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.

May 8, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
(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 annual general meeting of shareholders:June 20, 2023
Scheduled date to commence dividend payments:
June 5, 2023
Scheduled date to file Securities Report:
June 20, 2023
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31,
2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2023

45,5760.2

2,416(25.7)

2,730(21.6)

1,828

64.9

March 31, 2022

45,469

–

3,250

–

3,481

–

1,109

–

Note: Comprehensive income

For the fiscal year ended March 31, 2023:
For the fiscal year ended March 31, 2022:

Basic earnings
per share

Diluted earnings
per share¥2,064 million¥431 million

Return on equity

Fiscal year ended

Yen

March 31, 2023

82.22

–

March 31, 2022

49.91

49.91

[378.7%][–%]

Ordinary profit/
total assets%

Yen

Operating profit/
net sales
%

%

5.7

6.0

5.3

3.5

7.6

7.1

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2023: ¥(11) million
For the fiscal year ended March 31, 2022: ¥(69) million
Notes: 1. Figures for the fiscal year ended March 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 fiscal year ended March 31, 2023, 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%

Yen

Millions of yen

Millions of yen

March 31, 2023

46,11632,96170.2

1,456.38

March 31, 2022

44,402

31,84770.4

1,407.03

Reference:

EquityAs of March 31, 2023:
As of March 31, 2022:¥32,390 million¥31,274 million(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2023
March 31, 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

4,362
2,666

(1,242)(1,669)(983)(1,075)14,004
11,843

2. Cash dividends
Annual dividends

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year
endingMarch 31, 2024
(Forecast)First
quarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Total cash
dividends(Total)Total

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen Millions of yen

%

%

–

19.00

–

19.00

38.00

853

76.1

2.7

–

20.00

–

20.00

40.00

900

48.6

2.8

–

21.00

–

21.00

42.00

49.2

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024 (April 1, 2023 to March 31,
2024)
Net sales
Millions of yen
Six months ending
September 30, 2023
Fiscal year ending
March 31, 2024

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

Operating profit% Millions of yen% Millions of yen% Millions of yen%

Yen

23,700

1.1

1,650

0.0

1,850

0.2

1,250

2.6

56.20

46,350

1.7

2,450

1.4

2,800

2.5

1,900

3.9

85.43

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
Newly included: – companies
Excluded:– companies(2) 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 “(5) Notes on
consolidated financial statements” of “3. Consolidated financial statements and significant notes thereto”
on page 17 of the attached material.
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

23,000,000 shares

As of March 31, 2022

23,000,000 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2023

759,210 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)
Fiscal year ended March 31, 2023

22,240,825 sharesFiscal year ended March 31, 2022

22,223,718 shares* Financial results reports are exempt from audit 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 referto “(1) Outline of operating results for the current fiscal year” of “1. Outline of operating results, etc.” on pages
2 to 4 of the attached materials for the suppositions that form the assumptions for the earnings forecasts andcautions regarding the use of the earnings forecasts.
Change in presentation of amounts
Amounts given on the Company’s consolidated financial statements and other items were previously rounded
down to thousands of yen, but starting from the fiscal year ended March 31, 2023, figures are rounded down tomillions of yen.
To make comparisons easier, figures for the previous fiscal year have also been rounded down to millions of yen.
Method of obtaining the supplementary material on financial results
We intend to post the video explaining the financial results and the supplementary material on financial resultson the Company’s website on Tuesday, May 9, 2023.

S.T. CORPORATION (4951)○ Attached Material Index
1. Outline of operating results, etc. ......................................................................................................................... 2(1) Outline of operating results for the current fiscal year ................................................................................. 2(2) Outline of financial status for the current fiscal year .................................................................................... 4(3) Basic policy on profit distribution and dividends for the current and next fiscal years ................................ 6
2. Basic concept regarding the selection of accounting standards .......................................................................... 6
3. Consolidated financial statements and significant notes thereto ......................................................................... 7(1) Consolidated balance sheet ........................................................................................................................... 7(2) Consolidated statement of income and consolidated statement of comprehensive
income .......................................................................................................................................................... 9(Consolidated statement of income) ............................................................................................................. 9(Consolidated statement of comprehensive income) .................................................................................. 10(3) Consolidated statement of changes in shareholders’ equity .........................................................................11(4) Consolidated statement of cash flows ......................................................................................................... 13(5) Notes on consolidated financial statements ................................................................................................ 15(Notes on going concern assumption)......................................................................................................... 15(Notes on significant accounting policies for preparation of consolidated financial statements) ............... 15(Changes in accounting policies) ................................................................................................................ 17(Related to consolidated balance sheet) ...................................................................................................... 18(Related to consolidated statement of income) ........................................................................................... 19(Related to statement of changes in shareholders’ equity) .......................................................................... 21(Related to consolidated statement of cash flows) ...................................................................................... 23(Segment information) ................................................................................................................................ 23(Per share information) ............................................................................................................................... 24(Significant post-balance sheet events) ....................................................................................................... 25-1-

S.T. CORPORATION (4951)

1. Outline of operating results, etc.
(1) Outline of operating results for the current fiscal year(i) Outline of overall results for the current fiscal year
(Millions of yen)
Indicators, etc.
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Earnings per share (yen)Previous
consolidated fiscal
year45,469
3,250
3,481
1,109
49.91

