Foreign Filer Report • Aug 5, 2024
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Download Source File6-K 1 d780246d6k.htm FORM 6-K Form 6-K
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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 2024
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 ☐
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Material Contained in this Report
| 1. | ORIXs First Quarter Consolidated Financial Results (April 1, 2024 June 30, 2024) filed with the Tokyo Stock Exchange on Monday, August 5, 2024. |
|---|---|
| 2. | Notice regarding Share Repurchase Status |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| /s/ Yasuaki Mikami |
|---|
| Yasuaki Mikami |
| Member of the Board of Directors Senior Managing Executive Officer Responsible for Corporate Function Unit Responsible for Work Style Reform Project ORIX Corporation |
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Consolidated Financial Results
April 1, 2024 - June 30, 2024
August 5, 2024
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.
This document may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on the Companys 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 most recent annual report on Form 20-F filed with the U.S. 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 American depositary shares 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: [email protected]
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Consolidated Financial Results from April 1, 2024 to June 30, 2024
(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, 2024
(1) Performance Highlights - Operating Results (Unaudited)
(millions of yen)
| June 30, 2024 | 708,139 | 4.6 % | 86,266 | 3.9 | % | 120,169 | 34.4 % | 86,735 | 37.7 % |
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2023 | 676,798 | 2.6 % | 83,004 | (3.5 | %) | 89,392 | 4.5 % | 62,966 | 1.7 % |
Comprehensive Income Attributable to ORIX Corporation Shareholders was ¥207,115 million for the three months ended June 30, 2024 (year-on-year change was a 29.5% increase) and ¥159,913 million for the three months ended June 30, 2023 (year-on-year change was a 8.7% decrease).
*Note 1: The presentation of equity method investment has been changed since the fourth quarter of the fiscal year ended March 31, 2024(fiscal 2024). As a result, certain line items presented in our consolidated statements of income for the first quarter of fiscal 2024 have been retrospectively reclassified for this change.
| June 30, 2024 | 75.40 | 75.28 |
|---|---|---|
| June 30, 2023 | 53.87 | 53.80 |
*Note 2: 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 (Unaudited)
| June 30, 2024 | 16,502,363 | 4,156,294 | 4,073,643 | 24.7 % |
|---|---|---|---|---|
| March 31, 2024 | 16,322,100 | 4,021,965 | 3,941,466 | 24.1 % |
*Note 3: 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 (Unaudited)
| March 31, 2024 | | 42.80 | | 55.80 | 98.60 |
|---|---|---|---|---|---|
| March 31, 2025 | | | | | |
| March 31, 2025 (Est.) | | 49.30 | | 49.30 | 98.60 |
3. Forecast for the Year Ending March 31, 2025 (Unaudited)
| March 31, 2025 | 390,000 | 12.7 % |
|---|---|---|
*Note 4: Although forward-looking statements in this document are based on information currently available to ORIX Corporation and are based on assumptions deemed reasonable by ORIX Corporation, actual financial results may differ materially due to various factors. Readers are urged not to place undue reliance on such forward-looking statements.
Factors causing a result that differs from forward-looking statements include, but are not limited to, those described under Risk Factors in our Form 20-F submitted to the U.S. Securities and Exchange Commission.
4. Other Information
| (1) Significant Changes in Scope of Consolidation | 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 ( x ) No ( ) |
| 2. Other than those above | Yes ( ) No ( x ) |
(4) Number of Issued Shares (Ordinary Shares)
The number of issued shares, including treasury stock, was 1,214,961,054 as of June 30, 2024, and 1,214,961,054 as of March 31, 2024.
The number of treasury stock was 63,886,866 as of June 30, 2024, and 60,748,162 as of March 31, 2024.
The average number of outstanding shares was 1,150,311,448 for the three months ended June 30, 2024, and 1,168,915,061 for the three months ended June 30, 2023.
The Companys shares held through the Board Incentive Plan Trust (2,727,686 shares as of June 30, 2024 and 2,727,686 shares as of March 31, 2024) 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, 2024 to June 30, 2024 are not subject to certified public accountants or audit firms quarterly review.
1 -
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1. Summary of Consolidated Financial Results
(1) Financial Highlights
Financial Results for the Three Months Ended June 30, 2024
| Amount | Percent | ||||
| Total Revenues | (millions of yen) | 676,798 | 708,139 | 31,341 | 5 % |
| Total Expenses | (millions of yen) | 593,794 | 621,873 | 28,079 | 5 % |
| Income before Income Taxes | (millions of yen) | 89,392 | 120,169 | 30,777 | 34 % |
| Net Income Attributable to ORIX Corporation Shareholders | (millions of yen) | 62,966 | 86,735 | 23,769 | 38 % |
| Earnings Per Share (Basic) | (yen) | 53.87 | 75.40 | 21.53 | 40 % |
| (Diluted) | (yen) | 53.80 | 75.28 | 21.48 | 40 % |
| ROE (Annualized) *1 | (%) | 7.0 | 8.7 | 1.7 | |
| ROA (Annualized) *2 | (%) | 1.63 | 2.11 | 0.48 | |
*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.
*Note 3: The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, certain line items presented in our consolidated statements of income for the first quarter of fiscal 2024 have been retrospectively reclassified for this change.
