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Gree fy2012 q1-1

  1. 1. GREE, Inc.Financial Results for the Fourth Quarter of the Fiscal Year Ended June 30, 2012 August 14, 2012 (Revised: August 24, 2012) Copyright © GREE, 2004-2007 GREE,Inc. All Rights Reserved. Copyright © Inc. All Rights Reserved.
  2. 2. This document contains a partial revision to the FY2012 4Q Presentation Materials announced on August14 (underlined below).Revision:“Business Strategy: Japan,” p.20(Before)Numerous in-house and co-branded games planned based on major IP(After)Numerous projects based on major IP planned, including in-house and co-branded gamesSample lineup of games planned through co-production in partnership with Namco Bandai Games Inc. Copyright © GREE, Inc. All Rights Reserved.
  3. 3. Contents FY2012 Fourth Quarter Business Results Business Strategy for the Fiscal Year Ending June 30, 2013 (FY2013) Copyright © GREE, Inc. All Rights Reserved.
  4. 4. FY2012 Fourth Quarter Business Results Copyright © GREE, Inc. All Rights Reserved.
  5. 5. FY2012 Fourth Quarter Highlights Global launch of GREE Platform  Launched GREE Platform globally, enabling distribution of games in 169 countries (*1)  Through Funzio acquisition, secured excellent Progress of global creative talent and development and operational expansion expertise behind hit social games and top-ranking titles on the U.S. App Store  Continued investing globally in hiring and other areas. Expanded network of game studios to span five countries—Japan, U.S., China, South Korea and the U.K.  Focused on global expansion and improvement of user environment, which resulted in a shortage of major IP titles and new titles Expansion in  Implemented measures to improve the GREE user Japan environment, including anti-RMT measures (*2), setting of monthly purchase limits for underage users, and discontinuation of comp-gacha functions  Formed partnerships aimed at securing major IP titles and strengthened game development pipeline (*1) As of July 31, 2012 targeting launches in FY2013 (*2) Real money trading (RMT) indicates using usage rights of GREE services to make monetary or property exchanges, as well as all related advertising, announcing and soliciting. 3 Copyright © GREE, Inc. All Rights Reserved.
  6. 6. FY2012 Fourth Quarter and Full-Year Financial Results(Consolidated) Millions of yen ※ FY2012 YoY change 4Q FY2012 YoY change 3Q FY2012 QoQ change Net sales 158,231 +147% 40,080 +90% 46,189 -13% Operating profit 82,729 +166% 18,996 +94% 24,549 -23% Ordinary profit 81,935 +166% 18,439 +90% 24,505 -25% Net profit 47,967 +163% 12,328 +117% 13,448 -8%  Net sales reached a record high of ¥158.231 billion (+147% YoY)  FY2012 expenses increased significantly due to costs associated with global expansion, including labor and rental charges. However, all profit lines rose sharply as growth in net sales outpaced growth in expenses, mainly on higher paid services revenue. 4 Copyright © GREE, Inc. All Rights Reserved.
  7. 7. Net Sales & Operating Profit (Consolidated)Millions of yen 50,000 46,189 45,000 41,529 40,080 40,000 35,000 30,432 30,000 24,549 25,000 22,535 21,093 20,000 18,996 16,372 16,646 14,302 15,000 12,410 9,789 10,000 8,199 6,221 6,924 5,000 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2011 2011年6月期 FY2012 2012年6月期 売上高 Net sales 営業利益 profit Operating 5 Copyright © GREE, Inc. All Rights Reserved.
  8. 8. Sales by Business (Consolidated) Paid Services Sales Advertisement SalesMillions of yen Millions of yen 50,000 4,000 3,636 45,000 42,882 3,500 3,306 3,238 40,000 38,290 36,444 2,928 3,000 35,000 2,706 2,466 30,000 2,500 2,363 27,503 2,262 25,000 2,000 20,000 18,387 1,500 15,000 13,906 11,938 10,147 1,000 10,000 5,000 500 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2011年6月期 FY2011 2012年6月期 FY2012 FY2011 2011年6月期 FY2012 2012年6月期  Focused on global expansion of GREE  Steady growth in sales of partner Platform and improving our user advertising and reward advertising. environment, resulting in a shortage of major IP titles and new titles. 6 Copyright © GREE, Inc. All Rights Reserved.
