MEDICAL SYSTEM NETWORK Co., Ltd.
Second Quarter of Fiscal Year Ending March 2020

Earnings Report

First Section of Tokyo Stock Exchange; Securities Code: 4350
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights ReservedAbout contents covered※ The contents of this report pertaining future earnings described are based on
information the company has held, and on certain assumptions supervisingrational judgement, and are not what the company promises to achieve.
There are numerous factors that may cause actual earnings to differ. Caution
is given to the accuracy of information, and we do not take responsibility forloss etc., as a result of misinformed information.
※ Furthermore, this report is not prepared for the purposes of investment
solicitation. Readers are responsible for their own judgement in any decision
regarding investments.

Please see the following link for our English information.

http://www.msnw.co.jp/eng/

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

2

Table of Contents

Earnings Highlight・・・ 4

Topics・・・ 11

Earnings Forecast for FY3/2020 andCore Strategies

・・・ 19Reference Materials

・・・ 23

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved3

Earnings Highlight

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

4FY3/2020 2Q: Consolidated results
Factors forincrease insales andprofitSteady increase of network affiliates in pharmaceutical
network; increase in sales and profit against a backdrop
of consistent sales at acquired and existing pharmacies
FY3/2020

FY3/2020

2Q

2Q(plan)(result)

Change47,56050,30052,216+ 4,656+ 9.8%+ 1,916103.8%

Operating profit

476

560

796

Profit margin

1.0%

1.1%

1.5%

+ 319

+ 67.1%+ 236

142.3%

Ordinary profit

438

530

784

Profit margin

0.9%

1.1%

1.5%

+ 346

+ 78.9%+ 254

148.1%+ 98+ 82.2%

－

－

7.19

+ 3.24

－

－

－

2,275

+ 497

+ 28.0%－－FY3/2019（Unit: million yen）

Net sales

Profit attributable to

2Q

owners of parent

119

Profit margin

0.3%

Earnings per share
(Yen)
※2

EBITDA ※

－

3.95

－

1,777

－

※1

218
0.4%

※1

Year-on-year
Change (%)

Progress rate
Difference

Differrence (%)※1 was not released considering cost ﬂuctuations for reviewing pharmacy strategy※2 EBITDA is the calculated value of “operating proﬁt + depreciation + amortization of goodwill”
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

5FY3/2020 2Q: Results in each segment
Community Pharmacy Network Segment:- Network business is enjoying operating leverage off reasonably fixed cost base
- Increase due to rising drug charge at existing pharmacies and technical fees due to new
developments of the dispensing fee revision in the Dispensing Pharmacy Business
Other 3 segments: Substantial improvement in occupancy at serviced residence for the elderly

Factors forincrease insales andprofit■Net sales（Unit: million yen）

FY3/2019

FY3/2020

2Q

2Q

Net sales
Community Pharmacy
Network Segment※1

Other 3 Segments※2

Adjustments※■Operating profit（Unit: million yen）
Profit margin in brackets

Segment profit
Community Pharmacy
Network Segment※1

Other 3 Segments※2※

Adjustments

Change (%)

Change47,56052,2164,656+ 9.8%

44,71849,2904,572+ 10.2%

3,162

3,343

181

+ 5.7%

▲ 320

▲ 417

▲ 96

FY3/2019

FY3/2020

2Q

2Q

Change－Change (%)

476(1.0%)

796(1.5%)

319+ 0.5 pt

+ 67.1%

1,227(2.7%)

1,736(3.5%)

509+ 0.8 pt

+ 41.5%

▲ 28

(－)

▲5

(－)

23

－

－

▲ 721

(－)

▲ 934

(－)

▲ 212

－

－

※1 Pharmaceutical Network Business, Dispensing Pharmacy Business, Manufacture and Market Pharmaceuticals Business※2 Leasing and Facility related Business, Meal Catering Business, Home Visit Nursing Business

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

6FY3/2020 2Q: Comparison to previous term
■ Net sales(Unit: million yen)
45,000 46,000 47,000 48,000 49,000 50,000 51,000 52,000 53,000

