BusinessResults Briefing（Fiscal Year Ending March 31,2015)
April 1,2014-March 31,2015

Mandom Corporation（Securities Code: 4917）

Contents

1. Consolidated Business Results
2. Consolidated Net Sales
3. Consolidated Incomes
4. Summary of Our Strategic Business5. Forecast of Consolidated Business Resultsfor FY2016/3

1. Consolidated Business Results(Unit:Mln Yen)
Annual
FY2015/3 FY2014/3

Balance

Yr/Yr

Yr/Yr
103.9%

Achiev.

Net Sales

70,925

68,2152,709

104.0%

Operating Income

6,996

6,853

142

102.1%－98.3%

Ordinary Income

7,595

7,330

265

103.6%－102.4%Net Income

4,425

4,091

333

108.1%－102.4%

ROE

8.3%

8.3%

EPS¥189.28¥175.02

40.2%

40.0%

Payout Ratio

99.6%

1

2. Consolidated Net Sales
2-1. Net Sales by Region(Unit:Mln Yen)
Annual
FY2015/3 FY2014/3

Net Sales

Balance

Yr/Yr

70,925

68,2152,709

104.0%

Japan

41,63740,945692

101.7%

Indonesia

17,172

15,9681,203

107.5%

Others12,115

11,301

813

107.2%

2-2. Net Sales by Region Analysis(Year-on-Year)

2-3. Net Sales by Region Ratio(Year-on-Year)
ASIA
40.0％

Consolidated

ASIA
41.3％

2,709
17.1％

16.6％

Japan692
23.4％

Indonesia
Others

60.0%

24.2％

58.7％

1,203
813

Japan

FY2014/3

Indonesia

FY2015/3Others22. Consolidated Net Sales
2-4. Net Sales by Strategic Business Unit

(Unit:Mln Yen)
Annual

FY2015/3 FY2014/3
Net Sales

68,2152,709

104.0%

46,95546,096859

101.9%

38,83738,325512101.3%

Women's Cosmetics Business

8,381

7,547

833

111.0%

Women's Cosmetry Business

7,790

6,828

962

114.1%

Other Business

7,798

7,743

54100.7%

GatsbyMenʼs Grooming Business
FY2015/3 Results

GatsbyYr/Yr70,925

Men's Grooming Business

Total

Balance

46,95538,837

Lucido0

Womenʼs Cosmetics Business
FY2015/3 Results GrowthRate

GrowthRate

+1.9％

Total

+1.3％

MandomBeauty

8,381+11.0％

Asia

Total

FY2015/3 Results

GrowthRate

7,790+14.1％

Lucido-L

PucellePixyJapan

Womenʼs Cosmetry Business

Japan

Asia

Japan

Asia

3

3. Consolidated Incomes
3-1. Operating Income by Region(Unit:Mln Yen)
Annual

FY2015/3
ResultFY2014/3

per Sales

Resultper Sales

Balance

Yr/YrOperating Income

6,996

9.9%

6,853

10.0%

142102.1%

Japan

4,485

10.8%

4,480

10.9%

4100.1%Indonesia

1,028

6.0%

1,1477.2%

▲ 119

89.6%

Others

1,482

12.2%

1,225

10.8%

257

121.0%

3-2. Operating Income by Region
Analysis(Year-on-Year)3-3. Operating Income by Region Ratio(Year-on-Year)
ASIA
34.6％

