To kyo Broad casting System Hol d ing s, In c.

I N V ES TOR INFOR M AT ION

2020

Consolidated Financial Highlights

Net Sales

Operating Income(Millions of Yen)

348,539(Millions of Yen)

355,363

361,954366,353

19,878356,796

17,17918,80018,572
13,103

16/3

17/3

18/3

19/3

16/3

20/3

Ordinary Income

20/3(Millions of Yen)

26,207

26,92330,17425,205

21,274

16/3

17/3

18/3

19/3

20/3

16/3

16,136

17,182

17/3

18/3

Total Assets

Total Net Assets(Millions of Yen)

(Millions of Yen)

16/3

19/3

28,835

14,497649,970

18/3

Proﬁt Attributable to Owners of Parent(Millions of Yen)

22,67817/3

707,06317/3

821,737 798,481 783,024
458,208

18/3

19/3

16/3

20/3

517,430

17/3

19/3

20/3

600,950 601,291 591,931

18/3

19/3

20/3

Contents
2
3
4
5
6
11

To Our Stakeholders
At a Glance
Organization
Corporate Data
Business Report
Consolidated Financial Statements

15
17
18
21
22

Major IndicesSegment Information
TBS Television
Financial Data of Major Group Companies
TBS Networks

Financial Figures
The ﬁnancial ﬁgures used in this report are those used in the Japanese tanshin, which has been created inaccordance with the provisions set forth in the Japanese Financial Instruments and Exchange Act. Thus, allﬁgures have been rounded down to the nearest million yen.

Forward-Looking Statements
This report contains forward-looking statements based on management’s assumptions and beliefs in light of
the information then available. These statements are subject to risks and uncertainties that could cause
actual results to diﬀer materially from those discussed in this report. Such risks include, but are not limited
to, market trends, economic conditions and changes in industry regulations.

Tokyo Broadcasting System Holdings, Inc.

1

INVESTOR INFORMATION 2020

To Our Stakeholders

The following is a briefsummary of business
operations during the fiscal
year ended March 31, 2020.

In 2020, the worldwide spread of the COVID-19

Incurable Case of Love , broadcast in the Tuesday

novel coronavirus, which no one could haveevening slot, and Sunday evening’s Ship offoreseen as the new year began, has caused

Theseus , both major hits via streaming as well as

major disruptions and created a sense of crisis.

terrestrial broadcasting. Despite repeated claims

We at TBS have been similarly affected. However,that this generation is moving away fromno matter what the situation, we remain

television watching, it is especially among thecommitted to fulfilling our mission as a broadcast

young that we are sensing success in attracting

media group and as a news and information

new viewers.

provider. Accurate information is essential for the

And now an important announcement for our

public to respond to the virus with the necessary

stakeholders: To adapt to a changing world andamount of caution. This period has served as a

emerge with a fresh identity, in April 2020 wekeen reminder to us that the public service role isadopted a new corporate philosophy and branda major pillar of our operations.

promise. Among the commitments we make areto open up not just for Japan but the whole world,

In the Media & Content business segment thevideo streaming business performed well, withto offer a wide range of services in addition to

healthy increases in membership at both TVer,

content, and to provide customers withthe official commercial TV portal site that operates

entertaining and inspiring experiences in their

free streaming based on advertising revenue, andeveryday lives.
For the future, we look forward to continuing toat Paravi, a video streaming app based on a paid

grow as a comprehensive media group.

subscription. With the dramatic growth in video
streaming content, TBS has established a prime

June 2020

competitive position. This was illustrated by the
figures from TVer for the month of January, when
TBS substantially surpassed the previous record
for the number of views in a monthly period for

Takashi Sasaki

every broadcast station. A large contribution to

President and Representative Director

this success in January cours (three-month unit ofbroadcasting) was made by the drama series An

Tokyo Broadcasting System Holdings, Inc.

Tokyo Broadcasting System Holdings, Inc.

2

INVESTOR INFORMATION 2020

At a Glance

Our Business
The Group covers a wide range of businesses, primarily broadcasting. We aim to become the best
media group that provides the most powerful content and software in the areas of information,entertainment, lifestyle, and culture.

Terrestrial TV
broadcasting

Terrestrial radio
broadcasting

Manufacture &sale ofcosmetics

Miscellaneous
retailing

Satellite
broadcasting

Net & mobile
content

Planning &production ofaudio & visualcontent

Real estateleasing

Net Sales by Business Segment (Year ended March 31, 2020)

4.6%

Media and Content¥270.2 billion

19.6%
75.8%

Lifestyle¥70.0 billion
Real Estate and Others¥16.5 billion

Tokyo Broadcasting System Holdings, Inc.

3

INVESTOR INFORMATION 2020

Organization
As of April 1, 2020

Tokyo Broadcasting System Holdings, Inc.

Media and Content / Real Estate and Other Businesses
Tokyo Broadcasting System Television, Inc.

Media and Content
TBS Radio Inc.

BS-TBS, Inc.

TBS SPARKLE, Inc.

TBS Glowdia, Inc.

