YONDOSHI HOLDINGS INC.
Prime Market, Tokyo Stock Exchange (8008)

Investors’ Presentation
Results for the First Half of Fiscal 2022
(The Fiscal Year Ending February 28, 2023)
October 7, 2022

Contents
Ⅰ．Overview and Summary of the First Half of Fiscal 2022,
the Fiscal Year Ending February 28, 2023
Ⅱ．Measure for the Second Half of Fiscal 2022 andBusiness Results Forecasts for the Full Fiscal year
Ⅲ. Medium-Term Strategic Approach
Hidetoshi Masuda. President and Representative Director
YONDOSHI HOLDINGS INC.
Note: Amounts identified in this report are presented in millions of yen rounded down. Percentage figures are calculated from raw data.

Disclaimer: Operating forecasts and forward-looking statements that are not of historic fact are based on information available
to management as of the date of this report. Subject to a variety of risks and uncertainties, these forecasts and forward-looking
statements may differ substantially from actual results due to a diversity of factors including changes in the Company’s
operating environment, market trends and fluctuations in foreign currency exchange rates. As a result, readers are advised not torely solely on the information provided as the basis for investment decisions.
For real estate lease revenue and rental expenses on real estate, which had previously been recorded in “Non-operating income,”“Selling, general and administrative expenses” and “Non-operating expenses,” the presentation of real estate lease revenue andrental expenses on real estate have been changed to recording in “Net sales” and “Cost of sales” from the subject consolidated
fiscal year. Accordingly, the presentation method has been changed for both the previous fiscal year and the current fiscal year.
In addition, the Company applied “Accounting Standard for Revenue Recognition” from the subject fiscal year.

2Operating Environment in the First Half of Fiscal 2022
Despite signs of a gradual recovery in economic activity,
costs continued to increase sharply,
and the number of marriages remained stagnant➢ As economic activity gradually returned to normal, the number of customers
at mainstay department stores continued to exhibit a recovery trend➢ Sharp rise in resource and energy prices followed by sudden depreciation in
the value of the yen• While wholesale prices climbed 8.6% in July, increases in consumer
prices and total cash payrolls held to 2.4% and 1.3%, respectively• Concerns surrounding a decline in consumer confidence triggered bysuccessive price hikes➢ The number of marriages remained at the same level as the previous year
・ Recruit Bridal Research 2022 forecast: Up 8.3%
Japan’s Ministry of Health, Labour and Welfare January to Juneactual results (preliminary results): Up 0.1%
3Overview of Consolidated Operating Results for
the First Half of Fiscal 2022
 Increases in consolidated revenue and earnings
 Existing store jewelry (105.2%) and PALETTE (101.2%) growth
1H FY2021 (2021/8)

1H FY2022 (2022/8)

YoY

Actual Results(%)

Actual Results(%)

Increase (Decrease)(%)

Net sales

17,806100.0

18,514

100.0

＋4.0

Gross profit

9,024

50.7

9,161

49.5

＋1.5

Gross profit margin50.7

Selling, general and administrative
expenses

8,594

48.3

8,516

46.0

－0.9

248

1.4

248

1.3

±0

Operating income

429

2.4

645

3.5

＋50.1

Ordinary income

715

4.0

822

4.4

＋14.9

Net income

280

1.6

513

2.8

＋83.2

Operating income before theamortization of goodwill

678

3.8

893

4.8

＋31.7

Net income before theamortization of goodwill

528

3.0

761

4.1

＋44.1

(Millions of yen, %)Amortization of goodwill

－1.2

49.5

* Operating income before the amortization of goodwill = operating income + goodwill amortization;
net income before the amortization of goodwill = profit attributable to owners of parent + goodwill amortization

4

Analysis of Changes in Operating Income
Cost of sales ratio
FY2021 2Q FY2022 2Q(Millions of yen)

