7-6-15 Ginza, Chuo-ku, Tokyo 104-8208, Japan
Phone: +81-3-5568-0305 Fax: +81-3-5568-0441

http://www.noevirholdings.co.jp

Annual Report 2012
Year ended September 30, 2012

Printed in Japan using environment-friendly ink and paper.

*noevir12̲再々校.indd 26-27

13/01/17 10:01

A Discussion with Top Management

As a comprehensive corporate group that contributes tohealth and beauty, Noevir Holdings Co., Ltd. focuses ona cosmetics business that offers skincare and makeup
products, while providing health foods and OTC
pharmaceuticals.
As of August 31, 2012, the Company marked a
new chapter in its development with the upgrading of its
listing on the Tokyo Stock Exchange from the Second to
the First Section.
Looking ahead, we will strive for further businessgrowth while aiming to maximize our corporate value.

Becoming an Exceptional
Presence by Strengthening
Our Competitive Edge

Takashi Okura,President and Representative Director

Q1

A1
Contents
A Discussion with Top Management

1

Noevir at a Glance

4

Product Strategy

8

Sales Strategy

11

Corporate Governance14

Corporate Social Responsibility

15

Financial Section

16

Principal Consolidated Subsidiaries

24

Board of Directors and Auditors/
Investor Information

25

Over a year has passed since the founding of Noevir Holdings Co., Ltd. Also, the Company
has been listed on the First Section of the Tokyo Stock Exchange. Could you share yourimpressions of operations during this period?

Since its founding in 1964, the Noevir Group hasgroup deserving of the trust of its stakeholders. To

been engaged in the creation of beauty and health,this end, we have constantly strived to enhance

striving for the realization of affluent lifestyles for all

our management resources, including capabilities

stakeholders. To reinforce its business foundations

related to branding, R&D, production technology

and hone its competitive edge, the Groupand marketing, while aiming to make the most of

established the holding company Noevir Holdingssuch resources by integrating them.

on March 22, 2011. Moreover, as of August 31,
2012, the Company’s listing on the Tokyo Stockthe strengths of our business foundations andExchange was upgraded from the Second to thesimultaneously look to expand in new fields. In

First Section.

doing so, we will win greater trust in our brandThroughout its history, the Group hasand thus maximize our corporate value across themaintained a commitment to being a corporate

Group.

Notes to Financial Statements
Translations of consolidated financial statements and performance in thisannual report are based on the Company’s quarterly financial reports
prepared in accordance with disclosure conditions stipulated by the
Tokyo Stock Exchange. Quarterly financial reports are prepared based onJapan’s Generally Accepted Accounting Principles (Japanese GAAP).

1*noevir12̲再々校.indd a1-1

Going forward, we will continue harnessing

ANNUAL REPORT 201213/01/17 10:00

Q2

A2

How would you assess the current operating environment?

focuses on the theme: “generation of profit in Japanbusiness in Japan. In this way, we aim to establish

and expansion in Asian markets.”business models with a greater profitability.

Specifically, we will work to lower operational

To support our overseas expansion, we will

costs while proactively exploring and entering

increasingly diversify and globalize human resources

potential growth fields in our mainstay Cosmetics

and our corporate structure. At the same time, we

The Noevir Group focuses on the Cosmetics

particularly China. However, there is also a sense

business, which ranges from prestige counselingof uncertainty due to the protracted appreciation

will reinforce the marketing of skincare products thatcosmetics available primarily through direct salesof the yen and the European sovereign debt crisis.

bring us stable sales and profits, focusing on Asian

to self-selection retail products popular with the

Reflecting thesemarkets. In these ways, we aim to achieve an

young adult segment. The Group also offers

factors, it is essential

overseas sales ratio of 10% in fiscal 2015.

distinctive brands targeting the pharmaceutical,

for us to make prompt

food and apparel industries. To survive in thedecisions with regard

structure in China, on which we put heavy

domestic market, we need to maintain strong

to the fields andemphasis, as well as the structures serving

competitiveness backed by differentiated brands

regions in which we

Singapore and Malaysia while conducting market

and to pursue concrete strategies with regard toshould concentrate

surveys in Indonesia and Philippines. Plans also callproduct development and marketing.

our management

for allocating considerable management resources

To put overseas markets in perspective, there

In addition, we are expanding our marketing

resources.

to North America, where there is a huge cosmetics
A Noevir Beauty Studiohas been market growth in Asian countries,

market, through a local subsidiary.

Noevir BIOSIGN eye serum

To see the policies and numerical targets set
forth in the abovementioned plan, please see page 5.

Q3

A3

SALON DE SPECIALE OMOTESANDO

Please tell us about Noevir Holdings’ business performance and results for fiscal 2012,
from October 1, 2011, to September 30, 2012.

Amid the aforementioned environment, we havenumber of stores that handle our self-selection

steadily implemented steps toward the targets set

cosmetics in China to around 500.

forth in the previous medium-term management

As a result, consolidated operating income

plan while continuously generating profits in Japanand net income totaled ¥5,150 million and ¥2,787

and accelerating expansion in Asian markets.

million, respectively, well exceeding forecasts madeSpecifically, we succeeded in cutting selling,at the beginning of the fiscal year, against net sales

general and administrative expenses by curbingof ¥47,220 million, which were below forecasts due

fixed costs through the integration andto a decrease in sales in Other segment.

Q5

A5

What is the outlook for fiscal 2013?

Focusing on the Cosmetics business, we willcosmetics. In addition, we will keep considering

pursue innovation and continuous profit

M&A that will support the expansion of ourgeneration in Japan while enhancing our brandbusiness scale and areas, both of which, in turn,value in Asia.

will contribute to our corporate value.

In Japan, we will reinforce the operations of

Taking these factors into consideration, ourNoevir Beauty Studios, which handle counselingconsolidated performance forecast for fiscal 2013

rationalization of administrative tasks that hadcosmetics. We will proactively enrich the services(from October 1, 2012, to September 30, 2013)

overlaps among Group members while streamlining

we provide to customers at these studios. As forincludes net sales of ¥48,000 million, operating

sales promotion in the counseling cosmetics

Asian markets, we will continue to increase theincome of ¥6,000 million and net income ofbusiness. Moreover, we released a number of newnumber of stores that handle our self-selection¥3,700 million.

high-end skincare products to reinforce lineups that
contribute to profit generation.
At the same time, we aggressively expanded

Q6

our overseas business. For example, comparedwith the previous year-end we almost doubled the

Finally, do you have a few words for Noevir Holdings’ stakeholders?

A store in China that handles self-selection cosmetics

Q4

A4

A6
Please tell us about the latest medium-term management plan.

