Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

February 7, 2023

Consolidated Financial Results
for the Nine Months Ended December 31, 2022
(Under Japanese GAAP)
Company name:
S.T. CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4951
URL:
https://www.st-c.co.jp/
Representative:
Takako Suzuki, Representative Executive Officer, President, COO
Inquiries:
Kouichi Yoshizawa, Executive Officer
Telephone:+81-3-3367-6314
Scheduled date to file quarterly securities report:
February 14, 2023
Scheduled date to commence dividend payments:–
Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to
December 31, 2022)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended

Operating profit

Millions of yen

December 31, 2022

35,664

December 31, 2021

35,277

Note: Comprehensive income(Percentages indicate year-on-year changes.)%

Millions of yen%

Millions of yen

%

1.1

2,263

(25.8)

2,556

3,049

–

3,222

–

For the nine months ended December 31, 2022:
For the nine months ended December 31, 2021:

Basic earnings per share
Nine months ended

Profit attributable toowners of parent

Ordinary profit

Millions of yen%(20.7)

1,666(24.1)

–

2,195

–

¥1,805 million¥1,497 million[20.5%][–%]

Diluted earnings per
share

Yen

Yen

December 31, 2022

74.94

–

December 31, 2021

98.79

98.78

Notes: 1. Figures for the nine months ended December 31, 2022, are the figures after applying “Accounting Standard for Revenue
Recognition” (ASBJ Statement No. 29) and relevant ASBJ regulations. The percentage of year-on-year change is not shown.
2. Diluted earnings per share for the nine months ended December 31, 2022, are not given since there are no dilutive shares.

(2) Consolidated financial position
Total assets
As ofMillions of yen

Net assets

Equity ratio

Net assets per share

Millions of yen%

Yen

December 31, 2022

45,38732,70270.8

1,444.60

March 31, 2022

44,402

31,84770.4

1,407.03

Reference:

EquityAs of December 31, 2022:
As of March 31, 2022:¥32,129 million¥31,274 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2022

–

19.00

–

Fiscal year ending
March 31, 2023

–

20.00

–

Fiscal year-end

Fiscal year ending
March 31, 2023
(forecast)

Total

Yen

Yen

19.00

38.00

20.00

40.00

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Fiscal year ending
March 31, 2023

47,500(Percentages indicate year-on-year changes.)
Profit attributable to
Basic earnings
Ordinary profit
owners of parent
per share

Operating profit% Millions of yen

4.5

2,550

% Millions of yen(21.6)

Note: Revisions to the earnings forecasts most recently announced: None

2,850

% Millions of yen(18.1)

1,900

%

Yen

71.3

85.48

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change inscope of consolidation): None
Newly included: – companies
Excluded:– companies(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
Note: For more details, please refer to the section of “Changes in accounting policies” under “(3) Notes to quarterly
consolidated financial statements” of “2. Quarterly consolidated financial statements and significant notes
thereto” on page 8 of the attached material.
(4) Number of issued shares (common shares)
(i)

(ii)

Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

23,000,000 shares

As of March 31, 2022

23,000,000 shares

Number of treasury shares at the end of the period
As of December 31, 2022

759,200 shares

As of March 31, 2022

772,820 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

22,240,835 shares

Nine months ended December 31, 2021

22,222,562 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts, and other special matters
Caution regarding forward-looking statements and others
The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the Company and on certain assumptions deemed to be reasonable. Consequently, the statements
herein do not constitute assurances regarding the Company’s actual results. Actual financial and other results may
differ substantially from the statements herein due to various factors. Please refer to “(3) Explanation of consolidated
earnings forecasts and other forward-looking statements” of “1. Qualitative information on quarterly consolidated
financial results” on page 3 of the attached materials for the suppositions that form the assumptions for the earnings
forecasts and cautions regarding the use of the earnings forecasts.
Change in presentation of amounts
Amounts given on the Company’s quarterly consolidated financial statements and other items were previously rounded
down to thousands of yen, but starting from the first quarter of the current fiscal year and the three months ended June30, 2022, figures are rounded down to millions of yen.
To make comparisons easier, figures for the previous fiscal year and the nine months ended December 31, 2021, havealso been rounded down to millions of yen.
Method of obtaining the supplementary material on quarterly financial results
We intend to post the supplementary material on quarterly financial results to the “Investors” page of our corporatewebsite soon after the announcement of the financial results for the nine months ended December 31, 2022, on Tuesday,
February 7, 2023.

