SBI Global Asset Management Co., Ltd.
Consolidated Financial Results (Japanese Accounting Standards)
for the Fiscal Year Ended March 31, 2024
April 26, 2024
Company name

SBI Global Asset Management Co., Ltd.

Stock code

4765

Stock exchange listing: Tokyo Stock Exchange

URL http://www.sbiglobalam.co.jp

Representative(Title) Representative Director and President(Name) Tomoya Asakura

Person responsible for disclosure(Title) Executive Officer and CFO(Name) Yasuyuki Ogasawara+81 3 6229-0812

Scheduled date of ordinary shareholders’ meeting: June 20, 2024
Scheduled date of payment of dividends: June 3, 2024

Scheduled date for filing of annual securities report: June 20, 2024

Supplementary documents for financial results: None
Financial results briefing: Yes (We will post a video of the briefing on our official website, targeting analysts and institutional investors.)(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Results of Operations(Percentages show year-on-year changes)
Net sales
Fiscal Year ended
March 31, 2024
March 31, 2023

Operating income

Net income attributableto owners of parent

Ordinary income

Million yen%

Million yen%

Million yen%

Million yen%

10,137
8,747

15.9
7.7

2,111
1,831

15.3
△14.0

2,510
2,458

2.1
2.3

1,589
5,443

△70.8

(Note) Comprehensive income

Fiscal Year Ended March 31, 2024
Fiscal Year Ended March 31, 2023

274.3

1,404 Million yen (△77.8%)
6,337 Million yen (216.9%)
Ratio of ordinary
income to total assets

Net income per share (diluted)

yen

yen

%

%

%

17.72
60.70

―
―

9.8
38.5

12.6
13.9

20.8
20.9

Fiscal Year ended
March 31, 2024
March 31, 2023

Return on equity

Ratio of operating
income to sales

Net income per share (basic)(Reference) Share of (profit) loss of entities accounted for using equity method
Fiscal Year Ended March 31, 2024
Fiscal Year Ended March 31, 2023

- Million yen- Million yen(2) Consolidated financial position
Total assets
Fiscal Year ended
March 31, 2024
March 31, 2023
(Reference) Shareholders’ equity

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

yen

18,62521,356

16,11016,79985.7
77.2

178.03183.79Fiscal Year Ended March 31, 2024
Fiscal Year Ended March 31, 2023

15,964 Million yen
16,481 Million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal Year ended
March 31, 2024
March 31, 2023
2.

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the end of fiscal year

Million yen

Million yen

Million yen

Million yen

8,762
2,608

△5,492△3,471△2,148△1,889

3,638
2,485

Dividends
Dividend
End of firstquarter

Fiscal Year ended
March 31, 2023
March 31, 2024

End of second
quarter

End of third
quarterYear-end

AnnualTotal dividend

Payout ratio(annual)(consolidated)

Net dividend
rate(consolidated)

yen

yen

yen

yen

yen

Million yen

%

%

―
―

8.25
8.50

―
―

12.75
13.00

21.00
21.50

1,883
1,927

34.6
121.3

13.3
11.9

March 31, 2025 (forecast)――――(Note) A forecast of the annual dividend for the year ending March 31, 2025, is yet to be determined.

―

3.

Forecasts of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)

Consolidated forecasts for the fiscal year ending March 31, 2025, are yet to be determined.

―*Notes(1) Changes in significant subsidiaries during fiscal year ended March 31, 2024
(changes in specified subsidiaries affecting the scope of consolidation): Yes
Excluded 1 company
New company (Company name) ―,(Company name)(2) Changes in accounting policies and estimates, and retrospective restatements
1) Changes in accounting policies caused by revision of accounting standards : None
2) Changes in accounting policies other than 1): None3) Changes in accounting estimates: None4) Retrospective restatements: None(3) Number of shares issued (common stock)1) Number of shares outstanding at end of period (including treasury stocks)
As of March 31, 2024
2) Number of treasury stocks at end of period

89,673,600 sharesAs of March 31, 2023

89,673,600 shares

120 sharesAs of March 31, 2023

120 shares

As of March 31, 2024
3) Average number of shares during period
Fiscal Year Ended March 31, 2024

Shinsei Investment Management Co., Ltd.

89,673,480 sharesFiscal Year Ended March 31, 2023

89,673,453 shares(Reference) Summary of Non-Consolidated Financial Results
1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-Consolidated Financial Results
Net sales
Fiscal Year ended
March 31, 2024
March 31, 2023

Operating income(Percentages show year-on-year changes)

Ordinary income

Net income

Million yen%

Million yen%

Million yen%

Million yen

%

800
1,716

△53.4
△11.3

325
277

17.1
△41.8

511
519

△1.5
△80.4

299
5,505

△94.6

Net income per share (basic)
Fiscal Year ended
March 31, 2024
March 31, 2023

97.8

Net income per share (diluted)
yen

yen

3.34
61.40

―
―

(2) Non-Consolidated Financial Position
Total assets
Fiscal Year ended
March 31, 2024
March 31, 2023
(Reference) Shareholders’ equity

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

yen

16,71918,832

10,802
12,73464.6
67.6

120.47142.00Fiscal Year Ended March 31, 2024
Fiscal Year Ended March 31, 2023

10,802 million yen
12,734 million yen

2. Forecasts of Non-consolidated Financial Results for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(Note) Non-consolidated Forecasts for the Fiscal Year Ending March 31, 2025, are yet to be determined.
* This financial summary is outside the scope of auditing performed by certified accountants and auditors.
* Explanation regarding the appropriate use of financial forecasts and other special items
A briefing of financial results for analysts is scheduled to be held on April 26, 2024, and a video of the briefing will be posted promptly on our website.

1.

Explanation of Business Results(1) Organizational restructuring
On March 30, 2023, the Company changed its name to “SBI Global Asset Management Co., Ltd.,” had Wealth Advisor Co. Ltd. take over its financial
services business that had been operated under the Morningstar brand, and made a transition to a pure holding company. In the fiscal year ended March 31,
2024 (April 1, 2023 to March 31, 2024), which is effectively the first year since the transition to a holding company, ordinary income increased for the 15th
consecutive fiscal year, driven especially by the asset management business.
While we stopped using the Morningstar brand due to the sale of the brand, we changed the brand to “Wealth Advisor” with the same products and services
as before in the financial services business. This brand change has had no particular negative impacts.
In the asset management business, our major subsidiary SBI Asset Management Co., Ltd. merged with another subsidiary Shinsei Investment Management
Co., Ltd. on April 1, 2023, and we took measures to strengthen the operation of the Company, such as increasing its stake in SBI Asset Management.