49.3% ⇒ 50.5%+1.2pt

＋708

－570
＋139

－83

＋21

SG&A expenses to net sales ratio
FY2021 2Q FY2022 2Q
48.3% ⇒ 46.0%－2.3pt429
Operatingincomemargin2.4%

Operating income
FY2021 2Q(2021/8)

645

Gross profit ＋137
Increase in
net sales

Increase incost of sales

Operatingincomemargin

3.5%

SG&A expenses －77
Decrease inadvertising andpromotion
expenses

Decrease inpersonnel
expenses

Increase in
other
SG&A
expenses

Operating income
FY2022 2Q(2022/8)

5

Overview of Business Results by Segment― The Jewelry Business (1) Increases in revenue and earnings in the Jewelry Business Substantial year-on-year growth in fashion jewelry (113.1%); the shift instrategy from a focus on men’s gifts to strengthening merchandising for
women buying items for themselves steadily yielding results

1H FY2021 (2021/8)

1H FY2022 (2022/8)

YoY(Millions of yen, %)Actual Results

Net sales

Operating income(%)

Actual Results

Increase (Decrease)
(%)

(%)

7,931

100.0

8,306

100.0

＋4.7

94

1.2

370

4.5

＋293.96

Overview of Business Results by Segment― The Jewelry Business (2) Substantial year-on-year increase in female customers (132.1%) on the back ofstrengthened measures; trends exceeding pre-COVID-19 levels (108.1%)
 Efforts to expand 50th anniversary limited edition products and trendy items
yielding results in increasing women’s support for fashion jewelryFirst Half Fashion Jewelry Existing Store Net Sales by Customer Type(Millions of yen)0

FY2021 (2022/2)

1,000

1,478

2,000

3,000

1,677

4,000

5,000

6,000

Total : 4,416

1,261（+21.6%）FY2022 (2023/2)

1,953

1,658

（132.1%）（98.9%）

FemaleMale

1,383（109.7%）

Total : 4,995(113.1%)

Couple7

Overview of Business Results by Segment― The Jewelry Business (3) Following a full renewal of the Group’s e-commerce site in March, first half
cumulative sales grew 109.7% year on year; on track to achieve annual sales
target Positive flow-on effects from various endeavors to increase customer convenienceand enhance appeal such as efforts to diversify payment methods, strengthen
search functions, upgrade coordination proposals, and improve image quality
e-commerce Sales(Millions of yen)

2,500

1H

2,232
(Plan)

2H
2,040

2,000

1,500

1,582

*Figures in brackets ( ) are sales
composition ratios in the second half

1,681

851

678
500

0

1,033

874
550
375

1,692
1,150

1,225
1,000

1,740

456

590

（68%）

(67%)

(68%)

175

222

283

374

2013/2

2014/2

2015/2

2016/2

1,061

1,088

2,068

1,032

(65%)

(63%)

(63%)

(61%)

549

620

651

660

2017/2

2018/2

2019/2

2020/2

(69%)

1,266

(56%)

(61%)

890

801

879

2021/22022/22023/28

Overview of Business Results by Segment― The Jewelry Business (4) Bridal jewelry confronting difficult conditions
・ Sluggish growth in the number of marriages
・ While luxury brands have performed well, brands in the mid to low price range
struggled
4℃ Bridal Jewelry
1H Sales Results by Channel(Total includes non-4ºC brands)

Annual Trends in the Number ofMarriages(Thousands)

YoY (%)

900
800

Bridal department
stores94.3

Bridal specialty
stores

85.8

700
600
500

90.0
400

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

Total

(Source: Yano Research Institute Ltd.)

