November 7, 2023

Noevir Holdings Announces 2023 Consolidated Results(based on Japan GAAP)
Trade name:
Listing:
URL:
Representative:
Contact:

Noevir Holdings Co., Ltd.
Tokyo Stock Exchange, Prime Market (Securities Code: 4928)
https://www.noevirholdings.co.jp/
Takashi Okura, President and CEO
Mitsuyoshi Hanyu, Executive Officer, Accounting
Tel. +81-78-303-5121
Annual General Meeting of Shareholders: December 8, 2023
Date of commencement of dividend payments: December 11, 2023
Submission of securities report: December 8, 2023
Supplemental materials for the financial results prepared: Yes
Results briefing for the reporting period held: Yes (for institutional investors and analysts)(Amounts under one million yen have been rounded down)

1. Operating results for the fiscal year ended September 30, 2023
(October 1, 2022 – September 30, 2023)(1) Consolidated operating results(Millions of yen; percentage figures denote year-on-year change)

Net sales
Fiscal year ended September 30, 2023

62,552

Fiscal year ended September 30, 2022 61,143

OperatingincomeOrdinary
income2.3%

11,0249.0%

11,2958.5%－

10,115－

10,406－

Net income
attributable to ownersof the parent
7,673 1.1%
7,589

－

Note: Comprehensive income:Fiscal year ended September 30, 2023: 8,224 million yen [4.1%]
Fiscal year ended September 30, 2022: 7,900 million yen [－%]EPS (Yen)

Diluted EPS
(Yen)

ROE
(%)

Ordinary
income/Total
assets (%)

Operatingincome/Total sales(%)

Fiscal year ended September 30, 2023

224.66

－

14.6

14.7

17.6

Fiscal year ended September 30, 2022

222.20

－

14.6

13.2

16.5

[Reference]
Equity in gain/losses of affiliated companies
Fiscal year ended September 30, 2023: — million yen
Fiscal year ended September 30, 2022: — million yen

Note: The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been
applied from the beginning of the fiscal year ended September 30, 2022. The figures for the fiscal year ended September
30, 2022 are presented after application of this accounting standard, etc. Therefore, year-on-year changes for thesefigures are not disclosed.

(2) Consolidated financial position
Total assets
77,24676,781

As of September 30, 2023
As of September 30, 2022
[Reference] Equity:
As of September 30, 2023: 52,790 million yen
As of September 30, 2022: 52,055 million yen

Net assets
53,20552,384- 1 -Equity ratio (%)
68.3
67.8

(Millions of yen)

Net assets per share (Yen)
1,545.54
1,524.05

(3) Consolidated cash flows(Millions of yen)

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

7,624
5,845

(3,544)(255)(7,493)(7,380)Fiscal year ended September 30, 2023
Fiscal year ended September 30, 2022

2. Cash dividends
Annual dividends

Fiscal year ended
September 30, 2022
Fiscal year ended
September 30, 2023
Fiscal year ending
September 30, 2024
(forecast)

Total dividend
amount(Millions of yen)(Annual)Payout ratio(%)(Consolidated)

Cash and cash
equivalents,
end of year
26,16629,530(Yen)
Dividends/
Shareholders’equity (%)(Consolidated)

1stquarter

2ndquarter

3rdquarterYearend

Total

－

0.00

－

215.00215.00

7,343

96.8

14.1

－

0.00

－

220.00220.00

7,514

97.9

14.3

－

0.00

－

220.00220.0096.3

3. Consolidated earnings forecasts for the fiscal year ending September 30, 2024
(October 1, 2023 – September 30, 2024)(Millions of yen; percentage figures denote year-on-year change)

