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April 2005

Update : Jan. 28, 2005

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FY2004 Consolidated Results

TSE recorded widespread increases in income and profits for FY 2004 (fiscal year ending March 31, 2005) due to increased trading in the market and financing of listed companies. As a result, operating income an increased 4,428 million JPY from the previous period to 53,071 million JPY, operating profit increased 3,154 million JPY from the previous period to 11,360 million JPY, and ordinary income increased 3,408 million JPY from the previous period of 12,037 million JPY.


Details of TSE's operating income are as follows. Although average daily trading value for shares increased 22% from the previous period to 1.3 trillion JPY, and trading in Japanese government bond futures and index futures also increased from the previous period, due to reduced rates in clearing fees resulting from Japan Securities Clearing Corporation (JSCC) directly collecting clearing fees, operating income fell by 332 million JPY to 20,588 million JPY.


As a result of active financing for listed companies, the issuance of new stocks doubled from the previous period and income from listings greatly increased by 1,688 million JPY to 11,192 million JPY.


Also, as a result of increased trading, securities settlement income increased by 3,881 million JPY from the previous period to 8,755 million JPY.


On the other hand, system development and operations related income fell by 1,280 million JPY due to large scale system initiatives implemented in the previous period coming to an end.


Overall operating costs increased 1,273 million JPY to 41,710 million JPY. Although efforts were made to reduce administration and other costs, overall costs increased. The main reasons for this included the replacement of the key operating system for trading, therefore system maintenance & operation costs and depreciation all increased by around 900 million JPY from the previous period.


As a result of this, operating income and operating profit increased by nearly 40% of the previous period.


Finally, net profits for the period fell by 53 million JPY to 4,977 million JPY due to factors such as an extraordinary loss of 4,600 million JPY resulting from a withdrawal of tenants from space in our computer housing building that we are sub-letting.


With regard to dividends for the period, we are considering a dividend of 510 JPY per share.

Partial return of the President's and Director's salary

Due to the seriousness of the immense extraordinary losses that arose in this period from the sub-letting of the computer housing building, and the accounts for that now being settled, as part of bringing the matter to a close President & CEO Mr. Tsurushima will voluntarily return 30% of one month's salary, Senior Managing Director & CFO Mr. Yoshino will voluntarily return 20% of one month's salary, and Managing Directors & Executive Officers Mr. Tobiyama, Mr. Nagatomo and Mr. Amano will each voluntarily return 10% of one month's salary.

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