Financial Information｜Investor Relations | SQUARE ENIX HOLDINGS CO., LTD.

Financial Highlights
Consolidated Statements of Income
Consolidated Balance Sheets
Consolidated Statements of Cash Flows

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Net Sales and Operating Income Margin(03/2016 to 03/2020)

Net Income and Consolidated Dividend Payout Ratio(FY2016/3 to FY2020/3)

		03/2016	03/2017	03/2018	03/2019	03/2020
For the year/Millions of Yen	Net sales	214,101	256,824	250,394	271,276	260,527
	Operating income	26,018	31,295	38,176	24,635	32,759
	Ordinary income	25,322	31,128	36,124	28,415	32,095
	Profit attributable to owners of parent	19,884	20,039	25,821	19,373	21,346

		03/2016	03/2017	03/2018	03/2019	03/2020
At year-end/Millions of Yen	Total Assets	232,731	243,859	259,713	282,614	302,634
At year-end/Millions of Yen	Net Assets	168,783	181,904	193,359	206,445	221,928

		03/2016	03/2017	03/2018	03/2019	03/2020
Per Share of Common Stock/Yen	Earnings	163.04	164.20	215.33	179.02	162.57
	Net Assets	1,376.93	1,485.56	1,617,58	1,726.32	1,854.10
	Dividends per share (annual)	48.00	50.00	65.00	47.00	54.00

		03/2016	03/2017	03/2018	03/2019	03/2020
Key Ratios	Operating income margin	12.2%	12.2%	15.2%	9.1%	12.6%
	Ordinary income margin	11.8%	12.1%	14.4%	10.5%	12.3%
	Return on equity	12.3%	11.5%	13.8%	9.7%	10.0%
	Equity ratio	72.2%	74.4%	74.2%	72.8%	73.1%
	Consolidated dividend payout ratio	29.4%	30.5%	30.2%	30.3%	30.2%

*FY2019/3 figures adjusted to reflect changes instituted as of FY2020/3 in the accounting of digital content sales.

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(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Cash flows from operating activities	Profit before income taxes	21,436	25,846	35,927	23,131	30,793
	Depreciation and amortization	6,317	6,270	5,859	6,801	7,417
	Impairment loss	1,961	862	40	368	367
	Increase (decrease) in allowance for doubtful accounts	(169)	169	(251)	44	(73)
	Increase (decrease) in allowance for doubtful accounts	1,138	(224)	1,096	(36)	780
	Increase (decrease) in provision for sales returns	(1,332)	2,905	(1,979)	5,032	(4,759)
	Increase (decrease) in provision for directors' retirement benefits	10	(63)	－	(35)	－
	Increase (decrease) in provision for game arcade closings	(328)	(53)	(48)	(50)	36
	Decrease (increase) in net defined benefit asset	－	7	(64)	(44)	96
	Increase (decrease) in net defined benefit liability	(476)	291	205	96	271
	Interest and dividends income	(95)	(84)	(121)	(167)	(363)
	Interest expenses	67	52	84	107	135
	Foreign exchange losses (gains)	1,749	(964)	2,940	(4,072)	665
	Gain on sales of investment securities	(1)	－	(351)	(0)	－
	Loss on sales of shares of subsidiaries and associates	－	－	371	－	－
	Loss on disposal of property and equipment	194	210	131	198	130
	Gain on sale of property and equipment	(18)	(4)	(9)	(15)	(2)
	Loss on sale of property and equipment	36	－	18	－	－
	Loss on valuation of shares of subsidiaries and associates	1,702	0	－	680	－
	Decrease (increase) in notes and accounts receivable	(910)	(4,882)	1,128	(10,799)	(1,195)
	Decrease (increase) in inventories	(7,630)	4,257	(11,092)	(7,108)	(22,632)
	Increase in notes and accounts payable-trade	2,735	3,283	523	7,720	1,581
	Decrease (increase) in other current assets	(552)	410	1,994	(2,307)	(614)
	Decrease (increase) in other non-current assets	(527)	(187)	(531)	(659)	1,298
	Increase (decrease) in other current liabilities	320	881	(3,648)	2,038	3,585
	Other,net	210	(2,215)	874	1,065	270
	Subtotal	25,838	36,769	33,098	21,988	17,791
	Interest and dividends income received	95	89	121	167	363
	Interest expenses paid	(65)	(54)	(84)	(106)	(142)
	Income taxes paid	(6,213)	(11,311)	(5,213)	(12,683)	(2,538)
	Income taxes refund	530	45	2,717	2,768	2,530
	Net cash provided by operating activities	20,184	25,537	30,638	12,135	18,005

