CONSOLIDATED FINANCIAL REPORTFISCAL 2023（Japanese GAAP）(March 1, 2023 to February 29, 2024)
April 12, 2024
YONDOSHI HOLDINGS INC. is listed on the Prime Market of the Tokyo Stock Exchange under the securities code number
8008.
Representative:
Inquiries:

Hidetoshi Masuda, President and Representative Director
Masahiko Nishimura, Managing Director, Managing Executive Officer responsible for Finan
Tel: +81-3-5719-3295
URL: https:// yondoshi.co.jp/
Annual General Meeting of Shareholders date (planned): May 30, 2024
Fiscal 2023 Securities Report filing date (planned): May 31, 2024
Dividend payment commencement date (planned): May 31, 2024
Supplemental materials prepared for financial results: Yes
Holding of financial results meeting: Yes (for analysts and institutional investors)(Millions of yen rounded down)

1. Consolidated Performance for FY 2023 (March 1, 2023 to February 29, 2024)(1) Consolidated Business Results(% figures represent year-on-year increase or decrease)
Net Sales

Operating Income%

Millions of yen%

Millions of yen

Profit Attributable to
Owners of Parent

Ordinary Income%

Millions of yen%

Millions of yen

FY 2023

39,457

(0.1)

2,096

5.9

2,515

7.4

1,300

13.2

FY 2022

39,508

3.6

1,979

10.7

2,342

2.1

1,149

(22.9)(Note) Comprehensive income: FY 2023: ¥2,168 million (－%)
Net Income Per
Share

FY 2022: ¥(2,928) million (－%)

Net Income Per
Share (Diluted)

Yen

Ordinary Income
to Total Assets

ROE

Yen

%

%

Ordinary Income
to Operating
Revenues%

FY 2023
60.65
—
3.4
5.0
5.3
FY 2022
53.61
—
2.8
4.4
5.0
(Reference) Operating income before the amortization of goodwill: FY 2023: ¥2,593 million
FY 2022: ¥2,476 million
YONDOSHI HOLDINGS has positioned operating income before the amortization of goodwill as an importantmanagement indicator.

(2) Consolidated Financial Position
Total Assets

Net Assets to Total
AssetsNet Assets

Net Assets per Share ofCommon StockMillions of yen

Millions of yen%

Yen

As of February 29, 2024

50,64338,59676.2

1,798.49

As of February 28, 2023

50,211

38,21476.0

1,780.71(Reference) Shareholders’ equity: As of February 29, 2024: ¥38,577 million

As of February 28, 2023: ¥38,183 million(3) Consolidated Cash Flows

Millions of yen

Millions of yen

Millions of yen

Cash and Cash
Equivalents at the Endof the Period
Millions of yen

FY 2023

2,666(1,103)(1,791)

1,570

FY 20223,103(2,371)(1,834)

1,799

Operating Activities

Investing Activities― 1 ―Financing Activities

2.

Dividends
Cash Dividends per Share of Common Stock
End of 1Q End of 2Q End of 3Q

FY 2022
FY 2023
FY 2024(planned)3.

End of 4Q

Cash
Dividends
Paid (Annual)

AnnualDividend
Payout Ratio(Consolidated)

Cash Dividends
to Net Assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

—
—
—

41.50
41.50
41.50

—
—
—

41.50
41.50
41.50

83.00
83.00
83.00

1,787
1,791

154.8
136.8
111.2

4.4
4.6

Forecast of Consolidated Results for FY 2024 (March 1, 2024 to February 28, 2025)(% figures for the full fiscal year represent year-on-year increase or decrease,% figures for the interim period are the increase / (decrease) for the corresponding period of the previous fiscal year)
Operating Revenues

InterimFull Fiscal
year

Operating Income

Profit attributable toowners of parent

Ordinary Income

Net Income per
ShareMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

20,000

4.7

1,000

(6.5)

1,200

(6.6)

750

7.7

34.97

41,000

3.9

2,350

12.1

2,800

11.3

1,600

23.0

74.61

(Reference) Forecast EPS before the amortization of goodwill for the full FY 2024 is ¥97.77.

Notes(1) Changes in important subsidiaries during the period (changes in specified subsidiaries in accordance withchanges in the scope of consolidation): No(2) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements
1) Changes of accounting principles in line with revisions to accounting and other standards: Yes
2) Changes of accounting principles other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Number of shares issued and outstanding (common shares)
1. Number of shares issued and outstanding as of the end of the period (including treasury stock)
As of February 29, 2024: 24,331,356 shares
As of February 28, 2023: 24,331,356 shares
2. Number of treasury stock
As of February 29, 2024: 2,881,696 shares
As of February 28, 2023: 2,888,198 shares
3. Average number of shares for the year
FY2023: 21,444,022 shares
FY2022: 21,441,448 shares
Notes:
1. The number of recorded treasury stock includes 132,170 of the Company’ shares held by the Shares Grant Trust
for Officers as of the end of the subject consolidated fiscal year.
2. For additional information on the basic number of shares used to calculate consolidated net income per share, pleaserefer to “Per Share Information” on page 22.

