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Investor Presentaiton

The Board of Directors The Yamagata Bank, Ltd. Independent Auditor's Report We have audited the accompanying consolidated financial statements of The Yamagata Bank, Ltd. and its consolidated subsidiaries, which comprise the consolidated balance sheet as at March 31, 2014, and the consolidated statements of income, comprehensive income, changes in net assets, and cash flows for the year then ended and a summary of significant accounting policies and other explanatory information, all expressed in Japanese yen. Management's Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in Japan, and for designing and operating such internal control as management determines is necessary to enable the prepara- tion and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclo- sures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated finan- cial statements, whether due to fraud or error. The purpose of an audit of the consolidated financial statements is not to express an opinion on the effectiveness of the entity's internal control, but in making these risk assessments the auditor considers internal controls relevant to the entity's prepa- ration and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appro- priateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of The Yamagata Bank, Ltd. and its consolidated subsid- iaries as at March 31, 2014, and their consolidated financial performance and cash flows for the year then ended in conformity with accounting principles generally accepted in Japan. Convenience Translation We have reviewed the translation of these consolidated financial statements into U.S. dollars, presented for the convenience of readers, and, in our opinion, the accompanying consolidated financial statements have been properly translated on the basis described in Note 2. June 24, 2014 Yamagata, Japan Non-Consolidated Balance Sheet As of March 31, 2014 and 2013 Assets Cash and due from banks Call loans and bills purchased. Trading securities Securities Loans and bills discounted Foreign exchange Other assets Tangible fixed assets Buildings 2014 2013 2014 (Millions of yen) (Millions of yen) (Thousands of U.S.dollars) \ 37,493 18,683 ¥ 87,769 72,644 $ 364,301 181,535 57 854,127 1,418,297 34 771,931 557 8,298,943 1,333,899 13,780,585 1,510 1,029 14,677 12,549 10,518 121,933 13,228 13,057 128,530 3,010 3,128 29,250 8,923 8,933 86,704 64 60 626 319 13 3,104 910 922 8,845 1,144 1,325 11,121 929 1,109 9,033 Other intangible fixed assets 214 215 2,087 Customers' liabilities for acceptances and guarantees Reserve for possible loan losses... ¥ 15,940 (6,504) 2,366,529 16,754 154,882 ¥ (8,596) 2,300,369 $ (63,195) 22,993,873 Land Leased assets Construction in process Other tangible fixed assets Intangible fixed assets Software Total assets Liabilities and Net Assets Liabilities: Deposits Call money Other liabilities ¥ 2,126,057 ¥ Payables under securities lending transactions Borrowed money 21,204 46,651 2,098,715 538 15,366 22,694 $ 20,657,379 206,031 453,280 Foreign exchange 55 13,703 Reserve for bonuses to directors and corporate auditors Reserve for employees' retirement benefits Reserve for directors and corporate auditors' retirement benefits Reserve for losses on dormant deposit repayments Reserve for losses on contingencies 20 38 12,370 20 536 133,145 194 687 1,091 6,682 288 264 2,805 158 187 1,535 225 147 2,192 Deferred tax liabilities 5,593 3,433 54,352 Deferred tax liabilities arising from revaluation of land Acceptances and guarantees 1,586 15,940 2,232,173 1,612 15,417 ¥ 16,754 2,173,235 $ 154,882 21,688,436 Total liabilities.... Net Assets Common stock Issued Authorized - 298,350,000 shares Capital surplus 172,000,000 shares ¥ Retained earnings Less treasury stock, at cost Total Shareholder's equity Unrealized holding gain on securities Deferred loss on hedging instruments 12,008 4,937 101,203 (828) ¥ 12,008 4,937 95,968 $ 116,678 47,975 983,321 (820) (8,053) 117,320 112,093 1,139,921 18,332 17,135 178,125 (2,370) (3,108) (23,036) Revaluation of land 1,073 1,012 10,426 Total of net assets \ 134,355 2,366,529 ¥ 127,133 2,300,369 1,305,436 $ 22,993,873 Ernst & Young Shin hihon LLC Total of liabilities and net assets 26 26 27 27
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