Akasaka Graphics Art, Inc.

Art Communication System, Inc.

Oxybot, Inc.

CS-TBS, Incorporated

Seven-Arcs Co., Ltd.

TLC Co., Ltd.

TC Entertainment Incorporated

TBS International, Inc.

TBS-TEX, Inc.

TBS Media Research Institute Inc.

Totsu Inc.

Nichion, Inc.

Lifestyle

Equity-Method Aﬃliates

StylingLife Holdings Inc.

Place Holder, Inc.
Premium Platform Japan, Inc.

Real Estate

WOWOW Inc.

Akasaka Heat Supply Co., Ltd.
TBS Kikaku Co., Ltd.
TBS Sunwork, Inc.
TBS HEXA. INC
Midoriyama Studio City, Inc.

Tokyo Broadcasting System Holdings, Inc.

4

INVESTOR INFORMATION 2020

Corporate Data
As of April 1, 2020

Date of Establishment
Head OfficePaid-in Capital
Number of Employees

May 10, 1951 (Registered on May 17)
5-3-6 Akasaka, Minato-ku, Tokyo 107-8006, Japan
www.tbsholdings.co.jp/ir/en/index.html
Stock Code: 9401, TSE First Section¥54,986,892,896
Tokyo Broadcasting System Holdings, Inc.
110
Tokyo Broadcasting System Television, Inc. 1,178
67
TBS Radio Inc.
2

1

3

4

1 TBS Holdings Head Office

2 Akasaka Biz Tower

3 Sub-control room at TBS Television

4 TBS studio for news programs

Major Shareholders and Number of Shares Held (Top 10)(as of March 31, 2020)

Shareholders

Shares held

Percentage

The Master Trust Bank of Japan, Ltd.
(Pension Account-Pension Trust Account held for DENTSU INC.)

9,310,500

5.40

MBS MEDIA HOLDINGS, INC.

8,848,100

5.13

The Master Trust Bank of Japan, Ltd.
(Trust Account)

8,507,200

4.93

Mitsui Fudosan Co., Ltd.

5,713,728

3.31

NTT DOCOMO, INC.

5,713,000

3.31

Nippon Life Insurance Company

5,006,235

2.90

Panasonic Corporation

4,423,180

2.56

MITSUI & CO., LTD.

4,288,000

2.48

BIC CAMERA INC.

4,190,000

2.43

Sumitomo Mitsui Banking Corporation

3,775,267

2.19

Tokyo Broadcasting System Holdings, Inc.

5

INVESTOR INFORMATION 2020

Business Report
From April 1, 2019 to March 31, 2020

The Current Position of Tokyo Broadcasting
System Holdings, Inc. and Its Subsidiaries
1 Business Activities andResults

million, mainly due to a reactionary decrease in

During the consolidated fiscal year under review,

previous year.

production cost and broadcasting rights fees
related to large-scale one-off sports events in theJapan’s economy continued on a path of modest

As a result, operating income decreased 29.4%

recovery, with improvements seen in thefrom the previous fiscal year to ¥13,103 million,

employment and income environments. However,while ordinary income decreased 26.2% to ¥21,274

in addition to the impact of overseas economic

million, mainly due to decreased dividend income,trends such as the tension over trade issues andand profit attributable to owners of parent

fluctuations in financial and capital markets, theincreased 19.7% to ¥30,174 million, mainly due torecent pandemic of the novel coronavirus disease

the posting of a gain on sales of investment(COVID-19) has had a major impact on the

securities as extraordinary income.

domestic and international economies. As a result,

At the meeting of the Board of Directors held on

the situation rapidly turned severe and the future

May 14, 2019, the Company resolved to change theoutlook remains uncertain.

segment classification.

In this environment, according to 2019

The Broadcasting, Multi Visual Ventures andAdvertising Expenditures in Japan (published by

Cultural Events, and Real Estate segments in the

Dentsu Inc.), total advertising expenditures in Japanprevious fiscal year were changed to the Media &were ¥6,938.1 billion (up 6.2% year-on-year),Content, Lifestyle, and Real Estate & Other

marking the eighth consecutive year of positive

segments in the fiscal year under review. The

growth. Of this, terrestrial television advertising

figures for the reportable segments in the previous

expenditures were ¥1,734.5 billion (down 2.8%

fiscal year have been prepared based on the

year-on-year), satellite media-related advertisingsegments after the change.

expenditures were ¥126.7 billion (down 0.6% year-

In the Media & Content business segment, net

on-year), and radio advertising expenditures weresales for the fiscal year under review were¥126.0 billion (down 1.4% year-on-year). Internet¥270,265 million (down 2.8% year-on-year) andadvertising expenditures exceeded ¥2 trillion,

operating profit was ¥2,409 million (down 69.5%

surpassing television media advertising

year-on-year).

expenditures for the first time.

