Business Results
Briefing(Fiscal Year Ending March 31, 2018)

April 1, 2017-March 31, 2018

Mandom Corporation(Securities Code: 4917)

Contents

1. Consolidated Business Results
2. Progress of MP-12
3. Forecast of Consolidated BusinessResults for FY2019/3◆ Appendix

Summary of FYE 2018
・Consolidated net sales marked a record high with eight
consecutive years of earnings growth.
Operating income and ordinary income on consolidated
basis also reached all-time highs.

・Satisfactory achievement for first year of
Corporate Infrastructure development for realizing
VISION 2027
1

1. Consolidated Business Results21. Consolidated Business Results
1) Consolidated Net Sales and Income at each level
increased steadily・Consolidated Net Sales reached record highs for 8 consecutive years（Mln Yen）

100,000

81,38680,00060,00040,00059,80160,427

2012/3

2013/3

68,21570,925

2014/3

2015/375,07877,351

2016/32017/320,0000Consolidated Net Sales

2018/33

1. Consolidated Business Results
1) Consolidated Net Sales and Income at each level
increased steadily・Consolidated Operating Income and Consolidated Ordinary Income
reached record highs for 2 consecutive years（Mln Yen）

10,0009,264
Ordinary Income

8,000

8,457
Operating Income

6,000

6,086
FYE 2016/3

4,000

Extraordinary
gain resulting
from the sale ofthe Indonesiansubsidiary’s plant

Net Income Attributable to
Owners of Parent

2,000

0
2012/3

2013/3Operating Income

2014/3
Ordinary Income

2015/3

2016/32017/3

2018/3Net Income Attributable to Owners of Parent

41. Consolidated Business Results ＜Net Sales by Region＞
2) Sales grew in all regions - Japan, Indonesia and Others
・Overseas Sales accounted for 41.3% of Consolidated Net Sales（Mln Yen）

100,000

YoY change：＋7.3％

80,00013,08160,00018,323

YoY change：＋7.1％
YoY change：＋3.9％

14,03019,61640,00020,00045,94547,7392017/3

2018/30

JapanIndonesia

Others5

1. Consolidated Business Results ＜Net Sales by Strategic Business Unit＞
3) Major growth of Women’s Business mainly resulting from good
performance of Bifesta in Japan and overseas
・GATSBY (outside Japan) , Bifesta (in and outside Japan) ,Barrier Repair, and Pixy showed good growth.
（Mln Yen）

100,000

YoY change：▲10.2％

80,000

7,156

7,972
60,00019,641

YoY change：＋17.5％

YoY change：＋2.8％

40,00020,00023,08349,73751,1472017/3

2018/30

Men's Business

Women's Business

Others6

1. Consolidated Business Results ＜Operating Income by Region＞
4)Operating income increased in all regions due mainly to sales growth.

・Indonesia, in particular, achieved robust sales growth, thanks to efficientuse of selling costs.
（Mln Yen）

10,000YoY change：＋8.4％
8,000
1,614
6,000

YoY change：＋27.7％

1,750
1,181

925

YoY change：＋8.8％
4,000

2,000

5,077

5,525

2017/3

2018/30

JapanIndonesia

Others7

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

Business results by brand・A tough battle for GATSBYGood results for LUCIDO and
Women’s Business

Net Sales by BusinessJapan

Status of our major brands
Menʼs Business

Womenʼs Business81. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞

Menʼs

Net Sales by BusinessBusiness

・Unseasonable weather dampened the demand for ice-type
products featuring a strong cool and refreshing feeling.
This segment was significantly affected by sluggish sales ofseasonal summer products.

Japan・For GATSBY Spot Deodorant Series (direct application type), we invested inmarketing to create buying opportunities at an early stage for summer sales.
■Ice-type products with a strong cooland refreshing feeling■Spot Deodorant series

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

MenʼsBusiness

Net Sales by BusinessJapan・Sales were brisk for Skin Care Series (renewal in autumn 2017).
・Lucido Ageing Care Milk, in particular, is boosting its market
presence thanks to its TV commercials and strengthened in-store
marketing.

