Noevir Holdings Co., Ltd.
Results for the First Half of Fiscal 2023
(October 1, 2022 – March 31, 2023)

May 17, 2023
Noevir Holdings Co., Ltd.
Ikkou Yoshida, Managing Director

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

1

Company Overview
Noevir Holdings Co., Ltd. Tokyo Stock Exchange, Prime Market Ticker: 4928
Date of Establishment

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

Paid-in Capital¥7,319 million

Consolidated Subsidiaries

13 subsidiaries (6 domestic / 7 international)

Employees

1,398 (Consolidated) (As of September 30, 2022)

Number of shareholders

19,608 (As of March 31, 2023)

Outstanding Shares

34,156 thousand shares

Market Capitalization¥187.861 billion (May 16, 2023 @ ¥5,500)

Line of BusinessApparelbusiness
Aviation-related
business

Cosmetics

Pharmaceuticals & Health Food
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Other2

1. Results for the First Half of Fiscal 2023
2. The First Half of Fiscal 2023
Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2023

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

3

The First Half of Fiscal 2023
Consolidated Results Summary

Increased sales and profits vs. both planned company target
and actual results year on year
1st half offiscal 2023

Year-on-yearchangePlanned company
Target(vs. forecast target)

Net sales

30,800 million yen

+2.4％

+2.3％

Operating income

5,700 million yen+10.0％

+8.5％

18.6％

+1.3pt+1.1ptOperating income margin➢ Factors increasing sales and profits(1) Self-selection cosmetics performed strongly(2) SG&A expenses were streamlined
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Operating income
margin18.6％
4

The First Half of Fiscal 2023 Highlights
Net sales 30,896 million yen (+ 2.4% year-on-year), operating income 5,750 million yen(+10.0%), ordinary income 5,809 million yen (+9.0%), net income attributable to owners of
the parent 2,672 million yen (-10.4%)
1st half ended
March 31, 2023

1st half ended
March 31, 2022

Millions of yen

Millions of yen

Millions of yen

30,89630,161734

2.4

Cost of sales

9,629

9,193

436

4.7

Gross profit

21,267

20,9682981.4

15,517

15,739(222)

(1.4)

5,750

5,229

520

10.0

5998(39)(39.8)

5,809

5,327

481

9.0

Net sales

SG&A

Operating income
Non-operating income (expenses)

Ordinary income

Earning forecast
targetYear-on-year change％％

Millions of yen

30,200

2.3

5,300

8.5

5,400

7.6

Extraordinary income (loss)
Income before income taxes

(1)

960

(961)

ー

5,807

6,288(480)(7.6)

Income taxes

3,135

3,306(170)

(5.2)

2,672

2,982(310)(10.4)

2,400

11.3

31.2

30.5

ー

0.7ptーー

18.6

17.3

ー

1.3pt

17.5

1.1pt

18.8

17.7ー

1.1pt

17.9

ー

Net income attributable to owners of theparent margin (%)

8.6

9.9ー

(1.2pt)7.9

ー

SG&A ratio (%)

50.2

52.2ー

(2.0pt)ーー

Net income attributable to owners of the parent

Cost of sales ratio (%)
Operating income margin (%)
Ordinary income margin (%)

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

5

Operating Income Margin

18.3%
15.6%

14.6%

15.4%

19.6%

20.2%
16.7%

15.1%

18.6%
16.5%

10.9%
※

5.9%

11/9期
13/9期 FY2014
14/9期
FY2011 12/9期
FY2012 FY2013

15/9期 FY2016
16/9期 FY2017
17/9期
FY2015

18/9期
FY201819/9期 FY2020
20/9期 FY2021
21/9期FY2022
22/9期 First
23/9期
FY2019Half of第2四半期
Fiscal2023

Continued to maintain a high operating income margin in 1H FY2023※ The operating income margin for fiscal 2011 was calculated from a sum of results for Noevir Co, Ltd. for 1H fiscal 2011 and Noevir Holdings Co., Ltd. for fiscal 2011.
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

6Monthly Net Sales in the Cosmetics Segment Year on YearFiscal 2023

105.3%

108.6%

105.6%

109.9%

117.4%

112.6%
102.4%

101.9%
95.7%

102.1%

102.7%

107.1%
102.3%

103.7%
97.5%

102.0%

95.0%

95.4%

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
Jun. Jul. Aug.
Sep. Oct.
Nov. Dec.
10月 11月 12月 １月 ２月 ３月 ４月 ５月 ６月 ７月 ８月 ９月 10月 11月 12月

Jan.
１月

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Feb.
２月Mar.
３月7The First Half of Fiscal 2023
Reasons for Change in Operating Income(Millions of yen)
Factors increasing profit
Factors decreasing profit

increase in sundry expenses

Decrease in A&P

5,229

Increase in gross profit
due to sales increase

-80

5,750

Increase in operating income of 520 million yen
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

