Investor Information

2010

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Financial Highlights
Net Sales

Operating Income
Millions of yen

Millions of yen

500,000

30,00025,327372,306

400,000

306,041

318,700

315,175

351,262

20,62420,000300,000

16,404

18,457200,000
10,0003,343

100,000
0

0

06/3

07/3

08/3

09/3

10/3

06/3

Ordinary Income

07/3

08/3

09/3

10/3

Net Income (Loss)
Millions of yen

30,000Millions of yen
25,00026,21623,08820,00019,02220,00019,97915,00013,513

13,29915,38810,0005,000

10,000

3,902

1,655

–2,313

09/3

10/3

0
–5,000

0

06/3

07/3

08/3

09/3

10/3

06/3

Total Assets

07/3

08/3

Total Net Assets
Millions of yen

Millions of yen
500,000

800,000

600,000

555,271567,722627,683
537,211400,000

556,780

378,026

385,298

06/3

07/3

360,376342,231357,076

08/3

09/3

10/3

300,000
400,000
200,000
200,000

100,000

0

0

06/3

07/3

08/3

09/3

10/3

Contents
To Our Stakeholders

102

The Group Management Plan 2014

14

Major Indices3

At a Glance

16

Segment Information

1

Consolidated Financial Statements

4

Organization

17

TBS Television5

Corporate Data

20

Financial Data of Major Group Companies

6

Business Report

Financial Figures
The financial figures used in this report are those used in the Japanese “Tanshin,” which has been created in accordance withthe provisions set forth in the Japanese Securities and Exchange Law. 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 materiallyfrom those discussed in this report. Such risks include, but are not limited to, market trends, economic conditions and changes inindustry regulations.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2010

To Our Stakeholders

Tokyo Broadcasting System Holdings, Inc. / Tokyo Broadcasting System Television, Inc. / Chairman, Hiroshi Inoue (center)
Tokyo Broadcasting System Holdings, Inc. / President, Keizo Zaitsu (left)
Tokyo Broadcasting System Television, Inc. / President, Toshichika Ishihara (right)

Next spring, Tokyo Broadcasting System, Inc. (“TBS”) will celebrate the 60th
anniversary of its founding. In the spring of 2009, TBS, the oldest privately owned
broadcasting company in Japan, reinvented itself as an authorized broadcast
holding company, as established under the Broadcast Act, to consolidate the overall
strength of the Group. We also changed our corporate name to Tokyo Broadcasting
System Holdings, Inc. (“TBS Holdings”)

The core of this group is Tokyo Broadcasting System Television, Inc. (“TBSTelevision”), which is the successor to our Television Broadcast Business and MultiVisual Ventures and Cultural Events. The new TBS Television is heir to a history andtradition handed down over the past 60 years and aims to build upon this heritageby producing programs and content that resonate with our viewers and by providingthem with the news and information that they need in their everyday lives.

In anticipation of our 60th anniversary, we began producing even more appealing
programs in the spring of 2010, basing them on the two pillars of our televisionbusiness, entertainment and news, while taking care to respect and preserve thosequalities that have typified our programming over the years and won the heartsof our viewers and listeners. We’re calling this new set of programs “The TBS 6
Change” because of the exciting and intriguing changes that you can expect fromTBS Television, Channel 6.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2010

1

The Group Management Plan 2014

The Company and the Group will continue to use television and radio broadcasting to serve the public’s
right to access information, and to provide quality entertainment that will appeal to a wide range ofaudiences. At the same time, to make further progress as a leading company in the digital content business,
the Company announced “V! up Plan” in 2006 as a medium-term management plan of the Group and has
been working since on the implementation of the plan. For the Group to achieve sustainable growth byresponding flexibly to the drastic changes in the corporate environment in and outside of Japan, both now
and in the future, the medium-term management plan was revised to “Group Management Plan 2014” forthe period leading to 2014, with the intent to make an all-out effort for a successful execution.
Our goal under “Group Management Plan 2014” is to link the Broadcasting Business to theMulti-Visual Ventures and Cultural Events, the Real Estate, and Other businesses to achieve net sales of¥400 billion and a ratio of operating income to net sales of 7.0% on a consolidated basis in 2014, mainly
by pushing the Broadcasting Business to a leading position within the industry in terms of average all-day
audience ratings of terrestrial TV programs by 2014 and increasing our sales share of TV spot advertising
to more than 25.0% of the five broadcasters based in Tokyo.
Through “Group Management Plan 2014,” the Group aims to establish the position as the “bestmedia group” in terms of delivering the “most powerful contents,” thereby maximizing the corporate
values of the Company and of the Group, as well as the common benefits shared with shareholders. At thesame time, the Group will aspire to fulfill the mandate of the shareholders.

Numerical Targets of “Group Management Plan 2014”(Unit: billion yen)2

FY2009FY2014

Consolidated net sales¥372.3¥400.0Consolidated operating income to net sales

5.0%

7.0%

TBS share among five key broadcasters

21.3%

25.0%

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2010

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 powerfulcontents and software in the areas of information, entertainment, lifestyle and culture.

