Fsa Bandai Namco

FINANCIAL STATEMENT ANALYSIS
BANDAI NAMCO
Compiled by : Faris Rachmadyo Nugroho (304302)
Company Background
Bandai Namco Holdings Inc. (BNHD) ( Kabushiki

Gaisha Bandai Namuko Hrudingusu), also known as the Bandai Namco Group, is a Japanese holding
company formed from the merger of Namco and Bandai. The new entity was founded on September
29, 2005. The company has its headquarters in Shinagawa, Tokyo. Their US branch, Bandai Namco
Holdings USA, was officially formed on January 6, 2008 and handles the US operations of the
company from their headquarters in Cypress, California. The company was formerly known as
NAMCO BANDAI Holdings, Inc. and changed its name to BANDAI NAMCO Holdings Inc. in June
2014.
Formerly Bandai only develop toys as its core business. However, it all changed when Bandai
finally buy Namco. Bandai Namco Holdings Inc. now develops toys, arcade game machines, home
video game software, visual content, network content, and amusement facilities worldwide. It operates
in three segments: The Content segment plans and develops network content, online games, arcade
machine, animation film, and live events. The Toys and Hobby segment manufactures sells toys, candy
toys, vending machine products, cards, plastic models, apparel, sundries, figures, general games, hobby
commodities, home electric appliances, stationery, and other products. The Amusement Facility
segment plans and operates amusement facilities and parks.
When Namco and Bandai performed management integration, 57% percent of the company's
holding went to Bandai while 43% went to Namco. Furthermore, Bandai swapped one of its shares for
1.5 of the new Namco Bandai. Namco traded evenly with a one-for-one share carried out via a share
exchange. The shareholders of Namco received one NBHD share for each Namco share and the
shareholders of Bandai received 1.5 NBHD shares for each Bandai share. In September 2006, BNHD
acquired CCP Co., Ltd. from Casio and made it a wholly owned subsidiary.
In the content section progress, Namco Bandai bought a 34% stake in Atari Europe on May 14,
2009, paving the way for its acquisition from Infogrames. On the 7th of July 2009, Namco Bandai
Holdings bought 100% of Atari Australia Pty Ltd. Namco Bandai Holdings acquired 100% of the
shares of Atari Asia Holdings Pty. Ltd. and 100% of the shares of Atari UK Ltd. In August 2013,
Namco Bandai opened a game studio in Vancouver, broadening its reach for the western demographic
video game player.
Meanwhile, Toys and hobbies segment have been reaching Indonesia from 1st of October 2014
and so far has been covering almost all part of three continents such are Asia, Europe, and America.
The progress will keep increasing since the demand in Australia continent is considerably high.
As for Amusement Facility SBU, Bandai Namco Holdings will only focusing on Japan market. Since
Bandai Namco Holdings needs higher amount of hard work to maintain the Japanese market share.
Bandai Namco Group respects the independence and autonomy of every affiliated company,
aiming to boost the corporate value of the entire Group by maximizing the creativity of these
companies and generating new synergies.
Vision
To become the Leading Innovator in Global Entertainment
As an entertainment leader across the ages, BANDAI NAMCO is constantly exploring new areas and
heights in entertainment. We aim to be loved by people who have fun and will earn their trust as the
Leading Innovator in Global Entertainment.
Mission
Dreams, Fun and Inspiration
Dreams, Fun and Inspiration are the Engine of Happiness. Through our entertainment products and
services, BANDAI NAMCO will continue to provide Dreams, Fun and Inspiration to people around the
world, based on our boundless creativity and enthusiasm.
Industry Analysis
The industry of toys and gaming is stable, mature but low growth industry, and it is also a
subject to highly fragmented retail channel of distribution. So If a company has a strong position in the
market, there is big possibility that you will only growing bigger in the future. Todays traditional toy
manufacturers are facing threat from digital gaming products and digital media. This rivalry among
traditional toys and digital gaming products becoming more and more apparent up to the point where
many toy industry perceive this not as a challenge but as an opportunity. Nowadays many companies
try to shift from not only produce traditional toys, but they also produce traditional toys that could be
incorporated into digital play. Nintendo is one of the first companies to fuse physical toys with digital
experience, the trend then followed by many companies including Bandai Namco. So, as we see it now
many old dogs are transforming into a new kind of company shifting consumer interests and bringing
new product to the market. However there are also companies that refuse to join the masses and
struggling to stay relevant in the market.
Toys are generally seen as children driven commodity. It is true because children first see many
toy products from a television, movie, or a game, as the toy industry is heavily reliant on licensing
deals with the entertainment industry. Yet, todays women are having fewer children, which could
potentially harm the market for toys. There are many preventive steps that were done by Toy Company;
one of the strategies is by articulating the mindset that toys are not just for children. Many toy
companies try to execute that strategy by actually buying the entertainment that produces television,
movie, or a game entertainment product. This way the toy company could maximize the capitalization.
The result is yet to come into fruition right now, but the change is here, as many games nowadays are
not only aimed to children, but also teenagers and even adults.
Overview
The annual report of Bandai Namco Holdings Inc. is dated March 31 every year. The currency that is
used to present the financial statements is Japanese Yen. The comparative financial statements of
Bandai Namco Holdings Inc. presented are from year 2010 until year 2014. It consists of the
Consolidated Statements of Financial Position, the Consolidated Income Statement, the Consolidated
Statements of Cash Flows, and the horizontal and vertical analysis of each financial statement.
For the financial statements, it is attached on the Appendix section.
ANALYSIS
Liquidity Ratio
- Current Ratio
2.51
2.45
2.44
2.37 - Current Ratio
2.23
One common ratio to analyze the liquidity of a company is current ratio. Bandai Namco
Holdings Inc. started its current ratios with quite a high number (2.51), but slightly decrease in the next
year to 2.45 in the 2011, decrease again in the 2012 to 2.23, which is its lowest point, but then it gets
better in the 2013 with 2.44 before decrease again in the 2014 to 2.37. The occurrence of lowest
number in the 2012 current ratios was constructed by the increase in the current liabilities by 25%,
which is pretty huge considering the increase of current assets only reaches 14%. For a comparison, the
number started with 217,760 million of current assets and 86,599 million of current liabilities in the
2010, and then the current assets slightly decrease by 3% followed by the decrease in the current
liabilities by 0.5% in the 2011. 2013 is the catch-up year for Bandai Namco Holdings Inc. proven by
the increase of current assets by 9% and increase in current liabilities only by 0.4%. However in the
2014, current liabilities once again reclaim its place in increasing higher by 10%, while current assets
only increase 7%.
The huge increase of current liabilities is largely caused by short-term borrowings, accrued
income taxes, and provision for directors bonuses. In terms of number, short-term borrowings win the
competition by increasing from 3,428 million yen in the 2011 to 6,773 million yen in the 2012, pursued
by accrued income taxes with increase from 7,979 million yen to 9,360 million yen, and lastly,
provision for directors bonuses with the increase only from 878 million yen to 1,693 million yen. The
needs of huge capital expenditure (12,808 million yen) for investments in the manufacturing of molds
associated with the development of new products could be the major cause of the huge amount of
increase in the short-term borrowings. Yet, if we look at the percentage it is clearly seen that provision
for directors bonuses is topping the other 2 variables. It is might be caused by the huge increase in the
revenue from 394,178 million yen to 454,210 million yen in the 2012.
To investigate which variable that drives the current ratio the most, then we will need to
breakdown the component using quick acid ratio, inventory turnover, cash to current liabilities ratio,
and receivable turnover.
- Quick Acid Ratio