8

1. Results for the First Half of Fiscal 2023
2. The First Half of Fiscal 2023
Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2023

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

9

The First Half of Fiscal 2023 Segment-Based Highlights
1st half ended
March 31, 2023

1st half ended
March 31, 2022

Year-on-year change

Millions of yen

Millions of yen

Millions of yen

Other％

4.0%

Cosmetics
Net sales

24,091

23,743348

1.5

Segment income

6,174

5,435

738

13.6

Pharmaceuticals &Health Food

18.0%

Pharmaceuticals &Health Food

Net sales

30,896

Net sales

5,579

5,450

129

2.4

Segment income

542

766

(224)

(29.3)Net sales

1,225

967

257

26.6

Segment income
Consolidated net
sales

164

166

(2)

(1.2)

30,89630,161734

2.4

million yen

Cosmetics

Other

78.0%
Composition of net sales in the first half of fiscal 2023

Cosmetics

Sales and profits increased
year on year

Sales increased due to firm sales of self-selection cosmetics and profit
increased due to streamlining of SG&A expenses

Pharmaceuticals &Health Food

Sales increased while profits
decreased year on year

Profits decreased mainly due to a decline in sales of nutritional
supplements, while cough drops and drinks performed favorably

Other

Sales increased while profits
decreased year on year

Sales increased in the apparel business and aviation-related business

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

10The First Half of Fiscal 2023 Cosmetics
1st half ended March 1st half ended March
31, 2023
31, 2022
Millions of yen

Millions of yen

Year-on-year change
Millions of yen

Cosmetics％Net sales

24,091

23,743348

1.5

Segment income

6,174

5,435

738

13.6

78.0%
24,091

million yen

セルフ化粧品Compositionof net sales in the first half of fiscal 2023

Face-to-facechannelcosmetics

Self-selection
cosmetics

Overseas andOEM businesssales➢ Noevir HUKKULA Serum, a new collagen serum product, contributed tosales➢ Sales of skincare products declined, while makeup products recovered➢ Skincare brand Nameraka Honpo and makeup brands Pore Putty andNew Born performed brisklyNoevir
HUKKULA Serum➢ Sales of excel and NOV brands decreased➢ Sales increased both overseas and in OEM

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Nameraka Honpo
skincare brand11

The First Half of Fiscal 2023
Pharmaceuticals & Health Food
1st half ended March 31, 1st half ended March 31,
2023
2022
Millions of yen

Millions of yen

Year-on-year change％

Millions of yen

Net sales

5,579

5,450

129

2.4

Segment income

542766(224)(29.3)

Pharmaceuticals &Health Food

18.0%
5,579

➢ Sales increased as cough drops and drinks performed strongly

million yen➢ Profits decreased mainly due to a decline in sales of nutritional supplements➢ New product L. lactis strain Plasma OISHII AOJIRU (Foods with Function

Nanten Nodo Ame cough drop brandComposition of net sales
in the first half of fiscal 2023Claims) contributed to sales

The First Half of Fiscal 2023 Other
1st half ended March 1st half ended March 31,31, 20232022
Millions of yen

Millions of yen

Min Min Da Ha functional drink brand lineup

Year-on-year change％

Millions of yen

Net sales

1,225

967

257

26.6

Segment income

164166(2)

(1.2)

Other

4.0%
1,225

➢ Sales increased in the apparel business andaviation-related businessmillion yen

Composition of net sales
in the first half of fiscal 2023
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

L. lactis strain Plasma
OISHII AOJIRU（Foods with Function Claims)

12

The First Half of Fiscal 2023 Balance Sheets（Millions of yen）
Previous year(As of March 31,2022)

As of March 31,2023

46,441
27,295
9,040
27,913
21,586
444
5,882
2,397
74,354

47,125
26,595
9,606
26,93920,552
723
5,663
2,808
74,064

683
(700)
565
(974)
(1,034)
279
(219)
410
(290)

Total liabilities
Shareholders’ equity
Common stock
Retained earnings
Total net assets
Total liabilities and net assets

10,45016,176
12,205
26,62645,692
7,319
38,37547,72874,354

11,287
14,688
11,79925,97545,6287,319
38,311
48,08874,064837(1,488)(405)(651)(64)
(64)
360
(290)

Equity ratio

63.7%

64.4%

0.7pt

Current assets
Cash and cash equivalents
Notes and accounts receivable

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Total assets
Current liabilities
Long-term liabilities

Guarantee deposits received

Points of B/SChange➢ Balance of net cash and deposits
Cash and cash equivalents– Guarantee deposits received＝14.7 billion yen(-300 million yen year on year)➢ Equity ratio 64.4％

