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Financial Highlights: 1st Quarter of the Fiscal Year Ending March 2017
Financial highlights for the first quarter of KOEI TECMO Holdings’ fiscal year ending March 2017 reveal a robust revenue increase and strong profitability across most segments. Net sales rose 12.9 % year‑over‑year to ¥38,332 million, driven primarily by the entertainment segment, which grew 16.2 % to ¥34,713 million; pachislot & pachinko sales increased modestly by 0.8 % to ¥1,788 million, while amusement facilities and real‑estate segments contracted 18.3 % and 2.9 %, respectively. Operating income surged 70.6 % to ¥11,069 million, with the entertainment division contributing 89.5 % of this gain. Net income fell 46.7 % to ¥10,855 million, largely due to a 58.6 % decline in income before taxes and minority interests.
On the balance‑sheet side, total assets contracted from ¥110.9 billion to ¥97.3 billion, largely driven by a reduction in current assets and investment securities. Current liabilities fell sharply from ¥10.6 billion to ¥4.9 billion, reflecting lower trade payables and accrued bonuses. Shareholders’ equity decreased from ¥99.0 billion to ¥94.7 billion, with retained earnings declining from ¥60.0 billion to ¥55.6 billion. Net assets fell from ¥98.7 billion to ¥91.0 billion, and accumulated other comprehensive income shifted from a negative ¥523 million to a positive ¥3.9 billion, largely due to foreign‑currency translation adjustments.
The data cover Japan‑based operations for the fiscal year ending March 2016, with quarterly figures reported as of June 30 2016. The report aggregates consolidated financial statements without detailing survey methodology, relying instead on standard accounting disclosures.
- KOEI TECMO Holdings reported a 12.9% year-over-year increase in net sales to ¥38,332 million for the first quarter ending June 30, 2016.
- Operating income surged 70.6% to ¥11,069 million, with the entertainment division serving as the primary driver by contributing 89.5% of this total gain.
- Net income declined 46.7% to ¥10,855 million, primarily attributed to a 58.6% drop in income before taxes and minority interests.
- The entertainment segment grew 16.2% to ¥34,713 million, while amusement facilities and real-estate segments contracted by 18.3% and 2.9%, respectively.
- Total assets decreased from ¥110.9 billion to ¥97.3 billion, driven by reductions in current assets and investment securities.
Koei Tecmo Holdings Financial Summary: FY2024 3Q
Koei Tecmo Holdings reported FY2024 Q3 results, showing a 17.6 % decline in consolidated sales to ¥14,677 million versus ¥16,109 million in Q2 and a 25.4 % drop from the same period in FY2023. Gross profit fell to ¥8,392 million, reflecting higher cost of sales (¥6,285 million) and a lower gross margin of 32 % compared with 41 % in Q2. Operating profit contracted to ¥4,673 million (profit ratio 32 %) from ¥6,664 million in Q2 and 41 % in FY2023 Q3. Ordinary profit turned negative for the first time in the quarter, at ¥(787) million, largely due to a ¥5,461 million non‑operating loss. Net profit was ¥(171) million, a reversal from the ¥6,898 million gain in Q2.
Segment analysis indicates entertainment sales dominated at ¥13,515 million (92 % of total), with console/PC and digital downloads each contributing roughly ¥5–6 million. Amusement revenue remained modest at ¥794 million, while real‑estate income was negligible. Regional sales were strongest in Japan (¥7,890 million) and Asia excluding Japan (¥5,232 million), with North America and Europe contributing ¥1,087 million and ¥468 million respectively.
Expenses rose in cost of sales (¥6,285 million) and SG&A (¥3,718 million). Employment costs increased to ¥5,200 million, and outsourcing expenses climbed to ¥1,400 million. Digital download units accounted for 75 % of total sales units in Q3, up from 73.9 % in Q2, indicating a continued shift toward digital channels.
Headcount remained steady at 2,400 employees. Capital expenditures for FY2024 were ¥1,967 million, with real‑estate investment at ¥1,631 million and depreciation expense at ¥1,776 million. The data cover the Japanese market and overseas regions for FY2024 Q3, with comparative figures from FY2023.
