ir presentation for fiscal year ended march 2016 · april 2016 ichiyoshi securities co., ltd. ir...
TRANSCRIPT
April 2016
Ichiyoshi Securities Co., Ltd.
IR Presentation
for Fiscal year ended March 2016
Stock Code:8624
1
Ⅰ. Business Results (Consolidated)
(Changes in presentation method)
With respect to cost of sales of office supplies by a consolidated subsidiary, the Company previously itemized
the cost as “clerical expenses” or “others” under “operating cost and expenses”, but effective from the fiscal
2015 (consolidated) started to itemize it under “other operating expenses.”
Hence, formerly disclosed figures of “net operating revenue”, “operating cost and expenses”, and “clerical
expenses” and “others” under “operating cost and expenses” are replaced with figures under the new
itemization. In addition, “other operating expenses” is newly indicated under “net operating revenue.”
(JPY mil.)
2015/3 2016/3 Year-on-
Year
Year-on-
Year
Operating revenue 20,413 21,846 7.0% 1,433
Operating costs &
expenses 15,534 16,651 7.2% 1,117
Current income 3,711 3,813 2.7% 101
Extraordinary
income 1,532 161 ▲89.4% ▲1,370
Extraordinary loss 78 35 ▲54.2% ▲42
Corporate tax 1,645 1,267 ▲23.0% ▲377
Tax adjustment 119 81 ▲31.8% ▲38
Net income
attributable to
shareholders of
parent company
3,389 2,580 ▲23.9% ▲809
EPS ROE
2016/3 58.88 yen 7.7%
2015/3 77.52 yen 10.3%
◆ Operating revenue amounted to 21,846 million yen, an increase of 1,433 million yen (up 7.0%) from the previous fiscal
year end.
◆ Current income amounted to 3,813 million yen, an increase of 101 million yen (up 2.7%) from the previous fiscal year end.
◆ Net income attributable to shareholders of parent company amounted to 2,580 million yen, a decrease of 809 million yen
(down 23.9%) from the previous fiscal year end.
2
1. Profit & Loss
Operating revenue 21,846
Operating income 3,695
Current income 3,813
Net income
attributable to
shareholders
of parent
company
2,580
0
2,000
4,000
6,000
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,2002,3002,4002,5002,6002,7002,8002,9003,0003,1003,2003,3003,4003,5003,6003,7003,8003,9004,0004,1004,2004,3004,4004,5004,6004,7004,8004,9005,0005,1005,2005,3005,4005,5005,6005,7005,8005,9006,0006,1006,2006,3006,4006,5006,6006,7006,8006,9007,0007,1007,2007,3007,4007,5007,6007,7007,8007,9008,0008,1008,2008,3008,4008,5008,6008,7008,8008,9009,0009,1009,2009,3009,4009,5009,6009,7009,8009,90010,00010,10010,20010,30010,40010,50010,60010,70010,80010,90011,00011,10011,20011,30011,40011,50011,60011,70011,80011,90012,00012,10012,20012,30012,40012,50012,60012,70012,80012,90013,00013,10013,20013,30013,40013,50013,60013,70013,80013,90014,00014,10014,20014,30014,40014,50014,60014,70014,80014,90015,00015,10015,20015,30015,40015,50015,60015,70015,80015,90016,00016,10016,20016,30016,40016,50016,60016,70016,80016,90017,00017,10017,20017,30017,40017,50017,60017,70017,80017,90018,00018,10018,20018,30018,40018,50018,60018,70018,80018,90019,00019,10019,20019,30019,40019,50019,60019,70019,80019,90020,00020,10020,20020,30020,40020,50020,60020,70020,80020,90021,00021,10021,20021,30021,40021,50021,60021,70021,80021,90022,000
(JPY mil.)
From April 1, 2015 to March 31, 2016
Operating costs & expenses, etc. 18,151
(JPY mil.)