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

(+0.7pt year on year)131. Results for the First Half of Fiscal 2023
2. The First Half of Fiscal 2023
Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2023

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

14

Medium-term Management Plan
Having positioned net sales, operating income and return on equity (ROE)
as key management indicators, the Noevir Group aims to maximize its
corporate value and enhance profitability.
Medium-termManagement Plan
Concept

Realizing steady corporate growth by securing
sustainability in every Group business segment

Five Policies

１．Pursue innovation and continuous profit generation in thedomestic market
２．Enhance our brand value
３．Accelerate efforts to diversify human resources and ourcorporate structure
４．Strengthen our competitiveness by stepping up thediversification of our R&D, production and logistics systems
５．Promote a management approach that is responsive tochanges in the business environment

Consolidated Earnings
Forecasts for Fiscal 2023

Net sales¥61.6 billion

Operating income ¥10.7 billion

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

15

1. Results for the First Half of Fiscal 2023
2. The First Half of Fiscal 2023
Segment-Based Highlights
3. Medium-Term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2023

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

16

Fiscal 2023 Forecasts
Net Sales

Operating
IncomeOrdinary
IncomeNet Income Attributableto Owners of the Parent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

1st Half Results

30,896

5,750

5,809

2,672

2nd Half Forecasts

30,703

4,949

5,090

5,027

Full Year Forecasts (A)61,60010,70010,9007,700

Fiscal 2022 Results (B)61,143

10,115

10,406

7,589

Difference (A-B)

456

584

493

110

Change0.7%

5.8%

4.7%

1.5%

2nd Half Forecast （C）

30,703

4,949

5,090

5,027

Fiscal 2022 2nd Half Results (D)30,981

4,885

5,078

4,607

Difference (C-D)

(278)

64

12420

Change(0.9%)

1.3%

0.2%

9.1%

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

17

Fiscal 2023
Reasons for Change in Operating Income Forecast(Millions of yen)

FY 2022

Decrease in A&P

Increase in activity costs

10,115

Increase in gross profit
due to sales increase-102

Forecast increase in operating income
585 million of yen
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Decrease in sundry expenses

Factors increasing profit
Factors decreasing profit

10,700FY 2023(Forecast)18

Major initiatives forthe second half of fiscal 2023

Cosmetics

Strive for improved profitability as a core business

Face-to-facechannelcosmetics

Self-selection
cosmetics

Strengthen face-to-face sales capabilities
Return to in-person sellingPresent products timely with an understandingof customers’ needs

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

19Major initiatives forthe second half of fiscal 2023

Cosmetics

Face-to-face channel
cosmetics

Strengthen face-to-face sales capabilities
Return to in-person selling

NOEVIR Beauty Studio salons➢ Roll out to about 2,000 stores inregions nationwide

Directly managed NOEVIR SALON DE SPECIALE salons➢ Roll out 10 stores nationwide
NOEVIR SALON DE SPECIALE
official website

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

20

Major initiatives forthe second half of fiscal 2023

Cosmetics

Face-to-face channel
cosmetics

Noevir Dewdrop Glow Serum (serum)

45 mL 19,800 yen (tax inclusive)
Newly launched in May 2023

NoevirSell and focus on sales expansion of new products

Noevir Tokara Sea Mineral Series
Dewdrop GlowSerumofficial website(shampoo, conditioner, body soap, deep conditioner)
1,760-3,300 yen (tax inclusive)
Relaunch in June 2023

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Tokara Sea
Mineral Series
official website21

Major initiatives forthe second half of fiscal 2023

Self-selection
cosmetics

Cosmetics
Nameraka Honpo skincare brand
Acquire a wide array of customers and further expand earnings
Newly launched the Power Up and Brightening Type versions of the
popular Micro Lotion Mist from Nameraka Honpo, the No.1 brand in
the soymilk-based skincare product market.

Nameraka
Honpo
official
websiteNameraka Honpo Mist Skin Lotion NC

Nameraka Honpo Brightening Mist Skin Lotion(quasi-drug)
Launched in February 2023

Moisture skincare line

Brightening skincare line

Aging Care skincare lineCopyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Haritsuya skincare line22

Major initiatives forthe second half of fiscal 2023

Self-selection
cosmetics

Cosmetics
New brands
Developing and nurturing new skincare brands that capture market needs

WRINKLE TURN
WrinkleTurn official
websiteMedicated aging skincare
product that helps to both smoothwrinkles and treat skin spots
WRINKLE TURN Repair Concentrate Balm (quasi-drug)
5.5g 1,980 yen (tax inclusive)
Newly launched in February 2023

