FY4/19 3Q
IR PRESENTATIONMarch 2019

Results Overview© 2019 AIN HOLDINGS INC. All Rights Reserved.

1

Consolidated P/L
Net sales increased 1.2% year on year to ¥202,522 million, operating income declined 16.8% to¥11,909 million, ordinary income dropped 15.8% to ¥12,425 million, and profit attributable to owners ofparent decreased 14.5% to ¥6,781 million.
(¥ million)

FY4/18 3Q
resultsNet
sales（単位：百万200,043

Gross profit

35,193

FY4/19 3Q
plan

YoY
changeYoYchange(%)

Vs plan(%)

202,522+2,479

+1.2

(0.2)

35,11033,753(1,440)

(4.1)

(3.9)

20,88322,85021,844

+961

+4.6

(4.4)

14,31012,26011,909(2,401)(16.8)(2.9)

14,76012,63012,425(2,335)(15.8)

(1.6)

7,931

6,781

(1,150)(14.5)+2.0% of net sales

4.0

6,650

Earnings per
share(¥)

235.74187.71

191.41(44.33)(18.8)+2.0

円）% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Profit attributableto owners of parent

17.6
10.4
7.2
7.4

202,890

FY4/19 3Q
results

17.3
11.3
6.0
6.2

3.3

16.7
10.8
5.9
6.1

3.3

Figures in the table are rounded down
© 2019 AIN HOLDINGS INC. All Rights Reserved.

2

Dispensing Pharmacy Business (Consolidated)
Net sales increased 0.7% year on year and 0.7% against the plan due to the drug price that exceed the
expectation and stores opened in the previous fiscal year made a significant contribution to sales.
Segment income decreased 5.3% against the plan due to the shortness for making up the upfront
investment for new store openings.
FY4/18 3Q
FY4/19 3Q
FY4/19 3Q
YoY
YoY
Vs plan(¥ million)(%)
change change(%)
resultsplan
results

Net sales

178,136

178,220

179,397+1,261+0.7+0.7

Gross profit

26,27325,09024,216(2,057)

(7.8)

(3.5)

10,747

11,36011,112

+365

+3.4

(2.2)

15,525

13,73013,104(2,421)(15.6)(4.6)

16,013

14,24013,488(2,525)(15.8)

(5.3)

1,041

1,092

1,083

+42

+4.0

(0.8)

% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Segment income% of net sales

Number ofpharmacies

14.7
6.0
8.7
9.0

14.1
6.4
7.7
8.0

13.5
6.2
7.3
7.5

Figures in the table are rounded down
Segment income is adjusted to ordinary income shown on the quarterly consolidated statements of income
Prescription volume: +4.2% YoY© 2019 AIN HOLDINGS INC. All Rights Reserved.

Average prescription price: (3.1)%YoY

3

Cosmetic and Drug Store Business (Consolidated)
Although the net sales of existing stores has showing steadily growth, net sales increased 6.5 % year on
year and decreased 6.0% against the plan due to the series of natural disaster. Segment income
decreased 9.1% against the plan due to net sales unachieved.

(¥ million)

FY4/18 3Q
results

Net sales

17,779Gross profit

6,647% of net sales

SG&A expenses% of net sales

FY4/19 3Q
plan

YoY
changeYoYchange(%)

Vs plan(%)

18,927+1,148

+6.5

(6.0)

7,510

7,085

+438

+6.6

(5.7)

6,257

6,710

6,403

+146

+2.3

(4.6)

390

800

682

+292

+74.9 (14.7)

425

815

741

+316

+74.4

(9.1)

48

52

52

+4

+8.3

0.0

37.4

Operating income% of net sales

Segment income% of net sales

Number ofstores

35.2
2.2
2.4

20,140FY4/19 3Q
results

37.3

33.3
4.0
4.0

37.4

33.8
3.6
3.9

Figures in the table are rounded down
Segment income is adjusted to ordinary income shown on the quarterly consolidated statements of income
Number of customers: +3.0% YoY
Average spending per customer: +3.4% YoY© 2019 AIN HOLDINGS INC. All Rights Reserved.

4

Consolidated B/S
Net cash was ¥38,696 million and shareholders’ equity ratio became 55.5%. We are maintaining asound financial structure.
(¥ million)(¥ million)

End-FY4/19 3Q

End-FY4/18
AssetsCurrent assets
Cash on hand andin banks

Fixed assets
Investments insecurities

Deferred
assetsTotal assets

AssetsLiabilities

94,557 Current liabilities

69,950

6,717
443

Current assets

63,779

Short-term debt
Lease obligations

88,718

16,6962,375Long-term
liabilities

Long-term debt
Lease obligations

11,511
632

Investments insecurities

103

Total net assets

96,733

Deferred
assets183,380

Total liabilities
and net assets

183,380

Total assets

Net cash
Shareholders’ equity
ratio(%)

44,474
52.7

Cash on hand andin banks

Fixed assets

Liabilities

88,391 Current liabilities

69,235

6,935
346

53,494

Short-term debt
Lease obligations

94,567

12,1182,267

Long-term
liabilities

Long-term debt
Lease obligations

7,020
495

70

Total net assets

101,674

183,029

Total liabilities
and net assets

183,029

Net cash
Shareholders’ equity
ratio(%)

38,696
55.5

Figures in the table are rounded down
Net cash = Cash on hand and in banks – Interest-bearing debt (Long- and short- term debt + Lease obligations)© 2019 AIN HOLDINGS INC. All Rights Reserved.

5

Assets
The balance of total assets decreased ¥351 million from the end of the previous fiscal year due to thedecrease of cash on hand and in banks while inventories has increased.
(¥ million)

End-FY4/18 3Q

End-FY4/18

End-FY4/19 3Q

Change60,572
10,26912,482
92,976
15,228
10,150941

63,77910,466
9,580
94,557
14,934
10,041824

53,494
11,172
12,72588,391
15,97810,368695(10,285)+706+3,145(6,166)+1,044+327(129)

28,25327,853

29,660+1,80738,476
12
40,4892,389
3,369
10,74038,011
11
40,132
2,375
3,772
11,33940,13810
42,352
2,267
3,989
12,832+2,127(1)+2,220(108)+217+1,493

20,344

20,732

22,553+1,821

Total assets

89,087
114
182,178

88,718103
183,380

94,56770
183,029+5,849(33)(351)

Figures in the table are rounded down

Change:End-FY4/19 3Q compared with End-FY4/18

Cash on hand and in banks
Notes and accounts receivable
Inventories

Total current assets
Buildings and structures,net
Land
Lease assets
Total property,plant andequipment
Goodwill
Lease assets
Total intangible fixed assets
Investments in securities
Deferred tax assets
Deposits and guarantees
Total investments and otherassetsTotal fixed assets
Total deferred assets

Repaymentof debts
New store
openings

M&A

Capital expenditures (Property, plant and equipment and intangible fixed assets + Deposits and guarantees) totaled ¥5,766million© 2019 AIN HOLDINGS INC. All Rights Reserved.

6

Liabilities and Net Assets
The balance of liabilities decreased ¥5,292 million from the end of the previous fiscal year due to therepayment of debts etc.
(¥ million)

End-FY4/18 3Q

End-FY4/18

End-FY4/19 3Q

ChangeAccounts payable

41,351

38,72843,016+4,288

Short-term debt

8,207
475

6,717
443

6,935
346

+218
(97)

Lease obligations
Total current liabilities
Long-term debt
Lease obligations
Total long-term liabilities
Total liabilities
Common stock
Capital surplus
Retained earnings
Total shareholders’ equity
Total net assets
Total liabilities and net
assets69,831
13,012
734

69,95011,511
632

69,235
7,020
495

(715)

(4,491)(137)

18,08887,92016,696
86,646

12,11881,354(4,578)(5,292)

94,026
94,257

96,662
96,733

101,672
101,674+5,010+4,941

182,178

183,380

183,029(351)

21,89420,50051,632

21,89420,50054,26821,89420,50059,278

Repaymentof debts+5,010Figures in the table are rounded down
Change : End-FY4/19 3Q compared with End-FY4/18© 2019 AIN HOLDINGS INC. All Rights Reserved.

7

FY4/19 Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2019 of 272,870 million, increase
1.7% year on year by openings new stores (100 pharmacies and 7 Cosmetic and drug stores) ,ordinary income decrease 10.6% due to the dispensing fee revisions.
（¥ million）

FY4/17
results

FY4/18results

FY4/19plan

248,110
42,092

268,385
47,993272,870
48,04027,52928,37014,563

YoYchangeYoYchange (%)+4,485

+1.7

+47

+0.1

30,540+2,170+7.6

19,622

17,500(2,122)(10.8)

15,08020,12918,000(2,129)(10.6)

7,949

9,260

(1,307)(12.4)% of net sales

3.2

10,567

Earnings per
share(¥)

250.71310.08261.38(48.70)(15.7)

50.00

50.00

55.00

+5.00

+10.0

Net sales

Gross profit% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Profit attributable toowners of parent

Annual dividend (¥)

17.0
11.1

5.9
6.1

Figures in the table are rounded down
© 2019 AIN HOLDINGS INC. All Rights Reserved.

17.9
10.6

7.3
7.5
3.9

17.6
11.2

6.4
6.6
3.4

YoY change :FY4/19 plan compared with FY4/18 results
8

3Q Review© 2019 AIN HOLDINGS INC. All Rights Reserved.

9

Review①（YoY）■ Net sales(¥ million)
Net sales
Gross profit% of net
sales
SG&A
expenses% of net
sales
Operatingincome% of net
sales
Ordinary
income% of net
sales

FY4/18 3Q FY4/19 3Q
results
results

YoYchange200,043 202,522

2,479

35,193

17.6

20,883

10.4

14,3107.2

14,7607.4

33,753 (1,440)
16.7

21,844

10.8

+961

5.9

12,425 (2,335)

Figures in the table are rounded down

© 2019 AIN HOLDINGS INC. All Rights Reserved.

+1.2
(4.1)

¥(6.7)
billionNew stores Existing stores,
Impact of revision¥(2.5)
billion+¥4.9
billionFull contribution of store
that opened in previous
fiscal year

Close ofunprofitable
stores¥2.5
billion
1.2%

FY4/19 3Q
results

FY4/18 3Q
results

11,909 (2,401)

6.1

+¥6.8
billionYoYchange (%)+4.6■ Ordinary income(16.8)+¥0.3 +¥0.2
billion billion

Improvement of Improvementof AYURA
cosmetic anddrug store¥(2.5)(15.8)

FY4/18 3Q
results

FY4/19 3Q
resultsbillion

Impact ofrevision¥(0.3)
billionIncrease ofhead office
expense¥(2.3)
billion(15.8)%

10

Review②（Vs plan）■ Net sales(¥ million)
Net sales
Gross profit% of net
sales
SG&A
expenses% of net
sales
Operatingincome% of net
sales
Ordinary
income% of net
sales

FY4/19 3Q FY4/19 3Q
plan
results

202,890 202,522

Vs plan(368)

Vs plan(%)(0.2)

35,11033,753 (1,357)(3.9)

22,85021,844 (1,006)

(4.4)

17.3

11.3

12,2606.0

12,630

6.2

16.7

10.8

11,9095.912,425

6.1

Figures in the table are rounded down

© 2019 AIN HOLDINGS INC. All Rights Reserved.

+¥1.6
billion¥(1.4)
billionNew store
openings lag
existing
behindstores, etc. schedule

FY4/19 3Q
plan¥(0.5)
billion

FY4/19 3Q
results¥(0.3)
billion(0.2)%

Close ofunprofitable
stores,AYURA,
etc.

■ Ordinary income

(351)
(205)

(2.9)
(1.6)

+¥0.5
billionImprovementof AYURA and
Mail order+¥0.1
billiondecrease of head
office expense

FY4/19 3Q
plan¥(0.7)
billion

Unachievedprescription
volume,Expensive
drugs¥(0.1)
billion

FY4/19 3Q
results¥(0.2)
billion
Unachieved(1.6)%
sales ofcosmetic anddrug store

11

Response to revision of 2018

Object: 988 stores, which including existing stores and stores opening in FY4/18

 Community support system premiums

 Basic dispensing fee
1 (41 pts)

2 (25 pts)

3-Ⅱ (15 pts)

S (10 pts)

No premiums

1,000

500
0

359
6

358
6

358
6

357
6

610

611

611

612

13

13

13

13

4/18

7/18

10/18

1/19

Store

Store

1,000

0

2(22 pts)

3(26 pts)

227
289
4/18

（points）
20.0

208

259

326

350

338

311

178
252

162
229

7/18

10/18

141
210

GE averagepremiums

Store

500

1(18 pts)

338

266

274

281

290

722

714

707

698

4/18

7/18

10/18

1/19

 Transition of GE premiums

No premiums

134

premiums (35 pts)

4 stores which are otherthan Basic dispensing fee 1
fulfill requirements0 GE premiums

1,000

500

Community support system

1/19

GE drugs share (volume)：79.9%（As of January 2019）© 2019 AIN HOLDINGS INC. All Rights Reserved.

All

3 main subsidiaries

18.9
17.7

15.0

15.4

15.8
14.8
12.4

10.0
4/17

3/18

4

16.9
15.9
13.4
7

Other

17.6
16.7
14.0

10

Average of GE premiums per a reception

18.5
17.5
15.3

1/19
12

Top-line
The group has achieved the initial plan of M&A in end of the third quarter. Total number of store opening
in end-FY4/19 will greatly exceeds the initial plan since the group is intend to acquire TSUCHIYAYAKUHIN INC. on March 28, 2019, which operates 36 dispensing pharmacies in Nagano Prefecture.
■ Total number of stores

1,135 (Dispensing pharmacy:1,083 Cosmetic and drug store:52)■ PlanDispensing

Pharmacy

FY4/19 3Q

Plan

Results

FY4/19Plan

Organic

21

18

30

M&A

59

75
(4.84)

70(EV/EBITDA
ratio)

4

5

7

Total

84

98

107

17

15

17

ClosureCosmetic and drug store

Dispensing

Pharmacy

Close
Sell

-

24

-

Cosmetic and drug store

-

1

-

Total

17

40

17

Hokkaido
122

Koshinetsu
78
Chugoku,
Shikoku
91

Hokuriku
25

Kinki
135
Kyusyu, Okinawa
44

Tokai
89

Tohoku
152
Kanto
399

End-FY4/19 3Q

FY4/17-FY4/18 The number of closure store in dispensing pharmacy：closed 63, sold 34
EV/EBITDA ratio=EV(Purchase price)/EBITDA(Operating income + Depreciation and amortization)© 2019 AIN HOLDINGS INC. All Rights Reserved.

13

FY4/19 Plan（Dispensing Pharmacy Business）■ Net sales（¥ million）
Net sales
Gross profit% of net sales

SG&A
expenses% of net sales

Operatingincome% of net sales

Segment
income% of net sales

YoYchangeYoYchange(%)

238,645 239,800 +1,155+0.5

FY4/18results

36,03015.1

14,034

5.9

21,995

9.2

22,6689.5

FY4/19plan

34,500 (1,530)

(4.2)

14.4

15,200 +1,166

+8.3

6.3

19,300 (2,695) (12.3)+¥12.1¥(11.9)billionbillionNew 100
store¥(4.0) billion

Figures in the table are rounded down

8.3

Store Closing in current
and previous year+¥4.9 billion+¥1.1
billion+0.5%

Full contribution of storesthat opened in previous year

FY4/18results

FY4/19plan■ Segment income¥(2.3) billion

Impact of revision

8.0

20,000 (2,668) (11.8)

Impact ofrevision¥(1.6) billion+¥6.3 billion

Store closing in current
and previous year

Contribution of stores that
opened in current andprevious year

FY4/18results¥(4.4) billion

FY4/19¥(0.6)
billion(11.8)%

Increase of laborplan
costs and operation
cost by recruitment¥(2.6)and new store
billionopeningHead office
expense, etc.

© 2019 AIN HOLDINGS INC. All Rights Reserved.

14

Expansion of AINZ & TULPE
ABENO HOOP
Location

Abeno-ku, OsakaOpen

Apr 10, 2019(plan)

Sales floor

301㎡

UMEDA HEPFIVE
Location

Kita-ku, OsakaOpen

Apr 19, 2019(plan)

Sales floor

566㎡© 2019 AIN HOLDINGS INC. All Rights Reserved.

15

Expansion of AINZ & TULPE
Year

FY 4/00

FY 4/02

StrategyFirst ainz & tulpe

FY 4/04

FY 4/06

FY 4/08

Open department
store

ExpandedNationwide

FY 4/12FY 4/14FY 4/18

Flagship store inOpen store
metropolitan area
inside the station

その他売上高Othernet sales

セグメント利益
Segment
incomeSHIBUYA KOENDORIGross profit margin

Net sales

30,00020,000

FY4/00Net sales
10,000¥4.2
billion0

Net sales(¥billion)

6,000
4,000

Segment
income¥1.0 billion

2,000
0

5.0 5.8

7.9 9.5 12.5 14.8 14.2 13.9 13.2 13.6 14.8 15.3 16.7 17.9 17.8 20.8 21.3 24.1 27.0 32.0 40.0 50.0

0 (0.1)00.1

0 (0.1) (0.2) (0.2) (0.4) (0.2) (0.4) (0.2)

0.1

0

0

0.1 (0.4) (0.8)

0.6

1.0

－

－

30

36

33

40

27

44

43

43

45

46

49

53

56

61

59

56

52

52

48

55

65

80 100ainz & tulpe

0

0

0

1

4

9

12

13

15

18

20

26

33

39

41

41

42

45

41

50

59

72

90

Closing

0

0

5

7

16

0

4

3

1

4

2

2

4

2

5

6

9

9

8

－

－

－

－

－

－ 0.0

0.0 0.0

0.1

1.0

1.2

1.5

1.7

2.0

2.2

2.5

2.9

3.2

3.6

4.2

4.6

4.9

－

－

－

－

No.of store

Membership(million)

8,000

00/4 01/4
02/4 03/4
04/4 05/4
4/00
4/01 4/02
4/03 4/04
4/05 06/4
4/06 07/4
4/07 08/4
4/08 09/4
4/09 10/4
4/10 11/4
4/11 12/4
4/12 13/4
4/13 14/4
4/14 15/4
4/15 16/4
4/16 17/4
4/17 18/4
4/1819/4
4/1920/4
4/2021/4
4/21 22/4
4/22（Year）
4.2

Segment
income(¥billion)

FY4/19Net sales¥27.0
billion

FY4/12
Net sales¥15.0
billion

FY4/05Net sales¥12.5
billion

42.0%

37.3%

31.6%

25.0%

（¥million）
10,000© 2019 AIN HOLDINGS INC. All Rights Reserved.

－

16

Segment income

26.2%

Renewal of
SAPPORO CHIKAGAISAPPORO CHIKAGAISHINJUKUHIGASIGUCHITokyo Station

FY 4/22

KEIO DEPARTMENTSTORE SHINJUKU

50,00040,000FY 4/20

Le trois

HARAJUKU QUEST

アインズ＆トルペ売上高
Netsales of ainz & tulpe

FY 4/16

Complex facility

IKEBUKURO SEIBUSAPPORO CHIKAGAI（¥million）
60,000FY 4/10

FY4/19 Plan（Cosmetic and Drug Store Business）（¥ million）
Net sales
Gross profit% of net sales

SG&A expenses% of net sales

FY4/18results+12.0

8,925 10,060 +1,135
37.0

37.3

+12.7

8,317

9,060

+8.9

34.5

608

Segment
income657% of net sales

YoYchange24,117 27,000 +2,883

Operatingincome% of net sales

FY4/19plan

YoYchange
(%)

2.5

2.7

33.6

1,000

3.7

1,020

Figures in the table are rounded down

© 2019 AIN HOLDINGS INC. All Rights Reserved.

3.8

+743

■ Net sales+¥1.2 billion
New 7¥(0.7) billion
stores+¥0.7 billion

Closed in previous year stores

Full contribution of
opening in previous year＋¥1.6 billion+¥2.8
Billion+12.0%

FY4/18results

FY4/19plan

Growth of existing
stores■ Segment income
+392

+64.5

+¥0.07 billion

Improvement of grossmargin¥(0.78) billion

Cost of new opening store
Cost of product development

+363

+55.3

+¥1.07 billion

Growth of net sales+¥0.36billion+55.3％

FY4/18results

FY4/19plan
17

FY4/19 Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2019 of 272,870 million, increase
1.7% year on year by openings new stores (100 pharmacies and 7 Cosmetic and drug stores) ,ordinary income decrease 10.6% due to the dispensing fee revisions.
（¥ million）

FY4/17
results

FY4/18results

FY4/19plan

248,110
42,092

268,385
47,993272,870
48,04027,52928,37014,563

YoYchangeYoYchange (%)+4,485

+1.7

+47

+0.1

30,540+2,170+7.6

19,622

17,500(2,122)(10.8)

15,08020,12918,000(2,129)(10.6)

7,949

9,260

(1,307)(12.4)% of net sales

3.2

10,567

Earnings per
share(¥)

250.71310.08261.38(48.70)(15.7)

50.00

50.00

55.00

+5.00

+10.0

Net sales

Gross profit% of net sales

SG&A expenses% of net sales

Operating income% of net sales

Ordinary income% of net sales

Profit attributable toowners of parent

Annual dividend (¥)

17.0
11.1

5.9
6.1

Figures in the table are rounded down
© 2019 AIN HOLDINGS INC. All Rights Reserved.

17.9
10.6

7.3
7.5
3.9

17.6
11.2

6.4
6.6
3.4

YoY change :FY4/19 plan compared with FY4/18 results
18Supplementary Information© 2019 AIN HOLDINGS INC. All Rights Reserved.

19

Dispensing Fee Revisions of 2018
 Basic dispensing fee（New classification requirements ）1
2

41 pts
25 pts Over 4,000 times & 70% or Over 2,000 times & Over 85% or Over 4,000 times
from specific hospital3-Ⅰ 20 pts Same group over 40,000 times / month & Over 85% or lease contract withmedical institution
3-Ⅱ 15 pts Same group over 400,000 times / month & Over 85% or lease contract withmedical institution
Companies with annual net
S
10 pts Same premises（lease contract） & Over 95%
sales of approximately 43

billion yen or above
 Community support system premiums（New）35 pts
Basic dispensing fee 1, Inventory 1,200 items & Home healthcare services & Primary carepharmacists & Supervising pharmacist having experience 5 years, staying 1 year, 32h/week
Other than basic dispensing fee 1, have to fulfill all the following achievements

 GE Premiums（Requirements changed）
75-80% 18pts, 80-85% 22pts, Over 85% 26pts

Per pharmacists per year
①Night・Holiday addition 400 times②Narcotic drug management guidance addition 10
times③Duplicate medication・Interaction prevention
addition 40 times④Primary care pharmacists instruction fee 40 times⑤Outpatient medication support fee 12 times⑥Medication adjustment support addition 1 times⑦Home care services 12 times⑧Medication information providing fee 60 times

 Drug use history management and guidancefee （3 classifications）
41pts BDF 41pts & handing over medication
notebook & visiting within 6 months
53pts Except the above
13pts handing over medication notebook
ratio under 50%
 Primary care pharmacists instruction fee（Requirements changed）
73pts Patient’s consent & 3 years experience・Staying 1 year・32h/week, etc.
© 2019 AIN HOLDINGS INC. All Rights Reserved.

20

Company Profile
Trade name
Representative
EstablishedMarket capitalization
Net sales andoperating income
Sales composition
Number of employees

AIN HOLDINGS INC
Kiichi Otani, President and Representative Director
August 1969
¥274,214 million As of Mar 4, 2019
Net sales: ¥268,385 million

Operating income: ¥19,622 million

As of FY4/18

Dispensing Pharmacy : ¥238,645 million, Cosmetic and Drug Store : ¥24,117 million,
As of FY4/18
Others : ¥5,623 million
9,603 (including pharmacists：4,457)
As of Apr 30, 2018
《Dispensing pharmacy》 AIN PHARMACIEZ Inc. and other 65 companies.

Group companies《Staffing services》 《Consulting services》 MEDIWEL Corp., Medical Development Co., Ltd. etc.
《Generic drug wholesales》 WHOLESALE STARS Co., Ltd
As of FY4/18

Number of stores

1,077 (1,029 dispensing pharmacies, 48 cosmetic and drug stores) As of FY4/18

Cosmetic and DrugStore 9.0%
© 2019 AIN HOLDINGS INC. All Rights Reserved.

FY4/18 Consolidated
net sales¥268,385 million

Dispensing Pharmacy
88.9%
21

Comparison to Other Companies
（%）
8.0
7.0

B company

Operating margin

6.0

AIN HOLDINGS

C company
E company

5.0

A company

Operating margin：7.3%
Market capitalization：

D company

4.0

Net sales：¥268,385 million¥274,214 million

3.0
2.0
1.0
0.0
0

40,00080,000120,000

160,000

200,000

240,000

280,000 （¥ million）

Net sales
Based on each company’s summary of financial statement for FY 3/18 (AIN HD: FY4/18)
Size of circle is proportional to market capitalization on Mar 4, 2019

© 2019 AIN HOLDINGS INC. All Rights Reserved.

22Inquiries related to this presentation should be addressed to

AIN HOLDINGS INC.
Corporate Planning Division
TEL(81)11-814-0010
FAX(81)11-814-5550
http://www.ainj.co.jp/
This document may not be reproduced or distributed to any third party without
prior approval of AIN HOLDINGS INC. This document has been prepared for
information purpose only and does not form part of a solicitation to sell orpurchase any securities. Information contained herein may be changed orrevised without prior notice. This document may contain forecastingstatements as to future results of operations. No forecast statement can be
guaranteed and actual results of operations may differ from those projected.

© 2019 AIN HOLDINGS INC. All Rights Reserved.

23