consolidated financial results...q1 result fy 2020 q1 result ordinary income segment assets 1,118.6...

All Rights Reserved, Copyright © Tokyo Century Corporation

Consolidated Financial ResultsFor the Three Months of Fiscal Year Ending March 31, 2021

August 5, 2020

All Rights Reserved, Copyright © Tokyo Century Corporation 2

Financial Highlights Ordinary Income by Operating Segment & ROABalance of Segment Assets by Operating SegmentChange of Global Assets RatioFY2020 Consolidated Results Forecast

1. Financial Highlights45678

Business Summary by Operating Segment Major Topics by Operating Segment Equipment Leasing 1 NTT TC Leasing Mobility & Fleet Management 1 Alliance Strategy: Partnership withAdvanced Mobility Solution Provider

Mobility & Fleet Management 2 NRS UpdatesSpecialty Financing 1 Business Results of ACGSpecialty Financing 2 Asset Management at ACG Specialty Financing 3 Fund Procurement at ACGSpecialty Financing 4 Fund Procurement for the Acquisition of ACG

2. Results by Operating Segment

State of IncomeBalance Sheet Interest-Bearing Debt Quarterly Changes in Results by Subsidiary

in Mobility & Fleet Management Transition of Business Portfolio Consolidated Revenues BreakdownPromotion of Sustainability Management

List of Materiality (Key Issues) and SDGs External Evaluation: Inclusion in Global Indexes Major Group Companies (Domestic) Major Group Companies (Overseas)

35363738

394041

424344

Results of Equipment LeasingResults of Mobility & Fleet Management Balance of Segment Assets and Transaction Volume

in Mobility & Fleet ManagementResults of Specialty Financing Balance of Segment Assets in Specialty Financing Results of International BusinessBalance of Segment Assets in International Business

3. Major Topics

The New Fourth Medium-Term Management Plan Highlight 1 - Management Indicator

The New Fourth Medium-Term Management Plan Highlight 2 - Shareholder Returns Policy

Continually Evolving “Finance x Service x Business Expertise” Business Model

31

32

334

101112

13141516

4. New Fourth Medium-Term Management Plan

5. Appendix

18192021

2223242526

International Business 1 Business Results of CSI Leasing International Business 2 Initiatives Utilizing Joint Crediting Mechanism (JCM)

Business Alliance with NTT in All Four Operating Segments

2728

29


1. Financial Highlights

All Rights Reserved, Copyright © Tokyo Century Corporation 4All Rights Reserved, Copyright © Tokyo Century Corporation

Change % Change

Total assets 5,608.6 5,677.8 69.2 1.2%

Balance of segment assets 4,773.0 4,739.0 -34.0 -0.7%

Shareholders' equity 554.5 559.7 5.2 0.9%

Shareholders' equity ratio 9.9% 9.9% -

Mar. 31, 2020 Jun. 30, 2020

ROE（Net income / Shareholders' equity) *1 12.8% 10.8% -2.0pt

Announced onMay 20, 2020

AchievementRate

1,200.0 25.6%

70.0 35.5%

75.0 33.5%

45.0 33.3%

FY 2020　Forecast

Change % Change

Revenues 267.4 307.0 39.6 14.8%

Operating income 21.1 24.9 3.8 17.9%

Ordinary income 23.9 25.1 1.2 4.9%

Net income attributable to owners of parent 13.7 15.0 1.3 9.2%

FY 2019Q1 Result

FY 2020Q1 Result

Average foreign exchange rate (USD1) ¥110.23 ¥ 108.87

Financial Highlights

（Billions of yen）

* Profit rates (ROE, ROA, etc.): Annualized

Ordinary income increased 4.9% YoY to ¥25.1 billion


　 Change

2.1% 1.9% -0.2%

2.8% 2.1% -0.7%

4.0% 2.8% -1.2%

2.5% 2.5% -

2.6% 2.1% -0.5%

FY2019Q1 Result

FY2020Q1 Result

Ordinary Income by Operating Segment & ROA

Ordinary income＊ ROA


Increased in Specialty Financing due to the consolidation of ACG


Balance of Segment Assets by Operating Segment

(Billions of yen)

Segment assets increased YoY, except International Business

（A) （B) （B-A)


565.2 584.2

1,595.9 1,578.9 1,595.5 219.3 263.1

248.1 231.7 212.0

243.3 249.9

255.8 278.9 267.0

Mar. 31, 2018 Mar. 31, 2019 Dec. 31, 2019 Mar. 31, 2020 Jun. 30, 2020

（ 44％）2,089.4

107.96円

ACGの連結化に伴い、グローバル資産比率は45％まで上昇（前期末比+15pt）

Change of Global Assets Ratio

US$1 = ¥107.96US$1 = ¥110.91*US$1 = ¥113.05

* USD-JPY exchange rates applied to thecompany’s major overseas subsidiaries

(Billions of yen)

（ 31％）1,027.8

（ 44％）2,074.5

（ 30％）1,097.1

（ 45％）2,099.8

ACGの連結化に伴い、グローバル資産比率は45％まで上昇（前期末比+15pt）

FY2019 Q3 － FY2020 Q1FY2017－FY2018

USA and Europe

East Asia and ASEAN

Shipping, Aviation and Others

Global asset ratio increased due to the consolidation of ACG

US$1 = ¥109.55 US$1 = ¥108.87

Due to the consolidation of ACG in December, 2019 global assets increased

approximately ¥1 trillion


1 1,166.6 1,200.0 33.4 2.9%

2 88.3 70.0 -18.3 -20.8%

3 91.1 75.0 -16.1 -17.7%

4 56.3 45.0 -11.3 -20.1%

5 ¥524.96 ¥368.72 -¥156.24 -29.8%

6 ¥136 ¥136 - -

7 25.9% 36.9% 11.0pt

Revenues

＃ FY 2019Result

FY 2020　Forecast

Change % Change

Operating income

Ordinary income

Net income attributable to owners ofparent

Net income per share

Total dividends

Dividend payout ratio

FY2020 Consolidated Results Forecast

2019年度4QよりACG連結化による、利益貢献を見込んでいるため、売上高・各利益予想値を上方修正

(Billions of yen)

No revision to the consolidated results forecast announced on May 20, 2020

There is no change in FY2020 consolidated results forecast although the stagnation of economic activity and slump in consumption impacted by the spread of COVID-19 are expected to continue longer than initially expected at the time FY2020 consolidated results forecast was prepared


2. Results by Operating Segment


Change % Change

Revenues 126.6 137.5 10.9 9%

Gross profit 10.1 9.4 -0.7 -7%

Operating income 7.1 6.7 -0.4 -6%

7.1 6.8 -0.4 -5%

ROA（％） 2.1% 1.9% -0.2pt

Segment assets 1,384.5 1,429.8 45.3 3%

Change % Change

FY 2019Q1 Result

FY 2020Q1 Result

Ordinary income

Jun. 30,2019

Jun. 30,2020

6.87.1

Results of Equipment Leasing

-0.4

Ordinary income

FY2019Q1 Result

FY2020Q1 Result



Balance of segment assets

Ordinary income

∎ With expanding business collaborations with prime partners, performance continued to be solid, although income decreased mainly due to a reactionary drop to an increase in re-leasing income in the same period of the previous fiscal year

