Consolidated Balance Sheet
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
As of September 30, 2021
Thousands of
U.S. dollars(Note 1)Millions of yen

ASSETS
Current Assets:
Cash and Cash Equivalents
Lease Receivables and Investments in Lease (Note 4)
Receivables (Note 4):
Notes and Accounts
Lease
Installment Sales
Loans
Factoring
Total Receivables
Operational Investment Securities (Note 4)
Prepaid Expenses and Other
Allowance for Doubtful Receivables
Total Current Assets

September 30
2021

March 312021

September 30
2021

¥

¥

$

Property and Equipment:
Leased Assets (Note 4)
Advances for Purchases of Leased Assets
Own-used Assets
Total Property and Equipment
Investments and Other Assets:
Investment Securities
Investments in Unconsolidated Subsidiaries
and Associated Companies
Long-term Receivables
Goodwill
Intangible Leased Assets (Note 4)
Deferred Tax Assets
Asset for Employees' Retirement Benefits
Other
Allowance for Doubtful Receivables
Total Investments and Other Assets
Total Assets¥

See accompanying Notes to Consolidated Financial Statements.
1

18,326
1,133,095

20,406
1,174,068

163,699
10,121,443

517
3,774
119,310352,068
169,203644,873
246,616
29,679(1,763)2,070,828

767
3,913
127,051
329,059
171,614
632,407220,959
39,461(2,238)2,085,064

4,618
33,7181,065,749
3,144,871
1,511,418
5,760,374
2,202,917
265,117(15,749)
18,497,801

306,750
5
3,623
310,379

302,12713
3,616
305,757

2,740,064
52
32,3672,772,483

18,445
184,105

24,246
147,744

164,768
1,644,536

20,368
11
128
4,761
670
25,242(477)
253,257
2,634,465

11,477
29
135
4,076
703
24,481(526)
212,369
2,603,190

181,945
104
1,149
42,535
5,989
225,478(4,269)2,262,235
23,532,519¥$

Consolidated Balance Sheet
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
As of September 30, 2021

September 30
2021

March 31
2021

Thousands of
U.S. dollars(Note 1)
September 30
2021

¥

¥

$

Millions of yen

LIABILITIES and EQUITYCurrent Liabilities:
Short-term Borrowings (Note 5)
Current Portion of Long-term Debt (Note 5)
Lease Payable
Accounts Payable - trade
Accrued Expenses
Income Taxes Payable
Deferred Profit on Installment Sales (Note 4)
Reserve for Management Board Benefit Trust - current
Accruals for Debt Guarantees
Other
Total Current Liabilities
Long-term Liabilities:
Long-term Debt (Note 5)
Deposits Received
Liability for Employees' Retirement Benefits
Reserve for Management Board Benefit Trust
Other
Total Long-term Liabilities

1,153,925
258,495
8,658
24,637
3,314
3,970
2,848
13
38,213
1,494,076

1,133,341
268,426
8,958
35,157
4,156
5,865
2,618
28
13
34,285
1,492,850

10,307,508
2,309,029
77,340220,079
29,60935,46225,442
116
341,344
13,345,929

871,501
32,1192,151
489
10,563916,824

853,619
33,730
2,332
489
9,315
899,486

7,784,735
286,905
19,214
4,374
94,3588,189,586

26,08826,088233,033

23,941
156,089

23,941
149,148

213,859
1,394,277(1,709)(1,725)(15,271)

6,744(1,478)2,452
608
212,735
10,829223,564
2,634,465

6,509(1,227)(2,771)
652
200,614
10,237
210,852
2,603,190

60,242(13,211)
21,9095,435
1,900,273
96,731
1,997,004
23,532,519

Contingent Liabilities (Note 6)
Equity: (Note 9)
Common Stock
Authorized, 140,000,000 Shares;
Issued, 49,004,000 Shares as of September 30 and March 31, 2021
Capital Surplus
Retained Earnings
Treasury Stock - at cost
626,799 shares as of September 30 and
632,727 shares as of March 31, 2021
Accumulated Other Comprehensive Income:Unrealized Gain on Available-for-sale Securities
Deferred Loss on Derivatives under Hedge Accounting
Foreign Currency Translation Adjustments
Defined Retirement Benefit Plans
Total
Non-controlling Interests
Total Equity
Total Liabilities and Equity¥

