2022
Integrated Report
Value Creation Story
DeNA Co., Ltd.

Delight
Noun:a high degree of gratification or pleasure;something that gives great pleasureVerb:
to take great pleasure;to give keen enjoyment  Merriam-Webster definitionMISSION

We delight people beyond

their wildest dreams.

C o n t i n u i n g to c h a l l e n ge

o u r s e l ve s to d r i ve c h a n ge

VISION
We w i l l b e t h e w o r l d ’ s p r e m i e r p r o v i d e r o finternet and AI technology to delight peoplee v e r y w h e r e .

We s e e k t o e n t e r t a i n a n d e n r i c h l i v e s , a n d t os e r v e a n d m a k e t h e w o r l d a b e t t e r p l a c e .

Each of us harnesses our individual strengths
to make our unique business succeed.

Entertain

ServeVALUE
DeNA PromiseCommitment to Product & Service Quality
Cooperation & Prosperity for All

Overcoming Challenges

Acting with Transparency
Providing Growth Opportunities

Acting Sustaina b ly

Our Social PromiseDeNA Quality

One Team in Pursuit of Delight

We deliver delight to our customers through an obsessivecommitment to making our products and services
trustworthy and easy to use.

Focus on Su b stance

We focus on providing value, and each of us works as apart of an effective, purposeful team.

We cooperate with business partners and other membersof the community to create prosperity for everyone.

B eing Our B est

We strive for the highest degree of professionalism in all
our actions.

We provide delight that surpasses expectations. We
challenge ourselves to develop new technology andservices while overcoming any issues that may arise.

Spea k Up & Listen

We share our thoughts and listen carefully, regardless of
our position in the organization.

As a member of the community, we believe thattransparency should be reflected in the actions ofeveryone on staff and in management.

R espect Diversity

We appreciate the diverse strengths of our colleagues andharness them to achieve success.

En j oy the J ourney

Mindful that challenges can lead to success or failure, we
thoroughly enjoy the journey.

We seek to provide a unique and invaluable work
experience, enabling our employees to contribute tosociety.

As a global citizen, we strive for harmony with theeconomy, society, and the environment in order tocontribute to a sustainable future.

The Making of this Integrated Report
This marks the first occasion of DeNA issuing an Integrated Report.

This Integrated Report was written based on the discussions at the DeNA Board of Directors meetingsand management meetings. 

In particular, we aim to introduce how we have pursued value creation and our growth strategy using
our core competencies of Technology and Monozukuri, Organization & People, and our Home Base
(Yokohama / Kanagawa) from our founding until the present, and how we will continue into the future
while referring to the framework of the Integrated Reports.

In 2022 DeNA reached our 23rd year since our founding. Since our beginnings in operating an online
auction site, we have focused on internet businesses, including a shopping mall, games, and a social
networking service. In 2011 we entered into professional baseball, and have subsequently started a
Live Streaming Business, Healthcare Business, Automotive Business, and more. Throughout ourhistory we have challenged ourselves to take on new opportunities, not limiting our business areas. 

A unique aspect of DeNA is that we have not only accumulated knowledge & experience in thedevelopment & live operation of internet services, but we have also used the knowhow from ourexisting businesses to pioneer development of new areas, and expanded out from the internet space
into the real world. 

Last year we transitioned to a new management structure and renewed our Mission, Vision, and Value. 

In our mission “We delight people beyond their wildest dreams,” we redefined our raison d'etre as acompany upon reflection on our principles as DeNA of creating new value and continuing to deliver
Delight to the world in the context of social changes and changes in our businesses & organization. 

We at DeNA aim to bring about a society of plenty where all people can live as themselves. We aim toachieve sustainable growth by continuing to challenge ourselves and adapting to future changes. We
will continue to entertain and enrich lives, and to serve and make the world a better place, and in sodoing deliver Delight for the future. 

I hope that you will continue to expect great things from DeNA.

Founder & Executive Chairman

To m o ko N a m b a

Contents
Introduction

Part

01
Part

02
Part

03

Mission, Vision, and Value

P07

The Making of this Integrated Report

P14

CEO Message

P16

Value Creation
DeNA Milestones

P24

DeNA Value Creation Model

P26

DeNA Services

P27

DeNA Core Competence

P32

Growth Strategy
Long Term Portfolio and Initiatives to Enhance Financial
Performance & Growth

P37

Strategy & Initiatives for Each Business

P38

Technology & Monozukuri, and Personnel Strategy

P52

ESG
Outside Director Message

P60

Corporate Governance

P61

Risk Management

P73

Information Security / Privacy Management

P75

Sustainability Management

P76

Financial Data

P81

ESG Data

P82

Stock Information

P83

Company Information

P84

The following information was originally prepared and published by DeNA in Japanese. This
English translation is for your convenience only. To the extent there is any discrepancy between
this English translation and the original Japanese version, please refer to the Japanese version.

Harnessing DeNA’s 

Unique Characteristics 

to Deliver New Delight to the World
President & CEO

Shingo Okamura

Our Intention Behind our Mission, Vision, and Value
Being an eternal venture is an unchanging value that is integral to our
nature at DeNA.

Previously in my role at the Ministry of Internal Affairs andCommunications I watched DeNA’s growth from the outside. I
remember being intrigued by DeNA’s approach to creating new value
in the limitless fertile field of the internet and feeling that DeNA had aclearly different organizational culture to that of existing large
companies. DeNA’s journey appealed to me. DeNA’s flat organizational
structure, the individual team members acting independently to realize
their full potential, and challenging themselves without hesitation toenter into new areas, all made me feel that this was the company withthe potential to drive the 21st century. I was fortunate enough to havethe opportunity to join DeNA in 2016, and since then my impression of
the company has not changed. I place the utmost value on maintainingthat unique DeNA nature going forward. 

More than twenty years have passed since DeNA’s founding. Together
with the growth of the internet, we have harnessed technology to
expand our areas of operations from games to include live streaming,
sports, and healthcare. This enabled us to grow to a certain scale, but
for us to reach the next stage and further evolve, we discussed
together with the team at DeNA what kind of company DeNA should be,what are our core competencies, and how we should grow,considering our uniqueness as an eternal venture. The result of these
discussions were the revamped Mission, Vision, and Value (MVV) thatwere announced at the same time as I took over as CEO, clearly defined
to show to both our own team and the world beyond.

“We delight people beyond their wildest dreams.” With this mission as
our foundation, we at DeNA aim to evolve to become a corporate groupthat serves society and proposes ideas to shape society in the future.
The internet has permeated many scenes in our daily lives, and thepossibilities for individuals have grown to incredible levels. The waysthat people can connect, our lifestyles, and society in general havebecome more complex and diverse, and we face many new issues aswell. Unlike in the 20th century, the era of the nation state, now auniform response by government alone cannot address the challenges
we face. Companies must step up and actively participate as agents toform public society by creating services that pick up the thoughts ofmany individual people, and forming varied, diverse solutions. DeNA in
particular has a core competence in technology, and we work toEntertain, where we have our Game Business and Live Streaming
Business, and to Serve, where we have our Healthcare Business andSports Business, amidst the development of the internet and thechanges in society it has wrought. My aim is to make use of this uniquecharacteristic of DeNA and contribute to creating a better social
system and better ways of living. 

Fortunately, DeNA is a magnetically attractive place that draws in many
employees filled with an enterprising spirit. Our team makes the mostof their individual strengths, and we are working to bring about newworld-class Delight in each of our fields.

DeNA MVV PosterThree Core Competencies Supporting GrowthDeNA looks to Entertain and to Serve through our businesses. The Game Business and Live Streaming
Business, which fall under Entertain, are volatile in the short term, but have been core business areas forDeNA so far, and we intend to grow corporate value quantitatively & qualitatively through agile growthinvestment and cost control appropriate to each business characteristics.

Under Serve, for the Sports Business, while there is temporary impact from COVID-19, we have achieved
DeNA-like growth. For the Healthcare Business our goal of achieving meaningful profit by FY2023 is in sight,
and we expect to be able to achieve steady growth for both businesses in the upcoming five to ten years.

For both Entertain and Serve, we will steadily build strong businesses centered on our strategy to establish
structural strengths in each business.

We aim to achieve DeNA-like leaps in growth by building up an evolution (deepening) of our existing businessareas and changing & evolving our portfolio by boldly challenging ourselves to enter into peripheral areasand new growth areas.

For this aim, our three core competencies, Technology & Monozukuri, Organization & People, and Home Base
(Yokohama / Kanagawa), are incredibly important as drivers of DeNA growth.

Technology&

Monozukuri

Organization&

PeopleHome Base

Technology & Monozukuri, our first core competence, relies upon the fact that DeNA is a company bornand raised first and foremost due to technology. Since DeNA’s founding, consistently we have stayed on
top of advanced technology trends such as in the internet and AI, and mastered these technologies toenhance the rich Delight experience for users as part of our monozukuri. It is clear that social changes
going forward will accelerate along with the evolution of the internet. The recent trend of Web3 is aninevitable transformation rooted in the autonomous and decentralized essence of the internet, and willundoubtedly have a dramatic impact on political decision-making and even the nature of companies. To
begin with, I believe that DeNA, with our flat structure and autonomous businesses, is the right company
to form a growth point for social change while responding immediately to the technological trend of Web3.

Our Organization & Technology are also a core competence. We have an extremely diverse workforce,with a wide range of people working in Japan and overseas, including new graduates and mid-careerhires, as well as business professionals, engineers in various specialized fields such as AI, designers, andeven people from professional sports backgrounds. The flat and flexible organization that supports thesetalented people, that allows them to work laterally without being tied by business areas, is nurturing a
succession of personnel resources with a wide range of knowledge and experience, from Entertain to Serve.

Further, while DeNA grew as an internet company, another core competence that must be mentioned isour real Home Base in Yokohama and Kanagawa. Not only are we active globally in the virtual sphere, but
we also play a role in the real and local sphere through sports to increase the enthusiasm of thecommunity beyond the fan base in Kanagawa Prefecture, a community of nearly 10 million people.
Specifically, DeNA operates the Yokohama DeNA BayStars, the Kawasaki Brave Thunders in the B.LEAGUE,
and we participate in the management of SC Sagamihara in the J League. With these invaluable
professional sports teams, the pride of their areas, as a starting point, we are working on a variety ofmeasures to bring vibrancy to people and the community.

While being aware of and developing our core competencies and areas of expertise, we will continue toform an attractive and strong business portfolio and in addition to detailed figures, we will show you how
we are steadily growing.

Long Term Strategy for Next Ten Years and Focus Points for Next Three Years
Currently DeNA is formulating our mid to long term strategy and promoting initiatives for future growth. Looking forward to thenext ten years, our aim is to embody a new evolution as a technology company, including the long term pursuit of our businesses
in Entertain and Serve as well as forming synergies between the approaches. To achieve this goal, we have set our focus points
for the next three years, until FY2023. 

In the Game Business, we are streamlining our business structure and engaging in development and live operations in ourstudios in Japan and China. We have a structure in place to release approximately 3-5 titles per year on average, focused on
major IP for the global market. In addition, we aim to create business opportunities in the broader entertainment space

making use of our core competence in partnerships and technology, etc. 

In the Live Streaming Business, in addition to growing Pococha Japan, we are using our knowhow from Japan to expand Pococha
into the US and India. Currently we are engaged in testing to enhance the service and updating our service content for eachcountry. We are also expanding into new genres, including the anime character live streaming app IRIAM that takes advantage ofJapan’s strength in this sphere. 

In the Healthcare Business, we are now accelerating our mid to long term growth strategy, including our health big data strategy.
Currently, with DATA HORIZON, which recently was made a subsidiary in August, 2022, and our business alliances with Houken
and Medical Data Vision, etc. we have combined databases of over 15 million insured people, the largest in Japan (as of April 30,2022). Based on this, we are endeavoring to support health promotion for people and the insured, and promoting our data use
business. In May we announced the conversion of Allm into a subsidiary, and through that we are promoting the digitaltransformation of the medical space. In this way, we work to enhance our earnings base in Serve. 

In the Sports Business, we participate in the management of major professional sports in Japan in three ordinance-designatedcities in Kanagawa Prefecture. This is a core competence for DeNA. We are sharing experience and knowhow between the threeteams, and will further enhance the value of the sports content itself while also creating new business opportunities. Making
sure the vibrancy created through sports is spread throughout the neighboring community is also an extremely important
topic, and part of our aim for our Smart City Business initiatives.

DeNA Sustainability Management
Under the new Mission, Vision, and Value, DeNA has also defined our sustainability approach. In particular,
under DeNA Promise in Value we have “Acting Sustainably” wherein we promise “As a global citizen, we strive
for harmony with the economy, society, and the environment in order to contribute to a sustainable future.”

The environment surrounding us is constantly changing, including the impact of the spread of COVID-19
and the intensification of disasters due to climate change. In addition, as the world's values become more
complex and diverse, we believe it is important to bring the wishes of various people to fruition. Under thesecircumstances, a company, a place where many people spend their lives, must be able to contribute topassing on the global environment and culture to the next generation. For that purpose, DeNA will further
enhance our three non-financial core competencies of Technology & Monozukuri, Organization & People, andHome Base (Yokohama / Kanagawa).

For our Home Base, if you examine a map of the Yokohama you will see how Yokohama Stadium is at theheart of the city. The stadium is the pride of the people of Yokohama, and is a connecting point for many
appealing spots such as Yokohama Chinatown, Yamashita Park, and Isezakicho. In this location, being able
to provide not only sports content but also start to build up experience activating the community is
incredibly meaningful.

In this way, we at DeNA will contribute in our own way to the communities, regions, and spheres in which
we are involved, and strive to create even greater value. Making the aspirations of many people come true
and passing that on to the next generation is how we can contribute to sustainability.

We will continue to pursue sustainability in a broad sense, including not only environmental issues such as
climate change and energy, but also cultural and social value creation, in cooperation with various
stakeholders, and deliver on DeNA's mission, "We delight people beyond their wildest dreams."

Financial Highlights
DeNA regards continuing growth of our corporate value to be the most importantmanagement priority, while also considering ROE. 

Therefore, we view such indicators as revenue, operating profit, and EPS, etc. to beimportant management indicators, and we engage in initiatives in line with eachbusiness characteristics and phases, while endeavoring to increase our non-GAAP
operating profit. 

We are using our healthy balance sheet for investment into new growth and initiatives.
In FY2021 we had multiple M&A, as described on the next page, and in the periodleading up to the publication of this report we made major progress in enhancing ourbusiness portfolio through the announcement of initiatives to make Allm Inc. and DATAHORIZON CO., LTD. into subsidiaries. 

Going forward we will focus on further growth of our strengthened business portfolio
and earnings base enhancement to achieve our goal for our mid to long term strategy. 

To increase asset efficiency we reviewed our shareholdings for policy purposes andendeavor to deliver shareholder returns, including share buybacks.

Billions of yen
Financial Highlights

ni i i es inIt at vn

FY2021 a

Investment in New
Growth &Initiatives

Increasing Asset
Efficiency

Shareholder
Returnss of ed ath

As of Mar. 31, 2022

e of is e o

dat

th

r

p

YoY

rt.