Overview of Business Performance (April 1, 2024 to June 30, 2024)
Total revenues for the three months ended June 30, 2024 (hereinafter, the first consolidated period) increased 5% to ¥708,139 million compared to ¥676,798 million during the same period of the previous fiscal year due to increases in operating leases, services income and sales of goods and real estate despite decreases in life insurance premiums and related investment income and gains on investment securities and dividends.
Total expenses increased 5% to ¥621,873 million compared to ¥593,794 million during the same period of the previous fiscal year due to increases in costs of operating leases, services expense, costs of goods and real estate sold and selling, general and administrative expenses despite a decrease in life insurance costs.
Equity in net income of equity method investments increased by ¥2,323 million to ¥7,756 million compared to the same period of the previous fiscal year, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased by ¥25,192 million to ¥26,147 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 increased 34% to ¥120,169 million compared to ¥89,392 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 38% to ¥86,735 million compared to ¥62,966 million during the same period of the previous fiscal year.
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Segment Information
Total segment profits for the first consolidated period increased 28% to ¥137,274 million compared to the same period of the previous fiscal year.
The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, segment data for the first quarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the interest expense allocation method for each segment was changed to include a part of interest expenses in reconciliation of segment profits to consolidated financial statement (corporate profits (losses)). As a result, segment data for the first quarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and other receivable. As a result, segment data for the previous fiscal year have been retrospectively reclassified.
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
| Amount (millions of yen) | Percent (%) | |||
|---|---|---|---|---|
| Segment Profits | 20,425 | 19,797 | (628) | (3) |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||
| Amount (millions of yen) | Percent (%) | |||
| Segment Assets | 1,777,320 | 1,778,938 | 1,618 | 0 |
Segment profits decreased 3% to ¥19,797 million compared to the same period of the previous fiscal year due to a decrease in finance revenues and a decrease in equity in net income (loss) of equity method investments, despite an increase in operating leases.
Segment assets totaled ¥1,778,938 million, remaining relatively unchanged compared to the end of the previous fiscal year.
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Real Estate : Real estate development, rental and management; facility operations; real estate asset management
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 10,276 | 13,954 | 3,678 | 36 | ||
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 1,110,087 | 1,098,352 | (11,735 | ) | (1 | ) |
Segment profits increased 36% to ¥13,954 million compared to the same period of the previous fiscal year due to an increase in operating leases and an increase in services income, despite an increase in costs of goods and real estate sold.
Segment assets decreased 1% to ¥1,098,352 million compared to the end of the previous fiscal year due to a decrease in advances for finance lease and operating lease and a decrease in loans to ORIX and its subsidiaries, despite an increase in investment in operating leases.
PE Investment and Concession : Private equity investment; concession
| Amount (millions of yen) | Percent (%) | ||||
| Segment Profits | 5,772 | 32,027 | 26,255 | 455 | |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | |||
| Amount (millions of yen) | Percent (%) | ||||
| Segment Assets | 1,066,647 | 967,177 | (99,470 | ) | (9) |
Segment profits increased 455% to ¥32,027 million compared to the same period of the previous fiscal year due to an increase in gains on sales of subsidiaries and equity method investments resulting from the sale of certain investees.
Segment assets decreased 9% to ¥967,177 million compared to the end of the previous fiscal year due to a decrease in cash and cash equivalents and a decrease in investment in securities.
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Environment and Energy : Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and waste management
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 4,982 | (482 | ) | (5,464 | ) | 0 |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 976,434 | 1,015,383 | 38,949 | 4 |
Segment profits decreased by ¥5,464 million to losses of ¥482 million compared to the same period of the previous fiscal year due to an increase in services expense and a decrease in equity in net income (loss) of equity method investments.
Segment assets increased 4% to ¥1,015,383 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.
Insurance : Life insurance
| Amount (millions of yen) | Percent (%) | ||||
| Segment Profits | 19,423 | 21,944 | 2,521 | 13 | |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | |||
| Amount (millions of yen) | Percent (%) | ||||
| Segment Assets | 2,921,927 | 2,884,353 | (37,574) | (1 | ) |
Segment profits increased 13% to ¥21,944 million compared to the same period of the previous fiscal year due to a decrease in life insurance costs.
Segment assets decreased 1% to ¥2,884,353 million compared to the end of the previous fiscal year due to a decrease in trade notes, accounts and other receivable and a decrease in cash and cash equivalents.
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Banking and Credit : Banking; consumer finance
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 8,356 | 6,398 | (1,958 | ) | (23 | ) |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 2,934,217 | 2,876,149 | (58,068 | ) | (2 | ) |
Segment profits decreased 23% to ¥6,398 million compared to the same period of the previous fiscal year due to a decrease in finance revenues as a result of the partial sale of shares of ORIX Credit Corporation to an equity method investee in the three months ended March 31, 2024.
Segment assets decreased 2% to ¥2,876,149 million compared to the end of the previous fiscal year due to a decrease in installment loans.
Aircraft and Ships : Aircraft investment and management; ship-related finance and investment
| Amount (millions of yen) | Percent (%) | |||
|---|---|---|---|---|
| Segment Profits | 7,617 | 11,764 | 4,147 | 54 |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||
| Amount (millions of yen) | Percent (%) | |||
| Segment Assets | 1,169,641 | 1,304,929 | 135,288 | 12 |
Segment profits increased 54% to ¥11,764 million compared to the same period of the previous fiscal year due to an increase in operating leases.
Segment assets increased 12% to ¥1,304,929 million compared to the end of the previous fiscal year due to an increase in investment in operating leases and foreign exchange effects.
