Annual Report 2024
for the fiscal year ended March 31, 2024

Nintendo Co., Ltd.

Table of Contents
Information on the Company ....................................................................................................................................... 2
I.
Overview of the Company ............................................................................................................................... 2
1. Key financial data and trends .......................................................................................................................... 2
2. History ............................................................................................................................................................ 4
3. Description of business ................................................................................................................................... 5
4. Subsidiaries and associates ............................................................................................................................. 6
5. Employees....................................................................................................................................................... 8
II. Business Overview ........................................................................................................................................ 10
1. Management policy, management environment, issues to address ............................................................... 10
2. Approach to and initiatives for sustainability ............................................................................................... 11
3. Risk factors ................................................................................................................................................... 14
4. Analysis of financial position, operating results and cash flow by management .......................................... 17
5. Material contracts, etc. .................................................................................................................................. 20
6. Research and development activities ............................................................................................................ 21
III. Equipment and Facilities ............................................................................................................................... 22
1. Overview of capital investments .................................................................................................................... 22
2. Major facilities ............................................................................................................................................... 22
3. Plans for new installation and retirement of equipment and facilities, etc. .................................................... 23
IV. Profile of the Company .................................................................................................................................. 24
1. Status of shares and other relevant matters ................................................................................................... 24
2. Status of acquisition of treasury shares and other relevant matters ............................................................... 30
3. Dividend policy............................................................................................................................................. 31
4. Corporate governance ................................................................................................................................... 32
V. Financial Information .................................................................................................................................... 51
Consolidated financial statements, etc. ......................................................................................................... 51

Documents hereto titled “Annual Report” are based on the Company’s Annual Securities Report (Japanese only)
prepared following the Financial Instruments and Exchange Act for the purpose of providing accurate financial
information and other information in a manner that is easy to understand. In the event of any discrepancy between
these translated documents and the Japanese originals, the originals shall prevail. The Company assumes noresponsibility for this translation or for direct, indirect or any other forms of damages arising from the translations.

[NOTE: Basis of Presenting Consolidated Financial Statements]
The accompanying consolidated financial statements of Nintendo Co., Ltd. (the “Company”) and its consolidated
subsidiaries are compiled from the consolidated financial statements prepared by the Company as required by the
Financial Instruments and Exchange Act of Japan and are prepared on the basis of accounting principles and practices
generally accepted in Japan, which are different in certain respects as to application and disclosure requirements of
the International Financial Reporting Standards. The financial statements of the Company and its subsidiaries in Japanare prepared on the basis of the accounting and relevant legal requirements in Japan. The financial statements ofconsolidated subsidiaries outside of Japan are prepared on the basis of the accounting and relevant legal requirementsof their countries of domicile and no adjustment has been made to their financial statements in consolidation to theextent that significant differences do not occur, as allowed under the generally accepted accounting principles andpractices in Japan.
Each amount in the accompanying consolidated financial statements is rounded down to the nearest one million yen
or one billion yen. Consequently, the totals shown in the accompanying consolidated financial statements do notnecessarily agree with the sums of the individual amounts.
The consolidated financial statements presented herein are stated in Japanese yen, the currency of the country inwhich the Company is incorporated and operates. The rate of ¥151 to 1 USD, the approximate current rate of exchange
on March 31, 2024, has been applied for the purpose of presentation of the accompanying consolidated financial
statements in U.S. dollars. These amounts in U.S. dollars are included solely for convenience and are unaudited.
These translations do not imply that the actual Japanese yen amounts have been or could be converted into U.S.
dollars at this or any other rate of exchange.
The accompanying consolidated financial statements are not intended to present the consolidated financial position,
results of operations and cash flows in accordance with accounting principles and practices generally accepted incountries and jurisdictions other than Japan.

- 1 -Information on the Company
I. Overview of the Company
1. Key financial data and trends
Consolidated financial data
Fiscal year

80th

81st

82nd

83rd

84th

Fiscal year ended March 31

2020

2021

2022

2023

2024

¥1,308,519¥1,758,910¥1,695,344¥1,601,677¥1,671,865

USD 11,071(Millions of yen)
(Millions of dollars)

352,370

640,634

592,760

504,375

528,941

3,502(Millions of yen)
(Millions of dollars)

360,461

678,996

670,813

601,070

680,497

4,506

258,641

480,376

477,691

432,768

490,6023,249(Millions of yen)
(Millions of dollars)

236,490

527,951

530,498

486,661

573,849

3,800

Net assets(Millions of yen)
(Millions of dollars)

1,540,900

1,874,614

2,069,310

2,266,466

2,604,998

17,251

Total assets(Millions of yen)
(Millions of dollars)

1,934,087

2,446,918

2,662,384

2,854,284

3,151,394

20,870Net sales(Millions of yen)
(Millions of dollars)

Operating profit

Ordinary profit

Profit attributable to owners ofparent(Millions of yen)
(Millions of dollars)

Comprehensive income

Net assets per share(Yen)(Dollars)

1,293.35

1,573.48

1,763.56

1,946.55

2,236.45

14

Profit per share(Yen)(Dollars)

217.12403.26404.67371.41421.392

Diluted profit per share(Yen)(Dollars)

-

-

-

-

-

-

79.66

76.60

77.71

79.40

82.62

-

17.53

28.13

24.23

19.96

20.15

-

19.16

15.33

15.24

13.82

19.45

-

347,753

612,106

289,661

322,843

462,097

3,060(188,433)(136,533)

93,699111,507(630,632)(4,176)(111,031)(194,938)(337,010)(290,973)(236,958)(1,569)¥621,402¥932,079¥1,022,718¥1,194,569¥853,432

USD 5,651

Capital adequacy ratio(%)

Return on equity (ROE)(%)

Price earnings ratio (PER)(Times)Cash flows from operating
activities(Millions of yen)
(Millions of dollars)

Cash flows from investing
activities(Millions of yen)
(Millions of dollars)

Cash flows from financing
activities(Millions of yen)
(Millions of dollars)

Cash and cash equivalents at
end of period(Millions of yen)
(Millions of dollars)

Number of employees (Persons)
6,200
6,574
6,717
7,317
7,724
(Notes) 1. Effective from the beginning of the 82nd fiscal year (ended March 31, 2022), the Company has adopted the“Accounting Standard for Revenue Recognition, etc. (Accounting Standards Board of Japan (ASBJ) Statement No.
29 of March 31, 2020).” The accounting standard has been applied to the major management indicators for the 82nd
fiscal year onward.
2. “Diluted profit per share” is not noted because the Company has not issued any dilutive shares.
3. The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022. Net- 2 -assets per share and profit per share are calculated based on the assumption that the stock split was implemented at
the beginning of the 80th fiscal year.

- 3 -2. History
November 1947
September 1949

Established as Marufuku Co., Ltd. in Higashikawara-cho, Imagumano, Higashiyama-ku, Kyoto,
Japan as a manufacturer/distributor of Japanese playing cards (karuta) and western playing cards.
Changed the company’s name to Marufuku Karuta Hanbai Co., Ltd.

March 1950

Changed the company’s name to Nintendo Karuta Co., Ltd. and took over karuta manufacturing
operations of Yamauchi Nintendo & Co. (currently Yamauchi Co., Ltd.)

July 1951

Changed the company’s name to Nintendo Playing Card Co., Ltd.

September 1959

Moved the headquarters to 60 Kamitakamatsu-cho, Fukuine, Higashiyama-ku, Kyoto, Japan.

September 1961

Established the Tokyo Branch in Tokyo, Japan.

January 1962
October 1963

Listed stock on the Second Section of the Osaka Securities Exchange and on the Kyoto Stock
Exchange.
Changed the company’s name to Nintendo Co., Ltd. (current trade name).

July 1970

Stock listing was changed to the First Section of the Osaka Securities Exchange.

April 1980

Established a wholly-owned subsidiary, Nintendo of America Inc., in New York, U.S.A.

February 1982
July 1983

Established a new wholly-owned subsidiary, Nintendo of America Inc. (currently a consolidated
subsidiary), in Washington, U.S.A. and merged the New York subsidiary into it through anabsorption-type merger.
Listed stock on the First Section of the Tokyo Stock Exchange.

November 1983

Established a new plant in Makishima-cho, Uji City, Kyoto, Japan (currently Uji Plant).

February 1990

Established a wholly-owned subsidiary, Nintendo of Europe GmbH, in Germany (currently
Nintendo of Europe AG, a consolidated subsidiary).
Moved the headquarters to 11-1 Hokotate-cho, Kamitoba, Minami-ku, Kyoto, Japan (current
location).
Established a wholly-owned subsidiary, Nintendo of Korea Co., Ltd., in South Korea (currently
a consolidated subsidiary).
Transitioned to a Company with an Audit and Supervisory Committee.

November 2000
July 2006
June 2016
April 2017
April 2022

Acquired shares of JESNET Co. Ltd. and changed its trade name to Nintendo Sales Co., Ltd.
(currently a consolidated subsidiary).
Transitioned to the Prime Market from the First Section due to the market restructuring of theTokyo Stock Exchange.

- 4 -3. Description of businessIn the field of home entertainment, Nintendo Co., Ltd. and its subsidiaries and associates (composed of 28 subsidiaries
and five associates as of March 31, 2024), primarily engage in the development, manufacture and sales ofentertainment products. Nintendo’s major products are computer-enhanced “dedicated video game platforms,”
character merchandise, and playing cards. “Dedicated video game platforms” are defined as hardware and software
for the handheld systems and home consoles developed by Nintendo Co., Ltd. and its subsidiaries and associates,
manufactured by Nintendo Co., Ltd. and sold mainly by its subsidiaries and associates in Japan and other countries.
Nintendo Co., Ltd. and its subsidiaries and associates have also entered into businesses utilizing IP such as visualcontent and mobile applications.
The positions of Nintendo Co., Ltd. and its main subsidiaries and associates are described below. Segment informationis omitted as Nintendo operates as a single business segment.
- Development
Nintendo Co., Ltd.; Nintendo Technology Development Inc.; Nintendo Software Technology Corporation; Retro
Studios, Inc.; Next Level Games Inc.; Nintendo European Research and Development SAS; iQue (China) Ltd.; ND
CUBE Co., Ltd.; 1-UP Studio Inc.; MONOLITH SOFTWARE INC.; Mario Club Co., Ltd.; SRD Co., Ltd.; Nintendo
Pictures Co., Ltd.; Nintendo Systems Co., Ltd.
- Manufacture
Nintendo Co., Ltd.
- Sales
Nintendo Co., Ltd.; Nintendo of America Inc.; Nintendo of Canada Ltd.; Nintendo of Europe AG; Nintendo Ibérica,
S.A.; Nintendo Australia Pty Limited; Nintendo of Korea Co., Ltd.; Nintendo (Hong Kong) Limited; Nintendo Sales
Co., Ltd.

- 5 -4. Subsidiaries and associates(1)

Consolidated subsidiaries
Percentage
of votingrights heldby theCompany

Relationship with Nintendo Co., Ltd.
(the “Company”)
Concurrent positions
held by directors

Share capitalor investments
in capital

Descriptionof principal
business

U.S.

Thousands of
USD
110,000

Sales

100

Nintendo of Canada
Ltd.

CanadaThousands of
CAD
4,000

Sales

100
(100)

-

Nintendo of Europe
AG *1, 2

Germany

Thousands of
EUR
30,000

Sales

100

-

Nintendo Ibérica,
S.A.

Spain

Thousands of
EUR
3,000

Sales

100
(100)

-

Nintendo Australia
Pty Limited

Australia

Thousands of
AUD
8,500

Sales

100

Nintendo of Korea
Co., Ltd. *1

Korea

Millions of
KRW
25,000

Sales

100

Name of company

Nintendo ofAmerica Inc. *1, 2

Location

Directorof theCompany(number)

Employeeof theCompany(number)

Loans

Business transactions

Leasing of
fixed assets

-

-

-

Purchase of products
manufactured by theCompany---

Purchase of products
manufactured by theCompany from
Nintendo of America
Inc.

-

1

-

Purchase of products
manufactured by theCompany---

Purchase of products
manufactured by theCompany from
Nintendo of Europe
AG

-

-

1

-

Purchase of products
manufactured by theCompany

-

-

4

-

Purchase of products
manufactured by theCompany--

Nintendo (HongKong) Limited

China

Thousands of
HKD
49,300

Sales

100

-

3

-

Purchase of products
manufactured by theCompany andentrusted purchase ofparts for products
manufactured by theCompany

Nintendo
Technology
Development Inc.

U.S.

USD
1

Development

100

1

1

-

Entrusteddevelopment of
hardware OS etc.

-

Nintendo Software
Technology
Corporation

U.S.

Thousands of
USD
Development
20

100

1

1

-

Entrusteddevelopment ofsoftware-Retro Studios, Inc.
*1

U.S.

Thousands of
USD
Development
10,001

100

1

-

-

Entrusteddevelopment ofsoftware-Next Level Games
Inc.

CanadaThousands of
CAD
Development
11

100

1

-

-

Entrusteddevelopment ofsoftware-Nintendo European
Research andDevelopment SAS

FranceThousands of
EUR
Development
300

100

-

1

-

Entrusteddevelopment ofsoftware-iQue (China) Ltd.
*1

China

Millions of
CNY
254

100

-

1

-

Entrusteddevelopment ofsoftwareLeasing ofbuildings,
etc. ownedby theCompany

Development

Nintendo Sales Co., Chiyoda-ku,
Tokyo
Ltd. *1, 2Millions of
JPY
300

Sales

100

-

6

-

Purchase of products
manufactured by theCompany

ND CUBE Co., Ltd.

Chuo-ku,
Tokyo

Millions of
JPY
483

Development

99

-

2

-

Entrusteddevelopment ofsoftware-

1-UP Studio Inc.

Chiyoda-ku,
Tokyo

Millions of
JPY
90Development

100

-

3

-

Entrusteddevelopment ofsoftwareLeasing ofbuildings,
etc. ownedby theCompany

MONOLITH
SOFTWARE INC.

Meguro-ku,
TokyoMillions of
JPY
75

Development

97

-

3

-

Entrusteddevelopment ofsoftware-- 6 -Name of company

Share capital

Description

in capitalbusiness

Location or investments of principal

Percentage
of votingrights heldby theCompany

Relationship with Nintendo Co., Ltd.
(the “Company”)
Concurrent positions
held by directors
Directorof theCompany(number)

Employeeof theCompany(number)

Loans

Business transactions

Leasing of
fixed assets

Leasing ofbuildings,
etc. ownedby theCompany

Mario Club Co.,Ltd.

Higashiyama-ku, Kyoto

Millions of
JPY
450

Development

100

-

4

-

Entrusted inspectionof software etc.

SRD Co., Ltd.

Shimogyoku, Kyoto

Millions of
JPY
50Development

100

-

2

-

Entrusteddevelopment ofsoftware-Nintendo Pictures
Co., Ltd.

Chiyoda-ku,
Tokyo

Millions of
JPY
34

-

Entrusted planningand production ofvisual content

Leasing ofbuildings,
etc. ownedby theCompany

Nintendo Systems
Co., Ltd. *1

Shibuya-ku,
Tokyo

Millions of
JPY
5,000

-

Entrusteddevelopment andoperation of systems,
etc.

Leasing ofbuildings,
etc. ownedby theCompany

Development

100

Development

80

-

3

1

5

(Notes) 1. There are five other consolidated subsidiaries not listed above.
2. Figures in parentheses in “Percentage of voting rights held by the Company” represent the proportion of indirectownership.
3. Companies marked with *1 are specified subsidiaries.
4. Proportion of sales of consolidated subsidiaries marked with *2, excluding inter-company transactions of sales, overtotal sales on a consolidated basis surpasses 10%. Major financial information is as follows.
Net sales(Millions of yen)

Ordinary profit(Millions of yen)

Profit(Millions of yen)

Nintendo ofAmerica Inc.

682,006

88,55968,353521,885

756,349

Nintendo ofEurope AG

385,273

13,041

9,364

151,787

258,372

Nintendo Sales
Co., Ltd.

223,959

13,1599,100

63,04685,166

Ordinary profit(Millions of dollars)Profit(Millions of dollars)Name of company

Name of company(2)

Net sales(Millions of dollars)

Total net assets(Millions of yen)

Total net assets(Millions of dollars)

Total assets(Millions of yen)

Total assets(Millions of dollars)Nintendo ofAmerica Inc.

4,516

586

452

3,456

5,008

Nintendo ofEurope AG

2,551

86

62

1,005

1,711

Nintendo Sales
Co., Ltd.

1,483

87

60

417

564

Associates accounted for using equity method
Relationship with the Company

Name of company

The Pokémon
Company

Share capital

Description

in capitalbusiness

Millions of
JPY
365

Sales andlicensing of
Pokémonrelated goods

Location or investments of principal

Minato-ku,
Tokyo

Percentage
of votingrights heldby theCompany

32

Concurrent positions
held by directors
Director Employeeof theof theCompany Company(number) (number)

1

-

Loans

Business transactions

Leasing of
fixed assets-

Purchase of products
manufactured by theCompany and entrusted
manufacturing ofproducts-(Note) There are three associates accounted for using equity method other than the one shown above.

- 7 -5. Employees
Segment information is omitted as Nintendo (the Company and its consolidated subsidiaries) operates as a single
business segment.
(1) Information about group
As of March 31, 2024

Number of employees (persons)7,724(Note) Number of employees represents the number of persons employed, excluding persons seconded from the Company
group to outside the Company group, but including persons seconded to the Company group from outside theCompany group. It also includes part-time workers hired on a regular basis.

(2) Information about reporting company
As of March 31, 2024

Number of employees(persons)

Average age(years)Average length of service(years)Average annual salary

2,814

40.2

13.9

9,626,857 yen(USD 63,754)(Notes) 1. Number of employees represents the number of persons employed, excluding persons seconded from theCompany to outside the Company, but including persons seconded to the Company from outside the Company.
2. Average annual salary is the amount paid inclusive of tax in the fiscal year ended March 31, 2024, including
extra wages and bonuses.

(3) Labor unions
Labor unions do not exist in the Company but have been formed at some of its consolidated subsidiaries.
Labor-management relations have been good, and there are no particular matters to be noted.

- 8 -(4) Proportion of management positions held by female workers, rate of childcare leave taken among male workers,
and pay gap between male and female workers(i) Reporting company
As of March 31, 2024
Proportion ofRate of childcare leave
management positions
taken among maleheld by female workers
workers (%) (Note 2)(%) (Note 1)
5.0

Pay gap between male and female workers (%)(Note 1)Part-time andRegularAll workers
temporaryemployees
workers

87

69.2

70.2

Supplemental
explanation

92.5(Note 3)(Notes) 1. Calculated in accordance with the provisions of the Act on Promotion of Women’s Participation andAdvancement in the Workplace (Act No. 64 of 2015).
2. This represents a calculation of the childcare leave uptake rate set forth under Article 71-4 (1) of theOrdinance for Enforcement of the Act on Childcare Leave, Caregiver Leave, and Other Measures for the
Welfare of Workers Caring for Children or Other Family Members (Ordinance of the Ministry of Labor No.
25 of 1991), in accordance with the Act on Childcare Leave, Caregiver Leave, and Other Measures for the
Welfare of Workers Caring for Children or Other Family Members (Act No. 76 of 1991).
3. The pay gap between male and female regular employees is mainly due to differences in the length of service
and average age. There is no difference in treatment between men and women in terms of salary or evaluation
systems.

(ii) Consolidated subsidiaries
As of March 31, 2024

Name

Mario Club Co.,Ltd.

Pay gap between male and female workers (%)
Proportion ofRate of childcare
Supplemental(Note 1)
management
leave taken
explanation
positions held byPart-time andamong male
Regularfemale workers
All workers
temporaryworkers (%)
employees(%)
workers
-

-

76.1

76.3

-

(Note 2)

(Notes) 1. Calculated in accordance with the provisions of the Act on Promotion of Women’s Participation andAdvancement in the Workplace (Act No. 64 of 2015).
2. The pay gap between male and female regular employees is mainly due to differences in the length of service
and average age. There is no difference in treatment between men and women in terms of salary or evaluation
systems.

- 9 -II. Business Overview
1. Management policy, management environment, issues to address
Any forward-looking statements in the following discussion are based on the judgment of the Company group (theCompany and its consolidated subsidiaries; also referred to as “Nintendo”) as of the end of the consolidated fiscal
year ended March 31, 2024.
(1) Basic management policy
As an entertainment company that creates smiles, Nintendo strives to introduce new forms of entertainment
while maintaining a robust corporate management. To expand our business, our highest emphasis is placed onproviding consumers around the world with exciting forms of entertainment that they have never experienced
before.
(2) Targeted management index
Nintendo works to constantly provide new and entertaining products and services, aiming to improve its
corporate value by sustaining robust growth and increasing profit. Because Nintendo deals with entertainment
products and content that naturally hold many uncertainties in terms of research and development, we have not
set any specific management index targets. This allows our corporate decision-making to stay flexible in thishighly competitive industry.
(3) Management environment, mid- to long-term corporate business strategy and priority business and financial
issues to address
Regarding the market environment surrounding the Company group, amid growing demand for entertainment
among people around the world, not only has the diversification of entertainment continued alongside advancesin technology, but competition is also intensifying further as more companies enter the game industry.
Amid such changes in the market environment, as an entertainment company that creates smiles, the Company
group aims to offer its unique and original brand of play that anyone and everyone can intuitively enjoy. To
enable unique entertainment experiences, we place our dedicated video game platform business - integrating
both hardware and software - at the center of everything we do. Under this development philosophy, weconstantly aim to create unique products and services that everyone can enjoy, and that feel incredibly intuitiveand fun to play, regardless of age, gender, or gaming experience.
To continue invigorating our dedicated video game platform business, our fundamental strategy is to expand
the number of people who have access to Nintendo IP. Nintendo’s characters have been nurtured and grownhand in hand with the memories made by generations of consumers as they play our games. We are utilizing
our characters to continue expansion into a broad range of areas, including visual content, mobile applications,
theme parks and merchandise. Through these initiatives, we aim to continually create points of contact with
consumers, deepen their fondness for Nintendo IP, and ultimately spark their interest in our dedicated video
game platform business.
In addition, we work to maintain good, long-term relationships with each of our consumers. Nintendo Accountplays a key role in those efforts as the connection point that spans platform generations and unites a variety ofentertainment experiences, centered on our integrated hardware-software entertainment.
Based on our belief that the true value of entertainment lies in its uniqueness, Nintendo will strive to achievesustainable growth and increase our corporate value by offering unique entertainment that plays to thecompany’s strengths, continuing to adapt to the times and cherish the spirit of creativity.

- 10 -

2. Approach to and initiatives for sustainability
The Company group (the Company and its consolidated subsidiaries) is engaged in group-wide efforts to address
issues associated with sustainability, with the goal of “putting smiles on the faces of everyone Nintendo touches.” Aspart of this, the Company group is working to promote CSR activities focusing on the four priority areas of Consumers,
Supply Chain, Employees and Environment. These initiatives encompass improving product quality and ensuring
product safety, creating an environment where children can play with peace of mind, promoting CSR procurement
through communication with suppliers, building a work environment where employees can realize their various
capabilities and reducing the environmental impact of the Company group’s products and business activities.
The forward-looking statements in this section are based on the judgment of the Company group as of March 31,
2024.
(1) Governance
The Company has established the CSR Coordination Team, headed by the Senior General Manager of theGeneral Affairs Division, who is an Executive Officer, to promote CSR activities. A framework is in place
where the team reports on the status of activities to the Executive Management Committee (which consists ofRepresentative Directors and Directors who are Executive Officers) as well as implementing or supporting
specific initiatives. The team also periodically reports on the status of its activities to the Board of Directors.

