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.

November 8, 2023

Consolidated Financial Results
for the Six Months Ended September 30, 2023
(Under Japanese GAAP)
Company name:
S.T. CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4951
URL:
https://www.st-c.co.jp/
Representative:
Yo Kouzuki, Representative Executive Officer, President, COO
Inquiries:
Kouichi Yoshizawa, Managing Executive Officer
Telephone:+81-3-3367-6314
Scheduled date to file quarterly securities report:
November 14, 2023
Scheduled date to commence dividend payments:
December 8, 2023
Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September
30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months ended(Percentages indicate year-on-year changes.)
Operating profit

Millions of yen%

Millions of yen

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

September 30, 2023

22,916

(2.3)

1,371

(16.8)

1,808

(2.0)

1,208

(0.9)

September 30, 2022

23,448

(0.1)

1,649

(36.2)

1,846(32.0)

1,218(34.0)

Note: Comprehensive income

For the six months ended September 30, 2023:
For the six months ended September 30, 2022:

Basic earnings per share
Six months ended¥1,442 million¥1,275 million[13.1%][(14.3)%]

Diluted earnings per
share

Yen

Yen

September 30, 2023

54.27

–

September 30, 2022

54.80

–

Note: Diluted earnings per share are not given since there are no dilutive shares.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

September 30, 2023

46,40233,92871.8

1,495.71

March 31, 2023

46,11632,96170.2

1,456.38

Reference:

EquityAs of September 30, 2023
As of March 31, 2023

¥33,335 million¥32,390 million%

Yen

Millions of yen

2. Cash dividends
Annual dividends
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

–

20.00

–

21.00

Fiscal year ending
March 31, 2024
(Forecast)Fiscal year-end

Total

Yen

Yen

–

20.00

40.00

–

21.00

42.00

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

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31,
2024)
Net sales
Millions of yen

Fiscal year ending
March 31, 2024

46,350(Percentages indicate year-on-year changes.)
Profit attributable to
Basic earnings
Ordinary profit
owners of parent
per share

Operating profit% Millions of yen

1.7

2,450

% Millions of yen

1.4

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

2,800

% Millions of yen

2.5

1,900

%

Yen

3.9

85.43

* 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: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(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 September 30, 2023

23,000,000 shares

As of March 31, 2023

23,000,000 shares

Number of treasury shares at the end of the period
As of September 30, 2023

712,474 shares

As of March 31, 2023

759,210 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023

22,264,170 shares

Six months ended September 30, 2022

22,240,850 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.
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 six months ended September 30, 2023, on
Wednesday, November 8, 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) Quarterly consolidated statement of cash flows .................................................................................................... 8(4) Notes to quarterly consolidated financial statements ............................................................................................ 9
Notes on going concern assumption ...................................................................................................................... 9
Notes when there are significant changes in amounts of shareholders’ equity ..................................................... 9
Application of specific accounting for preparing the quarterly consolidated financial statements ....................... 9
Segment information ............................................................................................................................................. 9- 1 -S.T. CORPORATION (4951)

