Non-consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
(Under Japanese GAAP)
April 28, 2022
Company name:
Mito Securities Co., Ltd.
Listing:
Tokyo Stock Exchange
Security code:
8622
URL:
https://www.mito.co.jp/
Representative:
Katsunori Kobayashi, President and Representative Director
Contact:
Masanobu Tamari, Manager, Finance Department
Phone:+81-3-6739-5403
Scheduled date of ordinary general meeting of shareholders:June 24, 2022
Scheduled date of dividend payment:
June 27, 2022
Scheduled filing date of Annual Securities Report (Yukashoken Hokokusho):June 27, 2022
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, 2022
(from April 1, 2021 to March 31, 2022)(1) Operating results(Percentages indicate year-on-year changes.)

Fiscal year ended
March 31, 2022
March 31, 2021

Fiscal year ended
March 31, 2022
March 31, 2021

Operating
Net operating
Operating profit
Ordinary profit
Profitrevenuerevenue
Millions of% Millions of% Millions of% Millions of% Millions of
%
yen
yen
yen
yen
yen
13,683 (11.0)
13,630 (10.9)
1,523 (45.9)
1,961 (38.8)
1,389(25.6)
15,36628.6
15,29428.8
2,817–
3,207 626.0
1,868
136.0
Basic earnings
per share
Yen

Diluted earnings
per share
Yen

21.73
29.05

–
–

%

Ordinary profit tototal assets%

Operating profit tooperating revenue
revenue
%

3.5
4.9

2.9
4.8

11.1
18.3

Return on
capitalReference: Share of profit or loss of entities accounted for using equity method
For the fiscal year ended March 31, 2022:–
For the fiscal year ended March 31, 2021:–(2) Non-consolidated financial position
As ofMarch 31, 2022
March 31, 2021

Total assets
Millions of yen

Net assets
Millions of yen

64,511
71,912

39,071
39,709

Capital ratio%

Net assets per share Capital adequacy ratio
Yen
%

60.6
55.2

Reference: Capital (Shareholders’ equity + Valuation and translation adjustments):
As of March 31, 2022: ¥39,071 million
As of March 31, 2021:

611.82617.58

695.4
697.1

¥39,709 million(3) Non-consolidated cash flows

Fiscal year ended
March 31, 2022
March 31, 2021

Cash flows fromoperating activities
Millions of yen

Cash flows frominvesting activities
Millions of yen

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen

(721)
2,278

(587)
(52)

(1,318)(652)

22,72325,125

2. Dividends

Fiscal year ended
March 31, 2021
March 31, 2022
(Note)

First
quarterend
Yen

–
–

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

6.00
8.00

–
–

10.00
6.00

Total

Total
dividends(Annual)Dividend
payout ratio

Dividend on
equityYen

Millions of yen

%

%

16.00
14.00

1,041
911

55.1
64.4

2.7
2.3

1. Breakdown of the fiscal year-end dividends for the fiscal year ended March 31, 2021
Ordinary dividend: ¥8.00 per share
Commemorative dividend: ¥2.00 per share (to commemorate the 100th anniversary of the Company’s founding)
2. Breakdown of the 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)3. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2023 (from April 1, 2022 toMarch 31, 2023)
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 rather adversely affect the investment decision of ourshareholders 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:Yes(iv) Restatements of prior period financial statements:
None
Note: For more details, please see page 13 Changes in accounting policies and Changes in accounting
estimates 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, 2022:
70,689,033 shares
As of March 31, 2021:
70,689,033 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2022:
6,827,729 shares
As of March 31, 2021:
6,390,853 shares(iii) Average number of shares of common stock during the period
Fiscal year ended March 31, 2022:
63,948,199 sharesFiscal year ended March 31, 2021:
64,293,565 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, 2023 (from
April 1, 2022 to March 31, 2023),” we have yet to determine the dividend forecast for the fiscal year ending March
31, 2023 due to difficulty in forecasting earnings. We will promptly disclose the forecast amount at the timing when
the second quarter-end and the fiscal year-end approach (during September 2022 and March 2023).

