4Q FY2006 Earnings Results - Reference Data -
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1 4Q FY2006 Earnings Results - Reference Data - April 27, 2007 Daiwa Securities Group Inc. This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact that they do not relate strictly to historic or current facts. These statements discuss future expectations, identify strategies, contain projections of results of operations or of financial condition or state other forward-looking information. These statements are based on currently available information and represent the beliefs of the management of the Daiwa Securities Group. These statements are subject to numerous risks and uncertainties that could cause the Daiwa Securities Group s actual results, performance, achievements or financial condition to differ materially from those described or implied in the forward-looking statements. The Daiwa Securities Group undertakes no obligation to publicly update any forward-looking statements after the date of this presentation. These potential risks and uncertainties include, but are not limited to: competition within the financial services industries in Japan and overseas, our ability to adjust our business focus and to maintain profitable strategic alliances, volatile and sudden movements in the international securities markets, foreign exchange and global economic situations affecting the Daiwa Securities Group.
2 Table of Contents Consolidated Breakdown of Operating Revenues 3 Consolidated Trends in Net Operating Revenues 4 Daiwa Securities Breakdown of SG&A 5 Daiwa Securities SMBC -Consolidated- Breakdown of SG&A 6 Daiwa Securities SMBC -Unconsolidated- Financial Summary 7 Daiwa Securities SMBC -Unconsolidated- Breakdown of SG&A 8 Domestic Group Companies & Overseas Operation 9 Equity Market Share 10 Daiwa Securities Number of Accounts 11 Customer Assets 12 Daiwa Securities SMBC Investment Banking (1) 13 Daiwa Securities SMBC Investment Banking (2) 14 Daiwa Securities SMBC Investment Banking (3) 15 VaR 16 Asset Management Investment Trust Market in Japan 17 Daiwa Global Bond Fund 18 Number of Group Employees 19 Changes in Shareholder Composition 20 Credit Ratings 21 2
3 Consolidated Breakdown of Operating Revenues FY2006 %Change FY2006 FY2005 %Change (Y mil) vs FY2006 FY2005 vs 4Q 3Q 3Q FY06 2Q 1Q 4Q FY05 Equity 28,569 23, % 19,658 26,863 36,874 98, , % Brokerage commission 28,040 23, % 19,334 26,269 36,249 97, , % Others % ,925 1, % Fixed income % ,666 3, % Brokerage commission % % Others % ,972 2, % Investment trust 32,006 26, % 23,703 24,766 26, ,906 82, % Brokerage commission % % Distribution commission 11,345 8, % 7,576 10,126 13,321 37,210 41, % Management fee 20,563 18, % 16,068 14,540 12,641 69,378 40, % (Agency commission) 10,140 9, % 8,424 7,778 6,959 35,711 22, % Investment banking 14,481 33, % 17,351 9,440 39,479 74,985 82, % Underwriting commission 9,737 25, % 12,559 6,678 33,482 54,068 64, % (Equity) 6,657 22, % 10,181 4,370 31,398 43,510 54, % (Bond) 2,858 2, % 1,869 2,059 1,854 9,406 8, % Distribution commission % ,309 2, % Others (M&A commission etc.) 4,421 8, % 4,522 2,264 5,522 19,607 16, % Others 5,771 5, % 5,640 6,042 8,202 23,190 20, % Total commission 81,489 90, % 67,110 67, , , , % Gain/loss on equity trading 8,159 10, % -5,336 17,563 46,690 31, , % Gain/loss on bond and forex trading 38,885 26, % 43,170 17,671 16, , , % (Bond) 22,171 1,154-27,188-1,821 4,471 48,693 39, % (Forex) 16,713 25, % 15,982 19,492 11,648 77,351 61, % Total gain/loss on trading 47,044 37, % 37,833 35,234 62, , , % 3
