TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

INVESTORINFORMATION

2013

Consolidated Financial Highlights
Net Sales

Operating Income(Millions of yen)

(Millions of yen)

372,306

351,262

342,754

346,538

352,351

18,457

16,188
12,162
7,705
3,343

09/3

10/3

11/3

12/3

13/3

09/3

10/3

Ordinary Income

Net Income (Loss)(Millions of yen)

(Millions of yen)

19,979

11/3

17,671

12/3

11,671

14,313
9,215

1,655

13/3

9,173

103

3,902
–2,313
09/3

10/3

11/3

12/3

13/3

09/3

10/3

Total Assets

Total Net Assets(Millions of yen)

(Millions of yen)

556,780

627,683

09/3

10/3

593,023

11/3

11/3

555,159

559,626

342,231357,076

344,658

12/3

13/3

09/3

10/3

11/3

12/3

322,597

12/3

13/3

344,473

13/3

Contents
2 To Our Stakeholders

11 Consolidated Financial Statements

3 Group Medium-Term Management Plan 2015

15 Major Indices

4 At a Glance

17 Segment Information

5 Organization

19 TBS Television

6 Corporate Data

22 Financial Data of Major Group Companies

7 Business Report

24 TBS Networks

Financial Figures
The financial figures used in this report are those used in the Japanese “Tanshin,” which has been created in accordance with the provisions set
forth in the Japanese Financial Instruments and Exchange Act. Thus, all figures 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 currently available.
These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this report. Suchrisks include, but are not limited to, market trends, economic conditions and changes in industry regulations.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20131

To Our Stakeholders
The business environment for the broadcasting industry isundergoing major change, factors in which are the overseas
transfer of businesses, the rapid demographic trend toward
smaller families and an older population structure, and theincreasingly diverse range of devices made possible bydigitalization.

The TBS Group sees its mission as becoming the best media

Turning to our business divisions, we are taking steps toGroup that creates the most powerful content, with a main

adapt to the rapid change in the business environment

focus on the broadcasting business. Providing programs thatbrought about by digitalization to achieve a diversified

have above all an emotional resonance with the viewer is our

expansion in revenue sources. In addition to efforts to boost

task. Equipped with the spirit of challenge to constantly takerevenue from existing business operations---stock movies andon new projects and a driving passion to make quality

established events, events in Sacas Square, pay television,

programs, we are continuing our advance to become theand shopping---we will actively develop new businesses. At

station with the strongest commitment to Japan’s future.

the same time, we will push forward with bold plans forIn the television business, despite the strong performancecontent development for applications such as social networkof HIRUOBI! and other programs with a regular daily slot,

games and smartphones and with content rollout to Asia andoverall audience ratings in the fiscal year ended March 31,

other overseas markets.

2013 remained in a transitional period.

Since the previous fiscal year, the TBS Group has focused

By strengthening our content creation capability whileon three key tasks: further strengthening the broadcasting

formulating a programming strategy in tune with thebusiness, achieving a diversified expansion of revenuechanging times and popular needs, we will target further

sources, and improving revenue capacity across the Group.

improvement of audience ratings. As we work to boost

Going forward, we will add to these the aim of enhancing

efficiency in the production process, we will strive to makeour overall media strategy, to continuously leverage to the full

quality programs unique to TBS to win ever stronger support

a wide range of media, including terrestrial broadcasting,from our valued viewers and advertisers.

satellite broadcasting, communication satellite, and radio, as

BS-TBS, INC. continues to show encouraging growth,well as the Internet and mobile terminals, and to fully expand

supported by a rise in media value. By driving synergies withthe value created by the corresponding content. Using theGroup companies to the maximum level, we will place TBS

combined strength of the TBS Group to tap the potential ofGroup revenue on an even more solid footing.

the coming era, we will work to boost corporate value andIn radio broadcasting, we succeeded in defending our

maximize the profits to be shared with stakeholders.

position at the top of the ratings table that we have held forBy establishing a position as the best media group

11 years and eight months. Although the businessproviding the most powerful content and thereby achieving

environment for the radio industry has grown increasingly

sustained growth, we are committed to discharging the duties

difficult, we are determined to apply further rigorous cost

entrusted to us by our stakeholders.

controls and secure new revenue sources in otherIn our efforts to realize the commitments and goals set out

businesses, coordinating this activity with our radio

above, I ask for the continued understanding and support ofbroadcasting operations.

our stakeholders.
June 2013

Toshichika Ishihara, President
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20132

Group Medium-Term Management Plan 2015
In 2010, TBS formulated its Group Management Plan 2014. Due, however, to major changes in the business environment
arising from the impact of the Great East Japan Earthquake and other factors, the plan content has been revised to create the
new Medium-Term Management Plan 2015.
First of all, in line with our aspiration to become a comprehensive media content group contributing to society, wedeclared our ambition to become the station with the strongest commitment to Japan’s future. Meanwhile, for the fiscal year
ending March 31, 2016, which marks the 65th year since our establishment, we have set ourselves the goal of becoming
Japan’s leading comprehensive media content group. To help us realize this ambition, we set out the four management goals
listed below.