Net sales in the Television division of Tokyo

In the TV advertising market, spot advertising

Broadcasting System Television, Inc. for the fiscal

spending in the Kanto area was 93.5% of theyear under review decreased ¥4,106 million toprevious year’s total, a very challenging situation.
Against this backdrop, consolidated net sales of
the Group for the fiscal year ended March 31, 2020
decreased 2.6% from the previous fiscal year to¥356,796 million. This was mainly due to adecrease in spot revenue, which was caused by adrop in volume in the Kanto region, a decrease inconcerts and stage performances revenue
following the spread of COVID-19, and a decline intime revenue.
Operating expenses (i.e. cost of sales and selling,
general and administrative expenses) decreased

IAAF World Athletics Championships Doha 20191.2% from the previous fiscal year to ¥343,692

Tokyo Broadcasting System Holdings, Inc.

© Photo Kishimoto

6

INVESTOR INFORMATION 2020

Business Report
From April 1, 2019 to March 31, 2020
¥182,083 million (down 2.2% year-on-year). Of thisconcerts and stage performances revenues weretotal, time advertising was ¥87,230 million (downdown due to a decline from the previous year’s

0.8% year-on-year), spot was ¥79,275 million

Seven Souls in the Skull Castle series and Stars on(down 5.2% year-on-year), and content revenue

Ice 2018 and the cancellation of performances due(including advertising revenue earned throughto the spread of COVID-19. In the film business,domestic broadcast syndication and free video

sales decreased due to a lower number of new

streaming) was ¥10,892 million (up 0.6%). In terms

titles from the previous year and a decrease in theof time revenues, regular programs were strong

number of visitors since February, despite theand one-off sales such as the IAAF WorldChampionships Doha 2019 contributed. However,Love Is War (starring Sho Hirano, Kanna Hashimoto

this was not enough to match revenues from theand others, and directed by Hayato Kawai) in

previous year’s Asian Games 2018 in Jakarta and

September.

blockbuster release of the movie Kaguya-sama:

2018 FIFA World Cup Russia . In spot sales, while

In the media business segment, revenue fromadvertisers’ investments in the Kanto region

video streaming and video content businesses

remained sluggish throughout the year, down 6.5%

increased due to steady performance, but revenue

year-on-year, the market share of five stations

from businesses targeting overseas markets

increased 0.2 percentage points year-on-year to

declined due to struggling broadcast syndication in

19.3%, but was below the previous year’s level.

China and other Asian markets, as well as poor

Content revenue increased from the previous year,

commercialization in the licensing business.

which had the World Cup advertising, due to a rise

Net sales of BS-TBS, INC. for the fiscal year underin demand for free video streaming and otherreview increased ¥450 million to ¥16,849 million

factors.

(up 2.7% year-on-year), thanks to growth in time

Income from operations of Tokyo Broadcasting

regulars and solid sales of shopping programs.

System Television, Inc. for the fiscal year under

Net sales of TBS Radio Inc. for the fiscal year

review decreased ¥2,926 million to ¥25,304 million

under review decreased ¥217 million to ¥9,567(down 10.4% year-on-year).

million (down 2.2% year-on-year) in the midst of a

For events, The Habsburg Dynasty: 600 Years ofdifficult radio advertising market.

Imperial Collections at the National Museum of

In terms of expenses, operating income in thisWestern Art in October drew more than 395,000

segment decreased ¥5,481 million to ¥2,409

visitors, and a special exhibition Mummies of themillion (down 69.5% year-on-year), despite aWorld: In Search of Eternal Life at the National

decline in production costs and broadcasting rights

Museum of Nature and Science in November drew
more than 460,000 visitors. For concerts and stage
performances, BOUM! BOUM! BOUM! Shingo Katori

NIPPON First Exhibition at IHI Stage Around Tokyo,
Asia’s first 360-degree revolving theater, resulted ina sound performance. However, overall events andMummies of the WorldWBSC Premier12

Tokyo Broadcasting System Holdings, Inc.

7

INVESTOR INFORMATION 2020

Business Report
From April 1, 2019 to March 31, 2020

2 Capital Expenditures

fees for large-scale one-off sports events in theprevious year.

Total capital expenditures in the fiscal year underIn the Lifestyle business segment, net sales forreview was ¥18.8 billion.

the fiscal year under review were ¥70,007 million

Capital expenditures consists of ¥7,500 million(down 2.6% year-on-year), and operating profit wasfor the Company, ¥7,900 million in Tokyo¥2,751 million (down 5.0% year-on-year).

Broadcasting System Television, Inc., ¥1,000 million

PlazaStyle Company, a core retailing business ofin the StylingLife Group.

StylingLife Holdings Inc., saw strong sales of

The Company’s major capital expenditures werecosmetics and other products, but sales of sundries
and clothing were weak due in part to the warm

related to planning for the Akasaka Entertainment

winter. BCL Company, a division of the cosmetics

City Initiative and upgrading of the Akasaka Biz

business, struggled to sell its products overseas,

Tower common gates. Major capital investments

particularly in China and other Asian regions. In

for Tokyo Broadcasting System Television, Inc.

addition, a decline in consumption after the

included the upgrading of emergency power

consumption tax hike and, most recently, thegeneration systems and high-voltage power supply

impact of the spread of COVID-19 on sales activities

equipment at Midoriyama Studio, and a sub-were serious, resulting in decreased sales andrenewal of D Studio. Major capital investments forprofit.

the StylingLife Group were made for PLAZA store
renovations and investments in IT systems.

