IR Glossary｜Muninova Holdings

A・B

A＆A	A Group company that operates a consumer finance business in the Kingdom of Thailand. Its official name is AIRA & AIFUL Public Company Limited.
ABS（Asset-Backed Securities）	A method of monetizing owned assets or receivables. The Company primarily uses it as a funding method.
Acquiring (ACQ)	Operations that enable merchants to accept credit card payments, including merchant contract execution, screening, management, and payment processing.
Adjusted operating profit (Proprietary Metrics)	Operating profit adjusted to exclude the impact of accounting standards and temporary factors, reflecting the underlying earning power of the business.
Affiliated card	A credit card issued jointly by a credit card company in partnership with another company.
AG BUSINESS SUPPORT	A Group company engaged in small business loans and factoring services. It addresses the financing needs of small and medium-sized enterprises.
AG Capital	A Group company engaged in venture capital business. Through investments in companies that can generate Group synergies, it aims to expand business opportunities across the Group.
AG Crowdfunding	A Group company engaged in the crowdfunding business. It primarily operates lending-based crowdfunding services.
AG MEDICAL	A Group company providing secured loan services to medical institutions, using medical fee receivables and other assets as collateral. Its main clients include hospitals, dispensing pharmacies, and nursing care service providers.
AG Partners	A Group company engaged in business revitalization, purchase of delinquent receivables, and balance sheet consulting services. It supports corporate financial improvement and restructuring.
AG Payment Service	A Group company engaged in installment credit services, mainly for the esthetic and cosmetic medical industries. It provides installment payment services associated with service offerings.
AG Servicer	A Group company engaged in receivables management and collection (servicer business). It is responsible for receivables collection operations both within and outside the Group.
AG Smile Leaseback	A Group company engaged in the leaseback business. It meets financing needs through the utilization of real estate.
AG Solution Technology	An intermediate holding company overseeing the Group’s SES business. It is responsible for governance and strategic management of SES operating companies.
AIFUL	A core operating company of the Group, primarily engaged in consumer finance and credit guarantee businesses. It supports the Group’s earnings mainly through its domestic consumer finance operations.
AIFUL FINANCE PHILIPPINES	A Group company that primarily operates a consumer finance business in the Republic of the Philippines. It plays a role in the Group’s overseas motorcycle loan business.
Allowance for doubtful accounts	A provision set aside in preparation for future bad debt losses.
Analyst coverage	Refers to securities analysts who analyze a company’s performance and business activities and issue investment-related reports. Analyst coverage represents a list of analysts covering the Company.
Annual Report	An Annual report that discloses financial results, financial position, strategies, and future outlook. Since 2025, this information has been disclosed through the Integrated Report. The Annual Report is available on the Integrated Report page.
BIN Sponsor	A scheme in which a financial institution holding membership qualification (BIN) of international card brands such as Visa or Mastercard acts as the card issuer on behalf of non-financial companies or fintech firms.
BitCash	A Group company that provides prepaid electronic money for online payments, supporting domestic online transactions as part of the Group’s payment services.
BitCash	A prepaid electronic money service for online payments provided by BitCash. Payments for online services can be made safely within the amount purchased in advance.
BPS	An indicator calculated by dividing net assets by the number of issued shares, representing book value per share. It shows a company’s asset value on a per-share basis.
Breakage revenue	Revenue recognized when unused balances remain on prepaid products or prepaid payment instruments (such as electronic money, gift certificates, and gift cards) after meeting certain conditions.
Business Revitalization Alternative Dispute Resolution (ADR)	A private restructuring procedure conducted without court involvement, aiming to rebuild a company through agreements with creditors. The Group utilized this system in the past and completed the process in 2014.
Buy Now Pay Later (BNPL)	A deferred payment method that allows customers to purchase now and pay later. It is easily accessible to customers who do not own or cannot use credit cards. The Group provides this service under the brand Miraibarai.

