Creating Corporate Value Report 2021
Financial Section
Year ended March 31, 2021

Refreshing the Air

Management’s Discussion and Analysis

Accordingly, net income per share was 113.90 yen, up from theGroup Outline
The S.T. CORPORATION Group is composed of S.T.

previous year’s figure of 102.19 yen. The ratio of net income to sales

CORPORATION, seven consolidated subsidiaries, three equity

increased from 4.8% to 5.1%, and ROE rose from 7.8% to 8.2%.

method affiliated companies and other affiliated companies.
Financial Position
Sales Overview

Total assets as of March 31, 2021 stood at 46,817 million yen, up

Under brand value management, the S.T. Group worked on 5 main

3,541 million yen from the end of the previous year. Major reasons forpoints, “Further deepening mainstay brand,” “Exploring new fields/

the increase are an increase of cash and time deposits of 1,704

markets,” “Undertaking overseas business structural reform,”

million yen, an increase of merchardise and finished goods of 1,170“Constructing a foundation for growth of the thermal care business,”million yen, and an increase of investment securities of 931 millionand “Creating a structure for growth.”yen.
Liabilities were 14,184 million yen, up 1,044 million yen from the

As a result, sales of the current year stood at 49,674 million yen, up
4.5% year on year, thanks to the impact by the consumption fromend of the previous year, mainly because of an increase in tradestaying home and rise of hygiene awareness caused by the novel

payable of 342 million yen, and an increase in electronically recorded

coronavirus pandemic. As for the sales of each category, year-on-

obligation-operating of 572 million yen.
Net assets were 32,633 million yen, up 2,497 million yen from theyear growths were seen in Air Care for 1.3%, Cloth Care 1.7%,
Thermal Care 3.8%, Hand Care 20.2%, Humidity Care 2.0%, andend of the previous year. This is mostly because retained earnings

Home Care 7.9%.

increased 1,712 million yen and unrealized holding gain on othersecurities, net of taxes increased 658 million yen.

As for profits, although there were augmentations in cost for gloves

Consequently, net assets per share increased from 1,337.42 yen atand marketing, gross profit increased thanks to an increase in sales
volume of high-value-added products. Also, operating income was

the end of the previous year to 1,445.14 yen. Equity was 32,090

3,945 million yen (up 16.9% year on year) because SG&A ratio shrankmillion yen, and equity ratio was unchanged from the end of theby reducing effective investments and activity expenses by staying

previous consolidated fiscal year of 68.5%.

home, etc. Ordinary income was 3,737 million yen (up 11.7% year onyear) due to drop in foreign exchange gain. Profit attributable toowners of parent was 2,526 million yen (up 11.7% year on year).

17

1

18

19

20

21

17

4.0

18

19

3,945

3.8

20

21

17

1,804

1,817

3,374

5.0

18

19

4.8

20

5.1

2,526

7.9

5.9

2,839

2,854

49,67447,54647,782

48,62745,958

6.2

7.1

7.2

Profit attributable to owners of parent (Millions of yen)
Return on sales (%)

Operating income margin (%)

2,410

Operating income (Millions of yen)

3,481(Millions of yen)

Profit attributable to owners of parent /Return on sales

2,261

Operating income /Operating income margin

Net sales

21

Notes: 1. ‌As a result of new accounting standards being applied effective from the fiscal year ended March 31, 2017, the figures for fiscal years 2017, 2018, 2019, 2020 and 2021 reflect those changes.
2. ‌As a result of new accounting standards being applied effective from the fiscal year ended March 31, 2019, the figures for fiscal years 2018, 2019, 2020 and 2021 reflect those changes. The figures for the fiscal year 2017 are as
originally presented without retroactive application.

Capital Expenditures and Depreciation and Amortization

Dividends, Return to Shareholders

Capital expenditures decreased from 3,137 million yen in the previous

Taking into consideration such factors as net income and the need toyear to 1,335 million yen in the current year. Depreciation andrealize shareholder returns, the company decided to distribute aamortization decreased from 1,390 million yen in the previous year toterm-end dividend of 19.0 yen (37.0 yen for the full year, including the

1,350 million yen in the current year.

interim dividend, with a consolidated payout ratio being 32.5%). The
company will continue to place importance on returns toshareholders.

Cash FlowsNet cash provided by operating activities was 4,423 million yen (in thesame period of the previous fiscal year, net cash provided byBusiness and Operational Risks

operating activities was 3,638 million yen). The main components ofBusiness and operational risks include: (1) intensifying competitive

the inflow were profit before income taxes of 3,686 million yen,environment; (2) impacts of new business and capital and business

depreciation and amortization of 1,350 million yen, and payable andalliance; (3) overseas business activities; (4) an escalation in raw

accured expenses for 922 million yen. The main components of thematerials prices; (5) situation of business partners, (6) sales

outflow were an increase in inventories assets of 1,107 million yen

uncertainties due to climate change (unseasonal weather), (7) fairand income taxes paid of 1,004 million yen.

business practices, (8) customer support, (9) fluctuations of stock

Net cash used in investing activities was 1,564 million yen (in theprices, (10) risks of information management and systems, (11)same period of the previous fiscal year, net cash used in investment

material litigation risks, and (12) the impact from natural disasters.

activities was 3,685 million yen). The main expenditure was 1,155
million yen for purchase of property, plant and equipment.
Net cash used in financing activities was 1,152 million yen (in thesame period of the previous fiscal year, net cash used in financing
activities was 885 million yen). This is mainly because of payment ofdividends of 805 million yen.
As a result, the balance of cash and cash equivalents at the end of
the current year was 11,832 million yen, up 1,709 million yen from theend of the previous year.

Dividends per share /Payout ratio

Capital expenditures (Millions of yen)
Depreciation and amortization (Millions of yen)

44.1

4.3

1,350

32.5

24.0

5.3

Payout ratio (%)

1,335

970

1,109

1,390

1,822
997
608

19

5.6

6.0

35.2

28.3
36.0

28.7

7.8

31.0

7.6

5.0

18

Dividends per share (Yen)

8.2
6.3

17

ROE (%)

9.0

3,137

3,060

ROA (%)

37.0

ROA / ROE

36.0

Capital expenditures /Depreciation and amortization

20

21

17

18

19

20

21

17

18

19

20

21

2

Consolidated Balance Sheets
S.T.CORPORATION and Consolidated Subsidiaries
March 31, 2021 and 2020

Thousands of
U.S. dollars (Note 2)

Millions of yen

Assets

2021

2020

2021

Cash and time deposits (Notes 8, 12 and 18)¥11,864¥10,159$107,165

Trade notes and accounts receivable (Note 8)

5,790

5,797

52,296

Marketable securities (Note 8)

74

—

668

Merchandise and finished goods

7,072

5,902

63,879Work in process

206

237

1,864

Raw materials and supplies

991

1,046

8,954

Other current assets

521

511

4,702

Less - allowance for doubtful accounts

(35)

(5)

(312)

26,48323,647239,215

Land (Notes 3 and 11)

3,582

3,319

32,352

Buildings and structures (Note 3)

8,871

8,819

80,129Machinery, equipment and vehicles (Note 3)

8,554

8,443

77,261Tools, furniture and fixtures (Note 3)

2,691

4,078

24,307

Construction in progress

76

80

686

Leased assets (Note 19)

778

730

7,025

(14,093)(14,670)(127,293)

10,45810,80094,467

1,264

1,361

11,414

644

335

5,815

1,907

1,696

17,229

442

444

3,992

6,828

5,895

61,679Long-term loans

5

5

46

Net defined benefit asset (Notes 1 and 14)

8

9

71

Deferred tax assets other than unrealized revaluation loss on land (Note 13)

84

119

761

Other assets

600

660

5,416

7,967

7,132

71,964¥46,817¥43,276$422,875

Current assets:

Total current assets

Property, plant and equipment, at cost:Less - accumulated depreciation
Property, plant and equipment, net

Intangible assets, net of accumulated amortization
Goodwill (Note 3)
Other intangible assets (Note 3)
Total intangible assets

Investments and other assets:
Investments in non-consolidated subsidiaries and affiliates
Investment securities (Notes 8 and 10)

Total investments and other assets
Total assets3Thousands of
U.S. dollars (Note 2)

Millions of yen

Liabilities and net assets

2021

2020

2021

¥2,934¥ 2,592$26,501

3,187

2,615

28,783

464

736

4,195

Current liabilities:
Trade payables (Note 8)
Electronically recorded obligations-operating (Note 8)
Short-term loans payable
Lease obligations
Other payables (Note 8)
Accrued expenses

55

76

500

2,866

2,978

25,885

789

763

7,129

Electronically recorded obligations-non-operating

83

32

753

Income taxes payable

779

669

7,036

Consumption taxes payable

398

277

3,596

Allowance for sales returns

119

118

1,075

Other current liabilities

87

95

784

11,761

10,951

106,236

Total current liabilities
Long-term liabilities:
Lease obligations

91

92

824

Provision for directors’ retirement and severance benefits

108

115

972

Provision for executive officers’ incentive plan (Note 6)

69

76

625
12,079

1,337

1,319

Deferred tax liabilities (Note 13)

Net defined benefit liability (Notes 1 and 14)

553

315

4,996

Deferred tax liabilities - unrealized revaluation gain on land (Note 11)

262

262

2,368

Other non-current liabilities
Total long-term liabilities

2

9

16

2,422

2,189

21,879Net assets (Note 15):
Shareholders’ equity:
Common stock:
Authorized - 96,817,000 shares in 2021 and 2020
7,066

7,066

63,820Capital surplus

Issued and outstanding - 23,000,000 shares in 2021 and 2020

7,036

7,068

63,556
153,392

Retained earnings

16,982

15,270Treasury stock, at cost

(1,040)(1,108)(9,395)

Total shareholders’ equity

30,04428,295

271,374

Unrealized holding gain on other securities, net of taxes

2,886

2,228

26,072

Unrealized revaluation loss on land, net of taxes (Note 11)

(537)

(537)

(4,852)

Translation adjustments

(314)

(342)

(2,840)

11

(18)

103

2,046

1,332

18,482

Accumulated other comprehensive income (loss):

Remeasurements of defined benefit plans
Total accumulated other comprehensive income (loss)

2

10

21

Non-controlling interests

541

499

4,883

Total net assets

32,63330,136

294,760¥46,817¥43,276$422,875

Subscription rights

Total liabilities and net assets
See notes to consolidated financial statements.

