Noevir Holdings Co., Ltd.
Results for the First Half of Fiscal 2022
(October 1, 2021 – March 31, 2022)

May 18, 2022
Noevir Holdings Co., Ltd.
Ikkou Yoshida, Director,
Management Director, Administrative

Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

Company Overview
Noevir Holdings Co., Ltd. Tokyo Stock Exchange, Prime Market Ticker: 4928
Date of Establishment

March 22, 2011 (Noevir Co., Ltd. was founded in April 1964.)

Paid-in Capital¥7,319 million

Consolidated Subsidiaries

13 subsidiaries (6 domestic / 7 international)

Employees

1,453 (Consolidated) (As of September 30, 2021)

Number of shareholders

19,794 (As of March 31, 2022)

Outstanding Shares

34,156 thousand shares

Market Capitalization¥180.346 billion (May 17, 2022 @ ¥5,280)

Line of BusinessApparelbusiness
Aviation-related
business

Cosmetics

Pharmaceuticals & Health Food
Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

Other1. Results for the First Half of Fiscal 2022

2. The First Half of Fiscal 2022
Segment-Based Highlights
3. Medium-Term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2022
Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

The First Half of Fiscal 2022
Consolidated Results Summary
Increased sales and profits vs. both planned company target
and actual results year on year
1st half offiscal 2022

Year-on-yearchange

Planned companytarget(vs. forecast target)

Actual results
year-on-year change

Net sales

30,100 million yen+2.6+1.5

Operating income

5,200 million yen+13.7+12.5

Net income attributable toowners of the parent

2,900 million yen+42.0

Operating income margin

17.3%➢ Factor increasing sales was brisk sales in selfselection cosmetics➢ Extraordinary income due to transition to aretirement benefit plan
Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

+1.7ptOperating income
margin17.3

The First Half of Fiscal 2022 Highlights
Net sales 30,161 million yen yen (Actual result +1.5% year-on-year),
operating income 5,229 million yen (Actual result 12.5% year-on-year),ordinary income 5,327 million yen (Actual result 12.3% year-on-year)
1st half ended March 31, 1st half ended March 31,
2022
2021

Millions of yen

Net sales
Cost of sales

Gross profit
SG&A

Operating incomeNon-operating income/expenses

Ordinary income
Extraordinary income/loss
Income before income taxes
Income taxes
Net income attributable to owners of the parent

Cost ratio (%)
Operating income margin (%)
Ordinary income margin (%)
Net income attributable to owners of theparent margin (%)
SG&A ratio (%)

Millions of yen

Actual results
year-on-year change

Earning forecast target

Millions of yen

30,161
9,193
20,96815,739
5,229
98
5,327
960
6,288
3,306
2,982

25,8609,311
16,54812,019
4,529
96
4,626
1
4,627
2,623
2,004

30.5
17.317.7

36.0
17.5
17.9

15.6
16.0

9.9

7.7

7.1

52.2

46.5

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％％

29,400

2.6

1.5

4,600

13.7

12.5

4,700

13.4

12.3

2,100

42.0

Monthly Net Sales in the Cosmetics Segment Year on Year

Fiscal 2022*

113.9%

116.1%

108.6%

108.2%

108.4%

105.1%

103.5%

109.7%

98.5%
91.3%

104.8%

90.3%
97.5%

88.8%

Oct.

Nov.

Dec.

89.9%

90.9%

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

94.8%

Aug.

Sep.

Oct.

Nov.

94.4%

Dec.

Jan.

Feb.

Mar.

* Comparison with actual results following application of the “Accounting Standard for Revenue Recognition, etc.” from Fiscal 2022
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The First Half of Fiscal 2022
Reasons for Change in Operating Income(Millions of yen)
Factors increasing profit

Decrease in A&P , etc.

Increase in expenses
due to change inaccounting standards

Increase in gross profit
due to sales increase

Increase in gross profit
due to change inaccounting standards

Factors decreasing profit

First Half ofFiscal 2022

First Half ofFiscal 2021

Increase in operating income of 699 million yen

Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

1. Results for the First Half of Fiscal 2022
2. The First Half of Fiscal 2022
Segment-Based Highlights
3. Medium-Term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2022

Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

The First Half of Fiscal 2022 Segment-Based Highlights
1st half ended March 31,
2022

1st half ended March 31,
2021

Millions of yen

Millions of yen

Other

3.2%

Cosmetics
Net sales

23,743

19,655

Segment incomePharmaceuticals &Health Food
Net sales

5,435

5,123

5,450

5,359

Segment income
Other766691

Net sales

967

845

Segment income
Consolidated netsales

16687

30,161

25,860Cosmetics

Pharmaceuticals &Health Food

Other

Pharmaceuticals& Health Food

18.1%
Net Sales

30,161
million yen

Cosmetic

78.7%
Composition of net sales in the first half of fiscal 2022

Actual results year on year were increased sales and profits
Self-selection cosmetics sold briskly
Actual results year on year were decreased sales and increased profits
Nutritional supplements performed firmly
Actual results year on year were increased sales and profits
Aviation-related business sales increased
Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