Current consolidated
fiscal year
45,576
2,416
2,730
1,828
82.22

YoY percentagechange (%)
0.2(25.7)(21.6)
64.9
64.7

During the current consolidated fiscal year, the Japanese economy showed signs of recovery as restrictions on
movement within Japan to limit the spread of the novel coronavirus disease (COVID-19) were relaxed andeconomic and social activities started to normalize. On the other hand, a sense of uncertainty about the future
persists due to energy resource and raw material hikes from the continuing war in Ukraine and concerns
surrounding the effects on personal consumption caused by a weak yen, etc. influencing risks to currency
exchanges.
Under these circumstances, the Group has taken action to enable sustainable growth under its strategy of brandvalue management through initiatives that involve “drastic review of the existing business profit structure,”“concentrated resources in growth areas,” “clarification of business development systems,” and “formulationand disclosure of long-term ESG strategies.”
As a result, for the current consolidated fiscal year, net sales amounted to 45,576 million yen (up 0.2% year onyear), even as sales of Air Care and Cloth Care, the main categories that saw reduced demand following theoutbreak of COVID-19, declined. Proactive work in creating new business for Home Care and a shift towards
product differentiation and high value added products for Thermal Care and Dehumidity Care increased sales
for those categories.
As for profit, while working to limit selling, general and administrative expenses, the total of losses on thevaluation of inventories of antibacterial coating agents, etc. from the reduced spread of COVID-19 combinedwith increases in the cost of sales due to inflated purchasing costs caused by higher prices for raw materials anda weak yen saw operating profit fall to 2,416 million yen (down 25.7% year on year) and ordinary profit settle
at 2,730 million yen (down 21.6% year on year) because of reduced share of loss of entities accounted for using
equity method, while the disappearance of impairment losses from the previous period saw profit attributableto owners of parent rise to 1,828 million yen (up 64.9% year on year).
(ii) Status by category of the current fiscal year
Given that the Group operates a single segment of the daily necessities business, operating results by businesscategory are as follows.
<Net sales by category>Category
Air Care (Air Fresheners and Deodorizers)
Cloth Care (Mothproofing Agents)
Thermal Care (Disposable Warmers)
Hand Care (Household Gloves)
Dehumidity Care (Dehumidifiers)
Home Care (Others)
Total

Amount(Millions of yen)
19,757
7,986
4,712
5,844
2,984
4,290
45,576-2-Composition (%)
43.4
17.5
10.4
12.8
6.5
9.4
100.0

YoY percentagechange (%)
(1.1)
(2.8)
8.0
0.2
4.9
1.5
0.2

S.T. CORPORATION (4951)
In the Air Care (Air Fresheners and Deodorizers) category, we engaged in efforts that involve striving for moreconsistent sales of our existing mainstay products and developing high value-added products. Digital promotionof Shoshu-Riki Natulief Reed Diffuser for entrances and living rooms to new users who emphasize
environmentally-conscious products and prefer authentic aromas contributed to sales, and sales of products witha high unit price and high added value, such as Shoshu-Riki Premium Aroma for entrances and living rooms in
the Premium Aroma series, were firm, although sales of Shoshu-Riki for entrances and living rooms, an existingcore product, were stagnant and sales of Shoshu-Riki DEOX for Toilet declined. Therefore, net sales were
19,757 million yen (down 1.1% year on year).
In the Cloth Care (Mothproofing Agents) category, we strengthened 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 Wardrobes, declined, resulting
in net sales of 7,986 million yen (down 2.8% year on year).
For the Thermal Care (Disposable Warmers) category, we focused on expanding awareness and strengthening
product differentiation of the existing Onpax brand. In the fall of last year, we launched sales of the Haru-Onpax
Airy (adhesive type) high value-added line, which achieves a new level of “lightness” and “thinness.” Thanks
mainly to an increase in sales of adhesive-type disposable warmers and an increase in exports to overseas, net
sales were 4,712 million yen (up 8.0% year on year).
In the Hand Care (Household Gloves) category, we worked to expand sales of Family gloves for home use. We
lowered the selling price to reflect the reduced demands for hygiene, but sales from our overseas subsidiaries
improved and net sales were 5,844 million yen (up 0.2% year on year).
In the Dehumidity Care (Dehumidifiers) category, we moved forward with a shift toward high value-added
products by strengthening the Bincho-tan series and Dry Pet Clear products in order to prevent them frombecoming mere commodities. Thanks mainly to expanding our Bincho-tan series, sales of standard tank-type
dehumidifiers also rose, bringing net sales to 2,984 million yen (up 4.9% year on year).
In the Home Care (Others) category, we aggressively advanced efforts to enter new business fields, which
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 social media campaigns and the launch of
the new ST Pet brand to address odor problems into the growing pet care products market contributed to sales,
resulting in net sales of 4,290 million yen (up 1.5% year on year).
(iii) Future outlook
In the Japanese economy for the following fiscal year, the outlook for the economy is expected to continue tobe uncertain due to concerns about geopolitical risks such as the situation in Ukraine, soaring raw material
prices and energy prices, the impact of currency exchange fluctuations, and more.
Under these conditions, the Group will concentrate on “focusing on existing core business to increase profits,”“countermeasures to soaring material costs,” “continuous investment towards domains for growth,” and“creating a base to survive periods of ESG” in order to enable sustainable growth under brand value
management.
In the Air Care (Air Fresheners and Deodorizers) category, the Shoshu-Riki Premium Aroma series, which
focuses on high-quality scents as an initiative for high-value-added products, has been supported by consumers
and has driven the growth of the market, and we will continue to acquire a wide range of customers by renewing
and strengthening the lineup. We will also appeal to younger age groups and strive towards growth by utilizing
social media campaigns for the popular Shoshu-Riki Natulief Reed Diffuser for entrances and living rooms withhigh quality extracted fragrances and designs that target to users who value authenticity. We will realize this bysteadily implementing sales promotion activities that are efficiently linked to advertising. We also expect sales
to increase by actively engaging in overseas e-commerce businesses, strengthening our efforts in new markets,and responding to the diversifying range of values.
In the Cloth Care (Mothproofing Agents) category, we will use digital promotional campaigns to target newcustomers and grow sales of large size and multi-purpose products to adapt to changing storage patterns insideof homes, but considering the highly competitive nature of the market, net sales are expected to decrease.
In the Thermal Care (Disposable Warmers) category, we will review our strategy toward increased profits inJapan and overseas. We continue to build product awareness and expanded upon product differentiation for the-3-