(2) Summary of results of operations for the fiscal year ended March 31, 2024
During the fiscal year ended March 31, 2024, the Japanese economy was in a relatively favorable environment, despite the impact of the situation in Ukraine
and conflict in the Middle East, as socioeconomic activities were going back to normal from the COVID-19 pandemic. Particularly during the second halfof the fiscal year under review, there were a series of historic events, such as the Nikkei Stock Average reaching a record high in February 2024 and a major
shift in the Bank of Japan’s monetary policy in March 2024. In the investment trust market, which is highly relevant to the Group’s businesses, theCompany’s performance was generally steady partly backed by the New NISA system, which started in January 2024.
Under these business circumstances, the balance of publicly offered investment trusts in the Group’s asset management business significantly increased
88.3% from 1,441.3 billion yen at the end of the previous fiscal year to 2,714.4 billion yen at the end of the fiscal year under review. The balance of lowcost index funds that pursue the growth of assets, which we have been working on, increased 89.2% from 1,240.2 billion yen to 2,346.5 billion yen during
the same period. In addition, the “SBI Japanese High Dividend Equity Fund （quarterly distribution)”, which was newly launched to pursue growth anddistribution, and other products that distribute dividends four times a year, were popular among investors, and the balance of net assets of active funds
increased 82.9% from the end of the previous fiscal year. For existing funds, we also implemented customer-centric measures throughout the fiscal year
under review, such as lowering trust fees and restructuring our product lineup from the perspective of beneficiaries, in accordance with the productgovernance policy of the Company established in June 2023.
In addition, the balance of privately offered investment trusts, which mainly support the advancement and diversification of securities investment of regional
financial institutions, has also increased 1.7% from 2,408.1 billion yen at the end of the previous fiscal year to 2,448.5 billion yen at the end of the fiscal
year under review. Since the assets under management mainly consist of bonds, interest rate hikes in Japan and overseas created a tough environment.
Thanks to the success of our sales activities tailored to customer needs, however, we achieved the top position among all asset management companies interms of the single-month net inflow in February 2024.
As a result, the balance of net assets under management of investment trusts managed by the Group as of the end of the fiscal year under review increased
26.2% from 4,692.8 billion yen at the end of the previous fiscal year to 5,922.4 billion yen at the end of the fiscal year under review.
Sales of the asset management business increased 20.0% from the previous fiscal year to 8,210 million yen in the fiscal year under review.
In the financial services business, we had provided Wealth Advisor, which is used by financial institutions distributing investment trusts, to 526 financial
institutions as of March 31, 2024, and we provided those financial institutions with various tools contributing to life plan simulations, Robo Advisor, aninheritance simulation, and other fiduciary duties (customer-oriented business operation).
Against the backdrop of social conditions that were beginning to escape from the COVID-19 pandemic and increasing needs for asset management as
represented by the introduction of the New NISA (Nippon Individual Savings Account), the number of face-to-face asset management seminars held with
regional banks around Japan at a real venue recovered steadily and increased significantly to 16 sessions, a fourfold increase from the previous fiscal year.
As a result, sales of the financial services business in the fiscal year under review were 1,927 million yen, an increase of 1.1% from the previous fiscal year.
For the consolidated business results for the fiscal year ended March 31, 2024, sales were 10,137 million yen, up 1,390 million yen (15.9%) from 8,747
million yen in the previous fiscal year. Sales reached a record high and the level of 10 billion yen for the first time.
As cost of sales increased 695 million yen and selling, general and administrative expenses grew 414 million yen from the previous fiscal year, operating
income for the fiscal year ended March 31, 2024, was 2,111 million yen, an increase of 280 million yen (15.3%) from 1,831 million yen in the previous
fiscal year.
Net amounts of non-operating income decreased 239 million yen and non-operating expenses fell 10 million yen as compared with the previous fiscal year.
Thus, ordinary income for the fiscal year ended March 31, 2024, was 2,510 million yen, an increase of 51 million yen (2.1%) from 2,458 million yen in theprevious fiscal year. The ordinary income increased for the 15th consecutive year, and recorded highest income for the 13th consecutive year.
Net income attributable to owners of parent for the fiscal year ended March 31, 2024, was 1,589 million yen, a decrease of 3,853 million yen (△70.8%).
This was because the extraordinary profit (8,000 million yen) from the sale of the Morningstar brand, which was recorded for the previous fiscal year, wasabsent in the fiscal year under review.

-3-

1)

Summary of consolidated financial results(Thousand yen)

Fiscal Year
From April 1, 2022
To March 31, 2023
AmountFiscal Year
From April 1, 2023
To March 31, 2024

Profit rate(%)

Increase/Decrease

Profit rate(%)

AmountNet sales

8,747,113

Operating income

1,831,139

20.9

2,111,325

Ordinary income

2,458,942

28.1

2,510,110

Net income attributable toowners of parent

5,443,020

62.2

1,589,278

Rate
(%)

Amount10,137,596

1,390,483

15.9

20.8

280,186

15.3

24.8

51,1672.1

15.7△3,853,742△70.8

Consolidated sales increased for the 12th consecutive year and recorded the highest sales for the 5th consecutive year.
Ordinary income increased for the 15th consecutive year and recorded the highest income for the 13th consecutive year.

2)

Sales by Segment and Sales by Service are as follows

Sales by Segment(Thousand yen)
Fiscal Year
From April 1, 2022
To March 31, 2023

Fiscal Year
From April 1, 2023
To March 31, 2024
Rate
(%)

AmountAmountRate ofchange
(%)

Rate
(%)

Asset Management Business

6,841,373

78.2

8,210,510

81.0

20.0

Financial Services Business

1,905,740

21.8

1,927,085

19.0

1.1

8,747,113

100.0

10,137,596

100.0

15.9

Consolidated sales

1)

Asset Management Business
Both the low-cost index funds and the active funds drove the expansion of the balance of assets under management, and the balance of publicly offeredinvestment trusts increased 88.3% from 1,441.3 billion yen at the end of the previous fiscal year to 2,714.4 billion yen at the end of the fiscal year
under review. In addition, the balance of privately offered investment trusts, which support the advancement and diversification of securities investmentof regional financial institutions, has also increased 1.7% from 2,408.1 billion yen at the end of the previous fiscal year to 2,448.5 billion yen at theend of the fiscal year under review. The balance of net assets under management of investment trusts managed by the Group increased 26.2% from4,692.8 billion yen at the end of the previous fiscal year to 5,922.4 billion yen at the end of the fiscal year under review.
As a result, sales of the asset management business for the fiscal year under review were 8,210 million yen, an increase of 1,369 million yen (20.0%)
from 6,841 million yen in the previous fiscal year.
Segment income was 1,766 million yen, an increase of 281 million yen (19.0%) from 1,484 million yen in the previous fiscal year.

2)

Financial Services BusinessIn addition to Wealth Advisor, which is used by financial institutions distributing investment trusts, deliveries of our independently developed
investment-related tools and fund data to financial institutions increased. The number of face-to-face seminars held in cooperation with regional
financial institutions, etc. increased in response to the development of the post-pandemic world and growing interest in asset management. The
rebranding had only minor impacts.
As a result, sales of the financial services business for the fiscal year under review were 1,927 million yen, an increase of 21 million yen (1.1%) from1,905 million yen in the previous fiscal year.
Segment income was 344 million yen, a decrease of 1 million yen (△0.4%) from 346 million yen in the previous fiscal year.

3)

Overview of non-consolidated business performance
The Company made a transition to a pure holding company through the organizational restructuring carried out on March 30, 2023. For this reason, it
is difficult to compare the non-consolidated business performance of the Company with that for the previous fiscal year. Most of the Company’s nonconsolidated sales were business management and guidance fees paid by subsidiaries, while expenditures mainly included costs related to theCompany’s listing and expenses for operations of subsidiaries. As a result, on a non-consolidated basis, sales were 800 million yen, selling, generaland administrative expenses were 474 million yen, and non-operating income and expenses were 246 million yen and 60 million yen, respectively.
Operating income was 325 million yen, ordinary income was 511 million yen, and net income was 299 million yen, since there were no extraordinary
profits or losses.

