Non-consolidated Financial Results
for the Fiscal Year Ended March 31, 2021
(Under Japanese GAAP)
April 30, 2021
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:+81-3-6739-5403
Scheduled date of ordinary general meeting of shareholders:June 24, 2021
Scheduled date of dividend payment:
June 25, 2021
Scheduled filing date of Annual Securities Report (Yukashoken Hokokusho):June 25, 2021
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, 2021
(from April 1, 2020 to March 31, 2021)(1) Operating results(Percentages indicate year-on-year changes.)

Fiscal year ended
March 31, 2021
March 31, 2020

Fiscal year ended
March 31, 2021
March 31, 2020

Operatingrevenue
Millions ofyen

15,366
11,946

Net operating
Operating profit
Ordinary profit
Profitrevenue% Millions of% Millions of% Millions of% Millions of
yen
yen
yen
yen

28.6
3.6

15,294
11,87628.8
3.6

Basic earnings
per share
Yen

Diluted earnings
per share
Yen

29.05
11.86

–
–

–
–

2,817
7

3,207
441

626.0
–

1,868
791

%

136.0
328.2

%

Ordinary profit tototal assets%

Operating profit tooperating revenue
revenue
%

4.9
2.1

4.8
0.7

18.3
0.1

Return on
capitalReference: Share of profit or loss of entities accounted for using equity method
For the fiscal year ended March 31, 2021: –For the fiscal year ended March 31, 2020: –(2) Non-consolidated financial position
As ofMarch 31, 2021
March 31, 2020

Total assets
Millions of yen

Net assets
Millions of yen

71,91260,94039,70936,535

Capital ratio%

Net assets per share Capital adequacy ratio
Yen
%

55.2
60.0

Reference: Capital (Shareholders’ equity + Valuation and translation adjustments):
As of March 31, 2021:¥39,709 million
As of March 31, 2020:

617.58568.34

697.1
712.5

¥36,535 million(3) Non-consolidated cash flows

Fiscal year ended
March 31, 2021
March 31, 2020

Cash flows fromoperating activities
Millions of yen

Cash flows frominvesting activities
Millions of yen

2,278
1,107

(52)
126

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(652)(1,657)25,12523,434

2. Dividends

Fiscal year ended
March 31, 2020
March 31, 2021
(Note)

First
quarterend
Yen

–
–

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

4.00
6.00

–
–

4.00
10.00

Total

Total
dividends(Annual)Dividend
payout ratio

Dividend on
equityYen

Millions of yen

%

%

8.00
16.00

528
1,041

67.4
55.1

1.4
2.7

Breakdown of 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)3. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2022 (from April 1, 2021 toMarch 31, 2022)
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: None(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(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, 2021:
70,689,033 shares
As of March 31, 2020:
70,689,033 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2021:
6,390,853 shares
As of March 31, 2020:
6,405,097 shares(iii) Average number of shares of common stock during the period
Fiscal year ended March 31, 2021:
64,293,565 sharesFiscal year ended March 31, 2020:
66,715,100 shares
Notes: The number of treasury shares at the end of the period includes the shares of the Company’s stock
held by 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 to be deducted from the calculation of the average number of shares of common stock during theperiod, 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
philosophy of 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, 2022 (from
April 1, 2021 to March 31, 2022),” we have yet to determine the year-end dividend forecast for the fiscal year
ending March 31, 2022 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 2021 and March
2022).

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 ······································································································································
4(5) Risk information on COVID-19 infection ······························································································
4
2. Management Policy ····························································································································
5(1) Basic management policy of the company ·····························································································
5(2) Progress with implementation of medium-term management plan·································································
5(3) Medium- to long-term management strategy and target management indicators ················································
5(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(Additional information) ··················································································································
13(Notes to non-consolidated balance sheets) ····························································································
14(Notes to non-consolidated statements of changes in net assets) ···································································
15(Segment information, etc.) ··············································································································
17(Share of profit or loss of entities accounted for using equity method) ····························································
18(Per-share information) ···················································································································
18(Material subsequent events) ·············································································································
18
5. Supplemental information ·····················································································································
19(1) Commission received ······················································································································
19(2) Net trading income·························································································································
19(3) Stock trading volume (excluding futures trading) ·····················································································
20(4) Dealing volume of underwriting, offering and secondary distribution ·····························································
20(5) Capital adequacy ratio ·····················································································································
20(6) Number of directors, officers and employees ··························································································
20(7) Quarterly trends of operating results ····································································································
21-1-

