Summary of Financial Statements for Fiscal Year Ended April 2024
【Japan GAAP】(Consolidated)
June 6, 2024
Name of listed company:
Exchange listed on:
Code number:
Representative:
Inquiries:

AIN HOLDINGS INC.
Prime Market of Tokyo Stock Exchange and Sapporo Securities Exchange
9627
URL: https://www.ainj.co.jp/corporate/
Kiichi Otani, President and Representative Director
Toshihide Mizushima, Representative Senior Managing Director
TEL: +81-11-814-1000
Date of the ordinary general meeting of shareholders:
July 30, 2024
Date of scheduled payment of dividends:
July 31, 2024
Date of filing securities report:
July 31, 2024
Supplementary documents for this summary of financial statements: Yes (Supplementary materials are disclosed on the
Company’s website appropriately as the financial
statements.)

Explanation meeting for financial results:

Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen.)

1. Consolidated results for the fiscal year ended April 2024 (from May 1, 2023 to April 30, 2024)(1) Consolidated operating results(Percentage figures show year-on-year changes.)

Net sales

EBITDA

Million yen
Year ended April 30,
2024
Year ended April 30,
2023% Million yen

Operating profit% Million yen%

Profit attributable toowners of parent
Million yen%

Ordinary profit% Million yen

399,824

11.5

31,31821.2

20,432

27.7

21,37725.3

11,401

23.5

358,742

13.4

25,843

7.4

16,004

5.7

17,064

6.4

9,234

30.2

(Note) Comprehensive income:Year ended April 30, 2024: ¥11,781 million (+24.7%)
Year ended April 30, 2023: ¥9,446 million (+32.5%)(Note) EBITDA = operating profit + depreciation + amortization of goodwill
Earnings per
share
Year ended April 30, 2024
Year ended April 30, 2023

Diluted earnings
per share

Return on equity

Ordinary profit tototal assets

Operating profit
to net sales

Yen

Yen

%

%

%

324.64262.87

－
－

8.7
7.5

8.9
7.7

5.1
4.5

(Reference) Equity in earnings of affiliates: Year ended April 30, 2024: ¥– million
Year ended April 30, 2023: ¥– million(2) Consolidated financial position
Total assets
As of April 30, 2024
As of April 30, 2023

Shareholders’ equity
ratio

Net assets

Net assets per share

Million yen

Million yen%

Yen

249,409
231,750

135,411
126,54654.3
54.6

3,866.55
3,599.47(Reference) Equity capital: As of April 30, 2024: ¥135,307 million

As of April 30, 2023: ¥126,449 million(3) Consolidated cash flows
Cash flows fromoperating activities
Year ended April 30, 2024
Year ended April 30, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents
at end of year

Million yen

Million yen

Million yen

Million yen

23,023
20,267(15,748)(22,292)(5,110)(11,237)

48,381
46,217

2. Dividends
Dividends per share

Total
dividends

Dividends
payout ratio

Dividends on
net assets

1Q-end2Q-end3Q-endYear-end

Annual

Yen

Yen

Yen

Yen

Yen

(annual)Million yen(consolidated)%(consolidated)%Year ended April 30, 2024

–
–

0.00
0.00

–
–

60.00
80.00

60.00
80.00

2,107
2,826

22.8
24.6

1.7
2.1

Year ending April 30, 2025
(forecast)

–

0.00

–

80.00

80.00

Year ended April 30, 2023

30.5

3. Consolidated financial forecast for the fiscal year ending April 30, 2025 (from May 1, 2024 to April 30, 2025)
Net salesFirst half
Full year

EBITDA

Operating profit

Million yen%

Million yen%

Million yen%

199,700
415,000

3.1
3.8

12,26029,220(11.6)(6.7)

6,644
17,800(24.1)(12.9)(Percentage figures show year-on-year changes.)
Earnings
Profit attributable toOrdinary profit
perowners of parent
shareMillion yen% Million yen
%
Yen

7,043
18,500(24.6)(13.5)

3,780
9,180

(28.1)(19.5)

108.02262.33* Notes(1) Major changes in subsidiaries during the fiscal year (changes in specified subsidiaries resulting in change inscope of consolidation): No
Newly consolidated: –Excluded: –(2) Changes in accounting principles, changes in accounting estimates, and restatement of revisions
1) Changes in accounting principles as a result of revisions to accounting standards, etc.: No
2) Changes in accounting principles other than 1):
No3) Changes in accounting estimates:
Yes
4) Restatement of revisions:No(3) Number of outstanding shares (common stock):1) Number of outstanding
shares (including treasury As of April 30, 2024
shares):2) Number of shares held in
As of April 30, 2024
treasury:
3) Average number of
Fiscal year endedApril 30, 2024
shares outstanding:

35,428,212 shares As of April 30, 2023

35,428,212 shares

433,891 shares As of April 30, 2023

298,188 sharesFiscal year ended

35,120,134 shares April 30, 2023

35,129,116 shares(Note) The number of treasury shares at the end of the fiscal year includes the Company's shares held by Custody Bank ofJapan, Ltd. (Trust Account E) (as of April 30, 2023: - shares, as of April 30, 2024: 333,800 shares). In addition, theCompany’s shares held by Custody Bank of Japan, Ltd. (Trust Account E) are included in treasury shares deducted fromthe calculation of average number of shares outstanding during the period (fiscal year ended April 30, 2023: - shares,
fiscal year ended April 30, 2024: 27,817 shares).

*This Summary of Financial Statements is outside the scope of audit procedures.
*Statement regarding the proper use of financial forecasts and other special remarks(Caution concerning forward-looking statements)
The above forecasts are calculated based on the information available as of the publication date of this material, and actual financial
results may vary due to change in future economic conditions and others.

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024
Contents of Attachment
1. Operating Results and Other ................................................................................................................................................. 2(1) Overview of operating results for the fiscal year under review ......................................................................................... 2(2) Overview of financial position for the fiscal year under review ......................................................................................... 3(3) Overview of cash flows for the fiscal year under review................................................................................................... 4(4) Future outlook .................................................................................................................................................................. 5
2. Basic Stance on Selection of Accounting Standards ............................................................................................................. 5
3. Consolidated Financial Statements and Major Notes ............................................................................................................ 6(1) Consolidated balance sheet ............................................................................................................................................. 6(2) Consolidated statement of income and comprehensive income ...................................................................................... 8
Consolidated statement of income ................................................................................................................................... 8
Consolidated statement of comprehensive income........................................................................................................ 10(3) Consolidated statement of changes in net assets ........................................................................................................... 11(4) Consolidated statement of cash flows............................................................................................................................ 13(5) Notes to consolidated financial statements .................................................................................................................... 15(Notes on the premise of a going concern) .................................................................................................................... 15(Change in accounting estimates).................................................................................................................................. 15(Additional information) .................................................................................................................................................. 15(Segment information, etc.) ............................................................................................................................................ 16(Per-share information) .................................................................................................................................................. 20(Material subsequent events) ......................................................................................................................................... 21- 1 -AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

1. Operating Results and Other(1) Overview of operating results for the fiscal year under review
During the fiscal year under review (May 1, 2023 to April 30, 2024; fiscal 2024), the Japanese economy
showed signs of a moderate pickup, supported by a recovery in mobility following the downgrade of COVID-19
to a category-5 infectious disease and the easing of mobility restrictions. However, the outlook remains uncertain
due to rising prices and fluctuations in financial and capital markets.
The January 2024 Noto Peninsula Earthquake did not lead to casualties among the employees of the AINHOLDINGS Group (the Group), but 29 pharmacies and stores in the three Hokuriku prefectures and in Niigata
Prefecture were affected, including damage to pharmaceutical and product displays and damage to retailpremises. As a result of the earthquake, two pharmacies were forced to close temporarily, but are now operating
again after efforts were made to rapidly resume the provision of medical care to affected areas. The Group also
contributed to relief funds to help affected areas recover and rebuild as quickly as possible. The impact of theearthquake on the Group’s business was modest.
During the fiscal year under review, the Group worked to provide healthcare and retail services in line with its
mission to “contribute to local healthcare” and “provide beauty and happiness” – two of the Group’s materiality
issues. In addition, diversity & inclusion is a key part of efforts to create a “sound management base,” one of
the Group’s materiality issues. Specifically, the Group is actively promoting diversity by creating working
environments and organizations that are welcoming and motivating for all employees, among other initiatives.
These efforts have been recognized publicly, with AIN PHARMACIEZ INC., the Group’s core operating company,
receiving “Platinum Kurumin” certification from the Minister of Health, Labour and Welfare in July 2023 for its
efforts to help employees balance work and parenting commitments as a “parenting support company.”
In November 2022, the Company established its CSR Procurement Policy and Guidelines. In July 2023, we
held a briefing session for suppliers to implement CSR procurement across the Group’s supply chain, and in
August 2023, we conducted a CSR survey to ascertain the status of implementation. In this way, we areassessing and analyzing supply chain risks and communicating with suppliers to ensure compliance with our
CSR requirements, helping to strengthen the Group’s collaborative CSR system with suppliers.
In February 2024, the Company received a B-score from CDP, an international environmental NGO thatmanages the world's most comprehensive dataset on environmental disclosure, for its efforts to address climatechange and disclose environmental information.
In addition, the Company has been certified under the KENKO Investment for Health - Outstanding
Organizations Recognition Program by Nippon Kenko Kaigi for four consecutive years since 2021, and for the
first time, in March 2024, the Company acquired the program for 2024 (Large Enterprise Category - White 500)
as one of the top 500 companies.
In the course of its active efforts to address the above various materiality issues, the Company was awarded
an “A” rating in the MSCI ESG Ratings in April 2024 in recognition of the Group's ESG initiatives.
Going forward, the AIN Group will continue to work to be a company that “people welcome to their communities”
by helping to solve various social issues through its business activities.
Results for fiscal 2024 (May 1, 2023 to April 30, 2024) are as follows.
(Million yen)