Other

NTT TC Leasing started its operation

∎ Segment assets increased YoY mainly due to an increase of information and communication equipment

Major factors for change

∎ Scheduled to post 50% of net income after taxes of NTT TC Leasing as equity in earning of affiliates from FY2020 Q2. Its income for nine months will be included in FY2020


Change % Change

Revenues 83.4 85.0 1.6 2% Gross profit 17.7 17.2 -0.6 -3% Operating income 4.2 3.4 -0.8 -18%

4.2 3.4 -0.9 -20%NCS 3.4 3.3 -0.1 -2%NRS 0.0 -0.7 -0.8 -OAL 0.7 0.7 -0.0 -6%Others 0.1 0.1 0.0

ROA（％） 2.8% 2.1% -0.7pt NCS 3.7% 3.6% -0.1pt NRS 0.4% - -OAL 1.4% 1.2% -0.2pt

Segment assets 607.6 632.5 24.9 4%

FY 2019Q1 Result

FY 2020Q1 Result

Change % Change

Ordinary income

Jun. 30,2019

Jun. 30,2020

3.44.2

Results of Mobility & Fleet Management

-0.9 （Billions of yen）

Ordinary income

FY2019Q1 Result

FY2020Q1 Result

（Billions of yen）Major factors for change

Ordinary income

∎ NCSMaintained the last Q1 level as a result of cost reduction and others although gain on sales of vehicles declined due a stagnant used car export

∎ NRSDecreased mainly due to a drop in car rental sales as a result of a fall in car rental demand for leisure and for business trip since March

∎ OALRemained flat due to a slowdown in the number of vehicles delivered to customers as a result of delivery delays from manufacturers

Other

Impact by COVID-19（NRS）∎ Car rental sales decreased sharply YoY since March due to the

state-of-emergency declaration and voluntary restrictions on crossing prefectural borders (see P22)


Mar. 31, 2017 Mar. 31, 2018 Mar. 31, 2019 Mar. 31, 2020 Jun. 30, 2019 YoY Change

Balance of segment assets *1 470.5 531.4 605.3 641.9 619.7 18.9

NCS 314.7 336.7 368.2 378.5 370.4 1.2 Percentage 66.9% 63.4% 60.8% 59.0% 59.8%

NRS 33.3 41.4 47.3 52.8 50.2 2.4 Percentage 7.1% 7.8% 7.8% 8.2% 8.1%

OAL 122.4 153.3 189.7 210.7 199.1 15.2 Percentage 26.0% 28.8% 31.4% 32.8% 32.1%

Jun. 30, 2020

214.3 3.7

33.5%

58.2%

52.7 -0.1

8.3%

638.6 -3.4

371.6 -6.9

QoQ Change

FY 2018Result

41.4

34.2 24.7

55.4

21.2 16.7

FY 2019Q1 Result

FY 2020Q1 Result

FY 2016Result

FY 2017Result

-4.5 -21.3%

Change % Change

-9.5 -27.7%

-14.0 -25.2%

129.1 139.8 146.3

FY 2019Result

224.6

141.7

82.9 OAL 59.1 69.3 81.3

Transaction volume *2 188.2 209.1 227.7

NCS

Balance of Segment Assets and Transaction Volumein Mobility & Fleet Management

*1 Balance of segment assets in Mobility & Fleet Management as of June 30, 2020 (¥632.5 billion)= Total figures of the above three companies (¥638.6 billion) - Intercompany transaction amount (¥6.1 billion)



Segment assets of all three companies increased YoY

*2 NRS’s transaction volume (purchase amount of fleet) is not included since it’s car rental business is focused on assets turnover

（A) （B) （B-A)


Change % Change

Revenues 34.3 59.7 25.4 74%

Gross profit 11.5 21.3 9.8 85%

Operating income 9.0 14.1 5.1 56%

11.2 15.2 4.0 36% ROA（％） 4.0% 2.8% -1.2pt

FY 2019Q1 Result

FY 2020Q1 Result

Ordinary income

Segment assets 1,118.6 2,184.0 1,065.4 95%

Change % ChangeJun. 30,2019

Jun. 30,2020

15.211.2

4.0

Results of Specialty Financing

Ordinary income（Billions of yen）

FY2019Q1 Result

FY2020Q1 Result

（Billions of yen） Major factors for change

Ordinary income

Other

ACG: Stable finance and reduction of funding cost

∎ AviationIncome increased mainly due to the consolidation* of ACG.. Realized 100% of ACG’s earnings in FY2020 Q1 while incorporated 20% as equity in earnings of affiliates in FY2019 Q1. ACG’s performance for FY2020 Q1 also increased (see P23) * For FY2019 Q3, the business result of ACG was recognized as equity in earnings of affiliates. Inclusion of business results of ACG in the consolidated statement of income starts from FY2019 Q4 while the consolidated balance sheets including segment assets started since FY2019 Q3.

∎ In June, USD0.2 billion out of USD0.6 billion senior notes with coupon rate of 7.12% due Oct. 2020 were tendered. Issued USD1 billion aggregate principal amount of 5.50% senior unsecured notes in July which the net proceed from the notes will be partially used for repayment of outstanding indebtedness for the period of 2020-2021. (see P25)


YoY Change

Balance of segment assets 897.6 978.9 1,142.4 2,147.9 1,118.6 2,184.0 1,065.4 36.1

Aviation 288.9 338.4 369.2 1,380.8 362.9 1,394.3

Percentage 32.1% 34.5% 32.3% 64.3% 32.4% 63.8%

Shipping 177.9 157.7 137.0 124.3 134.2 124.9

Percentage 19.8% 16.1% 12.0% 5.8% 12.0% 5.7%

Environment and Energy 53.7 111.6 137.1 139.2 136.9 134.4

Percentage 6.0% 11.4% 12.0% 6.5% 12.2% 6.2%

Real estate 309.9 290.4 416.8 429.9 413.3 449.2

Percentage 34.5% 29.7% 36.5% 20.0% 37.0% 20.6%

Other * 67.1 80.8 82.1 73.7 71.2 81.2

Percentage 7.6% 8.3% 7.2% 3.4% 6.4% 3.7%10.0 7.5

-2.5 -4.8

35.9 19.4

1,031.4 13.5

-9.3 0.6

Mar. 31, 2017 Mar. 31, 2018 Mar. 31, 2019 Mar. 31, 2020 Jun. 30, 2020Jun. 30, 2019 QoQ Change

Balance of Segment Assets in Specialty Financing


* Other includes factoring and others

Segment assets in the aviation and real estate increased YoY

（A) （B) （B-A)


