AGENDA
◆Overview of Business
for First Half of FY 2005
Ⅰ．Overview of Business
Ⅱ．Explanation of Revisions
to Perforation Estimates
◆Management Strategy for FY 2005
The figures contained in this document, which describe the outlook of business etc, are
projected calculations based on conclusions and suppositions according to the
information currently available to us. Future actual business results may
differ substantially from the projections described here due to the inherent uncertainty
of such conclusions and suppositions, as well as variable factors such as future business
operations and/or economic conditions.
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
Half-Year Financial Report
for FY 2005
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
CONTENTS
◆ Financial Report for FY 2005
Ⅰ．Overview of Business
１．Highlights
２．Operating Results
３．Credit Risk Trends
４．Financial Indices
５．Main Indices (Non-Consolidated)
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
1
１．Highlights of First Half of FY 2005
◆Non-consolidated ☆Consolidated
Third Quarter
◇ Start of operation at new credit center “Ubiquitous”
◇ Started issuing “Mizuho Mileage Club Card SAISON” through alliance with Mizuho
Financial Group
◇ Started new “Prince Card” through alliance with PRINCE HOTELS, INC.
☆ Capital and business alliance with Mitsubishi Corporation. Transferred direct marketing
business of Saison Direct Marketing
◇ Alliance with Tokyo Electric Power Company: card payment of electricity bills from
September
☆ Co-development of “Auto Insurance” with Saison Automobile and Fire Insurance
☆ JPN Service Co., Ltd., encouragement of national pension premium payment by telephone,
commissioned by Niigata Social Insurance Bureau
◇ Started “SAISON Wedding Story” web-based wedding information service
◇ Started new TV commercial, “Disdain” (The Giant Swing) in Paris and London
◇ Started the SAISON Platinum American Express Card
◇ Formed alliance with Sumitomo Trust & Banking to launch term
deposits with SAISON Permanent Points
◇ Began offering call loans with securities as collateral
◇ Started issuing “Chojo-SAISON Credit Card” through the tie-up with Bank of China
☆ JPN Servicer Co. Ltd. municipal tax formal notice by telephone, etc., commissioned
by Sakai City government, Osaka prefecture
◇ Merger with UC CARD Co. Ltd. in January
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
2
２．Business Results
(
Consolidated
Operating
revenues
Ordinary
income
Net income
)=YOY
Non-Consolidated
First Half of
FY 2004
\117.2 billion (108%)
\92.8billion (107%)
First Half of
FY 2005
\127.8billion (109%)
\100.0billion (108%)
First Half of
FY 2004
\28.0 billion (113%)
\22.9billion (109%)
First Half of
FY 2005
\35.0 billion (125%)
\24.9 billion (109%)
First Half of
FY 2004
\15.8 billion (121%)
\14.2 billion (116%)
First Half of
FY 2005
\20.7 billion (130%)
\14.7billion (103%)
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
3
Results by Business Segment
Units: Billion yen %
Operating revenues
First Half
of FY 2004
First Half of
FY 2005
Operating income
YOY
First Half
of FY 2004
First Half
of FY 2005
YOY
（百万円）
Credit & Finance
95.3
104.7
9.9%
23.5
27.7
17.8%
Entertainment
8.2
8.8
7.5%
0.5
1.2
113.9%
Real estate
7.2
8.4
16.3%
3.6
3.9
9.1%
Lease
3.3
3.8
15.1%
1.5
1.5
2.5%
Others
3.9
2.6
34.3%
2.1
1.3
Total
118.0
128.3
8.8%
31.2
35.6
14.1%
Intercorp
transactions
(0.7)
(0.6)
－
(1.6)
(2.0)
－
Consolidated
117.2
127.8
9.0%
29.6
33.6
13.6%
CORPORATE STRATEGY ２００５
△
△
37.7%
CREDIT SAISON CO., LTD.