9

Overview of Business Results by Segment― The Apparel Business (1) Increases in revenue and decline in earnings in the Apparel Business Increase in PALETTE sales; secured a profit in line with the previous year with
operating income absorbing the increase in point allowance Despite a decrease in earnings owing to the sharp depreciation in the value of the
yen and surging raw material prices, secured an increase in revenue in the
Apparel Manufacturing Business

1H FY2021 (2021/8)

1H FY2022 (2022/8)

YoY(Millions of yen, %)Actual Results(%)

Actual Results

Increase (Decrease)
(%)

(%)

Net sales

9,875

100.0

10,207

100.0

＋3.4

Operating income

547

5.5

490

4.8

－10.3
10

Overview of Business Results by Segment― The Apparel Business (2) Existing PALETTE store sales growth for a fourth consecutive fiscal year on theback of the opening of two stores in the first half and a review of the product mix
 Improvement in the gross profit margin owing to a decrease in the disposal ofsummer items
PALETTE store opening area in the Kansai area

Kansai dominant
strategy promotion area

PALETTE Jumbo Square Katano Store

11

Overview of Financial Position and Cash Flows(Consolidated) Total asset, liabilities, and net worth stood at ¥52.8 billion, ¥13.7 billion, and ¥39.1 billion,
respectively
 Cash flows from operating activities: Increase of ¥1,268 million owing to income before income
taxes Cash flows from investing activities: Turnaround from net cash provided by investing activities to
net cash used in investing activities of ¥2,464 million owing to such factors as the purchase ofinvestment securities

Financial Position

Cash Flows
As of August 31, 2022

Total liabilities¥13.7 billion(Millions of yen)

1H FY2021(2021/8)

1H FY2022(2022/8)

Increase(Decrease)

Operating cash
flows

14

1,282

+1,268Investingcash flows

173(2,234)(2,407)

Financing cash
flows

(899)

383

+1,282Free
cash flows

+187

(951)

(1,139)Total assets¥39.1 billion

Total net assets¥52.8 billion

12Status and Plan of Store Openings and Closures 1H Actual Results: Five stores opened and four stores closed; 258 stores as of theend of the period
 2H Plan:15 stores opened and 13 stores closed; 260 stores as of the end of the period
ApparelBusiness

Jewelry Business
Japan
Roadsidebutique

FY2021(2022/2)

FY2022
1H Actual
Results

Total

Department
store

Bridal Shop

PALETTE

Fashion
Building

Total

Fiscalyear-end

3

71

40

57

171

86

257

Storesopened

0

0

1

2

3

2

5

Storesclosed

0

0

3

1

4

0

4

2H-end

3

71

38

58

170

88

258

Storesopened

0

3

1

3

7

8

15

Storesclosed

0

5

3

5

13

0

13

Fiscalyear-end

3

69

36

56

164

96

260

(2022/8)

FY2022 2H
Plan(2023/2)

13

Status and Plan of the Number of Domestic
Stores in the Jewelry Business

4ºC
BRIDAL

4ºC

FY2021(2022/2)

FY2022
1H Actual Results

EAU DOUCE
4ºC

Canal4ºC

Total

Fiscal yearend

82

40

43

14

179

Stores opened

1

1

1

0

3

Stores closed

1

3

0

0

4

2H-end

82

38

44

14

178

Stores opened

3

1

3

0

7

Stores closed

4

3

5

1

13

Fiscal yearend

81

36

42

13

172

(2022/8)

FY2022 2H Plan
(202132)* Composite stores that handle multiple brands are recorded as a single store by each individual brand14

Contents
Ⅰ．Overview and Summary of the First Half of Fiscal 2022,
the Fiscal Year Ending February 28, 2023

Ⅱ．Measure for the Second Half of Fiscal 2022 andBusiness Results Forecasts for the Full Fiscal year

Ⅲ．Medium-Term Strategic Approach

Operating Environment Forecasts for the Second Half of
Fiscal 2022 (1)➢ Economic outlook remains uncertain due to the downward pressure
on business results attributable to soaring prices of resources andmaterials and depreciation in the value of the yen➢ Continued recovery in consumer spending regardless of the numberof COVID-19 cases➢ Continued uncertainty surrounding the future despite a recovery in
the number of marriages