1. Overview of operating results, etc.
(1) Overview of operating results
During the fiscal year ended March 31, 2021 (hereinafter the “fiscal year under review”), Japan’s economy
remained in the doldrums due to the novel coronavirus (COVID-19). However, after July, the economy was on
the recovery, with economic activities gradually being resumed. The COVID-19 crisis struck amid sluggish
economic performance following a hike in the rate of consumption tax in October 2019, and during April
through June 2020, Japan’s Gross Domestic Product in Constant Prices (real GDP) declined by an annualized
29.3% rate, the largest drop since the end of World War II. From July through September, however, real GDP
quickly bounced back by an annualized 22.8% rate, and the rebound continued through the October-December
quarter. In January 2021 another State of Emergency was declared for Tokyo and some other areas, yet despite
this, the domestic recovery gathered strength, with the Economy Watchers Survey of the Cabinet Office inFebruary, for example, putting the near-future economic outlook at its highest level since September 2018.
During the fiscal year under review, the domestic stock markets recovered from the COVID-19-driven sell-off
that occurred at the end of the previous fiscal year as the pandemic emerged. In April-May 2020, prices
rebounded from that plunge, and in November the completion of the US presidential election, progress with thedevelopment of vaccines for COVID-19, and the start of actual inoculations led to expectations that economic
activity would return to normal. Then, in January-February, an additional stimulus package from the US
government and the acceleration of the US vaccine rollout spurred hopes of economic recovery. As a result,stock prices were on an upward trend throughout the fiscal year under review. Despite the State of Emergency
declaration for Tokyo etc. in January, Japanese stocks, which are regarded as being highly sensitive to global
economic developments, responded to the expectations of a recovery in the world economy, and on February 15
the Nikkei Average topped 30,000 yen for the first time since August 2, 1990. Ultimately, the Nikkei Average
ended the fiscal year under review at 29,178.80 yen, up 54.2% from the end of March 2020.
Under these circumstances, we reported increases in both operating revenue and net operating revenue during
the fiscal year under review, with operating revenue of ¥15,366 million (up 28.6% year-on-year) and net
operating revenue of ¥15,294 million (up 28.8% year-on-year), which is the amount of operating revenue lessfinancial expenses of ¥71 million (up 3.2% year-on-year). Selling, general and administrative expenses were¥12,477 million (up 5.1% year-on-year). As a result, we reported operating profit of ¥2,817 million (up39,716.2% year-on-year) and ordinary profit of ¥3,207 million (up 626.0% year-on-year). Because we booked an
extraordinary loss of ¥359 million (compared to ¥180 million the previous fiscal year) and tax expenses of ¥979
million (up 494.0% year-on-year), profit was ¥1,868 million (up 136.0% 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 ¥13,891 million (up 46.4% year-onyear).
(a) Brokerage commission“Brokerage commission” was ¥7,845 million (up 81.2% year-on-year). This was mainly due to anincrease of ¥1,190.4 billion (up 59.0% year-on-year) in the volume of stock brokered, resulting inbrokerage commission on stocks of ¥7,754 million (up 82.1% year-on-year). Meanwhile, brokeragecommission of beneficiary certificates was ¥91 million (up 24.9% 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 ¥41 million (down 27.3% year-on-year).
(c) Fees for offering, secondary distribution and solicitation for selling and others for professional investors“Fees for offering, secondary distribution and solicitation for selling and others for professional
investors,” which mainly consist of investment trust sales commissions, was ¥3,001 million (up 37.2%
year-on-year). This was due to strong sales of investment trusts that invest in stocks of AI-relatedcompanies across the world, sustainable growth companies in the US, and high-quality growthcompanies across the world. In addition, “Other fees received” was ¥3,002 million (up 3.0% year-onyear) mainly due to increases in commission for mutual fund wraps and agency commission forinvestment trusts.
-2-

