Edgar Filing: ORIX CORP

Form 6-K

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 August, 2005.

ORIX Corporation

(Translation of Registrant’s Name into English)

Mita NN Bldg., 4-1-23 Shiba, Minato-Ku,

Tokyo, 108-0014, 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

Table of Documents Filed


		Page
1.	ORIX’s First Quarter Consolidated Financial Results (April 1, 2005 – June 30, 2005) filed with the Tokyo Stock Exchange on Friday, July 29, 2005.

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: August 1, 2005	By	/s/ Shunsuke Takeda

		Shunsuke Takeda
		Director Vice Chairman and CFO ORIX Corporation

Consolidated Financial Results

April 1, 2005 – June 30, 2005

July 29, 2005

In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting principles generally accepted in the United States of America, except as modified to account for stock splits in accordance with the usual practice in Japan.

U.S. Dollar amounts have been calculated at Yen 110.62 to $1.00, the approximate exchange rate prevailing at June 30, 2005.

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 the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission.

The Company expects that it will be a “passive foreign investment company” under the U.S. Internal Revenue Code. A U.S. holder of the shares of the Company is therefore subject to special rules of taxation in respect of certain dividend, gain or other income on such shares. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.

For further information please contact:

Corporate Communications

ORIX Corporation

Mita NN Bldg., 4-1-23 Shiba, Minato-ku, Tokyo 108-0014

JAPAN

Tel: +81-3-5419-5102 Fax: +81-3-5419-5901

E-mail: raymond_spencer@orix.co.jp

Consolidated Financial Results from April 1, 2005 to June 30, 2005

(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)


Corporate Name:		ORIX Corporation
Listed Exchanges:		Tokyo Stock Exchange (Securities No. 8591)
		Osaka Securities Exchange
		New York Stock Exchange (Trading Symbol: IX)
Head Office:		Tokyo JAPAN
		Tel: +81-3-5419-5102
		(URL http://www.orix.co.jp/grp/ir_e/ir_index.htm)

1. Performance Highlights for the Three Months Ended June 30, 2005 and 2004, and the Year Ended March 31, 2005

(1) Performance Highlights - Operating Results (Unaudited)


	*(millions of JPY)1**
	Total Revenues	Year-on-Year Change		Operating Income	Year-on-Year Change		Income before Income Taxes*2	Year-on-Year Change
June 30, 2005	212,635	4.8	%	49,726	60.1	%	58,448	59.5	%
June 30, 2004	202,825	13.9	%	31,060	45.9	%	36,653	48.6	%
March 31, 2005	916,950	—		130,957	—		154,347	—


	Net Income	Year-on-Year Change		Basic Earnings Per Share	Diluted Earnings Per Share*3
June 30, 2005	37,789	60.6	%	432.08	409.74
June 30, 2004	23,527	66.9	%	281.05	258.14
March 31, 2005	91,496	—		1,087.82	1,002.18

1.	Equity in Net Income of Affiliates was a net gain of JPY 7,263 million for the three months ended June 30, 2005, a net gain of JPY 4,754 million for the three months ended June 30, 2004 and a net gain of JPY 20,043 million for the year ended March 31, 2005.

2.	The average number of shares was 87,458,625 for the three months ended June 30, 2005, 83,709,358 for the three months ended June 30, 2004 and 84,110,243 for the year ended March 31, 2005.

3.	Adoption of simplified accounting method Yes ( x ) No ( )

4.	Changes in Accounting Principles Yes ( ) No ( x ) (except for adoptions of new accounting principles)

5.	Changes in Numbers of Consolidated Subsidiaries and Affiliates Yes ( x ) No ( )

Additions: Consolidated Subsidiaries 0, Affiliates 3 Deletions: Consolidated Subsidiaries 12, Affiliates 3


*Note 1:		Unless otherwise stated, all amounts shown herein are in millions of Japanese yen or millions of U.S. dollars, except for Per Share amounts which are in single yen.

*Note 2:		“Income before Income Taxes” as used throughout the report represents “Income before Discontinued Operations and Income Taxes.”

*Note 3:		In accordance with the requirements of EITF 04-8, diluted earnings per share for the three months ended June 30, 2004 is revised retroactively.

(2) Performance Highlights - Financial Position (Unaudited)


	Total Assets	Shareholders’ Equity	Shareholders’ Equity Ratio		Shareholders’ Equity Per Share
June 30, 2005	6,185,171	764,603	12.4	%	8,731.00
June 30, 2004	5,651,018	594,779	10.5	%	7,104.39
March 31, 2005	6,068,953	727,333	12.0	%	8,322.96

1. The number of outstanding shares was 87,573,268 as of June 30, 2005, 83,719,966 as of June 30, 2004 and 87,388,706 as of March 31, 2005.

(3) Performance Highlights - Cash Flows (Unaudited)


	Cash Flows from Operating Activities		Cash Flows from Investing Activities		Cash Flows from Financing Activities	Cash and Cash Equivalents at End of Period
June 30, 2005	29,099		(100,677	)	73,104	147,147
June 30, 2004	(18,840	)	(19,185	)	27,140	141,423
March 31, 2005	126,467		(408,004	)	274,343	145,380

2. Forecasts for the Year Ending March 31, 2006 (Unaudited)


Fiscal Year	Total Revenues	Income before Income Taxes	Net Income
March 31, 2006	880,000	162,000	96,000


Note:		Basic Earnings Per Share is forecasted to be JPY 1,096.22.

Summary of Consolidated Financial Results

1. Three Months Ended June 30, 2005

Financial Highlights


Income before Income Taxes*		58,448 million yen (Up 59% year on year)
Net Income		37,789 million yen (Up 61% year on year)
Earnings Per Share (Basic)		432.08 yen (Up 54% year on year)
Earnings Per Share (Diluted)		409.74 yen (Up 59% year on year)
Shareholders’ Equity Per Share		8,731.00 yen (Up 5% on March 31, 2005)
ROE (Annualized)		20.3% (June 30, 2004: 16.2%)
ROA (Annualized)		2.47% (June 30, 2004: 1.67%)

*	“Income before income taxes” refers to “income before discontinued operations and income taxes.”

Revenues: 212,635 million yen (Up 5% year on year)

Revenues increased 5% to 212,635 million yen compared with the same period of the previous fiscal year. Although “real estate sales” decreased year on year, revenues from “direct financing leases,” “operating leases,” “interest on loans and investment securities,” “brokerage commissions and net gains on investment securities,” “life insurance premiums and related investment income,” “gains on sales of real estate under operating leases” and “other operating revenues” were up compared to the same period of the previous fiscal year.