C・D・E

Channel	In business and marketing, refers to the route or method through which products or information reach customers. The Company refers to product and service application routes as “application channels.”
Charge-off rate	An indicator showing the ratio of charge-offs incurred during a certain period relative to outstanding balances.
Charge-offs	Amounts recorded as accounting losses for receivables confirmed to be uncollectible.
Chiisakimono	An official character created to symbolically and warmly convey the Group’s VMV (Vision, Mission, Value), representing diversity and positivity where each individual shines in their own way.
Collection from purchased receivable	Income collected from receivables acquired by purchase.
Conference	IR events hosted by securities companies and others, where listed companies explain their business activities and strategies to investors and analysts.
Contact center (Call center)	A centralized customer support center handling applications, inquiries, and feedback through multiple channels such as phone, email, websites, chat, and SNS.
CP（Commercial Paper）	Unsecured short-term bonds issued by highly creditworthy companies for short-term funding purposes. The Company positions CP as one of its short-term funding methods.
CPA	Cost per acquisition, representing the advertising and promotional cost required to acquire one new customer.
Credit Business	A collective term for LIFECARD’s credit card business and AG Payment Service’s installment credit business.
Credit cost	Total costs related to bad debts, including charge-offs when receivables become uncollectible and additional provisions for doubtful accounts based on receivable conditions.
Credit extension	Setting loan or credit card limits based on an assessment of a customer’s creditworthiness.
Credit guarantee / Customers’ liabilities for acceptances and guarantees	Outstanding balance of the credit guarantee business
Credit Guarantee Business	A business in which a guarantee company guarantees loan repayments when customers borrow from financial institutions, earning guarantee fees. If customers face repayment difficulties, the guarantee company makes subrogation payments to the financial institution.
Credit Rating	An objective evaluation by credit rating agencies of a company’s financial condition and creditworthiness. The Company’s ratings can be confirmed on the Ratings page.
Credit screening	Setting credit limits based on assessments of customers’ payment capacity.
Crowdfunding	A mechanism to raise funds in small amounts from a large number of people via the internet. Types include purchase-based, donation-based, lending-based, and investment-based crowdfunding.
Debt collection	Activities that encourage repayment through negotiations with customers and means such as SMS and phone calls, targeting accounts receivable and loan receivables.
Direct financing	Raising funds through capital markets, such as issuing bonds or shares.
EPS	An indicator calculated by dividing net income by the number of issued shares, representing earnings per share. It shows the profit generated per share.
Equity ratio	An indicator showing the proportion of equity to total assets, representing financial soundness and stability.

F・G・H

Factoring	A transaction method that monetizes receivables by selling them before their due dates, commonly used for accounts receivable financing.
Financial expenses	Expenses related to funding, including interest payments and bond interest.
Financial inclusion	The concept and initiatives aimed at ensuring that no one is excluded from financial services. It seeks to enable all individuals and businesses to access necessary and appropriate financial services continuously and without undue burden.
FinTech	A general term for initiatives and businesses that innovate financial services by combining finance and technology.
FPC	A Group company engaged in the pet medical insurance business as a small amount short-term insurance provider. It is responsible for insurance-related services within the Group.
Gain on transfer of receivable	Income generated when the transfer price of receivables sold to a third party exceeds their book value.
GMV	An indicator representing the total gross merchandise value, or total transaction amount, of goods traded during a certain period.
Gray-zone interest rate	Interest rates that existed prior to June 2010 between the upper limit of the Interest Rate Restriction Act (15–20% per annum) and the former Investment Act limit (29.2%). The portion exceeding the Interest Rate Restriction Act ceiling is subject to Interest repayment (Kabarai).
Hackathon	An event combining “hack” and “marathon,” where programmers and others form teams to intensively develop programs or services around a given theme within a fixed period and compete on outcomes.
Historical Financial Data	An Excel file presenting financial figures and management indicators from 2001 onward in time series. Available on the Other IR Materials page.