Revenues 23.3 25.1 1.8 7% Gross profit 8.8 9.1 0.3 3% Operating income 3.2 3.6 0.4 13%

3.2 3.1 -0.1 -2%Asia 1.3 1.8 0.5 38%USA and Europe 2.0 1.4 -0.6 -30%Others -0.1 -0.1 0.0

ROA（％） 2.5% 2.5% -Asia 2.0% 3.3% 1.3ptEurope,USA 3.2% 2.1% -1.1pt

Segment assets 516.2 479.0 -37.2 -7%

Change % Change

Ordinary income

Jun. 30,2019

Jun. 30,2020

FY 2019Q1 Result

FY 2020Q1 Result Change % Change

FY2019Q1 Result

FY2020Q1 Result

Results of International Business

Ordinary income



3.13.2 -0.1

Ordinary income

Major factors for change

Other

Status of subsidiaries and affiliated companies

∎ Lower procurement cost backed by global monetary ease

∎ Careful credit decisions is underway for new deals especially in East Asia

∎ AsiaIncreased due to an decrease in funding cost in each local subsidiary of Tokyo Century due to monetary ease by central banks in ASEAN

∎ USA and EuropeDecreased mainly due to a reactionary drop to a temporary increase in income in TCUSA* and CSI in the same period of the previous fiscal year. Basically, income increased steadily except for the temporary factor.

* A subsidiary in the U.S. engaged in leasing and finance


YoY Change

East Asia 48.8 64.7 59.7 32.4 66.1 25.8

percentage 10.7% 14.0% 11.6% 6.3% 12.8% 5.4%

ASEAN 138.7 154.6 203.3 199.3 202.2 186.2

percentage 30.3% 33.4% 39.6% 39.0% 39.2% 38.9%

Total of Asia (a) 187.5 219.3 263.1 231.7 268.3 212.0

percentage 41.0% 47.4% 51.3% 45.4% 52.0% 44.3%

USA and Europe (b) 235.4 243.3 249.9 278.9 247.9 267.0

percentage 51.5% 52.6% 48.7% 54.6% 48.0% 55.7%

Global vendor * 34.5 －－－－－

percentage 7.5% －－－－－

457.4 462.6 512.9 510.6 516.2 479.0 -37.2 -31.6

excl. CSI non-recourse loan 320.1 325.1 371.7 353.9 371.5 324.3 -47.1 -29.6

Total of each region (a) + (b) 422.9 462.6 512.9 510.6 516.2 479.0 -37.2 -31.6

Total in International Business

Mar. 31, 2017 Mar. 31, 2020 Jun. 30, 2020Mar. 31, 2018 Mar. 31, 2019 Jun. 30, 2019

－

QoQ Change

－

-6.6

-13.1

-19.7

-11.9 19.1

-40.3

-16.0

-56.3

Balance of Segment Assets in International Business


* Transferred to Equipment Leasing in FY2017

Segment assets decreased YoY mainly in East Asia

（A) （B) （B-A)


In each topic, related sustainable development goals (SDGs) are indicated at the top right of slides

3. Major Topics


Business Summary by Operating SegmentSpecialty FinancingEquipment Leasing

Mobility & Fleet Management International Business

Undertaking a wide range of joint ventures along with prime partner companies, while structuring and providing diverse financing programs to boost the value of leasing business through these business collaborationsNTT TC Leasing, a JV established with the NTT Group, started its operation. The JV deals with businesses originally spun off from the leasing and global businesses of NTT FinanceExpanding the viable businesses by converting Amada Lease to a subsidiary and making ITOCHU TC Construction Machinery an equity-method affiliate

Provide financial services for a wide range of assets including information and communication equipment, while enhancing the efforts to promote businesses concerning IT solutions, subscriptions, and viable businesses

Shipping: Creating new businesses along with core partners and promoting ROA improvementsAviation: Converted ACG a wholly owned subsidiary, a leading U.S.-based commercial aircraft lessor to expand the aviation businessEnvironment & Energy: Expanding the solar power generation business primarily through Kyocera TCL Solar and started examining the prospective collaboration with NTT Anode Energy Real Estate: Expanding the real estate business through the acquisition of shares in Shinko Real Estate, a comprehensive real estate company

Provide financial services for shipping, aviation, the environment & energy, real estate, structured financeand others, by utilizing our highly specialized expertise

Provide automobile leasing for corporate customers and individuals and car rental, which boast the leading lineup, to provide the best suited quality service depending on purpose

Provide tailored, specialized services to meet unique needs of each country by promoting alliance strategies with local blue-chip companies and financial institutions and others

Expanding overseas networks over 30 countries and regions worldwide, including East Asia and ASEAN, Americas, Europe and other countriesUSA : CSI Leasing with high expertise and consulting capability

in IT equipment, has been expanding its businessesConverted API, which has core strengths in work trucks and vans for package delivery to a wholly owned subsidiary

ASEAN : Strategic partnership with Grab, the ride-hailing platform giant in the region

Myanmar: Acquired 20% shares in Yoma Fleet, the largest auto leasing company in the country

Nippon Car Solutions (mainly for corporate customers): Offering a variety of car-related services leveraging telematics to promotes safe driving and others.Nippon Rent-A-Car Service (car rental): Focusing on to improve customer convenience through data utilization and promoting the DX strategy including enhancement of the earning structure through the adoption of business strategies that suit each region Orico Auto Leasing (mainly for individuals): Expanding automobile leasing for individuals through “Koala Club”, an agency organization (more than 1,100 agencies) as a platform


Major Topics by Operating SegmentPromote collaborations with NTT: NTT TC Leasing started operation as the first step of capital and business alliance

Apr.

Jul.

Issued hybrid bonds (subordinated bonds) with the aim of raising additional fund related to the conversion of ACG as a wholly owned subsidiary, and to reinforce the Company’s financial foundation and to increase the flexibility of financial strategy while avoiding share dilution or decline in ROE

Obtained a “BBB” rating from S&P Global Rating Japan (S&P) to raise foreign currency procurement capability and to enhance credit standings of its subsidiaries and affiliates overseas, including Aviation Capital Group（ACG）Concluded a capital and business alliance agreement with Mobility Technologies (MoT). MoT operates Taxi hailing apps, “Japan Taxi” and “MOV”, the largest number of downloaded apps in Japan while taking a lead in promoting initiatives in the field of MaaS through providing services to boost Japan’s taxi industry

“IoT SELECTION connected with SORACOM” expanded to a total of 20 solutions, including new solutions: a customer behavior trend analysis, “WALK INSIGHTS”; congestion monitoring, “MMsmartMonitor” to prevent 3Cs (closed spaces, crowded places, and close- contact settings) and; order placement mobile app, ”Okage Go to go” (tentative). It established a special webpage, “anti-COVID-19 solutions

