Fuji Media : ［Delayed] Flash Report (Consolidated Basis) Results for the fiscal year ended March 31, 2022

May 12, 2022

Flash Report [Japanese GAAP] (Consolidated Basis)

Results for the fiscal year ended March 31, 2022

Company name: Fuji Media Holdings, Inc.

Stock listing:	Tokyo Stock Exchange	Code number: 4676	URL: https://www.fujimediahd.co.jp/en
Representative:	Osamu Kanemitsu, President

Person to contact: Junji Okunogi, Executive Managing Director and General Manager of Treasury & Finance Department Telephone: [phone] (key)

Scheduled date of the General Meeting of Shareholders: June 28, 2022

Scheduled date of commencing dividend payments: June 29, 2022

Scheduled date of filing securities report: June 28, 2022

Availability of supplementary briefing material on financial results: Available

Schedule of financial results briefing session: Scheduled

(Figures less than ¥1 million have been omitted.)

1. Consolidated Financial Results

1. Business Performance

Years ended March 31						Percentages indicate year-on-year increases/(decreases).
		Net sales		Operating income		Recurring profit	Net income attributable
				to owners of the parent
		Millions of yen	%	Millions of yen	%		Millions of yen	%	Millions of yen	%
2022		525,087	1.0	33,338	104.9			45,534	104.2		24,879	146.0
2021		519,941	(17.7)	16,274	(38.2)			22,295	(36.0)		10,112	(75.5)
(Note) Comprehensive income: Year ended March 31, 2022: ¥33,624 million, (42.3)%,
		Year ended March 31, 2021: ¥58,254 million, 236.9%
		Basic earnings per	Diluted earnings per		Rate of return on		Recurring profit-to-	Operating income-
		share		share		equity			total-assets ratio	to-net-sales ratio
		Yen		Yen		%				%		%
2022		111.86		―				3.2				3.4		6.3
2021		44.31		―				1.3				1.7		3.1
(Reference) Equity in earnings of affiliates: Year ended March 31, 2022: ¥6,390 million,
			Year ended March 31, 2021: ¥2,347 million

(2) Financial Position

At March 31

	Total assets	Net assets	Equity ratio		Net assets per share
	Millions of yen	Millions of yen	%		Yen
2022	1,335,991	808,788		59.7	3,588.35
2021	1,336,042	784,429		57.9	3,479.47

(Reference) Total shareholders' equity: March 31, 2022: ¥798,068 million, March 31, 2021: ¥774,011 million

(3) Cash Flows Years ended March 31

	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	equivalents at end of
	operating activities	investing activities	financing activities
	year
	Millions of yen	Millions of yen	Millions of yen	Millions of yen
2022	53,859	(46,790)	(24,892)	102,598
2021	45,844	(26,613)	20,395	118,591
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2. Dividends

Years ended March 31, 2021 and 2022 / Year ending March 31, 2023

		Dividends per share			Total amount			Dividends-to-
				of dividends	Payout
								net assets
	1Q	2Q	3Q	Year-end	Total		(for the entire	ratio
			ratio
		fiscal year)
	Yen	Yen	Yen	Yen	Yen		Millions of yen	%	%
2021	―	18.00	―	18.00	36.00	8,229	81.2	1.1
2022	―	18.00	―	20.00	38.00	8,563	34.0	1.1
2023	―	20.00	―	20.00	40.00			32.9
(Forecast)

(Note) Please refer to "Notice Concerning Revision of Dividend Forecasts" released today on May 12, 2022 for the revision of the dividend forecasts.

3. Forecasts of Consolidated Financial Results for the Fiscal Year Ending March 31, 2023

Percentages indicate year-on-year increases/(decreases).

	Net sales		Operating income		Recurring profit
	Millions of yen	%	Millions of yen	%	Millions of yen	%
Fiscal year	542,200	3.3	35,000	5.0	41,500	(8.9)
	Net income attributable to	Basic earnings per share
	owners of the parent
	Millions of yen	%	Yen
Fiscal year	27,000	8.5	121.40

Notes:

1. Significant changes in subsidiaries (changes in specific subsidiaries involving a change in the scope of consolidation) during the subject period: None

Additions: None

Deletions: None

2. Changes in accounting policies, changes in accounting estimates, and modifications and restatements:

1. Changes in accounting policies based on revision of accounting standards: Yes
2. Changes in accounting policies other than 1) above: None
3. Changes in accounting estimates: None
4. Modifications and restatements: None

(Note) For details, please refer to "3. CONSOLIDATED FINANCIAL STATEMENTS AND PRIMARY NOTES: (5) Notes to Consolidated Financial Statements (Changes in Accounting Policies)" on page 22.

