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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE Act of 1934
For the month of June 2015
ORIX Corporation
(Translation of Registrant’s Name into English)
World Trade Center Bldg., 2-4-1 Hamamatsu-cho, Minato-Ku,
Tokyo, JAPAN
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F x Form 40-F ¨
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes ¨ No x
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| Page | ||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ORIX Corporation | ||||
| Date: June 25, 2015 |
By |
/s/ Kazuo Kojima | ||
| Kazuo Kojima | ||||
| Director | ||||
| Deputy President & CFO | ||||
| ORIX Corporation | ||||
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Amendments to Consolidated Financial Results April 1, 2014 – March 31, 2015
TOKYO, Japan — June 25, 2015 — ORIX Corporation has amended a part of the consolidated financial results April 1, 2014 – March 31, 2015, which it first announced on May 12, 2015. The amendments were made to numerical data in the financial statement, as detailed and underlined below.
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(5) Condensed Consolidated Statements of Cash Flows
(For the Years Ended March 31, 2014 and 2015)
(Unaudited)
Before correction
| Millions of yen | ||||
| Year ended 2014 |
Year ended 2015 | |||
| Cash Flows from Operating Activities: |
||||
| Net income |
195,287 | 255,257 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||
| Depreciation and amortization |
206,670 | 229,583 | ||
| Provision for doubtful receivables and probable loan losses |
13,838 | 11,631 | ||
| Equity in net income of affiliates (excluding interest on loans) |
(18,159) | (30,267) | ||
| Gains on sales of subsidiaries and affiliates and liquidation losses, net |
(64,923) | (20,575) | ||
| Bargain purchase gain |
- | (36,082) | ||
| Gains on sales of available-for-sale securities |
(14,149) | (32,077) | ||
| Gains on sales of operating lease assets |
(23,692) | (34,425) | ||
| Write-downs of long-lived assets |
23,421 | 34,887 | ||
| Write-downs of securities |
7,989 | 8,997 | ||
| Decrease (Increase) in restricted cash |
22,366 | (1,922) | ||
| Decrease in trading securities |
21,300 | 441,554 | ||
| Decrease (Increase) in inventories |
25,581 | (13,481) | ||
| Increase in trade notes, accounts and other receivable |
(17,572) | (20,742) | ||
| Increase in trade notes, accounts and other payable |
26,505 | 34,275 | ||
| Increase (Decrease) in policy liabilities and policy account balances |
28,429 | (506,043) | ||
| Other, net |
45,115 | (62,959) | ||
|
|
| |||
| Net cash provided by operating activities |
478,006 | 257,611 | ||
|
|
| |||
| Cash Flows from Investing Activities: |
||||
| Purchases of lease equipment |
(859,568) | (907,484) | ||
| Principal payments received under direct financing leases |
459,003 | 488,522 | ||
| Installment loans made to customers |
(1,035,564) | (1,109,458) | ||
| Principal collected on installment loans |
1,264,645 | 977,272 | ||
| Proceeds from sales of operating lease assets |
251,904 | 272,040 | ||
| Investment in affiliates, net |
(45,084) | (27,698) | ||
| Proceeds from sales of investment in affiliates |
15,429 | 2,128 | ||
| Purchases of available-for-sale securities |
(897,246) | (982,415) | ||
| Proceeds from sales of available-for-sale securities |
318,697 | 511,868 | ||
| Proceeds from redemption of available-for-sale securities |
473,126 | 398,280 | ||
| Purchases of held-to-maturity securities |
(8,519) | (20,522) | ||
| Purchases of other securities |
(24,761) | (27,489) | ||
| Proceeds from sales of other securities |
26,501 | 67,982 | ||
| Purchases of property under facility operations |
(48,195) | (81,311) | ||
| Acquisitions of subsidiaries, net of cash acquired |
(94,586) | (73,240) | ||
| Sales of subsidiaries, net of cash disposed |
- | 47,800 | ||
| Other, net |
(11,096) | (4,076) | ||
|
|
| |||
| Net cash used in investing activities |
(215,314) | (467,801) | ||
|
|
| |||
| Cash Flows from Financing Activities: |
||||
| Net increase (decrease) in debt with maturities of three months or less |
(106,783) | 3,819 | ||
| Proceeds from debt with maturities longer than three months |
1,211,797 | 1,302,151 | ||
| Repayment of debt with maturities longer than three months |
(1,501,403) | (1,142,682) | ||
| Net increase in deposits due to customers |
127,610 | 80,924 | ||
| Cash dividends paid to ORIX Corporation shareholders |
(15,878) | (30,117) | ||
| Contribution from noncontrolling interests |
11,089 | 7,919 | ||
| Net increase (decrease) in call money |
(5,000) | 6,000 | ||
| Other, net |
864 | (14,582) | ||
|
|
| |||
| Net cash provided by (used in) financing activities |
(277,704) | 213,432 | ||
|
|
| |||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
6,755 | 6,237 | ||
|
|
| |||
| Net increase (decrease) in Cash and Cash Equivalents |