(ii) Net trading income
During the fiscal year under review, “Net trading income” was ¥1,239 million (down 44.4% year-on-year)
consisting for net trading income for stocks of ¥972 million (down 32.8% year-on-year) due to a decrease inproprietary trading volume and that for bonds and foreign exchanges of ¥267 million (down 65.9% year-onyear).
(iii) Financial revenue and expenses
During the fiscal year under review, “Financial revenue” was ¥198 million (up 5.9% year-on-year) due to anincrease in income from margin transactions, and “Financial expenses” was ¥71 million (up 3.2% year-onyear) due to an increase in cost of margin transactions, resulting in a net profit of ¥126 million (up 7.5%
year-on-year).
(iv) Selling, general and administrative expenses
During the fiscal year under review, “Selling, general and administrative expenses” was ¥12,477 million (up5.1% year-on-year). This was mainly attributable to an increase in “Personnel expenses,” notably an
increase in bonuses as a result of an increase in “Operating revenue,” which was partially offset by adecrease in “Office expenses.”(v) Extraordinary income and losses“Extraordinary losses” for the fiscal year under review totaled ¥359 million (compared to ¥180 million theprevious fiscal year) consisted of costs of “Loss on valuation of investment securities” of ¥244 million(compared to ¥138 billion the previous fiscal year), “Loss on sales of investment securities” of ¥73 million(compared to ¥1 million the previous fiscal year), “Settlement package” of ¥32 million (compared to nil theprevious fiscal year), “Impairment loss” of ¥5 million (compared to ¥39 million the previous fiscal year),and “Provision of reserve for financial instruments transaction liabilities” of ¥3 million (compared to ¥0
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 ¥55,243 million, an increase of¥8,898 million from the end of the previous fiscal year. This was mainly attributable to increases of ¥4,689
million in “Margin transaction assets,” ¥ 3,902 million in “Cash segregated as deposits,” and ¥1,690 million
in “Cash and deposits,” which were partially offset by a decrease of ¥1,390 million in “Cash paid foroffering.”(ii) Non-current assets
At the end of the fiscal year under review, “Non-current assets” amounted to ¥16,669 million, an increase of¥2,073 million from the end of the previous fiscal year. This was mainly attributable to an increase of¥2,199 million in “Investment securities.”(iii) Current liabilities
At the end of the fiscal year under review, “Current liabilities” amounted to ¥26,725 million, an increase of¥6,910 million from the end of the previous fiscal year. This was mainly attributable to increases of ¥4,791
million in “Deposits received,” ¥703 million in “Income taxes payable,” ¥544 million in “Borrowings
secured by securities,” and ¥439 million in “Margin transaction liabilities.”(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 ¥5,477 million, an increase of ¥887 million from the end of the previous fiscal
year. This was mainly attributable to increases of ¥744 million in “Deferred tax liabilities” and ¥128 million
in “Provision for share-based remuneration for employees.”(v) Net assets
At the end of the fiscal year under review, “Net assets” amounted to ¥39,709 million, an increase of ¥3,174
million from the end of the previous fiscal year. This was mainly attributable to an increase of ¥1,954
million in “Valuation difference on available-for-sale securities” and the recording of “Profit” of ¥1,868
million, which were partially offset by a decrease of ¥651 million due to the payment of dividends ofsurplus.
-3-(3) Overview of cash flows“Cash and cash equivalents at end of period” of the fiscal year under review increased by ¥1,690 million fromthe end of the previous fiscal year to ¥25,125 million.
(Cash flows from operating activities)“Net cash provided by operating activities” for the fiscal year under review amounted to ¥2,278 million, an
increase of ¥1,171 million from ¥1,107 million of “Net cash provided by operating activities” for the previous
fiscal year. This cash inflow was mainly attributable to an increase of ¥4,842 million in “Deposits and guarantee
deposits received,” the recording of ¥2,847 million in “Profit before income taxes,” and a decrease of ¥1,390
million in “Cash paid for subscription,” an increase of ¥544 million in “Borrowings secured by securities,” andthe recording of ¥433 million in interest and dividends received, which were partially offset by a decrease of¥4,249 million in “Decrease/increase in assets/liabilities for margin transaction and an increase of ¥3,899 million
in “Cash segregated as deposits for customers.”(Cash flows from investing activities)“Net cash used in investing activities” for the fiscal year under review amounted to ¥52 million, a decrease of¥179 million from ¥126 million of “Net cash provided by investing activities” for the previous fiscal year. This
cash outflow was mainly attributable to “Purchase of property, plant and equipment” of ¥150 million, “Purchaseof intangible assets” of ¥69 million and “Purchase of investment securities” of ¥50 million, which were partially
offset by “Proceeds from sales of investment securities” of ¥212 million.
(Cash flows from financing activities)“Net cash used in financing activities” for the fiscal year under review amounted ¥652 million, an increase of¥1,005 million from ¥1,657 million of “Net cash used in financing activities.” This cash outflow was mainly
attributable to “Dividends paid” of ¥649 million.
(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
To protect against the COVID-19 infection, we may suspend operations at its branch offices in accordance withthe policies/requests of the national government, municipal governments, financial authorities, etc., but willcontinue serving customers through telephone calls or other communication methods. Should the infection
spread further, however, decreased interactions with customers could adversely affect our operating results.