- Koei Tecmo reported a net loss of ¥171 million for FY2024 Q3, a significant reversal from the ¥6,898 million profit recorded in the previous quarter.
- Consolidated sales fell 25.4% year-over-year to ¥14,677 million, while operating profit contracted to ¥4,673 million from ¥6,664 million in Q2.
- Ordinary profit turned negative at ¥(787) million, primarily driven by a substantial non-operating loss of ¥5,461 million.
- The entertainment segment remains the core revenue driver, accounting for 92% of total sales at ¥13,515 million.
- Digital download penetration continues to rise, reaching 75% of total sales units in Q3 compared to 73.9% in Q2.
FY2018 2Q Result Presentation
GREE, Inc. reported FY2018 second‑quarter results on February 2, 2018, with net sales of ¥19.5 billion and operating income of ¥2.3 billion, exceeding targets for both metrics. EBITDA reached ¥2.7 billion. Year‑on‑year growth was achieved, though quarter‑over‑quarter sales moderated by roughly 10 percentage points; operating margin remained at 12 %. The company attributed the sales dip to reduced advertising spend and lower commission fees, while cost controls on labor and outsourcing mitigated profit erosion. A strategic shift toward console gaming was announced, with the first title “The Fishing Star” slated for Nintendo Switch and a global release in development. Mobile game performance was bolstered by the launch of “Library Cross Infinite” and ongoing content updates for titles such as Another Eden, Danmachi, SINoALICE, SYMPHOGEAR, and Puchiguru Love Live. Five new mobile titles are approved for development, with three slated for release this fiscal year.
The FY2018 Q3 forecast projects flat net sales at ¥19.5 billion and operating income of ¥2.5 billion, aiming for a year‑to‑date total of ¥60.6 billion. GREE plans to sustain growth through aggressive title reinforcement, overseas expansion, and cost discipline across mobile, console, VR, advertising, and media segments. The presentation covered financial performance, cost structure adjustments following overseas operation closures, and a pipeline of upcoming releases across multiple platforms.
- GREE reported FY2018 Q2 net sales of ¥19.5 billion and operating income of ¥2.3 billion, both exceeding internal targets.
- The company is pivoting toward console gaming, with 'The Fishing Star' confirmed for Nintendo Switch and a global release currently in development.
- While year-on-year growth was positive, quarterly sales moderated by approximately 10 percentage points due to reduced advertising spend and lower commission fees.
- Operating margin held steady at 12%, supported by strict cost controls on labor and outsourcing that offset the impact of lower sales.
- Mobile performance was driven by the launch of 'Library Cross Infinite' and ongoing updates to key titles including 'Another Eden,' 'Danmachi,' 'SINoALICE,' 'SYMPHOGEAR,' and 'Puchiguru Love Live.'
Summary of main questions and answers at the FY2019 First Quarter GREE results briefing held on October 26, 2018
The briefing clarified GREE’s strategic outlook for FY2019, emphasizing a steady domestic game portfolio while pursuing growth overseas. In Japan, the company expects no major shift in performance for existing titles but plans to broaden multiplatform distribution and launch new releases in the second half of FY2019, projecting an earnings uptrend. Internationally, GREE is developing and self‑distributing overseas versions of current titles, targeting markets with high profitability potential. Human resource allocation reflects this focus: sufficient staff are dedicated to overseas distribution and new title development, while existing titles receive concentrated support for top performers and operational stability for less successful ones.
China is identified as a priority market, with preparations underway to initiate operations and marketing. The company also highlights the Facebook Messenger platform as a high‑potential channel for new titles, indicating an expansion into social media gaming. Advertising strategy will be selective; overseas launches of self‑distributed titles will receive targeted, efficient campaigns rather than broad mass media spend.
Regulatory compliance and consumer protection are addressed through company‑wide measures to prevent gacha system issues, including strengthened evaluation protocols and employee training. The REALITY livestreaming platform for VTubers is in an exploratory phase, with ongoing data collection on technology, planning, and marketing to build know‑how for future content expansion. Overall, GREE’s FY2019 strategy balances domestic stability with aggressive international diversification and platform innovation.
- GREE is prioritizing international expansion by self-distributing existing titles in high-profitability markets, with China identified as a key target for upcoming operations and marketing.
