results presentation the year ended march 31, 2016...results presentation the year ended march 31,...
TRANSCRIPT
Results Presentation
The Year Ended March 31, 2016
May 11, 2016
Tokyo Broadcasting System Holdings, Inc.
Consolidated company in the broadcasting, multi visual ventures and cultural events businesses and real estate business (1)
TBS Radio, Inc. TBS-VISION, Inc. FF TOHO Inc.
TBS-TEX Inc. DREAMAX TELEVISION, INC. AKASAKA GRAPHICS ART, INC.
Art Communication System, Inc. TBS ProNex Inc JASC (Japan Artvideo Service
Collaborative, Inc.)
Vucast, Inc. TBS MEDIA RESEARCH INSTITUTE Inc. TBS International, Inc.
BS-TBS, INC. Totsu Inc. TLC Co., Ltd.
Tomo-Digi Corporation
Consolidated companies in the broadcasting business (16)
TOKYO BROADCASTING SYSTEM TELEVISION, INC.
Consolidated companies in the multi visual ventures and cultural events businesses (10)
NICHION, INC. TBS Service, Inc. OXYBOT, Inc.
TC Entertainment Incorporated Grand Marche, Inc. TBS TriMedia, Inc.
StylingLife Holdings Inc. Two other companies C-TBS, Incorporated
Consolidated companies in the real estate business (4)
Midoriyama Studio City, Inc. TBS Kikaku Co., Ltd. WOWOW INC.
Akasaka Heat Supply, Co., Ltd. TBS Sunwork, Inc.
Equity method affiliate (1)
(Became a consolidated subsidiary on April 1, 2016)
List of Consolidated Companies
Tokyo Broadcasting System Holdings, Inc.
1
Consolidated Statement of Income (1)
(Unit: million yen)
Consolidated Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change y/y change (%)
Net sales 347,817 348,539 721 0.2%
Operating income 15,728 17,179 1,450 9.2%
Ordinary income 18,915 22,678 3,762 19.9%
Profit attributable
to owners of parent 12,811 14,497 1,685 13.2%
TBS HD Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change y/y change (%)
Net sales 17,012 17,107 95 0.6%
Operating income 3,152 3,018 -134 -4.3%
Ordinary income 6,338 13,759 7,420 117.1%
Net income 4,460 13,161 8,700 195.1%
2
TBS TV Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change y/y change (%)
Net sales 209,335 210,353 1,017 0.5%
Operating
income 6,300 6,650 350 5.6%
Ordinary income 8,221 9,519 1,297 15.8%
Net income 8,317 6,349 -1,968 -23.7%
(Unit: million yen)
Consolidated Statement of Income (2)
Notes on
results of
TBS TV
Operating expense in the Television division: -0.18
• Cost of program production: -0.25
• Agency commissions: +0.26 (29.96 for Q4)
• Network expense: +0.03
Operating expense in the Operations division: +1.33
Extraordinary income: 0.5 million yen
(gain on sales of investment securities 2.55 billion a year ago)
(Unit: billion yen)
3
Breakdown of TBS TV Income
Year ended
March 31, 2016 y/y change
Television 181,032 81
(Time advertising) 84,930 -259
(Spot advertising) 83,554 -294
(Program sales in Japan) 3,596 187
(Others) 8,951 447
Operations 26,350 937
Real estate 2,969 -0
Total income 210,353 1,017
(Unit: million yen)
4
Year-on-Year Changes in Time / Spot Earnings
1Q
(Apr. to Jun. 2015)
2Q
(Jul. to Sep. 2015)
3Q
(Oct. to Dec. 2015)
4Q
(Jan. to Mar. 2016)
Fiscal year
cumulative
Time 93.4 101.4 102.4 101.7 99.7 Spot 97.0 97.9 101.0 102.7 99.6
TBS share among
five key broadcasters 19.0 18.3 18.6 18.4 18.6
(Estimates)
Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Average
Spot in
Tokyo
area 99.8 95.1 93.9 103.0 96.5 99.3 97.5 103.4 102.9 104.1 106.1 102.5 100.3
Spot in Tokyo area
Time Spot
5
Spot Advertising Sales Ranks by Business Category
Year ended
March 31, 2016
Growth rate
Share Q4 (Jan. to Mar. 2016) Growth
rate Share
1 Information,
telecommunications,
and broadcasting 7.9 13.5
Information,
telecommunications,
and broadcasting 10.8 15.6
2 Foods 6.0 10.7 Foods 20.8 8.9
3 Alcoholic and other
beverages -9.1 9.9 Financial services 31.6 8.6
4 Pharmaceuticals 0.6 9.3 Pharmaceuticals -3.9 8.2
5 Cosmetics and
toiletry 7.0 8.1 Alcoholic and other
beverages -20.9 7.5
6 Financial services 6.3 6.9 Automobiles and transportation equipment
-21.9 7.2
7 Automobiles and transportation equipment
-27.0 6.1 Cosmetics and
toiletry 33.8 7.0
8 Precision instruments and office machines 15.0 6.0
Precision instruments and office machines 68.6 5.7
9 Transportation and
leisure -2.9 4.8 Transportation and
leisure -15.8 5.3
10 Distribution -0.1 4.4 Distribution 21.8 4.2
(Unit: %)
6
* Ranked in order of sales proceeds
(Unit: million yen)
Year ended March 31,
2015 Results