  9. 9. FY2012 Fourth Quarter Operating Expenses(Consolidated) Millions of yen FY2012 YoY change 4Q FY2012 YoY change 3Q FY2012 QoQ changeCost of sales: 13,099 +138% 4,571 +122% 3,678 +24% Rental charges 5,963 +120% 1,606 +52% 2,099 -23% Labor costs 4,289 +151% 1,709 +190% 979 +75% Others 2,846 +160% 1,254 +206% 599 +109%SG&A: 62,403 +127% 16,512 +79% 17,962 -8% Advertising 18,516 +36% 4,489 +14% 5,246 -14% Paid-charge commissions 18,809 +167% 4,958 +101% 5,501 -10% Labor costs 7,043 +289% 2,300 +237% 1,968 +17% Others 18,033 +255% 4,764 +121% 5,245 -9% Rental charges: Increased in FY2012 due to higher user activity and increased number of data centers associated with global expansion Advertising: Increased in FY2012, but ratio of advertising expenses to sales declined YoY due to more effective advertising based on cost performance assessment Labor costs: Increased in FY2012 due to smooth progress of global personnel plan 7 Copyright © GREE, Inc. All Rights Reserved.
  10. 10. FY2012 Fourth Quarter Balance Sheet(Consolidated) Millions of yen End-4Q FY2012 End-4Q FY2011 YoY change End-3Q FY2012 QoQ changeCurrent assets 122,287 47,607 +157% 102,657 +19% Cash and cash equivalents 72,759 22,254 +227% 51,662 +41% Receivables 28,238 16,944 +67% 32,993 -14% Others 21,288 8,407 +153% 18,001 +18%Fixed assets 43,010 15,248 +182% 22,715 +89%Assets 165,297 62,855 +163% 125,373 +32%Current liabilities 68,512 25,202 +172% 53,914 +27%Liabilities 81,311 25,393 +220% 54,102 +50%Paid-in capital 2,179 2,135 +2% 2,172 +0%Capital reserves 2,177 2,133 +2% 2,169 +0%Capital reserves 79,338 33,434 +137% 67,009 +18%Others 291 - 241 - - 80 -Shareholders’ equity 83,985 37,462 +124% 71,270 +18% 8 Copyright © GREE, Inc. All Rights Reserved.
  11. 11. FY2012 Fourth Quarter Cash Flow Statement(Consolidated) Millions of yen End-4Q FY2012 End-4Q FY2011 YoY change Net cash provided by operating activities 59,578 15,678 +280% Net cash provided by investment activities -24,488 -3,272 +648% Net cash provided by financing activities 15,479 -1,090 - Cash and cash equivalents at the end of the period 72,759 22,254 +227% 9 Copyright © GREE, Inc. All Rights Reserved.
  12. 12. Dividends Year-end dividend forecast:¥30 per share ■ In FY2012, GREE’s consolidated net sales rose 146.6% and net income rose 163.0% YoY. We therefore plan to strengthen measures to return value to shareholders. ■ We recognize shareholder returns as an important aspect of our business and will pay dividends in line with our business performance and financial circumstances, while also setting aside internal reserves to optimize and develop our business. ■ In line with our basic policy of tying dividend distributions to earnings results, we target a consolidated dividend yield of 20% over the long term ■ Based on a consideration of the 146.6% increase in consolidated net sales and 163.0% increase in consolidated net income, we forecast a dividend of ¥30 per share (FY2011: ¥9 per share) and a consolidated dividend ratio of 14.5%. * FY2012 dividend distributions must be approved at the regular meeting of shareholders scheduled for September 25, 2012. . 10 Copyright © GREE, Inc. All Rights Reserved.
  13. 13. Initiatives to Improve User Environment Activities of the Social Game Platform Contact Conference Initiative Date announced Guidelines for in-game notifications Clear June 22 guidance Improve transparency by providing appropriate notifications regarding gacha function terms and content Guidelines for comp-gacha Compilation of examples of comp-gacha May 25 Comp-Guidelines gacha In addition to providing examples of comp-gacha, also provided game companies with examples of functions that could interfere with the independent June 22 and rational decision making of users and warn against their use. Guidelines on measures to prevent real money trading RMT Prohibition of RMT and prevention of fraud, deceitful practices, or other actions June 22 that have an adverse impact on the user environment Provision of an environment appropriate for young users User Protectionenvironment of youth Provision of an appropriate environment that not only protects young users, but April 23 allows them to enjoy social games in the long term Dissolution/ Formation of committee to guide the establishment of Social System reorganization Gaming Environment Quality Council (tentative name) June 22 11 Copyright © GREE, Inc. All Rights Reserved.