Fiscal 2023

Fiscal 2024

41,081

Change (%)

358,742

Operating profit

16,004

20,432

4,428

27.7

Ordinary profit

17,064

21,377

4,312

25.3

Profit attributable to owners of parent

9,234

11,401

2,167

23.5

- 2 -

399,824

ChangeNet sales

11.5

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

Results by segment are as follows.
(Million yen)

Fiscal 2023

Fiscal 2024

ChangeChange (%)

Dispensing
pharmacy business

Sales

321,577

357,571

35,99411.2

Segment profit

24,13527,587

3,452

14.3

Cosmetic and drug
store business

Sales

25,685

31,111

5,425

21.1

Segment profit

1,214

3,096

1,882

155.1

Sales

11,54011,196

(344)

(3.0)

135

47

(87)

(64.8)

Other businesses

Segment profit(Note) Segment sales include intersegment transactions.

(Dispensing pharmacy business)
The Group is working to leverage the primary care capabilities of its pharmacists and dispensing pharmacies
to help patients access medical services in their local community with peace of mind. Specifically, the Group iscooperating with medical institutions, using patient medication notebooks to ensure integrated and continuous
monitoring of patient medication, and providing services for home-based healthcare.
The Group is also actively promoting digital transformation to improve convenience for patients. Specifically,in addition to the official AIN Pharmacy app, which was launched in 2022, the Group set up an official AIN
Pharmacy LINE account in October 2023 to make its prescriptions sending service more accessible forcustomers.
During the fiscal year under review, the average prescription price rose due to an increase in high-costprescriptions, including COVID-19 treatments. The number of prescriptions also increased, reflecting the easingof restrictions on outpatient visits after COVID-19 was downgraded to a category-5 infectious disease and anincrease in service levels related to improvements in the capabilities of primary care pharmacists andpharmacies and reduced waiting times.
During the fiscal year under review, the Group opened 40 new dispensing pharmacies, including thoseacquired through M&A deals, closed 13, and sold five, resulting in a total of 1,231.
(Cosmetic and drug store business)
Customer numbers were firm amid a recovery in mobility for both domestic shoppers and overseas visitors.
There was also a shift in customer buying habits from infection control products to cosmetics, one of theCompany's strengths, lifting the average sales price. In particular, sales are increasing for Asian cosmetics, a
category the Group is focusing on with measures such as selling brands exclusive to its stores and offering
advance sales opportunities. Sales were firm overall, supported by the opening and relocation of new stores inprime locations, and profitability improved due to operational efficiency gains and other measures. The Groupwill continue to closely monitor buying trends, reinforce the merchandise lineup and create attractive retaildisplays.
During the fiscal year under review, the Group opened six stores and closed three, resulting in a total of 81
stores.
(2) Overview of financial position for the fiscal year under review
The balance of total assets at the end of the fiscal year increased ¥17,659 million from the end of the previous
fiscal year to ¥249,409 million. This mainly reflected an increase in merchandise due to growth at existing storesand new store openings, and an increase in buildings and structures due to new store openings.
The balance of liabilities increased ¥8,793 million to ¥113,998 million.
The balance of short-term and long-term borrowings declined ¥1,997 million to ¥6,694 million.
Total net assets increased ¥8,865 million to ¥135,411 million and the shareholders’ equity ratio declined 0.3
of a percentage point to 54.3%.
- 3 -AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(3) Overview of cash flows for the fiscal year under review
In the fiscal year under review, cash and cash equivalents increased ¥2,164 million year on year to ¥48,381
million.