Medium-Term Management Goals
1

Further strengthen the broadcasting business

2

Enhance our overall media strategy

3

Increase revenue capacity across the Group

4

Achieve a diversified expansion of revenue capacity through new business development
including overseas rollout of content

These goals consist of the three items declared in the previous fiscal year with the additional goal of enhancing our overall
media strategy.
As stakeholders know, a rapid diversification of media devices is in progress.
The TBS Group will redouble its efforts to continuously leverage to the full a diverse range of media, including terrestrial
broadcasting, satellite broadcasting, communication satellite, and radio, as well as the Internet and mobile terminals, thus
maximizing the value created by the corresponding content. We believe that this will help boost corporate value, which is why
we have added the task of enhancing our overall media strategy to the list of important goals facing the TBS Group.
Meanwhile, the numerical goals for the fiscal year ending March 31, 2015 are for consolidated net sales of ¥375,000
million and operating income of ¥23,000 million.
When compared simply with business results for the fiscal year ended March 31, 2013, this means an increase of 6.4% in
net sales and of 42.1% in operating income.
Committed to reaching these goals, the Group will press ahead with concerted efforts.

Goals of the Group Medium-Term Management Plan 2015
Fiscal year ending March 31, 2015
Consolidated net sales¥375,000 million

Consolidated operating income¥23,000 million

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20133

At a Glance
Our Business
The Group covers a wide range of businesses essentially including broadcasting. Our aim is to become the best
media group that provides the most powerful contents and software in the areas of information, entertainment,
lifestyle and culture.

Terrestrial TV
broadcasting

Net & mobile
contents

Planning &production ofaudio & visualcontents

Terrestrial radio
broadcasting

Manufacture &sale of cosmetics

Eating & drinking
establishments

Satellite
broadcasting

Real estateleasing

Miscellaneous
retailing

Business Activities (Year ended March 31, 2013)

Broadcasting Business

4.4%

35.5%

¥211.7 billion
60.1%

Multi -Visual Ventures and Cultural Events Business¥125.2 billion
Real Estate Business¥15.3 billion

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20134

Organization
As of January 1, 2013

Tokyo Broadcasting System Holdings, Inc.
Broadcasting Business

Multi-Visual Ventures
and Cultural Events BusinessTokyo Broadcasting System Television, Inc.

StylingLife Holdings Inc.
PLAZASTYLE CORPORATION B&C LABORATORIESTBS Radio & Communications, Inc.
Light-up Shopping Club Inc.

BS-TBS, INC.

CP COSMETICS

TBS-VISION, Inc.

Maxim’s de Paris Ltd.

FF TOHO INC.
TBS-TEX Inc.

Grand Marche, Inc.

DREAMAX TELEVISION, INC.

TC Entertainment Incorporated

AKASAKA GRAPHICS ART, INC.

TBS TriMedia, Inc.

Art Communication System, Inc.

NICHION, Inc.

TBS ProNex Inc.

TBS Service, Inc.

Japan Artvideo Service Collaborative, Inc.

OXYBOT, Inc.

Vucast, Inc.
TBS International, Inc.

Equity-method affiliates

TBS MEDIA RESEARCH INSTITUTE INCORPORATED

Tomo-Digi Corporation
Totsu Inc.

Real Estate Business

TLC Co., Ltd.
RG MARKETING CO., LTD.

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

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20135

Corporate Data
As of April 1, 2013

Date of Establishment

May 10, 1951 (Registered on May 17)

Head Office

5-3-6 Akasaka, Minato-ku, Tokyo 107-8006, Japan
URL: http://www.tbsholdings.co.jp/
Stock code: 9401, TSE First Section

Paid-in Capital¥54,986,892,896

Number of Employees

Tokyo Broadcasting System Holdings, Inc.

362

Tokyo Broadcasting System Television, Inc.

946

TBS Radio & Communications, Inc.

78

1

2

3

4

5

6

1. Akasaka Biz Tower
2. TBS Holdings Head Office
3. Scene of sub-control room at TBS Television
4. On set at TBS Television studio
5–6. Akasaka Sacas

Major Shareholders(as of March 31, 2013)

Number of shares held
(shares)

Percentage held(%)

9,310,500

6.09

8,729,500

5.71

Nippon Life Insurance Company

6,257,735

4.09

Mainichi Broadcasting System, Inc.

6,166,000

4.03

Sumitomo Mitsui Banking Corporation

5,745,267

3.76

Mitsui Fudosan Co., Ltd.

5,713,728

3.74

MITSUI & CO., LTD.

4,288,000

2.80

BIC CAMERA INC.

4,190,000

2.74

Kodansha Ltd.

3,771,200

2.47

Panasonic Corporation

3,083,180

2.02

Name of shareholder

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

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

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20136

Business Report
From April 1, 2012 to March 31, 2013

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

the football championship UEFA EURO2012, the London

During the fiscal year under review, the Japanese economy

Olympics and World Baseball Classic, while regular

went on to recover until the summer but came to a standstill on

programming sales were flat at the levels of the previous

the back of the slowdown in the Chinese and other overseas

fiscal year.

economies in addition to the European debt crisis. It rallied

Spot sales rallied as a reaction to the slowdown following

again as the excessively high yen appreciation was corrected

the Great East Japan Earthquake and remained brisk until theand the stock market rose supported partly by the economic

summer. Although the advertising market slowed down in andpolicy of the new administration together with the recovery inafter October partly due to the weak prospect for corporate

overseas economies.

earnings under the sluggish overseas economies and slow
consumption, full-year spot sales were up slightly from theIn the broadcasting industry, the TV advertising market grew

previous fiscal year.

active in the first quarter as a reaction to the slowdown
following the Great East Japan Earthquake. The market

The average audience ratings for terrestrial television

remained favorable until the summer owing partly to the

dropped slightly from the previous fiscal year across all time

positive effect of the London Olympics. However, some of theslots (6.6%), in the golden time slot (9.5%), and in the prime

momentum was lost in and after October partly due to the weaktime slot (9.6%). However, in the second half of the year we

prospect for corporate earnings under the sluggish overseas

advanced to the third place in the monthly average audience

economies and slow consumption.