4Consolidated Statements of Income
S.T.CORPORATION and Consolidated Subsidiaries
For the Years Ended March 31, 2021 and 2020

Thousands of
U.S. dollars (Note 2)

Millions of yen

Net sales
Cost of sales (Notes 17 and 22)
Gross profit before reversal of allowance for sales returns
Allowance for sales returns
Reversal of allowance for sales returns
Gross profit
Selling, general and administrative expenses (Note 17)
Operating income
Non-operating income (expenses):
Interest and dividends received
Interest expense
Purchase discounts
Sales discounts
Share of profit of entities accounted for using equity method
Share of loss of entities accounted for using equity method
Other, net
Total non-operating income (expenses)
Ordinary income
Special gains (losses), net:
Loss on disposition of property, plant and equipment, net
Impairment loss (Note 23)
Gain on reversal of subscription rights to shares
Loss on valuation of investment securities
Gain on sales of investment securities, net
Loss on sales of investments in capital of subsidiaries
Total special gains (losses), net
Profit before income taxes
Income taxes (Note 13):
Current
Deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

2021

2020

2021

¥49,674
28,35821,316
119
118
21,315
17,3703,945¥47,546
27,052
20,494118
106
20,482
17,1073,374$448,683
256,144
192,539
1,075
1,067
192,531
156,896
35,635

109
(9)
149
(510)
—
(19)
72
(208)
3,737

117
(16)
138
(488)
9
—
210
(30)
3,344

984
(82)
1,344
(4,604)—(172)653(1,878)33,756

(4)
—
4
(31)
69
(90)
(51)
3,686

(25)
(30)
—
(1)
—
—
(55)
3,289

(35)
—
36
(280)
623
(809)
(464)
33,292

1,106
(28)
1,078
2,608
82
¥2,526

1,070
(85)
985
2,304
43
¥2,261

9,991
(253)
9,739
23,554737$22,816

See notes to consolidated financial statements.

Consolidated Statements of Comprehensive Income
S.T.CORPORATION and Consolidated Subsidiaries
For the Years Ended March 31, 2021 and 2020
Thousands of
U.S. dollars (Note 2)

Millions of yen

2021

2021

Profit¥2,608¥2,304$23,554

Other comprehensive income (Note 7)
Unrealized holding gain on other securities, net of taxes
Translation adjustments
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income (loss) of entities accounted for using equity method
Total other comprehensive income
Comprehensive income

658
36
29
1
725
¥3,332

(505)
(8)
(3)
(6)
(521)
¥1,783

5,944
330
261
11
6,546
$30,100

3,240
92

1,741
42

29,270830

Total comprehensive income attributable to:
Owners of parent
Non-controlling interests
See notes to consolidated financial statements.

5

2020

Consolidated Statements of Changes in Net Assets
S.T.CORPORATION and Consolidated Subsidiaries
For the Years Ended March 31, 2021 and 2020

Millions of yen
Number of sharesof common stock(Thousands)

Balance at April 1, 2020
Cash dividends paid by distribution of retained earnings
Profit attributable to owners of parent
Purchases of treasury stock
Disposal of treasury stock
Change in scope of consolidation
Net changes in items other than those in shareholders’ equity
Balance at March 31, 2021

23,000Commonstock

CapitalsurplusRetainedearnings

Treasury stock,at cost¥ 7,066¥ 7,068¥ 15,270
(805)
2,526

¥ (1,108)

(8)

(1)
68

¥ 16,982¥ (1,040)(32)
23,000¥ 7,066¥ 7,036

Translation
adjustments

Remeasurements Total accumulatedof
other
defined benefit comprehensive
plansincomeTotal
shareholders’equity¥ 28,295
(805)
2,526
(1)
60
(32)
¥ 30,044

Millions of yen
Unrealized
Unrealized
holding gain on revaluation loss onother securities, land, net of taxes
net of taxes(Note 11)

Balance at April 1, 2020
Cash dividends paid by distribution of retained earnings
Profit attributable to owners of parent
Purchases of treasury stock
Disposal of treasury stock
Change in scope of consolidation
Net changes in items other than those in shareholders’ equity
Balance at March 31, 2021

Subscription
rightsNon-controllinginterests¥ 2,228¥ (537)¥ (342)¥ (18)¥ 1,332

¥ 10

¥ 499

658
¥ 2,886¥ (537)27¥ (314)

29
¥ 11

714
¥ 2,046

(8)
¥2

41
¥ 541

¥ 30,136
(805)
2,526
(1)
60
(32)
748
¥ 32,633

Total net
assetsTreasury stock,at costTotal
shareholders’equityMillions of yen
Number of sharesof common stock(Thousands)

23,000

Balance at April 1, 2019
Cash dividends paid by distribution of retained earnings
Profit attributable to owners of parent
Purchases of treasury stock
Disposal of treasury stock
Net changes in items other than those in shareholders’ equity
Balance at March 31, 2020

23,000Commonstock

CapitalsurplusRetainedearnings¥ 7,066¥ 7,068¥ 13,822
(804)
2,261

¥ 7,066¥ 7,068¥ (1,163)

(9)

(0)
56

¥ 26,792
(804)
2,261
(0)
46

¥ 15,270¥ (1,108)¥ 28,295

Subscription
rightsNon-controllinginterests

Total net
assetsMillions of yen
Unrealized
Unrealized
holding gain on revaluation loss onother securities, land, net of taxes
net of taxes(Note 11)

Balance at April 1, 2019
Cash dividends paid by distribution of retained earnings
Profit attributable to owners of parent
Purchases of treasury stock
Disposal of treasury stock
Net changes in items other than those in shareholders’ equity
Balance at March 31, 2020

Translation
adjustments

Remeasurements Total accumulatedof
other
defined benefit
comprehensive
plansincome¥ 2,733¥ (537)¥ (329)¥ (15)¥ 1,852

¥ 14

¥ 565

(505)
¥ 2,228¥ (537)(13)¥ (342)(3)¥ (18)(521)¥ 1,332

(4)
¥ 10

(66)
¥ 499

¥ 29,223
(804)
2,261
(0)
46
(591)
¥ 30,136

Total
shareholders’equityThousands of U.S. dollars (Note 2)
Number of sharesof common stock(Thousands)

Balance at April 1, 2020
Cash dividends paid by distribution of retained earnings
Profit attributable to owners of parent
Purchases of treasury stock
Disposal of treasury stock
Change in scope of consolidation
Net changes in items other than those in shareholders’ equity
Balance at March 31, 2021

23,000Commonstock

CapitalsurplusRetainedearnings

Treasury stock,at cost$ 63,820$ 63,841$ 137,925(7,273)
22,816$ (10,008)

(76)

(5)
618

$ 153,392$ (9,395)$ 271,374

Subscription
rightsNon-controllinginterests

Total net
assets$ 272,205(7,273)
22,816
(5)
541
(285)
6,759
$ 294,760(285)
23,000$ 63,820$ 63,556

Translation
adjustments

Remeasurements Total accumulatedof
other
defined benefit
comprehensive
plansincome$ 255,578(7,273)
22,816
(5)
541
(285)

Thousands of U.S. dollars (Note 2)
Unrealized
Unrealized
holding gain on revaluation loss onother securities, land, net of taxes
net of taxes(Note 11)

Balance at April 1, 2020
Cash dividends paid by distribution of retained earnings
Profit attributable to owners of parent
Purchases of treasury stock
Disposal of treasury stock
Change in scope of consolidation
Net changes in items other than those in shareholders’ equity
Balance at March 31, 2021
See notes to consolidated financial statements.