Cash flows from each category and their relevant factors are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities was ¥23,023 million, compared with net cash provided of ¥20,267
million in the previous fiscal year.
The main items that were positive for cash flow were profit before income taxes of ¥19,080 million, as well as
depreciation of ¥6,464 million and amortization of goodwill of ¥4,421 million related to business expansion
through new store openings and M&A.
Income taxes paid of ¥6,644 million, increase in accounts receivable - other of ¥3,883 million and increase ininventories of ¥2,929 million were the main negative items for operating cash flow.
(Cash flows from investing activities)
Net cash used in investing activities was ¥15,748 million, compared with net cash used of ¥22,292 million in
the previous fiscal year.
This mainly reflected cash used of ¥1,771 million for purchase of shares of subsidiaries resulting in change inscope of consolidation related to shares acquired in eight companies through M&A deals, and ¥9,130 million forpurchases of property, plant and equipment related to the opening of new cosmetic and drug stores anddispensing pharmacies.
(Cash flows from financing activities)
Net cash used in financing activities was ¥5,110 million, compared with net cash used of ¥11,237 million in
the previous fiscal year.
The main items were net repayment of ¥2,157 million for short-term and long-term borrowings and proceeds,
and cash dividends paid of ¥2,107 million.
Changes in the Group’s cash flow indicators are shown below.
Year ended April
30, 2021

Year ended April
30, 2022

Year ended April
30, 2023

Year ended April
30, 2024

Shareholders’ equity ratio (%)

56.8

56.0

54.6

54.3

Equity ratio based on market value (%)

105.6

96.6

85.5

83.8

Debt redemption term (years)

0.8

0.3

0.4

0.3

Interest coverage ratio (times)

334.7

671.8

384.8

588.1

Notes:

Shareholders’ equity ratio = Equity capital / total assets
Equity ratio based on market value = market capitalization / total assets
Debt redemption term = interest-bearing debt / operating cash flows
Interest coverage ratio = operating cash flows / interest paid
*All indicators are calculated based on consolidated financial data.
*Interest-bearing debt includes all liabilities recorded on the balance sheet on which interest is being paid.
*Operating cash flows and interest paid are calculated using the cash flows from operating activities and the interest paid on
the consolidated statements of cash flows.

- 4 -AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(4) Future outlook
In the next fiscal year (May 1, 2024 to April 30, 2025; fiscal 2025), we will continue to expand the dispensing
pharmacy business by developing new pharmacies and actively using M&A.
In the cosmetic and drug store business, we will continue to open AINZ & TULPE stores in prime locations
and create appealing retail displays by strengthening product lineups in order to attract more customers, while
also continuing to improve operational efficiency.
We expect raw material and fuel prices to remain high and forecast sustained price inflation in various productcategories. In addition, we plan to invest in IT systems to enhance the functionality of apps to improve customer
service and to strengthen the management base. We will also invest in promoting human capital management.
Costs are likely to increase due to these factors. As a result, we forecast higher sales but lower profits year on
year.
Our forecasts for fiscal 2025 (May 1, 2024 to April 30, 2025) are as follows.
Fiscal 2024
(Million yen)

Fiscal 2025
(Million yen)

Change(Million yen)

Change(%)

Net sales

399,824

415,000

15,175

3.8

Ordinary profit

21,37718,500(2,877)(13.5)

Profit attributable to owners of parent

11,4019,180(2,221)(19.5)

2. Basic Stance on Selection of Accounting Standards
The Group has adopted Japanese accounting standards in order to facilitate comparison with other domestic
companies in the same sector. The Group plans to appropriately address the adoption of International Financial
Reporting Standards (IFRS) while taking into account trends in Japan and overseas.

- 5 -AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

3. Consolidated Financial Statements and Major Notes(1) Consolidated balance sheet(Million yen)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Supplies
Short-term loans receivable
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Leasehold and guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 6 -Fiscal 2023
(As of April 30, 2023)

Fiscal 2024
(As of April 30, 2024)

46,796
13,24921,299286
355
11,9694,348－
98,305

48,611
15,852
24,299345
144
16,0005,490(1)110,743

41,127(19,720)
21,407
10,602
3,904
11,665(8,120)3,545
39,45947,991(20,869)
27,122
10,207
1,896
13,233(9,009)4,224
43,45046,4435,900
52,34344,066
7,176
51,242

2,720
704
5,990
23
24,507
8,007
ሺ312)
41,641
133,444
231,750

3,345
671
6,403
34
25,1868,608(276)
43,973
138,666
249,409

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024
(Million yen)

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Income taxes payable
Deposits received
Provision for bonuses
Provision for bonuses for directors
Contract liabilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive loss
Non-controlling interests
Total net assets
Total liabilities and net assets- 7 -Fiscal 2023
(As of April 30, 2023)

Fiscal 2024
(As of April 30, 2024)

58,698
3,670
3,328
18,232
3,215
22
532
5,284
92,98665,506
3,467
4,532
19,063
3,394
19
465
6,784
103,232