In the Real Estate and Others business segment,
net sales for the fiscal year under review were
¥16,523 million (up 1.6% year-on-year), andoperating income was ¥7,942 million (up 2.0%

3 Capital Procurement

year-on-year).
Sales rose due to occupancy of Akasaka Biz Tower

Total interest-bearing debt of the Group at the end

which continued to remain high and earnings fromof the fiscal year under review was ¥1,800 million

The Hexagon building, which is adjacent to thein long-term borrowings (including the current

Company’s building, were added from the previous

portion and excluding lease obligations).

fiscal year. Operating profit increased despite an

To ensure flexible access to operating capital, as

increase in expenses such as repairs andof the end of the fiscal year under review,

maintenance.

StylingLife Holdings Inc., a consolidated subsidiaryof the Company, had established a commitmentline agreement totaling ¥3 billion with Sumitomo
Mitsui Banking Corporation. (The balance of thefunds drawn is zero and the available balance is ¥3billion.)Aside from the above, with the aim of
streamlining funding some account receivables arein the process of being liquidated.

4 Status of Important
Reorganization
To review the structure of the Group and focus thestrengths of the Group, based on the Group
Medium-Term Management Plan
2020, on April 1, 2019 the Company made TBS
GLOWDIA, Inc. a subsidiary. Seven other companies,
including five consolidated subsidiaries (TBSThe Hexagon building

Tokyo Broadcasting System Holdings, Inc.

8

INVESTOR INFORMATION 2020

Business Report
From April 1, 2019 to March 31, 2020
ProNex, Inc., Vecte, Inc., TBS Service, Inc., Grand

guides for all our management activities, as we

Marche, Inc., TBS TriMedia, Inc.) and two wholly-

strive to provide fair and speedy reporting andowned subsidiaries, disappeared during absorption

content that is loved, while taking on new

mergers.

challenges.
In this endeavor, we have been making Groupwide efforts to achieve the Group Medium-Term
Management Plan 2020 covering FY2018 to

5 Priorities

FY2020.
Priorities under the Group Medium-Term

The business environment surrounding the GroupManagement Plan 2020 and major initiatives inis undergoing significant changes. The spread of

FY2019 are:

COVID-19, which began in January this year, has
had a major impact on economic activities, and the(1) Increase the competitiveness of Tokyo

degree of impact on the future advertising market

Broadcasting System Television

is also unclear, given the growing forecast that the(2) Diversify and respond to the challenges ingrowth of the domestic economy will turntotal media to create synergies for TBS

negative.

(3) Undertake the social responsibility that theOn the other hand, the media viewing

TBS Group should fulfill

environment is diversifying, with the increasing
sophistication of devices making it easier to enjoy

For Priority (1) Increase the competitiveness ofvideo content on smartphones and tablets on a

Tokyo Broadcasting System Television, thedaily basis. According to 2019 Advertising
Expenditures in Japan , Internet advertising has

household audience ratings for FY2019 went downslightly year-on-year. However, we named thesurpassed television media advertising for the firstmale-and-female viewer tier between the ages oftime.

13 and 59 as our Family Core. Beginning in FY2019,

In the area of video streaming, the competition

we have made improvements to increase thefor users has intensified as international platform

number of shows that can be watched by families

giants are increasing their presence in the Japanesewith the aim of increasing the individual audiencemarket, and NHK is constantly conducting live

ratings in this tier as a production indicator. As a

streaming. One of our major challenges is how to

result, we have proved popular with many Family

increase the number of internet touchpoints and toCore viewers, especially for dramas and variety

monetize them.

shows. Particularly in dramas, many hit tiles were

Under these circumstances, we rewrote ourreleased, including Ship of Theseus , An Incurable
Case of Love , La Grande Maison Tokyo and No SideGroup corporate philosophy in April this year.
The new corporate philosophy is as follows.

Manager .

“The TBS Group aims to deliver timeless content

In addition, through our news media activities,

and services to the world, respecting diverse values

we have strengthened the system for distributing

and striving to make a positive contribution tonews reports 24 hours a day, 365 days a year bysociety.”promoting the integrated operation of terrestrial

In realizing this philosophy, we also establishedbroadcasting and digital media, with the emphasis

the Brand Promise, an important commitment toon the real-time nature of news and providing

our customers and an aspiration for the future that

accurate information. In reporting on COVID-19, we

all members of the Group must always keep inhave established a special reporting structure andmind:

have been providing information continuously to“From each moment, a better tomorrow.”

ensure that the public has accurate information, is

Our Group aims to create entertaining andsuitably alerted and responds to the coronavirus

inspiring experiences that move hearts and minds.

correctly. Furthermore, the Company has actively

This promise embodies our determination towards

employed digital tools, sending out daily reports ofthat future.

press conferences and commentary through live

The Corporate Philosophy and Brand Promise areTokyo Broadcasting System Holdings, Inc.

