2012
DNA 1964 DNA DNA DNA ORIX Corporation Annual Report 2012
M&A ORIX Corporation Annual Report 2012 1
DNA 2013 31,000 2,000 1,500 1,000 500 1988 9 1974 9 1979 9 1989 3 0 1964 1975 1980 1985 1990 2 ORIX Corporation Annual Report 2012
2013 3 1,000 2012 3 862 2009 3 1993 3 1998 3 2002 3 IT 1995 2000 2005 2010 2012 2013 ORIX Corporation Annual Report 2012 3
DNA 6 27 40 Localization and Partnership 4 ORIX Corporation Annual Report 2012
6 8 宮内 CEO メッセージ 12 COO 16 18 24 24 26 28 30 32 34 36 CFO 38 44 44 49 54 57 68 68 70 72 ORIX Corporation Annual Report 2012 5
2012 3 当期純利益は 前期比 28% 増の 862 億円を達成 リテール事業部門を除く全事業部門で増益 着実な成長を実現 2012 3775 86228% ROA 1.1% 1.4% 2008 2009 2010 2011 2012 1,112,485 1,015,696 890,552 946,878 972,884 927,574 962,509 860,378 871,582 847,689 245,459 11,043 56,057 93,301 130,484 169,597 21,924 37,757 67,275 86,150 1,267,917 1,167,530 1,298,684 1,319,341 1,396,137 8,994,970 8,369,736 7,739,800 8,581,582 8,354,874 ROE 13.8 1.8 3.1 5.1 6.3 ROA 1.97 0.25 0.47 0.82 1.02 14.1 14.0 16.8 15.4 16.7 D/E * 1 4.6 4.5 3.4 3.8 3.4 D/E * 2 4.3 4.2 3.2 3.0 2.7 * 3 6,263,017 5,919,639 5,263,104 6,075,076 5,828,967 1 1,860.63 246.59 370.52 625.88 801.33 1,817.81 233.81 315.91 527.75 670.34 1 14,010.62 13,059.59 12,082.56 12,273.11 12,984.69 * 4 260 70 75 80 90 18,702 18,920 17,725 17,578 17,488 *1. *2. ABS CMBS2010 4 1VIE p.66 67 *3. *4. 1 6 ORIX Corporation Annual Report 2012
2009 2010 2011 2012 105,021 84,167 79,305 72,449 242,572 226,179 225,830 231,951 303,030 215,001 217,590 222,631 84,199 87,318 89,595 73,293 181,997 155,491 148,768 160,071 167,635 185,906 176,875 187,240 1,084,454 954,062 937,963 947,635 (10,361) (19,481) 10,035 21,532 28,015 23,307 26,203 34,710 59,185 138 54 1,349 (74,558) (2,350) 13,212 15,983 9,573 31,104 23,777 21,825 20,066 37,142 45,639 49,768 31,920 69,860 118,920 145,167 1,487,585 1,140,251 968,327 898,776 612,351 515,716 502,738 537,782 1,833,653 1,677,402 1,539,814 1,369,220 546,798 511,333 506,011 471,145 1,448,804 1,578,758 1,653,704 1,738,454 949,852 860,815 972,224 986,762 6,879,043 6,284,275 6,142,818 6,002,139 ROA % * (0.37) (0.88) 0.56 1.36 2.62 2.44 3.04 3.94 1.87 0.00 0.00 0.05 (6.78) (0.26) 1.54 1.93 0.40 1.21 0.87 0.76 1.19 2.42 2.94 3.00 ROA % ** 0.30 0.57 1.08 1.42 * { 1 } ** 1,500 ROA 70,000 % 2.1 1,000 500 0 60,000 1.8 50,000 1.5 40,000 1.2 30,000 0.9 20,000 0.6 10,000 0.3-1,000 09/3 10/3 11/3 12/3 0 0.0 09/3 10/3 11/3 12/3 ROA ORIX Corporation Annual Report 2012 7
CEO デットからエクイティ さらにオペレーションへ向かって次の成長を実現します 8 ORIX Corporation Annual Report 2012
2012 年 3 月期の業績総括 2012 3 28% 862 775 11% 2 オリックス というビジネスモデル 1964 2 ORIX Corporation Annual Report 2012 9
CEO 今後の方向性 デット 金融 + サービス エクイティ オペレーション 10 ORIX Corporation Annual Report 2012
2013 3 16%1,000 ROE10% ROE ROE 10% コーポレート ガバナンス 1997 株主還元 12011 3 3 80 90 10 皆様とともに ~ ヒトを生かす企業経営 Keep Mixed 2012 7 CEO ORIX Corporation Annual Report 2012 11
COO 変わりゆく事業環境に対応して ビジネスモデルを積極的に変革していきます 12 ORIX Corporation Annual Report 2012
Q: 2012 年 3 月期の総括をお願いします 2 775 862 28% 2% 6 ROA 1.1% 1.4% 88% 1 4,500 1 3,700 3 ORIX Corporation Annual Report 2012 13
COO Q: 次の成長に向けてどのような課題を認識していますか ROA ROE10% Q: 2013 年 3 月期の業績目標と具体的な取組 施策をお聞かせください 2013 3 16% 1,000 3 ROE % 20 15 10 5 0 6.0 14.2 10.1 19.8 18.3 13.8 3.1 5.1 6.3 1.8 2003 04 05 06 07 08 09 10 11 12 ROA % 3 2 1 0 1.56 0.49 0.93 2.50 2.54 1.97 0.47 0.82 1.02 0.25 2003 04 05 06 07 08 09 10 11 12 14 ORIX Corporation Annual Report 2012
6 2012 7 COO 3 D/E 8 6 4 2 7.6 6.2 5.2 4.7 4.0 4.3 4.2 3.2 3.0 2.7 0 2003 04 05 06 07 08 09 10 11 12 D/E ABS CMBS 2010 4 1VIE p.66 67 ORIX Corporation Annual Report 2012 15
