SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2022
Commission File Number: 001-14856
ORIX Corporation
(Translation of Registrants Name into English)
World Trade Center Bldg., SOUTH TOWER, 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): ☐
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 : August 3, 2022 |
By |
/s/ Hitomaro Yano | ||
Hitomaro Yano | ||||
Executive Officer Head of Treasury and Accounting Headquarters |
Consolidated Financial Results
April 1, 2022 June 30, 2022
August 3, 2022
In preparing its consolidated financial information, ORIX Corporation (the Company) and its subsidiaries have complied with generally accepted accounting principles in the United States of America.
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under Risk Factors in the Companys annual report on Form 20-F filed with the United States Securities and Exchange Commission.
The Company believes that it may have been a passive foreign investment company for U.S. federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming that the Company is a PFIC, a U.S. holder of the shares or ADSs of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Companys annual report.
For further information please contact:
Investor Relations and Sustainability Department
ORIX Corporation
World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-Ku, Tokyo, 105-5135
JAPAN
Tel: +81-3-3435-3121 Fax: +81-3-3435-3154
E-mail: orix_corpcomm@orix.jp
Consolidated Financial Results from April 1, 2022 to June 30, 2022
(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)
Corporate Name: |
ORIX Corporation | |
Listed Exchanges: |
Tokyo Stock Exchange (Securities No. 8591) | |
New York Stock Exchange (Trading Symbol : IX) | ||
Head Office: |
Tokyo JAPAN | |
Tel: +81-3-3435-3121 | ||
(URL https://www.orix.co.jp/grp/en/ir/) |
1. Performance Highlights as of and for the Three Months Ended June 30, 2022
(1) Performance Highlights - Operating Results
(millions of yen)*1
Total Revenues |
Year-on-Year Change |
Operating Income |
Year-on-Year Change |
Income before Income Taxes |
Year-on-Year Change |
Net Income Attributable to ORIX Corporation Shareholders |
Year-on-Year Change |
|||||||||||||||||||||||||
June 30, 2022 |
657,813 | 8.0 | % | 83,293 | (18.3 | %) | 85,015 | (15.0 | %) | 61,862 | (5.1 | %) | ||||||||||||||||||||
June 30, 2021 |
608,813 | 13.2 | % | 101,979 | 124.1 | % | 100,056 | 47.9 | % | 65,216 | 30.3 | % |
Comprehensive Income Attributable to ORIX Corporation Shareholders was ¥98,180 million for the three months ended June 30, 2022 (year-on-year change was a 20.8% increase) and ¥81,293 million for the three months ended June 30, 2021 (year-on-year change was a 77.2% increase).
Basic Earnings Per Share |
Diluted Earnings Per Share |
|||||||
June 30, 2022 |
51.90 | 51.85 | ||||||
June 30, 2021 |
53.65 | 53.61 |
*Note: 1. | Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for Per Share and dividend amounts, which are in single yen. |
(2) Performance Highlights - Financial Position
Total Assets |
Total Equity |
Shareholders Equity |
Shareholders Equity Ratio |
|||||||||||||
June 30, 2022 |
14,622,486 | 3,403,485 | 3,293,726 | 22.5 | % | |||||||||||
March 31, 2022 |
14,270,672 | 3,371,401 | 3,261,419 | 22.9 | % |
*Note: 2. | Shareholders Equity refers to Total ORIX Corporation Shareholders Equity. |
Shareholders Equity Ratio is the ratio of Total ORIX Corporation Shareholders Equity to Total Assets.
2. Dividends
First Quarter-end |
Second Quarter-end |
Third Quarter-end |
Year-end | Total | ||||||||||||||||
March 31, 2022 |
| 39.00 | | 46.60 | 85.60 | |||||||||||||||
March 31, 2023 |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
March 31, 2023 (Est.) |
| 42.80 | | 42.80 | 85.60 |
3. Other Information
(1) Changes in Significant Consolidated Subsidiaries | Yes ( ) No ( x ) | |||
Addition - None ( ) |
Exclusion - None ( ) |
|||
(2) Adoption of Simplified Accounting Method | Yes ( ) No ( x ) | |||
(3) Changes in Accounting Principles, Procedures and Disclosures |
| |||
1. Changes due to adoptions of new accounting standards |
Yes ( ) No ( x ) | |||
2. Other than those above |
Yes ( ) No ( x ) |
(4) Number of Issued Shares (Ordinary Shares)
1. The number of issued shares, including treasury stock, was 1,258,277,087 as of June 30, 2022, and 1,258,277,087 as of March 31, 2022.
