Global Reports | Game Industry Library

Sales for the First 9 Months of Fiscal Year 2025-26

NACON reported consolidated sales of €124.2 million for the first nine months of fiscal year 2025‑26, a decline of 4.4 % compared with €129.9 million in the same period last year. Total game revenue rose 1.9 % to €25.9 million, driven by a 39.9 % increase in catalogue sales (€13.7 million) from new titles such as Hell is Us, Cricket 26 and Rennsport. Back‑catalogue sales fell 21.8 % to €12.2 million, largely due to a high base and market contraction. Accessories revenue dropped 29.1 % to €17.9 million, with the United States market still impacted by customs duties; the decline eased from 66 % in Q2 to 38 % in Q3. Other mobile and audio sales grew modestly by 4.6 %.

Quarterly performance varied: Q1 saw a 2.9 % drop, Q2 grew 4.5 %, while Q3 declined 12.8 %. The company attributes the Q3 downturn to weaker accessories sales, despite strong catalogue momentum. NACON’s outlook for 2025‑26 remains conservative; it now expects activity comparable to the previous year, citing continued catalogue releases (e.g., Styx: Blades of Greed, GreedFall The Dying World) and anticipated accessory sales in Europe, including the Switch 2 and a new RIG R5 PRO HS headset. The company’s 16 studios, AA publishing arm, and peripheral design capabilities underpin its market position across 100 countries through 25 subsidiaries.

NACON reported consolidated sales of €124.2 million for the first nine months of fiscal year 2025-26, representing a 4.4% decline compared to the same period last year.
Total game revenue grew 1.9% to €25.9 million, fueled by a 39.9% surge in new catalogue sales from titles like 'Hell is Us', 'Cricket 26', and 'Rennsport'.
Accessories revenue dropped 29.1% to €17.9 million, primarily due to ongoing impacts from customs duties in the United States market.
Back-catalogue sales fell 21.8% to €12.2 million, attributed to a high base effect and broader market contraction.
Quarterly performance was inconsistent, featuring a 2.9% drop in Q1, 4.5% growth in Q2, and a 12.8% decline in Q3.

Nacon

Report83 pages

Annual Financial Report: 2019/20

1. FOCUS HOME INTERACTIVE presentation pages 5 to 9 2. Declaration by the person responsible page 11 3. Management Board’s report pages 15 to 33 4. Supervisory Board’s report pages 37 to 41 5.

Focus Home Interactive's gross profit grew 20% to €36.6M, with a gross margin of 31% (up from 29% last year), and operating profit increased 36% to €19.2M for the year ended March 31, 2020.
The Group held a net cash position of €18M on March 31, 2020.
Focus Home Interactive has established new collaborations with Saber (for new projects and porting existing titles to Nintendo Switch and mobile) and Sumo Digital (for a new multiplayer game developed by Sumo Newcastle).
The company successfully released "World War Z" in April 2019, developed with Saber and based on the Paramount film.
Focus Home Interactive held 8,295 of its own shares valued at €148,978 as part of a liquidity contract and an additional 151,759 shares under its stock buyback program as of March 31, 2020.

Pullup Entertainment

Report106 pages

Annual Financial and Corporate Social Responsibility Report: 2020/21

ANNUAL FINANCIAL REPORT AT 31 MARCH 2021 1. Introduction pages 5 to 9 2. Declaration by the person responsible page 11 3. Management Board’s report pages 13 to 34 4. Supervisory Board’s report pages 35 to 43 5.

Focus Home Interactive's revenue increased significantly from €137.8M in 2020 to €166.5M in 2021, with net income totaling €14.7M for the year ended March 31, 2021.
The company's balance sheet assets grew from €90.9M in March 2020 to €122M in March 2021, and equity increased from €57.7M to €72.4M during the same period.
Focus Home Interactive bought back 127,753 shares in 2020/21, down from 151,759 shares the previous year, and sold 36,015 shares, with 27,099 used to acquire Deck 13 Interactive.
The Supervisory Board saw significant changes, with Fabrice Larue appointed Chairman on July 27, 2020, replacing Denis Thébaud, and new members Louise Tingström and Thaima Samman appointed on April 16, 2021.
Focus Home Interactive faces currency risks, particularly with the US dollar and British pound, and uses hedging strategies to mitigate potential impacts on profitability.

