DeNA Reports First Quarter, Fiscal Year 2013 Financial Results

Aug 8th 2013
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TOKYO, JAPAN - August 8, 2013 - DeNA Co., Ltd. (Tokyo: 2432), the global leader in mobile Internet services, today announced its financial results for the quarter ended June 30, 2013. DeNA reported quarterly revenue of 52.2 billion yen (532 million* USD), 10 percent higher than the same quarter last year, and operating profit of 17.0 billion yen (173 million* USD), 8 percent lower than the same quarter of the previous year.

"Multiple chart-topping titles this quarter helped turn Mobage West profitable for the month of June," said Isao Moriyasu, President and CEO of DeNA.  "I am excited to announce that we have implemented new strategic initiatives to launch a massive amount of first- and second-party games to secure the number one position in the expanding global social mobile gaming market."

Financial Summary
(Billion yen)

Item

Q1 FY2013

Q1 FY2012

YoY Change

Q4 FY2012

QoQ Change

Revenue

52.2

47.6

10%

52.3

0%

Operating profit

17.0

18.4

-8%

18.2

-7%

Profit before tax

17.6

18.1

-3%

20.6

-15%

Profit for the period  attributable to owners of the parent

9.6

10.0

-4%

12.1

-21%

First Quarter, FY2013 Business Highlights

  • MobaCoin consumption in Japan was 54.8 billion yen (559 million* USD), 6 percent lower than the previous quarter.  The downward trend was mostly attributed to no new hit first- and second-party titles launched during the quarter.
  • Mobage Japan's third-party titles remained strong during the quarter.
  • MobaCoin consumption from international business showed steady growth at approximately 80 million USD.
  • Mobage West achieved profitability for the month of June.
  • Mobage West produced hit titles from its first-, second- and third-party businesses; as of June 30, 2013, seven Mobage West games ranked in the top 25 spots on Google Play's U.S. top grossing chart.

Business Strategy Update for FY2013

  • Launch approximately 60 new first- and second-party titles on Mobage Japan and over 20 new first- and second-party titles on Mobage West during this fiscal year.
  • Revitalize the growth of MobaCoin consumption with new titles.
  • Capture the Japanese native app market by targeting multiple genres; 70 percent of new titles will be app-based.
  • Continue growth of MobaCoin consumption for the international business in the upcoming quarters.
  • Achieve a profitable quarter in Q2 FY2013 for Mobage West.

Second Quarter, FY2013 Guidance                                                                        

  • Revenues are projected to be 50.9 billion yen (520 million* USD).
  • Operating profit is projected to be 16.7 billion yen (170 million* USD).
  • Profit for the period attributable to owners of the parent is projected to be 10.3 billion yen (105 million* USD).

* Dollar values reported were translated at 98.02 Japanese yen per U.S. dollar, which was the Telegraphic Transfer Middle Rate (TTM) per the Bank of Tokyo-Mitsubishi UFJ as of August 6, 2013.

Condensed Consolidated Financial Statements
Condensed Consolidated Statement of Financial Position

 

 

(Millions of yen)

 

As of March 31, 2013

As of June 30, 2013

Assets

 

 

Current assets

 

 

Cash and cash equivalents

67,337

46,657

Trade and other current receivables

45,946

44,960

Other current financial assets

1,123

1,019

Other current assets

4,421

5,039

Total current assets

118,827

97,674

 

 

 

Non-current assets

 

 

Property and equipment

4,135

3,858

Goodwill

39,437

41,056

Intangible assets

8,719

10,044

Investments accounted for using the equity method

8,044

8,422

Other non-current financial assets

8,702

9,306

Deferred tax assets

6,887

8,163

Other non-current assets

34

59

Total non-current assets

75,957

80,909

Total assets

194,784

178,583

 

 

 

(Millions of yen)

 

As of March 31, 2013

As of June 30, 2013

Liabilities and equity

 

 

Liabilities

 

 

