1
AVEX GROUP HOLDINGS INC.
Highlights of ConsolidatedFinancial Results
First half of fiscal year ending
March 2009
FY ending March 2009
Consolidated business results
First half 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
©2008 avex group holdings, Inc.
All Right Reserved
+1
3
+7
4
-2
Net income
+5
15
+15
20
4
Ordinary income
+1.4%
+7
+0
Difference
+2.8%
+18
+107
Change
4.1%
5.5%
2.7%
Operating income
margin
23
30
12
Operating income
563
563
455
Sales
Forecast
Current
term
Previous
term
First half
Digest of consolidated financial results
Both sales and operating income increased
Both sales and operating income increased
In the PC Business in particular, sales rose 38.1% year on year (
up 7.6 billion yen
）
and operating income was
up 1 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
©2008 avex group holdings, Inc.
All Right Reserved
First half
Summary of consolidated financial results
455
563
563
12
23
30
35.3%
34.3%
32.9%
0
100
200
300
400
500
600
Previous term
Current term
Forecast
Sales
Operating income
Gross profit margin

Total sales increased 10.7 billion yen
, reflecting a rise in
revenue from the company
’
s
own labels in the PC Business and an increase in MD sales in the NC Business.

Despite a fall in the gross profit margin and a rise in general expenses, operating income was 3 billion yen (
up 1.8 billion
yen
year on year).

3
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
5
©2008 avex group holdings, Inc.
All Right Reserved
Forecast
Previous term
Current term
+0
-1
+2
-8
+3
+3
Difference in External
Sales
-11
-1
+9
+2
-0
-22
Difference
in Sales
+165
+1
+23
+34
+76
+29
Change in
sales
+107
+1
+19
+23
+75
-11
Change in
external
sales
803
22
80
160
276
265
Sales
563
14
74
155
270
50
External
Sales
455
11
57
122
198
65
External
Sales
626
19
66
128
199
213
Sales
563
791
Total
12
20
Others
76
89
LC
146
162
NC
273
275
PC
53
242
CC
External
Sales
Sales
First half
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
©2008 avex group holdings, Inc.
All Right Reserved
+7
27
+25
8
34
Total
+0
-4
-7
3
-3
Elimination
and corporate
Forecast
Previous
term
Current
term
+7
+0
+0
+2
+8
-4
Difference
23
3
2
21
-1
2
+18
-0
-0
+8
+10
+6
Change
Operating income
12
30
Total
3
3
Others
2
2
LC
14
23
NC
-2
7
PC
-9
-2
CC
-10
-5
0
5
10
15
20
25
CC
PC
NC
LC
Others
Elimination
and
corporate
Previous term
Current term
Forecast
First half
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
©2008 avex group holdings, Inc.
All Right Reserved
12
+6
+10
+8
-0
-0
-7
30
5
10
15
20
25
30
35
40
Previous term
CC
PC
NC
LC
Others
Elimination and
corporate
Current term
First half
Increase/decrease factors of consolidated operating income (vs. same period last year)
+18
-13
-9
+41
30
-7
-0
-0
+8
+10
+6
12
Total
-4
-0
-0
-2
-0
-5
Effect of changesin SG&A expenses
-2
-0
-2
-1
-1
-1
Effect of changesin cost rates
+0
+2
+12
+13
+13
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
©2008 avex group holdings, Inc.
All Right Reserved
23
-4
+8
+2
+0
+0
+0
30
20
25
30
35
Forecast
CC
PC
NC
LC
Others
Elimination and
corporate
Current term
First half
Increase/decrease factors of consolidated operating income
(compared with forecast)
+7
-0
+16
-8
30
+0
+0
+0
+2
+8
-4
23
Total
-2
-0
-0
+2
-1
+2
Effect of changesin SG&A expenses
+3
+0
-0
-1
+10
+2
Effect of changesin cost rates
-0
+0
+0
-0
-9
Effect of changesin sales
Total
difference

5
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
9
©2008 avex group holdings, Inc.
All Right Reserved
-
+33.7%
+0.2%
-5.9%
+4.7%
+2.9%
-
+4.3%
-2.1%
+0.0%
Percentage
change
-
+151.8%
+9.4%
+19.7%
+1.0%
+8.8%
-
+20.2%
+25.5%
+23.7%
Percentage
change
+1.4%
4.1%
+2.8%
5.5%
2.7%
Operating income margin
+7
23
+18
30
12
Operating income
+0
162
+13
162
148
Total SG&A expenses
-3
62
+9
58
48
General expenses
+2
55
+0
57
57
Sales promotion andadvertising expenses
+1
45
+3
46
42
Personnel costs
+1.4%
32.9%
-1.0%
34.3%
35.3%
Gross profit margin
+8
185
+32
193
160
Gross profit
-7
378
+75
370
294
Cost of sales
+0
563
+107
563
455
Sales
Difference
Forecast
Change
Current
term
Previous
term
First half
First half
Consolidated comparative income statement
All figures, if not otherwise indicated, are expressed in units of 100million yen. (Amounts of less than 100 million yen are truncated.)
10
©2008 avex group holdings, Inc.
All Right Reserved
First half
Consolidated results-1
321
381 414
455
563
0
100
200
300
400
500
600
March
2005
March
2007
March
2009
Sales
-4
19
4
12
30
-5
0
5
10
15
20
25
30
March
2005
March
2007
March
2009
Operating income