Business Results
Briefing(Fiscal Year Ending March 31, 2019)

April 1, 2018-March 31, 2019

Mandom Corporation(Securities Code: 4917)

Contents

1. Consolidated Business Results
2. Progress of MP-12
3. Forecast of Consolidated BusinessResults for FY2020/3◆ Appendix
Note: Beginning from the fiscal year ending March 31, 2019, some items that had been processed as expenses
have been deducted from net sales at overseas consolidated subsidiaries included in financial statements
prepared in accordance with IFRS. The results of the fiscal year ended March 31, 2018 have also been
calculated according to these standards within this document.
Such calculations have been marked with an asterisk (*) on the following pages as well.

Summary of FYE 2019
・Business results for FYE 2019 were greatly affected by a sharp
decline in Barrier Repair sales in Japan;
and a decrease in sales in Indonesia due to a delay in responding
to the changes in market conditions.
・Incomes declined as we actively drove forward with the buildingof a foundation for realizing VISION 2027.

・The foundation for realizing VISION 2027 was firmly established;
meanwhile, the business results for FYE 2020 are projected to fall
below the initial target by a slim margin.

1

1. Consolidated Business Results21. Consolidated Business Results
1) Consolidated Net Sales increased slightly. Starting with
Consolidated Operating Income, each incomes decrease.
・Consolidated Net Sales slightly increased from FYE 2018
when we marked record highs for 8 consecutive years（Mln Yen）

Some items that had been processed as
expenses have been deducted from net
sales at overseas consolidated
subsidiaries included in financial
statements prepared in accordance with
IFRS.

100,000

78,99780,00078,86560,00040,00059,80160,427

2012/3

2013/3

68,21570,925

2014/3

2015/375,07877,351

2016/32017/381,38620,0000Consolidated net sales(new standard)

Consolidated net sales(former standard)*
2018/3*
2019/33

1. Consolidated Business Results
1) Consolidated Net Sales increased slightly. Starting with
Consolidated Operating Income, each incomes decrease.
・Consolidated Operating Income and all other incomesat each level declined（Mln Yen）

10,000Ordinary Income

8,161

8,000

7,135

Operating Income

6,000

5,087

FYE 2016/3
4,000

2,000

0

Extraordinary
gain resulting
from the sale ofthe Indonesiansubsidiary’s plant

Net Income Attributable to
Owners of Parent

2012/3

2013/3

2014/3

2015/3

2016/32017/3

2018/3

2019/34

1. Consolidated Business Results ＜Net Sales by Region＞
2) Steady performance in Japan.
Indonesia has stagnated, but sales grew steadily
in most other countries.

・Overseas Sales accounted for 38.7% of Consolidated Net Sales（Mln Yen）

90,000YoY change：＋12.4％
12,02060,000YoY change：▲10.8％

13,51017,044

19,104

YoY change：+1.5%
30,000047,73948,442

2018/3

2019/3Japan

Indonesia *Others *5

1. Consolidated Business Results ＜Net Sales by Strategic Business Unit＞
3) Both men’s and women’s businesses are almost flat.
・Bifesta and Lucido-L showed good growth.
Excluding Indonesia, GATSBY sales performed well.
（Mln Yen）

90,0007,010
60,00022,311

YoY change：▲0.4％
YoY change：＋0.5％

6,983
22,433

YoY change：＋0.1％
30,000049,542

49,5802018/3

2019/3

Men's Business*

Women's Business*

Others*6

1. Consolidated Business Results ＜Operating Income by Region＞
Operating Income in “Others” grew; overall, incomes declined sharply.

・Incomes fell because of active investment in establishing a businessfoundation in Japan and a fall in revenue in Indonesia .
（Mln Yen）

9,000

YoY change：＋26.0％
1,750

YoY change：▲42.3％
6,000

1,181

2,205

YoY change：▲23.1
3,000

681

5,525

4,248

0

2018/3

2019/3Japan

Indonesia

Others7

1. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞
Net Sales by BusinessBusiness results by brand・Sales of GATSBY summer seasonal items
increased steadily.
Although Barrier Repair has stagnated,
Sales of Bifesta grew steadily.
Lucido-L continues to perform well.

