untitled

Size: px
Start display at page:

Download "untitled"

Transcription

1 BNP BNL * *

2 BNP BNL BNL FRB AMS

3 BNP PARIBAS BNP BNL BNL bc AMS BNL bc Conto RevolutionAMS BNL bc , BNL BNL bc 1800 FRB AMS IRFS BNL BNP

4 BNP PARIBAS 2007 IRFS UCB BNP TEB 2 TEB BNP UCB BNL

5 BNP PARIBAS 2007 AMS AMS AMS BNL CIB CIB CIB CIB CIB

6 BNP PARIBAS 2007 LBO BNP Vivarte BNL 2300 Tier BNP 1 9 AMS Findomestic Cassa di Risparmio di Firenze 1 51 Banca Cassa di Risparmio di Fierenze BNP BNL BNP BNL BNP BNP BNP 6

7 BNP PARIBAS 2007 BNP CEO BNL BNP BNP BNP BNP BNP BNP BNP 7

8 BNP PARIBAS Q07 1Q07/ 1Q07/ 8,213 6, % 7, % -4,586-3, % -4, % 3,627 2, % 2, % n.s % 3,367 2, % 2, % x x n.s. 145 n.s % % 3,495 2, % 2, % % % % % 2,507 2, % 1, % / 55.8% 56.7% -0.9 pt 66.0% pt 7.1% 5.8% 8.9% BNL BNL

9 BNP PARIBAS BNL bc IRFS * 1, ,919 1,267 2,396 7, , % +8.7% +21.9% +5.0% +17.5% +89.2% +20.5% +7.7% -2.0% +0.8% +9.3% +20.5% +8.8% n.s % , ,271-4, , % +10.2% +21.5% +2.2% +18.5% +32.1% +18.7% -2.1% -14.3% -3.3% 1.3% +23.3% +2.9% -65.2% -1.5% ,125 3, , % +6.6% +22.7% +8.4% +16.1% n.s % +30.4% +32.5% +6.8% +25.2% +17.6% +18.5% n.s % -32% % +32.0% n.s. n.s % -97.7% n.s % 11.0% +23.9% n.s % -7.1% n.s. -7.8% ,181 2, , % +0.3% +20.0% +11.8% +13.1% +74.9% +18.6% +42.0% +83.3% +2.1% +26.3% +19.2% +21.4% n.s % ,191 2, , % -5.3% +22.7% +11.9% +11.8% +86.0% +19.0% +41.6% +70.2% +6.5% +20.0% +20.3% +21.7% n.s % BNL bc IRFS * 1, ,919 1,267 2,396 7, ,213 1,444 1,766 1,039 2,282 6, ,817 1, ,904 1,159 1,988 7, , , ,271-4, , ,244-3, , , ,033-4, , ,125 3, , ,038 2, , , , ,181 2, , ,056 2, , , , ,191 2, , ,064 2, , , , ,507 *BNP 9

10 BNP PARIBAS PEL CEL 1Q07 1Q07/ 1Q07/ 1,499 1, % 1, % % % % % % % % % % % % % 0 0 n.s. 1 n.s % % AMS % % % % / 63.6% 64.6% -0.8 pt 70.2% -6.6 pt 100% bp PEL CEL 1Q07 1Q07/ 1Q07/ 1,526 1, % 1, % % % % % % % % % % % % % 0 0 n.s. 1 n.s % % AMS % % % % / 62.5% 61.6% +0.9 pt 69.0% -6.5 pt % 100% FRB PEL CEL IFRS PEL CEL IFRS

11 BNP PARIBAS Avenir 18 Weezbee Livret Jeunes 1 Wallet Share Conquistador Mambo Consommation, Logement et Cadre de Vie 2007 Fees in mn Q06 3Q06 1Q07 Fees on investment funds and transactions Fees on other banking transactions (1) (2) * * FFSA 11

12 BNP PARIBAS BNL BANCA COMMERCIALE 1Q07 1Q07/ 1Q07/ % % % % % % % % % % 0-2 n.s. 6 n.s % % AMS % -1 n.s % % / 64.6% 68.9% -4.3 pt 73.9% -9.3 pt % 100% bp 67bp % -0.8% % +0.9% % +1.3% % -2.2% % +1.7% % +1.4% % +2.2% (1) % -7.7% % +8.3% (2) BNL bc 12

13 BNP PARIBAS Conto Revolution AMS bancassurance 2.2 Total Return Business Way 4,300 1,500 Business Way 24 6, ,400 Total net new accounts openings 0-24, ,000 1Q07 21 CIB Structured finance mandates signed 60 x2 33 1Q07 BNL BNL BNL bc bp 67bp BNL CIB IRFS BNL BNL vs vs Peers (Italian practices) BNLand BNL BNL bc bc *** Group contribution*** BNL BNL bc bc quarterly Group contribution / in bp / in bp of RWA of RWA bp bp BNL* 2006 Peers** 2006 BNL 2006 BNL bc 2006 ***Including pro forma *** / annualized in bp bp of RWA Q06 3Q06 1Q07 *BNP ** Banca Intesa Capitalia Unicredit San Paolo IMI MPS BNL 13