ratings in March across all time slots as well as in the golden
time slot and the prime time slot, leveraging the momentum thatIn this operating environment, the TBS Group (hereinafterreferred to as “the Group”) sought to further strengthen its core

started from strong ratings for the special programs over theterrestrial television programs. The Group worked to build

year-end and new-year holidays.
In the variety show category, Friday night programs areoperating revenues and business development revenues throughevents held in the Akasaka Sacas commercial complex anddoing well as Bakuhou! THE Friday, Pittanko Kankan, andmade other efforts to ensure revenues from a broad range ofMasahiro Nakai’s SMAP Friday continued to deliver highbusiness segments.

ratings. Saturday night programs Athletic Fire and Job Tune

As a result of these developments, consolidated net sales ofwere also strong as popular weekend entertainment for the

the Group in the fiscal year ended March 31, 2013 increased

family. In addition, Mote Mote Ninety Nine, whose marriage

by 1.7% from the previous fiscal year to ¥352,351 million, andpromotion section is very popular, and the revamped Sanma’s

ordinary income increased by 23.5% to ¥17,671 million. Net

Gimmick TV are making progress in terms of audience ratings.
In the drama category, Nichiyo Gekijo ATARU achieved anincome, however, decreased by 21.4% from the previous fiscal
year to ¥9,173 million, owing to a drop in extraordinary

average audience rating of 15.6% supported by broad

income in comparison with the previous fiscal year.

audience. Another Nichiyo Gekijo program, Tonbi (Black Kite),a moving story of love and strong bonds between parents andBroadcasting Businesschildren, pulled the heartstrings of the audience and recorded

Consolidated net sales from the Broadcasting Businessan average audience rating of 15.5%. Likewise, the serial

increased by 3.8% from the previous fiscal year to ¥211,780

dramas of Hancho 6, Summer Rescue Clinic in the Clouds, andmillion, while operating income improved by ¥3,265 million to

Yakou Kanransha (Midnight Ferris Wheel) maintained the¥3,866 million.

support of many fans. In special programs, a special drama forthree consecutive nights — Blackboard: Teachers Who Fought

Television

against Time, which describes the life of teachers who fought

Terrestrial television time sales rose from the previous year’s

for the sake of better education amid turbulent times — wasresult supported by the contribution of special programming

highly praised. In addition, Double Face, a collaboration

sales of major sports programs, such as Women’s and Men’s

program with satellite broadcaster WOWOW, became a hit

Volleyball World Final Qualification for the London Olympics,

for its large-scale production.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20137

Business Report
From April 1, 2012 to March 31, 2013

In the sports category, TBS broadcasted the exciting moments

and stagnant growth in penetration rates. In this operatingof the London Olympic games every day during the summer,

environment, BS-TBS, INC. has been working to improve its

and achieved an average audience rating of 9.1%, placing it

brand image and profitability by providing quality programs

the second among other commercial TV broadcastingwith original content. One such effort has been to createcompanies. In particular, Women’s and Men’s Volleyball WorldGARYO NO TEN: Masamune Date Who Was Called the

Final Qualification for the London Olympics, a joint live

One-eyed Dragon, a large-scale samurai drama for the first timebroadcast with Fuji Television Network, earned a higher

for commercial BS companies.

average audience rating compared to the previous one.
Meanwhile, in the World Baseball Classic aired in March, theRadiofirst-round playoff “Japan vs. Cuba” hit an audience rating ofTime sales grew steadily, supported by advertising revenues

22.8% and the second-round of two matches, “Japan vs.

from major sponsors in the toiletries and health food sectors. In

Holland,” recorded 34.4% and 30.4%, both exceeding theaddition, we acquired new sponsors in the music andthreshold of 30%. The semi-final match “Japan vs. Puerto Rico”

automobile sectors for the midnight time slot, for which sales

recorded an audience rating of 20.3% despite the quiet time

had been sluggish despite favorable audience ratings.

slot of Monday morning, which indicated the high level of

Nevertheless, these factors were not enough to offset a decreaseinterest from viewers.

in sponsors for TV programs and night baseball games on anational TV network. As a result, overall results in time sales

In the category of across-the-board information programs,

decreased from the previous fiscal year.

Mino Monta no Asa Zuba! and HIRUOBI! successfully

Spot sales had solid growth as revenues from live advertising

maintained stable audience. In particular, the afternoon slotof HIRUOBI!, and also its morning slot (later in the secondusing radio personalities increased particularly in the areas ofhalf), achieved the top average audience ratings on an

toiletries and health food. In addition, revenues from campaignannual basis in each respective time slot. With respect tospots in the foreign cars and food sectors grew steadily.

special programs, the program 3.8 Billion Years of Life: Latest

However, there was also a negative factor of declining

Gene Mystery—What Is a Human Being? and the four-hoursponsors, which led to slight declines in overall results of spot

special program, Urgent! Think about Huge Earthquakes withsales from the previous fiscal year.
In terms of programming, we started a new long program,

Akira Ikegami: How to Protect Yourself during an Earthquake,were highly popular, satisfying the intellectual curiosity of theTamamusubi, on weekday afternoons. In the program, twoviewing audience.

female personalities, Tamao Akae (Monday to Thursday) and
TBS announcer Haruka Kobayashi (Friday), talk with various

