Presentation
Material:
Announcement of FY2009
Year-End Results
May 18, 2009

Cleanup
Corporation
Tokyo Stock Exchange,
1st Section, Code 7955

0

I. Results Outline

1

I. Results Outline

1. Outline of Consolidated Results for Period Ended March 2009
(Units: millions of yen)

2009/3(Actual Results)

2008/3

Change From
(Actual Results) Prev. Period

2009/3

2009/3(Initial Plan)(Revised Plan)

Compared
To Plan

Net Sales

109,205

112,811△3.2％

122,000

113,500△3.8％

Operating
Income△1,100△1,301

－ ％

1,700

△600

－ ％

Ordinary
Income△1,163△1,382

－ ％

1,600

△650

－ ％

Net
Income△3,317△3,078－ ％800△1,450－ ％△68.38 yen △62.98 yen－ ％16.37 yen △29.79 yen－ ％Net Income
Per Share＊Initial Plan: Announced May 8, 2008
＊Revised Plan: Announced Nov. 7, 2008

2

I. Results Outline

2. Consolidated Profits ① Net Sales, Gross Profit【Increased/Decreased
Values (Rates)】(Units: billions of yen)

112.81109.20Net Sales△3.60 billion yen
76.34（67.7）

74.65（68.4）

Cost of Sales△1.69 billion yen

34.55（32.3）（31.6）

0

2008/3

2009/3● System Kitchens△1,720 million yen
・ＳＳ△70 million yen
・CLEANLADY△3,580 million yen
・Other systems ＋1,930 million yen● System Bathrooms△320 million yen● Decrease Due to Decreased Earnings△2,440 million yen● Increase Due to Increased Cost of Sales Ratio＋750 million yen＋0.7％● Worsening Kitchen Product Mix＋0.6 points● Increase in System Bathrooms Cost of Sales Ratio＋0.4 points● Increase in Cost of Raw Mat＋0.5 points● Sales Route Distribution Ratio△0.2 points● Cost Decrease△0.6 points

Gross Profit● Decrease Due to Decreased Earnings
1,170 million yen● Decrease in Gross Profit Ratio △750 million yen

Cost of Sales Ratio

36.46【Primary Reasons for Increase/Decrease】△1.92 billion yen

3I. Results Outline

2. Consolidated Profits ② SGA Expenses, Operating Income(Units: billions of yen)

36.46

【Increased/Decreased Values (Rates)】

34.55

Gross Profit△1.92 billion yen
SGA Expenses
37.77

35.65

（33.5）（32.6）△2.12 billion yen
SGA Ratio△0.8％-2, 000

△1.30

△1.10

Operating Income（△1.2）（△1.0）＋0.20 billion yen

2008/3

2009/3【Primary Reasons for Increase/Decrease】● Sales Expenses● Distribution Expenses● Salaries, Bonuses● Fees● Leasing Costs△910 million yen△360 million yen△190 million yen△270 million yen△100 million yen● Sales Expenses● Distribution Expenses● Salaries and Bonuses△0.7 points△0.2 points＋0.1 points● Change in Gross Profit △1,920 million yen● Change in SGA Expenses＋2,120 million yen

4I. Results Outline

3. Sales Composition ① By Segment (Consolidated)(Units: millions of yen)

112,811

120,000

4,704
20,244

100,000【2009/3】

Other
Bathrooms & Washstands
Kitchen Equipment

Other

109,205
4,459

104,500
4,334

4.2％

19,465

18.6％

19,615

4.1％

Bathtubs &18.0％
Washstands

77.9％

Kitchen Equipment

80,00060,00087,86385,13180,70140,00077.2％【2008/3】
Other 4.2％
Bathtubs &17.9％
Washstands

20,00077.9％

Kitchen Equipment0

2008/3

2009/3

2010/3(Forecast)5

I. Results Outline

3. Sales Composition ② By Sales Route (Non-Consolidated)

9.0％
16.2％

10.2％
10.9％

9.3％

17.1％

17.1％

17.8％

72.0％

73.6％

74.3％

16.9％

Direct-Sales(Condominium owners)

