Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the eventof any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2024
(Based on Japanese GAAP)
April 26, 2024
Company name: OKASAN SECURITIES GROUP INC.
Stock exchange listing: Tokyo, Nagoya
Stock code: 8609
URL: https://www.okasan.jp/
Representative: SHINSHIBA Hiroyuki, President
Inquiries: OTANI Hideki, Senior General Manager, Treasury Planning Dept.
Phone: +81-3-3272-2222
Scheduled date of ordinary general meeting of shareholders: June 27, 2024
Scheduled date to file Securities Report: June 28, 2024
Scheduled date to commence dividend payments: June 6, 2024
Preparation of supplementary material on financial results: Yes
Holding of financial results meeting: Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes)
Net operating
Profit attributable toOperating revenue
Operating profit
Ordinary profit
revenueowners of parent
Millions of yen
Millions of yen
Millions of yen
Year ended% Millions of yen%% Millions of yen%%
March 31, 2024

84,50927.0

82,55327.2

16,111–

18,061–

13,167–

March 31, 2023

66,551(10.0)

64,902(10.8)(1,034)–421(93.9)

529(94.7)(Note) Comprehensive income:Year ended
March 31, 2024

Year ended March 31, 2024: ¥34,622 million [–%]
Year ended March 31, 2023: ¥1,091 million [(56.4)%]
Profit attributable to
Diluted earnings per
Ordinary profit/total
Earnings per shareowners ofshareassetsparent/equity
Yen
Yen
%
%
64.29
64.08
7.1
1.7

Operatingprofit/Operating
revenue%
19.1

March 31, 2023
2.59
2.58
0.3
0.0
–
(Reference) Share of profit or loss of entities accounted for using equity method: Year ended March 31, 2024: ¥374 million
Year ended March 31, 2023: ¥67 million(Note) The year-on-year changes in “ordinary profit,” “profit attributable to owners of parent,” and “comprehensive income” for the year ended
March 31, 2024 are shown as “–” because the year-on-year changes exceed 1,000%.
(2) Consolidated financial position
Total assets
Millions of yen
As of March 31, 2024
1,207,779
As of March 31, 2023
876,057(Reference) Equity: As of March 31, 2024: ¥198,899 million
As of March 31, 2023: ¥173,017 million

Net assets
Millions of yen
214,156
185,6381

Equity ratio

Net assets per share
%
16.5
19.7

Yen
978.65843.45

(3) Consolidated cash flows

Year ended
March 31, 2024
March 31, 2023

Cash flows fromoperating activities
Millions of yen(4,761)(1,359)Cash flows frominvesting activities
Millions of yen
2,393
1,667

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(4,414)
77,771
16,58484,037

2. Cash dividends
Annual dividends per share
1stquarter-end

2nd
3rd
quarter-end quarter-end

Fiscalyear-end

Year ended
Yen
Yen
Yen
Yen
March 31, 2023
–
0.00
–
20.00
March 31, 2024
–
0.00
–
30.00
Year ending
March 31, 2025––––
(Forecast)(Note) The dividend forecast for the fiscal year ending March 31, 2025 is undecided.

Total cash
dividends

Total

Ratio of
Dividend payout
dividends to net
ratio
assets(Consolidated)(Consolidated)

Yen

Millions of yen

%

%

20.00
30.00

4,102
6,097

772.2
46.7

2.4
3.3

–

–

3. Consolidated financial results forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
The Okasan Securities Group Inc. and its subsidiaries (the “Group”) operates principally in the financial instruments business, and its financial
results are likely to be affected by market fluctuations. Because of the nature of its business and the consequential difficulty in predicting its future
performance, the Group does not disclose forecasts of financial results.
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement of prior period financial statements: None
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024
231,217,073 shares
Number of treasury shares at the end of the period

As of March 31, 2023

231,217,073 shares

As of March 31, 2024
27,978,115 shares
Average number of shares outstanding during the period