Terrestrial TV
broadcasting
Satellite
broadcasting

Terrestrial
radio
broadcasting

Planning &production ofaudio & visualcontents

Net & mobile
contents

Miscellaneous
retailing

Real estateleasing

BaseballEating &drinking
establishments

Manufacture &sale ofcosmetics

Business Activities (Year ended March 31, 2010)(Unit: billion yen)

Other Businesses¥0.0040.001%
Real Estate Business
¥16.3

4.7%
Multi-Visual Ventures
and Cultural Events¥133.6

Broadcasting Business¥201.2

57.3%

38.0%
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20103

Organization(As of January 1, 2011)

Tokyo Broadcasting System Holdings, Inc.
Broadcasting business

Cultural events businessTokyo Broadcasting System Television, Inc.

StylingLife Holdings Inc.

Light-up Shopping Club Inc.

TBS Radio & Communications, Inc.

Grand Marche, Inc.

Maxim’s de Paris Ltd.

TBS-VISION, Inc.

TC Entertainment Incorporated

FF TOHO INC.

YOKOHAMA BAYSTARS BASEBALL CLUB, INC.

ProCam, Inc.
AKASAKA Video Center Co., Ltd.

TBS TriMedia, Inc.
NICHION, Inc.
TBS Service, Inc.

DREAMAX TELEVISION, INC.
OXYBOT, Inc.
AKASAKA GRAPHICS ART, INC.
Art Communication System, Inc.
TELECOM SOUND, Inc.

Real estate business

Equity-method affiliates

Akasaka Heat Supply Co., Ltd.

BS-TBS, INC.

Japan Artvideo Service Collaborative, Inc.

Tomo-Digi Corporation
Midoriyama Studio City, Inc.

Vucast, Inc.
TBS International, Inc.
TBS MEDIA RESEARCH INSTITUTE INCORPORATED

4

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2010

Totsu Inc.
TBS Sunwork, Inc.
TLC Co., Ltd.
TBS Kikaku Co., Ltd.

RG MARKETING CO., LTD.

Corporate Data
(As of April 1, 2010)

Date of Establishment May 10, 1951 (Registered on May 17)
Broadcasting center as viewed from Akasaka Sacas

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. 641
Tokyo Broadcasting System Television, Inc. 708
TBS Radio & Communications, Inc.
53

Summer Sacas 2010 Akasaka Big Bang event

Scene of sub-control room at TBS Television

Akasaka Biz Tower

TBS Holdings Head Office

On set at TBS Television studio

Major Shareholders(as of March 31, 2010)

Number of shares held
(shares)

Percentage held(%)

Rakuten Inc.

37,770,700

19.83

The Master Trust Bank of Japan, Ltd.
(Pension Trust Account held for Dentsu, Inc.)

9,310,500

4.88

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

8,491,100

4.45

Nippon Life Insurance Co.

7,821,735

4.10

Mainichi Broadcasting System, Inc.

6,166,000

3.23

Sumitomo Mitsui Banking Corp.

5,745,267

3.01

Mitsui Fudosan Co., Ltd.

5,713,728

3.00

Mitsui & Co., Ltd.

4,288,000

2.25

Bic Camera, Inc.

3,810,000

2.00

Kodansya Ltd.

3,771,200

1.98

Name of shareholder

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20105

Business Report(From April 1, 2009 to March 31, 2010)

The Current Position of Tokyo Broadcasting System Holdings, Inc.
and Its Subsidiaries(1) Business Activities and Results
The fiscal year ended March 31, 2010 saw the Japanese economy make a slow recovery, in spite of the lingering
after-effects of the so-called “Lehman shock.” Corporate profits also improved, backed by an increase in exports, as
personal consumption started on a recovery trend owing to the effects of the eco-point system and other economic
stimulus measures. However, employment and income environments remained harsh despite the deflation progressing
at a moderate pace, resulting in inadequate self-sustaining resilience throughout the year under review.
The broadcasting industry suffered a significant year-on-year decline in television and radio advertising
revenues as companies maintained their stance of curbing their advertising expenses, except for the robust advertising
revenues from satellite media.
In this operating environment, the Group shifted to a holding company structure on April 1, 2009 to further
enhance the Group’s management efficiency and stability, as well as of maximizing the Group’s corporate value inaccordance with the common interest of the shareholders. Thus, the Company became a certified broadcast holding
company, changed its name to Tokyo Broadcasting System Holdings, Inc. (“TBS Holdings”), and commenced
full-scale Group management.
Furthermore, the Group worked to build operating revenues and business development revenues through events
held in the Akasaka Sacas commercial complex, which is now in the second year since its opening. In addition,
efforts were made to ensure revenues from a broad range of business segments through a full-scale commencementof tie-ups between the broadcasting business and the retail & shopping business of the StylingLife Group companies,
which were included in the scope of consolidation in July 2008.
As a result of these developments, consolidated net sales of the Group in the fiscal year ended March 31, 2010
decreased by 5.7% from the previous fiscal year to ¥351,262 million. Ordinary income also decreased by 80.5% to¥3,902 million, and a ¥3,969 million decrease in net income led to the posting of ¥2,313 million in net loss.