See accompanying Notes to Consolidated Financial Statements.
2¥$

Consolidated Statement of Income
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
For the six-month period ended September 30, 2021

September 30
2021¥ 259,963

September 30
2020¥ 228,719

Thousands of
U.S. dollars(Note 1)
September 30
2021$ 2,322,138

Cost and Expenses
Gross Profit

233,991
25,972

204,527
24,1922,090,140
231,998

Selling, General and Administrative Expenses
Operating Income

12,692
13,28012,943
11,248113,373
118,625

Other Income (Expenses):
Interest Income
Dividend Income
Equity in Earnings of Associated Companies
Interest Expenses
Bond Issuance Costs
Loss from Investments
Gain on Sales of Investment Securities
Gain on Liquidation of Subsidiaries and Associated Companies
Loss on Devaluation of Investment Securities
Loss on Retirement of Own-used Assets
Other ─ net
Income before Income Taxes

1
312
656
(464)
(231)
20
(9)
(0)
221
13,786

4
269
4,072
(551)
(81)
(340)
3,810
230
(32)
8
18,638

17
2,791
5,864
(4,152)(2,063)
180
(85)
(2)
1,975
123,150

Income Taxes:
Current
Deferred
Total

4,165
(243)
3,922

4,224
1,098
5,322

37,210(2,171)35,039Net Income

9,863

13,315

88,111

370

323

Millions of yen

Revenues

Net Income attributable to Non-controlling Interests¥

Net Income attributable to Owners of the Parent

¥

9,493

12,991

Yen

Amounts per Share of Common Stock (Note 8)
Net Income attributable to Owners of the Parent per Share

See accompanying Notes to Consolidated Financial Statements.
3

September 30
2021

September 30
2020¥ 196.25¥ 268.61

3,311$

84,800U.S. dollars(Note 1)
September 30
2021
$

1.75

Consolidated Statement of Comprehensive Income
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
For the six-month period ended September 30, 2021
Thousands of
U.S. dollars(Note 1)Millions of yen
September 30
2021
Net Income¥

Other Comprehensive Income (Loss):
Unrealized Gain (Loss) on Available-for-sale Securities
Deferred (Loss) Gain on Derivatives under Hedge Accounting
Foreign Currency Translation Adjustments
Defined Retirement Benefit Plans
Share of Other Comprehensive Income in Associated Companies
Total Other Comprehensive Income (Loss)

9,863

September 30
2020¥

September 30
2021

13,315$

88,111

120
(263)
5,055
(12)
572

(2,416)
241
(855)
19
253

1,080
(2,355)45,157
(110)
5,114

5,472

(2,757)48,886Comprehensive Income¥

15,336¥

10,557$

136,997

Total Comprehensive Income attributable to:
Owners of the Parent
Non-controlling Interests¥

14,657679¥

10,240317$

130,925
6,072

See accompanying Notes to Consolidated Financial Statements.
4Consolidated Statement of Cash Flows
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
For the six-month period ended September 30, 2021
Millions of yen
September 30
2020

September 30
2021

Thousands of
U.S. dollars(Note 1)
September 30
2021

Cash Flows from Operating Activities:
Income before Income Taxes¥¥

13,786

18,638$123,150

Adjustments for:
Income Taxes Paid

(6,061)(4,537)(54,145)

Depreciation and Disposal of Fixed Assets

8,460

7,767

75,573Equity in Earnings of Associated Companies(656)(4,072)(5,864)(Profit) Loss from Investments

(83)

340

(749)

(Decrease) Increase in Allowance for Doubtful Receivables

(597)

657

(5,342)

Decrease in Accruals for Debt Guarantees

(0)

(6)

(0)

