Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

December 14, 2023

Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending July 31, 2024
(Under Japanese GAAP)
Company name: Premier Anti-Aging Co., Ltd.
Listing exchange: Tokyo Stock Exchange
Securities code:
4934
URL:
https://www.p-antiaging.co.jp/en
Representative:
Kiyoshi Matsuura, President
Inquiries:
Yuka Uehara, Head of Corporate Communication Division and Executive Officer
Phone:+81-3-3502-2020
Scheduled date to file quarterly securities report:
December 14, 2023
Scheduled date for commencing dividend payments:
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen, unless otherwise noted)

1. Consolidated financial results for the first three months of the fiscal year ending July 31, 2024 (fromAugust 1, 2023 to October 31, 2023)(1) Consolidated operating results (cumulative)
Net sales(Percentage figures indicate year-on-year changes)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Three months ended

Millions of yen%

Millions of yen

October 31, 2023

5,264

(28.8)

(35)

-

(26)

-

(35)

-

October 31, 2022

7,391

(25.1)

(244)

-

(224)

-

(198)

-

Note: Comprehensive income%

Three months ended October 31, 2023:
Three months ended October 31, 2022:

Basic earnings per share

Millions of yen%(36) million yen [ - %](194)million yen [ - %]Diluted earnings
per share

Three months ended

Yen

October 31, 2023

(4.09)-

October 31, 2022

(22.71)-

Yen

Note: Although there are dilutive shares, diluted earnings per share is not indicated due to net loss per share.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Millions of yen

Millions of yen

October 31, 2023

12,908

7,573

58.7

July 31, 2023

12,135

7,609

62.7

Reference:

Total shareholders’ equity
As of October 31, 2023:
As of July 31, 2023:

7,573 million yen
7,609 million yen

Millions of yen%%

2. Cash dividends
Annual dividends per share
End of firstquarter

End of second
quarter
Yen

Fiscal year ended
July 31, 2023
Fiscal year ending
July 31, 2024

End of third quarter

Yen-

Fiscal year-end

Yen

Total

Yen

Yen

0.00

-

0.00

0.00

0.00

-

0.00

0.00

-

Fiscal year ending
July 31, 2024
(Forecast)

Note: Revisions to the most recently announced cash dividends forecast: None

3. Consolidated earnings forecasts for the fiscal year ending July 31, 2024 (from August 1, 2023 to July 31,
2024)(Percentage figures indicate year-on-year changes for full year and for six months)
Net sales
Millions of yen

Six months ending
January 31, 2024

Operating profit% Millions of yen

11,800 (17.2)(800)

Profit attributable toowners of parent

Ordinary profit

Basicearnings per
share% Millions of yen% Millions of yen

%

Yen

-

(800)

-

(500)

-

(57.34)

100

-

200

-

22.93

Full year
26,000 (1.5)
100Note: Revisions to the most recently announced earnings forecasts: None

* Notes(1) Changes in significant subsidiaries during the current period (changes in specified subsidiaries resulting in change in scope of
consolidation): None
(2) Adoption of accounting treatments specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatementsi.
Changes in accounting policies due to revisions to accounting standards, etc.: Noneii.
Changes in accounting policies other than those in i. above: Noneiii.
Changes in accounting estimates: Noneiv.
Restatements: None
(4) Number of shares issued and outstanding (common shares)i.
Number of shares issued and outstanding at the end of the period (including treasury shares)
As of October 31, 2023
8,720,534 sharesii.

As of July 31, 2023
Number of treasury shares at the end of the period
As of October 31, 2023

iii.

As of July 31, 2023
155 shares
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Three months ended October 31, 2023
8,720,379 shares
Three months ended October 31, 2022

8,720,534 shares
155 shares

8,720,379 shares* The report on quarterly financial results is not subject to audit procedures by a certified public accountant or an auditing firm.
* Explanation regarding appropriate use of earnings forecasts, and other notes(Caution regarding forward-looking statements, etc.)
The earnings outlook and other forward-looking statements contained in this document are based on information currently available
to, and certain assumptions that are deemed to be reasonable by the Company. Such statements are not intended as a promise by theCompany that they will be achieved. Actual results may differ from the forecasts in this document due to various factors. For theconditions forming the assumptions used in forecasting earnings and precautions regarding the use of earnings forecasts, please refer
to “1. Qualitative information for the first three months of the fiscal year ending July 31, 2024, (3) Forward-looking information
including consolidated earnings forecasts” on page 3 of the Attachment.

