Non-consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP)
April 28, 2023
Company name:
Mito Securities Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
8622
URL:
https://www.mito.co.jp/
Representative:
Katsunori Kobayashi, President and Representative Director
Contact:
Masanobu Tamari, Manager, Finance Department
Phone:+81-3-6636-3071
Scheduled date of ordinary general meeting of shareholders:June 27, 2023
Scheduled date of dividend payment:
June 28, 2023
Scheduled filing date of Annual Securities Report (Yukashoken Hokokusho):June 28, 2023
Preparation of supplementary briefing material on financial results:
Yes
Yes (for institutional investors andInvestors meeting presentation for financial results:
securities analysts)
Note: Amounts less than one million yen have been omitted.
1. Non-consolidated financial results for the fiscal year ended March 31, 2023
(from April 1, 2022 to March 31, 2023)(1) Operating results(Percentages indicate year-on-year changes.)

Fiscal year ended
March 31, 2023
March 31, 2022

Operating
Net operating
Operating profit
Ordinary profit
Profitrevenuerevenue
Millions of% Millions of% Millions of% Millions of% Millions of
%
yen
yen
yen
yen
yen
11,196 (18.2)
11,140 (18.3)(268)–
186 (90.5)
773(44.3)
13,683 (11.0)
13,630 (10.9)
1,523 (45.9)
1,961 (38.8)
1,389(25.6)

Fiscal year ended
March 31, 2023
March 31, 2022

Basic earnings
per share
Yen

Diluted earnings
per share
Yen

12.01
21.73

–
–

%

Ordinary profit tototal assets%

Operating profit tooperating revenue
revenue
%

2.0
3.5

0.3
2.9

(2.4)
11.1

Return on
capitalReference: Share of profit or loss of entities accounted for using equity method
For the fiscal year ended March 31, 2023:–
For the fiscal year ended March 31, 2022:–(2) Non-consolidated financial position
As ofMarch 31, 2023
March 31, 2022

Total assets
Millions of yen

Net assets
Millions of yen

61,56464,511

39,02439,071

Capital ratio%

Net assets per share Capital adequacy ratio
Yen
%

63.4
60.6

Reference: Capital (Shareholders’ equity + Valuation and translation adjustments):
As of March 31, 2023: ¥39,024 million
As of March 31, 2022:

603.83611.82

695.7
695.4

¥39,071 million(3) Non-consolidated cash flows

Fiscal year ended
March 31, 2023
March 31, 2022

Cash flows fromoperating activities
Millions of yen
(42)
(721)

Cash flows frominvesting activities
Millions of yen
(346)
(587)

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(596)
21,958(1,318)22,723

2. Dividends

Fiscal year ended
March 31, 2022
March 31, 2023
Ending March 31, 2024
(forecast)
Note

First
quarterend
Yen

Annual dividends per share
SecondThird
Fiscalquarter- quarteryearend
end
end
Yen
Yen
Yen

Total

Total
dividends(Annual)Dividend
payout ratio

Dividend on
equityYen

Millions of yen

%

%

–
–

8.00
2.00

–
–

6.00
20.00

14.00
22.00

911
1,432

64.4
183.2

2.3
3.6

–

–

–

–

–

–

1. Breakdown of second quarter-end dividends for the fiscal year ended March 31, 2022
Ordinary dividend: ¥6.00 per share
Commemorative dividend: ¥2.00 per share (to commemorate the 100th anniversary of the Company’s founding)2. Although we have yet to determine the year-end dividend forecast for the fiscal year ending March 31, 2024, the Company
has set a minimum annual dividend of ¥20.00 from the fiscal year ended March 2023 to the fiscal year ending March 2025.
Year-end dividends are scheduled to be submitted to the Ordinary General Meeting of Shareholders each fiscal year.

3. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)
Our earnings could fluctuate greatly depending on the stock market trend and other factors. We therefore do notdisclose earnings forecast on concern that it could adversely affect the investment decision of our shareholders
and investors.
We will promptly disclose the preliminary results figures when the operating results will be substantially finalized.
* Notes(1) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial
statements(i) Changes in accounting policies due to application of new or revised accounting standards: Yes(ii) Changes in accounting policies due to reasons other than above (i):None(iii) Changes in accounting estimates:None(iv) Restatements of prior period financial statements:
None
Note: For more details, please see page 13 Changes in accounting policies of the Attached Materials.
(2) Number of shares issued (common stock)(i) Number of shares issued at the end of the period (including treasury shares)
As of March 31, 2023:
70,689,033 shares
As of March 31, 2022:
70,689,033 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2023:
6,061,329 shares
As of March 31, 2022:
6,827,729 shares(iii) Average number of shares of common stock during the period
Fiscal year ended March 31, 2023:
64,434,182 sharesFiscal year ended March 31, 2022:
63,948,199 shares
Notes: The number of treasury shares at the end of the period includes the shares of the Company’s stock heldby Custody Bank of Japan, Ltd. (Trust Account E) as trust assets for Board Benefit Trust (BBT) and
Employee Stock Ownership Plan (J-ESOP). In addition, the number of treasury shares, which was tobe deducted from the calculation of the average number of shares of common stock during the period,
includes the shares of the Company’s stock held by Custody Bank of Japan, Ltd. (Trust Account E) as
trust assets for BBT and J-ESOP.
* This financial results report is not subject to audit procedures to be performed by certified public accountants oran audit firm.
* Explanation on appropriate use of earnings forecast and other special notes
Reason for not disclosing dividend forecast, etc.
We have adopted a basic policy of approximately maintaining a 50 percent dividend payout ratio by taking into
account payout consistency, net asset position, and other managerial judgments based on our corporate philosophyof striving to act in the best interest of our shareholders.
As described in “3. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2024 (from
April 1, 2023 to March 31, 2024),” we have yet to determine the year-end dividend forecast for the fiscal year
ending March 31, 2024 due to difficulty in forecasting earnings. However, for the three fiscal years under the Sixth
Medium term Management Plan (from the fiscal year ended March 2023 to the fiscal year ending March 2025), theCompany would like to express its gratitude to shareholders for their support thus far and has decided to set theminimum annual dividend per share at ¥20.00, taking into account the current state of net assets. We will promptly
disclose the forecast amount at the timing when the second quarter-end and the fiscal year-end approach (during
September 2023 and March 2024).