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ORIX USA : Finance, investment and asset management in the Americas
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 12,212 | 11,835 | (377 | ) | (3 | ) |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 1,694,484 | 1,767,645 | 73,161 | 4 |
Segment profits decreased 3% to ¥11,835 million compared to the same period of the previous fiscal year due to an increase in selling, general and administrative expenses and a decrease in gains on investment securities and dividends and a decrease in equity in net income (loss) of equity method investments, despite an increase in gains on sales of subsidiaries and equity method investments.
Segment assets increased 4% to ¥1,767,645 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
| Amount (millions of yen) | Percent (%) | |||
|---|---|---|---|---|
| Segment Profits | 7,134 | 11,154 | 4,020 | 56 |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||
| Amount (millions of yen) | Percent (%) | |||
| Segment Assets | 662,139 | 702,894 | 40,755 | 6 |
Segment profits increased 56% to ¥11,154 million compared to the same period of the previous fiscal year due to an increase in services income.
Segment assets increased 6% to ¥702,894 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.
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Asia and Australia : Finance and investment businesses in Asia and Australia
| Amount (millions of yen) | Percent (%) | |||
|---|---|---|---|---|
| Segment Profits | 10,918 | 8,883 | (2,035) | (19) |
| As of March 31, 2024 (millions of yen) | As of June 30, 2024 (millions of yen) | Change | ||
| Amount (millions of yen) | Percent (%) | |||
| Segment Assets | 1,709,233 | 1,802,887 | 93,654 | 5 |
Segment profits decreased 19% to ¥8,883 million compared to the same period of the previous fiscal year due to an increase in selling, general and administrative expenses and a decrease in equity in net income (loss) of equity method investments, despite an increase in operating leases.
Segment assets increased 5% to ¥1,802,887 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.
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(2) Consolidated Financial Condition
Summary of Assets, Liabilities, Shareholders Equity
| Amount | Percent | ||||||
| Total Assets | (millions of yen) | 16,322,100 | 16,502,363 | 180,263 | 1 | % | |
| (Segment Assets) *1 | 16,022,129 | 16,198,707 | 176,578 | 1 | % | ||
| Total Liabilities | (millions of yen) | 12,297,490 | 12,343,084 | 45,594 | 0 | % | |
| (Short-term and Long-term Debt) | 6,200,471 | 6,385,583 | 185,112 | 3 | % | ||
| (Deposits) | 2,245,835 | 2,192,251 | (53,584 | ) | (2 | )% | |
| Shareholders Equity *2 | (millions of yen) | 3,941,466 | 4,073,643 | 132,177 | 3 | % | |
| Shareholders Equity Per Share *3 | (yen) | 3,422.94 | 3,547.40 | 124.46 | 4 | % |
*Note 1: Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and other receivable. As a result, segment data for the previous fiscal year have been retrospectively reclassified.
*Note 2: Shareholders Equity refers to Total ORIX Corporation Shareholders Equity based on U.S. GAAP.
*Note 3: Shareholders Equity Per Share is calculated using total ORIX Corporation Shareholders Equity.
Total assets increased 1% to ¥16,502,363 million compared to the end of the previous fiscal year due to increases in investment in operating leases, equity method investments and net investment in leases despite decreases in installment loans and cash and cash equivalents. In addition, segment assets increased 1% to ¥16,198,707 million compared to the end of the previous fiscal year.
Total liabilities remained relatively flat at ¥12,343,084 million compared to the end of the previous fiscal year due to increases in short- and long-term debt despite decreases in deposits, policy liabilities and policy account balances and trade notes, accounts and other payable.
Shareholders equity increased 3% to ¥4,073,643 million compared to the end of the previous fiscal year.
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2. Financial Information
(1) Condensed Consolidated Balance Sheets (Unaudited)
(millions of yen)
| Assets — Cash and Cash Equivalents | 1,032,810 | 992,751 | ||
|---|---|---|---|---|
| Restricted Cash | 152,497 | 163,934 | ||
| Net Investment in Leases | 1,155,023 | 1,187,951 | ||
| Installment Loans | 3,958,814 | 3,893,468 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥129,959 million | |||
| June 30, 2024 | ¥127,444 million | |||
| Allowance for Credit Losses | (58,110 | ) | (57,890 | ) |
| Investment in Operating Leases | 1,868,574 | 2,032,699 | ||
| Investment in Securities | 3,263,079 | 3,248,011 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥35,696 million | |||
| June 30, 2024 | ¥41,976 million | |||
| The amounts which are associated to available-for-sale debt securities are as follows: | ||||
| March 31, 2024 | ||||
| Amortized Cost | ¥3,015,940 million | |||
| Allowance for Credit Losses | ¥(634) million | |||
| June 30, 2024 | ||||
| Amortized Cost | ¥3,087,710 million | |||
| Allowance for Credit Losses | ¥(535) million | |||
| Property under Facility Operations | 689,573 | 692,416 | ||
| Equity method investments | 1,313,887 | 1,385,876 | ||