Japan

Status of our major brands
Men’s Business

Women’s Business81. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞

Men’s

Net Sales by BusinessBusiness

・In response to the impact of record heat waves, sales of summer
seasonal items, body papers, Spot Deodorant Series (direct
application type), are growing well.

Japan・Sales of hair styling products were sluggish because of a shrinking
market and other reasons.
■Body Paper■TOKYO/Monthly average transition ofhighest temperature
(℃)
35

2017

2018

30
25
20
15
10
5
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec※Created by Mandom based on Meteorological observation
Data(Japan Meteorological Agency)

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

Men’s

Net Sales by BusinessBusiness

・This spring, the Deodorant series is renewed.

Japan・We enhanced product performances with ourunique technologies.
■Spot Deodorant Series■ Deodorant Spray

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

Men’sBusiness

・We increased contact points with consumers by creating
buying opportunities with active promotional activities.

Net Sales by Business

Japan■New TV-CM 『GATSBY COP Part 2 “Riot of Pepe ” 』

11

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

Men’sBusiness・Overall, Sales are performing well.

Net Sales by BusinessJapan・We will continue to strengthen over the long termin the middle-aged men's market.

■New TV-CM for 『Medicated Deodorant Scalp Shampoo 』

12

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

Wo m e n ’s B u s i n e s s

Japan・We enhanced the wipe-off cleansing series
to become the leader in this category.
“Wipe-off cleansing series”■Cleansing Lotion■Eye Makeup Remover■Cleansing sheet

13

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

Miscellaneous Topics【Inbound sales】
・The combined total of purchases made by inbound travelers orfor cross-border EC is around 250 million yen per month on average
・We consider that sales opportunities in Japan serve as a display window
for the Asian consumers. From this viewpoint, we will create buying
opportunities to increase total sales at Mandom Group■Barrier Repair Facial Mask

14

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞Net Sales by BusinessBusiness results by brand
GATSBY struggled in each category
except Styling Pomade.
・While Pixy’s new products showed steady
performance, total sales remained flat due tothe effects of currency exchange rates.

Indonesia

Status of our major brands
Men’s Business

Women’s Business15

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

Men’s

Net Sales by BusinessBusiness

・While sales growth of the Styling Pomade subsided,
pomade is still popular among hair styling items.
We added new items to strengthen this category.
■Styling Pomade series

Indonesia■Styling Pomade new items＜STYLING POMADE MAT MOULDER＞

16

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

Wo m e n ’s B u s i n e s s

Net Sales by BusinessIndonesia
・We rebranded to enhance Pixy’s brand image
and win new users in the young generation.
・Some hot sellers won awards at theBEST OF BEAUTY AWARDS 2018.

17

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

General Status of Business Results
・Sales in China, Malaysia and others marked
two-digit growth on a local currency basis.

Net Sales by Business

Others・Bifesta’s sales grew steadily.

18

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

Wo m e n ’s B u s i n e s s

・We implemented digital marketing using KOLs
and influencers in each country/region.
■Information by KOL〔Key Opinion Leader〕(Left: at China, Right: at Taiwan)

Others■Youtube ad (at Taiwan)

191. Consolidated Business Results ＜Summary of Our Strategic Business (OTHERS)＞Net Sales by Business

Wo m e n ’s B u s i n e s s

・We have successfully acquired new Bifesta fans by
combining efforts to increase real contact points with
consumers, such as in-store sampling and events.
■Collaboration promotion
with celebrities (at Thailand）

Others■POP-UP Store（in China）■Women's Association
planning（in China）

20

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

Men’s

Net Sales by BusinessBusiness

・We are increasing the number of stores selling GATSBY products
not only in major coastal cities but also in the peripheral cities.