2019/3期第2四半期
FY3/2019
2Q results
Pharmaceuticals
医薬品ネットワーク
network
Drug charge atexisting
pharmacies
薬局 既存店薬剤料
Technical fee at
薬局 既存店技術料
existing
pharmacies
No.
of既存店処⽅箋枚数
prescriptions at
薬局
existing
pharmacies

47,5600FY3/2019
2Q results
2019/3期第2四半期
Pharmaceuticals
医薬品ネットワーク
network

＋330

200

400

600

＋270

＋230
＋416
＋ 2,003▲205
52,216＋449

Technical fee at
薬局 既存店技術料
existing
pharmacies＋1,882

Other
その他(Unit: million yen)800 1,000 1,200 1,400 1,600

476

Drug charge at
薬局 既存店薬剤料
existing
pharmacies

薬局 M＆A
M&A pharmacies

2020/3期第2四半期
FY3/2020
2Q results■ Operating profit＋230

No. of prescriptions at
薬局
既存店処⽅箋枚数
existing
pharmacies＋127

Labor costs at existing
薬局 既存店労務費
pharmacies▲268

M&A pharmacies
薬局 M&A＋110

New opening
薬局
新規出店
pharmacies

▲153

Other
その他
FY3/2020 2Q results
2020/3期第2四半期

▲445

※

796
※ System investments, etc. ▲193
Other ▲252

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

7

FY3/2020 2Q: Comparison to plan
■ Net sales(Unit: million yen)
48,000FY3/2020
2Q plan
2020/3期
Pharmaceuticals
医薬品ネットワーク
network
Drug charge at
薬局 既存店薬剤料
existing
pharmacies

49,00050,00051,00052,000■ Operating profit

400 450 500 550 600 650 700 750 800 850 900

53,000FY3/20202020/3期
2Q plan

50,300(Unit: million yen )560

Pharmaceuticals
医薬品ネットワーク
network＋52＋ 63

Drug charge at
薬局 既存店薬剤料
existing
pharmacies＋1,686＋123

Technical fee at
薬局 既存店技術料
existing
pharmacies＋32

Technical
fee at
薬局
既存店技術料
existing
pharmacies

No.
prescriptions at
薬局of既存店処⽅箋枚数
existing pharmacies

▲392

No.
of既存店処⽅箋枚数
prescriptions at
薬局
existing
pharmacies

▲124

賃貸・設備
Leasing andfacility

＋253

賃貸・設備
Leasing andfacility

＋177

Other
その他
FY3/2020 2Q
results
2020/3期

＋32

Other
その他

＋285

▲35

FY3/2020 2Q
results
2020/3期

52,216【 Reference 】

796

First-half plan
(YoY)First-half results Second-half plan
(YoY)

(YoY)

No. of prescriptions
at existing pharmacies

+2.2%

+1.1%

+3.6%

Unit price of prescriptions
at existing pharmacies

+1.1%

+5.7%

+1.2%

※ “Existing pharmacies” on this page refer to pharmacies continue to be in business on or after April 1, 2018.

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

8

FY3/2020 2Q: Consolidated balance sheet
Point

Assets: decrease in cash and deposits
Liabilities and net assets: decrease in loans■End of FY3/2019（Unit: million yen）