- Quick Acid Ratio
1.85
1.77
1.75
1.69
1.63
The acid-test ratio of Bandai Namco Holdings Inc. graph pattern was almost the same with the
current ratio, with the exception that the highest slope was in 2013 (1.85) not 2010 (1.75). Bandai
Namco Holdings Inc. had quick acid ratios varying from the lowest (1.63) in 2012 until the highest
(1.85) in 2013. It tended to decrease over time until its biggest and only jump in 2013 before it
decreases again in 2014 to 1.77. Acid-test ratio is a similar ratio with current ratio, except it excludes
inventories from the numerator. While there are no significant differences in the pattern, the number is
speaking differently with only averaged at 1.738 compared to current ratio that averaged at 2.4. This is
also supported with the fact that inventories fill the component of the current assets by an average of
18.8% (from 2010 to 2014 in million yen; 40.956, 41.700, 37.038, 36.642, 45.013). Therefore, Bandai
Namco Holdings Inc. should look at its inventory turnover to make sure that the inventory will give
them the troubles they wont need or not.
The inventory turnover of Bandai Namco Holdings Inc. starts from 6.1 in the 2010, then keep
increasing in the next 3 years to 6.11, 7.74, 8.3 before decreasing in the 2014 to 7.04 (averaged at 7.06).
To measure whether the inventory turnover is considered good or not, we need to compare it to the
rival company or the average number in the industry.
This high number on inventory turnover must be caused by highly popular webshop exclusive
products that have one production run only. The idea of webshop exclusive is we could only order
specific products from internet in a specific period. The products also have limited quantity, so once the
products have been reached its maximum production number or order period is over, the order will be
closed and the production will commence. Bandai Namco Holdings Inc. is not the first company to
utilize such strategy, but they could push it in a great use. Some of renowned Bandai Namco Holdings
Inc. exclusives are p-bandai, Tamashii web exclusives, and SDCC exclusives.
- Cash to current liabilities

1.14
1.14
1.02
0.99
1.13
Cash to current liabilities ratio is similar with acid-test ratio, but it is an important tool to
measure cash as the pinnacle form of liquidity. The graph showed that by excluding trade receivables
and inventories, the ratio decrease to its lowest point. It even reach under 1 in the 2012 (0.99), so it
means that cash, cash equivalents, and short term investments (marketable securities) as the most liquid
assets might not cover 100% of the current liabilities. However, cash, cash equivalents and short term
investments consist of 45.19% of total current assets (from 2010 to 2014 in million yen; 98.684,
88.126, 106.958, 123.511, 135.826) with the trade receivables consist of 27.25% (from 2010 to 2014 in
million yen; 52.726, 57.262, 69.102, 77.069, 76.587). Because of the trade receivables proportion is
quite relevant, and then we have to take a look at the receivables turnover.
Receivables turnover for Bandai Namco Holdings Inc. reached its peak in the 2010 with 7.18
and sunk its deepest level in the 2013 with 6.32. The trend is quite different from the current, acid test,
and cash to current ratio. Bandai Namco Holdings Inc. start from their highest in their 5 years, then
starting to decrease in the 2011 with 6.88 and then decrease again slightly with 6.57, declining again to
6.32 in the 2013 and increase slightly in the 2014 to 6.63 making the average of the receivables
turnover is 6.71 in the recent 5 years. Bandai Namco Holdings Inc. have been doing great in keeping
their receivables turnover in a good shape.
134,676
119,048
110,037
97,776
107,328
97,776
89,332
107,328
89,332
119,048
Cash and cash
equivalents at
beginning of year
Cash and cash
equivalents at end of
year
We could also take a good look at how Bandai Namco manages their cash stability at the end of
their fiscal year. From this point we could see that even though the first two year has been quite uneasy
for the company to maintain their cash, the next three years has been a great year for Bandai Namco. In
the last three years Bandai always succeed to increase their cash from the beginning of the year.
so it could be concluded that the current assets of Bandai Namco Holdings Inc. is relatively
proportional given the fact that the most liquid assets which is cash, cash equivalents, and short term
investments if filling the biggest part in the current assets proportion. It is a good sign because high
inventories require high carrying costs and high receivables might end up as higher bad debt expenses.
Bandai Namco Holdings Inc. also should not worry of their relatively high operational costs as
mentioned in the du Pont analysis because they most likely wont have a problem with their short term
obligations due to high liquidity of their current assets. However, Bandai Namco itself has been famous
as a cash rich company in recent 10 years. It implies that stability in the cash department is not really a
good sign. So, it is wise for Bandai Namco to not just stabilize their cashflows but also steadily
increase their cash over fiscal years.
Solvency Ratio
60.5%
50.4%
42.3%
44.3%
- Debt Equity Ratio

(DER)
37.7%
29.7%
30.7%
51.2%
33.5%
33.9%- Debt to Total Assets

Ratio
One of the elements to analyze solvency at Bandai Namco is by looking at the Debt to equity
ratio and debt to total assets ratio. The proportion of debt to total assets was considered low, which
shows higher proportion of equity on the total assets. Early indication shows good solvency in the
Company. However, the trend of Bandai Namco using debt to financing was increasing as we can see
the only drop was in 2012 to 2013 and thats happened because of significant increase from 30.7% to
37.7% in 2012. This is might be an indirect result from earthquake in Japan, which makes the company
need some extra cash to boost their confidence. It also tells us that Bandai Namco needs further
attention on the increasing trend considering the solvency matter.
- LTD to Equity Ratio

9.9%
6.8%
4.5%
- LTD to Equity Ratio

6.3%
4.0%
As we can see, Bandai Namcos long-term debt to equity ratio tends to decrease with the only
exception in the 2012 from 4% to the highest jump in the 5 years, which is 9.9%. As mentioned in the
previous ratio, we could relate the jump with the earthquake that devastates business in general in
Japan. The good news is that Bandai Namco could hold a control on the significant increase proven by
the significant decrease in the next year to 6.8% and another decrease by 5% in the year after.
- EBITDA/(interest)
344.99
252.6
360.27
- EBITDA/(interest)
115.06
4.99
Another way to measure the ability to shoulder debt is by using EBITDA to interest. This way
we could see whether Bandai Namco could survive its short-term debt obligations. As we see, Bandai
Namcos 2010 EBITDA to interest is the lowest among five years. This is due to the small number of
EBITDA at that time with only 1,885 million yen. This shortfall happened because of the weak market
conditions in the industry and sluggish results from its visual and music content business. In order to
survive the struggle, Bandai Namco then made a strategic plan dubbed as Restart Plan. The initiative
is a ranging reorganization plan and bolstering its financial position. As a result, Bandai Namco
massively improved its ratio in the next 4 years with the highest number placed in the year 2014. From
this point of view, we could see that Bandai Namco really has an ability to keep growing despite the
significant loss that they experienced.
From the solvency analysis we could conclude that Bandai namco doesnt have significant
problem to be worried as the performance to maintain the burden its debt and interest seems to be
improving over time. There are at least two events that have a big role in the solvency analysis, which
are Japanese earthquake in Tohoku that also have significance in the whole business industry and
2010s Bandai Namco income shortfall. What we could learn from the two events is that Bandai Namco
sure has been in a worse condition, but that didnt make them stop to evolve, the managements clearly
learn how to get back up in an efficient and effective way.
Altman Z-Score
2010
2011
2012
2013
2014
Working capital / Total assets (X1)
40.24%
40.49%
38.86%
41.80%
40.55%
Retained earnings / Total assets (X2)
50.15%
51.74%
50.63%
53.21%
52.93%
Return on assets (X3)
-9.23%
0.61%
5.66%
8.64%
6.12%
Total equity / Total liabilities (X4)
236.30%
225.96% 165.16% 198.34% 195.39%
Assets Turnover (X5)
116.14%
127.87% 132.75% 130.21% 125.33%
Z score:
2.58
2.97
2.90
3.15
3.00
Looking from the Altman Z-Score analysis, Bandai Namco has been in gray area once in the
2010. The rest of the years turned out pretty well as its surpassing more than and equal to 2.9, with the
average of 2.92 from 2010 to 2014. This implies that the company is on a low probability of
bankruptcy in the recent years.
However, we could also see inconsistency in the score. So it is wise for Bandai Namco to address the
lack of stability problem. They need to draw an increasing pattern on the score to maintain their score.
Du Pont Analysis Ratio
- Net Profit Margin