Furthermore, “transportation revenues,” which were recorded in the previous fiscal year, are recorded as “equity in net income of affiliates” during this fiscal year as shown in the (Note) on Page 2.

Revenues from “direct financing leases” increased 5% to 28,722 million yen compared to the same period of the previous fiscal year. In Japan, revenues from “direct financing leases” were up 5% year on year. The automobile leasing operations performed steadily. In addition, direct financing leases other than those associated with the automobile leasing operations were also up due primarily to the operations of ORIX Kitakanto Corporation, which entered the ORIX Group during the previous fiscal year, and contributed to the increase in revenues from the beginning of this fiscal year. Overseas, revenues were up 4% year on year. Although there were lower revenues as a result of a reduction of assets in The Americas segment compared to the same period of the previous fiscal year, the expansion of the leasing operations in the Asia, Oceania and Europe segment resulted in the higher revenues.

Revenues from “operating leases” increased 5% to 48,099 million yen compared to the same period of the previous fiscal year. In Japan, although revenues from the precision measuring and other equipment rental operations were down year on year, there was an increase in automobile and real estate operating leases and as a result revenues were flat year on year. Overseas, revenues were up 21% year on year due mainly to the expansion of automobile operating leases.

Revenues from “interest on loans and investment securities” increased 21% to 36,220 million yen compared to the same period of the previous fiscal year. In Japan, “interest on loans and investment securities” increased 23% year on year due to an increase in loans to corporate customers, including non-recourse loans, and an expansion of the loan servicing operations. Overseas, revenues were up 15% year on year, with increases in both The Americas segment and Asia, Oceania and Europe segment.

Revenues from “brokerage commissions and net gains on investment securities” increased 64% to 8,443 million yen compared to the same period of the previous fiscal year. Brokerage commissions were flat year on year due to a similar level of trading volume on the stock market in Japan. Net gains on investment securities were up 83% year on year due to the sale of securities mainly associated with our venture capital operations in Japan and securities investments in The Americas segment.

- 1 -

“Life insurance premiums and related investment income” were flat year on year at 30,229 million yen. Life insurance premiums were up due to an increase in the number of outstanding contracts and an increase in the proportion of more profitable life insurance products, while life insurance-related investment income was down year on year.

“Real estate sales” decreased 12% year on year to 19,214 million yen. Although there was an increase in the number of condominiums sold to buyers, there was no revenue associated with the sale of office buildings and other real estate developments in the first quarter of this fiscal year. Furthermore, residential condominiums developed through certain joint ventures were accounted for by the equity method, and are included as a net of revenues and selling costs in “equity in net income of affiliates.” The revenues from the aforementioned joint ventures were 345 million yen.

“Gains on sales of real estate under operating leases” were up 386% year on year to 5,820 million yen due to the higher revenues associated with the sales of rental purpose office buildings and other real estate.

“Other operating revenues” increased 26% to 35,888 million yen due to contributions, which were included from the beginning of this fiscal year, from companies in which we invested as part of our corporate rehabilitation business in the previous fiscal year. In addition, the increase in revenues associated with our integrated facilities management operations expanded compared to the same period of the previous fiscal year.

(Note)

“Transportation revenues” and “costs of transportation revenues” associated with the operations of Footwork Express Co. Ltd., in which we invested as part of our corporate rehabilitation operations, were included in the same period of the previous fiscal year based on a three-month lag basis as permitted under U.S. GAAP. However, ORIX’s share in Footwork Express was reduced in December 2004 due to an increase in capital whereby the substantive participating right of a minority shareholder was increased. As a result, ORIX no longer has a controlling financial interest in the company and accounted for this company as an equity method affiliate at the end of the fiscal year ended March 31, 2005. ORIX has started recording its proportionate share of net income or loss of the company by the equity method from the fiscal year ending March 31, 2006 instead of recording “transportation revenues” and “costs of transportation revenues.”

Expenses: 162,909 million yen (Down 5% year on year)

Expenses were down 5% to 162,909 million yen compared with the same period of the previous fiscal year. Although “interest expense,” “costs of operating leases,” “other operating expenses,” “selling, general and administrative expenses” and “write-downs of securities” increased, “life insurance costs,” “costs of real estate sales” and “provision for doubtful receivables and probable loan losses” were down year on year. For details on “costs of transportation revenues” please see the (Note) shown above.

“Interest expense” was up 5% year on year to 14,718 million yen. In Japan, “interest expense” was flat year on year as lower interest rates offset higher average debt levels. The “interest expense” overseas increased due to higher interest rates, despite lower average debt levels.

“Costs of operating leases” were flat year on year despite the increase in revenues from “operating leases” due primarily to a lower cost to revenues ratio of operating leases overseas.

“Life insurance costs” decreased 3% year on year to 27,239 million yen despite the higher life insurance premiums as insurance payments decreased.

“Costs of real estate sales” were down 19% year on year to 16,664 million yen in line with the decrease in “real estate sales.” Furthermore, 1,402 million yen in selling costs associated with residential condominiums developed through certain joint ventures were accounted for by the equity method.

- 2 -

“Other operating expenses” were up 41% year on year to 21,386 million yen in line with the increase in “other operating revenues.”

“Selling, general and administrative expenses” were up 11% year on year to 43,359 million yen due to an expansion of business activities and costs, which were included from the beginning of this fiscal year, associated with an increase in consolidated companies in the previous fiscal year.

Despite an increase in operating assets, “provision for doubtful receivables and probable loan losses” was down 46% year on year to 4,732 million yen due to a lower level of non-performing assets.

There were no “write-downs of long-lived assets” in the first quarter of this fiscal year.

“Write-downs of securities” were up 23% year on year to 1,800 million yen as we recorded write-downs associated mainly with equity investments made by our venture capital operations in Japan.

Net Income: 37,789 million yen (Up 61% year on year)

“Operating income” was up 60% year on year to 49,726 million yen.

“Equity in net income of affiliates” was up 53% to 7,263 million yen compared to the same period of the previous fiscal year due mainly to the contribution from overseas equity method affiliates. Included in “equity in net income of affiliates” are earnings on investments in operating companies accounted for by the equity method and earnings on investments in residential condominiums developed through certain joint ventures, which are also accounted for by the equity method. The “equity in net income of affiliates” associated with residential condominium joint ventures was a loss of 1,057 million yen, which is primarily attributable to the upfront recognition of advertising expenses, associated with some large-scale condominium development projects, preceding the revenue recognition of completed sales upon title transfer to buyers.

