TOKYO, Oct 31, 2013 - (ACN Newswire) - CyberAgent, Inc. (TSE: 4751), a Tokyo-based leader in Internet media markets, has announced results for the year ended September 30, 2013. Net sales reached 162,493 million yen (up 15.2% from the same period of the previous year); operating income was 10,318 million yen (less 40.7%); ordinary income was 10,570 million yen (less 38.3%); and net income was 10,504 million yen (up 23.3%).
The prevalence rate of smart phones (number of contracts) as of the end of March 2013 was 37.3%, and, in 2015, it is predicted that the rate will be more than half (53.6%). Furthermore, the market scale of smartphone/cellphone currency (the money that is circulated via smartphone/cellphone) increased from 2.4 trillion yen in the previous year to 4.2 trillion yen, up 70.9%. These figures indicate a rapid growth of the smartphone market. The Internet Advertisement Market is also steadily expanding: it was 868 billion yen in 2012, up 7.7% from the previous year.
Under these circumstances, the Group focused the management resources on smartphone related businesses. For example, we began offering full service for the smartphone community and game "Ameba", for which we conducted large scale promotion activities using TVCM and transit advertising. At the same time, we also made efforts to re-strengthen the Internet advertisement business and expand the SAP business. In the meantime, we also undertook restructuring of our business, such as selling our FX business.
Consolidated Financial Results for the Full year Ended September 30, 2013
A. Business Results (millions of yen)
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Full year ended Sept 30, 2013 % 2012 %
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Net Sales 162,493 15.2 141,111 18.0
Operating Income 10,318 (40.7) 17,410 21.3
Ordinary Income 10,570 (38.3) 17,146 21.5
Net Income 10,504 23.3 8,522 16.4
Net Income/Share(y) 166.41 131.62
Fully Diluted
Net Income/Share(y) 166.39 131.54
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Return on Equity (ROE) 24.0 21.7
Return on Assets (ROA) 9.7 13.8
Ordinary Income to
Operating Revenue Ratio 6.4 12.3
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B. Financial Position
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As of Sept 30, 2013 Sept 30, 2012
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Total Assets 81,425 136,366
Net Assets 50,587 43,594
Shareholders' Equity 44,999 41,595
Shlders' Eqty Ratio(%) 56.0 30.6
Net Assets/share(y) 731.86 645.18
Equity Capital 45,594 41,767
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C. Consolidated Cash Flows
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CF from Operating Activities 4,980 13,627
CF from Investing Activities 10,837 (10,913)
CF from Financing Activities -7,081 (1,548)
Cash and Cash Equiv./Period End 28,448 19,248
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D. Dividends (yen)
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Year ended 2014 (Forecast) 2013 2012
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40.00 3,500 3,500
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Note: The Company conducted a 1:100 stock split of common stocks as
of October 1, 2013.
- Performance by Business Segment
(a) Ameba business
The Ameba business includes Ameba, Ameba Pigg and AMoAd, etc.
For this business, there were large-scale promotion activities for the smartphone community and game "Ameba", and new smartphone media businesses that were previously part of Internet advertisement agency business (formerly comprehensive Internet business) were consolidated.
As a result, net sales totaled JPY 28,907 million (up 13.6% from the same period of the previous year), and we recorded an operating loss of JPY 8,715 million (an operating income of JPY 2,799 million in the same period of the previous year).
(b) SAP and other media businesses
The SAP and other media businesses include SAP (social game) businesses in our Group companies such as Cygames Inc., Applibot, Inc., and Sumzap, Inc.
For these businesses, with active expansion of SAP businesses, net sales totaled JPY 60,010 million (up 24.9% from the same period of the previous year), and we recorded an operating income of JPY 8,800 million (up 75.7% from the same period of the previous year).
(c) Internet advertisement business
Internet advertisement business includes advertising agency businesses and SEM (search engine marketing), centered on the Company's Internet advertising business department.
For this business, with healthy sales of smartphone advertising, net sales totaled JPY 80,499 million (up 15.5% from the same period of the previous year), and we recorded an operating income of JPY 7,850 million (up 27.2% from the same period of the previous year).
(d) Investment development business
Our investment development business includes the Company's corporate venture capital business, and fund operation in CyberAgent Ventures, Inc. It discovers, develops and generates value for promising venture companies both within Japan and in Asian countries.
In the current business year, due mainly to sales of shares, net sales totaled JPY 1,801 million (up 411.6% from the same period of the previous year), and we recorded an operating income of JPY 697 million (an operating loss of JPY 219 million in the same period of the previous year).
(e) FX business
As all shares of CyberAgent FX, Inc., which was a consolidated subsidiary, were sold on January 31, 2013, the performance of the FX business only for the period from October 1, 2012 to January 31, 2013 is included.
