Summary(Translation)
FIELDS CORPORATION
Summary of Financial Information and Business Results (Consolidated)
for the First Half of the Year Ending March 31, 2015 (Japan GAAP)
October 31, 2014
Listed on: TSE [JASDAQ]
Company Name:
Stock code:
Representative Director:
Inquiries:
Tel:Fields Corporation(URL: http://www.fields.biz/)
2767
Takashi Oya
President & COO
Hideaki Hatanaka
Executive Officer and General Manager, Corporate Communications Office+81-3-5784-2111

Planned date for submission of the quarterly report:
Planned date for start of dividend payment:
Quarterly earnings supplementary explanatory materials:
Quarterly earnings presentation:

November 11, 2014
December 2, 2014
Yes
Yes (For institutional investors and security analysts)(Rounded down to the nearest million)

1. Consolidated business results for the first half of the year ending March 31, 2015 (April 1, 2014 to September 30, 2014)(1) Operating results (cumulative total)(Percentage figures denote year-over-year changes)
Net salesFirst half of the year
ending March 31, 2015
First half of the year
ended March 31, 2014
(Note) Comprehensive income

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

20,341(44.1)(4,077)―(4,072)―(2,509)―36,385

25.0

2,176

―

2,144

―

1,434

―

First half of the year ending March 31, 2015: ¥(3,027) million (―%)
First half of the year ended March 31, 2014: ¥1,988 million (―%)
Net income per shareFirst half of the year
ending March 31, 2015
First half of the year
ended March 31, 2014

Diluted net income per share
Yen

Yen

(75.63)

―

43.22

―

(2) Financial position
Total assets

Net assets

Shareholders’ equity ratio

Millions of yen

Millions of yen%

First half of the year
ending March 31, 2015

70,40855,014

77.4

Year ended March 31, 2014

104,869

58,753

55.6(Reference) Shareholders’ equity

First half of the year ending March 31, 2015: ¥54,504 million
Year ended March 31, 2014: ¥58,279 million

2. DividendsFirstquarter-end

Annual dividends
Thirdquarter-end

Secondquarter-end

Year-end

Annual

Yen

Yen

Yen

Yen

Yen

―

25.00

―

25.00

50.00

Year ending March 31, 2015―
25.00
Year ending March 31, 2015
(Forecast)(Note) Revision of the most recently released dividend forecasts: No

―

25.00

50.00

Year ended March 31, 2014

3. Forecast of consolidated earnings for the fiscal year ending March 31, 2015 (April 1, 2014 to March 31, 2015)(Percentage figures denote year-over-year changes)

Net sales
Millions of yen

Operating income%

Millions of yen%

Ordinary income
Millions of yen%

Net income
per share

Net income
Millions of yen%

Yen

Full-year
100,000 (13.0)
5,000 (48.9)
5,000 (48.8)
2,500 (53.4)
75.34(Note) Revision of the most recently released performance forecasts: No
Fields Corporation discloses a full-year business forecast, as it manages its business performance on an annual basis.
*Notes(1) Transfer of important subsidiaries during the year under review (Transfer of specific subsidiaries that results in a change in thescope of consolidation): No(2) Application of the accounting method specific to quarterly consolidated financial statements: Yes(3) Changes in accounting principles, accounting procedures, presentation method and other factors
1) Changes due to the revision to the accounting standards, etc.: Yes
2) Changes due to any reason other than those in 1) above: No
3) Changes in accounting estimates: No4) Revisions/restatements: No(4) Number of shares issued (common stock)1) Number of shares issued at end of year (including treasury stock)
First half of the year ending March 31, 2015
34,700,000 sharesYear ended March 31, 2014
34,700,000 shares
2) Number of shares of treasury stock at end of year
First half of the year ending March 31, 2015
Year ended March 31, 2014