-4-

2. Management policy(1) Basic management policy of the company
In order to develop as a securities company that is trusted and chosen not only by our customers but also by ourshareholders, employees and society, 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
In April 2019, we began executing the 5th Medium-term Management Plan (covering the period from April 2019
to March 2022) with the aim of realizing the “corporate vision” (covering the period from April 2015 to March
2022) that we formulated in 2015.
Our achievements in fiscal 2020 (the fiscal year ended March 31, 2021), the second year of the 5th Mediumterm Management Plan, are as follows:

Item
Fiscal 2020 Results(i) Percentage of SG&A expenses
covered by subscription-typerevenue*
23.7%(ii) Mutual fund wrap
assets in custody¥113.2 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 was 23.7% due to increases
in bonuses and other expenses, despite a rise in subscription-type revenue, with agency commission forinvestment trusts of ¥1,630 million (up 3.9% year-on-year) and commission for mutual fund wraps of¥1,324 million (up 0.7% year-on-year) resulting from increases in the balances of mutual fund wraps
and investment trusts.
(ii) As of March 31, 2021, mutual fund wrap assets in custody totaled ¥113.2 billion, an increase of ¥21.9
billion from the end of the previous fiscal year.
(3) Medium- to long-term management strategy and target management indicators(i) Corporate vision (covering the period from April 2015 to March 2022)
In March 2015, we formulated our corporate vision as a medium- to long-term management strategy. It set
out our management philosophy in specific terms, so as to articulate the ideal state of our company as weapproached our 100th anniversary in 2021 and to lay a foundation for the next 100 years. It has served as acompass for the fourth medium-term management plan, implementation of which began in fiscal 2016, andthe fifth medium-term management plan, implementation of which began in fiscal 2019.
We will demonstrate this vision to our many stakeholders, including customers, shareholders, employees,
and local communities, and aim to become an irreplaceable presence in society by enhancing our own
corporate value over the medium to long term.

-5-The four ideals for the Company that form the basis of our corporate vision are as follows:

Corporate vision
1. The company trusted most by customers
2. A company where employees can work with pride and achieve self-fulfillment
3. A company that contributes to the development of local communities through financial
services and information dissemination
4. A company that continuously takes on the challenge of transforming its businessstructure
In order to make the above corporate vision a reality, we have formulated the following seven basic
strategies:<Seven basic strategies>
 Fulfill the role of an asset management advisor
 Ensure compliance with business ethics and laws
 Improve the skills of all employees Adopt personnel and evaluation systems that accommodate diverse work styles
 Expand our revenue base, improve operational efficiency, and review costs
 Contribute to local communities
 Locate branches strategically(Numerical targets)
Percentage of SG&A expenses covered bysubscription-type revenue

Mutual fund wrap assets in custody

30% or more(fiscal 2021)¥130 billion(Balance as of March 31, 2022)(ii) 5th Medium-term Management Plan (covering the period from April 2019 to March 2022)
Since fiscal 2004, we have formulated a medium-term management plan every three years to improvecustomer satisfaction and expand our stable revenue base. The main goals of the newly formulated 5th
Medium-term Management Plan are to overcome the issues remaining from the fourth medium-term
management plan and to achieve our corporate vision.
The numerical targets of the fifth medium-term management plan are the same as those of our corporate
vision.
The following is a summary of the main measures contained in the fifth medium-term management plan:
1) Continue to “transform our behavioral styles” with the aim of ensuring customer-oriented business
operations.
2) Help customers grow their assets through a core-and-satellite strategy that places mutual fund wraps or
stability-oriented investment trusts at the center of customers' portfolios.
3) Act in the best interests of customers by strengthening the market responsiveness of sales staff so as toenhance the quality of customer follow-up and the ability to provide advice in times of market
fluctuation
4) Newly establish sales support functions to increase time spent in contact with customers, free up moretime for sales staff, and improve work efficiency-6-