Current assets

110.4

-19.5

Cash and cash equivalents

78.3

-19.0

Non-current assets

230.2

32.9

Property and equipment & Right-of-use assets

20.5

1.4

Goodwill

17.5

11.6

Intangible assets

13.1

7.1

Investments accounted for using the equity method

55.9

14.9

Other non-current financial assets

122.2

-1.8

Total assets

340.6

13.4

Total amount of own shares repurchased in FY2021: 10.9 billion ye

Total liabilities

95.7

-2.8

Share buyback with a maximum of 15.0 billion yen underway since
July 202

Total equity

244.9

16.2

Total liabilities and equity

340.6

13.4

ROE (%)

13.2

FY202
In the live streaming space made IRIAM Inc.  
a subsidiary (August 2021
In the healthcare space made Nippontect Systems Co., Ltd. a
subsidiary (September 2021)

FY202
Made DATA HORIZON CO., LTD. a subsidiary to accelerate thehealth big data strategy (August 2022
Concluded a basic agreement to make Allm Inc. a subsidiary to
expand & leap into a peripheral area (May 2022)

Updated shareholdings for policy purpose
With the update, sold approx. half of DeNA-held shares ofNintendo Co., Ltd. (May 2022)

In accordance with our dividend policy, the dividend for FY2021
was set at 39 yen per share of DeNA common stock (consolidated
payout ratio of 15%, total dividend amount 4.6 billion yen)

01
Value Creation

Introduction to businesses and services from multiple angles

01
Value Creation

DeNA Milestones
DeNA was founded in 1999, the dawn of the internet era, starting with the launch of an online auction service. 

Over the more than twenty years since then, we at DeNA have challenged ourselves in many different businesses while keeping up with the development of the internet and accompanying changes in society.

Founding

1999-

DeNA’s first service Bidders born in the dawn of the internet era

Shift to Mobile

2004-

24

Early focus on mobile with camera phones and fixed price data plans making for conducive environment

Entry into Sports

2011Value Creation Story

Start of previously unknown
professional baseball club operations,no restrictions on business areas

2014-

Value Creation

ORY

Internet & Real Industries

01

Start of healthcare and automotive businesses,
combining existing industry strengths and ourtechnology capabilities

Entertain & Serve

2019-

Making use of the knowhow built over the past
twenty plus years to create synergies

Then in 2009 we spotted that game social apps were gaining popularity, mainly on Facebook, andentered in to the social game business. Kaito Royale was born, among other popular games, and a
few months later we opened Mobage Town as a game platform.

In 2011 we entered into professional baseball. This was a completely different area than ourprevious businesses, but in line with our history of challenging ourselves to take on unknown
fields. We focused on the pursuit of Delight, and also evolved through the realization of joint
management of the baseball club and stadium. We utilize our knowhow from professional baseballmanagement for professional basketball and soccer, and also combine that with our problemsolving methods from our businesses under Entertain to expand into machizukuri, centered on
sports.

From 2013 onwards we have used our expertise in internet and AI technology to enter into adiverse range of industries, such as healthcare, live streaming, and automotive, under ourapproaches to Entertain and to Serve.

Value Creation Story

DeNA was founded in March 1999 to begin an online auction service. DeNA launched Bidders, a PC
auction site that aimed to bring the online auction services popular in the US to Japan inNovember 1999, and while the business did not immediately take off, we were able to significantly
grow our financial performance by incorporating shopping mall functionality to the auction
service for greater user convenience.

In 2004 with the increased transmission speed, fixed price data plans, and camera phones more
widely available, we determined that the environment was now conducive to a mobile service, andwe quickly began our focus on this area. We used our online auction service knowhow to start theservice Mobaoku, where the bidding and subsequent procedures could all be completed on yourphone, and at the same time also started a phone-dedicated affiliate service. The next challenge wetook on was the creation of the mobile game and social networking service Mobage Town. We
gathered users and engaged the community through free games, and virtual avatars became
popular particularly among those in their teens and twenties.

25

01

Entertain

Games

Live Streaming

Value Creation

D e N A Va l u e  Creation Model

The DeNA value creation model is to deliver new Delight to the world, harnessing our uniquestrengths and using internet and AI technology to entertain and enrich lives, and toserve and make the world a better place.

Serve

New Business Areas

Sports & Community

Healthcare

New Business Areas

26

Application of unique problem-solving methods
Business using diverse structures, including partnershipTechnology & Monozukuri

Organization & People

Value Creation Story

DeNA’s Core CompetenceHome Base (Yokohama / Kanagawa)

01

Value Creation
27

Value Creation Story

01
Va l u e C r e a t i o n

E n t e r ta i n

Game BusinessIn our Game Business we provide smartphone games. We develop
and operate titles ourselves and also partner with other companies
on partner titles in a variety of genres. We have locations in Japanand China, and one of our core competencies is our KPI
improvement through community initiatives and analytics thatmakes use of our community operations knowhow built throughour history as a company that operates technology and web
services.

28

Percentage of Revenue

57.1%[ 74.7 billion yen ]Va l u e C r e a t i o n S to ry

01
Va l u e C r e a t i o n

E n t e r ta i n

Live Streaming

We launched the live communication app Pococha in January 2017
in Japan, and we have since expanded to also provide service in the
US and India. In August 2021 we also welcomed IRIAM Inc., who
operate the anime character live streaming app IRIAM, into theDeNA Group.

29

Percentage of Revenue

26.5%[ 34.7 billion yen ]Va l u e C r e a t i o n S to ry

01Sports Business

Value Creation

Serve

Since we joined the professional baseball league in 2011, we have
expanded our Sports Business, including succeeding to theoperations of the Kawasaki Brave Thunders in the B.LEAGUE in 2018
and beginning participation in the management of SC SAGAMIHARA
in 2021 in the J League. Our mission is “Delighting People and theCommunity Through Sports” and we are engaged in machizukuri
focused on sports and surrounding facilities.

30

Percentage of Revenue

11.2%[ 14.7 billion yen ]Value Creation Story

01

Healthcare Business

Value Creation

Serve“Making the shift from ‘sick care’ to ‘healthcare’ and lengthening
healthy lifespans” is the mission for our Healthcare Business, and wehave made use of the knowhow gained from services underEntertain as well as internet and AI technology to provide services
that encourage health promotion and behavior change, and thecreation of evidence from accumulated data. Going forward, we will
accelerate our growth strategy, such as our health big data
strategy.

31

Percentage of Revenue

2.3%[ 3 billion yen ]Value Creation Story

01
Value Creation
32

At DeNA, we seek to Entertain and to Serve through our businesses.

Our unique business portfolio is supported by our core competencies inTechnology & Monozukuri, Organization & People, and Home Base (Yokohama / Kanagawa).

Value Creation Story

DeNA 

Core Competence

01
Value Creation

Achievement

Technology & Monozukuri

Deliver Quality at a High LevelAt DeNA, all the people involved in service development gather from the start to share assumptions,such as user needs. The people who will actually engage in the work, such as designers and engineers,
gain a deeper understanding of that context and work to shape the service into reality. We also aim toprovide that high level of expected quality for all our services, including making sure there are no bugs,
the service doesn’t drop, and that it is safe. To ensure this we have a variety of professionals in design
and product as well as infrastructure, security, quality management, and customer support in house,and do not solely rely on external contractors. These diverse professionals communicate closely
to coordinate and improve in an agile and seamless way to deliver the expected high level ofquality. In addition, in our vision we say that “We will be the world’s premier provider of internetand AI technology to delight people everywhere.” DeNA boasts many AI technology specialists,
including accomplished Kagglers (see page 54), with high-level expertise in video processing,speech generation, reinforcement learning, and natural language processing among other fields.

33

Value Creation Story

01

Organization & People

C u l t u r e o f C h a l l e n g i n g O u r s e l v e s  

to Pioneer New Business Areas
Since our founding, DeNA started out in e-commerce and expanded into
games, sports, live streaming, and healthcare, and our businesses now
cover internet services to businesses in the real world related to society
and the public sphere. The driver behind our business area expansion andgrowth is our culture of challenging ourselves and our diverse people. We
keep abreast of the trends in our ever-changing world, ascertain thechanges we need to make for the future, and connect that to newchallenges to pursue. Constantly delivering on these challenges while
enjoying the change is our DeNA culture. For us to engage in our initiatives
in a variety of areas and create significant value, we need to have diverse
personnel with diverse strengths & values who enjoy taking on even toughchallenges. We build new businesses by having diverse team members with
their unique strengths speedily collaborate together across departments.
By flexibly assigning passionate employees to new businesses from existing
businesses, we are able to create personnel synergies through the use ofknowhow, for example for community live operations and how to
encourage continued enjoyment of a service in an existing business.

Value Creation

Culture34

Value Creation Story

01

Home Base (Yokohama / Kanagawa)Creating an Exciting Community Through Sports
We joined professional baseball in 2011 when we became the owners of the Yokohama DeNA
BayStars. We worked on various initiatives to bring fans to the home Yokohama Stadium, and in
2019 we achieved a record high annual cumulative stadium attendance of 2.28 million people.
Having over 2 million people annually gather in our home stadium also means a variety of possible
opportunities for business in the surrounding area and facilities. We will create vibrancy in thecommunity, spread that to the surrounding area, and eventually create excitement throughout
the community of Yokohama all through the year. This includes our efforts in the City of Yokohama
old city hall redevelopment project and the first permanent live viewing area in Japan.*

Value Creation

Home BaseWe will also draw out even further potential from the City of Yokohama through various
approaches, including supporting the establishment of sustainable frameworks for last milemobility, where mobility is enhanced with smooth movement between various tourist spots
around Yokohama, as well as reducing energy consumption and waste generation. We also plan toexpand these initiatives to Kawasaki and Sagamihara through basketball and soccer.
*First permanent live viewing area in Japan with sports, food & beverage, and live broadcasting with a large
screen (Per Tanseisha Co., Ltd., June 2022)

35

Value Creation Story

02
Growth Strategy

Introduction to DeNA’s long term growth strategy and initiatives in each area and business02
G r ow t h S t r a te gy

Long Term Port folio and Initiatives to Enhance Financial Performance & Growth

In the long term, DeNA will evolve into a new, unique kind of tech company, working to entertain and to serve through our businesses and encouraging synergy between the two approaches.

We aim to form an earnings base on these two approaches and challenge ourselves to achieve leaps in growth.

Entertain

Serve

37

Games

Live Streaming

New Business Areas

Sports & Community

UpsideL i v e S t r e a m i n g B u s i n e s s

Healthcare

New Business Areas

Opportunities

New Businesses

M&A( G l o ba l l a u n c h , n ew ge n r e s )Va l u e C r e a t i o n S to ry

02
G r ow t h S t r a te gy

E n t e r ta i n

G a m eBusiness

38

Business Content & Characteristics

S t r e n g t h s & Ad va n ta ge

The DeNA mobile game business began with the success of the hit title Kaito Royale, launched in 2009,

As a company with origins in internet services, we boast data analytics with our dashboard of

and our business expanded from there in line with changes in the market (see the next page).

service data, game live operations with a high speed PDCA cycle, and infrastructure

Currently we have many app games available in Japan and internationally, and legacy mobile

operations that can accommodate traffic for large-scale global game title

browser games also in Japan. Our Game Business is composed of three business units. We havePartnership with IP holder

Solution Business Unit, which operates the Mobage platform and promotes collaborations withpartners, and our Cross Border Promotion Unit, which supports international expansion. We
have locations in both Japan and China where we do development and live operations.

Unique development & live operations structure in Japan & China

Va l u e C r e a t i o n S to ry

our Game Business Unit, which handles game development and live operations from Japan, our02Business Opportunity

In FY2021 performance was mainly driven by existing titles, and compared to FY2020 where we had

The Japan smartphone game market was over 1.3 trillion yen in 2021,* and while it is maturing

growth from new titles, we saw a decline in Game Business revenue and segment profit. 

it is a major entertainment marke

In FY2021 we had two new title launches. While we had relatively little new contribution, we also
reaffirmed our strength in existing title live operations with the return to growth of Pokémon Masters
EX two years after launch. In the Game Business we aim to create a structure capable of producing
stable cash flow, and we updated our strategy for FY2022 onwards following an evaluation of ourindividual title trends mainly in 2H and identifying issues in our new title development, etc.

I nternational ap p

43.7 billion

billion yen

100.0

83.8

14.2
FY201918.9

FY2020Virtual currency

consumption

billion

11.6
FY2021

titles, made up a majority of the market
Source: *Famitsu Mobile Game White Paper 2022 (KADOKAWA ASCII Research Laboratories, Inc.)

2009 -

2013 -

2020 -● Launches social games,● Shifts from mobile browser● Pipeline strategy for the

including Kaito Royale, on
Mobage● Opens Mobage to third-party

developer titles, and many
long-term popular hits areborn, such as Cygames, Inc.’s
GranBlue Fantasy● Shifts to smartphones andJ apan ap p

45.4 billion

goes global

to apps● Creates cohort of app titles

beloved to this day, including
FINAL FANTASY Record Keeper
and Gyakuten Othellonia

39

global market focused on
major IP● Structural transformationand streamlining costs● Updating mid to long term
strategy● Enhances partnerships,

including the business &capital alliance with NintendoCo., Ltd., and providing ofcollaborative titles with The
Pokémon Company

Value Creation Story049.2 billion

138.3

50.0

a development & live operations location, and the West, where we provide many partnership

J apan browse r

91.3
74.7

The global smartphone game market was over 9 trillion yen in 2021,* and China, where we haveGame Business H istory

Game Business Performance■ Revenue ■ Segment operating profit / loss

Growth Strategy

Looking Back on FY2021

02

Initiatives to Achieve Leaps in Growth

Existing title performance currently makes up theGame Business Strategy To Date

Initiatives To Achieve Long Term Business Value Enhancement

majority of performance for the Game Business,

Recently we pursued a pipeline strategy centered

In addition to our strategy to date, going forward we aim to proactively create

and we are continuing to address structural issues

on major IP for the global market, based on ourbusiness opportunities in the broader entertainment space, making use of ourincluding the need to create new hits andstrengths of the development & live operations instrengths including our partnerships and technological expertise. DeNA andstreamline our cost structure. 

China and Japan, partnership with IP holders, andNintendo have had a business & capital alliance since March 2015. During that time,

Meanwhile, we will continue to update our strategy

global publishing structure.

we have built a solid relationship of trust while jointly working on various projects.

for FY2022 onward, including aiming to create

We have a structure in place to release 3-5 newGoing forward, we will move to the next stage in enhancing the relationship between

business opportunities in the broader

titles per year, and we plan to release approx. 5

the two companies, focused on business initiatives, building on the foundationentertainment space, in order to achieve

titles mainly in the second half of FY2022.

established over the past 7 years. 

enhancement of our long term business value. 

We are also further optimizing our structure andShueisha and DeNA have been making use of each others’ core competencies inIn the long term we aim to secure a good level ofstreamlining related costs for new title

cooperation in the broader entertainment space since 2019. Going forward we willprofit in the entertainment space, despite thedevelopment, and aiming to secure soundwork to accelerate the business further, including additional investment in stages

volatility in games.

profitability.

into the joint venture Shueisha DeNA Projects.

Growth Strategy

Growth Strategy

B u s i n e s s Va l u e

4Create business opportunities in the broader
entertainment space0

ake use of our partnerships and technology, etc.

M

Aim to build up performance, with approx. 5 new titles mainly in the second half of FY2022

Pipeline centered on major IP for the global market 

Further optimizing structure and streamlining related costs for new title development

Game Business strategy to date*Release timings are based on current estimates and are subject to change.

