JAPAN SECURITIES FINANCE CO., LTD.
Consolidated Financial Resultsfor Fiscal 2009
Name：JAPAN SECURITIES FINANCE CO., LTD.
Listing：1st Section, Tokyo Stock Exchange
Stock code number：8511
Address：1－2－10, Nihonbashi Kayaba－cho, Chuo－ku, Tokyo Japan, 103－0025
Phone：＋81－3－3666－3184(Millions of yen, rounded down to nearest million)

1. Consolidated Financial Results for Fiscal 2009 (April 1,2009－March 31,2010)(1) Consolidated Results of Operations(% change from previous year)

Operating Income
Operating Revenues or Loss（△）

Recurring Incomeor Loss（△）

Net Incomeor Loss（△）(Millions of yen)(% change)(Millions of yen)(% change)(Millions of yen)(% change)(Millions of yen)(% change)

Fiscal 2009

27,868△37.1

5,898―

5,182―

3,572―

Fiscal 2008

44,299△12.4△4,797―△5,479―△7,503―Net Income or Loss(△)
Net Income per Shareper Share(Yen)(Yen) (fully diluted)

Fiscal 200938.59―

Fiscal 2008

△80.33―EPS

Recurring Income or

Return on Equity

Operating Income orLoss(△)／OperatingLoss(△)／Total Assets

Revenues
(%)

(%)

3.2

0.1

21.2

△6.9

△0.1

△10.8

ROEROA(%)

Reference: Gain/loss on investments based on equity method: ¥△916million (Fiscal 2008: ¥△951million)(2) Consolidated Financial Position
Total assets

Net Assets

Equity Ratio

Net Assets
per Share(Millions of yen)

(Millions of yen)(%)

Fiscal 2009

5,479,610

112,6562.3

1,217.13

Fiscal 2008

5,293,277

107,232

2.3

1,158.32(Yen)

Reference: Shareholders Equity: ¥112,656million (Fiscal 2008: ¥107,232million)(3) Consolidated Cash Flows
Cash Flows
from Operating
Activities

Cash Flows
from Investing
Activities

Cash Flows
from Financing
Activities

Cash and Cash
Equivalentsat end of Year

(Millions of yen)

(Millions of yen)

(Millions of yen)

(Millions of yen)

Fiscal 2009

17,443△806△1,58818,005

Fiscal 2008

6,179

△739

△7,1112,957

12. Dividends
Dividends per Share

Fiscal 2008
Fiscal 2009
Fiscal 2010
(Forecast)Interim(Yen)

Year-End(Yen)Annual(Yen)

10.00
7.00

10.00
7.00

20.00
14.00

7.00

7.00

14.00

Total Cash
Dividends Payout Ratio
Dividends(Full-year) (Non-Consolidated) (Consolidated)(Millions of Yen)(%)(%)

Dividends on
Equity(Consolidated)
DOE (%)

70.7
51.9―36.31.8
1.2

81.4

48.0

1,861
1,302

3. Consolidated Estimated Figures for fiscal 2010(April 1,2010－March 31,2011)(% change from previous year)

Operating
Income(Millions of yen)

Full-year

3,100Recurring
IncomeNet Income(% change) (Millions of yen) (% change) (Millions of yen) (% change)－

3,900－

2,700－Net Income per ShareEPS(Yen)

29.17

4. Others(1) Changes in the scope of important consolidation for subsidiaries (yes/no):No(2) Changes in accounting policies for consolidated financial statements:①Changes according to revision of accounting standards: Yes②Others: No(3) Number of Issued Shares (common stock)①Number of issued shares (Including treasury stock)
as of Mar.31, 2010 : 93,700,000 (Fiscal 2008: 93,700,000)②Number of Treasury stocks
as of Mar.31, 2010 :1,140,308 (Fiscal 2008: 1,124,104)2

Consolidated Balance Sheets
Fiscal 2009
Mar.31,2010【Assets】

Fiscal 2008
Mar.31,2009(millions of yen)(millions of yen)

4,842,517

4,861,332

18,005

2,957－7,0002,811,225

2,697,282

Short-term Loans Receivable

655,567

503,070

Securities Lent

309,933

460,437Securities in Custody

36,622

23,000

Securities in Deposit

193,849

94,262

Deferred Tax Assets

935

536

815,373

1,042,222

3,089

33,382

Allowance for Doubtful Receivables△ 2,085△ 2,820

Ⅱ Non-current Assets

637,092

431,945

Tangible Non-current Assets

6,655

6,965

Intangible Non-current Assets

1,479

1,611

Investments, etc.