16

Operating Environment Forecasts for the Second Half of
Fiscal 2022 (2)Jewelry Business◼ Ongoing difficulties in the bridal jewelry market offset byrobust fashion jewelry growth◼ The post-COVID-19 peak Christmas period projected toprovide a major boost while contributing to a positive
operating environment(1) Recovery in the number of department store customers(2) Increased opportunities to go out(3) Robust conditions during the peak December 23 (Friday), 24(Saturday), and 25 (Sunday) period

Expand sales by implementing strategic product andsales promotion measures
17

Operating Environment Forecasts for the Second Half of
Fiscal 2022 (3)Apparel Business◼ Steadily implement growth strategies focusing on the
PALETTE Business(1) Despite an overall price increase of 6%, maintain competitivenessthrough the effective mix of prices(2) Take on the challenge of cultivating new markets・・・open an
inaugural store in the Kanto region◼ Maximize strengths in production in the Apparel
Manufacturing Business(1) Increase orders from mainstay business partners on the back of
production in Bangladesh, the source of the Group’s pricecompetitivenessWork to achieve the operating income target
18

Fiscal 2022 Second Half Initiatives
Jewelry Business(1) Fashion jewelry Christmas measures(1)ー1：Product strategy(1)ー2：Advertising and promotion measures(1)ー3：Customer strategy and measures aimed at attracting
customers(2) Identify the bridal market and implement measures(3) Expand the e-commerce businessApparel business(1) Everyday fashion business PALETTE
Expand sales through existing store growth and the opening
inaugural stores in the Kanto region(2) Apparel Manufacturing Business
Expand orders by leveraging the Group’s production strengths
19Jewelry Business
4°C4ºC

4℃ and Canal 4℃ Brand Fashion Jewelry Christmas Season Measures (1)Product Strategy

 Further strengthen product proposal capabilities and expand support among
women in the robust fashion jewelry market(Strengthen design; upgrade trend items including earrings and bracelets)
Promote a worldly and sophisticated 4℃ brandimage to instill a favorable impression and empathy
among women

Promote an exuberant and happy Canal 4℃ brandimage in a fashionable and high-quality manner over
the Christmas period20Jewelry Business

4℃ and Canal 4℃ Brand Fashion Jewelry Christmas Season Measures (3)Customer Strategy and Measures Aimed at Attracting Customers

 Strengthen the incidence of customers visiting stores by significantly increasing
the volume of LINE transmissions
 Strengthen advance reservation and early purchase benefits, incidence ofcustomer DM transmission, and communication with customers

LINE members distribution
Plans to transmit approximately 4,400,000

messages in the second half
(YoY: 134.8%, +1,130,000 messages)

Handwritten DMs sent to customers
Produce message cards that embody the concept of
the season
Plans to transmit

approximately 7,000 messages(Image)21

Jewelry Business

Gain a Clear Picture of the Bridal Market and Implement Measures
 Amid uncertainties surrounding a recovery in the number of marriages, second
half expected to mirror first half trends Closely monitor market trends while considering drastic measures

4℃ BRIDAL Landmark store (scheduled to open on October 22)

22

Jewelry Businesse-commerce Business Expansion Strategy: Sales Measures
 Enhance the ability to attract customers by increasing the amount of advertisingexpenses (approximately 200% YoY) Work to improve the decision rate by revamping the Group’s e-commerce site androlling out new services

Addition of fashion presentation and free word search, etc. toimprove purchase rate and page views per visit(The Company’s e-commerce site)(Message card samples)23

Jewelry Businesse-commerce Business Expansion Strategy: New D2C Brand Rollout Roll out the new RUGIADA brand (scheduled launch December 8, 2022)
 Existing brands also contribute to the enhancement of brand value(Scheduled launch of the RUGIADA brand December 8, 2022)

