Foreign Filer Report • Feb 10, 2025
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Download Source File6-K 1 d906476d6k.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 February 2025
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
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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 December 31, 2024
February 10, 2025
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 December 31, 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 Nine Months Ended December 31, 2024
(1) Performance Highlights - Operating Results (Unaudited)
(millions of yen)
| December 31, 2024 | 2,154,484 | 5.4 % | 290,724 | 9.3 % | 383,377 | 23.7 % | 271,777 | 24.0 % |
|---|---|---|---|---|---|---|---|---|
| December 31, 2023 | 2,043,756 | 2.6 % | 266,007 | 12.0 % | 310,007 | 8.4 % | 219,205 | 3.4 % |
Comprehensive Income Attributable to ORIX Corporation Shareholders was ¥332,813 million for the nine months ended December 31, 2024 (year-on-year change was a 0.1% decrease) and ¥333,131 million for the nine months ended December 31, 2023 (year-on-year change was a 3.6% increase)
*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 nine months ended December 31, 2023 have been retrospectively reclassified for this change.
| December 31, 2024 | 237.46 | 237.03 |
|---|---|---|
| December 31, 2023 | 188.68 | 188.39 |
*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)
| December 31, 2024 | 16,917,024 | 4,170,686 | 4,086,346 | 24.2 % |
|---|---|---|---|---|
| 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 | | 62.17 | | | |
| March 31, 2025 (Est.) | | | | | 98.60 |
*Note 4: Revision from the previously announced dividend forecast: No
Regarding the interim dividend for the fiscal year ending March 31, 2025, we have decided the dividend per share of ¥62.17 by applying the dividend payout ratio of 39% to earnings per share for the six months ended September 30, 2024.
For the fiscal year ending March 31, 2025, the annual dividend is at the higher of either payout ratio of 39% or ¥98.60 per share and the minimum dividend has been stated in the above table.
The annual dividend will be determined in accordance with the progress to the consolidated earnings forecast which is net income attributable to ORIX Corporation Shareholders of ¥390 billion. We will promptly announce the forecast for the annual dividend as soon as it is updated.
3. Forecast for the Year Ending March 31, 2025 (Unaudited)
| March 31, 2025 | 390,000 | 12.7 % |
|---|---|---|
*Note 5: 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 December 31, 2024, and 1,214,961,054 as of March 31, 2024.
The number of treasury stock was 75,258,068 as of December 31, 2024, and 60,748,162 as of March 31, 2024.
The average number of outstanding shares was 1,144,429,487 for the nine months ended December 31, 2024, and 1,161,753,483 for the nine months ended December 31, 2023.
The Companys shares held through the Board Incentive Plan Trust (3,535,096 shares as of December 31, 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 December 31, 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 Nine Months Ended December 31, 2024
| Amount | Percent | ||||
| Total Revenues | (millions of yen) | 2,043,756 | 2,154,484 | 110,728 | 5 % |
| Total Expenses | (millions of yen) | 1,777,749 | 1,863,760 | 86,011 | 5 % |
| Income before Income Taxes | (millions of yen) | 310,007 | 383,377 | 73,370 | 24 % |
| Net Income Attributable to ORIX Corporation Shareholders | (millions of yen) | 219,205 | 271,777 | 52,572 | 24 % |
| Earnings Per Share (Basic) | (yen) | 188.68 | 237.46 | 48.78 | 26 % |
| (Diluted) | (yen) | 188.39 | 237.03 | 48.64 | 26 % |
| ROE (Annualized) *1 | (%) | 8.0 | 9.0 | 1.0 | |
| ROA (Annualized) *2 | (%) | 1.88 | 2.18 | 0.30 | |
*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 nine months ended December 31, 2023 have been retrospectively reclassified for this change.
Overview of Business Performance (April 1, 2024 to December 31, 2024)
Total revenues for the nine months ended December 31, 2024 increased 5% to ¥2,154,484 million compared to ¥2,043,756 million during the same period of the previous fiscal year primarily due to increases in operating leases revenues and services income, partially offset by decreases in finance revenues.
Total expenses increased 5% to ¥1,863,760 million compared to ¥1,777,749 million during the same period of the previous fiscal year primarily due to increases in costs of operating leases, services expense, other expense and selling, general and administrative expenses, partially offset by decreases in interest expense.
