May 14 2024

Consolidated Business Results(April 1, 2023 through March 31, 2024: Japanese Standards)
Corporate Name:
Listed Exchange:
Code Number:
URL:
Representative:
Contact:

Mandom Corporation
TSE Prime Market4917
https://www.mandom.co.jp
Ken Nishimura, President Executive Officer & Director
Masanori Sawada, Executive Officer & General Manager, Finance Division
TEL (81)-6-6767-5001
Annual General Shareholders’ Meeting:June 21, 2024
Dividend Payout:
June 24, 2024
Financial Statements Issued:
June 2, 2024
Documents Providing Supplemental Information:
Yes
Financial Briefing:
Yes (for institutional investors and analysts)(Figures rounded down to the nearest million yen)

1.

Consolidated Earnings for the Fiscal Year Ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Consolidated Financial Highlights(cumulative)
Net Sales¥ millions(% = Changes from the same period in the previous fiscal year)

Operating Income

Net Income
Attributable toOwners of Parent

Ordinary Income%¥ millions%¥ millions%¥ millions%

FYE March 2024

73,233

9.2

2,020

43.3

2,981

35.1

2,601

171.4

FYE March 2023

67,047

16.9

1,409



2,207958

Note: Comprehensive Income
FYE March 2024

¥3,835million (-0.6%)

FYE March 2023

Earnings per Share

Diluted Earnings
per Share¥3,857million (%)Ordinary
Income/TotalAssets

Return on Equity

Operating
Income/Net Sales

yenyen%%%FYE March 2024

57.84



4.0

3.2

2.8

FYE March 2023

21.31



1.5

2.5

2.1

Reference: Income (loss) in minority interests
FYE March 2024
¥365million

FYE March 2023

¥230million(2) Consolidated Financial Position
Total Assets

Shareholders’ Equity
Ratio

Net Assets

Net Assets per Share¥ millions¥ millions%yen

FYE March 2024

93,26573,20771.3

1,479.21

FYE March 2023

91,00571,18471.6

1,448.35

Reference: Shareholders’ Equity
FYE March 2024

¥66,517million

FYE March 2023

¥65,125million(3) Consolidated Cash Flows
Cash Flows fromOperating Activities¥ millions

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents, End ofPeriod¥ millions¥ millions¥ millions

FYE March 2024

6,812

(887)

(2,110)22,006FYE March 2023

4,065

(1,257)(2,072)

17,481

12.

DividendsAnnual DividendFirstSecondThird
Quarter End Quarter End Quarter EndYear EndTotal
Dividend Dividend on
Dividend Payout Ratio Equity Ratio(total)(consolidated) (consolidated)

Totalyenyenyenyenyen¥ millions%%

FYE March 2023



19.00



19.00

38.00

1,708



2.7

FYE March 2024



20.00



20.00

40.00

1,798



2.7

FYE March 2025 (forecast)



20.00



20.00

40.00

3.

197.6

Forecasts of consolidated operating results for fiscal year ending March 31, 2025
(April 1, 2024 to March 31, 2025)
Net Sales¥ millions
77,000

Full Year

Operating Income% ¥ millions
5.1780%-61.4(% = change vs. same period in prior year)
Net Income
Ordinary Income
Attributable toEarnings per ShareOwners of Parent¥ millions% ¥ millions%
yen
1,580 -47.0
910 -65.0
20.24* Notes(1) Changes in significant consolidated subsidiaries during the period (changes in consolidation of specificsubsidiaries): None
(2) Changes in accounting estimates, methods, or presentation
a. Changes in accounting methods in connection with changes in accounting standards: Noneb. Changes in accounting methods other than a.: Nonec. Changes in accounting estimates: Noned. Changes in presentation: None(3) Issued shares (common stock)a. Shares outstanding, end of year (including treasury stock)FYE March 2024

48,269,212 shares

FYE March 2023

48,269,212 sharesb. Treasury stock, end of period
FYE March 2024

3,300,668 shares

FYE March 2023

3,303,802 sharesc. Average outstanding shares during the period
FYE March 2024

44,967,623 shares

FYE March 2023

44,970,036 shares

2

(Reference) Summary of Non-Consolidated Business Results

1.