(4) Issues to be addressed
We recognize that our top priority must be to execute the measures contained in the fifth medium-term
management plan so as to expand subscription-type revenue based on investment trusts and mutual fund wraps,
build a revenue base for generating stable income, and realize customer-oriented business operations.
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, 2020)
AssetsCurrent assets:
Cash and deposits
Cash segregated as deposits
Trading products:
Trading securities and other
Derivatives
Margin transaction assets:
Loans on margin transactions
Cash collateral pledged for securities borrowing
on margin transactions
Advances paid
Cash paid for offering
Short-term guarantee deposits
Short-term loans receivable
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-(Millions of yen)
Current fiscal year
(As of March 31, 2021)

23,434
13,040
525
522
2
4,996
4,775

25,125
16,942
460
460
0
9,685
9,097

220

588

247
2,881
673
20
106
7
411
46,345

221
1,490
648
21
142
0
503
55,243

3,664
1,836
37
471
1,313
5
283
51
231
10,647
9,866
5
14
747
5
26
(17)
14,59560,940

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

(Millions of yen)
Current fiscal year
(As of March 31, 2021)

Previous fiscal year
(As of March 31, 2020)
Liabilities
Current liabilities:
Trade date accrual
Margin transaction liabilities:
Borrowings on margin transactions
Cash received for securities lending on margintransactions
Borrowings secured by securities:
Cash received on debt credit transaction of securities
Deposits received
Deposits from customers
Deposits for subscription
Deposits for others
Guarantee deposits received
Short-term borrowings
Unearned revenue
Lease obligations
Accounts payable - otherAccrued expenses
Income taxes payable
Provision for bonuses
Provision for share-based remuneration 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-based remuneration for employees
Provision for share-based remuneration 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-

34
808
420

7
1,248
426

388

822

482
482
14,064
12,401
–
1,663
671
1,950
3
2
574
435
229
522

1,027
1,027
18,856
15,452
7
3,396
733
1,950
2
6
776
496
932
681

4

–

28
2
19,814–
6
26,725

800
3
1,015
2,267
37

800
17
1,760
2,232
166

6

9

326
35
4,492

340
48
5,376

98
98
24,405101
101
32,203

12,272

12,272

4,294
1,969
6,264

4,294
1,969
6,264

16,344
7,247
9,096
16,344(1,503)33,377

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

3,157
3,157
36,53560,9405,111
5,111
39,70971,912

(2) Non-consolidated statements of income(Millions of yen)
Current fiscal year
(From April 1, 2020
to March 31, 2021)

Previous fiscal year
(From April 1, 2019
to March 31, 2020)
Operating revenue
Commission received:
Brokerage commission
Commission for underwriting, secondary distribution
and solicitation for selling and others for professional
investors
Fee for offering, secondary distribution and solicitation
for selling and others for professional investors
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 income:Gain on sales of investment securities
Total extraordinary income
Extraordinary losses:
Provision of reserve for financial instruments transaction
liabilities
Loss on sales of investment securities
Loss on valuation of investment securities

9,489
4,330

13,891
7,845

57

41

2,186

3,001

2,915
2,231
187
37
11,94669
11,876

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

1,178
6,310
1,458
2,040
415
203
262
11,869
7

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

280
165
445

231
172
404

11
11
441

13
13
3,207

694
694

–
–

0

3

1
138

73
244

Impairment loss

39

5

Settlement package

–

32

180

359

Profit before income taxes

956

2,847

Income taxes - current

192

965

Income taxes - deferred

(28)

13

Total income taxes

164

979

Profit791

1,868

Total extraordinary losses- 10 -

(3) Non-consolidated statement of changes in net assets
Previous fiscal year (from April 1, 2019 to March 31, 2020)(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
Other retained
Total netdifference
Totalvaluation
earnings
assetson
Total Treasury shareholders'andRetained
availableretained shares
equitytranslation
General earnings
for-saleearnings
adjustments
reserve brought
securities
forward
7,247