6.7%
4.3%
0.5%
4.9%
- Net Profit Margin
-7.9%
It seems that the 2010s income shortfall also plagued the net profit margin. This is proven by
the number of -7.9% in the year 2010. The net profit margin in the Namco Bandai Holdings Inc. from
the year 2010 to 2014 starts at the low point (-7.9%) but keeps increasing until it peaked in the 2013
and then decrease again in the 2014 due to increase in expenses (possibly because of two new operating
factories expense in Singapore and Canada). Since most of the time generating additional revenues is
much more difficult than cutting expenses, managers generally tried to cut expenses. However, in the
case of Namco Bandai Holdings Inc. , they still managed to keep their revenue increasing over years
thanks to cross-functional efforts undertaken across all businesses for long-established IP (intellectual
property). But there is still an indication that costs need to be under better control.
- Asset Turnover
1.33
1.30
1.28
1.25
- Asset Turnover
1.16
Asset turnover for Namco Bandai Holdings Inc. is ranged from the lowest in the 2010 with 1.16
to the highest with 1.33 in the 2012. The movement of the graph itself is different from the ROA with
the increase from 2010 to 2012 then decrease in the next 2 years making the average of the asset
turnover 1.26. This is might explains why asset turnover doesnt have big influence over ROA.
Acceptable asset turnover levels differ among industries. To determine whether Namco Bandais asset
turnover is good or not we have to compare it with other company in the same industry.
- Return on Asset
Return on assets measures the rate of return on the total assets. Return on assets is equal to net
profit margin multiplied by assets turnover. Because the asset turnover is close to constant, the effect
become minimal, which in turn making the graph movement between profit margin and return on assets
similar to each other as seen above where net profit margin had a similar pattern with the return on
assets. So there is nothing abnormal about the return on assets. In terms of growth, Namco Bandai has
been doing well in the last 5 years, marked only by decrease in the 2014.
Leverage
160.55%
150.42%
142.32%
144.26%
Leverage
151.18%
We could also draw a line to capital structure and solvency with the DuPont analysis through
the asset leverage ratio. We could see that Bandai Namcos asset leverage ratio has an increasing
pattern from 2010 with the only exception in the 2013. The decrease from 1.605 to 1.504 is quite
predictable since there is huge leap in the 2012 from 1.44 in the 2011. The huge leap in the 2012 is
congruent with the assumption stated in the liquidity ratio analysis regarding Japanese earthquake in
Tohoku. The increasing trend of the leverage ratio means that Bandai Namco is favoring debt rather
than optimizing owners equity. Counting on debt could also lead to trouble since the uncontrollable
debt levels can lead a company to credit downgrades and worse. However, since Bandai Namco is
considered as cash rich company so its pretty reasonable for them to maximize the debt option rather
than equity.
Operating/Profitability Ratio
- Gross Profit Margin

37.57%
37.59%
36.88%
35.37%
34.01%
Gross Profit Margin is important because its an indication of the financial success and
viability of some particular products in the company. As seen above, the performance of gross
profit margin in Namco Bandai has been great by keep increasing every year. Again, the small
number in the 2010 could be possibly caused by the shortfall. Yet if we look closer, there is also
a bad signal in the 2014 with the relatively insignificant increase from 37.57% to only 37.59%.
Every increase in the gross profit margin means that Bandai Namco could generate profit higher
in every product sold every year. The increase in the gross profit margin also signalling an
increase in Bandai Namcos capability to cover other costs and obligations.
- Operating Profit Margin

10.0%
8.8%
7.6%
- Operating Profit
Margin
4.1%
0.5%
Operating Profit Margin helps the company to measure how much the sales could give
to the company (before interest and taxes). A healthy operating margin is very important for the
company to compensate for its fixed costs. Bandai Namcos operating profit margin almost has the
same figure with the gross margin with slow start in the 2010. The difference is in the 2014 with the
decrease from 10% in the 2013 by 1.2%. The decrease could also possibly because of the two new
operating factories expense in Singapore and Canada as explained in the du Pont analysis.
13.0%
9.1%
8.6%
9.3%
6.1%
5.7%
0.6%
0.9%
- Return on Equity
- Return on Asset
-9.2%
-13.0%
The return on equity and return on asset represents how much the company could generate from
equity and companys asset. Overall it has the same pattern as the operating profit margin. The
explanation is also similar, the low start in the 2010 also caused by the sluggish performance because
of the shortfall and the decrease in the 2012 is also caused by the increase in expense due to opening of
two new factories.
- (COGS+SGA)/Sales
99.5%
95.9%
- (COGS+SGA)/Sales
92.4%
90.0%
91.2%
This ratio is useful to show how much sales it needed to cover cost of sales and selling, general,
and administrative expenses. If the ratio hit 1, means the revenue generated wont able to cover cost of
sales and selling, general, and administrative expenses. The trend is the reverse of operating profit
margin as it should be. It means that Bandai Namco could generate operating profit in the recent 5
years.
To conclude, Bandai Namco went through difficult times around 2010 reflected by the low
performance indicator compared to the next 4 years. Bandai Namco was hit hard by the shortfall. So
Bandai Namco had to counter measure the situation, like arranging reorganization of business segments
called Restart Plan. Fortunately, the plan really makes an impressive change to the company. Bandai
Namco turned around its business impressively. However, there is also slight problem in the 2014,
which is the opening of two new factories. The management should focus to address the slight problem
and keep the positive operational momentum going.
Benchmark
There are two main competitors of Bandai Namco Holdings in the similar industry, which are Hasbro
and Capcom.
However, for the purpose of benchmarking, in this analysis Bandai Namco will be compared with
Capcom. The reason is because Capcom come from the same country which is Japan that makes their
financial structure could be similar.
Current ratio
2.51
2.43
2.69
2.45
2.55
2.23
2.44
2.40
2.60
2.37
Bandai Namco Current
Ratio
Capcom Current Ratio
From the Figure Current Ratio, it seems that they are on par with each other. So it is safe to
assume that they both have control over their liquidity. Bandai Namco should be careful about the fact
that they are not the only company with huge chunk of money.
Net Profit Margin

12.63%
13.01%
8.79%
6.66%
6.33%
4.28%
8.07%Bandai Namco Net

Profit Margin
4.90%Capcom Net Profit
Margin
0.51%
-7.87%
Capcom has outperformed Bandai Namco almost by huge margin. This is noteworthy,
especially when having in mind that both companies experienced dramatic event such as Japanese
earthquake. Both companies also shifted toward IP emphasize strategy which helps them boost their
sales in this vastly changing business environment. So they should have an equal ground for now
So, in conclusion capcom seems to have fared much better in the operational sector. Bandai
should really improve their operating performance if they dont want to be the number 2 in the industry.
However, we also need to see past operational performance to actually judge their performance. There
are other factor too that could influence the outcome such as extraordinary items.
Projected Financial Statements
Toys and gaming industry in general is expected to grow in the future at least 5.5 % annually. The fact
is in accordance to the broad media and entertainment forecast from accounting firm PwC. The
launching of the new product that incorporate toys and gaming like Nintendos amiibo, disneys
infinity, and Bandai Namcos summonride also give the industry a new breath of fresh air. As a
company itself, Bandai Namco has a growth projection more than 10% for the years to come, this
confident projections is related to the variety of popular IP (intellectual property) owned by Bandai
Namco.
Terminal
2015
2016
2017
2018
year
8.0%
8.0%
8.5%
8.75%
8.75%
sales
growth
appendix
CONSOLIDATED STATEMENT OF FINANCIAL POSITION

