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Business Strategy Business Strategy Management Systems Disclosure 13 14 Plans and Progress under the Medium-Term Corporate Summary Management Plan – “Passion for the Best” 2014 18 Interview with the CEO 23 Message from the COO 24 At a Glance 26 Retail Division 28 Wholesale Division 30 Asset Management Division Our Stakeholders To 32 Investment Division 33 Other Business Strategy Business Strategy Management Systems Disclosure Daiwa Securities Group Annual Report 2014 14 Business Strategy Plans and Progress under the Medium-Term Management Plan – “Passion for the Best” 2014 Plans and Progress under the Medium-Term Management Plan – “Passion for the Best” 2014 Outline of Medium-Term Management Plan “Passion for the Best” 2014 Establish a robust business structure immune to the external environment and aspire to achieve sound growth based on a new growth strategy Milestones FY2012 Turnaround FY2013 Growth FY2014 Expansion I Return to profitability by pursuing management efficiencies (Focus of execution in the first fiscal year) Steadily implement the plan to reduce SG&A Realize greater organizational efficiencies by shifting personnel from the middle and back offices to the front divisions Basic Policies for Medium-Term II Achieve client-based high-quality earnings growth Management Plan Drastically expand our client base in Japan by investing management resources in the Retail and Asset Management businesses —Expand stable earnings by increasing investment trusts and deposit balances— Strengthen revenue capacity centered around the launch of the “new” Daiwa Securities —Step up approaches to high net worth individuals and the middle market— Rebuild our Wholesale business —Re-strengthen the brokerage business and build an efficient global network— Consolidated Ordinary Income Fixed Cost Coverage Ratio*1 Management Target [Initial FY] [Final FY] [Final FY] Return to Profitability Over ¥120.0 billion Over 50% Achieved targets set for the final year of the plan, a year ahead of schedule Trends in Consolidated Ordinary Income Trends in Fixed Cost Coverage Ratio Target for the final year of the plan achieved a year ahead of schedule Targets for the final year of (¥ billion) (¥ billion) the plan achieved a year ahead of schedule 200 197 300 52% Initial year: 250 50% 150 Return to profitability 42% 120 102 200 100 95 31% 31% 150 29% 50 100 0 50 –12 –32 –50 0 2009 2010 2011 2012 2013 (Fiscal year) 2009 2010 2011 2012 2013 (Fiscal year) Current Current Previous Medium-Term Plan Previous Medium-Term Plan Medium-Term Plan Medium-Term Plan Fixed costs Turnaround Growth Stable revenues*2 Turnaround Growth Fixed cost coverage ratio *1 Fixed cost coverage ratio = stable revenues / fixed costs *2 Stable revenues include asset management fees, investment trust agency fees, Daiwa Next Bank profit margins, and others. Daiwa Securities Group Annual Report 2014 15 Expansion for sustainable growth In the final year of the Medium-Term Management Plan, the Daiwa Securities Group will focus on further expanding its client base. This “expansion” will provide the foundation for sustainable growth. Some numerical targets for the final year of the plan were revised Maintain consolidated ordinary income of over ¥120.0 billion Revise up the fixed cost coverage ratio to 60% (FY2014 4Q annualized) Consolidated ordinary income Fixed cost coverage ratio*3 Revised [for FY2014] [FY2014 4Q annualized] management targets Over ¥120.0 billion Over 60% *3 More precise calculations of the fixed cost coverage ratio are based on an analysis of stable revenue sources across the entire Group. Policy objectives for FY2014 The Daiwa Securities Group as a whole will focus on accelerating the shift “from savings to investment.” By taking the lead in helping individuals make more active use of their vast pool of financial assets, the Group expects to expand its own business scope while also contributing to growth in the domestic economy. FY2014 Expansion Sustainable growth 5 Strengthen profitability with synergy of integration between the Retail and Wholesale divisions 6 4 Expand the new client Rebuild the Wholesale business base with NISA u Strengthen the IPO business 7 Develop overseas alliances Expand client-based 3 Focus on the wrap high-quality business earnings 8 Strengthen profitability of the Asset Management business (mutual funds, real estate) 2 Expand the sales organization 1 Evolve the unique combined securities-banking business model Daiwa Securities Group Annual Report 2014 16 Business Strategy Plans and Progress under the Medium-Term Management Plan – “Passion for the Best” 2014 Expand client-based high-quality earnings 1 Evolve the unique combined securities-banking business model Comprehensive services within the Total balance of deposits at Cross-selling efforts encourage Group run the gamut “from savings to Daiwa Next Bank investment investment” (¥ trillion) (¥ billion) (%) Daiwa Next Bank Daiwa Securities 2.5 ¥2.39 trillion 