Year ended March 31,
2016 Results y/y change
1Q 25,703 23,528 -2,175
2Q 24,146 24,725 579
3Q 23,538 23,473 -65
4Q 22,988 24,398 1,411
(Direct expenses) 17,672 18,928 1,256
(Indirect expenses) 5,316 5,471 155
Fiscal year cumulative 96,376 96,125 -251
Next fiscal year forecast 99,200
TV Program Costs (Production Expenses)
Major expenses included in TV program cost:
Direct expenses: Program production expenses, fees for broadcasting rights, fine arts production expenses,
technical production expenses
Indirect expenses: Absorbed cost including depreciation and personnel cost for employees
7
All day Golden time Prime time
TBS (5) 5.9 [±0] (4) 9.8 [+0.3] (3) 9.8 [+0.5]
NTV (1) 8.5 (1) 12.4 (1) 12.2
TV Asahi (2) 7.2 (2) 10.8 (2) 11.0
TV Tokyo (6) 3.0 (6) 6.7 (6) 6.5
Fuji TV (4) 6.2 (5) 8.9 (5) 9.0
NHK (3) 6.7 (3) 10.5 (4) 9.2
HUT 40.7 61.5 59.7
* Figures in parentheses denote the difference from the same period in the previous year. Percentage (%)
FY2016 Viewer Ratings
Ratings for March 30, 2015 to April 3, 2016, on a weekly basis
(According to research by Video Research Ltd. in the Kanto region)
8
Segment Full year y/y
change Remarks
Op
era
tion
s b
ure
au
Cultural business (events) 2,489 166
Revenue increased in the full year, partly due to large events such as
Vermeer and Rembrandt in the fourth quarter, although the number of
events was lower than the previous year.
Show business 3,646 -458 Revenue declined in reaction to the strong sales of Starts on Ice in the
previous year, despite strong sales of TAKE FIVE and Number 9 –
Immortal Melody, in addition to REON JACK in the fourth quarter.
Movies and
animations
business
Movies 1,714 -42 Although revenue declined due to a rebound from the strong sales of
DVDs of SPEC: Close in the previous year, profit increased thanks to
the strong sales of Flying Colors and Library Wars: The Last Mission.
Animations 975 -275 Revenue fell due to the weak sales of newly released animations.
Co
nte
nt b
us
ine
ss
bu
rea
u
Multi visual Business (DVDs) 1,960 323
Revenue rose, mainly due to the strong sales of Ouroboros and Library
Wars: Book of Memories in the full year, in addition to Downtown
Rocket that was released in March.
Overseas business 2,186 592 Revenue increased significantly due to the effect of the global launch of
SASUKE, in addition to sales in Asian markets that continued to be
strong.
Pay-TV business 10,784 1,053 The revenue of the CS business climbed, reflecting a stable increase in
subscriber numbers for TBS Channel 2 and News Bird. TBS on demand
also continued to show solid performance.
Licensing business 961 -236 Revenue declined as regular TV infomercials were sluggish, although
the sales of Gudetama continued to be strong.
Smart Media business 1,630 -186 Revenue decreased because the mobile phone billing business was
almost closed, in addition to the contraction of the gaming business.
Total 26,350 937
(Unit: million yen)
TBS TV Business Segment Income
9
Consolidated Year ended March 31,
2016 y/y change
Forecasts for the year
ending March 31, 2017
Capital expenditures 11,050 3,273 13,122
Depreciation 13,077 -442 13,781
TBS HD Year ended March 31,
2016 y/y change
Forecasts for the year
ending March 31, 2017
Capital expenditures 772 241 476
Depreciation 3,121 -8 2,899
TBS TV Year ended March 31,
2016 y/y change
Forecasts for the year
ending March 31, 2017
Capital expenditures 7,715 3,168 9,950
Depreciation 7,298 12 7,897
(Unit: million yen)
Capital Expenditures and Depreciation
10
External sales Operating income
Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change
y/y change
(%)
Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change
y/y change
(%)
Broadcasting 212,985 213,878 892 0.4% 4,171 4,800 629 15.1%
Multi Visual Ventures &
Cultural Events 119,553 119,181 -371 -0.3% 4,406 4,842 435 9.9%
Real Estate 15,277 15,479 201 1.3% 7,157 7,532 374 5.2%
Consolidated 347,817 348,539 721 0.2% 15,728 17,179 1,450 9.2%
Factors behind changes
External sales Operating income
Broadcasting
TOKYO BROADCASTING SYSTEM TELEVISION (-0.2)
BS-TBS (+5.6)
DREAMAX TELEVISION (+2.9)
TOKYO BROADCASTING SYSTEM TELEVISION
(+2.6)
BS-TBS (+1.5) TBS-VISION (-1.1)
Multi Visual Ventures &
Cultural Events
TOKYO BROADCASTING SYSTEM TELEVISION
(+12.8)
Grand Marche (+6.2) StylingLife Holdings (-10.2)
TC Entertainment (-8.8)
