Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

Consolidated Financial Report for the Second Quarter of Fiscal 2023
(The Fiscal Year Ended March 31, 2024 under Japanese GAAP)
November 8, 2023
Asahi Broadcasting Group
Company Name:
Stock Exchange Listing: Tokyo Stock Exchange
Holdings Corporation
Securities Code: 9405
URL https://corp.asahi.co.jp/en/
Representative: Susumu Okinaka, Representative Director and President
Inquiries:
Yoko Kumada, General Manager, Corporate Management Division
TEL: +81-6-6458-5321
Scheduled Date of Securities Report Filing: November 13, 2023
Scheduled Date of Dividend Payment Commencement: December 1, 2023
Preparation of Quarterly Supplementary Explanatory Materials: Yes
Quarterly Results Briefing Held: Yes (for institutional investors and analysts)(Figures are rounded down to the nearest million yen unless otherwise stated.)
1. Consolidated Financial Results for the First Half of Fiscal 2023 (April 1, 2023 to September 30, 2023)(1) Consolidated Operating Results (Cumulative)(Percentage figures show the year-on-year increase (decrease) for each corresponding period.)
Profit attributable toNet Sales
Operating Income
Ordinary Income
owners of parent¥ million%¥ million%¥ million%¥ million%
First Half of
41,776
1.6(992)
(832)
(673)
－－－
Fiscal 2023
First Half of
41,1000.5
293 (76.2)
479 (68.9)
403 (64.4)
Fiscal 2022
Note: Comprehensive Income
First half of fiscal 2023:¥15 million (-88.6%)
First half of fiscal 2022:¥138 million (-21.9%)
Basic Earnings perShare

Diluted Earnings perShare¥First Half ofFiscal 2023
First Half ofFiscal 2022¥

(16.13)

－

9.67

－

(2) Consolidated Financial Position
Total Assets
Net Assets
Equity-to-Asset Ratio¥ million¥ million%
September 30,
120,481
72,22757.3
2023
March 31,
122,305
72,445
56.6
2023(Reference) Shareholders’ Equity September 30, 2023: ¥69,000 million
March 31, 2023:¥69,259 million
2. Dividends
Annual Dividend per Share
1Q-End2Q-End¥3Q-End¥Fiscal 2022
10.00－
Fiscal 2023
6.00－
Fiscal 2023 (Forecast)
Note: Revisions from recently announced dividend forecast: YesPeriod-End¥

Total¥¥－

6.00

16.00

－6.00

12.00

3. Consolidated Financial Results Forecasts for Fiscal 2023 (April 1, 2023 to March 31, 2024)(Percentage figures show the year-on-year increase (decrease) for each corresponding period.)
Profit attributable Basic Earnings
Net Sales
Operating Income Ordinary Income
to owners of parentper Share¥ million% ¥ million% ¥ million% ¥ million%¥Full Fiscal Year
88,0001.1
1,300 (49.9)
1,500 (43.6)
1,000 (26.1)
23.95
Note: Revision from recently announced performance forecast: Yes* Notes(1) Changes in the number of important subsidiaries during the period: None
(2) Application of special accounting treatment for the preparation of quarterly consolidated financial statements:None(3) Changes in accounting policies, accounting estimates and restatements
1) Changes in accounting policies in accordance with changes in accounting standards, etc.: None
2) Changes in accounting policies other than 1): None
3) Changes in accounting estimates: None
4) Restatements: None
(4) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding as of September 30,
the period-end (including treasury shares)
2023
2) Number of treasury shares as of the period-end September 30,
2023
3) Average number of shares issued and September 30,
outstanding for the period2023

41,833,000
shares58,467
shares41,750,109
sharesMarch 31,2023
March 31,2023
September 30,
2022

41,833,000
shares101,209
shares
41,760,154
shares* This financial report is exempt from the quarterly review procedure.
* Explanation concerning the appropriate use of forecasts and other special instructions(Caution regarding forward-looking statements, etc.)
Results forecasts and other forward-looking statements contained in this report are based on the assumptions, beliefs,and uncertainties in light of information available to the Company’s management as of the publication date and do not
represent promises by the Company or its management that these performance figures will be attained. Actual results
may differ materially from forecasts due to a variety of factors. Please refer to “1. Analysis of Operating Results andFinancial Position (3) Explanation of Forward-Looking Statements, including the Outlook for Consolidated
Performance” on page 3 of the attached supplementary materials for information regarding the underlying assumptions
for financial results forecasts, as well as explanatory and other notes regarding the use of financial results forecasts.
The Company will hold a briefing for institutional investors and analysts (online), scheduled for Monday, November
20, 2023. The document to be used at this briefing shall be published on the Company’s website at 10:00 a.m. on theday of the event.

