This is a summary of a presentation for INVESTORS DAY. President and CEO, Nomura Holdings, Inc.

Size: px
Start display at page:

Download "This is a summary of a presentation for INVESTORS DAY. President and CEO, Nomura Holdings, Inc."

Transcription

1 INVESTORS DAY Junichi Ujiie President & CEO Nomura Holdings, Inc. December 2002 This is a summary of a presentation for INVESTORS DAY. Date: Place: Speaker: 6 December, 2002 (Friday) 7 th floor Nomura Securities Co., Ltd. Junichi Ujiie President and CEO, Nomura Holdings, Inc. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2002 Nomura Holdings, Inc. All rights reserved. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. This document contains statements that may constitute, and from time to time our management may make "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. The consolidated financial information in this document for the six months ended September 2002 is not subject to audit. 1

2 Outline of Presentation Review of Operating Results Business Environment Group Strategy Corporate Governance 1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2002 Nomura Holdings, Inc. All rights reserved. 2. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. 3. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. 4. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. 5. This document contains statements that may constitute, and from time to time our management may make "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. 6. The consolidated financial information in this document for the six months ended September 2002 is not subject to audit. 2 2

3 Review of Operating Results 3

4 Review of Operating Results (US GAAP) (Billions of yen) Income before income taxes (LHS) Net income (LHS) ROE (RHS) (%) * 9.1** FY00.3 (1/2) FY01.3 (1/2) FY02.3 (1/2) FY03.3 1H 2 0 * Includes cumulative effect of accounting change **ROE = (annualized rate) (Income before cumulative effect of accounting change x 2 + Cumulative effect of accounting change) (Shareholders equity at the beginning of period + Shareholders equity at the end of period) / 2 4 This graph illustrates income before income taxes, net income and ROE from fiscal year ended March 31, 2000 to the semi-annual results for fiscal year ended March 31, Income before income taxes and annualized ROE for the six months ended September 2002 amounted to billion yen and 9.1% respectively. The average ROE for the period was 9.9%, while our average ROE target is 10-15% over the medium to long term. 4

5 Business Environment 5

6 Business Environment Progress of Structural Reform! Movement of Individual Financial Assets! Acceleration of Corporate Restructuring 6 This slide explains our business environment. We have faced a particularly harsh business climate with the Japanese stock market dipping to new lows since the bursting of the economic bubble. However, we believe the fundamentals have not changed and that structural reform is progressing, namely, the movement of individual financial assets in pursuit of better returns, and acceleration of corporate restructuring. 6

7 Business Environment Movement of Individual Financial Assets (1) Financial Products Selection Criteria (%) Because the yield is favorable (LHS) Because capital gains are expected in the future (RHS) (%) Note: The three possible answers in the survey are profitability, security, and liquidity. The graph shows a breakdown of why those surveyed chose to emphasize profitability. Profitability is made up of favorable yield and expected capital gains. Source: Nomura Financial Research Center, based on the Public survey on saving and spending conducted by the Central Council for Financial Services Information on 6,000 households from June 21 to July First, I would like to touch upon the movement of individual financial assets using the following three slides. The graph in this slide illustrates a public opinion survey conducted by the Central Council for Financial Service Information on the criteria of financial product selection. The percentage of those surveyed choosing expected capital gains has shown a consistent recovery and is comparable to pre-bubble levels, while the percentage of people opting for favorable yield has been exhibiting signs of a downward trend. 7

8 Business Environment Movement of Individual Financial Assets (2) (Trillions of yen) yen Investment in Foreign Assets by Individuals Yen-US$ 6-Month US$ Deposit Interest* (RHS) yen (%) \ / $ yen Individual foreign securities investments (LHS) Individual foreign currency deposits (LHS) Mar. Jun. Sept. Dec. 99 Mar. Jun. Sept. Dec. 00 Mar. Jun. Sept. Dec. 01 Mar. Jun. Sept. Dec. 02 Mar. Jun. *Bank of Tokyo Mitsubishi 6-month US dollar term deposit interest rate on the first business day of each month Source: Nomura Research Institute 8 0 Second, this graph illustrates investment in foreign securities by individuals, individual foreign currency deposits, the yen-us dollar exchange rate and US dollar deposit interest rate. Although the US dollar deposit interest rate has declined substantially since March 2001 and the yen has not always fallen against the dollar, individuals investment in foreign assets has grown consistently. As such, we believe individual investors have started to diversify their currency allocation. 8

9 Business Environment Movement of Individual Financial Assets (3) (Billions of yen) 1, TOPIX & Individuals Net Purchase on Equity Individual net purchases (LHS) TOPIX (RHS) 3,000 2, , Source: Compiled by Nomura Research Institute from Tokyo Stock Exchange data 9 Third, this graph illustrates TOPIX movements and individuals net purchase on equity since During the period of stock decline, individual investors tended to be net buyers. In other words, individuals actively took risks because they regarded a declining market as a good investment opportunity. It is said that the general risk tolerance of individual investors in Japan is low. However, individual financial assets are expected to shift from bank deposits to the securities markets, where higher rates of return are anticipated. 9