Contents of Attached Materials
1. Overview of Operating Results, etc. ··················································································

2(1) Overview of operating results ·····················································································

2(2) Overview of financial position ····················································································

3(3) Overview of cash flows ····························································································

4(4) Outlook ···············································································································

5(5) Risk information on COVID-19 infection ·······································································

5

2. Management Policy ·····································································································

6(1) Basic management policy of the company ······································································

6(2) Progress with implementation of Medium-term Management Plan ·········································

6(3) Medium- to long-term management strategy and target management indicators ·························

6(4) Issues to be addressed······························································································

7

3. Basic Policy Regarding Selection of Accounting Standards ······················································

7

4. Non-consolidated Financial Statements and Significant Notes ···················································

8(1) Non-consolidated balance sheets ·················································································

8(2) Non-consolidated statements of income ········································································· 10(3) Non-consolidated statements of changes in net assets ························································· 11(4) Non-consolidated statements of cash flows ····································································· 12(5) Notes to non-consolidated financial statements ································································ 13
Going concern assumption ························································································ 13
Changes in accounting policies ··················································································· 13
Changes in presentation···························································································· 13
Additional information ····························································································· 14
Notes to non-consolidated balance sheets ······································································· 16
Notes to non-consolidated statements of changes in net assets ·············································· 17
Segment information, etc. ························································································· 19
Share of profit or loss of entities accounted for using equity method ······································· 20
Per-share information ······························································································ 20
Material subsequent events ························································································ 20
5. Supplemental information ······························································································ 21(1) Commission received ······························································································· 21(2) Net trading income·································································································· 21(3) Stock trading volume (excluding futures trading) ······························································ 22(4) Dealing volume of underwriting offering and secondary distribution ······································· 22(5) Capital adequacy ratio ······························································································ 22(6) Number of directors, officers and employees ··································································· 23(7) Quarterly trends of operating results ············································································· 23- 1 -1. Overview of Operating Results, etc.
(1) Overview of operating results
2022 quarter, after a sharp drop in the January–March 2022 quarter. From the perspective of employment
environment, the effective job offer ratio increased, supported by the growth in the number of job openings. While
Japan’s nominal GDP continued to recover, its real GDP, which is adjusted to take into account price changes,
remained almost unchanged for nine consecutive quarters until, and including, the October–December 2022
quarter. In addition, rising prices caused real disposable income of workers’ households to decrease. The indexesof business conditions, the composite indexes (CI) showed an improving trend for the lagging indicators but aslowdown for the leading indicators, which triggered concerns about the future. Like these indicators, economic
indicators showed both favorable and sluggish data.
The U.S. economy made a recovery to positive growth in real GDP for the July–September quarter and theOctober–December quarter, after two consecutive quarters of negative growth. While the central bank was vigilant
on inflation due mainly to strong employment and upward trend in average wage levels, we are seeing the effects
of interest rate hikes as CPI inflation peaked in June 2022 and continues to moderate.
During the fiscal year under review, the domestic stock markets, while being influenced by the monetary policiesof the world’s major economies, were supported by moves toward the normalization of economic activity as new
COVID-19 cases temporarily subsided. As monetary tightening to combat inflation continued in emerging anddeveloped countries, the Bank of Japan made a change to its large-scale monetary easing policy at its policy
meeting held in December 2022, which triggered a plunge in the Tokyo stock market. Japan lifted the quasiemergency COVID-19 measures in March 2022 and eased entry restrictions on foreign travelers in September
2022. China also ended its zero-Covid policy in December 2022. These countries further moved toward thenormalization of economic activities, which boosted the stock markets. In March 2023, the U.S. banks failed one
after another, causing a great concern about the country’s banking system; however, the authorities successfully
contained the spread of such a psychological anxiety by quickly responding to protect all depositors of the failed
banks and providing extra funding to eligible financial institutions. This helped the stock markets that plunged toreturn to the levels before the bank failures toward the end of March 2023. With being affected by suchcircumstances, the Nikkei Stock Average ended the fiscal year under review at 28,041.48 yen, up 0.8% from theend of March 2022.
Under these circumstances, we reported decreases in both operating revenue and net operating revenue during the
fiscal year under review, with operating revenue of ¥11,196 million (down 18.2% year-on-year) and net operating
revenue of ¥11,140 million (down 18.3% year-on-year), which is the amount of operating revenue less financial
expenses of ¥56 million (up 7.5% year-on-year). Selling, general and administrative expenses were ¥11,408
million (down 5.8% year-on-year). As a result, we reported operating loss of ¥268 million (compared to operating
profit of ¥1,523 million for the previous fiscal year) and ordinary profit of ¥186 million (down 90.5% year-onyear). After extraordinary income of ¥845 million (compared to ¥– million for the previous fiscal year),extraordinary losses of ¥199 million (compared to ¥5 million for the previous fiscal year), and tax expenses of ¥58
million (down 89.6% year-on-year), profit was ¥773 million (down 44.3% year-on-year).
Overview of the operating results are as shown below.
(i) Commission received
During the fiscal year under review, total “Commission received” was ¥9,587 million (down 20.9% year-onyear).
(a) Brokerage commission“Brokerage commission” was ¥3,826 million (down 30.0% year-on-year). This was mainly due to adecrease to ¥733.8 billion (down 21.1% year-on-year) in the volume of stock brokered, resulting inbrokerage commission on stocks of ¥3,784 million (down 30.1% year-on-year). Meanwhile, brokeragecommission of beneficiary certificates was ¥42 million (down 14.7% year-on-year).
(b) Commission for underwriting, secondary distribution and solicitation for selling and others for
professional investors“Commission for underwriting, secondary distribution and solicitation for selling and others for
professional investors” was ¥24 million (down 76.0% year-on-year).
(c) Fees for offering, secondary distribution and solicitation for selling and others for professional investors;
and other fees received“Fees for offering, secondary distribution and solicitation for selling and others for professional investors,”- 2 -which mainly consists of investment trust sales commissions, was ¥2,299 million (down 20.2% year-onyear). This was due to the fact that despite focusing on sales of investment trusts that invest in global
USD-denominated equity and debt securities, stocks of sustainable growth companies in the U.S., andsmall-cap and mid-cap stocks in Japan, the markets remained choppy and range-bound throughout the
fiscal year under review, and sales dropped. In addition, “Other fees received” was ¥3,436 million (down
6.4% year-on-year) mainly due to decreases in agency commission for investment trusts and commission
for mutual fund wraps.
(ii) Net trading income
During the fiscal year under review, “Net trading income” was ¥1,379 million (up 3.5% year-on-year)
consisting of net trading income for stocks of ¥1,105 million (up 12.5% year-on-year) and that for bonds andforeign exchanges of ¥274 million (down 21.7% year-on-year).
(iii) Financial revenue and expenses
During the fiscal year under review, “Financial revenue” was ¥202 million (down 2.3% year-on-year) mainly
due to a decrease in income from margin transactions, and “Financial expenses” was ¥56 million (up 7.5%
year-on-year) mainly due to an increase in cost of margin transactions, resulting in a net profit of ¥146 million(down 5.6% year-on-year).
(iv) Selling, general and administrative expenses
During the fiscal year under review, “Selling, general and administrative expenses” was ¥11,408 million(down 5.8% year-on-year). This was mainly attributable to a decrease in “Personnel expenses” such as
bonuses due to lower operating revenue.
(v) Extraordinary income and losses
During the fiscal year under review, “Extraordinary income” was ¥845 million (¥– million for the previous
fiscal year), and consisted solely of “Gain on sale of investment securities.” “Extraordinary losses” consistedof “Head office relocation expenses” of ¥199 million (¥– million for the previous fiscal year), and “Provisionof reserve for financial instruments transaction liabilities” of ¥0 million (¥– million for the previous fiscal
year). As a result, net extraordinary income was ¥646 million (net losses of ¥5 million for the previous fiscal
year).
(2) Overview of financial position(i) Current assets
At the end of the fiscal year under review, “Current assets” amounted to ¥48,424 million, a decrease of ¥342
million from the end of the previous fiscal year. This was mainly attributable to decreases of ¥1,521 million
in “Cash segregated as deposits,” ¥1,504 million in “Margin transaction assets,” and ¥764 million in “Cashand deposits,” which were partially offset by increases of ¥2,010 million in “Securities” due to thereclassification from investment securities, ¥1,187 million in “Trading products,” and ¥284 million in“Short-term guarantee deposits.”(ii) Non-current assets
At the end of the fiscal year under review, “Non-current assets” amounted to ¥13,139 million, a decrease of¥2,605 million from the end of the previous fiscal year. This was mainly attributable to decreases of ¥2,953
million in “Investment securities,” ¥179 million in “Long-term guarantee deposits,” ¥63 million in“Intangible assets,” and ¥11 million in “Long-term loans receivable from employees,” which were partially
offset by an increase of ¥605 million in “Property, plant and equipment.”(iii) Current liabilities
At the end of the fiscal year under review, “Current liabilities” amounted to ¥18,710 million, a decrease of¥1,679 million from the end of the previous fiscal year. This was mainly attributable to decreases of ¥2,529
million in “Deposits received,” ¥320 million in “Guarantee deposits received,” ¥284 million in “Provision
for share awards for employees,” and ¥128 million in “Provision for bonuses,” which were partially offset
by increases of ¥851 million in “Borrowings secured by securities” and ¥800 million in “Short-termborrowings” due to the reclassification from long-term borrowings.
(iv) Non-current liabilities and reserves under special laws
At the end of the fiscal year under review, “Non-current liabilities” and “Reserves under special laws”
collectively amounted to ¥3,829 million, a decrease of ¥1,220 million from the end of the previous fiscal- 3 -year. This was mainly attributable to decreases of ¥800 million in “Long-term borrowings” due to thereclassification to short-term borrowings, ¥391 million in “Deferred tax liabilities,” ¥69 million in “Assetretirement obligations,” and ¥65 million in “Provision for retirement benefits,” which were partially offset
by an increase of ¥85 million in “Provision for share awards for employees.”(v) Net assets
At the end of the fiscal year under review, “Net assets” amounted to ¥39,024 million, a decrease of ¥47
million from the end of the previous fiscal year. This was mainly attributable to decreases of ¥520 million in“Dividends of surplus,” ¥493 million in “Valuation difference on available-for-sale securities,” and ¥69
million in “Purchase of treasury shares,” which were partially offset by increases of ¥773 million in “Profit”
and ¥262 million in “Disposal of treasury shares.”(3) Overview of cash flows“Cash and cash equivalents at end of period” of the fiscal year under review decreased by ¥764 million from theend of the previous fiscal year to ¥21,958 million.
Cash flows from operating activities“Net cash used in operating activities” for the fiscal year under review amounted to ¥42 million, an increase of¥678 million from ¥721 million of “Net cash used in operating activities” for the previous fiscal year. This cash
outflow was mainly attributable to a decrease of ¥2,850 million in “Deposits and guarantee deposits received,” adecrease of ¥1,193 million in “Trading products - assets (liabilities),” “Gain on sale of investment securities” of¥845 million, and “Income taxes paid” of ¥388 million, which were partially offset by an increase of ¥1,618
million in “Assets/liabilities for margin transaction,” an increase of ¥1,500 million in “Cash segregated as deposits
for customers,” an increase of ¥851 million in “Borrowings secured by securities,” the recording of ¥832 million
in “Profit before income taxes,” and the recording of ¥443 million in “Depreciation.”
Cash flows from investing activities“Net cash used in investing activities” for the fiscal year under review amounted to ¥346 million, an increase of¥240 million from ¥587 million of “Net cash used in investing activities” for the previous fiscal year. This cash
outflow was mainly attributable to “Purchase of property, plant and equipment” of ¥835 million, “Purchase ofinvestment securities” of ¥207 million, “Payments of leasehold deposits” of ¥159 million, “Payments for asset
retirement obligations” of ¥158 million, and “Purchase of intangible assets” of ¥59 million, which were partially
offset by “Proceeds from sale of investment securities” of ¥1,065 million.
Cash flows from financing activities“Net cash used in financing activities” for the fiscal year under review amounted to ¥596 million, an increase of¥721 million from ¥1,318 million of “Net cash used in financing activities” for the previous year. This cash outflow
was mainly attributable to “Dividends paid” of ¥520 million and “Purchase of treasury shares” of ¥69 million.

