Z : Fiscal Year（436 KB）

Consolidated Statements of Income ( IFRSs )

( Millions of Yen )
	FY2017	FY2018	FY2019
Revenue		897,185		954,714	1,052,943
Cost of Sales		382,467		408,912		424,463
SG&A		339,573		406,581		476,204
Other Income and Expenses	*1 *2 *3	10,665	*4*5*6	1,308		-
Operating Income		185,810		140,528		152,276
Other Non-operating Income and Expenses		6,321		384	*7	7,942
Equity in Earnings (Losses) of Associates		1,045		(17,541)		(24,542)
Income before Income Taxes		193,177		123,370		135,676
Net Income		134,412		77,828		88,020
Net Income Attributable to Owners of the Parent		131,153		78,677		81,675
Sales Breakdown
Media Business		290,591		303,472		314,618
Commerce Business		592,082		649,632		742,732
Others		23,327		9,908		8,004
Adjustments		(8,815)		(8,299)		(6,466)
Total		897,185		954,714	1,052,943
SG&A Breakdown
Personnel Expenses		86,810		95,814		108,568
Depreciation and Amortization		38,472		50,648		82,256
Sales Promotion Costs		53,838		71,162		72,896
Business Commissions		50,210		56,830		63,475
Packing and Freight		19,278		23,637		32,441
Royalties		15,030		16,438		16,282
Content Provider Fees		9,795		13,326		16,189
Communication Charges		8,570		10,531		13,289
Payment Commissions		3,973		3,874		11,169
Administrative and Maintenance Expenses		6,979		8,602		9,858
Others		46,614		55,714		49,776
Total		339,573		406,581		476,204

Note 1: Adjustments figures represent inter-segment transaction and general corporate expenses not belonging to any reporting segment.

Note 2: The group has made The Japan Net Bank, Limited its consolidated subsidiary on February 1, 2018.

Note 3: Reporting segments for some services have been changed from FY2018-1Q(2018/4-6). The main change is the transfer of GYAO Corporation and video-related services, etc., from "Commerce Business" to "Media Business". Prior data and comparative figures have been adjusted to the current segments retroactively.

Note 4: In accordance with the change in accounting policy, part of the payment fees which was recorded as cost of sales, etc. has been deducted from revenue from FY2018-1Q(2018/4-6). Prior data and comparative figures have not been retroactively adjusted.

Note 5: ZOZO, Inc. became a consolidated subsidiary on November 13, 2019. The financial results of ZOZO, Inc. have been consolidated from November 2019.

*1In FY2017-1Q(2017/4-6), insurance proceeds of 4.9 billion as a result of the fire incident at the logistics center of ASKUL Corporation is recorded in "Other Income and Expenses" in "Commerce Bussiness".

*2In FY2017-3Q(2017/10-12), gain on ASKUL Corporation's sales of property and equipment of 3.5 billion is recorded in "Other Income and Expenses" in "Commerce Bussiness".

*3In FY2017-4Q(2018/1-3), gain on forgiveness of debt of 1.7 billion as a result of the fire incident at the logistics center of ASKUL Corporation is recorded in "Other Income and Expenses" in "Commerce Bussiness".

*4In FY2018-1Q(2018/4-6), gain in sales of shares of IDC Frontier Inc. of 7.9 billion is included in "Other Income and Expenses" in "Others".

*5In FY2018-4Q(2019/1-3), impairment loss of 3.6 billion related to the property and equipment and intangible assets of ASKUL Corporation's logistic center (AVC Hidaka) is recorded in "Other Income and Expenses" in "Commerce Business".

*6In FY2018-4Q(2019/1-3), impairment loss of 2.3 billion related to Synergy Marketing, Inc.'s intangible assets is recorded in "Other Income and Expenses" in "Media Business".

*7In FY2019-1Q, gain on change in equity of PayPay Corporation of ¥10.8 billion is recorded in "Other Non-Operating Income and Expenses".