ACG issued senior unsecured notes under Rule 144A and Regulation S of the Securities Act with an aggregate principal amount of US$1 billion (Coupon rate: 5.50% per annum; Maturity: December 2024)

Equipment Leasing Specialty FinancingMobility & Fleet Management International BusinessTokyo Century

FY20

20

IoT subscription market place “IoT SELECTION connected with SORACOM” expanded to a total of 17 solutions, including new solutions : remote and central monitoring of plant power usage; a watch-over service using communication function-equipped IoT LED bulb; automatic feeder utilizing AI to optimize feeding at aquaculture and; traffic survey using AI-equipped camera and image recognition technologyConcluded an agreement to invest about JPY50 billion in Ukujima Future Energy Holdings G.K. to jointly continue exploring the solar power generation project with Kyocera, SPCG Public Company Limited, Kyudenko, Furukawa Electric, and Tsuboi Corporation, allowing the land to be concurrently utilized for both power generation and agricultureStarted operating Kanoya Osaki Solar Hills Solar Power Plant with a capacity of 100 megawatt, the largest plant in Kyushu region of Japan that was under construction through a solar power venture jointly established by GF, Kyocera, Kyudenko, and Tokyo Century

NTT TC Leasing, a JV established with the NTT Group, started its operation. The JV deals with businesses originally spun off from the leasing and global businesses of NTT Finance.

Completed the acquisition of 14.9% of outstanding ordinary interest in the shareholding company of the Advantage Partners Group (AP Group) and subscription of equity financing in order to further strengthen alliance with AP Group in accordance with a definitive agreement of a strategic partnership


Approx. ¥60 billion

NTT TC Leasing starts operating in JulyNTT’s customer base and

Tokyo Century’s financial services and solutions

First step of business alliance with NTT starts: Completed acquisition of shares in NTT TC Leasing in July

固定価格Equipment Leasing 1 NTT TC Leasing

Leasing and Global Business• Leasing for corporate customers• Installment sales, loan, factoring • Structured finance • Aviation and ship financing, JOL, etc.

Major businesses

Integrate

B/S• Assets: 1.3 tn• Liabilities: 1.2 tn

Equity-method affiliate of Tokyo Century

（Scheduled to be in October 2020)

50％Capital Breakdown

Tokyo Century

NTT Finance

NTT

Impact on the financial results of Tokyo Century

• 50% of net income after taxes of NTT TC Leasing is to be included from FY2020 Q2

Balance Sheet

Statement of Income

• Segment assets increases10％

40％

To be included in the segment assets of Equipment Leasing from FY2020 2Q


Mobility & Fleet Management 1Alliance Strategy: Partnership with Advanced Mobility Solution Provider

Smart CitySelf-DrivingMaaS

∎ Advanced mobility solution provider taking a lead in promoting MaaS(Mobility as a Service) in Japan

∎ Shareholding companies:Nihon Kotsu Holdings, DeNA, TOYOTA MOTOR, NTT DOCOMO, etc.

• Service area:Nationwide in Japan

• The number of apps downloaded: The largest scale in Japan

Operating two taxi apps

JapanTaxi MOV

Expand collaboration in addition to equipment leasing and asset management

Cooperate with other shareholders of MoT as

a business partner

Capital and business alliance with Mobility Technologies (MoT), Taxi apps operator

Tokyo Century investeda total of

¥1.575 billionthrough third-party allotment


109.5%106.1%

79.9%

47.0%

35.1%

58.2%

Jan. Feb. Mar. Apr. May Jun.

Mobility & Fleet Management 2 NRS Updates

Car rental sales*1 (YoY change)

Revenues from car rental sales decreased due to the impact by COVID-19

１．Revenues

２．Anti-COVID-19 Measures

• Short business hours at sales branches depending on the demand and streamline branches in close areas

• Improve customer convenience through data utilization and enhance the earning structure through the adoption of business strategies that suit each region

• Thorough cleaning inside its fleet, including sterilization to prevent infection and spread of virus, in addition to keeping them clean

• Commutation support plan: Support the access to office to avoid rush hours of public transportation

• Manage the number of fleet depending on the operating status

Travel needs for sightseeing, business trips, etc. dropped due to COVID-19

Q1*2 Q2

*1．Sales from car rental out of NRS’s revenues*2．Fiscal year end of NRS is December. (Q1: January to March)

∎ Revenues since March declined YoY due to the state-of-emergency declaration and voluntary restrictions on crossing prefectural borders

∎ Operation of sales branches

∎ Management of fleet operation rate

∎ Promotion of the DX strategy


Revenues and income increased in FY2020/1Q (January – March)

※

∎ Ordinary incomeIncreased despite taking reserves for uncollected lease payments of certain airlines, covered by maintenance revenue and gain on sale of flight equipment

∎ Segment assetsSegment assets remained flat due to delivery delays of Boeing 737 MAX

275 306 319 324

164 179 165 156439 485 484 480

0

200

400

600

FY2017 Q4 FY2018 Q4 FY2019 Q4 FY2020 Q1

Owned, managed and committed aircraft

■ Firm orders/Commitments

■ Owned/Managed

Business results

Specialty Financing 1 Business Results of ACG

Major Factors for Change

(USD million)

Change %Change

Total revenues 260 302 42 16%

Operating lease revenue 249 250 0 0%

Total expenses 198 234 36 18%

Asset impairment 1 8 8 -

Bad debt expense - 22 22 -

Income before income taxes 63 68 6 9% Net income 62 66 4 7%

ROA（％） 2.6% 2.7% 0.1pt

FY2019Q1 End

FY2020Q1 End

Change %Change

Segment assets 9,697 10,050 353 4%

FY 2019Q1 Result

FY 2020Q1 Result


Global Fleet Solutions with Highly Liquid Narrow-Body Aircraft

Liquidity Management Global Portfolio

3% 5%11%

7% 9% 8% 7%10%

40%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2020 2021 2022 2023 2024 2025 2026 2027 2028 &Beyond

Lease maturity rate per year *1. 2

Lease-end fleet management(Average remaining lease term: 6.9 years)

*1 Based on the fleet with lease maturity in April 2020 and after*2 Based on book value of aircraft assets

High liquidity asset, mainly narrow-body aircraft that comprises about 70% of all in-service aircraft worldwide

Average fleet age: 5.2 yearsMaintain a pool of young aircraft with flexible change in its portfolio

