Our Message to Medical Workers
We sincerely would like to express deep
appreciation for your devoted works
on the frontiers against COVID-19.

We will never forget your courage.

(Listed on the 1st Section of the Tokyo Stock Exchange; Code 7447)

ANALYST GUIDE
April 2021

<Contact for information on this material: Mr. Yamamura, Administration Headquarters (+81-3-5289-8200)>

Summary

Overview of First-half FY2021

Net Sales and Operating Income recorded
the highest in first-half year term
Net Sales:
Operating Income:

8,069 m (y/y Change +14.4%)¥2,275 m (y/y Change +30.8%)¥

Supply To Ministry of Health, Labour andWelfare(MHLW)FY2021-1Q: ¥315m(Excluding this factor y/y Change +10.0%)

COVID-19 Impact on our production

Our production sites in domestic and overseas are in operationas usual.

1 © Nagaileben Co.,Ltd.

AgendaIndex

Ⅰ About “NAGAILEBEN” ・・・ ・・ 3p
Ⅱ Market Environment

・・ ・・・ 8p

Ⅲ Financial Review of・ ・ ・・12p
First-half FY2021 andForecast for FY2021
Ⅳ Management Goals ・・・・・・ 24p
Ⅴ Rewarding shareholder- ・・・ 27p
focused policies
2 © Nagaileben Co.,Ltd.

Ⅰ About “NAGAILEBEN”

3 © Nagaileben Co.,Ltd.

Outline
Over 100 years in business (Established in 1915)

1 Competitive position in medical clothing market-Approximately 60% market sharein domestic medical clothing-Integrated Production System
Planning, Manufacturing and Marketing- The number of shipments isover 6 million clothing a year.

-Competitive product such as extensive
products, custom-made program

2 Stable growing market

Stable growing Sales(million Yen)
17,500・The number of Nursing Staff and 15,000
Care workers is increasing gently.
12,500Doctor, Dentist,
Pharmacist*1(2018)

740,000
PeopleNursing Staff*2

Care workers*3(2017)(2018)

1,670,000
people1,880,000
people10,0007,500
5,000

compare with 2016

+18,000people

compare with 2016 compare with 2017

+11,000people+14,000people

2,500*1 Research of doctor, dentist and pharmacist 2018, MHLW
*2 Document of Nursing staff supply and demand subcommittee, MHLW
*3 Research of Long-Term Care Service , MHLW

4 © Nagaileben Co.,Ltd.

0
10

11

12

13

14

15

16

17

18

19

20 21E
21予

Outline

3

Highly profitability Strong balance sheet(%)- Realization of high profitability
with radical pursuit of efficiency-Gross profit to sales 45.8%-Capital-to-asset ratio 89.3%-ROE 8.7%（as of FY2020）

Changeof Gross Profit
to Sales
売上総利益率
の推移

50
45

33.1%

40

28.6%

35

(1980)

45.8%(2020)

45.3%(1990)(2010)

39.7%

30(2000)

25
1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020

shareholder-focused policies
4 Rewarding
1,221
-BPS
-EPS

.0Yen

105.5Yen（as of FY2020）-Continue stable dividend payment
with payout ratio of 50%- DPS 60Yen-Acquisition of treasury stock

5 Social Responsibility

（Yen）
1,300

（Yen）
125

BPS(Left)

1,200

EPS(Right)

100

1,100
1,000

75

900
50
800
700

25
2010

2012

2014

2016

2018

2020

We think that well-balanced growth with human, profit and philanthropy become the responsible
corporate, on the basis of our company spirit “Nagaism”.

5 © Nagaileben Co.,Ltd.

SDGs

Solve social issues through our businessSocialResponsibility- Assist hospital to reduce
waste and be more economical.

Environmental
Efforts- Consideration toenvironmental load of business.

Regional
Contribution

Respect for
Customers-Communication Space for Nurse“ITONA” gallery-Beauty Lecture for Nurse“Let us help
the human life”
6 © Nagaileben Co.,Ltd.

-Regional Contribution
through Production Base-Support hospital facilities
Rental of Historic Nurse Wear
Medical Kids Project
Miffy's Visits to Hospitals etc.

