FY02/23 1H

Results Presentation Material

October 6, 2022

Onward Group’s Raison d’Être

Copyright © ONWARD HOLDINGS CO., LTD.

Enriching and Adding Color to People’s Lives
while Caring for the Planet1

Contents

01 Financial Summary
1. FY02/23 1H Consolidated Results

P. 3

2. FY02/23 Full-year Forecast

P.10

02 Overview of Group Management
1. Results of Global Business Reforms

Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

2. Apparel Business Strategy© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

22

P. 3

P.13
P.13

P.16

(1) Promote OMO Strategy

P.17(2) Expand D2C Brands

P.19(3) Promote Product Strategy, Including
Customized Products

P.21

3. Lifestyle Business Strategy

P.24

4. Promotion of Sustainable Management

P.29

5. Promotion of Work Style Design

P.33

6. Rebuilding of Digital Platforms

P.36

03 Financial Situation
04 DATA BOOK

P.38

P.41

01
Financial Summary

1. FY02/23 1H Consolidated Results

Copyright © ONWARD HOLDINGS CO., LTD.

2. FY02/23 Full-year Forecast

3

FY02/23 1H Highlights
Net Sales

82.2

billion yen+1.4 billion yen YoY+5.2 billion yen vs.
initial forecast

Net Profit

Operating Profit

Recurring Profit

0.2

0.7

0.5

+3.5 billion yen YoY+2.0 billion yen vs.
initial forecast+3.5 billion yen YoY+2.4 billion yen vs.
initial forecast-7.0 billion yen YoY+1.7 billion yen vs.
initial forecast

billion yen

billion yen

billion yen

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Sales in 1H, mainly at our core operating company Onward Kashiyama, exceeded
our initial forecast, due to particularly brisk sales at stores that introduced the OMO
service, and a recovery in our mainstay brands’ business thanks to a customercentric product strategy that includes made-to-order products.

4◼ Our consolidated gross profit margin far exceeded our initial forecast as a result of
global business reforms that started in FY02/20, and the SG&A expense ratio
showed further improvement.
◼ As a result, in 1H the Group returned to profitability at all profit levels; operating
profit, recurring profit, and net profit, for the first time in four fiscal years.
◼ Net profit fell YoY in 1H because of a one-time factor in FY02/22 1H, when the
Company recorded substantial profit from the sale of real estate.

FY02/23 1H: Consolidated Results (YoY)◼ Net sales increased by 1.4 billion yen YoY to 82.2 billion yen.
◼ Operating profit/loss improved by 3.5 billion yen YoY, returning to the black for the firsttime in four fiscal years.

FY02/22 Results

FY02/23 Results

1H

1H

YoY

Copyright © ONWARD HOLDINGS CO., LTD.

(Million yen)

% of Sales

Change% of Change% of Sales
Change1

Net Sales

80,785-82,166-+1,381

+1.7%

-

2

Gross Profit

41,01850.8%

44,73554.4%+3,717

+9.1%

+3.6％

3

SG&A Expenses

44,31254.9%

44,542

54.2%

+230

+0.5%

-0.7％

4

Operating Profit-3,294

-

193

0.2%

+3,487

5

Recurring Profit-2,862

-

654

0.8%

+3,516

6

Net Profit

7,448

9.2%

476

0.6%

-6,972-93.6%-8.6％

7

EBITDA*

-687

-

2,838

3.5％

+3,525

Note: EBITDA = operating profit + depreciation and amortization.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

5% of Sales

FY02/23 1H: Changes in Consolidated Operating Profit◼ Improvement of operating profit/loss accelerated in 2Q versus 1Q.

Copyright © ONWARD HOLDINGS CO., LTD.

1Q Change+1 billion yen© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

6+2.6 billion yen

2Q Change

FY02/23 1H: Results by Segment (YoY)◼ The domestic apparel business posted higher sales and operating profit turned to the black. The
lifestyle business recorded growth in net sales and operating profit.
◼ Net sales increased in the overseas lifestyle business, but turned down in the apparel businessdue to withdrawing from the Italian business.
◼ Operating loss increased temporarily YoY in the overseas business due to pent-up demand in
FY02/22 1Q before withdrawing from the Italian business, but was cleared from 2Q onward.
FY02/221H

Copyright © ONWARD HOLDINGS CO., LTD.

(Million yen)

1

Apparel2

Lifestyle3

Domestic Total

4

Apparel5Lifestyle6

Overseas Total

7

Consolidated Total

FY02/23
1H

ChangeYoY

Net Sales

55,92059,704+3,784

Operating Profit-3,331484+3,815Net Sales

17,823

19,155+1,332+7.5%

Operating Profit

1,191

1,484

+293

+24.6%Net Sales

73,74378,859+5,116+6.9%

Operating Profit-2,140

1,968+4,108Net Sales

10,7506,771-3,979Operating Profit

-244

-963

-719

Net Sales

730

962

+232

Operating Profit

-424

-169

+255

11,4807,733-3,747-668-1.132-464

Net Sales

80,78582,166+1,381

Operating Profit-3,294193+3,487

Net Sales
Operating Profit

Note:
Domestic Apparel (Onward Kashiyama, Onward Trading, Island, Onward Personal Style, and 7 other companies; 11 companies in total)
Domestic Lifestyle (Chacott, Creative Yoko, Yamato, and 7 other companies; 10 companies in total)
Overseas Apparel (8 companies in the JOSEPH Group, J.PRESS, Onward Fashion Trading and 8 other companies; 18 companies in total)
Overseas Lifestyle(FREED OFLONDON and 3other companies; 4 companies in total)© Copyright 2007-2015
ONWARDHOLDINGS
CO.,LTD.
The segment breakdown is calculated using simple sums of all companies. Consolidated totals are after eliminating intergroup transactions.
7

+6.8%

-37.0%+31.8%-32.6%+1.7%

FY02/23 1H: Net Sales & Operating Profit Increases/Decreases by Company◼ Net sales increased by 1.4 billion yen YoY, with a 4.7 billion yen increase at Onward Kashiyama and otherfactors absorbing the 4.5 billion yen decline in Europe after withdrawing from the Italian business.
◼ Operating profit/loss returned into the black for the first time in four fiscal years due to factors such as 3.5 billion
yen in operating profit/loss improvement at Onward Kashiyama.