“Gains on sales of subsidiaries and affiliates” were up 74% year on year to 1,459 million yen.

“Income before discontinued operations and income taxes” increased 59% year on year to 58,448 million yen.

“Discontinued operations, net of applicable tax effect” were 3,306 million yen, an increase of 333 million yen compared to the same period of the previous fiscal year.

As a result, “net income” increased 61% year on year to 37,789 million yen.

Operating Assets: 5,171,569 million yen (Up 1% on March 31, 2005)

Operating assets were up 1% on March 31, 2005 to 5,171,569 million yen. Although “investment in operating leases” was down on March 31, 2005 due to the sale of some office buildings and a reclassification of some office buildings to “office facilities” upon a change in their use, “investment in direct financing leases,” “installment loans,” “investment in securities” and “other operating assets” were up.

Segment Information (“Profits” refer to income before income taxes)

Segment profits decreased year on year for the “Rental Operations” and “Life Insurance” segments and increased for the “Corporate Financial Services,” “Automobile Operations,” “Real Estate-Related Finance,” “Real Estate,” “Other,” “The Americas” and “Asia, Oceania and Europe” segments.

The results of the reported segments from April 1, 2005 reflect the revised operating structure following the reorganization of the Company. Accordingly, the real estate-related equity investment operations and the REIT asset management operations, which had been included in the “Real Estate-Related Finance” segment, were included in the “Real Estate” segment from the first quarter of this fiscal year (Please refer to the note on the Segment Information on page 11).

- 3 -

Operations in Japan

Corporate Financial Services Segment:

Segment revenues were up 16% year on year to 22,456 million yen as loans to corporate customers expanded and direct financing leases made a larger contribution compared to the same period of the previous fiscal year.

Segment profits increased 44% to 11,379 million yen compared to 7,909 million yen in the same period of the previous fiscal year due to the increase in segment revenues and the lower “provision for doubtful receivables and probable loan losses” as a result of a reduction in the level of non-performing assets.

Segment assets increased 3% on March 31, 2005 to 1,544,319 million yen due mainly to an increase in loans to corporate customers and direct financing leases.

Automobile Operations Segment:

Segment revenues increased 14% year on year to 24,462 million yen. Although the automobile rental operations were down year on year, the automobile leasing operations performed strongly.

Segment profits increased 25% to 6,280 million yen in line with the increase in segment revenues compared to 5,022 million yen in the same period of the previous fiscal year.

Segment assets increased 2% on March 31, 2005 to 461,148 million yen due to the expansion of the automobile leasing operations.

Rental Operations Segment:

Segment revenues were down 20% year on year to 15,765 million yen as the precision measuring and other equipment rental operations had fewer orders from electronics and communications equipment manufacturers and due to an increase in the proportion of transactions being accounted for as direct financing leases. (Direct financing lease transactions record revenues and expenses as a net amount, while gross revenues and expenses for operating lease transactions are recorded separately).

Segment profits decreased 32% to 1,634 million yen in line with the decrease in segment revenues compared to 2,411 million yen in the same period of the previous fiscal year.

Segment assets were down 2% on March 31, 2005 to 115,660 million yen due primarily to a decrease in new equipment acquisitions of operating leases.

Real Estate-Related Finance Segment:

Segment revenues increased 36% year on year to 15,493 million yen as revenues associated with corporate loans, including non-recourse loans, and the loan servicing operations, which include servicing fees, contributed. In addition, the housing loan operations performed steadily.

Segment profits increased 167% to 6,892 million yen compared to 2,584 million yen in the same period of the previous fiscal year due to the increase in segment revenues and reduction in non-performing assets, which resulted in a lower “provision for doubtful receivables and probable loan losses.”

Segment assets increased 2% on March 31, 2005 to 977,407 million yen due to the increase in corporate loans and housing loans.

Real Estate Segment:

Segment revenues increased 16% year on year to 51,495 million yen. While there were no revenues associated with the sale from real-estate developments, such as office buildings, in the first quarter of this fiscal year, sales of residential condominiums increased year on year due to the larger number of condominiums sold to buyers and “gains on sales of real estate under operating leases” were also up. In addition, revenues associated with our integrated facilities management operations also expanded.

- 4 -

Segment profits increased 45% to 12,781 million yen in line with the higher segment revenues compared to 8,837 million yen in the same period of the previous fiscal year.

Segment assets decreased 4% on March 31, 2005 to 478,389 million yen due to the sale of some office buildings and a reclassification of some office buildings to “office facilities” upon a change in their use.

Life Insurance Segment:

Segment revenues were flat year on year at 30,093 million yen. The steady performance of life insurance premiums as a result of an increase in the number of outstanding contracts and an increase in the proportion of more profitable life insurance products countered the lower life insurance-related investment income.

Segment profits decreased 13% year on year to 1,632 million yen compared to 1,879 million yen in the same period of the previous fiscal year as the first quarter of the previous fiscal year included the recognition of certain “gains on sales of subsidiaries and affiliates.”

Segment assets were down 3% on March 31, 2005 to 548,898 million yen due to a reclassification of some assets as a result of a change in their use to “office facilities” and a decrease in the investment portfolio associated with the maturity of some endowment insurance policies.

Other Segment:

Segment revenues decreased 25% year on year to 24,589 million yen due in part to the change in the accounting treatment of “transportation revenues” to “equity in net income of affiliates” as previously described on the (Note) on page 2. The card loan operations also had lower revenues due to the lower average loan balance. On the other hand, revenues from companies that we invested in the previous fiscal year, as part of our corporate rehabilitation business, contributed from the beginning of this fiscal year.

Segment profits increased 29% to 8,198 million yen compared to 6,374 million yen in the same period of the previous fiscal year due in part to the contribution from “gains on sales of subsidiaries and affiliates.”

Segment assets were up 1% on March 31, 2005 to 495,998 million yen.

Overseas Operations:

The Americas Segment:

Segment revenues were up 14% year on year to 12,773 million yen due to the increase in revenues from interest on loans to corporate customers and sales on real estate, despite the reduction in “investment in direct financing leases” and the subsequent lower revenues from “direct financing leases.”

Segment profits were up approximately six-fold to 7,152 million yen compared to 1,210 million yen in the same period of the previous fiscal year due to the increase in segment revenues and increase in profits associated with an equity method affiliate.

