Consolidated Financial Results for the First Half of Fiscal Year Ending March 31, 2013
(Six Months Ended September 30, 2012) (Based on J-GAAP)
November 9, 2012
Company name:
MarvelousAQL Inc.
Stock Exchange Listing: First Section of Tokyo Stock Exchange
Stock Code:
7844
URL:
http://www.maql.co.jp
Representative:
Shuichi Motoda, President
Contact:
Nobuyuki Yamakaku, Director
Tel: +81-3-5769-7447
Scheduled date of filing Quarterly Securities Report:
November 14, 2012
Scheduled commencement date of dividend payout:—Explanatory documents supplemental to the abridged Quarterly Financial Statement: Yes
Quarterly results briefing: Yes (For Institutional Investors and Analysts)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2013
(April 1, 2012 – September 30, 2012)(1) Consolidated Results of Operations (six months)(Percentages represent year-over-year changes)
Net sales
Operating income
Ordinary income
Net income
Million yen% Million yen% Million yen% Million yen%
1H FY 2013
7,904
181.0
1,105—
1,021—645—
1H FY 2012
2,812(38.4)30(93.4)
13(97.0)7(98.3)(Note) Comprehensive income (million yen):
1H FY 2013: (—%)
1H FY 2012: 10 (−97.5%)
Net income per share

Yen
1,206.84
58.41

1H FY 2013
1H FY 2012

(2) Consolidated financial position
Total assets
Million yen
1H FY 2013
13,485FY 2012
13,667(Reference) Shareholders’ equity (million yen):

Diluted net income per share
Yen——
Net assets
Million yen
9,424
9,102
1H FY 2013: 9,424

Equity ratio

Net assets per share%Yen
69.9
17,630.36
66.6
17,028.50
FY 2012: 9,102

2. Dividends
1Q-endYen——Interim

Dividends per share
3Q-endYenYen
0.00
—0.00

FY 2012FY 2013
FY 2013(forecasts)
Note: Revisions to the dividend forecast in the current quarter: None—Yearend

Yen
605.001,000.00

AnnualYen
605.001,000.00

3. Consolidated Forecasts for the Fiscal Year Ending March 31, 2013 (April 1, 2012 – March 31, 2013)(Percentages represent year-over-year changes)
Net income per
Net sales
Operating income
Ordinary income
Net income
shareMillion yen% Million yen% Million yen% Million yen%Yen
Full year18,50077.5
2,200110.6
2,130 107.8
1,290 (63.5)
2,413.24
Note: Revisions to the dividend forecast in the current quarter: None

*Notes(1) Changes in significant subsidiaries during the consolidated period (six months) under review(changes in subsidiaries accompanying change in the scope of consolidation): None
New:
None (Company name:)
Excluded: None (Company name:)(2) Application of accounting procedures specific to creation of quarterly financial statement: Yes(Note)For details, refer to “(2) Application of accounting procedures specific to creation of quarterly financial statement” under“2. Summary Information (Notes)” on page 4.

(3) Changes in accounting principles, estimates and restatement
1) Changes in accounting principles caused by revision of accounting standards: Yes
2) Changes in accounting principles other than those mentioned above: None
3) Changes in accounting estimates: Yes
4) Restatement: None(Note)

For details, refer to “(3) Changes in accounting principles, estimates and restatement” under “2. Summary Information(Notes)” on page 4.

(4) Number of shares issued and outstanding (shares of common stock)1) Number of shares outstanding (includingtreasury stock) at end of period
2) Number of treasury stock at end of period
3) Average number of shares outstanding
during the period (six months)

1H FY 2013

535,931shares

1H FY 2013

1,380 shares

1H FY 2013

534,551 shares

FY 2012FY 20121H FY 2012

535,931 shares
1,380 shares
122,000 shares* Implementation of quarterly review proceduresThis summary of quarterly financial statements is not subject to quarterly review procedures pursuant to the Financial
Instruments and Exchange Act; however, at the time of disclosure of this summary of consolidated quarterly financialstatements, the quarterly review procedures of consolidated financial statements pursuant to the FIEA was completed.
* Cautionary statement with respect to forward-looking statements
The forward-looking statements such as the forecasts for the business performance described in this document are basedon the judgments made by the Company in accordance with information currently available that is rational. For thisreason, actual results may differ from these forecasts due to a number of factors, including but not limited to the operatingenvironment. For the underlying assumptions and usage of earnings projections refer to “1. (3) Qualitative information
concerning consolidated business performance forecast” on page 3 of the Attachment to the summary of consolidated
financial statement.

MarvelousAQL Inc. (7844) / Consolidated Financial Results for the First Half of Fiscal Year Ending March 31, 2013
(Based on J-GAAP)

1. Qualitative Information Concerning Quarterly Results

On October 1, 2011, the Company executed an absorption-type merger with AQ Interactive Inc. and Liveware Inc. inwhich MarvelousAQL Inc. became the surviving company. In addition, the company modified its reporting segments
into three businesses, the Online Game Business, Consumer Game Business, and Audio & Visual Business.