As of March 31, 2023

26,086,296 sharesYear ended March 31, 2023

204,269,184 sharesYear ended March 31, 2024

204,796,172 shares

2

(Reference) Summary of non-consolidated financial results
Non-consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes)
Operating revenue
Operating profit
Ordinary profit
ProfitYear ended
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
March 31, 2024

4,143

(84.6)

(150)

–

739

(96.8)

332(98.6)March 31, 2023

26,848240.8

22,691

482.5

23,350439.1

24,179293.9Earnings per share
Year ended

Diluted earnings per share

March 31, 2024

Yen
1.62

Yen
1.62

March 31, 2023

117.63117.01(2) Non-consolidated financial position
Total assets
Millions of yen
As of March 31, 2024
148,254
As of March 31, 2023
131,685(Reference) Equity: As of March 31, 2024: ¥118,148 million
As of March 31, 2023: ¥111,973 million

Net assets
Millions of yen
118,414112,395

Equity ratio

Net assets per share
%
79.7
85.0

Yen
581.33545.87* These consolidated financial results are outside the scope of audit procedures by certified public accountants or an audit firm.
* Explanation of the proper use of financial results forecasts and other notes
As stated in “3. Consolidated financial results forecasts for the fiscal year ending March 31, 2025,” because of the difficulty in predicting
future performance, the dividend forecast for the fiscal year ending March 31, 2025 is undecided.

3

Consolidated financial statements
Consolidated balance sheet(Millions of yen)
As of March 31, 2023

As of March 31, 2024

88,46095,397
92,1503,247
240,344
239,927417–
90,76883,514

82,586110,256
107,160
3,096
284,513284,46151
31,454110,476
105,294

7,253

5,182

234,769

431,4394
234,764
247
21,61816

0431,439264
21,061
25

110
3,482
1,189
8,854
(30)

13,178
4,418
44
2,177
(53)

Total current assets
Non-current assets

785,227

1,091,843

Property, plant and equipment
Buildings, net
Equipment
Land
Lease assets, net
Intangible assets

16,991

16,495

4,781
1,075
10,623
511
9,224
8,616
608
64,613
57,663
3,610
11
2,542

4,542
1,071
10,603
277
6,861
6,167
693
92,57883,996
3,689
10
4,159

204
1,468
(887)

27
1,616
(921)

90,829115,936

876,057

1,207,779

AssetsCurrent assets
Cash and deposits
Segregated deposits
Segregated deposits for customers
Other segregated deposits
Trading products
Trading securities and other
Derivatives
Trade date accrual
Margin transaction assets
Margin loans
Cash collateral provided for securities borrowed in
margin transactions
Loans secured by securities
Cash collateral provided for securities borrowed
Securities purchased under resale agreements
Advances paid
Short-term guarantee deposits
Accounts for non-delivered securities and others
Short-term loans receivable
Accrued revenue
Securities
Other current assets
Allowance for doubtful accounts

Software
Other
Investments and other assets
Investment securities
Long-term guarantee deposits
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Trading products
Trading securities and other
Derivatives

238,809
238,786

438,673438,20422

469

Trade date accrual

24,314–

Margin transaction liabilities

24,612

22,774

Margin borrowings

13,482

12,83911,129

9,934

Borrowings secured by securities
Cash collateral received for securities lent

108,7117,711

200,854
3,850

Securities sold under repurchase agreements
Deposits received

101,000

197,004

60,17483,750

Guarantee deposits received
Payables for securities to receive over due for delivery

43,66939,75232

46

Short-term borrowings
Current portion of bonds payable
Income taxes payable

152,897

157,191

–
457

2,000
5,752

Provision for bonuses
Other current liabilities

1,819

2,825

4,519

6,864

Total current liabilities
Non-current liabilities

660,017960,485

Long-term borrowings

10,000

6,728

Cash received for securities sold in margin transactions

306

174

1,527
8,855

1,527
16,223209

145

Retirement benefit liability

5,798

5,418

Other noncurrent liabilities

2,455

1,941

Total non-current liabilities
Reserves under special laws

29,15332,158Reserve for financial instruments transaction liabilities

1,247

978

Total reserves under special laws
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