Support
Women-Women principal domains:
Medical and Sewing-Support medical field through our products.
-Realize High-Function and High-Sense products
they require

CSR

Our Efforts based on “Let us help the human life”
What’s NEW
Appeared in SDGs' school textbook

Remaking of nursing student' wears

We made recycled products from training w
ears which were used by nursing students inOkayama Univ. The products such as pochet
te will be used in medical field after the students' entrance.

Our efforts are appeared in SDGs' school t
extbook, which is distributed to elementar
y schools and junior high schools across J
apan.

Support Women

Women principal domains: Medical and Sewing

Respect for Customers

Regional Contribution

Beauty Lecture for Nurse

Rental of Historic Nurse Wear

Products of Nagaileben are mainly for
women, who work as a nursing staff or acare worker. At production sites ofNagaileben, many women staff has been
engaged in sewing. Activities of Nagaileben
are linked to support for women.
Respect for Customers

Regional Contribution

Communication Space for
Nurse “ITONA” gallery

Commemorating our 100th
anniversary year, we
opened Japan‘s First
communication space fornurse, “ITONA”.

Environmental Efforts

Practical course in
makeup and manner
for nurses in medical
fields. Collaboration
with Shiseido.

Medical Kids Project
Miffy’s Visits to Hospitals
For interchange between hospitals
and local communities, we havecontinued Medical Kids Project andMiffy’s visits to hospitals. This
activities started from our wish thatchildren in hospital will be at ease.

Social Responsibility

Archiving historic nurse
wear. Free rental to
medical institutions.

Regional Contribution

Regional Contribution
through Production Base

We have manufactured medical clothing byitself. Nowadays, factories are in Akita pref.
Japan, China, Indonesia and Vietnam. Also
we have contributed to the development ofregional community such as job creation,ability development and life circle
improvement.

-Business Ambassador in Misato, Akita Prefecture-Donation Infection Prevention Products t -We have donated subscription, medical wear, masks a-We acquired ISO14001 certification in 2005. We strive toimprove management structures and reduce environmental o Medical Institutions.
nd wheelchairs when natural disasters occurred such a-Cheering message to medical workers. s SARS, great earthquake at Indonesia, Han‐Shin Awaj
impacts, such as re-use of shredded waste cloth material.
-We have published anthology for nurse i Earthquake disaster, Great East Japan earthquake, Ku-Development of Reusable Infection Prevention Products-Considering not only ourselves but hospitals, we developed regularly and made gifts for hospitals or mamoto earthquake and COVID-19.
nurses free of charge.
new product “COMPELPACK”, which shifts “Re-use” from-Support United Nations World Food Programme(WFP).
“Disposable”, and has sold it. “COMPELPACK” is the surgical - We received recognition from the Minist -Planting of Revival Cherry Trees: We have planted chwear which enables hospital to reduce waste and be more er for Health, Labour and Welfare, as on erry trees to commemorate the 3.11's tsunami victims
e of the best contributed companies in e in Minami-sanriku, Tōhoku area, Japan , with voluntary
economical.
mployment of people with disabilities.
local residents.

7 © Nagaileben Co.,Ltd.

II

8 © Nagaileben Co.,Ltd.

Market Environment

Topics
Confusion of market still continues-With regard to Covid-19, Japanese government supports medical institutions(The total amount about 3 Trillion Yen)
-Care service fees will be revised (effective April 2021). +0.70% (For correspondence to Covid-19 +0.05%)-Drug price will be revised (effective April 2021).
430 billion yen will be cut as point of medical expenses. (Covered Items are rate of deviation over 5%)

The risk of overseas production continues-The risk of policies in producing countries.
-The risk of overseas factories' emergency shutdown due to Covid-19.
-Distribution cost is rising due to container scarcity and reduction in service.

The rate of exchange

As of March 2021

-monthly average exchange rate(as of Aug.)

2015:¥123/dollar, 2016:¥103/dollar, 2017:¥109/dollar,
2018:¥111/dollar, 2019:¥106/dollar, 2020:¥106/dollar¥110.71/dollar

130
125
120
115
110
105
100

2015

9 © Nagaileben Co.,Ltd.