Consolidated Statements of Income ( IFRSs )

( Millions of Yen )
	FY2016	FY2017
Revenue	853,730	897,185
Cost of Sales	373,513	382,467
SG&A	277,430	339,573
Other Income and Expenses	(10,736)	10,665
Operating Income	192,049	185,810
Other Non-operating Income and Expenses	477	6,321
Equity in Earnings (Losses) of Associates	947	1,045
Income before Income Taxes	193,475	193,177
Net Income	132,634	134,412
Net Income Attributable to Owners of the Parent	136,589	131,153
Sales Breakdown
Media Business	281,105	288,359
Commerce Business	560,995	596,567
Others	25,796	24,416
Adjustments	(14,168)	(12,157)
Total	853,730	897,185
SG&A Breakdown
Personnel Expenses	75,258	86,810
Sales Promotion Costs	34,404	53,838
Business Commissions	38,566	50,210
Depreciation and Amortization	34,098	38,472
Lease and Utility Expenses	19,268	21,517
Packing and Freight	16,817	19,278
Royalties	14,147	15,030
Content Provider Fees	7,725	9,795
Communication Charges	7,692	8,570
Administrative and Maintenance Expenses	6,342	6,979
Others	23,106	29,070
Total	277,430	339,573

Note 1: The group has changed reporting segments from the announcement of business results for the fiscal year ended March 31, 2018.

The main changes in the segments are: i) change in the segment name from "Marketing Solutions Business" to "Media Business"; ii) integration of Financial & Payment-related figures

that were previously recorded in "Others" and "Consumer Business" to "Commerce Business"; ⅲ) transfer of some of the services previously included in "Marketing Solutions Business" and "Consumer Business" to "Others". Note 2: In the case where any major service has been transferred between segments, the prior data have been retroactively adjusted to the current segments.

Note 3: Adjustments figures represent inter-segment transactions and general corporate expenses not belonging to any reporting segment.

Note 4: Made The Japan Net Bank, Limited to a consolidated subsidiary on February 1, 2018.

Consolidated Statements of Income ( IFRSs )

( Millions of Yen )
	FY2015	FY2016
Revenue	652,327	853,730
Cost of Sales	247,372	373,513
Gross Profit	404,955	480,217
SG&A	239,653	277,430
Other Income and Expenses	59,696	(10,736)
Operating Income	224,997	192,049
Other Non-operating Income and Expenses	270	477
Equity in Earnings (Losses) of Associates	1,317	947
Income before Income Taxes	226,585	193,475
Net Income	172,492	132,634
Net Income Attributable to Owners of the Parent	171,617	136,589
Sales Breakdown
Marketing Solutions Business	268,252	281,515
Consumer Business	335,762	511,798
Others	60,291	71,601
Adjustments	(11,979)	(11,185)
Total	652,327	853,730
SG&A Breakdown
Personnel Expenses	64,473	75,258
Sales Promotion Costs	28,025	38,566
Business Commissions	41,483	34,404
Depreciation and Amortization	27,181	34,098
Lease and Utility Expenses	12,852	19,268
Packing and Freight	8,478	16,817
Royalties	12,651	14,147
Content Provider Fees	7,365	7,725
Communication Charges	6,561	7,692
Administrative and Maintenance Expenses	4,762	6,342
Others	25,818	23,106
Total	239,653	277,430

Note1: Adjustments figures represent inter-segment transactions and general corporate expenses not belonging to any reporting segment.

Note2: The Group recognized gain of ¥59.6 billion from the remeasurement of shares of ASKUL Corporation as Other Income in the fiscal year ended March 31, 2016 as a result of consolidation of ASKUL Corporation.

Note3: Made ASKUL Corporation to a consolidated subsidiary on August 27, 2015.

Note4: Made Ikyu Corporation to a consolidated subsidiary on February 3, 2016.

Note5: The group recorded the damages of ¥13.0 billion as Other Expenses in the fiscal year ended March 31, 2017 as a result of the fire incident at the logistics center of ASKUL Corporation.

Note6: In the case where any major service has been transferred between segments, the prior data have been retroactively adjusted to the current segments.

