Consolidated Financial Report For Fiscal 2018
(The Fiscal Year Ended March 31, 2019 under Japanese GAAP)May 10, 2019
Company Name: Asahi Broadcasting Group Holdings Corporation Stock Exchange Listing: Tokyo Stock Exchange
Securities Code: 9405
URL https://corp.asahi.co.jp/en/
Representative: Susumu Okinaka, Representative Director and President
Inquiries:
Kengo Otsuka, General Manager, Financial Affairs Division
TEL: +81-6-6458-5321
Scheduled Date of Ordinary General Meeting of Shareholders: June 20, 2019
Scheduled Date of Dividend Payment Commencement: June 21, 2019
Scheduled Date of Securities Report Filing: June 21, 2019
Preparation of Annual Supplementary Explanatory Materials: Yes
Annual 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 Fiscal 2018 (April 1, 2018 to March 31, 2019)(1) Consolidated Operating Results(Percentage figures show the year-on-year increase (decrease).)Profit attributable to
Net Sales
Operating Income
Ordinary Income
owners of parent¥ million%¥ million%¥ million%¥ million%
Fiscal 2018
81,986
1.2
4,262
0.3
4,591
1.2
3,742
39.0
Fiscal 2017
80,991(1.6)
4,250 (14.5)
4,539 (13.7)
2,691 (21.2)
Note: Comprehensive Income
Fiscal 2018: ¥3,858 million (-9.3%)
Fiscal 2017: ¥4,252 million (-4.9%)
Basic Earnings per Diluted Earnings
Share
per Share¥
Fiscal 2018
91.55
Fiscal 2017
65.92
(Reference) Equity in Earnings of Affiliates

Rate of return on
equityOrdinary
Income/Total
Assets

¥
%
—
5.9
—
4.5
Fiscal 2018: ¥— million
Fiscal 2017: ¥— million

Operating
Income/Net Sales

%
4.4
4.4

%
5.2
5.2

(2) Consolidated Financial Position
Total Assets
Net Assets
Equity-to-Asset Ratio Net Assets per Share¥ million¥ million%¥
March 31, 2019107,788
67,04960.5
1,594.83
March 31, 2018
102,680
63,36360.0
1,509.06(Reference) Shareholders’ Equity March 31, 2019: ¥65,223 million
March 31, 2018: ¥61,625 million(3) Consolidated Cash FlowsNet Cash Provided By Net Cash Provided By Net Cash Provided By(Used In) Operating(Used In) Investing(Used In) Financing
Activities
Activities
Activities¥ million¥ million¥ million
Fiscal 2018
3,060
(2,167)(53)
Fiscal 2017
4,803
(5,113)(2,260)Ending Balance ofCash and Cash
Equivalents¥ million
16,23915,076

2. Dividends
Annual Dividend per Share
1Q-End2Q-End3Q-End Period-End

Total
Dividends

Total

PayoutRatio(Consolidated)

Ratio of
Dividends
to NetAssets(Consolidated)¥

Fiscal 2017
Fiscal 2018
Fiscal 2019
(Forecast)