― 2 ―(Reference) Overview of Non-Consolidated Performance

1. Non-Consolidated Performance for FY 2023 (March 1, 2022 to February 29, 2024)(1) Non-Consolidated Business Results(% figures represent year-on-year increase or decrease)
Operating Revenues

Operating Income%

Millions of yen

Ordinary Income%

Millions of yen%

Millions of yen

Profit attributable toowners of parent%

Millions of yen

FY 2023

2,349

54.6

1,895

77.2

2,010

76.4

1,935

84.8

FY 20221,519(36.1)

1,069(45.4)

1,139(43.2)

1,047(45.6)FY 2023
FY 2022Net Income Per
Share
Yen

Net Income Per
Share (Diluted)
Yen

90.28
48.86

—
—

(2) Non-Consolidated Financial Position
Total Assets

Net Assets to Total
AssetsNet Assets

Net Assets per Share ofCommon StockMillions of yen

Millions of yen%

Yen

As of February 29, 2024

38,75625,87466.7

1,205.40

As of February 28, 2023

38,36825,70866.9

1,197.50(Reference) Shareholders’ equity: As of February 29, 2024: ¥25,855 million

As of February 28, 2023: ¥25,678 million* The financial statement summary is not subject to auditing by certified public accountants or audit firms.
* Explanation concerning the Proper Use of Operating Results Forecasts and Other Relevant Specific Items
1. The forecasts of operating results and other items concerning the future contained in this document are
based on management’s assumptions and beliefs that are determined to be reasonable in light ofcurrently available information, YONDOSHI HOLDINGS INC. cautions readers that due to a variety
of factors actual results may differ materially from forecasts. For the assumptions that underpin
operating results forecasts as well as cautionary notes on the use of operating results forecasts, pleaserefer to the information from page 6.
2.

The Company plans to hold a financial results briefing on April 12, 2024 (Friday) for institutional
investors and analysts. Presentation materials used that day will be posted to the Company’s website
promptly after the briefing.

― 3 ―Contents
1.

Overview of Business Results

5(1)Overview of Business Results for Fiscal 2023

5

(2)

Overview of Financial Condition for Fiscal 2023

5

(3)

Overview of Cash Flows for Fiscal 2023

6

(4)

Future Outlook

6(5)

Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years

7

2.

Basic Stance on Selection of Accounting Standards

7

3.

Consolidated Financial Statements and Major Notes

8(1)

Consolidated Balance Sheets

8(2)

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

10(Consolidated Statements of Income)

10(Consolidated Statements of Comprehensive Income)

11

(3)

Consolidated Statements of Changes in Net Assets

12

(4)

Consolidated Statements of Cash Flows

14

(5)

Notes to Consolidated Financial Statements

16(Notes Regarding Going Concern Assumptions)16(Changes in Accounting Policies)

16(Additional Information)

16(Segment Information)

17(Matters Related to Revenue Recognition)

20(Per Share Information)

21(Important Subsequent Events)

22

― 4 ―

1. Overview of Business Results(1) Overview of Business Results for Fiscal 2023
In fiscal 2023, the fiscal year ended February 29, 2024, the Japanese economy showed signs of a modest recovery
with the easing of pandemic-related restrictions. Nevertheless, the outlook for the future remains uncertain, withconcerns about the impacts from prolonged inflation, domestic and international monetary policy, and exchange
rate fluctuations.
In the retail sector, sales of high-ticket items remained firm, and demand from inbound tourism continued torise. However, wage increases have not kept pace with rising prices, and real wages have been on a downward
trend. This has led to market polarization as consumers continue to focus on cost savings and lower prices.
Under such circumstances, YONDOSHI HOLDINGS Group, in response to changes in the businessenvironment, fully leveraged the strengths of the corporate group to provide products and services that exceed
customer expectations, with the aim of further growth. In addition, the Company practiced sustainable
management to establish a highly trusted corporate group, and worked to enhance enterprise value by
strengthening internal controls, providing shareholder returns, and making medium- to long-term investments
linked to earnings growth.
As a result, net sales for the subject fiscal year amounted to ¥39,457 million (down 0.1% from the previous
fiscal year), with operating income of ¥2,096 million (up 5.9%), ordinary income of ¥2,515 million (up 7.4%),
and profit attributable to owners of parent to ¥1,300 million (up 13.2%). Operating income before theamortization of goodwill, which the Company considers to be an important management indicator, amounted to¥2,593 million (up 4.7%).
Operating results by business segment were as follows.
Jewelry Business
Jewelry business company The F.D.C. Products Group made steady progress with business restructuring. The
consolidation of bridal jewelry specialty stores resulted in improved profitability. For fashion jewelry, theCompany pursued measures aimed at broadening the base of female customers, expansion of e-commerce, andnew customer development.
In terms of store openings and closings, 4 stores were opened, 17 stores were closed, and 11 stores wererenovated, for a total of 138 stores at the end of the subject period.
As a result, although net sales in the Jewelry Business segment declined from the previous fiscal year,
amounting to ¥16,995 million (down 8.6%), operating income rose for a second consecutive period to ¥1,426
million (up 5.1%).
Apparel Business
Retailer age Co., Ltd., operator of the everyday fashion brand PALETTE, recorded a year-on-year increase insales at existing stores, which along with a boost from opening new stores, resulted in revenue gains. In termsof store openings and closings, 10 stores were opened, and 4 stores were closed, for a total of 99 stores at theend of the subject period.
Apparel manufacturing and wholesaler The AS’TY Group expanded measures with major business partners
against the backdrop of the overseas production bases that are its strength, with growth in both revenue andearnings.
As a result, net sales in the Apparel Business segment rose for a seventh consecutive period, amounting to¥22,462 million (up 7.4% from the previous fiscal year), with operating income of ¥1,046 million (up 11.1%),
for a second consecutive period of gains.
(2) Overview of Financial Condition for Fiscal 2023
(Current Assets)
Current assets as of the end of the fiscal year under review stood at ¥13,941 million, up ¥242 million comparedwith the end of the previous fiscal year. Major movements included an increase in merchandise of ¥433 million.
(Noncurrent Assets)
Noncurrent assets amounted to ¥36,701 million, an increase of ¥189 million from the end of the previous fiscal
year. This was due mainly to an increase in investment securities of ¥1,122 million; against decreases in buildings
and structures, net of ¥237 million; and goodwill of ¥496 million.