2

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 accounting estimates ················································································· 13
Additional information ····························································································· 14
Notes to non-consolidated balance sheets ······································································· 15
Notes to non-consolidated statements of changes in net assets ·············································· 16
Segment information, etc. ························································································· 18
Share of profit or loss of entities accounted for using equity method ······································· 19
Per-share information ······························································································ 19
Material subsequent events ························································································ 19
5. Supplemental information ······························································································ 20(1) Commission received ······························································································· 20(2) Net trading income·································································································· 20(3) Stock trading volume (excluding futures trading) ······························································ 21(4) Dealing volume of underwriting, offering and secondary distribution ······································ 21(5) Capital adequacy ratio ······························································································ 21(6) Number of directors, officers and employees ··································································· 21(7) Quarterly trends of operating results ············································································· 22-1-1. Overview of Operating Results, etc.
(1) Overview of operating results
During the fiscal year ended March 31, 2022 (hereinafter the “fiscal year under review”), Japan’s economy wason a gradual recovery trend until December 2021. During the October–December 2021 quarter, real gross domestic
product (GDP) grew 1.1% year on year for an annualized growth rate of 4.6%, the first increase in a year. In
annualized terms, GDP topped 540 trillion yen for the first time since the January–March 2020 quarter, just before
the impact of the COVID-19 pandemic became clear. Going into 2022, however, there was a rapid rise in new
COVID infections due to the emergence of the Omicron strain, and the Economy Watchers Survey DI (diffusionindex) of the current state of the economy plummeted, while the consumer sentiment index also registered a drop.
Although employment data were solid, concerns about the future proliferated as resource prices climbed and thevalue of the yen fell in response to changes in the economic and political landscape overseas.
Looking abroad, the U.S. economy was strong, with real GDP growing by an annualized rate of 6.9% during the
October–December 2021 quarter. This marked the sixth straight quarter of recovery since U.S. GDP hit bottom in
the April–June 2020 quarter, when it plunged amid the COVID crisis. Although retail sales saw negative monthon-month growth in December 2021, they recovered continuously during 2022. The employment environment
continued to improve, and rising hourly wages triggered worries about inflation. In the Eurozone, real GDP grewfor three consecutive quarters until, and including, the October–December 2021 quarter. Entering 2022, however,
the growth rate slowed down, though retail sales held firm as in the U.S. Among Western countries and Japan, thestrength of the U.S. economy is what stands out, but there are concerns about the impact on the world economy of
Russia’s invasion of Ukraine.
During the fiscal year under review, Japan’s stock market hovered around the same level until April-August, before
entering a gradual decline, and the Nikkei Stock Average marked its lowest level of the year on August 20, 2021
(26,954.81 yen). Going into September, however, developments such as Prime Minister Suga’s announcement that
he would be standing down saw the Nikkei jump to its highest point in nearly 31 years less than a month later on
September 14 (30,795.78 yen). After that, it fluctuated up and down in response to both positive and negative
factors. These included anticipation for economic activity to normalize because of the precipitous drop in new
COVID cases in Japan, the ruling party’s victory in the general election, generally favorable corporate earnings
for the April–September period, Chinese real estate developers facing financial difficulties, rising U.S. long-term
interest rates, and the discovery of the new Omicron variant. Entering 2022, the Nikkei Stock Average registered
24,681.74 yen, its lowest level in about one year and four months, on March 9 as equities underwent a clear
adjustment as a result of concerns about the acceleration of the normalization of U.S. monetary policy, the spreadof the Omicron variant in Japan, and then the invasion of Ukraine by Russia. Ultimately, the Nikkei Stock Average
ended the fiscal year under review at 27,821.43 yen, 4.7% lower from the end of March 2021, after the U.S. FOMC
hiked rates at its mid-March meeting and uncertainty about the future eased for a moment, and following a rally
toward the end of the month on the back of expectations for improved earnings at Japanese exporters thanks to thedepreciation of the yen.
Under these circumstances, we reported decreases in both operating revenue and net operating revenue during the
fiscal year under review, with operating revenue of ¥13,683 million (down 11.0% year-on-year) and net operating
revenue of ¥13,630 million (down 10.9% year-on-year), which is the amount of operating revenue less financial
expenses of ¥52 million (down 26.9% year-on-year). Selling, general and administrative expenses were ¥12,107
million (down 3.0% year-on-year). As a result, we reported operating profit of ¥1,523 million (down 45.9% yearon-year) and ordinary profit of ¥1,961 million (down 38.8% year-on-year). Because we booked extraordinary
losses of ¥5 million (compared to ¥359 million for the previous fiscal year) and income tax expenses of ¥566
million (down 42.2% year-on-year), profit was ¥1,389 million (down 25.6% 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 ¥12,117 million (down 12.8% year-onyear).
(a) Brokerage commission“Brokerage commission” was ¥5,463 million (down 30.4% year-on-year). This was mainly due to adecrease to ¥922.9 billion (down 21.9% year-on-year) in the volume of stock brokered, resulting inbrokerage commission on stocks of ¥5,413 million (down 30.2% year-on-year). Meanwhile, brokeragecommission of beneficiary certificates was ¥49 million (down 45.5% year-on-year). Note that due to theapplication of the Revenue Recognition Accounting Standard, etc., “Brokerage commission” decreasedby ¥4 million.
-2-