Equity in net income of equity method investments increased by ¥15,945 million to ¥48,367 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 ¥32,708 million to ¥44,286 million compared to the same period of the previous fiscal year.
Due to the above results, income before income taxes for the nine months ended December 31, 2024 increased 24% to ¥383,377 million compared to ¥310,007 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 24% to ¥271,777 million compared to ¥219,205 million during the same period of the previous fiscal year.
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Segment Information
Total segment profits for the nine months ended December 31, 2024 increased 16% to ¥427,515 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 nine months ended December 31, 2023 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 corporate profits (losses) in the reconciliation of segment profits to the condensed consolidated financial statement amounts. As a result, segment data for the nine months ended December 31, 2023 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, and others. As a result, segment data as of the end of fiscal 2024 have been retrospectively reclassified.
Segment information for the nine months ended December 31, 2024 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 | 60,664 | 66,214 | 5,550 | 9 |
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||
| Amount (millions of yen) | Percent (%) | |||
| Segment Assets | 1,777,320 | 1,840,241 | 62,921 | 4 |
Segment profits increased 9% to ¥66,214 million compared to the same period of the previous fiscal year due to primarily increases in operating leases revenues and gains on sales of subsidiaries and equity method investments.
Segment assets increased 4% to ¥1,840,241 million compared to the end of the previous fiscal year primarily due to increases in installment loans and investment in operating leases.
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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 | 52,304 | 59,656 | 7,352 | 14 | ||
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 1,110,087 | 1,152,116 | 42,029 | 4 | ||
| Segment profits increased 14% to ¥59,656 million compared to the same | ||||||
| period of the previous fiscal year primarily due to an increase in operating leases revenues, partially offset by a decrease in profits due to the absence of equity in net income (loss) of equity method investments recorded in the previous fiscal | ||||||
| year. Segment assets increased 4% to | ||||||
| ¥1,152,116 million compared to the end of the previous fiscal year primarily due to an increase in equity method investments. PE Investment and Concession : Private equity investment; concession | ||||||
| Nine months ended December 31, 2023 (millions of yen) | Nine months ended December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 23,334 | 66,181 | 42,847 | 184 | ||
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 1,066,647 | 981,845 | (84,802 | ) | (8 | ) |
Segment profits increased 184% to ¥66,181 million compared to the same period of the previous fiscal year primarily due to increases in equity in net income (loss) of equity method investments and gains on sales of subsidiaries and equity method investments resulting from the sale of investees.
Segment assets decreased 8% to ¥981,845 million compared to the end of the previous fiscal year primarily due to decreases in cash and cash equivalents and 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 | 25,887 | 13,165 | (12,722 | ) | (49 | ) |
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 976,434 | 955,021 | (21,413 | ) | (2 | ) |
| Segment profits decreased 49% to ¥13,165 million compared to the same | ||||||
| period of the previous fiscal year primarily due to an increase in service expense and a decrease in equity in net income (loss) of equity method investments, partially offset by an increase in gains on sales of subsidiaries and equity method | ||||||
| investments. Segment assets decreased 2% to | ||||||
| ¥955,021 million compared to the end of the previous fiscal year primarily due to a decrease in equity method investments. Insurance : Life insurance | ||||||
| Nine months ended December 31, 2023 (millions of yen) | Nine months ended December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 54,007 | 61,735 | 7,728 | 14 | ||
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 2,921,927 | 3,005,315 | 83,388 | 3 |
Segment profits increased 14% to ¥61,735 million compared to the same period of the previous fiscal year primarily due to an increase in life insurance premiums and related investment income, partially offset by an increase in life insurance costs.
Segment assets increased 3% to ¥3,005,315 million compared to the end of the previous fiscal year primarily due to an increase in investment in securities.
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Banking and Credit : Banking; consumer finance
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 27,356 | 22,085 | (5,271 | ) | (19 | ) |
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 2,934,217 | 3,060,801 | 126,584 | 4 | ||
| Segment profits decreased 19% to ¥22,085 million compared to the same | ||||||
| period of the previous fiscal year primarily due to a decrease in finance revenues as a result of ORIX Credit Corporation becoming an equity method investee due to the partial sale of its shares in the fourth quarter of fiscal 2024. Segment assets increased 4% to ¥3,060,801 million | ||||||
| compared to the end of the previous fiscal year primarily due to an increase in installment loans. Aircraft and Ships : Aircraft investment and management; ship-related finance and investment | ||||||
| Nine months ended December 31, 2023 (millions of yen) | Nine months ended December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 28,988 | 44,598 | 15,610 | 54 | ||
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 1,169,641 | 1,325,638 | 155,997 | 13 |
Segment profits increased 54% to ¥44,598 million compared to the same period of the previous fiscal year primarily due to an increase in operating leases revenues as a result of a new acquisition of a subsidiary in the fourth quarter of fiscal 2024.