Others・Sales of hair styling products fared well, and we aremaking efforts to expand sales further.
■Basic Spray■Basic Wax■Dressing Pomade Yuppie Mat（Made in China）

21

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

Men’s

Net Sales by BusinessBusiness

Others・We offered consumers the opportunity to try GATSBY items
over a long term so that GATSBY can gain a foothold in the market.
・With greater awareness of cleanliness among consumers,
Facial Paper and Body Paper successfully established a footholdin the market.
■Street sampling■Booth exhibition
at University■OOH ad■A store display

22

2. Progress of MP-12（FYE 2018/3～FYE 2020/3）

23

2. Progress of MP-12
Our Dreams（＝Our Vision）

24

2. Progress of MP-12■Positioning of MP-12

VISION2027

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

S
MP-12

Infrastructuredevelopment

eedingMP-13

Reformation andchallenges

MP-14
Accelerated growth

Corporate Infrastructure Development for Realizing VISION2027
25

2. Progress of MP-12

Management Basic Policy
1.Promotion of category strategies and thoroughimplementation of activity
2. Improvement of growth in overseas operations
focusing on Indonesia
3.Building a group operation system andimproving productivity per unit26

2. Progress of MP-12■Key action measures implemented in linewith basic management policies①GATSBY re-branding started②Promotion of global marketing system③Implemented PIXY Re-branding④Progress in efforts to cross border EC⑤Acquisition of ACG INTERNATIONAL SDN. BHD.
⑥Introduction of common accounting system⑦The penetration of corporate philosophy
to all employees
27

2. Progress of MP-12 ＜GATSBY re-branding started ＞①Progress in GATSBY re-branding
・In Japan, Launched a new TVCM and renewed the world view.
・We communicated with the digital native generation
using SNSs to the fullest extent.
■New TV-CM 『GATSBY COP Part 1 』

SNS views(times)
Youtube：3.05 mln
Twitter ：3.95 mln
Total：7.00 mln

28

2. Progress of MP-12 ＜Promotion of global marketing system ＞①Promotion of global marketing system
・An international conference was held at the Aoyama Office
to promote the understanding of rebranding, share both successful
and unsuccessful trials among the participants, and strengthen
creative thinking and expressive power■International Marketing Conference of GATSBY■During discussion29

2. Progress of MP-12 ＜Implemented PIXY Re-branding ＞③Implemented PIXY Re-branding
・Two new lines were proposed to add to the existing product lineup.
Logo
Healthy Skin & Trend Make

Long-lasting

Basic series

Products

Skin Care

Place

Expand around
Selected Modern-market

Basic Skin Care

Omnidirectional

Expand aroundTraditional-market

30

2. Progress of MP-12 ＜Implemented PIXY Re-branding ＞③Implemented PIXY Re-branding
・Though its market launch was delayed from the initial plan,
the rebranded Pixy is highly valued in the market andbeing introduced to modern trade stores■A store display in Modern-market■Open-Counter in store

31

2. Progress of MP-12 ＜Progress in efforts to cross border EC ＞
④Progress in efforts to cross border EC
・Opened a flagship store of ｍandom in 『Tmall Grobal』 on May 16

32

2. Progress of MP-12 ＜Acquisition of ACG INTERNATIONAL SDN. BHD.＞⑤Acquisition of ACG INTERNATIONAL SDN. BHD.
・We signed a share transfer agreement on November 22, 2018,
and share acquisition was completed in January 2019.
We will further enhance Mandom Group’s presence in Southeast Asia
aiming to realize VISION 2027.
■VISION2027 Image33

2. Progress of MP-12 ＜Acquisition of ACG INTERNATIONAL SDN. BHD.＞⑤Acquisition of ACG INTERNATIONAL SDN. BHD.
・Signed an agreement on November 22, 2018 to acquire the entire interestof ACG INTERNATIONAL SDN.BHD. , and completed stock acquisition
on January 4. We will enhance Mandom Group's presence in Southeast Asia.

