Microsoft Word - 201504 通期業績予想の修正_fin2.doc

April 27, 2015

Company name: Credit Saison Co., Ltd. (Code: 8253, First Section of the Tokyo Stock Exchange)

Name of the representative: President and CEO: Hiroshi Rinno Reference: General Manager, Public Relations Office: Mayumi Tamura (TEL:+81-3-3982-0700)

Straight Translation

Announcement regarding revision of forecasted business results for the full fiscal year (consolidated/non-consolidated)

This is to inform you that we have revised our forecast of business results for the full fiscal 2015 (consolidated/non-consolidated) from the forecast published November 7, 2014, as follows.

Details

1.Revision to full year forecast

(1)Revision to full year consolidated performance forecast for the term ending March 31, 2015 (April 1, 2014 - March 31, 2015)

Operating revenue

Operating income

Ordinary income

Net income

Net income per share

Previous announced forecast (A)

(millions of yen)

256,000

(millions of yen)

42,000

(millions of yen)

49,000

(millions of yen)

32,000

(yen)

174.26

Current forecast revision (B)

259,000

40,000

43,500

11,500

62.63

Amount of increase or decrease

(B)-(A)

3,000

(2,000)

(5,500)

(20,500)

Rate of change (%)

1.2

(4.8)

(11.2)

(64.1)

(Reference) Actual results of the previous term

(Term ended March 31, 2014)

247,577

36,336

44,408

25,552

139.14

(2)Revision to full year non-consolidated performance forecast for the term ending March 31, 2015 (April 1, 2014 - March 31, 2015)

Operating revenue

Operating income

Ordinary income

Net income

Net income per share

Previous announced forecast (A)

(millions of yen)

217,000

(millions of yen)

37,650

(millions of yen)

40,800

(millions of yen)

25,000

(yen)

136.08

Current forecast revision (B)

219,300

35,300

38,400

11,300

61.51

Amount of increase or decrease

(B)-(A)

2,300

(2,350)

(2,400)

(13,700)

Rate of change (%)

1.1

(6.2)

(5.9)

(54.8)

(Reference) Actual results of the previous term

(Term ended March 31, 2014)

205,873

29,826

34,872

18,637

101.45

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2.Reasons for Revisions

Regarding business results for fiscal 2015 (consolidated/non-consolidated), the Japanese economy is recovering gradually and there are now signs of a recovery in consumer spending. Amidst such conditions, operating revenue is forecasted to exceed the previously announced number.
On the other hand, as requests for refunding of interest payments didn't decrease as expected
and based on a forecast for future trends, provision for loss on interest repayment is expected to reach ¥9.9 billion (consolidated) and 8.8 billion (non-consolidated).
On a different topic, among shared core systems, it was revealed that a part of the ledger/external interface system (worth a total investment of ¥19 billion) we are currently developing presents problems and in order to eliminate them, we posted an extraordinary loss on disposal of a portion of the corresponding assets worth ¥8.5 billion (consolidated) and 4.6 billion (non-consolidated).
Additionally, based on the Bill for Partial Amendment of the Local Tax Law and the Bill for Partial Amendment of the Income Tax Act, etc. which were promulgated on March 31, 2015, the corporate tax rate was lowered effective from the fiscal year starting April 1, 2015. As a result, normal effective statutory tax rate for calculating the deferred tax assets in fiscal 2015 has changed.
Due to such change, we will withdraw consolidated and non-consolidated deferred tax assets worth ¥6.6 billion and expect deferred income taxes to increase by the same amount.
As a result, operating income, ordinary income and net income are forecasted to be less than the previously announced numbers on both a consolidated and non-consolidated basis.

The results forecast above includes forward-looking statements about future performance of the Company, as of the announcement date of this document, which are based on assumptions and projections. Actual results may differ materially from the forecasts herein due to various factors.

End

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