▍Net Sales(billion yen)

+0.1

+4.7

+0.3

+0.3

+0.8

82.2

-0.4

-0.7

+0.3

+0.5

(+1.4)

80.8-4.5

FY02/22 1H

OnwardKashiyama +HD

OnwardTradingIslandChacott

Creative
Yoko

YamatoOtherdomestic
businesses

EuropeAmerica

Asia

Guam Resort

Consolidated
elimination

FY02/23 1H▍Operating Profit+0.7
Copyright © ONWARD HOLDINGS CO., LTD.

+3.5

8

+0.1

+0.1

0.2

+0.1

+0.2

(+3.5)
-0.4

-0.1

-0.2

-0.5

-3.3

FY02/22 1H

OnwardKashiyama +HD

OnwardTradingIslandChacott

Creative
Yoko

YamatoOtherdomestic
businesses

EuropeAmerica

Asia

Guam Resort

Consolidated
elimination

FY02/23 1H

FY02/23 1H: Results Net Sales by Channel◼ Net sales at physical stores total (department stores, shopping centers and other) increased by 12% YoY(19% increase on a like-for-like store basis, excluding closed stores).
◼ E-commerce sales increased by 7% YoY. The e-commerce ratio and the directly managed e-commerce ratio
remained at a high level at 30% and 86%, respectively.

Copyright
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CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

(Million yen)

9

Department
Stores

Shopping
Centers andOtherPhysicalStores Total

Directly
Managed ECommerce

Other ECommerce
Platforms

E-Commerce
Total

E-Commerce
Total Sales
Ratio

1

(billion yen)
Onward Kashiyama

17,95014,891

32,841

11,5601,654

13,21446,0552% of sales

39.0%

32.3%

71.3%

25.1%

3.6%

28.7%

100.0%

3

YoY+16.4%+13.8%+15.2%-0.7%+32.7%+2.5%

Directly
Managed ECommerce
Ratio

28.7%

87.5%

+11.3%

-2.4%

-2.8%

4

Eight Domestic
Subsidiaries Using ECommerce*

4,931

11,121

16,052

6,517

1,243

7,760

23,812

32.6%

84.0%

5

Total Domestic
Subsidiaries Using ECommerce

22,881

26,012

48,89318,077

2,897

20,974

69,867

30.0%

86.2%

6

% of sales

32.7%

37.2%

70.0%

25.9%

4.1%

30.0%

100.0%

7

YoY+14.1%+10.8%+12.3%+4.8%+20.2%+6.7%+10.6%

-1.1%

-1.5%

*Note: Total of eight domestic subsidiaries using e-commerce(Island, Tiaclasse, Onward Personal Style, Chacott, Creative Yoko, Yamato, Intimates, KOKOBUY)

01
Financial Summary

1. FY02/23 1H Consolidated Results

Copyright © ONWARD HOLDINGS CO., LTD.

2. FY02/23 Full-year Forecast

10

FY02/23: Full-Year Forecast Revision◼ Although solid business performance is expected as a result of various sales initiatives, many
uncertainties remain, such as concerns about another resurgence in COVID-19 cases, foreignexchange rates, and raw material price trends. Therefore, the financial results forecasts for 3Q
onwards are unchanged, and the full-year forecast has been revised upward by adding the upswingof 1H to the initial full-year forecast.
◼ An increase in extraordinary losses is expected, assuming a loss on valuation of investment
securities due to stock market price fluctuations.

Copyright © ONWARD HOLDINGS CO., LTD.

(Million yen)

FY02/22
FY02/23
Initial Forecast
Revised Forecast(announced in Apr-2022) (A) (announced in Sep-2022) (B)1 Net Sales

168,700

173,800+5,1002 Gross Profit

89,70094,000+4,300

3 SG&A Expenses

87,60089,900+2,3004 Operating Profit

2,100

4,100

+2,0005 Recurring Profit

2,050

4,300

+2,2506 Net Profit

1,700

2,200

+500

7 EBITDA*

7,080

9,080

+2,000© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

11

Change(B-A)

Note: EBITDA = operating profit + depreciation and amortization.

FY02/23: Full-Year Forecast (YoY)◼ Net sales are forecast to increase by 5.3 billion yen YoY.
◼ Operating profit is expected to improve by 5.2 billion yen YoY to 4.1 billion yen.
◼ Net profit is forecast to decline YoY due to a large gain from sales of non-current assets in
FY02/22.
◼ EBITDA is forecast to increase by 5.2 billion yen to 9.1 billion yen.

Copyright © ONWARD HOLDINGS CO., LTD.

(Million yen)

FY02/22

FY02/23

Results (A)Revised Forecast(announced in Sep-2022) (B)% of Change
(B/A)

1

Net Sales

168,453

173,800+5,347+3.2%

2

Gross Profit

87,612

94,000+6,388+7.3%

3

SG&A Expenses

88,69189,900+1,209+1.4%

4Operating Profit-1,0794,100+5,1795

Recurring Profit

507

4,300

+3,793748.1%

6

Net Profit

8,566

2,200

-6,366-74.3％

7

EBITDA*

3,915

9,080

+5,165+131.9％© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

12

Change(B-A)

Note: EBITDA = operating profit + depreciation and amortization.

02
Overview of Group Management
1.

Results of Global Business Reforms

2.

Apparel Business Strategy(1)Promote OMO Strategy(2)Expand D2C Brands

Copyright © ONWARD HOLDINGS CO., LTD.

(3)Promote Product Strategy, Including
Customized Products© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

13
13

3.

Lifestyle Business Strategy

4.

Promotion of Sustainable Management

5.

Promotion of Work Style Design

6.

Rebuilding of Digital Platform

Results of Global Business Reforms(October 2019–August 2022)◼ Global business reforms had the effect of improving operating profit by approximately

21.0 billion yen.
▍Impact on net sales

Global Business Reforms(Total for October 2019–August 2022)(Main content)

Withdrawal from unprofitablebusinesses
Overseas- South Korean business (February 2020)-40.0 billion
yen-80.0 billion
yen-40.0 billion- Italian business (December 2020–March

Overseas

yen

2021)

Domestic- Guam hotel business (March 2022), other▍Positive impact on operating profit
Copyright © ONWARD HOLDINGS CO., LTD.

