FY4/20 2Q
IR PRESENTATION

December 2019

Results Overview© 2019 AIN HOLDINGS INC. All Rights Reserved.

1

Consolidated P/L
Net sales increased 10.7% YoY and 1.3% against the plan due to 20 stores opened during first six months,
including those acquired through M&A. Ordinary income up 24.9% YoY and 0.1% against the plan due toan increase in net sales as planned.
(¥ million)

FY4/19 2Q
resultsNet
sales（単位：百万131,781

Gross profit

21,413

FY4/20 2Q
plan

YoY
changeYoYchange(%)

Vs plan(%)

145,851 +14,070

+10.7

+1.3

23,89023,660+2,247

+10.5

(1.0)

14,681

15,39015,305

+624

+4.3

(0.6)

6,731

8,500

8,354

+1,623

+24.1

(1.7)

7,018

8,750

8,762

+1,744

+24.9

+0.1

3,639

4,622

+983

+27.0

(0.4)

% of net sales

2.8

4,640

Earnings per
share(¥)

102.73130.97130.47+27.74

+27.0

(0.4)

円）

% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Profit attributableto owners of parent

16.2
11.1
5.1
5.3

144,050

FY4/20 2Q
results

16.6
10.7
5.9
6.1

3.2

16.2
10.5
5.7
6.0

3.2

Figures in the table are rounded down
© 2019 AIN HOLDINGS INC. All Rights Reserved.

2

Dispensing Pharmacy Business (Consolidated)
Net sales increased 12.1% YoY and 2.2% against the plan due to the full contribution of stores opened inprevious fiscal year and increasing of average prescription price. Segment income up 29.3% YoY anddeclined 0.7% against the plan due to the up-front expenditures.
(¥ million)

FY4/19 2Q
results

FY4/20 2Q
plan

Net sales

116,376

127,690

Gross profit

15,036% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Segment income% of net sales

Number ofpharmacies

FY4/20 2Q
results

YoYchangeYoYchange(%)

Vs plan(%)

130,499 +14,123

+12.1

+2.2

17,33017,390+2,354

+15.7

+0.3

7,419

7,290

7,487

+68

+0.9

+2.7

7,616

10,0409,902+2,286

+30.0

(1.4)

7,875

10,260

10,185+2,310

+29.3

(0.7)

1,081

1,136

1,106

+25

+2.3

(2.6)

12.9
6.4
6.5
6.8

13.6
5.7
7.9
8.0

13.3
5.7
7.6
7.8

Figures in the table are rounded down
Segment income is adjusted to ordinary income shown on the quarterly consolidated statements of income
Prescription volume: +8.0% YoY© 2019 AIN HOLDINGS INC. All Rights Reserved.

Average prescription price: +3.9% YoY

3

Cosmetic and Drug Store Business (Consolidated)
Net sales increased 4.4% YoY and decreased 5.8% against the plan due to slow down in the inbounddemand. Segment income decreased 19.9% YoY and 27.3% against the plan due to the cost in advancefor new opening stores.
(¥ million)

FY4/19 2Q
results

Net sales

12,544Gross profit

4,698% of net sales

SG&A expenses% of net sales

FY4/20 2Q
plan

YoY
changeYoYchange(%)

Vs plan(%)

13,099

+555

+4.4

(5.8)

5,300

5,073

+375

+8.0

(4.3)

4,191

4,700

4,649

+458

+10.9

(1.1)

506

600

423

(83)

(16.4) (29.5)

552

608

442

(110)

(19.9) (27.3)

52

58

60

+8

37.5

Operating income% of net sales

Segment income% of net sales

Number ofstores

33.4
4.0
4.4

13,900FY4/20 2Q
results

38.1

33.8
4.3
4.4

38.7

35.5
3.2
3.4

+15.4

+3.4

Figures in the table are rounded down
Segment income is adjusted to ordinary income shown on the quarterly consolidated statements of income
Number of customers: +8.6% YoY
Average spending per customer: (3.8)% YoY© 2019 AIN HOLDINGS INC. All Rights Reserved.