Segment assets were up 1% on March 31, 2005 to 406,247 million yen due mainly to an increase in securities and a depreciation of the yen against the dollar, despite the reduction in “investment in operating leases” as a result of the sales of real estate under operating leases.

Asia, Oceania and Europe Segment:

Segment revenues were up 19% year on year to 20,220 million yen as corporate lending and automobile leasing of a number of companies in the region performed steadily, while the ship-related operations also expanded.

Segment profits increased 28% to 7,569 million yen compared to 5,934 million yen in the same period of the previous fiscal year due to an increase in segment revenues and the steady performance of “equity in net income of affiliates.”

Segment assets were up 3% on March 31, 2005 to 514,018 million yen due mainly to the increase in “investment in direct financing leases” and the depreciation of the yen against the dollar.

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2. Summary of Cash Flows (Three Months Ended June 30, 2005)

Cash and cash equivalents increased by 1,767 million yen to 147,147 million yen compared to March 31, 2005.

“Cash flows from operating activities” provided 29,099 million yen in the first quarter of this fiscal year and used 18,840 million yen in the same period of the previous fiscal year due primarily to inflows associated with the increase in net income, “decrease (increase) in restricted cash,” which was an outflow in the same period of the previous fiscal year, and “increase in inventories,” which had a lower level of outflow compared with the same period of the previous fiscal year.

“Cash flows from investing activities” used 100,677 million yen in the first quarter of this fiscal year, compared to 19,185 million yen in the same period of the previous fiscal year. This was due primarily to the outflows associated with the increase in “installment loans made to customers” as a result of the expansion of loans to corporate customers, including non-recourse loans, and the increase in “investment in and dividends received from affiliates, net” due to the outflow associated with an increase in loans to certain affiliates.

“Cash flows from financing activities” provided 73,104 million yen in the first quarter of this fiscal year, compared to 27,140 million yen in the same period of the previous fiscal year, due primarily to the increase in debt accompanying the increase in operating assets.

3. Outlook and Forecasts for the Year Ending March 31, 2006

For the fiscal year ending March 31, 2006, we forecast “revenues” of 880,000 million yen (down 4% compared with the fiscal year ended March 31, 2005), “income before income taxes” of 162,000 million yen (up 5%) and “net income” of 96,000 million yen (up 5%), which is unchanged from the forecasts made on April 26, 2005 in our earnings announcement for the fiscal year ended March 31, 2005.

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Consolidated Financial Highlights

(For the Three Months Ended June 30, 2005 and 2004, and the Year Ended March 31, 2005)

(Unaudited)


	(millions of JPY, except for per share data)
	June 30, 2005		Change from March 31, 2005		Year -on- year Change		June 30, 2004		Year -on- year Change		March 31, 2005		Year -on- year Change
Operating Assets
Investment in Direct Financing Leases	1,470,338		101	%	101	%	1,454,461		92	%	1,451,574		100	%
Installment Loans	2,440,842		102	%	110	%	2,221,554		97	%	2,386,597		107	%
Investment in Operating Leases	574,801		93	%	109	%	529,078		101	%	619,005		115	%
Investment in Securities	593,911		101	%	103	%	579,193		83	%	589,271		107	%
Other Operating Assets	91,677		111	%	135	%	68,004		91	%	82,651		115	%

Total	5,171,569		101	%	107	%	4,852,290		94	%	5,129,098		106	%

Operating Results
Total Revenues	212,635		—		105	%	202,825		114	%	916,950		121	%
Income before Discontinued
Operations and Income Taxes	58,448		—		159	%	36,653		149	%	154,347		151	%
Net Income	37,789		—		161	%	23,527		167	%	91,496		169	%
Earnings Per Share
Net Income
Basic	432.08		—		154	%	281.05		167	%	1,087.82		169	%
Diluted	409.74		—		159	%	258.14		164	%	1,002.18		167	%
Shareholders’ Equity Per Share	8,731.00		105	%	123	%	7,104.39		113	%	8,322.96		123	%

Financial Position
Shareholders’ Equity	764,603		105	%	129	%	594,779		113	%	727,333		129	%
Number of Outstanding Shares (‘000)	87,573		100	%	105	%	83,720		100	%	87,389		104	%
Long-and Short-Term Debt and Deposits	4,236,166		102	%	109	%	3,876,782		92	%	4,146,322		107	%
Total Assets	6,185,171		102	%	109	%	5,651,018		95	%	6,068,953		108	%
Shareholders’ Equity Ratio	12.4	%	—		—		10.5	%	—		12.0	%	—
Return on Equity (annualized)	20.3	%	—		—		16.2	%	—		14.2	%	—
Return on Assets (annualized)	2.47	%	—		—		1.67	%	—		1.56	%	—

New Business Volumes
Direct Financing Leases
New Receivables Added	196,181		—		104	%	188,262		89	%	863,137		108	%
New Equipment Acquisitions	175,106		—		105	%	166,937		89	%	767,672		108	%
Installment Loans	363,952		—		118	%	307,530		113	%	1,545,517		137	%
Operating Leases	48,932		—		120	%	40,737		100	%	248,327		131	%
Investment in Securities	51,178		—		113	%	45,486		79	%	244,600		200	%
Other Operating Transactions	30,376		—		103	%	29,354		102	%	129,604		70	%

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Condensed Consolidated Statements of Income

(For the Three Months Ended June 30, 2005 and 2004, and the Year Ended March 31, 2005)

(Unaudited)


	(millions of JPY, millions of US$)
	Three Months ended June 30, 2005		Year -on- year Change (%)	Three Months ended June 30, 2004		Year -on- year Change (%)	Year ended March 31, 2005		Year -on- year Change (%)	U.S. dollars June 30, 2005
Total Revenues:	212,635		105	202,825		114	916,950		121	1,922

Direct Financing Leases	28,722		105	27,399		96	113,514		101	260
Operating Leases	48,099		105	45,817		116	181,808		109	435
Interest on Loans and Investment Securities	36,220		121	29,904		106	136,035		117	327
Brokerage Commissions and Net Gains on Investment Securities	8,443		164	5,160		159	33,906		130	76
Life Insurance Premiums and Related Investment Income	30,229		100	30,208		99	137,004		102	273
Real Estate Sales	19,214		88	21,840		94	123,162		126	174
Gains on Sales of Real Estate under Operating Leases	5,820		486	1,198		22	1,554		17	53
Transportation Revenues	—		—	12,775		—	55,339		—	—
Other Operating Revenues	35,888		126	28,524		149	134,628		144	324