| Trade Notes, Accounts and Other Receivable | 401,368 | 382,039 | ||
| Inventories | 227,359 | 217,408 | ||
| Office Facilities | 248,458 | 258,345 | ||
| Other Assets | 2,068,768 | 2,105,355 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥2,786 million | |||
| June 30, 2024 | ¥2,495 million | |||
| Total Assets | 16,322,100 | 16,502,363 | ||
| Liabilities and Equity | ||||
| Short-term Debt | 574,095 | 642,066 | ||
| Deposits | 2,245,835 | 2,192,251 | ||
| Trade Notes, Accounts and Other Payable | 362,504 | 323,106 | ||
| Policy Liabilities and Policy Account Balances | 1,892,510 | 1,840,773 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥167,207 million | |||
| June 30, 2024 | ¥163,067 million | |||
| Current and Deferred Income Taxes | 570,724 | 544,005 | ||
| Long-term Debt | 5,626,376 | 5,743,517 | ||
| Other Liabilities | 1,025,446 | 1,057,366 | ||
| Total Liabilities | 12,297,490 | 12,343,084 | ||
| Redeemable Noncontrolling Interests | 2,645 | 2,985 | ||
| Commitments and Contingent Liabilities | ||||
| Common Stock | 221,111 | 221,111 | ||
| Additional Paid-in Capital | 233,457 | 233,753 | ||
| Retained Earnings | 3,259,730 | 3,281,903 | ||
| Accumulated Other Comprehensive Income | 357,148 | 477,528 | ||
| Treasury Stock, at Cost | (129,980 | ) | (140,652 | ) |
| Total ORIX Corporation Shareholders Equity | 3,941,466 | 4,073,643 | ||
| Noncontrolling Interests | 80,499 | 82,651 | ||
| Total Equity | 4,021,965 | 4,156,294 | ||
| Total Liabilities and Equity | 16,322,100 | 16,502,363 |
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Note : Breakdown of Accumulated Other Comprehensive Income
| Accumulated Other Comprehensive Income (Loss) | ||||
| Net unrealized gains (losses) on investment in securities | (250,806 | ) | (330,896 | ) |
| Impact of changes in policy liability discount rate | 257,785 | 334,424 | ||
| Debt valuation adjustments | 84 | 526 | ||
| Defined benefit pension plans | 9,670 | 9,716 | ||
| Foreign currency translation adjustments | 324,208 | 447,415 | ||
| Net unrealized gains on derivative instruments | 16,207 | 16,343 | ||
| Total | 357,148 | 477,528 |
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(2) Condensed Consolidated Statements of Income (Unaudited)
(millions of yen)
| Revenues : | |||
| Finance revenues | 85,405 | 83,007 | |
| Gains on investment securities and dividends | 7,778 | 3,287 | |
| Operating leases | 122,000 | 141,786 | |
| Life insurance premiums and related investment income | 152,518 | 144,409 | |
| Sales of goods and real estate | 91,660 | 100,917 | |
| Services income | 217,437 | 234,733 | |
| Total Revenues | 676,798 | 708,139 | |
| Expenses : | |||
| Interest expense | 43,081 | 45,006 | |
| Costs of operating leases | 85,625 | 93,381 | |
| Life insurance costs | 119,720 | 110,112 | |
| Costs of goods and real estate sold | 64,827 | 72,768 | |
| Services expense | 127,127 | 136,860 | |
| Other (income) and expense | 3,534 | 4,876 | |
| Selling, general and administrative expenses | 146,786 | 156,284 | |
| Provision for credit losses | 2,992 | 2,498 | |
| Write-downs of long-lived assets | 86 | 88 | |
| Write-downs of securities | 16 | 0 | |
| Total Expenses | 593,794 | 621,873 | |
| Operating Income | 83,004 | 86,266 | |
| Equity in Net Income of Equity method investments | 5,433 | 7,756 | |
| Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net | 955 | 26,147 | |
| Income before Income Taxes | 89,392 | 120,169 | |
| Provision for Income Taxes | 25,235 | 35,005 | |
| Net Income | 64,157 | 85,164 | |
| Net Income (Loss) Attributable to the Noncontrolling Interests | 1,177 | (1,652 | ) |
| Net Income Attributable to the Redeemable Noncontrolling Interests | 14 | 81 | |
| Net Income Attributable to ORIX Corporation Shareholders | 62,966 | 86,735 |
Note: The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, certain line items presented in our consolidated statements of income for the first quarter of fiscal 2024 have been retrospectively reclassified for this change.
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(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)
| Three months ended June 30, 2023 | Three months ended June 30, 2024 | |||
|---|---|---|---|---|
| Net Income : | 64,157 | 85,164 | ||
| Other comprehensive income (loss), net of tax: | ||||
| Net change of unrealized gains (losses) on investment in securities | (1,150 | ) | (80,105 | ) |
| Impact of changes in policy liability discount rate | 4,519 | 76,639 | ||
| Net change of debt valuation adjustments | (44 | ) | 442 | |
| Net change of defined benefit pension plans | 147 | 46 | ||
| Net change of foreign currency translation adjustments | 99,318 | 126,833 | ||
| Net change of unrealized gains (losses) on derivative instruments | (1,986 | ) | 270 | |
| Total other comprehensive income | 100,804 | 124,125 | ||
| Comprehensive Income | 164,961 | 209,289 | ||
| Comprehensive Income Attributable to the Noncontrolling Interests | 4,936 | 1,935 | ||
| Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 112 | 239 | ||
| Comprehensive Income Attributable to ORIX Corporation Shareholders | 159,913 | 207,115 |
(4) Assumptions for Going Concern
There is no corresponding item.
(5) Significant Changes in Shareholders Equity
There is no corresponding item.