Segment assets increased 13% to ¥1,325,638 million compared to the end of the previous fiscal year primarily due to an increase in investment in operating leases and a general increase in resulting from foreign exchange effects.
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ORIX USA : Finance, investment and asset management in the Americas
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 35,586 | 27,836 | (7,750 | ) | (22 | ) |
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 1,694,484 | 1,694,017 | (467 | ) | (0 | ) |
| Segment profits decreased 22% to ¥27,836 million compared to the same | ||||||
| period of the previous fiscal year primarily due to decreases in finance revenues and gains on investment securities and dividends, partially offset by an increase in gains on sales of subsidiaries and equity method investments. Segment assets totaled ¥1,694,017 million, | ||||||
| remaining relatively unchanged compared to the end of the previous fiscal year. ORIX Europe : Asset management of global equity and fixed income | ||||||
| Nine months ended December 31, 2023 (millions of yen) | Nine months ended December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 30,422 | 38,141 | 7,719 | 25 | ||
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 662,139 | 715,603 | 53,464 | 8 |
Segment profits increased 25% to ¥38,141 million compared to the same period of the previous fiscal year primarily due to an increase in services income, partially offset by an increase in selling, general and administrative expenses.
Segment assets increased 8% to ¥715,603 million compared to the end of the previous fiscal year primarily due to increases in cash and cash equivalents and investment in securities.
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Asia and Australia : Finance and investment businesses in Asia and Australia
| Amount (millions of yen) | Percent (%) | |||||
| Segment Profits | 30,043 | 27,904 | (2,139 | ) | (7 | ) |
| As of March 31, 2024 (millions of yen) | As of December 31, 2024 (millions of yen) | Change | ||||
| Amount (millions of yen) | Percent (%) | |||||
| Segment Assets | 1,709,233 | 1,747,909 | 38,676 | 2 |
Segment profits decreased 7% to ¥27,904 million compared to the same period of the previous fiscal year primarily due to decreases in finance revenues and equity in net income (loss) of equity method investments and an increase in provision for credit losses in Greater China.
Segment assets increased 2% to ¥1,747,909 million compared to the end of the previous fiscal year primarily due to an increase in net investment in leases and a general increase in resulting from foreign exchange effects, partially offset by a decrease in installment loans.
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(2) Consolidated Financial Condition
Summary of Assets, Liabilities, Shareholders Equity
| Amount | Percent | ||||
| Total Assets | (millions of yen) | 16,322,100 | 16,917,024 | 594,924 | 4 % |
| (Segment Assets) *1 | 16,022,129 | 16,478,506 | 456,377 | 3 % | |
| Total Liabilities | (millions of yen) | 12,297,490 | 12,743,540 | 446,050 | 4 % |
| (Short-term and Long-term Debt) | 6,200,471 | 6,505,592 | 305,121 | 5 % | |
| (Deposits) | 2,245,835 | 2,374,983 | 129,148 | 6 % | |
| Shareholders Equity *2 | (millions of yen) | 3,941,466 | 4,086,346 | 144,880 | 4 % |
| Shareholders Equity Per Share *3 | (yen) | 3,422.94 | 3,596.60 | 173.66 | 5 % |
*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, and others. As a result, segment data as of the end of fiscal 2024 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 4% to ¥16,917,024 million compared to the end of the previous fiscal year primarily due to increases in cash and cash equivalents, installment loans, investment in operating leases and investment in securities. In addition, segment assets increased 3% to ¥16,478,506 million compared to the end of the previous fiscal year.
Total liabilities increased 4% to ¥12,743,540 million compared to the end of the previous fiscal year primarily due to increases in short-term debt, deposits and long-term debt, partially offset by a decrease in trade notes, accounts and other payable.
