Financial Results for FY2018 Presentation Materials May 23, 2019 IBJ Leasing Co., Ltd. (Securities Code: 8425) Inquiries: Corporate Communication Division Tel:+81-3-5253-6540 Fax:+81-3-5253-6539
Contents ・・・ I. Financial Results and Business Performance Overview 2 ・・・ 12 II. Result of Fifth Mid-term Management Plan ・・・ 16 III. Appendix A ・・・ 22 IV. Appendix B This document contains forecasts and other forward-looking statements that are based on information available at the time of preparation of this document and subject to certain risks and uncertainties, and is not intended to guarantee that the company would achieve them. Actual business results may differ materially from those expressed or implied by such forward-looking statements due to various factors.
I. Financial Results and Business Performance Overview 2
Summary of FY2018 Achieved all target figures for the final fiscal year presented in the Fifth Mid-term Management Plan one year ahead of schedule. ー Net income attributable to owners of the parent: ¥16.6 billion [target: ¥15.0 billion] ー ROE: 10.3% [target: 10%] ー Plan to pay year-end dividend of ¥40*, translating into annual dividend of ¥78 (year-on-year increase of ¥8) ⇒ Slated to achieve Mid-term Management Plan target of [Dividend payout ratio: Maintain 20% or more] * Subject to resolution of General Meeting of Shareholders scheduled to be held in June 2019 Net income (¥bn) Operating assets (¥bn) Annual dividend (¥) 2,021.4 billion yen 1,683.0 1,608.7 1,581.0 Reached a record 1,432.3 high for the sixth 1,343.0 1,263.1 straight year 16.6 billion yen 15.0 13.6 billion yen 12.4 11.6 11.1 Target figure 10.5 78 for the yen 8.9 final fiscal 70 year of the 64 Mid-term 60 56 Management 54 50 Plan Achieved one year ahead of schedule FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 3
Performance Trends (consolidated basis) (¥bn) (¥bn) Forecast FY18 % announced FY16 FY17 FY18 Change full-year Change before forecast *1 revision *2 -4 ％ 384.9 429.4 399.7 390.0 Revenues -14.8 420.0 Gross profit before write- ― ― 52.6 44.9 45.2 +7.4 +16% offs and funding costs +20 ％ 23.0 20.0 18.0 19.2 22.9 +3.7 Operating income +21 ％ 24.7 18.8 20.0 24.2 21.4 +4.2 Ordinary income Net income attributable to +22 ％ 12.4 13.6 16.6 +3.0 16.5 14.5 owners of the parent *1 Announced on Feb. 7, 2019 10.3% ― 9.4% 9.6% *2 Announced on May 9, 2018 ROE +0.7pt FY16 FY17 FY18 Change Annual dividend ¥64 ¥70 (Plan) ¥78 +¥8 Interim dividend ¥30 ¥32 ¥38 +¥6 Year-end dividend ¥34 ¥38 (Plan) ¥40 +¥2 20.1 ％ Dividend payout ratio 22.0% 21.9% 4
Overview of Financial Results (¥bn) ＰＯＩＮＴ S % FY16 FY17 FY18 Change Change ■ Increased significantly due to success of -4 ％ business strategy of Fifth Mid-term 384.9 429.4 399.7 -14.8 Revenues Management Plan including global Gross profit before write- +16 ％ 52.6 businesses 44.9 45.2 +7.4 offs and funding costs ■ Due to higher foreign currency +22 ％ (5.7) (7.0) (8.5) +1.5 (Funding costs) borrowings +16 ％ 44.1 39.2 38.2 Gross profit +5.9 ■ Reversal of allowance for credit costs ― (1.5) (-0.8) (-0.2) +0.6 (Credit costs) +20 ％ 22.9 18.0 19.2 Operating income +3.7 +21 ％ 24.2 18.8 20.0 +4.2 Ordinary income Net income attributable to +22 ％ ■ Reached a record high for the sixth 16.6 12.4 13.6 +3.0 owners of the parent straight year End of End of End of % Change Mar 2017 Mar 2018 Mar 2019 Change +20 ％ 2,021.4 1,608.7 1,683.0 Operating assets +338.4 ■ Increased due to capital increase through +18 ％ 182.2 141.8 154.6 +27.6 Net assets third-party allotment* in addition to accumulation of earnings ― 7.8% 8.2% 8.0% Equity ratio -0.2pt * Executed a capital increase through third-party allotment to Mizuho Bank, Ltd. in March 2019 5