Ongoing rollout of the 4℃ HOMME+ and coflby 4℃
brands from the end of 2021

24

Apparel Business

Daily Fashion：Expand Sales by Opening PALETTE Stores Continue to promote a strategy that helps entrench the Group’s dominant positionin the Kansai area by opening new stores
 Steady progress toward sales of ¥15 billion and a network of 100 stores
Trends in PALETTE Sales, Operating Margin, and the Number of Stores(Millions of yen, %)(Plan)Net sales

13,00014,0003.8

12,00011,815
10,715
7,433

8,333

8,914

7,090

9,430

3.6

10,000

3.3

8,000

2.7

2.0

2.2
6,000

2.1

4,000
2,000

1.0

0

Numberof stores

FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

58

61

65

71

73

80

86

96

25

Apparel Business

Daily Fashion：Open PALETTE Stores in the Kanto Region
 Starting with two new stores in September, plans to open a total of four new storesin the second half Work to establish a foothold with the aims of expanding activities in commercial
areas and increasing the top line
Planned PALETTE Store Opening Area in the Kanto Region

Across Mall Hachioji
Minamino Store

Frespo Wakaba Store

JindaijiStore

Sakuradai StorePALETTE Across Mall Hachioji Minamino Store26

Apparel BusinessApparel Manufacturing Business: Expand Orders by
Leveraging the Group’s Production Structure and Systems
 Expand volume zone orders by leveraging the price competitiveness of
Bangladesh Expand orders of sportswear in China

Apparel Manufacturing Supply Chain Map

China: deep China
area

China: Guangzhou area

China: Shanghai area

Dhaka Office,Bangladesh

Ho Chi Minh area

AS’TY showroom

27

Consolidated Business Results Forecasts for Fiscal 2022 (1) Expected to secure profits in line with full fiscal year forecasts owing to the steady
implementation of measures in the second half and successful efforts to securesales especially over the Christmas period
Projecting increases in revenue and earnings with net sales coming in at ¥40.5
billion and operating income totaling ¥2.7 billion(Millions of yen)

Net sales

Operating income

Ordinary income

Net income

40,5003,000
2,700

38,123

2,293
1,800

1,788
1,490

+6.2%

FY2021
ActualResults

FY2022
Results
Forecast+51.0%FY2021
ActualResults

FY2022
Results
Forecast+30.8%FY2021
ActualResults

FY2022
Results
Forecast+20.8%FY2021
ActualResults

FY2022
Results
Forecast

28

Consolidated Business Results Forecasts for Fiscal 2022 (2)FY2021 (2022/2)(Millions of yen, %)FY2022 (2023/2)(%)

Results

Full-year
forecasts

YoY

(%)

Increase(Decrease) (%)

Net sales

38,123100.0

40,500

100.0

＋6.2

Gross profit

19,67251.6

20,80051.4＋5.7

Gross profit margin51.6

Selling, general andadministrative expenses

17,88446.9

18,10044.7＋1.2

Amortization of
goodwill

496

1.3

496

1.2

±0

Operating income

1,788

4.7

2,700

6.7

＋51.0

Ordinary income

2,293

6.0

3,000

7.4

＋30.8

Net income

1,490

3.9

1,800

4.4

＋20.8

≪Reference ≫

－0.2

51.4

FY2021 (2022/2)

FY2022 (2023/2)

YoY

Operating income before
the amortization of
goodwill

2,284

6.0

3,196

7.9

＋39.9

Net income before theamortization of goodwill

1,987

5.2

2,296

5.7

＋15.6

* Operating income before the amortization of goodwill = operating income + goodwill amortization;
net income before the amortization of goodwill = profit attributable to owners of parent + goodwill amortization

29

Consolidated Business Results Forecasts by Segment
for Fiscal 2022 (Figures are after accounting for intrasegment net sales and transfers)
Jewelry BusinessNet sales and operating income estimated to come in at ¥19.5 billion and ¥1.9 billion, respectively
 Ongoing robust conditions in fashion jewelry attributable to the implementation of measuresin the second half to offset difficult conditions in the bridal market
 Secure sales in excess of initial forecasts in December buoyed by favorable conditions over the
Christmas period