■Skin care series

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

Wo m e n ʼs B u s i n e s sJapan・Bifesta achieved growth of more than 10% in the flattening
cleansing sheet market.
・Sales of Bifesta Eye Makeup Remover also increased steadily, maintaining ahigh market share.
■Cleansing Sheet■Eye Makeup Remover111. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞

Miscellaneous Topics【Inbound sales】
・Mainly womenʼs products sold: Barrier Repair Sheet Mask comprising core sales, andBifesta Eye Makeup Remover and Bifesta Cleansing Sheet.
・Combined total of the purchase, assumed to be made by inbound travelers or forcross-border EC, fared well at about 300 million yen per month on average.
・Marketing targeting inbound travelers not only increased users in Asia but alsooffered more buying opportunities to the Japanese consumers than before.
■Barrier Repair Facial Mask

■Bifesta12

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞Net Sales by BusinessBusiness results by brand・Good results for GATSBY, steady
performance by Pixy, but a slump for
Pucelle due to intensified competition

Indonesia

Status of our major brands
Menʼs Business

Womenʼs Business13

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

Menʼs

Net Sales by BusinessBusiness

・New items were added to the Styling Pomade lineup,
which is enjoying brisk sales.

Indonesia

We proposed a wider variety of hair styles to provide more dedication
to service (Oyakudachi).
■Styling Pomade new items■Barber Style<Styling Pomade Perfect Rise＞<Styling Pomade Urban Dry＞

14

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

Wo m e n ʼs B u s i n e s s

Indonesia
・Sales of Lip Cream targeting young women were good.
・A new product MATTE IN LOVE lip color was released in December.
・We strengthened communication with young women by holding a contest
and communicating brand information in collaboration with beauty bloggers.
■MATTE IN LOVE

■contest

15

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

General Status of Business Results
・As in the previous year, sales in China achieved a two-digit

growth (on a local currency basis).

Net Sales by Business

OthersSales grew steadily in most other countries.

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

Net Sales by BusinessBusiness

Others・Sales of GATSBY Pomade, which is being marketed widelyin Asia, are growing notably in Malaysia, Singapore and China.

・New items were added to propose a wider variety of hair styles.

■Dressing Pomade Yuppie Mat（Made in China）■Styling Pomade Perfect Rise
Urban Dry （Made in Indonesia）

17

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

Wo m e n ʼs B u s i n e s s

・As in Japan, sales of Bifesta Eye Makeup Remover andBifesta Cleansing Sheet grew substantially, pushing the overall
performance of the segment.

Others・We expect a further growth by selling Bifesta in stores of a major Chinese
retail chain.
■A store display in China■A store display in Taiwan

18

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

19

2. Progress of MP-12
MANDOM MISSION

20

2. Progress of MP-12
VISION 2027

VISION
2027

A cosmetics company
possessing uniquestrengths in specialized
areas(not an “all-rounder”)

Concrete Corporate Image Elements
1.Authentic proposals
2.Global & ʻOnly Oneʼ
3.Exciting & Excellent
21

2. Progress of MP-12
VISION Slogan

Use our ʻOnly Oneʼ strengths to provide Dedication to Service(Oyakudachi) to a billion people around the world.

VISION Policy
1.Leverage Asiaʼs economic growth to evolve into a truly global company.
2.Display greater Dedication to Service (Oyakudachi) in the menʼs business segment andinvest aggressively to expand our womenʼs segment.
3.Provide authentic products and services to develop a MANDOM WORLD inspired by theconcept of stock-oriented management (the idea of strengthening or “stocking up” various
assets including ties with our stakeholders by providing authentic and valuable products
and services.)■Image22

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

VISION2027
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 （FY）

S
MP-12

Infrastructuredevelopment

eedingMP-13

Reformation andchallenges

MP-14
Accelerated growth

Corporate Infrastructure Development for Realizing VISION2027
23

2. Progress of MP-12

Management Basic Policy
1.Promotion of category strategies and thoroughimplementation of activity
2. Improvement of growth in overseas operations
focusing on Indonesia
3.Building a group operation system andimproving productivity per unit24

2. Progress of MP-12■Key action measures implemented in linewith basic management policies①Company-wide corporate philosophy training②Strengthening of eCommerce③Consolidating marketing function into Aoyama Office④Adding a new factory building to Fukusaki Factory⑤Resolution to introduce the Restricted Stock
Compensation Plan to be put to the AGM
25

2. Progress of MP-12 ＜Company-wide corporate philosophy training＞①Company-wide corporate philosophy training
From top management toexecutive officers

From executive officers
to division managers

All Group employees shared Our Philosophy in an
integrated and unified manner.