Business Performance Overview ＰＯＩＮＴ S (¥bn) % ■ Contract execution volume increased 16 ％ y-o-y Change FY16 FY17 FY18 Change ・ For “Leasing and installment sales,” execution Contract 1092.0 1,335.9 1,548.8 +212.9 +16% volume increased mainly in areas such as industrial execution volume and factory as well as transport Leasing and 475.7 430.5 549.4 +118.9 +28% ・ Real estate-related bridge scheme projects installment sales increased for both “Leasing and installment sales” Financing 616.4 901.5 996.7 +95.2 +11% and “Financing” ― Others 3.9 2.7 -1.2 -32% (¥bn) End of End of End of % Change Change Mar 2017 Mar 2018 Mar 2019 ■ Operating assets increased 20% from the end of 1,608.7 1,683.0 2,021.4 Operating assets +338.4 +20% the previous fiscal year in line with an increase Leasing and 1,088.1 1,122.2 1,306.1 +183.9 +16% in contract execution volume installment sales Financing 520.6 556.9 709.0 +152.1 +27% ― Others 3.9 6.3 +2.4 +62% FY16 FY17 FY18 Change ■ Gross profit margin before write-offs and Gross profit margin funding costs increased y-o-y before write-offs and 2.86% 2.84% 2.74% +0.10pt funding costs Note) Gross profit margin before write-offs and funding costs = Gross profit before write-offs and funding costs / Average balance of operating assets 6
Contract Execution Volume / Leasing and Installment Sales Contract execution volume by equipment type ＰＯＩＮＴ S (¥bn) % Change FY16 FY17 FY18 Change ■ Captured capital investment needs 114.1 98.8 61.5 +52.6 +85% Industrial and factory Information and ■ Contract execution volume exceeded 93.4 78.9 81.2 +12.2 +15% communications ¥90.0 billion for the first time in three fiscal years as a result of a large- 71.3 61.6 54.1 +17.2 +32% Transport scale system contract won by a Group company 44.7 35.9 47.6 -2.9 -6% Construction 20.3 13.3 16.4 +3.9 +24% Medical ■ Aircraft acquisitions increased from aircraft operating leases 38.2 28.5 32.0 +6.2 +19% Commerce and services 8.5 11.2 9.8 -1.3 -13% Office equipment 158.9 147.5 127.8 +31.1 +24% Other ■ Increased mainly for superior bridge 126.8 +42.0 +50% Real estate 121.6 84.8 scheme projects 475.7 430.5 549.4 +118.9 +28% Total 7
Contract Execution Volume / Financing Contract execution volume ＰＯＩＮＴ S (¥bn) % FY16 FY17 FY18 Change Change Commercial ＋ 33.5 ＋ 4 ％ 822.8 856.3 516.1 Distribution Finance / Loan, etc. -27 ％ 22.8 31.3 -8.5 Aircraft 12.8 ■ Executed superior bridge scheme 39.4 97.0 +57.6 +146% Real Estate 77.2 projects +159 ％ ■ Mainly refinancing projects 20.6 8.0 +12.6 Vessel 10.2 ＋ 95.2 ＋ 11 ％ 901.5 996.7 616.4 Total 8
Balance (Real Estate/Global) (¥bn) ＰＯＩＮＴ S 4,000 400 349.9 ■ Property ownership businesses (outlined in red) increased 3,000 101.5 300 Real estate ー Balance substantially increased due to 245.7 248.4 growth of initiatives targeted at logistics 219.3 24.7 facilities and hotels capturing societal 2,000 200 98.9 Financing, etc. needs 79.9 101.7 146.8 Bridge / Investment, 139.4 7.7 etc. 25.0 47.9 Bridge / Leasing 1,000 100 62.7 122.0 Land Leasing / 91.2 Building Leasing 51.8 0 End of Mar 2017 End of Mar 2018 End of Mar 2019 251.8 (¥bn) 41.0 203.1 195.4 15.5 2,000 200 178.3 ■ Balance in the field of global operations 37.3 Global (Aircraft/Oversea subsidiaries) increased 33.6 18.8 147.0 93.9 Cross-border, etc. 22.2 122.5 ー Aircraft operating leases increased 76.2 Vessel ー Completed turning Indonesian auto 1,000 100 56.3 finance company into a consolidated Global / Aircraft subsidiary 101.5 Global / Overseas 70.9 66.2 subsidiaries 0 End of Mar 2017 End of Mar 2018 End of Mar 2019 9
Funding Actively raised funds from markets amid increase in interest-bearing debt in line with the increase in operating assets. ー Raised ¥67.0 billion through 3- to 10-year bonds in FY2018, in addition to increased CP issuance. Funding costs ratio increased due to higher foreign currency borrowings as a result of the expansion of the global business. Interest-bearing debt Funding costs (ratio) Borrowings CP Bonds/ securitization (¥bn) FY16 FY17 FY18 1,834.8 18,000 1,800 221.4 Funding costs 5.7 7.0 8.5 1,536.2 1,492.4 (¥bn) 162.8 135.1 14,000 1,400 Funding costs 0.36% 0.42% 0.46% 609.8 ratio 433.8 453.8 Note) 10,000 Funding costs ratio = Funding costs / Average balance of operating assets 1,000 External ratings 6,000 1,003.6 600 923.5 919.6 Rating agency Rating Ａ Long-term R&I ａ - １ Short-term 2,000 0 Ａ End of Mar 2017 End of Mar 2018 End of Mar 2019 Long-term JCR － Short-term 10
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