Looking ahead, the Noevir Group will

the year under review of ¥40 per share, including

continue to take on new challenges from a long-commemorative dividends of ¥4 per share to markterm perspective, with the goal of becoming a

the Company’s listing on the First Section of thecorporate group with an exceptional presence asTokyo Stock Exchange. We aim to maintainwell as a greater competitive edge in both

Amid an increasingly changing market environment,

management plan launched in October 2011 to a

dividends at a stable level, in other words, we aim

Japanese and overseas markets.

we upgraded the previous medium-term

new plan covering fiscal 2013 through 2015 thatto pay out ¥40 per share for fiscal 2013.

2*noevir12̲再々校.indd 2-3

We are determined to pay out cash dividends for

NOEVIR HOLDINGS CO., LTD.

3

ANNUAL REPORT 201213/01/17 10:00

Noevir at a Glance

Business Activities

Medium-Term Management Plan

The domestic and overseas markets for cosmetics, pharmaceuticals and foods that the Noevir Group operates inare undergoing rapid changes in market structure and distribution systems while seeing a diversification of customer

Targeting sustainable growth, the Noevir Group’s current three-year medium-term management planneeds. Accordingly, as it strengthens its management platform, the Group is implementing marketing strategies

covers the fiscal 2013–2015 period. Under the five policies stated below, we are striving to improve

focused on providing services best suited to meeting the needs of the time. Simultaneously, we are clarifying our

profitability with the aim of achieving a consolidated operating income margin of 14% in fiscal 2015, thegrowth strategy toward the “generation of profit in Japan and expansion in Asian markets” in line with our medium-

final year of the medium-term management plan.

term management plan, the final year of which is fiscal 2015.

Medium-term management plan theme:“Generation of profit in Japan andexpansion in Asian markets”

Sales in the Cosmetics Business by Sales RouteCounseling cosmetics
Other¥1,401 million
Pharmaceuticals &Health Food

¥13,595 million

Five policies

Cosmetics principally represented by prestige skincare
products, sold under Noevir brand through such direct sales
channels as sales representatives and directly managed
stores as well as mail order services

3.0%

28.8%

52%

Self-selection cosmetics
Cosmetics

38%¥32,223 million

Overseas business

2. Enhance our brand value in Asia
3. Diversify and globalize human resources and our corporate structure

Cosmetics produced by Tokiwa Pharmaceutical Co., Ltd. thatare sold through general retailers and mail order services

68.2%

1. Pursue innovation and continuous profit generation in Japan

4. Strengthen our manufacturing competitiveness
5. Lower operational costs

6%

Overseas sales of counseling cosmetics, self-selection
cosmetics and health foods

OEM

4%

Numerical Targets and Achievements

The contract manufacturing of cosmetics and quasi-drugs on
an OEM basis, utilizing the Group’s know-how in both fields

Under the three-year medium-term management plan, we are striving to improve profitability to achieve a
consolidated operating income margin of 14% in fiscal 2015.
(Millions of yen)

High-end skincare products

Direct sales

24.8%

Cosmetics stores, Department
storespharmacies

Fiscal 2015 targets¥47,220¥48,000¥49,000¥50,000

Operating income

5,150

6,000

6,400

7,000

Ordinary income

5,451

6,200

6,600

7,200

Net income

2,787

3,700

3,900

4,300

10.9%

12.5%

13.1%

14.0%

—

—

—

10.0%

¥73.37¥98.82¥104.16

Others¥389,500 million

millionFiscal 2014 targets

Generalmerchandise stores

6.1%

17.1%
¥2,272,950

Fiscal 2013 forecasts

Net sales

The Size of the Domestic Cosmetics Market in 2011

The size of domestic
cosmetics market

Fiscal 2012 results

4.0%
Mail orderservices

Drugstores

18.7% 17.2% 14.3% 14.8%

Operating income margin (%)
Overseas sales ratio (%)
EPS (Yen)4*noevir12̲再々校.indd 4-5

NOEVIR HOLDINGS CO., LTD.

5

¥114.84

ANNUAL REPORT 201213/01/17 10:00

Because Noevir Holdings Co., Ltd.’s previous accounting period (fiscal 2011) was an irregular accounting period, which was from March 22,
2011 through September 30, 2011, conventional year-on-year comparisons with the previous fiscal year’s results cannot be presented.
Instead, solely for the purpose of aiding reader comprehension, the fiscal 2011 results used to present year-on-year comparisons of fiscal
2012 and 2011 results are the totals of the consolidated results of Noevir Holdings for fiscal 2011 and Noevir Co., Ltd. for the first half offiscal 2011 (from September 21, 2010 to March 20, 2011).

Cosmetics

Overview

Sana Nameraka Honpo skincare lines. We have

The Group develops, produces and sells a versatile collection

also upgraded the Sana Excel makeup line whileof products under well-regarded brand names, including

reinforcing sales promotion activities at stores

Noevir high-performance functional counseling skincare

accompanied by simultaneous TV commercial

products; the popular Sana products for the self-selection

releases.

cosmetics market; and NOV hypoallergenic cosmetics. In

As a result, sales in the Cosmetics segment

addition, consolidated subsidiary Bonanza Co., Ltd.

rose year on year to ¥32,223 million, and segment

undertakes the contract manufacturing of cosmetics.

income grew to ¥5,591 million.

Noevir 505 skincare line

NOV

skincare line

Fiscal 2012 Results
Channels

As for counseling cosmetics, we reinforced operations at
Noevir Beauty Studios, which are total beauty-care salons run
by sales representatives, thereby achieving greater customer
satisfaction. Also Noevir BIOSIGN eye serum for the skin

• Direct Sales• Supermarkets• Drugstores• Variety Stores• Mail Order• Directly Managed Stores• Contract Manufacturing

around the eyes was released in December 2011 andcontributed to results.
In self-selection cosmetics, we upgraded the Sana
Nameraka Honpo Brightening skincare line, one of our mainstay

Sana Excel makeup line

Noevir 99 skincare line

Pharmaceuticals& Health Food

Overview

In high-end nutritional supplements sold under the

The Group develops, produces and sells such flagship items

Noevir brand, sales also grew thanks to theas the long-selling Nanten Nodo Ame cough drops, functional

reinforcement of counseling services provided bydrinks, such as the Min Min Da Ha lineup, and other OTC

sales representatives.

pharmaceuticals, including cold remedies and eye drops, as

Sana Morning Kiss
Skincare BaseSana Super Quick
makeup line

Consequently, sales in the Pharmaceuticals &well as nutritional supplements featuring high-quality natural

Health Food segment decreased year on year toingredients and such health food products as tea.

