Annual Report 2011
Year ended September 30, 2011

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

Printed in Japan using environment-friendly ink and paper.

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A Discussion with Top Management

The Noevir Group established the holding company, Noevir Holdings Co., Ltd. in March
2011, taking the opportunity to refresh its business approach. As a comprehensive corporategroup that contributes to health and beauty, the Noevir Group encompasses businesses thatprovide health food and OTC pharmaceuticals as well as a cosmetics business that offers
skincare and makeup products.
Making the maximum use of the Group’s management resources, including brandstrengths, R&D capabilities, technological expertise related to production and marketing skills,

Takashi Okura,

Noevir Holdings will further bolster its competitiveness in growth markets in Japan and overseas.

President and Representative Director

Making Groupwide Efforts toMove into a New Age
Contents
A Discussion with Top Management

1

Noevir at a Glance

4

Product Strategy

8

Q1
A1

Please tell us about what led to the establishment of the holding company and its purpose.

Amid a drastically changing market environment, itestablished Noevir Holdings Co., Ltd. on

is increasingly necessary for companies to reinforce

March 22, 2011, and made a new start.

Sales Strategy

11

Corporate Governance14

their business foundations and hone their

Corporate Social Responsibility

15competitive edge. With this in mind, we need tothroughout the Group requires that the Group

Financial Section

16

make the most of the Noevir Group’s management

management and business promotion

resources, including capabilities related toorganizations are clearly separated to ensure thatbranding, R&D, production technology andeach business retains its uniqueness and expertise.

marketing, to maximize corporate value acrossAt the same time, we must pursue total

the Group. In order to develop all our businesses

management optimization to enable flexible andand thus ensure that the Group can continue toprompt response to changing conditions.

provide higher-quality, higher-value-added

Alongside total management optimization, we willproducts and proactively participate in growing

strive to reinforce Group strategic functions andmarkets both in Japan and overseas, we

corporate governance.

Principal Consolidated Subsidiaries
Board of Directors and Auditors/
Investor Information

24
25

Notes to Financial Statements
Translations of consolidated financial statements andperformance in this annual report are based on the
Company’s quarterly financial reports prepared inaccordance with disclosure conditions stipulated by
the Tokyo Stock Exchange. Quarterly financial reports
are prepared based on Japan’s Generally Accepted
Accounting Principles (Japanese GAAP).

The maximization of corporate value

ANNUAL REPORT 2011*noevir̲0117再校修正.indd C2-1

1

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Q2
A2

How would you assess the current operating environment?

With a mainstay Cosmetics business that ranges

domestic population. Overseas, on the other hand,from counseling prestige cosmetics available

new growth markets are being developed,

primarily through direct sales to self-selection retailparticularly in Asia. Therefore, it has become very

products popular with the young adult segment,

important to maintain an accurate grasp of thethe Noevir Group offers distinctive brands

rapidly changing market environment, create newtargeting the pharmaceutical, food and appareldemand and gain new growth opportunities.

industries.
Along with the effects of the Great East Japan

cosmetics we intend to reach our key

business in Asia, we will accelerate the expansion

performance goal of raising the operating incomeof store networks that handle our self-selection

ratio to 10%. Furthermore, to achieve an overseas

cosmetics while laying out a plan for thesales ratio of 10% we will accelerate businessestablishment of an R&D structure tailored to

expansion in Asia, mainly in China.

Asian markets and local production operations.

In terms of strategies for the domestic

In the Pharmaceuticals & Health Food

Cosmetics business, we will promote a gradualsegment, we will review our business structure byshift toward the operation of Noevir Beauty

reducing costs and partially outsourcing

Studios, salons where sales representatives

production with the aim of increasing profitability.

provide lessons in beauty care. This shift is

On top of these efforts, we will strive to launch

expected to attract new customers and help

new businesses and positively consider M&A insecure sustainable profit. For the Cosmetics

Japan and Asia to further expand our business.

Earthquake, which struck on March 11, 2011, we
continue to face the unfavorable businessenvironment of recent years, including intensifying

Q5competition in mature markets; consumer
preference for lower-priced items and a declining

What is the outlook for fiscal 2012?

Noevir Speciale Powder Serum

Q3

Please tell us about Noevir Holdings’ business performance and results for fiscal 2011,
from March 22, 2011 to September 30, 2011?

A5

We will continue to position the Cosmetics

throughout the nation, while focusing on otherbusiness as the Noevir Group’s flagship business.

sales channels, such as mail order services. In

In Japan, we aim to open 1,000 Noevir Beauty

Asia, we will particularly address the sales

Studios specializing in counseling cosmetics

expansion of self-selection cosmetics. For the
Pharmaceuticals and Health Food business, we

A3

In fiscal 2011, the decline in sales of medium-

totaled ¥1,576 million and net income was ¥614

will restructure the segment and continue topriced and high-end products showed signs of

million, all of which topped forecasts announced in

reduce costs across the Group.

bottoming out amid our efforts to set up a new

July 2011.

Therefore, the consolidated performancesales strategy for our mainstay counseling

forecast for fiscal 2012 (from October 1, 2011 tocosmetics. For self-selection cosmetics and

September 30, 2012) includes net sales offunctional drinks, we focused on main brands and¥49,500 million, operating

implemented efficient advertising and sales

income of ¥3,400 million andpromotion activities. In addition, we aggressively

net income of ¥2,000 million.

developed overseas businesses by increasing thenumber of stores that handle our self-selection

A Noevir Beauty Studiocosmetics in China. As a result, net sales
amounted to ¥24,581 million, operating income
A store in China that handles self-selection cosmetics

2

Q4

Could you please tell us about the new three-year medium-term management plan, thefinal year of which is fiscal 2014, ending September 30, 2014?