- 4 -(4) Outlook
We are engaged in the financial instruments business, and thus, its earnings could fluctuate greatly depending on
the stock market performance and other factors. We therefore do not disclose earnings forecasts on concern thatthey could adversely affect the investment decision of our shareholders and investors.
Instead, every quarter, we will disclose preliminary forecast figures as soon as the operating results are finalized.
The disclosure of such preliminary figures is scheduled at the end of each quarter or the middle of the month
immediately following the end of each fiscal year.
(5) Risk information on COVID-19 infection
If large-scale COVID-19 outbreaks were to occur at numerous branch offices or the head office, severely
restricting sales operations and head office operations, it could have an impact on operating results.
However, we believe that the possibility of this risk materializing is low. Although there are still concerns aboutvariants, more people have been vaccinated, and we have taken measures to prevent the suspension of criticaloperations by enabling workers at branch offices to conduct sales work from home using cell phones and tablets,and establishing a system at the Customer Center so it can cover the work of offices where a COVID-19 cluster
was confirmed.

- 5 -2. Management Policy(1) Basic management policy of the company
In order to develop as a financial services company that is trusted and chosen not only by our customers but also
by our shareholders, employees, and local community, we have adopted the following corporate philosophy:“Mito Securities strives to be a company that acts in the BEST interest of
its customers, shareholders, and employees.”
Based on this management philosophy, all of our officers and employees will carry out their duties with this as
their code of conduct: “CHALLENGE TOGETHER: Let’s embrace the challenges of responding to change,
producing results, and improving ourselves”(2) Progress with implementation of Medium-term Management Plan
We started the 6th Medium-term Management Plan (covering the period from April 2022 to March 2025) in April
2022, aiming to achieve our corporate vision.
Our achievements during the fiscal year under review, the first fiscal year of the 6th Medium-term Management
Plan, are as follows:
Numerical targets and results for the 6th Medium-term Management Plan
Item(i) ROE(ii) Percent of SG&A expenses coveredby subscription-type revenue*

Numerical targets

5.0%(in each fiscal year of the plan period)

33.0% or more(in fiscal 2024)

Results

2.0%

29.7%

* The percentage of SG&A expenses covered by subscription-type revenue is calculated by the total of agency commission forinvestment trusts and commission for mutual fund wraps divided by selling, general and administrative expenses. It serves
as an indicator of the extent to which expenses are covered by stable revenue sources.