Total Expenses:	162,909		95	171,765		110	785,993		117	1,472

Interest Expense	14,718		105	14,045		87	56,562		94	133
Costs of Operating Leases	33,654		101	33,177		114	124,658		103	304
Life Insurance Costs	27,239		97	27,965		95	122,896		103	246
Costs of Real Estate Sales	16,664		81	20,543		101	113,830		128	151
Costs of Transportation Revenues	—		—	11,714		—	46,594		—	—
Other Operating Expenses	21,386		141	15,156		148	82,833		158	193
Selling, General and Administrative Expenses	43,359		111	39,074		104	181,620		112	392
Provision for Doubtful Receivables and Probable Loan Losses	4,732		54	8,795		73	39,574		80	43
Write-downs of Long-Lived Assets	—		—	—		—	11,713		95	—
Write-downs of Securities	1,800		123	1,468		97	4,930		94	16
Foreign Currency Transaction Loss (Gain), Net	(643	)	374	(172	)	—	783		50	(6	)

Operating Income	49,726		160	31,060		146	130,957		155	450

Equity in Net Income of Affiliates	7,263		153	4,754		140	20,043		112	65
Gains on Sales of Subsidiaries and Affiliates	1,459		174	839		—	3,347		—	13

Income before Discontinued Operations and Income Taxes	58,448		159	36,653		149	154,347		151	528

Provision for Income Taxes	23,965		149	16,099		142	68,826		134	216

Income from Continuing Operations	34,483		168	20,554		154	85,521		169	312

Discontinued Operations:
Income from Discontinued Operations, Net	5,559			4,991			10,037			50
Provision for Income Taxes	(2,253	)		(2,018	)		(4,062	)		(20	)

Discontinued Operations, Net of Applicable Tax Effect	3,306		111	2,973		404	5,975		206	30

Net Income	37,789		161	23,527		167	91,496		169	342


Note: 1. Comprehensive Income under FASB Statement No.130 (“Reporting Comprehensive Income”) was a gain of JPY 38,949 million (US$352 million) for the three months ended June 30, 2005, a gain of JPY 32,593 million for the three months ended June 30, 2004 and a gain of JPY 122,764 million for the year ended March 31, 2005.

2. Net income from real estate under operating leases considered to be discontinued operations were reclassified as “Discontinued Operations.” Accordingly, certain amounts have been reclassified to conform to the presentation for this fiscal year.

3. In the previous fiscal year, “Transportation Revenues” and “Costs of Transportation Revenues” were disclosed separately. However, as the logistics subsidiary became a affiliate, the proportionate share of the net income (loss) was recorded in “Equity in Net Income of Affiliates” by the equity method.

- 8 -

Condensed Consolidated Balance Sheets

(As of June 30, 2005 and March 31, 2005)

(Unaudited)


	(millions of JPY, millions of US$)
	June 30, 2005		March 31, 2005		U.S. dollars June 30, 2005
Assets
Cash and Cash Equivalents	147,147		145,380		1,330
Restricted Cash	52,628		53,193		476
Time Deposits	7,983		8,678		72
Investment in Direct Financing Leases	1,470,338		1,451,574		13,292
Installment Loans	2,440,842		2,386,597		22,065
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses	(110,689	)	(115,250	)	(1,001	)
Investment in Operating Leases	574,801		619,005		5,196
Investment in Securities	593,911		589,271		5,369
Other Operating Assets	91,677		82,651		829
Investment in Affiliates	305,999		274,486		2,766
Other Receivables	157,156		160,263		1,421
Inventories	119,159		113,203		1,077
Prepaid Expenses	50,540		45,082		457
Office Facilities	95,853		65,410		867
Other Assets	187,826		189,410		1,698

Total Assets	6,185,171		6,068,953		55,914

Liabilities and Shareholders’ Equity
Short-Term Debt	975,269		947,871		8,816
Deposits	348,823		336,588		3,153
Trade Notes, Accounts Payable and Other Liabilities	277,959		270,737		2,513
Accrued Expenses	80,606		95,407		729
Policy Liabilities	537,746		550,880		4,861
Current and Deferred Income Taxes	184,160		179,859		1,665
Deposits from Lessees	103,931		98,415		940
Long-Term Debt	2,912,074		2,861,863		26,325

Total Liabilities	5,420,568		5,341,620		49,002

Common Stock	73,939		73,100		668
Additional Paid-in Capital	91,883		91,045		831
Retained Earnings:
Legal Reserve	2,220		2,220		20
Retained Earnings	604,787		570,494		5,467
Accumulated Other Comprehensive Loss	(713	)	(1,873	)	(6	)
Treasury Stock, at Cost	(7,513	)	(7,653	)	(68	)

Total Shareholders’ Equity	764,603		727,333		6,912

Total Liabilities and Shareholders’ Equity	6,185,171		6,068,953		55,914


	June 30, 2005		March 31, 2005		U.S. dollars June 30, 2005
Note: Accumulated Other Comprehensive Loss
Net unrealized gains on investment in securities	37,181		40,150		336
Minimum pension liability adjustments	(1,172	)	(1,090	)	(11	)
Foreign currency translation adjustments	(35,958	)	(39,610	)	(324	)
Net unrealized losses on derivative instruments	(764	)	(1,323	)	(7	)

- 9 -

Condensed Consolidated Statements of Cash Flows

(For the Three Months Ended June 30, 2005 and 2004, and the Year Ended March 31, 2005)

(Unaudited)


	(millions of JPY, millions of US$)
	Three Months ended June 30, 2005		Three Months ended June 30, 2004		Year ended March 31, 2005		U.S. dollars June 30, 2005
Cash Flows from Operating Activities:
Net income	37,789		23,527		91,496		342
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	32,190		30,850		132,158		291
Provision for doubtful receivables and probable loan losses	4,732		8,795		39,574		43
Decrease in policy liabilities	(13,134	)	(15,758	)	(41,902	)	(119	)
Gains from securitization transactions	(1,001	)	—		(12,520	)	(9	)
Equity in net income of affiliates	(7,263	)	(4,754	)	(20,043	)	(65	)
Gains on sales of subsidiaries and affiliates	(1,459	)	(839	)	(3,347	)	(13	)
Gains on sales of available-for-sale securities	(4,439	)	(4,352	)	(14,761	)	(40	)
Gains on sales of real estate under operating leases	(5,820	)	(1,198	)	(1,554	)	(53	)
Gains on sales of operating lease assets other than real estate	(1,261	)	(1,285	)	(4,746	)	(11	)
Write-downs of long-lived assets	—		—		11,713		—
Write-downs of securities	1,800		1,468		4,930		16
Decrease (increase) in restricted cash	675		(12,002	)	(17,517	)	6
Increase in trading securities	(4,468	)	(3,680	)	(21,430	)	(40	)
Increase in inventories	(1,819	)	(9,889	)	(21,906	)	(16	)
Increase in prepaid expenses	(5,358	)	(2,166	)	(975	)	(48	)
Increase (decrease) in accrued expenses	(15,316	)	(17,001	)	8,255		(138	)
Increase in deposits from lessees	5,246		5,158		19,567		46
Other, net	8,005		(15,714	)	(20,525	)	71