YEARS ENDED 31 MARCH 2010, 2011, 2012, 2013, AND 2014
(In millions of yen, unless otherwise specified)
2010
2011
2012
ASSETS
Current Assets
Cash and time deposits
Trade receivables
Short-term investment
Inventories
88,12 106,9
6
58
57,26 69,10
52,726
2
2
2,037 40,956 41,70 37,03
96,647
Deferred tax assets

Other current assets
Allowance for doubtful receivables
Total current assets
5,763
20,769
-1,138
217,76
0
6,591
18,07
2
-820
8,733
19,76
3
-677
210,
931
240,
917
24,16
0
14,61
1
9,549
61,61
7
47,55
7
14,06
0
10,78
5
68,42
2
60,22
5
25,25
2
14,92
3
10,32
9
60,59
2
47,03
4
13,55
8
11,38
8
74,87
0
65,64
6
9,224
44,4
99
8,19
4
Non current assets

Property, plant and equipment
Buildings and structures
Accumulated depreciation
24,671
-14,173
Buildings and structures, net
10,498
Amusement facilities and machines
60,826
-45,499
Amusement facilities and machines, net
15,327
Land
11,592
Other property, plant and equipment
71,180
Other property, plant and equipment, net
-62,582
Total property, plant and equipment
46,015
Total intangible assets

Investments and other assets
12,501
8,197
42,5
91
8,53
6
23,275
-
21,16
9
-
22,17
7
-
5,759
21,18
1
6,426
21,66
3
Investment securities
Net defined benefit asset
Deferred tax assets
Other investments and assets
8,598
5,886
22,302
-1,807
Total investments and other assets

Total non-current assets
49,656
108,17
2
Total assets
325,93
2
1,905
46,2
04
97,3
31
308,
262
1,711
48,5
55
101,
248
342,
165
36,64
1
3,428
20,47
0
7,979
878
42
1,505
165
14,99
4
86,1
02
48,74
2
6,773
19,19
1
9,360
1,693
58
1,169
7
20,95
0
107,
943
Liabilities & Equities

Liabilities
Current liabilities
Trade payables
Short-term borrowings
35,956
8,876
Accounts payable-other
Accrued income taxes
Provision for directors' bonuses
Provision for losses from business restructuring
Provision for sales returns
Provision for loss on disaster
13,741
8,239
402
767
2,034
-
Other current liabilities
16,584
Total current liabilities

Non-current liabilities
86,599
Long-term borrowings
Deffered tax liabilities, land revaluation
accrued retirement and severance benefit
accrued directors' and corporate auditors' retirement and severance
benefit
3,333
673
129
2,403
other long-term liabilities
3,746
673
237
2,763
12,88
3
590
3,140
32
Total non-current liabilities
10,316
Total liabilities
Equity
96,915
Common stock
10,000
Additional paid-in capital
79,960
4,795
8,46
8
94,5
70
4,485
21,0
98
129,
041
10,00
0
69,92
3
10,00
0
52,24
5
163,45
4
Retained earnings
Treasury stock
Total stockholders' equity
Valuation difference and foreign currency translation adjustment
Unrealized gains or losses on other securities, net of tax
Deffered gains or losses on hedges, net of tax
Land revaluation, net of tax
-9,455
243,95
9
19
79
-6,491
159,4
91
3,496
235,
918
173,2
50
2,383
233,
112
447
3
6,491
2,867
229
6,408
17,77
5
23,8
16
18,35
7
21,6
69
1,590
213,
692
308,
262
1,682
213,
125
342,
166
Remeasurement of defined benefit plans

Foreign currency translation adjustments
Total valuation difference and foreign currency translation adjustment
Stock subscription rights
Minority interests
Total equity
Total liabilities and equities
-10,900
17,293
810
1,535
229,01
1
325,92
6
CONSOLIDATED INCOME STATEMENT

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
2010
378,54
7
249,79
3
128,75
4
126,86
9
1,885
2011
394,1
78
254,7
63
139,
415
123,0
76
16,3
39
2012
454,2
10
286,7
08
167,
502
132,8
96
34,6
06
Interest income
Dividend income
Reversal of allowance for doubtful receivables
Amortization of negative goodwill
Equity in gain of affiliated companies
Other non-operating profit
371
212
-
Total non-operating profit

Non-operating expenses
Interest expense
Foreign exchange loss
Other non-operating expenses
Total extraordinary loss

Earnings before income taxes and minority interests
214
235
256
124 526
481
515
1
1,22
,233
869
0
378
620
212
1
,210
Total non-operating expenses

Recurring income
Extraordinary income
Gain on sales of fixed assets
Gain on sales of investment securities
Gain on negative goodwill
Gain on forgiveness of debts
State subsidy
Reversal of provision for losses from disaster
Gain on reversal of stock subscription rights
Other extraordinary income
Total extraordinary income
Extraordinary loss
loss on sales of fixed assets
Loss on disposal of fixed assets
Loss on impairment of fixed assets
Loss on business restructuring
Loss on valuation of investment securities
Provision for allowance of doubtful receivables
Special retirement expenses
Loss on adjustment for changes of accountig standard for asset
retirement obligations
Loss on liquidation of business
Other extraordinary loss
170
218
142
487
177
137
162
567
1,908
806
16,4
02
866
34,9
60
37
176
247
252
22
56
402
124
739
49
715 1140
168
2354
295
20
4
9
321
564
937
15,902
996 1,105
1,865 2,059 1,325
1,899
848
541
1,933
1,205 1,615
928
7,29 4,84
21,940 1
5
- 11,4 30,4
19,293
Corporate income, inhabitant and enterprise taxes
Income taxes for the previous period
7,064
963
Deferred income taxes
2,470
Total income taxes

Income before minority interest
Minority interests
Net income
10,497
29,790
135
29,925
65
10
10,94 15,58
6
3
1,474 4,634
9,47 10,9
2
49
1,99 19,4
3
61
140
155
1,85 19,3
3
06
CONSOLIDATED STATEMENTS OF CASH FLOWS

2010
2011
2012
Cash flows from operating activities

Depreciation and amortization
Amortization of goodwill
Increase in allowance for doubtful receivables
Increase in provision for losses from business restructuring
Increase in provision for sales returns
Increase in provision for directors' bonuses
Increase in accrued retirement and severance benefits
Increase in provision for loss on disaster
Interest and dividend income
Interest expense
Equity in loss of affiliated companies
Loss on sales of fixed assets, net
Loss on disposal of amusement facilities and machines
Loss on sales of investment securities, net
Decrease in trade receivables
-19,293
18,988
15,902
4,844
946
622
-1,265
-102
453
-584
378
225
321
-16
570
-151
141
13,478
11,46 30,41
5
0
18,00 18,14
0
2
996 1,105
2,106
369
-83
-317
-708
18
-363
-266
584
578
373
380
165
-157
-388
-450
142
137
343
81
8
564
-241
425
-443
2,102
8,155
246
937
-12
434
-81
1,405
12,66
7
Decrease in inventories
-1,725
Acquisition of amusement facilities and machines
-4,410
1,849
4,126
Increase in trade payables
-6,701
3,668
Increase in accounts payable-other
-5,955
7,635
4,081
2,925
12,63
4
1,434
-96
675
680
2,512
10,581
262
33,1
57
379
-536
10,43
7
22,5
63
-737
52,5
91
468
-115
13,83
4
39,1
10
-121
448
-984
275
1,582
1,498
Increase in consumption tax payables

Other
Subtotal
Interest and dividend received
Interest paid
19,082
581
-321
Income taxes paid