In the news category, we strived to continuously provide
quality news focusing on the leading news programs N Suta

unique partners on each weekday such as Bibiru Oki and Ryota

and NEWS23X. The documentary drama Being Forcibly

Yamasato (Nankai Candies). The program currently maintains a

Returned to Homeland: Forgotten Brides, which was created infavorable level of audience ratings. In addition, ranked as top

commemoration of the 40th anniversary of the normalization ofin the audience rating surveys in the Tokyo Metropolitan area,

diplomatic relations between Japan and China, describing

TBS Radio has maintained its position as a leading radio

people in unfortunate times, was highly appreciated by thecompany in the area for 70 consecutive periods since fiscal

viewing audience. At the end of 2012, we aired a special longyear 2001 (ended August). This is due mainly to the success of

TV program, Day of News 2012, using a simultaneouslong programs on weekdays and Sinichiro Azumi’s Sunday

documentary approach to introduce the 60-year history of

Heaven, aired on Sunday mornings. Furthermore, TBS RadioTV news.

achieved the top audience rating among other commercial
radio companies with its special program for election returns for

As of March 31, 2013, 28 companies throughout Japan
were affiliated with the Group’s JNN television network. The

the Lower House general election aired in December 2012,

number was unchanged from the previous fiscal year.

which proved its high level of credibility.
In the broadcast related business, we started a new business,

BS digital broadcasting, a rapidly growing media business,saw stable growth resulting from the success of programming“T2D,” which offers services of concert sound-source recording

targeting generations different from those for terrestrial televisionand fee-based distributions after concerts based mainly inprograms. However, there still remain concerns such as

Akasaka BLITZ in Tokyo. The business has attracted the attention

intensified competition with the new participation of channelsof the music industry as well. Meanwhile, the housing business

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20138

Business Report
From April 1, 2012 to March 31, 2013

performed well, including the opening of TBS Housing Shibuya

and other facilities, which attracted around six million visitors

for the first time in the Tokyo metropolitan area. However,a year.

overall results in the broadcast related business decreased fromIn the video business, the cinema film The Floating Castle

the previous fiscal year mainly due to increased costs in thereleased in November 2012 earned ¥2,800 million. The

software business.

film was highly appraised and won best prizes in 10 categories

As of March 31, 2013, 34 companies throughout Japanof the Japan Academy Prize. Other films such as Theatricalwere affiliated with the TBS radio network JRN. This number isversion SPEC-Heaven and Love for Beginners attracted young

unchanged from the previous fiscal year.

fans and achieved increased audiences. Tenchi: The Samurai
Astronomer and The Castle of Crossed Destinies were

Multi-Visual Ventures and Cultural
Eventsalso popular.
In the DVD business, the DVD and Blu-ray Disc (BD) editions

Although net sales from the Multi-Visual Ventures and Culturalof TV dramas such as ATARU, My Daddy Is an Idol!, Beginners!

Events Business decreased by 1.6% from the previous fiscal

and Monsters were released at the same time, and enjoyedyear to ¥125,230 million, operating income increased by 5.8%

strong sales. The BD edition of midnight TV programto ¥5,442 million.

Momokuro Dan was also received favorably by its fans andIn the cultural events business, newly opened Tokyu Theatre

others. In the animation business, the DVD and BD editions of

Orb (Shibuya, Tokyo) presented its first play, West Side Story,

cinema film K-ON! MOVIE released last year achieved strong

which won great applause. Likewise, the French-version musicalsales, while Hidamari Sketch × Hanikamu and Boku wa

Roméo & Juliette was also highly successful. Akasaka ACT

Tomodachi ga Sukunai Next steadily increased their popularity

Theater presented a wide variety of plays responding toamong animation fans.

audience expectations, including : Roméo & Juliette by Takeru

In the program syndication business, sales of TV program

Sato and Satomi Ishihara; Chicago by Ryoko Yonekura, whoformats targeting overseas markets and offering TV program

made her Broadway debut; The Cloistered Flower of Yamato

concepts, grew steadily. The popular TV program SASUKE andProtects Her Kimono Sleeve from the Alien Rain by living

Takeshi’s Castle have been aired in some 160 countries andnational treasure Tamasaburo Bando; Bring Me My Chariot ofregions, while America’s Funniest Home Videos of Fun TV with

Fire by Tsuyoshi Kusanagi, Cha Seung-Won and others; andKato-chan and Ken-chan has been aired 500 times in the

Akasaka Oo-Kabuki: Kaidan Chibusa-no-Enoki by Kankuro

golden time slot. Furthermore, a new format of Brain Survivor

Nakamura and Shichinosuke Nakamura. The Tetsuya

has been favorably received, as the quiz show was aired in

Kumakawa K-Ballet Company continued to enchant fans by

more than 70 countries/regions and nominated for thestaging productions such as Le Corsaire, Triple Bill, Don

Emmy Award.

Quixote, The Nutcracker, and Cinderella. The live event ofIn the communication satellite business, TBS On DemandSouth Korea’s popular drama Big also attracted many visitors.

(video distribution service) expanded its services for fixed-rate

In the exhibition business, the exhibition The Inka Empire

unlimited viewing plans operated by NTT Docomo, KDDI,

Revealed: Century After the Machu Picchu “Discovery” held at

Softbank and other telecommunications operators. In addition,

the National Museum of Nature and Science in Tokyo attracted

the redistribution service for the serial drama Yakou Kanransha

more than 450,000 visitors. The exhibition was designed to(Midnight Ferris Wheel) and other animation programs was

explore the entire picture of the Inka Empire based on the threefavorably welcomed, contributing to strong sales growth. As fordomains of archaeology, anthropology and historical science.

the communication satellite program, we expanded our

Other exhibitions such as From Renaissance to Rococo: Four

broadcasting system to three channels, by adding “TBS Channel

Centuries of European Drawing, Painting and Sculpture,2” in October 2012. This move will enable us to actively offer