4
Contribution to Consolidated Results
Consolidated Trends
Contribution to Consolidated Results
(Units: Billion yen; times)
First
Half of
First
Half of
FY 2004
FY 2005
Ordinary income
28.0
35.0
64.0
Net income
15.8
20.7
22.0
Ratio of consolidated to
non-consolidated net
income (times)
1.12
1.41
1.47
19.6%
20.0%
Shareholders’ equity
ratio
FY 2005
(target)
－
Ordinary income: Consolidated/Nonconsolidated difference
(Units: Billion yen)
Consolidated
Ordinary
income
NonConsolidated
ConsolidatedNonConsolidated
24.9
10.1
35.0
CORPORATE STRATEGY ２００５
Main consolidated subsidiaries
Contribution
to ordinary
income
Saison Funded G
・Saison Funded (loans & mortgage
securities)
・House Planning (real estate)
\3.4 billion
Atrium G
・Atrium (real estate)
・Atrium Servicing (credit collection agency)
\4.0 billion
Vivre G
・Vivre (amusement business)
・NOA Planning (consulting)
・A & A (amusement business)
Main equity-method affiliates
\1.1 billion
Contribution to
ordinary income
UC Card
(credit card business)
\ 1.1 billion
Saison Information Systems
\ 0.2 billion
(Information processing service)
CREDIT SAISON CO., LTD.
Operating Revenues (Consolidated/Non-Consolidated)
◆With strong performance in every segment, consolidated operating revenue came in
at ¥3.8 billion higher than initial targets.
Unit: Billion yen
300
250
【 Consolidated 】
Revised number
Second half-year
First half-year
214.8
212.2
266.0
240.4
150
106.9
14.0
220.3
112.0
123.2
124.2
99.6
105.3
FY2001
FY2002
214.0
200
171.8
109.3
FY2003
50
CORPORATE STRATEGY ２００５
127.8
FY2004 FY2005(projected)
11.0
175.7
154.2
100
117.2
0
250
Revised number
Second half-year
First half-year
150
100
50
300
【Non-Consolidated】
190.2
200
115.2
Unit: Billion yen
0
86.6
88.7
74.3
85.2
87
FY2001
FY2002
FY2003
79.9
97.4
92.8
CREDIT
103
100
FY2004 FY2005(projected)
SAISON CO., LTD. 6
Ordinary Income (Consolidated/Non-Consolidated)
◆Surpassed
initial targets by ¥7.0 billion (consolidated) and ¥2.0 billion (non-consolidated)
as a result of effect from parent-company cost-cutting and strong performance at
consolidated subsidiaries, including companies accounted for by equity method
Unit: Billion yen
100
Unit: Billion yen 【Non-Consolidated】
【 Consolidated 】
80
Revised number
Second half-year
first half-year
80
64.0
59.6
60
40
52.9
24.1
28.2
60
50.0
56.5
4.0
51.0
35.7
Revised number
Second half-year
First half-year
28.5
25.0
41.1
44.3
45.0
40
21.0
21.0
23.9
20.0
23.3
21.1
FY2001
FY2002
47.0
24.1
25.1
22.9
24.9
20
20
24.0
0
FY2001
26.9
FY2002
24.7
FY2003
CORPORATE STRATEGY ２００５
28.0
35.0
FY2004 FY2005(prijected)
0
FY2003
CREDIT
FY2004FY2005(projected)
SAISON CO., LTD. 7
Net income (Consolidated/Non-Consolidated)
◆Surpassed initial targets by ¥4.7 billion (consolidated)
and ¥1.0 billion (non-consolidated)
Unit: Billion yen
35
Second half-year
First half-year
31.8
18.2
▲6.0
15
16.6
5
16
9.3
20.7
13.1
▲5.0
15
5
1.6
-5
24.3
12.1
25.8
11.6
15.0
△15.0
12.2
10.4
1.9
14.3
14.2
14.7
12.2
-5
-24.6
-15
Second half-year
First half-year
△12.0 13.3
15.8
15.3
22.0
25
22.4
25
Unit: Billion yen 【Non-Consolidated】
【 Consolidated 】
-19.3
-15
-25
-35
FY2001
FY2002
FY2003
FY2004 FY2005(projected)
CORPORATE STRATEGY ２００５
-25
FY2001
FY2002
FY2003
FY2004 FY2005(projected)
CREDIT SAISON CO., LTD.