¥

¥

¥

¥

¥ million

%

%

816
1,145

30.3
30.6

1.4
1.8

—
—

10.00
10.00

—
—

10.00
18.00

20.00
28.00

—

9.00

—

9.00

18.00

29.4

3. Consolidated Financial Results Forecasts for Fiscal 2019 (April 1, 2019 to March 31, 2020)(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 parent
per Share¥ million%¥ million%¥ million%¥ million%¥
Full Fiscal Year
83,500 1.8
3,700 (13.2)
4,000 (12.9)
2,500 (33.2)
61.13* Notes(1) Changes in the number of important subsidiaries during the period: None(changes in specified subsidiaries resulting in a change in the scope of consolidation)(2) 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
(3) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding as of March 31, 2019 41,833,000 March 31, 2018 41,833,000
the period-end (including treasury shares)
sharesshares2) Number of treasury shares as of the period-end March 31, 2019
936,032 March 31, 2018
996,088
sharesshares3) Average number of shares issued andMarch 31, 2019 40,878,494 March 31, 2018 40,836,913
outstanding for the period
sharesshares* These consolidated financial results are outside the scope of audit by certified public accountants and audit
corporations* 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. Overview of Business Results, etc.
(4) Future Outlook” on page 4 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, scheduled for Monday, May 20, 2019. A
summary of the presentation materials to be distributed at this briefing shall be published on the Company’s website
after the event.
(Transition to a certified broadcasting holding company structure)
The Company transited to a certified broadcasting holding company on April 1, 2018. On the same date, the Company
caused Asahi Television Broadcasting Split Preparatory Company which is wholly owned subsidiary of the Company
to succeed a part of the rights and obligations that the Company holds with respect to all businesses excluding theradio broadcasting business, the group administrative management business, the real estate management business andthe solar power generation business as well as the Company caused Asahi Radio Broadcasting Split Preparatory
Company which is wholly owned subsidiary of the Company to succeed a part of the rights and obligations that theCompany holds with respect to the radio broadcasting business through an absorption-type company split inaccordance with the Agreement concluded on May 10, 2017 and approved at ordinary general shareholders meetingon June 22, 2017. Further, the Company changed the trade name to Asahi Broadcasting Group Holdings Corporation,
Asahi Television Broadcasting Split Preparatory Company changed the trade name to Asahi Television Broadcasting
Corporation, and Asahi Radio Broadcasting Split Preparatory Company changed the trade name to Asahi Radio
Broadcasting Corporation on the same date respectively.

Supplementary Materials: Table of Contents
1.

Overview of Business Results, etc.

2(1) Overview of Business Results for the Fiscal Year under Review

2(2) Overview of Financial Position for the Fiscal Year under Review

3(3) Overview of Cash Flows for the Fiscal Year under Review

3(4) Future Outlook

4(5) Significant Events regarding Going Concern Assumptions

4

2.

Rationale behind the Choice of Accounting Standards

4

3.

Consolidated Financial Statements and Primary Notes

5(1) Consolidated Balance Sheet

5(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

7(3) Consolidated Statement of Changes in Equity

9(4) Consolidated Statement of Cash Flows

11(5) Notes regarding Consolidated Financial Statements

13

4.

(Going Concern Assumptions)13(Change in Presentation Methods)

13(Segment Information, etc.)

13(Per Share Information)

16(Significant Events after Reporting Period)

16

Other Information

16(1) Changes to the Officers of the Company

161

1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year under Review
In fiscal 2018, which extended from April 1, 2018 to March 31, 2019, the Japanese economy continued a moderate
recovery trend, with corporate earnings holding steady and an improvement in income conditions, while uncertainty
increased in regard to trade friction and trends in overseas economies.
Under these circumstances, in the broadcasting field where the Asahi Broadcasting Group (the Group) conducts itscore business, decreases in TV spot advertising sales and other factors caused net sales to decrease. Net Sales of the
housing business were up due to an increase in revenue from sales of real estate and the opening of a new housing
exhibition facility. Net sales of the golf business were up due to an increase in the number of registration transfers,
despite lower numbers of visitors. As a result of these factors, the Group’s net sales for the fiscal year ended March
31, 2019 increased ¥995 million, or 1.2%, compared to the previous fiscal year and amounted to ¥81,986 million.
From the cost standpoint, cost of sales increased ¥457 million (0.9%) compared with the previous fiscal year, to¥53,463 million. Selling, general and administrative expenses increased ¥524 million (2.2%) compared with theprevious fiscal year, to ¥24,260 million. As a result of the above, operating income for the period increased ¥12 million,
or 0.3%, to ¥4,262 million, while ordinary income totaled ¥4,591 million, an increase of ¥52 million, or 1.2%. In
addition, as extraordinary income, ¥76 million in gain on sales of non-current assets was recorded. Furthermore, as
extraordinary loss, ¥176 million in special retirement expenses was recorded. As a result, income before income taxes
were ¥4,491 million, a decrease of ¥25 million, or 0.6%, and profit attributable to owners of parent was ¥3,742 million,
an increase of ¥1,050 million, or 39.0%.
Results by business segment are as follows:
Broadcasting BusinessIn the fiscal year under review, net sales in the broadcasting business totaled ¥68,550 million, down ¥94 million, or
0.1%, compared to the previous fiscal year. The principal factor accounting for this decrease in revenue is a decreasein TV spot advertising sales, despite increases in TV advertising time sales and revenue associated with the secondary
use of the content. On the other hand, operating expenses decreased 0.5% from the previous fiscal year, owing tofactors including decreases in agency fee and labor expenses. Furthermore, profit increased by ¥199 million due to achange in the calculation method of segment profit in line with the transition to a certified broadcasting holding
company, and operating income amounted to ¥3,475 million, an increase of ¥358 million, or 11.5%, from the previous
fiscal year.
Housing BusinessIn the housing business, net sales amounted to ¥12,545 million, an increase of ¥1,070 million, or 9.3%, compared withthe previous fiscal year. Principal factors were increases in revenue from sales and leasing of real estate, and anincrease in revenue from the advertising business in addition to an increase in revenue associated with the opening ofa new housing exhibition facility. Meanwhile, operating expenses rose 10.5% due to cost price appropriationconsequent upon the sales of real estate, increased costs from leasing of real estate, and other factors. Furthermore,
profit decreased by ¥198 million due to a change in the calculation method of segment profit in line with the transition
to a certified broadcasting holding company, and operating income amounted to ¥1,060 million, a decrease of ¥23
million, or 2.2%, from the previous fiscal year.