-4-(3) Summary of financial position for the fiscal year ended March 31, 2024
Total assets decreased 2,730 million yen from the end of the previous fiscal year to 18,625 million yen.
This was due to a decrease of 7,444 million yen in current assets, and an increase of 4,720 million yen in non-current assets. This was because theconsideration for selling the Morningstar brand at the end of the previous fiscal year was recorded as other accounts receivable in current assets as of theend of the previous fiscal year, and subsequently the Company received the consideration during the fiscal year under review and invested most of theamount remaining after payment of dividends and income taxes in investment securities. Mainly because of those results, investment securities increased
4,841 million yen.
Total liabilities decreased 2,041 million yen from the end of the previous fiscal year to 2,515 million yen. The decrease in liabilities was mainly due to theabsence of income taxes payable related to the consideration for the sale of the Morningstar brand and other extraordinary gains that were recorded at theend of the previous fiscal year.
In net assets, retained earnings decreased 316 million yen to 8,019 million yen as a result of the recording of net income attributable to owners of parent of
1,589 million yen and the payment of dividends of 1,905 million yen.
Valuation difference on other securities decreased 343 million yen due to fluctuations in net asset value of investment securities. Foreign currency translation
adjustments increased 129 million yen due to the yen’s depreciation, which widened the difference between the exchange rate at the time of acquisition ofshares of a U.S. subsidiary and the exchange rate during the period of the fiscal year under review.
Non-controlling shareholders’ equity fell 172 million yen due to a decrease in the ratio of non-controlling shareholders’ equity resulting from the acquisitionof additional shares of SBI Asset Management Co., Ltd., etc.
As a result, total net assets fell 689 million yen from the end of the previous fiscal year to 16,110 million yen.

(4) Summary of consolidated cash flows for the fiscal year ended March 31, 2024
The balance of cash and cash equivalents at the end of the fiscal year under review grew 1,152 million yen from the end of the previous fiscal year to 3,638
million yen. The status of each cash flow is as follows.
(Cash flows from operating activities)
Cash flows from operating activities grew 6,153 million yen from the previous fiscal year to 8,762 million yen.
This was mainly due to the recording of 2,510 million yen of income before income taxes, 9,314 million yen of collection of the Morningstar license return
receivable and other accounts receivables, and 2,710 million yen of income taxes paid.
(Cash flows from investing activities)
Cash flows from investing activities were 5,492 million yen (compared with 3,471 million yen for the previous fiscal year). This was mainly due to thepurchase of investment securities of 6,253 million yen, income of 1,186 million yen arising from the sale and redemption of investment securities andcancellation of specified comprehensive trust property, and the acquisition of intangible fixed assets of 409 million yen.
(Cash flows from financing activities)
Cash flows from financing activities were 2,148 million yen (compared with 1,889 million yen for the previous fiscal year). This was mainly due to dividend
payments of 1,905 million yen, expenditure from the additional acquisition of existing subsidiaries’ shares of 189 million yen, and expenditure from therepayment of lease obligations of 53 million yen.

(5) Explanation about future forecast information such as consolidated earnings forecast
In the asset management business, we will continue to take measures for the New NISA, and flexibly introduce new products that meet customer needs,
such as distribution-oriented products and a lineup of publicly offered active funds that incorporate high-dividend stocks. We believe that these new publicly
offered investment trusts will contribute to the asset formation of investors as they are characterized by both low cost and high quality, similar to index
funds. In addition, for existing publicly offered funds, we will revise costs and reorganize lineups based on the client-centric approach in accordance with
our product governance policy. We believe that for publicly offered investment trusts, gaining the support of investors through these measures will lead toan increase in the balance of assets under management. We also believe that for privately offered investment trusts, we can increase the balance of net assets
under management and also increase income by supporting the advancement and diversification of asset management of regional financial institutions, etc.
through the provision of appropriate products suitable for the increasingly complex market environment, and contributing to increasing the profitability ofregional financial institutions.
In the financial services business, we would like to focus on having the Wealth Advisor brand penetrate further, build a system that can respond swiftly andappropriately to the rapidly changing information environment, and thereby always provide products and services that utilize the latest communication tools.
In addition, together with sales financial institutions, we would like to develop and provide services that meet the specific measures of fiduciary duty
(customer-oriented business operation) promoted by sales financial institutions. We will also contribute to optimal asset management of investors by actively
holding asset management fairs and seminars in cooperation with regional financial institutions, in line with the trend from savings to investment, which is
expected to continue to grow in Japan, as exemplified by the New NISA.

-5-

We would like to expand the stable earnings base of the Group based on these two core businesses. Regarding the forecasts for the current fiscal year (April
1, 2024 to March 31, 2025), it is difficult to make reasonable calculations of the Group’s business results at this time and we have not yet decided on theforecasts, because it is hard to predict overseas interest rates and economic trends, as well as the financial market trends closely related to the Company’sbusinesses for the full fiscal year.

2.

Basic concept regarding the selection of accounting standards

The Group currently conducts its business mostly in Japan, and since there are few activities overseas, it has adopted Japanese GAAP in consideration of thecost of adopting International Financial Reporting Standards (IFRS).
In the future, we will consider adopting IFRS when the need to adopt IFRS for the Group arises.

-6-

3.

Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheet
Fiscal year ended
March 31, 2023
ASSETS
Current assets
Cash and cash equivalents
Accounts receivable
Inventories
Other accounts receivable
Other current assets
Total current assets
Non-current assets
Tangible fixed assets
Leasehold improvement
Accumulated depreciation
Leasehold improvement: net
Furniture, fixtures and equipment
Accumulated depreciation
Furniture, fixtures and equipment: net
Lease equipment under capital
Total tangible fixed assets
Intangible fixed assets
Goodwill
Software
Other non-current assets
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other non-current assets
Total investments and other assets
Total non-current assets
Deferred assets
Stock issuance cost
Total deferred assets
TOTAL ASSETS(All the figures less than 1,000 are rounded down)-7-

Fiscal year ended
March 31, 2024

(Thousand yen)(Thousand yen)

2,137,894
1,483,903*1 1,386
9,409,529
959,197
13,991,911

3,637,848
2,273,701*1 3,698
146,925
485,296
6,547,470

179,208△114,746
64,462200,935△172,908
28,027253,288345,777

120,696△46,776
73,919185,458△161,900
23,557
216,568
314,046

1,676,585
863,429
39,7752,579,790

1,633,229
986,883
9,124
2,629,237*2 3,871,154*2 8,712,813

416,769
142,375
4,430,299
7,355,867

294,214126,228
9,133,256
12,076,540

8,587
8,587
21,356,365

1,632
1,632
18,625,643

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

(Thousand yen)(Thousand yen)

62,753
1,010,877
50,646
2,709,257
12,179508,107

18,765
1,162,069
58,881
430,601
108,637
578,594

4,353,822

2,357,550

202,641

157,686

202,641

157,686

TOTAL LIABILITIES4,556,464

2,515,237

NET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings

3,363,635
4,514,168
8,335,546

3,363,635
4,528,571
8,019,263

LIABILITIESCurrent liabilities
Accounts payable–trade
Accounts payable–other
Lease payable
Income taxes payable
Consumption taxes payable
Other current liabilities
Total current liabilities
Non-current liabilities
Lease payable
Total non-current liabilities