¥13,595 million, and segment income grew to

INNERBLANC

PLACENTA¥1,245 million.
Fiscal 2012 Results

Aiming to enhance brand recognition, we conducted proactive

Channels

advertising and sales promotion activities for such functional• Direct Sales• Supermarkets• Drugstores• Convenience Stores• Variety Stores

drinks as those in the Min Min Da Ha lineup. These activities
contributed to sales. In the mainstay Nanten Nodo Ame
Nanten Nodo Ame cough drops

cough drops, the launch of new flavors along with easy to• Deposit Sales• Mail Order• Directly Managed Stores• Contract Manufacturing
PROTECT DROP

carry pouch-type packaging also contributed to results.

Other

Overview

As a result, sales in the Other segment declined

The Other segment encompasses apparel and aircraft sales

year on year to ¥1,401 million, and segment income

and leasing.

increased year on year to ¥70 million.

Fiscal 2012 Results

Channels

The aviation-related business was affected by sluggish demand• Direct Sales

due to economic slowdown in Europe and the United States as

Apparel collection
product catalog

well as an exchange loss due to yen appreciation.

6*noevir12̲再々校.indd 6-7

Min Min Da Ha and Kyo Kyo Da Ha
functional drinks

NOEVIR HOLDINGS CO., LTD.

Aviation business

7

ANNUAL REPORT 201213/01/17 10:00

Product Strategy

A Unique Approach to
Expanding the Potentialof Cosmetics
The Noevir Group boasts a broad productdamage caused by ultraviolet rays. Alonglineup. For high-end markets, we provide

with these solutions, which work from theprestige skincare products as well as

outside, we promote nourishment thatfunctional cosmetics that we have developed

enhances beauty from the inside. For

through extensive R&D. In addition, theexample, we released Noevir INNERBLANC,

affordably priced skincare products we offer

a nutritional supplement that enhances

for the young adult segment are enjoying aefforts to realize beautiful skin.

strong presence in the general retail market.

Among domestic self-selection

While responding to the needs of thesecosmetics markets, skin brightening products

markets, which are at opposite poles of theare enjoying a firmly growing market,

product spectrum, we are reinforcing ourreflecting heightening interest fromanti-aging and skin brightening solutions.

customers. In response, we upgraded theMoreover, we leverage our cosmetics

Sana Nameraka Honpo Brightening skincare

development know-how to offer items

line, one of the soy isoflavone-based Sana

that promote beauty and health, such as

Nameraka Honpo skincare lines that are

nutritional supplements, energy drinks

currently enjoying great popularity. In line

and pharmaceuticals.

with its main theme, namely the creation of

In fiscal 2012, we introduced a seriestransparent skin, the upgraded line has alsoof distinctive functional cosmetics. In theproved effective in increasing skin elasticity

Noevir BIOSIGN line, which reflects a longthanks to the use of select soybeans, ahistory of research in genetics, we launchedunique enrichment process and theNoevir BIOSIGN eye serum to fight wrinkles

incorporation of ingredients with nano-sized

due to dryness. Noevir BLANCMASK

particles that effectively penetrate the skin.

massage mask removes old keratin from theSana Nameraka Honpo Brightening skincare line

Noevir BIOSIGN inner treatment / Noevir BIOSIGN blanc beauté / Noevir BIOSIGN eye serum

Nanten Nodo Ame cough drops pouch-type packaging

In pharmaceuticals, two new flavors

skin surface employing a carbonated foam

were introduced in the long-selling Nantenthat is drawing market interest for its

Nodo Ame cough drop lineup. Also, in

effectiveness in beauty enhancement.

response to customer needs, we adopted an

Noevir BLANCSIGHT beauty serum for spoteasy to carry pouch-type packaging.

application intensively addresses persistent

Noevir BLANCMASK / Noevir BLANCSIGHT

8*noevir12̲再々校.indd 8-9

NOEVIR HOLDINGS CO., LTD.

9Min Min Da Ha and Kyo Kyo Da Ha functional drinks

ANNUAL REPORT 201213/01/17 10:00

Sales Strategy

R&D activities

The Shiga Research Center

Our Research Network and Features

Two Priority Areas

In October 2012, the Noevir Group integrated

With regard to research and development, thethe Shiga Research Center, which develops

Noevir Group positions brain science andcosmetics and quasi-drugs, and Tokiwa

genetics as priority areas. We are aiming toPharmaceutical Co., Ltd.’s Tokiwa R&D Center,

develop unique products that are insulated fromwhich conducts pharmaceutical research,

price competition by creating new value.

Transforming the Sales
System forGreater Success
The Noevir Group has introduced multilateralvolume consumed. Moreover, the Group

research on the relationship between thesales methods in response to diversifying

undertakes the contract manufacturing ofover the years. Through this integration, thesensory function of the skin and the status ofcustomer needs.

cosmetics and quasi-drugs on an OEM

Group has established a research network thatbrain activity. Our research has revealed theaiming to fully exploit each center’s R&D

In brain science, we are stepping up

capabilities and fruits of research accumulated

For counseling cosmetics, which arebasis, utilizing its know-how in both fields.
The Group is putting particularenables it to provide a continuous stream ofrelaxation effects of such treatments as skin care

represented by high-end skincare products,

competitive products ranging from cosmetics

and facial massage on cerebral condition by

the Group mainly employs direct sales

emphasis on reinforcing its direct sales

measuring the fluctuation of cerebral blood flow

channels backed by sales representatives

involving sales representatives dealing within response to such stimuli. The result of theas well as directly managed stores. To

counseling cosmetics. By introducing anpatents for its research results through close

research has been applied to the development

complement direct sales, the Group alsoinnovative business model as well as bycooperation between its research center andof the Noevir SPECIALE line, a prestige skincare

offers the Noevir Style mail order service.

strengthening human resource development,

the Intellectual Property & Quality Assurance

line that is of the highest grade. We are now

Regarding medium- and low-priced self-

the Group is striving to transform thisDepartment. The Japan Patent Office’s

seeking to apply the abovementioned results toselection cosmetics, the Group mainly

channel in a way that will allow it to fullyInternational Trends in Cosmetic-Related Patent

our services, including treatment in salons asutilizes such general retailer channels as

exploit the advantages of face-to-face sales.

