0001193125-18-049473.txt : 20180220 0001193125-18-049473.hdr.sgml : 20180220 20180220061357 ACCESSION NUMBER: 0001193125-18-049473 CONFORMED SUBMISSION TYPE: 6-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20180220 FILED AS OF DATE: 20180220 DATE AS OF CHANGE: 20180220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORIX CORP CENTRAL INDEX KEY: 0001070304 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-14856 FILM NUMBER: 18622925 BUSINESS ADDRESS: STREET 1: WORLD TRADE CENTER BLDG. STREET 2: 2-4-1 HAMAMATSU-CHO, MINATO-KU CITY: TOKYO STATE: M0 ZIP: 105 6135 BUSINESS PHONE: 81334353000 MAIL ADDRESS: STREET 1: WORLD TRADE CENTER BLDG. STREET 2: 2-4-1 HAMAMATSU-CHO, MINATO-KU CITY: TOKYO STATE: M0 ZIP: 105 6135 6-K/A 1 d519751d6ka.htm FORM 6-K/A Form 6-K/A
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K/A

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2018.

Commission File Number: 001-14856

 

 

ORIX Corporation

(Translation of Registrant’s Name into English)

 

 

World Trade Center Bldg., 2-4-1 Hamamatsu-cho, Minato-ku,

Tokyo, JAPAN

(Address of Principal Executive Offices)

 

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F  ☒        Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


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TABLE OF CONTENTS

 

     Page  

EXPLANATORY NOTE

     3  

Note 22. Segment Information

     5  

 

– 2 –


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EXPLANATORY NOTE

ORIX Corporation amends its report on Form 6-K furnished to the SEC on February 13, 2018 solely to file a corrected version of Note 22 “Segment Information.” This amendment does not affect any other parts of Form 6-K filed on February 13, 2018.

 

– 3 –


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

ORIX Corporation

Date: February 20, 2018

 

By

 

/s/ Kazuo Kojima

   

Kazuo Kojima

   

Director

   

Deputy President and Chief Financial Officer

   

ORIX Corporation

 

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22.

Segment Information

Financial information about the operating segments reported below is that which is available by segment and evaluated regularly by the management in deciding how to allocate resources and in assessing performance.

An overview of operations for each of the six segments follows below.

 

Corporate Financial Services

     :      Loan, leasing and fee business

Maintenance Leasing

     :      Automobile leasing and rentals, car-sharing, and test and measurement instruments and IT-related equipment rentals and leasing

Real Estate

     :      Real estate development and rental, facility operation, REIT asset management, and real estate investment and advisory services

Investment and Operation

     :      Environment and energy, principal investment, loan servicing (asset recovery), and concession

Retail

     :      Life insurance, banking and card loan

Overseas Business

     :      Leasing, loan, bond investment, asset management and aircraft and ship-related operations

Financial information of the segments for the nine months ended December 31, 2016 is as follows:

 

     Millions of yen  
     Corporate
Financial
Services
     Maintenance
Leasing
     Real Estate      Investment
and
Operation
     Retail      Overseas
Business
     Total  

Segment revenues

   ¥        75,546      ¥      202,657      ¥      153,243      ¥      870,404      ¥      274,708      ¥      351,733      ¥   1,928,291  

Segment profits

     26,314        28,642        49,721        68,783        60,055        95,600        329,115  

Financial information of the segments for the nine months ended December 31, 2017 is as follows:

 

     Millions of yen  
     Corporate
Financial
Services
     Maintenance
Leasing
     Real Estate      Investment
and
Operation
     Retail      Overseas
Business
     Total  

Segment revenues

   ¥        86,091      ¥      207,085      ¥      138,632      ¥   1,073,655      ¥      336,381      ¥      358,340      ¥   2,200,184  

Segment profits

     37,551        31,085        52,084        62,648        63,274        109,576        356,218  

Financial information of the segments for the three months ended December 31, 2016 is as follows:

 

     Millions of yen  
     Corporate
Financial
Services
     Maintenance
Leasing
     Real Estate      Investment
and
Operation
     Retail      Overseas
Business
     Total  

Segment revenues

   ¥        23,551      ¥        67,837      ¥        49,159      ¥      331,362      ¥      123,613      ¥      111,090      ¥      706,612  