2015/3 2016/3 Year-on-
Year
Year-on-
Year
Assets
Current assets 40,613 39,892 ▲1.8% ▲721
Fixed assets 7,628 6,701 ▲12.2% ▲927
Total assets 48,242 46,593 ▲3.4% ▲1,648
Liabilities
Current
liabilities 13,805 12,444 ▲9.9% ▲1,361
Fixed liabilities 561 406 ▲27.7% ▲155
Total liabilities 14,551 13,033 ▲10.4% ▲1,518
Net worth
Net worth 33,690 33,560 ▲0.4% ▲130
Total liabilities &
net w orth 48,242 46,593 ▲3.4% ▲1,648
3
◆ Total assets amounted to 46,593 million yen, a decrease of 1,648 million yen (down 3.4%) from the previous fiscal year
end, as margin transaction assets, and investment securities slid.
◆ Total liabilities amounted to 13,033 million yen, a decrease of 1,518 million yen (down 10.4%) from the previous fiscal year
end, as cash payable to customers, margin transaction liabilities, and deferred tax liabilities slid.
Equity ratio Net w orth
per share
Capital adequacy
ratio
(non-consolidated)
2016/3 71.5% 763.66 yen 593.5%
2015/3 69.4% 760.01 yen 602.4%
2. Balance Sheets / Financial Results
Fixed assets 6,701
Current assets 39,892
Net worth 33,560
Fixed liabilities,
etc. 589
Current liabilities 12,444
(JPY mil.)
As of March 31, 2016
Total assets
46,593 Total liabilities & net worth
46,593
◆ Commission revenue amounted to 19,682 million yen, an increase of 1,126 million yen (up 6.1%) from the previous fiscal
year end, as fees from underwriting rose.
(JPY mil.)
2015/3 2016/3 Year-on-
Year
Year-on-
Year
Commission
revenue 18,555 19,682 6.1% 1,126
Gains on
trading 224 325 45.1% 101
Other operating
balance 88 94 7.4% 6
Interest and
dividend
income
205 244 18.7% 38
Total 19,073 20,346 6.7% 1,272
4
3. Breakdown of Net Operating Revenue
18,555
19,682
15,000
20,000
2015/3 2016/3
Commission revenue
224
325
0
100
200
300
400
2015/3 2016/3
Gains on trading
88 94
50
100
2015/3 2016/3
Other operating balance
205 244
0
100
200
300
2015/3 2016/3
Interest and dividend income
(JPY mil.)
2015/3 2016/3 Year-on-
Year
Year-on-
Year
Stocks, etc. 82 33 ▲59.0% ▲48
Bonds・Forex,
etc. 141 291 105.9% 150
(Bonds, etc.) (95) (267) 181.4% 172
(Forex, etc.) (46) (24) ▲47.9% ▲22
Total 224 325 45.1% 101
(JPY mil.)
◆ Gains on trading amounted to 325 million yen, an increase of 101 million yen (up 45.1%) from the previous fiscal year end,
as trading on bonds gained.
82
33
95
267
46
24
224
325
0
50
100
150
200
250
300
350
400
2015/3 2016/3
(JPY mil.) Forex, etc.
Bonds, etc.
Stocks, etc.
5
4. Breakdown of Gains on Trading
7,021 7,633
5,366 4,558
442 1,284
5,725 6,205
18,555
19,682
0
5,000
10,000
15,000
20,000
25,000
2015/3 2016/3
(JPY mil.) Others
Underwriting
Distribution
Brokerage
(JPY mil.)
Top 3 Best Selling Investment Trusts (Total amount of 2016/3 4Q)
① LM Australia High Dividend Fund (Monthly Dividend) 5.9 billion yen
② UBS Global CB Open (Monthly Settlement, Currency Non-Hedged) 4.7 billion yen
③ Fidelity US REIT Fund B (Currency Non-Hedged) 4.4 billion yen
◆ Commissions from distribution of investment trusts amounted to 4,505 million yen, a decrease of 750 million yen (down 14.3%) from the previous fiscal year end, as
subscription amount slid.
◆ Commissions from other sources amounted to 6,205 million yen, an increase of 480 million yen (up 8.4%) from the previous fiscal year end, as trailer fees of
investment trusts rose.
◆ Fees from underwriting amounted to 1,284 million yen, an increase of 842 million yen (up 190.3%) from the previous fiscal year end, as the Company participated in
the management and underwriting of 39 initial public offerings (of which 3 were lead-managed), acted as the sole advisor for an already listed issuer to upgrade its listing exchange, and managed and underwrote 10 public offerings of shares of other listed issuer (of which 5 were lead-managed).