(i) ROE for fiscal 2022, or the fiscal year under review, was 2.0% against the target of 5.0%. This was
attributable to decreases mainly in brokerage commission on stocks and investment trust offeringcommissions due to weakness in the stock markets of Japan and the U.S., although we booked
extraordinary income resulting from the sale of investment securities.
(ii) The percentage of SG&A expenses covered by subscription-type revenue for fiscal 2022, or the fiscal
year under review, was 29.7% against the target of 33.0% or more. This was attributable to agency
commission for investment trusts of ¥1,909 million (down 5.6% year-on-year) resulting from a decreasein the balance of investment trusts and to commission for mutual fund wraps of ¥1,479 million (down
8.1% year-on-year) resulting from a decrease in performance fees despite an increase in the balance of
mutual fund wraps, although SG&A expenses decreased due to a decrease in personnel expenses such as
bonuses.
(3) Medium- to long-term management strategy and target management indicators
With the aim of helping every one of our customers achieve their life plans, we will contribute to increase,protection and succession of their assets by means of investment proposal, after-service follow-up, and financial
services such as inheritance support, whereby generating value through customer satisfaction. Furthermore, by
facilitating business succession, providing financial education, and boosting financial literacy, we will also
contribute to addressing issues in the local community.

- 6 -Corporate vision
Create value and contribute to making the future of our customer’s local community aprosperous one through financial services
1. Support customers in building their assets and help them achieve their life plans
2. Contribute to the development of the local community
3. Enable employees to work with pride and achieve self-fulfillment
4. Continuously take on the challenge of transforming our business structure
6th Medium-term Management Plan
○ Period
Fiscal 2022–2024 (April 2022–March 2025)○

Target management indicators
ROE
5% or more (in each fiscal year of the plan period)
Percentage of SG&A
expenses covered by
33% or more (in fiscal 2024)
subscription-type revenue○

Key measures Put together a structure for delivering financial services that help customers achieve their life plans Build an even more stable revenue base
 Take steps to coexist with the local community
 Develop employees’ capabilities and provide them with support
 Optimally allocate resources to raise our value as an enterprise and achieve sustainable growth(4) Issues to be addressed
As we implement the measures of the 6th Medium-term Management Plan, we regard as key tasks for
management the delivery of financial services that are optimized for customers’ life plans, the development of
personnel and improvement of structures to achieve that, and the establishment of a stable revenue base throughan expansion of subscription-type revenue driven by investment trusts and mutual fund wraps.
3. Basic Policy Regarding Selection of Accounting Standards
The Company has adopted Japanese GAAP and will carefully assess whether IFRS (International Financial
Reporting Standards) should be adopted in consideration of providing comparability for investors.

- 7 -4. Non-consolidated Financial Statements and Significant Notes(1) Non-consolidated balance sheets
Previous fiscal year
(As of March 31, 2022)
AssetsCurrent assets:
Cash and deposits
Cash segregated as deposits
Trading products:
Trading securities and other
Derivatives
Trade date accrual
Margin transaction assets:
Loans on margin transactions
Cash collateral pledged for securities borrowing on margintransactions
Advances paid
Cash paid for offering
Short-term guarantee deposits
Short-term loans receivable
Securities
Advance payments
Prepaid expenses
Accounts receivable - other
Income taxes refund receivable
Accrued income
Total current assets
Non-current assets:
Property, plant and equipment:
Buildings
Structures, net
Equipment
Land
Leased assets, net
Intangible assets
Telephone subscription right
SoftwareInvestments and other assets:
Investment securities
Investments in capital
Long-term loans receivable from employees
Long-term guarantee deposits
Long-term prepaid expenses
Other
Allowance for doubtful accounts
Total non-current assets
Total assets- 8 -(Millions of yen)
Current fiscal year
(As of March 31, 2023)

22,723
13,445
625
623
2
31
8,409
8,291

21,958
11,923
1,812
1,812
0
37
6,904
6,766

118

138

420
1,736
689
20
–
40
103
15
–
505
48,766

16
1,681
973
21
2,010
–
114
193
250
524
48,424

3,339
1,680
34
295
1,307
21
320
51
268
12,084
11,196
5
20
845
6
27
(17)
15,74564,511

3,945
1,921
32
434
1,535
21
257
47
210
8,937
8,242
5
9
665
4
28
(17)
13,13961,564

Previous fiscal year
(As of March 31, 2022)
Liabilities
Current liabilities:
Margin transaction liabilities:
Borrowings on margin transactions
Cash received for securities lending on margin transactions
Borrowings secured by securities:
Cash received on debt credit transaction of securities
Deposits received:
Deposits from customers
Deposits received for underwritten offering, etc.
Other deposits received
Guarantee deposits received
Short-term borrowings
Unearned revenue
Lease obligations
Accounts payable - otherAccrued expenses
Income taxes payable
Provision for bonuses
Provision for share awards for employees
Provision for share awards for directors (and other officers)
Asset retirement obligations
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term borrowings
Lease obligations
Deferred tax liabilities
Provision for retirement benefits
Provision for share awards for employees
Provision for share awards for directors (and other officers)
Asset retirement obligations
Other non-current liabilities
Total non-current liabilities
Reserves under special laws:
Reserve for financial instruments transaction liabilities
Total reserves under special laws
Total liabilities
Net assets
Shareholders’ equity:
Share capital
Capital surplus:
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings:
Other retained earnings:
General reserve
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments:
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 9 -(Millions of yen)
Current fiscal year
(As of March 31, 2023)

747
428
318
1,090
1,090
14,383
12,770
5
1,606
626
1,950
2
7
96
454
149
536
284
2
13
44
20,390

860
569
291
1,942
1,942
11,853
10,777
–
1,075
306
2,750
2
7
106
446
26
408
–
–
–
–
18,710

800
16
1,485
2,202
–
9
397
36
4,947

–
16
1,094
2,137
85
15
327
50
3,727

101
101
25,439101
101
22,54012,272

12,272

4,294
1,969
6,264

4,294
1,969
6,264

17,778
7,247
10,531
17,778(1,635)34,68018,031
7,247
10,78318,031(1,442)35,126

4,391
4,391
39,07164,511

3,897
3,897
39,02461,564

(2) Non-consolidated statements of income

Previous fiscal year
(From April 1, 2021
to March 31, 2022)
Operating revenue
Commission received:
Brokerage commission
Commission for underwriting, secondary distribution andsolicitation for selling and others for professional investors
Fees for offering, secondary distribution and solicitation for sellingand others for professional investors
Other fees received
Net trading income
Financial revenue
Other
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
Other
Total selling, general and administrative expenses
Operating profit (loss)
Non-operating income:
Dividend income
Miscellaneous income
Total non-operating income
Non-operating expenses:
Miscellaneous loss
Total non-operating expenses
Ordinary profit
Extraordinary income:Gain on sale of investment securities
Total extraordinary income
Extraordinary losses:
Provision of reserve for financial instruments transaction liabilities
Impairment loss
Head office relocation expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit- 10 -(Millions of yen)
Current fiscal year
(From April 1, 2022
to March 31, 2023)

