KADOKAWA HOLDINGS,INC.
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THE KADOKAWA GROUP
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FREE MAGAZINE
Management's Discussion and Analysis of Operations
FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF OPERATIONS
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
INDEPENDENT AUDITORS' REPORT
Kadokawa Holdings Board of Directors
Corporate Data
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THE KADOKAWA NETWORK

Kadokawa Holdings, Inc. was newly established as the holding company in April 2003 and is striving to enhance the corporate value of the group companies, while reinforcing the unifying force of the whole group by the management integration. Kadokawa Holdings has, under its control, Kadokawa Shoten Publishing Co., Ltd., Media Works Inc., SS Communications Inc., Kadokawa Pictures, Inc. and Building Book Center Co., Ltd. and has been marking steady steps forward as the “Comprehensive Media Company in Publication and Visual Businesses”. And, it is one of the most important group strategies to expand the business fields in order to be the “Mega Contents Provider”, which is our ultimate goal. In this respect, Kadokawa Group reinforced its two driving wheels, namely the publication business and the visual business, by the new participation of MediaLeaves, Inc., and its major two publishing companies, ENTERBRAIN, Inc. and ASCII Corporation, the investment into Nippon Herald Films, Inc., the new establishment of Kadokawa Entertainment, Inc. to sell the video package and the investment into DreamWorks LLC in the United States, and established unprecedented integrated management as the corporation operating in the media industry in Japan.

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