9

INVESTOR INFORMATION 2020

Business Report
From April 1, 2019 to March 31, 2020
streaming and SNS.

With regard to Priority (3) Undertake the social

For Priority (2) Diversify and respond to the

responsibility that TBS Group should fulfill, we

challenges in total media to create synergies for

acceded to the United Nation's SDG Media Compact

TBS, we focus on enhancing and monetizing ourto accelerate the promotion of sustainable

video streaming services as the key area of ourdevelopment goals (SDGs) adopted by the Unitedcomprehensive media strategy.

Nations in 2015. Since January this year, we havestreaming service is growing as the content lineup

been broadcasting the TV series SDGs to the Worldof 2030 , mainly on news programs, and inis enhanced, and advertising revenue is increasing

cooperation with JNN affiliates, we have reported

year by year. TVer, the official commercial TV portal

on “people tackling common global issues.”

The use of a free catch-up (a block of reruns)

In October 2019, TBS Akasaka ACT Theatre andat the core of the service, has a cumulative total ofmore than 25 million app downloads, and will be

Mynavi Blitz Akasaka were converted to 100%

upgraded to become an even more widely

renewable energy. This was the first initiative in theavailable service in the future.

country to use renewable energy for theaters andRegarding paid video streaming, the number ofconcert halls. We will continue to accelerate thepaid subscriptions for Paravi, a flat-rate all-you-can-Group’s promotion of sustainability activities andwatch streaming service, continues to increase. In

work on various measures to realize a better world.
As a result of these initiatives, in the Group

addition to our serial dramas, the director’s cut
versions and exclusive spin-off content have

Medium-Term Management Plan consolidated net

contributed significantly to subscriber acquisition.

sales of ¥356.7 billion, consolidated operating

We will continue to further promote our video

profit of ¥13.1 billion, and a ratio of operating profit

streaming business in the future.

to net sales of 3.7% were achieved in the fiscal year

In December 2019, capital and business alliances

under review. These figures compared favorably

were concluded with Uzabase, Inc., the operator ofwith the forecast targets for FY2020 of ¥400.0

an online business information aggregation sitebillion in consolidated net sales, ¥25.0 billion incalled NewsPicks. In collaboration with the IT

consolidated operating profit, and a ratio ofcompany in the fast-growing digital media sector,

operating profit to net sales of 6.3%.

we aim to co-produce content and jointly develop

We will continue to respond swiftly to thedigital advertising by combining the know-how ofchanges of the times and evolve into a media

both companies.

group that is always loved and trusted by ourcustomers, while at the same time striving to

To expand into new business areas, investments
were made in several startups working for content

further enhance our corporate value and meet thedevelopment using AR and VR technologies. This is

expectations of our shareholders.

an area in which the Group can fully demonstrate
our video production strengths. In collaboration
with these companies, we are working to provide
groundbreaking entertainment and commercialize
cutting-edge technology.
The Planning of Akasaka Entertainment City
Initiative, announced in January 2019, is also
making steady progress. Begun in July of the same
year, the Akasaka Entertainment City Project Officehas examined factors from various angles to create
a completely new entertainment center that makes
full use of the latest technology.
At the Company, we will continue to makestrategic investments for sustainable growth,aiming to be a comprehensive media group thatprospers.

Tokyo Broadcasting System Holdings, Inc.

10

INVESTOR INFORMATION 2020

Consolidated Financial Statements
Consolidated Balance Sheets (Unaudited)
Millions of yen

As of March 31, 2020 and 2019

2019

2020

¥ 72,293¥ 85,419

42,942

41,476

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable—trade
Securities

700

800

Merchandise and finished goods

8,832

8,518

Program rights and work in process

5,985

6,176

Raw materials and supplies

722

657

Prepaid expenses

8,644

11,344

Other

4,222

4,512

Allowance for doubtful accounts

(151)

(104)

144,192

158,800

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

208,008210,284

Accumulated depreciation(115,140)(119,055)

Buildings and structures, net

92,867

91,229Machinery, equipment and vehicles

84,783

81,473

Accumulated depreciation(73,152)(71,416)

Machinery, equipment and vehicles, net

11,631

10,056

31,43031,768(28,777)(29,367)

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets

2,652

2,400

96,821

96,820

4,159

4,454

Accumulated depreciation(2,797)(2,884)

Leased assets, net

1,362

1,569

Construction in progress

1,096

8,592

206,431210,669

Software

5,732

5,321

Goodwill

15,002

13,205

Total property, plant and equipment
Intangible assets

Leased assets

17

5

Other

1,377

1,494

Total intangible assets

22,12820,027

411,453

379,820

204

198

2,541

2,108

Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Long-term prepaid expenses
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

Tokyo Broadcasting System Holdings, Inc.