Shareholders equity increased 4% to ¥4,086,346 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 | 1,117,631 | ||
|---|---|---|---|---|
| Restricted Cash | 152,497 | 132,420 | ||
| Net Investment in Leases | 1,155,023 | 1,195,851 | ||
| Installment Loans | 3,958,814 | 4,042,632 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥129,959 million | |||
| December 31, 2024 | ¥128,612 million | |||
| Allowance for Credit Losses | (58,110 | ) | (58,227 | ) |
| Investment in Operating Leases | 1,868,574 | 2,064,031 | ||
| Investment in Securities | 3,263,079 | 3,357,514 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥35,696 million | |||
| December 31, 2024 | ¥46,003 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 | |||
| December 31, 2024 | ||||
| Amortized Cost | ¥3,196,156 million | |||
| Allowance for Credit Losses | ¥(710) million | |||
| Property under Facility Operations | 689,573 | 676,231 | ||
| Equity method investments | 1,313,887 | 1,347,976 | ||
| Trade Notes, Accounts and Other Receivable | 401,368 | 399,146 | ||
| Inventories | 227,359 | 227,645 | ||
| Office Facilities | 248,458 | 253,420 | ||
| Other Assets | 2,068,768 | 2,160,754 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥2,786 million | |||
| December 31, 2024 | ¥2,463 million | |||
| Total Assets | 16,322,100 | 16,917,024 | ||
| Liabilities and Equity | ||||
| Short-term Debt | 574,095 | 737,905 | ||
| Deposits | 2,245,835 | 2,374,983 | ||
| Trade Notes, Accounts and Other Payable | 362,504 | 298,393 | ||
| Policy Liabilities and Policy Account Balances | 1,892,510 | 1,889,930 | ||
| The amounts which are measured at fair value by electing the fair value option are as | ||||
| follows: | ||||
| March 31, 2024 | ¥167,207 million | |||
| December 31, 2024 | ¥150,881 million | |||
| Current and Deferred Income Taxes | 570,724 | 575,005 | ||
| Long-term Debt | 5,626,376 | 5,767,687 | ||
| Other Liabilities | 1,025,446 | 1,099,637 | ||
| Total Liabilities | 12,297,490 | 12,743,540 | ||
| Redeemable Noncontrolling Interests | 2,645 | 2,798 | ||
| Commitments and Contingent Liabilities | ||||
| Common Stock | 221,111 | 221,111 | ||
| Additional Paid-in Capital | 233,457 | 234,054 | ||
| Retained Earnings | 3,259,730 | 3,395,761 | ||
| Accumulated Other Comprehensive Income | 357,148 | 418,276 | ||
| Treasury Stock, at Cost | (129,980 | ) | (182,856 | ) |
| Total ORIX Corporation Shareholders Equity | 3,941,466 | 4,086,346 | ||
| Noncontrolling Interests | 80,499 | 84,340 | ||
| Total Equity | 4,021,965 | 4,170,686 | ||
| Total Liabilities and Equity | 16,322,100 | 16,917,024 |
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Note : Breakdown of Accumulated Other Comprehensive Income (Loss)
| Accumulated Other Comprehensive Income (Loss) | ||||
| Net unrealized gains (losses) on investment in securities | (250,806 | ) | (358,944 | ) |
| Impact of changes in policy liability discount rate | 257,785 | 381,289 | ||
| Debt valuation adjustments | 84 | 80 | ||
| Defined benefit pension plans | 9,670 | 9,085 | ||
| Foreign currency translation adjustments | 324,208 | 377,526 | ||
| Net unrealized gains on derivative instruments | 16,207 | 9,240 | ||
| Total | 357,148 | 418,276 |
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(2) Condensed Consolidated Statements of Income (Unaudited)
(millions of yen)
| Revenues : | ||||
| Finance revenues | 260,096 | 245,873 | ||
| Gains on investment securities and dividends | 21,256 | 13,186 | ||
| Operating leases | 391,436 | 465,668 | ||
| Life insurance premiums and related investment income | 394,012 | 403,991 | ||
| Sales of goods and real estate | 261,439 | 272,143 | ||
| Services income | 715,517 | 753,623 | ||
| Total Revenues | 2,043,756 | 2,154,484 | ||
| Expenses : | ||||
| Interest expense | 138,594 | 124,257 | ||
| Costs of operating leases | 266,402 | 293,495 | ||
| Life insurance costs | 300,798 | 302,178 | ||
| Costs of goods and real estate sold | 187,249 | 198,276 | ||
| Services expense | 410,379 | 442,808 | ||
| Other (income) and expense | 187 | 17,959 | ||
| Selling, general and administrative expenses | 458,936 | 470,198 | ||
| Provision for credit losses | 14,299 | 13,364 | ||
| Write-downs of long-lived assets | 643 | 678 | ||
| Write-downs of securities | 262 | 547 | ||
| Total Expenses | 1,777,749 | 1,863,760 | ||
| Operating Income | 266,007 | 290,724 | ||
| Equity in Net Income of Equity method investments | 32,422 | 48,367 | ||
| Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net | 11,578 | 44,286 | ||
| Income before Income Taxes | 310,007 | 383,377 | ||
| Provision for Income Taxes | 92,382 | 111,678 | ||
| Net Income | 217,625 | 271,699 | ||
| Net Income (Loss) Attributable to the Noncontrolling Interests | (1,645 | ) | (265 | ) |
| Net Income Attributable to the Redeemable Noncontrolling Interests | 65 | 187 | ||
| Net Income Attributable to ORIX Corporation Shareholders | 219,205 | 271,777 |
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 nine months ended December 31, 2023 have been retrospectively reclassified for this change.