15.3
３．Credit Risk Trends①
■The trend has cooled down in delinquent receivables of over 90 days.
*Delinquency rate: Percentage of total receivables past due 90 days or more.
【 Consolidated 】
【 Non-Consolidated 】
2.8%
2.8%
2.6%
2.6%
2.4%
2.34%
2.48%
2.41%
2.2%
2.4%
2.0%
1.8%
1.8%
1.6%
1.6%
1.4%
1.4%
1.2%
1.2%
1.0%
1.0%
FY2004
CORPORATE STRATEGY ２００５
Sep 2005
2.50%
Total credit card
delinquency rate
2.2%
2.0%
FY2003
Cash advances
delinquency rate
1.97%
1.55%
Shopping
delinquency rate
FY2001
FY2003
Sep 2005
CREDIT SAISON CO., LTD.
9
Credit Risk Trends ②
■Credit Costs
【 Consolidated 】
Billion yen
50
（ ）First half year
【 Non-Consolidated 】
Consolidated figures are aggregate delinquency costs.
Billion yen
Write-off
44.8
Revised number
50
Net increase in allowance for bad dept
3.8
40
Revised number
40
36.3
28.3
30
31.1
43.8
（21.4）
41.0
（20.9）
21.4
20
34.6
23.8
10
0
39.5
37.3 （18.1）
（19.1）
1.6
3.8
（1.4）
30
41.2
20
Write-off
FY2002
FY2003
FY2004 FY2005(projected)
CORPORATE STRATEGY ２００５
10
18.1
0
FY2001
FY2003
34.1
31.4
（158） （167）
FY2005(projected)
CREDIT SAISON CO., LTD.
10
４．Financial Indices
Ratings

Stability → Shareholders’ equity ratio steady

Profitability → Reached medium-term target of 10% consolidated ROE
（ ）First half year
【 Consolidated 】
25%
【 Non-Consolidated 】
25%
Shareholders’ equity ratio
19.3%
19.1%
20%
20.0%
22.7%
23.0%
23.1% 23.0%
20%
21.9%
19.9%
18.4%
15%
R&I A+
S&P A-
Shareholders’ equity ratio
株主資本比率
15%
11.4%
10%
9.1%
9.8%
10%
7.8%
9.2%
5.2%
5%
（5.4%） （6.0%）
（0.7%）
（6.6%）
0%
（0.8%）
（5.0%） （5.3%）
（4.8%）
FY2003
Sep 2005
0%
FY2001
-5%
5%
FY2002
FY2003
FY2004 Sep 2005
-2.5%
ROE
Shareholders' equity ratio
CORPORATE STRATEGY ２００５
FY2001
-5%
FY2002
FY2004
-2.1%
ROE
Shareholders' equity ratio
CREDIT SAISON CO., LTD.
11
Funding Structure ①
【 Consolidated 】
Corporate Bond
CP
Securitization
【 Non-Consolidated 】
Dept
Corporate Bond
100%
100%
80%
80%
59%
64%
66%
52%
50%
60%
40%
40%
10%
20%
0%
13%
12%
15%
7%
5%
5%
15%
17%
16%
17%
'02
'03
'04
'05.9
CORPORATE STRATEGY ２００５
60%
16%
15%
14%
9%
6%
6%
9%
19%
18%
19%
17%
'04
'05.9 '05(projected)
15%
19%
20%
22%
0%
'01
Dept
60%
13%
11%
16%
Securitization
60%
57%
66%
60%
12%
CP
18%
'02
'03
CREDIT SAISON CO., LTD.