Broadcasting
Consolidated net sales from the Broadcasting Business decreased by 13.7% from the previous fiscal year to ¥201,271
million, and the operating loss worsened by ¥8,868 million to ¥10,375 million.

Television
On April 1, 2009, the Company split off Tokyo Broadcasting System Television, Inc. (“TBS Television”), towhich the television business was transferred, together with the TV broadcasting license.
Terrestrial television time sales fell short of the figure from the previous fiscal year, when the Beijing
Olympics and the Women’s Volleyball World Grand Prix were aired. The weak performance of regularprogramming, attributable to a combination of the worldwide recession and low audience ratings, resulted instagnant sales in spite of the contribution of major sports programs in the special programming, such as the 12th
IAAF World Championships in Athletics—Berlin 2009 and the Vancouver Winter Olympics.
Spot sales declined from the previous fiscal year as business conditions remained tough despite signs ofrecovery in market conditions since the second half of the fiscal year, with the total spot commercial volume in
the Kanto region fell by 5.1% year on year.
The average audience rating of TBS Television for the year under review decreased by 1.7 percentage
points to 9.5% for the golden time slot (7 p.m. to 10 p.m.) and by 1.4 percentage points to 9.7% for the prime
time slot (7 p.m. to 11 p.m.). The audience rating across all time slots also fell by 0.9 percentage points to
6.6%, notwithstanding the stable ratings eventually achieved by Hiruobi, introduced in April, and Evening Wideintroduced in October.
The Variety Division also faced stiff competition. Amid these conditions, Pittanko Kankan, Nakai Masahiro’sSMAP Friday, and Discovery of the World’s Mystery enjoyed solid ratings, while SECRET ARASHI’S TV SHOW
increased its audience rating from summer 2009 to become one of the most popular programs of TBS Television.

6

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2010

In the Information Division, Information 7 Days Newscaster, which takes up various incidents and accidents in atimely manner, boasts high popularity as a weekend infotainment program.
At the 14th Asian Television Awards in December, Comedy Colosseum won the best comedy program
award, 26 Hours/Day won the best entertainment program award, and TBS Television won the best terrestrial
channel of the year award.
In the Drama Division, MR. BRAIN and JIN delivered outstanding results with average audience ratingsof 20.5% and 19.0%, respectively. Extremely regrettably, however, only six of the 20 drama programs aired,including the aforementioned two programs, garnered average audience ratings of over 10%. In the midst ofthese circumstances, Summer for Bureaucrats, which was aired on Nichiyo Gekijo, won the best program award
in the Television Division of the National Arts Festival in spite of its struggles with the audience ratings, bearing
testimony to TBS Television’s competence in drama production.
In the Sports Division, exclusive broadcast of the 12th IAAF World Championships in Athletics—Berlin
2009 captured an average audience rating of 7.5%, led by the 18.1% of the women’s marathon, notwithstanding
the fact that the programming revolved mainly around the late-night slots. The broadcast of the professional
boxing, the WBC World Flyweight Title Match, Daisuke Naito VS. Koki Kameda held in November, marked
the highest average audience rating of the year at 43.1%. TBS Television pulled far ahead of the other stationsin broadcasting the Vancouver Winter Olympics, capturing an average audience rating of 13.1% due in part tothe programming of the highlight coverage of various events of interest for the golden time slots. In March, TBS
Television broadcast the Daikin Orchid Ladies, the opening tournament of the Japanese women’s golf tour. The
tournament, which had garnered attention owing to the participation of Ai Miyazato, who had just won the firsttwo opening tournaments of the U.S. tour and was in top condition, recorded an audience rating of 12.0%.
In the News Division, Total Coverage! THE NEWS, introduced as a feature program in the programmingchanges in April, cut sharply into matters of social interest, providing flash coverage of the arrest of the suspectin the murder of a British English teacher and getting a scoop on the testimony concerning a secret nuclear pact
between Japan and the United States.
As of March 31, 2010, 28 companies throughout Japan were affiliated with the Group’s JNN television
network. The number was unchanged from the previous fiscal year.
Satellite Digital broadcasting continued to achieve steady market penetration, with cumulative receiver
shipments of 72.5 million units as of March 31, 2010. This provided a tailwind for equity-method subsidiary
BS-TBS, INC. (formerly BS-i, Incorporated), which stepped up sales activities and strove to control costs whileproviding high-quality programming. These efforts enabled BS-TBS, Incorporated to continue to turn a profit.

Radio
On October 1, 2001 the Company split off its radio operation as a separate company, TBS Radio &Communications, Inc. (“TBS R&C”), to which the broadcasting license was transferred.
Total time sales decreased from the previous fiscal year, due to the poor performance of the night-time
baseball games and online programs, in spite of the strong performance of special programming, such as the
12th IAAF World Championship in Athletics—Berlin 2009 and the Vancouver Winter Olympics, and rush-hourtraffic information.
Spot sales were also lower than the previous fiscal year due to the lack of growth in the sales of onetime advertising, in spite of the healthy performance of online advertisement, attributable mainly to mail-orderbusinesses, which resulted in a year-on-year increase in sales for the second half of the fiscal year under review.
In terms of programming, Keiko Kojima Kira Kira, which was introduced in April 2009 as a weekday
afternoon program, ranked first for the time slot in an audience rating survey conducted six months later. It isdeveloping into a new flagship program of TBS Radio as exemplified by, among other things, magazine and othermedia coverage. In addition, Saturday Morning Entertainment: Masaaki Horio+PLUS! and Shinichiro Azumi’s
Sunday Heaven retained the number one spots for their respective time slots. Further, long-running programs that
represent TBS R&C are also continuing to do well, some examples being Yuuri Osawa’s Yuu Yuu Wide, Takero
Morimoto, Stand By!, and Hiroshi Ikushima’s Good Morning Line, the 6,000th, 5,000th, and 3,000th episodes ofwhich were aired, respectively, during the fiscal year under review.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20107

