This English version is a translation of the original Japanese document and is only for reference purposes. In the case where
any differences occur between the English version and the original Japanese version, the Japanese version will prevail. The
financial results written in the original Japanese document is not audited by independent auditors.

October 29, 2014

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2015
[under Japanese GAAP]
Company name: Mitsubishi UFJ Securities Holdings Co., Ltd.
URL:
http://www.hd.sc.mufg.jp/
Representative: Takashi Nagaoka, President & CEO
Contact:
Shinjiro Yamamoto, General Manager, Financial Planning Division
TEL: (03) 6213-2550
Supplementary material on quarterly financial results:
Yes
Quarterly financial results presentation meeting: None
(Millions of yen with fractional amounts disregarded)

1.

Consolidated performance for the second quarter of fiscal year 2014
(from April 1, 2014 to September 30, 2014)(1) Consolidated operating results (cumulative)
Operating revenue
Millions of yen
First six months of
FY2014First six months of
FY2013(Percentages indicate year-on-year changes.)

Net operating revenue% Millions of yen

Operating income% Millions of yen

Ordinary income% Millions of yen%

42,706(54.5)

216,155(12.2)

194,632(15.3)

31,768246,084

58.5

229,867

78.0

73,685 536.8

Net income
Millions of yen

Net income per share
Yen%(56.9)

93,954 208.0

Diluted net income
per share
YenFirst six months of
23,468 (62.8)
31.84–
FY2014First six months of
63,169 250.6–
85.71
FY2013(Note)
Comprehensive income First six months of FY2014:
29,416 million yen (73.6) %First six months of FY2013: 111,457 million yen 236.7 %(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of September 30,
2014

28,092,530

968,703

2.6

As of March 31, 2014

30,418,476

1,068,092

2.6(Reference) Equity
As of September 30, 2014: 741,284 million yen
As of March 31, 2014:(Note)“Equity ratio” is computed under the formula shown below:(Total net assets – Subscription rights to shares – Minority interests) / Total assets

785,437 million yen

*Notes(1) Changes in significant subsidiaries during the current period (changes in specified
subsidiaries resulting in the change in scope of consolidation): None
(2) Application of particular accounting for preparing quarterly consolidated financial
statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement of priorperiod financial statements after error corrections
a. Changes in accounting policies due to revisions to accounting standards and other regulations:Yesb. Changes in accounting policies due to other reasons: Yes
c. Changes in accounting estimates: None
d. Restatement of prior period financial statements after error corrections: None
(Note) For details, please refer to “1. Summary Information (Notes) Changes in accounting
policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections” on page 1 of the “Attached Material.”(4) Number of issued shares (common stock)
a.

b.

c.

Total number of issued shares at the end of the period (including treasury stock)
As of September 30, 2014

736,985,496 shares

As of March 31, 2014

736,985,496 shares

Number of shares of treasury stock at the end of the period
As of September 30, 2014

– shares

As of March 31, 2014

– sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
First six months of the fiscal year ending March 31, 2015

736,985,496 sharesFirst six months of the fiscal year ended March 31, 2014

736,985,496 shares<* Indication regarding execution of quarterly review procedures >This quarterly financial results report is exempt from the review procedures for Quarterly Securities
Report pursuant to the Financial Instruments and Exchange Act.
<* Other special matters>
NoneAttached Material

Index
1. Summary Information (Notes)
Changes in accounting policies, changes in accounting estimates, and restatement ofprior period financial statements after error corrections·······················

P.1

2. Consolidated financial statements(1) Consolidated balance sheets·······················

P.2(2) Consolidated statements of income and Consolidated statements of comprehensive income
Consolidated statements of income (cumulative)·······················

P.4

Consolidated statements of comprehensive income (cumulative)·······················

P.5·······················

P.6(Notes on significant changes in the amount of shareholders’ equity) ·······················