Net Sales
Full year

63,0000.7%

Net income
attributable toowners of the parent
0.9%
7,800
1.6%

Operating income

Ordinary income

11,20011,4001.6%

EPS (Yen)
228.36* Notes(1) Significant changes in subsidiaries (scope of consolidation) during period: None
(2) Changes in accounting principles, procedures, disclosure methods
1) Changes associated with revision in accounting standards: Yes
2) Other changes: None
3) Changes in accounting estimates: None
4) Restatements: None
(3) Shares outstanding (common stock)
1) Shares outstanding (including treasury stock)
As of September 30, 2023: 34,156,623
As of September 30, 2022: 34,156,623
2) Treasury shares outstanding
As of September 30, 2023: 270
As of September 30, 2022: 270
3) Average shares outstanding for the period
Fiscal year ended September 30, 2023: 34,156,353
Fiscal year ended September 30, 2022: 34,156,378
Note: Please refer to “Per-share information” on page 21 of the Attached Material regarding the formula used to
calculate earnings per share (consolidated).

- 2 -* These financial results are not audited by a certified public accountant or audit company.
* Explanation regarding the appropriate use of business performance forecasts
Forward-looking statements included in these materials, such as forecasts of business performance, are based on
information known to the Company’s management as of the time of writing, and reflect judgments believed to bereasonable on the basis of that information. There is, therefore, a possibility that actual business performance figures
will differ substantially from our forecasts as a result of changes in the economic situation and other unforeseeable
factors. Please refer to “(1) Analysis of operating results” under “1. Operating results and financial information” onpage 5 of Attached Material.

- 3 -Contents of the Attached Material
1. Operating results and financial information ...................................................................... 5(1) Analysis of operating results .................................................................................................... 5(2) Analysis of financial position ................................................................................................... 7(3) Profit distribution/dividend payment for the reporting term and the current term .......................... 9
2. Management strategy ........................................................................................................... 9(1) Basic management policies and medium- to long-term strategy .................................................. 9(2) Numerical targets and achievements ......................................................................................... 9(3) Key issues .............................................................................................................................. 9
3. Basic Approach to Selecting Accounting Principles ............................................................ 9
4. Consolidated financial statements and notes ............................................................................... 10(1) Consolidated balance sheets ................................................................................................... 10(2) Consolidated statements of income and comprehensive income ................................................ 12(3) Consolidated changes to equity ....................................................................................... 14(4) Consolidated statements of cash flows .................................................................................... 16(5) Notes to the quarterly consolidated financial statements ........................................................... 17(Note on assumptions for going concern) ............................................................................... 17(Changes in accounting principles) ........................................................................................17(Consolidated balance sheet) ................................................................................................. 17(Segment information, etc.) ............................................................................................. 18(Per-share information) ................................................................................................... 22(Important subsequent events) ....................................................................................... 22- 4 -1. Operating results and financial information(1) Analysis of operating results
1) Consolidated operating results for the reporting fiscal period<<Background>>Fiscal year ended
September 30, 2022
Net Sales% of Total(Millions of yen)

Fiscal year ended
September 30, 2023
Net Sales% of Total(Millions of yen)

Change(Millions of yen)

Change(%)

61,14347,032100.0
76.9

62,552
48,175

100.0
77.0

1,408
1,143

2.3
2.4

11,40818.7

11,985

19.2

577

5.1

2,703

4.4

2,391

3.8

(311)

(11.5)

Fiscal year ended
Fiscal year ended
September 30, 2022
September 30, 2023
AmountAmount% of Net sales% of Net sales(Millions of yen)
(Millions of yen)

Change(Millions of yen)

Change(%)

Ner sales
Cosmetics
Pharmaceuticals &Health Food
Other

Operating income
Ordinary income
Net income
attributable toowners of the parent

10,115
10,40616.5
17.0

11,024
11,295

17.6
18.1

908
889

9.0
8.5

7,589

12.4

7,673

12.3

83

1.1

During fiscal 2023 (October 1, 2022 to September 30, 2023), economic trends remained uncertain,
although some signs of gradual recovery were observed.
In this environment, the Company is working to realize the concept of its medium-term management
plan: “Realizing steady corporate growth by securing sustainability in every Group business segment.”
As a result, net sales for the fiscal year ended September 30, 2023 came to 62,552 million yen (up2.3% year on year), operating income was 11,024 million yen (up 9.0%), ordinary income was 11,295
million yen (up 8.5%), and net income attributable to owners of the parent was 7,673 million yen (up1.1%).
<<Segment results>>(a) Cosmetics
Fiscal year ended