(2) Strategy
The initiatives undertaken to address each priority area are as follows.
(i) Consumers
In order to provide high-quality products that are both safe and entertaining so consumers can enjoy themwith peace of mind, the Company group engages in a wide range of initiatives in development, production,
and after-sales service for our gaming systems and accessories. In addition, to ensure that consumers of allages can enjoy Nintendo’s game software and services with peace of mind, we strive to prioritize safety ingame software development, create features that enable parents and guardians to check children’s usage,and eliminate inappropriate content in communication features, among other initiatives.
(ii) Supply chain
We work with our numerous production partners in Japan and around the world to improve quality andtechnical capability, ensure safety and achieve production efficiency.
We have also established the basic procurement and business partner selection policies to promote
production that complies with laws, regulations and social standards, while taking into account humanrights and the global environment. We have also created these policies to build trust with our business
partners so that we can fulfill our social responsibilities collaboratively together. With our basic
procurement policy, Nintendo is committed to complying with laws, regulations, and social standards aswell as to advancing human rights and global environmental considerations throughout all of our
procurement activities. We also work with our business partners to gain their understanding of andcooperation with these policies. To facilitate these efforts, we have established the Nintendo CSR
Procurement Guidelines and promote CSR procurement activities.
- 11 -

(iii) Employees
We are engaged in the following initiatives related to human resources development, including securing
diverse talent and enhancing workplace environments.
(a) Initiatives related to human resources development, including securing diverse talent
To bring smiles to people through entertainment, we continue to provide Nintendo’s unique and original
brand of play to consumers around the world.
To this end, we focus on Nintendo DNA, which consists of originality, flexibility and sincerity. Using
Nintendo DNA as a foundation, we have introduced a variety of human resource initiatives designed
to maximize the personal development of each employee through their work experience. The processof creating games or other forms of entertainment and delivering those products or services around theworld is a team effort. We emphasize teamwork and cultivate an environment that empowers employees
to demonstrate their Nintendo DNA and work with enthusiasm.
At Nintendo, we actively hire and promote talent regardless of factors such as sex, age, nationality,
disability, sexual orientation or gender identity. Each person can learn a great deal from their work
experiences. Based on this belief, not only will we help our employees grow through the developmentof their individual skills, but through the accumulation of experiences working with others, cultivate
individuals who act independently as active participants, continue to challenge themselves while
flexibly handling change, and are able to gain understanding from and empathize with colleagues.
(b) Policy for enhancing workplace environments
We believe that the essence of creating an unprecedented level of fun lies in providing a work
environment where our employees can exchange their ideas and opinions through discussions andreceive timely advice from their supervisors. To enable employees to closely collaborate, pooling theirstrengths and valuing these relationships, we encourage active communication and better coordinationin the company.
We are also aware of the importance of creating work environments where female employees canperform to their full potential. We actively work to enhance support systems and encourage the use ofchildcare leave, including for male employees who share child-rearing duties.
(iv) Environment
In response to society’s expectations and to pass on a better environment to future generations, Nintendo
exercises care with the environmental footprint of our offices and embarks on various initiatives to reduce
the environmental impact of our products. These initiatives span the design stage to post-sales repair andsupport and continue through to recycling. More specifically, we have implemented environmental
measures at each stage from design to after-sales service, such as creating designs that consider energy andresource efficiency, selecting easy-to-recycle packaging materials, implementing efficient transportationand providing after-sale repairs and support. Regarding climate change, we have identified our risks andopportunities based on 1.5°C and 4.0°C global warming scenarios, evaluated the relevant financial impact
and engaged in information disclosure in accordance with the recommendations of the Task Force on
Climate-Related Financial Disclosures (TCFD). We will continue to work to address climate change.
(3) Risk management
Taking into account international standards such as the GRI Standards and the social environment surrounding
Nintendo, the CSR Coordination Team identifies CSR issues together with the employees in charge of CSR at
our subsidiaries outside Japan. We analyze the degree of risk and opportunity and establish the priority level
for the CSR issues identified according to two axes - both the impact on society and the impact on Nintendo.
Next, we obtain feedback from outside experts to select potential CSR priority areas. The CSR Coordination
Team meets with the people in charge of CSR at our subsidiaries outside Japan to exchange ideas and designate
CSR priority areas. After reaching consensus on the results among the members of the CSR Project Promotion
Team including the CSR teams of the subsidiaries outside Japan, a report is provided to executive management
to set the priority areas.
The CSR Coordination Team confirms the priority areas annually and reviews them as necessary to respondflexibly to social and environmental changes.
(4) Metrics and targets- 12 -

We have set goals to maintain 100% use* of childcare leave by women and increase the percentage of men
utilizing childcare leave to 50% or more in terms of cumulative totals over a five-year period beginning in thefiscal year ended March 31, 2022. Not all Nintendo group companies have established metrics and targets, so
it is not possible to present group-wide information. Therefore, only the Company’s targets and results arepresented for the metrics shown below.
MetricTargetResult(fiscal year ended March 31, 2024)

Maintain a rate of 100%* on a
101% on a cumulative basis since
cumulative basis for the five years
the fiscal year ended March 31,
from the fiscal year ended March
2022
31, 2022
50% or more on a cumulative basis
Rate of childcare leave taken
78% on a cumulative basis since thefor the five years from the fiscal
among male employees
fiscal year ended March 31, 2022
year ended March 31, 2022
* The rate of childcare leave taken is calculated as the ratio of employees who began taking childcare leave
during the respective fiscal year to those with a child born during the same fiscal year, and therefore may be
more or less than 100%.
Rate of childcare leave taken
among female employees- 13 -

3. Risk factors
Listed below are the various risks that could affect the Company group’s operating results, share price and financial
condition. However, unpredictable risks may exist other than the risks set forth herein. Note that matters pertaining
to the future presented herein are determined by Nintendo as of the end of the fiscal year ended March 31, 2024.
(1) Risks around economic environment• Fluctuation in foreign exchange rates
Nintendo distributes its products globally with sales outside of Japan accounting for more than 70% of its total
sales, and the majority of monetary transactions are made in local currencies. In addition, the Company holds a
substantial amount of assets in foreign currencies. Fluctuations in foreign exchange rates have a strong influence
not only when accounts in foreign currencies are converted to yen-denominated assets but also when they arerevaluated for financial reporting purposes. Therefore, if there are significant fluctuations in foreign exchange
rates, Nintendo’s financial position, operating results and cash flows could be adversely affected.
In order to reduce the influence of fluctuations in foreign exchange rates, Nintendo purchases in foreign
currencies on an ongoing basis.
(2) Risks around business activities• Fluctuation of market environment and competition against other companies
Nintendo’s core business is engaged in one segment of the broader entertainment field. However, its businessis also affected by a variety of other entertainment trends. If consumer preferences shift to other forms ofentertainment, the video game market may shrink. The emergence of new competitors resulting fromtechnological innovation could have a significant impact as well. In the video game industry, it may become
even more difficult to be profitable due to large investments required in research and development andmarketing. In addition, competition may intensify with large-scale companies doing business in the same
industry or in other segments of the entertainment industry. Furthermore, if Nintendo is unable to adapt to rapid
structural changes or other changes, its financial position, operating results and cash flows could be adversely
affected.
As an entertainment company that creates smiles, the Company group aims to offer its unique and original brandof play that anyone and everyone can intuitively enjoy. To enable unique entertainment experiences, we place
our dedicated video game platform business - integrating both hardware and software - at the center ofeverything we do, and work to provide new and original products and services for people everywhere. Moreover,to continue invigorating our core business, the Company group’s fundamental strategy is to expand the numberof people who have access to Nintendo IP. To this end, we seek to broaden the touch points of Nintendo IP with
consumers in areas beyond dedicated video game platforms and create opportunities for more people to become
interested in gaming experiences. In addition, we work to maintain a long-term relationship with each of ourconsumers through Nintendo Account as a way to connect these initiatives.
• Development of new products, etc.
Despite the substantial costs and time needed for the planning and development of software for dedicated video
game platforms, applications for smart-device gaming services, and visual content, there is no guarantee that
all new products and services will be accepted by consumers due to ever shifting preferences. As developmentof hardware is time-consuming, with technology continuously advancing, Nintendo may not be able to readilyacquire technologies required for entertainment. Furthermore, delays of product launches could adversely affectmarket share.
In addition, due to the nature of Nintendo products and services, it may be difficult to develop products andservices as planned in some cases, making it impossible to sell or launch the products and services as planned.
Moreover, development may be suspended or aborted, and the original plan could differ to a large extent.
In the field of entertainment, the development process is complicated and includes many uncertainties; therefore,
if Nintendo is unable to deal with the above risks, its financial position, operating results and cash flows could
be adversely affected.
Nintendo continuously strives to develop unique and attractive new products.
• Product valuation and adequate inventory procurement
Given that general products in the video game industry have relatively short life cycles, and are significantly
impacted by consumer preferences as well as seasonality, excess inventory and obsolete inventory could havean adverse effect on Nintendo’s financial position, operating results and cash flows.
Business opportunities could be missed if supply to the market falls short of the necessary quantity due todifficulties in accurately forecasting demand. At Nintendo, projected production is conducted and sales ofdownloadable versions of software are promoted in order to guarantee supply based on forecasted demand.
- 14 -

• Dependency on outside manufacturers
Nintendo commissions outside companies to produce key components and assemble finished products. In theevent one or more of these outside companies go bankrupt, Nintendo may have difficulty procuring key
components or manufacturing its products. In addition, suppliers may be unable to provide necessarycomponents on a timely basis. A shortage of key components could cause issues such as marginal decline due
to higher costs, shortage of products and quality control issues. These issues may impair the relationshipbetween Nintendo and consumers. Furthermore, as many suppliers’ production facilities are located outside
Japan, a decline in local public safety, natural disasters, epidemics or any other incidents, or other issues specificto the area could interrupt production and negatively affect Nintendo’s operating performance.
Regarding production, Nintendo hedges risks by procuring parts and materials from and outsourcing production
to multiple companies in most cases. For important components, we have identified all processes, places of
production, persons in charge, etc. and have a management system in place which, even in the unlikely eventof an unforeseeable incident, will enable us to get a grasp of the status of damage caused by the accident andtake an alternative action as swiftly as possible.
• Business operations affected by seasonal fluctuation
Demand for Nintendo’s products is largely focused on the year-end sales season, New Year season, etc., so ourbusiness performance fluctuates accordingly. Should Nintendo fail to release attractive new products or supply
products on time during that period, operating performance could be adversely affected.
Nintendo strives to achieve stable performance throughout the year through measures such as developing games
that consumers will continue to play long after they are released and providing paid services in its digitalbusiness that can be enjoyed on a continuing basis.
• System issues
Nintendo provides various services via the internet, including online games and download sales of digital
software, in addition to providing information. However, in the event of the termination or destruction of theoperating systems, or the leakage or unauthorized use of data, etc. as a result of a cyber-attack against servers,a natural disaster or an accident, it could have an adverse effect on Nintendo’s future operating results, shareprice and financial condition.
Considering that networking functions are becoming increasingly important in the Company’s business,Nintendo is enhancing assigned in-house resources, hiring necessary human resources, collaborating withoutside expert firms and making other such efforts to strengthen its capabilities to deal with system issues.
• Various factors affecting business activities
Nintendo develops business globally. Business activities in Japan and outside of Japan involve risks such as
disadvantages from emergence of political or economic factors, disadvantages from inconsistency ofmultilateral taxation systems and diversity of tax law interpretation, difficulty in recruiting and securing humanresources, labor disputes such as strikes, and social disruption resulting from terror attacks, war and othercatastrophic events. If the planning, development, manufacturing, distribution, sales, etc. of products andservices are hindered, Nintendo’s financial position, operating results and cash flows could be adversely affected.
Nintendo will take necessary measures on an ongoing basis.
(3) Risks around legal regulations and litigation• Product liability
Nintendo develops and manufactures its products in accordance with applicable safety and quality control
standards in locations of sale. However, large-scale product recalls may take place should a defect occur, giventhat its products are sold worldwide. Also, a product defect resulting in product liability compensation could
lead to additional expenses and impact the Company’s reputation, and has the potential to adversely impact
Nintendo’s future operating performance and financial position.
With full awareness of product liability, Nintendo will continue to proactively work on quality control andquality assurance of products in terms of design, manufacturing and ancillary services.
• Limitations of enforcing intellectual property rights
Although Nintendo has continued to accumulate various intellectual properties which enable the differentiationof its offerings from others, there are geographical regions in which it is difficult to effectively address
unauthorized uploading via the internet and counterfeit products, which may have a negative impact on
Nintendo’s future operating performance and financial position.
Nintendo will take necessary measures on an ongoing basis.
- 15 -

• Unauthorized system access and leakage of confidential information
Nintendo possesses personal information about its consumers, as well as confidential information concerning
development and business operations. If this information were ever leaked outside of Nintendo or used
improperly by third parties due to unauthorized access to systems, etc., it could have an adverse effect on
Nintendo’s future operating performance, share price and financial condition.
Nintendo will take necessary measures on an ongoing basis.
• Changes in laws and regulations, etc.
Unpredicted enactment of or changes in laws and regulations, as well as adoptions of or changes in accounting
standards or taxation systems could have an effect on Nintendo’s performance and financial position. In addition,
conflict of views between Nintendo and the tax authorities regarding tax returns may result in additional tax
expenses.
Nintendo keeps up to date with information released by government agencies and other external organizations
through websites, etc. In addition, Nintendo collects information by participating in seminars hosted by externalorganizations and subscribing to specialized journals, etc. and conducts various studies in the lead-up to theimplementation of changes in laws and regulations, etc.
• Litigation, etc.
Nintendo’s operations in Japan and outside of Japan may be subject to litigation, disputes and other legal
procedures, which could adversely affect Nintendo’s operating performance and financial position.
Nintendo is taking various measures to reduce the risk of litigation.
(4) Other risks
Other than the risks set forth above, factors such as uncollectible notes and accounts receivable - trade, collapse offinancial institutions, environmental regulations, impairment of the corporate brand due to unforeseen
circumstances, changes in the political situation, rapid climate change, natural disasters or epidemics may
adversely affect Nintendo’s operating performance and financial position.
Nintendo will take necessary measures on an ongoing basis.

- 16 -

4. Analysis of financial position, operating results and cash flow by management
The description of the financial position, operating results and cash flow of Nintendo (the Company and its
consolidated subsidiaries) in the fiscal year ended March 31, 2024 (“operating results, etc.”) and the understanding,analysis and examination of Nintendo’s operating results, etc. from the management’s viewpoint are as follows.
Any forward-looking statements contained in the following overview are made based on information available as ofthe end of the fiscal year ended March 31, 2024.
Segment information is omitted as Nintendo operates as a single business segment.
(1) Assumptions used in important accounting procedures and estimates
Consolidated financial statements of Nintendo are prepared in accordance with accounting standards generally
accepted in Japan. In preparing such statements, estimates that may affect the value of assets, liabilities, revenue
and expenses are made based on the accounting procedures selected and adopted by management. Management
makes appropriate assumptions based on factors such as past performance and the likelihood of future occurrences
to make reasonable estimates. However, due to inherent uncertainties, the actual results may differ from theseestimates. Significant accounting estimates and assumptions adopted in the consolidated financial statements ofNintendo are detailed in the section “V. Financial Information, Consolidated financial statements, etc., Notes toConsolidated Financial Statements (Significant accounting estimates).”(2) Operating results, etc.
(i) Description and analysis of results
Looking at the Nintendo Switch business for the fiscal year ended March 31, 2024, good sales were posted for
The Legend of Zelda: Tears of the Kingdom, which sold 20.61 million units, Super Mario Bros. Wonder, whichsold 13.44 million units and Pikmin 4, which sold 3.48 million units. In addition, the April 2023 release of The
Super Mario Bros. Movie positively impacted sales of Mario related titles, such as Mario Kart 8 Deluxe which
recorded sales of 8.18 million units (for cumulative sales of 61.97 million units). As a result, there were 31 titles
that sold over a million units during the period, including titles from other software publishers.
Hardware sales for this period totaled 15.70 million units (a decrease of 12.6% year-on-year), and software sales
totaled 199.67 million units (a decrease of 6.7% year-on-year). While this represents a decrease from theprevious fiscal year, sales are steady for a platform in its eighth year after launch.
Turning to the digital business for our dedicated video game platform, downloadable versions of packaged
software and add-on content for Nintendo Switch sold well, and revenue related to Nintendo Switch Online also
increased. Digital sales reached ¥443.3 billion (USD 2,935 million; an increase of 9.4% year-on-year), helped
also by the depreciation of the yen.
In the mobile and IP related business, sales totaled ¥92.7 billion (USD 613 million; an increase of 81.6% yearon-year), bolstered mainly by the generation of revenue related to The Super Mario Bros. Movie during thisterm.
Nintendo’s management policy, management strategy, etc. are as described in “II. Business Overview, 1.
Management policy, management environment, issues to address.” The presence or lack of hit products and theirsales volumes are deemed to have a significant impact on operating results, etc., as described in “II. Business
Overview, 4. Analysis of financial position, operating results and cash flow by the management, (4) Factors
which have a significant impact on operating results, etc.”- 17 -

(ii) Description and analysis of operating results
Net sales, operating profit, ordinary profit and profit attributable to owners of parent in the fiscal year ended
March 31, 2024 increased from the previous fiscal year.
Net sales reached ¥1,671.8 billion (USD 11,071 million; an increase of 4.4% year-on-year), of which sales
outside of Japan were ¥1,309.2 billion (USD 8,670 million; an increase of 5.9% year-on-year, and 78.3% of
total sales). Operating profit came to ¥528.9 billion (USD 3,502 million; an increase of 4.9% year-on-year) andordinary profit was ¥680.4 billion (USD 4,505 million; an increase of 13.2% year-on-year) due to an increasein foreign exchange gains and other factors. Profit attributable to owners of parent totaled ¥490.6 billion (USD
3,249 million; an increase of 13.4% year-on-year).
(Net sales and operating profit)
Net sales increased from the previous fiscal year by ¥70.1 billion (USD 464 million) to ¥1,671.8 billion (USD
11,071 million; an increase of 4.4% on a year-on-year basis). Gross profit increased from the previous fiscal
year by ¥68.8 billion (USD 455 million) to ¥954.3 billion (USD 6,319 million; an increase of 7.8% on a yearon-year basis). Due to such factors as the increase in research and development expenses and advertisingexpenses, selling, general and administrative expenses increased from the previous fiscal year by ¥44.3 billion(USD 293 million), resulting in an operating profit of ¥528.9 billion (USD 3,502 million; an increase of 4.9%
on a year-on-year basis).
(Non-operating income and expenses, and ordinary profit)
Net non-operating income was ¥151.5 billion (USD 1,003 million), mainly due to a substantial increase inforeign exchange gains and interest income. As a result, ordinary profit was ¥680.4 billion (USD 4,505 million;
an increase of 13.2% on a year-on-year basis).
(Profit attributable to owners of parent)
Profit attributable to owners of parent was ¥490.6 billion (USD 3,249 million; an increase of 13.4% on a yearon-year basis), mainly due to the increase in ordinary profit from the previous fiscal year.
(iii) Description and analysis of financial position(Total assets)
Total assets increased by ¥297.1 billion (USD 1,967 million) compared to the previous fiscal year-end to¥3,151.3 billion (USD 20,869 million).
This was mainly due to the increase in cash and deposits attributable to such factors as the receipt of proceeds
through operating activities and the effect of the depreciation of the yen, in addition to some of them being
held in the form of short-term investment securities.
(Total liabilities)
Total liabilities decreased by ¥41.4 billion (USD 274 million) compared to the previous fiscal year-end to¥546.3 billion (USD 3,617 million).
This was mainly due to a decrease of ¥91.1 billion (USD 603 million) in notes and accounts payable - trade,
resulting from the settlement of trade payables related to the Nintendo Switch platform, despite an increase of¥12.0 billion (USD 79 million) in income taxes payable due to the increase in taxable income.
(Net assets)
Net assets increased by ¥338.5 billion (USD 2,241 million) compared to the previous fiscal year-end to¥2,604.9 billion (USD 17,250 million).

- 18 -

This was mainly due to the posting of profit attributable to owners of parent in the amount of ¥490.6 billion(USD 3,249 million) and the payment of dividends of surplus in the amount of ¥236.3 billion (USD 1,564
million).
(iv) Description and analysis of cash flows
The ending balance of “Cash and cash equivalents” (collectively, “Cash”) as of March 31, 2024 was ¥853.4
billion (USD 5,651 million), with a decrease of ¥341.1 billion (USD 2,258 million) during the fiscal year.
During the previous fiscal year, there was an increase of ¥171.8 billion (USD 1,137 million). Net increase(decrease) of Cash and contributing factors during the fiscal year ended March 31, 2024 are as follows:(Cash flows from operating activities)
There were decreasing factors contributing to ¥680.7 billion (USD 4,507 million) of profit before income
taxes such as payment of income taxes and the impact of the depreciation of the yen, in addition to a decreasein trade payable. However, due to increasing factors such as a decrease in inventories, Cash resulted in an
increase of ¥462.0 billion (USD 3,059 million) compared to an increase of ¥322.8 billion during the previous
fiscal year.
(Cash flows from investing activities)
Cash from investing activities decreased by ¥630.6 billion (USD 4,176 million) compared to an increase of¥111.5 billion during the previous fiscal year mainly due to proceeds from the withdrawal of time deposits
and sales and redemption of short-term and long-term investment securities being lower than payments into
time deposits and purchase of short-term and long-term investment securities.
(Cash flows from financing activities)
Cash from financing activities decreased by ¥236.9 billion (USD1,568 million) compared to a decrease of¥290.9 billion during the previous fiscal year mainly due to payments of cash dividends.
(3) Production, orders received and sales information(i) Production results
Production results in the fiscal year ended March 31, 2024 were as follows. As Nintendo operates as a single
business segment, the information is presented by product type.
Type

Amount(Millions of yen)
(Millions of dollars)

Year-on-year increase (decrease)(%)

Dedicated video game platform
Nintendo Switch platform

918,610

6,083(24.3)

Others17,855

118

13.5

936,4656,201(23.8)

21,777

144

361.4

6,345

(22.3)

Subtotal
OthersTotal
958,242(Note) The above amounts are calculated based on the selling price.

(ii) Order-receiving status
Information on orders received is omitted as production is based on make-to-stock production, other than maketo-order production mainly for some software for dedicated video game platforms.

- 19 -

(iii) Sales results
Sales results in the fiscal year ended March 31, 2024 were as follows. As Nintendo operates as a single businesssegment, the information is presented by product type.
Type
Dedicated video game platform
Nintendo Switch platform
OthersAmount(Millions of yen)
(Millions of dollars)

Year-on-year increase (decrease)(%)

1,532,438
35,386

10,148
234

1.5
(0.9)

1,567,824

10,382

1.5

Mobile, IP related income, etc.

92,748614

81.6

Others

11,29374

98.5

1,671,865

11,071

4.4

Subtotal

Total(4) Factors which have a significant impact on operating results, etc.
Nintendo operates as a business in the field of home entertainment, in which the presence or lack of hit products
and their sales volumes may have a significant impact on its operating results, etc. In addition, the field ofentertainment is wide in scope, and any non-gaming propositions which gain popularity that provide consumers
with more entertainment value and surprises may also have an impact.
More than 70% of Nintendo’s total sales are generated in markets outside of Japan, with most transactions carriedout in local currencies. While Nintendo makes U.S. dollar-based purchases and purchases in other currencies on
an ongoing basis in order to reduce the impact of exchange rate fluctuations, it is difficult to completely eliminate
the related risk. As a result, exchange rate fluctuations may have an impact on Nintendo’s financial performance.
While dedicated video game platforms and their compatible software, which are Nintendo’s main products,
represent a majority of total sales, hardware and software have very different profit margins, and fluctuations of
their proportions of the total sales may have an impact on gross profit and the gross profit percentage to sales.
In addition, there may be other fluctuating factors as described in “II. Business Overview, 3. Risk factors.”(5) Financial source of capital and liquidity of funds
As of the end of the consolidated fiscal year ended March 31, 2024, the current ratio is 537%, and the ratio of
total liabilities to cash and cash equivalents is 1.6 times.
Nintendo maintains retained earnings that are necessary in order to adapt to changes in the business environment
and to pursue further business expansion, etc. in the future.
Major components of the working capital requirements include purchase expenses of materials and parts for
manufacturing, advertising expenses and research and development expenses, and dividend and income tax
payments. Moreover, it is Nintendo’s basic policy to internally provide the capital necessary to fund future growth,
including capital investments. Nintendo ensures self-financing by cash flows from operating activities including
sales of dedicated video game platforms, etc. Nintendo’s approach to shareholder returns is as explained in “IV.
Profile of the Company, 3. Dividend policy” and specific plans for capital investments are as described in “III.
Equipment and Facilities, 3. Plans for new installation and retirement of equipment and facilities, etc.”
During the launch periods of new products and the year-end sales season, there may be temporary increases innotes and accounts receivable - trade, notes and accounts payable - trade and inventories, which may have an
upward or downward impact on net cash provided by or used in operating activities.
Payments into or withdrawals from time deposits with maturities of more than three months, as well as timing ofacquisition or sale of short-term investment securities, may have an upward or downward impact on net cash
provided by or used in investing activities.

