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Market Analysis

Financial Results for the Second Quarter of FY2019

The second‑quarter fiscal 2019 results show net sales of ¥17.7 billion, operating income of ¥1.0 billion and EBITDA of ¥1.2 billion, aligning closely with forecasts after adjusting for a ¥160 million variable‑cost revision that had been misrecorded in the prior quarter. Operating margin stands at 5.4 %. Variable costs fell to ¥7.27 billion, aided by a ¥400 million reduction in advertising spend and declining commission fees; fixed costs rose by ¥430 million due to increased outsourcing for full‑scale development investment, bringing total costs to ¥16.76 billion. Geographically, the company expanded overseas distribution of its flagship titles—DanMachi and SINoALICE—to Hong Kong, Taiwan, and North America, with another first‑party IP, Another Eden, slated for global self‑distribution. Multi‑platform releases included Fishing Star on Nintendo Switch and a new VTuber livestreaming app, REALITY Avatar. The company’s strategy emphasizes nurturing first‑party IPs to improve long‑term profitability, while maintaining third‑party titles and leveraging self‑distribution where possible. For the third quarter, net sales are projected between ¥16.5 and ¥17.5 billion with operating income ranging from ¥300 to ¥800 million, reflecting continued investment in new titles and the expected impact of overseas expansion. The balance sheet remains solid, with fixed assets at ¥17 billion and investment securities valued at approximately ¥25 billion, including venture‑capital holdings. Overall, the company maintains confidence in its financial base while pursuing aggressive international growth and IP development.

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GREE

Annual Report & Accounts 2014: Sweden

CEO’s Review 1 Directors’ Report 11 The MTG Share 32 Corporate Governance Report 36 Board of Directors 46 Executive Management 49 Consolidated Financial Statements 54 Parent Company Financial Statements 59 Notes to the Accounts 64 Audit Report 119 Definitions 121 Glossary 12...

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Modern Times Group

Financial Highlights: 3rd Quarter of the Fiscal Year Ending March 2015

Financial highlights for the third quarter of fiscal year 2014, ending March 31 2015, show a robust performance across KOEI TECMO HOLDINGS’ core segments. Net sales rose to ¥37,576 million from ¥25,578 million in the same quarter of FY2013, a 5.9% decline versus the prior year but an increase of 1.1 % against the company’s forecast. Gross profit climbed to ¥16,150 million, up 0.5 % from the previous year’s figure, while operating income surged to ¥7,140 million, a 35.7 % jump from the prior year’s ¥3,580 million and 12.0 % above forecasted levels. Net income reached ¥6,936 million, up 31.1 % from FY2013’s ¥4,983 million and slightly above the projected ¥7,000 million. Segment analysis reveals that Game Software sales increased to ¥25,441 million, a 13.3 % year‑over‑year decline but only 0.2 % below forecast, whereas Online & Mobile sales grew by 6.1 % to ¥6,423 million, outperforming the 9.0 % forecasted rise. Media & Rights sales expanded sharply by 46.4 % to ¥2,071 million, surpassing the 6.2 % forecasted growth. Pachislot & Pachinko and Amusement Facilities sales fell 3.6 % and 9.7 %, respectively, yet both remained close to or above their forecasted changes. Operating income by segment mirrored these trends: Game Software and Online & Mobile segments delivered the largest gains, while Media & Rights shifted from a loss to a profit of ¥202 million. The company’s balance sheet strengthened, with total assets increasing from ¥100,622 million to ¥106,432 million and shareholders’ equity rising to ¥89,845 million. Current liabilities fell markedly, improving liquidity ratios. Overall, the quarter demonstrated solid profitability growth driven by strong performance in core software and online segments, offsetting declines in traditional gaming and amusement operations.

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Koei Tecmo

Financial Results for the First Half: Fiscal Year Ending March 2026

Koei Tecmo Holdings reported first‑half fiscal 2026 results, showing sales of ¥35.2 billion and operating profit of ¥10.7 billion, both surpassing the company’s initial forecasts but falling 11.2 % and 25.2 % respectively compared with the same period in FY24. Net profit declined 15.7 % to ¥13.5 billion, driven mainly by a contraction in the online and mobile entertainment segment; repeat sales of existing titles offset declines in new releases. Labor costs rose, yet variable and outsourcing expenses fell, improving operating efficiency. Segment analysis revealed a 12 % drop in entertainment sales to ¥28.5 billion, while amusement and real‑estate units grew modestly (¥2.3 billion and ¥635 million respectively). The “Other” segment recorded a loss of ¥320 million, reflecting venture‑capital management costs. Forecasts for FY25 maintain a conservative outlook: projected sales of ¥92 billion, operating profit of ¥31 billion, and net profit of ¥27 billion, with a dividend per share of ¥43. The company expects the second half to benefit from new title launches scheduled for Q3 onward. The presentation also covered corporate governance and compliance, noting a successful treasury‑share disposal in September 2025 that raised tradable shares to 37.3 %, meeting Tokyo Stock Exchange Prime Market criteria. Strategic highlights include the fourth medium‑term plan, “Creating a Foundation for Growth,” targeting cumulative operating income of ¥100 billion over three years and a single‑year profit goal of ¥40 billion. Emphasis is placed on balanced pipeline development, multi‑platform releases, and global expansion through strengthened overseas marketing and publishing partnerships. The IP division’s focus on licensing and merchandise, particularly for the Atelier series, aims to diversify revenue streams and enhance brand value worldwide.

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Koei Tecmo