2,143 3,000 REIT 4,079 922 1,258 ORIX USA Corporation ORIX Asia Limited ORIX Leasing Malaysia Berhad PT. ORIX Indonesia Finance ORIX Taiwan Corporation ORIX Australia Corporation Limited ORIX Aviation Systems Limited ORIX (China) Investment Co., Ltd. 4,860 16 ORIX Corporation Annual Report 2012
* p.66 67 * ROA 300 200 100 0-100 -200 10/3 11/3 12/3 400 300 200 100 0 10/3 11/3 12/3 200 150 100 12,000 8,000 3 2 4,000 1 0-4,000 0-1 10/3 11/3 12/3 ROA 6,000 5,000 6 5 4,000 4 3,000 3 2,000 2 1,000 1 0 0 10/3 11/3 12/3 ROA 20,000 0.4 15,000 0.3 10,000 0.2 2010 3 ROA ROA 50 5,000 0.1 0 10/3 11/3 12/3 300 200 100 0 0.0 10/3 11/3 12/3 ROA 6,000 3 4,000 2 2,000 1 2010 3 ROA 0 0 0-100 10/3 11/3 12/3 400 300 200 100 0 10/3 11/3 12/3 500 400 300 200 100 0 10/3 11/3 12/3-2,000-1 10/3 11/3 12/3 ROA 20,000 2.0 15,000 1.5 10,000 1.0 5,000 0.5 0 0.0 10/3 11/3 12/3 ROA 10,000 5 8,000 4 6,000 3 4,000 2 2,000 1 0 0 10/3 11/3 12/3 ROA 2010 3 2012 3 2012 3 ROA ORIX Corporation Annual Report 2012 17
常に新しい価値を創造し 金融 + サービス の加速化 アジア等新興国の成長を取り込む 1971 キューコーリースのグループ入りと九電工とのパートナーシップ構築 2011 11 100% 2012 1 90% 10% 1988 1944 ESCO* * ESCO Energy Service Company 18 ORIX Corporation Annual Report 2012
進化しながら成長する グループ力を結集して銀行のカードローン事業拡大を目指す 1998 +++ORIX-JAR12 _717 2011 3 1 2012 3 3 6 100% 25 VIP 2 ORIX Corporation Annual Report 2012 19
専門性を生かした運営事業の展開 2002 9 5 2006 11 2011 10 2011 9 2012 4 2006 9 2012 4 2004 4PFI* 1 8,000 2012 3* 2 9 * 3 2012 5 9 *1 PFI Private Finance Initiative *2 50km 10,000m 2 *3 Edutainment EducationEntertainment 1,000km 2 20 ORIX Corporation Annual Report 2012
世界各国の成長に合わせた新たな商品 サービス提供への挑戦 Localization and Partnership 全土にわたる産業の設備投資をサポート 新規ビジネスにも意欲的に挑戦 Lim Beng Chor Managing Director & CEO, ORIX Leasing Malaysia Berhad (OLM) 1979 OLM2003 ORIX Leasing Malaysia Berhad (OLM) OLM 1973 IT 15650 OLM IT OLM OLM ASEAN 地域の重要な拠点として地域の成長力を取り込む Joanne Liau Managing Director, ORIX Leasing Singapore Limited (OLS) 2004 OLS2007 ORIX Leasing Singapore Limited (OLS) OLS 1972 OLS ORIX Corporation Annual Report 2012 21
OLS ASEAN ASEAN OLS ASEAN OLS ASEAN OLS ASEAN 日 台 中 のプラットフォームを構築し 企業の台湾 中国への進出を支援 Algol Lee President, ORIX Taiwan Asset Management Company (OAMC) 2001 OTC2003 OTC NPL 2004 OAMC Alex ChenOAMC ORIX Taiwan Asset Management Company (OAMC) OAMC 2004 1982 3ORIX Taiwan Corporation (OTC) ORIX Auto Leasing Taiwan Corporation (OALT) OTC 2001 2002 10 2004 OAMC OAMC 30 OAMC OAMC OAMC 22 ORIX Corporation Annual Report 2012
イスラム圏に根を張り 中東地域におけるファイナンシャルソリューションの提供を拡大 Shaheen Amin General Manager, Saudi ORIX Leasing Company (SOLC) 1986 OLP1993 1999 SOLC 2001 Saudi ORIX Leasing Company (SOLC) SOLC 2001 IFC1SAMA SAIB 82009 IFC SOLC SAIB 29% SOLC SAMA SOLC2 SOLC 2011 GDP7% 5% SOLC SOLC 1986 ORIX Leasing Pakistan Limited (OLP) OLP IFC 1994 Oman ORIX Leasing Company SAOG 1997ORIX Leasing Egypt SAE 2001 Saudi ORIX Leasing Company2002OLP MAF ORIX Finance PJSC 2005 SK Leasing JSC6 ORIX Corporation Annual Report 2012 23
1964 2010/3 2011/3 2012/3 842 793 724 (195) 100 215 11,403 9,683 8,988 ROA % * (0.9) 0.6 1.4 * { 1 } 2012 3 793 9% 724 100 115% 215 7% 8,988 6 1 2 1 2 3 4 5 6 7 54 76 431 232 139 97 193 6 7 5 4 3 24 ORIX Corporation Annual Report 2012
+ + 2011 6 2 7 7 9 16 100% 13 2 6,800 10 18 11 15 2012 2 17 p.18 IIC IIC ORIX Corporation Annual Report 2012 25
1976 2010/3 2011/3 2012/3 2,262 2,258 2,320 233 262 347 5,157 5,027 5,378 ROA % * 2.4 3.0 3.9 * { 1 } 2012 3 2,258 3 2,320 262 32347 75,378 1970 1980 1990 2000 2010 26 ORIX Corporation Annual Report 2012