7.9％

Housing Constructors
74.8％

72.9％

General Routes(Construction Contractors Home Renovation)0

2006/3

2007/3

2010/3
2008/3 2009/3(Forecast)6

I. Results Outline

4. Consolidated Balance Sheet Summary – 1/2(Units: billions of yen)

【Increased/Decreased Values】【Primary Reasons for Increase/Decrease】【Assets】
79.89

76.10

Total Assets● Current Assets● Fixed Assets△1,680 million yen△2,110 million yen△3.79 billion yen
Current Assets

39.73
39.26

Cash and Deposits Notes
and Accounts Receivable● Cash and Deposits＋1,370 million yen● Notes and Accounts Receivable△1,830 million yen△0.46 billion yen● Increase in Direct Sales Inventory

Inventory

3.04
6.77

30.35

3.20
5.38

28.24

＋0.16 billion yen
Other Current Assets△1.39 billion yen
Fixed Assets△2.11 billion yen

0. 00

2008/3

2009/3● Decrease in Negotiable Securities△690 million yen● Decrease in Deferred
Income Tax Assets △770 million yen● Decrease Due to Depreciation and Depletion
Buildings and Structures△830 million yen
Machinery and Equipment△500 million yen
Industrial tools, apparatuses
and supplies△590 million yen● Securities Investments△440 million yen

7I. Results Outline

4. Consolidated Balance Sheet Summary – 2/2(Units: billions of yen)【Primary Reasons for Increase/Decrease】【Liabilities･Minority Interests・
Assets】【 Increased/Decreased Values 】

79.89
76.10

Current Liabilities＋0.96 billion yen

17.86
18.83

● Accounts Payable△490 million yen● Short-Term Debt
＋1,730 million yen● Long-Term Debt Repayable
Within One Year
△650 million yen● Sales Taxes Payable＋220 million yen● Advance Receipts＋220 million yen

6.13
6.00

Long-Term Liabilities△0.13 billion yen

55.89

51.26

Total Assets△4.62 billion yen● Long-Term Debt
△490 million yen● Lease Debt
＋90 million yen● Retirement Benefit Reserves＋200 million yen● Retained Earnings△4,020 million yen● Treasury Stock (Increase) △320 million yen● Unrealized Gain on Securities△270 million yen

0. 00

2008/3

2009/38

I. Results Outline

5. Consolidated Cash Flow Statement Summary
Cash Flow営業活動ＣＦfrom Operating Activities
投資活動ＣＦ
Cash Flow from Financing Activities

Cash Flow from
Investing Activities
財務活動ＣＦ
現金及び現金同等物の期末残高
Term-End Cash & Cash Equivalents Balance

20. 00(Units: billions of yen)

16.30

16.67

＋3.7

15. 00

10. 00

5. 00

3.94

3.46

△4.8

0. 00

＋3.6

△ 0.87△ 3.40＋7.7△ 0.50△ 2.62△ 5. 00

2008/3

2009/39

I. Results Outline

6. Capital Investments (Consolidated)
R&D Costs
Capital Investment
Deprecation Costs(Billions of yen)
5.00

4.67
4.35

FY 2009 Results① Dies and Equipment for New Products

4.13
3.80

3.78

4.00

【Major Capital Investment Details】

690 million yen② Showroom Renovation
1,490 million yen③ Information Investment

3.00

1,070 million yen

2.60

FY 2010 Plan
2.00

1.42

① Production-Related
1.27

1.30

560 million yen② Operations-Related

1.00

0.00

1,380 million yen

2008/3

2009/3③Information-Related

480 million yen④ Others

180 million yen

2010/3(Forecast)10

I. Results Outline

7. Outline of Non-Consolidated Results For Period Ended March 2009
(Units: millions of yen)

2009/3

2008/3

2009/3

2009/3(Actual Results)

Change From
Prev. Period(Initial Plan)(Revised Plan)

Compared
To Plan(Actual Results)

Net Sales

105,622

109,358△3.4％

118,500

110,000△4.0％

Operating
Income△1,751△1,831－ ％

1,250△1,100－ ％Ordinary
Income△1,547△1,484－ ％1,300△1,000－ ％Net Income△3,132△3,042－ ％700△1,600－ ％－ ％ 14.32 yen △32.87 yen－ ％Net Income
Per Share△ 64.56 yen △62.25 yen＊Initial Plan: Announced May 8, 2008
＊Revised Plan: Announced November 7, 200811