(Change of amount display unit)
The amounts of account items and other items shown in the Company's consolidated financial statements were previously stated inunits of thousands of yen. However, starting from the current fiscal year, the amount has been changed to be stated in units ofmillions of yen. For ease of comparison, figures for the previous fiscal year and the previous first quarter have also been changed tounits of millions of yen.

Contents of Attachment

1．

Qualitative information for the first three months of the fiscal year ending July 31, 2024 ………………….
(1) Consolidated financial results ……………………..………………………………………………….
(2) Consolidated financial position …………………..…………………………………………………..
(3) Forward-looking information including consolidated earnings forecasts …………………………….

2.

Quarterly consolidated financial statements and major notes ……………………………………………...
(1) Quarterly consolidated balance sheet …………………………………………………………………
(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income….
Quarterly consolidated statement of income
Three months ended October 31 ……....……………………………………………………………
Quarterly consolidated statement of comprehensive income
Three months ended October 31…… …..…………………………………………………………..
(3) Notes to quarterly consolidated financial statements ….……………………………………………...
(Notes on going concern assumption) ………………………………………………………………...
(Notes when there are significant changes in amounts of equity) ……………………………………..
(Application of accounting treatments specific to the preparation ofquarterly consolidated financial statements) ………………………………………………………….
(Changes in accounting policies) ……………………………………………………………………..
(Segment information, etc.) …………………………………………………………………………..
(Significant subsequent events)……………………………………………………………………...

1

2
2
3
3
4
4
5
5
6
7
7
7
7
7
7
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1. Qualitative information for the first three months of the fiscal year ending July 31, 2024
(1) Consolidated financial results
In the first three months of the consolidated fiscal year ending July 31, 2024, the Japanese economy continued torecover at a moderate pace due to improvements in the employment and income environment and the effects of various
policies. In the domestic cosmetics market as well, demand is recovering as consumers gradually have more
opportunities to go out.
Under such circumstances, Premier Anti-Aging Co., Ltd. (“the Company”) and its consolidated subsidiaries (“theGroup”) have formulated a new medium-term management plan, "2024-2027 +Beyond," and have begun the first yearof laying the foundations for renewed growth through structural reforms.
Net sales in the first three months ended October 31, 2023 included sales of recovery business, which was newly
conducted through subsidiary Venex Co., Ltd. (“the Venex”), but sales of anti-aging business such as skin care, haircare, and inner care, which are conducted by the Company itself, decreased due to severe competition. As a results,
total net sales decreased to 5,264 million yen (down 28.8% year-on-year). Operating loss amounted to 35 million yen(operating loss of 244 million yen in the same period of the previous fiscal year) due to a decline in sales and low
advertising expenses caused by a deterioration in the customer acquisition environment due to increased advertising bycompetitors. Ordinary loss was 26 million yen (ordinary loss of 224 million yen in the same period of the previous
fiscal year) and loss attributable to owners of parent was 35 million yen (loss attributable to owners of parent of 198
million yen in the same period of the previous fiscal year).
Business results by segment are as follows.
Anti-aging business(Millions of yen)

Net sales
Operating loss

Three months ended
October 31, 2022
7,391

Three months ended
October 31, 2023
4,924

Year-on-year change(%)(33.4)

(244)

(53)

-

Net sales
Anti-aging business sales amounted to 4,924 million yen (down 33.4% year-on-year).
The "DUO" brand has strengthened communication to promote understanding of brand value and product value by
utilizing beauticians and influencers. However, as the entire cleansing market continued to shift from balm formulations
to oil formulations, as well as a continued shift toward lower-priced balm formulations, sales decreased in both mailorder and wholesale sales.
The "CANADEL" brand has a lineup that can respond to customers' skin concerns and needs and has strengthened its
approach to new and existing customers. However, sales decreased compared to the same period of the previous fiscal
year due to a worsening advertising environment caused by an increase in advertising for competing skin care products.
The "clayence" brand is developing as a comprehensive hair care brand tailored to customers' hair concerns, with the
newly introduced quasi-drug foamy gray hair color “Clayspa Quick Color'' has achieved certain results and the scalp
care series has received high praise from beauty experts. As a result, although sales were lower than the same period of
the previous fiscal year, sales increased compared to the fourth quarter of the previous fiscal year.
In addition, products such as “SINTO” brand, a supplement in the inner care business, and “C+mania” brand, a highconcentration vitamin C skin care, both launched previous fiscal year, were performing well in the test market, but they
have not been able to compensate for the decline in core brands.
Operating loss
Operating loss amounted to 53 million yen (operating loss of 244 million yen in the same period of the previous fiscal
year) due to a decline in sales and low advertising expenses caused by a deterioration in the customer acquisition
environment due to increased advertising by competitors.