Segment profits

     6,440        8,987        14,274        16,742        24,548        44,090        115,081  

Financial information of the segments for the three months ended December 31, 2017 is as follows:

 

     Millions of yen  
     Corporate
Financial
Services
     Maintenance
Leasing
     Real Estate      Investment
and
Operation
     Retail      Overseas
Business
     Total  

Segment revenues

   ¥        32,108      ¥        70,037      ¥        42,877      ¥      299,234      ¥      116,876      ¥      119,699      ¥      680,831  

Segment profits

     15,502        10,647        8,093        23,721        20,324        28,179        106,466  

 

– 5 –


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Segment assets information as of March 31, 2017 and December 31, 2017 is as follows:

 

     Millions of yen  
     Corporate
Financial
Services
     Maintenance
Leasing
     Real Estate      Investment
and
Operation
     Retail      Overseas
Business
     Total  

March 31, 2017

   ¥   1,032,152      ¥      752,513      ¥      657,701      ¥      768,675      ¥   3,291,631      ¥   2,454,200      ¥   8,956,872  

December 31, 2017

     966,914        780,548        605,767        870,257        3,212,749        2,756,502        9,192,737  

The accounting policies of the segments are almost the same as those described in Note 2 “Significant Accounting and Reporting Policies” except for the treatment of income tax expenses, net income attributable to the noncontrolling interests, net income attributable to the redeemable noncontrolling interests, and the consolidation of certain variable interest entities (VIEs). Income taxes are not included in segment profits or losses because the management evaluates segments’ performance on a pre-tax basis. Additionally, net income attributable to noncontrolling interests and redeemable noncontrolling interests are not included in segment profits or losses because the management evaluates segments’ performance based on profits or losses (per-tax) attributable to ORIX Corporation Shareholders. Net income attributable to the noncontrolling interests, net income attributable to the redeemable noncontrolling interests, which are recognized net of tax in the accompanying consolidated statements of income, are adjusted to profit or loss before income tax, when calculating segment profits or losses. Most of selling, general and administrative expenses, including compensation costs that are directly related to the revenue generating activities of each segment, have been accumulated by and charged to each segment. Gains and losses that management does not consider for evaluating the performance of the segments, such as write-downs of certain securities, write-downs of certain long-lived assets and certain foreign exchange gains or losses (included in other (income) and expense, net) are excluded from the segment profits or losses, and are regarded as corporate items.

Assets attributed to each segment are investment in direct financing leases, installment loans, investment in operating leases, investment in securities, property under facility operations, investment in affiliates, inventories, advances for investment in operating leases (included in other assets), advances for investment in property under facility operations (included in other assets) and goodwill and other intangible assets recognized as a result of business combination (included in other assets) and servicing assets (included in other assets). This has resulted in the depreciation of office facilities being included in each segment’s profit or loss while the carrying amounts of corresponding assets are not allocated to each segment’s assets. However, the effect resulting from this allocation is not significant.

For those VIEs that are used for securitization and are consolidated, for which the VIE’s assets can be used only to settle related obligations of those VIEs and the creditors (or beneficial interest holders) do not have recourse to other assets of the Company or its subsidiaries, segment assets are measured based on the amount of the Company and its subsidiaries’ net investments in the VIEs, which is different from the amount of total assets of the VIEs, and accordingly, segment revenues are also measured at a net amount representing the revenues earned on the net investments in the VIEs.

Certain gains or losses related to assets and liabilities of consolidated VIEs, which are not ultimately attributable to the Company and its subsidiaries, are excluded from segment profits.

 

– 6 –


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The reconciliation of segment totals to consolidated financial statement amounts is as follows:

 

     Millions of yen  
     Nine months ended
December 31, 2016
    Nine months ended
December 31, 2017
 

Segment revenues:

    

Total revenues for segments

   ¥ 1,928,291     ¥ 2,200,184  

Revenues related to corporate assets

     8,251       8,136  

Revenues related to assets of certain VIEs

     3,327       2,282  

Revenues from inter-segment transactions

     (14,100     (15,720
  

 

 

   

 

 

 

Total consolidated revenues

   ¥          1,925,769     ¥          2,194,882  
  

 

 

   

 

 

 

Segment profits:

    