Treasury stocks

△20

△20

16,213,329

15,911,449

Valuation difference on other securities

13,440△330,513

Foreign currency translation adjustments

254,273

383,462

Total accumulated other comprehensive income

267,71352,948318,858

146,008

16,799,901

16,110,406

21,356,365

18,625,643

Total shareholders’ equity
Accumulated other comprehensive income

Non-controlling shareholders’ equity
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS(All the figures less than 1,000 are rounded down)-8-(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income
Fiscal Year
From April 1, 2022
To March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Gain on sale of investment securities
Other non-operating income
Total non-operating income
Non-operating expenses
Foreign exchange losses
Stock issuance cost
Other non-operating expenses
Total non-operating expenses
Ordinary income
Extraordinary profit
Consideration for the brand return
Total extraordinary profit
Extraordinary loss
Loss on sale of investment securities
Loss on valuation of investment securities
Impairment loss
Organizational restructuring cost
Impairment loss of intangible fixed assets
Office relocation expenses
Loss on valuation of crypto assets
Total extraordinary loss
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Profit
Net income attributable to non-controlling interests
Net income attributable to owners of parent

Fiscal Year
From April 1, 2023
To March 31, 2024

(Thousand yen)(Thousand yen)

8,747,113
4,221,253
4,525,860*1 2,694,721
1,831,139

10,137,596
4,917,169
5,220,426*1 3,109,101
2,111,325

143,396
462,017
18,49423,377647,285

78,006
181,462
131,942
16,391
407,803232
10,416
8,832
19,481
2,458,942

642
7,697
677
9,017
2,510,110*2 8,000,000-

8,000,000*3 1,565,298*4 2,562*5 433,072*6 224,468*7 98,289

9,736
5,924
2,339,352
8,119,590
2,875,940△323,128
2,552,811
5,566,778
123,758
5,443,020

2,510,110
615,412
273,047
888,459
1,621,651
32,372
1,589,278(All the figures less than 1,000 are rounded down)

Consolidated Statement of Comprehensive Income
Fiscal Year
From April 1, 2022
To March 31, 2023
ProfitOther comprehensive income
Valuation difference on other securities
Foreign currency translation adjustments
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests(All the figures less than 1,000 are rounded down)-9-

Fiscal Year
From April 1, 2023
To March 31, 2024

(Thousand yen)(Thousand yen)

5,566,778

1,621,651

553,130
217,963
771,094
6,337,873△346,673
129,188△217,484
1,404,167

6,188,212

1,373,154

149,661

31,013

(3) Consolidated Statement of Changes in Shareholders’ Equity
Fiscal year ended March 31, 2023
(Thousand yen)
Shareholders’ equity
Common stock
As of April 1, 2022

Capital surplus

3,363,635

Retained earnings

4,478,772

4,439,392

Total shareholders’equityTreasury stocks△29

12,281,770

Fluctuation amount for the period△1,546,866

Dividends from retained earnings
Request for additional purchase of shares less than one unit

△1,546,866

14

8

Net income attributable to owners of parent

5,443,020

23
5,443,020

Increase/decrease in non-controlling interests due to merger
between consolidated subsidiaries

24,24924,249

Increase/decrease in equity due to additional acquisition ofshares of consolidated subsidiary

11,122

11,122

9

9

Increase/decrease in equity due to acquisition of treasury
stocks by consolidated subsidiary
Net income attributable to non-controlling interests
Net changes of items other than shareholders’ equity
Total changes during the period
As of March 31, 2023-

35,396

3,896,153

8

3,931,558

3,363,635

4,514,168

8,335,546△20

16,213,329

Accumulated other comprehensive income

As of April 1, 2022

Valuation differenceon other securities

Foreign currencytranslation adjustments

Total accumulated
other comprehensive
incomeNon-controllingshareholders’ equity

TOTAL NET ASSETS△513,787

36,309△477,478

469,252

12,273,545

Fluctuation amount for the period△1,546,866

Dividends from retained earnings
Request for additional purchase of shares less than one unit

23

Net income attributable to owners of parent

5,443,020

Increase/decrease in non-controlling interests due to merger
between consolidated subsidiaries△24,249-

Increase/decrease in equity due to additional acquisition ofshares of consolidated subsidiary△275,737△264,615△68△59

123,758

123,758

Increase/decrease in equity due to acquisition of treasury
stocks by consolidated subsidiary
Net income attributable to non-controlling interests
Net changes of items other than shareholders’ equity

527,227

217,963745,191

25,902771,094

Total changes during the period

527,227

217,963745,191△150,394

4,526,355

As of March 31, 2023

13,440254,273

267,713

318,858

16,799,901-10-

Fiscal year ended March 31, 2024
(Thousand yen)
Shareholders’ equity
Common stock
As of April 1, 2023

Capital surplus

3,363,635

Retained earnings

4,514,168

8,335,546

Total shareholders’equityTreasury stocks△20

16,213,329

Fluctuation amount for the period
Dividends from retained earnings△1,905,561△1,905,561

1,589,278

1,589,278

Request for additional purchase of shares less than one unit
Net income attributable to owners of parent
Increase/decrease in non-controlling interests due to merger
between consolidated subsidiaries

5,086

5,086

Increase/decrease in equity due to additional acquisition ofshares of consolidated subsidiary

9,316

9,316

Increase/decrease in equity due to acquisition of treasury
stocks by consolidated subsidiary
Net income attributable to non-controlling interests
Net changes of items other than shareholders’ equity-

14,402△316,283-△301,880

3,363,635

4,528,571

8,019,263△20

15,911,449

Total changes during the period
As of March 31, 2024

Accumulated other comprehensive income

As of April 1, 2023

Valuation differenceon other securities

Foreign currencytranslation adjustments

Total accumulated
other comprehensive
incomeNon-controllingshareholders’ equity

13,440254,273

267,713

318,858

TOTAL NETASSETS
16,799,901

Fluctuation amount for the period△1,905,561

Dividends from retained earnings
Request for additional purchase of shares less than one unit-

Net income attributable to owners of parent

1,589,278

Increase/decrease in non-controlling interests due to merger
between consolidated subsidiaries△5,086-

Increase/decrease in equity due to additional acquisition ofshares of consolidated subsidiary△198,776△189,460

32,37232,372△216,124

Increase/decrease in equity due to acquisition of treasury
stocks by consolidated subsidiary-

Net income attributable to non-controlling interests
Net changes of items other than shareholders’ equity△343,953

129,188△214,764△1,359Total changes during the period△343,953

129,188△214,764△172,850△689,495

As of March 31, 2024

△330,513

383,462

52,948146,008

16,110,406-11-

(4) Consolidated Cash Flow Statement
Fiscal Year

Fiscal Year

From April 1, 2022
To March 31, 2023

From April 1, 2023
To March 31, 2024

(Thousand yen)(Thousand yen)

8,119,590
433,967
4,540
117,304
10,416
1,546,803
2,562
5,924
98,289433,072
9,736
224,468△8,000,000△605,412△250
250,212△122
135△4,16473,216△81,260△105,788
2,533,242
149,945△744,449
669,777
2,608,515