Masterworks from the Collections of the Prince of Liechtenstein,more masterpiece dramas as well as sports and original

and Peter Paul Rubens: Italian Origin and Antwerp Studio ofprograms, which has been difficult with our existing two

Glory were also favorably received.

channels “TBS Channel 1” and “TBS News Bird” only. By so

We hosted seasonal events in the Akasaka Sacas commercial

doing, we aim to further expand the number of subscribers.

complex, including 2012 Spring Sacas: Active Children SquareIn the license business, we implemented a collaborativeand 2012 Summer Sacas: Smiling Door at Sacas Square andadvertising event for the TV drama Monsters throughother spots. We also held our annual event called Sacaspo!

collaboration with about 14,800 major convenience storesWhite Sacas Sports Festa by offering the outdoor skating rink

across Japan. In addition, we hosted “Hanamaru Market

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20139

Business Report
From April 1, 2012 to March 31, 2013

Omeza Fair” at the “Tree Village” shop in the world’s tallest

technologies for broadcasting in the areas where access totower, Tokyo Skytree. The shop is jointly run by five commercial

terrestrial digital broadcasting is limited and frequency resetting

TV broadcasting companies in Tokyo, where they sell their TV(repacking) after the termination of analog broadcasting. At

program-related products. The fair attracted many visitors: inTokyo Skytree, which is scheduled to become the new transmitter

particular, “Madame Brulee,” an original baumkuchen sweet

station from May this year, we are continuing preparations

under the Madame Shinco brand, proved to be very popular

toward the start of broadcasting and have now installed theand sold out every day.

broadcasting facilities for use in terrestrial digital broadcasting.

In the shopping business, sales from Women’s Shopping

We have also installed live-feed cameras from the Tokyo Skytree

Mission 4 aired in November 2012 hit a record high, including

viewing platform to provide a 360-degree view of the Kanto

sales from its rebroadcast. We also took new approaches

region, enabling viewers to enjoy scenes from the 375-meter-

including a special TV shopping program Machaaki’s Fancy

high platform when watching certain programs and so on.

Shopping Laboratory with Masaaki Sakai as presenter, which

As for program production facilities, we upgraded theaired in February 2013.

visual/audio system of M1 Studio of Midoriyama Studios (theIn the digital business, our original social network gamemain facility for drama production). At the Akasaka

SPEC: Card Collection achieved strong sales. This indicates that

Broadcasting Center, the main facility for variety show programs

the game development business where we have made a full-and live programs, we upgraded the audio system in Studio A

scale entry will become a new revenue source. We also

and the camera/visual/audio system in Studio B to enhance

expanded our digital signage service “Campus TV” to aroundour production technical capabilities and further ensure

60 universities across Japan, and added new informationalsmooth production.

programs to develop the business further. In addition, we

As for the various operations related to program recording,actively promoted the second-screen service that integrates

editing and broadcasting conducted at the broadcasting center,broadcasting and mobile device (such as smartphones) services,

we are steadily working toward a transition to a data file system

by introducing it in All Star Thanksgiving Festival andthat uses personal computers and servers in place of video

other programs.

tapes. In the fiscal year under review, we completed the designof a sports news system, and some of the functions of thisReal Estate Businesssystem, such as recording, have started to be used in

Net sales from the Real Estate Business increased by 0.4% fromproduction. Our next project will be to develop similar systems

the previous fiscal year to ¥15,341 million, and operating

for news and current affairs programs and across-the-board

income increased by 7.3% to ¥6,889 million.

information programs. Through such measures, we plan to

Akasaka Sacas, which has reached the fifth anniversary ofsignificantly reduce video tape costs and improve

its opening, has established itself as a popular cultural andoperational efficiency.

entertainment center through the provision of various
performances and events held in Sacas Square. The salesof the Akasaka Biz Tower commercial complex recovered from

3 Capital Procurement

the effect of the earthquake disaster, and Akasaka The

Total interest-bearing debt of the Group at the end of the fiscal

Residence residential facility continued to have a high rate ofyear under review was ¥107,200 million (excluding lease

successful contracts.

obligations), consisting of ¥50,000 million in bonds payableand ¥57,200 million in long-term loans payable (including thecurrent portion).

2 Capital Investment

In order to ensure flexible access to operating capital, as of

Total capital investment in the fiscal year under review was

the end of the fiscal year under review, StylingLife Holdings Inc.,¥11.5 billion. The principal investment item was facilities

a consolidated subsidiary of the Company, had establishedrelated to digital terrestrial broadcasting.

commitment line agreement totaling ¥5,500 million with

The Company completed the transition to digital terrestrial

multiple financial institutions (the balance of the funds drawn isbroadcasting in the Kanto region in July 2011 and continued

nil, and the available balance is ¥5,500 million).

work in the fiscal year under review to upgrade facilities in

Besides the above, with the aim of streamlining of funds,

cooperation with other commercial TV broadcasting companies

some of the account receivables are in the process ofand NHK. Such work included the accommodation of newliquidation.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201310

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

As of March 31, 2013 and 2012

2012

2013

¥ 79,001¥ 68,243

Notes and accounts receivable—trade

36,76737,568Merchandise and finished goods

6,726

7,174

Program rights and work in process

6,142

8,149

AssetsCurrent assets
Cash and deposits

627

581

Prepaid expenses

8,410

6,477

Deferred tax assets

2,696

5,044

Other

6,112

6,030

Allowance for doubtful accounts

(116)

(139)

146,368

139,130

Raw materials and supplies

Total current assets
Noncurrent assets
Property, plant and equipment

190,731

192,312

Accumulated depreciation(79,621)(85,098)

