{"id":21669,"date":"2023-02-16T14:28:12","date_gmt":"2023-02-16T05:28:12","guid":{"rendered":"https:\/\/www.capcom.co.jp\/ir\/?page_id=21669"},"modified":"2023-12-08T17:25:40","modified_gmt":"2023-12-08T08:25:40","slug":"cfo","status":"publish","type":"page","link":"https:\/\/www.capcom.co.jp\/ir\/english\/data\/oar\/2022\/cfo.html","title":{"rendered":"Financial Strategy According to the CFO"},"content":{"rendered":"\n<div class=\"oarBnWrapper\">\n        <div class=\"oarBnBody oar2022\">\n            <div class=\"fixedHeader\">\r\n\r\n        <section class=\"fixedTop\">\r\n\r\n            <div class=\"container\">\r\n                <h1><a href=\"\/ir\/english\/data\/oar\/2022.html\"><img decoding=\"async\"\r\n                            src=\"\/ir\/english\/assets\/images\/data\/oar\/2022\/top\/top_title01.svg\"\r\n                            alt=\"INTEGRATED REPORT 2022\"><\/a><\/h1>\r\n\r\n                <div class=\"ticker\">\r\n                    <img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2022\/top\/top_title02.svg\"\r\n                        alt=\"Invested in People, Committed to Growth\">\r\n                <\/div>\r\n                <!--\/\/ticker-->\r\n\r\n            <\/div>\r\n            <!--\/\/container-->\r\n        <\/section>\r\n        <!--\/\/section-->\r\n\r\n\r\n        <section class=\"globalnav\">\r\n\r\n            <ul>\r\n                <li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_02.pdf\" target=\"_blank\">Value Creation <br class=\"is-pc\">Story (PDF)<\/a><\/li>\r\n\r\n                <li><span class=\"openPopup\">CEO<br>Commitment<\/span>\r\n                    <div class=\"navPopup\">\r\n                        <div class=\"container\">\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li class=\"txtB txt18\"><a href=\"\/ir\/english\/data\/oar\/2022\/ceo.html\">CEO\r\n                                                Commitment (Top)<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                            <\/nav>\r\n\r\n\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/ceo.html#sec01\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->1.\r\n                                                Aiming to be #1: delivering the world\u2019s best content\r\n                                                \u201cFrom Osaka, to the world\u201d<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/ceo.html#sec02\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->2.\r\n                                                Game industry forecast<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/ceo.html#sec03\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->3.\r\n                                                Investing in human resources and development\r\n                                                equipment to create world-class games<\/a><\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n                            <\/nav>\r\n\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/ceo.html#sec04\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->4.\r\n                                                The strongest IP assets in our history and the\r\n                                                capabilities to continue creating high-quality content<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/ceo.html#sec05\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->5.\r\n                                                Increasing corporate value by building healthy\r\n                                                relationships and a sturdy framework<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/ceo.html#sec06\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->6.\r\n                                                Strengthening our corporate governance structure<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n                            <\/nav>\r\n\r\n                        <\/div>\r\n                        <!--\/\/container-->\r\n                    <\/div>\r\n                    <!--\/\/navPopup-->\r\n                <\/li>\r\n\r\n\r\n\r\n                <li><span class=\"openPopup\">COO Growth<br>strategy<\/span>\r\n                    <div class=\"navPopup\">\r\n                        <div class=\"container\">\r\n\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li class=\"txtB txt18\"><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html\">COO Growth\r\n                                                strategy (Top)<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                            <\/nav>\r\n\r\n\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html#sec01\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->Measure\r\n                                                1\uff1aAccelerating global market expansion<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html#sec02\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->Measure\r\n                                                2\uff1aContinue producing the world\u2019s best content<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html#sec03\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->Measure\r\n                                                3\uff1aLong-term sales and improved profitability\r\n                                                in the global market<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n                            <\/nav>\r\n\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html#sec04\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->Measure\r\n                                                4\uff1aDiversification and streamlining of sales\r\n                                                measures with a shift to