Table of Contents
(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)
| Nine months ended December 31, 2023 | Nine months ended December 31, 2024 | |||
|---|---|---|---|---|
| Net Income : | 217,625 | 271,699 | ||
| Other comprehensive income (loss), net of tax: | ||||
| Net change of unrealized gains (losses) on investment in securities | (53,066 | ) | (108,151 | ) |
| Impact of changes in policy liability discount rate | 64,666 | 123,504 | ||
| Net change of debt valuation adjustments | (149 | ) | (4 | ) |
| Net change of defined benefit pension plans | (84 | ) | (592 | ) |
| Net change of foreign currency translation adjustments | 106,651 | 55,331 | ||
| Net change of unrealized gains (losses) on derivative instruments | (3,012 | ) | (6,441 | ) |
| Total other comprehensive income | 115,006 | 63,647 | ||
| Comprehensive Income | 332,631 | 335,346 | ||
| Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (639 | ) | 2,244 | |
| Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 139 | 289 | ||
| Comprehensive Income Attributable to ORIX Corporation Shareholders | 333,131 | 332,813 |
(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.
Table of Contents
(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 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 nine months ended December 31, 2023 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 corporate profits (losses) in the reconciliation of segment profits to the condensed consolidated financial statement amounts. As a result, segment data for the nine months ended December 31, 2023 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, and others. As a result, segment data as of the end of fiscal 2024 have been retrospectively reclassified.
Table of Contents
Segment information for the nine months ended December 31, 2023 and nine months ended December 31, 2024 is as follows:
| Nine months ended December 31, 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 | 46,582 | 4,647 | 3,773 | 1,103 | 212 | 59,814 | 5,981 | ||||||
| Gains on investment securities and dividends | 2,808 | 475 | 826 | 1,179 | 0 | 399 | (24 | ) | |||||
| Operating leases | 199,331 | 34,427 | 30,432 | 59 | 0 | 0 | 32,883 | ||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 0 | 395,835 | 0 | 0 | ||||||
| Sales of goods and real estate | 2,767 | 70,985 | 179,965 | 2,787 | 0 | 0 | 97 | ||||||
| Services income | 80,300 | 226,831 | 58,405 | 119,015 | 1,828 | 5,051 | 5,890 | ||||||
| Total Segment Revenues | 331,788 | 337,365 | 273,401 | 124,143 | 397,875 | 65,264 | 44,827 | ||||||
| Interest expense | 4,059 | 2,217 | 2,550 | 7,772 | 1 | 3,857 | 8,390 | ||||||
| Costs of operating leases | 143,646 | 18,637 | 19,935 | 14 | 0 | 0 | 14,865 | ||||||
| Life insurance costs | 0 | 0 | 0 | 0 | 300,756 | 0 | 0 | ||||||
| Costs of goods and real estate sold | 2,291 | 56,749 | 123,538 | 1,617 | 0 | 0 | 96 | ||||||
| Services expense | 43,859 | 182,380 | 41,176 | 82,431 | 0 | 3,905 | 841 | ||||||
| Other (income) and expense | 12,582 | 191 | (753 | ) | (565 | ) | (1 | ) | (212 | ) | (3,458 | ) | |
| Selling, general and administrative expenses | 66,072 | 30,601 | 65,759 | 13,706 | 43,318 | 23,929 | 7,778 | ||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 365 | 452 | 201 | 48 | (2 | ) | 6,224 | (0 | ) | ||||
| Total Segment Expenses | 272,874 | 291,227 | 252,406 | 105,023 | 344,072 | 37,703 | 28,512 | ||||||