(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 ¥101 million (up 144.1% 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,”
which mainly consist of investment trust sales commissions, was ¥2,880 million (down 4.0% year-onyear). This was due to the fact that despite focusing on sales of investment trusts that invest in stocks ofsustainable growth companies in the U.S. and AI-related companies across the world, the investment
environment deteriorated and sales dropped. In addition, “Other fees received” was ¥3,672 million (up22.3% year-on-year) mainly due to increases in commission for agency commission for investment trusts
and mutual fund wraps. Note that due to the application of the Revenue Recognition Accounting Standard,etc., “Fees for offering, secondary distribution and solicitation for selling and others for professional
investors” decreased by ¥12 million and “Other fees received” decreased by ¥54 million.
(ii) Net trading income
During the fiscal year under review, “Net trading income” was ¥1,332 million (up 7.5% year-on-year)
consisting of net trading income for stocks of ¥981 million (up 1.0% year-on-year) and that for bonds andforeign exchanges of ¥350 million (up 31.1% year-on-year).
(iii) Financial revenue and expenses
During the fiscal year under review, “Financial revenue” was ¥207 million (up 4.6% year-on-year) due to anincrease in income from margin transactions, and “Financial expenses” was ¥52 million (down 26.9% yearon-year) due to a decrease in cost of margin transactions, resulting in a net profit of ¥155 million (up 22.4%
year-on-year).
(iv) Selling, general and administrative expenses
During the fiscal year under review, “Selling, general and administrative expenses” were ¥12,107 million(down 3.0% year-on-year). This was mainly attributable to a decrease in “Trading related expenses,” which
was partially offset by an increase in “Real estate expenses.” Note that due to the application of the Revenue
Recognition Accounting Standard, etc., “Selling, general and administrative expenses” decreased by ¥71
million.
(v) Extraordinary income and losses“Extraordinary losses” for the fiscal year under review totaled ¥5 million, and consisted solely of “Impairment
loss” (compared to ¥5 million of impairment loss 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 ¥48,766 million, a decrease of¥6,476 million from the end of the previous fiscal year. This was mainly attributable to decreases of ¥3,496
million in “Cash segregated as deposits,” ¥2,402 million in “Cash and deposits,” and ¥1,276 million in“Margin transaction assets,” which were partially offset by an increase of ¥246 million in “Cash paid foroffering.”(ii) Non-current assets
At the end of the fiscal year under review, “Non-current assets” amounted to ¥15,745 million, a decrease of¥924 million from the end of the previous fiscal year. This was mainly attributable to a decrease of ¥868
million in “Investment securities.”(iii) Current liabilities
At the end of the fiscal year under review, “Current liabilities” amounted to ¥20,390 million, a decrease of¥6,334 million from the end of the previous fiscal year. This was mainly attributable to decreases of ¥4,472
million in “Deposits received,” ¥783 million in “Income taxes payable,” ¥679 million in “Accounts payable- other,” and ¥501 million in “Margin transaction liabilities.”-3-