6
Subscription amount of
investment trusts
(2016/3 4Q)
Balances of investment
trusts
(As of March 31, 2016)
53.8 billion yen 804.8 billion yen
5. Breakdown of Commission Revenue
2015/3 2016/3 Year-on-
Year Year-on-
Year
Commission
revenue 18,555 19,682 6.1% 1,126
Brokerage
Stocks 6,766 7,254 7.2% 488
Distribution
Investment trusts sales charge
5,256 4,505 ▲14.3% ▲750
Underwriting
IPO 347 587 69.2% 240
PO 95 695 630.4% 600
Total 442 1,284 190.3% 842
Commissions from other sources
Investment trusts trailer fees
4,941 5,425 9.8% 483
Others 784 780 ▲0.4% ▲3
Total 5,725 6,205 8.4% 480
(JPY mil.)
2015/3 2016/3 Year-on-
Year
Year-on-
Year
Transaction related
expenses 1,611 1,922 19.3% 311
Personnel
expenses 9,177 9,494 3.5% 317
Property related
expenses 1,833 1,863 1.6% 29
Clerical expenses 1,716 2,150 25.3% 433
Depreciation 437 422 ▲3.4% ▲15
Public charges 183 218 19.2% 35
Others 574 579 0.9% 4
Total 15,534 16,651 7.2% 1,117
<Reference> Fixed cost and Variable cost (2016/3, non-consolidated basis)
Fixed cost 11,888
Variable cost 4,436
◆ Operating cost and expenses amounted to 16,651 million yen, an increase of 1,117 million yen (up 7.2%) from the previous
fiscal year end, as personnel expenses and clerical expenses rose.
7
6. Operating Cost and Expenses
1,611 1,922
9,177 9,494
1,833 1,863
1,716
2,150 437
422
183
218 574
579 15,534
16,651
0
5,000
10,000
15,000
20,000
2015/3 2016/3
(JPY mil.)
Transaction related expenses Personnel expenses
Property related expenses Clerical expenses
Depreciation Public charges
Others
8
Ⅱ. Business Circumstances
9
1. Customer Assets under Custody
(JPY 100 mil.)
6,962 7,170 7,732 7,599 7,881 8,171
8,795 8,791 8,931 8,247 8,272 8,048
7,547 8,349
8,924 8,397
8,922 9,097
9,386 9,947
10,168
9,319 10,084
9,252
575
540
477
508
520 510
471 433
414
402
417
450
15,084
16,059
17,133
16,504
17,323 17,778
18,652 19,171
19,513
17,968
18,773
17,750
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
1Q2014/3
2Q 3Q 4Q 1Q2015/3
2Q 3Q 4Q 1Q2016/3
2Q 3Q 4Q
Investment Trusts Equity Others
10
2. Cash and Securities Receipts/ Cash and Securities Withdrawals/ Net Increase
(Monthly Average) 【Retail】
(JPY 100 mil.)
137
96
120
150
122
138 144
131 124
169
143 136
-167
-126
-171
-136 -127
-136
-167
-144
-160 -173 -168
-127
-30 -30
-51
14
-5
2
-23 -13
-36
-4
-25
9
-200
-100
0
100
200
1Q2014/3
2Q 3Q 4Q 1Q2015/3
2Q 3Q 4Q 1Q2016/3
2Q 3Q 4Q
Cash and securities receipts Cash and securities withdrawals Net increase (decrease)
297
249 255 254 253
171 177 194 199
215
148
177
40
21
22
-257
-202 -221 -213 -214
-95 -120 -121 -122
-167 -142 -148
40 47 34 41 39
76 57
73 77 88
27 51
-400
-300
-200
-100
0
100
200
300
400
1Q2014/3
2Q 3Q 4Q 1Q2015/3
2Q 3Q 4Q 1Q2016/3
2Q 3Q 4Q
Amount of redemption Amount of Wrap-account for subscription
Amount of subscription (Wrap-account subscription excluded) Net increase (decrease)
11
3. Subscription/ Redemption/ Net Increase of Investment Trusts
(Monthly Average)
(JPY 100 mil.)
12
4. Top 5 Best Selling Investment Trusts (Total Amounts of 3 Months) 【Retail】
(JPY100 mil.)