2,510,110
399,544
105,743
7,697△131,942△13,717△259,469△642△445,915△2,311△43,987
9,314,854
5,313△173,393
165,649
11,437,534
14,089△2,710,625
21,2228,762,220△19,198△314,428△5,495,591
2,534,716△11,561△409,229△6,253,027
1,186,244*2 △183,301-

36,059△29,779

61,725△66,918

Cash flows from investing activities
Cash flows from financing activities
Cash dividends paid
Income from disposal of treasury stock
Expenditure on purchase of shares of subsidiaries without change inscope of consolidation
Repayments of lease obligations△3,471,524△5,492,766△1,546,866
23△1,905,561-△273,674△189,460△68,663△53,947

Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (minus sign means decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period△1,889,180
60,831△2,691,356
5,176,908*1 2,485,551△2,148,969
32,1081,152,593
2,485,551*1 3,638,145

Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of long-term prepaid expenses
Amortization of goodwill
Amortization of stock issuance cost
Loss (minus sign means gain) on sale of investment securities
Loss (minus sign means gain) on valuation of investment securities
Loss on valuation of crypto assets
Loss (minus sign means gain) on sales of crypto assets
Impairment loss of intangible fixed assets
Impairment loss
Office relocation expenses
Organizational restructuring cost
Consideration for the brand return
Interest and dividend income
Foreign exchange losses (minus sign means gains)
Decrease (minus sign means increase) in trade receivables
Decrease (minus sign means increase) in inventories
Increase (minus sign means decrease) in trade payables
Decrease (minus sign means increase) in accounts receivable
Increase (minus sign means decrease) in accounts payable–other
Decrease (minus sign means increase) in other current assets
Increase (minus sign means decrease) in other current liabilities
Sub totalInterest and dividend income received
Income taxes paid
Income tax refund amount
Cash flows from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Proceeds from collection of guarantee deposits
Payments for guarantee deposits-12-(5) Notes on Consolidated Financial Statements(Notes on the premise of a going concern)
Not applicable.

(Notes on the changes in accounting policies)
Not applicable.
(Important Matters as a Basis for Preparing Consolidated Financial Statements)
1

Matters concerning scope of consolidation(1) Names of consolidated subsidiaries
As of March 31, 2024, the Group consists of the Company and the following five subsidiaries.
Wealth Advisor Co., Ltd.
SBI Asset Management Co., Ltd.
SBI Alternative Investment Management Co., Ltd.
Carret Holdings Inc.
Carret Asset Management LLC
SBI Alternative Investment Management Co., Ltd. (former trade name: SBI Alternative Asset Management Co., Ltd.) changed its trade name on
December 7, 2023.
(2) Change in scope of consolidation
Shinsei Investment Management Co., Ltd., which was a consolidated subsidiary of the Company, is excluded from the scope of consolidation as
it ceased operating on April 1, 2023, as a result of an absorption-type merger in which SBI Asset Management Co., Ltd., a consolidated subsidiaryof the Company, was the surviving company.
(3) Names of non-consolidated subsidiaries, etc.
SBI Alternative Fund GK(Reason for exclusion from the scope of consolidation)
SBI Alternative Fund GK is a business operator of an anonymous partnership business that manages investment trusts by the anonymous partnership method.
Almost all profits and losses of the subsidiary, including the business of the anonymous partnership, belong to the anonymous partnership member and do
not formally or substantially belong to the subsidiary or its parent company. Moreover, there are few transactions with the subsidiary. Since there is a riskthat the consolidation of the subsidiary can significantly mislead the judgment of stakeholders, the subsidiary is excluded from the scope of consolidationin accordance with Section 19 of ASBJ Guidance No. 22 “Application Guidelines for Determining the Scope of Subsidiaries and Affiliates in Consolidated
Financial Statements.”
2

Matters concerning the application of the equity method
Not applicable.

3

Matters concerning the fiscal year, etc. of consolidated subsidiaries
Of the consolidated subsidiaries, Carret Holdings, Inc. and Carret Asset Management LLC have a closing date of December 31.
In preparing consolidated financial statements, the balance sheet as of December 31, 2023, and income statement and cash flow statement from January
1, 2023 to December 31, 2023, of Carret Holdings, Inc. and Carret Asset Management LLC are consolidated. For important transactions that occurred
between the consolidated closing date and fiscal year end of the above companies, the necessary adjustments for consolidation are made.

4

Matters concerning accounting policy(1) Valuation basis and valuation method of important assets
1)

Securities
Other securities
Securities other than stocks without market value, etc.
The market value method (net unrealized gains (losses) are directly included in net assets, and cost of sales is computed using the moving
average cost method)
Stocks without market value, etc.
Moving average cost method

2)

Inventory
Cost method (method of devaluation of book value due to decline in profitability)
Supplies ... Total average method-13-

(2) Depreciation method of important depreciable assets
1)

Tangible fixed assets
The straight-line method

2)Intangible fixed assets
The straight-line method
Of software, software for internal use is amortized using the straight-line method based on the in-house usable period (5 years).

(3) Accounting standard for material revenue and expenses
The details of the main performance obligations in major businesses regarding revenue from contracts with customers and the ordinary point intime at which such performance obligations are satisfied (the ordinary point in time at which revenue is recognized) are as follows.
1.

Data Solutions
Fund data reports, etc.:
We provide fund data reports, etc. for financial institutions. Because the performance obligations are satisfied by such provision to customers,
we recognize revenue when the provision is completed.
Tablet application fees, etc.:
We provide financial institutions with Wealth Advisor, a sales support tool, etc. Because the performance obligations are satisfied bycustomers’ use of the services, we recognize revenue according to the length of period of their use.

2.

Media Solutions
Because the performance obligations are satisfied by posting a customer’s ad, we recognize revenue according to the period in which thead is posted.

3.

Asset Management
Investment trust management fees are paid in consideration for satisfying the performance obligation to give investment instructions for
publicly and privately offered investment trust property based on the terms and conditions of investment trusts. We recognize that theperformance obligation is satisfied as the investment period of the fund elapses. After the establishment of a fund, the amount calculated bymultiplying the daily net asset balance by a certain percentage is recognized over the investment period of the fund as the revenue of trust
fees in accordance with the terms and conditions of investment trusts.
Management fees are paid mainly in consideration for satisfying the performance obligation to perform asset management, after adiscretionary investment contract is concluded with an applicable customer (investor). We recognize that the performance obligation issatisfied as the investment period of the fund elapses. The amount calculated based on conditions, such as the assets to be managed, balance,
period and rate, as specified for each discretionary investment contract, is recognized as revenue over the period during which the management
is entrusted.
Investment advisory fees are paid mainly in consideration for satisfying the performance obligation to provide advice on asset management
to an applicable customer, after an investment advisory (consulting) contract is concluded with the applicable customer (investor). We
recognize that the performance obligation is satisfied as the period during which advice is provided elapses. The amount calculated based on
conditions, such as the advisory assets, balance, period and rate, as specified for each investment advisory (consulting) contract, is recognized
as revenue over the period during which advice is provided.

