FY4/24 3Q
IR PRESENTATIONMarch 2024

Results Overview© AIN HOLDINGS INC. All Rights Reserved.

1

Consolidated P/L
Net sales increased 12.3% YoY and 1.3% against the plan due to favorable performance in bothdispensing pharmacy business and cosmetic and drag store business. Ordinary profit increased 21.7%
YoY and 7.2% against the plan due to increase of sales.
FY4/23 3Q
results

FY4/24 3Q
plan

FY4/24 3Q
results

Net sales

263,906

292,551

Gross profit

39,692% of net sales（¥ million）

SG&A expenses% of net sales

Operating profit

YoYchange(%)

Vs
plan (%)

296,360 +32,454

+12.3

+1.3

42,721

43,213+3,521

+8.9

+1.2

15.0

14.6

14.6

28,00629,45328,907

+901

+3.2

(1.9)

10.6

10.1

9.8

11,685

13,26814,305+2,620

+22.4

+7.8

4.4

4.5

4.8

12,367

14,03815,050+2,683

+21.7

+7.2

4.7

4.8

5.1

6,628

7,609

8,730

+2,102

+31.7

+14.7

2.5

2.6

2.9

188.70216.60248.51+59.81

+31.7

+14.7

% of net sales

Ordinary profit% of net sales
Profit attributable toowners of parent% of net sales
Earnings per share(¥)

YoYchange

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

2

Dispensing Pharmacy Business (Consolidated)
Net sales increased 12.1% YoY and 1.4% against the plan due to the easing of restrictions on
outpatient visits, and rise in prescription numbers and average price because of improvements inthe capabilities of primary care functions. Segment profit increased 9.4% YoY and 2.6% against theplan due to increase of sales.
FY4/23 3Q
results

FY4/24 3Q
plan

FY4/24 3Q
results

Net sales

236,396

261,480

Gross profit

29,448% of net sales（¥ million）

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

Number ofpharmacies

YoYchangeYoYchange(%)

Vs
plan (%)

265,019 +28,623

+12.1

+1.4

31,08831,508+2,060

+7.0

+1.4

12.5

11.9

11.9

12,067

12,59812,551+484+4.0(0.4)

5.1

4.8

4.7

17,38018,49018,957+1,577

+9.1

+2.5

7.4

7.1

7.2

18,023

19,214

19,713+1,690+9.4+2.6

7.6

7.3

7.4

1,210

1,223

1,221+11+0.9(0.2)

Figures in the table are rounded down

© AIN HOLDINGS INC. All Rights Reserved.

3

Cosmetic and Drug Store Business (Consolidated)
Net sales up 21.6% YoY and 2.2% against the plan because customer numbers were firm amid a
recovery in mobility for both domestic shoppers and overseas visitors, and average sales price rosedue to a change in customer buying habits. Segment profit increased 204.7% YoY and 14.7%
against the plan due to increase of sales.
（¥ million）

FY4/23 3Q
results

FY4/24 3Q
plan

FY4/24 3Q
results

18,836
7,102

22,420
8,540

6,401

Net sales
Gross profit% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

Number ofstores

YoYchange

YoYchange(%)

Vs
plan (%)

22,9058,800+4,069+21.6+2.2+1,698+23.9

+3.0

6,590

6,588+187+2.9

0.0

700

1,950

2,212+1,512 +216.0+13.4

3.7

8.7

9.7

737

1,958

2,246+1,509 +204.7+14.7

3.9

8.7

9.87682

81

37.7
34.0

38.1
29.4

38.4
28.8

+5+6.6(1.2)

Figures in the table are rounded down

© AIN HOLDINGS INC. All Rights Reserved.