Business Report
Ranking first in rating surveys in the Tokyo metropolitan area for 52 consecutive periods since the firstsurvey conducted in the period ending in August 2001, TBS R&C has made its position as a leading radio
company in the Tokyo metropolitan area permanent.
As a new undertaking, TBS R&C began providing free online programming on a trial basis in collaboration
with radio stations in the Tokyo metropolitan area and the Kansai region from March in an effort to expand thelistener base of radio programs.
In the broadcast-related business, total operating revenues fell short of the figure from the previous fiscal
year in spite of an increase in revenues from events and contents resulting from the online provision of originalcontents by TBS announcers, due to the weak performance of the housing exhibit business attributable to theimpact of the economic downturn.
As of March 31, 2010, 34 companies throughout Japan were affiliated with Japan Radio Network. This
number is unchanged from the previous fiscal year.

Multi-Visual Ventures and Cultural Events
On April 1, 2009, the Company split off TBS Television, to which Multi-Visual Ventures and Cultural Eventswas transferred.
Net sales from the Multi-Visual Ventures and Cultural Events increased by 9.8% from the previous fiscal year to¥133,616 million. However, operating income decreased by 49.8% to ¥6,080 million, impacted in part by the transfer
of revenues from domestic program sales, which had been included in this segment until the previous fiscal year, tothe Broadcasting Business.
In the area of cultural events, the musical Talk Like Singing staged at the Akasaka ACT Theater drew large
crowds daily, and Miyuki Nakajima’s Evening Concerts proved successful again following the previous fiscal year. A
perennial favorite, the Tetsuya Kumakawa K-Ballet Company enchanted the audience with staging productions that
included Giselle, Romeo and Juliet, Coppelia, and Le Corsaire. Broadway musicals such as A Chorus Line, Rent, andChicago, as well as the established favorite Ultraman Festival also enjoyed huge popularity. In the area of concerts,
Simon & Garfunkel, who came to Japan for the first time in 16 years, drew a crowd of approximately 150,000 fans atconcerts held in Tokyo, Osaka, Nagoya, and Sapporo. In addition, GLAY’s 15th Anniversary Live Performance, theRoyal Philharmonic Orchestra’s performance of Mahler’s Fifth Symphony with Tomomi Nishimoto conducting, and
Bob Dylan were highly popular. In the area of exhibition, successful exhibitions were held including major exhibits
such as The Roots of the Inca Empire: The Golden City of Sicán, which the Company has been focusing on as theAndes Project, Egypt’s Sunken Treasures held in commemoration of the 150th anniversary of the opening of theport of Yokohama, and The Habsburgs: A Splendid Royal House and the Masters of Beauty. With regard to sporting
events, K-1 Dynamite!! captured attention with the retirement match of Masato, a popular kickboxer, and the match
between Satoshi Ishii and Hidehiko Yoshida, who are both Olympic gold medalists.
In the Media and Software Business, the theatrical film ROOKIES earned box-office revenues of approximately¥8.55 billion to become the highest-earning film released in 2009, as well as mark a new record for a film funded by
the Company. The cinema film business recorded the highest profit ever in the fiscal year under review, with CROWS
II and April Bride earning more than ¥3 billion at the box office, and Oceans marking ¥2.3 billion in earnings aswell. As for DVDs, Momoe Yamaguchi’s Appearances on The Best Ten, the Complete Collection sold a record 45,000
sets. In addition, popular drama such as JIN and the Korean version of BOYS OVER FLOWERS, Sanyutei Ensho VI:
the Complete Collection the fourth in the series of collected works, and the animation title K-ON! are enjoying brisk
sales.
In the International Program Sales Business, format sales involving the sale of program concepts andideas showed solid performance, with the countries to which Takeshi’s Castle and SASUKE are sold numbering
approximately 120, each.
In the Satellite-Based Subscription Broadcast Business, TBS Channel and TBS News Bird turned a profit for the
first time in 12 years since their launch. TBS on Demand also became the first video distribution service operated bya broadcasting station to turn a profit.
In the licensing and shopping business, merchandise related to popular TV programs, such as The King’s Brunchand MR. BRAIN, as well as cinema films, such as ROOKIES and CROWS II, were developed and sold. Additionally,

8

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 2010

three shopping programs were aired during the fiscal year under review, contributing to revenues.
In the digital ventures, production scenes from the drama BLOODY MONDAY, program advertisements, as wellas CMs that support the drama submitted by PC users, were released on the online video site YouTube. Furthermore,
efforts are being made to develop new sources of income through such means as the provision of summary versionsof all 38 matches of Masato as a promotional event for K-1 Dynamite!!