Narrow body: 86%

Specialty Financing 2 Asset Management at ACG

Top 10 Countries *2

Leasing aircraft to more than 90 airlines over 45 countries worldwide

Extensive global network

1. China 15%2. United States 10%3. Vietnam 8%4. Indonesia 8%5. Russian Federation 8%

6. South Korea 6%

7. India 6%8. Israel 5%9. Poland 4%10. Argentina 4%

Asia Pacific27%

Europe21%United States

& Canada 13%

China15%

Central America & Mexico 10%

Middle East & Africa

9%

South Asia5%

Portfolio by region *2


4

16

10 9

13

8 8USD0.2 bn

USD1 bn

0 -

5

10

15

20

2020 2021 2022 2023 2024 2025 2026 2027

144A 144A notes tender offer144A notes issuance Term loans

DebtBalance

USD0.9 bn

DebtBalance

USD0.9 bn

Unused

USD1.1 bnUSD1.1 bn

Revolving Credit Facility

USD2 bn

Revolving Credit Facility

USD2.6 bn

FY 2020 Q1 End FY 2020 Q1 End+TC credit line

USD0.6 bn

Swift fund procurement from the U.S. bond market and new revolving line of credit from Tokyo Century

* Reflected tender offer in June and new issuance in July

Total unused facility

USD1.7 bn

＋TC credit line

(1) Out of USD0.6 billion aggregate principal amount of 7.12％ senior unsecured notes due Oct. 2020, USD0.2 billion of the notes were tendered (June 2020)

(2) Issued USD1 billion aggregate principal amount of 5.50% senior unsecured notes which the net proceed from the notes will be partially used for repayment of outstanding indebtedness for the period of 2020-2021 (July 2020)

(3) Closed USD0.6 billion intercompany line of credit with Tokyo Century. Unused revolving credit facility increased toUSD1.7 billion（June 2020）

(1)

(2) (3)

Unsecured Debt Maturity Profile (*except CP, etc.）

Specialty Financing 3 Liquidity Profile at ACG

（USD billion）


Outline of the Hybrid Bonds

Refinanced the fund procured for the acquisition of ACG to long-term loans by issuing hybrid bonds

Swiftly respond to the market environment for low-cost financing

Currency: JPY

Interest rate: 1.38％ per annum (¥100 bn)*1

1.66％ per annum ( ¥30 bn)*2

Equity content ：R&I 50%JCR 50％S&P 100％

Completion of acquisition

December 2019Sequentially refinanced to long-term loans

March 2020

Approx.

¥320 billion

Refinanced to long-term loans fromfinancial institutions

Approx.

¥190 billion

Bridge loans

Approx.¥130 billion

Approx.¥190 billion

Hybrid bonds（Debt capital）

Issued hybrid bonds(subordinated bonds)

July 2020

¥130 billion

Bridge loans

*1. Maturity: After 60 yeas from the issued date. Tokyo Century may redeem the hybrid bonds at its discretion from and including July 30, 2025The fixed interest rate will be applied to July 30, 2025 and a floating interest rate from the day after July 30, 2025

*2 Maturity: After 60 yeas from the issued date. Tokyo Century may redeem the hybrid bonds at its discretion from and including July 30, 2030The fixed interest rate will be applied to July 30, 2030 and a floating interest rate from the day after July 30, 2030

Fund procured for the acquisition of

ACG

¥130 billion

Hybrid Bonds

Long-term loans fromfinancial institutions

Specialty Financing 4 Fund Procurement for the Acquisition of ACG


Change %Change

Revenues 128 146 162 16 11%

Gross profit 57 66 66 0 0%

Ordinary income 13 15 13 -2 -13%

Net income 9 11 11 1 8%

ROA (％) 3.3% 3.5% 2.8% -0.7pt

RORA (％) * 13.7% 13.9% 9.6% -4.3pt

Transaction volume 243 257 277 20 8%

FY2018Q1 End

FY2019Q1 End

FY2020Q1 End

Change %Change

Segment assets 1,620 1,732 1,849 118 7%

FY 2019Q1 Result

FY 2020Q1 Result

FY 2018Q1 Result

International Business 1Business Results of CSI Leasing

Business results(USD million)

*ROA after deducting non-recourse loanStrength in each stage in life cycle management

Build continuous relationships through

intensive one-stop service

4. After lease maturityData wipe out and recycling, etc.

1. Suggest introduction of IT equipmentPropose based on the data for equipment preference and use preference aggregated from the transactions in more than 30 countries

２. Before leaseOptimize and speed up equipment introduction process

３. During lease periodPropose upgrading or new replacements


∎ Ordinary incomeDecreased due to a reactionary drop to an increase in income of large secondary transactions booked in the previous fiscal year

Structured new work system in business sites over 30 counties to adopt to the changes in times of COVID-19

Structured work from home programs and others in each countryHandle increasing demand of IT equipment leases while maintaining the pre-covid-19 level of operations by communicating through video conference

Segment assets increased YoY as a profit source

∎ Transaction volumeIncreased steadily mainly in North America and Europe


A joint project utilizing JCM with Thai’s major conglomerate Saha Group

Aiming to undertake the environment-related businesses growing in Thailand

∎ Install PV systems on the rooftops of the factories in Saha Group’s industrial park

∎ Green industrial park project on the back of the Thailand Power Development Plan

Ministry of the Environment

International Consortium

CreditSubsidy

Japanese major manufacturer, etc.

PV systems

SubsidyRepresentative

participantTokyo Century

Saha Group(Implementation of power

generation system)

TC’s local subsidiary in

Thailand

Lease

Overview of the project utilizing JCM*

Industrial park (an auto industry center)

Energy Policy in Thailand

Expand the renewable energy business

Collaborating with a major conglomerate Saha Group

Project Scheme

International Business 2Initiatives Utilizing Joint Crediting Mechanism (JCM)

© OpenStreetMap contributors

Bangkok

Chonburi

Chonburi is part of the EEC in ThailandThe Thai government expects approx.¥6 trillion investment in the EEC development

* JCM (Joint Crediting Mechanism): A bilateral mechanism to realize CO2/GHG emission reductions in developing countries by promoting leading low carbon technologies and incorporating part of reduced CO2 emissions as emission reductions achieved by Japan

∎ Boost the growth of renewable energy due to severe air pollution and depletion of natural gas

∎ Increase power generation capacity due to acceleration of digital economy and increasing spread of EVs

∎ Promote engagement of private sector


Business Alliance with NTT in All Four Operating Segments

Integrate the strengths of both companies and create synergies by promoting collaboration business

Environment & Energy Business *

Digital Business

Mobility Business

Global business

2. The 1st step of business alliance:Enhance and expand leasing and finance business

3. Consider further development of business fields with growth potential through collaborations

1. Existing business collaboration: Mobility & fleet management business

Launched Nippon Car Solutions by integration of auto-leasing operations of both companies in 2005 and fostered its growth into one of the top fleet services company in the industry

Establish a joint venture which is to be engaged in leasing and finance business

Equipment Leasing Mobility & Fleet Management Specialty Financing International Business

＜Shareholding Ratio>TC 59.5％, NTT 40.5％

Started its operation in July 2020

<Shareholding Ratio>TC 50%, NTT 40%, NTT Finance 10％

Started examining the prospective collaboration with NTT Anode Energy regarding joint development of asset business

Real Estate,

（Scheduled to be in October, 2020)


4. New Fourth Medium-Term Management Plan


FY2015 FY2016 FY2017 FY2018 FY2019 FY2022(Plan)

¥43.7bn

¥52.3bn

¥40.0bn

¥51.3bn¥56.3bn

The New Fourth Medium-Term Management Plan Highlight 1 - Management Indicator

Ordinary income ¥130bnNet income attributable to owners of parent ¥80bnShareholders' equity ratio 12%ROE 12%

Targets in the New Fourth Medium-Term Management Plan（Targets for FY2022)

Ordinary income Net income attributable to owners of parent

*1 Figures in yen indicated in above □: EPS*2 Period immediately before merger (FY2008 ended March 31, 2009): Simple sum of

the figures of former Century Leasing System, Inc. and Tokyo Leasing Co., Ltd.