| Equity in Net income (Loss) of equity method investments and others | 1,750 | 6,166 | 2,339 | 6,767 | 204 | (205 | ) | 12,673 | |||||
| Segment Profits | 60,664 | 52,304 | 23,334 | 25,887 | 54,007 | 27,356 | 28,988 | ||||||
| Significant non-cash items: | |||||||||||||
| Depreciation and amortization | 113,834 | 13,698 | 20,473 | 18,511 | 14,652 | 1,254 | 15,969 | ||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 0 | 112,418 | 0 | 0 | ||||||
| Expenditures for long-lived assets | 135,471 | 43,239 | 14,767 | 38,708 | 241 | 9 | 160,229 | ||||||
| Millions of yen | |||||||||||||
| Nine months ended December 31, 2023 | |||||||||||||
| ORIX USA | ORIX Europe | Asia and Australia | Total | ||||||||||
| Finance revenues | 85,535 | 1,740 | 52,334 | 261,721 | |||||||||
| Gains on investment securities and dividends | 8,235 | 6,499 | 279 | 20,676 | |||||||||
| Operating leases | 983 | 0 | 89,624 | 387,739 | |||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 395,835 | |||||||||
| Sales of goods and real estate | 442 | 0 | 361 | 257,404 | |||||||||
| Services income | 39,024 | 156,341 | 18,378 | 711,063 | |||||||||
| Total Segment Revenues | 134,219 | 164,580 | 160,976 | 2,034,438 | |||||||||
| Interest expense | 36,020 | 212 | 25,595 | 90,673 | |||||||||
| Costs of operating leases | 362 | 0 | 66,702 | 264,161 | |||||||||
| Life insurance costs | 0 | 0 | 0 | 300,756 | |||||||||
| Costs of goods and real estate sold | 229 | 0 | 342 | 184,862 | |||||||||
| Services expense | 2,485 | 39,713 | 11,243 | 408,033 | |||||||||
| Other (income) and expense | (995 | ) | 1,960 | (1,266 | ) | 7,483 | |||||||
| Selling, general and administrative expenses | 63,086 | 94,831 | 30,648 | 439,728 | |||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 2,673 | 217 | 5,027 | 15,205 | |||||||||
| Total Segment Expenses | 103,860 | 136,933 | 138,291 | 1,710,901 | |||||||||
| Equity in Net income (Loss) of equity method investments and others | 5,227 | 2,775 | 7,358 | 45,054 | |||||||||
| Segment Profits | 35,586 | 30,422 | 30,043 | 368,591 | |||||||||
| Significant non-cash items: | |||||||||||||
| Depreciation and amortization | 3,088 | 4,829 | 64,488 | 270,796 | |||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 112,418 | |||||||||
| Expenditures for long-lived assets | 86 | 292 | 133,473 | 526,515 |
Table of Contents
| Nine months ended December 31, 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 | 46,552 | 3,608 | 9,092 | 895 | 229 | 44,241 | 4,670 | ||||||
| Gains on investment securities and dividends | 2,533 | 954 | 723 | 3,463 | 0 | 248 | 15 | ||||||
| Operating leases | 211,512 | 48,791 | 31,434 | 59 | 0 | 0 | 67,709 | ||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 0 | 405,993 | 0 | 0 | ||||||
| Sales of goods and real estate | 2,850 | 78,491 | 183,946 | 2,332 | 0 | 0 | 520 | ||||||
| Services income | 80,853 | 238,393 | 47,485 | 129,836 | (1 | ) | 2,202 | 11,038 | |||||
| Total Segment Revenues | 344,300 | 370,237 | 272,680 | 136,585 | 406,221 | 46,691 | 83,952 | ||||||
| Interest expense | 5,168 | 1,822 | 2,613 | 9,135 | 153 | 4,455 | 13,930 | ||||||
| Costs of operating leases | 149,591 | 17,987 | 19,843 | 14 | 0 | 0 | 29,525 | ||||||
| Life insurance costs | 0 | 0 | 0 | 0 | 302,317 | 0 | 0 | ||||||
| Costs of goods and real estate sold | 2,272 | 64,362 | 127,365 | 1,294 | 0 | 0 | 491 | ||||||
| Services expense | 44,276 | 193,154 | 33,049 | 100,096 | 0 | 5,142 | 4,048 | ||||||