(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 ¥5,049million, a decrease of ¥428 million from the end of the previous fiscal year.
This was mainly attributable to decreases of ¥274 million in “Deferred tax liabilities” and ¥166 million in“Provision for share awards for employees,” which were partially offset by an increase of ¥57 million in“Asset retirement obligations.”(v) Net assets
At the end of the fiscal year under review, “Net assets” amounted to ¥39,071 million, a decrease of ¥637
million from the end of the previous fiscal year. This was mainly attributable to decreases of ¥1,172 million
in retained earnings due to the payment of dividends, ¥720 million in “Valuation difference on available-forsale securities,” and ¥138 million in the purchase of “Treasury shares,” which were partially offset by therecording of “Profit” of ¥1,389 million.
(3) Overview of cash flows“Cash and cash equivalents at end of period” of the fiscal year under review decreased by ¥2,402 million from theend of the previous fiscal year to ¥22,723 million.
(Cash flows from operating activities)“Net cash used in operating activities” for the fiscal year under review amounted to ¥721 million, a decrease of¥3,000 million from ¥2,278 million of “Net cash provided by operating activities” for the previous fiscal year.
This cash outflow was mainly attributable to a decrease of ¥4,579 million in “Deposits and guarantee deposits
received,” “Income taxes paid” of ¥1,330 million, “Interest and dividend income” of ¥495 million, a decrease of¥246 million in “Cash paid for subscription,” and a decrease of ¥203 million in “Trading products - assets(liabilities),” which were partially offset by an increase of ¥3,500 million in “Cash segregated as deposits forcustomers,” the recording of ¥1,955 million in “Profit before income taxes,” an increase of ¥774 million in“Assets/liabilities for margin transaction,” and the recording of ¥441 million in “Depreciation.”(Cash flows from investing activities)“Net cash used in investing activities” for the fiscal year under review amounted to ¥587 million, a decrease of¥534 million from ¥52 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 ¥187 million, “Payments ofleasehold deposits” of ¥155 million, “Purchase of investment securities” of ¥131 million, and “Purchase ofintangible assets” of ¥79 million.
(Cash flows from financing activities)“Net cash used in financing activities” for the fiscal year under review amounted ¥1,318 million, a decrease of¥666 million from ¥652 million of “Net cash used in financing activities.” This cash outflow was mainly
attributable to “Dividends paid” of ¥1,173 million and “Purchase of treasury shares” of ¥138 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 rather 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. Widespread vaccination has beenachieved despite concerns about variants, and branch offices are able to conduct sales work from home using cell
phones and tablets. The Customer Center has established a system that enables it to cover duties of offices whereclusters of COVID-19 infections have been confirmed. In addition, at the head office, we have taken measures toprevent the suspension of critical operations by assigning personnel who perform the same work to different floors.

-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
The 5th Medium-term Management Plan (covering the period from April 2019 to March 2022) concluded at theend of the fiscal year under review.
Our achievements for the 5th Medium-term Management Plan are as follows:(Numerical targets and results for the 5th Medium-term Management Plan)
Item(i) Percent of SG&A expenses coveredby subscription-type revenue*(ii) Mutual fund wrap assets in custody

Numerical targets

30% or more(fiscal 2021)¥130.0 billion(Balance as of March 31, 2022)

Results

30.0%¥124.4 billion* 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) The percentage of SG&A expenses covered by subscription-type revenue for fiscal 2021, or the fiscal
year under review, was 30.0% with agency commission for investment trusts of ¥2,022 million (up 24.1%
year-on-year) and commission for mutual fund wraps of ¥1,609 million (up 21.5% year-on-year) resulting
from increases in the balances of mutual fund wraps and investment trusts.
(ii) Mutual fund wrap assets in custody as of March 31, 2022 totaled ¥124.4 billion, an increase of ¥11.2
billion from the end of the previous fiscal year, which meant that we missed the target we had set forthin the 5th Medium-term Management Plan. The main reason for this is that, although we have been
seeking to attract business based on portfolios comprising stocks, investment trusts, mutual fund wraps,
etc., with the market environment changing, opportunities to offer investment trusts increased in relative
terms.
(3) Medium- to long-term management strategy and target management indicators
We revised our corporate vision to reflect the changes in our operating environment, and also formulated the 6th
Medium-term Management Plan.
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

