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 May 2014

ORIX Corporation

(Translation of Registrant’s Name into English)

World Trade Center Bldg., 2-4-1 Hamamatsu-cho, Minato-Ku, Tokyo, 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 Consolidated Financial Results (April 1, 2013 – March 31, 2014) filed with the Tokyo Stock Exchange on Thursday May 8, 2014.
2.	English press release entitled, “Announcement Regarding Dividend for the Fiscal Year Ended March 31, 2014”
3.	English press release entitled, “Announcement Regarding Candidates for Director and Member Composition of the Three Committees of ORIX Corporation”
4.	English press release entitled, “Announcement Regarding Management Changes”
5.	English press release entitled, “Announcement Regarding Changes in Representative Executive Officer”

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: May 8, 2014	By	/s/ Haruyuki Urata
		Haruyuki Urata
		Director
		Deputy President & CFO
		ORIX Corporation

Consolidated Financial Results

April 1, 2013 – March 31, 2014

May 8, 2014

In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting principles generally accepted in the United States of America.

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 believes that it will be considered a “passive foreign investment company” for United States Federal income tax purpose in the year to which these consolidated financial results relate and for the foreseeable future by reason of the composition of its assets and the nature of its income. A U.S. holder of the shares or ADSs of the Company is therefore subject to special rules generally intended to eliminate any benefits from the deferral of U.S. Federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. 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:

Investor Relations

ORIX Corporation

World Trade Center Building, 2-4-1 Hamamatsucho, Minato-ku, Tokyo 105-6135

JAPAN

Tel: +81-3-3435-3121 Fax: +81-3-3435-3154

E-mail: haruyasu_yamada@orix.co.jp

Material Contained in this Report

The Company’s financial information for the fiscal year from April 1, 2013 to March 31, 2014 filed with the Tokyo Stock Exchange and also made public by way of a press release.

Consolidated Financial Results from April 1, 2013 to March 31, 2014

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


Corporate Name:		ORIX Corporation
Listed Exchanges:		Tokyo Stock Exchange (Securities No. 8591)
		New York Stock Exchange (Trading Symbol : IX)
Head Office:		Tokyo JAPAN
		Tel: +81-3-3435-3121
		(URL http://www.orix.co.jp/grp/en/ir/index.html)

1. Performance Highlights as of and for the Year Ended March 31, 2014

(1) Performance Highlights - Operating Results (Unaudited)

(millions of yen)*1


	Total Revenues		Year-on-Year Change			Operating Income		Year-on-Year Change			Income before Income Taxes*2		Year-on-Year Change			Net Income Attributable to ORIX Corporation Shareholders		Year-on-Year Change
March 31, 2014		1,341,651		27.1	%		200,978		33.2	%		283,726		64.4	%		186,794		66.9	%
March 31, 2013		1,055,764		9.4	%		150,853		23.4	%		172,572		35.3	%		111,909		34.0	%

“Comprehensive Income (Loss) Attributable to ORIX Corporation Shareholders” was ¥223,059 million for the fiscal year ended March 31, 2014 (year-on-year change was a 29.8% increase) and ¥171,791 million for the fiscal year ended March 31, 2013 (year-on-year change was a 105.4% increase).


	Basic Earnings Per Share		Diluted Earnings Per Share		Return on Equity			Return on Assets *3			Operating Margin
March 31, 2014		147.30		142.77		10.5	%		3.2	%		15.0	%
March 31, 2013		102.87		87.37		7.4	%		2.1	%		14.3	%

“Equity in Net Income of Affiliates” was a net gain of ¥17,825 million for the fiscal year ended March 31, 2014 and a net gain of ¥13,836 million for the fiscal year ended March 31, 2013.

*Note 1:

Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for Per Share amounts which are in single yen.

*Note 2:

“Income before Income Taxes” as used throughout the report represents “Income before Income Taxes and Discontinued Operations.”

*Note 3:

“Return on Assets” is calculated based on “Income before Income Taxes and Discontinued Operations.”

(2) Performance Highlights - Financial Position (Unaudited)


	Total Assets		Total Equity		Shareholders’ Equity		Shareholders’ Equity Ratio			Shareholders’ Equity Per Share
March 31, 2014		9,069,392		2,095,178		1,918,740		21.2	%		1,465.31
March 31, 2013		8,439,710		1,687,573		1,643,596		19.5	%		1,345.63

*Note 4:

“Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’ Equity.”

“Shareholders’ Equity Per Share” is calculated based on “Total ORIX Corporation Shareholders’ Equity.”

“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”

(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 Year
March 31, 2014		469,644		(201,229	)		(274,167	)		827,299
March 31, 2013		391,304		105,657			(467,193	)		826,296

2. Dividends for the Years Ended March 31, 2014 and 2013 (Unaudited)


			Total		Dividend Payout Ratio			Dividends on Equity
	Dividends Per Share		Dividends Paid		(Consolidated base)			(Consolidated base)
March 31, 2014		23.00		30,117		15.6	%		1.6	%
March 31, 2013		130.00		15,878		12.6	%		1.0	%

*Note 5:

On April 1, 2013, the Company implemented a 10-for-1 stock split of common stock held by shareholders registered on the Company’s register of shareholders as of March 31, 2013. The annual dividend for the previous fiscal year is the actual dividend amount before the stock split.

*Note 6:

Dividend amount for the fiscal year ending March 31, 2015 has not yet been determined.

3. Targets for the Year Ending March 31, 2015 (Unaudited)


Fiscal Year	Total Revenues		Year-on-Year Change			Net Income Attributable to ORIX Corporation Shareholders		Year-on-Year Change			Basic Earnings Per Share
March 31, 2015		1,800,000		34.2	%		210,000		12.4	%		160.37

*Note 7:

“Operating Income” and “Income before Income Taxes and Discontinued Operations” are not disclosed as it is difficult to forecast “Discontinued operations, net of applicable tax effect.”

4. Other Information


(1) Changes in Significant Consolidated Subsidiaries			Yes ( x ) No ( )

Addition - One company ( DAIKYO INCORPORATED )			Exclusion - None ( )

(2) Changes in Accounting Principles, Procedures and Disclosures

1. Changes due to adoptions of new accounting standards			Yes ( ) No ( x )

2. Other than those above			Yes ( ) No ( x )

(3) Number of Issued Shares (Ordinary Shares)

1. The number of issued shares, including treasury stock, was 1,322,777,628 as of March 31, 2014, and 1,248,714,760 as of March 31, 2013.

2. The number of treasury stock shares was 13,333,334 as of March 31, 2014, and 27,281,710 as of March 31, 2013.

3. The average number of outstanding shares was 1,268,080,744 for the fiscal year ended March 31, 2014, and 1,087,882,853 for the fiscal year ended March 31, 2013.

- 1 -

1. Summary of Consolidated Financial Results

(1) Analysis of Financial Highlights

Financial Results for the Fiscal Year Ended March 31, 2014


		Fiscal Year ended March 31, 2013		Fiscal Year ended March 31, 2014		Change		Year on Year Change
Total Revenues	(millions of yen)		1,055,764		1,341,651		285,887		27	%
Total Expenses	(millions of yen)		904,911		1,140,673		235,762		26	%
Income Before Income Taxes and Discontinued Operations	(millions of yen)		172,572		283,726		111,154		64	%
Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)		111,909		186,794		74,885		67	%
Earnings Per Share (Basic)	(yen)		102.87		147.30		44.43		43	%
(Diluted)	(yen)		87.37		142.77		55.40		63	%
ROE	(%)		7.4		10.5		3.1		—
ROA	(%)		1.33		2.13		0.80		—

Note 1:

ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity.

