Consolidated Balance Sheet
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
As of September 30, 2020

September 30
2020

March 31
2020

Thousands ofU.S. dollars(Note 1)
September 30
2020

¥¥

$

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
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
Other
Allowance for Doubtful Receivables
Total Investments and Other Assets
Total Assets¥See accompanying Notes to Consolidated Financial Statements.
1

16,358
1,159,783

22,2991,082,088

154,599
10,961,003

982
2,960
133,390
267,539
190,943595,817228,352
46,659(2,394)
2,044,575886
6,560
141,812271,323
129,676
550,260
221,866
72,510(1,752)
1,947,272

9,286
27,984
1,260,659
2,528,492
1,804,588
5,631,009
2,158,134
440,972(22,634)
19,323,083

298,5125
3,515
302,033

245,533
656
3,455
249,646

2,821,216
49
33,2272,854,492

22,178143,666

20,776
98,355

209,611
1,357,782

12,10446
162
3,326
24,585(473)
205,596
2,552,205

5,448
63
101
2,609
24,629(487)
151,497
2,348,416

114,400
440
1,533
31,434
232,353(4,479)1,943,074
24,120,649¥$

Consolidated Balance Sheet
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
As of September 30, 2020

September 30
2020

March 31
2020

Thousands ofU.S. dollars(Note 1)
September 302020¥¥$

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
OtherTotal 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

1,229,876
217,859
8,957
36,847
2,913
3,765
2,519
9
34,7181,537,468

1,031,075
185,358
8,772
49,318
3,455
4,098
2,097
56
15
29,875
1,314,123

11,623,439
2,058,973
84,658348,246
27,53835,59023,81085
328,124
14,530,463

765,073
33,724
2,519
232
9,962
811,511784,202
31,2962,655
21120,147
838,5127,230,631
318,724
23,814
2,195
94,156
7,669,520

26,08826,088

246,555

23,941
142,307

23,941
131,579

226,269
1,344,935(1,725)(1,745)(16,309)

5,065
(820)
(1,653)(18)
193,183
10,041
203,225
2,552,205

7,430(1,060)(1,005)(41)
185,186
10,594
195,780
2,348,416

47,873(7,756)(15,629)(175)
1,825,763
94,903
1,920,666
24,120,649

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, 2020
Capital Surplus
Retained Earnings
Treasury Stock - at cost
632,703 shares as of September 30 and640,003 shares as of March 31, 2020
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, 2020

September 30
2020¥ 228,719

September 30
2019¥ 254,901

Thousands ofU.S. dollars(Note 1)
September 30
2020$ 2,161,605

Cost and Expenses
Gross Profit

204,527
24,192230,942
23,9581,932,966
228,639

Selling, General and Administrative Expenses
Operating Income

12,943
11,248

11,35012,608122,330
106,309

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
Other ─ net
Income before Income Taxes

4269
4,072(551)
(81)
(340)
3,810
230
(32)
8
18,638

36
307
329
(333)
(93)
326
(156)
90
13,11544
2,547
38,484(5,214)(774)(3,218)36,012
2,183
(309)
83
176,147

Income Taxes:
Current
Deferred
Total

4,224
1,098
5,322

3,467
563
4,030

39,921
10,38450,305Net Income
Net Income attributable to Non-controlling Interests
Net Income attributable to Owners of the Parent

13,315323
12,991

9,084234
8,850

125,842
3,057
122,785

Millions of yen

Revenues¥¥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
2020

September 30
2019¥ 268.61¥ 181.37$

U.S. dollars(Note 1)
September 30
2020
$

2.54

Consolidated Statement of Comprehensive Income
Mizuho Leasing Company, Limited and Consolidated Subsidiaries
For the six-month period ended September 30, 2020
Thousands ofU.S. dollars(Note 1)Millions of yen
September 302020Net Income¥

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

13,315September 30
2019¥(2,416)
241(855)
19253(2,757)

9,084

September 30
2020$

125,8421,552
21(909)
(6)
(28)
629

(22,834)
2,279(8,087)
187
2,395(26,060)

Comprehensive Income¥

10,557¥

9,714$99,782

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

10,240317

¥

9,683
30

$96,786
2,996

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, 2020
Thousands ofU.S. dollars(Note 1)Millions of yen
September 30
2019