Supplementary Materials: Table of Contents
1.

2.

Analysis of Operating Results and Financial Position(1) Analysis of Operating Results(2) Analysis of Financial Position(3) Explanation of Forward-Looking Statements, including the Outlook for Consolidated Performance
Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheet(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement ofComprehensive Income
Quarterly Consolidated Statement of Income
Quarterly Consolidated Statement of Comprehensive Income(3) Notes regarding Quarterly Consolidated Financial Statements(Going Concern Assumptions)(Any Major Change in the Amount of Consolidated Shareholders’ Equity)(Segment Information, etc.)

12233446678889

1. Analysis of Operating Results and Financial Position(1) Analysis of Operating Results
In the first half of fiscal 2023, which extended from April 1, 2023 to September 30, 2023, the Japanese economy saw
a return to regular economic activity and made a moderate recovery, as COVID-19 was reclassified as a Class 5
infectious disease under the Infectious Diseases Act. However, the economic outlook has remained uncertain due tosoaring raw material prices, rising prices, the risk of a downturn in overseas economies, and other factors.
Under these circumstances, net sales of the broadcasting and content business, where the Asahi Broadcasting Group(the Group) conducts its core business, increased due to an increase in content-related sales, despite a decrease in TV
spot advertising sales, the mainstay of the business. Net sales of the lifestyle business were down mainly due to adecrease in sales from TV shopping. As a result of these factors, the Group’s net sales for the first half of fiscal 2023
increased ¥675 million, or 1.6%, compared to the same period of the previous fiscal year and amounted to ¥41,776million.
From the cost standpoint, cost of sales increased ¥1,856 million (6.6%) compared with the same period of the previous
fiscal year, to ¥29,977 million. Selling, general and administrative expenses increased ¥105 million (0.8%) comparedwith the same period of the previous fiscal year, to ¥12,790 million. As a result of the above, operating loss totaled¥992 million, a decrease of ¥1,286 million from operating income reported in the same period of the previous fiscalyear, while ordinary loss totaled ¥832 million, a decrease of ¥1,311 million from ordinary income reported in the same
period of the previous fiscal year. Additionally, a ¥54 million gain on sale of investment securities was recorded underextraordinary income.
As a result, loss before income taxes was ¥777 million, a decrease of ¥1,207 million from profit before incomes taxes
reported in the same period of the previous fiscal year, and loss attributable to owners of parent was ¥673 million, adecrease of ¥1,077 million from profit attributable to owners of parent reported in the same period of the previous
fiscal year.
Results by business segment are as follows:
Broadcasting and Content BusinessNet sales in the broadcasting and content business totaled ¥35,541 million, up ¥1,058 million, or 3.1%, compared withthe same period of the previous fiscal year. Despite decreases in TV spot advertising sales, the mainstay of the business,and some other sales, net sales mainly grew with an increase in sales of content-related business such as events andstreaming. Operating expenses increased by 6.6% mainly due to an increase in the costs of production of TV programs
and content. As a result, operating loss amounted to ¥733 million, a decrease of ¥1,141 million from operating income
reported in the same period of the previous fiscal year.
Lifestyle BusinessNet sales in the lifestyle business totaled ¥6,234 million, down ¥383 million, or 5.8%, compared with the same periodof the previous fiscal year. The principal factor accounting for this decrease in revenue was a decrease in TV shoppingsales. Operating expenses decreased 5.7% in line with lower net sales. As a result, operating loss amounted to ¥60
million, a decrease of ¥178 million from operating income reported in the same period of the previous fiscal year.