10 Business Environment Acceleration of Corporate Restructuring (1) (% of market value) 65% 60% Shareholder Mix Corporate Investors 55% 50% 45% 40% 35% Financial Investors 30% FY96.3 FY97.3 FY98.3 FY99.3 FY00.3 FY01.3 FY02.3 Corporate investors: Non-financial companies and financial companies (excluding trust accounts) Financial investors: Trust accounts, individual investors, and foreign investors Trust accounts: Trust bank holdings (equity distribution survey base) minus equity among other marketable securities (in financial statements) Source: Compiled by Nomura Securities Financial Research Center based on the results of a share ownership survey carried out by the National Conference of Stock Exchanges and annual reports of various companies. 10 This graph shows that the shareholder mix comprises corporate investors, whose main purpose is cross shareholding, and financial investors, who, like institutional investors, look for financial returns. In light of the ongoing unwinding of cross shareholdings, the share of financial investors has already exceeded that of corporate investors. Financial investors, who focus on capital efficiency, put pressure on management and accelerate corporate restructuring. Let s look at an example in the next slide. 10

11 Business Environment Acceleration of Corporate Restructuring (2) (No. of deals) 2,500 2,000 1,500 M&A Deals Out-In In-Out In-In Entering New Markets Strengthening Existing Business Group Restructuring 1, Note: Calculated on a calendar year basis excluding financial institutions. Figures for 2002 have been annualized between January and September Source: Compiled by Nomura Securities Financial Research Center using data collated from newspapers and periodicals 11 This graph shows the number of M&A deals among Japanese corporations. The line graphs illustrate their purpose. Most of them aim at strengthening existing businesses and group restructuring. This indicates that pressure from financial investors is also playing an important role. 11

12 Business Environment Acceleration of Corporate Restructuring (3) (Spread DI) (%) AAA - BBB BB - B CCC - Bank Loan Interest Rate Spreads DI* Based on Corporate Credit Ratings Apr.00 Jul.00 Oct.00 Jan.01 Apr.01 Jul.01 Oct.01 Jan.02 Apr.02 Jul.02 Oct.02 * This chart shows the difference between percentage distribution of financial institutions that reported widening and narrowing spreads. Figures increase as more financial institutions report widening spreads. Note: Ratings conform with banks in-house ratings and responses are subject to banks judgment and classification. As a yardstick, domestic long-term bonds are rated as AAA-BBB (highest rating), BB-B (middle rating) and CCC and below (lowest rating). Source: Compiled by Nomura Securities Financial Research Center from the BOJ s Senior Loan Officer Opinion Survey on Bank Lending Practices at Large Japanese Banks. 12 Next is the change in banks lending practices. This graph illustrates a bank loan interest rate spread diffusion index based on corporate credit ratings. More banks are requiring higher loan interest rate spreads from lower credit rating companies than before. As such, normalization of bank lending practices urges corporations to accelerate restructuring, such as withdrawal from non-profitable businesses. At the same time, the change in loan spreads will further contribute to the growth of the Japan s bond and securitization product markets. Consequently, individual investors will enjoy returns from a range of different securities products. 12

13 Group Strategy 13

14 Group Strategy Group Vision To be a Globally Competitive Japanese Financial Services Group 250 (%) Nomura s Relative Performance Nomura Holdings Securities industry (excluding Nomura Holdings) Banking industry Nomura Holdings 100 TOPIX Now let s move to group strategy. Based on the business environment previously mentioned, our group strategy remains unchanged. That is, to become a globally competitive Japanese financial services group focused on Japan, where we can expect a high rate of growth. Viewed in terms of the relative performance of Nomura Holdings, we have been outperforming the market and industry. Having said that, we will further endeavor to increase shareholder value by improving our global competitiveness. 14

15 Group Strategy Business Execution Structure Nomura Holdings President & CEO: Junichi Ujiie Advisory Board Strategic Management Committee!! Establish Group Strategy!! Capital Allocation Monitoring: Nomura Value Added & Other Measurements Domestic Retail Director Takashi Yanagiya Global Wholesale Director Hiroshi Toda Asset Management Director Kazutoshi Inano 15 This slide shows the business execution structure in place to achieve our management objectives. The Strategic Management Committee is responsible for formulating group management strategy and the allocation of management resources by closely examining the business plans of our three businesses. In addition, the Advisory Board, made up of top managers of prestigious Japanese companies, offers valuable management advice enabling a versatile management approach. Business line heads are given discretion to execute business within the management resources allocated. The Strategic Management Committee monitors performance using Nomura Value Added and other measurements. 15

16 Group Strategy Strengths of Nomura Group Close Cooperation Among Three Divisions Solid Client Base Overseas Investing Needs Solution Finding Needs Domestic Retail Individual Investors Corporates & Public Sector Institutional Investors Financing Needs Equity Finance Debt Finance Global Wholesale Improvement of Capital Efficiency M&A Advisory Asset Restructuring Securitization Asset Management 16 Nomura Group s strengths are characterized by close cooperation among its three divisions and a solid customer base both in and outside of Japan. For example, our Domestic Retail division provides high value-added products supplied by our Global Wholesale division. Additionally, by building up a solid track record in product distribution, our Global Wholesale division is able to secure high-profile deals. 16

17 Group Strategy Priorities Domestic Retail! Expand business in anticipation of further growth in the securities market! Serve customers by focusing on their core values Global Wholesale! Materialize profit from rapidly expanding business opportunities! Recognize and take risks Asset Management! Enhance asset management capability! Enhance sales channels via banks! Strengthen defined contribution pension plan business 17 With this slide I would like to clarify our priorities. First, in Domestic Retail we seek to expand business in anticipation of further growth in the Japanese securities market. In order to realize this, we serve customers by focusing on their core values those they regard as most important and are willing to pay for. Second, in Global Wholesale, we seek to materialize profit from rapidly expanding business opportunities as well as recognize and take risks. Third, in Asset Management we seek to enhance our asset management capability and investment trust distribution via banks as well as strengthen our defined contribution pension plan business. 17