(6) Changes in Accounting Policies
(Adoption of New Accounting Standards)
In March 2023, Accounting Standards Update 2023-02 (Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method) was issued as the amendments to ASC 323 (InvestmentsEquity Method and Joint Ventures). This update expands the investments eligible to elect to apply the proportional amortization method to tax equity investments in similar tax credit programs other than the low-income housing tax credit (LIHTC). This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company and its subsidiaries adopted this update on April 1, 2024 on a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings as of the fiscal year of adoption. The effects of adopting this update on the Company and its subsidiaries financial position at the adoption date were a decrease of ¥157 million in other assets and a decrease of ¥157 million in retained earnings in the consolidated balance sheets.
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(7) Segment Information (Unaudited)
The financial information about the operating segments reported below is that which is available for each segment and evaluated regularly by the chief operating decision maker in charge of resource allocation and performance assessment.
An overview of the operations for each of the ten operating segments follows below.
| Corporate Financial Services and Maintenance Leasing | : | Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment |
|---|---|---|
| Real Estate | : | Real estate development, rental and management; facility operations; real estate asset management |
| PE Investment and Concession | : | Private equity investment and concession |
| Environment and Energy | : | Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and waste |
| management | ||
| Insurance | : | Life insurance |
| Banking and Credit | : | Banking and consumer finance |
| Aircraft and Ships | : | Aircraft investment and management; ship-related finance and investment |
| ORIX USA | : | Finance, investment and asset management in the Americas |
| ORIX Europe | : | Asset management of global equity and fixed income |
| Asia and Australia | : | Finance and investment businesses in Asia and Australia |
The accounting policies of the segments are almost the same as accounting policies for quarterly condensed consolidated financial statements except for the treatment of income tax expenses, net income attributable to noncontrolling interests, and net income attributable to redeemable noncontrolling interests. The chief operating decision maker evaluates the performance of the segments based on the amount equivalent to income before income taxes, net income attributable to noncontrolling interests and net income attributable to redeemable noncontrolling interests before the applicable tax effects. Income taxes are not included in segment profits or losses because management evaluates segments performance on a pre-tax basis. Most of selling, general and administrative expenses, including compensation costs that are directly related to the revenue generating activities of each segment and excluding the expenses that should be borne by ORIX Group as a whole, have been accumulated by and charged to each segment. Gains and losses that management does not consider for evaluating the performance of the segments, such as certain interest expenses and write-downs of certain long-lived assets and certain foreign exchange gains or losses (included in other (income) and expense) are excluded from the segment profits or losses, and are regarded as corporate items.
Assets attributed to each segment are total assets except for certain cash and head office assets.
The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, segment data for the first quarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the interest expense allocation method for each segment was changed to include a part of interest expenses in reconciliation of segment profits to consolidated financial statement (corporate profits (losses)). As a result, segment data for the first quarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and other receivable. As a result, segment data for the previous fiscal year have been retrospectively reclassified.
Table of Contents
Financial information of the segments for the three months ended June 30, 2023 and three months ended June 30, 2024 is as follows:
| Three months ended June 30, 2023 | ||||||||||||||
| Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | ||||||||
| Finance revenues | 16,437 | 1,636 | 315 | 365 | 74 | 19,482 | 1,971 | |||||||
| Gains on investment securities and dividends | 1,319 | 393 | 114 | (8 | ) | 0 | 214 | (47 | ) | |||||
| Operating leases | 64,860 | 8,583 | 9,926 | 20 | 0 | 0 | 9,341 | |||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 0 | 153,044 | 0 | 0 | |||||||
| Sales of goods and real estate | 1,200 | 32,769 | 55,413 | 805 | 0 | 0 | 35 | |||||||
| Services income | 25,830 | 63,000 | 20,679 | 35,934 | 663 | 1,502 | 1,487 | |||||||