  14. 14. Initiatives to Improve User Environment Formation of committee to guide the establishment of the Social Gaming Environment Quality Association (tentative name) Social Gaming Environment Quality Association Social Game Platform Contact Conference (tentative name) Main activities (current plan) Establishment date October (tentative) Self-imposedDissolution and reorganization Purpose regulations to enhance • To promote the development of user environment a social gaming environment that people can use safely Establishment committee Educational activities targeting youthParticipants Participants (current plan)• Academic experts • Academic experts• Experts in the field • Experts in the field• Attorneys • Consumer groups Consumer help desk• CESA• Six member • Game companies (management of corporations of Social • Platform companies counseling center) Game Platform Contact Conference Regular meetings started July 25 12 Copyright © GREE, Inc. All Rights Reserved.
  15. 15. FY2012 Fourth Quarter Operational Review Launched GREE Platform globally in GREE’s first exhibit at E3, the largest May 2012 game show in the world App Portal App Portal English Japanese Revamped UI to create new worldwide  GREE’s booth featured playable demos mobile social gaming platform with unified of 13 GREE titles and 12 GREE partner English- and Japanese-language design titles. 13 Copyright © GREE, Inc. All Rights Reserved.
  16. 16. FY2012 Fourth Quarter Operational Review Launched several in-house titles globally Net sales from global (ex-Japan) market Unit: Indexed with Jan.-Mar. 2012 net sales as 1 2.0 1.5 1.0 0.5 0.0 Jan.-Mar., 2012 2012年1-3月期 2012年4-6月期 Apr.-Jun., 2012 *Total ex-Japan net sales of GREE and Funzio Launched beta version of Japanese  Steady growth in net sales from titles globally. Planning to implement global market beta promotions sequentially 14 Copyright © GREE, Inc. All Rights Reserved.
  17. 17. FY2012 Fourth Quarter Operational Review Secured major IP New game design ©K S/S・T・P ©G・A Copyright (Japan Only) Formed partnership with Namco Bandai  Launched new game Tomodachi Dogs Games Inc. with a view to developing (English title Puffy Puppy) as a smartphone business globally. In the first phase, launched native app in April NARUTO Shinobi Masters (feature phone) version on June 27th 15 Copyright © GREE, Inc. All Rights Reserved.
  18. 18. Business Strategy for the Fiscal YearEnding June 30, 2013 (FY2013) Copyright © GREE, Inc. All Rights Reserved.
  19. 19. FY2013 earnings forecasts Millions of yen FY2013 FY2012 (A)/(B) (forecast) (A) (actual) (B) Change 195,000 +23.2% Net sales 158,231 ~205,000 ~+29.6% 74,000 (10.6%) Operating income 82,729 ~84,000 ~+1.5% 74,000 (9.7%) Ordinary income 81,935 ~84,000 ~+2.5% 46,000 (4.1%) Net income 47,967 ~52,000 ~+8.4% Net sales Net sales in Japan are expected to recover and enter into a gradual • Japan : growth mode with the launch of major IP titles and new smartphone- • Europe, compatible titles North : Launch in-house and co-branded games offered in Japan on the global America, Asia market. Net sales expected to grow with launch of new titles in genres such as simulation games and card battle games Costs • Japan Maintain costs at an appropriate level by making cost-effective : • Europe, advertising purchases and operating servers efficiently. North Make aggressive investments, especially in human resources, to create : systems to support global growth. America, Asia 17 Copyright © GREE, Inc. All Rights Reserved.
  20. 20. FY2013 Business Strategy Japan Europe, North America, AsiaImprove game  Improve KPIs through introduction of  Improve ARPDAU and other KPIs KPIs new game models, etc. based on understanding of the market characteristics of each regionIntroduce hit  Expand lineup of in-house and co-  Expand lineup of simulation games titles branded games based on major IP Expand and  Develop and provide new game  Launch additional card battle gamesimprove game design to succeed major card battle design hits  Improve CSR activities and initiatives  Expand area of coverage through Other to improve user environment expansion of languages supported 18 Copyright © GREE, Inc. All Rights Reserved.