S.T. CORPORATION (4951)
existing Onpax brand, but net sales are expected to decrease due to revised selling prices in response to theincreased cost of raw materials.
In the Hand Care (Household Gloves) category, we will expand sales of our commercial work gloves, which
are valued for their diverse range of applications, and will work to stabilize the supply of ultra-thin types in
response to ongoing demand for hygiene measures. As such, net sales are expected to increase.
In the Dehumidity Care (Dehumidifiers) category, we are building on last year’s successes and strengthening
the growing sales of the high value added Bincho-tan Series and Dry Pet Clear products, but revisions to theselling price of tank types in response to the increased cost of raw materials has suppressed demand and so net
sales are expected to decrease.
In the Home Care (Others) category, we believe that the demand for home-cooked meals and taking refuge athome that has become established due to the COVID-19 pandemic will continue, and we will work to grow thesales of Kome-Touban rice insect repellent and Shinsen-Ban which protects the freshness of food. We will
promote brand recognition by effectively developing active promotion activities and advertising. We will also
deploy in-store promotions of the Senjo-Riki brand and work to expand the customer base. We will use social
media and the Internet to raise awareness of the new ST Pet brand in the growing pet care products market andgrow sales of that brand, which is expected to increase net sales.
In addition to the above measures for each category, we will continue to actively invest and strengthen ourbusiness management system for developing new products and new sales channels for further growth, aiming
to strengthen our structure to enable sales to increase continuously.
In terms of profits, as we are planning capital investment in main categories to respond to future cost reductions
and production enhancements, as well as promoting research activities as investment in new businesses,
strategic marketing investment for growth, and investment for DX and ESG promotion and human resource
development, we expect a temporary increase in costs.
As a result, for the next fiscal year, we expect 46,350 million yen (up 1.7% year on year) for net sales, 2,450
million yen (up 1.4% year on year) for operating income, 2,800 million yen (up 2.5% year on year) for ordinary
income and 1,900 million yen (up 3.9% year on year) for profit attributable to owners of parent.
(2) Outline of financial status for the current fiscal year(i) Assets, Liabilities and Net Assets
Total assets at the end of the current fiscal year stood at 46,116 million yen, up 1,713 million yen from the endof the previous fiscal year. The increase is mainly attributable to factors that include an increase in cash anddeposits of 2,261 million yen and a decrease in merchandise and finished goods of 660 million yen.
Liabilities were 13,155 million yen, an increase of 600 million yen from the end of the previous fiscal year. The
increase is mainly attributable to factors that include an increase in notes and accounts payable - trade of 688
million yen, a decrease in accounts payable - other of 580 million yen, and an increase in electronically recorded
obligations - operating of 315 million yen.
Net assets were 32,961 million yen, up 1,113 million yen from the end of the previous fiscal year. The increaseis mainly attributable to factors that include an increase in retained earnings of 950 million yen, and an increasein valuation difference on available-for-sale securities of 108 million yen.
Consequently, equity amounted to 32,390 million yen and the equity ratio was 70.2%, down 0.2 percentage
points from the end of the previous fiscal year.

-4-S.T. CORPORATION (4951)(ii) Consolidated cash flows(Millions of yen)
Item
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period

Previous
consolidated fiscal
year
2,666
(1,669)(1,075)Current consolidated
fiscal year

Net increase or
decrease

4,362(1,242)
(983)

1,696
426
91

90

25

(64)

11

2,161

2,150

11,831

11,843

11

11,84314,004

2,161

Cash and cash equivalents as of March 31, 2023, stood at 14,004 million yen, up 2,161 million yen from theend of the previous fiscal year.
The main contributing factors affecting the respective cash flows during the current fiscal year are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities was 4,362 million yen (compared with 2,666 million yen provided in
the same period of the previous fiscal year). The major inflows were profit before income taxes of 2,707 million
yen, depreciation of 1,407 million yen, and an increase in trade payables of 999 million yen, while the major
outflow was income taxes paid of 722 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 1,242 million yen (compared with 1,669 million yen used in the same
period of the previous fiscal year). The major outflows were purchase of property, plant and equipment of 877
million yen, and purchase of intangible assets of 266 million yen.
(Cash flows from financing activities)
Net cash used in financing activities was 983 million yen (compared with 1,075 million yen used in the same
period of the previous fiscal year). The major outflow was dividends paid of 877 million yen.
Trends in cash flow-related indicators of the Group are as follows:
Item
Equity ratio
Market-based equity ratio
Interest-bearing debt to cash flow ratio(annual)Interest coverage ratio (times)

Fiscal year
ended
March 31,
2019
68.2%
99.7%

Fiscal year
ended
March 31,
2020
68.5%
82.0%

Fiscal year
ended
March 31,
2021
68.5%
92.7%

Fiscal year
ended
March 31,
2022
70.4%
76.4%

Fiscal year
ended
March 31,
2023
70.2%
75.4%

0.2

0.2

0.1

0.2

0.1

315.3

255.4

426.4

573.9

769.0

* Equity ratio: Equity/total assets
Market-based equity ratio: market capitalization/total assets
Interest-bearing debts to cash flow ratio: Interest-bearing debts/cash flows
Interest coverage ratio: cash flow/interest payment
1. All indicators are calculated based on consolidated financial figures.
2. Market capitalization is calculated based on the number of issued shares excluding treasury stock(including treasury stock remaining in the trust recorded as treasury stock in shareholders’ equity).
-5-

S.T. CORPORATION (4951)
3. For cash flow, we use cash flow from operating activities on the consolidated statement of cash flow.
Interest-bearing debt covers all of the liabilities recorded on the consolidated balance sheet for whichinterest is paid. For interest payments, we use the amount of interest paid on the consolidated statementof cash flow.
(3) Basic policy on profit distribution and dividends for the current and next fiscal years
Our basic policy regarding profit distribution is as follows.
We will ensure retained earnings to perform strategic investment (product development, effective promotion,
capital investment, human resource development, etc.) for sustainable growth and improvement of corporate
value over the medium to long term, and as for dividends we will promote a dividend policy linked to businessperformance while maintaining a basic policy of continuous stable dividends.
With such a concept, regarding the dividend of surplus at the end of the current period, we will set the dividend
per share at 20 yen (40 yen for the full year) in consideration of the situation of net income and the realizationof shareholder interests.
Regarding the dividend of surplus for the next fiscal year, although the outlook for the Japanese economy isuncertain and the business environment remains severe, we plan to distribute 42 yen per share (21 yen out of
this will be interim dividend).