Current liabilities

 

 

Trade and other current payables

30,034

30,511

Income tax payables

21,645

8,618

Other current financial liabilities

8,743

8,802

Other current liabilities

9,461

10,678

Total current liabilities

69,882

58,610

 

 

 

Non-current liabilities

 

 

Non-current provisions

949

950

Other non-current financial liabilities

15

11

Other non-current liabilities

262

264

Total non-current liabilities

1,226

1,225

Total liabilities

71,108

59,835

 

 

 

Equity

 

 

Common stock

10,397

10,397

Capital surplus

10,361

10,812

Retained earnings

127,927

130,805

Treasury stock

(34,724)

(44,427)

Other components of equity

5,298

7,047

Total equity attributable to owners of the parent

119,259

114,633

Non-controlling interests

4,416

4,115

Total equity

123,676

118,748

Total liabilities and equity

194,784

178,583

 Condensed Consolidated Income Statement

 

 

(Millions of yen)

 

Three months ended June 30, 2012

Three months ended June 30, 2013

Revenue

47,590

52,158

Cost of sales

(12,979)

(15,859)

Gross profit

34,611

36,299

Selling, general and administrative expenses

(16,277)

(19,122)

Other income

177

132

Other expenses

(119)

(318)

Operating profit

18,392

16,991

Finance income

12

262

Finance costs

(338)

(9)

Share of profit (loss) of associates accounted for using the equity method

(1)

337

Profit before tax

18,065

17,581

Income tax expense

(7,747)

(7,699)

Profit for the period

10,318

9,882

 

 

 

Attributable to:

 

 

Owners of the parent

9,993

9,575

Non-controlling interests

325

307

Profit for the period

10,318

9,882

 

 

 

 

 

(Yen)

Earnings per share attributable to owners of the parent:

 

 

Basic earnings per share

70.11

72.07

Diluted earnings per share

69.91

71.89

Supplemental Information

 1. Number of Shares Issued (common stock)                 (Shares)

1) Total number of shares issued at the end of the period (including treasury stock):

As of June 30, 2013

As of March 31, 2013

150,810,033

150,810,033

2) Total number of shares of treasury stock at the end of the period:

As of June 30, 2013

As of March 31, 2013

21,303,932

16,847,550

(Note)

The 700,370 shares of the Company's stock owned by the Stock Grant ESOP Trust account are included in the "Total number of shares of treasury stock at the end of the period" as of June 30, 2013, and the 733,272 shares of the Company's stock owned by the same trust account are included in the "Total number of shares of treasury stock at the end of the period" as of March 31, 2013.

3) Average number of shares during the period:

 

Q1 FY2013

Q1 FY2012

Basic

132,861,671

142,536,011

Diluted

133,189,450

142,950,481

2. Per Share Information         (Yen)

1) 1H FY2013 Guidance for Basic earnings per share:

1H FY2013 Guidance

151.46

(Note)

Please see "Consolidated Income Statement" for Q1 FY2013 earnings per share.

3. Segment Information                                                                  (Millions of yen)

1) Social Media Business:

 

Q1 FY2013

Q1 FY2012

Revenue

45,067

41,281

 

Intersegment revenue

15

47

Segment profit

17,868

18,268

2) E-commerce Business:

 

Q1 FY2013

Q1 FY2012

Revenue

4,917

4,378

 

Intersegment revenue

569

458

Segment profit

886

1,147

3) Other:

 

Q1 FY2013

Q1 FY2012

Revenue

2,816

2,494

 

Intersegment revenue

58

58

Segment profit

146

183

(Notes)

1. Segment profit is calculated by deducting cost of sales and SG&A less corporate expenses, from revenue.

2. "Social Media Business" includes services such as Mobage. E-commerce Business includes services such as DeNA Shopping, Mobaoku, processing settlement, travel agency and insurance agency.  "Other" refers to operating segments that do not fall into any of the reportable segments, including operations of a professional baseball team.