The First Half of Fiscal 2022 Cosmetics
1st half ended March 31, 1st half ended March 31,
2022
2021
Millions of yen

Millions of yen

23,743

Net sales

19,655

Cosmetics

78.7%
23,743
million yen

Segment income

5,435

5,123
Composition of net sales
in the first half of fiscal 2022

Face-to-facechannelcosmetics➢ Feeling the impact of COVID-19, sales of mainly makeup weresluggish, but high-end skincare products gave strong showing➢ New aging skincare serum Noevir SERUMUNE contributed to sales➢ Nameraka Honpo skincare brand sold briskly
Self-selection
cosmetics➢ Sales of the excel brand lineup decreased due to the impact ofCOVID-19Noevir SERUMUNE➢ NOV brand increased sales with a contribution from newproducts in the NOV L&W skincare line
Overseas andOEM businesssales➢ Increased sales overseas➢ OEM in line with the previous year
Nameraka Honpo skincare brandCopyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

The First Half of Fiscal 2022
Pharmaceuticals & Health Food
1st half ended March 31,
2022

1st half ended March 31,
2021

Millions of yen

Millions of yen

Net sales

5,450

5,359

Segment income766691➢ Actual sales decreased and profits increased due tosluggish sales of drinks, etc., despite firm performancefrom nutritional supplements and cough drops

Pharmaceuticals &Health Food

18.1%
5,450
million yen

Noevir WEIGHT BALANCE<Foods with Function Claims>

Composition of net sales
in the first half of fiscal 2022

The First Half of Fiscal 2022 Other
1st half ended March 31,
2022

1st half ended March 31,
2021

Millions of yen

Millions of yen

Net sales

967

845

Segment income

166

87

Nanten Nodo Ame
cough drop brand

Other

3.2%
967
million yen➢ Apparel-related business in line with the previous year
➢ Aviation-related business sales increased
Composition of net sales
in the first half of fiscal 2022

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The First Half of Fiscal 2022 Balance Sheets
Millions of yen
Previous year
（As of March 31,2021）

As of March 31,
2022

47,13626,994
9,568
29,58922,738
5,459
1,380
419
6,432
2,186
76,72646,441
27,295
9,040
27,913
21,586
5,164
1,115
444
5,882
2,397
74,354

Total liabilities
Shareholders’ equity
Common stock
Retained earnings
Total net assets
Total liabilities and net assets

9,193
20,002
12,65029,19645,9797,319
38,66147,53076,726

10,45016,176
12,205
26,62645,692
7,319
38,37547,72874,354Equity ratio

61.5%

63.7%

Current assets
Cash and cash equivalents
Notes and accounts receivable

Non-current assets
Property, plant and equipment
Buildings and structures, net
Equipment and vehicles, net

Intangible assets
Investments and other assets
Investment securities
Total assets
Current liabilities
Long-term liabilities
Guarantee deposits received

Points of B/S➢ Balance of net cash and deposits
Cash and cash equivalents– Guarantee deposits received=15.0 billion yen(+700 million yen year on year)➢ Equity ratio 63.7%

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1. Results for the First Half of Fiscal 2022
2. The First Half of Fiscal 2022
Segment-Based Highlights
3. Medium-Term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2022

Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

Medium-Term Management Plan and Forecast
Having positioned net sales, operating income and return on equity (ROE)
as key management indicators, the Noevir Group aims to maximize its
corporate value and enhance profitability.
Medium-termManagement Plan
Concept

Five Policies

Realizing steady corporate growth by securing
sustainability in every Group business segment
1. Pursue innovation and continuous profit generation in thedomestic market
2. Enhance our brand value
3. Accelerate efforts to diversify human resources and ourcorporate structure
4. Strengthen our competitiveness by stepping up thediversification of our R&D, production and logistics systems
5. Promote a management approach that is responsive tochanges in the business environment
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1. Results for the First Half of Fiscal 2022
2. The First Half of Fiscal 2022
Segment-Based Highlights
3. Medium-Term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2022

Copyright © 2022 Noevir Holdings Co., Ltd All Rights Reserved.

Fiscal 2022 Forecasts
Net Sales

OperatingIncomeOrdinary
IncomeNet Income Attributableto Owners of Parent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

1st Half Results

30,161

5,229

5,327

2,982

2nd Half Forecasts

28,338

3,970

4,072

3,517

Full Year Forecasts (A)58,500

9,200

9,400

6,500

Fiscal 2021 Results (B)51,272

8,557

8,972

6,383

Difference (A-B)

7,227

642

427

116

Change

14.1%

7.5%

4.8%

1.8%

2nd Half Forecast （C）

28,338

3,970

4,072

3,517

Fiscal 2021 2nd Half Results (D)25,412

4,028

4,346

4,379

Difference (C-D)

2,925

△ 57

△ 273

△ 861

Change

11.5%

△1.4%

△6.3%

△19.7%

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Fiscal 2022
Reasons for Change in Operating Income Forecast(Millions of yen)
Factors increasing profit

FY 2021

Forecast increase in operating income
643 million yen
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Decrease in sundry
expenses