Pullup Entertainment

Report97 pages

Annual Financial Report and CSR Report: 2021/2022

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2022 1. INTRODUCTION pages 3 to 7 2. DECLARATION BY THE PERSON RESPONSIBLE page 8 3. MANAGEMENT REPORT pages 9 to 24 4. BOARD REPORT ON CORPORATE GOVERNANCE pages 25 to 33 5. AUDITOR’S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2022 pages 34 to 36 6.

Focus Entertainment acquired 77.5% of Dotemu for €53.5M on September 30, 2021, resulting in goodwill of €60.7M and significantly increasing the gross value of goodwill from €6.257M to €72.747M.
The company's commitments to studios and right holders dramatically increased from €39.290M in 2021 to €120.786M in 2022, with €59.183M due within one year.
Focus Entertainment paid a €2.9M fine to the European Commission on July 12, 2021, related to an investigation into alleged technical and contractual restrictions on PC game circulation in Europe.
The proportion of sales billed in US dollars was 55% of consolidated revenue as of March 31, 2022, exposing the company to currency risk, though game sales in USD can partially offset USD-denominated costs.
The company bought back 181,643 shares by March 31, 2022, as part of a program authorizing the buyback of up to 250,000 shares, and held 299,365 of its own shares at that date.

Pullup Entertainment

Report97 pages

Annual Financial Report and CSR Report: 2022/2023

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2023 1. INTRODUCTION pages 3 to 7 2. DECLARATION BY THE CHIEF EXECUTIVE OFFICER page 8 3. MANAGEMENT REPORT pages 9 to 24 4. REPORT ON CORPORATE GOVERNANCE pages 25 to 34 5. STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2023 pages 35 to 37 6.

On June 16, 2022, Dotemu successfully launched Teenage Mutant Ninja Turtles: Shredder’s Revenge, selling over 1 million copies within one week of its release for PC, Nintendo Switch, PlayStation 4, and Xbox One.
On September 5, 2022, FOCUS ENTERTAINMENT acquired 66.67% of WW1 Game Series B.V. (renamed BlackMill Games B.V.) for €5.5 million, making it the sixth development studio to join the Group.
The company changed its name from Focus Home Interactive to FOCUS ENTERTAINMENT on April 1, 2022, to better reflect its main business lines and values.
Goodwill increased by €3,151 from March 31, 2022, to March 31, 2023, reaching €71,826, though Dotemu's goodwill decreased by €8,886 during the same period.
The average workforce increased from 307 on March 31, 2022, to 398 on March 31, 2023, with significant growth in production roles (201 to 269) and administration (52 to 85).

Pullup Entertainment

Report106 pages

Annual Financial Report and CSR Report: 2023-2024

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2024 1. INTRODUCTION pages 3 to 6 2. DECLARATION BY THE CHIEF EXECUTIVE OFFICER page 7 3. MANAGEMENT REPORT pages 8 to 26 4. REPORT ON CORPORATE GOVERNANCE pages 27 to 38 ON THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2024 pages 39 to 40 6.

PULLUP Entertainment (formerly FOCUS ENTERTAINMENT) reported a consolidated net loss of €19,244K for the financial year ended March 31, 2024, a significant decrease from the €10,261K net profit in the previous year, representing a 288% decline.
Revenue decreased by 3% to €187,334K as of March 31, 2024, from €194,104K in the prior year, while game development costs nearly doubled, increasing by 99% to €64,726K from €32,509K.
The company acquired UK studio Dovetail Games, known for simulation franchises like Train Simulator Classic and Train Sim World, with the acquisition consolidated into PULLUP Entertainment's accounts from April 20, 2023, and expected to have a slightly accretive impact on profit margin.
PULLUP Entertainment drew an additional €20M on its credit line for the Dovetail Games acquisition and pledged 50.1% of Dotemu shares and 98% of Dovetail Games Holding shares to creditors.
The company's net debt increased significantly from €27,260K to €132,646K as of March 31, 2024, primarily due to new bank loans totaling €70,500K.