34

2. Progress of MP-12 ＜Acquisition of ACG INTERNATIONAL SDN. BHD.＞⑤Acquisition of ACG INTERNATIONAL SDN. BHD.
・Signed an agreement on November 22, 2018 to acquire the entire interestof ACG INTERNATIONAL SDN.BHD. , and completed stock acquisition
on January 4. We will enhance Mandom Group's presence in Southeast Asia.

35

2. Progress of MP-12 ＜Acquisition of ACG INTERNATIONAL SDN. BHD.＞⑤Acquisition of ACG INTERNATIONAL SDN. BHD.
・Signed an agreement on November 22, 2018 to acquire the entire interestof ACG INTERNATIONAL SDN.BHD. , and completed stock acquisition
on January 4. We will enhance Mandom Group's presence in Southeast Asia.

36

2. Progress of MP-12 ＜Acquisition of ACG INTERNATIONAL SDN. BHD.＞⑤Acquisition of ACG INTERNATIONAL SDN. BHD.
■A store display in Modern-market

37

2. Progress of MP-12 ＜Acquisition of ACG INTERNATIONAL SDN. BHD.＞⑤Acquisition of ACG INTERNATIONAL SDN. BHD.
・With established brand awareness and an operational base,
ACGI is achieving steady growth of its business.
Average Operating Profit Margin for the three years has remainedat around 15%, demonstrating the company’s high profitability.
Average annual growth rate
＋3.6％

2015/122018/12Net Sales（on a local currency basis）

38

2. Progress of MP-12 ＜Acquisition of ACG INTERNATIONAL SDN. BHD.＞⑤Acquisition of ACG INTERNATIONAL SDN. BHD.

39

2. Progress of MP-12 ＜Introduction of common accounting system ＞⑥Introduction of common accounting system
・Following Japan and Thailand, Indonesia went up a common
accounting system.

◎

◎

◎
40

2. Progress of MP-12 ＜The penetration of corporate philosophy＞⑦The penetration of corporate philosophy to all employees
・We conducted a survey to check the implementation level of the
Corporate Philosophy, as a part of the Corporate Philosophy
Implementation Program.
・Each division set up its action plan to fill the gap between
the current situation and the state we aspire to be.
From executive officers
to division managers

From division managers
to their staff

41

2. Progress of MP-12 ＜Growth Potential>■Management Basic Target 【Growth Potential】
Men’s business
Average annual
growth rate

Women’s business
Average annual
growth rate

Overseas
Average annual
growth rate

3% or more

10％ or more

10％ or more

Note: Beginning from the fiscal year ending March 31, 2019, some items that had been processed as expenses
have been deducted from net sales at overseas consolidated subsidiaries included in financial statements
prepared in accordance with IFRS. For the purpose of confirming the progress of MP-12, the results forthe fiscal year ending March 2019 are those calculated based on the same criteria as the fiscal year
ending March 2017, in order to improve comparability.

42

2. Progress of MP-12 ＜Growth Potential>【Growth Potential】 Men’s business

Average annual growth rate 3% or more

Average annual
growth rate
＋1.4%

2017/3

2018/3

2019/32020/3* The growth curve in this graph is a desired hypothetical outcome.

＜Future plans＞

The results for the fiscal year ending March 2019 are those calculated
based on the same criteria as the fiscal year ending March 2017

GATSBY Re-Branding Promotion

43

2. Progress of MP-12 ＜Growth Potential>【Growth Potential】 Women’s business

Average annual growth rate 10% or more

Average annual
growth rate
＋8.9%

2017/3

2018/3

2019/32020/3* The growth curve in this graph is a desired hypothetical outcome.

＜Future plans＞

The results for the fiscal year ending March 2019 are those calculated
based on the same criteria as the fiscal year ending March 2017

・Business results for FYE 2019/3 were calculated basedon the same standards as before
・Enhance PIXY brand activities

44

2. Progress of MP-12 ＜Growth Potential>【Growth Potential】 Overseas

Average annual growth rate 10% or more

Average annual
growth rate
＋2.7%

2017/3

2018/3

2019/32020/3* The growth curve in this graph is a desired hypothetical outcome.

