Analysis of Business Performance and Financial Results
Fiscal year ended March 31, 2014 (Fiscal 2013)
In the following section, all comparisons are with the previous fiscal year unless stated otherwise.

42

Outline of Financial Results

Book-Entry Transfer System for Commercial Paper

In March 2013, the securities market reached its highest levelin four-and-a-half years. Stock prices positively reflectedarising market in the United States and Europe and reaction to
the weakening of the yen, and by May 2013, the Nikkei Stock
Average had risen from the low end of the ¥12,000 range tothe mid-¥15,000 level. There was little significant movement in
the remainder of the fiscal year, and after a repeated cycle ofrises and falls, the Nikkei was in the low end of the ¥14,000
range at the end of March 2014.
In the year ended March 31, 2014, operating revenues
increased by ¥682,839 thousand, or 3.9%, year on year to¥17,998,860 thousand, while selling, general andadministrative expenses increased by ¥56,729 thousand, or0.4%, to ¥14,979,445 thousand. Operating income increasedby ¥626,109 thousand, or 26.2%, to ¥3,019,414 thousand,ordinary income increased by ¥600,149 thousand, or 25.7%,to ¥2,939,660 thousand, and net income increased by¥261,724 thousand, or 17.2%, to ¥1,784,092 thousand.

The number of corporate issuers using this system increasedby two to 496 as of March 31, 2014. Account balances roseby ¥1,150.5 billion to ¥12,609.7 billion. The total number ofissuance, transfer and redemption transactions decreased by
4,506 year on year to 288,572. As a result, revenues from thissegment were ¥19,535 thousand, or 4.2%, lower year on yearat ¥443,310 thousand.

Book-Entry Transfer System for Corporate Bonds
In this business segment, JASDEC was handling a total of55,595 issues as of March 31, 2014, a reduction of 2,891
issues compared with the position a year earlier. On a facevalue basis, the account balance increased by ¥416.1 billion
year on year to ¥253,200.1 billion as of March 31, 2014. The
total number of issuance, transfer and redemption transactions
was 36,845 lower at 495,755. As a result, revenues from thisbusiness segment increased by ¥26,313 thousand, or 2.2%,to ¥1,237,963 thousand.

Annual Report 2014

Book-Entry Transfer System for Stocks, etc.
In this business segment, the number of issues handled byJASDEC as of March 31, 2014 was 3,795, a increase of 42
issues compared with the total as of March 31, 2013. Accountbalances included 431.0 billion shares, a year-on-year increaseof 26.4 billion shares. The balance of bonds with share options
stood at ¥133.4 billion, which was ¥366.2 billion lower year onyear. There were 3,409.25 million account units for ETFs andbeneficial rights of trust issuing beneficial certificates, such asJDRs, a year-on-year increase of 618.26 million units. Thebalance of account units for REITs was 13.56 million higher
year on year at 36.94 million, and account units for preferred
equity investments of financial institutions established bycooperative associations were unchanged at 700,000. The
total number of new registrations, book-entry transfers,obliterations and other transactions processed was 18,550,575
above the total for the previous reporting year at 102,742,698.
As a result, revenues from this business segment were
¥1,684,218 thousand, or 10.8%, higher year on year at¥17,293,167 thousand. This includes refunds of ¥4,223,000
thousand on book-entry transfer commissions and accountmanagement fees. Revenues after the deduction of theserefunds amounted to ¥13,070,167 thousand, a year-on-yearincrease of ¥467,218 thousand, or 3.7%.

Financial Results(consolidated)■O perating revenues■O rdinary income(Millions of yen)
25,00020,97320,00019,726

19,69817,31617,99915,00010,0005,000

2,6050(FY ended) 3/2010

2,673
3/20113,699

3/20122,340
3/20132,940
3/2014

Book-Entry Transfer System for Investment Trusts

Pre-Settlement Matching System

As of March 31, 2014, JASDEC was handling a total of 7,940
issues in this business segment, including 4,962 publicly
offered investment trusts and 2,978 privately placed
investment trusts. The total represents an increase of 828
issues compared with the position as of March 31, 2013. On a
principal value basis, the account balance as of March 31,
2014 was ¥9,157.1 billion above the level a year earlier at¥124,504.6 billion, consisting of ¥89,381.1 billion for publicly
offered investment trusts and ¥35,123.4 billion for privately
placed investment trusts. The number of related registrations,deletions, and transfers in the year ended March 31, 2014
increased by 774,168 year on year to 5,399,029. As a result,revenues for this segment increased by ¥61,944 thousand, or5.9%, to ¥1,116,897 thousand.

Revenues from this segment increased by ¥284,809 thousand,or 14.3%, to ¥2,270,430 thousand in the year ended March31, 2014. This includes refund of ¥911,999 thousand on
JASDEC pre-settlement matching fees, and revenues after thereduction of that amount were ¥36,809 thousand, or 2.8%,
higher at ¥1,358,430 thousand.

DVP Settlement Services forNon-Exchange Transaction Deliveries (NETDs)

Custody Services for Foreign Stock Certificates, etc.
As of March 31, 2014, the account balance stood at 92.42
million foreign stock certificates, etc., an increase of 5.84
million from the position as of March 31, 2013. The total
number of book-entry transfers increased by 3,773 to 113,536.
However, because the average month-end account balancesin each month were lower than in the previous fiscal year,
revenues from this business segment were ¥23,833 thousand,or 15.7%, lower year on year at ¥128,211 thousand.

Financial Results(consolidated)

Financial Results(consolidated)(Millions of yen)

(Yen)

2,400

240,000

209,893.23
189,283.71

1,800 154,949.18
1,200

173,912.87 179,102.15

1,608

Annual Report 2014

In the year ended March 31, 2014, JASDEC handled 24.17
million NETD DVP settlements, a year-on-year increase of 4.52
million. Operating revenues from this segment increased by¥134,029 thousand, or 26.3%, to ¥644,597 thousand, while
operating expenses were ¥37,636 thousand, or 11.0%, higherat ¥379,747 thousand. Operating income increased by¥96,393 thousand, or ¥57.2%, year on year to ¥264,849
thousand, and ordinary income by ¥101,218 thousand, or77.6%, to ¥231,693 thousand. Net income amounted to¥142,861 thousand, a year-on-year increase of ¥62,157
thousand, or 77.0%.

1,478

1,784

1,522

180,000■ Net income● Net income per share■T otal assets■N et assets(Millions of yen)
75,00060,00067,78359,92557,45430,00060,0003/201157,451

120,000

600

0(FY ended) 3/2010

61,57445,0001,317

3/20123/20133/2014043

19,86821,13622,27523,45824,902

15,0000(FY ended) 3/2010

3/20113/20123/20133/2014