12,117
5,463

9,587
3,826

101

24

2,880

2,299

3,672
1,332
207
25
13,68352
13,630

3,436
1,379
202
26
11,19656
11,140

1,081
6,776
1,575
1,810
441
215
205
12,107
1,523

997
6,311
1,518
1,725
443
199
211
11,408
(268)

271
180
451

289
188
478

14
14
1,961

23
23
186

–
–

845
845

–
5
–
5
1,955
575
(9)
566
1,389

0
–
199
199
832
26
31
58
773

(3) Non-consolidated statements of changes in net assets
Previous fiscal year (from April 1, 2021 to March 31, 2022)(Millions of yen)
Valuation andtranslation adjustments

Shareholders' equity
Capital surplus

Balance at beginning of
periodRetained earnings

SharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplus12,272

4,294

1,969

6,264

Valuation
Total
Total net
Other retained
difference
Totalvaluationassetsearnings
Treasuryon
Total
shareholders'andsharesavailableRetained retained
equitytranslation
for-sale
General earnings earnings
adjustments
securities
reserve brought
forward
7,247

10,313

17,561Dividends of surplus(1,172)(1,172)(1,172)(1,172)

Profit

1,389

1,389

1,389

1,389

(138)

(138)

(138)

3

3

3

(1,500)34,597

5,111

5,111

39,709Changes during period:

Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

0

0

(720)

(720)

(720)

–

–

0

0

–

217

217

(134)

82

(720)

(720)

(637)

12,272

4,294

1,969

6,264

7,247

10,531

17,778(1,635)34,680

4,391

4,391

39,071

Current fiscal year (from April 1, 2022 to March 31, 2023)(Millions of yen)
Valuation andtranslation adjustments

Shareholders' equity
Capital surplus

Balance at beginning of
periodSharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplus12,272

4,294

1,969

6,264

Retained earnings
Valuation
Total
Total net
Other retained
difference
Totalvaluationassetsearnings
Treasuryon
Total
shareholders'andavailableRetained retained shares
equitytranslation
for-sale
General earnings earnings
adjustments
securities
reserve brought
forward
7,247

10,531

17,778Dividends of surplus

(520)

(520)

(520)

(520)

Profit

773

773

773

773

(69)

(69)

(69)

262

262

262

(1,635)34,680

4,391

4,391

39,071

Changes during period:

Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

(493)

(493)

(493)

–

–

–

–

–

252

252

193

445

(493)

(493)

(47)

12,272

4,294

1,969

6,264

7,247

10,78318,031(1,442)35,126

3,897

3,897

39,024- 11 -

(4) Non-consolidated statements of cash flows(Millions of yen)Previous fiscal year
(From April 1, 2021
to March 31, 2022)

Current fiscal year
(From April 1, 2022
to March 31, 2023)

Cash flows from operating activities:
Profit before income taxes

1,955

832

Depreciation

441

443

Impairment loss

5-

Increase (decrease) in provision for retirement benefits

(29)

(65)

Increase (decrease) in provision for bonuses

(145)

(128)

Increase (decrease) in provision for share-based remuneration for employees
Increase (decrease) in provision for share-based remuneration for directors(and other officers)
Increase (decrease) in reserve for financial instruments transaction liabilities

118

(199)

2

3

–

0

Interest and dividend income

(495)

(503)

Interest expenses

52

56

Loss (gain) on sale of investment securities

–

(845)

Head office relocation expenses–

199

Decrease (increase) in cash segregated as deposits for customers

3,500

1,500

Decrease (increase) in trading products - assets (liabilities)(203)(1,193)

Decrease/increase in assets/liabilities for margin transaction

774

1,618

1

43

Decrease (increase) in short-term guarantee deposits
Decrease (increase) in cash paid for subscription
Increase (decrease) in borrowings secured by securities
Increase (decrease) in deposits and guarantee deposits received

(246)

55

63

851

(4,579)(2,850)Decrease (increase) in advances paid

(199)

404

Increase/decrease in other assets/liabilities

(815)

(132)

Subtotal

200

89Interest and dividends received

497

512

Interest paid

(52)

(56)

Payments of head office relocation expenses

–
(36)

(199)

Settlement paid
Income taxes paid

(1,330)

(388)

(721)

(42)

Net cash provided by (used in) operating activities(0)

Cash flows from investing activities:
Purchase of investment securities

(131)

(207)

Proceeds from sale of investment securities

–

1,065

Purchase of property, plant and equipment

(187)

(835)

Purchase of intangible assets

(79)

(59)

Payments for retirement of property, plant and equipment

(3)

(15)

Payments for asset retirement obligations

–

(158)

Loan advances

(20)

(8)

Collection of loans receivable

15

15

Payments of leasehold deposits

(155)

(159)

Other, net

(23)

15

Net cash provided by (used in) investing activities

(587)

(346)

(138)

(69)

(1,173)(520)

Cash flows from financing activities:
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(7)

(7)

(1,318)

(596)

225

221

Net increase (decrease) in cash and cash equivalents(2,402)(764)

Cash and cash equivalents at beginning of period

25,12522,723

Cash and cash equivalents at end of period

22,723

21,958- 12 -

(5) Notes to non-consolidated financial statements
Going concern assumption
Not applicable
Changes in accounting policies
We have applied the Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ
Guidance No. 31; June 17, 2021; hereinafter the “Implementation Guidance on Accounting Standard for Fair Value
Measurement”) from the beginning of the fiscal year under review. In accordance with the transitional treatment
set forth in Paragraph 27-2 of the Implementation Guidance on Accounting Standard for Fair Value Measurement,
we prospectively apply the new accounting policy set forth in the Implementation Guidance on AccountingStandard for Fair Value Measurement. This has no impact on the non-consolidated financial statements.
Changes in presentation
Non-consolidated statements of cash flows“Decrease (increase) in advances paid,” which was included in “Increase/decrease in other assets/liabilities”
under “Cash flows from operating activities” for the previous fiscal year, has been presented as a separate line
item from the fiscal year under review due to the increased materiality of the amount. To reflect this change inpresentation, the non-consolidated financial statements for the previous fiscal year have been reclassified.
As a result, an increase of ¥199 million, which was included in the amount of “Increase/decrease in otherassets/liabilities” under “Cash flows from operating activities” in the non-consolidated statement of cash flows
for the previous fiscal year, has been reclassified as an increase of ¥199 million in “Decrease (increase) inadvances paid.”- 13 -