2(2) Analysis of Financial Position(Assets)
Total assets as of the end of the second quarter of fiscal 2023 were ¥120,481 million, ¥1,823 million lower than at theend of the previous fiscal year (March 31, 2023). This was primarily attributable to a decrease in cash and deposits
resulting from payments of accounts payable, among others, despite an increase in investment securities.
(Liabilities)
Total liabilities were ¥48,254 million, ¥1,605 million lower than at the end of the previous fiscal year. The principal
reason for the decrease in liabilities was a decrease in accounts payable for equipment which is included in othercurrent liabilities, despite an increase in long-term loans payable.
(Net Assets)
Consolidated total net assets came to ¥72,227 million, ¥218 million lower than at the end of the previous fiscal year.
This was attributable mainly to a decrease in retained earnings resulting from the payment of dividends and therecording of loss attributable to owners of parent, despite an increase in valuation difference on available-for-salesecurities.
(3) Explanation of Forward-Looking Statements, including the Outlook for Consolidated Performance
The Company downwardly revised its full-year consolidated financial results forecasts for net sales, operating income,ordinary income and profit attributable to owners of parent mainly due to a downward trend in TV spot advertisingsales compared with the previous forecast in the Group’s mainstay broadcasting and content business, a delay indevelopment of new business, and the lagging at-home shopping business in the lifestyle business.
Concerning the dividend forecasts for the full fiscal year, the interim dividend forecast (the end of the second quarter)was ¥6.00 and the year-end dividend forecast was ¥8.00 in the Consolidated Financial Report for Fiscal 2022 (TheFiscal Year Ended March 31, 2023 under Japanese GAAP) announced on May 12, 2023. The Company determinedthat the interim dividend (the end of the second quarter) would remain unchanged from the initial forecast at ¥6.00.
However, the year-end dividend forecast will be ¥6.00, down ¥2.00 from the previous forecast.
The Company positions the appropriate return of profits to shareholders as one of its most important measures forcorporate management. Regarding the distribution of profits, we always consider the balance between strengthening
and maintaining our financial position and investing toward improved corporate value and toward our growthstrategies, comprehensively taking into account our financial results, dividend payout ratio, appropriate internalreserves, and other factors in light of our position of responsibility as a certified broadcasting holding company.
In accordance with this policy, the Company plans to flexibly make decisions for continuous and stable dividend
payment, targeting a dividend payout ratio of 30% for profit after deducting the amount equivalent to the effective
statutory tax rate from consolidated operating income, which indicates profit from the core business of the Group(deemed net profit). Moreover, the Company has set an annual dividend of ¥12.00 per share as the lower limit except
in times of a significant decline in business performance due to a rapidly deteriorating business environment.
For details on the revision of financial results forecasts and dividend, please refer to the Notice of Revisions ofFinancial Results Forecasts and Dividends Forecasts announced today (November 8, 2023).
The outlook presented above may significantly change due to external factors such as domestic and overseas economictrends. Should any event arise that affects the financial results of the Group, the Company will promptly announce it.
Note: The forecasts presented above are based on information that is currently available to the Group and certain
assumptions that are judged to be reasonable. Actual results may differ from the forecasts due to various factors.

3

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheet(Millions of Yen)
March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Short-term investment securities
Inventories
Income taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Software
Software in progress
Goodwill
Other
Total intangible assets
Investments and other assetsInvestment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

4

September 30, 2023

22,251

20,145

15,934

15,335

2,208
2,828
600
2,704(142)46,385

2,210
3,425
180
2,906
(142)
44,061

17,223
15,512
8,446
41,181

17,107
15,512
8,488
41,107

2,055
97
955
120
3,229

1,844
108
895
125
2,973

17,92813,649(94)
31,48375,89418,806
13,615(103)32,31876,39925
25
122,30520
20
120,481(Millions of Yen)
March 31, 2023
Liabilities
Current liabilities
Short-term borrowings
Current portion of long-term borrowings
Current portion of bonds payable
Accounts payable-other
Income taxes payable
Provision
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Bonds payable
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive incomeValuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

202
337
13
8,364
180
586
9,916
19,601

172
538
5,000
8,114
102
446
7,363
21,7381,593
10,000
9,339
1,509
7,814
30,25749,859