Vaserhythm
Vaserhythm
officialwebsiteNon-sticky moisturizing skincare
product containing highly refined
petroleum jelly
Vaserhythm Moisture Lotion 200 mL 1,430 yen (tax inclusive)
Vaserhythm Moisture Balm 90 g 1,430 yen (tax inclusive)
Newly launched in March 2023
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

23

Major initiatives forthe second half of fiscal 2023

Cosmetics

Self-selection
cosmetics

excel brandSell and focus on sales expansion of attractive
new products

excel

officialwebsite

excel real clothes shadow*The images are for illustrative purposes only.

excel seamless tone blush

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

Relaunched in April 2023 with total 6 colors

Newly launched in March 2023 with total 4 colors

24

Major initiatives forthe second half of fiscal 2023

Cosmetics

Self-selection
cosmetics

NOV brand
Focus on Expanding Sales of Mainstay Series

Novofficialwebsite

NOV is a skincare line based on clinicaldermatology studies for those who have dry,
sensitive or acne-prone skin.

AC ACTIVE skincare line
(Function-focused proactive skincare for adult acne)

Image: Examination at medical institutions(dermatologists, etc.)

L&W skincare line
(Highly moisturizing aging care for sensitive skin)

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

III skincare line
(Skincare for those concerned about sensitiveand dry skin)

Body moisturizers
Launched Skin Milk Lotion and Hand Cream inNovember 2022.

25

Major initiatives forthe second half of fiscal 2023

Pharmaceuticals & Health Food

➢ Launch distinctive new products centered on functional and nutritional drinks
and increase profitability by strengthening cost control➢ Strengthen orders for private brands, OEM

医薬品

Pharmaceuticals➢ Focus on sales expansion
・Nanten Nodo Ame cough drop・Nutrient tonic drinks

Nanten NodoAme coughdrops officialwebsite

Nanten Nodo Ame cough drop brand

食品

Health Food

➢ Focus on expanding

・Min Min Da Ha functional drink brand・ Nutritional supplements(Including Foods with Functional Claims)

Min Min Da Ha
functional
drink brandofficial website

Min Min Da Ha
functional drink brand lineup

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

L. lactis strain Plasma
OISHII AOJIRUNoevir ACTIVE
SHAPE（Foods with Function Claims) （Foods with FunctionClaims)

26

Major initiatives forthe second half of fiscal 2023

Other

➢ Improve Profitability

Apparel business

Launch new products

Aviation-relatedbusinessContinue responding
carefully

Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

27

Return on Equity

14.1％
12.3％

8.9％

8.0%

8.9％

14.6％

13.8％

12.3％
10.7％

9.2％

5.5％
※

2.2％
11/9期
FY
2011

12/9期
13/9期
14/9期
15/9期
16/9期
17/9期
18/9期
FY
2012 FY
2013 FY
2014 FY
2015 FY
2016 FY
2017 FY
2018

19/9期
FY
2019

20/9期
21/9期
22/9期
FY
2020 FY
2021 FY2022

Enhancing profitability through efficient management* ROE for fiscal 2011 was calculated from the sum of net income attributable to owners of the parent of Noevir Co., Ltd. for 1H fiscal 2011 and Noevir Holdings Co., Ltd. for fiscal 2011.
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

28

Dividend and Dividend Payout Ratio
Increased dividends for
11 consecutive periods
配当金Dividends

配当性向（％）
Dividend payout ratio (%)

¥200

¥205

¥210

¥215 ¥215¥180¥150※129.5％

¥120
¥100

¥36

¥4054.5％

FY 2011
11/9期¥5040.9％

124.6％¥6073.1％

84.2％

75.1％

78.8％

94.5％

112.4％

96.8％ 95.4％

51.7％

FY2012 FY
2013 FY
2014 15/9期
FY 2015 16/9期
FY 2016 17/9期
FY 2017 FY
2018 FY
2019 20/9期
FY 2020 21/9期
FY 2021 FY
2022 23/9期予想
FY 2023
12/9期
13/9期
14/9期
18/9期
19/9期
22/9期
(Forecast)Continue stable shareholder return by maximizing corporate value
and enhancing profitability* Dividend payout ratio for Fiscal 2011 was calculated from the sum of net income attributable to owners of the parent of Noevir Co, Ltd. for Q2 Fiscal 2011 and Noevir Holdings Co., Ltd. for Fiscal 2011.
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

29

[Inquiries] Noevir Holdings Co., Ltd. Public & Investor Relations Tel: +81-03-5568-0305 Fax: +81-03-5568-0441
E-mail: ir@noevirholdings.co.jp WEB: https://www.noevirholdings.co.jp/english/index.htm
These materials contain information that constitutes forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks anduncertainties. Actual results may differ from those in the forward-looking statements as a result of various factors including changes in material circumstances.
Copyright © 2023 Noevir Holdings Co., Ltd All Rights Reserved.

30