14 BNP PARIBAS IRFS 1Q07 1Q07/ 1Q07/ 1,919 1, % 1, % -1, % -1, % % % % % % % % -9 n.s n.s. 3 n.s % / 57.2% 56.4% +0.8 pt 59.6% -2.4 pt % 8.5% 8.7% 8.2% Q07 1Q07/ 1Q07/ % % % % % % % % % % % 1 n.s n.s. -1 n.s % % / 55.0% 55.2% -0.2 pt 62.3% -7.3 pt % 10.5% 9.5% 11.8% * 1 197bp 196bp 3 19 Findomestic Findomestic 1 Cassa di Risparmio di Firenze 9.4* 3700 * 14

15 BNP PARIBAS Q07 1Q07/ 1Q07/ % % % % % % n.s % % % 0 0 n.s. 0 n.s. 0 0 n.s. 1 n.s % % / 52.4% 50.8% +1.6 pt 50.0% +2.4 pt % 4.1% 0.7% bp bp 9bp (US GAAP) 10 1Q07 1Q07/ % % % % % % / % 0.50% +7 bp 0.57% +0 bp 1Q07 1Q07/ 1Q07/ 3.21% 3.48% -27 bp 3.13% +8 bp 15

16 BNP PARIBAS C&I Segmentation of mortgages granted to individuals FICO FICO scores Super Prime 48% Prime Sub Prime 99% % 50% 98% Loan portfolio as at 31/03/07 22% 26% 1% 48% 2% Consumer Mortgage Lending Commercial Real Estate Commercial & Industrial 52% 25% 27% First Mortgage Home Equity Loans 1Q07 1Q07/ 1Q07/ % % % % % % n.s. -22 n.s % % 4 0 n.s. -1 n.s. 0 0 n.s. 2 n.s % % / 67.2% 66.0% +1.2 pt 66.9% +0.3 pt % 35.1%

17 BNP PARIBAS UCB 1Q07 1Q07/ 1Q07/ % % % % % % % % % % -2 2 n.s. -9 n.s % % % % / 59.6% 62.2% -2.9 pt 62.4% -2.8 pt % 6.8% BNP BPLGCentro Leasing Banca 43.5 Cassa di Rispar io di Firenze % % % % % % BNP (2) % % % % (2) n.s % UCB % % (1) % % % % % % % % % % % % % % 1UCB BNL Locafit)

18 BNP PARIBAS Q07 1Q07/ 1Q07/ 1,267 1, % 1, % % % % % -2 7 n.s. -5 n.s % % 7-1 n.s. 29 n.s. 0-2 n.s. -3 n.s % % / 61.6% 61.8% -0.2 pt 66.4% -4.8 pt % 17.0% * 11.1 * BNL Assets under management BNL impact as at Asset Management Private Banking (100%) 10 4 Real Estate Insurance Services 540 Assets under management* 540 BNL Net asset inflows 12 Performance, exchange rate and scope effects in bn in bn pro forma pro forma *At comparable scope 10 * 18

19 BNP PARIBAS % 13.7% % 17.3% % 11.0% % 1.6% * % % % % 3,291 3, % % 1Q07 1Q07/ 7,995 10, % **BNL *BNL Gestioni 51% Money Market 23% Equity 21% 31/12/06 Diversified 15% Bonds 25% Alternative, structured and index-based 14% Money Market 26% Equity 21% 31/03/07 Diversified 17% 251.4bn* 277.6bn Bonds 21% 53% Alternative, structured and index-based 15% 19

20 BNP PARIBAS Q07 1Q07/ 1Q07/ % % % % % % -1 2 n.s. -3 n.s % % 5-1 n.s % 0 1 n.s. -4 n.s % % / 65.7% 66.7% -1.0 pt 69.9% -4.2 pt % 15.5% BNL Gesinar and Fuller Peiser FFTW Fischer Francis Trees & Watts AMS Q07 1Q07/ 1Q07/ % % % % % % -1 5 n.s. -2 n.s % % 2 0 n.s. 16 n.s. 0-3 n.s. 1 n.s % % / 45.0% 45.2% -0.2 pt 47.9% -2.9 pt % FFSA

21 BNP PARIBAS Q07 1Q07/ 1Q07/ % % % % % % 0 0 n.s. 0 n.s % % 0 0 n.s. 0 n.s % % / 73.6% 74.2% -0.6 pt 84.2% pt % RBSI Securities Services Banco Sabadell ExelBank

22 BNP PARIBAS Q07 1Q07/ 1Q07/ 2,396 2, % 1, % -1,271-1, % -1, % 1,125 1, % % n.s % 1,181 1, % % 6 1 n.s. 7 n.s. 4 7 n.s. -8 n.s. 1,191 1, % % / 53.0% 54.5% -1.5 pt 51.9% +1.1 pt % BNL BNL 6.6 1Q07 1Q07/ 1Q07/ 1,672 1, % 1, % % % % % % % % % 0 0 n.s. -16 n.s % % 6 1 n.s % % % % % / 58.7% 60.0% -1.3 pt 57.6% +1.1 pt % Q07 Revenues Fixed Income 51% Equity 49% BNL 15.8 VaR 22