1,516,200 shares
1,516,200 shares

3) Average number of shares outstanding (quarterly consolidated cumulative period)First half of the year ending March 31, 2015
33,183,800 sharesFirst half of the year ended March 31, 2014
33,183,800 shares* Indication of status of quarterly review procedure
This quarterly earnings report is not subject to review procedures based upon the Financial Instruments and Exchange Act. Thus, atthe time of disclosure of the financial results, the quarterly financial statement review procedures based upon the Financial
Instruments and Exchange Act have not been completed.
* Explanation of the appropriate usage of forecast earnings and other specific matters# The above forecast relies on judgments and assumptions based on information available as of the date of announcement of thismaterial, and is subject to changes in risks, uncertainties, and economy, and other factors that could cause actual results to bematerially different from expectations. Please refer to“(3) Review of consolidated earnings forecasts and other forecasts” under“1. Qualitative information on quarterly financial results” on page 3 of the attached documents for the assumptions on which theforecast relies.
# The Company is planning to hold a results briefing for analysts and institutional investors on Tuesday, November 4, 2014.
Materials distributed at that briefing will be posted on the Company’s website after the briefing as soon as possible.

 Table of Contents of Attached Document
1. 1. Qualitative information on quarterly financial results .......................................................................................... 2(1) Analysis of operating results ............................................................................................................................. 2(2) Analysis of financial position ............................................................................................................................ 3(3) Review of consolidated earnings forecasts and other forecasts ......................................................................... 4
2. Summary information (notes) .................................................................................................................................. 4(1) Transfer of important subsidiaries during the quarterly consolidated period under review ............................... 4(2) Application of the accounting method specific to quarterly consolidated financial statements ......................... 4(3) Changes in accounting principles and accounting estimates, and revisions/restatements .................................. 4
3. Quarterly consolidated financial statements............................................................................................................. 5(1) Quarterly consolidated balance sheets ............................................................................................................... 5(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income ............. 7(3) Quarterly consolidated statements of cash flows ............................................................................................... 9(4) Note regarding the quarterly consolidated financial statements....................................................................... 10(Note regarding the operation of the company as a going concern) ................................................................. 10(Note regarding occurrence of significant change in amount of shareholders’ equity) .................................... 101

1.

Qualitative information on quarterly financial results(1)

Analysis of operating results

Overview of operations for the 6 months ended September 30, 2014 (April to September 2014; hereinafter referred to as “thecurrent first half”)
The Company posted net sales of ¥20,341 million (down 44.1% year-over-year), operating loss of ¥4,077 million (versus
operating income of ¥2,176 million for the same period of the previous fiscal year), ordinary loss of ¥4,072 million (versus
ordinary income of ¥2,144 million for the same period of the previous fiscal year), and net loss for the period totaling ¥2,509
million (versus net income of ¥1,434 million for the same period of the previous fiscal year).
The main factors behind the earnings fluctuations were as follows.
The Group cultivats and commercializes intellectual property (IP) based on a cyclical business model focused on IP.
However, earnings fluctuations in the current first half were primarily attributable to pachinko/pachislot machine sales.
The total number of pachinko/pachislot machines sold decreased over the same period of the previous fiscal year, with thenumber of pachinko machines sold totaling about 73,000 (down about 36,000 year-over-year) and the number of pachislot
machines sold totaling about 28,000 (down about 33,000 year-over-year). This is primarily due to a decrease in the numberof machine models posted as sales in the current first half compared to the same period of the previous fiscal year. The 3
pachinko titles were posted in the same period of the previous fiscal year, including “CR EVANGELION 8,” but only 1 title
was posted in the current first half. The 2 pachislot titles were posted in the same period of the previous fiscal year, but wechanged 1 title to the lineup for the second half rather than releasing it in the current first half as originally planned.
Accordingly, only 1 title was released in the current first half.
The main initiatives for cultivating and commercialization of IP in the current first half were as follows.
The Group carries out a cross-media expansion of its IP in collaboration with partner companies and talented creators andproducers well versed in these types of media.
We focus on “HERO’S Monthly” in creating IP such as characters and stories. Currently, the Group has begun animating 5of the works emerging from “HERO’S Monthly” with a view to theater release and TV broadcasts from the next fiscal year.
In the current first half, the Group began developing a script for a live-action film to be produced in Hollywood, California
of “SOUL ReVIVER” in July 2014, and in September 2014, the Group also began developing content for an anime based on“SWORDGAI.”In addition to “HERO’S Monthly” works, the Group used animations and novels as a springboard in developing IP and
expanding into cross-media formats. Following on the release in North America of “APPLESEED ALPHA,” a joint
production with a US partner company, the film premiered at the Tokyo International Film Festival in October 2014. The
film is scheduled for release within Japan in January 2015.
In the merchandising field, which aims to generate revenue from IP, we continued with the new “Ultraman” TV series
started in the previous fiscal year, and began broadcasting “Ultraman Ginga S” in July 2014. We also pursued several
measures to raise recognition of the many IP held by Tsuburaya Productions Co., Ltd. and reinvigorate them.
In social games, in September 2014 the Group released the application “KOTOKOTO -The World of Words-,” which
utilizes original IP. This application was downloaded more than 500,000 times in the 3 weeks following its release,
exceeding forecasts.
In pachinko/pachislot machine sales, we launched “Pachislot Sengoku BASARA 3” in July 2014, followed by “CR ayumi
hamasaki 2” in October 2014.
Note: The product names included in this report are the trademarks or registered trademarks of the respective companies.

