Last checked at 6 Nov 2014 07:46
November 6, 2014 |
FOR IMMEDIATE RELEASE |
KONAMI CORPORATION Takuya Kozuki, Representative Director, President Shares listed: Tokyo, New York and London Stock Exchange
Contact: Junichi Motobayashi, General Manager, Finance and Accounting Tel: +81-3-5771-0222 |
Notification Regarding Voluntary Adoption of International Financial Reporting Standards (IFRS) |
KONAMI CORPORATION (the "Company") hereby announces that its Board of Directors has resolved, at a Board of Directors' meeting held today, that, starting from the Company's annual report filed under the Financial Instruments and Exchange Law of Japan for the fiscal year ending March 31, 2015, the Company will voluntarily adopt International Financial Reporting Standards (IFRS) in connection with the Company's preparation and disclosure of its consolidated financial statements, instead of accounting principles generally accepted in the United States ("U.S. GAAP").
The Company's anticipated schedule for its voluntary adoption of IFRS is as follows:
Date | Disclosure Item | Accounting Standard |
May 2015 | Annual financial results announcement - Consolidated Financial Results for the fiscal year ending March 31, 2015 - Consolidated Earnings Forecasts for the fiscal year ending March 31, 2016 |
U.S. GAAP
IFRS
|
Consolidated financial statements under the Companies Act for the fiscal year ending March 31, 2015 | U.S. GAAP
| |
June 2015 | Annual report filed under the Financial Instruments and Exchange Law for the fiscal year ending March 31, 2015 | IFRS
|
Note: The Company's consolidated financial statements for the purpose of earnings releases and required under the Companies Act for the three months ended June 30, 2014, the six months ended September 30, 2014 and the nine months ending December 31, 2014 were prepared or will be prepared in accordance with U.S. GAAP.
Cautionary Statement with Respect to Forward-Looking Statements:
Statements made in this document with respect to our current plans, estimates, strategies and beliefs, including the above forecasts, are forward-looking statements about our future performance. These statements are based on management's assumptions and beliefs in light of information currently available to it and, therefore, you should not place undue reliance on them. A number of important factors could cause actual results to be materially different from and worse than those discussed in forward-looking statements. Such factors include, but are not limited to: (i) changes in economic conditions affecting our operations; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar and the Euro; (iii) our ability to continue to win acceptance of our products, which are offered in highly competitive markets characterized by the continuous introduction of new products, rapid developments in technology and subjective and changing consumer preferences; (iv) the timing of the release of new game titles and products, especially game titles and products that are part of historically popular series; (v) our ability to successfully expand internationally with a focus on our Digital Entertainment business and Gaming & Systems business; (vi) our ability to successfully expand the scope of our business and broaden our customer base through our Health & Fitness business; (vii) regulatory developments and changes and our ability to respond and adapt to those changes; (viii) our expectations with regard to further acquisitions and the integration of any companies we may acquire; and (ix) the outcome of existing contingencies.
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