$ 20,127($ 4,852)($ 3,087)($ 159)$ 12,029$ 89$ 4,509

5,945$ 26,072($ 4,852)

247($ 2,840)

261
$ 103

6,454
$ 18,482

(68)
$ 21

374
$ 4,8836

Consolidated Statements of Cash Flows
S.T.CORPORATION and Consolidated Subsidiaries
For the Years Ended March 31, 2021 and 2020

Thousands of
U.S. dollars (Note 2)

Millions of yen

2021

2020

2021

¥

3,686

¥3,289$ 33,292

1,350
97
—
(4)
4
(38)
90
30
22
(7)
(7)
1
(109)
9
(16)
19

1,390
97
30
—
25
1
—
1
42
—
2
12
(117)
16
(110)
(9)

12,192
878
—
(36)
35
(344)
809
271
196
(64)
(66)
8
(984)
82
(141)
172

(8)
(1,107)
922
121
(5)
276
5,325
113
(10)
(1,004)
4,423

(500)
(875)
(10)
267
492
236
4,277
123
(14)
(748)
3,638

(68)
(10,003)
8,325
1,093
(45)
2,497
48,0981,021(94)(9,071)
39,954

Cash flows from investing activities:
Payments into deposits (more than three months)
Proceeds from withdrawal of time deposits (more than three months)
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for transfer of business (Note 18)
Purchases of investment securities
Proceeds from sales of investment securities
Purchase of investments in capital of subsidiaries
Other investments, net
Net cash used in investing activities(0)—(1,155)
1
—
(111)
87
(24)
(363)
(1,564)(55)
15(1,401)101(2,041)
(9)
—
(66)
(228)
(3,685)(1)—(10,435)
13—(1,004)790(213)(3,277)(14,127)

Cash flows from financing activities:
Net increase (decrease) in short-term loans payable
Proceeds from share issuance to non-controlling shareholders
Purchases of treasury stock
Proceeds from disposal of treasury stock
Payments of dividends
Payments of dividends to non-controlling interests
Other finance, net
Net cash used in financing activities

(232)
10
(1)
56
(805)
(95)
(86)
(1,152)

183
—
(0)
42
(804)
(108)
(198)
(885)

(2,099)92(5)509(7,273)(855)(777)(10,408)

2
1,709
10,122¥11,832

(18)
(949)
11,072¥10,122

21
15,43991,433$106,872

Cash flows from operating activities:
Profit before income taxes
Adjustments to reconcile profit before income taxes to net cash
provided by operating activities:
Depreciation and amortization
Amortization of goodwill
Impairment loss
Gain on reversal of subscription rights to shares
Loss on sales of property, plant and equipment
Loss (gain) on sales and valuation of investment securities
Loss (gain) on sale of investments in capital of subsidiaries
Increase (decrease) in allowance for doubtful receivables
Increase (decrease) in net defined benefit asset and liability
Increase (decrease) in provision for directors’ retirement and severance benefits
Increase (decrease) in provision for executive officers’ incentive plan
Increase (decrease) in allowance for sales returns
Interest and dividends received
Interest expenses
Foreign exchange losses (gains)Share of (profit) loss of entities accounted for using equity method
Changes in operating assets and liabilities:
Receivables
Inventories
Payables and accrued expenses
Accrued consumption taxes
Increase (decrease) in lease and guarantee deposits
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities

Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year (Note 18)

7

See notes to consolidated financial statements.

Notes to Consolidated Financial Statements
S.T.CORPORATION and Consolidated Subsidiaries
March 31, 2021

1 Summary of Significant Accounting Policies(a) Basis of presentation
S.T. CORPORATION (the “Company”) and its domestic subsidiaries
maintain their books of account in conformity with accounting principles
generally accepted in Japan, and its overseas subsidiaries maintain theirbooks of account in conformity with those of their countries of domicile.
Effective April 1, 2008, the Company adopted the “Practical Solution on
Unification of Accounting Policies Applied to Foreign Subsidiaries for
Consolidated Financial Statements” (PITF No. 18, issued by the
Accounting Standards Board of Japan (ASBJ) on May 17, 2006).
The accompanying consolidated financial statements have been
prepared in accordance with accounting principles generally accepted inJapan, which are different in certain respects as to the application anddisclosure requirements of IFRS, and are compiled from the consolidated
financial statements prepared by the Company as required by the Financial
Instruments and Exchange Act of Japan.
In preparing the accompanying consolidated financial statements,
certain reclassifications have been made to the consolidated financial
statements issued domestically for readers outside Japan. The notes tothe consolidated financial statements include information which is not
required under accounting principles generally accepted in Japan but ispresented herein as additional information. Furthermore, certain amounts
in the prior year’s financial statements have been reclassified to conform tothe current year’s presentation.
As permitted by Financial Instruments and Exchange Act, amounts arerounded to the nearest million. Consequently, the totals shown in theaccompanying consolidated financial statements (both in yen and U.S.
dollars) do not necessarily agree with the sum of the individual amounts.
(b) Scope of consolidation(1) Number of consolidated subsidiaries:
7 companies(2) Names of consolidated subsidiaries:
S.T. PRO Co., Ltd., S.T. Business Support Co., Ltd., S.T. MYCOAL
CO., LTD., S.T. (Thailand) Co., Ltd., Family Glove Co., Ltd. (Taiwan),
S.T. Korea Corporation (South Korea), and Shaldan (Thailand) Co.,Ltd.
(3) Name of major non-consolidated subsidiary:
JAPAN AROMA LABORATORY CO., LTD.
The number of unconsolidated subsidiary decreased by one because
the Company sold of interest in ZETA S. R. L. (Italy).
(Reasons for exclusion from scope of consolidation)
The non-consolidated subsidiary has been excluded from the scope of
consolidation because the total amounts of its assets, net sales, profit
or loss (amount equivalent to equity interests), retained earnings(amount equivalent to equity interests) and other amounts are limited,
and the effect on the consolidated financial statements as a whole isnot significant.
(c) Scope of application of equity-method accounting(1) Number of affiliated companies accounted for by the equity method:
3 companies(2) Names of major companies accounted for by the equity method:
Shaldan (Philippines), Inc., Aekyung S.T. Co., Ltd., and NS FaFa Japan
Co., Ltd.
(3) Name of non-consolidated subsidiary for which equity method is notappliedThe non-consolidated subsidiary to which the equity method does not
apply (JAPAN AROMA LABORATORY CO., LTD) is accounted forusing the cost method rather than the equity method because the total
amounts of its profit or loss (amount equivalent to equity interests),
retained earnings (amount equivalent to equity interests) and otheramounts are limited, and the effect on the consolidated financial
statements as a whole is not significant.

(d) Accounting period
The accounting period of the Company begins on April 1 and ends on
March 31 of the following year. The four overseas subsidiaries have fiscal
years ending on December 31. The necessary adjustments for significant
transactions, if any, during the intervening period are made on
consolidation.
(e) Translation of foreign currency transactions and financial
statements
Monetary assets and liabilities denominated in foreign currencies aretranslated into yen at the rates of exchange in effect at the balance sheet
date and the accounts of the overseas consolidated subsidiaries aretranslated into yen at the rates of exchange in effect at the balance sheet
date. Foreign exchange gains and losses are credited or charged toincome and translation adjustments are included in net assets.
(f) Marketable securities and investment securities
Other securities with determinable market value are carried at market value
with any changes in unrealized holding gain or loss, net of the related
deferred income tax assets or liabilities, included in net assets. Other
securities without determinable market value are stated at cost determinedby the moving-average method and the cost of other securities sold iscomputed based on the moving-average method. During the years ended
March 31, 2021 and 2020, the Company and its consolidated subsidiaries
did not have any trading securities.
(g) Inventories
Inventories are stated at the lower of cost or net selling value, cost being
determined by the average method.
(h) Property, plant and equipment, except for leased assets, anddepreciation
Property, plant and equipment are stated at cost. Depreciation of property,
plant and equipment of the Company and its domestic subsidiaries,
except for buildings (excluding structures attached to the buildings)
acquired on or after April 1, 1998, and facilities attached to the buildings
and structures acquired on or after April 1, 2016, is computed by the
declining-balance method in conformity with the Corporation Tax Law ofJapan. Depreciation of property and equipment of overseas subsidiaries
and buildings (excluding structures attached to the buildings) acquired on
or after April 1, 1998 and facilities attached to the buildings and structuresacquired on or after April 1, 2016 of the Company and domestic
subsidiaries is computed by the straight-line method.
The estimated useful lives of the major depreciable assets are as follows:
Buildings and structures
3 to 50 years
Machinery, equipment and vehicles
2 to 17 years
2 to 20 years
Tools, furniture and fixtures(i) Intangible assets, except for leased assets, and amortization
Intangible assets, except for leased assets, are amortized by the straightline method. Cost of software purchased for internal use is amortized by
the straight-line method over a period of mainly 5 years, the useful life
applicable to commercially available software.
(j) Leases
Non-cancelable lease transactions that transfer substantially all the risks
and rewards associated with the ownership of the leased assets areaccounted for as finance leases. All other lease transactions are accounted
for as operating leases and related payments are charged to income as
incurred.
Depreciation is computed by the straight-line method over therespective lease terms assuming a nil residual value.
(k) Allowance for doubtful receivables
The allowance for doubtful receivables is provided based on pastexperience for normal receivables and on an estimate of the collectabilityof receivables from companies in financial difficulty.