2

(2)

Analysis of financial position(Assets)
Current assets amounted to ¥33,752 million, down ¥33,168 million since the end of the previous fiscal year. The principal
factor behind this was mainly attributable to a decrease in notes and accounts receivable—trade.
Tangible fixed assets amounted to ¥12,314 million, up ¥209 million since the end of the previous fiscal year.
Intangible fixed assets amounted to ¥4,390 million, up ¥24 million since the end of the previous fiscal year.
Investments and other assets amounted to ¥19,951 million, down ¥1,526 million since the end of the previous fiscal year.
The principal factor behind this was mainly attributable to a decrease in investment securities.
As a result of the above, total assets amounted to ¥70,408 million, down ¥34,460 million since the end of the previous
fiscal year.
(Liabilities)
Current liabilities amounted to ¥11,242 million, down ¥30,487 million since the end of the previous fiscal year. The
principal factor behind this was a decrease in notes and accounts payable—trade and a decrease in accrued income taxes.
Fixed liabilities amounted to ¥4,151 million, down ¥234 million since the end of the previous fiscal year. This was mainly
due to a decrease in net defined benefit liability.
As a result of the above, total liabilities amounted to ¥15,394 million, down ¥30,721 million since the end of the previous
fiscal year.
(Net assets)
Net assets amounted to ¥55,014 million, down ¥3,738 million since the end of the previous fiscal year. This primarilyreflected a decrease in retained earnings.
(Analysis of cash flows)
Cash and cash equivalents (hereinafter referred to as “cash”) decreased by ¥13,404 million since the end of the previous
fiscal year, amounting to ¥16,178 million during the current first half.
(Cash flows from operating activities)
Net cash used in financing activities amounted to ¥11,111 million (¥4,554 million of expenditure for the same periodof the previous year). This was mainly due to loss before income taxes and minority interests of ¥3,641 million, adecrease of ¥27,255 million in notes and accounts payable—trade, a decrease of ¥24,190 million in notes andaccounts receivable—trade, income taxes paid of ¥1,805 million, etc.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥1,092 million (¥1,650 million of expenditure for the same periodof the previous fiscal year). This was mainly attributable to expenditure for purchases of intangible fixed assets
totaling ¥908 million, expenditure for purchases of tangible fixed assets totaling ¥828 million, proceeds from sale ofinvestment securities totaling ¥827 million, etc.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥1,200 million (¥1,387 million of expenditure for the same periodof the previous fiscal year). This was primarily attributable to dividends paid totaling ¥828 million and repayment ofshort-term borrowings totaling ¥310 million, etc.