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Cash flows from investing activities	Payments into time deposits	(1,671)	(4,461)	(4,539)	(3,993)	(5,141)
	Proceeds from withdrawal of time deposits	1,153	4,113	4,157	3,976	5,220
	Purchases of property and equipment	(4,053)	(5,785)	(6,378)	(8,450)	(5,827)
	Proceeds from sale of property and equipment	200	6	9	15	2
	Purchase of intangible assets	(461)	(851)	(858)	(1,190)	(1,587)
	Payments for acquiring investment securities	－	－	－	(1,074)	(1,612)
	Proceeds from sale of investment securities	1	－	642	0	－
	Purchase of investments in subsidiaries	(330)	(100)	(210)	(380)	(85)
	Proceeds from the liquidation of subsidiaries and associates	－	69	5	－	－
	Payments for acquiring shares in subsidiaries and affiliated companies	－	－	－	(294)	－
	Payments for acquiring bonds in subsidiaries and affiliated companies	－	－	－	(697)	－
	Payments for guarantee deposits	(398)	(324)	(1,204)	(760)	(433)
	Proceeds from collection of guarantee deposits	992	223	431	208	193
	Other,net	(206)	(54)	(247)	(235)	(767)
	Net cash used in investing activities	(4,773)	(7,164)	(8,191)	(12,875)	(10,039)

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Cash flows from financing activities	Net increase in short-term loans payable	3,428	－	－	－	－
	Payments for short‐term loans	－	－	－	－	(8,525)
	Proceeds from issuances of new stocks	121	124	64	106	－
	Purchase of treasury stock	(11)	(8)	(9,262)	(8)	(9)
	Repayments of lease obligations	－	－	－	－	(485)
	Proceeds from exercise of share options	－	－	－	5	293
	Cash dividends paid	(3,654)	(5,849)	(6,068)	(7,735)	(5,599)
	Other,net	(24)	(74)	(23)	(23)	276
	Net cash used in financing activities	(141)	(5,807)	(15,290)	(7,656)	(14,048)

(Millions of yen)

	03/2016	03/2017	03/2018	03/2019	03/2020
Effect of exchange rate changes on cash and cash equivalents	(3,041)	(534)	(196)	1,221	(479)
Net increase (decrease) in cash and cash equivalents	12,228	12,030	6,960	(7,173)	(6,562)
Cash and cash equivalents at beginning of the year	103,147	115,375	127,395	134,355	127,181
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation	－	(11)	－	－	－
Increase in cash and cash equivalents resulting from change in scope of consolidation	－	－	－	－	691
Cash and cash equivalents at end of the year	115,375	127,395	134,355	127,181	121,311

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(Millions of yen)

	03/2016	03/2017	03/2018	03/2019	03/2020
Net sales	214,101	256,824	250,394	271,276	260,527
Cost of sales	115,316	141,123	129,519	146,907	139,012
Gross profit	98,784	115,701	120,874	124,368	121,515
Reversal of provision for sales returns	4,867	3,227	6,118	4,152	9,016
Provision for sales returns	3,534	6,014	4,139	9,185	4,257
Net gross profit	100,116	112,914	122,854	119,335	126,274

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Selling, general and administrative expenses	Packaging freight charge	1,751	1,726	1,874	2,062	2,304
	Advertising expense	20,270	25,541	22,585	29,460	21,006
	Sales promotion expense	66	74	86	120	159
	Allowance for doubtful accounts	54	12	－	－	－
	Compensation for directors	565	557	773	470	497
	Salaries	14,465	14,618	15,242	17,396	18,901
	Provisions for bonuses	2,916	2,492	3,740	3,433	4,005
	Net periodic pension costs	539	678	534	692	1,021
	Provisions for directors' retirement benefits	10	－	－	－	－
	Welfare expense	2,092	2,161	2,522	2,642	2,835
	Rental expense	2,118	2,100	2,306	2,699	2,919
	Commission fee	18,996	21,554	23,539	24,700	28,377
	Depreciation and amortization	2,476	2,272	2,495	2,410	2,725
	Other	7,772	7,825	8,976	8,610	8,762
	Total Selling, general and administrative expenses	74,097	81,618	84,677	94,699	93,515

