Business Results
Briefing(Fiscal Year Ending March 31,2021)

April 1, 2020-March 31, 2021

Mandom Corporation(Securities Code: 4917)

0

Contents

1. Consolidated Business Results
2. Review of FYE 2021/March
3. Overview of MP-13
4. FYE 2022/March Forecast◆ Appendix
1

Important Topics• Promotion of sustainable management
at full scale• Start of new VI (new company logo) andcorporate slogan• Start of MP-13

2

1. Consolidated Business Results
FYE 2021/March3

1. Consolidated Business Results
Summary of FYE 2021/March• Revenue
Due to the impact of COVID-19 pandemic, incomes
fell both in Japan and abroad.
Sales of seasonal summer items were sluggish due tounseasonal weather in summer.

• Operation Profit
We posted an operating loss for the first time in 40
years due to the failure to make up for a decrease ingross income with a reduction of SG&A expenses.

41. Consolidated Business Results
1) Recorded operating loss
• Sales declined sharply.
（millions of yen）

Some items that had been processed as
expenses have been deducted from net sales atoverseas consolidated subsidiaries included infinancial statements prepared in accordancewith IFRS.

Consolidated net sales(new standard)

Consolidated net sales (former
standard)51. Consolidated Business Results
1) Recorded operating loss
• Consolidated Operating Income and all other incomes at each level declined.
（millions of yen）

FYE 2016/MAR
Extraordinary gain
resulting from the sale ofthe Indonesiansubsidiary’s plant

860
-273
-793

6

1. Consolidated Business Results
1) Recorded operating loss
• Gross profit decreased greatly due to a fall in sales. Furthermore,manufacturing costs increased owing to a fall in production efficiency.
（millions of yen）

7

1. Consolidated Business Results ＜Sales by Region＞

2) Incomes fell both in Japan and abroad• Overseas Sales accounted for 38.7% of Consolidated Net Sales (FYE
2020/March 43.5%).
（millions of yen）

90,000YoY Change ︓▲30.6％

17,80660,00017,791

YoY change︓▲32.0％

12,36012,102

YoY change︓▲15.9％

30,00046,17538,847FYE 2020/MAR

FYE 2021/MAR
Japan

Indonesia

Others8

1. Consolidated Business Results ＜Net Sales by Strategic Business Unit＞
3) Incomes fell both in Men’s Business and Women’s Business• GATSBY and Bifesta decreased both in Japan and overseas, PIXY
struggled in Indonesia.
（millions of yen）

90,000YoY change︓

8,411
60,00025,974▲21.1％

YoY change︓▲27.7％

6,637
18,783

YoY change︓

30,00047,388▲ 20.0％37,8890

FYE 2020/MAR
Men's Business

FYE 2021/MAR
Women's Business

Others9

1. Consolidated Business Results ＜Sales by Region＞

4) Operating loss of 7.9 billion yen• We posted operating losses in Japan and Indonesia mainly due to a fall insales. Operating income sharply decreased in other overseas countries.
（millions of yen）

9,000

YoY change︓▲84.4％

6,000

YoY change︓N/A

2,310

YoY change︓N/A
3,000

645
3,014
361
-255
-899

-3,000FYE 2020/MAR

FYE 2021/MAR
Japan

Indonesia

Others10

1. Consolidated Business Results ＜Sales by Region＞

Quarterly Performance Trend by Region•

In Japan, sales greatly decreased in Q1 and Q2 and gradually
recovered from the 3rd quarter.

•

Overseas sales reached a trough in Q2. In Indonesia, sales
remained sluggish in Q3 but rose in Q4. In other overseas countries,
sales rebounded in Q3 but declined again in Q4.
Year-on-year change in sales from the recent quarter (less than a 5% change indicated by a horizontal arrow)

1Q

2Q

3Q

4Q

Net Sales▲20,8%▲28.1%▲21.3%▲19.3%

Japan▲18.3%▲18.9%▲10.7%▲13.4%

Indnesia▲24.8%▲39.7%▲40.8%▲21.8%

Others▲23.9%▲45.9%▲22.1%▲30.9%

11

1. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞
Sales by BusinessBusiness results by Brand•

Sales of GATSBY decreased due to Corona diseasesituation and unseasonable weather in summer.