digital business<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html#sec05\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->Measure\r\n                                                5\uff1aBrand expansion (1)\r\n                                                \u2013Strengthening coordination with\r\n                                                peripheral businesses<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html#sec06\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->Measure\r\n                                                6\uff1aBrand expansion (2)\r\n                                                -Strengthening our licencing, eSports,\r\n                                                movie businesses<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n                            <\/nav>\r\n\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/coo.html#sec07\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->Measure\r\n                                                7\uff1aSupport for new areas,\r\n                                                such as cloud gaming and the metaverse<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n                            <\/nav>\r\n                        <\/div>\r\n                        <!--\/\/container-->\r\n                    <\/div>\r\n                    <!--\/\/navPopup-->\r\n                <\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2022\/cho.html\">CHO <br>Commitment<\/a><\/li>\r\n\r\n\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2022\/cfo.html\">CFO <br>Commitment<\/a><\/li>\r\n\r\n\r\n\r\n                <li><span class=\"openPopup\">Development<\/span>\r\n                    <div class=\"navPopup\">\r\n                        <div class=\"container\">\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li class=\"ntitle\"><a href=\"javascript:void(0)\">Development<\/a><\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                            <\/nav>\r\n\r\n                            <nav>\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/devtop.html\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->The Head of\r\n                                                Development Discusses Strategy<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n\r\n                                <div class=\"unit\">\r\n                                    <ul>\r\n                                        <li><a href=\"\/ir\/english\/data\/oar\/2022\/development.html\">\r\n                                                <!--img src=\"\/ir\/data\/oar\/2017\/img\/Menu\/know_05.jpg\"><br-->The Head of\r\n                                                Technical Research Discusses Development<\/a>\r\n                                        <\/li>\r\n                                    <\/ul>\r\n                                <\/div>\r\n                                <!--\/\/unit-->\r\n\r\n                            <\/nav>\r\n                        <\/div>\r\n                        <!--\/\/container-->\r\n                    <\/div>\r\n                    <!--\/\/navPopup-->\r\n                <\/li>\r\n\r\n\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2022\/comment.html\">Corporate <br class=\"is-pc\">Governance<\/a><\/li>\r\n\r\n            <\/ul>\r\n\r\n        <\/section>\r\n        <!--\/\/section-->\r\n\r\n    <\/div>\r\n    <!--\/\/fixedHeader-->\r\n\r\n    <div id=\"hideGnav\"><\/div>\n\n            <main id=\"rs_read\" class=\"cfo oarMain\">\n                <div class=\"cfo_header\">\n                    <div class=\"visual\">\n                        <div class=\"fvGroup is-cfo\">\n                            <div class=\"imageBlock\">\n                                <img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2022\/cfo\/cfo_mv01.png\" alt=\"Kenkichi Nomura\">\n                            <\/div>\n                            <div class=\"textBlock\">\n                                <h2><img decoding=\"async\" src=\"\/ir\/assets\/images\/data\/oar\/2022\/cfo\/cfo_mv02.svg\" alt=\"CFO COMMITMENT\">\n                                <\/h2>\n                                <div class=\"titleBox\">\n                                    <p class=\"title\">Financial and investment strategies\n                                        for sustainable growth<br>\n                                        \u2014 Aiming to strengthen our financial\n                                        base while increasing investment in our\n                                        growth strategy<\/p>\n                                    <p class=\"name mT25\">Kenkichi Nomura<\/p>\n                                    <p class=\"position mT10\">Director, Executive Corporate Officer<br>\n                                        and Chief Financial Officer (CFO)\n                                    <\/p>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n                        <!--\/\/container-->\n                    <\/div>\n                    <!--\/\/visual-->\n                <\/div>\n                <!