2. Basic concept regarding the selection of accounting standards
The Group has applied Japanese standards in consideration of the period comparability of consolidated financial
statements and the comparability between companies.
Regarding the application of IFRS, we will take appropriate measures in consideration of domestic and overseas
situations.

-6-

S.T. CORPORATION (4951)

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
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

*3
*4

*1
*1
*1
*5
*1

As of March 31, 2023

11,887
82
5,720
6,616
187
989
656
(34)
26,105*3

14,149
200
5,879
5,956
200
1,109
692
(33)
28,154

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

*1

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

*1
*1
*5
*1

1,444
1,444
*2

-7-

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

1,358
1,358
*2

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

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 executive officer’s incentive plan
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

As of March 31, 2023

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

*5

*5

-8-

94
262

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

*5

79
262

107

100

81
1,301
6
1,853
12,554

86
1,216
15
1,760
13,155

7,065
7,047
16,978(1,020)30,070

7,065
7,047
17,928(1,002)
31,038

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

*5

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

S.T. CORPORATION (4951)(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)
Fiscal year ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
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
Gain on sale of investment securities
Gain on redemption of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on sale of shares of subsidiaries and associates
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*1, *3*2, *3Fiscal year ended
March 31, 2023

45,46927,66417,804
14,554
3,250*1, *3*2, *345,576
28,621
16,954
14,538
2,416

5
113
126
121
366

7
113
119
155
396

4

5

69

11

46
16
135
3,481

51
13
81
2,730

*4

0
43
11
0
55

*4

0
17
–
–
17

*5

26
1,665
144
–
1,836
1,700
837
(347)
490
1,210
100
1,109

*5

7
–
–
33
41
2,707
947
(127)
820
1,886
58
1,828

*6

-9-

S.T. CORPORATION (4951)(Consolidated statement of comprehensive income)(Millions of yen)
Fiscal year ended
March 31, 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- 10 -

Fiscal year ended
March 31, 2023

1,210

1,886

(1,019)
129
40

107
79
(17)

70

7

(778)
431

177
2,064

267

1,976

164

87

S.T. CORPORATION (4951)(3) Consolidated statement of changes in shareholders’ equity
Previous consolidated fiscal year (April 1, 2021-March 31, 2022)(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

7,065

7,036

16,982(1,040)

Balance at beginning of period
Cumulative effects of changes inaccounting policies

Total shareholders’equity30,043(256)

Restated balance

7,065

7,036

(256)

16,725(1,040)29,787

Changes during period
Dividends of surplus

(851)

(851)

Profit attributable to owners ofparent

1,109

1,109

Purchase of treasury shares
Disposal of treasury shares

(0)

(0)

10

(5)

19

25

–

10

252

19

282

7,065

7,047

16,978(1,020)30,070Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

2,886

(537)

(314)

Total
Remeasureaccumulated
ments ofother
definedcomprehenbenefit plans
sive income
11

Cumulative effects of changes inaccounting policies
Restated balance

2,046

Share
acquisitionrights2

Noncontrollinginterests

Total net
assets540

32,632

–
2,886

(537)

(314)

11

2,046

(256)
2

540

32,376

Changes during period
Dividends of surplus(851)

Profit attributable to owners ofparent

1,109

Purchase of treasury shares(0)

Disposal of treasury shares

25

Net changes in items other thanshareholders’ equity(1,019)

–

136

40

(842)

(2)

32

(811)

Total changes during period(1,019)

–

136

40

(842)

(2)

32

(528)

Balance at end of period

1,866

(537)

(177)

52

1,204

–

573

31,847- 11 -

S.T. CORPORATION (4951)
Current consolidated fiscal year (April 1, 2022-March 31, 2023)(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

7,065

7,047

16,978(1,020)

Balance at beginning of period

Total shareholders’equity30,070Changes during period
Dividends of surplus

(877)

(877)

Profit attributable to owners ofparent

1,828

1,828

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

17

17

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

–

–

950

17

968

7,065

7,047

17,928(1,002)

31,038

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

1,866

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

(537)

(177)

Remeasurements ofdefined benefit
plans
52

Total
accumulated
othercomprehensive income
1,204

Noncontrollinginterests

573

Total net assets

31,847

Changes during period
Dividends of surplus(877)

Profit attributable to owners ofparent

1,828

Purchase of treasury shares(0)

Disposal of treasury shares

17

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

108

–

57

(17)

148

(2)

145

108

–

57

(17)

148

(2)

1,113

1,974

(537)

(119)

34

1,352

570

32,961- 12 -

S.T. CORPORATION (4951)(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Loss on disaster
Gain on reversal of share acquisition rights
Loss (gain) on sale and retirement of non-current assets
Loss (gain) on sale and valuation of investment
securities
Loss (gain) on redemption of investment securities
Loss (gain) on sale of shares of subsidiaries andassociates
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit asset andliability
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Increase (decrease) in provision for executive officer’s
incentive planInterest 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
Decrease (increase) in leasehold and guarantee deposits
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from redemption of investment securities
Proceeds from sale of shares of subsidiaries andassociates
Other, net
Net cash provided by (used in) investing activities- 13 -

Fiscal year ended
March 31, 2023

1,700
1,196
97
1,665
–
(0)
26

2,707
1,407
–
–
33
–
7

(43)

(17)

(11)

–

144

–

(0)

(0)

(43)

(94)

–

(6)

12

4

(118)
4
10

(120)
5
2

69

11

(312)
640
(1,100)
(304)
4
98
3,735
118
(4)
(1,183)
2,666

(237)
574
999
115
18
(440)
4,970
119
(5)
(722)
4,362

(0)
(864)
0
(894)
(53)
61
77

(105)
(877)
0
(266)
(20)
25
–

2

–

0
(1,669)1(1,242)