■End of FY3/2020 2Q（Unit: million yen）

Assets

68,935 Liabilities

58,173

Assets66,541 Liabilities

55,798Current assets

21,055 Current liabilities

23,844Current assets

19,207 Current liabilities

23,014

Cash and deposits

11,703 Short-term loans※

8,692

Cash and deposits

10,182 Short-term loans※

7,459

Fixed liabilities

34,32947,879 Long-term loans

28,341

25,721 Net assets

10,761

16,235 Capital stock

2,128

Goodwill

15,710 Capital surplus

1,185

Investments andother assets

5,922 Retained earnings

7,616

Fixed assets
Tangible fixed
assetsIntangible fixed
assetsTotal assets

Equity ratio

68,935

Fixed liabilities

32,78347,334 Long-term loans

26,78425,780 Net assets

10,743

15,688 Capital stock

2,128

Goodwill

15,231 Capital surplus

1,183

Investments andother assets

5,865 Retained earnings

7,681

Fixed assets
Tangible fixed
assetsIntangible fixed
assetsTreasury stock▲ 233

Total liabilities
and net assets

68,935

Total assets

15.6%

Equity ratio

66,541

Treasury stock▲ 207

Total liabilities
and net assets

66,541

16.2%※ Includes long-term loans that will be repaid within the year
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

9FY3/2020 2Q: Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

2,608

million yen▲ 858
million yen▲ 3,213
million yen

EBITDA※1
Income taxes paid
Impact of increasing working capital

2,275 million yen▲ 618 million yen
512 million yen

Acquisition of buildings, etc.
M&A(transfer of business andacquisition of business)▲ 756 million yen▲ 184 million yen

Loan amount reduced
Repayments of lease obligations▲ 2,790 million yen▲ 249 million yen※1 Calculated by “operating proﬁt + depreciation + amortization of goodwill”

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

10Topics

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

11

Pharmaceuticals Network Business: Earnings summary(as of September 30, 2019)

Continuous high trends in number of new network affiliates; increase of 770 fromprevious term for a total of 4,560■Network aﬃliates (actual) （Unit: No. of network aﬃliates） ■Network aﬃliates (net increase)（Unit: No. of network aﬃliates）

6,000

3,790

3,000

0

4,560

FY3/2020
target

4,500

1,500

1,500

5,000 for+1,281

FY3/2016

+770

+739

1,770

500

+200
FY3/2017

FY3/2020
target

1,000

2,509
1,400

+1,210 for

FY3/2018

FY3/2019

0

FY3/2020+80
FY3/2016

+370
+197

+242

FY3/2017

FY3/2018+467
FY3/2019

FY3/2020■Ordering volume of pharmaceuticals （Unit: one hundred million yen）

3,000

2,337
2,000

1,237

1,374

Full year
2Q

1,691

1,550

FY3/2020 2Q

1,000

0

576

656

777

FY3/2016

FY3/2017

FY3/2018

1,019
FY3/2019

FY3/2020

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

12Pharmaceuticals Network Business:
Network affiliates distribution map (as of September 30, 2019)
Currently operating in 46 prefectures【 Breakdown of network aﬃliates 】（Unit: No. of
network aﬃliates ）General

MSNW

network

dispensing

affiliates

pharmacies

Hokkaido area
Chugoku/Shikoku
area
254

136

122

258

Tohoku

262

23

285

Kanto/Koshinetsu

1,203

85

1,288

Tokai/Hokuriku

876

47

923

Kinki

662

60

722

Chugoku/Shikoku

380

22

402

Total

Hokkaido area

258

General network affiliates

Hokkaido

Kyushu/Okinawa

338

Total

622

60

682

4,141

419

4,560

Kyushu/Okinawa area

Chugoku/Shikoku area

General network affiliates

General network affiliates

682

MSNW pharmacies

622
60

402

MSNW pharmacies

380
22

Tohoku area

285

General network affiliates

262
23

MSNW pharmacies

Tokai/Hokuriku area

Kinki area

4,831 network affiliates
as of November 1, 2019

136
122

MSNW pharmacies

General network affiliates
MSNW pharmacies

Kanto/Koshinetsu area

923

722

662
60

General network affiliates
MSNW pharmacies

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

1,288
876
47

General network affiliates
MSNW pharmacies

1,203
85

13

Dispensing Pharmacy Business: Trends in number of pharmacies
4 new outlets, 1 outlet acquired through M&A, and 6 outlet closingssince end of previous fiscal year
Outlets at
end of
FY3/2019
Outlets at end of
previous term
Openings