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
Advance payments
Prepaid expenses
Accounts receivable - otherAccrued 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-Previous fiscal year
(As of March 31, 2021)(Millions of yen)
Current fiscal year
(As of March 31, 2022)

25,125
16,942
460
460
0
–
9,685
9,097

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

588

118

221
1,490
648
21
–
142
0
503
55,243

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

3,508
1,746
37
390
1,313
21
321
51
269
12,83912,065
5
15
739
3
27
(17)
16,66971,912

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

Previous fiscal year
(As of March 31, 2021)
Liabilities
Current liabilities:
Trade date accrual
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, 2022)

7
1,248
426
822
1,027
1,027
18,856
15,452
7
3,396
733
1,950
2
6
776
496
932
681
–
–
–
6
26,725

–
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

800
17
1,760
2,232
166
9
340
48
5,376

800
16
1,485
2,202
–
9
397
36
4,947

101
101
32,203101
101
25,43912,272

12,272

4,294
1,969
6,264

4,294
1,969
6,264

17,561
7,247
10,313
17,561(1,500)34,597

17,778
7,247
10,531
17,778(1,635)34,6805,111
5,111
39,70971,912

4,391
4,391
39,07164,511

(2) Non-consolidated statements of income(Millions of yen)
Current fiscal year
(From April 1, 2021
to March 31, 2022)

Previous fiscal year
(From April 1, 2020
to March 31, 2021)
Operating revenue
Commission received:
Brokerage commission
Commission for underwriting, secondary distribution andsolicitation for selling and others for professional investors
Fee 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
Non-operating income:
Dividend income
Miscellaneous income
Total non-operating income
Non-operating expenses:
Miscellaneous loss
Total non-operating expenses
Ordinary profit
Extraordinary losses:
Provision of reserve for financial instruments transaction liabilities
Loss on sales of investment securities
Loss on valuation of investment securities
Impairment loss
Settlement package
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit- 10 -

13,891
7,845

12,117
5,463

41

101

3,001

2,880

3,002
1,239
198
36
15,36671
15,294

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

1,330
6,956
1,471
1,905
380
230
203
12,477
2,817

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

231
172
404

271
180
451

13
13
3,207

14
14
1,961

3
73
244
5
32
359
2,847
965
13
979
1,868

–
–
–
5
–
5
1,955
575
(9)
566
1,389

(3) Non-consolidated statement of changes in net assets
Previous fiscal year (from April 1, 2020 to March 31, 2021)(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
on
Total Treasury shareholders'andavailableRetained retained shares
equitytranslation
for-sale
General earnings earnings
adjustments
securities
reserve brought
forward
7,247

9,096

16,344(1,503)33,377

3,157

3,157

36,535

Dividends of surplus

(651)

(651)

(651)

(651)

Profit

1,868

1,868

1,868

1,868

(0)

(0)

(0)

3

3

3

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

1,954

1,954

1,954

–

–

–

–

–

1,216

1,216

3

1,220

1,954

1,954

3,174

12,272

4,294

1,969

6,264

7,247

10,313

17,561(1,500)34,597

5,111

5,111

39,709Current 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'andavailableRetained retained shares
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- 11 -

(4) Non-consolidated statements of cash flows(Millions of yen)Previous fiscal year
(From April 1, 2020
to March 31, 2021)

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

Cash flows from operating activities:
Profit before income taxes

2,847

1,955

Depreciation

380

441

Impairment loss

5

5

Increase (decrease) in provision for retirement benefits

(34)

(29)

Increase (decrease) in provision for bonuses

159

(145)

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

128

118

(0)

2

3

–

Interest and dividend income

(448)

(495)

Interest expenses

71

52

Loss (gain) on sales and valuation of investment securities

318–

Settlement package

32–(3,899)3,500

Decrease (increase) in trading products - assets (liabilities)

37

(203)

Decrease/increase in assets/liabilities for margin transaction(4,249)774

Decrease (increase) in cash segregated as deposits for customers

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
Increase/decrease in other assets/liabilities
Subtotal

(1)

1

1,390

(246)

544

63

4,842

(4,579)71(1,014)