---\/\/ceo_header-->\n\n                <div class=\"container mT25\">\n                    <ul class=\"imgGroup\">\n                        <li class=\"is-40\">\n                            <img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2022\/cfo\/cfo_cont01.svg\" alt=\"Financial Strategy Overview\">\n                        <\/li>\n                        <li class=\"is-60\">\n                            <p class=\"p\">\n                                <strong class=\"lineTitle\">Medium-term management plan progress<\/strong>\n                            <\/p>\n                            <p class=\"mT15 p\">\n                                Capcom has put forth increasing operating income\n                                by 10% each fiscal year as our management goal, and\n                                we are working to expand users across the globe,\n                                aiming to eventually achieve 100 million units in annual\n                                sales of our games. In the fiscal year ended March\n                                2022, annual sales units of games stood at 32.6 million\n                                in the Digital Contents business, which was an 8.3%\n                                increase from the previous year. Of those units sold,\n                                catalog titles released March 2021 and earlier totaled\n                                24 million units sold, accounting for 73.6%. Unit sales\n                                of catalog titles increased 17.1% over the previous\n                                year, which significantly contributed to the overall\n                                increase in sales.\n                            <\/p>\n                            <p class=\"mT15 p\">\n                                Similarly, the increase in sales of catalog titles was\n                                a major factor in the 22.4% year-on-year increase in\n                                operating income in the Digital Contents business.\n                                The operating income margin surpassed 50% in the\n                                business, and was the driving force in our overall\n                                consolidated results.\n                            <\/p>\n                            <p class=\"mT15 p\">\n                                Sales of high-profit margin catalog titles have\n                                steadily increased, and our profit structure, which is\n                                the bedrock for consolidated profits, has stabilized.\n                            <\/p>\n                            <p class=\"mT15 p\">\n                                We estimate ourselves as having made steady\n                                progress toward our goal of steadily expanding\n                                operating income independent of the sales\n                                performance of new titles.\n                            <\/p>\n                        <\/li>\n                    <\/ul>\n                    <p class=\"mT35 p\">\n                        <strong class=\"is-mint circleTitle\">The status of our financial base\n                            \u2013 particularly cash flow<\/strong>\n                    <\/p>\n                    <ul class=\"imgGroup mT15\">\n                        <li class=\"is-60\">\n                            <p class=\"p\">\n                                In last year\u2019s Integrated Report, we reported that\n                                changes to our revenue structure in recent years\n                                had resulted in a strengthened financial base. A\n                                comparison of the results from five years ago to the\n                                fiscal year ending March 2022 is shown in the table.\n                            <\/p>\n                            <p class=\"mT15 p\">\n                                This time, we have added the statuses of operating\n                                cash flow (excluding working capital), cash, and ROI\n                                of the development divisions.\n                            <\/p>\n                            <p class=\"mT15 p\">\n                                The first point to take note of with regard to our\n                                financial position for the year ended March 2022 is that\n                                our cash on hand and net cash have surpassed 100\n                                billion yen. One of the most important responsibilities\n                                of my work is ensuring a stable cash balance and\n                                securing resources for growth investments. My\n                                thoughts regarding our capability to generate cash are outlined below.\n                            <\/p>\n                        <\/li>\n                        <li class=\"is-40\">\n                            <img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2022\/cfo\/cfo_cont02.svg\" alt=\"Status of financial base\">\n                        <\/li>\n                    <\/ul>\n                    <p class=\"mT35 p\">\n                        <strong class=\"is-mint circleTitle\">Monitoring our capability to generate cash<\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        Unlike accounting profits, operating cash flow in\n                        financial statements are impacted by variable working\n                        capital cycles relating to accounts receivable and\n                        payable, and work-in-progress for game software, and\n                        other items, which were incurred based on accounting\n                        principles. Among the items comprising working\n                        capital, accounts receivable in the last month of the\n                        fiscal year fluctuates significantly depending on the\n                        sales in the same month. For example, if a new title\n                        is released in March, there will be a large increase in\n                        both accounts receivable and profit, but that will not\n                        be reflected in cash on hand and in banks in the same\n                        fiscal year. However, our accounts receivable is