I・J・K

Indirect financing	Raising funds from financial institutions such as banks.
In-house development	Bringing system development or design work in-house using internal personnel and resources instead of outsourcing.
in-house installment guarantee	A scheme in which a guarantee company guarantees the purchaser’s payment obligations in installment sales (installment payments or deferred payments) offered by merchants.
Installment credit sales	A system where customers enter into installment payment contracts for each purchase, with credit companies advancing payments on their behalf. Before the 2009 amendment of the Installment Sales Act, this was referred to as “individual installment sales (kohin kappu).”
Installment receivables	Outstanding balances of payments advanced by credit card companies to merchants in credit card and installment sales (deferred or installment payments).
Integrated Report	A report that integrates financial and non-financial information (ESG, business strategy, governance, etc.) to communicate the Group’s medium- to long-term value creation and growth story. Available on the Integrated Report page.
Interest on operating loans	Interest income received from customers on loans provided.
Interest Rate Restriction Act	A law that stipulates the maximum allowable interest rates on loans.
Investors' Guide	An investor-oriented material that provides an easy-to-understand overview of the Group’s business outline, business model, strengths, and latest initiatives. It is available on the Other IR Materials page.
Issuing	Operations related to credit card issuance, including screening, card issuance, member services, and billing of usage amounts.
IT personnel (Specialized personnel)	Personnel who leverage expertise in digital, data, and design fields to promote in-house development, sophistication, and improved convenience of financial services.

L・M・N

Lease back	A transaction in which assets are sold to a third party and simultaneously leased back, allowing continued use after sale. Commonly used for real estate, business equipment, and vehicles.
Liblock	A Group company engaged in the SES business. It has strengths in technical capabilities centered on application development.
LIFECARD	A Group company engaged primarily in credit card and payment services, supporting the Group’s credit payment domain.
Loan Business	A financial service in which banks or non-bank institutions lend funds to individuals or corporations.
Loans outstanding	The outstanding balance of loans provided to customers.
Loss on interest repayment	Losses incurred when previously received interest exceeding statutory limits must be refunded to borrowers.
M＆A	Initiatives aimed at expanding business foundations and acquiring new growth opportunities through mergers and acquisitions.
Medical fee receivables	Compensation paid under the public health insurance system for medical services such as consultations, tests, surgeries, and prescriptions provided by medical institutions.
Miraibarai	A BNPL service provided by AG Payment Service that allows customers without credit cards to pay via convenience stores or electronic payments after receiving goods.
Money Lending Business Act	A law that governs money lenders and borrowing from money lenders, covering loans to consumers and businesses.
Monthly Data	Materials presenting AIFUL’s monthly performance. Available on the Monthly Data page.
Muninova	The holding company brand of Muninova Holdings, responsible for overseeing and managing Group businesses primarily in the financial sector. The origin of the name “MUNINOVA” is available on this new release.
Non-performing loan (NPL)	Receivables with delayed repayment or those expected to be difficult to collect in the future, classified into four categories: bankrupt or quasi-bankrupt receivables, doubtful receivables, receivables past due for three months or more, and restructured receivables.

O・P・Q

On-balance （Accounting basis)	A basis under which a portion of securitized operating receivables is treated as off-balance and not recorded on the balance sheet.
Operating revenue operating expense ratio	An indicator showing the proportion of operating expenses relative to operating revenue.
Other operating expenses (SG&A)	Expenses other than financial expenses, advertising expenses, credit-related costs, interest repayment expenses and personnel expenses, including comission fee, insurance claims, and depreciation.
Other operating revenue	Includes fees and insurance income other than those from the loan, credit, and credit guarantee businesses.
Prime Market	One of the Tokyo Stock Exchange’s market segments, intended for companies that emphasize constructive dialogue with global investors.
Proper card	A credit card issued under a company’s own brand.
Provision for loss on interest repayment	A provision set aside in preparation for future losses related to interest repayments.