•

Bifesta also lost revenue.

Japan

Status of our major brands
Men’s Business

Women’s Business121. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞

Men’s

Sales by BusinessBusiness• Sales of seasonal items for summer are sluggish due tounseasonable weather in summer.

Japan

While competition for paper products becomes severe, facial papers and body
papers were completely renewed.

• We changed the poster boy to renew the brand image.
■GATSBY Facial paper/Body paper■GATSBY New Face Takeru Satoh13

1. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞

Men’s

Sales by BusinessBusinessJapan• We launched a skin cream for smoothing wrinkles andpreventing blotches, contributing to a growth in sales ofskincare products.
• We also released Face Cover Concealer, a much-talkedabout men’s face make-up product.
■LUCIDO Tadanobu Asano■LUCIDO Face Cover Concealer

14

1. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞
Sales by Business

Women’s BusinessJapan• Demand for cleansing items decreased due to pressure on
people to refrain from going out.
• We changed the poster girl in February 2021, and revamped
Cleansing Lotion, a mainstay product, into Micellar
Cleansing Water to renew the product image.
■Bifesta New Face Tsubasa Honda■Bifesta Micellar Cleansing Water

15

1. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞

Women’s Business

Sales by BusinessJapan• Leave in Conditioner series continues to perform well.
Overall sales of this brand continued.
• Sales increased by expansion of Argan Oil Treatment items
and it resulted in a second position in the market.

■LUCIDO-L Argan Rich Hair Treatment Oil Series

16

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞
Sales by BusinessBusiness results by brand•Both GATSBY and PIXY are sluggish due to theimpact of COVID-19 infection.

Indonesia

Status of our major brands
Men’s Business

Women’s Business17

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞

Men’s

Sales by BusinessBusinessIndonesia•

The size of the hair styling market greatly decreased due to theimpact of the COVID-19 pandemic as in the case of Japan.
Although GATSBY products enjoyed an overwhelming market share,
holding No. 1 position, their sales declined in a similar manner.

•

We launched SPRAY POMADE and TEXTURIZING CLAY with thehope to recover sales after the end of the COVID-19 pandemic.

■GATSBY SPRAY POMADE QUICK & GREASE■GATSBY TEXTURIZING CLAY

18

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞
Sales by Business

Women’s BusinessIndonesia• We launched Stay Last Serum Foundation in Indonesia in
July 2020, while the size of the market greatly decreased asin the case of the men’s hair styling market.
• Launched two hand care products for consumers increasingly
aware of hygiene in August.
■PIXY UVW STAY LAST SERUM FOUNDATION■PIXY HAND MIST & HAND GEL

19

1. Consolidated Business Results ＜Summary of Our Strategic Business (OTHERS)＞

Quarterly Performance Trend by Country• In Q3 (July to September 2020), sales temporarily
recovered in each country.

Sales by Business

Others• In Q4 (October to December 2020), sales decreased again,
although sales continued recovering steadily in China.
Year-on-year change in sales from the recent quarter (less than a 5% change indicated by a horizontal arrow)201. Consolidated Business Results ＜Summary of Our Strategic Business (OTHERS)＞
Sales by Business

China• Annual sales decreased from the previous year, since salesof men’s hair styling products and women’s cleansing
products accounted for a major part of revenue.

Others• E-commerce sales grew.

■Tmall Brand Site

■GATBY TikTok video advertisement211. Consolidated Business Results ＜Summary of Our Strategic Business (OTHERS)＞
Sales by BusinessTaiwan•Despite sluggish sales of men’s hair styling products, overall sales
grew sharply, primarily in Japanese convenience stores, due toefforts to promote sales of GATSBY paper products at storefronts.

Others(Sales grew in China and Hong Kong thanks to the implementation of similar
sales efforts.)•

Continue to strengthen Bifesta foaming Whip cleansing series andresults are growing steadily.

■GATBY paper products display■Bifesta cleansing series display[for reference]
Japanese store in HK

22

2. Review of FYE 2021/MAR

23

2. Review of FYE 2021/MARFYE 2021/March Management Basic Policy
1. Review company-wide marketing
functions to improve brand values.
2. Enhance overseas infrastructures with afocus on Indonesia.
3. Improve productivity and corporate value
by reforming business processes.