18 Corporate Governance 18

19 Corporate Governance Enhanced with Shift to Holding Company Structure Outside Directors We have appointed 2 of 11 directors from outside the Company Audit Committee* One outside director is included among the six committee members Executive Compensation Committee Two of the three committee members are outside directors *The committee is charged with promoting proper corporate behavior and enhancing our ability to conduct internal auditing. 19 As for the enhancement of corporate governance, we took the following measures when we transferred to a holding company structure. First, Nomura Holdings has 11 directors, two of whom are outside directors. Second, the Audit Committee was formed in order to check the appropriateness of each subsidiary s activity and develop internal audit systems for the Nomura Group. An outside director participates in this committee. Third, we established the Executive Compensation Committee to discuss modalities for Nomura Group compensation. External board members form the majority of this committee. Under enhanced corporate governance, we seek to realize sustained growth of shareholder value. 19

20 Nomura Holdings, Inc. nomura.com 20

Deutsche Bank 2014 Global Financial Services Investor Conference

Deutsche Bank 2014 Global Financial Services Investor Conference Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset

More information

NOMURA HOLDINGS, INC. Financial Summary Year ended March 31, 2015

NOMURA HOLDINGS, INC. Financial Summary Year ended March 31, 2015 News Release April 30, 2015 NOMURA HOLDINGS, INC. Financial Summary Year ended 2015 We are pleased to report the following consolidated financial summary based on the consolidated financial information

More information

NOMURA HOLDINGS, INC. Financial Summary Year ended March 31, 2016

NOMURA HOLDINGS, INC. Financial Summary Year ended March 31, 2016 News Release April 27, 2016 NOMURA HOLDINGS, INC. Financial Summary Year ended 2016 We are pleased to report the following consolidated financial summary based on the consolidated financial information

More information

Tackle for the Dream. April 2013

Tackle for the Dream. April 2013 Medium Term Management Plan Tackle for the Dream April 2013 Table of Contents t 1. Background and Positioning of the Medium Term Management Plan P2 2. Outline of the Medium Term Management Plan P3 3. Financial

More information

FY2008 First Nine Months Consolidated Financial Results

FY2008 First Nine Months Consolidated Financial Results FY2008 First Nine Months Consolidated Financial Results For the Nine-Month Period Ended December 31, 2008 English Translation from the Original Japanese-Language Document February 4, 2009 Company Name

More information

driven by short-term traders

driven by short-term traders Domestic ETF market's rapid growth driven by short-term traders Atsuo Urakabe 10. June. 2014 Executive Summary Domestic ETF/ETN trading volumes were buoyant in fiscal 2013 by virtue of a sharp increase

More information

IBJ Leasing Co., Ltd

IBJ Leasing Co., Ltd Overview Full Year Results for FY2007 IBJ Leasing Co., Ltd (Securities Code: 8425) May 9, 2008 This publication includes forecast results. The information is based on our current expectations and actual

More information

The Bank s consolidated capital adequacy ratio (domestic standard) remained at an adequate level of 11.03% (preliminary basis).

The Bank s consolidated capital adequacy ratio (domestic standard) remained at an adequate level of 11.03% (preliminary basis). May 16, 2016 Company name: Aozora Bank, Ltd. Name of representative: Shinsuke Baba, President and CEO Listed exchange: TSE, Code 8304 Enquiries: Hiroyuki Kajitani Corporate Communication Division (03 3263

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001

Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Date: August 2, 2001 Company Name (code number) : Mitsubishi Tokyo Financial Group, Inc. (8306) (The Mitsubishi Trust

More information

Credit Sensitive Fixed Income Market Data

Credit Sensitive Fixed Income Market Data Credit Sensitive Fixed Income Market Data NORTH AMERICA April 2014 KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1 914

More information

Announcement of Financial Results of Rakuten Securities, Inc., a Consolidated Subsidiary

Announcement of Financial Results of Rakuten Securities, Inc., a Consolidated Subsidiary January 24, 2017 Company name Rakuten, Inc. Representative Hiroshi Mikitani Chairman and CEO (Stock Code: 4755 Tokyo Stock Exchange First Section) Announcement of Financial Results of, a Consolidated Subsidiary

More information

of Fiscal 2006 (Consolidated)

of Fiscal 2006 (Consolidated) Outline of Financial Results for the 3rd Quarter of Fiscal 2006 (Consolidated) Feb.3, 2006 For Immediate Release Company Name (URL http://www.fhi.co./jp/fina/index.html ) : Fuji Heavy Industries Ltd. (Code

More information

Financial Results for the Third Quarter of the Fiscal Year Ending March 2017 [Japan GAAP] (Consolidated)

Financial Results for the Third Quarter of the Fiscal Year Ending March 2017 [Japan GAAP] (Consolidated) This is the English translation of the original Japanese-language Business Results of KITO CORPORATION (the Company) for the fiscal year ending March 31, 2017 and is provided for reference purposes only.

More information

HDFC Bank. September 30, CMP (Rs.) 1,272. Key Developments

HDFC Bank. September 30, CMP (Rs.) 1,272. Key Developments Sep-15 Oct-15 Nov-15 Dec-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 s. HDFC Bank. September 30, 2016 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.NS Bloomberg Code: HDFCB:IN

More information

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP]

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP] This English version is a translation of the original Japanese document and is only for reference purposes. In the case where any differences occur between the English version and the original Japanese

More information

Stock Supply/demand Following Earthquake

Stock Supply/demand Following Earthquake Economic Report 13 April 211 (No. of pages: 7) Stock Supply/demand Following Earthquake Buying, selling pressure satisfied by foreign inflows, selling futures to unwind arbitrage positions Japanese report:

More information

Consolidated Financial Results April 1, 2001 - June 30, 2001

Consolidated Financial Results April 1, 2001 - June 30, 2001 Consolidated Financial Results April 1, 2001 - June 30, 2001 August 3, 2001 In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting principles

More information

FOR IMMEDIATE RELEASE NORTHERN TRUST CORPORATION REPORTS FOURTH QUARTER NET INCOME OF $239.3 MILLION, EARNINGS PER COMMON SHARE OF $0.