Economic Environment

Although steady growth in the global economy is anticipated due in part to economic upturn in developed countries, particularly the United States, downside risks, such as decelerating growth in emerging economies still remain.

In the United States, the Quantitative Easing Program (QE3) is on a tapering trend. However, we expect the United States to continue to lead the global economy, maintaining stable growth with recovery in the employment market, increasing housing demand, and increasing consumer spending.

In Asia, while China is in the process of shifting the emphasis of its economic policy away from high growth and toward stable growth, other emerging economies are expected to see increases in investments with a focus on high growth, due in part to economic resurgence among developed countries.

In Japan, consumer spending and housing investment are expected to decrease in reaction to the consumption tax hike that went into effect on April 1, 2014. However, we anticipate steady recovery of the Japanese economy due to monetary easing and various economic measures by the Bank of Japan and the Abe administration, coupled with stable employment level.

Overview of Business Performance (April 1, 2013 to March 31, 2014)

Total revenues for the consolidated fiscal year ended March 31, 2014 (hereinafter “the fiscal year”) increased 27% to ¥1,341,651 million compared to ¥1,055,764 million during the previous fiscal year. Compared to the previous fiscal year, revenues from asset management and servicing increased due to the consolidation of Robeco Groep N.V. (hereinafter “Robeco”), an asset management company we acquired on July 1, 2013. Operating lease revenues increased due to growth in auto leasing in Japan and aircraft leasing overseas. In addition, other operating revenues increased due to contributions from companies acquired during the previous fiscal year, growth in the environment and energy-related business, and an increase in fee income compared to the previous fiscal year. On the other hand, interest on loans and investment securities and real estate sales decreased compared to the previous fiscal year due to a decrease in installment loan balance and a decrease in the number of condominium units delivered, respectively.

- 2 -

Total expenses increased 26% to ¥1,140,673 million compared to ¥904,911 million during the previous fiscal year. In addition to an increase in expenses from the asset management and servicing business in line with the acquisition of Robeco on July 1, 2013, costs of operating leases and other operating expenses also increased in line with an increase in revenues, and selling, general and administrative expenses increased mainly due to corporate acquisitions. Meanwhile, interest expense decreased due to a decrease in the average balance of borrowings; costs of real estate sales decreased due to a decrease in the number of condominium units delivered; and write-downs of securities decreased mainly due to a decrease in write-downs recorded for non-marketable securities compared to the previous fiscal year.

Compared to the previous fiscal year, equity in net income of affiliates increased mainly due to an increase in profits from domestic real-estate joint ventures, and gains on sales of subsidiaries and affiliates and liquidation losses, net increased due to gains of ¥58,435 million associated with the consolidation of DAIKYO INCORPORATED (hereinafter “DAIKYO”) on February 27, 2014.

As a result of the foregoing, income before income taxes and discontinued operations for the fiscal year increased 64% to ¥283,726 million compared to ¥172,572 million during the previous fiscal year, and net income attributable to ORIX Corporation shareholders increased 67% to ¥186,794 million compared to ¥111,909 million during the previous fiscal year.

Segment Information

Segment profits increased 49% to ¥293,562 million compared to ¥197,329 million during the previous fiscal year.

In line with the acquisition of Robeco on July 1, 2013, goodwill and other intangible assets have been allocated to the relevant segments from the three-month period ended September 30, 2013. In addition, ORIX’s Information and Communication Technology Department which was previously included in the Maintenance Leasing Segment, is now disclosed as part of the Corporate Financial Services Segment from the third quarter due to reorganization of operation management scope. The segment information for the previous fiscal year has been reclassified to reflect these changes (See page 16, “Segment Information”).

Segment information for the fiscal year is as follows:

Corporate Financial Services Segment

This segment is involved in lending, leasing and fee business.

In Japan, despite concerns over the impact of the consumption tax hike that went into effect on April 1, 2014, we are seeing a steady increase in capital expenditures as corporate sentiment grew positive due to improvement in corporate revenues. We are also seeing an increase in lending by financial institutions to small and medium-sized enterprises in addition to large corporations, and going forward we anticipate an increase in capital expenditures by corporations taking advantage of the favorable financing environment.

Segment assets increased 5% compared to March 31, 2013, to ¥992,078 million, due to an increase in investment in direct financing leases despite a decrease in installment loans.

Installment loan revenues decreased in line with a decrease in average balance of installment loans. On the other hand, direct financing lease revenues remained robust due to an increase in average balance of direct finance leases. As a result, segment revenues remained relatively flat compared to the previous fiscal year at ¥76,877 million.

Segment profits decreased 4% to ¥24,874 million compared to ¥25,932 during the previous fiscal year due to an increase in segment expenses compared to the previous fiscal year.

Maintenance Leasing Segment

This segment consists of automobile and rental operations. Automobile operations are comprised of automobile leasing, rentals and car sharing. Rental operations are comprised of leasing and rental of precision measuring and IT-related equipment.

Manufacturing activities of Japanese companies are expected to continue to recover. Despite concerns over the impact of consumption tax hike on the economy, large companies are increasing their planned capital expenditure and there are signs that private investment activities that had been halted for a period of time are beginning to be resumed. In such environment, revenues have increased due to our ability to provide customers with high value-added services that meet their capital expenditure and cost reduction needs.

- 3 -

Segment revenues increased 7% to ¥251,366 million compared to ¥234,651 million during the previous fiscal year due to an increase in operating lease revenues as a result of an increase in outstanding operating leases. On the other hand, segment expenses increased compared to the previous fiscal year due to an increase in the costs of operating leases in line with an increase in investment in operating leases.

As a result of the foregoing, segment profits increased 6% to ¥37,062 million compared to ¥34,913 million during the previous fiscal year.

Segment assets increased 13% compared to March 31, 2013, to ¥622,009 million due to increases in investment in operating leases and investment in financing leases.

Real Estate Segment

This segment consists of real estate development, rental and financing, facility operation, REIT asset management, and real estate investment advisory services.

The vacancy rate in the Japanese office building market is starting to fall below its peak due to an increase in companies expanding their offices in anticipation of economic recovery. In particular, we are seeing signs of office rents rising in the Tokyo Metropolitan area. In addition, in the J-REIT market, property acquisitions are increasing as a result of new stock exchange listings and capital raising activities through public offerings. We are also seeing sales of large real estate developments and rising sales prices due to increased competition among buyers.

Segment revenues decreased 8% to ¥198,450 million compared to ¥215,212 million during the previous fiscal year due to a decrease in real estate sales resulting from a decrease in the number of condominium units delivered, and a decrease in operating lease revenues due to sale of rental properties, despite an increase in gains from sales of rental properties and an increase in revenues from facilities operation.

Segment expenses decreased compared to the previous fiscal year due to decreases in costs of real estate sales and write-downs of securities despite increases in facilities operation expenses and write-downs of long-lived assets.