2,201

200

Interest and dividends received

433

497

Interest paid

(72)

(52)

Settlement paid

–

(36)

Income taxes paid

(283)

(1,330)Net cash provided by (used in) operating activities

2,278

(721)

Purchase of investment securities

(50)

(131)

Proceeds from sales of investment securities

212–

Purchase of property, plant and equipment

(150)

(187)

Purchase of intangible assets

(69)

(79)

Payments for retirement of property, plant and equipment

(5)

(3)

Payments for asset retirement obligations

(23)

–

Loan advances

(13)

(20)

Cash flows from investing activities:

Collection of loans receivable

11

15

Payments of leasehold deposits

(12)

(155)

Other, net

48

(23)

Net cash provided by (used in) investing activities

(52)

(587)

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

(0)

(138)

(649)

(1,173)

(2)

(7)

(652)

(1,318)117

225

Net increase (decrease) in cash and cash equivalents

1,690(2,402)

Cash and cash equivalents at beginning of period

23,43425,125

Cash and cash equivalents at end of period

25,12522,723- 12 -

(5) Notes to non-consolidated financial statements
Going concern assumption
Not applicable
Changes in accounting policies
1) Application of the Accounting Standard for Revenue Recognition, etc.
We have applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29; March 31, 2020;
hereinafter the “Accounting Standard for Revenue Recognition”), etc. from the beginning of the fiscal year
ended March 31, 2022. When control of a promised good or service is transferred to a customer, we recognize
revenue at the amount expected to be received in exchange for the good or service. As a result, rebates andother consideration to be paid to a customer were previously accounted for as selling, general andadministrative expenses, but the accounting method has been changed to the one that deducts them from thetransaction price.
The application of the Accounting Standard for Revenue Recognition, etc. is pursuant to the transitional
treatment set forth in the proviso of Paragraph 84 of the Accounting Standard for Revenue Recognition. The
cumulative effect of the retroactive application, assuming the new accounting policy had been applied toperiods prior to the beginning of the fiscal year ended March 31, 2022, was added to or subtracted from the
beginning balance of retained earnings of the fiscal year ended March 31, 2022, and thus the new accounting
policy was applied from such beginning balance.
As a result, operating revenue, net operating revenue, and selling, general and administrative expenses eachdecreased by ¥71 million. There was no impact of the change on operating profit, ordinary profit, profit before
income taxes, or the beginning balance of retained earnings of the fiscal year ended March 31, 2022.
2) Application of the Accounting Standard for Fair Value Measurement, etc.
We have applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30; July 4, 2019;
hereinafter the “Accounting Standard for Fair Value Measurement”), etc. from the beginning of the fiscal year
ended March 31, 2022. In accordance with the transitional treatment set forth in Paragraph 19 of the AccountingStandard for Fair Value Measurement and Paragraph 44-2 of the Accounting Standard for Financial Instruments(ASBJ Statement No. 10; July 4, 2019), we apply the new accounting policy set forth in the AccountingStandard for Fair Value Measurement, etc. for future periods. This has no impact on the consolidated financial
statements.
Changes in accounting estimates
During the period under review, we have decided to relocate the head office primarily for the purposes of
expanding and improving its functions, streamlining operations, and cutting expenses. Accordingly, we haveshortened the useful lives of non-current assets that are unlikely to be used after the relocation, and changed theestimates of asset retirement obligations for restoring the assets to their original state.
As a result of this change, operating profit, ordinary profit, and profit before income taxes for the period underreview each decreased by ¥59 million compared with those calculated under the previous method.

- 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; the same applies hereinafter).
(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 ¥76 million for 319 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-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 ¥103 million for 503
thousand shares and ¥238 million for 940 thousand shares, respectively.