Net cash provided by (used in) operating activities
Cash flows from investing activities
-8,761
Payments for deposit in time deposits

Proceeds from withdrawal from time deposits
Purchases of property, plant and equipment
Sales of property, plant and equipment
-7,177
123
Purchases of intangible assets

Purchases of investment securities
Sales of investment securities
Proceeds from liquidation of subsidiaries
-2,830
-421
471
Acquisition of shares in consolidated subsidiaries

Acquisition of subsidiary shares affecting the scope of consolidation
Sales of subsidiary shares affecting the scope of consolidation
Payments of loans receivable
Collection of loans receivable
Payments of guarantee money deposited
Collection of guarantee money deposited
Other
6,642 9,882
1,110
33
2,670 4,647
-92
-239
604
336
-
-81 -1,760 -1,069

171
-398
2,739
42
8 1,372
1,160
-370
1,221
379
-544
435
-393
900
1,179
Net cash provided by (used in) investing activities

Cash flows from financing activities
Increase in short-term borrowings, net
Proceeds from long-term debt
Repayment of long-term debt
Payment of lease obligations
Increase in treasury stock
Decrease in treasury stock
Purchase of treasury stock
Proceeds from disposal of treasury stock
Cash dividends paid
Proceeds from capital paid by minority interests
Cash dividends paid to minority interests
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents due to consolidation of additional
subsidiaries
Increase in cash and cash equivalents due to merger of non-consolidated
subsidiaries
Decrease in cash and cash equivalents due to company split
Cash and cash equivalents at end of year
-9,863
7,37
3
15,2
64
-576
-105
1,382
20,05
0
5,166
-77
16,56
5
5,545
25
-35
5,93
1
-8,761
-83
-9
-5,795
-51
15,275
2,010
12,547
110,03
7
8,657
-73
4,171
5,797
-21
18,8
24
4,837
8,47
1
97,77
6
270 61
-45 97,776
81
17,9
96
89,33
2
-
27 89,3 107,
32
328
VERTICAL ANALYSIS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

31 MARCH 2010, 2011, 2012, 2013, & 2014
2010
2011
2012
201
0.2965 0.2859 0.3126

0.1618 0.1858 0.2020
0.0062 0.1257 0.1353 0.1082
0.0177 0.0214 0.0255
0.0637 0.0586 0.0578
0.0035 -0.0027 0.0020
0.6681 0.6843 0.7041
0.318
0.206
0.011
0.097
0.028
0.046
ASSETS
Current Assets
Trade receivables
Inventories
Deferred tax assets
Non current assets

Land
-0.001
0.707
0.0757 0.0784 0.0738 0.067

0.0435 -0.0474 0.0436 -0.039
0.0322 0.0310 0.0302 0.027
0.1866 0.1999 0.1771 0.163
0.1396 -0.1543 0.1375 -0.128
0.0470 0.0456 0.0396 0.034
0.0356 0.0350 0.0333 0.030
0.2184 0.2220 0.2188 0.231
0.1920 -0.1954 0.1919 -0.198
0.0264 0.0266 0.0270 0.032
0.1412 0.1382 0.1301 0.126
0.0384 0.0277 0.0239 0.022
0.0000 0.0000 0.0000 0.000
0.0714 0.0687 0.0648 0.067
-
Deferred tax assets

0.0181
0.0684
0.0055
0.1524
0.3319
Total assets

Liabilities
Current liabilities
Trade payables
0.0187
0.0687
-0.0062
0.1499
0.3157
0.0188
0.0633
0.0050
0.1419
0.2959
0.022
0.056
-0.003
0.143
0.292
1.0000
1.0000
1.0000
1.000
0.1103
0.0272
0.0422
0.0253
0.0012
0.0024
0.0062
0.1189
0.0111
0.0664
0.0259
0.0028
0.0001
0.0049
0.1425 0.124
0.0198 0.015
0.0561 0.060
0.0274 0.021
0.0049 0.003
0.0002 0.000
0.0034 0.003
0.
0.0005 00002 0.0486 0.0612 0.061
0.2793 0.3155 0.289

accrued directors' and corporate auditors' retirement and
severance benefit
0.0509
0.2657
Total liabilities
0.2973
0.3068
0.3771
0.335
Equity
Common stock
0.0307
0.0324
0.0292
0.026
0.0102 0.0377 0.0021 0.0022 0.0017 0.001

0.0004 0.0008 0.0074 0.0090 0.0092 0.010
0.0001 0.0115 0.0156 0.0131 0.034

0.0317 0.0275 0.0617 0.045

Retained earnings
Treasury stock
Valuation difference and foreign currency translation
adjustment
0.2453
0.5015
0.0290
0.7485
0.0000
0.0001
0.0002
0.0199
0.2268
0.5174
-0.0113
0.7653
0.0000
0.0015
0.0000
-0.0211
0.1527
0.5063
0.0070
0.6813
0.0000
0.0084
0.0007
0.0187
0.139
0.532
-0.006
0.692
0.000
0.013
0.001
-0.015

Total valuation difference and foreign currency translation
adjustment
Minority interests
Total equity
0.0334 -0.0577 0.0536 -0.032

0.0531 -0.0773 0.0633 -0.031
0.0025 0.0047 0.0052 0.0049 0.004
0.7026 0.6932 0.6229 0.664
1.0000
1.0000
1.0000
1.000
VERTICAL ANALYSIS CONSOLIDATED INCOME STATEMENT

31 MARCH 2010, 2011, 2012, 2013, & 2014
2010
1.0000
00
0.6598
73
0.3401
27
0.3351
47
0.0049
80
2011
1.0000
00
0.6463
15
0.3536
85
0.3122
35
0.0414
51
2012
1.0000
00
0.6312
23
0.3687
77
0.2925
87
0.0761
89
201
1.000
0
0.624
5
0.375
4
0.275
1
0.099
3
Dividend income
0.0009
80
0.0005
60
0.0004
31
0.0005
53
0.0004
71
0.0005
17
0.0005
64
0.000
9
0.000
4
0.000
2
Revenue
Cost of sales
Gross profit
Operating profit
Interest income
0.0003
28 -
0.0013 0.0012 0.0011

90
20
34
0.0032 0.0022 0.0026
57
05
86
0.000
0
0.001
9
0.003
5
0.0009
99
0.0016
38
0.0005
60
0.0031
96
0.0050
40
0.0003
60
0.0012
35
0.0004
49
0.0020
45
0.0416
11
0.0003
02
0.0003
57
0.0012
48
0.0019
07
0.0769
69
0.000
8
0.000
8
0.000
4
0.000
2
0.102
6
0.0000
98
0.0004
65
0.0006
27
0.0006
39
0.0000
48 0.0001 0.000
23
7
0.000
4
State subsidy
0.0001
08 -
0.0010 0.0018
62
14 0.0003 0.0028 0.0003 0.000
28
92
70
2
0.0019 0.0059 0.0006 0.000
52
72
49
5

Interest expense
Recurring income

Extraordinary loss
0.000
0
0.0000 0.0000 0.0000

53
10
20 0.0008 0.0014 0.0020
48
31
63 0.0420 0.0025 0.0024 0.001
08
27
33
3
0.0049
0.000
27 2
0.0052 0.0029
24
17 -

0.0050 0.0021 0.0011

17
51
91 0.0030
0.000
57 0
0.0051 0.0040 0.0020 0.001

06
97
43
3
0.0579 0.0184 0.0106 0.003
58
97
67
9
0.0509 0.0290 0.0669 0.099

66
86
51
2
0.0186 0.0277 0.0343 0.040
61
69
08
2
0.0025
44 0.0065 0.0037 0.0102 0.007
25
39
02
1
0.0277 0.0240 0.0241 0.032
30
30
06
1
0.0786 0.0050 0.0428 0.066
96
56
46
0
Minority interests
0.0003
57
0.0003
55
0.0003
41
0.000
4
Net income
0.0790
52
0.0047
01
0.0425
05
0.066
6