  21. 21. FY2013 Business Strategy: Japan FY2013 Q1 progress July-Aug. coin consumption during first five days of month(Unit: Indexed so that 1 = coin consumption during first five days of July)  Coin consumption recovering in August  Company resources that had been 110 focused on global launch of GREE 1.1 Platform and on initiatives to improve the user environment are now being freed to focus on game development and operation  Developing new game models such as event models (For reference) Progress in compliance with guidelines 100 1.0 GREE Compliance with GREE partner titles/jointly guidelines games launched games Discontinuation of Completed by end- Completed by end- comp-gacha May June Discontinuation of Completed by end- Completed by end- comp-gacha-like June June functions Clear in-game Began implementing Completed by end- 90 0.9 guidance sequentially in June August July 7月 August 8月 2012 2012 19 Copyright © GREE, Inc. All Rights Reserved.
  22. 22. FY2013 Business Strategy: JapanFY2013 Major IP titles planned (selected titles) Numerous projects based on major IP planned, Sample lineup of games planned through co-production including in-house and co-branded games in partnership with Namco Bandai Games Inc. Tales of Card Evolve ©MUTSUMI INOMATA ©KOSUKE FUJISHIMA ©2012 NAMCO BANDAI Games Inc. (Summer launch planned) SUMMONNIGHT COLLECTION ©NBGI Powered by AltPlus Inc. (Autumn launch planned) Pacman series (Winter launch planned) Idolmaster series (Winter launch planned) …many more game BLEACH Soul Masters © Tite Kubo/Shueisha, TV TOKYO, dentsu, Pierrot launches also planned ©GREE,Inc. Copyright (Japan Only) (Started preregistration on 7/20. End-Aug. launch planned) 20 Copyright © GREE, Inc. All Rights Reserved.
  23. 23. FY2013 Business Strategy: JapanFY2013 New games planned (selected titles) Expand lineup beyond card battle games into new smartphone compatible game genres Animal Days MONPLA SMASH Wacky Motors ※ MODE STYLE Soul Island ※ Launched in July 2012 21 Copyright © GREE, Inc. All Rights Reserved.
  24. 24. FY2013 Business Strategy: JapanImprove CSR activity 1. Use CSR to accelerate our efforts to make the world a better place through the power of the Internet.  Support the Internet technical community and academic research  Promote the use of the Internet in economic, political, educational, and healthcare activities  Promote culture and the arts using the Internet 2. Contribute to the sustainable development of Internet society  Conduct educational activities that promote a safe Internet  Improve the user environment of the Internet for youth 3. Contribute to society as a whole, recognizing our position as participants in the economy and members of the local community  Provide support for athletes representing Japan  Contribute to efforts to protect the environment, promote social welfare, and provide humanitarian aid to those in need 22 Copyright © GREE, Inc. All Rights Reserved.
  25. 25. FY2012 CSR Activity Report* Fostering young engineers and creators  Sponsorship of SamurAI coding, the Information Processing Society of Japan’s International AI Programming contest for young engineers  Support for the education of young programmers through a business/education partnership with Vantan Contents Tracks Inc., the company that runs Vantan Game Academy  Sponsorship of the 18th Student CG Contest sponsored by the Computer Graphic Arts Society (CG-ARTS)  Support for CodeSprint Japan, a programming contest that originated in Silicon Joint press conference with IPSJ (April 2012) Valley, as the main sponsor Supporting and working with the technical community  Sponsorship of Android Bazaar and Conference 2012 Spring, hosted by Japan Android Group and The University of Tokyo  Sponsorship of Jenkins User Conference 2012 Tokyo for users of the Jenkins continuous integration tool  Sponsorship of Open Source Conference 2012 Kansai@Kyoto, where the latest information on open source projects was presented Supporting local industries  Special sponsorship of Kochi Prefecture Social Network Game Design Contest, to promote the creation of local industry and increase youth employment  This was the first social game contest in Japan hosted and supported by a local NPO, the Kochi Prefecture Content Business Promotion Council (members include the Kochi prefectural government, Shikoku Bank, and The Bank of Kochi).  The winner of the first contest, Koakuma no Joken, was released as a full-scale game on January 23, 2012. Second Kochi Prefecture Social Network  The second contest was won by a middle school student and the entry, Shin-Ryuki Game Design Contest winner, Shin-Ryuki Guild Fantasia, was released as a full-scale game on June 7, 2012. Guild Fantasia* Please see our webpage for more examples of CSR activities: 23 Copyright © GREE, Inc. All Rights Reserved.