IT 2012 3 95 2012 3 395 2011 6 22 2012 4 2 * * 5 30 3 1,000 3 11 7 6 28 TabRen ORIX Corporation Annual Report 2012 27
2010/3 2011/3 2012/3 2,150 2,176 2,226 1 1 13 16,774 15,398 13,692 ROA % * 0.0 0.0 0.1 * { 1 } 2012 3 2,176 2% 2,226 113 11% 1 3,692 1986 92 100 80 60 40 20 0 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 28 ORIX Corporation Annual Report 2012
2012 J-REIT 2 70% 2011 6 17 2012 4 8 2012 2 13 2012 3 14 p.20 p.20 3 19 in 2012 5 22 9 1 p.20 p.20 4 18 9 14 48 525 2012 6 1 11 1 ORIX Corporation Annual Report 2012 29
1983 CMBSM&A 2012 32 10 2010/3 2011/3 2012/3 873 896 733 (24) 132 160 5,113 5,060 4,711 ROA % * (0.3) 1.5 1.9 * { 1 } 2012 3 896 18% 733 132 21% 160 7% 4,711 ESCO* 2 * 1 ESCO * 3 *1 *2 ESCO Energy Service Company *3 CO2 30 ORIX Corporation Annual Report 2012
M&A 3 3 &CMBS /Strong M&A 2011 8 12 9 29 2012 2 14 3 3 27 4 4 100% 10 ORIX Corporation Annual Report 2012 31
1991 1980 2012 3 1979 2009 73 2012 6 2010/3 2011/3 2012/3 1,555 1,488 1,601 311 238 218 15,788 16,537 17,385 ROA % * 1.2 0.9 0.8 * { 1 } 2012 3 1,488 8% 1,601 238 8% 218 5% 1 7,385 2012 1 CURE 200841 CURE 41 Believe2 Keep 2 FineSave 3 2011 4 30 5 7 200 150 100 50 2006 3 41 2010 9 100 2012 4 150 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 32 ORIX Corporation Annual Report 2012
CURE Believe Bridge e 2012 3 1 2012 3 2012 6 2011 9 5 2012 2 22 RISE Support 2012 3 1 3.0% 17.8% 800 4 26 SMBC SMFG SMBC SMFG SMBC 4 SMFG ORIX Corporation Annual Report 2012 33
+ M&A 1971 26 290 2010/3 2011/3 2012/3 1,859 1,769 1,872 371 456 498 8,608 9,722 9,868 ROA % * 2.4 2.9 3.0 * { 1 } 2012 3 1,769 6% 1,872 456 9% 498 9,868 11 23 128 1,058 22 217 1,499 3,442 17 3,742 26 290 2012 3 34 ORIX Corporation Annual Report 2012
+ ASEAN CMBS M&A Houlihan Lokey M&A RED Capital Group Mariner Investment Group 19702000 M&A 2011 5 13 DI DI DI 9 21 INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED ORIX Auto Infrastructure Services Limited Dong Tam Nutrition Joint Stock Company25 70% 5 20 2012 14.5 2 6 DI Japan Vietnam Medical Instrument Joint Stock Company 6 22 31.1 3,000 222 4 5 NO.1 ORIX Corporation Annual Report 2012 35
CFO 成長を支えるリスクマネジメントと財務戦略 CFO Q オリックスは隣の事業分野へと展開を続けて 現在のような多角的企業へと成長してきました それを支えているのはどのようなリスクマネジメントでしょうか Q 金融危機以降 金融資本市場は大きく変化しています 調達方針についてお聞かせください 4 1 2 90% 2,000 MTN 36 ORIX Corporation Annual Report 2012
3 200 2012 3 42012 3 300% 2012 3ABS CMBS CP 4% 22% MTN 28% 46% 90 85 80 75 70 08/3 09/3 10/3 11/3 12/3 * 1.8 1.7 1.6 1.5 1.4 * ABS CMBS p.66 67 15,000 12,000 6,000 3,000 0 300 250 9,000 200 08/3 09/3 10/3 11/3 12/3 a a 1 MTN b b a b 150 100 50 2010 7 10 MTN 2011 3 4 1 112 1 2012 3 ORIX Corporation Annual Report 2012 37
p.41 43 a 3 38 ORIX Corporation Annual Report 2012
b ALM BPV SPV VaR CFO VaR ALM c d ORIX Corporation Annual Report 2012 39
e f 40 ORIX Corporation Annual Report 2012
a b c NOI LTV DSCR ORIX Corporation Annual Report 2012 41
d CMBS e 42 ORIX Corporation Annual Report 2012
f FHA SEC ORIX Corporation Annual Report 2012 43
CEO COO CFO CIO 44 ORIX Corporation Annual Report 2012
3 4 5 6 7 8 9 J K L M 1 2 1 2 3 4 5 6 7 8 9 J K L M ORIX Corporation Annual Report 2012 45
1998 4 2010 7 2000 62003 62004 6 2001 4 2005 4 2006 6 1996 4 2010 9 2010 6 46 ORIX Corporation Annual Report 2012
MUFG 2007 12 MUFG 2010 6 2002 52005 CEO CEO ACCESS 2010 6 2012 6 ORIX Corporation Annual Report 2012 47
ORIX USA Corporation OQL 48 ORIX Corporation Annual Report 2012
1 2 3 4 2003 6 2006 5 p.50 1997 6 1998 6 1999 6 2003 6 2006 5 2007 6 2012 7 1 6 7 5 5 3 3 5 5 CEO COO CFO 16 * 5 *CEO COO CFO ORIX Corporation Annual Report 2012 49