5. Material contracts, etc.
Not applicable.
- 20 -

6. Research and development activities
Nintendo (the Company and its consolidated subsidiaries) primarily engages in the active development of hardware
and software for dedicated video game systems, with support from various companies and organizations, in its effort
to put smiles on the faces of everyone Nintendo touches around the world by offering new and compelling productsthat anyone can enjoy. We also utilize Nintendo IP, focusing on the production of products such as those related toamiibo and visual content, and undertake the planning, development and operation of games that many people aroundthe world can enjoy in the form of smart-device applications.
With respect to hardware, we continuously investigate and undertake research on underlying technologies spanning
data storage technology such as semiconductor memory, display technology such as liquid crystal displays, andelectronic components. We also carry out research and development activities to examine the applicability of various
technologies to the field of home entertainment including interfaces such as touch panels and sensors, networks suchas those for wireless communication, security, cloud computing, virtual reality (VR), augmented reality (AR) andmixed reality (MR), deep learning and big data analysis. Our efforts are not limited to in-house studies and research
and we are also exploring various possibilities on a daily basis to discover technologies that will help create new
ways to play by proactively turning our attention outside Nintendo. Moreover, we continue to enhance the durability,
safety, quality and performance of our products to ensure that consumers can comfortably enjoy them over an
extended period, in addition to designing and developing various accessories and pursuing cost-cutting initiatives.
With respect to software, we take full advantage of hardware features in planning our products, and focus on gamedesign and program development that leverages graphics, music and game scripts.
Furthermore, in order to enable digital business expansion, we have strongly driven the expansion of systeminfrastructure that supports network services in multiple areas, including the various network features of eachsoftware title and Nintendo eShop. In addition, we have established a research and development structure for smartdevice software, and promote the planning and development of smart-device applications and the development of aback-end server system.
Regarding our parts procurement and manufacturing processes, in addition to promoting the mass production of parts
that employ new test methods and technologies, we also research and accumulate knowledge pertaining to relevantlaws and regulations with the cooperation and support of our manufacturing partners.
Research and development expenses for the fiscal year were ¥137.7 billion (USD 911 million), with the outcomes ofmajor research and development activities described below. Segment information is omitted since we operate as asingle business segment.
For Nintendo Switch hardware, we introduced firmware updates to enhance convenience and operational stability,
released various special editions of game systems and accessories, and made ongoing improvements to the softwaredevelopment environment and various network services. As for compatible software, we released The Legend of
Zelda: Tears of the Kingdom, the latest entry in The Legend of Zelda series. In this title, players progress through thegame using the main character’s ability “Ultrahand” which allows users to attach and detach a variety of objects tofreely create vehicles and structures. We also released Everybody 1-2-Switch!, a party game that enables from two to
up to 100 people to take part in games at get-togethers, house parties, and other gatherings, using not only Joy-Con
controllers but smartphones as well. Other titles released include Pikmin 4, Super Mario Bros. Wonder, WarioWare:
Move It!, each the latest in its respective series, as well as Pikmin 1+2, Super Mario RPG, Another Code: Recollection,
Mario vs. Donkey Kong and Princess Peach: Showtime!
In our mobile business, we run services on an ongoing basis for game applications such as Fire Emblem Heroes,
Animal Crossing: Pocket Camp, and Mario Kart Tour.
For Nintendo Switch Online, a service that enables consumers to enjoy online competitive and cooperative play andvarious other services on Nintendo Switch, we added more titles to Nintendo Entertainment System - Nintendo Switch
Online, Super Nintendo Entertainment System - Nintendo Switch Online, and other services. We also continued
reviewing the specifications for the various services based on Nintendo Account and making ongoing improvements.
In addition, on Nintendo Developer Portal, a dedicated website for game creators working on Nintendo platforms,
we offer ongoing support for both development companies and individual developers to deliver new entertainment to
consumers around the world.
On top of these efforts, Nintendo continues to engage in the development of various products and services for the
future, including new products that improve people’s QOL (Quality of Life) in enjoyable ways.

- 21 -

III. Equipment and Facilities
1. Overview of capital investments
Nintendo (the Company and its consolidated subsidiaries) primarily engage in the development, manufacturing andsales of entertainment products, and in the fiscal year ended March 31, 2024, it invested ¥32,893 million (USD 217
million), which was mainly used for research and development facilities, and included intangible assets such as
computer software for internal use.
Regarding the required funds, all of the capital investments were self-financed and we did not raise external financing.
Segment information is omitted as Nintendo operates as a single business segment.

2. Major facilities
Major facilities are as follows. As Nintendo (the Company and its consolidated subsidiaries) operates as a single
business segment, the information is presented on a per business basis.
(1) Reporting company
As of March 31, 2024
Book value (Millions of yen)
Principal places of business(Location)

Description ofbusiness

Uji Plant(Uji City, Kyoto Prefecture)

Manufacturing

Corporate Headquarters(Minami-ku, Kyoto City)
Tokyo Branch Office *1, 2(Chiyoda-ku, Tokyo)

Administration,
sales,
development,
manufacturing
Administration,
sales,
development

Description
Landof(area:
Buildings Machinery,
Tools,
equipment
andequipment thousands furniture& facilities structures and vehicles of square and fixtures
meters)

Other

Total

Number of
employees(persons)

Production
facilities

2,458

175

1,866
(25)

100

10

4,611

126

Other
facilities

17,875

61

22,160
(67)

1,527

9,849

51,474

2,532

Other
facilities

1,796

0

(-)

198

34

2,029

156

Asset leased to Nintendo
Sales Co., Ltd.
(Uji City, Kyoto Prefecture)

Sales

Other
facilities

918

0

4,079
(9)

0

5

5,004

-

Asset leased to Nintendo
Sales Co., Ltd.
(Kita-ku, Osaka Prefecture)

Sales

Other
facilities

704

-

5,763
(1)

5

3

6,475

-

Nintendo Museum(Uji City, Kyoto Prefecture)

Other

Other
facilities

4,333

2

37
(14)

19

4,204

8,596

-

Book value (Millions of dollars)
Principal places of business(Location)

Description ofbusiness

Uji Plant(Uji City, Kyoto Prefecture)

Manufacturing

Corporate Headquarters(Minami-ku, Kyoto
Prefecture)
Tokyo Branch Office *1, 2(Chiyoda-ku, Tokyo)

Administration,
sales,
development,
manufacturing
Administration,
sales,
development

Description
Landof(area:
Buildings Machinery,
Tools,
equipment
andequipment thousands furniture& facilities structures and vehicles of square and fixtures
meters)

Other

Total

Number of
employees(persons)

Production
facilities

16

1

12
(25)

0

0

30

126

Other
facilities

118

0

146
(67)

10

65

340

2,532

Other
facilities

11

0

(-)

1

0

13

156

Asset leased to Nintendo
Sales Co., Ltd.
(Uji City, Kyoto Prefecture)

Sales

Other
facilities

6

0

27
(9)

0

0

33

-

Asset leased to Nintendo
Sales Co., Ltd.
(Kita-ku, Osaka Prefecture)

Sales

Other
facilities

4

-

38
(1)

0

0

42

-

- 22 -

Nintendo Museum(Uji City, Kyoto Prefecture)

Other

Other
facilities

28

0

0
(14)

0

27

56

-

(Notes) 1. Book value of “Other” represents book value of construction in progress, intangible assets and long-term prepaid
expenses.
2. *1 Tokyo Branch Office leases office space, of which the amount of annual rent expenses is ¥1,485 million (USD 9
million).
3. *2 The amounts include some of the assets leased to Nintendo Sales Co., Ltd., 1-UP Studio Inc. and Nintendo Pictures
Co., Ltd.

(2) Subsidiaries Outside of Japan
As of March 31, 2024
Book value (Millions of yen)
Name of company(Main location)

Description ofbusiness

Description
Landof(area:
Buildings Machinery,
Tools,
equipment
andequipment thousands furniture& facilities structures and vehicles of square and fixtures
meters)

Other

Total

Number of
employees(persons)

Nintendo of America Inc.
(United States)

Sales

Other
facilities

14,326

899

4,698
(508)

2,261

756

22,941

1,281

Nintendo of Europe AG(Germany)

Sales

Other
facilities

4,462

345

(-)

724

1,261

6,793

1,067

Book value (Millions of dollars)Name of company(Main location)

Description ofbusiness

Description
Landof(area:
Buildings Machinery,
Tools,
equipment
andequipment thousands furniture& facilities structures and vehicles of square and fixtures
meters)

Other

Total

Number of
employees(persons)

Nintendo of America Inc.
(United States)

Sales

Other
facilities

94

5

31
(508)

14

5

151

1,281

Nintendo of Europe AG(Germany)

Sales

Other
facilities

29

2

(-)

4

8

44

1,067

(Notes) 1. Book value of “Other” represents book value of construction in progress and intangible assets.
2. The above amounts include right-of-use assets.

3. Plans for new installation and retirement of equipment and facilities, etc.
Plans for the installation of new equipment and facilities, etc. are as follows. There are no plans for retirement/saleof major equipment and facilities, excluding retirement/sale for the purpose of regular renewal. Segment informationis omitted as Nintendo operates as a single business segment. Actual capital investments by Nintendo may varysignificantly from the forecasts below due to factors including those stated in “II. Business Overview, 3. Risk factors.”

Name of company
Nintendo Co., Ltd. andits consolidated
subsidiaries
Nintendo Co., Ltd. andits consolidated
subsidiaries
Nintendo Co., Ltd. andits consolidated
subsidiaries

Description of equipment andPlanned investment amountfacilities

Month/year ofcommencement

Month/year ofscheduledcompletion

Research and development
facilities

42,000 million yen(USD 278 million)

April 2023

March 2026

Production facilities formolds, etc.

7,000 million yen(USD 46 million)

April 2023

March 2026

Renovation, updating, etc.
of other buildings, etc.

66,000 million yen(USD 437 million)

April 2023

March 2026

115,000 million yen(USD 761 million)(Note) Funds required for equipment and facilities, etc. in the future referred to above are to be self-financed.
Total- 23 --

IV. Profile of the Company
1. Status of shares and other relevant matters(1) Total number of shares and other information(i) Total number of shares
Class

Total number of shares authorized to be issued (shares)

Common shares

4,000,000,000

Total

4,000,000,000(ii) Number of shares issued

Class

Number of shares
outstanding as of the endof fiscal year
(March 31, 2024)

Number of shares
outstanding as ofissuance date of thisreport(June 28, 2024)

Name of stock exchange on
which Nintendo is listed orname of authorized financial
instruments firm association

Common shares

1,298,690,000

1,298,690,000

Tokyo Stock Exchange
Prime Market

Total

1,298,690,000

1,298,690,000-

Description
Number of sharesconstituting a unit: 100
shares-(2) Status of share subscription rights and other relevant matters(i) Description of stock option scheme
Not applicable(ii) Description of rights plans
Not applicable(iii) Other matters regarding status of share subscription rights, etc.
Not applicable(3) Exercise status and other relevant matters concerning bonds with share subscription rights containing a clause forexercise price adjustment
Not applicable- 24 -

(4) Trend of total number of shares issued, amount of common shares and other relevant matters
Change in thenumber ofshares issued(Thousands ofshares)Date
September 16, 2021
(Note 1)
October 1, 2022 (Note 2)(1,800)129,869-

10,065-

11,584

1,168,821

1,298,690-

10,065-

11,584

Change in thenumber ofshares issued(Thousands ofshares)Date

Balance of the
Change in share Balance of share Change in legal Balance of legal
number ofcapitalcapitalcapital surplus capital surplus
shares issued(Millions of(Millions of(Millions of(Millions of(Thousands of
yen)
yen)
yen)
yen)
shares)Balance of the
Change in share Balance of share Change in legal Balance of legal
number ofcapitalcapitalcapital surplus capital surplus
shares issued(Millions of(Millions of(Millions of(Millions of(Thousands ofdollars)
dollars)
dollars)
dollars)
shares)

September 16, 2021
(1,800)129,869(Note 1)
October 1, 2022 (Note 2)
1,168,821
1,298,690(Notes) 1. The decrease is due to the cancellation of treasury shares.
2. The increase is due to a 10-for-1 stock split.

-

66

-

76

-

66

-

76

(5) Status of shareholders
As of March 31, 2024
Status of shares (number of shares constituting a unit: 100 shares)
Classification

Foreign shareholders
National
Financial
Financial
Other legal
Individuals
and local
services
Other thaninstitutions
entitiesand other
Individuals
government
providers
individuals

Number ofshareholders(persons)

-

112

62

999

1,276

Number ofshares held
(units)-3,749,489

398,954

317,049

6,515,600

Shareholding
ratio (%)

-

28.89

3.08

2.44

50.20

789

Total

Status ofshares lessthan one unit
(shares)

117,004

120,242-

4,149 1,993,739

12,978,980

792,000

0.03

15.36

100.00-(Notes) 1. Out of treasury shares of 134,451,510 shares, 1,344,515 units and 10 shares are included in “Individuals and other”
and “Status of shares less than one unit,” respectively.
2. “Other legal entities” includes 10 units of shares held in the name of Japan Securities Depository Center, Inc.

- 25 -

(6) Status of major shareholders
As of March 31, 2024
Number ofshares held
(Hundreds ofshares)Shareholding ratio(excluding treasury shares)(%)

1-8-1 Akasaka, Minato-ku, Tokyo

1,880,042

16.15

25 BANK STREET, CANARY WHARF,LONDON, E14 5JP, UNITED
KINGDOM(2-15-1 Konan, Minato-ku, Tokyo)

1,152,596

9.90

1-8-12 Harumi, Chuo-ku, Tokyo

662,687

5.69

700 Yakushimae-cho, Karasuma-dori,Matsubara-Agaru, Shimogyo-ku, Kyoto(1-8-12 Harumi, Chuo-ku, Tokyo)

488,020

4.19

2-2-2 Otemachi, Chiyoda-ku, Tokyo

421,090

3.62

1776 HERITAGE DRIVE, NORTHQUINCY, MA 02171, U.S.A.
(2-15-1 Konan, Minato-ku, Tokyo)

214,384

1.84

BANKPLASSEN 2, 0107 OSLO 1 OSLO
0107 NO(6-27-30 Shinjuku, Shinjuku-ku, Tokyo)

190,694

1.64

388 GREENWICH STREET NEW
YORK, NY 10013 USA(6-27-30 Shinjuku, Shinjuku-ku, Tokyo)

183,829

1.58

144,643

1.24

144,108

1.24

Name of shareholder
The Master Trust Bank of Japan, Ltd.
(Trust Account)
JP Morgan Chase Bank 380815(Standing proxy: Settlement &Clearing Services Department,
Mizuho Bank, Ltd.)
Custody Bank of Japan, Ltd. (Trust
Account)
The Bank of Kyoto, Ltd.
(Standing proxy: Custody Bank ofJapan, Ltd.)The Nomura Trust and Banking Co.,Ltd.
(MUFG Bank, Ltd. Retiree Allowance
Trust Account)
State Street Bank West Client – Treaty
505234(Standing proxy: Settlement &Clearing Services Department,
Mizuho Bank, Ltd.)
GOVERNMENT OF NORWAY(Standing proxy: Citibank, N.A.,
Tokyo Branch)
CITIBANK, N.A.-NY, AS
DEPOSITARY BANK FOR
DEPOSITARY SHARE HOLDERS(Standing proxy: Citibank, N.A.,
Tokyo Branch)
JP Morgan Chase Bank 385781(Standing proxy: Settlement &Clearing Services Department,
Mizuho Bank, Ltd.)JP Morgan Chase Bank 385632(Standing proxy: Settlement &Clearing Services Department,
Mizuho Bank, Ltd.)

Address

25 BANK STREET, CANARY WHARF,LONDON, E14 5JP, UNITED
KINGDOM(2-15-1 Konan, Minato-ku, Tokyo)
25 BANK STREET, CANARY WHARF,LONDON, E14 5JP, UNITED
KINGDOM(2-15-1 Konan, Minato-ku, Tokyo)

Total
5,482,096
47.09(Notes) 1. The Company’s 1,344,515 hundred treasury shares are excluded from the above table.
2. Although the Statement of Large-Volume Holdings made available for public inspection dated March 25, 2024
states that the following shares are held by Nomura Securities Co., Ltd. and its joint holders as of March 15, 2024,
the above status of major shareholders is based on the shareholder registry, as the Company could not confirm theactual number of shares held as of March 31, 2024.

Name of shareholder

Address

Number ofshares held
(Hundreds ofshares)Shareholding ratio(excluding treasury shares)(%)

Nomura Securities Co., Ltd.

1-13-1 Nihonbashi, Chuo-ku,
Tokyo90,9920.70

Nomura International plc

1 Angel Lane, London EC4R
3AB, United Kingdom

20,101

0.15

Nomura Asset Management Co., Ltd.

2-2-1 Toyosu, Koto-ku, Tokyo

538,486

4.15

Total

-

649,580

5.00- 26 -

3. Although the revised statements (Statement of Large-Volume Holdings and Statement of Changes) made available
for public inspection dated June 23, 2023 states that the following shares are held by Public Investment Fund as ofFebruary 16, 2023, the above status of major shareholders is based on the shareholder registry, as the Company
could not confirm the actual number of shares held as of March 31, 2024.

Name of shareholder

Public Investment Fund

Total

Number ofshares held
(Hundreds ofshares)Shareholding ratio(excluding treasury shares)(%)

The Public Investment Fund
Tower, King Abdullah
Financial District, Al Aqiq
District, Riyadh 13519 Saudi
Arabia1,114,547

8.58-

1,114,547

8.58

Address

4. Although the Statement of Changes made available for public inspection dated April 6, 2023 states that thefollowing shares are held by Sumitomo Mitsui Trust Asset Management Co., Ltd. and its joint holders as of March
31, 2023, the above status of major shareholders is based on the shareholder registry, as the Company could notconfirm the actual number of shares held as of March 31, 2024.

Name of shareholder

Address

Number ofshares held
(Hundreds ofshares)Shareholding ratio(excluding treasury shares)(%)

Sumitomo Mitsui Trust AssetManagement Co., Ltd.

1-1-1 Shibakoen, Minato-ku,
Tokyo446,165

3.44

Nikko Asset Management Co., Ltd.

9-7-1 Akasaka, Minato-ku,
Tokyo284,701

2.19

730,866

5.63

Total

-

5. Although the Statement of Changes made available for public inspection dated March 4, 2024 states that thefollowing shares are held by MUFG Bank, Ltd. and its joint holders as of February 26, 2024, the above status ofmajor shareholders is based on the shareholder registry, as the Company could not confirm the actual number ofshares held as of March 31, 2024.

Name of shareholder

Address

Number ofshares held
(Hundreds ofshares)Shareholding ratio(excluding treasury shares)(%)

MUFG Bank, Ltd.

2-7-1 Marunouchi, Chiyodaku, Tokyo

421,090

3.24

Mitsubishi UFJ Trust and Banking
Corporation

1-4-5 Marunouchi, Chiyodaku, Tokyo

274,614

2.11

Mitsubishi UFJ Asset Management
Co., Ltd.

1-9-1 Higashi-Shinbashi,
Minato-ku, Tokyo

127,2850.98

822,989

6.34

Total

-

- 27 -

6. Although the Statement of Changes made available for public inspection dated November 6, 2023 states that thefollowing shares are held by BlackRock Japan Co., Ltd. and its joint holders as of October 31, 2023, the above statusof major shareholders is based on the shareholder registry, as the Company could not confirm the actual number ofshares held as of March 31, 2024.

Name of shareholder

Address

Number ofshares held
(Hundreds ofshares)Shareholding ratio(excluding treasury shares)(%)

BlackRock Japan Co., Ltd.

1-8-3 Marunouchi, Chiyodaku, Tokyo

267,153

2.06

BlackRock Advisors, LLC

251 Little Falls Drive,
Wilmington, Delaware, USA

16,686

0.13

BlackRock Investment Management
LLC

251 Little Falls Drive,
Wilmington, Delaware, USA

13,3250.10BlackRock (Netherlands) B.V.

Amstelplein 1, 1096 HA,
Amsterdam, Kingdom of theNetherlands

27,4590.21

BlackRock Fund Managers Limited

12 Throgmorton Avenue
London, UK

31,8550.25

BlackRock (Luxembourg) S.A.

35a Avenue JF Kennedy L1855 Luxembourg

15,2780.12BlackRock Asset Management
Ireland Limited

1F, 2 Ballsbridge Park
Ballsbridge, Dublin, Ireland

66,6640.51

BlackRock Fund Advisors

400 Howard Street, San
Francisco, California, USA

195,620

1.51

BlackRock Institutional Trust
Company, N.A.

400 Howard Street, San
Francisco, California, USA

157,209

1.21

BlackRock Investment Management(UK) Limited

12 Throgmorton Avenue
London, UK

18,7080.14

809,960

6.24

Total

-

- 28 -

(7) Status of voting rights(i) Shares issued
As of March 31, 2024
Class
Shares without voting rights
Shares with restricted voting
rights (treasury shares, etc.)
Shares with restricted voting
rights (other)
Shares with full voting rights(treasury shares, etc.)
Shares with full voting rights(other)Shares less than one unit-

Number of voting
rights (units)
-

-

-

-

-

-

-

Number of shares constituting
a unit: 100 shares

11,634,465

Same as the above

Number of shares (shares)(Treasury shares)
Common shares

134,451,500

Common shares

1,163,446,500

Common shares

792,000-

Description-

Shares less than one unit
(100 shares)-

Total number of shares issued
1,298,690,000
Total number of voting rights held
11,634,465
by all shareholders(Note) “Shares with full voting rights (other)” includes 1,000 shares (10 voting rights) held in the name of Japan Securities
Depository Center, Inc.

(ii) Treasury shares and other relevant matters
As of March 31, 2024
Number of shares Number of shares
Shareholding ratio overTotal number ofName of shareholder Address of shareholder held under own held under anotherthe total number ofshares held (shares)
name (shares)
name (shares)
shares issued (%)
11-1 Hokotate-cho,(Treasury shares)
Kamitoba, Minami134,451,500
134,451,500
10.35
Nintendo Co., Ltd.
ku, Kyoto 601-8501
Japan
Total
134,451,500
134,451,500
10.35- 29 -

2. Status of acquisition of treasury shares and other relevant matters[Class of shares, etc.] Acquisition of common shares under Article 155, item 7 of the Companies Act(1) Status of acquisition based on a resolution approved at the General Meeting of Shareholders
Not applicable(2) Status of acquisition based on a resolution approved by the Board of Directors
Not applicable(3) Description of acquisition of treasury shares not based on a resolution approved at the General Meeting of
Shareholders or a resolution approved by the Board of Directors
Acquisition under Article 155, item 7 of the Companies Act
Classification

Total amount of acquisition price(yen)

Number of shares (shares)

Treasury shares acquired during the fiscal year ended March 31,
2024

370

2,615,171

Treasury shares acquired during the current period

60

473,930Classification

Total amount of acquisition price(dollars)

Number of shares (shares)

Treasury shares acquired during the fiscal year ended March 31,
2024

370

17,319Treasury shares acquired during the current period
60
3,138(Note) The number of treasury shares acquired during the current period does not include shares less than one full unit purchased
during the period from June 1, 2024 to the submission date of this report.

(4) Status of disposition and holding of acquired treasury sharesFiscal year ended March 31, 2024
Classification
Acquired treasury shares for which
subscribers were solicited
Acquired treasury shares that were retired
Acquired treasury shares that weretransferred in association with a merger,
share exchange, share issuance or corporate
split
Other (disposal of treasury shares throughthe restricted stock compensation plan)
Number of treasury shares held

Classification
Acquired treasury shares for which
subscribers were solicited
Acquired treasury shares that were retired
Acquired treasury shares that weretransferred in association with a merger,
share exchange, share issuance or corporate
split
Other (disposal of treasury shares throughthe restricted stock compensation plan)

Current period (April 1 to May 31, 2024)

Number of shares(shares)

Total amount ofdisposal price (yen)Number of shares(shares)

Total amount ofdisposal price (yen)

-

-

-

-

-

-

-

-

-

-

-

-

19,150,385

-

-

9,500
134,451,510-

134,451,570

Fiscal year ended March 31, 2024
Total amount of
Number of sharesdisposal price(shares)(dollars)-

Current period (April 1 to May 31, 2024)
Total amount of
Number of sharesdisposal price(shares)(dollars)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,500

126,823

Number of treasury shares held
134,451,510
134,451,570(Note) The number of treasury shares held during the period from April 1 to May 31, 2024 does not include shares less than
one full unit purchased or sold during the period from June 1, 2024 to the submission date of this report.