Q6

A4

Given the rapidly changing market environment, thein Asian markets.” We expect this to work as a

new medium-term management plan isfirst step toward the realization of our long-term

A6

underpinned by the theme “Preparing for our growthstrategy of becoming a company with a high profile

NOEVIR HOLDINGS CO., LTD.

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Finally, please may we have a few words for Noevir Holdings’ stakeholders?

In our shift to a holding company system, we aredemands. Together with this, we are striving tobuilding a tighter relationship between Noevir Co.,

improve our earnings structure. As a result we

vision. By promoting cost-reduction measures andLtd. and Tokiwa Pharmaceutical Co., Ltd. while

anticipate the realization of a stronger presence ascontinuing to focus on high-value-added prestige

developing valuable products that meet social

a global company poised to make a leap forward.

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Noevir at a Glance
Medium-Term Management Plan
Business Activities

Targeting sustainable growth, the Noevir Group established a three-year medium-term management plan

With a mainstay Cosmetics business that ranges from counseling prestige cosmetics available primarily through direct sales

covering the fiscal 2012–2014 period.

to self-selection retail products popular with the young adult segment, the Noevir Group offers distinctive brands targetingthe pharmaceutical, food and apparel industries. Since entering the U.S. market in 1979, the Group has proactively engagedin overseas business development. In recent years, the Group has been steadily expanding its store chain in China. In
November 2011, the Group announced its Group Vision 2014 medium-term management plan, the final year of which isfiscal 2014, ending September 30, 2014. With this plan as a stepping stone in accordance with its new growth strategy of
becoming a company with a high profile in Asian markets, Noevir Holdings has embarked on a new chapter.
In September 2010, before making the transition to a holding company system, Noevir changed the organization of its

The subject of our medium-term management plan

“Preparing for our growth strategy of becoming
a company with a high profile in Asian markets”

segments, integrating the Pharmaceuticals and Health Food businesses to form the new Pharmaceuticals & Health Food segment.

Medium-term growth strategy
Noevir Holdings’ Financial Highlights for Fiscal 2011

Cosmetics Segment

Fiscal 2011 Sales by Segment

1) Accelerate expansion in Asia
Fiscal 2011 Results (Millions of yen)

Other

March 22, 2011–September 30, 2011

Net sales¥

Operating income2) Continuously generate profits in Japan

6.5%¥1,592 million

24,581
1,576

614

Pharmaceuticals &Health Food

Total assets

87,427

27.7%

65.8%

5) Lower operating costs6) Globalize human resources and the organization¥16,167 million

51,595¥

Total net assets per share (yen)¥ 1,248.02

Dividends per share (yen)¥

20144) Start up new businesses and promote mergers and acquisitions in Japan and Asia

Cosmetics¥6,821 million

Earnings per share (yen)3) Speed up business restructuring

Overall GroupNet income

Total net assets

Pharmaceuticals & Health Food Segment

Key Initiatives for Fiscal 2012

14.88

• Expanding the number of stores that handle self-selection cosmetics in the Asian market• Increasing the number of Noevir Beauty Studio lesson-type salons to 1,000

36.00• Upgrading mainstay brands in the self-selection cosmetics lines• Continuing cost-reduction efforts across the GroupAccounting Period of Noevir Holdings Co., Ltd. and Noevir Co., Ltd.

Fiscal 2012 Forecast and Subsequent Targets(Millions of yen)

Noevir Holdings’ establishment
2010
September 21

September 30

2011
March 22

1 First fiscal year

NoevirHoldings
Co., Ltd.

March 22, 2011—
September 30, 2011
(Six months and nine days)

NoevirCo., Ltd.

Fiscal 2012
Forecast

2012
September 30

September 20

Second fiscal year

2 41st year

2 42nd year
September 21, 2011—
September 30, 2012 (One year and 10 days)

1 Noevir Holdings Co., Ltd.’ s accounting period for fiscal 2011 was from March 22, 2011 to September 30, 2011,
totaling six months and nine days, and it does not include Noevir Co., Ltd.’ s consolidated results from
September 21, 2010 to March 20, 2011.

2 Noevir Co., Ltd.’ s accounting period for fiscal 2011 (the 41st year) was one year from September 21, 2010 to

Fiscal 2014
Target¥49,500¥51,000¥52,500

Operating income

3,400

4,500

5,300

Net income

2,000

2,600

3,100

Net sales

October 1, 2011—
September 30, 2012 (One year)

September 21, 2010—
September 20, 2011 (One year)

Fiscal 2013
TargetOperating income margin

6.9%

8.8%

10.1%

Overseas sales margin

—

—

10.0%

September 20, 2011. The accounting period ending September 2012 (the 42nd year) will be from September 21,
2011 to September 30, 2012, totaling one year and 10 days (376 days).

4

NOEVIR HOLDINGS CO., LTD.

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Even though conventional year-on-year comparisons with the previous fiscal year’s results cannot be presented due to discrepancies in thelengths of fiscal 2011 and 2010, in this document we present “year-on-year” comparisons based on Noevir Holdings Co., Ltd.’s consolidated
results for the fiscal year under review and those of Noevir Co., Ltd. for the second half of fiscal 2010 (March 21, 2010 to September 20, 2010),
solely for the purpose of aiding reader comprehension.

Cosmetics

Overview

The Group develops, produces and sells a versatile collection

In self-selection cosmetics, various brands
recorded sales increases, including Sanaof products under well-regarded brand names, including

HADANOMY and NOV, which successfully

Noevir high-performance functional counseling skincare

implemented sales strengthening policies. Sales of

products; the popular Sana products for the self-selection

the mainstay Sana Nameraka Honpo skincare line,

cosmetic market; and NOV hypoallergenic cosmetics. In

however, fell due to the intensifying competition.

addition, consolidated subsidiary Bonanza Co., Ltd.