Real Estate BusinessNet sales from the Real Estate Business decreased by 5.1% from the previous fiscal year to ¥16,369 million, andoperating income decreased by 2.9% to ¥7.543 billion.
Akasaka Sacas, which is performing solidly in the second year since its opening, is establishing itself in reality
and in name as a cultural center, as exemplified by its recognition with the FY2009 Good Design Award in thecommercial complex category.

Other Businesses
Net sales from other businesses decreased by 93.1% from the previous fiscal year to ¥4 million. Operating income
decreased by 34.7% to ¥50 million, including income from intra-company sales.

(2) Capital Investment
Total capital investment in the year under review was ¥10.8 billion. The principal investment item was facilities
related to terrestrial digital broadcasting.
The Company began terrestrial digital broadcasting in the Kanto region in December 2003 and continued tomake efforts to upgrade and expand broadcasting facilities and video transmission facilities in the year under review.
With regard to broadcasting facilities, the establishment of relay station network is being promoted steadily,with the construction of 36 digital terrestrial relay stations in locations including Hachioji and Tsurukawa of Tokyo inpartnership with private-sector broadcasters and NHK. As for transmission facilities, digital broadcasting capability
was realized with respect to the Akasaka FPU base station, together with high-definition broadcasting capability
for live programming and video transmission from the northern Kanto area. Furthermore, all SNG (satellite news
gathering)-related equipment, including the SNG at the TBS headquarters base station and SNG relay vehicles, were
switched over to a high-definition system incorporating the latest in various technologies. Concerning production
facilities, sound relay vehicles that are used for major live sports programs were upgraded to enable the productionof a highly realistic surround sound programming. Further, high-definition broadcasting capability was added to themaster control room and the in-studio secondary control room of TBS News Bird, which runs CS news programsaround the clock. TBS News Bird has begun airing officially on Sky PerfecTV HD.

(3) Capital Procurement
Interest-bearing debt of the Group at the end of the year under review was approximately ¥163.9 billion, consisting of¥50 billion in corporate bonds, ¥62 billion in long-term debt (including the current portion), and approximately ¥51.9
billion in short-term borrowings (including approximately ¥3.1 billion from non-consolidated affiliates through the
cash management system for the concentration of funds from the Group).
In order to ensure flexible access to business funds and operating capital, as of the end of the year underreview, the Company and StylingLife Holdings Inc. had established a commitment lines agreement totaling ¥104
billion with multiple financial institutions (the balance of the funds drawn is ¥48.8 billion, and the available balanceis ¥55.2 billion).
Besides the above, with the aim of streamlining of funds, some of the account receivables are in the processof liquidation.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 20109

Consolidated Financial Statements
Consolidated Balance Sheets (Unaudited)
As of March 31, 2010 and 2009
Millions of yen

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable—trade
Merchandise and finished goods
Program rights and work in process
Raw materials and supplies
Prepaid expenses
Deferred tax assets
Deposits received
Other
Allowance for doubtful accounts
Total current assets
Noncurrent 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
Goodwill
Lease assets
Other
Total intangible assets
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 noncurrent assets
Total assets
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

10 Investor Information 2010

2009

2010

¥ 48,862
39,727
6,755
7,781
1,010
10,861
3,782
–
9,442
(176)

¥ 52,326
36,215
6,887
6,442
912
11,141
1,789
48,8759,651(99)

128,048

174,141

191,459(65,424)

192,703(72,005)

126,035
84,217(66,899)

120,698
84,852(70,702)

17,317
18,514(14,872)

14,14919,825(16,941)

3,641
84,752
180
(24)

2,883
84,750
335
(100)

156
2,310
234,213

235
3,819
226,535

5,299
28,783381
1,615
36,0804,245
27,177425
1,658
33,506

136,875
506
7,615
2,078
11,937(576)

177,713
417
2,467
1,881
11,554(534)

158,437

193,498

428,731¥556,780

453,541¥627,683

Millions of yen

2009

2010

¥ 40,360¥ 36,020

Short-term loans payable

2,449

51,962Current portion of long-term loans payable

21,2501,500

Accounts payable—other

11,656

10,174

Income taxes payable

3,035

2,130

Accrued consumption taxes

2,151

1,206

Accrued expenses

5,613

6,053

Provision for directors’ bonuses

209

131

Other provision

847

837

Other

5,033

4,454

Total current liabilities

92,608114,469

Bonds payable

30,00050,000Long-term loans payable

62,00060,500

Provision for retirement benefits

12,487

12,142

436

502

Deferred tax liabilities

1,158

16,772

Other

15,858

16,218

Total noncurrent liabilities

121,940

156,136

214,548

270,606

Capital stock

54,98654,986

Capital surplus

60,25460,254Retained earnings

215,539

212,844

(87)

(91)

330,693

327,995

Valuation difference on available-for-sale securities

1,061

19,109Deferred gains or losses on hedges

(335)

(733)

Foreign currency translation adjustment

(83)

(117)

