44

Analysis of Business Performance and Financial Results
Fiscal year ended March 31, 2015 (Fiscal 2014)
In the following section, all comparisons are with the previous fiscal year unless stated otherwise.

Outline of Financial Results
In the securities market, the Nikkei Stock Average started thefiscal year in the high end of the ¥14,000 range. The situation
remained unstable due to a range of factors, including
speculation about when the U.S. would start to taper
quantitative easing (QE), and prices fell sharply in May 2014.
However, the Nikkei subsequently made significant gains,reaching the low end of the ¥17,000 range in November 2014.
Reasons for this rise included the accelerated weakening of theyen following the Bank of Japan’s announcement of additionalmonetary easing at the end of October, and the postponementof an increase in the consumption tax rate due to a downturn in
the GDP growth rate in the second quarter. The Nikkei
continued to climb, and in March 2015 it recovered to the¥19,000 level for the first time in the 15 years since April 2000.
Contributing factors included a recovery in the domestic
economy, and an increase in business earnings due to theweakness of the yen.
Under this environment, for the year ended March 31,2015, JASDEC’s operating revenues increased by ¥1,968,427
thousand, or 10.9%, year on year to ¥19,967,287 thousand.
Selling, general and administrative expenses were ¥1,748,209
thousand, or 11.7%, higher at ¥16,727,654 thousand, while
operating income increased by ¥220,218 thousand, or 7.3%, to¥3,239,632 thousand. Ordinary income increased by ¥292,822
thousand, or 10.0%, year on year to ¥3,232,482 thousand, andnet income by ¥281,578 thousand, or 15.8%, to ¥2,065,670
thousand. Segment information is provided below.

thousand, a year-on-year increase of ¥263,494 thousand, or1.5%. JASDEC refunded ¥3,172,798 thousand of the bookentry transfer commissions and account management fees
received, leaving total revenues of ¥14,382,776 thousand, ayear-on-year increase of ¥1,313,328 thousand, or 10.0%.

Book-entry Transfer System for Commercial Paper
A total of 498 corporate issuers were using this system as ofMarch 31, 2015, an increase of two over the previous year’stotal. The account balance was ¥1,607.2 billion higher year onyear at ¥14,217.0 billion. The total number of issuance, transferand redemption transactions increased by 71,286 year on year
to 359,858. At ¥479,747 thousand, revenues from this segment
exceeded the previous year’s result by ¥36,437 thousand, or8.2%.

Book-entry Transfer System for Corporate Bonds
In this business segment, JASDEC was handling a total of54,294 issues as of March 31, 2015, a year-on-year decline of
1,301 issues. On a face value basis, the account balance was¥1,420.6 billion lower year on year at ¥251,779.5 billion. The
total number of issuance, transfer and redemption transactions
increased by 27,901 to 523,656. As a result, revenues from thisbusiness segment declined by ¥16,762 thousand, or 1.4%,
year on year to ¥1,221,201 thousand.

Book-entry Transfer System for Stocks, etc.
In this business segment, the number of issues handled by
JASDEC as of March 31, 2015 was 3,884, an increase of 89
issues compared with the total as of March 31, 2014. Accountbalances included 433.9 billion of shares (2.9 billion higher yearon year ), ¥163.8 billion of bonds with share options (¥30.4
billion higher year on year), 4,384.05 million units of ETFs andbeneficial rights of trusts issuing beneficial certificates, such as
JDRs, (974.52 million units higher year on year), 45.56 million
units of REITs (8.62 million higher year on year), and 700,000
units of preferred equity investments of financial institutions
established by cooperative associations (unchanged year onyear). The total number of new registrations, book-entry
transfers, obliterations and other transactions processed was105,903,180, a year-on-year increase of 3,160,482. As a result,revenues from this business segment amounted to ¥17,555,574

Financial Results(consolidated)■O perating revenues■O rdinary income(Millions of yen)
25,00020,00019,726

19,69817,31617,99919,967

15,00010,0005,000

2,6730(FY ended) 3/2011

Annual Report 2015

3,699

3/20122,340
3/20132,940
3/20143,232
3/2015

45

Analysis of Business Performance and Financial Results

Book-entry Transfer System for Investment Trusts

Pre-Settlement Matching System

As of March 31, 2015, JASDEC was handling a total of 8,956
issues in this business segment, a year-on-year increase of
1,016. This total consists of 5,412 publicly offered investment
trusts and 3,544 privately placed investment trusts. On a
principal value basis, the account balance as of March 31,
2015 was ¥17,306.2 billion above the previous year’s figure at¥141,810.8 billion, made up of ¥98,348.4 billion in publicly
offered investment trusts and ¥43,462.4 billion in privately
placed investment trusts. The number of registrations,obliterations, and transfers in the year ended March 31, 2015
increased by 556,657 year on year to 5,955,686. Revenues forthis segment increased by ¥84,564 thousand, or 7.6%, to¥1,201,462 thousand.

Revenues from this segment increased by ¥253,416 thousand,or 11.2%, to ¥2,523,846 thousand in the year ended March 31,
2015. After payment of fee refunds totaling ¥812,000 thousand,revenues amounted to ¥1,711,846 thousand, a year-on-yearincrease of ¥353,415 thousand, or 26.0%.

DVP Settlement Services for
Non-Exchange Transaction Deliveries (NETDs)

Custody Services for Foreign Stock Certificates, etc.
As of March 31, 2015, the account balance for foreign stock
certificates, etc., was 105.96 million shares, an increase of
13.54 million shares over the level a year earlier. The total
number of book-entry transfers was 5,261 lower year on year at
108,275. However, because the average month-end accountbalances in each month were higher than in the previous fiscal
year, revenues from this business segment increased by¥23,394 thousand, or 18.2%, to ¥151,606 thousand.

The number of NETD DVP settlements in the year ended March31, 2015 was 4 million higher year on year at 28.17 million.
Operating revenues from this segment increased by ¥143,989
thousand, or 15.1%, to ¥1,095,646 thousand. Refunds of NETD
DVP settlement fees in the year ended March 2015 amounted
to ¥277,000 thousand. This left revenues of ¥818,646 thousand,a year-on-year increase of ¥174,049 thousand, or 27.0%.

Financial Results(consolidated)

Financial Results(consolidated)(Millions of yen)

243,020.10

2,400

209,893.23
189,283.71

1,800

173,912.87

1,608

1,478

179,102.15(Yen)
240,000■ Net income● Net income per share(Millions of yen)

180,000

1,522

60,000600

60,00030,0003/201357,454

61,57457,45145,000120,000

3/2012

67,783

2,066

1,784

1,2000(FY ended) 3/2011

73,96375,0003/20143/2015021,136

22,27523,45824,902

26,457

15,0000(FY ended) 3/2011

Annual Report 2015

3/20123/20133/20143/2015■T otal assets■N et assets