- The company plans to drive an earnings uptrend in the second half of FY2019 through new title releases and expanded multiplatform distribution in Japan.
- GREE is diversifying its distribution channels by targeting social media gaming, specifically highlighting Facebook Messenger as a high-potential platform for new releases.
- Advertising strategy for overseas launches will shift away from mass media spend in favor of targeted, efficient campaigns for self-distributed titles.
- Human resource allocation is being restructured to concentrate support on top-performing domestic titles while maintaining operational stability for lower-performing ones.
Summary of Main Supplementary Explanations Questions and Answers: FY2023 Fourth Quarter
The briefing outlines GREE’s strategic direction for FY2023‑FY2026, emphasizing a diversified portfolio beyond core gaming. In the fourth quarter, the company began categorizing its development pipeline into in‑house, regional expansion, joint development, and licensing, noting increased collaboration prospects with major IP holders such as Heaven Burns Red. Release dates remain undisclosed for FY2024 titles, reflecting a focus on quality over speed.
GREE views the smartphone game market as increasingly less profitable due to larger development scales, prompting a shift toward higher‑margin ventures. Within the Metaverse Business segment, Platform and B2B sub‑segments have achieved profitability; profits are being reinvested into the VTuber and Web3 businesses. The company aims for all four Metaverse sub‑segments to be profitable by FY2026, contributing significantly to group earnings.
Synergies between the VTuber and Platform businesses are currently indirect, driven by international talent recruitment for REALITY. Future cross‑promotions are anticipated once both units mature.
Financial outlooks indicate a consolidated operating income of approximately ¥1.0 billion for Q1 FY2024, with a full‑year target of ¥4.0–5.0 billion for FY2024, excluding new game or anime contributions and investment income. For FY2026, the company projects similar operating income levels while targeting a 10 % return from its Investment Business and aiming for half of non‑investment earnings to derive from non‑game, non‑anime sources. This reflects a medium‑term strategy of expanding stable revenue streams beyond traditional gaming.
- GREE is pivoting away from the declining profitability of the smartphone game market toward a diversified portfolio, aiming for half of non-investment earnings to come from non-game, non-anime sources by FY2026.
- The company projects a consolidated operating income of ¥4.0–5.0 billion for FY2024, excluding contributions from new game releases, anime, or investment income.
- Within the Metaverse Business segment, the Platform and B2B sub-segments are currently profitable, with a group-wide goal for all four sub-segments to reach profitability by FY2026.
- GREE is restructuring its game development pipeline into four categories—in-house, regional expansion, joint development, and licensing—while prioritizing quality over speed by withholding release dates for FY2024 titles.
- The Investment Business is targeted to achieve a 10% return by FY2026 as part of the company's medium-term strategy to build stable revenue streams.
Summary of main supplementary explanations questions and answers at the FY2025 First Quarter GREE results briefing held on November 5, 2024
The briefing clarified GREE’s strategic focus for FY2025 first‑quarter results, emphasizing both gaming and investment operations. In the gaming segment, the company confirmed that advance registrations for the English version of “Heaven Burns Red” are strong and that distribution will be handled by Yostar Games, whose track record in expanding English‑speaking fan communities is expected to generate significant buzz. GREE highlighted ongoing community building efforts prior to launch, underscoring a proactive marketing approach.
Regarding the investment business, management acknowledged that valuation‑loss risk remains comparable to Q1 FY2025 levels. The primary driver of past losses was large investments in funds nearing the end of their operating periods; however, diversification and limited exposure to such funds mitigate long‑term impact. GREE maintains that while short‑term volatility may persist, medium‑to‑long‑term earnings should remain stable as funds mature and yield dividends or asset sales. The company reiterated its commitment to investing in GREE‑Group managed funds, including GREE Ventures, and expects related risks to surface only after several years.
Overall, the briefing presented a balanced outlook: aggressive growth in the gaming arm through strategic partnerships and community engagement, coupled with cautious yet steady investment practices aimed at preserving earnings stability amid inherent valuation risks.
- GREE is launching the English version of 'Heaven Burns Red' in partnership with Yostar Games, leveraging the publisher's expertise in growing English-speaking fan communities.