- 14 -

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, 2021)
4,012
71
962
6
5,052

- 15 -(Millions of yen)
Current fiscal year
(As of March 31, 2022)
4,140
74
1,007
10
5,232

Non-consolidated statement of changes in net assets
Previous fiscal year (from April 1, 2020 to March 31, 2021)
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

6,405,097

Decrease
56

14,300At end of period
6,390,853

Notes 1. The number of treasury shares at the beginning of the period and at the end of the period includes 837,500 shares and823,200 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
Factor of the increase of 56 shares is as follows:
Increase due to purchase of shares less than one unit:
Factors of the decrease of 14,300 shares are as follows:
Decrease due to provision of shares for BBT:
Decrease due to provision of shares for J-ESOP:

56 shares
11,700 shares
2,600 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 stock260
4.0
March 31, 2020
June 25, 2020
Shareholders heldon June 24, 2020
Board of Directors
meeting held on
Common stock390
6.0 September 30, 2020
December 2, 2020
October 29, 2020
Notes: 1. The total amount of dividends paid based on the resolution at the Ordinary General Meeting of Shareholders held on
June 24, 2020 includes dividends of ¥3 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, 2020
includes dividends of ¥4 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 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 ofCommonRetained651
10.0 March 31, 2021
June 25, 2021
Shareholders heldstock
earnings
on June 24, 2021
Notes 1. The total amount of dividends paid 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.
2. Dividend paid per share of 10.0 yen includes that of 2.0 yen to commemorate the 100th anniversary of the Company’s
founding.

- 16 -

Current 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)
Notes 1.

2.

Increase

6,390,853

Decrease

451,261

14,385

At end of period
6,827,729

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.
Overview of reasons for change
Factor of the increase of 451,261 shares is 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 29,
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 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 ofCommonRetained390
6.0
March 31, 2022
June 27, 2022
Shareholders heldstock
earnings
on June 24, 2022
Notes 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 -

Segment information, etc.
(Segment information)
The Company does not provide segment information because it has only a single business segment, which is theinvestment and financial services business.
(Related information)
Previous fiscal year (from April 1, 2020 to March 31, 2021)
1. Information by services(Millions of yen)

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

7,754

0

Beneficiary
certificates
91

37

4

1

Total

Item

Stocks

Bonds

Other

Total
–

7,845

–

–

41

0

2,999

–

3,001

10

0

2,956

34

3,002

7,803

5

6,047

34

13,891

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 the value of property, plant and equipment in Japan exceeds 90% of its total value of
property, plant and equipment.
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, 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
Fee 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 the value of property, plant and equipment in Japan exceeds 90% of its total value of
property, plant and equipment.
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.

- 18 -

Share of profit or loss of entities accounted for using equity method
Previous fiscal year (from April 1, 2020 to March 31, 2021)
Not applicable
Current fiscal year (from April 1, 2021 to March 31, 2022)
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, 2021)

Item(1) Net assets per share (Yen)Current fiscal year
(As of March 31, 2022)

617.58611.82

Total net assets on balance sheets (Millions of yen)

39,70939,071

Net assets attributable to common stocks (Millions of yen)

39,70939,071––

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

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

6,390

6,827

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

64,29863,861

Basis of calculation

Major components of difference (Millions of yen)Previous fiscal year
(From April 1, 2020
to March 31, 2021)

Item(2) Basic earnings per share (Yen)Current fiscal year
(From April 1, 2021
to March 31, 2022)

29.05

21.73

1,868

1,389

–

–

1,868

1,389

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
64,29363,948(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 deducted from thenumber of shares issued at the end of the fiscal year. For the purpose of calculating basic earnings per share, the numberof shares of the Company held by the Trust was included in the number of treasury shares, which was to be deductedfrom 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 823,200 shares in the previous fiscal year and 1,259,900
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 827,866 shares for the previous fiscal
year and 1,173,092 shares for the current fiscal year.

Material subsequent events
Not applicable.

- 19 -

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
Fee for offering, secondary distribution
and solicitation for selling and others for
professional investors
Other fees received
Total

Previous fiscal year
(From April 1, 2020
to March 31, 2021)
7,845[7,754][0][91]

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

41

101

244.1

[37]
[4]

[38]
[63]

101.7
1,503.0

3,001

2,880

96.0

3,002
13,891

3,672
12,117

122.3
87.2

Previous fiscal year
(From April 1, 2020
to March 31, 2021)
7,803
5
6,047
34
13,891

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

Previous fiscal year
(From April 1, 2020
to March 31, 2021)
972
267
[142]
[124]
1,239