2012 3 8 99 2012 3 5 100% 5 * 10 * * 10% * ** 5 *** 3 10 * ** 3 2% 100 *** 50 ORIX Corporation Annual Report 2012
4 2012 3 8 96% 3 * * 5 2012 3 6 97% 5 ORIX Corporation Annual Report 2012 51
* 0 * 200 * 2012 3 6 66 1 7 74 (6) (66) (1) (7) (74) 22 740 22 149 2 40 930 7 147 7 30 0 0 177 1. 2012 343 112012 3 13 6 19 5 3 1 2. 7 3. 2012 3 2012 6 25 12 4. 2012 3 5. 52 ORIX Corporation Annual Report 2012
3 1 1 1 CFO NYSE 1998 NYSE NYSE 303A NYSE 13 6 ORIX Corporation Annual Report 2012 53
3 CEO 2010 DNA DNA 54 ORIX Corporation Annual Report 2012
MUFG 2010 2010 2 ORIX Corporation Annual Report 2012 55
2010 56 ORIX Corporation Annual Report 2012
58 11 60 62 63 64 65 66 URL: http://www.orix.co.jp/grp/ir/library/securities_report/ ORIX Corporation Annual Report 2012 57
11 20022012 3 31 2002 2003 2004 1,658,669 1,572,308 1,453,575 2,273,280 2,288,039 2,234,940 (152,887) (133,146) (128,020) 3.9% 3.4% 3.5% 474,491 529,044 536,702 861,336 677,435 551,928 245,897 76,343 72,049 6,350,219 5,931,067 5,624,957 4,679,566 4,239,514 3,859,180 502,508 505,458 564,047 704,945 732,873 760,330 633,457 693,824 672,191 51,249 52,781 47,511 71,158 47,254 105,521 39,149 26,842 53,187 40,269 30,243 54,020 ROA 0.67% 0.49% 0.93% ROE 8.4 % 6.0 % 10.1 % 1 489.19 361.44 645.52 467.11 340.95 601.46 6,007.52 6,039.43 6,739.64 980,379 895,848 713,240 1,340,400 1,268,170 1,124,276 146,203 173,567 189,737 348,347 231,294 122,066 204,121 116,736 186,265 11,271 11,833 12,481 1. 2002 3 252,436 5,841 1,042 132,127 2003 3 112,605 2. 205-20 3. 2011 3166 140 2009-16 860 167 46 2003 12810-10 2009-17 810 1 1,4741 1,690 225 58 ORIX Corporation Annual Report 2012
2005 2006 2007 2008 2009 2010 2011 2012 1,451,574 1,437,491 1,258,404 1,098,128 914,444 756,481 830,853 900,886 2,386,597 2,926,036 3,490,326 3,766,310 3,304,101 2,464,251 2,983,164 2,769,898 (115,250) (97,002) (89,508) (102,007) (158,544) (157,523) (154,150) (136,588) 3.0% 2.2% 1.9% 2.1% 3.8% 4.9% 4.0% 3.7% 619,005 720,096 862,049 1,019,956 1,226,624 1,213,223 1,270,295 1,309,998 589,271 682,798 875,581 1,121,784 926,140 1,104,158 1,175,381 1,147,390 82,651 91,856 152,106 197,295 189,560 186,396 235,430 224,092 6,068,953 7,242,455 8,207,187 8,994,970 8,369,736 7,739,800 8,581,582 8,354,874 4,146,322 4,925,753 5,483,922 6,263,017 5,919,639 5,263,104 6,075,076 5,828,967 727,333 953,646 1,194,234 1,267,917 1,167,530 1,298,684 1,319,341 1,396,137 880,086 905,158 1,106,297 1,112,485 1,015,696 890,552 946,878 972,884 750,063 692,620 825,463 927,574 962,509 860,378 871,582 847,689 39,332 16,216 13,809 33,263 76,971 71,525 31,103 19,215 153,042 247,324 314,747 245,459 11,043 56,057 93,301 130,484 85,831 151,158 189,047 147,772 12,692 34,967 67,158 85,853 91,496 166,388 196,506 169,597 21,924 37,757 67,275 86,150 1.56% 2.50% 2.54% 1.97% 0.25% 0.47% 0.82% 1.02% 14.2 % 19.8 % 18.3 % 13.8 % 1.8 % 3.1 % 5.1 % 6.3 % 1,087.82 1,883.89 2,177.10 1,860.63 246.59 370.52 625.88 801.33 1,002.18 1,790.30 2,100.93 1,817.81 233.81 315.91 527.75 670.34 8,322.96 10,608.97 13,089.83 14,010.62 13,059.59 12,082.56 12,273.11 12,984.69 767,672 800,802 636,723 574,859 364,734 232,629 351,116 405,660 1,545,517 1,834,192 2,226,282 2,331,331 1,055,014 598,046 721,189 743,113 248,327 317,645 348,561 465,909 426,715 189,915 297,954 246,822 244,600 235,932 331,055 688,148 374,614 519,769 791,054 699,709 129,604 132,017 215,409 152,480 76,269 24,186 40,763 37,876 13,734 15,067 16,662 18,702 18,920 17,725 17,578 17,488 ORIX Corporation Annual Report 2012 59