2. The number of treasury stock was 67,256,792 as of June 30, 2022, and 62,914,027 as of March 31, 2022.
3. The average number of outstanding shares was 1,191,991,937 for the three months ended June 30, 2022, and 1,215,578,051 for the three months ended June 30, 2021.
The Companys shares held through the Board Incentive Plan Trust (1,963,282 shares as of June 30, 2022 and 1,963,282 shares as of March 31, 2022) are not included in the number of treasury stock as of the end of the periods, but are included in the average number of shares outstanding as treasury stock that are deducted from the basis of the calculation of per share data.
* These consolidated financial results from April 1, 2022 to June 30, 2022 are not subject to certified public accountants or audit firms quarterly review.
- 1 -
1. Summary of Consolidated Financial Results
(1) Financial Highlights
Financial Results for the Three Months Ended June 30, 2022
Three months ended June 30, 2021 |
Three months ended June 30, 2022 |
Change | ||||||||||||||||
Amount | Percent | |||||||||||||||||
Total Revenues |
(millions of yen) | 608,813 | 657,813 | 49,000 | 8 | % | ||||||||||||
Total Expenses |
(millions of yen) | 506,834 | 574,520 | 67,686 | 13 | % | ||||||||||||
Income before Income Taxes |
(millions of yen) | 100,056 | 85,015 | (15,041 | ) | (15 | )% | |||||||||||
Net Income Attributable to ORIX Corporation Shareholders |
(millions of yen) | 65,216 | 61,862 | (3,354 | ) | (5 | )% | |||||||||||
Earnings Per Share (Basic) |
(yen) | 53.65 | 51.90 | (1.75 | ) | (3 | )% | |||||||||||
(Diluted) |
(yen) | 53.61 | 51.85 | (1.76 | ) | (3 | )% | |||||||||||
ROE (Annualized)*1 |
(%) | 8.6 | 7.5 | (1.1 | ) | | ||||||||||||
ROA (Annualized)*2 |
(%) | 1.92 | 1.71 | (0.21 | ) | |
*Note: 1. | ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders Equity. |
*Note: 2. | ROA is calculated based on Net Income Attributable to ORIX Corporation Shareholders. |
Overview of Business Performance (April 1, 2022 to June 30, 2022)
Total revenues for the three months ended June 30, 2022 (hereinafter, the first consolidated period) increased 8% to ¥657,813 million compared to ¥608,813 million during the same period of the previous fiscal year due to increases in services income, life insurance premiums and related investment income, operating leases revenues and sales of goods and real estate despite a decrease in gains (losses) on investment securities and dividends.
Total expenses increased 13% to ¥574,520 million compared to ¥506,834 million during the same period of the previous fiscal year due to increases in life insurance costs, services expense and costs of goods and real estate sold.
Equity in net income (loss) of affiliates resulted in losses of ¥1,381 million (losses of ¥4,920 million in the same period of the previous fiscal year), and gains on sales of subsidiaries and affiliates and liquidation losses, net increased by ¥106 million to ¥3,103 million compared to the same period of the previous fiscal year.
Due to the above results, income before income taxes for the first consolidated period decreased 15% to ¥85,015 million compared to ¥100,056 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders decreased 5% to ¥61,862 million compared to ¥65,216 million during the same period of the previous fiscal year.
- 2 -
Segment Information
Total segment profits for the first consolidated period decreased 15% to ¥85,941 million compared to the same period of the previous fiscal year.
Since April 1, 2022, a portion of interest expenses and a portion of selling, general and administrative expenses, which were initially included in the difference between segment total profits and consolidated amounts, have been charged directly to their respective segments. As a result of these changes, segment data for the three months ended June 30, 2021 has been retrospectively restated.