― 5 ―(Current Liabilities)
Current liabilities amounted to ¥5,605 million, a decrease of ¥267 million from the end of the previous fiscal
year. This was due mainly to a decrease in income taxes payable of ¥279 million.
(Noncurrent Liabilities)
Noncurrent liabilities amounted to ¥6,441 million, an increase of ¥317 million from the end of the previous
fiscal year. This was due mainly to an increase in deferred tax liabilities of ¥384 million.
(Net Assets)
Total net assets amounted to ¥38,596 million, an increase of ¥381 million from the end of the previous fiscal
year. This was due mainly to an increase in valuation difference on available-for-sale securities of ¥805 million;
against a decrease in retained earnings of ¥489 million.
(3) Overview of Cash Flows for Fiscal 2023
Cash and cash equivalents as of the end of the subject fiscal year amounted to ¥1,570 million, a decrease of¥228 million from the end of the previous fiscal year.
(Cash Flows from Operating Activities)
Net cash provided by operating activities amounted to ¥2,666 million, a decrease of ¥436 million from the endof the previous fiscal year. The main factors were net income before income taxes of ¥2,229 million, anddepreciation and amortization of ¥695 million.
(Cash Flows from Investing Activities)
Net cash used in investing activities amounted to ¥1,103 million, an increase of ¥1,267 million from the end of
the previous fiscal year. The main factor was purchase of property, plant and equipment of ¥852 million.
(Cash Flows from Financing Activities)
Net cash used in financing activities totaled ¥1,791 million, an increase of ¥42 million from the end of theprevious fiscal year. The main factor was cash dividends paid of ¥1,789 million.
(4) Future Outlook
In the retail sector industry, consumption is expected to continue to expand on improvement in real wages due
to pay increases, the wealth effect from a rising stock market, and an increase in inbound demand. However,concerns remain regarding the pressure on corporate earnings from higher labor costs due to a smaller working
population, and rising logistics costs.
Under such circumstances, YONDOSHI HOLDINGS Group will launch its 7th Medium-Term Management
Plan, “Challenge for Future – Toward 2030” from the fiscal year ending February 2025. Premised on responding
to the business environment, the Group will enhance the value provided to customers, and build a foundation forgrowth to support future business development.
In the core Jewelry Business, the Company will change the segment name to the “Brand Business” inanticipation of expansion into new business domains. We will also pursue measures to establish a foundation forrevising product and sales promotion strategies with the aim of increasing support among female customers. To
achieve the vision of a “100-Year Brand,” the Company will pursue measures to rebuild the fashion jewelrybusiness, expand department store and e-commerce sales channels, deepen new customer development, andimplement OMO (Online-Merge-Offline) marketing strategies. We will lay a foundation for a new level of value
provided by the 4°C brand, which will support a growth phase from the 8th Medium-Term Management Plan.
In the Apparel Business, the Company will continue its efforts for further market expansion. For the everyday
fashion brand PALETTE, we will continue during the 7th Medium-Term Management Plan to open around 10
stores each fiscal year, including in the Kanto area, to increase sales. Apparel manufacturers will leverage theadvantages from their production bases in Bangladesh to strengthen initiatives with main business partners, anddevelop new trading relationships.
In addition, to ensure YONDOSHI HOLDINGS remains a highly trustworthy corporate group, we will work
to further enhance corporate value by practicing sustainable management, strengthening our internal control
functions, providing returns to shareholders, and making longer-term investments that will lead to earnings
growth.
As a result of the above, for the fiscal year ending February 28, 2025, the Company is forecasting an increase― 6 ―in net sales to ¥41,000 million (up 3.9% year on year), and a third consecutive year of earnings gains, with
operating income of ¥2,350 million (up 12.1%), ordinary income of ¥2,800 million (up 11.3%), and profit
attributable to owners of parent to ¥1,600 million (up 23.0%). The forecast for operating income before theamortization of goodwill, which the Company considers to be an important management indicator, is ¥2,846
million (up 9.8%).
(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
YONDOSHI HOLDINGS Group recognizes providing returns to shareholders is an important management issue.
As the basic policy on profit distribution, the Company will work to enhance the level of total returns throughthe provision of stable and continuous dividends and flexible share buybacks, as well as reducing equity capital,
aiming to reach ROE of 8% or higher in the future.
The Company has also set a target of DOE of 4% or higher as an important indicator of shareholder returns,
and aims to achieve an annual dividend of 100 yen per share in the future.
In accordance with this policy, for the subject fiscal year, YONDOSHI HOLDINGS Group plans to pay a
year-end dividend of 41.50 yen per share. Together with the interim dividend of 41.50 yen per share, thisrepresents a full year dividend of 83 yen per share, for a DOE of 4.6%.
Of note, for the fiscal year ending February 2025, the Company plans to pay a dividend of 83 yen per share,comprising an interim dividend of 41.50 yen, and a year-end dividend of 41.50 yen.
2. Basic Stance on Selection of Accounting Standards
The YONDOSHI HOLDINGS Group prepares its consolidated financial statements in accordance with Japanese
Generally Accepted Accounting Principles. With respect to International Financial Reporting Standards (IFRS),
the YONDOSHI HOLDINGS Group will respond adequately with consideration of the situation in Japan andoverseas.