Pullup Entertainment

Report15 pages

Q3 2022 Earnings Call: Stillfront Group AB

Stillfront Group AB<sub>(</sub>SF.SE ) Stillfront Group AB<sub>(</sub>SF.SE) Corrected Transcript Q3 2022 Earnings Call 26-Oct-2022 Chief Executive Officer, Stillfront Group AB ChiefFinancial Officer, Stillfront Group AB ..........................................................................................................................................................................................

Stillfront Group AB's Q3 2022 earnings show a strong cash flow generation of almost SEK 500 million after net working capital adjustments, enabling continued investment in their portfolio and platform.
The company's active portfolio consists of 77 games, with mobile games accounting for 77% of the share and ad bookings making up 14% of revenues. Casual & Mash-up games represent 43% of revenues, and Strategy games 35%.
Stillfront Group AB invested SEK 257 million in new products and their platform, representing 14.4% of their revenues, and settled SEK 290 million in 2021 cash earn-outs this quarter, with no further 2021 earn-outs remaining.
The company achieved growth with less User Acquisition (UA) spend by leveraging live operations (live ops) and expects increased synergies from live ops across its diversified studio and game teams.
Stillfront Group AB reported a stable uplift in Daily Active Users (DAU), Monthly Active Users (MAU), and Monthly Paying Users (MPU) year-over-year, driven by acquisitions and strong performance in Strategy games.

Stillfront

Report14 pages

Half-Yearly Report and Trading Update: 2015-2016

HALF-YEARLY REPORT AND TRADING UPDATE Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its half-yearly results for the six months to 29 November 2015. Six months to Six months to 29 November 30 November 2015 2014 Revenue £55.3m £56.5m Revenue at constant currency £56.9m £56.5m Operating profit pre-royalties receivable ...

Games Workshop's pre-tax profit for the year to May 29, 2016, is projected to be no more than £16 million, and December sales were below expectations across the Group.
Revenue for the six months to November 29, 2015, decreased to £55.3 million from £56.5 million in the prior year, though it increased to £56.9 million at constant currency.
Operating profit remained flat at £6.2 million for the six months to November 29, 2015, compared to the previous year, but core business operating profit (pre-royalties) fell by £0.8 million to £4.7 million.
Return on capital declined from 38% in November 2014 to 36% in November 2015, attributed to increased average capital employed and a decline in operating profit before royalties.
Royalties receivable from licensing significantly increased from £0.7 million to £1.5 million in the period.

Games Workshop Group

Report15 pages

Half-Yearly Report: 2016-2017

Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its half-yearly results for the six months to 27 November 2016. 27 November 29 November Revenue £70.9m £55.3m Revenue at constant currency £62.7m £55.3m Operating profit pre-change in accounting estimates and royalties receivable £9.7m £4.7m Impact of change in accounting estimates ...

Games Workshop Group PLC reported significant growth for the six months to November 27, 2016, with total revenue increasing to £70.9m from £55.3m in the prior year, and operating profit more than doubling to £13.8m from £6.2m.
Profit before tax for the period surged to £13.8m, up from £6.3m in the previous year, while basic earnings per share more than doubled to 34.0p from 14.9p.
The company experienced sales and profit growth across all channels, with Trade revenue increasing to £29.3m (actual rates) from £22.4m, Retail to £29.2m from £21.5m, and Mail Order to £12.4m from £11.4m.
A change in accounting estimates for amortisation of development costs and depreciation of moulding tools, effective May 30, 2016, positively impacted operating profit by £0.8m for the six months to November 27, 2016.
Cash generated from operations saw a substantial increase, rising to £19.6m from £8.6m in the comparable period, and dividends per share declared increased to 25p from 20p.