2

Recovery business(Millions of yen)Three months ended
October 31, 2022
Net sales
Operating profit

Three months ended
October 31, 2023
-

340
15

Year-on-year change(%)-

Net sales
Sales in the recovery business were strong, reaching 340 million yen, as we strengthened supply chain management,
established an additional production system, and demonstrated group synergy in marketing and new productdevelopment.
Operating profit
Operating profit after deducting goodwill and patent rights amortization associated with the acquisition was 15 million
yen.
(Note) Sales and operating profit of the recovery business for the first quarter of the previous fiscal year have not been
disclosed as the recovery business started from the third quarter of the previous fiscal year.
(2) Consolidated financial position(Assets)
Total assets at the end of the first three months of the current fiscal year increased by 773 million yen from the end of
the previous fiscal year to 12,908 million yen. The main factors of increase and decrease were as follows.
Current assets increased by 706 million yen from the end of the previous fiscal year to 9,936 million yen. This was
mainly due to an increase of 780 million yen in cash and deposits and a decrease of 173 million yen in accounts
receivable - trade.
Non-current assets increased by 66 million yen from the end of the previous fiscal year to 2,971 million yen. This was
mainly due to a decrease of 16 million yen in property, plant and equipment, an increase of 90 million yen in intangible
assets due to investment in software and renewal of the corporate logo, etc. and a decrease of 7 million yen in
investments and other assets due to leasehold deposits.
(Liabilities)
Total liabilities at the end of the first three months of the current fiscal year increased by 809 million yen from the endof the previous fiscal year to 5,335 million yen. The main factors of increase and decrease were as follows.
Current liabilities increased by 889 million yen from the end of the previous fiscal year to 3,905 million yen. This was
mainly due to an increase of 205 million yen in accounts payable - other and an increase of 582 million yen in shortterm borrowings.
Non-current liabilities decreased by 79 million yen from the end of the previous fiscal year to 1,429 million yen. Thiswas mainly due to a decrease of 73 million yen in long-term borrowings.
(Net Assets)
Net assets at the end of the first three months of the current fiscal year decreased by 36 million yen from the end of theprevious fiscal year to 7,573 million yen. This was mainly due to loss attributable to owners of parent of 35 million
yen.
As a result, the equity ratio was 58.7%.
(3) Forward looking information including consolidated earnings forecasts
The consolidated earnings forecast for the fiscal year ending July 31, 2024 remains unchanged from the forecast
announced on September 14, 2023. The Company will promptly disclose it if it becomes necessary to revise the earnings
forecast.

3

2. Quarterly consolidated financial statements and major notes(1) Quarterly consolidated balance sheet(Millions of yen)
As of October 31, 2023

As of July 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - tradeFinished goods
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Current portion of bonds payable
Accounts payable - other
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4

4,670
2,080
1,464
444
568
9,229

5,451
1,907
1,363
460
755
9,936

77

60

394
1,117
1,511
1,316
2,905
12,135

383
1,218
1,602
1,308
2,971
12,908

258
568
230
26
1,171
22
53
685
3,016

364
1,150
263
26
1,376
7
37
678
3,905

70
1,366
38
34
1,509
4,525

63
1,293
38
34
1,429
5,335

1,351
1,351
4,888
(1)
7,590

1,351
1,351
4,852
(1)
7,554

19
19
7,609
12,13518
18
7,573
12,908

(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income(Quarterly consolidated statement of income)(Three months ended October 31)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Profit on currency exchange
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary loss
Loss before income taxes
Income taxes - current
Loss
Loss attributable to owners of parent

Three months ended October 31, 2022
(From August 1, 2022
to October 31, 2022)
7,391
1,644
5,747
5,991
(244)

(Millions of yen)Three months ended October 31, 2023
(From August 1, 2023
to October 31, 2023)
5,264
1,070
4,194
4,230
(35)

0
19
2
22

0
18
0
19

3
0
3
(224)
(224)
(26)
(198)
(198)

5
4
10
(26)
(26)
9
(35)
(35)

5

(Quarterly consolidated statement of comprehensive income)(Three months ended October 31)

Loss
Other comprehensive income
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

Three months ended October 31, 2022
(From August 1, 2022
to October 31, 2022)(198)(Millions of yen)Three months ended October 31, 2023
(From August 1, 2023
to October 31, 2023)
(35)

3
3
(194)

(0)
(0)
(36)

(194)

(36)