8Notes to Consolidated Financial Statements(l) Allowance for sales returns
The allowance for sales returns is provided for losses on sales returns
subsequent to the balance sheet date at an amount equivalent to that
calculated based on the actual percentage of returns in prior years.
(m) Provision for directors’ retirement and severance benefits
The Company has accrued provision for directors’ retirement andseverance benefits at the amount which would be required to be paid if all
directors resigned from their positions and left the Company as of thebalance sheet date in accordance with its internal regulations.
(n) Provision for executive officers’ incentive plan
The Company has established an executive officers’ incentive plan trust
and a provision is made at the amount required for stock awards based on
the Company’s internal regulations for awarding stock.
(o) Employees’ retirement and severance benefits(1) Method of attributing expected benefit payments to the period
In calculating the retirement benefit obligation, the method of
attributing expected benefit payments to periods is based on thebenefit formula.
(2) Amortization method of actuarial gains/losses
Actuarial gain or loss is amortized in the year following the year inwhich the gain or loss is recognized by the straight-line method over a
period of a certain number of years (5 years) which is shorter than the
average remaining years of service of the employees.
(3) Adoption of a simplified method in some consolidated subsidiaries
Some consolidated subsidiaries adopt the simplified method whichassumes retirement benefit obligation to be equal to the benefits

payable if all eligible employees voluntarily terminated their employment
at the end of fiscal year for the calculation of net defined benefit liability
and retirement benefit expenses.
(p) Accounting for significant hedges(1) Hedge accounting
The Company mainly applies the deferred hedged accounting method.
Foreign exchange contracts have applied the appropriation process.
(2) Hedging instrument and risk hedged
Hedging instrument: Forward exchange contracts
Risk hedged: Foreign currency-denominated forecasted transactions(3) Hedging policy
The Company mainly applies forward exchange contracts to avoid therisk of short-term exchange fluctuations on foreign currencydenominated forecasted transactions.
(q) Consumption taxes
Transactions subject to consumption taxes are recorded at amounts
exclusive of consumption taxes.
(r) Amortization of goodwill
Goodwill is amortized on a straight-line basis over periods not exceeding
20 years.
(s) Cash and cash equivalents
Cash and cash equivalents in the accompanying consolidated statementsof cash flows consist of cash on hand, demand deposits and liquid
short-term investments with a maturity of three months or less from theirrespective dates of acquisition.

2 Basis of Translation
The consolidated financial statements presented herein are expressed inyen and, solely for the convenience of the reader, have been translated
into U.S. dollars at ¥110.71 = U.S.$1.00, the approximate exchange rate
prevailing on the Tokyo Foreign Exchange Market on March 31, 2021. Thistranslation should not be construed as a representation that all amounts
shown could have been, or could in the future be, converted into U.S.
dollars at that or any other rate.

3 Significant Accounting Estimates(Goodwill)(a) Amount recorded in the consolidated financial statements for the
fiscal year ended March 31, 2021

Goodwill
Impairment loss

Millions of yen

Thousands of U.S.
dollars

2021

2021

¥ 1,264$ 11,414——(b) Information about the content of significant accounting estimates
related to the identified item
(1) Calculation method of amount recorded in the consolidated financial
statements for the fiscal year ended March 31, 2021
The Company determines an asset group with considering the way ofmanaging accounting and regards corporate assets such as the head
office as the entire business unit. If there are indications of impairment,
the Company makes measurements based on future cash flow
estimates. Goodwill has an estimated future cash flow with a payback
period based on the business plan approved by the board of executive
officers. The business plan is formulated with the idea that the excess
earning power expected at the time of the transfer in the disposable
warmer business from MYCOAL CO., LTD will be realized in the future.

9(2) Significant assumptions used in significant accounting estimates
Significant assumptions in estimating future cash flow based on thebusiness plan include the sales growth rate by goods and the grossprofit margin.
(3) Impact of significant accounting estimates on the consolidated
financial statements for the following year
Sales growth rate and the gross profit margin includes uncertainties.
Changes in the significant assumptions due to unpredictable changes
in business assumptions in the future may have an impact on the
consolidated financial statements for the following year.
(Tangible and intangible fixed assets in the disposable warmer business(Exclude Goodwill))(a) Amount recorded in the consolidated financial statements for the
fiscal year ended March 31, 2021

Tangible and intangible fixed
assetsImpairment loss

Millions of yen

Thousands of U.S.
dollars

2021

2021

¥ 2,580$ 23,305——

(b) Information about the content of significant accounting estimates
related to the identified item
(1) Calculation method of amount recorded in the consolidated financial
statements for the fiscal year ended March 31, 2021
The Company determines an asset group with considering the way ofmanaging accounting and regards corporate assets such as the head
office as the entire business unit. If there are indications of impairment,
the Company makes measurements based on future cash flow
estimates. For tangible and intangible fixed assets related to thedisposable warmer business, future cash flows are estimated basedon the business plan as well as goodwill, which is excess earning
power.

(2) Significant assumptions used in significant accounting estimates
Significant assumptions in estimating future cash flow based on thebusiness plan include the sales growth rate by goods and the grossprofit margin.
(3) Impact of significant accounting estimates on the consolidated
financial statements for the following year
Sales growth rate by goods and the gross profit margin includes
uncertainties. Changes in the significant assumptions due tounpredictable changes in business assumptions in the future may havean impact on the consolidated financial statements for the followingyear.

4 Accounting Standards not yet Applied, etc.
· Accounting Standard for Revenue Recognition (Statement No.29,
March 31, 2020 issued by the Accounting Standards Board of Japan(ASBJ))· Implementation Guidance on Accounting Standard for Revenue
Recognition (Implementation Guidance No.30, March 26, 2021
issued by the ASBJ)· Implementation Guidance on Disclosures about Fair Value of Financial
Instruments (Implementation Guidance No.19, March 31, 2020
issued by the ASBJ)

recognition and issued it together with implementation guidance.
The fundamental policy for developing Accounting Standard for Revenue
Recognition by the ASBJ was that the accounting standard would
incorporate the fundamental principles of IFRS 15 as the starting pointfrom the perspective of comparability of financial statements, which is theone of the benefits of achieving consistency with IFRS. If there are any
matters to be taken into consideration with regard to actual practices inJapan, etc., additional alternative accounting treatments will be provided
that do not impair financial statement comparability.

(1) Summary
The International Accounting Standards Board (IASB) and US Financial
Accounting Standards Board (FASB) co-developed a new comprehensive
revenue recognition standard and issued “Revenue from Contracts with
Customers” in May 2014 (IASB: IFRS 15; FASB: Topic 606). Considering
IFRS 15 will be applied from fiscal years beginning on or after January 1,
2018 and Topic 606 from fiscal years beginning after December 15, 2017,
the ASBJ developed a comprehensive accounting standard on revenue(2) Scheduled date of application
The accounting standard and guidance will be applied from the beginningof the fiscal year ending March 31, 2022.
(3) Impact of application
The impact of applying the accounting standard and guidance on its
consolidated financial statements due to this change is immaterial.

5 Changes in Presentation(Adoption of accounting standards for accounting estimates)
Accounting Standard for accounting estimates (Statement No.31, March
31, 2020 issued by the Accounting Standards Board of Japan (ASBJ)) has
been applied from the consolidated financial statements for the end of

March 31, 2021 for the current consolidated fiscal year, and theconsolidated financial statements include notes regarding importantaccounting estimates.

6 Additional Information(Transactions of Delivering the Company’s Own Stock to Employees etc.
through Trusts)(a) Board Benefit Trust (BBT)The Company introduced a “Board Benefit Trust” with the goal ofincreasing awareness of the importance of contributing to further
enhancing the Company’s corporate value and performance over the
medium-to-long-term.
(1) Summary
The Company awards the Company’s stock to the executive officers
who satisfy certain requirements based on predetermined regulations
for awarding stocks. Executive officers are granted a certain number ofpoints depending on the financial results, and upon their retirement,
the officers will receive stock depending on the number of points they
have accumulated.
The Company has established the Trust by contributing funds to be
used for the acquisition of the Company’s stock on behalf of executive
officers. The Trust will acquire the Company’s stock to be awarded tothe executive officers in the future, and the shares are managed astrust assets.
(2) The Company’s stock in the Trust
The Company’s own stock in the Trust is recorded in treasury shares
under net assets based on the book value of the shares in the Trust(excluding ancillary expenses). The book value and the number ofthese treasury shares in the Trust as of March 31, 2021 were ¥78
million (U.S.$701 thousand) and 74,100 shares, respectively.
(b) Employee Stock Ownership Plan (ESOP) Trust
The Company introduced an Employee Stock Ownership Plan (ESOP)
Trust as an employee incentive plan with the aim of raising awareness of
the Company’s share price and strengthening financial performance.
(1) Summary
The Company awards the Company’s stock to the employees who
satisfy certain requirements based on predetermined regulations forawarding stocks.
If the Company’s profit is higher than a pre-determined standard,

10Notes to Consolidated Financial Statements

the Company awards a certain number points to employees. Upon
their retirement, employees will receive the Company’s stock
depending on the number of points they have accumulated.
The Company has established the Trust by contributing funds to be
used for the acquisition of the Company’s stock on behalf ofparticipating employees. The Trust will acquire the Company’s stock
to be awarded to employees in the future, and the shares aremanaged as trust assets.
(2) The Company’s stock in the Trust
The Company’s own stock in the Trust is recorded in treasury shares
under net assets based on the book value of the shares in the Trust(excluding ancillary expenses). The book value and the number ofthese treasury shares in the Trust as of March 31, 2021 were ¥126
million (U.S.$1,135 thousand) and 120,000 shares, respectively.

(Impact of COVID-19)
The impact of COVID-19 on the consolidated financial statements for thecurrent fiscal year is limited because there are no major impacts such as
on the procurement of raw materials in terms of production, or on sales as
refraining from going out is not relevant due to the fact that the Group’s
manufactured goods are largely consumed within the household.
The impact on the consolidated financial statements for the next fiscal
year will be minor as a result of incorporating information known by theGroup regarding COVID-19 disease at the end of the current fiscal year.
However, if further situations occur and are not resolved or become
serious for a long period of time, the consolidated financial statements forthe next fiscal year may be affected by delays or suspensions of raw
material procurement, production activities, and declines in sales activities.