FOR IMMEDIATE RELEASE NORTHERN TRUST CORPORATION REPORTS FOURTH QUARTER NET INCOME OF $239.3 MILLION, EARNINGS PER COMMON SHARE OF $0. News Release Investor Contact: Media Contact: Bev Fleming Doug Holt (312) 444-7811 (312) 557-1571 Beverly_Fleming@ntrs.com Doug_Holt@ntrs.com https://www.northerntrust.com FOR IMMEDIATE RELEASE NORTHERN

More information

GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $15.46 FOR 2013

GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $15.46 FOR 2013 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $15.46 FOR 2013 FOURTH QUARTER EARNINGS PER COMMON SHARE WERE $4.60 NEW YORK, January

More information

Net Income per Share after Dilution

Net Income per Share after Dilution NON-CONSOLIDATED FINANCIAL REPORT(Japanese GAAP) NINE-MONTH PERIOD OF THE FISCAL YEAR ENDING December 31, 2016 (January 1, 2016 to September 30, 2016) October 28, 2016 Arealink Co., Ltd. is listed on the

More information

Consolidated Summary Report For the Fiscal Year Ended March 31, 2005

Consolidated Summary Report <under US GAAP> For the Fiscal Year Ended March 31, 2005 Consolidated Summary Report For the Fiscal Year Ended March 31, 2005 Date: August 25, 2005 Company name (code number): Mitsubishi Tokyo Financial Group, Inc. (8306) (URL http://www.mtfg.co.jp)

More information

Overview of Account Settlement for Fiscal Year ended March 2012 (Based on the Japanese Accounting Standard) (Consolidated)

Overview of Account Settlement for Fiscal Year ended March 2012 (Based on the Japanese Accounting Standard) (Consolidated) (Based on the Japanese Accounting Standard) (Consolidated) Listed company name: TOSHIBA TEC CORPORATION Company code: 6588 URL http://www.toshibatec.co.jp/ Representative: (Title) President and CEO (Name)

More information

High-yield bonds and global rates

High-yield bonds and global rates Fixed Income Focus November 216 FOR PROFESSIONAL INVESTORS ONLY High-yield bonds and global rates Fallen angels and rising stars: finding opportunities in the high-yield bond market High-yield bonds can

More information

GOLDMAN SACHS REPORTS THIRD QUARTER EARNINGS PER COMMON SHARE OF $4.88

GOLDMAN SACHS REPORTS THIRD QUARTER EARNINGS PER COMMON SHARE OF $4.88 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER EARNINGS PER COMMON SHARE OF $4.88 NEW YORK, October 18, 2016 - The Goldman Sachs Group, Inc.

More information

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations.

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. Please turn to page two. 1 For the nine months to December, net revenue

More information

Revenues Operating income Ordinary income. JPY mil % JPY mil % JPY mil % JPY mil % JPY - - Total equity. Total JPY FY2015 FY2016 FY2016 (Forecast)

Revenues Operating income Ordinary income. JPY mil % JPY mil % JPY mil % JPY mil % JPY - - Total equity. Total JPY FY2015 FY2016 FY2016 (Forecast) Disclaimer: All financial information has been prepared in accordance with generally accepted accounting principles in Japan. This document is a partial English translation of the Japanese Financial Statements

More information

Consolidated Financial Report for the First Nine Months of the Fiscal Year Ending March 31, 2010 (Fiscal 2010)

Consolidated Financial Report for the First Nine Months of the Fiscal Year Ending March 31, 2010 (Fiscal 2010) Consolidated Financial Report for the First Nine Months of the Fiscal Year Ending March 31, 2010 (Fiscal 2010) (Member of Financial Accounting Standards Foundation) February 5, 2010 Company Fuyo General

More information

Outlook On Bank of Ireland Revised To Stable On Improved Business Stability; 'BB+/B' Ratings Affirmed

Outlook On Bank of Ireland Revised To Stable On Improved Business Stability; 'BB+/B' Ratings Affirmed Research Update: Outlook On Bank of Ireland Revised To Stable On Improved Business Stability; 'BB+/B' Ratings Primary Credit Analyst: Nigel Greenwood, London (44) 20-7176-7211; nigel.greenwood@standardandpoors.com

More information

FIXED INCOME 101 U.S. Preferred Stock

FIXED INCOME 101 U.S. Preferred Stock CONTRIBUTOR Jason Giordano Director Fixed Income Indices jason.giordano@spglobal.com Typically, the dividends paid by preferred shares generate higher yields than common stock and investment-grade corporate

More information

Ground Rules. FTSE Value-Stocks Japan Index v1.9

Ground Rules. FTSE Value-Stocks Japan Index v1.9 Ground Rules FTSE Value-Stocks Japan Index v1.9 ftserussell.com November 2015 Contents 1.0 Introduction... 3 2.0 Status of index... 5 3.0 Management responsibilities... 6 4.0 Eligible securities... 7 5.0

More information

DKK: Foreign ownership share of Danish bonds highest in 12 years

DKK: Foreign ownership share of Danish bonds highest in 12 years DKK: Foreign ownership share of Danish bonds highest in 12 years Jens Nærvig Pedersen Analyst Danske Bank Markets jenpe@danskebank.dk +45 45 12 8 61 28 November 213 Important disclosures and certifications