Buildings and structures, net

111,109107,213

Machinery, equipment and vehicles

83,281

83,518(74,906)(74,992)

8,375

8,526

22,58824,116(20,262)(21,965)

2,326

2,150

Land

84,55384,554

Lease assets

6,725

6,625

Accumulated depreciation(3,513)(3,787)

Lease assets, net

3,211

2,837

Construction in progress

4,467

6,748

214,044

212,030

Buildings and structures

Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

Total property, plant and equipment
Intangible assets
Software

5,024

4,768

Goodwill

23,96622,360458

347

Lease assets
Other

2,048

1,702

Total intangible assets

31,497

29,178149,363

164,463

414

283

Deferred tax assets

1,472

1,706

Long-term prepaid expenses

1,046

949

Other

Investments and other assets
Investment securities
Long-term loans receivable

11,767

12,613

Allowance for doubtful accounts

(815)

(728)

Total investments and other assets

163,248

179,286

408,790

420,496¥ 555,159¥ 559,626

Total noncurrent assets
Total assets
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201311

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

As of March 31, 2013 and 2012

2012

2013

¥ 34,688¥ 34,814

Short-term loans payable

20,000—Current portion of long-term loans payable

11,75031,200Accounts payable—other

11,782

11,431

Income taxes payable

3,123

3,982

827

684

5,070

5,761

184

191

—

1,080

Other provision

1,058

1,134

Other

6,672

5,809

Total current liabilities

95,156

96,090Bonds payable

50,00050,000Long-term loans payable

47,00026,000

Provision for retirement benefits

12,97813,431

Lease obligations

2,235

1,590

Deferred tax liabilities

10,121

12,681Other

15,06915,358

Total noncurrent liabilities

137,405

119,062

232,561

215,152

Capital stock

54,98654,986

Capital surplus

60,25460,254Retained earnings

222,303

228,882

Treasury stock(48,972)(48,973)

Total shareholders’ equity

288,572

295,150

20,32933,468Deferred gains or losses on hedges

(357)

(46)

Foreign currency translation adjustment

(186)

(106)

19,78533,314

Minority interests

14,23816,008

Total net assets

322,597

344,473¥ 555,159¥ 559,626

Liabilities
Current liabilities
Notes and accounts payable—trade

Accrued consumption taxes
Accrued expenses
Provision for directors’ bonuses
Provision for measures associated with the relocation of transmitting station

Noncurrent liabilities

Total liabilities
Net assets
Shareholders’ equity

Valuation and translation adjustments
Valuation difference on available-for-sale securities

Total valuation and translation adjustments

Total liabilities and net assets
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201312

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

Years ended March 31, 2013 and 2012

2012

2013

¥ 346,538¥ 352,351

244,086

245,187

102,451

107,164

90,28890,975

12,162

16,188

78

78

3,182

2,605

79

43

Other

1,089

811

Total non-operating income

4,429

3,538

1,407

1,308

Loss on retirement of noncurrent assets

228

110

Other

643

637

2,279

2,055

14,313

17,671

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates

Non-operating expenses
Interest expenses

Total non-operating expenses
Ordinary income
Extraordinary income

—

126

302

1

5,959

—

Gain on step acquisitions

210—

Total extraordinary income

6,471

127

—

1,377

1,913

716

201

711

Office transfer expenses—

518

Loss on revision of retirement benefit plan

20

67

Loss on liquidation of subsidiaries and affiliates

462—

Early extra retirement payments

333—

Loss on valuation of golf club membership

250—

Loss on purchase of treasury stock

149

—

3,330

3,392

Income before income taxes and minority interests

17,454

14,407

Income taxes—current

3,956

5,363

Income taxes—deferred362(1,979)Gain on bargain purchase
Gain on sales of investment securities
Gain on sales of subsidiaries and affiliates' stocks

Extraordinary loss
Loss on measures associated with the relocation of transmitting station
Loss on valuation of investment securities
Impairment loss

Total extraordinary losses

Total income taxes

4,319

3,383

Income before minority interests

13,135

11,023

Minority interests in income

1,463

1,850

¥ 11,671¥ 9,173

Net income
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201313

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

Year ended March 31, 2013 and 2012

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of long-term prepaid expenses
Amortization of goodwill
Gain on valuation of investment securities
Gain on sales of investment securities
Gain on sales of stocks of subsidiaries and affiliates
Retirement benefit expenses
Loss on retirement of noncurrent assets
Increase in provision for measures associated with the relocation of transmitting station

Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in (earnings) losses of affiliates
Decrease (increase) in notes and accounts receivable—trade
Decrease (increase) in inventories
Decrease in prepaid expenses
Increase in notes and accounts payable—trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes refund
Income taxes paid
Net cash provided by 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 investments in subsidiaries resulting in change in scope of consolidation
Proceeds from sales of investments in subsidiaries resulting in change in scope of consolidation

Other, net
Net cash used in investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
Net cash used in financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Increase in cash and cash equivalents from newly consolidated subsidiary
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of periodTOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2013
14

2012

2013

¥ 17,454
15,078
545
1,946
1,913
(302)
(5,959)
576
377
—
265
(3,261)
1,407(79)(2,272)
961
572
2,014
210
31,4503,263(1,476)525(3,689)30,072¥ 14,407
14,147
252
1,605
716
(1)
—
340
110
1,080
(92)
(2,684)
1,308
(43)
(785)
(2,409)
2,002
116
469
30,542
2,688(1,281)569(4,362)28,156(6,057)(2,346)(2,703)466(1,389)5,911
387(5,731)(10,662)(1,808)
(703)
1
—
—
(476)
(13,649)