1. Qualitative information on quarterly consolidated financial results(1) Explanation of operating results
During the six months ended September 30, 2023, the Japanese economy showed signs of modest recovery as
consumer spending and corporate capital investment remained steady amid the normalization of economic activities.
On the other hand, a sense of uncertainty about the future persists for various reasons, including international
instability related to the prolonged situation in Russia and Ukraine and inflation concerns related to yen depreciation
and rising raw material prices.
Under these conditions, the Group is working on “focusing on existing core business to increase profits,”“countermeasures to soaring material costs,” “continuous investment towards domains for growth,” and “creating abase to survive periods of ESG” in order to enable sustainable growth under brand value management.
For the six months ended September 30, 2023, the Group’s net sales amounted to 22,916 million yen (down 2.3%
year on year) due to declines in main categories such as Cloth Care and Hand Care where demand has slowed down.
As for profit, although selling, general and administrative expenses decreased due to price hikes in major productcategories and curbs on marketing expenses, operating profit amounted to 1,371 million yen (down 16.8% year onyear) due to a rise in the cost of sales ratio accompanying higher raw material prices, ordinary profit amounted to
1,808 million yen (down 2.0% year on year) due to insurance claim income, and profit attributable to owners of parent
amounted to 1,208 million yen (down 0.9% year on year) due to the absence of loss on disaster that occurred in theprevious fiscal year.
Given that the Group operates a single segment of the daily necessities business, operating results by businesscategory are as follows.
In the Air Care (Deodorizers and Air Fresheners) category, we have been engaging in efforts that involve
strengthening high-value added products. Although sales of Shoshu-Riki DEOX series have slowed, Shoshu-Riki
Premium Aroma For Sleep for Bedrooms, a bedroom fragrance to support the creation of a comfortable space, which
has been added to the lineup of the Shoshu-Riki Premium Aroma series contributed, as well as sales of high-valueadded products, such as Shoshu-Riki Premium Aroma Stick and Shoshu-Riki for Toilet Premium Aroma increased.
Net sales were 10,745 million yen (up 0.3% year on year).
In the Cloth Care (Mothproofing Agents) category, we are focusing on hanging-storage-type products for closets andwalk-in closets in line with changes in storage styles and working to expand sales of large-volume-type products.
Sales of existing core products, including Mushuda for Closets, Mushuda for Drawers and Clothes Cases, andNeopara Ace, declined due to sluggish purchasing behavior in the spring season due to increased opportunities to goout, resulting in net sales of 4,031 million yen (down 9.1% year on year).
In the Thermal Care (Disposable Warmers) category, we are working to revise the profit structure. Thanks toreviewing the selling price of disposable warmers, net sales were 1,218 million yen (up 9.5% year on year).
In the Hand Care (Household Gloves) category, we worked to expand sales of gloves for professional use, which arehighly valued for their functionality. Sales of Family Vinyl Thin Gloves with antiviral finger tips and ultra-thin typedisposable gloves declined, as demand for these gloves driven by heightened hygiene awareness slowed. Net sales
were 2,579 million yen (down 10.7% year on year).
In the Humidity Care (Dehumidifiers) category, we moved forward with a shift toward high value-added products bystrengthening sales of the Bincho-tan series and Drypet Clear products. Despite sales of tank-type products
contributing due to price increases, sales of sheet-type products dropped, resulting in net sales of 1,918 million yen(down 1.2% year on year).
In the Home Care (Others) category, we have been aggressively promoting efforts to expand sales of pet care products
as a developing business, as well as developing the Senjo-Riki and Kome-Touban brands. Thanks to growth in salesof Kome-Touban and ST Pet, net sales were 2,423 million yen (up 2.7% year on year).
Category
Air Care (Deodorizers and Air Fresheners )Cloth Care (Mothproofing Agents)
Thermal Care (Disposable Warmers)
Hand Care (Household Gloves)
Humidity Care (Dehumidifiers)
Home Care (Others)
Total

Net sales(Millions of yen)
10,745
4,031
1,218
2,579
1,918
2,423
22,916- 2 -Composition
(%)
46.9
17.6
5.3
11.2
8.4
10.6
100.0

Year-on-year
(%)
0.3
(9.1)
9.5
(10.7)
(1.2)
2.7
(2.3)