Total valuation and translation adjustments

642

18,257

Minority interests

10,895

10,823

Total net assets

342,231357,076¥556,780¥627,683

Liabilities
Current liabilities
Notes and accounts payable—trade

Noncurrent liabilities

Lease obligations

Total liabilities
Net assets
Shareholders’ equity

Treasury stock
Total shareholders’ equity
Valuation and translation adjustments

Total liabilities and net assets

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201011

Consolidated Financial Statements
Consolidated Statements of Operations (Unaudited)Year ended March 31, 2010 and 2009
Millions of yen

2009

2010

¥372,306¥351,262

Cost of sales

261,730

257,988

Gross profit

110,576

93,273

92,11889,92918,457

3,343

Interest income

222

115

Dividends income

2,836

1,903

Insurance revenue

127

223

Equity in earnings of affiliates

167

131

Other

510

701

3,864

3,075

Interest expenses

1,300

1,685

Commission fee

292

123

Bond issuance cost–

100

Loss on retirement of noncurrent assets

319

326

Loss on sales of accounts receivable

182

109

Other

247

171

2,341

2,516

19,979

3,902

–

71

Compensation for transfer

323–

Net sales

Selling, general and administrative expenses
Operating income
Non-operating income

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on prior period adjustment

197

–

Other

55

–

Total extraordinary income

577

71

Loss on retirement of noncurrent assets

187–

Loss on sales of investment securities

415–

10,502

741

118

229

Extraordinary loss

Loss on valuation of investment securities
Impairment loss
Loss on purchase of treasury stock

–

863

655

365

11,8792,199

Income before income taxes and minority interests

8,677

1,773

Income taxes—current

4,510

2,749

Income taxes—deferred

1,859

1,300

Total income taxes

6,369

4,050

Other
Total extraordinary losses

Minority interests in income
Net income (loss)
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

12 Investor Information 2010

¥

652

37

1,655

¥ (2,313)

Consolidated Statements of Cash Flows (Unaudited)Years ended March 31, 2010 and 2009
Millions of yen

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of long-term prepaid expenses
Loss (gain) on valuation of investment securities
Retirement benefit expenses
Loss on retirement of noncurrent assets
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Equity in (earnings) losses of affiliates
Loss (gain) on sales of investment securities
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
Decrease (increase) in consumption taxes refund receivable
Increase (decrease) in other noncurrent liabilities
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Proceeds from marketable securities, net
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Increase in long-term lease deposits received
Decrease in lomg-term lease deposits received
Purchase of investments in subsidiaries resulting in change in scope of consolidation
Other, net
Net cash provided by (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
Proceeds from issuance of common stock
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Repurchase of shares
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
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 period

2009

2010

¥ 8,677
20,044784
10,502
778
506
1,204
(12)
(3,059)
1,300
(167)
415
3,099
1,316
(1,305)
1,510
3,791
(153)
(5,155)44,0792,983(1,266)–(9,390)36,406¥ 1,773
18,901
747
741
(344)
326
1,606
(117)
(2,018)
1,685
(131)
(69)
3,512
1,305
(103)
(4,340)
(751)
232
412
23,3682,029(1,683)
1,110(6,178)18,64684(30,952)
88(2,034)(6,197)314
268(1,480)(20,355)
183(60,082)–(10,386)
1(1,367)(2,378)
247
227
(67)
–
(30)
(13,754)

49,857(49,481)
63,750(17,750)–55(7)(3,805)(82)–(41)
42,493(10)
18,806–
29,764¥48,571

84,882(35,369)–(21,250)
19,899
–
(3)
(382)
(121)
(48,875)(157)(1,379)
(34)
3,478
200
48,571¥52,249
TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201013