More information

Consolidated Summary Report For the Fiscal Year Ended March 31, 2016

Consolidated Summary Report <under US GAAP> For the Fiscal Year Ended March 31, 2016 Consolidated Summary Report For the Fiscal Year Ended March 31, Date: July 15, Company name (code number): Mitsubishi UFJ Financial Group, Inc. (8306) (URL http://www.mufg.jp/) Stock exchange

More information

Japan Exchange Group, Inc. and Consolidated Subsidiaries Consolidated financial results for the year ended March 31, 2015 (Based on IFRS), unaudited

Japan Exchange Group, Inc. and Consolidated Subsidiaries Consolidated financial results for the year ended March 31, 2015 (Based on IFRS), unaudited Reference Translation Japan Exchange Group, Inc. and Consolidated Subsidiaries Consolidated financial results for the year ended (Based on IFRS), unaudited April 28, 2015 Company name: Japan Exchange Group,

More information

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit

More information

Summary of Financial Results for the First Quarter of Fiscal 2015 July 31, 2015

Summary of Financial Results for the First Quarter of Fiscal 2015 <Under Japanese GAAP> July 31, 2015 Summary of Financial Results for the First Quarter of Fiscal 2 July 31, 2 Contents Summary of Statement Domestic Loan Overseas Loan Non-interest P.2 P.3 P.4 P.5 Financial Soundness

More information

Toyota Motor Corporation

Toyota Motor Corporation Company Fundamentals\Company Profile A Wright Investors' Service Research Report: Toyota Motor Corporation 440 Wheelers Farms Road Milford, CT 06461 U.S.A. COMPANY PROFILE Figures in Japanese Yen Wright

More information

Hitachi Transfers Hard Disk Drive Business to Western Digital

Hitachi Transfers Hard Disk Drive Business to Western Digital FOR IMMEDIATE RELEASE Hitachi Transfers Hard Disk Drive Business to Western Digital Irvine, Calif., U.S., and Tokyo, Japan, March 7, 2011 --- Western Digital Corporation (NYSE: WDC, WD ) and Hitachi, Ltd.

More information

YAMAHA CORPORATION. Tokyo Stock Exchange (First Section) Address of headquarters:

YAMAHA CORPORATION. Tokyo Stock Exchange (First Section) Address of headquarters: YAMAHA CORPORATION Flash Report Consolidated Basis (Japanese GAAP) Results through the Third Quarter of the Fiscal Year Ending March 31, 2017 (April 1, 2016 December 31, 2016) February 3, 2017 Company

More information

Bond Market Liquidity

Bond Market Liquidity INSIGHTS Bond Market Liquidity September 2014 203.621.1700 2014, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY * Trading volumes in fixed income markets have declined recently and dealer holdings

More information

25 th January 2017 PORTUGAL. January December 2016

25 th January 2017 PORTUGAL. January December 2016 25 th January 2017 PORTUGAL January December 2016 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private

More information

NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the Nine Months Ended December 31, 2016 (Japanese GAAP)

NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the Nine Months Ended December 31, 2016 (Japanese GAAP) Member of Financial Accounting Standards Foundation NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the Nine Months Ended December 31, 2016 (Japanese GAAP) Company name:

More information

Hitachi Announces Progress of 2015 Mid-term Management Plan

Hitachi Announces Progress of 2015 Mid-term Management Plan FOR IMMEDIATE RELEASE Hitachi Announces Progress of 2015 Mid-term Management Plan Tokyo, May 14, 2015 --- Hitachi, Ltd. (TSE:6501 / Hitachi ) today announced the current status of its progress of the 2015

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

Overview of Small- and Medium-size Companies of Commerce and Industry of Japan (POINTS)

Overview of Small- and Medium-size Companies of Commerce and Industry of Japan (POINTS) Preliminary Report of the Basic Survey on Commercial and Structure and Activity in 1998 Overview of Small- and Medium-size Companies of Commerce and Industry of Japan (POINTS) June 30, 1999 Small and Medium

More information

HSBC Bank Bermuda Limited Fixed to Floating Certificates of Deposit

HSBC Bank Bermuda Limited Fixed to Floating Certificates of Deposit HSBC Bank Bermuda Limited Fixed to Floating Certificates of Deposit General Terms and Conditions Deposit Highlights December 21, 2016 Certificates of deposit (the CDs ) issued by HSBC Bank Bermuda Limited

More information

investment activities

investment activities lakyara Deregulation of Chinese insurers' investment activities Takeshi Jingu 10. January. 2013 Executive Summary In 2012, the Chinese insurance industry experienced a slowdown in premium revenue growth

More information

Bank of Ghana Monetary Policy Report. Financial Stability Report

Bank of Ghana Monetary Policy Report. Financial Stability Report BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly

More information

AIMING AT THE BEST PRACTICE OF BANK MANAGEMENT -LAUNCH OF A NEW MEDIUM-TERM MANAGEMENT PLAN, REFORM OF THE MANAGEMENT SYSTEM, CHIBA BANK NEWS

AIMING AT THE BEST PRACTICE OF BANK MANAGEMENT -LAUNCH OF A NEW MEDIUM-TERM MANAGEMENT PLAN, REFORM OF THE MANAGEMENT SYSTEM, CHIBA BANK NEWS AIMING AT THE BEST PRACTICE OF BANK MANAGEMENT -LAUNCH OF A NEW MEDIUM-TERM MANAGEMENT PLAN, REFORM OF THE MANAGEMENT SYSTEM, REVISION OF THE HEADQUARTERS ORGANIZATION, AND REVISION OF THE PERSONNEL SYSTEM-