Consolidated

ASIA
35.9％

142
17.9％

Japan

4
16.7％

Indonesia
Others

21.2％

▲119

14.7％

65.4％

64.1％

Japan257
FY2014/3

Indonesia
Others

FY2015/3
4

3. Consolidated Incomes
3-4. Operating Cost Analysis (Year-on-Year)
Operating Cost
Total

Cost of Goods

Selling Expenses

Admin. Cost
Consolidated556Japan
Indonesia

2,567 1,323687

241,206Others

750
431760424
339-3106600

233
259

3-5. Operating Cost & Income (Ratio to Sales)
Consolidated

JapanIndonesia

OthersCost of Goods
Selling Expenses

45.3%

45.3%

40.0% 39.6%

60.6% 60.4%

41.6% 44.4%

Admin. Cost
Operating Incomes

22.5% 22.9%

23.7%

23.5%

21.2%

21.1%

9.9%

10.0%

10.8% 10.9%

13.4% 13.0%
6.0% 7.2%

FY
FY
2015/3 2014/3

FY
FY
2015/3 2014/3

FY
FY
2015/3 2014/3

33.0% 31.6%
26.7% 26.5%

20.0% 19.4%
13.2%

13.2%

12.2%

10.8%

FYFY
2015/3 2014/3

53. Consolidated Incomes
3-6. Ordinary Income and Net Income by Region(Unit:Mln Yen)

Annual
FY2015/3
ResultNon-operating Income/Loss

FY2014/3

per Sales

Resultper Sales

Balance

Yr/Yr

599

0.8%

476

0.7%

122

125.8%

7,595

10.7%

7,330

10.7%

265

103.6%

▲ 66

▲0.1%

▲ 51

▲0.1%

▲ 15130.5%

Income before Income Taxes and Minority

7,529

10.6%

7,279

10.7%

249

103.4%

Income Taxes and Minority Interest

2,519

3.6%

2,608

3.8%

▲ 88

96.6%

584

0.8%

579

0.8%

5100.9%4,4256.2%

4,091

6.0%

333

108.1%

Ordinary Income
Extraordinary Proﬁt/Loss

Minority Interests in Net Income
Net Income

3-7. Non-Operating Income/Expenses & Extraordinary Profit/Loss(Unit:Mln Yen)

Non-Operating
Income/Expenses

599

Non-Operating
IncomeNon-Operating
Expenses

Others80

679Interest received/dividend
OthersExtraordinary
Profit/Loss66

Extraordinary
ProfitExtraordinary
Loss

1178

Profiton disposalof fixed assets

Loss on disposalof fixed assets

Others64. Summary of Our Strategic Business
Japan

Sales by businesscategory (%)* Graphs and numbers are frommarket data calculated by Mandom[Face & Body Care]

Menʼs Grooming Business[Hair Styling]
Items were added to theGatsby Hair Jam lineup torespond to the unsatisfied
consumer demand, andHair Jam sampling event
television commercials,
Menʼs Hair Styling Product Market Trend
events, in-store(Apr-Mar cumulative total)
promotions, etc. werecarried out to maintainMarketand increase market
growth rate
Other
Othershare.
-5.5％* Mandomʼs overall shareof the menʼs hair stylingmarket is 61.6%.

GB41.8％GB45.2％FY2014/3

FY2015/3

GB share+3.4Ｐ

The Lucido deodorant seriescorresponding to the middle-aged
man's characteristic body odor
trended favorably. Efforts weremade to strengthen the products
by developing the product lineand enhancing the lineup throughnew television commercials, instore communication, etc.

GatsbyShield Deodorant

LucidoRefresh Deo Paper andHair & Scalp Conditioner

Womenʼs Cosmetry Business

Women's Cosmetics Business

Efforts were made to increase thefreshness of the Bifesta water-based
make-up remover series byrevamping it and adding new products
as well as to increase contact withconsumers and raise awareness of theproduct line through promotions.

A new facial wash series wasreleased in the facial care category
to respond to increased awarenessamong young people with respect togentleness on skin, and efforts weremade to expand the share. A newhigh functional series of deodorant
was released in the body care
category to respond to increased
demand for odor prevention.

Pink Bifestaxi
operated as part ofpromotion activities* No. 1 share maintained in cleansing lotion category.
(Apr 2014 – Mar 2015 results)

Mandom summer season product sales were steadilyincreased through in-store communication leveraging
the power of the Disney product line. The products werealso revamped to further increase their sense ofpresence in the market.

NewMandom Happy Deo7

4. Summary of Our Strategic BusinessIndonesia

Sales by businesscategory (%)

Menʼs Grooming Business[Face & Body Care][Hair Styling]
Styling Pomade

Hair Styling Mist

Performance improved steadily in the styling category.
New products like Styling Mist and Styling Pomade foryoung people and revamped wax products trendedfavorably.

A new facial wash series wasreleased to establish a position as amenʼs cosmetics brand.
Efforts were made to increase thein-store contact ratio by placing
commercials on television andstrengthening marketing.

Release of new
facial wash series

Womenʼs Cosmetry Business

Women's Cosmetics Business

Sales trended favorably thanks to prominent in-store
displays and promotions for distributors. Mist Cologne
did especially well.

In order to rejuvenate the productline, commercials were placed on
television, and promotions werecarried out on an ongoing basis for
Pixy, which trended well. Additionally,a new BB Cream was released toenhance the product lineup.

Sprays and oils in the Hair Vitamin series
trended well. Efforts were made to increase
recognition through improved in-store displays.