2,788
5,000
9,285
1,509
7,932
26,51548,254

5,299
5,999
55,150(62)
66,3865,299
6,000
54,226(36)
65,4901,900

2,511(121)
1,093

(120)
1,119
3,509

2,872
8
3,177
72,445
122,305

5September 30, 2023

83,21872,227
120,481(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive
IncomeQuarterly Consolidated Statement of Income
For the First Half of Fiscal 2022 and 2023

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Subsidy income
OtherTotal non-operating income
Non-operating expensesInterest expenses
Share of loss of entities accounted for using
equity method
Loss on disposal of non-current assets
Provision of allowance for doubtful accounts

First Half of Fiscal 2022
(April 1, 2022
to September 30, 2022)
41,10028,121
12,978
12,684293

Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Gain on sale of non-current assets

2115
112
121－

207
51
387

34
79
237

17－

1824

41
104

16－
1877(832)

39
202
479
210
－210

Gain on sale of investment securities
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities(Millions of Yen)First Half of Fiscal 2023
(April 1, 2023
to September 30, 2023)
41,77629,977
11,798
12,790
(992)

－
54
54
－

Impairment loss

23
236

Total extraordinary loss

260

Profit (loss) before income taxes

429
104
325
(78)
403

－
(777)
(38)
(739)
(65)
(673)

Income taxes
Profit (loss)
Loss attributable to non-controlling interests
Profit (loss) attributable to owners of parent

6－

Quarterly Consolidated Statement of Comprehensive Income
For the First Half of Fiscal 2022 and 2023

Profit (loss)Other comprehensive income
Valuation difference on available-for-salesecurities, net of tax
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of
the parent
Comprehensive income attributable to noncontrolling interests

First Half of Fiscal 2022
(April 1, 2022
to September 30, 2022)
325

7(Millions of Yen)First Half of Fiscal 2023
(April 1, 2023
to September 30, 2023)
(739)

(295)

729

6010225(187)138755
15216

(36)

(78)

52

(3) Notes regarding Quarterly Consolidated Financial Statements(Going Concern Assumptions)Not applicable.
(Any Major Change in the Amount of Consolidated Shareholders’ Equity)
Not applicable.

8

(Segment Information, etc.)
Explanation of Measurements of Sales, Profit or Loss for Each Reportable Segment
First Half of Fiscal 2022 (April 1, 2022 to September 30, 2022)(Millions of Yen)
Amounts
Recorded on
Quarterly
Adjustments Consolidated(Note 1, 2)
Statement ofIncome(Note 3)

Reportable Segment
Broadcasting andContentLifestyle

TotalSales
Revenues from externalcustomers
Transactions with othersegments

34,482

6,617

41,100－41,100199265465(465)－Total

34,682

6,883

41,565(465)

41,100

Segment profit

407

118

526(232)

293

Notes:
1. The adjustment to transactions with other segments of negative ¥465 million represents the amount ofintersegment transaction elimination.
2. The adjustment to segment profit of negative ¥232 million represents the elimination of intersegment transactionsof ¥19 million and the amount of expenses which do not belong to any reportable segment of negative ¥251million,
mainly regarding development of new business and market.
3. Segment profit refers to operating income recorded on the quarterly consolidated statement of income.
First Half of Fiscal 2023 (April 1, 2023 to September 30, 2023)(Millions of Yen)
Amounts
Recorded on
Quarterly
Adjustments
Consolidated(Note 1, 2) Statement ofIncome(Note 3)

Reportable Segment
Broadcasting andContent

Lifestyle

Total

Sales
Revenues from externalcustomers
Transactions with othersegments

35,541

6,234

41,776－

41,776

245

86

332

(332)

－

Total

35,787

6,320

42,108(332)

41,776

(733)

(60)

(793)

(198)

(992)

Segment loss

Notes:
1. The adjustment to transactions with other segments of negative ¥332 million represents the amount ofintersegment transaction elimination.
2. The adjustment to segment loss of negative ¥198 million represents the elimination of intersegment transactionsof ¥0 million and the amount of expenses which do not belong to any reportable segment of negative ¥199 million,
mainly regarding development of new business and market.
3. Segment loss refers to operating loss recorded on the quarterly consolidated statement of income.

9