Rewriting due : 6/8(Mon.)10:00JSTMay 12, 2015
To whom it may concern:

TOHO HOLDINGS CO., LTD.
Norio Hamada, President and Representative
Director(Tokyo Stock Exchange Securities Code: 8129)
Contact: Katsuya Kato
Director and General Manager ofCorporate Communications Officeand Corporate Planning Office(TEL: 03-6838-2803)

Results of Operations for the Fiscal Year Ended March 2015
In the market for prescription pharmaceuticals during the consolidated fiscal year under review,
medical treatment fees and NHI drug prices were revised in April 2014. Meanwhile, sales oflong-listed drugs slumped as the use of generic drugs had been further accelerated. Consequently, themarket for prescription pharmaceuticals shrank 2.7% from the previous year (estimates by Crecon
Research & Consulting Inc.).
Amid changes in the market environment, the Group has, in the pharmaceutical wholesaling
business, implemented more thorough management of appropriate profits, promoted shifting to thebusiness model focusing on the provision of value-added services, and endeavored to strengthen ties
with medical institutions and secure profits from fee-based business by proposing unique customer
support systems. As part of cost-cutting efforts, it has enhanced functions of distribution centers andcall centers and forged ahead with the integrated reform in sales and distribution with a view toreducing costs for and improving efficiency of operations from order receipt to delivery.
The dispensing pharmacy business has endeavored to increase profitability in response to the revisionof dispensing fees, focusing on management of high value-added stores while maintaining close
contact with community healthcare programs. At the same time, it has implemented cost reduction
measures such as standardization of store operations and consolidation of some operations into theheadquarters.
As a result, in the consolidated fiscal year ended March 2015, the Group achieved higher results
than those previously estimated in all earnings items: net sales of 1,162,148 million yen (100.1% of
the full-year estimate), operating income of 10,017 million yen (112.6% of the full-year estimate),
ordinary income of 15,902 million yen (109.7% of the full-year estimate), and net income of 13,535
million yen (115.7% of the full-year estimate).
Meanwhile, in order to strengthen its financial foundation, the Group issued 15 billion yen worth ofconvertible bonds in December 2014. Furthermore, the Group acquired around 12 billion yen worth oftreasury stock up until April 21, 2015 in an effort to improve capital efficiency.

11. Financial Results for Fiscal 2015(Consolidated)
Consolidated

1,162,148
1,161,000

Operating
Income10,0178,900

Ordinary
Income15,902
14,500

100.1

112.6

109.7

115.7

97.7

81.3

86.9

130.1

Net Sales

Fiscal 2015
Forecast for
the Fiscal 2015
Percentage against theFull-year Earnings
Forecasts
YoY Change Ratio

Unit: million yen, %2. Forecast for fiscal 2016 (Full-year)
Consolidated
Fiscal 2016
Fiscal 2015
Increase/Decrease
Increase/Decrease
Ratio

1,201,000
1,162,148
38,851

Operating
Income12,70010,017
2,682

Ordinary
Income17,90015,902
1,997

3.3

26.8

12.6

Net Sales

2

Net Income
13,535
11,700

Unit: million yen, %Net Income
Net Income
per Share
10,200168.00 yen
13,535181.83 yen△3,335 △13.83 yen△24.6△7.6