4

Consolidated B/S
Net cash became ¥44,208 million and shareholders’ equity ratio became 54.7%. We are
maintaining a sound financial structure.
End-FY4/23
AssetsCurrent assets
Cash and deposits

Non-current
assetsGoodwill

Liabilities and Net Assets

98,305

46,796

133,444

46,443

Deferred
assetsTotal assets

Current
liabilities

92,986

Non-current
liabilities

12,218

Short-termborrowings

Long-term
borrowings

3,670

5,021

- Total net assets 126,546
Total liabilities

231,750 and net assets 231,750

Net cash
Shareholders’ equity
ratio(%)

End-FY4/24 3Q(¥ million)

37,804
54.6

AssetsLiabilities and Net Assets

Current assets 106,837
Cash and deposits

Non-current
assetsGoodwill

50,057

136,850

43,947

Deferred
assetsTotal assets(¥ million)

Current
liabilities

Short-termborrowings

Non-current
liabilities
Long-term
borrowings

100,847

3,183

9,561

2,366

- Total net assets 133,278
Total liabilities

243,688 and net assets 243,688Net cash
Shareholders’ equity
ratio(%)

44,20854.7

Figures in the table are rounded down
Net cash = Cash and deposits – Interest-bearing debt
© AIN HOLDINGS INC. All Rights Reserved.

5

Assets
The balance of total assets increased ¥11,938 million from the end of the previous fiscal year
because of increase in merchandise due to a rise in inventories of COVID-19 treatments, andan increase in buildings and structures due to the new store openings.
(¥ million)
Cash and deposits
Accounts receivable - trade
Inventories
Total current assets
Buildings and structures, net
Land
Total property, plant and equipment
Goodwill
Total intangible assets
Investments securities
Deferred tax assets
Leasehold and guarantee deposits
Total investments and other assets
Total non-current assets
Total deferred assets
Total assets

Figures in the table are rounded down

End-FY4/23 3Q

46,193
11,26923,62995,49020,591
10,58438,51947,53953,1102,938
6,118
24,82342,443134,072
229,562

End-FY4/23

46,796
13,24921,58698,305
21,407
10,60239,45946,44352,343
2,720
5,990
24,50741,641133,444
231,750

End-FY4/24 3Q

50,057
14,00727,093
106,837
27,010
10,11642,74543,94750,664
3,427
6,287
24,71343,440136,850
243,688

Change+3,261+758+5,507+8,532+5,603(486)+3,286(2,496)(1,679)+707+297+206+1,799+3,406+11,938

Change:End-FY4/24 3Q compared with End-FY4/23

Capital expenditures (Property, plant and equipment and intangible assets + Leasehold and guarantee deposits) totaled ¥10,447 million© AIN HOLDINGS INC. All Rights Reserved.

6

Liabilities and Net Assets
Accounts payable increased ¥ 9,289 million due to increase in pharmaceutical purchasing andnew store openings. Short-term and long-term borrowings decreased ¥ 3,142 million due torepayment of loans payable.
End-FY4/23 3Q

End-FY4/23

End-FY4/24 3Q

Short-term borrowings

60,972
4,036

58,6983,670

67,9873,183+9,289(487)

Total current liabilities

92,82392,986

100,847+7,861Long-term borrowings

5,816

5,021

2,366

(2,655)

12,995

12,2189,561(2,657)

Total liabilities

105,819

105,204

110,409+5,205

Share capital

Total shareholders’ equity

21,89420,504
83,357
123,756

21,89420,50485,963
126,362

21,894
20,49992,586
132,997(5)+6,623+6,635

Total net assets

123,743

126,546

133,278+6,732229,562

231,750

243,688+11,938(¥ million)
Accounts payable - trade

Total non-current liabilities

Capital surplus
Retained earnings

Total liabilities and netassets
Figures in the table are rounded down

© AIN HOLDINGS INC. All Rights Reserved.

ChangeChange:End-FY4/24 3Q compared with End-FY4/23

7

FY4/24 Revised Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2024 increase 8.8% YoY andordinary profit increase 13.3% YoY due to new store openings of 41 stores for dispensing
pharmacy business and 6 stores for cosmetic and drug store business.
FY4/23
FY4/24
FY4/24
YoY
Vs initial plan（¥ million）
results
initial plan
revised plan change (%) change (%)
Net sales

358,742

375,000

390,263

+8.8

+4.1

Gross profit

53,69855,413

58,106+8.2+4.9% of net sales

15.0

14.8

14.937,694

39,75039,656+5.2(0.2)

10.5

10.6

10.2

16,004

15,66318,450

+15.3

+17.8

4.5

4.2

4.7

17,06416,302

19,340

+13.3

+18.6

4.8

4.3

5.0

9,234

8,250

10,000

+8.3

+21.2

% of net sales

2.6

2.2

2.6

Earnings pershare(¥)

262.87234.84284.64

+8.3

+21.2

60.00

60.00

60.00

0.0

0.0

SG&A expenses% of net sales

Operating profit% of net sales

Ordinary profit% of net sales

Profit attributable toowners of parent

Annual dividend (¥)

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

8

Review© AIN HOLDINGS INC. All Rights Reserved.