Segment information for the first consolidated period is as follows:
Corporate Financial Services and Maintenance Leasing: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
17,202 | 15,725 | (1,477 | ) | (9 | ) | ||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
1,516,795 | 1,486,080 | (30,715 | ) | (2 | ) |
Segment profits decreased 9% to ¥15,725 million compared to the same period of the previous fiscal year due to a decrease in services income resulting from the sale of the business of Yayoi Co., Ltd. in the three months ended March 31, 2022.
Segment assets decreased 2% to ¥1,486,080 million compared to the end of the previous fiscal year due to decreases in net investment in leases and installment loans.
- 3 -
Real Estate: Real estate development, rental and management; facility operations; real estate asset management
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
10,592 | 11,938 | 1,346 | 13 | ||||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
910,101 | 904,248 | (5,853 | ) | (1 | ) |
Segment profits increased 13% to ¥11,938 million compared to the same period of the previous fiscal year due to an increase in services income from operating facilities, partially offset by a decrease in sales of goods and real estate at DAIKYO INCORPORATED and its subsidiaries.
Segment assets decreased 1% to ¥904,248 million compared to the end of the previous fiscal year due to a decrease in investment in operating leases, despite an increase in inventories.
PE Investment and Concession: Private equity investment; concession
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
158 | 2,187 | 2,029 | | ||||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
353,581 | 368,704 | 15,123 | 4 |
Segment profits increased by ¥2,029 million to ¥2,187 million as compared to ¥158 million of segment profits in the same period of the previous fiscal year due to increases in operating leases revenues and services income, and a decrease in equity in net loss of affiliates at our three airports in Kansai in our concession business.
Segment assets increased 4% to ¥368,704 million compared to the end of the previous fiscal year due to the acquisition of a subsidiary that resulted in an increase of investment in securities and goodwill, intangible assets acquired in business combinations, despite a decrease in property under facility operations at a certain investee.
- 4 -
Environment and Energy: Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels and battery energy storage system; recycling and waste management
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
4,343 | 4,592 | 249 | 6 | ||||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
703,608 | 731,133 | 27,525 | 4 |
Segment profits increased 6% to ¥4,592 million compared to the same period of the previous fiscal year due to an increase in services income resulting from higher revenues from electricity sales, despite an equity in net loss of affiliates resulting from seasonal factors at an investee engaged in renewable energy business in India.
Segment assets increased 4% to ¥731,133 million compared to the end of the previous fiscal year due to increases in goodwill, intangible assets acquired in business combinations, property under facility operations, and investment in affiliates, primarily resulting from foreign exchange effects.
Insurance: Life insurance
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
15,147 | 10,890 | (4,257 | ) | (28 | ) | ||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
2,072,145 | 2,082,153 | 10,008 | 0 |
Segment profits decreased 28% to ¥10,890 million compared to the same period of the previous fiscal year due to an increase in life insurance costs as a result of increased payouts to policy holders, despite an increase in life insurance premiums and related investment income in line with an increase in insurance contracts.
Segment assets totaled ¥2,082,153 million, remaining relatively unchanged compared to the end of the previous fiscal year.
- 5 -
Banking and Credit: Banking; consumer finance
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
12,180 | 7,236 | (4,944 | ) | (41 | ) | ||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
2,687,156 | 2,691,467 | 4,311 | 0 |
Segment profits decreased 41% to ¥7,236 million compared to the same period of the previous fiscal year due to the absence of gains on investment securities and dividends at ORIX Bank Corporation recorded in the same period of the previous fiscal year, and an increase in advertising expenses at ORIX Credit Corporation recorded in the first consolidated period.
Segment assets totaled ¥2,691,467 million, remaining relatively unchanged compared to the end of the previous fiscal year.
Aircraft and Ships: Aircraft leasing and management; ship-related finance and investment
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
(4,954 | ) | 5,416 | 10,370 | | |||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
684,098 | 723,184 | 39,086 | 6 |
Segment profits increased by ¥10,370 million to ¥5,416 million as compared to losses of ¥4,954 million of segment profits in the same period of the previous fiscal year due to a decrease in equity in net loss of affiliates at Avolon Holdings Limited, and an increase in operating leases revenues in our ship-related businesses.
Segment assets increased 6% to ¥723,184 million compared to the end of the previous fiscal year due to an increase in investment in affiliates, primarily resulting from foreign exchange effects.