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3. Number of issued shares (Common stock)

			Years ended March 31
		2022		2021
1)	Number of issued shares (including treasury stock) at	234,194,500		234,194,500
	end of fiscal year (shares)
2)	Number of treasury stock at end of fiscal year (shares)	11,788,673		11,743,558
3)	Average number of issued shares during the fiscal	222,423,996		228,223,747
	year (shares)

(Reference) Flash Report (Non-Consolidated Basis)

Non-Consolidated Financial Results for the Fiscal Year ended March 31, 2022

(1) Business Performance

Years ended March 31				Percentages indicate year-on-year increases/(decreases).
	Net sales	Operating income	Recurring profit	Net income
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
2022	13,584	(50.0)	7,096	(65.5)	11,810	(49.4)	10,557	(63.8)
2021	27,182	49.2	20,561	78.3	23,338	57.6	29,128	74.1
	Basic earnings	Diluted earnings per
	per share	share
	Yen		Yen
2022		46.85		―
2021		126.03		―

1. Financial Position
   At March 31

	Total assets	Net assets	Equity ratio		Net assets per share
	Millions of yen	Millions of yen	%		Yen
2022	820,418	576,092		70.2	2,556.38
2021	825,203	570,955		69.2	2,533.59

(Reference) Total shareholders' equity: March 31, 2022: ¥576,092 million, March 31, 2021: ¥570,955 million

This flash report is outside the scope of audit by certified public accountants or an audit firm. Explanation of appropriate use of forecasts of financial results; other important items

The forward-looking statements made in this document, including the aforementioned forecasts, are based on all information available to the management at the time of this document's release and certain assumptions considered rational. Actual results may differ materially from the forecasts due to various factors in the future. Regarding the assumptions forming the forecast of financial results, please refer to "1. OVERVIEW OF BUSINESS RESULTS, ETC.: (4) Future Outlook" on page 10.

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CONTENTS OF ATTACHMENT

1. OVERVIEW OF BUSINESS RESULTS, ETC.	5
(1)	Overview of Business Results for the Fiscal Year under Review	5
(2)	Overview of Financial Position for the Fiscal Year under Review	8
(3)	Overview of Cash Flows for the Fiscal Year under Review	8
(4)	Future Outlook	10
(5)	Basic Policy Regarding Profit Allocation and Dividends in the Fiscal Year under
	Review and the Next Fiscal Year	10
2. BASIC STANCE ON SELECTION OF ACCOUNTING STANDARDS	11
3. CONSOLIDATED FINANCIAL STATEMENTS AND PRIMARY NOTES	12
(1)	Consolidated Balance Sheets	12
(2)	Consolidated Statements of Income and Consolidated Statements of
	Comprehensive Income	14
(3)	Consolidated Statements of Changes in Net Assets	16
(4)	Consolidated Statements of Cash Flows	20
(5)	Notes to Consolidated Financial Statements	22
	(Note on Assumptions for Going Concern)	22
	(Changes in Accounting Policies)	22
	(Changes in Presentation)	23
	(Segment Information)	24
	(Amounts per Share)	27
	(Significant Events after the Reporting Period)	27

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1. OVERVIEW OF BUSINESS RESULTS, ETC.

(1) Overview of Business Results for the Fiscal Year under Review

The Japanese government's Monthly Economic Report on the Japanese economy for the fiscal year ended March 31, 2022 (April 1, 2021 to March 31, 2022) states, "Concerning short-term prospects, the economy is expected to pick up, supported by the effects of various policies and improvement in overseas economies while economic and social activities are moving toward normalization with taking all possible measures to prevent the spread of infectious diseases. However, amid the uncertainty caused by the situation in Ukraine and other factors, full attention should be given to further increase in downside risks due to rising raw material prices, fluctuations in financial and capital markets, supply- side constraints, etc. In addition, the impact of infectious diseases should be closely monitored." It also states that firms' judgments on business conditions "appear to be pausing for picking up."

Fuji Media Holdings Group (the "Group"), as in the previous fiscal year, was affected by the lasting impact of the novel coronavirus infection (COVID-19). However, the Group was able to improve its performance thanks to a marked recovery in advertising revenue, gradual resumption of events, etc., as well as an expansion of digital-related sales such as distribution, and a review of its profit structure.

Amid this economic environment, consolidated net sales of the Group increased overall during the fiscal year under review, up 1.0% from the previous fiscal year to ¥525,087 million, thanks to an increase in the Urban Development, Hotels & Resorts segment, despite a decrease in the Media & Content segment due to the application of the Accounting Standard for Revenue Recognition, etc. and the transfer of the Cecile business.

In terms of earnings, operating income increased 104.9% year-on-year to ¥33,338 million, as there were revenue increases in both the Media & Content segment and the Urban Development, Hotels & Resorts segment. Recurring profit increased 104.2% year-on-year to ¥45,534 million and net income attributable to owners of the parent increased 146.0% year-on-year to ¥24,879 million, despite a reactionary decrease in gain on sales of investment securities recorded in the previous fiscal year and the posting of extra retirement payments under extraordinary loss, and other factors.

Due to the application of the Accounting Standard for Revenue Recognition, etc., net sales decreased ¥23,779 million, cost of sales decreased ¥20,884 million and selling, general and administrative expenses decreased ¥3,133 million, while operating income, recurring profit and income before income taxes increased ¥237 million, respectively.

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