¥80bnPeriod immediately before merger (FY2008) *2

Net income attributable to owners of parent : ¥10bnEPS：¥94.05

EPS ¥379.34¥413.51

¥494.93

Approx.¥650

¥486.09

FY2015 FY2016 FY2017 FY2018 FY2019 FY2022(Plan)

¥73.5bn¥79.0bn

¥86.3bn

¥68.0bn

¥130bn

¥91.1bn

¥524.96


13.4%

18.0% 17.9% 17.6%16.7%

20.1%21.1%

24.2% 23.5%25.1% 25.9%

36.9%

Aim to achieve positive dividend payout ratio while maintaining a balance with growth investment based on Long-term, stable profit distribution

Payout ratio

32円40円 44円 48円 52円

65円

80円

100円

114円124円

134円予定

2009年度 2010年度 2011年度 2012年度 2013年度 2014年度 2015年度 2016年度 2017年度 2018年度 2019年度 2020年度 2021年度 2022年度

Dividends

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

¥32

¥65

¥80

¥52 ¥48

¥136

¥44 ¥40

¥124¥114

¥100

EPS¥239.57

¥ 221.80

¥ 245.82 ¥ 272.32

¥ 311.64

¥ 322.84

¥ 379.34

¥ 413.51

¥ 486.09

¥ 494.93

¥ 524.96

Approx. ¥650

The New Fourth Medium-Term Management Plan Highlight 2 - Shareholder Returns Policy

¥136(projected)

¥ 368.72(projected)

Payout ratio for FY2020Payout Ratio for FY2022

Bottom Line 30％ The FY2020 dividend is projected to be ¥136 as same as FY2019, although the consolidated results forecast for FY2020 is less than the FY2019 results


∎ Management environment free from regulatory constraints

∎ Global partnership strategy making the most of extensive customer base

∎ Creative thinking in response to change

Tokyo Century’s advantages A trusted service/business partner

April 2009 March 2020 March 2030

“Business Expertise” profits

“Services” profits

“Finance” profits

Financial services company Company with financial capabilitiesComprehensive financial

services company

Contribute to resolution of social issuesBe a company capable of achieving stable and sustainable growth

Net income

Globally expand business in diverse business fields while maintaining core operating lease business

Next DecadePast Decade

Type of profitsDigital

MobilityElectric vehicles (CASE)

Subscription

Towards new business domains

Develop new business models

New Fourth Medium-Term Management Plan

Aviation, Fleet and mobility(domestic and overseas)

Real estateRenewable energy

Principal investment

Deep mining of growth businesses

Strengthening business alliance

March 2023

Keywords

Continually Evolving “Finance x Services x Business Expertise” Business Model

Further develop collaborations with prime partners including

the NTT Group


5. Appendix


Change %Change

1 267.4 307.0 39.6 14.8%

2 219.1 250.0 30.9 14.1%

Funding cost 3 6.9 10.8 3.9 56.1%

4 48.3 57.0 8.8 18.2%

5 27.2 32.2 5.0 18.4%

Personnel expenses 6 15.1 17.2 2.1 13.6%

Non-personnel expenses 7 11.7 12.7 1.0 8.5%

Credit costs 8 0.3 2.3 1.9 589.3%

9 21.1 24.9 3.8 17.9%

10 2.8 0.3 -2.6 -91.2%

11 23.9 25.1 1.2 4.9%

12 -0.1 -1.5 -1.3 －

13 23.8 23.6 -0.2 -0.7%

14 7.7 6.4 -1.2 -16.0%

15 16.2 17.2 1.1 6.6%

16 2.4 2.2 -0.2 -8.5%

17 13.7 15.0 1.3 9.2%

Revenues

Net income attributable to owners ofparent

Costs

Gross profit

SG&A expenses

Operating income

Non-operating income and losses

Ordinary income

Extraordinary income and losses

Income before income taxes

Income taxes

Net income

Net income attributable to non-controllinginterests

# FY 2019Q1 Result

FY 2020Q1 Result

Statement of Income

Major Factors for Change（Billions of yen）

Gross profitIncreased in Specialty Financing and International Business due to the expansion of business fields, including the consolidation of ACG

SG&A ExpensesPersonnel expenses, non-personnel expenses and credit costs increased due to the consolidation of ACG*

Non-operating income and lossesDecreased mainly due to a decline in equity in earnings of affiliates concerning the consolidation of ACG

Ordinary IncomeIncreased in Specialty Financing mainly due to the consolidation of ACG

Extraordinary lossesDecreased due to loss on valuation of investment securities

* For FY2019 Q3, the business result of ACG was recognized as equity in earnings of affiliates. Inclusion of business results of ACG in the consolidated statement of income starts from FY2019 Q4 while the consolidated balance sheets including segment assets started since FY2019 Q3.


Change %Change

Total assets 1 5,608.6 5,677.8 69.2 1.2%

Current assets 2 3,108.1 3,137.9 29.8 1.0%

Non-current assets, etc. 3 2,500.5 2,539.9 39.4 1.6%

Leased assets 4 1,867.1 1,901.8 34.7 1.9%

Leased assets advance payment 5 140.5 141.7 1.2 0.9%

Other operating assets 6 82.1 81.0 -1.2 -1.4%

Investment securities 7 97.7 99.0 1.3 1.3%

Others 8 313.0 316.5 3.4 1.1%

Total liabilities 9 4,948.4 5,013.8 65.4 1.3%

Current liabilities 10 2,535.7 2,592.9 57.1 2.3%

Long-term liabilities 11 2,412.7 2,421.0 8.3 0.3%

Total net assets 12 660.1 664.0 3.8 0.6%

Shareholders' equity 13 554.5 559.7 5.3 0.9%

Non-controlling interests, etc. 14 105.6 104.2 -1.4 -1.4%

# Mar. 31,2020

Jun. 30,2020

Balance Sheet

Major Factors for Change（Billions of yen）

Non-current assets, etc.Leased assetsAssets in the aircraft leasing and real estate increased

Current liabilitiesMainly due to an increase in short-term borrowings


Change %Change

Interest-bearing debt 1 3,041.2 4,278.2 4,441.6 163.3 3.8% Commercial papers 2 872.3 825.2 756.9 -68.3 -8.3%