Games Workshop Group

Report16 pages

Half-Yearly Report: 2017

Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its half-yearly results for the six months to 26 November 2017. 26 November 27 November Revenue £108.9m £70.9m Revenue at constant currency £108.6m £70.9m Operating profit pre-change in accounting estimates and royalties receivable £33.4m £9.7m Impact of change in accounting estimates ...

Games Workshop Group PLC reported record sales and profit for the six months to November 26, 2017, with revenue increasing by 53.6% to £108.9 million (from £70.9 million in 2016) and operating profit soaring by 181.2% to £38.8 million (from £13.8 million in 2016).
This strong performance translated into significantly higher earnings per share, which rose from 34.0p in 2016 to 97.6p in 2017, and a substantial increase in dividends declared, from 25p to 61p per share.
Growth was broad-based, with sales and profit increasing across all regions and channels, including a 71% rise in online shop sales and a 22% increase in digital publication sales through Apple, with new distribution channels like Amazon and Audible also launched.
The company's focus on its 'Warhammer Hobby' and continuous improvement of its miniatures range, combined with effective cost management, contributed to these record financial results and strong cash generation (£41.2 million from operations).
Games Workshop also saw significant growth in its Trade segment (up 63.5% to £47.96 million) and Mail Order segment (up 71.2% to £21.28 million) in external revenue for the period.

Games Workshop Group

Report15 pages

Half-Yearly Report: 2018-2019

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the six Six months to Six months to 2 December 2018 26 November 2017 Revenue £125.2m £109.6m Revenue at constant currency £124.2m £109.6m Operating profit pre- royalties receivable £35.3m £34.5m Royalties receivable ...

Games Workshop Group PLC reported a significant increase in revenue for the six months to December 2, 2018, reaching £125.2 million, up from £109.6 million in the same period last year.
Operating profit and pre-tax profit also saw growth, rising to £40.8 million for the six months to December 2, 2018, compared to £38.1 million in the prior year.
Basic earnings per share increased to 100.8p from 96.0p, and the dividend per share declared in the period rose to 65p from 61p.
Trade segment revenue experienced substantial growth, increasing from £48.0 million to £61.4 million, while Retail revenue grew from £39.6 million to £42.6 million.
Cash generated from operations decreased to £36.0 million from £41.2 million, primarily due to increased investment in working capital.

Games Workshop Group

Report78 pages

Annual Report 2019

Revenue 256,574 221,304 Revenue at constant currency 255,295 221,304 Operating profit - pre-royalties receivable 69,834 64,702 Royalties receivable 11,365 9,617 Operating profit 81,199 74,319 Profit before taxation 81,296 74,270 Cash generated from operations 88,776 82,332 Earnings per share ...

Games Workshop Group PLC reported a strong financial performance in 2019, with revenue increasing to £256,574,000 from £221,304,000 in 2018, and operating profit rising to £81,199,000 from £74,319,000.
The company achieved a third consecutive year of record constant currency sales, profit, cash generation, and returns to shareholders, driven by its core business of producing and selling fantasy miniatures.
Earnings per share grew to 202.9p in 2019 from 184.3p in 2018, and dividends per share declared in the year increased significantly to 155p from 126p.
Cash generated from operations also saw a healthy increase, reaching £88,776,000 in 2019 compared to £82,332,000 in 2018.
Despite the positive financial results, the company's return on capital decreased from 120% in 2018 to 100% in 2019, primarily due to an increase in average capital employed.

Games Workshop Group

Report16 pages

Half-Yearly Report: Six Months to 1 December 2019

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the six Six months to Six months to 1 December 2019 2 December 2018 Revenue £148.4m £125.2m Revenue at constant currency £145.6m £125.2m Operating profit pre-royalties receivable £48.5m £35.3m Royalties...

Games Workshop Group PLC reported record sales and profit for the six months ending December 1, 2019, with revenue increasing by 19% to £148.4 million (16% at constant currency) and operating profit rising to £59.2 million from £40.8 million in the prior year.
Profit before taxation increased by £17.8 million to £58.6 million, and basic earnings per share grew to 145.9p from 101.3p.
Licensing income (royalties receivable) significantly increased by £5.2 million to £10.7 million, including £6.2 million from new license contracts, compared to £1.6 million in the previous year.
Sales growth was observed across all channels: Trade (£76.1 million), Retail (£45.3 million), and Online (£24.2 million).
The company declared dividends of 100p per share during the period, including a new dividend of 45 pence per share, and invested £5.7 million in capital projects.