In addition to the foregoing, due to an increase in equity in net income of affiliates including real estate joint ventures, segment profits increased 222% to ¥17,956 million compared to ¥5,582 million during the previous fiscal year.

Segment assets decreased 15% compared to March 31, 2013, to ¥962,404 million due to sales of rental properties and decreases in installment loans and investment in securities.

Investment and Operation Segment

This segment consists of environment and energy-related business, principal investment, and loan servicing.

In the environment and energy-related business in Japan, there has been ongoing, active investment in the power generation business, such as mega-solar projects. In addition, investment targets are expanding beyond solar power generation projects to include wind and geothermal power generation projects. In the capital markets, there has been an increase in the number of initial public offerings for the fourth consecutive year and a spate of initial public offerings is expected to follow. In addition, M&A activities are increasing on the back of recovery in corporate profitability.

Segment revenues increased 46% to ¥178,532 million compared to ¥121,933 million during the previous fiscal year due to revenue contributions from consolidated subsidiaries acquired during the previous fiscal year, despite the absence of large collections in the loan servicing business that were recorded during the previous fiscal year and gains on sale of shares in Aozora Bank that were recorded during the previous fiscal year.

Segment expenses increased compared to the previous fiscal year due to increases in expenses relating to our principal investment and environment and energy-related businesses in addition to increased expenses attributable to consolidated subsidiaries acquired during the previous fiscal year.

In addition, due to gains of ¥58,435 million associated with the consolidation of DAIKYO on February 27, 2014, which was previously an equity method affiliate, segment profits increased 169% to ¥94,111 million compared to ¥34,937 million during the previous fiscal year.

Segment assets increased 27% compared to March 31, 2013, to ¥565,740 million due to an increase in inventories, etc. as a result of the consolidation of DAIKYO on February 27, 2014, despite decreases in investment in securities and installment loans mainly in the loan servicing business.

- 4 -

Retail Segment

This segment consists of life insurance operations, banking business and card loan business.

Although the life insurance business is being affected by macro factors such as a decline in the population, demand for medical insurance is increasing due to the so-called “risks associated with lengthening life expectancy or life span” faced by the aging population. In the consumer finance, we anticipate an increase in loan demand due to an improvement in consumer sentiment in line with economic recovery.

Segment revenues increased 12% to ¥211,468 million compared to ¥188,695 million during the previous fiscal year due to an increase in installment loan revenues, an increase in insurance premium income as a result of growth in the number of policies in force in the life insurance business and an increase in insurance-related investment income.

Segment expenses increased due to an increase in selling, general and administrative expenses as well as an increase in insurance-related costs.

As a result of the foregoing, segment profits increased 15% to ¥49,871 million compared to ¥43,209 million during the previous fiscal year.

Segment assets increased 9% compared to March 31, 2013, to ¥2,166,986 million due to increases in investment in securities and installment loans despite decreases in rental properties owned for investment purposes in life insurance business and in investment in affiliates.

Overseas Business Segment

This segment consists of leasing, lending, investment in bonds, investment banking, asset management and ship- and aircraft-related operations in the United States, Asia, Australasia and Europe.

In the U.S. economy, the Quantitative Easing Program (QE3) is on a tapering trend. However, the U.S. is expected to continue to lead the global economy, maintaining stable growth with the recovery in the employment market, increasing housing demand, and increasing consumer consumption. In Asia’s emerging economies, while China is in the process of switching its policy to stable growth, in other emerging economies, expansion of investments with a focus on high growth potential is expected, due in part to economic resurgence in developed countries.

Segment revenues increased 106% to ¥416,226 million compared to ¥202,516 million during the previous fiscal year due to an increase in revenues from asset management in line with the acquisition of Robeco on July 1, 2013, and an increase in direct financing lease and operating lease revenues in Asia as well as in aircraft-related operations.

Segment expenses increased compared to the previous fiscal year due to an increase in expenses from asset management in line with the acquisition of Robeco on July 1, 2013, and an increase in selling, general and administrative expenses.

As a result of the foregoing, segment profits increased 32% to ¥69,688 million compared to ¥52,756 million during the previous fiscal year.

Segment assets increased 50% compared to March 31, 2013, to ¥1,972,138 million due to recognition of goodwill and other intangible assets in line with the acquisition of Robeco on July 1, 2013, and increased investment in direct financing leases and operating leases in Asia as well as in aircraft-related operations.

Outlook and Forecast for the Fiscal Year Ending March 31, 2015

Based on the operating environment described above and management policies described further below, ORIX Corporation targets total revenues of ¥1,800,000 million (up 34.2 % year on year) and net income attributable to ORIX Corporation shareholders of ¥210,000 million (up 12.4 % year on year) for the fiscal year ending March 31, 2015.

In addition to the stable profits from our existing business operations established thus far, as indicated below, we believe that there are new growth opportunities in all of our segments and we will aim to grow our profits by embracing these profit opportunities in the fiscal year ending March 31, 2015.

The Corporate Financial Services segment aims to further expand its customer base and increase small-sized quality assets by strengthening cooperation with the Group companies. At the same time, the segment will accelerate the “Finance + Services” strategy through the expansion of fee revenues by providing products and services that meet the customer needs including environment and energy related demands. Furthermore, a progress in government’s growth strategy will open up opportunities in new areas, and in such circumstance, the segment will aim to actively embrace those opportunities.

- 5 -

The Maintenance Leasing segment aims to increase new business volume and expand high value-added services in the automobile business, and capture demands in growth areas and expand peripheral services in the rental business. The segment expects stable profits from its existing businesses, and at the same time, aims to further expand its market share and develop new markets in both automobile and rental businesses.

The Real Estate segment aims to enhance its stable revenue base by promoting its facilities operation and asset management businesses while continuing to turnover assets by taking advantage of the favorable business environment.

The Investment and Operation segment aims to grow profits through the expansion of its environment and energy business, promotion of principal investments both in Japan and overseas, and pursuit of revenue opportunities by capitalizing on its loan servicing expertise. In particular, with the renewable energy field, the segment is considering advancement into new business fields including geothermal and wind power generation in addition to continuing its focus on sales of solar panels and mega solar business.

The Retail segment aims to increase card loan balances via the consolidated management of ORIX Bank and ORIX Credit. The segment aims to expand the scale of the life insurance business by enhancing the agency network and increasing the sales of first sector products on top of the third sector products.

The Overseas Business segment aims to grow profits through enhancement of its fee business in the U.S. and expansion of its leasing asset balance and further business diversification in Asia. In addition, the segment seeks to strengthen global business base and raise the level of service related revenues of the Group by expanding Robeco’s AUM.

Although forward-looking statements in this document such as forecasts are attributable to current information available to ORIX Corporation and are based on assumptions deemed rational by ORIX Corporation, actual financial results may differ materially due to various factors. Therefore, readers are urged not to place undue reliance on these figures and predictions.

Various factors that could cause these figures and predictions to differ materially include, but are not limited to, those described under “Risk Factors” in the March 31, 2013 Form 20-F submitted to the U.S. Securities and Exchange Commission.