124
outlets

Outlets at
end ofOutlets as of

FY3/2020

November 1

2Q

399

420

419

Chugoku/Shikoku
area

5

4

3

22 outlets

Closings andtransferring

Hokkaido area

▲ 14

▲6

▲2

businesses
30

1

－

Total

420

419

420

23 outlets

Kyushu area
Kanto/Koshinetsu area

60 outlets

M&A

Tohoku area

Kinki area

Tokai/Hokuriku
area

86 outlets

58 outlets 47 outlets

As of November 1■Dispensing pharmacy outlet number trends of the past 10 years※

FY9/2011 FY3/2012 FY3/2013 FY3/2014 FY3/2015 FY3/2016 FY3/2017 FY3/2018 FY3/2019
Openings

FY3/2020
2Q

10

6

21

14

10

9

8

8

5

4

▲4

▲3

▲8

▲7

▲ 13

▲8

▲4

▲5

▲ 14

▲6

M&A

4

6

33

45

27

7

20

19

30

1

Number of outlets

214

223

269

321

345

353

377

399

420

419

Closings and transferringof businesses※ FY3/2012 was a six-month period owning to a change in the fiscal year end
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

14

Dispensing Pharmacy Business: Monthly dispensing fee（YoY)
25.0%
Dispensing fee of all pharmacies (YoY)
Dispensing fee of existing pharmacies (YoY)

20.0%

16.0%

13.6%

15.0%

10.0%

15.8%

9.4%

12.2%
5.9%

11.0%

5.9%

9.4%

5.0%

5.1%

0.0%
April

2.0%

1.9%

May

June

July

AugustSeptember

FY3/2020（Unit: %）Dispensing fee of all
pharmacies (YoY)
Dispensing fee of existing
pharmacies (YoY)

FY3/2020

April

May

June

July

AugustSeptember

2Q

16.0

5.9

5.9

13.6

9.4

15.8

11.1

12.2

2.0

1.9

9.4

5.1

11.0

6.9

※ “Existing pharmacies” on this page refer to pharmacies that continue to be in business on or after April 1, 2018.

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

15

Dispensing Pharmacy Business: Dispensing fee breakdown
Increase in prescriptions through M&A pharmacies acquired last term
Growing ratio of high price drugs

Point■All pharmacies
No. of prescriptions (1000) a
Drug charge per
Unit price(yen)prescription
Technical fee perprescription
Total bDispensing fee (million yen)
c=axb

■Existing pharmacies
No. of prescriptions (1000) a
Drug charge per
Unit price(yen)prescription
Technical fee perprescription
Total bDispensing fee (million yen)
c=axb

FY3/2019

FY3/2020

2Q

2Q

Change

4,262

4,531

+ 269 (+ 6.3 %)

7,143

7,507

+ 364 (+ 5.1 %)

2,211

2,262

+ 51 (+ 2.3 %)

9,353

9,769

+ 415 (+ 4.4 %)39,86444,270+ 4,406 (+ 11.1 %)FY3/2019

FY3/2020

2Q

2Q

Change

3,911

3,955

+ 43 (+ 1.1 %)

7,250

7,732

+ 481 (+ 6.6 %)

2,209

2,268

+ 59 (+ 2.7 %)

9,460

10,000+ 540 (+ 5.7 %)37,00239,549+ 2,546 (+ 6.9 %)【Prescription unit price trends 】（Unit: yen ）12,000Drug charge

10,0009,353

Technical fee

9,769

8,000
6,000

7,143

7,507

2,211

2,262

FY3/2019 2Q

FY3/2020 2Q

Drug charge+ 364 yen

4,000
2,000
0

Technical fee+ 51 yen【Prescription unit price trends 】（Unit: yen ）12,000Drug charge

10,0009,460

Technical fee

10,000

8,000
7,250

7,732

2,209

2,268

FY3/2019 2Q

FY3/2020 2Q

6,000
4,000
2,000
0

Drug charge+ 481 yenTechnical fee+ 59 yen※ “Existing pharmacies” on this page refer to pharmacies that continue to be in business on or after April 1, 2018.
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