Net cash provided by (used in) operating activities	29,099		(18,840	)	126,467		263

Cash Flows from Investing Activities:
Purchases of lease equipment	(223,658	)	(210,180	)	(942,489	)	(2,022	)
Principal payments received under direct financing leases	155,765		161,092		633,724		1,408
Net proceeds from securitization of lease receivables, loan receivables and securities	32,912		—		191,976		297
Installment loans made to customers	(363,952	)	(307,530	)	(1,545,297	)	(3,290	)
Principal collected on installment loans	276,031		315,993		1,287,144		2,495
Proceeds from sales of operating lease assets	55,391		29,799		73,928		501
Investment in and dividends received from affiliates, net	(32,277	)	(1,092	)	(48,257	)	(292	)
Purchases of available-for-sale securities	(44,387	)	(42,341	)	(219,890	)	(401	)
Proceeds from sales of available-for-sale securities	40,544		17,108		127,452		366
Maturities of available-for-sale securities	11,489		9,719		82,373		104
Purchases of other securities	(6,791	)	(3,221	)	(24,283	)	(61	)
Proceeds from sales of other securities	3,392		838		11,456		31
Purchases of other operating assets	(9,419	)	(183	)	(9,216	)	(85	)
Acquisitions of subsidiaries, net of cash acquired	—		—		(12,506	)	—
Sales of subsidiaries, net of cash disposed	1,500		—		—		14
Other, net	2,783		10,813		(14,119	)	25

Net cash used in investing activities	(100,677	)	(19,185	)	(408,004	)	(910	)

Cash Flows from Financing Activities:
Net increase (decrease) in debt with maturities of three months or less	3,196		24,235		(34,227	)	29
Proceeds from debt with maturities longer than three months	474,104		418,820		1,934,048		4,286
Repayment of debt with maturities longer than three months	(414,752	)	(436,484	)	(1,665,050	)	(3,749	)
Net increase in deposits due to customers	12,235		2,428		44,043		111
Issuance of common stock	1,677		31		2,052		15
Dividends paid	(3,496	)	(2,093	)	(2,093	)	(32	)
Net increase (decrease) in call money	—		20,000		(5,000	)	—
Other, net	140		203		570		1

Net cash provided by financing activities	73,104		27,140		274,343		661

Effect of Exchange Rate Changes on Cash and Cash Equivalents	241		73		339		2

Net Increase (Decrease) in Cash and Cash Equivalents	1,767		(10,812	)	(6,855	)	16
Cash and Cash Equivalents at Beginning of Period	145,380		152,235		152,235		1,314

Cash and Cash Equivalents at End of Period	147,147		141,423		145,380		1,330

- 10 -

Segment Information

(For the Three Months Ended June 30, 2005 and 2004, and the Year Ended March 31, 2005)

(Unaudited)


	(millions of JPY)
	Three months ended June 30, 2005					Three months ended June 30, 2004					Year ended March 31, 2005
	Segment Revenues		Segment Profits		Segment Assets	Segment Revenues		Segment Profits		Segment Assets	Segment Revenues		Segment Profits		Segment Assets
Operations in Japan
Corporate Financial Services	22,456		11,379		1,544,319	19,355		7,909		1,441,748	87,708		43,848		1,506,311
Automobile Operations	24,462		6,280		461,148	21,379		5,022		426,706	89,404		21,088		451,715
Rental Operations	15,765		1,634		115,660	19,623		2,411		116,020	68,447		9,384		118,427
Real Estate-Related Finance	15,493		6,892		977,407	11,376		2,584		853,426	77,389		13,856		956,047
Real Estate	51,495		12,781		478,389	44,302		8,837		391,209	195,906		23,959		500,755
Life Insurance	30,093		1,632		548,898	30,260		1,879		561,819	136,857		7,223		567,023
Other	24,589		8,198		495,998	32,786		6,374		419,110	143,754		20,970		489,758

Sub-Total	184,353		48,796		4,621,819	179,081		35,016		4,210,038	799,465		140,328		4,590,036
Overseas Operations
The Americas	12,773		7,152		406,247	11,172		1,210		451,032	53,084		15,621		403,399
Asia, Oceania and Europe	20,220		7,569		514,018	17,058		5,934		467,721	73,089		22,133		498,855

Sub-Total	32,993		14,721		920,265	28,230		7,144		918,753	126,173		37,754		902,254

Segment Total	217,346		63,517		5,542,084	207,311		42,160		5,128,791	925,638		178,082		5,492,290

Difference between Segment totals and Consolidated Amounts	(4,711	)	(5,069	)	643,087	(4,486	)	(5,507	)	522,227	(8,688	)	(23,735	)	576,663

Consolidated Amounts	212,635		58,448		6,185,171	202,825		36,653		5,651,018	916,950		154,347		6,068,953


	(millions of US$)
	U.S. dollars June 30, 2005
	Segment Revenues		Segment Profits		Segment Assets
Operations in Japan
Corporate Financial Services	203		103		13,961
Automobile Operations	221		57		4,169
Rental Operations	143		15		1,046
Real Estate-Related Finance	140		62		8,836
Real Estate	466		116		4,325
Life Insurance	272		15		4,962
Other	222		73		4,482

Sub-Total	1,667		441		41,781
Overseas Operations
The Americas	115		65		3,672
Asia, Oceania and Europe	183		68		4,647

Sub-Total	298		133		8,319

Segment Total	1,965		574		50,100

Difference between Segment totals and Consolidated Amounts	(43	)	(46	)	5,814

Consolidated Amounts	1,922		528		55,914


*Note 1:		The results of the reported segments from April 1, 2005 reflect the revised operating structure following the reorganization of the Company. Accordingly, real estate-related equity investment operations and the REIT asset management operations, which had been included in the “Real Estate-Related Finance” segment, were included in the “Real Estate” segment from the first quarter of this fiscal year. Accordingly, certain amounts in the previous first quarter and in the previous fiscal year have been reclassified retroactively.