23 BNP PARIBAS VaR % Total Commodities Change & others Equities Interest rate Credit Netting Quarterly average VaR VaR in millions of euros * ( 100 ) Bar chart: data from the last market trading day of the period *Excl. BNL *BNL 1Q07 1Q07/ 1Q07/ % % % % % % n.s % % % 0 0 n.s. -13 n.s % % / 40.1% 41.0% -0.9 pt 41.9% -1.8 pt % 9.9 LBO M&A 2.7 BNL CDS

24 BNP PARIBAS CIB ABS Vega 8 1 ISR Dealogic Dealogic Dealogic CIB (beginning of period) Risk Weighted Assets - CIB Weighted Risk - Transferred from BNL to CIB Market Risk Counterparty Risk Credit Risk %/ %/ in bn 2Q06 3Q06 1Q07 BNL risk-weighted assets transferred to CIB: 8.6bn in credit risks, 0.6bn in counterparty risks and 3.8bn in market risks BNL CIB BNL CIB

25 BNP PARIBAS a BNP % 10.5% Tier I b 7.4% 7.4% (a) (b) Q EPS 1Q07 EPS % 89% 1 AA Aa2 AA 25

26 BNP PARIBAS Q06 3Q06 1Q07 6,817 7,245 6,829 7,052 8,213-3,862-4,288-4,261-4,654-4,586 2,955 2,957 2,568 2,398 3, ,839 2,836 2,304 2,116 3, ,936 2,893 2,426 2,315 3, ,013 1,901 1,675 1,719 2, % 2Q06 3Q06 1Q07 1,504 1,499 1,439 1,408 1, AMS PEL CEL 100% 2Q06 3Q06 1Q07 1,440 1, ,385 1, AMS Q06 3Q06 1Q07 1,444 1,444 1,390 1,355 1,

27 BNP PARIBAS BNL 100 BNL 2Q06 3Q06 1Q AMS BNL 3 2 2Q06 3Q06 1Q Q06 3Q06 1Q07 1,766 1,825 1,879 1,904 1, ,017-1,057-1,135-1, Q06 3Q06 1Q Q06 3Q06 1Q

28 BNP PARIBAS Q06 3Q06 1Q UCB 2Q06 3Q06 1Q Q06 3Q06 1Q07 1,039 1,126 1,085 1,159 1, WAM 2Q06 3Q06 1Q Q06 3Q06 1Q

29 BNP PARIBAS Q06 3Q06 1Q Q06 3Q06 1Q07 2,282 1,999 1,821 1,988 2,396-1,244-1,180-1,018-1,031-1,271 1, , , , , ,191 2Q06 3Q06 1Q07 1,623 1,332 1,181 1,260 1, Q06 3Q06 1Q BNP 2Q06 3Q06 1Q * *BNL

30 BNP PARIBAS BNL UCB

untitled

untitled BNP 2007 2 82 1400 13.4% 13.6% 3.5% PEL/CEL BNL bc 7.4% 9.4% 21.9% 24.0% 22 8200 20.0% 56% BNL 1 1 2 2006 2 2 EPS 5.22 17.9% ROE 23.6%1.4 2007 7 31 BNP 2007 2 2007 2 BNP 82 1400 13.4% 48 4800 13.1% BNL

More information

AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2

AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2 214 At a Glance 32 36 38 4 42 43 31 AT A GLANCE INDIVIDUAL GROUP 63.72% 1,293 32.4% 226 214 At a Glance INSTITUTIONAL GROUP 34.26% 695 76.26% 532 32 GLOBAL MARKETS GROUP 5.56% 112 4.2% 28 3 1% 1,5 5 1,

More information

資金循環の日米欧比較

資金循環の日米欧比較 資 金 循 環 の 日 米 欧 比 較 2016 年 6 月 22 日 銀 行 調 査 統 計 局 * 本 資 料 では 日 米 欧 日 米 について 主 要 な 部 門 を 比 較 掲 載 しています Ⅰ. 日 米 欧 比 較 日 米 は2016 年 3 月 末 ユーロエリアは201 年 12 月 末 現 在 図 表 1 金 融 機 関 の 金 融 資 産 負 債 構 成 資 産 ( 3,236

More information

担保報告書.PDF

担保報告書.PDF (1) (2) (1) (2) 1 (1) (2) (1) (2) (1) (2) TOB (1) (2) 2 (1) (2) (1) (2) (1) (2) (3) (1) (2) (3) (1) (2) TOB (1) (2) (1) (2) 3 4 80 90 5 10 1 1 3 Q2 57.6% 47.5% 44.8% Q3 94.1%Q5 6 CP Commercial Paper 11

More information

金融システムレポート(2008年3月号)

金融システムレポート(2008年3月号) inancial ystem eport 1 Box 1 5 1 1 1 1 3 17 5 7 Box 9 Box 3 3 Box 3 Box 5 36 Box 6 38 Box 7 1 1 1 3 3 5 Box 8 58 Box 9 6 6 1 6 66 Box 1 7 7 1 3 Box 1 7 7 8 1 1 3 Box Box 1 B1-1 B1-1 origination distribution