S.T. CORPORATION (4951)(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Purchase of treasury shares
Proceeds from disposal 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*- 14 -

Fiscal year ended
March 31, 2023

(50)
(0)
23
(851)
(131)
(65)
(1,075)

39
(0)
17
(877)
(90)
(73)
(983)

90

25

11
11,831
11,843

2,161
11,84314,004*

S.T. CORPORATION (4951)(5) Notes on consolidated financial statements(Notes on going concern assumption)
Not applicable.
(Notes on significant accounting policies for preparation of consolidated financial statements)
1. Disclosure of scope of consolidation(1) Number of consolidated subsidiaries
7 companies
Names of major 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)
Shaldan (Thailand) Co., Ltd.
(2) Names of major non-consolidated subsidiaries and other related information
Major non-consolidated subsidiaries
Japan Aroma Laboratory Co., Ltd.
(Reasons for exclusion from scope of consolidation)
As the non-consolidated subsidiary is small, and none of its total assets, net sales, net income (amountcorresponding to equity interest) and retained earnings (amount corresponding to equity interest) have asignificant impact on consolidated financial statements, it is excluded from the scope of consolidation.
2. Disclosure about application of equity method(1) Number of affiliated companies accounted for by the equity method
2 companies
Names of major companies
Aekyung S.T. Co., Ltd. (South Korea)
NS FaFa Japan Co., Ltd.
(2) As for non-consolidated subsidiary Japan Aroma Laboratory Co., Ltd., which is not accounted for by theequity method, its net income (amount corresponding to equity interest) and retained earnings (amountcorresponding to equity interest) have a minor effect on the consolidated financial statements even if it is
excluded from being a subject of the equity method, and is insignificant in general, so it is excluded fromthe scope of equity method application.
(3) For affiliates accounted for by the equity-method whose closing date is different from the consolidated
closing date, the financial statements for each company’s business year are used.
3. Disclosure about fiscal years, etc. of consolidated subsidiaries
Among consolidated subsidiaries, the closing date for S.T. (Thailand) Co., Ltd., Family Glove Co., Ltd.
(Taiwan), S.T. Korea Corporation (South Korea) and Shaldan (Thailand) is December 31. In preparing theconsolidated financial statements, the financial statements as of the relevant closing date are used. However,for important transactions that occurred during the period from January 1st to March 31st, the consolidated
closing date, necessary adjustments have been made for consolidation.
4. Disclosure of accounting policies(1) Valuation methods and standards for important assets
a. Securities
Other securities
Items that are not stocks without a par-value
Uses the market valuation method (full amount of valuation difference is charged to net assets using thedirect net asset method, and sales cost is calculated by the moving-average method).
Stocks without a par-value
Mainly uses the cost method based on the moving average method.
b. Inventory assets
The Company and our domestic consolidated subsidiaries mainly use the cost method based on the total
average method (the balance sheet value is calculated by the method of devaluing the book value based- 15 -

S.T. CORPORATION (4951)
on the decline in profitability), and the overseas consolidated subsidiaries mainly use the low pricemethod based on the total average method.
(2) Depreciation method for important depreciable assets
a. Property, plant and equipment (excluding leased assets)
The Company and its domestic consolidated subsidiaries use the declining balance method, and overseas
consolidated subsidiaries mainly use the straight-line method based on the provisions of the accounting
standards of the country concerned.
(However, the Company and its domestic consolidated subsidiaries use the straight-line method forbuildings acquired on or after April 1, 1998 (excluding facilities attached to buildings) and for facilities
attached to buildings and structures acquired on or after April 1, 2016.)
The main useful lives are as follows.
Buildings and structures
3 - 50 years
Machinery, equipment and vehicles
2 - 17 years
Tools, furniture and fixtures
2 - 20 years
b. Intangible fixed assets (excluding leased assets)
The straight-line method is used.
The software used in-house is based on the usable period (mainly 5 years) in the company.
c. Leased assets
Leased assets relating to financial lease transactions without transfer of ownership
Amortized by the straight-line method based on the lease term as the useful life and residual value ofzero.
(3) Accounting standards for major provisions
a. Allowance for doubtful accounts
In order to prepare for losses from bad debt such as trade receivables and loan receivables, the Company
and its domestic consolidated subsidiaries provide for allowance for doubtful accounts at an uncollectableamount based on the historical percentage of credit losses for general credit, and at an amount that is
estimated to be uncollectible individually considering the possibilities of collection for specific credit
such as bad credit where there is a high probability of loss. In addition, overseas consolidated subsidiaries
mainly provide for estimated uncollectible amounts.
b. Provision for retirement benefits for directors (and other officers)
The Company provides for the amount required to be paid at the end of the term based on internal
regulations in order to prepare for the future payment of retirement benefits to officers.
c. Provision for executive officer’s incentive plan
The Company provides for the estimated amount of stock benefit obligations at the end of the current
consolidated fiscal year in order to prepare for the delivery of Company stock to Executive Officers basedon internal regulations.
(4) Accounting method for retirement benefits(i) Period attribution method for expected retirement benefits
In calculating the retirement benefits obligation, the attribution method for the expected retirement
benefits amount to the period up to the end of the current consolidated fiscal year is based on the projected
benefits method.
(ii) Method of amortization of actuarial differences
The actuarial differences are amortized by the straight-line method over a certain number of years (5years), which is within the average period of the remaining years of service of eligible employees andare amortized from the following fiscal year in which the actuarial differences are recognized.
(iii) Adoption of a simplified method in small businesses, etc.
Some consolidated subsidiaries apply a simplified method to calculate retirement benefit liabilities andretirement benefit expenses, using a method in which the amount required for voluntary resignations at
the end of the term relating to retirement benefits is used as the retirement benefit obligation.
(5) Standards for recording important income and expenses
The Company and its domestic consolidated subsidiaries recognize revenue based on the anticipated amountto be received in exchange for a promised asset or provided service at the time when said asset or service istransferred to the customer. The time when the customer gains control is determined to be the time when the- 16 -