― 7 ―3. Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheets(Millions of yen)
End of the Fiscal Year Ended
February 28, 2023
(As of February 28, 2023)

End of the Fiscal Year Ended
February 29, 2024
(As of February 29, 2024)

1,804
2,876
7,647
70
685
87
267
265
(5)

1,579
2,905
8,080
108
430
1
579
261
(5)

13,69913,941

4,265
5,839
34
399

4,027
5,839
22
427

10,538

10,316

1,737
2
0
366

1,241
0
0
482

2,107

1,724

19,408
245
1
1,735
349
1,810
21

20,530
227
2
1,518
443
1,579
20

342
(47)

384
(47)

23,866

24,66036,51236,701

50,21150,643ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable ― trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Advance payments-trade
Accounts receivable-other
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets:
Property, plant and equipment:
Buildings and structures, net
Land
Lease assets, net
Other, net
Total property, plant and equipment
Intangible assets:
Goodwill
Lease assets
Right of trademark
Other
Total intangible assets
Investments and other assets:
Investment securities
Guarantee deposits
Long-term loans receivable
Deferred tax assets
Net defined benefit asset
Lease deposits
Claims provable in bankruptcy, claims provable inrehabilitation and other
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets― 8 ―(Millions of yen)
End of the Fiscal Year Ended
February 28, 2023
(As of February 28, 2023)

End of the Fiscal Year Ended
February 29, 2024
(As of February 29, 2024)

2,089
692
15
531
240
33
208
2,061

2,369
699
9
252
271
48
86
1,869

5,872

5,605

24
453
3,596
501
184
1,130
234

15
489
3,981
494
243
979
237

LIABILITIESCurrent liabilities:
Notes and accounts payable ― trade
Electronically recorded obligations – operating
Lease obligations
Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Asset retirement obligations
Other
Total current liabilities
Noncurrent liabilities:
Lease obligations
Long-term guarantee deposited
Deferred tax liabilities
Net defined benefit liability
Provision for directors' stock benefits
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

6,124

6,441

11,996

12,0472,486
7,189
31,056(6,148)

2,486
7,178
30,567(6,123)34,584

34,109

Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Remeasurements of defined benefit plans

4,052
0
(233)
2
(222)

4,857
8
(233)
－
(165)

Total accumulated other comprehensive income

3,599

4,467

30

18

38,214

38,59650,21150,643

Subscription rights to shares
Total net assets
Total liabilities and net assets― 9 ―(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Millions of yen)
Fiscal 2022
(March 1, 2022 to

Fiscal 2023
(March 1, 2023 to

February 28, 2023)

February 29, 2024)

Net sales
Cost of Sales

39,50819,78139,457
19,927Gross profit

19,727

19,530

Selling, general and administrative expenses

17,74817,433Operating income

1,979

2,096

102
207
13
1
40

145
228
15
－
32

366

421

1
1
1

1
0
0

Non-operating income
Interest income
Dividends received
Foreign exchange gains
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on cancellation of insurance policies
Other
Total non-operating expenses

3

2

2,342

2,515

293

358

Total extraordinary income

293

358

Extraordinary loss
Impairment loss
Loss on closing of stores
Building demolition expenses
Loss on liquidation of business
Loss on liquidation of subsidiaries

542
26
9
23
33

581
62
－
－
－

Ordinary income
Extraordinary income
Gain on sales of investment securities

Total extraordinary losses

634

644

Net income before income taxes

2,000

2,229

Income taxes ― current
Income taxes ― deferred

946
(95)

775
152

Total income taxes

851

928

Net income

1,149

1,300

Profit attributable to owners of parent

1,149

1,300

― 10 ―

Consolidated Statements of Comprehensive Income(Millions of yen)
Fiscal 2022
(March 1, 2022 to

Fiscal 2023
(March 1, 2023 to

February 28, 2023)
Income before minority interests
Other comprehensive income
Other valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent― 11 ―

February 29, 2024)
1,149

1,300

(3,966)
(7)
1
(105)