More information

業績報告|ディスクロージャー│チューリッヒ|Business Report 2008 会社概要編

業績報告|ディスクロージャー│チューリッヒ|Business Report 2008 会社概要編 V ision Statement Contents 03 04 06 08 09 10 12 13 16 19 20 23 Greeting from Our CEO - Makoto Ozeki Zurich Insurance Company, Japan Branch Profile Zurich Financial Services Group Profile Financial Highlights

More information

資金循環の日米欧比較

資金循環の日米欧比較 資金循環の日米欧比較 2018 年 8 月 14 日銀行調査統計局 * 本資料では 日 米 欧 日 米について 主要な部門を比較 掲載しています Ⅰ. 日米欧比較 データはいずれも 2018 年 3 月末現在 図表 1 金融機関の金融資産 負債構成 資産 ( 3,46 兆円 ) 負債 ( 3,30 兆円 ) 預金取扱機関 ( 1,939 兆円 ) 貸出 ( 1,903 兆円 ) 保険 年金基金 %

More information

Microsoft Word Q-JPN.doc

Microsoft Word Q-JPN.doc BNP 2011 3 2011 11 3 2011 3 2011 3 100 3200-7.6% 5 4100-71.6% 19 5200 +2.4% 60% - -21 4100 - -1 1600 : : +6.0%; : +6.3% 2011 9 : 2011 9 326 9800-2.6% 52 8500-16.0% 70 3400 +11.8% 2011 9 30 2010 12 31 TIER

More information

11.6 8.6 11.9 12.0 8.3 8.9 18.1 4.6 0.2 6.1 0.2 89.5 0.1 4.6 0.2 6.1 0.2 2.2 0.1 2.7 0.0 9.21.2 2.1 1.1 3.6 0.8 18 89.5 0.1 10 9.8 0.8 4 42.71.5 18.4 0.1 15.2 0.4 95.9 0.1 94.6 0.1 98.3 0.0 97.5 0.1

More information

橡計画0.PDF

橡計画0.PDF 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 120. ( ) 620 250 29 30 31 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 Return on Risk Assets 57 58

More information

FRB EU EU.GM JFE AIG HD

FRB EU EU.GM JFE AIG HD FRB EU EU.GM JFE AIG HD BNP CEO JP AIG S & LSaving and Loan Association S & L SIVStructured Investment Vehicle FRB IMF OECD IMF CDS Crejit Default Swap CDOCollateralized Debt Obligation AIG CDS SIV CDO

More information

% OFHEO Office of Federal Housing Enterprise Oversight ODPM Office of the Deputy Prime Minister's INSEE (2004 ) PCEOECDE

% OFHEO Office of Federal Housing Enterprise Oversight ODPM Office of the Deputy Prime Minister's INSEE (2004 ) PCEOECDE GDP 7 OFHEO 2005 3 272.89 1980 100 12.0 5 55.3 3 2 1 1979 2004 2 6 2000 68 14.0% 12.0% 10.0% 90 2.75 2005 3.4 8.0% 1 6.0% 4.0% 30.3 2.0% DC 20 0.0% OFHEOHouse Price Index 1995 1996 1997 1998 1999 2000

More information

Microsoft Word - Šv”|.DOC

Microsoft Word - Šv”|.DOC ª ª * E-mail : shinobu.nakagawa@boj.or.jp ** E-mail : tomoko.katagiri@boj.or.jp i ii iii 1-1 70 6 2 90 1 1 1-2 90 2 3 90 1-1 70 3 1 2 93 97 98 98 98 98/4 3 1 1-2 35 1 80 90 25060 510 4 4 90 5 6 or 7 1

More information

PhillipCapital Your Partner In Finance

PhillipCapital Your Partner In Finance Your Partner in Finance 2012 4 1975 13 3,200720,000 Philli p recog nition WCWB (UK) CFD King & Shaxson (UK) IFS Capital (SG) 1975 1987 1993 2001 2003 2006 2008 2010 1981 1991 1996 2002 2005 2007 2009

More information

untitled

untitled IT IT 2014 B to B B to C 10 IT IT IT (CDS) Electronic Commerce, e-commerce B to B (Business to Business) B to C (Business to Consumer) C to C (Consumer to Consumer) O2O (Online to Offline) IT IT IT IT

More information

FINANCIAL FACT BOOK 2002 CONTENTS CONTENTS Sales Data Net Sales Sales Composition Sales by Region Profit Data Cost Composition & Operating Income/Net

FINANCIAL FACT BOOK 2002 CONTENTS CONTENTS Sales Data Net Sales Sales Composition Sales by Region Profit Data Cost Composition & Operating Income/Net FINANCIAL FACT BOOK 2002 FINANCIAL FACT BOOK 2002 CONTENTS CONTENTS Sales Data Net Sales Sales Composition Sales by Region Profit Data Cost Composition & Operating Income/Net Sales Gross Profit Margin