- 30 -

3. Dividend policy
It is the Company’s basic policy to internally provide the capital necessary to fund future growth, including capital
investments, and to maintain a strong and liquid financial position in preparation for changes in the businessenvironment and intensified competition. As for direct profit returns to our shareholders, dividends are paid based on
profit levels achieved in each fiscal period.
It is the Company’s basic policy to distribute the surplus twice per year in the form of an interim dividend and a yearend dividend. The Articles of Incorporation of the Company stipulate that the Company “may pay an interim dividend
based on a resolution approved by the Board of Directors” pursuant to the provisions of Article 454, item 5 of theCompanies Act. The governing bodies which determine the interim dividend and year-end dividend are the Board of
Directors and the General Meeting of Shareholders, respectively.
The annual dividend per share will be established at the higher of the amount calculated by dividing 33% ofconsolidated operating profit by the total number of outstanding shares, excluding treasury shares, as of the end of
the fiscal year rounded up to the nearest yen, and the amount calculated based on the 50% consolidated profit standard
rounded up to the nearest yen.
The interim dividend per share is calculated by dividing 33% of consolidated operating profit by the total number ofoutstanding shares, excluding treasury shares, as of the end of the six-month period rounded up to the nearest yen.
According to the aforementioned policy, the dividends per share for the fiscal year ended March 31, 2024 were
calculated as an interim dividend of 80 yen (USD 0.52) and year-end dividend of 131 yen (USD 0.86).
Retained earnings are maintained for effective use in research of new technology and development of new products
and services, capital investments and securing materials, enhancement of selling power including advertisements,
strengthening of network infrastructure, and treasury share buyback whenever deemed appropriate.
(Note) Dividend payments for which the record date is in the fiscal year ended March 31, 2024 are as follows.
Date of resolution

Total amount of dividend

Resolved at the meeting of the Boardof Directors on November 7, 2023
Resolved at the Annual General
Meeting of Shareholders on June 27,
2024

Date of resolution¥93,139 million¥80¥152,515 million¥131

Total amount of dividend

Resolved at the meeting of the Boardof Directors on November 7, 2023
Resolved at the Annual General
Meeting of Shareholders on June 27,2024- 31 -

Dividend per share

Dividend per share

USD 616 million

USD 0.52

USD 1,010 million

USD 0.86

4. Corporate governance(1) Outline of corporate governance(i) Basic views on corporate governanceAt Nintendo, we strive to maximize long-term, continuous corporate value while carefully considering the benefits
for everyone we touch, including not only shareholders but also consumers, business partners, employees, local
communities and other stakeholders. We are working to build a highly transparent and sound system of corporate
governance, as well as improve our corporate ethics.
(ii) Outline of corporate governance system and reason for adoption of such system
The Company aims to strengthen the supervisory functions of the Board of Directors and further enhance thecorporate governance system of the Company as a Company with an Audit and Supervisory Committee. The
Company has also introduced the Executive Officer System for the purpose of clarifying the responsibility for the
execution of operations, and establishing a more flexible management structure which can appropriately andswiftly respond to the rapidly changing business environment. The foregoing will be enabled by separating themanagement decision-making and supervisory functions from the execution of operations as well as byaccelerating the delegation of authority to execute operations.
The Company’s corporate governance system is as shown below.

(Board of Directors)
The Board of Directors consists of thirteen Directors (including five Directors who are Audit and Supervisory
Committee Members), of whom six are Outside Directors (including four Directors who are Audit and Supervisory
Committee Members). All Outside Directors meet the standards for independent officers set forth by Tokyo Stock
Exchange, Inc. The Board of Directors holds meetings once a month in principle, and deliberates important mattersrelated to management in accordance with laws and regulations, etc. as the body in charge of management decisionmaking and supervision.
- 32 -

Board members:

Board chairperson Shuntaro Furukawa, President and Representative Director; Shigeru
Miyamoto, Representative Director; Shinya Takahashi, Corporate Director; Satoru
Shibata, Corporate Director; Ko Shiota, Corporate Director; Yusuke Beppu, Corporate
Director; Chris Meledandri, Outside Director; Miyoko Demay, Outside Director; Takuya
Yoshimura, Corporate Director (Full-Time Audit and Supervisory Committee Member);
Katsuhiro Umeyama, Outside Director (Audit and Supervisory Committee Member); Asa
Shinkawa, Outside Director (Audit and Supervisory Committee Member); Eiko Osawa,
Outside Director (Audit and Supervisory Committee Member); and Keiko Akashi,
Outside Director (Audit and Supervisory Committee Member)(Nomination Advisory Committee)
With the aim of increasing objectivity and transparency in the procedures for determining the nomination andcompensation of Directors, etc., the Company has established the Nomination Advisory Committee, which
consists of the President and Representative Director and all Directors who are Audit and Supervisory Committee
Members. The Nomination Advisory Committee holds meetings at least three times per year, in principle. As a
non-mandatory advisory body to the Board of Directors, the committee deliberates matters related to thenomination and compensation of Directors, etc.
Committee members: Committee chairperson Katsuhiro Umeyama, Outside Director (Audit and Supervisory
Committee Member); Shuntaro Furukawa, President and Representative Director; Takuya
Yoshimura, Corporate Director (Full-Time Audit and Supervisory Committee Member);Asa Shinkawa, Outside Director (Audit and Supervisory Committee Member); Eiko
Osawa, Outside Director (Audit and Supervisory Committee Member); and Keiko Akashi,
Outside Director (Audit and Supervisory Committee Member)
The attendance status of the Directors in office at each meeting of the Board of Directors and the Nomination
Advisory Committee during the fiscal year ended March 31, 2024 is as follows.
Board of Directors
Classification
President and Representative Director,
Member of the Board
Representative Director,
Member of the Board
Corporate Director,
Member of the Board
Corporate Director,
Member of the Board
Corporate Director,
Member of the Board
Outside Director,
Member of the Board
Corporate Director,
Member of the Board(Full-time Audit and Supervisory
Committee Member)
Outside Director, Member of the Board(Audit and Supervisory Committee
Member)Outside Director, Member of the Board(Audit and Supervisory Committee
Member)Outside Director, Member of the Board(Audit and Supervisory Committee
Member)Name

Nomination Advisory
Committee
Number of
Number ofmeetings
meetings
heldattendedNumber ofmeetings
heldNumber ofmeetings
attended

12

12

3

3

12

12

-

-

Shinya Takahashi

12

12

-

-

Satoru Shibata

12

12

-

-

Ko Shiota

12

12

-

-

Chris Meledandri

12

11

-

-

TakuyaYoshimura

12

12

3

3

Katsuhiro
Umeyama

12

12

3

3

Masao Yamazaki

12

12

3

3

Asa Shinkawa

12

12

3

3

Shuntaro
Furukawa
Shigeru
Miyamoto

During the fiscal year ended March 31, 2024, the Board of Directors deliberated on important development andother projects, investment and acquisition projects, the organizational structure of the Company group, the partial
amendment to resolution-making procedures of the Board of Directors, analysis and disclosure related to the costof capital, approach to human resources, cash on hand, and other matters. During the fiscal year ended March 31,
2024, the Nomination Advisory Committee confirmed and exchanged opinions on the results of voting at the- 33 -

General Meeting of Shareholders, the composition of the Board of Directors in coming years, and the independenceof Outside Directors, and deliberated on candidates for Director (including proposals for the positions ofRepresentative Directors and Directors concurrently serving as Executive Officers) and their compensation.
(Audit and Supervisory Committee)
The Audit and Supervisory Committee consists of one full-time internal Corporate Director and four Outside
Directors. The Audit and Supervisory Committee holds meetings once a month, in principle, and deliberates
matters provided for in laws and regulations, etc. as the body in charge of auditing the execution of duties, inaddition to exchanging audit opinions.
Committee members: Committee chairperson Takuya Yoshimura, Corporate Director (Full-Time Audit andSupervisory Committee Member); Katsuhiro Umeyama, Outside Director (Audit andSupervisory Committee Member); Asa Shinkawa, Outside Director (Audit andSupervisory Committee Member); Eiko Osawa, Outside Director (Audit and Supervisory
Committee Member); and Keiko Akashi, Outside Director (Audit and Supervisory
Committee Member)
The Company has established the Audit and Supervisory Committee Office which assists the Audit and Supervisory
Committee in performing its duties, and has appointed one dedicated staff member in the Office.
(Executive Management Committee)
With the aim of robust promotion of corporate activities, the Company has established the Executive Management
Committee consisting of Representative Directors and Corporate Directors concurrently serving as Executive
Officers. The Executive Management Committee holds meetings twice per month in principle and deliberates basic
policies on matters to be proposed at the meetings of the Board of Directors and management-related businessexecution policies and various measures.
Committee members: Committee chairperson Shuntaro Furukawa, President and Representative Director;
Shigeru Miyamoto, Representative Director; Shinya Takahashi, Corporate Director;
Satoru Shibata, Corporate Director; Ko Shiota, Corporate Director; and Yusuke Beppu,
Corporate Director(Compliance Committee)
With the aim of promoting compliance, the Company has established the Compliance Committee chaired by the
Senior General Manager of the General Affairs Division under the Executive Management Committee. The
Compliance Committee performs initiatives for promotion of compliance including establishment of the“Compliance Manual.”Committee members: Committee chairperson Kentaro Yamagishi, Senior General Manager, General Affairs
Division; senior general managers of divisions and senior directors of departments/offices(sections not placed under divisions)(iii) Other matters related to corporate governance(a) Preparedness of risk management system
In the Company, as a general rule, each division and department manages risks pertaining to work within its
jurisdiction. Furthermore, the Internal Auditing Department monitors the risk management system of eachdivision and department, and proposes and advises on policies for improvement, etc. Further, under theCompliance Committee, thorough compliance efforts are promoted at each division and department. The
Company has also established the Information Security Committee to ensure information security and theProduct Safety Committee and other structures to guarantee product safety, prevent the occurrence of productaccidents and ensure prompt response in the event of an accident.
The Company has established internal regulations applicable to its subsidiaries mainly to ensure efficient risk
management and business operation by the subsidiaries. Pursuant to the regulations, the responsible Senior
General Managers of the Company identify and manage such matters as the management status of the respective
subsidiaries they are in charge of, obtaining information therefrom as necessary, and subsidiaries are required
to obtain the Company’s prior approval for significant matters.
(b) Summary of agreement on limitation of liability with Outside Directors
In accordance with Article 427, Paragraph 1 of the Companies Act, the Company has entered into an agreementwith Outside Directors to limit their liability for damages as stipulated in Article 423, Paragraph 1 of theCompanies Act. Pursuant to such agreement, the amount of liability for damages is limited to the amountspecified by laws and regulations, and such liability limit will be recognized only when the Outside Director
performed his/her duties that caused the liability in good faith and without gross negligence.
- 34 -

(c) Summary of director liability insurance contract
Pursuant to Article 430-3, Paragraph 1 of the Companies Act, the Company has entered into a director liability
insurance contract with an insurance provider. The insured are Directors and Executive Officers of the Company
and officers of the Company’s subsidiaries; the purpose of this insurance contract is to cover compensation fordamages and litigation expenses, etc. that may be incurred by the insured while performing his/her duties or that
result from pursuit of claims for such liabilities during the insurance period. However, there are certain
exclusions, such as cases where an act was performed with the awareness that it constitutes a violation of laws
and/or regulations. Insurance premiums are borne by the Company in full.
(d) Number of Directors
The Articles of Incorporation stipulate that the number of Directors of the Company (excluding Directors who
are Audit and Supervisory Committee Members) shall be no more than 15 persons, and the number of Directors
who are Audit and Supervisory Committee Members shall be no more than five persons.
(e) Requirements for resolution on election of Directors
The Company has stipulated in its Articles of Incorporation that: a resolution on the election of Directors shallbe passed by the majority of the votes of the shareholders present at the meeting where the shareholders holding
one-third or more of the votes of the shareholders entitled to vote are present; and the resolution on the electionof Directors shall not be subject to cumulative vote.
(f) Matters subject to resolution at General Meeting of Shareholders that can be resolved at Board of Directors
meeting(Acquisition of treasury shares)
The Company has stipulated in its Articles of Incorporation that, in order to execute capital policies in a
flexible manner in response to changes in the business environment, the Company may acquire treasury sharessubject to resolution of the Board of Directors pursuant to the provision of Article 165, Paragraph 2 of theCompanies Act.
(Interim dividend)
The Company has stipulated in its Articles of Incorporation that, in order to return profits to shareholders in a
flexible manner, the Company may pay an interim dividend to shareholders or registered pledgees of shares
entered or recorded in the latest shareholder registry as of September 30 each year, subject to resolution of theBoard of Directors.
(g) Requirements for special resolution at General Meeting of Shareholders
The Company has stipulated in its Articles of Incorporation that, in order to fulfill the quorum for a special
resolution at the General Meeting of Shareholders with greater certainty, the resolutions provided for in Article
309, Paragraph 2 of the Companies Act shall be passed by two-thirds of the votes of the shareholders present at
a meeting where shareholders holding one-third or more of the votes of the shareholders entitled to vote arepresent.
(iv) Basic Policy Regarding the Company’s Control
The Company’s Board of Directors believes that the decision of whether to accept another party’s tender or otheracquisition offer for the purpose of making large purchases of the Company’s stock ultimately should be entrusted
to its shareholders, given that the stock of the Company, which is a public company, is freely traded. However, it
is likely that certain tender or acquisition offers may harm the Company’s corporate value or the common interestsof shareholders, depending on the intent of the offer, etc. The Company’s Board of Directors maintains that suchtender or acquisition offers are inappropriate.
As of now, any specific defensive measure in the event of a tender or acquisition offer has not yet officially been
introduced, but the Company has already set up an internal system to deal with such an event. If a tender or
acquisition offer is proposed, the Company will carefully judge its potential impact on its corporate value and thecommon interests of shareholders, and take appropriate measures with due care and prudent management.
Specifically, in addition to evaluating the offer with outside experts and negotiating with the party making the offer,
the Company will establish a task force to decide on whether any specific defensive measures are necessary. If theoffer is deemed inimical to the Company’s corporate value or the common interests of its shareholders, thedefensive measures will be determined and implemented in accordance with relevant laws and regulations.
The Company will continue to consider adoption of any defensive measures for these situations, giving due respect
to laws, regulations and case law related to acquisitions, their interpretations by relevant authorities, etc.

- 35 -

(2) Members of the Board of Directors(i) List of Members of the Board of Directors
Nine male Directors and four female Directors (percentage of women: 30.8%)
Position/
Job title

Name

Past experience

Term

Number ofshares held
(hundreds)

Joined the Company
Appointed as Outside Director of The
Pokémon Company
July 2015
Senior Director, Corporate Planning
Department
June 2016
Appointed as Corporate Director, Member ofthe Board (to present)
Appointed as Managing Executive Officer
Executive Supervisor of Corporate Analysis& Administration Division
September 2016 In charge of Global Marketing Department
June 2018
Appointed as President and Representative
Director, Member of the Board (to present)

*1

100

*1

30

*1

30

Joined the Company
President of Nintendo of Europe GmbH(currently Nintendo of Europe AG)
Appointed as Outside Director of The
Pokémon Company (to present)
Appointed as Corporate Director, Member ofthe Board (to present)
Senior General Manager, Marketing Division
Senior General Manager, Publisher &Developer Relations Division (to present)
Appointed as Managing Executive Officer(to present)
Executive General Manager, Marketing
Division (to present)
Executive General Manager, Asia & Oceania
Business Division (to present)*130

April 1992
Joined the Company
September 2015 Senior General Manager, Technology
Development Division (to present)
June 2017
Appointed as Corporate Director, Member ofthe Board (to present)
Appointed as Senior Executive Officer (topresent)
July 2023
Executive Supervisor of Manufacturing
Division (to present)*130Date of birth
April 1994
May 2012

President
Representative
Director

Shuntaro
Furukawa

January 10,
1972

April 1977
June 2000

Executive Fellow
Representative
Director

Shigeru
Miyamoto

Joined the Company
Appointed as Corporate Director, Member ofthe Board (to present)
Senior General Manager, Entertainment
November 16,
Analysis & Development Division
1952
May 2002
Appointed as Senior Managing Director
Appointed as Representative Director,
Member of the Board (to present)
September 2015 Appointed as Executive Fellow (to present)
April 1989
June 2013

Corporate Director
Senior Managing
Executive Officer
Executive General
Manager,Entertainment
Planning &Development
Division

ShinyaTakahashi

Joined the Company
Appointed as Corporate Director, Member ofthe Board (to present)
Senior General Manager, Software Planning& Development Division
September 2015 Senior General Manager, Entertainment
Planning & Development Division
Executive Supervisor of Development
November 9,
Administration & Support Division (to1963present)
June 2018
Appointed as Senior Managing Executive
Officer (to present)
July 2023
Executive General Manager, Entertainment
Planning & Development Division (topresent)
Executive Supervisor of Technology
Development Division and Development
Promotion Division (to present)
April 1985
June 2000

Corporate Director
Managing Executive
Officer

May 2018
June 2018

Executive General
Manager, Marketing Satoru
Division and Asia & Shibata
Oceania Business
Division
Senior General
Manager, Publisher &Developer Relations
Division

September 4,
1962
June 2022
July 2023

Corporate Director
Senior Executive
Officer
Senior General
Manager,
Technology
Development
Division

Ko Shiota

August 7,
1969- 36 -

Position/
Job title

Name

Date of birth

Past experience

Number ofshares held
(hundreds)

May 2001
March 2009

Corporate Director
Senior Executive
Officer

YusukeBeppu

Senior Director,
Corporate Planning
Department

Outside Director

Chris
Meledandri

Joined the Company
President of Wii no MA Co., Ltd. (company
name changed to Nintendo Network Services
Inc. in October 2012)
September 2015 General Manager, Business Development
Division
September 8,June 2019
Appointed as Executive Officer
1963
Senior General Manager, Business
Development Division
July 2022
Senior Director, Corporate Planning
Department (to present)
June 2023
Senior Executive Officer (to present)
June 2024
Appointed as Director (to present)

Term

*1

10

Partner of Meledandri/Gordon Co.
President of Steel Pictures at Disney Studios
SVP of Production of 20th Century Fox
EVP of Fox Family Films
President of Fox Animation
Founder of Illumination Entertainment
CEO of Illumination Entertainment (topresent)
Appointed as Director of the Company (topresent)*1-

Joined Tiffany & Co.
Vice President of Japan Division of Tiffany& Co.
Vice President of International Division of
Tiffany & Co
Vice President of Global Sales Operations ofTiffany & Co.
President of Tiffany & Co. Japan Inc.
Senior Executive of Luxury Strategy &Operations (to present)
Appointed as Director of the Company (topresent)*1-

Joined the Company
Director, General Accounting & Control
Department
January 2005
Director, Finance Department
June 2014
Senior Director, General Affairs Department
September 2015 General Manager, General Affairs Division
September 2016 Senior Director, Legal Department
January 2018
Senior Director, Tokyo Branch Office
June 2022
Appointed as Director as a Full-time Audit
and Supervisory Committee Member (topresent)

*2

10

*2

-

1987
1991
1993
1995
1998
May 15, 1959
2007
June 2021
1992
2006
2009

Outside Director

MiyokoDemay

August 17,
1967

2013
2021
2023
June 2024
May 2000

Corporate Director(Full-time Audit and Takuya
July 2, 1958
Supervisory
YoshimuraCommittee Member)March 1994
July 1999

Outside Director(Audit and
Katsuhiro
Supervisory
UmeyamaCommittee Member)

Registered as certified public accountant
Representative, Umeyama Certified Public
Accountant Office (to present)
August 1999
Registered as a certified tax accountant
October 1999
Representative, Umeyama Certified Tax
Accountant Office (currently Umeyama
Certified Tax Accountant LLC)
November 2005 Appointed as Outside Auditor of
KURAUDIA Co., Ltd. (currently
KURAUDIA HOLDINGS Co., Ltd.)
July 2009
Appointed as Representative Partner ofJuly 29, 1965
Umeyama Certified Tax Accountant LLC (topresent)
June 2012
Appointed as Auditor of the Company
November 2015 Appointed as Outside Director (Audit andSupervisory Committee Member),
KURAUDIA Co., Ltd. (currently
KURAUDIA HOLDINGS Co., Ltd.) (topresent)
June 2016
Appointed as Director as an Audit andSupervisory Committee Member of theCompany (to present)- 37 -

Position/
Job title

Name

Term

Number ofshares held
(hundreds)

Registered as attorney-at-law
Joined Nishimura & Sanada (currently
Nishimura & Asahi (Gaikokuho Kyodo
Jigyo))
Worked at Arnold & Porter
Registered as attorney-at-law in New YorkState, United States
Partner, Nishimura & Partners (currently
Nishimura & Asahi (Gaikokuho Kyodo
Jigyo)) (to present)
Visiting Professor, The University of Tokyo
Graduate Schools for Law and Politics
Appointed as Director as an Audit andSupervisory Committee Member of theCompany (to present)
Appointed as Outside Director of Tokyo
Electric Power Company Holdings, Inc. (topresent)*2-

Joined Asahi Shinwa & Co. (currently
KPMG AZSA LLC)
June 1993
Joined Showa Ota & Co. (currently Ernst &Young ShinNihon LLC)
August 1993
Registered as certified public accountant
July 2008
Partner, Ernst & Young ShinNihon LLC
July 2021
Representative, Osawa Certified Public
Accountant Office (to present)
September 2021 Registered as certified tax accountant
November 2021 Supervisory Director, Mitsui Fudosan
Logistics Park Inc. (to present)
June 2023
Outside Auditor, EXEO Group, Inc. (topresent)
June 2024
Appointed as Director as an Audit andSupervisory Committee Member of theCompany (to present)

*2

5

*2

-

Date of birth

Past experience
April 1991

April 1997
January 1998
Outside Director(Audit andAsa
Supervisory
Shinkawa
Committee Member)

January 2001
February 17,
1965
April 2019
June 2020
June 2021

October 1989

Outside Director(Audit andEikoSupervisory
Osawa
Committee Member)

February 27,
1963

April 1984
July 2014

Joined Osaka Regional Taxation Bureau
Director, Nada Tax Office, Osaka Regional
Taxation Bureau
Director, Itami Tax Office, Osaka Regional
Taxation Bureau
Registered as certified tax accountant(deregistered in 2023 due to office closure)
Representative of Keiko Akashi Certified
Tax Accountant OfficeOutside Auditor, AIGAN Co., Ltd. (topresent)
Appointed as Director as an Audit andSupervisory Committee Member of theCompany (to present)

July 2016
Outside Director(Audit and
KeikoSupervisory
Akashi
Committee Member)March 2019
January 7,
1958

April 2019
June 2019
June 2024

Total(Notes) 1.
2.
3.
4.

245

Directors, Mr. Chris Meledandri, Ms. Miyoko Demay, Mr. Katsuhiro Umeyama, Ms. Asa Shinkawa, Ms. Eiko
Osawa and Ms. Keiko Akashi are Outside Directors.
*1 The term of office of Directors (excluding those who are Audit and Supervisory Committee Members)commenced at the close of the Annual General Meeting of Shareholders for the fiscal year ended March 31, 2024,
and expires at the close of the Annual General Meeting of Shareholders for the fiscal year ending March 31, 2025.
*2 The term of office of Directors who are Audit and Supervisory Committee Members commenced at the close of
the Annual General Meeting of Shareholders for the fiscal year ended March 31, 2024 and expires at the close of
the Annual General Meeting of Shareholders for the fiscal year ending March 31, 2026.
The Company has adopted the Executive Officer System since June 29, 2016 for the purpose of clarifying the
responsibility for the execution of operations and establishing a more flexible management structure which canappropriately and swiftly respond to the rapidly changing business environment through the separation of the
management decision-making and supervisory functions from the execution of operations, as well as by accelerating
the delegation of authority to execute operations. Eight executive officers, excluding those who have the concurrent
position as Corporate Director, are as follows.