- 6 -
ORIX USA: Finance, investment and asset management in the Americas
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
24,900 | 6,039 | (18,861 | ) | (76 | ) | ||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
1,364,142 | 1,554,481 | 190,339 | 14 |
Segment profits decreased 76% to ¥6,039 million compared to the same period of the previous fiscal year, primarily due to the absence of gains on investment securities and dividends resulting from the sales of investees recorded in the same period of the previous fiscal year.
Segment assets increased 14% to ¥1,554,481 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.
ORIX Europe: Asset management of global equity and fixed income
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
13,396 | 9,301 | (4,095 | ) | (31 | ) | ||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
401,869 | 409,786 | 7,917 | 2 |
Segment profits decreased 31% to ¥9,301 million compared to the same period of the previous fiscal year due to a decrease in gains on investment securities and dividends resulting from weaker market conditions.
Segment assets increased 2% to ¥409,786 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects, despite a decrease in investment in securities.
- 7 -
Asia and Australia: Finance and investment businesses in Asia and Australia
Three months ended June 30, 2021 (millions of yen) |
Three months ended June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Profits |
8,512 | 12,617 | 4,105 | 48 | ||||||||||||
As of March 31, 2022 (millions of yen) |
As of June 30, 2022 (millions of yen) |
Change | ||||||||||||||
Amount (millions of yen) |
Percent (%) |
|||||||||||||||
Segment Assets |
1,306,089 | 1,375,656 | 69,567 | 5 |
Segment profits increased 48% to ¥12,617 million compared to the same period of the previous fiscal year due to an increase in gains on sales of subsidiaries and affiliates resulting from the sale of an investee, and an increase in operating leases revenues in South Korea and Australia.
Segment assets increased 5% to ¥1,375,656 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects, despite a decrease in installment loans in Greater China.
- 8 -
(2) Consolidated Financial Condition
Summary of Assets, Liabilities, Shareholders Equity
As of March 31, 2022 |
As of June 30, 2022 |
Change | ||||||||||||||||
Amount | Percent | |||||||||||||||||
Total Assets |
(millions of yen) | 14,270,672 | 14,622,486 | 351,814 | 2 | % | ||||||||||||
(Segment Assets) |
11,999,584 | 12,326,892 | 327,308 | 3 | % | |||||||||||||
Total Liabilities |
(millions of yen) | 10,899,271 | 11,218,327 | 319,056 | 3 | % | ||||||||||||
(Short-term and Long-term Debt) |
4,866,685 | 5,307,129 | 440,444 | 9 | % | |||||||||||||
(Deposits) |
2,276,158 | 2,265,925 | (10,233 | ) | (0 | )% | ||||||||||||
Shareholders Equity *1 |
(millions of yen) | 3,261,419 | 3,293,726 | 32,307 | 1 | % | ||||||||||||
Shareholders Equity Per Share *2 |
(yen) | 2,732.88 | 2,770.03 | 37.15 | 1 | % |
*Note: 1. |
Shareholders Equity refers to ORIX Corporation Shareholders Equity based on U.S. GAAP. | |
*Note: 2. |
Shareholders Equity Per Share is calculated using total ORIX Corporation Shareholders Equity. |
Total assets increased 2% to ¥14,622,486 million compared to the end of the previous fiscal year due to increases in other assets, installment loans and investments in affiliates being offset by a decrease in cash and cash equivalents. In addition, segment assets increased 3% to ¥12,326,892 million compared to the end of the previous fiscal year.
Total liabilities increased 3% to ¥11,218,327 million compared to the end of the previous fiscal year due to an increase in short- and long-term debt being offset by decreases in trade notes, accounts and other payable and current and deferred income taxes.
Shareholders equity increased 1% to ¥3,293,726 million compared to the end of the previous fiscal year.