September 30
2020

September 30
2020

Cash Flows from Operating Activities:¥Income before Income Taxes
Adjustments for:
Income Taxes Paid
Depreciation and Disposal of Fixed Assets
Equity in Earnings of Associated Companies
Loss (Profit) from Investments
Increase in Allowance for Doubtful Receivables
Decrease in Accruals for Debt Guarantees
Gain on Sales of Marketable and Investment Securities
Gain on liquidation of subsidiaries and associated companies
Loss on Devaluation of Investment Securities
Change in assets and liabilities:
Increase in Lease Receivables and Investments in Lease(Increase) Decrease in Receivables(Increase) Decrease in Operational Investment Securities
Decrease in Accounts Payable ─ trade
Purchases of Leased Assets
Proceeds from Sales of Leased AssetsDecrease in Interest Payable
Other ─ net
Total Adjustments
Net Cash Used in Operating Activities
Cash Flows from Investing Activities:
Purchases of Own-used Assets
Purchases of Marketable and Investment Securities
Proceeds from Sales and Redemption of Marketableand Investment Securities
Other ─ net
Net Cash Used in Investing Activities
Cash Flows from Financing Activities:
Net Increase (Decrease) in Short-term Borrowings
Proceeds from Long-term Debt
Repayments of Long-term Debt
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
Decrease in Cash and Cash Equivalents resulting from Exclusionfrom Scope of Consolidation
Cash and Cash Equivalents at End of the Period¥

18,638

13,115$

176,147(4,537)
7,767(4,072)340
657(6)(3,810)(230)
32(5,267)
7,317
(329)
(15)
331
(8)
(326)
156

(42,880)
73,408(38,484)
3,218
6,211
(56)
(36,012)(2,183)309(79,065)(46,788)(7,252)(12,458)(89,213)
29,637(164)
15,475(193,689)(175,051)(70,831)
59,138
10,832(4,459)(75,693)
67,941(89)(17,331)(28,634)(15,519)(747,239)(442,191)(68,545)(117,745)(843,152)
280,100(1,554)
146,254(1,830,541)(1,654,394)(1,468)(1,492)(13,880)(48,756)
5,793(1,513)
1,318(460,793)
54,749361(44,070)(53)(1,740)3,417(416,507)

210,955
123,247(118,729)(2,058)(102)
213,312(131)(5,940)(11,094)
130,664(110,747)(1,960)
(612)
6,249
(143)
(11,154)

1,993,724
1,164,795(1,122,102)(19,451)(968)
2,015,998(1,244)(56,147)

22,29925,438(276)

210,746-¥

See accompanying Notes to Consolidated Financial Statements.
516,358¥

14,007$

154,599

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 2019consolidated financial statements to conform to the classifications used in 2020. 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, 2020.
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 ¥105.81 toUS$1.00, the approximate rate of exchange at September 30, 2020. The translations should not be construed asrepresentations that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate. Theamounts 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, IBJ Air Leasing
Limited and IBJ Air Leasing (US) Corp. The number of the consolidated subsidiaries as of September 30, 2020
was 31.
The number of associated companies accounted for under the equity method as of September 30, 2020 was
7. Investments in associated companies include Mizuho Marubeni Leasing Corporation, RICOH LEASING
COMPANY, LTD., PLM Fleet, LLC, Krung Thai IBJ Leasing Co., Ltd., PNB-Mizuho Leasing and FinanceCorporation and Aircastle Limited. RICOH LEASING COMPANY, LTD. was newly included in the associatedcompanies accounted for under the equity method from the first 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, 2020.

6

4. Operating Assets(1) Operating Assets as of September 30 and March 31, 2020 consisted of the following:(Thousands of(Millions of yen)

U.S. dollars)

September 30,March 31,

September 30,

2020

2020

2020

Leasing and Installment Sales:
Finance Lease¥1,159,783¥1,082,088$10,961,003

Operating Lease

298,675

245,635

2,822,749

Installment Sales (*1)

130,871

139,715

1,236,849

1,589,329

1,467,439

15,020,601

686,835

622,866

6,491,214¥2,276,165¥2,090,305$21,511,815

Leasing and Installment Sales totalFinanceTotal 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, 2020 and 2019 were as follows:(Thousands of(Millions of yen)

U.S. dollars)