20112012 3 31 * 2011 2012 2012 732,127 786,892 $ 9,574 118,065 123,295 1,500 5,148 24,070 293 830,853 900,886 10,961 2012 3 31825-10 19,397236 2,983,164 2,769,898 33,701 (154,150) (136,588) (1,662) 1,270,295 1,309,998 15,939 1,175,381 1,147,390 13,960 235,430 224,092 2,726 373,376 331,717 4,036 182,013 188,108 2,289 108,410 79,654 969 44,551 39,547 481 102,403 123,338 1,501 574,516 442,577 5,385 8,581,582 8,354,874 $101,653 * 2012 3 31 182.19 60 ORIX Corporation Annual Report 2012
* 2011 2012 2012 478,633 457,973 $ 5,572 1,065,175 1,103,514 13,426 304,354 290,465 3,534 118,359 110,057 1,339 398,265 404,586 4,923 21,983 7,849 96 160,518 97,353 1,184 128,097 142,092 1,729 4,531,268 4,267,480 51,922 7,206,652 6,881,369 83,725 33,902 37,633 458 143,995 144,026 1,752 259,000,000 110,245,846 110,254,422 179,137 179,223 2,181 1,141,559 1,217,851 14,818 11,503 16,145 196 (11,098) (14,343) (175) (95,574) (95,692) (1,164) (1,011) (2,166) (26) (96,180) (96,056) (1,169) (49,170) (48,907) (595) 2,747,344 2,732,701 1,319,341 1,396,137 16,987 21,687 39,735 483 1,341,028 1,435,872 17,470 8,581,582 8,354,874 $101,653 * 2012 3 31 182.19 ORIX Corporation Annual Report 2012 61
2010 20112012 3 31 * 2010 2011 2012 2012 49,893 51,211 50,934 $ 620 272,390 280,913 297,422 3,619 135,165 169,932 147,888 1,799 23,352 21,119 26,911 327 115,438 118,315 128,307 1,561 40,669 54,741 61,029 743 6,841 5,103 2,215 27 246,804 245,544 258,178 3,141 890,552 946,878 972,884 11,837 81,444 122,765 110,868 1,349 189,574 186,740 189,333 2,304 92,292 91,426 95,353 1,160 46,757 58,930 59,534 724 135,755 142,241 150,071 1,826 211,479 199,044 191,873 2,334 71,525 31,103 19,215 234 6,977 17,400 15,167 185 23,632 21,747 16,470 200 943 186 (195) (2) 860,378 871,582 847,689 10,314 30,174 75,296 125,195 1,523 8,364 16,806 1,972 24 17,519 1,199 3,317 41 56,057 93,301 130,484 1,588 21,090 26,143 44,631 543 34,967 67,158 85,853 1,045 12,989 12,220 1,279 15 (7,019) (6,771) 1,410 17 5,970 5,449 2,689 32 40,937 72,607 88,542 1,077 704 2,373 (332) (4) 2,476 2,959 2,724 33 37,757 67,275 86,150 $ 1,048 205-20 * 1 308.87 574.83 781.84 $9.51 61.65 51.05 19.49 0.24 370.52 625.88 801.33 9.75 265.10 486.19 654.47 7.96 50.81 41.56 15.87 0.20 315.91 527.75 670.34 8.16 70.00 75.00 80.00 0.97 * 2012 3 31 182.19 62 ORIX Corporation Annual Report 2012
2010 20112012 3 31 2009 3 31 102,216 136,313 1,071,919 (92,384) (50,534) 1,167,530 18,067 1,185,597 1,758 1,758 0 1,758 2009 4 1 102,216 136,313 1,073,677 (92,384) (50,534) 1,169,288 18,067 1,187,355 41,677 41,347 83,024 0 83,024 0 2,473 2,473 (32) (387) (419) 60 (359) 37,757 37,757 704 38,461 13,497 13,497 2 13,499 7,129 7,129 (4) 7,125 (5,860) (5,860) (1,002) (6,862) (1,454) (1,454) (6) (1,460) 13,312 (1,010) 12,302 51,069 (306) 50,763 (6,261) (6,261) (2,517) (8,778) 7 7 14 0 14 39 38 77 0 77 611 611 0 611 (3) (3) 0 (3) (531) 822 291 0 291 377 137 479 993 0 993 2010 3 31 143,939 178,661 1,104,779 (79,459) (49,236) 1,298,684 17,777 1,316,461 (22,495) (3,406) (25,901) 4,233 (21,668) 2010 4 1 143,939 178,661 1,082,284 (82,865) (49,236) 1,272,783 22,010 1,294,793 0 3,864 3,864 200 4 204 (2,450) (2,246) 67,275 67,275 2,373 69,648 7,605 7,605 58 7,663 (2,006) (2,006) 0 (2,006) (18,118) (18,118) (715) (18,833) (800) (800) 18 (782) (13,319) (639) (13,958) 53,956 1,734 55,690 (8,061) (8,061) (3,471) (11,532) 7 7 14 0 14 49 49 98 0 98 142 142 0 142 (70) (70) 0 (70) 78 61 136 275 0 275 2011 3 31 143,995 179,137 1,141,559 (96,180) (49,170) 1,319,341 21,687 1,341,028 0 21,503 21,503 52 (20) 32 (502) (470) 86,150 86,150 (332) 85,818 4,642 4,642 479 5,121 (3,245) (3,245) (2) (3,247) (98) (98) (979) (1,077) (1,155) (1,155) (15) (1,170) 144 (517) (373) 86,294 (849) 85,445 (8,599) (8,599) (2,104) (10,703) 3 3 6 0 6 28 27 55 0 55 (1) (1) 0 (1) 4 (1,259) 264 (991) 0 (991) 2012 3 31 144,026 179,223 1,217,851 (96,056) (48,907) 1,396,137 39,735 1,435,872 ORIX Corporation Annual Report 2012 63