Golf BusinessNet sales in the golf business amounted to ¥890 million, an increase of ¥18 million, or 2.2%, compared with theprevious fiscal year. This was due to increases in the price per visitor and the number of registration transfers despite
a lower number of visitors due to poor weather over the summer. On the other hand, operating expenses rose 3.9%
due to increased labor expenses and other factors. As a result, operating income amounted to ¥28 million, a decreaseof ¥20 million, or 42.1%, from the previous fiscal year.
2(2) Overview of Financial Position for the Fiscal Year under Review(Assets)
Total assets as of the end of the fiscal year under review were ¥107,788 million, ¥5,108 million higher than at the endof the previous fiscal year (March 31, 2018). This was primarily attributable to an increase of ¥4,473 million in current
assets in line with the acquisition of real estate for sale.
(Liabilities)
Total liabilities were ¥40,738 million, ¥1,421 million higher than at the end of the previous fiscal year. The principal
reason for the increase in liabilities was an increase in the amount recorded for accounts payable - other.
(Net Assets)
Consolidated total net assets came to ¥67,049 million, ¥3,686 million higher than at the end of the previous fiscal year.
Although profit attributable to owners of parent reported for the period under review was ¥3,742 million, the Grouppaid a total of ¥817 million in dividends from surplus. In addition, retained earnings increased ¥535 million due to achange in the scope of consolidation.
(3) Overview of Cash Flows for the Fiscal Year under Review
For the fiscal year under review, net cash provided by operating activities totaled ¥3,060 million. Net cash used ininvesting activities was ¥2,167 million, and net cash used in financing activities came to ¥53 million. In addition, cash
and cash equivalents increased ¥323 million due to a change in the scope of consolidation.
Accounting for each of these activities, the ending balance of cash and cash equivalents stood at ¥16,239 million, an
increase of ¥1,162 million compared with the end of the previous fiscal year. In specific terms, cash flow activities
are presented as follows.
(Cash Flows from Operating Activities)
Net cash provided by operating activities was ¥3,060 million (an inflow of ¥4,803 million during the previous fiscal
year) due to the recording of income before income taxes and depreciation and amortization despite payment in linewith the acquisition of real estate for sale.
(Cash Flows from Investing Activities)
Net cash used in investing activities was ¥2,167 million (an outflow of ¥5,113 million during the previous fiscal year)
due to purchase of broadcasting equipment and other property, plant and equipment.
(Cash Flows from Financing Activities)
Net cash used in financing activities was ¥53 million (an outflow of ¥2,260 million during the previous fiscal year)
due to proceeds from long term loans payable despite cash dividends paid.