Applications ranks Noevir third among domestic

well as lessons on skin care.

general merchandise stores, drugstores andMeanwhile, the Group is implementing

variety stores. Together with this, the Group

proactive and unique advertising and sales

identifying as yet unknown factors relating tooperates the Tokiwa Style and Simp’s mailpromotions in self-selection cosmetics

filed during the 20 years from 1990 through 2009.

aging prevention and rejuvenation, both of which

order services. For pharmaceuticals, themarkets. These activities are aimed at

R&D concepts vary largely by brand,

are key issues of cosmetics development. We

Group employs deposit sales, in which

attracting new customers by increasing

particularly with regard to cosmetics. The

discovered that prohibitin, a type of protein, is

products are delivered on regular basis tobrand recognition while developing andGroup’s Noevir brand-related research focuses

involved in the maintenance of the homeostasis

contracted households and companies, withmaintaining a base of customers who willon a wide range of plants and is based on aof the skin and related to protection against

the settling of accounts based on actual

regularly purchase our products.

policy of being “natural to the skin.” At the samedamage caused by ultraviolet rays. Moreover,time, the Group pursues other avenues of

we discovered that eucalyptus shoot extract, an

research in accordance with its proprietary

ingredient of the Noevir BIOSIGN eye serum

beauty science concept. For the Tokiwa brand,

released in 2011, facilitates the expression of

on the other hand, the Group proactively

prohibitin. In October 2012, the abovementioned

engages in joint studies with universities,

two discoveries were presented at the IFSCC*

focusing on basic research that explores the2012 27th Congress in Johannesburg, Southpotential of materials.

Africa.

to pharmaceuticals.
Noevir Co., Ltd. proactively securescompanies and eighth in the world in the antiaging field with regard to the number of patents

In the area of genetics, we are focusing on* The International Federation of Societies of Cosmetic
Chemists

10*noevir12̲再々校.indd 10-11

NOEVIR HOLDINGS CO., LTD.

11

ANNUAL REPORT 201213/01/17 10:01

Nurturing Sales Representatives
The Group is reinforcing human resourcewell as on beauty care-related skills. In

development aimed at equipping each sales

addition, the My Salon Education Program

Utilizing direct sales, the Noevir Group is able to nurture continuing relationships of trust with customers throughrepresentative with the practical knowledge

offers training on salon operations as well as

proposals of products best suited to the needs and skin conditions of each. Such relationships, in turn, generateand skills of a top-notch beauty consulting

customer management with the aim of helping

a stable profit. Accordingly, direct sales are positioned as an essential revenue base. To further enhance theprofessional. Together with the Noevir Beautysalon staff move up to the salon manager

profitability of direct sales, we must provide existing customers with even greater satisfaction while acquiring new

Academy, which offers four courses, welevel. This proactive development approach iscustomers. To this end, we are focusing on improving the quality of sales representatives and developing multiple

introduced the Noevir Skincare Advisor

helping standardize the level of service while

contact points with customers as we accelerate the transformation of the direct sales business model.

System, which provides qualification testing

rejuvenating the Company organization.

Reinforcing Sales Representatives

on the concepts behind beauty consulting as

Promoting Beauty Salon Operations
Under a new business model—a sales

working there. As of September 2012, there

channel that entails sales representatives

were approximately 1,200 Noevir Beauty

engaged in direct sales—in May 2011, we

Studios, well above our target. These studios

introduced Noevir Beauty Studios, shops

increased our opportunities to meet withincorporating beauty salon functions where

customers in local communities, which, insales representatives provide lessons inturn, brought steady growth in number of new

beauty care to small groups of customers.

customers. Looking ahead, we are aiming topopular singing group, our multipronged campaign including TV commercials

The studios are furnished with a range of beautyacquire a greater number of loyal counselingincreased product exposure and thus enlarged the purchaser demographic.

care equipment, and we have reinforced thecosmetics customers.

Effective Sales Promotion Activities
The Group holds various events and campaigns targeting specificcustomers by brand characteristic.
During the year under review, we strengthened sales promotion
activities for Min Min Da Ha functional drinks, targeting viewers of the London
Olympic games, which were broadcast in Japan late at night. Featuring a

TV commercials for Min Min Da Ha functional
drinks featuring a popular singing group

counseling capabilities of sales representatives

12*noevir12̲再々校.indd 12-13

NOEVIR HOLDINGS CO., LTD.

13

ANNUAL REPORT 201213/01/17 10:01

Corporate GovernanceCorporate Social Responsibility

In order to deepen the understanding of its

Organizational Structure

Basic Philosophy

business partners, shareholders, employees, society and

The Board of Directors of Noevir Holdings (“the Company”)

stakeholders and ensure their appropriate evaluation, Noevir

Working toward the realization of affluent lifestyles for all

the environment, we will proactively contribute to theconsists of seven members, including one outside director.*

Holdings voluntarily and consistently discloses important

stakeholders, the Noevir Group is engaged in the creation ofdevelopment of society while aiming to achieve the further

Board of directors’ meetings are held monthly on a regular

information pertaining to the Group in a fair, timely andbeauty and health. With a clear awareness of responsibilities

business growth.

basis, with extraordinary meetings convened as necessary.

appropriate manner. To disseminate investor relations (IR)that we bear for each stakeholder, namely, customers,

During the fiscal year under review, fifteen meetings were

information, Noevir Holdings established a dedicatedheld. With a view to strengthening corporate governance,

department, created the position of IR director, and regularly

the Company performs duties that ensure the viability of its

holds briefings for analysts and institutional investors.

internal control system and has established a framework*Independent director and corporate auditors in accordance withthe rules of the Tokyo Stock Exchange. The Company has notified
the stock exchange with regard to these appointments.

whereby the entire Group strictly adheres to legal
requirements and Noevir Holdings’ articles of incorporation.

Promoting Coexistence with Society
Since March 2010, the Noevir Group has been
holding the biannual Noevir Green Charity, raising

Noevir Holdings has adopted a corporate auditor system,with a board of corporate auditors comprising one standing

Internal Control System Strengthening

money for the Manaslu fund, which, with alpinist Ken

corporate auditor and two outside corporate auditors.* In

To ensure the appropriate and sound execution of its

Noguchi at its head, offers support for the children of

addition, the Company has established an Internal Audit

business operations, Noevir Holdings endeavors to maintain

Samagaon, a village at the foot of Himalayas, Nepal.