Sales of overall self-selection cosmetics edged up

undertakes the contract manufacturing of cosmetics.

year on year.
As a result, net sales in the Cosmetics segment

Fiscal 2011 Results

In counseling cosmetics, two beauty serums were introduced

Noevir 99 skincare line

NOV

skincare line

showed a year-on year decline to ¥16,167 million
and segment income grew to ¥2,273 million.

in January and June 2011 in the Noevir BIOSIGN highfunctional skincare line, contributing to results and forestallinga further decline in sales of both medium-priced and high-end
skincare products. Nevertheless, sales of counselingcosmetics declined year on year, reflecting such special
factors as a surge in intial purchases of facial massage

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

equipment that contributed significantly to this segment’s

Sana Keana
Putty Shokunin

Sana HADANOMY line

overall sales in the previous fiscal year.

Sana
Super Quick

Noevir SPECIALE skincare lines

Pharmaceuticals& Health Food

Overview

nutritional supplements suffered from weaker

The Group develops, produces and sells such flagship items

demand and, accordingly, sales in theas the long-selling Nanten Nodo Ame cough drops, functional

Pharmaceuticals & Health Food segment dropped

drinks, such as the Min Min Da Ha lineup, and other OTC

year on year to ¥6,821 million. Despite such results,

pharmaceuticals, including cold remedies and eye drops, as

segment income stood at ¥94 million, reflecting

well as nutritional supplements featuring high-quality natural

cutbacks in selling, general and administrative

ingredients and such health food products as tea.

(SG&A) expenses.

MOMO JELLY COLLAGEN

Fiscal 2011 Results
Channels

In mainstay functional drinks, sales of the Min Min Da Ha line
edged down year on year in face of an upcoming productupgrade, while the New Gronvita D energy drink enjoyed asales increase year on year. Sales of Nanten Nodo Ame coughdrops grew from a year earlier on the back of reinforced• Direct Sales• Supermarkets• Drugstores• Convenience Stores• Variety Stores• Deposit Sales• Mail Order• Directly Managed Stores• Contract Manufacturing

KENTOSHIATSU Ad nutritional supplement

in-store sales promotion. However, high-end counseling-type

Nanten Nodo Ame cough drops

Min Min Da Ha and Kyo Kyo Da Ha functional drinks

Other

Overview

The Other segment encompasses apparel and aircraft sales
and leasing.

caused sales to decline on a year-on year basis.
Other segment sales thus totaled ¥1,592
million. Segment income was ¥75 million, reflecting
reduced SG&A expenses and the cutting of

Fiscal 2011 Results

unprofitable businesses.

Apparel sales decreased despite new product launches. Also,
Apparelproduct catalog

6

NOEVIR HOLDINGS CO., LTD.

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even though demand in the aviation-related business was stable,

Channels

an unusual surge in sales worldwide in the previous fiscal year

• Direct Sales

Aviation business

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Product Strategy

With cosmetics positioned as its flagshipthat enjoy a strong presence in the generalinvigorating its brands by proactively

products, the Noevir Group leverages its

retail market.

developing a few high-end functional products

cosmetic development know-how to offer

Since commencing its cosmetics

items that promote beauty and health, suchbusiness in the 1970s, Noevir has abided bybrands, the Sana Nameraka Honpo Soymilk

as nutritional supplements, energy drinks andthe guiding principle “Noevir, where beauty is

Isoflavone skincare line in the self-selection

pharmaceuticals.

science” and offered counseling cosmetics

cosmetics field, the NOV hypoallergenic

Flagship Products and New Products

per year. Furthermore, Tokiwa’s flagship

The Group’s particular strengths in thethat incorporate active ingredients derived

cosmetic line, the functional drink Min Min Da

cosmetics business, which accounts for 65.8%

from natural sources, an approach that has

Ha and the long-selling pharmaceuticalof net sales, lie in the area of skincare

helped build its credibility in the market. In

product Nanten Nodo Ame cough drops,

products. The Group boasts a broad lineup

recent years, Noevir has been emphasizing

succeeded in capturing high market shares inencompassing prestige skincare products,

anti-aging and skin brightening products. In

an increasingly competitive environment due tofunctional cosmetics developed throughaddition, Noevir has focused on regularly

their brand status as enriching, unique, highly

extensive R&D and, for the young adultupgrading products in the Noevir 505 andfunctional items.

segment, affordably priced skincare products

Noevir Speciale skincare lines, while

Launch of the BIOSIGN LineAs the culmination of the Group’s 22-year’s of bio research, Noevir
introduced the Noevir BIOSIGN high-functional skincare line in 2011.
The first product, Noevir BIOSIGN inner treatment, an anti-aging serum,
was released in January, and Noevir BIOSIGN blanc beauté, a skinbrightening serum (quasi-drug), came out in June.

Development of highly
unique products
2

3

1

1

Noevir Speciale Lotion

2

Noevir 99 Moist Lotion

3

Sana Nameraka Honpo Lotion

4

Sana HADANOMY Cream

5

Min Min Da Ha functional drink

6

Kyufu Gold DX

Upgrading of the Sana Nameraka Honpo Moisturizing Line
Since its introduction in 2004, the Sana Nameraka Honpo Moisturizing
skincare line has gained great popularity for its products made fromnatural ingredients. In the period under review, Tokiwa upgraded the
product line for the first time in seven years. Leveraging its uniqueenrichment process, Tokiwa was able to double the isoflavone
concentration (obtained through the fermentation of soy liquor) inexisting products. In addition, it redesigned the line’s packaging.