(1) Qualitative information concerning consolidated results of operations
In the entertainment industry, of which the Group is a part, the market for social games continues to grow at a fast pace,with the wider online games market in calendar year 2011 (January through December 2011) reaching a size ofapproximately 420 billion yen, according to estimates of the Japan Online Game Association. In the market for
home-use games, Nintendo 3DS has been supporting active momentum. In the first half of fiscal year 2012 (Aprilthrough September 2012), total market size combined for hardware and software increased 106.6% compared with theyear-earlier period, marking the first increase in a first-half in six years (according to research of Enterbrain, Inc.).
Despite the adverse market environment, bright spots have started to appear also in the music and video sectors,
evidenced by a lively market for single CDs and ongoing growth in the Blu-ray disc market.
Under such circumstances, the Group has been operating as a comprehensive entertainment provider based on a"multi-content, multi-use, and multi-device" strategy, unrolling a program of varied entertainment contents for every
business environment and a variety of devices. Based on powerful IP initiatives, the Group has been proactively
advancing its branding strategies, alliance strategies, and global strategies, and is working to offer contents of hightopicality while making efforts to strengthen services.
As a result, the Group’s net sales in the first half (April 1, 2012 to September 30, 2012) marked 7,904 million yen,with operating income of 1,105 million yen, ordinary income of 1,021 million yen, and net income of 645 million yen.
Results by business segment are described below.

(Online Game Business)
In the online game business, "Browser Sangokushi," "Browser Pro Yakyu," "Logres of Swords and Sorcery,""Browser Sangokushi for Mobile," "BOKUJO MONOGATARI for mobile" and other main titles have continued to
do well and contribute to earnings. Moreover, in addition to the three titles released in the first quarter, under theCompany's alliance strategies and proactive promotion of its multi-environment concept, services were initiated inJuly 2012 for online pachinko / pachislo hall "MARUHAN Dream Net," in August 2012 for Super Creators series,including the first stage "NO MORE HEROES WORLD RANKER" and the second stage "Combo Kimaru" and in
September 2012 for the third stage "J.J.ROCKETS" On the other hand, service terminations were decided for anumber of unprofitable titles. Moreover, the Company recognized termination costs for a number of titles indevelopment as well as investment losses from a number of titles for overseas markets.
As a result, segment net sales totaled 3,331 million yen, with segment income of 460 million yen.

(Consumer Game Business)
At the Company's sales sector of the Consumer Game Business segment, strong sales of "Rune Factory 4 (Nintendo3DS)" launched in July 2012 and "SENRAN KAGURA Burst (Nintendo 3DS)" launched in August 2012 bothexceeded sales of the respective predecessor products of the same series. Additionally, in June 2012 the Company
released "ASSAULT GUNNERS," its first title for PS Vita for exclusive purchase by download. At the same time,
repeat orders were favorable centered on "Harvest Moon: A New Beginning (Nintendo 3DS)" launched last fiscalyear (February 2012). Meanwhile, the Group's development service business registered a steady flow of orders,specifically a large scale order for "SOUL SACRIFICE (PS Vita)" from Sony Computer Entertainment. The
amusement division in July 2012 released "Pokémon TRETTA," a new amusement console for children. Sales
since the start of operations have been favorable to the extent that sales of a new model initially scheduled for thethird quarter were partly moved up.
As a result, segment net sales totaled 3,110 million yen, with segment income of 745 million yen.

(Audio & Visual Business)
The audio & visual production sector of the Audio & Visual business segment in July 2012 started showing its new
production of the TV animation "HUMAN BEING DECLINED" and newly launched audio and video products forTV animations such as "SMILE PRECURE!" and "Pretty cure All Stars New Stage Echo of Heart." The stage
production division turned out a total of 41 minutes of performance for the "MUSICAL THE PRINCE OFTENNIS." Furthermore, as an event for fans, the division launched the "MUSICAL THE PRINCE OF TENNIS:
Sports Day 2012 Spring" which attracted much attention. The division initiated sales of four DVD productions
related to the topic. Orders have been strong. Elsewhere at the music and video production division, as a new stage
performance production the division hosted "Musical HAKUOKI" based on the popular game, attracting sizeableaudiences and generating DVD sales as planned.
As a result, segment net sales totaled 1,462 million yen, with segment income of 344 million yen.

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MarvelousAQL Inc. (7844) / Consolidated Financial Results for the First Half of Fiscal Year Ending March 31, 2013(Based on J-GAAP)(2) Qualitative information concerning consolidated financial position
As to consolidated balance sheet data at the end of the first half, the Group had total assets of 13,485 million
yen (down 181 yen million compared with end of the previous fiscal year), total liabilities of 4,061 million
yen (down 503 million yen), and net assets of 9,424 million yen (up 321 million yen).
(Current assets)
Consolidated current assets at the end of the first half totaled 10,986 million yen, which was 946 million yen
less than at the end of the previous fiscal year, mainly due to lower cash and deposits.
(Non-current assets)
Consolidated non-current assets at the end of the first half totaled 2,499 million yen, which was 764 million
yen more than at the end of the previous fiscal year, mainly due to new facility investments and higher
intangible assets from an increase in titles under development.
(Current liabilities)
Consolidated current liabilities at the end of the first half totaled 3,956 million yen, which was 404 million
yen less than at the end of the previous fiscal year, mainly due to the repayment of short-term loan payable.
(Non-current liabilities)
Consolidated non-current liabilities at the end of the first half totaled 104 million yen, which was 98 million
yen less than at the end of the previous fiscal year, mainly due to the repayment of long-tem loans payable
and the account transfer of the current portion of other long-term debt.
(Net assets)
Consolidated net assets at the end of the first half totaled 9,424 million yen, which was 321 million yen morethan at the end of the previous fiscal year, which was due to net income for the period exceeding the reduction
in retained earnings caused by the dividend payment at the end of the previous fiscal year.
(3) Qualitative information concerning consolidated business performance forecast
Sales and earnings for the period under review surpassed initial projections. This was mainly due to orders for
new software products running ahead of plan at the consumer business division and strong sales of "Pokémon
TRETTA" leading to accelerated sales plan execution. Projections for the full fiscal year remain unchanged,
given that multiple new titles are scheduled for release in the second half of the fiscal year, whoseperformance, especially with regard to online operations, has yet to take clear shape.

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