Major Indices

Net Income per Share

Return on Equity

Unit: yen120

Unit: %
6

5.1

100.14
100
80

72.17

4

3.8

3.5

70.07

60
2
40

0.5

20

8.71

0

–12.18

0

–0.7
–20

–2

06/3

07/3

08/3

09/3

10/3

Ratio of Ordinary Income to Net Assets

06/3

07/3

08/3

09/3

Ratio of Operating Income to Net Sales

Unit: %
6

10/3

Unit: %
9

7.9
4.7

6.5

4.2
3.7

4

6

5.4

5.0

2.9

2

3

0.7
0

1.0
0

06/3

07/3

08/3

09/3

10/3

Equity Ratio

07/3

08/3

09/3

10/3

Net Assets per Share

Unit: %

80

68.1

06/3

67.4

66.6
59.5

60

55.2

Unit: yen

2,500

2,000

1,990.91

2,016.23

1,884.02
1,743.69

1,822.22

09/3

10/3

1,500
40
1,000
20
500

0

0

06/3

07/3

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

14 Investor Information 2010

08/3

09/3

10/3

06/3

07/3

08/3

Number of Shares Issued at the End of the Term

Amount of Treasury Stock at the End of the Term

(Including Treasury Stock)
Unit: shares

300,000,000

190,434,968

200,000,000

Unit: shares
500,000

400,000

398,968

405,817

410,731415,314418,165

06/3

07/3

08/3

09/3

10/3

190,138,968 190,307,968 190,406,968 190,434,968

300,000

200,000
100,000,000
100,000

0

0

06/3

07/3

08/3

09/3

10/3

Cash Flows from Operating Activities

Cash Flows from Investing Activities

Unit: million yen

Unit: million yen
060,00050,88650,000–13,754–20,000
40,00036,406–27,011–40,000

30,00023,261

21,174

18,64620,000–49,817–55,543–60,000–60,082

10,000–80,000

0

06/3

07/3

08/3

09/3

10/3

Cash Flows from Financing Activities

06/3

07/3

08/3

09/3

Cash and Cash Equivalents, End of Year

Unit: million yen

50,000

10/3

Unit: million yen
60,00042,49348,86640,00030,00040,00020,00012,61948,571

52,24938,767
29,764

14,49010,00020,0000–1,379–10,000–12,973–20,000

06/3

07/3

08/3

0

09/3

10/3

06/3

07/3

08/3

09/3

10/3

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201015

Segment Information

Consolidated Results by Segment(Unit: million yen)

FY2010External
sales

y/y change

Operatingincome (loss)

y/y change

Broadcasting¥201,271–32,006¥(10,375)–8,868Multi-Visual Ventures
and Cultural Events

133,616

11,8996,080–6,022

Real Estate

16,369

–875

7,543

–226

Other

4

–61

50

–26

Elimination

—

—

44

30

¥351,262–21,044¥ 3,343–15,113

Consolidated

Capital Expenditures and Depreciation(Unit: million yen)

Consolidated

FY2010Capital expenditures¥ 8,614

Depreciation

17,917

TBS Holdings

FY2010Capital expenditures¥

585

Depreciation

3,706

TBS Television

FY2010Capital expenditures¥ 6,402

Depreciation

12,035

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

16 Investor Information 2010

TBS Television–1

Results of TBS Television

Breakdown of TBS Television Income(Unit: million yen)

(Unit: million yen)

FY2010¥217,919

Net sales

Television

FY2010Same period
last year *y/y change¥185,158¥218,138–32,980

Operating loss

(2,682)Time advertising andprogram production

96,905120,512–23,607

Ordinary loss

(2,355)

Spot advertising

75,65185,895–10,243

Net loss(3,678)Others

8,930

11,730–2,800Program sales in Japan

3,671

—

3,671

Operations

29,87635,912–6,036

Real estate

2,884

18,712–15,828¥217,919¥272,764–54,845

Total income*Defunct Tokyo Broadcasting System

Year-on-Year Changes in TV Earnings(Unit: %)
100

Spot
Time
90

80

70

Spot inTokyo area

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

–14.1

–11.1

–10.4

–10.4

–8.9

–5.8

–3.2

–0.3

–1.2

–8.0

6.5

6.5

Q1

Q2

H1

Q3

Q4

H2

Full
year

Spot

–13.7

–16.0

–14.7

–11.5

–6.2

–9.1

–11.9

Time

–19.6

–18.5

–19.0

–20.2

–20.2

–20.2

–19.6

Spot inTokyo area

–11.9

–8.5

–10.4

–1.5

2.5

0.3

–5.1

TBS share
among five key
broadcasters

Q1

Q2

Q3

Q4

Full
year

y/y
change

20.6

19.7

19.4

19.3

19.8

–1.5

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201017

TBS Television–2

Spot Advertising Sales Ranks by Business Category(Unit: %)FY2010Growthrate

Share

Q4/FY2010

Growth
rate

Share

1

Alcoholic and other beverages

–5.3

13.1

Foods

19.7

11.6

2

Foods

1.6

12.8

Alcoholic and other beverages

–14.2

11.2

13.2

9.6

3

Pharmaceuticals

–3.1

8.8

Automobiles andtransportation equipment

4Entertainment and hobbies

–27.9

8.6

Entertainment and hobbies

–25.8

8.2

5

Cosmetics and toiletries

–19.0

8.4

Telecommunications andbroadcasting

–21.6

6.5

6

Automobiles andtransportation equipment

–11.0

6.7

Pharmaceuticals

–12.8

5.9

7

General electronics

–22.8

6.0

Cosmetics and toiletries

–12.7

5.7

8

–12.3

5.6

Food service

30.6

4.9

9

Telecommunications andbroadcasting
Precision instruments andoffice machines

–27.6

4.2

Fashion

150.4

4.5

10

Food service

8.6

4.0

General electronics

5.2

4.0

(Ranked in order of sales proceeds)

TBS TV Business Segment Income(Unit: million yen)Contents
EventsplanningbureauRemarks for the full fiscal year

Cultural business (events)¥2,626–720

Declined from the previous fiscal year, when the Vermeer exhibition was held.

Show business

4,598

–419

Fell from the previous fiscal year, when events were held in association with thegrand opening of Akasaka ACT Theater.

DVDs

4,803

–897

Decreased from the previous fiscal year, when ROOKIES recorded a hit.

Animations

1,917

719

Movies

5,000

–313

Dropped because the number of movies released was one less than in the previous
fiscal year although ROOKIES recorded a big hit.

Program sales
abroad

1,114

–573

Fell, attributable to the cooling of overseas markets.

