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.

January 31, 2012

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2012
[under Japanese GAAP]
Company name: Mitsubishi UFJ Securities Holdings Co., Ltd.
URL:
http://www.hd.sc.mufg.jp/
Representative: Toshiro Toyoizumi, President & CEO
Contact:
Jun Harada, General Manager, Financial Planning Division
TEL: (03) 6213-2550
Supplementary material on quarterly financial results:
None
Quarterly financial results presentation meeting: None
(Millions of yen with fractional amounts disregarded)

1.

Consolidated performance for the third quarter of fiscal year 2011
(from April 1, 2011 to December 31, 2011)(1) Consolidated operating results (cumulative)
Operating revenue
Millions of yen
First nine months of
FY2011First nine months of
FY2010(Percentages indicate year-on-year changes.)

Net operating revenue% Millions of yen

Operating income% Millions of yen

Ordinary income% Millions of yen%

220,638(7.9)

167,978(11.7)(9,574)–

19,185–

239,478(10.0)

190,227(13.2)(7,966)

–

(728)

–

Net income
Millions of yen

Net income per share
Yen%

Diluted net income
per share
YenFirst nine months of
4,082 (77.8)
5.66–
FY2011First nine months of
18,395 (26.8)
25.66
25.65
FY2010(Note)
Comprehensive income First nine months of FY2011: 1,575 million yen (– %)First nine months of FY2010: -3,838 million yen (– %)(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of December 31,
2011

23,915,897

799,436

2.4

As of March 31, 2011

20,486,251

802,106

2.7(Reference) Equity
As of December 31, 2011: 580,813 million yen
As of March 31, 2011:(Note)“Equity ratio” is computed under the formula shown below:(Total net assets – Subscription rights to shares – Minority interests) / Total assets

557,913 million yen

2.

Other

(1) Changes in significant subsidiaries during the current period: Yes
Excluded: 1 company (MUSHK Limited)(Note)For details, please refer to “1. Matters regarding summary information (others), (1) Changes in significant
subsidiaries during the current period” on page 1 of the “Attached Material.”(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:Noneb. Changes in accounting policies due to other reasons: Yes
c. Changes in accounting estimates: Yes
d. Restatement of prior period financial statements after error corrections: None
(Note)

Determination of changes is based on applicability to Article 10-5 of the “Regulations on Terminology, Forms, andPreparation Methods of Quarterly Consolidated Financial Statements.” For details, please refer to “1. Mattersregarding summary information (others), (2) Changes in accounting policies and changes in accounting estimates”
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 December 31, 2011

736,985,496 shares

As of March 31, 2011

716,985,496 shares

Number of shares of treasury stock at the end of the period
As of December 31, 2011

– shares

As of March 31, 2011

– sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
First nine months of the fiscal year ending March 31, 2012

721,429,940 sharesFirst nine months of the fiscal year ended March 31, 2011

716,985,496 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. Matters regarding summary information (others)(1) Changes in significant subsidiaries during the current period·······························

P. 1(2) Changes in accounting policies and changes in accounting estimates ·······························

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. 6·······························

P. 7(4) Notes on significant changes in the amount of shareholders’ equity ·······························

P. 7(3) Notes on premise of going concern<Reference>
Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2012
1. Commission received(1) Breakdown by item·······························

P. 8(2) Breakdown by product·······························

P. 8

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

P. 8

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

P. 9<Reference>Non-consolidated Financial Results of Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd. for the Third
Quarter of the Fiscal Year Ending March 31, 2012
(1) Non-consolidated operating results·······························

P. 10(2) Non-consolidated financial position·······························

P. 11

1.

Matters regarding summary information (others)(1) Changes in significant subsidiaries during the current period
During the first nine months of this fiscal year, MUSHK Limited was excluded from the scope of
consolidation due to its liquidation.
(2) Changes in accounting policies and changes in accounting estimates(Changes in method of depreciation of property, plant and equipment)
Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd., a subsidiary of the Company, previously
applied the declining balance method for its method of depreciation of property, plant andequipment (the straight-line method was applied for buildings acquired on or after April 1, 1998
(with the exception of items listed as buildings and accompanying facilities)). However, effectivefrom the first quarter of this fiscal year, the subsidiary has changed to the straight-line method ofdepreciation accounted for prospectively.
This change was implemented for the following reason. The subsidiary has undertaken capital
investment to reorganize its branch network and transfer the head office functions. As a result ofreviewing the actual circumstances of use of property, plant and equipment after the capital
investment had run its course, estimates were made as to the average actual use for each period. As
a result it was deemed that a more rational cost allocation could be achieved by implementing thischange in accounting.
As a result of this change, compared with the previous method, depreciation and amortization andoperating loss for the first nine months of this fiscal year each declined by 1,328 million yen;ordinary income and income before income taxes and minority interests increased by 1,322 million
yen and 1,295 million yen, respectively.