I. Results Outline

8. Non-Consolidated Sales Composition By Segment(millions of yen)

109,358

120,000

9,259
1,898
4,956

100,000

15,288【2009/3】

Bathrooms
Industrial Kitchen Equipment

Kitchen Equipment
Washstands
Other

Industrial Kitchen
Equipment

105,622
8,501
1,774
4,711

14,90480,000Washstands

101,000
7,334
1,740
4,615

7.3％
1.7％
4.6％

Other

1.7％

8.0％

4.5％
KitchenEquipment

14.1％
Bathrooms

71.7％

14,850 14.7％【2008/3】

60,00040,00077,95775,732

72,461

71.7％

Industrial Kitchen
Equipment
Washstands

1.7％

Bathrooms

2008/3

2009/3

8.5％

4.5％

14.0％

20,0000

Other

KitchenEquipment

71.3％

2010/3(Forecast)

12

I. Results Outline

9. Sales Results For Major Products and Cleanup Market Share - 1/4
Complete System Kitchen Sales Results
Monetary Value
Volume(Billions of yen)

100

(Thousands of Sets)

300

83.4 82.7 82.1
80

74.2

60

250

72.5 70.8
206

207

Demand Trends and Market Share

211.5 186.5

67.9

Demand Volume
Cleanup Share(Thousands of Sets)

1,400

1,200

1,131

1,186 1,181

（％）

30.0

1,247 1,228
1,138

1,000
200

173

184

25.0

20.0

169
800

16.3

150

17.4

17.5

17.0
15.2

600

40

15.2

100

15.0

10.0
400

20

50

0

0

04/3

05/3

06/3

07/3

08/3

09/3

10/3

5.0

200

0

0.0

04/3

05/3

06/3

07/3

08/3

09/3

(Planned)13

I. Results Outline

9. Sales Results For Major Products and Cleanup Market Share - 2/4
Sectional System Kitchen Sales Results
Monetary Value
Volume(Billions of yen)

8

Demand Trends and Market Share
150

600

547

7.2
6.5

559

546

6.2

6.1

25.0

120

438

5.5

402

5.0

400

4.5
81
74

（％）

30.0

515

6

4

Demand Volume
Cleanup Share(Thousands of Sets) (Thousands of Sets)

73

20.0

90
15.0

75

14.8
65

61

13.3

60

56

13.4

14.5

14.7

15.1

200

10.0

2
30
5.0

0

0

04/3

05/3

06/3

07/3

08/3

09/3

10/3

0

0.0

04/3

05/3

06/3

07/3

08/3

09/3

(Planned)14

I. Results Outline

9. Sales Results For Major Products and Cleanup Market Share - 3/4
Modular System Bathroom Sales Results
Monetary Value
Volume(Billions of yen)20

16.3 15.9
15

35

33

(Thousands of Sets)

15.1 14.8 14.9
14.5 14.5

32

32

30.5 30

Demand Trends and Market Share

50

1,000

40

800

770
645

31
30

Demand Volume
Cleanup Share(Thousands of Sets)

（％）

10.0

767

8.0

718

667

695

600

6.0

5.4

10

4.9
20

400

10

200

2.0

0

0

0.0

4.2

4.2

4.2

4.3

4.0

5

0

04/3

05/3

06/3

07/3

08/3

09/3

10/3
(Planned)

04/3

05/3

06/3

07/3

08/3

09/3

Note) Total number of companies increased from 11 to 15 from FY2005

15

I. Results Outline

9. Sales Results For Major Products and Cleanup Market Share - 4/4
Washstands/Vanities
Monetary Value
Volume(Billions of yen)

6

5.3

5.3

5.2

5.1

(Thousands of Sets)

150

99

100

96

2,000

1,844 1,834

5.0
4.7

103

Demand Volume
Cleanup Share(Thousands of Sets)

1,813 1,786

5

4Demand Trends and Market Share

91

91

4.6

（％）

10.0

1,750
1,637

120

1,600

8.0

90

1,200

6.0

89

5.7

3

5.5

5.4

5.3

5.2

5.6

60

800

4.0

30

400

2.0

0

0

0.0

2

1

0

04/3

05/3

06/3

07/3

08/3

09/3

10/3

04/3

05/3

06/3

07/3

08/3

09/3

(Planned)16

I. Results Outline

10. Showrooms And Visitor Numbers

240

Number of Showrooms
Number of Visitors

200

480

(Locations)(Thousands of groups)