4 Consolidated Trends in Net Operating Revenues 200 Net Operating Revenues and SG&A (Y bil) (Y bil) Ordinary Income and Net Income Q/04 1Q/05 2Q/05 3Q/05 4Q/05 1Q/06 2Q/06 3Q/06 4Q/06 0 4Q/04 1Q/05 2Q/05 3Q/05 4Q/05 1Q/06 2Q/06 3Q/06 4Q/06 Net operating revenues SG&A Ordinary income Net income 4
5 Daiwa Securities Breakdown of SG&A (Y mil) FY2006 %Change FY2006 FY2005 vs 4Q 3Q 3Q FY06 2Q 1Q 4Q FY2006 FY2005 %Change vs FY05 SG&A 40,644 39, % 37,505 37,391 41, , , % Fees and commissions paid 5,649 5, % 5,282 5,398 6,314 21,520 22, % Personnel costs 19,481 19, % 18,844 19,158 22,650 76,493 84, % Real estate expenses 6,779 6, % 5,145 4,655 4,706 23,124 18, % Office expenses 5,061 4, % 5,191 5,109 4,629 20,304 19, % Depreciation 2,618 2, % 2,169 2,020 2,257 9,225 8, % Taxes other than income taxes % ,353 1, % Others % ,647 2, % 5
6 Daiwa Securities SMBC - Consolidated - Breakdown of SG&A (Y mil) FY2006 %Change FY2006 FY2005 %Change vs FY2006 FY2005 vs 4Q 3Q 3Q FY06 2Q 1Q 4Q FY05 SG&A 43,013 48, % 42,452 35,902 54, , , % Fees and commissions paid 17,395 22, % 18,380 11,585 28,171 69,368 74, % Personnel costs 12,197 12, % 11,026 11,860 13,162 47,694 46, % Real estate expenses 3,699 3, % 3,519 3,155 3,655 13,951 13, % Office expenses 4,845 4, % 4,461 4,323 4,355 17,969 17, % Depreciation 3,008 2, % 2,972 2,888 3,069 11,836 12, % Taxes other than income taxes 993 1, % 1, ,404 4,607 4, % Others 873 1, % 1,084 1,105 1,115 4,366 3, % 6
7 Daiwa Securities SMBC - Unconsolidated - Financial Summary (Y mil) FY2006 %Change FY2006 FY2005 vs 4Q 3Q 3Q FY06 2Q 1Q 4Q FY2006 FY2005 %Change vs FY05 Operating revenues 64,232 70, % 58,872 46,662 98, , , % Commissions 19,826 35, % 22,366 14,989 44,379 92, , % Brokerage 5,605 4, % 4,366 4,948 5,541 19,902 18, % (Stock and others) 5,567 4, % 4,333 4,909 5,506 19,767 18, % Underwriting 8,248 22, % 11,213 6,041 29,440 48,314 58, % (Stock and others) 5,381 20, % 8,872 3,763 27,002 38,235 48, % (Bond and others) 2,645 2, % 1,832 2,027 2,210 8,926 8, % Distribution % ,248 1, % Other commissions (M&A and others) 5,577 7, % 6,449 3,832 8,829 23,168 23, % Net gain/loss on trading securities 32,087 22, % 26,271 22,186 47, , , % Stock and others 4,271 7, % -8,123 13,812 40,527 17, , % Bond, forex and others 27,816 15, % 34,395 8,373 6,481 85,972 56, % Interest and dividend income 12,318 12, % 10,234 9,487 6,751 44,804 29, % Interest expenses 11,946 10, % 8,884 7,149 6,777 38,789 25, % Net operating revenues 52,286 60, % 49,988 39,513 91, , , % SG&A 36,052 42, % 37,483 30,480 49, , , % Ordinary income 16,333 18, % 22,572 13,722 42,456 70, , % Net income 6,392 10, % 12,689 10,217 22,373 39,869 68, % Capital adequacy ratio 465.7% 458.5% % 445.4% 336.3% 465.7% 336.3% - 7