26

2. Progress of MP-12 ＜Company-wide corporate philosophy training＞①Company-wide corporate philosophy training
From division managers totheir staff

Days spent: 26 days in total
Employees who received the training: 1,009
Total travel distance: Approx. 60,000 km(one and a half times around the earth)

All Group employees shared Our Philosophy from theviewpoint of how to put it into practice in their daily KohDoh.

27

2. Progress of MP-12 ＜Strengthening of eCommerce＞②Strengthening of eCommerce
Business network
covering 10 countries
and regions in Asia
Opportunities
to spread
Our
Oyakudachi

Asia is becoming
borderless with arapid change in thedigital environment.

We strengthened our eCommerce activities with close
coordination among Group companies and businessdivisions, also involving organizational reform.
FY 2018/3

MARKETING DIV.3

FY 2019/3

NEW BUSINESS DEVELOPMENT DIV.
EC SALES DIV.

28

2. Progress of MP-12 ＜Marketing function＞③Consolidating marketing function into Aoyama Office・We aim at sharing marketing know-how across borders using Aoyama Office
as a venue for meeting of employees in charge of global brand marketing.
・We aim at enhancing our capability to gather and communicate information
positioning Aoyama Office not only as a place to work but also as a centerto transmit something new and interesting.

Further improvement in our total marketing capability globally29

2. Progress of MP-12 ＜Fukusaki Factory＞④Adding a new factory building to Fukusaki Factory
・Production capacity of the factory will increase to 1.6 times
to prepare for future business expansion.
・We will make the factory more people-friendly, where employees can enjoy a fulfilling
working life.

Making it a production factory ideal for Realizing VISION 2027

30

2. Progress of MP-12 ＜Fukusaki Factory＞④Adding a new factory building to Fukusaki Factory
・A safe, sound and comfortable working environment will be created.
・A new value will be added as a cosmetics production factory byinstalling a large presentation hall for groups of visitors.

Start of construction（planned）：February 2019
Start of operation（planned）：November 2020

Investment：Approx. 11 billion yen

31

2. Progress of MP-12 ＜Restricted Stock Compensation Plan>⑤Resolution to introduce the Restricted Stock
Compensation Plan to be put to the AGM
・This issue will be discussed at the 101st ordinary general
meeting of shareholders scheduled on June 22, 2018.
・An incentive to be introduced, aiming for continuous
improvement of corporate value
・We aim at sharing values with our shareholders further.

32

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

3% or more

Womenʼs business
Average annual
growth rate

Overseas
Average annual
growth rate

10％ or more 10％ or more33

2. Progress of MP-12 ＜Growth Potential>【Growth Potential】 Menʼs business Average annual growth rate
3% or more

＋2.8%

2017/3

2018/3

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

＜Future plans＞
・Enhancing marketing of GATSBY both in and outside Japan・Continuing proposals of grooming using Lucido targeting middle-aged men

34

2. Progress of MP-12 ＜Growth Potential>【Growth Potential】 Womenʼs business Average annual growth rate
10% or more
＋17.5%

2017/3

2018/3

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

＜ Future plans＞
・Enhancing our ability to make proposals of Bifesta products both inand outside Japan・Expanding overseas areas to market Barrier Repair
・Strengthening brand marketing activities of the Pixy35

2. Progress of MP-12 ＜Growth Potential>【Growth Potential】 Overseas Average annual growth rate
10% or more

＋7.1%

2017年3⽉

2018年3⽉

2019年3⽉

2020年3⽉*The growth curve in this graph is a desired hypothetical outcome.

＜Future plans＞
・Increasing the volume of Oyakudachi targeting mass middle class inIndonesia
・Accelerating the growth speed in other overseas markets

36

2. Progress of MP-12 ＜Profitability>【Profitability】 Consolidated Operating Profit Margin 10％（Mln Yen）
100,000

11.5%

90,00011.0%
80,00010.5%

70,00010.4%

60,00050,000

10.0%

9.8%
9.5%

40,00030,0009.0%

2017/3
Net Sales

2018/3Operating profit margin37

2. Progress of MP-12 ＜Shareholders Returns>【Shareholders Returns】 Consolidated Payout Ratio
Consolidated basis, excluding extraordinary items

40% or higher

・Annual dividend including the dividend commemorating our 90 th anniversary
was 59 yen (dividend payout ratio: 45.3%).
We are planning a payout increase again for FYE March 2019.
If implemented, this would be the seventh consecutive increase in dividend (dividend payout
ratio: 48.4%).
（Yen）

70

150%

50

48

40
30

30

31

35

38

20
10

60

59

60

42.5%

40.2%

40.0%

100%

40
29.3%

125%

75%

40.3%

45.3%

48.4%
50%

40.2%

25%

0

0%

12/3

13/3

14/3

15/3

Interim dividend

16/3

17/3

Year-end dividend

18/3

19/3
（forecast）* Effective as of October 1, 2017, Mandom Corp. effectuated a 1:2 stock split. All the figuresin the graph above reflect the influence of the split.