1

2.

Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2011ASSETS
Current assets
Cash and deposits
Cash segregated as deposits
Trading products
Trading securities and other
Derivatives
Trade date accrual
Private equity and other securities
Margin transaction assets
Loans secured by securities
Short-term guarantee deposits
Short-term investment securities
Income taxes receivable
Other current assets
Allowance for doubtful accounts

As of December 31, 2011

618,340
79,89910,196,705
3,927,867
6,268,837
23,40065,90153,577
7,835,342
500,844
182,384
1,282
60,382(449)

369,750
81,481
13,152,066
5,164,125
7,987,941–
58,59440,171
8,437,408
674,277
291,665
9,145
90,764(115)

19,617,609

23,205,210

Noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets

23,84339,805804,992

28,70929,027652,950

Total noncurrent assets

868,641

710,687

20,486,251

23,915,897

Total current assets

Total assets2

(Millions of yen)
As of March 31, 2011

As of December 31, 2011

LIABILITIESCurrent liabilities
Trading products

8,908,654

11,311,738

Trading securities and other

2,847,019

3,461,566

Derivatives

6,061,635

7,850,171–

51,626

11,2205,064

Loans payable secured by securities

6,782,909

7,899,202

Short-term loans payable

Trade date accrual
Margin transaction liabilities

1,369,308

1,173,012

Current portion of long-term loans payable

32,30092,609Commercial papers

438,800

454,600

Current portion of bonds

131,106

100,610

Income taxes payable

4,716

1,646

895

1,220

Other current liabilities

930,455

986,496

Total current liabilities

18,610,367

22,077,827

Bonds payable

638,231674,323

Long-term loans payable

409,799

341,399

Provision for retirement benefits

10,71812,088

487

493

4,209

3,914

Asset retirement obligations

Noncurrent liabilities

Provision for directors’ retirement benefits
Asset retirement obligations
Other noncurrent liabilities

8,959

5,425

Total noncurrent liabilities

1,072,405

1,037,645

Reserve for financial products transaction
liabilities

1,371

987

Total reserves under the special laws

1,371

987

19,684,144

23,116,460

Capital stock

65,51875,518

Capital surplus

416,948

426,948

Retained earnings

126,812130,895

Total shareholders’ equity

609,280

633,362(7,682)(4,355)Reserves under the special laws

Total liabilities
NET ASSETS
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

6

(351)

Foreign currency translation adjustment(43,690)(47,842)

Total accumulated other comprehensive income(51,366)(52,549)

4

4

Minority interests

244,188

218,618

Total net assets

802,106

799,436

20,486,251

23,915,897

Subscription rights to shares

Total liabilities and net assets3(2) Consolidated statements of income and Consolidated statements of comprehensive income
Consolidated statements of income (cumulative)(Millions of yen)First nine months of FY2011(From April 1, 2011
to December 31, 2011)

First nine months of FY2010(From April 1, 2010
to December 31, 2010)
Operating revenue
Commission received

121,993

105,433

Net trading income

66,26858,712884(1,230)

2

8

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

50,32957,715

Total operating revenue

239,478

220,638

Financial expenses

49,251

52,660Net operating revenue

190,227

167,978

Selling, general and administrative expenses

198,193

177,552

Operating loss

(7,966)(9,574)Equity in earnings of affiliates

1,442

22,151

Other

7,723

9,403

Total non-operating income

9,166

31,555Non-operating income

Non-operating expenses
Foreign exchange losses

510

1,299

Other

1,418

1,496

Total non-operating expenses

1,928

2,795

(728)

19,185Gain on sales of investment securities

67

4,143

Gain on sales of subsidiaries and affiliates’
stocks–12,318Gain on sales of noncurrent assets

15

16

Gain on negative goodwill

517–

Reversal of reserve for financial products
transaction liabilities

489

384

Reversal of allowance for doubtful accounts

51–

Gain on change in equity

27,913–

Total extraordinary income

29,053

16,862

Ordinary income (loss)
Extraordinary income

4

(Millions of yen)First nine months of FY2011(From April 1, 2011
to December 31, 2011)

First nine months of FY2010(From April 1, 2010
to December 31, 2010)
Extraordinary loss
Loss on sales of investment securities

402

1,981

Loss on sales of stocks of subsidiaries andaffiliates–

75

Loss on valuation of investment securities

220

6,290

2

108

2,005

480

Loss on sales of noncurrent assets
Impairment loss
Integration-related expenses

193–

Head office transfer cost

–

1,641

Early extra retirement payments–

20,397

Loss on adjustment for changes of accounting
standard for asset retirement obligations