S.T. CORPORATION (4951)
finished goods arrive at the customer for domestic sales and the time when the finished goods arrive at the
point agreed with the customer for export sales.
These revenues are measured by deducting rebates and returns from the consideration promised in thecontract with the customer. The agreed upon value shall be obtained within 2 months from the point at which
the performance obligations have been satisfied, and significant financing components shall not be includedin the amount to be considered.
(6) Standards for translation of significant foreign currency-denominated assets or liabilities into Japanesecurrency
Foreign currency-denominated monetary receivables and payables are translated into yen at the spot
exchange rate on the consolidated closing date, and the translation difference is treated as profit or loss.
Assets and liabilities, and income and expenses of overseas subsidiaries, etc. are translated into yen at the
spot exchange rate on the consolidated closing date, and the translation difference is included in the foreignexchange translation adjustment account and non-controlling interests in the net assets section.
(7) Important hedge accounting method
a. Hedge accounting method
We mainly use deferred hedging. As to forward exchange contracts eligible for allocation treatment,
allocation treatment is applied, and in current consolidated fiscal year, all are processed with allocation
treatment.
b. Hedging method and hedge target
Hedging method
Forward exchange contracts
Hedge target
Foreign currency denominated transactions
There is no remaining balance at the end of the current consolidated fiscal year.
c. Hedging policy
The Company mainly conducts forward exchange contracts to hedge the risk of short-term exchange
fluctuations in transactions scheduled to be denominated in foreign currencies.
(8) Goodwill amortization method and amortization period
Goodwill is amortized on an individual basis and is amortized evenly over a reasonable number of years up
to 20 years.
(9) Scope of funds in the consolidated statement of cash flows
Funds (cash and cash equivalents) in the consolidated statement of cash flows consist of cash on hand,deposits that can be withdrawn at any time, and short-term investments that are easily redeemable, and is due
within 3 months from the date of acquisition, in which only tiny risk of fluctuations in value is assumed.
(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 AccountingStandard Implementation Guidance”) from the beginning of the current consolidated 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 inparagraph 27-2 of the Fair Value Measurement Accounting Standard Implementation Guidance.
The application of the above guidance does not have any impact on the consolidated financial statement.

- 17 -

S.T. CORPORATION (4951)(Related to consolidated balance sheet)*1 The accumulated depreciation of property, plant and equipment is as follows.
(Millions of yen)Previous consolidated fiscal
year(March 31, 2022)

Current consolidated fiscal year
(March 31, 2023)

14,072

15,199*2 The items for non-consolidated subsidiaries and affiliated companies are as follows.
(Millions of yen)Previous consolidated fiscal
year(March 31, 2022)
Investment securities (shares)

276

Current consolidated fiscal year
(March 31, 2023)
273*3 Collateral assets
The assets pledged as collateral are as follows.
(Millions of yen)Previous consolidated fiscal
year(March 31, 2022)
Deposits (note)4

Current consolidated fiscal year
(March 31, 2023)
5(Note) Deposits are used as collateral for transactions.
*4 Notes receivable (export bills) discount amount(Millions of yen)Previous consolidated fiscal
year(March 31, 2022)
Notes receivable (export bills) discount amount

6

Current consolidated fiscal year
(March 31, 2023)–*5 Under the Act on Revaluation of Land (Act No. 34 of March 31, 1998) and the Act on Partial Revision of
the Act on Revaluation of Land (Act No. 19 of March 31, 2001), we reevaluated the land for business use,
and for the valuation difference, recorded the tax equivalent amount related to the valuation difference inthe liabilities section as deferred tax liabilities for land revaluation, and the amount after deduction of thisamount is recorded in the net assets section as the revaluation reserve for land.
Method of revaluation: It is calculated by making reasonable adjustments based on the fixed asset tax
valuation amount stipulated in Article 2, item 3 of the Order for Enforcement of
Act on Revaluation of Land (Cabinet Order No. 119 of March 31, 1998) and theland price tax law stipulated in Article 2, item 4 of the Order.
Date when revaluation is conducted: March 31, 2002
(Millions of yen)Previous consolidated fiscal
year(March 31, 2022)
Difference between the end-of-term market value of therevalued land and the book value after revaluation(197)- 18 -

Current consolidated fiscal year
(March 31, 2023)(177)

S.T. CORPORATION (4951)(Related to consolidated statement of income)*1 The year-end inventory is the amount after book value is devalued due to the decline in profitability, andthe following loss on valuation of inventories is included in the cost of sales.
(Millions of yen)Previous consolidated fiscal
Current consolidated fiscal year
year
(April 1, 2022-March 31, 2023)(April 1, 2021-March 31, 2022)
477

743

*2 The main items and amounts of selling, general and administrative expenses are as follows.
(Millions of yen)Previous consolidated fiscal
Current consolidated fiscal year
year
(April 1, 2022-March 31, 2023)(April 1, 2021-March 31, 2022)
Transportation and storage costs
Sales promotion expenses
Advertising expenses
Salaries
Retirement benefit expenses
Provision for executive officer’s incentive plan
Provision of allowance for doubtful accounts

1,656
554
2,605
2,486
157
12
–

1,661
575
2,598
2,487
145
22
(0)

*3 The total amount of research and development expenses included in general and administrative expenses
and manufacturing costs for the period is as follows.
(Millions of yen)Previous consolidated fiscal
Current consolidated fiscal year
year
(April 1, 2022-March 31, 2023)(April 1, 2021-March 31, 2022)
851

774

*4 Contents of the gain on sale of non-current assets are as follows.
(Millions of yen)Previous consolidated fiscal
Current consolidated fiscal year
year
(April 1, 2022-March 31, 2023)(April 1, 2021-March 31, 2022)
Machinery, equipment and vehicles
Tools, furniture and fixtures