3

(3)

Review of consolidated earnings forecasts and other forecasts(Unit: Millions of yen)
Forecast for the year ending
March 31, 2015
Net sales
Operating income

Results for the year ended
March 31, 2014

Year-over-year

100,000

114,904-13.0%

5,000

9,791

-48.9%

Ordinary income

5,000

9,765

-48.8%Net income

2,500

5,370

-53.4%

The consolidated earnings forecasts for the year ending March 31, 2015 remain unchanged from those stated in the“Notification of Forecast of Earnings” announced on May 7, 2014.
In August 2014, the National Police Agency notified unions of pachinko/pachislot manufacturers of changes to the modelcertification tests method used by the Security Communications Association*, affecting products for which applications are
submitted from September 16, 2014. The Group will work with allied manufacturers to promptly adapt to these changes.
In business development, we plan to release a pachislot machine whose launch date was deferred until the second half, andwill also aggressively carry out marketing activities for pachinko machines planned for subsequent release, including “CR
EVANGELION 9,” which was launched in October 2014 and has proved to be very popular. We will also carry out measurescapitalizing on our strengths in pachinko/pachislot distribution, such as diversifying our product lineup.
*The Security Communications Association is the National Public Safety Commission’s designated testing organization andis commissioned by the prefectural public safety commission to carry out model certification tests on pachinko/pachislot
machines.

2.

Summary information (notes)(1) Transfer of important subsidiaries during the quarterly consolidated period under review
None(2) Application of the accounting method specific to quarterly consolidated financial statements
Assessment of tax expenses
The Company applies the method that reasonably estimates an effective tax rate to be assessed on income before income
taxes for the year ending March 31, 2015, including the current first half, after accounting for the tax effects, and multiplies
income before income taxes during the current first harf by such estimated effective tax rate.
(3) Changes in accounting principles and accounting estimates, and revisions/restatements(Changes in accounting policies)
The Company adopted the stipulations in Article 35 of the Accounting Standard for Retirement Benefits (AccountingStandards Board of Japan [ASBJ] Statement No. 26 of May 17, 2012; hereafter, “Accounting Standard for Retirement
Benefits”) and Article 67 of Guidance on Accounting Standard for Retirement Benefits (ASBJ Guidance No. 25 of May 17,
2012; hereafter, “Guidance”) as of the first quarter of the consolidated fiscal year under review. Accordingly, the Company
revised its method for calculating retirement benefit obligations and service costs, and changed its method of attributing
expected retirement benefits to periods from the straight-line basis to a benefit formula basis. The method for determining
the discounting rate has been changed to a method using a single weighted average discount rate reflecting the estimatedpayment period and the amount for each estimated payment period of the retirement benefit.
With respect to the adoption of the Accounting Standard for Retirement Benefits and other, in accordance with thetransitional accounting as stipulated in Article 37 of the Accounting Standard, the impact of the changes in calculation
methods for retirement benefit obligations and service costs has been reflected in retained earnings at the beginning of thefirst half of the consolidated fiscal year under review.
As a result, net defined benefit liabilitiy decreased ¥220 million and retained earnings increased ¥142 million at the
beginning of the first half of the consolidated fiscal year under review. Operating income, ordinary income and income
before income taxes and minority interests each increased ¥6 million in the first half of the consolidated fiscal year underreview.

4

3. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Unit: Millions of yen)
Fiscal year ended
March 31, 2014
(March 31, 2014)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable—trade
Merchandise and products
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Land
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets
Goodwill
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets
Investment securities
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term borrowings
Current portion of long-term borrowings
Accrued income taxes
Accrued bonuses
Accrued bonuses to directors and auditors
Reserve for returned goods unsold
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term borrowings
Net defined benefit liability
Other fixed liabilities
Total fixed liabilities
Total Liabilities

5

6 months ended
September 30, 2014
(September 30, 2014)

29,58329,155
742
2,351
40
5,081
(34)
66,921

16,178
5,618
768
3,300
78
7,836
(28)
33,752

7,875
4,229
12,1047,737
4,576
12,314

1,905
2,460
4,365

1,749
2,641
4,390

15,607
6,943(1,074)
21,47737,948104,869

14,096
6,903(1,048)
19,951
36,65670,40833,105
634
58
1,959
350
230
23
5,367
41,730

5,586
324
53
139
96
141
22
4,878
11,242

50
675
3,659
4,386
46,116

23
481
3,646
4,151
15,394

(Unit: Millions of yen)
Fiscal year ended
March 31, 2014
(March 31, 2014)
Net assets
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized holding gain on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interest
Total net assets
Total liabilities and net assets