| Total Segment Revenues | 109,646 | 106,381 | 86,447 | 37,116 | 153,781 | 21,198 | 12,787 | |||||||
| Interest expense | 1,334 | 686 | 843 | 2,086 | 0 | 1,265 | 2,041 | |||||||
| Costs of operating leases | 46,995 | 6,321 | 6,666 | 5 | 0 | 0 | 3,918 | |||||||
| Life insurance costs | 0 | 0 | 0 | 0 | 119,718 | 0 | 0 | |||||||
| Costs of goods and real estate sold | 964 | 23,257 | 39,261 | 457 | 0 | 0 | 36 | |||||||
| Services expense | 14,353 | 55,529 | 14,614 | 23,439 | 0 | 1,853 | 133 | |||||||
| Other (income) and expense | 4,113 | 270 | (307 | ) | 217 | (2 | ) | (172 | ) | (610 | ) | |||
| Selling, general and administrative expenses | 22,329 | 10,239 | 18,433 | 4,495 | 14,641 | 7,763 | 2,506 | |||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 29 | 74 | 13 | (1 | ) | 0 | 2,078 | (0 | ) | |||||
| Total Segment Expenses | 90,117 | 96,376 | 79,523 | 30,698 | 134,357 | 12,787 | 8,024 | |||||||
| Equity in Net income (Loss) of equity method investments and others | 896 | 271 | (1,152 | ) | (1,436 | ) | (1 | ) | (55 | ) | 2,854 | |||
| Segment Profits | 20,425 | 10,276 | 5,772 | 4,982 | 19,423 | 8,356 | 7,617 | |||||||
| Depreciation and amortization | 37,654 | 4,550 | 6,689 | 6,656 | 1,988 | 341 | 4,026 | |||||||
| Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 | 0 | 55,635 | 0 | 0 | |||||||
| Expenditures for long-lived assets | 42,775 | 14,356 | 5,312 | 16,535 | 0 | 0 | 58,056 | |||||||
| Millions of yen | ||||||||||||||
| Three months ended June 30, 2023 | ||||||||||||||
| ORIX USA | ORIX Europe | Asia and Australia | Total | |||||||||||
| Finance revenues | 28,715 | 457 | 16,501 | 85,953 | ||||||||||
| Gains on investment securities and dividends | 2,596 | 2,259 | 565 | 7,405 | ||||||||||
| Operating leases | 94 | 0 | 28,193 | 121,017 | ||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 153,044 | ||||||||||
| Sales of goods and real estate | 34 | 0 | 143 | 90,399 | ||||||||||
| Services income | 11,523 | 48,996 | 5,694 | 215,308 | ||||||||||
| Total Segment Revenues | 42,962 | 51,712 | 51,096 | 673,126 | ||||||||||
| Interest expense | 12,131 | 70 | 7,475 | 27,931 | ||||||||||
| Costs of operating leases | 47 | 0 | 20,840 | 84,792 | ||||||||||
| Life insurance costs | 0 | 0 | 0 | 119,718 | ||||||||||
| Costs of goods and real estate sold | 47 | 0 | 136 | 64,158 | ||||||||||
| Services expense | 626 | 12,573 | 3,473 | 126,593 | ||||||||||
| Other (income) and expense | (711 | ) | 778 | (423 | ) | 3,153 | ||||||||
| Selling, general and administrative expenses | 20,624 | 30,916 | 9,529 | 141,475 | ||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | (316 | ) | 0 | 1,216 | 3,093 | |||||||||
| Total Segment Expenses | 32,448 | 44,337 | 42,246 | 570,913 | ||||||||||
| Equity in Net income (Loss) of equity method investments and others | 1,698 | (241 | ) | 2,068 | 4,902 | |||||||||
| Segment Profits | 12,212 | 7,134 | 10,918 | 107,115 | ||||||||||
| Depreciation and amortization | 895 | 1,646 | 20,133 | 84,578 | ||||||||||
| Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 | 55,635 | ||||||||||
| Expenditures for long-lived assets | 0 | 0 | 43,558 | 180,592 |
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| Three months ended June 30, 2024 | ||||||||||||||
| Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | ||||||||
| Finance revenues | 15,219 | 1,263 | 2,966 | 294 | 84 | 14,129 | 1,807 | |||||||
| Gains on investment securities and dividends | 1,277 | 143 | 331 | (10 | ) | 0 | 131 | 8 | ||||||
| Operating leases | 68,382 | 13,551 | 10,343 | 20 | 0 | 0 | 14,695 | |||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 0 | 144,946 | 0 | 0 | |||||||
| Sales of goods and real estate | 881 | 33,275 | 64,185 | 701 | 0 | 0 | 59 | |||||||
| Services income | 26,698 | 69,111 | 16,121 | 37,593 | (1 | ) | 638 | 2,383 | ||||||
| Total Segment Revenues | 112,457 | 117,343 | 93,946 | 38,598 | 145,029 | 14,898 | 18,952 | |||||||
| Interest expense | 1,572 | 575 | 817 | 3,113 | 28 | 1,310 | 3,345 | |||||||
| Costs of operating leases | 48,810 | 6,087 | 6,544 | 5 | 0 | 0 | 6,180 | |||||||
| Life insurance costs | 0 | 0 | 0 | 0 | 109,328 | 0 | 0 | |||||||
| Costs of goods and real estate sold | 725 | 25,939 | 44,658 | 389 | 0 | 0 | 59 | |||||||
| Services expense | 14,733 | 59,750 | 11,169 | 27,155 | 0 | 2,385 | 480 | |||||||
| Other (income) and expense | 4,294 | 266 | (114 | ) | 175 | (33 | ) | (86 | ) | (102 | ) | |||
| Selling, general and administrative expenses | 22,790 | 10,853 | 21,015 | 5,205 | 13,761 | 5,355 | 2,516 | |||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 176 | (28 | ) | 39 | 22 | 1 | 119 | (0 | ) | |||||
| Total Segment Expenses | 93,100 | 103,442 | 84,128 | 36,064 | 123,085 | 9,083 | 12,478 | |||||||
| Equity in Net income (Loss) of equity method investments and others | 440 | 53 | 22,209 | (3,016 | ) | (0 | ) | 583 | 5,290 | |||||
| Segment Profits | 19,797 | 13,954 | 32,027 | (482 | ) | 21,944 | 6,398 | 11,764 | ||||||
| Depreciation and amortization | 38,793 | 4,741 | 6,574 | 8,018 | 2,339 | 193 | 5,385 | |||||||
| Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 | 0 | (51,737 | ) | 0 | 0 | ||||||
| Expenditures for long-lived assets | 47,087 | 24,905 | 4,406 | 8,834 | 0 | 0 | 82,218 | |||||||
| Millions of yen | ||||||||||||||
| Three months ended June 30, 2024 | ||||||||||||||
| ORIX USA | ORIX Europe | Asia and Australia | Total | |||||||||||
| Finance revenues | 27,504 | 801 | 19,212 | 83,279 | ||||||||||
| Gains on investment securities and dividends | 153 | 1,164 | 116 | 3,313 | ||||||||||
| Operating leases | 139 | 0 | 33,373 | 140,503 | ||||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 144,946 | ||||||||||
| Sales of goods and real estate | 172 | 0 | 217 | 99,490 | ||||||||||
| Services income | 11,619 | 62,137 | 6,682 | 232,981 | ||||||||||
| Total Segment Revenues | 39,587 | 64,102 | 59,600 | 704,512 | ||||||||||
| Interest expense | 11,684 | 193 | 10,746 | 33,383 | ||||||||||
| Costs of operating leases | 273 | 0 | 24,544 | 92,443 | ||||||||||
| Life insurance costs | 0 | 0 | 0 | 109,328 | ||||||||||
| Costs of goods and real estate sold | 92 | 0 | 197 | 72,059 | ||||||||||
| Services expense | 541 | 16,255 | 4,138 | 136,606 | ||||||||||
| Other (income) and expense | (889 | ) | 2,954 | (379 | ) | 6,086 | ||||||||
| Selling, general and administrative expenses | 23,471 | 34,239 | 10,974 | 150,179 | ||||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 306 | 0 | 1,950 | 2,585 | ||||||||||
| Total Segment Expenses | 35,478 | 53,641 | 52,170 | 602,669 | ||||||||||
| Equity in Net income (Loss) of equity method investments and others | 7,726 | 693 | 1,453 | 35,431 | ||||||||||
| Segment Profits | 11,835 | 11,154 | 8,883 | 137,274 | ||||||||||
| Depreciation and amortization | 908 | 1,690 | 23,915 | 92,556 | ||||||||||
| Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 | (51,737 | ) | |||||||||
| Expenditures for long-lived assets | 225 | 0 | 41,939 | 209,614 |
Table of Contents
Segment assets information as of March 31, 2024 and June 30, 2024 is as follows:
| As of March 31, 2024 | |||||||
| Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | |
| Net investment in leases | 567,735 | 51,978 | 1,238 | 3,104 | 0 | 0 | 0 |
| Installment loans | 346,840 | 52 | 115,629 | 2,255 | 11,792 | 2,378,183 | 60,468 |
| Investment in operating leases | 535,655 | 278,191 | 56,286 | 250 | 26,876 | 0 | 557,867 |
| Investment in securities | 36,683 | 4,036 | 36,729 | 571 | 2,236,495 | 311,237 | 11,960 |
| Property under facility operations and servicing assets | 17,404 | 165,387 | 41,416 | 453,252 | 0 | 0 | 0 |
| Inventories | 928 | 174,990 | 47,553 | 2,463 | 0 | 0 | 733 |
| Advances for finance lease and operating lease | 3,400 | 114,649 | 5 | 0 | 0 | 0 | 9,232 |
| Equity method investments | 14,984 | 143,751 | 118,310 | 219,018 | 29,742 | 43,601 | 399,061 |
| Advances for property under facility operations | 0 | 8,183 | 4,466 | 44,962 | 0 | 0 | 0 |
| Goodwill, intangible assets acquired in business combinations | 28,693 | 52,898 | 351,202 | 121,174 | 4,452 | 0 | 19,114 |
| Other assets | 224,998 | 115,972 | 293,813 | 129,385 | 612,570 | 201,196 | 111,206 |
| Segment Assets | 1,777,320 | 1,110,087 | 1,066,647 | 976,434 | 2,921,927 | 2,934,217 | 1,169,641 |
| Long-lived assets | 516,852 | 565,868 | 95,769 | 498,461 | 26,590 | 0 | 565,846 |
| Millions of yen | |||||||
| As of March 31, 2024 | |||||||
| ORIX USA | ORIX Europe | Asia and Australia | Total | ||||
| Net investment in leases | 505 | 0 | 530,426 | 1,154,986 | |||
| Installment loans | 699,384 | 0 | 343,936 | 3,958,539 | |||
| Investment in operating leases | 9,858 | 0 | 395,573 | 1,860,556 | |||
| Investment in securities | 509,172 | 82,568 | 33,520 | 3,262,971 | |||
| Property under facility operations and servicing assets | 79,747 | 0 | 1,849 | 759,055 | |||
| Inventories | 159 | 0 | 224 | 227,050 | |||
| Advances for finance lease and operating lease | 0 | 0 | 3,017 | 130,303 | |||
| Equity method investments | 61,415 | 11,907 | 271,682 | 1,313,471 | |||
| Advances for property under facility operations | 0 | 0 | 0 | 57,611 | |||
| Goodwill, intangible assets acquired in business combinations | 176,785 | 364,773 | 7,313 | 1,126,404 | |||
| Other assets | 157,459 | 202,891 | 121,693 | 2,171,183 | |||
| Segment Assets | 1,694,484 | 662,139 | 1,709,233 | 16,022,129 | |||
| Long-lived assets | 9,841 | 0 | 384,477 | 2,663,704 |
Table of Contents
| As of June 30, 2024 | |||||||
| Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | |
| Net investment in leases | 563,901 | 50,558 | 1,186 | 2,835 | 0 | 0 | 0 |
| Installment loans | 347,392 | 47 | 117,472 | 2,407 | 11,954 | 2,306,184 | 55,491 |
| Investment in operating leases | 537,315 | 317,510 | 57,483 | 245 | 26,865 | 0 | 652,979 |
| Investment in securities | 30,044 | 1,750 | 6,982 | 590 | 2,231,121 | 312,328 | 12,418 |
| Property under facility operations and servicing assets | 17,485 | 163,274 | 32,820 | 466,742 | 0 | 0 | 0 |
| Inventories | 1,066 | 171,235 | 39,147 | 4,154 | 0 | 0 | 862 |