2016

2017

2018

2019

2020

2021

Environment

Revisions to medical treatment and care Service fees（％）

5 +5.0 +4.8
4Medical(Service)

+3.4

+1.5

+1.9

+1.6

1

+0.4
▲1.3 +0.0 ▲1.3

0

-3

+1.4

+0.7
+0.6 +0.6
+1.2
+0.5
+0.7
+0.6 +0.5+0.4 +0.4

▲0.5

-1

▲ 1.7

-2

▲ 2.4

Care

+3.0

3
2

Medical(Drug)▲ 2.0▲ 2.6 ▲ 2.8

▲ 1.4

▲ 1.0

▲2.3

▲ 1.8
▲1.9

▲ 1.2 ▲ 1.4 ▲ 1.4

▲ 0.6

▲ 0.5
▲ 1.0
▲ 1.3 ▲ 1.5

▲2.3

-4
-5

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 202010 © Nagaileben Co.,Ltd.

Environment

Supply and Estimated Future Need

(10,000 persons)

300
250
200

Nursing Staff

Care Workers

245

forecast(maximum)
forecast(minimum)
Actual

202

150

245
100

167

188

188

2025

2018

50
0

2017

Source: The committee about supply and estimated future need of
Nursing MHLW

11 © Nagaileben Co.,Ltd.

2025

Actual record: Research of Long-Term Care Service, MHLWForecast: The 7th Insured Long-Term Care Service Plans, MHLWII Financial Review ofFirst-half FY2021 andForecast for FY2021

12 © Nagaileben Co.,Ltd.

PolicyManagement Tasks and Status
Capture clusters of needs with value-added strategy in thehealthcare wear market

Marketing strategy toincrease sales

Increase share of peripheral business in products
for patients and surgery wear market
Cultivate overseas markets
by expanding our business model in Japan
Develop reusable prevention products for infectious disease.
Strengthen domestic production

Production strategy toensure a steady supply-Strengthen ability to respond Quick Response andSmall-rot multi-production
Shift to overseas production from domestic.

Improvement of profitability by driving the strategy ofhigher quality and value-added products

Strategy tostabilize profitability

Embark on transferring oversea materials from domestic
Shift to overseas from domestic in sewing process
Promote the efficient use of Materials

13 © Nagaileben Co.,Ltd.

Topics

Our Status of Reaction to COIVD-19

Our functions of production, sales and distribution are in
operation as usual.

Development-We have continued to develop reusable prevention
products for infectious disease that meet the needs of
medical field.
(Utilization of our know-how in Surgery wear.)-We already launched isolation gowns and mask.

Production

Sales-The impact for domestic and overseas factories
were negligible.
-To minimize effect of rising distribution cost due
to container scarcity and reduction in service, wehave made diverse distribution system.
-Catching renewal contracts which were postponed
from previous term has been doing well.
-We focused on sales of infection prevention products.
[Contract from MHLW]FY2020-4Q: ¥945m, FY2021-1Q: ¥315m

14 © Nagaileben Co.,Ltd.

Consolidated Results

Financial Review of First-half FY2021 and Forecast for FY2021
FY2021First-half(Results)(millions of yen,%)

Net sales
Gross profit
Sales, general, andadministrative
expenses
Operating income
Recurring income
Net income

FY2021
To Forecast %% Change

Full(Forecast)% Change

8,069
3,718

+5.4
+4.8

+14.4
+13.9

17,300
7,976

+1.4
+2.1

1,442

▲5.5

▲5.3

2,908

+1.2

2,275
2,322
1,595

+12.6
+12.8
+13.5

+30.8
+29.5
+29.1

5,068
5,140
3,518

+2.7
+2.2
+1.3

First-half FY2021(Results)

FY2021(Forecast)[Overview][Overview]

Net sales became the highest record in first-half of the fiscal year.

Net sales will increase +1.4% and become the highest

Sales of Healthcare wear and Doctors' wear were doing well, byrecord.

catching renewal contracts which were postponed from previous term

Though the impact of COVID-19 will be prolonged, theand new large-scale contracts.

condition of medical market is expected to remain stable.