7 Consolidated Statements of Comprehensive Income
The amount of recycling and amount of income tax effect associated with other comprehensive income for the years ended March 31, 2021 and 2020 wereas follows:
Thousands of
U.S. dollars

Millions of yen

2021

2020

2021

¥1,014
(69)
945
(287)
658

¥(714)
(1)
(715)
210
(505)

$9,161(623)
8,537(2,594)
5,944

Translation adjustments
Amount recognized in the year

36

(8)

330

Remeasurements of defined benefit plans, net of tax
Amount recognized in the year
Reclassification adjustments included in the statement of income
Before income tax effect adjustment
Amount of income tax effectRemeasurements of defined benefit plans, net of tax

34
8
42
(13)
29

(9)
5
(4)
1
(3)

304
75
379
(117)
261

1
¥725

(6)
¥(521)

11$6,546

Unrealized holding gain (loss) on other securities, net of taxes
Amount recognized in the year
Reclassification adjustments included in the statement of income
Before income tax effect adjustment
Amount of income tax effectUnrealized holding gain (loss) on other securities, net of taxes

Other comprehensive income (loss) on equity method companies
Amount recognized in the year
Total other comprehensive income

8 Financial Instruments(1) Current status of financial instruments(a) Policy in relation to financial instruments
The Company and its consolidated subsidiaries (collectively, the “Group”)
raise necessary funds following capital investment plans for undertaking
the manufacturing-and-selling businesses. Surplus funds of the Groupare only invested in highly secure financial assets.
(b) Details of financial instruments and related risk
Trade receivables–trade notes and accounts receivable–are exposedto credit risk in relation to customers. In addition, receivables
denominated in foreign currencies are exposed to foreign currency
exchange risk.
Marketable securities and investment securities, most of which arestocks of other companies with which the Group has business

11

relationships, are exposed to market price fluctuation risk.
Substantially all trade payables–notes and accounts payable-trade,electronically recorded obligations-operating and other payables—havepayment due dates within one year. In addition, payables denominatedin foreign currencies are exposed to foreign currency exchange risk.
(c) Risk management system for financial instruments(Credit risk management–the risk that customers or counterparties
may default)
The Company has established a management policy whereby theCompany evaluates the financial conditions of its customers and monitors
due dates and outstanding balances regularly to identify and mitigate
risks of bad debts from customers who are having financial difficulties.
The consolidated subsidiaries perform equivalent managementprocedures as the Company.
(Market risk management–the risk arising from fluctuations in exchange
rates and interest rates)
The Company uses forward exchange contract transactions with theaim of avoiding risk related to fluctuation in future foreign exchange.
For marketable securities and investment securities, the Company
periodically confirms the market value of such financial instruments
and reports to the director in charge. The Company reviews the statusof these investments on a continuing basis.

(Liquidity risk management–the risk that the Group may not able tomeet its payment obligations on the schedule dates)
The Company manages liquidity risk by means of preparing monthly
financial plans.
(d) Supplementary explanation of items relating to the fair value of financial
instruments
The fair value of financial instruments is based on their quoted market
prices if available. If there are no market prices available, fair value isreasonably estimated. Because estimation of fair values incorporates
variable factors, adopting different assumptions can change the value.

(2) Estimated fair value of financial instruments
The carrying value of financial instruments recognized on the consolidated balance sheets as of March 31, 2021 and 2020, the estimated fair value of such items
and the differences between them are shown below. Financial instruments for which fair value is extremely difficult to estimate are not included in the following table.
Millions of yen
Year ended March 31, 2021

Carrying value

Fair value

a Cash and time deposits
b Trade notes and accounts receivablec Marketable securities and investment securities
Assets¥11,864
5,790
6,777
¥24,431¥11,864
5,790
6,777
¥24,431————

a Trade payables
b Electronically recorded obligations-operatingc Other payables
Liabilities¥2,934
3,187
2,866¥8,986¥2,934
3,187
2,866¥8,986————

Year ended March 31, 2020

Carrying value

Fair value

a Cash and time deposits
b Trade notes and accounts receivablec Investment securities
Assets¥10,159
5,796
5,840
¥21,796¥10,159
5,796
5,840
¥21,796————

a Trade payables
b Electronically recorded obligations-operatingc Other payables
Liabilities¥2,592
2,614
2,978¥8,185¥2,592
2,614
2,978¥8,185————

Year ended March 31, 2021

Carrying value

Fair value

a Cash and time deposits
b Trade notes and accounts receivablec Marketable securities and investment securities
Assets$107,165
52,296
61,217$220,678$107,165
52,296
61,217$220,678————

a Trade payables
b Electronically recorded obligations-operatingc Other payables
Liabilities$26,501
28,78325,885$81,169$26,501
28,78325,885$81,169————

Difference

Millions of yen
Difference

Thousands of U.S. dollars
Difference

Note: 1. Method of estimating the fair value of financial instruments and other matters relating to investment securities
Assetsa. Cash and time deposits and b. Trade notes and accounts receivable
Because these items are settled over the short term, the fair value and carrying value are nearly equivalent. Therefore, the relevant carrying value is used.
c. Marketable securities and investment securities
	‌Stocks are valued at the exchange trading price. Bonds are valued at the exchange trading price or at the price provided by the financial institutions offering these securities. For information on securities classified by purpose ofholding, please refer to the “Marketable securities and investment Securities” section of the notes to the financial statements.
Liabilities
a. Trade payables, b. Electronically recorded obligations-operating and c. Other payables
Because these items are settled over the short term, the fair value and carrying value are nearly equivalent. Therefore, the relevant carrying value is used.

12

Notes to Consolidated Financial Statements

2. Financial instruments for which fair value is extremely difficult to determine
Carrying value
thousands of
U.S. dollars

Millions of yen

2021
¥ 125

Unlisted equity securities

2020
¥ 55

2021
$ 1,129

Because these instruments have no quoted market price and the fair value is extremely difficult to determine, they are not included in the above table.
3. Redemption schedule for receivables and other securities with maturity dates at March 31, 2021 and 2020 are summarized as follows:Year ended March 31, 2021

Time deposits
Trade notes and accounts receivable
Marketable securities and investment securities
Other
Total

Year ended March 31, 2020

Time deposits
Trade notes and accounts receivable
Investment securities
Other
Total

One year or lessMillions of yen
More than 1 year andMore than 5 years andwithin 5 years
within 10 years

More than 10 years¥11,863
5,790

—
—

—
—

—
—

100
¥17,752

—
—

—
—

—
—

One year or lessMillions of yen
More than 1 year andMore than 5 years andwithin 5 years
within 10 years

More than 10 years¥10,157
5,796

¥—
—

—
—

—
—

—
¥15,954

100
¥100

—
—

—
—

Thousands of U.S. dollars
More than 1 year andMore than 5 years andwithin 5 years
within 10 years

Year ended March 31, 2021

One year or lessTime deposits
Trade notes and accounts receivable
Marketable securities and investment securities
Other
Total

$107,152
52,296

—
—

—
—

—
—

903
$160,351

—
—

—
—

—
—

More than 10 years

9 Derivatives
The Company and its consolidated subsidiaries had no derivative instruments outstanding at March 31, 2021 and 2020.

10 Investment Securities(1) Other securities
The acquisition cost and related carrying value of other securities with a determinable market value at March 31, 2021 and 2020 are summarized as follows:
Thousands of
U.S. dollars

Millions of yen

Acquisition cost
Carrying value
Total unrealized gain
Total unrealized loss2021
¥2,616
6,777
4,164
(3)

2020
¥2,625
5,840
3,221
(6)

2021
$23,633
61,217
37,615(31)

At March 31, 2021 and 2020, unlisted stocks (whose carrying value was ¥125 million (U.S.$1,129 thousand) and ¥55 million, respectively) are not includedin the above table because they have no quoted market price and the fair value is extremely difficult to determine.

13

(2) Sales of other securities(Year ended March 31, 2021)
Millions of yen(1) Stocks(2) Bonds
a Government bonds
b Corporate bondsc Others(3) Other securities
Total

Proceeds from sales

Gain on sales

Loss on sales

¥ 87

¥ 69

—

—
—
—
—
¥ 87

—
—
—
—
¥ 69

—
—
—
—
—

(Year ended March 31, 2020)
Millions of yen
Proceeds from sales

Gain on sales

Loss on sales

¥—

¥—

—

—
—
—
—
¥—

—
—
—
—
¥—

—
—
—
—
—

(1) Stocks(2) Bonds
a Government bonds
b Corporate bondsc Others(3) Other securities
Total(Year ended March 31, 2021)

Thousands of U.S. dollars(1) Stocks(2) Bonds
a Government bonds
b Corporate bondsc Others(3) Other securities
Total

Proceeds from sales

Gain on sales

Loss on sales

$ 789

$ 623

—

—
—
—
—
$ 789

—
—
—
—
$ 623

—
—
—
—
—

(3) Impairment of investment securities
The Company recognized impairment loss on investment securities of ¥31 million (U.S.$280 thousand) for the year ended March 31, 2021.
The Company recognized impairment loss on investment securities of ¥1 million for the year ended March 31, 2020.

11 Land Revaluation
In accordance with the Land Revaluation Law (Proclamation No. 34 dated
March 31, 1998), land used for business activities was revalued at March
31, 2002. The revaluation difference, net of taxes, is stated as “Unrealized
revaluation loss on land, net of taxes” in net assets. Deferred tax liabilities
arising from this revaluation difference are presented separately fromdeferred tax liabilities for other temporary differences in the accompanying
consolidated balance sheets. The market value of the land as of March 31,
2021 and 2020 decreased by ¥168 million (U.S.$1,515 thousand) and¥286 million, respectively, after the revaluation.