4

Consolidated B/S
Net cash became ¥35,282million due to repayment of debts and shareholders’ equity ratio became
56.7%. We are maintaining a sound financial structure.
(¥ million)(¥ million)

End-FY4/20 2Q

End-FY4/19
AssetsCurrent assets
Cash on hand andin banks

Fixed assets

AssetsLiabilities

85,446 Current liabilities
48,091

103,515

Short-term debt
Lease obligations

73,744

5,571
318

Long-term
liabilities

11,355

103,499

Short-term debt
Lease obligations

4,555
254

Long-term
liabilities

9,301

Long-term debt
Lease obligations

4,079
269

103,922

Deferred
assets37

Total net assets

106,580

189,021

Total assets

187,767

Total liabilities
and net assets

187,767

Long-term debt
Lease obligations

5,985
401

Deferred
assets59

Total net assets

189,021

Total liabilities
and net assets

Shareholders’ equity
ratio(%)

Fixed assets

44,441

71,885

43,11945,249Net cashCash on hand andin banks

84,230 Current liabilities

Goodwill

Goodwill

Total assets

Current assets

Liabilities

35,81454.9

Net cash
Shareholders’ equity
ratio(%)

35,282
56.7

Figures in the table are rounded down
Net cash = Cash on hand and in banks – Interest-bearing debt (Long-and short-term debt + Lease obligations)© 2019 AIN HOLDINGS INC. All Rights Reserved.

5

Assets
The balance of total assets decreased ¥1,254 million from the end of the previous fiscal year. Mainlyreflected an decrease in cash on hand and in banks and goodwill.
(¥ million)

End-FY4/19 2Q

End-FY4/19

End-FY4/20 2Q

Change57,337
10,83512,08891,323
15,732
10,376762

48,091
12,771
12,89885,446
16,352
10,394571

44,441
14,932
14,43984,23016,55810,658415(3,650)+2,161+1,541(1,216)
+206
+264
(156)

29,33930,18630,901+715

40,99311
43,064
2,254
3,915
11,54045,2497
47,577
1,795
4,284
15,133

43,1196
45,761
2,096
4,260
15,401(2,130)(1)(1,816)
+301
(24)
+268

20,75525,751

26,836+1,085

Total assets

93,15981
184,564

103,51559
189,021

103,49937
187,767(16)(22)(1,254)

Figures in the table are rounded down

Change:End-FY4/20 2Q compared with End-FY4/19

Cash on hand and in banks
Notes and accounts receivable
Inventories

Total current assets
Buildings and structures,net
Land
Lease assets
Total property,plant andequipment
Goodwill
Lease assets
Total intangible fixed assets
Investments in securities
Deferred tax assets
Deposits and guarantees
Total investments and otherassetsTotal fixed assets
Total deferred assets

Capital expenditures (Property, plant and equipment and intangible fixed assets + Deposits and guarantees) totaled ¥3,857 million© 2019 AIN HOLDINGS INC. All Rights Reserved.

6

Liabilities and Net Assets
The balance of liabilities decreased ¥3,913 million from the end of the previous fiscal year due to therepayment of debts etc.
(¥ million)
Accounts payable

End-FY4/19 2Q

Short-term debt
Lease obligations
Total current liabilities
Long-term debt
Lease obligations
Total long-term liabilities
Total liabilities
Common stock
Capital surplus
Retained earnings
Total shareholders’ equity
Total net assets
Total liabilities and net
assets42,131
8,143
367

End-FY4/19

44,794
5,571
318

End-FY4/20 2Q

45,6394,555
254

Change+845(1,016)(64)

72,39773,74471,885(1,859)13,631
86,028

11,35585,0999,301
81,186(2,054)(3,913)

98,53098,535

103,920
103,922

106,594
106,580+2,674+2,658

184,564

189,021

187,767(1,254)8,660
541

21,89420,50056,137

5,985
401

21,89420,50061,526

4,079
269

21,89420,50064,200(1,906)(132)+2,674

Figures in the table are rounded down
Change : End-FY4/20 2Q compared with End-FY4/19© 2019 AIN HOLDINGS INC. All Rights Reserved.