(4) Basis for converting significant foreign currency assets or liabilities into Japanese currency
Assets and liabilities of foreign subsidiaries are converted into yen at the closing exchange rate on the closing date, and the conversion difference
is included in the translation adjustment account and non-controlling interests in net assets.
(5) Matters concerning amortization of goodwill
Goodwill is equally amortized over 20 years.
(6) Stock issuance cost
Straight-line amortization over 3 years(7) Scope of funds in consolidated statement of cash flows
Cash (cash and cash equivalents) in the consolidated statement of cash flows consists of cash on hand, deposits that can be withdrawn on an asneeded basis, and short-term investments that can easily be redeemed with a redemption period within three months from the acquisition date, andthat bear only a small risk of value fluctuations.

-14-

(Notes on Consolidated Balance Sheet)*1

Breakdown of inventories(Thousand yen)
Fiscal Year ended March 31, 2024

Fiscal Year ended March 31, 2023
Supplies

1,386

2,924

-

774

Work in progress*2

Investments in non-consolidated subsidiaries and affiliates
Fiscal Year ended March 31, 2023

Investment securities (shares)(Thousand yen)
Fiscal Year ended March 31, 2024

14,00014,000(Notes on Consolidated Statement of Income)*1

Major items of selling and general administrative expenses
Fiscal Year ended March 31, 2023
(April 1, 2022 - March 31, 2023)(Thousand yen)
Fiscal Year ended March 31, 2024
(April 1, 2023 - March 31, 2024)

Employees’ salaries

1,093,702

1,253,505

Executives’ salaries

423,904

472,228Retirement benefit costs

10,37636,583*2

Consideration for the brand return8,000,000

We recorded the consideration for returning the Morningstar brand to Morningstar, Inc., U.S., as extraordinary income.
*3

Loss on sale of investment securities
Fiscal year ended March 31, 2023
(April 1, 2022 - March 31, 2023)(Thousand yen)
Fiscal year ended March 31, 2024
(April 1, 2023 - March 31, 2024)

1,565,298-

This is a loss that arose when the Company sold some investment securities held by the Company and received income of cash (including cash
equivalents in specified money trusts).
*4

Loss on valuation of investment securities
Fiscal year ended March 31, 2023
(April 1, 2022 to March 31, 2023)(Thousand yen)
Fiscal year ended March 31, 2024
(April 1, 2023 to March 31, 2024)

2,562

-

Because investment securities held included investment trusts whose long-term market value was less than 70% of their book value, a valuation
loss was recorded.
*5

Impairment loss
Fiscal year ended March 31, 2023
(April 1, 2022 - March 31, 2023)(Thousand yen)
Fiscal year ended March 31, 2024
(April 1, 2023 - March 31, 2024)

Goodwill

184,449-

Software248,623-

Note 1In the previous fiscal year, impairment of the following goodwill was recognized in the amount reflecting profitability at the end of theprevious fiscal year.

Factors causing goodwill
Acquisition of Kabushiki Shimbun Co., Ltd.,making the company into a subsidiary, andmergerAcquisition of SBI Searchina Co., Ltd. andmaking the company into a subsidiary
Note 2Businesses and services towhich goodwill belongs
Publication of “Stock Newspaper”
and provision of equity-related
information
Provision of financial information
on China and Asia

Month and year of
business combination

Impairment lossof goodwill

Balance of
goodwill

April 2008

31,943 thousandyen- thousand yen

October 2012

152,505
thousand yen- thousand yen

Impairment of software related to the return of the Morningstar brand was recognized in the entire amount.

*6

Organizational restructuring cost
224,468 thousand yen
Cost for retirement of paid royalties (long-term prepaid expenses) to Morningstar, Inc. was recorded due to the transition to the holding company
system resulting from the return of the Morningstar brand.

*7

Impairment loss of intangible fixed assets
Fiscal year ended March 31, 2023
(April 1, 2022 - March 31, 2023)
98,289We disposed of software that was not expected to operate.

-15-(Thousand yen)
Fiscal year ended March 31, 2024
(April 1, 2023 - March 31, 2024)-

(Notes on Consolidated Statement of Changes in Shareholders’ equity)
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)
1.

Type and total number of outstanding shares
Kind of shares

2.

Beginning of fiscal year

Decrease number offiscal year

Ending of fiscal year

Outstanding shares
Common stock

89,673,600--

89,673,600

Annual

89,673,600--

89,673,600

Type and number of treasury stock
Kind of shares

3.

Increase number offiscal year

Beginning of fiscal year

Increase number offiscal year

Decrease number offiscal year

Ending of fiscal year

Treasury stocks
Common stock

170

-

50

120

Annual

170

-

50

120

Stock acquisition rights
Not applicable.

4.

Treasury stock acquisition rights
Not applicable.

5.

Dividends(1) Dividends paid
Resolution ofKind of shares

Source ofdividends

Total dividends(thousand yen)

Dividend pershare (yen)Date of right allotment

Effective date

May 19, 2022
board of directors

Common stock

Retained earnings

807,060

9.00

March 31, 2022

June 1, 2022

September 22, 2022
board of directors

Common stock

Retained earnings

739,805

8.25

September 30, 2022

December 1, 2022

(2) Dividends for which the date of right allotment belongs to the fiscal year under review but the effective date belongs to the following fiscal year
Resolution ofKind of shares

Source ofdividends

Total dividends(thousand yen)

Dividend pershare (yen)Date of right allotment

Effective date

May 9, 2023
board of directors

Common stock

Retained earnings

1,143,338

12.75

March 31, 2023

June 1, 2023

-16-

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)
1.

Type and total number of outstanding shares
Kind of shares

Outstanding shares
Common stock
Annual2.

Decrease number offiscal year

Ending of fiscal year

89,673,600--

89,673,600

89,673,600--

89,673,600

Type and number of treasury stock

Kind of shares

Beginning of fiscal year

Treasury stocks
Common stock
Annual3.

Increase number offiscal year

Beginning of fiscal year

Increase number offiscal year

Decrease number offiscal year

Ending of fiscal year

120

-

-

120

120

-

-

120

Stock acquisition rights
Not applicable.

4.

Treasury stock acquisition rights
Not applicable.

5.

Dividends(1) Dividends paid
Resolution ofKind of shares

Source ofdividends

Total dividends(thousand yen)

Dividend pershare (yen)May 9, 2023
board of directors

Common stock

Retained earnings

1,143,338

12.75

March 31, 2023

June 1, 2023

September 19, 2023
board of directors

Common stock

Retained earnings

762,224

8.50

September 30, 2023

December 1, 2023

Date of right allotment

Effective date(2) Dividends for which the date of right allotment belongs to the fiscal year under review but the effective date belongs to the following fiscal year
Resolution of (planned)

Kind of shares

Source ofdividends

April 26, 2024
board of directors

Common stock

Retained earnings

Total dividends(thousand yen)
1,165,755-17-

Dividend pershare (yen)
13.00

Date of right allotment

March 31, 2024

Planned effective dateJune 1, 2024

(Notes on Consolidated Cash Flow Statement)*1
Relationship between the balance of cash and cash equivalents at the end of the period and the amount of items posted on the consolidated balance
sheet
Fiscal Year ended
March 31, 2023
(Thousand yen)
Cash and cash equivalents

Fiscal Year ended
March 31, 2024
(Thousand yen)

2,137,894

Deposit to securities company account (of other current assets)
Cash and cash equivalents at the end of fiscal year

3,637,848

347,657296

2,485,551

3,638,145*2 Main breakdown of assets and liabilities of the company that became a consolidated subsidiary due to the acquisition of sharesFiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)
The breakdown of assets and liabilities at the start of consolidation resulting from consolidating Shinsei Investment Management Co., Ltd. throughacquisition of shares on October 3, 2022 (deemed acquisition date: October 1, 2022), which was absorbed into SBI Asset Management Co., Ltd. (asubsidiary of the Company) as of April 1, 2023, and the relationship between the acquisition cost of the said company’s shares and the expenditure(net) on the acquisition are as follows:(Thousand yen)
Current assets

1,524,318

Non-current assets

58,990Current liabilities

327,228

Non-current liabilities

18,609Goodwill

62,528Acquisition cost of shares

1,300,000

Cash and cash equivalents△1,116,698

Net: expenditure on the acquisition

183,301

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)
Not applicable.