Release of new BB Cream

Pixy display byModern Trade8

4. Summary of Our Strategic Business
Reference
Indonesia

A new plant and head office was constructed to respond to increased productdemand in the growing Asian market. The building was completed at the end oflast year, and machinery/equipment is steadily being moved in. Full-scale
operations will begin in June.
This will improve production capacity, and the shortened distance between thenew plant and the currently operational container molding plant will increase
efficiency in transportation operations.

Birdʼs eye view

Front

Content equipment

Filling line94. Summary of Our Strategic Business
Others
China

Sales by businesscategory (%)

Efforts were made to strengthen sales, primarily ofthe hair spray series, which is the leading categoryof Gatsby products, and increase recognition throughsubway, cinema and web advertisements andpromotional events.

Hair styling eventin Shanghai

Indochina

Stronger development withfocus on hair spray

Ongoing efforts were made to develop and maintain a distribution network inVietnam, Myanmar and Cambodia through collaboration with agents, and sampling
events and promotions were carried out for consumers to increase productrecognition.
Additionally, sales were launched in Laos, and efforts were made to cultivate amarket there.

Product trial eventat university in Vietnam

In-store display in Cambodia

Gatsby event in Myanmar*Mandom Vietnam Company Limited, the 12th overseas group company, wasestablished on January 9, 2015 in Ho Chi Minh City, Vietnam.
Full-scale operations will begin in July 2015.

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5. Forecast of Consolidated Business Results for FY2016/3
5-1. Premises for Planning of Consolidated Outlook FY 2016/3
Assumptions for Increased Sales

Assumptions for Increased Profit+ Continued expansion of menʼs grooming throughaggressive marketing investments+ Increased profit from higher revenues+ Continued expansion and promotion of rollout in WomenʼsCosmetics Business+ Reduced cost-to-sales ratio due to renovation of Fukusaki
Plant+ Continued high growth of overseas business, primarily“Others”+ Better than expected overseas net sales due to exchangerate into yen+ Extraordinary income associated with transfer of fixed
assets of overseas subsidiary－ Ongoing aggressive marketing investments, especiallyoverseas－ Worse than expected domestic sales of summer season
products due to unseasonable weather－ Depreciation of new plant in Indonesia

5-2. Consolidated Outlook for FY2016/3(Unit:Mln Yen)FY2016/3

FY2015/3

Annual

1Q+2Q

Initial Plan

Balance

Yr/Yr

Net Sales

76,3605,434Operating Income

7,360

Ordinary Income
Net Income*ResultInitial Plan

BalanceYr/YrAnnual

1Q+2Q

107.7%

41,8403,387

108.8%

70,92538,452363

105.2%

5,250

9100.2%

6,996

5,240

7,600

4100.1%

5,250

▲327

94.1%

7,595

5,577

7,120

2,694

160.9%

5,800

2,413

171.3%

4,425

3,386

* In new accounting standards (applied starting with fiscal year beginning on April 1, 2015), this is now called “Net income attributable toshareholders of parent company.”11

5. Forecast of Consolidated Business Results for FY2016/3
5-3. FY 2016/3 Outlook of Main Expenses: Breakdown of Increase/Decreaseover FY 2015/3(Unit: Mln Yen)

Net Sales■ Net sales[Japan]Cost-to-sales
Ratio

SGA
OperatingIncomeOrdinary
IncomeAggressive marketing investments to increase
revenue in Japan and overseas

Increased focus on summer season products (Gatsby and Mandom
products for women)Continued developmental marketing for Lucido in response tomiddle-aged consumers
Continued expansion of Bifesta product line

[Overseas] Expansion of Gatsby according to data from each country
Rollout and expansion of Bifesta
Continued expansion of Pixy■ Cost-tosales ratio

Make efforts to reduce costs in Japan andoverseas, and curb cost ratio increase[Japan]Promote raw material cost reductions, increased production
efficiency, etc.

[Overseas]

Increased production efficiency associated with launch ofoperations at new plant in Indonesia to reduce costs■ Selling expenses[Japan]Ongoing marketing investments forgrowth, especially overseas

Efficient marketing investments[Overseas] Continued aggressive investments for product line recognition andgrowth

Net *Income■ Non-operating income (loss)/extraordinary income (loss)
Extraordinary income associated with transfer of fixed assets of consolidated
subsidiary (Indonesia)* In new accounting standards (applied starting with fiscal year beginning on April 1, 2015), this is now called “Net income attributable toshareholders of parent company.”

12