P.6(3) Notes to consolidated financial statements(Notes on premise of going concern)<Reference>
Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2015
1. Commission received(1) Breakdown by item·······················

P.7(2) Breakdown by product·······················

P.7

2. Net trading income·······················

P.7

Quarterly Trends in Consolidated Statements of Income·······················

P.8<Reference>
Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd. for the Second Quarter of the Fiscal Year Ending
March 31, 2015
(1) Consolidated operating results·······················

P.9(2) Consolidated financial position·······················

P.9(3) Non-consolidated operating results·······················

P.10(4) Non-consolidated financial position·······················

P.10

1. Summary Information (Notes)
Changes in accounting policies, changes in accounting estimates, and restatement ofprior period financial statements after error corrections
Changes in accounting policies(Application of the Accounting Standard for Retirement Benefits, etc.)
Regarding the “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17,2012) and “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No. 25,
May 17, 2012), effective from the first quarter of the fiscal year ending March 31, 2015, theCompany has applied the provisions of the main clauses of Paragraph 35 of the AccountingStandard for Retirement Benefits and Paragraph 67 of Guidance on Accounting Standard for
Retirement Benefits, reviewed its calculation method for retirement benefit obligations and current
service costs, and changed its method of attributing expected benefits to periods from mainly thestraight-line basis to the benefit formula basis. In addition, the Company has changed the methodfor determining the discount rate from one that uses a discount rate based on a period approximate
to the expected average remaining working lives of employees, to one that uses a single weighted
average discount rate reflecting the estimated timing and amount of benefit payment.
Application of the Accounting Standard for Retirement Benefits and Guidance on AccountingStandard for Retirement Benefits is in line with the transitional measures provided in Paragraph 37of the Accounting Standard for Retirement Benefits, and the effect of the revision to the calculation
method for retirement benefit obligations and current service costs has been added to or deductedfrom retained earnings as of April 1, 2014.
As a result, as of April 1, 2014, net defined benefit asset (investments and other assets) and net
defined benefit liability increased by 47 million yen and 1,104 million yen respectively, andretained earnings decreased by 650 million yen. In addition, the effect of this application on
operating income, ordinary income and income before income taxes and minority interests for the
first six months of the fiscal year ending March 31, 2015 is immaterial.
(Application of the Accounting Standard for Business Combinations, etc.)
It has become possible to apply the “Accounting Standard for Business Combinations” (ASBJ
Statement No. 21, September 13, 2013), “Accounting Standard for Consolidated Financial
Statements” (ASBJ Statement No. 22, September 13, 2013), “Accounting Standard for Business
Divestitures” (ASBJ Statement No. 7, September 13, 2013), etc. effective from the start of the fiscal
year starting on or after April 1, 2014. Accordingly, the Company has applied these accounting
standards effective from the first quarter of the fiscal year ending March 31, 2015 (except for theprovisions of Paragraph 39 of the Accounting Standard for Consolidated Financial Statements). As
a result, the method of recording the amount of difference caused by changes in the Company’sownership interests in subsidiaries in the case of subsidiaries under ongoing control of the Company
was changed to one in which it is recorded as capital surplus, and the method of recording
acquisition-related costs was changed to one in which they are recognized as expenses for the fiscal
year in which they are incurred. Furthermore, for business combinations carried out on or after
April 1, 2014, the accounting method was changed to one in which the reviewed acquisition costallocation resulting from the finalization of the tentative accounting treatment is reflected in thequarterly consolidated financial statements for the quarterly period in which the date of the businesscombination occurs.
Application of the Accounting Standard for Business Combinations, etc. is in line with thetransitional measures provided in Paragraph 58-2 (3) of the Accounting Standard for Business
Combinations, Paragraph 44-5 (3) of the Accounting Standard for Consolidated Financial
Statements and Paragraph 57-4 (3) of the Accounting Standard for Business Divestitures.
Accordingly, the cumulative amount of impact as of April 1, 2014, in the case of retrospective
application of the new accounting policies to all prior periods has been added to or deducted from
capital surplus and retained earnings.
As a result, as of April 1, 2014, goodwill (intangible assets) decreased by 11,446 million yen,retained earnings decreased by 30,457 million yen, and capital surplus increased by 25,209 million
yen. Meanwhile, operating income and ordinary income for the first six months of the fiscal year
ending March 31, 2015 have each increased by 286 million yen; income before income taxes andminority interests has decreased by 354 million yen.