-18-

(Notes on tax)
Fiscal Year ended March 31, 2023
1
Breakdown of deferred tax assets and deferred tax liabilities by major
cause(Deferred tax assets)(Thousand yen)

Fiscal Year ended March 31, 2024
1

Breakdown of deferred tax assets and deferred tax liabilities by major
cause(Deferred tax assets)(Thousand yen)

Disallowed business tax payable

128,833

Disallowed business tax payable

39,670

Disallowed account payable

44,508Disallowed account payable

34,105

Unrealized profit

2,204

Impairment loss

52,023

Impairment loss

149,613

Impairment loss of intangible fixed assets

15,239Impairment loss of intangible fixed assets

45,346

Valuation difference on other securities

135,039

Tax loss carry-forwards

115,876

Other current assets

18,136

Other current assets

15,754

Total deferred tax assets

502,137

Total deferred tax assets

294,214(Deferred tax liabilities)(Thousand yen)

Valuation difference on other securities

17,360Accrued dividends receivable

68,008

Total deferred tax liabilities

85,368

Net amount of deferred tax assets

416,769(Note)

Amount of tax loss carry-forwards and deferred tax assets bycarry-over period

Tax loss carry-forwards (a)Within one year
(Thousand yen)

Annual(Thousand yen)

115,876

115,876

Valuation allowance――

Deferred tax assets

115,876(b)115,876(a) The amount of tax loss carry-forwards is calculated by multiplying by
the statutory effective tax rate.
(b) Deferred tax assets are recorded for tax loss carry-forwards of 115,876
thousand yen (calculated by multiplying by the statutory effective taxrate). The amount of deferred tax assets represents the recognition of
the portion of tax loss carry-forwards determined to be recoverable
based on the expected future taxable income, that resulted from nonrecurring losses on the sale of investment securities recorded in thefiscal year under review by current Wealth Advisor Co., Ltd., which isa consolidated subsidiary (formerly E-Advisor Co., Ltd. andMorningstar Asset Management Co., Ltd.; Morningstar AssetManagement Co., Ltd., as the surviving company, absorbed andmerged with E-Advisor Co., Ltd., changed the trade name, and took
over the Company’s financial services business as of March 30,2023).
2

Breakdown of the main items that caused the difference between thestatutory effective tax rate and the tax burden rate after application oftax effect accounting

2

Description is omitted because the difference between the statutory

Breakdown of the main items that caused the difference between thestatutory effective tax rate and the tax burden rate after application oftax effect accounting
Statutory effective tax rate
30.62%

effective tax rate and the tax burden rate after application of tax effect(Adjustment)

accounting is 5% or less of the statutory effective tax rate.

Permanent difference

2.20%

Cost for amortization of goodwill

1.29%

Difference arising from difference in tax rates
for consolidated subsidiaries

1.18%

Resident tax per capita
Other adjustments

0.24%△0.13%
35.40%-19-

(Segment information, etc.)[Segment information]
1.

Summary of reporting segments

The Group’s reporting segments have separate financial information available from the Group’s constituent units and are subject to regular review by the
Board of Directors to determine resource allocation decisions and assess performance.
The main types of business by reporting segment (as of March 31, 2024) are as follows.
(Asset Management Business)
Business that provides investment management and investment advice such as investment trust setting, solicitation, and management based on the Financial
Instruments and Exchange Act
Service classification

Asset Management

Main business contents
Investment management including setting, solicitation, and management of investment trusts centeredon publicly offered additional stock investment trusts and privately offered bond-type investment
trusts,investment advisory services for funds of funds, defined contribution pension-related consulting, etc.

(Financial Services Business)
Business that collects information on finance, websites, etc., compares, analyzes, evaluates and processes the accumulated information, provides it tocustomers, and provides consulting
Service classification

Financial Services

2.

Main business contents
Daily web-based “Stock Newspaper,” stock and corporate information distribution, fund analysis
report, domestic stock report, U.S. stock report, provision of custom fund data to financial institutions
and media, selection and announcement of fund awards, provision of investment trust comparison
analysis tools, advice related to corporate defined contribution pension plans, planning and operationof websites related to individual defined contribution pension plan (iDeCo) and small investment tax
exemption system (NISA) as well as their content creation and provision, sales of tablet application
data to financial institutions, and provision of information on valuation of crypto assets
Advertising on the Group’s website (Wealth Advisor website, Chinese information site “Searchina”),
consulting income related to advertising of financial product sales institutions in various types of media,
marketing consulting, advertising agency business, newspaper advertising, seminars on IR, life planning,asset management, etc., life planning support business including provision of simulation tools, etc.

Method of calculating the amount of sales, profits or losses, assets, liabilities and other items in the reporting segments
The method of accounting for the reported business segments is the same as described in “Important matters as a basis for preparing consolidated
financial statements.”
Profit for the reporting segment is based on operating income.
The amount of sales, profits and other items, and the amount of assets, liabilities and other items of the asset management business are the total of theamounts of sales, profits and other items, and the amount of assets, liabilities and other items of the following subsidiaries.
SBI Asset Management Co., Ltd., Shinsei Investment Management Co., Ltd. (currently SBI Asset Management Co., Ltd.), Carret Holdings, Inc., Carret
Asset Management LLC, SBI Alternative Investment Management Co., Ltd.
Of the consolidated subsidiaries, Carret Holdings, Inc., and Carret Asset Management LLC have a closing date of December 31.
For Carret Holdings, Inc. and Carret Asset Management LLC, the figures for assets, liabilities and other items as of December 31, 2023, and sales,
profits and other items from January 1 to December 31, 2023, are used in preparing the segment information. For important transactions that occurred
between the consolidated closing date and fiscal year end of the above companies, the necessary adjustments for consolidation are made.

The amount of sales, profits and other items, and the amount of assets, liabilities and other items of the financial services business are the total of theamounts of sales, profits and other items, and the amounts of assets, liabilities and other items of SBI Global Asset Management Co., Ltd. and Wealth
Advisor Co., Ltd.
Internal sales or transfers between segments are determined by consultation while taking into account market prices.

-20-

3.