11

245

236

11,477

11,331

(192)

(167)

425,728

393,527654,289624,223¥ 798,481¥ 783,024

INVESTOR INFORMATION 2020

Consolidated Financial Statements
Consolidated Balance Sheets (Unaudited)
Millions of yen

As of March 31, 2020 and 2019

2019

2020

¥ 37,780¥ 38,479

80—

Current portion of long-term loans payable

1,200

1,200

Accounts payable—other

14,38815,510

Income taxes payable

7,894

9,001

Accrued consumption taxes

1,355

2,191

Accrued expenses

2,059

1,602

Provision for bonuses

5,059

4,365

Provision for directors’ bonuses

126

80

Other provision

393

330

Other

9,760

8,259

Total current liabilities

80,09981,021

1,800

600

127

121

15,77015,625

433

736

Deferred tax liabilities

83,26877,342

Other

15,69015,646

Total non-current liabilities

117,090

110,072

197,189

191,093

Capital stock

54,98654,986

Capital surplus

46,75147,474Retained earnings

281,372

306,150(57)(3,952)

383,053404,659

201,539

173,905

Deferred gains or losses on hedges

25

26

Foreign currency translation adjustment

(2)

(17)

Remeasurements of defined benefit plans

(2)

(211)

201,560

173,701

Non-controlling interests

16,677

13,569Total net assets

601,291

591,931¥ 798,481¥ 783,024

Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term loans payableNon-current liabilities
Long-term loans payable
Provision for environmental measures
Net defined benefit liability
Lease obligations

Total liabilities
Net assets
Shareholders’ equity

Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Total accumulated other comprehensive income

Total liabilities and net assets

Tokyo Broadcasting System Holdings, Inc.

12

INVESTOR INFORMATION 2020

Consolidated Financial Statements
Consolidated Statements of Income (Unaudited)
Millions of yen

As of March 31, 2020 and 2019

2019

2020

¥ 366,353¥ 356,796

250,624

249,788

115,728

107,008

97,156

93,904

18,572

13,103

25

23

Dividend income

10,335

8,668

Other

1,413

1,021

Total non-operating income

11,774

9,712

Interest expenses

226

25

Share of loss of entities accounted for using equity method

702

559

Loss on retirement of non-current assets

173

236

Other

408

720

1,511

1,541

28,835

21,274

12,84927,339—25

12,84927,365

390

835

—

821

1,256

114

Loss on sales of investment securities

19—

Early extra retirement payments

12

—

1,678

1,772

Income before income taxes

40,00646,867

Income taxes—current

13,73815,85923(5)

Income taxes

13,761

15,853

Profit26,24431,014

Profit attributable to non-controlling interests

1,039

839

¥ 25,205¥ 30,174

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of shares of subsidiaries and associates
Extraordinary income
Extraordinary losses
Impairment loss
Loss on valuation of investment securities
Restructuring cost

Extraordinary losses

Income taxes—deferred

Profit attributable to owners of parent

Tokyo Broadcasting System Holdings, Inc.

13

INVESTOR INFORMATION 2020

Consolidated Financial Statements
Consolidated Statements of Cash Flows (Unaudited)
Millions of yen

As of March 31, 2020 and 2019
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Amortization of long-term prepaid expenses
Impairment loss
Amortization of goodwill
Loss (gain) on valuation of investment securities
Loss (gain) on sales of investment securities
Increase decrease in provision of noncurrent assets removal
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liability
Loss on retirement of non-current assets
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Decrease (increase) in prepaid expenses
Increase (decrease) in notes and accounts payable - trade
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates
Payments for investments in capital
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase in short-term loans payable
Repayments of long-term loans payable
Purchase of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation
Cash and cash equivalents at end of periodTokyo Broadcasting System Holdings, Inc.

14

2019

2020

¥ 40,006
14,897
37
390
1,796
—
(12,829)
(73)
83
(295)
173
1
(10,361)
226
702
(253)
319
2,390
(1,882)(32)
35,298
10,724(353)
1,331(11,785)
35,215¥ 46,867
14,843
44
835
1,796
821
(27,339)
—
(694)
(593)
236
(100)
(8,691)
25
559
1,502
186
(2,629)704(2,197)
26,177
9,054
(25)
110
(13,910)
21,406(27,074)(2,286)(3,805)
14,303(4,254)—
1,528(21,588)(15,550)(2,143)(2,320)28,434(1,485)
(500)
(471)
5,962

80
(18,294)(2)(5,415)
(161)
(169)
(424)
(24,387)32(10,728)
81,1291,632¥ 72,033—(1,200)(3,991)(5,235)(217)(3,000)(559)(14,202)(209)
12,95672,03370¥ 85,059

INVESTOR INFORMATION 2020

Major IndicesEarnings per Share

Return on Equity

(Yen)

(%)

173.285.2

144.31

83.12

16/3

92.46

17/3

4.3

98.38

18/3

19/3

20/3

Ratio of Ordinary Income to Total Assets

3.3

3.4

16/3

17/3

3.2

18/3

(%)

5.6

5.2

4.9
3.9
3.5

20/3

Ratio of Operating Income to Net Sales

(%)

3.5

19/3

5.1
3.7

3.6
2.7

16/3

17/3

18/3

19/3

16/3

20/3

Equity Ratio

16/3

71.1

18/3

19/3

20/3

Net Assets per Share

(%)

68.3

17/3

(Yen)

71.0

73.2

73.9

3,349.52 3,347.03 3,356.30
2,878.29

2,545.60

17/3

18/3

19/3

20/3

Tokyo Broadcasting System Holdings, Inc.