(Millions of yen)

	03/2016	03/2017	03/2018	03/2019	03/2020
Operating income	26,018	31,295	38,176	24,635	32,759

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Non-operating income	Interest income	85	75	107	167	363
	Dividends received	9	9	14	0	0
	Foreign exchange gain	－	－	－	3,459	－
	Rental income	16	16	35	72	36
	Reversal of allowance for doubtful accounts	213	2	161	－	－
	Subsidy income	495	33	126	－	－
	Gain on forgiveness of payable for group tax	－	62	31	37	370
	Outsourcing service income	－	－	－	125	104
	Miscellaneous income	158	93	281	136	94
	Total non-operating income	980	293	757	3,999	969

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Non-operating expenses	Interest expenses	67	52	84	107	135
	Commission fee	14	6	10	5	5
	Loss on investments in securities	－	－	－	40	127
	Office transfer related expenses	44	31	152	65	155
	Foreign exchange loss	1,545	358	2,477	－	1,173
	Miscellaneous loss	4	11	83	0	35
	Total non-operating expenses	1,676	459	2,809	219	1,633

(Millions of yen)

	03/2016	03/2017	03/2018	03/2019	03/2020
Ordinary income	25,322	31,128	36,124	28,415	32,095

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Extraordinary gain	Gain on sale of property and equipment	18	4	9	15	2
	Gain on sale of investment securities	1	－	351	0	－
	Gain on reversal of subscription rights to shares	19	20	2	－	7
	Gain on disposition of foreign currency translation adjustment	－	105	－	－	－
	Gain on liquidation of subsidiaries	－	69	5	－	－
	Gain on reversal of debts	－	82	－	－	－
	Other	－	20	－	8	－
	Total extraordinary gain	40	302	368	23	9

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Extraordinary loss	Loss on sale of property and equipment	36	－	18	－	－
	Loss on disposal of property and equipment	194	210	131	198	130
	Impairment loss	1,961	437	40	368	367
	Loss on valuation of shares of subsidiaries and associates	1,702	0	－	680	－
	Loss on sales of shares of subsidiaries and associates	－	－	371	－	－
	Loss on liquidation of subsidiaries and associates	－	4,898	－	－	－
	Provision for game arcade closings	15	－	－	－	－
	Loss on evaluation of content	－	－	－	3,638	－
	Loss on event cancellations	－	－	－	－	544
	Other	14	37	4	422	268
	Total extraordinary loss	3,925	5,584	565	5,307	1,311

(Millions of yen)

	03/2016	03/2017	03/2018	03/2019	03/2020
Profit (Loss) before income taxes	21,436	25,846	35,927	23,131	30,793

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Income taxes	Income taxes-current	6,690	5,331	9,216	2,968	10,581
	Income taxes-deferred	(5,146)	472	878	784	(1,136)
	Total income taxes	1,544	5,804	10,094	3,753	9,444

(Millions of yen)

	03/2016	03/2017	03/2018	03/2019	03/2020
Profit	19,892	20,042	25,832	19,378	21,348
Profit attributable to non-controlling interests	8	3	11	4	1
Profit (loss) attributable to owners of parent	19,884	20,039	25,821	19,373	21,346

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Assets

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Current assets	Cash and deposits	117,306	129,364	136,785	129,468	123,450
	Notes and accounts receivable	21,487	26,053	24,383	40,396	41,474
	Merchandises and finished goods	2,428	2,820	3,233	4,484	5,850
	Work in progress	109	11	3	5	206
	Raw materials and supplies	233	302	253	330	433
	Content production account	41,419	34,548	44,167	50,620	71,479
	Deferred tax assets	6,561	7,029	－	－	－
	Other	5,275	9,222	7,486	9,770	8,163
	Allowance for doubtful accounts	(143)	(314)	(212)	(265)	(161)
	Total current assets	194,679	209,038	216,100	234,811	250,896