Additional information
Board Benefit Trust (BBT) and Employee Stock Ownership Plan (J-ESOP)
1. Board Benefit Trust (BBT)
With approval from the 71st Ordinary General Meeting of Shareholders held on June 24, 2016, the Company
has introduced a Board Benefit Trust (BBT) performance-linked share-based remuneration plan (the “Plan”)
for directors (excluding outside directors). Afterwards, as the Act Partially Amending the Companies Act (ActNo. 70 of 2019) was enforced on March 1, 2021, the Company has reestablished the remuneration limit under
the Plan after obtaining approval at the 76th Ordinary General Meeting of Shareholders held on June 24, 2021.
This does not increase the actual remuneration limit from the limit determined by the resolution made at the
71st Ordinary General Meeting of Shareholders. Furthermore, as the transition to a company with an Audit andSupervisory Committee was approved at the 77th Ordinary General Meeting of Shareholders held on June 24,
2022, the Company has abolished the remuneration limit under the Plan reestablished by the resolution madeat the 76th Ordinary General Meeting of Shareholders, and obtained approval for the remuneration limit under
the Plan for directors (excluding directors who are audit and supervisory committee members and outside
directors; the same applies hereinafter) of the Company. The contents of the actual remuneration limit under
the Plan are the same as those determined by the resolution made at the 76th Ordinary General Meeting of
Shareholders.
(1) Purpose and overview of the Plan
The Plan more clearly links the remuneration of directors to the Company’s share value, and leads directors
to aim for better performances over a medium- to long-term period and more contributions to increasing
corporate value.
The Plan is a performance-linked share-based remuneration plan in which the trust will acquire theCompany’s shares using money contributed by the Company as the source of funds and directors areprovided with the Company’s shares and cash equivalent to the market value of the Company’ shares (the“Company’s Shares, etc.”) through the trust in accordance with the performance-linked share-based
remuneration system established by the Board of Directors. As a general rule, the time for directors toreceive the Company’s Shares, etc. shall be at the time of retirement.
(2) The Company’s shares remaining in the trust
Shares held by the trust are presented as treasury shares in the net assets section in the non-consolidatedbalance sheet at their carrying amount in the trust. The carrying amount and the number of treasury sharesat the end of the previous fiscal year and at the end of the current fiscal year are ¥76 million for 319
thousand shares and ¥74 million for 312 thousand shares, respectively.
2. Employee Stock Ownership Plan (J-ESOP)At the Board of Directors’ meeting held on February 17, 2017, the Company resolved the introduction of an
Employee Stock Ownership Plan (the “Plan”), an incentive plan to provide its shares to employees.
(1) Purpose and overview of the Plan
The Plan is a program in which the Company’s shares are provided to employees who fulfill the certain
requirements for eligible beneficiaries in accordance with the Stock Benefit Rules established by theCompany.
The Plan is a share-based remuneration plan in which the trust will acquire the Company’s shares using
money contributed by the Company as the source of funds and employees are granted points according totheir individual contributions and other factors and provided with the Company’s shares equivalent to the
granted points and cash equivalent to the market value of the Company’ shares through the trust when theemployees fulfill the certain requirements and obtain the right to receive such benefits.
By introducing the Plan, the Company aims to increase the employees’ interest in improving its share value
and business performance and make them more motivated to work than ever before.
(2) The Company’s shares remaining in the trust
Shares held by the trust are presented as treasury shares in the net assets section in the non-consolidated- 14 -

balance sheet at their carrying amount in the trust. The carrying amount and the number of treasury sharesat the end of the previous fiscal year and at the end of the current fiscal year are ¥238 million for 940
thousand shares and ¥46 million for 181 thousand shares, respectively.

- 15 -

Notes to non-consolidated balance sheets
Accumulated depreciation deducted from property, plant and equipment

Buildings
Structures, net
Equipment
Leased assets, net
Total

Previous fiscal year
(As of March 31, 2022)
4,140
74
1,007
10
5,232

- 16 -(Millions of yen)
Current fiscal year
(As of March 31, 2023)
3,906
77
592
17
4,592

Non-consolidated statement of changes in net assets
Previous fiscal year (from April 1, 2021 to March 31, 2022)
1. Issued sharesClass of shares

At beginning of period

Common stock (shares)

Increase

70,689,033

Decrease–

At end of period–

70,689,033

2. Treasury sharesClass of shares

At beginning of period

Common stock (shares)

Increase

6,390,853

Decrease

451,261

14,385

At end of period
6,827,729

Notes 1. The number of treasury shares at the beginning of the period and at the end of the period includes 823,200 shares and1,259,900 shares of the Company’s stock, respectively, held by Custody Bank of Japan, Ltd. (Trust Account E) as trust
assets for BBT and J-ESOP.
2. Overview of reasons for change
Factors of the increase of 451,261 shares are as follows:
Increase due to ownership as trust assets for J-ESOP:
Increase due to purchase of shares less than one unit:
Factors of the decrease of 14,385 shares are as follows:
Decrease due to provision of shares for J-ESOP:
Decrease due to request for additional purchase of treasury shares:

451,000 shares
261 shares
14,300 shares
85 shares

3. Share acquisition rights and treasury share acquisition rights
Not applicable
4. Dividends(1) Amount of dividends paid
Resolution

Class of shares

Total amount ofdividends(millions of yen)

Dividend
per share(yen)

Record date

Effective dateOrdinary General
Meeting ofCommon stock
651
10.0
March 31, 2021
June 25, 2021
Shareholders heldon June 24, 2021
Board of Directors’
meeting held on
Common stock520
8.0 September 30, 2021
December 2, 2021
October 28, 2021
Notes: 1. The total amount of dividends paid based on the resolution at the Ordinary General Meeting of Shareholders held on
June 24, 2021 includes dividends of ¥8 million paid to the Company’s shares held by Custody Bank of Japan, Ltd.
(Trust Account E) as trust assets for BBT and J-ESOP. Additionally, dividend paid per share of 10.0 yen includes thatof 2.0 yen to commemorate the 100th anniversary of the Company’s founding.
2.

The total amount of dividends paid based on the resolution at the Board of Directors’ meeting held on October 28,
2021 includes dividends of ¥10 million paid to the Company’s shares held by Custody Bank of Japan, Ltd. (Trust
Account E) as trust assets for BBT and J-ESOP. Additionally, dividend paid per share of 8.0 yen includes that of 2.0
yen to commemorate the 100th anniversary of the Company’s founding.

(2) Dividends with a record date in the previous fiscal year, but an effective date in the following fiscal year
Resolution

Class ofshares

Source ofdividends

Total amount ofdividends(millions of yen)

Dividend
per share(yen)

Record date

Effective dateOrdinary General
Meeting ofCommonRetained
390
6.0 March 31, 2022
June 27, 2022
Shareholders heldstock
earnings
on June 24, 2022
Note: The total amount of dividends paid includes dividends of ¥7 million paid to the Company’s shares held by Custody Bankof Japan, Ltd. (Trust Account E) as trust assets for BBT and J-ESOP.