24

2. Review of FYE 2021/MAR
Initiatives and Results
1. Review company-wide marketing functions to improve
brand values.
(1) Started reconstructing GATSBY brandWe implemented the reconstruction starting with therevamping of facial and body papers before the start of
MP-13.
We changed the poster boy to renew the brand image.

(2)Dedication to Service (Oyakudachi) for New
NormalWe launched mandom Disinfectant Series in June 2020 and
MA-T Pure, an innovative disinfectant brand, in November
2020 as an emergency measure to expand OYAKUDACHI in
the field of health and cleanliness.
Also in Indonesia, we began sales of hand sanitizer and PIXY
brand disinfectant hand gel & mist.

25

2. Review of FYE 2021/MAR
Initiatives and Results
3. Improve productivity and corporate value by reforming
business processes.
(3)Promotion of Working-Style reforms mainly on the remote work
We introduced a remote work system that can improve employees’safety and productivity at the same time during the COVID-19
pandemic and executed business using the video communication
platform Microsoft Teams.
We reviewed the rules of remote work to enable employees towork flexibly according to their home environment.

(4) Preparation for constructing a strategic personnel system andpromotion of talent management
We worked out an outline of the design to introduce a Role/Grade System at Mandom(Japan) that links to the Group-wide personnel system and a framework of talentmanagement that promotes our strategic personnel shifts.

26

3. Overview of MP-13（FYE 2022/MAR〜FYE 2024/MAR）27

3. Overview of MP-13
1. Future Management Structure

Sustainability Strategy play a central role
Our Philosophy

Mandom isa “human-oriented” company.
Guided by our original concept of Health, Cleanliness& Beauty, we reach boldly the norm to bring wonder
and inspiration to people’s everyday lives.

Sustainability strategy
VISION2027

We hope to be recognized by our
stakeholders as a company that
contributes to the achievement of
the SDGs
A cosmetics company possessing
unique strengths in specialized
areas (not an “all-rounder”)

Group management operating system28

3. Overview of MP-13
2. Unique Sustainable Management
Sustainability policies
We will promote unique sustainable management that ensures bothenrichment on an everyday basis and solution of social problems
through our concepts of Health, Cleanliness, Beauty and Fun.

Four main themes of Sustainable Management
Creating strong ties with
consumers bystrengthening/expanding
Dedication to Service

Training human resourcesthat form a society,promoting active
engagement of a diverse
cohort of employees

Contributing as good
corporate citizens to asustainable society【The last theme is the basis on which three other themes will be
developed in a medium- to long-term plan】

Taking measures to be a going concern

29

3. Overview of MP-13
3. Mandom Group Materiality Identification■Material Issues (Materiality) in Sustainability30

3. Overview of MP-13
4. New VI will be adopted in September 1st.
New company logo

A new logo mark that represents the human-oriented fundamental of Mandom’s philosophy,
the smile on the faces of all our stakeholders who will be receiving Mandom’s new
OYAKUDACHI.

Corporate Slogan
The corporate slogan crystalizes the new OYAKUDACHI that Mandom wants to deliver.
It signifies a strong message that promises Group-wide efforts to create new OYAKUDACHI
for customers.

31

3. Overview of MP-13
5. Positioning of MP-13

VISION2027
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 （FY）

S

eeding

Pre-MP-13

MP-12

Infrastructuredevelopment

MP-13

Reformation andchallenges

MP-14
Accelerated growth

Corporate Infrastructure Development for Realizing VISION2027

32

3. Overview of MP-13
5. Positioning of MP-13

VISION2027
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 （年度）
MP-12
Infrastructuredevelopment

PreMP-13

MP-13
Reformation andchallenges

We aim to achieve results that exceed
those in FYE 2020/Mar, a levelaccomplished before the spread of the
COVID-19 pandemic, by expanding mainly
existing businesses.

MP-14
Accelerated growth

At the same time, we
actively promote new
initiatives andpreparations toaccelerate businessgrowth in MP-14.