Net sales
Segment income

Fiscal year ended

September 30, 2022

September 30, 2023

47,032
10,814

48,175
11,867

Change(Millions of yen)
1,143
1,052

(Millions of yen)
Change(%)
2.4
9.7

Change(Millions of yen)577
27(Millions of yen)
Change(%)
5.1
2.4

Sales in the Cosmetics segment totaled 48,175 million yen (up 2.4% year on year), and segment
income came to 11,867 million yen (up 9.7%).
(b) Pharmaceuticals & Health Food
Fiscal year ended

Net sales
Segment income

Fiscal year ended

September 30, 2022

September 30, 2023

11,408
1,157

11,985
1,185

Sales in the Pharmaceuticals & Health Food segment totaled 11,985 million yen (up 5.1% year onyear), and segment income came to 1,185 million yen (up 2.4%).
- 5 -(c) Other
Fiscal year ended

Net sales
Segment income

Fiscal year ended

September 30, 2022

September 30, 2023

2,703
381

2,391
260

Change(Millions of yen)
(311)
(120)

(Millions of yen)
Change(%)(11.5)(31.6)

Sales in the Other segment came to 2,391 million yen (down 11.5% year on year), while segment income
came to 260 million yen (down 31.6%).
Note: Segment operating income (loss) represents the amount before adjustment for intersegment
eliminations and unallocated corporate expenses. For details on the segment income (loss)
adjustment, please see “3) Information concerning sales, income and loss, assets, liabilities andother item amounts in each reporting segment and revenue breakdown information (Note 1) in(Segment information)” on pages 18 and 19.
2) Forecast for the current fiscal year ending September 30, 2024
Although a gradual economic recovery is anticipated, the outlook is expected to remain uncertain due
to factors such as the risk of downward pressure on consumer spending caused by rising prices.
In this environment, the Company will move forward aiming to realize the concept of its mediumterm management plan: “Realizing steady corporate growth by securing sustainability in every Groupbusiness segment.” With this aim in mind, the Company’s consolidated forecast for the fiscal year
ending September 30, 2024 is for net sales of 63,000 million yen, operating income of 11,200 million
yen, ordinary income of 11,400 million yen, and net income attributable to owners of the parent of 7,800
million yen.

- 6 -(2) Analysis of financial position
1) Assets, liabilities and net assets
Total assets on a consolidated basis as of September 30, 2023 stood at 77,246 million yen, an increaseof 464 million yen from the previous fiscal year-end. This was mainly due to an increase in notes andaccounts receivable of 1,524 million yen and a decrease in cash and cash equivalents of 864 million
yen.
Total liabilities came to 24,040 million yen, a decrease of 356 million yen from the previous fiscal
year-end. This mainly reflected a decrease in long-term guarantee deposits of 418 million yen.
Net assets came to 53,205 million yen, an increase of 820 million yen from the previous fiscal yearend. This was primarily attributable to an increase in retained earnings of 329 million yen and anincrease in net unrealized gain on other securities of 329 million yen, due to net income attributableto owners of the parent of 7,673 million yen, which was partly offset by the payment of 7,343 million
yen in dividends at the previous fiscal year-end.
As a result, the equity ratio stood at 68.3%, up 0.5 percentage points from the previous fiscal yearend, and net assets per share stood at 1,545.54 yen, an increase of 21.49 yen.
2) Consolidated cash flows
Cash and cash equivalents (hereinafter, “cash”) on a consolidated basis as of September 30, 2023 stoodat 26,166 million yen, a decrease of 3,364 million yen compared with the previous fiscal year-end.
The status of each cash flow together with the factors contributing to their increase or decrease for the
fiscal year ended September 30, 2023 are presented as follows.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to 7,624 million yen (1,778 million yen morethan in the corresponding period of the previous fiscal year). The main factor increasing cash wasincome before income taxes of 11,298 million yen, and the main factor decreasing cash was income
tax paid of 1,979 million yen.
(Cash flows from investing activities)
Net cash used in investing activities came to 3,544 million yen (3,289 million yen more than in thecorresponding period of the previous fiscal year). The principal cash outflows were 2,717 million
yen for expenditure for deposit to time deposits and 736 million yen for purchase of property, plantand equipment.
(Cash flows from financing activities)
Net cash used in financing activities came to 7,493 million yen (112 million yen more than in thecorresponding period of the previous fiscal year). This was mainly due to the payment of 7,341
million yen in dividends.
(Reference)
Fiscal year
ended
Sept. 30, 2019