2010 20112012 3 31 * 2010 2011 2012 2012 40,937 72,607 88,542 $ 1,077 ( ) : 164,821 166,484 168,233 2,047 71,525 31,103 19,215 234 (32,927) (11,692) 6,321 77 (28,749) (18,790) 15,906 194 (6,496) (14,337) (889) (11) (17,519) (1,199) (3,317) (41) (6,907) (4,867) (8,918) (109) (6,841) (5,103) (2,215) (27) (7,552) (9,968) (14,721) (179) 6,977 17,400 15,167 185 23,632 21,747 16,470 200 ( ) 4,520 (6,659) (5,188) (63) (29,725) (28,372) 55,173 671 39,061 27,596 26,830 328 ( ) (518) 16,006 (7,893) (96) (35,011) (22,042) 22,760 277 ( ) 30,083 (17,534) (58,482) (712) ( ) 209,311 212,380 332,994 4,052 (389,413) (561,919) (603,060) (7,337) 352,316 384,288 348,549 4,241 28,305 0 0 0 (589,814) (719,190) (741,570) (9,023) 937,895 1,130,718 918,565 11,176 162,988 159,369 174,139 2,119 ( ) (28,256) 36,945 17,808 217 12,532 4,622 2,864 35 (456,364) (742,816) (654,873) (7,968) 181,033 340,634 279,367 3,399 162,292 310,594 361,881 4,403 (43,748) 0 (182) (2) (19,656) (48,538) (44,654) (543) 26,034 25,614 24,832 302 (4,898) (14,219) (17,282) (210) () (10,218) (46,554) (9,252) (113) () 123,613 12,685 7,554 92 ( ) (11,853) (20,635) (22,929) (280) ( ) 432,788 251,598 41,757 508 3( ) (121,399) (72,584) (59,769) (727) 3 1,083,310 1,488,199 1,488,111 18,106 3 (1,678,649) (1,918,774) (1,782,081) (21,682) ( 185,076 166,012 40,288 490 83,101 98 55 1 (6,261) (8,061) (8,599) (105) 0 0 20,258 246 0 (6,008) (1,079) (13) ( ) (13,400) (8,000) (10,000) (122) ( ) 1,298 (4,472) (5,661) (69) (466,924) (363,590) (318,477) (3,875) 3,943 (7,348) (1,509) (19) ( ) 179,118 93,040 54,765 666 459,969 639,087 732,127 8,908 639,087 732,127 786,892 $ 9,574 * 2012 3 31 182.19 64 ORIX Corporation Annual Report 2012
2012 3 31 898,776 537,782 1,369,220 471,145 1,738,454 986,762 6,002,139 297,598 155,230 8,745 11,951 17,127 231,767 722,418 540,388 17,339 137,256 189,980 948,270 235,677 2,068,910 29,783 361,089 694,470 12,389 45,317 160,751 1,303,799 13,158 2,069 99,694 173,461 648,485 217,135 1,154,002 624 135 183,443 21,588 0 18,285 224,075 15 797 60,780 294 0 17,721 79,607 368 243 100,135 13 0 16,862 117,621 16,842 880 84,697 61,469 79,255 88,564 331,707 72,449 231,951 222,631 73,293 160,071 187,240 947,635 18,286 11,612 1,560 1,065 (52) 16,286 48,757 19,710 333 10,619 21,664 28,894 30,999 112,219 23,131 157,772 60,993 1,252 0 57,583 300,731 300 68 1,395 5,383 345 19,398 26,889 0 0 0 0 128,979 0 128,979 0 0 61,029 0 0 0 61,029 43 0 3,012 808 0 681 4,544 10,979 62,166 84,023 43,121 1,905 62,293 264,487 ORIX Corporation Annual Report 2012 65
Non-GAAP 1 ABS CMBS 2010 4 1 VIE 2 Non-GAAP 1 Non-GAAP 2012 3 31 2010 4 1 2009-162009-17 VIE VIE VIE 2 Non-GAAP 2012 3 Non- GAAPNon-GAAP Non-GAAP Non-GAAP 1 20032012 3 31 2003 2004 2005 2006 2007 1,120,434 903,916 947,871 1,336,414 1,174,391 a 2,856,613 2,662,719 2,861,863 3,236,055 3,863,057 123,396 97,707 60,281 106,333 260,529 b 2,733,217 2,565,012 2,801,582 3,129,722 3,602,528 c 3,977,047 3,566,635 3,809,734 4,572,469 5,037,448 d 3,853,651 3,468,928 3,749,453 4,466,136 4,776,919 e 505,458 564,047 727,333 953,646 1,194,234 VIE 0 0 0 0 0 f 505,458 564,047 727,333 953,646 