mainly\n                        in digital sales and the number of customer accounts\n                        are limited, so there are no issues with managing\n                        receivables and almost all collections take place in\n                        the following month or two. In the fiscal year ended\n                        March 31, 2022, the balance of cash on hand and in\n                        banks on the balance sheet increased to 36 billion\n                        yen. Seeing this as a change in the operating cash\n                        flow, the increase on the cash flow statement is 46.9\n                        billion yen, of which there is a positive impact of\n                        approximately 11.7 billion yen from a decrease in\n                        working capital attributable to the collection of\n                        accounts receivable. Excluding this, I consider our\n                        cash generating capability to be 35.2 billion yen in\n                        the fiscal year ended March 2022. From this, taxes\n                        and dividends are paid and what remains are the\n                        investment resources generated by our business\n                        results for the fiscal year.\n                    <\/p>\n                    <ul class=\"imgGroup mT15\">\n                        <li class=\"is-60\">\n                            <p class=\"p\">\n                                On the other hand, operating cash flow reported\n                                a decrease of 5.5 billion yen in the three-month period\n                                ended June 2022 (FY2023 Q1 results), but similarly,\n                                taking into account the working capital cycle, there is\n                                a negative impact of 15.8 billion yen mainly due to\n                                increased accounts receivable, and excluding this,\n                                we can see that our actual capability of generating\n                                cash was 10.3 billion yen. From this amount, we paid\n                                11.2 billion yen in first quarter taxes and dividends.\n                            <\/p>\n                            <p class=\"mT15 p\">\n                                It is in this way that I am constantly observing the\n                                cash flow trend excluding the impact of the working\n                                capital cycle.\n                            <\/p>\n                        <\/li>\n                        <li class=\"is-40\">\n                            <img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2022\/cfo\/cfo_cont03.svg\" alt=\"Trend in operating cash flows excluding working capital\">\n                        <\/li>\n                    <\/ul>\n                    <p class=\"mT35 p\">\n                        <strong class=\"is-mint circleTitle\">Aiming both to increase cash\n                            and strengthen growth investment<\/strong>\n                    <\/p>\n                    <ul class=\"imgGroup mT15\">\n                        <li class=\"is-60\">\n                            <p class=\"p\">\n                                The underlying nature of Capcom\u2019s business is\n                                hit-driven. In recent years, due to the efforts of our\n                                development team, new titles have exceeded the\n                                expectations of the market and game players, greatly\n                                contributing to our performance. We can see this in\n                                the improvement in ROI compared to five years ago\n                                (here, ROI refers to the ratio of operating income to\n                                funds invested in content production). However, I\n                                believe that especially since the business environment\n                                is undergoing significant, market-wide changes, the\n                                CFO must adopt a \u201cwe cannot know until we release\n                                it\u201d stance. The planned annual development\n                                investment budget for fiscal 2022 is 42 billion yen.\n                                Adding the necessary investment for growth, which\n                                I will discuss later, I believe there is a need to secure\n                                an even higher cash balance.\n                            <\/p>\n                        <\/li>\n                        <li class=\"is-40\">\n                            <img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2022\/cfo\/cfo_cont04.svg\" alt=\"Trend in operating cash flows excluding working capital\">\n                        <\/li>\n                    <\/ul>\n                    <p class=\"mT35 p\">\n                        <strong class=\"is-mint circleTitle\">Cash balance outlook<\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        In the earnings forecast we announced for the fiscal\n                        year ending March 2023, we expect 120 billion yen\n                        in net sales, operating income of 48 billion yen, and\n                        net income for the year of 34.5 billion yen. Without\n                        taking into account the detailed tax calculations,\n                        after dividends are paid out from net income, our\n                        estimates show a cash increase of 24 billion yen. In\n                        reality, the actual cash increase will not be exactly\n                        as listed above due to investments and unplanned\n                        expenses during the fiscal year, but we use this figure\n                        as a reference to grasp the midterm cash flow trend.