Department that conducts regular audits across all divisions

an internal control system that strictly adheres to legal

We periodically hold this skincare product fair,and reports directly to the President and Representativerequirements and its articles of incorporation. The Company

donating ¥1 of proceeds from the sale of designatedDirector. The corporate auditors, the Internal Audit

undertakes the storage and management of information

items. The initial goal of the fund, the construction of

Department and an independent auditor attend Board ofassociated with directors’ duties, the execution of which isa school, has been completed. The fund is now

Corporate Auditors’ meetings whenever necessary. Thisthoroughly streamlined. The Company works to maintainsupporting such environmental protection activities as

facilitates mutual cooperation and enables a three-way audit

clarity in its risk management structure as well as toforest restoration around the school.

control system that effectively executes its duties.

strengthen and promote its compliance structure under the

Furthermore, Noevir Holdings has adopted an

Noevir Group Strategy and the Noevir Group Code of

executive officer system with the aim of strengthening the

Conduct. By securing a structure for reporting to an

corporate governance structure. The executive officer

independent board of auditors and conducting effective

system is expected to reinforce the Board of Directors’audits and reliable financial reporting, Noevir Holdings

decision-making and auditing functions, accelerate business

continues to further enhance its internal control system.

Environmental Initiatives

execution and clarify the Company’s responsibilities.
Corporate Governance Organizational Structure
General Meeting of Shareholders
Appoint/Dismiss

Confirm
ReportBoard of Corporate Auditors:
Standing Corporate Auditor, Outside Auditors

Audit

Noevir Holdings Board of Directors:
Directors and Outside Director
Supervision Appoint/Dismiss

Confirm
ReportPresident andRepresentative Director

Accounting audit

Thorough supervision andcompliance with policies

Group Executive Council
Decide/Approve

Confirm

Internal audit

Noevir Holdings’ divisions

Internal Audit Department
ReportManagement guidance/
Approval for important matters

The Mie Factory is one of the Group’s main

global warming; efforts to reduce waste, including

production bases for pharmaceuticals, quasi-drugs,

sludge and waste fluids as well as to reuse suchcosmetics, Food for Specified Health Uses (FOSHU),

waste as fertilizer and cattle feed; and the promotion

nutritional supplements and functional drinks. Underof green procurement. Looking ahead, the factory will

the slogan “becoming an environment-friendly

further reinforce its environmental activities, aiming tofactory,” the Mie Factory has positioned

contribute to environmental preservation on a long-environmental load reduction as an essential issue.

term basis while raising the awareness of all factory

The factory sets forth environmental targets, draws

employees.

up environmental action plans and evaluates theDecide/Approve

Legal Counsel

Independent Auditor

Oversight

Mr. Ken Noguchi and children living at the foot of Himalayas

outcomes of such actions in cooperation with thein-house Safety and Health Committee, the EnergySaving and Environmental Committee, and the Power
Consumption Saving Countermeasures Committee,
which was established in 2011. Actions taken at thefactory to date include steps to manage and curb
power consumption with the aim of helping prevent

Fertilizer recycled from sludge and a shrubbery with nandina
trees nurtured with this fertilizer

ReportingOperating companies

14*noevir12̲再々校.indd 14-15

NOEVIR HOLDINGS CO., LTD.

15

ANNUAL REPORT 201213/01/17 10:01

Financial Section
Management’s Discussion and Analysis

income taxes totaling ¥5,526 million, against an outflow of

As a result of the foregoing, the equity ratio stood at

Overview

income came to ¥2,787 million as a result of an increase in

During fiscal 2012 (October 1, 2011 to September 30,

income taxes—deferred, reflecting the reversal of deferred

59.3% while net assets per share were ¥1,325.88,

2012), a sense of growing uncertainty prevailed in Japan’s

tax assets due to a tax system revision.

increases of 0.3 percentage points and ¥77.86, respectively.

¥1,451 million for income tax paid.
Net cash provided by investing activities was ¥585
million. This was primarily due to ¥2,556 million in proceeds

economy, reflecting a number of factors, including

Year-on-year comparisons with the previous fiscal

concerns over an economic slowdown overseas

year’s results cannot be presented in the above discussion

Cash Flows

from withdrawal of time deposits. The primary outflow wasstemming from the European sovereign debt crisis

as Noevir Holdings’ previous accounting period was an

Cash and cash equivalents, end of year, stood at ¥36,253¥2,031 million in expenditure for deposit to time deposits.

and the protracted appreciation of the yen.

irregular accounting period extending from March 22,

million, an increase of ¥104 million compared withNet cash used in financing activities amounted to2011, the day of Noevir Holdings’ establishment, through¥36,148 million at the end of the previous fiscal year.

¥4,813 million. This was attributable to ¥3,325 million for

In Japan’s cosmetics market, demand for lower-

Net cash provided by operating activities amounted

September 30, 2011.

priced products remained strong and competition

the purchase of treasury stock and cash dividends paid of

to ¥4,228 million. This was due mainly to income before

continued to grow increasingly harsh, despite signs of a

¥1,488 million.

Assets, Liabilities and Net Assets

growing trend toward higher-priced products.
Under these circumstances, in the Cosmetics

Total assets at the fiscal 2012 year-end stood at ¥83,701

segment, the Noevir Group actively reinforced the services

million, down ¥3,726 million compared with the previousthat it provides to customers at Noevir Beauty Studios

fiscal year-end. This was due mainly to decreases in(salons where beauty-related lessons are provided) withproperty, plant and equipment of ¥1,108 million, otherthe aim of promoting counseling cosmetics. In the self-

receivables of ¥937 million and deferred tax assets (fixed)

selection cosmetics range, the Group upgraded one of itsof ¥571 million.
Total liabilities at year-end declined ¥1,820 million

mainstay skincare lines.
In the Pharmaceuticals & Health Food segment, theyear on year to ¥34,011 million. This was largely

Fiscal Year

2008

Period/Item

Net sales
Operating income

2009

2010

¥ 55,227
3,539

2011

2011

2012

October 1,
March 22,
September 21,
2011–
2011–
2010–March
September 30, September 30,
20, 2011
2012
2011(March 21, 2011*)

September 21–September 20¥ 58,669
4,043

Noevir Holdings Co., Ltd.

¥ 52,580
2,782¥ 24,493
1,296¥ 24,581
1,576¥ 47,220
5,150

2,937

2,152

1,565

533

614

2,787

Total assets

95,81889,30888,797

86,84187,427

83,701¥1,087 million and reserve for employee’s retirement

Total net assets

51,60051,90352,01250,992

51,59549,689benefits of ¥500 million.