Sales of Patient wear grew considerably with new promotion which was

On the other hand, as eliminating the problem of shortage of

postponed from previous year. Sales of Surgery wear and Utility wear

medical materials, the demand of prevention products seems

increased, as the demand of prevention products rising. MHLW

to descend in second-half FY2021.

purchased Infection prevention wear of ¥315m in 1Q.

Sales of Healthcare wear, Doctors' wear and Patient wear

Thus, sales of all item and all domestic region grew steadily.

are expected to increase. These increases of sales will makeup for the drop of sales to MHLW in previous year.

15 © Nagaileben Co.,Ltd.

Consolidated Results

Financial Review of First-half FY2021 and Forecast for FY2021
FY2021(millions of yen,%)FY2021First-half(Results)

Net sales
Gross profit
Sales, general, andadministrative
expenses
Operating income
Recurring income
Net income

To Forecast %% Change

Full(Forecast)% Change

8,069
3,718

+5.4
+4.8

+14.4
+13.9

17,300
7,976

+1.4
+2.1

1,442

▲5.5

▲5.3

2,908

+1.2

2,275
2,322
1,595

+12.6
+12.8
+13.5

+30.8
+29.5
+29.1

5,068
5,140
3,518

+2.7
+2.2
+1.3

First-half FY2021(Results)[Gross profit]
Factor of Sales :Factor of Production :Gross profit to sales :+¥471m-¥16m
FY2020 46.3%→

FY2021 46.1%

FY2021(Forecast)+¥108m+¥59m
FY2020 45.8%→

FY2021E 46.1%(Factor of Production resolution)-Foreign Exchange rate(yen/dollar) :FY2020 105.2→FY2021 104.6 (+¥6m)

FY2020 106.0→FY2021E 104.6 (+¥27m)-Overseas production ratio:

FY2020 49.6% →FY2021 49.6%

FY2020 49.5%→FY2021E 50.8%(+¥65m)-Overseas distribution cost：(-¥25m)(-¥30m)16 © Nagaileben Co.,Ltd.

Consolidated Results

Financial Review of First-half FY2021 and Forecast for FY2021
FY2021(millions of yen,%)

Net sales
Gross profit
Sales, general, andadministrative
expenses
Operating income
Recurring income
Net income

First-half(Results)

FY2021
To Forecast %% Change

Full(Forecast)% Change

8,069
3,718

+5.4
+4.8

+14.4
+13.9

17,300
7,976

+1.4
+2.1

1,442

▲5.5

▲5.3

2,908

+1.2

2,275
2,322
1,595

+12.6
+12.8
+13.5

+30.8
+29.5
+29.1

5,068
5,140
3,518

+2.7
+2.2
+1.3

First-half FY2021(Results)[Sales, general, andadministrative expenses][Capital expenditure]-Capital expenditure-Depreciation

17 © Nagaileben Co.,Ltd.

FY2021(Forecast)Advertising expenses -¥37m
Travel expenses -¥22m

Advertising expenses +¥15m
Travel expenses +¥6m

¥130m
(Buildings:¥80m, IT system:¥9m,
Distribution equipment:¥27m,
Manufacturing equipment:¥13m)¥268m(Buildings:¥168m, IT system:¥37m,
Distribution equipment:¥43m,
Manufacturing equipment:¥18m)

¥157m

¥317m

Consolidated Results

Financial Review of First-half FY2021 (Balance Sheet)

Major assets
Title(¥ million %)ResultChange Result

Change%[Major changes from the previous fiscal year]

Cash on hand at banks

24,020+1,799+8.1

Notes and accounts receivable

5,616

+456

+8.9

Cash and cash equivalents

5,150

-70

-1.3

-Cash flows from operating activities(including electronically recorded claims)

Inventories-Acquisition tangible and intangible-Dividend payout

Up 1,799 million
Up 3,966 million
Down 196 million

34,883+2,204+6.7

Buildings and structures

2,694

-73

-2.7

Land

4,440

+6

+0.2

Investments and otherassets

1,489

+56

+3.9

Fixed assets

Fixed assets

9,076

-80

-0.9

-Buildings and structures(Depreciation)