12 Pledged Assets
Pledged assets at March 31, 2021 and 2020 are summarized as follows:
Thousands of
U.S. dollars

Millions of yen

2021
Time deposits

¥5

2020
¥5

2021
$ 41

Time deposits were pledged as collateral mainly for leased office space at March 31, 2021 and 2020.

14

Notes to Consolidated Financial Statements

13 Income Taxes
At March 31, 2021 and 2020, the tax effect of the temporary differences which gave rise to a significant portion of the deferred tax assets (excluding deferredtaxes on unrealized revaluation loss on land) was as follows:
Thousands of
U.S. dollars

Millions of yen

Deferred tax assets:
Accrued business taxes

2021

2020

2021

¥52

¥58

$466

Accrued employees’ bonuses

169

165

1,527

Allowance for sales returns

37

37

333

Loss on valuation of inventories

14

15

127

Tax loss carryforwards

90

79

812

Net defined benefit liability

398

389

3,595

Accrued payable due to transfer to defined contribution pension plan

—

15

—

Provision for directors’ retirement and severance benefits

33

36

301

Provision for executive officers’ incentive plan

21

24

194

Write-downs of securities

64

64

578

Other

238

205

2,152
10,086Gross deferred tax assets

1,117

1,086

Valuation allowance for tax loss carryforwards

(89)

(79)

(800)

Valuation allowance for the total of future deductible temporary differences etc.

(117)

(127)

(1,060)

Valuation allowance

(206)

(206)

(1,860)Total deferred tax assets

911

880

8,226

Deferred gain on sales of property

(11)

(11)

(95)

Net defined benefit asset

(15)

(3)

(134)

Deferred tax liabilities:

Undistributed earnings of controlled foreign companies

(70)

(70)

(635)

Unrealized holding gain on other securities, net of taxes(1,272)(985)(11,493)

(12)

(8)

(104)

Total deferred tax liabilities

Other(1,380)(1,076)(12,461)

Net deferred tax liabilities¥(469)¥(197)$(4,235)

At March 31, 2021 and 2020, net deferred tax liabilities were included in the following items in the consolidated balance sheets.
Thousands of
U.S. dollars

Millions of yen

Non-current assets - deferred tax assets
Non-current liabilities - deferred tax liabilities

2021

2020

2021

¥84
(553)

¥119
(315)

$761
(4,996)

Amounts of tax loss carryforward and related deferred tax assets by tax loss carryforward for the year end March 31, 2021 and 2020, were as follows:Year ended March 31, 2021

Tax loss carryforwards
Valuation allowance
Deferred tax assets

Due in one year or less

¥1
—
1

Due after one year
through two years

Due after two year
through three years

Millions of yen
Due after three year
through four years

Due after four year
through five years

After five years

—
—
—

¥26
(26)
—

¥46
(46)
—

¥16
(16)
—

—
—
—

Due after one year
through two years

Due after two year
through three years

Due after three year
through four years

Due after four year
through five years

After five years

—
—
—

—
—
—

¥30
(30)
—

¥49
(49)
—

—
—
—

Total

¥90
(89)
1

Millions of yen
Year ended March 31, 2020

Tax loss carryforwards
Valuation allowance
Deferred tax assets

15

Due in one year or less

—
—
—

Total

¥79
(79)
—

Thousands of U.S. dollars
Year ended March 31, 2021

Due in one year or lessTax loss carryforwards
Valuation allowance
Deferred tax assets

Due after one year
through two years

Due after two year
through three years

Due after three year
through four years

Due after four year
through five years

After five years

—
—
—

$233
(233)
—

$419
(419)
—

$148
(148)
—

—
—
—

$12
—
12

Total

$812
(800)
12

Note: Figures for tax loss carryforward were the amounts multiplied by effective statutory tax rate.

A reconciliation of the statutory tax rates to the Company’s effective tax rates for the years ended March 31, 2021 and 2020 is summarized as follows:
2021
Japanese statutory tax rate
Permanent differences, such as entertainment expenses, etc.
Permanent differences, such as dividend income
Tax credit
Undistributed earnings of controlled foreign companies
Equity in loss of affiliates
Increase in valuation allowance
Consolidation adjustment of subsidiary stock valuation loss
Other
Effective tax rate

31.00%
0.16(0.27)(1.77)
0.02
0.16
0.03
—
(0.08)
29.25%

2020
31.00%
0.53(0.29)(1.86)
0.29(0.09)
0.20(1.49)
1.66
29.95%

14 Employees’ Retirement and Severance Benefits
The Company and its consolidated subsidiaries have defined benefit plansfor payments of employees’ retirement (either funded or unfunded), theCompany and some consolidated subsidiaries have a defined contribution
pension plan.
The Group pays a pension or lump sum based on length of service andsalary in the defined benefit corporate pension plan.
In unfunded retirement benefit plans, the Company pays a lump sum

based on length of service and salary as a retirement benefit.
Some consolidated subsidiaries adopt the simplified method whichassumes retirement benefit obligation to be equal to the benefits payable if
all eligible employees voluntarily terminated their employment at fiscal year
end for the calculation of net defined benefit liability and retirement benefit
expenses.

(1) Defined benefit plans
Adjustments of beginning and ending balance of retirement benefit obligations
Thousands of
U.S. dollars

Millions of yen

Balance at the beginning of the year
Service cost
Interest cost
Actuarial gain or loss
Payment of retirement benefits
Other
Balance at the end of the year

2021

2020

2021

¥1,381
67
10
(35)
(34)
(3)
¥1,386¥1,357
98
10
(8)
(79)
3
¥1,381$12,474
608
89
(316)
(309)
(27)
$12,520

Adjustments of beginning and ending balance of plan assets
Thousands of
U.S. dollars

Millions of yen

Balance at the beginning of the year
Expected return on plan assets
Actuarial loss
Payment of retirement benefits
Balance at the end of the year

2021

2020

2021

¥70
1
(1)
(13)
¥57

¥100
1
(17)
(14)
¥70

$635
8
(13)
(118)
$512

16

Notes to Consolidated Financial Statements

Adjustments of ending balance of retirement benefit obligations and plan assets, and net defined benefit asset and liability on consolidated balance sheet
Thousands of
U.S. dollars

Millions of yen

Funded retirement benefit obligations
Plan assets
Unfunded retirement benefit obligations
Net defined benefit asset and liability on consolidated balance sheet
Net defined benefit liability
Net defined benefit asset
Net defined benefit asset and liability on consolidated balance sheet

2021

2020

2021

¥49
(57)
(8)
1,337
1,329
1,337
(8)
¥1,329

¥62
(70)
(9)
1,319
1,311
1,319
(9)
¥1,311

$441
(512)
(71)
12,07912,00812,079(71)$12,008

The following table summarizes the components of net retirement benefit expenses:
Thousands of
U.S. dollars

Millions of yen

2020

2021
Service cost
Interest cost on benefit obligation
Expected return on plan assets
Amortization of actuarial loss
Extraordinary additional retirement payments
Net retirement benefit expenses

¥67
10
(1)
8
11
¥95

2021

¥98
10
(1)
5
30
¥142

$608
89
(8)
75
96
$861

Remeasurements of defined benefit plans, before tax, in the consolidated statements of comprehensive income
Thousands of
U.S. dollars

Millions of yen

2020

2021
Actuarial gain (loss)

¥42

2021

¥(4)

$379

Remeasurements of defined benefit plans, before tax, in the consolidated balance sheets
Thousands of
U.S. dollars

Millions of yen

2021
Unrecognized actuarial gain (loss)¥(17)

2020

2021

¥25

$(149)

2021

2020

Plan assets(a) Plan assets
The fair value of plan assets, by major category, as a percentage of total plan assets is as follows:

General accounts
Total

100.0%
100.0

100.0%
100.0(b) Calculation method of expected long-term rate of return on plan assets
The expected return on assets has been estimated based on the anticipated allocation to each asset class and the expected long-term returns on assets
held in each category.
The assumptions used in the actuarial calculation
The main assumptions used in the actuarial calculation (presented as a weighted average) are as follows:
2021
Discount rate
Expected rate of return on plan assets

2020

0.8%
1.3%

(2) Other retirement benefits
Contributions to the defined contribution pension plans of the Company and its consolidated subsidiaries for the years ended March 31, 2021 and 2020
amounted to ¥131 million (U.S.$1,180 thousand) and ¥136 million, respectively.

17

0.8%
1.3%

15 Net Assets
The Corporation Law of Japan (the “Law”), which superseded most of theprovisions of the Commercial Code of Japan, went into effect on May 1,
2006. The Law provides that an amount equal to 10% of the amount to be
disbursed as distributions of capital surplus (other than the capital reserve)
and retained earnings (other than the legal reserve) be transferred to thecapital reserve and the legal reserve, respectively, until the sum of thecapital reserve and the legal reserve equals 25% of the capital stock
account. Such distributions can be made at any time by resolution of theshareholders or by the Board of Directors if certain conditions are met.

Capital surplus and the legal reserve are not available for the distributionof dividends but may be used to reduce or eliminate a deficit or may betransferred to stated capital. At March 31, 2021, the legal reserve of theCompany included in retained earnings amounted to ¥550 million(U.S.$4,966 thousand).
The maximum amount which the Company can distribute as dividends
is calculated based on the non-consolidated financial statements of theCompany and in accordance with the Corporation Law of Japan.

