IR PRESENTATION

June 2015

Results Overview© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

1

Consolidated P/L
For the fiscal year under the review, the Group reported net sales of ¥187,904 million, an increase of 10.4%
year on year, reflecting the opening of new dispensing pharmacies and M&As. Ordinary income rose 10.5%
to ¥11,697 million and net income increased 17.8% year on year to ¥6,197 million.

FY4/14
results

FY4/15plan

Gross profit

170,225
25,748190,000 187,904 +17,679
27,870 28,961 +3,213% of net sales

15.1

14.7

15,63517,610

9.2

9.3

10,113

10,2605.9

5.4

10,587

10,700

6.2

5.6

6.2

5,259

5,500

6,197

3.1

2.9

3.3

165.04173.46(¥ million)（単位：百万円）

Net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Net income
Net income pershare(¥)

FY4/15
results

YoYchange

YoYchange(%)

Vs plan
(%)

+10.4

(1.1)

+12.5

+3.9

+12.0(0.6)

+13.2

+11.6

+10.5

+9.3

+938

+17.8

+12.7

195.45 +30.41

+18.4

+12.7

15.4

17,509 +1,874
9.3

11,452 +1,339
6.1

11,697 +1,110

Figures in the table are rounded down
On October 1, 2014, the Company conducted a 2-for-1 stock split of common shares. Net income per share is calculated by deeming stocksplits to have occurred at the beginning of the previous fiscal year.
© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

2

Dispensing Pharmacy Business（Consolidated）
The dispensing pharmacy business reported net sales of ¥169,063 million, an increase of 11.6% year onyear, and segment income of ¥14,449 million, up 13.1%.

FY4/14
results

FY4/15plan

Gross profit

151,472
20,297

170,140 169,063 +17,591
21,520 23,090 +2,793% of net sales

13.4

12.6

8,018

8,970

5.3

5.3

12,27912,550

8.1

7.4

12,772

13,130% of net sales

8.4

7.7

8.5

Number ofpharmacies

616736754(¥ million)

Net sales

SG&A expenses% of net sales

Operating income% of net sales

Segment income

FY4/15
results

YoYchangeYoYchange(%)

Vs plan
(%)

+11.6

(0.6)

+13.8

+7.3

+13.1

+1.1

+14.2

+11.7

+13.1

+10.0

+22.4

+2.4

13.7

9,069 +1,051
5.4

14,020 +1,741
8.3

14,449 +1,677+138

Figures in the table are rounded down
Segment income is adjusted to ordinary income shown on the quarterly consolidated statements of income
Prescription volume: +11.5% YoY
Average prescription price: +0.2% YoY© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

3

Drug and Cosmetic Store Business(Consolidated)
The drug and cosmetic store business reported net sales of ¥17,803 million, a decrease of 1.0% year on year,and segment income of ¥117 million.

FY4/14results

FY4/15plan

FY4/15results

Gross profit

17,985
5,668

18,3805,930

17,8035,898% of net sales

31.5

32.3

33.1

5,685

5,780

5,859

31.6

31.4

32.9

(17)

150

38-0.80.2

Segment income

23170

117

% of net sales

0.1

0.9

0.7

Number of stores

596556(¥ million)

Net sales

SG&A expenses% of net sales

Operating income% of net sales

YoYchangeYoYchange(%)

Vs plan
(%)

(182)

(1.0)

(3.1)

+230

+4.1

(0.5)

+174

+3.1

+1.4+55‐(74.7)+94 +408.7(31.2)(3)(13.8)(5.1)

Figures in the table are rounded down
Segment income is adjusted to ordinary income shown on the quarterly consolidated statements of income© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

4

Consolidated B/SInterest-bearing debt increased by 2,882 million to 15,939 million. Total net assets increased by ¥5,806
million to ¥48,046 million and the shareholders’ equity ratio improved 0.5 percentage points to 42.0%.
(¥ million)(¥ million)

End-FY4/14
AssetsLiabilities

Current assets

44,334

Cash on hand andin banks

18,846

Fixed assetsInvestments insecurities

Deferredassets

Total assets

End-FY4/15

57,048Assets

50,349Current assets

Lease obligations

6,535
566

Cash on hand andin banks

Long-term liabilities

8,793

Fixed assets

Long-term debt

4,502
1,454

Investments insecurities

Current liabilities
Short-term debt

2,559

Lease obligations‐Total net assets

42,240

Deferredassets

101,382

Total liabilities andnet assets

101,382

Total assets

Liabilities

46,365
19,55367,783
2,872

Current liabilities
Short-term debt
Lease obligations

Long-term liabilities
Long-term debt
Lease obligations

54,433
6,330
628

11,669
7,640
1,341

‐

Total net assets

48,046

114,149

Total liabilities andnet assets

114,149

Net cash

5,787

Net cash

3,613

Shareholders’ equity ratio(%)

41.5

Shareholders’ equity ratio(%)

42.0

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 )© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

5Assets(¥ million)

End-FY4/13

End-FY4/14

End-FY4/15

ChangeInventories

18,4607,043
7,944

18,846
6,718
9,759

19,553
8,369
9,909

+707
+1,651+150

Total current assets

43,16244,33446,365+2,031

8,247
6,030
1,229

9,962
6,698
1,342

11,678
7,931
1,388+1,716+1,233+46

17,55019,58322,472+2,889

99

47

28

(19)

Total intangible fixed assets

20,605

21,12927,623+6,494

Investments in securities

2,789
946
6,985

2,559
1,068
8,081

2,872
984
9,710

+313
(84)
+1,62914,52052,676
95,83916,33457,048101,382Cash on hand and in banks

Notes and accounts receivable

Buildings and structures,net
Land
Lease assets
Total property,plant and equipment
Lease assets