(2) Analysis of Consolidated Financial Condition

Assets, Liabilities, Shareholders’ Equity and Cash Flow Information


		As of March 31, 2013		As of March 31, 2014		Change			Year on Year Change
Total Assets	(millions of yen)		8,439,710		9,069,392		629,682			7	%
(Segment Assets)			6,382,654		7,281,355		898,701			14	%
Total Liabilities	(millions of yen)		6,710,516		6,921,037		210,521			3	%
(Long- and Short-term Debt)			4,482,260		4,168,465		(313,795	)		(7	%)
(Deposits)			1,078,587		1,206,413		127,826			12	%
Shareholders’ Equity	(millions of yen)		1,643,596		1,918,740		275,144			17	%
Shareholders’ Equity Per Share	(yen)		1,345.63		1,465.31		119.68			9	%

Note 1:

Shareholders’ Equity refers to ORIX Corporation Shareholders’ Equity based on US-GAAP.

Note 2:

Goodwill and other intangible assets acquired in business combinations have been recognized as segment assets beginning in the three month period ended September 30, 2013. Segment assets for the previous fiscal year have been reclassified as a result of this change.

Total assets increased 7% to ¥9,069,392 million compared to ¥8,439,710 million on March 31, 2013. Investment in direct financing leases increased due to robust increase of new transactions in Japan and the Asian region. Investment in securities increased primarily due to an increase in government bond securities and municipal bond securities. Other operating assets increased primarily due to the new consolidation overseas. In addition, inventories increased due to the consolidation of DAIKYO on February 27, 2014 and other assets increased primarily due to the recognition of goodwill and other intangible assets from the acquisition of Robeco on July 1, 2013 and DAIKYO on February 27, 2014. On the other hand, installment loans decreased due to an increase in collections. Segment assets increased 14% compared to March 31, 2013, to ¥7,281,355 million.

- 6 -

The balance of interest bearing liabilities is managed at an appropriate level taking into account the nature and mix of assets and the liquidity on-hand as well as the domestic and overseas financial environment. As a result, long-term and short-term debt decreased compared to March 31, 2013.

Shareholders’ Equity increased 17% compared to March 31, 2013 to ¥1,918,740 million due to a decrease in treasury stock, at cost for the disposal of treasury shares to pay part of the consideration for the acquisition of the Robeco shares, and an increase in common stock and additional paid-in capital as a result of the conversion of convertible bonds with stock acquisition rights and exercise of rights on stock acquisition rights, in addition to an increase in retained earnings.

Summary of Cash Flows

Cash and cash equivalents increased by ¥1,003 million to ¥827,299 million compared to March 31, 2013.

Cash flows provided by operating activities were ¥469,644 million during the fiscal year, up from ¥391,304 million during the previous fiscal year resulting from an increase in net income compared to the previous fiscal year, an increase in trade notes and accounts payable compared to the previous fiscal year, a decrease in trading securities compared to the previous fiscal year, and a smaller decrease in restricted cash and inventories, in addition to adjustments made for the non-cash revenue and expense items such as depreciation and amortization and write-downs of securities, and gains on sales of subsdiaries and affiliates and liquidation losses, net compared to the previous fiscal year.

Cash flows used in investing activities were ¥201,229 million during the fiscal year, having provided ¥105,657 million during the previous fiscal year. This change was due to increases in acquisitions of subsidiaries, net of cash acquired, installment loans made to customers, purchases of available-for-sale securities and purchases of lease equipment, partially offset by increases in principal collected on installment loans and proceeds from sales of operating lease assets.

Cash flows used in financing activities were ¥274,167 million during the fiscal year, while having used ¥467,193 million during the previous fiscal year. This change was due to a decrease in repayment of debt with maturities longer than three months and an increase in deposits due to customers, partially offset by decrease in proceeds from debt with maturities longer than three months.

Trend in Cash Flow-Related Performance Indicators


	March 31, 2013			March 31, 2014
Shareholders’ Equity Ratio		19.5	%		21.2	%
Shareholders’ Equity Ratio based on Market Value		17.2	%		21.0	%
Interest-bearing Debt to Cash Flow Ratio		14.2			11.4
Interest Coverage Ratio		3.9 times			5.7 times

Shareholders’ Equity Ratio: ORIX Corporation Shareholders’ Equity/Total Assets

Shareholders’ Equity Ratio based on Market Value: Total Market Value of Listed Shares/Total Assets

Interest-bearing Debt to Cash Flow Ratio: Interest bearing Debt/Cash Flow

Interest Coverage Ratio: Cash Flow/Interest Payments

Note 3:

All figures have been calculated on a consolidated basis.

Note 4:

Total market value of listed shares has been calculated based on the number of outstanding shares excluding treasury stock.

Note 5:

Cash flow refers to cash flows from operating activities.

Note 6:

Interest-bearing debt refers to short- and long-term debt and deposits listed on the consolidated balance sheets.

(3) Profit Distribution Policy and Dividends for the Fiscal Year Ended March 31, 2014

ORIX aims to increase shareholder value by utilizing the profits earned from its business activities that were secured primarily as retained earnings, for strengthening its business foundation and investments for growth. At the same time, ORIX will make steady and sustainable distribution of dividends that reflect its business performance.

- 7 -

Regarding share buybacks, ORIX will take into account the adequate level of retained earnings and act flexibly and accordingly by considering the factors such as changes in the economic environment, trend in stock prices, and the company’s financial condition.

In line with the growth in profits, the annual dividend is raised to 23 yen per share from 130 yen per share in the previous fiscal year (On April 1, 2013, the Company implemented a 10-for-1 stock split of common stock held by shareholders registered on the Company’s register of shareholders as of March 31, 2013. The annual dividend for the previous fiscal year is the actual dividend amount before the stock split).

Dividend distribution is scheduled once a year as a year-end dividend.

(4) Risk Factors

With the announcement of our results for the fiscal year ended March 31, 2014, we believe no additional items have arisen concerning “Risk Factors” as stated in our latest Form 20-F submitted to the U.S. Securities and Exchange Commission on June 27, 2013.

2. Management Policies

(1) Management’s Basic Policy

The ORIX Group’s corporate philosophy and management policy are shown below.

Corporate Philosophy

The ORIX Group is constantly anticipating market needs and working to contribute to society by developing leading financial services on a global scale and striving to offer innovative products that create new value for customers.

Management Policy

•

The ORIX Group strives to meet the diverse needs of its customers and to deepen trust by constantly developing superior services.

•

The ORIX Group aims to strengthen its base of operations and achieve sustainable growth by integrating its Group-wide resources to promote synergies amongst different units.

•

The ORIX Group makes endeavors to maintain a corporate culture that encourages a sense of fulfillment and pride by developing personnel resources through corporate programs and promoting professional development.

•

The ORIX Group aims to attain stable medium- and long-term growth in shareholder value by implementing these initiatives.

(2) Target Performance Indicators

In its pursuit of sustainable growth, the ORIX Group will use the following performance indicators: Net income attributable to ORIX Corporation shareholders to indicate profitability, ROE to indicate capital efficiency and ROA to indicate asset efficiency. ORIX aims to achieve 10% ROE by striving to increase asset efficiency through quality asset expansion to capture business opportunities along with increased capital efficiency by strengthening profit-earning opportunities such as fee-based businesses.

Three-year trends in performance indicators are as follows.