S.T. CORPORATION (4951)○ Attached Material Index
1. Qualitative information on quarterly consolidated financial results ............................................................................ 2(1) Explanation of operating results ............................................................................................................................ 2(2) Explanation of financial position .......................................................................................................................... 3(3) Explanation of consolidated earnings forecasts and other forward-looking statements ........................................ 3
2. Quarterly consolidated financial statements and significant notes thereto................................................................... 4(1) Quarterly consolidated balance sheet .................................................................................................................... 4(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income .......................................................................................................................................... 6
Quarterly consolidated statement of income (cumulative) .................................................................................... 6
Quarterly consolidated statement of comprehensive income (cumulative) ........................................................... 7(3) Notes to quarterly consolidated financial statements ............................................................................................ 8
Notes on going concern assumption ...................................................................................................................... 8
Notes when there are significant changes in amounts of shareholders’ equity ..................................................... 8
Application of specific accounting for preparing the quarterly consolidated financial statements ....................... 8
Changes in accounting policies ............................................................................................................................. 8
Segment information ............................................................................................................................................. 8- 1 -S.T. CORPORATION (4951)

1. Qualitative information on quarterly consolidated financial results(1) Explanation of operating results
During the nine months ended December 31, 2022, the Japanese economy showed signs of recovery as restrictions
on movement within Japan were relaxed and economic and social activities started to normalize amid the continuous
impact of the novel coronavirus disease (COVID-19). On the other hand, a sense of uncertainty about the future
persists as there are concerns surrounding the impact of energy resource and raw material price hikes, etc., on personal
consumption, owing to the continuing war in Ukraine, and the confusion associated with the easing of zero-COVID
measures in China.
Under these circumstances, the Group has been taking action to enable its sustainable growth under its strategy ofbrand value management through initiatives that involve “drastic review of the existing business profit structure,”“concentrated resources in growth areas,” “clarification of business development systems,” and “formulation anddisclosure of long-term ESG strategies.”
For the nine months ended December 31, 2022, the Group’s net sales amounted to 35,664 million yen (up 1.1% year
on year) owing to growth in Thermal Care despite a fall-off in Cloth Care.
As for profit, operating profit was 2,263 million yen (down 25.8% year on year), because of a rise in procurement
costs caused by yen depreciation and an increase in selling, general and administrative expenses due to strategic
marketing expenses for growth, and ordinary profit was 2,556 million yen (down 20.7% year on year) and profit
attributable to owners of parent was 1,666 million yen (down 24.1% year on year), as the share of loss (profit) ofentities accounted for using equity method and foreign exchange losses (gains) improved.
Given that the Group operates a single segment of the daily necessities business, operating results by businesscategory are as follows.
In the Air Care (Air Fresheners and Deodorizers) category, we have been engaging in efforts that involve striving for
more consistent sales of our existing mainstay products and developing high value-added products. Shoshu-Riki
Natulief Reed Diffuser for entrances and living rooms, a new product that uses authentic botanical aroma formulationand is environmentally sound using paper sticks, etc., contributed to sales thanks to digital promotion, and sales of
products with high unit price and high added value, such as Shoshu-Riki Premium Aroma for entrances and livingrooms in the Premium Aroma series, were firm, although there was a stagnant growth in sales of Shoshu-Riki forentrances and living rooms, an existing core product, and a decline in sales of Shoshu-Riki DEOX for Toilet.
Therefore, net sales were 15,667 million yen (down 0.8% year on year).
In the Cloth Care (Mothproofing Agents) category, we are strengthening the Mushuda series by updating the productlineup and are moving forward with efforts to expand sales of Mushuda mite repellent. However, sales activities
targeting seasonal wardrobe updates of last spring were launched earlier than normal, and sales of existing coreproducts, including Mushuda for Drawers and Clothes Cases and Mushuda for Closets, declined, resulting in net salesof 5,649 million yen (down 3.7% year on year).
For the Thermal Care (Disposable Warmers) category, we are focusing on expanding awareness and strengthening
the lineup of the existing Onpax brand. In the fall, we launched sales of the Haru-Onpax Airy (adhesive type) valueadded line, which achieves a new level of “lightness” and “thinness.” Thanks mainly to an increase in sales ofadhesive-type disposable warmers and an increase in exports to overseas, net sales were 4,175 million yen (up 14.2%
year on year).
In the Hand Care (Household Gloves) category, we worked to expand sales of Family gloves for home use. The
selling price was revised due to a reduction in prices. In addition, growth in sales of industrial-use gloves, etc., andstrong sales in overseas subsidiaries resulted in net sales of 4,373 million yen (up 2.0% year on year).
In the Humidity Care (Dehumidifiers) category, we moved forward with a shift toward high value-added products bystrengthening the Bincho-tan series and Dry Pet Clear products in order to prevent them from becoming merecommodities. Thanks mainly to growth in sales of tank-type dehumidifiers, net sales were 2,464 million yen (up 2.1%
year on year).
In the Home Care (Others) category, we have been aggressively promoting efforts to enter new business fields, which
has included developing the Senjo-Riki and Kome-Touban brands. The firm sales of Kome-Touban, which prevents
bugs in rice, through integrated deployment of TV commercials and SNS, the launch of the system toilet series forcats that solve odor problems into the growing pet care products market, and Shinsenban, a new product that maintains
the freshness of vegetables that was launched last spring, contributed to sales, resulting in net sales of 3,332 million
yen (up 2.3% year on year).