2020

2019

Finance Lease¥234,350¥215,154$2,214,820

Operating Lease89,86579,776

849,310Installment Sales

20,91329,287

197,655

Leasing and Installment Sales total

345,129324,219

3,261,785

Finance339,880

299,971

3,212,177

Total¥685,009¥624,191$6,473,962

2020

Leasing and Installment Sales:75. Short-term Borrowings and Long-term Debt
(1) "Short-term Borrowings" as of September 30 and March 31, 2020 was as follows:(Thousands of(Millions of yen)

U.S. dollars)

September 30,March 31,

September 30,2020

2020

2020

¥398,629¥256,732$3,767,407

Commercial Paper

737,100

669,100

6,966,260

Payables under securitized lease receivables

94,146105,242889,772¥1,229,876¥1,031,075$11,623,439

Bonds payable¥40,000¥-$378,036

Long-term Debt from banks and177,859

185,358

1,680,937¥217,859¥185,358$2,058,973

Short-term Borrowings
Short-term Borrowings from banks andother financial institutions

Total
Current Portion of Long-term Debt

other financial institutions
Total(2) "Long-term Debt" as of September 30 and March 31, 2020 was as follows:(Thousands of(Millions of yen)

U.S. dollars)

September 30,March 31,

September 30,

2020

2020

2020

Bonds payable¥110,184¥135,332$1,041,345

Long-term Debt from banks and617,660

622,890

5,837,448

37,22825,979351,838¥765,073¥784,202$7,230,631

Long-term Debt

other financial institutions
Payables under securitized lease receivables
Total8

6. Contingent Liabilities
Contingent Liabilities as of September 30, 2020 were as follows:(Thousands of(Millions of yen)

U.S. dollars)

2020

2020

Guarantee Obligations with respect to¥13,752$129,975

Other Guarantee Obligations

9,654

91,242

Accruals for Debt Guarantees

(9)

(85)

¥23,397$221,132

operating activities (*1)

Total(*1) The amount includes bank loans 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, 2020
(Millions of yen)
2020
Reportable segment

Leasing andFinance

Other

Reconciliations

Consolidated

(*1)

(*2)

Total

Installment Sales

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

130

422

73

626

(626)

-Total221,731

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

customers
Intersegment sales
and transfers

9For the six-month period ended September 30, 2019
(Millions of yen)
2019
Reportable segment

Leasing andFinance

Other

Reconciliations

Consolidated

(*1)

(*2)

Total

Installment Sales

Sales:
Sales to external¥245,846¥7,997¥1,057¥254,901¥-¥254,901

189

440

56

687

(687)

-

Total

246,0368,438

1,113

255,588(687)

254,901

Operating Expenses

236,232

3,139

713

240,0842,208

242,292

Segment Profit¥9,804¥5,298¥400¥15,503¥(2,895)¥12,608

Reconciliations

Consolidated

(*1)

(*2)

customers
Intersegment sales
and transfers

For the six-month period ended September 30, 2020
(Thousands of U.S. dollars)
2020
Reportable segment

Leasing andFinance

Other

Total

Installment Sales

Sales:
Sales to external$2,094,327$63,792$3,486$2,161,605$-$2,161,605

1,233

3,994

691

5,918

(5,918)-Total

2,095,560

67,786

4,177

2,167,523(5,918)2,161,605

Operating Expenses

1,999,149

33,684

3,574

2,036,407

18,8892,055,296$96,411$34,102$603$131,116$(24,807)$106,309

customers
Intersegment sales
and transfers

Segment Profit

10(*1) The details of Reconciliations to Segment Profit for the periods ended September 30, 2020 and 2019 were as follows:(Thousands of(Millions of yen)
2020

U.S. dollars)

2019

2020

Elimination of intersegment transactions

¥279

¥31

$2,645Administrative expenses not allocated to(2,904)(2,926)(27,452)¥(2,624)¥(2,895)$(24,807)

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, 2020 and 2019 were as follows:(Millions of(Thousands ofyen)shares)(Yen)(U.S. dollars)

Net income
attributable

Weighted-average

to owners ofshares

EPS
For the period ended September 30, 2020:the parent

Basic EPS
Net income available to common¥12,991

48,366¥268.61$2.54¥8,85048,798¥181.37$1.71

shareholders
For the period ended September 30, 2019:

Basic EPS
Net income available to commonshareholders

119. Subsequent Events
Appropriation of Retained Earnings
On November 5, 2020, 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, 2020 as follows:

Interim cash dividends, ¥40.00 ($0.38) per share

12(Millions of(Thousands ofyen)

U.S. dollars)¥1,960$18,524