EX-12.1 2 d322147dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of ratio of earnings to fixed charges

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Fiscal year ended March 31,     Six months
ended
September 30,
2016		  
     2012     2013     2014     2015     2016    
     (Millions of yen, except for ratios)  

Excluding interest on deposits

             

Earnings:

             

Pre-tax income from continuing operations before adjustment for income or loss from equity investees

    ¥ 936,716      ¥ 889,530      ¥ 1,286,858      ¥ 1,114,784      ¥ 1,294,644      ¥ 745,802   

Add: Fixed charges (excluding interest on deposits)(1)

      281,897        298,158        279,601        286,850        308,450        145,237   

Add: Distributed income of equity investees

      3,768        4,158        4,295        4,743        10,406        6,810   

Less: Preference security dividend requirements of consolidated subsidiaries

      (85,026 )      (86,063 )      (84,289 )      (65,780 )      (62,727 )      (23,923 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    ¥ 1,137,355      ¥ 1,105,783      ¥ 1,486,465      ¥ 1,340,597      ¥ 1,550,773      ¥ 873,926   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges (excluding interest on deposits)(1)

    ¥ 281,897      ¥ 298,158      ¥ 279,601      ¥ 286,850      ¥ 308,450      ¥ 145,237   

Ratio of earnings to fixed charges

      4.03        3.71        5.32        4.67        5.03        6.02   
     Fiscal year ended March 31,     Six months
ended
September 30,
2016		  
     2012     2013     2014     2015     2016    
     (Millions of yen, except for ratios)  

Including interest on deposits

             

Earnings:

             

Pre-tax income from continuing operations before adjustment for income or loss from equity investees

    ¥ 936,716      ¥ 889,530      ¥ 1,286,858      ¥ 1,114,784      ¥ 1,294,644      ¥ 745,802   

Add: Fixed charges (including interest on deposits)(1)

      411,359        421,536        419,991        452,417        510,762        257,172   

Add: Distributed income of equity investees

      3,768        4,158        4,295        4,743        10,406        6,810   

Less: Preference security dividend requirements of consolidated subsidiaries

      (85,026 )      (86,063 )      (84,289 )      (65,780 )      (62,727 )      (23,923 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    ¥ 1,266,817      ¥ 1,229,161      ¥ 1,626,855      ¥ 1,506,164      ¥ 1,753,085      ¥ 985,861   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges (including interest on deposits)(1)

    ¥ 411,359      ¥ 421,536      ¥ 419,991      ¥ 452,417      ¥ 510,762      ¥ 257,172   

Ratio of earnings to fixed charges

      3.08        2.92        3.87        3.33        3.43        3.83   

 

Note:

(1) Comprises (i) interest expensed and capitalized, (ii) amortized premiums, discounts and capitalized expenses related to indebtedness, (iii) an estimate of the interest within rental expense and (iv) preference security dividend requirements of consolidated subsidiaries.