6

5
42011 Autumn Makeup LineIn August 2011, Noevir introduced a new line of cosmetic products forautumn designed to make women look younger and fresher. The productlineup includes eye colors, eye liner, liquid lip rouge and eau de toilette.

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Sales Strategy

Research and Development

Through a study conducted jointly with theWith regard to sales methods, the Noevir

aim of improving customer satisfaction.

The Noevir Group’s research network consists ofFaculty of Pharmaceutical Sciences, Kobe

Group employs both face-to-face sales

Specifically, with its sales representatives now

the Shiga Research Center, which develops

Gakuin University, and the Faculty of Medicine,backed by individual counseling by sales

undergoing a generation change, Noevir iscosmetics and quasi-drugs, and the Tokiwa

Osaka University, the Group identified aging

representatives and regular sales at retailemphasizing nurturing younger

R&D Center, which conducts pharmaceuticalfactors that cause damage when skin isstores, including general merchandise stores

representatives, helping them to acquire

research. Aiming to amplify throughout the

exposed to ultraviolet light as well as the anti-(GMSs) and drugstores. Underpinned by these

professional knowledge, while developing aGroup the effects of synergy between Noevir

aging properties of eucalyptus shoot extract.

operations, the Group continues to introduce

new management environment in which sales

and Tokiwa, the Group consolidated the related• Difference by age in changes in cerebral

new sales methods in response to diversifying

representatives can create profits more easily.

customer needs.

Principal features of the new management

R&D activities of Noevir and Tokiwa at the relevant

blood flow brought about by facial massage

respective research centers in June 2010.

The Noevir Group has been conducting
research into how blood flow changes as abusiness model in which sales representatives

Advisor System adopted in September 2010

particularly with regard to cosmetics. The

result of skincare methods. Its research has

deal only with high-end counseling cosmetics

and Noevir Beauty Studios introduced in May

Group’s research for the Noevir brand focuses

shown that there is a difference according toto new business models as needed with the2011.

on a wide range of plants and is based on aage group in how cerebral blood flow

policy of being “natural to the skin.” At the same

fluctuates in response to facial massage,time, the Group pursues other avenues offindings that were presented at an academic

research in accordance with its proprietary beauty

conference in September 2011. The Group’s

science concept. For the Tokiwa brand, on the

research has thus revealed that the sensory

other hand, the Group proactively engages in joint

functions of the skin change in tandem withstudy with universities, focusing on basic research

aging and introduced causal factors.
• Confirmation of the efficacy of the Sana
Nameraka Honpo skincare line

R&D Activities in Fiscal 2011

To confirm the efficacy of soy isoflavone-based• Discovery of antioxidation and anti-

cosmetics, Tokiwa Pharmaceutical conductedinflammatory effects in Rhizophora apiculata

a joint study with Kobe Gakuin University.

The Group found that the extract ofBased on the study results, Tokiwa

Rhizophora apiculata leaves incorporated in

Pharmaceutical verified the potentially excellent

the Noevir 99 (Moisture Type) skincare line hasmoisturizing effects on both the epidermis andexcellent anti-inflammatory and antioxidation

dermis of the isoflavone contained in the Sana

effects on skin cells. The Group also discovered

Nameraka Honpo skincare line.

cryptochlorogenic acid, an active ingredient that10

NOEVIR HOLDINGS CO., LTD.

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environment include the Noevir Skincare

R&D concepts vary largely by brand,

that explores the potential of materials.

R&D activities

Noevir is striving to shift from the existing

A beauty-care lesson at a
directly managed store• Discovery of the neutral fat reducing effectnot only has a skin brightening effect but isof oyster extract peptide (OEP)

highly effective in promoting the production of

Based on a joint study conducted by Tokiwa

hyaluronic acid. The Noevir Group applied for a

Pharmaceutical and the Graduate School ofpatent for cryptochlorogenic acid.

the University of Nagasaki, the Group discovered• Joint study with the Faculty of Pharmaceuticalthat OEP has a neutral fat reducing effect that

Sciences, Kobe Gakuin University and the

could be effective in curbing acute hepatic

Faculty of Medicine, Osaka University

disorder and chronic hepatic dysfunction.

The Shiga Research Center focuses on
cosmetics formulation.

Cultivating sales
channels that meet
specific needs

Pharmaceutical research is conducted at theTokiwa R&D Center.
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The Noevir Skincare Advisor System

Beauty Academy on January 21, 2012), which

provides sales representatives with training on

opened in 2002 and now offers four courses,

the concepts behind beauty consulting as well

the Noevir Skincare Advisor System reinforces

as instruction in beauty care-related skills. This

the Group’s human resource development andis followed by qualification testing. Thisfurther improves the quality of beauty

approach enables the level of service to be

consulting and beauty care-related services.

standardized while ensuring the ongoing

Operated by sales representatives,maintenance and enhancement of service

Noevir Beauty Studios are shops incorporating

quality. Together with the Noevir Ginza

beauty salon functions. They are not one-on-

Academy (name to be changed to Noevir

one esthetic clinic-type salons, but lesson-

Sales Channels• Direct Sales• Directly Managed Stores• Deposit Sales

Handling Noevir brand cosmetics, mainly

Three types—Angelic Smile, Noevir Style andDelivery of pharmaceuticals to contracted

offering counseling by sales representatives with

SALON DE SPECIALE—offering product trials

households and companies, with the settling ofbeauty care-related knowledge and skills

and sales as well as beauty events

accounts based on actual volume consumed• Mail Order• General Retailers

Offering Noevir Style and Tokiwa Style in response to

GMSs and drugstores handling self-selection• Contract Manufacturing

diversifying customer lifestyles as well as the Simp’s

cosmetics, pharmaceuticals and health foods,

line for people with sensitive skinconvenience stores and boutiques offering

Original equipment manufacturing of cosmetics
and quasi-drugs that leverages Group know-how

unique selections of items.