8 Daiwa Securities SMBC - Unconsolidated - Breakdown of SG&A FY2006 %Change FY2006 FY2005 (Y mil) vs FY2006 4Q 3Q 3Q FY06 2Q 1Q 4Q FY2005 %Change vs FY05 SG&A 36,052 42, % 37,483 30,480 49, , , % Fees and commissions paid 18,049 23, % 19,647 12,416 29,795 73,156 78, % Personnel costs 7,390 7, % 6,931 7,756 8,564 30,042 30, % Real estate expenses 2,934 2, % 2,814 2,475 2,987 11,057 11, % Office expenses 4,163 3, % 4,178 4,033 3,942 16,355 15, % Depreciation 2,666 2, % 2,642 2,607 2,800 10,544 11, % Taxes other than income taxes % ,742 3, % Others % ,205 1, % 8
9 Domestic Group Companies & Overseas Operation FY2006 (Y mil, y/y % Chg) Daiwa Securities Group Inc. Daiwa Securities Daiwa Securities SMBC (consolidated) Daiwa Asset Management Operating revenues 78, % 230, % 317, % 58, % SG&A 9, % 154, % 169, % 46, % Operating income 65, % 74, % 90, % 12, % Ordinary income 69, % 74, % 92, % 13, % Group holdings (as of Mar 31, 2007) 100.0% 60.0% 100.0% FY2006 (Y mil, y/y % Chg) Daiwa Institute of Research Daiwa SB Investments NIF SMBC Ventures* Overseas Operating revenues 94, % 19, % 9, , % SG&A 9, % 6, % 5,496-49, % Operating income 9, % 4, % 4,057-13, % Ordinary income 9, % 4, % 4,233-13, % Group holdings (as of Mar 31, 2007) 100.0% 44.0% 46.3% *NIF Ventures and SMBC Capital merged on Oct 1, 2005 into NIF SMBC Ventures. Therefore % changes are not indicated. 9
10 Equity Market Share FY2006 FY2005 FY2004 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Market data Average daily trading value in TSE, OSE, and NSE; (Y bil) 3,194 2,478 2,265 2,752 3,053 2,972 1,891 1,356 1,468 1,199 1,180 1,569 Share of individual investors; (%) Market share in Tokyo Stock Exchange; (%) Daiwa Securities Group (on and off floor) Daiwa Securities (on and off floor) Daiwa Securities SMBC (on and off floor) (out of hours and off floor) Share of Daiwa Securities (retail) among individual investor transactions at TSE, OSE, and NSE; (%) Daiwa Securities / TSE, OSE, NSE Daiwa Securities equity commission rate; (bp) Commission rate* * Adjusted rate: Denominator excludes value that generates revenues not reported as brokerage commission 10
11 Daiwa Securities Number of Accounts (# of Thousand Accounts) CMS accounts (Cash Management Service) FY2006 FY2005 FY2004 3/07 12/06 9/06 6/06 3/06 12/05 9/05 6/05 3/05 2,819 2,783 2,755 2,726 2,695 2,631 2,568 2,539 2,522 Online trading accounts 1,616 1,579 1,551 1,521 1,487 1,421 1,359 1,323 1,250 Daiwa Direct accounts Daiwa Direct margin transaction service accounts Accounts holding equity 1,246 1,242 1,236 1,228 1,227 1,196 1,186 1,193 1,198 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 4Q Newly opened accounts "Daiwa Direct" Course Accounts
12 Customer Assets Daiwa Securities SMBC Customer Assets (Y bil) FY2006 FY2005 3/07 12/06 9/06 6/06 3/06 12/05 9/05 6/05 Equity 14,661 14,181 13,476 13,333 13,931 14,163 11,942 10,382 Bond 10,575 8,984 8,821 8,111 8,279 8,560 8,564 8,905 Investment trust 1,039 1,066 1,028 1,076 1,035 1, Others 625 1,255 1, ,138 Total 26,901 25,488 24,562 23,489 24,029 24,691 22,418 21,369 Customer assets of Daiwa Securities held under custody at Daiwa Securities SMBC 5,977 5,660 5,360 5,276 5,258 5,288 5,140 4,929 12
