Noevir Holdings Co., Ltd.
Results for the First Half of Fiscal 2021
(October 1, 2020 – March 31, 2021)

May 14, 2021
Noevir Holdings Co., Ltd.
Ikkou Yoshida, Director,
Management Strategy and Public & Investor Relations

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Company Overview
Noevir Holdings Co., Ltd.

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

1,507 (Consolidated) (As of September 30, 2020)

Number of shareholders

19,025 (As of March 31, 2021)

Outstanding Shares

34,156 thousand shares

Market Capitalization¥164.293 billion (May 13, 2021 @ ¥4,810)

Line of BusinessApparelbusiness
Aviation-related
business

Cosmetics

Pharmaceuticals & Health Food
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Other1. Results for the First Half of Fiscal 2021
2. The First Half of Fiscal 2021
Segment-Based Highlights
3. Medium-Term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2021

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

The First Half of Fiscal 2021
Consolidated Results Summary
Sales and profits decreased due to the impact of COVID-19,
but increased compared to planned company targets
1st half offiscal 2021

Year-on-yearchangePlanned company
target (vs. forecasttarget)

Net sales

25,800 million yen(6.9%)+1.4%

Operating income

4,500 million yen(10.6%)+13.2%

17.5%(0.7pt)+1.8ptOperating income margin➢ Sales decreased mainly due todecreased sales of makeup lines,
but sales of skincare lines increased

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Operating income
margin17.5%

The First Half of Fiscal 2021 Highlights
Net sales 25,860 million yen (down 6.9% YoY), operating income 4,529 million yen(down 10.6% YoY), ordinary income 4,626 million yen (down 9.9% YoY),
net income attributable to owners of the parent 2,004 million yen (down 16.4% YoY).
1st half ended March 31, 1st half ended March 31,2021
2020

Millions of yen

Millions of yen

Year-on-year change
Millions of yen

Net sales
Cost of sales

Gross profit
SG&A

Operating income
Non-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 the parent margin (%)

SG&A ratio (%)

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Earnings forecast target
Millions of yenMonthly Net Sales in the Cosmetics Segment Year on Year

Fiscal 2021

State of emergency

Apr.

MayJun.

State of emergency
Jul.

Aug.

Sep.

Oct.

Nov.

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Dec.

Jan.

Feb.

Mar.

The First Half of Fiscal 2021
Reasons for Change in Operating Income(Millions of yen)
Factors increasing profit

First Half ofFiscal 2020

Streamlining of activity
expenses, etc.

Streamlining of sales
promotion expenses

Decrease in gross profit
due to sales decrease

Factors decreasing profit

Decrease in operating income of 538 million yen
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

First Half ofFiscal 2021

1. Results for the First Half of Fiscal 2021
2. The First Half of Fiscal 2021
Segment-Based Highlights
3. Medium-Term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2021

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

The First Half of Fiscal 2021 Segment-Based Highlights
1st half ended
March 31, 2021

1st half ended
March 31, 2020

Millions of yen

Millions of yen

Year-on-year change
Millions of yen

Other

Cosmetics
Pharmaceuticals& Health Food

Net sales
Segment income
Pharmaceuticals &Health Food
Net sales
Segment income

Net Sales

million yen

Other

Cosmetics

Net sales
Segment income
Consolidated netsales

Composition of net sales in the first half of fiscal 2021

Cosmetics
Pharmaceuticals &Health Food

Other

Sales and profits decreased year on year
Face-to-face channel cosmetics and self-selection cosmetics performed sluggishly
Sales declined and profits increased year on year
Profits increased from efficient management of selling, general and administrative expenses
Sales and profits decreased year on year
Sales in the apparel-related business and the aviation-related business were sluggish
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

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

1st half ended
March 31, 2020

Millions of yen

Millions of yen

Year-on-year change
ChangeCosmetics

Net sales
million yen

Segment
incomeComposition of net sales in the first half of fiscal 2021

Face-to-facechannelcosmetics➢ Sales decreased year on year, mainly of makeup, due to the impact ofCOVID-19➢ Skincare sales in line with previous year
➢ Noevir WRINKLE SERUM, a new serum for improving wrinkles,
contributed to sales➢ Sales decreased for excel brand lineup due to COVID-19

Self-selection
cosmetics

Noevir WRINKLE SERUM➢ Nameraka Honpo skincare brand sales in line with previous year
➢ NOV brand acne series performed wellOverseas andOEM businesssales➢ Increased sales overseas➢ OEM performed sluggishly
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

excel brand lineup

The First Half of Fiscal 2021
Pharmaceuticals & Health Food
1st half ended
March 31, 2021
Millions of yen

1st half ended March31, 2020
Millions of yen

Year-on-year change
Millions of yen

Pharmaceuticals &Health Food

million yen➢ Sales decreased due to sluggish sales of drinks despite solid sales of nutritional
supplements

Composition of net sales in the first half of fiscal 2021

➢ Profits increased from efficient management of selling, general andadministrative expenses