Japanese yen 3 872.3 748.1 730.5 -17.6 -2.4% Foreign currency 4 - 77.1 26.4 -50.7 -65.7%

Corporate bonds 5 299.4 899.0 860.1 -38.9 -4.3% Japanese yen 6 262.0 233.2 201.7 -31.5 -13.5% Foreign currency 7 37.4 665.8 658.4 -7.4 -1.1%

Securitized lease assets 8 78.7 75.7 52.7 -22.9 -30.3% Borrowings 9 1,790.8 2,478.3 2,771.8 293.5 11.8%

Japanese yen 10 1,158.3 1,720.1 1,966.3 246.2 14.3% Foreign currency 11 632.5 758.2 805.5 47.3 6.2%

Direct funding ratio 12 41.1% 42.1% 37.6% -4.5pt Long-term funding ratio 13 51.7% 67.6% 66.1% -1.5pt

Jun. 30, 2020# Mar. 31, 2019 Mar. 31, 2020

Change %Change

Funding cost 16 26.3 31.0 4.8 18.1% Funding cost ratio* 17 0.90% 0.85% -0.05pt

# FY 2018Result

FY 2019Result

Change %Change

Funding cost 14 6.3 6.9 10.8 3.9 56.1% Funding cost ratio* 15 0.88% 0.89% 0.99% 0.10pt

FY 2020Q1 Result

FY 2019Q1 Result

# FY 2018Q1 Result

Interest-Bearing Debt


Interest-bearing debtShort-term borrowings in the Japanese yen increased due to liquidity ensured


* Funding cost ratio = Funding cost / { (Interest-bearing debt of the previous fiscal year end + Interest-bearing debt of this fiscal year end) / 2 ｝

（Change of funding cost by fiscal year）


NCS 51.9 52.5 51.8 51.3 207.5 51.4 -0.5 NRS 17.1 18.9 24.7 21.1 81.8 17.3 0.3 OAL 17.6 19.1 19.7 20.5 76.8 19.2 1.6 Total 86.5 90.4 96.1 93.0 366.0 88.0 1.4

NCS 3.4 3.6 2.5 2.3 11.8 3.3 -0.1 NRS 0.0 0.7 3.6 1.4 5.8 -0.7 -0.8 OAL 0.7 0.7 0.8 1.9 4.1 0.7 -0.0 Total 4.1 5.0 7.0 5.6 21.7 3.3 -0.9

NCS 370.4 379.9 377.5 378.5 371.6 1.2 -6.9NRS 50.2 51.4 58.2 52.8 52.7 2.4 -0.1OAL 199.1 207.1 214.7 210.7 214.3 15.2 3.7Total 619.7 638.4 650.3 641.9 638.6 18.9 -3.4

NCS 685 693 693 696 699 14 3NRS 49 54 49 49 46 -3 -3OAL 131 137 142 147 150 19 3

Duplicationadjustment -148 -155 -160 -163 -166 -19 -3

Total 718 729 724 729 729 12 0

Q2 Q3 Q4

Revenues(Billions of yen)

Ordinallyincome

(Billions of yen)

Balance ofsegment assets(Billions of yen)

Q1

Number ofvehicles

(Thousand)

Change( YoY )Q1Total

(Annual)

FY 2019 FY 2020Change( YTD )

*1

NRSは3Q（夏季のレジャー等の需要が増加）に利益が偏る傾向※

Quarterly Changes in Results by Subsidiary in Mobility & Fleet Management

*1 Fiscal period of NRS ends in December*2 Revenues and balance of segment assets = Simple sum of three companies

NRS expects more impact of COVID-19 pandemic from Q2（April – June) onwards

*2

*2


30%

13%46%

10% 0%

Transition of Business Portfolio

FY2008 Results *Ordinary income 22.3 billion yenNet income attributable to owners of parent 10.0 billion yen

FY2020 ForecastOrdinary income 75.0 billion yenNet income attributable to owners of parent 45.0 billion yen

* Simple sum of the previous two companies immediately before merger

At the launch of the company

High profitability segments, such as Mobility & Fleet Management, Specialty Financing, International Business are increasing their assets ratio in the total assets of the company

81%3%

12%4%

Mar. 31, 2009Segment assets

¥2,100.0 bn*

Mobility & Fleet Management

International Business

Equipment Leasing

Specialty Financing

OtherOther

Jun. 30, 2020Segment

assets¥4,739.0 bn


Consolidated Revenues Breakdown

Revenues from operating lease, etc. is expected to continue increasing due to the consolidation of ACG

¥1,166.6bn

(Billions of yen)

FY2019Consolidate Revenues

659.8bn506.8bn

Finance lease

43％ 57％

Revenues from operating lease, etc.

Operating lease, etc.（excluding finance lease)


Promotion of Sustainability ManagementList of Materiality (Key Issues) and SDGs Our efforts to achieve SDGs

Materiality (key issues) Priority materiality initiatives Relevant SDGs

∎ Contribution to low-carbon societyContribute to widespread use of clean energy through climate change and environmental effortsOur efforts: Renewable energy business including solar power generation,

Popularization of electric vehicles via leasing

∎ Creation of new business driven by technical innovation

Create new business by integrating new technologies into financial services, and contribute to the digital economyOur efforts: Subscriptions, Fintech, New rental car services utilizing

smartphone apps

∎ Contribution to social infrastructure development

Respond to advances in global mobility services and cooperate with local communities to contribute to social infrastructure developmentOur efforts: Rental cars and car sharing, “Drive Doctor” telematics driving

control service to support safe driving, Regional revitalization through hotel business

∎ Sustainable resource useContribute to development of a circular economy focused on the value of assetsOur efforts: IT equipment leasing, refurbishing, aircraft life-cycle

management, and automobile leasing

∎ Enhanced work environment, leading to strengthening of human resources

Promote human resources development, diversity, and work style reform that improve job satisfaction and foster a sense of personal growth Our efforts: Introduction and implementation of telecommuting,

employee awareness survey, 360-degree evaluation

Shared platforms Utilize diverse partnerships to create new value


External Evaluation: Inclusion in Global Indexes

Selected as a constituent of various indexes including MSCI Japan Index

MSCI Japan IndexTokyo Century has been selected as a constituent of the MSCI Japan Index which is one of a series of indexes developed by a UScompany, MSCI Inc., and viewed as a benchmark by various institutional investors and for mutual funds since 2018.

This stock index is composed of companies with high appeal for investors, which meet requirements of global investment standards,including ROE, an indicator of capital efficiency. Tokyo Century has been selected to the index since its launch in 2014.

JPX-Nikkei Index 400

FTSE4Good IndexTokyo Century has been selected as a constituent of the FTSE4Good Index series, a major global index for socially responsibleinvestment.

FTSE Blossom Japan IndexTokyo Century is a constituent of the FTSE Blossom Japan Index, which is designed as a tool to measure the performance of Japanesecompanies that demonstrate strong Environmental, Social and Governance (ESG) practices.