－1－

2. Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2014

As of September 30, 2014ASSETS
Current assets
Cash and deposits

1,133,772

Cash segregated as deposits
Trading products

923,878

157,946

162,414

14,867,140

12,998,576

Trading securities and other

7,245,497

5,608,699

Derivatives

7,621,642

7,389,877

Trade date accrual

151,952

537,517

Margin transaction assets

71,27252,305Loans secured by securities

12,176,027

11,581,772

Short-term guarantee deposits

751,608

670,345

Short-term investment securities

277,088

238,840

Income taxes receivable

10,690

1,966

Other current assets

155,652

237,333

Allowance for doubtful accounts
Total current assets

(11)

(11)

29,753,141

27,404,939

31,372

31,354

Noncurrent assets
Property, plant and equipment
Intangible assets

60,20852,409Investments and other assets

573,754603,827

Total noncurrent assets

665,335

687,591

30,418,476

28,092,530

Total assets- 2 -(Millions of yen)
As of March 31, 2014

As of September 30, 2014

LIABILITIESCurrent liabilities
Trading products

11,501,377

Trading securities and other

10,933,330

3,993,318

3,676,738

Derivatives
Margin transaction liabilities

7,508,058
26,5197,256,591
30,099Loans payable secured by securities

13,148,960

11,198,634

Short-term loans payable

1,047,667

1,229,451

Current portion of long-term loans payable

70,139109,981Commercial papers

553,800

660,320

Current portion of bonds

109,812160,177

Income taxes payable

13,289

5,900

276

－

Other current liabilities

1,307,447

1,319,286

Total current liabilities

27,779,290

25,647,183

Asset retirement obligations

Noncurrent liabilities
Bonds payable

1,124,031

1,065,231

Long-term loans payable

428,566

394,645

Net defined benefit liability

2,539

2,196

Provision for directors’ retirement benefits
Asset retirement obligations

212

168

4,765

4,850

Other noncurrent liabilities

9,646

8,037

Total noncurrent liabilities

1,569,761

1,475,130

1,332

1,512

1,332

1,512

29,350,384

27,123,826

Reserves under the special laws
Reserve for financial products transaction
liabilities
Total reserves under the special laws
Total liabilities
NET ASSETS
Shareholders’ equity
Capital stock

75,51875,518

Capital surplus

426,948452,799

Retained earnings

266,850

199,242

Total shareholders’ equity

769,317727,560

4,893

5,149

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment

(38)

(210)

8,872

6,517

Remeasurements of defined benefit plans

2,391

2,267

Total accumulated other comprehensive income

16,11913,723

Minority interests

282,654

227,418

Total net assets

1,068,092

968,703

30,418,476

28,092,530

Total liabilities and net assets- 3 -(2) Consolidated statements of income and Consolidated statements of comprehensive income
Consolidated statements of income (cumulative)

First six months of FY2013(From April 1, 2013
to September 30, 2013)
Operating revenue
Commission received
Net trading income
Net gain on private equity and other securities
Other net gain on goods trading
Financial revenue
Total operating revenue
Financial expenses
Net operating revenue
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Loss on valuation of investment securities
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of subsidiaries and affiliates’ stocks
Gain on redemption of investment securities
Gain on sales of noncurrent assets
Reversal of reserve for financial products transaction liabilities
Total extraordinary income
Extraordinary loss
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on sales of noncurrent assets
Impairment loss
Provision of reserve for financial products transaction liabilities
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income- 4 -(Millions of yen)First six months of FY2014(From April 1, 2014
to September 30, 2014)

