T&D HOLDINGS INC. (For the six months ended September 30, 2014)
Name of Company: | T&D Holdings, Inc. | November 14, 2014 |
Stock Listings: | Tokyo | |
Security Code No.: | 8795 | |
Head Office: | Tokyo, Japan | |
URL: | http://www.td-holdings.co.jp/en/ |
Projected Filling Date of Quarterly Securities Report: November 27, 2014
Projected Starting Date of Dividend Distribution: - Supplemental Information for Quarterly Financial Statements: Available
Holding of Quarterly Financial Results Meeting: Yes (for institutional investors and analysts)
1. Consolidated Operating Results for the Six Months Ended September 30, 2014 (April 1, 2014 - September 30, 2014)
(1) Results of Operations
Note: Amounts of less than one million yen are omitted, and percentages have been rounded to the nearest percent. % changes are presented in comparison with the same term of the previous year.
Note: Comprehensive income: ¥146,831 million for the six months ended September 30, 2014; ¥56,286 million for the six months ended September 30, 2013
Net Income per Share | Net Income per Share (Fully Diluted) | |
Six months ended September 30, 2014 Six months ended September 30, 2013 | ¥78.87 ¥60.55 | ¥78.78 ¥60.49 |
(2) Financial Conditions
Note: Equity: as of September 30, 2014: ¥1,137,433 million; as of March 31, 2014: ¥1,017,448 million
2. Dividends
Note: Revisions to previously announced dividend forecasts: None
3. Consolidated Forecasts for the Year Ending March 31, 2015 (April 1, 2014 - March 31, 2015)
Note: % changes are presented in comparison with the same term of the previous year.
Note: Revisions to previously announced financial forecasts: None
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4. Notes
(1) Changes in Consolidated Subsidiaries (Change in Scope of Consolidation): None
(2) Changes in Accounting Policies, Accounting Estimates and Restatement of Corrections:
1. Changes in accounting policies due to the revision of accounting standards and other regulations: None
2. Other changes in accounting policies: None
3. Changes in accounting estimates: None
4. Restatement of corrections: None
(3) Number of Outstanding Shares (Common Stock)
1. Number of outstanding shares including treasury stock at the end of the term: as of September 30, 2014: 681,480,000 as of March 31, 2014: 681,480,000
2. Number of treasury stock at the end of the term: as of September 30, 2014: 16,629,591 as of March 31, 2014: 9,212,294
3. Average number of outstanding shares during the term: for the six months ended September 30, 2014: 668,223,171 for the six months ended September 30, 2013: 672,996,213
*Information regarding the implementation of interim audit procedure
This "FINANCIAL SUMMARY" ("Tanshin") is not subject to the interim audit procedure by external auditors that are based on Financial Instruments and Exchange Act. The interim audit procedure has not yet finished at the point of releasing this financial summary.
The forecasts for the year ending March 31, 2015 reflect the Company's current analysis of existing information and trends. T&D Holdings offers no assurance that the forecasts will be realized. Actual results may differ from expectations based on risks and uncertainties that may affect the Company's businesses.
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Contents of Appendix
1. Consolidated Financial Results for the Six Months Ended September 30, 2014
(1) Consolidated Results of Operations ······································································2 (2) Consolidated Financial Position ··········································································3 (3) Consolidated Forecasts for the Year Ending March 31, 2015
(April 1, 2014 - March 31, 2015)·········································································3
(1) Changes in Consolidated Subsidiaries (Changes in Scope of Consolidation) ······················4 (2) Changes in Accounting Policies, Accounting Estimates and Restatement of Corrections ·······4
3. Unaudited Consolidated Financial Statements
(1) Unaudited Consolidated Balance Sheet··································································5 (2) Unaudited Consolidated Statement of Operation and Unaudited Consolidated Statement of
Comprehensive Income····················································································6 (3) Unaudited Consolidated Statement of Changes in Net Assets ·······································8 (4) Notes on Going-Concern Assumption ···································································9
(Reference) Status of Insurance Claims Paying Ability (Consolidated Solvency Margin Ratio) 10
*Supplementary materials for financial statements are available on T&D Holdings' website.
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1. Consolidated Financial Results for the Six Months Ended September 30, 2014(1) Consolidated Results of Operations
For the six months ended September 30, 2014, ordinary revenues increased ¥157.1 billion, or 14.9 percent from the level of the same term of the previous fiscal year, to ¥1,214.6 billion, which was a total of income from insurance premiums of ¥998.3 billion (up 22.5 percent), investment income of ¥181.1 billion (down 13.3 percent), other ordinary income of ¥35.1 billion (up 3.9 percent) and others.