3(4) Future Outlook
In the fiscal year ending March 31, 2020, the Japanese economy is expected to maintain a moderate recovery trend,
backed by corporate earnings holding steady and a projected improvement in income conditions, but conditions arelikely to remain unclear due to concern over factors such as economic slowdown in Europe and China. Under thesecircumstances, the Group will aim to improve viewer ratings in the mainstay broadcasting business, while carryingout aggressive investments aimed at expansion in rapidly growing content-related businesses.
In the fiscal year ending March 31, 2020, net sales, operating income, ordinary income, and profit attributable toowners of parent are projected to total ¥83.5 billion, ¥3.7 billion, ¥4.0 billion, and ¥2.5 billion, respectively.
(5) Significant Events regarding Going Concern Assumptions
Not applicable.
2. Rationale behind the Choice of Accounting Standards
To sustain comparability of consolidated financial statements between periods as well as between companies, theGroup shall, for the time being, prepare consolidated financial statements under Japanese GAAP.

43. Consolidated Financial Statements and Primary Notes(1) Consolidated Balance Sheet(Millions of Yen)
March 31, 2018
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Short-term investment securities
Inventories
Income taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery equipment and vehicles
Accumulated depreciation
Machinery equipment and vehicles, net
Tools furniture and fixtures
Accumulated depreciation
Tools furniture and fixtures, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Software
Software in progress
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

March 31, 201914,412
13,009
2,101
2,169
－
1,692
(6)
33, 379

16,337
13,550
200
5,114
312
2,345
(9)
37,852

34,645(14,249)
20,396
18,859(13,830)
5,028
1,701
(1,299)402
11,049
616
(293)
322
1,729
38,92834,706(14,985)
19,721
20,289(14,609)
5,679
1,791
(1,243)548
10,769
38
(25)
13
1,104
37,837

216
848
119
1,184

1,167
105
109
1,381

18,376
9
1,635
6,823
2,579
(237)
29,18669,300102,680

18,406
73
1,479
8,571
2,196
(10)
30,716
69,935
107,788

(Millions of Yen)
March 31, 2018
Liabilities
Current liabilities
Current portion of long term loans payable
Lease obligations
Accounts payable - otherAccrued expenses
Income taxes payable
Provision for directors’ bonuses
Other
Total current liabilities
Non-current liabilities
Long term loans payable
Lease obligations
Net defined benefit liability
Long-term guarantee deposited
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Remeasurements of defined benefit plans
Total valuation and translation adjustments
Non-controlling interests
Total net assets
Total liabilities and net assets

6

March 31, 2019

40
324
5,837
1,679
614
77
3,922
12,496

240
1
6,475
1,866
934
113
3,497
13,129130
118,019
7,624
－
1,044
26,82039,316740－
17,092
7,487
1,049
1,239
27,60940,7385,299
5,754
49,780(500)
60,334

5,299
5,775
53,241(470)
63,846

3,308

3,018

(2,018)1,290
1,738
63,363
102,680(1,641)1,377
1,826
67,049107,788(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income
Fiscal 2017
(April 1, 2017
to March 31, 2018)
80,99153,00527,98523,735
4,250

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest and dividends income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on disposal of non-current assets
Business commencement expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Subsidy
Total extraordinary income
Extraordinary loss
Impairment loss
Loss on valuation of stocks of subsidiaries andaffiliates
Special retirement expenses
Total extraordinary loss
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7(Millions of Yen)
Fiscal 2018
(April 1, 2018
to March 31, 2019)
81,98653,46328,522
24,260
4,262

292
96
389

269
113
383

8
25
50
15
99
4,539

8
19
14
12
54
4,591

－
80
20
101

52
23
－
76

53

－

－

70

70
123
4,517
1,431
48
1,479
3,037
345
2,691

106
176
4,491
1,369
(651)
718
3,773
31
3,742

Consolidated Statement of Comprehensive Income
Fiscal 2017
(April 1, 2017
to March 31, 2018)
3,037

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities, net of tax
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

8(Millions of Yen)
Fiscal 2018
(April 1, 2018
to March 31, 2019)
3,773

311

(291)