- 9 -
2. Financial Information
(1) Condensed Consolidated Balance Sheets
(millions of yen)
Assets |
As of March 31, 2022 |
As of June 30, 2022 |
||||||||
Cash and Cash Equivalents |
954,827 | 855,444 | ||||||||
Restricted Cash |
136,985 | 139,548 | ||||||||
Net Investment in Leases |
1,057,973 | 1,073,525 | ||||||||
Installment Loans |
3,862,604 | 3,966,734 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
March 31, 2022 |
¥151,601 million | |||||||||
June 30, 2022 |
¥222,298 million | |||||||||
Allowance for Credit Losses |
(69,459 | ) | (65,775 | ) | ||||||
Investment in Operating Leases |
1,463,202 | 1,472,825 | ||||||||
Investment in Securities |
2,852,349 | 2,912,772 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
March 31, 2022 |
¥19,353 million | |||||||||
June 30, 2022 |
¥24,799 million | |||||||||
The amounts which are associated to available-for-sale debt securities are as follows: |
||||||||||
March 31, 2022 |
||||||||||
Amortized Cost |
¥2,276,425 million | |||||||||
Allowance for Credit Losses |
¥(153) million | |||||||||
June 30, 2022 |
||||||||||
Amortized Cost |
¥2,441,199 million | |||||||||
Allowance for Credit Losses |
¥(163) million | |||||||||
Property under Facility Operations |
561,846 | 560,873 | ||||||||
Investment in Affiliates |
978,033 | 1,047,867 | ||||||||
Trade Notes, Accounts and Other Receivable |
359,949 | 399,780 | ||||||||
Inventories |
139,563 | 146,455 | ||||||||
Office Facilities |
240,421 | 246,750 | ||||||||
Other Assets |
1,732,379 | 1,865,688 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
March 31, 2022 |
¥5,214 million | |||||||||
June 30, 2022 |
¥5,732 million | |||||||||
|
|
|
|
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Total Assets |
14,270,672 | 14,622,486 | ||||||||
|
|
|
|
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Liabilities and Equity |
||||||||||
Short-term Debt |
439,639 | 591,178 | ||||||||
Deposits |
2,276,158 | 2,265,925 | ||||||||
Trade Notes, Accounts and Other Payable |
291,422 | 263,285 | ||||||||
Policy Liabilities and Policy Account Balances |
1,963,623 | 2,005,240 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
March 31, 2022 |
¥198,905 million | |||||||||
June 30, 2022 |
¥180,791 million | |||||||||
Current and Deferred Income Taxes |
461,181 | 341,566 | ||||||||
Long-term Debt |
4,427,046 | 4,715,951 | ||||||||
Other Liabilities |
1,040,202 | 1,035,182 | ||||||||
|
|
|
|
|||||||
Total Liabilities |
10,899,271 | 11,218,327 | ||||||||
|
|
|
|
|||||||
Redeemable Noncontrolling Interests |
0 | 674 | ||||||||
|
|
|
|
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Commitments and Contingent Liabilities |
||||||||||
Common Stock |
221,111 | 221,111 | ||||||||
Additional Paid-in Capital |
260,479 | 260,653 | ||||||||
Retained Earnings |
2,909,317 | 2,915,475 | ||||||||
Accumulated Other Comprehensive Income (Loss) |
(16,041 | ) | 20,277 | |||||||
Treasury Stock, at Cost |
(113,447 | ) | (123,790 | ) | ||||||
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|
|
|
|||||||
Total ORIX Corporation Shareholders Equity |
3,261,419 | 3,293,726 | ||||||||
Noncontrolling Interests |
109,982 | 109,759 | ||||||||
|
|
|
|
|||||||
Total Equity |
3,371,401 | 3,403,485 | ||||||||
|
|
|
|
|||||||
Total Liabilities and Equity |
14,270,672 | 14,622,486 | ||||||||
|
|
|
|
- 10 -
Note : | Breakdowns of Accumulated Other Comprehensive Income (Loss) |
As of March 31, 2022 |
As of June 30, 2022 |
|||||||
Accumulated Other Comprehensive Income (Loss) |