(Total for October 2019–August 2022)

14

Closure/consolidation ofDomestic unprofitable stores-Closed/consolidated approximately 1,800
stores (October 2019–August 2022)+8.0
billion yen+21.0 billion
yen

+13.0
billion yen

海外Overseas
国内
Domestic

Consolidated Results During Global Business Reforms Period(October 2019–August 2022)◼ Net sales fell sharply in FY02/21 due to business reforms and the COVID-19 pandemic,

but bottomed in FY02/22 and is on a recovery trend.
◼ Operating profit/loss also began a sharp recovery trend in FY02/22 after posting a large

operating loss in FY02/21 due to business reforms and the COVID-19 pandemic. In
FY02/23, operating profit is expected to recover to the level as in FY02/19.
▍Net Sales▍Operating Profit(Billion yen)(Billion yen)

300,000
300

250,000250

1010,000

240.652
240,652

248,233
248.233
5 5,000

4.461
4,461

4.100
4,100
-3.061△3,061

0200,000200

175.899
175,899

168,453
168.453

173.800
173,800-1.079△1,079

0-55,000△

150
150,000
Copyright © ONWARD HOLDINGS CO., LTD.

△
10,000-10
100,000100△ 15,000-15-20△
20,00050,00050-20.173△
20,173-25△ 25,000

0FY02/19

FY02/20

FY02/21

FY02/22© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

15

FY02/23(Forecast)

2019年
FY02/192月期

2020年
FY02/20
2月期

2021年
FY02/212月期

2022年
FY02/22 2023年
FY02/23
2月期
2月期（予想）(Forecast)

02
Overview of Group Management
1. Results of Global Business Reforms
2. Apparel Business Strategy(1)Promote OMO Strategy(2)Expand D2C Brands(3)Promote Product Strategy, Including
Customized Products
Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

3. Lifestyle Business Strategy© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

16
16

4. Promotion of Sustainable Management
5. Promotion of Work Style Design
6. Rebuilding of Digital Platform

(1) Promote OMO Strategy◼ Number of Onward Kashiyama stores implementing its “Click & Try” OMO service increased to 330◼ Net sales of existing stores offering the OMO service in 1H recovered to 95.9% of FY02/20 1H level, 21pp higher

than stores that don’t offer the service (74.9%)◼ Number of items reserved for “Click & Try” doubled from 1H monthly average of 9,000 to 18,500 in September 2022
▍Trends in number of Click & Try-implemented stores
Percentage of stores
implementing service

34.8％

41.0％

22.7％
200
stores▍Monthly items reserved for Click & Try service

20,000330

290

storesstores

18,00016,00014,00012,000End-February 2022

End-May 2022

End-September 2022

Implemented at over 40% of Onward Kashiyama
stores; to become available at more stores going
forward

Copyright © ONWARD HOLDINGS CO., LTD.

▍Net sales: FY02/23 1H versus FY02/20 1H

95.9％
74.9％
Stores not
implementing
Click & Try
service

8,000
6,000
4,000
2,000
0

+21pp

Storesimplementing
Click & Try
service

Click & Try service boosted net sales© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

17

10,000

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Use of Click & Try service increased every month(except in July and August, which are discount sales
months)(1) Promote OMO Strategy“Click & Try” service offers a new shopping format
Overview of “Click & Try” Service
An ordering service that allows customers, via the Onward
Group’s online store ONWARD CROSSET, to have delivered
almost all of Onward Kashiyama’s products, regardless of brand,
to any store to be tried on and purchased.

◼ Customer feedback

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CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

It was great to check the fit,material, and color of a
product I liked online. I will use
the service more from now on.

I like being able to try out sizes and items only
sold online, and enjoy the process of choosing
clothes that really suit me with sales staff I’m
familiar with.

◼ Store stylist (sales staff) feedback

The scope of customer service
increased, because we began to haveinquiries about brands that we don’t
display instore as well.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

18
18

I can try on clothes even when I’m
pushed for time, because I make areservation to visit a store. It’s also goodthat cancelling is no problem.

I noticed that customers were reallypleased with the service. It inspired me
to provide an even better service thatmakes customers happy.

(2) Expand D2C Brands【 Onward Kashiyama 】◼ Created long-selling hit products like “Saiai jogging pants”

and “Georgette Jersey Jilet,” with net sales doubling YoY.
◼ Brisk sales of “steppi,” a range of high-performance shoes

with knitted uppers.
◼ Full-scale launch of menswear and unisex range to prepare

for further business expansion.
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Saiai jogging pants◼ Began social media marketing in collaboration with leading

influencers.

Sales
(YoY)

+109.4%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

19(Doubled)

(2) Expand D2C Brands【 Onward Kashiyama 】◼ Sales of sets made from select materials, and clothing items

including cut and sew items and blouses have been brisk.
◼ The brand has recorded a sharp increase in the number of

Copyright © ONWARD HOLDINGS CO., LTD.

followers and attracted followers with high engagement thanks
to influencer marketing

Sales
(YoY)

+25.7%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

20

(3) Promote Product Strategy, Including Customized Products◼ Developed advanced business model that connects stores with directly-managed

smart factories online to deliver quality, made-to-order suits in a week at the earliest▍Kashiyama Dalian Co., Ltd.
◼ Lean manufacturing as a result of thoroughreforms of all processes◼ Efficient logistics structure◼ Environment-friendly and accommodates

Copyright © ONWARD HOLDINGS CO., LTD.

diverse work styles

Automated fabric management

Management using RFID
and hanger system

Fast, neat, and careful sewingof customized orders© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

21▍Kashiyama Saga Co., Ltd.
◼ The Group’s flagship factory in Japan for

production of value-added women’s apparel◼ Flexible capability from small-lot, multiple

variety orders to large lots, delivered with shortlead times

(3) Promote Product Strategy, Including Customized Products

KASHIYAMA 【 Onward Personal Style Co., Ltd. 】◼ New customers increased on sales growth of products for

specific occasions, such as job hunting.
◼ For women’s apparel, the EASY line has been popular,

and together with customized shoes, sales have grown
Sales
(YoY)

22.5%

+

GOTAIRIKU【 Onward Kashiyama】

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Pattern-made suits soldwell at Gotairiku, mainly
sold through department
store channels, whose
sales grew sharply.
Sales
(YoY)

27.0%

+

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

22

Personal Order,
made to order suits【Onward Kashiyama】◼ Average spend per item

increased sharply due
to growing demand forhigher-priced made-toorder suits.
Sales
(YoY)