Down 165 million

Total assets

43,960

2,123

+5.1

- Investment securities(Valuation adjustments)

Up 84 million

Current assets

Major liabilities and shareholders' equity
Title

ResultChange Result

-8

-0.6

778

+170

+28.0

4,086

+153

+3.9

Capital reserves

41,224+1,862+4.7

Treasury stock-5,913+6-0.1

Net assets

39,874+1,970+5.2

Total liabilities and net
assets43,960+2,123+5.1

Accrued income taxes

Current liabilities18 © Nagaileben Co.,Ltd.

Down 80 million

Change%1,486

Notes and accounts payable

Down 1,971 million

Net assets-Net profit-Dividend payout

Up 1,970 million
Up 3,833 million
Down 1,971 million

Segments by Item
Healthcare wear

Doctors' wear

19 © Nagaileben Co.,Ltd.

Utility wear

Patient wear

Shoes

Surgery wear

Infection prevention

Segment

Sales by Item
y/y change

Composition(FY2021E)

Doctors'

14.9%

Utility

(%)

2.4%

Full

First-halfFull(E)

-2.5

＋1.7

+14.4

+1.4

Healthcare wear

-3.8

-7.6

+7.2

+5.0

Doctors' wear

-2.1

-7.4

+5.7

+4.4

Utility wear

-13.9

-10.6

+9.2

+3.9

10.1%

Patient wear

-1.2

＋1.7

+24.3

+15.1

Shoes/Others

Surgery wear

+5.8

+7.7

+7.3

+1.2

Shoes/Others

-0.8

-3.2

+2.3

-2.3

－

－

－

-59.2

13.8%

Surgery

54.3%

First-half

FY2021

Total sales

Patient

Healthcare

FY2020

2.0%
2.6%

Infection
prevention

Infection prevention

First-half FY2021(Results)

FY2021(Forecast)[Healthcare][Doctors’]

Sales increased steadily, by catching renewal
contracts which were postponed from previous
term and new large-scale contracts.

Sales is expected to increase steadily. Though the impact
of COVID-19 will be prolonged, the condition of medical
market is expected to remain stable.

[Utility]

Sales of care gown was in good shape as theinfection prevention.

Though the demand of prevention products seems todescend, sales is expected to increase in full year.

[Patient]

Sales grew considerably, with executing newpromotion which was postponed from previous
year.

Steady growth of sales is expected, with executing new
effort which was postponed from previous year and newcustomer development.

[Surgery]Sales grew steadily. Good market condition
continued from second-half FY2020.

Sales is expected to keep previous year, because thedemand of prevention products seems to descend andthere was high growth in second-half FY2020.

[Infection prevention]

MHLW purchased Infection prevention wear of¥315m in 1Q.

Sales is expected to fall. MHLW purchased Infection
prevention wear of ¥945m in second-half FY2020. The
transitory demand of reusable masks will be down.

20 © Nagaileben Co.,Ltd.

Segment
Composition(FY2021E)

Sales by Region

Central
Japan

(%)

West
Japan

10.4%

34.7%

Overseas

East
Japan

1.1%
1.8%

52.0%

MHLW

+1.7

East Japan-1.2

Central JapanFirst-half+14.4

Full(E)+1.4(+10.0)*1(+5.4)*2

-4.1

+12.1

+5.5

+2.0

+4.1

+14.3

+3.9

West Japan

-6.2

-6.2

+7.2

+6.0

Overseas

+13.2

+6.0

-27.8

-8.1

－

－

－

-66.7

MHLW

*1: Excluding sales to MHLW
*2: Excluding sales to MHLW (FY2020-4Q: ¥945m)

which were postponed from previous term and new largescale contracts.
There were a lot of renewal contracts. Catching renewal
contracts were doing well.
Sales increased steadily, by catching renewal contracts[West Japan]

Full

-2.5

Sales increased considerably, by catching renewal contracts[Central Japan]

First-half

FY2021

Total sales

First-half FY2021(Results)[East Japan]

FY2020y/y change

which were postponed from previous term and executing
new effort in patient wear.