1,247

978

690,418

993,623

18,58937,273
118,548(11,470)
162,940

18,58937,959127,612(13,089)
171,072

8,039
330
816
890
10,076421
12,199185,638
876,057

24,168
330
1,376
1,951
27,827266
14,990214,156
1,207,779

Lease liabilities
Deferred tax liabilities for land revaluation
Deferred tax liabilities
Provision for retirement benefits for directors (and otherofficers)

5Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2023
Operating revenue
Commission received
Brokerage commission
Commission for underwriting, secondary
distribution and solicitation for selling and othersfor professional investors
Fees for offering, secondary distribution andsolicitation for selling and others for professional
investors
Other commission received
Net trading income
Financial revenue
Other operating revenue
Total operating revenue
Financial expenses
Net operating revenue
Selling, general and administrative expenses
Trading related expenses
Personnel expenses
Real estate expenses
Office expenses
Depreciation
Taxes and dues
Provision of allowance for doubtful accounts
Other
Operating profit (loss)
Non-operating income
Dividend income
Share of profit of entities accounted for using equity
methodGain on investments in investment partnerships
Other
Non-operating expenses
Interest expenses
Loss on investments in investment partnerships
Loss on sale and retirement of non-current assets
Compensation expenses
Share issuance costs
Settlement payments
Other
Ordinary profit

6

Fiscal year ended
March 31, 2024

41,11916,16349,94824,173615

1,459

10,70914,41913,631
21,9472,453
1,030
66,551
1,649
64,90265,936
10,97932,465
7,920
8,014
2,694
1,096
13
2,751
(1,034)
1,687
1,481

9,896
29,1393,588
1,832
84,5091,955
82,55366,442
10,72033,216
7,652
8,926
3,222
1,357
30
1,316
16,111
2,466
1,779

67

374

–
138
231
28
56
35
–
35
23
52
421

201
111
515
28
49
59
289
–
9
78
18,061

(Millions of yen)
Fiscal year ended
March 31, 2023
Extraordinary income
Gain on change in equity
Gain on sale of investment securities
Reversal of reserve for financial instruments
transaction liabilities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on valuation of golf club membership
Provision of reserve for financial instruments
transaction liabilities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

Fiscal year ended
March 31, 2024

2,771
317

–
1,937

–

269

–
3,089

68
2,275

82
28
359
–

1,577
14
546
0

6

–

476
3,034
326
2,120
2,446
587
57
529

2,138
18,1995,727(1,097)
4,629
13,570402
13,167

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

8

Fiscal year ended
March 31, 2024

587

13,570

257
(70)
338
44

18,815
–
560
1,042

(66)

634

503
1,091

21,052
34,622

2,427

30,918(1,336)3,704

Consolidated statement of changes in equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital
Balance at
beginning of period
Changes during
periodDividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Change inownership
interest of parent
due totransactions with
non-controllinginterests
Changes byshare exchanges
Net changes in
items other thanshareholders’equityTotal changes
during period
Balance at end of
periodCapital surplus

Retained earnings

Treasury shares

23,848120,984(3,733)

18,589Total shareholders’equity159,689(2,966)(2,966)529

529(9,775)(9,775)

(308)

390

82

3,728

(64)

3,663

10,003

1,713

11,717–

13,424(2,436)(7,736)

3,251

18,58937,273

118,548(11,470)

162,940

Accumulated other comprehensive income

Balance at
beginning of period
Changes during
periodValuationdifference on
available-forsale securities

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

6,466

401

477

Remeasurementsof defined
benefit plans

834

Total
accumulated
othercomprehensive
income8,179

Share
acquisitionrights

Noncontrollinginterests

463

21,528Dividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Change inownership
interest of parent
due totransactions with
non-controllinginterests
Changes byshare exchanges
Net changes in
items other thanshareholders’equityTotal changes
during period
Balance at end of
periodTotal net assets

189,860(2,966)529(9,775)82

3,663

11,717
1,573

(70)

338

55

1,897

(42)

(9,329)(7,473)

1,573

(70)

338

55

1,897

(42)