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        Looking at the financial position in this way, our\n                        management goal of a 10% increase in operating\n                        income every fiscal year should lead to an increase\n                        in net income and steady cash growth, and we will\n                        manage investments and expenditures with that in\n                        mind. In other words, we will invest for growth from\n                        a medium-term perspective while monitoring our\n                        annual cash generating capability and ensuring a\n                        trend of increased cash.\n                    <\/p>\n                    <p class=\"mT35 p\">\n                        <strong class=\"lineTitle\">Investing in sustainable growth<\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        <strong class=\"is-mint circleTitle\">Human resources investment strategy<\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        As one aspect of restructuring our human resources\n                        investment strategy, Capcom raised annual base\n                        compensation by 30%. This translates directly into\n                        increased costs and expenses. Taking into account\n                        factors such as the timing of bonus payments, we\n                        expect the impact on the results for the fiscal year\n                        ending March 2023 to be approximately 5 billion yen.\n                        Although this has already been factored into the\n                        forecast for the same fiscal year, we do not view\n                        this as a simple cost increase. Considering that this\n                        measure will further drive our employees\u2019 motivation\n                        to address various issues, this raise in compensation\n                        is an investment in human resources, and our aim is\n                        that this investment will lead to a cycle of generating further profits and cash.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        With regard to hiring, we will continue our policy\n                        of securing more than 150 new employees annually,\n                        and as we promote work style reforms, we are also considering investing in expanding development\n                        space.\n                    <\/p>\n                    <p class=\"mT35 p\">\n                        <strong class=\"is-mint circleTitle\">Investing to respond to\n                            business environment changes<\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        At Capcom, we are promoting the global expansion\n                        of our sales territory and user base, but game devices\n                        and sales channels are diversifying and there are an\n                        increasing number of options for game players.\n                        Earning favorable reviews from game players enables\n                        long-term sales of content, and in order to do that, our\n                        development team works on producing game content\n                        while keeping in mind the concept of delivering a new\n                        game experience to users. Our development team\n                        already has world-class technological capabilities,\n                        and we are constantly gathering information on the\n                        latest technology, including peripheral areas that can\n                        likely be used in games. We will continue to flexibly\n                        and swiftly invest in these areas.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        Similarly, we are focusing on user trends in our\n                        sales activities, as we must grasp user trends and\n                        implement responsive measures quicker than ever\n                        before. We have already started research into AI\n                        and other methods to speed up data collection and\n                        analysis, and we will actively invest in order to expand\n                        the data collected and capture more detailed and\n                        wide-ranging user trends. We are taking proactive\n                        steps to acquire the skills and know-how that we lack,\n                        including securing external resources. In that sense,\n                        we are continuing to enhance our security levels,\n                        remembering the harm caused by the unauthorized\n                        access of our network in November 2020. We will\n                        continue to steadily strengthen our security measures\n                        going forward.\n                    <\/p>\n                    <p class=\"mT35 p\">\n                        <strong class=\"is-mint circleTitle\">Investing in brand expansion and penetration<\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        Capcom\u2019s game sales have already expanded to more\n                        than 200 countries and regions as of the start of the\n                        fiscal year ending March 2023, and the annual number\n                        of different titles sold has exceeded 300. In order to\n                        achieve sustainable growth, the core of our tactics\n                        is to expand sales across the entire world. Going\n                        forward, it will be important to increase sales volume\n                        in the various countries and regions in which we sell.