How Nintendo described its business with The Pokémon Company in its annual report for the year to March 2019

How it’s built

1. Read from the affiliates table in Nintendo's annual securities report: 32% voting stake, one Nintendo director, business "sale and licensing of Pokémon-related goods".
2. Dealings with Nintendo are listed as "purchase of our products and manufacturing consignment". Later years use the same wording.

What we assumed

Nothing. The figure is used as published.

Sanity check

No royalty or licence fee appears in the dealings Nintendo lists. That is suggestive, not proof none exists.

Where it comes from

The line in the source

ポケモン関連商品の販売及びライセンス … 当社製品の購入及び製品の製造委託

In English

Pokémon-related merchandise sales and licensing; purchase of the company's products and manufacturing consignment. Same wording as FY3/25 and FY3/26 [F:Q09.C-42, F:Q35.RT-13]: no royalty line in FY3/19.

Where it’s used

• ProfileThe Pokémon Company
• ProfileLicensing and merchandise
• ProfileNintendo annual securities reports and results