903

376

1,214
4,252

84
3,858

3,917

3,827

334

31

(3) Consolidated Statement of Changes in Equity
Fiscal 2017 (April 1, 2017 to March 31, 2018)
Shareholders’ equity
Capitalstock
Balance at the beginning of period
Changes of items during the period
Dividends from surplus
Profit attributable to owners ofparentPurchase of treasury stock
Disposal of treasury stock
Change of scope of consolidation
Change in treasury shares of parent
arising from transactions with noncontrolling shareholders
Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period

Balance at the beginning of period
Changes of items during the period
Dividends from surplus
Profit attributable to owners ofparentPurchase of treasury stock
Disposal of treasury stock
Change of scope of consolidation
Change in treasury shares of parent
arising from transactions with noncontrolling shareholders
Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period

Capitalsurplus

5,299

3,695

Retainedearnings
48,191(Millions of Yen)
Treasury
stock
(500)

Total
shareholders’equity56,686(1,102)(1,102)

2,691

2,691
(0)

2,059

(0)
－
－
2,059
－

－

2,059

1,589

(0)

3,648

5,299

5,754

49,780(500)

60,334

Valuation and translation adjustments
Valuation
Remeasuredifference
Total valuation
ments ofon availableand translation
definedfor-saleadjustments
benefit planssecurities
2,985(2,921)64

Noncontrollinginterests
4,523

Total net
assets61,274(1,102)
2,691
(0)
－
－
2,059

323

903

1,226

(2,785)(1,559)

323

903

1,226

(2,785)

2,089

3,308

(2,018)

1,290

1,738

63,3639

Fiscal 2018 (April 1, 2018 to March 31, 2019)
Shareholders’ equity
Capitalstock
Balance at the beginning of period
Changes of items during the period
Dividends from surplus
Profit attributable to owners ofparentPurchase of treasury stock
Disposal of treasury stock
Change of scope of consolidation
Change in treasury shares of parent
arising from transactions with noncontrolling shareholders
Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period

Balance at the beginning of period
Changes of items during the period
Dividends from surplus
Profit attributable to owners ofparentPurchase of treasury stock
Disposal of treasury stock
Change of scope of consolidation
Change in treasury shares of parent
arising from transactions with noncontrolling shareholders
Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period

Capitalsurplus

5,299

Retainedearnings

5,754

49,780(Millions of Yen)
Treasury
stock
(500)

Total
shareholders’equity60,334

(817)

(817)

3,742

3,742
(0)
30

20
535

(0)
50
535
－
－

－

20

3,461

30

3,512

5,299

5,775

53,241(470)

63,846

Valuation and translation adjustments
Valuation
Remeasuredifference
Total valuation
ments ofon availableand translation
definedfor-saleadjustments
benefit planssecurities
3,308(2,018)1,290

Noncontrollinginterests
1,738

Total net
assets63,363
(817)
3,742
(0)
50
535
－

(290)

376

86

88

174

(290)

376

86

88

3,686

3,018

(1,641)

1,377

1,826

67,04910

(4) Consolidated Statement of Cash Flows(Millions of Yen)
Fiscal 2018
(April 1, 2018
to March 31, 2019)

Fiscal 2017
(April 1, 2017
to March 31, 2018)
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Impairment loss
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in net defined benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on sales of property, plant andequipment
Loss (gain) on disposal of non-current assets
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on investments in partnership
Decrease (increase) in notes and accounts receivable- tradeDecrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of short-term investment securities
Proceeds from sales of short-term investment
securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Purchase of intangible assets
Payments for asset retirement obligations
Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing
activities

11

4,517
2,971
53

4,491
3,031
－

(3)

(226)

(1,174)(292)
8(1,120)
(269)
8

－

(52)

25
(80)
－
50

19
(23)
70
14

(479)

(431)

(20)

(2,993)

444

509

519
6,539
302
(8)
(2,030)
4,803

928
3,954
344
(8)
(1,230)
3,060

－
－
(100)

(273)
273
－

1,049

1,400

(4,424)(3,185)

7

563

(117)
－
(1,636)
231
(11)
24
(135)