16 Amounts per Share
Net assets per share as of March 31, 2021 and 2020 were ¥1,445.14(U.S.$13.05) and ¥1,337.42, respectively. Basic earnings per share for theyears ended March 31, 2021 and 2020 were ¥113.90 (U.S.$1.03) and¥102.19, respectively.
Diluted earnings per share for the years ended March 31, 2021 and2020 were ¥113.78 (U.S.$1.03) and ¥101.97, respectively.

The basis for the calculation of basic earnings per share and diluted earnings per share for the years ended March 31, 2021 and 2020 was as follows:
Thousands of
U.S. dollars

Millions of yen

Basic earnings per share:
Profit attributable to owners of parent
Amount not attributable to shareholders of common stock
Amount attributable to shareholders of common stock
Weighted-average number of shares outstanding(millions of shares)
Diluted earnings per share:
Adjustments to profit attributable to owners of parent
Increase in number of shares outstanding(millions of shares)(Subscription rights to shares)
Shares having an anti-dilutive effect(millions of shares)

2021

2020

2021

¥2,526—2,526¥2,261—
2,261$22,816—
22,816

22

22

—

—

—

—

0
(0)

0
(0)

—
—

—

—

—

The basis for calculation of total net assets per share as of March 31, 2021 and 2020 was as follows:
Thousands of
U.S. dollars

Millions of yen

Total net assets per share:
Total net assets
Deductions:
Subscription rights
Non-controlling interests
Amounts attributable to shareholders of common stock
Number of shares outstanding at year end(millions of shares)

2021

2020

2021

¥32,633
543
2
541
32,090¥30,136509
10
499
29,627$ 294,760
4,904
21
4,883
289,856

22

22

—

18

Notes to Consolidated Financial Statements

17 Major Expenses
Major expenses included in selling, general and administrative expenses for the years ended March 31, 2021 and 2020 were as follows:
Thousands of
U.S. dollars

Millions of yen

Sales promotion expenses
Advertising costs
Salaries
Shipment and storage expenses
Provision for employees’ retirement and severance benefits
Provision for executive officers’ incentive plan
Provision of allowance for doubtful accounts

2020¥3,399
2,649
2,394
1,687
196
2
0

2021
¥3,658
2,560
2,448
1,711
167
11
30

2021
$33,041
23,11922,11015,459
1,512
100
267

Research and development expenses included in general and administrative expenses and cost of sales for the years ended March 31, 2021 and 2020
amounted to ¥790 million (U.S.$7,139 thousand) and ¥725 million, respectively.

18 Cash and Time Deposits
A reconciliation of cash and cash equivalents in the accompanying consolidated statements of cash flows to cash and time deposits in the accompanying
consolidated balance sheets at March 31, 2021 and 2020 is as follows:
Thousands of
U.S. dollars

Millions of yen

Cash and time deposits
Time deposits with a maturity in excess of three months
Other current assets (*)
Cash and cash equivalents

2021¥11,864(60)
28¥11,8322020¥10,159(60)
23¥10,1222021$107,165(546)
253$106,872(*) These represent the Company’s contributions of funds to a bank in order to establish the “Board Benefit Trust (BBT)” and “Employee Stock Ownership Plan (ESOP) Trust.”

Assets and liabilities increased due to business transfer for the year ended March 31, 2020 is as follows:
Millions of yen

Current assets
Fixed assets
Goodwill
Current liabilities
Non-current liabilities
Payments for transfer of business

¥394
326
1,458
(127)
(10)
¥2,041

19 Leases(Finance leases)
Leased assets included in property, plant and equipment are buildings and structures, machinery, equipment and vehicles, tools, furniture and fixtures in thedaily necessities segment. Leased assets included in intangible assets are software.
(Operating leases)
The Company and its consolidated subsidiaries had no significant operating leases at March 31, 2021 and 2020.

19

20 Segment Information(1) Summary of Reporting Segments
Segment information for the years ended March 31, 2021 and 2020 is omitted as the Group operates the daily necessities segment as a single segment.
(2) Calculation method of sales, profits or losses, and other items by reportable segment
Information on the calculation method is omitted as the Group operates as a single segment.
(3) Information on the amounts of sales, income, and other items by reportable segment
Information on the amounts of sales and other items for the years ended March 31, 2021 and 2020 is omitted as the Group operates as a single segment.
(4) Related Information(a) Information by products and services
Millions of yen
Year ended March 31, 2021

Air Care

Cloth Care

Thermal Care

Hand Care

Others

Total

Sales to third parties¥21,355¥9,424¥4,490¥6,923¥7,482¥49,674

Year ended March 31, 2020

Air Care

Cloth Care

Thermal Care

Hand Care

Others

Total

Sales to third parties¥21,079¥9,266¥4,325¥5,758¥7,117¥47,546

Year ended March 31, 2021

Air Care

Cloth Care

Thermal Care

Hand Care

Others

Total

Sales to third parties$192,889$85,121$40,555$62,534$67,584$448,683

Millions of yen

Thousands of U.S. dollars(b) Information by geographical segment(Sales)Geographical segment information is not presented as overseas sales
were less than 10% of consolidated net sales for the years ended
March 31, 2021 and 2020.

(Property, plant and equipment)
Geographical segment information is not presented as the amount ofproperty, plant and equipment in Japan exceeded 90% of the total ofproperty, plant and equipment at March 31, 2021 and 2020.

(c) Information by major customers
Sales

PALTAC CORPORATION
ARATA CORPORATION

Thousands of
U.S. dollars

Millions of yen

Customers

2021

2020

2021

¥17,612¥12,250¥16,343¥11,289$159,086$110,652

Related segment

Daily necessities
Daily necessities

21 Related Party Transactions(Years ended March 31, 2021 and 2020)
Not applicable

22 Inventory Valuation Loss Included in Cost of Sales
Inventory valuation loss write-downs below cost to net selling value are included in cost of sales and amounted to ¥308 million (U.S.$2,781 thousand) and¥335 million for the years ended March 31, 2021 and 2020, respectively.

20

Notes to Consolidated Financial Statements

23 Impairment Loss
The Company recognized impairment losses for the year ended March 31, 2020 as follows:
Location

Purpose of use

Type of assets

millions of yen

ThailandBusiness-use assets

Machinery, equipment and vehicles¥ 30

The Company determines the business asset group in consideration of management accounting, and regards corporate assets such as the head office as theentire business unit. In addition, idle assets and assets to be sold that are not directly used for business are grouped by individual property.
Since fixed assets held by the consolidated subsidiary Shaldan (Thailand) CO., Ltd. have declined in profitability, the book value was reduced to therecoverable amount, and this reduction was recorded as an impairment loss under extraordinary loss.
Although the recoverable value is measured by the value in use, the value in use is evaluated by the memorandum value because the future cash flow of thisasset is negative.

24 Note to Consolidated Statements of Changes in Net Assets
Shares in issue and outstanding and treasury stock at March 31, 2021 and 2020 were as follows:(Year ended March 31, 2021)
Number of shares in issue and outstanding:Common stock
Number of shares held in treasury:
Common stock

Subscription rights at March 31, 2021 were as follows:
Subscription rights for stock options¥2 million (U.S.$21 thousand)

23,000 thousand
795 thousand

Note: Details of the change in the number of shares of treasury stock are as follows:
Increase due to purchase of shares less than standard unit:
0 thousand
Decrease due to the exercise of stock options:
36 thousand
Decrease due to issuance of treasury shares by the stock benefit trust (BBT):
17 thousand
The common stock owned by the Trust (194 thousand shares) is included in the number of shares held intreasury stock.

Dividends paid from retained earnings for the year ended March 31, 2021 were as follows:
Total amount of dividends

Dividends per share

Resolution

Millions of yen

Thousands of U.S. dollars

Yen

U.S. dollars

Record date

Effective date

Board of directors’ meeting
held on May 18, 2020

¥ 403

$ 3,636¥ 18$ 0.16

March 31, 2020

June 2, 2020

Board of directors’ meeting
held on October 27, 2020

403

3,637

18

0.16

September 30, 2020

December 4, 2020

Dividends for which the record date was in the year ended March 31, 2021 and the effective date is in the year ending March 31, 2022 were as follows:
Total amount of dividends

21

Dividends per share

Resolution

Millions of yen

Thousands of U.S. dollars

Source of dividends

Yen

U.S. dollars

Record date

Effective date

Board of directors’ meeting
held on May 17, 2021

¥ 426

$ 3,844

Retained earnings¥ 19$ 0.17

March 31, 2021

June 1, 2021

(Year ended March 31, 2020)
Number of shares in issue and outstanding:Common stock
Number of shares held in treasury:
Common stock

Subscription rights at March 31, 2020 were as follows:
Subscription rights for stock options

23,000 thousand¥10 million

848 thousand

Note: Details of the change in the number of shares of treasury stock are as follows:
Increase due to purchase of shares less than standard unit:
0 thousand
Decrease due to the exercise of stock options:
40 thousand
The common stock owned by the Trust (212 thousand shares) is included in the number of shares held intreasury stock.