More information

2006

2006 2006 1 1 2. 3. 4. 4. 5. 6. 7 2 8. 9. 5 9. 9. 13. 15. 15. 16 3 20. 21. 21. 22. 23. 23. 23. 24 The Adam Room 17 1997 111 199 240 1 3 2006 1 . 3. 4. 4 1. 4 2. 4. 5 1. 5 2. 5 3. 5. 6 1. 6 2. 6 3. 6 1 6 2 6

More information

untitled

untitled IV2008#004.nb 1 13. MBS (Mortgage-Backed Securities) à http://www.sjam.co.jp/college/mbs.htm ü IV2008#004.nb 2 MBS MBS GNMA,FHLMC,FNMA MBS CMO( ) 6193 2 IV2008#004.nb 3 ü Bloomberg IV2008#004.nb 4 IV2008#004.nb

More information

untitled

untitled 146,650 168,577 116,665 122,915 22,420 23,100 7,564 22,562 140,317 166,252 133,581 158,677 186 376 204 257 5,594 6,167 750 775 6,333 2,325 298 88 5,358 756 1,273 1,657 - - 23,905 23,923 1,749 489 1,309

More information

円借款案件・事後評価報告書1999(全文・上巻)

円借款案件・事後評価報告書1999(全文・上巻) 8 1999 3 199812 () 19919 19919 19981 7,854 5,335 3.0% 257 239 (1) (B) (2) 1991 1992 1993 1994 1995 JP US$ 134.71 126.65 111.20 102.21 94.06 BUS$ 025.47 025.39 025.35 025.00 025.14 CPI 105.7 110.0 113.7

More information

大垣尚司  189‐214/189‐214

大垣尚司  189‐214/189‐214 GSE GSE (government sponsored entities) GSE RMBS GSE GSE GSE CRT GSE GNMA (Government National Mortgage Association) Fannie Mae Freddie MacGSE [government sponsored entities] (Federal Home Finance Agency,

More information

商学 66‐6☆/7.松浦

商学 66‐6☆/7.松浦 1139 2008 9 2008 9 FRB : Federal Reserve Board FRB FRB 1140 1 2008 9 1 1999 2013 Bureau of Economic Analysis, Survey of Current Bunisess, International Data http : //www.bea.gov. 2014 8 10 1141 2000 1

More information

2 4 8 UFJ24 1 14 24 UFJ 3 CS 32 IT 34 37 ALM 57 58 243 59 66 69 9 92 94 117 UFJ 117 UFJ 153 UFJ 29 259 264 215229

2 4 8 UFJ24 1 14 24 UFJ 3 CS 32 IT 34 37 ALM 57 58 243 59 66 69 9 92 94 117 UFJ 117 UFJ 153 UFJ 29 259 264 215229 UFJ 24 2 4 8 UFJ24 1 14 24 UFJ 3 CS 32 IT 34 37 ALM 57 58 243 59 66 69 9 92 94 117 UFJ 117 UFJ 153 UFJ 29 259 264 215229 24UFJ 247 UFJ UFJ UFJ UFJ UFJ 22 3 23 3 24 3 UFJ UFJ 13,629 13,715 11,982 1,641

More information

20091215 100-0005 1-6-5 (Risk) = (Impact) (Probability) ISO/IEC GUIDE 73 2002 Risk management Vocabulary Guidelines for use in standards 2003 V[ R i ] 2 i V[ R M ] V[ ] i CAPM i R i R M VaR 4 8 12 16

More information

TECMO,LTD. 2005

TECMO,LTD. 2005 TECMO,LTD. 2005 TECMO,LTD. 2005 NET CORPORATION TECMO,LTD. Team NINJA 2005 NET CORPORATION TECMO, LTD. HEIWA CORPORATION INOKI INT'L,INC. Copyright 2004 Okumura Yu-ki Co,Ltd. All Rights Reserved. NET

More information

untitled

untitled Shinsei Bank: Institutional Banking Group Evolution Merrill Lynch Japan Conference September 9, 2005 1 2 3 & IT 3 : 2003 2004 1,000 800 600 400 200 0 891 55 52 166 200 87 155 143 970 26 77 78 126 146 158

More information

Global SFxxx.indd

Global SFxxx.indd Global Structured Finance 'AAA' And Investment-Grade Annual Default Rate (%) 9 8 7 6 5 4 3 2 1 0 2010 Investment-grade default rate Investment-grade default and near-default rate 'AAA' default rate 'AAA'

More information

untitled

untitled 215 Way Way 215 2 3 4 6 225 6 11 12 13 14 19 24 24 25 VBI 26 28 32 14 26 33 At a Glance 34 38 4 42 44 45 47 48 54 55 56 CSR 64 69 21 1 215 2771 VBI ABSMBS 2 2763 1 ATM 1,754 1 ATM 2,915 12 ATM 6,184 1

More information

…“…C…Ydisclosure05(0902)

…“…C…Ydisclosure05(0902) 2005 1 1 3. 3. 4. 4. 5. 6. 7 2 9. 9. 5 9. 9. 11. 13. 13. 14 3 19. 19. 19. 20. 24. 25. 25. 26 17 2004 2003 3 1997 111 199 240 1 3 2005 . 3. 4. 4 1. 4 2. 4. 5 1. 5 2. 5 3. 5. 6 1. 6 2. 6 3. 6 1 6 2 6 3 6