5,021
32
4,498
2,664
12,218105,204

3,227
38
4,662
2,837
10,765
113,998

21,89420,50485,963(2,000)126,362

21,894
20,131
95,257(2,436)
134,847

(7)
95
87
96
126,546
231,750

234
225
459
104
135,411249,409

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(2) Consolidated statement of income and comprehensive income
Consolidated statement of income(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Advertising expenses
Promotion expenses
Salaries, allowances and bonuses
Provision for bonuses
Provision for bonuses for directors
Retirement benefit expenses
Legal and other welfare expenses
Communication and transportation expenses
Lease expenses
Rent expenses on land and buildings
Depreciation
Amortization of goodwill
Taxes and dues
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on investments in investment partnerships
Commission income
Rental income from real estate
Gain on receipt of donated non-current assets
Outsourcing service income
Technical advisory fee income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of receivables
Rental expenses on real estate
Provision of allowance for doubtful accounts
Other
Total non-operating expenses
Ordinary profit- 8 -Fiscal 2023
(May 1, 2022
to April 30, 2023)
358,742305,043
53,698

Fiscal 2024
(May 1, 2023
to April 30, 2024)
399,824
340,301
59,522

2,229
161
7,327
1,049
22
327
2,920
1,168
87
5,528
1,529
4,257
2,222
8,862
37,69416,004

2,170
123
7,692
874
19
264
2,864
1,369
89
5,209
1,740
4,421
2,558
9,693
39,09020,432

54
62
28
17
222
32
211
68
323
356
1,379

52
40
26
9
298
13
263
63
298
306
1,373

52
103
51
48
62
318
17,064

39
129
86
96
77
428
21,377

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024
(Million yen)

Fiscal 2023
(May 1, 2022
to April 30, 2023)
Extraordinary income
Gain on sales of non-current assets
Gain on sale of business
Surrender value of insurance
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 9 -Fiscal 2024
(May 1, 2023
to April 30, 2024)

11
73
35
1
121

417
7
12
3
441

193
906
91
112
1,303
15,882
6,844
(205)
6,638
9,244
9
9,234

331
1,737
301
367
2,738
19,080
7,980
(309)
7,670
11,4097
11,401AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

Consolidated statement of comprehensive income

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 10 -

Fiscal 2023
(May 1, 2022
to April 30, 2023)
9,244(Million yen)
Fiscal 2024
(May 1, 2023
to April 30, 2024)
11,409

31
170
201
9,446
9,436

242
129
372
11,781
11,774

9

7

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(3) Consolidated statement of changes in net assets
Fiscal 2023 (May 1, 2022 to April 30, 2023)(Million yen)
Shareholders’ equity
Share capital
Balance at the beginning ofcurrent year

Capital surplus

21,894Retained earnings

20,500Treasury shares

78,661

Total shareholders’equity(2,018)

119,038

Changes during period
Dividends of surplus(1,932)(1,932)

Profit attributable toowners of parent

9,234

9,234

Disposal of treasury
shares3

18

21

Net change in items otherthan shareholders’ equity
Total changes during period
Balance at the end ofcurrent year

–

3

7,302

18

7,323

21,89420,50485,963(2,000)126,362

Accumulated other comprehensive income
Valuation difference on
available-for-salesecurities
Balance at the beginning ofcurrent year

Remeasurements ofdefined benefit plans

(39)

(75)

Total accumulated othercomprehensive income(loss)

Non-controllinginterests

(114)

86

Total net
assets119,010

Changes during period
Dividends of surplus(1,932)

Profit attributable toowners of parent

9,234

Disposal of treasury
shares21

Net change in items otherthan shareholders’ equity

31

170

201

9

211

Total changes during period

31

170

201

9

7,535

Balance at the end ofcurrent year

(7)

95

87

96

126,546- 11 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

Fiscal 2024 (May 1, 2023 to April 30, 2024)(Million yen)
Shareholders’ equity
Share capital
Balance at the beginning ofcurrent year

Capital surplus

21,894Retained earnings

20,504

Treasury shares

85,963

Total shareholders’equity(2,000)126,362

Changes during period
Dividends of surplus(2,107)(2,107)

Profit attributable toowners of parent

11,401

11,401

Purchase of treasury
shares
Disposal of treasury
shares(372)(2,436)(2,436)

1,999

1,627

Net change in items otherthan shareholders’ equity
Total changes during period
Balance at the end ofcurrent year

–

(372)

9,293

(436)

8,484

21,894

20,131

95,257(2,436)

134,847

Accumulated other comprehensive income
Valuation difference on
available-for-salesecurities
Balance at the beginning ofcurrent year

Remeasurements ofdefined benefit plans

(7)

95

Total accumulated othercomprehensive income(loss)