＜Future plans＞

The results for the fiscal year ending March 2019 are those calculated
based on the same criteria as the fiscal year ending March 2017

・Improving Bifesta’s brand image and displaying greater Dedication
to Service (Oyakudachi).
・Strengthening Pixy’s brand activities.

45

2. Progress of MP-12 ＜Profitability>【Profitability】 Consolidated Operating Profit Margin 10％
12.0%

11.0%

10.0%

9.0%

8.0%

7.0%

2017/3

2018/3

2019/3Operating profit margin
The results for the fiscal year ending March 2019 are those calculated
based on the same criteria as the fiscal year ending March 201746

2. Progress of MP-12 ＜Shareholders Returns>【Shareholders Returns】 Consolidated Payout Ratio
Consolidated basis, excluding extraordinary items
・Annual dividend was 60 yen (dividend payout ratio: 55.2%).

40% or higher

We are planning a payout increase again for FYE March 2020.
If implemented, this would be the seventh consecutive increase in dividend (dividend payout
ratio: 51.6%).
70
59

60

30

0

125%

48

30

31

35

40.0%

20
10

62
31

50
40

60

150%

42.5%

38

40.2%

100%

40

29.3%

40.3%

45.3%

55.2%

75%

51.6%
50%

40.2%

25%
31

12/3

13/3

14/3

15/3

16/3

17/3

18/3

19/3

0%

20/3
（forecast）

interim dividend

year-end dividend

Consolidated Payout Ratio* Effective as of October 1, 2017, Mandom Corp. effectuated a 1:2 stock split. All the figuresin the graph above reflect the influence of the split.

47

2. Progress of MP-12 ＜Shareholders Returns>【Shareholders Returns】

Implementation of Repurchaseof the Company’s Stock

Type of stock to be
repurchased

Common stock of the Company

Total number ofshares to be
repurchased

Up to 2,000,000 shares(4.3% of total outstanding shares as ofMarch 31, 2019)

Total amount of the
repurchases

Up to 5,000,000,000 yen

Period of the
repurchases

From May 15, 2019 to November 29, 201948

3. Forecast of Consolidated BusinessResults for FY2020/3

49

3. Forecast of Consolidated Business Results for FY2020/3
Forecast of Consolidated Business Results for FY2020/3(Unit:Mln
Yen)
FY2020/3

FY2019/3

AnnualInitial Plan

Balance

1Q+2Q
Yr/Yr

Initial Plan

BalanceResultYr/Yr

Annual

1Q+2Q

85,000

6,002

107.6%

45,6001,717

103.9%

78,99743,882

Operating Income

7,860

724

110.2%

5,070▲1,562

76.4%

7,135

6,632

Ordinary Income

8,690

528

106.5%

5,540▲1,625

77.3%

8,161

7,165

Net Income Attributableto Owners of Parent

5,620

532

110.5%

3,690▲1,155

76.2%

5,087

4,845

Net Sales503. Forecast of Consolidated Business Results for FY2020/3

Difference with Initial plan of Final year of MP-12

90,000

Impact of reclassificationof net sales ofoverseas subsidiaries▲2,200

Impact of foreignexchange fluctuations▲970

Substantial gap
With initial plan

▲1,83085,000Initial plan Final

2020/3

year of MP-12

forecast

51

3. Forecast of Consolidated Business Results for FY2020/3
Breakdown of Net Sales Fiscal Year Ending March 2020

Impact of acquisitionof ACGI86,00084,00082,00080,000In real terms

85,000

Impact of foreignexchange fluctuations

＋7.6％

＋3.8%
78,99878,00076,00074,00072,00070,0002019/32020/3
forecast（excluding ACGI ）2020/3
forecast(including ACGI)

