax
32,605payableDisallowed account payable
5,091
Unrealized profit
23,601Other securities valuation
165,735
difference△3,819
Other
Total deferred tax assets

223,214

2 Breakdown of the main items that caused thedifference between the legally effective tax rate andthe tax burden rate after application of tax effectaccounting
Description is omitted because the difference
between the statutory effective tax rate and the tax
burden rate after application of tax effectaccounting is less than 5% of the statutory effective
tax rate.

Fiscal Year ended March 31, 2022
1 Deferred tax assets and deferred tax liabilities bymajor cause
Breakdown(Deferred tax asset)(Thousand yen)
Disallowed business tax
41,506payableDisallowed account payable
16,970
Unrealized profit
14,718Other securities valuation
124,819
difference
Loss of impairment
122,910
Other
24,690Total deferred tax assets
345,615“Impairment loss” (4,077 thousand yen in theprevious consolidated fiscal year), which was
included in “Others” in the previous consolidated
fiscal year, is posted independently because it has
become more important.
2 Breakdown of the main items that caused thedifference between the legally effective tax rate andthe tax burden rate after application of tax effectaccounting
Description is omitted because the difference
between the statutory effective tax rate and the tax
burden rate after application of tax effectaccounting is less than 5% of the statutory effective
tax rate.

(Segment information etc.)[Segment information]
1. Summary of reporting segments
The Group's reporting segments have separate financial information available from the Group's
constituent units and are subject to regular review by the Board of Directors to determine resource
allocation decisions and assess performance.
The main business contents by reporting segment (as of March 31, 2022) are as follows.
(Asset Management Business)
Business that provides investment management and investment advice such as investment trust
setting, solicitation, and management based on the Financial Instruments and Exchange Act
Service classification
Main business contents

Asset management

Establishment of investment trusts centered on publicly offered additional stock
investment
trusts and privately offered bond-type investment trusts, investment management
such as offering and management, investment advisory services for funds of funds,
defined contribution pension-related consulting, etc.

(Note) Companies belonging to the segment
SBI Asset Management Group Co., Ltd., SBI Asset Management Co., Ltd., Morning Star AssetManagement Co., Ltd., Carret Holdings, Inc., Carret Asset Management LLC, , SBI Bond
Investment Management Co., Ltd., SBI Regional Revitalization Assets Co., Ltd., SBI Alternative
Asset Management Co., Ltd. ,SBI Alternative Fund G. K.
(Financial Services Business)
Business that collects information on finance, websites, etc., compares, analyzes, evaluates, andprocesses the accumulated information, provides it to customers, and provides consulting.
Service classification
Main business contents
Daily web-based "stock newspaper" sales, stock and corporate information distribution,fund analysis report, domestic stock report, US stock report, provision of custom funddata to financial institutions and media such as "Star Rating", selection / announcement /license provision of Fund of the Year, provision of domestic investment trust comparison
analysis tool / overseas fund comparison analysis tool, provision of stock information ofdomestic listed companies owned by overseas institutional investors, Morning Star Direct
Japan Version development and provision, localization of various investment tools
developed by Morning Star in the United States, provision of paid information for
Morning Star Mobile, provision of paid information for WEB, consulting for financial
product sales institutions, consulting for defined contribution pension plans, provision of
Data Solutions
investment advice for employees of companies that adopt defined contribution pension
plans, development and provision of e-learning tools, development and provision ofvarious investment education related products, defined contribution pension plan,
individual defined contribution pension plan (iDeCo), small investment tax exemption
system (NISA) related WEB operation and planning, content creation and provision,
investment solution development provision, provision of Hong Kong and mainland China
market data and corporate information to financial institutions, sales of tablet application
data ETF (Listed Investment Trust Plan) evaluation information, corporate
creditworthiness evaluation / bond rating, virtual currency evaluation information, etc.
Advertising on our website (Morningstar website, Chinese information site "Searchna"),consulting income related to advertising of financial product sales institutions in various
media, marketing consulting, advertising agency business, newspaper advertising,Media Solutions implementation of seminars on IR / life planning / asset operation etc., life planningsupport work such as provision of simulation tools, development and provision of elearning tools, development and provision of various investment education related
products, etc.
(Note) Company belonging to the segment, Morningstar Japan KK, E-Advisor Co., Ltd.
2. Procedure for calculating the amount of sales, profits or losses, assets, liabilities and other items in thereporting segment
The method of accounting for the reported business segments is the same as described in "Importantmatters that are the basis for preparing consolidated financial statements."
Profit for the reporting segment is based on operating income.
The amount of sales, profits, assets, liabilities and other items of the "asset management business" is thetotal of the amounts of sales, profits, assets, liabilities and other items of the following subsidiaries.
SBI Asset Management Group Co., Ltd., SBI Asset Management Co., Ltd., Morning Star AssetManagement Co., Ltd., Carret Holdings, Inc., Carret Asset Management LLC, SBI Alternative Investments
Co., Ltd. , SBI Bond Investment Management Co., Ltd., SBI Regional Creation Asset Management Co.,
Ltd., SBI Alternative Asset Management Co., Ltd.
Of the consolidated subsidiaries, Carret Holdings Inc., and Carret Asset Management LLC. have a closing
date of December 31.
In preparing the segment information, Carret Holdings, Inc. and Carret Asset Management LLC havedecided on assets, liabilities and other items as of December 31, 2020, the figures for sales, profits, andother items from January 1, 2020 to December 31, 2020 are used. For important transactions that occurred
between the consolidated closing date and fiscal year end of above companies, the necessary adjustments forconsolidation are made.
For the amount of sales, profits, assets, liabilities and other items of the "Financial Service Business", theaggregated figures of the sales, profits, assets, liabilities and other items of Morningstar Japan KK and eAdvisor Co., Ltd. are used.
Internal sales or transfers between segments are determined by consultation taking into account market
prices.