Noevir’s directly managed stores
offer large numbers of people theopportunity to experience prestige
cosmetics.

A Sales
Representative
provides skincare
services.

TV commercials for Min
Min Da Ha and Kyo Kyo
Da Ha functional drinks
featuring a popularsinging grouptype salons for small groups that were createdvariety of Noevir Group brand items as well aswith the aim of nurturing closer relationships

skincare and makeup lessons in Shinjuku,with customers in local communities. Noevir isTokyo. Angelic Smile directly managed stores

aiming to increase the number of Noevir

located in prime metropolitan locations serve a

Beauty Studios to 1,000 by 2012.

wide age-range of customers, to whom theyBy supporting and improving the qualityof sales representatives, Noevir strives to gain
and maintain loyal customers for its
counseling cosmetics.

provide makeup and color coordination
lessons and introduce new product lineups.
Furthermore, the Noevir Group holds
various events and campaigns targeting
specific customers by brand characteristic.

Sales Support Activities

For example, free samples of Noevir brandAiming to increase its brand recognition, theitems are distributed as an in-flight service,Noevir Group continues to open directly

events are held at such facilities as runners’

managed stores while proactively conductingchanging rooms, and a popular singing grouppromotion activities.

was recruited to perform in TV commercials

In September 2011, Noevir opened its

for Min Min Da Ha, a functional drink line.

fourth Angelic Smile store, which offers a wide

12

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*noevir̲0117再校修正.indd 12-13

The “Angelic Smile”
Shinjuku store offers Noevir
Group products.

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Corporate GovernanceCorporate Social Responsibility• Together with Society

Organizational Structure

decision-making and auditing functions, accelerate business

Basic Philosophy

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

execution and clarify the Company’s responsibilities.

Working toward the realization of affluent lifestyles for all

The Noevir Group maintains close contact with local

consists of seven members, including one outside director.

In order to deepen the understanding of its

stakeholders, the Noevir Group is engaged in the creation ofcommunities through corporate social activities. When the

Board of directors’ meetings are held monthly on a regularstakeholders and ensure their appropriate evaluation, Noevir

beauty and health. In addition to this, the Group aims for theGreat East Japan Earthquake struck in March 2011, thebasis, with extraordinary meetings convened as necessary.

Holdings voluntarily and consistently discloses important

further development of its organization while meeting theGroup offered relief supplies and monetary donations andDuring the fiscal year under review, seven meetings were

information pertaining to the Group in a fair, timely andneeds of society in five areas of corporate social

supplied a company plane as well as a helicopter to aid inheld. With a view to strengthening corporate governance,

appropriate manner. To disseminate investor relations (IR)responsibility.

the dispatch of a team of doctors.

the Company performs duties that ensure the viability of its

information, Noevir Holdings established a dedicatedinternal control system and has established a framework

department, created the position of IR director, and regularly

Five Responsibilities

activities aimed at nurturing future generations. As part ofwhereby the entire Group strictly adheres to legal

holds briefings for analysts and institutional investors.

• Together with Customers and Business Partners

such efforts, the Group conducts joint research with

Furthermore, the Group widely participates in CSR

requirements and Noevir Holdings’ articles of incorporation.

Placing top priority on the fulfillment of corporate social

multiple universities in a variety of fields, including

Noevir Holdings has adopted a corporate auditor system,

Internal Control System Strengthening

responsibility and in pursuit of better customer

component analysis in the areas of cosmetics,

with a board of corporate auditors comprising one standing

To ensure the appropriate and sound execution of its

satisfaction, the Noevir Group has set the objective ofpharmaceuticals and health food, while pursuing new

corporate auditor and two outside corporate auditors. In

business operations, Noevir Holdings endeavors to maintainensuring product quality. Accordingly, the Group strictly

materials development and providing endowments for

addition, the Company has established an Internal Audit

an internal control system that strictly adheres to legal

complies with the cosmetics GMP (Good Manufacturing

courses.

Department, made up of seven full-time staff members, that

requirements and its articles of incorporation. The Company

Practice) stipulated by the Ministry of Health, Labour andconducts regular audits across all divisions and reports

undertakes the storage and management of information

Welfare as well GMP standards for pharmaceuticals anddirectly to the President and Representative Director. The

associated with directors’ duties, the execution of which isquasi-drugs and has established an advanced quality

The Noevir Group strives to prevent the pollution of water

corporate auditors, the Internal Audit Department and an

thoroughly streamlined. The Company works to maintainassurance system. Furthermore, Noevir has obtained thein the production process, reduce the generation of

independent auditor attend Board of Corporate Auditors’clarity in its risk management structure as well as toISO 9001 quality management system certificate.

waste, promote the use of environment-friendly packaging

meetings. This facilitates mutual cooperation and enables astrengthen and promote its compliance structure under thethree-way audit control system that effectively executes its

Noevir Group Strategy and the Noevir Group Code of

duties.

Conduct. By securing a structure for reporting to an

Since taking its stock public in May 1988, Noevir has

Group makes across-the-board efforts to prevent global

Furthermore, Noevir Holdings has adopted an

independent board of auditors and conducting effective

strengthened its management platform and secured

warming by saving energy. Furthermore, in collaboration

executive officer system with the aim of strengthening theaudits and reliable financial reporting, Noevir Holdingssustainable shareholder returns by establishing a stablewith alpinist Ken Noguchi, the Group maintains the Noevir

corporate governance structure. The executive officer

continues to further enhance its internal control system.

dividend policy and a shareholder special benefit plan. In

Green Charity, which is focused on the future of theaddition, the Company strives to disclose information,

natural environment and offers environmental classes forincluding management policies and financial data, on aparents and children to experience and understand thetimely basis.

abundance and importance of nature.