52

3. Forecast of Consolidated Business Results for FY2020/3
Breakdown of Operating Income Fiscal Year Ending March 2020
Impact of foreignexchange fluctuations

7,985
In real terms

Impact of acquisitionof ACGI

125

7,860

＋12.5％＋10.2％

7,135

2019/32020/3
forecast（excluding ACGI ）2020/3
forecast(including ACGI)

53

3. Forecast of Consolidated Business Results for FY2020/3
Depreciations, Capital Investments Fiscal Year Ending March 2020・Capital investment planned is 9.7 billion yen（Including system investment for infrastructure development）
・Depreciation expenses are planned at 4.08 billion yen（ACGI's goodwill fee not included）

Construction of a new production building at the Fukusaki Plant
is scheduled to begin in July 2019, with production starting in early 2021

54

3. Forecast of Consolidated Business Results for FY2020/3
FY 2020/3 Outlook of Main Expenses: Breakdown of Increase/Decreaseover FY 2019/3（Unit：Mln Yen）

Net Sales

Cost-to-sales
Ratio
SGA

6,002

+0.4%

2,103

Prerequisites of the plan
■Net Sales＋） ・Sales increase by reinforcing marketing of seasonal
summer products in Japan・Bifesta women’s makeup remover and facial wash
category will achieve a sales growth both inand outside Japan.
・The middle-aged customer market is expected
to grow in Japan with our Lucido brand.
・Recovery of sales of PT Mandom Indonesia Tbk

Operating
Income724

Ordinary
Income528

Net income
Attributable to
Owners of
Parent532

・Continued growth of overseas subsidiaries including
the one in China
・Impact of consolidation of ACGI－） ・Decline in purchases by inbound travelers to Japan■Operating Income＋） ・Positive impact of the increase in sales
・Efficient use of selling costs in and outside Japan－） ・Increase in the costs to establish foundation
・Impact of consolidation of ACGI

55

3. Forecast of Consolidated Business Results for FY2020/3
FY 2020/3 Outlook of Main Expenses: Breakdown of Increase/Decreaseover FY 2019/3（Unit：Mln Yen）

Net Sales

Cost-to-sales
Ratio
SGA

6,002

+0.4%

2,103

Operating
Income724

Ordinary
Income528

Net income
Attributable to
Owners of
Parent532

Prerequisites of the plan
■Risk factors
・Impact that Japan’s climate change will have on thesales of seasonal items for summer
・Changes of yen equivalent of net sales of overseas
subsidiaries caused by foreign exchange fluctuations■Factors not included in the assumptions
・Purchase rush prior to the consumption tax hike in
Japan

56

◆ Appendix

57

(Appendix) Consolidated Business Results(Unit:Mln Yen)
Annual
FY2019/3 FY2018/3
Net Sales *Balance

Yr/Yr

Yr/Yr※

Achiev.

78,99778,865132

100.2%

101.6%

98.7%

Operating Income

7,135

8,457 ▲ 1,322

84.4%

－

83.0%

Ordinary Income

8,161

9,264 ▲ 1,102

88.1%

－

87.8%

Net Income Attributable to
Owners of Parent

5,087

6,086

83.6%

－

87.7%

ROE

7.3%

9.2%

EPS
Payout Ratio▲ 999¥108.76 ¥130.19
55.2%

45.3%
※ Comparison with FY 2018/3 rate after adjustment.

Note: Beginning from the fiscal year ending March 31, 2019, some items that had been processed as expenses
have been deducted from net sales at overseas consolidated subsidiaries included in financial statements
prepared in accordance with IFRS. The results of the fiscal year ended March 31, 2018 have also been
calculated according to these standards within this document.
Such calculations have been marked with an asterisk (*) on the following pages as well.