Three Years Later

Long Termalue Creation Story

V

Present

02
G r ow t h S t r a te gy

E n t e r ta i n

L i v e  S t r e a m i n g

Business

41

Business Content & Characteristics

S t r e n g t h s & Ad va n ta ge

We operate Pococha, a live broadcasting service where anyone can broadcast easily with just a

Our services have a unique strength in the formation of communities of broadcasters andsmartphone, and IRIAM, a live streaming service featuring anime characters. 

viewers, and the service evolves through exchanging opinions with user

Through these services people can use their free time to join diverse communities that match
Design focused on UI/UX (Pococha first live broadcasting app to receive Good Design award intheir unique preferences, so we can appeal to a wide variety of broadcasters and viewers. We
2020

through item purchases by the viewers broadcasters can receive compensation in line with theengagement in their broadcast.

Educational activities and AI & system-powered monitoring to prevent issues in the community,
building on knowhow from other service live operations

Va l u e C r e a t i o n S to ry

provide a new type of entertainment, a place for self expression for the broadcasters, and02
G r ow t h S t r a te gy

Looking Back on FY2021

Business Opportunity

Revenue for FY2021 grew 1.4x year over year, and we proactively invested to achieve leaps in growth.

Vibrantly interactive, real time live streamin

Pococha Japan achieved 3.72 million downloads as of March 31, 2022. Pococha also launched in
Development of an internet service that empowers individual
the US in May 2021 and has achieved 430,000 downloads as of March 31, 2022. Various KPI are
Growth opportunities in Japan & overseas

also seeing steady growth.

We also made IRIAM Inc., who provide a novel genre of streaming, namely an anime characterstreaming service, into a subsidiary from August 2021, and the company achieved approx. 4x

Pococha Positioning

growth year over year.

Characteristics:

Easy live broadcasting with just a smartphon

L i v e S t r e a m i n g B u s i n e s s P e r fo r m a n c e■ Revenue

Two-way communication between broadcaster and their viewers

fit / loss

■ Segment operating pro

Live

42

billion yen

40.0

34.7
SHOWROOM

ABEMA

30.0

24.2

LINE LIVE

20.0

Communication

Content / Information

YouTube
10.0

9.1
5.2

3.5

TikTokAmazon Prime Video

Netflix

0-5.0
FY2019FY2020

FY2021

C r e a t i o n S to ry

Archive

Va l u e-1.4

02
G rowth Strategy

Growth Strategy

Initiatives to Achieve Leaps in Growth

The Live Streaming Business is in the growth phase, and we

Pococha Global Expansion

continue to pursue sustained growth in Pococha Japan while“Live Link Life. Enjoy this moment, forever.” With this concept, we launched our service in the US in May 2021. We achieved 430,000

also continuing growth investment into our initiatives todownloads as of March 31, 2022, and we are seeing steady growth in various KPI. We are continuing to focus on this service in FY2022

achieve leaps in growth, including the global version and new

to get on a growth track.

genres. For Pococha Japan, there will be short-term variability
depending on the degree of openness of social activities. We

Expansion into New Live Streaming Genresare focusing on intrinsic service measures and marketing

IRIAM is an app where anyone can enjoy anime character live streaming anytime, anywhere, using just a smartphone and an

measures to establish a solid business foundation with a viewillustration. Simply by uploading a character illustration, our AI automatically decides how to make the character move corresponding

to a return to a good growth pace.

to your movements captured by your smartphone camera, making it possible to have a character live streaming performance withmouth and eye movements. We saw strong growth in FY2022, including achieving approx. 750,000 downloads as of March 31, 2022

Pococha Japan User Trends

and 4x revenue growth year over year.

■ Unique users from the previous month or earlier■ New unique users

Global Pococha

Anime Character Live Streaming App IRIAM
43

Q1

Q2 Q3
FY2019

Q4

Q1

Q2 Q3
FY2020

Q4

Q1

Q2 Q3
FY2021Q4

Monthly paying unique users
Pococha US monthly paying unique users

Q2 Q3
FY2019

Q4

Q1

Q2 Q3
FY2020

Q4

Q1

Q2 Q3
FY2021

Q4
1Q

Q2

Q3
FY2021

Q4

Q1

Q2
Q3
FY2020

Q4

Q1

Q2
Q3
FY2021

Q4

Value C reation Story

Q1

Monthly average DAU

02
Growth Strategy

ServeSportsBusiness
44

Business Content & Characteristics

Accumulation of professional sports knowhow through operations of baseball, basketball, andsoccer (planning & performance, social media operations, data analysis, activating fan
communities
Trust & expectation from government (city) and region through commitment to the arePartnerships, including field tests with diverse companies

Value Creation Story

DeNA participates in the management of major Japanese professional sports teams in threeordinance-designated cities in Kanagawa Prefecture, namely baseball, basketball, and soccer.
Through joint management of the professional baseball club & the stadium and coordination withthe surrounding area we have increased our stadium attendance and created vibrant activity inthe community. We also share knowhow accumulated in each team laterally and have establishedour DeNA SPORTS GROUP including baseball, basketball, soccer, and track & field and have begun
initiatives in collaboration with partner companies to create the future “for sports and thefurther evolution of society.” We are using the power of sports to inspire passion in people tobring excitement to the community and contribute to new machizukuri.

Strengths & Advantage

02

B usiness Opportunity

In FY2021 despite some impact from COVID-19 attendance restrictions, we saw a 1.9 billion yen

year over year increase in revenue and 1.0 billion yen operating profit / loss improvement.
Yokohama Stadium was also used as the venue for the Tokyo 2020 Olympics held in August 2021.
In the 2022 season we saw record-high Yokohama Stadium attendance. 

As we have evolved to adapt to the post-COVID-19 world, we began service on a live streaming app
called BayStars Prime Camera powered by au 5G to enjoy multiple camera angles during games,
and the NFT content collection services PLAYBACK9 and PICKFIVE.

Sports B usiness Per f ormance■ Revenue

Kanagawa Prefecture population

Creating business opportunities & synergies by
sharing experience & knowhow and establishing
the DeNA SPORTS GROUP brand

1.54
million

 

20.2

14.7

Zama

City

1.12
million

 

1.2

Ebina
 AyaseCity City

Yokohama City

Team Enhancement Knowhow

FY2020-2.6
FY2021

3.77
million *Population data source: Kanagawa Prefecture Population Census(Monthly Report) April, 2022

Event performance experience
Club & stadium coordination
Experience increasing attendancePartnership promotion knowhow

Value Creation Story-3.6
FY201945

Aikawa Town

10.0

-10.0

Digital marketing including YouTube
Measures to increase school members
Promotion of SDGs

Kawasaki

City

Sagamihara City

12.8
0Home bases in three ordinance-designated cities, home base populations cover 60% of■ Segment operating profit / loss

billion yen
30.0

20.0

Machizukuri in City of Yokohama, such as old city hall district development projec

Growth Strategy

L ooking B ack on FY 2 0 21

02GContinuous Initiatives

Delighting People and the Community through SportsMaximizing Sports Content Value

We aim to develop a Delightful City that has fans not only

grow the business & content value, expand our earnings base,among the residents but also visitors. We are providing

and secure stable profitability. We will enhance this business as

content and drawing out the appeal of the community bya foundation for mid to long term growth and businessenhancing our sports content with strong connection to fans,opportunities.

expanding real businesses that make use of local businesses
and our locations, and expanding into a broader area & utilizing

B u s i n e s s Va l u etechnology.

Stepping Stone to the Future
Broad Expansion & Use of Technology

By continuing to invest in baseball, basketball, and soccer, werowth S trategy

Growth Strategy

Providing Exciting Experiences Even At a Distance
We are expanding into digital and lifestyles areas, including
online streaming, fan clubs, and merchandise and food &beverage.
Development into Delightful City

Real Business Expansion Using Local Businesses& Locations

I

We will expand into areas with high affinity for our content,

facilities, we will contribute to sustainable development by

including our stadium, arena, merchandise shops, schools, andcollaborating with the City of Yokohama and local businesses

other commercial facilities. We are also involved in the live

and organizations to promote a system that supports theviewing arena and edutainment facility in the City of Yokohama

vibrancy of the area and takes into consideration issues suchold city hall redevelopment project next to our stadium, which

as energy consumption and waste disposal that occur behind

is planned for a 2026 opening.

the scenes.

Enhancing measures to deliver new Delight, including digital entertainment such as

Live viewing arenan addition to providing content to attract visitors from within

and outside the region to the stadium and surrounding

4

6

Broad Expansion & Use of Technology

Stadium & Other Locations

Content

Long

Term
NFT services and live broadcast services

alue Creation S toryThree Years

Later

V

Present

02
Growth Strategy

Serve

Healthcare

Business
47

Business Content & Characteristics

Services that can be enjoyed over the long term and guide people to health by making use ofengagement science accumulated in the Game Business & elsewhere, including gamificationand data scienc
Relationships with local municipalities and health insurance societies through our data healthbusiness that contributes to the rationalization of medical cost
Collaborative structure between industry, government, and academia, such as with Hisayama
Town in Fukuoka Prefecture and Kyushu University

Value Creation Story

In the Healthcare Business our mission is “Making the shift from ‘sick care’ to ‘healthcare’ andlengthening healthy lifespans.” We provide a variety of services, from the healthcare
entertainment app kencom to other services that encourage health promotion and behavior
change. We also proactively work to create evidence from the data accumulated in these services.

To take these insights & data and serve & solve social problems, we are accelerating our initiatives
to develop industry use, such as in local municipalities, academia, and the healthcare industry.

Strengths & Advantage

02

Healthcare Business Performance

Increased opportunities to use digital technologies in the healthcare and medical spheres,
including addressing dementia and the three major adult diseases in conjunction with Japan’s
increasingly super-aged societ
National & regional local municipality initiatives to rationalize medical cost
Wave of digital transformation dramatically changing how medical services work andaddressing medical sustainability

DeNA Healthcare Business Approach48■ Revenue ■ Segment operating profit / loss
billion yen
4.0

1.8

2.1

0

FY2019FY20203.0-0.6
FY2021

Health Promotion

Services & Solutions for Businesses

Implementation &Data Use

Risk Forecasting &Early Detection

alue Creation Story-1.6

Services for People

V

-2.0

-1.2

rowth Strategy

Business Opportunity

We are making steady progress in achieving a meaningful profit for the business overall in thethree years until FY2023. In FY2021 we had a 43% increase in revenue year over year. Whilecontinuing growth investment, the segment operating profit / loss has improved, and in Q3 weachieved our first quarterly profit. 

In FY2021 we made Nippontect Systems Co., Ltd., who boast dementia-related services, into a
subsidiary, and we enhanced our capital relationship with DATA HORIZON CO., LTD. We are moving
forward on collaborations with local municipalities, services for the elderly, and the expansion ofhealth big data, all of which contribute to significant progress in enhancing our business portfolio.

2.0

G

Looking Back on FY2021

02
Growth Strategy

Growth Strategy
Health Big Data Strategy

Enhancing Earnings Base in Serve

Since about 2020 we have been enhancing our partnerships to develop industry use in our Serve

To build a set of businesses under Serve to achieve stable and sustained growth, in the Healthcare

approach of insight and data we gain from providing services in the Healthcare Business.

Business we consider M&A among our strategic options, and proactively pioneer the development

As part of this, we formed a capital & business alliance with DATA HORIZON CO., LTD. in 2020 andof growth opportunities. 

announced a series of transactions to make the company into a subsidiary in June 2022. We also

In May 2022 we concluded a basic agreement to make Allm Inc., the medical ICT startup, into aagreed to a partnership with Medical Data Vision Co., Ltd. in May 2022. 

subsidiary. 

With these two partnerships, we created the largest database of insured people in Japan, over 15

In the medical and care field, the wave of digital transformation to massively change medical

million people in total from the healthy to those with high risk (as of April 30, 2022).

services is coming. Going forward we believe Allm will significantly contribute to solving many

Going forward, we will promote measures including analysis in combination with hospital data, andissues, including sustainability issues, such as the 2024 doctor problem (the severe shortage andby encouraging industry use we will contribute to lengthening healthy lifespans and enhance theuneven distribution of doctors), and remote treatment.  

sustainability of the national health insurance system.

DeNA will proactively work to accelerate Allm’s growth and create synergies with the DeNAGroup’s businesses, mainly with our health big data strategy.

49

Over 15 million people’s data
Partnership with DATA HORIZON

Partnership with Medical Data Vision

Health insurance societies & local municipalities:
8.08 million people

Aim to be No. 1

in Data Use Business

Health insurance societies: 7.71 million people
Hospital data: 39.6 million people (Actual patient numbers)*For more details see the press release dated May 10, 2022. 

**By DeNA calculations of databases of the insured and of medical institutions. All figures in diagram are as of April 30, 2022

Value Creation Story

Largest Scale Medical Institution Data

People/insured, academia, pharmaceutical companies, insurance companies, etc.

02

Join, a Secure Communication App for Medical Practitioners

Emergency Medicine & Health Support App MySOS

Join became the medical device program covered by insurance in Japan in 2016. Join has been
introduced to approx. 470 medical institutions in Japan, including core hospitals at the center ofregional medicine, and it is available in 30 countries globally, in a total of approx. 1,100 medical
institutions globally.

MySOS is an app that supports smooth handling of emergency situations by keeping a record of
an individual and their family’s health and medical data. It was also adopted by the Ministry of
Health, Labour and Welfare of Japan Health Monitoring Center for Overseas Entrants as thehealth and location monitoring app for overseas entrants as a part of the COVID response, andhas accumulated over 2 million users.

Growth Strategy

Allm’s Main Solutions & Healthcare Services

50

Value Creation Story

02

Growth Strategy
51

Value Creation Story

02
Growth Strategy

Technology & Monozukuri Strategy
Our technology & monozukuri strategy looks beyond internet technology trends.

Basic Approach & Structure

We maximize the power of design and technology and deliver Delight to users through the creation of new value.
At DeNA, to deliver Delight based on our MVV (pages 7-11), we have business side engineers whoare placed in each of our businesses, including the Game, Live Streaming, Sports, and Healthcare
Businesses, and who work close to users, and cross-department engineers with high levelspecialization who accumulate experience and knowhow that they use to contribute to the whole
company. These engineers organically collaborate to engage in monozukuri for DeNA as a whole. 

A unique feature of our monozukuri is our focus on the basic functions of Development, Design,
Product, as well as the Infrastructure, Security, and Quality that serve as their foundation, andhow we have specialist departments set up for each of these aspects across the organization. No
matter how novel or revolutionary a service may be, if users feel uncertain about any aspect ofusing it, the appeal of the service will not be conveyed, and not only that, but trust in DeNA as theservice provider will be lost. For this reason, we have built a framework to ensure quality so thatusers have a better than expected experience using our products for the first time.

Entertain

We also have functions we can share across departments and customize them to meet the needsof the business utilizing knowhow accumulated in each of our business departments. For example,
we use the knowhow from handling large-scale traffic on Mobage and other services in oursystem infrastructure team for the Live Streaming Business. This organizational framework
allows the DeNA Group to gather experience while enhancing our specialization, and also engage
in more efficient monozukuri. In January 2022 we newly established the Product Development Dept.
as a cross-departmental organization directly under the Chief Technology Officer (CTO). Amidst
DeNA’s initiatives to grow our businesses under Entertain and Serve, this department works tocreate new businesses from zero to one in the area not covered by existing businesses despite
being an area or market where we feel there is future potential.