Corporate Governance Organizational Structure
General Meeting of Shareholders

Appoint/Dismiss

based on its own guidelines and facilitate the collection• Together with Shareholders

system is expected to reinforce the Board of Directors’• Together with the Environmentand recycling of used containers. Together with this, the• Together with Employees

Appoint/Dismiss

Appoint/Dismiss

The Noevir Group strives to maintain a comfortableworking environment that boosts the morale of every

ReportBoard of Corporate Auditors:
Standing Corporate Auditor, Outside Auditors

Audit

Thorough supervision andcompliance with policies
ReportAccounting Audit

Confirm

Group Executive Council

Internal Audit Department
Submissionof matters
Reportemployee while exercising their skills. Underpinned by its

Noevir Holdings Board of Directors
Directors and Outside Director

Decide/Approve

Decide/Approve
Submissionof mattersrespect for human rights and diversity, the Group is
Legal Counsel

Independent Auditor

Oversight

developing systems in which employees can balance
work and private life to enjoy affluent and fulfilling lifestyles.

Internal Audit

Noevir Holdings’ divisions
Management guidance/
Approval for important matters

ReportingOperating companies

14

NOEVIR HOLDINGS CO., LTD.

*noevir̲0117再校修正.indd 14-15

ANNUAL REPORT 201115

12/01/20 11:01

Financial Section
Management’s Discussion and Analysis

Overview

period preceding the establishment of Noevir Holdings

During Noevir Holdings Co., Ltd.’s fiscal 2011 term (fromand year-on-year comparisons are not presented.

million. This was primarily attributable to income before

As a result, the equity ratio became 59.0% and total

income taxes of ¥1,561 million and a ¥1,610 million

net assets per share were ¥1,248.02.

amounted to ¥24,581 million.

economy plummeted due to the Great East Japan

Net cash provided by operating activities was ¥2,826¥51,595 million.

Consolidated net sales for the fiscal 2011 term

March 22, 2011 to September 30, 2011), the Japanesefrom investing and financing activities.

Total net assets at the end of fiscal 2011 weredecrease in trade receivables.

Earthquake, which had struck the country on March 11,

The cost of sales amounted to ¥9,377 million, and2011, although conditions in some industries began tothe cost of sales as a percentage of net sales was 38.1%.

Cash Flows

gradually recover later in the period. In addition, the debt

Selling, general and administrative (SG&A) expenses wereCash and cash equivalents, end of year, increased ¥2,619¥199 million due mainly to ¥266 million used for thecrisis in Europe led to increased economic uncertainty.

¥13,627 million, and the ratio of SG&A expenses to net

million compared with the beginning of the fiscal 2011

purchase of property, plant and equipment.

Conditions in the Japanese market have been harsh, withsales was 55.4%. Operating income totaled ¥1,576 million

period to ¥36,148 million. This was mainly due to cash

intensifying competition among companies due to a trend

and net income was ¥614 million.

inflows from operating activities outstripping cash outflows

Net cash used in investing activities amounted to

Net cash used in financing activities was ¥2 million,
mainly comprising ¥2 million in cash dividends paid.

in consumer preferences toward lower-priced items. In
contrast, brisk growth in demand has been seen in Asian

Assets, Liabilities and Net Assets

markets.

Total assets at the fiscal year-end were ¥87,427 million.

Five-Year Summary(Millions of yen)
Noevir Holdings
Co., Ltd.

Noevir Co., Ltd. Consolidated Results

Amid this environment, the Group opened Noevir

Total current assets stood at ¥61,755 million and included

Beauty Studios nationwide. At these salons, in-house

cash and cash equivalents of ¥38,674 million, notes andcertified sales representatives provide beauty-related

accounts receivable of ¥10,579 million, and inventories oflessons centering on counseling cosmetics. This new

merchandise and other items amounting to ¥7,949 million.

sales format was established for prestige cosmetics. In

Non-current assets totaled ¥25,671 million, and comprised

other areas, the Group implemented proactive advertisingproperty, plant and equipment, including buildings andNet sales
Operating income

and sales promotion activities for self-selection cosmetics

structures, of ¥20,784 million, intangible assets, including

Net income

2,018

2,937

2,152

1,565

533

614

Total assets

99,787

95,81889,30888,797

86,84187,427

Total net assets

44,22351,60051,90352,01250,992

51,595

Capital expenditures

2,094

2,726

1,277

710

361

186

Depreciation

1,493

2,064

2,099

1,894

854

910

Fiscal Year
Period/Item (Millions of yen)and energy drinks sold at drugstores as well as functional

goodwill, of ¥986 million and investments and other assets,drinks offered through convenience stores. In China, thesuch as investment securities, of ¥3,900 million.
Total liabilities were ¥35,832 million. Total current

number of stores handling self-selection cosmetics

2007

2008

2009

2010

September 21–September 20¥ 59,352
3,869¥ 58,669
4,043¥ 55,227
3,539

2011
March 22,
September 21,
2011–
2010–March
September 30,
20, 2011
2011(March 21, 2011*)¥ 52,580
2,782¥ 24,493
1,296¥ 24,581
1,576

increased. Overall, the operational impact of the Great

liabilities were ¥11,938 million and included notes andR&D costs

1,541

775

East Japan Earthquake was limited.

accounts payable of ¥4,339 million and other accounts

Dividends per share (yen)

¥

36.00

¥

36.00

¥

36.00

¥

36.00

—

¥

36.00

payable of ¥3,280 million. Long-term liabilities amounted

Earnings per share, basic (yen)

¥

56.33

¥

71.94

¥

52.07

¥

37.88

12.90

¥

14.88

Total net assets per share (yen)¥1,232.78

On March 22, 2011, Noevir Holdings Co., Ltd. wasestablished as the wholly owing parent company of Noevir

to ¥23,893 million, which included guarantee deposits

Co., Ltd. through a share transfer. Therefore, fiscal 2011

received of ¥18,446 million and a reserve for employees’

results do not include Noevir’s consolidated results for theretirement benefits of ¥5,193 million.