R・S・T

Real ROE (Proprietary Metrics)	ROE calculated using an assumed effective tax rate of 30%, which is generally borne by ordinary companies.
Recoveries of written off claims	Income recognized from amounts recovered after receivables had previously been written off as bad debts.
REKSA FINANCE	A Group company operating auto loan services for used cars in the Republic of Indonesia. It primarily develops its business in the overseas automotive finance sector.
Rent Payment Guarantee Business	A credit guarantee business related to lease contracts.
Restriction on total loan amount	A regulation that generally prohibits lending exceeding one-third of a borrower’s annual income to protect consumers. This regulation applies to loans provided by money lenders.
Revenue from credit guarantee	Guarantee fee income earned from the credit guarantee business.
Revenue from installment receivable	Fee income received from merchants and users related to installment credit arrangements in credit cards and installment sales.
Revolving payment	A payment method where monthly payments remain fixed regardless of usage amounts.
ROA	In the Group, an indicator calculated by dividing ordinary income by total assets, representing return on assets. It shows how efficiently total assets are utilized to generate profits.
ROE	An indicator calculated by dividing net profit by shareholders’ equity, representing return on equity. It shows how efficiently profits are generated from shareholders’ capital.
Roll-up	A growth strategy that expands business scale and improves efficiency by integrating or acquiring multiple companies in the same or adjacent industries.
Salop	A Group company engaged in the SES business, with strengths in system development primarily in the mobile application domain.
Scoring	A credit model that quantifies information such as income and transaction history to assess creditworthiness of individuals or companies.
Secured loan	A loan secured by collateral such as real estate or medical fee receivables.
Servicer (Debt collection company)	A private specialized company licensed by the Minister of Justice that purchases or collects non-performing receivables such as housing and business loans on behalf of banks and corporations.
SES	System Engineering Service, which provides IT engineers’ technical expertise and skills mainly in response to client requests.
Seven Seas	A Group company engaged in the SES business, with strengths in SES track records in the financial sector and core systems.
Small amount short-term insurance	Insurance products with short policy periods (generally 1–2 years) and relatively small insured amounts. They often focus on specific risks such as pet insurance, smartphone insurance, and funeral insurance.
Smart Link	A Group company engaged in the SES business, with strengths in project support focused on PMO and upstream processes.
Social Finance	Funds used exclusively for purposes that contribute to solving social issues. The Group established the consumer finance industry’s first Social Finance Framework and has raised funds through social bonds and social loans.
Spread	The interest rate margin added to benchmark rates (such as TIBOR) when the Company raises funds. It is an important indicator for explaining funding costs.
Subrogation payment	Payment of a debt by a third party on behalf of the original obligor.
TEMPLATE	A Group company engaged in the SES business, with strengths in system development for life and non-life insurance fields.
Tibor	A benchmark interest rate for interbank transactions, abbreviated from Tokyo Interbank Offered Rate. It is used by financial institutions as a reference for external lending.
Top-line	Operating revenue shown at the top of the Income statement (P/L).
Total payout ratio	An indicator showing the ratio of total shareholder returns (dividends plus share repurchases) to net profit. Details are available on the Cash Dividends, Stock Splits, Treasury Stock Purchase page.
Total receivable outstanding including off-balance	A “substance-based” metric that includes securitized operating receivables in addition to on-balance receivables.

U・V・W

UI/UX	UI (User Interface) refers to the screens and operability through which users interact with services or systems, while UX (User Experience) refers to the experience gained through service usage. They are key concepts for making digital products—such as websites, applications, and internal systems—easy to use and valuable.
Unsecured loan	A loan that does not require collateral and is based on the borrower’s creditworthiness.
V-Preca	An online-only Visa prepaid card issued by LIFECARD that requires no screening and can be issued immediately.
WebMoney	A prepaid electronic money service provided by BitCash, specialized for purchasing digital content such as online games, e-books, and music distribution.

X・Y・Z

Zero-Zero Loans	Emergency financing measures implemented by the Japanese government to support SMEs and sole proprietors affected by COVID-19, providing effectively interest-free and unsecured loans.