		March 31, 2012		March 31, 2013		March 31, 2014
Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)		83,509		111,909		186,794
ROE	(%)		6.2		7.4		10.5
ROA	(%)		0.99		1.33		2.13

- 8 -

(3) Medium- and Long-Term Corporate Management Strategies

The ORIX Group believes that it is vital to respond to changes in the market environment with agility and flexibility. The ORIX Group consists of six business segments (Corporate Financial Services, Maintenance Leasing, Real Estate, Investment and Operation, Retail, and Overseas Business) that represent a wide range of businesses, and Group-wide risk is controlled through a diversified business portfolio. At the same time, ORIX aims to secure profits and business opportunities through the complimentary nature of its diversified portfolio.

From a funding standpoint, ORIX continues to maintain a stable financial base characterized by high percentage of long-term debt from various funding sources that include borrowings from financial institutions, issuance of bonds in various markets, and ORIX Bank’s deposits.

Going forward, ORIX will continue its pursuit of the mid-term management strategies of accelerating “Finance + Services” and “Embracing growth in emerging markets including Asia” while focusing on expanding operations through business portfolio diversification. Additionally, by committing to “new pillars of business toward medium- to long-term growth” ORIX aims to challenge new business opportunities arising from the changing environment.

•

Increase the pace of “Finance + Services”: After the occurrence of structural changes in the finance business environment caused by the financial crisis, providing additional high value-added services has been deemed essential for pursuing increased profitability in the finance business. The ORIX Group is already providing “Finance + Services” through its maintenance leasing, facilities operation, aircraft leasing, and asset management businesses. Going forward, ORIX will capitalize on its accumulated Group client base, know-how and expertise to develop new business areas and provide more advanced services.

•

“Embracing growth in emerging markets including Asia”: In Asia’s emerging economies, while China is in the process of switching its policy to stable growth, in other emerging economies, expansion of investments with a focus on high growth potential is expected, due in part to economic resurgence in developed countries. ORIX Group will embrace growth in these countries by expanding operations capitalizing on local subsidiaries and partner networks it has established in emerging markets including Asia in addition to leveraging its successful investment track record.

•

“Establishing new pillars of business toward medium- to long-term growth”: The business environment and customers’ needs are constantly changing, and even with the existing businesses, ORIX believes that it is capable of capturing new profit opportunities by modifying its existing business model. At the same time, ORIX will continue to provide products and services valued by customers and society by creating new pillars of business that will support future growth through Group-wide collaboration that transcends the business divisions.

Overviews and strategies for the six segments are as follows.


Segment	Business Overview	Business Strategies
Corporate Financial Services	Lending, leasing and fee business	• Expand the client base through strengthened cooperation with group companies • Accumulate small-sized quality assets • Expand fee revenues by capturing environment and energy related demands

Maintenance Leasing	Automobile leasing and rentals, car sharing, and precision measuring equipment and IT-related equipment rentals and leasing	• Continue Group-wide sales activities • Expand high value-added services • Further expand market share and develop new markets

Real Estate	Real estate development, rentals and financing, facilities operation, REIT asset management, real estate investment advisory services	• Turnover assets while taking advantage of the favorable business environment, and promote joint investment • Strengthen the facilities operation business • Expand fee business by enhancing the asset management business

Investment and Operation	Environment and energy related business, principal investment, and loan servicing (asset recovery)	• Invest in the environment and energy field, and expand business operation such as mega solar projects • Expand principal investment both domestically and overseas • Pursue new profit opportunities capitalizing on the loan servicing expertise

Retail	Life insurance, banking, and card loan business	• Develop distinctive new products and enhance the agency network in life insurance business • Expand card loan business via the consolidated management of ORIX Bank and ORIX Credit

Overseas Business	Leasing, lending, investment in bonds, investment banking, asset management, and ship- and aircraft-related operations	• Continue to strengthen “Finance + Services” based on high level of expertise in the U.S. • Expansion of leasing business and new investment centered on Asia • Accumulate quality assets in the ship- and aircraft-related business • Expand Robeco’s AUM

- 9 -

(4) Corporate Challenges to be Addressed

It is vital for ORIX Group to continue to maintain and develop a business structure that flexibly and swiftly adapts to the changing business environment. ORIX will take the following three steps in order to execute the aforementioned business strategies.

Further advancement of risk management

Pursue transactions that are both socially responsible and economically viable

Create a fulfilling workplace

1.	Further advancement of risk management: Implement thorough and transparent monitoring and control of risks, capturing characteristics of each business and the changing business environment, while promoting mid-term management strategies. ORIX will also continue to maintain financial stability.

2.	Pursue transactions that are both socially responsible and economically viable: Pursue transactions that are socially responsible from a compliance and environmental standpoint while providing products and services that are valued by clients and improve ORIX Group profitability.

3.	Create a fulfilling workplace: Focus on ORIX’s strengths as a global organization to create a fulfilling work environment for all employees regardless of nationality, age, gender, background or type of employment.

- 10 -

(1) Condensed Consolidated Balance Sheets

(As of March 31, 2013 and 2014)

(Unaudited)


(millions of yen)

Assets	March 31, 2013			March 31, 2014
Cash and Cash Equivalents		826,296			827,299
Restricted Cash		106,919			86,690
Time Deposits		8,356			7,510
Investment in Direct Financing Leases		989,380			1,094,073
Installment Loans		2,691,171			2,315,555
(The amount of ¥16,026 million of installment loans as of March 31, 2013 and ¥12,631 million of installment loans as of March 31, 2014 are measured at fair value by electing the fair value option under FASB Accounting Standards Codification 825-10.)
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses		(104,264	)		(84,796	)
Investment in Operating Leases		1,395,533			1,375,686
Investment in Securities		1,093,668			1,214,576
(The amount of ¥5,800 million of investment in securities as of March 31, 2013 and ¥11,433 million of investment in securities of March 31, 2014 are measured at fair value by electing the fair value option under FASB Accounting Standards Codification 825-10.)
Other Operating Assets		233,258			312,774
Investment in Affiliates		326,732			314,300
Other Receivables		196,626			239,958
Inventories		41,489			136,105
Prepaid Expenses		50,323			61,909
Office Facilities		108,757			126,397
Other Assets		475,466			1,041,356

Total Assets		8,439,710			9,069,392


Liabilities and Equity

Short-Term Debt		420,726			309,591
Deposits		1,078,587			1,206,413
Trade Notes, Accounts Payable and Other Liabilities		312,922			443,333
Accrued Expenses		121,281			190,414
Policy Liabilities		426,007			454,436
Current and Deferred Income Taxes		143,057			299,509
Security Deposits		146,402			158,467
Long-Term Debt		4,061,534			3,858,874

Total Liabilities		6,710,516			6,921,037


Redeemable Noncontrolling Interests		41,621			53,177


Commitments and Contingent Liabilities

Common Stock		194,039			219,546
Additional Paid-in Capital		229,600			255,449
Retained Earnings		1,305,044			1,467,602
Accumulated Other Comprehensive Income (Loss)		(36,263	)		2
Treasury Stock, at Cost		(48,824	)		(23,859	)

Total ORIX Corporation Shareholders’ Equity		1,643,596			1,918,740

Noncontrolling Interests		43,977			176,438

Total Equity		1,687,573			2,095,178


Total Liabilities and Equity		8,439,710			9,069,392


	March 31, 2013			March 31, 2014
Accumulated Other Comprehensive Income (Loss)
Net unrealized gains on investment in securities		28,974			38,651
Defined benefit pension plans		(9,587	)		(6,228	)
Foreign currency translation adjustments		(53,759	)		(31,987	)
Net unrealized gains (losses) on derivative instruments		(1,891	)		(434	)

