1
AVEX GROUP HOLDINGS INC.
Highlights of ConsolidatedFinancial Results
First three quarters of
fiscal year ending March 2009
FY ending March 2009
Consolidated business results
First three quarters of
fiscal year ending March 2009

2
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
3
©2009 avex group holdings, Inc.
All Right Reserved
First three quarters
Digest of consolidated financial results
+5
14
9
Net income
+12
43
31
Ordinary income
+1.1%
+15
+118
Change
7.0%
5.9%
Operating income
margin
58
42
Operating income
833
715
Sales
Current
term
Previous
term
Both sales and operating income increased
Both sales and operating income increased
In the PC Business
in particular, sales rose 24.3% year on year (
up 8.1 billion yen
)
and operating income was
up 1.6 billion yen
year on year
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
4
©2009 avex group holdings, Inc.
All Right Reserved
First three quarters
Summary of consolidated financial results

Total sales increased 11.8 billion yen
, reflecting a rise in
revenue from the company
’
s
own labels in the PC Business and an increase in income from music distribution, etc. in the NC Business.

Despite a fall in the gross profit margin and a rise in general expenses, operating income was 5.8 billion yen (
up 1.5
billion yen
year on year).
715
833
42
58
36.9%
35.8%
0
100
200
300
400
500
600
700
800
900
Previous term
Current term
Sales
Operating income
Gross profit margin

3
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
5
©2009 avex group holdings, Inc.
All Right Reserved
Previous term
Current term
+189
+1
+24
+42
+81
+38
Change in
sales
+118
+1
+21
+30
+77
-13
Change in
external
sales
715
17
77
192
333
93
External
Sales
985
29
89
201
334
331
Sales
833
1,175
Total
18
31
Others
99
114
LC
223
243
NC
410
416
PC
80
369
CC
External
Sales
Sales
First three quarters
Consolidated sales by business segment
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
6
©2009 avex group holdings, Inc.
All Right Reserved
+26
34
60
Total
-10
7
-2
Elimination
and corporate
Previous
term
Current
term
+15
-0
+1
+9
+16
-1
Change
Operating income
42
58
Total
4
4
Others
2
4
LC
24
34
NC
-2
13
PC
5
3
CC
-5
0
5
10
15
20
25
30
35
CC
PC
NC
LC
Others Elim ination
and
corporate
Previous term
Current term
First three quarters
Consolidated operating income by business segment

4
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
7
©2009 avex group holdings, Inc.
All Right Reserved
42
-1
+16
+9
+1
-0
-10
58
30
40
50
60
70
Previous term
CC
PC
NC
LC
Others
Elimination
and corporate
Current term
First three quarters
Increase/decrease factors of consolidated operating income (vs. same period last year)
+15
-18
-15
+50
58
-10
-0
+1
+9
+16
-1
42
Total
-7
-0
-0
-2
+0
-7
Effect of changesin SG&A expenses
-2
-0
+0
-3
+2
-12
Effect of changesin cost rates
+0
+2
+15
+13
+18
Effect of changesin sales
Total
change
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
8
©2009 avex group holdings, Inc.
All Right Reserved
-
+37.8%
+8.4%
+17.5%
-0.2%
+9.5%
-
+13.1%
+18.5%
+16.5%
Percentage
change
+1.1%
7.0%
5.9%
Operating income margin
+15
58
42
Operating income
+18
239
221
Total SG&A expenses
+12
84
72
General expenses
-0
85
85
Sales promotion andadvertising expenses
+5
69
63
Personnel costs
-1.1%
35.8%
36.9%
Gross profit margin
+34
298
263
Gross profit
+83
535
451
Cost of sales
+118
833
715
Sales
Change
Current
term
Previous
term
First three quarters
First three quarters
Consolidated comparative income statement

5
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
9
©2009 avex group holdings, Inc.
All Right Reserved
First three quarters
Consolidated results-1
508 578
669 715
833
0
100
200
300
400
500
600
700
800
900
March
2005
March
2007
March
2009
Sales
11
43 42 42
58
0
10
20
30
40
50
60
March
2005
March
2007
March
2009
Operating income
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
10
©2009 avex group holdings, Inc.
All Right Reserved
First three quarters
Consolidated results-2
58
47
55
76
47
63
82
55
66
85
63
72
85
69
84
0
50
100
150
200
250
March
2005
March
2007
March
2009
SG&A expenses
Advertising expenses
Personnel costs
General expenses
Profit margins
34.0%
39.8%
36.9% 36.9% 35.8%
7.0%
5.9%
6.4%
7.4%
2.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
March
2005
March
2006
March
2007
March
2008
March
2009
Gross profit margin
Operating income margin