TOKYO BROADCASTING SYSTEM TELEVISION (-3.9)
StylingLife Holdings (+5.2) NICHION (+2.1)
Grand Marche (+0.9)
Real Estate TBS-HD (+1.6) TBS-HD (+2.9) Akasaka Heat Supply, Co., Ltd. (+1.6)
(Unit: million yen)
Consolidated Results by Segment
(Unit: 100 million yen)
11
As of
Mar. 2015
As of
Mar. 2016 Change
As of
Mar. 2015
As of
Mar. 2016 Change
Current
assets 131,127 149,478 18,351
Current
liabilities 63,072 95,278 32,206
Long-term
liabilities 134,541 96,483 -38,057
Total liabilities 197,613 191,762 -5,851
Fixed
assets 522,604 500,492 -22,112
Total net assets 456,118 458,208 2,090
Shareholders’
equity 435,789 444,087 8,297
Non-controlling
interests 20,328 14,121 -6,207
Total
assets 653,732 649,970 -3,761
Total liabilities
and net assets 653,732 649,970 -3,761
Interest-bearing liabilities at the end of the year:
53,600 million yen (down 1,400 million yen from the end of the previous year)
(Unit: million yen)
Consolidated Balance Sheets
* Excluding lease obligations
12
（単位：百万円）
Consolidated Statements of Cash Flows
Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change
Cash flows from operating activities 27,851 32,337 4,485
Cash flows from investing activities -2,326 -8,956 -6,630
Cash flows from financing activities -25,242 -5,326 19,916
Net increase (decrease) in cash and
cash equivalents 415 18,005 17,590
Cash and cash equivalents
at beginning of year 56,312 56,728 415
Cash and cash equivalents
at end of year 56,728 74,734 18,005
(Unit: million yen)
13
TBS Radio / BS – TBS
(Unit: million yen)
TBS R Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change
Forecasts for the
year ending
March 31, 2017
Net sales 10,657 10,674 16 10,650
Operating income 486 346 -139 338
Ordinary income 505 352 -153 344
Net income 252 210 -41 205
BS-TBS Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change
Forecasts for the
year ending
March 31, 2017
Net sales 15,607 16,102 494 16,775
Operating income 2,202 2,361 159 2,472
Ordinary income 2,232 2,394 161 2,502
Net income 1,343 1,561 217 1,730
14
(Unit: million yen)
StylingLife Group / Grand Marche
StylingLife Group
(Consolidated)
Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change
Forecasts for the
year ending
March 31, 2017
Net sales 66,407 65,379 -1,028 66,610
Operating income 1,789 2,314 525 2,650
Ordinary income 1,865 2,735 870 2,570
Net income 88 1,539 1,450 1,000
Grand Marche Year ended
March 31, 2015
Year ended
March 31, 2016 y/y change
Forecasts for the
year ending
March 31, 2017
Net sales 13,322 13,939 617 12,875
Operating income 61 155 93 160
Ordinary income 72 172 99 133
Net income 27 84 57 82
15
TBS TV Forecasts for the year
ending March 31, 2017
Net sales 214,000
Operating income 5,000
Ordinary income 7,600
Net income 5,300
(Unit: million yen)
Results Forecasts for Year Ending March 31, 2017 (TBS TV)
H1 H2 Full year y/y change
Time -0.6% +0.8% +0.1% +0.06 billion yen
Spot +4.5% +2.7% +3.5% +2.9 billion yen
Program cost ‒ ‒ 99.2 billion yen +3.0 billion yen
Time/Spot, Program Cost Forecasts
16
Results Forecasts for Year Ending March 31, 2017 (Consolidated)
Consolidated Forecasts for the year
ending March 31, 2017
Net sales 354,000
Operating income 15,000
Ordinary income 20,500
Profit attributable to
owners of parent 12,500
(Unit: million yen)
Net sales Operating income
Forecasts for the year
ending March 31, 2017 y/y change
Forecasts for the year
ending March 31, 2017 y/y change
Broadcasting 2,172 34 28 -20
Multi Visual Ventures
& Cultural Events 1,215 23 51 3
Real Estate 153 -2 71 -4
Consolidated 3,540 55 150 -22
(Unit: 100 million yen) Business Results Forecast by Segment
17
Disclaimer
18
Forward-looking statements on future results and all other content in this document are
based on the Company’s judgment at the time of publication. This document does not
assure or guarantee that the stated numerical plans and measures will be achieved. Risks
and uncertainties are inherent in this document.
Please note that future results may differ materially from statements herein, depending on
changes in factors, including economic circumstances, market trends and business
conditions.
For inquiries:
IR Promotion Department, Group Management Planning Division
Tokyo Broadcasting System Holdings, Inc.
5-3-6 Akasaka, Minato-ku, Tokyo 107-8006
Telephone: 03-3746-1111 (switchboard) HP: http://www.tbsholdings.co.jp/ir/