38

3. Forecast of Consolidated BusinessResults for FY2019/3

39

3. Forecast of Consolidated Business Results for FY2019/3
Forecast of Consolidated Business Results for FY2019/3(Unit:Mln Yen)FY2019/3

FY2018/3

AnnualInitial Plan

Balance

80,000▲1,386

Operating Income

8,600

Ordinary Income
Net Income Attributableto Owners of Parent

Net Sales

1Q+2Q
Yr/Yr

ResultInitial Plan

BalanceYr/YrAnnual

1Q+2Q

98.3%

43,000▲1,24797.2%

81,38644,247142

101.7%

5,950

▲223

96.4%

8,457

6,173

9,300

35

100.4%

6,350

▲278

95.8%

9,264

6,628

5,800

▲286

95.3%

4,000

▲357

91.8%

6,086

4,357

(Note) For the overseas subsidiaries consolidated in our financial statements in accordance with theInternational Financial Reporting Standards, part of the items that are currently recorded as expenses
will be excluded from net sales starting in FYE March 2019.
When calculated on the equivalent basis, the year-on-year change from the results for FYE March 2018 is
expected to be an increase of about 3%.

40

3. Forecast of Consolidated Business Results for FY2019/3
FY 2019/3 Forecast : Breakdown of Increase/Dcrease

More than＋5％

Impact offoreignexchange
fluctuations

84,100▲4,10081,386
Impact of reclassificationof net sales ofoverseas subsidiaries

2018/380,0002019/3

2019/3

forecast

forecast（No reclassification）（After reclassification）*Provisional figure41

3. Forecast of Consolidated Business Results for FY2019/3
FY 2019/3 Outlook of Main Expenses: Breakdown of Increase/Decreaseover FY 2018/3（Unit：Mln Yen） Prerequisites of the plan

Net Sales ※2,713

Cost-to-sales
Ratio

0.2%

1,173

SGA ※

Operating
Income142■Net Sales＋） ・Sales increase by reinforcing marketing of seasonal summer
products in Japan・Bifesta womenʼs makeup remover and facial wash category
will achieve a sales growth both in and outside Japan.
・Rapid growth of menʼs business is expected outside Japan,
mainly GATSBY styling items.
・The middle-aged customer market is expected to grow inJapan with our Lucido brand.
－） ・A decrease of yen equivalent is expected for net sales ofoverseas subsidiaries due to the impact of foreign exchange
fluctuations (appreciation of yen).

■Operating Income
Ordinary
IncomeNet income
Attributable to
Owners of
Parent35＋） ・Positive impact of the increase in sales

・Efficient use of selling costs in and outside Japan－） ・Increase in investments required for improving business base▲286

・A decrease of yen equivalent is expected for net sales ofoverseas subsidiaries due to the impact of foreign exchange
fluctuations (appreciation of yen).

*Calculated using provisional values without consideration of the impact of the reclassification of net sales ofoverseas subsidiaries

423. Forecast of Consolidated Business Results for FY2019/3
FY 2019/3 Outlook of Main Expenses: Breakdown of Increase/Decreaseover FY 2018/3（Unit：Mln Yen）

Net Sales ※2,713

Cost-to-sales
Ratio

0.2%

1,173

SGA ※

Operating
Income142

Prerequisites of the plan

■Net income Attributable to Owners of Parent－） ・Retirement of the existing production facilities at
Fukusaki Factory■Risk factors
・Impact that Japanʼs climate change will have on thesales of seasonal items for summer
・Changes of yen equivalent of net sales of overseas
subsidiaries caused by foreign exchange fluctuations■Factors not included in the assumptions
・Further increase in sales to inbound travelers

Ordinary
IncomeNet income
Attributable to
Owners of
Parent35

・Purchase rush prior to the consumption tax hike in
Japan

▲286

*Calculated using provisional values without consideration of the impact of the reclassification of net sales ofoverseas subsidiaries

43◆ Appendix

44

(Appendix) Consolidated Business Results(Unit:Mln Yen)
Annual
FY2018/3 FY2017/3

Balance

Yr/Yr

Yr/Yr※

Achiev.

