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    8439   JP3424950008

TOKYO CENTURY CORPORATION

(8439)
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Tokyo Century : Integrated Report 2021

10/01/2021 | 08:12am EST

Tokyo Century Corporation

TOKYO CENTURY CORPORATION

1

CONTENTS

Tokyo Century Corporation

Integrated Report 2021

1 Cover Story

1

Management Philosophy

2

Tokyo Century's Evolving Value Creation

4

Evolution of Tokyo Century's Portfolio

2 Three Core Competences of

6

Three Core Competences of Tokyo Century

Tokyo Century-Three Distinctive

7

Finance and Services

Strengths ­Supporting Tokyo Century

8

Partnerships

10

Highly Specialized Professionals

3 Special Feature

14

Expansion of CSI Business Scope

Seven Pillars of Business Strategies

16

Environment and Energy Businesses

18

Collaboration with Advantage Partners

4 Message from the President

20

Message from the President

5 Transition from Era of Ownership

26

Value Creation Model

to Era of Use-Sustainability

28

Sustainability Management Targeting

Management at the Tokyo Century

Sustainable Improvements to Corporate Value

Group

30

Initiatives to Address Climate Change-

Endorsement of TCFD Recommendations

Editorial Policy

Integrated Report 2021 was prepared to better inform share- holders, investors, and other stakeholders regarding Tokyo Century's management direction and business strategies and operations, in addition to providing financial information and non-financialinformation, including examples of environ- mental, social, and governance (ESG) initiatives, while incorporating the opinions, observa- tions, and predictions of certain of the Company's officers and other personnel.

CORPORATE SLOGAN

Solutions to your Pursuits.

6 Strengthening of Response to Critical Issues under New Fourth Medium- Term Management Plan

32 Positioning of New Fourth Medium-Term Management Plan

34 Transformation of Businesses with Digital Technologies

36 Strengthening of Human Resources to Support Growth over the Next 10 Years

Reporting Period*

April 1, 2020-March 31, 2021 (fiscal 2020)

  • This report includes information on some activities taking place after April 1, 2021.

Forward-Looking Statements

38

Diversity Discussion-Tokyo Century's Initiatives

for Empowering Female Employees

42

Strengthening of Financial Base

7 Strategies by Operating Segment

44

Strategies by Operating Segment and Progress

and Progress

46

Equipment Leasing

48

Mobility & Fleet Management

50

Specialty Financing

52

International Business

8 Corporate Governance

54

Evolution of Tokyo Century's Corporate

Governance System

62

Message from an External Director

64

Risk Management and Compliance

70

Management Organization

Data Section

74

Performance Highlights

76

Financial Summary

78

Main Subsidiaries, Affiliates., and Other

Companies

80

Corporate and Stock Information

Statements in this integrated report with respect to the Tokyo Century Group's plans, forecasts, strategies, presumptions, and other statements that are not historical fact are forward-looking statements based on management's assumptions and beliefs grounded on information that was available when the report was written. Actual Group performance may differ considerably from that discussed in the forward-looking statements.

Guidance for Collaborative

Value Creation

This integrated report refers to "Guidance for Collaborative Value Creation," which is a common guideline among investors. As a company with financial capabilities, Tokyo Century focuses on creating businesses that are useful to society by cooperating with its partners. The Company aims to help stakeholders understand its efforts to "contribute to the creation of an environmentally sound, sustainable economy and society," which is part Tokyo Century's Management Philosophy.

Management Philosophy

The Tokyo Century Group will work alongside customers in pursuit of their growth as a highly specialized and unique financial services company and will contribute to the creation of an environmentally sound, sustainable economy and society.

2

TOKYO CENTURY CORPORATION

1

Cover Story

INTEGRATED REPORT 2021

3

Tokyo Century's Evolving

Value Creation

Broadening Out from Conventional Leasing to Advance into New Fields Based

on the Concept of "Finance × Services × Business Expertise" Together with

Customers and Partners

2016-

2009-

Change of Name to

Tokyo Century Corporation

Evolution beyond a Leasing Company

Merger of Major Leasing Companies

The new Tokyo Century got its start in October 2016.

Birth of Century Tokyo Leasing

With a new name and a Management Philosophy of

Corporation

contributing to the creation of an environmentally

sound, sustainable economy and society, it declared

The 2008 revision of leasing accounting standards

its commitment to developing a wide range of busi-

created a pressing need for Century Leasing System,

nesses as a distinctive and highly specialized financial

Inc., and Tokyo Leasing Co., Ltd., to revise their busi-

services company.

ness portfolios. This need prompted the decision to

undertake a merger by their management, leading to

the birth of Century Tokyo Leasing Corporation in 2009.

Growth of Market Capitalization

2020-

Capital and Business Alliance Agreement with NTT

Acceleration of Partnership Strategy

Tokyo Century unveiled its New Fourth Medium- Term Management Plan, which describes the course it will take over the next decade in working to establish a stable global business platform and expand co-creative business with partners such as the NTT Group.

2030-

Quest to Become a Trusted Service and Business Partner

Tokyo Century aims to grow into a global corporate group with a diverse team of people in order to contribute to the resolution of social issues and achieve stable, sustainable growth as a trusted service and business partner.