6

(3) Notes to quarterly consolidated financial statements(Notes on going concern assumption)
Not applicable(Notes when there are significant changes in amounts of equity)
Not applicable(Application of accounting treatments specific to the preparation of quarterly consolidated financial statements)(Calculation of income tax expense)
Income tax expenses are calculated by reasonably estimating the effective tax rate after applying tax effect accounting
to profit before income taxes for the consolidated fiscal year, including the first three months under review, andmultiplying profit (loss) before income taxes by the estimated effective tax rate. However, if tax expenses calculatedusing the estimated effective tax rate result in significantly lacking rationality, the statutory effective tax rate is used.
(Changes in accounting policies)
Not applicable(Segment information, etc.)
1. Overview of reporting segments(1) Method of determining reporting segments
The Company's reporting segments are aggregates of the Company's constituent units according to certain standards.
These components have separate financial information available and are subject to periodic review by the highest
management decision-making body to determine resource allocation and evaluate performance.
Since the Company mainly evaluates business performance by consolidated subsidiary, this is the unit for identifying
business segments. Reporting segments are determined by aggregating those business segments that have similarities
in terms of economic characteristics, markets in which products and services are sold, types of customers, etc.
(2) Types of products and services belonging to each reporting segment
The main products and services handled by each segment are listed below.
・Anti-aging business
The business primarily manufactures and sells skin care, hair care, and inner care products, and includes brands such
as DUO, CANADEL, and clayence.
・Recovery businessThis business primarily manufactures and sells recovery wear through Venex Co., Ltd..
2. Information regarding the amount of sales and profit or loss by reporting segment
I.
Three months ended October 31, 2022 for the previous fiscal year (From August 1, 2022 to October 31, 2022)
The descriptions by segment are omitted as the Group has a single business segment, anti-aging business.

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II.

Three months ended October 31, 2023 for the current fiscal year (From August 1, 2023 to October 31, 2022)(Millions of yen)Anti-aging
business

Reporting segment
Recoverybusiness

Total

Adjustment
amountNote 1

Amount recorded inquarterly consolidated
statement of income
Note 2

Sales
Sales to externalcustomers

4,924

340

5,264

-

5,264

Internal sales
between segments

-

-

-

-

-

Total
Segment profit (loss)

4,924
(53)

340
15

5,264
(37)

1

5,264
(35)

Notes: 1. The adjustment amount of 1 million yen for segment profit (loss) is the elimination of intersegment
transactions.
2. Segment profit or loss is adjusted with operating profit in the quarterly consolidated statement of income.
3. Change in reporting segment
Previously, the Group's reporting segment was only the "cosmetics manufacturing and sales business," and otherbusiness segments were of little importance, so segment information was omitted. However, from the first quarter ofthe current fiscal year, segment information has been disclosed for "recovery business" as its importance has increased
among the Group.
Furthermore, regarding the segment information for the first quarter of the previous fiscal year, which was created using
the reporting segment classification method for the first quarter of the current fiscal year, it is not disclosed as the"recovery business" started in the third quarter of the previous fiscal year.
4. Information regarding impairment losses on non-current assets or goodwill, etc. for each reporting segment(Significant impairment loss on non-current assets)
Not applicable(Significant changes in the amount of goodwill)
Not applicable(Significant subsequent events)(Absorption-type merger of a consolidated subsidiary)
At the Board of Directors meeting held on September 14, 2023, the Company resolved to merge its wholly owned
subsidiary Premier Wellness Science Co., Ltd. (“the Premier Wellness Science”) and the absorption-type merger took
place on November 1, 2023.
1. Summary of the merger(1) Name of the company involved in the merger and outline of the business
Name of the company: Premier Wellness Science Co., Ltd.
Outline of the business: Research and development and product development related to health, beauty, anti-aging, andsports, as well as contract consulting services for these(2) Date of the merger
November 1, 2023
(3) Method of the merger
The merger was an absorption-type merger in which the Company was the surviving company and Premier Wellness
Science was the dissolved company.
8(4) Name of the company after the merger
Premier Anti-Aging Co., Ltd.
(5) Other matters related to summary of the merger
The Company merged Premier Wellness Science in order to improve the efficiency of the Group’s management.
2. Summary of accounting treatment to be implemented
Based on the “Accounting Standards for Business Combinations” (Business Accounting Standards No. 21, January 16,2019) and “Application Guidelines for Business Combination Accounting Standards and Business Separation
Accounting Standards” (Business Accounting Standards Application Guidelines No. 10, January 16, 2019), thetransaction was treated as a transaction under common control.

9