Games Workshop Group

Report17 pages

Half-Yearly Report: 29 November 2020

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the six Six months to Six months to 29 November 2020 1 December 2019 Revenue £186.8m £148.4m Revenue at constant currency £188.2m £148.4m Operating profit - pre-royalties receivable £83.3m ...

Games Workshop Group PLC reported significant growth for the six months to November 29, 2020, with revenue increasing to £186.8m from £148.4m in the prior year, and operating profit rising to £92.0m from £59.2m.
Profit before taxation for the period reached £91.6m, up from £58.6m, and basic earnings per share grew to 226.1p compared to 145.9p in the previous year.
Sales growth was strong across all channels, with trade sales up 33%, online sales up 87%, and retail sales broadly following government lockdown rules, contributing to a 26% overall sales increase.
The company achieved a 75% gross margin, a 6% increase, driven by higher volumes, and maintained a controlled cost-to-sales ratio of 28% (excluding group profit share and discretionary bonus), down from 36% in 2019.
Manufacturing output increased by 30% compared to the same period last year, with the new Warhammer 40,000 launch breaking production volume records, and the company is expanding its manufacturing capacity with a new factory nearing completion and securing additional land.

Games Workshop Group

Report20 pages

Half-Yearly Report: 2022-2023

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period to 27 November 2022. 26 weeks to 26 weeks to 27 November 2022 28 November 2021 Core revenue £212.3m £191.5m Licensing revenue £14.3m £20.1m Revenue ...

Games Workshop Group PLC reported a half-yearly revenue of £226.6m for the 26 weeks to 27 November 2022, an increase from £211.6m in the prior year, with core revenue growing to £212.3m from £191.5m.
Operating profit decreased to £83.6m from £88.5m in the previous year, and profit before taxation also saw a decline to £83.6m from £88.2m.
Licensing revenue significantly decreased to £14.3m from £20.1m, largely due to a high level of guarantee income on multi-year contracts recognized in the prior year.
The company's net increase in cash before dividends paid rose substantially to £68.1m from £41.4m, and dividends per share declared increased to 165p from 100p.
Core sales growth was observed across Retail (+9.8%) and Trade (+3.4%), with a slight decline in Online sales (-0.5%) on a constant currency basis.

Games Workshop Group

Report20 pages

Half-Yearly Report: 26 Weeks to 26 November 2023

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period to 26 November 2023. 26 weeks to 26 weeks to 26 November 2023 27 November 2022 Core revenue £235.6m £212.3m Licensing revenue £12.1m £14.3m Revenue ...

Games Workshop Group PLC reported record half-yearly revenue of £247.7m (up from £226.6m in the prior period) and profit before taxation of £95.2m (up from £83.6m) for the 26 weeks to 26 November 2023.
Core revenue grew by 11.0% to £235.6m, with growth across Retail (+12.3%), Trade (+12.6%), and Online (+4.9%).
Core gross margin increased significantly from 64.2% to 69.4%, primarily due to reduced inventory provision charges and lower carriage costs.
Dividends per share declared and paid in the period increased to 195p, up from 165p in the previous comparable period.
The company's cash and cash equivalents increased to £111.3m as of 26 November 2023, up from £90.2m at 28 May 2023.

Games Workshop Group

Report21 pages

Half-Yearly Report: 2024–2025

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period ended 1 December 2024. 26 weeks ended 26 weeks ended 1 December 2024 26 November 2023 Core revenue £269.4m £235.6m Licensing revenue £30.1m £12.1m Revenue £299.5m £247.7m Revenue at cons...

