4. Identificar las empresas productoras de calzado infantil asociadas a ACICAM Santander
4.1 Numero de empresas de calzado asociadas a ACICAM Santander
Operating Revenue at Overseas Affiliates
(Years ended December 31)
¥15.6
Billion 2016 2017 2018 JIVF MPMF JFCVolume of New Contracts in Vietnam
(Years ended December 31)
¥12.9
Billion
2016 2017 2018
Review of Operations
2016 2017 2018
Ordinary Income (Loss) at Overseas Affiliates*
(Years ended December 31)
JIVF: JACCS International Vietnam Finance Co., Ltd. (Vietnam) MPMF: PT Mitra Pinasthika Mustika Finance (Indonesia） JFC: JACCS FINANCE (CAMBODIA) PLC. (Cambodia) MAFS: MMPC Auto Financial Services Corporation (Philippines) * The ordinary income amounts presented are the net
contribution to consolidated results after allowing for changes in goodwill and consolidation adjustment amounts. ** Converted into a consolidated subsidiary and changed its
name to JACCS FINANCE PHILIPPINES CORPORATION on July 3, 2019
¥0.3
Billion MAFS** JFC MPMF JIVFHo Chi Minh City, Vietnam JACCS International Vietnam Finance Co., Ltd. (JIVF)
Pasig, Philippines
JACCS FINANCE PHILIPPINES CORPORATION (JFP) (Former MMPC Auto Financial Services Corporation (MAFS))
Jakarta, Indonesia PT Mitra Pinasthika Mustika Finance (MPMF) Phnom Penh, Cambodia JACCS FINANCE (CAMBODIA) PLC. (JFC)
volume of new contracts at MMPC Auto Financial Services Corporation (MAFS) increased 14.9% compared with the previous fi scal year.
In Cambodia, income levels of the middle class are rising against a backdrop of rapid economic growth, and consumption is on a growth trend. In March 2018, JACCS FINANCE (CAMBODIA) PLC. (JFC) commenced motor- cycle sales fi nance operations, and focused on developing its network of member stores while growing the volume of new contracts.
* The fiscal year-end for overseas subsidiaries and affiliates is December 31. The consolidated results reflect operations from January to December.
Strategy under RAISE 2020
JACCS is striving to expand profi ts and build and strengthen its operating base in ASEAN member countries. In Vietnam and Indonesia, the Group is working to increase profi t contributions to the Group’s consolidated per- formance. In the Philippines, the Group is striving to rebuild its operations through the conversion of MAFS to a consolidated subsidiary, having previously been an equity-method affi liate. In Cambodia, JACCS is strengthening its operating base.
In Vietnam, JACCS will strive to increase the volume of new contracts through cross-selling of such services as credit cards, centering on existing motorcycle loan customers. In addition to developing and launching new products, the Group is strengthening its structures for credit screening and collection of receivables, and expanding its earnings base.
In Indonesia, JACCS is working to grow the volume of new contracts, centering on automobile loans. JACCS is striving to curb fi nancial expenses by leveraging the Group’s high level of creditworthiness to raise funds at low interest rates and through the diversifi cation of fundraising. Simultaneously, JACCS is working to build a new credit- screening system and optimize its system for the collection of receivables. These efforts are aimed at expanding the profi t contribution to consolidated results.
In the Philippines, in addition to pursuing the development of a network of used-vehicle member stores, we are working to increase JACCS’ presence within the new-vehicle dealership market, and are aiming to achieve profi t- ability at an early stage.
In Cambodia, we will work to increase market share by strengthening our sales structure. Furthermore, to expand the Group’s business territory, we are working to sign up new member stores in the suburbs of the capital city, Phnom Penh. We are aiming to achieve profi tability during the fi scal year ending March 31, 2020.
The parent company will continue to strengthen its support systems for overseas Group affi liates while striving to grow the overseas business as a whole.
Number of Existing Credit Cardholders in Vietnam
(As of December 31)
77
Thousand2016 2017 2018
Volume of New Contracts in Indonesia
(Years ended December 31)
¥56.6
Billion
2016 2017 2018
Volume of New Contracts for Automobiles in Indonesia
(Years ended December 31)
¥31.6
Billion2016 2017 2018
Number of member stores 60
Volume of new contracts ¥250 Million
Volume of New Contracts and Number of Member Stores
in Cambodia
2018
1Q 20182Q 20183Q 20184Q
BDOLF: BDO Leasing and Finance, Inc. MMPC: Mitsubishi Motors Philippines Corporation
Philippines: Changes in Equity Stake
Equity holder Equity stake JACCS 65% Sojitz 35% Equity holder Equity stake BDOLF 40% MMPC 5% JACCS 20% Sojitz 35%
Short-term loans payable Long-term loans payable CP Bonds Securitized receivables 2019 1,714.9 282.4 701.7 416.0 174.7 139.4 Fundraising
Our basic fundraising policy is to harness asset liability management (ALM) to reinforce our fi nancial structure and manage risks. We also promote such policies as liquidity enhancement, diversifi cation of fundraising, and a shift toward long-term, fi xed-interest fundraising. In addition, we support the fundraising activities of Group companies in Japan and overseas.
As a Group operating in the fi nancial sector, fundraising is one of JACCS’ core functions. In addition to the capital raised from shareholders and other investors, we carry out stable fundraising by utilizing the creditworthiness
established through relationships with a large number of fi nancial institutions— built up over more than 60 years—as well as through our membership in the MUFG Group. Methods for fundraising include borrowings sourced from a wide range of institutions, the issuance of corporate bonds and commercial paper (CP), and the use of affi liated loans.
In the fi scal year ended March 31, 2019, in response to funding requirements driven by an increase in the volume of new contracts, we carried out securitization of receivables on an ongoing basis, and made the decision to issue green bonds* with the objectives of promoting ESG initiatives while