7

Consolidated C/F
The change of Net cash used in investing activities became ¥4,361 million due to the store opening
including M&A, etc.
(¥ million)

FY4/19 2Q

FY4/20 2Q

Change

4,402

6,024

+1,622

Profit before income taxes

6,668

8,439

+1,771

Depreciation and amortization

1,795

1,928

+133

Amortization of goodwill

2,007

2,182

+175

(Increase) decrease in accounts receivable

1,030(2,104)(3,134)(1,953)(1,530)

+423

(364)

336

+700

994

765

(229)

(5,860)(4,361)+1,499Payments for purchases of property, plantand equipment and intangible fixed assets(1,923)(3,448)(1,525)

Net cash provided by financing activities(5,183)(5,100)+83

Net increase in cash and cash equivalents(6,642)(3,436)+3,206

Cash and cash equivalents at end of the year

56,59044,059(12,531)

Net cash provided by operating activities(Increase) decrease in inventories(Increase) decrease in other accounts receivable
Increase (decrease) in accounts payable
Net cash used in investing activities

Figures in the table are rounded down

© 2019 AIN HOLDINGS INC. All Rights Reserved.

8

Business Value Analysis
FY4/19 2Q
Shareholders’ equity ratio (%)
Market value equity ratio (%)
PER (times)
EPS (¥)PBR (times)
BPS (¥)ROA (%)ROE (%)EBITDA (¥ million)
EV/EBITDA (times)
Net D/E ratio (times)
Net cash (¥ million)
Shareholders’ value (¥ million)
Market capitalization (¥ million)

53.4
169.7
43.02
102.733.18
2,780.64
2.0
3.7
10,53426.00(0.40)
39,624
313,559
313,178

FY4/19

54.9
165.7
34.68
254.873.01
2,931.48
4.8
9.0
24,15411.52(0.34)
35,814314,139
313,178

FY4/20 2Q

56.7
115.4
23.44
130.472.03
3,006.46
2.5
4.4
12,46614.86(0.33)
35,282
220,471219,650

Change+3.3(54.3)(19.58)+27.74(1.15)+225.82+0.5+0.7+1,932(11.14)+0.07(4,342)(93,088)(93,528)

Figures in the table are rounded down
Change：FY4/20 2Q compared with FY4/19 2Q
Net D/E ratio = (Interest-bearing debt – Cash on hand and in banks) / Shareholders’ equity
Shareholders’ value = EV – Net interest-bearing debt
Market capitalization：Treasury stock is excepted
Share prices used to calculate market capitalization:
End-FY4/19 2Q ¥8,840 (End-Oct,2018), End-FY4/19 ¥8,840 (End-Apr,2019), End-FY4/20 2Q ¥6,200 (End-Oct,2019).
Net cash = Cash on hand and in banks – Interest-bearing debt (Long and short-term debt + Lease obligations )© 2019 AIN HOLDINGS INC. All Rights Reserved.

9

FY4/20 Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2020 of 300,330 million, increase
9.0% YoY and ordinary income increase 15.4% YoY.

（¥ million）

FY4/18results

FY4/19results

FY4/20plan

YoYchangeYoYchange (%)

268,385
47,993

275,596
45,363

300,330 +24,734
50,540 +5,177

28,37029,29531,840+2,545+8.7

19,622

16,067

18,700+2,633+16.4

20,12916,637

19,200＋2,563+15.4

Profit attributable toowners of parent

10,567

10,130+1,101+12.2% of net sales

3.9

9,029

Earnings per
share(¥)

310.08254.87285.94+31.07

+12.2

50.00

55.00

55.00

-

0.0

Net sales

Gross profit% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Annual dividend (¥)

17.9
10.6

7.3
7.5

Figures in the table are rounded down
© 2019 AIN HOLDINGS INC. All Rights Reserved.