Fiscal year
ended
Sept. 30, 2020

Fiscal year
ended
Sept. 30, 2021

Fiscal year
ended
Sept. 30, 2022

Fiscal year
ended
Sept. 30, 2023

Equity ratio (%)
63.3
64.9
64.5
67.8
Equity ratio
231.2
209.9
226.3
252.7
market capitalization (%)
Cash flows/－－－－interest-bearing debt ratio (%)
Interest coverage ratio (times)－－－－
Notes:
Equity ratio = Shareholders’ equity/Total assets
Equity ratio (market capitalization) = Market capitalization/Total assets
Cash flow versus interest-bearing debt ratio = Interest-bearing debt/Operating cash flow
Interest coverage ratio = Operating cash flow/Interest expense* All figures are calculated on a consolidated basis.

68.3

- 7 -

233.9
－
－

* Market capitalization is calculated based on shares outstanding excluding treasury stock.
* Interest-bearing debt covers all debt (excluding lease obligations by the interest-paid inclusive method) recordedon the balance sheets for which interest is paid.

- 8 -(3) Profit distribution/dividend payment for the reporting term and the current term
The Company regards profit distribution to shareholders as an important management issue.
Therefore, its basic policy is to continue to pay dividends with a focus on retuning profits toshareholders while ensuring the necessary reserves for business expansion in the medium and longterm and a stronger management structure. For fiscal 2023 (ended September 30, 2023), based on the
aforementioned policy, we plan to pay a year-end dividend of 220 yen per share, which is a 5 yen
increase from our most recent dividend forecast.
For the current fiscal year, ending September 30, 2024, we plan to pay a dividend of 220 yen per
share.
2. Management strategy(1) Basic management policies and medium- to long-term strategy
To achieve the Noevir Group’s medium-term management plan concept, “Realizing steady corporate
growth by securing sustainability in every Group business segment,” the Group will execute thefollowing five policies.
1. Pursue innovation and continuous profit generation in the domestic market
2. Enhance our brand value
3. Accelerate efforts to diversify human resources and our corporate structure
4. Strengthen our competitiveness by stepping up the diversification of our R&D, production andlogistics systems
5. Promote a management approach that is responsive to changes in the business environment(2) Numerical targets and achievements
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.
(3) Key issues
Although a gradual economic recovery is anticipated, the outlook is expected to remain uncertain due
to factors such as the risk of downward pressure on consumer spending caused by rising prices.In thisenvironment, to respond to change and diversification in the markets for the Group’s core Cosmetics
and Pharmaceuticals & Health Food businesses, the Group recognizes that promoting its mediumterm management plan concept, “Realizing steady corporate growth by securing sustainability inevery Group business segment” is an important priority.
3. Basic Approach to Selecting Accounting Principles
For the foreseeable future, the Group plans to prepare consolidated financial statements based on
generally accepted accounting principles in Japan. This policy takes into account factors such as the needto maintain comparability between the accounting periods of the consolidated financial statements and thefact that the Group has very little need to procure funds in overseas markets. Going forward, the Groupplans to give due consideration to the adoption of international financial reporting standards (IFRS),
taking into account conditions in Japan and overseas.