Business Results, FYE March 2024
(April 1, 2023 to March 31, 2024)(1) Sales and Income(% = change vs PY)
Net Sales

Operating Income¥ millions

Ordinary Income%¥ millions%¥ millions

Net Income%¥ millions%

FYE March 2024

42,586

5.6

594

-37.6

1,602

5.2

1,800

220.6

FYE March 2023

40,31011.7952



1,523

312.8

561

-58.2

Earnings per Share

Earnings per Share (diluted)
yenyenFYE March 2024

40.04

FYE March 2023

12.49



(2) Financial Position
Total Assets

FYE March 2024
FYE March 2023
(Reference) Treasury Stock

Shareholders’ EquityRatio

Net Assets

Shareholders’ Equity perShare¥ millions¥ millions%

yen

62,45353,18485.2

1,182.71

64,24454,17884.3

1,204.89

FYE March 2024 ¥53,184 million
FYE March 2023 ¥54,178 million* These quarterly financial statements are exempt from quarterly review procedures* Appropriate Use of Business Forecasts; Other Special Items
Information in this report concerning future performance is based on information available and certain assumptions
deemed reasonable. Forecasts are not promises of future performance. Actual earnings may differ significantly fromforecasts due to a number of factors.

3Mandom Corporation (4917) Consolidated Business Results (April 1, 2023 through March 31, 2024)

1. Overview of Results of Operations, etc.
(1) Results of Operations(Financial Highlights)(Millions of yen)FYE March 2024

73,2332,020

Net income (loss)
attributable toowners of parent
2,981
2,601

FYE March 2023

67,047

1,409

2,207

958

Change

9.2 %

43.3%

35.1%

171.4%Net sales

Operatingincome

Ordinaryincome

During the consolidated fiscal year under review, the Japanese economy showed a moderate recovery since thereclassification of COVID-19 to Category V under the Infectious Diseases Control Act, reflecting further progress
on normalization of social and economic activities and a sign of recovery in personal spending. On the other hand,the economic outlook remains uncertain, as the downturn in overseas economies, including the effects of global
monetary tightening and concerns over the outlook of the Chinese economy, poses a downside risk on Japan’seconomy.
Asia is where the Mandom Group conducts most of its overseas business. While the economy was robust ingeneral, mainly in Southeast Asia, the trend of economic recovery in China was at a standstill, which shows aconcern over the future outlook.
Under these economic conditions, the Group has promoted various measures based on the Basic Management
Policies of the Middle-Range Plan, positioning it as a period of “Reformation and Challenges” for achieving“VISION2027,” our future goal.
During the consolidated fiscal year under review, net sales were up 9.2% year on year to ¥73,233 million. Thiswas mainly attributable to robust sales in Overseas, Other.
Operating income was ¥2,020 million (up 43.3% year on year). This result primarily reflects an increase in grossincome in Overseas, Other. As a result, ordinary income and net income attributable to owners of parent were¥2,981 million (up 35.1% year on year) and ¥2,601 million (up 171.4% year on year), respectively.
The results of operations by segment (net sales represent sales to external customers) are as follows:(Performance by Segment)(Millions of yen)
Net sales

Operating income (loss)

FYE March 2023

FYE March 2024

Japan

35,76938,010Indonesia

14,178Overseas Other

17,098ChangeFYE March 2023

FYE March 2024

Change6.3%

282

79(71.7%)

14,708

3.7%(676)(770)-20,513

20.0%

1,802

2,710

50.3%

Sales in Japan were ¥38,010 million (up 6.3% year on year). This is mainly attributable to robust sales of the“Gatsby” brand in the men’s business, the contribution of skin care products of the “Lucido” brand in the men’sbusiness and new products in the men’s business, and the expanded lineup of the “Bifesta” brand in the women’sbusiness, on the back of social and economic activities that have further normalized, reflecting the reclassificationof COVID-19 to Category V under the Infectious Diseases Control Act, resulting in increased opportunities forconsumers to go out. In terms of profits, operating income was ¥79 million (down 71.7% year on year) mainly due
to an increase in advertising expenses associated with marketing investments for new products.
Sales in Indonesia were ¥14,708 million, representing a 3.7% year-on-year increase. This is mainly attributable
to an increase in sales of4

Mandom Corporation (4917) Consolidated Business Results (April 1, 2023 through March 31, 2024)

the “PUCELL” brand in the women's business and the increase in the yen amount in sales due to the weaker yen. Interms of profits, operating loss fell to ¥770 million (compared with operating loss of ¥676 million in the previousyear) owing primarily to a delay in the improvement of cost-of-sales ratio.
Sales for Overseas, Other increased to ¥20,513 million (up 20.0% year on year). This was mainly attributable toan increase in sales in the women’s business in Malaysia and other Southeast Asian countries. In terms of profits,operating income recorded a year-on-year surge of 50.3% to ¥2,710 million, mainly reflecting an increase in grossincome.