16.5
10.6

5.8
6.0
3.3

16.8
10.6

6.2

+9.0
+11.4

6.4
3.4

YoY change :FY4/20 plan compared with FY4/19 results
10

2Q Review
Growth Strategy© 2019 AIN HOLDINGS INC. All Rights Reserved.

11

2Q Review© 2019 AIN HOLDINGS INC. All Rights Reserved.

12

Review（YoY）
Net sales increased in both business due to the full contribution of stores opened in previous
fiscal year and increasing of average prescription price. Ordinary income increased 1.7 billion YoY,
reflecting the increasing of net sales.
Net sales¥131.7 billion
Dispensing
Pharmacy¥116.3 billion

Ordinary income¥145.8 billion

Dispensing
Pharmacy¥130.4 billion

Cosmetic andDrug Store
¥12.5 billion

Cosmetic andDrug Store¥13.1 billion

Others ¥2.9 billion

Others ¥2.3 billion

FY4/19 2Q
results

FY4/20 2Q
results

Existing+¥3.2billion
storesStore openedin last FY +¥12.4billion
New+¥0.5billion
storesClosing¥(2.0)billion
stores+¥14.1 billion(+12.1%)

Stores opened+¥0.6billion
in last FY
New+¥0.3billion
storesExisting¥(0.1)billion
storesClosing¥(0.2)billion
stores+¥0.6 billion(+4.4%)¥7.0 billion¥8.7 billion

Dispensing
Pharmacy

Dispensing
Pharmacy¥7.8 billion¥10.1 billion

Cosmetic andDrug Store¥0.5 billion
Others¥(0.1)billion

Administrative
expense¥(1.2) billion

FY4/19 2Q
results© 2019 AIN HOLDINGS INC. All Rights Reserved.

Cosmetic andDrug Store¥0.4 billion

Net sales +¥2.5billion
Labor
costs

¥(0.4)billion

PR etc.

¥(0.4)billion+¥1.7 billion(+24.9%)Others¥(0.1)billion
Administrative
expense¥(1.7) billion

FY4/20 2Q
results
13

Review（Vs plan）
Net sales and ordinary income achieved the plan due to the contribution of existing stores net
absorbed the influence of delay in new store opening, inclement weather and effect of inbounddemand.
Ordinary income

Net sales
Existing¥144.0 billion ¥145.8 billion stores

Dispensing
Pharmacy

Dispensing
Pharmacy¥127.6 billion¥130.4 billion+¥2.7billion
Storesopened in+¥0.6billion
last FY
New¥(0.6)billion
storesOthers+¥0.1billion+¥2.8 billion(+2.2%)

Cosmetic andDrug Store
¥13.9 billion

Cosmetic andDrug Store

Others ¥2.5 billion

Others ¥2.3 billion

FY4/20 2Q
plan

FY4/20 2Q
results¥13.1 billion© 2019 AIN HOLDINGS INC. All Rights Reserved.

Inboundinfluence ¥(0.4)billion
Existing¥(0.3)billion
storesClosing¥(0.1)billion
stores¥(0.8) billion(-5.8%)¥8.7 billion¥8.7 billion

Dispensing
Pharmacy

Dispensing
Pharmacy¥10.2 billion¥10.1 billion＋¥0 billion
Cosmetic andDrug Store¥0.6 billion

Cosmetic andDrug Store¥0.4billion

Others ¥(0.3) billion

Others ¥(0.1) billion

Head office
expense¥(1.8) billion

Head office
expense¥(1.7) billion

FY4/20 2Q
plan

FY4/20 2Q
results(+0.1%)

14

Growth Strategy© 2019 AIN HOLDINGS INC. All Rights Reserved.