Ordinary expenses increased ¥158.4 billion, or 16.4 percent from the level of the same term of the previous fiscal year, to ¥1,121.9 billion, which was a total of insurance claims and other payments of ¥720.5 billion (down 3.9 percent), provision for policy and other reserves of ¥237.3 billion (up
618.9 percent), investment expenses of ¥29.7 billion (down 34.4 percent), operating expenses of
¥99.4 billion (up 0.3 percent), other ordinary expenses of ¥34.8 billion (down 4.1 percent) and others.
As a result, ordinary profit decreased ¥1.2 billion, or 1.4 percent, to ¥92.7 billion.
Extraordinary gains increased 414.9 percent, to ¥0.1 billion, and extraordinary losses decreased
81.2 percent, to ¥2.8 billion. Extraordinary losses mainly consisted of provision for reserve for price fluctuations of ¥2.4 billion (down 79.5 percent).
After accounting for extraordinary gains and losses, the provision for reserve for policyholder dividends, and income taxes, net income increased ¥11.9 billion, or 29.3 percent from the level of the same term of the previous fiscal year, to ¥52.7 billion.
(i) Ordinary Revenues
(Billions of yen)
Six Months ended September 30, 2014 | Six Months ended September 30, 2013 | Increase (decrease) | |
Consolidated | 1,214.6 | 1,057.4 | 157.1 |
Taiyo Life Daido Life T&D Financial Life | 560.2 476.4 198.1 | 448.9 438.9 220.4 | 111.2 37.4 (22.3) |
Note: Consolidated amount does not equal to the sum of three companies because the consolidated
amount includes the ordinary revenues of its subsidiaries other than three companies as well as consolidation adjustments.
(ii) Ordinary Profit
(Billions of yen)
Six Months ended September 30, 2014 | Six Months ended September 30, 2013 | Increase (decrease) | |
Consolidated | 92.7 | 93.9 | (1.2) |
Taiyo Life Daido Life T&D Financial Life | 33.0 47.5 11.3 | 33.9 47.2 11.9 | (0.8) 0.2 (0.6) |
Note: Consolidated amount does not equal to the sum of three companies because the consolidated
amount includes the ordinary profit of its subsidiaries other than three companies as well as consolidation adjustments.
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(iii) Net Income
(Billions of yen)
Six Months ended September 30, 2014 | Six Months ended September 30, 2013 | Increase (decrease) | |
Consolidated | 52.7 | 40.7 | 11.9 |
Taiyo Life Daido Life T&D Financial Life | 16.5 28.0 7.8 | 13.1 18.9 8.3 | 3.3 9.0 (0.5) |
Note: Consolidated amount does not equal to the sum of three companies because the consolidated
amount includes the net income of its subsidiaries other than three companies as well as consolidation adjustments.
(2) Consolidated Financial Position
Balance Sheet
As of September 30, 2014, total assets amounted to ¥14,217.3 billion (up 3.0 percent from March
31, 2014), mainly consisting of securities centered on public and corporate bonds amounting to
¥10,554.5 billion (up 3.4 percent), loans of ¥1,870.2 billion (down 0.4 percent), cash and deposit of ¥405.7 billion (up 7.2 percent), and monetary claims purchased of ¥358.0 billion (down 20.6 percent).
Total liabilities were ¥13,076.8 billion (up 2.3 percent), and policy reserves accounting for a substantial portion of them amounted to ¥12,456.5 billion (up 1.9 percent).
Total net assets were ¥1,140.5 billion (up 11.8 percent), of which net unrealized gains on securities were ¥484.3 billion (up 24.9 percent).
As of September 30, 2014, consolidated solvency margin ratio was 1,213.4 percent (1,115.0 percent at the end of the previous fiscal year). The value of consolidated adjusted net assets amounted to ¥2,247.5 billion (¥2,010.1 billion posted at the end of the previous fiscal year).
(3) Consolidated Forecasts for the Year Ending March 31, 2015 (April 1, 2014 - March 31, 2015)
The consolidated forecasts for the fiscal year ending March 31, 2015 have not been changed from those announced on May 15, 2014.