1,640

1,659

¥1,247.93

1,487¥1,255.50¥1,258.20¥

675¥1,233.49¥1,248.02

ROE (%)**

4.6%

6.1%

4.2%

3.0%

—

—

ROA (%)**

2.0%

3.0%

2.3%

1.8%

—

—

44.3%
2,370

53.9%
2,333

58.1%
2,336

58.6%
2,287

58.7%
—

59.0%
2,097

Equity ratio (%)
Number of employees (consolidated)
Cosmetics

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

Net sales(¥ million)

30,0003,000

25,0002,500

20,0002,000¥ 37,982¥ 38,513¥ 36,825¥ 34 ,589¥ 16,030¥ 16,167

6,282

6,399

5,524

4,799

2,046

2,273

Net sales

7,624

6,809

6,939

6,539

—

—

Operating income

(496)

(571)

(511)

(729)

—

—

Net sales

9,227

8,507

8,553

8,440

—

—

Operating income

(315)

212

580

346

—

—

Net sales

—

—

—

—

7,404

6,821

Segment income

—

—

—

—

(13)

94

4,519
137

4,840
149

2,910
(12)

3,012
(77)

1,059
(32)

1,592
75

Operating income/Segment income
Pharmaceuticals***

Health Food***
15,0001,500

10,000

1,000

5,000

500

0

0
2009
First Half2010
Second HalfFirst Half2011
Second HalfFirst Half

Noevir Co., Ltd. Consolidated Results

16

Second Half

28,613

26,613

26,76525,81424,493

24,581

Operating income(right scale)

2,444

1,094

2,134

648

1,296

1,576

Net Income

1,133

1,018

1,121

443

533

614

*noevir̲0117再校修正.indd 16-17

Other
Net sales
Operating income/Segment income

Noevir Holdings Co., Ltd.

Net sales(left scale)

NOEVIR HOLDINGS CO., LTD.

Pharmaceuticals & Health Food****

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 is minor.
** 2011 became an irregular accounting period due to the establishment of the holdings company. Accordingly, ROE and ROA are not presented due to thedifficulty in calculating a year-on-year comparison of indices.
*** In September 2010, Noevir changed the organization of its segments.

ANNUAL REPORT 201117

12/01/20 11:01

Consolidated Financial Statements
Consolidated Balance Sheets(Thousands of yen)(Thousands of yen)

Year ended
September 30, 2011

Year ended
September 30, 2011ASSETSLIABILITIES AND NET ASSETS

Current assets

Current liabilities

Cash and cash equivalents¥38,674,720

Notes and accounts payable

Notes and accounts receivable

10,579,759

Lease obligations

Merchandise and finished goods

6,202,007

Other accounts payable

Work in progress¥ 4,339,797
7,238
3,280,105

300,999

Income tax payable

781,103

Raw materials and purchased supplies

1,446,797

Reserve for bonuses

329,611

Deferred tax assets

1,524,090

Reserve for product returns

1,033,114

Other receivables

2,698,721

Other

2,167,964

Other

405,175

Allowance for doubtful accounts(76,378)

Total current assets

61,755,894

Property, plant and equipment
Buildings and structures, net

5,666,478

Equipment and vehicles, net

877,414
13,881,827

Lease assets, net

24,490Construction in progress

1,384

Other, net
Total property, plant and equipment

332,757
20,784,352

Intangible assets

11,938,935

Long-term liabilities
Lease obligations

Non-current assets

Land

Total current liabilities

18,449

Guarantee deposits received

18,446,472

Reserve for employees’ retirement benefits

5,193,496

Other
Total long-term liabilities
Total liabilities

234,697
23,893,116
35,832,051

NET ASSETS
Shareholders’ equity
Common stock

7,319,000

Additional paid-in capital

6,809,798
37,944,986

Goodwill

1,012

Software888,107

Retained earnings

Other

97,511

Treasury stock(17)

986,631

Total shareholders’ equity

Investment securities

426,532

Accumulated other comprehensive income

Deferred tax assets

2,368,259

Net unrealized gain on other securities

18,362

Other

1,252,446

Foreign currency translation adjustments(520,373)

Allowance for doubtful accounts(146,841)

Accumulated other comprehensive income(502,010)

Total investments and other assets

3,900,397

Minority interests

Total intangible assets

52,073,767

Investments and other assets

Total non-current assets
Total assets

18

NOEVIR HOLDINGS CO., LTD.

*noevir̲0117再校修正.indd 18-19

23,46825,671,381

Total net assets

51,595,224¥87,427,276

Total liabilities and net assets¥87,427,276

ANNUAL REPORT 201119

12/01/20 11:01

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income

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
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
Other
Total
Extraordinary losses
Loss on disposal of fixed assets
Loss on sale of investment securities
Total
Income before income taxes
Income taxes – basic
Income taxes – deferred
Total
Income before minority interests
Minority interests
Net income
20

NOEVIR HOLDINGS CO., LTD.