- The company is prioritizing proactive community building and marketing efforts ahead of the 'Heaven Burns Red' English launch to drive engagement.
- Management expects valuation-loss risks in the investment segment to remain consistent with Q1 FY2025 levels in the near term.
- While short-term volatility persists, GREE anticipates stable medium-to-long-term earnings as existing funds mature through asset sales and dividend yields.
- The company has mitigated long-term investment risk by diversifying its portfolio and limiting exposure to funds nearing the end of their operating cycles.
Summary of Main Supplementary Explanations Questions and Answers: FY2025 Second Quarter GREE Results Briefing
The briefing outlines GREE’s performance and strategic outlook for FY2025 Q2, focusing on game releases, existing title dynamics, and the VTuber business. Pre‑registration for “Puella Magi Madoka Magica Magia Exedra” surpassed 500,000 by January 31, exceeding expectations and reinforcing confidence in the IP’s strong fan base. The company maintains an annual release cadence for new titles, but schedules are determined independently per project; delays in one title do not cascade to others. Existing flagship games such as Heaven Burns Red and That Time I Got Reincarnated as a Slime: ISEKAI Memories have experienced a deceleration in decline rates after three years, indicating sustained player engagement.
In the VTuber segment, sales growth is driven by talent merchandise, live music events, and seasonal participation in Winter Comiket. Revenue has turned profitable as variable costs align with sales, while one‑time expenses—primarily 3D model production for new and returning talents—have increased quarterly, contributing to larger losses. Management anticipates that expanding the talent roster will stabilize one‑time costs and enhance profitability.
Looking ahead, GREE projects monthly profitability in FY2026 with annual VTuber sales near ¥3.0 billion, followed by accelerated growth targets. The briefing underscores a balanced approach to new title development, sustained performance of legacy games, and a focused strategy for scaling the VTuber business while managing cost structures.
- GREE targets monthly profitability for its VTuber segment in FY2026, with annual sales projected to reach approximately ¥3.0 billion.
- Pre-registration for the upcoming title 'Puella Magi Madoka Magica Magia Exedra' exceeded 500,000 by January 31, signaling strong market interest.
- Flagship games 'Heaven Burns Red' and 'That Time I Got Reincarnated as a Slime: ISEKAI Memories' have stabilized, showing a deceleration in decline rates after three years of operation.
- The VTuber business is currently experiencing increased quarterly losses due to one-time 3D model production expenses, though variable costs have successfully aligned with sales.
- GREE maintains an independent release schedule for new games, ensuring that project-specific delays do not impact the broader annual release cadence.
Annual Report and Consolidated Financial Statements: 2020
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Strategic report 3 Highlights of the year 4 Chairman’s statement 6 History and background 7 Strategy 9 Business model 10 tinyBuild portfolio 14 Chief Executive’s ...
- tinyBuild aims for growth through both organic strategies, leveraging existing partnerships and in-house developers, and inorganic strategies, utilizing a low-risk M&A approach focused on 'acquihiring' development teams and acquiring relevant IP.
- The 'Hello Neighbor' franchise serves as a template for tinyBuild's multimedia strategy, having grown organically and through M&A, expanding into merchandise, books, and potential animated TV series, and generating over 60 million downloads for its first game.
- tinyBuild's organic growth strategy focuses on increasing the quality of its game pipeline with 23 games planned for 2021 and 2022, and accumulating IP through standard partnership agreements to extend franchise lifespans.
- The company mitigates risks associated with early-stage developer partnerships by typically providing funding at specific milestones, ensuring investments are tied to key development stages over a limited time horizon.
- tinyBuild's cash generated from operations increased from $11,732,000 in 2019 to $16,470,000 in 2020, with a net increase in cash and cash equivalents of $9,304,000 in 2020, bringing the total to $26,313,000 by year-end.
Annual Report and Consolidated Financial Statements 2022
ANNUAL YEARENDED 31DECEMBER2022 REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Highlights of the year 5 Business model 11 Chief Executive’s review 16 Chief Financial Officer’s review 19 Environmental, Social and Governance (ESG) 21 Principal risks and uncertainties 22 Corporate Governance ...