More information

GS Yuasa Announces Third Mid-Term Management Plan

GS Yuasa Announces Third Mid-Term Management Plan July 30, 2013 Company: GS Yuasa Corporation Representative: Makoto Yoda, President Stock listing: Tokyo Stock Exchange (Securities code: 6674) Contact: Toshiyuki Nakagawa, Director, General Manager, Corporate

More information

Quarterly Financial Supplement - 4Q 2016

Quarterly Financial Supplement - 4Q 2016 Quarterly Financial Supplement - 4Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated

More information

NEWFUNDS erafi OVERALL SA INDEX EXCHANGE TRADED FUND. 29 February 2012 INDEX PERFORMANCE GRAPHS* 12 - MONTH ROLLING PERFORMANCE

NEWFUNDS erafi OVERALL SA INDEX EXCHANGE TRADED FUND. 29 February 2012 INDEX PERFORMANCE GRAPHS* 12 - MONTH ROLLING PERFORMANCE R FUND OBJECTIVES The erafi Exchange Traded Fund (erafi ETF) is compiled using the innovative enhanced Research Affiliates Fundamental Index (erafi ) approach to portfolio construction pioneered by California-based

More information

Business Strategy of Mizuho Securities (Outline)

Business Strategy of Mizuho Securities (Outline) Business Strategy of Mizuho Securities (Outline) May 7, 2009 Mizuho Securities Co., Ltd. Business strategy of Mizuho Securities Mizuho Securities (MHSC s) business strategy based on business environment

More information

Private Placement Investing: the search for yield

Private Placement Investing: the search for yield Portfolio Perspectives Private Placement Investing: the search for yield Private placement bonds allow fixed income investors the potential to expand their opportunity set and consistently improve their

More information

Corporate Profits and Stock Prices

Corporate Profits and Stock Prices Corporate Profits and Stock Prices 1. Introduction The recurring profits of corporations (not including financial institutions) according to their financial statements of the fiscal year ending March 31,

More information

Preview. Chapter 21. Gains from Trade. International Capital Markets. The Global Capital Market: Performance and Policy Problems

Preview. Chapter 21. Gains from Trade. International Capital Markets. The Global Capital Market: Performance and Policy Problems Chapter 21 The Global Capital Market: Performance and Policy Problems Preview Gains from trade Portfolio diversification Players in the international capital markets Attainable policies with international

More information

YAMAHA CORPORATION. YAMAHA CORPORATION (URL Tokyo Stock Exchange (First Section)

YAMAHA CORPORATION. YAMAHA CORPORATION (URL  Tokyo Stock Exchange (First Section) YAMAHA CORPORATION Flash Report Consolidated Basis (Japanese GAAP) Results through the Second Quarter of the Fiscal Year Ending March 31, 2015 (April 1, 2014 September 30, 2014) Company name: Code number:

More information

Tsukada Global Holdings Inc. Consolidated Earnings Report for the Nine Months ended September 30, 2016 (Japanese GAAP)

Tsukada Global Holdings Inc. Consolidated Earnings Report for the Nine Months ended September 30, 2016 (Japanese GAAP) Delayed The original disclosure in Japanese was released on November 11, 2016 at 15:00 (GMT+9) November 11, 2016 Tsukada Global Holdings Inc. Consolidated Earnings Report for the Nine Months ended September

More information

A guide to investing in structured products

A guide to investing in structured products A guide to investing in structured products What you should know before you buy Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,

More information

AEON Credit Service and AEON Bank Conclude Share Exchange Agreement and Management Integration Agreement for Transition to a Holding Company System

AEON Credit Service and AEON Bank Conclude Share Exchange Agreement and Management Integration Agreement for Transition to a Holding Company System September 12, 2012 Registered Company Name: AEON Credit Service Co., Ltd. President and CEO: Kazuhide Kamitani Stock Listing: Tokyo Stock Exchange, First Section (Code No.: 8570) Contact: Hideki Wakabayashi,

More information

INVESTOR RELATIONS INFORMATION. Erste Bank achieves solid performance in first nine months Net income increases 22% benefiting from strong first half

INVESTOR RELATIONS INFORMATION. Erste Bank achieves solid performance in first nine months Net income increases 22% benefiting from strong first half INVESTOR RELATIONS INFORMATION For Immediate Release 9 November 2000 Erste Bank achieves solid performance in first nine months Net income increases 22% benefiting from strong first half During the first

More information

Q4 Financial Report December 31, 2016

Q4 Financial Report December 31, 2016 Q4 Financial Report December 31, 2016 MANAGEMENT S DISCUSSION & ANALYSIS December 31, 2016 CI FINANCIAL CORP. Q4 Financial Report 1 December 31, 2016 FINANCIAL HIGHLIGHTS [ millions of dollars, except

More information

Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2017

Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2017 MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3040 Investor Relations Inquiries Investor Relations Group,

More information

Invesco Unit Trusts Cash on corporate balance sheets. Investable Ideas

Invesco Unit Trusts Cash on corporate balance sheets. Investable Ideas Investable Ideas Invesco Unit Trusts Cash on corporate balance sheets Cash level of S&P 500 companies as of Oct. 31, 2015 $1.45 trillion excluding financial sector companies 1,2 How will S&P 500 companies

More information

Quarterly Financial Supplement - 1Q 2016

Quarterly Financial Supplement - 1Q 2016 Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated

More information

Solving for Fixed Income

Solving for Fixed Income MARKET INSIGHTS 4Q 2016 Solving for Fixed Income Using Market Insights to achieve better outcomes SINCE 2004, J.P. MORGAN HAS PRODUCED MARKET INSIGHTS TO HELP INDIVIDUAL INVESTORS UNDERSTAND AND MAKE THEIR

More information

Merrill Lynch The Japanese Banks & Financial Services Conference. October 18, 2001

Merrill Lynch The Japanese Banks & Financial Services Conference. October 18, 2001 Merrill Lynch The Japanese Banks & Financial Services Conference October 18, 2001 The Daiwa Bank, Ltd. President:Yasuhisa Katsuta The Asahi Bank, Ltd. Senior Managing Director: Yukio Yanase Contents P1

More information

Morgan Stanley Reports Fourth Quarter and Full Year 2016:

Morgan Stanley Reports Fourth Quarter and Full Year 2016: Media Relations: Michele Davis 212-761-9621 Investor Relations: Sharon Yeshaya 212-761-1632 Morgan Stanley Reports Fourth Quarter and Full Year 2016: Fourth Quarter Net Revenues of $9.0 Billion and Earnings

More information

Notes to Interim Balance Sheet

Notes to Interim Balance Sheet Notes to Interim Balance Sheet 1. Amounts less than one million have been omitted. 2. Transactions for trading purposes (seeking gains arising from short-term changes in interest rates, currency exchange

More information

Assurant Reports Q405 Net Income of $137 M ($1.03 per diluted share) Up 59% Full Year 2005 Net Income of $479 M ($3.50 per diluted share) Up 37%

Assurant Reports Q405 Net Income of $137 M ($1.03 per diluted share) Up 59% Full Year 2005 Net Income of $479 M ($3.50 per diluted share) Up 37% Assurant Reports Q405 Net Income of $137 M ($1.03 per diluted share) Up 59% Full Year 2005 Net Income of $479 M ($3.50 per diluted share) Up 37% Q405 Net Operating Income of $142 M ($1.07 per diluted share)

More information

ABN AMRO Bank N.V. Full year 2009 results. 26 March 2010

ABN AMRO Bank N.V. Full year 2009 results. 26 March 2010 ABN AMRO Bank N.V. Full year 2009 results 26 March 2010 Agenda ABN AMRO Bank N.V. today Summary of 2009 Results 2 ABN AMRO Bank N.V. today ABN AMRO Bank N.V. comprises the Dutch State acquired businesses

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

Yuji Yamada, Executive Officer and General Manager, IR Department Phone No.: to:

Yuji Yamada, Executive Officer and General Manager, IR Department Phone No.: to: Summary of Financial Results (Unaudited) for the First Nine Months of the Fiscal Year Ending March 31, 2016 [Consolidated] (From April 1, 2015 to December 31, 2015) [Japanese GAAP] February 5, 2016 Name

More information

FOURTH QUARTER 2016 EARNINGS RELEASE

FOURTH QUARTER 2016 EARNINGS RELEASE FOURTH QUARTER 2016 EARNINGS RELEASE ROYAL BANK OF CANADA REPORTS FOURTH QUARTER AND RECORD 2016 RESULTS All amounts are in Canadian dollars and are based on our audited Annual and unaudited Interim Consolidated

More information

Sumio Marukawa +81(3)6852-7102

Sumio Marukawa +81(3)6852-7102 Contact; TDK Corporation (Tokyo) TDK Corporation January 29, 2016 Corporate Communications Department Sumio Marukawa +81(3)6852-7102 Consolidated results (U.S. GAAP) for the 3rd quarter of FY March 2016

More information

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2017

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2017 MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3081 Investor Relations Inquiries Investor Relations Group,

More information

PHILLIP SECURITIES PTE LTD Asset Class Update

PHILLIP SECURITIES PTE LTD Asset Class Update Hillary Ho Li Ling Liang Shibin Tel: (65) 6 5311 792 +6565311516 hillaryho@phillip.com.sg liangsb@phillip.com.sg 18 December 2009 If Trend Ain t Broken Don t Change It. Gold is likely to remain in high

More information

Analyst and Investor Presentation Q Results Conference Call

Analyst and Investor Presentation Q Results Conference Call Analyst and Investor Presentation Montreal, May 25, 2006 Second Quarter 2006 - Highlights Total revenues (1) increased by 3% (YoY) Net income (1) stood at $209M, up 9% (YoY) Diluted EPS (1) reached $1.23,

More information

Running the Numbers on High Yield Bonds

Running the Numbers on High Yield Bonds Running the Numbers on High Yield Bonds Martin Fridson, CFA Global Credit Strategist Presented to: Columbia University, February 7, 2011 Overview 2 Rating Group Relative Performance Default Rate Outlook

More information

Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2011 (Nine Months Ended December 31, 2010)

Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2011 (Nine Months Ended December 31, 2010) February 10, 2011 Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2011 (Nine Months Ended December 31, 2010) [Japanese GAAP] Company name: C. Uyemura & Co., Ltd.