\n                        For example, in areas where the current annual sales\n                        volume is less than 100 units, we want to grow sales to\n                        more than 1,000 or 10,000 units; likewise, in countries\n                        and regions where annual sales are less than 1,000\n                        units, we want to grow volume to more than 10,000\n                        or 100,000 units.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        One of Capcom\u2019s strengths are the numerous\n                        strong IP that we possess, but if we look across all of\n                        the individual countries and regions in the world, we\n                        still have to work to penetrate and expand our game\n                        brands as well as Capcom\u2019s corporate brand. As one\n                        measure toward brand expansion, we have entered\n                        into sponsorship agreements with the Japan\n                        Volleyball Association, which supports the Japanese\n                        national team as they travel around the world in\n                        competition, and Cerezo Osaka, which is developing\n                        an Asian strategy in the operation of its soccer club.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        In addition, we also believe it is important that we\n                        establish an environment in which we can demonstrate\n                        the synergistic effect of our game sales business and\n                        its peripheral businesses.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        For example, in April Capcom announced the\n                        establishment of Capcom Pictures Inc. to strengthen\n                        our media business. The main aim here is to further\n                        expand our brand by adding in-house production\n                        to our media business model, which had primarily\n                        been a license-out model until now. Specifics will be\n                        provided along with the progress we make moving\n                        forward, but similarly, we will also link our eSports and\n                        licensing businesses.\n                    <\/p>\n                    <p class=\"mT35 p\">\n                        <strong class=\"lineTitle\">Addressing ESG &amp; SDGs<\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        At Capcom, we would like as many people as possible\n                        around the world to enjoy our game content, and it\n                        is from that perspective as well that we will continue\n                        to be proactive in addressing ESG and SDGs. When\n                        we first launched our policy to expand and strengthen\n                        digital sales five years ago, we were also thinking\n                        about how digitalization would reduce the use of\n                        plastic resources. In recent years, the issues\n                        surrounding climate change are being taken very\n                        seriously. From June 2022, in our buildings in the\n                        Kansai region that house mainly development\n                        divisions, with the support of Kansai Electric Power\n                        Company, we have implemented CO<sub>2<\/sub>-free electricity\n                        derived from renewable energy sources.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        We will continue to actively examine what\n                        Capcom can do as a company regarding these issues\n                        from the perspective of corporate citizenship.\n                    <\/p>\n                    <p class=\"mT35 p\">\n                        <strong class=\"lineTitle\">Regarding shareholder returns\n                            accompanying corporate growth <\/strong>\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        Our approach to shareholder returns remains the\n                        same. We will continue to strive for stable dividends\n                        with a basic policy of maintaining a consolidated\n                        dividend payout ratio of 30%. As of the fiscal year\n                        ended March 2022, we have achieved six consecutive\n                        years of increased dividends, if you take stock splits\n                        into consideration, and we hope to continue to\n                        achieve steadily increasing dividends by continuing to\n                        demonstrate stable growth performance. I recognize\n                        that acquiring treasury stock is one of the most\n                        important policies that contributes to return of profits\n                        to shareholders, so we will take the appropriate action\n                        as opportunities arise when we can determine that it\n                        will contribute to an increase in stock value, as we have\n                        done in the past. Meanwhile, we have been reviewing\n                        the specific ways and appropriate timing of treasury\n                        stock use, and from the fiscal year ending March 2023,\n                        we have introduced a stock grant ESOP trust that\n                        issues company stock to employees when they have\n                        reached a certain number of consecutive years with\n                        the company, or reached a certain position, or at the\n                        time of their retirement. In addition, all 4,387,353\n                        shares of the Company\u2019s stock we acquired in June\n                        2022 have been cancelled.