15.0%

+

(3) Promote Product Strategy Including Customized Products

ICB 【Onward Kashiyama】

BEIGE, 【Onward Kashiyama】◼ New range of high-performance◼ Brand marked its 10-year

suits for active lifestyles drove
sales◼ Introduced “Made to Measure”

ladies’ made to order suits

anniversary; sales of jackets andblouses, the brand’s strong points,
grew mainly at physical stores◼ Held sales events for customized

sets
Sales

7.0%

+

(YoY)

Nijyusanku 【Onward Kashiyama】

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Spend per item increased due

to an expanded product mix tomeet increased demand foritems worn by commuters◼ Stepped up dissemination of

(YoY)

19.3%

+

Jiyuku 【Onward Kashiyama】◼ Double-digit sales growth on

brisk sales at list price as aresult of updating product image
to take the brand upmarket“staff coordination” information
by talented sales staff, which isthe brand’s strength
Sales
(YoY)

22.3%

+

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

23

Sales

Sales
(YoY)

11.9%

+

02
Overview of Group Management
1. Results of Global Business Reforms
2. Apparel Business Strategy(1)Promote OMO Strategy(2)Expand D2C Brands(3)Promote Product Strategy, Including
Customized Products
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CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

3. Lifestyle Business Strategy© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

24
24

4. Promotion of Sustainable Management
5. Promotion of Work Style Design
6. Rebuilding of Digital Platform

Chacott◼ Brisk sales of collaboration products and new products

in mainstay ballet/fitness supplies.
◼ Chacott Balance offers a range of clothing for yoga,

Pilates, and daily life.

Sales
(YoY)

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Chacott Cosmetics, originally a stage make-up brand, in

addition to powders and base make-up items for dailyuse, has expanded its variation and color items.
◼ Chacott’s Daikanyama Tokyo Main Store offers photoshoot services by professional make-up artists andphotographers for customers wearing ballet costumes
to create original photo art.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

25

+6.1%

Creative Yoko

◼ Sales of pet products and comfort goods continued to increase◼ Launched Pet Paradise Cat range of products for cats
◼ Began selling MOLANG (a trending anime character)

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merchandise at Mother Garden online store◼ Opened pop-up store “Shirotan Funwari Store” at Ichiban Plaza,

Tokyo Character Street at Tokyo Station Ichibangai◼ Promotes character merchandise licensing and pet products

wholesale businesses in overseas markets© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

26

Sales
(YoY)

+15.2%Yamato◼ Strong sales growth continued, driven by robust

bridal demand.
◼ In April 2022, launched new social gift service

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“dozo – Have fun with gifts” for sending gifts via
social media◼ Pop-up shop opened for a limited period at

CHOOSEBASE SHIBUYA, a media type OMO
store, and at the 5F stationery and variety goods
area of Ginza Loft

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

27

Sales
(YoY)

+8.9%

KOKOBUY◼ In addition to mainstay hair wax, sales of dry

shampoo, a seasonal product, grew steadily due
to high utilization.
Sales
(YoY)
Copyright © ONWARD HOLDINGS CO., LTD.

◼ Accelerated rollout of make-up products with thelaunch of “The Product Color Control”, madefrom 100% natural ingredients.
◼ In FY02/23, started full-scale opening of storesin major e-commerce malls other than our own
EC sites. Also began cross-border e-commerce© Copyright 2007-2015
ONWARDsales
HOLDINGS
CO.,LTD.
and will promote
expansionin Asia.
28+22.9%

02
Overview of Group Management
1. Results of Global Business Reforms
2. Apparel Business Strategy(1)Promote OMO Strategy(2)Expand D2C Brands(3)Promote Product Strategy, Including
Customized Products
Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

3. Lifestyle Business Strategy© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

29
29

4. Promotion of Sustainable Management
5. Promotion of Work Style Design
6. Rebuilding of Digital Platform

Promote Sustainable Management

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Based on the mission statement, “Enriching and adding color to people’s lives while caring for theplanet,” the Onward Group will continue to practice sustainable management that pursues
coexistence with the global environment as an important theme that forms the foundation of its
corporate activities.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

30

FY02/23 1H: TOPICS◼ Implemented initiatives for the realization of a low-carbon, recycling-basedsociety.
Expanded Onward Green
Campaign, which aims for arecycling-based economy• In FY02/23 1H, collected 351,109
apparel items (+6% YoY)

• Pack-runner compression packaging
used to increase delivery loading
efficiency• Increase the number of collected items
by devising new schemes• Use of environment-friendly, compact
paper packaging for delivery

Copyright © ONWARD HOLDINGS CO., LTD.

• Of the items collected so far, 82% has
been recycled and 18% reused.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

31

Changed KASHIYAMA suitdelivery packaging fromcardboard boxes to paper bags

FY02/23 1H: TOPICS◼ Implemented initiatives for the realization of a low-carbon, recycling-basedsociety.
Reduce the number ofsamples made with remotemeasuring system• Introduced 3D garment-fitting
simulation system to achieve efficient
sample making

Copyright © ONWARD HOLDINGS CO., LTD.

• Attained remote measuring thatcovers process from sizerecommendations to order collection
to minimize losses from sizing errors
using optimal size recommendation
feature© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

32“Shibaura Repair Workshop”
opens for alteration service tominimize clothing waste• Workshop that offers clothing repair andalteration service• Opened to help reduce the volume ofclothing waste and to express theCompany’s wish that customers can wear
their favorite items in comfort for a long
time

02
Overview of Group Management
1. Results of Global Business Reforms

2. Apparel Business Strategy(1) Promote OMO Strategy(2) Expand D2C Brands(3) Promote Product Strategy, Including
Customized Products
Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

3. Lifestyle Business Strategy© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

33
33

4. Promotion of Sustainable Management
5. Promotion of Work Style Design
6. Rebuilding of Digital Platforms

Promotion of Work Style Design◼ Promote “Work Style Design“, a reform project with the aim of increasing
productivity by improving operational efficiency and achieving work-life balance.
▍Major Initiatives“Kaeru Kaigi“ Meetings• Each team of co-workers holds a meeting once aweek to consider "what they should do to improvetheir work styles”.

Copyright © ONWARD HOLDINGS CO., LTD.

• All members, through proactive and repeated trial
and error, don’t stop at just changing their work
styles, but also aim to realize their “ideal state”
beyond that.