15

Growth Strategy
In anticipation of system reforms and deregulation in future, the group continues to open highpotential stores and reinforcing the Group’s business base.

■ Top-line
Expanding of business by active new store openings inprime location and by secure M&As

■ Reinforcing the Group’s business base

To rebuild the Group’s business base by improve the operational
efficiency and logistics reform utilizing ICT and Group brandbuilding.

■ Recruiting and training human resources,

Strengthening the function of pharmacies

Recruiting activity and development of human resources
with the energy of the entire company, and enhancing
Primary Care and specialized functions.

■ Expansion of ainz & tulpe
Improve the ratio of original brands and margin by continuing toopen ainz & tulpe in the major urban area and by implementing
measures to raise brand visibility in urban markets© 2019 AIN HOLDINGS INC. All Rights Reserved.

16

Top-line①
The group opened 20 stores and closed 40 stores at the end of the FY4/20 2Q.
■ Total number of stores

1,166(Dispensing pharmacy:1,106、Cosmetic and drug store:60)

Opening
ClosedFY4/20FY4/20 2Q■ PlanHokkaido
121

Plan

Results

Plan

25

10

100

Organic

7

5

25

M&A

18

5

75

Cosmetic anddrug store

810

15 (17)

Total

33

20

115

21

36

-

4

4

5

25

40

-

Dispensing
Pharmacy

Dispensing

Pharmacy
Cosmetic anddrug store

Total

Chugoku,
Shikoku
92

Organic
M&A

EV/EBITDA ratio

ClosedSold

No. of total storesTohoku172

Hokuriku
25

Kyusyu, Okinawa
42() is forecast of the full financial year

■ Transition of dispensing pharmacies

Koshinetsu
111

Kanto
387
Tokai
86

Kinki
130

End-FY4/20 2Q

FY4/12

FY4/13

FY4/14

FY4/15

FY4/16

FY4/17

FY4/18

27

38

36

40

32

27

25

23

5

28
5.51

38
5.09

26
3.94

119
4.77

110
5.37

182
5.50

11
3.96

134
4.88

5
3.72

9
494

10
560

6
1
616

21
1
754

15
1
881

24
2
1,066

73
32
1,029

54
30
1,132

36
24
1,106

EV/EBITDA ratio=EV(Purchase price)/EBITDA(Operating income + Depreciation and amortization)© 2019 AIN HOLDINGS INC. All Rights Reserved.

FY4/19 FY4/20 2Q

17Top-line②
During the period, we only acquired 5 stores through M&A and EV/EBITDA ratio was 3.72 due tothe reason such as not meeting our criteria. Considering our M&A criteria, we will concentrate on
more reliable and large-scale projects.
■ M&A criteria
M&A criteriaStore size

Private pharmacy:
Annual net sales
more than ¥200 million
Corporate pharmacy:
Annual net sales
more than ¥150 million

EV/EBITDA ratio

5 - 7 times

ProfitContribute from next FY

Risk

Onsite pharmacy
Compliance issues

Our targets
Dispensing
pharmacymarketAnnual net sales
more than ¥150
million¥4.4 trillion¥7.4 trillion

FY4/20 2Q

Annual net sales
less than ¥150
millionReason for decline
・Below our criteria
・Risk of onsite pharmacy¥3.0 trillion

M＆A 5 stores

Concentrate to investments on morereliable and large-scale projects© 2019 AIN HOLDINGS INC. All Rights Reserved.