Apparel BusinessNet sales and operating income estimated to come in at ¥21.0 billion and ¥1.0 billion, respectively
 Opening of eight PALETTE stores starting in the Kanto region in the second half andfurther existing store growth Secure a stable flow of sales by leveraging the strengths of the Group’s production structureand systems in the Apparel Manufacturing Business
FY2021(2022/2)(Millions of yen, %)Results

FY2022 (2023/2)
1H Results

2H Forecasts

Full-year
Forecasts

YoY

Jewelry
Business

Net sales

18,497

8,306

11,194

19,500＋5.4

Operatingincome

1,197

370

1,530

1,900

＋58.7

ApparelBusiness

Net sales

19,626

10,207

10,79321,000＋7.0

Operatingincome

889

490

510

1,000

＋12.5

30

Analysis of Changes in Full-year Operating Income Forecast(Millions of yen)

＋2,376－1,249

Cost of sales ratio
FY2021 FY2022
48.4% ⇒ 48.6%＋0.2Pt

＋72

＋280

－568
SG&A expenses to net sales ratio
FY2021 FY2022
46.9% ⇒ 44.7%－2.2pt1,788
Operatingincomemargin4.7%
Operating income

FY2021(2022/2)

Gross profit ＋1,127
Increase in
net sales

Increase incost of sales

2,700
Operatingincomemargin

6.7%

SG&A expenses ＋216
Decrease inadvertising andpromotion
expenses

Decrease inpersonnel
expenses

Increase in
other
SG&A
expenses

Operating income
forecast
FY2022(2023/2)

31

Shareholder Returns Policy, Cash Dividends
 Work to raise the level of shareholder returns through the payment of stable andcontinuous cash dividends and expeditious repurchase of own shares Shareholder return target: Dividend on equity (DOE) ratio of 4% or more Work to realize a future annual cash dividend of ¥100 per common share➢ Interim and period-end cash dividends for the fiscal year ending February 28,
2023 remain unchanged at ¥41.40 per common share➢ DOE projected to come in at 4.4% on an annual cash dividend of ¥83 percommon share
DOE (Dividend on Equity)
(%)

4.3

4.5

4.4

4.3

4.4

19.2

20.2

21.2

22.2

23.2 (Forecast)

5
4
3

2.8

2
1
0
18.2

(Millions of yen, %)Annual dividends per share (Yen)DOE (Dividend on equity) (*1)

Payout ratio (%)

FY2017(2018/2)

65
2.8
31.4
28.7

FY2018(2019/2)

75
4.3
78.1
64.9

FY2019(2020/2)

80
4.5
71.3
59.4

FY2020(2021/2)

81
4.4
108.0
82.7

Actual dividend payout ratio (*2)
*1 DOE (Dividend on Equity) = Total dividends ÷ Shareholders' equity*2 Actual dividend payout ratio: Total annual dividends / Net income before amortization of goodwill

FY2021(2022/2)

83
4.3
119.3
89.5

FY2022(2023/2)
Forecast

83
4.4
98.8
77.5
32

Contents
Ⅰ．Overview and Summary of the First Half of Fiscal 2022,
the Fiscal Year Ending February 28, 2023

Ⅱ．Measure for the Second Half of Fiscal 2022 andBusiness Results Forecasts for the Full Fiscal year

Ⅲ．Medium-Term Strategic ApproachResponse to Market Changes in the Jewelry Business
4℃ Jewelry Brand Strengths(1) Highest fashion jewelry brand profile in Japan(2) Highly profitable SPA earnings structure(3) Meticulous design and advanced quality control capabilities(4) Development of a department store platform and industry leading
products and services

Diversified consumer
valuesDiversified purchasing
channels

Grasp market changes while concentrating
investments in growth fields
34Jewelry Business Growth Scenario
Growth field expansion through strategic investments toenhance the value of the 4℃ brandGrowth Fields