58

(Appendix) Consolidated Net Sales
2-1. Net Sales by Region(Unit:Mln Yen)
Annual
FY2019/3 FY2018/3

78,865132

100.2%

Japan

48,44247,739702

101.5%

Indonesia *17,044

19,104 ▲ 2,059

89.2%

Others *13,51012,020112.4%

2-2. Net Sales by Region Analysis(Year-on-Year)(Unit:Mln Yen)

Consolidated *

132
702

Japan

Others *Yr/Yr

78,997

Net Sales *Indonesia *Balance2-3. Net Sales by Region Ratio (Year-on-Year)
Asia
39.5％

Asia
38.7％

15.3%

17.1%

24.2%

▲2,059
1,489

1,489

60.5%

21.6%

FY2018/3 *
Japan

61.3%

FY2019/3
Indonesia

Others59

(Appendix) Consolidated Net Sales
2-4. Net Sales by Strategic Business Unit

(Unit:Mln Yen)
Annual

FY2019/3 FY2018/3
Net Sales *Men's Business *Gatsby *Women's Business *Other Business*

Balance

Yr/Yr

78,99778,865132

100.2%

49,58049,54238

100.1%

39,73839,740▲2

100.0%

22,43322,311

121

100.5%

6,983

7,010

▲ 27

99.6%

※breakdown :Women’s Cosmetics 14,421 Mln Yen（Yr/Yr 97.4%）/Women's Cosmetry 8,011 Mln Yen（Yr/Yr 106.8%）

Women’s Business

Men’s Business
Growth*Rate

FY2019/3
Results
Total

Gatsby49,580+0.1%

39,738Lucido

Japan

Asia

Total

FY2019/3
Results

Growth*Rate

22,433+0.5%

FY2019/3
Results

Bifesta

Lucido-L

PixyPucelleJapan

Growth*
Rate

Asia

60

(Appendix) Consolidated Incomes
3-1. Operating Income by Region(Unit:Mln Yen)
Annual
FY2019/3
ResultOperating Income
Japan
Indonesia
OthersJapan▲1,277

Indonesia
OthersResultper Sales

Balance

8,457

10.7% ▲ 1,322

84.4%

4,248

8.8%

5,525

11.6% ▲ 1,277

76.9%

681

4.0%

1,181

6.2%

▲ 500

57.7%

2,205

16.3%

1,750

14.6%

455

126.0%

3-3. Operating Income by Region Ratio(Year-on-Year)

Asia
34.7％

Asia
40.5％

20.7%
14.0%

▲500
455

Yr/Yr

9.0%

(Unit:Mln Yen)

▲1,322

per Sales

7,135

3-2. Operating Income
by Region Analysis (Year-on-Year)
Consolidated

FY2018/3

30.9%
65.3%

9.6%

FY2018/3
Japan

59.5%

FY2019/3
Indonesia

Others61

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

Cost of Goods *Consolidated

Japan

Selling Expenses *Indonesia

Others(Unit: Mln Yen)
Admin. Cost

1,034

1,454

525

1,979

▲ 1,218▲ 1,559

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

47.0%

47.0%

20.2%

20.0%

22.1%

24.0%

10.7%
FY2018/3*

281

728

34

Consolidated

227
27

Japan

39.2%

▲ 102

Cost of Goods

Selling Expenses

Admin. Cost

Operating Income

Indonesia

64.5%
22.4%

26.4%

28.6%

9.0%

11.6%

8.8%

FY2019/3

FY2018/3*

FY2019/3

65.1%

13.1%

12.6%

16.2%

18.3%

6.2%

1,268

▲ 16
▲ 367

40.2%

22.8%

1,522

4.0%

FY2018/3* FY2019/3

Others

50.3%

48.6%

21.0%

20.7%

14.2%

14.3%

14.6%

16.3%

FY2018/3*

FY2019/3

62

(Appendix) Consolidated Incomes
3-6. Ordinary Income and Net Income Attributable to Owners of Parent(Unit:Mln Yen)
Annual
FY2019/3
Resultper Sales