0
0

0
0

Total

0

0

*5 Contents of the loss on sale and retirement of non-current assets are as follows.
(Millions of yen)Previous consolidated fiscal
Current consolidated fiscal year
year
(April 1, 2022-March 31, 2023)(April 1, 2021-March 31, 2022)
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Other

12
12
0
0

1
5
0
0

Total

26

7

- 19 -

S.T. CORPORATION (4951)*6 Impairment losses
Previous consolidated fiscal year (April 1, 2021-March 31, 2022)
In the current consolidated fiscal year, the Group recorded impairment losses for the following asset groups.
Location
Tokyo

Use
Other

Class
Goodwill

Impairment losses(millions of yen)
1,166

Tochigi City, Tochigi Prefecture Business assets

Buildings and structures;
machinery, equipment andvehicles; tools, furniture andfixtures; other items

Tochigi City, Tochigi Prefecture Idle assets

Land

4

Chon Buri Province, Thailand

Buildings and structures;
machinery, equipment andvehicles; tools, furniture andfixtures87

Business assets

407

For business assets, the Group determines the asset group in consideration of the management accounting
category, and for shared assets such as the head office, the entire business is the unit of grouping. In addition,idle assets that are not used for business are grouped by individual property.
As a result of reviewing the business plan of the Disposable Warmers business due to the decline in profitability,
the excess profitability initially expected could no longer be expected. Therefore, the entire amount of theundepreciated balance of goodwill relating to the Disposable Warmers business and the carrying amount ofbusiness assets held by the Company and its subsidiary, S.T. Mycoal Co., Ltd., was reduced to the recoverable
value, and the reduced amount was recorded as an impairment loss of 1,573 million yen under extraordinary
losses.
For these assets, the recoverable value is measured by the net selling price, and the net selling price is calculatedby the appraisal (movables and real estate) obtained from an external valuation company. The main assumptionsof the appraisal value are the estimated sale price of machinery, the replacement cost of the building, and thevacant lot price of the land.
Since the profitability of the business assets held by the consolidated subsidiary Shaldan (Thailand) has declined,
the carrying amount was reduced to the recoverable value and the reduced amount was recorded as an
impairment loss under extraordinary losses.
The recoverable value is measured by the value in use and is calculated assuming that the value in use is zero.
For idle assets, the carrying amount was reduced to the recoverable value because the intended use was not
currently determined, and the reduced amount was recorded as an impairment loss under extraordinary losses.
For idle assets, the recoverable value is measured by the net selling price, and the net selling price is calculated
by real estate appraisal by a real estate appraiser.
Current consolidated fiscal year (April 1, 2022-March 31, 2023)
Not applicable.

- 20 -

S.T. CORPORATION (4951)(Related to statement of changes in shareholders’ equity)
Previous consolidated fiscal year (April 1, 2021-March 31, 2022)
1. Matters concerning the class and total number of issued shares and the class and number of treasury shares
Number of shares at
Number of shares
Number of shares
Number of shares atthe beginning of theincreased during thedecreased during thethe end of the current
current consolidated
current consolidated
current consolidated
consolidated fiscal year
fiscal year (Thousands fiscal year (Thousands fiscal year (Thousands(Thousands of shares)of shares)of shares)of shares)
Issued shares
Ordinary shares

23,000––23,000Total

23,000––23,000

794

90

112

772

794

90

112

772

Treasury shares
Ordinary shares (note)
Total(Notes) 1. The increase in the number of shares of treasury shares of ordinary shares of 90,000 shares consistsof an increase of 0 thousand shares due to the purchase of shares of less than one unit and 90,000
shares acquired by Custody Bank of Japan, Ltd. (Trust E Account).
2. The decrease in the number of shares of treasury shares of ordinary shares of 112,000 shares consistsof a decrease by exercising stock options for 22,000 shares, and the decrease of 90,000 shares consistsof disposal of treasury shares by third party allotment (third party allotment to Custody Bank of Japan,
Ltd. (Trust E Account)).
3. Treasury shares of ordinary shares includes shares owned by Custody Bank of Japan, Ltd. (Trust E
Account) (194,000 shares at the beginning of the current consolidated fiscal year and 284,000 sharesat the end of the current consolidated fiscal year).
2. Matters relating to dividends(1) Amount of dividend payment
Total amount ofdividends(Millions of yen)

(Resolution)

Class of shares

Board of Directors
Meeting on May 17,
2021

Ordinary shares

425

Board of Directors
Meeting on October27, 2021

Ordinary shares

426

Amount ofdividend per share(yen)

Record date

Effective date19

March 31, 2021

June 1, 2021

19

September 30, 2021

December 3, 2021

(Notes) 1. The total amount of dividends decided by the resolution of the Board of Directors on May 17, 2021
includes dividends of 3 million yen for the shares of the Company owned by Custody Bank of Japan,
Ltd. (Trust E Account).
2. The total amount of dividends decided by the resolution of the Board of Directors on October 27,
2021 includes dividends of 3 million yen for the shares of the Company owned by Custody Bank ofJapan, Ltd. (Trust E Account).
(2) Out of dividends for which the record date falls in the current consolidated fiscal year, the effective date forthe dividends falls in the following consolidated fiscal year
(Resolution)

Class of shares

Total amountof dividends(Millions ofyen)

Board of Directors
Meeting on May
20, 2022

Ordinary shares

427

Source ofdividends

Dividend pershare (yen)Retainedearnings

19

Record date

Effective date

March 31, 2022

June 6, 2022

(Note) The total amount of dividends decided by the resolution of the Board of Directors on May 20, 2022
includes dividends of 5 million yen for the shares of the Company owned by Custody Bank of Japan,
Ltd. (Trust E Account).