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

(ii) Commission by product

Stocks
Bonds
Beneficiary certificates
Other
Total

69.6
69.8
–
54.5

(Millions of yen)

(2) Net trading income

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

Year-on-yearchange (%)

Year-on-yearchange (%)
70.0
1,219.0
108.5
79.3
87.2
(Millions of yen)

- 20 -

Year-on-yearchange (%)
101.0
131.1
146.5
113.5
107.5

(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, 2020
to March 31, 2021)
NumberAmountof shares
635
1,271,708[628] [1,190,444][6][81,263]
98.9
93.6
0.07
0.06
12.34

(Millions of shares, Millions of yen)
Current fiscal year
Year-on-year change (%)(From April 1, 2021
to March 31, 2022)
NumberNumberAmountAmountof sharesof shares442
1,007,893
69.6
79.3
[438]
[929,971][69.8][78.1][3][77,921][55.4][95.9]
99.1
92.3
0.05
0.05
–
12.35

(4) Dealing volume of underwriting, public offering and secondary distribution
Previous fiscal year
(From April 1, 2020
to March 31, 2021)(Thousands of shares, Millions of yen)
Current fiscal year
Year-on-year change (%)(From April 1, 2021
to March 31, 2022)

Underwriting:Stock (Number of shares)
1,678
1,896
113.0
Stock (Amount)
2,024
2,096
103.5
Bond (Face value)
250
5,150
2,060.0
Beneficiary certificates (Amount)–––
Commercial paper & foreign securities–––(Face value)
Offering and secondary distribution
Stock (Number of shares)
1,884
1,765
93.7
Stock (Amount)
2,287
1,803
78.8
Bond (Face value)
165
5,036
3,052.1
Beneficiary certificates (Amount)422,386355,754
84.2
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)

Market risk
Counterparty risk
Risk items
Basic risk
Total
Capital adequacy ratio (%)(D) / (E) × 100(E)

Previous fiscal year
(As of March 31, 2021)
33,946(Millions of yen)
Current fiscal year
(As of March 31, 2022)
34,289

5,111

4,391

101

101

5,213
5,342

4,493
5,375

33,81733,406

1,531
413
2,905
4,850
697.1

1,359
432
3,011
4,803
695.4

(6) Number of directors, officers and employees
Previous fiscal year
(As of March 31, 2021)
Directors and officers
Employees

12723- 21 -(persons)
Current fiscal year
(As of March 31, 2022)
12
751

(7) Quarterly trends of operating results(Millions of yen)Previous fiscal year
1st quarter(Apr. 1, 2021–
Jun. 30, 2021)

2nd quarter(Jul. 1, 2021–
Sep. 30, 2021)

3rd quarter(Oct. 1, 2021–
Dec. 31, 2021)

4th quarter(Jan. 1, 2022–
Mar. 31, 2022)

Current
fiscal year
(Apr. 1, 2021–
Mar. 31, 2022)

Commission received

3,177

3,233

3,263

2,442

12,117

Net trading income

279

365

438

248

1,332

Financial revenue

52

55

52

48

207

Other

6

6

6

6

25

3,514

3,661

3,760

2,746

13,683

14

13

12

12

52

3,500

3,647

3,748

2,734

13,630

287

276

265

250

1,081

Personnel expenses

1,754

1,740

1,734

1,546

6,776

Real estate expenses

412

358

395

408

1,575

Office expenses

455

438

459

457

1,810

Depreciation

86

94

122

137

441

Taxes and dues

77

49

49

39

215

49

53

44

58

205

3,124

3,011

3,072

2,899

12,107

376

636

676

(165)

1,523

Non-operating income

205

43

146

56

451

Non-operating expenses

0

11

1

1

14

Ordinary profit (loss)

581

668

821

(110)

1,961

5

–

–

–

5

Operating revenue:

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

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

Extraordinary losses:
Impairment loss

5

–

–

–

5

576

668

821

(110)

1,955

Income taxes - current

3

360

155

56

575

Income taxes - deferred

125

(155)

129

(108)

(9)

Total income taxes

128

204

284

(51)

566

Profit (loss)

447

463

537

(58)

1,389

Total extraordinary losses
Profit (loss) before income taxes- 22 -