- 17 -

Current fiscal year (from April 1, 2022 to March 31, 2023)
1. Issued sharesClass of shares

At beginning of period

Common stock (shares)

Increase

70,689,033

Decrease–

At end of period–

70,689,033

2. Treasury sharesClass of shares

At beginning of period

Common stock (shares)
Notes 1.

2.

Increase

6,827,729

Decrease

250,000

1,016,400

At end of period
6,061,329

The number of treasury shares at the beginning of the period and at the end of the period includes 1,259,900 sharesand 493,500 shares of the Company’s stock, respectively, held by Custody Bank of Japan, Ltd. (Trust Account E) as
trust assets for BBT and J-ESOP.
Overview of reasons for change
Factor of the increase of 250,000 shares is as follows:
Increase due to ownership as trust assets for J-ESOP:
Factors of the decrease of 1,016,400 shares are as follows:
Decrease due to provision of shares for J-ESOP:
Decrease due to provision of shares for BBT:

250,000 shares
1,008,800 shares
7,600 shares

3. Share acquisition rights and treasury share acquisition rights
Not applicable
4. Dividends(1) Amount of dividends paid
Resolution

Class of shares

Total amount ofdividends(millions of yen)

Dividend
per share(yen)

Record date

Effective dateOrdinary General
Meeting ofCommon stock390
6.0
March 31, 2022
June 27, 2022
Shareholders heldon June 24, 2022
Board of Directors’
meeting held on
Common stock130
2.0 September 30, 2022
December 2, 2022
October 28, 2022
Notes: 1. The total amount of dividends paid based on the resolution at the Ordinary General Meeting of Shareholders held on
June 24, 2022 includes dividends of ¥7 million paid to the Company’s shares held by Custody Bank of Japan, Ltd.
(Trust Account E) as trust assets for BBT and J-ESOP.
2.

The total amount of dividends paid based on the resolution at the Board of Directors’ meeting held on October 28,
2022 includes dividends of ¥0 million paid to the Company’s shares held by Custody Bank of Japan, Ltd. (Trust
Account E) as trust assets for BBT and J-ESOP.

(2) Dividends with a record date in the current fiscal year, but an effective date in the following fiscal year
Resolution to be madeClass ofshares

Source ofdividends

Total amount ofdividends(millions of yen)

Dividend
per share(yen)

Record date

Effective dateOrdinary General
Meeting ofCommonRetained
1,302
20.0
March 31, 2023
June 28, 2023
Shareholders heldstock
earnings
on June 27, 2023
Note: The total amount of dividends to be paid includes dividends of ¥9 million paid to the Company’s shares held by Custody
Bank of Japan, Ltd. (Trust Account E) as trust assets for BBT and J-ESOP.

- 18 -

Segment information, etc.
Segment information
The Company does not provide segment information because it has only a single business segment, which is
the investment and financial services business.
Related information
Previous fiscal year (from April 1, 2021 to March 31, 2022)
1. Information by services(Millions of yen)

Brokerage commission
Commission for underwriting, secondary
distribution and solicitation for selling andothers for professional investors
Fees for offering, secondary distribution andsolicitation for selling and others for
professional investors
Other fees received

5,413

–

Beneficiary
certificates
49

38

63

0

Total

Item

Stocks

Bonds

Other

Total
–

5,463

–

–

101

2

2,878

–

2,880

10

0

3,632

27

3,672

5,462

66

6,560

27

12,117

2. Information by area
The Company does not provide information by area because the operating revenue in Japan exceeds 90% of its
total operating revenue, and we have no property, plant and equipment located outside of Japan.
3. Information by main customers
The Company does not provide information by main customers because there is no customer who accounts formore than 10% of operating revenue.
Current fiscal year (from April 1, 2022 to March 31, 2023)
1. Information by services(Millions of yen)

Brokerage commission
Commission for underwriting, secondary
distribution and solicitation for selling andothers for professional investors
Fees for offering, secondary distribution andsolicitation for selling and others for
professional investors
Other fees received

3,784

–

Beneficiary
certificates
42

8

15

0

Total

Item

Stocks

Bonds

Other

Total
–

3,826

–

–

24

0

2,299

–

2,299

9

1

3,389

34

3,436

3,802

17

5,731

34

9,587

2. Information by area
The Company does not provide information by area because the operating revenue in Japan exceeds 90% of its
total operating revenue, and we have no property, plant and equipment located outside of Japan.
3. Information by main customers
The Company does not provide information by main customers because there is no customer who accounts formore than 10% of operating revenue.

- 19 -

Share of profit or loss of entities accounted for using equity method
Previous fiscal year (from April 1, 2021 to March 31, 2022)
Not applicable
Current fiscal year (from April 1, 2022 to March 31, 2023)
Not applicable
Per-share information
The basis of calculating the net assets per share and the basis of calculating the basic earnings per share are as
follows.
Previous fiscal year
(As of March 31, 2022)

Current fiscal year
(As of March 31, 2023)

611.82603.83

Total net assets on balance sheets (Millions of yen)

39,071

39,024

Net assets attributable to common stocks (Millions of yen)

39,071

39,024––

Number of shares of common stock issued (Thousands of share)

70,68970,689Number of treasury shares of common stock (Thousands of share)

6,827

6,061

Number of common stock used for calculating per-share net assets(Thousands of share)

63,86164,627

Previous fiscal year
(From April 1, 2021
to March 31, 2022)

Current fiscal year
(From April 1, 2022
to March 31, 2023)

21.73

12.01

1,389

773

–

–

1,389

773

Item
(1) Net assets per share (Yen)Basis of calculation

Major components of difference (Millions of yen)

Item(2) Basic earnings per share (Yen)Basis of calculation
Profit on statements of income (Millions of yen)
Profit not attributable to common shareholders (Millions of yen)
Profit attributable to common stocks (Millions of yen)

Average number of shares of common stock during the fiscal year
63,94864,434(Thousands of share)
Notes: 1. Diluted earnings per share are not presented because there are no potentially dilutive shares.
2. For the purpose of calculating the amounts of net assets per share, the number of shares of the Company held by
Custody Bank of Japan, Ltd. (Trust Account E) was included in the number of treasury shares, which was to be deductedfrom the number of shares issued at the end of the fiscal year. For the purpose of calculating basic earnings per share,
the number of shares of the Company held by the Trust was included in the number of treasury shares, which was tobe deducted from the calculation of the average number of shares of common stock during the period.
For the purpose of calculating the amounts of net assets per share, the number of treasury shares included in the numberof treasury shares deducted at the end of the fiscal year was 1,259 thousand shares in the previous fiscal year and 493
thousand shares in the current fiscal year. For the purpose of calculating basic earnings per share, the number of treasury
shares included in the average number of treasury shares deducted during the period was 1,173 thousand shares for theprevious fiscal year and 687 thousand shares for the current fiscal year.