600

495
460

450

456

500

451

440

380

160

400

314
120

255
85

87

95

101

104

107

109

109

105

105

300

80

200

40

100

0

0

01/3

02/3

03/3

04/3

05/3

06/3

07/3

08/3

09/3

10/3
(Planned)17

I. Results Outline

11. Forecasted Consolidated Results For The Period Ending March 2010
(Units: millions of yen)

2009/3

2010/3(Actual Results)(Plan)

Change From
Prev. Period

Net Sales

109,205

104,500△4.3％

Operating Income△1,1001,000－ ％Operating Income
Margin

△1.0％

1.0％

-

Ordinary Income△1,163900－ ％Ordinary Income
Margin

△1.1％

0.9％

-

Net Income△3,317100－ ％Net Income Margin

△3.0％

0.1％

18

I. Results Outline

12. Forecasted Non-Consolidated Results For The Period Ending March 2010
(Units: millions of yen)

2009/3

2010/3(Actual Results)(Plan)

Change From
Prev. Period

Net Sales

105,622

101,000△4.4％

Operating Income△1,751550－ ％Operating Income
Margin

△1.7％

0.5％

-

Ordinary Income△1,547650－ ％Ordinary Income
Margin

△1.5％

0.6％

-

Net Income△3,13250－ ％Net Income Margin

△3.0％

0.0％

19

II. Medium-Term Strategy Progress

20

Ⅱ. Medium-Term Strategy Progress

1. The Start-up Business Philosophy 1/2

60th Year ofOperation(2009)

1949 ● Inauguration
1960 ● Commenced production and sale of stainless steel sinks
1961 ● The ‘Cleanup’ trademark was born
1973 ● Launched Japan’s first system kitchen
1983 ● Business name changed to Cleanup Corporation
1986 ● New production process, CPS (Cleanup Production
System) was introduced

Ⅲ中期戦略の進捗状況

Cleanup’s
Second Inauguration
To work towards a moderntransformation while still
keeping with the spirit of theoriginal foundation…

1988 ● Registered as and over the counter company with theJapan Securities Dealers Association
1990 ● Listed on the 2nd Division of the Tokyo Stock Exchange
1991 ● Alternative listing on 1st Division of the Tokyo Stock Exchange
1999 ● Kagoshima plant obtained ＩＳＯ14001 certification(Following which certification was gradually expanded so that by2004 the entire Cleanup Group was certified)2006 ● Commenced opening of ‘Space Presentation’ style showrooms

We formulated the“Start-up Business
Philosophy”

21Ⅱ. Medium-Term Strategy Progress

1. The Start-up Business Philosophy 2/2Founder’s Principle
Founder’s
Principle“The 5 Spirits”
Corporate Principle“Create Your Family’s
Smiles”
Behavioral Principles“The 5 Spirits”- Founding Spirit- Loving Spirit- Inventive Spirit- Technological Spirit- Challenging Spirit“We create a spiritually rich food and shelter culture”“We stick to fair and honest corporate activity”“We build a company that makes our families proud”

New Brand Statement“Let’s Make Smiles from the Kitchen"
Action Plan
22

Ⅱ. Medium-Term Strategy Progress

2. The 2009 Fiscal Year Approach
The 2009 Fiscal Year
Fundamental Management Policy

1 Focus on Base Building (Establish Foothold)● “The Kitchen Company”～Creating a product lineup and system, in our role as theleading company in kitchen-related goods, suited to the needsof a new age and the business environment.

● Reconstruction of the business process～Undertaking a complete review of the business processwith a focus on keywords such as “efficiency”, “speed”
and “uniformity”.

Based on this policy,
FY2009 mainly saw :Core Products Strengthened
Product Lineup Strengthened

Continue Working froma Medium-Term Viewpoint
2

Systems strengthened●Constant strengthening offood/housing communication…and the results are
beginning to show.

～Increasing the Cleanup brand value and building mediumterm kitchen demand by proposing a new kitchen culture.