Estimated by Recent trend of national dispensing
medical expenses(2018) from Ministry of Health,
Labor and Welfare
Estimated by DRUG magazine,2019,7
18

Reinforcing the Group’s business base
The group established Information Technology division in July 2018 and Logistics department in
May 2019. We aim to reinforcing the Group’s business base by actively investing in ICT, logistics,
and Group brand building that will support our future growth.
Investment projects

Subject■ ICT・Logistics
Securing specialized
human resources

Proactively hiring people with expertise in IT and logistics

Collecting andutilizing data

Creating a company-wide database for accounting, KPI, human resources, store
sales, etc. to achieve faster decision making

Raising theoperating efficiency• Planning to launch 100 RPA robots, automation of routine work
• Streamlining various inquiries and accumulating know-how by introducing ITSM

Network, Security

Rebuilding the network systems and strengthening security for preparing to future
growthImproving thecustomer services

Utilizing ICT like app for improving customer satisfaction• Renewal of patient medication notebook app• Launching official ainz & tulpe app• Launch new EC website etc.

Logistic reform

Building efficient and reliable logistics system according to group scale expanding• Running the Kasai logistic center of WSS• Launch logistics for retail business in the Kansai area

■ PR
EnhancingGroup brand© 2019 AIN HOLDINGS INC. All Rights Reserved.

Group branding building for stakeholders, recruiting and business development• Launch a nationwide TV advertising campaign, for both business• Rebrand store’s signboards as “AIN Pharmacy”
19Recruiting of Pharmacists

In April 2019, new 534 employees (pharmacists 257, general staff 277) has joined our group.
To prepare for store openings in future, 550 pharmacists and 400 general staff are appointed tojoin the group in April 2020 .

■ The transition of No. of national examination passers and new qualified pharmacists in AIN Group2012（People）

No. of newly qualified
pharmacists hired in AIN
Group
No. of pharmacists’national examination
passers (pass rate)
Rate of newly qualified
pharmacists hired in AIN
Group

2013

189
8,641

（88.3%）

2.2%（5.7%）

251
8,929（79.1%）

2.8%（7.0%）

2014
251
7,312

（60.8%）

3.4%（8.0%）

2015
229
9,044

（63.2%）

2.5%（8.0%）

2016

2017

375
11,488（76.9%）

3.3%（11.7%）

2018

307
9,479

（71.6%）

3.2%（10.0%）

279
9,584（70.6%）

2.9%（8.0％）

2020

2019(forecast)

257

550

10,194-2.5%-（70.9%）（-）

Estimates : based on the result in AIN Group, and data from the Ministry of Health, Labor and Welfare, Council on Pharmaceutical Education.

（People）

No. of newly-hired employees

1,000

General staff

Pharmacists

800
550

600
400
200
0

375
229

251

251

47

53

28

93

2012

2013

2014

2015

189

© 2019 AIN HOLDINGS INC. All Rights Reserved.

307

257
279

173

174

152

2016

2017

2018

277

2019

400

2020

（forecast）

20

Expansion of ainz & tulpe①
Despite the influence of the consumption tax raising, inclement weather and effect of inbound demand,gross profit margin has continued increasing due to the strengthen merchandise lineup and overhaulof procurement activities. Although the prior investment for the store openings and app development
has increased, our latest stores tend to see a steep rise in profits in the second year of operation.
■ Results review

FY4/19 2Q（¥ million）

Net sales
Existing Stores

YoY change

FY4/20 2Q

YoY change(%)

12,544

13,099+555+4.4

11,982

11,857

(125)

(1.0)

37.5

38.7

+1.2

-

Gross profit
margin (%)■ ainz & tulpe BEAUTY FACTORY YOKOHAMA HAMMERHEAD
Open

Oct 31, 2019

Sales floor

257㎡

ＳＫＵ

7,000

■ ainz & tulpe LINKS UMEDAOpen

Nov 16, 2019

Sales floor

587㎡

ＳＫＵ

14,000© 2019 AIN HOLDINGS INC. All Rights Reserved.