13 Daiwa Securities SMBC Investment Banking (1) Major lead manager deals during 4Q (including joint lead issues) Straight Bonds Agency Bonds Sumitomo Mitsui Banking Corporation Total Y120bil Central Japan Railway Company Y20bil ORIX Corporation Total Y105bil Toyota Finance Corporation Y20bil The Tokyo Electric Power Company Y50bil Sumitomo Metal Industries Total Y20bil Mitsui&Co Total Y30bil Tokyo Tatemono Total Y20bil THE HOKKOKU BANK Total Y30bil Shiseido (for individuals Y20bil The Bank of Fukuoka (subordinated bond Y30bil The Tokyo Tomin Bank Y15bil Sumitomo Chemical Y25bil The Tokyo Star Bank Y12.5bil Mitsui Fudosan Y20bil Itochu Corporation Y10bil Mazda Motor Corporation Y20bil TOBU RAILWAY Y10bil West Japan Railway Company Y20bil Sumitomo Metal Mining Y10bil Chubu Electric Power Y20bil Mitsui Chemicals Y10bil National Life Finance Corporation Japan Finance Corporation for Municipal Enterprises NARITA INTERNATIONAL AIRPORT CORPORATION East Nippon Expressway Company Central Nippon Expressway Company Japan Railway Construction,Transport and Technology Agency Development Bank of Japan Total Y60bil Y30bil Y30bil Y25bil Y25bil Total Y21.8bil Y10bil 13
14 Daiwa Securities SMBC Investment Banking (2) Major lead manager deals during 4Q (including joint lead issues) Equity Offerings (including CB) IPOs Toray Industries Overseas CB Y45bil Mitsui Sumitomo Insurance Company Secondary offering Y22.5bil Toyo Tanso Primary& Secondary offering Y10.1bil Joint Corporation Overseas CB Y10bil Hoshiden Corporation Overseas CB Y10bil EHIME BANK Primary offering Y8.4bil Takeuchi Mfg. Secondary offering Y5.1bil Land Business Primary offering Y4.2bil Sun Frontier Fudousan Secondary offering Y3.7bil Daiwa System Primary offering Y3.1bil FUJISHOJI Y11.7bil CHOUSHIMARU Y0.8bil MIMAKI ENGINEERING Y1.9bil Stream Y0.8bil SYSWAVE Y0.9bil eguarantee Y0.6bil Overseas underwriting issues during 4Q *Currency rate as of the end of 3/07 Bonds Industrial Bank of Korea Samurai bond Y50bil Rabobank Euro/Yen bond Y50bil Credit Foncier de France Euro/Yen bond Y50bil Rabobank Euro/USD bond Y35.3bil National Agricultural Cooperative Federation Euro/USD bond Y29.4bil KfW Euro/Yen bond Y25bil GECC Euro/Yen bond Y20bil Banque Credit Agricole Euro/Yen bond Y19.7bil Indian Railway Finance Cooperation Samurai bond Y15bil 14
15 Daiwa Securities SMBC Investment Banking (3) Major lead manager deals during 4Q (including joint lead issues) SMBC Series 12 RMBS <Lead manager> Issue Y146bil Underwriting Y146bil Structured Finance SMBC Series 13 RMBS <Lead manager> Issue Y89bil Underwriting Y89bil Yontoshi CLO TMK Tokyo CLO No.8 Trust Beneficial Interest Seirei Shitei Toshi CLO No.3 <Lead manager> Issue Y69.3bil Underwriting Y69.3bil The Government Housing Loan Corp. Secured Pass-through Bonds No.53 <Co-Lead manager> Issue Y71.7bil Underwriting Y27.2bil Major M&A deals during 4Q AEON acquired 15% of issued shares of Daiei owned by Marubeni, and also acquired 20% of issued shares of Maruetsu owned by Daiei. M&A Advisor to AEON Yamazaki Baking, one of the largest bakeries in Japan, acquired a third-party allocation of 35% shares from FUJIYA and has sent half of board members including the president while extending technical support of food-safety sanitary management. Advisor to Yamazaki Baking 15