805
8
(2)
57

(4,078)(2,928)867
2,168(2,928)2,168

(3) Consolidated Statements of Changes in Net Assets
Fiscal 2022 (March 1, 2022 to February 28, 2023)(Millions of yen unless otherwise stated)
Shareholders’ equity

Common stock

Capital surplus

2,486

7,196

Balance at the end of previous period

Retainedearnings
31,707

Cumulative effects of changes in accounting
policies

Total
shareholders’equityTreasury stock(6,175)35,215(13)

Restated balance

2,486

7,196

(13)

31,694(6,175)35,202

Changes of items during the period
Dividends from surplus(1,786)

Profit attributable to owners of parent

1,149(1,786)
1,149

Purchase of treasury shares
Disposal of treasury shares

(7)

(42)

(42)

68

61

Net changes in items excluding shareholders’equity during the period
Total
Balance at the end of current period

—

(7)

(637)

26

(617)

2,486

7,189

31,056(6,148)34,584

Accumulated other comprehensive income
Valuationdifferenceonavailablefor-salesecurities
Balance at the end of
previous period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes of items during
the period
Dividends fromsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
excludingshareholders’ equity
during the period
Total
Balance at the end ofcurrent period

8,018

Deferred
gains orlosses onhedges

Revaluation
reserve forland
8Foreigncurrencytranslation
adjustments

Remeasurementsof defined benefit
plans

1

(117)

(233)

Total
accumulated
othercomprehensive

Subscrip-tion
rights tosharesTotal net
assetsincome7,677

24

42,917
(13)

8,018

8

(233)

1

(117)

7,677

24

42,904(1,786)
1,149
(42)
61
(3,966)

(7)

—

1

(105)

(4,078)5(4,072)(3,966)

(7)

—

1

(105)

(4,078)

5(4,690)

4,052

0

(233)

2

(222)

3,599

30

38,214― 12 ―

Fiscal 2023 (March 1, 2023 to February 29, 2024)(Millions of yen unless otherwise stated)
Shareholders’ equity

Common stock

Capital surplus

2,486

7,189

Balance at the end of previous period

Retainedearnings

Total
shareholders’equityTreasury stock

31,056(6,148)34,584

Changes of items during the period
Dividends from surplus(1,789)Profit attributable to owners of parent

1,300(1,789)1,300

Purchase of treasury shares
Disposal of treasury shares

(10)

(64)

(64)

89

78

Net changes in items excluding shareholders’equity during the period
Total
Balance at the end of current period

—

(10)

(488)

24

(474)

2,486

7,178

30,567(6,123)

34,109

Accumulated other comprehensive income
Valuationdifferenceonavailablefor-salesecurities
Balance at the end of
previous period
Changes of items during
the period
Dividends fromsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
excludingshareholders’ equity
during the period
Total
Balance at the end ofcurrent period

4,052

Deferred
gains orlosses onhedges

Revaluation
reserve forland
0Foreigncurrencytranslation
adjustments

Remeasurementsof defined benefit
plans

2

(222)

(233)

Total
accumulated
othercomprehensive

Subscrip-tion
rights tosharesTotal net
assetsincome3,599

30

38,214(1,789)
1,300
(64)
78
805

8

—

(2)

57

867

(11)

856

805

8

—

(2)

57

867

(11)

381

4,857

8

(233)

—

(165)

4,467

18

38,596― 13 ―

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal 2022
(March 1, 2022 toFebruary 28, 2023)

Fiscal 2023
(March 1, 2023 to
February 29, 2024)

Cash Flows from Operating Activities:
Net Income before income taxes

2,000

2,229

Depreciation and amortization

770

695

Impairment loss

542

581

Amortization of goodwill

496

496

Increase (decrease) in allowance for doubtful accounts(2)0Increase (decrease) in provision for bonuses

43

30

Loss on liquidation of business

23―

Subsidy income(1)―

Increase (decrease) in net defined benefit liability

(32)

(12)

Increase (decrease) in other provision

60

73

(310)

(373)

1

1

Interest and dividends income
Interest expenses
Foreign exchange losses (gains)

0(0)

Loss (gain) on sales of investment securities

(293)

(358)

Decrease (increase) in notes and accounts receivable ― trade

(427)

(29)

Decrease (increase) in inventories

340

(218)

Increase (decrease) in notes and accounts payable ― trade

(137)

289

Increase (decrease) in accrued consumption taxes

100

(85)

Increase (decrease) in advances received

(101)

(187)

Increase (decrease) in accounts payable - other

70

126

Decrease (increase) in other assets

(74)

279

Increase (decrease) in other liabilities

157

(7)

3,226

3,530

Interest and dividends income received

310

377

Interest expenses paid

(1)

(1)

Subtotal

Proceeds from subsidy income

1―

Income taxes paid

(782)

(1,365)

Income taxes refund

347

125

3,103

2,666

Net cash provided by (used in) operating activities― 14 ―

(Millions of yen)
Fiscal 2022
(March 1, 2022 toFebruary 28, 2023)

Fiscal 2023
(March 1, 2023 to
February 29, 2024)

Cash Flows from Investing Activities:
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities

(842)

(875)

2

―

(176)

(208)

(2,007)(1,527)

