JAPAN SECURITIES FINANCE CO., LTD.
Consolidated Financial Resultsfor Fiscal 2008
Name：JAPAN SECURITIES FINANCE CO., LTD.
Listing：1st Section, Tokyo Stock Exchange
Stock code number：8511
Address：1－2－10, Nihonbashi Kayaba－cho, Chuo－ku, Tokyo Japan, 103－0025
Phone：＋81－3－3666－3184
1. Consolidated Financial Results for Fiscal 2008 (April 1,2008－March 31,2009)(Millions of yen, rounded down to nearest million)(1) Consolidated Results of Operations(% change from previous year)

Operating Income
Operating Revenues or Loss（△）

Recurring Incomeor Loss（△）

Net Incomeor Loss（△）(Millions of yen)(% change)(Millions of yen)(% change)(Millions of yen)(% change)(Millions of yen)(% change)

Fiscal 2008

44,299△12.4△4,797―△5,479―△7,503―Fiscal 2007

50,582

16.2

2,345

△75.7

2,852

△69.8

△1,300―Net Income or Loss(△)
Net Income per Shareper Share(Yen)(Yen) (fully diluted)

Fiscal 2008

△80.33―Fiscal 2007

△13.15―EPS

Recurring Income or

Return on Equity

Operating Income orLoss(△)／OperatingLoss(△)／Total Assets

Revenues
(%)

(%)

△6.9

△0.1

△10.8

△1.1

0.1

4.6ROE(%)

ROA

Reference: Gain/loss on investments based on equity method: ¥△951million (Fiscal 2007: ¥255million)(2) Consolidated Financial Position
Total assets

Net Assets

Equity Ratio

Net Assets
per Share(Millions of yen)

(Millions of yen)(%)

Fiscal 2008

5,293,277

107,232

2.3

1,158.32

Fiscal 2007

5,093,837

111,303

2.5

1,125.72(Yen)

Reference: Shareholders Equity:¥107,232million (Fiscal 2007: ¥111,303million)(3) Consolidated Cash Flows
Cash Flows
from Operating
Activities

Cash Flows
from Investing
Activities

Cash Flows
from Financing
Activities

Cash and CashEquivalents
at end of Year

(Millions of yen)

(Millions of yen)

(Millions of yen)

(Millions of yen)

Fiscal 2008

6,179

△739

△7,111

2,957

Fiscal 2007

4,417

△1,958△2,6884,628

1

2. Dividends
Dividends per Share
Interim(Yen)

Year-End(Yen)Annual(Yen)

Fiscal 2008

13.00
10.00

13.00
10.00

26.00
20.00

Fiscal 2009
(Forecast)

7.00

7.00

14.00

Fiscal 2007

Total Cash
Dividends Payout Ratio
Dividends(Full-year) (Non-Consolidated) (Consolidated)(Millions of Yen)(%)(%)

Dividends on
Equity(Consolidated)
DOE (%)

52.3
70.7――

2.2
1.8

68.6

48.0

2,583
1,861

3. Consolidated Forecast for fiscal 2009(April 1,2009－March 31,2010)(% change from previous year)

OperatingRevenues

Operating
IncomeRecurring
IncomeNet Income(% change) (Millions of yen) (% change) (Millions of yen) (% change)

Net Income per ShareEPS(Yen)(Millions of yen)(% change) (Millions of yen)Interim22,000△5.52,000－

2,300－

1,500－

16.20

Full-year

37,000 △16.5

3,600－

4,100－

2,700－

29.17

4. Others(1) Changes in the scope of important consolidation for by the equity method (yes/no):No(2) Changes in accounting method①Changes in accounting method such as accounting standards: Yes②Others: Yes(3) Number of shares①Number of shares outstanding (Including treasury stock)
as of Mar.31, 2009 : 93,700,000 (Fiscal 2007: 99,704,000)②Number of Treasury stock shares
as of Mar.31, 2009 :1,124,104 (Fiscal 2007: 831,013)

2

Consolidated Balance Sheets
Fiscal 2008
Mar.31,2009【Assets】

Fiscal 2007
Mar.31,2008(millions of yen)(millions of yen)

4,861,332

4,742,801

Cash

2,957

4,628

Call Loans

7,000

24,0002,697,282

1,980,835

Short-term Loans Receivable

503,070

1,131,385

Securities Lent

460,437

431,516

Securities in Custody

23,0008,750

Securities in Deposit

94,262

256,731

Deferred Tax Assets

536

300

1,042,222

900,506

33,382

4,984

Allowance for Doubtful Receivables△ 2,820△ 838

Ⅱ Non-current Assets

431,945

351,036

Tangible Non-current Assets

6,965

7,111

Intangible Non-current Assets

1,611

2,545

Investments, etc.