8,713

15,961(406)

34,092

3,977

3,977

38,070

Dividends of surplus

(408)

(408)

(408)

(408)

Profit

791

791

791

791

(1,242)(1,242)(1,242)

144

144

144

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

(820)

(820)

(820)

–

–

–

–

–

383

383

(1,097)

(714)

(820)

(820)

(1,534)

12,272

4,294

1,969

6,264

7,247

9,096

16,344(1,503)33,377

3,157

3,157

36,535Current 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
Other retained
Total netdifference
Totalvaluation
earnings
assetsTreasuryon
Total
shareholders'andRetainedsharesavailableretained
equitytranslation
General earnings
for-saleearnings
adjustments
reserve brought
securities
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

39,709- 11 -

(4) Non-consolidated statements of cash flows(Millions of yen)Previous fiscal year
(From April 1, 2019
to March 31, 2020)

Current fiscal year
(From April 1, 2020
to March 31, 2021)

Profit before income taxes

956

2,847

Depreciation

415

380

Impairment loss

39

5

Increase (decrease) in provision for retirement benefits

(67)

(34)

Increase (decrease) in provision for bonuses
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
Interest and dividend income

221

159

(160)

128

2

(0)

0

3

(490)

(448)

Cash flows from operating activities:

Interest expenses
Loss (gain) on sales and valuation of investment securities
Settlement package

69

71

(554)

318

–

32

Decrease (increase) in cash segregated as deposits for customers

99(3,899)Decrease (increase) in trading products - assets (liabilities)

(93)

37

Decrease/increase in assets/liabilities for margin transaction

1,644(4,249)Decrease (increase) in short-term guarantee deposits

(438)

(1)

Decrease (increase) in cash paid for subscription(1,531)

1,390

Increase (decrease) in borrowings secured by securities(2,138)544

Increase (decrease) in deposits and guarantee deposits received

1,695

4,842

Increase/decrease in other assets/liabilities

491

71

Subtotal

160

2,201

Interest and dividends received

501

433

Interest paid

(70)

(72)

Income taxes paid

(56)

(283)

Income taxes refund
Net cash provided by (used in) operating activities

573

–

1,107

2,278

Cash flows from investing activities:
Purchase of investment securities

(200)

(50)

Proceeds from sales of investment securities

850

212

Purchase of property, plant and equipment

(317)

(150)

27

–

(215)

(69)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Payments for retirement of property, plant and equipment

(3)

(5)

Payments for asset retirement obligations

–

(23)

Loan advances

(17)

(13)

Collection of loans receivable

14

11

Other, net

(10)

35

Net cash provided by (used in) investing activities

126

(52)

(1,242)

(0)

(409)

(649)

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

(5)

(2)

(1,657)

(652)

(11)

117

Net increase (decrease) in cash and cash equivalents

(434)

1,690

Cash and cash equivalents at beginning of period

23,86923,434

Cash and cash equivalents at end of period

23,43425,125- 12 -

(5) Notes to non-consolidated financial statements(Going concern assumption)
Not applicable(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 toincreasing 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
shares at the end of the previous fiscal year and at the end of the current fiscal year are ¥79 million for
331 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 sharevalue 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
shares at the end of the previous fiscal year and at the end of the current fiscal year are ¥103 million for
506 thousand shares and ¥103 million for 503 thousand shares, respectively.

- 13 -

(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, 2020)
3,929
68
1,004
10
5,013

- 14 -(Millions of yen)
Current fiscal year
(As of March 31, 2021)
4,012
71
962
6
5,052

(Non-consolidated statement of changes in net assets)
Previous fiscal year (from April 1, 2019 to March 31, 2020)
1. Issued sharesClass of shares

At beginning of period

Common stock (shares)

Increase

Decrease–

70,689,033

At end of period–

70,689,033

2. Treasury sharesClass of shares

At beginning of period

Common stock (shares)
Notes 1.

2.