- 9 -4. Consolidated financial statements and notes(1) Consolidated balance sheets
As of
September 30, 2022
ASSETS
Current assets
Cash and cash equivalents
Notes and accounts receivable
Merchandise and finished goods
Work in progress
Raw materials and purchased supplies
Other receivables
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Equipment and vehicles, net
Land
Lease assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 10 -(Millions of yen)
As of
September 30, 2023

29,747
8,970
6,242
140
1,467
3,391
617
(7)
50,56928,883
10,495
6,352
141
1,653
3,057
597
(6)
51,175

5,106
784
13,554928
123
195*1 20,692

4,887
650
13,554846
71183*1 20,193

209
119
90
418

178
89
431
699

2,132
1,729
1,257
(19)
5,100
26,212
76,781

2,611
1,455
1,132
(20)
5,178
26,071
77,246

As of
September 30, 2022
LIABILITIES AND NET ASSETS
Current liabilities
Notes and accounts payable
Lease obligations
Other accounts payable
Income tax payable
Reserve for bonuses
Other
Total current liabilities
Long-term liabilities
Lease obligations
Guarantee deposits received
Deferred tax liabilities
Net defined benefit liability
Other
Total long-term liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Common stock
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized gain on other securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 11 -(Millions of yen)
As of
September 30, 2023

2,935
93
3,197
1,085
101
2,239
9,653

2,903
87
3,012
2,146
97
2,258
10,506912
12,001
311
514
1,003
14,74324,397827
11,583461
534
127
13,53424,0407,319
42,982(1)
50,3007,319
43,312(1)
50,629

1,278
486
(8)
1,755
328
52,38476,781

1,607
558
(5)
2,160
415
53,20577,246

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income
Fiscal year ended(Millions of yen)

Fiscal year ended

September 30, 2022
61,14319,05042,093September 30, 2023
62,552
19,98842,564

8,180
2,878
6,244
92
412
14,16931,977
10,115

7,966
2,725
6,319
90
347
14,09031,54011,024

10
18
103

30
24
1

Surrender value of insurance policies－

46

Dividend income of insurance
Compensation for damages received
Other
Total
Non-operating expenses
Other
Total
Ordinary income
Extraordinary income
Gain on sale of fixed assets

22
44
92
291

52
9
106
271

0
0
10,40600
11,295

121

7

961

－

1,083

7

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Sales commission
Cost of sales
Salaries and bonuses
Accrued allowance for bonuses
Retirement benefits for employees
Other
Total
Operating income
Non-operating income
Interest income
Dividend income
Gain on currency translation

Gain on revision of retirement benefit plan
Total
Extraordinary losses
Loss on disposal of fixed assets
Impairment loss
Total
Income before income taxes
Income taxes – basic
Income taxes – deferred
Total
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent- 12 -

18

4

310

－

329
11,161
2,359
1,147
3,506
7,654
64
7,589

4
11,298
3,207
276
3,484
7,814
140
7,673

Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended

Net income
Other comprehensive income
Net unrealized gain on other securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Total
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests- 13 -

Fiscal year ended

September 30, 2022
7,654

September 30, 2023
7,814

(452)
572
125
245
7,900

329
77
2
409
8,224

7,776
123

8,077
146

(3) Consolidated changes to equity
Fiscal year ended (September 30, 2022)

Commonstock
Balance at beginning of the year
Cumulative effects of changes inaccounting policies
Balance at the beginning of the year,
reflecting changes in accounting
policies
Changes during the reporting period
Distribution of dividends fromretained earnings
Net income attributable to ownersof the parent
Purchase of own shares
Changes during the reporting
period, excluding shareholders’equityTotal changes during the period
Balance at end of the year

7,319

Shareholders’ equity
Retained
Treasury stockearnings
43,040(Millions of yen)
Total shareholders’equity

(1)

(474)
7,319

－
7,319

42,56550,357(474)(1)

49,883(7,172)(7,172)

7,589

7,589

416
42,982

(0)

(0)

(0)
(1)