- 38 -

TitleName

Senior Executive Officer
Senior General Manager, Manufacturing Division
Senior Executive Officer
Senior General Manager, Entertainment Planning &Development Division
Executive Officer
Senior Officer, Entertainment Planning & Development
Division
Executive Officer
Senior General Manager, Finance Administration Division
In charge of Investor Relations
Executive Officer
Senior General Manager, General Affairs Division
Executive Officer
President, Nintendo of America Inc.
Executive Officer
President, Nintendo of Europe AG
Executive Officer
Senior General Manager, Global Communications
Division- 39 -

Hirokazu Shinshi
Yoshiaki Koizumi
Takashi Tezuka
Hajime Murakami
Kentaro Yamagishi
Doug Bowser
Stephan Bole
Yoshiaki Kuratsune

(ii) Status of outside officers(a) Status of appointment of Outside Directors
The Company has appointed six Outside Directors (four of whom are Audit and Supervisory Committee
Members).
Outside Directors Mr. Chris Meledandri and Ms. Miyoko Demay have been appointed to provide valuableadvice, while appropriately supervising the Company’s management from an objective perspective, based on
their broad experience and insight gained as corporate leaders and in their respective fields of entertainment andglobal marketing brand strategy.
Outside Directors Mr. Katsuhiro Umeyama, Ms. Asa Shinkawa, Ms. Eiko Osawa and Ms. Keiko Akashi havebeen appointed to audit and supervise the Company’s management in an appropriate manner from an objective
standpoint as Audit and Supervisory Committee Members based on their wealth of experience and broad
knowledge in their respective fields of corporate accounting, legal affairs and taxation.
Of note, no material conflict of interest exists between each Outside Director and the Company. All Outside
Directors have met the standards for independent officers prescribed by Tokyo Stock Exchange, Inc. and havebeen designated as independent officers.
(b) Description of standards or policies on independence from the Company for appointment of Outside Directors
The Company has not established specific standards or policies on the independence of Outside Directors but
uses the criteria for determining the independence of independent officers prescribed in the “Guidelines
Concerning Listing Examination, etc.” of Tokyo Stock Exchange, Inc. as reference when appointing Outside
Directors. In addition, importance is placed on whether or not they are capable of giving objective advice froman impartial standpoint, are of excellent caliber, and have expertise and experience.
(iii) Collaboration between supervision by Outside Directors and internal audits and audits by Audit and Supervisory
Committee as well as accounting audits, and relationship with internal control division
In principle, the Company’s Outside Directors (Audit and Supervisory Committee Members) attend not only Audit
and Supervisory Committee meetings held monthly but also audit briefings of the Accounting Auditor where theyshare opinions. Furthermore, at Audit and Supervisory Committee meetings, Outside Directors receive an
explanation of the operational audits conducted in the month and the results of such audits from the full-time Audit
and Supervisory Committee Members, and receive timely reports on the results of internal audits by the Internal
Auditing Department.
(3) Status of audits(i) Status of audits by Audit and Supervisory Committee
The Audit and Supervisory Committee Members attend meetings of the Board of Directors and other important
meetings, inspect important documents, have regular meetings with the President and hold monthly meetings of
the Audit and Supervisory Committee as a general rule to share audit opinions. Furthermore, the full-time Audit
and Supervisory Committee Member conducts fieldwork auditing over each division of the Company, etc., basedon the annual audit plan. In collaboration with the internal auditing division, the Audit and Supervisory Committee
receives timely reports on internal audit results from the Internal Auditing Department and exchanges opinions
periodically. In collaboration with the Accounting Auditor, the Audit and Supervisory Committee witnesses
physical inventory checks at the end of the period or receives reports on such physical inventory checks, witnesses
accounting audits conducted on major subsidiaries, etc. and receives an explanation of the accounting audit plan
and accounting audit results on a regular basis. The Audit and Supervisory Committee also exchanges informationand opinions as necessary and forms an opinion on the appropriateness of the audit by the Accounting Auditor.
Among the Audit and Supervisory Committee Members, two Outside Directors are certified public accountants orcertified tax accountants and have considerable financial and accounting knowledge.
In the fiscal year ended March 31, 2024, the Audit and Supervisory Committee held 13 meetings; the attendance
status of each Audit and Supervisory Committee Member is as follows.
Classification
Corporate Director, Member of the Board(Full-time Audit and Supervisory
Committee Member)
Outside Director, Member of the Board(Audit and Supervisory Committee
Member)Outside Director, Member of the Board(Audit and Supervisory Committee

Name

Number of meetings held

Number of meetings attended

TakuyaYoshimura

13

13

Katsuhiro
Umeyama13

13

Masao Yamazaki

13

13- 40 -

Member)
Outside Director, Member of the Board(Audit and Supervisory Committee
Member)Asa Shinkawa

1313(ii) Status of internal audits
For internal audits, the Internal Auditing Department of the Company consisting of seven members conducts
operational audits with respect to the Company and its subsidiaries in view of the effectiveness and efficiency ofoperations, asset preservation status and compliance as a dedicated division that is independent of divisions that
execute operations. In order to ensure the appropriateness and reliability of financial reporting, the Internal
Auditing Department manages internal controls and assesses the implementation status of such controls incompliance with the Financial Instruments and Exchange Act. The results of these audits are directly reported atregular meetings with the President and Representative Director and the Audit and Supervisory Committee
Members.
Furthermore, the respective divisions in charge of internal auditing established in major subsidiaries collaborate
with the Internal Auditing Department and divide auditing tasks between them, conducting similar audits, etc.
centering on major subsidiaries.
(iii) Status of accounting audits
To the extent that investigation is possible, the Company confirmed that it had concluded an auditing agreementwith PricewaterhouseCoopers Japan LLC (formerly Hisaji Miyamura Office) on accounting audits pursuant to theCompanies Act and the Financial Instruments and Exchange Act since 1962. In close collaboration with the Audit
and Supervisory Committee Members and the Internal Auditing Department, the Accounting Auditor reports audit
plans and audit results, exchanges necessary information and opinions even during the period, and conducts audits
in an effective and efficient manner. The names of certified public accountants (CPAs) who performed the workand assistants engaged in audit work in the fiscal year ended March 31, 2024 were as follows.
CPAs who performed accounting audit work
Engagement Partner

Keiichiro Kagi

Engagement Partner

Takuya Urakami

Assistants engaged in accounting audit work: Four CPAs and 17 other persons* Other persons are persons who passed the CPA examination, persons in charge of system auditing, etc.

(f) Change in accounting firm
The Company’s auditing firm has changed as follows.
Fiscal year ended March 31, 2023 (consolidated and non-consolidated) PricewaterhouseCoopers Kyoto
Fiscal year ended March 31, 2024 (consolidated and non-consolidated) PricewaterhouseCoopers Japan LLC
The matters presented in the extraordinary report are as follows.
i) Name of the independent auditors affected by the change(f) Surviving independent auditor
PricewaterhouseCoopers Japan LLC(ii) Dissolving independent auditor
PricewaterhouseCoopers Kyotoii) Date of change
December 1, 2023iii) Most recent date of appointment of the dissolving independent auditor
1962
The date of appointment above represents the extent to which investigation is possible. In 1962, theCompany concluded an auditing agreement with PricewaterhouseCoopers Kyoto (then Hisaji Miyamura
Office).
iv) Matters concerning the opinions, etc. of the dissolving independent auditor prepared in audit reports, etc.
during the last three years
Not applicablev) Decision on the change or reasons for and background to the change
PricewaterhouseCoopers Kyoto (the dissolving accounting firm), which was the Company’s accounting
auditor, merged with PricewaterhouseCoopers Aarata LLC on December 1, 2023, and ceased to exist.
On the same day, the name of PricewaterhouseCoopers Aarata LLC was changed toPricewaterhouseCoopers Japan LLC. As a result, PricewaterhouseCoopers Japan LLC is now theindependent auditor that provides the Company with audit certification.
- 41 -

vi) Opinion of the dissolving independent auditor on matters related to reasons and background in (5), above,
presented in the auditor’s reports, etc.
The Company has received notice that there is no particular opinion.

(iv) Policy and reason for appointment of audit firm and evaluation of audit firm by Audit and Supervisory Committee
The Company’s policy for determining the termination or nonrenewal of appointment of the Accounting Auditor
is: in the event that the Accounting Auditor is deemed to have met any of the grounds set forth in the clauses of
Article 340, Paragraph 1 of the Companies Act, the Audit and Supervisory Committee shall terminate theappointment of the Accounting Auditor subject to the unanimous consent of the Audit and Supervisory Committee
Members. In addition, should the Accounting Auditor be deemed unable to execute its duties properly or should
the replacement of the Accounting Auditor be deemed reasonable in order to enhance the appropriateness of theaudits, the Audit and Supervisory Committee shall determine the details of the proposal to terminate or not
reappoint the Accounting Auditor for submission to the General Meeting of Shareholders.
The Audit and Supervisory Committee has acknowledged that the Accounting Auditor’s audit methods and results
are reasonable, having collected information on the Accounting Auditor’s independence, audit system, audit
implementation status, quality, etc. from the Company’s accounting division, internal auditing division and the
Accounting Auditor itself. The Audit and Supervisory Committee has also determined that it would be appropriate
to reappoint PricewaterhouseCoopers Japan LLC, having evaluated that PricewaterhouseCoopers Japan LLC canbe expected to continue conducting appropriate audits, based on the policy for determining the termination or
nonrenewal of appointment of the Accounting Auditor and other evaluation standards.
(v) Compensation for audits, etc.
(a) Breakdown of compensation for auditing independent auditor
Fiscal year ended March 31, 2023
Classification

Fiscal year ended March 31, 2024

Audit compensation Non-audit compensation(Millions of yen)

(Millions of yen)

Audit compensation

Non-audit compensation(Millions(Millionsof yen)of dollars)
810(Millionsof yen)(Millionsof dollars)-

Reporting company

81-

Consolidated subsidiaries

36

-

41

0

-

-

Total

117

-

122

0

-

-

(b) Breakdown of compensation for persons belonging to the same network as independent auditor
Fiscal year ended March 31, 2023
Classification

Fiscal year ended March 31, 2024

Audit compensation Non-audit compensation(Millions of yen)

Reporting company(Millions of yen)

Audit compensation(Millionsof yen)Non-audit compensation(Millionsof dollars)-(Millions (Millionsof yen)of dollars)
31
0

-

24

Consolidated subsidiaries

263

65

331

2

89

0

Total

263

89

331

2

121

0

(c) Description of non-audit services by independent auditor to the reporting company(Fiscal year ended March 31, 2023)
Not applicable.
(Fiscal year ended March 31, 2024)
Not applicable.
(d) Description of non-audit services by independent auditor to consolidated subsidiaries(Fiscal year ended March 31, 2023)
Not applicable.
(Fiscal year ended March 31, 2024)
Not applicable.
- 42 -

(e) Description of non-audit services by a firm in the same network as independent auditor to the reporting
company(Fiscal year ended March 31, 2023)
Non-audit services for which the Company pays a firm in the same network as the independent auditor
consist of such services as tax-related advisory services.
(Fiscal year ended March 31, 2024)
Non-audit services for which the Company pays a firm in the same network as the independent auditor consistof such services as tax-related advisory services.
(f) Description of non-audit services by a firm in the same network as independent auditor to consolidated
subsidiaries(Fiscal year ended March 31, 2023)
Non-audit services for which consolidated subsidiaries pay a firm in the same network as the independent
auditor consist of such services as tax-related advisory services.
(Fiscal year ended March 31, 2024)
Non-audit services for which consolidated subsidiaries pay a firm in the same network as the independent
auditor consist of such services as tax-related advisory services.
(g) Description of other significant compensation(Fiscal year ended March 31, 2023)
Not applicable.
(Fiscal year ended March 31, 2024)
Not applicable.
(h) Policy for determination of compensation for audits
The Company determines the amount of compensation for audits to the audit firm in consideration of theretention of independence of the audit firm, the characteristics of services and the number of days taken to
conduct audits.
(i) Reason why Audit and Supervisory Committee agreed on amount of compensation, etc. for independent auditor
The Audit and Supervisory Committee determined that the Accounting Auditor’s compensation, etc. for thisfiscal year is appropriate and agreed on it as a result of the review of information collected from the Company’s
relevant departments-i.e., the General Accounting & Control Department and the Internal Auditing Departmentregarding the contents of the audit plan, the basis of calculating the compensation estimate and a comparison
with previous audit details, and the Accounting Auditor’s compensation with necessary materials reported andsubmitted by the Accounting Auditor.
(4) Compensation for officers, etc.
(i) Policy, etc. for the determination of compensation, etc. for officers or calculation method thereof
The Company has established the following policy (hereinafter referred to as the “Decision Policy”) for
determining the details of compensation to individual Directors. The Decision Policy was established by resolutionof the Board of Directors, after deliberation by the Nomination Advisory Committee.
The compensation for the Company’s Directors who are not Audit and Supervisory Committee Members andDirectors who are Audit and Supervisory Committee Members is determined within their respective upper limits
which are established by resolution of the General Meeting of Shareholders.
The Company uses results of a compensation survey by an external research agency as a reference for settingcompensation standards, etc. The Company has also established a system in which matters related to compensation
are deliberated in advance at a non-mandatory Nomination Advisory Committee, mainly consisting of Outside
Directors, and reported to the Board of Directors.
(a) Compensation for Directors (excluding Audit and Supervisory Committee Members)Compensation for Directors (excluding Audit and Supervisory Committee Members) consists of fixed- 43 -

compensation, performance-based compensation as short-term incentives, and stock compensation as long-term
incentives. However, compensation for Outside Directors consists solely of fixed compensation, in view of theirposition of providing supervision and advice on management, without engaging in business execution.
The Company has not determined specific relative proportions of fixed compensation, performance-based
compensation, and stock compensation.
i) Fixed compensation
The amount of fixed compensation to individual Directors is decided by the President and Representative
Director, under authority delegated by the Board of Directors, based on each Director’s position andresponsibilities, including whether or not he or she engages in business execution. Fixed compensation is paidin the same amount monthly.
ii) Performance-based compensation
The performance-based compensation is calculated using a formula that uses consolidated operating profit asa benchmark and is determined in advance by the Board of Directors based on points corresponding to each
Director’s position within the cap set by a resolution of the Board of Directors. It is paid at a designated timeeach year.
In addition to that, when both the average of consolidated operating profit of the most recent three fiscal years
including the fiscal year of payment, and the consolidated operating profit of the fiscal year of payment exceed
the amount set in advance by the Board of Directors, an additional amount of performance-based compensation
shall be paid. This additional amount is calculated with a formula set in advance by the Board of Directors.
iii) Stock compensation
Stock compensation is paid with restricted stock. The number of shares allocated to each Director is decided
by the Board of Directors according to the Director’s position, and the compensation is paid at a designatedtime each year. Restrictions on the transfer of shares are lifted when the Director leaves both the offices of
Director and Executive Officer.
(b) Compensation for Directors (Audit and Supervisory Committee Members)Compensation for Directors (Audit and Supervisory Committee Members) consists only of fixed compensationin view of the fact that they are in the position of engaging in audit and supervision duties independently from
Directors who execute operations. Individual compensation amounts are determined through discussion between
Audit and Supervisory Committee Members, and paid in the same amount monthly.
(Note) Calculation method of performance-based compensation for each Director (excluding Audit andSupervisory Committee Members)
Performance-based compensation for each Director (excluding Audit and Supervisory Committee Members)
uses consolidated operating profit as a benchmark, in order to raise awareness regarding improvement ofbusiness performance. It is calculated using the following formula:・ Consolidated operating profit × 0.3% × Number of points of each Director ÷ Sum total of Directors’ points*

However, the total amount of performance-based compensation is limited to ¥880 million (USD 5 million).
This limit is reached when consolidated operating profit is ¥400.0 billion (USD 2,649 million).
* The sum total of Directors’ points shall be set at 30.0 (fixed) if it falls short of 30.0.
Director’s points by position and number of Directors
PointsNumber of Directors (persons)Total points

President and Representative Director

Position

6.0

1

6.0

Executive Fellow and Representative Director
Senior Managing Executive Officer and Corporate
Director
Managing Executive Officer and Corporate
Director
Senior Executive Officer and Corporate Director

4.5

1

4.5

4.5

1

4.5

3.0

1

3.0

2.0

2

4.0

6

22.0

Sum total(Note) The above is calculated based on the number of Directors as of June 28, 2024.

- 44 -

・ In the event that the consolidated operating profit average over the latest three fiscal years (including
the fiscal year of payment) exceeds ¥400.0 billion (USD 2,649 million) and the consolidated
operating profit in the fiscal year of payment exceeds ¥400.0 billion (USD 2,649 million), thefollowing is added:[Consolidated operating profit average over the latest three fiscal years (including the fiscal year of
payment) − ¥400.0 billion (USD 2,649 million)] × 0.02%
However, the upper limit of the amount of compensation added for each person is ¥40 million (USD
0 million).
Matters of note・ Directors refer to executive officers set forth in Article 34, paragraph (1), item (iii) of the Corporation Tax
Act.
・ “Indicator of the status of profit in the business year ending on or after the first day of the period in which
duties pertaining to such remuneration are performed” provided for in Article 34, paragraph (1), item(iii)(a) of the Corporation Tax Act shall mean consolidated operating profit.
・ No target has been set for consolidated operating profit, which is the benchmark for performance-based
compensation, as described in “II. Business Overview, 1. Management policy, management environment,
issues to address, (2) Targeted management index.” Consolidated operating profit results for the fiscal year
ended March 31, 2024 were as stated under “V. Financial Information, Consolidated financial statements,
etc., (1) Consolidated financial statements, (ii) Consolidated statements of income and consolidated
statements of comprehensive income.”
・ The amount of consolidated operating profit and consolidated operating profit average used to calculate
the amount of performance-based compensation shall be rounded down to the nearest hundred million yen.
However, with respect to the performance-based compensation addition requirement, for the purpose ofdetermining whether or not the amount of consolidated operating profit and consolidated operating profit
average exceeds ¥400.0 billion (USD 2,649 million), the amount shall be calculated in a unit of one yen.
・ If a Director has resigned before the expiry of his/her term of office due to unavoidable circumstances, theamount corresponding to the number of months he/she was in office from the time of commencement ofsuch period up to the end of the period (number of days falling short of one month shall be rounded up to
one month) shall be paid. However, the amount shall not be prorated with respect to the number of months
in cases where a Director resigns after the end of the period.

(ii) Resolutions by the General Meeting of Shareholders regarding compensation, etc. for officers
A resolution has been adopted by the General Meeting of Shareholders to classify the compensation to Directors(excluding Audit and Supervisory Committee Members) into i) monetary compensation, including fixedcompensation and performance-based compensation, and ii) stock compensation, and to set the respective upper
limits as follows. These limits do not include portions of their remuneration or bonuses as employees.
(a) Monetary compensation: Not exceeding ¥1,800 million (USD 11 million) per year
This includes fixed compensation not exceeding ¥500 million (USD 3 million) per year (including ¥100
million (USD 0 million) for Outside Directors)
These limits were approved by resolution of the 84th Annual General Meeting of Shareholders held on
June 27, 2024. There were eight Directors (excluding Audit and Supervisory Committee Members but
including two Outside Directors) at the conclusion of the 84th Annual General Meeting of Shareholders.
(b) Stock compensation: Monetary compensation claims not exceeding ¥100 million (USD 0 million) per year
to be paid for granting restricted stock and the number of shares not exceeding 10,000 shares per year.
(Note) The Company enacted a 10-for-1 stock split of its common stock with an effective date of October
1, 2022. The maximum number of shares shown above is the number after adjusting for this stock
split.
These limits were approved by resolution of the 82nd Annual General Meeting of Shareholders held on
June 29, 2022. There were six Directors (excluding Audit and Supervisory Committee Members but
including one Outside Director) at the conclusion of the 82nd Annual General Meeting of Shareholders.
At the 76th Annual General Meeting of Shareholders on June 29, 2016, a resolution was adopted to establish an
upper limit on compensation to Directors (Audit and Supervisory Committee Members) of ¥100 million (USD
0 million) per year. There were four Directors (Audit and Supervisory Committee Members) at the conclusion- 45 -

of the 76th Annual General Meeting of Shareholders.
(iii) Total amount of compensation, etc. by officer classification, total amount of compensation by type, and numberof eligible officers at the reporting company
Officer classification
Directors who are not Audit andSupervisory Committee Members(excluding Outside Directors)
Directors who are Audit andSupervisory Committee Members(excluding Outside Directors)
Outside Officers

Officer classification

Total amount ofcompensation, etc.
(Millions of yen)

Total amount of compensation, etc. by type(Millions of yen)
PerformanceRestricted
Fixed
based
stock
compensationcompensation compensation

Number of eligible
officers (persons)

1,165

186

942

37

5

32

32

-

-

1

41

41

-

-

4

Total amount of compensation, etc. by type
Total amount of(Millions of dollars)compensation, etc.
PerformanceRestricted(Millions of
Fixed
based
stock
dollars)
compensationcompensation compensation

Number of eligible
officers (persons)

Directors who are not Audit andSupervisory Committee Members
7
1
6
0
5
(excluding Outside Directors)
Directors who are Audit andSupervisory Committee Members
001(excluding Outside Directors)
Outside Officers
004(Notes) 1. The amount of compensation to Directors (excluding Audit and Supervisory Committee Members) is determined at
the Board of Directors meeting held after the Annual General Meeting of Shareholders and the amount ofcompensation to Directors (Audit and Supervisory Committee Members) is determined subject to discussion among
Audit and Supervisory Committee Members at the meeting of the Audit and Supervisory Committee held after said
Board of Directors’ meeting for their respective terms of office (limited to cases in which there is reelection
associated with expiry of term of office).
2. The details of compensation to individual Directors (excluding Audit and Supervisory Committee Members) for the
fiscal year ended March 31, 2024 were determined in accordance with the Decision Policy established by resolutionof the Board of Directors after deliberation by the Nomination Advisory Committee. Regarding compensation paid,
the amounts of fixed compensation were decided by the President and Representative Director based on each
Director’s position and responsibilities, including whether or not he or she engages in the execution of operations,and the amounts of performance-based compensation were calculated using a formula determined by the Board of
Directors. The Board of Directors therefore deems these amounts to be in compliance with the Decision Policy.
3. The Company judges that the President and Representative Director is most aptly suited to carrying out
comprehensive evaluation of each Director’s responsibilities. Decisions regarding the amounts of fixedcompensation to individual Directors (excluding Audit and Supervisory Committee Members) for the fiscal year
ended March 31, 2024 have therefore been delegated to the Company’s President and Representative Director, Mr.
Shuntaro Furukawa. Before deciding on these amounts of compensation, they are subject to deliberation by the nonmandatory Nomination Advisory Committee.
4. Employee salaries (including bonuses) paid to Directors who also serve as employees, which amounted to ¥125
million (USD 0 million), are not included in the above amounts.
5. The amount of restricted stock compensation is the amount expensed in the fiscal year ended March 31, 2024.

- 46 -

(iv) Total amount, etc. of compensation on a consolidated basis, etc. by officer at the reporting company
Name

Total amount ofcompensation on aconsolidated basis, etc.
(Millions of yen)

Shuntaro
Furukawa

358

Shigeru
Miyamoto

286

ShinyaTakahashi

226

SatoruShibata

166

Ko Shiota

126

Name

Total amount ofcompensation on aconsolidated basis, etc.
(Millions of dollars)

Officer classification
Director who is not an
Audit and Supervisory
Committee Member
Director who is not an
Audit and Supervisory
Committee Member
Director who is not an
Audit and Supervisory
Committee Member
Director who is not an
Audit and Supervisory
Committee Member
Director who is not an
Audit and Supervisory
Committee Member

Officer classification

Amount of compensation on a consolidated
basis, etc. by type (Millions of yen)Company
PerformanceRestrictedclassification
Fixed
based
stock
compensationcompensation compensation
Reportingcompany

78

268

12

Reportingcompany

72

208

6

Reportingcompany

12

208

6

Reportingcompany

12

148

6

Reportingcompany

12

108

6

Amount of compensation on a consolidated
basis, etc. by type (Millions of dollars)Company
PerformanceRestrictedclassification
Fixed
based
stock
compensationcompensation compensation

Director who is not an
Reporting
Audit and Supervisory01
company
Committee Member
Director who is not an
Shigeru
Reporting
1 Audit and Supervisory01
Miyamoto
company
Committee Member
Director who is not an
ShinyaReporting
1 Audit and Supervisory0
1
Takahashi
company
Committee Member
Director who is not an
SatoruReporting
1 Audit and Supervisory
00
Shibatacompany
Committee Member
Director who is not an
Reporting
Ko Shiota
0 Audit and Supervisory
00company
Committee Member(Note) The amount of restricted stock compensation is the amount expensed in the fiscal year ended March 31, 2024.
Shuntaro
Furukawa2- 47 -00000

(5) Shareholding status(i) Criteria for and approach to classification of investment shares
In principle, it is the Company’s policy not to hold any investment shares for pure investment purposes; theCompany exclusively holds investment shares for purposes other than pure investment in accordance with its
shareholding policy.
(ii) Investment shares held for purposes other than pure investment(a) Shareholding policy, method of verifying the rationality of shareholding and verification at Board of Directors
meetings, etc. as to whether or not to hold individual issues
The Company holds investment shares for the purpose of maintaining and developing business alliances andbusiness relationships if it is deemed to contribute to improving corporate value over the mid- to long-term. At its
meetings, the Board of Directors confirms the purpose and rationality of holding individual investment shares(limited to listed stocks) and then verifies the propriety of holding such shares on an annual basis in light of theCompany’s shareholding policy. As a result of this verification, the Company considers the disposal of investment
shares whose significance of holding is deemed to have diminished, with the aim of reducing such holdings.
(b) Number of issues and book value
Total amount stated on balance sheet(Millions of yen)
(Millions of dollars)

Number of issues(issues)
Unlisted stocks

17

7,432

49

Stocks other than unlisted stocks

12

71,752475

Issues with increased number of shares in the fiscal year ended March 31, 2024
Total amount of acquisition associatedNumber ofwith increase in number of sharesissues(issues)(Millions of yen) (Millions of dollars)

Reason for increase in
number of shares

Unlisted stocks

1

475

3

To achieve smoothercollaboration and maintainand develop the business
relationship

Stocks other thanunlisted stocks

-

-

-

-

Issues with decreased number of shares in the fiscal year ended March 31, 2024
Total amount of sale associated with
Number of
decrease in number of sharesissues(issues)(Millions of yen) (Millions of dollars)
Unlisted stocks

1

0

0

Stocks other thanunlisted stocks

1

653

4

- 48 -

(c) Information on number of specific investment shares and deemed shareholdings by issue, book value, etc.
Specific investment shares

Issue

BANDAI NAMCO
Holdings Inc.