2,473

–

Total extraordinary losses

5,298

30,974

Income before income taxes and minority interests

23,026

5,072

Income taxes-current

5,615

4,511

Income taxes-deferred

3,801(2,521)

Total income taxes

9,417

1,990

Income before minority interests

13,6083,082

Minority interests in loss

(4,787)(1,000)Net income

18,3954,082

5

Consolidated statements of comprehensive income (cumulative)
First nine months of FY2010(From April 1, 2010
to December 31, 2010)
Income before minority interests(Millions of yen)First nine months of FY2011(From April 1, 2011
to December 31, 2011)

13,6083,082(3,293)

3,427

(4)

(357)

(13,581)(7,155)

(567)

2,579

(17,447)(1,506)(3,838)

1,575

1,708

2,899

(5,547)(1,324)

Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income ofassociates accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to ownersof the parent
Comprehensive income attributable to minority
interests6(3) Notes on premise of going concern
None(4) Notes on significant changes in the amount of shareholders’ equity
The Company resolved at a meeting of the Board of Directors held on November 14, 2011 to issue
shares through a rights issue to the shareholder, and the capital was paid up on November 24 of thesame year.
As a result of this, capital stock and capital surplus for the third quarter of this fiscal year eachincreased by 10,000 million yen, and as of December 31, 2011, capital stock was 75,518 million
yen, while capital surplus was 426,948 million yen.

7

<Reference>

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2012

1. Commission received(1) Breakdown by item
(Millions of yen)

Commission to consigneesFirst nine months of
FY2010First nine months of
FY2011(From April 1, 2010
to December 31, 2010)(From April 1, 2011
to December 31, 2011)

Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

15,68013,442(2,237)22,226

Stocks15,28913,141(2,148)21,699

Bonds

215

132

(83)

281

15,14910,934(4,215)20,048Stocks

4,855

1,523

(3,332)

6,878

Bonds

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

10,294

9,410

(883)

13,169Fee for offering, secondary
distribution and solicitation
for selling and others for
professional investors

24,07623,755(320)

31,415

Beneficiary certificates

23,992

23,549(442)

31,30667,08657,300(9,785)87,804

Other fees received
Beneficiary certificates
Total

51,45242,263(9,188)66,679

121,993

105,433(16,560)

161,494(2) Breakdown by product(Millions of yen)First nine months of
FY2010First nine months of
FY2011(From April 1, 2010
to December 31, 2010)(From April 1, 2011
to December 31, 2011)

Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

Stocks22,42015,708(6,712)

31,725

Bonds

11,825

10,321(1,503)

15,180Beneficiary certificates

75,61965,965(9,653)

98,230Other

12,127

13,437

1,309

16,356

Total

121,993

105,433(16,560)

161,494

2. Net trading income(Millions of yen)First nine months of
FY2010First nine months of
FY2011(From April 1, 2010
to December 31, 2010)(From April 1, 2011
to December 31, 2011)

Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

Securities(2,278)(1,624)653(6,953)

Bonds

80,951

89,1008,149(46,027)

Other(12,404)(28,763)(16,358)

25,784

Total

66,26858,712(7,556)(27,195)

8

<Reference>

Quarterly Trends in Consolidated Statements of Income

Operating revenue
Commission received
Commission to consignees
Stocks
Bonds
Commission for underwriting,secondary distribution andsolicitation for selling and others for
professional investors
Stocks
Bonds
Fee for offering, secondary
distribution and solicitation for
selling and others for professional
investors
Beneficiary certificates
Other fees received
Beneficiary certificates
Net trading income
Net trading income from securities
Net trading income from bonds
Other net trading income
Net gain on private equity and othersecurities
Other net gain on goods trading
Financial revenue
Financial expenses
Net operating revenue
Selling, general and administrative
expenses
Trading related expenses
Personal expenses
Real estate expenses
Office cost
Depreciation
Taxes and dues
Other
Operating loss
Non-operating income
Non-operating expenses
Ordinary income (loss)
Extraordinary income
Extraordinary loss
Income (loss) before income taxes andminority interests
Income taxes-current
Income taxes-deferred
Income taxes
Income (loss) before minority interests
Minority interests in income (loss)
Net income (loss)

3Q of FY2010

4Q of FY2010

1Q of FY2011(Millions of yen)
2Q of FY2011 3Q of FY2011(October 1 to
December 31, 2010)(January 1 toMarch 31, 2011)(April 1 toJune 30, 2011)(July 1 to
(October 1 to
September 30, 2011) December 31, 2011)