Dividends paid from retained earnings for the year ended March 31, 2020 were as follows:
Total amount of dividends(Millions of yen)

Dividends per share(Yen)

Record date

Effective date

Board of directors’ meeting held on
May 20, 2019

¥ 402

¥ 18

March 31, 2019

June 4, 2019

Board of directors’ meeting held on
October 30, 2019

402

18

September 30, 2019

December 6, 2019

Resolution

Dividends for which the record date was in the year ended March 31, 2020 and the effective date was in the year ended March 31, 2021 were as follows:
Resolution

Board of directors’ meeting held on
May 18, 2020

Total amount of dividends(Millions of yen)

Source of dividends

Dividends per share(Yen)

Record date

Effective date

¥ 403

Retained earnings¥ 18

March 31, 2020

June 2, 2020

25 Stock Option Plans
At March 31, 2021, the Company had stock option plans, which were approved at the annual general meetings of the shareholders and by the Board of
Directors. Details of these stock option plans are summarized as follows:
Date of approval

Number of shares granted

Eligible participants

Exercisable period

June 14, 2013
June 17, 2014

130,000
175,000

2 officers and 10 employees
6 officers and 11 employees

Aug 2, 2015 – Aug 1, 2020
Aug 2, 2016 – Aug 1, 2021

The option price per share was determined on the date the options were granted based on an established formula for determining option prices. The
options are exercisable during the above periods provided that the recipients are still directors, officers or employees of the Company or its subsidiaries.
Description of stock options

GranteesType of stock
Number of stock options granted (*)
Grant dateCondition for exercise
Working period
Exercisable period

2014
2 officers and 10 employees

2015
6 officers and 11 employees

Common stock

Common stock

130,000

175,000

August 1, 2013

August 1, 2014

Working from August 1, 2013
to August 1, 2015
August 1, 2013 to August 1, 2015

Working from August 1, 2014
to August 1, 2016
August 1, 2014 to August 1, 2016

Within 5 years after the vestingdate (those retiring after the vestingdate cannot exercise their stock
options)

Within 5 years after the vestingdate (those retiring after the vestingdate cannot exercise their stock
options)(*) Number of stock options in the column “Number of stock options granted” has been converted into the equivalent numbers of shares.

22Notes to Consolidated Financial Statements

Stock option activity during the year ended March 31, 2021 was as follows:
Number of shares2014
Non-vested Outstanding at beginning of year
Granted during the year
Forfeited during the year
Vested during the year
Outstanding at end of year
Vested Outstanding at beginning of year
Vested during the year
Exercised during the year
Forfeited during the year
Outstanding at end of year

2015

—
—
—
—
—
37,000—3,000
34,000——————57,000—33,000—24,000Price of stock options
Yen

Exercise price
Weighted-average market price
Fair value per option on grant date2014
¥1,066
1,711
¥117

2015
¥1,059
1,972¥97

The fair value of each stock option grant was estimated at the grant date using the Black-Scholes option pricing model.
Method of estimating exercised stock options
The Company estimated the number of exercised stock options based on the actual number of forfeitures because it is difficult to estimate the number ofstock options which will be forfeited in the future.

23

Report of Independent Auditors

24

25

26

27

Five-Year Financial Summary
S.T. CORPORATION and Consolidated Subsidiaries
Years Ended March 31

Thousands of
U.S. dollars(Except per sharedata and ratios)

Millions of yen(Except per share data and ratios)

2021

2020

2019

2018

2017

2021

For the Year¥ 49,674¥47,546¥47,782¥48,627¥45,958$448,683

Cost of sales

Net sales

28,35927,06428,19628,552

27,473

256,152

Selling, general and administrative expenses

17,37017,107

16,748

16,594

15,630156,896

Operating income

3,945

3,374

2,839

3,481

2,854

35,635

Profit before income taxes

3,686

3,289

2,710

3,478

2,751

33,292

Profit attributable to owners of parent

2,526

2,261

1,804

2,410

1,817

22,816

Capital expenditures

1,335

3,137

3,060

1,822

608

12,060Depreciation and amortization

1,350

1,390

1,109

970

997

12,192

790

725

643

596

611

7,139

R&D expenses
Cash flows from operating activities

4,423

3,638

2,186

2,660

5,150

39,954

Cash flows from investing activities(1,564)(3,685)(2,305)(1,826)(622)(14,127)

Free cash flow

2,859

(47)

(119)

835

4,529

25,827

Cash flows from financing activities(1,152)

(885)

(628)

(428)

(640)

(10,408)

At Year-End¥ 26,483¥23,647¥22,799¥23,736¥22,467$239,215

Property, plant and equipment, net

10,45810,80010,797

8,931

8,001

94,467

Total assets

46,81743,276

41,976

42,11238,458422,875

Total current liabilities

11,761

10,951

10,344

10,241

9,666

106,236

Total current assets

Total long-term liabilities

2,422

2,189

2,408

2,849

2,980

21,879Total net assets

32,63330,13629,22329,02225,812294,760

Cash and cash equivalents

11,832

10,122

11,072

11,866

11,396106.872

Number of shares issued (Thousands)

23,00023,00023,00023,00023,000Treasury stock (Thousands)

795

848

888

937

1,123

Number of employees (People)

997

1,032

948

952

890

Per Share (Yen and U.S. dollars)¥ 113.90¥102.19¥81.66¥109.58¥83.57

Dividends

37.00

36.00

36.00

31.00

24.00

0.33

Net assets

1,445.14

1,337.42

1,295.38

1,285.01

1,148.41

13.05

Stock price

1,955

1,601

1,892

2,286

1,809

17.66

Operating income margin

7.9

7.1

5.9

7.2

6.2

Profit before income taxes/net sales

7.4

6.9

5.7

7.2

6.0

Return on sales

5.1

4.8

3.8

5.0

4.0

ROA

5.6

5.3

4.3

6.0

5.0

ROE

8.2

7.8

6.3

9.0

7.6

Equity ratio

68.5

68.5

68.2

67.3

65.3

Profit attributable to owners of parent$1.03

Ratios (%)

Notes: 1. U.S. dollar amounts are translated from yen for convenience only, at the rate of ¥110.71 = U.S.$1.00, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021.
2. ‌As a result of new accounting standards being applied effective from the fiscal year ended March 31, 2017, the figures for fiscal years 2017, 2018, 2019, 2020 and 2021 reflect those changes.
3. ‌As a result of new accounting standards being applied effective from the fiscal year ended March 31, 2019, the figures for fiscal years 2018, 2019, 2020 and 2021 reflect those changes. The figures for the fiscal year 2017 are as
originally presented without retroactive application.
4. The stock prices listed are as of the end of the fiscal year ended in March.
5. ROA = Profit attributable to owners of parent divided by average total assets for the fiscal year.
6. ROE = Profit attributable to owners of parent divided by average total equity (total net assets minus subscription rights less non-controlling interests in consolidated subsidiaries) for the fiscal year.

28

Investor Information
As of March 31, 2021

Group Companies

Corporate Data
Company Name

S.T. CORPORATION

Headquarters

1-4-10 Shimo-ochiai, Shinjuku Ward,

S.T. PRO CO., LTD.

Tokyo 161-8540 Japan

S.T. Business Support Co., Ltd.

Establishment

August 31, 1948

Common Stock¥7,065,500,000

Fiscal Year-end

March 31

Shares Issued and Outstanding

23,000,000

Listed Stock ExchangeTokyo Stock Exchange, First Section

Shareholders

16,048

Registered Transfer Agent

Mizuho Trust & Banking Co., Ltd.

S.T. MYCOAL CO., LTD.
S.T. (Thailand) Co., Ltd.
Family Glove Co., Ltd. (Taiwan)

Accounting Auditors

Ernst & Young ShinNihon LLC

Annual Shareholders’ Meeting

Middle of June each year

Employees

Consolidated: 997

S.T. Korea Corporation (South Korea)
Japan Aroma Laboratory Co., Ltd.

Non-consolidated: 457

Shaldan (Thailand) Co., Ltd.

(Excluding part-time and temporary employees)

Contact

Kouichi Yoshizawa,
Public Relations Department

E-mailir@st-c.co.jp

Telephone+81-3-3367-6115

Facsimile+81-3-3367-6320

Major Shareholders
Thousands of shares% of total

Shaldan Co., Ltd.

5,587

24.9

Nippon Life Insurance Company

1,336

6.0

The Master Trust Bank of Japan, Ltd. (Trust Account)

949

4.2

Custody Bank of Japan, Ltd. (Mizuho Bank)

884

3.9

Takashi Suzuki

665

3.0

Custody Bank of Japan, Ltd. (Trust Account)

563

2.5

Individuals, etc. .......................... 33.0%

FUMAKILLA LIMITED

541

2.4

Other Japanese corporations ..... 33.4%

MUFG Bank, Ltd.

524

2.3

Financial institutions .................. 24.3%

Takako Suzuki

515

2.3

Non-Japanese institutions .......... 8.5%

Kanichi Suzuki

500

2.2

Securities firms ............................0.8%

Notes: 1 The Company holds treasury stock of 600 thousand shares as of March 31, 2021; however, it is
excluded from the list of major shareholders shown above.
2 The 884 thousand shares held by Custody Bank of Japan, Ltd. as trustee for Mizuho Bank Retirement
Benefit Trust Account re-entrusted by Mizuho Trust and Banking Co., Ltd. are the trust assets ofMizuho Bank, Ltd., which established the Company’s shares held by Mizuho Bank, Ltd. as its
retirement benefit trust.

Stock Chart
Stock price (Yen)

Nikkei 225 (Yen)

4,200

30,0003,500

25,0002,800

20,0002,100

15,0001,400

Trading volume (Shares)
3,500,000

5,000

700
0

29

10,00018/6 78

9 10 11 12 19/1 2

3

4

5

6

7

8

9 10 11 12 20/1 2

3

4

5

6

7

8

9 10 11 12 21/1 2

3

4

5

6

0

1-4-10 Shimo-ochiai, Shinjuku Ward, Tokyo 161-8540 Japan
https://www.st-c.co.jp/english/
Printed in Japan, September 2021