Gain on Sales of Marketable and Investment Securities(20)(3,810)(180)-

Gain on liquidation of subsidiaries and associated companies
Loss on Devaluation of Investment Securities
Change in assets and liabilities:
Decrease (Increase) in Lease Receivables and Investments in Lease

(230)

-

9

32

85
381,21242,676(79,065)

Increase in Receivables(10,390)(46,788)(92,812)

Increase in Operational Investment Securities(25,408)(7,252)(226,959)

Decrease in Accounts Payable ─ trade(10,535)(12,458)(94,107)

Purchases of Leased Assets(61,280)(89,213)(547,388)

Proceeds from Sales of Leased Assets

52,514

29,637

469,091

(30)

(164)

(271)

2,407

15,47521,508(8,994)(193,689)(80,348)

4,791(175,051)

42,802

Decrease in Interest Payable
Other ─ net
Total Adjustments
Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
Purchases of Own-used Assets(1,351)(1,468)(12,068)

Purchases of Marketable and Investment Securities
Proceeds from Sales and Redemption of Marketable
and Investment Securities
Other ─ net(28,471)
2,166(48,756)
5,793(254,326)
19,355(726)

361(6,492)(28,382)(44,070)(253,531)

Net Increase in Short-term Borrowings

16,798210,955

150,055

Proceeds from Long-term Debt

162,871

123,247

1,454,864

Repayments of Long-term Debt

(155,713)(118,729)(1,390,924)(2,548)(2,058)(22,762)

(112)

(102)

(1,007)

21,295

213,312190,226

Net Cash Used in Investing Activities
Cash Flows from Financing Activities:

Cash Dividends Paid
Other ─ net
Net Cash Provided by Financing Activities
Foreign Currency Translation Adjustments on Cash and Cash Equivalents
Net Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of the Period
Cash and Cash Equivalents at End of the Period¥

See accompanying Notes to Consolidated Financial Statements.
5

214

(131)

1,919

(2,080)(5,940)(18,584)

20,40618,326¥

22,29916,358$

182,283
163,699

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presenting Consolidated Financial Statements
The accompanying consolidated financial statements of Mizuho Leasing Company, Limited (“the Company”)
and its consolidated subsidiaries (together with the Company, “the Group”) have been prepared in accordancewith the provisions set forth in the Japanese Financial Instruments and Exchange Act and its related accounting
regulations and in accordance with accounting principles generally accepted in Japan, which are different incertain respects as to application and disclosure requirements of International Financial Reporting Standards.
In preparing these consolidated financial statements, certain reclassifications and rearrangements have been
made to the company’s financial statements issued domestically in order to present them in a form which ismore familiar to readers outside Japan. In addition, certain reclassifications have been made in the 2020
consolidated financial statements to conform to the classifications used in 2021. The accompanying consolidated
financial statements and notes should be read in conjunction with the consolidated financial statements andrelated notes for the year ended March 31, 2021.
The consolidated financial statements are stated in Japanese yen, the currency of the country in which theCompany is incorporated and operates. The translations of Japanese yen amounts into U.S. dollar amounts areincluded solely for the convenience of readers outside Japan and have been made at the rate of ¥111.95 to
US$1.00, the approximate rate of exchange at September 30, 2021. The translations should not be construed as
representations that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate. The
amounts indicated in millions of yen are rounded down by truncating the figures below one million. As a result,
totals may not add up exactly.

2. Scope of Consolidation
The consolidated financial statements include the accounts of the Group, which include Mizuho-TOSHIBA
Leasing Company, Limited, Dai-ichi Leasing Co., Ltd., Mizuho Auto Lease Company, Limited, ML Estate
Company, Limited, Mizuho Leasing (China) Ltd., PT. VERENA MULTI FINANCE Tbk, Mizuho Leasing(Singapore) Pte. Ltd.. The number of the consolidated subsidiaries as of September 30, 2021 was 32.
The number of associated companies accounted for under the equity method as of September 30, 2021 was
9. Investments in associated companies include Mizuho Marubeni Leasing Corporation, RICOH LEASING
COMPANY, LTD., NIPPON STEEL KOWA REAL ESTATE CO.,LTD., PLM Fleet, LLC, Krung Thai IBJ
Leasing Co., Ltd., PNB-Mizuho Leasing and Finance Corporation, Aircastle Limited and Vietnam International
Leasing Co., Ltd.. NIPPON STEEL KOWA REAL ESTATE CO.,LTD. was newly included in the associatedcompanies accounted for under the equity method from the second quarter of the current fiscal year, as theCompany purchased these shares.