		(36,263	)		2

- 11 -

(2) Condensed Consolidated Statements of Income

(For the Years Ended March 31, 2013 and 2014)

(Unaudited)


(millions of yen)

	Year ended March 31, 2013			Period -over- period (%)		Year ended March 31, 2014			Period -over- period (%)
Total Revenues:		1,055,764			109		1,341,651			127

Direct financing leases		54,356			107		57,483			106
Operating leases		296,329			105		324,083			109
Interest on loans and investment securities		155,963			105		130,680			84
Brokerage commissions and net gains on investment securities		34,814			119		27,183			78
Life insurance premiums and related investment income		138,726			109		155,406			112
Real estate sales		38,804			64		23,139			60
Gains on sales of real estate under operating leases		5,816			262		5,872			101
Revenues from asset management and servicing		15,265			118		126,492			829
Other operating revenues		315,691			126		491,313			156

Total Expenses:		904,911			107		1,140,673			126

Interest expense		100,966			92		82,859			82
Costs of operating leases		194,429			107		215,889			111
Life insurance costs		98,599			106		108,343			110
Costs of real estate sales		39,430			66		27,059			69
Expenses from asset management and servicing		593			120		36,150			—
Other operating expenses		194,693			128		310,775			160
Selling, general and administrative expenses		224,948			115		313,631			139
Provision for doubtful receivables and probable loan losses		10,016			52		13,834			138
Write-downs of long-lived assets		17,896			118		23,421			131
Write-downs of securities		22,838			139		7,989			35
Foreign currency transaction loss, net		503			—		723			144

Operating Income		150,853			123		200,978			133

Equity in Net Income of Affiliates		13,836			698		17,825			129
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, Net		7,883			238		64,923			824

Income before Income Taxes and Discontinued Operations		172,572			135		283,726			164

Provision for Income Taxes		53,682			120		97,236			181

Income from Continuing Operations		118,890			143		186,490			157

Discontinued Operations:
Income from discontinued operations, net		(179	)				12,182
Provision for income taxes		347					(4,681	)

Discontinued operations, net of applicable tax effect		168			6		7,501			—

Net Income		119,058			139		193,991			163

Net Income Attributable to the Noncontrolling Interests		3,164			—		3,089			98

Net Income Attributable to the Redeemable Noncontrolling Interests		3,985			146		4,108			103

Net Income Attributable to ORIX Corporation Shareholders		111,909			134		186,794			167


Note 1:		Pursuant to FASB Accounting Standards Codification 205-20 (“Presentation of Financial Statements—Discontinued Operations”), the results of operations which meet the criteria for discontinued operations are reported as a separate component of income, and those related amounts that had been previously reported are reclassified.
2:		Revenues and Expenses from asset management and loan servicing business have been separately presented from the three-month period ended September 30, 2013 (hereinafter “the second consolidated period”) as, “Revenues from asset management and servicing” and “Expenses from asset management and servicing.” Figures for the previous fiscal year have been retrospectively adjusted for this change.

- 12 -

(3) Condensed Consolidated Statements of Comprehensive Income

(For the Years Ended March 31, 2013 and 2014)

(Unaudited)


(millions of yen)

	Year ended March 31, 2013		Year ended March 31, 2014
Net Income:		119,058		193,991

Other comprehensive income, net of tax:
Net change of unrealized gains on investment in securities		13,330		10,603
Net change of defined benefit pension plans		4,759		3,572
Net change of foreign currency translation adjustments		50,979		36,869
Net change of unrealized gains on derivative instruments		268		1,487
Total other comprehensive income		69,336		52,531

Comprehensive Income		188,394		246,522

Comprehensive Income Attributable to the Noncontrolling Interests		7,394		15,256

Comprehensive Income Attributable to the Redeemable Noncontrolling Interests		9,209		8,207

Comprehensive Income Attributable to ORIX Corporation Shareholders		171,791		223,059

- 13 -

(4) Condensed Consolidated Statements of Changes in Equity

(For the Years Ended March 31, 2013 and 2014)

(Unaudited)


	(millions of yen)

	ORIX Corporation Shareholders’ Equity
	Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total ORIX Corporation Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance at March 31, 2012		144,026		179,223		1,202,450			(96,056	)		(48,907	)		1,380,736			39,735			1,420,471

Contribution to subsidiaries															—			2,229			2,229
Transaction with noncontrolling interests				98					(89	)					9			(143	)		(134	)
Comprehensive income, net of tax:
Net income						111,909									111,909			3,164			115,073
Other comprehensive income (loss)
Net change of unrealized gains on investment in securities									12,829						12,829			501			13,330
Net change of defined benefit pension plans									4,758						4,758			1			4,759
Net change of foreign currency translation adjustments									42,020						42,020			3,735			45,755
Net change of unrealized gains (losses) on derivative instruments									275						275			(7	)		268

Total other comprehensive income (loss)															59,882			4,230			64,112

Total comprehensive income															171,791			7,394			179,185

Cash dividends						(9,676	)								(9,676	)		(5,238	)		(14,914	)
Conversion of convertible bond		49,840		49,933											99,773			—			99,773

Exercise of stock options		173		172											345			—			345
Acquisition of treasury stock												(3	)		(3	)		—			(3	)
Other, net				174		361						86			621			—			621

Balance at March 31, 2013		194,039		229,600		1,305,044			(36,263	)		(48,824	)		1,643,596			43,977			1,687,573

Contribution to subsidiaries															—			89,396			89,396
Transaction with noncontrolling interests				239											239			2,058			2,297
Comprehensive income, net of tax:
Net income						186,794									186,794			3,089			189,883
Other comprehensive income
Net change of unrealized gains on investment in securities									9,677						9,677			926			10,603
Net change of defined benefit pension plans									3,359						3,359			213			3,572
Net change of foreign currency translation adjustments									21,772						21,772			10,998			32,770
Net change of unrealized gains on derivative instruments									1,457						1,457			30			1,487

Total other comprehensive income															36,265			12,167			48,432

Total comprehensive income															223,059			15,256			238,315

Cash dividends						(15,878	)								(15,878	)		(2,099	)		(17,977	)
Conversion of convertible bond		25,066		24,953											50,019			—			50,019
Exercise of stock options		441		347											788			—			788
Acquisition of treasury stock												(19	)		(19	)		—			(19	)
Acquisition of Robeco						(5,471	)					24,880			19,409			27,850			47,259
Other, net				310		(2,887	)					104			(2,473	)		—			(2,473	)

Balance at March 31, 2014		219,546		255,449		1,467,602			2			(23,859	)		1,918,740			176,438			2,095,178

Note:

Changes in the redeemable noncontrolling interests are not included in the table.

