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    9684   JP3164630000

SQUARE ENIX HOLDINGS CO., LTD.

(9684)
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Square Enix : Outline of Results Briefing held on August 5, 2021

09/26/2021 | 10:52pm EST

1Q FY2022/3 Financial Results Briefing by SQUARE ENIX HOLDINGS held on Aug 5, 2021

We would now like to begin the Financial Results Briefing session of SQUARE ENIX HOLDINGS (the "Company") for the first quarter of the fiscal year ending March 31, 2022 ("1Q FY2022/3").

Today's presenters are:

Yosuke Matsuda, President and Representative Director, and Atsushi Matsuda, Chief Accounting Officer.

First, Mr. Matsuda, Chief Accounting Officer, will give an overview of the Company's financial results for 1Q FY2022/3, and then our president Mr. Matsuda will discuss the progress made by each of the Company's business segments.

I am Atsushi Matsuda, the Chief Accounting Officer. I would firstly like to note changes to our accounting policies. We began applying the Accounting Standard for Revenue Recognition as of 1Q, resulting in a boost of ¥6,164 million to net sales and a boost of ¥164 million to operating income, ordinary income, and profit before income taxes. Please refer to our Earning Releases for further details.

1 / 8

The plans, forecasts, strategies and ideas described in this material are descriptions of forecasts of future results. These descriptions rely on information available as of the date of production of this material and are based on assumptions and judgment made by the Company's management. Readers are advised not to rely solely on these forecasts. Readers should also not assume that these forecasts are accurate or valid information, even after the date of public release. There are many factors that may cause actual results to vary considerably from the forecasts, and in some cases actual results may be inferior to forecasts.

The information on the future forecasts described in this material is current as of August 5, 2021. The company is not obliged to update or correct forecasts concerning the Company's future results, including forecasts or outlook, if new information becomes available and/or events occur after August 5, 2021

1Q FY2022/3 Financial Results Briefing by SQUARE ENIX HOLDINGS held on Aug 5, 2021

In 1Q FY2022/3, the Company booked net sales of ¥88.6 billion (up ¥1.6 billion YoY), operating income of ¥17.3 billion (down ¥7.2 billion), ordinary income of ¥17.6 billion (down ¥6.5 billion), and net income attributable to parent company shareholders of ¥12.6 billion (down ¥1.7 billion).

I will next break down our results by segment.

The Digital Entertainment segment posted net sales of ¥69.8 billion (down ¥4.5 billion) and operating income of ¥17.1 billion (down ¥8.9 billion).

While the HD Games sub-segment released such titles as "NieR Replicant ver.1.22474487139..." and "OUTRIDERS," its net sales were lower than in the same period of the previous fiscal year, which had seen the release of "FINAL FANTASY VII REMAKE."

Net sales rose YoY in the MMO sub-segment thanks to growth in paying subscriber numbers for "FINAL FANTASY XIV."

The Games in the Smart Devices/PC Browser sub-segment saw YoY sales growth, not only because of contributions from "DRAGON QUEST TACT," "NieR Re[in]carnation," and "OCTOPATH TRAVELER: Tairiku no Hasha," but also due to the change in how revenue is reported under the newly adopted accounting standard.

The Amusement segment booked net sales of ¥9.4 billion (up ¥4.8 billion YoY) and operating income of ¥300 million (versus an operating loss of ¥1.5 billion a year earlier). The segment had been heavily impacted in the previous year by the temporary closure of our amusement facilities in Japan, a move taken to help prevent the spread of COVID-19 in keeping with the Japanese government's state of emergency declaration. As such, net sales rose substantially YoY, and the segment moved into the black at the operating line.

2 / 8

The plans, forecasts, strategies and ideas described in this material are descriptions of forecasts of future results. These descriptions rely on information available as of the date of production of this material and are based on assumptions and judgment made by the Company's management. Readers are advised not to rely solely on these forecasts. Readers should also not assume that these forecasts are accurate or valid information, even after the date of public release. There are many factors that may cause actual results to vary considerably from the forecasts, and in some cases actual results may be inferior to forecasts.

The information on the future forecasts described in this material is current as of August 5, 2021. The company is not obliged to update or correct forecasts concerning the Company's future results, including forecasts or outlook, if new information becomes available and/or events occur after August 5, 2021

1Q FY2022/3 Financial Results Briefing by SQUARE ENIX HOLDINGS held on Aug 5, 2021

The Publication segment booked net sales of ¥7.2 billion (up ¥1.8 billion YoY) and operating income of ¥3.2 billion (up ¥900 million). Both sales and profits rose YoY thanks to substantial growth in sales of e-books and other digital media, as well as brisk sales of print media.

The Merchandising segment posted net sales of ¥2.7 billion (down ¥400 million YoY) and operating income of ¥900 million (down ¥300 million). Both sales and profits were down, as the previous year had seen the release of new character goods and other merchandise based on the Company's IP.