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Non-current assets	Property and equipment
	Buildings and structures	13,779	14,777	15,657	17,179	18,341
	Accumulated depreciation	(8,654)	(9,365)	(9,993)	(10,663)	(11,603)
	Buildings and structures (net)	5,124	5,412	5,663	6,515	6,738
	Tools and fixtures	13,312	13,694	14,021	14,759	15,943
	Accumulated depreciation	(10,047)	(10,626)	(9,855)	(10,065)	(11,112)
	Tools and fixtures (net)	3,265	3,067	4,165	4,693	4,830
	Amusement equipment	15,457	16,247	16,910	17,435	17,529
	Accumulated depreciation	(14,012)	(14,455)	(14,588)	(14,790)	(15,420)
	Amusement equipment (net)	1,445	1,792	2,322	2,645	2,108
	Other	101	181	177	184	3,425
	Accumulated depreciation	(47)	(79)	(115)	(115)	(484)
	Other (net)	54	101	62	68	2,940
	Land	3,798	3,798	3,795	3,782	3,782
	Construction in progress	61	62	50	183	147
	Total property and equipment	13,748	14,234	16,060	17,889	20,547
	Intangible assets
	Other	6,447	4,735	4,559	5,105	5,387
	Total intangible assets	6,447	4,735	4,559	5,105	5,387
	Investments and other assets
	Investment securities	749	780	154	1,226	2,308
	Guarantee deposits	9,173	9,204	9,879	10,373	10,612
	Net defined benefit asset	－	120	155	93	－
	Deferred tax assets	4,972	2,572	8,902	7,757	8,731
	Other	3,185	3,394	3,965	5,418	4,238
	Allowance for doubtful accounts	(224)	(222)	(63)	(61)	(88)
	Total investments and other assets	17,856	15,850	22,993	24,809	25,802
	Total non-current assets	38,052	34,820	43,612	47,803	51,737

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Total assets		232,731	243,859	259,713	282,614	302,634

Liabilities and Net Assets

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Current liabilities	Notes and accounts payable	14,671	14,220	14,848	23,592	25,537
	Short-term loans	9,722	8,437	8,931	8,685	－
	Accrued income taxes	5,726	1,665	9,162	1,694	10,159
	Provision for bonuses	2,672	2,358	3,246	3,273	4,061
	Provision for sales returns	3,334	6,197	3,985	9,178	4,253
	Provision for game arcade closings	75	64	58	49	43
	Asset retirement obligations	5	17	－	5	3
	Other	19,529	22,482	18,610	20,968	25,285
	Total current liabilities	55,737	55,445	58,842	67,449	69,344

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Non-current liabilities	Provision for directors' retirement benefits	162	88	88	52	52
	Provision for game arcade closings	127	83	41	－	40
	Net defined benefit liabilities	2,747	2,546	2,676	2,893	3,214
	Deferred tax liabilities	2,153	573	896	1,383	1,062
	Asset retirement obligations	2,355	2,450	2,812	3,132	3,291
	Other	665	767	994	1,257	3,698
	Total non-current liabilities	8,210	6,510	7,510	8,719	11,360

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Total liabilities		63,948	61,955	66,353	76,168	80,705

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Shareholders' equity	Common stock	23,753	23,828	23,868	24,039	24,039
	Capital surplus	52,993	53,067	53,107	53,281	53,388
	Retained earnings	95,581	109,764	129,513	143,451	159,222
	Treasury stock	(888)	(897)	(10,159)	(10,162)	(9,900)
	Total shareholders' equity	171,439	185,763	196,330	210,610	226,750

(Millions of yen)

		03/2016	03/2017	03/2018	03/2019	03/2020
Accumulated other comprehensive income	Unrealized loss on revaluation of other investment securities	341	364	89	116	(162)
	Foreign currency translation adjustments	(3,207)	(4,640)	(3,674)	(4,651)	(5,085)
	Remeasurements of defined benefit plans	(607)	(165)	(132)	(285)	(318)
	Total accumulated other comprehensive income	(3,474)	(4,440)	(3,718)	(4,820)	(5,567)

(Millions of yen)

	03/2016	03/2017	03/2018	03/2019	03/2020
Subscription rights to shares	374	453	603	517	608
Non-controlling interests	443	128	144	139	137
Total net assets	168,783	181,904	193,359	206,445	221,928
Total liabilities and net assets	232,731	243,859	259,713	282,614	302,634

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