EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal year ended March 31, | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
(Millions of yen, except for ratios) | ||||||||||||||||||||
Excluding interest on deposits | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | ¥ | 1,286,858 | ¥ | 1,114,784 | ¥ | 1,294,644 | ¥ | 851,034 | ¥ | 1,069,653 | ||||||||||
Add: Fixed charges (excluding interest on deposits)(1) | 279,601 | 286,850 | 308,450 | 322,295 | 416,237 | |||||||||||||||
Add: Distributed income of equity investees | 4,295 | 4,743 | 10,406 | 9,328 | 15,807 | |||||||||||||||
Less: Preference security dividend requirements of consolidated subsidiaries | (84,289 | ) | (65,780 | ) | (62,727 | ) | (52,636 | ) | (48,167 | ) | ||||||||||
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Total earnings | ¥ | 1,486,465 | ¥ | 1,340,597 | ¥ | 1,550,773 | ¥ | 1,130,021 | ¥ | 1,453,530 | ||||||||||
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Fixed charges (excluding interest on deposits)(1) | ¥ | 279,601 | ¥ | 286,850 | ¥ | 308,450 | ¥ | 322,295 | ¥ | 416,237 | ||||||||||
Ratio of earnings to fixed charges | 5.32 | 4.67 | 5.03 | 3.51 | 3.49 | |||||||||||||||
Fiscal year ended March 31, | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
(Millions of yen, except for ratios) | ||||||||||||||||||||
Including interest on deposits | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | ¥ | 1,286,858 | ¥ | 1,114,784 | ¥ | 1,294,644 | ¥ | 851,034 | ¥ | 1,069,653 | ||||||||||
Add: Fixed charges (including interest on deposits)(1) | 419,991 | 452,417 | 510,762 | 571,323 | 798,990 | |||||||||||||||
Add: Distributed income of equity investees | 4,295 | 4,743 | 10,406 | 9,328 | 15,807 | |||||||||||||||
Less: Preference security dividend requirements of consolidated subsidiaries | (84,289 | ) | (65,780 | ) | (62,727 | ) | (52,636 | ) | (48,167 | ) | ||||||||||
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Total earnings | ¥ | 1,626,855 | ¥ | 1,506,164 | ¥ | 1,753,085 | ¥ | 1,379,049 | ¥ | 1,836,283 | ||||||||||
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Fixed charges (including interest on deposits)(1) | ¥ | 419,991 | ¥ | 452,417 | ¥ | 510,762 | ¥ | 571,323 | ¥ | 798,990 | ||||||||||
Ratio of earnings to fixed charges | 3.87 | 3.33 | 3.43 | 2.41 | 2.30 |
Note:
(1) | Comprises (i) interest expensed and capitalized, (ii) amortized premiums, discounts and capitalized expenses related to indebtedness, (iii) an estimate of the interest within rental expense and (iv) preference security dividend requirements of consolidated subsidiaries. |