Total income taxes
VERTICAL ANALYSIS CONSOLIDATED STATEMENTS OF CASH FLOWS

2010
2011
2012
201
1.5376
58
1.5133
1.3534
41
2.1248
1.6898
20
1.0081
13
4.137
4
1.741
9


50
1.2673
95
-
97
0.1175
78
0.2486
13
0.3860
68
0.0753
97
0.0495
74
0.1008
21
0.0428
52
0.0689
41
0.0440
33
0.0194
78
0.0081
29
0.0361
04
0.0097
98
0.0835
79
0.0465
45
0.0301
27
0.0179
33
0.0255
84
0.0458
03
0.0167
63
0.0404
91
0.0009
44
0.0665
80
0.0012
75
0.0454
29
0.0284
50
0.0501
71

Interest expense

0.0614
03
0.043
8
0.002
4
0.0205
05
0.0176
15
0.024
5
0.0010
00
0.0147
81
0.022
9
0.0321
18
0.044
3
0.0211
16
0.0087
24
0.0250
06
0.048
7
0.0076
13
0.012
3
0.0045
01
0.021
1
0.0136
70
0.029
9
0.0520
67
0.0006
67
0.017
2
0.0241
16
0.034
4
0.048
2
0.006
5
0.000
9
0.038
9
0.002
6
0.0522
96
0.2481
41
0.0120
35
0.0112
38
1.0742
01
0.1374
83
0.2182
74
0.3514
78
0.5340
72
0.4746
15
0.0076
51
0.2002
07
1.5208
42
0.0463
06
0.4870
74
0.4330
07
0.9013
10
0.0796
84
0.0309
29
3.9141
78
0.0447
41
Interest paid
0.0255
84
0.0632
75
0.6982
55
0.8433
09
1.2320
86
2.6635
58
0.0096
44
0.0357
06
0.1161
61
0.0324
64


Other
Subtotal
Income taxes paid

0.9626
96
0.0045
01
0.004
8
0.0780
73
0.7038
79
0.001
9
0.2267
73
0.1625
36
0.132
3
0.7020
45
0.0796
84
0.363
2
0.0377
86
0.0409
54
0.009
3
2.9223
72
4.818
4
0.0260
06
0.0063
90
0.7687
26
0.039
3
2.1732
61
3.106
1
0.0879
08
0.364
0
0.0832
41
0.163
2
0.471
6
0.300
0
0.190
0
0.016
4
0.012
2
1.738
3
0.5720
09
0.0098
03
0.7840
87
0.1310
35
0.2255
52
0.3151
93
0.0335
54
0.0375
39
0.0108
61
0.0713
02

Acquisition of subsidiary shares affecting the scope of
consolidation
0.0064
56
0.1402
73

Other
0.5491
22
0.754
3
0.0018
34
0.2582
24
0.0132
81
0.023
2
0.0186
71
0.008
1
0.400
8
0.008
0
0.0212
46
0.0009
44
0.0852
00
0.0136
29
0.1619
64
0.1369
38
0.0302
29
0.0194
54
0.0317
21
0.2182
99
0.0033
47
0.0436
78
0.1441
39
0.0447
41
0.0241
72
0.0218
38
0.0576
79
0.0519
62
0.7860
84
0.8703
81
0.0500
11
0.0655
15
0.8481
88
0.1001
71
0.0009
39
1.2679
18
0.0459
07
0.0123
95
0.0767
95
1.1141
36
0.1123
72
-
0.6982
55

0.0066 0.0086
15
18
-

0.0007 0.4923
17
86
-
Cash dividends paid
0.4618
63
0.0040
65

Increase in cash and cash equivalents due to consolidation of
additional subsidiaries
Increase in cash and cash equivalents due to merger of nonconsolidated subsidiaries
1.0219
57
0.6843
35
0.0024
79
0.2870
64
0.0042
79
0.9204
82
0.3081
24
0.0013
89
0.0019
45
0.3295
73
0.4550
34
0.007
8
-
0.000
8
-
0.487
4
-
0.004
8
1.2174 2.2221
1.066
22
70
9
0.1601 0.5710 0.0045 0.227
98
07
01
0
1.0000 1.0000 1.0000 1.000
00
00
00
0
8.7699 11.542 4.9639 9.157
85
439
92
7
0.0215
19 0.0048 0.0031
62
87 0.0035
87 7.7927 10.545 5.9639 10.15
79
626
92
67
HORIZONTAL ANALYSIS CONSOLIDATED STATEMENTS OF FINANCIAL PO

31 MARCH 2010, 2011, 2012, 2013, & 2014
2010
2011
ASSETS
Current Assets
Trade receivables
Inventories
Deferred tax assets
1.00
00 0.9118
1.00
00 1.0860
1.00
00 1.00
00 1.0182
1.00
00 1.1437
1.00
00 0.8701
1.00
00 0.7206
1.00
00 0.9686
Non current assets

Land
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
0.9793
1.0309
0.9096
1.0130
1.0452
0.9173
0.9304
0.9613
0.9623
0.9534
0.9256
0.6828
1.00
00
-
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
Total assets
1.00
00
Deferred tax assets

0.9095
0.9784
0.9497
1.0542
0.9305
0.8998
0.9458

Liabilities
Current liabilities
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
Trade payables
1.00
00
1.00
00
1.0191
0.3862
1.4897
0.9684
2.1841
0.0548
0.7399
1.0000
0.9041
0.9943
1.00
00 1.00
00 1.0000
1.00
00 1.8372 1.00
00 1.1498
1.00
00 1.00
00 1.2800
1.00
00 0.8209
Total liabilities
1.00
00

accrued directors' and corporate auditors' retirement and severance benefit
0.9758
Equity
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
Common stock
Retained earnings
Treasury stock
1.00
00
1.00
00
1.00
00

Total valuation difference and foreign currency translation adjustment
Minority interests
Total equity
1.0000
0.8745
0.9758
0.3698
0.9670
23.526
3
0.0380
1.0000
-
1.00
00 1.6307
1.00
00 1.3772
1.00
00 1.00
00 1.0358
1.00
00 0.9331
1.00
00
0.9458
HORIZONTAL ANALYSIS CONSOLIDATED INCOME STATEMENT

31 MARCH 2010, 2011, 2012, 2013, & 2014
Revenue
Cost of sales
Gross profit
Operating profit
2010
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
Interest income
Dividend income
Interest expense
Recurring income
2011
1.0413
1.0199
1.0828
0.9701
8.6679
0.4582
1.0283
-
1.00
00 1.00
00 0.9144
1.00
00 0.7048
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
0.3757
0.7855
0.8349
0.6661
8.5964
6.6757
1.4318

State subsidy
1.00
00
1.00
00
1.00
00

Extraordinary loss
Loss on adjustment for changes of accountig standard for asset retirement
obligations

Total income taxes
Minority interests
1.7786 9.1935
3.1854
1.00
00 0.2000
1.00
00 1.7570
1.00
00 0.0626
1.00
00 1.0000
1.00
00 0.4466
-
1.0000 1.00
00
1.00
00
0.8355
0.3323
1.00
00 0.5943
1.00
00 1.5495
1.00
00 1.00
00 0.5968
1.00
00 0.9024
1.00
00 0.0669
1.00
00 1.0370
1.00
00
Net income
0.0619
HORIZONTAL ANALYSIS CONSOLIDATED STATEMENTS OF CASH FLOW