Net Sales

81,38677,351

4,035

105.2%

104.5%

101.7%

Operating Income

8,457

7,617

840

111.0%－

105.7%

Ordinary Income

9,264

8,183

1,080

113.2%－

109.0%Net Income Attributable to
Owners of Parent

6,086

5,566

520

109.4%－

108.7%

ROE

9.2%

9.1%

EPS

¥130.19¥119.05

45.3%

40.3%

Payout Ratio※Comparison with FY 2017/3 ex-change rate
after adjustment■“Net sales” , “Operating Income” and “Ordinary Income” were
updated to the highest.

45

(Appendix) Consolidated Net Sales
2-1. Net Sales by Region(Unit:Mln Yen)
Annual
FY2018/3 FY2017/3
Net Sales

77,351

4,035

105.2%

Japan

47,73945,945

1,793

103.9%

Indonesia

19,61618,323

1,292

107.1%

Others14,03013,081

949

107.3%(Year-on-Year)

Consolidated

Indonesia
Others

4,035
1,793
1,292
949

Yr/Yr

81,3862-2. Net Sales by Region Analysis

Japan

Balance2-3. Net Sales by Region Ratio (Year-on-Year)
ASIA
40.6％

ASIA
41.3％

16.9％

17.2％

23.7％

59.4％

24.1％

FY2017/3
Japan

58.7％

FY2018/3
Indonesia

Others46

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

(Unit:Mln Yen)
Annual

FY2018/3 FY2017/3
Net Sales

Balance

Yr/Yr

81,38677,351

4,035

105.2%

51,14749,7371,410

102.8%

41,224

40,587637

101.6%

Women's Business ※23,083

19,641

3,441

117.5%

Other Business

7,156

7,972

▲ 815

89.8%

Men's Business
Gatsby※breakdown :Womenʼs Cosmetics 15,355 Mln Yen（Yr/Yr 130.7%）/Women's Cosmetry 7,727 Mln Yen（Yr/Yr 97.9%）

Womenʼs BusinessMenʼs Business
FY2018/3 Results
Total

Gatsby51,14741,224

Lucido

Japan

Asia

GrowthRate

FY2018/3 Results

GrowthRate

FY2018/3 Growth
ResultsRate+17.5％

+2.8％

Total

+1.6％

Bifesta

Lucido-L

PixyPucelle23,083

Japan

Asia

47

(Appendix) Consolidated Incomes
3-1. Operating Income by Region(Unit:Mln Yen)
Annual

FY2018/3
Result

FY2017/3

per Sales

Resultper Sales

Balance

Yr/YrOperating Income

8,457

10.4%

7,617

9.8%

840

111.0%

Japan

5,525

11.6%

5,077

11.1%

447

108.8%

Indonesia

1,181

6.0%

925

5.0%

256

127.7%

Others

1,750

12.5%

1,614

12.3%

135

108.4%

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

840
447

Japan

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

ASIA
33.3％

ASIA
34.7％

21.2％

20.7％

12.1％

Indonesia
Others

256
135

66.7％

14.0％

FY2017/3
Japan

65.3％

FY2018/3
Indonesia

others48

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

Cost of Goods

Consolidated

Japan

Selling Expenses

Indonesia

OthersAdmin. Cost

813

3,195

1,035
248
1,345

1,385

670
466

744

478
281
▲15

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

Japan

45.5% 44.9%

39.7% 39.2%

23.6% 23.3%

Indonesia

60.8% 60.2%

1,065

87
380
598

Cost of Goods

Selling Expenses

Admin. Cost

Operating Incomes

Others
44.2% 42.9%

23.1% 22.8%
19.4% 18.0%

21.1% 21.4%

26.1% 26.4%

9.8%

10.4%

11.1% 11.6%

14.8% 15.8%
6.0%
5.0%

FY
2017/3FY
2018/3FY
2017/3FY
2017/3FY
2018/3FY
2018/3

31.1% 32.4%
12.4% 12.2%
12.3% 12.5%
FY2017/3FY
2018/349

(Appendix) Consolidated Incomes
3-6. Ordinary Income and Net Income Attributable to owners of Parent(Unit:Mln Yen)
Annual
FY2018/3
ResultNon-operating Income/Expenses

FY2017/3

per Sales

Resultper Sales

Balance

Yr/Yr

806

1.0%

565

0.7%

240

142.5%

9,264

11.4%

8,183

10.6%

1,080

113.2%

▲ 45

▲0.1%

194

0.3%

▲ 239

▲23.4%

9,218

11.3%

8,377

10.8%

841

110.0%

Income Taxes and Minority Interests

2,544

3.1%

2,232

2.9%

311

113.9%Net Income

6,674

8.2%

6,144

7.9%

529

108.6%

587

0.7%

578

0.7%

9

101.6%

6,086

7.5%

5,566

7.2%

520

109.4%

Ordinary Income
Extraordinary Proﬁt/Loss
Income before Income Taxes and Minority Interests

Net Income Attributable to Non-controlling interests
Net Income Attributable to Owners of Parent

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

Foreign exchange gains
Other

Non-Operating
Income900
Other

Non-Operating
Expenses

Extraordinary
Loss (Income)

806

94

Share of profit of entities
accounted for using equity method
Interest and dividend income

Sales discounts
Compensation expenses

45

Gain on salesof non-current assets

Extraordinary
IncomeExtraordinary
Losses(Unit:Mln Yen)

10
55

Loss on retirementof non-current assets

Loss on sales of non-current assets

50

(Appendix) P/L of Mandom Corporation, PT Mandom Indonesia Tbk■Results of FY 2018/3 (P/L of Mandom Corporation, PT Mandom Indonesia Tbk)
Mandom Corporation(Unit : Mln Yen)FY2018/3
Annual

FY2017/3
Annualbalance

Yr/Yr■Consolidated: Depreciation,Capital Investment

InitialOutlook

FY2018/3

FY2017/3(Unit : Mln Yen)

InitialOutlookbalance

Net sales

51,646

49,6042,041

104.1%

51,000Depreciation

3,315

3,165

149

3,700

Cost of Goods

22,725

22,130594

102.7%－

Capital investment

3,953

3,934

19

4,600

Cost Ratio

44.0%

44.6%

-0.6P

－

－

23,03322,080953

104.3%

－

5,887

5,393

493

109.2%

5,600

809

758

50

106.7%

－

6,696

6,151

544

108.8%

6,300

Selling, general andadministrative
Operating Income
Non-operating Income/Loss

Ordinary Income■Mandom Corp.Only: Depreciation,Capital Investment
FY2018/3

FY2017/3(Unit : Mln Yen)balance

Extraordinary Profit/loss

▲ 28

▲ 24

▲4

119.2%－

Depreciation

2,169

2,138

31

Net Income

4,944

4,517

426

109.4%

4,550

Capital investment

2,243

2,423

▲ 179

FY2018/3
1Q+2Q+3Q

FY2017/3
1Q+2Q+3Q

Net sales

2,706,394

2,526,776

179,618

107.1%Net sales

22,733

20,972

1,761

108.4%

Cost of Goods

1,699,417

1,582,456

116,961

107.4%

Cost of Goods

14,275

13,1341,140108.7%

Cost Ratio

62.8%

62.6%

+0.2P

－

Cost Ratio

62.8%

62.6%

+0.2P

Operating Income

225,320

196,734

28,586114.5%

Operating Income

1,892

1,632

259

115.9%Net Income

179,126

162,059

17,066110.5%Net Income

1,504

1,345

159

111.9%PT Mandom Indonesia Tbk
Local Currency(Unit : Mln Rp.)balanceYen Equivalent(Unit : Mln Yen)FY2018/3
1Q+2Q+3Q

Yr/Yr

FY2017/3
1Q+2Q+3Q

balance

Yr/Yr－

Rp.1=￥0.0084 Rp.1=￥0.0083※Assumption rate FY 2018/3
Rp.1=￥0.0083

51

Regarding Forward-Looking Statements

This document contains forward-looking statements concerning Mandomʼs current
plans, strategies, beliefs and performance. These forward-looking statements
include statements other than those based on historical fact and represent theassumptions and beliefs of management based on information currently available.
Mandom therefore wishes to caution readers that actual results may differ
materially from expectations, and that forward-looking statements are subject toa number of foreseen and unforeseen risks and uncertainties. All amounts havebeen rounded to the nearest whole unit.

52