• As a first step toward designing their work styles,
managers continuously receive training conductedby outside consultants in order to raise theirawareness.
• Directors and executive officers also participate in
information- sharing sessions where the results of
the “Kaeru Kaigi“ meetings are reported, and to
discuss future work styles beyond their positions.

An actual “Kaeru Kaigi“ meeting - Post-it notes make it easier to convey things that
may be difficult to say out loud.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.
34
34

Manager Training and InformationSharing Sessions"Information Sharing meeting on Work Style Design" held in February 2021.

Promotion of Work Style Design◼ Promote "Work Style Design“, a reform project with the aim of increasing productivity by
improving operational efficiency and achieving work-life balance.

▍Overtime Hours▍Number of Paid Leave
Days Taken

17.7 hours▍% of Male Employees
Taking Paternity Leave

Approx. -Dayrise achieved

6

About Double the
National Average*

124.9 days

27.3%

62%

Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

Down

6.8 hours

119.0 days

FY02/19
Results FY02/22
Results
2018年度実績
2021年度実績

FY02/19
Results
2018年度実績

FY02/22
Results
2021年度実績*Comparison between FY02/22 and the previous year (FY02/19) when the “Work Style Design” program started.
*Those subject to the "Work Style Design" program (in-house employees only).
*The national average rate of male employees taking childcare leave in FY2021 was 13.97%.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

35
35

7.7%

2018年度実績
FY02/19
Results

2021年度実績
FY02/22
Results

02
Overview of Group Management
1. Results of Global Business Reforms
2. Apparel Business Strategy(1) Promote OMO Strategy(2) Expand D2C Brands(3) Promote Product Strategy, Including
Customized Products
Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

3. Lifestyle Business Strategy© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

36
36

4. Promotion of Sustainable Management
5. Promotion of Work Style Design
6. Rebuilding of Digital Platforms

Rebuilding of Digital Platforms◼ Implementing the "SMILE Project" to rebuild our digital platform aiming toachieve the five strategies of "ONWARD VISION 2030“.
▍Objectives of the "SMILE Project"◼ “Become product-oriented and customer-centric"◼ "Reform manufacturing, centered on PLM"
◼ “Enhance business management” (both brand-focused and store-focused management)

Customers (Individual/Corporate)

Apparel Segment

Copyright © ONWARD HOLDINGS CO., LTD.

Digital Platform (Structure)

Establishment of a customer-oriented
sales platform

2

Establishment of a SCM platform toachieve speed, cost, and traceability

3Management platform reform to support
the group (Business Management and
Finance, Organization and Human
Resources)4

Flexible system architecture

Lifestyle Segment

Product Planning, Production, and Logistics Platform

Sales Platform (ONWARD CROSSET, OMO Store)

Marketing Platform (Onward Members)

Accounting Management and Finance Platform

Organization and Human Resources Platform

Onward HD© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.
37
37

1

03
Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

Financial Situation© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

38
38

Balance Sheet◼ Net assets increased to 81.6 billion yen, up 4.4 billion yen from the end of FY02/22.
◼ Shareholders’ equity ratio increased to 46.1％ billion yen, up 3.7 pp from the end of FY02/22.
◼ Current ratio increased to 115.5%, up 7.0 pp from the end of FY02/22, further improving management
stability.
▍Shareholders’ Equity Ratio▍Net Assets

46.1%

+4.4

81.6 billion yen
816

42.4%

+3.7 ppbillion yen

772 億円
77.2 billion
yen
End-FY02/22

End-1H FY02/23▍Current Ratio

Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

115.5%
108.5%

End-FY02/22

End-1H FY02/23© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

39
39

End-FY02/22+7.0 ppEnd-1H FY02/23

EBITDA/Cash Flows/Capital Expenditures
2.8 28billion yen◼ EBITDA achieved a profit of 2.8 billion yen,

improved by 3.5 billion yen YoY. (Expected to
expand to 9.1 billion yen for the full year)+3.5
billion yen

EBITDA-700 m-7illion yen
FY02/22 1H

FY02/23 1H◼ Cash flows from operating activities amounted to 1.4 billion yen due to a return tothe black for operating profit and recurring profit.
Cash Flows◼ Cash flows from investing activities amounted to 5.9 billion yen due to the sale ofthe hotel business in Guam.

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Free cash flow (operating cash flow + investing cash flow) amounted to 7.3

billion yen.

CapitalExpenditures◼ Capital expenditures were 1.9 billion yen, down 500 million yen YoY.
◼ Depreciation and amortization were 2.2 billion yen, down 100 million yen YoY.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

40
40

CopyrightLTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

04

DATA BOOK

41
41© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

FY02/23 1H: Consolidated Financial Results(Comparison to Initial Forecast)

FY02/23
Initial Forecast
1H

FY02/23
Results% of Sales

1H

Comparison to Initial Forecast% of Sales

Change% of Change

Copyright © ONWARD HOLDINGS CO., LTD.

(Million yen)

1

Net Sales

77,000-82,166-+5,166

+6.7%

-

2

Gross Profit

40,50052.6%

44,73554.4%+4,235+10.5%+1.8％

3

SG&A Expenses

42,30054.9%

44,54254.2%+2,242

+5.3%

-0.7％

4

Operating Profit-1,800

-

193

0.2%

+1,993

5

Recurring Profit-1,750

-

654

0.8%

+2,404

6

Net Profit-1,250

-

476

0.6%

+1,726

7

EBITDA*

650

0.8%

2,838

3.5％

+2,188336.6%+2.7％

Note: EBITDA = operating profit + depreciation and amortization.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

42
42% of Sales
Change

FY02/23 1H: Net Sales & Operating Profit by Segment(Comparison to Initial Forecast)
FY02/23 1H
Initial Forecast(Million yen)

1

2

3

4

Copyright © ONWARD HOLDINGS CO., LTD.