16

Dispensing Pharmacy Business:
Influence of the dispensing fee revision

Basic dispensing fee ratio(points)
Pre-revision
Post-revision
Basic fee 1 41 Basic fee 1
Basic fee 2 25 Basic fee 2
Basic fee 3 20 Basic fee 3-b
Special basic fee

41(42)
25(26)
15(16)
10(11)

Points in brackets are after
increase in tax

Generic drug dispensing premium
ratio (points)
Pre-revission
75% or higher 22
65% or higher 18

Post-revision
85% or higher 26
80% or higher 22
75% or higher 18

FY3/2018 results

FY3/2019 results(End of March 2018)(End of March 2019)

Results (pre-revision)

Results (post-revision)

FY3/2020 2Q（End of September
2019）

FY3/2020 plan（End of March 2020）

Results (post-revision)

Target11 points

20 points
82 outlets
20.6%
25 points
9 outlets
2.3%

41 points
307 outlets
77.1%

Weighted average per prescription
36.0 points
0 points
54 outlets
13.6%
18 points
105 outlets
26.4%

22 points
239 outlets
60.0%

15 points
208 outlets
41 points
49.4%
204 outlets
48.5%
25 points
9 outlets
2.1%

15 points
206 outlets 41 points
49.3%
207 outlets
49.5%
25 points
5 outlets
1.2%

Weighted average per prescription
29.1 points

Weighted average per prescription
29.1 points

0 points
98 outlets 26 points
23.3% 120 outlets
28.5%

0 points
83 outlets 26 points
19.9% 139 outlets
33.2%
18 points
84 outlets
20.1% 22 points
112 outlets
26.8%

18 points
89 outlets 22 points
21.1% 114 outlets
27.1%

Weighted average per prescription
17.2 points

Weighted average per prescription
16.6 points

0 points
181 outlets 32 points
45.5%
217 outlets
54.5%

35 points
143 outlets
34.0%
0 points
278 outlets
66.0%

Weighted average per prescription
18.8 points

Weighted average per prescription
14.3 points

Weighted average per prescription
17.6 points

0.4%
16 points

42 points

49.1%

49.1%

26 points
1.4%
Weighted average per prescription
30.0 points
0 points
20.2% 26 points
34.6%

18 points
15.6%

22 points
29.6%

Weighted average per prescription
18.1 points

Community support system
premium ratio (points)
Pre-revision
Standard
dispensing
premium

32

Post-revision
Community
35
support system
premium

35 points
155 outlets
37.1%

0 points
263 outlets
62.9%

Weighted average per prescription
15.3 points

35 points
0 points

40.0%

60.0%

Weighted average per prescription
16.1 points※ Excludes suspended pharmacies ( FY03/2019 results includes pharmacies closed on March 31, FY03/2020 2Q results includes pharmacies closed on September 27)

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

17Leasing and Facility related Business:
Building a community where medical care and nursing are one“Wisteria” SeriesServiced residence for the elderly + dispensing pharmacies, clinics, care offices, nurseries■ Occupancy trend (from September 2016)
Steady increase in occupancy rate at “Wisteria Senri Chuo” and “Wisteria M1”●96.3％（Wisteria Otaru Inaho）●96.0%（Wisteria Kiyota）●92.2%（Wisteria N17）●75.6%（Wisteria Senri Chuo）

100%
80%

Target for end of FY03/2020 : 82.9%

60%●50.9%（Wisteria M1）

Target for end of FY03/2020 : 64.7%

40%
November 2018
Open

20%
0%
Sep/2016

Mar/2017

Sep/2017■Initiatives to improve occupancy

Mar/2018

Sep/2018

Mar/2019

Sep/2019＜Initiatives＞
・Hold seminars and health events
・Publish comments from occupantsin newspapers and advertisements

Increase brandawareness of Wisteria

・Trial move-ins
Seminar

Health event
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

Improve occupancy
18

Republish

Earnings Forecast for FY3/2020
and Core Strategies

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

19

FY3/2020: Core strategies■ Community Pharmacy Network Segment
Pharmaceuticals Network Business・Streamline distribution:
follow-up on EOS order and return rates
・More local network initiatives(local collaboration between affiliates)