3. Information on sales and income or loss for each reporting segment
Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
Reporting segment

Sales
Sales to external customers
Internal sales or transfers
between segments
Total(Thousand yen)Amount recordedon consolidated
financialstatements

Matters
concerning
difference
adjustment

Asset
Management Business

Financial
Services
Business

Total

4,995,873

2,489,782

7,485,655-

7,485,655

72

23,98824,060△24,060-

4,995,946

2,513,770

7,509,716△24,060

7,485,655

Segment operating income

1,095,577

669,829

1,765,406-

1,765,406

Segment assets

7,422,203

9,186,982

16,609,186△2,419,338

14,189,848

Segment liabilities

3,901,808

348,446

4,250,254△2,419,338

1,830,916

12,41589,399388,325
25,665400,741
115,064-

400,741
115,064

15,365606,326

621,691-

621,691

Other
Depreciation expense
Amortization of goodwill
Increase in tangible andintangible fixed assets

Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)
Reporting segment
Asset
Financial
Manageme
Services
nt BusinessBusiness
Sales
Sales to external customers
Internal sales or transfers
between segments
Total
Segment operating income
Segment assets
Segment liabilities
Other
Depreciation expense
Amortization of goodwill
Increase in tangible andintangible fixed assets

Total(Thousand yen)Amount recordedon consolidated
financialstatements

Matters
concerning
difference
adjustment

5,949,302

2,173,984

8,123,286-

8,123,286

73

24,08824,161△24,161-

5,949,376
1,557,255
7,426,371
3,949,248

2,198,072
572,549
9,084,079
287,657

8,147,448
2,129,805
16,510,451
4,236,905△24,161△2,455,092△2,455,092

8,123,286
2,129,805
14,055,358
1,781,813

15,461
86,238434,292
25,665449,754
111,904-

449,754
111,904

8,581

280,112288,693-288,693

4. Difference between the total of reporting segments and the consolidated income statement and themain content of the difference (matters concerning difference adjustment)(Thousand yen)
Sales
Fiscal Year ended
Fiscal Year ended
March 31, 2021
March 31, 2022
Total of reporting segment
7,509,716
8,147,448△24,060△24,161
Elimination of transactions between segments
Net sales in the consolidated income statement

Segment operating income
Total of reporting segment
Elimination of transactions between segments

7,485,655

8,123,286

Fiscal Year ended
March 31, 2021
1,765,406-(Thousand yen)
Fiscal Year ended
March 31, 2022
2,129,805-

1,765,406

2,129,805

Fiscal Year ended
March 31, 2021
16,609,189△2,419,338(Thousand yen)
Fiscal Year ended
March 31, 2022
16,510,451△2,455,092

14,189,850

14,055,358

Fiscal Year ended
March 31, 2021
4,250,257△2,419,338(Thousand yen)
Fiscal Year ended
March 31, 2022
4,236,905△2,455,092

1,830,919

1,781,813

Operating income in the consolidated income
statement

Segment assets
Total of reporting segment
Elimination of transactions between segments
Assets in the consolidated balance sheet

Segment liabilities
Total of reporting segment
Elimination of transactions between segments
Liabilities in the consolidated balance sheet

Total of reporting segment
Other Item

Depreciation expense
Amortization of goodwill
Increase in tangible andintangible fixed assets