  26. 26. FY2013 Business Strategy: Europe, North America, Asia Steady growth through two main game genres Growth in simulation games Expansion of card battle games  Developing and preparing to launch further titles in addition to the card battle games already offered  Release Android versions in addition to  Have already attained ARPAU of iOS version approx. US$1 from current offering of  Planning launch of new games based card battle games on the simulation game design but with  Achieve major improvement in KPI, different motifs conduct ongoing promotions 24 Copyright © GREE, Inc. All Rights Reserved.
  27. 27. FY2013 Business Strategy: Europe, North America, Asia Expanding lineup and gaining promotional expertise Success on iPhone and iPad Success through effective promotions No. of apps No. of Company in top 100 companies 6 or more Zynga(※2) 1 Electronic Arts(※3) TeamLava 4 or more GREE(※4) 5 Top Grossing Ranking No. 21 (Aug. 13, 2012) Disney TinyCo, Inc. Gameloft FreshPlanet Inc. Machine Zone, Inc Halfbrick Studios Pocket Gems, Inc. Ludia 2 or more Activision Publishing, 12 Mobage, Inc. Inc. Top Grossing No. 89 (Aug. 13, 2012) Supercell Ranking Beeline Europe Z2Live, Inc Source: U.S Overall Google Play Booyah, Inc. Source: Apple Inc. (*1) Top 100 grossing apps in U.S. Apps Store as of August 11  Used effective promotions to achieve (*2) Includes apps from acquisition OMGPOP (*3) Includes apps from acquisition PopCap Games ranking at No.21 for MODERN WAR on (*4) Includes apps from acquisition Funzio the Top Grossing. Also achieved sharp  Multiple titles in the top ranking of the rise to No.89 for Cerberus Age iPhone U.S. App Store  Will introduce new promotions following  MODERN WAR achieved No.1 in the improvements in KPIs Top-Grossing Ranking1 on the U.S. App Store 25 Copyright © GREE, Inc. All Rights Reserved.
  28. 28. FY2013 Business Strategy: Europe, North America, Asia Net sales from global (ex-Japan) market Developing business in Asia, Europe markets Unit: Indexed so that June net sales= 1 1.5 1 GREE Platform support for 14 0.5 languages planned 0 6月 Jun 2012 7月 July 2012 *Total ex-Japan net sales of GREE and Funzio  Net sales increased steadily in July,  Introduce language support in Korean, mainly in the U.S. market Chinese and other languages. Expand business in Asia, Europe market 26 Copyright © GREE, Inc. All Rights Reserved.
  29. 29. Appendix Copyright © GREE, Inc. All Rights Reserved.
  30. 30. SNS + Social Games 会 員 Users SNS Social games Diary My Apps / Comments Community / MB Growth in Purchase of Page Views items Advertisement Sales Paid Service Sales GREE 28 Copyright © GREE, Inc. All Rights Reserved.
  31. 31. In-house social games “Tsuri-Sta” “Odoriko Clinoppe” “Tanken Doliland” “Hacöniwa” “Mon-Pla” “Pirate Kingdom Columbus” Feeling Fantastic! Play Fishing One-of-a-kind pet you can keep in New exploration type card game Easy gardening experience A Blockbuster! Monster Adventure Great Pirates Battle Game!! Game with your mobile! your mobile (released in August 2008) with your mobile (released in June 2010) (released in August 2010) (released in May 2007) (released in July 2007) (released in September 2008) (※)“Sengoku Kingdom” “Cerberus Crusade” “Decobito” “Crime City” “AKB48 Stage Fighter” “Majin Kingdom” The Grand Battle! Sengoku The Social-Strategy RPG A Delightful Life with Animals Build your criminal empire! The first AKB48-themed social A battle game with summoning Card Game! (released in April 2011) (released in June 2011) (released August 2011) game legendary heroes! (released in February 2011) (released October 2011) ⒸAKS ⒸGREE, Inc./A-Team. Inc (released in December 2011) (※) (※) (※) (※) “Modern War” “Dragon Ark” “Sankoku Shinki” “Zombie Jombie” “Alien Family” “Dino Life”Build your military and achieve victory Classical fantasy + simulation Sankokushi+ fantasy+ card Major U.S. hit with more than Alien family Cavemen and dinosaurs getting along together? in modern war! + action game (released in Feb 2012) 1 million downloads rearing adventure Popular simulation game (released December 2011) (released in Feb. 2012) (released March 2012) (release March 2012) (released April 2012) (※) “Kingdom Age” “Tomodachi Dogs” “NARUTO Shinobi Masters”“Wacky Motors” Lead your army and build your kingdom in Start your new life with Collect ninja cards and do battle! Race your rivals for treasure in this * Major markets excluding Japan, China and Korea this exciting strategy game your pet dog! (released June 2012) car battle game. (released April 2012) (released April 2012) ©K S/S・T・P ©G・A Copyright (Japan Only) (released July 2012) 29 Copyright © GREE, Inc. All Rights Reserved.