Proceeds from sales of investment securities

864

475

Proceeds from redemption of investment securities

―

1,500

Collection of long-term loans receivable

00Long-term loan advances―(1)

Purchase of long-term prepaid expenses

(18)

(54)

Other payments

(311)

(547)

Other proceeds

118

134

(2,371)(1,103)Purchase of treasury stock

(0)

(0)

Proceeds from sales of treasury stock―

12(1,786)(1,789)

(47)

(15)

(1,834)(1,791)

10

Net increase (decrease) in cash and cash equivalents(1,100)(228)

Cash and cash equivalents at beginning of period

2,900

1,799

Cash and cash equivalents at end of period

1,799

1,570

Net cash provided by (used in) investing activities
Cash Flows from Financing Activities:

Cash dividends paid
Other payments
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents― 15 ―

(5) Notes to Consolidated Financial Statements(Notes Regarding Going Concern Assumptions)Not applicable(Changes in Accounting Policies)(Adoption of Implementation Guidance on Accounting Standard for Fair Value Measurement)
Effective from the beginning of the first quarter of the subject fiscal year, the Company adopted the“Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31,
June 17, 2021; hereinafter, “Implementation Guidance on Accounting Standard for Fair Value
Measurement”). Under the transitional treatment stipulated in Paragraph 27-2 of the “Implementation
Guidance on Accounting Standard for Fair Value Measurement”, the Company decided to adopt the new
accounting policy stipulated by the Implementation Guidance on Accounting Standard for Fair Value
Measurement for the future. There is no impact on the quarterly consolidated financial statements.

(Additional Information)(Stock Compensation Plan for Directors)
Under its 68th annual shareholders meeting held on May 17, 2018, the Company introduced a stockcompensation plan (hereinafter, the “Plan”), with eligible persons the Company’s directors (excluding
directors who are audit and supervisory committee members) and directors who are audit and supervisorycommittee members (excluding outside directors), as well as directors and corporate auditors (excluding
outside corporate auditors) of the Company’s major group companies from November 28, 2018.
i. Summary of the transaction
The Plan is a stock compensation plan to grant the Company’s shares to eligible directors of eligible
companies in accordance with rules for granting trust-based stock compensation to corporate officers as
determined by the eligible companies. The Company will contribute funds to the trust, and the trust will
use these funds to acquire the Company’s shares, and grant them to eligible directors. In principle, directors
and other officers will receive the Company’s shares at the time of retirement.
ii. The Company’s own shares held in the Trust
The Company’s own shares held in the Trust are recorded as treasury stock under net assets at their bookvalue in the Trust (excluding the amount of ancillary expenses). The book value and number of shares ofsuch treasury stock was ¥255 million, for 132,170 shares at the end of the subject consolidated fiscal year.

― 16 ―

(Segment Information)
1. Overview of Reporting Segments
The Group’s reporting segments are regularly reviewed by the Board of Directors using the segregatedfinancial information available within each segment to determine the allocation of management resourcesand evaluate business results.
Based on the major products handled, the YONDOSHI HOLDINGS Group has identified the Jewelry
Business and the Apparel Business as its two reporting segments.
(1) Jewelry Business
F.D.C. Products Inc. and its subsidiary companies engage in the comprehensive development of brandbusinesses. This includes the design, manufacture and sale of various products focusing mainly on jewelry.
The F.D.C. Products Group’s principal brands include 4°C, Canal4°C, and EAUDOUCE4°C.
(2) Apparel Business
AS’TY Inc. and its subsidiary companies engage in apparel business development activities. Responsible
for the manufacturing and apparel functions that draw on its design and marketing capabilities, the AS’TYGroup maintains an overseas production network in such countries as China, Bangladesh and Vietnam
while marketing products mainly through major apparel outlets, specialty stores and general merchandise
stores. age Co., Ltd. is active in the retail business focusing mainly on women’s clothes, fashion
accessories and practical clothing. The company’s is largely undertaken in Western Japan.
2. Calculation Methods for Net Sales, Profit and Loss, Assets, Liabilities and Other Items by Reporting
Segment
The accounting treatment methods for reporting segments are generally the same as those adopted for
preparing consolidated financial statements. Profits for reporting segments are operating income amounts.
Intrasegment sales and transfers are based on current market prices.
3. Information Regarding Net Sales, Profit and Loss, Assets, Liabilities and Other Items by Reporting
Segment
Fiscal 2022 the Fiscal Year Ended February 28, 2023 (March 1, 2022 to February 28, 2023)(Millions of yen)
Reporting Segments

Net sales
Revenue from contracts
with customers
Other revenue (Note 3)
Net sales to outside
customers
Intrasegment net sales andtransfers
Total
Segment income
Segment assets
Other items
Depreciation
Increase in property, plantand equipment andintangible assets

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Jewelry BusinessApparel Business

Total

18,51420,084

38,598―38,598

73

837

910

―

910

18,587

20,921

39,508―39,508

0

150

150

(150)

―

18,587
1,356
23,61721,072942
27,83339,6592,298
51,451

(150)
(319)
1,239

39,508
1,979
50,211

396

352

748

21

770

559

394

954

14

968

Notes:
1. (1) The adjustment amount of minus ¥319 million for segment income mainly includes amortization of goodwill totaling
minus ¥496 million, general administrative expenses that are not attributable to individual reporting segments amounting tominus ¥482 million and eliminations of inter-segment transactions of ¥659 million.
(2) The adjustment amount of minus ¥1,239 million for segment assets is mainly comprised of an inter-segment offset amount
totaling minus ¥13,867 million, corporate assets of ¥10,890 million and the balance of unamortized goodwill of ¥1,737 million
that are not allocated to each reporting segment. Meanwhile, corporate assets are primarily made up of surplus operating funds(cash and deposits) that are not attributable to individual reporting segments.