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2. Summary Information (Notes) (1) Changes in Consolidated Subsidiaries (Changes in Scope of Consolidation)None
(2) Changes in Accounting Policies, Accounting Estimates and Restatement of CorrectionsNone
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3. Unaudited Consolidated Financial Statements (1) Unaudited Consolidated Balance Sheet(Millions of yen)
As of March 31,2014 | As of September 30, 2014 | |
Amount | Amount | |
Assets: Cash and deposits Call loans Monetary claims purchased Monetary trusts Securities Loans Tangible fixed assets Intangible fixed assets Due from agencies Due from reinsurers Other assets Deferred tax assets Reserve for possible loan losses | 378,331 187,600 451,083 213,608 10,211,280 1,878,474 295,315 21,309 1,003 451 161,551 6,592 (2,382) | 405,723 234,400 358,001 330,088 10,554,503 1,870,210 296,059 20,910 661 498 147,116 1,446 (2,247) |
Total assets | 13,804,219 | 14,217,373 |
Liabilities: Policy reserves Reserve for outstanding claims Policy reserve Reserve for policyholder dividends Due to agencies Due to reinsurers Short-term debentures Subordinated bonds Other liabilities Reserve for bonus to directors and audit & supervisory board members Net defined benefit liability Reserve for directors' and audit & supervisory board members' retirement benefits Reserve for price fluctuations Deferred tax liabilities Deferred tax liabilities on land revaluation | 12,226,787 70,678 12,042,327 113,781 833 453 2,999 65,100 276,402 262 51,656 65 150,040 3,097 6,196 | 12,456,500 67,297 12,279,670 109,533 910 648 2,999 65,100 303,451 128 50,129 57 152,503 38,205 6,178 |
Total liabilities | 12,783,895 | 13,076,814 |
Net assets: Common stock Authorized - 1,932,000,000 shares Issued - 681,480,000 shares Capital surplus Retained earnings Treasury stock | 207,111 194,595 290,861 (9,049) | 207,111 194,586 326,508 (19,004) |
Total stockholders' equity | 683,519 | 709,202 |
Net unrealized gains (losses) on securities Deferred gains (losses) on hedging instruments Land revaluation Foreign currency translation adjustments | 387,773 (8,263) (45,586) 6 | 484,313 (10,749) (45,335) 2 |
Total accumulated other comprehensive income | 333,929 | 428,230 |
Subscription rights to shares | 523 | 749 |
Minority interests | 2,352 | 2,377 |
Total net assets | 1,020,324 | 1,140,559 |
Total liabilities and net assets | 13,804,219 | 14,217,373 |
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(2) Unaudited Consolidated Statement of Operation and Unaudited Consolidated Statement of Comprehensive Income Unaudited Consolidated Statement of Operation(Millions of yen)
Six months ended September 30, 2013 | Six months ended September 30, 2014 | |
Amount | Amount | |
Ordinary revenues | 1,057,495 | 1,214,629 |
Income from insurance premiums Investment income Interest, dividends and income from real estate for rent Gains on investment in trading securities, net Gains on sales of securities Reversal of reserve for possible loan losses Other investment income Gains on separate accounts, net Other ordinary income Other ordinary income Equity in net income of affiliated companies | 814,744 208,909 143,004 6,160 15,290 880 1,842 41,729 33,822 33,822 20 | 998,324 181,128 144,086 8,130 10,565 128 2,554 15,664 35,153 35,153 22 |
Ordinary expenses | 963,513 | 1,121,927 |
Insurance claims and other payments Insurance claims Annuity payments Insurance benefits Surrender payments Other payments Provision for policy and other reserves Provision for reserve for outstanding claims Provision for policy reserve Interest portion of reserve for policyholder dividends Investment expenses Interest expenses Losses from monetary trust, net Losses on sales of securities Devaluation losses on securities Losses from derivatives, net Foreign exchange losses, net Write-off of loans Depreciation of real estate for rent Other investment expenses Operating expenses Other ordinary expenses | 749,717 197,579 203,690 95,070 215,226 38,149 33,022 536 32,413 72 45,329 894 8,193 8,406 4,253 11,980 344 24 2,327 8,906 99,128 36,315 | 720,504 192,075 234,009 86,519 177,228 30,671 237,398 - 237,342 55 29,730 1,144 1,291 3,157 267 14,460 155 26 2,466 6,762 99,449 34,844 |
Ordinary profit | 93,981 | 92,702 |
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(Millions of yen)
Six months ended September 30, 2013 | Six months ended September 30, 2014 | |
Amount | Amount | |
Extraordinary gains | 26 | 135 |
Gains on disposal of fixed assets State subsidy Compensation for transfer | - 26 - | 15 16 102 |
Extraordinary losses | 15,121 | 2,839 |
Losses on disposal of fixed assets Impairment losses Provision for reserve for price fluctuations Other extraordinary losses | 67 3,017 12,002 33 | 83 276 2,463 16 |
Provision for reserve for policyholder dividends | 15,163 | 15,923 |
Income before income taxes | 63,723 | 74,073 |
Income taxes: Current Deferred | 26,600 (3,712) | 21,706 (412) |
Total income taxes | 22,888 | 21,294 |
Income before minority interests | 40,834 | 52,779 |