16/3

15

17/3

18/3

INVESTOR INFORMATION 2020

19/3

20/3

Major Indices

Number of Shares Issued
at the End of the Term (Including Treasury Shares)

Number of Treasury Sharesat the End of the Term
(Shares)(Shares)

190,434,968 190,434,968
174,709,837 174,709,837 174,709,837
15,981,914 15,871,409

41,774 43,205
16/3

17/3

18/3

19/3

20/3

16/3

Cash Flows from Operating Activities

17/3

18/3

2,388,826

19/3

20/3

Cash Flows from Investing Activities(Millions of yen)

(Millions of yen)

5,962
32,33736,485 35,536 35,215

21,406‒8,956 ‒10,078‒14,028‒21,588

16/3

17/3

18/3

19/3

20/3

16/3

Cash Flows from Financing Activities

17/3

19/3

Cash and Cash Equivalents,
at End of Period(Millions of yen)

(Millions of yen)

74,734‒5,326

18/3

81,12920/3

85,05972,03367,391‒7,730‒14,202‒24,387‒36,718

16/3

17/3

18/3

19/3

20/3

Tokyo Broadcasting System Holdings, Inc.

16/3

16

17/3

18/3

INVESTOR INFORMATION 2020

19/3

20/3

Segment Information

Consolidated Results by Business Segment(Millions of yen)

FY2020External
sales

y/y change

Operatingincomey/y change¥270,265–7,923¥ 2,409–5,481

Lifestyle

70,007–1,888

2,751

–143

Real Estate and Others

16,523

+254

7,942

+155

¥356,796–9,557¥13,103–5,469Media and Content

Consolidated

Capital Expenditures and Depreciation(Millions of yen)

Consolidated

FY2020Capital expenditures¥ 18,862

Depreciation

14,375

TBS Television

FY2020Capital expenditures¥ 7,937

Depreciation

8,514

FY2021 Consolidated Business Results Forecasts(Millions of yen)

2021

Consolidated

FY2021

Net sales¥323,800

Operating income

2,900

Ordinary income

10,200

Profit attributable to owners of parent

5,500

Note: The estimated figures above, which were announced on May 14, 2020, are subject to revision. For the most up-to-date estimatedfigures, please see the Company’s web site.

Tokyo Broadcasting System Holdings, Inc.

17

INVESTOR INFORMATION 2020

TBS Television 1

Breakdown of TBS Television Income(Millions of yen)

FY2020y/y change¥182,083–4,106Time advertising

87,230–669

Spot advertising

79,275–4,331

Content

10,892+62

Others

4,684

+831

Operations

25,304–2,926

Real estate

2,996

+36

¥210,384–6,997

Television

Total income

Monthly Changes in Time/Spot Earnings
(%)

150

Time
Spot
120

111.4
102.8
90

98.5

102.0

99.0

101.4

97.3

93.6
85.9

99.8

96.6
91.2

85.9

84.4

Sep.

Oct.

105.9

104.6

94.8

94.1

Nov.

Dec.

100.3

104.6
96.2

94.7

90.0

94.9

60
2019

Apr.

2020

May

Jun.

Jul.

Aug.

Jan.

Feb.

Mar.

1Q

2Q

3Q

4Q

Full year● Time

97.9

95.8

103.4

99.6

99.2

● Spot

101.1

93.2

91.2

93.9

94.8

20.2

19.2

19.1

18.9

19.3

TBS share among five key broadcasters

No Side Manager

An Incurable Case of Love

Tokyo Broadcasting System Holdings, Inc.

18

INVESTOR INFORMATION 2020

Ship of Theseus

TBS Television 2

Spot Advertising Sales Ranks by Business Category
FY2020(%)

Growth rate

Share

1

Information, telecommunications and broadcasting

–2.1

15.0

2

Food

+1.7

10.2

3

Alcoholic and other beverages

–10.7

9.3

4

Pharmaceuticals

–8.0

8.3

5

Cosmetics and toiletries

–18.9

7.1

6

Eating-out and services

+12.9

7.0

7

Transportation and leisure

–1.9

6.9

8

Automobiles and transportation equipment

–11.4

5.6

9

Financial services

–11.9

5.3

10

Real estate and construction

–2.1

4.2

(Ranked in order of sales)

TBS Television Business Segment Income
Segment
Show /
events business
Operations
bureauMoviesMoviesandAnimations
business
Animations

Remarks¥ 7,342–1,972

Revenue from theaters decreased dramatically due to increased cancellationof shows and events from the impact of the COVID-19 coronavirus. The
exhibition Mummies of the World , held at the National Museum of Natureand Science, Tokyo, had over 460,000 visitors, a historical high since its
opening as the autumn/winter exhibition.