416
50,300

Accumulated other comprehensive income
Total
Net
Foreign
Remeasureaccumulated
unrealized
currency
ments ofother
gain on other translation
definedcomprehensive
securities
adjustments benefit plansincome
1,730
(27)
(134)
1,568
Balance at beginning of the year
Cumulative effects ofchanges in accounting
policies
Balance at the beginning of the
1,730
(27)
(134)
1,568
year, reflecting changes inaccounting policies
Changes during the reporting
periodDistribution of dividends
from retained earnings
Net income attributable toowners of the parent
Purchase of own shares
Changes during the reporting
(452)
513
125
186
period, excluding
shareholders’ equity
(452)
513
125
186
Total changes during the period
1,278
486
(8)
1,755
Balance at end of the year

- 14 -

noncontrollinginterests

Total net
assets306

52,233(474)

306

51,758(7,172)
7,589
(0)
22

209

22
328

626
52,384

Fiscal year ended (September 30, 2023)(Millions of yen)

Shareholders’ equity
Common stock
Balance at beginning of the year
Changes during the reporting
periodDistribution of dividends
from retained earnings
Net income attributable toowners of the parent
Changes during the reporting
period, excluding
shareholders’ equity
Total changes during the period
Balance at end of the year

7,319

－
7,319

Retainedearnings

Treasury stock

42,982(1)

Total
shareholders’equity50,300(7,343)(7,343)

7,673

7,673

329
43,312329
50,629－(1)

Accumulated other comprehensive income
Total
nonNetForeign
Remeasureaccumulated controlling
unrealized
currency
ments ofotherinterests
gain on other translation
definedcomprehensive
securities
adjustments benefit plansincomeBalance at beginning of theyear
Changes during the reporting
periodDistribution of dividends
from retained earnings
Net income attributable toowners of the parent
Changes during the reporting
period, excluding
shareholders’ equity
Total changes during the period
Balance at end of the year

1,278

486

(8)

1,755

328

Total net
assets52,384(7,343)
7,673
329

72

2

404

86

490

329
1,607

72
558

2
(5)

404
2,160

86
415

820
53,205- 15 -

(4) Consolidated statements of cash flows
Fiscal year ended
September 30, 2022
Cash flows from operating activities
Income before income taxes
Depreciation(Millions of yen)
Fiscal year ended
September 30, 2023

11,161
1,420

11,298
1,189

310

－

31
(15)
(0)
(4,056)

31
(0)
(4)
20

1,832

(1,004)

(28)
(43)
(103)

(55)
(3)
(2)

Gain on revision of retirement benefit plan

(961)

－

Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables

(343)
(284)
282

(1,518)(261)(39)

Surrender value of insurance policies

－

(46)

(414)
403
9,189
25
(3,370)

(418)
301
9,484
51
(1,979)

Surrender value of insurance policies received－

67

Net cash provided by (used in) operating activities
Cash flows from investing activities
Expenditure for deposit to time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Net cash provided by (used in) investing activities

5,845

7,624

(264)
311
(1)
(546)
312
(67)
(255)

(2,717)
217
(1)
(736)
10
(316)

Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in reserve for bonuses
Increase (decrease) in net defined benefit asset and liability
Increase (decrease) in accounts payable due to transition to aretirement benefit planInterest and dividends received
Loss (gain) on currency translation
Loss (gain) on sales of property, plant and equipment

Increase (decrease) in guarantee deposits
Other
SubtotalInterest and dividends received
Income tax refunded (paid)(3,544)

Cash flows from financing activities
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Other
Net cash provided by (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

- 16 -(0)－(7,166)(101)(112)(7,380)479(1,310)30,841
29,530(7,341)(59)(92)(7,493)49(3,364)29,53026,166

(5) Notes to the quarterly consolidated financial statements(Note on assumptions for going concern)
Not applicable(Changes in accounting principles)(Application of FASB Accounting Standards Codification (ASC) Topic 842, “Leases”)
The Company’s overseas consolidated subsidiaries that apply U.S. GAAP have applied ASC Topic 842,
“Leases,” from the beginning of the fiscal year ended September 30, 2023, and have decided, in principle,
to record all lease transactions by lessees at its overseas consolidated subsidiaries as assets and liabilities
on the balance sheet.
In applying the accounting standard, the Company follows the transitional treatment, and has adopted amethod that recognizes the cumulative effects caused by the change in accounting policy beginning on theinitial date of application.
As a result, on a consolidated basis as of September 30, 2023, other in intangible assets increased by 25
million yen, other in current liabilities increased by 18 million yen, and other in long-term liabilities
increased by 7 million yen respectively. Furthermore, there will be no impact on operating results for the
fiscal year ended September 30, 2023.
(Consolidated balance sheet)*1. Accumulated depreciation of property, plant and equipment is as follows.

Accumulated depreciation ofproperty, plant and equipment

As ofSeptember 30, 2022

(Millions of yen)
As of
September 30, 2023

30,416

31,287- 17 -

(Segment information, etc.)(Segment information)
1) Reportable segments
The Company’s reportable segments are the subject of regular management review, for the purposes ofdecision-making for resource allocation and performance evaluation by the Board of Directors, in as muchas financial information relating to individual units of the Company are available.
The Group engages principally in the manufacture and marketing of cosmetics, pharmaceuticals and healthfoods, as well as operating other businesses including apparel- and aviation-related businesses.
The Group’s business activities are based on strategies tailored to the changing and diversifying market
environment.
Accordingly, the Group has the following three reportable segments, comprising business segments basedon the products handled by the Group.
The Cosmetics segment manufactures and markets cosmetics products.
In the Pharmaceuticals & Health Food segment, the Company manufactures and sells pharmaceuticals andfood products.
In the Other segment, we mainly operate apparel-businesses, purchase and sale of aircraft and vessels,
aviation-related operations, pilot training operations and others.
2) Method for calculating sales, income and loss, assets, liabilities and other item amounts in each reporting
segment
The accounting procedure for reporting business segments is largely the same as described in Basis for
Presentation of Consolidated Financial Reports, which was disclosed in the latest securities report (submitted
December 8, 2022).
Reportable segment income figures are on an operating income basis.
Internal rates of return and transfer within the Group are based on the actual market price.

- 18 -

3) Information concerning sales, income and loss, assets, liabilities and other item amounts in each reporting
segment and revenue breakdown information
Consolidated results for fiscal 2022 (October 1, 2021 to September 30, 2022)

Net Sales
Revenue fromcontracts withcustomers
Other revenue
Sales, externalIntersegment
sales
Total
Segment income
Segment assets
Other items
Depreciation
Amortizationof goodwill
Increases ofproperty, plantand equipment
and intangible
assets(Millions of yen)Amounts included inconsolidated
statements of income(Note 2)

Cosmetics

Pharmaceuticals&
Health Food

47,032

11,4082,617

61,057－61,057－47,032－
11,408

85
2,703

85
61,143－－85
61,143

－

－

265

265

(265)

－

47,032
10,81450,596

11,408
1,157
16,753

2,968
381
2,721

61,40912,35370,072(265)(2,238)
6,709

61,143
10,11576,781

945

471

34

1,451

(30)

1,420

－

－

31

31

－

31

397

206

1

605

－

605

Other

Adjustment(Note 1)

Total

(Note 1) Adjustments are as follows.
1) Intersegment eliminations totaling 516 million yen and unallocated corporate expenses totaling (2,754)
million yen have been included in the segment income adjustment totaling (2,238) million yen. Corporate
expenses refer to parent company administration costs which do not come under any reportable segments.
2) The segment income adjustment is for assets of the entire Company that are not allocated to eachreportable segment. Assets of the entire Company are primarily the Company’s financial assets (cash andcash equivalents, investment securities, etc.) that do not belong to reporting segments and assets related toadministrative divisions.
3) The depreciation adjustment is for the depreciation of assets related to elimination/corporate.
(Note 2) Segment income or loss refers to operating income as reported in the consolidated statements of income, after
adjustment.

- 19 -

Consolidated results for fiscal 2023 (October 1, 2022 to September 30, 2023)(Millions of yen)Amounts included inconsolidated
statements of income(Note 2)

Cosmetics

Pharmaceuticals&
Health Food

48,175

11,9852,308

62,469－62,469Other revenue

－

－

83

83

－

83

Sales, external

48,175

11,9852,391

62,552－62,552Net Sales
Revenue fromcontracts withcustomers

Other

Adjustment(Note 1)

Total

Intersegment
276
276
(276)
－
－
－
sales
48,175
11,985
2,668
62,829(276)
62,552
Total
11,8671,185
260
13,313(2,289)11,024
Segment income
50,047
16,8792,582
69,509(7,736)
77,246
Segment assets
Other items
731
401
87
1,220
(30)
1,189
Depreciation
Amortization
31
31
31
－
－
－
of goodwill
Increases ofproperty, plant
503
268
202
974
974
－
and equipment
and intangible
assets(Note 1) Adjustments are as follows.
1) Intersegment eliminations totaling 546 million yen and unallocated corporate expenses totaling (2,835)
million yen have been included in the segment income adjustment totaling (2,289) million yen. Corporate
expenses refer to parent company administration costs which do not come under any reportable segments.
2) The segment income adjustment is for assets of the entire Company that are not allocated to eachreportable segment. Assets of the entire Company are primarily the Company’s financial assets (cash andcash equivalents, investment securities, etc.) that do not belong to reporting segments and assets related toadministrative divisions.
3) The depreciation adjustment is for the depreciation of assets related to elimination/corporate.
(Note 2) Segment income refers to operating income as reported in the consolidated statements of income, after
adjustment.

- 20 -(Impairment loss for non-current assets by reportable segment)
Previous fiscal year (October 1, 2021 to September 30, 2022)(Millions of yen)
Cosmetics
Impairment loss

276

Pharmaceuticals&
Health Food

Elimination/
corporate (total)

Other

27

6

Total
310

－

Reporting fiscal year (October 1, 2022 to September 30, 2023)

Not applicable(Amortization and unamortized balance of goodwill for each reportable segment)
Previous fiscal year (October 1, 2021 to September 30, 2022)(Millions of yen)
Cosmetics

Pharmaceuticals&
Health Food

Other

Elimination/
corporate (total)

Total

Balance at the end of
209
－
－
－
the year(Note) Amortization of goodwill is omitted because similar information is disclosed in Segment Information.

209

Reporting fiscal year (October 1, 2022 to September 30, 2023)(Millions of yen)
Cosmetics

Pharmaceuticals&
Health Food

Other

Elimination/
corporate (total)

Total

Balance at the end of
178
－
－
－
the year(Note) Amortization of goodwill is omitted because similar information is disclosed in Segment Information.

(Information about gain on bargain purchase for each reportable segment)
Not applicable- 21 -

178

(Per-share information)(Yen)
Fiscal year ended
September 30, 2023

Fiscal year ended
September 30, 2022
Net assets per share

1,524.05

1,545.54

Net income per share

222.20224.66

Notes:

1. Diluted income per share is not disclosed since there were no potentially dilutive shares.
2. The basis for calculation of net assets per share is as follows.
Item

As of
September 30, 2022

Total net assets (millions of yen)

As of
September 30, 2023

52,38453,205

Amount deducted from total net assets (millionsof yen)328

415(Of which, non-controlling interests) (millionsof yen)

(328)

(415)

Net assets at the end of the period attributable tocommon stock (millions of yen)

52,05552,790

Number of common shares at the fiscal year-end
used for calculation of net assets per share
34,156,353(shares)
3. The basis for calculation of net income per share is as follows.
Item

Fiscal year ended
September 30, 2022

34,156,353

Fiscal year ended
September 30, 2023

Net income attributable to owners of the parent(millions of yen)

7,589

7,673

Amount not attributable to ordinary shareholders(millions of yen)－－

Net income attributable to owners of the parent(millions of yen)

7,589

7,673

Average number of common shares for the period(shares)

34,156,378

34,156,353(Important subsequent events)
Not applicable- 22 -