80,976
41,576
4,933
4,777
107

(37,216)
39,500
6,545
6,409
65

79,59036,564
4,897
4,810
42

73,20936,524
4,330
4,201
55

67,83832,343
4,215
4,129
34

5,553

4,898

3,180

3,460

4,293

1,760
3,793

2,022
2,875

373
2,807

783
2,677

366
3,926

7,912

7,339

9,367

8,584

5,803

7,887
23,177
16,39521,789(1,645)
1,847
21,587

7,314
20,717
15,226(93,463)(4,675)(126,978)38,189

9,313
19,11915,284
22,599(1,610)40,651(16,441)

8,534
20,14914,285
13,911(7,438)33,695(12,344)

5,701
18,031
12,693
22,201
7,425
14,753
22

52

(697)

290

(1,713)191(0)17,55718,04062,936

1
17,442
13,143(50,360)

12
20,122
19,37760,213(6)
24,493
19,34353,8662
13,09913,93953,89963,95856,70063,50758,45955,58618,02625,964
6,464
5,689
5,327
829
1,655
(1,022)
3,093
527
1,544
538
624

16,686
19,582
6,634
6,166
5,312
480
1,838
(107,061)
12,9481,017(95,130)554
7,900

17,382
24,258
6,721
5,392
5,283
2,428
2,039
(3,294)
18,388688
14,406
12,803
6,172

15,58324,181
6,657
6,611
3,458
871
1,095
(4,593)
9,219
1,289
3,336
4,050
3,875

16,924
21,389
6,015
5,749
3,793
989
724
(1,687)
3,946
817
1,442
8
20,926

1,457(102,476)

21,036

3,511(19,475)

1,542
3,595
5,137
(3,680)(2,645)(1,034)

2,129
9,583
11,712(114,189)(45,353)(68,835)

2,083(1,032)
1,050
19,986
3,128
16,858

1,712(1,190)
521
2,989
3,494
(504)

716
(297)
418
(19,894)(7,623)(12,270)

9

<Reference>Non-consolidated Financial Results of
Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd.
for the Third Quarter of the Fiscal Year Ending March 31, 2012

(1) Non-consolidated operating results(Millions of yen)

Operating revenue

First nine months of
FY2010First nine months of
FY2011(From April 1, 2010
to December 31, 2010)(From April 1, 2011
to December 31, 2011)

FY2010(From April 1, 2010
to March 31, 2011)

127,389(13,192)

71,542

63,730(7,811)

97,39450,70849,757(950)(48,643)

Net operating revenue

129,400

119,043(10,356)

61,443Operating loss

(15,149)(6,881)

8,268(128,567)

Ordinary loss

(13,560)(5,543)

8,016(126,709)

Net loss(18,991)(25,264)(6,273)(144,940)

Commission received
Net trading income

140,581

Increase(Decrease)

75,752(Breakdown of operating revenue)<Breakdown by item of commission received>(Millions of yen)

Commission to consigneesFirst nine months of
FY2010First nine months of
FY2011(From April 1, 2010
to December 31, 2010)(From April 1, 2011
to December 31, 2011)

Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

14,655

10,095(4,559)21,253

5,969

4,619

(1,349)8,901

24,07623,755(320)

31,415

Other fees received

26,842

25,259(1,582)35,823

Total

71,542

63,730(7,811)

97,394

Commission forunderwriting, secondary
distribution and solicitation
for selling and others for
professional investors
Fee for offering, secondary
distribution and solicitation
for selling and others for
professional investors<Breakdown by product of commission received>(Millions of yen)

StocksFirst nine months of
FY2010First nine months of
FY2011(From April 1, 2010
to December 31, 2010)(From April 1, 2011
to December 31, 2011)

19,744

12,562

Increase(Decrease)(7,181)FY2010(From April 1, 2010
to March 31, 2011)

29,058

Bonds

4,107

4,271

164

5,507

Beneficiary certificates

36,99035,335(1,654)48,502

Other

10,70011,561860

14,326

Total

71,542

63,730(7,811)

97,394

10

<Net trading income>(Millions of yen)First nine months of
FY2010First nine months of
FY2011(From April 1, 2010
to December 31, 2010)(From April 1, 2011
to December 31, 2011)

Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

Securities

3,441

1,639

(1,802)

888

Bonds

65,49074,321

8,830(26,636)

Other(18,224)(26,203)(7,979)(22,894)

Total

50,70849,757(950)(48,643)(2) Non-consolidated financial position
As ofDecember 31, 2010

As of
December 31, 2011

Increase(Decrease)(Millions of yen)
As ofMarch 31, 2011

Total assets

17,990,028

13,634,821

1,965,359

11,669,461

Net assets

294,771

218,386

49,595

168,791

Note:

The net capital adequacy ratio as of December 31, 2011 is 358.8%.

11