6

6 months ended
September 30, 2014
(September 30, 2014)

7,948
7,994
44,548(1,821)
58,6707,948
7,994
41,351(1,821)
55,473

(262)
(1)
(126)
(390)
473
58,753
104,869

(853)
(2)
(112)
(968)
509
55,01470,408

(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income
Quarterly consolidated statements of income
First half of the year ending March 31, 2015
(Unit: Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Discounts on purchase
OthersTotal non-operating income
Non-operating expenses
Interest expense
Equity method investment loss
Amortization of equity investment
OthersTotal non-operating expenses
Ordinary income (loss)
Gain on the sale of investment securities
OthersTotal extraordinary income
Extraordinary losses
Loss on disposal of fixed assets
Loss on litigation charges
OthersTotal extraordinary losses
Income (loss) before income taxes and minority interests
Current income taxes
Income (loss) before minority interests
Minority interests (loss)
Net income (loss)

7

6 months ended
September 30, 2013
(April 1, 2013–
September 30, 2013)
36,38522,737
13,648
11,471
2,176

6 months ended
September 30, 2014
(April 1, 2014–
September 30, 2014)
20,341
13,420
6,920
10,998(4,077)

18
86
84
142
331

18
87
222
280
608

4
169
156
32
364
2,144
-

3
348
83
167
603
(4,072)
467
11
478

11
9
1
22
2,121
770
1,351
(82)
1,434

31
11
4
47
(3,641)(1,191)(2,450)59(2,509)

Quarterly consolidated statements of comprehensive income
First half of the year ending March 31, 2015
(Unit: Millions of yen)
6 months ended
September 30, 2013
(April 1, 2013–
September 30, 2013)
Income (loss) before minority interests
Other comprehensive income
Unrealized holding gain on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

8

1,351

6 months ended
September 30, 2014
(April 1, 2014–
September 30, 2014)(2,450)

635
1
637
1,988

(590)
(1)
14
(576)
(3,027)

2,071
(82)

(3,087)60

(3) Quarterly consolidated statements of cash flows(Unit: Millions of yen)
6 months ended
September 30, 2013
(April 1, 2013–
September 30, 2013)
Cash flows from operating activities
Income (loss) before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued bonuses
Increase (decrease) in accrued bonuses to directors and auditors
Increase (decrease) in retirement benefit provisions
Increase (decrease) in net defined benefit liability
Interest and dividend income
Equity method investment loss (gain)
Interest expense
Loss (gain) on sales of investment securities
Decrease (increase) in notes and accounts receivable—trade
Decrease (increase) in inventories
Decrease (increase) in merchandising rights advances
Increase (decrease) in notes and accounts payable—trade
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of tangible fixed assets
Purchases of intangible fixed assets
Proceeds from sales of investment securities
Expenditure for acquiring shares in affiliates
Expenditure for loans
Proceeds from repayment of loans
OthersNet cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayment of long-term borrowings
Redemption of corporate bonds
Dividends paid
OthersNet cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Cash and cash equivalents at end of period

9

6 months ended
September 30, 2014
(April 1, 2014–
September 30, 2014)

2,121
977
158
(7)
(213)
(110)
42
(105)
169
4
20,429(1,719)(341)(22,451)
220
(823)
120
(6)
(3,844)(4,554)(3,641)
940
165
(31)
(254)
(89)
48
(105)
348
3
(467)
24,190(1,013)(364)(27,255)(1,890)(9,415)112(3)(1,805)(11,111)

(913)
(657)
(152)
(230)
4
298
(1,650)

(828)
(908)
827
(48)
(650)
597
(80)
(1,092)

(130)
(71)
(300)
(828)
(56)
(1,387)1(7,590)23,309

(310)
(31)
(828)
(29)
(1,200)(13,404)
29,583(10)-

15,70816,178

(4) Note regarding the quarterly consolidated financial statements(Note regarding the operation of the company as a going concern)
No relevant items(Note regarding occurrence of significant change in amount of shareholders’ equity)
6 months ended September 30, 2014 (April 1, 2014 to September 30, 2014)
No relevant items

10