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Management Index

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(as of May 8, 2013)

The tables and graphs on this page show our sales, operating income and other aspects of performance over the previous years. Even though the home video game industry is highly volatile, our sales and earnings have been growing steadily.

Operating Results

Click on the articles to see the descriptions of the indexes.

  2009/3 2010/3 2011/3 2012/3 2013/3
Net Sales(Millions of yen) 91,878 66,837 97,716 82,065 94,075
Operating Income(Millions of yen) 14,618 5,587 14,295 12,318 10,151
Operating Income to Sales(%) 15.9 8.4 14.6 15.0 10.8
Net Income per Share(Millions of yen) 8,063 2,167 7,750 6,723 2,973
Net Income per Share(yen) 130.98 35.71 131.18 116.10 51.64
Annual Cash Dividends per Share(yen) 35.00 35.00 40.00 40.00 40.00

Net Sales

(Millions of yen)

Structural reforms enacted in the fiscal years that ended in March 2003 and 2004 set the stage for stable growth in sales starting in the fiscal year ended March 2005. This was mainly due to the creation of an efficient development structure able to launch popular, highly profitable home video games each year. In the fiscal year ended March 2013, strong sales of Pachislo machines developed in-house for the Amusement Equipments business and growth of mobile and other content in the online business resulted in a 14.6% increase in net sales from the previous year.

Explanation : Consolidated net sales being generated by businesses' operations
Criteria :Bigger, Smaller

Operating Income

(Millions of yen)

Structural reforms have enabled Capcom to sustain consistent growth in operating income. Moreover, the contribution to net sales occurred two years later in the fiscal year ended March 2007 because it took two years to put together a highly profitable lineup after restructuring. However, in recent years, rapid changes in the market, including the expansion of mobile content and DLC, as well as the impact of the transitional period before the sales of next-generation game consoles has increased the volatility of our earnings. In the fiscal year under review, operating income decreased 17.6% as a result of major titles failing to achieve their sales targets or being postponed.

Explanation : Consolidated operating income by businesses' operations
Criteria : Bigger, Smaller

Operating Income to Sales

(%)

Operating margin depends primarily on profitability of the Digital Contents business, which accounts for about 70% of net sales. There was steady increase in operating margin as well as operating income from the fiscal year ended March 2007 thanks to the establishment of the efficient developmental organization. However, in the fiscal year ended March 2013, despite increased sales, major titles failing to achieve their sales targets or being postponed in the Digital Contents business resulted in a higher cost to sales ratio and increased selling, general and administrative expenses, narrowing the operating margin to 10.8%.

Explanation : An index for profitability of businesses' operations alone
Formula : Operating Profit / Net Sales*100
Criteria : Higher, Lower

Net Income

(Millions of yen)

In the fiscal years that ended March 2003 and 2004, Capcom posted large net losses because of special losses. One cause was valuation losses on land, buildings and structures and losses from the termination of game development projects, both associated with structural reforms. In the fiscal year ended March 2010, we recorded a loss on restructuring in accordance with a drastic review of poorly performing businesses as a secondary structural reform to adequately respond to market volatility, resulting in a significant decrease in net income. This fiscal year in the Digital Contents business, expenses related to structural improvements, such as revisions to our development structure, resulted in a significant 55.8% decline in net income from the previous year.

Explanation :Consolidated net income including extraordinary profit and loss
Formula :Operating Profit / Net Sales*100
Criteria : Bigger, Smaller

Net Income per Share

(yen)

For the fiscal years ended March 2003 to 2004, net income (loss) was in the red due to special losses on valuation actually stemming from structural reform, resulting in a significant decline in net income (loss) per share. Since the fiscal year ended March 2005, this has generally been linked to the rise and fall of net income, but there has been a slight impact from exercising conversion rights on convertible bonds and executing share buybacks. Furthermore, in the fiscal year under review, the recognition of special losses caused net income to decrease, resulting in a significant decline in net income per share.

Explanation : An index for assessing investment value per share
Formula : Net Income / (Number of Shares Issued - Treasury Stock)
Criteria : Bigger, Smaller

Annual Cash Dividends per Share

(yen)

Capcom has its fundamental dividend policy of providing a continued and stable dividend to the shareholders. In accordance with its policy, an annual dividend of 20 yen per share was paid from the fiscal year ended March 1998 to that ended March 2006. Cash dividend per share for the fiscal years ended March 2007 to 2008 was raised to 30 yen thanks to its stable revenue base brought by its structural reform. Moreover, we continued to incrementally increase dividend payments in line with earnings based on our policy of providing stable dividends; from the fiscal year ended March 2009, the annual dividend was increased to 35 yen and again up to 40 yen in the fiscal year ended March 2011.

Explanation : An annual dividend per share
Formula : Dividend / (Number of Shares Issued - Treasury Stock)
Criteria : Bigger, Smaller
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