| Advances for finance lease and operating lease | 3,347 | 80,784 | 9 | 0 | 0 | 0 | 11,982 |
| Equity method investments | 14,740 | 147,873 | 122,029 | 229,649 | 31,676 | 44,360 | 428,566 |
| Advances for property under facility operations | 0 | 9,810 | 71 | 44,179 | 0 | 0 | 0 |
| Goodwill, intangible assets acquired in business combinations | 28,497 | 52,374 | 339,591 | 124,183 | 4,452 | 0 | 22,339 |
| Other assets | 235,151 | 103,137 | 250,387 | 140,399 | 578,285 | 213,277 | 120,292 |
| Segment Assets | 1,778,938 | 1,098,352 | 967,177 | 1,015,383 | 2,884,353 | 2,876,149 | 1,304,929 |
| Long-lived assets | 518,912 | 570,566 | 84,178 | 511,164 | 26,445 | 0 | 662,530 |
| Millions of yen | |||||||
| As of June 30, 2024 | |||||||
| ORIX USA | ORIX Europe | Asia and Australia | Total | ||||
| Net investment in leases | 525 | 0 | 568,904 | 1,187,909 | |||
| Installment loans | 699,812 | 0 | 352,699 | 3,893,458 | |||
| Investment in operating leases | 10,657 | 0 | 420,833 | 2,023,887 | |||
| Investment in securities | 524,939 | 92,172 | 35,564 | 3,247,908 | |||
| Property under facility operations and servicing assets | 83,972 | 0 | 1,940 | 766,233 | |||
| Inventories | 206 | 0 | 306 | 216,976 | |||
| Advances for finance lease and operating lease | 0 | 0 | 3,512 | 99,634 | |||
| Equity method investments | 66,470 | 12,940 | 287,156 | 1,385,459 | |||
| Advances for property under facility operations | 0 | 0 | 0 | 54,060 | |||
| Goodwill, intangible assets acquired in business combinations | 187,495 | 381,708 | 7,749 | 1,148,388 | |||
| Other assets | 193,569 | 216,074 | 124,224 | 2,174,795 | |||
| Segment Assets | 1,767,645 | 702,894 | 1,802,887 | 16,198,707 | |||
| Long-lived assets | 10,666 | 0 | 408,508 | 2,792,969 |
Table of Contents
The reconciliation of segment totals to condensed consolidated financial statement amounts is as follows:
| Three months ended June 30, 2023 | Three months ended June 30, 2024 | |||
|---|---|---|---|---|
| Segment revenues: | ||||
| Total revenues for segments | 673,126 | 704,512 | ||
| Revenues related to corporate assets | 16,895 | 17,455 | ||
| Revenues from inter-segment transactions | (13,223 | ) | (13,828 | ) |
| Total consolidated revenues | 676,798 | 708,139 | ||
| Segment profits: | ||||
| Total profits for segments | 107,115 | 137,274 | ||
| Corporate profits (losses) | (19,196 | ) | (15,557 | ) |
| Net income attributable to the noncontrolling interests and net income attributable to the | ||||
| redeemable noncontrolling interests | 1,473 | (1,548 | ) | |
| Total consolidated income before income taxes | 89,392 | 120,169 |
(8) Cash flow information (Unaudited)
ORIX Group does not prepare the consolidated statements of cash flows for the three months ended June 30, 2024. Depreciation and amortization for the three months ended June 30, 2023 and 2024 were ¥85,396 million and ¥93,907 million, respectively.
(9) Subsequent Events
There are no material subsequent events.
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Notice regarding Share Repurchase Status
TOKYO, Japan August 5, 2024 ORIX Corporation announced today 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 8, 2024, as follows.
| 1. Class of shares repurchased | Common shares |
|---|---|
| 2. Total number of shares repurchased | 2,133,700 shares |
| 3. Total purchase price of shares repurchased | JPY 7,776,958,100 |
| 4. Repurchase Period | From July 1, 2024 to July 31, 2024 |
| 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 8, 2024 | |
| --- | --- |
| (1) Class of shares to be repurchased | Common shares |
| (2) Total number of shares to be repurchased | Up to 40,000,000 shares |
| | (approx.3.5% 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 15, 2024 to March 31, 2025 |
| (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, 2024) | |
| (1) Total number of shares repurchased | 5,271,800 shares |
| (2) Total purchase price of shares repurchased | JPY 18,448,621,700 |
Contact Information:
Investor Relations and Sustainability Department
ORIX Corporation
Tel: +81-3-3435-3121
About ORIX Group:
ORIX Group (ORIX Corporation TSE: 8591; NYSE: IX) was established in 1964 and has grown from its roots in leasing in Japan to become a global, diverse, and unique corporate group. Today, it is active around the world in financing and investment, life insurance, banking, asset management, real estate, concession, environment and energy, automobile-related services, industrial/ICT equipment, ships and aircraft. Since expanding outside of Japan in 1971, ORIX Group has grown its business globally and now operates in around 30 countries and regions across the world with approximately 34,000 people. ORIX Group unites globally around its Purpose: Finding Paths. Making Impact. combining diverse expertise and innovative thinking to help our world develop in a sustainable way. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2024)
Table of Contents
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, 2023 March 31, 2024 furnished on Form 6-K.
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