・Network affiliates target for end of term: 5,000

Republish■ Leasing and Facility related Segment
・Increase Wisteria Senri Chuo and
Wisteria M1 occupants■ Meal Catering and Home Visit Nursing
Segment
・Stabilize profit and loss

Dispensing Pharmacy Business・Promote family pharmacy initiatives andacquire prescriptions:
implementation of strategies for each pharmacy
and reduce waiting times
・Streamline operations:medication history on tablets andautomatic ordering systems
・Enhance home and health care support functions
Manufacture and Market Pharmaceuticals Business・Expand lineup: in-house and concurrent products■ Other themes
Responding to the revision of the Pharmaceuticals
and Medical Devices Law
・Follow-up during medication period
・Pharmaciesʼ classification by functions
・Remote medication guidance

Main duties
of community
pharmacies

Creating a system in preparation for
medical fee revision next term
・Find time for pharmacists to utilize theirprofessional abilities
・Cut down at headquarters and reconsider
employee allocation

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved20

Earnings forecast for FY3/2020: Consolidated forecast Republish
Strong extension of network affiliates in pharmaceuticals network business;
contribution to performance from opening of new pharmacies andacquisitions in previous term; anticipated gain in income and profit fromincrease in prescriptions at existing pharmacies

Point

FY3/19(Unit: million yen)(results)

FY3/20(plan)

ChangeChange (%)

Net sales

98,232103,000+ 4,767+ 4.9 %

Operating profit

1,428

2,500

+ 1,071+ 75.0 %

1,501

2,400
2.3 %

+ 898

+ 0.8 %

+ 59.9 %

462

650

+ 187

+ 40.4 %－Profit margin

Ordinary profit
Profit margin

Profit attributable to owners of parent
Profit margin

Earnings per share
(Yen)

1.5 %

1.5 %

2.4 %

+ 0.9 %

0.5 %

0.6 %

+ 0.1 %

15.25

21.39

+ 6.14

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

21

Earnings forecast for FY3/2020: Forecast in each segment■Net sales(Unit: million yen)

FY3/19FY3/20(results)

Change(plan)

Republish

Change (%)

98,232103,000+ 4,767+ 4.9 %

Community Pharmacy
Network Segment※1

92,284

97,461+ 5,176+ 5.6 %

Other 3 Segments※2

6,622

6,113

▲ 509

▲ 7.7 %

Adjustments

▲ 674

▲ 574

+ 100

Net sales■Operating Profit(Unit: million yen)
Profit percentage in brackets

FY3/19FY3/20Change(plan)(results)－
Change (%)

1,428（1.5 %）

2,500（2.4 %）+ 1,071（+ 0.9 %）+ 75.0 %Community Pharmacy
Network Segment※1

3,313（3.6 %）

4,783（4.9 %）+ 1,470（+ 1.3 %）+ 44.4 %Other 3 Segments※2

▲ 150

（－）

▲ 240

（－）

▲ 89

（－）

－

Adjustments▲ 1,733（－）▲ 2,042

（－）

▲ 308

（－）

－

Segment profit※1 Pharmaceutical Network Business, Dispensing Pharmacy Business, Manufacture and Market Pharmaceuticals Business※2 Leasing and Facility related Segment, Meal Catering Segment, Home Visit Nursing Segment
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved22

Reference Materials

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

23Interim dividend■ The projected dividend for FY3/20 is 10.00 yen per share(interim and year-end dividend of 5.00 yen each per share)(Unit: yen)[Annual dividend per share]

10.00

8.00

5.00

5.00

5.00

《Reference》① FY3/20 interim dividend
Base date : September 30, 2019P a y m e n t : D e c e m b e r 9 , 2019
Dividend per share: 5.00 yen

5.00

Year-end

6.00

10.00
4.00

2.00

5.00

5.00

5.00

② Shareholder return index
Projected year-end dividend per share: 10.00 yen
Projected payout ratio: 46.8%