23

Ⅱ. Medium-Term Strategy Progress

3. Progress in Strengthening of Core Products and the Overall Product Lineup 1/3
Strengthen the overall product lineup as “The Kitchen Company”
by means of innovation focused on core products

A model of craftsmanshipbased on lifestyle satisfaction*1High-Value-Added Products
A model allowing consumers toexperience the beauty ofstainless at a reasonable price.

*2“S.S. Light Package”*1 : The delight of fostering delicious times*2 : Supporting the nation’s ‘food’ and building
Japan’s future starting from the kitchen

Our standard brand as“The Kitchen Company”
Luxury System Kitchen“S.S.”
Full MC Sept 2007

On sale May 2008

Low Price“CLEANLADYLight Package”

Mid/High-Quality System Kitchen“CLEANLADY”
Full MC Sept 2007

Company System Kitchen On Sale September 2008

“COLTY”
New colors added June 2007

Highly functional, stylish, productdesigned for urban life with limited
space.

Products aimed at customers who wantboth financial savings and added value.

High Price

A package allowing consumers
to access Cleanlady at anaffordable price

Popular System Kitchen“RAKUERA”
On Sale March 2008

A branded productallowing consumers toexperience Cleanup’s
high-quality.
Widespread Products

24

Ⅱ. Medium-Term Strategy Progress

3. Progress in Strengthening of Core Products and the Overall Product Lineup 2/3‘S.S. Light Package’ Results
With respect to the Company’s status brand, the ‘S.S.’ series,
overall ‘S.S.’ sales volume and market share were boosted
through the addition of a new ‘Light Package’ to the lineup
Overall high end system market（Units）

S.S. market share

（％）
20.0

10,000S.S. Light Package Launch

12.0

0

10.0

2008

M

Au
g

ar
ch

2,000

us
t
Se
pt
em
be
r
Oc
to
be
r
No
ve
mb
er
De
ce
m
be
r
Ja
nu
ar
y
Fe
br
ua
ry

14.0

Ju
ly

4,000

Ju
ne

16.0

ay

S.S.
70.0％

6,000

M

09/3
S.S. Sales Volume
10％ Upon Last Period

18.0

Ap
ril

Light Package
30.0％

8,000

2009

25

Ⅱ. Medium-Term Strategy Progress

3. Progress in Strengthening of Core Products and the Overall Product Lineup 3/3
The “Washable Range Hood”, which allows for automatic filter cleaning, received a Good Design Award

The new Washable Range Hood, launched on September 1, 2008

Water discharge tray
By discharging thewater the cleaning
process is complete

Why it Won the Award
The design was recognized as being of a high quality as it satisfied thefollowing criteria:“Thoughtfulness towards people”: the automatic cleaning function
removes the need to clean the filter, which is a burdensome task formost people; and“Environmental understanding”: the drastic reduction in the amount ofwater used combined with the absence of the need to use a detergent.

Revolving filter
Cleaning is effected by
the revolving of the filter

Water refill tank
Insert warm water into
the water refill tray

Maintenance Time Comparison

Water Use Comparison

The case of a hand wash
(about 50 minutes per wash)(Regular filter)

About 28L
The case of Washable Range Hood(about 10 minutes per wash)

About 0.65L
Auto wash, about 10 mins

(Washable
Range Hood)* Customer needs only fill and empty the water tankand press the start button

Saves about 40mins

Saves about 27L every month* According to our comparison (comparing the case where the machine is hand washed once per month andwhere Araeru is used to auto wash the machine once per month)26

Ⅱ. Medium-Term Strategy Progress

4. Progress regarding other products“Hairo”, a ‘first time’ bathroom designed especially for small children (launched March 2009)

A new bathroom design that makes for “family smiles”, from Cleanup, a company
that aims to create “family smiles” through the kitchen● Developed in response to the resultsfrom a “lifestyle” survey and “bath”
survey of 1,000 parents of children
below primary school age(Five Functions)● Floor where they can stand● Free table● Free panel● Straight bathtub● Keep the entire shower
room warm
27

Ⅱ. Medium-Term Strategy Progress

5. Market shares

Market share is improving in almost all product segments■ Market share across the 3 divisions（％）