2,283(14,842)—(1,750)19,899(20,000)(1,336)(44)(1,203)(16,993)
18
7,367—
71,434¥ 78,801—(20,000)
10,800(12,350)——(2,591)(53)(1,279)(25,475)
106(10,861)91
78,801¥ 68,031

Major Indices

Net Income per Share

Return on Equity

(yen)

(%)

74.71
60.27
3.6

8.71

2.9

0.5

0.54

0.0
–0.7

–12.18
09/3

10/3

11/3

12/3

13/3

09/3

Ratio of Ordinary Income to Net Assets

11/3

5.0

3.2

4.6
3.5

1.5

2.2

0.7
10/3

1.0
11/3

12/3

13/3

09/3

Equity Ratio

09/3

10/3

11/3

12/3

13/3

Net Assets per Share

(%)

59.5

13/3

(%)

2.5

09/3

12/3

Ratio of Operating Income to Net Sales

(%)

3.7

10/3

(yen)

55.2

56.4

55.5

10/3

11/3

12/3

58.7

1,743.69

13/3

09/3

1,822.22

1,759.70

10/3

11/3

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201315

2,025.89

12/3

2,158.00

13/3

Major Indices

Number of Shares Issued at the End of the Term

Amount of Treasury Stock at the End of the Term

(Including Treasury Stock)(shares)(shares)

38,225,599 38,226,794

190,434,968 190,434,968 190,434,968 190,434,968 190,434,968

09/3

10/3

11/3

12/3

13/3

Cash Flows from Operating Activities

415,314418,165

453,652

09/3

10/3

11/3

12/3

13/3

Cash Flows from Investing Activities(million yen)(million yen)

36,406

6,278
30,03630,07228,156–5,731–13,649–13,754

18,646–60,082
09/3

10/3

11/3

12/3

13/3

09/3

Cash Flows from Financing Activities

10/3

11/3

12/3

13/3

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

42,49378,801
71,434

48,571

68,031

52,249–1,379–17,037–16,993–25,475

09/3

10/3

11/3

12/3

13/3

09/3

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2013
16

10/3

11/3

12/3

13/3

Segment Information
Consolidated Results by Segment(millions of yen)

FY2013External
sales

y/y change

Operatingincomey/y change

Broadcasting Business¥211,780+7,844¥ 3,866+3,265Multi-Visual Ventures and Cultural Events Business

125,230–2,094

5,442

+297

Real Estate Business

15,341

+64

6,889

+468

Consolidated Business¥352,351+5,813¥16,188+4,025

Capital Expenditures and Depreciation(millions of yen)

Consolidated

FY2013

Capital expenditures¥ 11,597

Depreciation

12,965TBS Holdings

FY2013

Capital expenditures¥

346

Depreciation

3,282

TBS Television

FY2013

Capital expenditures¥ 7,144

Depreciation

7,510

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201317

Segment Information
FY2013 Consolidated and TBS Television Business Results Forecasts(millions of yen)

2014

Consolidated

FY2014

Net sales¥356,000

Operating income

16,500Ordinary income

17,400Net income

8,100

Business Results Forecast by Segment(millions of yen)

Consolidated

FY2014

Consolidated net sales¥356,000Broadcasting Business

214,000

Multi-Visual Ventures and Cultural Events Business

127,000

Real Estate Business

15,000Consolidated operating income

16,500Broadcasting Business

4,300

Multi-Visual Ventures and Cultural Events Business

6,000Real Estate Business

6,200(millions of yen)

2014

TBS Television

FY2014

Net sales¥218,600

Operating income

7,100

Ordinary income

8,500

Net income

5,000Time/Spot, Program Cost Forecasts
1st half

2nd half

Full year

Time

–1.8%

+1.9%

0.0%

Spot

+2.0%

+6.3%

+4.2%

—

—

¥97,530 million

Program cost

Note: The estimated figures above, which were announced on May 11, 2012, are subject to revision. For the most up-to-date estimated figures, please see
the Company's web site.
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201318

TBS Television

1

HIRUOBI!

Pittanko Kankan

Mino Monta no Asa Zuba!

Breakdown of TBS Television Income(millions of yen)

FY2013y/y change¥184,247+4,137

Time advertising

88,595+3,180Spot advertising

83,655+151

Program sales in Japan

3,691

–147

Others

8,304

+953

Operations

26,036+450

Real estate

2,887

+2

¥213,172+4,590

Television

Total income

Year-on-Year Changes in Time/Spot Earnings(Unit: %)

130

127.0

130.1

Time

114.1

Spot

110

111.9
102.8

101.5
103.5

104.1

100.0

90

112.0

108.8

100.7

97.4

93.0

100.9
97.8

96.9

100.6

96.8

93.2

91.9

95.2

95.6

Feb.

Mar.

85.6
70
2012

Apr.

2013

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Q1

Q2

Q3

Q4

Full year● Time

107.0

101.8

102.9

103.3

103.7

● Spot

117.9

96.2

93.1

96.1

100.2

19.3

19.9

19.8

19.4

19.6

TBS share among five key broadcasters

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2013
19

TBS Television

2

ATARU

Tonbi (Black Kite)

Spot Advertising Sales Ranks by Business Category
FY2013(%)

Growth rate

Share

1

Foods

+1.3

10.6

2

Alcoholic and other beverages

–12.4

10.0

3

Information, telecommunications, and broadcasting

+5.0

9.2

4

Pharmaceuticals

–6.3

8.8

5

Automobiles and transportation equipment

+22.6

8.8

6

Cosmetics and toiletries

–3.2

8.1

7

Precision instruments and office machines

–7.7

5.6

8

Financial services

+11.7

5.6

9

Distribution

+6.7

4.7

10

Transportation and Ieisure

+32.0

4.5

(Ranked in order of sales proceeds)

TBS Television Business Segment Income
Contents

Cultural business (events)

Full year(millions of yen)y/y change¥ 3,299 +1,047

Remarks
Revenue expanded markedly after brisk sales of the ballet performance of Tetsuya
Kumakawa K-Ballet Company, the Berlin exhibit and the Inka Empire Revealed exhibit.