2:		Effective January 1, 2005, the Company integrated seven group companies, which were involved in automobile leasing and rental operations, into ORIX Auto Corporation, in order to control and manage the overall automobile operations under one company. The automobile leasing operations, which had been included in the “Corporate Financial Services” segment and the automobile rental operations that had been included in the “Rental Operations” segment were included in the “Automobile Operations” segment from the previous fiscal year. The “Rental Operations” segment included only the rental operations of precision measuring and other equipment. The Company changed the management of its overseas operations, whereby the “Europe” segment and the “Asia and Oceania” segment were combined and from the previous fiscal year the new segment was shown as the “Asia, Oceania and Europe” segment.

3:		Since the Company evaluates the performance for the segments based on profits before income taxes, tax expenses are not included in the segment profits. In addition, results of discontinued operation are included in “Segment Revenues” and “Segment Profits” of each segment, if any. Such amounts are eliminated in “Difference between Segment totals and Consolidated Amounts.”

- 11 -

Key Quarterly Financial Data (Unaudited)


	(millions of JPY)
	Fiscal 2005								Fiscal 2006
Balance Sheet Data	Q1 (04/4-6)		Q2 (04/7-9)		Q3 (04/10-12)		Q4 (05/1-3)		Q1 (05/4-6)
1) Investment in Direct Financing Leases	1,454,461		1,465,856		1,480,526		1,451,574		1,470,338
Japan	1,183,421		1,187,595		1,212,340		1,183,791		1,186,866
Overseas	271,040		278,261		268,186		267,783		283,472
2) Installment Loans	2,221,554		2,254,387		2,328,427		2,386,597		2,440,842
Japan	1,997,881		2,019,718		2,100,661		2,153,949		2,211,360
Overseas	223,673		234,669		227,766		232,648		229,482
3) Investment in Operating Leases	529,078		536,489		576,621		619,005		574,801
Japan	385,532		380,550		425,178		466,489		425,815
Overseas	143,546		155,939		151,443		152,516		148,986
4) Investment in Securities	579,193		591,714		605,511		589,271		593,911
Japan	423,111		446,026		466,607		467,562		466,859
Overseas	156,082		145,688		138,904		121,709		127,052
5) Other Operating Assets	68,004		72,932		81,885		82,651		91,677
Japan	61,071		64,772		74,538		75,156		84,390
Overseas	6,933		8,160		7,347		7,495		7,287

Total Operating Assets	4,852,290		4,921,378		5,072,970		5,129,098		5,171,569

Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses	(128,726	)	(125,309	)	(120,508	)	(115,250	)	(110,689	)
Allowance/Investment in Direct Financing Leases and Installment Loans	3.5	%	3.4	%	3.2	%	3.0	%	2.8	%

Total Assets	5,651,018		5,724,771		5,873,033		6,068,953		6,185,171

Short-Term Debt, Long-Term Debt and Deposits	3,876,782		3,912,797		4,060,447		4,146,322		4,236,166
Policy Liabilities	577,024		559,815		554,161		550,880		537,746

Total Liabilities	5,056,239		5,105,522		5,231,701		5,341,620		5,420,568

Shareholders’ Equity	594,779		619,249		641,332		727,333		764,603

Total Liabilities & Shareholders’ Equity	5,651,018		5,724,771		5,873,033		6,068,953		6,185,171


New Business Volumes	Q1 (04/4-6)		Q2 (04/7-9)		Q3 (04/10-12)		Q4 (05/1-3)		Q1 (05/4-6)
Direct Financing Leases: New receivables added	188,262		210,689		202,826		261,360		196,181
Japan	150,035		169,583		160,378		220,748		153,585
Overseas	38,227		41,106		42,448		40,612		42,596
Direct Financing Leases: New equipment acquisitions	166,937		188,911		180,174		231,650		175,106
Japan	130,715		148,909		139,736		187,930		134,333
Overseas	36,222		40,002		40,438		43,720		40,773
Installment Loans: New loans added	307,530		396,510		394,231		447,246		363,952
Japan	273,289		352,816		351,053		417,336		329,457
Overseas	34,241		43,694		43,178		29,910		34,495
Operating Leases: New equipment acquisitions	40,737		55,077		81,786		70,727		48,932
Japan	33,195		35,750		70,626		62,193		30,794
Overseas	7,542		19,327		11,160		8,534		18,138
Investment in Securities: New securities added	45,486		60,092		60,167		78,855		51,178
Japan	38,795		56,822		58,932		76,261		49,603
Overseas	6,691		3,270		1,235		2,594		1,575
Other Operating Transactions: New assets added	29,354		26,429		45,563		28,258		30,376
Japan	29,354		25,017		45,386		27,888		30,376
Overseas	—		1,412		177		370		—

- 12 -


	(millions of JPY)
	Fiscal 2005								Fiscal 2006
Income Statement Data	Q1 (04/4-6)		Q2 (04/7-9)		Q3 (04/10-12)		Q4 (05/1-3)		Q1 (05/4-6)
Revenues
1) Direct Financing Leases	27,399		28,262		27,720		30,133		28,722
Japan	21,698		22,268		21,915		24,260		22,775
Overseas	5,701		5,994		5,805		5,873		5,947
2) Operating Leases	45,817		43,649		44,781		47,561		48,099
Japan	35,129		32,638		32,847		35,644		35,188
Overseas	10,688		11,011		11,934		11,917		12,911
3) Interest on Loans and Investment Securities	29,904		35,950		33,119		37,062		36,220
Interest on loans	27,204		33,371		30,711		34,612		33,443
Japan	23,383		29,195		26,591		29,537		28,588
Overseas	3,821		4,176		4,120		5,075		4,855
Interest on investment securities	2,700		2,579		2,408		2,450		2,777
Japan	264		313		268		336		423
Overseas	2,436		2,266		2,140		2,114		2,354
4) Brokerage Commissions and Net Gains on Investment Securities	5,160		7,927		7,502		13,317		8,443
Brokerage commissions	1,226		1,001		997		1,292		1,255
Net gains on investment securities	3,934		6,926		6,505		12,025		7,188
5) Life Insurance Premiums and Related Investment Income	30,208		36,133		30,704		39,959		30,229
Life insurance premiums	28,007		33,676		26,966		37,157		28,393
Related investment income	2,201		2,457		3,738		2,802		1,836
6) Real Estate Sales	21,840		20,059		26,298		54,965		19,214
Japan	21,840		20,059		26,298		54,965		19,214
Overseas	—		—		—		—		—
7) Gains (Losses) on Sales of Real Estate under Operating Leases	1,198		83		(195	)	468		5,820
Japan	1,198		83		(195	)	468		5,820
Overseas	—		—		—		—		—
8) Transportation Revenues	12,775		14,152		12,788		15,624		—
Japan	12,775		14,152		12,788		15,624		—
Overseas	—		—		—		—		—
9) Other Operating Revenues	28,524		28,459		34,739		42,906		35,888
Japan	25,471		25,958		32,088		40,425		33,435
Overseas	3,053		2,501		2,651		2,481		2,453