9

Review (YoY)
Ordinary profit increased ¥2.7 billion YoY due to increase of net sales in dispensing pharmacy
business and cosmetic and drug store business.
Net sales

Ordinary profit¥263.9 billion → ¥296.3 billion +¥32.4 billion+12.3%¥12.3 billion → ¥15.0 billion +¥2.7 billion+21.7%■Dispensing
Pharmacy+¥28.6 billion

Increase ofgross profit, etc.

Dispensing
Pharmacy

Dispensing
Pharmacy¥265.0 billion¥236.4 billion

Cosmetic and Drug Store Cosmetic and Drug Store

¥18.8 billion¥22.9 billion

Others ¥8.7 billion

Others ¥8.4 billion

FY4/23

FY4/24■Cosmetic andDrug store+¥4.1 billion■Retail shop,Others¥(0.3) billion■Dispensing
Pharmacy

Dispensing
Pharmacy

Dispensing
Pharmacy＋￥1.7billion¥19.7 billion■Cosmetic andDrug store¥18.0 billion
Cosmetic and Drug Store¥0.7 billion

Cosmetic and Drug Store¥2.2billion

Others ¥0.0 billion

Others ¥(0.0) billion

Administrative
expense, etc.
¥(6.4) billion

Administrative
expense, etc.
¥(6.9) billion

FY4/23© AIN HOLDINGS INC. All Rights Reserved.

+¥1.5 billion■Administrative
expense, etc.
¥(0.5) billion

FY4/24

Decrease against profit:（Increase ofgross profit, etc.

）
10

Review (Plan)
Ordinary profit increased ¥1.0 billion against the revised plan due to increase of net sales indispensing pharmacy business and cosmetic and drug store business.
Net sales

Ordinary profit¥292.5 billion → ¥296.3 billion +¥3.8 billion+1.3%

Dispensing
Pharmacy¥261.4 billion

Dispensing
Pharmacy¥265.0 billion

Cosmetic and Drug Store Cosmetic and Drug Store¥22.4.billion¥22.9 billion
Others ¥8.7 billion
Others ¥8.4 billion

FY4/24
revised plan

FY4/24■Dispensing
Pharmacy+¥3.6 billion■Cosmetic andDrug store+¥0.5 billion■Retail shop,Others¥(0.3) billion¥14.0 billion → ¥15.0 billion ＋¥1.0 billion+7.2%■Dispensing
Pharmacy

Increase ofgross profit, etc.

Dispensing
Pharmacy

Dispensing
Pharmacy¥19.2 billion¥19.7 billion ■Cosmetic and＋¥0.5 billion

Drug store

Cosmetic and Drug Store¥1.9 billion

Cosmetic and Drug Store¥2.2 billion

Others ¥0.0 billion

Others ¥(0.0) billion

Administrative
expense, etc.
¥(7.1) billion

Administrative
expense, etc.
¥(6.9) billion

FY4/24
revised plan

FY4/24

Increase ofgross profit, etc.

+¥0.3 billion

Administrative
expense, etc.
＋¥0.2 billion

Increase against profit: ＋© AIN HOLDINGS INC. All Rights Reserved.

11

Expansion of top-line■Dispensing Pharmacy

Plan to open 41 pharmacies（Organic 21, M&A 20）■Cosmetic and Drug Store

Plan to open 6 stores

Opening■ Plan and Results

Revised PlanResults

Dispensing Pharmacy242541Organic

1414M&A1011216563030

4710213210121512

Cosmetic and drug store
Total
Dispensing Pharmacy
Cosmetic and drug store

ClosureFY4/24

FY4/24 3Q

Total

Revised Plan202■ Transition of dispensing pharmacies
Organic
M&A

EV/EBITDA ratio

ClosedSold

No. of total stores

FY4/18

FY4/19FY4/20FY4/21

FY4/22

FY4/23

FY4/24 3Q

2523

14152527

14113.96
73
32
1,029

134
4.88
5430
1,13263.71
64421,088

143.7452
341,065

24
4.13
15
51,0991146.55
3171,209113.771321,221

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

12

Revised plan

© AIN HOLDINGS INC. All Rights Reserved.