2014/3 2015/3 2016/3
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
LM Australia High Dividend Fund
(Monthly Dividend) 35 59
UBS Global CB Open 36 120 152 70 47
Fidelity US REIT Fund B
(Currency Non-Hedged) 44
Pictet Global Income Stock Fund 227 84 69 85 68 46 34 59 37 56 43 35
LM Australia Monthly Distribution Fund 78 126 91 86 117 87 51 28 25
Pictet Emerging Country Income Stock Fund 82 159 167 83 111 83 75 79 64 36 25
Ichiyoshi Infrastructure Growth Stock Fund 164 121 92 32
HSBC New Leaders Sovereign Open 108 144 130 97 103 52 36 46
Global Floating Rate Note Fund
(JPY Hedge Course) 62 30
Japan Mid/Small Growth Stock Active Fund 72 143
Japan Recover Growth Stock Fund 116 98 71
Global REIT Open 53
364 353
362 365 377
396
417 425
443
424
405
367
28.6 29.2 28.8 29.6 30.2
32.0 32.5 32.9 31.8 31.6
29.6
27.5
0
10
20
30
40
50
0
100
200
300
400
500
1Q2014/3
2Q 3Q 4Q 1Q2015/3
2Q 3Q 4Q 1Q2016/3
2Q 3Q 4Q
Investment trust trailer fee (left axis)
Cost coverage ratio (right axis)
(28.6) (29.3)
(28.9) (29.6) (30.2)
(32.0) (32.5) (32.9) (31.8) (32.1)
(30.7)
(29.1)
13
5. Trend of Investment Trust Trailer Fee and its Cost Coverage
(Monthly Average/Non-Consolidated Basis)
(JPY mil.) (%)
Investment trust trailer fee
Operating expense ※ Cost coverage ratio =
( ) : Wrap-account management fee is included.
×100
14
6. Number of Customer Accounts 【Retail】
(Accounts) (Accounts)
164,861 164,190 164,311 164,144 163,975 163,912 167,452 167,249 166,641 166,913 167,144 166,340
33,441 34,233
35,400 34,286
35,258 36,111
38,163 38,649 38,943
35,401 36,528
34,633
0
10,000
20,000
30,000
40,000
50,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
1Q2014/3
2Q 3Q 4Q 1Q2015/3
2Q 3Q 4Q 1Q2016/3
2Q 3Q 4Q
Total no. of accounts of assets under custody (left axis)
No. of acounts with more than JPY 10 mil. (right axis)
15
7. Number of New Customer Accounts and Ratio of Referrals 【Retail】
(Accounts)
743
660
763
1,168
1,030
753
1,718
811
1,094
494
697 738
349 299 315
433
308 255
587
231 273
141 194 207
47.0% 45.3%
41.3%
37.1%
29.9%
33.9%
34.2%
28.5%
25.0%
28.5% 27.8% 28.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800New customer accounts
Through referral
Ratio of referrals
16
8. Accumulated Number of Companies Lead- and Co-managed
(Companies) (Companies)
872 879 895 905 912 918
935 940 951 955 970 980
30 30
32 32 33
34 34 35 35
39
41 42
0
10
20
30
40
50
60
0
200
400
600
800
1,000
1,200
1Q2014/3
2Q 3Q 4Q 1Q2015/3
2Q 3Q 4Q 1Q2016/3
2Q 3Q 4Q
No. of companies lead- and co-managed (left axis)
Of which, no. of companies lead-managed (accumulative) (right axis)
17
Ⅲ. Quarterly Transition
(Changes in presentation method)
With respect to cost of sales of office supplies by a consolidated subsidiary, the Company previously itemized
the cost as “clerical expenses” or “others” under “operating cost and expenses”, but effective from the fiscal
2015 (consolidated) started to itemize it under “other operating expenses.”
Hence, formerly disclosed figures of “net operating revenue”, “operating cost and expenses”, and “clerical
expenses” and “others” under “operating cost and expenses” are replaced with figures under the new
itemization. Formerly disclosed figures are indicated in parentheses. In addition, “other operating expenses” is
newly indicated under “net operating revenue.”
18
(JPY mil.)
1. Profit & Loss
* As explained in the notes on page 17, the figures in parentheses are formerly disclosed figures.