Serve

Dev/AI
Dev/AI

Game

Live Streaming

Sports &the Community

Quality

Security

DesignProduct

Healthcare

Infrastructure, quality management, security, design, data AI,

product development

DesignTypical Monozukuri Structure

Product

Infra-

structure

DeNA View on Monozukuri Structure

Value Creation Story

Cross - Department O rganization

DeNA Monozukuri Structure

52

02

Investing in latest technologies with a three year view while building a system environment to support service development
At DeNA, in our view technology is for creating businesses and for delivering Delight to customers
through our businesses. Based on our market-in mindset, we will continue to enhance our existing
technology areas. In addition, we will focus on technology to build services that use new internet anddigital technologies, such as increasing the productivity of mobile applications and enhancing the
web front end. For the underlying technology, we look at the technology trends over a three year
span and explore potential business use. We are focusing on research in the most recent trends in
Web3 and XR, with particular focus on investment into blockchain. We have had specialist engineers
engaged in research for several years, and we are starting to see the fruits of that research, suchas the launch of NFT digital collection services (PLAYBACK 9, PICKFIVE, NFT Collection).

Growth Strategy

Technology & Monozukuri Strategy

From 2018 over a period of three years DeNA migrated from an on-premises system with approx.
3,000 servers to a cloud system. This enabled us to build an agile development environment tospeedily launch new businesses in a DeNA-like manner, while also building a framework to provide
stable service, for example seamlessly shifting servers in the event of a major natural disaster oroutage in one region. We have also been continuously making use of AI and data science, such as
through our mechanisms to match users with similar interests in the Game and Live Streaming
Businesses and our mechanisms to ensure safe and sound services. We also use AI and data
science in our Sports Business for analysis of match footage data, and going forward we areproactively challenging ourselves to create new value using AI technology.

53

PICKFIVE

Value Creation Story

PLAYBACK 9

02Enhancing resource capabilities through engineer portfolio management
Excellent engineers are indispensable for our technology & monozukuri strategy. At DeNA we

All of our engineers on the ground keep these values in mind and strive to embody them, while

practice portfolio management for our technical personnel. We already have many expert

DeNA as a company promises to work to understand and resonate with these values and createengineers on our team active in the web and software industry, including Google Developers

an environment where engineers are able to work easily and produce results. We run a DEQ

Experts and Rails Committers. To further enhance our resources and capabilities, we are working

survey for engineers once every six months to see if the values are being realized and supported

on expanding our mid-career hiring for excellent engineers around Japan in the short term byin each organization and make plans for continuous improvement.

Growth Strategy

Technology & Monozukuri Strategy

using remote work and not limiting ourselves by location or personal characteristics. We are alsocollaborating with partner companies to build a flexible structure capable of adapting to roledivisions in accordance with the business phase, and in the mid to long term we are enhancing
our new graduate hiring. We host technical events for external engineers every year, publish
technical research papers and articles, and otherwise disseminate information about the

Kaggle Grandmasters on Team
Kaggle is the largest data science competition platform where thousands of people from around the worldcompete to solve problems submitted by companies and researchers. The participants hone their skills
through frequent competition and when they produce results in addition to rewards the titles ofmonozukuri and technology we are working on at DeNA. We will continue to share about DeNA

Grandmaster and Master are also bestowed. At DeNA we currently have four Kaggle Grandmasters, out ofMonozukuri and our corporate culture while at the same time focusing on training and securing

only twenty in Japan, and including the Master class we have about twenty Kagglers on staff.
54high class engineers to enhance ourdevelopment organization. As a partof this, we formulated our DeNAEngineer Quality (DEQ), where we
define our values as engineers. Our
DEQ has three components:“Craftsmanship,” where we maximize
use of our specialization; “Intrepid
and Insightful,” where we identify theheart of the issue and create impact;and “Expand your horizons,” where

ambition to refine our abilities.

DEQ Components

DeNA Kaggle Rank Program

Value Creation Story

we draw on our inquisitiveness and02

Promoting a personnel strategy that attracts challenge-oriented people, leverages the individuality of each person, and creates business synergies through people.

Growth S trategy

Personnel Strategy
Basic Approach to Human Capital

Our basic approach is the DeNA Promise, and we welcome diversity and commit to personnel growth
At DeNA we have the DeNA Promise within our Value (page 11) as our basic approach to human

Focus Investment for Human Capita

capital. We welcome the diversity of our employees and are committed to developing a workforce
that will be active and contribute to society both within and outside of our company by making theProactive transfers of key personne

experience with us irreplaceable for all employees involved and enriching their individual lives andPrograms to allow employees to choose their own locations for growt

careers. We define diversity as bringing different strengths and multiple perspectives to the

Enabling pursuit of challenges in business creation at Delight Ventures, the DeNA Group’s fund,organization based on each individual's background, experience, skills, and personality, and wehave introduced various measures to attract such diverse human resources and provide themwith opportunities and venues to make the most of their individuality.

Objective

Creating
opportunities
to leverage
individuality

55

Specific Measure Examples

Focus on talent qualit

Separate new graduate hiring, Direct recruiting, Referral hiring, DeNA Alumni,

Updating framework and foundation to support future hiring, not limiting ourselves to existing methods

Owned media, Use of side jobs, Hiring of people living in distant locations

Going independent, founding a startup, and spinouts available as official career path

Personnel training& allocation

Proactive transfers of key personne

OpenQuest, Shake Hands program, Cross Job & Side Job programs, Group

Programs to allow employees to choose their own locations for growt

Executive Program, Delight Ventures, Career consultation, 360 degree

Enabling pursuit of challenges in business creation at Delight Ventures, the DeNA Group’s fund, and at

feedback, Monthly survey

investment target companies

Creating
venues toleverage
individuality

Creation of organization with feeling of solidarity through employee dialogue and exchang

Corporate culture

Establishing organization structure to allow diverse employees to exercise their uniquestrengths, create synergy, and work to the fullest

Working environmentand our working environment

Initiatives to support employees in balancing their work and private live
Organization that enables employees to feel secure in giving their best performance mentally and physicallymay be found on our website (Japanese only).

Onboarding program, All Hands Meeting, Employee sports game visits, Family
Day, Distant location work program, Hybrid work combining office and remote
work, DeNA LIFE DESIGN PROJECT

Value C reation S tory

More information about DeNA careers

Going independent, founding a startup, and spinouts available as official career path

Approach & Topics
Talent acquisition

Attracting diverse
challenge-oriented people,
leveraging theindividuality of each
person, and creating
business synergies
through people

and at investment target companie

02

Status of Various Initiatives

Various Programs to Provide Opportunities and Venues to Make the Most of Individuality

Growth Strategy

Personnel Strategy

Creating Opportunities to Make the Most of Individuality
Talent Acquisition 
In order to strengthen the recruitment of generalist new graduates and high-level mid-careerhires who can be successful in any business or environment, DeNA's executives and other acelevel personnel in the business divisions are taking the lead in recruiting activities, customizing
the selection flow by job type and updating events through trial and error every year. We are also
working to expand our means of acquiring engineers and designers, including the use of side jobs,
and have focused on expanding the number of direct hires and branding through owned media,
while collaborating with recruiting agencies. In the future, we will focus on acquiring workers in
distant locations and expanding our recruitment of engineers, including new graduates.

Human Resource Development and Placement For human resource development, we have introduced our own in-house recruiting system(OpenQuest) to support employees' autonomous career development, and we are building a place
where employees can take on challenging and rewarding work through the latest HR technology
and management enhancements. We are also actively engaged in manager training and support.

In terms of human resource allocation, we are actively transferring core personnel so that theycan experience various businesses. We also have various systems in place, such as the "Shake
Hands System," which allows employees to transfer regardless of the wishes of their current
department if the general manager of the other department (the host department) agrees, the"Cross Job System," which allows employees to concurrently work in other departments for up to
30% of their work time at their own request, and the "Side Job System," which allows employees towork outside the company on the side.

56

Value Creation Story

02

Creating Venues to Leverage Individuality

Corporate Culture In order to create an organization where DeNA Quality and the DeNA Promise (page 11) aredisseminated and put into practice, DeNA implements an onboarding program to support
employees who are new to the organization so that they can play an active role as quickly as
possible. In addition, to strengthen management that makes the most of diverse human resources,
DeNA conducts management training, 360 degree feedback, monthly surveys, and other programs.
In addition, to create an organization with a sense of solidarity through dialogue and interaction, we
conduct status checks twice a year by means of an organizational status questionnaire, organize
employee sports viewing events, and promote a hybrid work style that combines work at home andremote work.

DeNA LIFE DESIGN PROJECT site (Japanese only)

57

Value Creation Story

Working Environment In addition to promoting a transformation of the conventional working style, DeNA is working tocreate an office environment that allows flexible work by combining work at the office and remote
work depending on the nature of the work, and create the optimal work environment for the
post-COVID-19 era. In addition, we also have been developing new systems to secure workers,
including a multi location system that allows employees to flexibly choose where to work fromdepending on the situation, workation options, side jobs and so on. To create an environment inwhich a diverse range of employees can play an active role, we launched the DeNA LIFE DESIGNPROJECT in October 2019. This project is designed to support employees in balancing work withvarious life events that occur regardless of gender, such as marriage, childcare, family care/nursing care, and their own illness and self-care. Along with regular reviews of systems andbenefits, we have established a contact point to receive consultation from employees. For
childbirth and childcare support, in addition to systems and benefits such as shorter working
hours, babysitter subsidies, and financial support for early return to work, we provide prematernity leave interviews, workshops for those returning to work after maternity leave, andreturn-to-work interviews. As a result of these efforts, the number of resignations due to worklife balance has decreased significantly over the past several years.

Growth Strategy

Personnel Strategy

02
Growth Strategy

Our Team
We share information about working at DeNA through our owned media. (Japanese only)

Study abroad in Japan, fromtechnology startup to DeNA

The growth story of a Pococha
Android engineer

Contributing to business strategy andorganization creation as a UI/UX
designer making use of strength inplentiful experience in multiple services

Challenges and career path as Mobage server side engineer

Human Resource Unit head andrecruiter discuss working style andmeaning of working at DeNA

#Technology & Monozukuri#Technology & Monozukuri#Technology & Monozukuri#Working Environment#Personnel Training#Personnel Training#Working Environment#Corporate Culture#Corporate Culture

58

MORE

MORE

MORE

Value Creation Story

MORE

03
E SG

Introduction to ESG initiatives that support sustained growth at DeNA

03

Building a Management Structure to Facilitate
DeNA Core Competencies and Lead to
Accumulation and Continuation of Customers

Achieving a Highly Transparent Compensation
Program That Contributes to Mid to Long Term
Corporate Value Growth

Nomination Committee Chair (FY2021)

Outside Director

Compensation Committee Chair (FY2021)

Outside Director

Hiroyasu Asami

Koji Funatsu

The DeNA Group revamped the Mission, Vision, and Value in April 2021, and in May 2021 announced the vision for thelong term portfolio and corporate value creation. Since I was appointed an outside director in 2019 I believe the big
picture discussions for mid to long term growth have become more active in the Board of Directors. I have continued toproactively share my opinion on the probability of business growth, the function of the Board of Directors, and thenature of our discussions.

Regarding nomination and compensation, a key function of the Board of Directors, I served as the chair of theCompensation Committee until June 2022. In the Compensation Committee we review the executive compensation
structure and discuss the allocation of individual compensation for executives, including the directors.

The director compensation structure ought to contribute to the realization of the mid to long term growth I mentioned
above. For that reason the Compensation Committee has set up a structure that keeps in mind the compensation levelsof other companies while also making mid to long term objectives an evaluation metric for director compensation. In
response to the most recent business portfolio review, we have been discussing and working with the Board of Directors
to introduce quantitative indicators, such as key KPIs in focus businesses, rather than just group-wide operating profit
and other management indicators.

DeNA also has the Mission, Vision, and Value as the basic approach for sustainability initiatives, and this was disclosed in
the 2021 Corporate Governance Report and other locations. The Compensation Committee also confirms that ourcompensation structure contributes to the realization of these missions, etc., i.e. the realization of sustainability.

I hope that the design of the officer compensation functions appropriately as an incentive for corporate value growth,and that DeNA delivers even more Delight to the world in the mid to long term.

60

Value Creation Story

The DeNA Board of Directors fulfills important roles and functions, including leading the mid to long term growth of theDeNA Group, overseeing business execution, and engaging in personnel selection for representative directors. I believe
DeNA needs to enhance the company ability to accumulate and maintain strengths such as in technology and growing
and maintaining customers, and since my appointment in 2020 I have made my statements to the Board of Directors withthat in mind. DeNA has established the Nomination Committee and Compensation Committee in order to increase theobjectivity and transparency of management leadership by the Board of Directors. The other outside directors and I are
members of these committees, and I am chair of the Nomination Committee. 

In 2021 we disclosed a list of director skills following discussion in the Nomination Committee, including “Ability to spark
discussion with the right questions,” “Good sense of balance, flexibility to input,” “Ability to see big picture,” and “Ability todirect organizational transformation.” In addition to putting these already necessary elements for directors into writing,
we also explored other skills and made a list. We have devised a tool for communication with the market and others thatis not just generic, but also expresses in a straightforward manner the elements that we consider to be important.

When nominating candidates for director, executive officer, unit heads and others in important management positions I
held interviews with the individual candidates. During those interviews I assessed whether the candidate would
contribute to the big picture development of the company, including examining their enthusiasm and personal
characteristics. The group executive program launched in April 2022 was explored in the Nomination Committee, andunder this program we expect to develop diverse human resources who will lead the business, build a stronger businessexecution system, and produce candidates for the next management team. 

Going forward, the Nomination Committee will further endeavor to function to increase the transparency and objectivityof management nomination.

Environment, Social, GovernanceOutside Director Message

03

Directors
Representative Director,
President & CEO

Representative Director &Executive Chairman

Chairperson for the Board
Meetings

Nomination Committee Member

Compensation Committee
MemberShingo Okamura

Director & CFO

Director & CBO*

Jun Oi

Keigo Watanabe

Environment, Social, G overnanceCorporate Governance

Tomoko Namba
1986

Entered McKinsey & Co., Inc. (Japan)

1999

Established DeNA and became Representative
Director

2016

Entered DeNA

2013

Entered DeNA

2004

Representative Director and President of DeNA

2017

2015

2015

Director and Owner of YOKOHAMA DeNABAYSTARS BASEBALL CLUB, INC. (present)

Executive Officer, Head of the Sports Business
Unit of DeNA

Executive Officer, Head of the Healthcare
Business Division of DeNA

Director, COO, and Head of the Sports Business
Unit of DeNA

2021

Representative Director, President and CEO of
DeNA (present)

2022

2017

Representative Director and Executive Chairmanof DeNA (present)

1995

2019
2021

Entered Ministry of Posts and Telecommunications (currently Ministry of Internal Affairs and Communications)1995

Entered Ministry of Home Affairs (currently
Ministry of Internal Affairs and Communications)

Director, CFO, and Head of the Corporate Unit ofDeNA
Director and CFO of DeNA (present)

Outside Director

Nomination Committee
MemberCompensation Committee
MemberOutside Director

Nomination Committee Chair

Compensation Committee
MemberOutside Director

Compensation Committee
Chair

Nomination Committee
Member

Ko j i F unatsu

H iroyasu A sami

H aruo M i yagi

Entered Japan Recruit Center Co., Ltd. (Currently
Recruit Holdings Co., Ltd.)

1998

Entered transcosmos inc.

2003

Chairman & CEO of transcosmos inc.

2019

Outside Director of DeNA (present)

1980

Entered Nippon Telegraph and Telephone Public
Corporation (Currently NIPPON TELEGRAPH AND
TELEPHONE CORPORATION)

2000

Established the Non-Profit Organization ETIC.
(Entrepreneurial Training for Innovative
Communities) and became CEO

2016

Senior Executive Vice President, Representative
Member of the Board of Directors of NTT
DOCOMO INC.