12
Funding Structure ②
【 Consolidated 】
Short-term
【 Non-Consolidated 】
Long-term
Fixed ratio
80%
100%
Long-term ratio
70%
80%
68%
70%
49%
56%
61%
66%
62%
56%
60%
64%
55%
60%
61%
57%
50%
40%
20%
51%
49%
51%
46%
40%
44%
39%
57%
34%
30%
0%
FY2001
FY2002
FY2003
FY2004
CORPORATE STRATEGY ２００５
FY2002
FY2003
FY2004
Sep 2005
FY2005(projected)
Sep 2005
CREDIT SAISON CO., LTD.
13
５．Main Indices for First Half of FY 2005
(
① New applications
1.39 million (122%)
② New cards issued
1.17 million (120%)
③ Total card members 17.50 million (107%)
④ Active card members 9.15 million (107%)
)=YOY
+600,000 from
end of previous
period
+320,000 from
end of previous
period
⑤ Transaction volume \1,385.4 billion (111%)
Card shopping
Card Cash advances
CORPORATE STRATEGY ２００５
\1,112.8 billion (112%)
\272.6billion (105%)
CREDIT SAISON CO., LTD.
14
① New applications
◆Exceeded plan, reflecting positive trends in new credit card applications,
including new affinity cards
3.5
3
First half-year
Second half-year
2.7
2.4
2.5
2.5
2
Units: Million
2.7
2.1
1.2
1.3
1.3
1.3
1.1
1.5
1
1.5
1.2
0.5
0
FY2001
FY2002
CORPORATE STRATEGY ２００５
1.0
1.1
FY2003
FY2004
1.4
FY2005(projected)
CREDIT SAISON CO., LTD.
15
② New cards issued
◆Nearly in line with plan, reflecting steady new card applications.
Units: Million
3
First half-year
Second half-year
2.5
2.5
2.4
2.3
2.1
1.9
2
1.2
1.2
1.2
1.5
1.2
0.9
1
0.5
0
1.4
FY2001
CORPORATE STRATEGY ２００５
1.1
FY2002
0.9
1.0
FY2003
FY2004
1.2
FY2005(projected)
CREDIT SAISON CO., LTD.
16
③Total card members & ④ Active card members
◆Increase in activity at start of period and expansion of ongoing payment of utility
bills, etc., helped to boost number of active cardholders
Units: Million
25
Total card members
Active card members
Revised number
20
15.9
16.9
16.4
18.2
17.5
15
10
8.6
8.8
8.4
5
0
9.2
9.4
15
920
FY2001
FY2002
CORPORATE STRATEGY ２００５
FY2003
FY2004 FY2005(projected)
CREDIT SAISON CO., LTD.
17
⑤ Transaction volume
◆Target for fiscal year revised upward by ¥12.0 billion due to improved external
environment and marketing efforts
3,500
3,000
Total card members
Active card members
2,343
2,500
Units: Million
Revised number
2,862
2,409
2,596
2,121
1
1,465
2,000
1,203
1,117
1,232
13,428
1,500
1,000
500
-
1,004
1,140
1,176
1,253
FY2001
FY2002
FY2003
FY2004
CORPORATE STRATEGY ２００５
1,385
FY2005(projected)
CREDIT SAISON CO., LTD.
18
⑥ Credit loan outstanding
◆Minor adjustment in full-year target due to adjustment of card transaction volume
800
Cash advance
ABS (Cash
advance)
ABS (Shopping)
700
600
542
575
40
40
592
40
1,376
617
40
400
1,305
30
629
40
20
1,470
500
1,647
Units: Million
Revised number
30
1,435
30
30
3,841
4,035
4,130
300
200
3,776
3,753
100
0
△30
Mar 04
CORPORATE STRATEGY ２００５
Sep 04
Mar 05
Sep 05
Mar
06(projected)
CREDIT SAISON CO., LTD.