DeNA Co., Ltd.

Kyoto Financial
Group, Inc.*1

KADOKAWACORPORATION

Mitsubishi UFJ
Financial Group,
Inc.
KONAMI GROUPCORPORATIONSQUARE ENIXHOLDINGS CO.,LTD.
Resona Holdings,
Inc.
SANSHIN
ELECTRONICS
CO., LTD.
KOEI TECMOHOLDINGS CO.,LTD.
Nissha Co., Ltd.

TV TOKYO
Holdings
Corporation

Fiscal year ended
Fiscal year ended
March 31, 2024
March 31, 2023
Number of shares
Number of shares
Shareholding purpose, overview of business
Holder of(Shares)(Shares)alliance or similar relationship, quantitative
theshareholding effect and reason for increase in Company’s
Book
Book
number of sharessharesvalue
value
Book value(Millions (Millions (Millions of yen)of yen) of dollars)
11,537,100
3,845,700 Shares are held for the purpose of maintaining
and developing a stable business relationshipwith this company, which develops software forNo
32,626216
32,863the Company’s platforms. The increase in thenumber of shares is due to a stock split.
15,081,000
15,081,000 Shares are held for the purpose of maintaining
and developing a stable business relationshipwith this company, with the aim of promoting
Yes
22,877
151
27,266 business collaboration on the development,
operation, etc. of the Nintendo Account system
and applications for smart devices.
3,013,836
753,459 Shares of this company, with which theCompany engages in financial transactions, areheld for the purpose of preparing against
No*2
8,321
55
4,709 business risks, etc. and maintaining a strong
financial base into the future. The increase in thenumber of shares is due to a stock split.
1,224,400
1,224,400 The Company uses services, etc. operated andprovided by this company’s subsidiary. Sharesare held for the purpose of maintaining and
No
3,247
21
3,450 developing a stable business relationship withthis company and its subsidiary.
1,865,870
1,865,870 Shares of this company, with which theCompany engages in financial transactions, areheld for the purpose of preparing against
No*3
2,905
19
1,582 business risks, etc. and maintaining a strong
financial base into the future.
63,73463,734 Shares are held for the purpose of maintaining
and developing a stable business relationshipNo654
4386 with this company, which develops software for
the Company’s platforms.
91,252
91,252 Shares are held for the purpose of maintaining
and developing a stable business relationshipNo536
3580 with this company, which develops software for
the Company’s platforms.
323,769
323,769 Shares of this company, with which theCompany engages in financial transactions, areheld for the purpose of preparing against
No*4
307
2
207 business risks, etc. and maintaining a strong
financial base into the future.
50,18050,180 Shares are held for the purpose of maintaining
and developing a stable business relationshipYes
thiscompany,whichhandles
107
0
120 withsemiconductors and electronic components.
49,27449,274 Shares are held for the purpose of maintaining
and developing a stable business relationship
No*5
79
0
117 with this company, which develops software for
the Company’s platforms.
39,104
39,104 Shares are held for the purpose of maintaining
and developing a stable business relationshipYes
57
0
72 with this company, which supplies theCompany with electronic components.
10,00010,000 Shares are held for the purpose of maintaining
and developing a stable business relationshipwith this company, with which the Company
No29
024 has business such as the broadcasting of
television programs.

- 49 -

Fiscal year ended
Fiscal year ended
March 31, 2024
March 31, 2023
Number of shares
Number of shares
Shareholding purpose, overview of business
Holder of(Shares)(Shares)alliance or similar relationship, quantitative
the
Issue
shareholding effect and reason for increase in Company’s
Book
Book
number of sharessharesvalue
value
Book value(Millions (Millions (Millions of yen)of yen) of dollars)
182,885 Shares had been held for the purpose of
TOPPAN Holdings
maintaining and developing a stable businessNo
Inc.*6487 relationship with this company, but were all soldduring the fiscal year ended March 31, 2024.
(Notes) 1. At its meetings, the Board of Directors confirms the purpose and rationality of holding the specific investment shares
listed above and then verifies the propriety of holding such shares on an annual basis in light of the Company’s
shareholding policy; however, it is difficult to describe the quantitative effect of holding such shares.
2. The Company’s shares held in trust account(s) are excluded when determining whether or not the counterparty is aholder of the Company’s shares.
3. *1 The shares of Kyoto Financial Group, Inc. were acquired through the transfer of shares of The Bank of Kyoto, Ltd.
4. *2 Kyoto Financial Group, Inc. is an indirect holder of the Company’s shares through its subsidiary The Bank of
Kyoto, Ltd.
5. *3 Mitsubishi UFJ Financial Group, Inc. is an indirect holder of the Company’s shares through its subsidiary MUFG
Bank, Ltd., etc.
6. *4 Resona Holdings, Inc. is an indirect holder of the Company’s shares through its subsidiary Resona Bank, Limited.
7. *5 KOEI TECMO HOLDINGS CO., LTD. is an indirect holder of the Company’s shares through its subsidiary KOEITECMO GAMES CO., LTD.
8. *6 The company name of Toppan Inc. changed to TOPPAN Holdings Inc. on October 1, 2023.

- 50 -

V. Financial Information
Consolidated financial statements, etc.
(1) Consolidated financial statements(i) Consolidated balance sheets
Previous fiscal year
(As of March 31, 2023)(Millions of yen)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Inventories
Other
Allowance for doubtful accounts*1*2

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Tools, furniture and fixtures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Total property, plant and equipment*3

Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other

*4

Total investments and other assets
Total non-current assets
Total assets- 51 -

1,263,666
119,932
615,699258,628
56,822(236)

Current fiscal year
(As of March 31, 2024)(Millions of yen)

(Millions ofdollars)

1,484,350
93,608768,355
155,987
71,092
(91)

9,830
619
5,088
1,033
470
(0)

2,314,513

2,573,302

17,04145,451
5,229
1,520
40,995
6,311

52,6215,950
1,761
42,816
5,368

348
39
11
283
35

108,518

718

10,205
8,390

9,841
6,563

65
43

18,595

16,405

108

290,620
11,584
107,852
43,110

1,924
76
714
285

421,666

453,168

3,001

539,770578,092

3,828

2,854,284

3,151,394

20,87099,509276,253
8,911
103,670
32,830

*1

*2

*3

*4

Previous fiscal year
(As of March 31, 2023)(Millions of yen)

(Millions ofdollars)

58,084
164,504
4,389
94,596
157,701

384
1,089
29
626
1,044

533,480479,276

3,174

133
23,084
31,119120
23,95543,0420158
285(Millions of yen)
Liabilities
Current liabilities
Notes and accounts payable - trade
Advances received
Provision for bonuses
Income taxes payable
Other

*5

Total current liabilities
Non-current liabilities
Provision for Directors’ compensation
Retirement benefit liability
Other
Total non-current liabilities

Current fiscal year
(As of March 31, 2024)

149,217
160,758
4,219
82,550136,734*5

54,337

67,119444

Total liabilities

587,818

546,396

3,618

Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares

10,065
15,0792,392,704(271,049)

10,065
15,1202,646,967(271,033)

66
100
17,529(1,794)2,146,798

2,401,119

15,901

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

Total shareholders’ equity

28,02891,40630,415
172,226201
1,140

Total accumulated other comprehensive income

119,435

202,642

1,342

232

1,237

8

2,266,466

2,604,998

17,2512,854,284

3,151,394

20,870Non-controlling interests
Total net assets
Total liabilities and net assets- 52 -

(ii) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Net sales
Cost of sales(Millions of yen)
1,601,677*1, *3
716,237

Gross profit
Selling, general and administrative expenses

Current fiscal year
(From April 1, 2023
to March 31, 2024)(Millions of(Millions of yen)dollars)
1,671,865
11,071*1, *3
717,530
4,751

885,440*2, *3Operating profit
Non-operating income
Interest income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of securities
Loss on sale of investment securities
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities*4

Total extraordinary income

381,065

6,320

425,393

2,817

528,941

3,502

25,49951,412

340

26,59930,09939,7205,514

61,589
8,950

199
407
59

97,333152,051

1,006

122
121
0
392

166
154
131
43

1
1
0
0

637

496

3

601,070

680,497

4,506

6
600

0
3

606

4

48
20

*4

68

Extraordinary losses
Loss on disposal of non-current assets

954,335

504,375*2, *3

381

2

382

381

2

Profit before income taxes

600,757

680,722

4,508

Income taxes - current
Income taxes - deferred

180,110(12,153)

192,566(2,485)

1,275
(16)

Total income taxes

167,957

190,080

1,258

Profit432,800

490,6423,249*5

Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 53 -

382

*5

32

40

0

432,768

490,6023,249

Consolidated statements of comprehensive income
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method

Current fiscal year
(From April 1, 2023
to March 31, 2024)(Millions of yen)
432,800(Millions of yen)490,642(Millions ofdollars)
3,249(5,068)51,8142,260
76,575

14
507

7,115

4,371

28

Total other comprehensive income*1

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 54 -

83,206551

486,661

53,861

573,8493,800

486,629

573,809

3,800

32

40

0

*1

(iii) Consolidated statements of changes in equity
Previous fiscal year (from April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity
Share capital
Balance as of April 1,
2022

10,065

Capital surplus

Retained earnings

Treasury shares

15,041

2,198,706(220,343)

Total shareholders’equity2,003,469

Changes during period
Dividends of surplus(238,770)(238,770)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance as of March 31,
2023

432,768

432,76837(50,725)(50,725)

19

56

-

37

193,997(50,705)

143,329

10,065

15,0792,392,704(271,049)

2,146,798

Non-controllinginterests

Total net assets

266

2,069,310

Accumulated other comprehensive income

Balance as of April 1,
2022

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Total
accumulated
othercomprehensive
income33,19932,37365,573

Changes during period
Dividends of surplus(238,770)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance as of March 31,
2023

432,768(50,725)
56(5,171)59,03253,861(34)

53,827(5,171)59,03253,861(34)

197,156

28,02891,406

119,435232

2,266,466- 55 -

Current fiscal year (from April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity
Share capital
Balance as of April 1,
2023

10,065

Capital surplus

Retained earnings

Treasury shares

15,0792,392,704(271,049)

Total shareholders’equity2,146,798

Changes during period
Dividends of surplus(236,339)(236,339)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance as of March 31,
2024

490,602490,602

40

(2)

(2)

19

60

-

40

254,26216

254,320

10,065

15,1202,646,967(271,033)

2,401,119

Non-controllinginterests

Total net assets

232

2,266,466

Accumulated other comprehensive income

Balance as of April 1,
2023

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Total
accumulated
othercomprehensive
income28,02891,406

119,435

Changes during period
Dividends of surplus(236,339)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance as of March 31,
2024

490,602
(2)
60
2,386

80,81983,206

1,005

84,212

2,386

80,81983,206

1,005

338,532

30,415

172,226

202,6421,237

2,604,998- 56 -

Current fiscal year (from April 1, 2023 to March 31, 2024)(Millions of dollars)
Shareholders’ equity
Share capital
Balance as of April 1,
2023

66

Capital surplus

Retained earnings

99

15,845

Treasury shares(1,795)

Total shareholders’equity14,217

Changes during period
Dividends of surplus(1,565)(1,565)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance as of March 31,
2024

3,249

3,249

0

(0)

(0)

0

0

-

0

1,683

0

1,684

66

100

17,529(1,794)

15,901

Accumulated other comprehensive income

Balance as of April 1,
2023

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Total
accumulated
othercomprehensive
income

185

605

790

Non-controllinginterests

Total net assets

1

15,009Changes during period
Dividends of surplus(1,565)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance as of March 31,
2024

3,249
(0)
0
15

535

551

6

557

15

535

551

6

2,241

201

1,140

1,342

8

17,251- 57 -

(iv) Consolidated statements of cash flows
Previous fiscal year
(From April 1, 2022
to March 31, 2023)(Millions of yen)

Current fiscal year
(From April 1, 2023
to March 31, 2024)(Millions of(Millions of yen)dollars)

Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in retirement benefit liability
Increase (decrease) in accrued consumption taxes
Other, net

600,757
11,04074(27,369)(54,260)

680,722
17,856(267)(54,271)(83,145)

4,508
118
(1)
(359)
(550)

(26,599)(30,099)(199)

31,513(45,792)
9,025(3,826)(358)(6,070)37,995
123,853(75,315)(1,018)774(24,227)

251
820
(498)
(6)
5
(160)

Subtotal

488,134

592,8563,926Interest and dividends received
Interest paid
Income taxes paid

24,455(131)(189,615)

52,822(166)(183,415)

349(1)(1,214)

Net cash provided by (used in) operating activities

322,843

462,097

3,060(724,691)(1,321,142)(8,749)729,907

1,202,083

7,960(22,190)(16,123)

(106)

94

10

0

(580,310)
708,299398(1,437,387)
942,665(738)(9,519)6,242(4)

111,507(630,632)(4,176)(238,700)(52,273)(236,240)(717)(1,564)(4)(290,973)(236,958)(1,569)Cash flows from investing activities
Purchase of short-term and long-term investment
securities
Proceeds from sale and redemption of short-term andlong-term investment securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sale of property, plant and equipment andintangible assets
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

28,47464,356426

Net increase (decrease) in cash and cash equivalents

171,851(341,136)(2,259)Cash and cash equivalents at beginning of period

1,022,718

Cash and cash equivalents at end of period*1- 58 -

1,194,569*1

1,194,569

7,911

853,432

5,651

Notes to Consolidated Financial Statements
Significant matters forming the basis of preparing the consolidated financial statements
1. Scope of consolidation(1)

Number of consolidated subsidiaries: 26 companies
The names of significant consolidated subsidiaries are omitted because they are provided in “I. Overview of theCompany, 4. Subsidiaries and associates.”
During the fiscal year ended March 31, 2024, one newly established company was included in the scope of
consolidation and three companies were excluded from the scope of consolidation due to organizational
restructuring, etc.

(2)

Number of unconsolidated subsidiaries: 2 companies
The main unconsolidated subsidiary is Fukuei Co., Ltd.
The above is unconsolidated because it is a small-scale company and does not have a material impact on the
consolidated financial statements with respect to total assets, net sales, profit or loss, retained earnings, etc.

2. Application of the equity method(1)

Number of associates accounted for under the equity method: 4 companies
The main associate accounted for under the equity method is The Pokémon Company.

(2)

Unconsolidated subsidiaries not accounted for under the equity method
The main unconsolidated subsidiary not accounted for under the equity method is Fukuei Co., Ltd.
This is because the impact of said company on profit or loss, retained earnings, etc., is negligible, and it isimmaterial as a whole.

(3)

With respect to associates accounted for under the equity method whose account closing dates differ from theconsolidated account closing date, the financial statements of each of the companies, either based on their fiscal
year or based on provisional accounts closing, are incorporated.

3. Year-ends of consolidated subsidiaries
Of consolidated subsidiaries, iQue (China) Ltd. and one other subsidiary close accounts on December 31 every year.
As the difference between closing dates is within three months, the above subsidiaries were accounted for based on
the financial statements as of the account closing date of each subsidiary. Necessary adjustments were made to theconsolidated financial statements to reflect any significant transactions that took place between their account closing
dates and the consolidated account closing date.
4. Accounting procedures(1) Valuation basis and method for important assets(i) Securities
For held-to-maturity debt securities, the amortized cost method (straight-line method) is used. For othersecurities excluding stocks, etc. without market prices, the market price method is used (valuation difference
is reported as a component of net assets and the cost of sales is calculated using the moving average method),and stocks, etc. without market prices are stated at cost using the moving-average method.
(ii)

Derivatives
The fair value method is applied.

(iii) Inventories
They are mainly stated at cost using the moving-average method (the figures shown in the balance sheets
have been calculated by writing them down based on decline in profitability).

- 59 -

(2) Depreciation and amortization methods of significant depreciable and amortizable assets(i) Property, plant and equipment (excluding leased assets):
The Company and its consolidated subsidiaries in Japan apply the declining balance method, but certain tools,
furniture and fixtures are subject to depreciation based on their useful lives in line with their commercial
obsolescence. However, the straight-line method is applied for buildings (excluding accompanying facilities),
acquired on April 1, 1998 or thereafter and for facilities attached to buildings and structures acquired on April
1, 2016, and thereafter. Consolidated subsidiaries outside of Japan apply the straight-line method based on
the estimated economic useful lives.
Useful lives of main assets are as follows:
Buildings and structures(ii)

3-60 years

Intangible assets (excluding leased assets):
Intangible assets are amortized using the straight-line method. Software for internal use is amortized overthe estimated internal useful life (principally five years).

(iii) Leased assets
Leased assets in finance lease transactions that do not transfer ownership
The straight-line method with no residual value is applied, regarding the lease term as useful life.
(3) Accounting for significant reserves(i) Allowance for doubtful accounts
The Company and its consolidated subsidiaries in Japan provide the allowance for doubtful accounts basedon the historical analysis of loss experienced for general receivables and on individual evaluations of
uncollectible amounts for specific receivables including doubtful accounts. Consolidated subsidiaries outsideof Japan provide the allowance for doubtful accounts based on the individual evaluation of uncollectible
amount for each receivable.
(ii)

Provision for bonuses
The Company and certain consolidated subsidiaries provide the reserve for the estimated amount of bonuses
to be paid to the employees.

(iii) Provision for Directors’ compensation
The Company provides for Directors’ compensation based on the estimated amount of compensation payable
to Directors (excluding Directors who are Audit and Supervisory Committee Members and Outside
Directors).
(4) Accounting method for retirement benefits(i) Periodic allocation method for estimated benefit obligation
Upon calculating the retirement benefit obligations, the estimated benefit obligation is attributed to periods
up until the end of the fiscal year ended March 31, 2024, on a benefit formula basis.
(ii)

Amortization method for actuarial gains and losses and past service cost
Actuarial gains and losses and past service cost are processed collectively in the year in which they are
incurred.

(iii) Application of simple method at small enterprises, etc.
Some consolidated subsidiaries apply a simple method including a method in which an estimated amountrequired to be paid for voluntary retirement benefits at the end of the fiscal year is deemed as the retirement
benefit obligations in the calculations of retirement benefit liability and retirement benefit expenses.
Assets in the Company’s defined benefit corporate pension plan are recorded as “Retirement benefit asset”
under investments and other assets as the plan assets exceeded the retirement benefit obligations.
(5)Standards of translation into yen of significant assets or liabilities denominated in foreign currencies
All the monetary receivables and payables of the Company and its consolidated subsidiaries in Japandenominated in foreign currencies are translated into Japanese yen based on the spot rate of exchange in theforeign exchange market on the respective account closing dates. The foreign exchange gains and losses fromtranslation are recognized in the accompanying consolidated statements of income. Assets or liabilities of
consolidated subsidiaries outside of Japan, etc. are translated into yen based on the spot rate of exchange in theforeign exchange market on the account closing date, while revenue and expenses are translated into yen basedon the average rate of exchange for the fiscal year. The differences resulting from such translations are included
in “Foreign currency translation adjustment” under net assets.
- 60 -

(6)Amortization method and amortization period of goodwill
Goodwill is primarily amortized in equal amounts over a period of five years. However, in cases where goodwill
is immaterial in amount, such goodwill is written off in full in the accrued fiscal year.

(7) Scope of cash and cash equivalents in the consolidated statements of cash flow
“Cash and cash equivalents” include cash on hand, time deposit which can be withdrawn on demand and shortterm investments, with little risk of fluctuation in value and maturity within three months or less of theacquisition date, which are promptly convertible to cash.
(8)

Important standards of accounting for revenue and expenses
The Company group is engaged in the development, manufacture, and sale, etc. of entertainment products in
the home entertainment field. Specifically, the Company group sells products such as video game hardware,
software, and accessories, and also provides various services such as Nintendo Switch Online. In addition, it
sells services and content for mobile applications.
The details of the main performance obligations concerning revenue arising from contracts with customers in
the Company group’s major businesses, and the usual timing of the fulfillment of these performance obligations(the usual timing of revenue recognition) are as follows.

(i)

Dedicated video game platforms
The transaction price is deemed to be the consideration expected to be received in return for the product orservice. Because this consideration is generally expected to be received within one year after performanceobligations have been fulfilled, it does not contain a significant element of financing. The Company generally
recognizes revenue in the full amount of this consideration. However, in cases such as downloadable softwarefrom software publishers, the Company recognizes revenue equal to the amount of sales commission that theCompany group will receive.
Regarding revenue from sales of products such as hardware, software, and accessories, control is usuallydeemed to be transferred to the customer, and performance obligations fulfilled, on the day when theseproducts are scheduled to arrive at the place designated by the customer. However, in the case of
downloadable software and add-on content, performance obligations are deemed to be fulfilled when the
product or content becomes available for the customer to use. Therefore, in the case of advance sales, orwhen add-on content is yet to be distributed, revenue recognition is deferred until the date when the softwareor content becomes available for the customer to use. When add-on content is distributed in multiple stages,
the standalone selling price at each stage is estimated from observable information, and the transaction priceis allocated between each stage. The unused portion of the pre-charged balances used to purchase products
and services on e-commerce websites operated by the Company group is recognized as revenue in proportion
to customer usage patterns.
Some of the Company group’s products include a performance obligation to enable customers to update theproduct free of charge. In cases such as these, the Company estimates the standalone selling price of the
update and the date when the update will become available for use. The performance obligation associatedwith the portion of the transaction price allocated to the update is deemed fulfilled on this date.
Among the services provided by the Company group, performance obligations for paid membership services
such as Nintendo Switch Online are deemed to be progressively fulfilled throughout the subscription period,
as services are provided throughout this period.
The Company group also provides a rewards program that allows customers to exchange points for theCompany’s products and services in the future. For points that arise in association with the sale of products
or services, the Company estimates the standalone selling price to be allocated to the portion of the points
expected to be used. The transaction price is allocated between the product or service and the points expected
to be used. For the rewards program, performance obligations are deemed to be fulfilled when the customer
uses the points.