Non-controllinginterests

87

96

Total net
assets126,546

Changes during period
Dividends of surplus(2,107)

Profit attributable toowners of parent

11,401

Purchase of treasury
shares(2,436)

Disposal of treasury
shares

1,627

Net change in items otherthan shareholders’ equity

242

129

372

7

380

Total changes during period

242

129

372

7

8,865

Balance at the end ofcurrent year

234

225

459

104

135,411- 12 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(4) Consolidated statement of cash flows(Million yen)

Fiscal 2023
(May 1, 2022
to April 30, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase in retirement benefit liability
Increase in contract liabilities
Gain on on sale of businesses
Increase in provision for bonuses
Decrease in provision for bonuses for directors
Interest and dividend income
Interest expenses
Gains on investments in partnerships
Gain on receipt of donated non-current assets
Gains on sale of investments securities
Loss on valuation of investment securities
Losses on sale and retirement of non-current assets
Decrease in trade receivables(Increase) decrease in inventories
Increase in other assets
Increase in other accounts receivable
Increase (decrease) in trade payables
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities- 13 -

15,882
5,529
4,310
906
(27)
(393)
(12)
(72)
41
3
(116)
52
(22)
(32)
16
91
182
795
(4,948)
(231)
1,007
3,013
2,032
86
28,094123(52)(7,897)
20,267

Fiscal 2024
(May 1, 2023
to April 30, 2024)
19,080
6,464
4,421
1,737
(5)
305
(67)
(7)
162
(3)
(93)
39
(4)
(13)
(0)
301
(86)
(2,202)(2,929)(1,297)(3,883)
6,437
1,219
35
29,61293(39)(6,644)23,023

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024
(Million yen)

Fiscal 2023
(May 1, 2022
to April 30, 2023)
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Payments for loans receivable
Proceeds from collection of loans receivable
Purchase of intangible assets
Proceeds from sale of intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee
deposits
Decrease (increase) in investments and other assets
Proceeds from withdrawal of time deposits
Payments into time deposits
Other, net
Net cash used in investing activities
Cash flows from financing activities
Net decrease in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Proceeds from sale of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Increase in cash and cash equivalents resulting frommerger with unconsolidated subsidiaries
Cash and cash equivalents at end of the year

- 14 -

Fiscal 2024
(May 1, 2023
to April 30, 2024)(9,549)
1,509
(511)
555

(9,130)
1,208
(556)
29

(14,614)(1,771)(122)
294(2,606)3(2,444)(10)
254(3,389)0(2,482)

1,169

1,828

1,238
2,993
(209)
0
(22,292)(2,050)450－(128)(15,748)(484)
10(8,564)––(1,932)(266)(11,237)(13,262)
59,470(2)
2,045(4,199)(2,436)
1,615(2,107)(24)(5,110)2,164
46,217

9–

46,217

48,381AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(5) Notes to consolidated financial statements(Notes on the premise of a going concern)
There are no applicable matters to be reported.
(Change in accounting estimates)(Change in estimate of asset retirement obligations)
In the fiscal year under review, the Company changed its estimate for a portion of asset retirement
obligations recorded as restoration obligations in connection with building lease contracts. The estimate waschanged to reflect new information regarding restoration costs required at the time of vacating the premises.
This change in the estimate increases the balance of asset retirement obligations by ¥501 million.