Net Sales︓81.5 billion yen
Operating Income ︓8.0% or more33

3. Overview of MP-13
6. External environment and internal issues ahead of the start of MP-13
External environment

Internal issues

Japan and overseas• Lingering impact of the COVID-19 pandemic• Climate change and unusual weather• Exponential progress of technology• Elimination of the time-lag in information by
globalization• Change in lifestyle triggered by COVID-19
pandemic• Diversification of people’s values• Expansion of the EC market• A rise in consciousness about environmental
issues mainly among the younger generation• Expansion of expectations regarding the• realization of wellness

Japan and overseas• Stagnated sales of GATSBY brand products• Growth potential of women’s cosmetics• Product portfolio (heavily dependent on goingout related products whose sales may beaffected by COVID-19• Declining earning power (profitability)• Role of and transaction condition with
distribution partners• Low component ratio of EC sales

Japan• Decrease in population and an aging society
with a declining birthrate• Declaration of carbon neutral status by 2050
• Increase in the number of companies newly
entering the cosmetic market

Overseas• Declining profitability in Indonesia• Intensifying competition with local companies

Japan• Change in the portfolio of men’s cosmetics• Enticement of an innovative layer34

3. Overview of MP-13
7. Prediction of changes related to cosmetics
Source: METI’s Cosmetics Industry Vision in Japan Changes in the market
•
•
•
•
•

Expansion of the global market
The rise of Generation Z and thedigitally native
Popularization of men’s makeup
The rise of a digital economic bloc
Expansion of GDP in the Asian region(more than 40% of the world)

 Changes in attitudes towards theglobal environment•••

Spread of environmentally friendly
products
Expansion of ethical consumption
Arrival of a recycling-oriented
society with no carbon emissions

 Changes in lifestyle•••

Spread of shopping on the EC site andcashless shopping
Rising awareness of hygiene
Extension of healthy life expectancy

35

3. Overview of MP-13
8. Images of Reformation and Challenges under MP-13
External environment
Opportunity
Mandom’s
strength
Mandom’stangible andintangible
assetsInvestment forcorporate
infrastructuredevelopment
under MP-12Internal issues

Issue

MP-13
Reformation and Challenges of the quality
of OYAKUDACHI in the field of Health,Cleanliness, Beauty, and Fun

MP-14
Accelerationof growth

Imagination × Creativity• Deepening of OYAKUDACHI
Response to the post-mass-marketing, etc.
• Evolution of OYAKUDACHI
Upgrading of EC and digital marketing, etc.
• New OYAKUDACHIOpen innovation, etc.

Human-oriented company

Realize an ideal society andbecome a desirable person

VISION2027

36

3. Overview of MP-13
9. MP-13 Management Basic Policy
1. Evolution and challenges of category strategies andrenewal of company-wide marketing functions tothoroughly enhance brand values under a newnormal
2. Speedy accomplishment of business rehabilitationin Indonesia and revamping of the overseas
business model
3. Transformation into a company that creates newvalue through digitalization and open innovation
4. Enhancement of corporate value and evolution of
OYAKUDACHI centered on sustainable
management373. Overview of MP-13
9. MP-13 Management Basic Policy
1. Evolution and challenges of category strategies andrenewal of company-wide marketing functions tothoroughly enhance brand values under a new normal(1) Early establishment of a company-wide frameworkthat leads to accelerated growth of overseas andwomen’s category businesses(2) Enhancement of value of global brands (GB and BA)
throughout Asia
(3) Quality improvement and scope expansion of
OYAKUDACHI during and after the COVID-19 pandemic38

3. Overview of MP-13
1. Evolution and challenges of category strategies andrenewal of company-wide marketing functions tothoroughly enhance brand values under a new normal(1) Early establishment of a company-wide framework that leads toaccelerated growth of overseas and women’s category businesses
Expand the skincare category

Strengthening of wipe-off typecleansing category in JPN andoverseas

Research on the
expansion potential ofthe make-up market

393. Overview of MP-13
1. Evolution and challenges of category strategies andrenewal of company-wide marketing functions tothoroughly enhance brand values under a new normal(2) Enhancement of value of global brands (GB and BA) throughout Asia•