More information

日本の金融市場におけるファンドの活用について ~世界に大きく遅れた日本の運用業界の現状と今後の展望を考える~

日本の金融市場におけるファンドの活用について ~世界に大きく遅れた日本の運用業界の現状と今後の展望を考える~ 2008213 1 2 1 3 2005 2005 1 () 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2 9 2 413 689 10 20063 3 3 180 13 58 Barclay Global State Street Global Fidelity Investments Vanguard Group Legg Mason Capital

More information

IDEC Report 2015 IDEC Report 2015

IDEC Report 2015 IDEC Report 2015 IDEC Report2015 IDEC Report2015 Top Message Index Corporate Profile 02 Technology Report 17 Annual Report 19 CSR Report 29 Corporate Data 35 IDEC Report01 02 Top Message 42,173 26,529 16.1 14.8 15,644

More information

M&A / & 18 &

M&A / & 18 & 2005 1 23 2 24 6 26 8 9 10 M&A / 14 16 & 18 & 20 22 32 33 34 51 52 53 2000 10 3 2005 1 2010 1,000 2000 10 2001 8 M 2005 34 2010 1,000 45,000 37,005 40,091 30,000 22,654 15,000 14,346 0 1,351 2000 2001

More information

untitled

untitled 2 0 0 9 3 FY08 2Q Statements of Income Consolidated Basis Cost of sales before inventory write-down Inventory write-down 07.9 08.9 JPY in Millions Sales 33,792 31,896 31,718 93.9 99.4 Cost of sales Gross

More information

2 2 3 4 5 5 6 10 14 17 18 18 20

2 2 3 4 5 5 6 10 14 17 18 18 20 1. 1990 2001 38 02 2. 90 3. 00 3 4. 02 5.5 3.6 2 5. 02 03 GDP 0 2 2 3 4 5 5 6 10 14 17 18 18 20 1930 50 81090 10 2001 38 2.2 2.301 7 02 3.603 5 3.5 FRB03 2 11 BS BS BS 90 1 Personal Income and Its Disposition

More information

リサーチペーパー

リサーチペーパー 1 2 1 2 1 3 4 3 4 2 5 5 3 6 6 4 Real Estate Investment Trust Commercial Mortgage Backed Securities 7 8 I 9 10 (Property Trust) 7 8 9 10 5 Managed Investments Act Managed Investment Scheme Trustee Manager

More information

H1,H4.QXP

H1,H4.QXP 38 39 C o r p o r a t e B a n k i n g U n i t 40 41 42 43 44 45 46 47 48 49 T r e a s u r y U n i t 50 51 52 I n v e s t m e n t B a n k i n g U n i t 53 54 55 56 57 Securities & Asset Management Unit

More information

証券市場の機能と証券業務

証券市場の機能と証券業務 I Kiyoshi Nikami / 2012 3 277 1 111 166 60% 2006 3 288 228 60 21% 2008 9 1 1 28 1 300 30 FX 072 2012 winter / No.394 II 1 1 2004 34 3 2012 3 2 2 1 2004 3 2012 3 2004 3 2012 3 108 97 3,096,639 2,472,091

More information

UFJ

UFJ UFJ UFJ () UFJ UFJ 2002 7 2 82 UFJ 2002 9 UFJ 2002 7 22 83 84 UFJ 1 2 3 4 1 2 16 15 14 90 6 5 2002 7 22 85 UFJ 1 2 DC 1 2 3 4 3 2 1 3 2 1 2 1 2002 7 22 UFJ 2002 7 22 CEO 188 2 7 2 UFJ UFJ p 86 p 18 1 2002

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

Hills 00 ICI0 993 994 995 464,05 00 99,989 3 37,78 464 44,05 37,377 44 009 777,8 304,044 69 07,08 005 300,80 86,83 5,004 006 4,550 3,487 0,54 007 608,4 300,930 9 34,648 008 53,88 66,6 3 57,09 8,975 65,0

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

Ł\”ƒ.eps

Ł\”ƒ.eps P1 P4 P2 P7 P8 Consolidated balance sheet Consolidated statement of income Consolidated statement of shareholders' equity Consolidated statement of cash flows 1 $5,644,73 262,387 146,72.27 8.2 11,436,433

More information

80024622 1996 Science for Open and Environmental Systems 80024622 KIKUCHI, Atsushi Optimal Asset Allocation with Real Estate The institutional investors such as life insurance companies, trust banks, and

More information

TECMO,LTD. 2003

TECMO,LTD. 2003 TECMO,LTD. 2003 Net sales by Divisions Operating income by Divisions 2004/3/31 Amount 2003/3/31 Amount Comparative increase or decrease (denotes minus) Subject 2004/3/31 Amount 2003/3/31 Amount Comparative

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

CFC BEPS CFC BEPS

CFC BEPS CFC BEPS 26 27 KPMG 1... 2 1... 2 2... 3 2... 5 1... 5 1 CFC... 5 2... 11 3 BEPS... 25 2... 28 1 CFC... 28 2... 31 3 BEPS... 36 1 1 1 1 1 53 OECD BEPS 2 1 2 2 1. 2. 3. (a) (b) F (c) (a) (b) (c) BEPS 4. KPMG KPMG