126,155
107,185(2,572)
109
15,207246,084
16,217
229,867
156,182
73,685

106,996
76,767(15)
132,406
216,155
21,522
194,632
162,864
31,768

1,956
17,831
1,020
20,807

2,840
5,650
3,861
12,351－
538
538
93,954

1,053
360
1,414
42,706

7,919
14
226
0
0
8,162

7,998
－
－
4
－
8,002

137
0
2
399
－
539
101,576
11,542(10,523)
1,019
100,557
37,387
63,169

1
0
－
148
180
331
50,377
6,449
10,33016,77933,597
10,12923,468

Consolidated statements of comprehensive income (cumulative)(Millions of yen)First six months of FY2013(From April 1, 2013
to September 30, 2013)

First six months of FY2014(From April 1, 2014
to September 30, 2014)

100,557

33,597(2,418)(11)
13,329－(1,353)(172)(2,501)
(208)

1

55

10,900111,457(4,181)
29,41674,98836,46921,072
8,343

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests- 5 -(3) Notes to consolidated financial statements(Notes on premise of going concern)
None(Notes on significant changes in the amount of shareholders’ equity)
a Dividend payments
Total dividends
Dividend per
Resolution
Type of shares（Millions of yen)share (Yen)The ordinary
general meeting ofshareholders on
June 26, 2014

Common stock

59,968

Record date

81.37 March 31, 2014

Effective dateJune 26, 2014b Significant changes in the amount of shareholders’ equity
The Company has applied the Accounting Standard for Retirement Benefits, etc. and the AccountingStandard for Business Combinations, etc. effective from the first quarter of fiscal year 2014. For the amount offinancial impact, please refer to "1. Summary Information (Notes) Changes in accounting policies, changes inaccounting estimates, and restatement of prior period financial statements after error corrections".

- 6 -<Reference>

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2015
1. Commission received(1) Breakdown by item
(Millions of yen)First six months of FY2013(From April 1, 2013
to September 30, 2013)

Commission to consigneesFirst six months of FY2014(From April 1, 2014
to September 30, 2014)

Increase(Decrease)

FY2013(From April 1, 2013
to March 31, 2014)

25,98817,726(8,262)

44,950Stocks25,517

16,914(8,603)44,006

Bonds

134

355

221

242

17,41120,805

3,394

43,207

Commission for underwriting,secondary distribution and solicitation
for selling and others for professional
investors

Stocks

6,997

6,193

(803)

18,856

Bonds

10,414

14,611

4,197

24,35035,07828,376(6,701)

62,94861,864

Fee for offering, secondary distribution
and solicitation for selling and othersfor professional investors

Beneficiary certificates
Other fees received
Beneficiary certificates
Total

34,67727,319(7,357)47,67740,087(7,589)91,472

27,68025,883(1,796)53,724

126,155

106,996(19,159)

242,578(2) Breakdown by product(Millions of yen)First six months of FY2013(From April 1, 2013
to September 30, 2013)

First six months of FY2014(From April 1, 2014
to September 30, 2014)

Increase(Decrease)

FY2013(From April 1, 2013
to March 31, 2014)

Stocks35,74523,837(11,908)

Bonds

11,60916,824

5,214

68,757
26,925

Beneficiary certificates

62,65653,644(9,012)

116,225

Other

16,143

12,690(3,452)

30,669

Total

126,155

106,996(19,159)

242,578

２．Net trading income(Millions of yen)First six months of FY2013(From April 1, 2013
to September 30, 2013)

First six months of FY2014(From April 1, 2014
to September 30, 2014)

Increase(Decrease)

FY2013(From April 1, 2013
to March 31, 2014)

Stocks35,986

21,904(14,082)

64,676

Bonds

81,72073,900(7,819)151,234

Other(10,521)(19,037)(8,515)(5,463)