Capital expenditures

2,726

1,277

710

361

186

234

Net assets at year-end decreased ¥1,905 million to

Depreciation

2,064

2,099

1,894

854

910

1,702

¥49,689 million. This was mainly attributable to the purchase

R&D costs

attributable to decreases in guarantee deposits received ofpromotions for functional drinks. In addition, the Group
introduced new items in its mainstay product lineups.
As a result, net sales for fiscal 2012 came to ¥47,220

1,541

775

Dividends per share (yen)

¥

36.00

¥

36.00

¥

36.00

—

¥

36.00

¥

40.00

Earnings per share, basic (yen)

¥

71.94

¥

52.07

¥

37.88

12.90

¥

14.88

¥

73.37

Total net assets per share (yen)¥1,247.93

as a percentage of net sales was 34.7%. Selling, generalof 3,880,000 shares of treasury stock at ¥3,325 million on

and administrative (SG&A) expenses were ¥25,697 million,

November 17, 2011, and their retirement on November 28 ofand the ratio of SG&A expenses to net sales was 54.4%.

the same year as well as a ¥1,427 million increase in retained

ROE (%)**

earnings due to the recording of net income.

ROA (%)**

Operating income totaled ¥5,150 million, while net(Millions of yen)
Noevir Co., Ltd. Consolidated Results

Net income

Group implemented proactive advertising and sales

million. The cost of sales amounted to ¥16,372 million andFive-Year Summary

Equity ratio (%)
Number of employees (consolidated)

1,659

1,487

¥1,255.50

6.1%¥1,258.20

4.2%

3.0%

¥

675

¥1,233.49¥1,248.02

—

—

1,095

¥1,325.88
5.5%

3.0%

2.3%

1.8%

—

—

3.3%

53.9%
2,333

58.1%
2,336

58.6%
2,287

58.7%
—

59.0%
2,097

59.3%
1,798

Cosmetics

Net Sales

Operating Income/Net Income(¥ million)(¥ million)

60,0006,000

Net sales¥ 38,513¥ 36,825¥ 34 ,589¥ 16,030¥ 16,167¥ 32,223

6,399

5,524

4,799

2,046

2,273

5,591

Net sales

6,809

6,939

6,539

—

—

—

Operating income

(571)

(511)

(729)

—

—

—

8,507

8,553

8,440

—

—

—

212

580

346

—

—

—

Net sales

—

—

—

7,404

6,821

13,595

Segment income

—

—

—

(13)

94

1,245

4,840
149

2,910
(12)

3,012
(77)

1,059
(32)

1,592
75

1,401
70

Operating income/Segment income
Pharmaceuticals***

5,000

50,00040,0004,000

Health Food***
30,0003,000

20,0002,000

Net sales
Operating income
Pharmaceuticals & Health Food***

10,0001,000

0Net sales

0
2008

2009

2010

58,66955,22752,580

2011*

2012

First Half

Second Half

24,493

24,581

Noevir Co., Ltd. Consolidated Results

47,220Noevir Holdings Co., Ltd.

2008

2009

2010

2011*
First Half

Second Half

Operatingincome

4,043

3,539

2,782

1,296

1,576

5,150

Net Income

2,937

2,152

1,565

533

614

2,787

* First Half: September 21, 2010 –March 20, 2011 (See p. 17 note * )16*noevir12̲再々校.indd 16-17

Other
Net sales
Operating income/Segment income*

Noevir Co., Ltd. Consolidated Results
( )

2012

Second Half: March 22, 2011–September 30, 2011NOEVIR HOLDINGS CO., LTD.

Noevir Holdings Co., Ltd.

March 21, 2011 is included in Noevir Co., Ltd.’s accounting period from September 21, 2010 to March 20, 2011. March 21, 2011 was a public holiday inJapan, and the impact on Noevir’s business results was minor.
** 2011 was an irregular accounting period due to the establishment of the holdings company. Accordingly, ROE and ROA are not presented for 2011 due tothe difficulty in calculating a year-on-year comparison of indices.
*** With the start of FY 2011, Noevir changed the organization of its segments.

17

ANNUAL REPORT 201213/01/17 10:01

Consolidated Financial Statements
Consolidated Balance Sheets(Thousands of yen)

As of
September 30, 2012

(Thousands of yen)

As of
September 30, 2011ASSETS

As of
September 30, 2012

As of
September 30, 2011

¥ 4,824,771¥ 4,339,797

10,262

7,238

LIABILITIES AND NET ASSETS

Current assets

Current liabilities

Cash and cash equivalents¥38,253,228¥38,674,720

Notes and accounts payable

Notes and accounts receivable

11,754,160

10,579,759

Lease obligations

Merchandise and finished goods

5,694,420

6,202,007

Other accounts payable

3,393,112

3,280,105

206,578

300,999

Income tax payable

1,294,737

781,103

Raw materials and purchased supplies

1,299,798

1,446,797

Deferred tax liabilities

1,194

—

Deferred tax assets

1,097,329

1,524,090

Reserve for bonuses

161,982

329,611

Other receivables

1,761,543

2,698,721

Reserve for product returns

691,425

1,033,114

Other455,123

405,175

1,376,080

2,167,964

Allowance for doubtful accounts(55,945)(76,378)

Total current liabilities

11,753,567

11,938,935

60,466,236

61,755,894

Long-term liabilities
21,35818,449

Guarantee deposits received

17,358,866

18,446,472

Reserve for employees’ retirement benefits

4,692,944

5,193,496

184,689234,697

22,257,858

23,893,116

34,011,425

35,832,051

Common stock

7,319,000

7,319,000

Additional paid-in capital

3,484,620

6,809,798

39,372,029

37,944,986

(50)

(17)

50,175,599

52,073,767

Work in progress

Total current assets
Non-current assets

Other

Lease obligations

Property, plant and equipment
Buildings and structures, net

5,005,520

5,666,478

Equipment and vehicles, net

792,277

877,414

13,642,382

13,881,827

Lease assets, net

30,11824,490Construction in progress

1,609

1,384

203,938

332,757

19,675,847

20,784,352

Land

Other, net
Total property, plant and equipment
Intangible assets

Other
Total long-term liabilities
Total liabilities

NET ASSETS
Shareholders’ equity

Goodwill

32

1,012

Software328,769

888,107

Retained earnings

Other

98,853

97,511

Treasury stock

427,654

986,631

Total shareholders’ equity

Investment securities

409,322426,532

Accumulated other comprehensive income

Deferred tax assets

1,796,916

2,368,259

Net unrealized gain on other securities

39,651

18,362

Other

1,021,442

1,252,446

Foreign currency translation adjustments(570,493)(520,373)

Allowance for doubtful accounts(96,333)(146,841)

Total accumulated other comprehensive income(530,841)(502,010)

Total investments and other assets

3,131,347

3,900,397

Minority interests

44,902

23,46823,234,849

25,671,381

Total net assets

49,689,660

51,595,224¥83,701,086¥87,427,276

Total liabilities and net assets¥83,701,086¥87,427,276

Total intangible assets
Investments and other assets

Total non-current assets
Total assets

18*noevir12̲再々校.indd 18-19

NOEVIR HOLDINGS CO., LTD.