Total profits for segments

   ¥ 329,115     ¥ 356,218  

Corporate gains (losses)

     (1,812     (1,357

Gains (losses) related to assets or liabilities of certain VIEs

     27       (29

Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests

     6,766       5,656  
  

 

 

   

 

 

 

Total consolidated income before income taxes

   ¥ 334,096     ¥ 360,488  
  

 

 

   

 

 

 
     Millions of yen  
     Three months ended
December 31, 2016
    Three months ended
December 31, 2017
 

Segment revenues:

    

Total revenues for segments

   ¥ 706,612     ¥ 680,831  

Revenues related to corporate assets

     1,284       1,187  

Revenues related to assets of certain VIEs

     1,096       444  

Revenues from inter-segment transactions

     (4,348     (5,376
  

 

 

   

 

 

 

Total consolidated revenues

   ¥ 704,644     ¥ 677,086  
  

 

 

   

 

 

 

Segment profits:

    

Total profits for segments

   ¥ 115,081     ¥ 106,466  

Corporate gains (losses)

     (2,119     (788

Gains (losses) related to assets or liabilities of certain VIEs

     (78     (27

Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests

     1,977       2,225  
  

 

 

   

 

 

 

Total consolidated income before income taxes

   ¥ 114,861     ¥ 107,876  
  

 

 

   

 

 

 
     Millions of yen  
     March 31, 2017     December 31, 2017  

Segment assets:

    

Total assets for segments

   ¥ 8,956,872     ¥ 9,192,737  

Cash and cash equivalents, restricted cash

     1,133,212       1,323,554  

Allowance for doubtful receivables on direct financing leases and probable loan losses

     (59,227     (55,713

Trade notes, accounts and other receivable

     283,427       308,128  

Other corporate assets

     672,562       682,724  

Assets of certain VIEs

     245,049       100,488  
  

 

 

   

 

 

 

Total consolidated assets

   ¥        11,231,895     ¥        11,551,918  
  

 

 

   

 

 

 

 

– 7 –


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The following information represents geographical revenues and income before income taxes, which are attributed to geographic areas, based on the country location of the Company and its subsidiaries.

For the nine months ended December 31, 2016

 

     Millions of yen  
     Japan      The Americas *1      Other *2*3      Total  

Total Revenues

   ¥ 1,555,622      ¥ 116,680      ¥ 253,467      ¥ 1,925,769  

Income before Income Taxes

     239,166        35,626        59,304        334,096  

For the nine months ended December 31, 2017

 
     Millions of yen  
     Japan      The Americas *1      Other *2*3      Total  

Total Revenues

   ¥ 1,822,281      ¥ 83,738      ¥ 288,863      ¥ 2,194,882  

Income before Income Taxes

     247,489        37,778        75,221        360,488  

For the three months ended December 31, 2016

 
     Millions of yen  
     Japan      The Americas *1      Other *2*3      Total  

Total Revenues

   ¥ 588,151      ¥ 29,382      ¥ 87,111      ¥ 704,644  

Income before Income Taxes

     72,695        19,594        22,572        114,861  

For the three months ended December 31, 2017

 
     Millions of yen  
     Japan      The Americas *1      Other *2*3      Total  

Total Revenues

   ¥ 551,557      ¥ 26,192      ¥ 99,337      ¥ 677,086  

Income before Income Taxes

     78,497        10,885        18,494        107,876  

 

*1

Mainly the United States

*2

Mainly Asia, Europe, Australasia and Middle East

*3

ORIX Corporation Europe N.V. (hereinafter, ”ORIX Europe”), one of the Company’s subsidiaries domiciled in the Netherlands, which has changed its name from Robeco Groep N.V. on January 1, 2018, is a holding company owning asset management companies. Due to its customer base spread across the world, total revenues and income before income taxes of the company are included in “Other.” Based on its legal entity location, the revenues of ORIX Europe were ¥71,914 million in the Americas and ¥56,102 million in Other for the nine months ended December 31, 2016, and ¥76,330 million in the Americas and ¥65,204 million in Other for the nine months ended December 31, 2017, and ¥24,730 million in the Americas and ¥19,235 million in Other for the three months ended December 31, 2016, and ¥25,897 million in the Americas and ¥24,884 million in Other for the three months ended December 31, 2017.

 

– 8 –