Increase

1,234,544

Decrease

5,672,553

At end of period

502,000

6,405,097

The number of treasury shares at the beginning of the period and at the end of the period includes 667,000 shares and
837,500 shares of the Company’s stock, respectively, held by Trust & Custody Services Bank, Ltd. (Trust Account E)
as trust assets for BBT and J-ESOP
Overview of reasons for change
Factors of the increase of 5,672,553 shares are as follows:
Increase due to acquisition of shares based on a resolution of the Board of Directors:
Increase due to ownership as trust assets for J-ESOP:
Increase due to purchase of shares less than one unit:
Factor of the decrease of 502,000 shares is as follows:
Decrease due to provision of shares for J-ESOP:

5,000,000 shares
672,500 shares
53 shares
502,000 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 stock140
2.0
March 31, 2019
June 26, 2019
Shareholders heldon June 25, 2019
Board of Directors
meeting held on
Common stock268
4.0 September 30, 2019
December 3, 2019
October 29, 2019
Notes: 1. The total amount of dividends paid based on the resolution at the Ordinary General Meeting of Shareholders held on
June 25, 2019 includes dividends of ¥1 million paid to the Company’s shares held by Trust & Custody Services Bank,
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 29,
2019 includes dividends of ¥1 million paid to the Company’s shares held by Trust & Custody Services Bank, 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 ofCommonRetained
260
4.0 March 31, 2020
June 25, 2020
Shareholders heldstock
earnings
on June 24, 2020
Note: The total amount of dividends paid includes dividends of ¥3 million paid to the Company’s shares held by Trust &Custody Services Bank, Ltd. (Trust Account E) as trust assets for BBT and J-ESOP.

- 15 -

Current fiscal year (from April 1, 2020 to March 31, 2021)
1. Issued sharesClass of shares

At beginning of period

Common stock (shares)

Increase

Decrease–

70,689,033

At end of period–

70,689,033

2. Treasury sharesClass of shares

At beginning of period

Common stock (shares)
Notes 1.

2.

Increase

6,405,097

Decrease
56

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

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.
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 29,
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 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 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 -

(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, 2019 to March 31, 2020)
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

4,257

0

Beneficiary
certificates
73

11

45

0

Total

Item

Stocks

Bonds

Other

Total
–

4,330

–

–

57

0

2,186

–

2,186

10

0

2,885

19

2,915

4,279

46

5,144

19

9,489

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, 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.

- 17 -

(Share of profit or loss of entities accounted for using equity method)
Previous fiscal year (from April 1, 2019 to March 31, 2020)
Not applicable
Current fiscal year (from April 1, 2020 to March 31, 2021)
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.
Item

Previous fiscal year
(As of March 31, 2020)(1) Net assets per share (Yen)Current fiscal year
(As of March 31, 2021)

568.34617.58

Total net assets on balance sheets (Millions of yen)

36,53539,709Net assets attributable to common stocks(Millions ofyen)

36,53539,709––70,68970,689

6,405

6,390

64,28364,298Basis of calculation

Major components of difference(Millions of yen)
Number of shares of common stock issued(Thousands of share)
Number of treasury shares of common stock(Thousands of share)
Number of common stock used for calculating per-share
net assets (Thousands of share)Previous fiscal year
(From April 1, 2019
to March 31, 2020)

Item(2) Basic earnings per share (Yen)Current fiscal year
(From April 1, 2020
to March 31, 2021)

11.86

29.05

791

1,868

Profit not attributable to common shareholders (Millionsof yen)––Profit attributable to common stocks (Millions of yen)

791

1,868

Basis of calculation
Profit on statements of income (Millions of yen)

Average number of shares of common stock during the
66,71564,293fiscal year (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 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 to be 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 837,500 shares in the previous fiscal year and 823,200
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 540,586 shares for the previous fiscal
year and 827,866 shares for the current fiscal year.

(Material subsequent events)
Not applicable.

