Financial Highlights
Daiwa Securities Group Inc. and Subsidiaries
FY2001
FY2002
FY2003
FY2003
Millions of yen
Millions of
U.S. dollars*1
(Unless otherwise specified)
(Unless otherwise specified)
Market Data
...........
1,133
932
981
—
TSE 1 section average daily trading value . . .
812,432
729,049
1,145,296
10,804
1.37
1.12
1.13
—
Yen per U.S. Dollar . . . . . . . . . . . . . . . . .
125.1
121.9
113.0
—
Yen per Euro . . . . . . . . . . . . . . . . . . . . . .
110.6
121.0
132.6
—
Operating revenues . . . . . . . . . . . . . . . . . . . .
488,044
387,659
453,814
4,281
Net operating revenues . . . . . . . . . . . . . . . . .
284,932
270,810
352,435
3,324
Selling, general and administrative expenses . .
262,163
246,701
259,915
2,452
Operating income . . . . . . . . . . . . . . . . . . . . .
22,769
24,109
92,520
872
Ordinary income . . . . . . . . . . . . . . . . . . . . . .
25,849
29,200
96,130
906
Net income (loss) . . . . . . . . . . . . . . . . . . . . . .
(130,547)
(6,323)
42,637
402
TOPIX (annual average, index)
st
Ten-year Japanese government bond yield
(annual average, % per annum) . . . . . . . . .
Foreign exchange rates (annual average):
Operating Performance
Net Operating Revenues
Operating Income and
Operating Income Margin
600 (Billions of yen)
250 (Billions of yen)
500
200
Total Assets
(%) 50
Operating Income (left)
Operating Income Margin (right)
40
400
10,000
8,000
150
30
100
20
300
6,000
200
4,000
50
100
10
0
0
FY99 FY00 FY01 FY02 FY03
2
12,000 (Billions of yen)
Daiwa Securities Group − 2004 Annual Report
0
FY99 FY00 FY01 FY02 FY03
2,000
0
FY99 FY00 FY01 FY02 FY03
FY2001
FY2002
FY2003
FY2003
Millions of
U.S. dollars*1
Millions of yen
Balance Sheet
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . .
7,827,306
9,502,826
10,765,665
101,562
Total risk assets * . . . . . . . . . . . . . . . . . . .
541,364
422,019
371,294
3,502
Total shareholders’ equity . . . . . . . . . . . . . . .
570,839
541,719
604,170
5,699
2
Yen
Per Share Data
U.S. dollars
(98.27)
(4.75)
31.66
0.30
.............
429.68
407.84
453.60
4.28
Cash dividends . . . . . . . . . . . . . . . . . . . . . . .
6.0
6.0
10.0
0.09
Net Income (loss) * . . . . . . . . . . . . . . . . . . . .
3
Total shareholders’ equity *
3
%
Financial Ratios
Return on Equity (ROE) *4 . . . . . . . . . . . . . . . .
—
—
7.4
Equity ratio . . . . . . . . . . . . . . . . . . . . . . . . . .
7.3
5.7
5.6
11,483
11,559
11,565
Other data
Total number of employees . . . . . . . . . . . . . .
*Notes:
1. Translations of the Japanese yen amounts into U.S. dollars are made at the rate of ¥106.00 per U.S. dollar, solely for the convenience of
readers.
2. Risk assets are calculated as the sum of operational investment securities, tangible fixed assets and investment securities.
3. Net income (loss) and shareholders’ equity per share are computed based on the average number of shares outstanding during the year.
4. ROE is computed based on the average shareholders’ equity at the beginning and end of the fiscal year.
5. Simple comparisons across the years cannot be made due to changes in items made to accommodate changes in statutory accounting
standards. Some of the main changes are as following.
• We have adopted the “Accounting Standard for Employees’ Severance and Pension Benefits” in FY2000. We have also adopted the
“Accounting Standards for Financial Instruments” resulting in the evaluation changes from mark-to-market valuations minus any tax
effects of other securities to be included in stockholders’ equity as “Net unrealized gain on securities net of tax effects.” Furthermore,
“translation adjustments” which were previously recorded on the asset side has been moved to shareholders’ equity.
• The operating results are presented in accordance with the amended “Uniform Accounting Standards of Securities Companies” (set by
the board of directors of the Japan Securities Dealers’ Association, September 28, 2001) since FY2001. Therefore figures for FY1999 and
FY2000 have been adjusted according to the amended standards.
Shareholders' Equity vs. Risk Assets
Net Income (Loss) and Return on Equity
800 (Billions of yen)
Risk Assets
150 (Billions of yen)
Net Income (Loss) (left)
Return on Equity (right)
100
Shareholders' Equity
Net Operating Revenues per Employee
（%）30
20
50 (Millions of yen)
40
600
50
10
0
0
-50
-10
-100
-20
30
400
20
200
0
-150
FY99 FY00 FY01 FY02 FY03
Financial Highlights
-30
FY99 FY00 FY01 FY02 FY03
10
0
FY99 FY00 FY01 FY02 FY03
3