(9,329)(4,221)

8,039

330

816

890

10,076421

12,199185,6389

For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Share capital
Balance at
beginning of period
Changes during
periodDividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Change inownership
interest of parent
due totransactions with
non-controllinginterests
Changes byshare exchanges
Net changes in
items other thanshareholders’equityTotal changes
during period
Balance at end of
periodCapital surplus

18,589Retained earnings

37,273

118,548

Treasury shares

Total shareholders’equity(11,470)

162,940(4,102)(4,102)

13,167

13,167(2,001)(2,001)

382

444

62

623

623

–

–

685

9,064

(1,619)8,131

18,58937,959127,612(13,089)

171,072

Accumulated other comprehensive income

Balance at
beginning of period
Changes during
periodValuationdifference on
available-forsale securities

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

8,039

330

816

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive

Shareacquisitionrights

Noncontrollinginterests

Total net assets

421

12,199185,638

income890

10,076

Dividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Change inownership
interest of parent
due totransactions with
non-controllinginterests
Changes byshare exchanges
Net changes in
items other thanshareholders’equityTotal changes
during period
Balance at end of
period(4,102)
13,167(2,001)
444

623–
16,128

–

560

1,061

17,750

(155)

2,791

20,386

16,128

–

560

1,061

17,750

(155)

2,791

28,51824,168

330

1,376

1,951

27,827266

14,990214,15610

Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit before income taxes
Depreciation

3,034
2,697

18,1993,222

Impairment losses
Increase (decrease) in allowance for doubtful accounts

82
22

1,577
57

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Increase (decrease) in retirement benefit liability

(189)

1,004

6

(64)

(404)

(379)

Decrease (increase) in retirement benefit asset
Increase (decrease) in reserve for financial instruments
transaction liabilities
Interest and dividend income(7)(1,616)

6(269)(3,945)(5,387)

Interest expenses
Loss (gain) on sale and retirement of property, plant andequipment
Loss (gain) on sale and retirement of intangible assets

1,677

1,983

5

26

17

30

Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in cash segregated as deposits forcustomers
Decrease (increase) in trading products - assets(liabilities)
Decrease/increase in margin transaction assets/liabilities
Decrease/increase in loans/borrowings secured by
securities
Decrease (increase) in advances paid

(298)
89

(1,923)546(4,390)(13,670)

33,701

99,927(24,214)(21,478)

4,902(104,526)

1,016

(15)

Increase (decrease) in deposits received
Decrease (increase) in short-term guarantee deposits(9,554)(3,021)

22,104
706

Increase (decrease) in guarantee deposits received
Decrease (increase) in short-term loans receivable

5,781
(2)

(3,968)(13,067)

Other, net(2,240)4,015

Subtotal

4,774(12,966)

Interest and dividends received
Interest paid

3,946
(1,654)

Income taxes refund (paid)(8,425)(1,992)
5,253

Net cash provided by (used in) operating activities(1,359)(4,761)

11

4,944

(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from investing activities(1,000)
2,500

–
1,000

(295)
304

(164)
18

Purchase of intangible assets
Purchase of investment securities(7,490)(1,292)(1,554)(1,122)

Proceeds from sale of investment securities

857
5,084

4,211
–

–
2,999

(253)
257

1,667

2,393

11,743
2,000

2,858
1,900

(1,188)–(3,802)
1,980

9,965

–

(2,500)(2,001)40–(2,966)(91)(4,102)
(16)

(1)

(273)

Purchase of securities
Proceeds from sale of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

Proceed for acquisition of businesses
Payments for acquisition of businesses
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Income from capital increase of consolidated
subsidiaries
Purchase of treasury shares
Proceeds from sales of shares of parent held bysubsidiaries
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) financing activities

(416)

(957)

16,584(4,414)(8)516

Net increase (decrease) in cash and cash equivalents

16,883(6,265)

Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting
from exclusion of subsidiaries from consolidation
Cash and cash equivalents at end of period

79,78984,037(12,635)–

84,037

77,771

Effect of exchange rate change on cash and cash equivalents

12