Endeavor to change people’s recognition of GATSBY
Hair styling products•

Transformation into a men’s
cosmetic brand that meets
people’s lifestyles and values

Take the challenge to respond to the post-mass-marketing
Enticement of an innovation layer that has a greater influenceon others and higher information dissemination capability40

3. Overview of MP-13
2. Speedy accomplishment of business rehabilitationin Indonesia and revamping of the overseas
business model(1) Early establishment and implementation of a framework to solve
issues of the Indonesia business
Improvement of profitability• Active enhancement of EC channel• Effective investment and inventory
cutdown
Enhancement of internal infrastructure• Partial revision of the Group framework to upgrade the
distribution system for the future• Active appointment of local employees to managerial
positions41

3. Overview of MP-13
2. Speedy accomplishment of business rehabilitationin Indonesia and revamping of the overseas
business model(2) Strengthening of cooperation with each overseas company in the field of
marketing to accelerate growth and improve business efficiency
Enhancement of EC business in each country• Implementation of a go-ahead attempt in China and South Korea andspread of know-how to other countries
Improvement of profitability while maintaining growth potential• Selection and concentration of A&P investment• Strengthening of digital communication and implementation ofeffectiveness verification42

3. Overview of MP-13
3. Transformation into a company that creates new value
through digitalization and open innovation(1) Accomplishment of successful DX (digital transformation) that leads to therealization of wellness(2) Creation and expansion of new fashion consciousness by taking in external
knowledge
Search for new OYAKUDACHI that
leads to people’s wellness in thefields of health, cleanliness, beauty,
and fun, without limiting tocosmetics, and establishment of aframework to realize it.

43

3. Overview of MP-13
4. Enhancement of corporate value and evolution of
OYAKUDACHI centered on sustainable management(1) Promotion of business development that contributes to solving social
issues (ESG and SDGs)(2) Evolution of Only One value creation capability and improvement ofcorporate branding capability44

3. Overview of MP-13
10. Management Basic Target【Growth Potential】
Consolidated Net Sales in the final year of MP-13

815 billion yen（millions of yen）

90,00081,50070,000

Amount calculated based on ASBJ
Statement No. 29 AccountingStandard

63,310

Average annual
growth rate

50,000＋10.7%

30,000FYE 2021/MARFYE 2024/MAR

45

3. Overview of MP-13
10. Management Basic Target【Growth Potential】
Menʼs business

Womenʼs business

Overseas

Average annual
growth rate

Average annual
growth rate

Average annual
growth rate

6% or more

16% or more

17% or more46

3. Overview of MP-13
Image of business structure
FYE 2021/MAR

Final year of MP-13（FYE 2024/MAR）

VISION2027（FYE 2028/MAR)

By Region
Japan
Overseas

Overseas sales ratio
is 50% or more

By Strategic Business Unit
Men’s Business
Women’s Business

Sales ratio is50% each47

3. Overview of MP-13
10. Management Basic Target【Profitability】
Consolidated Operating Profit Margin

8.0% or more
（millions of yen）

90,00070,000

Improve profitability

63,31010.0%81,500

8.0%

Amount calculated based on ASBJ
Statement No. 29 AccountingStandard

7.5%

5.0%

50,0002.5%

30,000FYE 2021/MAR-1.3%

Net Sales

0.0%

FYE 2024/MAR
Operating profit margin48

3. Overview of MP-13
10. Management Basic Target【Profitability】
ROIC

7.0% or more
*1

NOPLAT ＋

Share of loss
(profit) of entities
accounted forusing equity
methodInvested capital*2

Increase of operating income due tosales growth brought
by Reformation and Challenges• Improvement of CCC→ Final fiscal year 4.0 months• Cutback of cross-holding shares→ Less than 10% of net assets• Implementation of the Group’s cash management【Shareholder Returns】
Dividend increase for the eighth consecutive year

（Maintain payout ratioof at least 40%.）*1 Operating income + Interest income - Dividend income＊(1- effective tax rate)*2 Loans payable + Bonds payable +Lease obligations + Net assets49

3. Overview of MP-13
10. Management Basic Target【Response to social issues】

Promotion of environmental considerations in products

Japan:

Initiatives for eco-friendliness in products sold in Japan(Percentage of products that clear our standards) 60%

Indonesia: A 10% reduction in use of plastic packages(compared to FYE2016/Mar)

A 10% reduction of plastic wastes(compared to FYE2016/Mar)50

4. Forecast of Consolidated BusinessResults for FY2022/MAR

51

4. Forecast of Consolidated Business Results for FYE 2022/MAR

Forecast of Consolidated Business Results for FYE 2022/MAR(Millions of yen)

FYE 2022/MARFYE 2021/MAR

AnnualInitial Plan

Balance

1Q+2Q
Yr/Yr

Initial Plan

ResultBalanceYr/YrAnnual

1Q+2Q

64,000689*
101.1%

33,150

▲398

98.8%

63,31033,548Operating Income

950

1,743

-119.7%960

64107.2%-793

895

Ordinary Income

1,220

1,493

-445.8%

1,110

▲95

92.1%

-273

1,205

720

▲140

83.7%

870

▲1,266

40.7%

860

2,136

Net Sales

Net Income Attributableto Owners of Parent*Consolidated Earnings for the Fiscal Year Ended March 31, 2022, some items that had been processed as expenses havebeen deducted from net sales in financial statements prepared in accordance with ASBJ Statement No. 29 AccountingStandard for Revenue Recognition.
The change in net sales resulting from correcting for this impact is about 7% increase.

52

4. Forecast of Consolidated Business Results for FYE 2022/MARFYE 2022/Mar Outlook of Main Expenses: Breakdown of Increase/Decreaseover FYE 2021/MAR
Prerequisites of the plan
(Millions of yen)689

Net Sales【Japan】▲1,661

Operating Income

Ordinary Income

Net income
Attributable to▲140
Owners of Parent

1,743
1,493

•
•

0.4%

Cost-to-sales
Ratio

SGA

■Net sales【overall】••

Eradication of COVID-19 in the 1st halfStrengthening sales of men’s and women’ssummer products
Active sales expansion of women’s skin careproducts
Continuous strengthening of products for
middle-aged men【Indonesia】 ••Active strengthening of EC channel
Strengthening of GATSBY hair styling productcategory【Others】•

Active strengthening of EC channel••

Effective input
Strengthening of digital advertisement■SGA【overall】■Risk factors【overall】•

Delay in the eradication of COVID-19 until the
2nd half【Japan】•

Decline in sales of summer products due tounfavorable weather

53

◆Appendix

54

Contents

1. Consolidated Business Results
2. Consolidated Net Sales
3. Consolidated Incomes
4. P/L of Mandom Corporation,
PT Mandom Indonesia Tbk

55

1. Consolidated Business Results(Millions of yen)
AnnualFYE 2020/MAR FYE 2021/MAR

Balance

Yr/Yr

Yr/Yr※

Achiev.
vs Revised Target

81,77463,310▲ 18,464

77.4%

78.2%

100.0%

Operating Income

5,970

-793

▲ 6,764-13.3%－

99.2%

Ordinary Income

6,706

-273

▲ 6,980

-4.1%

－

97.7%

Net Income Attributable to
Owners of Parent

4,445

860

▲ 3,58519.3%－

100.0%

ROE

6.5%

1.3%

EPS

¥97.68¥19.17

Payout Ratio

63.5%

166.9%Net Sales※ Comparison with FYE 2020/MAR rate after adjustment.

56

2. Consolidated Net Sales
2-1. Net Sales by Region(Millions of yen)
AnnualFYE 2020/MAR

FYE 2021/MAR

81,77463,310▲ 18,464

77.4%

Japan

46,17538,847▲ 7,328

84.1%

Indonesia

17,791

12,102▲ 5,689

68.0%

Others17,806

12,360▲ 5,446

69.4%

Net Sales

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

Consolidated

Japan▲18,464▲7,328Indonesia▲5,689Others▲5,446

Balance

Yr/Yr

2-3. Net Sales by Region Ratio (Year-on-Year)
Asia
43.5％

Asia
38.6％

21.8%

21.7%

19.5%
19.1%

56.5%

61.4%

FYE 2020/MAR
Japan

FYE 2021/MAR
Indonesia

Others57

2. Consolidated Net Sales
2-4. Net Sales by Strategic Business Unit
(Millions of yen)
AnnualFYE 2020/MAR
Net Sales
Men's Business
GATSBY
Women's Business
Other Business