2021

Outside Director of DeNA (present)

2019

Representative Director and President of
DOCOMO CS Inc.

2020

Outside Director of DeNA (present)Entered Zenyaku Kogyo Co., Ltd.

2002

Entered DeNA

2014

Executive Officer, Head of the External
Partnership & Alliances Unit of DeNA

2021

Director, CBO, and Head of the External
Partnership & Alliances Unit of DeNA

2022

Director and CBO of DeNA (present)*CBO: Chief Business development Officer

61

Value Creation Story

1981

2001

03

Corporate Auditors
Standing Outside Corporate
AuditorShinichi Koizumi

1971

Joined Toray Industries, Inc.

2008

Executive Vice President and Representative
Member of the Board of Toray Industries, Inc.

2017

Standing Corporate Auditor of DeNA (Outside
Corporate Auditor, present)

1989
1993
2007
2019

Outside Corporate Auditor

Outside Corporate Auditor

Outside Corporate Auditor

Nobuko Inaba

Atsuko Sato

H irohiko ImuraEntered NIPPON TELEGRAPH AND TELEPHONECORPORATION

1989

Entered Century Audit Corporation (currently
Ernst & Young ShinNihon LLC)

2007

Entered Unison Capital, Inc.

2017

Associate Professor, Faculty of Economics,
Takasaki City University of Economics (present)

2019

Outside Corporate Auditor of DeNA (present)

Founded PAS Co., Ltd. (currently Hayabusa
Consulting Co., Ltd.) and became Representative
Director (present)
Outside Corporate Auditor of DeNA (present)

Ex ecuti v e Off icers

Director (CFO)Managing Executive Officer & CSO**

Director (CBO)**CBO: Chief Business development Officer

Kei g o W atanabe

Joined Sumitomo Corporation

2017

Representative Director and Senior Management
Executive Officer of Sumitomo Corporation

2020

Chairman of the Board and Representative
Director of Jupiter Telecommunications Co., Ltd.
(currently JCOM Co., Ltd.)

2022

Outside Corporate Auditor of DeNA (present)

62

Atsushi Koba y ashi
Akinori H arada**CSO: Chief Strategy Officer

From April 2022 DeNA decided to implement a Group Executive System to makepersonnel who fulfil an important role in business operations into group
executives. Through the implementation of this program, DeNA aims to incubate
and produce more leaders from among our diverse personnel to lead ourbusinesses, and build an even stronger business execution structure.  

Please see our website for a list of the group executives.
https://dena.com/intl/company/officer.html

Value Creation Story

Managing Executive Officer & CTO

J un O i

1981

Introduction of the Group Executive System

Representative Director, President & CEO

Shin g o O kamura

Entered Goldman Sachs (Japan) Ltd. (currently
Goldman Sachs Japan Co., Ltd.)

Environment, Social, GovernanceCorporate Governance03

Basic Approach

Corporate Governance Structure

The DeNA Group mission is “We delight

Organization Formpeople beyond their wildest dreams.”

DeNA is a company with a board of corporate auditors. DeNA believes that we can vigorously pursue our business strategy through prompt

Included in this mission is the goal of thedecision-making regarding important management issues by the Board of Directors consisting of directors who are familiar with our business. At

Group to bring delight and joy to each andthe same time, we aim to ensure oversight and supervision through the double system of supervision, with monitoring by the Board of Directors,

every customer, beyond their imagination,

which includes multiple outside directors with a high degree of independence, and auditing by the Board of Corporate Auditors. The outsideand create a world where people’s

directors and corporate auditors share information, exchange opinions, and coordinate as necessary to ensure effective oversight ofindividuality can shine. 

management via the double system of oversight and supervision through the outside directors and corporate auditors. 

We will embody our mission throughThe outside directors fulfill their roles as members of the Nomination Committee and Compensation Committee, both advisory bodies for theappropriate dialogue and cooperation with a

Board of Directors, and in so doing function to supervise business execution.

Environment, Social, GovernanceCorporate Governancevariety of stakeholders including
customers, partners, employees,
shareholders, and regional society. We willcontinue to establish and enhance effective
corporate governance and aim tocontinuously maximize our corporate value.

Board of Directors
The Board of Directors is composed of seven directors, three of whom are independent directors. In addition to regular monthly Board meetings, the63

Board convenes extraordinary meetings when necessary. The Board of Directors makes important management decisions and performs an oversightfunction for overall business execution under the executive officer system, which is centered on the President & CEO.

The Chairperson for the Board Meetings will be selected at the meeting of the Board of Directors every fiscal year, and will be the director in the Board of
Directors most appropriate to serve an oversight function. The Chairperson for the Board Meetings will officiate the approval and denial of agenda items
and the setting of the agenda, including deliberation and resolution items for the Board of Directors, and reports on business execution. 

The term for directors in one year. The Board of Directors has delegated decision-making authority on specific business execution issues to executive
officers, unit heads, and other responsible persons. By doing so, DeNA aims to enhance oversight of business execution, as well as place greater focus
on management strategy, etc. discussions from a mid to long-term perspective as well as a big picture perspective. Also, DeNA analyses and evaluates
the effectiveness of the Board of Directors as a whole, engages in discussion to further enhance the effectiveness of the Board of Directors, andengages in other initiatives to strengthen the functions of the Board of Directors. DeNA has establizshed the Board of Directors Office as a department
Value Creation Story

to support the operations of the Board of Directors.

03

Appoint/ Dismiss

Shareholders’ Meeting
Appoint/ Dismiss

Board of Corporate Auditors/

Corporate Auditor

B o a r d o f D i r e c t o r s

Chairperson: Executive Chairman

Directors (7)Recommend

Compensation

Committee

Audit(of which 3 are Independent Outside Directors)

Board of Directors Office

R eportSelect/Dismiss(Appoint/Dismiss)Cooperate

Supervise

Management Meeting

Corporate Auditors (4)(of which 4 are Independent Outside Corporate Auditors, 1 is a Standing Corporate Auditor

Auditing Department

R eportR eportCooperate

)

Audit

E x press O pinion

Compliance & Risk Management Office

Office Head

President (CEO)Cooperate

R eportCooperate

Committees

for RiskManagement

Dismiss

Accounting

Audit

Accounting Auditor

Nomination

Committee

Appoint/ Dismiss

E n v ironment , S o c ia l, Go v ernan c e

Corporate Governance64

Cooperate
Internal Audit Department

Executive Officers, Unit Heads, and Other Responsible Persons

Cooperate

M onitor

U n i t s / D e p a r t m e n t s / O ff i c e s / G r o u p C o m p a n i e s
Va lu e Creation S tor y

03

Advisory Committees

Nomination Committee

DeNA has established a Nomination Committee and a Compensation Committee, which are

The Nomination Committee is providing recommendations regarding the initial proposals andvoluntary advisory bodies for the Board of Directors. This is in order to ensure transparency andbasic approach to nomination policy for directors, corporate auditors, and executive officers, andobjectivity, including the appropriate participation of and advice from outside directors, inproviding recommendations on advice regarding initial proposals for the succession plan and thematters regarding personnel selection and compensation, which are key factors for the Board ofapproach for training management and executive officer candidates. For these recommendations

Directors to fulfill its oversight function. 

on proposals related to nomination and dismissal, etc. the independent outside director

Both committees are made up of a majority of independent outside directors, who fulfill the Tokyo

committee members meet with candidates to select an individual with an excellent diversity of

Stock Exchange requirements for independent outside directors in addition to the standard

insight and who has the skills required to realize the Group mission, vision, and value, regardlessseparately established by DeNA. The chairman is also chosen from among the independentof individual candidate characteristics such as gender or age, etc., and the Board of Directors

outside directors, to enhance independence and objectivity. An executive director also serves as aduly consider the recommendations before making resolutions regarding nomination. The

committee member so that the business execution viewpoint is considered for substantive

Nomination Committee met seven (7) times in fiscal year 2021.

Environment, Social, GovernanceCorporate Governancediscussion on personnel selection and compensation.

Delegation of Authority
Compensation Committee

DeNA is proceeding with delegating authority to executive officers, unit heads, and other

The Compensation Committee is providing recommendations regarding initial proposals for the

responsible persons in order to clarify roles and responsibilities for oversight and execution, andcompensation structure for directors and individual allocation, as well as the compensation

with the aim to enhance the oversight function of the Board of Directors while also improving thestructure, incentive plans, and evaluation criteria for executive officers, and the Board ofefficiency of business execution. Each responsible person is responsible for business execution

Directors duly considers the recommendations before making resolutions regarding

related to proposing and carrying out strategy and plans for each business or functional area.

compensation. The Compensation Committee met six (6) times in fiscal year 2021, and all four

The representative directors shall be responsible for and oversee the business execution by

then-committee members attended 100% of meetings.

these responsible persons.

65

Value Creation Story

03

Management Meeting

Corporate Auditors / Board of Corporate Auditors

The management meeting in principle is held weekly and is made up of the executive directors who

DeNA has four (4) corporate auditors, all of whom are independent outside corporate auditors.

were selected as executive officers, and managing executive officers. The management meeting’s

The standing corporate auditor was selected from among the independent outside corporate

chairman is a constituent member determined beforehand in the management meeting, and theauditors. Two of the outside corporate auditors have extensive experience in finance andmanagement meeting makes decisions regarding important business execution matters. Also, in

accounting at a business corporation, one worked on audit operations among others primarilyorder to ensure consistency in execution approach, and improve efficiency, reports andfor financial institutions for many years, and the last has many years of experience working indeliberations about each area shall be conducted by the respective responsible person. 

finance and accounting in a financial institution, and each has considerable expertise in financeFurther, resolutions of the management meeting are approved by a majority vote of theand accounting. 

constituent members present (at least one for vote must be from a constituent member who is

Each corporate auditor attends meetings of the Board of Directors and the management

not a representative director), in order to better ensure the effectiveness of governance formeetings, interviews officers and employees, reviews materials relating to important decisions

decision-making in important business execution matters.

and authorizations and broadly monitors the management of DeNA in general. Each corporate

Environment, Social, GovernanceCorporate Governanceauditor conducts appropriate monitoring of management from an independent standpoint while

Internal Audit

also sharing information with the other corporate auditors at meetings of the Board of Corporate
Auditors, and strives to perform his/her audit duties efficiently and with a high degree of

The internal audit department conducts internal audit of DeNA. Based on DeNA's rules for

effectiveness. DeNA has established the Corporate Auditors Office as a department to support

internal audit and an internal audit plan approved by the Board of Directors, the internal audit

the duties of the corporate auditors.

66

department conducts audits of each relevant department or division (including material
subsidiaries of DeNA). The internal audit department only reports directly on the results of each
audit to DeNA’s representative directors, the Board of Directors, and the Board of Corporate

Accounting Auditor

Auditors. The department/division subject to such audit also receives notice of the results ofDeNA has engaged Ernst & Young ShinNihon LLC as its accounting auditor. Further, the certified

such audit and thereafter, the internal audit department follows up on improvements madepublic accountants who conduct DeNA’s audit are changed regularly in compliance with thebased on recommendations from such audit.

Certified Public Accountants Act.

Value Creation Story

03

Board of Directors Meeting Composition Approach
In DeNA’s view, members of the Board of Directors and Board of Corporate Auditors, who fulfill
important corporate management functions, must at a minimum have the ability to achieve andencourage the following.
Sustained enhancement of corporate value

Ability to spark discussion with the right questions in the Board of Directors meeting rather
than encouraging discussion solely based on personal experience or strengths

Good sense of balance, flexibility to input (Ex: opinions of others and new information)
Ability to see big picture dynamism in the global market and discuss the investment/businessportfolio with a big picture view
Ability to direct organization transformation to draw out the abilities of officers andemployees to the maximum
DeNA considers the above elements and skills as necessary conditions when nominating director

E nvironment, S ocial, GovernanceCorporate Governancecandidates. In addition, we consider skills other than the above valuable to realize our mission,

Ensuring management transparency and fairness

vision, and value, as well as the business strategy, as described below.

Establishing and maintaining a compliance structure

Other skills include the following, and each skill is an important element that has been extracted
from the DeNA mission, vision, and value.

“We delight people beyond their wildest dreams” is the DeNA mission. We have technology, monozukuri,organization, personnel, and the home base (base for initiatives in the real space, specificallyDeNA Group management experience

Yokohama and Kanagawa) as strengths, including a focus on them in our vision and value, and weManagement experience outside the DeNA Groupendeavor to entertain and to serve. DeNA aims to bring Delight across country borders, from theInsight into entertain domain

virtual world to the real world, especially Yokohama and Kanagawa, and contribute to creating a world
where everyone is able to shine.

insight into serve/public works domain

Organization & personnel training experience

For DeNA to achieve our mission, the Board of Directors must fulfill important functions and roles

Other skills include the above, and each skill is an important element that has been extracted fromin the following areas.

the DeNA mission, vision, and value.

Important functions and roles for the Board of Directors

In addition, the DeNA approach is to select director candidates who have superior diverse insight,
regardless of characteristics such as gender or age, and ensure a well-balanced Board of

Leadership for growth in the mid to long term

Directors meeting composition.

Checks and monitoring of whether management decision-making and business execution
are being done appropriately

are as follows.

To realize the above mission and to ensure the function and effectiveness of the role of the Boardof Directors meetings, DeNA has defined the following important skills for directors.

The composition approach for the Board of Directors aside from the director elements and skills
In order to ensure transparency and fairness, the Board must include Outside Directors witha high level of independence; andIn order to allow for active discussion and prompt decision-making, the Board must have anappropriate number of members.

Value Creation S tory

Personnel selection for representative directors

67

03

DeNA Director Skills

Required Skills

Other

Ability to draw out discussion with right questions
Sense of balance and input flexibility
Big picture view of global markets
Ability to guide organizational transformation to
enable people to succeed

DeNA GroupManagement

Experience

◎

○

◎

○

○

Jun Oi◎○○K eigo Watanabe◎○

K o j i F unatsu

◎

○

○

H iroyasu Asami

◎

○

○

H aruo Miyagi◎○

Tomoko Namba

Representative Director & Executive Chairman

Shingo Okamura
Representative Director, President & CEO

Director

Director

Outside Director

Outside Director

Outside Director

Management
Experience Outside
the DeNA Group

Insight into
Entertain
DomainInsight into
Serve / Public
Works Domain○

Organization &Personnel Training
Experience

Environment, S ocia l , GovernanceCorporate Governance

○
○
68

○

○

○

○

○

Va l ue Creation S toryKey:◎: Most important skills, universally required for DeNA directors〇: Skills that are not universally required, but particular strengths of individual directors that are valuable to realize the DeNA mission, vision, and value, as well as the business strategy○

03

Evaluation of the Board’s EffectivenessDeNA has a policy of analyzing and evaluating the Board’s effectiveness as a whole (hereinafter referred to as “Effectiveness Analysis”) at least once per year. 

DeNA performed the Effectiveness Analysis from October to December 2021, and the summary of the results are as follows.

Key Points for Analysis and Evaluation
During the Board meeting held on October 27, 2021, the previous Effectiveness Analysis (fromImplementation Method

October to December 2020) was reflected on, and after deliberation the following key points were

Director in charge

Chairperson for the Board Meetings

confirmed.

Office in charge

Board of Directors Office

Participants

all the directors and corporate auditors (the opinion of outside legal counsel and Board of Directors Office
was also considered)

Whether the Board meeting was fulfilling the above roles and functions (page 63)
Whether the operation of the Board meeting was appropriate
Whether there was improvement on previously identified improvement points

Environment, S ocial, GovernanceCorporate Governance

Implementation method

69

DeNA provided a questionnaire, and based on those responses,
the Chairperson for the Board Meetings held individual meetings
with outside directors and others as requested. Afterwards
discussions were held at the Board meeting and the future
approach was put together.

Questionnaire questionsW​ hether the Board (and the Nomination Committee and Compensation Committee) were fulfilling their role and functio
Other free response

Value Creation S tory

Whether the operations of the Board meeting was appropriat

03

Results of Effectiveness Evaluation Conducted in 2021
Main Evaluation Opinions
Regarding the Board meetings
The frequency and breadth of discussion on the mission, vision, and value, andmatters other than numbers, have increase
Sufficient time is secured for discussio
Progress is being made in information sharing, such as for offsite meeting content
and concerning ris
Provision of information for resolutions matters is appropriate. Progress is being
made in making management meeting discussion content more visibl
The checking and monitoring function for decision-making and business execution
status is being fulfilled appropriatel
The Board meeting structure has changed and the relationship between businessexecution and monitoring has become clearer. The two are also being balance
Open, frank, and constructive discussions are being held, and the quality,
frequency, and depth are appropriat
Progress is being made in other operations improvements
Regarding matters other than the Board meetings
The free discussions and offsite meetings are effectiv

The meeting between the outside directors and corporate auditors is meaningful forsharing information on compliance and risk management

Opinion : Further discussions on leading mid to long-term growth.
Secure time for this objective (For example, delineate clear time during the Board
meeting, make more use of free discussion, increase the frequency of offsite
meetings, etc.)
Opinion : While there are full deliberations at the Board meetings, too much time may be being
spent on detailed discussions
Check whether the state of deliberations is appropriate, and also take into accountthe positive opinions on the current deliberations from multiple directors andconsider external viewpoints, such as from shareholders, etc., to continue fulldeliberations. Meanwhile, continue to strengthen visibility for the Board meetings
into discussion content from the management meeting where executive directors
and executive officers have discussions

70

Opinion : Consider whether the external view on the CEO succession plan should be prioritized
The Nomination Committee will consider the approach

Value Creation Story

The Nomination Committee and Compensation Committee are serving to ensure theobjectivity and rationality of nomination and compensatio

Main Opinions on Scope for Further Improvement and Approach

E nvironment, Social, G overnanceC orporate Governance03

Cash compensation

orporate GovernanceNA

Officer Compensation

The representative directors create a proposal for the director compensation structure and incentive plans(including the policy for determining the content of compensation for individual directors), and submit suchproposal to the Compensation Committee, a voluntary advisory committee established by the Board of
Directors. The Compensation Committee deliberates and provides a recommendation to the Board of Directors.
The Board of Directors considers the Compensation Committee’s opinion on said proposal and determines thecompensation structure and incentive plans (including the policy for determining the content of compensation
for individual directors).

The policy for determining the content of compensation for corporate auditors is determined by discussion of
the corporate auditors.

The compensation of directors consists of cash compensation and compensation in the form of stock options,and the compensation of corporate auditors consists of only cash compensation.

Total Amount of Officer Compensation, etc. for FY2021

Directors  (of that, outside directors)
Corporate auditors (of that,outside corporate auditors)(cash compensation)

302（38）22

8（38）

39（33）
342

39（33）
268

Cashcompensation

Stock

options37（ - ）

37（ - ）

-

-

37

37

Recipients

8 people(3 people)
4 people(3 people)
12 people*From the perspective of continuously enhancing the corporate value of the DeNA Group and performing a multifaceted
evaluation of our business and organizational status, etc., using specified management indicators for the fiscal year, we set thetargets for performance-linked compensation indicators as the percentage of achievement of operating indicators, which were
determined by comprehensively considering consolidated revenue, consolidated operating profit, important KPIs in the DeNAGroup's business, and qualitative evaluation of priority initiatives.

w

w

19 O
320

fi

-

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w

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28 2004

w
w

S

-

S

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15 O
S

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J 24 2017 F

w

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1 0%

Ex

Stock option incentive system

M

fi w

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w

fix
w
1 0%

M

NA

S

fi

The stock option incentive system ensures that directors share ith De ’s shareholders the bene ts of risingstock prices as ell as the risks of falling stock prices, giving the directors an incentive to contribute to the overall
performance of De and increase our corporate value. This system also helps to raise the directors’ a arenessof shareholder oriented management.

The upper limit on stock option compensation for directors, hich is separate from cash compensation, as
approved by the resolution of the th rdinary eneral eeting of hareholders held on une ,. ordirectors other than outside directors, this as set at an amount e ual to . of the amount of De ’s pro t for
the year attributable to o ners of the parent as set forth in the consolidated income statement for the previous
scal year. o ever, such amount may not e ceed . of such pro t hen added to the cash compensation (forthe year) for such directors. n addition, the upper limit for the number of stock ac uisition rights to be issued as
stock options per year as set at,units. or outside directors, in consideration of the nature of theirduties and services, the amount of stock option compensation is limited to million yen per year and the upper
limit for stock ac uisition rights to be issued as stock options per year as set at ,units.

-

NA

w

15 O

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w

q

I

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160 000

M

1 0%

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q

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q

20

15 000

Procedures for determining individual compensation allocationsj

The representative directors create a proposal for individual allocation of director compensation (sub ect to thelimitations described above), and submit such proposal to the Compensation Committee, a voluntary advisorycommittee established by the Company. The Board of Directors considers the Compensation Committee’s opinion on
said proposal and determines the individual allocation of director compensation. 

The individual allocation of corporate auditor compensation is determined by discussion of the corporate auditors.

Value Creation S tory

Total

Fixed portion 

Performance-linked portion60

fiCompensation, etc. total (millions of yen)
Category

fixw

Summary of Policy for Determining Content of Compensation for Individual Officers

Compensation, etc. total (millions of yen)fi

J 22 2013

Method for Determining the Policy for Determining Compensation Content for Individual Officers

fix

Cash compensation for directors other than outside directors includes a ed portion and a variable portion basedon De ’s performance in the previous scal year. Cash compensation for outside directors and corporate auditors
consists of a ed portion only. 

The upper limit on cash compensation for directors as set at the th rdinary eneral eeting of hareholders
held on une ,, and the th rdinary eneral eeting of hareholders held on une ,. or the ed
portion, the upper limit as set at
million yen per year (of hich the amount allocable to outside directors as set
at million yen per year), hile the limit for the performance linked portion as set at an amount e ual to . of theamount of the Company’s pro t for the year attributable to o ners of the parent as set forth in the consolidated
income statement for the previous scal year. uch amount may not e ceed . of such pro t hen such
performance liked portion is added to the compensation derived from stock options (for the year).

utside directors are not eligible for performance linked compensation due to the nature of their duties andservices. Cash compensation for corporate auditors as set at the traordinary eneral eeting of hareholders
held on eptember ,, and may not e ceed million yen per year.

Environment, S ocial, GovernanceC03

Method for determining individual director compensation

Shareholdings for Policy Purposes

The current method for determining individual director compensation is as follows.

DeNA’s internal rules require Board of Directors approval or report to
the Board in the event DeNA acquires shares or other equity interests
in another company in excess of a specified amount or voting
percentage. In addition, when DeNA considers investing in the share orother equity interests of another company for policy purposes, itconsiders the factors below. If such shareholdings are not determined
to be meaningful, DeNA will not invest.

Basic approach (compensation
structure)

Director compensation, etc. is composed of a fixed portion and a variable portion based on DeNA’s performance in theprevious fiscal year (performance-linked compensation), and both types of compensation are provided as cash
compensation or stock option compensation.
Of the director compensation, etc., the fixed portion shall be only provided as cash compensation.
Due to the nature of their duties and services, the outside directors’ compensation, etc. shall only be a fixed portion.

Method for determining individualcompensation allocations for fixedcompensation, etc. (includes
method for determining the timing
to give compensation and theconditions, etc.)

The fixed portion of the cash compensation shall be a monthly fixed amount, and this monthly compensation amount shallbe determined for the representative directors, other executive directors, and outside directors respectively withconsideration for the nature of their responsibilities, duties, and services, and taking into account the standards of othercompanies. However, there may be instances where compensation that is not based on the above classification is paid after
considering the actual state of their responsibilities, duties, and services.

Method for determining the
calculation method for the details,
amount, or number of theperformance-linked compensation,etc. and non-monetarycompensation, etc. (includes
method for determining the timing
to give compensation and theconditions, etc.)

In order to evaluate the role and performance of each director in their duties from multiple perspectives, the key indicesand key initiatives, etc. for the performance-linked portion of cash compensation and stock option compensation for
directors other than outside directors shall be set for each fiscal year based on the evaluation of indices, quantitative
standards, and qualitative items set in accordance with the business plan, etc.

Method for determining the fixedcompensation amount andperformance-linked compensation,etc. or the ratio of the individual
director compensation, etc. of thenon-monetary compensation, etc.
amount

The payment date shall be in compliance with the rules related to officer compensation, etc.

The performance-linked portion of the cash compensation shall be calculated based on the evaluation of the indices,quantitative standards, and qualitative items, and paid as a bonus every year at a certain time.
The stock option compensation for the performance-linked portion shall be the standard amount calculated based on theevaluation of the indices, quantitative standards, and qualitative items, and an equivalent amount of new stock acquisitionrights shall be allocated every year at a certain time.
The ratio of each type of director compensation, etc. for directors other than outside directors shall be such that thestandard amount for the performance-linked compensation (the amount of performance-linked compensation in the caseof a standard evaluation of results related to performance-linked compensation) shall not exceed 1/2 of the expected totalcompensation (the total amount of compensation, etc. in the case of a standard evaluation of results related toperformance-linked compensation). The ratio of performance-linked compensation for the representative directors shallbe set higher than for the other directors. Depending on the degree of achievement of results related to performancelinked compensation, the monetary amount of the performance-linked compensation may exceed the monetary amount of
fixed compensation.
As a rule, the aim for the ratio of the cash compensation to stock option compensation in the performance-linked
compensation, which is for the directors other than the outside directors, shall be 1:1.
The outside directors’ compensation, etc. shall only be fixed compensation in cash.

The details of officer compensation shall be determined by the date three months after the beginning of the period, in
accordance with the rules related to officer compensation, etc.

whether the investment will lead to an increase in DeNA’s
corporate value over the mid to long term

whether the investment would adversely affect the financial
health of DeNA
whether the amount of the investment and its shareholding
percentage exceed a level that is reasonably necessary

72

In the case of any such investment, the Board of Directors reviews theappropriateness of the investment objective and the benefits & risks
versus the capital costs, among other measures, for such investment atleast annually. If said review finds that the investment is not justified,DeNA considers reducing it. The Board of Directors has confirmed theappropriateness of each investment individually after such review.

With respect to exercising voting rights arising from such investment,DeNA’s internal rules require approval of the corporate departments
and comprehensive review (in light of the above factors) of the businessand financial condition of the investment target from the standpoint of
increasing DeNA’s corporate value over the mid to long term.

Value C reation S tory

Method for determining the detailsof the individual director
compensation, etc.

The representative directors shall create a draft method and proposal for the individual allocation for director
compensation (including draft indices, quantitative standards, and qualitative items related to the performance-linked
portion that should be set for each fiscal year), and submit it to the Compensation Committee, a voluntary advisorycommittee to the Board meeting. The Compensation Committee shall deliberate on the method and individual allocation
proposal and make a recommendation to the Board meeting. The Board meeting shall make a determination on the method
for individual allocation and actual individual allocation of compensation for directors for the fiscal year. Making changes tothe already determined method for individual allocation and the actual individual allocation of director compensation shallundergo the same process.

E nvironment, S ocial, G overnanceC orporate Governance03

Basic Approach
In the midst of a dramatically changing social environment, in order for a company to growand develop, it is important to correctly identify risks and implement appropriate controls to
avoid or reduce negative consequences that may occur in the future, as well as to invest for
growth. The DeNA Board of Directors has established a basic policy for internal control
systems and we have developed a risk management system based on this policy. We haveestablished and are operating a risk management flow in order to promote risk management
led by our on-the-ground teams. To prepare for emergencies, we have established a crisis
management system and business continuity plan, and as part of our compliance activities, weformulate and disseminate rules and guidelines, and conduct ongoing training.

Risk Management Structure & Flow (Japanese only)

Management Meeting

Board of Directors/Corporate Auditors

ReportPerson Responsible for Promoting Risk Management
Unit Heads, Subsidiary Presidents, and Other Organization Heads
Nominate

ReportReportCooperate

Compliance & Risk Management

Department

AssistRisk Managers for

Each Department

Risk Management 

Monitoring

73

Risk Management Promotion

Units/Departments/O ff ices/Group Companies

Risk Management & Flow
Identify

risks

EvaluaterisksCompile risk

information

Respond torisks

Monitoring

Address /improve

Value Creation S tory

We have established a Compliance and Risk Management Department. This department oversees
the company-wide risk management flow (a series of flows related to risk identification,
management, and monitoring) and supports the risk management of each department. This
department also works with the corporate planning department, internal audit department, andvarious risk management-related committees to comprehensively identify the DeNA Group'sbusiness and management risks, analyze and evaluate risks, compile measures, and centrally
manage and monitor risk information on an ongoing basis.

The status of risk management and monitoring shall be reported regularly to the Board of
Directors, corporate auditors and the management meeting. In each department, the department
head, president of a subsidiary, or other head of the organization shall be responsible forpromoting risk management, and shall analyze, evaluate, and manage the business andoperational risks for which they are responsible on an organizational basis.

Diagram of Risk Management Structure Led By On-The-Ground Teams

E nvironment, S ocial, GovernanceRisk Management

03

Crisis Management

Compliance (Japanese only)

A crisis management system is in place to ensure prompt and accurate reporting,

The DeNA Group is deeply aware of our corporate social responsibility, and we have establishedcommunication, and response in the event of unforeseen events. Each crisis is classified into

the Group Code of Conduct to ensure compliance with laws and regulations and conformity withlevels according to the impact of damage on business operations and management, and escalationsocial ethics in our daily work. The Code of Conduct stipulates matters that all officers andflows and crisis management teams are established according to the level of the crisis to respond

employees must comply with. The Compliance and Risk Management Department, in cooperation

to it. In addition, as an after-the-fact response, we review the crisis, take steps to preventwith the legal department, identifies compliance-related issues and formulates and implements

recurrence, and reflect them in our risk management activities during normal times.

various regulations, guidelines, manuals, and other rules to ensure more effective management

Environment, Social, GovernanceRisk Management

and operation. In addition, to further improve compliance knowledge and prevent complianceviolations, DeNA conducts educational activities such as distribution of a compliance handbook

Business Continuity Planningand monthly compliance training sessions.
More information about business etc., risks may be found in the Securities Report (Japanese only).

We have formulated a Business Continuity Plan (BCP) to maintain or quickly restore our business

https://dena.com/jp/ir/library/report.html

74

as much as possible in the event of a natural disaster such as a large-scale earthquake, thespread of infectious diseases, or terrorism.

The Compliance and Risk Management Department, in cooperation with each organization, isreviewing the business continuity plan and adding a new business continuity plan for infectious
diseases to establish a response flow in the event of an unforeseen event.

In the COVID-19 pandemic that broke out in 2020, various guidelines were established for
employment, travel, etc. according to the infection spread situation, and as a result, we havemaintained stable business operations.

Value Creation Story

03
Security Response Team DeNA CERT*DeNA CERT is a cross-departmental security response team centered on the security department. In ordinaryB

a s i c A p p r oa c htimes DeNA CERT supports the security side for business departments and focuses on providing safe andsecure services. However, in the event of a suspected incident, the cross-departmental team members utilize
their expert knowledge and respond rapidly to first and foremost protect customers.

DeNA provides a variety of services using the internet and AI to delight people beyond their wildest dreams.

*CERT: Computer Emergency Response Team

However, by their nature these services face the threat of cyberattack and privacy violation. For this reason, at
DeNA our basic approach for information security is to protect customer information appropriately and ensure thesecurity of the services we provide and our internal systems, and in that way provide safe and secure services.

Group Information Security Policy
We have established the DeNA Group Information Security Policy to make our basic approach a reality. We also

Information Security and Privacy Governance Structure(J

apanese only)

Environment, Social, Governance

Information Security / Privacy Management

have the Group Information Management Standard, stipulating appropriate handling of information assets, and
the Group Information System Standard, stipulating security measures to incorporate into service
development and operations, and these standards apply to all DeNA Group companies.

Privacy Protection

At DeNA we have a personal information management committee and an information security management
committee, both with the Representative Director & President as head, and have established and operate a

The DeNA Group respects our customers’ rights to privacy. We acquire personal information from customers

personal information and information security management structure that covers the entire DeNA Group.

in various services, and we always share the usage purpose in advance before using such customer personal

Matters discussed at the personal information management committee / information security management

information. For this purpose we have established the Group Personal Information Management Guidelines, andcommittee are regularly reported to the management meeting, and matters important to management are
discussed at the management meeting, with highly important matters being reported to the Board of Directors.
The DeNA Group information security management structure is also inspected by the security department andits effectiveness is audited by the internal audit department.

Information Security Structure

we endeavor to handle personal information appropriately, including acquiring the minimum amount of
information necessary, optimizing our access permissions, and deleting information after the usage purpose
has been achieved.

75

Education & Training

Role of DeNA CERT

To ensure that our workers all abide by and give due consideration to the rules for personal information andM a n a ge m e n t M e e t i n g

DeNA

I n s t r u ct / R e p o r tInformation Security Management Committee/

Personal Information Management CommitteeDeNAusiness

Units

Group

Companies,

Personal Information
Management

Supervisor Group

w

b

,

,

.

, 

, 

Security Measures
The DeNA Group has introduced security measures based on attack scenarios. We reduce risk by implementing

D e N A C E RT

Information Security
Management Supervisor/

Personal Information
Management Supervisor(Security Head)

DeN A

CERT

,

Security consultation monitoring & a normality detection
infrastructure security a areness & education
legal response emergency response etc

and at other appropriate timings.

SecuritLega

multi-layered measures, including controlling transmissions not required for business, monitoring and

IT Infrastructure

Corporate

analyzing transmissions, responding to vulnerabilities,* secure coding, and encryption of data item by item.
Vulnerability diagnosis of smartphone apps, hacking countermeasures, and automatic auditing of cloud settingsx,

E ternal security community activities

N
S

ippon

CSIRT
C C

ecurity

Association

amp(NC ), ,Aommittee etc.

are particularly important to us as a company that provides services over the internet, so we have developed
our own countermeasure tools and implemented measures tailored to the DeNA Group.
*Vulnerability: A software security flaw caused by a program defect or design flaw.

Value Creation Story

Supportwhen they take up a management position, during a period of change in the internal or external environment,

I n te r n a l R e s p o n s e

EntrustB

security, we conduct education and training appropriate to an individual’s role when they begin work, annually,

03

Environment

Approach to Climate Change
Basic Approach
The DeNA Group has our mission, vision, and value as the basic approach for DeNA sustainability
initiatives.

DeNA’s mission is “We delight people beyond their wildest dreams.” DeNA collaborates with various
stakeholders as appropriate with the aim to deliver Delight to a variety of areas and contribute tocreating a world where all people can shine.

The DeNA Promise (Our Social Promise), part of the value, includes “Acting Sustainably.” As a global
citizen, DeNA will contribute to a sustainable future by promoting corporate activities that emphasize

Governance
The DeNA Board of Directors oversees DeNA’s climate change response policies and measures, etc.,
based on DeNA’s basic policy on efforts surrounding sustainability and recognition of the risks andopportunities of climate change. 

The DeNA management meeting deliberates and decides on policies and measures to address climate

E nvironment, Social, Governance

Sustainability Managementchange, and reports regularly to the Board of Directors on the progress of these measures and othermatters. 

The department responsible for sustainability, centered on the CFO, who is the director responsible forsustainability, coordinates the response policies and measures, etc. decided at the management meetingand each internal department takes the initiative in promoting said response policies and measures, etc.

harmony among the economy, society, and the environment. 

Among social issues, DeNA believes that climate change has a particularly large impact on society, andas a corporate group that upholds the above mission, vision, and value, DeNA recognizes theimportance of addressing climate change. With this in mind, DeNA announced our support of therecommendations of the Task Force on Climate-related Financial Disclosure (TCFD) in June 2022 andprovides information disclosure based on TCFD recommendations.

Board of Directors

Report76

Director Responsible

for Sustainability
Supervise

ReportManagement Meeting

ReportDeliberate & decide on response policies and measures,etc. for climate change

Department Responsible for

Sustainability

Cooperate

Compliance & Risk

Management Office

Coordinate

Value Creation Story

Internal Departments

03

Risk Management

Indices and Targets

The DeNA Group currently recognizes the following risks, measures, andopportunities posed by climate change, taking into account thecharacteristics of the Group's business. 

In considering risks, measures, and opportunities, we have divided theminto two scenarios: the below 2°C scenario in which the transition to a
decarbonized society is promoted and the average temperature increaseis limited to less than 2°C (assume mainly transition risks* will materialize),
and the 4°C scenario in which the transition to a decarbonized society is
not promoted and the average temperature increases 4°C (assume
physical risks will materialize).

For risks related to climate change, the department responsible forsustainability coordinates with the Compliance & Risk Management
Office, which oversees the company-wide risk management process, topromote recognition of individual risks and formulate response policies
by each internal department. 

Such risks are reported to the Board of Directors and the management
meeting on a regular basis in accordance with the company-wide risk
management process.

DeNA has calculated the greenhouse gas emissions on a nonconsolidated basis as an indicator for managing climate-related risks
and opportunities for the DeNA Group.

DeNA’s actual greenhouse gas emissions are as follows.

*Transition risks: Risks associated with the transition to a low-carbon economy (policy
and law (e.g., tightened regulation), technology (e.g., costs of introducing newtechnology), markets (e.g., consumer preferences), reputation)

Greenhouse Gas Emissions (Coverage: DeNA non-consolidated, unit: t-CO2)

FY2019FY2020

FY2021

Scope 1

39

19

13

Scope 2

1,138

514

453

Environment, Social, Governance

Strategy*Scope 1: All direct greenhouse gas emissions

Scope 2: Indirect greenhouse gas emissions from purchased electricity, heating, or
steam consumption

B e low 2°c

s c enari o

Risk (N egati ve Effe c t )Meas u res

Oppo rt u nity (Po siti v e Effe c t )Increased costs from conversion to
renewable energy (including introductionof carbon tax and regulations)

Promotion of energy conservation andefficient use of renewable energy

Loss of reputation and market
recognition among stakeholders due tolack of action on climate change

Development of a system for
decarbonization that meets the needs ofstakeholders and customers

Development of new businesses andservices that respond to changes inbehavior and values due to heightened
environmental awareness

Loss of reputation and deterioration ofbusiness profitability in the event that
DeNA is unable to respond to changes inbehavior and values from heightened
environmental awarenessPhysical and human damage to DeNA
offices, entertainment facilities, data
centers, etc., and supply chain
disruptions due to the severity andfrequency of disasters

4°c

s c enari oIncreased costs to cope with risingtemperatures

77

Capturing of new business opportunities
by leveraging strengths and assets, suchas technology and human resources, tocontribute to sustainable community
development (machizukuri)
Enhancement of corporate brand image
and reputation through realization of theabove measures

Strengthening of business continuity
plan (BCP) (including promotion of workfrom home and use of shared officespaces)Expansion of business in response toincreasing demand for businesses thatcan be enjoyed and used from home

Promotion of businesses that makebetter use of online and digitaltechnologies

Enhancement of corporate brand image
and reputation through the realization of
the above measuresalue Creation Story

Diversification of risk of damage tofacilities by moving data centers to thecloud

Diversification of earnings andimprovement of profitability bypromoting businesses that make greateruse of online and digital technologies
V

Decline in profitability of business (sports
entertainment, etc.) due to changes in
consumer trends (refraining from goingout) and regulations caused by risingtemperatures, infectious disease
outbreaks, etc.

Prompt compliance with regulations

In the future, DeNA will also explore the possibility of calculating theGroup's Scope 1, 2, and 3 greenhouse gas emissions.

03

Co-Existence with Consumers and Regional Society
Training Human Resources to Use IT

Through programming education, internet awareness activities, andother content tailored to the growth process, DeNA supports thedevelopment of human resources who understand the convenience andchallenges of IT and can actively utilize it.

For example, we have been providing programming education forelementary school students since 2014. For classes, we support
children's learning using Programming Zemi, a free programming
learning app that we developed with input from the impressions of thechildren who use it and the teachers who work with it on the ground. 

Since 2016, we have been holding DeNA TechCon, a technology
conference for students and working adults, with the aim of contributing
to the improvement of technology in society by disseminating theknowledge our engineers have gained through their work. 2021 saw four
sessions held online under the theme of Modulation.

In addition, four Shibuya-based technology companies, DeNA,
CyberAgent, GMO Internet, and mixi, launched the BIT VALLEY project inJuly 2018 with the hope of accelerating technology innovation in Japan.
Through conferences and other activities, the companies are working on
measures to develop IT human resources and raise the skills of those
involved in IT monozukuri.

Realization of the SDGs Future City Yokohama Conclusion of Partnership Agreement on SustainableMachizukuri

In the smart city area, we are promoting the "Delightful City" concept with the mission of creating a new urban space that will continue to develop sustainably
and improve people's quality of life by providing more convenient daily lives and exciting extraordinary experiences, centering on sports. We believe that infuture machizukuri, it is important not only to create prosperity, but also to consider issues such as energy consumption and waste disposal that occur behindthe scenes of prosperity, and we have paid attention on collaboration with government and business organizations to develop a framework to support prosperity.

Therefore, in April 2022, we concluded a partnership agreement with the City of Yokohama, which was selected as an "SDGs Future City" in 2018 and is further
accelerating its efforts to achieve the SDGs and realize a decarbonized society, on sustainable urban development to realize the SDGs Future City Yokohama.

The two parties signed the "I☆YOKOHAMA Agreement" in March 2017, and have been collaborating on sports promotion and local economic revitalization. By
signing a new agreement on sustainable urban development, the two parties will expand the scope of our collaboration even further, solve mutual issues, createa system that allows citizens and visitors to enjoy themselves while working on decarbonization and the SDGs, and accelerate collaboration among companies
and organizations.

Main Partnership Content

Creating a framework to enable initiatives for decarbonization and achieving theSDGs while also enabling enjoyment for citizens and visitors

Environment, Social, Governance

Sustainability Management Social

78
Promoting participation by business operators (companies and organizations)
utilizing the Yokohama SDGs Design Center network

Providing kencom to Enable People to Become More Healthy While Having Fun

Value Creation Story

The DeNA Group provide the healthcare entertainment app kencom, with a theme of becoming more healthy while having fun, to support individual healthpromotion. This app allows people to view their medical checkup results as well as see health information tailored to their results, including relevant
columns and recommended exercise. In addition, the app offers various ways to educate people about healthy habits while having fun, such as points thatcan be accumulated just by using the app, a function that allows users to challenge themselves with health activities while raising pet characters, andwalking events where users can compete within the app for the number of steps they have taken.

To date, the app has been provided to approximately 100 health insurance societies and local municipalities (totaling approximately 4.8 million users), andthe retention rate for use of the app has remained at over 60%. In addition, 37% of those who have used the app for one month after registration say theirawareness of exercise and their habits have improved, and 29% say their awareness of diet and their habits have improved, indicating that the app has
contributed to improved awareness and habits. Furthermore, kencom is conducting research on "Preliminary Evaluation of Continuous Use of ICT-based
Health Promotion Services and Prevention of Lifestyle-related Diseases," for which it received an academic award at the 28th Annual Conference of theJapanese Society for Health Education in 2019.

03

Approach to Securing Diversity

Enhancing Flexibility in Work Location and Time

Promoting Health Management During COVID-19

The DeNA vision states in part that “Each of us harnesses our individual

We have been promoting the introduction of work from home since

We believe that when each individual's life becomes richer and morestrengths to make our unique business succeed.” The DeNA value

before the spread of COVID-19, and on July 1, 2020, we fully introduced

vibrant, it gives the company the vitality to provide better services,

includes “Providing Growth Opportunities” in the DeNA Promise, whicha remote work system to promote diversity in working locations. We arewhich in turn leads to the company's own development. Based on thisis our social promise, and “Respect Diversity” in DeNA Quality, which isalso implementing digital transformation (DX) for operations that used tobelief, in 2016 we established the Chief Health Officer (CHO) Office, athe cornerstone for employee decision-making to provide Delight.

require coming to the office, such as use of the official company seal

department dedicated to supporting employee health, in addition to theUnder DeNA’s basic approach, securing diversity is necessary toand expense reports, and are implementing technical measures tohuman resources and general affairs department, which is in charge ofprovide Delight to society and continuously raise corporate value.

ensure information security in remote work.

overall health management, including working hours and sanitary

Diversity means that each individual brings their own unique strengths

Meanwhile, as remote work becomes more prevalent and new ways of

conditions, and our resident industrial physicians and public healthand diverse view on matters to the organization from their background,working are required, the office as a "gathering place" is still highly

nurses. The CHO Office conducts regular employee surveys in the four

experience, skills, and personality. While DeNA acknowledges thatimportant, and we expect that high-quality offline communication will bemain areas of exercise, diet, sleep, and mental health, and conducts a

gender, nationality, hiring channel, and other characteristics are

realized through real gatherings using the co-creation space. In August

variety of seminars, programs, and training with the cooperation ofrelated to such diversity, these characteristics are used as one

2021, we moved to a new office in Shibuya Scramble Square and at theoutside experts, focusing on issues identified from the survey results. In

alternative metric. On the basis of the above approach, DeNA does not

same time opened the Yokohama office. The new office has a free

addition, amidst COVID-19 we have been challenging ourselves to adapt

only prioritize quantitative measures such as the number of employees

address system, a co-creation space, lounge, personal booths, andto new work styles premised on remote work and implementing

with a particular gender, nationality, hiring channel, or other

other office spaces that can meet various needs.

measures aimed at promoting communication under remote work.

characteristic information. DeNA aims to create a situation where all

For working hours we have introduced a discretionary work system or

In recognition of these efforts, we were selected as a 2022 Health &diverse employees feel they can be successful regardless of theira flex system, which allows for flexible work styles according to

Productivity Company (White 500) under the program jointly conductedindividual characteristics and perform to the fullest to provide Delight.

individual work and work-life balance.

by the Ministry of Economy, Trade and Industry (METI) and the Tokyo

As a part of this effort, DeNA conducted a survey to analyze if

Stock Exchange (TSE). In particular, DeNA received high marks in theemployees felt that their gender, nationality, hiring channel, or otherthree categories of "health maintenance and promotion, including

characteristic information caused difficulty in being promoted tohealth issues specific to women," "promotion of communication among

important positions or achieving success. This survey was titled “Survey

employees," and "prevention of decline in employee productivity andon Environment for Diverse Personnel Success,” and conducted fromprevention of accidents.” This is the sixth year running for DeNA to be

September to October 2021. Of the respondents (702 of 1,346 DeNA

Environment, Social, Governance

Creating a Workplace Environment Where Diverse Employees Thrive79

selected as a Health & Productivity Company (White 500), and in 2019

regular employees), the percentage of those with a particularand 2020, DeNA was also selected as one of the Health & Productivity

characteristic that perceived difficulty in achieving success due to the

Stocks.

relevant characteristic were as follows.