- 18 -

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, 2019
to March 31, 2020)
4,330[4,257][0][73]

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

57

41

72.7

[11]
[45]

[37]
[4]

319.2
9.3

2,186

3,001

137.2

2,915
9,489

3,002
13,891

103.0
146.4

Previous fiscal year
(From April 1, 2019
to March 31, 2020)
4,279
46
5,144
19
9,489

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

Previous fiscal year
(From April 1, 2019
to March 31, 2020)
1,446
784
[680]
[103]
2,231

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

Year-on-yearchange (%)
181.2
182.1
102.1
124.9

(ii) Commission by product(Millions of yen)

Stocks
Bonds
Beneficiary certificates
Other
Total

Year-on-yearchange (%)
182.3
11.7
117.5
181.8
146.4

(2) Net trading income(Millions of yen)

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

- 19 -

Year-on-yearchange (%)
67.2
34.1
20.9
120.3
55.6

(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, 2019
to March 31, 2020)
NumberAmountof shares
483
866,130[472][748,795][11][117,335]
97.6
86.5
0.06
0.05
9.01

(Millions of shares, Millions of yen)
Current fiscal year
Year-on-year change (%)(From April 1, 2020
to March 31, 2021)
NumberNumberAmountAmountof sharesof shares
635
1,271,708
131.2
146.8
[628] [1,190,444][132.9][159.0][6][81,263][60.1][69.3]
98.9
93.6
0.07
0.06
–
12.34

(4) Dealing volume of underwriting, public offering and secondary distribution
Previous fiscal year
(From April 1, 2019
to March 31, 2020)(Thousands of shares, Millions of yen)
Current fiscal year
Year-on-year change (%)(From April 1, 2020
to March 31, 2021)

Underwriting:Stock (Number of shares)
103
1,678
1,618.8
Stock (Amount)
292
2,024
692.1
Bond (Face value)
4,880
250
5.1
Beneficiary certificates (Amount)–––
Commercial paper & foreign securities–––(Face value)
Offering and secondary distribution
Stock (Number of shares)
101
1,884
1,862.8
Stock (Amount)
239
2,287
954.6
Bond (Face value)
4,428
165
3.7
Beneficiary certificates (Amount)
369,477
422,386
114.3
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, 2020)
33,117(Millions of yen)
Current fiscal year
(As of March 31, 2021)
33,946

3,157

5,111

98

101

3,255
5,301

5,213
5,342

31,07133,817

1,202
292
2,865
4,360
712.5

1,531
413
2,905
4,850
697.1

(6) Number of directors, officers and employees

Directors and officers

12(persons)
Current fiscal year
(As of March 31, 2021)
12

Employees

720

723

Previous fiscal year
(As of March 31, 2020)- 20 -

(7) Quarterly trends of operating results(Millions of yen)
Current
fiscal year
(Apr. 1, 2020 Mar. 31, 2021)

1st quarter(Apr. 1, 2020 Jun. 30, 2020)

2nd quarter(Jul. 1, 2020 Sep. 30, 2020)

3rd quarter(Oct. 1, 2020 Dec. 31, 2020)

4th quarter(Jan. 1, 2021 Mar. 31, 2021)

Commission received

3,076

3,544

3,603

3,666

13,891

Net trading income

349

400

214

275

1,239

Financial revenue

39

55

53

51

198

Other

9

9

9

9

36

3,474

4,009

3,880

4,001

15,366

14

20

20

15

71

3,459

3,989

3,860

3,985

15,294

275

308

346

399

1,330

Personnel expenses

1,686

1,803

1,746

1,720

6,956

Real estate expenses

383

350

367

369

1,471

Office expenses

483

464

466

492

1,905

Depreciation

94

92

95

97

380

Taxes and dues

77

53

50

48

230

52

45

45

60

203

3,054

3,118

3,116

3,187

12,477

404

870

743

798

2,817

Non-operating income

162

41

148

50

404

Non-operating expenses

0

0

1

12

13

567

911

891

836

3,207

Extraordinary income:Reversal of reserve for financial
instruments transaction liabilities
Total extraordinary income

5

(4)

(0)

–

–

5

(4)

(0)

–

–

Extraordinary losses:
Provision of reserve for financial
instruments transaction liabilities
Loss on sales of investment securities

–

–

1

1

3

–

–

1

72

73

Loss on valuation of investment securities

2

–

–

241

244

Impairment loss

5

–

–

–

5

–

–

–

32

32

Total extraordinary losses

8

–

2

348

359

Profit before income taxes

564

907

887

487

2,847

Income taxes - current

81

334

170

379

965

Income taxes - deferred

91

(55)

115

(136)

13

Total income taxes

172

278

285

242

979

Profit

391

628

602

245

1,868

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

Ordinary profit

Settlement package- 21 -