  32. 32. Wide Variety of Revenue Sources GREE Mobile screen 広告 Advertisement - - 純広告(バナー/テキスト) Original ads (banners/text) - タイアップ広告 - Tie-up ads 広告メディア収入 Advertisement へ貢献 Sales ソーシャルゲーム Social games - SNSと連動した無料ゲーム - Free-to-play games linked to social network -内製ゲーム他、多様なラインナップ - Rich lineup includes in-house games 有料課金収入 Paid へ貢献 Service Sales 30 Copyright © GREE, Inc. All Rights Reserved.
  33. 33. Improving Safety & Security24時間365日の GREE パトロール体制 365 days a yearGREE patrol system runs 24 hours a day, A 24 hour, 365 days per year patrol service begun in November 2006. EMA GREE Patrol Centers were established in Tokyo, Hokkaido, and Okinawa, employing about (Content Evaluation and Monitoring Association) 450 personnel. Systematic and visual surveillance of content and reporting is conducted. If inappropriate material is discovered, measures are taken such as deletion, cautioning, suspension of Certified as a service, etc. “Safe Content Site”Restrictions by age GREE Patrol Messaging between users over 18 and those under 18 is restricted. Users under 18 are excluded from the searches of users over 18. Friend request messages to under 18s are limited to standard wording.User authentication New sign-ups to GREE are verified using mobile phone authentication. Users in violation are blocked from signing up again. Membership of a mobile phone filtering service is checked to verify the user’s age. Age information held by KDDI and SBM is checked for verification. (Discussions with other carriers underway.)Security and Safety Improvement Committee chaired by CEO The president chairs the committee. Held monthly, members include executives in charge, patrol staff, legal staff, etc. Screening/ Warning/ Monitoring DeletionThird-party certification Illegal and harmful content The first website approved by EMA (Content Evaluation and Monitoring Association) (Aug. 2008) Maintains management system that exceeds EMA standards, passing continuous and periodic inspections 31 Copyright © GREE, Inc. All Rights Reserved.
  34. 34. Improving Safety & Security:Educational Activities On- and Off-siteEducational activities on-site From February 2009, GREE joined the “Motto Good Net” initiative of the Safe Net-Making Promotion Conference, and maintains an official “Motto Good Net” account in GREE. From July 2011, links were added to each service on GREE to an educational page. Content is being renewed to make it even easier to understand. In Dec. 2011, the educational application “GREE’s 6 Promises to All,” which was released in Aug., was upgraded to a service for each age. Educational app, Manabou! Asobou! Rules of the Internet includes this section for children of elementary school age and younger.Educational activities off-site Continually carrying out education activities aimed toward educational organizations and local governments such as courses on GREE’s initiatives and the opening of the Patrol Center Active participation in many kinds of educational events and cooperation with private and public bodies such as the Safe Net-Making Promotion Conference Participation in conference on smartphone use for high school students in Osaka (July Educational activities conducted by GREE employees at Azabu High School (May 19, 2012) 12, 2012) 32 Copyright © GREE, Inc. All Rights Reserved.
  35. 35. Making the world a better place through the power of the Internet.■ This document includes some forecasts, which are based on currently available information. Theauthenticity of the information is not guaranteed. Actual performance may differ due to various factors, etc.■ When producing this document, we were careful not to include errors or omissions, but the authenticityand integrity of the information are not guaranteed. Copyright © GREE, Inc. All Rights Reserved.