- 14 -

(5) Condensed Consolidated Statements of Cash Flows

(For the Years Ended March 31, 2013 and 2014)

(Unaudited)


	(millions of yen)

	Year ended March 31, 2013			Year ended March 31, 2014
Cash Flows from Operating Activities:
Net income		119,058			193,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		177,280			206,640
Provision for doubtful receivables and probable loan losses		10,016			13,834
Increase in policy liabilities		20,990			28,429
Equity in net income of affiliates (excluding interest on loans)		(12,874	)		(17,619	)
Gains on sales of subsidiaries and affiliates and liquidation losses, net		(7,883	)		(64,923	)
Gains on sales of available-for-sale securities		(17,252	)		(14,149	)
Gains on sales of real estate under operating leases		(5,816	)		(5,872	)
Gains on sales of operating lease assets other than real estate		(14,032	)		(17,820	)
Write-downs of long-lived assets		17,896			23,421
Write-downs of securities		22,838			7,989
Decrease in restricted cash		33,852			22,506
Decrease (Increase) in trading securities		(16,264	)		21,300
Decrease in inventories		37,918			11,707
Decrease (Increase) in other receivables		20,782			(6,771	)
Increase (Decrease) in trade notes, accounts payable and other liabilities		(8,715	)		47,102
Decrease in accrued expenses		(2,207	)		(9,073	)
Other, net		15,717			28,952

Net cash provided by operating activities		391,304			469,644


Cash Flows from Investing Activities:
Purchases of lease equipment		(736,373	)		(859,169	)
Principal payments received under direct financing leases		381,080			459,003
Installment loans made to customers		(918,777	)		(1,035,564	)
Principal collected on installment loans		1,193,884			1,264,649
Proceeds from sales of operating lease assets		173,890			251,567
Investment in affiliates, net		(19,206	)		(46,942	)
Proceeds from sales of investment in affiliates		3,280			15,426
Purchases of available-for-sale securities		(684,870	)		(897,246	)
Proceeds from sales of available-for-sale securities		417,534			318,697
Proceeds from redemption of available-for-sale securities		373,729			473,126
Purchases of held-to-maturity securities		(46,567	)		(8,519	)
Purchases of other securities		(26,855	)		(24,761	)
Proceeds from sales of other securities		40,568			26,501
Purchases of other operating assets		(15,152	)		(52,550	)
Acquisitions of subsidiaries, net of cash acquired		(43,223	)		(93,458	)
Sales of subsidiaries, net of cash disposed		(171	)		—
Other, net		12,886			8,011

Net cash provided by (used in) investing activities		105,657			(201,229	)


Cash Flows from Financing Activities:
Net decrease in debt with maturities of three months or less		(20,507	)		(105,784	)
Proceeds from debt with maturities longer than three months		1,365,827			1,210,209
Repayment of debt with maturities longer than three months		(1,790,616	)		(1,497,614	)
Net increase in deposits due to customers		6,623			127,610
Cash dividends paid to ORIX Corporation shareholders		(9,676	)		(15,878	)
Contribution from noncontrolling interests		1,133			11,501
Cash dividends paid to redeemable noncontrolling interests		(5,763	)		(1,224	)
Net decrease in call money		—			(5,000	)
Other, net		(14,214	)		2,013

Net cash used in financing activities		(467,193	)		(274,167	)


Effect of Exchange Rate Changes on Cash and Cash Equivalents		9,636			6,755

Net increase in Cash and Cash Equivalents		39,404			1,003
Cash and Cash Equivalents at Beginning of Year		786,892			826,296

Cash and Cash Equivalents at End of Year		826,296			827,299

- 15 -

(6) Assumptions for Going Concern

There is no corresponding item.

(7) Segment Information (Unaudited)

1. Segment Information by Sector


(millions of yen)

	Year ended March 31, 2013					Year ended March 31, 2014					March 31, 2013		March 31, 2014
	Segment Revenues		Segment Profits			Segment Revenues		Segment Profits			Segment Assets		Segment Assets
Corporate Financial Services		76,128		25,932			76,877		24,874			943,295		992,078
Maintenance Leasing		234,651		34,913			251,366		37,062			549,300		622,009
Real Estate		215,212		5,582			198,450		17,956			1,133,170		962,404
Investment and Operation		121,933		34,937			178,532		94,111			444,315		565,740
Retail		188,695		43,209			211,468		49,871			1,994,140		2,166,986
Overseas Business		202,516		52,756			416,226		69,688			1,318,434		1,972,138

Segment Total		1,039,135		197,329			1,332,919		293,562			6,382,654		7,281,355

Difference between Segment Total and Consolidated Amounts		16,629		(24,757	)		8,732		(9,836	)		2,057,056		1,788,037

Consolidated Amounts		1,055,764		172,572			1,341,651		283,726			8,439,710		9,069,392


Note 1:		The Company evaluates the performance of segments based on income before income taxes and discontinued operations, adjusted for results of discontinued operations, net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests before applicable tax effect. Tax expenses are not included in segment profits.
Note 2:		For certain VIEs used for securitization which are consolidated in accordance with ASC 810-10 (“Consolidations”), for which the VIE’s assets can be used only to settle related obligations of those VIEs and the creditors (or beneficial interest holders) do not have recourse to other assets of the Company or its subsidiaries, segment assets are measured based on the amount of the Company and its subsidiaries’ net investments in the VIEs, which is different from the amount of total assets of the VIEs, and accordingly, segment revenues are also measured at a net amount representing the revenues earned on the net investments in the VIEs. Certain gains or losses related to assets and liabilities of consolidated VIEs, which are not ultimately attributable to the Company and its subsidiaries, are excluded from segment profits.
Note 3:		From the three-month period ended September 30, 2013, goodwill and other intangible assets recognized as a result of business combination have been included in segment assets. In addition, in line with a change of management classification, ORIX’s Information and Communication Technology Department, which were previously included in the Maintenance Leasing Segment, has been included in the Corporate Financial Services Segment beginning in the third consolidated period. As a result of the foregoing, we have reclassified the segment information for the previous fiscal year.

2. Geographic Information


(millions of yen)

	Year Ended March 31, 2013
	Japan		*America2**		*Other3**		Difference between Geographic Total and Consolidated Amounts			Consolidated Amounts
Total Revenues		843,625		130,561		102,277		(20,699	)		1,055,764
Income before Income Taxes		116,235		27,458		28,700		179			172,572


	Year Ended March 31, 2014
	Japan		*America2**		*Other3**		Difference between Geographic Total and Consolidated Amounts			Consolidated Amounts
Total Revenues		923,242		149,610		295,406		(26,607	)		1,341,651
Income before Income Taxes		208,829		42,901		44,178		(12,182	)		283,726


Note 1:		Results of discontinued operations before applicable tax effect are included in each amount attributed to each geographic area.
*Note 2:		Mainly United States
*Note 3:		Mainly Asia, Europe, Australasia and Middle East
Note 4:		Robeco, one of the Company’s subsidiaries domiciled in the Netherlands, conducts principally an asset management business. Due to the integrated nature of such business with its customer base spread across the world, “Other” locations include the total revenues and the income before income taxes of Robeco, respectively, for the year ended March 31, 2014.