MSCI Japan ESG Select Leaders IndexThe MSCI Japan ESG Select Leaders Index is an index based on the MSCI Japan IMI Top 700 Index to represent the performance ofcompanies that have high Environmental, Social and Governance (ESG) performance. Tokyo Century has become a constituent of theindex since 2017.

S&P/JPX Carbon Efficient IndexTokyo Century has been selected as a constituent of the S&P/JPX Carbon Efficient Index that is designed to help improve corporates’disclosure on carbon and data transparency, by adjusting constituents’ weights according to their relative carbon-to-revenue footprint since2018.

Note: The Government Pension Investment Fund (GPIF) of Japan has selected the marked indexes as a benchmark for passive ESG investments

MSCI ESG Leaders IndexesSelected as a constituent of the MSCI ESG Leaders Indexes, which targets companies that demonstrate strong Environmental, Social and Governance (ESG) rated performance in each sector of the parent index


Tokyo Century

Fujitsu Leasing Co., Ltd. IT-related equipment leasing 80% Fujitsu: 20%

IHI Finance Support Corporation General leasing and finance 66.5% IHI: 33.5%

Orico Business Leasing Co., Ltd. General leasing 50% Orient Corporation: 50%

ITEC Leasing Co., Ltd. General leasing 85.1% NHK Group: 14.9%

S.D.L Co., Ltd. General leasing 100%

TRY Corporation Refurbishment of PCs 80% Movable Trade Networks: 20%

TC Tsukishima Energy Solution LLCBiogas electricity generationand selling electricity business

90% Tsukishima Kikai: 10%

Amada Lease Co., Ltd. General leasing 60% Amada : 40%

NTT TC Leasing Co., Ltd. * General leasing and finance 50% NTT Group: 50%

ITOCHU TC Construction Machinery Co., Ltd. * Sales and rental of construction machinery 50% ITOCHU : 50％

Nanatsujima Biomass Power LLC * Electricity generation business 25.1% IHI and 7 other companies

Bplats, Inc. * Subscription business 32.6%

Main Business Operations ShareholdersCompany Name

Tokyo Century

Nippon Car Solutions Co., Ltd. Automobile leasing 59.5% NTT: 40.5%

Nippon Rent-A-Car Service, Inc. Automobile rental 88.6% ANA Holdings: 11.4%

Orico Auto Leasing Co., Ltd. Automobile leasing for individuals 50% Orient Corporation: 50%

Company Name Main Business Operations Shareholders

Tokyo Century

Shinko Real Estate Co., Ltd. Real estate business 70% Kobe Steel: 25%, Nippon Tochi-Tatemono: 5%

Kyocera TCL Solar LLC Electricity generation business 81% Kyocera: 19%

TCLA Godo Kaisha General leasing 100%

Shunan Power Corporation Electricity generation business 60% Tokuyama: 20% Marubeni: 20%

TC Property Solutions Corporation Property management 100%

Nittochi Asset Management Co., Ltd. * Management and formation of real estate funds 30% Nippon Tochi-Tatemono: 70%

Main Business Operations ShareholdersCompany Name

Equipment Leasing

Specialty Financing

Mobility & Fleet Management

Major Group Companies (Domestic)

* Equity-method affiliate


Tokyo Century

TC Skyward Aviation U.S., Inc. Aviation leasing and finance 100%TC Realty Investments Inc. Real estate investment 100%Aviation Capital Group LLC Aviation leasing and finance 100%

GA Telesis, LLC *Provider of products, services and solutionsto the commercial aerospace industry

49.2% ANA Trading: 10%

Gateway Engine Leasing, LLC * Aviation engine leasing 20%GA Telesis: 40%ANA Trading: 40%

TC Skyward Aviation Ireland Ltd. Aviation leasing and finance 100%TC Aviation Capital Ireland Ltd. Aviation leasing and finance 100%

Ireland

Location Overseas Group Company Main Business Operations Shareholders

U.S.

International Business

* Equity-method affiliate

Major Group Companies (Overseas)Specialty Financing

Tokyo Century

Tokyo Century Leasing China Corporation General leasing 80% ITOCHU Group: 20%Tokyo Century Factoring China Corporation Factoring services 100%Dalian Bingshan Group Hua Hui Da Financial Leasing Co., Ltd. * Finance and general leasing 40% Dalian Bingshan Group: 60%Suzhou New District Furui Leasing Co., Ltd. * Finance and general leasing 20% Suzhou government-affiliated companies: 75%

Hong Kong Tokyo Leasing (Hong Kong) Ltd. General leasing 100%Taiwan President Tokyo Corporation * Automobile leasing and general leasing 49% Uni-President Enterprises Group: 51%

Tokyo Century Leasing (Singapore) Pte. Ltd. General leasing 100%Tokyo Century Asia Pte. Ltd. Investment, shareholding, and other related business 100%

Malaysia Tokyo Century Capital (Malaysia) Sdn. Bhd. General leasing 100%TISCO Tokyo Leasing Co., Ltd. General leasing 49% TISCO Financial Group: 49%HTC Leasing Co., Ltd. Construction machinery finance 70% Hitachi Construction Machinery Group: 30%TC Advanced Solutions Co., Ltd. Reverse factoring and other services 59%TC Car Solutions (Thailand) Co., Ltd. Financing and services related to automobiles 99%PT. Century Tokyo Leasing Indonesia General leasing 85% Lippo Group: 15%PT. TCT Indonesia General trading company 100%

PT. Hexa Finance Indonesia * Construction machinery finance 20%ITOCHU Group: 50%Hitachi Construction Machinery Group: 30%

Philippines BPI Century Tokyo Lease & Finance Corporation * General leasing 49% Bank of the Philippine Islands: 51%Myanmar Yoma Fleet Ltd. * Automobile leasing and car sharing 20% Yoma Strategic Holdings：80％

CSI Leasing, Inc. IT equipment leasing 100%Tokyo Century (USA) Inc. General leasing 100%AP Equipment Financing Finance and general leasing 100%

Location Overseas Group Company Main Business Operations Shareholders

China

Singapore

Thailand

Indonesia

U.S.

All Rights Reserved, Copyright © Tokyo Century Corporation

Investor Relations DivisionTel：+81-3-5209-6710

Web site: https://www.tokyocentury.co.jp/en/

Inquiries

Any statements in this document, other than those of historical facts, are forward-looking statements about the future performance of Tokyo Century Corporation and its Group companies, which are based on management’s assumptions and beliefs in light of information currently available, and involve risks and uncertainties. Actual results may differ materially from these forecasts. All numerical terms and names presented in this report conform to the “short scale” numerical system. (i.e., “billion” = “109” and “trillion” = “1012 ”)

consolidated financial results...q1 result fy 2020 q1 result ordinary income segment assets 1,118.6...

Documents