2015/3 2016/3 Quarter-on-
Quarter Year-on-
Year 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Operating
revenue 5,082 4,763 5,171 5,395 5,811 5,414 5,707 4,913 ▲13.9% ▲8.9%
Operating cost &
expenses
3,806
(4,115)
3,788
(4,075)
3,968
(4,283)
3,971
(4,319) 4,267 4,110 4,178 4,094 ▲2.0% 3.1%
Current income 992 696 905 1,116 1,208 1,007 1,170 427 ▲63.5% ▲61.8%
Extraordinary
income 468 690 373 - 49 88 4 18 293.8% -
Extraordinary
loss 9 27 12 28 - 18 13 4 ▲68.7% ▲85.7%
Corporate tax 206 613 339 485 309 545 193 219 13.5% ▲54.8%
Tax adjustment 336 ▲176 167 ▲207 128 ▲144 234 ▲136 - -
Net income attributable to
shareholders of parent company
907 919 757 804 817 674 731 356 ▲51.2% ▲55.7%
19
2. Financial Results
2015/3 2016/3 Quarter-on-
Quarter Year-on-
Year 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Total assets
(JPY mil.) 48,361 51,352 52,050 48,242 53,677 60,317 55,182 46,593 ▲15.6% ▲3.4%
Net worth
(JPY mil.) 31,764 32,686 32,432 33,690 33,713 33,842 33,443 33,560 0.4% ▲0.4%
Equity ratio (%) 65.4 63.3 62.0 69.4 62.4 55.7 60.2 71.5 - -
Net worth per share
(JPY) 726.66 743.19 734.61 760.01 760.01 770.78 761.14 763.66 - -
Capital adequacy ratio
(%)
(non-consolidated basis)
574.7 585.3 592.0 602.4 595.7 585.3 570.3 593.5 - -
EPS (JPY) 20.84 41.94 59.22 77.52 18.54 33.89 50.66 58.88 - -
ROE (%) 2.8 5.6 8.0 10.3 2.4 4.4 6.7 7.7 - -
20
(JPY mil.)
3. Balance Sheets
2015/3 2016/3 Quarter-on-Quarter
Year-on-Year
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Assets
Current assets 40,299 43,668 44,983 40,613 46,091 52,943 48,046 39,892 ▲17.0% ▲1.8%
Fixed assets 8,061 7,684 7,067 7,628 7,586 7,374 7,135 6,701 ▲6.1% ▲12.2%
Total assets 48,361 51,352 52,050 48,242 53,677 60,317 55,182 46,593 ▲15.6% ▲3.4%
Liabilities
Current liabilities 15,396 17,484 18,697 13,805 19,228 25,770 21,035 12,444 ▲40.8% ▲9.9%
Fixed liabilities 1,048 1,018 745 561 551 520 520 406 ▲22.0% ▲27.7%
Total liabilities 16,596 18,666 19,617 14,551 19,964 26,475 21,739 13,033 ▲40.0% ▲10.4%
Net worth
Net worth 31,764 32,686 32,432 33,690 33,713 33,842 33,443 33,560 0.4% ▲0.4%
Total liabilities &
net worth 48,361 51,352 52,050 48,242 53,677 60,317 55,182 46,593 ▲15.6% ▲3.4%
21
(JPY mil.)
4. Breakdown of Net Operating Revenue
* As explained in the notes on page 17, the figures in parentheses are formerly disclosed figures.
2015/3 2016/3 Quarter-on-
Quarter Year-on-
Year 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Commission
revenue 4,657 4,324 4,678 4,894 5,276 4,923 5,112 4,369 ▲14.5% ▲10.7%
Gains on trading 37 61 89 35 58 54 140 71 ▲49.1% 102.1%
Interest and
dividend income 57 69 68 89 79 84 84 67 ▲19.5% ▲24.4%
Other operating
revenue 329 307 335 375 396 352 370 405 9.5% 7.8%
Interest expenses 8 23 11 34 20 17 17 14 ▲18.3% ▲58.1%
Other operating
expenses 309 287 314 348 362 329 355 381 7.2% 9.3%
Total 4,764
(5,073)
4,451
(4,739)
4,845
(5,160)
5,012
(5,360) 5,428 5,067 5,333 4,518 ▲15.3% ▲9.9%
22
(JPY mil.)