||||||||
Net unrealized gains (losses) on investment in securities |
(72,892 | ) | (154,265 | ) | ||||
Debt valuation adjustments |
221 | 205 | ||||||
Defined benefit pension plans |
(8,072 | ) | (8,239 | ) | ||||
Foreign currency translation adjustments |
61,914 | 169,590 | ||||||
Net unrealized gains on derivative instruments |
2,788 | 12,986 | ||||||
|
|
|
|
|||||
Total |
(16,041 | ) | 20,277 | |||||
|
|
|
|
- 11 -
(2) Condensed Consolidated Statements of Income
(millions of yen)
Three months ended June 30, 2021 |
Three months ended June 30, 2022 |
|||||||
Revenues : | ||||||||
Finance revenues |
68,302 | 73,843 | ||||||
Gains (Losses) on investment securities and dividends |
24,129 | (5,640 | ) | |||||
Operating leases |
113,466 | 126,199 | ||||||
Life insurance premiums and related investment income |
108,098 | 126,277 | ||||||
Sales of goods and real estate |
119,104 | 131,298 | ||||||
Services income |
175,714 | 205,836 | ||||||
|
|
|
|
|||||
Total Revenues |
608,813 | 657,813 | ||||||
|
|
|
|
|||||
Expenses : | ||||||||
Interest expense |
16,919 | 21,898 | ||||||
Costs of operating leases |
79,754 | 81,888 | ||||||
Life insurance costs |
79,763 | 101,566 | ||||||
Costs of goods and real estate sold |
99,068 | 112,430 | ||||||
Services expense |
105,896 | 122,537 | ||||||
Other (income) and expense |
3,511 | 1,730 | ||||||
Selling, general and administrative expenses |
122,085 | 132,082 | ||||||
Provision for credit losses |
(255 | ) | 248 | |||||
Write-downs of long-lived assets |
87 | 108 | ||||||
Write-downs of securities |
6 | 33 | ||||||
|
|
|
|
|||||
Total Expenses |
506,834 | 574,520 | ||||||
|
|
|
|
|||||
Operating Income |
101,979 | 83,293 | ||||||
Equity in Net Income (Loss) of Affiliates |
(4,920 | ) | (1,381 | ) | ||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net |
2,997 | 3,103 | ||||||
Income before Income Taxes |
100,056 | 85,015 | ||||||
|
|
|
|
|||||
Provision for Income Taxes |
29,456 | 20,727 | ||||||
|
|
|
|
|||||
Net Income |
70,600 | 64,288 | ||||||
|
|
|
|
|||||
Net Income Attributable to the Noncontrolling Interests |
5,384 | 2,426 | ||||||
|
|
|
|
|||||
Net Income Attributable to ORIX Corporation Shareholders |
65,216 | 61,862 | ||||||
|
|
|
|
- 12 -
(3) Condensed Consolidated Statements of Comprehensive Income
(millions of yen) | ||||||||
Three months ended June 30, 2021 |
Three months ended June 30, 2022 |
|||||||
Net Income : |
70,600 | 64,288 | ||||||
|
|
|
|
|||||
Other comprehensive income, net of tax: |
||||||||
Net change of unrealized gains (losses) on investment in securities |
6,381 | (81,373 | ) | |||||
Net change of debt valuation adjustments |
(24 | ) | (16 | ) | ||||
Net change of defined benefit pension plans |
(47 | ) | (165 | ) | ||||
Net change of foreign currency translation adjustments |
9,041 | 114,119 | ||||||
Net change of unrealized gains on derivative instruments |
892 | 10,931 | ||||||
Total other comprehensive income |
16,243 | 43,496 | ||||||
|
|
|
|
|||||
Comprehensive Income |
86,843 | 107,784 | ||||||
|
|
|
|
|||||
Comprehensive Income Attributable to the Noncontrolling Interests |
5,550 | 9,566 | ||||||
|
|
|
|
|||||
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests |
0 | 38 | ||||||
|
|
|
|
|||||
Comprehensive Income Attributable to ORIX Corporation Shareholders |
81,293 | 98,180 | ||||||
|
|
|
|
(4) Assumptions for Going Concern
There is no corresponding item.
(5) Significant Changes in Shareholders Equity
There is no corresponding item.