FY2021(Forecast)
Sales is expected to increase steadily. The condition of
medical market is expected to remain stable.
Sales is expected to reach the highest ever by catching
renewal contracts certainly.
We will continue to catch renewal contracts which were
postponed and execute new effort in patient wear.

[Overseas]

Due to COVID-19, disruption of the business occured.

Sales is expected to recover. We will promote introducing
our business model into East Asia from Japan.

[MHLW]MHLW purchased ¥315m in 1Q.

No decision has been made after 1Q thus far.

21 © Nagaileben Co.,Ltd.

Business Plan

Product Strategy
y/y change(%)

Sales by Product(¥ million)
20,00018,000

MHLW

16,00014,000High-End

12,000High ValueAdded

10,0008,000

FY2020

FY2021E

Total sales

+1.7

+1.4

High-Endproducts

-15.9

+4.5

High Value-Added
products

-3.1

+5.3

Value-Added
products

-2.2

+7.3

Mass products

-7.5

-7.4

―

-66.7

MHLW

Value-Added

6,000

Mass

4,000

High-End productsHigh Value-Added products

2,000
0
17/08

18/08

19/08

20/08

21/08E

Value-Added products(Retail price)

10,000Yen
7,500Yen
5,000Yen

Mass products
Price composition(Nurse one-piece)
High-End products: We will strengthen lineup, such as healthcare wear and doctor coat, to activate a market.
High Value-Added products: To catch renewal contracts surely, we will add value of products with improving
functionality and designability.
Value-Added products: We will drive the shift from mass products, include other company products, tofunctional products by launching new products which started from previous year.

22 © Nagaileben Co.,Ltd.

Business Plan

Production Strategy
Composition(%)

Production(Non-Consolidated)(¥ million)(%)

10,000

55

7,500

50

Purchased
products
Overseas
production

5,000

45

2,500

40

0

35
17/08

18/08

19/08

20/08

FY2020

Domestic
production

49.2

48.2

Overseas
production

49.5

50.8

Purchased
products

1.3

1.0

Domestic
production
Ratio of overseas
production

21/08E

Material-Cost reduction by switching oversea materials from domestic.
-Cost reduction and resource saving by driving efficient use of material.
Sewing-Japan : Strengthen ability for quick response and small lot production.
Enhancement and retention of capabilities in emergency cases.
-Overseas: Strengthen productivity and quality of factories in Indonesia, Vietnam and China

23 © Nagaileben Co.,Ltd.

FY2021E

IV

24 © Nagaileben Co.,Ltd.

Management Goals

Strategy

Business Direction

Sales Strategy-Increase peripheral business in products for Patients and Surgery.
-Gain share in West Japan.
-Develop and Sale of High-End and High Value-Added products.
-Develop reusable prevention products for infectious disease.
-Cultivate Overseas Markets.

Profit Strategy-Driving the strategy of Higher Quality and Value-Added products.
-The shift to Overseas Production.

-The minimization of Exchange Risk.
-Embark on Transferring Oversea materials from Domestic.
Equalization of the fluctuations in foreign exchange rates by reservation of exchange contracts
25 © Nagaileben Co.,Ltd.

Strategy

Trend of Business Records

Due to COVID-19, regarding FY2022/FY2023 forecasts, the business impact is
uncertain and reasonable calculation is difficult at the moment.
These forecasts are currently pending and we are planning to announce a revised
forecasts when possible.
(¥ million)（％）
60

17,500Net sales (left)
15,00055

Gross profit to sales (right)
50

12,50045

10,000

40

7,500
5,000

35

2,500

30

0

25
80

86

92

98

Note: Consolidated data since FY1994 are shown. Preceding years represent non-consolidated data.

26 © Nagaileben Co.,Ltd.

04

10

16

20 21E(FY)V

27 © Nagaileben Co.,Ltd.