Total

107,185

76,767(30,417)

210,448- 7 -<Reference>

Quarterly Trends in Consolidated Statements of Income(Millions of yen)
2Q of FY2013(July 1 to
September 30, 2013)

3Q of FY2013(October 1 to
December 31, 2013)

4Q of FY2013(January 1 toMarch 31, 2014)

111,276

120,817

120,894

103,159

112,996

56,34056,07260,35051,65455,341

Commission to consignees

9,734

11,312

7,648

7,195

10,530Stocks

9,482

11,087

7,401

6,801

10,112

Bonds

98

53

54

220

135

8,543

10,521

15,273

9,462

11,343

Stocks

3,527

4,311

7,548

2,971

3,222

Bonds

5,016

6,210

7,725

6,490

8,121

13,783

13,581

14,28813,503

14,873Operating revenue
Commission received

Commission for underwriting,secondary distribution andsolicitation for selling and others for
professional investors

Fee for offering, secondary
distribution and solicitation for
selling and others for professional
investors

1Q of FY2014(April 1 toJune 30, 2014)

2Q of FY2014(July 1 to
September 30, 2014)

Beneficiary certificates

13,552

13,483

13,70313,007

14,312Other fees received

24,27820,65623,13921,493

18,593

Beneficiary certificates

13,415

13,377

12,666

12,75813,12552,15353,91549,34739,652

37,114

Net trading income fromsecurities (stocks)

19,34019,604

9,085

5,421

16,482

Net trading income from bonds

38,80839,06330,45037,39236,508Other net trading income(5,995)(4,752)

9,810(3,161)(15,876)

(572)

1,661

(134)

1

(17)

Net trading income

Net gain on private equity and othersecurities
Other net gain on goods trading
Financial revenue

3

14

－

－

1

3,350

9,153

11,332

11,85020,556

Financial expenses

7,554

8,565

12,38011,553

9,969

Net operating revenue

103,722

112,251

108,51491,605103,027

Selling, general and administrative
expenses

72,55875,681

84,846

82,61580,248

Trading related expenses

23,041

22,55727,361

23,14825,650

Personnel expenses

29,91333,75836,17632,56434,453

Real estate expenses

5,705

5,443

5,975

5,319

5,645

Office cost

7,708

7,649

8,650

7,991

8,288

Depreciation

3,363

3,385

3,728

3,396

3,556

Taxes and dues

849

863

488

8,156

677

1,975

2,023

2,466

2,038

1,977

Operating income

31,16336,57023,667

8,990

22,778Non-operating income

5,775

7,373

3,940

3,165

9,186

Non-operating expenses

51

1,054

1,146

292

1,121

Other

Ordinary income

36,88742,88826,461

11,86330,842Extraordinary income

118

387

257

4,025

3,976

Extraordinary loss
Income before income taxes andminority interests
Income taxes-current

402

444

2,279

90

240

36,60342,831

24,43915,79834,579

4,815

5,723

4,524

1,424

5,025

Income taxes-deferred(9,191)(1,731)

2,851

5,698

4,631

Total income taxes(4,376)

3,992

7,375

7,123

9,656

Income before minority interests

40,97938,83917,064

8,675

24,922

Minority interests in income (loss)

17,377

15,034

6,258

(433)

10,563

Net income

23,60223,805

10,806

9,109

14,359- 8 -<Reference>

Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd.
for the Second Quarter of the Fiscal Year Ending March 31,(1) Consolidated operating results(Millions of yen)First six months of FY2014(From April 1, 2014
to September 30, 2014)

Operating revenue
Commission received
Net trading income
Net operating revenue
Operating income
Ordinary income
Net income

156,791
76,421
66,454
151,23140,51941,36232,268(Breakdown of operating revenue)<Breakdown by item of commission received>(Millions of yen)First six months of FY2014(From April 1, 2014
to September 30, 2014)