19
Ⅱ．Explanation of Revisions to Performance Estimates
■Explanation of Revisions to Performance Estimates
Non-Consolidated
Consolidated
Previous
forecast
Operating
revenues
Ordinary
income
252
60
Revised
forecast
Units: Million
Reason for the Revision
of the Performance
Forecasts
Amount of
change
266
64
14
・three-month contribution of
UC CARD
・Subsidiary firm resulted of
satisfactory
40
・Subsidiary firm resulted of
satisfactory
・Equity in income of affiliates
Net income
34
22
△12
・Trade repay ouch CARD
・Subsidiary firm resulted of
satisfactory
Operating
revenues
203
214
11
・ three-month contribution
of UC CARD
Ordinary
income
50
50
Net income
CORPORATE STRATEGY ２００５
30
15
－
―
△15
・ Trade repay of UC CARD
・ Loss on reorganization of
consolidated subsidiary
CREDIT SAISON CO., LTD.
Management Strategies FY 2005
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
CONTENTS
◆ Management Strategies FY 2005
1. Using Alliances to Stimulate the Card Business
2. New Growth Drivers
3. The Group’s Full Power and Future Initiatives
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
21
1. Using Alliances to Stimulate the Card Business
■Stimulating Effects of Affinity Cards
Sales Division
“Area marketing”
(Uses regional
characteristics)
Credit Card Division
“Client linkage”
(Increases no. of
cardholders and use)
“Three-in-One” structure
strengthens sales organization
Credit Division
“Outbound
approach”
(Promotes activity)
Specific results of “Three-in-One” structure
Promotion in conjunction with opening of “Shinsaibashi Sogo” (Osaka)
•Achieved brand image penetration in local area
•Acquired many new cardholders ⇒ 25,000 new card applications before store opening
New applications increased 60% YOY
Enhancement of alliance with Takashimaya
•Increased use of SAISON Card ⇒ 40% YOY increase in SAISON card use at Takashimaya
(one of the top 10 cards used in large-scale affiliate stores)
Reinforcement of “Outbound approach”
•Promoted activity for new card members with “Thanks Call”
⇒ 4% increase in shopping transactions within first three months
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
22
1. Using Alliances to Stimulate the Card Business
■Becoming No. 1 Card to Activate Card Use
Recurring payment use
(as of Sept. 2005)
Number of cardholders using card for recurring payments (utility fees,
mobile phone bills, newspaper subscriptions, cardholders’ insurance
premiums)
Recurring payment users: 1,320,000 members (+ members 45% YOY )
Usage ratio (proportion of active cardholders): 14% (+ members 4% YOY)
 Use of credit card to pay mobile phone bills
Number of users: approx. 800,000 members
Usage rate (proportion of active cardholders): approx. 9%
Phone companies: NTT DoCoMo, KDDI, Tu-ka Cellular, au, Vodafone,
WILLCOM
Effect on card use (comparison of use six months Six-month period before
before to six months after commencement)
using recurring payment
Six-month period after
commencing use
Effect
Amount charged monthly
¥38,000
¥45,000
↑ ¥7,000
Yearly account value
¥463,000
¥546,000
↑ ¥83,000
Note: Figures exclude charges for mobile phone use.
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
23
1. Using Alliances to Stimulate the Card Business
■Alliance-based Growth Strategy
Appeal to wealthy customers
Alliance with hotel industry’s top-class Prince Hotels:
Reinforced highly loyal customer base
new “Prince Card”
Strengthening T&E services to offer higher status:
Acquired new premium card users
SAISON Platinum
American Express Card
Appeal to male customers
Tie-up with K-1, leading sport of the martial arts boom,
to appeal to highly entertainment-oriented segment
Attracted male sports fans
「Ｋ－１SAISON Card」
CORPORATE STRATEGY 2005
CREDIT SAISON CO., LTD.