- 2 -S.T. CORPORATION (4951)

Category
Air Care (Air Fresheners and Deodorizers)
Cloth Care (Mothproofing Agents)
Thermal Care (Disposable Warmers)
Hand Care (Household Gloves)
Humidity Care (Dehumidifiers)
Home Care (Others)
Total

Net sales(Millions of yen)
15,667
5,649
4,175
4,373
2,464
3,332
35,664Composition
(%)
43.9
15.8
11.7
12.3
6.9
9.4
100.0

Year-on-year
(%)
(0.8)
(3.7)
14.2
2.0
2.1
2.3
1.1

(2) Explanation of financial position
Total assets as of December 31, 2022, stood at 45,387 million yen, increased by 985 million yen from the end of theprevious fiscal year. The increase is mainly attributable to factors that include an increase in cash and deposits of
1,633 million yen, an increase in notes and accounts receivable - trade of 876 million yen, and a decrease inmerchandise and finished goods of 1,071 million yen.
Liabilities were 12,685 million yen, an increase of 130 million yen from the end of the previous fiscal year. The
increase is mainly attributable to factors that include an increase of electronically recorded obligations - operating of
493 million yen, an increase of notes and accounts payable - trade of 414 million yen, and a decrease of accounts
payable - other of 535 million yen.
Net assets were 32,702 million yen, increased by 855 million yen from the end of the previous fiscal year. The
increase is mainly attributable to factors that include an increase in retained earnings of 823 million yen.
Consequently, equity amounted to 32,129 million yen and the equity ratio was 70.8%, increased by 0.4 percentage
points from the end of the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
The consolidated earnings forecasts are unchanged from the forecasts for the fiscal year ending March 31, 2023
announced in the financial results report released on April 26, 2022.
The consolidated earnings forecasts are determined by the Company based on information available as of the date ofthis material’s release. Actual results may differ from the forecast figures due to various factors going forward.

- 3 -S.T. CORPORATION (4951)

2. Quarterly consolidated financial statements and significant notes thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets- 4 -As of December 31, 2022

11,887
5,802
6,616
187
989
656
(34)
26,105

13,520
6,679
5,545
279
1,136
468
(37)
27,592

4,209
1,728
229
3,593
202
156
10,120

4,094
1,686
189
3,607
199
66
9,843

1,444
1,444

1,393
1,393

5,653
5
7
452
613
6,731
18,29644,402

5,612
4
7
327
606
6,557
17,79545,387

S.T. CORPORATION (4951)(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Electronically recorded obligations - non-operating
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 5 -As of December 31, 2022

2,195
2,835
413
49
1,802
685
423
93
179
2,023
10,700

2,609
3,328
492
62
1,267
403
307
294
10
2,129
10,906

94
262

94
262

107

100

81

81

1,301
6
1,853
12,554

1,221
17
1,778
12,685

7,065
7,047
16,978(1,020)30,0707,065
7,047
17,801(1,002)30,911

1,866
(537)
(177)
52
1,204
573
31,84744,402

1,818
(537)
(109)
46
1,217
573
32,70245,387

S.T. CORPORATION (4951)(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)
Nine months ended
December 31, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
Depreciation of inactive non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on disaster
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 6 -Nine months ended
December 31, 2022

35,277
21,297
13,98010,9303,049

35,66422,08913,574
11,311
2,263

4
112
99

4
112
92

–

3

–
62
277

4
91
308

3

3

34

–

55
5
6
104
3,222

–
4
6
14
2,556

0
0
0

0
–
0

26
–
26
3,195
721
181
903
2,292
97
2,195

2
33
35
2,521
637
148
785
1,735
69
1,666

S.T. CORPORATION (4951)
Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)
Nine months ended
December 31, 2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 7 -Nine months ended
December 31, 2022

2,292

1,735

(864)
68
0

(48)
120
(6)

0

3

(794)
1,497

69
1,805

1,357

1,680

140

125

S.T. CORPORATION (4951)(3) Notes to quarterly consolidated financial statements
Notes on going concern assumption
Not applicable.
Notes when there are significant changes in amounts of shareholders’ equity
Not applicable.
Application of specific accounting for preparing the quarterly consolidated financial statements
No important matter to be stated.
Changes in accounting policies
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021) (hereinafter, “Fair Value Measurement Accounting Standard
Implementation Guidance”) from the beginning of the first quarter of the current fiscal year, and decided to apply
new accounting standards set forth in the Fair Value Measurement Accounting Standard Implementation Guidance
prospectively in accordance with the transitional treatment provided for in paragraph 27-2 of the Fair Value
Measurement Accounting Standard Implementation Guidance.
The application of the above guidance does not have any impact on the quarterly consolidated financial statements.
Segment information
Nine months ended December 31, 2021 and nine months ended December 31, 2022
This information is omitted as the Group operates the daily necessities segment as a single segment.

- 8 -