Total Revenues	202,825		214,674		217,456		281,995		212,635

Expenses
1) Interest Expense	14,045		14,070		13,455		14,992		14,718
2) Costs of Operating Leases	33,177		28,869		30,868		31,744		33,654
3) Life Insurance Costs	27,965		31,954		27,139		35,838		27,239
4) Costs of Real Estate Sales	20,543		18,719		22,540		52,028		16,664
5) Costs of Transportation Revenues	11,714		11,685		10,652		12,543		—
6) Other Operating Expenses	15,156		16,624		21,956		29,097		21,386
7) Selling, General and Administrative Expenses	39,074		48,397		43,139		51,010		43,359
8) Provision for Doubtful Receivables and Probable Loan Losses	8,795		7,892		10,367		12,520		4,732
9) Write-downs of Long-Lived Assets	—		9,165		—		2,548		—
10) Write-downs of Securities	1,468		1,295		1,236		931		1,800
11) Foreign Currency Transaction Loss (Gain), Net	(172	)	531		470		(46	)	(643	)

Total Expenses	171,765		189,201		181,822		243,205		162,909

Operating Income	31,060		25,473		35,634		38,790		49,726
Equity in Net Income of Affiliates	4,754		5,011		8,038		2,240		7,263
Gains (Losses) on Sales of Subsidiaries and Affiliates	839		1,963		745		(200	)	1,459
Income before Discontinued Operations and Income Taxes	36,653		32,447		44,417		40,830		58,448
Provision for Income Taxes	16,099		14,149		20,213		18,365		23,965
Income from Continuing Operations	20,554		18,298		24,204		22,465		34,483
Discontinued Operations, Net of Applicable Tax Effect	2,973		863		826		1,313		3,306

Net Income	23,527		19,161		25,030		23,778		37,789


Key Ratios, Per Share Data and Employees	Q1 (04/4-6 )		Q2 (04/7-9 )		Q3 (04/10-12 )		Q4 (05/1-3 )		Q1 (05/4-6 )
Return on Equity (ROE)*	16.2	%	12.6	%	15.9	%	13.9	%	20.3	%
Return on Assets (ROA)*	1.67	%	1.35	%	1.73	%	1.59	%	2.47	%
Shareholders’ Equity Ratio	10.5	%	10.8	%	10.9	%	12.0	%	12.4	%
Debt-to-Equity Ratio (times)	6.5		6.3		6.3		5.7		5.5
Shareholders’ Equity Per Share (yen)	7,104.39		7,389.48		7,642.86		8,322.96		8,731.00
Basic EPS (yen)	281.05		228.73		298.51		280.13		432.08
Diluted EPS (yen)	258.14		211.02		270.41		255.48		409.74
Number of Employees	14,917		15,184		15,699		13,734		14,154

*	annualized

- 13 -


	(millions of JPY)
	Fiscal 2005				Fiscal 2006
Segment Information	Q1 (04/4-6)	Q2 (04/7-9)	Q3 (04/10-12)	Q4 (05/1-3)	Q1 (05/4-6)
Operations in Japan
Corporate Financial Services	19,355	21,419	20,253	26,681	22,456
Automobile Operations	21,379	22,697	22,679	22,649	24,462
Rental Operations	19,623	15,358	15,712	17,754	15,765
Real Estate-Related Finance	11,376	15,318	19,834	30,861	15,493
Real Estate	44,302	40,590	41,137	69,877	51,495
Life Insurance	30,260	36,046	30,721	39,830	30,093
Other	32,786	34,664	35,147	41,157	24,589

Sub-Total	179,081	186,092	185,483	248,809	184,353

Overseas Operations
The Americas	11,172	12,848	12,760	16,304	12,773
Asia, Oceania and Europe	17,058	17,714	19,237	19,080	20,220

Sub-Total	28,230	30,562	31,997	35,384	32,993

Total Segment Revenues	207,311	216,654	217,480	284,193	217,346

Operations in Japan
Corporate Financial Services	7,909	9,364	11,283	15,292	11,379
Automobile Operations	5,022	5,894	5,331	4,841	6,280
Rental Operations	2,411	2,633	2,270	2,070	1,634
Real Estate-Related Finance	2,584	7,632	3,448	192	6,892
Real Estate	8,837	3,668	6,118	5,336	12,781
Life Insurance	1,879	2,113	1,773	1,458	1,632
Other	6,374	5,426	4,486	4,684	8,198

Sub-Total	35,016	36,730	34,709	33,873	48,796

Overseas Operations
The Americas	1,210	3,515	7,482	3,414	7,152
Asia, Oceania and Europe	5,934	4,999	6,584	4,616	7,569

Sub-Total	7,144	8,514	14,066	8,030	14,721

Total Segment Profits	42,160	45,244	48,775	41,903	63,517

Operations in Japan
Corporate Financial Services	1,441,748	1,467,823	1,532,659	1,506,311	1,544,319
Automobile Operations	426,706	441,202	453,153	451,715	461,148
Rental Operations	116,020	117,741	117,599	118,427	115,660
Real Estate-Related Finance	853,426	867,605	932,754	956,047	977,407
Real Estate	391,209	398,388	450,511	500,755	478,389
Life Insurance	561,819	565,021	572,742	567,023	548,898
Other	419,110	421,744	416,146	489,758	495,998

Sub-Total	4,210,038	4,279,524	4,475,564	4,590,036	4,621,819

Overseas Operations
The Americas	451,032	446,231	427,689	403,399	406,247
Asia, Oceania and Europe	467,721	499,426	487,579	498,855	514,018

Sub-Total	918,753	945,657	915,268	902,254	920,265

Total Segment Assets	5,128,791	5,225,181	5,390,832	5,492,290	5,542,084

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