Commission to consignees

16,489Commission for underwriting, secondary distribution andsolicitation for selling and others for professional investors
Fee for offering, secondary distribution and solicitation for
selling and others for professional investors

8,121
28,376

Other fees received
Total

23,43376,421<Breakdown by product of commission received>(Millions of yen)First six months of FY2014(From April 1, 2014
to September 30, 2014)

Stocks
Bonds
Beneficiary certificates
Other
Total

22,028
4,801
38,151
11,441
76,421<Net trading income>(Millions of yen)First six months of FY2014(From April 1, 2014
to September 30, 2014)

Stocks
Bonds
Other
Total

13,67060,796(8,012)
66,454(2) Consolidated financial position(Millions of yen)
As of September 30, 2014

Total assets
Net assets

15,620,558
353,404

Note: Consolidated capital adequacy ratio as of September 30, 2014 is 275%.
※Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. included Mitsubishi UFJ Morgan Stanley PB Securities Co., Ltd. in the scope of consolidation on March 20, 2014
and the Company discloses consolidated operating results and consolidated financial position from the first quarter of the fiscal year ending March 31, 2015.

- 9 -<Reference>(3) Non-consolidated operating results(Millions of yen)First six months of FY2013(From April 1, 2013
to Septemebr 30, 2013)

First six months of FY2014(From April 1, 2014
to September 30, 2014)

171,200
87,686
74,167167,046
69,34170,00482,033

137,387
66,79556,706
131,937
34,56035,86530,067

Operating revenue
Commission received
Net trading income
Net operating revenue
Operating income
Ordinary income
Net income

FY2013(From April 1, 2013
to March 31, 2014)

Increase(Decrease)(33,812)(20,891)(17,461)(35,109)(34,780)(34,138)(51,966)

321,842
165,465
136,984
312,984
116,340
117,808
121,123(Breakdown of operating revenue)<Breakdown by item of commission received>(Millions of yen)First six months of FY2013(From April 1, 2013
to Septemebr 30, 2013)

First six months of FY2014(From April 1, 2014
to September 30, 2014)

24,532

16,308(8,224)42,606

8,208

8,121

(87)

20,77728,143

21,266(6,877)

51,20626,801
87,68621,09966,795(5,701)(20,891)

50,875
165,465

First six months of FY2013(From April 1, 2013
to Septemebr 30, 2013)

First six months of FY2014(From April 1, 2014
to September 30, 2014)

33,4073,139
36,791
14,347
87,686

21,888
4,022
29,491
11,393
66,795First six months of FY2013(From April 1, 2013
to Septemebr 30, 2013)

First six months of FY2014(From April 1, 2014
to September 30, 2014)

25,24555,462(6,540)74,167

12,23452,805(8,332)56,706

Commission to consignees
Commission for underwriting, secondary
distribution and solicitation for selling andothers for professional investors
Fee for offering, secondary distribution andsolicitation for selling and others for
professional investors

Other fees received
Total

FY2013(From April 1, 2013
to March 31, 2014)

Increase(Decrease)<Breakdown by product of commission received>(Millions of yen)

Stocks
Bonds
Beneficiary certificates
Other
Total

Increase(Decrease)(11,519)882(7,299)(2,954)(20,891)

FY2013(From April 1, 2013
to March 31, 2014)

64,745
5,764
68,00026,954
165,465<Net trading income>(Millions of yen)

Stocks
Bonds
Other
Total

Increase(Decrease)(13,011)(2,657)(1,791)(17,461)

FY2013(From April 1, 2013
to March 31, 2014)

48,28896,180(7,484)
136,984(4) Non-consolidated financial position(Millions of yen)

Total assets
Net assets

As of September 30, 2013

As of September 30, 2014

11,325,240
339,919

15,568,792
343,259

Note: The net capital adequacy ratio as of September 30, 2014 is 272%.

- 10 -

Increase(Decrease)(691,425)(35,679)

As of March 31, 2014

16,260,217
378,939