Material subsequent events
Not applicable.

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5 Supplemental information(1) Commission received(i) Commission by line item
(Millions of yen)

Brokerage commission:
Stocks
Bonds
Beneficiary certificates
Commission for underwriting, secondary
distribution and solicitation for sellingand others for professional investors:
Stocks
Bonds
Fees for offering, secondary distribution
and solicitation for selling and others for
professional investors
Other fees received
Total

Previous fiscal year
(From April 1, 2021
to March 31, 2022)
5,463[5,413][–][49]

Current fiscal year
(From April 1, 2022
to March 31, 2023)
3,826[3,784]
[–]
[42]

101

24

24.0

[38]
[63]

[8]
[15]

22.1
25.1

2,880

2,299

79.8

3,672
12,117

3,436
9,587

93.6
79.1

Previous fiscal year
(From April 1, 2021
to March 31, 2022)
5,462
66
6,560
27
12,117

Current fiscal year
(From April 1, 2022
to March 31, 2023)
3,802
17
5,731
34
9,587

Previous fiscal year
(From April 1, 2021
to March 31, 2022)
981
350
[208]
[141]
1,332

Current fiscal year
(From April 1, 2022
to March 31, 2023)
1,105
274
[166]
[108]
1,379

(ii) Commission by product

Stocks
Bonds
Beneficiary certificates
Other
Total

Year-on-yearchange (%)
70.0
69.9
–
85.3

(Millions of yen)
Year-on-yearchange (%)
69.6
26.7
87.4
126.2
79.1

(2) Net trading income(Millions of yen)

Stocks, etc.
Bonds, foreign exchange, etc.:
Bonds, etc.
Foreign exchange, etc.
Total

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Year-on-yearchange (%)
112.5
78.3
79.5
76.5
103.5

(3) Stock trading volume (excluding futures trading)

Total:
Brokerage
Dealing
Brokerage (%)
Exchange participation share (%)
Brokerage commission per stock on clienttransaction (Yen)Previous fiscal year
(From April 1, 2021
to March 31, 2022)
NumberAmountof shares442
1,007,893[438][929,971][3][77,921]
99.1
92.3
0.05
0.05
12.35

(Millions of shares, Millions of yen)
Current fiscal year
Year-on-year change (%)(From April 1, 2022
to March 31, 2023)
NumberNumberAmountAmountof sharesof shares
407
815,124
92.3
80.9
[401]
[733,893][91.7][78.9][6][81,231][160.1][104.2]
98.5
90.0
0.05
0.04
–
9.42

(4) Dealing volume of underwriting, public offering and secondary distribution
Previous fiscal year
(From April 1, 2021
to March 31, 2022)(Thousands of shares, Millions of yen)
Current fiscal year
Year-on-year change (%)(From April 1, 2022
to March 31, 2023)

Underwriting:Stock (Number of shares)
1,896
184
9.7
Stock (Amount)
2,096
209
10.0
Bond (Face value)
5,150
1,650
32.0
Beneficiary certificates (Amount)–––
Commercial paper & foreign securities–––(Face value)
Offering and secondary distribution
Stock (Number of shares)
1,765
181
10.3
Stock (Amount)
1,803
182
10.1
Bond (Face value)
5,036
1,649
32.8
Beneficiary certificates (Amount)355,754
310,067
87.2
Commercial paper & foreign securities–––(Face value)
Note: The dealing volume of offering and secondary distribution includes the amount of secondary distribution and the dealing
volume of private offering.

(5) Capital adequacy ratio

Basic items
Complementary
items
Deductible assets
Unfixed equity capital(A) + (B) – (C)(A)
Valuation difference on available-forsale securities
Reserve for financial instruments
transaction liabilities
Total
(B)
(C)
(D)

Previous fiscal year
(As of March 31, 2022)
34,289(Millions of yen)
Current fiscal year
(As of March 31, 2023)
33,823

4,391

3,897

101

101

4,493
5,375

3,999
5,738

33,40632,084Market risk
1,359
1,444
Counterparty risk
432
304
Risk items
Basic risk
3,011
2,862
Total
(E)
4,803
4,611
Capital adequacy ratio (%)(D) / (E) × 100
695.4
695.7
Note: Treasury shares, which were to be deducted from the calculation of the basic items, include the Company’s shares heldby Custody Bank of Japan, Ltd. (Trust Account E) as trust assets for BBT and J-ESOP.

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(6) Number of directors, officers and employees

Directors and officers

12(persons)
Current fiscal year
(As of March 31, 2023)
10

Employees

751

737

Previous fiscal year
(As of March 31, 2022)(7) Quarterly trends of operating results(Millions of yen)
1st quarter(Apr. 1, 2022–
Jun. 30, 2022)

2nd quarter(Jul. 1, 2022–
Sep. 30, 2022)

3rd quarter(Oct. 1, 2022–
Dec. 31, 2022)

4th quarter(Jan. 1, 2023–
Mar. 31, 2023)

Current fiscal
year(Apr. 1, 2022–
Mar. 31, 2023)

Commission received

2,322

2,581

2,311

2,371

9,587

Net trading income

292

466

244

376

1,379

Financial revenue

44

49

52

56

202

Other

6

6

6

6

26

2,666

3,104

2,615

2,810

11,196

12

14

14

13

56

2,653

3,089

2,600

2,796

11,140Operating revenue:

Total operating revenue
Financial expenses
Net operating revenue
Selling, general and administrative
expenses:
Trading related expenses

228

251

240

277

997

Personnel expenses

1,549

1,649

1,523

1,589

6,311

Real estate expenses

407

368

389

353

1,518

Office expenses

462

407

411

444

1,725

Depreciation

112

113

117

99

443

Taxes and dues

66

46

44

41

199

46

66

61

36

211

2,874

2,902

2,788

2,843

11,408

(221)

186

(187)

(46)

(268)

Non-operating income

219

53

160

45

478

Non-operating expenses

2

(2)

1

22

23

Ordinary profit (loss)

(4)

242

(28)

(23)

186

Gain on sale of investment securities

–

–

738

106

845

Total extraordinary income

–

–

738

106

845

0

0

(0)

(0)

0

–

56

143

0

199

Total extraordinary losses

0

56

143

0

199

Profit (loss) before income taxes

Other
Total selling, general and administrative
expenses
Operating profit (loss)

Extraordinary income:Extraordinary losses:
Provision of reserve for financial
instruments transaction liabilities
Head office relocation expenses

(4)

186

566

83

832

Income taxes - current

6

5

4

10

26

Income taxes - deferred

(53)

53

110

(78)

31

Total income taxes

(47)

59

114

(68)

58

Profit (loss)

42

127

451

152

773

- 23 -