Minority interests | 84 | 74 |
Net income | 40,749 | 52,705 |
(Millions of yen)
Six months ended September 30, 2013 | Six months ended September 30, 2014 | |
Amount | Amount | |
Income before minority interests | 40,834 | 52,779 |
Other comprehensive income | 15,451 | 94,051 |
Net unrealized gains (losses) on securities Deferred gains (losses) on hedging instruments Foreign currency translation adjustments Share of other comprehensive income of associates accounted for using the equity method | 12,168 3,266 0 14 | 96,544 (2,485) (0) (6) |
Comprehensive income | 56,286 | 146,831 |
(Comprehensive income attributable to) | ||
Comprehensive income attributable to owners of the parent | 56,203 | 146,755 |
Comprehensive income attributable to minority interests | 82 | 76 |
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(3) Unaudited Consolidated Statement of Changes in Net Assets(Millions of yen)
Stockholders' equity Accumulated other comprehensive income
Six months ended
Common stock
Capital surplus
Retained earnings
Treasury stock
Total stockholders'
Net unrealized gains on
Deferred gains(losses) on hedging
equity
September 30, 2013 securities instruments
Balance at the beginning of the year 207,111 194,617 221,597 (6,115) 617,210 351,526 (10,763)
Cumulative effects of changes in
647 647
accounting policies
Restated balance 207,111 194,617 222,244 (6,115) 617,857 351,526 (10,763) Changes in the period
Dividends (15,172) (15,172)
Net income 40,749 40,749
Acquisition of treasury stock (3,005) (3,005) Disposal of treasury stock (21) 75 53
Reversal of land revaluation (448) (448)
Change of scope of consolidation (67) (67)
Net changes of items other than
stockholders' equity
12,175 3,266
Total changes in the period (21) 25,061 (2,929) 22,110 12,175 3,266
Balance at the end of the year 207,111 194,595 247,306 (9,045) 639,968 363,701 (7,497)
(Millions of yen)
Accumulated other comprehensive income
Six months ended
Land revaluation
Foreign currency translation
Total accumulated other comprehensive
Subscription rights to shares
Minority interests
Total net assets
adjustments
September 30, 2013 income
Balance at the beginning of the year (40,712) (78) 299,970 307 2,257 919,746
Cumulative effects of changes in
647
accounting policies
Restated balance (40,712) (78) 299,970 307 2,257 920,394 Changes in the period
Dividends
Net income
Acquisition of treasury stock Disposal of treasury stock Reversal of land revaluation Change of scope of consolidation Net changes of items other than
stockholders' equity
Total changes in the period 448 78 15,969 215 24 38,320
Balance at the end of the year (40,264) 0 315,939 523 2,282 958,714
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(Millions of yen)
Stockholders' equity Accumulated other comprehensive income
Six months ended
September 30, 2014
Common stock
Capital surplus
Retained earnings
Treasury stock
Total stockholders' equity
Net unrealized gains on securities
Deferred gains(losses) on hedging instruments
Balance at the beginning of the year 207,111 194,595 290,861 (9,049) 683,519 387,773 (8,263) Changes in the period
Dividends (16,806) (16,806)
Net income 52,705 52,705
Acquisition of treasury stock (10,005) (10,005) Disposal of treasury stock (9) 51 41
Reversal of land revaluation (251) (251)
Net changes of items other than
stockholders' equity
96,540 (2,485)
Total changes in the period (9) 35,646 (9,954) 25,682 96,540 (2,485) Balance at the end of the year 207,111 194,586 326,508 (19,004) 709,202 484,313 (10,749)
(Millions of yen)
Accumulated other comprehensive income
Six months ended
Land revaluation
Foreign currency translation
Total accumulated other comprehensive
Subscription rights to shares
Minority interests
Total net assets
adjustments
September 30, 2014 income
Balance at the beginning of the year (45,586) 6 333,929 523 2,352 1,020,324 Changes in the period
Dividends
Net income
Acquisition of treasury stock Disposal of treasury stock Reversal of land revaluation
Net changes of items other than
stockholders' equity
Total changes in the period 251 (4) 94,301 225 24 120,234 Balance at the end of the year (45,335) 2 428,230 749 2,377 1,140,559
(4) Notes on Going-Concern AssumptionNot applicable.
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4. Others(Reference) Status of Insurance Claims Paying Ability (Consolidated Solvency Margin Ratio)
(Millions of yen)
Notes:
1. The above ratios are calculated in accordance with Articles 210.11.3 and 210.11.4 of the Ordinance for
Enforcement of the Insurance Business Act as well as Notification No. 23 issued by Financial Services Agency in
2011.
2. "Common stock, etc. (less certain items)" represents net assets on the balance sheet less total accumulated other comprehensive income and estimated appropriation paid in cash.
3. "Margin of small-amount short-term insurance company" represents catastrophe loss reserve of small-amount short-term insurance company.
4. "Minimum guarantee risk R7" was calculated using the standard method regulated by FSA.
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