24
1. Using Alliances to Stimulate the Card Business
■Alliance-based Growth Strategy
Business alliances
Measures to raise added value of credit cards
T&E
Insurance Securities
Investment
○Commenced sale of term deposits with SAISON Permanent Points: “SAISON Sumishin
Money Club”
○Developed automobile insurance exclusively for cardholders: “Auto Insurance”
○Increased number of locations offering securities brokerage services
Overseas alliances
Issuance of “Chojo-SAISON Credit Card”
First approach to issuing cards in the expanding Chinese market
Formed alliance with Bank of China, targeting Japanese expatriates in Shanghai
Issued credit card that permits transactions in yuan
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
25
2. New Growth Drivers
① Joint Card with Mizuho Bank
Use of MMC Card SAISON
Analysis of cards issued May-September
Customer segment
MMC
Saison Total
Male
65％
33％
Female
35％
67％
Shopping activity
Usage through September for cards issued in May
MMC
Other financial
cards
Active ratio within
first three month
36％
27％
Account value
97,000 yen
66,000 yen
Promotion development
 1st Step ⇒ Begin acceptance of applications for people opening new accounts at branches
2nd Step ⇒ Start of in-branch service for customers with Mizuho Bank customers
(Pilot project at 30 branches)
(Future development)
3rd Step ⇒ Expand in- branch development to 100 stores nationwide
Newly issued cards
→ Enhance ability to secure new customers
Introduction of newly designed card face → Raise card usage
Introduction of AMEX brand → Secure T&E and wealthy customers
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
26
2. New Growth Drivers
② Merger with UC Card
We will leverage economies of scale to conduct aggressive sales and rapid
business development, as we aim to capture the top industry share with
support from customers.
October 2005
End of March 2005
28%
32%
Issuer
dept.
November 2005
Top industry share
91%
Issuer
dept.
【Credit Saison Co., Ltd.】
Became a
subsidiary
Application of
equity method
32%
Others
100%
Issuer
dept.
Company
separation
UC
January 2006
＋
Merger
34%
Others
Application of
equity method
34%
Credit
Saison
Co., Ltd.
Application of
equity method
Processing company
【UC CARD Co., Ltd.】
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
27
2. New Growth Drivers
■Effect of Merger with UC CARD Co., Ltd.
Credit Saison
business
Balance
Sheet
(Note 1)
(Note 3)
Receivables
Total
Comment
253
1,378
Simple calculation
1,125
Total assets
1,384
253.4
1,637.4
Simple calculation
Interest-bearing debt
1,022
182
1,204
Simple calculation
203
43
214
Ordinary income
50
3.5
50
Merger-related expenses factored in
Net income
30
－
16
Effect of 24 billion yen amortization of
goodwill (-14 billion yen) factored in
Operating revenues
Profit
and
Loss
(Note 2)
UC Card
business
Unit: Billion yen
3-month contribution (11 billion yen) from
January-March
Notes: 1 = Balance Sheet: Figures at time of company separation in October 2005
2 = Profit and Loss: Projected figures for year ending March 2006 (includes 3-month contribution of UC Card results for January-March)
3 = Includes securitization
Credit Saison business
UC Card business
Merged figures
17.5 （18.2）
4.1 （4.4）
21.6
Shopping-related credit card
transaction volume (Billion yen)
1,112.8 （2,320）
374.6 （750）
－
Cash advance transaction volume
(Billion yen)
272.5 （542）
160.1 （320）
－
Total cardholders
(Million)
（22.6）
*
（2,506）
* （615）
Parentheses indicate target for full fiscal year
* Full-year transaction volume target includes January-March portion
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
28
2. New Growth Drivers
■Aiming to be the No. 1 Card Company
Marketing
Operations
＜Network＞
＜Customer＞
Distribution network
that organizes
preferred customers
Female customers
Young generation
＋
＋
Banking network with
many blue-chip
companies
Most powerful retail
business channel
Corporate members
Business people
Integration of
financial and
retail services
Innovative
marketing
concepts
All-encompassing
customer platform
Know-how
Customer
service
related
know-how
External
environment
・E-money
・IC cards
・Debit card
・security
Client
settlement
related
know-how
・Client
needs
・Customer
preferences
・Online
services
Next-generation system
Supporting
companies
Capture the top industry share
CORPORATE STRATEGY ２００５
Become the strongest
third-party processor
CREDIT SAISON CO., LTD.