(Additional information)(Transactions for delivering the Company’s own shares to employees etc. through trusts)
The Company conducts transactions to deliver its own shares through a trust to an employee stock ownershipplan to enhance the welfare of employees and provide incentives to increase the Company's corporate value.
1. Transaction summary
The Company has introduced the " Stock-Based Benefit Trust (Employee Shareholders Association PurchaseType) (the Plan) from April 2024.
With the introduction of the Plan, the Company, as the Trustor, entered into a Stock-Based Benefit Trust(Employee Shareholders Association Purchase Type) Agreement (the “Trust Agreement”; the trust establishedpursuant to the Trust Agreement is referred to as the “Trust”) with Mizuho Trust & Banking Co., Ltd. (the“Trustee”). Additionally, the Trustee entered into a re-trust agreement with Custody Bank of Japan, Ltd. regarding
the management of securities and other trust assets by Custody Bank of Japan, Ltd. as the subtrustee.
Custody Bank of Japan, Ltd. will make a single collective acquisition of the Company’s shares in advanceequivalent to the number of shares anticipated to be purchased by the AIN HOLDINGS Employee Shareholders
Association (the “Shareholders Association”) over the next five years, transferring them to the Trust E Account,and sell the Company’s shares thereafter when purchases of the shares are made by the Shareholders
Association. If an amount equivalent to the gains on sales of shares is accumulated in the trust assets of theTrust via the sale of the Company’s shares up until the time of the Trust’s termination, this cash shall be
distributed as residual assets to the members of the Shareholders Association (employees) who satisfy thebeneficiary eligibility requirements.
In addition, since the Company provides a guarantee when the Trustee takes out a loan in order for the Trust
E Account to acquire the Company’s shares, in a case in which the Trustee has an outstanding loan balance
equal to the loss on the sale of shares as of the time of Trust’s termination due to a drop in the Company’s shareprice or other reasons, the Company will pay off the outstanding loan balance pursuant to the guarantee
agreements.
2. Company’s shares held in the trust
The Company's shares held in the trust are recorded as treasury shares under net assets at the acquisition
cost (excluding the amount of incidental expenses). In the fiscal year ended April 30, 2024, the book value andnumber of these treasury shares amounted to ¥1,844 million and 333 thousand shares, respectively.
3. Book value of loans recorded under the gross amount method
Fiscal year ended April 30, 2024 ¥1,845 million- 15 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(Segment information, etc.)
Segment information
1. Description of the reportable segments
The Company’s reportable segments consist of those of its components for which it is possible to obtainseparate financial information that is examined by its Board of Directors on a regular basis for the purpose of
deciding on the allocation of corporate resources and assessing business performance.
The Group’s business comprises three units that together represent its main business units, namely,
dispensing pharmacy business that consists of operation of dispensing pharmacies, selling of generic drugs,
recruiting and consulting services, and cosmetic and drug store business that consists of the management ofcosmetic and drug stores as well as other businesses, which includes a retail store business and a real-estateleasing business. The formulation and examination of business strategy is conducted individually for eachbusiness.
Based on the above, the Company has classified its business into three reportable segments – thedispensing pharmacy business, the cosmetic and drug store business, and other businesses.
2. Methods to determine the amounts of net sales, profit or losses, assets, liabilities and other items byreportable segment
The methods used for accounting for the reportable business segments are generally similar to thosedescribed in the Basic Important Matters for Preparation of Consolidated Financial Statements.
The income figures for the reportable segments are expressed at the ordinary profit level.
Intersegment sales and transfers are based on prevailing market prices.

- 16 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

3. Sales, income (loss), assets, liabilities and other items for each reportable segment
I. Fiscal 2023 (May 1, 2022 to April 30, 2023)(Million yen)
Reportable segments
Adjustments(Note) 1

Consolidated(Note) 2

358,742－358,742

61

61

(61)

－

25,685

11,540358,803(61)

358,742

24,135

1,214

135

25,484(8,420)17,064

195,327

13,628

9,638

218,595

13,155

231,750

Depreciation

3,118

426

232

3,777

767

4,545

Amortization of
goodwill

4,163

6

140

4,310

－

4,310

730

175

－

906

－

906

8,317

551

1,021

9,891

2,039

11,931

Dispensing
pharmacybusiness

Cosmetic anddrug store
business

Otherbusinesses

Sales to third parties

321,577

25,685

11,479Intersegment sales
and transfers－－

Total sales

321,577

Segment profit (loss)
Segment assets

Total

Sales

Other

Impairment losses
Increase in property
and equipment andintangible fixed assets
Notes:

1. Segment profit (loss) in “Adjustments” totaling ¥(8,420) million includes ¥9,695 million in corporate expenses,¥(1,304) million in (income) losses that may not be allocated to the reporting segments, and ¥29 million inelimination due to intersegment transactions.
Corporate expenses consist mainly of expenses associated with the administrative divisions and the system
logistics division of the parent company, which are not part of the reportable segments.
Segment assets in “Adjustments” totaling ¥13,155 million consist mainly of assets associated with theadministrative divisions and the system logistics division of the parent company, which are not part of thereportable segments, and the difference in elimination of intersegment transactions.
2. Segment profit (loss) is adjusted with the ordinary profit of consolidated statements of income.

- 17 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

II. Fiscal 2024 (May 1, 2023 to April 30, 2024)(Million yen)
Reportable segments
Adjustments(Note) 1

Consolidated(Note) 2

399,824－

399,824

54

54

(54)

－

31,111

11,196

399,879(54)

399,824

27,5873,096

47

30,731(9,354)

21,377

219,684

15,366

10,411

245,462

3,947

249,409

Depreciation

3,684

438

279

4,402

1,030

5,433

Amortization of
goodwill

4,274

5

140

4,421

－

4,421

Impairment losses

1,556

181

－

1,737

－

1,737

Increase in property
and equipment andintangible fixed assets

8,006

1,423

1,042

10,472

2,314

12,786

Dispensing
pharmacybusiness

Cosmetic anddrug store
business

Otherbusinesses

Sales to third parties

357,571

31,111

11,141

Intersegment sales
and transfers－－

Total sales

357,571

Segment profit (loss)
Segment assets

Total

Sales

Other

Notes:

1. Segment profit (loss) in “Adjustments” totaling ¥(9,354) million includes ¥10,469 million in corporate expenses,¥(1,078) million in (income) losses that may not be allocated to the reporting segments, and ¥(36) million inelimination due to intersegment transactions.
Corporate expenses consist mainly of expenses associated with the administrative divisions and the system
logistics division of the parent company, which are not part of the reportable segments.
Segment assets in “Adjustments” totaling ¥3,947 million consist mainly of assets associated with theadministrative divisions and the system logistics division of the parent company, which are not part of thereportable segments, and the difference in elimination of intersegment transactions.
2. Segment profit (loss) is adjusted with the ordinary profit of consolidated statements of income.

- 18 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

Related information
Fiscal 2023 (May 1, 2022 to April 30, 2023)
1. Information by product and service
This disclosure has been omitted because the same information is disclosed under Segment information.
2. Information by region(1) Net sales
This disclosure has been omitted as the Group’s sales to external customers in Japan accounted for morethan 90% of sales on the consolidated statement of income.
(2) Property, plant and equipment
This disclosure has been omitted because the Group had no property, plant and equipment located outside
Japan at the balance sheet date.
Fiscal 2024 (May 1, 2023 to April 30, 2024)
1. Information by product and service
This disclosure has been omitted because the same information is disclosed under Segment information.
2. Information by region(1) Net sales
This disclosure has been omitted as the Group’s sales to external customers in Japan accounted for morethan 90% of sales on the consolidated statement of income.
(2) Property, plant and equipment
This disclosure has been omitted because the Group had no property, plant and equipment located outside
Japan at the balance sheet date.
Information regarding impairment losses of non-current assets for each reported segment
Fiscal 2023 (May 1, 2022 to April 30, 2023)
This disclosure has been omitted because the same information is disclosed under Segment information.
Fiscal 2024 (May 1, 2023 to April 30, 2024)
This disclosure has been omitted because the same information is disclosed under Segment information.

- 19 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

Information about amortization of goodwill amount and year-end unamortized balance for eachreportable segment
Fiscal 2023 (May 1, 2022 to April 30, 2023)(Million yen)
Dispensing
pharmacybusiness

Cosmetic anddrug store
business

Otherbusinesses

Corporate /Eliminations

Amortization of fiscal year

4,163

6

140

－

4,310

Balance at the end of fiscal year

45,50041

900－

46,443

Total

Fiscal 2024 (May 1, 2023 to April 30, 2024)(Million yen)
Dispensing
pharmacybusiness

Cosmetic anddrug store
business

Otherbusinesses

Corporate /Eliminations

Amortization of fiscal year

4,274

5

140

－

4,421

Balance at the end of fiscal year

43,306－760－

44,066

Total

Information about gains on bargain purchase for each reported segment
Fiscal 2023 (May 1, 2022 to April 30, 2023)
There are no applicable matters to be reported.
Fiscal 2024 (May 1, 2023 to April 30, 2024)
There are no applicable matters to be reported.
(Per-share information)
Fiscal 2023
(May 1, 2022 to April 30, 2023)

Fiscal 2024
(May 1, 2023 to April 30, 2024)

Net assets per share

3,599.47 yen

3,866.55 yen

Earnings per share

262.87 yen

324.64 yen

Notes: 1. Diluted earnings per share is not mentioned since dilutive shares do not exist.
2. The Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account E) are included in treasury sharesdeducted from the total number of shares outstanding at the end of the fiscal year for the calculation of net assets
per share (fiscal year ended April 30, 2023: - shares, fiscal year ended April 30, 2024: 333 thousand shares).
In addition, these shares are included in treasury shares deducted from the average number of shares outstanding
during the period for the calculation of earnings per share (fiscal year ended April 30, 2023: - shares, fiscal year
ended April 30, 2024: 27 thousand shares).
3. The basis of calculation of net assets per share and earnings per share is as follows.
Fiscal 2023
Fiscal 2024
(May 1, 2022 to April 30, 2023)(May 1, 2023 to April 30, 2024)
Profit attributable to owners of parent(million yen)

9,234

11,401

Amount not attributable to ordinary
shareholders (million yen)－－

Profit attributable to owners of theparent pertaining to common stock(million yen)

9,234

11,40135,129,116

35,120,134

Average number of shares outstanding(shares)- 20 -

AIN HOLDINGS INC. (9627) Summary of Financial Statements for Fiscal Year Ended April 30, 2024

(Material subsequent events)
There are no applicable matters to be reported.

- 21 -