That concludes my overview of our 1Q FY2022/3 financial results.

I am Yosuke Matsuda. I will be discussing the progress made by each of our business segments.

In 1Q, growth in net sales of the Amusement segment offset the decline in net sales of the Digital Entertainment segment. However, the same did not hold true for profits, resulting in higher total net sales but lower total operating income YoY.

3 / 8

The plans, forecasts, strategies and ideas described in this material are descriptions of forecasts of future results. These descriptions rely on information available as of the date of production of this material and are based on assumptions and judgment made by the Company's management. Readers are advised not to rely solely on these forecasts. Readers should also not assume that these forecasts are accurate or valid information, even after the date of public release. There are many factors that may cause actual results to vary considerably from the forecasts, and in some cases actual results may be inferior to forecasts.

The information on the future forecasts described in this material is current as of August 5, 2021. The company is not obliged to update or correct forecasts concerning the Company's future results, including forecasts or outlook, if new information becomes available and/or events occur after August 5, 2021

1Q FY2022/3 Financial Results Briefing by SQUARE ENIX HOLDINGS held on Aug 5, 2021

This slide shows a breakdown for the Digital Entertainment segment. The HD sub-segment released titles including "NieR Replicant ver.1.22474487139..." and "OUTRIDERS" in 1Q, but these titles did not reach the scale of such previous year releases as "FINAL FANTASY VII REMAKE" and "TRIALS OF MANA," leading to a YoY decline in net sales.

The MMO sub-segment benefitted from brisk recurring revenue from "FINAL FANTASY XIV." The Games for Smart Devices/PC Browser sub-segment's performance was somewhat weak due to the lack of new releases and a lull in events.

This slide shows new HD game titles slated for release in FY2022/3.

We plan to launch "Life is Strange: True Colors" and "Marvel's

Guardians of the Galaxy" during the remainder of the year.

This slide shows the major titles in the Games for Smart Devices/PC Browser sub-segment. While the sub-segment released no new titles in 1Q, we have a slate of forthcoming releases that includes "FINAL FANTASY VII THE FIRST SOLIDER."

4 / 8

The plans, forecasts, strategies and ideas described in this material are descriptions of forecasts of future results. These descriptions rely on information available as of the date of production of this material and are based on assumptions and judgment made by the Company's management. Readers are advised not to rely solely on these forecasts. Readers should also not assume that these forecasts are accurate or valid information, even after the date of public release. There are many factors that may cause actual results to vary considerably from the forecasts, and in some cases actual results may be inferior to forecasts.

The information on the future forecasts described in this material is current as of August 5, 2021. The company is not obliged to update or correct forecasts concerning the Company's future results, including forecasts or outlook, if new information becomes available and/or events occur after August 5, 2021

1Q FY2022/3 Financial Results Briefing by SQUARE ENIX HOLDINGS held on Aug 5, 2021

Digital sales ratio rose YoY at the Digital Entertainment segment in 1Q.

This slide shows units sold by region.

This slide shows the Digital Entertainment segment's net sales and content production account for the past three years on a trailing 12-month (TTM) basis.

This slide similarly shows the Digital Entertainment segment's net sales and operating income on a trailing 12-month (TTM) basis.

5 / 8

The plans, forecasts, strategies and ideas described in this material are descriptions of forecasts of future results. These descriptions rely on information available as of the date of production of this material and are based on assumptions and judgment made by the Company's management. Readers are advised not to rely solely on these forecasts. Readers should also not assume that these forecasts are accurate or valid information, even after the date of public release. There are many factors that may cause actual results to vary considerably from the forecasts, and in some cases actual results may be inferior to forecasts.

The information on the future forecasts described in this material is current as of August 5, 2021. The company is not obliged to update or correct forecasts concerning the Company's future results, including forecasts or outlook, if new information becomes available and/or events occur after August 5, 2021

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Square Enix Holdings Co. Ltd. published this content on 27 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2021 02:51:06 UTC.


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Sales 2022 348 B 3 076 M 3 076 M
Net income 2022 38 622 M 341 M 341 M
Net cash 2022 162 B 1 427 M 1 427 M
P/E ratio 2022 18,5x
Yield 2022 1,50%
Capitalization 713 B 6 301 M 6 291 M
EV / Sales 2022 1,58x
EV / Sales 2023 1,46x
Nbr of Employees 5 550
Free-Float 67,3%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 5 960,00 JPY
Average target price 7 479,23 JPY
Spread / Average Target 25,5%
EPS Revisions
Managers and Directors
Yosuke Matsuda President & Representative Director
Kazuharu Watanabe Chief Financial Officer
Hideaki Sato Chief Information Officer & Executive Officer
Yukihiro Yamamura Independent Outside Director
Yuji Nishiura Independent Outside Director
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