News Release Dated March 19, 2021
Company: AOKI Holdings Inc.
Representative: Akihiro Aoki, President
Stock code: 8214, TSE First Section
Contact: Haruo Tamura, Executive Vice President
Tel: +81-45-941-1388

Revisions to Forecasts and Dividend Forecast
for the Fiscal Year Ending March 31, 2021
AOKI Holdings has revised its consolidated sales and earnings forecasts and dividend forecast for thefiscal year ending March 31, 2021 that were announced on February 5, 2021.
1. Consolidated forecasts(1) Consolidated forecasts for the fiscal year ending March 31, 2021 (April 1, 2020 – March 31, 2021)
Sales

OperatingprofitOrdinary
profitProfit attributable Net income
to owners of parent per share(Million yen)

(Yen)

Previous forecast (A)(Million yen) (Million yen) (Million yen)
151,300(2,000)(3,000)(5,350)(63.12)

Forecast (B)142,000(7,500)(8,400)(12,300)(145.12)

Change (B - A)

(9,300)(5,500)(5,400)(6,950)

(6.1)

---

180,220

6,649

5,501

447

Percentage change (%)(Reference) Previous fiscal year
(ended March 31, 2020)

5.23(2) Reasons for revisions
The COVID-19 pandemic is continuing to affect the performance of the AOKI Group.
The initial forecast announced on September 23, 2020 was based on the outlook for a continuation of
the spread of infections to some extent accompanied by a slow resumption of economic activity
resulting in spring 2021 ceremonies for new students and new employees and other events generally asusual. However, the number of infections began to increase rapidly in late November. Coming of age
ceremonies in early January 2021 were canceled or downsized, but sales and earnings in the first ninemonths were still mostly consistent with the fiscal year forecast, with the Entertainment Businesssomewhat behind the forecast.
Contrary to this forecast, the number of infections continued to climb and the Japanese government
declared a state of emergency on January 7, 2021. Furthermore, the state of emergency was extended
repeatedly and other actions were taken. As a result, restrictions on economic activity remained,
including requests for people to stay home as much as possible and for stores in some sectors to
temporarily close or shorten operating hours. The result was a greater than anticipated negative impact
on the business operations of the AOKI Group.
Due to these events, the following revisions have been made to the outlook for results of operations.
a. Sales are expected to decrease in every business. Although the original outlook was for a recovery
on economic activity in the fourth quarter, restrictions on economic activity are continuing.
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b. The operating loss and ordinary loss are expected to be much higher than the previous forecasts.
Many actions are under way to use personnel expenses efficiently and cut costs, including fixed
expenses. However, the declines in sales and the gross profit margin are having a significant
impact on profitability.
c. The forecast for the loss attributable to owners of parent has increased mainly because of therevised ordinary loss forecast and the reversal of deferred tax assets, which will be included indeferred income taxes, caused by lower earnings at some consolidated subsidiaries.
2. Dividend forecasts(1) Summary
Dividend per share
2Q-endPrevious forecast(announced on February 5, 2021)

Year-end

Total

(Yen)

(Yen)

(Yen)

10.00

13.00

23.00

0.00

10.00

23.00

46.00

Forecast
Current fiscal year results

10.00(Reference) Previous fiscal year
(ended March 31, 2020)

23.00(2) Reasons for revisions
The basic policy for determining dividends is to pay a dividend that is at least as high as the dividend
for the previous fiscal year and to maintain a payout ratio of at least 30%.
Sales and earnings in the current fiscal year are expected to be well below the levels of the previous
fiscal year due to the impact of the COVID-19 pandemic, which has been even greater than originally
anticipated. Due to this outlook for results of operations, the inability to predict when this crisis willend, the need to maintain financial soundness, and other reasons, there will be no year-end dividend forthe fiscal year ending on March 31, 2021. Due to this decision, the dividend applicable to the current
fiscal year will be the interim dividend of 10 yen.

Note: Above forecasts are based on judgments made in accordance with information available tomanagement at the time this release was prepared, and actual results may differ substantiallyfrom these forecasts for a number of reasons.

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