5

6

7

ApparelLifestyleDomestic Total

ApparelLifestyleOverseas Total

Consolidated Total

FY02/23 1H
Results

Change% of Initial Forecast

Net Sales

55,40659,704+4,298Operating
Profit-1,728484+2,212Net Sales

18,783

19,155

+372

+2.0%

Operating
Profit

1,370

1,484

+114

+8.3%

Net Sales

74,18978,859+4,670+6.3%

Operating
Profit

-358

1,968

+2,326Net Sales

6,270

6,771

+501

Operating
Profit

-839

-963

-124

Net Sales

932

962

+30

Operating
Profit

-192

-169

+23

Net Sales

7,202

7,733

+531

Operating
Profit-1,031-1,132-101

Net Sales

77,00082,166+5,166

Operating
Profit-1,800193+1,993* Domestic Apparel (Onward Kashiyama, Onward Trading, Island, Onward Personal Style, and 7 other companies; 11 companies in total)* Domestic Lifestyle (Chacott, Creative Yoko, Yamato, and 7 other companies; 10 companies in total)* Overseas Apparel (8 companies in the JOSEPH Group, J.PRESS, Onward Fashion Trading, and 8 other companies; 18 companies in total)* Overseas Lifestyle (FREED OF LONDON and 3 other companies; 4 companies in total)© Copyright
ONWARDHOLDINGS
CO.,LTD.
Note: 2007-2015
The segment breakdown
is calculatedusing simple
sums of all companies. Consolidated totals are after eliminating intergroup transactions.

43
43

+7.8%

+8.0%

+3.2%

+7.4%

+6.7%

FY02/23 1H: Net Sales & Operating Profit by Company (YoY)

1

Onward Kashiyama +HD

2Onward Trading

3

Island4Chacott

5

Creative Yoko

6

YamatoCopyright © ONWARD HOLDINGS CO., LTD.

(Excl. Onward Kashiyama + HD)

8

Europe9America

10

Asia

11

Guam Resort

46,055+4,663Operating Profit-3,238332+3,570Net Sales

7,578

6,865

-713

-9.4%

Operating Profit

1,067

523

-544

-51.0%Net Sales

2,813

2,970

+157

+5.6%

Operating Profit

-124

22

+146

Net Sales

4,445

4,714

+269

+6.1%

283

342

+59

+20.8%

2,223

2,562

+339

+15.2%

68

108

+40

+58.8%

9,282

10,106

+824

+8.9%

548

703

+155

+28.3%Net Sales

32,35132,804

+453

+1.4％

Operating Profit

1,098

1,636

+538

+49.0％Net Sales

8,822

4,244

-4,578-51.9%

Operating Profit

-47

-514

-467

Net Sales

297

587

+290

Operating Profit

-231

-251

-20

Net Sales

2,211

2,730

+519

Operating Profit

-78

-211

-133

Net Sales

150

172

+22

Operating Profit

-312

-156

+156

11,4807,733-3,747- 668- 1,132-464

Net Sales

80,78582,166+1,381

Operating Profit- 3,294

193+3,487

Operating Profit

Operating Profit

Operating Profit

Net Sales

12

Overseas Subtotal

13

Consolidated Total

Operating Profit

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

44
44

YoY

41,392Net Sales

Domestic Subtotal

ChangeNet Sales

Net Sales

7

FY02/231H

FY02/22
1H(Million yen)

+11.3%+97.6%+23.5%+14.7%-32.6%+1.7%

FY02/23 1H: Net Sales & Operating Profit by Company(Comparison to Initial Forecast)
FY02/23 1H
Initial Forecast(Million yen)

1

2

Onward Trading

3

Island4Chacott

5

Creative Yoko

6

Copyright © ONWARD HOLDINGS CO., LTD.

Onward Kashiyama + HD

Yamato7

Domestic Subtotal

8

Europe9America

10

Asia

11

Guam Resort(Excl. Onward Kashiyama + HD)

12

Overseas Subtotal

13

Consolidated Total% of Initial
Forecast

ChangeNet Sales

41,30046,055+4,755

Operating Profit-1,955332+2,287

Net Sales

7,190

6,865

-325

-4.5%

898

523

-375

-41.8%

2,973

2,970

-3

-0.1%

-94

22

+116

4,680

4,714

+34

0.7%

289

342

+53

+18.3%

2,343

2,562

+219

+9.3%

Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales+11.5%

73

108

+35

+47.9%

9,755

10,106

+351

+3.6%

557

703

+146

+26.2%Net Sales

32,88932,804-85-0.3％

Operating Profit

1,597

1,636

+39

+2.4％

Net Sales

3,969

4,244

+275

+6.9%

Operating Profit

-525

-514

+11

Net Sales

543

587

+44

Operating Profit

-224

-251

-27

Net Sales

2,544

2,730

+186

Operating Profit

-164

-211

-47

Net Sales

146

172

+26

Operating Profit

-118

-156

-38

Net Sales

7,202

7,733

+531

Operating Profit-1,031-1,132-101

Net Sales

77,00082,166+5,166

Operating Profit-1,800193+1,993Operating Profit
Net Sales
Operating Profit

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

45
45

FY02/23 1H
Results

+8.1%

+7.3%

+17.8%

+7.4%

+6.7%

FY02/23 Full Year: Outlook by Segment (Comparison to Initial
Forecast)
FY02/23

FY02/23

Initial Forecast

Revised Forecast(announced in Apr-2022) (A)(announced in Sep-2022) (B)

121,045

128,070+7,025

Operating Profit

1,072

3,614

+2,542Net Sales

38,58339,068+485

Operating Profit

2,924

2,868

-56

159,628

167,138+7,510Operating Profit

3,996

6,482

+2,486Net Sales

16,296

16,319+23

Operating Profit-416-1,022-606

Net Sales

2,179

2,214

+35

Operating Profit

-295

-146

+149

18,475

18,533+58-711-1,168-457

168,700

173,800+5,100

2,100

4,100

+2,000(Million yen)

Net Sales
1

2

4

5

LifestyleDomestic Total

ApparelLifestyle
Net Sales

6

Overseas Total

Copyright © ONWARD HOLDINGS CO., LTD.

Operating Profit
Net Sales
7

Consolidated Total
Operating Profit* Domestic Apparel (Onward Kashiyama, Onward Trading, Island, Onward Personal Style, and 7 other companies; 11 companies in total)* Domestic Lifestyle (Chacott, Creative Yoko, Yamato, and 7 other companies; 10 companies in total)* Overseas Apparel (8 companies in the JOSEPH Group, J.PRESS, Onward Fashion Trading, and 8 other companies; 18 companies in total)* Overseas Lifestyle (FREED OF LONDON and 3 other companies; 4 companies in total)
Note: The segment breakdown is calculated using simple sums of all companies. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

46
46

(B-A)

ApparelNet Sales
3

Change

FY02/23 Full Year: Outlook by Segment (YoY)FY02/22
Results (A)(Million yen)

2

3

4

5

Copyright © ONWARD HOLDINGS CO., LTD.