- 16 -

(8) Per Share Data

(For the Years Ended March 31, 2013 and 2014)

(Unaudited)


	Year ended March 31, 2013		Year ended March 31, 2014
	(millions of yen)
Income Attributable to ORIX Corporation Shareholders from Continuing Operations		112,144		179,499
Effect of Dilutive Securities -
Convertible Bond		1,329		265

Income from Continuing Operations for Diluted EPS Computation		113,473		179,764


	(thousands of shares)
Weighted-Average Shares		1,087,883		1,268,081
Effect of Dilutive Securities -
Convertible Bond		206,635		40,057
Stock options		1,546		2,117

Weighted-average Shares for Diluted EPS Computation		1,296,064		1,310,255


			(yen)
Earnings Per Share for Income Attributable to ORIX Corporation Shareholders from Continuing Operations
Basic		103.09		141.55
Diluted		87.55		137.20

			(yen)
Shareholders’ Equity Per Share		1,345.63		1,465.31


Note:		In fiscal 2013, the diluted EPS calculation excludes stock options for 9,010 thousand shares, as they were antidilutive.
		In fiscal 2014, the diluted EPS calculation excludes stock options for 6,815 thousand shares, as they were antidilutive.

- 17 -

Significant Accounting Policies

(Application of New Accounting Standards)

There is no significant change from the description in Form 20-F filed on June 27, 2013.

(Subsequent Events)

On April 28, 2014, ORIX Life Insurance Corporation (hereinafter, “ORIX Life Insurance”), a subsidiary of the Company, decided, subject to obtaining the required approval of relevant regulatory authorities, to purchase all issued shares of Hartford Life Insurance K.K. (Address: Minato-ku, Tokyo, Business Description: Life insurance business and reinsurance business, hereinafter “HLIKK”) held by Hartford Life, Inc. (Address: Simsbury, Connecticut, U.S.A.) in order to enhance its capital strength and improve the soundness of its management, in view of accelerating its growth. Upon closing, HLIKK would become a consolidated subsidiary of the Company.

Total acquisition cost of the HLIKK’s shares was estimated at $895 million (approximately ¥91.6 billion) as of April 28, 2014. However, the purchase price is subject to potential upward or downward adjustments at the closing date based on changes in the adjusted net worth of HLIKK.

The Company and its subsidiaries are currently evaluating the effect of this purchase on the Company and its subsidiaries’ results of operations and financial position as of the date of this release.

The closing of this purchase will require the approval of the Financial Services Agency pursuant to the Insurance Business Act in Japan. ORIX Life Insurance also needs to submit a report on the share purchase plan to the Fair Trade Commission which then imposes a certain waiting period after the submission. The date of such approvals is presently unclear; however, it is expected to take some time. The purchase is targeted to be closed during July 2014.

- 18 -


		May 8, 2014

FOR IMMEDIATE RELEASE

Contact Information:

ORIX Corporation

Corporate Planning Department

Tel: +81-3-3435-3121

Fax: +81-3-3435-3154

URL: http://www.orix.co.jp/grp/en/

Announcement Regarding Dividend for the Fiscal Year Ended March 31, 2014

TOKYO, Japan – May 8, 2014 – ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, announced the resolution regarding the expected dividend amount for the fiscal year ended March 31, 2014. The dividend amount will be formally decided at a meeting of the Board of Directors held on May 22, 2014, after a statutory audit of the financial reports for the fiscal year ended March 31, 2014.

Dividend Details


	Amount Decided	Dividend Paid for the Fiscal Year Ended March 31, 2013
Record Date	March 31, 2014	March 31, 2013
Dividend Per Share	23 yen	13 yen*
Total Dividend Amount	30,117 million yen	15,878 million yen
Effective Date	June 3, 2014	June 4, 2013
Source of Dividend	Retained earnings	Retained earnings

Basic Profit Distribution Policy and Reason for Changing Per Share Dividend

Given the growth of our profit, the annual dividend is raised to 23 yen per share from 13 yen* in the previous fiscal year.

Reference:

Dividend Per Share

Record Date

Interim

Fiscal Year End

Yearly

Current Fiscal Year

—

23 yen

Previous Fiscal Year (March 31, 2013)

—

13 yen

*	On April 1, 2013, ORIX implemented a 10-for-1 stock split. Dividends are adjusted accordingly in the table above. Dividend per share for the previous fiscal year is 130 yen without the effect of the stock split.

About ORIX

ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses. Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 35 countries and regions across the world. ORIX celebrates its 50^th anniversary in 2014 and moving forward it aims to contribute to society while continuing to capture new business opportunities and sustain growth by promoting acceleration of its corporate strategy “Finance + Services.” For more details, please visit our website: http://www.orix.co.jp/grp/en/

-end-


		May 8, 2014

FOR IMMEDIATE RELEASE

Contact Information:

ORIX Corporation

Corporate Planning Department

Tel : +81-3-3435-3121

Fax: +81-3-3435-3154

URL: http://www.orix.co.jp/grp/en/

Announcement Regarding Candidates for Director

and Member Composition of the Three Committees of ORIX Corporation

TOKYO, Japan – May 8, 2014 – ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, today made public an announcement that the Nominating Committee has decided the candidates for Director. The nominations are scheduled to be finalized at the 51^st Annual General Meeting of Shareholders of the Company on June 24, 2014.

The Company announced today that it has decided the composition of the Audit, Nominating and Compensation Committees in a Board of Directors meeting held today. The audit Committee will be formed entirely by outside directors. Both Nominating and Compensation Committees will be comprised of 6 members, of which 5 members are outside directors. The nominations are scheduled to be finalized at the Board of Directors meeting after the 51^st Annual General Meeting of Shareholders of the Company on June 24, 2014. Candidates for the 13 director positions (including 6 Outside Directors) are as follows:


Makoto Inoue		Takeshi Sasaki (Outside Director)
Haruyuki Urata		Eiko Tsujiyama (Outside Director)
Tamio Umaki		Robert Feldman (Outside Director)
Kazuo Kojima		Takeshi Niinami (Outside Director)
Yoshiyuki Yamaya		Nobuaki Usui (Outside Director)
Katsutoshi Kadowaki		Ryuji Yasuda (Outside Director)
Hideaki Takahashi ( Non-Executive Director, newly nominated)

Details on Candidates for New Director

Hideaki Takahashi (Born March 22, 1948)


Aug. 1974		Joined NCR Corporation
Mar. 1992		Vice President and Representative Director, NCR Japan, Ltd.
Dec. 1997		Senior Vice President, NCR Corporation, Chairman and Representative Director, NCR Japan, Ltd.
Jul. 1999		Deputy President, Fuji Xerox Co., Ltd.
Mar. 2000		Vice President and Representative Director, Fuji Xerox Co., Ltd.
Jan. 2006		Professor, Graduate School of Media and Governance at Keio University (present position)
Nov. 2006		Advisor, ORIX Corporation (present position)
Apr. 2007		Outside Director, Fukuoka Financial Group, Inc. (present position)

Details on Candidates for Outside Director

Takeshi Sasaki (Born July 15, 1942)


Apr. 1968		Assistant Professor at the University of Tokyo, School of Law
Nov. 1978		Professor, School of Law at the University of Tokyo,
Apr. 1991		Professor, Graduate Schools for Law and Politics at the University of Tokyo
Apr. 1998		Dean, Graduate Schools for Law and Politics and School of Law at the University of Tokyo
Apr. 2001		President, the University of Tokyo
Apr. 2005		Professor, Faculty of Law, Department of Politics at Gakushuin University
Jun. 2006		Outside Director, East Japan Railway Co., (present position)
Jun. 2006		Outside Director, ORIX Corporation (present position)