250 40 37.4% account account 2.0 ¥214.6 billion 200 30 23.6% Savings Sweep Investment 1.5 150 20 1.0 100 10 0.5 50 ● In the Group’s integrated securities and banking 0 0 0 business model, Daiwa Next Bank serves as the 9/11 3/12 9/12 3/13 9/13 3/14 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 gateway for assets to be shifted “from savings (Month-end/year) (Month-end/year) to investment.” Total balance of deposits (left) ● Securities investments promoted to new ● Daiwa Securities accounts including NISA accounts Balance of foreign currency-denominated deposits (right) customers attracted by Daiwa Next Bank’s time transfer dividend income and proceeds from deposit services have achieved a cumulative ● Since the bank began offering foreign currency- securities sales immediately into Daiwa Next Bank denominated accounts in July 2012, the balance 37.4% cross-selling ratio*. savings accounts or time deposit accounts, which of such deposits has soared to over ¥200 billion. * Accumulated cross-selling ratio = Accumulated total offer attractive interest rates. number of cross-selling accounts / accumulated total number of newly-opened time deposits accounts 2 Expand the sales organization 3 Focus on the wrap business Focus on sales offices helps to restrain the total cost of Industry-wide balance of wrap account service and Daiwa opening new branches Securities’ market share (¥ billion) (%) 1,400 50 FY2012 4 offices 1,200 41% 40 1,000 800 30 600 20 FY2013 9 offices 400 10 200 0 0 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 (Month-end/year) FY2014 3 offices Daiwa Fund Wrap (left) Daiwa SMA (left) Total of other companies’ “wrap”-type accounts (left) Daiwa Securities’ share of total (right) Source: Daiwa Securities and Japan Investment Advisers Association (As of June 30, 2014) ● The balance of assets in Daiwa Securities’ “wrap” accounts (Daiwa SMA and Improving the efficiency of sales activities Daiwa Fund Wrap) surpassed ¥500 billion, giving the Group the top market ● Use of the contact center to handle incoming calls share in the industry (41%). ● Use of advanced IT capabilities, by issuing tablet PCs and smartphones to the sales force ● More time can be devoted to face-to-face customer service. Daiwa Securities Group Annual Report 2014 17 4 Expand the new client base 5 Strengthen profitability with synergy of integration between the Retail with NISA and Wholesale divisions Revenues from middle market Retail division – Sales of privately placed operations* structured bonds* FY2012 monthly average +28% FY2013 monthly average FY2012 monthly average +112% FY2013 monthly average 3.0 7.0 7 17 2.5 6.0 5.0 2.0 ● Daiwa Securities now offers 17 no-load funds 4.0 designed exclusively for NISA accounts. 1.5 3.0 1.0 2.0 0.5 1.0 0 0 568 thousand FY2011 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2011 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 568 monthly average FY2012 FY2013 monthly average FY2012 FY2013 ● Total number of NISA accounts opened as of the end of March 2014 ● Middle-market revenues remained high throughout ● Since the two securities subsidiaries were the fiscal period, rising 28% on average. merged, closer cooperation between structured * Indexed average, where monthly average for FY2011 is product development and sales operations set equal to 1.0 contributed to a dramatic increase in sales of structured bonds by private placement. Alliance area 6 Rebuild the Wholesale business 7 Develop overseas alliances l Equity u Investment operations banking Ordinary income trends in the Wholesale division (global) ASEAN region (¥ billion) Feb. 2013 Thanachart Securities Plc. (Thailand) 20 l Sep. 2013 PT. Bahana Securities (Indonesia) l u 15 Dec. 2013 Affin Investment Bank Bhd. (Malaysia) l 10 Other regions 5 Feb. 2014 Australia and New Zealand Banking Group Ltd. (Australia) u 0 Apr. 2014 Sanford C. Bernstein Ltd. (UK) l – 5 –10 Research coverage of ASEAN equities* 1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2012 FY2013 18 stocks Over 270 stocks*2 Global Markets Global Investment Banking Wholesale division total ● By developing overseas alliances, Daiwa Securities can expand its overseas ● Since 3Q FY2012, the Wholesale division has generated positive ordinary income for six consecutive quarters, while losses from overseas offices were business network while minimizing costs. reduced to just half of FY2012 levels. *1 Excluding the Philippines and Singapore *2 As of the end of March 2014 8 Strengthen profitability of the Asset Management business (mutual funds, real estate) Trends in the balance of mutual fund assets under Trends in the balance of assets under management, management (excl. ETFs) Daiwa Office Investment Corporation (J-REIT) (¥ trillion) (¥ trillion) (¥ billion) (¥ billion) 12 60 400 200 10 50 300 150 8 40 6 30 200 100 4 20 100 Company operated 50 2 10 as a consolidated subsidiary 0 0 0 0 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 Nov.
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