2010
2011
1.00
00
1.00
00
1.00
00
0.5943

1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
Interest expense
0.9480
0.0626
0.4348
0.0877
1.1383
0.2870
5.7255
0.6644
0.3757
1.5244
1.0000
1.00
00
1.00
00
1.00
00
1.00
00
1.00
0.8234
1.0000
1.00
00
1.00
00
1.00
00
1.7570
15.062
5
0.7456
2.9338
14.907
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00

Other
Subtotal
Interest paid
Income taxes paid
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00
1.00
00

Acquisition of subsidiary shares affecting the scope of consolidation
8
0.6051
1.0719
0.9356
0.5474
1.2821
7.0313
0.1043
1.7376
0.6523
1.6698
1.1913
2.1324
8.1322
0.6138
0.9255
9.0244
0.9435
0.2185
1.2824
-
1.00
00 1.00
00 1.0000 1.00
00 1.2834
1.00
00
1.00
00
1.00
00

1.00
00
1.00
00
Other
1.00
00
1.00
00
1.00
00

Cash dividends paid
Increase in cash and cash equivalents due to consolidation of additional
subsidiaries
Increase in cash and cash equivalents due to merger of non-consolidated
subsidiaries
6.7836
0.9296
0.4458
9.0238
-2
0.7475
0.1823
-
0.9881
0.8795
1.00 463.44 1,
00
44
1.00
00 1.0003
1.00
00 0.4118
1.00
00 1.2323
1.00
00 2.4065
1.00
00 0.6751
1.00
00 0.8886
1.00
00 1.00
00 0.4426 1.00
00 1.00
00 0.9136
-
RATIOS
(Millions of yen / % )
Liquidity Ratios :
2010
2011
2012
2013
2014
- Net Working Capital

- Current Ratio
- Quick Acid Ratio
Profitability Ratios :
- Operating Profit Margin
- Net Profit Margin
- Return on Equity
- Return on Asset
- (COGS+SGA)/Sales
Solvency Ratios :
131,161
124,829
132,974
156,412
164,264
2.51
2.45
2.23
2.44
2.37
1.14
1.02
0.99
1.14
1.13
1.75
1.69
1.63
1.85
1.77
325,932
308,262
342,165
374,196
405,088
42.3%
44.3%
60.5%
50.4%
51.2%
29.7%
30.7%
37.7%
33.5%
33.9%
4.5%
4.0%
9.9%
6.8%
6.3%
Total Asset
Debt Equity Ratio (DER)
Debt to Total Assets Ratio
LTD to Equity Ratio
34.01%
0.5%
-7.87%
-13.0%
-9.2%
99.5%
35.37%
4.1%
0.5%
0.9%
0.6%
95.9%
36.88%
7.6%
4.3%
9.1%
5.7%
92.4%
37.57%
10.0%
6.7%
13.0%
8.6%
90.0%
37.59%
8.8%
4.9%
9.3%
6.1%
91.2%
- EBITDA
1,885
16,339
34,606
48,644
44,673
- FREE CASH FLOW (FCF)
97,776
89,332
107,328
119,048
134,676
- EBITDA/(interest)
Activity Ratios :
- Net sales / bulan
4.98677
249
115.06338
03
252.598
54
344.992
908
360.266
129
- ITO (hari)
31,546
32,848
37,851
40,603
42,307
2195.66 2199.3928
2786.72
2988.32
2534.06
071
06
931
815
794
- ARTO (hari)
50.1
52.3
54.8
56.9
54.3
- APTO (hari)
- Asset Turnover
- Net TC (hari)
51.8
51.8
61.2
55.0
58.7
1.16
1.28
1.33
1.30
1.25
-ITO
2,194.0
2,199.9
2,780.3
2,990.3
2,529.7
7.17951 6.8837623
6.57303
6.32213
6.62878
295
55
696
99
818
9.24277 9.4527098
12.2633
13.2973
11.2784
273
32
512
364
973
-APTO
6.9
-ARTO
7.0
5.9
6.5
6.1
2011
3
2,386
48
7,241
6.65%
2012
2
5,057
50
7,679
4.94%
DUPONT
2008
(29
,925)
37
8,547
-7.91%
1,853
39
4,178
0.47%
2010
1
9,306
45
4,210
4.25%
Sales
Divided by: Average Total
Assets
Asset Turnover
37
8,547
32
5,932
116.14%
39
4,178
30
8,262
127.87%
45
4,210
34
2,165
132.75%
48
7,241
37
4,196
130.21%
50
7,679
40
5,088
125.33%
Average Total Assets

Divided by: Average Total
Equities
Leverage
32
5,932
22
9,011
142.32%
30
8,262
21
3,692
144.26%
34
2,165
21
3,125
160.55%
37
4,196
24
8,768
150.42%
40
5,088
26
7,950
151.18%
Profit Margin x Asset Turnover x

Leverage:
Dupont Return on Equity
-13.07%
0.87%
9.06%
13.02%
9.35%
Net Income
Divided by: Sales
Profit Margin
2009
2010
142.32%
Leverage
2011
144.26%
2012
160.55%
2013
150.42%
2014
151.18%
Altman Z-Score Calcuklations
2010
Working capital / Total assests

(X1)
Retained earnings / Total assets
(X2)
Return on assets (X3)
Total equity / Total liabilities
(X4)
Assets Turnover (X5)
Z score:
2011
2012
40.49
38.86
40.24%
%
%
51.74
50.63
50.15%
%
%
-9.23% 0.61% 5.66%
236.30 225.96 165.16
%
%
%
116.14 127.87 132.75
%
%
%
2.58
2.97
2.90
2013
41.80
%
53.21
%
8.64%
198.34
%
130.21
%
3.15
2014
40.55
%
52.93
%
6.12%
195.39
%
125.33
%
3.00
RECASTED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

2010
2011
2012
2013
96,64 88,12
106,9
7
6
58
52,72 57,26
69,10
6
2
2
2,037 40,95 41,70
37,03
6
0
8
119,1
32
77,06
9
4,379
36,64
2
10,57
9
17,48
3
-484
ASSETS
Operating Assets
Trade receivables
Inventories
Deferred tax assets
Land
5,763
20,76
9
-1,138
6,591
18,07
2
-820
8,733
19,76
3
-677
217,7 210,9 240,9 264,8

60
31
17
00
24,67 24,16
25,25
25,31
1
0
2
8
14,17 14,61
14,92
14,91
3
1
3
5
10,49
10,32
10,40
8 9,549
9
3
60,82 61,61
60,59
60,99
6
7
2
9
45,49 47,55
47,03
47,99
9
7
4
2
15,32 14,06
13,55
13,00
7
0
8
7
11,59 10,78
11,38
11,53
2
5
8
7
71,18 68,42
74,87
86,53
0
2
0
7
62,58 60,22
65,64
74,22
2
5
6
9
12,30
8,598 8,197
9,224
8
46,01 42,59 44,49 47,25
5
1
9
5
12,50
1 8,536 8,194 8,497

23,27
5
-
21,16
9
-
22,17
7
-
25,40
4
-
5,886
22,30
2
-1,807
49,65
6
108,1
72
5,759
21,18
1
-1,905
46,20
4
97,33
1
6,426
21,66
3
-1,711
48,55
5
101,2
48
8,398
21,18
0
-1,338
53,64
4
109,3
96
Total operating assets
325,9
32
308,2
62
342,1
65
374,1
96
Total assets
325,9
32
308,2
62
342,1
65
374,1
96
35,95
6
8,876
13,74
1
8,239
402
767
2,034
36,64
1
3,428
20,47
0
7,979
878
42
1,505
165
14,99
4
86,10
2
48,74
46,47
2
1
6,773
5,596
19,19
22,49
1
5
9,360
7,852
1,693
1,173
58
352
1,169
1,344
7 20,95
23,10
0
5
107,9 108,3
43
88
Deferred tax assets