Deferred tax assets
Deposits and guarantees
Total investments and other assets
Total fixed assets
Total assets

17,688+1,354
67,783 +10,735
114,149 +12,767

Figures in the table are rounded down
Capital expenditures(Purchases of property, plant and equipment and intangible fixed assets + Deposits and guarantees) totaled ¥6,413million
Change(¥):End-FY4/15 compared with end-FY14/4© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

6Liabilities and Net Assets(¥ million)

End-FY4/13

End-FY4/14

Total long-term liabilities

24,084
7,483
498
45,686
8,048
1,223
11,79628,002
6,535
566
50,349
4,502
1,454
8,793

Total liabilities

57,483

Common stock

Accounts payable
Short-term debt

Lease obligations
Total current liabilities

Long-term debt
Lease obligations

Capital surplus
Retained earnings
Total shareholders’ equity
Total net assets
Total liabilities and net assets

End-FY4/15

Change31,826
6,330
628+3,824(205)+6254,433+4,084

7,640
1,341+3,138(113)59,142

11,66966,103+2,876+6,961

8,682
7,872
21,704

8,682
7,872
26,0078,682
7,872
31,639‐‐+5,632

38,25438,356
95,83942,14642,240101,382

47,776+5,63048,046+5,806
114,149 +12,767

Figures in the table are rounded down
Change(¥):End-FY4/15 compared with End-FY14/4© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

7

Consolidated C/F(¥ million)

End-FY4/14

End-FY4/15

ChangeNet cash provided by operating activities

14,662

14,839+177

Income before income taxes and minority interests

10,265

10,832+567

Depreciation and amortization

2,258

2,553+295

Amortization of goodwill

2,033

2,278+245

Decrease in accounts receivable

1,110455(655)(Increase) decrease in inventories(1,485)969+2,454

1,551414(1,137)

Net cash used in investing activities(7,749)(14,560)(6,811)

Payments for purchases of property, plant andequipment and intangible fixed assets(4,254)(3,775)+479

Purchase of shares in affiliated companies(2,410)(10,024)(7,614)

Net cash provided by (used in) financing activities(6,617)

374+6,991

295

653+358

18,735

19,389+654

Decrease in other accounts receivable

Net increase in cash and cash equivalents
Cash and cash equivalents at end of the period
Figures in the table are rounded down

© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

8

Business Value Analysis
End-FY4/13
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)

40.0
79.3
14.97
159.191.98
1,201.71
5.6
14.1
13,6985.37(0.03)
1,206
74,71375,957End-FY4/14

41.5
70.3
13.62
165.041.70
1,328.43
5.3
13.1
14,4054.49(0.14)
5,787
70,407
71,264End-FY4/15

42.0
117.9
21.72
195.452.82
1,511.57
5.8
13.8
16,2847.98(0.08)
3,613
133,605
134,598

Change+0.5+47.6+8.10+30.41+1.12+183.14+0.5+0.7+1,879+3.49+0.06(2,174)+63,198+63,334

Figures in the table are rounded down
Change：End-FY4/15 compared with End-FY4/14
Net D/E ratio = (Interest-bearing debt – Cash on hand and in banks) / Shareholders’ equity
Shareholders’ value = EV – Net interest-bearing debt
Market capitalization：Except treasury stock
Share prices used to calculate market capitalization:
End-FY4/14 ¥4,765 (End-Apr 2013), End-FY4/14 ¥4,495 (End-Apr 2014), End-FY4/15 ¥4,245 (End-Apr 2015).
Net cash ＝Cash on hand and in banks － Interest-bearing debt (Long- and short- term debt + Lease obligations )On October 1, 2014, the Company conducted a 2–for-1 stock split of common shares. Net income per share and Net assets per share arecalculated by deeming stock splits to have occurred at the beginning of the previous fiscal year.
© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

9FY4/16 Plan (Consolidated)
We forecast net sales of ¥218,280 million, up 16.2% year on year and ordinary income of ¥13,700 million, up
17.1% year on year for the fiscal year ending April 30, 2016.

FY4/14
results

FY4/15
results

FY4/16planGross profit

170,225
25,748

187,904
28,961

218,280 +30,376
34,290 +5,329% of net sales

15.1

15.4

15.7

15,63517,50920,890

9.2

9.3

9.6

10,113

11,452

13,400

5.9

6.1

6.1

10,587

11,697

13,700

6.2

6.2

6.3

5,259

6,197

7,230

3.1

3.3

3.3

Net income pershare(¥)

165.04

195.45

Annual dividend (¥)

30.00

30.00

(¥ million)

Net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Net income

Figures in the table are rounded down

Change:FY4/16 plan compared with FY4/15 results

YoYchange

YoYchange (%)+16.2+18.4+3,381+19.3+1,948+17.0+2,003+17.1+1,033+16.7

228.02+32.57+16.7

40.00+10.00+33.3

Change (%):FY4/16 plan compared with FY4/15 results

On October 1, 2014, the Company conducted a 2–for-1 stock split of common shares. Net income per share and Annual dividend are calculated bydeeming stock splits to have occurred at the beginning of the previous fiscal year.
© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

10Inquiries related to this presentation should be addressed toAIN PHARMACIEZ INC.
Corporate Planning Division
TEL(81)11-814-0010
FAX(81)11-814-5550
http://www.ainj.co.jp/
This document may not be reproduced or distributed to any third party without
prior approval of AIN PHARMACIEZ 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.

© 2015 AIN PHARMACIEZ Inc. All Rights Reserved.

11