630,978

424,150

Allowance for Doubtful Receivables△ 2,020△ 782

5,479,610

5,293,277

Ⅰ Current Assets
Cash
Call Loans
Short-term Investments

Collateral Money for Securities Borrowed
Other Current Assets

Total Assets

3Fiscal 2009
Mar.31,2010【Liabilities and Net Assets】

Fiscal 2008
Mar.31,2009(millions of yen)(millions of yen)

Ⅰ Current Liabilities

5,312,542

5,133,479

Call Money

1,344,300

1,387,800

Short-term Borrowings

2,443,810

1,676,310

Commercial Paper

27,50015,000

Payables under Repurchase Agreements

86,192637,881

Collateral Money for Securities Lent

824,158

791,540

Collateral Securities Deposited

328,755

244,306

Securities Borrowed

208,376

332,259

Securities Lent Opposite Account

3,273

1,133

Other Current Liabilities

46,17447,247Ⅱ Non-current Liabilities

54,41052,565Long-term Borrowings

48,50048,500Liabilities for Retirement and Severance
Benefits

2,415

2,584

Other Non-Current Liabilities

3,495

1,480

Total Liabilities

5,366,953

5,186,044

Total Net Assets

112,656

107,232

Total Liabilities and Net Assets

5,479,610

5,293,277

4

Consolidated Statement of Operations
Fiscal 2008
Apr.1,2008Mar.31,2009

Fiscal 2009
Apr.1,2009Mar.31,2010(millions of yen)(millions of yen)

27,86844,299Interest on Loans

5,668

8,451

Interest on Collateral Money for Securities Borrowed

3,057

6,233

Fees on Lending Securities

7,817

14,208Other Operating Revenues

11,325

15,405

13,31937,6905,247

15,571

Interest on Commercial Paper

113141Fees on Borrowing Securities

6,221

12,008Other Operating Expenses

1,736

9,968

14,548

6,609

8,650

11,406

5,898△ 4,797

Non-operating Revenues

213

292

Non-operating Expenses

929

975

5,182

△ 5,479

Extraordinary Profit－

26

Extraordinary Loss

41778

5,140

△ 6,231

Current Income Taxes

1,787

1,646

Deffered Income Taxes

△ 218

△ 373

3,572

△ 7,503

Operating Revenues

Operating Expenses
Interest on Borrowing

Operating Profit
General and Administrative Expenses
Operating Income

Recurring Income

Net Income before Income Taxes

Net Income5

Consolidated Average Outstanding Balance of Loans
Fiscal 2009
Apr.1,2009Mar.31,2010(billions of yen)

Fiscal 2008
Apr.1,2008Mar.31,2009(% ratio) (billions of yen)

Increase(Decrease)(% ratio) (billions of yen)(% ratio)

Loans for Margin Transactions

324.2

53.9

336.3

41.7

△ 12.1△ 3.6

Bond Financing & General Loans

46.8

7.8

51.8

6.4

△ 5.0

△ 9.7

17.1

2.9

14.2

1.8

2.8

20.2

0.3

0.1

0.0

0.0

0.2

241.8

Trust Bank Loans

215.335.8

410.8

50.9

△ 195.5△ 47.6

Other Loans

14.5

2.4

7.7

1.0

6.7

87.1

Total

601.1

100.0

806.8

100.0

△ 205.6△ 25.5

Securities Lent for Margin Transactions

361.3－396.1－△ 34.7△ 8.8Loans for Negotiable MarginTransactions
Sales under Repurchase
Agreements

Business Information for Consolidated Operating Revenues
Fiscal 2009
Apr.1,2009Mar.31,2010(millions of yen)

Fiscal 2008
Apr.1,2008Mar.31,2009(% ratio) millions of yen)

Increase(Decrease)(% ratio) millions of yen)(% ratio)

Loans for Margin Transactions

12,954

46.5

19,63844.3△ 6,684△ 34.0(Interest on Loans)

3,324

11.9

3,899

8.8

△ 574

△ 14.7(Interest on Collateral Money ofSecurities Borrowed)

1,774

6.4

1,992

4.5

△ 218

△ 10.9(Fees on Lending Securities)

7,337

26.3

13,27830.0△ 5,941△ 44.7

Bond Financing and General Loans

1,234

4.4

1,275

2.9

△ 40

△ 3.2

Securities Lending

1,454

5.2

4,848

10.9

△ 3,394△ 70.0(Stocks)

308

1.1

462

1.0

△ 154

△ 33.4(Bonds)

1,146

4.1

4,386

9.9

△ 3,239△ 73.9Trust Banking

6,01621.6

8,780

19.8

△ 2,763△ 31.5

1,330

4.8

3,348

7.6

△ 2,018△ 60.3(Trust Charges)

249

0.9

2090.54019.3

Real Estate Leasing

1,026

3.7

1,091

2.5

△ 64

△ 5.9

Other Business

5,181

18.6

8,664

19.6

△ 3,483△ 40.2

27,868100.0

44,299100.0△ 16,431△ 37.1(Interest on Loans)

Total6