Operating liabilities
Current liabilities
Trade payables
16,58
4
86,59
9
3,333
673
129
2,435
3,746
673
237
2,763
4,795
12,88
3
590
590
3,140
4,485
3,724
12,72
Total operating liabilities
10,31
6
96,91
5
8,468
94,57
0
21,09
8
129,0
41
4
17,03
8
125,4
26
Total liabilities
96,91
5
94,57
0
129,0
41
125,4
26
10,00
0
79,96
0
163,4
54
-9,455
243,9
59
19
79
-6,491
10,00
0
69,92
3
159,4
91
-3,496
235,9
18
447
3
-6,491
10,00
0
52,24
5
173,2
50
-2,383
233,1
12
2,867
229
-6,408
10,00
0
52,24
5
199,1
18
-2,385
258,9
78
5,212
642
-5,608
10,90
0
17,29
3
810
1,535
229,0
11
325,9
26
17,77
5
23,81
6
18,35
7
21,66
9
12,19
4
11,94
8
1,590
213,6
92
308,2
62
1,682
213,1
25
342,1
66
1,738
248,7
68
374,1
94
Equity
Common stock
Retained earnings
Treasury stock
Total valuation difference and foreign currency translation
adjustment
Minority interests
Total equity
RECASTED CONSOLIDATED INCOME STATEMENT

2010
Revenue
Cost of sales
378,547
249,793
2011
394,1
78
254,7
20
454
286
Gross profit
128,754
Interest income
Dividend income

132
1,885
371
212
170
218
2
2
2
481
34,6
124
526
1,233
Interest expense
Other non-operating loss
Total non-operating loss
Recurring income
State subsidy
Total extraordinary gain
167
0
123,0
76
16,33
9
126,869
Operating profit
63
139,4
15
869
378
620
212
1,210
142
487
177
1,908
806
16,40
2
37
176
247
252
402
124
739
1,22
1
1
5
86
34,9
715 1140
1
2354
29
20
4
321
564
9
15,902
996 1,1
1,865 2,059 1,3
1,899
848
5
-
1,205 -

1,933
21,940
7,291
-19,293

7,064
963
2,470
Total income taxes
1,615
10,497

Minority interests
-29,790
135
Net income
-29,925
(12,877) 27,886
14,260
26,666
-52,065
20,885
85,770
65,117
Net Working Capital (Current Assets - Current

Liabilities)
124,829
156,412
4,84
11,46 30,4
5
10,94 15,
6
-1,474 -4,6
10,9
9,472
19,4
1,993
140
1
19,3
1,853
Total Working Capital Increase (Decrease)

Total Working Capital Sources (Uses)
132,974
164,264
Description
2011
Increase (Decrease)
2012
2013
Current Assets
(11,365)
18,146
11,537
20,077
Current Liabilities
9,740
2,723
6,589
Short Term
(1,512)
(12,877
)
27,886
14,260
26,666
201
Sour
es
Sour
es
Sour
ces
Total Non Current Assets
(20,334)
9,481
18,600
25,477
Uses
Long Term Liabilities
-1,848
12,630
-4,060
2014
-33
Uses
Net Worth
-29,883
(52,065
)
Long Term
2010
NOPAT (Net Operating Profit
After Tax)
Operating Profit
(1-Tax)
NOPAT
NOA (Net Operating Asets)
Preferred Dividends
A=(Net Income - Preferred
Dividends)
Equity
Preferred Shares
B=(Equity - Preferred Shares)
ROCE = A / Average B
20,885
2012
71,230
85,770
16,339
59%
34,606
62%
48,644
62%
1,118
9,640
21,452
30,159
229,017
213,692
0.49%
213,124
4.51%
Uses
25,444
Uses
2013
1,885
59%
RNOA = NOPAT /Average

NOA
ROCE (Return On Common
Equity):
Net Income
2011
-1,226
248,770
10.07%
44,673
65%
29,037
267,952
12.12%
(29,925)
1,853
19,306
32,386
(29,925)
1,853
19,306
32,386
229,011
213,692
213,125
248,768
229,011
213,692
213,125
248,768
-13.07%
0.84%
9.05%
14.02%
25,057
25,057
267,950
267,950
9.70%
PROJECTED STATEMENT OF FINANCIAL POSITION FOR

YEAR ENDED 31 MARCH 2015
2015
Current Assets
Trade receivables
Inventories
Deferred tax assets
Non current assets
Land
Deferred tax assets
Total assets
175,646
76,587
4,423
28,093
5,763
20,769
-1,138
3
10,143
31,476
-15,655
15,821
59,886
-46,069
13,817
11,630
99,418
-84,011
15,407
56,675
12,501
28,568
47
11,350
19,625
-1,015
58,575
127,751
4
37,894
Liabilities
Current liabilities
Trade payables
45,608
5,501
27,821
8,827
1,094
607
1,241
23,415
114,114
516
accrued directors' and corporate auditors' retirement and severance benefit
16,489
17,005
Total liabilities
131,119
Equity
Common stock
10,000
52,245
Retained earnings
253,240
Treasury stock
-2,390
313,095
Unrealized gains or losses on other securities, net of
tax
6,226
194
-5,743
-2,282
-5,145
Total valuation difference and foreign currency
translation adjustment
-6,750
44
Minority interests
385
Total equity
306,774
437,894
PROJECTED INCOME STATEMENT FOR YEAR ENDED 31 MARCH 2015

2015
Revenue
507,679
Cost of sales
316,850
Gross profit
190,829
42,077
Operating profit
148,752
Interest income
221
Dividend income
494
458
1,169
1454
3,796
Interest expense
124
383
504
1,011
Recurring income
151,537
101
200
State subsidy
93
86
480
Extraordinary loss
-

2,002
559
Loss on adjustment for changes of accountig standard for asset retirement obligations
984
1,631
Total income taxes
Minority interests
Net income
5,176
146,841
19,193
-1,321
17,872
128,969
128,969

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FINANCIAL STATEMENT ANALYSIS

Compiled by : Faris Rachmadyo Nugroho (304302)

Bandai Namco Holdings Inc. (BNHD) ( Kabushiki

For the financial statements, it is attached on the Appendix section.

- Quick Acid Ratio

- Cash to current liabilities

- Debt Equity Ratio

33.9%- Debt to Total Assets

- LTD to Equity Ratio

- LTD to Equity Ratio

Working capital / Total assets (X1)

Retained earnings / Total assets (X2)

Return on assets (X3)

Total equity / Total liabilities (X4)

225.96% 165.16% 198.34% 195.39%

Assets Turnover (X5)

127.87% 132.75% 130.21% 125.33%

Du Pont Analysis Ratio

- Net Profit Margin

- Net Profit Margin

- Gross Profit Margin

- Gross Profit Margin

- Operating Profit Margin

Net Profit Margin

8.07%Bandai Namco Net

Projected Financial Statements

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Deferred tax assets

Non current assets

Buildings and structures, net

Amusement facilities and machines

Amusement facilities and machines, net

Other property, plant and equipment

Total property, plant and equipment

Total intangible assets

Allowance for doubtful receivables

Total investments and other assets

Liabilities & Equities

Other current liabilities

Total current liabilities

other long-term liabilities

Total non-current liabilities

Additional paid-in capital

Remeasurement of defined benefit plans

CONSOLIDATED INCOME STATEMENT

Total non-operating profit

Total extraordinary loss

Total non-operating expenses

Deferred income taxes

Total income taxes

CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating activities

Acquisition of amusement facilities and machines

Increase in trade payables

Increase in accounts payable-other

Increase in consumption tax payables

Income taxes paid

Payments for deposit in time deposits

Purchases of intangible assets

Acquisition of shares in consolidated subsidiaries

-81 -1,760 -1,069

Net cash provided by (used in) investing activities

VERTICAL ANALYSIS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION