FY4/22
IR PRESENTATION

June 2022

Results Overview© 2022 AIN HOLDINGS INC. All Rights Reserved.

1

Consolidated P/L
Net sales increased 6.4% YoY and 0.4% against the plan due to increase of sales in dispensing
pharmacy business, despite the impact of the COVID-19. Ordinary profit increased 26.8% YoY and3.5% against the plan due to increase of sales.
YoYchangeFY4/21
results

FY4/22plan

FY4/22
results

Net sales

297,305

315,000

316,247 +18,942

+6.4

+0.4

Gross profit

46,15551,60049,971+3,816

+8.3

(3.2)

15.5

16.4

15.8

35,22236,60034,832

(390)

(1.1)

(4.8)

11.8

11.6

11.0

10,932

15,00015,139+4,207

+38.5

+0.9

3.7

4.8

4.8

12,64915,50016,041+3,392

+26.8

+3.5

4.3

4.9

5.1

6,697

8,300

7,092

+395

+5.9

(14.6)% of net sales

2.3

2.6

2.2

Earnings per
share(¥)

189.04234.28201.47+12.43+6.6(14.0)（¥ million）% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Ordinary profit% of net sales

Profit attributable toowners of parent

YoYchange(%)

Vs plan(%)

Figures in the table are rounded down
© 2022 AIN HOLDINGS INC. All Rights Reserved.

2

Dispensing Pharmacy Business (Consolidated)
Net sales increased 7.6% YoY and 2.5% against the plan due to the recovery in prescription volume
at existing stores and the contribution of stores opened in previous year. Segment profit increased
19.7% YoY and 10.5% against the plan due to increase of sales.
YoYchange（¥ million）

FY4/21
results

FY4/22plan

FY4/22
results

Net sales

263,095

276,300

283,111 +20,016

+7.6

+2.5

Gross profit

33,16036,90038,194+5,034

+15.2

+3.5

13,99814,60013,875

(123)

(0.9)

(5.0)

19,162

22,30024,319+5,157

+26.9

+9.1

20,94722,70025,082+4,135

+19.7

+10.5

1,065

1,140

1,099

+34

+3.2

(3.6)

% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

12.6
5.3

Number ofpharmacies

7.3
8.0

13.4
5.3
8.1
8.2

YoY
change(%)

Vs plan
(%)

13.5
4.9
8.6
8.9

Figures in the table are rounded down

© 2022 AIN HOLDINGS INC. All Rights Reserved.

3

Cosmetic and Drug Store Business (Consolidated)
Net sales up 5.9% YoY and declined 17.8% against the plan due to the recovery of existing storesand contribution of stores opened in previous year despite the impact of the COVID-19. Segment
loss was ¥1,764 million, ¥1,094 million below the plan.

（¥ million）

FY4/21
results

FY4/22plan

FY4/22
results

YoYchangeNet sales

19,41925,00020,558+1,139+5.9(17.8)

Gross profit

7,216

9,200

7,030

(186)

(2.6)

(23.6)

9,358

9,900

8,858

(500)

(5.3)

(10.5)(2,141)(700)(1,827)

+314

-

-

(1,999)(670)(1,764)

+235

-

-

69

82

78

+9

+13.0

(4.9)

% of net sales

37.2

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

48.2

Number ofstores

-

36.8
39.6

-

YoY
change(%)

Vs plan
(%)

34.2
43.1

-

Figures in the table are rounded down

© 2022 AIN HOLDINGS INC. All Rights Reserved.

4

Consolidated B/S
Net cash became ¥51,238 million and shareholders’ equity ratio became 56.0%. We are
maintaining a sound financial structure even during the COVID-19 outbreak.
End-FY4/21
AssetsCurrent assets
Cash on handand in banks

Fixed assets
Goodwill

Liabilities

96,39855,271

107,264

39,057

Deferred
assetsTotal assets

End-FY4/22(¥ million)

AssetsCurrent
liabilities

74,160Long-term
liabilities

13,664

Short-term debt
Lease obligations

Long-term debt
Lease obligations

3,670
94
8,297
37

- Total net assets 115,837
Total liabilities

203,662 and net assets 203,662

Net cash
Shareholders’ equity
ratio(%)

43,171
56.8

Current assets
Cash on handand in banks

Fixed assets
Goodwill

Liabilities

100,765

59,729111,696

36,352

Deferred
assetsTotal assets(¥ million)

Current
liabilities

81,805Long-term
liabilities

11,645

Short-term debt
Lease obligations

Long-term debt
Lease obligations

2,643
22
5,815
9

- Total net assets 119,010
Total liabilities

212,461 and net assets 212,461

Net cash
Shareholders’ equity
ratio(%)

51,23856.0

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)© 2022 AIN HOLDINGS INC. All Rights Reserved.

5

Assets
The balance of total assets increased ¥8,799 million from the end of the previous fiscal year
due to increase of cash on hand and in banks.
(¥ million)
Cash on hand and in banks
Notes and accounts receivable
Inventories
Total current assets
Buildings and structures,net
Land
Lease assets
Total property,plant and equipment
Goodwill
Lease assets
Total intangible fixed assets
Investments in securities
Deferred tax assets
Deposits and guarantees
Total investments and other assets
Total fixed assets
Total deferred assets
Total assets

Figures in the table are rounded down

End-FY4/20

46,321
13,653
15,32287,802
16,60910,960272
30,874
42,123
5
44,916
2,295
4,211
19,14429,841
105,632
15
193,451

End-FY4/21

55,271
13,475
14,28596,398
16,270
10,390100
30,22939,057
1
42,666
2,697
4,415
20,31934,368107,264
203,662

End-FY4/22

59,729
10,11014,790100,765
17,5128,581
28
30,63636,352
041,2192,503
5,319
22,78539,840111,696
212,461

Change+4,458(3,365)+505+4,367+1,242(1,809)(72)+407(2,705)(1)(1,447)(194)+904+2,466+5,472+4,432+8,799Change:End-FY4/22 compared with End-FY4/21

Capital expenditures (Property, plant and equipment and intangible fixed assets + Deposits and guarantees) totaled ¥12,756 million© 2022 AIN HOLDINGS INC. All Rights Reserved.

6

Liabilities and Net Assets
Accounts payable increased ¥3,998 million due to the increased purchases from new store
openings and M&A. Short-term and long-term debt decreased ¥3,509 million due to repayment.
(¥ million)

End-FY4/20

End-FY4/21

Short-term debt
Lease obligations

193

94

22

(72)

74,70074,16081,805+7,645Long-term debt

2,432

8,297

5,815

(2,482)

Lease obligations

154

37

9

(28)

7,747

13,664

11,645(2,019)Total liabilities

82,447

87,82593,450+5,625

Common stock

Total shareholders’ equity

21,89420,50068,758111,151

21,89420,50073,506
115,899

21,89420,50078,661
119,038+5,155+3,139Total net assets

111,003

115,837

119,010+3,173

Total liabilities and net assets

193,451

203,662

212,461+8,799Figures in the table are rounded down

Change:End-FY4/22 compared with End-FY4/21

Total current liabilities

Total long-term liabilities

Capital surplus
Retained earnings© 2022 AIN HOLDINGS INC. All Rights Reserved.

50,7562,643

Change47,1873,642

Accounts payable

46,758
3,670

End-FY4/22+3,998(1,027)

7

Consolidated C/F
Operating activities was ¥26,156 million due to active new store opening especially focus on largescale store. Cash and cash equivalents at the end of the quarter were ample, up ¥4,461 million
from the previous fiscal year.
(¥ million)

FY4/21

FY4/22

Change14,92826,156+11,228

11,767

13,125+1,358Depreciation and amortization

4,243

4,792

+549

Amortization of goodwill

4,436

4,133

(303)

138

4,111

+3,973

Increase (decrease) in inventories

1,172

(171)

(1,343)

Increase (decrease) in other accounts receivable(221)(2,376)(2,155)(Increase) decrease in accounts payable

(844)

3,235

+4,079(9,493)(13,943)(4,450)(5,742)(8,416)(2,674)(997)(2,322)(1,325)

Net cash provided by financing activities

3,643(7,753)(11,396)

Net increase in cash and cash equivalents

9,078

4,460

(4,618)55,00959,470+4,461

Net cash provided by operating activities
Profit before income taxes

Increase (decrease) in accounts receivable

Net cash used in investing activities
Payments for purchases of property, plantand equipment and intangible fixed assets
Purchase of subsidiaries’ shares resulting
in obtaining controls

Cash and cash equivalents at end of the year
© 2022 AIN HOLDINGS INC. All Rights Reserved.

8

Business Value Analysis
Shareholders’ equity ratio (%)
Market value equity ratio (%)
PER (times)
EPS (¥)PBR (times)
BPS (¥)ROA (%)ROE (%)EBITDA (¥ million)
EV/EBITDA (times)
Net D/E ratio (times)
Net cash (¥ million)
Shareholders’ value (¥ million)
Market capitalization (¥ million)

FY4/20

57.3
110.4
23.27
259.11
1.92
3,130.77
4.8
8.5
24,5137.11(0.36)
39,899214,258
213,627

FY4/21

56.8
105.6
32.11
189.04
1.86
3,267.49
3.4
5.9
19,6128.80(0.37)
43,171
215,710215,043

FY4/22

56.0
96.6
28.99
201.471.74
3,385.51
3.4
6.0
24,0656.43(0.43)
51,238205,802205,143

Change(0.8)(9.0)(3.12)+12.43(0.12)+118.02+0.0+0.1+4,453(2.37)(0.06)+8,067(9,908)(9,900)Figures in the table are rounded down
Change：FY4/22 compared with FY4/21
Net D/E ratio = (Interest-bearing debt – Cash on hand and in banks) / Shareholders’ equity
Shareholders’ value = EV – Net interest-bearing debt
Market capitalization：Treasury stock is excepted
Share prices used to calculate market capitalization:
End-FY4/20 ¥6,030 (End-Apr,2020), End-FY4/21 ¥6,070 (End-Apr,2021), End-FY4/22 ¥5,840 (End-Apr,2022).
Net cash = Cash on hand and in banks – Interest-bearing debt (Long-and short-term debt + Lease obligations )© 2022 AIN HOLDINGS INC. All Rights Reserved.

9

FY4/23 Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2023 of ¥363,000 million,
increase 14.8% YoY and ordinary profit of ¥20,500 million, increase 27.8% YoY.
（¥ million）

Net sales

297,305

316,247

363,000 +46,753+14.8

Gross profit

46,15549,97158,720+8,749+17.5

35,222

34,832

38,720+3,888+11.2

10,932

15,13920,000+4,861+32.1

12,64916,041

20,500+4,459

+27.8

6,697

7,092

11,000+3,908+55.1% of net sales

2.3

2.2

3.0

Earnings per
share(¥)

189.04201.47313.15 +111.68

+55.4

55.00

55.00

60.00

+9.1

% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Ordinary profit% of net sales

Profit attributable toowners of parent

Annual dividend (¥)

15.5
11.8
3.7
4.3

FY4/22
results

FY4/23plan

YoYchangeFY4/21
results

15.8
11.0
4.8
5.1

YoY
change(%)

16.2
10.7
5.5
5.6

+5.00

Figures in the table are rounded down
© 2022 AIN HOLDINGS INC. All Rights Reserved.

10

Review© 2022 AIN HOLDINGS INC. All Rights Reserved.

11

Daily new COVID-19 cases across Japan
As of June 7, the number of domestic cases of the COVID-19 infection and deaths was
8,975,339 and 30,803, respectively.
（people）
110,000

Feb.1
103,701

100,000

Tokyo Olympics

90,000Jul.23－Aug.8

Tokyo Paralympics
Aug.24－Sep.5

80,00070,00060,000pre-emergency
measuresJan.7－Mar.21

state of emergency
Apr.7－May.25

Jan.8－Mar.21 Apr.25－Jun20 Jul.12－Sep.30

50,000Aug.2025,97540,00030,0006月

6 （m/y）

5月

5月

5

4

4

4

4

3

3

3

2

2

2

2

1

1/22

1

9

9

9

8

8

8

8

7

7

5

5

5

4

4

21/1

1/21

21/1

12

12

12

8

8

8

7

7

4/20

4

0

May 12
7,059

Jun.7
17,0394

10,000

Apr.10640

420,000

Jan.8
8,045

Aug.7
1,597

the Ministry of Health, Labour and Welfare's Open Data on the COVID-19
The period of declaration of the state of emergency is taken from the region with the longest period© 2022 AIN HOLDINGS INC. All Rights Reserved.

12

Review (YoY)
Ordinary profit increased ¥3.4 billion due to increase of net sales in dispensing pharmacy
business.
+¥18.9 billion

Net sales

Ordinary profit¥316.2 billion +6.4%+¥3.4 billion¥16.0 billion +26.8%¥297.3 billion¥12.6 billion

Dispensing
Pharmacy¥263.1 billion

Dispensing
Pharmacy¥283.1 billion■Dispensing
Pharmacy+¥20.0 billion■Cosmetic andDrug store+¥1.1 billion■Retail shop,
OthersCosmetic and Drug Cosmetic and DrugStore ¥19.4 billion Store ¥20.5 billion¥(2.2) billion
Others ¥14.8 billion Others ¥12.6 billion
FY4/21

FY4/22© 2022 AIN HOLDINGS INC. All Rights Reserved.

Dispensing
Pharmacy

Dispensing
Pharmacy¥25.0 billion

Net sales
increased,
Others+¥4.1 billion¥20.9 billion
Others ¥(0.7) billion Others ¥(0.1) billion Administrative

Cosmetic andDrug Store

Cosmetic andDrug Store

Administrative
expense¥(5.6) billion

Administrative
expense¥(7.2) billion¥(2.0) billion

FY4/21¥(1.7) billion

expense,Others¥(0.7) billion

FY4/2213

Strategy© 2022 AIN HOLDINGS INC. All Rights Reserved.

15

Strategy
Expansion of top-line and increase profits■Dispensing Pharmacy

Plan to open 160 pharmacies（Organic 48, M&A 112）

■Cosmetic and Drug Store

Plan to open 10 stores

Recruiting and training of human resources■Planning to hire 600 newly graduated pharmacists（hired 660 new pharmacists in FY4/22）■Make Field Manager system more established■Training of human resources

Reinforcing the Group’s business base
■Improving the customer services by promoting DX, such as official apps
■Promoting Sustainable Management

Turnaround and expansion of AINZ&TULPE■Opening stores in prime locations and optimizing management costs© 2022 AIN HOLDINGS INC. All Rights Reserved.

16

Expansion of top-line and increase profits１■ Top-line¥297.3 billion +6.4% ¥316.2 billion +14.8%¥363.0 billion■Dispensing Pharmacy¥263.0 billion■Cosmetic and Drug store ¥19.4 billion■Others¥283.1 billion¥20.5 billion¥12.6 billion¥326.0 billion¥24.7 billion¥12.3 billion

263.0

283.1

326.0

19.4

20.5

24.7

FY4/21

FY4/22

FY4/23¥14.8 billion

400.0(¥billion)

Net sales

300.0
200.0
100.0
0.0

■ Profits¥12.6 billion +26.8% ¥16.0 billion +27.8% ¥20.5 billion¥25.0 billion¥(1.7) billion¥(0.1) billion¥(7.2) billion¥29.3 billion¥0.1 billion¥(0.2) billion¥(8.7) billion

20.9

25.0

29.3

-2.0
-5.6

-1.7
-7.2

0.1
-8.7

FY4/21

FY4/22

FY4/23■Dispensing Pharmacy■Cosmetic and Drug store■Others■Administrative cost

30.0

Ordinary profit(¥billion)¥20.9 billion¥(2.0) billion¥(0.7) billion¥(5.6) billion

20.0
10.0

0.0
-10.0

© 2022 AIN HOLDINGS INC. All Rights Reserved.

130

17

Expansion of top-line and increase profits 2
FY4/23 Plan

FY4/22 Results

1,177

Dispensing
Pharmacies
Cosmetics andDrug stores

1,099
78

1,332

Dispensing
Pharmacies
Cosmetics andDrug stores

114
18

1,249
83

165
1

167
2

67
7

:Dispensing Pharmacies

115
2
139
9

482
44

：Cosmetic and drug stores© 2022 AIN HOLDINGS INC. All Rights Reserved.

18

Expansion of top-line and increase profits 3■ PlanFY4/23

FY4/22

Opening

Plan

Plan
160

Dispensing Pharmacy

80

49

Organic

40

25

40

24

15

12

95

61

5
2

15
3

7

18

15

1,140

1,099

1,249

82

78

1,222

1,177

M&A
Cosmetic and drug store
Total
Dispensing Pharmacy
Cosmetic and drug store

ClosureResults

Total

Dispensing Pharmacy
Cosmetic and drug store
Total no. of stores

48
112
10
170
10
5

83
1,332

■ Transition of dispensing pharmacies
Organic
M&A

EV/EBITDA ratio

ClosedSold

No. of total stores

FY4/16

FY4/17

FY4/18

FY4/19FY4/20FY4/21

FY4/22

32

27

25

23

14

15

25

110
5.37
15
1
881

182
5.50
24
2
1,066

11
3.96
73
32
1,029

134
4.88
54
30
1,132

6
3.71
64
42
1,088

14
3.74
52
34
1,065

24
4.13
15
5
1,099

EV/EBITDA ratio=EV(Purchase price)/EBITDA(Operating income + Depreciation and amortization)© 2022 AIN HOLDINGS INC. All Rights Reserved.

19

Recruiting and training of human resources
In April 2022, new 660 pharmacists has joined our group. We aim to hire roughly the same
number in fiscal 2023. As of April 30,2022, the group has 5,768 pharmacists out of 13,009
employees.
（people）

800

No. of newly-hired pharmacists

600

4,099

4,547

4,742

5,004

5,230

5000
4000

400

3000

560

613

660

600

2000

200

No. of student applications

No. of newly-hired pharmacists

No. of student applications（people）
6000

1000

257
0

0

2019

© 2022 AIN HOLDINGS INC. All Rights Reserved.

2020

2021

2022

2023

（Plan）（year）

20

Sustainability Management
We have conducted our corporate activities with common sense and ethics in order to realize
our group statement of “the health and happiness of our customers" through our businesses
contributing to people's health and beauty. Going forward, we will achieve sustainablecorporate growth, create social, environmental, and economic value, and realize sustainable
management by changing and acting on our own initiative, considering our customers andother diverse stakeholders.
1.Contribute to local healthcare

Pharmacies contributing to medical care that "treats
and supports in the entire community”

3.Safety, peace of mind
and trust
Delivering safety, peace ofmind, and trust through daily
operations
Preamble“realize the human rights of all”

2.Provide beauty and happiness
Providing beauty and happiness to enjoy
daily life in today's society

5.Ensure sound management
base

Strengthen a sound management basePreamble“realize the human rights of all”

4.Protect theenvironment and reduce
environmental impact
Contribute to environmental
protection and load reduction

6.Cooperate with local
communities and businesses
Promoting a healthy society andsustainability activities with local
communities and supply chains© 2022 AIN HOLDINGS INC. All Rights Reserved.

21

AINZ & TULPE 1
AINZ & TULPE
opened in FY4/22

12

stores■ in Fukuoka

LACHIC FUKUOKATENJIN (October, 2021)

LaLaport FUKUOKA(April,2022)

FUKUOKA TENJIN-NISHIDORI (March,2022)■ in Kagoshima

CenTerrace TENMONKAN(April,2022)© 2022 AIN HOLDINGS INC. All Rights Reserved.

AMU PLAZA KAGOSHIMA(October, 2021)
22

AINZ & TULPE 2
AINZ & TULPE
plan to open in FY4/23

10

storesMOSAICMALL Kohoku(Opened in May 2022)

Tokyo(Plan to open in
October 2022)© 2022 AIN HOLDINGS INC. All Rights Reserved.

KOBE MOTOMACHI(Opened in June 2022)

Tokyo(Plan to open in
November 2022)

23

FY4/23 Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2023 of ¥363,000 million,
increase 14.8% YoY and ordinary profit of ¥20,500 million, increase 27.8% YoY.
（¥ million）

Net sales

297,305

316,247

363,000 +46,753+14.8

Gross profit

46,15549,97158,720+8,749+17.5

35,222

34,832

38,720+3,888+11.2

10,932

15,13920,000+4,861+32.1

12,64916,041

20,500+4,459

+27.8

6,697

7,092

11,000+3,908+55.1% of net sales

2.3

2.2

3.0

Earnings per
share(¥)

189.04201.47313.15 +111.68

+55.4

55.00

55.00

60.00

+9.1

% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Ordinary profit% of net sales

Profit attributable toowners of parent

Annual dividend (¥)

15.5
11.8
3.7
4.3

FY4/22
results

FY4/23plan

YoYchangeFY4/21
results

15.8
11.0
4.8
5.1

YoY
change(%)

16.2
10.7
5.5
5.6

+5.00

Figures in the table are rounded down
© 2022 AIN HOLDINGS INC. All Rights Reserved.

24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
https://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.

© 2022 AIN HOLDINGS INC. All Rights Reserved.

25