19

ANNUAL REPORT 201213/01/17 10:01

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income

Consolidated Statements of Comprehensive Income(Thousands of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Cost of sales
Advertising expenses
Salaries and bonuses
Accrued allowance for bonuses
Retirement benefits for employees
Depreciation
Research and development expenses
Other
Total
Operating income
Non-operating income
Interest income
Dividend income
Exchange differences
Sales of promotional materials
Lease income
Insurance dividends
Other
Total
Non-operating expenses
Loss on currency translation
Commitment fee
Amortization of inaugural expenses
Other
Total
Ordinary income
Extraordinary income
Gain on sale of fixed assets
Gain on sale of investment securities
Reversal of allowance for doubtful accounts
Adjustment to the loss on disaster
Gain on transfer of business
Other
Total
Extraordinary losses
Loss on disposal of fixed assets
Loss on sale of investment securities
Impairment loss
Other
Total
Income before income taxes
Income taxes – basic
Income taxes – deferred
Total
Income before minority interests
Minority interests
Net income

20*noevir12̲再々校.indd 20-21

NOEVIR HOLDINGS CO., LTD.

(Thousands of yen)

Year ended
September 30, 2012

Year ended
September 30, 2011

¥47,220,289
16,372,870
30,847,418¥24,581,835
9,377,231
15,204,603

4,030,696
1,425,780
7,878,143
122,845819,908
1,143,508
1,090,749
9,185,785
25,697,417
5,150,001

2,058,088
513,294
4,239,596
239,935
456,872
590,264
671,954
4,857,948
13,627,955
1,576,648

11,9409,286
14,532
26,50656,097
77,402
120,318
316,084

11,265
5,644—
14,23426,02037,44238,029132,635—
12,032—
2,849
14,882
5,451,204

17,278
4,928
32,971
1,413
56,591
1,652,692

160,775
2,563——
64,000—227,338

123
5,918
51,374
13,389—682
71,48860,660—86,1875,000
151,847
5,526,695
1,782,066
944,316
2,726,383
2,800,312
12,618¥ 2,787,693

161,385
1,357——
162,742
1,561,437
764,002180,863
944,866
616,571
1,805¥ 614,766

Income before minority interests
Other comprehensive income
Valuation adjustment
Foreign currency translation
Total
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

Year ended
September 30, 2012

Year ended
September 30, 2011

¥2,800,312¥616,571

22,181
25,07347,2552,847,568(13,093)(1,027)(14,120)
602,451

2,833,369
14,198600,375
2,076

Consolidated Changes to Equity(Thousands of yen)

Year ended
September 30, 2012

Shareholders’ equity
Common stock
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Total changes during the period
Balance at end of the year
Additional paid-in capital
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Retirement of treasury stock
Total changes during the period
Balance at end of the year
Retained earnings
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Distribution of dividends from retained earnings
Net income
Increase (decrease) due to change in accounting period of
consolidated subsidiaries
Total changes during the period
Balance at end of the year
Treasury stock
Balance at end of the previous year
Changes during the reporting period
Purchase of own shares
Retirement of treasury stock
Total changes during the period
Balance at end of the year21

¥ 7,319,000

Year ended
September 30, 2011

¥

—

—
—
7,319,000

7,319,000
7,319,000
7,319,000

6,809,798——(3,325,177)(3,325,177)
3,484,620

6,809,798—
6,809,798
6,809,798

37,944,986——(1,487,622)
2,787,693

37,330,220—
614,766

126,971
1,427,043
39,372,029—
37,944,986
37,944,986

(17)

—

(3,325,210)
3,325,177
(32)
(50)

(17)
—
(17)
(17)

ANNUAL REPORT 201213/01/17 10:01

Consolidated Changes to Equity (Continued)

Consolidated Statements of Cash Flows(Thousands of yen)

Year ended
September 30, 2012

Total shareholders’ equity
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Distribution of dividends from retained earnings
Net income
Purchase of own shares
Retirement of treasury stock
Increase (decrease) due to change in accounting period of
consolidated subsidiaries
Total changes during the period
Balance at end of the year
Accumulated other comprehensive income
Valuation adjustment
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year
Foreign currency translation
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year
Total accumulated other comprehensive income
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year
Minority interests
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year
Total net assets
Balance at end of the previous year
Changes during the reporting period
Increase (decrease) by share transfers
Distribution of dividends from retained earnings
Net income
Purchase of own shares
Retirement of treasury stock
Increase (decrease) due to change in accounting period of
consolidated subsidiaries
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year
22

*noevir12̲再々校.indd 22-23

NOEVIR HOLDINGS CO., LTD.

¥52,073,767(Thousands of yen)

Year ended
September 30, 2011¥——
(1,487,622)
2,787,693(3,325,210)—

51,459,018—
614,766(17)—

126,971—(1,898,167)
50,175,599

52,073,767
52,073,767

18,362——
21,28921,28939,651

31,455(13,093)
18,362
18,362(520,373)——(50,119)(50,119)(570,493)(519,075)(1,298)(520,373)(520,373)(502,010)——(28,830)(28,830)(530,841)(487,619)(14,391)(502,010)(502,010)

23,468——21,434
21,43444,902

21,391
2,076
23,46823,46851,595,224——(1,487,622)
2,787,693(3,325,210)—

50,992,791—
614,766(17)—

126,971(7,396)(1,905,564)¥49,689,660—(12,315)
51,595,224¥51,595,224

Cash flows from operating activities
Income before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in reserve for doubtful accounts
Increase (decrease) in reserve for bonuses
Increase (decrease) in reserve for product returns
Increase (decrease) in reserve for retirement benefits
Interest and dividends received
Gain/loss on currency translation
Gain/loss on marketable and investment securities
Gain/loss on sales of property, plant and equipment
Adjustment to the loss on disaster
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in guarantee deposits
Other
SubtotalInterest and dividends received
Income tax paid
Net cash provided by operating activities
Cash flows from investing activities
Expenditure for deposit to time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from collection of long-term loans
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury stock
Cash dividends paid
Net cash used in financing activities
Effects of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents, beginning of year
Net change in cash and cash equivalents due to change inaccounting period of consolidated subsidiaries
Cash and cash equivalents, end of year