1,194,234 / c / e 7.9 6.3 5.2 4.8 4.2 / d / f 7.6 6.2 5.2 4.7 4.0 a / c 72% 75% 75% 71% 77% b / d 71% 74% 75% 70% 75% 66 ORIX Corporation Annual Report 2012 2008 2009 2010 2011 2012 1,330,147 798,167 573,565 478,633 457,973 a 4,462,187 4,453,845 3,836,270 4,531,268 4,267,480 374,920 358,969 202,224 1,018,190 874,705 b 4,087,267 4,094,876 3,634,046 3,513,078 3,392,775 c 5,792,334 5,252,012 4,409,835 5,009,901 4,725,453 d 5,417,414 4,893,043 4,207,611 3,991,711 3,850,748 e 1,267,917 1,167,530 1,298,684 1,319,341 1,396,137 VIE 0 0 0 (21,947) (19,248) f 1,267,917 1,167,530 1,298,684 1,341,288 1,415,385 / c / e 4.6 4.5 3.4 3.8 3.4 / d / f 4.3 4.2 3.2 3.0 2.7 a / c 77% 84% 87% 90% 90% b / d 75% 84% 86% 88% 88%
2 3 31 2010 a (195) 233 1 (24) 311 371 699 (138) 561 b * 1 7 5 236 11 201 200 659 (135) 523 c (405) (20) (95) (23) (93) (79) (715) 0 (715) d * 2 (6) (0) (230) (118) (3) (93) (450) 46 (404) e = a - b - c - d 210 249 91 106 206 343 1,205 (49) 1,157 2011 a 100 262 1 132 238 456 1,189 (256) 933 b * 1 4 1 225 109 0 139 478 (138) 340 c (127) (20) (11) (68) (14) (32) (272) (39) (311) d * 2 (3) (4) (329) (90) (22) (71) (518) (10) (529) e = a - b - c - d 226 284 116 181 274 421 1,502 (69) 1,433 2012 a 215 347 13 160 218 498 1,452 (147) 1,305 b * 1 3 1 142 53 3 212 415 (21) 394 c (23) (0) (30) (75) (11) (38) (177) (15) (192) d * 2 (11) (0) (282) (42) (127) (80) (542) 20 (523) e = a - b - c - d 245 347 183 224 353 404 1,756 (130) 1,626 *1 *2 ORIX Corporation Annual Report 2012 67
2012 3 31 2002 3 95% 2002 7 100% 2005 10 95% 2010 6 95% 2012 1 90% 1973 6 100% 1976 9 100% ORIX Rentec (Singapore) Pte. Limited 1995 10 100% ORIX Rentec (Malaysia) Sdn. Bhd. 1997 1 100% ORIX Rentec (Korea) Corporation 2001 4 100% ORIX Rentec (Tianjin) Corporation 2004 8 100% 1991 8 100% 1998 10 100% 1999 3 100% 2000 9 100% 2004 11 100% 2005 4 75% 2007 9 100% 2011 4 100% 1983 10 100% 1990 1 100% 1998 4 100% 1999 4 100% 2002 9 100% M&A M&A 2003 2 100% 2009 5 100% 2010 2 100% 2010 5 86% 2010 7 60% 1979 6 49%* 1991 4 100% 1998 4 100% 1976 9 100% 1984 3 100% 1988 10 100% 1999 10 100% 1999 11 100% 2007 4 100% * 2012 6100% 68 ORIX Corporation Annual Report 2012
* * 1977 11 100% * 1986 5 100% ORIX USA Corporation 1981 8 100% Houlihan Lokey, Inc. 2006 1 54% RED Capital Group 2010 5 83% Mariner Investment Group LLC 2010 12 59% ORIX Asia Limited 1971 9 100% ORIX Taiwan Corporation 1982 9 95% ORIX Auto Leasing Taiwan Corporation 1998 3 100% ORIX Taiwan Asset Management Company 2004 10 95% ORIX Capital Korea Corporation 2004 2 100% ORIX Private Equity Korea Corporation 2010 3 100% ORIX China Corporation 2005 8 98% CHINA RAILWAY LEASING CO., LTD. 2006 1 25% ORIX (China) Investment Co., Ltd. 2009 12 100% ORIX Leasing Singapore Limited 1972 9 50% ORIX Investment and Management Private Limited 1981 5 100% ETHOZ Group Ltd. 1981 9 45% ORIX Leasing Malaysia Berhad 1973 9 100% ORIX Car Rentals Sdn. Bhd. 1989 2 35% ORIX Auto Leasing Malaysia Sdn. Bhd. 2000 10 100% ORIX Asset Management Malaysia Sdn. Bhd. 2008 1 100% PT. ORIX Indonesia Finance 1975 4 85% ORIX METRO Leasing and Finance Corporation 1977 6 40% ORIX Auto Leasing Philippines Corporation 1989 9 40% Thai ORIX Leasing Co., Ltd. 1978 6 97% Indochina Capital Corporation 2010 11 25% Lanka ORIX Leasing Company PLC 1980 3 30% ORIX Leasing Pakistan Limited 1986 7 50% INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED 1993 3 24% ORIX Auto Infrastructure Services Limited 1995 3 100% Oman ORIX Leasing Company SAOG 1994 8 18% ORIX Leasing Egypt SAE 1997 6 34% Saudi ORIX Leasing Company 2001 1 29% MAF ORIX Finance PJSC 2002 4 38% SK Leasing JSC 2005 6 40% ORIX Australia Corporation Limited 1986 7 100% ORIX New Zealand Limited 1988 12 100% ORIX Aviation Systems Limited 1991 3 100% ORIX Polska S.A. 1995 10 100% * 2012 5Pang Da ORIX Auto Leasing Co., Ltd. 50% ORIX Corporation Annual Report 2012 69