(530)
(78)
(879)
227
(75)
10
378

(5,113)(2,167)

(Millions of Yen)
Fiscal 2018
(April 1, 2018
to March 31, 2019)

Fiscal 2017
(April 1, 2017
to March 31, 2018)
Cash flows from financing activities
Increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Purchase of treasury stock
Cash dividends paid
Dividends paid to non-controlling interests
Repayments of lease obligations
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Increase in cash and cash equivalents from newly
consolidated subsidiaryEnding balance of cash and cash equivalents

12

(100)
200
(30)
(0)
(1,102)
(67)
(167)

－
1,000
(190)
(0)
(817)
(13)
(32)

(993)

－

(2,260)(2,569)17,646(53)
839
15,076－323

15,076

16,239(5) Notes regarding Consolidated Financial Statements(Going Concern Assumptions)Not applicable.
(Change in Presentation Methods)(Change accompanying adoption of “Partial Amendments to Accounting Standard for Tax Effect Accounting”)“Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28, February 16,2018) has been adopted from the beginning of the fiscal year under review, whereby deferred tax assets are presented
under investments and other assets, while deferred tax liabilities are presented under non-current liabilities.
As a result, ¥610 million in “deferred tax assets” under “current assets” is included and presented within the ¥6,823
million in “deferred tax assets” under “investments and other assets” on the Consolidated Balance Sheet for theprevious fiscal year.
(Segment Information, etc.)(Segment Information)
1. Description of Reportable Segments
The reportable segments of the Group are its constituent units for which separate financial information is available
and which are subject to periodic examination in order for the Board of Directors to determine the allocation ofmanagement resources and evaluate financial results.
The Group maintains three reportable segments with business activities undertaken primarily in the broadcasting,housing, and golf club business fields.
The broadcasting business comprises television, radio, and related broadcasting activities. The housing business ismade up of housing exhibition site operating and related activities. The golf club business includes golf club operating
activities.
2. Calculation Method of Measurements of Sales, Profit, Loss, Asset, Liability and Other Items for Each Reportable
Segment
The accounting treatment methods for reported business segments are generally the same as those for statements in“Significant Matters for the Preparation of Consolidated Financial Statements.”
Profit in the reportable segments is based on operating income. In addition, intrasegment revenues or transfers are
based on prevailing market prices.

133. Explanation of Measurements of Sales, Profit, Loss, Asset, Liability and Other Items for Each Reportable Segment
Fiscal 2017 (April 1, 2017 to March 31, 2018)(Millions of Yen)
Amounts
Recorded on
Adjustments Consolidated(Note 1)
Financial
Statements(Note 2)

Reportable Segment
Broadcasting

Housing

Golf Club

Total

Sales
Revenues from externalcustomers
Transactions with othersegments

68,645

11,474871

80,991—80,991

527

22

62

612

(612)

—

Total

69,172

11,497934

81,604(612)

80,991

Segment profit

3,116

1,083

49

4,250

—

4,250

Segment assets

79,014

12,992

10,904

102,911(231)

102,680

Other items
Depreciation and
2,331
558
82
2,971
—
2,971
amortization
Increase in property,
plant and equipment
3,014
2,428
34
5,477
—
5,477
and intangible assets
Notes:
1. Adjustments are outlined as follows:(1) The adjustment to transactions with other segments of negative ¥612 million represents the amount of
intrasegment transaction elimination.
(2) The adjustment to segment assets of negative ¥231 million represents the amount of intrasegment receivables
and payables elimination.
2. Segment profit refers to operating income recorded on the consolidated statement of income.
3. Amortization and increases of long-term prepaid expenses are included in depreciation and amortization as wellas increase in property, plant and equipment and intangible assets.