FY2018/3
Result9,264

11.7% ▲ 1,102

88.1%

▲0.3%

▲ 45

▲0.1%

▲ 158

448.5%

7,958

10.1%

9,218

11.7% ▲ 1,260

86.3%

Income Taxes

2,392

3.0%

2,544

3.2%

▲ 151

94.0%

Profit

5,565

7.0%

6,674

8.5% ▲ 1,108

83.4%

478

0.6%

587

0.7%

▲ 108

81.5%

5,087

6.4%

6,086

7.7%

▲ 999

83.6%

Extraordinary Loss (Income)
Profit before Income Taxes

806

8,161

10.3%

▲ 203

Profit Attributable to Non-controlling Interests
Profit Attributable to Owners of Parent

1.0%

Yr/Yr

127.2%

Ordinary Profit

1.3%

Balance219

Non-operating Expenses (Income)

1,026

per Sales

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

Extraordinary
Loss/Income

1,026Interest income

Dividend income

Non-operating
IncomeForeign exchange gains

1,105

Extraordinary
Income(Unit:Mln Yen)

203

Gain on sales of
non-current assets
Claim of insurance214

Others

Non-Operating
Expenses

79

OthersShare of profit of entities
accounted for using equity method
Cancellation penalty
Compensation expenses
sales discounts

Extraordinary
418
LossesLoss on retirement of
non-current assets
Loss on sales of
non-current assets

63

(Appendix) P/L of Mandom Corporation, PT Mandom Indonesia Tbk■Results of FY 2019/3 (P/L of Mandom Corporation, PT Mandom Indonesia Tbk)

Mandom Corporation(Unit : Mln Yen)FY2019/3

FY2018/3

Net sales

52,70951,646

Cost of Goods

23,806

Cost Ratio

45.2%

balance

Yr/Yr■Consolidated: Depreciation,Capital Investment

InitialOutlook

FY2019/3

FY2018/3(Unit : Mln Yen)balance

FY2020/3
Outlook

1,063

102.1%

53,500Depreciation

3,583

3,315

268

4,080

22,7251,080

104.8%－

Capital investment

4,550

3,953

596

9,700

44.0%

+1.2P

－

－

23,901

23,033867

103.8%

－

5,001

5,887

▲ 885

85.0%

5,900

885

809

76

109.4%－

Ordinary Income

5,887

6,696

▲ 808

87.9%

6,650

Extraordinary Profit/los

▲ 389

▲ 28

▲ 360

1344.3%Net Income

4,080

4,944

▲ 864

82.5%

Selling, general andadministrative
Operating Income
Non-operating Income/

－
4,550

■Mandom Corp.Only: Depreciation,Capital Investment (Unit : Mln Yen)FY2019/3

FY2018/3

balance

Depreciation

2,283

2,169

113

Capital investment

3,001

2,243

758

※Capital investment includes intangible assets

PT Mandom Indonesia Tbk
Local Currency(Unit : Mln Rp.)

Yen Equivalent

Yr/Yr

FY2019/3

FY2018/3

balance

Net sales

2,648,754

2,706,394▲ 57,640

97.9%

Cost of Goods

1,685,791

1,699,417▲ 13,626

99.2%－(Unit : Mln Yen)FY2019/3

FY2018/3

balance

Yr/Yr

Net sales

20,66022,733▲ 2,073

90.9%

Cost of Goods

13,14914,275▲ 1,125

92.1%

Cost Ratio

63.6%

62.8%

+0.9P

Cost Ratio

63.6%

62.8%

+0.9P

－

Operating Income

185,122

225,320▲ 40,197

82.2%

Operating Income

1,443

1,892

▲ 448

76.3%

Net Income

173,049

179,126▲ 6,076

96.6%

Net Income

1,349

1,504

▲ 154

89.7%

Rp.1=￥0.0078 Rp.1=￥0.0084※Assumption rate FY 2019/3
Rp.1=￥0.0077

64

Regarding Forward-Looking Statements

This document contains forward-looking statements concerning Mandom’s 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.