Total kitchens
System bathrooms
Bathroom vanities

18.0■ Market share in system kitchens
（％）

18.0

16.9

15.2
15.1

16.5

16.8

16.2
15.0

Top endMedium grade
Regular grade
15.5

15.0

14.7
Of this, market share in sectional kitchensrose from 14.7% last period to 15.1% in
FY2009

12.0

9.0

13.9
12.0

11.3

Of this, market share in shampoo
vanities rose from 6.8% last period to
7.2% in FY2009

9.3

9.7

9.0
6.0

3.0

5.6

5.3

5.2

4.2

4.2

4.3

2007/3

2008/3

2009/3

Share in the ‘Other’ category (custom
orders) rose from 27.3% last year to27.7％ in FY2009

6.0
2007/3

2008/3

2009/328

Ⅱ. Medium-Term Strategy Progress

6. Management environment for FY2010

A sudden and dramatic economic decline(The “once in every 100 years” global slowdown triggered by the U.S. financial crisis)

A rise in lifestyle protectionist thinking and a cooling off in consumption(1000 homes)
Number of newly commenced residential
home constructions
Compared to same month last year

120
100

87

84
80

86

76

100

97

83

82

97

90

53.6

54.2

96

97

（％）
60.0
40.0

92

19.0

84

19.8

82
70

67

62

0.0
60

0.0

-5.7

40
20

-5.0

-19.2

-27.0

-5.8

-6.5

-8.7

-15.6

-16.7

-18.7

-20.0

-24.9 -20.7

-35.0

-40.0

2007

2008

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M

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Ja
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-60.0

ct
ob
er

0

O

20.0

2009

While the kitchen market has some underlying strength,
the number of newly commenced residential home constructions in 2009 is expected to be less than amillion, indicating a very difficult climate

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Ⅱ. Medium-Term Strategy Progress

7. Fundamental Management Policy for FY2010

1 Transformation to a profit focus● Thorough minimization of selling, generaland administrative expenses● Strategic personnel allocation andinstallation of posts

2 Securing profit by adding value● Creating added value within core products● Creating added value from a standpointnearer to the consumer
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Ⅱ. Medium-Term Strategy Progress

8. Securing Profit by Creating Added Value 1/2① Creating added value within core products
Strengthen the marketability of the medium and high end Cleanlady line so
as to raise the added value barrier for the product lineup as a whole

The Cleanlady Approach(Current Situation)● Although the minor change of September 2008 was effective in improving theattractiveness of the high end type product, a change in market conditions caused adrop off in MC effectiveness, leading to a fall in market share(Proposed Strategy)● Aim for a high function, high quality product priced at a point befitting for the
Cleanlady range● Taking cue from the success of the S.S. Light package, roll out products that appeal
based on “easy to understand” and “easy to communicate” attributes
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Ⅱ. Medium-Term Strategy Progress

8. Securing Profit by Creating Added Value 2/2② Creating added value from a standpoint nearer to the consumer
Reform strategy

Roughly 1.200 “kitchen workshop” member stores
Expand sales opportunities through tight
relationships with registered companies

Strengthen
customer
contact●Upgrade of the “Dreamia Club” lifestyle information site
●Continued hosting of experiential cooking classes in showrooms●Commence publication of a new quarterly journal, called “Smile Idea”(from May 2009)

Expand retailbusiness

Create a demand creation model by progressively expanding the “retailbusiness” in order to proactively expand medium to long term demand→ Establishment of a new “Retail Business Development Department”(from March 1, 2009)32

Ⅱ. Medium-Term Strategy Progress

9. Long Term Vision【Business Objective】【Customer-focused Objective】

To Be

To Build a Reputation as theEasily the No.1
in Kitchens

Only Name in
Kitchens【NEW BRAND STATEMENT】

Let’s Make Smiles,
Starting From the Kitchen
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For any questions concerning investor relations,please contact:

Cleanup Corporation
Public Relations Section
Tel 03-3810-8241
Fax 03-3893-9577
URL http://www.cleanup.jp/english/index.html

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Disclaimer
This material is intended to provide information regarding FY2008
financial results (April 2008 - March 2009) and does not constitute a
solicitation to invest in Cleanup Corporation-issued securities.
Furthermore, this material was created based upon data current as of
May 18, 2009. Opinions and forecasts contained within this material
were the subjective judgments of Cleanup Corporation at the time ofcreation. No guarantee or promise is made as to the accuracy orcompleteness of this information. Additionally, this information is subject
to change without prior notice.

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