21

Expansion of ainz & tulpe②
Pole Town２（5/9/19）

ainz & tulpe
new store opening in FY4/20（forecast）

17

storesASAKUSA ROX（21/6/19）

Miyagi（ Planning to open in March 2020 ）OMIYA ARCHE（25/10/19）
bono SAGAMIONO（30/5/19）

Kyoto(Planning to open in April 2020)
Osaka(Planning to open in April 2020)

KASHIWA Modi（13/9/19）
PERIE Chiba (25/7/19)

PERIE Kaihimmakuhari（30/10/19）
Ginza INZ (8/11/19)

LINKS UMEDA (16/11/19)
Yamaguchi(Planning to open in March 2020)
Fukuoka(Planning to open in March 2020)
SAKAE Central Park（11/10/19）© 2019 AIN HOLDINGS INC. All Rights Reserved.

BEAUTY FACTORYYOKOHAMA HAMMERHEAD（31/10/19）

KAWASAKI ZERO GATE（8/8/19）
22

Expansion of ainz & tulpe③
The official ainz & tulpe app, released in October, has made good progress and reached about
250,000 downloads (end of Nov. 2019). On November 1, 2019, the group acquired the cosmetic
brand “DAZZSHOP”, which develops high-trend make-up products including color contact lenses. It
can enhance our brand value and make our store more appealing.
■ DAZZSHOP■ The official ainz & tulpe app

No. of downloads 700（,000）■ Result ■Plan

600
400
200

DAZZSHOP is a cosmetic brand that focused oneye make-up, including color contact lenses. It
has various sales channels such as Japan,
Shanghai, Taiwan, Hong Kong.

250
150

0

area
（month）

Japan
ShanghaiTo improve customer satisfaction by reducing
sales opportunity loss and optimize store
inventory in conjunction with our new EC
website which we plan to launch in April 2020
© 2019 AIN HOLDINGS INC. All Rights Reserved.

TaiwanSales channels
Company store: 5 stores（Department stores andretail facilities）
Semi-self store: 25 stores
EC
Company store: 1 storeEC
Semi-self store: 6 stores

Hong Kong Semi-self store: 5 stores
Semi-self store: mainly sold in “@cosme STORE”,“Amuse Beauté”, “Fruit GATHERING” stores. 23

FY4/20 Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2020 of 300,330 million, increase
9.0% YoY and ordinary income increase 15.4% YoY.

（¥ million）

FY4/18results

FY4/19results

FY4/20plan

YoYchangeYoYchange (%)

268,385
47,993

275,596
45,363

300,330 +24,734
50,540 +5,177

28,37029,29531,840+2,545+8.7

19,622

16,067

18,700+2,633+16.4

20,12916,637

19,200＋2,563+15.4

Profit attributable toowners of parent

10,567

10,130+1,101+12.2% of net sales

3.9

9,029

Earnings per
share(¥)

310.08254.87285.94+31.07

+12.2

50.00

55.00

55.00

-

0.0

Net sales

Gross profit% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Annual dividend (¥)

17.9
10.6

7.3
7.5

Figures in the table are rounded down
© 2019 AIN HOLDINGS INC. All Rights Reserved.

16.5
10.6

5.8
6.0
3.3

16.8
10.6

6.2

+9.0
+11.4

6.4
3.4

YoY change :FY4/20 plan compared with FY4/19 results
24Inquiries related to this presentation should be addressed to

AIN HOLDINGS INC.
Corporate Planning Division
TEL(81)11-814-0010
FAX(81)11-814-5550
https://www.ainj.co.jp/
This document may not be reproduced or distributed to any third party without
prior approval of AIN HOLDINGS INC. This document has been prepared for
information purpose only and does not form part of a solicitation to sell orpurchase any securities. Information contained herein may be changed orrevised without prior notice. This document may contain forecastingstatements as to future results of operations. No forecast statement can be
guaranteed and actual results of operations may differ from those projected.

© 2019 AIN HOLDINGS INC. All Rights Reserved.

25