TRANSFORMATION

4

TOKYO CENTURY CORPORATION

1 Cover Story

Evolution of Tokyo Century's

Portfolio

Tokyo Century has continued to expand its business domain focused on its four operating segments in response to changes in the times and in the needs of customers and partner companies.

Balance of segment assets

Note: The Fourth Medium-Term Management Plan a year after its fiscal 2019 launch, and the New Fourth Medium-Term Management

(Billions of yen, left axis)

Plan was announced in February 2020.

Equipment Leasing

*1

Data for fiscal 2008, the year immediately prior to the merger, is a simple aggregation of data for the former Century Leasing System,

  Mobility & Fleet Management

Inc., and the former Tokyo Leasing Co., Ltd.

Specialty Financing

*2

Segment assets consist of the total amount of operating assets, investment in equity-method affiliates, goodwill, etc., belonging to

International Business

each segment.

Ordinary income (Billions of yen, right axis)

INTEGRATED REPORT 2021

5

5,000

Balance of segment assets

100

¥4,800.5*2

91.1

International Business

86.3

79.0

4,000

Ordinary income

80

73.5

¥78.1

2020

68.0

Concluded a capital and business alliance

agreement with Nippon Telegraph and

Telephone Corporation (NTT)

Acquired 14.9% of outstanding ordinary

3,000

60.7

interest in the shareholding company of

the Advantage Partners Group

60

55.2

2018

Specialty Financing

44.2

2,000

33.4

22.3

1,000

2009

Century Tokyo Leasing Corporation established through a merger between Century Leasing System, Inc., and Tokyo Leasing Co., Ltd.

46.346.3

2013

Converted Nippon Rent-A-Car Service, Inc. (NRS), into a consolidated subsidiary

Converted Nippon Car Solutions Co., Ltd. (NCS), an auto-leasing company for corporate customers, into a consolidated subsidiary

2012

Established solar power generation company Kyocera TCL Solar LLC with Kyocera Corporation as a joint venture

Acquired a 70% stake in Shinko Real Estate Co., Ltd., a real estate subsidiary of Kobe Steel, Ltd., and converted it into a consolidated subsidiary

2019

Converted Aviation Capital Group LLC (ACG), a major U.S.-based commercial aircraft lessor, into a consolidated subsidiary

40

Mobility & Fleet Management

2016

Changed corporate name to Tokyo Century Corporation

Converted CSI Leasing, Inc. (CSI), a leading U.S.-based independent leasing company, into a consolidated subsidiary

20

Equipment Leasing

0

2009/3*1

2010/3

2011/3

2012/3

2013/3

2014/3

2015/3

2016/3

2017/3

2018/3

2019/3

2020/3

2021/3

0

6TOKYO CENTURY CORPORATIONINTEGRATED REPORT 20217

Three Core Competences

CORE COMPETENCE

2 of Tokyo Century

Finance and Services

Three Distinctive Strengths Supporting Tokyo Century

Provision of Financial Services Focused on Asset Value

Four Operating Segments

Equipment

Mobility & Fleet

Specialty

International

Leasing

Management

Financing

Business

Major Products

Major Products

Major Products

Major Products

Finance and Services

• IT solutions

• Corporate auto leasing

• Aviation

• IT equipment leasing

• Subscription services

• Individual auto leasing

• Ship

• Auto business

• Collaboration with

• Car rental

• Real estate

• Joint crediting mechanism

Provision of financial services

partners

• Environment and energy

(JCM) business

focused on asset value

 P.7

Partnerships

Global Strategy

Collaboration

Partnership Strategy

with NTT

CORE COMPETENCES

Creation of new business

domains with robust network

Global Business

Environment and

of business partners

Energy

Centered on CSI

Businesses

 P.8-9

Seven Pillars of

Business Strategies

Collaboration

Highly Specialized

Auto Business

Partners Group

Centered on NRS

with Advantage

Professionals

Expansion of base of

specialized professionals

Aviation Business

Real Estate

 P.10-13

Post-COVID-19

Centered on ACG

Business

Strategy

All business strategies

Mobility & Fleet Management

Specialty Financing

International Business

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Tokyo Century Corporation published this content on 30 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2021 12:11:10 UTC.


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Financials
Sales 2022 1 298 B 11 446 M 11 446 M
Net income 2022 65 610 M 579 M 579 M
Net Debt 2022 4 249 B 37 472 M 37 472 M
P/E ratio 2022 9,62x
Yield 2022 2,96%
Capitalization 668 B 5 913 M 5 896 M
EV / Sales 2022 3,79x
EV / Sales 2023 3,63x
Nbr of Employees 7 438
Free-Float 32,1%
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Number of Analysts 6
Last Close Price 5 320,00 JPY
Average target price 6 966,67 JPY
Spread / Average Target 31,0%
EPS Revisions
Managers and Directors
Makoto Nogami President & Representative Director
Takashi Yonetsu Executive Officer & Head-Finance
Shunichi Asada Chairman
Masao Yoshida Independent Outside Director
Yukito Higaki Independent Outside Director