OperationsShow businessdivision

3,119

–343

Despite the success of West Side Story and Akasaka O-kabuki, revenue was lower
than in the previous year, when there was a smash hit show.

Movie business

1,682

+261

Revenue surged with successful titles such as SPEC: Ten, The Floating Castle and Love
for Beginners.

DVDs

2,831

–1,103

Despite healthy achievements of SPEC, ATARU and Momokuro-Dan, revenue tumbled
after a slowdown of the DVD market and the postponement of a planned DVD releaseto the next fiscal year.

Animations

2,004

+34

Revenue increased from the preceding year with brisk DVD and blu-ray sales of K-ON!
MOVIE.

Program sales
abroad

1,167

+152

—

Other program
sales

327

–139

—

Pay-TV business

8,266

+656

Revenue jumped after significant briskness of TBS on Demand.
The CS business of TBS Channel and TBS NEWS BIRD remained strong.

Licensing business

1,195

–177

—

Digital business

2,143

+61

Revenue rose following the popularity of game titles featuring SPEC and others andprojects linked with TV programs, despite a decline in mobile phone charges.

Total¥26,036+450

Multivisualbusiness

Content
business
divisionContentssales
business

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201320

TBS Television

3

IAAF World Championships Daegu 2011

IAAF Championship Daegu 2011

©PHOTO KISHIMOTO

FY2013 Viewer Ratings(%)

All day

Golden time*

Prime time**TBS

6.6 (5th)

9.5 (5th)

9.6 (5th)NTV

7.9 (1st)

12.1 (2nd)11.9 (2nd)

TV Asahi

7.8 (2nd)12.4 (1st)12.7 (1st)TV Tokyo

2.9 (6th)

6.8 (6th)

6.4 (6th)

Fuji TV

7.1 (3rd)10.9 (4th)

11.0 (3rd)NHK

6.7 (4th)

11.5 (3rd)

10.3 (4th)

HUT

41.5

63.8

62.3

Ratings for April 2, 2012 to March 31, 2013, on a weekly basis* 19:00–22:00** 19:00–23:00(According to research by Video Research Ltd. in the Kanto region)

TV Program Cost (Production Expenses)(millions of yen)

FY2013

FY2012y/y change

Q1¥26,193¥23,877+2,316Q2

25,70023,492+2,208Q3

23,54823,326+222

Q423,412

24,229–817¥94,924+3,928

Direct expenses–18,223

Indirect expenses–5,189Fiscal year cumulative¥98,853

Next fiscal-year forecast

97,530(Next fiscal-year forecast includes a ¥500 million margin of error)

Major expenses included in TV program cost:Direct expenses:

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

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

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201321

Financial Data of Major Group Companies
TBS Radio & Communications, Inc.

(millions of yen)

FY2013
AmountNet salesy/y change¥10,802–342

Operating income

353

–120

Ordinary income

359

–128

Net income

224

+17

Recorded the highest ratings for 72 consecutive periods from August 2001 to June 2013.

BS-TBS, INC.

(millions of yen)

FY2013
AmountNet salesy/y change¥13,646+2,209Operating income

2,419

+662

Ordinary income

2,441

+668

Net income

2,908

–285

Grand Marche, Inc.

(millions of yen)

FY2013
AmountNet salesy/y change¥15,314+207

Operating income

467

–24

Ordinary income

578

–46

Net income

370

+19

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201322

Financial Data of Major Group Companies
TC Entertainment Incorporated(millions of yen)

FY2013
AmountNet salesy/y change¥ 5,583+1,048Operating income

310

+196

Ordinary income

311

+195

Net income

166

+99

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

FY2013
AmountNet salesy/y change¥69,489–208

Operating income

1,757

+210

Ordinary income

1,548

+127

184

+65

Net income© Suzy Spafford

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201323

TBS Networks
JNN (Japan News Network)
JRN (Japan Radio Network)
TBS Television and TBS R&C harness two of the most extensive commercial
broadcasting networks in Japan, in which 28 TV stations affiliated with theJapan News Network (JNN) and 34 radio stations affiliated with the Japan
Radio Network (JRN) nationwide guarantee thorough and quality news
gathering.
Our news network delivers accurate information in a split second, inalliance with overseas bureaus placed in 11 major cities around the world.

HBC

ATV
RAB
ABS

JNN

Television

JRN

IBC

TUY
YBC

Radio

BSN
KNB
TUT

MRO
FBC

BSS
TYS
KRY

RKB

ITV
RNB

OBS

NBC

RKK
MBC

RCC
RKC
KUTV

MBS
ABC

RSK
RNC
JRT

TUF
RFC

SBC

UTY
YBS

CBC

TBC

TBS
TBS R&C

SBS

WBS

MRT

RBC

JNN Overseas Bureaus

LondonMoscow
BerlinBeijing
Middle East

Seoul
Tokyo (TBS)Shanghai

Los Angeles

Bangkok

Tokyo Broadcasting System Holdings, Inc.
5-3-6 Akasaka, Minato-ku, Tokyo 107-8006, Japan
Phone: +81-3-3746-1111 Fax: +81-3-3588-6378 www.tbsholdings.co.jp

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201324

New York
Washington, D.C.