FYE 2021/MAR

Balance

Yr/Yr

81,77463,310▲ 18,464

77.4%

47,38837,889▲ 9,499

80.0%

37,763

28,770▲ 8,992

76.2%

25,974

18,783▲ 7,191

72.3%

8,411

6,637

▲ 1,773

78.9%※breakdown :Womenʼs Cosmetics 10,059 Millions of yen（Yr/Yr 58.1%）/Women's Cosmetry 8,723 Millions of yen（Yr/Yr 100.6%）

Womenʼs BusinessMenʼs Business

Total

GATSBYFYE 2021/MAR
Results

GrowthRate

18,783-27.7%FYE 2021/MAR
Results

FYE 2021/MAR
Results

GrowthRate

37,889-20.0%

Total

28,770-23.8%

Bifesta

LUCIDO-L

PIXY

PUCELLELUCIDO

Japan

Asia

Japan

Asia

GrowthRate

58

3. Consolidated Income
3-1. Operating Income by Region(Millions of yen)
AnnualFYE 2020/MAR
ResultFYE 2021/MAR

per Sales

ResultBalanceYr/Yr

per Sales

Operating Income

5,970

7.3%

▲ 793

▲1.3%

▲ 6,764▲13.3%

Japan

3,014

6.5%

▲ 255

▲0.7%

▲ 3,270

▲8.5%

645

3.6%

▲ 899

▲7.4%

▲ 1,544▲139.4%

2,310

13.0%

361

2.9%

▲ 1,949

15.6%

Indonesia
Others3-2. Operating Income
by Region Analysis (Year-on-Year)(Millions of yen)

ConsolidatedJapan

Indonesia▲6,764▲3,2703-3. Operating Income by Region Ratio(Year-on-Year)

Asia
49.5％

N/A
38.7%

▲1,544

50.5%※Operating Loss

10.8%
Others▲1,949FYE 2020/MAR
Japan

Indonesia

FYE 2021/MAR
Others59

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

Cost of Goods▲ 691▲ 4,058▲ 5,656▲ 2,790▲ 2,174

Consolidated

Japan

Selling Expenses▲ 1,855▲ 3,486 ▲ 818▲ 811

Indonesia

Others(Millions of yen)
Admin. Cost

▲ 1,511▲ 2,602 ▲ 580▲ 511▲ 11,745 ▲ 4,189▲ 3,497

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

48.3%

19.8%
24.6%
7.3%
FYE
2020/MAR

53.4%

Japan

40.3%

20.0%

-1.2%
FYE
2021/MAR

Selling Expenses

Admin. Cost

Operating Income

Indonesia

46.1%
66.5%

23.6%

27.7%

Cost of Goods

29.6%
6.5%
FYE
2020/MAR

Others

50.9%
74.7%

23.3%

17.7%
12.0%

10.8%

-0.7%

17.9%
3.6%

18.4%

21.5%

13.0%

FYE
2021/MAR

FYE
2020/MAR

FYE
2021/MAR

31.3%

55.8%

-7.1%

FYE
2020/MAR

18.9%
22.4%
2.9%
FYE
2021/MAR60

3. Consolidated Income
3-6. Analysis of Change in Consolidated Operating Income(Millions of yen)61

3. Consolidated Incomes
3-7. Ordinary Income and Net Income Attributable to Owners of Parent(Millions of yen)
AnnualFYE 2020/MAR
ResultFYE 2021/MAR

per Sales

ResultBalanceYr/Yr

per Sales

736

0.9%

520

0.8%

▲ 216

70.7%

6,706

8.2%

▲ 273

▲0.4%

▲ 6,980

▲4.1%

92

0.1%

1,494

2.4%

1,401

1611.7%

6,799

8.3%

1,221

1.9%

▲ 5,578

18.0%

Income Taxes and Minority Interests

1,854

2.3%

496

0.8%

▲ 1,357

26.8%

Net Income

4,945

6.0%

724

1.1%

▲ 4,221

14.6%

499

0.6%

▲ 136

▲0.2%

▲ 635

▲27.3%

4,445

5.4%

860

1.4%

▲ 3,585

19.3%

Non-operating Income/Expenses
Ordinary Income
Extraordinary Proﬁt/Loss
Income before Income Taxes and Minority Interests