2012 3 31 1,222 ❶ 54 1 50 1 1 1 ❷ 76 6 66 1 1 1 1 ❸ 147 14 2 1 2 1 76 3 6 1 1 1 2 7 1 1 1 2 1 M&A 1 1 1 1 5 2 Houlihan Lokey, Inc. 1 1 2 6 1 1 1 ❹ 284 8 1 244 4 2 15 4 1 1 4 ❺ 232 11 207 1 1 1 7 3 1 ❻ 139 8 1 83 2 2 4 1 10 11 1 1 1 1 5 1 6 1 ❼ 62 4 2 48 1 1 4 2 ❽ 35 3 1 30 1 ❾ 193 8 7 158 2 1 5 3 4 2 3 70 ORIX Corporation Annual Report 2012
26 290 ❶ ❷ ❸ ❹ ❺ ❻ ❼ ❽ ❾ ❿ ⓫ ⓬ ⓭ ⓳ ⓲ ⓯ ⓱ ⓮⓰ ⓴ ❶ 1 ORIX Aviation Systems Limited (1) ❷ 1 Houlihan Lokey, Inc. (1) ❸ 1 Houlihan Lokey, Inc. (1) ❹ 1 Houlihan Lokey, Inc. (1) ❺ 7 ORIX Polska S.A. (7) ❻ 2 ORIX Leasing Egypt SAE (2) ❼ 6 Saudi ORIX Leasing Company (6) ❽ 3 MAF ORIX Finance PJSC (3) ❾ 6 Oman ORIX Leasing Company SAOG (6) ❿ 5 SK Leasing JSC (5) ⓫ 33 ORIX Leasing Pakistan Limited (33) ⓬ 24 INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED (6) ORIX Auto Infrastructure Services Limited (18) ⓭ 31 Lanka ORIX Leasing Company PLC (31) ⓮ 25 ORIX Leasing Malaysia Berhad (15) ORIX Car Rentals Sdn. Bhd. (4) ORIX Rentec (Malaysia) Sdn. Bhd. (4) ORIX Auto Leasing Malaysia Sdn. Bhd. (1) ORIX Asset Management Malaysia Sdn. Bhd. (1) ⓯ 3 Thai ORIX Leasing Co., Ltd. (3) ⓰ 6 ORIX Leasing Singapore Limited (1) ORIX Investment and Management Private Limited (2) ETHOZ Group Ltd. (1) ORIX Rentec (Singapore) Pte. Limited (1) Indochina Capital Corporation (1) ⓱ 4 ORIX Investment and Management Private Limited (1) Indochina Capital Corporation (3) ⓲ 2 ORIX Asia Limited (1) Houlihan Lokey, Inc. (1) ⓳ 16 ORIX Rentec (Tianjin) Corporation (7) ORIX China Corporation (5) CHINA RAILWAY LEASING CO., LTD. (2) ORIX (China) Investment Co., Ltd. (2) ⓴ 9 ORIX Rentec (Korea) Corporation (3) ORIX Capital Korea Corporation (5) ORIX Private Equity Korea Corporation (1) 7 ORIX Taiwan Corporation (3) ORIX Auto Leasing Taiwan Corporation (3) ORIX Taiwan Asset Management Company (1) 46 ORIX METRO Leasing and Finance Corporation (43) ORIX Auto Leasing Philippines Corporation (3) 11 PT. ORIX Indonesia Finance (11) 12 ORIX Australia Corporation Limited (12) 5 ORIX New Zealand Limited (5) 23 ORIX USA Corporation (4) Houlihan Lokey, Inc. (6) RED Capital Group (9) Mariner Investment Group LLC (4) ORIX Corporation Annual Report 2012 71
2012 3 31 ORIX Corporation 1964 4 17 108 0014 4 1 23 TEL 03 5419 5000 FAX 03 5419 5903 1,396,137 3 31 721 96 17,488 10 259,000,000 110,254,422 39,300 % 12,346 11.19 12,105 10.97 9 4,798 4.35 SSBT OD05 OMNIBUS ACCOUNT-TREATY CLIENTS 4,140 3.75 385036 3,985 3.61 3,020 2.73 505225 2,068 1.87 1,980 1.79 1,585 1.43 2,732 1,561 1.41 UFJ TEL 0120 232 711 Citibank, N.A. Shareholder Services P.O. Box 43077, Providence, Rhode Island 02940 3077, U.S.A. TEL 1 877 248 4237 FAX 1 201 324 3284 E-mail citibank@shareholders-online.com 1ADR=0.5 IX 1 1 8591 IX 1 % * 3.1 5.9 60,000 50,000 40,000 59,313 43,505 40,602 39,300 300 250 200 260 49.2 41.8 30,000 20,000 10,000 29,094 150 100 50 70 75 80 90 0 0 08/3 09/3 10/3 11/3 12/3 08/3 09/3 10/3 11/3 12/3 * 2,732 72 ORIX Corporation Annual Report 2012
SEC Form20-F Risk Factors Form 20-F http://www.orix.co.jp 108 0014 4 1 23 TEL: 03 5419 5041 FAX: 03 5419 5901 URL: http://www.orix.co.jp ORIX Corporation Annual Report 2012 73
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