- 21 -

S.T. CORPORATION (4951)
Current consolidated fiscal year (April 1, 2022-March 31, 2023)
1. Matters concerning the class and total number of issued shares and the class and number of treasury shares
Number of shares at
Number of shares
Number of shares
Number of shares atthe beginning of theincreased during thedecreased during thethe end of the current
current consolidated
current consolidated
current consolidated
consolidated fiscal year
fiscal year (Thousands fiscal year (Thousands fiscal year (Thousands(Thousands of shares)of shares)of shares)of shares)
Issued shares
Ordinary shares

23,000––23,000Total

23,000––23,000

772

0

13

759

772

0

13

759

Treasury shares
Ordinary shares (note)
Total(Notes) 1. The increase in the number of shares of treasury shares of ordinary shares of 0 thousand shares is dueto the purchase of shares of less than one unit.
2. The decrease in the number of shares of treasury shares of ordinary shares of 13,000 shares is due tothe delivery of treasury shares to the Board Benefit Trust (BBT).
3. Treasury shares of ordinary shares includes shares owned by Custody Bank of Japan, Ltd. (Trust E
Account) (284,000 shares at the beginning of the current consolidated fiscal year and 270,000 sharesat the end of the current consolidated fiscal year).
2. Matters relating to dividends(1) Amount of dividend payment
Total amount ofdividends(Millions of yen)

(Resolution)

Class of shares

Board of Directors
Meeting on May 20,
2022

Ordinary shares

427

Board of Directors
Meeting on November
8, 2022

Ordinary shares

450

Dividend pershare (yen)Record date

Effective date19

March 31, 2022

June 6, 2022

20

September 30, 2022

December 9, 2022

(Notes) 1. The total amount of dividends decided by the resolution of the Board of Directors on May 20, 2022
includes dividends of 5 million yen for the shares of the Company owned by the Custody Bank ofJapan, Ltd. (Trust E Account).
2. The total amount of dividends decided by the resolution of the Board of Directors on November 8,2022 includes dividends of 5 million yen for the shares of the Company owned by the Custody Bankof Japan, Ltd. (Trust E Account).
(2) Out of dividends for which the record date falls in the current consolidated fiscal year, the effective date forthe dividends falls in the following consolidated fiscal year
(Resolution)

Class of shares

Total amountof dividends(Millions ofyen)

Scheduled Boardof Directors
Meeting on May
19, 2023 (planned)

Ordinary shares

450

Source ofdividends

Dividend pershare (yen)Retainedearnings

20

Record date

Effective date

March 31, 2023

June 5, 2023

(Note) The total amount of dividends decided by the resolution of the Board of Directors on May 19, 2023
includes dividends of 5 million yen for the shares of the Company owned by the Custody Bank of Japan,
Ltd. (Trust E Account).

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S.T. CORPORATION (4951)(Related to consolidated statement of cash flows)* The relationship between the balance of cash and cash equivalents at the end of the period and the amount of
items posted on the consolidated balance sheet(Millions of yen)Previous consolidated fiscal
Current consolidated fiscal year
year
(April 1, 2022-March 31, 2023)(April 1, 2021-March 31, 2022)
Cash and deposit accounts
Time deposits with a deposit period of more than 3 months“Others” in current assets (note)

11,887(67)
23

14,149(176)
31

Cash and cash equivalents

11,84314,004(Note) This is bank account lending that belongs to the trust property of the trust established for the purposeof the “board benefit trust (BBT)” and “board benefit trust (J-ESOP)” schemes.
(Segment information)
Previous consolidated fiscal year (April 1, 2021-March 31, 2022) and current consolidated fiscal year (April 1,
2022-March 31, 2023)
This information is omitted as the Group operates the daily necessities segment as a single segment.

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S.T. CORPORATION (4951)(Per share information)
Previous consolidated
Current consolidated fiscal
fiscal year
year
(April 1, 2021-March 31, (April 1, 2022-March 31,
2022)
2023)
Net assets per share (Yen)
1,407.03
1,456.38
Earnings per share (Yen)
49.91
82.22
Diluted earnings per share (Yen)
49.91–(Notes) 1. Diluted earnings per share for the current consolidated fiscal year are not given since there are no
dilutive shares.
2. The basis for calculating profit per share and diluted earnings per share is as follows.
Previous consolidated
Current consolidated fiscal
fiscal year
year
(April 1, 2021-March 31, (April 1, 2022-March 31,
2022)
2023)
Earnings per share
Profit attributable to owners of parent (Millions of
1,109
1,828
yen)
Amount not attributable to ordinary shareholders––(Millions of yen)
Profit attributable to owners of parent relating to
1,109
1,828
ordinary shares (Millions of yen)
Average number of shares of ordinary shares during
22,22322,240the period (Thousands of shares)
Diluted earnings per share
Profit attributable to owners of parent (Millions of––yen)
Increase in ordinary shares (Thousands of shares)
1–[Of which, stock acquisition rights (Thousands of[1][–]shares)]Overview of residual shares that were not included in
the calculation of the amount of diluted earnings per––
share because they do not have a diluting effect
3. The basis for calculation for net assets per share is as follows.
End of previous
End of current
consolidated fiscal year
consolidated fiscal year
(March 31, 2023)(March 31, 2022)
Total amount of net assets (Millions of yen)
31,84732,961
Amount to be deducted from the total amount of net
573
570
assets (Millions of yen)
[Of which, non-controlling interests (Millions of
[573]
[570]
yen)]
Net assets at the end of the period for ordinary shares
31,27432,390(Millions of yen)
Number of ordinary shares at the end of the periodused to calculate net assets per share (Thousands of
22,22722,240shares)4. The shares of the company remaining in trust recorded as treasury shares in shareholders’ equity areincluded in the treasury shares to be deducted from the total number of issued shares at the end of
the period in the calculation of net assets per share. (284,000 shares in the previous consolidated
fiscal year, 270,000 shares in the current consolidated fiscal year)
In addition, this is included in treasury shares to be deducted in the calculation of the average numberof shares during the period in the calculation of earnings per share and diluted earnings per share.
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S.T. CORPORATION (4951)(209,000 shares in the previous consolidated fiscal year, 270,000 shares in the current consolidated
fiscal year)(Significant post-balance sheet events)
Not applicable.

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