Elimination of transactions
between segments

Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
ended March ended March ended March ended March
31, 2021
31, 2022
31, 2021
31, 2022
400,741
449,754
115,064
111,904
621,691

288,693--(Thousand yen)Amount recorded on
consolidated financial
statements
Fiscal Year
Fiscal Year
ended March ended March
31, 2021
31, 2022
400,741
449,754
115,064
111,904
621,691

288,693(Related information)
1. Information about products and services
Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
Asset Management
Business
Sales to external customers

4,995,873(Thousand yen)
Financial Services Business
Data Solutions
1,835,871

Media Solutions

Total

653,9112,489,782

Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)
Asset Management
Business
Sales to external customers

5,949,302(Thousand yen)
Financial Services Business
Data Solutions
1,568,218

Media Solutions
605,766

Total
2,173,984

2. Information about the area
(1) Sales
Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)(Note) Sales are classified by country or region based on the customer's location.
Japan
United States
Total
6,353,059

1,132,596

7,485,655

Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)(Note) Sales are classified by country or region based on the customer's location.
Japan
United States
Total
6,785,501

1,337,785

8,123,286(2) Property, plants and equipment
Since the amount of property, plants and equipment located in Japan exceeds 90% of the amount ofproperty, plants and equipment on the consolidated balance sheet, information on property, plants
and equipment by area is omitted
3. Information about major customers
Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
Not applicable
Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)
Not applicable(Information on impairment loss on fixed assets of each reporting segment)
Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
Not applicable
Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)
Not applicable(Significant changes in the amount of goodwill)
Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
Not applicable
Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)
Asset Management
Business
Impairment loss―

Financial Services
Business
50,408(Thousand yen)
All consolidated
Amount recorded oncommon /consolidated
elimination
balance sheet―
50,408(Information on amortization of goodwill and unamortized balance per reporting segment)
Fiscal Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)(Thousand yen)
All consolidated
Amount recorded on
Asset Management
Financial Services
common /consolidated
Business
Business
elimination
balance sheet
Current period
depreciation amountFiscal year-end balance

89,39925,665-

115,064

1,615,266

277,548-

1,892,815

Fiscal Year ended March 31, 2022 (April 1, 2021 - March 31, 2022)

Current period
depreciation amountFiscal year-end balance(Thousand yen)
All consolidated
Amount recorded oncommon /consolidated
elimination
balance sheet

Asset Management
Business

Financial Services
Business

86,23823,773-111,904

1,585,239

201,474-

1,786,713(Note) An impairment loss of 50,408 thousand yen was recorded for goodwill attributable to the Financial
Services Business.

(Significant negative goodwill income)Not applicable(Information of per share amount)
Fiscal Year ended
Fiscal Year ended
March 31, 2021
March 31, 2022
(April 1, 2020 –(April 1, 2021 –March 31, 2021)
March 31, 2022)
Net asset per share (Yen)
133.95
131.64
Net income per share (Yen)
15.34
16.22
Diluted net income per share (Yen)――
There were no significant changes in the diluted shares that were not included in the calculation of thediluted net income per share as there is no dilution effect from the end of the previous consolidated fiscal year.
(Note) 1. The amount of net income per share and the basis for calculation, the diluted net income per shareafter dilutive share adjustment and the basis for calculation are as follows.
Fiscal Year ended
Fiscal Year ended
March 31, 2021
March 31, 2022
(April 1, 2020 –(April 1, 2021 –March 31, 2021)
March 31, 2022)
Net income per share
Net income attributable to owners of
1,318,528
1,454,134
parent (Thousand yen)Amount not attributable to common――shareholders(Thousand yen)
Net income attributable to owners ofparent related to common stock
1,318,528
1,454,134(Thousand yen)

Average number of shares of common
85,976,392
89,673,430
stock during the period (Share)
There were no significant changes in the diluted shares that were not included in the calculation of the diluted
net income per share as there is no dilution effect from the end of the previous consolidated fiscal year.
2. The amount of net asset per share and the basis for calculation are as follows.
Fiscal Year ended
March 31, 2021
(April 1, 2020 –March 31, 2021)
Total amount of net assets (Thousand yen)Amount to be deducted from the total
amount of net assets (Thousand yen)(Non-controlling interests of above)(Thousand yen)

Net asset value related to common stockof fiscal year end (Thousand yen)
Number of year-end common sharesused to calculate net assets per share(Share)(Significant subsequent events)
Not applicable

Fiscal Year ended
March 31, 2022
(April 1, 2021 –March 31, 2022)

12,358,931

12,273,545

347,566

469,252(347,566)(469,252)

12,011,365

11,804,292

89,673,430

89,673,430