Consolidated Statements of Income ( IFRSs )

( Millions of Yen )
	FY2014	FY2015
Revenue	428,487	652,327
Cost of Sales	85,501	247,372
Gross Profit	342,986	404,955
SG&A	145,774	239,653
Other Income and Expenses	-	59,696
Operating Income	197,212	224,997
Other Non-operating Income and Expenses	9,413	270
Equity in Earnings (Losses) of Associates	1,672	1,317
Income before Income Taxes	208,298	226,585
Net Income	133,933	172,492
Net Income Attributable to Owners of the Parent	133,051	171,617
Sales Breakdown
Marketing Solutions Business	260,398	277,329
Consumer Business	128,638	326,356
Others	48,229	60,226
Adjustments	(8,779)	(11,584)
Total	428,487	652,327
SG&A Breakdown
Personnel Expenses	48,619	64,473
Sales Promotion Costs	15,267	41,483
Business Commissions	18,126	28,025
Depreciation and Amortization	13,940	27,181
Lease and Utility Expenses	9,138	12,852
Royalties	11,606	12,651
Packing and Freight	104	8,478
Content Provider Fees	11,312	7,365
Advertising and Promotional Expenses	2,799	6,664
Communication Charges	5,606	6,561
Others	9,252	23,916
Total	145,774	239,653

Note1: Yahoo Japan Corporation adopted International Financial Reporting Standards (IFRSs) beginning with the fiscal year ended March 31, 2015.

Note2: Adjustments figures represent inter-segment transactions and general corporate expenses not belonging to any reporting segment.

Note3: The Group recognized gain of ¥59.6 billion from the remeasurement of shares of ASKUL Corporation as Other Income in the fiscal year ended March 31, 2016 as a result of consolidation of ASKUL Corporation.

Note4: As a result of the conversion of ASKUL Corporation to a consolidated subsidiary on August 27, 2015, seven months' equivalent of the revenue and operating income of ASKUL Corporation have been consolidated to the performance.

Note5: As a result of the conversion of Ikyu Corporation to a consolidated subsidiary on February 3, 2016, two months' equivalent of the revenue and operating income of Ikyu Corporation have been consolidated to the performance.

Note6: In the case where any major service has been transferred between segments, the prior data have been retroactively adjusted to the current segments.

Consolidated Statements of Income ( IFRSs )

( Millions of Yen )
	FY2013	FY2014
Revenue	408,514	428,487
Cost of Sales	75,860	85,501
Gross Profit	332,653	342,986
SG&A and Others	136,215	145,774
Operating Income	196,437	197,212
Other Non-operating Income and Expenses	11,880	9,413
Equity in Earnings (Losses) of Associates	(94)	1,672
Income before Income Taxes	208,224	208,298
Net Income	129,667	133,933
Net Income Attributable to Owners of the Parent	128,605	133,051
Sales Breakdown
Marketing Solutions Business	283,088	304,293
Consumer Business	104,838	102,030
Others	28,530	32,341
Adjustments	(7,942)	(10,177)
Total	408,514	428,487
SG&A and Others Breakdown
Personnel Expenses	45,688	48,619
Business Commissions	16,722	18,126
Sales Promotion Costs	14,114	15,267
Depreciation and Amortization	10,819	13,940
Royalties	11,226	11,606
Content Provider Fees	8,918	11,312
Lease and Utility Expenses	7,347	9,138
Communication Charges	5,986	5,606
Administrative and Maintenance Expenses	2,870	3,686
License Fees	1,576	3,014
Advertising Expenses	2,795	2,799
Taxes and Public Dues	1,780	2,108
Impairment Loss	2,873	1,599
Sales Commissions	984	1,079
Travel and Transportation Expenses	839	879
Others	1,670	(3,012)
Total	136,215	145,774

Note1: Yahoo Japan Corporation adopted International Financial Reporting Standards (IFRSs) beginning with the fiscal year ended March 31, 2015 with a transition date as of April 1, 2013. Figures for the fiscal year ended March 31, 2014 are restated on an IFRS basis.

Note2: Adjustments figures represent inter-segment transactions and general corporate expenses not belonging to any reporting segment.

Note3: In the case where some major services have been transferred between segments, the data for the fiscal year ended March 31, 2014 onward have been retroactively adjusted to the current segments.