MultivisualbusinessMoviebusiness

Content
businessbureauFY2010 y/y change

Contentssales
business

Other program
sales

126 –4,427

K-ON! and CLANNAD: AFTER STORY recorded major hits.

Declined sharply, reflecting the transfer of program sales in Japan to the
Broadcasting segment.

Pay-TV business

6,097

537

The number of subscribers increased steadily.

Licensing business

1,516

71

Goods related to ROOKIES and K-ON! sold well.

Digital business

2,075

–12

Total

¥29,876 –6,035—
Program sales in Japan of ¥4,391 million were transferred to the broadcasting
segment. The actual decrease was ¥1,644 million.

Program sales in Japan were transferred from the Multi-Visual Ventures and Cultural Events segment to the Broadcasting segment on April 1, 2009.

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

18 Investor Information 2010

TBS Television–3

FY2010 Viewer Ratings(Unit: %)Golden time*

All day

Prime time**TBS

6.6 (5th)

9.5 (5th)

9.7 (5th)NTV

8.4 (2nd)12.5 (2nd)12.6 (2nd)

Fuji TV

8.5 (1st)

13.6 (1st)

13.4 (1st)TV Asahi

7.7 (3rd)

11.0 (4th)11.7 (3rd)TV Tokyo

3.2 (6th)

7.1 (6th)

6.7 (6th)NHK

6.9 (4th)

12.2 (3rd)10.7 (4th)

HUT

42.6

64.3

63.1

(Ratings for March 30, 2009 to March 28, 2010, on a weekly basis)* 19:00–22:00** 19:00–23:00

TV Program Costs (Production Expenses)(Unit: million yen)

FY2010FY2009y/y changey/y percentage

Q1¥ 25,995¥ 29,943–3,94886.8%

Q227,59030,409–2,81990.7%

53,58560,352–6,76788.8%

Q325,76627,109–1,34395.0%

Q425,71928,174–2,45691.2%

51,48555,283–3,79893.1%¥105,070¥115,635–10,565

90.8%–6,67093.6%

1st half

20,133
5,585

Direct expenses
Indirect expenses

2nd half

FY2010 results

FY2011 forecasts¥98,400
Direct expenses: ¥76,200
Indirect expenses: ¥22,200

Major expenses included in TV program cost:Direct expenses: Program purchasing expenses, fees for broadcasting rights, fine arts production expenses, technical production expenses (included indirect expenses from FY2008), etc.
Indirect expenses: Absorbed cost including depreciation and personnel cost for employees

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201019

Financial Data of Major Group Companies

TBS Radio & Communications, Inc.
(Unit: million yen)

FY2010
Amounty/y change¥11,419–2,033Operating income

221

451

Ordinary income

232

457

Net income

117

439

Net sales

Recorded the highest ratings for 52 consecutive periods from August 2001 to
February this year.

Grand Marche, Inc.
(Unit: million yen)

FY2010
Amounty/y change¥12,251–444

Operating income

432

–523

Ordinary income

455

–497

Net income

264

–296

Net sales

TC Entertainment Incorporated(Unit: million yen)

FY2010
Amounty/y change¥5,686–953

Operating income

364

–672

Ordinary income

366

–672

Net income

212

–333

Net sales

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

20 Investor Information 2010

YOKOHAMA BAYSTARS BASEBALL CLUB, INC.
(Unit: million yen)

FY2010 (Jan. to Dec. 2009)
Amounty/y change¥7,142–314

Operating loss

(440)

–437

Ordinary loss

(423)

–444

Net loss

(503)

–504

Net sales

StylingLife Holdings Inc. (Consolidated)(Unit: million yen)

FY2010
Amounty/y change¥73,614—

Operating income

1,077

—

Ordinary income

1,018

—

188

—

Net sales

Net income

BS-TBS, INC.
(Unit: million yen)

FY2010
Amounty/y change¥7,857–337

Operating income

525

–48

Ordinary income

530

–50

Net income

526

–50

Net sales

Cumulative losses at the end of the year ended March 31, 2010:¥35,346 million (improved ¥526 million from the end of the previous year)

TOKYO BROADCASTING SYSTEM HOLDINGS, INC.

Investor Information 201021

TBS Networks
JNN (Japan News Network)
JRN (Japan Radio Network)
HBC

ATV
RAB

JNN Television
JRN Radio

ABS

IBC

TUY
YBC
BSN
MRO
FBC
BSS

NBC

TYS
KRY
ITV
RKB
RNB
OBS

MBS CBC
ABC

RSK

RCC

RNC

TUF
RFC

SBC

UTY
YBS

TBS
SBS TBS R&C

RKC JRT WBS
KUTVTBS Television and TBS R&C harness two of the most extensive
commercial broadcasting networks in Japan, in which 28 TV stations
affiliated with the Japan 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,in alliance with overseas bureaus placed in 13 major cities
around the world.

RKK
MBC

KNB
TUT

TBC

MRT
RBC

JNN OVERSEAS BUREAUS

LondonParis

Moscow
BerlinViennaCairo

BeijingShanghai

Seoul
TBS (Tokyo)

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

Los Angeles

New York
Washington, D.C.