5. Breakdown of Gains on Trading
2015/3 2016/3 Quarter-on-Quarter
Year-on-Year
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Stocks, etc. 11 20 41 8 33 39 6 ▲45 - -
Bonds・Forex,
etc. 26 40 48 26 25 15 133 116 ▲12.6% 336.5%
(Bonds, etc.) (24) (24) (26) (19) (17) (15) (122) (112) ▲8.3% 478.9%
(Forex, etc.) (1) (16) (21) (7) (8) (0) (11) (4) ▲58.2 ▲36.0%
Total 37 61 89 35 58 54 140 71 ▲49.1% 102.1%
23
(JPY mil.)
6. Breakdown of Commission Revenue
* Effective for the fiscal 2015 (consolidated), under “Others” above, the management fee earned by the consolidated subsidiary with respect to the investment trust established and managed by it, and the fees from wrap-accounts, shall be itemized as “Investment
trusts trailer fees” rather than “Others”. The figures in parentheses are formerly disclosed figures.
2015/3 2016/3 Quarter-on-Quarter
Year-on-Year
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Brokerage
Stocks 1,335 1,686 1,809 1,934 2,157 1,609 1,907 1,579 ▲17.2% ▲18.3%
Distribution
Investment
trusts
sales charge
1,668 1,103 1,236 1,247 1,354 1,273 925 951 2.8% ▲23.7%
Underwriting
IPO 276 38 25 6 15 83 166 321 92.7% -
PO 0 45 42 6 28 246 420 0 ▲99.8% ▲85.3
Total 276 84 68 12 43 330 587 322 ▲45.0% -
Others
Investment
trusts trailer fees
1,138
(1,133)
1,198
(1,186)
1,271
(1,243)
1,332
(1,227) 1,414 1,389 1,363 1,258 ▲7.8% ▲5.6%
Others 175
(179)
187
(200)
198
(226)
222
(326) 191 189 245 155 ▲36.8% ▲30.2%
Total 1,313 1,386 1,470 1,554 1,605 1,578 1,609 1,413 ▲12.2% ▲9.1%
24
(JPY mil.)
7. Operating Cost and Expenses
* As explained in the notes on page 17, the figures in parentheses are formerly disclosed figures.
2015/3 2016/3 Quarter-on-
Quarter Year-on-
Year 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Transaction related expenses
432 381 411 386 416 478 530 497 ▲6.1% 28.9%
Personnel expenses
2,209 2,229 2,381 2,356 2,506 2,359 2,349 2,278 ▲3.0% ▲3.3%
Property related expenses
441 476 453 461 469 463 454 475 4.5% 2.9%
Clerical expenses 418
(714)
405
(683)
423
(725)
468
(800) 542 499 549 559 1.9% 19.4%
Depreciation 102 110 113 111 101 106 107 107 0.3% ▲3.6%
Public charges 42 48 47 45 58 60 56 44 ▲21.8% ▲3.9%
Allowances for doubtful accounts
0 0 ▲0 0 0 0 ▲0 0 - -
Others 158
(172)
137
(147)
137
(150)
140
(157) 173 143 131 130 ▲0.7% ▲7.0%
Total 3,806
(4,115)
3,788
(4,075)
3,968
(4,283)
3,971
(4,319) 4,267 4,110 4,178 4,094 ▲2.0% 3.1%
<Reference> Fixed cost and Variable cost are inscribed on non-consolidated basis.
Fixed cost 2,782 2,799 2,819 2,884 3,044 2,919 2,947 2,977 1.0% 3.2%
Variable cost 973 924 1,042 997 1,140 1,109 1,156 1,031 ▲10.8% 3.4%
Disclaimer
・This document is produced by Ichiyoshi Securities Co., Ltd.
・Nothing in this document shall be considered as an offer to sell or solicit an offer to buy
any security, or other instrument, including securities issued by Ichiyoshi Securities Co., Ltd.
・This presentation is based on Japanese accounting standards.
・No part of this document shall be reproduced, stored in a retrieval system or transmitted in any
form or by any means, without the prior written permission of Ichiyoshi Securities Co., Ltd.
Ichiyoshi Securities Co., Ltd.
Financial instruments firm registered with the Kanto Local Finance Bureau (registration No. 24)
Member association: Japan Securities Dealers Association
Japan Investment Advisers Association