Female customer expansion

In light of the shrinking need for men’s gifts owing the impact
of COVID-19, strengthen product competitiveness bypromoting the sophistication of the 4℃ brand in response tofemale and consumer values toward jewelry, an area with thegreatest potential for growth

e-commerce expansion

Work to increase sales through the Group’s own e-commercesite as well as the e-commerce malls of other companies,
channels that are expected to grow in the future

Promote efforts to capture
new customers

Strengthen customer engagement by utilizing digital tools;
strengthen customer analysis at the designated market
department; enhance the sophistication of marketing andpromotion strategies

Undertake investments in human resources in a bid to ensure corporate
sustainability
Establish a systematic education system
Develop the next generation of managers by investing in the education and training of young
directors as well as candidates for the position of director and female executives
35

Medium- to Long-Term Approach:
Implement Growth Investments (1)Undertake various investments geared toward sustainable growth byleveraging the Company’s solid financial base(1) Brand value enhancement and marketing investment
Continue to engage in advertising and sales promotion activities with a view tofurther lifting customers’ favorable impression of the Group’s products(2) Store opening investment
Undertale investment aimed at PALETTE growth and building a robust
business portfolio(3) System and DX investment
Address the transition to a digital society and changes in the environment(4) Human resources investment
Strengthen human capital for the sustainable enhancement of corporate value
36Medium- to Long-Term Approach:
Implement Growth Investments (2)System and DX Investment(1) Core system renewal (Jewelry Business)
・ Build a product information platform
Planning(Designer)

Production

Delivery(Manufacturer)(Distributor)

Sales(Store/e-commerce)

Analysis(Merchandising)・ Improve operating efficiency・・・create opportunities for customer
service, eliminate duplication
・ Increase business value・・・analyze sales trends, estimate demand, etc.
(2) Enhance the sophistication of CRM (Jewelry Business）(3) Conduct education and training to raise the level of IT literacy(Group-wide)37

Promote Sustainable Management
Promote sustainable management by improving capital efficiency andgenerating cash flow
Work to realize a sustainable society together withcorporate sustainability and growth
Formulate a basic sustainability policy
Formulated as a policy to contribute to the realization of a sustainable society through corporate activities

Established the Sustainability
Committee
The Committee deliberates on important matters as they relate to sustainable management including human rights
and environmental issues
The Committee sets sustainability goals, confirms the status of initiatives, and considers countermeasures

TCFD Recommendation Initiatives
Based on the recommendations of the TCFD, launched an initiative to disclose information on Governance, Strategies,
Risk Management, and Indicators and Targets in connection with efforts to address climate change

38

Toward Stable and Continuous Growth～The Group’s Strengths■ Build a robust business portfolio[YONDOSHI HOLDINGS]Management philosophy, governance, human resources development,
optimal allocation of management resourcesHigh profit

成[Jewelry]
Net sales: ¥19.5 billion
Operating margin: 9.7%
Brand power, high quality

Brand valueenhancement[PALETTE]
Net sales: ¥13.0 billion
Operating margin: 3.8%
Low cost operations

Store opening
expansion[Apparel Manufacturing]
Net sales: ¥9.6 billion
Operating margin: 5.4%
Production structure and systems,
organizational management

Production structureand systems
reinforcement

長分Growthpotential

野Maximize
corporatevalue

Stability* Based on fiscal 2022 forecasts

39

We kindly request that you direct all inquiries regarding this document and investor relations
in general to the following point of contact:

YONDOSHI HOLDINGS INC.

Corporate Planning Department (Fukuhara)
TEL+81-3-5719-3295
E-mail ir-yondoshi@yondoshi.co.jp

Disclaimer: Forecasts and forward-looking statements are based on a wide range of assumptions.
YONDOSHI HOLDINSG INC. takes no responsibility for the accuracy of the information contained inthis document and does not guarantee its validity or outcome. Readers are asked to use this information
with the understanding that actual results may differ materially from estimates and forecasts.