23

Year ended
September 30, 2012

Year ended
September 30, 2011

¥ 5,526,695
1,702,321
86,187
777(25,784)(23,612)(351,488)(446,200)(21,226)(15,284)(2,563)(100,114)—(565,961)
539,274
430,169(1,055,687)(21,261)
5,656,239
23,467(1,451,551)
4,228,155¥ 1,561,437
910,990—
1,771(72,666)(49,540)(143,809)
27,844(16,909)
9,809(4,560)161,261(13,389)
1,610,233
409,808(111,010)(418,700)(576,367)
3,286,202
21,238(480,498)
2,826,942(2,031,921)
2,556,561(1,800)52,248(301,208)
326,727(15,098)—
585,508(2,501,250)
2,500,000(1,261)
20,368(266,100)
72,457(27,144)3,578(199,352)(3,325,210)(1,488,057)(4,813,267)
27,02427,42036,148,890(17)(2,756)(2,774)(5,802)2,619,012
33,529,877

76,916¥36,253,228—¥36,148,890

ANNUAL REPORT 201213/01/17 10:01

Name

Principal Consolidated Subsidiaries

Board of Directors and Auditors(As of September 30, 2012)(As of December 12, 2012)

Issued Share Capital Direct or Indirect(millions of yen,
Ownership byexcept as
the Company
otherwise stated)(percent)

Location

Principal Business(Kobe Headquarters)
6-13-1 Minatojima-nakamachi
Chuo-ku, Kobe 650-8521
Japan(Tokyo Headquarters)
7-6-15 Ginza, Chuo-ku
Tokyo 104-8208
Japan¥7,319Tokiwa PharmaceuticalCo., Ltd.

3-5-12 Azuchi-machi
Chuo-ku, Osaka 541-0052
Japan¥4,301Bonanza Co., Ltd.

6-13-1 Minatojima-nakamachi
Chuo-ku, Kobe 650-8521
Japan

¥10

Tokiwa Medical Service
Co., Ltd.

3-12-23 Kitahorie
Nishi-ku, Osaka 550-0014
Japan

¥98

100.00

Sale of cosmetics, toiletries andfood products as well aspurchase and sale of make-up
items/Production and sale ofover-the-counter (OTC)
pharmaceuticals and quasi-drugs

Noevir Aviation Co., Ltd.

2-12 Yao Airport
Yao, Osaka 581-0043
Japan

¥35

100.00

Air transportation business

Noevir Holding ofAmerica, Inc.

1095 Southeast Main Street
Irvine, California 92614
U.S.A.

US$7,250
thousand

100.00Holding company for two U.S.
subsidiaries and one Canadiansubsidiary

Noevir U.S.A., Inc.

1095 Southeast Main Street
Irvine, California 92614
U.S.A.

US$5,900
thousand

100.00

Sale of cosmetics andfood products

7360 River Road, RichmondBritish Columbia V6X 1X6
Canada

C$1,131
thousand

100.00Noevir Co., Ltd.

Noevir Canada, Inc.

Noevir Taiwan, Inc.

Noevir Shanghai, Inc.

Shanghai Noevir
Co., Ltd.

8th Fl.-2, No.111 Songjiang
Road, Jhongshan District
Taipei City 10486
Taiwan

NT$31,000
thousand

100.00100.00100.0096.77

Room 802, No. 6 Jilong Road
Waigaoqiao Free Trade Zone
Pudong New Area,
Shanghai 200131, China

3,311
thousand
Chinese yuan

100.00

Room 2206, Feidiao InternationalPlaza
No. 1065A Zhaojiabang Road
Shanghai 200030, China

5,000
thousand
Chinese yuan

50.00

Production and sale ofcosmetics, toiletries and foodproducts as well as purchaseand sale of make-up items andapparelChairman and
Representative Director

Vice President andRepresentative Director

Hiroshi Okura

Masashi Akagawa

President andRepresentative Director
Takashi Okura

Procurement and sale of sales
promotion goods for the Noevir
Group
Sale of cosmetics as well as
procurement and sale of sales
promotion goods for the Noevir
Group

Noevir Aviation, Inc.

200 West Grand Avenue
Montvale, New Jersey 07645
U.S.A.

US$1,350
thousand

100.00Purchase from and sale tocompanies outside the Noevir
Group of aircraft and vessels

Noevir Europe s.r.l.

Via Tre Settembre, 99 (5°-#183)
47891 Dogana
Repubblica di San Marino

26,000euro

100.00Market research in Europe

Directors
Ikkou Yoshida
Yasuo Kaiden
Masataka Nakano

Masakazu Ueda
Kazuhiro Kida

Outside Director
Sanae Tanaka

Production and sale ofcosmetics and toiletries as wellas purchase and sale of makeup items

Sale of cosmetics andfood products

Yoshiharu Hayashi

Outside Corporate Auditors

Production and sale of cosmetics,
toiletries and food products aswell as purchase and sale of
make-up items/Production andsale of over-the-counter (OTC)
pharmaceuticals and quasi-drugs

Sale of cosmetics andfood productsStanding Corporate Auditor

Investor Information(As of September 30, 2012)

Name:

Stock Listing:

Noevir Holdings Co., Ltd.

Tokyo Stock Exchange, First Section (Ticker: 4928)

Date of Establishment:

Transfer Agent and Registrar:

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

Sumitomo Mitsui Trust Bank, Limited
1-4-1 Marunouchi, Chiyoda-ku, Tokyo 100-8233, Japan

Major Shareholders
Paid-in Capital:¥7,319 million

Name

Number of
Shares Held(thousands)

Percentage ofTotal Shares lssued(percent)

Hiroshi Okura

8,438

22.53

Headquarters:

NII Co., Ltd.

4,972

13.27

• Kobe6-13-1 Minatojima-nakamachi
Chuo-ku, Kobe 650-8521, Japan

Takashi Okura

3,699

9.87

Okura Kohsan, Ltd.

2,991

7.98

Noevir Holdings Employees Shareholdings Scheme• Tokyo
7-6-15 Ginza, Chuo-ku
Tokyo 104-8208, Japan
Phone: +81-3-5568-0305
Fax: +81-3-5568-0441

1,003

2.68

Sumitomo Mitsui Banking Corporation

900

2.40

Mizuho Bank, Ltd.

600

1.60

Sumitomo Life Insurance Company

300

0.80

Nihon Kolmar Co., Ltd.

300

0.80

Bank of Tokyo-Mitsubishi UFJ, Ltd.

150

0.40

23,354

62.37

Total

Forward-Looking Statements
Statements in this annual report with respect to Noevir Holdings’ plans, strategies, projected financial results and beliefs as well as otherstatements that are not historical facts are forward-looking statements based on information currently available, and such statements involverisks and uncertainties that could cause actual results to differ substantially from expectations.

24*noevir12̲再々校.indd 24-25

NOEVIR HOLDINGS CO., LTD.

25

ANNUAL REPORT 201213/01/17 10:01