13

FY4/24 Revised Plan (Dispensing Pharmacy Business)
The group revised the full-year consolidated financial forecasts because net sales of same storesand stores openings in the previous year expected to increase. Net sales were revised to¥349,100 million, increased 8.6% YoY and 3.9% against the initial plan. Segment profit wasrevised to ¥26,390 million, increased 9.3% YoY and 8.7% against the initial plan.
YoY
FY4/23
FY4/24
FY4/24
Vs initial planresults
initial plan revised plan Change(%) change (%)（¥ million）

Net sales

321,577

336,093

349,100＋8.6＋3.9

Gross profit

39,77940,713

42,680＋7.3＋4.8

12.4

12.1

12.2

% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

Number ofpharmacies

16,55917,08017,160＋3.6＋0.5

23,22023,63325,520＋9.9＋8.0

24,13524,283

26,390

＋9.3

＋8.7

1,209

1,249

1,240

＋2.6(0.7)

5.1
7.2
7.5

5.1
7.0
7.2

4.9
7.3
7.6

Figures in the table are rounded down

© AIN HOLDINGS INC. All Rights Reserved.

14

FY4/24 Revised Plan (Cosmetic and Drug Store Business)
The group revised the full-year consolidated financial forecasts because net sales expected to increase
due to firm amid a recovery in mobility of customer numbers for same stores. Net sales were revisedto ¥29,500 million, increased 14.9% YoY and 8.2% against the initial plan. Segment profit was revisedto ¥2,410 million, increased 98.5% YoY and 75.9% against the initial plan.
（¥ million）

Net sales

25,68527,26329,500＋14.9＋8.2

Gross profit

9,694

10,405

11,230

＋15.8

＋7.9

8,521

9,035

8,830

＋3.6(2.3)

1,172

1,370

2,400 ＋104.8＋75.2

1,214

1,370

2,410

＋98.5＋75.9

7888

82＋5.1(6.8)% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

Number ofstores

37.733.24.6
4.7

FY4/24
initial plan

YoY
FY4/24
Vs initial plan
revised plan Change(%) change (%)

FY4/23
results

38.2
33.1

5.0
5.0

38.1
29.9

8.1
8.2

Figures in the table are rounded down

© AIN HOLDINGS INC. All Rights Reserved.

15

FY4/24 Revised Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2024 increase 8.8% YoY andordinary profit increase 13.3% YoY due to new store openings of 41 stores for dispensing
pharmacy business and 6 stores for cosmetic and drug store business.
FY4/23
FY4/24
FY4/24
YoY
Vs initial plan（¥ million）
results
initial plan
revised plan change (%) change (%)
Net sales

358,742

375,000

390,263

+8.8

+4.1

Gross profit

53,69855,413

58,106+8.2+4.9% of net sales

15.0

14.8

14.9

37,69439,75039,656+5.2(0.2)

10.5

10.6

10.2

16,004

15,66318,450

+15.3

+17.8

4.5

4.2

4.7

17,06416,302

19,340

+13.3

+18.6

4.8

4.3

5.0

9,234

8,250

10,000

+8.3

+21.2

% of net sales

2.6

2.2

2.6

Earnings pershare(¥)

262.87234.84284.64

+8.3

+21.2

60.00

60.00

60.00

0.0

0.0

SG&A expenses% of net sales

Operating profit% of net sales

Ordinary profit% of net sales

Profit attributable toowners of parent

Annual dividend (¥)

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

16Inquiries related to this presentation should be addressed toAIN HOLDINGS INC.
Corporate Planning Division
TEL(81)11-814-0010
FAX(81)11-814-5550
https://www.ainj.co.jp/corporate/
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 beguaranteed and actual results of operations may differ from those projected.

© AIN HOLDINGS INC. All Rights Reserved.

17