Rewarding shareholder-focused policies

RewardReimbursement Policy

Shareholder-focused policies- Improvement of transparency by proactive disclosure- Interactive communication with investors- Profit reimbursement by high dividends

Dividend policy- Basic policy is to continue stable dividend payment with payout ratio of 50%

Share buyback- Acquire expeditiously when our share is undervalued

28 © Nagaileben Co.,Ltd.

Reward

The History of Stock Value

BPS

EPS

DPS

（yen）

（yen）

（yen）

FY2001

532.5

50.8

12.5

FY2002

568.3

48.0

12.5

FY2003

604.0

52.4

15.0

FY2004

663.0

60.5

30.0

FY2005

700.0

56.7

30.0

FY2006

732.4

61.0

30.0

FY2007

764.3

61.9

30.0

FY2008

783.9

57.1

30.0

FY2009

791.0

42.9

30.0

FY2010

827.0

67.6

32.5

FY2011

866.1

72.3

35.0

FY2012

902.3

68.9

35.0

FY2013

966.2

90.8

45.0

FY2014

1,012.7

94.1

50.0

FY2015

1,046.6

95.6

FY2016

1,037.8

98.1

50.0

FY2017

1,099.2

110.5

60.0

FY2018

1,153.4

110.6

60.0

FY20191,194.5

103.6

60.0

FY20201,221.0

105.5

60.0

―

107.1

60.0

FY2021E*2015: DPS 100yen (Include 100th anniversarycommemorative 50yen)

*

（Yen）
1,300

（Yen）

※1 FY2009: Accrued pension fundwithdrawal payment loss ¥1.04b. A dottedline is when there was not outbreak.

1,200

1,100

100

1,000

※1

900

75

800

100.0

700

50

600

500

25
2001

2006

2011

Book Value Per Share (BPS)(left)
Earnings Per Share(EPS)(right)

29 © Nagaileben Co.,Ltd.

125

2016

RewardActual Dividends Paid
Total
returnratio

Total
dividend

Sharebuyback

Payoutratio（Million yen）

（Million yen）

（non-c, ％）FY2001

475

0

27.4

27.4

FY2002

475

0

29.3

29.3

FY2003

530

1,697

29.7

124.6

FY2004

744

0

36.5

36.5

FY2005

1,117

0

56.9

56.9

FY2006

1,117

0

53.4

53.4

FY2007

1,117

0

53.1

53.1

FY2008

1,083

1,077

56.6

111.2

FY2009

1,040

1,220

57.3

122.2

FY2010

1,127

0

51.4

51.4

FY2011

1,205

226

52.0

61.7

FY2012

1,205

0

55.1

55.1

FY2013

1,541

229

51.3

58.7

FY2014

1,712

0

54.4

54.4

FY2015

3,324

1,500

107.5

153.8

FY2016

1,662

0

52.5

52.5

FY2017

1,994

0

55.2

55.2

FY2018

1,994

0

55.2

55.2

FY2019

1,995

0

58.0

58.0

FY2020

1,971

1,031

57.9

87.9

FY2021E

1,971

0

56.0

56.0

30 © Nagaileben Co.,Ltd.

（nonc, ％）2004/2/24 Stock split 2-for-1

2011/8/29 Stock split 2-for-1

Include 100th anniversary commemorative 50yen

DPS will be 60yen

Management Philosophy
Our management philosophy are “Let us help the human life” and“Harmony”. We think that well-balanced growth with human, profit andphilanthropy become the responsible corporate. Furthermore, we haveour company spirit, “Nagaism”. We continue to specialize in medical /nurse / care business area, expanding its market and developing bestproducts for our customers.
Believing
Concentrating
Pursuing principal

Human

Nagaism
Business model
Market31 © Nagaileben Co.,Ltd.

ProfitContribution

Creation of Social ValueNotes on this material
This material includes forecasts for the future.
These forecasts are based on the judgment of the Company's
management concerning currently available information.
These future projections include assumptions or views based onassumptions, and therefore may be different from the actual outcome,depending upon future circumstances.
The expectations for future results stated by the Company or its
management in this material do not represent any warranty that these
expectations or particular results will be realized.

The Company is not liable to update any of its forecasts, or projections,
unless otherwise provided for by law or under the relevant regulations.