Games Workshop Group PLC reported its best first half-year performance for the 26 weeks ended December 1, 2024, with total revenue reaching £299.5m, up from £247.7m in the prior year.
Operating profit significantly increased to £126.1m for the 26 weeks ended December 1, 2024, compared to £94.5m in the same period last year, with profit before taxation at £126.8m.
Core revenue grew by 14.3%, driven by strong performance in Trade (+21.7%) and Retail (+11.2%), although Online revenue decreased by 4.2%.
Licensing revenue saw substantial growth, increasing from £12.1m to £30.1m, with licensing operating profit rising from £11.1m to £28.0m.
Earnings per share rose to 288.9p for the 26 weeks ended December 1, 2024, up from 216.9p in the previous year.

Games Workshop Group

Report24 pages

Half-Yearly Report: 2025

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period ended 30 November 2025. 26 weeks ended 26 weeks ended 30 November 2025 1 December 2024 Core revenue £316.1m £269.4m Licensing revenue £16.0m £30.1m Revenue ...

Games Workshop Group PLC reported a record half-year performance for the 26 weeks ended November 30, 2025, with total revenue reaching £332.1 million, up from £299.5 million in the prior year.
Core revenue increased significantly to £316.1 million (from £269.4 million), while licensing revenue decreased to £16.0 million (from £30.1 million).
Operating profit grew to £140.4 million (from £126.1 million), and profit before taxation increased to £140.8 million (from £126.8 million).
Earnings per share rose to 319.9p (from 288.9p), and dividends per share declared and paid in the period were 225p (from 185p).
The company is expanding its infrastructure with a new UK warehousing facility opening in 2027 and a new Warhammer World format location in North America also planned for 2027.

Games Workshop Group

Report96 pages

Annual Report and Accounts 2023

FRONTIER REALMS ANNUAL REPORT AND ACCOUNTS 2023 GROWING AND EVOLVING ANNUAL REPORT HEADLINES CONTENTS Frontier is a leading independent developer and publisher of video games See a summary of our progress in FY23 including 01 Headlines founded in 1994 by David Braben, co-author of the iconic Elite game.

Frontier Developments PLC acquired Complex Games, developers of Warhammer 40,000: Chaos Gate – Daemonhunters, in November 2022, gaining expertise in turn-based strategy games.
The company's gross research and development spend increased to £52.9 million in FY23, up from £47.5 million in FY22.
Planet Zoo, released in 2019, is on its 15th PDLC pack (Oceania Pack, due September 2023) and supports animal conservation initiatives with partners like Edinburgh Zoo and San Diego Wildlife Alliance.
Adjusted EBITDA (loss)/profit for FY23 was (£4,595k), a decrease from (£6,677k) in FY22.
From FY24, the company will amortize other intangible assets more rapidly in the first 12 months post-release, which may negatively impact reported operating profit short-term but not Adjusted EBITDA.

Frontier Developments

Report80 pages

Integrated Report 2025

SEGA SAMMY HOLDINGS INTEGRATED REPORT 2025 SEGA SAMMY HOLDINGS INTEGRATED REPORT 2025 Key Visual from Sonic the Hedgehog 3 movie Group Value Introduction Strengthening of Non-Financial Capital Creativity is Mindset and DNA SEGA SAMMY Group Core Businesses 02 Materiality 56 Creativity is Alway...

SEGA SAMMY Holdings aims for Adjusted EBITDA over ¥230.0 billion and ROE over 10% cumulatively for the three-year period from FY2025/3 to FY2027/3.
The company is expanding its Gaming Business through the acquisition of Stakelogic B.V. by its subsidiary SEGA SAMMY CREATION INC., completed on April 28, 2025.
The Entertainment Contents Business expects revenue to increase compared to FY2025/3, with strong sales of new and repeat full games in the Consumer area and continued growth in licensing income, despite an anticipated reactionary decline in Animation areas.
The Pachislot & Pachinko Machines Business aims to reclaim the No. 1 total utilization share, having fallen one position in the fiscal year ended March 2024 due to differences between product specifications and market needs.
SEGA SAMMY Holdings is reinforcing "culturally diverse human resources" aligned with its global business expansion strategy and has increased external directors to four to enhance transparency and governance.

Sega Sammy Holdings