Sales and operating income of this business were JPY 2,916 million and JPY 1,686 million, respectively.
- Earnings Estimates for the Next Period (October 1, 2013 to September 30, 2014)
During the current FY (FY ended September 30, 2013), we tried to build a foundation for the success of smartphone community and game "Ameba" by conducting large-scale promotion activities and making a large amount of prior investment in new services.
We predict that the consolidated sales for the next period (FY ending September 30, 2014) will be 180,000 million yen, up 10.8% from the current FY, by taking advantage of the growth of the smartphone market.
The consolidated operating profit and consolidated ordinary income will be 20,000 million yen, up 93.8% from the previous FY, and 20,000 million yen, up 89.2%, respectively, mainly from the Internet advertisement business, SAP and other media businesses as well as full-scale profit contribution from "Ameba".
The consolidated net income is expected to be 10,000 million yen due to tax expenses and minority interest in income.
We do not disclose the mid-term first half earnings estimates because the environment surrounding the Internet changes drastically, and the Group's operating results may fluctuate greatly in a short period of time.
The above estimates are based on the information that is available at this moment. It is possible that the actual operating results, etc. may differ due to various uncertain elements.
- Qualitative Information on Consolidated Financial Position
(a) Assets, Liabilities and Net Assets
In the second consolidated quarter, CyberAgent FX, Inc. was excluded from the consolidation. As of the end of the previous consolidated fiscal year, the total assets and liabilities of the FX business were 74,196 million yen and 65,192 million yen, respectively, and these values were excluded. Accordingly, at the end of this consolidated fiscal year, total assets stood at JPY 81,425 million (down JPY 54,940 million from the end of the previous fiscal year), liabilities totaled JPY 30,837 million (down JPY 61,933 million from the end of the previous fiscal year).
Net assets totaled JPY 50,587 million (up JPY 6,992 million from the end of the previous fiscal year). This was mainly due to the fact that retained earnings increased as a result of recording quarterly net income, etc.
(b) Status of cash flow
Cash and cash equivalents (hereafter 'funds') at the end of this consolidated fiscal year increased by JPY 9,200 million from the end of the previous consolidated fiscal year, and totaled JPY 28,448 million.
Cash flow situations and major causal factors for this consolidated fiscal year are as follows.
Net cash provided by operating activities:
Net cash provided by operating activities totaled JPY 4,980 million (net cash provided by the same period of the previous year totaled JPY 13,627 million). This was mainly due to the fact that we recorded a profit and income taxes paid.
Net cash provided by investing activities:
Net cash provided by investing activities totaled JPY 10,837 million (net cash used in the same period of the previous year totaled JPY 10,913 million). This was mainly due to sales of stocks of subsidiaries and affiliates.
Net cash used in financing activities:
Net cash used in financing activities totaled JPY 7,081 million (net cash used in the same period of the previous year totaled JPY 1,548 million). This was mainly due to purchase of treasury stock and cash dividends paid.
Policy on Distribution of Profits and Dividends for This Period and Next Period
The Company considers returning profits to our shareholders an important issue for management, and plans to continue to provide dividends while working on increasing share value over the mid-term with business growth and improved capital efficiency. Decisions on retained earnings for the sake of future business expansion and fiscal soundness considering consolidated results and individual cash management will be made after comprehensive consideration.
Based on this policy, dividends for this period (FY2013) is planned to be JPY 3,500 (JPY 35 after taking into account the stock split). The dividends for the next period (FY2014) is planned to be JPY 40.ase of treasury stock and cash dividends paid.
- Segment Information
Oct 1, 2012 to Sept 30, 2013
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A B C D E F G H
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Sales
- Sales to external customers
22,681 58,796 76,297 1,801 2,916 162,493 - 162,493
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- Inter-segment sales
6,226 1,213 4,201 - - 11,642 (11,642) -
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Total
28,907 60,010 80,499 1,801 2,916 174,135 (11,642) 162,493
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Segment Income (Loss)
(8,715) 8,800 7,850 697 1,686 10,318 - 10,318
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Segment Assets
11,812 30,357 16,478 7,412 - 66,060 15,364 81,425
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Other Items
- Depreciation
2,453 1,119 587 3 111 4,276 - 4,276
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- Increase/Decrease in Current/Non-current Assets
4,303 3,963 1,104 10 80 9,463 - 9,463
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A. Ameba business
B. SAP and other Media business
C. Comprehensive Internet business
D. FX
E. Investment development business
F. Subtotal
G. Adjustment Amount
H. Consolidated balance sheet amount
Contact:
CyberAgent
PR/IR Division
Akiko Kashiwa
Tel: +81-3-5459-0227
Topic: Earnings
Source: CyberAgent, Inc.
Sectors: Daily Finance
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