― 17 ―

(3) The adjustment amount of ¥21 million for depreciation and amortization relates to corporate assets that are not attributable
to individual reporting segments.
(4) The adjustment amount of tangible and intangible asset increase of ¥14 million relates to corporate assets that are not
attributable to individual reporting segments.
2. Segment income matches operating income recorded on the consolidated statements of income.
3. “Other revenue” is real estate lease revenue.

Fiscal 2023 the Fiscal Year Ended February 29, 2024 (March 1, 2023 to February 29, 2024)(Millions of yen)
Reporting Segments

Net sales
Revenue from contracts
with customers
Other revenue (Note 3)
Net sales to outside
customers
Intrasegment net sales andtransfers
Total
Segment income
Segment assets
Other items
Depreciation
Increase in property, plantand equipment andintangible assets

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Jewelry BusinessApparel Business

Total

16,922

21,59838,520―38,520

73

864

937

―

937

16,995

22,46239,457―39,457

0

122

122

(122)

―

19,995
1,426
23,092

22,585
1,046
29,491

39,5802,472
52,583(122)(375)(1,940)39,4572,096
50,643

317

361

679

15

695

606

516

1,123

0

1,124

Notes:
1. (1) The adjustment amount of minus ¥375 million for segment income mainly includes amortization of goodwill totaling
minus ¥496 million, general administrative expenses that are not attributable to individual reporting segments amounting tominus ¥478 million and eliminations of inter-segment transactions of ¥598 million.
(2) The adjustment amount of minus ¥1,940 million for segment assets is mainly comprised of an inter-segment offset amount
totaling minus ¥14,463 million, corporate assets of ¥11,282 million and the balance of unamortized goodwill of ¥1,241 million
that are not allocated to each reporting segment. Meanwhile, corporate assets are primarily made up of surplus operating funds(cash and deposits) that are not attributable to individual reporting segments.
(3) The adjustment amount of ¥15 million for depreciation and amortization relates to corporate assets that are not attributable
to individual reporting segments.
(4) The adjustment amount of tangible and intangible asset increase of ¥0 million relates to corporate assets that are not
attributable to individual reporting segments.
2. Segment income matches operating income recorded on the consolidated statements of income.
3. “Other revenue” is real estate lease revenue.

(Related Information)
Fiscal 2022, the Fiscal Year Ended February 28, 2023 (March 1, 2022 to February 28, 2023)
1. Product and Service Information
As the same information is disclosed in the Segment Information, product and service information has been
omitted.
2. Geographical Segment Information
i. Net sales
As the total of net sales to outside customers based in Japan of all business segments represented over 90%of the Company’s total net sales in the consolidated statements of income, geographical information has
been omitted.
ii. Property, plant and equipment
As the total of property, plant and equipment based in Japan of all business segments represented over 90%of the Company’s property, plant and equipment in the consolidated balance sheets, geographicalinformation has been omitted.
― 18 ―

3. Information by Major Customer
This information has been omitted because there are no specific customers to whom sales exceed 10% ormore of the total operating revenues posted in the consolidated statement of income.
Fiscal 2023, the Fiscal Year Ended February 29, 2024 (March 1, 2023 to February 29, 2024)
1. Product and Service Information
As the same information is disclosed in the Segment Information, product and service information has been
omitted.
2. Geographical Segment Information
i. Net sales
As the total of net sales to outside customers based in Japan of all business segments represented over 90%of the Company’s total net sales in the consolidated statements of income, geographical information has
been omitted.
ii. Property, plant and equipment
As the total of property, plant and equipment based in Japan of all business segments represented over 90%of the Company’s property, plant and equipment in the consolidated balance sheets, geographicalinformation has been omitted.
3. Information by Major Customer
This information has been omitted because there are no specific customers to whom sales exceed 10% ormore of the total operating revenues posted in the consolidated statement of income.
(Information Concerning the Impairment loss of Noncurrent Assets by Reporting Segment)
Fiscal 2022, the Fiscal Year Ended February 28, 2023 (March 1, 2022 to February 28, 2023)(Millions of yen)
Reporting Segments
Jewelry BusinessImpairment loss

Apparel Business

392

Adjustment
amount

Total

149

Total

―

542

542

Fiscal 2023, the Fiscal Year Ended February 29, 2024 (March 1, 2023 to February 29, 2024)(Millions of yen)
Reporting Segments
Jewelry BusinessImpairment loss