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

NEXT FUNDS NASDAQ-100 連動型上場投信

NEXT FUNDS NASDAQ-100 連動型上場投信 NEXT FUNDS NASDAQ-100 連動型上場投信 TOPIX Exchange Traded Fund Year Index Value Daily NAV Daily Return Unit NAV -Month Day Return (per Unit) Return Differential Outstanding (i) The TOPIX Index Value and the

More information

CP BBB A 3 1

CP BBB A 3 1 CP BBB A 3 1 ...1...2...3...4... 4... 7... 7... 10... 13...15... 15... 15... 19... 23... 31... 31... 32... 34... 34... 34...37... 37... 37... 38...40...41...42 2 1 2 1 2 1990 2001 2002 3 3 (%) 1970 1980

More information

商学 65‐5☆/14.植田

商学 65‐5☆/14.植田 708 709 2000 2000 1 3 hedge speculative ponzi G Π DS G Πt DSt t 1,2,...,n 1 G Πt DSt 1 t j 2 G Πt DSt j 1 t n 3 710 G Πt DSt 1 t n 1 4 G Πt DSt t n 5 2 Minsky Foley 2003 Charles 2008 a Lima and Meirelles

More information

商学57‐1◆/6.松本

商学57‐1◆/6.松本 56 2 57 1SFAC 5 FASB 5 SFAC 1 5 2 para. 33 3 para. 34 4 5 para. 39 a b FASB, Statement of Financial Accounting Concepts No. 5 Recognition and Measurement infinancial Statements of Business Enterprises,

More information

untitled

untitled 215 7 7 72 9 9 91 92 92 94 96 126 129 13 131 133 133 134 136 137 137 141 141 143 144 146 15 153 166 167 169 169 17 3 174 218 22 224 69 215 7 26 2733127 179912 191 ALM 1 1 1 1 26 397,394 73,82 67,873 81,368

More information

担保資産としての金

担保資産としての金 1 5 : ICE 8 Ashish Bhatia ashish.bhatia@gold.org +1 212 317 385 Natalie Dempster natalie.dempster@gold.org +44 2 7826 477 211 5 Gold as a source of collateral http://www.gold.org 27 9 OTC 2 G2 CCP CCP

More information

11モーゲージカンパニー研究論文.PDF

11モーゲージカンパニー研究論文.PDF 2003 Outline of the Study 1. Purpose Housing finance in Japan is now at a turning point because the Government Housing Loan Corporation (the HLC) is scheduled to become an independent administrative

More information

野村資本市場研究所|SWF:行動規範の策定と最近の動向(PDF)

野村資本市場研究所|SWF:行動規範の策定と最近の動向(PDF) SWF 1. SWF SWF SWF 2. SWF SWF 26 IMF OECD 3. SWF IMF GIC SWF 4. SWF SWF SWF 5. SWF SWF CIC 6. SWF SWF SWF OECD IMF 145 2009 Winter Sovereign Wealth Fund SWF 2008 9 SWF 2007 2008 SWF 2008 SWF 2008 6 SWF

More information

Management Of Technology 1

Management Of Technology 1 Management Of Technology Management Of Technology 1 1.1 1.2 1.2.1 1.2.2 1.3 1.4 [ ] 2.1 2.1.1 2.1.2 2.2 2.3 [ : ] 3.1 3.2 4.1 4.2 5.1 5.2 6.1 6.1.1 6.1.2 6.2 2 7.1 7.2 7.3 [ ] 8.1 8.2 8.2.1 8.2.2 8.3 8.4

More information

, 3, 1999, 4,,

, 3, 1999, 4,, 1, 1992 2005,,, 10 2,, 1992 1998 1,,, 1998 2002 2,, 3,,, 2002, 2002 3 1 2 1 , 3, 1999, 4,, 3 14 11 2 I, 10,, 1992 2005, 2,, 3, 4,, II,, 1992 1998 1,, 1998 2002 2 2002 3 II-1: 1 1993 1998 90,, 1995 6850,,

More information

第4章Word版.PDF

第4章Word版.PDF 80 81 82 2000 2000 1999 60 500 40 1,000 1999 20 1,200 19.7% 2 30 1.0 20 7.0 2000 4 4 65 2027 67 60 2001 2025 65 83 4 2000 10 4 1 11 1993 61.8 1998 37.0 1993 66.7 29.4 1998 42.9 84 500700 1,500 8.04 11.79

More information

論文08.indd

論文08.indd * 1 はじめに,, TOPIX TOPIX, TOPIX TOPIX Shelor Anderson and Cross C Japan Society of Monetary Economics 図 1 東日本大震災前後の株価 (TOPIX) の推移 1,000 950 900 850 800 750 700 図 2 阪神大震災前後の株価 (TOPIX) の推移 1,650 1,550 1,450

More information

1 CAPM: I-,,, I- ( ) 1 I- I- I- ( CAPM) I- CAPM I- 1 I- Jensen Fama-French 3 I- Fama-French 3 I- Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 1 Fama-Fr