S.T. CORPORATION (4951)(2) Explanation of financial position
Total assets as of September 30, 2023, stood at 46,402 million yen, an increase of 286 million yen from the end of
the previous fiscal year. The increase is mainly attributable to factors that include a decrease in cash and deposits of
2,686 million yen, an increase in notes and accounts receivable - trade of 2,217 million yen, and an increase inmerchandise and finished goods of 743 million yen.
Liabilities were 12,474 million yen, a decrease of 680 million yen from the end of the previous fiscal year. The
decrease is mainly attributable to factors that include an increase in accounts payable - other of 236 million yen, adecrease in other current liabilities of 262 million yen, and a decrease in electronically recorded obligations operating of 190 million yen.
Net assets were 33,928 million yen, an increase of 966 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 758 million yen and anincrease in valuation difference on available-for-sale securities of 77 million yen.
Consequently, equity amounted to 33,335 million yen and the equity ratio was 71.8%, up 1.6 percentage points fromthe end of the previous fiscal year.
Consolidated cash flows
Cash and cash equivalents as of September 30, 2023, stood at 11,313 million yen, decreased by 2,690 million yen
from the end of the previous fiscal year.
The main contributing factors affecting the respective cash flows during the six months ended September 30, 2023
are as follows.
1) Cash flows from operating activities
Net cash used in operating activities was 1,657 million yen (compared with 420 million yen provided in the same
period of the previous fiscal year). The major inflows were profit before income taxes of 1,795 million yen anddepreciation of 621 million yen, while the major outflows were an increase in trade receivables of 2,182 million yen,
an increase in inventories of 786 million yen, a decrease in trade payables of 535 million yen and income taxes paidof 537 million yen.
2) Cash flows from investing activities
Net cash used in investing activities was 535 million yen (compared with 889 million yen used in the same period of
the previous fiscal year). The major outflows were purchase of property, plant and equipment of 245 million yen, andpurchase of shares of subsidiaries of 150 million yen.
3) Cash flows from financing activities
Net cash used in financing activities was 572 million yen (compared with 420 million yen used in the same period of
the previous fiscal year). The major outflow was dividends paid of 450 million yen.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
The consolidated earnings forecasts are unchanged from the forecasts for the six months ended September 30, 2023,
and the fiscal year ending March 31, 2024, announced in the financial results report released on May 8, 2023.
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, 2023
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 September 30, 2023

14,149
6,079
5,956
200
1,109
692
(33)
28,154

11,463
8,296
6,699
231
1,169
546
(48)
28,357

4,050
1,611
136
3,599
180
76
9,655

4,023
1,710
127
3,611
177
11
9,662

1,358
1,358

1,272
1,272

5,795
4
6
557
585
6,947
17,962
46,116

6,084
2
6
415
602
7,111
18,04546,402

S.T. CORPORATION (4951)(Millions of yen)
As of March 31, 2023
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 September 30, 2023

2,883
3,151
497
62
1,222
619
646
209
20
2,082
11,394

2,716
2,960
529
70
1,458
612
522
67
178
1,819
10,935

79
262

75
262

100

12

86

40

1,216
15
1,760
13,155

1,127
21
1,539
12,474

7,065
7,047
17,928(1,002)
31,0387,065
7,047
18,686(942)
31,857

1,974
(537)
(119)
34
1,352
570
32,961
46,116

2,052
(537)
(66)
29
1,478
592
33,92846,402

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)Six months ended
September 30, 2022
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
methodInsurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on valuation of investment securities
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 -Six months ended
September 30, 2023

23,44814,045
9,402
7,752
1,649

22,916
13,959
8,957
7,585
1,371

3
76
63

6
79
56

2

–

–
76
223

224
99
466

2

5

–

17

14
8
26
1,846

–
6
29
1,808

0
0

0
0

1
–
33
34
1,811
528
10
539
1,272
53
1,218

3
9
–
13
1,795
406
112
518
1,277
68
1,208

S.T. CORPORATION (4951)
Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Six months ended
September 30, 2022
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 -Six months ended
September 30, 2023

1,272

1,277

(139)
139
(4)

77
89
(4)

7

3

3
1,275

165
1,442

1,162

1,334

113

108

S.T. CORPORATION (4951)(3) Quarterly consolidated statement of cash flows(Millions of yen)Six months ended
September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on disaster
Loss (gain) on sale and retirement of non-current assets
Loss (gain) on sale and valuation of investment
securities
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Purchase of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 8 -Six months ended
September 30, 2023

1,811
701
33
1

1,795
621
–
3

–

9

11
(103)

14
(95)

(6)

(88)

(5)

(46)

(80)
2
(50)

(86)
5
(70)

(2)

17

(1,934)
(336)
888
76
(352)
654
80
(2)
(311)
420

(2,182)
(786)
(535)
(141)
360
(1,205)
90
(5)
(537)
(1,657)

(696)
0
(170)
(5)
–
(17)
(889)

(245)
3
(88)
(56)
(150)
1
(535)

30
(0)
(427)
–
(23)
(420)

(3)
(0)
(450)
(86)
(31)
(572)

66

75

(823)
11,843
11,019(2,690)14,004
11,313

S.T. CORPORATION (4951)(4) 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.
Segment information
Six months ended September 30, 2022 and six months ended September 30, 2023
This information is omitted as the Group operates the daily necessities segment as a single segment.

- 9 -