1,641

–250

Kaguya-sama: Love Is War , which was released in September 2019, wasa smash hit and DVD sales were also solid. However, revenue decreased
because the number of released movies fell by 50% compared with last year.

904

Revenue increased partially thanks to solid DVD sales of The Quintessential+158 Quintuplets and The Demon Girl Next Door .

11,002+464

Regarding on-demand, revenue increased from the Paravi-related businessbecause of strong sales from An Incurable Case of Love and Ship of Theseus .
On the CS business front, revenue from the TBS Channel increased thanks toprime content, such as BTS .

Overseas business

2,528

–590

Revenue decreased reflecting difficulties in content sales to China and other
Asian countries and weak sales of formats.

Licensing business

1,289–320 Love were strong, revenue decreased reflecting weak overall sales in theMedia business
Content
businessbureauFull year y/y change(Millions of yen)

Extended fieldbusiness
Total

Todaioh

Although some projects such as sales of goods for An Incurable Case of
product commercialization business.

595

–415

¥25,304–2,926

Revenue declined due to the transfer of program-related businesses toother departments.

Sunday Morning

Tokyo Broadcasting System Holdings, Inc.

19

INVESTOR INFORMATION 2020

Hiruobi!

TBS Television 3

FY2020 Viewer Ratings(%)

All day

Golden time*

Prime time**TBS

6.0 (4th)

9.1 (4th)

9.1 (3rd)NTV

7.9 (1st)

11.6 (1st)11.2 (1st)TV Asahi

7.7 (2nd)10.8 (2nd)11.0 (2nd)TV Tokyo

2.6 (6th)

6.0 (6th)

5.5 (6th)

Fuji TV

5.7 (5th)

8.3 (5th)

8.0 (5th)NHK

6.5 (3rd)

10.5 (3rd)

9.1 (3rd)

HUT

40.1

59.4

56.8

Ratings for April 1, 2019 to March 29, 2020, on a weekly basis(According to research by Video Research Ltd. in the Kanto region)* 19:00–22:00** 19:00–23:00

TV Program Costs (Production Expenses)(Millions of yen)

FY2020FY2019y/y change

1Q¥24,066¥25,246–1,1802Q

24,59825,136–538

3Q

25,74824,394+1,353

4Q

25,05924,546+513

Direct expenses

19,996

19,287+709

Indirect expenses

5,063

5,259

–196

Fiscal year cumulative¥99,471¥99,322+148

Major expenses included in TV program costs:
Direct expenses:

Program production expenses, fees for broadcasting rights, fine arts production expenses,
technical production expenses

Indirect expenses: Absorbed costs including depreciation and personnel cost for employees

Pittanko Kan-kan

Monitoring

Tokyo Broadcasting System Holdings, Inc.

20

The World Unknown To Matsuko

INVESTOR INFORMATION 2020

Financial Data of Major Group Companies

TBS Radio Inc.

(Millions of yen)

FY2020
Amounty/y change¥9,567–217

Operating income

113

–177

Ordinary income

105

–189

Net income

64

–127

Net sales

BS-TBS, INC.

(Millions of yen)

FY2020
Amounty/y change¥16,849+450

Operating income

1,640

–705

Ordinary income

1,686

–708

Net income

1,145

–489

Net sales

StylingLife Holdings Inc. (Consolidated)(Millions of yen)

FY2020
Amounty/y change¥70,010–1,886

Operating income

3,412

–142

Ordinary income

3,396

–162

Net income

1,617

–211

Net sales

Tokyo Broadcasting System Holdings, Inc.

21

INVESTOR INFORMATION 2020

TBS Networks

JNN (Japan News Network)
JRN (Japan Radio Network)
TBS Television and TBS Radio have two of the most extensive commercial broadcasting
networks in Japan: 28 TV stations aﬃliated with the Japan News Network (JNN)and 34 radio stations aﬃliated with the Japan Radio Network (JRN) nationwide,
guaranteeing thorough and quality news gathering.
Our news network delivers accurate information in a split second, including fromoverseas bureaus in 10 major cities around the world.

JNN

HBC

ATV
RAB
ABS

JRN

Television Radio

IBC

TUY
YBC

TBC

BSN
KNB
TUT

MRO
FBC

BSS
TYS
KRY

RKB
NBC

OBS

RCC

ITV
RNB

RKK

MBC

RSK
RNC
JRT

MBS CBC
ABC

TUF
RFC

SBC

UTY
YBS
SBS

TBS
TBS R&C

WBS

RKC
KUTV

MRT

RBC

JNN Overseas Bureaus

London (& Middle East)

Moscow
Paris

Beijing

Seoul
Tokyo (TBS)Shanghai

Los Angeles

Bangkok

Tokyo Broadcasting System Holdings, Inc.

22

INVESTOR INFORMATION 2020

New York
Washington, D.C.

Tokyo Broadcasting System Holdings, Inc.
5-3-6 Akasaka, Minato-ku, Tokyo 107-8006, Japan
Phone: +81-3-3746-1111
www.tbsholdings.co.jp/ir/en/