Apparel Business

239

341

Adjustment
amount

Total
581

―

Total

581

(Information Concerning the Amount of Goodwill Amortized and the Balance of Unamortized Goodwill
by Reporting Segment)
Fiscal 2022, the Fiscal Year Ended February 28, 2023 (March 1, 2022 to February 28, 2023)
There were no amounts of goodwill amortized or balance of unamortized goodwill allocated to reporting
segments. The amounts of goodwill amortized and balance of unamortized goodwill not allocated to reporting
segments were ¥496 million and ¥1,737 million, respectively. The amounts of goodwill amortized and balanceof unamortized goodwill related to goodwill that arose at the time of stock exchange.
Fiscal 2023, the Fiscal Year Ended February 29, 2024 (March 1, 2023 to February 29, 2024)
There were no amounts of goodwill amortized or balance of unamortized goodwill allocated to reporting― 19 ―

segments. The amounts of goodwill amortized and balance of unamortized goodwill not allocated to reporting
segments were ¥496 million and ¥1,241 million, respectively. The amounts of goodwill amortized and balanceof unamortized goodwill related to goodwill that arose at the time of stock exchange.
(Information Concerning the Gain on Negative Goodwill by Reporting Segment)
Fiscal 2022, the Fiscal Year Ended February 28, 2023 (March 1, 2022 to February 28, 2023)
Not applicable.
Fiscal 2023, the Fiscal Year Ended February 29, 2024 (March 1, 2023 to February 29, 2024)
Not applicable.
(Matters Related to Revenue Recognition)
Information analyzing the revenue resulting from contracts with customers is presented in “Notes (Segment
information)”.

― 20 ―

(Per Share Information)(Yen)
Fiscal 2022
(March 1, 2022 toFebruary 28, 2023)

Net assets per share
Earnings per share

Fiscal 2023
(March 1, 2023 to
February 29, 2024)

1,780.71
53.61

1,798.49
60.65

Notes: 1. No statement is made regarding diluted per share net profit for the period because dilutive shares possessing adilutive effect do not exist.
2. The basis for calculating earnings per share and net income per diluted share is presented as follows:(Millions of yen unless otherwise stated)
Fiscal 2022
(March 1, 2022 toFebruary 28, 2023)

Total earnings per share
Profit attributable to owners of parent
Amounts not applicable to ordinary shareholders
Profit attributable to owners of parent applicable to common
stock
Average number of common shares (Shares)

Description of the diluted shares not included in the calculationof net income per share adjusted for diluted shares due to their
non-dilutive effect from the previous fiscal year

Fiscal 2023
(March 1, 2023 to
February 29, 2024)

1,149
—

1,300
—

1,149

1,300

21,441,448

21,444,006

Fiscal 2022
(March 1, 2022 toFebruary 28, 2023)

Fiscal 2023
(March 1, 2023 to
February 29, 2024)

November 22, 2018
Board resolution
The 11th issuance of newshare subscription rights
Common stock:34,500 shares

July 8, 2020
Board resolution
The 13th issuance of newshare subscription rights
Common stock:16,500 shares

November 22, 2018
Board resolution
The 12th issuance of newshare subscription rights
Common stock:28,200 shares

July 8, 2020
Board resolution
The 14th issuance of newshare subscription rights
Common stock:29,500 shares

July 8, 2020
Board resolution
The 13th issuance of newshare subscription rights
Common stock:21,000 shares

July 7, 2022
Board resolution
The 15th issuance of newshare subscription rights
Common stock:24,000 shares

July 8, 2020
Board resolution
The 14th issuance of newshare subscription rights
Common stock:31,500 shares

July 7, 2022
Board resolution
The 16th issuance of newshare subscription rights
Common stock:28,900 shares

July 7, 2022
Board resolution
The 15th issuance of newshare subscription rights
Common stock:24,000 shares
July 7, 2022
Board resolution
The 16th issuance of newshare subscription rights
Common stock:28,900 shares― 21 ―

3. The basis for calculating net assets per share is presented as follows:(Millions of yen unless otherwise stated)
Fiscal 2022
(March 1, 2022 toFebruary 28, 2023)

Total net asset recorded on consolidated balance sheets
Deduction amount of total net asset recorded on consolidatedbalance sheets
Subscription rights to shares
Net assets applicable to common stock
Number of common stock utilized for the calculation of net assets
per share (Shares)

Fiscal 2023
(March 1, 2023 to
February 29, 2024)

38,214

38,596

30

18

(30)
38,183(18)
38,577

21,433,158

21,449,660

4. Company stock remaining in the Shares Grant Trust for Officers recorded as Treasury Stock in the Company’s
Shareholders’ Equity is included in the number of treasury stock to be deducted when computing the average numberof shares for the period for earnings per share calculation purposes as well as the number of treasury stock to be
deducted from the total number of shares issued and outstanding as of the end of the period for net assets per sharecalculation purposes.
The number of treasury stock to be deducted when computing the average number of shares for the period forearnings per share calculation purposes was 89,308 shares for fiscal 2022 and 117,634 shares for fiscal 2023. The
number of treasury stock to be deducted from the total number of shares issued and outstanding as of the end of theperiod for net assets per share calculation purposes was 97,170 shares for fiscal 2022 and 132,170 shares for fiscal
2023.

(Important Subsequent Events)
Not applicable― 22 ―