| Other (income) and expense | 13,147 | 1,282 | (301 | ) | 1,503 | (112 | ) | (54 | ) | 1,595 | |||
| Selling, general and administrative expenses | 66,910 | 31,503 | 63,444 | 16,519 | 42,121 | 15,740 | 8,123 | ||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 1,724 | 61 | 109 | 258 | 7 | 586 | (1 | ) | |||||
| Total Segment Expenses | 283,088 | 310,171 | 246,122 | 128,819 | 344,486 | 25,869 | 57,711 | ||||||
| Equity in Net income (Loss) of equity method investments and others | 5,002 | (410 | ) | 39,623 | 5,399 | (0 | ) | 1,263 | 18,357 | ||||
| Segment Profits | 66,214 | 59,656 | 66,181 | 13,165 | 61,735 | 22,085 | 44,598 | ||||||
| Significant non-cash items: | |||||||||||||
| Depreciation and amortization | 117,513 | 14,223 | 19,084 | 24,732 | 14,955 | 441 | 22,582 | ||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 0 | 163,838 | 0 | 0 | ||||||
| Expenditures for long-lived assets | 153,997 | 64,839 | 12,845 | 30,768 | 90 | 14 | 227,595 | ||||||
| Millions of yen | |||||||||||||
| Nine months ended December 31, 2024 | |||||||||||||
| ORIX USA | ORIX Europe | Asia and Australia | Total | ||||||||||
| Finance revenues | 77,857 | 3,181 | 56,457 | 246,782 | |||||||||
| Gains on investment securities and dividends | 3,034 | 2,107 | 200 | 13,277 | |||||||||
| Operating leases | 524 | 0 | 101,381 | 461,410 | |||||||||
| Life insurance premiums and related investment income | 0 | 0 | 0 | 405,993 | |||||||||
| Sales of goods and real estate | 410 | 0 | 596 | 269,145 | |||||||||
| Services income | 35,095 | 188,136 | 17,642 | 750,679 | |||||||||
| Total Segment Revenues | 116,920 | 193,424 | 176,276 | 2,147,286 | |||||||||
| Interest expense | 31,186 | 539 | 31,735 | 100,736 | |||||||||
| Costs of operating leases | 1,007 | 0 | 73,276 | 291,243 | |||||||||
| Life insurance costs | 0 | 0 | 0 | 302,317 | |||||||||
| Costs of goods and real estate sold | 236 | 0 | 534 | 196,554 | |||||||||
| Services expense | 1,653 | 49,670 | 11,171 | 442,259 | |||||||||
| Other (income) and expense | (2,695 | ) | 4,024 | (1,324 | ) | 17,065 | |||||||
| Selling, general and administrative expenses | 67,624 | 102,149 | 33,295 | 447,428 | |||||||||
| Provision for credit losses, and write-downs of long-lived assets and securities | 4,307 | 115 | 7,423 | 14,589 | |||||||||
| Total Segment Expenses | 103,318 | 156,497 | 156,110 | 1,812,191 | |||||||||
| Equity in Net income (Loss) of equity method investments and others | 14,234 | 1,214 | 7,738 | 92,420 | |||||||||
| Segment Profits | 27,836 | 38,141 | 27,904 | 427,515 | |||||||||
| Significant non-cash items: | |||||||||||||
| Depreciation and amortization | 1,889 | 4,783 | 70,559 | 290,761 | |||||||||
| Increase in policy liabilities and policy account balances | 0 | 0 | 0 | 163,838 | |||||||||
| Expenditures for long-lived assets | 1,325 | 694 | 132,503 | 624,670 |
Table of Contents
Segment information as of March 31, 2024 and December 31, 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 |
| 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 |
Table of Contents
| As of December 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 | 576,094 | 46,400 | 1,247 | 2,556 | 0 | 0 | (1 | ) |
| Installment loans | 371,044 | 35 | 121,886 | 2,607 | 12,441 | 2,493,988 | 43,144 | |
| Investment in operating leases | 560,999 | 307,094 | 57,864 | 238 | 26,658 | 0 | 682,322 | |
| Investment in securities | 29,361 | 6,018 | 6,041 | 32,514 | 2,299,615 | 309,557 | 11,584 | |