We will continue to promote health management by leveraging theknowledge we have gained from our healthcare business and internal

Women: 20.6%, foreign nationals: 22.2%, mid-career hires: 15.4%

health support initiatives.

employees who feel there is difficulty in achieving success in all of thequestion items and establish an environment and promote various
initiatives so that diverse employees can succeed.

*The term "health and productivity
management" is a registeredtrademark of the Nonprofit
Organization Kenkokeiei.

Value Creation Story

Based on the above results, DeNA aims to lower the percentage of

03

Environment, Social, Governance80

Value Creation Story03

5 Year Summary

Financial Results by Segment(Millions of yen)
FY2017FY2018FY2019FY2020

FY2021FY2019FY2020

FY2021

Revenue(Millions of yen)

139,390

124,116

121,387

136,971

130,868

Revenue

121,387

136,971

130,868

Operating profit (loss)(Millions of yen)

27,503

13,512−45,676

22,495

11,462

Game

83,81891,307

74,697

Finance income(Millions of yen)

1,137

3,349

2,667

5,625

5,195

9,140

24,211

34,664

Finance costs(Millions of yen)

−821

−668

−567

−137

−1,463

20,18912,821

14,712

Live Streaming
SportsShare of profit (loss) of associates accounted for using the equity(Millions of yen)

2,571

1,875

3,341

3,275

14,226

Healthcare

1,785

2,099

3,000

Profit (loss) before tax(Millions of yen)

30,39018,069−40,235

31,25929,419

New Businesses and Others

6,695

6,826

3,850

Profit (loss) for the period attributable to owners of the parent(Millions of yen)

22,981

12,709−49,166

25,63030,532Adjustments

-240

-294

-55

Total capital attributable to owners of the parent(Millions of yen)

263,285

251,737

180,486

223,711240,626-45,676

22,495

11,462

Total assets(Millions of yen)344,609296,460

255,740

327,121340,570

2,019

16,861

8,717

Game

14,225

18,86911,596

methodL

I

Operating Profit ( oss) ( FRS)
Operating Profit by Segment

4,000

−

12,83627,13928,269Equity per share attributable to owners of the parent(yen)

1,810.25

1,727.52

1,432.14

1,826.73

2,024.39

Basic earnings (loss) per share attributable to owners of the parent(yen)

158.3487.47−352.49207.54

256.45

Live Streaming-1,356

5,191

3,484

Diluted earnings (loss) per share attributable to owners of the parent(yen)

150.0887.35−352.49207.24256.20Sports

1,203-3,589-2,575

Ratio of equity attributable to owners of the parent

(%)

76.4

84.9

70.6

68.4

70.7

Healthcare-1,559-1,194-624

Ratio of profit to equity attributable to owners of the parent

(%)

9.3

4.9

−22.8

12.7

13.2

New Businesses and Others-8,901-162-326(Ratio)

12.1

19.1

−

10.4

7.3

Net cash flows from (used in) operating activities

37,672

22,97912,94629,967

18,375-1,594-2,254-2,838(Millions of yen)

Net cash flows from (used in) investment activities(Millions of yen)

−16,520−21,008−8,706−8,640−19,924

4,369

11,323

7,145

Net cash flows from (used in) financing activities(Millions of yen)

−5,390−4,656−32,1546,614−18,549-52,064-5,689-4,400(Millions of yen)

21,152

1,971

4,240

21,327−1,548-963

15,625

7,469(Millions of yen)

103,668

101,386

73,53697,301

78,296

Depreciation and amorti ation(Millions of yen)

11,408

10,883

11,543

6,703

5,593

13

-357

128

Impairment loss

(Millions of yen)

1,411

1,193

51,165

5,146

4,244

Goodwill(Millions of yen)

46,33546,048

5,883

5,883

17,451

48,322

3,420

0

(yen)

32

40

20

32

39

(Millions of yen)

4,645

5,814

2,510

3,906

4,623

-3,621-9,934-4,121

(%)

20.2

45.7

−

15.4

15.2

(Millions of yen)0033,852

5,557

10,868

Shares)150,810,033

150,810,033

150,810,033

130,210,945

130,210,945

Shares)5,656,793

5,460,269

25,310,018

8,152,593

11,674,919

Price-earnings ratio

Free cash

flows

Cash and cash equivalents at end of periodzDividends per share
Total dividends
Payout ratio (consolidated)
Expenses for acquisition of treasury stock

Total number of shares issued at the end of the period
Total number of shares of treasury stoc

k at the end of the period((

Overhead costs andAdjustments

Other income
Other expenses

Non-GAAP Operating Profit (Loss)
Accounting adjustments related to seasonality & one-time factors (Net)
Acquisition and restructuring related expenses

Sales and disposition related gains

81

Val u e C r eation S to r y(Millions of yen)

Total interest-bearing liabilities (Borrowings and lease liabilities)

E n v i r on m ent , S o c ial , G ove r nan c e

Financial Data

03
E

GovernanceSocial
FY2019FY20205

No. of directors

FY202177FY2019FY2020

FY2021

2,588 / 1,622

2,100 / 1,251

2,194 / 1,264

892 / 554

732 / 359

710 / 266

593

398

328

23.2

25.5

25.5

Management

9.0

10.2

9.1

Total employees

4.8

5.0

4.9

Management

2.5

2.3

2.4

95.7

91.8

93.8

Total employees

80.3

76.4

75.7

Management

81.2

87.4

79.7

Officers

100

100

100

No. of employees (consolidated / standalone)*
Average no. of temporary employees (consolidated / standalone)**2

No. of outside directors

Percentage of independent outside
directors

33

No. of dispatch employees
Percentage of women

40.0

42.9

42.9

4

4

4

No. of corporate auditors

3

No. of outside corporate auditors

3

Percentage of foreign nationals

3

Total employees

Percentage of local hires in management
at overseas offices***

Percentage of women among officers

33.3

33.3

27.3

Percentage of mid-career hires

nvironment, Social, Governance

ESG Data

8

35.4

36.1

36.8

3 years 11 months

5 years 0 months

5 years 6 months

Men

3.7 years

4.8 years

5.4 years

Women

4.7 years

5.7 years

6.4 years

22

18

17

47

35

64

25

16

29

97

100

100

26.5

30.2

33.0

2.3

2.5

2.5

10.3

14.1

13.4

Average age

Environment

Average tenure
FY2019CO2 Emissions

FY2020

FY2021

Scope 1（t-CO2)

39

19

13

Scope 2（t-CO2)

1,138

514

453

*Above figures are on a DeNA standalone basis.

k
No. of people taking childcare leave

No. of people ta ing maternity leave

Of that, no. of men
Percentage of people who return from childcare leave****k

Percentage of male employees who ta e childcare leave*****b
Percentage of people using side job program
Percentage of employees with disa ilities

alue Creation Story

V

Unless stated otherwise all figures are on a DeNA standalone basis.
* Within this chart “employees” refers to the number of employees excluding temporary employees and dispatch employees, unless stated otherwise. The figures exclude DeNA employees seconded
to other companies, and include employees seconded from other companies to DeNA. In FY2020 Mobility Technologies Co., Ltd., DeNA SOMPO Mobility Co., Ltd., DeNA SOMPO Carlife Co., Ltd.,SHOWROOM Inc., and PFDeNA Inc. became equity method affiliates, and their employees are not included as of the fiscal-year end.
**Temporary employees include part time and contract employees, and excludes dispatch employees.
***This is the percentage of employees in management positions in DeNA Group overseas offices who were hired locally.
****This is the percentage of male employees who took childcare leave among those with a spouse who gave birth.
*****This is the sum total of standalone, special subsidiaries, and group affiliate companies.

2

03
En

To p

( a s of M a r c h 3 1 , 2 0 2 2 )shares issued( a s of M a r c h 3 1 , 2 0 2 2 )14.61

15,081

12.72

6,168

5.20

3,787

3.20

3,512

2.96

2,568

2.17

J.P. M RGA BA K LUXEMB URG .A. 381572

1,970

1.66

JP M RGA CHA E BA K 380684

1,711

1.44

1,595

1.35

M

aster TrustC

ustody1 1 , 6 7 4 , 9 1 9 s h a r e st r e a s u ry s h a r e s( a s of M a r c h 3 1 , 2 0 2 2 ) *

Shogo

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100

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j

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97

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ist aboOtransfer

Administrative

M i ts u b i s h i U FJ Tr u s t a n d B a n k i n g

dept.

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lshares of Company stock he d through the trust for the Stock

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ESlrant Emp oyee Stockwlnumber of issued shares (130,210,945) exc uding the treasury stock orant Emp oyee Stock

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ES

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ned by the Company (11,674,919 shares, inc uding 191,15

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shares of Company stock he dP )i s t r i b u t i o n of t h e s h a r e s ( a s of M a r c h 3 1 , 2 0 2 2 )lN

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1 42 204 0303

ludes 191,158 sh es DeNA sheld h ugh he us
e pl yee s
w e sh p pl (E OP) s M h 31, 2022
ar

n

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of

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a

t

of

ro

arc

t

tr

Shareholdin

he DeNAt for tnndividuals and OtherI

nvestors

29.1 %

c

ial institutions

20.1 %

9.0 %

I

inan

g

distribution

Other

C

orporation

12.6 %
F

oreignC

29.2 %/

Securities

fi

rm

s

s

orporationsa u e C r e a t i o n S to ry

-

1 1,

n

A

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ck

V l

C o r p o r a tetock oNT O) (inc uding 191,15

M i ts u b i s h i U FJ Tr u s t a n d B a n k i n g
Corporation

o

N

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March 31

agentm

AL I VE

T ON

Treasury sto

*Inc

T

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The Percentage is ca cu ated using the tota

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of

date

Share

S

N

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T

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(%)

June

GeneralShareholders

S

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ERVICE LUXEMB URG/JA DEC ECURI IE /UCI

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through the trust for the Stock

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been omitted from the ma or shareho dersshareholders

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apan

awada

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Share listingatio

17,320o Namba

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To ta l n u m b e r of

R

16.70

The

1 3 0 , 2 1 0 , 9 4 5 s h a r e s  Shareholding

19,800kTomo

To ta l n u m b e r of

Shares Owned

ernancea u t h o r i ze d s h a r e s

Shareholderso

5 4 0 , 9 0 0 , 0 0 0 s h a r e s

S h a r e h o l d e r s ( a s of M a r c h 3 1 , 2 0 2 2 )l G v

To ta l n u m b e r of10

I n fo r m a t i o nironment, Socia ,O ve rv i ewv

S t o c k

03
E nv i r o n m e n t , S o c i a l , G ove r n a n c e

C o m pa ny I n fo r m a t i o n
O ve rv i ew

E S G R a t i n gs

C o m pa ny n a m e

D e N A C o . , Ltd .

N a m e & t i t l e of

To m o ko N a m ba , R e p r e s e n ta t i ve D i r e cto r

The FTSE Blossom Japan Sector Relative Index reflects the relative environmental, social, andr e p r e s e n ta t i ve s

& E xe c u t i ve C h a i r m a ngovernance (ESG) performance of Japanese companies in each sector. In 2022, DeNA wasselected as a constituent for the first time.

S h i n go O ka m u r a , R e p r e s e n ta t i ve*

D i r e cto r, P r e s i d e n t & C EO

H e a d q u a r te r s

S h i b u ya S c r a m b l e S q u a r e , 2 - 2 4 - 1 2
S h i b u ya , S h i b u ya - k u , To k yo 1 5 0 - 6 1 4 0 ,The MSCI Japan Empowering Women Index (WIN) is an index built on select companies withJ a pa n

superior gender diversity in their industry, based on gender diversity scores. DeNA has also
been selected for the MSCI Japan Empowering Women Index Select Index.
E s ta b l i s h e dMarch 4, 1999

S ta te d ca p i ta l

1 0 , 3 9 7 m i l l i o n ye n ( a s of M a r c h 3 1 , 2 0 2 2 )**DeNA has been certified as a Health & Productivity Company (White 500) for six years runningE m p l oye e s84since 2017, under a program to select companies with excellent health and productivity

C o n s o l i d a te d : 2 , 1 9 4 ( s ta n d a l o n e : 1 , 2 6 4 )management jointly run by the Ministry of Economy, Trade and Industry and the Tokyo Stock( a s of M a r c h 3 1 , 2 0 2 2 )Exchange. DeNA was also selected as a Health & Productivity Stock in 2019 and 2020.

*The term "health and productivity management" is a registered trademark of the Nonprofit

F i s ca l ye a r - e n dMarch 31

Independent

E r n s t & Yo u n g S h i n N i h o n L LC

Organization Kenkokeiei.

accounting

DeNA has been certified under the Act on Advancement of Measures to Support Raising Next

a u d i to r

Generation Children, and granted the right to use the kurumin mark, a symbol of a company

supporting childcare. DeNA proactively promotes the creation of an environment where
employees are able to perform to the fullest within a limited amount of time, even in a variety oflife events such as childbirth, childcare, child rearing, as well as family nursing, caregiving, andpersonal health and wellness.

We b s i t e s

D e N A s i te

h t t ps : //d e n a . c o m / i n t l /FTSE Russell (a registered trademark of FTSE International Limited and Frank Russell Company) hereby certifies that DeNA Co., Ltd. fulfills the requirements to be included in the FTSE Blossom Japan Sector

I nve s to r s i te

h t t ps : //d e n a . c o m / i n t l / i r/

The FTSE Blossom Japan Sector Relative Index is widely used to create and evaluate sustainable investment funds and other financial products.
**

S u s ta i n a b i l i t y s i t e 

h t t ps : //d e n a . c o m / j p /s u s ta i n a b i l i t y/U

THE INCLX

SION OF DeNA Co., Ltd. IN ANY MSCI INDE

, AND THE

U

V
X U V

SE OF MSCI LOGOS, TRADEMARKS, SER

XPROMOTION OF DeNA Co., Ltd. BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDE

ES ARE THE E

CL

SI

X

ICE MARKS OR INDEUNAMES HEREIN, DO NOT CONSTITXE PROPERTY OF MSCI. MSCI AND THE MSCI INDETE A SPONSORSHIP, ENDORSEMENT ORVNAMES AND LOGOS ARE TRADEMARKS OR SERMARKS OF MSCI OR ITS AFFILIATES.

（ J a pa n e s e o n l y )Disclaimer: The forward-looking statements in this document are based on information currently available to DeNA and certain assumptions that are judged to be reasonable,
and are not intended as a promise by DeNA that they will be achieved. Actual results may diff

er significantly due to various factors.

 ICE

a l u e C r e a t i o n S to ry

Relative Index after a third party investigation, and has included DeNA in said index.

V*