*noevir̲0117再校修正.indd 20-21

Consolidated Statements of Comprehensive Income(Thousands of yen)(Thousands of yen)

Year ended
September 30, 2011

Year ended
September 30, 2011¥24,581,835
9,377,231
15,204,603
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

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¥616,571(13,093)(1,027)(14,120)
602,451
600,375
2,076

Consolidated Changes to Equity
11,265
5,644
14,23426,02037,44238,029132,635
17,278
4,928
32,971
1,413
56,591
1,652,692
123
5,918
51,374
13,389682
71,488161,385
1,357
162,742
1,561,437
764,002180,863
944,866
616,571
1,805¥ 614,766(Thousands of yen)

Year ended
September 30, 2011

Shareholders’ equity
Common stock
Balance at end of the previous year
Changes during the reporting period
Increase 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 by share transfers
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 by share transfers
Net income
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
Total changes during the period
Balance at end of the year¥—
7,319,000
7,319,000
7,319,000—
6,809,798
6,809,798
6,809,798—

37,330,220
614,766
37,944,986
37,944,986
—
(17)
(17)
(17)

ANNUAL REPORT 201121

12/01/20 11:01

Consolidated Changes to Equity (Continued)

Total shareholders’ equity
Balance at end of the previous year
Changes during the reporting period
Increase by share transfers
Purchase of own shares
Net income
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 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 by share transfers
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year
Accumulated other comprehensive income
Balance at end of the previous year
Changes during the reporting period
Increase 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 by share transfers
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year
Total assets
Balance at end of the previous year
Changes during the reporting period
Increase by share transfers
Purchase of own shares
Net income
Changes during the reporting period, excluding shareholders’ equity
Total changes during the period
Balance at end of the year

22

NOEVIR HOLDINGS CO., LTD.

*noevir̲0117再校修正.indd 22-23

Consolidated Statements of Cash Flows(Thousands of yen)(Thousands of yen)

Year ended
September 30, 2011

Year ended
September 30, 2011¥—

51,459,018(17)
614,766
52,073,767
52,073,767—
31,455(13,093)
18,362
18,362—(519,075)(1,298)(520,373)(520,373)—(487,619)(14,391)(502,010)(502,010)—
21,391
2,076
23,46823,468—50,992,791(17)
614,766(12,315)
51,595,224¥51,595,224

Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Decrease in reserve for doubtful accounts
Decrease in reserve for bonuses
Decrease in reserve for product returns
Increase in reserve for retirement benefits
Interest and dividends received
Loss on currency translation
Gain on marketable and investment securities
Gain on valuation of marketable and investment securities
Loss on sales of property, plant and equipment
Adjustment to the loss on disaster
Decrease in trade receivables
Decrease in inventories
Decrease in trade payables
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 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
Cash and cash equivalents, end of year

¥ 1,561,437
910,990
1,771(72,666)(49,540)(143,809)
27,844(16,909)
9,809(4,560)(682)
161,261(13,389)
1,610,233
409,808(111,010)(418,700)(575,685)
3,286,202
21,238(480,498)
2,826,942(2,501,250)
2,500,000(1,261)
20,368(266,100)
72,457(27,144)3,578(199,352)(17)(2,756)(2,774)(5,802)2,619,012
33,529,877¥36,148,890

ANNUAL REPORT 201123

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Principal Consolidated Subsidiaries

Board of Directors and Auditors(As of September 30, 2011)(As of December 9, 2011)

Name

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 Tourist Co., Ltd.

3-5-12 Azuchi-machi
Chuo-ku, Osaka 541-0052
Japan

¥100

100.00General travel services and life
insurance agency 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

100.007360 River Road, RichmondBritish Columbia V6X 1X6
Canada

C$1,131
thousand

100.008th Fl.-2, No.111 Songjiang
Road, Jhongshan District
Taipei City 10486
Taiwan

NT$31,000
thousand

96.77

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

3,311
thousand
Chinese yuan

100.00Shanghai Noevir
Co., Ltd.

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

5,000
thousand
Chinese yuan

50.00

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

100.00Market research in Europe

Noevir Co., Ltd.

Noevir Canada, Inc.

Noevir Taiwan, Inc.

Noevir Shanghai, Inc.

24

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

NOEVIR HOLDINGS CO., LTD.

*noevir̲0117再校修正.indd 24-25

100.00%100.00%100.00

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

Sale of cosmetics andfood products

Sale of cosmetics andfood products

Sale of cosmetics andfood products

Procurement and sale of sales
promotion goods for the Noevir
Group

President andRepresentative Director
Takashi Okura

Directors
Ikkou Yoshida
Yasuo Kaiden
Masataka Nakano

Masakazu Ueda
Kazuhiro Kida

Outside Director
Sanae Tanaka

Investor Information(As of September 30, 2011)

Name:

Stock Listing:

Noevir Holdings Co., Ltd.

Tokyo Stock Exchange, 2nd Section (Ticker: 4928)

Date of Establishment:

Transfer Agent and Registrar:

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

The Chuo Mitsui Trust and Banking Co., Ltd.
3-33-1 Shiba, Minato-ku, Tokyo 105-8574, Japan

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

Name

Number of
Shares Held(thousands)

Percentage ofTotal Shares Issued(percent)

Hiroshi Okura

8,438

20.41%

Headquarters:

NII Co., Ltd.

6,972

16.87

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

Okura Kohsan, Ltd.

4,491

10.86

Takashi Okura

3,699

8.95

Noevir Holdings Employees Shareholding Scheme• Kobe6-13-1 Minatojima-nakamachi
Chuo-ku, Kobe 650-8521, Japan

1,205

2.91

Sumitomo Mitsui Banking Corporation

900

2.17

Mizuho Bank, Ltd.

600

1.45

Sumitomo Life Insurance Company

300

0.72

Nihon Kolmar Co., Ltd.

300

0.72

Kiyomi Yamamoto

196

0.47

27,10165.58%

Total

26,000euro

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

Standing Corporate Auditor

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.

ANNUAL REPORT 201125

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