| Property under facility operations and servicing assets | 16,947 | 173,430 | 29,673 | 444,427 | 0 | 0 | 28 | |
| Inventories | 504 | 179,616 | 42,013 | 3,385 | 0 | 0 | 1,425 | |
| Advances for finance lease and operating lease | 3,710 | 82,438 | 11 | 0 | 0 | 0 | 20,665 | |
| Equity method investments | 15,829 | 179,820 | 138,788 | 156,847 | 38,625 | 45,000 | 423,887 | |
| Advances for property under facility operations | 0 | 7,829 | 146 | 57,397 | 0 | 0 | 0 | |
| Goodwill, intangible assets acquired in business combinations | 25,825 | 51,325 | 346,065 | 118,551 | 4,452 | 0 | 45,663 | |
| Other assets | 239,928 | 118,111 | 238,111 | 136,499 | 623,524 | 212,256 | 96,921 | |
| Segment Assets | 1,840,241 | 1,152,116 | 981,845 | 955,021 | 3,005,315 | 3,060,801 | 1,325,638 | |
| Millions of yen | ||||||||
| As of December 31, 2024 | ||||||||
| ORIX USA | ORIX Europe | Asia and Australia | Total | |||||
| Net investment in leases | 492 | 0 | 569,015 | 1,195,803 | ||||
| Installment loans | 680,003 | 0 | 317,473 | 4,042,621 | ||||
| Investment in operating leases | 12,776 | 0 | 407,059 | 2,055,010 | ||||
| Investment in securities | 527,664 | 97,272 | 37,584 | 3,357,210 | ||||
| Property under facility operations and servicing assets | 80,918 | 0 | 1,859 | 747,282 | ||||
| Inventories | 139 | 0 | 243 | 227,325 | ||||
| Advances for finance lease and operating lease | 0 | 0 | 5,890 | 112,714 | ||||
| Equity method investments | 58,761 | 12,911 | 277,091 | 1,347,559 | ||||
| Advances for property under facility operations | 0 | 0 | 26 | 65,398 | ||||
| Goodwill, intangible assets acquired in business combinations | 183,358 | 362,746 | 7,400 | 1,145,385 | ||||
| Other assets | 149,906 | 242,674 | 124,269 | 2,182,199 | ||||
| Segment Assets | 1,694,017 | 715,603 | 1,747,909 | 16,478,506 |
Table of Contents
The reconciliation of segment totals to the condensed consolidated financial statement amounts is as follows:
| Nine months ended December 31, 2023 | Nine months ended December 31, 2024 | |||
|---|---|---|---|---|
| Segment revenues: | ||||
| Total revenues for segments | 2,034,438 | 2,147,286 | ||
| Revenues related to corporate assets | 49,429 | 50,076 | ||
| Revenues from inter-segment transactions | (40,111 | ) | (42,878 | ) |
| Total consolidated revenues | 2,043,756 | 2,154,484 | ||
| Segment profits: | ||||
| Total profits for segments | 368,591 | 427,515 | ||
| Corporate profits (losses) | (57,520 | ) | (44,274 | ) |
| Net income attributable to the noncontrolling interests and net income attributable to the | ||||
| redeemable noncontrolling interests | (1,064 | ) | 136 | |
| Total consolidated income before income taxes | 310,007 | 383,377 |
(8) Cash flow information (Unaudited)
ORIX Group does not prepare the consolidated statements of cash flows for the nine months ended December 31, 2024. Depreciation and amortization for the nine months ended December 31, 2023 and 2024 were ¥273,535 million and ¥295,149 million, respectively.
(9) Subsequent Events
Cancellation of Own Shares
The Company cancelled its own shares pursuant to the share cancellation policy approved at the Board of Directors meeting held on October 28, 2019. The details of the cancellation of the Companys own shares subsequent to the balance sheet date are as follows:
| Class of shares cancelled | Common shares |
|---|---|
| Number of shares cancelled | 51,998,810 shares |
| Cancellation date | January 20, 2025. |
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