More information

Morgan Stanley Reports $928 Million in Second Quarter Earnings

Morgan Stanley Reports $928 Million in Second Quarter Earnings Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports $928 Million in Second Quarter Earnings NEW YORK, June 22, 2005

More information

2012 FOURTH QUARTER AND FULL YEAR FIXED INCOME PRESENTATION AND 2013 OUTLOOK JANUARY 29, 2013 (PRELIMINARY RESULTS)

2012 FOURTH QUARTER AND FULL YEAR FIXED INCOME PRESENTATION AND 2013 OUTLOOK JANUARY 29, 2013 (PRELIMINARY RESULTS) 2012 FOURTH QUARTER AND FULL YEAR FIXED INCOME PRESENTATION AND 2013 OUTLOOK JANUARY 29, 2013 (PRELIMINARY RESULTS) AGENDA Ford Credit profit and credit loss performance Ford Credit funding and liquidity

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * February 23, 2015 Emerson Electric Co. Current Recommendation Prior Recommendation Neutral Date of Last Change 02/23/2015 Current Price (02/20/15) $58.67 Target Price $53.00 UNDERPERFORM SUMMARY (EMR-NYSE)

More information

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion*

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* Ford Credit Earns Full-Year Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* DEARBORN, Mich., Jan. 29, 2015 Ford Motor Credit Company reported a pre-tax profit of $1.9 billion in, its highest

More information

To become the indispensable department store

To become the indispensable department store Annual Report 2014 Isetan Mitsukoshi Group Vision Table of Contents: Isetan Mitsukoshi Group Vision... 1 History... 2 Group Businesses... 3 Business Initiatives... 4 Business Strategy... 5 Domestic Store

More information

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2016

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2016 MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 2989 Investor Relations Inquiries Investor Relations Group

More information

Morgan Stanley Reports Third Quarter 2014:

Morgan Stanley Reports Third Quarter 2014: Media Relations: Michele Davis 212-761-9621 Investor Relations: Celeste Mellet Brown 212-761-3896 Morgan Stanley Reports Third Quarter 2014: Net Revenues of $8.9 Billion and Earnings per Diluted Share

More information

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015 News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current

More information

27 July 2016 PORTUGAL. First half 2016

27 July 2016 PORTUGAL. First half 2016 27 July 2016 PORTUGAL First half 2016 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities

More information

Kina Securities Ltd. Half year results 30 June August 2016

Kina Securities Ltd. Half year results 30 June August 2016 Kina Securities Ltd Half year results 30 June 2016 August 2016 Important notice and disclaimer You must read this notice before reading or making any use of this document or any information contained in

More information

Corporate Investing Post-Money Fund Reform

Corporate Investing Post-Money Fund Reform Corporate Investing Post-Money Fund Reform May 19, 2016 Presented By 2016 Treasury Strategies, Inc. All rights reserved. Regulation Impacts Every Money Market and Deposit Instrument Available to Treasurers

More information

Summary of Financial Results for Fiscal 2015 May 13, 2016

Summary of Financial Results for Fiscal 2015 <Under Japanese GAAP> May 13, 2016 Summary of Financial Results for Fiscal 2015 May 13, 2016 Contents Summary of Income Statement P.2 Domestic Loan P.3 Overseas Loan P.4 Non-interest Income P.5 Financial Soundness

More information

Mapfre Insurance Group Core Entities 'BBB+' Ratings Affirmed Following Review; Off Watch Neg; Outlook Negative

Mapfre Insurance Group Core Entities 'BBB+' Ratings Affirmed Following Review; Off Watch Neg; Outlook Negative Research Update: Mapfre Insurance Group Core Entities 'BBB+' Ratings Affirmed Following Review; Off Watch Neg; Outlook Negative Primary Credit Analyst: Marco Sindaco, London (44) 20-7176-7095; Marco_Sindaco@standardandpoors.com

More information

JAPAN ECONOMIC UPDATE

JAPAN ECONOMIC UPDATE JAPAN ECONOMIC UPDATE Tuesday, 1 March 211 The human tragedy from the earthquake and tsunami that struck Japan on March 11 is significant and tragic. Below we take a look at the economic impact. We stress

More information

Don Quijote Holdings First Quarter Results for June November 5th, 2014

Don Quijote Holdings First Quarter Results for June November 5th, 2014 Don Quijote Holdings First Quarter Results for June 2015 November 5th, 0 Earnings Summary, First Quarter of FY2015 3 months to Sep. 3 months to Sep. 2013 Actual Share YoY Actual Share Net sales 163,861

More information

Consolidated Balance Sheets March 31, 2001 and 2000

Consolidated Balance Sheets March 31, 2001 and 2000 Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note

More information

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries [Under Japanese GAAP]

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries [Under Japanese GAAP] Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries [Under Japanese GAAP] Mizuho Financial Group, Inc. Non-Consolidated Balance Sheets 188 Non-Consolidated Statements

More information

Khan Resources Inc. Management Discussion and Analysis. For the year ended September 30, 2016

Khan Resources Inc. Management Discussion and Analysis. For the year ended September 30, 2016 Khan Resources Inc. Management Discussion and Analysis For the year ended September 30, 2016 KHAN RESOURCES INC. RESULTS FOR THE YEAR ENDED SEPTEMBER 30, 2016 (In thousands of Canadian dollars unless otherwise

More information

Brief Statement of the Third Quarter Financial Results for the Fiscal Year Ending March 2016 [Japanese GAAP (Consolidated)]

Brief Statement of the Third Quarter Financial Results for the Fiscal Year Ending March 2016 [Japanese GAAP (Consolidated)] (Translation for reference only) In the event of any discrepancy between this translated document and the original Japanese document the original document shall prevail. Brief Statement of the Third Quarter

More information

PLUS based on the Nikkei 225 Index due December 31, 2009 Performance Leveraged Upside Securities SM

PLUS based on the Nikkei 225 Index due December 31, 2009 Performance Leveraged Upside Securities SM STRUCTURED INVESTMENTS Opportunities in Equities December 2007 Pricing Supplement No. 448 Registration Statement No. 333-131266 Dated December 21, 2007 Filed pursuant to Rule 424(b)(2) PLUS based on the

More information