3. Summary of Significant Accounting Policies
The accounting policies are the same as those applied in the Consolidated Financial Statements as of and for theyear ended March 31, 2021, except for the change mentioned below.

6Changes in accounting policies
Application of the Accounting Standard for Revenue Recognition, etc.
The Group has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March
31, 2020), etc. from the beginning of the first quarter ended June 30, 2021. It recognizes revenue in the amount
expected to be received in exchange for promised goods or services when the control of these goods or services
is transferred to the customer.
The impact of this change on the consolidated financial statement for the first half was immaterial.
Application of the Accounting Standard for Fair Value Measurement, etc.
The Group has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.30,
July 4, 2019, hereinafter referred to as “Accounting Standard for Fair Value Measurement”), etc. from the
beginning of the first quarter ended June 30, 2021. It decided to prospectively apply the new accounting policies
in accordance with the transitional measures permitted by Paragraph 19 of the Accounting Standard for Fair
Value Measurement and Paragraph 44-2 of the “Accounting Standard for Financial Instruments” (ASBJ
Statement No.10, July 4, 2019).
The impact of this change on the consolidated financial statement for the first half was immaterial.

74. Operating Assets(1) Operating Assets as of September 30 and March 31, 2021 consisted of the following:(Thousands of(Millions of yen)

U.S. dollars)

September 30,

March 31,

September 30,

2021

2021

2021

Leasing and Installment Sales:
Finance Lease¥1,133,095¥1,174,068$10,121,443

Operating Lease

306,878

302,262

2,741,213

Installment Sales (*1)

116,462

124,433

1,040,307

1,556,436

1,600,764

13,902,963

767,888721,634

6,859,206¥2,324,324¥2,322,398$20,762,169

Leasing and Installment Sales total
Finance
Total Operating Assets(*1) The amount of Installment Sales represents "Installment Sales Receivables" less "Deferred Profit on Installment Sales".

(2) The total amounts of new contracts during the periods ended September 30, 2021 and 2020 were as follows:(Thousands of(Millions of yen)

U.S. dollars)

2021

2020

Finance Lease¥135,221¥234,350$1,207,870

Operating Lease

61,28789,865547,454

Installment Sales

17,666

20,913

157,810

Leasing and Installment Sales total

214,175

345,129

1,913,134

Finance375,850

339,880

3,357,311

Total¥590,026¥685,009$5,270,445

2021

Leasing and Installment Sales:85. Short-term Borrowings and Long-term Debt
(1) "Short-term Borrowings" as of September 30 and March 31, 2021 was as follows:(Thousands of(Millions of yen)

U.S. dollars)

September 30,

March 31,

September 30,

2021

2021

2021

Short-term Borrowings
Short-term Borrowings from banks and¥333,659¥317,783$2,980,429

Commercial Paper

716,100

714,100

6,396,606

Payables under securitized lease receivables

104,166

101,458

930,473¥1,153,925¥1,133,341$10,307,508

Bonds payable¥20,000¥40,000$178,651

Long-term Debt from banks and238,495

228,426

2,130,378¥258,495¥268,426$2,309,029

other financial institutions

Total
Current Portion of Long-term Debt

other financial institutions
Total(2) "Long-term Debt" as of September 30 and March 31, 2021 was as follows:(Thousands of(Millions of yen)

U.S. dollars)

September 30,

March 31,

September 30,

2021

2021

2021

Bonds payable¥195,485¥170,425$1,746,186

Long-term Debt from banks and

645,027

649,933

5,761,747

30,98733,261

276,802¥871,501¥853,619$7,784,735

Long-term Debt

other financial institutions
Payables under securitized lease receivables
Total

9

6. Contingent Liabilities
Contingent Liabilities as of September 30, 2021 were as follows:(Thousands of(Millions of yen)

U.S. dollars)

2021

2021

Guarantee Obligations with respect to¥12,348$110,308

Other Guarantee Obligations

14,410128,720

Accruals for Debt Guarantees

(13)

(116)

¥26,746$238,912

operating activities

Total(*1) The amount includes loans and trade receivables provided by Unipres Corporation and others, which are guaranteed by
the Company.