\n                    <\/p>\n                    <p class=\"mT15 p\">\n                        According to our estimates, as of the fiscal year\n                        ended March 2022, the cost of capital (WACC) was\n                        4.69%. We focus on ROE rather than ROIC because\n                        of Capcom\u2019s high capital adequacy ratio and small\n                        amount of debt, and our ROE for the same period\n                        (24.4%) far surpasses this number. We will continue to\n                        achieve our medium-term goal of a stable increase in\n                        operating profits each year, which will help us maintain\n                        our high standards and meet the expectations of\n                        our shareholders.\n                    <\/p>\n                    <ul class=\"imgGroup mT35\">\n                        <li class=\"is-50\">\n                            <img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2022\/cfo\/cfo_cont05.svg\" alt=\"Capital investments \/ R&amp;D investment costs (million yen)\">\n                        <\/li>\n                        <li class=\"is-50\">\n                            <img decoding=\"async\" src=\"\/ir\/english\/assets\/images\/data\/oar\/2022\/cfo\/cfo_cont06.svg\" alt=\"Total return ratios (%)\">\n                        <\/li>\n                    <\/ul>\n                <\/div>\n                <!--\/\/container-->\n\n            <\/main>\n\n<div class=\"contList\">\r\n<div class=\"contents\">\r\n<h3>CAPCOM INTEGRATED REPORT 2022<\/h3>\r\n<h4 class=\"mT30 comppdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_01.pdf']);\" rel=\"noopener\">\r\nPDF (Complete version) <span class=\"pdfmt\">(PDF: 12.2MB \/ 104 pages)<\/span><\/a><\/h4>\r\n<div class=\"sepbox\">\r\n<h4 class=\"mT15 separate\">PDF (by section)<\/h4>\r\n<div class=\"contBox mT15\">\r\n<div class=\"col heightLine-1\">\r\n<h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_02.pdf']);\" rel=\"noopener\">Value Creation Story <br> \r\n<span>(PDF: 3.5MB \/ 24 pages)<\/span><\/a>\r\n<\/h4>\r\n<ul class=\"mT10\">\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_01.pdf']);\" rel=\"noopener\">Create Financial and Non-Financial Value<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_02.pdf']);\" rel=\"noopener\">Corporate Philosophy<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_03.pdf']);\" rel=\"noopener\">Value Creation Model<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_04.pdf']);\" rel=\"noopener\">History of Value Creation<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_05.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_05.pdf']);\" rel=\"noopener\">Major Intellectual Properties (IP)<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_06.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_06.pdf']);\" rel=\"noopener\">Effectively Leveraging IP<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_07.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_07.pdf']);\" rel=\"noopener\">Digital Strategy \/ Human Resources Strategy Performance<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_08.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_08.pdf']);\" rel=\"noopener\">ESG Highlights<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_09.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_09.pdf']);\" rel=\"noopener\">Business Segments Highlights<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_10.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_10.pdf']);\" rel=\"noopener\">Financial Highlights<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_value_11.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_value_11.pdf']);\" rel=\"noopener\">Medium- to Long-Term Vision<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<!--\/\/col-->\r\n\r\n<div class=\"col heightLine-1\">\r\n<h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_03.pdf']);\" rel=\"noopener\">Medium- to Long-Term\r\nGrowth Strategy <br> \r\n<span>(PDF: 0.9MB \/ 22 pages)<\/span><\/a><\/h4>\r\n<ul class=\"mT10\">\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_ceo.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_ceo.pdf']);\" rel=\"noopener\">CEO Commitment<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_coo.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_coo.pdf']);\" rel=\"noopener\">The COO\u2019s discussion of growth strategies<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_cho.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_cho.pdf']);\" rel=\"noopener\">The CHO Discusses Our Human Resources Strategy<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_cfo.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_cfo.pdf']);\" rel=\"noopener\">Financial Strategy According to the CFO<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<!--\/\/col-->\r\n\r\n<div class=\"col heightLine-1\">\r\n<h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_04.pdf']);\" rel=\"noopener\">Latest Creative Report <br> \r\n<span>(PDF: 5.6MB \/ 6 pages)<\/span><\/a>\r\n<\/h4>\r\n<ul class=\"mT10\">\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_devtop.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_devtop.pdf']);\" rel=\"noopener\">The Head of Development Discusses Strategy<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_teach.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_teach.pdf']);\" rel=\"noopener\">Training Human Resources and Our Development Environment<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_tech.