Information on sales and income or loss for each reporting segment
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Thousand yen)
Reporting segment
Asset
Management
Business

Matters concerning
difference
adjustment

Amount recordedon consolidated
financialstatements

8,747,113-

8,747,113

Financial
Services
Business

Total

1,905,740

Sales
Sales to external customers

6,841,373
164

24,01924,184△24,184-

6,841,538

1,929,760

8,771,298△24,184

8,747,113

Segment operating income

1,484,812

346,326

1,831,139-

1,831,139

Segment assets

8,321,184

15,592,340

23,913,524△2,557,159

21,356,365

Segment liabilities

2,929,016

4,184,607

7,113,623△2,557,159

4,556,464

Depreciation

15,072418,895

433,967-

433,967

Amortization of goodwill

100,279

17,025

117,304-

117,304

Increase in tangible and intangible fixed assets

140,623554,792

695,416-

695,416

Internal sales or transfers between segments
Total

Other

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Thousand yen)
Reporting segment
Asset
Management
Business

Matters concerning
difference
adjustment

Amount recordedon consolidated
financialstatements

10,137,596-

10,137,596

5,298△5,298

10,137,596

Financial
Services
Business

Total

8,210,510

1,927,085

702

4,596

Sales
Sales to external customers
Internal sales or transfers between segments

8,211,213

1,931,681

10,142,894△5,298Segment operating income

1,766,411

344,913

2,111,325-

2,111,325

Segment assets

11,790,806

11,673,957

23,464,763△4,839,119

18,625,643

Segment liabilities

2,367,456

4,980,823

7,354,357△4,839,119

2,515,237

Depreciation

98,908300,636

399,544-399,544

Amortization of goodwill

105,743-

105,743-

105,743

Increase in tangible and intangible fixed assets

233,549

254,749488,299-488,299

Total

Other

4.

Difference between the total of reporting segments and the consolidated income statement, and the main content of the difference (matters concerning
difference adjustment)(Thousand yen)
Sales

Fiscal Year ended March 31, 2023

Fiscal Year ended March 31, 2024

Total of reporting segment

8,771,298

10,142,894

Elimination of transactions between segments△24,184△5,298Net sales in the consolidated income statement

8,747,113

10,137,596(Thousand yen)Segment operating income

Fiscal Year ended March 31, 2023

Total of reporting segment

1,831,139

2,111,325--

1,831,139

2,111,325

Elimination of transactions between segments
Operating income in the consolidated income statement

Fiscal Year ended March 31, 2024

(Thousand yen)Segment assets

Fiscal Year ended March 31, 2023

Fiscal Year ended March 31, 2024

Total of reporting segment

23,913,524

23,464,763

Elimination of transactions between segments△2,557,159△4,839,119

Assets in the consolidated balance sheet

21,356,365

18,625,643-21-

(Thousand yen)Segment liabilities

Fiscal Year ended March 31, 2023

Total of reporting segment

Fiscal Year ended March 31, 2024

7,113,623

7,354,357

Elimination of transactions between segments△2,557,159△4,839,119

Liabilities in the consolidated balance sheet

4,556,464

2,515,237(Thousand yen)

Total of reporting segment
Other

Elimination of transactions
between segments

Amount recorded on
consolidated financial statements

Fiscal Year
ended March 31,
2023

Fiscal Year
ended March 31,
2024

Fiscal Year
ended March 31,
2023

Fiscal Year
ended March
31, 2024

Fiscal Year ended
March 31, 2023

Fiscal Year
ended March
31, 2024

Depreciation

433,967

399,544--433,967

399,544

Amortization of goodwill

117,304

105,743--

117,304

105,743

Increase in tangible andintangible fixed assets

695,416

488,299--

695,416

488,299-22-

[Related information]
1.

Information about products and services
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Thousand yen)
Asset Management Business
Sales to external customers

Financial Services Business

6,841,373

1,905,740

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Thousand yen)
Asset Management Business
Sales to external customers
2.

Financial Services Business

8,210,510

1,927,085

Information about the area
(1) Net sales
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Note) Sales are classified by country or region based on the customer’s location.
(Thousand yen)Japan

United States

7,338,551

Total

1,408,562

8,747,113

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Note) Sales are classified by country or region based on the customer’s location.
(Thousand yen)Japan

United States

8,589,680

Total

1,547,916

10,137,596(2) Tangible fixed assets
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Thousand yen)Japan

United States
88,512

Total

257,264

345,777

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Thousand yen)Japan

United States
93,535

3.

Total

220,510314,046

Information about major customers
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)
Not applicable.
Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)
Not applicable.

4.

Information on impairment loss on fixed assets or on goodwill of each reporting segment[Information on impairment loss on fixed assets of each reporting segment]
Fiscal Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Thousand yen)
Asset Management
Business
Impairment loss

Financial Services
Business-

248,623

Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)-23-

Amount recorded on
consolidatedbalance sheet

All consolidated
common/elimination-

248,623

Not applicable.

(Significant changes in the amount of goodwill)
Fiscal Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Thousand yen)
Asset Management
Business
Impairment loss

Financial Services
Business-Amount recorded on
consolidatedbalance sheet

All consolidated
common/elimination

184,449-

184,449

Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)
Not applicable.
[Information on amortization of goodwill and unamortized balance per reporting segment]
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Thousand yen)
Asset Management
Business

Financial Services BusinessAmount recorded on
consolidatedbalance sheet

All consolidated
common/elimination

Current period
depreciation amount

100,279

17,025-

117,304

As of March 31, 2023

1,676,585--

1,676,585(Note) An impairment loss of 184,449 thousand yen was recorded for goodwill attributable to the financial services business.
Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Thousand yen)
Asset Management
Business

Financial Services BusinessAmount recorded on
consolidatedbalance sheet

All consolidated
common/elimination

Current period
depreciation amount

105,743--

105,743

As of March 31, 2023

1,633,229--

1,633,229[Information on significant negative goodwill income per reporting segment]
Not applicable.

(Information on a per share amount)
Fiscal Year ended March 31, 2023
(April 1, 2022 - March 31, 2023)

Fiscal Year ended March 31, 2024
(April 1, 2023 - March 31, 2024)

Net asset per share (yen)183.79178.03

Net income per share (yen)

60.70

17.72

-

-

Diluted net income per share (yen)Diluted net income per share is not stated as there are no dilutive shares.
(Notes)1

The amount of net income per share and the basis for calculation of diluted net income per share are as follows.
Fiscal Year ended March 31, 2023
(April 1, 2022 - March 31, 2023)

Fiscal Year ended March 31, 2024
(April 1, 2023 - March 31, 2024)

5,443,020

1,589,278--

Net income attributable to owners of parent related tocommon stock (Thousand yen)

5,443,020

1,589,278

Average number of shares of common stock during the period(Share)89,673,453

89,673,480

Net income per share (yen)Net income attributable to owners of parent(Thousand yen)Amount not attributable to common shareholders(Thousand yen)

*Diluted net income per share is not stated as there are no dilutive shares.

-24-

2

The amount of net asset per share and the basis for calculation are as follows.

Total amount of net assets (thousand yen)

Fiscal Year ended March 31, 2023
(April 1, 2022 - March 31, 2023)

Fiscal Year ended March 31, 2024
(April 1, 2023 - March 31, 2024)

16,799,901

16,110,406

Amount to be deducted from the total amount of net assets(thousand yen)

318,858

146,008(Non-controlling interests of above (thousand yen))(318,858)(146,008)

Net asset value related to common stock of fiscal year end(thousand yen)

16,481,042

15,964,398

Number of year-end common shares used to calculate net
assets per share (shares)

89,673,480

89,673,480-25-

(Significant subsequent events)
Not applicable.

-26-