Consolidated Statements of Income ( JGAAP/Net basis )

(Millions of Yen)
	FY2011		FY2012	FY2013
Net Sales	302,088		342,989	386,284
Cost of Sales	28,034		36,393	49,047
Gross Profit	274,054		306,596	337,236
SG&A Expenses	109,049		120,244	139,820
Operating Income	165,004		186,351	197,416
Ordinary Income	167,300		188,645	197,634
Net Income	100,559		115,035	125,116
Sales Breakdown by Business Segment
Marketing Solutions Business		-	235,437	272,568
Consumer Business		-	101,043	101,802
Others		-	14,452	22,599

Elimination or Corporate	-	(7,942)	(10,686)
Total	302,088	342,989	386,284
SG&A Expenses Breakdown
Personnel Expenses	33,260	39,256	45,247
Business Commissions	14,588	14,348	16,722
Sales Promotion Costs	11,634	10,849	14,685
Depreciation Expenses	9,206	10,209	11,492
Royalties	8,723	9,946	11,226
Content Provider Fees	6,328	6,927	8,918
Lease and Utility Expenses	6,826	7,240	7,347
Communication Charges	5,998	6,332	5,986
Sales Commissions	4,750	5,101	4,929
Administrative and Maintenance Expenses	2,221	2,507	2,870
Advertising Costs	1,286	1,672	2,755
Amortization of Goodwill	463	1,268	2,497
Taxes and Public Dues	1,416	1,798	1,780
License Fees	547	731	1,576
Travel and Transportation Expenses	374	466	839
Others	1,420	1,586	944
Total	109,049	120,244	139,820

Note1: Reporting segments have been changed since the fiscal year ended March 31, 2013.

Note2: Some services have been transferred between segments in the fiscal year ended March 31, 2014. Data for the fiscal year ended March 31, 2013 have been adjusted to the current presentation retroactively.

Note3: Adjustments figures represent inter-segment transactions and general corporate expenses not belonging to any reporting segment.

Consolidated Statements of Income ( JGAAP/Net basis )

(Millions of Yen)

	FY2008	FY2009
Net Sales	265,754	279,856
Cost of Sales	27,807	32,645
Gross Profit	237,946	247,211
SG&A Expenses	103,328	103,385
Operating Income	134,618	143,825
Ordinary Income	132,912	143,360
Net Income	74,715	83,523
Sales Breakdown by Business Segment
Advertising Business	138,888	141,355
Business Services Business	54,554	64,274
Personal Services Business	72,671	75,332

Elimination or Corporate	(360)	(1,104)
Total	265,754	279,856
SG&A Expenses Breakdown
Personnel Expenses	26,060	30,348
Business Commissions	15,555	12,792
Sales Promotion Costs	5,163	7,253
Depreciation Expenses	10,922	8,950
Royalties	7,865	8,059
Content Provider Fees	6,207	6,778
Lease and Utility Expenses	7,083	6,163
Communication Charges	9,480	9,399
Sales Commissions	4,302	4,308
Administrative and Maintenance Expenses	2,239	2,326
Advertising Costs	1,159	1,164
Amortization of Goodwill	673	926
Taxes and Public Dues	1,027	1,482
License Fees	206	201
Travel and Transportation Expenses	388	236
Others	4,993	2,990
Total	103,328	103,385

	FY2009	FY2010	FY2011
Net Sales	279,856	292,423	302,088
Cost of Sales	32,645	29,293	28,034
Gross Profit	247,211	263,129	274,054
SG&A Expenses	103,385	103,525	109,049
Operating Income	143,825	159,604	165,004
Ordinary Income	143,360	160,218	167,300
Net Income	83,523	92,174	100,559
Sales Breakdown by Business Segment
Media Business	102,271	110,235	110,292
BS Business	71,413	76,739	83,436
Consumer Business	105,373	104,914	107,963
	(Retroactively Adjusted)
Adjustments	797	533	397
Total	279,856	292,423	302,088
SG&A Expenses Breakdown
Personnel Expenses	30,348	31,809	33,260
Business Commissions	12,792	13,439	14,588
Sales Promotion Costs	7,253	7,538	11,634
Depreciation Expenses	8,950	8,543	9,206
Royalties	8,059	8,460	8,723
Content Provider Fees	6,778	6,393	6,328
Lease and Utility Expenses	6,163	6,245	6,826
Communication Charges	9,399	8,356	5,998
Sales Commissions	4,308	4,652	4,750
Administrative and Maintenance Expenses	2,326	2,061	2,221
Advertising Costs	1,164	2,522	1,286
Amortization of Goodwill	926	29	463
Taxes and Public Dues	1,482	1,353	1,416
License Fees	201	266	547
Travel and Transportation Expenses	236	323	374
Others	2,990	1,527	1,420
Total	103,385	103,525	109,049

Note1: Yahoo Japan Corporation reclassified its business segments from FY2010. The Company cautions readers that figures of the past and comparison to figures of the past are only for your reference based on a brief retroactive adjustment.