(8,257) | 9,479 | ||
| Cash and Cash Equivalents at Beginning of Year |
826,296 | 818,039 | ||
|
|
| |||
| Cash and Cash Equivalents at End of Year |
818,039 | 827,518 | ||
|
|
| |||
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After correction
| Millions of yen | ||||
| Year ended 2014 |
Year ended 2015 | |||
| Cash Flows from Operating Activities: |
||||
| Net income |
195,287 | 255,257 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||
| Depreciation and amortization |
206,670 | 229,583 | ||
| Provision for doubtful receivables and probable loan losses |
13,838 | 11,631 | ||
| Equity in net income of affiliates (excluding interest on loans) |
(18,159) | (30,267) | ||
| Gains on sales of subsidiaries and affiliates and liquidation losses, net |
(64,923) | (20,575) | ||
| Bargain purchase gain |
- | (36,082) | ||
| Gains on sales of available-for-sale securities |
(14,149) | (32,077) | ||
| Gains on sales of operating lease assets |
(23,692) | (34,425) | ||
| Write-downs of long-lived assets |
23,421 | 34,887 | ||
| Write-downs of securities |
7,989 | 8,997 | ||
| Decrease (Increase) in restricted cash |
22,366 | (1,922) | ||
| Decrease in trading securities |
21,300 | 441,554 | ||
| Decrease (Increase) in inventories |
25,581 | (13,481) | ||
| Increase in trade notes, accounts and other receivable |
(17,572) | (20,742) | ||
| Increase in trade notes, accounts and other payable |
26,505 | 34,275 | ||
| Increase (Decrease) in policy liabilities and policy account balances |
28,429 | (506,043) | ||
| Other, net |
45,115 | (62,959) | ||
|
|
| |||
| Net cash provided by operating activities |
478,006 | 257,611 | ||
|
|
| |||
| Cash Flows from Investing Activities: |
||||
| Purchases of lease equipment |
(859,568) | (907,484) | ||
| Principal payments received under direct financing leases |
459,003 | 488,522 | ||
| Installment loans made to customers |
(1,035,564) | (1,109,458) | ||
| Principal collected on installment loans |
1,264,645 | 977,272 | ||
| Proceeds from sales of operating lease assets |
251,904 | 272,040 | ||
| Investment in affiliates, net |
(45,084) | (27,698) | ||
| Proceeds from sales of investment in affiliates |
15,429 | 2,128 | ||
| Purchases of available-for-sale securities |
(897,246) | (982,415) | ||
| Proceeds from sales of available-for-sale securities |
318,697 | 511,868 | ||
| Proceeds from redemption of available-for-sale securities |
473,126 | 398,280 | ||
| Purchases of held-to-maturity securities |
(8,519) | (20,522) | ||
| Purchases of other securities |
(24,761) | (27,489) | ||
| Proceeds from sales of other securities |
26,501 | 67,982 | ||
| Purchases of property under facility operations |
(48,195) | (81,311) | ||
| Acquisitions of subsidiaries, net of cash acquired |
(94,586) | (73,240) | ||
| Sales of subsidiaries, net of cash disposed |
- | 47,800 | ||
| Other, net |
(11,096) | (4,076) | ||
|
|
| |||
| Net cash used in investing activities |
(215,314) | (467,801) | ||
|
|
| |||
| Cash Flows from Financing Activities: |
||||
| Net increase (decrease) in debt with maturities of three months or less |
(106,783) | 3,819 | ||
| Proceeds from debt with maturities longer than three months |
1,211,797 | 1,337,870 | ||
| Repayment of debt with maturities longer than three months |
(1,501,403) | (1,178,401) | ||
| Net increase in deposits due to customers |
127,610 | 80,924 | ||
| Cash dividends paid to ORIX Corporation shareholders |
(15,878) | (30,117) | ||
| Contribution from noncontrolling interests |
11,089 | 7,919 | ||
| Net increase (decrease) in call money |
(5,000) | 6,000 | ||
| Other, net |
864 | (14,582) | ||
|
|
| |||
| Net cash provided by (used in) financing activities |
(277,704) | 213,432 | ||
|
|
| |||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
6,755 | 6,237 | ||
|
|
| |||
| Net increase (decrease) in Cash and Cash Equivalents |
(8,257) | 9,479 | ||
| Cash and Cash Equivalents at Beginning of Year |
826,296 | 818,039 | ||
|
|
| |||
| Cash and Cash Equivalents at End of Year |
818,039 | 827,518 | ||
|
|
| |||
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Contact Information:
ORIX Corporation
Corporate Planning Department
Tel: +81-3-3435-3121
About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses. Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since its first overseas expansion into Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in a total of 36 countries and regions across the world. Moving forward, ORIX aims to contribute to society while continuing to capture new business opportunities. For more details, please visit our website: http://www.orix.co.jp/grp/en/
Caution Concerning Forward Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in our Form 20-F submitted to the U.S. Securities and Exchange Commission on June 26, 2014 and under “4. Risk Factors” of the “Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2014 – March 31, 2015.”