(ii)

Mobile and IP related income, etc.
For mobile and IP related income, etc. from the sale of mobile applications, performance obligations are
deemed to be fulfilled when the application becomes available for the customer to use. For in-game currency
sold on mobile applications, performance obligations are deemed to be fulfilled when the customer uses thecurrency. Performance obligations for paid membership services are deemed to be progressively fulfilled
throughout the subscription period.
For IP related income, revenue is generally recognized as customers use the Company’s IP.
- 61 -

(Significant accounting estimates)
Valuation of inventories(1) Amount recorded in the consolidated financial statements for the fiscal year ended March 31, 2024

Inventories

Previous fiscal year
(As of March 31, 2023)¥258,628 million

Current fiscal year
(As of March 31, 2024)¥155,987 million
USD 1,033 million(2) Information on the details of significant accounting estimates related to the identified items
The Company group recorded inventories of ¥155,987 million (USD 1,033 million) on the consolidated balance
sheets for the fiscal year ended March 31, 2024. Of this amount, finished goods accounted for ¥89,638 million(USD 593 million), including a write-down on finished goods of ¥20,289 million (USD 134 million).
The moving average cost method is the main method used for the valuation of inventory (the value shown on thebalance sheets represents book value reduced in accordance with declines in profitability). This method of
inventory valuation focuses on factors such as inventory turnover rates based on past sales results, and market
conditions, to estimate the possibility of achieving future sales plans. Product lifecycle in the Company group’sbusinesses is relatively short, and there is therefore a degree of uncertainty regarding the probability that finishedgoods will be sold. The closing balance of inventories and cost of sales for the fiscal period will be affected if net
selling price and recoverable amount fall below expectations, or, if sales of products for which a valuation writedown was previously recorded exceed sales plans.
Valuation of deferred tax assets(1) Amount recorded in the consolidated financial statements for the fiscal year ended March 31, 2024

Deferred tax assets

Previous fiscal year
(As of March 31, 2023)¥103,670 million

Current fiscal year
(As of March 31, 2024)¥107,852 million
USD 714 million(2) Information on the details of significant accounting estimates related to the identified items
The Company group recorded deferred tax assets of ¥107,852 million (USD 714 million) for the fiscal year ended
March 31, 2024.
The recoverability of deferred tax assets is determined based on estimates of future taxable income, etc. based on
business plans. Deferred tax assets are recorded for deductible differences that the Company considers are likely
to reduce taxable income in the future. The Company generates a stable taxable income, and no substantial change
in future business results is anticipated. However, the Company group's businesses represent one part of thebroader entertainment sector, and they are affected by the market environment brought about by various
entertainment trends. Estimates of future taxable income based on business plans are therefore subject touncertainty. If estimates of future taxable income change, then this will have an impact on deferred tax assets andincome taxes - deferred.
(Changes in presentation method)(Notes to consolidated statements of income)“Loss on valuation of investment securities,” which had been presented independently under “Non-operating
expenses” in the fiscal year ended March 31, 2023, became immaterial in amount and is thus presented as acomponent of “Other” from the fiscal year ended March 31, 2024. Additionally, “Loss on sale of investment
securities,” which had been included in “Other” under “Non-operating expenses” in the fiscal year ended March
31, 2023, became material in amount and is thus presented independently beginning with the fiscal year ended
March 31, 2024. In order to reflect this change in the presentation method, reclassification was performed withrespect to the consolidated financial statements for the fiscal year ended March 31, 2023.
As a result, “Loss on valuation of investment securities” in the amount of ¥362 million (USD 2 million) and“Other” in the amount of ¥30 million (USD 0 million) that had been presented under “Non-operating expenses”
in the consolidated statements of income for the fiscal year ended March 31, 2023 were reclassified into “Loss onsale of investment securities” and “Other” in the amounts of ¥0 million (USD 0 million) and ¥392 million (USD
2 million), respectively.
(Notes to consolidated statements of cash flows)“Purchase of treasury shares,” which had been presented independently under “Cash flows from financing
activities” in the fiscal year ended March 31, 2023, became immaterial in amount and is thus presented as acomponent of “Other, net” from the fiscal year ended March 31, 2024. In order to reflect this change in thepresentation method, reclassification was performed with respect to the consolidated financial statements for the
fiscal year ended March 31, 2023.
- 62 -

As a result, “Purchase of treasury shares” in the amount of ¥(50,733) million (USD (335) million) and “Other,
net” in the amount of ¥(1,540) million (USD (10) million) that had been presented under “Cash flows fromfinancing activities” in the consolidated statements of cash flows for the fiscal year ended March 31, 2023 werereclassified into “Other, net” in the amount of ¥(52,273) million (USD (346) million).

Notes to consolidated balance sheets*1.

The amounts of receivables arising from contracts with customers among notes and accounts receivable- trade are as follows:
Previous fiscal year
(As of March 31, 2023)

Notes receivable - trade
Accounts receivable - trade*2.

¥539 million¥119,393 million

Finished goods
Work in process
Raw materials and supplies¥182,837 million¥153 million¥75,637 million

Accumulated depreciation¥82,563 million

Current fiscal year
(As of March 31, 2024)¥89,638 million¥77 million¥66,270 million

USD 593 million
USD 0 million
USD 438 million

Current fiscal year
(As of March 31, 2024)¥90,420 million

USD 598 million

Investments in unconsolidated subsidiaries and associates as of March 31, 2023 and 2024 were as follows:
Previous fiscal year
(As of March 31, 2023)

Investment securities*5.

USD 2 million
USD 617 million

Accumulated depreciation of property, plant and equipment as of March 31, 2023 and 2024 were as
follows:
Previous fiscal year
(As of March 31, 2023)*4.

¥373 million¥93,235 million

Inventories as of March 31, 2023 and 2024 were as follows:
Previous fiscal year
(As of March 31, 2023)*3.

Current fiscal year
(As of March 31, 2024)¥117,558 million

Current fiscal year
(As of March 31, 2024)¥149,665 million

USD 991 million

Among advances received, the amounts of contract liabilities as of March 31, 2023 and 2024 were as
follows:
Previous fiscal year
(As of March 31, 2023)

Contract liabilities¥160,758 million- 63 -

Current fiscal year
(As of March 31, 2024)¥164,504 million

USD1,089 million

Notes to consolidated statements of income*1.

The ending inventory balance is the amount after write-down of book value due to decline in profitability,
and the loss on valuation of inventories included in cost of sales for the years ended March 31, 2023 and2024 were as follows:
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Loss on valuation of inventories*2.

¥4,092 million

Previous fiscal year
(From April 1, 2022
to March 31, 2023)¥110,014 million
94,98440,342
8,245
344
1,071
¥122 million

Research and development expenses¥110,015 million

Current fiscal year
(From April 1, 2023
to March 31, 2024)¥137,749 million
USD 912 million
104,312690
50,319
333
8,608
57
3,551
23
1,097
7
¥(31) million
USD (0) million

Current fiscal year
(From April 1, 2023
to March 31, 2024)¥137,749 million

USD 912 million

Gain on sale of non-current assets for the years ended March 31, 2023 and 2024 were as follows:
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Land

Current fiscal year
(From April 1, 2023
to March 31, 2024)¥23 million

Buildings and structures
Machinery, equipment andvehiclesTools, furniture andfixtures
Total

*5.

USD 44 million

Research and development expenses included in general and administrative expenses and manufacturingcosts for the years ended March 31, 2023 and 2024 were as follows:
Previous fiscal year
(From April 1, 2022
to March 31, 2023)*4.

¥6,757 million

The major items of selling, general and administrative expenses for the years ended March 31, 2023 and2024 were as follows:

Research and development expenses
Advertising expenses
Salaries, allowances and bonuses
Depreciation
Retirement benefit expenses
Provision for bonuses
Provision of allowance for doubtful accounts*3.

Current fiscal year
(From April 1, 2023
to March 31, 2024)

0Machinery, equipment
and vehicles
Tools, furniture andfixtures¥6 million0

USD 0 million
021
2¥48 million

Total¥6 million

USD 0 million

Loss on disposal of non-current assets for the years ended March 31, 2023 and 2024 were as follows:

Previous fiscal year
(From April 1, 2022
to March 31, 2023)
Buildings and structures¥361 million
Machinery, equipment and11
vehiclesTools, furniture and fixtures0
Software8
Total¥382 million

Current fiscal year
(From April 1, 2023
to March 31, 2024)
Buildings and structures¥351 million
Machinery, equipment and0vehiclesTools, furniture and fixtures
14
Software15
Total¥381 million- 64 -USD 2 million000
USD 2 million

Notes to consolidated statements of comprehensive income*1.

Reclassification adjustments and tax effects related to other comprehensive income
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Valuation difference on available-for-sale securities:
Amount arising during the fiscal year
Reclassification adjustments

Current fiscal year
(From April 1, 2023
to March 31, 2024)¥(5,761) million(1,158)¥8,063 million(4,884)

Amount before tax effects
Tax effects(6,920)
1,851

3,178
(917)

21
(6)

Valuation difference on available-for-salesecurities(5,068)2,260

14Foreign currency translation adjustment:
Amount arising during the fiscal year
Reclassification adjustments

51,814-76,575-507-

Amount before tax effects
Tax effects

51,814-76,575-507-

Foreign currency translation adjustment

51,81476,575

507

Share of other comprehensive income of entities
accounted for using equity method:Amount arising during the fiscal year
Reclassification adjustments
Share of other comprehensive income ofentities accounted for using equity method

7,115
-

4,371
-

28
-

7,115

4,371

28

Total other comprehensive income¥53,861 million- 65 -¥83,206 million

USD 53 million(32)

USD 551 million

Notes to consolidated statements of changes in equity
Previous fiscal year (From April 1, 2022 to March 31, 2023)
1. Matters concerning outstanding shares
Type of share
Common shares

As of April 1,
2022

Increase

129,869,000

1,168,821,000(Shares)
As of March 31,
2023

Decrease-

1,298,690,000(Summary of causes of changes)
Increase in outstanding shares was due to the stock split based on the resolution of the meeting of the Board of
Directors held on May 10, 2022.
2. Matters concerning treasury shares
Type of share
Common shares

As of April 1,
2022

Increase

12,547,022

121,914,568

Decrease
950(Shares)
As of March 31,
2023
134,460,640(Summary of causes of changes)
Among the increase in treasury shares, the increase of 1,608 shares was due to acquisitions in line with buyback
requests for shares less than one unit, the increase of 899,500 shares was due to the acquisition through market
purchase on the Tokyo Stock Exchange based on the resolution of the meeting of the Board of Directors heldon May 10, 2022, and the increase of 121,013,460 shares was due to the stock split based on the resolution of
the meeting of the Board of Directors held on May 10, 2022.
Decrease in treasury shares was due to the disposal of treasury shares as restricted stock compensation.
3. Matters concerning dividends(1) Amount of dividends paid
Resolution

Type ofshare

Annual General Meetingof Shareholders held on
June 29, 2022

CommonsharesAmount of dividends¥165,423 million

Dividends per
share¥1,410Record date

Effective date

March 31, 2022

June 30, 2022

Meeting of Board of
CommonSeptember 30,
December 1,
Directors held on¥73,346 million¥630
shares2022
2022
November 8, 2022
(Note) The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022. Dividends per
share shown above are the amounts prior to the stock split.

(2) Dividend payments for which the record date is in the fiscal year ended March 31, 2023, and the effective
date is in the following fiscal year
Resolution

Type ofshare

Amount ofdividends

Source of Dividends per
dividends
share

Annual General Meetingof Shareholders held on
June 23, 2023

Commonshares¥143,200 million

Retainedearnings- 66 -¥123

Record date

Effective date

March 31, 2023

June 26, 2023

Current fiscal year (From April 1, 2023 to March 31, 2024)
1. Matters concerning outstanding shares
As of April 1,
2023

Type of share
Common shares

Increase

1,298,690,000(Shares)
As of March 31,
2024

Decrease--

1,298,690,000

2. Matters concerning treasury shares
As of April 1,
2023

Type of share
Common shares

Increase

134,460,640

Decrease

370(Shares)
As of March 31,
2024

9,500

134,451,510(Summary of causes of changes)
The increase in treasury shares was due to acquisitions in line with buyback requests for shares less than one
unit.
The decrease in treasury shares was due to the disposal of treasury shares as restricted stock compensation.
3. Matters concerning dividends(1) Amount of dividends paid
Resolution

Type ofshare

Annual General Meetingof Shareholders held on
June 23, 2023

Commonshares¥143,200 million

Meeting of Board of
Directors held on
November 7, 2023

Commonshares¥93,139 million

Amount of dividends

Dividends per
share

Record date

Effective date

¥123

March 31, 2023

June 26, 2023

¥80

September 30,
2023

December 1,
2023(2) Dividend payments for which the record date is in the fiscal year ended March 31, 2024, and the effective
date is in the following fiscal year
Resolution
Annual General Meetingof Shareholders held on
June 27, 2024

Type ofshare

Amount ofdividends

Source of Dividends per
dividends
share

Common¥152,515 million Retained
shares [USD 1,010 million] earnings¥131[USD 0.86]

Record date

Effective date

March 31, 2024

June 28, 2024

Notes to consolidated statements of cash flow
*1.

“Cash and cash equivalents at end of period” were reconciled to “Cash and deposits” in theaccompanying consolidated balance sheets as of March 31, 2023 and 2024 as follows:
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Cash and deposits
Time deposits with maturity of more than
three months
Short-term investments with maturity of
three months or less

¥1,263,666 million

Cash and cash equivalents¥1,194,569 million

Current fiscal year
(From April 1, 2023
to March 31, 2024)¥1,484,350 million

USD 9,830 million(210,061)(752,799)(4,985)140,964

121,881807- 67 -¥853,432 million

USD 5,651 million

Lease transactions
1.
Finance lease transactions
Information of finance leases as of March 31, 2023 and 2024 were omitted as they are immaterial.
2.

Operating lease transactions

Future lease payments under non-cancelable operating leases
Previous fiscal year
(As of March 31, 2023)
Due within one year
Due after one year
Total

Current fiscal year
(As of March 31, 2024)¥366 million
3,608¥358 million
3,249

USD 2 million
21¥3,975 million¥3,608 million

USD 23 million- 68 -

Financial instruments
1.

Condition of financial instruments(1)

Policy for measures relating to financial instruments
Nintendo (the Company and its consolidated subsidiaries) invests its funds in highly safe financial assets suchas deposits. Nintendo utilizes derivatives to reduce risk as described below and for the purpose of improving
the investment yield on short-term financial assets, and does not enter into transactions for speculative purposes.

(2)

Details of financial instruments, related risks, and risk management system
Notes and accounts receivable - trade are exposed to credit risk from customers. In order to reduce this risk,
Nintendo monitors the financial position and transaction history, assesses creditworthiness and sets a transaction
limit for each customer. The risk regarding bonds included in short-term investment securities and investment
securities is negligible, since they are mainly the bonds of correspondent financial institutions, the U.S. Treasury
and other entities with strong credit that are held to maturity. Such bonds are also subject to foreign currency
exchange risk and market risk. Nintendo closely monitors the market price of such bonds and the financial
position of the issuer and reviews the status of these holdings on a regular basis. Stocks included in investment
securities are mainly those of companies with which the Company has business relationships. These stocks are
exposed to market risk, but the balance held is immaterial.
Notes and accounts payable - trade and income taxes payable are all due within one year.
Derivative transactions include foreign exchange forward contracts, non-deliverable forward contracts andcurrency option contracts etc. to reduce risk of exchange rate fluctuations arising from deposits and receivables,
etc. denominated in foreign currencies. These transactions are conducted by the Finance Department of theCompany and the departments in charge of financial matters of its consolidated subsidiaries after securing
approval from the President and Representative Director or the Executive Officer in charge within limits suchas balance of foreign currency deposits during the period. The status of derivative transactions is reported to the
Executive Officer in charge and the Board of Directors on a regular basis. Since counterparties of suchtransactions are limited to financial institutions that have high creditworthiness, Nintendo judges that risk due
to default is minimal.

(3)

Supplementary explanation regarding fair values of financial instruments
As variable factors are incorporated into the measurement of the fair values of financial instruments, the values
may vary depending on the assumptions used. In addition, the contract amounts of the derivative transactions
described in “Derivative transactions” do not represent the market risk of derivative transactions.

- 69 -

2.

Fair value of financial instruments

The book value on the consolidated balance sheets, fair value, and differences between them are as follows. The
presentation of cash and deposits, notes and accounts receivable - trade, notes and accounts payable - trade, andincome taxes payable has been omitted due to being cash, or as the settlement periods are short and the market values
thereof are essentially equal to the book values.
Previous fiscal year (As of March 31, 2023)
Book value
Short-term and long-term investment securities
Held-to-maturity debt securities
Other securities
Total assets
Derivatives(Millions of yen)
Difference

Fair value

445,956
321,734
767,690(53)445,887
321,734
767,621
(53)

(68)
(68)
-

Current fiscal year (As of March 31, 2024)
Book value
Short-term and long-term investment securities
Held-to-maturity debt securities
Other securities
Total assets
Derivatives

514,147
387,729
901,877(2)

Book value
Short-term and long-term investment securities
Held-to-maturity debt securities
Other securities
Total assets
Derivatives(Notes) 1.

(Millions of yen)
Difference

Fair value
514,145
387,729
901,874(2)(Millions of dollars)
Difference

Fair value

3,404
2,567
5,972
(0)

3,404
2,567
5,972
(0)

(0)
(0)
-

Consolidated balance sheets amount of shares, etc. without market prices
Previous fiscal year
(As of March 31, 2023)

Current fiscal year
(As of March 31, 2024)

Unlisted stocks¥124,262 million¥157,098 million
These are not included in “Short-term and long-term investment securities.”
2.

(2)
(2)
-

USD 1,040 million

The receivables and payables resulting from derivative transactions are indicated in net amounts. In the case that the
net total is a payable, the amount is shown in parentheses.

- 70 -

3.

Redemption schedule for monetary receivables and securities with maturity subsequent to the consolidated accountclosing datePrevious fiscal year (As of March 31, 2023)(Millions of yen)
Due within one year

Cash and deposits
Notes and accounts receivable - trade
Short-term and long-term investment
securities
Held-to-maturity debt securities
Certificate of deposits
Money held in trust
Corporate and government bonds
Other securities with maturity
Certificate of deposits
Corporate and government bonds
Other
Total

Due after one year andwithin five years

Due after five years
and within ten years

1,263,666
119,932--

408,894
13,00023,969100-

13,300165,552
9,352

25,5408,563

29,2162,017,667

34,20429,216

Current fiscal year (As of March 31, 2024)(Millions of yen)

Cash and deposits
Notes and accounts receivable - trade
Short-term and long-term investment
securities
Held-to-maturity debt securities
Certificate of deposits
Money held in trust
Corporate and government bonds
Other securities with maturity
Certificate of deposits
Corporate and government bonds
Other
Total

Due within one
year

Due after one
year and within
five years

Due after five
years and within
ten years

1,484,350
93,608--486,055
13,00015,026100-

29,734225,988-

19,674-

1,322

39,781

2,347,765

19,774

1,322

39,781- 71 -

Due in over ten
yearsCash and deposits
Notes and accounts receivable - trade
Short-term and long-term investment
securities
Held-to-maturity debt securities
Certificate of deposits
Money held in trust
Corporate and government bonds
Other securities with maturity
Certificate of deposits
Corporate and government bonds
Other
Total

(Millions of dollars)
Due after fiveDue in over ten
years and within
years
ten years

Due within one
year

Due after one
year and within
five years

9,830
619

-

-

3,218
86
99

0

-

196
1,496
-

130
-

8

263

15,548

130

8

263

- 72 -

3.

Breakdown of Financial Instruments by Level of Fair Value

The fair value of financial instruments is classified into the following three levels based on the observability andsignificance of the inputs used to calculate fair value.
Level 1 fair values: Fair values calculated using (unadjusted) market prices in active markets for identical assets
or liabilities
Level 2 fair values: Fair values calculated using directly or indirectly observable inputs other than those in Level 1
Level 3 fair values: Fair values calculated using significant unobservable inputs
When multiple inputs that may have a material impact on the calculation of fair value are used, the calculated fairvalue is classified at the lowest level of the inputs used.
(1)

Financial assets and financial liabilities recorded on the consolidated balance sheets at fair value
Previous fiscal year (As of March 31, 2023)(Millions of yen)
Fair value
Level 1

Level 2

Level 3

Total

Short-term and long-term investment
securities
Other securities
Equity securities

74,133--74,133

Debt securities

10,284

222,609-

232,894

Other

1,413

13,293-

14,706

85,831

235,902-321,734

(53)

-

-

(53)

(53)

-

-

(53)

Total assets
Derivatives
Currency-related
Total liabilities

Current fiscal year (As of March 31, 2024)(Millions of yen)
Fair value
Level 1

Level 2

Level 3

Total

Short-term and long-term investment
securities
Other securities
Equity securities

74,038--74,038Debt securities

34,009248,312-282,322

Other

1,639

29,728-31,368109,688

278,041-

387,729

(2)

-

-

(2)

(2)

-

-

(2)

Total assets
Derivatives
Currency-related
Total liabilities- 73 -

(Millions of dollars)
Fair value
Level 1

Level 2

Level 3

Total

Short-term and long-term investment
securities
Other securities
Equity securities

490

-

-

490

Debt securities

225

1,644

-

1,869

Other

10

196

-

207

726

1,841

-

2,567

(0)

-

-

(0)

(0)

-

-

(0)

Total assets
Derivatives
Currency-related
Total liabilities(2)

Financial assets and financial liabilities not recorded on the consolidated balance sheets at fair value
Previous fiscal year (As of March 31, 2023)(Millions of yen)

Fair value
Level 1

Level 2

Level 3

Total

Short-term and long-term investment
securities
Held-to-maturity debt securities
Debt securities
Other
Total assets-

23,993-23,993421,894--

421,894

421,894

23,993-445,887

Current fiscal year (As of March 31, 2024)(Millions of yen)
Fair value
Level 1

Level 2

Level 3

Total

Short-term and long-term investment
securities
Held-to-maturity debt securities
Debt securities
Other
Total assets-

15,089-15,089499,055--

499,055

499,055

15,089-514,145(Millions of dollars)

Fair value
Level 1

Level 2

Level 3

Total

Short-term and long-term investment
securities
Held-to-maturity debt securities
Debt securities
Other
Total assets

-

99

-

99

3,305

-

-

3,305

3,305

99

-

3,404

- 74 -

(Note) Explanation of the valuation techniques and inputs used to calculate fair value
Short-term and long-term investment securities
Listed shares, Japanese government bonds, bonds, etc. are mainly valued using market prices. Because listed
shares and some Japanese government bonds are traded in active markets, their fair value is classified as Level 1. The
fair value of other securities and investment securities is classified as Level 2, because they are not considered to havemarket prices in active markets. If market prices cannot be obtained, fair value is calculated using valuation techniquessuch as the discounted present value of future cash flows, with inputs including swap rates, credit spreads, and liquidity
premiums.
Derivative transactions
The fair value of derivative transactions for which market prices are available for reference is classified as Level 1.

- 75 -

Securities
1.

Held-to-maturity debt securities
Previous fiscal year (As of March 31, 2023)
Book value

Fair value(Millions of yen)
Difference

Securities whose fair value exceeds their bookvalue on the consolidated balance sheets

1,329

1,330

0

Securities whose fair value does not exceed theirbook value on the consolidated balance sheets

444,626

444,557

(68)

Total

445,956445,887(68)

Book value

Fair value(Millions of yen)
Difference

Securities whose fair value exceeds their bookvalue on the consolidated balance sheets

3,483

3,484

1

Securities whose fair value does not exceed theirbook value on the consolidated balance sheets

510,664

510,661

(3)

Total

514,147

514,145(2)

Book value

Fair value

Securities whose fair value exceeds their bookvalue on the consolidated balance sheets

23

23

0

Securities whose fair value does not exceed theirbook value on the consolidated balance sheets

3,381

3,381

(0)

Total

3,404

3,404

(0)

Current fiscal year (As of March 31, 2024)- 76 -(Millions of dollars)
Difference2.

Other securities
Previous fiscal year (As of March 31, 2023)(Millions of yen)
DifferenceBook value

Acquisition cost

Securities whose book value on the consolidatedbalance sheets exceeds their acquisition cost
Equity securities
Debt securities
Other

73,747111,266
3,999

28,652
108,955
3,990

45,0952,310
9Sub-total

189,013

141,598

47,414

Securities whose book value on the consolidatedbalance sheets does not exceed their acquisition
cost
Equity securities
Debt securities
Other

386
121,627
10,706450
128,634
10,723(63)(7,006)(16)

Sub-total

132,721

139,807(7,085)

Total

321,734

281,405

40,328Book value

Acquisition cost

Securities whose book value on the consolidatedbalance sheets exceeds their acquisition cost
Equity securities
Debt securities
Other

74,033
212,566405

29,042
208,703405

44,991
3,862
0Current fiscal year (As of March 31, 2024)(Millions of yen)
Difference

Sub-total

287,005

238,151

48,854

Securities whose book value on the consolidatedbalance sheets does not exceed their acquisition
cost
Equity securities
Debt securities
Other

569,75530,962

6
75,34130,975(1)(5,586)(12)

Sub-total

100,724

106,324(5,600)

Total

387,729

344,475

43,254

Book value

Acquisition cost

(Millions of dollars)
Difference

Securities whose book value on the consolidatedbalance sheets exceeds their acquisition cost
Equity securities
Debt securities
Other

490
1,407
2

192
1,382
2

297
25
0

Sub-total

1,900

1,577

323

Securities whose book value on the consolidatedbalance sheets does not exceed their acquisition
cost
Equity securities
Debt securities
Other

0
461
205

0
498
205

(0)
(36)
(0)

Sub-total

667

704

(37)

Total

2,567

2,281

286

- 77 -

3.