7. Segment Information(1) Information about sales and profit
For the six-month period ended September 30, 2021
(Millions of yen)
2021
Reportable segment

Leasing and
Finance

Other

Total

Installment Sales

Reconciliations

Consolidated

(*1)

(*2)

Sales:
Sales to external¥251,320¥8,256¥386¥259,963¥-¥259,963

99

434

78

613

(613)

-

Total

251,420

8,690

465

260,576(613)

259,963

Operating Expenses

240,485

3,282

346

244,1142,568

246,683

Segment Profit¥10,934¥5,408¥118¥16,461¥(3,181)¥13,280

customers
Intersegment sales
and transfers

10For the six-month period ended September 30, 2020
(Millions of yen)
2020
Reportable segment

Leasing and
Finance

Other

Total

Installment Sales

Reconciliations

Consolidated

(*1)

(*2)

Sales:
Sales to external¥221,600¥6,749¥368¥228,719¥-¥228,719

130

422

73

626

(626)

-

Total

221,731

7,172

441

229,345(626)

228,719

Operating Expenses

211,529

3,564

378

215,472

1,998

217,470

Segment Profit¥10,201¥3,608¥63¥13,873¥(2,624)¥11,248

Reconciliations

Consolidated

(*1)

(*2)

customers
Intersegment sales
and transfers

For the six-month period ended September 30, 2021
(Thousands of U.S. dollars)
2021
Reportable segment

Leasing and
Finance

Other

Total

Installment Sales

Sales:
Sales to external$2,244,937$73,748$3,453$2,322,138$-$2,322,138

890

3,884

704

5,478

(5,478)-

Total

2,245,827

77,632

4,157

2,327,616(5,478)2,322,138

Operating Expenses

2,148,153

29,321

3,097

2,180,571

22,9422,203,513$97,674$48,311$1,060$147,045$(28,420)$118,625

customers
Intersegment sales
and transfers

Segment Profit11

(*1) The details of Reconciliations to Segment Profit for the periods ended September 30, 2021 and 2020 were as follows:(Thousands of(Millions of yen)
2021

U.S. dollars)

2020

2021

Elimination of intersegment transactions

¥304

¥279

$2,724

Administrative expenses not allocated to(3,486)(2,904)(31,144)¥(3,181)¥(2,624)$(28,420)

the reportable segments
Total(*2) Segment Profits are reconciled to Operating Income in the Consolidated Statement of Income.

(2) Impairment loss of long-lived assets or goodwill per reportable segment:
Not applicable

8. Per Share Information
Details of basic net income attributable to owners of the parent per share (“EPS”) for the periods ended
September 30, 2021 and 2020 were as follows:(Millions of(Thousands ofyen)shares)(Yen)(U.S. dollars)

Net income

For the period ended September 30, 2021:

attributable

Weighted-average

to owners ofsharesEPS

the parent

Basic EPS
Net income available to common¥9,493

48,373¥196.25$1.75¥12,991

48,366¥268.61$2.39

shareholders
For the period ended September 30, 2020:

Basic EPS
Net income available to commonshareholders

129. Subsequent Events
Appropriation of Retained Earnings
On November 9, 2021, the Board of Directors of the Company resolved to approve the payment of the interim
cash dividends to its shareholders registered as of September 30, 2021 as follows:

Interim cash dividends, ¥55.00 ($0.49) per share

13(Millions of(Thousands ofyen)

U.S. dollars)¥2,695$24,075