6

7

% of Change

(B-A)

(B/A)

(announced in Sep-2022) (B)

128,070+7,554+6.3％

Operating Profit-1,254

3,614+4,868Net Sales

37,90539,068+1,163+3.1％

Operating Profit

2,598

2,868

+270

+10.4％

158,421167,138+8,717+5.5％

Operating Profit

1,344

6,482

+5,138+382.3％

Net Sales

17,83816,319-1,519-8.5％

Operating Profit-679-1,022-343

Net Sales

1,750

2,214

+464

Operating Profit

-814

-146

+668

ApparelLifestyleDomestic
Total

Net Sales

Apparel+26.5％

LifestyleOverseas
Total

Net Sales

19,58818,533-1,055

Operating Profit-1,493-1,168+325

Consolidated
Total

Net Sales

168,453

173,800+5,347-1,0794,100+5,179Operating Profit* Domestic Apparel (Onward Kashiyama, Onward Trading, Island, Onward Personal Style, and 7 other companies; 11 companies in total)* Domestic Lifestyle (Chacott, Creative Yoko, Yamato, and 7 other companies; 10 companies in total)* Overseas Apparel (8 companies in the JOSEPH Group, J.PRESS, Onward Fashion Trading and 8 other companies; 18 companies in total)* Overseas Lifestyle (FREED OF LONDON and 3 other companies; 4 companies in total)
Note: The segment breakdown is calculated using simple sums of all companies. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

47
47

Revised Forecast

Change120,516

Net Sales1

FY02/23

-5.4％

+3.2％

FY02/23 Full Year: Outlook by Company (Comparison to Initial
Forecast)
FY02/23

FY02/23

Initial Forecast

Revised Forecast(announced in Apr-2022) (A)(announced in Sep-2022) (B)

91,406

98,914+7,50879

2,643+2,564

Net Sales

15,22014,625-595

Operating Profit

1,811

1,216

-595

Net Sales

6,158

6,214

+56

(Million yen)
Net Sales
1

2

3

4

5

6

7

8

Copyright © ONWARD HOLDINGS CO., LTD.

9

10

11

12

Onward Kashiyama + HD
Onward Trading

IslandChacott

Creative Yoko

YamatoDomestic Subtotal(Excl. Onward Kashiyama + HD)

EuropeAmerica

Asia

Guam Resort

Overseas Subtotal

Operating Profit

Consolidated Total

-108

73

+181

Net Sales

8,930

8,924

-6

343

346

+3

5,339

5,674

+335

353

381

+28

Net Sales

20,003

20,383+380

Operating Profit

1,320

1,368

+48

Net Sales

68,222

68,224+2

Operating Profit

3,917

3,839

-78

Net Sales

9,733

10,074+341

Operating Profit

-151

-154

-3

Net Sales

1,682

1,420

-262

Operating Profit

-270

-542

-272

Net Sales

6,663

6,541

-122

Operating Profit
Net Sales
Operating Profit

Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit

Operating Profit

6

-234

-240

397

498

+101

- 296

- 238

+58

18,475

18,533+58-711-1,168-457

168,700

173,800+5,100

2,100

4,100

+2,000Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

48
48

(B-A)

Operating Profit

Net Sales
13

Change

FY02/23 Full Year: Outlook by Company (YoY)FY02/22

Copyright © ONWARD HOLDINGS CO., LTD.

Onward Kashiyama +HD

Revised Forecast

Results (A)(Million yen)1

FY02/23Net Sales
Operating Profit
Net Sales

2

Onward Trading

3

Island4Chacott

5

Creative Yoko

6

Yamato7

Domestic Subtotal

Net Sales(Excl. Onward Kashiyama + HD)

Operating Profit

8

Europe9America

10

Asia

11

Guam Resort

12

Overseas Subtotal

13

Consolidated Total

Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit

Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales

Operating Profit
Net Sales
Operating Profit

Change% of Change

(B-A)

(B/A)

(announced in Sep-2022) (B)

91,39598,914+7,519-1,8572,643+4,50014,760
1,788
5,753
-124
8,311
332
5,194

14,625
1,216
6,214
73
8,924
346
5,674

-135
-572
+461
+197
+613
+14
+480

-0.9％
-32.0％
+8.0％

319

381

+62

+19.4％

20,326
1,280
67,0263,201
13,182
-156
803
-451
5,204
-182
399
-704
19,588-1,493
168,453-1,07920,383
1,368
68,224
3,839
10,074
-154
1,420
-542
6,541
-234
498
-238
18,533-1,168173,800
4,100

+57
+88
+1,198+638-3,108+2+617-91+1,337-52+99+446-1,055+325+5,347+5,179

+0.3％
+6.9％
+1.8％
+19.9％-23.6％

Note: The groupbreakdown isHOLDINGS
calculated usingCO.,LTD.
simple sums. Consolidated totals are after eliminating intergroup transactions.
© Copyright 2007-2015
ONWARD

49
49

+8.2％

+7.4％
+4.2％
+9.2％

+76.8％+25.7％+24.8％-5.4％+3.2％

End-1H FY02/23: Balance Sheet

FY02/22

FY02/23
Change(Billion yen)

1

2
3
4

Total Assets

Current Assets
Cash and
Deposits
Accounts
Receivable-tradeEnd-1H

157.7

154.5

-3.2

60.5

58.0

-2.5

15.2

14.7

-0.5

14.2

11.3

-2.9

5

Inventory

26.8

27.5

+0.7

6

Non-current Assets

97.2

96.4

-0.8

7

Property, Plant andEquipment

58.0

56.2

-1.8

8

Intangible Assets

9.3

8.5

-0.8

9

Investments andOther Assets

29.8

31.7

+1.9

80.4

72.8

-7.6

10

Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

End

Total Liabilities

11

Accounts
Payable-trade

18.2

18.0

-0.2

12

Borrowings

35.1

30.5

-4.6

13

Other

27.1

24.2

-2.9

77.2

81.6

+4.4

14

Total Net Assets

15

Shareholders’ Equity
Ratio

42.4%

46.1%

+3.7%

16

Current Ratio

108.5%

115.5%+7.0%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

50
50

Reasons for change

Seasonal factors

Sale of Guam hotel

Increase in investment securities due to revaluation

Repayment of debt

FY02/23 1H: Cash Flows/Capital Expenditures▍Consolidated Cash Flows(Million yen)