5.00

Interim

0.00
FY3/17

FY3/18

FY3/19FY3/20(Actual)(Actual)(Actual)(Projected)

MEDICAL SYSTEM NETWORK Co.,Ltd. All Rights Reserved

24Corporate profile (As of September 30, 2019)
Company

MEDICAL SYSTEM NETWORK Co., Ltd. (“MSNW”)

Representative

Inao Tajiri
President & Representative Director

Established

September 16, 1999

LocationMain
consolidated
subsidiaries ※Businesses

Community Pharmacy Network Segment
Leasing and Facility related Segment
Meal Catering Segment
Home Visit Nursing Segment24-3 Kitajujo-Nishi, Chuo-ku, Sapporo

Capital2.128 billion yen

Hokkaido Institute for Pharmacy Benefit Co., Ltd.

Shareholders
composition※

Nanohana Hokkaido Co., Ltd.
Nanohana Tohoku Co., Ltd.
Nanohana East Japan Co., Ltd.
Nanohana Central Co., Ltd.
Nanohana West Japan Co., Ltd.

Stock listing

Companies, etc
15.7%

Excluding shares less than
one unit.
Treasury shares are included
in Individuals and Others.

TOTAL MEDICAL SERVICE CO., LTD.

Employees

Foreign

Institutions

and Others

Securiteis
Firms

FELDSENF PHARMA Co., Ltd.

1.5%

First Section of Tokyo Stock Exchange

Individuals
46.1%

18.3%

NAGATOMI PHARMACY CO., LTD.

263 (3,205 consolidated)

Financial

Other
Companies
18.4%

Total
Shareholders※

7,782

Securities code

4350

Outstanding
shares30,642,600

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

25Organization chart (As of November 1, 2019)※ for
Hokkaido Institute
Pharmacy Benefit Co., Ltd.

Pharmaceutical related
Data analysis ; Publishing Business

Nanohana Hokkaido Co., Ltd.

Dispensing Pharmacy Business:
Hokkaido area

Nanohana Tohoku Co., Ltd.

Dispensing Pharmacy Business:
Tohoku area

Nanohana East Japan
Co., Ltd.

Dispensing Pharmacy Business:
Higashi Nihon area

Nanohana Central Co., Ltd.

Dispensing Pharmacy Business:
Chubu area

100 ％Nanohana West Japan
Co., Ltd.

Dispensing Pharmacy Business:
Nishi Nihon area

100 ％TOTAL MEDICAL SERVICE
CO., LTD.

Dispensing Pharmacy Business:
Kyushu area

100 ％NAGATOMI PHARMACY

CO., LTD.

Dispensing Pharmacy Business:
Kyushu area

80 ％FELDSENF PHARMA
Co., Ltd.

Manufacture and Market
Pharmaceuticals Business[Joint venture with DAITO]PALTECNO Co., Ltd.

Insurance Business /Construction Business

Home-Visit Nursing Care
Station Himawari Co., Ltd.

Home Visit Nursing Business

Agrimas Corp.※

Preventive Care Day Service BusinessPreventive Care Program Distribution
Business

H&M Co., Ltd.※

Optimize Distribution of
Pharmaceuticals Business[Joint venture with HANSHIN
Dispensing Holding Co., Ltd.]

100 ％
100 ％

100 ％
100 ％
100 ％

MEDICAL SYSTEM NETWORK
Co., Ltd
Community Pharmacy Network BusinessLeasing and Facility related Business

100 ％
100 ％

77.7 ％
50 ％MSNW group outlets:
total 431 outlets(Includes care plan center (1), drug stores (7), and home-nurse stations (3))

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

100 ％SAKURA FOODS
CO., LTD.

Meal Catering
Business※ Not consolidated
26

MEDICAL SYSTEM NETWORK Co., Ltd.
http://www.msnw.co.jp/

MSNW

Search[Contact us]
Corporate Planning Division
E-mail︓ info@msnw.co.jp

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved