オンワードホールディングス（8016） – [Delayed] FY02/22 Results Presentation Supplement

[Delayed]FY02/22 ResultsPresentation SupplementChacott DAIKANYAMA, opened on March 12, 2022© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.April 7, 2022ContentsFY02/22 Results・Consolidated Results・Results by Segment・Results by Group CompanyFY02/23 Forecasts・Consolidated Results・Results by Segment・Results by Group CompanyFinancial SituationEarly Adoption of the New Revenue Recognition StandardDATA BOOK2457910121415© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 1FY02/22 Results© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. FY02/22 Consolidated Results①②③④⑤⑥⑦Consolidated net sales for FY02/22 were 168.5 billion yen, down 8.5% YoY. As a result of particularly solid performance in the Lifestyle business and Customization business, net sales of existing businesses increased 13.9% YoY, excluding discontinued businesses such as the Europe businesses.Consolidated e-commerce sales were 43.1 billion yen, a 6.3% increase YoY. Contributing to these results were the strong performance of the new D2C brand business, as well as a decline in losses associated with out-of-stock items, resulting from the full-fledged operation of the centralized inventory management system for e-commerce and physical stores.Consolidated operating profitability improved 19.1 billion yen YoY, resulting in an overall operating loss of 1.1 billion yen. As a result of business reforms, the gross profit margin increased by 8.2% while the SG&A expense ratio decreased by 2.0%.While overseas businesses such as the Guam Resort business posted a 1.5 billion yen operating loss, domestic businesses achieved a return to profitability with operating profit of 1.3 billion yen. The domestic lifestyle business in particular posted an operating profit of 2.6 billion yen, an almost threefold increase YoY.However, factors such as the sharp drop in footfall resulting from the spread of the Omicron variant starting from mid-January this year caused net sales to be 6.1 billion yen lower and operating profit 2.1 billion yen lower than the 4Q forecast figures.Recurring profit returned to the black at 0.5 billion yen, mainly due to an increase in subsidy income, and net profit was 8.6 billion yen, mainly due to the gain on sales of non-current assets. EBITDA returned to profitability with 3.9 billion yen.Net assets increased by 17.7 billion yen YoY to 77.2 billion yen due to the liquidation of non-current assets and more efficient fund management. The shareholders’ equity ratio also increased by 13.5% YoY to 42.4%, representing a significant improvement to the soundness of the balance sheet.© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 2FY02/22 Consolidated ResultsPrevious fiscal year’s figures adjusted to reflect changes in revenue recognition standard*11H2HFull year(Million yen)Unadjusted*2FY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoYFY02/21Net sales80,78584,897-4,11295.2%87,66899,154-11,48688.4% 168,453184,051-15,59891.5%175,899Gross Profit41,01838,713+2,305106.0%46,59441,816+4,778111.4%87,61280,529+7,083108.8%70,702(% of Sales)50.8%45.6%53.1%42.2%+10.9%52.0%43.8%+8.2%40.2%SG&A Expenses44,31249,69289.2%44,37951,010-6,63187.0%88,691100,702-12,01188.1%90,876+5.2%-5,380(% of Sales)54.9%58.5% -3.6%50.6%51.4% -0.8%52.7%54.7% -2.0%Operating Profit-3,294-10,979+7,6852,215-9,194+11,409-1,079-20,173+19,094(% of Sales)–2.5%—5 Recurring Profit-2,862-11,454+8,5923,369-8,720+12,089507-20,174+20,681Net ProfitEBITDA*37,448-15,188+22,6361,118-7,993+9,1118,566-23,181+31,747-687-7,989+7,3024,602-6,144+10,7463,915-14,133+18,048——–51.7%-20,173–20,174-23,181-14,133—-1. Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard used in FY02/22. Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard. Adjustments: +8,152 million yen for sales, +9,826 million yen for gross profit and SG&A expenses.2. Unadjusted figures for FY02/21 correspond to the FY02/21 figures as shown in Consolidated Financial Results for the Fiscal Year Ended February 28, 2022.3. EBITDA = operating profit + depreciation and amortization.123467© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 3FY02/22 Results by Segment1H2HFull year(Million yen)DomesticOverseas1234567891011121314Domestic TotalApparelLifestyleApparelLifestyleOverseas TotalConsolidated TotalFY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoYNet Sales55,92057,039-1,11998.0%64,59663,861+735101.2%120,516120,900-38499.7%Operating Profit-3,331-7,573+4,2422,077-5,684+7,761-1,254-13,257+12,003Net Sales17,82316,094+1,729110.7%20,08218,780+1,302106.9%37,90534,874+3,031108.7%Operating Profit1,191144+1,047827.1%1,407753+654186.9%2,598897+1,701289.6%Net Sales73,74373,133+610100.8%84,67882,641+2,037102.5%158,421155,774+2,647101.7%Operating Profit-2,140-7,429+5,2893,484-4,931+8,4151,344-12,360+13,704Net Sales10,75015,732-4,98268.3%7,08821,741-14,65332.6%17,83837,473-19,63547.6%-2,624+2,380-435-3,574+3,139-679-6,198+5,519Operating ProfitNet SalesOperating Profit-244730-4241,486-158-756-26649.1%1,020+401164.8%1,75083.1%619-361-390-29-8142,105-519-355-295Net Sales11,48017,218-5,73866.7%8,10822,360-14,25236.3%19,58839,578-19,99049.5%Operating Profit-668-2,782+2,114-825-3,935+3,110-1,493-6,717+5,224Net Sales80,78584,897-4,11295.2%87,66899,154-11,48688.4%168,453184,051-15,59891.5%Operating Profit-3,294-10,979+7,6852,215-9,194+11,409-1,079-20,173+19,094——————Note: The segment breakdown is calculated using simple sums of all companies. Consolidated totals are after eliminating intergroup transactions.Note: Full year: December−November for Europe, and January−December for Asia and North AmericaNote: Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard used in FY02/22.Note: Domestic Apparel (Onward Kashiyama, Onward Trading, Island, Onward Personal Style, and 10 other companies; 14 companies in total) Overseas Apparel (8 companies in the JOSEPH Group, J.PRESS, Onward Fashion Trading and 8 other companies; 18 companies in total) Domestic Lifestyle (Chacott, Creative Yoko, Yamato, KASHIYAMA DAIKANYAMA, and 6 other companies; 10 companies in total) Overseas Lifestyle (Onward Beach Resort Guam and 9 other companies; 10 companies in total)© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 4FY02/22 Results by Group Company1H2HFull yearNet salesOperating ProfitNet salesOperating ProfitNet salesOperating ProfitFY02/22FY02/21ChangeFY02/22FY02/21ChangeFY02/22FY02/21ChangeFY02/22FY02/21ChangeFY02/22FY02/21ChangeFY02/22FY02/21ChangeOnward Kashiyama + HD41,39241,306+86-3,238-7,678+4,44050,00348,004+1,9991,381-5,083+6,46491,39589,310+2,085-1,857-12,761+10,9041,0671,454+53014,76015,5911,7881,645Onward TradingCreative YokoIslandChacottYamatoOtherEuropeNorth AmericaAsiaGuam Resort1234567891011121314DomesticOverseasDomestic Subtotal (Excl.Onward Kashiyama + HD)7,5782,8134,4452,2239,2826,0102972,2111508,6352,4252,9612,1238,9566,7271892,1811,033-1,057+388+1,484+100+326-717+524+108+30-883-12428368548-744-47-231-78-312-668-387+289+915+85+64-117+849+28-248-4277,1822,9403,8662,97111,0446,6726,9563,2914,2142,9519,3537,8725062272,9932,08524937+226-351-348+20+1,691-1,200+279+908+212-413-632-17484-627249-259170115191169-216287313-592-330-308-226721049251732350-109-220-104-392-825Overseas Subtotal11,48017,218-5,738-2,782+2,1148,10822,360-14,252-3,935+3,11019,58839,578-19,990-1,493-6,717+5,224Consolidated Total80,78584,897-4,112-3,294-10,979+7,68587,66899,154-11,4862,215-9,194+11,409168,453184,051-15,598-1,079-20,173+19,094Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.Note: Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard used in FY02/22.(Million yen)+143+120+1,180+49+483+825+138-44-593-244-848270797-589-138-111-124332319-156-451-182-704-169+265-365,7538,3115,1945,7167,1755,074-831+37+1,136+120+41920,32618,309+2,0171,280+94212,68214,599-1,917-394-1,219+110+204-1668035,2043994164,2661,070+387+938-67132,35131,8271,09834,67534,637+382,103152+1,95167,02666,464+5623,201401+2,8008,82213,815-4,993-2,808+2,7614,36020,011-15,651-3,071+2,96213,18233,826-20,644-5,879+5,723© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 5FY02/22 Results by Group Company© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 6FY02/23 Forecasts© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. FY02/23 Full-Year Consolidated Forecast①②③⑤Forecasting consolidated net sales of 168.7 billion yen for FY02/23, up 0.1% YoY. Although the impact of the COVID-19 pandemic is expected to continue until the end of the current fiscal year, the Company forecasts a 4.2% YoY increase in net sales from existing businesses, excluding the Europe businesses and other discontinued businesses, due to the acceleration of the “OMO” strategy and the promotion of growth strategies for the Lifestyle business, Customization business, and other businesses.Forecasting consolidated e-commerce net sales of 48.0 billion, up 11.4% YoY, due to accelerated growth of the new D2C brand business and further promotion of the “OMO” strategy.Forecasting consolidated operating profit of 2.1 billion yen, a 3.2 billion yen YoY improvement and a return to profitability. Onward Kashiyama + HD in particular are forecast to improve their operating profitability by 1.9 billion yen to post a profit of 100 million yen.④Forecasting a 1.2% YoY increase in gross profit margin and a 0.8% YoY decrease in the SG&A expense ratio by continuing to thoroughly implement business reforms.Recurring profit is forecast to reach 2.1 billion yen (up 1.5 billion yen YoY), while net profit is forecast to amount to 1.7 billion yen (down 6.9 billion yen YoY), mainly due to a decrease in the gain on sales of non-current assets. EBITDA is forecast to increase by 3.2 billion yen to 7.1 billion yen.© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 7FY02/23 Full-Year Consolidated Forecast1H2HFull year(Million yen)FY02/23FY02/22ChangeYoYFY02/23FY02/22ChangeYoYFY02/23FY02/22ChangeYoY123467Net sales77,00080,785-3,78595.3%91,70087,668+4,032104.6% 168,700168,453+247100.1%Gross Profit40,50041,018-51898.7%49,20046,594+2,606105.6%89,70087,612+2,088102.4%(% of Sales)52.6%50.8%+1.8%53.7%53.1%+0.6%53.2%52.0%SG&A Expenses42,30044,31295.5%45,30044,379+921102.1%87,60088,69198.8%(% of Sales)54.9%54.9%49.4%50.6%-1.2%51.9%52.7%+1.2%-1,091-0.8%-2,012±0.0%Operating Profit-1,800-3,294+1,4943,9002,215+1,685176.1%2,100-1,079+3,179-(% of Sales)–4.3%2.5%1.2%-5 Recurring Profit-1,750-2,862+1,1123,8003,369+431112.8%2,050507+1,543404.3%Net ProfitEBITDA*-1,2507,448-8,6982,9501,118+1,832263.9%1,7008,566-6,86619.8%650-687+1,3376,4304,602+1,828139.7%7,0803,915+3,165180.8%—-Note: EBITDA = operating profit + depreciation and amortization© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 8FY02/23 Forecasts by Segment1H2HFull year(Million yen)FY02/23FY02/22ChangeYoYFY02/23FY02/22ChangeYoYFY02/23FY02/22ChangeYoYNet Sales55,40655,920-51499.1%65,63964,596+1,043101.6%121,045120,516+529100.4%Operating Profit-1,728-3,331+1,6032,8002,077+723134.8%1,072-1,254+2,326Net Sales18,78317,823+960105.4%19,80020,08298.6%38,58337,905+678101.8%Operating Profit1,3701,191115.0%1,5541,407110.4%2,9242,598+326112.5%Net Sales74,18973,743100.6%85,43984,678100.9%159,628158,421+1,207100.8%Operating Profit-358-2,140+1,7824,354+870125.0%3,9961,344+2,652297.3%Net Sales6,27010,750-4,48058.3%10,026+2,938141.5%16,29617,838-1,54291.4%+179+446-595+232-282+147+761+858+227+2873,4847,088-4351,020-390423-103Operating ProfitNet SalesOperating Profit-839932-192-244730-424+202127.7%1,247122.3%2,179124.5%Net Sales7,20211,480-4,27862.7%11,2738,108+3,165139.0%18,47519,588-1,11394.3%Operating Profit-1,031-668-363320-825+1,145-711-1,493+782Net Sales77,00080,785-3,78595.3%91,70087,668+4,032104.6%168,700168,453+247100.1%Operating Profit-1,800-3,294+1,4943,9002,215+1,685176.1%2,100-1,079+3,179-416-295-6791,750-814+263+429+519————–DomesticOverseas1234567891011121314Domestic TotalApparelLifestyleApparelLifestyleOverseas TotalConsolidated TotalNote: The segment breakdown is calculated using simple sums of all companies. Consolidated totals are after eliminating intergroup transactions.Note: Full year: December−November for Europe, and January−December for Asia and North AmericaNote: Domestic Apparel (Onward Kashiyama, Onward Trading, Island, Onward Personal Style, and 4 other companies; 8 companies in total)Note: Overseas Apparel (8 companies in the JOSEPH Group, J.PRESS, Onward Fashion Trading and 6 other companies; 16 companies in total)Note: Domestic Lifestyle (Chacott, Creative Yoko, Yamato, and 4 other companies; 8 companies in total)Note: Overseas Lifestyle (Golf Resort Guam and 2 other companies; 3 companies in total)© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 9FY02/23 Forecasts by Group CompanyNet SalesOperating ProfitNet SalesOperating ProfitNet SalesOperating ProfitFY02/23FY02/22ChangeFY02/23FY02/22ChangeFY02/23FY02/22ChangeFY02/23FY02/22ChangeFY02/23FY02/22ChangeFY02/23FY02/22Change41,30041,392- 92-1,955-3,238+1,28350,10650,003+1032,0341,381+65391,40691,39579-1,857+1,936Full year(Million yen)7,1902,9734,6802,3439,7555,9487,5782,8134,4452,2239,2826,010Onward Kashiyama+ HDOnward TradingIslandChacottYamatoOtherCreative YokoDomestic Subtotal(Excl. OnwardKashiyama + HD)1234567891011121314DomesticOverseasEurope3,9698,822- 4,853North America543297Asia2,5442,211Guam Resort1461501H- 388+160+235+120+473- 62+246+333- 4898-9428973557-525-224-164-1181,067-12428368548-47-231-78-312-668- 169+30+6+5+9- 478+7- 86+1948,0303,1854,2502,9965,7641,1394,1192512H+848+245+384+25- 796- 487,1822,9403,8662,9714,360+1,404506+6332,993+1,126249+2+19215,22014,7601,8111,788913-1454280763324374-46170-178320721049251732350-109-220-104-392-825- 14+5+29+31- 26+483+174+274+2146,1588,9305,3395,7538,3115,194+11+460+405+619+145- 323- 1109,7331,6826,66339713,182- 3,449803+8795,204+1,459399- 2-124332319-156-451-182-704-108343353-151-2706-296-711+23+16+11+34+40+5+181+188+408+782-126-744+6186,6246,67212,57212,682198-394+59210,24811,04420,00320,3261,3201,28032,88932,351+5381,5971,098+49935,33334,675+6582,3202,103+21768,22267,026+1,1963,9173,201+716Overseas Subtotal7,20211,480- 4,278-1,031- 36311,2738,108+3,165+1,14518,47519,588- 1,113-1,493Consolidated Total77,00080,785- 3,785-1,800-3,294+1,49491,70087,668+4,0323,9002,215+1,685168,700168,453+2472,100-1,079+3,179Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 10FY02/23 Forecasts by Group Company© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 11Financial Situation© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. FY02/22 Financial Situation■Consolidated Balance SheetEnd-FY02/22End-FY02/21ChangeRemarks(100 million yen)5 Non-current Assets1,155-183 Pursuing liquidation of non-current assetsLower cash and deposits due to decrease in number ofsubsidiaries following business reforms-75 Lower inventory due to inventory streamlining-138 Pursuing liquidation of non-current assets1 Current AssetsCash and DepositsAccounts ReceivableInventory234678Property, Plant and EquipmentIntangible AssetsInvestments and Other Assets9 Total Assets10 Liabilities1112Accounts PayableBorrowings13 Net Assets■Metrics605152142268972580932988041823517721,5778042131823437181063301,9601,365219780595-199-61-40-13-32-383-561-37177-429 Lower borrowings due to improved cash management efficiency14 Shareholders’ Equity Ratio15 Current Ratio42.4%108.5%28.9%80.8%38.3%98.2%55.1% Improved significantly; up 13.4% YoY111.3% Current ratio recovered to above 100%End-FY02/22End-FY02/21 End-FY02/20 End-FY02/19Remarks© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 12FY02/22 Financial Situation■Consolidated Statements of Cash Flows16Cash flows from operatingactivities7,814-19,614+27,428Improved significantly due to a return to profit before income taxes,inventory streamlining, and tax refundsFY02/22FY02/21ChangeRemarks(Million yen)17Depreciation and amortization4,6055,659-1,054Due to sales of non-current assets18Cash flows from investing activities21,6856,091+15,59419Cash flows from financingactivities-36,1735,860-42,033Improved significantly due to sales of non-current assets and sharesof subsidiaries and associatesDecreased due to liquidation of non-current assets and repaymentsassociated with improved capital efficiency20Cash and cash equivalents15,19921,270-6,071Due to decrease in number of subsidiaries following business reforms■Capital Expenditures■Shareholder Returns(Million yen)FY02/23 ForecastFY02/22FY02/21FY02/22FY02/21FY02/2021 Capex22 Depreciation and Appreciation5,3824,2205,6574,6056,5015,65923 Dividend Per Share (Yen)24 Dividend Payout Ratio25Dividend Yield(based on year-end stock price)1219.0%4.3%12-24-4.8%4.6%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 13Early Adoption of the New Revenue Recognition StandardThe new revenue recognition standard applies to companies starting a new fiscal year beginning on or after April 1, 2021. The Group will adopt the new revenue recognition standard early, starting in FY02/22.Key impacts of the new revenue recognition standard on the GroupFor consignment transactions with department stores, retail sales will be recorded as sales, and rent equivalents will be recorded as SG&A expenses, whereas previously the net amount after deducting rent equivalents was recorded as sales.Loyalty point usage fees, which were previously included in SG&A expenses, will instead be deducted from sales.The above changes will not affect operating profit.The adoption of the new revenue recognition standard will unify the salesrecognition standards that previously differed by sales channel.© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 14DATA BOOK© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 【Reference】 Impact of Omicron Variant during FY02/22 Q4+4,875-23-11In Q4, footfall at physical stores increased steadily until early January 2022. Winter clothing sales were strong, due in part to cooler temperatures. However, from mid-January, footfall declined sharply due to the spread of the Omicron variant and the accompanying implementation of priority measures to prevent the spread of COVID-19. As a result, Q4 net sales were 6.1 billion yen below the forecast. Despite efforts to reduce SG&A expenses in response to this, operating profit was 2.1 billion yen lower than forecast, resulting in a full-year operating loss of 1.1 billion yen, due to the significant impact of the reduced sales on gross profit.© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 15DATA BOOK: FY02/22 ResultsSales by ChannelTotal consolidated e-commerce sales (incl. overseas sales) were 43.1 billion yen (up 6.3% YoY). The e-commerce ratio for domestic businesses was 30.0%. The directly managed e-commerce ratio was 86.5%.DepartmentStoresShopping Centersand OtherPhysical StoresTotalDirectly ManagedE-CommerceOther E-CommercePlatformsE-CommerceTotalTotal SalesE-CommerceRatio(Million yen)DirectlyManagedE-CommerceRatio1 Onward Kashiyama33,77429,30863,08224,0872,96027,04790,12930.0%89.1%% of salesYoY37.5%118.3%32.5%90.3%70.0%103.4%26.7%98.9%3.3%101.3%30.0%99.1%100.0%102.1%-0.9%-0.2%8,85623,32432,18011,2852,56513,85046,03030.1%81.5%42,63052,63295,26235,3725,52540,897136,15930.0%86.5%% of salesYoY31.3%115.7%38.7%96.1%70.0%26.0%104.0%#DIV/0!4.1%107.9%30.0%105.7%100.0%104.5%0.3%-0.3%*Domestic subsidiaries using e-commerce (Island, Tiaclasse, Onward Personal Style, Chacott, Creative Yoko, Yamato, Intimates, KOKOBUY)234567Eight Domestic SubsidiariesUsing E-Commerce*Total of Domestic GroupCompanies Using E-Commerce© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 16DATA BOOK: FY02/22 ResultsSG&A expenses1 Personnel2 Rent3 Transportation5 Depreciation6 Other4 Promotion and Advertising79Total SG&A expenses8 Extraordinary loss adjustment(Reference) Effective SG&AexpensesNon-OperatingProfit/Loss10 Interest income11 Dividend income12 Foreign exchange gains13 Subsidy income14 Interest expenses15 Share of loss of entities accountedfor using equity method16 Loss on disposal of salesfloor17 Non-deductible consumption tax,18 Other non-operatingincome/expensesfixtures, etc.etc.(Million yen)Full yearFY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoY1H22,06911,0563,1253,4751,9668,00149,6923,11818,13410,8703,0832,8101,8437,57244,3121,062-3,935-186-42-665-123-429-5,380-2,056-7,43682.2%98.3%98.7%80.9%93.7%94.6%89.2%34.1%85.9%2H20,07313,1673,2883,7922,0448,646-2,895-760-176-1,824-426-55017,17812,4073,1121,9681,6188,09644,37951,010-6,631558589-3135,31223,2776,1954,7783,46115,66888,6911,62042,14224,2236,4137,2674,01016,647-6,830-946-218-2,489-549-979100,702-12,0113,707-2,08785.6%94.2%94.6%51.9%79.2%93.6%87.0%94.7%87.1%Note: Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard used in FY02/22.45,37452,81044,93751,599-6,66290,311104,409-14,098FY02/22FY02/21ChangeYoY1,34052991,013-391-73-96-252-10555193-443884-595-70-213-166354-1-3+1,147+542+129+204-3+117-86-459ExtraordinaryProfit/Lossassetssecurities20 Gain on sales of non-current21 Gain on sales of investment22 Gain on sales of shares ofsubsidiaries and associates23 Subsidies for employmentadjustment24 Loss due to closing and other25 Loss on sales of shares ofsubsidiaries and associates26 Loss on liquidation of subsidiariesand associates27 Impairment loss28 Loss on valuation of investmentsecurities29 Loss on liquidation of businesses30 Other(Million yen)94.5%694.3%-114.6%65.7%104.3%45.1%151.8%-29.7%FY02/22FY02/21ChangeYoY17,9218,416+9,505212.9%(Million yen)+971312.5%1052,944289-1,620-1,829-1,968-1,741-69513,40681541,696-3,893-5,171-3,299-1,685-953-659+2,790-1,407+2,273-1,829+3,203+1,558+1,685+953-3619Non-operating profit/loss1,587+1,588-31Extraordinary profit/loss-5,386+18,792© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 1783.8%96.1%96.6%65.7%86.3%94.1%88.1%43.7%86.5%17.0%41.6%52.8%——105.5%DATA BOOK: FY02/22 Results123456Onward Kashiyama + HD1H2HFull year(Million yen)FY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoYFY02/22FY02/21ChangeYoYNet salesGross Profit(% of Sales)SG&A Expenses(% of Sales)Operating Profit(% of Sales)41,39241,306+86100.2%50,00348,004+1,999104.2%91,39589,310+2,085102.3%22,85555.2%26,09363.0%-3,238-21,72052.6%29,39871.2%-7,678-+1,135+2.6%-3,305-8.2%+4,440105.2%88.8%-28,71157.4%27,33054.7%1,3812.8%24,10850.2%29,19160.8%-5,083-+4,603+7.2%-1,861-6.1%+6,464119.1%93.6%-51,56656.4%53,42358.5%-1,857-45,82851.3%58,58965.6%-12,761-+5,738+5.1%-5,166-7.1%+10,904112.5%91.2%-Note: Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard used in FY02/22.Domestic SubtotalNet sales32,35131,827+524101.6%34,67534,637+38100.1%67,02666,464+562100.8%(Excl. Onward Kashiyama + HD)Gross Profit(% of Sales)7 SG&A Expenses(% of Sales)8Operating Profit(% of Sales)16,18850.0%15,09046.6%1,09814,71046.2%14,46145.4%249+1,478+3.8%+629+1.2%+849110.0%104.3%441.0%17,15849.5%15,05543.4%2,10316,06446.4%15,91245.9%152+1,094+3.1%-857-2.5%+1,951106.8%94.6%1383.6%33,34649.8%30,14545.0%3,2014.8%30,77446.3%30,37345.7%4010.6%+2,572+3.5%-228-0.7%+2,800+4.2%108.4%99.2%798.3%0.8%Note: Calculated using simple sums for the domestic group companies excluding Onward Kashiyama and HD.Note: Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard used in FY02/22.+2.6%6.1%0.4%3.4%+5.6%Overseas Subtotal9Net sales11,48017,218-5,7388,10822,360-14,25219,58839,578-19,990101112Gross Profit(% of Sales)SG&A Expenses(% of Sales)Operating Profit(% of Sales)4,38438.2%5,05244.0%-668-5,11429.7%7,89645.9%-2,782–730+8.5%-2,844-1.9%+2,11466.7%85.7%64.0%-3,22739.8%4,05250.0%-825-4,44819.9%8,38337.5%-3,935–1,221+19.9%-4,331+12.5%+3,11036.3%72.5%48.3%-7,61138.9%9,10446.5%-1,493-9,56224.2%16,27941.1%-6,717–1,951+14.7%-7,175+5.4%+5,22449.5%79.6%55.9%-Note: Calculated using simple sums.Note: Figures for FY02/21 have been adjusted to reflect the new revenue recognition standard used in FY02/22.© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 18DATA BOOK FY02/23 ForecastsDomestic SubtotalNet sales32,88932,351+538101.7%35,33334,675+658101.9%68,22267,026+1,196101.8%(Excl. Onward Kashiyama + HD)Onward Kashiyama + HD1H2HFull yearFY02/23FY02/22ChangeYoYFY02/23FY02/22ChangeYoYFY02/23FY02/22ChangeYoY41,30041,392-9299.8%50,10650,003+103100.2%91,40691,395+11100.0%1234568Net salesGross Profit(% of Sales)SG&A Expenses(% of Sales)Operating Profit(% of Sales)Gross Profit(% of Sales)7 SG&A Expenses(% of Sales)Operating Profit(% of Sales)101112Gross Profit(% of Sales)SG&A Expenses(% of Sales)Operating Profit(% of Sales)23,80057.6%25,75562.4%-1,955-16,37149.8%14,77444.9%1,5974.9%3,13843.6%4,16957.9%-1,031-22,85555.2%26,09363.0%-3,238-16,18850.0%15,09046.6%1,0983.4%4,38438.2%5,05244.0%-668-+945+2.4%-338-0.6%+1,283104.1%98.7%-+183-0.2%-316-1.7%+499+1.5%101.1%97.9%145.4%-1,246+5.4%-883+13.9%-36362.7%71.6%82.5%-30,07260.0%28,03856.0%2,0344.1%17,17848.6%14,85842.1%2,3206.6%5,16345.8%4,84343.0%3202.8%28,71157.4%27,33054.7%1,3812.8%17,15849.5%15,05543.4%2,1036.1%3,22739.8%4,05250.0%-825-Note: Calculated using simple sums for the domestic group companies excluding Onward Kashiyama.(Million yen)+2,306+2.5%+370+0.4%+1,936104.5%100.7%-+203-0.6%-513-1.6%+716+1.0%100.6%98.3%122.4%+1,361104.7%+2.6%+708+1.3%+653+1.3%+20-0.9%-197-1.3%+217+0.5%102.6%147.3%100.1%98.7%110.3%53,87258.9%53,79358.9%790.1%33,54949.2%29,63243.4%3,9175.7%51,56656.4%53,42358.5%-1,857-33,34649.8%30,14545.0%3,2014.8%+1,936+6.0%+791-7.0%+1,145160.0%119.5%-8,30144.9%9,01248.8%-711-7,61138.9%9,10446.5%-1,493-+690+6.0%-92+2.3%+782109.1%99.0%-Overseas Subtotal9Net sales7,20211,480-4,27811,2738,108+3,165139.0%18,47519,588-1,11394.3%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.©Copyright ONWARD HOLDINGS CO.,LTD. 19The information in this presentation is not a solicitation to purchase or sell Onward Holdings stock. Opinions and forecasts stated herein represent the judgments of the company at the time this presentation was prepared. Onward Holdings makes no guarantee regarding the accuracy of the information in this presentation and may make revisions without prior notice. Onward Holdings and the providers of this information assume no responsibility whatsoever for any losses incurred in association with this information.© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.