(2) Financial Position(Assets)
Current assets at the end of the consolidated fiscal year under review were ¥55,960 million, up ¥6,387 million
from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥5,487 million in cash
and deposits. Non-current assets were ¥37,304 million, down ¥4,126 million from the end of the previousconsolidated fiscal year. This was mainly attributable to a decrease of ¥1,434 million in property, plant, andequipment due to depreciation and a decrease of ¥1,725 million in investment securities due to stock selling.
As a result, total assets increased to ¥93,265 million, up ¥2,260 million from the end of the previous consolidated
fiscal year.
(Liabilities)
Current liabilities at the end of the consolidated fiscal year under review were ¥13,603 million, down ¥182
million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥641 million inaccounts payable - other. Non-current assets were ¥6,454 million, down ¥419 million from the end of the previous
consolidated fiscal year. This was mainly due to an increase of ¥694 million in retirement benefit liability.
As a result, total liabilities increased to ¥20,058 million, up ¥237 million from the end of the previous
consolidated fiscal year.
(Net Assets)
Net assets at the end of the consolidated fiscal year under review were ¥73,207 million, up ¥2,023 million fromthe end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,652 million in foreign
currency translation adjustment.
As a result, the shareholders’ equity ratio was 71.3% (compared with 71.6% at the end of the previous
consolidated fiscal year).
(3) Cash Flows
Cash and cash equivalents (“cash”) for the consolidated fiscal year under review increased by ¥4,524 million
from the end of the previous consolidated fiscal year to ¥22,006 million.
The following discusses the status and factors that affected cash flows during the consolidated fiscal year underreview.
(Cash Flows from Operating Activities)
Net cash provided by operating activities was ¥6,812 million (compared with ¥4,065 million in the previousyear). Positive factors mainly included ¥3,872 million in income before income taxes and ¥4,415 million in
depreciation and amortization, while negative factors included payments of ¥645 million in business restructuring
expenses and ¥651 million in income taxes.
(Cash Flows from Investing Activities)
Net cash used in investing activities was ¥887 million (compared with ¥1,257 million in the previous year). Thiswas mainly due to decreases of ¥5,855 million in expenditures for time deposits and ¥1,451 million used foracquisition of property, plant, and equipment and an increase of ¥5,127 million in proceeds from withdrawal oftime deposits and ¥1,543 million in proceeds from sale and redemption of investment securities.

5

Mandom Corporation (4917) Consolidated Business Results (April 1, 2023 through March 31, 2024)(Cash Flows from Financing Activities)
Net cash used in financing activities was ¥2,110 million (compared with ¥2,072 million in the previous year).
This was mainly attributable to a decrease arising from dividend payments of ¥1,754 million.

(4) Future Outlook(Millions of yen)
Net sales

OperatingincomeNet income (loss)
attributable toowners of parent
1,580
910

Ordinary
incomeFYE March 2025

77,000780

FYE March 2024

73,233

2,020

2,981

2,601

Change5.1%(61.4%)(47.0%)(65.0%)In order to realize “VISION2027,” our future goal for 2027, the Group has formulated a medium-term
management plan that positions the four years from FY 2024 to FY 2027 as a period for building a foundation forgrowth. The main initiatives for each segment in the fiscal year ending March 31, 2025 are as follows:
In Japan, we will work from scratch to improve profitability viewed from various angles. We will also continue
to foster new brands and develop new businesses in order to secure new growth drivers.
In Indonesia, we will promote reforms to our procurement and production systems in order to reduce production
costs. In addition, we will make aggressive marketing investments to enhance the value of our brand and regain ourposition in the market. In the fiscal year ending March 31, 2025,
the increase in marketing investment will put pressure on profits, but this will lead to a recovery in profits in thefollowing periods.
In the segment of Overseas, Other, we will continue to implement sales strategies tailored to each country'smarket, supported by the relatively high economic growth rates of the member countries. Overall, we will expand
our marketing investments and maintain a high sales growth rate.
As a result of these efforts, we forecast the operating performance for the consolidated fiscal year ending March2025 as follows: Net sales of ¥77,000 million (up 5.1% year on year), operating income of ¥780 million (down61.4% year on year), ordinary income of ¥1,580 million (down 47.0% year on year), and net income attributable toowners of parent of ¥910 million (down 65.0% year on year).
The assumed major exchange rates used for these forecasts are ¥140 to the U.S. dollar and ¥0.0090 to the rupiah.

2. Basic View on Selection of Accounting Standards
For the foreseeable future, the policy of the Group is to prepare consolidated financial statements according toJapanese accounting standards in consideration of comparability of consolidated financial statements between periods
and between companies.
We will address the application of the International Financial Reporting Standards as appropriate, taking into accountthe situations in Japan and other countries.

6