29
3. The Group’s Full Power and Future Initiatives
■Strengthening Finance-Related Businesses
While strengthening existing businesses in response to market needs, we will
promote diversification of our revenue base by leveraging our know-how.
Progress and targets of businesses
Business Sector
September 2005 Actual
Transaction volume 46.2 billion yen
(Vendor lease share 6%)
Balance 83.3 billion yen
Credit Guarantee Business (＋4.9 billion yen from end of the
preceding term)
Balance 76 billion yen
Real Estate Lending
(＋33 billion yen from end of the
Business
preceding term)
Balance 93.3 billion yen
Consumer Finance
(＋9.5 billion yen from end of the
Business※
preceding term)
Leasing Business
Target Figures
Vendor lease share : 10%
FY 2007 balance : 100 billion yen
FY 2009 balance : 200 billion yen
FY 2007 balance : 120 billion yen
－New Product Lineup－
※Saison Fundex
■ Began offering call loans with securities as collateral
■ Introduction of medium-sized loans
CORPORATE STRATEGY ２００５
CREDIT SAISON CO., LTD.
30
3. The Group’s Full Power and Future Initiatives
■Asset Value Enhancement Business (Use of people, equipment, know-how
and other assets on hand)
In addition to promoting business reinforcement through alliances and M＆As, we will build
growth strategies in the business areas of each company, including the use of IPOs.
Unit: Billion yen
Progress of each company
Initial Target
Revised Target
Future Initiatives
Operating
revenues
Ordinary
income
Operating
revenues
Ordinary
income
Atrium Co.,
Ltd.
11
2.8
12.9
4.5
Explore new growth strategies, including consideration
of IPO
Vivre Co.,
Ltd.
17
1.3
17.2
1.8
Promote reinforcement of urban stores
JPN
Servicer Co.,
Ltd.
4.3
0.8
4.7
0.9
Expand vision in new business areas such as market
testing
Restructuring of direct marketing business
Investment
20%
Credit Saison Co.,
Ltd.
100%
Saison Direct
Marketing Co.,
Ltd.
Mitsubishi
Corporation
66%
Mail order
business transfer
CORPORATE STRATEGY ２００５
Digital Direct
Corp.
Conducts cross-media commerce
business through television, Internet
and other consumer sales channels
for SAISON cardholders as well as
general consumers
CREDIT SAISON CO., LTD.
31
3. The Group’s Full Power and Future Initiatives
■Joint Venture Alliance Businesses Turn Profitable
Joint venture companies on track to contribute to consolidated profits as income in
equity of affiliated companies
Lawson CS Card, Inc.
Investment ratio
Total cardholders
Transaction volume target
Idemitsu Credit Co., Ltd.
30%
50%
2 million
2 million
（including 1 million for My do
Plus card)
27.6 billion yen（58 billion yen）
264.9 billion yen （554 billion
yen）
Operating revenues (Million yen)
3,428
（6,900）
6,806
（15,000）
Ordinary income
（Million yen）
15
（360）
427
（1,400）
Net income
(Million yen)
14
（360）
468
（1,000）
Parentheses indicate fiscal year target
Equity in income of affiliates
（Million yen）
CORPORATE STRATEGY ２００５
▲370 (Previous fiscal year)
▲1,500 (Previous fiscal year)
⇒ 5 (Interim period)
⇒ 60 (Interim period)
CREDIT SAISON CO., LTD.
32