The First Half of Fiscal 2021 Other
1st half ended
March 31, 2021

1st half ended March31, 2020

Millions of yen

Millions of yen

Year-on-year change

JUNAYUMI Premium

Min Min Da Ha functional
drink brand lineup

Millions of yen

Other➢ Sales in the apparel-related business and aviation-related business weremillion yen

sluggish due to COVID-19
Composition of net sales in the first half of fiscal 2021

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

The First Half of Fiscal 2021 Balance Sheets
Millions of yen
Previous year
（As of March 31, 2020）

As of March 31, 2021

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

Total liabilities
Shareholders’ equity
Common stockRetained earnings
Total net assets
Total liabilities and net assets
Equity ratio
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Change1. Results for the First Half of Fiscal 2021
2. The First Half of Fiscal 2021
Segment-Based Highlights
3. Medium-Term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2021

Copyright © 2021 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
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

1. Results for the First Half of Fiscal 2021
2. The First Half of Fiscal 2021
Segment-Based Highlights
3. Medium-Term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2021

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Fiscal 2021 Forecasts
Net Sales

Operating
IncomeOrdinary
IncomeNet Income
Attributableto Owners of Parent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

1st Half Results
2nd Half Forecasts
Full Year Forecasts (A)Fiscal 2020 Results (B)Difference (A-B)
Change2nd Half Forecast （C）
Fiscal 2020 2nd Half Results (D)Difference (C-D)
ChangeCopyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Fiscal 2021
Reasons for Change in Operating Income Forecast(Millions of yen)
Factors increasing profit

FY 2020

Forecast increase in operating income
940 million yen
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Streamlining of activity costs, etc.

Streamlining of sales
promotion expenses

Increase in gross profit
due to increase in sales

Factors decreasing profit

FY 2021Forecast

Major initiatives forthe second half fiscal 2021

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 2021

Cosmetics

Face-to-face channel
cosmetics

NoevirFocus on based on face-to face sales

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

Directly-managed NOEVIR Style and NOEVIR SALON DE SPECIALE stores➢ Strengthen Customer Attraction andProfitability➢ Roll out 10 stores, mainly in major cities
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Major initiatives forthe second half fiscal 2021

Cosmetics

Face-to-face channel
cosmetics

NoevirPromote use of e-commerce and online sales

Improve convenience for sales representatives and customers➢ For sales representatives
Promote use of dedicated online ordering system
NOEVIR Support➢ For customers
Release the EC NOEVIR official shopping application

NOEVIR official shopping application

Strengthening online beauty education and counseling services➢ For sales representatives
Beauty education including makeup training and new
product presentations➢ For customers
Counseling services matched to individual skincare
concerns and the seasons

Online beauty training for sales representatives

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Major initiatives forthe second half fiscal 2021

Cosmetics

Face-to-face channelcosmetics

NoevirSell and focus on sales expansion of new products

LIPOSOME serum embodies the blessings ofnature, advanced using cutting-edge biotech
research

Noevir BIOSIGN INNER TREATMENT LIPOSOME
19,800 yen (tax exclusive)
On sale May, 2021

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Major initiatives forthe second half fiscal 2021

Cosmetics

Self-selection
cosmetics

excel skinny rich shadow SR11 brick brown
On sale starting March 2021

excel brandSell and focus on sales expansion of attractive new products

excel brand lineup image model
In-store display

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Official excel brand lineup Instagram accountLive streaming of new product releases

Major initiatives forthe second half fiscal 2021

Cosmetics

Self-selection
cosmetics

Nameraka Honpo skincare brand
Acquire a wide array of customers and further expand earnings

Nameraka Honpo
Skincare UV makeup base
Brightening UV makeup base <quasi drug>
On sale starting February 2021
* Suppresses generation of melanin, prevents blemishes and freckles

Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Major initiatives forthe second half fiscal 2021

Cosmetics

Self-selection
cosmetics

NOV Ⅲ skincare line
Skincare for sensitive and dry skin

NOV brand
Focus on Expanding Sales of Mainstay Series

NOV L&W skincare line
Highly moisturizing aging care forsensitive skin

NOV AC ACTIVE skincare line
Proactive skincare for adult acne
Sales relaunched starting May 2021
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Major initiatives forthe second half fiscal 2021

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

Health Food

➢ Aim to increase earnings by capturing newcustomers through launch of special products andnew products, etc.
➢ Relaunched sales of Min Min Da Ha functional drink
brand lineup➢ Deploy promotions using internet and social media

Min Min Da Ha functional drink brand lineup
Sales relaunched starting April 2021
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Major initiatives forthe second half fiscal 2021

Other➢ Improve Profitability

Apparel business

Launch new products

Aviation-related businessContinue responding
carefullyCopyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.

Dividend and Dividend Payout Ratio
Increased dividends fornine consecutive periods¥200Dividends

Dividend payout ratio (%)

¥205

¥205

¥180
¥150
¥120
¥100124.6％

¥60
¥50
¥36

¥40

FY 2011

FY 2012FY 2013

FY 2014

FY 2015

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021
Forecast

Continue stable shareholder return by maximizing corporate valueand 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.
Copyright © 2021 Noevir Holdings Co., Ltd All Rights Reserved.