Other securities sold during the fiscal years ended March 31, 2023 and 2024
Previous fiscal year (From April 1, 2022 to March 31, 2023As of March 31, 2023)
Amount soldTotal gain

(Millions of yen)
Total loss

Debt securities

32,651

4

Other279,08222-

311,733

26

(121)

Total

(121)

Current fiscal year (From April 1, 2023 to March 31, 2024)
Amount soldTotal gain

(Millions of yen)
Total loss

Debt securities

74,194

5

(285)

Other

46,552612(0)120,746

617

(286)

Amount soldTotal gain

Total

(Millions of dollars)
Total loss

Debt securities

491

0

(1)

Other

308

4

(0)

799

4

(1)

Total

- 78 -

Derivative transactions
Derivative contracts not qualifying for hedge accounting
Currencies
Previous fiscal year (As of March 31, 2023)
Classification

Transactions otherthan market
transactions(Millions of yen)Contract amountPortion ofcontract amountover one year

Selling Canadian dollar

4,183

-

(24)

(24)

Selling British pound

4,146

-

(29)

(28)

-

-

-

(53)

Contract amountPortion ofcontract amountover one year

Selling Canadian dollar

2,812

-

6

6

Selling British pound

1,764

-

(9)

(8)

-

-

-

(2)

Contract amountPortion ofcontract amountover one year

Type of transaction

Unrealized
gain (loss)

Fair value

Exchange forward
contracts

Total

Current fiscal year (As of March 31, 2024)
Classification

Transactions otherthan market
transactions

Type of transaction(Millions of yen)
Unrealized
gain (loss)

Fair value

Exchange forward
contracts

Total(Millions of dollars)
Classification

Transactions otherthan market
transactions

Type of transaction

Unrealized
gain (loss)

Fair value

Exchange forward
contracts
Selling Canadian dollar

18

-

0

0

Selling British pound

11

-

(0)

(0)

Total

-

-

-

(0)

- 79 -

Retirement benefits
1. Summary of retirement benefit plans adopted
The Company has a corporate pension plan and a lump-sum severance payment plan which are defined benefit plans.
Certain consolidated subsidiaries have defined contribution plans as well as defined benefit plans. The Company andcertain consolidated subsidiaries may also pay extra retirement allowance to employees. Certain consolidated
subsidiaries adopt a simple method to calculate retirement benefit obligation.
2. Defined benefit plans(1)

Reconciliation between beginning balance and ending balance of retirement benefit obligations (excluding
those under plans in which a simple method is applied)
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Current fiscal year
(From April 1, 2023
to March 31, 2024)(Millions of yen)

(Millions of yen)

Beginning balance of retirement benefit obligations
Current service costs
Interest cost
Actuarial gains and losses
Retirement benefits paid
Other
Foreign currency translation difference

73,624
3,298
1,892(10,608)(2,190)
4,086

70,1033,112
2,200(3,813)(2,050)5,422(Millions ofdollars)
464
20
14
(25)
(13)
35

Ending balance of retirement benefit obligations

70,10374,974496(2)Reconciliation between beginning balance and ending balance of plan assets (excluding those under plans inwhich a simple method is applied)
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Current fiscal year
(From April 1, 2023
to March 31, 2024)

Beginning balance of plan assets
Expected return on assets
Actuarial gains and losses
Contribution by the business operator
Retirement benefits paid
Other
Foreign currency translation difference

57,513
1,936(5,282)
1,914(1,979)2,517

56,619
2,001
881
2,224
(1,820)3,532(Millions ofdollars)
374
13
5
14
(12)
23

Ending balance of plan assets

56,61963,438420(Millions of yen)

(3)

(Millions of yen)

Reconciliation between beginning balance and ending balance of retirement benefit liability under plans inwhich a simple method is applied
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Current fiscal year
(From April 1, 2023
to March 31, 2024)

354
162
(24)

687
264
(34)

(Millions ofdollars)
4
1(0)

Contribution into plan

(82)

(80)

(0)

Increase due to new consolidation
Other
Foreign currency translation difference

278
0

(0)
(1)

(0)
(0)

Ending balance of retirement benefit liability

687

834

5

(Millions of yen)
Beginning balance of retirement benefit liability
Retirement benefit expenses
Retirement benefit payment- 80 -(Millions of yen)(4)Reconciliation between ending balance of retirement benefit obligations and plan assets, and retirement benefit
liability and retirement benefit asset recorded in consolidated balance sheets
Previous fiscal year
(As of March 31, 2023)

Current fiscal year
(As of March 31, 2024)(Millions of(Millions of yen)dollars)
58,573387(64,257)(425)(Millions of yen)
Retirement benefit obligations for funded plans
Plan assets

54,450(57,336)Retirement benefit obligations for unfunded plans(2,886)
17,058(5,683)18,054(37)
119

Net amounts of liabilities and assets recorded inconsolidated balance sheets

14,172

12,37081

Retirement benefit liability
Retirement benefit asset

23,084(8,911)

23,955(11,584)

158(76)

12,37081

Net amounts of liabilities and assets recorded in
14,172
consolidated balance sheets(Note) Includes those under plans in which a simple method is applied.

(5)

Retirement benefit expenses and their breakdown
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Current fiscal year
(From April 1, 2023
to March 31, 2024)

3,461
1,892
(1,936)

3,376
2,200
(2,001)(Millions ofdollars)
22
14
(13)

(5,325)(4,695)

(31)

367

248

1

(Millions of yen)
Current service costs
Interest cost
Expected return on assets
Amortization of actuarial gains and losses treated as
expenses
Other(Millions of yen)

Retirement benefit expenses for defined benefit plan
(1,540)(871)(5)(Note) Retirement benefit expenses of consolidated subsidiaries applying a simple method are recorded in “Current service
costs.”(6) Plan assets
a. Main components of plan assets
The ratios of components to plan assets by major category are as follows.
Previous fiscal year
(As of March 31, 2023)

Current fiscal year
(As of March 31, 2024)

Equity securities
Debt securities
Other

17%
67
16

19%
64
17

Total

100%

100%

b. Method for establishing expected long-term return rate on plan assets
In order to determine expected long-term return rate on plan assets, the present as well as expected future allocationof plan assets, along with the present as well as expected long-term rate of return on various assets comprisingplan assets, are considered.

- 81 -

(7)Matters concerning the basis for actuarial calculation
The main calculation bases for actuarial gains or losses are as follows.

Discount rate
Expected long-term return rate on plan assets

Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Current fiscal year
(From April 1, 2023
to March 31, 2024)

0.7% to 4.8%

1.4% to 5.1%

2.0% to 4.0%

2.0% to 4.0%

3. Defined contribution plans
The amount of contribution required for the defined contribution plans at certain consolidated subsidiaries was ¥4,006
million for the year ended March 31, 2023 and ¥4,934 million (USD 32 million) for the year ended March 31, 2024.

Income taxes
1. Significant components of deferred tax assets and liabilities
Previous fiscal year
(As of March 31, 2023)
Deferred tax assets
Research and development expenses
Revenue recognition for tax purposes
Accounts payable - other and accrued expenses
Unrealized intra-group profit and write-downs
on inventory
Excess depreciation of depreciable oramortizable assets
Retirement benefit liability
Accrued enterprise tax
Excess depreciation of deferred assets
Other

Current fiscal year
(As of March 31, 2024)¥55,234 million
34,284
11,359¥61,904 million
33,127
21,133

20,911

15,573

103

5,838

7,355

48

6,259
3,753
3,458
10,125

6,479
4,310
2,108
14,003

42
28
13
92

Deferred tax assets subtotal
Valuation allowance

151,226(701)

165,996
(528)

1,099
(3)

Total deferred tax assets
Deferred tax liabilities
Undistributed retained earnings of subsidiaries
and associates
Valuation difference on available-for-salesecurities
Other

150,524

165,468

1,095(25,474)(32,430)(214)(14,175)(14,719)(97)(7,204)(10,466)(69)

Total deferred tax liabilities(46,854)(57,616)(381)

Net deferred tax assets¥103,670 million- 82 -¥107,852 million

USD 409 million
219
139

USD 714 million

2. Significant factors in the difference between the statutory tax rate and effective tax rate
Previous fiscal year
(As of March 31, 2023)
Statutory tax rate

Current fiscal year
(As of March 31, 2024)

30.5%

30.5%

Tax deduction concerning experimentation and research(1.0)%(0.8)%

Different tax rates applied to the consolidated subsidiaries(0.5)%(0.9)%

0.5%

1.0%(1.3)%(1.4)%

Other(0.3)%(0.5)%

Effective tax rate after tax effect accounting

28.0%

27.9%

(Adjustments)

Foreign tax credit on retained earnings of the consolidated
subsidiaries outside of Japan
Effect of profit and loss of the associates accounted forusing equity method

Asset retirement obligations
Information on asset retirement obligations was omitted as its amount is immaterial.

Real estate for rent
Information on real estate for rent was omitted as its amount is immaterial.

- 83 -

Revenue recognition
1. Breakdown of revenue arising from contracts with customers
The net sales of the Company group mainly comprise revenue recognized from contracts with customers. A
breakdown of this revenue by goods, services, and geographical region is shown below.
(Millions of yen)Previous fiscal year (From April 1, 2022 to March 31, 2023)
Japan

The Americas

Europe

Other

Total

Dedicated video game platforms

342,946

672,816

390,463

138,693

1,544,920

Of which Nintendo Switch platform*1

326,964

660,576

385,172

136,488

1,509,202

Of which the others*2

15,982

12,240

5,290

2,205

35,718

Mobile and IP related income*3

18,746

26,385

4,426

1,508

51,067

Other (playing cards, etc.)

3,954

1,727

-

7

5,689

365,647

700,929394,890

140,210

1,601,677

Total*1 Nintendo Switch platform includes hardware, software (including downloadable versions of packaged
software, download-only software, add-on content and Nintendo Switch Online) and accessories.
*2 Includes platforms other than Nintendo Switch and also amiibo.
*3 Includes income from smart-device content and royalties.
(Millions of yen)

Current fiscal year (From April 1, 2023 to March 31, 2024)Japan

The Americas

Europe

Other

Total

Dedicated video game platforms

331,042

677,154399,499

160,128

1,567,824

Of which Nintendo Switch platform*1

311,923

669,789

393,899

156,826

1,532,438

Of which the others*2

19,119

7,364

5,599

3,302

35,386

Mobile and IP related income*3

22,826

62,059

6,234

1,627

92,748Other*4

8,782

2,136

-

374

11,293362,651

741,350

405,733

162,130

1,671,865

Total(Millions of dollars)
Japan

The Americas

Europe

Other

Total

Dedicated video game platforms

2,192

4,484

2,645

1,060

10,382

Of which Nintendo Switch platform*1

2,065

4,435

2,608

1,038

10,148

Of which the others*2

126

48

37

21

234

Mobile and IP related income*3

151

410

41

10

614

Other*4

58

14

-

2

74

2,401

4,909

2,686

1,073

11,071Total*1 Nintendo Switch platform includes hardware, software (including downloadable versions of packaged
software, download-only software, add-on content and Nintendo Switch Online) and accessories.
*2 Includes platforms other than Nintendo Switch and also amiibo.
*3 Includes income from visual content, smart-device content and royalties.
*4 Includes merchandise sales at official stores such as Nintendo TOKYO as well as playing cards.
2. Information fundamental for an understanding of revenue arising from contracts with customers
Information fundamental for an understanding of revenue arising from contracts with customers is as presented in“V. Financial Information, Consolidated financial statements, etc., Notes to Consolidated Financial Statements,
Significant matters forming the basis of preparing the consolidated financial statements, 4. Accounting procedures,(8) Important standards of accounting for revenue and expenses.”- 84 -

3. Information regarding the relationship between the satisfaction of performance obligations under contracts
with customers and cash flows arising from such contracts, as well as the amount and timing of revenue
from contracts with customers that existed at the end of the current fiscal year, which is expected to berecognized in subsequent fiscal years(1)

Balance of contract liabilities, etc.
Previous fiscal year (From April 1, 2022 to March 31, 2023)(Millions of yen)Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Receivables arising from contracts with customers (as of April 1, 2022)

141,087

Receivables arising from contracts with customers (as of March 31, 2023)

119,932

Contract liabilities (as of April 1, 2022)

132,704

Contract liabilities (as of March 31, 2023)

161,231

Of the revenue recognized in the fiscal year ended March 31, 2023, ¥93,457 million was included incontract liabilities as of April 1, 2022.
Current fiscal year (From April 1, 2023 to March 31, 2024)(Millions of yen)
Current fiscal year
(From April 1, 2023
to March 31, 2024)

Receivables arising from contracts with customers (as of April 1, 2023)

119,932

Receivables arising from contracts with customers (as of March 31, 2024)

93,608Contract liabilities (as of April 1, 2023)

161,231

Contract liabilities (as of March 31, 2024)

166,858(Millions of dollars)
Current fiscal year
(From April 1, 2023
to March 31, 2024)

Receivables arising from contracts with customers (as of April 1, 2023)

794

Receivables arising from contracts with customers (as of March 31, 2024)

619

Contract liabilities (as of April 1, 2023)

1,067

Contract liabilities (as of March 31, 2024)

1,105

Of the revenue recognized in the fiscal year ended March 31, 2024, ¥132,394 million (USD 876 million)
was included in contract liabilities as of April 1, 2023.
(2)

Transaction price allocated to remaining performance obligations
Previous fiscal year (From April 1, 2022 to March 31, 2023)
The Company group applies practical expediency and omits the presentation of transaction price allocatedto remaining performance obligations for which the contract period was initially expected to be within one
year. The presentation of transaction price allocated to remaining performance obligations for which thecontract period was initially expected to exceed one year is also omitted, as the total amount is not material.
Current fiscal year (From April 1, 2023 to March 31, 2024)
The Company group applies practical expediency and omits the presentation of transaction price allocatedto remaining performance obligations for which the contract period was initially expected to be within one- 85 -

year. The presentation of transaction price allocated to remaining performance obligations for which thecontract period was initially expected to exceed one year is also omitted, as the total amount is not material.

- 86 -

Segment information, etc.
Segment information
The main business of Nintendo is the development, manufacturing, sales, etc. of handheld and home game system
hardware and related software. Development and manufacturing of products for worldwide use are primarily doneby the Company while sales is done mainly by subsidiaries. Nintendo operates as a single operating segment with asingle distribution channel and market for Nintendo’s products and with each major subsidiary solely responsible forsales. Decision for allocation of the management resources and evaluation of business results are made on a companywide basis, not on a product category or regional basis. Therefore, segment information is omitted.
Related information
Previous fiscal year (From April 1, 2022 to March 31, 2023)
1. Information about products and services(Millions of yen)
Nintendo Switch Platform
Sales to third parties

Other

1,509,202

Total
92,475

1,601,677

2. Information by geographic area
(1)

Net sales(Millions of yen)
The Americas

Japan

Europefrom U.S.

365,647
700,929
592,462
394,890(Note) Net sales are categorized by country or region based on the location of the customer.

(2)

Other

Total

140,210

1,601,677

Property, plant and equipment(Millions of yen)
Japan

U.S.

68,778

Other

23,068

Total

7,661

99,509(Note) Property, plant and equipment is categorized by country based on location.

3. Information about major customers
Of sales to third parties, no major customer accounts for 10% or more of net sales in the consolidated financial
statements of income.
Current fiscal year (From April 1, 2023 to March 31, 2024)
1. Information about products and services(Millions of yen)
Nintendo Switch Platform
Sales to third parties

Other

1,532,438

Total
139,427

1,671,865(Millions of dollars)Nintendo Switch Platform
Sales to third parties

10,148

Other

Total
923

- 87 -

11,071

2. Information by geographic area
(1)

Net sales(Millions of yen)
The Americas

Japan

Europefrom U.S.

362,651

741,350

611,995

Other

405,733

Total

162,130

1,671,865(Millions of dollars)

The Americas

Japan

Europefrom U.S.

Other

2,401
4,909
4,052
2,686
(Note) Net sales are categorized by country or region based on the location of the customer.

(2)

Total

1,073

11,071

Property, plant and equipment(Millions of yen)
Japan

U.S.

74,335

Japan

Other

26,075

8,107

U.S.
492

Total

(Millions of dollars)
Total

Other
172

108,51853

718(Note) Property, plant and equipment is categorized by country based on location.

3. Information about major customers
Of sales to third parties, no major customer accounts for 10% or more of net sales in the consolidated financial
statements of income.
Information about impairment loss of non-current assets by reportable segment
The information was omitted as Nintendo operates as a single operating segment.
Information about amortized and unamortized balances of goodwill by reportable segment
The information was omitted as Nintendo operates as a single operating segment.
Information about gain on bargain purchase by reportable segment
The information was omitted as Nintendo operates as a single operating segment.

- 88 -

Information about related party
1. Related party transactions(1) Officers and major shareholders (limited to individuals), etc. of the company filing the consolidated financial
statements
Previous fiscal year (From April 1, 2022 to March 31, 2023)

Type

Name

Percentage
of votingrights held
(held byrelated party)

Relationshipwith related
partyTransaction
details

Transaction
amountAccount

Disposal oftreasury sharesin exchange for(held byRepresentative
Shuntaro
in-kind
Officer
related party) Director of the¥11 million
Furukawa
contribution of
Direct 0.0%
Company
monetary
compensation
claims(Note) In-kind contribution of monetary compensation claims under the restricted stock compensation plan.

Fiscalyear-endbalance-

Current fiscal year (From April 1, 2023 to March 31, 2024)

Type

Name

Percentage
of votingrights held
(held byrelated party)

Relationshipwith related
partyTransaction
details

Transaction
amountAccount

Disposal oftreasury sharesin exchange for(held byRepresentative
Shuntaro
in-kind¥12 million
Officer
related party) Director of the
Furukawa
contribution of[USD 0 million]
Direct 0.0%
Company
monetary
compensation
claims(Note) In-kind contribution of monetary compensation claims under the restricted stock compensation plan.

2. Note about significant associates
Not applicable.

- 89 -

Fiscalyear-endbalance-Per share information
Previous fiscal year
(From April 1, 2022
to March 31, 2023)
Net assets per share¥1,946.55¥2,236.45

USD 14.81¥371.41¥421.39

USD 2.79

Profit per share(Notes) 1.
2.

3.

Current fiscal year
(From April 1, 2023
to March 31, 2024)

Diluted profit per share is omitted as no residual securities were outstanding as of March 31, 2023 and 2024.
The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022. Profit
per share is calculated based on the assumption that the stock split was implemented at the beginning of the previous
fiscal year.
The basis of calculation of profit per share is as follows:
Previous fiscal year
(From April 1, 2022
to March 31, 2023)

Current fiscal year
(From April 1, 2023
to March 31, 2024)

Profit attributable to owners of parent¥432,768 million¥490,602 million

USD 3,249 million

Amount not attributable to commonshareholders

-

-

-

Profit attributable to owners of parent
related to common shares¥432,768 million¥490,602 million

USD 3,249 million

Average number of shares (commonshares)

1,165,213
thousand shares

1,164,235
thousand shares-

Significant subsequent events
Not applicable.

- 90 -

(v)Supporting schedules to the consolidated financial statements

Supplemental schedule of bonds
Not applicable.
Supplemental schedule of borrowings
Classification

Beginning balanceEnding balance

Short-term loans payable

Averageinterest rate (%)

Payment due

-

-

-

-

Long-term loans payable due within
one year¥45 million[USD 0 million]¥32 million[USD 0 million]

0.50

-

Lease obligations due within one year

¥1,299 million[USD 8 million]¥1,412 million[USD 9 million]

2.94

-

Long-term loans payable due after one
year¥143 million[USD 0 million]¥19 million[USD 0 million]

0.50

April 2025 March 2026

Lease obligations due after one year

¥4,798 million[USD 31 million]¥4,671 million[USD 30 million]

3.28

April 2025 September 2030

-

-

-

-

¥6,287 million[USD 41 million]¥6,136 million[USD 40 million]--

Other interest-bearing liabilities
Total(Notes) 1.
2.

Average interest rate represents the weighted average interest rate on the ending balance.
The average interest rates on lease obligations of the Company and its consolidated subsidiaries in Japan are omitted
as the interest equivalents included in lease payments are allocated to each fiscal year by the straight-line method.
Only the average interest rates on lease obligations of consolidated subsidiaries outside of Japan are shown.
3. With respect to long-term loans payable and lease obligations (excluding the current portion), the scheduled annual
repayment amount within five years from the consolidated account closing date is as follows.
More than one year
More than two years
More than three years More than four years
but no more than two
but no more thanbut no more than four but no more than five
years
three years
years
years
(Millions of yen)
(Millions of yen)
(Millions of yen)
(Millions of yen)
Long-term loans
19
payableLease obligations

1,267

997

739

713

More than one year
but no more than two
years(Millions of dollars)More than two years
but no more than
three years(Millions of dollars)More than three years
but no more than fouryears(Millions of dollars)More than four years
but no more than fiveyears(Millions of dollars)Long-term loans
payable

0

-

-

-

Lease obligations

8

6

4

4

Supplemental schedule of asset retirement obligations
The information was omitted as the amounts of asset retirement obligations as of the beginning and end of the
fiscal year ended March 31, 2024 were less than or equal to 1% of the total of liabilities and net assets as of the
beginning and end of the fiscal year ended March 31, 2024.

- 91 -

(2)Other
Quarterly information of the fiscal year ended March 31, 2024
Three months

Six months

Nine months(Millions of yen)
Fiscal year

Net sales

461,341796,237

1,394,796

1,671,865

Profit before income taxes

253,753

379,980

567,298

680,722

Profit attributable to owners ofparent181,019

271,298

408,041

490,602

Profit per share

155.48233.03350.48421.39Three months

Six months

Nine months

Net sales

3,055

5,273

9,237

11,071

Profit before income taxes

1,680

2,516

3,756

4,508

Profit attributable to owners ofparent

1,198

1,796

2,702

3,249

Profit per share

1.02

1.54

2.32

2.79

First quarter

Second quarter

Third quarter(Yen)
Fourth quarter

117.45

70.91

Third quarter(Dollars)
Fourth quarter(Cumulative period)(Yen)(Cumulative period)(Dollars)(Accounting period)
Profit per share(Accounting period)
Profit per share

155.48First quarter

77.54

Second quarter

1.02

0.51

- 92 -

0.77(Millions of dollars)
Fiscal year

0.46

Corporate Information
Common Shares
Nintendo Co., Ltd. common shares are listed on the Tokyo Stock Exchange, Prime Market.
Annual General Meeting of Shareholders
The Annual General Meeting of Shareholders for the fiscal year ended March 31, 2024 was held on June 27, 2024
at Kyoto International Exhibition Hall “Miyako Messe” in Kyoto, Japan.
Independent Auditor
PricewaterhouseCoopers Japan LLC
Tokyo, Japan

Contact Information
Investor Relations
Investor Relations Group
General Affairs Department
Nintendo Co., Ltd.
11-1 Hokotate-cho, Kamitoba, Minami-ku,
Kyoto 601-8501, Japan
Tel: +81-75-662-9600
E-mail: IR@nintendo.co.jp

Corporate Communications
Public Relations Group
Global Public Relations Department
Nintendo Co., Ltd.
11-1 Hokotate-cho, Kamitoba, Minami-ku,
Kyoto 601-8501, Japan
Tel: +81-75-662-9600
Communications Department
Nintendo of America Inc.
4600 150th Avenue NE
Redmond, WA 98052
Tel: +1-425-882-2040

For more information, please visit Nintendo’s website.
Investor Relations Information(includes Management Policy, IR Events, Financial Data and Stock Information)
https://www.nintendo.co.jp/ir/en/index.html
Company History
https://www.nintendo.co.jp/corporate/en/history/index.html
CSR Information
https://www.nintendo.co.jp/csr/en-us/index.html (US version)
https://www.nintendo.co.jp/csr/en-gb/index.html (EU/AU version)- 93 -