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_tech.pdf']);\" rel=\"noopener\">The Head of Technical Research Discusses Development<\/a><\/li>\r\n\r\n<\/ul>\r\n<\/div>\r\n<!--\/\/col-->\r\n\r\n<div class=\"col heightLine-2\">\r\n<h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_05.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_05.pdf']);\" rel=\"noopener\">Foundation for\r\nSustainable Growth (ESG) <br> \r\n<span>(PDF: 2.0MB \/ 22 pages)<\/span><\/a><\/h4>\r\n<ul class=\"mT10\">\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_esg_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_esg_01.pdf']);\" rel=\"noopener\">ESG Information<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_environment_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_environment_01.pdf']);\" rel=\"noopener\">Capcom and the Environment<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_society_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_society_01.pdf']);\" rel=\"noopener\">Society and Capcom<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_member_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_member_01.pdf']);\" rel=\"noopener\">Directors<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_gov_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_gov_01.pdf']);\" rel=\"noopener\">Corporate Governance Structure and Initiatives<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_message_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_message_01.pdf']);\" rel=\"noopener\">Message from a Director and Executive Corporate Officer<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_gov_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_gov_02.pdf']);\" rel=\"noopener\">Key commentary on our human resources strategy\r\nfrom our external directors<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<!--\/\/col-->\r\n\r\n<div class=\"col heightLine-2\">\r\n<h4 class=\"mpdf\"><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_06.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_06.pdf']);\" rel=\"noopener\">Financial Analysis and\r\nCorporate Data <br> \r\n<span>(PDF: 0.8MB \/ 11 pages)<\/span><\/a><\/h4>\r\n<ul class=\"mT10\">\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_finance_01.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_finance_01.pdf']);\" rel=\"noopener\">An Analysis of the Market and Capcom<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_finance_02.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_finance_02.pdf']);\" rel=\"noopener\">11-Year Summary of Consolidated Financial Indicators<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_finance_03.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_finance_03.pdf']);\" rel=\"noopener\">Segment Information<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_finance_05.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_finance_05.pdf']);\" rel=\"noopener\">Stock Data<\/a><\/li>\r\n<li><a href=\"\/ir\/english\/data\/pdf\/annual\/2022\/annual_2022_finance_04.pdf\" target=\"_blank\" onclick=\"_gaq.push(['_trackEvent', 'JA PDF', 'OAR', 'annual_2022_finance_04.pdf']);\" rel=\"noopener\">Corporate Data<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<!--\/\/col-->\r\n<\/div>\r\n<!--\/\/sepbox-->\r\n\r\n<\/div>\r\n<!--\/\/contBox-->\r\n<\/div>\r\n<!--\/\/contents-->\r\n<\/div>\r\n<!--\/\/contList-->\n    <div class=\"f_bknumber\">\r\n        <div class=\"box clearfix\">\r\n            <p>Online Integrated Report Archives<\/p>\r\n            <ul class=\"mT10\">\r\n\t\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2025.html\" target=\"_blank\">2025<\/a><\/li>\r\n\t\t\t\t<li><a href=\"\/ir\/english\/data\/oar\/2024.html\" target=\"_blank\">2024<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2023.html\" target=\"_blank\">2023<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2022.html\" target=\"_blank\">2022<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2021.html\" target=\"_blank\">2021<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2020.html\" target=\"_blank\">2020<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2019.html\" target=\"_blank\">2019<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2018.html\" target=\"_blank\">2018<\/a><\/li>\r\n                <li><a href=\"\/ir\/english\/data\/oar\/2017.html\" target=\"_blank\">2017<\/a><\/li>\r\n            <\/ul>\r\n        <\/div>\r\n        <!--\/\/box-->\r\n    <\/div>\n        <\/div>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Financial and investment strategies for sustainable growth \u2014 Aiming to strengthen our financial base while inc [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":21427,"parent":21682,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template\/other_onecol.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-21669","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"aioseo_notices":[],"lang":"english","translations":{"english":21669,"ja":21421},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/21669"}],"collection":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/comments?post=21669"}],"version-history":[{"count":3,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/21669\/revisions"}],"predecessor-version":[{"id":21702,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/21669\/revisions\/21702"}],"up":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/pages\/21682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/media\/21427"}],"wp:attachment":[{"href":"https:\/\/www.capcom.co.jp\/ir\/wp-json\/wp\/v2\/media?parent=21669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}