- tinyBuild's total revenue for the year ended December 31, 2022, was $63,295,000, an increase from $52,153,000 in 2021.
- Game and merchandise royalties contributed $40,020,000 to revenue in 2022, while development services generated $22,744,000, significantly up from $11,477,000 in 2021.
- The company incurred $1,678,000 in non-recurring costs related to the Ukraine/Russia conflict in 2022, which included relocating contractors and establishing tinyBuild d.o.o. in Serbia.
- tinyBuild focuses on organic growth by signing new genre-defining titles (e.g., Tinykin), investing in acquired studios (e.g., Deadside), empowering publishing labels (e.g., Versus Evil), and creating new IP (e.g., Potion Craft).
- The 'Hello Neighbor' franchise, discovered by tinyBuild in 2015, has accumulated over 70 million downloads and is expanding with new titles like 'Hello Neighbor Search and Rescue' (VR) and 'Hello Engineer' (PC/Consoles).
Annual Report and Consolidated Financial Statements: 2021
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Strategic Report 3 Highlights of the year 5 Chairman’s statement 6 History and background 7 Strategy 9 Business model 11 Chief Executive’s review 16 Chief ...
- tinyBuild achieved record growth in 2021 through mergers and acquisitions and organically, and listed on the London Stock Exchange on March 9, 2021.
- The company's back catalog revenue has consistently grown, representing 51% of gaming revenue in FY17, increasing to 83% in FY19, and settling at 79% in FY21.
- tinyBuild has a strong focus on influencer marketing, having achieved over 5 billion content-related views on YouTube by December 31, 2021, and maintaining relationships with over 10,000 verified influencers.
- tinyBuild is actively relocating staff from Ukraine due to the war, setting up a temporary location in the Balkans and planning a third studio in Western Europe to assist with relocation and visa processes.
- The company has a policy against 'crunching' and provided an extra week of holiday to all direct employees in 2021 as appreciation for their work during the pandemic.
Annual Report 2012: 11 bit studios S.A.
I. PISMO ZARZĄDU ............................................................................................................. 3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ................ 4 III. SPRAWOZDANIE FINANSOWE ZA ROK 2012 11 BIT STUDIOS S.A. ........................................ 4 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2012....................................
- 11 bit studios S.A. reported a net profit of 1,344,700.33 PLN in 2012, a slight increase from 1,292,777.32 PLN in 2011.
- The company's equity significantly increased from 2,560,977.91 PLN in 2011 to 6,913,931.74 PLN in 2012, primarily due to an increase in share capital and reserve capital.
- Share capital increased from 187,076.10 PLN to 221,719.90 PLN in 2012 through the issuance of Series D and E shares, with nominal values of 0.10 PLN per share.
- Revenue from sales in 2012 totaled 3,346,593.68 PLN, with 95.5% of this revenue coming from foreign sales.
- Operating costs amounted to 3,007,118.43 PLN in 2012, with salaries constituting 59.7% and external services 31.9% of these costs.
Annual Report and Consolidated Financial Statements 2024
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED Chairman’s statement 4 History and background 5 Strategy 7 Business model 9 Chief Executive’s review 14 Chief Financial Officer’s review 16 Environmental, social and governance (ESG) 18 Principal risks and uncertainties ...
- tinyBuild experienced a significant decline in revenue and continued operating losses in 2024, with revenue dropping by 22% year-over-year to $34.7 million (from $44.7 million in 2023) and an operating loss of $20.4 million (compared to $63.8 million in 2023).
- The revenue decline was primarily due to limited flow-through from new games released in 2023 and a 50% drop in development revenues, largely from platform deals.
- Adjusted EBITDA remained negative at -$3.681 million in 2024, an improvement from -$7.113 million in 2023, impacted by revenue decline and a $13.7 million impairment of software development costs.
- tinyBuild raised over $11 million in new capital in January 2024 and welcomed Atari as a new core investor, helping to fund promising projects.
- The company maintains an organic growth strategy focusing on diversification, internal development teams (e.g., DUCKSIDE), established partnerships (e.g., Potion Craft), and leveraging influencer relationships for marketing, achieving over 5 billion content-related views on YouTube by December 31, 2024.