Decrease in A&P

Increase in expenses
due to change inaccounting standards

Increase in gross profit
due to change inaccounting standards

Increase in gross profit
due to sales increase

Factors decreasing profit

FY 2022(Forecast)Major initiatives forthe second half fiscal 2022

Cosmetics

Strive for improved profitability as a core business

Face-to-facechannelcosmetics

Expand customer contact points in e-commerceand online based on face-to-face sales

Self-selection
cosmetics

Present products timely with an understandingof customers’ needs

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Major initiatives forthe second half fiscal 2022

Cosmetics

Face-to-face channel
cosmetics

NoevirFocus on based on face-to face sales

NOEVIR Beauty Studios salons➢ Improve service quality, focus on sales➢ Roll out to about 2,000 stores in regions
nationwide

Directly-managed NOEVIR SALON DE SPECIALE stores and NOEVIR Style➢ Roll out 10 stores nationwide
NOEVIR SALON DE SPECIALENOEVIR STYLE SHOP official website

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Major initiatives forthe second half fiscal 2022

Cosmetics

Face-to-face channel
cosmetics

Promote use of e-commerce and online sales

Improve customer service➢ Instagram Live for customers
Strengthen contact points with customers through online beauty education andcounseling services to respond to concerns about skin and seasons

Improve convenience for sales representatives➢ Promote use of online ordering system NOEVIR Support

Improve sales representatives’ service levels➢ Online briefings on new products for sales representatives
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Major initiatives forthe second half fiscal 2022

Cosmetics

Face-to-face channelcosmetics

NoevirSell and focus on sales expansion of new products

A reborn intensive brightening serum from indepth research on brightening using two typesof brightening active ingredients

Noevir BIOSIGN BLANC BEAUTE
19,800 yen (tax inclusive)
On sale May 2022

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Major initiatives forthe second half fiscal 2022

Cosmetics

Self-selection
cosmetics

Sales relaunched for Nameraka Honpo skincare brand Moisture skincare line
Acquire a wide array of customers and further expand earnings

Nameraka
Honposkincare Brand
official website

Brightening skincare line

Aging Care skincare line

Haritsuya skincare line

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Moisture skincare line

Major initiatives forthe second half fiscal 2022

Cosmetics

Self-selection
cosmetics
excel brandlineupofficial website

excel brandSell and focus on sales expansion of attractive new products

excel brand lineup
official Instagram accountexcel powder & pencil eyebrow

New colors launched March 2022
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excel brand lineup
official Instagram accountMajor initiatives forthe second half fiscal 2022

Cosmetics

Self-selection
cosmetics

NOV brand
Focus on Expanding Sales of Mainstay Series

NOV brand
official website

NOV Ⅲ skincare line
Skincare for sensitive and dry skin)

NOV AC ACTIVE skincare line
Proactive skincare for adult acne

NOV L&W skincare line
Highly moisturizing aging care for sensitive skin

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Major initiatives forthe second half fiscal 2022

Pharmaceuticals & Health Food

➢ Launch distinctive new products centered on functional and nutritional
drinks and increase profitability by strengthening cost control➢ Strengthen orders for private brands, OEMPharmaceuticals➢ Aim to increase earnings by capturing newcustomers through launch of special products, etc.

Nanten Nodo
Ame coughdrops official
websiteNanten Nodo Ame
cough drop brand➢ Promotional campaign online and in social
media for Min Min Da Ha functional drink brandHealth Food

➢ Focus on expanding sales of nutritional
supplements

Min Min Da Ha
functional drink brandofficial website

Healthy Honey AppleMin Min Tansan PINKVinegar
PASSION functional drink
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Major initiatives forthe second half fiscal 2022

Other

➢ Improve Profitability

Apparel business

Launch new products

Aviation-related businessContinue responding
carefully

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Dividend and Dividend Payout Ratio
Increased dividends for
10 consecutive periods¥200
Dividends

Dividend payout ratio (%)

¥205

¥210

¥210

¥180
¥150

129.5
¥120
¥100

124.6

112.4

94.5
¥60
¥50
¥36

¥40
54.5

40.9

FY 2011 FY 2012 FY 2013

84.2
73.1

75.1

110.4

78.8

51.7

FY 2014

FY 2015

FY 2016

FY 2017 FY 2018

FY 2019

FY 2020 FY 2021

FY 2022(Forecast)Continue stable shareholder return by maximizing corporate value
and enhancing profitability* Dividend payout ratio for Fiscal 2011 was calculated from the sum of net income attributable to owners of the parent of Noevir Co, Ltd. for Q2 Fiscal 2011 and Noevir Holdings Co., Ltd. for Fiscal 2011.

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[Inquiries] Noevir Holdings Co., Ltd. Public & Investor Relations Tel: +81-03-5568-0305 Fax: +81-03-5568-0441
E-mail: ir@noevirholdings.co.jp WEB: https://www.noevirholdings.co.jp/english/index.htm
These materials contain information that constitutes forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks anduncertainties. Actual results may differ from those in the forward-looking statements as a result of various factors including changes in material circumstances.
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