Note2: Figures of the Adjustments represent the revenues from consolidated subsidiaries not belonging to any reporting segment, inter-segment transactions and wholly corporate expenses.

Consolidated Statements of Income ( JGAAP/Gross basis )

(Millions of Yen)
	FY2002	FY2003	FY2004	FY2005
Net Sales	46,693	75,776	117,779	173,695
Cost of Sales	3,599	5,292	8,931	12,843
Gross Profit	43,093	70,483	108,847	160,852
SG&A Expenses	19,021	29,272	48,660	78,719
Operating Income	24,072	41,211	60,187	82,133
Ordinary Income	23,524	41,308	60,295	79,867
Net Income	12,096	24,826	36,521	47,090
Sales Breakdown by Business Segment
Listing	7,922	13,615	29,359	49,561
Auction	11,061	20,838	27,338	35,986
Yahoo! BB	9,862	12,760	16,799	19,484
Media	3,592	6,411	10,740	18,366
Shopping	5,035	6,589	10,593	15,962
BS	451	1,096	2,381	5,109
Corporate Common Business	8,769	14,535	20,748	29,524
Elimination or Corporate	(3)	(70)	(181)	(301)
Total	46,693	75,776	117,779	173,695
SG&A Expenses Breakdown
Personnel Expenses	4,721	6,781	9,536	14,730
Business Commissions	1,812	3,366	6,481	10,904
Sales Promotion Costs	653	1,237	2,134	6,721
Depreciation Expenses	1,764	3,003	4,462	6,662
Royalties	1,207	1,963	3,379	4,708
Content Provider Fees	1,502	1,724	2,357	3,346
Lease and Utility Expenses	765	1,284	2,561	4,251
Communication Charges	1,496	2,860	4,138	5,674
Sales Commissions	2,236	3,038	4,778	8,377
Administrative and Maintenance Expenses	162	403	696	1,088
Advertising Costs	345	309	988	1,765
Amortization of Goodwill	309	113	330	991
Taxes and Public Dues	77	141	577	786
License Fees	27	15	16	64
Travel and Transportation Expenses	77	114	215	415
Others	1,860	2,912	6,005	8,229
Total	19,021	29,272	48,660	78,719

	FY2006	FY2007	FY2008
Net Sales	212,552	262,027	295,945
Cost of Sales	8,486	28,260	44,857
Gross Profit	204,065	233,766	251,088
SG&A Expenses	97,832	108,959	116,469
Operating Income	106,232	124,807	134,618
Ordinary Income	102,824	121,511	132,912
Net Income	57,963	62,617	74,715
Sales Breakdown by Business Segment
Advertising Business	89,202	131,044	163,819
Business Services Business	48,215	58,069	55,976
Personal Services Business	75,282	73,053	76,509

Elimination or Corporate	(146)	(140)	(360)
Total	212,552	262,027	295,945
SG&A Expenses Breakdown
Personnel Expenses	18,780	22,631	-
Business Commissions	13,804	16,003	-
Sales Promotion Costs	7,120	4,515	-
Depreciation Expenses	8,126	9,615	-
Royalties	6,024	7,511	-
Content Provider Fees	4,597	5,269	-
Lease and Utility Expenses	5,124	6,423	-
Communication Charges	7,920	8,386	-
Sales Commissions	10,338	11,407	-
Administrative and Maintenance Expenses	1,778	2,077	-
Advertising Costs	1,710	1,297	-
Amortization of Goodwill	1,384	1,605	-
Taxes and Public Dues	961	1,169	-
License Fees	174	86	-
Travel and Transportation Expenses	433	460	-
Others	9,553	10,498	-
Total	97,832	108,959	116,469

Note1: The figures for FY2002 are retroactively adjusted using the new accounting methods for Y!BB ISP fees and Campaign fees.

Note2: The Company reclassified its business segments in April 2002 and April 2006.

Note3: Due to the change in reporting revenue from a gross basis to a net basis, figures of individual segments of FY2008 on a gross basis are included for your reference.