Net Income Attributable to Non-controlling interests
Net Income Attributable to Owners of Parent

3-7. Non-Operating Income/Expenses & Extraordinary Profit/Loss
Non-operating
Expenses/Income

Extraordinary
Loss/Income

520

Interest income

1,494

Dividend income

Non-operating
Income(Millions of yen)

Gain on sales of non-current assets

638

Extraordinary
Income1,793

Others

Non-Operating
Expenses

118
OthersCompensation expenses

Share of profit of entities
accounted for using equity method
Interest expenses
Sales discounts
Compensation expenses

Gain on sales ofinvestment securities

Extraordinary
Losses299

Loss on sales of non-current assets
Loss on retirement of non-current assets
Accumulated impairment loss

Loss on sales of investment securities624. P/L of Mandom Corporation, PT Mandom Indonesia Tbk■Results of FY 2021/3 (P/L of Mandom Corporation, PT Mandom Indonesia Tbk)
Depreciation,Capital Investment
Mandom Corporation(Millions of yen)

FYE
2020/MAR

FYE
2021/MARNet sales

50,414

41,787▲ 8,62682.9%

41,700

Cost of Goods

22,95420,871▲ 2,082

90.9%

－

－

－

86.2%

－

balance

Yr/YrCost Ratio

45.5%

49.9%

+4.4P

24,134

20,799▲ 3,335

Operating Income

3,326

116

▲ 3,209

3.5%

－

765

705

▲ 60

92.1%

－

4,091

822

▲ 3,269

20.1%

81

1,423

1,342

1745.4%

3,117

1,796

▲ 1,32157.6%

Ordinary Income
Extraordinary Profit/loss

Net Income(Millions of yen)
FYE
2020/MAR

FYE
2021/MAR

Depreciation

4,369

4,818

448

5,220

Capital investment

10,414

8,487▲ 1,926

3,450

Rivised Plan

Selling, general andadministrative expenses

Non-operating Income/Los■Consolidated■Mandom Corp.Only
FYE
2020/MAR850－

FYE 2021/MAR
Outlookbalance(Unit : Mln Yen)FYEbalance
2021/MAR

Depreciation

2,479

2,967

488

Capital investment

8,691

7,900

▲ 791

※Capital investment includes intangible assets

1,790

PT Mandom Indonesia Tbk
Local Currency(Millions of Rp.)
FYE
2020/MAR

FYE
2021/MARbalance

Net sales

2,804,151

1,989,005▲ 815,145

Cost of Goods

1,873,937

1,534,276▲ 339,661

Cost Ratio

66.8%

77.1%

+10.3P

Operating Income

190,793▲ 68,610▲ 259,403

Net Income

145,149▲ 54,776▲ 199,925

Yen Equivalent

Yr/Yr(Millions of yen)
FYE
2020/MAR

FYE
2021/MARbalance

Yr/Yr

70.9%

Net sales

21,591

14,718▲ 6,873

81.9%

Cost of Goods

14,42911,353▲ 3,075

78.7%

Cost Ratio

66.8%

77.1%

+10.3P－-36.0%

Operating Income

1,469

▲ 507

▲ 1,976-34.6%-37.7%Net Income

1,117

▲ 405

▲ 1,522-36.3%

Rp.1=￥0.0077

Rp.1=￥0.0074

－

68.2%

※Assumption rate FYE 2020/MAR

63

Regarding Forward-Looking Statements

This document contains forward-looking statements concerning Mandomʼs current
plans, strategies, beliefs and performance. These forward-looking statements
include statements other than those based on historical fact and represent theassumptions and beliefs of management based on information currently available.
Mandom therefore wishes to caution readers that actual results may differ
materially from expectations, and that forward-looking statements are subject toa number of foreseen and unforeseen risks and uncertainties. All amounts havebeen rounded to the nearest whole unit.

64