14

Fiscal 2018 (April 1, 2018 to March 31, 2019)(Millions of Yen)
Amounts
Recorded on
Adjustments Consolidated(Note 1)
Financial
Statements(Note 2)

Reportable Segment
Broadcasting

Housing

Golf Club

Total

Sales
Revenues from externalcustomers
Transactions with othersegments

68,55012,545890

81,986—

81,986

622

19

57

699

(699)

—

Total

69,172

12,565947

82,686(699)

81,986

Segment profit

3,475

1,060

28

4,564

(301)

4,262

Segment assets

62,851

14,595

10,76088,207

19,581

107,788

Other items
Depreciation and
2,321
628
81
3,031
—
3,031
amortization
Increase in property,
plant and equipment
2,379
73
66
2,519
—
2,519
and intangible assets
Notes:
1. Adjustments are outlined as follows:(1) The adjustment to transactions with other segments of negative ¥699 million represents the amount of
intrasegment transaction elimination.
(2) The adjustment to segment profit of negative ¥301 million represents the amount of expenses which do notbelong to any reportable segment, mainly regarding development of new business and market.
(3) The adjustment to segment assets of ¥19,581 million represents companywide assets which are not allocatedto the reportable segments of ¥19,823 million and negative ¥242 million as the amount of intrasegment
receivables and payables elimination.
Companywide assets are primarily cash and deposits and investment securities which do not belong to any
reportable segment.
2. Segment profit refers to operating income recorded on the consolidated statement of income.
3. Amortization and increases of long-term prepaid expenses are included in depreciation and amortization as wellas increase in property, plant and equipment and intangible assets.
4. Notes relating to changes in reportable segments, etc.
(Change in calculation method of segment profit and segment assets in line with transition to a certified broadcastingholding company)
In line with the transition to a certified broadcasting holding company on April 1, 2018, the Company is now
responsible for the group administrative management business and the real estate management business. As a result,
the Company has adopted the method where the expenses and retained assets associated with the group administrative
management business and the real estate management business are allocated to each reportable segment. In addition,companywide assets retained by the Company are processed as adjustments.
Owing to this change, in the fiscal year under review, segment profit of broadcasting business increased by ¥199
million whereas segment assets decreased by ¥19,870 million, segment profit of housing business decreased by ¥198
million whereas segment assets increased by ¥46 million, segment profit of golf business decreased by ¥1 million,
and the adjustment to segment assets increased by ¥19,823 million compared with figures calculated using the former
method.

15

(Per Share Information)(Yen)
Fiscal 2017
(April 1, 2017
to March 31, 2018)
Net assets per share
Basic earnings per share

Fiscal 2018
(April 1, 2018
to March 31, 2019)

1,509.06

1,594.83

65.92

91.55

Notes:
1. Diluted earnings per share information has been omitted as there were no potential shares with a dilutive effect.
2. The basis for calculating basic earnings per share is presented as follows.
Fiscal 2017
(April 1, 2017
to March 31, 2018)

Fiscal 2018
(April 1, 2018
to March 31, 2019)

Basic earnings per share

3.

Profit attributable to owners of parent (Millions of Yen)

2,691

3,742

Amount not attributable to common shareholders(Millions of Yen)
Profit attributable to owners of parent related tocommon stock (Millions of Yen)
Average number of common stock shares issued andoutstanding during the period (Thousands of Shares)

—

—

2,691

3,742

40,83640,878The basis for calculating net assets per share is presented as follows:
March 31, 2018

March 31, 2019

Total net assets (Millions of Yen)

63,36367,049Amount excluded from total net assets(Millions of Yen)

1,738

1,826

(Non-controlling interests)(1,738)(1,826)

61,62565,22340,83640,896

Net assets attributable to common stock as of the end of
the period (Millions of Yen)
Number of shares of common stock issued andoutstanding as of the end of the period calculated under
net assets per share (Thousands of Shares)(Significant Events after Reporting Period)(Business Combination through Acquisition)
The Company resolved at a meeting of the Board of Directors held on May 10, 2019 to acquire a certain number ofshares of DLE, Inc. and make it a subsidiary.
Please refer to the “Notice on Acquisition of Subsidiary DLE, Inc. through Third-Party Allocation of Shares andExecution of Business Alliance Agreement” released on May 10, 2019 for more information. (Available in Japanese
only.)
4. Other Information(1) Changes to the Officers of the Company
Please refer to the “Notice of Changes in Personnel” announced on May 10, 2019. (Available in Japanese only.)

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