- 13 -
(6) Segment Information
Segment Information by Sector
(millions of yen) | ||||||||||||||||||||||||
Three Months ended June 30, 2021 |
Three Months ended June 30, 2022 |
March 31, 2022 |
June 30, 2022 |
|||||||||||||||||||||
Segment Revenues |
Segment Profits |
Segment Revenues |
Segment Profits |
Segment Assets |
Segment Assets |
|||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
109,792 | 17,202 | 104,125 | 15,725 | 1,516,795 | 1,486,080 | ||||||||||||||||||
Real Estate |
96,762 | 10,592 | 96,865 | 11,938 | 910,101 | 904,248 | ||||||||||||||||||
PE Investment and Concession |
99,624 | 158 | 121,778 | 2,187 | 353,581 | 368,704 | ||||||||||||||||||
Environment and Energy |
29,329 | 4,343 | 46,801 | 4,592 | 703,608 | 731,133 | ||||||||||||||||||
Insurance |
109,181 | 15,147 | 127,542 | 10,890 | 2,072,145 | 2,082,153 | ||||||||||||||||||
Banking and Credit |
22,826 | 12,180 | 20,041 | 7,236 | 2,687,156 | 2,691,467 | ||||||||||||||||||
Aircraft and Ships |
8,463 | (4,954 | ) | 14,564 | 5,416 | 684,098 | 723,184 | |||||||||||||||||
ORIX USA |
47,694 | 24,900 | 35,582 | 6,039 | 1,364,142 | 1,554,481 | ||||||||||||||||||
ORIX Europe |
50,456 | 13,396 | 43,697 | 9,301 | 401,869 | 409,786 | ||||||||||||||||||
Asia and Australia |
34,648 | 8,512 | 45,001 | 12,617 | 1,306,089 | 1,375,656 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Segment Total |
608,775 | 101,476 | 655,996 | 85,941 | 11,999,584 | 12,326,892 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Difference between Segment Total and Consolidated Amounts |
38 | (1,420 | ) | 1,817 | (926 | ) | 2,271,088 | 2,295,594 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Consolidated Amounts |
608,813 | 100,056 | 657,813 | 85,015 | 14,270,672 | 14,622,486 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Note: 1. | The Company evaluates the performance of segments based on income before income taxes, adjusted for net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests before applicable tax effect. Tax expenses are not included in segment profits. |
Note: 2. | Since April 1, 2022, a portion of interest expenses and a portion of selling, general and administrative expenses, which were initially included in the difference between segment total profits and consolidated amounts, have been charged directly to its respective segments. As a result of these changes, segment data for the three months ended June 30, 2021 has been retrospectively restated. |
Note: 3. | Inter-segment transactions are included in segment revenues, and eliminations of inter-segment transactions are included in the difference between segment total and consolidated amounts. |
(7) Subsequent Events
There are no material subsequent events.
- 14 -
Notice regarding Share Repurchase Status
TOKYO, Japan August 3, 2022 ORIX Corporation hereby announces the status regarding its share repurchase pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act, which was resolved at its Board of Directors meeting held on May 11, 2022, as follows.
1. Class of shares repurchased |
Common shares | |
2. Total number of shares repurchased |
3,057,700 shares | |
3. Total purchase price of shares repurchased |
JPY 6,989,578,600 | |
4. Repurchase Period |
July 1, 2022 July 31, 2022 | |
5. Method of share repurchase |
Market purchases based on the discretionary dealing contract regarding repurchase of own shares | |
(Reference) |
||
1. Details of the resolution reached at the Board of Directors meeting held on May 11, 2022 | ||
(1) Class of shares to be repurchased |
Common shares | |
(2) Total number of shares to be repurchased |
Up to 40,000,000 shares | |
(approx.3.3% of the total outstanding shares (excluding treasury shares)) | ||
(3) Total purchase price of shares to be repurchased |
Up to 50 billion yen | |
(4) Repurchase Period |
From May 18, 2022 to March 31, 2023 | |
(5) Method of share repurchase |
Market purchases based on the discretionary dealing contract regarding repurchase of own shares | |
2. Cumulative number of shares repurchased based on the above resolution at the Board of Directors Meeting (as of July 31, 2022) | ||
(1) Total number of shares repurchased |
7,400,400 shares | |
(2) Total purchase price of shares repurchased |
JPY 17,332,147,150 |
Contact Information:
Investor Relations and Sustainability Department
ORIX Corporation
Tel: +81-3-3435-3121
About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile-related, real estate and environment and energy-related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 28 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and
expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby
contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2022)
Caution Concerning Forward Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under Risk Factors in the Companys annual report on Form 20-F filed with the United States Securities and Exchange Commission and under (4) Risk Factors of the 1. Summary of Consolidated Financial Results of the Consolidated Financial Results April 1, 2021 March 31, 2022.