424,150

341,422

Allowance for Doubtful Receivables△ 782△ 425,293,277

5,093,837

Ⅰ Current Assets

Short-term Investments

Collateral Money for Securities Borrowed
Other Current Assets

Total Assets

3Fiscal 2008
Mar.31,2009【Liabilities and Net Assets】

Fiscal 2007
Mar.31,2008(millions of yen)(millions of yen)

Ⅰ Current Liabilities

5,133,479

4,927,488

Call Money

1,387,800

1,857,600

Short-term Borrowings

1,676,310

894,910

Commercial Paper

15,00068,000

Payables under Repurchase Agreements

637,881

341,942

Collateral Money for Securities Lent

791,540

1,029,100

Collateral Securities Deposited

244,306

508,587

Securities Borrowed332,259

184,262

Securities Lent Opposite Account

1,133

4,149

Other Current Liabilities

47,24738,935Ⅱ Non-current Liabilities

52,56555,045Long-term Borrowings

48,50051,000Liabilities for Retirement and Severance
Benefits

2,584

2,756

Other Non-Current Liabilities

1,480

1,289

Total Liabilities

5,186,044

4,982,534

Total Net Assets

107,232

111,303

Total Liabilities and Net Assets

5,293,277

5,093,837

4

Consolidated Statement of Operations
Fiscal 2008
Apr.1,2008Mar.31,2009

Fiscal 2007
Apr.1,2007Mar.31,2008(millions of yen)(millions of yen)

44,29950,582

Interest on Loans

8,451

16,217

Interest on Collateral Money for Securities Borrowed

6,233

7,797

Fees on Lending Securities

14,20811,758Other Operating Revenues

15,40514,80837,69039,437

15,571

20,365Interest on Commercial Paper

141579Fees on Borrowing Securities

12,008

8,473

Other Operating Expenses

9,968

10,018

6,609

11,144

11,406

8,799△ 4,797

2,345

Non-operating Revenues

292520Non-operating Expenses

975

13

△ 5,479

2,852

Extraordinary Profit26

1,037

Extraordinary Loss

778986△ 6,231

2,903

Current Income Taxes

1,646

3,322

Deffered Income Taxes△ 373881△ 7,503△ 1,300

Operating Revenues

Operating Expenses
Interest on Borrowing

Operating Profit
General and Administrative Expenses
Operating Income

Recurring Income

Net Income before Income Taxes

Net Income

5Consolidated Average Outstanding Balance of Loans
Fiscal 2008
Apr.1,2008Mar.31,2009(billions of yen)

Fiscal 2007
Apr.1,2007Mar.31,2008(% ratio) (billions of yen)

Increase(Decrease)(% ratio) (billions of yen)(% ratio)

Loans for Margin Transactions

336.3

41.7

917.2

61.2

△ 580.8△ 63.3

Bond Financing & General Loans

51.8

6.4

76.9

5.1

△ 25.0△ 32.6

14.2

1.8

34.3

2.3

△ 20.0△ 58.5

0.0

0.0

48.3

3.2

△ 48.3△ 99.8

410.8

50.9

448.9

30.0

△ 38.1

△ 8.5

7.7

1.0

7.5

0.5

2.0

3.3

Total

806.8

100.0

1,498.9

100.0△ 692.1△ 46.2

Securities Lent for
Margin Transactions

396.1－591.0－△ 194.8△ 33.0Loans for Negotiable MarginTransactions
Sales under Repurchase
Agreements
Trust Bank Loans
Other Loans

Business Information for Consolidated Operating Revenues
Fiscal 2007
Apr.1,2007Mar.31,2008

Fiscal 2008
Apr.1,2008Mar.31,2009(millions of yen)(% ratio) millions of yen)

Increase(Decrease)(% ratio) millions of yen)(% ratio)

Loans for Margin Transactions

19,63844.3

23,15645.8△ 3,517△ 15.2(Interest on Loans)

3,899

8.8

10,581

20.9△ 6,682△ 63.1(Interest on Collateral Money ofSecurities Borrowed)

1,992

4.5

1,683

3.3

309

18.4

(Fees on Lending Securities)

13,27830.0

10,383

20.5

2,894

27.9

Bond Financing and General Loans

1,275

2.9

1,428

2.8

△ 153

△ 10.7

Securities Lending

4,848

10.9

6,297

12.5

△ 1,448△ 23.0(Stocks)

462

1.0

848

1.7

△ 386

△ 45.5(Bonds)

4,386

9.9

5,448

10.8

△ 1,062△ 19.5

Trust Banking

8,780

19.8

10,84421.4△ 2,063△ 19.0

3,348

7.6

3,833

7.6

△ 485

△ 12.7(Trust Charges)

209

0.5

198

0.4

115.6

Real Estate Leasing

1,091

2.5

1,118

2.2

△ 27

△ 2.5

Other Business

8,664

19.6

7,736

15.3

927

12.0

44,299100.0

50,582100.0△ 6,282△ 12.4(Interest on Loans)

Total6