16 VaR Range and assumption of VaR Confidence level: 99% Holding period: 1 day Adjusted for price correlation between products Daiwa Securities SMBC (Unconsolidated) Daiwa Securities Group (Consolidated) (Y bil) (Y bil) (Month end) 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 (Month end) 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 Equity Equity Interest Interest Currency Currecy Commodity Commodity Total Total Diversification effect Diversification effect VaR VaR Quarterly High Low Average Quarterly High Low Average
17 Asset Management Investment Trust Market in Japan (Y bil) Investment Trust Market in Japan 80,000 60,000 40,000 20, /04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 Equity funds 23,276 24,809 25,553 27,435 28,901 32,037 34,838 40,829 44,956 46,082 49,754 55,657 59,422 Bond funds 15,755 14,791 13,917 13,561 13,504 13,039 13,961 14,518 13,522 12,732 12,547 13,269 13,165 Daiwa AM 5,947 6,004 5,743 5,788 5,676 5,861 6,434 7,188 7,574 7,722 8,155 9,181 9,666 Nikko AM 3,864 3,676 3,640 3,774 3,906 4,408 4,906 6,193 6,596 6,669 6,871 7,710 7,708 Nomura AM 10,829 10,627 9,819 10,014 10,052 10,408 10,801 12,147 12,496 12,580 13,045 15,181 16,605 Daiwa AM share 15.2% 15.2% 14.6% 14.1% 13.4% 13.0% 13.2% 13.0% 12.9% 13.1% 13.1% 13.3% 13.3% Source: The Investment and Trust Association 17
18 Daiwa Global Bond Fund Daiwa Global Bond Fund Fund Price and Funds Under Management (Y bil) (Y) 2,000 1,600 Funds under management (left) Fund price (right) Basic value after adjusting dividend (right) 14,000 13,000 1,200 12, , , /04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 9,000 18
19 Number of Group Employees (# of employees) 16,000 Overseas 14,000 12,000 12,449 13,036 12,900 12,898 12,787 13,566 13, , ,515 (-128) 1, Other domestic companies 10,000 3, Daiwa Securities SMBC 8,000 1,943-7 Daiwa Securities 6,000 Daiwa Securities Group Inc. 4,000 2,000 6, /05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/ (Changes are from 12/06) Total figure is the sum of consolidated group companies and Daiwa SB Investments. Figures for Daiwa Securities include Financial Advisers (FA). Figures for Daiwa Securities SMBC include employees of Daiwa Securities SMBC Principal Investments. 19
20 Changes in Shareholder Composition Types of investors March 06 Ratio of # of shares Individuals 17.4 % Financial institutions 38.7 Banks 5.6 Trust Banks 25.4 Other institutions 4.9 Foreigners 37.2 Others 1.8 Total 100 September 06 Types of investors Ratio of # of shares Individuals 16.4 % Financial institutions 37.0 Banks 5.1 Trust Banks 24.7 Other institutions 4.5 Foreigners 39.8 Others 2.3 Total 100 Types of investors March 07 Ratio of # of shares Individuals 15.6 % Financial institutions 37.9 Banks 5.2 Trust Banks 25.4 Other institutions 4.1 Foreigners 40.1 Others 2.3 Total
21 Credit Ratings Daiwa Securities Group Inc. Daiwa Securities Daiwa Securities SMBC Long-term Short-term Long-term Short-term Long-term Short-term Moody's Baa1 - Baa1 P-2 A2 P-1 Standard & Poor's BBB+ A-2 BBB+ A-2 A- A-2 Rating and Investment Information A a-1 A a-1 A a-1 Japan Credit Rating Agency A+ - A As of April 26, 2007 Mar 19 Standard & Poor s placed the long-term and short-term ratings for Daiwa Securities SMBC on Credit Watch with positive implications. 21
22 Contact Daiwa Securities Group Inc. Investor Relations TEL: FAX: URL:
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