1 CAPM: I-,,, I- ( ) 1 I- I- I- ( CAPM) I- CAPM I- 1 I- Jensen Fama-French 3 I- Fama-French 3 I- Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 1 Fama-Fr 1 CAPM: I-,,, I- ( ) 1 I- I- I- ( CAPM) I- CAPM I- 1 I- Jensen Fama-French 3 I- Fama-French 3 I- Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 1 Fama-French (FF) 3 [5] (Capital Asset Pricing Model; CAPM

More information

橡バミューダ保険市場(岡崎).PDF

橡バミューダ保険市場(岡崎).PDF 1960 12 100 12 1 100 1,715 3,500 40 300 1,695 35% 26,500 exempt 80015,000 p.34. Claim Policy Limit 80 30 20 1 2 3 4 5 120 80 25 20 15 5-1994 1995 1996 1997 1998 Net income Losses & underwriting

More information

2018

2018 2018 The Trust Bank Future Bloom 4 1 2 3 4 The Trust Bank 6 2018 1 P.4 4 6 7 P.8 8 10 12 20 24 IIRC ESG ESG 2017 4 2018 3 2018 4 2 2018 28 32 P.26 35 36 40 42 44 46 48 50 52 60 64 66 RAF 68 72 P.50 74

More information

6) 7) MBO management buy-out 2 necessity sufficiency ) 21

6) 7) MBO management buy-out 2 necessity sufficiency ) 21 1) 1997 15 02 03 751 1998 8 9 04 1996 16.1% 17.5% 26.9% 64.9% 63.3% 48.9% 2) 02 54.8% 59.0% 61.8% 78.6% 46.5% 1996 17.8% 19.9% 18.7% 42% 11.9% 3) 4) 01 3 1 3 2 03 04 1 TCL 5) Vol. 52, No. 4, October 06

More information

ERM 2007/12/26 1

ERM 2007/12/26 1 ERM 2007/12/26 1 1. ERM 2. ERM 3. 4. 5. 6. 7. 2007/12/26 2 ERM COSO ERM 2007/12/26 3 ERM 2007/12/26 4 COSO 1985 1980 1985 1987 1992 2004 2007/12/26 5 COSO 2007/12/26 6 ERM CEO CRO) ERM CRO A B C D 2007/12/26

More information

I- Fama-French 3, Idiosyncratic (I- ) I- ( ) 1 I- I- I- 1 I- I- Jensen Fama-French 3 SMB-FL, HML-FL I- Fama-French 3 I- Fama-MacBeth Fama-MacBeth I- S

I- Fama-French 3, Idiosyncratic (I- ) I- ( ) 1 I- I- I- 1 I- I- Jensen Fama-French 3 SMB-FL, HML-FL I- Fama-French 3 I- Fama-MacBeth Fama-MacBeth I- S I- Fama-French 3, Idiosyncratic (I- ) I- ( ) 1 I- I- I- 1 I- I- Jensen Fama-French 3 SMB-FL, HML-FL I- Fama-French 3 I- Fama-MacBeth Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 2, 3, 5 I- HML-FL 1 Fama-French

More information

PowerPoint プレゼンテーション

PowerPoint プレゼンテーション 183 04 022 J-REIT J-REIT Debt Equity 90 Equity Equity Equity Equity Equity Equity J-REIT 20019 28 2600 28000 J-REIT The National Council of Real Estate Investment Fiduciaries NOI BMV + 0.5* CI

More information

A Message From President 2 Kanamoto examiner vo.18

A Message From President 2 Kanamoto examiner vo.18 vol.18 2000.11.1 2001.10.31 contents A Message From President News Headline Report & Interview Annual Report 2001 At A Glance 2 3 4 6 14 Corporate Data Stock Price Range And Volume Investor Information

More information

Business Groups at a Glance Delivery: Small-parcel delivery services such as Takkyubin (door-to-door parcel delivery) and Kuroneko Mail BIZ-Logistics:

Business Groups at a Glance Delivery: Small-parcel delivery services such as Takkyubin (door-to-door parcel delivery) and Kuroneko Mail BIZ-Logistics: Financial Highlights (Consolidated) millions Operating Margin 1,5, 12 1,25, Operating Revenues Operating Margin 1 1,, 8 75, 6 5, 4 25, 2 932,12 972,135 1,11,343 1,71,93 1,144,96 1,161,567 1,225,973 1,251,921

More information

untitled

untitled Bloomberg ARES Price Book-value Ratio J BA A * 201226 20 2241214 1 J 25 90 90 () 15 10090 10090 () 147 A A B B A A B B A A B ToSTNet 2 2-3 2 4-6 191 9 192 11 1 p16 H20.12 H20.11 H20.10 H20.3 H19.11

More information

J.A.Schumpeter p. pp. - Jacque Jacque Venture Capital

J.A.Schumpeter p. pp. - Jacque Jacque Venture Capital innovation J.A.Schumpeter p. pp. - Jacque Jacque Venture Capital Fund Collateralized Mortgage Obligation CMO Value at Risk, VaR Levereged Buyout, LBO Ibid. p. Jacque disintermediation securitization Schumpeter

More information