FY02/22 1H

FY02/23 1H

Change1Cash flows from operating activities

962

1,399

+437

2

Cash flows from investing activities

20,022

5,935-14,087

3

Cash flows from financing activities-23,966-8,332+15,634

4

Cash and cash equivalents

19,261

14,739-4,522

Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

▍Capital Expenditures(Million yen)

FY02/23 1H

Change

5

Capex

2,385

1,918

-467

6

Depreciation and Amortization

2,392

2,243

-149

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

51
51

FY02/22 1H

FY02/23 1H: Breakdown of SG&A Expenses, Non-Operating
Profit/Loss and Extraordinary Profit/Loss (Consolidated)(Million yen)

FY02/22
Results

FY02/23
Results(% of Change)

1H

1H

1H

YoY

1

Personnel

18,134

18,276

0.8%

2

Rent

10,87011,5636.4%

34

Transportation
Promotion andAdvertising

3,083
2,810

3,083
1,844

0.0%
-34.4%(Million yen)

-10.3%

11

Interest income

111

119

7.2%

12

Foreign exchange gains

109

708

549.5%

13

Subsidy income

450

109

-75.8%

14

Other

573

178

-68.9%

15

Non-Operating Loss

812

655

-19.3%

16

Interest expenses

221

131

-40.7%

17

Share of loss of entities
accounted for using equity
method4234-19.0%

18

Other

548

489

-10.8%

432

461

6.7%

20,3701,455-92.9%

17,089

-

-

92

120

30.4%

2,944

1,306

-55.6%

1,870

1.5%

19

6

Other

7,572

7,906

4.4%

20

Extraordinary Profit

21

8

Extraordinary
loss adjustment

9(Reference)
Effective SG&A
Expenses

0.5%

22

Copyright © ONWARD HOLDINGS CO., LTD.

23

1,062

45,374

4
44,538© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

52
52-99.6%

-1.8%

1H

1,116

1,843

44,542

YoY

1,244

Depreciation

44,312(% of Change)

Non-Operating Profit

5

Total SG&A
Expenses

FY02/23
Results
1H

10

Total Non-Operating
Profit/Loss

7

FY02/22
Results
1H

Gain on sales of noncurrent assets
Gain on sales of investment
securities
Gain on sales of shares ofsubsidiaries and associates

24

Other

244

28

-88.5%

25

Extraordinary Loss

5,393

485

-91.0%

26

Extraordinary loss due toclosing and other

1,062

4

-99.6%

27

Loss on sales of shares ofsubsidiaries and associates

1,829

-

-

28

Loss on liquidation ofsubsidiaries and associates

1,968

-

-

29

Impairment loss

222

470

111.7%

30

Other

310

11

-96.5%

14,977970-93.5%

31

Extraordinary Profit/Loss

FY02/23 1H: Results by Group
FY02/22 Results(Million yen)

Onward Kashiyama+ HD
Domestic Subtotal(Excl. Onward Kashiyama + HD)

Overseas Subtotal

Copyright
LTD.
CO., LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©

YoY (% of Change)

1Q

2Q

1H

1Q

2Q

1H

1Q

2Q

1H

1

Net Sales

22,704

18,68841,392

26,13519,92046,055

15.1%

6.6%

11.3%

2

Gross Profit

13,244

9,611

22,855

15,815

11,34327,158

19.4%

18.0%

18.8%

(% of Sales)(58.3%)(51.4%)(55.2%)(60.5%)(56.9%)(59.0%)(2.2%)(5.5%)(3.8%)

SG&A Expenses

13,047

13,04626,09314,063

12,763

26,826

7.8%

-2.2%

2.8%

(% of Sales)(57.5%)(69.8%)(63.0%)(53.8%)(64.1%)(58.2%)(-3.7%)(-5.7%)(-4.8%)

197-3,435-3,238

1,752-1,420332

789.3%(% of Sales)(0.9%)--(6.7%)-(0.7%)(5.8%)-

5

Net Sales

17,202

15,14932,351

17,116

15,68832,804

-0.5%

3.6%

1.4%

6

Gross Profit

8,439

7,749

16,188

8,346

7,810

16,156

-1.1%

0.8%

-0.2%

(% of Sales)(49.1%)(51.2%)(50.0%)(48.8%)(49.8%)(49.3%)(-0.3%)(-1.4%)(-0.7%)

SG&A Expenses

7,379

7,711

15,090

7,217

7,303

14,520

-2.2%

-5.3%

-3.8%

(% of Sales)(42.9%)(50.9%)(46.6%)(42.2%)(46.6%)(44.3%)(-0.7%)(-4.3%)(-2.3%)

Operating Profit

1,060

38

1,098

1,129

507

1,636

6.5%

1234.2%49.0%(% of Sales)(6.2%)(0.3%)(3.4%)(6.6%)(3.2%)(5.0%)(0.4%)(2.9%)(1.6%)

9

Net Sales

8,643

2,837

11,480

3,732

4,001

7,733

-56.8%

41.0%-32.6%

10

Gross Profit

3,352

1,032

4,384

1,437

1,724

3,161

-57.1%

67.1%-27.9%(% of Sales)(38.8%)(36.4%)(38.2%)(38.5%)(43.1%)(40.9%)(- 0.3%)(6.7%)(2.7%)

SG&A Expenses

3,339

1,713

5,052

2,050

2,243

4,293

-38.6%

30.9%-15.0%(% of Sales)(38.6%)(60.4%)(44.0%)(54.9%)(56.1%)(55.5%)(16.3%)(-4.3%)(11.5%)

13

-681

-668

-613

-519

-1,132(0.2%)

-

-

-

-

-

-

-

-

3

4

7

8

11

12

Operating Profit

Operating Profit(% of Sales)

Note: Calculated using simple sums.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

53
53

FY02/23

The information in this presentation is not a solicitation to purchase or sell Onward
Holdings stock. Opinions and forecasts stated herein represent the judgments of thecompany at the time this presentation was prepared. Onward Holdings makes noguarantee regarding the accuracy of the information in this presentation and may
make revisions without prior notice. Onward Holdings and the providers of thisinformation assume no responsibility whatsoever for any losses incurred inassociation with this information.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.